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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 2 (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Part 2
Consolidated Business Segment Information (Three months   
ended September 30)
a. Net Sales                                              
                                  Yen                      U.S.   
                               (millions)                 Dollars  
                                                        (millions)
2nd         2nd                2nd   
                             Quarter     Quarter            Quarter  
                              2003        2002     Change    2003 
                                                    (%)
Software    Unaffiliated     Y 525,979   Y 537,102  -2.1   $ 4,738
&           Customers        
Services    Interseg-                                             
            ment                19,942      19,771  +0.9       180 
              Total          Y 545,921   Y 556,873  -2.0   $ 4,918
Platforms   Unaffiliated       411,572     390,622  +5.4     3,708  
            Customers                                     
            Interseg-           62,467      61,203  +2.1       563  
            ment                       
              Total            474,039     451,825  +4.9     4,271
Electronic  Unaffiliated       172,100     147,047  +17.0    1,551  
Devices     Customers                                     
            Interseg-           16,272      18,633  -12.7      146  
            ment                                          
              Total            188,372     165,680  +13.7    1,697
Financing   Unaffiliated        29,596      30,306   -2.3      267  
            Customers                                     
            Interseg-            2,715       2,446  +11.0       24  
            ment                                           
              Total             32,311      32,752   -1.3      291
Other       Unaffiliated        63,949      62,315   +2.6      576  
Operations  Customers                                     
            Interseg-           35,210      36,755   -4.2      317  
            ment                                            
              Total             99,159      99,070   +0.1      893
Eliminations                  (136,606)   (138,808)     -   (1,230)
Total        Y 1,203,196 Y 1,167,392   +3.1  $10,840
b. Operating Income (Loss)
Yen                        U.S.    
                                                    Dollars   
                        (millions)                 (millions)
2nd        2nd        Change       2nd    
                    Quarter    Quarter     (Million    Quarter   
                     2003        2002        Yen)        2003
Software &         Y 32,525    Y 50,635     -18,110       $293  
Services                                                  
(Operating            (6.0%)      (9.1%)     (-3.1%)             
Margin)
Platforms           (1,286)     (17,829)    +16,543        (12) 
                   ((0.3%))     ((3.9%))    (+3.6%)
Electronic           4,972      (15,668)   +20,640          45  
Devices              (2.6%)     ((9.5%))  (+12.1%)
Financing            1,033        1,043       -10            9  
                     (3.2%)       (3.2%)      (-%)
Other                3,011        4,383    -1,372           27  
Operations           (3.0%)       (4.4%)   (-1.4%)
Eliminations       (20,359)     (16,772)   -3,587        (183)
Total           Y 19,896      Y 5,792   +14,104        $179  
                     (1.7%)       (0.5%)   (+1.2%)
c. Sales to Unaffiliated Customers
Yen                U.S.   
                                                     Dollars  
                                 (billions)         (millions)
2nd      2nd              2nd    
                          Quarter    Quarter         Quarter  
                            2003      2002   Change    2003    
                                              (%)
Software     Japan      Y 405.3    Y 411.0   -1.4    $3,652  
& Services   Overseas     120.5      126.0   -4.4     1,086  
               Total    Y 525.9    Y 537.1   -2.1    $4,738
Platforms    Japan        288.9      273.9   +5.5     2,603  
             Overseas     122.6      116.6   +5.1     1,105  
               Total      411.5      390.6   +5.4     3,708
Electronic   Japan         89.0       77.4  +15.0       802 
Devices      Overseas      83.0       69.6  +19.3       749  
               Total      172.1      147.0  +17.0     1,551
Financing    Japan         29.5       30.3   -2.3       267  
             Overseas         -          -      -         - 
               Total       29.5       30.3   -2.3       267
Other        Japan         51.9       49.4   +4.9       468  
Operations   Overseas      12.0       12.8   -6.3       108  
               Total       63.9       62.3   +2.6       576
Total      Japan      Y 864.8    Y 842.1   +2.7    $7,792  
             Overseas     338.3      325.2   +4.0     3,048
Total  Y 1,203.1  Y 1,167.3   +3.1   $10,840
d. Sales to Unaffiliated Customers by Products and Services
Yen                  U.S.   
                                                        Dollars  
                                 (billions)             (millions)
2nd      2nd                  
                               Quarter   Quarter          
                                 2003     2002     Change   2003 
                                                     (%)
Software   Solutions/SI       Y 258.9    Y 257.3    +0.6   $2,333  
&          Infrastructure       267.0      279.8    -4.6    2,405  
Services   Services                                     
             Total            Y 525.9    Y 537.1    -2.1   $4,738
Platforms  Servers             Y 88.8     Y 98.0    -9.4     $800  
           Mobile                                         
           Infrastructure/                                  
           IP Network            43.5       42.1    +3.3      392  
           Transmission          44.2       52.1   -15.2      398  
           Equipment                                    
           PCs & Mobile         182.0      157.2   +15.8    1,640  
           Telephones                                   
           HDDs                  53.0       41.2   +28.6      478
Total            Y 411.5    Y 390.6    +5.4   $3,708
Electronic Semiconductors      Y 92.0     Y 86.3    +6.6     $829 
Devices    Others                80.1       60.7   +32.0      722  
             Total            Y 172.1    Y 147.0   +17.0   $1,551
Consolidated Statements of Operations (Six months ended September 30)
Yen                        U.S.    
                                                      Dollars   
                          (millions)                (millions) 
                     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 costs                                           
  and expenses:                                             
  Cost of goods      1,576,454    1,571,934   +0.3     14,202  
  sold                                                    
  Selling, general                                          
  and                                                       
  administrative       583,470      601,730   -3.0      5,257  
  expenses                                                  
                     2,159,924    2,173,664            19,459
Operating income     (17,990)     (23,278)     -       (162) 
  (loss)                                                    
  Other income                                              
  (expenses):                                               
  Net interest*         (7,755)     (11,327)              (70) 
  Equity in                                                 
  earnings of                                               
  affiliated               418       (2,090)                4  
  companies, net                                            
  Amortization of                                           
  unrecognized                                              
  obligation                                                
  for retirement       (28,938)     (21,938)             (261) 
  benefits                                                  
  Casualty loss**       (4,700)           -               (42) 
  Restructuring         (4,674)    (150,000)              (42) 
  charges                                                  
  Cost of                    -      (25,000)                - 
  corrective                                                
  measures for                                              
  products***                                               
  Valuation loss             -       (7,637)                - 
  on marketable                                             
  securities                                                
  Gain on sales of      34,470       27,980               311  
  marketable                                                
  securities****                                            
  Other, net           (21,913)      (6,811)             (198) 
                       (33,092)    (196,823)      -      (298)
Income (Loss)                                             
  before income                                             
  taxes                                                     
  and minority         (51,082)   (220,101)      -       (460) 
  interests                                               
  Income taxes           3,787     (70,141)                34  
  Minority              (3,693)      2,522                (34) 
  interests                                                 
  Net income         Y (58,562) Y (147,438)      -     $ (528) 
  (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.
