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04 28-13 fujielectric results-q4-2

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  • 1. 1©2013 Fuji Electric Co., Ltd. All rights reserved. 1April 26, 201April 26, 20133Fuji Electric CoFuji Electric Co.,., Ltd.Ltd.Management PlanManagement Planfor FY2013for FY2013
  • 2. 2©2013 Fuji Electric Co., Ltd. All rights reserved.Looking back from FY2010 to FY2012Establish profitable structure by business restructuringED&C, Magnetic Disks, Vending Machines, Drives, Power Semiconductorsand Solar CellsNet Sales Operating Income/LossFY2008 FY2010FY2009 FY2012FY2011 FY2008 FY2010FY2009 FY2012FY2011(Billion yen)-2.5%0.1%1.7%2.7%2.9%(Billion yen)766.6691.2 689.1 703.5745.8-18.90.911.919.322.0
  • 3. 3©2013 Fuji Electric Co., Ltd. All rights reserved.Brand StatementThrough our pursuit of innovation in electronic andthermal energy technology, we develop products thatmaximize energy efficiency and lead to a responsibleand sustainable society
  • 4. 4©2013 Fuji Electric Co., Ltd. All rights reserved.Expand energy-related businessesGlobalizeManagement PolicyRealize concerted strength as a team
  • 5. 5©2013 Fuji Electric Co., Ltd. All rights reserved.Fuji Electric’sEnergy-Related BusinessesPower and SocialInfrastructureIndustrialInfrastructurePower ElectronicsElectronic DevicesFood and BeverageDistributionSteam turbine Community energymanagement systemInverters UPSPower semiconductorsVendingmachinesRefrigerated andfreezer showcasesTransformers InstrumentationequipmentMagneticswitches
  • 6. 6©2013 Fuji Electric Co., Ltd. All rights reserved.Reorganization of Business SubsegmentSegment New Subsegment BusinessInformation systemsSocial InformationOthersMeasurement instrument, Radiation systemsInstrumentation and ControlSystemsDrive and automation systems, Induction heating systems, Air-environment, FEMSMachinery and ElectronicsSystemsPower and SocialInfrastructurePower Plant Thermal / Geothermal / Hydraulic power generation, Nuclear power-related equipment, Solar power generation systemsSocial Engineering Systems Power transmission and distribution systems, Watt-hour meters,CEMSIndustrialInfrastructureTransmission andDistributionIndustrial substation, Power grid substation, Railway transformerfacilities, Industrial power suppliesEquipment Construction Equipment ConstructionPower Electronics Drive Inverters, Servo systems, motors, Electric equipment for railcars, EVsystemsPower Supply Uninterruptible power supply systems (UPSs), Power conditioners(PCSs)ED&C Components Power distribution and control equipmentElectronic Devices Semiconductors Power semiconductors, Organic photoconductor drums, Solar cellsMagnetic Disks Magnetic disksFood and BeverageDistributionVending Machines Food and beverage vending machinesStore Distribution Smart stores, Currency handling equipment, Distribution systemsReorganize business subsegment to strengthen Industrial Infrastructure andPower Electronics Businesses
  • 7. 7©2013 Fuji Electric Co., Ltd. All rights reserved.25%21%12%2%7%14%19%FY2012(Former Subsegment)FY2013(New Subsegment)* Breakdown figures have been calculated based on amounts before adjustment and elimination forintra-segment internal transactions.Composition of Net Sales(comparison with former and new sebsegments)Food andBeverageDistributionIndustrialInfrastructuresSemiconductorsPowerElectronicsMagneticDisksOthersPower and SocialInfrastructure43% 58%24%14%15%4%11%18%14%
  • 8. 8©2013 Fuji Electric Co., Ltd. All rights reserved.Value before reflectingrevision in AccountingStandard for RetirementBenefitsFY2012ResultsFY2013Net debt-equity ratio 1.0 times 0.8 timesTotal net assets ratio 25.4% 26.1%ROA 3.4% 1.8%ROE 14.7% 7.0%Management Plan for FY2013FY2012ResultsFY2013Management PlanChangeNet Sales 745.8 750.0 +4.2Operating Income/Loss 22.0 27.0 +5.0Ordinary Income/Loss 25.7 26.0 +0.3Net Income/Loss 26.4 14.0 -12.4(Billion yen)FY2013Value after reflectingrevision in AccountingStandard for RetirementBenefits1.0 times21.1%1.8%7.7%
  • 9. 9©2013 Fuji Electric Co., Ltd. All rights reserved.745.8 750.0FY2012ResultsFY2013Management PlanElimination -44.5(Billion yen)0Elimination -49.460.6112.1113.6148.4198.7156.956.9115.4111.7164.5200.0151.1-3.7+3.3-1.9+1.2-5.8+16.1Food andBeverageDistributionPower andSocialInfrastructurePowerElectronicsIndustrialInfrastructureElectronicDevicesOthersChangeNet Sales for FY2013 (by segment)Magnetic Disks -9.6PowerSemiconductors +7.0PCS +5.9Thermal Power -24.3Solar Power +20.7Sales of items sold inVending Machines -3.9Vending Machines +6.5
