Fact Book
Fuji Oil Group Integrated Report
Supplement
2 0 2 3
Consolidated Financial Statements (Japanese GAAP)
Consolidated Balance Sheets
FUJI OIL HOLDINGS INC. and Consolidated Subsidiaries | As of March 31, 2018 to March 31, 2023 | ||||||
(Millions of yen) | |||||||
FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | ||
Assets | |||||||
Current assets | |||||||
Cash and deposits | 13,009 | 21,217 | 18,589 | 20,463 | 15,926 | 19,002 | |
Notes and accounts receivable-trade | 64,031 | 71,192 | 65,749 | 65,954 | 81,121 | 93,023 | |
Merchandise and finished goods | 23,866 | 31,315 | 33,932 | 31,832 | 40,786 | 49,082 | |
Raw materials and supplies | 24,474 | 53,895 | 45,529 | 36,960 | 55,249 | 56,662 | |
Other | 5,841 | 8,068 | 5,056 | 5,746 | 8,468 | 10,173 | |
Allowance for doubtful accounts | (419) | (254) | (196) | (221) | (217) | (173) | |
Total current assets | 130,805 | 185,435 | 168,662 | 160,736 | 201,334 | 227,771 | |
Non-current assets | ||||||||
Property, plant and equipment | ||||||||
Buildings and structures, net | 35,279 | 39,562 | 37,988 | 37,468 | 39,485 | 44,374 | ||
Machinery, equipment and vehicles, net | 35,856 | 49,671 | 48,473 | 49,472 | 58,137 | 64,308 | ||
Land | 14,734 | 18,052 | 18,243 | 17,719 | 20,659 | 21,226 | ||
Right-of-use assets, net | - | - | - | - | 4,370 | 13,277 | ||
Construction in progress | 6,638 | 7,580 | 12,593 | 17,810 | 15,283 | 13,833 | ||
Other, net | 2,374 | 2,461 | 6,308 | 6,963 | 2,690 | 2,834 | ||
Total property, plant and equipment | 94,883 | 117,327 | 123,606 | 129,435 | 140,628 | 159,855 | ||
Intangible assets | ||||||||
Goodwill | 11,647 | 34,083 | 29,227 | 25,590 | 27,008 | |||
27,245 | ||||||||
Customer-related assets | - | 20,197 | 18,080 | 16,046 | 16,954 | 17,793 | ||
Other | 10,430 | 12,860 | 12,371 | 11,075 | 11,734 | 12,283 | ||
Total intangible assets | 22,077 | 67,140 | 59,679 | 52,712 | 55,697 | 57,322 | ||
Investments and other assets | ||||||||
Investment securities | 16,484 | 12,388 | 8,133 | 7,411 | 7,122 | 14,378 | ||
Retirement benefit asset | 2,076 | 2,707 | 2,238 | 4,670 | 4,952 | 4,791 | ||
Deferred tax assets | 642 | 1,178 | 1,504 | 642 | 708 | |||
649 | ||||||||
Other | 3,915 | 4,468 | 3,417 | 2,778 | 6,110 | 3,988 | ||
Allowance for doubtful accounts | (154) | (123) | (119) | (61) | (62) | (63) | ||
Total investments and other assets | 22,964 | 20,620 | 15,173 | 15,441 | 18,831 | 23,745 | ||
Total non-current assets | 139,925 | 205,088 | 198,459 | 197,589 | 215,156 | 240,922 | ||
Deferred assets | ||||||||
Bond issuance costs | - | - | 243 | 185 | 126 | 95 | ||
Total deferred assets | - | - | 243 | 185 | 126 | 95 | ||
Total assets | 270,731 | 390,524 | 367,365 | 358,511 | 416,617 | 468,789 | ||
Change in the accounting period
From fiscal 2019, we have changed the closing settlement date to March 31 or have applied temporary settlement on the consolidated settlement date. The purpose is to promote integrated management of the Group by unifying the management cycle and to further improve management transparency through timely and appropriate disclosure of management information, such as business performance. Due to a change in their accounting period, fiscal 2019 is a 15-month period covering January 1, 2019 to March 31, 2020 for 19 Group companies outside of Japan and fiscal 2022 is a 15-month period and a 14-month period for INDUSTRIAL FOOD SERVICES and Blommer Chocolate Manufacturing (Shanghai) Company Ltd., respectively.