**Casualty loss refers to repair expenses incurred to     
  cover damages to property as a result of the earthquake   
  that occurred off the coast of Miyagi prefecture, Japan,  
  on May 26th, 2003.
***Cost of corrective measures for products refers to     
  certain small form factor hard disk drives.
****Gain on sales of marketable securities in first half  
  of FY2003 refers to 27,632 million yen of gain on sales   
  of affiliates' stock and 6,838 million yen on sales of    
  available-for-sale securities.
Consolidated Business Segment Information (Six months     
  ended September 30)
a. Net Sales
Yen                     U.S.   
                                                          Dollars  
                                (millions)               (millions)
                              1st        1st              1st Half 
                              Half       Half                   
                              2003       2002    Change     2003 
                                                   (%)
Software    Unaffiliated   Y 909,325   Y 918,089   -1.0    $8,192  
&           customers                               
Services    Intersegment      31,867      31,688   +0.6       287  
              Total        Y 941,192   Y 949,777   -0.9    $8,479
Platforms   Unaffiliated     723,821     769,713   -6.0     6,521  
            customers                                     
            Intersegment     104,178     103,752   +0.4       939 
              Total          827,999     873,465   -5.2     7,460
Electronic  Unaffiliated     334,746     289,037  +15.8     3,016  
Devices     customers                                     
            Intersegment      33,000      38,089  -13.4       297 
              Total          367,746     327,126  +12.4     3,313
Financing   Unaffiliated      50,391      55,074   -8.5       454  
            customers                                     
            Intersegment       4,027       5,607  -28.2        36 
              Total           54,418      60,681  -10.3       490
Other       Unaffiliated     123,651     118,473   +4.4     1,114  
Operations  customers                                     
            Intersegment      66,346      68,133   -2.6       598  
              Total          189,997     186,606   +1.8     1,712
Eliminations                (239,418)   (247,269)     -    (2,157)
Total                  Y 2,141,934 Y 2,150,386   -0.4   $19,297
b. Operating Income (Loss)
Yen                        U.S.    
                                                  Dollars   
                      (millions)                 (millions)
1st Half    1st Half   Change    1st Half  
                   2003        2002    (Million     2003    
                                         Yen)
Software &     Y 28,890    Y 51,501   -22,611       $ 260 
  Services                                                  
  (Operating         (3.1%)    (5.4%)   (-2.3%)             
  Margin)
Platforms       (20,715)   (30,805)   +10,090       (186) 
                   ((2.5%))  ((3.5%))   (+1.0%)
Electronic       (1,218)   (23,102)   +21,884        (11) 
  Devices          ((0.3%))  ((7.1%))   (+6.8%)
Financing         2,007       2,591      -584         18  
                     (3.7%)    (4.3%)   (-0.6%)
Other             5,031       4,312      +719         45  
  Operations         (2.6%)    (2.3%)   (+0.3%)
Eliminations    (31,985)   (27,775)    -4,210       (288)
Total         Y (17,990) Y (23,278)    +5,288      $(162) 
                  ((0.8%))   ((1.1%))    (+0.3%)
c. Sales to Unaffiliated Customers
Yen                U.S.   
                                                   Dollars  
                               (billions)         (millions)
1st       1st           1st Half  
                          Half      Half                    
                          2003      2002   Change   2003    
                                            (%)
Software     Japan    Y 671.4   Y 666.2   +0.8    $6,049  
  & Services   Overseas   237.8     251.8   -5.5     2,143  
               Total    Y 909.3   Y 918.0   -1.0    $8,192
Platforms    Japan      505.0     539.0   -6.3     4,550  
               Overseas   218.8     230.6   -5.2     1,971  
               Total      723.8     769.7   -6.0     6,521
Electronic   Japan      164.6     145.9  +12.8     1,483  
  Devices      Overseas   170.0     143.1  +18.8     1,533 
               Total      334.7     289.0  +15.8     3,016
Financing    Japan       50.3      55.0   -8.5       454  
               Overseas       -         -     -          - 
               Total       50.3      55.0   -8.5       454
Other        Japan      100.9      93.8   +7.5       910  
  Operations   Overseas    22.6      24.5   -7.8       204  
               Total      123.6     118.4   +4.4     1,114
Total        Japan   Y1,492.5  Y1,500.1   -0.5   $13,446          
               Overseas   649.4     650.2   -0.1     5,851
Total   Y2,141.9  Y2,150.3   -0.4   $19,297
d. Sales to Unaffiliated Customers by Products and        
  Services
Yen          U.S. Dollars  
                                (billions)        (millions)
1st     1st            1st  
                               Half    Half           Half  
                               2003    2002   Change  2003  
                                               (%)
Software    Solutions/SI    Y413.7  Y403.2    +2.6  $3,727
  &           Infrastructure   495.6   514.8    -3.7   4,465
  Services    Services                                      
              Total           Y909.3  Y918.0    -1.0  $8,192
Platforms   Servers         Y154.0  Y191.7   -19.7  $1,387
              Mobile                                        
              Infrastructure/                               
              IP Network        80.9    85.7    -5.6     729  
              Transmission      80.6    99.7   -19.2     726  
              Equipment                                     
              PCs & Mobile     322.0   307.7    +4.6   2,901
              Telephones                                    
              HDDs              86.3    84.9    +1.6     778  
              Total          Y 723.8 Y 769.7    -6.0  $6,521
Electronic  Semiconductors Y 182.3 Y 165.3   +10.3  $1,643
  Devices     Others           152.4   123.7   +23.2   1,373
              Total          Y 334.7 Y 289.0   +15.8  $3,016
Consolidated Geographic Segment Information (Six months   
  ended September 30)
a. Net Sales                                              
                                   Yen                       U.S.   
