April 25, 2024

FY 2023 Full-Year Financial Results

April 1, 2023 - March 31, 2024

Fujitsu Limited

Consolidated Financial Results for the full year Ended March 31, 2024[Prepared on the basis of International Financial Reporting Standards]

Company name

:

Fujitsu Limited

Stock exchange listings

:

Tokyo, Nagoya

Code number

:

6702

URL

:

https://www.fujitsu.com/

Representative

: Takahito Tokita, President and Representative Director

Contact person

:

Kunihiko Nomoto,

Head of Public and Investor Relations Division

Tel. +81 44 754 5778

Scheduled annual shareholders'meeting date

:

June 24, 2024

Scheduled dividend payment date

:

June 3, 2024

Scheduled filing date of statutory financial report

:

June 24, 2024

Supplementary material

:

Yes

Financial results meeting

: Yes (for media and analysts)

FujitsuLimited

April 25, 2024

1. Consolidated Results for the Full-Year Ended March 31, 2024

(Monetary amounts are rounded to the nearest million yen.)

(1) Consolidated financial results

(The percentage figures represent the percentage of increase or decrease against the previous year.)

(Millions of yen)

Revenue

Operating profit

Profit before income

Profit for the year

Profit for the year attributable

Change (%)

Change (%)

taxes

Change (%)

Change (%)

to owners of

Change (%)

the parent

FY 2023

3,756,059

1.1

160,260

-52.2

178,180

-52.1

266,680

8.9

254,478

18.3

(4/1/23-3/31/24)

FY 2022

3,713,767

3.5

335,614

53.1

371,876

55.0

244,865

14.9

215,182

17.8

(4/1/22-3/31/23)

(Adjusted Items)

FY 2023

―

(△ 123,425)

-

(18,676)

-

(4/1/23-3/31/24)

FY 2022

―

(14,753)

-

(11,043)

-

(4/1/22-3/31/23)

(Adjusted Consolidated Results)

FY 2023

3,756,059

1.1

283,685

- 11.6

235,802

15.5

(4/1/23-3/31/24)

FY 2022

3,713,767

3.5

320,861

―

204,139

―

(4/1/22-3/31/23)

(Note) Adjusted operating profit: an indicator of the real profits from the business, in which one-time gains or losses from such activities(adjusted items) as business restructurings, acquisitions or divestitures, and institutional changes are subtracted from operating profit.

(Note) Adjusted profit: an indicator of the profits from the business, in which one-time gains or losses from such activities(adjusted items) as business restructurings, acquisitions or divestitures, institutional changes, and taxes related to these activities are subtracted from profit for the year attributable to owners of the parent.

Total comprehensive income

for the year

Change (%)

FY 2023

332,127

51.4

(4/1/23-3/31/24)

FY 2022

219,344

-16.6

(4/1/22-3/31/23)

Earnings per share(Yen)

Return on Equity

Ratio of Profit before

Ratio of Operating Profit

Attributable to Owners

Income Taxes to Total

to Revenue (%)

Basic

Diluted

of the Parent (%)

Assets (%)

FY 2023

135.59

135.34

15.2

5.3

4.3

(4/1/23-3/31/24)

FY 2022

110.76

110.54

13.5

11.3

9.0

(4/1/22-3/31/23)

[Reference] Income from investments accounted for using the equity method: FY2023:11,144 million yen FY2022: 28,037

(Note) On April 1, 2024, Fujitsu implemented a stock split, in which each share was converted into ten shares. Basic Earnings per Share and Diluted Earnings per Share have been calculated on the basis that the stock split had been conducted at the beginning of the previous consolidated fiscal year.

(2) Consolidated financial position

(Millions of yen, except per share data)

Equity

Equity

Equity per Share

Total assets

Total equity

attributable to

attributable to

Attributable to

owners of the

owners of the

Owners of the Parent

parent

parent ratio

March 31, 2024

3,514,818

1,918,834

1,752,393

49.9%

952.76

March 31, 2023

3,265,579

1,736,823

1,586,835

48.6%

842.54

(Note) On April 1, 2024, Fujitsu implemented a stock split, in which each share was converted into ten shares. Equity per Share Attributable to Owners of the Parent has been calculated on the basis that the stock split had been conducted at the beginning of the previous consolidated fiscal year.

