Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
CONSOLIDATED FINANCIAL RESULTS
FOR THE THIRD QUARTER ENDED DECEMBER 31, 2024 [J-GAAP]
February 6, 2025
Listed Company Name: | FUJI CORPORATION |
Securities Code: | 6134 |
Listings: | Tokyo Stock Exchange, Nagoya Stock Exchange |
URL: | https://www.fuji.co.jp/ |
Representative: | Joji Isozumi, President, and CEO |
Contact: | Junichi Kano, CFO |
irsr@fuji.co.jp |
Scheduled date to start dividend payments: | --- |
Preparation of results briefing materials: | Yes |
Holding of financial results briefing: | Yes |
(Amounts less than one million yen have been truncated)
1. Consolidated Financial Results (From April 1, 2024 to December 31, 2024)
- Consolidated Operating Results
(Percentages indicate year-on-year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to | ||||||||||||
owners of parent | |||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||||||
Nine months ended | 93,565 | (2.2) | 9,788 | (7.8) | 11,174 | (6.6) | 8,449 | 3.0 | |||||||
December 31, 2024 | |||||||||||||||
Nine months ended | 95,668 | (17.1) | 10,613 | (47.3) | 11,965 | (45.4) | 8,204 | (46.9) | |||||||
December 31, 2023 | |||||||||||||||
Note: Comprehensive income | Nine months ended December 31, 2024: ¥ 5,793 million [(56.3)%] | ||||||||||||||
Nine months ended December 31, 2023: ¥ 13,262 million [(24.2)%] | |||||||||||||||
Profit per share | Diluted profit per share | ||||||||||||||
Yen | Yen | ||||||||||||||
Nine months ended | 92.11 | － | |||||||||||||
December 31, 2024 | |||||||||||||||
Nine months ended | 86.47 | － | |||||||||||||
December 31, 2023 | |||||||||||||||
(2) Consolidated Financial Position | |||||||||||||||
Total assets | Net assets | Equity ratio | |||||||||||||
Millions of yen | Millions of yen | % | |||||||||||||
As of December 31, 2024 | 249,561 | 220,846 | 88.4 | ||||||||||||
As of March 31, 2024 | 250,937 | 228,278 | 90.9 | ||||||||||||
Reference: Shareholders' equity | As of December 31, 2024 | : ¥ 220,730 million | |||||||||||||
As of March 31, 2024 | : ¥ 228,163 million |
2. Dividends
Dividends per share | |||||||
First quarter- | Second quarter- | Third quarter- | Year-end | Total | |||
end | end | end | |||||
Yen | Yen | Yen | Yen | Yen | |||
Fiscal year ended | － | 40.00 | － | 40.00 | 80.00 | ||
March 31, 2024 | |||||||
Fiscal year ending | － | 40.00 | － | ||||
March 31, 2025 | |||||||
Fiscal year ending | |||||||
March 31, 2025 | 40.00 | 80.00 | |||||
(Forecast) | |||||||
Note: Revision of dividend forecast since last announcement: None |
3. Forecast of Consolidated Results for the Fiscal Year Ending March 31, 2025 (From April 1, 2024 to March 31, 2025)
(Percentages indicate year-on-year changes)
Net sales | Operating profit | Ordinary profit | Profit attributable to | Profit per | |||||||
owners of parent | share | ||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||
Full year | 127,000 | (0.0) | 13,000 | (3.1) | 14,500 | (3.4) | 11,000 | 5.4 | 119.91 | ||
Note: Revision of results forecast since last announcement: Yes
*Notes
-
Significant changes in scope of consolidation during the period under review: None
New Company: － Exclusion: － - Application of accounting treatments specific to the preparation of quarterly consolidated financial statements: None
- Changes in accounting policies, accounting estimates, and retrospective restatements
- Changes in accounting policies in accordance with revision of accounting standards: None
- Changes in accounting policies other than item 1) above: None
- Changes in accounting estimates: None
- Retrospective restatements: None
- Number of shares issued (common stock)
- Number of shares issued as of end of period (including treasury shares)
As of December 31, 2024: 97,823,748 shares
As of March 31, 2024: 97,823,748 shares
- Number of treasury shares as of end of period As of December 31, 2024: 7,758,158 shares As of March 31, 2024: 5,212,668 shares
- Average number of shares during the period
Nine months ended December 31, 2024: 91,739,214 shares
Nine months ended December 31, 2023: 94,878,182 shares
Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or auditing firms: None
Explanation regarding appropriate use of results forecasts and other special remarks (Notes on the forward-lookingstatements)
The forward-looking statements, including results forecasts, contained in these materials are based on information available to the Company and on certain assumptions deemed to be reasonable as of the date of release of this document and they are not meant to be a commitment by the Company. Also, actual business results may differ substantially due to a number of factors. Please refer to page 3 for details regarding assumptions and other matters concerning the forecast of consolidated results.