                                                            Dollars  
                                 (millions)                (millions)
1st       1st               1st Half
                                Half      Half                   
                                2003      2002        Change  2003 
                                                        (%)
Japan       Unaffiliated  Y 1,616,284   Y 1,630,631   -0.9 $14,561 
              customers                                
              Intersegment      201,698       155,557  +29.7   1,817 
              Total          Y1,817,982    Y1,786,188   +1.8 $16,378
Europe      Unaffiliated      244,339       255,866   -4.5   2,201
              customers                                     
              Intersegment       10,668         7,968  +33.9      96
       Total                    255,007       263,834   -3.3   2,297
The         Unaffiliated      117,186       134,333  -12.8   1,056
  Americas    customers                                     
              Intersegment        9,068         9,964   -9.0      82 
              Total             126,254       144,297  -12.5   1,138
Others      Unaffiliated      164,125       129,556  +26.7   1,479
              customers                                     
              Intersegment       92,396        90,069   +2.6    832 
              Total             256,521       219,625  +16.8  2,311
Eliminations                 (313,830)     (263,558)     - (2,827)
Total                     Y 2,141,934    Y2,150,386   -0.4 $19,297
b. Operating Income (Loss)
Yen                        U.S.    
                                                  Dollars   
                     (millions)                  (millions)
1st Half    1st Half    Change    1st Half  
                  2003        2002     (Million     2003    
                                         Yen)
Japan         Y 16,195     Y 23,393    -7,198       $146  
  (Operating        (0.9%)     (1.3%)   (-0.4%)             
  Margin)
Europe          (2,042)     (7,642)    +5,600        (18) 
                  ((0.8%))   ((2.9%))   (+2.1%)
The             (7,803)    (19,678)   +11,875        (70) 
  Amaricas        ((6.2%))  ((13.6%))   (+7.4%)
Others           5,154        2,713    +2,441         46  
                    (2.0%)     (1.2%)   (+0.8%)
Eliminations   (29,494)    (22,064)    -7,430       (266)
Total         Y(17,990)   Y(23,278)    +5,288      $(162) 
                  ((0.8%))   ((1.1%))   (+0.3%)
Net Overseas Sales by Customer's Geographic Location (Six 
  months ended September 30)
Yen                         U.S.    
                                                  Dollars   
                     (millions)                 (millions)
1st Half     1st Half            1st Half   
                  2003         2002    Change      2003     
                                         (%)
Europe        Y 268,964   Y 278,327     -3.4      $2,423
The             168,650     191,454    -11.9       1,520  
  Americas
Others          211,814     180,438    +17.4       1,908  
  Outside                                                   
  Japan
Total         Y 649,428   Y 650,219     -0.1      $5,851
Consolidated Balance Sheets
Yen                   U.S.    
                                                    Dollars   
                            (millions)             (millions)
September 30       March 31    September 30
                       2003             2003        2003
Assets                                                    
  Current assets:                                           
  Cash and                                                  
  cash                                                      
  equivalents                                               
  and                    Y 239,458    Y 283,985     $2,157  
  short-term                                                
  investments
Receivables,             669,432      840,408      6,031  
  trade
Inventories              619,349      595,984      5,580
Other                    271,703      351,263      2,448  
  current                                                   
  assets
Total                  1,799,942    2,071,640     16,216  
  current                                                   
  assets
Investments              836,196      901,587      7,533  
  and                                                       
  long-term                                                 
  loans
Property,                                                 
  plant and                                                 
  equipment                                                 
  less                     855,895      990,552      7,711  
  accumulated                                               
  depreciation
Intangible               248,436      261,582      2,238  
  assets
Total                Y 3,740,469   Y 4,225,361   $33,698  
  assets
Liabilities, minority interests and shareholders' equity
Current liabilities:                                      
  Short-term borrowings                                     
  and current            Y 543,024    Y 506,091     $4,892  
  portion of                                                
  long-term                                                 
  debt
Payables,                666,846      716,842      6,008  
  trade
Other                    465,302      542,291      4,192  
  current                                                   
  liabilities
Total                  1,675,172    1,765,224     15,092  
  current                                                   
  liabilities
Long-term liabilities:                                    
  Long-term                933,644    1,257,678      8,411  
  debt
Other                    313,228      285,513      2,822  
  long-term                                                 
  liabilities
Total                  1,246,872    1,543,191     11,233  
  long-term                                                 
  liabilities
Minority                 168,559      214,556      1,518  
  interests
Shareholders' equity:                                     
  Common stock             324,624      324,624      2,925
Capital surplus          519,723      519,720      4,682
Retained earnings        (119,409)   (60,718)     (1,076) 
  (deficit)
Unrealized gains on                                       
  securities and                                            
  revaluation surplus on    18,177        6,090        164  
  land
Foreign currency         (92,441)    (86,517)       (833) 
  translation adjustments
Treasury stock              (808)       (809)         (7)
Total shareholders'      649,866      702,390      5,855  
  equity
Total liabilities,             
  minority interests                                        
  and shareholders'      Y3,740,469  Y4,225,361    $33,698  
  equity
Ending balance of      Y1,476,668  Y1,763,769    $13,303  
  interest bearing loans
Supplementary Information                                 
                                           Yen              
                                       (billions)          
                           1st Half      FY2003      FY2002 
                            FY2003     (Forecast)
Capital Expenditure        Y 66.7        Y 205.0   Y 147.6
  Depreciation                 97.3          205.0     264.6
Consolidated Statements of Cash Flows (Six months ended   
  September 30)                                             
                         Yen                        U.S.    
