Fujitsu 2000 Annual Report Download - page 20

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* Telecommunications —R&D and production equip-
ment for optical transmission
systems and next-generation
mobile communications sys-
tems
* Electronic devices —Advanced logic development
line, logic and flash memory
production facilities, and SAW
filter mass-production facilities
Financial Condition and Liquidity
Total assets at March 31, 2000 stood at ¥5,134.6 billion
($48,440 million), up ¥22.3 billion from the end of previ-
ous fiscal year. This rise was owing to the increase in lease
assets resulting from the inclusion of Fujitsu Leasing as a
consolidated subsidiary. Excluding this factor, total assets
decreased approximately ¥300.0 billion, attributable pri-
marily to our efforts to slim overall current assets through
effective use of excess cash, successful collection of
accounts receivable, reduction of inventories, and other
means.
By slimming current assets and thanks to aggressive
conversion of convertible bonds into stock, interest-bearing
liabilities were reduced by ¥202.2 billion, to ¥1,725.0 bil-
lion ($16,274 million), despite an increase of ¥205.3 billion
relating to the consolidation of Fujitsu Leasing.
Shareholders' equity increased ¥126.1 billion, to
¥1,291.4 billion ($12,183 million), due to the conversion
of convertible bonds into shares, as well as exercise of
stock purchase warrants. The shareholders' equity ratio
rose from 22.8% to 25.2%, and shareholders' equity per
share, based on the number of shares outstanding at year-
end, was ¥657.9 ($6.207), compared with ¥618.5 the
previous year.
Cash Flows
Net cash provided by operating activities increased ¥77.3
billion, to ¥477.0 billion ($4,500 million). This rise resulted
from an increase in overall profit and the slimming of cur-
rent assets.
Primarily because of a decrease in investments and
long-term loans, net cash used in investing activities fell
¥60.4 billion, to ¥348.2 billion ($3,285 million).
Stemming from the factors described above, the differ-
ence between cash provided by operating activities and
cash used in investing activities (free cash flow) improved
¥137.7 billion from the –¥9.0 billion of fiscal 1998, result-
ing in positive cash flow of ¥128.7 billion ($1,214 million).
As a result of a reduction in interest bearing liabilities,
net cash used in financing activities stood at ¥271.2 billion
($2,558 million), down ¥340.4 billion from the previous year.
Consolidated Subsidiaries
As of March 31, 2000, Fujitsu's consolidated subsidiaries
numbered 493, of which 134 were based in Japan and
359 overseas. In April 1999, we established Fujitsu Hitachi
Plasma Display Co., Ltd. as a specialized manufacturer of
PDP devices. In January 2000, we created Internet Trading
Securities Inc. Also, we have included Fujitsu Leasing in our
consolidation. Despite these increases in the number of
consolidated subsidiaries, our former European PC sales
and marketing subsidiary, Fujitsu Computers (Europe)
Limited, was united in a joint venture company with a unit
of Siemens of Germany, and overall, the number of sub-
sidiaries decreased by 25 during the year, from 518 at the
end of fiscal 1998.
477
408
546
444
429
348
399
367
282
170
25.2
22.8
23.1
25.0
1,149
1,291
1,165
1,185
1,181
26.6 (%)
Shareholders‘ Equity
(¥ Billion)
Equity Ratio
(%)
Cash Flows from Operating
Activities
(¥ Billion)
Cash Flows from
Investing Activities
(¥ Billion)
(Years ended March 31) (Years ended March 31)
Cash Flows from Operating Activities
Cash Flows from Investing Activities
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