(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, 2020
October 29, 2020
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 (Name) Keisuke Fujii
TEL: (0555)84－5555
Scheduled date of filing quarterly report: November 6, 2020
Scheduled date of commencing of dividend payments: December 1, 2020
Availability of supplementary briefing material on quarterly financial results: Available
Schedule of quarterly financial results briefing session: Scheduled
1. Consolidated Financial Results for the Six Months Ended September 30, 2020 (April 1, 2020 – September 30,
2020)(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

2020
230,411(11.7)
2019
260,953(24.4)
Note: Consolidated comprehensive income:Six months
ended
September 30
2020
2019

Net income
per share

Net income
per share(diluted)

Yen

Yen

146.55208.91%Millions of yen%

Millions of yen

32,321(34.1)
38,220(33.1)
28,11249,024(50.2)
57,090(49.0)
40,185
April-September 2020:¥34,359 million 59.1%
April-September 2019:¥21,593 million (75.9)%%(30.0)(50.8)——(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

1,503,237
1,363,826
1,512,499
1,362,865(Reference) Equity: September 30, 2020: ¥1,355,196 million
September 30, 2020
March 31, 2020

90.2
89.6
March 31, 2020: ¥1,355,100 million

2. Dividends
Dividends per share
1st Quarter

2nd Quarter

3rd Quarter

Year-end
Dividends

Full year

Yen

Yen

Yen

Yen

Yen

FY2019125.35174.65300.00——
FY202087.93—
FY2020———(forecast)
Note: We have changed the forecasts of dividends from the latest ones.
Note: The year-end dividends for the year ended March 31, 2020 consist of ordinary dividends of ¥103.79 andspecial dividends of ¥70.86.
Note: The forecasts of year-end dividends for the year ending March 31, 2021 will be disclosed promptly upon
their availability.

3. Consolidated Financial Forecasts for the Year Ending March 31, 2021 (April 1, 2020 – March 31, 2021)(% 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%

Millions of yen%

Yen

Fiscal period
502,500(1.1)
85,400(3.3)
96,300(6.3)
71,800(2.1)
374.30Note: We have changed the forecasts of financial results from the latest ones.
Note: Actual results may differ from these forecasts, subject to various conditions, including how far the coronavirus(COVID-19) will further spread, and when the pandemic will end. We will promptly publish new information,
which may greatly affect actual results if any, upon their availability.
*Notes(1) Changes in Significant Subsidiaries during the period(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 associated with changes in accounting standards

: No

2.

: No

Changes in accounting principles other than 1

3. Changes in accounting estimates: No

4. Revisions/restatements: No(4) Number of shares outstanding (Common shares)
1. Number of shares outstanding at the end of the period (including treasury stocks)
September 30, 2020 201,922,097
March 31, 2020
shares
2. Number of treasury stocks
September 30, 2020

10,100,486
shares

3. Average number of shares during the period
April-September 2020 191,823,779
sharesMarch 31, 2020

204,031,841
shares
12,205,848
sharesApril-September 2019 192,359,131
shares＊ The report of the quarterly financial results is not subject to audit by certified public accountant or audit firm.
＊ Any forward looking statements such as financial forecasts described in this report are subject to uncertain
factors such as supply and demand trends, industry competition, economic conditions, and others in major
markets. Actual results may differ from these forecasts. The forecasts of the year-end dividends for the year
ending March 31, 2021, will be disclosed promptly upon their availability.

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

2(1)

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)

5
7

Consolidated Quarterly Statement of Income

7

Consolidated Quarterly Statement of Comprehensive Income

8

Consolidated Quarterly Statement of Cash Flow9

3. Other Information

10

(1)

Changes in Significant Subsidiaries during the period(2)

Adoption of Simplified and Specifically Applied Accounting
Method for Quarterly Consolidated Financial Reporting

(3)