(Millions of yen) | ||||||||
FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | |||
Liabilities | ||||||||
Current liabilities | ||||||||
Notes and accounts payable-trade | 25,210 | 31,723 | 26,671 | 28,222 | 40,654 | 40,285 | ||
Short-term borrowings | 19,747 | 114,249 | 51,300 | 36,965 | 44,518 | 76,091 | ||
Current portion of bonds payable | - | - | - | - | 10,000 | - | ||
Commercial paper | 5,000 | - | 10,000 | 10,000 | 10,000 | 10,000 | ||
Income taxes payable | 2,263 | 1,531 | 2,935 | 2,608 | 1,727 | 1,872 | ||
Provision for bonuses | 2,415 | 2,533 | 2,589 | 2,140 | 2,588 | 2,764 | ||
Provision for bonuses for directors | ||||||||
(and other officers) | 86 | 106 | 128 | 87 | 62 | 52 | ||
Other | 12,738 | 18,188 | 11,859 | 10,993 | 11,290 | 14,826 | ||
Total current liabilities | 67,460 | 168,333 | 105,484 | 91,017 | 120,840 | 145,891 | ||
Non-current liabilities | ||||||||
Bonds payable | 10,000 | 10,000 | 45,000 | 45,000 | 35,000 | 41,000 | ||
Long-term borrowings | 21,865 | 36,205 | 39,931 | 39,344 | 49,251 | 41,325 | ||
Deferred tax liabilities | 3,221 | 12,788 | 12,300 | 13,510 | 15,038 | 15,762 | ||
Retirement benefit liability | 2,088 | 1,992 | 2,028 | 1,958 | 1,996 | 1,885 | ||
Lease liabilities | - | - | - | - | 2,854 | 9,790 | ||
Other | 1,196 | 1,976 | 4,634 | 4,790 | 2,141 | 2,149 | ||
Total non-current liabilities | 38,372 | 62,963 | 103,894 | 104,604 | 106,282 | 111,914 | ||
Total liabilities | 105,833 | 231,297 | 209,379 | 195,621 | 227,122 | 257,806 | ||
Net assets | ||||||||
Shareholders' equity | ||||||||
Share capital | 13,208 | 13,208 | 13,208 | 13,208 | 13,208 | 13,208 | ||
Capital surplus | 15,609 | 12,478 | 11,730 | 11,945 | 11,945 | 14,757 | ||
Retained earnings | 129,031 | 136,315 | 148,119 | 152,675 | 159,664 | 161,305 | ||
Treasury shares | (1,750) | (1,752) | (1,753) | (1,968) | (1,954) | (1,946) | ||
Total shareholders' equity | 156,098 | 160,249 | 171,306 | 175,860 | 182,864 | 187,324 |
- Accumulated other comprehensive income
- Valuation difference on available-for-
sale securities | 5,543 | 4,176 | 2,272 | 1,810 | 1,523 | 1,593 | |
Deferred gains or losses on hedges | (329) | (9) | 124 | 483 | 1,070 | (547) | |
Foreign currency translation adjustment | (592) | (7,487) | (16,950) | (18,150) | 1,079 | 15,108 | |
Remeasurements of defined benefit | |||||||
plans | (509) | (507) | (1,285) | 20 | (161) | (657) | |
Total accumulated other | |||||||
comprehensive income | 4,112 | (3,829) | (15,838) | (15,837) | 3,512 | 15,496 | |
Non-controlling interests | 4,686 | 2,806 | 2,518 | 2,866 | 3,117 | 8,163 | |
Total net assets | 164,897 | 159,227 | 157,986 | 162,890 | 189,495 | 210,983 | |
Total liabilities and net assets | 270,731 | 390,524 | 367,365 | 358,511 | 416,617 | 468,789 | |
FUJI OIL GROUP Fact Book 2023 | FUJI OIL GROUP Fact Book 2023 | 1 |
Consolidated Financial Statements (Japanese GAAP)
Consolidated Statements of Income
FUJI OIL HOLDINGS INC. and Consolidated Subsidiaries | For the fiscal years ended March 31, 2018 to March 31, 2023 | ||||||
(Millions of yen) | |||||||
FY2019 | FY2022 | ||||||
FY2017 | FY2018 | (Outside of Japan, | FY2020 | FY2021 | |||
15 months) | |||||||
Net sales | 307,645 | 300,844 | 414,727 | 364,779 | 433,831 | 557,410 | |
Cost of sales | 244,145 | 235,593 | 334,411 | 298,915 | 367,519 | 485,166 | |
Gross profit | 63,500 | 65,250 | 80,315 | 65,864 | 66,312 | 72,244 | |
Selling, general and administrative | |||||||
expenses | 43,018 | 46,725 | 56,717 | 47,952 | 51,303 | 61,303 | |
Operating profit | 20,481 | 18,525 | 23,598 | 17,911 | 15,008 | 10,940 | |
Non-operating income | |||||||
Interest income | 434 | 305 | 266 | 181 | 566 | 452 | |
Dividend income | 183 | 144 | 121 | 83 | 76 | 82 | |
Foreign exchange gains | - | 32 | 489 | 467 | - | 296 | |
