Fuji Oil : Financial Report

FUJI OIL HOLDINGS INC.

Financial results supplement material

FY2022 FYE March 2023

Q4

Page		Item
1		Cover
2		0-1： Note / Exchange Rate
3		1-1： FY2022 Q4 Consolidated Financial Results (3 months)
4		1-2： FY2022 Consolidated Financial Results Total
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
INDUSTRIAL FOOD	Australia	Industrial	SE Asia	Jan. 2022 - Mar. 2023
SERVICES PTY LIMITED	Chocolate	(15 months)
Blommer Chocolate		Industrial		Feb. 2022 - Mar. 2023
Manufacturing (Shanghai)	China	China
Chocolate	(14 months)
Co., Ltd.

Main exchange rate

・P/L：Average rate , B/S：Current rate

		FY2021	FY2022	YOY	FY2023
		End	End	Change	Rate of change	Plan
＄	P/L	112.38	135.47	+23.09	+20.5%	135.00
B/S	122.39	133.53	+11.14	+9.1%	－
BRL	P/L	21.10	26.28	+5.18	+24.5%	26.00
B/S	25.83	26.29	+0.46	+1.8%	－
€	P/L	130.56	140.97	+10.41	+8.0%	142.00
B/S	136.70	145.72	+9.02	+6.6%	－
RMB	P/L	17.51	19.75	+2.24	+12.8%	19.50
B/S	19.26	19.42	+0.16	+0.8%	－

- FY2022 Blommer ($) : P/L 132.73, B/S 128.71.

2

1-1： FY2022 Consolidated Financial Results Q4 (3months)

●Summary	Net sales : 140.7 billion yen, YOY +26.8 billion yen
	Operating profit : 2.2billion yen, YOY -0.9 billion yen

Vegetable Oils and Fats

Net sales：Net sales increased due to higher selling prices resulting from higher raw material prices and the effect of yen's depreciation in foreign exchange.

Operating profit：Despite improvement in the profitability in Japan, Brazil and Southeast Asia for Emulsified and Fermented Ingredients business, overall profit declined on stagnant sales at Blommer, and a decline in the profitability and higher expenses resulting from the operation of the new plant in the Americas for oils and fats.

(Unit：JPY billion）

FY2021	FY2022	YOY	Factors of change (YOY)
Q4	Q4
38.5	49.8	+11.2	Net sales increased due to rising prices for palm, our main raw material, the selling price rose, and we launched operations of a new plant in the Americas and the
effect of yen's depreciation in foreign exchange.

Industrial Chocolate

47.7

61.1

+13.4

Net sales increased due to the effect of yen's depreciation in foreign exchange and higher selling prices resulting from higher raw material prices.

Net sales	Emulsified and Fermented
Ingredients
	Soy-based
	Ingredients
	Total
	Vegetable
	Oils and Fats
Operating	Industrial Chocolate
profit

19.7	21.4	+1.7	Net sales increased due to higher selling prices resulting from higher raw material prices although there was the sales volume decrease in China.
8.0	8.5	+0.5	Net sales increased due to higher selling prices resulting from higher raw material prices although there was the sales volume decrease.
113.9	140.7	+26.8
1.7	1.8	+0.0	↗ Improved profitability in Japan and Europe.
			↘ Decreased due to rebound from the previous year's strong performance in Southeast Asia and lower profitability in North America.
2.3	0.9	(1.4)	↗ Sales in Brazil and Indonesia were firm.
			↘ Weak sales in North America.

↗	Emulsified and Fermented	(0.0)	0.6	+0.6	↗ Improved profitability in Southeast Asia.
Ingredients					↘ Decreased sales volume in China.
Increase factors
↘	Soy-based	0.0	(0.1)	(0.1)	↗ Increased sales volume of functional ingredients in Japan.
Ingredients	↘ Decreased sales volume of soy protein ingredients and soy protein foods in Japan. Upfront investment costs for a new plant in Europe.
Decrease factors
	Group administrative	(1.0)	(1.0)	(0.0)
	expenses
	Total	3.1	2.2	(0.9)
Operating margin		2.7%	1.5%	(1.2pt)
Ordinary profit		2.6	1.3	(1.3)	Increase in interest expense.
Profit attributable to owners of parent	2.1	1.1	(1.1)
*Figures are rounded to the nearest JPY billion.

3

1-2： FY2022 Consolidated Financial Results

●Summary	Net sales : 557.4 billion yen, YOY +123.6 billion yen
	Operating profit : 10.9 billion yen, YOY -4.1 billion yen
	Net sales：Net sales increased due to	higher selling prices resulting from higher raw material prices, the effect of yen's depreciation in foreign exchange, and higher sales volume due to
	the operation of the oils and fats new plant in the Americas.
	Operating profit：Operating profit decreased due to lower sales volume in Blommer, increased expenses by the operation of the new plant and lower profitability in the Americas for oils
	and fats, and lower sales volume in China.
	Operating Profit Analysis	(Unit：JPY billion）

	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.