5

10
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

101

1. Results of Operations and Financial Position(1) Results of Operations
Regarding the circumstances surrounding the FANUC Group during the first six-month period of
the fiscal year ending March 31, 2021 (April 1, 2020 – September 30, 2020), the market conditions
became harsh owing to factors including an ongoing global trend of reduction in capital investment
due to the impact of the spread of the coronavirus (COVID-19). However, in addition to recovery firsttaking place in China, other regions also rebounded gradually in the latter part of the period. The
FANUC Group has striven to maintain the delivery of products and service activities for our customers
while placing utmost priority on preventing the spread of COVID-19. In addition, to deal with changing
market conditions, we fortified our corporate structure by reducing expenses, reviewing unnecessaryand non-urgent capital investment, and streamlining business operations, among other measures.
During the six months from April to September 2020, FANUC posted consolidated net sales totaling¥230,411 million, down 11.7%, consolidated ordinary income totaling ¥38,220 million, down 33.1%,
and net income attributable to owners of parent totaling ¥28,112 million, down 30.0%, compared withthe corresponding period of the previous fiscal year.
An overview of the results for each business division is as follows:
In the FA Division, demand in the machine tool industry, the primary market for FANUC CNC
systems, recovered and remained strong in China. Demand in India is also undergoing a gradual
recovery, mainly associated with agricultural machinery and motorcycles. Domestic demand in Japan,
as well as in South Korea and Taiwan remained sluggish, and demand continued to decline in Europe
as well, where the impact of lockdowns was significant in the first quarter. Nonetheless, every regionis seeing gradual increases in demand with exports to the Chinese market. Global demand for lasers
remained sluggish, and severe competition with overseas manufacturers continues. As a result, net
sales in the FA Division amounted to ¥67,427 million, down 12.2% compared with the corresponding
period of the previous fiscal year.
In the Robot Division, sales remained strong in China on account of IT-related sales, in addition tosales associated with EVs, construction machinery, heavy machinery and other types of machining
equipment. In the Americas, sales for general industries were robust, and incorporating EV-related
demand for the automobile industry, sales trended toward recovery. On the other hand, sales in Japanand Europe were sluggish. As a result, net sales in the Robot Division amounted to ¥88,037 million,
down 10.7% from the corresponding period of the previous fiscal year.
In the Robomachine Division, sales of the ROBODRILLs (compact machining centers) increased,buoyed by gradually rising demand in the computer and tablet markets in China. Although sales of
ROBOSHOTs (electric injection molding machines) decreased year-on-year, we focused efforts on
expanding sales mainly in the medical market. With regard to ROBOCUTs (wire-cut electric dischargemachines), sales fell in line with the sluggish market. As a result, net sales in the Robomachine Division2amounted to ¥39,451 million, down 3.3% compared with the corresponding period of the previous
fiscal year.
The Service Division received fewer requests for the Company’s services on account of suspended
operations at customers’ factories and falling factory operating rates, among others, due to the impactof lockdowns in countries throughout the world. However, requests for the Company’s services are ona recovery trend in line with the resumption of economic activities. As a result, net sales in the Service
Division amounted to ¥35,496 million, down 20.8% compared with the corresponding period of theprevious fiscal year.

(2) Financial Position①

Assets, Liabilities and Net Assets
Total assets were ¥1,503,237 million, down ¥9,262 million compared with the end of the previous

fiscal year.
Total liabilities were ¥139,411 million, down ¥10,223 million compared with the end of the previous
fiscal year.
Total net assets were ¥1,363,826 million, up ¥961 million compared with the end of the previous
fiscal year.
We cancelled our treasury shares exceeding the 5% of the total number of issued shares(2,109,744 shares, ¥22,095 million) on May 29, 2020 based on the shareholder return policy that weannounced on April 24, 2020. (This policy is written in the Consolidated Annual Financial Results for
the Year ended March 31, 2020.) (There was no effect on the amount of total net assets.)②

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

to ¥497,471 million, down ¥17,537 million from the end of the previous fiscal year.
(Cash flow from operating activities)
Cash provided by operating activities during the six months ended September 30, 2020 amounted
to ¥47,121 million, down ¥25,842 million compared with the same period of the previous fiscal year.
This was mainly due to the decrease in income before income taxes.
(Cash flow from investing activities)
Cash used in investing activities during the six months ended September 30, 2020 amounted to¥31,073 million, down ¥21,425 million compared with the same period of the previous fiscal year. Thiswas mainly due to the decrease in the purchases of property, plant and equipment.

3

(Cash flow from financing activities)
Cash used in financing activities during the six months ended September 30, 2020 amounted to¥34,385 million, down ¥80,450 million compared with the same period of the previous fiscal year. Thiswas mainly due to the decrease in dividends paid.

(3) Financial Results Forecasts
The Company anticipates that in addition to strong IT-related demand, demand for robots will
increase, and as such, forecasts consolidated financial results for fiscal 2020 (the fiscal year ending
March 31, 2021), as follows.
However actual results may differ from these forecasts, subject to various conditions, including
how far the coronavirus (COVID-19) will further spread, and when the pandemic will end. We willpromptly publish new information, which may greatly affect actual results if any, upon their availability.
For the fiscal year 2020 (April 1, 2020 through March 31, 2021)(Millions of yen)

Net sales
Operating income
Ordinary income
Net income
attributable to ownersof parent

Previous forecast(released on
July 28, 2020)
423,300
38,50047,70034,500

New forecast

Comparison with
Previous forecast (%)

502,500
85,40096,30018.7%
121.8%
101.9%

71,800108.1%

Note: The currency rate applied to the period from October 1, 2020 to March 31, 2021 is averaged at
100 yen/US dollar and 120 yen/Euro.

