Fuji : First Quarter 2024 Financial Statements

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

CONSOLIDATED FINANCIAL RESULTS

FOR THE FIRST QUARTER ENDED JUNE 30, 2023 [J-GAAP]

August 3, 2023

Listed Company Name:	FUJI CORPORATION
Securities Code:	6134
Listings:	Tokyo Stock Exchange, Nagoya Stock Exchange
URL:	https://www.fuji.co.jp/
Representative:	Joji Isozumi, President, and COO
Contact:	Junichi Kano, CFO
	[e-mail]

Scheduled date to submit quarterly report:	August 4, 2022
Scheduled date to start dividend payments:	---
Preparation of quarterly financial results briefing materials:	Yes
Holding of quarterly financial results briefing:	Yes

(Amounts less than one million yen have been truncated)

1. Consolidated Financial Results (From April 1, 2023 to June 30, 2023)

1. Consolidated Operating Results

(Percentages indicate year-on-year changes)

				Net sales			Operating profit			Ordinary profit	Profit attributable to
								owners of parent
			Millions of yen	%		Millions of yen	%			Millions of yen	%	Millions of yen	%
	Three months ended				33,054	(15.7)			4,105	(42.9)			5,023	(41.2)	3,396	(42.8)
	June 30, 2023
	Three months ended				39,233	1.2			7,190	(18.7)			8,538	(7.5)	5,935	(8.2)
	June 30, 2022
	Note: Comprehensive income	Three months ended June 30, 2023: ¥ 7,889million [(7.5)%]
					Three months ended June 30, 2022: ¥ 8,528million [36.3%]
				Profit per share	Diluted profit per share
						Yen				Yen
	Three months ended				35.31				－
	June 30, 2023
	Three months ended				61.54				－
	June 30, 2022
	(2) Consolidated Financial Position
					Total assets			Net assets			Equity ratio
						Millions of yen					Millions of yen				%
	As of June 30, 2023					254,482					227,273				89.3
	As of March 31, 2023					254,167					225,104				88.5
	Reference: Shareholders' equity	As of June 30, 2023	: ¥ 227,154million
					As of March 31, 2023	: ¥ 224,988million

2. Dividends

				Dividends per share
		First quarter-	Second quarter-	Third quarter-		Year-end	Total
		end	end	end
		Yen	Yen	Yen		Yen	Yen
Fiscal year ended		－	40.00	－		40.00	80.00
March 31, 2023
Fiscal year ending		－
March 31, 2024
Fiscal year ending
March 31, 2024			40.00	－		40.00	80.00
(Forecast)

Note: Revision of dividend forecast since last announcement: None

3. Forecast of Consolidated Results for the Fiscal Year Ending March 31, 2024 (From April 1, 2023 to March 31, 2024)

(Percentages indicate year-on-year changes)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Profit per

share

	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
First half	65,000	(17.4)	8,000	(42.0)	8,800	(45.0)	6,200	(44.5)	64.46
Full year	132,000	(13.9)	15,200	(43.9)	15,600	(46.2)	10,800	(47.2)	112.29

Note: Revision of results forecast since last announcement: Yes

*Notes

1. Changes in significant subsidiaries during the period under review (Changes in specified subsidiaries involving changes in scope of consolidation): None
   New Company: － Exclusion: －
2. Application of accounting treatments specific to the preparation of quarterly consolidated financial statements: None
3. Changes in accounting policies, accounting estimates, and retrospective restatements

1. Changes in accounting policies in accordance with revision of accounting standards: None
2. Changes in accounting policies other than item 1) above: None
3. Changes in accounting estimates: None
4. Retrospective restatements: None

1. Number of shares issued (common stock)

1. Number of shares issued as of end of period (including treasury shares)

As of June 30, 2023: 97,823,748 shares

As of March 31, 2023: 97,823,748 shares

1. Number of treasury shares as of end of period As of June 30, 2023: 2,124,583 shares As of March 31, 2023: 1,351,477 shares
2. Average number of shares during the period

Three months ended June 30, 2023: 96,177,800 shares

Three months ended June 30, 2022: 96,445,694 shares

These quarterly financial results are not subject to quarterly review procedures by certified public accountants or auditing firms.

