Fuji Oil : FY2023Q1 Supplemental IR Information (415.86KB)

FUJI OIL HOLDINGS INC.

Financial results supplement material

FY2023 FYE March 2024

Q1

Page		Item
1		Cover
2		0-1： Note / Exchange Rate
3		1-1： FY2023Q1 Consolidated Financial Results
4		1-2： FY2023Q1 Consolidated Net sales & Operating profit (by region, division)
5		2-1： Major Indicators
6		3-1： FY2023 Consolidated Financial Forecast
7		3-2： FY2023 Consolidated Financial Forecast (by region, division)

1

0-1：Note / Exchange Rate

Note

Change in accounting period for certain subsidiaries

At the end of FY2022, we made the following changes to the accounting period of our subsidiaries. We changed the accounting period of INDUSTRIAL FOOD SERVICES PTY LIMITED from the end of December to the end of March. We also change the accounting period for Blommer Chocolate Manufacturing (Shanghai) Co., Ltd. from the end of January to the end of March.

As the effect on consolidated accounting is minor, we have made no revisions to YoY comparisons or other figures.

Company	Country	Business	Aria	FY2022 Fisical Period	FY2023 Fisical Period
INDUSTRIAL FOOD	Australia	Industrial	SE Asia	Jan. 2022 - Mar. 2023	Apr. 2023 - Mar. 2024
SERVICES PTY LIMITED	Chocolate	(15 months)	(12 months)
Blommer Chocolate		Industrial		Feb. 2022 - Mar. 2023	Apr. 2023 - Mar. 2024
Manufacturing (Shanghai)	China	China
Chocolate	(14 months)	(12 months)
Co., Ltd.

Main exchange rate

・P/L：Average rate , B/S：Current rate

		FY2022	FY2022	FY2023	YOY	FY2023
		Q1	End	Q1	Change	Rate of change	Plan
＄	P/L	129.57	135.47	137.37	+7.80	+6.0%	135.00
B/S	136.68	133.53	144.99	+11.46	+8.6%	－
BRL	P/L	26.34	26.28	27.76	+1.42	+5.4%	26.00
B/S	26.10	26.29	30.09	+3.80	+14.5%	－
€	P/L	138.12	140.97	149.47	+11.35	+8.2%	142.00
B/S	142.67	145.72	157.60	+11.88	+8.2%	－
RMB	P/L	19.58	19.75	19.56	(0.02)	(0.1%)	19.50
B/S	20.38	19.42	19.94	+0.52	+2.7%	－

P/L is a year-on-year comparison. B/S is a comparison with end of the previous fiscal year (end of FY2022).

- FY2023 Q1 Blommer ($) : P/L 133.36, B/S 134.32.

2

1-2： FY2023Q1 Consolidated Financial Results

●Summary	Net sales : 131.1 billion yen, YOY +3.1 billion yen
	Operating profit : 3.6 billion yen, YOY +1.2 billion yen
	Net sales：Net sales increased despite decreased net sales from the Vegetable Oils and Fats Business and the Emulsified and Fermented Ingredients Business due to declining prices
	for palm, our main raw material, thanks to the Industrial Chocolate Business benefiting from the impact of JPY depreciation, higher sales prices, and other factors.
	Operating profit：Despite increased fixed costs for manufacturing due to inflation and decreased sales volume in some businesses, profits increased thanks to price revisions.

	Vegetable
	Oils and Fats
	Industrial Chocolate
Net sales	Emulsified and Fermented
	Ingredients
	Soy-based
	Ingredients
	Total
	Vegetable
	Oils and Fats
Operating
Industrial Chocolate
profit
↗	Emulsified and Fermented
Ingredients
Increase factors
Soy-based
↘
Ingredients
Decrease factors
Group administrative
	expenses
	Total

Operating margin

Ordinary profit

Profit attributable to owners of parent

*Figures are rounded to the nearest JPY billion.

Operating Profit Analysis

(Unit：JPY billion）

FY2022	FY2023	YOY	Factors of change (YOY)
Q1	Q1
49.2	45.7	(3.5)	Net sales decreased due to declining prices for palm, our main raw material, the selling price declined.
47.9	55.0	+7.1	Net sales increased thanks to the effect of JPY's depreciation in foreign exchange and higher sales prices resulting from higher raw material prices.
22.5	21.5	(1.1)	Net sales decreased due to decreasing sales volume in China and SE Asia.
8.3	8.9	+0.6	Net sales increased due to higher sales prices resulting from higher raw material prices.
127.9	131.1	+3.1

• Profitability improved in Japan, North America and Europe, and we sold off the fixed assets of Fuji Oil New Orleans in America, a region where we recorded operating

1.6	3.1	+1.5	losses the previous fiscal year.
			↘ Decrease operating profit in Southeast Asia, where recorded favorable performance the previous fiscal year.
1.0	0.4	(0.6)	↗ Increase sales volume for souvenir confectioneries in Japan and frozen desserts in SE Asia.
↘ Decrease sales volume and increase in fixed costs for manufacturing in North America.
0.2	0.6	+0.4	↗ Increase sales volume of whipping cream in Japan. Improved profitability in SE Asia and China.
↘ Decrease sales volume in China and SE Asia.
0.6	0.4	(0.2)	↘ Decrease sales volume of soy protein foods and functional ingredients in Japan, increase of depreciation costs for a new plant in Europe.
(1.0)	(0.9)	+0.1
2.4	3.6	+1.2
1.9%	2.7%	+0.9pt
3.4	3.3	(0.1)
1.9	9.1	+7.2	Increase thanks to extraordinary gains from transfer of fixed assets in Fuji Oil New Orleans, LLC.