                                                  Dollars   
                     (millions)                  (millions)
1st Half    1st Half    Change    1st Half  
                 FY2003      FY2002    (Million    FY2003   
                                         Yen)               
  1. Cash                                                   
  flows from                                                
  operating                                                 
  activities:
Income                                                    
  (Loss)                                                    
  before                                                    
  income taxes                                              
  and          Y (51,082)  Y (220,101) +169,019     $ (460) 
  minority                                 
  interests
Depreciation   137,316      172,981   -35,665      1,237  
  and                                                       
  amortization
Accrual          2,319      (5,935)    +8,254         21  
  (Reversal)                                                
  of                                                        
  provisions
Equity in         (418)       2,090    -2,508         (4) 
  earnings of                                               
  affiliates,                                               
  net
Disposal of                                               
  property,                                                 
  plant                                                     
  and              9,531       31,460   -21,929         86  
  equipment
(Increase)      79,147      177,298   -98,151        713  
  Decrease in                                               
  receivables,                                              
  trade
(Increase)     (60,294)     (9,714)   -50,580       (543) 
  Decrease in                                               
  inventories
Increase       (11,307)   (172,303)  +160,996       (102) 
  (Decrease)                                                
  in                                                        
  payables,                                                 
  trade
Other, net     (67,788)    (56,772)   -11,016       (611)
Net cash                                                  
  provided by                                               
  (used in)                                                 
  operating       37,424     (80,996)  +118,420        337  
  activities
2. Cash                                                   
  flows from                                                
  investing                                                 
  activities:
Purchase of                                               
  property,                                                 
  plant and                                                 
  equipment      (68,766)    (95,505)   +26,739       (619)
(Purchases                                                
  of)                                                       
  Proceeds                                                  
  from                                                      
  Sales of        59,252       79,901   -20,649        534  
  Investment                                                
  Securities
Other, net     (20,838)       5,053   -25,891       (188)
Net cash                                                  
  provided by                                               
  (used in)                                                 
  investing      (30,352)    (10,551)   -19,801       (273) 
  activities
1+2 ( Free       7,072     (91,547)   +98,619         64  
  Cash Flow )
3. Cash                                                   
  flows from                                                
  financing                                                 
  activities:                                               
  Increase                                                  
  (Decrease)                                                
  in bonds,                                                 
  notes,                                                    
  short-term     (39,434)     201,551  -240,985       (355) 
  borrowings                                                
  and                                                       
  long-term                                                 
  debt
Dividends            -      (5,005)    +5,005          -  
  paid
Other, net     (11,203)    (84,964)   +73,761       (101)
Net cash                                                  
  provided by                                               
  (used in)                                                 
  financing      (50,637)     111,582  -162,219       (456) 
  activities
4. Effect                                                 
  of exchange                                               
  rate                                                      
  changes                                                   
  on cash and     (2,110)     (3,083)      +973        (19) 
  cash                                                      
  equivalents
5. Net                                                    
  increase                                                  
  (decrease)                                                
  in cash                                                   
  and cash       (45,675)      16,952   -62,627       (411) 
  equivalents
6. Cash and                                               
  cash                                                      
  equivalents                                               
  at             282,333      299,418   -17,085      2,543  
  beginning                                                 
  of period
7. Cash and                                               
  cash                                                      
  equivalents                                               
  at end of      Y 236,658  Y 316,370   -79,712     $2,132  
  period
Marketable Securities (Six months ended September 30)
1. Net Unrealized Gain on Marketable Securities
Yen                        Yen           
                         (millions)                (millions)
September 30, 2003          March 31, 2003
Carry     Fair       Net   Carry     Fair       Net  
                -ing     Value    Unreal    -ing    Value    Unreal
               Value               -ized   Value               -zed  
                                   Gains                      Gains 
                                (Losses)                   (Losses)
Held-to-mat-   Y3,068   Y3,062     Y (6)  Y1,509  Y 1,506     Y (3)
urity                                  
securities
Investment    158,736  449,224  290,488  202,621  391,237  188,616
in                                               
affiliates
Total   Y161,804 Y452,286 Y290,482 Y204,130 Y392,743 Y188,613
2. Summary of Marketable Securities at Fair Value
Yen                       Yen     
                          (millions)                 (millions) 
                     September 30, 2003            March 31, 2003
Cost    Carry      Net     Cost     Carry     Net
                            -ing    Unrea               -ing   Unrea
                           Value   -lized              Value   -lized
                           (Fair    Gains              (Fair    Gains
                           Value) (Losses)            Value) (Losses)
Available-for-                                           
sale:
Equity             
securities     Y 60,024 Y 85,770  Y 25,746 Y 75,425 Y 79,372  Y 3,947
Debt              4,535    4,421      (114)   3,789    3,609    (180)
securities and                                         
others
Total     Y64,559  Y90,191   Y25,632  Y79,214  Y82,981  Y3,767
Fujitsu Reports FY2003 First-Half Financial Results
Net Loss Posted on Flat Sales, But Second Quarter Sales 
and Operating Income Rebound
Tokyo, October 29, 2003 - Fujitsu Limited, a leader in
customer-focused IT and communications solutions for the
global marketplace, today reported consolidated net sales
of 2,141.9 billion yen (approximately US$19.3 billion) for
the first half of fiscal year 2003 (April 1 - September 30,
2003), a 0.4% decrease from the first half of fiscal 2002.
Net sales in the second quarter increased 3.1%, to 1,203.1
billion yen, led by strong sales of PCs, mobile telephones,
logic chips, and plasma display panels. It was the first
time since the first quarter of FY2001 that Fujitsu posted
year-on-year quarterly sales growth. Higher sales and lower
operating expenses contributed to a rebound in second
quarter operating income to 19.8 billion yen (US$179
million). For the company as a whole, however, a large
operating loss in the first quarter resulted in an
operating loss for the first six months of 17.9 billion yen
(US$162 million), compared to an operating loss of 23.2
billion yen for the first half of FY2002.
During the first half, higher pension obligation expenses,
a casualty loss stemming from an earthquake in May, and
foreign exchange losses resulting from the rapid
appreciation of the yen in late September were partially
offset by gains from the sale of a portion of the company's
shares in Fanuc Ltd. The net loss for the first six months
was 58.5 billion yen (US$528 million), compared to a net
loss of 147.4 billion yen in the first half of 2002. The
net loss for the second quarter was 18.7 billion yen
(US$169 million), compared to a net loss of 91.0 billion
yen in the same period last year.
Second Quarter Financial Results
Second Quarter      Change from         % Change
                                       Previous Year
Net Sales        1,203.1 billion yen  +35.8 billion yen   +3.1%
Operating Income    19.8 billion yen  +14.1 billion yen 
  Net Income         -18.7 billion yen  +72.2 billion yen
Net sales in the second quarter were 1,203.1 billion yen,
an increase of 3.1% over the same period in the previous
year. It was the first time since the first quarter of
FY2001 that Fujitsu posted year-on-year quarterly sales
growth. Sales in software and services were maintained at
roughly the same level as the prior year, while sales of
servers and other systems hardware recovered, particularly
in overseas markets. In addition, sales expanded in a wide
variety of product areas, including notebook PCs, hard disk
drives for notebook PCs, semiconductors used in digital
audio-visual equipment, and plasma display panels. Although
price competition in software and services as well as
hardware is becoming more severe, the IT market overall is
finally bottoming out.
Operating income was 19.8 billion yen, a 14.1 billion yen
improvement over the previous year. Operating income was 2
billion yen higher than the company's public projections,
indicating that results are broadly in line with company
expectations. These results reflect the savings achieved
from last year's restructuring initiative and continued
efforts to cut costs and improve efficiencies in response
to ongoing pricing pressures.
