(TRANSLATION)
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. The Company
assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from thetranslation.

Consolidated Quarterly Financial Results(based on Japanese standards)
For the six months ended September 30, 2023
October 31, 2023
Company name: FANUC CORPORATION
Stock exchange listing: Tokyo Stock Exchange
Stock code:
6954
URL: https://www.fanuc.co.jp/eindex.html
Representative: (Title) President(Name) Kenji YamaguchiContact:(Title) Manager, Public Relations & Shareholders Relations Department(Name) Naoki Yukisada TEL: (0555)84－5555
Scheduled date of filing quarterly report: November 9, 2023
Scheduled date of commencing of dividend payments: December 1, 2023
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: Yes
1. Consolidated Financial Results for the Six Months Ended September 30, 2023 (April 1, 2023 – September 30,
2023)(1) Consolidated Results of Operations(% represents changes from the previous corresponding six-month period.)
Net income
Six months
ended
Net sales
Operating income
Ordinary income
attributable to owners
September 30
of parent
Millions of yen%

Millions of yen

2023
398,695(4.2)
2022
416,128
18.4
Note: Consolidated comprehensive income:Six months
ended
September 30%

Millions of yen%

Millions of yen

66,536(29.7)
86,153(25.4)
63,937
94,671
0.8
115,547
7.2
84,214
April-September 2023: ¥119,484 million (14.3)%
April-September 2022: ¥139,403 million (60.5%

Net income
per share

Net income
per share(diluted)

Yen

Yen

%

(24.1)
7.1

2023
67.10
—
2022
88.00
—
Note: On April 1, 2023, the Company performed a 1-to-5 stock split of common share. “Net income per share” wascalculated assuming that the stock split was performed at the beginning of the previous fiscal year.
(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

1,926,249
1,688,689
1,873,536
1,627,555(Reference) Equity: September 30, 2023: ¥1,676,558 million

September 30, 2023
March 31, 2023

87.0
86.2
March 31, 2023: ¥1,615,376 million

2. Dividends
Dividends per share
1st Quarter

2nd Quarter

3rd Quarter

Fiscal year-end

Full year

Yen

Yen

Yen

Yen

Yen

FY2022264.02271.64535.66——FY202340.26—
FY2023———(forecast)
Note: We have changed the forecasts of dividends from the latest ones.
Note: On April 1, 2023, the Company performed a 1-to-5 stock split of common share. Figures for FY2022 are theactual amount of dividends before the stock split.
Note: The year-end dividends for FY2023 will be disclosed promptly upon their availability.
3. Consolidated Financial Forecasts for FY 2023 (April 1, 2023 – March 31, 2024)(% represents changes from the previous fiscal year.)
Net income
Net income
Net sales
Operating income
Ordinary income
attributable toper shareowners of parent
Millions of yen%

Millions of yen%

Millions of yen%

758,000 (11.0)
121,900 (36.3)
153,300 (33.7)
Full year
Note: We have changed the forecasts of financial results from the latest ones.

Millions of yen%

Yen

113,600 (33.4)

119.23*Notes(1) Changes in Significant Subsidiaries during the six months ended September 30, 2023
(changes in specific subsidiaries that caused change in scope of consolidation) : No
(2) Adoption of Simplified and Specifically Applied Accounting Method for Quarterly
Consolidated Financial Reporting:No(3) Changes in Accounting Principles and Accounting Estimates, and Revisions/Restatements
1.

Changes in accounting principles associated with changes inaccounting standards

:

No

2.

Changes in accounting principles other than 1:

Yes

3. Changes in accounting estimates:No

4. Revisions/Restatements: No

Note: For details, please see “3. Other information (3) Changes in Accounting Principles and Accounting
Estimates, and Revisions/Restatements” on page 10 of the Accompanying Documents.
(4) Number of shares outstanding (Common shares)
1.

Number of shares outstanding at the end of the period (including treasury stocks)
1,003,073,989
September 30, 2023
March 31, 2023
shares2.

