Fujitsu 2012 Annual Report Download - page 102

The Americas
Net sales amounted to ¥277.5 billion ($3,385 million), a decrease of
7.0% from fiscal 2010. Revenue declined for car audio and navigation
systems and LSI devices, with sales also sluggish in the services
business, centered on the United States. Sales of optical transmission
systems were positive during the first half of the fiscal year, but slowed
briefly during the second half, ending flat for the full fiscal year.
Operating income for the region totaled ¥0.4 billion ($6 million), a
decline of ¥2.1 billion from fiscal 2010. This was due mainly to upfront
investments in development for optical transmissions systems.
APAC & China
Net sales amounted to ¥421.9 billion ($5,146 million), a year-on-year
increase of 4.1%. Sales decreased for car audio and navigation sys-
tems, while sales rose for LSI device. Operating income for the region
totaled ¥7.6 billion ($93 million), a decrease of ¥3.4 billion over fiscal
2010. This was due mainly to the decline in sales of car audio and
navigation systems.
3. Analysis of Capital Resources and Liquidity
Assets, Liabilities and Net Assets
Condensed Consolidated Balance Sheets (Unit: billion yen)
As of March 31 2011 2012
YoY
Change
Assets
Current assets . . . . . . . . . . . . . . . . 1,760.6 1,701.7 (58.8)
Investments and long-term loans . . 372.8 372.4 (0.3)
Property, plant and equipment . . 638.6 640.9 2.3
Intangible assets . . . . . . . . . . . . . . 251.9 230.2 (21.6)
Total assets . . . . . . . . . . . . . . . . . . 3,024.0 2,945.5 (78.5)
Liabilities
Current liabilities . . . . . . . . . . . . . . 1,507.8 1,417.4 (90.3)
Long-term liabilities . . . . . . . . . . . 562.5 561.4 (1.0)
Total liabilities . . . . . . . . . . . . . . . . 2,070.3 1,978.9 (91.4)
Net assets
Shareholders’ equity . . . . . . . . . . . 903.9 926.0 22.1
Accumulated other
comprehensive income . . . . . . . . (82.6) (85.0) (2.3)
Minority interests in
consolidated subsidiaries . . . . . . 132.4 125.4 (6.9)
Total net assets . . . . . . . . . . . . . . . 953.7 966.5 12.8
Total liabilities and net assets . . . 3,024.0 2,945.5 (78.5)
Cash and cash equivalents at
end of year . . . . . . . . . . . . . . . . . . . 358.5 266.6 (91.8)
Interest-bearing loans . . . . . . . . . . . . 470.8 381.1 (89.6)
Net interest-bearing loans . . . . . . . . 112.2 114.4 2.2
Owners’ equity . . . . . . . . . . . . . . . . . . 821.2 841.0 19.7
Notes: Year-end balance of interest-bearing loans: Short-term borrowings and
current portion of bonds payable (Current liabilities) + Long-term
borrowings and bonds payable (Non-current liabilities)
Net debt: (Interest-bearing loans – cash and cash equivalents)
Owners’ equity: Net assets – Subscription rights to shares – Minority
interests in consolidated subsidiaries
Reference: Financial Indicators (Unit: billion yen)
Years ended March 31 2011 2012 YoY Change
Inventories. . . . . . . . . . . . . 341.4 334.1 (7.3)
[Inventory turnover ratio] . . [13.65] [13.23] [(0.42)]
[Monthly inventory
turnover rate] . . . . . . . . . [1.02] [1.01] [(0.01)]
Shareholders’ equity ratio . . 29.9% 31.4% 1.5%
Owners’ equity ratio . . . . . 27.2% 28.6% 1.4%
D/E ratio (times) . . . . . . . . 0.57 0.45 (0.12)
Net D/E ratio (times) . . . . . 0.14 0.14 ―
Notes: Inventory turnover ratio: Net sales ÷ {(Beginning balance of inventories
+ year-end balance of inventories) ÷ 2}
Monthly inventory turnover: Net sales ÷ Average inventories during
period* ÷ 12
Shareholders’ equity ratio: Shareholders’ equity ÷ Total assets
Owners’ equity ratio: (Net assets – Subscription rights to shares – Minor-
ity interests in consolidated subsidiaries) ÷ Total assets
D/E ratio: Interest-bearing loans ÷ Owners’ equity
Net D/E ratio: Net debt (Interest-bearing loans – cash and cash equiva-
lents) ÷ Owners’ equity
* Average inventories during period are calculated as the average of the
ending balance of inventories for each of the four quarters of the fiscal year.
Consolidated total assets at the end of fiscal 2011 amounted to
¥2,945.5 billion ($35,921 million), a decrease of ¥78.5 billion com-
pared to the end of fiscal 2010. Current assets totaled ¥1,701.7
billion ($20,753 million), a decrease of ¥58.8 billion. Cash and cash
equivalents decreased ¥91.8 billion, used mainly to redeem convert-
ible bonds at maturity and for repayment of debt. Trade receivables
increased ¥24.2 billion, due mainly to a rise in fourth quarter sales
(Jan-Mar 2012) compared to the same period of the previous fiscal
year. Inventories totaled ¥334.1 billion ($4,075 million), a decrease
of ¥7.3 billion from a year earlier. Following the Great East Japan
Earthquake and flooding in Thailand, the Group had increased its
inventory holdings of parts and materials to prepare for unforeseen
circumstances, although steady progress was achieved in the delivery
of the Japan’s Next-Generation Supercomputer system. The monthly
inventory turnover ratio, an indicator of asset utilization efficiency,
was 1.01 times, essentially unchanged from the previous fiscal year.
Fixed assets totaled ¥1,243.7 billion ($15,167 million), a decline of
¥19.7 billion. Intangible assets decreased ¥21.6 billion, due mainly
to the amortization of goodwill.
Total liabilities amounted to ¥1,978.9 billion ($24,133 million),
a decrease of ¥91.4 billion from the end of fiscal 2010. The balance
of interest-bearing loans was ¥381.1 billion ($4,648 million), a
decrease of ¥89.6 billion. This was due mainly to efforts to repay
debt, along with the redemption of ¥100.0 billion of convertible
bonds at maturity. For the redemption of the convertible bonds,
together with an allocation of cash on hand, the Company issued
¥50.0 billion in straight bonds with maturity periods of three and five
years. As a result, the D/E ratio was 0.45 times, an improvement of
0.12 percentage points compared to the end of fiscal 2010, with the
net D/E ratio at 0.14 times, the same level as the end of the previous
fiscal year. The figures for both the D/E ratio and the net D/E ratio are
record lows for the Group.
100 FUJITSU LIMITED ANNUAL REPORT 2012