Fujitsu Limited

euro adhoc: Fujitsu Limited
Quarterly or Semiannual Financial Statements
Fujitsu Reports FY2003 First-Half Financial Results for first-half fiscal period, ended September 30, 2003 - Part 1 (E)

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Part 1

  Contact:                                                                                

  Yuri Momomoto or Scott Ikeda                  FOR IMMEDIATE RELEASE

  Fujitsu Limited, Public and Investor Relations    Oct. 29, 2003
  Tel (+81-3)6252-2176                                                            

        Fujitsu Reports FY2003 First-Half Financial Results      
  (for first-half fiscal period, ended September 30, 2003)  

  1. Summary of Consolidated Results (Six months ended September    
        30)                                                                        
  a. Summary of Consolidated Statements of Operations          

                                    Yen                            U.S. Dollars          
                                (millions)                        (millions)            
                      (except per share data)    (except per share data)

                          1st Half        1st Half                    1st Half
                              2003              2002         Change        2003    
                                                                      (%)                    
  Net Sales    Y 2,141,934  Y 2,150,386        -0.4      $19,297  

  Operating          (17,990)      (23,278)              -        (162)
  Income                                                                                  
  (Loss)                                                                                  

  Income                                                                                  
  (Loss)                                                                                  
  Before                                                                                  
  Income                                                                                  
  Taxes                                                                                    
  and                    
  Minority                                                                                
  Interests          (51,082)        (220,101)            -        (460)

  Net Income         (58,562)        (147,438)            -        (528)
  (Loss)                                                                                  

  Net Income                                                                            
  (Loss)                                                                                  
  per common      
  share              Y (29.28)         Y (73.66)            -  Y(0.264)  

  b. Net Sales by Business Segment                                        

                                            Yen                    U.S. Dollars      
                                        (millions)                (millions)        
                                 (except per share      (except per share
                                          data)                         data)          

                            1st Half        1st Half                        1st    
                                                                                    Half    
                                2003              2002         Change      2003    
                                                                        (%)                  
  Software &        Y 909,325         Y 918,089        -1.0  $8,192  
  Services                                                                                

  Platforms            723,821            769,713        -6.0    6,521  

  Electronic          334,746            289,037      +15.8    3,016  
  Devices                                                                                

  Financing              50,391              55,074        -8.5        454  

  Other                  123,651            118,473        +4.4    1,114  
  Operations                                                                            

  Total            Y 2,141,934      Y 2,150,386        -0.4 $19,297

  c. Summary of Consolidated Financial Condition                  

                                                 Yen                    U.S. Dollars
                                          (millions)                 (millions)  
                                 September        March 31      September 30
                                      30                                                      
                                    2003                2003                    2003        
  Total Assets         Y3,740,469        Y 4,225,361         $ 33,698

  Shareholders'            649,866              702,390              5,855
  Equity                                                                                  

  Shareholders'                 17.4 %            16.6%                        
  Equity Ratio                                                                        

  d. Summary of Consolidated Statements of Cash Flows          

                                                Yen                         U.S. Dollars  
                                         (millions)                      (millions)    
                                1st Half         1st Half              1st Half      
                                  2003                2002                    2003        
  Cash Flows            Y 37,424         Y (80,996)                $ 337
  from Operating                                                                      
  Activities                                                                            

  Cash Flows          (30,352)              (10,551)                (273)
  from Investing                                                                      
  Activities                                                                            

  Cash Flows          (50,637)                111,582                (456)
  from Financing                                                                      
  Activities                                                                            

  Cash and Cash                                                                        
  Equivalents                                                                          
  at Half-year        Y 236,658          Y 316,370            $ 2,132
  End                                                                                        

  Note: All yen figures have been converted to U.S. dollars
  for convenience only at a uniform rate of $1=111 yen.        