Explanation regarding appropriate use of results forecasts and other special remarks (Notes on the forward-lookingstatements)

The forward-looking statements, including results forecasts, contained in these materials are based on information available to the Company and on certain assumptions deemed to be reasonable as of the date of release of this document and they are not meant to be a commitment by the Company. Also, actual business results may differ substantially due to a number of factors. Please refer to page 4 for details regarding assumptions and other matters concerning for the forecast of consolidated results.

(How to obtain supplementary materials pertaining to the disclosure of quarterly financial results)

Supplementary materials pertaining to the disclosure of financial results for this quarter will be available at www.fuji.co.jpfrom August 3, 2023.

	Contents
1. Qualitative Information on Quarterly Financial Results	2
(1)	Explanation of Operating Results	2
(2)	Explanation of Financial Position	3
(3)	Explanation of Cash Flows	3
(4)	Explanation of Forward-Looking Information including Forecast of Consolidated Results	4
2. Consolidated Financial Statements	5
(1)	Consolidated Balance Sheets	5
(2)	Consolidated Statements of Income and Comprehensive Income	7
	(Consolidated Statements of Income)	7
	(For the Three Months Ended June 30, 2022 and 2023)	7
	(Consolidated Statements of Comprehensive Income)	8
	(For the Three Months Ended June 30, 2022 and 2023)	8
(3)	Consolidated Statements of Cash Flows	9
(4)	Notes to Consolidated Financial Statements	10
	(Notes to assumption of going concern)	10
	(Notes to a significant change in shareholders' equity)	10
	(Segment information)	10
3. Others	12
(1)	Orders and Sales	12
(2)	Information on Disaggregation of Revenue from Contracts with Customers	13

- 1 -

1. Qualitative Information on Quarterly Financial Results

1. Explanation of Operating Results

In the Japanese economy during the three months ended June 30, 2023, exports of capital goods remained weak against the background of a cyclical downturn in semiconductor demand and other factors, but the economy received a boost from the recovery of personal consumption and inbound demand, and capital investments by companies increased moderately. Despite resilience in personal consumption, the global economy came under downward pressure from weakness in manufacturing industry arising from stagnant exports of goods.

In this environment, the Company and its subsidiaries (hereinafter referred to as the "Group") have set the purpose of "Enriching the lives of those in the world around us," and aim to create new value for society and realize a sustainable and mindful society full of smiling faces by providing products and services that will excite and inspire our customers in the areas of manufacturing, nursing care, logistics, etc. on the foundation of robotics and automation technology. In our main business of Robotic Solutions, we worked to cement our position as leaders in the SMT pick and place machine market, which is expected to grow as a result of the ongoing digitalization of a variety of products, by using our new "NXTR" and "AIMEXR" series to address the wide-ranging needs of customers for everything from high-mixlow-volume to ultra-high-volume production, and responding to the need for automation and autonomy with focus on full automation of the production floor through the evolution of FUJI Smart Factory (FSF) solutions. Furthermore, we utilized digital technology to strengthen the Fuji Group's global network in terms of both sales and services, and took steps to establish stronger links with customers. In the Machine Tools business, we perceive the rapid progression of the shift to EV to be a business opportunity, working to strengthen our proposal capabilities for turnkey systems that leverage our strengths in robot systems-based automation, and to make suggestions for reducing lead times. Moreover, while seeking to expand sales of the core "CS" and "TN" series, we began selling an upgraded version of the "ANW" series, which is particularly well-suited to the processing of motor components for EV. The Group also aimed to promote an environmentally-consciousenergy-saving design toward carbon neutrality and enhance manufacturing efficiency.