Although there was an improvement in operating profit and
interest expenses were lower, pension obligation expenses
increased, and there was a foreign exchange loss associated
with the rapid appreciation of the yen in late September.
As a result, Fujitsu posted a net loss of 18.7 billion yen
for the second quarter. This represents an improvement of
72.2 billion yen compared to the second quarter of last
year, when there were large extraordinary losses associated
with the company's restructuring.
Second Quarter Operating Income by Business Segment
Second      Change      First  
                Quarter     from        Quarter  
                            Previous                       
                            Year
Software      32.5        -18.1       -3.6                
  and           billion     billion     billion             
  Services      yen         yen         yen                 
  Platforms     -1.2        +16.5       -19.4               
                billion     billion     billion             
                yen         yen         yen
Electronic    4.9         +20.6       -6.1                
  Devices       billion     billion     billion             
                yen         yen         yen
For the company as a whole, operating income moved from a
37.8 billion yen loss in the first quarter to a 19.8
billion yen profit in the second quarter. In the first
quarter, the three main segments-software and services,
platforms, and electronic devices-all posted operating
losses. In the second quarter, however, software and
services posted operating income of 32.5 billion yen and
electronic devices posted operating income of 4.9 billion
yen, while the platforms segment moved close to break even,
posting an operating loss of only 1.2 billion yen,
supported by stronger sales and the cost efficiencies
generated by previous restructuring initiatives.
Compared with the second quarter of the previous year,
Fujitsu posted a 14.1 billion yen improvement in operating
income. Large improvements were achieved in both platforms
and electronic devices, while software and services posted
an 18.1 billion yen reduction in operating income resulting
from the deterioration in profitability of particular
projects.
In the platforms segment, the hard disk drive business
returned to profitability. In electronic devices, there was
a large increase in the profitability of the plasma display
panel business and success in minimizing the financial
impact on the logic IC business of the earthquake at the
Iwate production facility. All of these factors contributed
to the improvement in profitability compared to the
previous quarter as well as the prior year.
First Half Financial Results
First Half    Change from     % Change  
                                  Previous Year
Net Sales        2,141.9        -8.4            -0.4%     
                   billion yen    billion yen
Operating        -17.9          +5.2              
  Income           billion yen    billion yen
Net Income       -58.5          +88.8              
                   billion yen    billion yen
Net sales for the first half were 2,141.9 billion yen,
roughly the same level as the first half of last year.
Compared with the same period last year, sales of software
and services were roughly flat, sales of platforms declined
6%, as strong second quarter results could not make up for
the large drop-off in the first quarter, and sales of
electronic devices increased 15.8% on strong sales of LSIs
(System-on-Chips) and displays.
Fujitsu posted an operating loss for the first half of 17.9
billion yen. It appears that sales of new product offerings
in the platforms segment will be concentrated in the second
half of the fiscal year, and major software and services
sales associated with those products will also therefore be
shifted to the second half, curtailing growth of these
sales in the first half. In addition, the large operating
loss in the first quarter exceeded the operating profit
posted in the second quarter. On the other hand, even in an
environment of severe price competition, because of the
effects of last year's restructuring and additional cost
efficiencies, the company achieved a 5.2 billion yen
improvement over the previous year.
Fujitsu incurred higher expenses stemming from the
amortization of unrecognized pension benefit obligations.
The company also posted a 34.4 billion yen gain on the
sales of marketable securities, including a portion of
Fujitsu's holdings of Fanuc, Ltd. stock, a 4.7 billion yen
casualty loss for damages incurred in the earthquake off
the coast of Miyagi Prefecture in May, and a 4.6 billion
yen restructuring charge associated with several domestic
and overseas subsidiaries.
The net loss was 58.5 billion yen, an 88.8 billion yen
improvement compared to the first half of last year, when
the company posted large restructuring charges.
Results by Business Segment in the First Half
* Net sales represents net sales to third parties 
Segment information for the first half is as follows.
1. Software & Services
First Half          Change from Same  
                                          Period Last Year
Net Sales           909.3 billion yen   -1.0%             
  Japan               671.4 billion yen   +0.8%             
  Overseas            237.8 billion yen   -5.5%             
  Operating Income    28.8 billion yen    -22.6 billion yen
Net sales in the software and services segment were 909.3
billion yen, roughly even with results for the same period
last year. Sales within Japan increased, but overseas
sales, which represent about one-fourth of the total,
declined. The decline is partly attributable to the sale
last year of some European business units as well as the
currency conversion impact of the strong yen.
Operating income declined significantly compared to the
prior year. The impact of new platforms product offerings
being concentrated in the second half, the deterioration in
profitability of particular projects, and aggressive
up-front investments in middleware and Linux offerings all
hurt profitability in Japan, while overseas profitability
was affected by a deterioration in North American results.
Net Sales            Change from    
                                                Same Period    
                                                Last Year
Solutions / S I          413.7 billion yen   + 2.6%
Infrastructure           495.6 billion yen    -3.7%          
  Services
Sales increased of solutions/system integration services,
whereby Fujitsu provides services to individual customer
projects. Higher sales were posted to the public sector,
through such high-profile projects as the e-Japan
initiative, as well as the healthcare sector.  
In infrastructure services, whereby Fujitsu provides
services for business infrastructure, sales within Japan of
corporate outsourcing services continued to be strong.
Overseas, however, sales in Europe declined.
In order to support the global expansion of its customers,
Fujitsu is enhancing its organizational structure in
Europe, the U.S., and Asia. During the current period, in
addition to supporting the global expansion of Japanese
corporations, the company received a series of major
government-related outsourcing deals in the U.K. and
succeeded in winning other major global deals in Europe and
North America.
Fujitsu is clearly establishing a strong business platform
in Europe, and is coordinating its effort to strengthen its
position in the U.S. market.
2. Platforms
First Half       Change from Same  
                                          Period Last Year
Net Sales           723.8 billion yen   - 6.0%            
  Japan               505.0 billion yen   - 6.3%            
  Overseas            218.8 billion yen   - 5.2%
Operating Income    -20.7 billion yen   + 10.0 billion yen
Net sales of platforms products declined by 6% compared to
the previous year. In Japan, the company posted strong
sales throughout the period of consumer-oriented PCs with
enhanced audio-visual and LAN functions as well as
newly-launched mobile phone handsets. There was, however,
only a moderate recovery in capital expenditures by telecom
carriers and other corporations. Overseas, a strong market
for notebook PC hard disk drives boosted sales of those
products, and in the latter half of the period there were
signs of a recovery in the markets for transmission
systems, primarily in North America, and UNIX servers,
primarily in Europe. On the other hand, for the first half
overall, sales of transmission systems and server-related
equipment were both down by nearly 20% compared with the
same period last year, reflecting the lingering
after-effects of the telecom bubble in North America and
the inclusion in last year's first-half results of some
major sales of server-related equipment in Japan.
