Fujitsu 2004 Annual Report Download - page 7

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5
Considering the harsh market conditions we continued
to face, I thought these goals would be difficult to
achieve, but we were able to do so thanks to the
support of our shareholders and customers, as well as
the strong determination of everyone at Fujitsu to keep
our promises.
On the other hand, we also posted some significant
extraordinary losses relating to global restructuring
measures focusing on North America and fundamental
reforms to our domestic software and services business.
These initiatives were intended to aggressively promote
overseas business expansion for future growth and to
ensure the health and continued strong growth of our
software and services business, and we felt it was
important to deal with potential problems swiftly and
decisively. We were able to offset these losses by
generating gains through asset sales and transferring
the substitutional portion of our employees’ pension
funds to the government system.
In fiscal 2003 my goal was to make Fujitsu a sound and
healthy company again. Building on the results of the
past year, my goal for fiscal 2004 and beyond is to
make Fujitsu a truly strong company. Achieving our
fiscal 2003 targets was merely the first step toward the
larger goal of becoming a strong company.
Looking forward, I have no intention of letting up. I am
determined that we move steadily forward by continuing
to act from the customer’s perspective, maintaining our
commitment to quality and timely delivery, and
continuing to increase our institutional speed.
Principal Restructuring Initiatives in Fiscal 2003
Strengthened business through operational partnerships
Jul. 2003
Sep. 2003
Apr. 2004
Integrated Flash memory operations with AMD
Fujitsu Leasing received investment from Tokyo
Leasing (20% share)
Integrated compound semiconductor operations
of Fujitsu Quantum Devices and Sumitomo Electric
Restructured global operations
Oct. 2003
Nov. 2003
Apr. 2004
Restructured US platforms business
── Fujitsu Technology Solutions and Fujitsu PC
merged into Fujitsu Computer Systems
Established Fujitsu (China) Holdings
── Merger of four China-based IT operating
companies
Realigned overseas services business
── Alignment of Americas operations under
Fujitsu Consulting, European operations under
Fujitsu Services, and Australasian operations
under Fujitsu Australia
Realigned group companies
(net reduction of 32 consolidated subsidiaries)
Oct. 2003
Oct. 2003
Oct. 2003
Apr. 2004
Fujitsu Microelectronics Solutions
── Merger of two communications companies
for semiconductor development
Fujitsu Integrated Microtechnology
── Merger of four semiconductor assembly
companies
Fujitsu Network Technologies
── Merger of four communications
development companies
Fujitsu Applications
── Three software development companies
merged into two
Net sales
Operating income
Net income
Interest-bearing loans
￥4,800 billion
￥150.0 billion
￥30.0 billion
￥1,500 billion
or under
￥4,766.8 billion
￥150.3 billion
￥49.7 billion
￥1,277.1 billion
Target Actual
*at end of FY 2003