Management Plan for FY2024Fuji Electric Co., Ltd.
April 25, 2024

© Fuji Electric Co., Ltd.

Schedule for Financial Results, Management Plan andMedium-term Management Plan Briefing

April 25 (Thu.) FY2023 Financial Results Briefing
FY2024 Management Plan Briefing
May 23 (Thu.) FY2026 Medium-term Management Plan Briefing© Fuji Electric Co., Ltd.

2

Contents

1. FY2024 Management Plan (YoY Comparison)

P. 4

2. Reference

P. 17© Fuji Electric Co., Ltd.

3

1. FY2024 Management Plan

© Fuji Electric Co., Ltd.

4

Operating Environment for FY2024 Management Plan
Opaque political and economic conditions
Market Outlook•

EnergyIndustry

Semiconductors

Food andBeverageDistribution•

Consistently strong equipment upgrade demand from renewableenergy, internet data center, and semiconductor factory applications
Modest 2Q recovery seen both in Japan and overseas in ED&C
Components business••Continuously strong plant system demand
Recovery in factory automation components seen in Japan andoverseas in second half of fiscal year•

Consistently strong demand related to electrified vehicle andrenewable energy applications
Recovery in industrial (factory automation) products seen in secondhalf of fiscal year•••Vending machine demand unchanged year on year
Conclusion of introduction phases for large-scale orders for store
counter fixtures© Fuji Electric Co., Ltd.

5

Summary of Consolidated Management Plan for FY2024(YoY Comparison)
Targets of higher sales and profit along with operating profit ratio of more than 9.8%
FY2024 management plan beginning with minimal target
Conservative forecast based on recent foreign(Billion yen) exchange rates

Net Sales

Operating Profit
Operating ProfitRatio
Profit Attributable toOwners of Parent

FY2023Results

Management Plan1,103.21,114.0

FY2024

Change-18.2*

10.8-4.1*

2.9106.1

109.0

9.6 %

9.8 %

0.2 %

75.4

76.5

1.1
*Exchange rate effectFinancial Indicators
ROE

13.5％

12.3％

-1.2%

ROIC

11.5％

10.6％

-0.8%

Equity Ratio

47.4％

49.3％

1.9%

0.2 times

0.2 times-Net D/E Ratio※

US$FY2024
Exchange RateEURO¥ 140.00 ¥150.00

RMB¥19.50Sensitivity of-60+130+300
operating profit toforeign exchange Million Yen Million Yen Million Yen
influences※ US$ and EURO: Impact of ¥1-fluctuation
RMB: Impact of 1% fluctuations※Net D/E ratio: Net interest-bearing debt ÷ Equity© Fuji Electric Co., Ltd.

6Breakdown of Changes in Operating Results for FY2024(YoY Comparison)

Higher profit as impacts of higher fixed costs outweighed by benefits ofcost reductions as well as increases in sales and production volumes(Billion Yen)
Increase in sales andproduction volumes(15.4)

Increase infixed costs(▲17.8)106.1(▲4.1)-10.0
Labor Cost-3.5
R&D
Depreciationand leases paid -8.4
Other expenses +4.1

FY2023Results

Exchange rateeffectOthers(+9.4)

109.0

Effect of higher product selling +3.8
prices
Impacts of rising raw material-4.4
pricesDifferences in model mix,
profitability between projects +10.0
and cost reductions

FY2024
Management Plan
© Fuji Electric Co., Ltd.