3

1-2：FY2023 1Q Consolidated Net sales＆Operating profit ( by region, division) Net sales

(Unit: JPY million）

FY

Japan

Americas

SE Asia

China

Europe

Consolidated

Total

Results

YOY

Results

YOY

Results

YOY

Results

YOY

Results

YOY

Results

YOY

Vegetable	FY2023 1Q	13,919	+1,065	17,200	(1,692)	5,496	(3,691)	834	(67)	8,269	+928	45,718	(3,458)
FY2022 1Q	12,853	+3,284	18,892	+9,839	9,187	+4,476	902	+159	7,341	+2,382	49,177	+20,139
Oils and Fats
FY2021 1Q	9,569	-	9,053	-	4,711	-	743	-	4,959	-	29,037	-
Industrial	FY2023 1Q	10,224	+750	36,743	+4,635	4,128	+440	1,471	+455	2,397	+785	54,965	+7,067
FY2022 1Q	9,474	+567	32,108	+4,289	3,688	+1,015	1,015	(141)	1,611	+500	47,897	+6,228
Chocolate
FY2021 1Q	8,907	-	27,819	-	2,673	-	1,156	-	1,111	-	41,668	-
Emulsified and	FY2023 1Q	14,246	+553	-	-	3,051	(730)	4,157	(902)	-	-	21,455	(1,079)
FY2022 1Q	13,692	+1,281	-	-	3,782	+1,031	5,059	+1,270	-	-	22,534	+3,581
Fermented Ingredients
FY2021 1Q	12,411	-	-	-	2,751	-	3,789	-	-	-	18,953	-
Soy-based	FY2023 1Q	8,693	+636	-	-	-	-	220	(41)	-	-	8,914	+595
FY2022 1Q	8,056	(446)	-	-	-	-	262	(254)	-	-	8,318	(700)
Ingredients
FY2021 1Q	8,502	-	-	-	-	-	516	-	-	-	9,019	-
Net sales	FY2023 1Q	47,083	+3,006	53,943	+2,943	12,676	(3,981)	6,683	(556)	10,666	+1,713	131,053	+3,125
FY2022 1Q	44,077	+4,686	51,000	+14,127	16,658	+6,522	7,239	+1,032	8,953	+2,882	127,928	+29,249
Total
FY2021 1Q	39,391	-	36,873	-	10,136	-	6,207	-	6,071	-	98,679	-

*The net sales above is sales to outside customers.

Operating profit

FY

Japan

Americas

SE Asia

China

Europe

Consolidated

Group administrative

Consolidated

adjustment

expenses

Total

Results

YOY

Results

YOY

Results

YOY

Results

YOY

Results

YOY

Results

YOY

Results

YOY

Results

YOY

Vegetable	FY2023 1Q	1,159	+539	983	+833	290	(666)	5	+46	533	+363	156	+398	-	-	3,129	+1,515
FY2022 1Q	619	(229)	150	(410)	957	+658	(40)	(23)	169	+20	(242)	(469)	-	-	1,614	(454)
Oils and Fats
FY2021 1Q	848	-	560	-	299	-	(17)	-	149	-	227	-	-	-	2,069	-
Industrial	FY2023 1Q	1,250	+67	(1,164)	(825)	147	+79	(35)	+39	195	+77	13	(15)	-	-	406	(577)
FY2022 1Q	1,183	(214)	(338)	(46)	67	+52	(75)	(55)	117	+95	28	+16	-	-	983	(151)
Chocolate
FY2021 1Q	1,397	-	(292)	-	15	-	(20)	-	22	-	12	-	-	-	1,134	-
Emulsified and	FY2023 1Q	659	+181	-	-	(238)	+209	83	+86	-	-	82	(107)	-	-	587	+370
FY2022 1Q	477	+45	-	-	(448)	(237)	(3)	(255)	-	-	190	(1)	-	-	217	(447)
Fermented Ingredients
FY2021 1Q	432	-	-	-	(211)	-	252	-	-	-	191	-	-	-	664	-
Soy-based	FY2023 1Q	504	(48)	-	-	-	-	80	+30	(182)	(123)	(4)	(34)	-	-	397	(175)
FY2022 1Q	553	(511)	-	-	-	-	49	(49)	(59)	+1	29	+12	-	-	573	(547)
Ingredients
FY2021 1Q	1,064	-	-	-	-	-	98	-	(60)	-	17	-	-	-	1,120	-
Consolidated	FY2023 1Q	35	(22)	8	+11	33	+28	(3)	(14)	99	+253	(160)	(233)	-	-	12	+23
FY2022 1Q	57	+18	(3)	+4	4	+5	10	(8)	(153)	(185)	72	+154	-	-	(11)	(11)
adjustment
FY2021 1Q	39	-	(7)	-	(1)	-	18	-	32	-	(82)	-	-	-	-	-
Group administrative	FY2023 1Q	-	-	-	-	-	-	-	-	-	-	-	-	(949)	+53	(949)	+53
FY2022 1Q	-	-	-	-	-	-	-	-	-	-	-	-	(1,002)	(132)	(1,002)	(132)
expenses
FY2021 1Q	-	-	-	-	-	-	-	-	-	-	-	-	(870)	-	(870)	-
Operating profit	FY2023 1Q	3,609	+718	(172)	+19	232	(348)	129	+188	646	+571	86	+7	(949)	+53	3,584	+1,209
FY2022 1Q	2,891	(891)	(193)	(456)	581	+479	(58)	(389)	75	(68)	79	(287)	(1,002)	(132)	2,374	(1,744)
Total
FY2021 1Q	3,782	-	263	-	102	-	331	-	143	-	366	-	(870)	-	4,118	-

