Fujitsu 2003 Annual Report Download - page 6

Download and view the complete annual report

Please find page 6 of the 2003 Fujitsu annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 56

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56

4
printed circuit board division into an independent company in order to enable it to respond more
quickly to market opportunities and focus on its value-added interconnect technology offerings for
global customers in the IT industry.
Through these initiatives we were able to streamline our operations and raise efficiency. In
fiscal 2002, we were able to achieve fixed cost savings of an additional ¥170 billion compared to
the previous year. We expect to realize a further ¥30 billion in fixed cost savings in the current
fiscal year. Although we have placed the large restructuring charges behind us in fiscal 2002, we
will continue to implement measures designed to enhance our competitiveness in response to
changes in our markets and the needs of our customers.
Rebuilding Our Balance Sheet
The two consecutive years of large net losses arising from our restructuring efforts have led to a
serious deterioration in our balance sheet. Shareholders’ equity ratio, which stood at 23.4% at the
end of fiscal 2000, declined to 16.6% in fiscal 2002, while interest bearing liabilities remain at an
uncomfortably high level of roughly ¥1.7 trillion. We are committed to rebuilding our shareholders’
equity base and reducing debt levels. We intend to accomplish this by generating higher profits
from our business operations and through more strategic utilization of our asset holdings.
A Trusted Partner to Our Customers
Information technology is progressing at an extremely rapid pace. Particularly in recent years,
customers have become able to assemble systems comprising high-performance computers and
Changes in IT and the Business Environment