Fujitsu 2012 Annual Report Download - page 97

0
2,000
4,000
6,000 4,467.5
4,679.5 4,528.4
4,692.9
5,330.8
2008 2010 2011 20122009 0 0
100
200
150
50
250 10
8
4
6
2
132.5 105.3
2.9 2.4
94.3
2.0
68.7
1.5
204.9
3.8
2008 2010 2011 20122009
Management’s Discussion and Analysis of Operations
The following section, Management’s Discussion and Analysis of
Operations, provides an overview of the consolidated financial state-
ments of Fujitsu Limited (the “Company”) and its consolidated sub-
sidiaries (together, the “Group”) for the year ended March 31, 2012
(fiscal 2011). Forward-looking statements in this section are based
on management’s understanding and best judgment as of March 31,
2012. The impact of exchange rate fluctuations is calculated by
taking the average exchange rates in fiscal 2010 for the U.S. Dollar,
Euro and British pound and applying them to foreign currency-
denominated transactions in fiscal 2011.
1. Analysis of Results
Business Environment
In the global economy during fiscal 2011, the increasingly serious
government debt problems in Europe had an adverse impact on the
real economy, including a negative growth rate. In the United States,
despite signs of improvement in employment and consumer spend-
ing, the economy has yet to reach full-fledged recovery. In emerging
markets, previously high growth rates fell slightly as exports declined
in the face of fiscal austerity measures and the economic slowdown
in Europe.
In Japan, the supply chain was restored quicker than expected
from the stalled condition that followed the Great East Japan Earth-
quake, but the economy became sluggish again by the slowdown in
the global economy, the decline in exports due to the strong yen,
and the damage caused by the flooding in Thailand. Signs of
improvement were seen in the fourth quarter, however, as exchange
rates moved toward a weakening of the yen, and companies recov-
ered from the Thailand flood damage.
With regard to investment in information and communication
technology (ICT), despite signs of recovery in certain sectors, on the
whole companies maintained a cautious stance toward investment,
deterring a full-fledged recovery.
Net Sales
Consolidated net sales for fiscal 2011 amounted to ¥4,467.5 billion
($54,483 million), a decline of 1.3% from fiscal 2010. On a constant
currency basis, however, sales were on a par with the prior fiscal year.
Condensed Consolidated Income Statements (Unit: billion yen)
Years ended March 31 2011 2012
YoY
Change
Change
(%)
Net sales . . . . . . . . . . . . . . . . . . 4,528.4 4,467.5 (60.8) (1.3)
Cost of sales . . . . . . . . . . . . . . . . 3,270.9 3,232.1 (38.7) (1.2)
Gross profit . . . . . . . . . . . . . . . . 1,257.4 1,235.4 (22.0) (1.8)
Selling, general and
administrative expenses . . . . . 1,124.8 1,130.1 5.2 0.5
Operating income . . . . . . . . . . . 132.5 105.3 (27.2) (20.6)
Other income (expenses) . . . . . (30.3) (38.5) (8.2) —
Income before income taxes
and minority interests . . . . . . . . .
102.2 66.7 (35.5) (34.7)
Income taxes . . . . . . . . . . . . . . . 48.1 29.9 (18.1) (37.7)
Minority interests in
income (loss) of
consolidated subsidiaries . . . . (1.0) (5.9) (4.9) —
Net income (loss) . . . . . . . . . . . 55.0 42.7 (12.3) (22.5)
Reference: Financial Indicators (Unit: billion yen)
Years ended March 31 2011 2012 YoY Change
Net sales . . . . . . . . . . . . . . . . . . . 4,528.4 4,467.5 (60.8)
Sales outside Japan . . . . . . . . . . . [1,587.3] [1,506.0] [(81.2)]
Ratio of sales outside Japan . . . . [35.1%] [33.7%] [(1.4%)]
Gross profit margin . . . . . . . . . . . 27.8% 27.7% (0.1%)
Operating income margin . . . . . . 2.9% 2.4% (0.5%)
Return on equity . . . . . . . . . . . . . 6.8% 5.1% (1.7%)
Notes: Owners’ equity: Net assets – Subscription rights to shares – Minority interests
Return on equity (ROE): Net income ÷ {(Owners’ equity at beginning of
period + Owners’ equity at end of period) ÷ 2}
Reference: Quarterly Breakdown of
Net Sales and Operating Income (Unit: billion yen)
Year ended March
31, 2012 1Q 2Q 3Q 4Q Full Year
Net sales . . . . . . . . 986.0 1,106.2 1,079.7 1,295.5 4,467.5
YoY change . . . . (61.1) 6.0 (16.7) 11.0 (60.8)
Operating income . . (17.1) 24.1 3.1 95.0 105.3
YoY change . . . . (27.1) (12.9) (18.1) 30.9 (27.2)
(¥ Billions) (¥ Billions) (%)
Net Sales Operating Income and
Operating Income Margin
n Operating Income (Left Scale)
Operating Income Margin (Right Scale)
(Years ended March 31) (Years ended March 31)
095
FUJITSU LIMITED ANNUAL REPORT 2012
Facts & Figures