Consolidated Financial Report for FY2000 Half-Year (April 1, 2000 September 30, 2000)

Transcription

1 Consolidated Financial Report for FY2000 Half-Year (April 1, 2000 September 30, 2000) October 26, 2000 Fuji Electric Co., Ltd. Summary of Consolidated Financial Results 1. Summary of consolidated statements of income 1st half 1st half Change(%) Full year 1st half FY2000 (A) FY1999 (B) (A)/(B) FY1999 FY2000 Net sales 356, , % 851,830 3,305 Operating income 9,360 5,240 4, Ordinary income 10,233 8, Net income 8,798 9,746 7, Net income per share Summary of consolidated financial position 9/30/2000 9/30/1999 3/31/2000 9/30/2000 Total assets 915, , ,233 8,476 Shareholders' equity 142, , ,945 1,319 Shareholders' equity ratio (%) 15.6% 16.0% 16.4% Shareholders' equity per share Summary of consolidated statements of cash flows Cash flows from operating activities 1st half 1st half Full year 1st half FY2000 FY1999 FY1999 FY ,069 1, Cash flows from investing activities 7,696 4, Cash flows from financing activities 9,748 22, Cash and cash equivalents at end of year 45,125 49, Note: 1) U.S.dollar amounts in this financial report are translated, for convenience only, at the rate of =U.S.$1. 2) The company has 63 consolidated subsidiaries. 1

2 4. Forecast of consolidated earnings for FY2000 (April 1, March 31, 2001) Net sales 890,000 Ordinary income 20,000 Net income 9,000 Net income per share Cautionary Statements With Respect to Forward-Looking Statements Statements made in this financial report with respect to Fuji Electric's future performance are forward-looking statements based on management's assumptions and beliefs in light of the information currently available to it. Accordingly, actual results could differ from those contained in any forward-looking statements. Potential risks and uncertainties include : Sudden changes in general economic conditions in Fuji Electric's markets and changes in its operating environment such as those resulting from changes in trade regulations Exchange rate, particularly between the yen and the U.S.dollar and Asian and European currencies The ability of Fuji Electric and its subsidiaries to develop and introduce products that incorporate new technology in a timely manner and to manufacture them in a cost-effective way The rapid pace of technological innovation, especially in the field of electronics Sudden changes in the supply and demand balance in the markets Fuji Electric serves Problems involving the intellectual property of Fuji Electric and other companies Stock market conditions in Japan 2

3 Consolidated Statements of Income 1st half 1st half Change(%) Full year 1st half FY2000 (A) FY1999 (B) (A)/(B) FY1999 FY2000 Net sales 356, , % 851,830 3,305 Cost of sales 292, , % 692,131 2,707 Gross profit 64,562 63, % 159, Selling, general and administrative expenses 73,923 68, % 155, Operating income 9,360 5,240 4, Non-operating income 3,234 3, % 8, Interest and dividends income 2,311 2,423 4, Other 923 1,248 4,313 9 Non-operating expenses 4,107 7, % 13, Interest expense 2,899 3,363 6, Other 1,207 3,641 7, Ordinary income 10,233 8, Extraordinary income 107,137 19,274 50, Extraordinary loss 108,400 20,808 53,974 1,004 Income before income taxes 11,496 10,107 4, Income taxes and business tax 2,252 1,364 3, Deferred income taxes 4,959 1,838 1, Minority interests in net income (loss) of consolidated subsidiaries Net income 8,798 9,746 7,