The operating loss for the platforms segment was 20.7
billion yen, representing an improvement of 10.0 billion
yen compared to the first half of the previous year.
Improvements in PCs, hard disk drives and other business
areas resulting from last year's restructuring and other
cost-cutting measures were not enough to offset the impact
of lower sales of servers and networking equipment.
Net Sales         Change from     
                                            Same Period     
                                            Last Year
Servers                 154.0 billion     -19.7%          
                          yen
Mobile / IP Networks    80.9 billion      - 5.6%          
                          yen
Transmission Systems    80.6 billion      - 19.2%         
                          yen
PCs / Mobile Phones     322.0 billion     + 4.6%          
                          yen
Hard Disk Drives        86.3 billion      + 1.6%          
                          yen
In servers and PCs, Fujitsu has integrated its development
operations and is selling in the four major markets of
Japan, the U.S., Europe, and Asia. In UNIX servers, the
company's high-end systems have achieved top scores in a
number of performance benchmarks, and sales in Europe and
other areas are expanding.
Fujitsu is further enhancing its ability to provide
products for the global markets, differentiating itself on
the basis of its superior technology. It is also
strengthening its server business by deepening the linkage
with its software and services business through its TRIOLE
infrastructure concept. Fujitsu is also widening the scope
of its global alliances with other companies and pursuing
an all-out marketing effort in Japan.
In design and manufacturing, the company is also making
every effort to strengthen its manufacturing prowess
through the introduction of some of Toyota's techniques. By
further enhancing its ability to cut costs, the company is
laying a foundation for stable profitability.
*TRIOLE is Fujitsu's IT infrastructure initiative that
addresses the most pressing needs of corporate and
institutional customers: scalability to expand with their
requirements; quick and easy integration with partners;
lower cost of ownership; and operational reliability.
3. Electronic Devices
First Half       Change from Same  
                                          Period Last Year
Net Sales           334.7 billion yen   + 15.8%           
  Japan               164.6 billion yen   + 12.8%           
  Overseas            170.0 billion yen   + 18.8%
Operating Income    -1.2 billion yen    + 21.8 billion yen
Net sales of electronic devices increased 15.8% over the
previous year. Sales of semiconductor products for digital
audio-visual equipment, mobile phones, and automobiles were
strong in Japan, Asia, and Europe. In addition, market
demand for flat screen TVs has taken off, sparking very
strong sales growth in plasma display panels and other
displays.
The electronic devices segment moved very close to
break-even, posting an operating loss of 1.2 billion yen.
Aided by a market recovery and the effects of the
restructuring initiatives undertaken last fiscal year, the
segment achieved profitability in the second quarter.
Although first quarter results were adversely affected by
the disruption of the Iwate production facility caused by
the earthquake off the coast of Miyagi Prefecture in May,
the impact was largely offset by higher sales in the second
quarter.
In addition to good results in the plasma displays
business, which benefited from a strong market, improved
yield rate and other cost efficiencies, the components
business, which had perennially lost money, is now
profitable as a result of cost reductions achieved through
productivity reforms.
To achieve greater efficiencies and competitiveness,
Fujitsu and U.S.-based Advanced Micro Devices, Inc. (AMD)
have expanded their joint venture in flash memory
production to integrate their respective marketing and
product development operations. Accordingly, on June 30 the
two companies transferred their flash memory operations
into a newly-established joint venture company, FASL LLC,
which is 40% owned by Fujitsu and 60% owned by AMD. Fujitsu
will continue to handle sales as a distributor for the
joint venture. The new venture's profitability relating to
development and manufacturing will be reflected in
Fujitsu's financial results according to equity-method
accounting treatment.
Demand for flash memory during the period was
extraordinarily strong, particularly for the mobile phone
market. But it was only at the end of the period that
prices finally stopped falling, however, so the
profitability of the business continued to face very severe
conditions.
First Half       Change from the    
                                         same period last   
                                         year
Semiconductors    182.3 billion yen    + 10.3%            
  Other             152.4 billion yen    + 23.2%
Balance Sheet Summary
As of September     Change from  
                              30, 2003       March 31, 2003
Total Assets            3,740.4 billion    - 484.8        
                          yen                billion yen
Interest Bearing        1,476.6 billion    - 287.1        
  Liabilities             yen                billion yen
Shareholders' Equity    649.8 billion      - 52.5  
                          yen                billion yen
Total assets at the end of the first half were 3,740.4
billion yen, a reduction of 484.8 billion yen from the end
of the previous fiscal year. The reduction in assets is a
result of the switch to equity-method accounting for the
company's flash memory operations and leasing affiliate as
well as further progress in promoting balance sheet
efficiencies through such measures as the sale of
marketable securities.
Total current assets were reduced by 271.6 billion yen from
the end of the last fiscal year, to 1,799.9 billion yen.
While trade receivables declined by 170.9 billion yen as a
result of collections from sales concentrated at the end of
the previous fiscal year, inventories increased by 23.3
billion yen in anticipation of increased sales in the
second half. Other current assets decreased by 79.5 billion
yen from the end of the previous fiscal year as a result of
the reduction of lease receivables in accordance with the
switch to equity-method accounting for the leasing company.
Total fixed assets decreased by 213.1 billion yen from the
end of the last fiscal year, to 1,940.5 billion yen.
Property, plant and equipment decreased by 134.6 billion
yen as a result of the reorganization of flash memory
operations. In addition, investments and other assets
decreased by 65.3 billion yen in accordance with the
decrease in lease receivables and the sale of marketable
securities.
Total liabilities declined by 386.3 billion yen from the
end of the previous fiscal year, to 2,922.0 billion yen. In
addition to a 220 billion yen reduction in interest-bearing
liabilities from the change in the accounting treatment of
the leasing company to the equity method, progress was also
achieved in the redemption of corporate bonds and the
repayment of bank loans, resulting in a total reduction of
interest-bearing liabilities of 287.1 billion yen from the
end of the previous fiscal year. Interest-bearing
liabilities at the end of the current period were 1,476.6
billion yen, so at present the company has already achieved
its objective of reducing interest-bearing liabilities to
1,500.0 billion yen by the end of the fiscal year. Fujitsu
has also reduced its ratio of interest-bearing liabilities
by 2.2%, to 39.5%. Through the effective use of its asset
holdings, the company will continue its effort to reduce
interest-bearing liabilities to the extent possible.