Share of profit of entities accounted for | |||||||
using equity method | 147 | 458 | 100 | 333 | 144 | 1,007 | |
Gain on valuation of derivatives | - | - | - | 259 | 98 | - | |
Other | 514 | 490 | 682 | 417 | 477 | 749 | |
Total non-operating income | 1,279 | 1,025 | 1,662 | 1,742 | 1,363 | 2,588 | |
Non-operating expenses | |||||||
Interest expenses | 716 | 510 | 2,106 | 1,415 | 977 | 2,563 | |
Foreign exchange losses | 230 | - | - | - | 211 | - | |
Provision of allowance for doubtful | |||||||
accounts | 298 | - | - | - | - | - | |
Other | 531 | 863 | 794 | 673 | 822 | 1,274 | |
Total non-operating expenses | 1,776 | 1,374 | 2,900 | 2,089 | 2,011 | 3,838 | |
Ordinary profit | 19,983 | 18,176 | 22,359 | 17,565 | 14,360 | 9,690 | |
Extraordinary income | |||||||
Gain on sale of non-current assets | - | 19 | 899 | 12 | 758 | 112 | |
Gain on sale of investment securities | 802 | 2,182 | 1,987 | 526 | 385 | 426 | |
Return of profit gained through short- | |||||||
term trading | 348 | - | - | - | - | - | |
Gain on transfer of business | - | - | 152 | - | - | - | |
Gain on sales of investments in capital | |||||||
of subsidiaries and associates | - | - | - | 530 | - | - | |
Gain on sale of shares of subsidiaries | |||||||
and associates | - | - | - | - | 910 | - | |
Refunded taxes | - | - | - | - | 758 | 141 | |
Gain on extinguishment of tie-in shares | - | - | - | - | - | 5 | |
Total extraordinary income | 1,151 | 2,202 | 3,038 | 1,069 | 2,812 | 686 | |
Extraordinary losses | |||||||
Loss on sale of non-current assets | - | - | - | 35 | 50 | 7 | |
Loss on retirement of non-current assets | - | - | 447 | 365 | 546 | 370 | |
Loss on disposal of fixed assets | 440 | 665 | - | - | - | - | |
Impairment losses | 836 | 2,039 | 900 | 1,110 | 43 | - | |
Loss on disaster | - | 505 | - | - | - | - | |
Restructuring expenses of subsidiaries | |||||||
and affiliates | 767 | 200 | 489 | - | 242 | 90 | |
Loss on valuation of shares of | |||||||
subsidiaries and associates | 34 | 428 | 158 | 102 | - | - | |
Loss on valuation of investments in | |||||||
capital of subsidiaries and associates | 221 | - | - | - | - | - | |
Loss on sale of investment securities | - | - | - | - | - | 4 | |
Loss on cancellation of leasehold contracts | - | - | 120 | - | - | - | |
Total extraordinary losses | 2,301 | 3,840 | 2,117 | 1,614 | 883 | 473 | |
Profit before income taxes | 18,833 | 16,538 | 23,279 | 17,020 | 16,289 | 9,903 | |
Income taxes-current | 5,165 | 3,974 | 5,824 | 4,025 | 4,418 | 4,465 | |
Income taxes-deferred | (606) | 562 | 539 | 1,769 | 218 | (715) | |
Total income taxes | 4,558 | 4,536 | 6,364 | 5,794 | 4,636 | 3,750 | |
Profit | 14,274 | 12,002 | 16,915 | 11,226 | 11,653 | 6,152 | |
Profit attributable to | |||||||
non-controlling interests | 532 | 420 | 539 | 211 | 148 | 25 | |
Profit attributable to owners of parent | 13,742 | 11,582 | 16,375 | 11,014 | 11,504 | 6,126 |
Consolidated Statements of Comprehensive Income
FUJI OIL HOLDINGS INC. and Consolidated Subsidiaries | For the fiscal years ended March 31, 2018 to March 31, 2023 | |||||
(Millions of yen) | ||||||
FY2019 | FY2022 | |||||
FY2017 | FY2018 | (Outside of Japan, | FY2020 | FY2021 | ||
15 months) | ||||||
Profit | 14,274 | 12,002 | 16,915 | 11,226 | 11,653 | 6,152 |
Other comprehensive income | ||||||
Valuation difference on available-for-sale | ||||||
securities | 59 | (1,367) | (1,903) | (462) | (286) | 70 |
Deferred gains or losses on hedges | (331) | 279 | 151 | 358 | 587 | (1,618) |
Foreign currency translation adjustment | (791) | (7,590) | (9,777) | (1,035) | 19,301 | 14,670 |
Remeasurements of defined benefit plans, | ||||||
net of tax | 635 | 1 | (777) | 1,305 | (181) | (496) |
Share of other comprehensive income of | ||||||
