Fujitsu 2001 Annual Report Download - page 27

* Telecommunications —R&D and manufacturing facili-
ties for optical transmission
systems; development and
manufacturing facilities for
next-generation mobile com-
munication network systems
* Electronic Devices —Flash memory manufacturing
facilities; advanced logic pro-
duction lines; mass-production
facilities for compound semi-
conductors; Akiruno Technology
Center
Financial Condition and Liquidity
Total assets at the end of fiscal 2000 amounted to
¥5,200.0 billion ($41,936 million), an increase of ¥180.3
billion from the previous year. Inventories increased due to
such factors as imbalances in supply and demand arising
from sudden market changes since January 2001, and
fixed assets rose in tandem with the increase in capital
expenditures.
Total liabilities amounted to ¥3,768.6 billion ($30,393
million), an increase of ¥139.0 billion from the previous
year. Current liabilities rose by ¥366.2 billion, to ¥2,443.6
billion ($19,707 million), as a result of increases in accounts
payable and tax liabilities. However, long-term liabilities
shrank by ¥227.2 billion, to ¥1,325.0 billion ($10,686 mil-
lion), due to a reduction in interest-bearing liabilities, which
showed a year-end balance of ¥1,636.2 billion ($13,195
million), a decrease of ¥88.8 billion from the previous year.
Shareholders’ equity increased by ¥37.8 billion from
the previous year to ¥1,214.3 billion ($9,793 million). The
shareholders' equity ratio was 23.4%, and shareholders'
equity per share was ¥614.18 ($4.95), based on the num-
ber of shares outstanding at the end of the period.
Cash Flows
Net cash generated by operating activities over the fiscal
year increased by ¥119.4 billion from last year, to ¥596.4
billion ($4,810 million), mainly owing to an increase in
income before income taxes and minority interests. Net
cash used in investing activities increased by ¥118.5 billion,
to ¥466.8 billion ($3,765 million), as a result of such fac-
tors as a rise in capital expenditures, particularly in the
semiconductor area.
We were again able to keep free cash flow – the differ-
ence between cash provided by operating activities and
cash used in investing activities – in the black this fiscal
year at ¥129.6 billion ($1,046 million), similar to last year.
In addition, as a result of a reduction in interest bearing
liabilities, net cash used in financing activities during the fis-
cal year was ¥137.6 billion ($1,110 million).
Consolidated Subsidiaries
As of the end of fiscal 2000, Fujitsu had 517 consolidated
subsidiaries, 129 in Japan and 388 abroad, representing an
increase of 24 over last year's total of 493. This was attrib-
utable to the establishment of new companies, such as
Fujitsu LSI Solutions, Inc. (established August 2000), which
designs and develops system LSI solutions geared toward
fields such as networks and next-generation portable infor-
mation terminals. Similarly, the restructuring of Amdahl's
business operations led to the establishment of new
Amdahl subsidiaries, including Fujitsu Technology
Solutions, which offers UNIX servers, Intel Architecture (IA)
servers, and storage systems, and Fujitsu Software
Technology Corporation, which develops and sells software
products such as storage management software.
In addition, the number of affiliates for which the equity
method was applied increased by 3 from last year to 28 at
the end of fiscal 2000 as a result of new ventures, such as
the launching of Evolium SAS, a developer of next-genera-
tion mobile communication network systems, in
conjunction with Alcatel of France.
25
477
408
546
444
348
399
367
282
23.4
21.5
22.1
24.1
1,176
1,078
1,118
1,123
23.4
(%)
1,214 466
596
Shareholders‘ Equity
(¥ Billion)
Equity Ratio
(%)
Cash Flows from Operating
Activities
(¥ Billion)
Cash Flows from
Investing Activities
(¥ Billion)
(Years ended March 31) (Years ended March 31)
C as h F lows from Operat ing A c t ivit ies
C as h F lows from Inves ting A c tivit ies
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