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2004 2005 2006 2007 2008
0
1,000
2,000
3,000
4,000
0.0
0.5
1.0
1.5
2.0
3,865.5 3,640.1 3,807.1 3,943.7 3,821.9
1.18 1.27 1.29 1.32 1.37
(Times)
(¥ Billions)
TOTAL ASSETS/TOTAL ASSETS
TURNOVER RATIO
(As of March 31)
Total Assets (Left Scale)
Total Assets Turnover Ratio (Right Scale)
(%)
(¥ Billions)
OWNERS’ EQUITY/
OWNERS’ EQUITY RATIO
(As of March 31)
Owners’ Equity (Left Scale)
Owners’ Equity Ratio (Right Scale)
2004
371.4
262.1
170.8
257.6
38.1
2005 2006 2007 2008
0
100
200
300
400
(Years ended March 31)
FREE CASH FLOW
(¥ Billions)
Owners‘ Equity: net assets less minority interests
2004
827.1
21.4 23.5 24.1 24.6 24.8
856.9 917.0 969.5 948.2
2005 2006 2007 2008
0
250
500
750
1,000
0
10
20
30
40
Net assets amounted to ¥1,130.1 billion (US$11,301 million),
down ¥30.5 billion. This was mainly due to a decline in valuation
and translation adjustments stemming from the yen’s sharp
appreciation toward the end of the year, as well as falling prices of
listed shares. Shareholders’ equity rose ¥36.6 billion, to ¥911.6
billion (US$9,116 million). At its meeting held in May 2007, the
Board of Directors approved a resolution to transfer ¥240.4 billion
(US$2,404 million) from “capital surplus” to “retained earnings.”
Cash Flows
Net cash provided by operating activities amounted to ¥322.0
billion (US$3,220 million), down ¥86.6 billion from the previous
fiscal year. (Excluding the impact of the previous fiscal year-end
falling on a business holiday, which resulted in the payment of
trade payables being carried over into fiscal 2007, net cash pro-
vided by operating activities would have been ¥63.7 billion
higher, due to increased income from core business operations
and progress in the collection of trade receivables.)
Net cash used in investing activities totaled ¥283.9 billion
(US$2,839 million), up ¥132.8 billion from the previous year. The
comparative increase in outflows stemmed from the sale of
shares in Fanuc Ltd. in fiscal 2006, which generated an inflow of
¥69.8 billion (US$698 million) in that year.
Free cash flow (the sum of operating and investment cash
flows) was positive ¥38.1 billion (US$381 million). (Excluding the
impact of the previous fiscal year-end falling on a holiday, free cash
flow would have been positive ¥147.7 billion (US$1,477 million).)
Net cash provided by financing activities totaled ¥62.3 billion
(US$623 million). During the year, the Company undertook share
buybacks in order to convert subsidiaries into wholly owned
companies via exchanges of shares. By contrast, it also issued
¥200.0 billion (US$2,000 million) in convertible bonds to even
out obligations associated with the potential redemption of
convertible bonds maturing in 2009.
As a result of the above factors, cash and cash equivalents at
the end of fiscal 2007 totaled ¥547.8 billion (US$5,478 million),
up ¥99.1 billion from a year earlier.
085
ANNUAL REPORT 2008FUJITSU LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS OF OPERATIONS