(3) Consolidated Cash Flows

(Millions of yen)

Cash Flows

Cash Flows

Cash Flows

Cash and

Cash

from Operating

from Investing

from Financing

Equivalents at

Activities

Activities

Activities

End of Year

FY 2023

309,221

-157,239

-181,488

342,139

(4/1/23-3/31/24)

FY 2022

220,329

-42,809

-313,585

355,901

(4/1/22-3/31/23)

2. Dividends per Share (Ordinary Shares)

Dividends per share(Yen)

Total Amount of

Dividend Payout

Ratio of Dividends

Dividends (Millions

1Q

2Q

3Q

Year-end

Full year

Ratio (%)

to Net Assets (%)

of yen)

FY2022

-

120.00

-

120.00

240.00

46,195

21.7

2.9

FY2023

-

130.00

-

130.00

260.00

48,409

19.2

2.9

FY2024(Forecast)

-

14.00

-

14.00

28.00

23.3

(Note) On April 1, 2024, Fujitsu implemented a stock split, in which each share was converted into ten shares. Dividends prior to the fiscal year ending FY2023 are recorded at their actual dividend values before this stock split.

3. Consolidated Earnings Forecast for FY2024

(The percentage figures represent the percentage of increase or decrease against the previous year.)

(Millions of yen, except per share data)

Revenue

Operating Profit

Profit for the year attributable

Basic earnings

to owners of

Change (%)

Change (%)

Change (%)

per share

the parent

FY2024

3,760,000

0.1

330,000

16.3

226,000

-4.2

122.87

(Note) On April 1, 2024, Fujitsu implemented a stock split, in which each share was converted into ten shares. Basic earnings per share in the consolidated earnings forecast for fiscal year ending March 31, 2025, takes into account the effect of this stock split.

(Note) The calculation of the basic earnings per share does not include the effects of the repurchase of shares of the Company's own stock that was decided by Fujitsu's Board of Directors

on April 25, 2024.

4. Other Information

(1) Significant changes to subsidiaries in the current fiscal year

(Changes to specified subsidiaries resulting from changes in scope of consolidation): None

  1. Changes in accounting policies and accounting estimates
  1. Changes in accounting policies required by IFRS: None
  2. Changes arising from factors other than 1: None
  3. Changes in accounting estimates: None
  1. Number of issued shares (ordinary shares)

1.

Number of issued shares

As of March 31, 2024

2,071,108,450

at end of period

As of March 31, 2023

2,070,018,210

2.

Treasury stock held

As of March 31, 2024

231,822,460

at end of period

As of March 31, 2023

186,616,730

3.

Average number of shares

Full-Year FY 2023

1,876,873,485

during period

Full-Year FY 2022

1,942,731,393

(Note) On April 1, 2024, Fujitsu implemented a stock split, in which each share was converted into ten shares. The number of issued shares at end of period, treasury stock held at end of period, and average number of shares during period are calculated on the basis that the stock split had been conducted at the beginning of the previous consolidated fiscal year.

(Reference Information) Summary of FY2023 Full-Year Separate Financial Results

(Monetary amounts less than one million yen are rounded down.) Separate Results for the Full-Year Ended March 31, 2024

(1) Separate Financial Results

(Millions of yen)

Net Sales

Operating Income

Ordinary income

Net Income(Loss)

Change (%)

Change (%)

Change (%)

Change (%)

FY 2023

1,851,493

2.6

121,099

16.7

133,633

- 6.9

223,606

24.7

(4/1/23-3/31/24)

FY 2022

1,804,001

3.5

103,737

16.4

143,566

-12.0

179,277

-10.9

(4/1/22-3/31/23)

(Yen)

Net Income (Loss) per

Common Share-Basic

FY 2023

119.13

(4/1/23-3/31/24)

FY 2022

92.28

(4/1/22-3/31/23)

(Note) On April 1, 2024, Fujitsu implemented a stock split, in which each share was converted into ten shares. Basic earnings per share have been calculated on the basis that stock split had been conducted at the beginning of the previous fiscal year.

(2) Separate Financial Position

(Millions of yen, except per share data)

Total assets

Net Assets

Owners' Equity

Net Assets per

Ratio (%)

Share

March 31, 2024

1,972,275

1,166,506

59.1

634.21

March 31, 2023

1,892,051

1,116,916

59.0

593.03

[Reference] Owners' Equity: March 31, 2024; 1,166,506 million yen March 31, 2023; 1,116,916 million yen

(Note) On April 1, 2024, Fujitsu implemented a stock split, in which each share was converted into ten shares. Net assets per share have been calculated on the basis that the stock split had been conducted at the beginning of the previous fiscal year.

Notes

  1. This financial report is not subject to audits by certified public accountants or auditing corporations.
  2. Precautions on usage of earnings projections.