Number of treasury stocks at the end of the period
50,345,115
September 30, 2023
shares3.

Average number of shares during the period
952,897,144
April-September 2023
sharesMarch 31, 2023

1,009,546,985
shares56,626,695
sharesApril-September 2022 956,923,455
sharesNote: On April 1, 2023, the Company performed a 1-to-5 stock split of common stock. “Number of shares
outstanding at the end of the period,” “Number of treasury stocks at the end of the period” and“Average number of shares during the period” were calculated assuming that the stock split was
performed at the beginning of the previous fiscal year.
＊ The report of the quarterly financial results is not subject to audit by certified public accountant or audit firm.
＊ Notes on appropriate use of the financial forecasts, other notes.
Any forward looking statements such as financial forecasts described in this report are subject to uncertain
factors such as product supply and demand trends, industry competition, economic conditions, and others inmajor markets. Actual results may differ from these forecasts. For the details of the financial forecasts, pleasesee “Financial Results Forecasts” on page 4 of the Accompanying Documents. The forecasts of the year-end
dividends for FY2023 will be disclosed promptly upon their availability.

Table of Contents of Accompanying Documents
1. Results of Operations and Financial Position

2(1)

Overview of Results of Operations

2(2)

Financial Position

3(3)

Financial Results Forecasts

4

2. Consolidated Quarterly Financial Statements(1)

Consolidated Quarterly Balance Sheet(2)

Consolidated Quarterly Statement of Income andConsolidated Quarterly Statement of Comprehensive Income(3)

Consolidated Quarterly Statement of Comprehensive Income

8

Consolidated Quarterly Statement of Cash Flows

910

Changes in Significant Subsidiaries during the six
10Adoption of Simplified and Specifically Applied Accounting
Method for Quarterly Consolidated Financial Reporting

(3)

7
7

months ended September 30, 2023
(2)

5Consolidated Quarterly Statement of Income

3. Other Information
(1)

5

10

Changes in Accounting Principles and Accounting Estimates, andRevisions/Restatements

10

(4)

Note on Premise of a Going Concern

10

(5)

Note on the Substantial Change in Shareholders’ Equity

10

(6)

Significant Subsequent Events

10

1

1. Results of Operations and Financial Position(1) Overview of Results of Operations
Regarding the circumstances surrounding the FANUC Group during the first six-month period of
the fiscal year ending March 31, 2024 (from April 1 to September 30, 2023), while the impact on
production activities by shortage in semiconductors and other components in the supply chain that
had continued until now has subsided, the outlook remained uncertain due to several factors, such as
the effects of progressing global inflation, concerns of an economic slowdown, and fluctuations in
exchange rates. In addition, inventory adjustments from the second half of FY 2022 (the fiscal year
ended March 31, 2023) had an impact on production. Amidst these difficult conditions, the Company
has done every effort to minimize the impact on the financial results through the concerted efforts ofall departments, including sales divisions, R&D divisions, factories, service divisions, andadministrative departments.
During the six months from April to September 2023, FANUC posted consolidated net sales totaling¥398,695 million, down 4.2%, consolidated ordinary income totaling ¥86,153 million, down 25.4%, andnet income attributable to owners of parent totaling ¥63,937 million, down 24.1%, compared with thecorresponding period of the previous fiscal year.
An overview of the results for each business division is as follows:
In the FA Division, demand from the machine tool industry, the primary market for CNC systems,
showed a slowdown trend in each country around the world, including Japan, except the Indian market,
where demand was firm, and sales of our CNC systems also declined. Net sales in the FA Division
amounted to ¥92,777 million, down 28.3% compared with the corresponding period of the previous
fiscal year.
In the Robot Division, the sales increased due to a backlog of orders from the previous period inboth Europe and the Americas for EV-related industries and general industries. In China, the sales
increased compared with the corresponding period of the previous fiscal year despite a slight drop in
demand for EV-related industries, which had previously been strong. In India, the sales increased due
to a strong demand for both automobile-related industries and general industries. In Japan, the sales
increased compared with the corresponding period of the previous fiscal year, despite the continued
sluggish sales for the automobile industry and demand for general industries also stalling. As a result,net sales in the Robot Division amounted to ¥192,438 million, up 19.1% compared with thecorresponding period of the previous fiscal year.
In the Robomachine Division, sales of ROBODRILLs (compact machining centers) decreased due
to a drop in demand in the Americas and China. Sales of ROBOSHOTs (electric injection molding
machines) declined due to a drop in demand from the IT-related and medical markets. Sales of
ROBOCUTs (wire electrical-discharge machines) decreased due to a drop in demand in Europe andthe Americas. As a result, net sales in the Robomachine Division amounted to ¥50,451 million, down
29.1% compared with the corresponding period of the previous fiscal year.
2