  2. Summary of Consolidated Results (Three months ended      
  September 30)                                                                        

  a. Summary of Consolidated Statements of Operations          

                                      Yen                                        U.S.      
                                                                                Dollars    
                                (millions)                            (millions)  
                      (except per share data)                 (except per
                                                                            share data)
                            2nd              2nd                        2nd Quarter
                        Quarter         Quarter                                        
                          2003              2002        Change         2003        
                                                                 (%)                        
  Net Sales    Y1,203,196 Y1,167,392        +3.1        $10,840  

  Operating          19,896         5,792    +243.5              179  
  Income                                                                                  
  (Loss)                                                                                  

  Income                                                                                  
  (Loss)                                                                                  
  Before                                                                                  
  Income                                                                                  
  Taxes                                                                                    
  and                
  Minority                                                                                
  Interests    (18,229)         (142,994)            -            (164)

  Net              Y (18,754)    Y (91,010)            -         $ (169)
  Income                                                                                  
  (Loss)                                                                                  

  b. Net Sales by Business Segment                                        

                                      Yen                                        U.S.      
                                                                                Dollars    
                                 (millions)                          (millions)  
                          (except per share                      (except per
                                    data)                                share data)
                            2nd              2nd                        2nd Quarter
                         Quarter        Quarter                                        
                          2003              2002          Change          2003        
                                                                 (%)                        
  Software &    Y 525,979      Y 537,102        -2.1         $4,738  
  Services                                                                                

  Platforms      411,572            390,622        +5.4          3,708  

  Electronic    172,100            147,047      +17.0          1,551  
  Devices                                                                                

  Financing      29,596                30,306        -2.3              267  

  Other            63,949                62,315        +2.6              576  
  Operations                                                                            

  Total         Y 1,203,196  Y 1,167,392        +3.1        $10,840  

  3. Projections for FY2003 (April 1, 2003 - March 31,        
  2004)                                                                                    

  Consolidated Earnings Forecast                                            

                                                 Yen                                    
                                            (billions)          Change (%)  
                                        FY2003 (Forecast)    FY02 to FY03
                    Net Sales                 Y 4,750.0                 +2.9
         Operating Income                        150.0                +49.4
        Net Income (Loss)                      Y 30.0                      -

  Note: All yen figures have been converted to U.S. dollars
  for convenience only at a uniform rate of $1=111 yen.        

  4. Summary of Unconsolidated Results (Six months ended      
  September 30)                                                                        

  a. Summary of Unconsolidated Statements of Operations        

                                          Yen                                  U.S.      
                                                                                Dollars    
                                    (millions)                         (millions)
                                (except per share                      (except  
                                         data)                              per share
                                                                                  data)    
                            1st Half      1st Half                  1st Half  
                              FY2003         FY2002      Change      FY2003    
                                                                  (%)                        
  Net Sales          Y1,207,551  Y1,238,409      -2.5      $10,879  

  Operating              (44,021)      (23,888)          -         (397)
  Income (Loss)                                                                        

  Income (Loss)          17,346    (183,136)          -            156  
  Before Income                                                                        
  Taxes                                                                                    

  Net Income                18,708    (104,936)          -            169  
  (Loss)                                                                                  

  Amounts Per                                                                          
  Share of                                                                                
  Common Stock:                                                                        

  Net Income                Y 9.35    Y (52.42)                      $0.084  
  (Loss)                                                                                  

  Cash Dividends         Y 0.00         Y 0.00                      $0.000  

  b. Summary of Unconsolidated Financial Condition

                                                 Yen                    U.S. Dollars
                                          (millions)                 (millions)  
                                 (except per share data)      (except per
                                                                            share data)
                                 September        March 31      September 30
                                      30                                                      
                                    2003                2003                2003        

  Total Assets          Y 2,820,007  Y 2,926,275         $25,405  

  Shareholders'            801,768            771,133            7,223  
  Equity                                                                                  

  Shareholders'                  28.4%            26.4%                        
  Equity Ratio                                                                        

  Shareholders'          Y 400.81          Y 385.49            $3.61  
  Equity Per                                                                            
  Share                                                                                    

  5. Projections for FY2003 (April 1, 2003 - March 31,        
  2004)                                                                                    

  Unconsolidated Earnings Forecast                                        

                                                      Yen                          Change      
                                                 (billions)          FY02 to FY03
                                            (except per share                  (%)        
                                                                data)                        
        Net Sales                                 Y 2,730.0                 +1.3
        Operating Income                              40.0                +83.0
        Net Income                                        50.0                      -
        Net Income per Share                      25.00                      -

  Note: All yen figures have been converted to U.S. dollars
  for convenience only at a uniform rate of $1=111 yen.        

