Fujitsu 2013 Annual Report Download - page 99

0
2,000
4,000
6,000 4,381.7
34.2
4,679.5 4,467.54,528.4
4,692.9
37.4 33.7
35.1
32.0
2009 2011 2012 20132010 0
100
200
150
50
250
0
10
8
4
6
2
132.5 95.2
2.9 2.2
105.3
2.4
94.3
2.0
68.7
1.5
2009 2011 2012 20132010
(¥ Billions) (%)
(Years ended March 31)
Operating Income (Left Scale)
Operating Income Margin (Right Scale)
Japan
Outside Japan
Operating Income and
Operating Income Margin
MANAGEMENT’S DISCUSSION AND ANALYSIS OF OPERATIONS
Condensed Consolidated Income Statements (Unit: billion yen)
Years ended March 31 2012 2013
YoY
Change
Change
(%)
Net sales . . . . . . . . . . . . . . . . . . 4,467.5 4,381.7 (85.8) (1.9)
Cost of sales . . . . . . . . . . . . . . . . 3,232.1 3,177.9 (54.1) (1.7)
Gross profit . . . . . . . . . . . . . . . . 1,235.4 1,203.7 (31.6) (2.6)
Selling, general and
administrative expenses . . . . . 1,130.1 1,108.4 (21.6) (1.9)
Operating income . . . . . . . . . . . 105.3 95.2 (10.0) (9.5)
Other income (expenses) . . . . . (38.5) (140.3) (101.8) —
Income (loss) before income
taxes and minority interests . . . . 66.7 (45.1) (111.8) —
Income taxes . . . . . . . . . . . . . . . 29.9 24.2 (5.7) (19.1)
Minority interests in
income (loss) of
consolidated subsidiaries . . . . (5.9) 3.5 9.5 —
Net income (loss) . . . . . . . . . . . 42.7 (72.9) (115.6) —
Reference: Financial Indicators (Unit: billion yen)
Years ended March 31 2012 2013 YoY Change
Net sales . . . . . . . . . . . . . . . . . . . 4,467.5 4,381.7 (85.8)
Sales outside Japan . . . . . . . . . . . [1,506.0] [1,498.2] [(7.8)]
Ratio of sales outside Japan . . . . [33.7%] [34.2%] [0.5%]
Gross profit margin . . . . . . . . . . . 27.7% 27.5% (0.2%)
Operating income margin . . . . . . 2.4% 2.2% (0.2%)
Return on equity (ROE) . . . . . . . . 5.1% (9.0%) (14.1%)
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}
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, 2013
(fiscal 2012). Forward-looking statements in this section are based
on management’s understanding and best judgment as of March 31,
2013. The impact of exchange rate fluctuations is calculated by
taking the average exchange rates in fiscal 2011 for the U.S. dollar,
euro and British pound and applying them to foreign currency-
denominated transactions in fiscal 2012.
1. Analysis of Results
Business Environment
During fiscal 2012, the global economy continued to experience a
weak recovery. In Europe, economic conditions continued to deterio-
rate as a result of fiscal austerity measures and rising unemploy-
ment. In the United States, concerns over fiscal policy resulted in
continued uncertainty. The rate of economic growth in emerging
markets moderated on account of depressed consumer spending,
although there were signs of improvement in investment as a result
of expanded public sector spending and monetary easing.
In Japan, the economy stagnated due to the global economic
slowdown. Despite rising expectations for an economic rebound due to
a stock market rally and yen depreciation spurred on by economic policy
and monetary easing from the fourth quarter (January–March, 2013),
the impact on the real economy in fiscal 2012 has been limited.
With regard to investment in information and communication
technology (ICT) in Japan, spending on services has been recovering,
although investment in hardware related to servers and so forth has
remained soft. Outside of Japan, economic conditions in Europe
continued to deteriorate, mainly during the first half of fiscal 2012,
and companies put firmer constraints on investment spending.
(¥ Billions) (%)
(Years ended March 31)
Net Sales and
Ratio of Net Sales Outside Japan
097
FUJITSU LIMITED ANNUAL REPORT 2013
FACTS & FIGURES