4 Consolidated Balance Sheets Assets Current assets: 9/30/2000 3/31/2000 Change 9/30/2000 (A) (B) (A)-(B) Cash and time deposits 42,272 43,349 1, Notes and accounts receivable, trade 238, ,943 50,059 2,212 Marketable securities 3, , , Inventories 188, ,607 40,482 1,742 Other current assets 43,777 38,800 4, Total current assets 516, , ,741 4,781 Long-term assets: Tangible fixed assets 214, ,273 5,816 1,986 Intangible fixed assets 5,507 5, Investments and other assets 179,152 70, ,747 1,659 Total long-term assets 399, , ,796 3,696 Exchange conversion adjustments 2,831 2,831 Total assets 915, ,233 21,776 8,476 Liabilities and shareholders' equity Current liabilities: Notes and accounts payable, trade 155, ,902 18,462 1,439 Short-term loans 204, ,891 15,753 1,895 Other current liabilities 210, ,128 21,647 1,952 Total current liabilities 570, ,922 18,939 5,286 Long-term liabilities 169, ,130 29,057 1,565 Total liabilities 739, ,053 10,118 6,851 Minority interests in consolidated subsidiaries 33,111 33, Shareholders' equity: Common stock, 50 par value 47,586 47, Capital surplus 38,397 38, Consolidated retained earnings 59,098 67,961 8, Valuation account of other marketable securities, net Exchange conversion adjustments 2,970 2, Less shares of common stock held by the Company Total shareholders' equity 142, ,945 11,535 1,319 Total liabilities, minority interests and shareholders' equity 915, ,233 21,776 8,476 4

5 Consolidated Statements of Cash Flows 1st half 1st half FY2000 FY Cash flows from operating activities: Net loss before income taxes 11, Depreciation and amortization 15, Interest and dividends income 2, Interest expense 2, Decrease in trade receivables 49, Increase in inventories 40, Decrease in trade payables 18, Increase in advances received 23, Other, net 2, Subtotal 16, Interest and dividends received 2, Interest paid 3, Income taxes paid 2, Net cash provided by operating activities 13, Cash flows from investing activities: Purchase of fixed assets and investment securities 18, Proceeds from sale of fixed assets and investment securities 7, Other, net 2, Net cash provided by investing activities 7, Cash flows from financing activities: Increase in short-term borrowings, net 10, Increase in commercial paper, net 1,000 9 Proceeds from long-term debt 3, Repayments of long-term debt and redemption of bonds 24, Other, net Net cash provided by financing activities 9, Effect of exchange rate changes on cash and cash equivalents Net decrease in cash and cash equivalents 4, Cash and cash equivalents at beginning of year 49, Cash and cash equivalents at end of year 45,

6 Consolidated Segment Information 1. Net sales by business segment 1st half 1st half Change(%) 1st half FY2000 (A) FY1999 (B) (A)/(B) FY2000 Energy & Electric 126, , % 1,170 ED&C Drive 88,361 73, % 818 Electronics 64,060 58, % ,414 76, % 689 Others 34,282 53, % 317 Subtotal 387, , % 3,587 Elimination 30,500 27, Total 356, , % 3, Operating income by business segment 1st half 1st half Change(%) 1st half FY2000 (A) FY1999 (B) (A)/(B) FY2000 Energy & Electric 13,437 8, ED&C Drive 774 1,232 7 Electronics 1,225 1, ,573 6, % 24 Others 1, % 10 Subtotal 9,329 5, Elimination Total 9,360 5,

7 3. Net overseas sales 1st half 1st half Change(%) 1st half FY2000 (A) FY1999 (B) (A)/(B) FY2000 North America 7,792 5, % 72 Europe 4,794 3, % 44 Asia 34,543 44, % 320 Other 1,174 6, % 11 Total 48,305 60, % 447 Ratio to net sales North America 2.2% 1.5% Europe 1.3% 1.1% Asia 9.7% 12.4% Other 0.3% 1.8% Total 13.5% 16.8% 7

8 Supplemental Consolidated Financial Materials for FY2000 Half-Year October 26, 2000 Fuji Electric Co., Ltd. 1. Financial summary Net sales Operating income Ordinary income Net income Ratio of consolidated to non-consolidated Times Net sales Net income Number of consolidated subsidiaries Number of consolidated subsidiaries Net income per share Net income per share Number of employees Number of employees 27,459 27,395 28,652 27, Net sales by business segment Energy & Electric ED&C Drive Electronics Others Subtotal Elimination Total Note : Net sales include inter-segment transactions. 1

9 7. Operating income by business segment Energy & Electric ED&C Drive Electronics Others Subtotal Elimination Total R&D expenditures Energy & Electric ED&C Drive Electronics Others Total Ratio to net sales (%) 3.6% 3.1% 1.3% 3.3% 9. Plant and equipment investment (including leases) Energy & Electric ED&C Drive Electronics Others Total (Leases) (4.0) (11.4) (2.4) (4.8) Note: Leases are included in total plant and equipment investment. 10. Depreciation Depreciation