Fujitsu 2010 Annual Report Download - page 132
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6. Amount and Account of Acquisition Cost Expensed as R&D Costs, etc.
Selling, general and administrative expenses
Yen U.S. Dollars
(millions) (thousands)
¥4,639 $49,882
n Conversion of FDK Corporation into a Consolidated Subsidiary of the Company through Subscription to Private Placement
1. Name and Business Description of the Acquired Business; Principal Reasons for Carrying Out the Business Combination; Date of the
Business Combination; Legal Form of the Business Combination and the Name of the Business Subsequent to the Combination;
Percentage of Voting Rights Held
1) Name and Business Description of the Acquired Business
Name of the acquired business: FDK Corporation (“FDK”)
Business description: Manufacture and sale of electronic components, batteries and related products
2) Principal Reasons for Carrying Out the Business Combination
To respond to the changes taking place in the marketplace, FDK (listed on second section, Tokyo Stock Exchange) has undertaken
reforms of its business structure with the aim of leveraging its materials technologies to strengthen its products lineup, particularly
power systems and high frequency devices. The sharp downturn in worldwide economic conditions starting from the second half of
fiscal 2008, however, has had a severe impact on the business of FDK. As a result of recording a large loss in the third quarter of fiscal
2008 (October through December 2008), FDK’s liabilities exceeded its assets. The Company, in addition to its transactions with FDK,
such as the purchase of its products, provides financial support to FDK, and as FDK’s major shareholder, creditor and customer,
accordingly believes that, from the standpoint of maintaining the Company’s corporate value, it is necessary to eliminate the material
adverse effect on FDK’s business activities that might occur if its capital deficiency should continue. By the Company subscribing to
the private placement to increase the capital of FDK, FDK will be in a stronger position to successfully implement its structural
reforms and attain the targeted expansion of its business.
3) Date of the Business Combination
May 1, 2009
4) Legal Form of the Business Combination and the Name of the Business Subsequent to the Combination
Legal form of the business combination: Acquisition of shares
Name of the business subsequent to the combination: FDK Corporation
5) Percentage of Voting Rights Held
Prior to the acquisition 39.80%
Subsequent to the acquisition 64.64%
2. Period for Which the Acquired Company’s Financial Results Are Included in Consolidated Results
April 1, 2009–March 31, 2010
3. Acquisition Cost and Breakdown
Yen U.S. Dollars
(millions) (thousands)
Acquisition cost: ¥11,000 $118,280
(Cash; ¥11,000)
130 FUJITSU LIMITED Annual Report 2010
Notes to Consolidated Financial Statements