7

Net Sales and Operating Profit by Segment for FY2024
Higher operating results in all segments due to management approach emphasizing profits(Billion Yen)FY2023ResultsNet
Sales

FY2024
Management Plan

OperatingprofitOperatingprofit ratio

NetSalesOperatingprofitChangeOperatingprofit ratio

NetSalesOperating Operating
profitprofit ratio

Energy342.8

30.1

8.8%

348.0

31.0

8.9% -4.0* 5.2 -0.5* 0.9

0.1%

Industry

419.9

34.3

8.2%

414.0

36.0

8.7% -5.5* -5.9 -1.3* 1.7

0.5%

Semiconductors

228.0

36.2

15.9%

245.0

37.0

15.1% -8.3* 17.0 -2.3* 0.8-0.8%

Food andBeverageDistribution

107.3

8.8

8.2%

102.0

9.2

9.0%

-5.3

0.4

0.8%

Others

63.2

4.3

6.8%

55.0

3.7

6.7%

-8.2

-0.6

-0.1%

Elimination
and Corporate

-57.9

-7.6

--50.0

-7.9-

7.9

-0.3

-Total

1,103.2

106.1

9.6%

1,114.0

109.0

9.8% -18.2* 10.8 -4.1* 2.90.2%*Exchange rate effect© Fuji Electric Co., Ltd.

8

Incoming Orders for FY2024 (YoY Comparison)
Orders unchanged year on year as increases in growth fields and industry component
orders compensated for absence of large-scale orders recorded in previous fiscal year(Billion Yen)

By Segment

1,109.8

1,110.0 +0.2

56.8
107.4

55.4
101.8

217.8

244.6 +26.8 Semiconductors

419.0

407.2+25.1

Expansion of operations in growth fields

YoY-1.4 Others
Food and-5.6 Beverage

Distribution-11.8 Industry

Energy (Energy Management, Power Supply andfacility systems)+6.0

Semiconductors (Automotive)+19.1

Recovery in demand for industrial components+33.6

Energy (ED&C Components)
Industry (FA※)
Semiconductors (Industrial)

+11.1
+14.8
+7.7

※FA：Low voltage inverters, motors, measuring instruments

362.3
-53.5
FY2023
2023年度Results
実績

347.9-14.4 Energy

Decrease due to absence of large-scale orders
recorded in previous fiscal year

-56.4

Elimination and+6.5 Corporate

Energy (Power Generation)
Industry (Social Solutions and Equipment Construction)

-32.0
-24.4

-47.0
FY20242024年度Management
経営計画Plan※FY2023 results reflect the organization reform conducted in FY2024© Fuji Electric Co., Ltd.

9Performance Outlook and Priority Measures by Segment
Energy / Industry
Performance outlook(Billion Yen)

348.0

342.8
Energy+5.2

Net Sales
Operating

8.8%

8.9% +0.1% profit ratio• Increased profit due to benefits of higher sales volumes andcost reduction activities

30.1

31.0 +0.9

Priority measures

2023年度FY2023実績
Results

Operatingprofit• Growth in orders in businesses related to renewable energy,
data centers, and semiconductor factories

2024年度FY2024
経営計画
Management Plan

• Expansion of ED&C components business following
introduction of new products

Performance outlook(Billion Yen)

414.0

419.9
Industry• Higher sales following growth in demand for ED&C
components-5.9

Net Sales

8.2%

8.7% +0.5%

Operatingprofit ratio

34.3

36.0

2023年度
2024年度FY2023
FY2024実績
経営計画
Results ManagementPlan+1.7

Operatingprofit• Lower sales as a result of sales declines in equipment
construction business• Growth in profit due to benefits of higher sales volumes forfactory automation and IT solutions products as well as cost
reduction activities

Priority measures• Reductions in lead times and costs achieved throughacceleration of local production and consumption• Expansion of operations in India and other overseas markets• Growth of businesses related to manufacturing digitaltransformation solutions and decarbonization businesses© Fuji Electric Co., Ltd. 10

Performance Outlook and Priority Measures by Segment
Semiconductors / Food and Beverage Distribution
Performance outlook(Billion Yen)

245.0

228.0

Semiconductors+17.0

Net Sales
Operating

15.9%

15.1% -0.8% profit ratio

36.237.0

2023年度FY2023実績
Results+0.8

Operatingprofit• Higher sales following growth in demand for power
semiconductors for electrified vehicle application• Higher profit as benefits of sales volume growth outweighed
increases in cost of capital associated with production capacity
augmentations

Priority measures• Augmentation of production capacity to cater to growing
demand for power semiconductors for electrified vehicle andrenewable energy applications