As a result of the above, net sales for the three months ended June 30, 2023 decreased by ¥6,178 million (15.7%) from the corresponding period of the previous fiscal year, to ¥33,054 million. Operating profit decreased by ¥3,084 million (42.9%) from the corresponding period of the previous fiscal year, to ¥4,105 million. In addition, ordinary profit decreased by ¥3,514 million (41.2%) from the corresponding period of the previous fiscal year, to ¥5,023 million, and profit attributable to owners of parent decreased by ¥2,538 million (42.8%) from the corresponding period of the previous fiscal year, to ¥3,396 million.

Operating results by segments are as follows.

Robotic Solutions

Due to the global stagnation of electronics demand, capital investments, especially those related to semiconductors, were weak. As a result, net sales for the segment decreased by ¥5,700 million (15.8%) from the corresponding period of the previous fiscal year, to ¥30,474 million. Operating profit decreased by ¥2,861 million (35.0%) from the corresponding period of the previous fiscal year, to ¥5,320 million.

Machine Tools

Sales in the Americas markets were steady, but a cautious stance continued in Japanese domestic markets with regard to capital investment for the automotive-related industry, which is a major customer. As a result, net sales for the segment decreased by ¥36 million (1.6%) from the corresponding period of the previous fiscal year, to ¥2,179 million, and operating loss was ¥246 million (operating loss for the same period of the previous fiscal year was ¥112 million).

- 2 -

1. Explanation of Financial Position (Assets)
   The current assets as of June 30, 2023 was ¥171,707 million, a decrease of ¥5,043 million compared with the end of the previous fiscal year. This is mainly because notes and accounts receivable - trade decreased by ¥5,781 million. Non-current assets increased by ¥5,358 million from the end of the previous fiscal year, to ¥82,775 million. This is mainly because construction in progress increased by ¥3,735 million due to the reconstruction of some buildings at the Okazaki Factory, etc., and investment securities increased by ¥2,853 million due to rising stock prices, etc.
   As a result, total assets increased by ¥315 million from the end of the previous fiscal year, to ¥254,482 million.

(Liabilities)

The current liabilities as of June 30, 2023 was ¥25,507 million, a decrease of ¥2,062 million compared with the end of the previous fiscal year. This is mainly because income taxes payable decreased by ¥2,320 million. Non-current liabilities increased by ¥209 million from the end of the previous fiscal year, to ¥1,702 million. This is mainly because deferred tax liabilities (included in "Other" in non-current liabilities) increased by ¥170 million.

As a result, total liabilities decreased by ¥1,853 million compared with the end of the previous fiscal year, to ¥27,209 million.

(Net assets)

The total net assets as of June 30, 2023 was ¥227,273 million, an increase of ¥2,168 million from the end of the previous fiscal year. This is mainly because retained earnings increased by ¥3,396 million due to profit attributable to owners of parent, and foreign currency translation adjustment increased by ¥2,582 million due to the continuing weak yen in exchange markets, despite a decrease of ¥3,858 million in retained earnings due to payment of dividends.

(3) Explanation of Cash Flows

The balance of cash and cash equivalents as of June 30, 2023 increased by ¥4,043 million from the end of the previous fiscal year, to ¥64,026 million.

Net cash provided by operating activities was ¥11,549 million (¥1,100 million in the same period of the previous fiscal year). This is mainly due to positive factors such as decrease in trade receivables and decrease in consumption taxes refund receivable outnumbering negative factors such as increase in trade payables.

Net cash used in investing activities was ¥2,826 million (¥3,063 million in the same period of the previous fiscal year). This is mainly due to purchase of property, plant and equipment and intangible assets.

Net cash used in financing activities was ¥5,671 million (¥3,335 million in the same period of the previous fiscal year). This is mainly due to dividends paid and purchase of treasury shares.

- 3 -