FURUNO ELECTRIC CO., LTD. 2nd Quarter of Fiscal Year 2023 (Ending February 28, 2024)
Financial Results Briefing Materials
October 16, 2023
FURUNO ELECTRIC CO., LTD.
Cautions:
This document is a translation of the Japanese original, which is authoritative.
The information listed in these materials regarding the Company's forecasts are 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 profit-and-loss statement, consolidated statement of changes in shareholders' equity, and notes to consolidated financial statements. Shown values of less than one unit are truncated, and ratios and other values are rounded off.
- "E" in this material represents that the figure is an estimation or a projection for operation.
- "FY" in this material indicates the fiscal year ending February 28 (29) of the succeeding year.
- "1Q" in this material represents the three-month period beginning on March 1 and ending on May 31.
FURUNO ELECTRIC CO., LTD. All Rights Reserved.
Summary of 2nd Quarter of FY 2023
- Net Sales: Increase
- Increase in overseas sales for Marine business with increase in production to catch-up high backlog and normalize delivery dates
- Operating Profit: Increase
- Gross profit increased with improved production efficiency, etc.
- Strengthening of sales and service, continued investment in R&D
- Financial Results Forecast: Upward Revision
- Strong overseas sales, weaker-than-expected yen, and progress in efforts to improve profitability
- Foreign Exchange Sensitivity (actual results for FY 2022) [USD] Net sales: 130M yen, Operating income: 50M yen
[EUR] Net sales: 180M yen, Operation income: 90M yen
- Foreign Exchange Sensitivity (actual results for FY 2022) [USD] Net sales: 130M yen, Operating income: 50M yen
FURUNO ELECTRIC CO., LTD. All Rights Reserved. | 2 |
Consolidated Income Statement
Increase in overseas sales for Marine business with production increased to catch-up high backlog
Better profit margin due to efforts to improve profitability, despite the impact of rising costs
(Unit: Millions of yen) | FY 2022 | FY 2023 | Year-over-Year | Year-over-Year | |
2nd Quarter | 2nd Quarter | (amount) | (ratio) | ||
Net Sales | 43,425 | 53,022 | +9,597 | +22.1% | |
Gross Profit | 16,606 | 20,788 | +4,181 | +25.2% | |
(Sales ratio) | (38.2%) | (39.2%) | |||
SG&A Expenses | 15,809 | ||||
17,058 | +1,248 | +7.9% | |||
(Sales ratio) | (36.4%) | (32.2%) | |||
Operating Profit | 796 | 3,729 | +2,933 | +368.2% | |
(Sales ratio) | (1.8%) | (7.0%) | |||
Ordinary Profit | 1,722 | 4,525 | +2,803 | +162.7% | |
(Sales ratio) | (4.0%) | (8.5%) | |||
Profit Attributable to | 1,537 | ||||
Owners of Parent | 3,280 | +1,743 | +113.4% | ||
(Sales ratio) | (3.5%) | (6.2%) | |||
R&D Expenses | 2,604 | 2,772 | +168 | +6.5% | |
(Sales ratio) | (6.0%) | (5.2%) | |||
Capital Investment | 1,348 | 1,443 | +95 | +7.1% | |
(Sales ratio) | (3.1%) | (2.7%) | |||
Depreciation Expenses | 1,514 | 1,648 | +134 | +8.9% | |
(Sales ratio) | (3.5%) | (3.1%) | |||
(Unit: Yen, annual average exchange rate) | |||||
1 USD | 120 | 135 | +15 | +12.7% | |
1 EUR | 135 | 147 | +13 | +9.3% | |
FURUNO ELECTRIC CO., LTD. All Rights Reserved. | 3 |
Analysis of Increase/Decrease in Net Sales
Decrease in domestic sales, but increase in overseas sales mainly in merchant vessels
600
(Unit: 100 Millions of Yen) | |||||||||
Marine Business | |||||||||
550 | +92.3 | ||||||||
500 | Europe | ||||||||
+33.6 | |||||||||
Japan | |||||||||
Americas | |||||||||
-14.4 | |||||||||
450 | +5.8 | ||||||||
400 | Other |
434 | Regions |
+6.6 | |
350 |
Asia
+37.2
Industrial Business | Others | |||||
Business | ||||||
+8.7 | ||||||
-0.3 | ||||||
Wireless | |||
Foreign | LAN Systems | ||
-4.8 | |||
Exchange | |||
Impact | |||
+23.6 |
530
300 | Net Sales |
FY 2022 | +96.0 |
2nd Quarter | |
FURUNO ELECTRIC CO., LTD. All Rights Reserved.
FY 2023
2nd Quarter
4
Analysis of Increase/Decrease in Gross Profit
Increase in gross profit with increase in sales for Marine business and efforts to improve profitability (improved production capacity, price management, etc.), despite higher cost
225 | Marine Business +46.7 | (Unit: 100 Millions of Yen) | ||||||||||
Sales | ||||||||||||
210 | Increase | |||||||||||
+36.4 | Industrial | |||||||||||
Wireless | ||||||||||||
Business | Others | |||||||||||
LAN Systems | ||||||||||||
Price | Sales | |||||||||||
Sales | -3.3 | |||||||||||
195 | Improved | Management, | Increase | |||||||||
Decrease, etc. | ||||||||||||
Production | etc. | +1.4 | ||||||||||
Components | Foreign | -3.1 | ||||||||||
Capacity | +10.0 | |||||||||||
+3.4 | Cost Increase | Exchange | ||||||||||
-19.5 | Impact | |||||||||||
180 | +16.4 |
165
150
166
Internal factors
+49.8
External factors
-3.1
Gross Profit
208
FY 2022
2nd Quarter
+41.8
FY 2023
2nd Quarter
FURUNO ELECTRIC CO., LTD. All Rights Reserved. | 5 |
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Furuno Electric Co. Ltd. published this content on 16 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 October 2023 10:46:30 UTC.