These materials may contain forward-looking statements that are based on management's current information, views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results may differ materially from those projected or implied in the forward-looking statements due to, without limitation, the following factors listed below.

- General economic and market conditions in key markets

(Particularly in Japan, Europe, NorthAmerica, Oceania, and Asia, including China)

  • Fluctuations in exchange rates or interest rates
  • Fluctuations in capital markets
  • Intensifying price competition
  • Changes in market positioning due to competition in R&D
  • Changes in the environment for the procurement of parts and components
  • Changes in competitive relationships due to collaborations, alliances and technical provisions
  • Risks related to public regulations, public policy and tax matters
  • Risks related to product or services defects
  • Potential emergence of unprofitable projects
  • Risks related to R&D investments, capital expenditures, business acquisitions, business restructuring, etc.
  • Risks related to natural disasters and unforeseen events
  • Changes in accounting policies

For information regarding the assumptions used to prepare these projections, please refer to "FY2023 Consolidated Financial Results" (Presentation Material) separately disclosed today. Also, for the full-year ended March 31, 2024, there was a difference between the previous earnings forecast and the actual results, whose details are described on page 52 of this document.

Financial Tables

1. Consolidated Statement of Financial Position

(Millions of yen)

Notes

FY2022

FY2023

(As of March 31, 2023)

(As of March 31, 2024)

Assets

Current assets

Cash and cash equivalents

355,901

342,139

Trade receivables

927,849

928,727

Other receivables

84,766

87,068

Contract assets

125,442

140,513

Inventories

337,008

298,804

Others

86,858

99,180

Total current assets

1,917,824

1,896,431

Non-current assets

Property, plant and equipment, net of accumulated depreciation

572,172

602,928

Goodwill

55,132

80,205

Intangible assets

146,264

213,405

Investments accounted for using the equity method

155,594

160,809

Other investments

195,463

137,750

Retirement benefit assets

81,883

115,487

Deferred tax assets

73,310

218,922

Others

67,937

88,881

P Total non-current assets

1,347,755

1,618,387

Total assets

3,265,579

3,514,818

Liabilities and equity

Liabilities

Current liabilities

Trade payables

463,730

455,453

Other payables

367,399

380,591

Contract liabilities

194,455

204,478

Short-term borrowings, current portion of long-term debt

103,577

136,692

and lease obligations

Accrued income taxes

85,079

43,765

Provisions

35,015

58,988

Others

27,201

31,175

Total current liabilities

1,276,456

1,311,142

Non-current liabilities

Long-term debt and lease obligations

107,598

108,984

Retirement benefit liabilities

95,388

104,205

Provisions

20,654

27,005

Deferred tax liabilities

5,612

15,196

Others

23,048

29,452

Total non-current liabilities

252,300

284,842

Total liabilities

1,528,756

1,595,984

Equity

Share capital

324,625

325,638

Capital surplus

242,512

239,856

Treasury stock, at cost

-277,702

-380,881

Retained earnings

1,226,595

1,487,397

Other components of equity

70,805

80,383

Total equity attributable to owners of the parent

1,586,835

1,752,393

Non-controlling interests

149,988

166,441

Total equity

1,736,823

1,918,834

Total liabilities and equity

3,265,579

3,514,818

- 1 -

2. Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income

【Full-Year Consolidated Statement of Profit or Loss】

(Millions of yen, except per share data)

FY2022

FY2023

Notes

(For the full-year

(For the full-year

ended March 31,

ended March 31,

2023)

2024)

Revenue

3,713,767

3,756,059

Cost of sales

-2,569,685

-2,591,250

Gross profit

1,144,082

1,164,809

Selling, general and administrative expenses

-852,974

-904,599

Other income

85,411

34,593

Other expenses

-40,905

-134,543

Operating profit

335,614

160,260

Financial income

15,087

13,759

Financial expenses

-6,862

-6,983

Income from investments accounted for using the equity method, net

28,037

11,144

Profit for the year before income taxes

371,876

178,180

Income tax expenses

-127,011

88,500

Profit for the year

244,865

266,680

Profit for the year attributable to:

Owners of the parent

215,182

254,478

Non-controlling interests

29,683

12,202

Total

244,865

266,680

Earning per share

5-3

Basic earnings per share (Yen)

110.76

135.59

Diluted earnings per share (Yen)

110.54

135.34

【Full-Year Consolidated Statement of Comprehensive Income】

(Millions of yen)

FY2022

FY2023

Notes

(For the full-year

(For the full-year

ended March 31,

ended March 31,

2023)

2024)

