3rd Quarter of FY 2/2021

Financial Results Briefing Materials
January 14, 2021

Points to Note:
This document is a translation of the Japanese original. The Japanese original is authoritative.
The information listed in these materials the Company’s future prospects as determined by management, based on the information
available at the time of announcement, and potential risks and uncertainties. It should be noted that the actual results may differ
substantially from these forecasts, due to these various elements.
The numerical values shown in these materials are the monetary amounts listed in the consolidated balance sheet, consolidated profitand-loss statement, consolidated statement of changes in shareholders’ equity, and notes to consolidated financial statements. Shownvalues of less than one unit are truncated, and ratios and other values are rounded off.
***

“FY” in this material indicates the fiscal year ending February 28 (29) of the succeeding year.
“3Q” or “3rd Quarter” in this material represents the three-month period beginning on September 1 and ending on November 30.

FURUNO ELECTRIC CO., LTD. All Rights Reserved.

FY 2/2021 3rd Quarterly Points of the Results

 Performance: Decrease in sales, increase in profit
The Marine Business and the Industrial Business, still on their way
to recovery from the impact of COVID-19, saw a decline in sales
and profit, while the Wireless LAN Systems saw a significant risein both sales and profit.
As a result, the overall sales decreased, while the overall profit
increased.

 Full-year earnings forecast: Upward revision
Based on actual results in the 3rd quarter, we have revised
upwards the profit figures announced on October 14, 2020.
We have left the annual dividend forecast as is.

FURUNO ELECTRIC CO., LTD. All Rights Reserved.

2

FY 2/2021 3rd Quarterly Results Highlights
Unit: Millions of Yen

FY 2/2020
3rd Quarter

FY 2/2021
3rd Quarter

Year-over-year( amount )Year-over-year( ratio )Net sales
Gross profit

62,582
22,43460,41823,043-2,164+609-3.5%+2.7％( Sales ratio )( 35.8% )( 38.1% )( +2.3 )Operating income

2,928

3,347+419( Sales ratio )( 4.7% )( 5.5% )( +0.8 )3,062

3,625+563( 4.9% )( 6.0% )( +1.1 )

2,576

2,738+162( 4.1% )( 4.5% )( +0.4 )3,176

3,686＋510（ 5.1% )( 6.1% )( +1.0 )Ordinary income( Sales ratio )Profit attributable toowners of parent( Sales ratio )R&D expenses( Sales ratio )Capital investment
expenses( Sales ratio )2,241

2,368＋127（ 3.6% )( 3.9% )( +0.3 )Depreciation expenses

2,358

2,329-28( 3.8% )( 3.9% )( ＋0.1 )110
123108121-2-2( Sales ratio )+14.3%+18.4%+6.3%＋16.1%＋5.7%-1.2%

Unit: Yen, annual average exchange rate

1USD
1EUR
FURUNO ELECTRIC CO., LTD. All Rights Reserved.

-1.9%
-1.3%
3

Analysis of Increase/Decrease in Net Sales(Unit: 100 Millions of Yen)

630

Wireless
620

LAN

America

Systems,+1.2

Others

+29.4

610

Japan

600

-19.9590

OtherRegionsEurope-1.9+1.7625.8

Healthcare Others

+0.1

Asia

580

-18.8

Marine Business- 41.9570

560

Foreign
Exchange
Effect-4.4+1.5604.2
PNT-10.8

IndustrialBusiness-9.2

550

FY 2/2020
3rd QuarterFURUNO ELECTRIC CO., LTD. All Rights Reserved.

*Exchange Rate Sensitivity (actual results as of February 29, 2020)[USD] Net sales 1.1 100M yen , Operating income 0.5 100M yen[Euro] Net sales 1.6 100M yen , Operating income 0.7 100M yen

FY 2/2021
3rd Quarter
4

Analysis of Increase/Decrease in Operating income(Unit: 100 millions of Yen）
45

The fall in sales in the Marine Business and the decline in profits associated with strategic
investments and other factors were covered by the rise in revenue in Wireless LAN
Systems and the rise in gross profit margin in each business.
Other
SG&A Expenses
Decrease

40+3.2352520

IndustrialBusiness
Gross Profit
MarginIncrease

MarineBusiness
Gross Profit
MarginIncrease

3029.350MarineBusiness
Net SalesDecrease

Industrial Business
Net Sales Decrease-15.4

FY 2/2020
3rd Quarter

FURUNO ELECTRIC CO., LTD. All Rights Reserved.

+3.7+2.0+2.8

1510

Wireless Others
LAN-1.4
Systems
Strategic
Gross Profit
Investments
MarginIncrease-5.1-2.2

33.5

Wireless LANSystems
Net Sales
Increase+16.6

Operating Income+4.2※ Foreign exchange impact on operating income: -2.0 100M yen

FY 2/2021
3rd Quarter
5

Overview of Marine BusinessNet sales by Marine Business/ Sales by Region（Unit: 100 Millions of Yen）

600
日本
米州
欧州
アジア
その他
■Japan■America■Europe■Asia ■Other

500

400

12830014020060
100130Marine Business：
Net Sales 462 100M yen（-8.3％ year on year）
Segment Profit 7.7 100M yen（-11.1 100M yen）
⇒ The fall in profit due to the fall in sales in Japanand Asia continues to slowly recover

