Consolidated Financial Results for 1Q FY2024Fuji Electric Co., Ltd.
July 25, 2024

© Fuji Electric Co., Ltd.

Contents

1.

FY2024 1Q Results (YoY Comparison)

P. 3

2.

FY2024 Forecasts (Comparison with Forecasts on April 25, 2024） P. 12

3.

Balance Sheet, Cash Flow Statement

P. 16

4.

Reference

P. 19© Fuji Electric Co., Ltd.

2

1. FY2024 1Q Results(YoY Comparison)© Fuji Electric Co., Ltd.

3

Summary of Consolidated Financial Results for 1Q FY2024 (YoY Comparison)

New record highs for net sales, operating profit, and ordinary profit(Billion yen)

FY2023
Net Sales
Operating Profit（Operating Profit Ratio）

Ordinary Profit
Extraordinary Profit
Profit before
Income Taxes
Profit Taxes
Profit attributable toNon-controlling Interests
Profit attributable toOwners of Parent

FY2024

Change

234.1
14.7

236.4
17.3

2.2
2.6

（6.3%）（7.3%）（1.0%）

15.1
4.6
19.7
6.3
1.1

18.3
0.3
18.5
5.9
1.2

3.1
-4.3
-1.2
-0.5
0.1

12.3

11.5

-0.8

(Period-End rate : End of June)
144.99US$
157.60
EURO19.94
RMB(Average Exchange Rate)
137.37US$
149.47
EURO19.56
RMB161.07
172.3322.04
155.88167.88
21.48

（Yen）

16.08
14.73
2.10（Yen）

18.51
18.41
1.92

(Billion yen)

Change of Net Sales

Gain on translation of earnings of overseas subsidiaries
Demand Decrease+5.5-3.3

Change of Operating Profit
Decrease in sales and production volumes
Increase in fixed costs
Exchange rate effect
Others*-0.2-3.4+1.0+5.2+2.6*cost reduction, price fluctuations, sales mix changes and others

Change of Non-operating Profit
Net interest expense
Foreign exchange gainOthers（ -0.4（ -0.5（ 1.4（+0.50.81.6-1.90.5→ 0.4 ）1.1 ）→-0.5→）→ 1.0 ）

Change of Extraordinary Profit
Gain on sales of investment securities（ -4.4Others（ +0.0（ -4.34.6 →-0.0 →4.6 →0.2 ）
0.0 ）
0.3 ）

© Fuji Electric Co., Ltd.

4

Breakdown of Changes in Operating Results for 1Q FY2024(YoY Comparison)

Profit up, despite higher fixed costs and raw material prices, due to benefitsof differences in profitability between models and cost reduction activities(Billion yen)

Others14.7

Decrease in sales andproduction volumes(▲0.2)(+5.2)

Increase in
fixed costs(▲3.4)

17.3

Exchange rate
effect(+1.0)

Labor costs
R&D
Depreciation andleases paid
Other expenses

FY2023-1.8-0.7-1.8+0.9

Effects of higher product+1.5
selling priceImpacts of rising raw-1.1
material costs
Differences in model mix,
+4.8
in profitability between
projects and cost reduction

FY2024© Fuji Electric Co., Ltd.

5

Net Sales and Operating Profit by Segment for 1Q FY2024(YoY Comparison)
Higher sales and operating profit in Industry, Semiconductors,
and Food and Beverage Distribution segments(Billion yen)

FY2023
Net Sales

Operating
ProfitFY2024
Operating
Profit Ratio

Net Sales

Operating
ProfitChange
Operating
Profit Ratio

Net Sales

Operating
ProfitOperating
Profit Ratio

Energy

72.6

5.0

6.9%

68.2

3.3

4.8%

-4.5

-1.7

-2.1%

Industry

79.7

0.0

0.0%

80.2

2.0

2.5%

0.5

2.0

2.5%

Semiconductors

51.1

7.1

14.0%

53.9

7.7

14.3%

2.8

0.6

0.4%

Food and Beverage
Distribution

27.8

3.2

11.4%

30.7

5.2

16.9%

2.9

2.0

5.5%

Others

15.8

1.0

6.6%

13.8

0.8

5.7%

-2.0-0.3-0.9%

Eliminationand Corporate-12.8-1.7--10.4-1.7-2.4-0.0-Total

234.1

14.7

6.3%

236.4

17.3

7.3%

2.2

2.6

1.0%

© Fuji Electric Co., Ltd.

