News Release

Financial results

FUJI OIL HOLDINGS

Announcement of the Settlement of Accounts for the 1st Quarter of the Year Ending March 2023

2022.8.4

(Note) Figures shown have been rounded down to the nearest million yen

Our settlement of accounts for the 1st Quarter of the year ending March 2023 was announced on the afternoon of Thursday, August 4th at the Tokyo Stock Exchange Press Club. An outline of the accounts is presented below.

1. Consolidated Results for the 1st Quarter of the Year Ending March 2023 (April 1, 2022 to June 30, 2022)

Consolidated operating results (total)

(% is in comparison to the previous year)

  Net Sales Operating profit Ordinary profit Profit attributable to owners of parent
(millions of yen) (%) (millions of yen) (%) (millions of yen) (%) (millions of yen) (%)
The 1st quarter of the year ending March 2023 127,928 29.6 2,374 (42.3) 3,376 (9.8) 1,858 (47.4)
The 1st quarter of the year ending March 2022 98,679 19.4 4,118 (3.4) 3,744 (1.6) 3,535 25.1

*Comprehensive income: The 1st quarter of the Year ending March 2023: 17,885 million yen 102.9%
The 1st quarter of the Year ending March 2022: 8,813 million yen -%

FY2022 1st quarter Consolidated Financial Highlights

Despite decreased net sales in the Soy-Based Ingredients Business on a decline in sales volume, consolidated net sales increased overall on higher net sales from Vegetable Oils and Fats Business and Industrial Chocolate Business due to higher sales prices resulting from rising raw material costs. Operating profit decreased on lower profitability due to higher raw material prices, higher expenses attributable to the launch of a new factory, logistics costs, and personnel costs.

FY2022 1st quarter Segment Highlights

Vegetable Oils and Fats
Net sales increased significantly due to rising prices for raw materials such as palm, our main raw material, and the start of operations at a new plant in North America. Despite contributions from strong sales in Southeast Asia, operating profit decreased due to a decrease in profitability attributable to rising raw material prices and increased depreciation and other expenses associated with the start of operations at a new plant in North America.

Industrial Chocolate
Net sales increased on higher sales prices to reflect higher raw material prices. Operating profit decreased due to rising raw material prices and an increase in labor costs and fixed expenses.

Emulsified and Fermented Ingredients
Net sales increased on higher sales prices due to higher raw material prices, as well as on higher sales volumes for margarine and other products in Japan and China. Operating profit decreased on factors such as lower profitability due to rising raw material prices and the impact of lockdowns in China due to COVID-19.

Soy-based Ingredients
Net sales decreased due to a decline in the sales volume for soy protein ingredients and functional ingredients in Japan, as well as no longer recording sales from a Chinese soy protein food company we sold off during the previous fiscal year. Operating profit decreased due to factors such as a decrease in sales volume.

FY2022 1st quarter Net sales and Operating profit by Segment
Unit : JPY million FY2021
1st quarter
FY2022
1st quarter
Change
Net Sales 98,679 127,928 +29,249
 Vegetable Oils and Fats 29,037 49,177 +20,139
 Industrial Chocolate 41,668 47,897 +6,228
 Emulsified and Fermented Ingredients 18,953 22,534 +3,581
 Soy-based Ingredients 9,019 8,318 (700)
       
Operating profit 4,118 2,374 (1,744)
 Vegetable Oils and Fats 2,069 1,614 (454)
 Industrial Chocolate 1,134 983 (151)
 Emulsified and Fermented Ingredients 664 217 (447)
 Soy-based Ingredients 1,120 573 (547)
 Consolidated adjustment /
 Group administrative expenses
(870) (1,014) (143)
Main KPI
  FY2021
1st quarter
FY2022
1st quarter
Change
ROE 8.7% 3.8% (4.9)
ROA 4.1% 3.0% (1.1)
ROIC 3.8% 1.7% (2.1)
Net D/E Ratio 0.65 0.82 +0.17
CCC 103 days 116 days +13

2. Forecasts for Consolidated Results for the Year Ending March 2022 (April 1, 2022 to March 31, 2023)

(% 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)
First Half 230,000 12.5 7,000 (11.5) 6,700 (12.2) 4,400 (26.9) 51.19
The year ending March 2023 480,000 10.6 16,500 9.9 15,000 10.0 10,500 (8.7) 122.15

Consolidated Financial Guidance for FY2022
There is no change to the first half-year earnings forecast and the full-year earnings forecast we announced on May 10th, 2022. We will continue to analyze changes in our operating environment and will provide disclosure immediately in the event of a need to reevaluate forecasts.