(How to obtain results briefing materials for financial results)
The results briefing materials will be posted on the Company's website from February 6, 2025.
Contents | ||
1. Overview of Operating Results, etc | 2 | |
(1) | Overview of Operating Results for the Nine Months Ended December 31, 2024 | 2 |
(2) | Overview of Financial Position for the Nine Months Ended December 31, 2024 | 3 |
(3) | Explanation of Forward-Looking Information including Forecast of Consolidated Results | 3 |
2. Consolidated Financial Statements | 4 | |
(1) | Consolidated Balance Sheets | 4 |
(2) | Consolidated Statements of Income and Comprehensive Income | 6 |
(Consolidated Statements of Income) | 6 | |
(For the Nine Months Ended December 31, 2023 and 2024) | 6 | |
(Consolidated Statements of Comprehensive Income) | 7 | |
(For the Nine Months Ended December 31, 2023 and 2024) | 7 | |
(3) | Notes to Consolidated Financial Statements | 8 |
(Notes to segment information, etc.) | 8 | |
(Notes to a significant change in shareholders' equity) | 9 | |
(Notes to assumption of going concern) | 9 | |
(Notes to quarterly consolidated statement of cash flows) | 9 | |
3. Others | 10 | |
(1) | Orders and Sales | 10 |
(2) | Information on Disaggregation of Revenue from Contracts with Customers | 11 |
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1. Overview of Operating Results, etc.
- Overview of Operating Results for the Nine Months Ended December 31, 2024
In the Japanese economy during the nine months ended December 31, 2024, the Japanese economy recovered moderately on the back of a recovery in inbound demand and a cyclical pickup in demand for goods, and corporate capital investment remained firm, particularly in software investment, but there were signs of weakness in machinery investment. In the global economy, while the economy recovered moderately in North America, supported by consumer spending, manufacturing continued to be sluggish in Europe, and corporate capital investment remained soft in China.
In this environment, the Company and its subsidiaries (hereinafter referred to as the "Group") have set the purpose of "Enriching the lives of those in the world around us," and aim to create new value for society and realize a sustainable and mindful society full of smiling faces by providing products and services that will excite and inspire our customers in the areas of manufacturing, nursing care, logistics, etc. on the foundation of robotics and automation technology. In our main business of Robotic Solutions, with the aim to have the top market share for all products we handle, we strived to develop new markets and customers by focusing on expanding the sales of new-generation models such as the FUJI Smart Factory Platform NXTR and the expandable all-in-one pick and place machine AIMEXR, as well as worked on the speedy development of original and competitive products. Furthermore, we promoted solution proposals centered on the FUJI Smart Factory as well as strived to strengthen sales and technical support systems in Japan and abroad through cooperation with dealers and Group companies. Additionally, at the Okazaki Factory, which is our primary factory for manufacturing SMT pick and place machines, we rebuilt part of the existing factory buildings and constructed a new factory building, thereby boosting our production capacity. Also, we have reorganized our organizational structure, aiming to create businesses that will become the pillars of the next generation, and promoted the commercialization of products other than SMT pick and place machines, such as the delivery locker system Quist and the transfer support robot Hug. In the Machine Tools business, we have revamped our organizational structure in order to pivot to the establishment of the business foundation and achievement of sustainable profit growth. In addition, we worked to establish our superiority in the turnkey business and ultimately acquire new customers by striving to improve production efficiency and proposal-based sales capabilities. We also promoted improvements in operational efficiency in production, sales and development in the Group through the use of digital technology and aimed to increase profitability.
