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0 20
300
600
1,200
900
40
35
30
25
821.2
27.2
798.6
24.7
748.9
23.2
25.6
2009 2011 2012 20132010
781.4
28.6
841.0
–90.4
2009 2011 2012 20132010
–100
0
100
300
200
49.1
113.4
296.4
23.4
2009 2011 2012 20132010
534.9
0.32
0.68
0.45
381.1
0.14
577.4
0.20
0.72
883.4
0.47
1.18
0.57
0.14
470.8
0
250
500
750
1,000
0
2.0
1.5
1.0
0.5
3. Analysis of Capital Resources and Liquidity
Assets, Liabilities and Net Assets
Condensed Consolidated Balance Sheets (Unit: billion yen)
As of March 31 2012 2013
YoY
Change
Assets
Current assets . . . . . . . . . . . . . . . . 1,701.7 1,722.2 20.5
Property, plant and equipment . . 640.9 618.4 (22.4)
Intangible assets . . . . . . . . . . . . . . 230.2 187.3 (42.9)
Investments and
other non-current assets . . . . . . . . 372.4 520.9 148.4
Total assets . . . . . . . . . . . . . . . . . . 2,945.5 3,049.0 103.5
Liabilities
Current liabilities . . . . . . . . . . . . . . 1,420.3 1,568.5 148.1
Long-term liabilities . . . . . . . . . . . 558.5 570.7 12.1
Total liabilities . . . . . . . . . . . . . . . . 1,978.9 2,139.2 160.3
Net assets
Shareholders’ equity . . . . . . . . . . . 926.0 832.5 (93.4)
Accumulated other
comprehensive income . . . . . . . . (85.0) (51.1) 33.8
Minority interests in
consolidated subsidiaries . . . . . . 125.4 128.3 2.8
Total net assets . . . . . . . . . . . . . . . 966.5 909.8 (56.7)
Total liabilities and net assets . . . 2,945.5 3,049.0 103.5
Cash and cash equivalents at
end of year . . . . . . . . . . . . . . . . . . . 266.6 286.6 19.9
Interest-bearing loans . . . . . . . . . . . . 381.1 534.9 153.8
Net interest-bearing loans . . . . . . . . 114.4 248.3 133.9
Owners’ equity . . . . . . . . . . . . . . . . . . 841.0 781.4 (59.6)
Notes: Year-end balance of interest-bearing loans: Short-term borrowings and
current portion of bonds payable (Current liabilities) + Long-term
borrowings and bonds payable (Long term liabilities) *
Net interest-bearing loans: Interest-bearing loans – cash and cash
equivalents
Owners’ equity: Net assets – Subscription rights to shares – Minority
interests in consolidated subsidiaries
* ¥284.5 billion of cash and cash equivalents in consolidated state-
ments of cash flows as of the end of the fiscal year is calculated by
deducting ¥2.0 billion of overdrafts, which is categorized within short-
term borrowings in current liabilities, from cash and cash equivalents in
the consolidated balance sheets.
Reference: Financial Indicators
Years ended March 31 2012 2013 YoY Change
Inventories (billion yen) . . 334.1 323.0 (11.0)
[Inventory turnover ratio] . . [13.23] [13.33] [0.10]
[Monthly inventory
turnover rate] . . . . . . . . . [1.01] [1.00] [(0.01)]
[Total assets
turnover rate] . . . . . . . . . [1.50] [1.46] [0.04]
Shareholders’ equity ratio . . 31.4% 27.3% (4.1%)
Owners’ equity ratio . . . . . 28.6% 25.6% (3.0%)
D/E ratio (times) . . . . . . . . 0.45 0.68 0.23
Net D/E ratio (times) . . . . . 0.14 0.32 0.18
Notes: Inventory turnover ratio: Net sales ÷ {(Beginning balance of inventories
+ Year-end balance of inventories) ÷ 2}
Monthly inventory turnover: Net sales ÷ Average inventories during
period* ÷ 12
Total assets turnover rate: Net sales ÷ {(Beginning balance of total
assets + Ending balance of total assets) ÷ 2}
Shareholders’ equity ratio: Shareholders’ equity ÷ Total assets
Owners’ equity ratio: Owners’ equity ÷ Total assets
D/E ratio: Interest-bearing loans ÷ Owners’ equity
Net D/E ratio: (Interest-bearing loans – Cash and cash equivalents) ÷
Owners’ equity
* Average inventories during period are calculated as the average of the
ending balance of inventories for each of the four quarters of the fiscal year.
(Years ended March 31)
Owners’ Equity (Left Scale)
Owners’ Equity Ratio (Right Scale)
Interest-bearing loans (Left Scale)
D/E ratio (Right Scale)
Net D/E ratio (Right Scale)
(As of March 31)(As of March 31)
(¥ Billions) (%) (¥ Billions)(¥ Billions) (Times)
Free Cash FlowOwners’ Equity/Owners’ Equity RatioInterest-Bearing Loans, D/E Ratio and
Net D/E Ratio
103
FUJITSU LIMITED ANNUAL REPORT 2013
FACTS & FIGURES