entities accounted for using equity method | (23) | (98) | (167) | 94 | 180 | 32 |
Total other comprehensive income | (451) | (8,775) | (12,474) | 260 | 19,601 | 12,658 |
Comprehensive income | 13,823 | 3,226 | 4,440 | 11,486 | 31,254 | 18,811 |
- Comprehensive income attributable to
- Comprehensive income attributable to
owners of parent | 13,444 | 3,640 | 4,365 | 11,016 | 30,854 | 18,847 |
Comprehensive income attributable to non- | ||||||
controlling interests | 378 | (413) | 74 | 470 | 400 | (36) |
Net Sales by Business
(Billions of yen)
600 | 557.4 | |||||||||||||
34.3 | ||||||||||||||
433.8 | 91.2 | |||||||||||||
414.7 | ||||||||||||||
34.2 | ||||||||||||||
35.4 | ||||||||||||||
400 | 364.8 | |||||||||||||
791. | ||||||||||||||
85.2 | 33.3 | |||||||||||||
307.6 | 228.5 | |||||||||||||
300.8 | ||||||||||||||
287.5 | 292.5 | 70.6 | ||||||||||||
271.9 | 38.0 | 36.1 | ||||||||||||
253.0 | 40.5 | 39.2 | ||||||||||||
222.7 | 236.6 | 232.2 | 39.4 | |||||||||||
39.2 | ||||||||||||||
36.6 | 86.5 | 185.5 | ||||||||||||
36.9 | 180.1 | |||||||||||||
200 | 37.3 | 156.1 | ||||||||||||
127.6 | 138.2 | 146.8 | 162.4 | |||||||||||
118.6 | ||||||||||||||
100.7 | 104.4 | |||||||||||||
95.8 | 72.1 | |||||||||||||
203.4 | ||||||||||||||
89.6 | 99.2 | 90.9 | 95.2 | 104.8 | 108.8 | 106.5 | 113.6 | 106.1 | 114.1 | 98.4 | 135.0 | |||
0 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | (FY) |
Vegetable Oils and Fats Business (Oils and Fats Business) Confectionery and Bakery Ingredients Business Industrial Chocolate Business Emulsified and Fermented Ingredients Business Soy-Based Ingredients Business (Soy Business)
Notes: 1 Net sales represents net sales from external sources.
- The figures for fiscal 2020 have been retroactively adjusted to reflect the reclassification of soy milk and USS soy milk products from the Soy-Based Ingredients Business to the Emulsified and Fermented Ingredients Business from fiscal 2021.
- In fiscal 2019, the Group's business segments were reorganized and the Oils and Fats Business and the Soy Business were renamed the Vegetable Oils and Fats Business and the Soy- Based Ingredients Business, respectively. Meanwhile, the Confectionery and Bakery Ingredients Business was split off into the Industrial Chocolate Business and the Emulsified and Fermented Ingredients Business.
- In fiscal 2019, the Vegetable Oils and Fats Business in Europe was split off into the Vegetable Oils and Fats Business and the Industrial Chocolate Business.
- The figures for fiscal 2018 have been retroactively adjusted to reflect the transactions noted in 3. and 4. above.
Operating Profit / Profit Attributable to Owners of Parent | |||||||||||||||
(Billions of yen) | |||||||||||||||
25 | 23.6 | ||||||||||||||
19.7 | 20.5 | ||||||||||||||
20 | 18.5 | 17.9 | |||||||||||||
16.8 | |||||||||||||||
16.6 | 15.2 | 16.4 | |||||||||||||
14.1 | 14.2 | 15.0 | |||||||||||||
15 | 13.0 | 13.7 | |||||||||||||
12.1 | |||||||||||||||
11.6 | 11.0 | 11.5 | 10.9 | ||||||||||||
9.8 | 9.3 | 9.2 | |||||||||||||
10 | 8.3 | 8.3 | 8.2 | ||||||||||||
6.1 | |||||||||||||||
5 | |||||||||||||||
0 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | (FY) | |
Operating profit | Profit attributable to owners of parent |
2 | FUJI OIL GROUP Fact Book 2023 | FUJI OIL GROUP Fact Book 2023 | 3 |
Consolidated Financial Statements (Japanese GAAP)
Consolidated Statements of Cash Flows
FUJI OIL HOLDINGS INC. and Consolidated Subsidiaries For the fiscal years ended March 31, 2018 to March 31, 2023
(Millions of yen) | |||||||
FY2019 | FY2022 | ||||||
FY2017 | FY2018 | (Outside of Japan, | FY2020 | FY2021 | |||
15 months) | |||||||
Cash flows from operating activities | |||||||
Profit before income taxes | 18,833 | 16,538 | 23,279 | 17,020 | 16,289 | 9,903 | |
Depreciation | 10,900 | 11,989 | 15,537 | 14,336 | 15,285 | 17,671 | |