In the Service Division, with an emphasis on our policy of “Service First,” we are strengthening theservice system and improving efficiency by actively introducing IT technology. Net sales in the Service
Division amounted to ¥63,029 million, up 16.9% compared with the corresponding period of theprevious fiscal year.

(2) Financial Position① Assets, Liabilities and Net Assets

Total assets were ¥1,926,249 million, up ¥52,713 million compared with the end of the previous

fiscal year.

Total liabilities were ¥237,560 million, down ¥8,421 million compared with the end of the previous
fiscal year.
Total net assets were ¥1,688,689 million, up ¥61,134 million compared with the end of the previous
fiscal year.
② Cash Flows

Cash and cash equivalents (hereinafter “Cash”) for the first half of the current fiscal year amounted

to ¥473,870 million, down ¥3,083 million from the end of the previous fiscal year.
(Cash flows from operating activities)
Cash provided by operating activities during the six months ended September 30, 2023 amounted
to ¥75,212 million, up ¥29,104 million compared with the same period of the previous fiscal year. Thiswas mainly due to the decrease in inventories increasing compared with the same period of theprevious fiscal year.
(Cash flows from investing activities)
Cash used in investing activities during the six months ended September 30, 2023 amounted to¥33,763 million, up ¥7,670 million compared with the same period of the previous fiscal year. This was
mainly due to the increase in payments into time deposits.
(Cash flows from financing activities)
Cash used in financing activities during the six months ended September 30, 2023 amounted to¥55,703 million, down ¥3,760 million compared with the same period of the previous fiscal year. Thiswas mainly due to the decrease in share buybacks.

3(3) Financial Results Forecasts
Due to the expected prolonged impact on production based on delayed recovery of the Chinese
market and inventory adjustments, the Company forecasts the financial results for the full year ending
March 31, 2024, as follows.
For FY 2023 (April 1, 2023 through March 31, 2024)(Millions of yen)Previous forecast(released on
July 28, 2023)[A]

New forecast[B]

Comparison with
Previous forecast (%)[(B-A) / A]

Net sales

750,300

758,000

1.0%

Operating income

118,300

121,900

3.0%

Ordinary income

150,300

153,300

2.0%

Net income
attributable to ownersof parent

113,100

113,600

0.4%

Note: The currency rate applied to the period from October 1, 2023 to March 31, 2024 is averaged at
135 yen/US dollar and 145 yen/Euro.

4

2. Consolidated Quarterly Financial Statements(1) Consolidated Quarterly Balance Sheet(Millions of yen)March 31, 2023

September 30, 2023

512,528
24,824
137,961
16,700157,888
92,098100,591
20,549(1,399)516,608
21,959126,148
16,100171,387
97,684
118,318
21,189(1,478)1,061,740

1,087,915

325,102
158,055
105,539

325,983
160,200
114,910

Total property, plant and equipment
Intangible assets
Investments and other assets

588,696

601,093

10,855

10,638Investment securities
OthersAllowance for doubtful accounts

159,500
53,207(462)

163,658
63,414(469)

