Full-year consolidated net sales totaled 4,381.7 billion yen (US$46,614 million), a year-on-year decline of 1.9%. Sales in Japan fell by 2.6% primarily as a result of a decline in sales of hardware such as PCs, mobile phones, LSI devices and electronic components. Sales outside of Japan were essentially unchanged from the previous fiscal year.

Gross profit was 1,203.7 billion yen, down 31.6 billion yen from fiscal 2011, attributable to lower sales of PCs, mobile phones and LSI devices. Selling, general and administrative expenses were 1,108.4 billion yen, a decline of 21.6 billion yen from fiscal 2011 resulting from efforts across the Group to generate cost efficiencies. As a result, operating income was 95.2 billion yen (US$1,013 million), a decline of 10.0 billion yen from the previous fiscal year.

In other income and expenses, Fujitsu recorded a loss of 140.3 billion yen, representing a deterioration of 101.8 billion yen from fiscal 2011.

The loss of 140.3 billion yen includes 116.2 billion yen in restructuring expenses stemming from 90.3 billion yen for the LSI business, 20.0 billion yen for business outside Japan, and 5.8 billion yen for others. Restructuring expenses for the LSI devices business consist of losses mainly relating to the transfer of production facilities and expenses related to personnel rationalization.

The restructuring expenses for business outside Japan consist of personnel-related expenses, primarily for the European subsidiary Fujitsu Technology Solutions (Holding) B.V. (FTS). Other restructuring expenses include the losses mainly on personnel-related rationalization expenses at managerial levels.

Fujitsu also posted an impairment loss of 34.2 billion yen mainly on the unamortized balance of the goodwill recorded at the time of acquisition of FTS.

"In the fourth quarter we saw solid performance in Technology Solutions both in and outside Japan. On the other hand, the device business and Ubiquitous Solutions have deteriorated significantly. As a result, we were unable to meet the operating income target revised at the end of the second quarter," commented Fujitsu's President Masami Yamamoto.

"In order to achieve stable profit, we are shifting resources into growth fields under the structural reform measures announced in February 2013. In fiscal 2015, Fujitsu aims to generate operating income of at least 200.0 billion yen, net income of 100.0 billion yen or above, and free cash flow of at least 100.0 billion yen."

Fujitsu