As a result of the above, net sales for the nine months ended December 31, 2024 decreased by ¥2,102 million
(2.2%) from the corresponding period of the previous fiscal year, to ¥93,565 million. Operating profit decreased by ¥825 million (7.8%) from the corresponding period of the previous fiscal year, to ¥9,788 million, and ordinary profit decreased by ¥790 million (6.6%) from the corresponding period of the previous fiscal year, to ¥11,174 million. Meanwhile, profit attributable to owners of parent increased by ¥245 million (3.0%) from the corresponding period of the previous fiscal year, to ¥8,449 million, due to increase of gain on sales of investment securities.
Operating results by segments are as follows.
Robotic Solutions
There was multiple demand for Chinese smartphones, and in other Asian countries, capital investment grew in Vietnam, but this did not lead to a full-fledged recovery in electronics demand, which was particularly weak in the European market. As a result, net sales for the segment decreased by ¥2,215 million (2.6%) from the corresponding period of the previous fiscal year, to ¥84,307 million. Operating profit decreased by ¥2,575 million (17.8%) from the corresponding period of the previous fiscal year to ¥11,870 million.
Machine Tools
Due to cautious attitude toward capital automotive-related investment, net sales for the segment decreased by ¥149 million (1.9%) from the corresponding period of the previous fiscal year, to ¥7,641 million. Meanwhile, due to revamp of the organizational structure, operating profit was ¥339 million (operating loss for the same period of the previous fiscal year was ¥717 million).
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-
Overview of Financial Position for the Nine Months Ended December 31, 2024 (Assets)
The current assets as of December 31, 2024 was ¥159,861 million, a decrease of ¥1,574 million compared with the end of the previous fiscal year. This is mainly because cash and deposits increased by ¥1,533 million while inventories decreased by ¥3,258 million. Non-current assets increased by ¥198 million from the end of the previous fiscal year, to ¥89,700 million.
As a result, total assets decreased by ¥1,376 million compared with the end of the previous fiscal year, to ¥249,561 million.
(Liabilities)
The current liabilities as of December 31, 2024 was ¥25,367 million, an increase of ¥6,960 million from the end of the previous fiscal year. This is mainly because notes payable - facilities (included in "Other" in current liabilities) increased by ¥2,959 million due to the reconstruction of some buildings at the Okazaki Factory, etc., income taxes payable increased by ¥1,600 million, and notes and accounts payable-trade increased by ¥1,532 million. Non-current liabilities decreased by ¥904 million compared with the end of the previous fiscal year, to ¥3,348 million. This is mainly because deferred tax liabilities (included in "Other" in non-current liabilities) decreased by ¥925 million.
As a result, total liabilities increased by ¥6,055 million from the end of the previous fiscal year, to ¥28,715
million.
(Net assets)
The total net assets as of December 31, 2024 was ¥220,846 million, a decrease of ¥7,432 million compared with the end of the previous fiscal year. This is mainly because foreign currency translation adjustment increased by ¥1,459 million due to the continuing weak yen in exchange markets, whereas decrease of ¥5,861 million due to the acquisition of treasury shares and decrease of valuation difference on available-for-sale securities by ¥3,298 million due to the falling stock prices etc.