Total investments and other assets
Total noncurrent assets

212,245

226,603

AssetsCurrent assets
Cash and bank deposits
Notes receivables, trade
Accounts receivable, tradeMarketable securities
Finished goods
Work in progress
Raw materials and supplies
Other current assets
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings, net
Land
Other, net

Total assets

5811,796

838,334

1,873,536

1,926,249

(Millions of yen)March 31, 2023

September 30, 2023

56,93525,73655,544
20,130

11,222
90,062

11,37986,358

183,955

173,41155,201
6,825

56,077
8,072

62,02664,149245,981

237,560

69,01496,265
1,515,662(130,206)

69,014
96,145
1,509,337(116,179)

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests

1,550,735

1,558,317

13,71815,98367,937(17,014)

117,973(15,715)64,641

118,241

12,17912,131

Total net assets

1,627,555

1,688,689

1,873,536

1,926,249

Liabilities
Current liabilities
Notes and accounts payables, trade
Accrued income taxes
Warranty reserves
Other current liabilities
Total current liabilities
Long-term liabilities
Net defined benefit liability
Other long-term liabilities
Total long-term liabilities
Total liabilities
Net assets
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock, at cost

Total liabilities and net assets

6

(2) Consolidated Quarterly Statement of Income andConsolidated Quarterly Statement of Comprehensive Income
Consolidated Quarterly Statement of Income
2nd quarter (cumulative)(Millions of yen)Six months ended
September 30, 2022
(cumulative)

Six months ended
September 30, 2023
(cumulative)

Net sales
Cost of goods sold416,128
255,007398,695
265,752

Gross profit

161,121

132,943

Selling, general and administrative expenses

66,45066,407

Operating income

94,671

66,536

Interest income
Dividends income
Equity in earnings of affiliates
Miscellaneous income

1,734
1,482
15,816
2,708

2,133
1,731
14,3583,359

Total non-operating income

21,74021,581329

608

Non-operating income

Non-operating expenses
Removal expenses of noncurrent assets－
535

Loss on net monetary position
Miscellaneous expenses
Total non-operating expenses

495
861

864

1,964

Ordinary income

115,547

86,153

Income before income taxes

115,547

86,153

Income taxes-current
Income taxes-deferred

33,739(4,240)30,900(9,794)

Total taxes and others

29,49921,106

Net income

86,04865,047

Net income attributable to non-controlling interests

1,834

1,110

Net income attributable to owners of parent

84,21463,937

7

Consolidated Quarterly Statement of Comprehensive Income

Net income
Other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of affiliates
accounted for using equity method
Total other comprehensive income
Comprehensive income for the six months ended
September 30
Comprehensive income attributable to:
Owners of parent
Non-controlling interests

8

Six months ended
September 30, 2022
(cumulative)
86,048(Millions of yen)Six months ended
September 30, 2023
(cumulative)
65,047(2,467)2,265

41,706292

44,908
1,299

13,824

5,965

53,35554,437

139,403

119,484

137,124

117,536

2,279

1,948

(3) Consolidated Quarterly Statement of Cash Flows(Millions of yen)Six months ended
September 30, 2023
(cumulative)

Six months ended
September 30, 2022
(cumulative)
Cash flows from operating activities
Income before income taxes

115,547
24,007

86,153
23,346

96

(23)

777
915
(3,216)(15,816)
4,064(49,383)
3,894(6,277)354
1,245(3,864)(14,358)
24,657(15,092)(5,785)(6,397)

Subtotal

74,60890,236

Interest and dividends received
Income taxes paid
Other

14,814(44,440)
1,126

22,290(37,149)(165)

Net cash provided by operating activities

46,10875,212

Cash flows from investing activities
Payments into time deposits
Purchases of property, plant, and equipment
Other(1,164)(23,128)(1,801)(6,013)(24,932)(2,818)(26,093)(33,763)(10,252)(46,015)(3,196)(996)(51,745)(2,962)(59,463)(55,703)