2024年度FY2024
経営計画
Management Plan

• Growth in sales as a result of mass production of SiC(Billion Yen)107.3

Performance outlook

102.0-5.3

Net Sales
OperatingFood andBeverage
Distribution

8.2%

8.8

2023年度FY2023実績
Results

9.0% +0.8% profit ratio

9.2

2024年度FY2024

Management
経営計画Plan+0.4 OperatingProfit• Lower sales in association with large-scale orders for store
counter fixtures• Higher profit due to benefits of cost reduction activities

Priority measures• Enhanced earnings power achieved through provision of highvalue-added products• Expansion of business through deployment of new products
for new fields© Fuji Electric Co., Ltd. 11

Net Sales by Japan and Overseas Area for FY2024 (YoY Comparison)
Higher sales overseas
Sales up in all regions when excluding impacts of foreign exchange influences
Overseas sales ratio

1,1030%3.2

1,1132%
4.0

332

351.

.4

5770762.8.5

2023年度FY2023実績
Results

YoY

2024年度FY2024
経営計画(Billion Yen)

+10.8

FY2023Results

Overseas+19.0ManagementPlan

Japan-8.2

FY2024

Management Plan

Overseas

332.4

351.5

Asia andOthers

163.4

169.3

China

96.3

108.1

Europe39.2

38.6

Americas

33.4

35.4

Change-18.2*

-5.6*

-7.0*

-3.3*-2.2*19.05.911.8-0.6
2.0

Energy Management
Power supply andfacility systems
ED&C Components
Automation Systems
Semiconductors+0.6+2.4+4.7

ED&C Components
Automation
Social solutions
Semiconductors-0.8-0.8-0.6+13.7

Power Generation
Energy Management
Power supply andfacility systems
Semiconductors+4.6+1.4-3.5+1.0-3.0-1.0*Exchange rate effect© Fuji Electric Co., Ltd. 12

Capital Investment for FY2024（YoY Comparison)
Investment concentrated on semiconductors and other growth fields(Billion Yen)

YoY

106.2 +37.9

Food and BeverageDistribution3.8-0.4

78.4+30.3

68.3
4.2

・Increases to front-end production capacity(SiC, Si 8-inch)
・Increases to back-end production capacity(for industrial and automotive)

Semiconductors

・ Increase production capacity in Japan andoverseas

48.1
10.7

5.5
10.6

13.3

FY2023
2023年度Results
実績

FY20242024年度Management
経営計画
PlanIndustry+5.2

Energy+2.7

・Introduction of development-use testing
equipment
・Increase production capacity for new
products of ED&C components.

© Fuji Electric Co., Ltd. 13

Research and Development for FY2024 (YoY Comparison)
Continuously aggressive investments in power electronics and power semiconductors(Billion Yen)

36.1
4.1
2.5
12.3

9.9

7.2

FY2023
2023年度Results
実績

YoY

39.6

+3.5

4.5

CommonFood andBeverage
Distribution

2.9

13.7

10.3

8.1

Semiconductors

Industry

EnergyFY20242024年度・New products for new markets and fields

・8th-generation IGBTs and 3rd-generation
SiC
・Package for new generation
・Global Products for plants in overseas
・Products for mobility field・Global Products
・Renewable energy and environmentallyfriendly products
・High capacity UPs

Management
経営計画Plan※ The amount for R&D expenditures above have been divided by segment based on theme and may
therefore differ from the figures contained in the consolidated financial report.
© Fuji Electric Co., Ltd. 14

Balance Sheet at the End of FY2024 (YoY Comparison)
Assets

3/31/24 3/31/25 Change

Cash and deposit

66.2

48.0

-18.2

Notes and accountreceivables-trade,
Contract assets

430.1

425.0

-5.2

Inventories

226.1

232.6

6.5

Other current assets

40.6

47.3

6.7

Total current assets

763.1

752.9

-10.2

Property, plant andequipment

311.5

353.2

41.7

Intangible assets

25.5

29.6

4.2

Investments and otherassets

171.1

170.0

-1.1

Total Non-current assets

508.1

552.8

44.7

0.0

0.1

0.0

Total assets

1,271.2 1,305.8

34.6

Equity ratio

47.4% 49.3%

1.9%

Deferred assets

Net interest-bearing
debt※1Net D/E ratio(times) ※2

97.4

96.6

-0.7

0.2

0.2

-Liabilities andNet Assets(Billion Yen)