Amortization of goodwill | - | 709 | 2,399 | 2,071 | 2,160 | 2,629 | |
Decrease (increase) in retirement benefit asset | (1,053) | (630) | 469 | (2,432) | (281) | 161 | |
Increase (decrease) in retirement benefit liability | 1,091 | (39) | (1,018) | 2,173 | (295) | (880) | |
Interest and dividend income | (617) | (449) | (388) | (265) | (643) | (534) | |
Interest expenses | 716 | 510 | 2,106 | 1,415 | 977 | 2,563 | |
Impairment losses | 836 | 2,039 | 900 | 1,110 | 43 | - | |
Restructuring expenses of subsidiaries and affiliates | - | - | 489 | - | - | - | |
Loss (gain) on sale of shares of subsidiaries and | |||||||
associates | - | - | - | (530) | - | - | |
Loss on disaster | - | 505 | - | - | - | - | |
Share of loss (profit) of entities accounted for using | |||||||
equity method | (147) | (84) | (100) | (333) | (144) | (1,007) | |
Loss (gain) on sale of investment securities | (802) | (2,182) | (1,987) | (526) | (385) | (422) | |
Loss (gain) on disposal of non-current assets | 440 | 646 | (451) | 388 | (161) | 227 | |
Loss (gain) on sales of investments in capital of | |||||||
subsidiaries and associates | - | - | - | - | (910) | - | |
Loss on valuation of shares of subsidiaries and | |||||||
associates | 34 | 428 | 158 | 102 | - | - | |
Loss (gain) on sales of investments in capital of | |||||||
subsidiaries and associates | 221 | - | - | - | - | - | |
Decrease (increase) in trade receivables | (5,006) | 1,062 | 2,877 | (1,078) | (10,183) | (8,144) | |
Decrease (increase) in inventories | 4,377 | (1,298) | 4,032 | 10,041 | (20,962) | (3,533) | |
Increase (decrease) in trade payables | 1,983 | (887) | (4,049) | 1,913 | 8,940 | (2,528) | |
Other, net | 1,647 | (581) | (2,803) | (1,418) | (255) | (459) | |
Subtotal | 33,457 | 28,275 | 41,453 | 43,990 | 9,473 | 15,646 | |
Interest and dividends received | 621 | 442 | 399 | 270 | 383 | 1,101 | |
Interest paid | (714) | (536) | (1,996) | (1,526) | (941) | (2,411) | |
Income taxes refund (paid) | (5,158) | (5,544) | (2,797) | (4,529) | (5,378) | (6,741) | |
Net cash provided by (used in) operating activities | 28,206 | 22,637 | 37,058 | 38,205 | 3,537 | 7,594 | |
Cash flows from investing activities | |||||||
Purchase of property, plant and equipment | (13,919) | (15,101) | (19,701) | (19,927) | (18,107) | (18,404) | |
Proceeds from sale of property, plant and equipment | - | 391 | 1,165 | 24 | 1,279 | 1,699 | |
Purchase of intangible assets | (1,395) | (1,884) | (1,847) | (954) | (1,019) | (1,126) | |
Purchase of investment securities | (12) | (13) | (17) | (9) | (101) | (297) | |
Proceeds from sale of investment securities | 1,749 | 4,221 | 2,976 | 767 | 684 | 591 | |
Payments for purchase of shares of subsidiaries | - | (65,262) | - | - | - | - | |
Proceeds from the liquidation of subsidiaries and | |||||||
associates | - | - | 288 | 84 | - | - | |
Proceeds from sales of investment in subsidiaries | |||||||
resulting in change in scope of consolidation | 32 | - | - | - | - | - | |
Payments for purchase of investments in affiliated | |||||||
companies | (815) | - | - | - | - | - | |
Proceeds from sale of shares of subsidiaries resulting | |||||||
in change in scope of consolidation | - | - | - | 1,145 | - | - | |
Payments for investments in capital | - | - | - | - | (325) | (105) | |
Payments for sales of investments in capital | |||||||
of subsidiaries resulting in change in scope of | |||||||
consolidation | - | (1,012) | (225) | - | (155) | - | |
Proceeds from sale of investments in subsidiaries | - | - | - | - | - | 1,394 | |
Proceeds from collection of long-term loans receivable | - | - | 30 | 1,742 | 16 | 8 | |
Purchase of long-term prepaid expenses | - | - | - | - | (773) | - | |
Other, net | (149) | (444) | (973) | (267) | (303) | (247) | |