6

Business Results by Segment for 1Q FY2024(YoY Comparison) ①
FY2023
1Q

FY2024
1Q(Billion yen)

Overview

ChangePower Generation: Lower net sales and operating results(Net Sales Decreased by 20%)
Net Sales

Decrease in net sales and operating results due to the absence of large-scale renewableenergy projects recorded in the previous equivalent period72.6

68.2-4.5 Energy Management: Higher net sales and operating results+1.5*(Net Sales Increased by 14%)

EnergyIncrease in net sales and operating results as a result of increases in large-scale orders forsubstation equipment for power and industrial applications. These increases outweighed theimpacts of a decline in large-scale orders from solar power generation facilities

Power Supply and Facility Systems: Lower net sales and operating results(Net Sales Decreased by 7%)
OperatingProfit

5.03.3-1.7+0.3*

Decrease in net sales and operating results despite strong demand from data center
operators, as a result of decreases in large-scale projects from overseas semiconductor
manufacturers.

ED&C Components: Lower net sales and operating results(Net Sales Decreased by 11%)
Decrease in net sales due to reductions in demand from finished machinery manufacturers
while operating results deteriorated because of the lower net sales combined with theimpacts of higher material prices* Exchange rate effect© Fuji Electric Co., Ltd.

7

Business Results by Segment for 1Q FY2024(YoY Comparison) ②
FY2023
1Q

FY2024
1Q(Billion yen)

Overview

ChangeAutomation Systems: Higher net sales and operating results(Net Sales Increased by 7%)
Net Sales

79.7

80.2

0.5+1.4*

Increase in net sales and operating results as the benefits of increased demand for drive
control systems for process automation applications counteracted the decrease in demand
for low-voltage inverters for factory automation applications

Social Solutions: Higher net sales and operating results(Net Sales Increased by 19%)

Industry

Increase in net sales and operating results due to increases in orders for nuclear powerrelated equipment and differences in profitability between railway system projects

Digital Transformation Solutions: Lower net sales and operating results(Net Sales Decreased by 12%)

OperatingProfit0.0

2.02.0-0.1*

Decrease in net sales and operating results due to the absence of previously recorded
large-scale IT solutions projects

Equipment Construction: Higher net sales and operating results(Net Sales Increased by 11%)

Increase in net sales and operating results as a result of strong trends in construction
projects* Exchange rate effect※Figures for FY2023 have been restated to reflect the business reorganization resulting in the creation of the digital transformation solutions businessundertaken in FY2024.
© Fuji Electric Co., Ltd.

8

Business Results by Segment for 1Q FY2024(YoY Comparison) ③
FY2023
1Q

FY2024
1Q

53.9

Operating
Profit

7.1

7.7

Net
Sales

27.8

30.7

Overview

Change2.8+2.6*

Increase in net sales due to growth in demand for power semiconductors for electrified
vehicles (xEVs) and favorable foreign exchange influences, the benefits of which offset
the impacts of declines in demand for industrial power semiconductors for factory
automation applications. The growth in sales coupled with the benefits of cost reduction
activities and favorable foreign exchange influences led to operating results improving
year on year, despite the rise in expenses for bolstering power semiconductor
production capacity and the increases in material costs

0.6

Industrial
Automotive+0.8*

2.9

FY202325.2
25.9

FY202426.4
27.5

Change1.2
1.6

Vending Machines: Net sales unchanged but operating results improved(Net Sales Increased by 1%)

Relatively unchanged in sales, but operating results improved because of the benefits ofcost reduction activities

OperatingProfitFood and Beverage Distribution

Net
SalesSemiconductors

51.1(Billion yen)

3.2

5.2

Store Distribution: Higher net sales and operating results(Net Sales Increased by 20%)

2.0 Increase in net sales and operating results due to a special demand trend stemming fromthe issuance of newly designed paper currency in Japan* Exchange rate effect© Fuji Electric Co., Ltd.

