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CONSOLIDATED STATEMENTS OF CASH FLOWS
Fujitsu Limited and Consolidated Subsidiaries
Yen
(millions)
U.S. Dollars
(thousands)
(Note 2)
Years ended March 31 2006 2007 2008 2008
Cash flows from operating activities (A):
Income before income taxes and minority interests ¥ 118,084 ¥ 214,495 ¥ 109,444 $ 1,094,440
Adjustments to reconcile income before income taxes and
minority interests to net cash provided by operating activities:
Depreciation and amortization, including goodwill amortization 242,376 278,784 279,298 2,792,980
Impairment loss — 9,991 18,756 187,560
Increase (decrease) in provisions 3,422 (20,686) (24,611) (246,110)
Interest income (5,912) (7,894) (10,090) (100,900)
Dividend income (4,583) (6,291) (7,669) (76,690)
Interest charges 19,084 18,429 21,277 212,770
Equity in earnings of affiliates, net 1,478 (6,996) (9,192) (91,920)
Disposal of non-current assets 28,625 27,879 17,314 173,140
Gain on sales of marketable securities, net — (75,062) (17,308) (173,080)
Loss on revaluation of investment securities 1,229 4,703 25,132 251,320
Loss on revaluation of inventories at the beginning of period — — 25,045 250,450
(Increase) decrease in receivables, trade (Note 19) 10,719 (116,659) (26,452) (264,520)
(Increase) decrease in inventoriesd 5,746 (7,445) (8,361) (83,610)
(Increase) decrease in other current assets (Note 19) (836) 8,706 7,530 75,300
Increase (decrease) in payables, trade (Note 19) 21,196 49,263 (22,892) (228,920)
Increase (decrease) in other current liabilities (Note 19) 26,123 75,695 (13,832) (138,320)
Other, net (11,877) 3,927 5,215 52,150
Cash generated from operations 454,874 450,839 368,604 3,686,040
Interest received 5,814 7,938 10,038 100,380
Dividends received 4,589 7,368 7,836 78,360
Interest paid (20,302) (18,835) (19,388) (193,880)
Income taxes paid (39,396) (38,545) (45,018) (450,180)
Net cash provided by operating activities 405,579 408,765 322,072 3,220,720
Cash flows from investing activities (B):
Purchases of property, plant and equipment (Note 19) (221,100) (258,631) (268,955) (2,689,550)
Proceeds from sales of property, plant and equipment 50,710 62,296 3,986 39,860
Purchases of intangible assets (62,173) (59,132) (62,085) (620,850)
Purchases of investment securities (70,981) (22,813) (20,985) (209,850)
Proceeds from sales of investment securities 22,353 117,121 55,470 554,700
Other, net 46,507 10,076 8,643 86,430
Net cash used in investing activities (234,684) (151,083) (283,926) (2,839,260)
A+B* 170,895 257,682 38,146 381,460
Cash flows from financing activities:
Increase (decrease) in short-term borrowings (44,503) (27,071) 16,099 160,990
Proceeds from long-term debt 38,477 14,160 336,862 3,368,620
Repayment of long-term debt (150,628) (173,867) (202,707) (2,027,070)
Dividends paid (12,408) (16,572) (15,875) (158,750)
Increase (decrease) in minority interests (3,250) 5,297 757 7,570
Other, net** (35,528) (36,900) (72,811) (728,110)
Net cash provided by (used in) financing activities (207,840) (234,953) 62,325 623,250
Effect of exchange rate changes on cash and cash equivalents 3,323 4,424 (2,313) (23,130)
Net increase (decrease) in cash and cash equivalents (33,622) 27,153 98,158 981,580
Cash and cash equivalents at beginning of year 454,516 420,894 448,705 4,487,050
Cash and cash equivalents of newly consolidated subsidiaries — 658 981 9,810
Cash and cash equivalents at end of year ¥ 420,894 ¥ 448,705 ¥ 547,844 $ 5,478,440
Non-cash investing and financing activities:
Acquisition of assets under finance leases ¥ 55,149 ¥ 75,079 ¥ 19,015 $ 190,150
Increase or decrease in capital surplus as a result of stock exchange 6 — (2,323) (23,230)
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
* This is referred to as “free cash flow” in Management’s Discussion and Analysis of Operations.
** “Other, net” of cash flows from financing activities for the year ended March 31, 2008 related mainly to an expenditure of ¥26,531 million ($265,310 thousand), approved by
the Board of Directors on May 24, 2007 for purchase of treasury stock used for the exchange of shares required to make Fujitsu Access Limited, Fujitsu Devices Inc. and
Fujitsu Wireless Systems Limited wholly owned subsidiaries. The purchased treasury stock was exchanged for shares in these companies. Fujitsu Devices Inc. changed its
corporate name to Fujitsu Electronics Inc. in October 2007. The details of the exchange of shares are set forth in Note 22.
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ANNUAL REPORT 2008FUJITSU LIMITED