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Financial Highlights
Fujitsu Limited and Consolidated Subsidiaries
POINT 1
In fiscal 2009, ending March 31, 2010, operating
income rose ¥25.6 billion year on year, to ¥94.3
billion. Lackluster ICT investment, mainly in Japan
and Europe, was offset by structural reforms, princi-
pally in the LSI business and the services business in
Europe. Fujitsu also curbed costs company-wide
while making strategic investments for the future.
POINT 2
Free cash flow in fiscal 2009 was positive ¥296.4
billion, representing an increase of ¥272.9 billion
from the previous fiscal year. Even excluding special
factors such as proceeds from sales of investment
securities and from the acquisition of subsidiaries,
free cash flow grew by ¥111.6 billion, up ¥103.7
billion from a year earlier.
Years ended March 31 2006 2007 2008 2009
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥4,791,416 ¥5,100,163 ¥5,330,865 ¥4,692,991
Sales outside Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,591,574 1,825,255 1,923,621 1,499,886
Ratio of sales outside Japan (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.2 35.8 36.1 32.0
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,488 182,088 204,989 68,772
Operating income margin (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8 3.6 3.8 1.5
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,545 102,415 48,107 (112,388)
Cash flows from operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 405,579 ¥ 408,765 ¥ 322,072 ¥ 248,098
Cash flows from investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (234,684) (151,083) (283,926) (224,611)
Free cash flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,895 257,682 38,146 23,487
Cash flows from financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (207,840) (234,953) 62,325 (47,894)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 408,710 ¥ 412,387 ¥ 383,106 ¥ 306,456
Monthly inventory turnover rate (times). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.88 0.93 1.03 0.98
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,807,131 3,943,724 3,821,963 3,221,982
Owners’ equity (total net assets – subscription rights to shares –
minority interests in consolidated subsidiaries) . . . . . . . . . . . . . . . . . . . . . 917,045 969,522 948,204 748,941
Return on equity (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7 10.9 5.0 (13.2)
Owners’ equity ratio (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.1 24.6 24.8 23.2
Return on assets (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 2.6 1.2 (3.2)
Interest-bearing loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 928,613 745,817 887,336 883,480
D/E ratio (times) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.01 0.77 0.94 1.18
Net D/E ratio (times) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.55 0.31 0.36 0.47
R&D expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241,566 254,095 258,717 249,902
Capital expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249,999 305,285 249,063 167,690
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,843 202,825 200,509 223,975
Number of employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,491 160,977 167,374 165,612
Amounts per share of common stock (Yen and U.S. Dollars):
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 32.83 ¥ 49.54 ¥ 23.34 ¥ (54.35)
Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00 6.00 8.00 8.00
Owners’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 443.20 469.02 458.31 362.30
Note: The U.S. dollar amounts stated above and elsewhere in this report have been translated from yen, for readers’ convenience only, at the rate of ¥93 = US$1,
which was the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2010.
010 FUJITSU LIMITED Annual Report 2010
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