9

Net Sales by Japan and Overseas Area for 1Q FY2024(YoY Comparison)
Ratio of overseas sales
30%

31%

YoY(Billion yen)

FY2023+2.2

Change71.2

72.7 +5.5*

AsiaandOthers

36.2

31.7 +2.0* -4.5

China

20.0

24.9+2.2*

4.9Europe

8.8

9.1+0.8*

0.2

Americas6.3

7.0+0.6*

0.8

Overseas Overseas+1.5Japan+0.8

FY2024

1.5

Power Generation +1.2
Power Supply and -3.3
Facility Systems
Semiconductors -2.3
Semiconductors+4.2* Exchange rate effect※Figures for FY2023 have been restated to reflect the business reorganization resulting in the creation of the digital transformation solutions businessundertaken in FY2024.
© Fuji Electric Co., Ltd. 10

Major Component Orders in the Three-Month Period Ended June 30, 2024
YoY : Large increase in plant system orders
QoQ: Decrease in semiconductor and Low-voltage inverters demand
YoY

272.1

296.1 +23.9

99.9

98.2
Semiconductors(Automotive)

+1.7
+10%

Plant Systems

EnergyEnergy Management +8.1
Power Supply and+4.2
Facility Systems
Industry+5.8
Social Solutions
Digital Transformation+2.3
Solutions
Food and Beverage+2.5
Distribution(Billion yen)

Major Components
Order Received Trend

98.2

93.4 97.0

1Q
QoQ

100.2 99.9 -0.3
Semiconductors-5%(Automotive)

Semiconductors-3%(Industrial)
Low voltage inverters

Semiconductors(Industrial)+7%

FactoryAutomation ※-12%

ED&C
Components+3%

FY2023(Billion yen)

FY2024

1Q2Q

3Q

FY2023

Factory+5%
Automation ※-31%
All+5%
Japan
Overseas -42%

ED&C
Components

Japan +9%
Overseas -6%

4Q

+5%

1Q
FY2024※The definition of factory automation components has been changed to refer to low-voltage inverters, industrial motors, and measuring instruments.
© Fuji Electric Co., Ltd. 11

2. FY2024 Forecasts(Comparison with Forecasts on April 25, 2024）© Fuji Electric Co., Ltd. 12

Revision to FY2024 Six-month (1H) and Full-year forecasts【Six-month (1st Half)】・Downward revision to reflect lower demand from certain automotive semiconductor customers
・Upward revision following rise in demand for automatic change dispensers in Food and Beverage
Distribution segment
・Recording of gains on sale of investment securities in second quarter【Full-year】
・Full-year forecasts revised to reflect revision to six-month forecasts
Revision to full-year forecasts incorporating six-month order trends, operating environment,
foreign exchange rates, etc.

© Fuji Electric Co., Ltd. 13

Consolidated Financial Results Forecasts for six months FY2024(Comparison with Forecasts on April 25, 2024)
Revisions to performance forecasts for Semiconductors and Food and Beverage Distribution segments based on recent trends
Upward revision to forecast for profit attributable to owners of parent in reflection of gains on sale of investment securities
Six months
Six months
Forecasts (April 25) Forecasts (July 25)(Billion yen)