FY2021	FY2022	YOY	Factors of change (YOY)
Total	Total
135.0	203.4	+68.5	Net sales increased due to rising prices for palm, our main raw material, the selling price rose, and we launched operations of a new plant in the Americas and the effect
of yen's depreciation in foreign exchange.
185.5	228.5	+43.0	Net sales increased due to the effect of yen's depreciation in foreign exchange and higher selling prices resulting from higher raw material prices.
79.1	91.2	+12.0	Net sales increased due to higher selling prices resulting from higher raw material prices and the effect of yen's depreciation in foreign exchange.
34.2	34.3	+0.1	Net sales increased due to higher selling prices resulting from higher raw material prices in Japan although the divestiture of the Chinese soy protein food business.
433.8	557.4	+123.6
7.4	7.0	(0.4)	↗ Sales in Southeast Asia were steady in the first half.
			↘ Increased expenses due to the operation of the new plant and lower profitability in the Americas.
7.5	5.0	(2.6)	↗ Increase sales volume in Brazil, Europe and Southeast Asia.
			↘ Problems with cocoa processing facilities and weak sales in Blommer, and decrease sales volume in Japan.
1.6	1.5	(0.1)	↗ Increase sales volume of whipping cream in Japan. Improve profitability in Southeast Asia.
			↘ Decrease sales volume in China.
2.1	1.3	(0.9)	↘ Decreased sales volume of soy protein ingredients and soy protein foods in Japan. Upfront investment costs for a new plant in Europe.
(3.7)	(3.8)	(0.1)
15.0	10.9	(4.1)
3.5%	2.0%	(1.5pt)
14.4	9.7	(4.7)
11.5	6.1	(5.4)

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

FY2020	FY2021			FY2022（Total Results)
	Q1	Q2	Q3	Q4

17.9	15.0		2.4	5.1	8.8	10.9
＊²
-	(16.2%)		(42.3%)	(36.0%)	(26.4%)	(27.1%)
34.3	32.4		7.1	14.9	23.7	31.2
20.8	17.3		5.7	9.4	15.1	21.5
11.8	12.7		3.4	7.1	10.8	14.6
			＊³
4.8%	3.7%
	3.0%	2.4%	2.4%	2.2%

FY2023 E

16.5

+50.8%

36.5

-

-

3.3%

Capital expenditures

FY	Major expenditures	JPY billion
2022	Americas Capital expenditures for Blommer, etc.	3.9
Total
Americas Construction of Harald's No.2 plant, etc.	3.9
	Japan	Facilities at Hannan Business Operations	2.8
	Complex, etc.
	China	Construction of Whipping cream plant,	1.8
	etc.
	Total		21.5

ROE

Net profit margin

Total asset turnover

Net profit margin × Total asset turnover

• × Financial leverage
• Net profit / Net sales

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

7.0%	6.6%	3.8%	3.2%	3.4%	3.1%
3.0%	2.7%	1.5%	1.2%	1.2%	1.1%
1.01	1.12	1.15	1.18	1.21	1.26

7.6%

2.9%

1.21

Financial leverage

Times Total assets / Equity

2.2

2.2

2.3

2.3

2.4

2.3

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 FY2020 operating profit growth rates are not shown because FY 2019 is 15 months. *3 ROA, ROE and ROIC for Q1,Q2and Q3 FY2022 are annualized figures for reference.

4.3%

3.1%

358.5 416.6

131.3 148.8

110.8 132.8

69.7 80.5

44.6% 44.7%

122.2% 121.9%

46.6 49.9

2.12.2

29% 26%

0.82 0.80

0.63 0.73

38.23.5

(17.4) (18.8)

20.8 (15.3)

(19.9)	9.4
107	115

1.7%	1.8%	2.0%	2.0%
475.6	496.3	499.9	468.8
172.0	181.2	185.5	168.4
151.9	162.9	168.5	149.4
86.5	101.5	91.1	81.9
43.2%	43.3%	42.4%	43.3%
127.3%	126.6%	132.2%	127.1%
58.6	60.7	62.7	55.2
0.6	1.2	1.9	2.6
27%	27%	29%	26%
0.84	0.84	0.88	0.83
0.82	0.87	0.90	0.80
(11.5)	(17.2)	(13.9)	7.6
(2.8)	(5.6)	(11.2)	(16.5)
(14.3)	(22.8)	(25.1)	(8.9)
15.5	22.4	24.3	9.8
116	121	120	104

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

・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