3/31/24

3/31/25

Notes and accountpayables-trade
Interest-bearing
debts

207.4

212.1

4.7

162.9

144.0

-18.9

Other liabilities

239.4

244.9

5.5

609.7

601.0-8.7

Share capital

47.6

47.6

-

Capital surplus

46.0

46.0

-

Retained earnings

423.1

478.2

55.1

Treasury shares

-7.4

-7.4

-

Shareholders'equity

509.3

564.4

55.1

93.2

79.0

-14.3

59.0

61.5

2.5

661.5

704.8

43.3

1,271.2

1,305.8

34.6

Total liabilities

Accumulated othercomprehensive
incomeNon-controllinginterests
Total net assets
Total liabilities and net
assetsChange*1 Net interest-bearing debt: Interest-bearing debt – Cash and cash equivalents*2 Net D/E ratio: Net interest-bearing debt ÷Equity© Fuji Electric Co., Ltd. 15

Statements of Cash Flows (YoY Comparison)（Billion Yen）
FY 2023
Results

FY 2024
Management PlanⅠ

Cash flows from operating activities

84.9

133.2

Ⅱ

Cash flows from investing activities-62.4-103.2

Ⅰ＋ⅡFree cash flow

22.4

30.0

Ⅲ

Cash flows from financing activities

-45.9

-46.7

Ⅳ

Cash and cash equivalent at end period

65.5

47.3

© Fuji Electric Co., Ltd. 16

2. Reference© Fuji Electric Co., Ltd. 17

Summary of Consolidated Management Plan for 1H FY2024 (YoY Comparison)（Billion Yen）
FY2023Results

FY2024
Management PlanChangeNet Sales

491.7

494.0

-6.2*

2.3

Operating Profit

35.0

35.5

-1.2*

0.5

7.1 %

Operating Profit Ratio

34.6
24.3

Ordinary Profit
Profit Attributable toOwners of Parent

FY2023Results
Net Sales
EnergyIndustry
Semiconductors
Food and Beverage Distribution
OthersElimination and Corporate
Total

146.3
179.7
108.5
53.2
31.3
-27.2
491.7

7.2 %

0.1 %

33.0
20.0

-1.6
-4.3

FY2024
Management Plan

OperatingProfit

8.7
5.2
16.8
5.4
2.1
-3.1
35.0

Net Sales

149.0
173.0
117.0
52.0
26.0
-23.0
494.0

OperatingProfit

8.7
6.2
16.95.5
1.6-3.4
35.5

ChangeNet Sales
-1.5*
-1.7*
-2.9*

-6.2*

OperatingProfit

2.7 -0.1*-6.7 -0.4*
8.5 -0.7*
-1.2
-5.3
4.2
2.3 -1.2*

0.0
1.0
0.1
0.1
-0.5
-0.3
0.5

*Exchange rate effect© Fuji Electric Co., Ltd. 18

1.These materials are outside the scope of auditing procedures required by law, and asof the date of this results presentation, financial statement auditing procedures
required by law have not yet been completed.
2. Statements made in this documents or in the presentation to which they pertain
regarding estimates or projections are forward-looking statements based on thecompany’s judgments and assumptions in light of information currently available.
Actual results may differ materially from those projected as a result of uncertainties
inherent in such judgments and assumptions, as well as changes in business
operations or other internal or external conditions. Accordingly, the company gives noguarantee regarding the reliability of any information contained in these forwardlooking statements.
3. These documents are for information purpose only, and do not constitute an
inducement by the company to make investments.
4. Unauthorized reproduction of these documents, in part or in whole, is prohibited.