ChangeNet Sales

494.0

494.0

0.0

Operating Profit

35.5

35.5

0.0

Operating Profit Ratio

7.2%

7.2%

0.0

Ordinary Profit

33.0

33.00.0

Profit Attributable toOwners of Parent

20.0

29.5

9.5Ratio of profit attributable toowners of parent to net sales

4.0%

6.0%

Six months Forecasts (April 25)
Net Sales

Operating profit

2.0%

Assumed Exchange Rate on 2Q FY2024

US$April 25
ForecastEURO¥140.00 ¥150.00 ¥19.50

July 25
Forecast

No Change No Change No Change

Foreign Exchange Rate
Sensitivity※（Million Yen）

-203090* Impact on operating profit (3 months impact from July to September 2024)
US$ and EURO: Impact of ¥1 yen depreciation-fluctuations
RMB: Impact of 1% yen depreciation fluctuations

ChangeSix months Forecasts (July 25)
Net Sales

RMB

Operating profit

Net Sales

Operating profit

Semiconductors

149.0
173.0
117.0

8.7
6.2
16.9

149.0
173.0
113.0

8.7
6.2
14.9

0.0
0.0
-4.0

Food and Beverage
Distribution

52.0

5.5

56.0

7.5

4.0

14

Others

26.0
-23.0
494.0

1.6
-3.4
35.5

26.0
-23.0
494.0

1.6
-3.4
35.5

0.0
0.0
0.0

0.0
0.0
0.0

EnergyIndustry

Elimination and Corporate
Total

0.0
0.0
-2.0
2.0

© Fuji Electric Co., Ltd. 14

Consolidated Financial Results Forecasts for full-year FY2024(Comparison with Forecasts on April 25, 2024)
Full-year forecasts revised to reflect revision to six-month forecasts
Forecasts to be reexamined after six-month financial results announcement based on foreign exchange rates, etc.
Full-year Forecasts Full-year Forecasts(April 25)(July 25)

(Billion yen)
ChangeAssumed Exchange Rate on 2Q to 4Q FY2024

US$Net Sales

1,114.0

1,114.00.0

Operating Profit

109.0

109.00.0

April 25Forecast

Operating Profit Ratio

9.8%

9.8%0.0

July 25Forecast

Ordinary Profit

109.5

109.50.0

Profit Attributable toOwners of Parent76.580.5

4.0

Ratio of profit attributable toowners of parent to net sales

6.9%

7.2%

0.3%

Foreign Exchange Rate
Sensitivity※（Million Yen）

RMB

¥140.00 ¥150.00 ¥19.50
No Change No Change No Change-40100240* Impact on operating profit (9 months impact from July to March 2025)
US$ and EURO: Impact of ¥1 yen depreciation-fluctuations
RMB: Impact of 1% yen depreciation fluctuations

Full-year Forecasts (April 25)

Full-year Forecasts (July 25)

Net Sales

Net Sales

Operating profit

EURO

Operating profit

ChangeNet Sales

Operating profit

Semiconductors348.0
414.0
245.0

31.0
36.0
37.0

348.0
414.0
241.0

31.0
36.0
35.0

0.0
0.0
-4.0

0.0
0.0
-2.0

Food and Beverage
Distribution

102.0

9.2

106.0

11.2

4.0

15

Others55.0-50.0
1,114.0

3.7
-7.9
109.0

55.0
-50.0
1,114.0

3.7
-7.9
109.0

0.0
0.0
0.0

0.0
0.0
0.0

EnergyIndustry

Elimination and Corporate
Total

2.0

© Fuji Electric Co., Ltd. 15

3. Balance Sheet
Cash Flow Statement© Fuji Electric Co., Ltd. 16

Consolidated Balance Sheet at the End of 1Q FY2024(Comparison on the end of a previous fiscal year)

Assets

3/31/24 6/30/24 Change

Liabilities andNet Assets(Billion yen)