Net cash provided by (used in) investing activities | (14,510) | (79,104) | (18,302) | (17,395) | (18,807) | (16,487) |
4 | FUJI OIL GROUP Fact Book 2023 |
(Millions of yen) | |||||||
FY2019 | FY2022 | ||||||
FY2017 | FY2018 | (Outside of Japan, | FY2020 | FY2021 | |||
15 months) | |||||||
Cash flows from financing activities | |||||||
Net increase (decrease) in short-term borrowings | (8,994) | 82,914 | (81,563) | 1,731 | 8,175 | 19,458 | |
Net increase (decrease) in commercial paper | 5,000 | (5,000) | 10,000 | - | - | - | |
Proceeds from long-term borrowings | 1,248 | 2,764 | 29,516 | 9,040 | 14,836 | 7,608 | |
Repayments of long-term borrowings | (6,444) | (5,243) | (6,811) | (25,308) | (8,446) | (7,328) | |
Proceeds from issuance of bonds | - | - | 34,707 | - | - | 5,967 | |
Redemption of bonds | - | - | - | - | - | (10,000) | |
Dividends paid | (3,868) | (4,297) | (4,469) | (4,730) | (4,475) | (4,475) | |
Dividends paid to non-controlling interests | (124) | (126) | (137) | (128) | (122) | (189) |
- Payments from changes in ownership interests in subsidiaries that do not result in change in scope of
consolidation | (125) | (4,874) | (1,094) | - | - | - |
- Payments from changes in ownership interests in investments in capital of subsidiaries that do not result
in change in scope of consolidation | - | (517) | - | - | - | - |
Proceeds from sale of shares of subsidiaries not | ||||||
resulting in change in scope of consolidation | - | - | - | 79 | - | - |
Other, net | (144) | (131) | (821) | (613) | (579) | (1,235) |
Net cash provided by (used in) financing activities | (13,452) | 65,487 | (20,674) | (19,931) | 9,387 | 9,804 |
Effect of exchange rate change on cash and cash | ||||||
equivalents | (122) | (811) | (829) | 995 | 1,345 | 349 |
Net increase (decrease) in cash and cash equivalents | 120 | 8,208 | (2,748) | 1,873 | (4,536) | 1,260 |
Cash and cash equivalents at beginning of period | 12,681 | 12,999 | 21,207 | 18,578 | 20,452 | 15,915 |
Increase in cash and cash equivalents resulting from | ||||||
merger with unconsolidated subsidiaries | - | - | - | - | - | 16 |
Cash and cash equivalents from newly consolidated | ||||||
subsidiaries at beginning of period | 197 | - | 119 | - | - | 1,798 |
Cash and cash equivalents at end of period | 12,999 | 21,207 | 18,578 | 20,452 | 15,915 | 18,991 |
Cash Flows
(Billions of yen)
80 | 65.5 | ||||||||||||
60 | |||||||||||||
37.1 | 38.2 | ||||||||||||
40 | 24.0 | 28.2 | 22.6 | 20.8 | |||||||||
18.8 | |||||||||||||
18.7 | 14.5 | 16.5 | |||||||||||
20 | 13.86.9 | 16.0 | 13.7 | ||||||||||
10.1 | 0.5 | 2.8 | 9.4 | 7.6 | 9.8 | ||||||||
3.5 | |||||||||||||
0 | (8.6)(4.5) | (6.9) | (3.3) | (18.8) | (5.7) | (14.5) | (15.3) | (8.9) | |||||
(20) | (12.8) | (14.0) | (13.8) | (13.5) | (18.3) (20.7) | (17.4) (19.9) | (18.8) | (16.5) | |||||
(34.8) | |||||||||||||
(40) | |||||||||||||
(60) | (56.5) | ||||||||||||
(79.1) | |||||||||||||
(80) | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | (FY) | |
Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Free cash flow
Capital Expenditures / Depreciation Expenses
(Billions of yen)
25
20.8 | 21.5 | ||||||||||||||||||||
20 | 18.0 | ||||||||||||||||||||
15.3 | 14.7 | 15.9 | 17.3 | ||||||||||||||||||
14.6 | |||||||||||||||||||||
15 | 13.6 | 13.0 | 12.7 | ||||||||||||||||||
11.8 | |||||||||||||||||||||
11.2 | |||||||||||||||||||||
11.0 | |||||||||||||||||||||
10 | 8.1 | 8.3 | 10.0 | ||||||||||||||||||
9.2 | 9.6 | ||||||||||||||||||||
8.2 | |||||||||||||||||||||
6.5 | 6.1 | ||||||||||||||||||||
5 | |||||||||||||||||||||
0 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | (FY) | |||||||||
Capital expenditures | Depreciation expenses | FUJI OIL GROUP Fact Book 2023 | 5 | ||||||||||||||||||
Financial Analysis
