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Consolidated Statements of Cash Flows
Fujitsu Limited and Consolidated Subsidiaries
U.S. Dollars
Yen (thousands)
(millions) (Note 3)
Years ended March 31 2005 2006 2007 2007
Cash flows from operating activities (A):
Income before income taxes and minority interests
¥ 223,526 ¥ 118,084 ¥ 214,495 $ 1,817,754
Adjustments to reconcile income before
income taxes and minority interests to
net cash provided by operating activities:
Depreciation and amortization, including
goodwill amortization 232,118 242,376 278,784 2,362,576
Impairment loss — — 9,991 84,669
Increase (decrease) in provisions (2,761) 3,422 (20,686) (175,305)
Interest income (4,371) (5,912) (7,894) (66,898)
Dividend income (4,272) (4,583) (6,291) (53,314)
Interest charges 18,247 19,084 18,429 156,178
Equity in earnings of affiliates, net (3,691) 1,478 (6,996) (59,288)
Disposal of non-current assets 39,765 28,625 27,879 236,263
Gain on sales of marketable securities, net (133,299) — (75,062) (636,119)
(Increase) decrease in receivables, trade (Note 20) (26,320) 10,719 (116,659) (988,636)
(Increase) decrease in inventories 37,965 5,746 (7,445) (63,093)
(Increase) decrease in other current assets (Note 20) 13,808 (836) 8,706 73,780
Increase (decrease) in payables, trade (Note 20) (47,859) 21,196 49,263 417,483
Increase (decrease) in other current liabilities (Note 20)
10,956 26,123 75,695 641,483
Other, net (37,475) (10,648) 8,630 73,136
Cash generated from operations 316,337 454,874 450,839 3,820,669
Interest received 4,638 5,814 7,938 67,271
Dividends received 4,694 4,589 7,368 62,441
Interest paid (18,858) (20,302) (18,835) (159,619)
Income taxes paid (29,579) (39,396) (38,545) (326,652)
Net cash provided by operating activities 277,232 405,579 408,765 3,464,110
Cash flows from investing activities (B):
Purchases of property, plant and equipment (Note 20) (151,862) (221,100) (258,631) (2,191,788)
Proceeds from sales of property, plant and equipment 14,283 50,710 62,296 527,932
Purchases of intangible assets (47,677) (62,173) (59,132) (501,119)
Purchases of investment securities (23,239) (70,981) (22,813) (193,330)
Proceeds from sales of investment securities 161,047 22,353 117,121 992,551
Other, net 32,319 46,507 10,076 85,390
Net cash used in investing activities (15,129) (234,684) (151,083) (1,280,364)
A+B (*) 262,103 170,895 257,682 2,183,746
Cash flows from financing activities:
Increase (decrease) in short-term borrowings (48,816) (44,503) (27,071) (229,415)
Proceeds from long-term debt 126,179 38,477 14,160 120,000
Repayment of long-term debt (240,293) (150,628) (173,867) (1,473,449)
Dividends paid (12,001) (12,408) (16,572) (140,441)
Increase (decrease) in minority interests (1,024) (3,250) 5,297 44,890
Other, net (36,079) (35,528) (36,900) (312,712)
Net cash used in financing activities (212,034) (207,840) (234,953) (1,991,127)
Effect of exchange rate changes on cash and cash equivalents
1,661 3,323 4,424 37,492
Net increase (decrease) in cash and cash equivalents 51,730 (33,622) 27,153 230,111
Cash and cash equivalents at beginning of year 413,826 454,516 420,894 3,566,898
Cash and cash equivalents of newly consolidated subsidiaries
947 — 658 5,576
Cash and cash equivalents of deconsolidated subsidiaries
(11,987) — — —
Cash and cash equivalents at end of year ¥ 454,516 ¥ 420,894 ¥ 448,705 $ 3,802,585
Non-cash investing and financing activities:
Acquisition of assets under finance leases ¥ 33,273 ¥ 55,149 ¥ 75,079 $ 636,263
Increase in capital surplus as a result of stock exchange 50,156 6 — —
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
(*) This is referred to as “free cash flow” in Management’s Discussion and Analysis of Operations.
62 Fujitsu Limited