Fujitsu 2010 Annual Report Download - page 97

0
100
200
300
400
170.8
296.4
23.4
38.1
257.6
2006 2008 2009 20102007
(¥ Billions)
Condensed Consolidated Balance Sheets (Billions of yen)
At March 31 2009 2010
YoY
Change
Assets
Current assets . . . . . . . . . . . . . . . . . . . . . . 1,887.5 1,871.9 (15.5)
Investments and long-term loans . . 450.0 414.1 (35.9)
Property, plant and equipment, net 673.0 662.7 (10.2)
Intangible assets . . . . . . . . . . . . . . . . . . . 211.3 279.2 67.8
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 3,221.9 3,228.0 6.0
Liabilities and net assets . . . . . . . . . . . . . .
Current liabilities . . . . . . . . . . . . . . . . . . . 1,550.4 1,560.0 9.6
Long-term liabilities . . . . . . . . . . . . . . . . 745.9 719.6 (26.3)
Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . 925.6 948.3 22.7
Total shareholders’ equity . . . . . . . . 782.9 865.8 82.9
Valuation and
translation adjustments . . . . . . . . (33.9) (67.1) (33.2)
Minority interests in
consolidated subsidiaries . . . . . . . 176.6 149.6 (26.9)
Total liabilities and net assets . . . . . . . 3,221.9 3,228.0 6.0
Cash and cash equivalents at
end of year . . . . . . . . . . . . . . . . . . . . . . . . . . 528.1 420.1 (108.0)
Interest-bearing loans . . . . . . . . . . . . . . . . 883.4 577.4 (306.0)
Effects of Consolidation of Fujitsu Technology Solutions
(Billions of yen)
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 358.6
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 358.4
Minority interests in consolidated subsidiaries . . . . . . . . . . . . . . . 0.1
(Note) Figures reflect effects as of April 1, 2009, and include amounts posted for
goodwill and the elimination of investments and capital accompanying the
conversion of Fujitsu Technology Solutions into a consolidated subsidiary.
Cash Flows
Net cash provided by operating activities amounted to ¥295.3
billion ($3,176 million), an increase of ¥47.2 billion compared to the
previous fiscal year due to an improvement in working capital,
primarily from fluctuations in trade payables.
Net cash provided by investing activities was ¥1.0 billion ($11
million), as cash outflows and inflows were nearly evenly balanced.
Along with cash outflows of ¥114.5 billion ($1,231 million) for pur-
chases of property, plant and equipment, primarily representing
capital expenditures in the outsourcing services business, ¥58.8
billion ($633 million) in cash was used for purchases of intangible
assets. Conversely, the Company saw cash proceeds of ¥116.8 billion
($1,256 million) from the sale of investment securities, including the
sale by the Company of remaining shares held in FANUC in accor-
dance with a solicitation by FANUC to repurchase its shares. Further-
more, while cash of ¥53.7 billion was used for the purchase of shares
in Fujitsu Technology Solutions, the conversion of Fujitsu Technology
Solutions into a consolidated subsidiary resulted in a net cash inflow
of ¥42.9 billion, reflecting the inclusion of ¥96.6 billion in cash and
cash equivalents held by Fujitsu Technology Solutions. There was
also a cash inflow of ¥17.5 billion ($189 million) in conjunction with
the transfer of the HDD business and other operations.
Compared to the previous fiscal year, there was a decrease in
net cash outflows of ¥225.6 billion, the result of proceeds from the
sale of shares in FANUC and business restructuring initiatives
related to Fujitsu Technology Solutions and other companies, as
well as lower capital expenditures.
Free cash flow (the sum of operating and investment cash
flows) was positive ¥296.4 billion ($3,187 million), representing an
increase of ¥272.9 billion year on year. Excluding special items, such
as proceeds from sales of investment securities and from the acqui-
sition of shares in Fujitsu Technology Solutions, free cash flow
increased by ¥103.7 billion to ¥111.6 billion ($1,200 million).
Net cash used in financing activities was ¥405.3 billion ($4,358
million). In addition to cash outflows for the repayment of interest-
bearing loans, including ¥300.0 billion for the redemption of corpo-
rate bonds, ¥405.3 billion in cash was used for the acquisition of
the Company’s own shares and the payment of dividends. Com-
pared to a year earlier, cash outflows increased ¥357.4 billion.
As a result of the above factors, cash and cash equivalents at the
end of fiscal 2009 totaled ¥420.1 billion ($4,518 million), a decrease
of ¥108.0 billion from the previous fiscal year-end, primarily as the
result of using free cash flow to repay interest-bearing loans.
To ensure efficient fund procurement when the need for funds
arises, the Company views the maintenance of an appropriate level
of liquidity as an important policy with respect to its financing
activities. “Liquidity” refers to cash and cash equivalents and the total
unused balance of financing frameworks based on commitment
lines established with multiple financial institutions. As of March 31,
2010, the Group had liquidity of ¥633.0 billion ($6,806 million), of
which ¥420.1 billion was cash and cash equivalents and ¥212.9
billion was the aggregate yen value of unused commitment lines.
To procure funds from global capital markets, the Company
has acquired bond ratings from Moody’s Investors Service
(Moody’s), Standard & Poor’s (S&P), and Rating and Investment
Information, Inc. (R&I). As of March 31, 2010, the Company had
bond ratings (long-term/short-term) of A3 (long-term) from
Moody’s, A– (long-term) from S&P, and A+ (long-term) and a-1
(short-term) from R&I.
Free Cash Flow
(Years ended March 31)
095
FUJITSU LIMITED Annual Report 2010
Management’s Discussion and
Analysis of Operations