3/31/24

6/30/24

ChangeNotes and accountpayables-trade
Interest-bearing
debts

207.4

190.6

-16.8

162.9

135.4

-27.5

Other liabilities

239.4

252.4

13.0

609.7

578.4

-31.3

Share capital

47.6

47.6

ー

Capital surplus

46.0

46.0

0.0

Cash and deposit

66.2

66.2

-0.0

Notes and accountreceivables-trade,
Contract assets

430.1

356.1

-74.0

226.1
40.6
763.1

248.3
48.1
718.7

22.2
7.5
-44.3

Property, plant andequipment

311.5

336.8

25.4

Intangible assets

25.5

26.2

0.8

Retained earnings

423.1

423.8

0.7

Investments and otherassets

171.1

170.5

-0.6

Treasury shares

-7.4

-7.4

-0.0

25.5
0.0
-18.8

Shareholders'equity

509.3

510.0

0.7

Total assets

508.1 533.6
0.0
0.1
1,271.2 1,252.4

93.2

105.1

11.9

Equity ratio

47.4%

49.1%

1.7%

59.0

58.9

-0.1

Net interest-bearing
debt※1

97.4

70.2

-27.2

661.5

674.0

12.5

Net D/E ratio(times) ※2

0.2

0.1

-0.0

1,271.2

1,252.4-18.8

Inventories
Other current assets
Total current assets

Total long-term assets
Deferred assets

Total liabilities

Accumulated othercomprehensive
incomeNon-controllinginterests
Total net assets
Total liabilities and netassets※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. 17

Consolidated Cash Flows for 1Q FY2024 (YoY Comparison)(Billion yen)

FY2023

FY2024Ⅰ

Cash Flows from Operating Activities

12.066.2Ⅱ

Cash Flows from Investing Activities-5.3

-27.0

Ⅰ＋Ⅱ

Free Cash Flow（FCF）

6.7

39.2

Ⅲ

Cash Flows from Financing Activities

-44.9

-43.2

Ⅳ

Cash and Cash Equivalents at End of Period

48.1

65.3

© Fuji Electric Co., Ltd. 18

4. Reference© Fuji Electric Co., Ltd. 19

Reference■ED&C Components amount of orders received
1Q QoQ

1Q YoYAll+5%+3%

Japan+9%-1%

Overseas-6%+13%■Low-voltage inverters amount of orders received
All-31%-18%

Japan+5%-15%

Overseas-42%-20%■Semiconductors amount of orders received
All-4%+8%Industrial-3%+7%Automotive-5%+10%■Vending machines amount of orders received
All+12%+1%※Figures for FY2023 have been restated to reflect the business reorganization resulting in the creation of the digital transformation solutions businessundertaken in FY2024.
© Fuji Electric Co., Ltd. 20

Reference: Consolidated Financial Results Forecasts for six months FY2024(YoY Comparison)
FY2023Results

FY2024 Forecasts(July 25, 2024)(Billion yen)
ChangeNet Sales

491.7

494.0

2.3

Operating Profit

35.0

35.50.5

Operating Profit Ratio

7.1%

7.2%

0.1%

Ordinary Profit

34.6

33.0-1.6Profit Attributable to
Owners of Parent

24.3

29.5

5.2

Ratio of profit attributable toowners of parent to net sales

5.0%

6.0%

1.0%
FY2024 Forecasts(July 25, 2024)

FY2023 Results
Net Sales

Operating
ProfitNet Sales

ChangeOperating
ProfitNet Sales

Operating
ProfitSemiconductors

146.3
179.7
108.5

8.7
5.2
16.8

149.0
173.0
113.0

8.7
6.2
14.9

2.7
-6.7
4.5

0.0
1.0
-1.9

Food and Beverage
Distribution

53.2

5.4

56.0

7.5

2.8

2.1

Others

31.3

2.1

26.0

1.6-5.3-0.5

Elimination andCorporate-27.2-3.1-23.0

-3.4

4.2

-0.3

Total

491.7

35.0

494.0

35.5

2.3

0.5

EnergyIndustry© Fuji Electric Co., Ltd. 21

1. This document is not subject to review by the accounting auditor and therefore has
not undergone review at the time of release.
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 uncertaintiesinherent 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 aninducement by the company to make investments.
4. Unauthorized reproduction of these documents, in part or in whole, is prohibited.