  • 10. 10©2013 Fuji Electric Co., Ltd. All rights reserved.0(Billion yen)FY2013Management Plan745.8 750.0Ratio of overseas salesRatio of overseas sales 24% 25%Overseas +7.5Japan -3.3564.0178.5567.3186.0FY2012ResultsNet Sales for FY2013 (overseas percentage)Change
  • 11. 11©2013 Fuji Electric Co., Ltd. All rights reserved.178.5 186.0FY2012ResultsFY2013Management Plan(Billion yen)0+4%+2.1+1.0+4.2+0.2EuropeAsiaChinaAmericasOverseas Net Sales for FY2013 (by area)ChangeMagnetic Disks -7.7Power Electronics+4.7IndustrialInfrastructure +3.9Vending Machines+4.695.854.613.814.496.058.715.315.9
  • 12. 12©2013 Fuji Electric Co., Ltd. All rights reserved.178.5 186.0FY2012ResultsFY2013Management PlanElimination -1.4(Billion yen)0Elimination -0.35.30.968.048.130.627.14.56.260.054.634.726.3-0.9+5.3-7.9+4.2-0.8+6.5Food andBeverageDistributionPower andSocialInfrastructurePowerElectronicsIndustrialInfrastructureElectronicDevicesOthersChangeMagnetic Disks -9.6PowerSemiconductors +1.9Overseas Net Sales for FY2013 (by segment)
  • 13. 13©2013 Fuji Electric Co., Ltd. All rights reserved.22.027.0FY2012ResultsFY2013Management PlanElimination -5.3(Billion yen)0Elimination -6.61.66.41.211.08.4-1.41.56.71.54.811.08.0+5.0-0.1+0.3+2.90.0-0.4+3.6Food andBeverageDistributionPower andSocialInfrastructurePowerElectronicsIndustrialInfrastructureElectronicDevicesOthersChangeOperating Income/Loss for FY2013 (by segment)Operating income marginOperating income margin2.9%2.9% 3.6%3.6%
  • 14. 14©2013 Fuji Electric Co., Ltd. All rights reserved.Operating Income for FY2013(analysis of the increase and decrease)FY2013Management PlanFY2012Results(Billion yen)US$ EUROAssumed Exchange Rate ¥90.00 ¥115.00One Yen Effect* (Million yen) 90 70*Operating Income bases22.027.0-14.2-7.0-2.1+20.9+0.8+6.0+0.5PricedeclineIncrease infixed costMaterialprice hikesExchangerate effectIncreasein salesIncreaseproductionvolumesCostreduction
  • 15. 15©2013 Fuji Electric Co., Ltd. All rights reserved.Priority Measures by Segment
  • 16. 16©2013 Fuji Electric Co., Ltd. All rights reserved.Operating Income/OperatingIncome Margin (Billion yen)5.4% 5.3%Social EngineeringSystemPower PlantNet Sales by Subsegment(Billion yen)156.9 151.1FY2012ResultsFY2012ResultsPower and Social InfrastructureSocialInformationNet Sales- Substantial declines for Yoshinoura Thermal Power Station andwatt-hour meters- Significant increases for solar and hydroelectric power generationsystemsMarket Conditions- Brisk domestic demand for solar power generation systems, activeconstruction and expansion of thermal power plants- Increased orders for thermal and geothermal projects in AsiaPriority Measures- Expand sales of solar power generation systems- Increase orders (solar power generation systems in Japan, thermaland geothermal projects overseas)- Accelerate development and prepare for mass production ofsmart meters- Commercialize smart communitiesOperating Income- Declines for watt-hour meters80.236.142.7 42.932.078.6FY2013Management PlanFY2013Management Plan8.4 8.0
  • 17. 17©2013 Fuji Electric Co., Ltd. All rights reserved.Instrumentationand ControlSystemsTransmission andDistributionNet Sales by Subsegment(Billion yen)5.5% 5.5%FY2012ResultsFY2012ResultsIndustrial InfrastructureMachinery andElectronics Systems198.7 200.0EquipmentConstructionPriority Measures- Focus on reconstruction demand in Japan and energy-savingbusinesses- Strengthen operations in AsiaMarket Conditions- Domestic market conditions largely unchanged regardless ofanticipation for recovery due to government economic stimulusmeasures- Capital expenditure in Asia driving strong conditions in overseasmarketsNet Sales- Declines for radiation equipment- Increases for induction heating systems and drive control systems- Improve cost competitiveness of transmission and distributionequipment operations- Differentiate instrumentation and control systems operations- Strengthen coordination between plant system and equipmentconstructionFY2013Management PlanFY2013Management PlanOperating Income/OperatingIncome Margin (Billion yen)56.4 58.056.2 52.433.4 37.961.3 60.111.0 11.0
  • 18. 18©2013 Fuji Electric Co., Ltd. All rights reserved.Expanding Sales and Engineering Networkin Asia and ChinaIncrease 4 bases ⇒ 37 bases (FY2013 plan)Existing basesNewly establishedManama(Bahrain)MumbaiPhnomPenhYangonSeoulSingaporeJakartaSydneyTaipeiShanghaiBeijingChengduHong KongHanoiBangkok