Key Performance Indicators
(Billions of yen) | |||||||||
FY2017 | FY2018 | FY2019* | 1 | FY2020 | FY2021 | FY2022* | 2 | FY2023 | |
Forecast*3 | |||||||||
EBITDA | 32.1 | 31.2 | 41.5 | 34.3 | 32.4 | 31.2 | 36.5 | ||
Capital expenditures | 14.7 | 15.9 | 18.0 | 20.8 | 17.3 | 21.5 | - | ||
Depreciation expenses | 10.0 | 11.0 | 13.0 | 11.8 | 12.7 | 14.6 | - | ||
Interest-bearing debt | 56.6 | 160.5 | 146.2 | 131.3 | 148.8 | 168.4 | 1,270 | ||
Net interest-bearing debt | 43.6 | 139.2 | 127.6 | 110.8 | 132.8 | 149.4 | 1,120 | ||
Net operating capital | 63.3 | 17.1 | 63.2 | 69.7 | 80.5 | 81.9 | - | ||
Net interest-bearing debt/ | |||||||||
EBITDA (Times) | 1.4 | 4.5 | 3.1 | 3.2 | 4.1 | 4.8 | 3.1 | ||
Equity ratio (%) | 59.2 | 40.1 | 42.3 | 44.6 | 44.7 | 43.3 | 50.1 | ||
D/E ratio*4 (Times) | 0.35 | 1.03 | 0.94 | 0.82 | 0.80 | 0.83 | 0.58 | ||
Net D/E ratio*5 (Times) | 0.28 | 0.87 | 0.75 | 0.63 | 0.73 | 0.80 | 0.56 | ||
Cash flows from operating activities | 28.2 | 22.6 | 37.1 | 38.2 | 3.5 | 7.6 | 40.0 | ||
Cash flows from investing activities | (14.5) | (79.1) | (18.3) | (17.4) | (18.8) | (16.5) | 2.0 | ||
Free cash flow | 13.7 | (56.5) | 18.8 | 20.8 | (15.3) | (8.9) | 42.0 | ||
ROE (%) | 8.8 | 7.3 | 10.5 | 7.0 | 6.6 | 3.1 | 7.6 | ||
ROA (%) | 7.4 | 5.5 | 5.9 | 4.8 | 3.7 | 2.2 | 3.3 | ||
Operating profit margin (%) | 6.7 | 6.2 | 5.7 | 4.9 | 3.5 | 2.0 | 3.0 | ||
ROIC*6 (%) | 6.6 | 4.1 | 5.4 | 4.3 | 3.1 | 2.0 | 3.3 | ||
CCC (Days) | 103 | 105*7 | 113*8 | 107 | 115 | 104 | 98 | ||
Stock price, at year-end (Yen) | 3,210 | 3,790 | 2,608 | 2,953 | 1,980 | 1,923 | - | ||
Earnings per share (Yen) | 159.87 | 134.75 | 190.51 | 128.14 | 133.84 | 71.27 | 186.12 | ||
Net assets per share (Yen) | 1,863.83 | 1,819.74 | 1,808.65 | 1,861.67 | 2,168.13 | 2,359.34 | - | ||
* 1 Due to a change in their accounting period, fiscal 2019 is a 15-month period covering January 1, 2019 to March 31, 2020 for 19 Group companies outside of Japan
*2 Due to a change in their accounting period, fiscal 2022 is a 15-month period and a 14-month period for INDUSTRIAL FOOD SERVICES and Blommer Chocolate Manufacturing (Shanghai) Company Ltd., respectively
*3 As of May 10, 2023
*4 D/E ratio = Interest-bearing debt/Equity
*5 Net D/E ratio = Net interest-bearing debt/Shareholders' equity
*6 ROIC = Operating profit x (1 - Corporate tax rate) / (Interest-bearing debt + Owned capital)
*7 Excluding Blommer
*8 Calculated based on 12-month period for Group companies outside of Japan that reported 15 months of results
Allocation of Operating Cash Flows
(Billions of yen) | |
90 | 4.3 |
60 | |||||||||
79.1 | |||||||||
30 | 9.6 | 13.9 | 16.3 | 4.5 | |||||
37.1 | 4.8 | 38.2 | 4.5 | 4.5 | |||||
28.2 | 4.1 | ||||||||
22.6 | 18.3 | 17.4 | 3.5 | 18.8 | 16.5 | ||||
14.5 | 7.6 | ||||||||
0 | |||||||||
(19.7) | (13.4) | ||||||||
(30) | (60.8) | ||||||||
(60) |
(90) | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | (FY) | ||||||
Cash flows from operating activities | Cash flows from investing activities | Total dividends paid | Free cash flow, adjusted for dividend payments | ||||||||||
Net Sales and Operating Profit by Region and Business
(Millions of yen) | |||||||
FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | ||
(Outside of Japan, | |||||||
Forecast*3 | |||||||
12 months)*1 | |||||||
Net sales | |||||||
Vegetable Oils and Fats Business | Japan | 36,782 | 35,430 | 35,221 | 43,387 | 56,432 | 56,700 |
Americas | 28,782 | 28,200 | 30,333 | 43,839 | 79,217 | 64,400 | |
Southeast Asia | 17,793 | 16,313 | 14,987 | 20,982 | 30,858 | 29,700 | |
China | 2,893 | 2,524 | 2,714 | 2,994 | 3,374 | 3,100 | |
Europe*2 | 19,889 | 15,417 | 15,156 | 23,772 | 33,564 | 29,600 | |
Total | 106,142 | 97,886 | 98,413 | 134,976 | 203,448 | 183,500 | |
