Fujitsu 2002 Annual Report Download - page 25

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Financial Condition and Liquidity
Total assets at the end of fiscal 2001 amounted to
¥4,595.8 billion, a decrease of ¥604.2 billion from the pre-
vious year. Current assets were ¥2,223.0 billion, down
¥514.4 billion. Inventories were reduced by ¥260.8 billion
thanks to group-wide containment efforts. Receivables,
trade declined ¥267.4 billion as a result of lower sales and
more efficient collections. Fixed assets amounted to
¥2,372.7 billion, a decrease of ¥89.8 billion from the pre-
vious year, reflecting streamlining from restructuring
initiatives.
Total liabilities amounted to ¥3,526.5 billion, a decrease
of ¥242.1 billion. Current liabilities declined ¥322.4 billion,
to ¥2,121.2 billion. Fixed liabilities rose ¥80.2 billion, to
¥1,405.2 billion, as a result of capital procurement through
bond issuance and other factors. Because free cash flow
was negative, interest-bearing liabilities rose ¥124.4 billion,
to ¥1,760.6 billion.
The large net loss resulting from restructuring charges
and other factors reduced total shareholders’ equity by
¥360.6 billion, to ¥853.7 billion, resulting in the sharehold-
ers’ equity ratio declining to 18.6%. Of this, the balance of
retained earnings decreased by ¥407.5 billion, to ¥76.1
billion. Based on the number of shares outstanding at the
end of the period, shareholders’ equity per share was
¥426.5.
Cash Flows
Despite significant improvements in business efficiency,
such as the group-wide initiative that succeeded in reduc-
ing inventories by 29.1%, net cash generated by operating
activities in fiscal 2001 declined by ¥289.8 billion, to
¥306.5 billion, primarily as a result of the large net loss
stemming from the significant restructuring charges.
Because capital expenditures were limited only to the most
promising growth sectors, net cash used in investing activi-
ties declined by ¥57.3 billion, to ¥409.4 billion.
Free cash flow was negative ¥102.8 billion, compared
to positive free cash flow of ¥129.6 billion the previous
year.
Net cash generated from financing activities amounted
to ¥91.3 billion, compared with ¥137.6 billion the previous
year. A corporate bond issue in September 2001 raised
¥180.0 billion for working capital and to cover corporate
bond maturities, and additional funds were raised to cover
the shortfall in free cash flow.
Consolidated Subsidiaries
At the end of fiscal 2001, Fujitsu had 494 consolidated
subsidiaries, 129 in Japan and 365 abroad, representing a
decrease of 23 from last year’s total of 517. This decrease
was achieved by reorganizing four domestic subsidiaries in
the network solutions sector, merging and reorganizing
other domestic subsidiaries to make them more competi-
tive, and reorganizing the Amdahl Group and ICL Group.
In April 2002, DMR Consulting Group, Inc. was renamed
Fujitsu Consulting Inc., and ICL PLC became Fujitsu
Services Holdings PLC.
The number of equity affiliates remained at 28.
(Years ended March 31)
Total Assets (¥ Billion)
Total Assets Turnover Rate (Times)
(Years ended March 31)
Shareholders‘ Equity (¥ Billion)
Equity Ratio (%)
(Years ended March 31)
Cash Flows from Operating Activities (¥ Billion)
Cash Flows from Investing Activities (¥ Billion)