  • 19. 19©2013 Fuji Electric Co., Ltd. All rights reserved.FY2012ResultsED&CPower Supply0.8%2.9%Drive148.4164.5FY2012ResultsPower ElectronicsMarket Conditions- Recovery of inverter demand starting in second half- Brisk PCS demand in power supply businessNet Sales- Increases for new inverter products- Increases for PCSsOperating Income- Increases for inverters and UPSsPriority Measures- Introduce new inverters, UPSs, and other globally competitiveproducts- Strengthen cost competitiveness by increasing overseas productionCommence operations at new Thailand factory in OctoberIncrease ratio of drives and power supplies produced overseas:24% > 31%- Accelerate development of power electronics equipped with SiCsemiconductorsNet Sales by Subsegment(Billion yen)Operating Income/OperatingIncome Margin (Billion yen)FY2013Management PlanFY2013Management Plan68.828.454.068.536.561.21.24.8
  • 20. 20©2013 Fuji Electric Co., Ltd. All rights reserved.MagneticDisksPowerSemiconductors1.3%113.6 111.7Electronic DevicesMarket ConditionsPower semiconductors:- Demand recovery in industrial business starting in second half,further demand growth in automotive electronics businessMagnetic disks:- Sluggish conditions due to lower PC demandPriority MeasuresPower semiconductors:- Strengthen cost competitiveness by increasing overseas production(Overseas production ratio: 35% > 47%)- Commence operation of processing lines for 8-inch wafers inYamanashi (mass production scheduled to start in October)- Commence operation of production lines for 6-inch SiCsemiconductors (mass production trials scheduled to start in October)Net Sales- Recovery for industrial-use IGBTs, increases for automotive-useIGBTs- Substantial decreases for magnetic disksOperating IncomeIncreases for power semiconductors, decreases for magnetic disks(achieve profitability)Net Sales by Subsegment(Billion yen)Operating Income/OperatingIncome Margin (Billion yen)FY2012ResultsFY2013Management PlanFY2012ResultsFY2013Management Plan28.984.7 92.419.3-1.41.5
  • 21. 21©2013 Fuji Electric Co., Ltd. All rights reserved.StoreDistributionVendingMachine5.8%5.7%112.1 115.4Food and Beverage DistributionMarket Conditions- Strong domestic replacement demand for vending machines,expansion of Chinese market- Ongoing favorable conditions in store distribution marketOperating Income- Increases due to higher sales and lower costsPriority Measures- Expand vending machine operations in China- Differentiate energy efficiency levels of vending machines- Expand store distribution business targeting convenience storeindustry- Expand retail distribution system business utilizing heating andcooling technologiesNet Sales- End of sales of items sold in vending machines, increases for salesof vending machines- Increases for store distribution’s retail distribution system businessNet Sales by Subsegment(Billion yen)Operating Income/OperatingIncome Margin (Billion yen)FY2012ResultsFY2013Management PlanFY2012ResultsFY2013Management Plan44.7 45.570.067.46.4 6.7
  • 22. 22©2013 Fuji Electric Co., Ltd. All rights reserved.Capital Investment and R&D
  • 23. 23©2013 Fuji Electric Co., Ltd. All rights reserved.31.830.2FY2012ResultsFY2013Management Plan(Billion yen)0Capital InvestmentElectronic DevicesIndustrialInfrastructurePower and SocialInfrastructurePower ElectronicsFood andBeverageDistributionOthers[Details of capital investment]-4.8+2.5●Power Electronics- New factory and facility in Thailand●Electronic Devices- Processing lines for 6-inch SiCsemiconductors- Factory and facility in Shenzhen,China●Industrial Infrastructure- Production and equipment oftransmission and distribution●Power and Social Infrastructure- Smart meter’s mass productionfacility2.02.27.217.22.20.92.22.39.712.42.70.9
  • 24. 24©2013 Fuji Electric Co., Ltd. All rights reserved.R&D31.233.0Electronic DevicesIndustrial InfrastructurePower and SocialInfrastructurePower ElectronicsFood and BeverageDistributionCommonFY2012ResultsFY2013Management Plan(Billion yen)01.61.52.83.010.211.28.1 8.84.5 5.34.0 3.3
  • 25. 25©2013 Fuji Electric Co., Ltd. All rights reserved.Fiscal 2013—First Year for Aggressive Management◆ Aggressive investment to expand operations◆ Management focused on earnings◆ Cash flow expansion
  • 26. 26©2013 Fuji Electric Co., Ltd. All rights reserved.