(3) Explanation of Forward-Looking Information including Forecast of Consolidated Results
Due to delayed recovery in the memory market and cautious investment stance in the U.S. market, we have revised the full year forecasts of consolidated business results that we announced on August 2, 2024 to the following.
Revision of full year forecast of consolidated business results (From April 1, 2024 to March 31, 2025)
(Millions of yen) | |||||||
Net Sales | Operating | Ordinary | Profit attributable to | Profit per | |||
profit | profit | owners of parent | share (yen) | ||||
Previous forecast (A) | 133,000 | 14,800 | 16,100 | 12,400 | 134.12 | ||
Revised forecast (B) | 127,000 | 13,000 | 14,500 | 11,000 | 119.91 | ||
Change (B‐A) | (6,000) | (1,800) | (1,600) | (1,400) | － | ||
Rate of change (%) | (4.5) | (12.2) | (9.9) | (11.3) | － | ||
(Ref.) Results for the fiscal | 127,059 | 13,421 | 15,010 | 10,438 | 110.59 | ||
year ended March 31, 2024 | |||||||
Note: The forecasts contained in the above are based on information currently available to the Company as of the date of release of this document. Actual business results may differ substantially from the values in the forecasts due to a number of factors ahead.
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2. Consolidated Financial Statements
- Consolidated Balance Sheets
(Millions of yen) | ||
As of March 31, | As of December 31, | |
2024 | 2024 | |
Assets | ||
Current assets | ||
Cash and deposits | 61,812 | 63,346 |
Notes and accounts receivable - trade | 32,207 | 34,316 |
Securities | 2,835 | 1,648 |
Merchandise and finished goods | 12,779 | 12,734 |
Work in process | 28,933 | 28,525 |
Raw materials and supplies | 15,404 | 12,599 |
Other | 7,601 | 6,823 |
Allowance for doubtful accounts | (139) | (133) |
Total current assets | 161,436 | 159,861 |
Non-current assets | ||
Property, plant and equipment | 33,697 | 38,440 |
Intangible assets | ||
Goodwill | 9,417 | 8,521 |
Other | 14,166 | 15,174 |
Total intangible assets | 23,584 | 23,696 |
Investments and other assets | ||
Investment securities | 25,923 | 20,894 |
Retirement benefit asset | 4,504 | 4,647 |
Other | 1,791 | 2,021 |
Total investments and other assets | 32,219 | 27,563 |
Total non-current assets | 89,501 | 89,700 |
Total assets | 250,937 | 249,561 |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 6,110 | 7,642 |
Income taxes payable | 589 | 2,189 |
Provision for product warranties | 632 | 639 |
Other | 11,074 | 14,894 |
Total current liabilities | 18,406 | 25,367 |
Non-current liabilities | ||
Retirement benefit liability | 374 | 395 |
Other | 3,878 | 2,952 |
Total non-current liabilities | 4,252 | 3,348 |
Total liabilities | 22,659 | 28,715 |
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(Millions of yen) | ||
As of March 31, | As of December 31, | |
2024 | 2024 | |
Net assets | ||
Shareholders' equity | ||
Share capital | 5,878 | 5,878 |
Capital surplus | 7,109 | 7,114 |
Retained earnings | 201,332 | 202,413 |
Treasury shares | (11,029) | (16,890) |
Total shareholders' equity | 203,291 | 198,516 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 11,759 | 8,460 |
Deferred gains or losses on hedges | (1) | (10) |
Foreign currency translation adjustment | 12,035 | 13,494 |
Remeasurements of defined benefit plans | 1,079 | 269 |
Total accumulated other comprehensive income | 24,871 | 22,214 |
Non-controlling interests | 114 | 115 |
Total net assets | 228,278 | 220,846 |
Total liabilities and net assets | 250,937 | 249,561 |
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Consolidated Statements of Income and Comprehensive Income (Consolidated Statements of Income)
(For the Nine Months Ended December 31, 2023 and 2024)
(Millions of yen) | ||
Nine months | Nine months | |