1922“100M” in this material indicates 100 Million

21140120

133

60153

 Japan: Net sales 134 100M yen （-13.0%）
 The fall in sales due to COVID-19 continues torecover America: Net sales 60 100M yen （+0.4%）12960134

 The impact of COVID-19 was limited, andperformance remains at previous quarter’s levels

 Europe: Net sales 129 100M yen （-2.8%）
 The fall in sales due to COVID-19 and the impact ofthe foreign exchange continues to recover Asia: net sales 120 100M yen （-14.5%）
 The fall in sales due to COVID-19 continues torecover0
2019年2月期
FY 2/2019
第２四半期
3rdQuarter2020年2月期
FY 2/2020
第２四半期
3rdQuarter

FURUNO ELECTRIC CO., LTD. All Rights Reserved.

2021年2月期
FY 2/2021
第２四半期
3rd Quarter
6

Overview of Industrial Business, Wireless LAN Systems
Net sales by Industrial Business& Wireless LAN Access Point/ Sales by Products（Unit: 100 Millions of Yen)

150
■Wireless LAN Systems■Other Industrial■Healthcare
■PNT

120

2630

141315

1360

9060

1513

Industrial Business:
Net Sales 78 100M yen（-10.5％ year on year）
Segment Profit 2.7 100M yen（-0.7 100M yen）
⇒ PNT Business recorded to a smaller fall in sales
for ETC on-board devices, due to factors such as
the easing of long-distance travel restrictions⇒ Healthcare recorded strong sales for clinicalchemistry analyzers

PNT事業：売上高51億円（▲17.5%）
PNT Business:
NetSales
51 100M yen （-17.5%）
ヘルスケア事業億円（＋0.3%）
Healthcare: ：売上高
Net Sales1313100M yen（+0.3%）

Wireless LAN Systems:
Net Sales 60 100M yen （+101.6％ year on year）

30

60

61

51

0

FY 2/20192019年2月期
3rd Quarter
第３四半期累計

FY 2/2020
FY 2/2021
2020年2月期
2021年2月期
3rd Quarter3rdQuarter
第３四半期累計
第３四半期累計

FURUNO ELECTRIC CO., LTD. All Rights Reserved.

Segment Profit 22.4 100M yen （+16.4 100M yen）
⇒ Wireless LAN Access Point sales grew
substantially in the educational market, where
the Global and Innovation Gateway for All(GIGA) school project is being promoted⇒ Substantial rise in both revenue and profit
7

Full year earnings forecast and dividend forecast
of FY 2/2021
Based on the cumulative actual results for the 3rd quarter,
we have revised upwards our previous forecasts(announced on October 14, 2020)
FY 2/2021
Last forecast

FY 2/2021
Forecast this time

Increase/
Decrease( amount)

Increase/Decrease( ratio)

Net sales

82,00082,000±0-

Operating income

3,000

3,500+500+16.7%( 3.6% )( 4.3% )( ＋0.7 )3,500

4,000+500( Sales ratio )( 4.2% )( 4.9% )( 0.7 )

Profit attributable toowners of parent( Sales ratio )3,000

3,500+500( 3.6% )( 4.3% )( ＋0.7 )（Unit: 100 Millions of Yen)

(Sales ratio )Ordinary income+14.3%+16.7%The dividend forecast is left unchanged
End of 2ndQuarter

Year end

Year round

Consolidated
payout ratio

FY 2/2020

10102030.9%

FY 2/2021 forecast

101020

18.0%（Unit: Yen）

FURUNO ELECTRIC CO., LTD. All Rights Reserved.

8

Corporate Profile

FURUNO ELECTRIC CO., LTD. All Rights Reserved.

9Outline
Since commercializing the world's first fish finder in 1948, FURUNO has
supplied many types of products for the marine electronics market. By using
its exclusive knowledge of ultrasonic and electronics technologies, FURUNO
has developed a wide array of products that have been world firsts and Japanfirsts.
As of February 29, 2020

Company Name
Headquarters
Incorporated

FURUNO ELECTRIC CO., LTD.
Nishinomiya City, Hyogo, JapanMay 23, 1951

Business

Manufacturing and sale ofmaritime and industrial electronic
products

Paid-in Capital¥7,534 million

President

Yukio Furuno

Investor Relations ⇒ http://www.furuno.co.jp/en/ir/
Products Site ⇒ http://www.furuno.com/en/
Corporate Movie ⇒ http://www.furuno.com/special/en/corporatemovie/
FURUNO ELECTRIC CO., LTD. All Rights Reserved.

10

FURUNO's Business Fields

GPS/GNSS
Disciplined
Oscillator

Automatic
Identification
System (AIS)
Satellite
Communications
Equipment

GPS/GNSS
Displacement Continuous
Remote Monitoring
SystemMeteorological
Monitoring andAnalyzing
SystemWireless LAN
Access PointRadar

GPS/GNSS
Receiver for Car
Navigation
SystemVoyage Data
Recorder(VDR)

GPS Plotter

FishFinder/Sonar

FURUNO ELECTRIC CO., LTD. All Rights Reserved.

Multi BeamSonar

UltrasoundBone
Densitometer

ClinicalChemistry
Analyzer

ETC11