4

2. Consolidated Quarterly Financial Statements(1) Consolidated Quarterly Balance Sheet(Millions of yen)March 31, 2020

September 30, 2020

405,861
85,266
126,700
65,122
51,97925,45010,833(831)

402,246
83,715
126,700
69,11446,35728,583
10,913(786)

770,380

766,842

Buildings

310,060

313,699

Land
Other, net

146,085
140,991

147,168
127,148597,136

588,015

10,2199,921

83,33751,883(456)

90,51848,398(457)

134,764

138,459

AssetsCurrent assets
Cash and bank deposits
Notes and accounts receivables, 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

Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
OthersAllowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

5742,119736,395

1,512,499

1,503,237

(Millions of yen)March 31, 2020

September 30, 2020

26,974
9,270
8,306
56,41327,3458,458
7,619
46,413

100,963

89,83544,652
4,019

45,558
4,018

48,671

49,576

149,634

139,41169,01496,26569,01496,265

1,351,122(127,822)

1,323,984(105,810)

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

1,388,579

1,383,453

5,058

10,680(26,608)(11,929)(27,942)(10,995)(33,479)(28,257)

7,765

8,630

Total net assets

1,362,865

1,363,826

1,512,499

1,503,237

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(Millions of yen)Six months ended
September 30, 2019

Six months ended
September 30, 2020

Net sales
Cost of goods sold260,953
164,390

230,411
156,680

Gross profit

96,56373,731

Selling, general and administrative expenses

47,53941,410Operating income

49,02432,321Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Miscellaneous income

2,059
1,008
4,888
1,614

1,237
744
4,948
1,173

Total non-operating income

9,569

8,102

485
－
1,018

812
648
743

1,503

2,203

57,09038,220Non-operating expenses
Foreign exchange losses
Loss on valuation of investment securities
Miscellaneous expenses
Total non-operating expenses
Ordinary income
Extraordinary losses
Impairment loss

1,973

－

1,973

－

Income before income taxes

55,11738,220

Income taxes-current
Income taxes-deferred

14,205
87

9,159
71

Total taxes and others

14,2929,230

Net income

40,82528,990640

878

40,185

28,112

Total extraordinary losses

Net income attributable to non-controlling interests
Net income attributable to owners of parent

7

Consolidated Quarterly Statement of Comprehensive Income(Millions of yen)Six months ended
September 30, 2019
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, 2020

40,82528,990296

5,621(18,792)
1,355

824
934

(2,091)(2,010)(19,232)

5,369

21,59334,35921,56627

33,333
1,026

(3) Consolidated Quarterly Statement of Cash Flow
(Millions of yen)Six months ended
September 30, 2019

Six months ended
September 30, 2020

55,117
22,20938,22021,725

1,973

－

(222)

(55)

Other

319
455
(3,067)(4,888)9,195
2,944(9,393)
4,115

758
437
(1,982)(4,948)830(1,103)384(2,995)

Subtotal

78,75751,271

Interest and dividends received
Income taxes paid
Other

9,721
(15,943)
428

5,633(9,961)178

Net cash provided by operating activities

72,96347,121

Other(14,413)
14,228(49,432)(2,881)(28,979)
14,345(14,627)(1,812)

Net cash used in investing activities(52,498)(31,073)(35,769)(78,439)
(627)

(85)
(33,561)(739)

Net cash used in financing activities
Effect of exchange rate changes on cash and cash
equivalents(114,835)(34,385)(12,361)448

Net increase (decrease) in cash and cash equivalents(106,731)(17,889)

Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting frommerger with unconsolidated subsidiaries

607,714515,008－352

Cash and cash equivalents at end of period

500,983

497,471

Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Impairment loss
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in net defined benefit liability
Decrease (increase) in net defined benefit asset
Interest and dividend income
Equity in (earnings) losses of affiliates, net(Increase) decrease in receivables, trade(Increase) decrease in inventories
Increase (decrease) in payables, trade

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchases of property, plant, and equipment

Cash flows from financing activities
Purchases of treasury stock
Dividends paid
Other

9

3. Other Information(1) Changes in Significant Subsidiaries during the period(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, andRevisions/Restatements:

None(4) Note on Premise of a Going Concern:

None(5) Note on the Substantial Change in Shareholders’ Equity:
As resolved at the Board of Directors’ meetings held on April 24, 2020, the Company cancelled
2,109,744 treasury shares on May 29, 2020. As a result, the Company’s retained earnings andtreasury stock each decreased by ¥22,095 million during the six months ended September 30,
2020.

10