Industrial Chocolate Business | Japan | 38,560 | 38,189 | 36,271 | 39,537 | 42,248 | 44,600 |
Americas | 17,247 | 116,667 | 107,738 | 122,233 | 153,324 | 155,800 | |
Southeast Asia | 9,862 | 10,593 | 9,729 | 12,540 | 18,168 | 19,800 | |
China | 2,896 | 2,791 | 5,628 | 6,392 | 7,467 | 7,100 | |
Europe*2 | 3,533 | 3,479 | 3,076 | 4,834 | 7,304 | 7,900 | |
Total | 72,100 | 171,723 | 162,445 | 185,540 | 228,513 | 235,200 | |
Emulsified and Fermented | Japan | 62,487 | 60,519 | 49,725 | 51,292 | 57,697 | 58,700 |
Ingredients Business | Southeast Asia | 11,366 | 9,766 | 9,208 | 11,981 | 16,071 | 17,600 |
China | 12,639 | 10,735 | 11,664 | 15,872 | 17,395 | 19,000 | |
Total | 86,492 | 81,021 | 70,599 | 79,146 | 91,164 | 95,300 | |
Soy-Based Ingredients Business | Japan | 33,129 | 31,039 | 31,644 | 32,315 | 33,248 | 34,800 |
China | 2,981 | 2,001 | 1,677 | 1,852 | 1,035 | 1,100 | |
Europe | - | - | - | - | - | 100 | |
Total | 36,110 | 33,040 | 33,321 | 34,167 | 34,284 | 36,000 | |
Total net sales | 300,844 | 383,672 | 364,779 | 433,831 | 557,410 | 550,000 | |
Operating profit | |||||||
Vegetable Oils and Fats Business | Japan | 3,984 | 4,626 | 4,450 | 3,806 | 3,950 | 3,829 |
Americas | 1,753 | 2,731 | 1,927 | 333 | (938) | 2,048 | |
Southeast Asia | 929 | 1,325 | 1,091 | 2,120 | 2,959 | 1,623 | |
China | 306 | 156 | 167 | 11 | (187) | (227) | |
Europe*2 | 842 | 1,196 | 75 | 1,236 | 1,383 | 1,231 | |
Consolidated | |||||||
adjustment | 9 | 88 | 160 | (107) | (145) | 28 | |
Total | 7,825 | 10,124 | 7,872 | 7,401 | 7,021 | 8,532 | |
Industrial Chocolate Business | Japan | 6,446 | 6,974 | 5,874 | 6,325 | 5,629 | 5,312 |
Americas | 1,360 | (775) | 1,268 | 244 | (2,026) | 1,292 | |
Southeast Asia | 961 | 865 | 349 | 651 | 882 | 1,392 | |
China | (28) | 66 | (166) | 135 | 38 | (96) | |
Europe*2 | 323 | 365 | 233 | 174 | 375 | 309 | |
Consolidated | |||||||
adjustment | (1,306) | 49 | 48 | 17 | 73 | 29 | |
Total | 7,756 | 7,547 | 7,608 | 7,548 | 4,973 | 8,238 | |
Emulsified and Fermented | Japan | 1,830 | 2,103 | 1,462 | 1,794 | 2,163 | 2,023 |
Ingredients Business | Southeast Asia | 198 | 252 | (152) | (864) | (432) | 215 |
China | 991 | 1,055 | 1,318 | 530 | (185) | 786 | |
Consolidated | |||||||
adjustment | 300 | 167 | 75 | 157 | (54) | 33 | |
Total | 3,320 | 3,577 | 2,703 | 1,617 | 1,490 | 3,058 | |
Soy-Based Ingredients Business | Japan | 2,648 | 3,369 | 3,303 | 2,049 | 1,346 | 1,330 |
China | 584 | 527 | 331 | 317 | 284 | 380 | |
Europe | - | (23) | (126) | (296) | (376) | (724) | |
Consolidated | |||||||
adjustment | 56 | 276 | (24) | 78 | 22 | 40 | |
Total | 3,289 | 4,150 | 3,484 | 2,149 | 1,277 | 1,026 | |
Consolidated adjustment/ | |||||||
Group administrative expenses | (3,665) | (3,940) | (3,756) | (3,708) | (3,822) | (4,355) | |
Total operating profit | 18,525 | 21,459 | 17,911 | 15,008 | 10,940 | 16,500 |
Note: The figures for fiscal 2019 (outside of Japan, 12 months) and fiscal 2020 have been retroactively adjusted to reflect the reclassification of soy milk and USS soy milk products from the Soy-Based Ingredients Business to the Emulsified and Fermented Ingredients Business as of fiscal 2021.
*1 Figures for the 19 Group companies outside of Japan that changed their accounting period are for the 12-month period from April 2019 to March 2020.
*2 Figures for Europe, which were previously shown entirely under the Vegetable Oils and Fats Business, are shown separately under the Vegetable Oils and Fats Business and the Industrial Chocolate Business as of the first quarter of fiscal 2019.
*3 As of May 10, 2023
6 | FUJI OIL GROUP Fact Book 2023 | FUJI OIL GROUP Fact Book 2023 | 7 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Fuji Oil Holdings Inc. published this content on 27 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2023 06:29:07 UTC.