  Consolidated Statements of Operations (Three months ended
  September 30)                                                                        
                                          Yen                                  U.S.      
                                                                                Dollars    
                                    (millions)                         (millions)
                                 2nd              2nd                          2nd      
                              Quarter        Quarter                  Quarter    
                                2003            2002        Change        2003      
                                                                  (%)                        
  Net sales         Y 1,203,196 Y 1,167,392    +3.1      $10,840  

  Operating                                                                              
  costs and                                                                              
  expenses:                                                

  Cost of goods      886,893         852,117      +4.1         7,990  
  sold                                                                                      

  Selling,                                                                                
  general and                                                                          
  administrative    296,407         309,483      -4.2         2,671  
  expenses                                                                                
                          1,183,300      1,161,600                    10,661  

  Operating              19,896            5,792  +243.5            179  
  income (loss)                                                                        

  Other income                                                                        
  (expenses):                                                                          

  Net interest*        (4,636)        (6,465)                         (42)

  Equity in                                                                              
  earnings of                                                                          
  affiliated              
  companies, net      (1,442)          1,432                         (13)

  Amortization                                                                        
  of                                                                                        
  unrecognized                                                                        
  obligation                                                                            
  for                        
  retirement                                                                            
  benefits              (14,492)      (10,924)                        (131)

  Restructuring        (4,674)    (124,101)                         (42)
  charges                                                                                

  Cost of                         -        (25,000)                            -  
  corrective                                                                            
  measures for                                                                        
  products**                                                                            

  Valuation                      -         (7,637)                            -  
  loss on                                                                                
  marketable                                                                            
  securities                                                                            

  Gain on sales         7,496          27,980                          68  
  of marketable                                                                        
  securities***                                                                        

  Other, net          (20,377)        (4,071)                        (183)

                              (38,125)    (148,786)                        (343)

  Income (Loss)                                                                        
  before income                                                                        
  taxes                                                                                    
  and minority        
  interests            (18,229)    (142,994)          -          (164)

  Income taxes         (3,374)      (53,522)                         (30)

  Minority                (3,899)        (1,538)                         (35)
  interests                                                                              

  Net income        Y (18,754)    Y (91,010)         -         ($169)
  (loss)                                                        

  Note: All yen figures throughout these statements have      
  been converted to U.S. dollars for convenience only          
  at a uniform rate of $1=111 yen.    

  *Net interest consists of interest income, dividend          
  income and interest charges.                                                

  **Cost of corrective measures for products refers to        
  certain small form factor hard disk drives.                        

  ***Gain on sales of marketable securities in second          
  quarter of FY2003 refers to 1,319 million yen                    
  of gain on sales of affiliates' stock and 6,177 million    
  yen on sales of available-for-sale securities.                  

                              This information is provided by RNS
          The company news service from the London Stock Exchange

MORE TO FOLLOW

end of announcement            euro adhoc 30.10.2003
---------------------------------------------------------------------


Further inquiry note:
Yuri Momomoto or Scott Ikeda
Fujitsu Limited, Public and Investor Relations
Tel (+81-3)6252-2176                                                            
FAX:+81 (0) 3-6252-2783
URL:http://pr.fujitsu.com/en/news/fjcontacts.html
E-mail:pr@fujitsu.com

Branche: Hardware
ISIN:      JP3818000006
WKN:        0354912
Index:    
Börsen:  Frankfurter Wertpapierbörse / official dealing
              SWX Swiss Exchange / official dealing
              London Stock Exchange / official dealing



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