Profit for the year

244,865

266,680

Other comprehensive income

Items that will not be reclassified to profit or loss

Financial assets measured at fair value through other comprehensive income

Remeasurement of defined benefit plans

Share of other comprehensive income of investments accounted for using the equity method

Items that may be reclassified subsequently to profit or loss

Foreign currency translation adjustments

Cash flow hedges

Share of other comprehensive income of investments accounted for using the equity method

17,770

35,088

-41,784

5,040

122

645

-23,892

40,773

-2,771

21,899

412

-153

730

2,928

-1,629

24,674

Total other comprehensive income for the year, net of taxes

Total comprehensive income for the year Total comprehensive income attributable to:

Owners of the parent Non-controlling interests Total

-25,52165,447

219,344332,127

188,329317,878

31,01514,249

219,344332,127

- 2 -

3. Consolidated Statement of Changes in Equity

(Millions of yen)

Equity attributable to owners of the parent

Balance at April 1, 2022

Profit for the year

Other comprehensive income

Total comprehensive income for the year

Purchase of treasury stock

Disposal of treasury stock

Share-based payment transactions

Dividends paid

Transfer to retained earnings

Acquisition (disposal) of non-controlling interests

Changes in ownership interests in subsidiaries

Others

Balance at March 31, 2023

Profit for the year

Other comprehensive income

Total comprehensive income for the year

Purchase of treasury stock

Disposal of treasury stock

Share-based payment transactions

Dividends paid

Transfer to retained earnings

Acquisition (disposal) of non-controlling interests

Changes in ownership interests in subsidiaries

Others

Balance at March 31, 2024

Notes Share

Capital

Treasury

Retained

Other

Non-

stock,

components

Total

controlling

Total equity

capital

surplus

earnings

at cost

of equity

interests

324,625

243,048

-128,897

1,088,429

63,508

1,590,713

125,036

1,715,749

－

－

－

215,182

－

215,182

29,683

244,865

－

－

－

－ -26,853-26,853

1,332

-25,521

－

－

－

215,182

-26,853

188,329

31,015

219,344

－

－

-150,103

－

－

-150,103

－

-150,103

－

1

2

－

－

3

－

3

－

1,858

1,296

－

－

3,154

－

3,154

－

－

－

-45,210

－

-45,210

-4,571

-49,781

－

－

－

-34,077

34,077

－

－

－

－

-32

－

－

-32

-1,477

-1,509

－

648

-721

73

－

-103

-103

－

-3,011

2,992

－

-19

88

69

324,625

242,512

-277,702

1,226,595

70,805

1,586,835

149,988

1,736,823

－

－

－

254,478

－

254,478

12,202

266,680

－

－

－

－

63,400

63,400

2,047

65,447

－

－

－

254,478

63,400

317,878

14,249

332,127

－

－

-103,180

－

－

-103,180

－

-103,180

－

0

1

－

－

1

－

1

1,013

-135

－

－

－

878

－

878

－

－

－

-47,098

－

-47,098

-5,124

-52,222

－

－

－

53,822

-53,822

－

－

－

－

-2,518

－

－

－

-2,518

-2,593

-5,111

－

－

－

－

－

－

9,858

9,858

－

-3

－

-400

－

-403

63

-340

325,638

239,856

-380,881

1,487,397

80,383

1,752,393

166,441

1,918,834

- 3 -

4.Consolidated Statements of Cash Flows

(Millions of yen)

FY2022

FY2023

Notes

(For the full-year ended

(For the full-year ended

March 31, 2023)

March 31, 2024)

Cash flows from operating activities

Profit for the year before income taxes

371,876

178,180

Depreciation, amortization and impairment loss

179,228

185,564

Increase (decrease) in provisions

-8,852

29,110

Increase (decrease) in net defined benefit liability

-19,034

-14,981

Interest and dividend income

-6,037

-9,715

Interest charges

3,958

5,241

Income from investments accounted for using the equity method, net

-28,037

-11,144

(Gain) loss on sales of subsidiaries' stock

-39,158

-113

(Increase) decrease in trade receivables

-65,320

15,883

(Increase) decrease in contract assets

-8,690

-9,760

(Increase) decrease in inventories

-51,939

44,363

Increase (decrease) in trade payables

5,659

-15,432

Increase (decrease) in contract liabilities

32,798

1,450

Other, net

-92,972

51,125

Cash generated from operations

273,480

449,771

Interest received

2,658

5,717

Dividends received

7,081

12,147

Interest paid

-3,984

-5,270

Income taxes paid

-58,906

-153,144

Net cash provided by operating activities

220,329

309,221

Cash flows from investing activities

Purchases of property , plant, equipment, and intangible assets Proceeds from sales of property, plant and equipment Proceeds from sales and redemption of investment securities Purchase of investment securities