Total shareholders' equity declined by 52.5 billion yen as
a result of the net loss for the period, to 649.8 billion
yen. Because, proportionally, assets contracted by more
than shareholders' equity, the shareholders' equity ratio
increased by 0.8%, to 17.4%.
Summary of Cash Flows
First Half        Change from   
                                           Previous Year
Cash Flow from         37.4 billion      118.4 billion    
  Operations             yen               yen
Cash Flow from         - 30.3 billion    -19.8 billion    
  Investing              yen               yen
Free Cash Flow         7.0 billion       98.6 billion  
                         yen               yen
Net cash flow generated by operating activities in the
first half was 37.4 billion yen (compared to negative 80.9
billion yen in the same period last year), resulting in
part from the significant collection of trade receivables
at the end of the last fiscal year. This improvement of
118.4 billion yen was also attributable to a substantial
reduction in the loss before income taxes compared to the
same period of the previous year.
Net cash flow from investing activities was negative 30.3
billion yen, achieved by concentrating capital expenditures
in high growth segments and through sales of marketable
securities.
By holding investment spending within the amount of net
cash generated by operating activities, free cash flow
improved by 98.6 billion yen compared to the same period
last year, to positive 7.0 billion yen.
Net cash flow generated from financing activities was
negative 50.6 billion yen. Cash generated from operations
and existing cash balances were used towards the redemption
of bonds and the repayment of outstanding debt.
As a result, total cash and cash equivalents fell by 45.6
billion yen, to 236.6 billion yen.
Dividend Policy
With respect to the disposition of profits, Fujitsu
believes that a portion should be paid to shareholders to
offer a stable return, and that a portion should be
retained by the company to strengthen its financial base
and support new business development opportunities that
will result in improved long-term performance.
Although, on an unconsolidated basis, Fujitsu posted net
income of 18.7 billion yen for the current period, the
company is still in the midst of its plans to restore the
profitability of its core business as reflected in
operating income, and the company reported operating losses
for the current period on both a consolidated and
unconsolidated basis. Accordingly, the company has
reluctantly decided to forgo dividend payments for the
first half of fiscal 2003. With respect to the dividend for
the next payout period, following the end of this fiscal
year, the company would like to base its decision on a
review of the full-year's results, and therefore no
decision has been reached at the present time.
Strategic Management Direction
Management Stance
As the scope of the networked society continues to expand,
IT is permeating every aspect of our daily lives, moving us
ever closer to a ubiquitous networked world, where
information sharing through the network is available
anytime, anyplace and with anyone. Moreover, IT is playing
an increasingly important role in the ability of customers
to manage their businesses. Nowadays, IT vendors must
recognize that customers do not simply look for suppliers
of products and services when selecting partners for
building and operating their IT systems. Rather, IT vendors
are expected to be true partners who, based on long-term
relationships of mutual trust, can make appropriate
proposals and implement them through the entire IT
life-cycle.
The customer is the starting point for everything we do and
think about at Fujitsu. By understanding in detail the
environment in which our customers operate and their
overall businesses, we are able to provide them with
effective proposals that are both concrete and timely.
Moreover, we will continue to strive to keep pace with the
fast-changing markets and needs of our customers.
As a leader of the IT industry, we are firmly committed to
continuously providing total solutions that utilize
high-quality products and services based on advanced
technology that offers superior performance and
reliability. In this way, we will further strengthen our
overall capabilities -- which range from cutting-edge
technology that incorporates the latest advances and
applications to a full complement of services -- and at the
same time contribute to our customers' businesses. We aim
by so doing to become management partners to our customers
and grow together with them.
Business Strategy and Priority Issues
We believe that, in today's uncertain economic and market
conditions, our customers are giving priority to reducing
the cost of operating their IT systems and bolstering their
competitiveness in order to promote further growth.
Today's IT systems are comprised of an increasingly wide
variety of hardware and software products, and along with
higher performance levels comes greater complexity.
Consequently, the task of operating them has become a
greater burden for customers. While, on the one hand,
systems are often separated along divisional lines, it is
becoming increasingly important to link them with external
systems, and the issue of interconnectivity among systems
is becoming increasingly crucial. In addition, there is
growing demand for the ability to integrate the overall
structure and management of corporate IT systems.
Fujitsu is uniquely positioned to offer our customer
comprehensive solutions to their business problems through
the strategic utilization of information technology. We are
actively using this expertise to contribute to our
customers' business growth and expansion.
Below are some of the specific initiatives we are currently
emphasizing.
Continually Providing Comprehensive Solutions
While increasing the level of interconnectivity among our
customers' various divisional systems, we aim to achieve an
integrated perspective on the overall chain of processes
relating to our customers' systems - from consulting and
planning through development, operation and maintenance -
and thereby help them to reduce their overall IT costs and
strengthen the competitiveness of their operations. We are
not simply offering suggestions at the various stages in
these processes but rather continuously providing
comprehensive service proposals based on in-depth
understanding of the customers' management policies and
strategy.
Strengthening the Infrastructure of Next-Generation IT
Systems
Today's IT systems are becoming increasingly sophisticated
and complex. In response, Fujitsu is intensifying its
commitment to develop and deploy TRIOLE, its
next-generation IT infrastructure initiative. TRIOLE
utilizes middleware to integrate open standard servers,
storage and network resources, bringing harmony to the
disparate parts of an IT system, including those
manufactured by other companies. Specifically, while
enhancing the technology we have accumulated in the
mainframe field in high-reliability design and superior
operational stability, we are utilizing our rich experience
and know-how in systems integration and producing templates
for highly-reliable systems integration. These advantages
enable us to offer our customers operational system
stability, faster system deployments, and scalability to
keep pace with the growth of their business.
Business Segment Initiatives
In our services and software business, we are continuing to
strive to improve profitability by bolstering the
efficiency of application development and strengthening
project management. We are also rapidly shifting our
emphasis to growth markets such as services for top-tier
manufacturers and retailers, healthcare, and local
government consolidation, in addition to growth fields as
outsourcing, CRM, ERP, e-learning and mobile solutions.
Moreover, we are strengthening sales of our competitive
middleware products and aim to increase our share of that
market.
