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

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
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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