Net proceeds from sale of subsidiaries, equity method associates and business

Payments for acquisition of subsidiaries Other, net

Net cash used in investing activities

-168,098 15,580 46,244 -27,624

88,049

-9,824 12,864

-42,809

-195,839 4,769 112,059 -11,563

-29,535

-43,311 6,181

-157,239

Cash flows from financing activities

Increase (decrease) in short-term borrowings

-25,502

29,336

Proceeds from long-term debt and issuance of bonds

2,268

291

Repayment of long-term debt and bonds

-35,298

-2,126

Payment of lease obligation

-58,566

-52,609

Purchase of treasury stock

-150,103

-103,180

Dividends paid to owners of the parent

-45,210

-47,098

Other, net

-1,174

-6,102

Net cash used in financing activities

-313,585

-181,488

Net increase (decrease) in cash and cash equivalents

-136,065

-29,506

Cash and cash equivalents at beginning of year

484,020

355,901

Effect of exchange rate changes on cash and cash equivalents

7,946

15,744

Cash and cash equivalents at end of year

355,901

342,139

- 4 -

  1. Notes to Financial Statements
  1. Cautionary Note Regarding Assumptions of a Going Concern

None.

2. Segment Information

Please refer to "FY2023 Consolidated Financial Results" (Presentation Material).

3. Earnings per Share

Calculation basis for basic earnings per share and diluted earnings per share

Basic Earnings per Share

FY2022

FY2023

(For full-year ended

(For full-year ended

March 31, 2023)

March 31, 2024)

Profit for the year, attributable to ordinary

Millions of yen

215,182

254,478

equity holders of the parent

Weighted average number of ordinary

Thousands of share

1,942,731

1,876,873

shares - basic

Earnings per shares

yen

110.76

135.59

Diluted Earnings per Share

FY2022

FY2023

(For full-year ended

(For full-year ended

March 31, 2023)

March 31, 2024)

Profit for the year, attributable to ordinary

Millions of yen

215,182

254,478

equity holders of the parent

Profit used to calculate diluted earnings

Millions of yen

215,182

254,478

per share

Weighted average number of ordinary

Thousands of share

1,942,731

1,876,873

shares - basic

Contingently issuable shares

Thousands of share

3,889

3,376

Weighted average number of ordinary

Thousands of share

1,946,620

1,880,249

shares - diluted

Diluted earnings per share

yen

110.54

135.34

(Note) On April 1, 2024, Fujitsu implemented a stock split, in which each share was converted into ten shares. Basic Earnings per Share and Diluted Earnings per Share have been calculated on the basis that the stock split had been conducted at the beginning of the previous consolidated fiscal year.

- 5 -

4. Major Subsequent Events

Repurchase of Our Own Shares

At the Board of Directors meeting held on April 25, 2024, our company resolved to repurchase its own shares pursuant to Article 459, Paragraph 1 of the Companies Act of Japan and the Articles of Incorporation of our company.

(1) Reason for Acquisition of Treasury Stock

In order to enhance shareholder returns and improve capital efficiency by comprehensively taking into account the business environment and other factors, in light of improvements in financial conditions such as the expansion of profit and cash flow for FY2023 and FY2024.

  1. Details of Matters Concerning the Repurchase of Shares ・Type of shares to be repurchased: Common stock
    ・Total number of shares to be repurchased: Up to 150,000,000 shares (8.16% of total shares issued, excluding treasury stock)
    ・Aggregate amount of repurchases: 180 billion yen (maximum limit)
    ・Repurchase period: May 1, 2024 - March 31, 2025
    ・Repurchase Method : Purchase by means of market trades on the Tokyo Stock Exchange (including purchases by means of market trades based on a discretionary investment contract with securities firms and through share repurchases made outside of trading hours [ToSTNet-3])

Note: There is also the possibility that a portion or all of the repurchases may not occur because of sudden changes in the business environment, a large increase in the demand for funds, or because of insider trading restrictions.

Basic Approach to the Selection of Accounting Standards

As of fiscal 2014 Fujitsu has adopted International Financial Reporting Standards (IFRS) for the preparation of consolidated financial statements, for the purpose of having a single, uniform accounting standard for Group companies

and improving comparability of the company's financial information in the world's capital markets.

- 6 -

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Fujitsu Ltd. published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 06:58:02 UTC.