News Release
Financial results
FUJI OIL HOLDINGS
Announcement of the Settlement of Accounts for the 3rd Quarter of the Year Ending March 2022
2022.2.8
(Note) Figures shown have been rounded down to the nearest million yen
Our settlement of accounts for the 3rd Quarter of the year ending March 2022 was announced on the afternoon of Tuesday, February 8th at the Tokyo Stock Exchange Press Club. An outline of the accounts is presented below.
1. Consolidated Results for the 3rd Quarter of the Year Ending March 2022 (April 1, 2021 to December 31, 2021)
Consolidated operating results (total)
(% is in comparison to the previous year)
| Net Sales | Operating profit | Ordinary profit | Net income attributable to shareholders of parent company | |||||
|---|---|---|---|---|---|---|---|---|
| (millions of yen) | (%) | (millions of yen) | (%) | (millions of yen) | (%) | (millions of yen) | (%) | |
| The 3rd quarter of the year ending March 2022 | 319,936 | 17.1 | 11,923 | (11.8) | 11,752 | (8.7) | 9,368 | 8.8 |
| The 3rd quarter of the year ending March 2021 | 273,144 | (6.3) | 13,522 | (18.7) | 12,865 | (14.9) | 8,613 | (28.4) |
*Comprehensive income: The 3rd quarter of the Year ending March 2022: 19,500 million yen 373.2%
The 3rd quarter of the Year ending March 2021: 4,121 million yen (16.8%)
FY2021 3rd quarter Consolidated Financial Highlights
Net sales increased across all segments on higher sales volume and higher sales prices due to increased raw material costs. Despite profit increase factors such as higher sales volume, operating profit decreased on the removal of cacao futures gains recorded during the previous fiscal year, expenses related to the launch of a new plant, and higher logistics and personnel expenses.
FY2021 3rd quarter Segment Highlights
Vegetable Oils and Fats
Net sales increased significantly on sales price hikes to reflect cost increases for palm, a major raw material. Additionally, sales volume grew on demand recovery from the impact of COVID-19. Operating profit increased on a recovery in sales volume due to the resumption of economic activities and growth in sales volume for vegetable fats for chocolate in Southeast Asia and Europe, overcoming the impact of declining profitability due to rising raw material costs and increased depreciation and other expenses associated with the launch of operations at a new plant in North America.
Industrial Chocolate
Net sales increased significantly on increased sales volume and sales price hikes to reflect rising raw material costs. Operating profit decreased despite increased income from higher sales volume due to the removal of futures gains recorded by Blommer Chocolate Company during the previous fiscal year.
Emulsified and Fermented Ingredients
Net sales increased on sales price hikes to reflect rising raw material costs and the recovery of sales, overcoming the impact of decreased sales due to the removal of a domestic subsidiary from the scope of consolidation. Operating profit decreased due to increased expenses associated with a plant merger in Southeast Asia and declining profitability in China due to rising raw material costs despite increase factors such as the recovery of sales volume in Japan.
Soy-based Ingredients
Net sales increased on sales price hikes to reflect rising raw material costs and firm sales of soy protein ingredients. Operating profit decreased due to a decline in profitability attributable to higher raw material costs and increased expenses associated with the Chiba Plant and new plant construction in Europe.
FY2021 3rd quarter Net sales and Operating profit by Segment
| Unit : JPY million | FY2020 3rd quarter | FY2021 3rd quarter | Change |
|---|---|---|---|
| Net Sales | 273,144 | 319,936 | +46,791 |
| Vegetable Oils and Fats | 72,163 | 96,435 | ＋24,272 |
| Industrial Chocolate | 122,094 | 137,822 | ＋15,727 |
| Emulsified and Fermented Ingredients | 53,593 | 59,488 | ＋5,894 |
| Soy-based Ingredients | 25,292 | 26,189 | +896 |
| Operating profit | 13,522 | 11,923 | (1,598) |
| Vegetable Oils and Fats | 5,586 | 5,665 | +79 |
| Industrial Chocolate | 5,445 | 5,241 | (203) |
| Emulsified and Fermented Ingredients | 2,208 | 1,648 | (559) |
| Soy-based Ingredients | 2,938 | 2,102 | (835) |
| Consolidated adjustment / Group administrative expenses | (2,656) | (2,735) | (78) |
From FY2021, soymilk and USS soymilk products in the Soy-based Ingredients Business have been reclassified to the Emulsified and Fermented Ingredients Business, so the FY2020 3rd quarter results have been retroactively adjusted.
Main KPI
| FY2020 3rd quarter | FY2021 3rd quarter | Change | |
|---|---|---|---|
| ROE | 7.5% | 7.3％ | (0.2) |
| ROA | 4.7% | 4.0% | (0.7) |
| ROIC | 3.9% | 3.4％ | (0.6) |
| Net D/E Ratio | 0.67 | 0.71 | +0.04 |
| CCC | 110 days | 110 days | - |
2. Forecasts for Consolidated Results for the Year Ending March 2022 (April 1, 2021 to March 31, 2022)
(% is in comparison to the previous year)
| Net sales | Operating profit | Ordinary profit | Net income attributable to shareholders of parent company | Net income per share | |||||
|---|---|---|---|---|---|---|---|---|---|
| (millions of yen) | (%) | (millions of yen) | (%) | (millions of yen) | (%) | (millions of yen) | (%) | (yen) | |
| The year ending March 2022 | 430,000 | 17.9 | 15,000 | (16.3) | 14,500 | (17.5) | 11,500 | 4.4 | 133.79 |
Consolidated Financial Guidance for FY2021
In response to the rising cost of palm oil and soybean market prices, we have worked to adjust sales prices to reflect cost increases. However, in addition to delays in the timing of price revisions and increased logistics and fuel expenses due to logistics disruptions in the west, labor expenses have been higher than expected, particularly in the USA. While we will continue our focus on shifting to appropriate sales prices as well as making productivity improvements to help reduce costs and operating expenses, conditions are such that it will be difficult to absorb the dramatic cost increases we have experienced. As such, we are revising our full-year earnings forecast for the fiscal year ending March 31, 2022 as outlined above.