Fujitsu 2014 Annual Report Download - page 114

841.0
28.6
821.2
27.2
798.6
24.7
18.6
573.2
21.4
624.0
2010 2012 2013 20142011
0
250
500
750
1,000
10
20
30
40
50
519.6
0.38
0.91
0.86
534.9
0.40
470.8
0.14
0.57
577.4
0.20
0.72
0.45
0.14
381.1
2010 2012 2013 20142011
0
200
400
600
0
0.5
1.0
1.5
Consolidated total assets at the end of fiscal 2013 amounted to
¥3,079.5 billion ($29,898 million), an increase of ¥159.2 billion from
the end of fiscal 2012. This represented an increase of approximately
¥120.0 billion as a result of the yen’s depreciation. Current assets
increased by ¥144.1 billion compared with the end of fiscal 2012, to
¥1,866.4 billion ($18,121 million). Notes and accounts receivable,
trade increased by ¥95.0 billion as sales in the fourth quarter (Janu-
ary to March) of fiscal 2013 were higher than in the same period of
fiscal 2012. Inventories at the end of fiscal 2013 increased to ¥330.2
billion ($3,206 million), up ¥7.1 billion from the ending balance of
fiscal 2012, mainly due to the effects of the weaker yen. The monthly
inventory turnover ratio, which is an indication of asset utilization
efficiency, was 1.07 times, an improvement of 0.07 times from the
end of fiscal 2012. In addition to more efficient management of
inventories, particularly in PCs and LSI devices, the sale of the micro-
controller and analog device business also had an impact. Fixed
assets increased by ¥15.0 billion from the end of fiscal 2012, to
¥1,213.0 billion ($11,777 million). Investments and other non-
current assets were ¥407.2 billion, up ¥14.9 billion from the end of
fiscal 2012, mainly due to an increase in the value of available-for-
sale securities attendant on the rise in stock prices. Moreover, as a
result of a revision in the accounting standard for retirement benefits,
the balance of unrecognized obligation for retirement benefits, such
as actuarial gains and losses, is now to be recorded on the balance
sheet as a defined benefit liability, offset with a defined benefit
asset, together with the associated deferred tax asset.
Total liabilities amounted to ¥2,377.0 billion ($23,078 million),
an increase of ¥209.1 billion compared to the end of fiscal 2012,
mainly because unrecognized obligation for retirement benefits was
recorded in accordance with a revision in the accounting standard for
retirement benefits. Trade notes and accounts payable increased
because of the impact of the weaker yen, whereas the provision for
restructuring charges decreased on account of the payment of busi-
ness structure improvement expenses for the LSI device business and
businesses outside Japan. The balance of interest-bearing loans was
¥519.6 billion ($5,045 million), a decrease of ¥15.3 billion from the
end of fiscal 2012. The Company issued ¥80.0 billion in straight
bonds to cover the redemption of straight bonds and repay short-
term borrowings and also made progress in paying down borrowings.
As a result, the D/E ratio was 0.91 times, an increase of 0.05 of a
percentage point compared to the end of fiscal 2012, and the net D/E
ratio was 0.38 times, an increase of 0.02 of a percentage point
compared to the end of fiscal 2012.
Net assets amounted to ¥702.4 billion ($6,820 million), a
decrease of ¥49.9 billion from the end of fiscal 2012. Shareholders’
equity increased, but accumulated other comprehensive income
decreased. Shareholders’ equity increased by ¥48.6 billion to ¥874.2
billion because of the net income being recorded in fiscal 2013.
Accumulated other comprehensive income decreased by ¥99.5
billion compared to the end of fiscal 2012 to negative ¥301.0 billion,
as a result of the reflection on the balance sheet of the unrecognized
obligation for retirement benefits for plans in Japan, including actu-
arial gains and losses*3, in accordance with a revision in the account-
ing standard for retirement benefits. Foreign currency translation
adjustments was negative ¥17.7 billion compared to negative ¥79.4
billion at the end of fiscal 2012, on a reversal stemming from the
liquidation of US subsidiary Fujitsu Management Services of America,
Inc., and on the depreciation of the yen against the British pound.
Unrealized gain and loss on securities increased ¥10.7 billion to
¥35.7 billion with a rise in stock prices. Consequently, consolidated
owners’ equity fell to ¥573.2 billion ($5,565 million), with an owners’
equity ratio of 18.6%, representing a decline of 2.8 percentage points
compared to the end of fiscal 2012.
With respect to the unrecognized obligation for retirement ben-
efits, including actuarial gains and losses, of ¥387.2 billion for retire-
ment benefits for plans in and outside Japan resulting from a revision
in the accounting standard for retirement benefits, the ending bal-
ance of ¥321.5 billion on an after-tax basis has been fully recognized
in remeasurements of define benefit plants, net of taxes under
accumulated other comprehensive income as of the end of fiscal
2013, and has been deducted from net assets.
Owners’ Equity Ratio: Owners’ equity (Net assets – Subscription rights to shares –
Minority interests in consolidated subsidiaries) ÷ Total assets
(¥ Billions) (%)(¥ Billions) (Times)
Owners’ Equity (Left Scale)
Owners’ Equity Ratio (Right Scale)
Interest-bearing loans (Left Scale)
D/E ratio (Right Scale)
Net D/E ratio (Right Scale)
(As of March 31)(As of March 31)
Owners’ Equity/Owners’ Equity RatioInterest-Bearing Loans, D/E Ratio and
Net D/E Ratio
MANAGEMENT’S DISCUSSION AND ANALYSIS OF OPERATIONS
112 FUJITSU LIMITED ANNUAL REPORT 2014