4

2-1:Major Indicators

Primary Item	Item	Unit	Note

	Operating profit	JPY billion
	Operating profit growth rate	％
	EBITDA	JPY billion
	Capital Expenditures	JPY billion	For tangible fixed assets
	Depreciation	JPY billion	Depreciation for tangible fixed assets.
PL
ROA	％	Ordinary profit
related			/ Average total assets at beginning and end of period

FY2021	FY2022				FY2023（Total Results)
		Q1	Q2	Q3	Q4
15.0	10.9	3.6
(16.2%)	(27.1%)			＋51.0%
32.4	31.2	8.6
17.3	21.5	3.6
12.7	14.6	3.6
3.7%	2.2%		＊² 2.7%

FY2023 E

16.5

+50.8%

36.5

-

-

3.3%

Capital expenditures

FY	Major expenditures	JPY billion
2023	Japan	Capital expenditures , etc.	1.3
Q1
Americas	Capital expenditures for Blommer, etc.	0.5
	Americas	Construction of Harald's No.2 plant, etc.	0.4
	Total		3.6

ROE

Net profit margin

Total asset turnover

Financial leverage

Net profit margin × Total asset turnover

• × Financial leverage
• Net profit / Net sales

Times Net sales / Total assets at beginning and end of period

Times Total assets / Equity

6.6%	3.1%	17.0%
2.7%	1.1%	6.9%
1.12	1.26	1.09
2.2	2.3	2.2

7.6%

2.9%

1.21

2.0

	ROIC	％	Operating profit×（1-corporate tax rate）
			/ (Interest-bearing debt + Equity)
	Total assets	JPY billion
	Interest-bearing debt	JPY billion
	Net interest-bearing debt	JPY billion
	Net operating capital	JPY billion
	Equity ratio	％
BS
Debt ratio	％
related
	Goodwill (in a broad sense)	JPY billion	Goodwill (in a broad sense) refers to goodwill as well as
			trademark rights and other intangible fixed assets.
	Amortization of goodwill	JPY billion
	Goodwill (in a broad sense) /	％
	Net assets ratio
	D/E ratio	Times	Interest-bearing debt / Equity
	Net D/E ratio	Times	Net interest-bearing debt (interest-bearing debt - cash and
			deposits) / equity capital
	Cash flows from operating	JPY billion
	activities
	Cash flows from investing	JPY billion
	activities
CF
Free cash flows	JPY billion
related
	Cash flows from financing	JPY billion
	activities
	CCC	Day

*1 If the previous year's figure has changed, the retroactively corrected figure is shown.

*2 ROA, ROE and ROIC for Q1 FY2023 are annualized figures for reference.

3.1%	2.0%	2.5%
416.6	468.8	496.1
148.8	168.4	175.2
132.8	149.4	135.5
80.5	81.9	117.3
44.7%	43.3%	45.2%
121.9%	127.1%	116.3%
49.9	55.2	57.8
2.2	2.6	0.7
26%	26%	25%
0.80	0.83	0.78
0.73	0.80	0.70
3.5	7.6	(2.1)
(18.8)	(16.5)	19.8
(15.3)	(8.9)	17.7
9.4	9.8	1.0
115	104	122

3.3%

440.0

127.0

112.0

-

50.1%

94.8%

52.9

2.6

23%

0.58

0.56

40.0

2.0

42.0

(46.0)

98

Dividend history

Dividend Policy

・Payout ratio 30% to 40%

・Stable, consistent dividends

Dividend per share		(Unit：JPY)
FY	1st half	2nd half	total		Payout ratio
2015	17	18	35	32.6%
2016	22	22	44	31.2%
2017	23	25	48	30.0%
2018	25	25	50	37.1%
2019	27	29	56	29.4%
2020	26	26	52	40.6%
2021	26	26	52	38.9%
2022	26	26	52	73.0%
2023	26	26	52	28.0%
Forecast

5