In our platforms business, we are further strengthening our
manufacturing prowess by taking various measures to boost
productivity, such as initiating major productivity reforms
in our manufacturing facilities. Our efforts are not
limited to the manufacturing process. At every stage of our
operations, including development, design and procurement,
we are working hard to improve product and service quality,
reduce development time and cut costs. Moreover, based upon
our TRIOLE next-generation IT infrastructure initiative, we
are promoting coordination with our software and services
unit to expand business, and we are laying the
organizational foundation to expand our business globally.
In our electronic devices business, as part of the
initiatives to improve our profitability, we are moving
quickly to focus our resources on markets in which we
expect high growth, such as logic ICs for home information
appliances, mobile devices and networks. At the same time,
we are moving ahead with the development of advanced CMOS
technology, which will further enhance the competitiveness
of our products. To launch, in a timely manner, the
products that meet our customers' needs, we are working to
speed up every process throughout our organization.
We have made cash flow management a major priority and are
taking various steps to improve our financial structure. In
the first half, we succeeded in reducing interest-bearing
debt through such means as the sales of equity holdings and
changing the status of our leasing affiliate into a company
warranting equity-method accounting treatment. By
continuing to focus on improving the profitability of our
core operations as a top priority, while at the same time
promoting a more efficient use of our assets, we will make
further progress towards improving the company's financial
position.
By continuously applying our efforts to the accomplishment
of these tasks, we are striving to become a global company
that is trusted by our customers and society, and that can
make a significant contribution to building a prosperous
and dynamic networked society.
Policy Regarding Minimum Lot Size for Trading Shares
Participation of individual investors in the equity markets
is increasing, and we recognize the importance of this
trend from the viewpoint of the revitalization of the
capital markets and the promotion of long-term, stable
holdings of the company's shares. Moreover, as a basic
principle, as part of our ongoing investor relations
activities, we inform investors about the company's
financial condition through active and appropriate
disclosure of company information.
With respect to lowering the minimum lot size for trading
the company's shares, we realize that such a move could
promote the participation of individual investors in the
equity market and, therefore, could be an effective means
of boosting the liquidity of the stock. Nevertheless, after
considering the current stock price level, the number of
shareholders, the current distribution of individual
shareholders and the market liquidity of Fujitsu's stock,
we have come to the conclusion that it would be premature
to reduce the minimum lot size at the present time.
Taking into account overall trends in individual stock
ownership and Fujitsu's stock price, we will carefully
consider what action might be appropriate in the future.
Earnings Projections for FY2003
After having undergone two painful years of restructuring,
there are signs that Fujitsu's financial results are
beginning to improve, with the company posting in the
second quarter its first year-on-year quarterly sales
growth in two years. With respect to the market environment
facing the IT industry, technological advances have made
digital cameras, DVDs, camera phones, and other digital
audio-visual equipment cheaper, lighter, and more
sophisticated, spurring an increase in demand, and the
company expects these trends to continue. In conjunction
with these trends, Fujitsu fully expects demand for
advanced broadband network infrastructure, particularly
servers and storage systems, to also increase.
At the present time there are some causes for concern about
instability relating to the situation in Iraq and the
equity market, but the company feels that conditions are
ripe for an economic upturn in the second half. On the
other hand, globalization and technological progress are
combining to significantly accelerate the downward pricing
pressure on computer hardware in addition to software and
services. Fujitsu itself must therefore intensify the
globalization of its own operations, maintain its
technological superiority, strengthen its manufacturing
prowess, and implement operational reforms to generate
greater efficiencies, including additional cost savings.
Amid the major changes affecting the IT industry, Fujitsu
will continue to emphasize, above all, the company's
customer-oriented perspective and fast responsiveness.
With respect to Fujitsu's projections for the full fiscal
year, the shift to the equity-method of accounting for the
company's leasing affiliate has resulted in a downward
revision of 50 billion yen in our net sales forecast. For
operating income, because of a profit deterioration in
software and services, the company expects not to be able
to meet its original profit targets in that business
segment. Fujitsu now expects, however, to offset that
amount through improved results in platforms and electronic
devices, so it is not changing its original projections for
the full year. The company's projections for net income
also remain unchanged.
Earnings projections for the third quarter are shown below.
In Fujitsu's business, sales tend to be concentrated at the
end of the fiscal year. Even though sales in the third
quarter are projected to be 100 billion yen lower than in
the second quarter, the company still expects to post an
operating profit and lay the foundation for stable
profitability.
Fujitsu Limited Consolidated Earnings Forecast for Fiscal 2003
FY 2003          Change      FY2002        
                 (forecast)       Since       (reported)    
                                  July
Net Sales      4,750 billion    -50         4,617.5       
                 yen              billion     billion yen   
                                  yen
Operating      150 billion                  100.4 billion 
  Income         yen                          yen
Net Income     30 billion yen               -122.0        
                                              billion yen
Earnings Forecast for Fiscal 2003, by Quarter
Q1          Q2          Q3           Q4         
            (reported)  (reported)  (forecast)   (forecast)
Net       938.7       1,203.1     1,100.0      1,508.0    
  Sales     billion     billion     billion      billion    
            yen         yen         yen          yen
Operating -37.8       19.8        5.0          162.9      
  Income    billion     billion     billion      billion    
            yen         yen         yen          yen
Note:
  • All yen figures have been converted to US dollars for convenience only at a uniform rate of $1=111 yen.
  • FY2003 from April 1, 2003 - March 31, 2004; FY2002 from April 1, 2002 - March 31, 2003
  • Due to uncertainties relating to changes in demand for products and components in key markets (Japan, U.S., Europe, etc.), currency exchange rate fluctuations, Japan and U.S. stock market conditions, and other factors, actual results may vary substantially from projections above.
About Fujitsu
Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace.
Pace-setting technologies, highly reliable computing and
telecommunications platforms, and a worldwide corps of
systems and services experts uniquely position Fujitsu to
deliver comprehensive solutions that open up infinite
possibilities for its customers' success. Headquartered in
Tokyo, Fujitsu Limited (TSE:6702) reported consolidated
revenues of 4.6 trillion yen (US$38 billion) for the fiscal
year ended March 31, 2003. For more information, please
see: www.fujitsu.com
For details and supplemental information regarding
Fujitsu's FY2002 financial results, please see
http://pr.fujitsu.com/en/ir/
All company/product names mentioned may be trademarks or
registered trademarks of their respective holders and are
used for identification purposes only
This information is provided by RNS
    The company news service from the London Stock Exchange
end of announcement        euro adhoc 30.10.2003

Contact:

Yuri Momomoto or Scott Ikeda
Fujitsu Limited, Public and Investor Relations
TEL:+81 (0) 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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