12,317

11,171

Depreciation and amortization
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in net defined benefit liability(Increase) decrease in net defined benefit asset
Interest and dividend income
Equity in (earnings) losses of affiliates(Increase) decrease in receivables, trade(Increase) decrease in inventories
Increase (decrease) in payables, trade
Other

Net cash used in investing activities
Cash flows from financing activities
Purchases of treasury stock
Dividends paid
Other
Net cash used in financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents(27,131)(3,083)

Cash and cash equivalents at beginning of period

574,655

476,953

Cash and cash equivalents at end of period

547,524

473,8709

3. Other Information(1) Changes in Significant Subsidiaries during the six months ended September 30, 2023
(changes in specific subsidiaries that caused change in scope of
consolidation):
None(2) Adoption of Simplified and Specifically Applied Accounting Method for Quarterly
Consolidated Financial Reporting:None(3) Changes in Accounting Principles and Accounting Estimates, and Revisions/Restatements(Change in accounting principles)(Change in inventory valuation method)
The Company previously valued materials included in "Raw materials and supplies" using the lastpurchase cost method, but changed to the weighted average cost method from first quarter periodof this FY.
The purpose of this change is to calculate periodic profit/loss and valuate inventory more
appropriately, triggered by soaring material prices and increased inventory levels.
It is not feasible to determine the cumulative effect of the retrospective application of the weighted
average cost method due to the unavailability of some payment and receipt records required for
calculation using the weighted average cost method for the previous fiscal year. Therefore, thecumulative effect of the retrospective application of the weighted average cost method is reflectedin the beginning balance of first quarter period, based on the difference between the carrying
amount of inventories at the beginning of first quarter period under the weighted average cost
method and the carrying amount at the end of the previous fiscal year.
As a result, retained earnings at the beginning of first quarter period decreased by ¥2,945
million. The impact of this change on cost of goods sold, every category of profit or loss andper share information for this second quarter period is immaterial.
(4) Note on Premise of a Going Concern:

None(5) Note on the Substantial Change in Shareholders’ Equity:
The Company cancelled 6,472,996 treasury shares based on the resolution of the Board of
Directors meeting held on April 26, 2023. As a result, treasury stocks, including the decrease dueto the sale of odd-lot shares, decreased by ¥14,027 million during the six months ended
September 30, 2023, resulting in treasury stocks of ¥116,179 million as of September 30, 2023.
(6) Significant Subsequent Events(Share buybacks)
The Company carried out the following share buybacks between October 1 2023 and October 26
2023 in accordance with the resolution passed by the Board of Directors on March 30 2023, in
accordance with Article 156 of the Company Act as applied pursuant to paragraph 3 of Article 165
10

of the Company Act.
All share repurchases pursuant to this resolution have been completed with the following
acquisitions.
1.

Details of share buybacks(1) Types of shares to be purchased : Company common shares(2) Number of repurchased shares : 6,000,700 shares(3) Aggregate amount of repurchased shares: 23,194 millions of yen(4) Buyback method: Market purchase on the Tokyo Stock Exchange

2.

Total number and amount of repurchased shares based on the resolutions of the Board of
Directors Meeting above(1) Total number of repurchased shares: 6,250,000 shares(2) Aggregate amount of repurchased shares : 24,178 millions of yen

Furthermore, at the Board of Directors meeting held on October 31, 2023, the Company made aresolution regarding matters pertaining to share buybacks as set forth below in accordance with
Article 156 of the Company Act as applied pursuant to paragraph 3 of Article 165 of the Company
Act.
1. Reason for share buybacks
To maintain the flexibility and mobility of the company’s capital policy, in response to changes
in the management environment
2. Details of matters pertaining to share buybacks(1) Types of shares to be purchased: Company common shares(2) Total number of shares to be repurchased: 6,250,000 (limit)(Percentage of total number of shares issued, excluding treasury stock: 0.66%)(3) Aggregate amount of repurchased shares: ¥25.0 billion (limit)(4) Buyback period: From November 1, 2023 to April 30, 2024
(5) Buyback method: Market purchase on the Tokyo Stock Exchange

11