Fujitsu 2012 Annual Report Download - page 103

Net assets amounted to ¥966.5 billion ($11,788 million), an
increase of ¥12.8 billion from the end of fiscal 2010. This was due
mainly to shareholders’ equity of ¥926.0 billion ($11,293 million), an
increase of ¥22.1 billion, because of the net income recorded in fiscal
2011. Accumulated other comprehensive income, centered on for-
eign currency translation adjustments and unrealized gain and loss
on securities, net of taxes, amounted to negative ¥85.0 billion
($1,037 million), roughly on a par with the previous fiscal year.
Exchange rates and share prices fluctuated considerably during fiscal
2011, but were roughly equivalent in an end-of-year comparison. The
owners’ equity ratio was 28.6%, an increase of 1.4 percentage points
over the end of fiscal 2010.
The unrecognized obligation for retirement benefits*2 was
¥400.9 billion ($ 48,893 million). The level in Japan decreased by
¥23.2 billion year on year, to ¥292.0 billion ($3,561 million) at the
end of fiscal 2011. Outside Japan, the level increased by ¥34.5 billion
to ¥108.9 billion ($1,328 million), due mainly to an increase in
retirement benefit obligations stemming from a drop in the discount
rate*3 used by a UK subsidiary. The future minimum lease payment
required under non-cancelable operating leases at the end of fiscal
2011 amounted to ¥79.6 billion ($972 million). In addition, commit-
ments outstanding at March 31, 2012 for purchases of property, plant
and equipment and intangible assets were ¥6.7 billion ($82 million),
and contingent liabilities for guarantee contracts amounted to ¥2.2
billion ($27 million).
*2 Unrecognized obligations consist primarily of unrecognized actuarial losses.
“Actuarial losses” refer to disparities that occur chiefly as the result of differ-
ences between expected and actual returns from pension plan assets
differences between the estimates used for the actuarial calculation of
retirement benefit obligations and actual obligations, and changes in
estimates. Of these differences, those that have not yet been expensed are
referred to as “unrecognized actuarial losses.” The Group expenses actuarial
losses that arise over the average remaining service period of its employees.
Up to June 25, 2012, the filing date of the Annual Securities Report, account-
ing standards for retirement benefits were revised. Net assets are expected
to decrease when the Group adopts the revised accounting standards. The
details are noted in “Notes to Consolidated Financial Statements, 1. Signifi-
cant Accounting Policies, (u) Accounting standards issued but not yet
effective.”
*3 Refers to the rate used to discount to present value the amount of expected
retirement benefits deemed to be incurred for each projected retirement
period incurred by the fiscal year-end. The rate is decided with reference to
interest on high-quality corporate bonds as of the balance-sheet date.
Cash Flows
Condensed Consolidated Statements of Cash Flows
(Unit: billion yen)
Years ended March 31 2011 2012
YoY
Change
I Cash flows from operating activities . . . 255.5 240.0 (15.5)
II Cash flows from investing activities . . . (142.1) (190.8) (48.7)
I+II Free cash flow . . . . . . . . . . . . . . . . . . 113.4 49.1 (64.2)
[Excluding one-time items] . . . . . . . . . . [73.3] [43.5] [(29.8)]
III Cash flows from financing activities . . (166.9) (138.9) 27.9
IV Cash and cash equivalents at
end of year . . . . . . . . . . . . . . . . . . . . . . 358.5 266.6 (91.8)
Note: “Free cash flow excluding one-time items” refers to free cash flow exclud-
ing proceeds from sales of investment securities, as well as proceeds
from acquisition of subsidiaries’ stock resulting in change in scope of
consolidation and transfer of businesses.
Net cash provided by operating activities during fiscal 2011
amounted to ¥240.0 billion ($2,927 million), a decrease of ¥15.5
billion from the previous fiscal year. This was due mainly to deteriora-
tion in income before income taxes and minority interests, stemming
from such factors as the flooding in Thailand, slack demand for LSI
devices and electronic components, and a decrease in project propos-
als for large-scale systems.
Net cash used in investing activities amounted to ¥190.8 billion
($2,327 million), an increase of ¥48.7 billion from the previous fiscal
year. Purchases of property, plant and equipment totaled ¥137.7
billion ($1,680 million), mainly for capital expenditures centered on
data centers, while purchases of intangible assets totaled ¥57.5 billion
($702 million), mainly for software. During fiscal 2010, there was an
inflow of ¥35.1 billion in proceeds from sales of investment securities.
0
100
200
400
300
113.4
49.1
296.4
23.4
38.1
2008 2010 2011 20122009
(¥ Billions)
Free Cash Flow
(Years ended March 31)
0 20
300
600
1,200
900
40
35
30
25
821.2
27.2
798.6
24.7
748.9
23.2
948.2
24.8
2008 2010 2011 20122009
841.0
28.6
0 1.0
1,000
3,000
5,000
4,000
2,000
2.0
1.8
1.4
1.6
1.2
3,024.0
2,945.5
1.45
3,228.0
1.45
3,221.9
1.33
3,821.9
1.37
2008 2010 2011 20122009
1.50
* Net Sales divided by Average Total Assets
(¥ Billions) (%)(¥ Billions) (Times)
Owners’ Equity/Owners’ Equity RatioTotal Assets/
Total Assets Turnover Ratio*
n Owners’ Equity (Left Scale)
Owners’ Equity Ratio (Right Scale)
n Total Assets (Left Scale)
Total Assets Turnover Ratio (Right Scale)
(As of March 31)(As of March 31)
101
FUJITSU LIMITED ANNUAL REPORT 2012
Facts & Figures