  • 27. 27©2013 Fuji Electric Co., Ltd. All rights reserved.Management Plan for 1H FY2013(Billion yen)Net Sales Operating Income/Loss1H FY2012Results1H FY2013Management PlanChange 1H FY2012Results1H FY2013Management PlanChangePower and SocialInfrastructure69.4 57.3 -12.2 -0.7 0.0 0.8Industrial Infrastructure 80.0 71.5 -8.5 -0.8 -1.8 -1.0Power Electronics 66.3 74.8 8.4 -2.0 0.5 2.4Electronic Devices 51.5 52.9 1.4 -2.9 0.1 3.0Food and BeverageDistribution56.7 59.5 2.8 2.4 4.0 1.5Others 29.8 27.6 -2.2 1.0 0.7 -0.3Eliminationand Corporate-20.0 -23.6 -3.6 -2.4 -2.9 -0.5Total 333.8 320.0 -13.8 -5.4 0.5 5.91H FY2012Results1H FY2013Management Plan ChangeNet Sales 333.8 320.0 -13.8OperatingIncome/Loss-5.4 0.5 5.9OrdinaryIncome/Loss-7.9 -2.5 5.4Net Income/Loss -7.6 -4.0 3.6(Yen)Sales ExchangeRate US$79.41 90.00 10.59Sales ExchangeRate EURO100.64 115.00 14.36(Billion yen)
  • 28. 28©2013 Fuji Electric Co., Ltd. All rights reserved.(Billion yen)Net Sales Operating Income/Loss1Q 2Q 3Q 4QFull-year1Q 2Q 3Q 4QFull-yearPower and SocialInfrastructure18.7 50.7 30.0 57.5 156.9 -0.2 -0.5 0.4 8.7 8.4Industrial Infrastructure 35.1 44.9 42.7 76.0 198.7 -1.0 0.2 1.2 10.6 11.0Power Electronics 32.5 33.8 37.1 44.9 148.4 -0.6 -1.4 0.1 3.1 1.2Electronic Devices 25.9 25.6 28.6 33.4 113.6 -1.6 -1.3 -1.0 2.4 -1.4Food and BeverageDistribution28.8 27.9 23.8 31.5 112.1 1.1 1.3 1.3 2.7 6.4Others 15.0 14.9 15.6 15.1 60.6 0.4 0.5 0.4 0.3 1.6Elimination andCorporate-9.4 -10.6 -10.9 -13.6 -44.5 -1.2 -1.3 -1.2 -1.7 -5.3Total 146.7 187.1 167.0 245.0 745.8 -3.0 -2.4 1.2 26.2 22.0[Reference] Net Sales and Operating Income/Loss for FY2012(by segment)
  • 29. 29©2013 Fuji Electric Co., Ltd. All rights reserved.Disclaimer1.These materials are outside the scope of auditing procedures required by law, and asof the date of this results presentation, financial statement auditing proceduresrequired by law have not yet been completed.2. Statements made in this documents or in the presentation to which they pertainregarding estimates or projections are forward-looking statements based on thecompany’s judgments and assumptions in light of information currently available.Actual results may differ materially from those projected as a result of uncertaintiesinherent in such judgments and assumptions, as well as changes in businessoperations or other internal or external conditions. Accordingly, the company gives noguarantee regarding the reliability of any information contained in these forward-looking statements.3. These documents are for information purpose only, and do not constitute aninducement by the company to make investments.4. Unauthorized reproduction of these documents, in part or in whole, is prohibited.