We will continue to invest in capital and research and development in growth areas and strengthen our manufacturing capabilities throughout the medium-to-long term based on the concept of “turning difficulties into opportunities.”
We postponed the announcement of our financial results for fiscal 2019 to the end of May in order to enable our overseas subsidiaries who were impacted by the spread of COVID-19 to catch up on account closing and auditing procedures. As a result, our 144th Ordinary General Meeting of Shareholders will be held in August. We sincerely apologize to our shareholders, investors and other stakeholders for the inconvenience and concern this may cause.
In fiscal 2019, we commenced our “Reiwa Prosperity 2023” Medium-Term Management Plan, which aims to achieve net sales of ¥1 trillion and an operating margin of 8% or more by 2023, which is the 100th anniversary of Fuji Electric’s founding. Reiwa Prosperity 2023 is an expression of our desire to work together with society to achieve prosperity through our energy and environment businesses. At the same time, we announced our Environmental Vision 2050, which intends to contribute to the accomplishment of the SDGs and reduce greenhouse gas emissions based on the Paris Agreement. It aims to achieve both economic growth and solution of socio-environmental issues, while also contributing to the realization of a sustainable society, to implement our corporate philosophy of “contribute to prosperity,” “encourage creativity,” and “seek harmony with the environment.”
Consolidated net sales in fiscal 2019 decreased ¥14.3 billion to ¥900.6 billion, and operating income decreased ¥17.5 billion to ¥42.5 billion, with an operating margin of 4.7%. Net income attributable to owners of parent decreased ¥11.5 billion to ¥28.8 billion. Those results were due to the impact of the spread of COVID-19 as well as the prolonged trade friction between the United States and China that has continued since last fiscal year. Despite this challenging environment, we continued to invest aggressively in power semiconductors in anticipation of further growth. Moreover, we laid the foundation for business expansion in India, as one of our priority regions, through mergers and acquisitions.
We decided to issue a year-end dividend of ¥40 per share, which will make for an annual dividend of ¥80 per share when including the interim dividend, the same as the previous fiscal year. The consolidated financial results for fiscal 2019 showed a decrease in sales and income compared to the previous fiscal year, but this was based on our stance of placing importance on paying a stable and continuous dividend to shareholders and our financial position, which has steadily improved.
We have chosen to defer the release of forecasts for consolidated business results in the fiscal year ending March 31, 2021, as it is currently very difficult to predict what impact COVID-19 will have on our economic activities.
We believe that our current society is undergoing a major turning point, and it is against this backdrop that we will continue to invest in capital and research and development in growth areas and strengthen our manufacturing capabilities throughout the medium-to-long term based on the concept of “turning difficulties into opportunities.” In this respect, we will be prioritizing the safety and health of our employees and their families, while working as a team to achieve our management slogan of being “enthusiastic, ambitious and sensitive” so that we can contribute to the creation of responsible and sustainable societies.
I would like to conclude by asking our shareholders for their continued understanding and support in the future.
President and Chairman of the Board of Directors