ended December 31, | ended December 31, | |
2023 | 2024 | |
Net sales | 95,668 | 93,565 |
Cost of sales | 60,319 | 59,236 |
Gross profit | ||
35,349 | 34,329 | |
Selling, general and administrative expenses | 24,735 | 24,540 |
Operating profit | 10,613 | 9,788 |
Non-operating income | ||
Interest income | 289 | 527 |
Dividend income | 493 | 535 |
Foreign exchange gains | 394 | 247 |
Miscellaneous income | 203 | 139 |
Total non-operating income | 1,381 | 1,450 |
Non-operating expenses | ||
Interest expenses | 13 | 16 |
Commission expenses | 12 | 8 |
Donations | 2 | 29 |
Miscellaneous expenses | 1 | 10 |
Total non-operating expenses | 29 | 64 |
Ordinary profit | 11,965 | 11,174 |
Extraordinary income | ||
Gain on disposal of non-current assets | 13 | 27 |
Gain on sales of investment securities | 22 | 1,902 |
Total extraordinary income | 35 | 1,929 |
Extraordinary losses | ||
Loss on disposal of non-current assets | 284 | 65 |
Loss on valuation of investment securities | － | 304 |
Total extraordinary losses | 284 | 370 |
Profit before income taxes | 11,716 | 12,734 |
Income taxes - current | 2,335 | 3,756 |
Income taxes - deferred | 1,180 | 521 |
Total income taxes | 3,515 | 4,277 |
Profit | 8,201 | 8,457 |
Profit (loss) attributable to non-controlling interests | (3) | 7 |
Profit attributable to owners of parent | 8,204 | 8,449 |
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(Consolidated Statements of Comprehensive Income)
(For the Nine Months Ended December 31, 2023 and 2024)
(Millions of yen) | ||
Nine months | Nine months | |
ended December 31, | ended December 31, | |
2023 | 2024 | |
Profit | 8,201 | 8,457 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 2,356 | (3,298) |
Deferred gains or losses on hedges | (0) | (9) |
Foreign currency translation adjustment | 2,596 | 1,452 |
Remeasurements of defined benefit plans, net of tax | 108 | (809) |
Total other comprehensive income | 5,061 | (2,664) |
Comprehensive income | 13,262 | 5,793 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 13,257 | 5,792 |
Comprehensive income attributable to non-controlling interests | 5 | 0 |
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Notes to Consolidated Financial Statements (Notes to segment information, etc.)
I. Nine months ended December 31, 2023 (from April 1, 2023 to December 31, 2023) - Information on the amounts of net sales and profit or loss by reportable segment
(Millions of yen)
Reportable segments | Others | ||||||
Robotic | Machine | Total | |||||
Subtotal | (Note) | ||||||
Solutions | Tools | ||||||
Net sales | |||||||
Sales to external customers | 86,523 | 7,791 | 94,314 | 1,353 | 95,668 | ||
Inter-segment sales or transfers | 19 | － | 19 | 115 | 135 | ||
Total | 86,542 | 7,791 | 94,334 | 1,469 | 95,803 | ||
Segment income (loss) | 14,445 | (717) | 13,727 | (110) | 13,616 | ||
Note: "Others" include business activities that do not fit into the main two reportable segments. This includes the manufacture of control equipment and electronic equipment, and image processing development.
- Difference between the aggregate amount of the profit or loss of a reportable segment and the amount posted in the consolidated statements of income and major descriptions of such difference (difference adjustments and related matters)
(Millions of yen)
Income | Amount | |
Reportable segments total | 13,727 | |
Gains (losses) in Others | (110) | |
Inter-segment transaction eliminations | 7 | |
Corporate expenses (Note) | (3,010) | |
Operating profit in the consolidated statements of income | 10,613 | |
Note: Corporate expenses mainly consist of general and administrative expenses and research and development expenses not attributable to the reportable segments.
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