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“The last year has been a great success for the company. We’ve progressed our European expansion ambitions and we’ve driven significant organic growth through our major clients such as HM Government and the Financial Services Authority in the UK, KLM in Holland and Servicio Andaluz de Salud in Spain. All in all our order book has increased to £6.6 billion – a figure that will support our 2007/08 plans and ensures we can continue on our current strong revenue growth path.”
|2006/07||2005/06 (restated)||2005/06 (originally reported)|
|Group operating profit||163.2||145.7||140.8|
|Profit before tax||172.0||163.7||154.3|
|Cash and cash equivalents (net of loans and overdrafts)||104.2||84.3||84.3|
¹ This press release is not the full financial statements of Fujitsu Services Holdings PLC. The table of financial results contained in this release is an extract from the full financial statements for the year ended 31 March 2007. The report of the auditors on those financial statements was unqualified. The financial statements for the year ended 31 March 2007 will be delivered to the Registrar of Companies and copies will be available from The Company Secretary, 22 Baker Street, London, W1U 3BW.
² For this financial year Fujitsu Services adopted International Financial Reporting Interpretations Committee Interpretation 4 (IFRIC 4) – Determining whether an Arrangement contains a Lease, for the first time. IFRIC 4 requires entities to consider whether service provision contracts contain embedded leases in respect of capital items supplied to a customer, the costs of which are recovered through the ongoing service charge over the life of the contract.
When certain criteria are met an embedded lease is identified. Where the lease is determined to be a finance lease, the economic substance of the transaction is an up-front sale of the items under a financing arrangement. Revenue is recognised on customer acceptance of the items as part of the service delivery and finance income recognised over the term of the lease. The treatment before IFRIC 4 would have been to recognise revenue over the life of contract as the service was delivered to the customer.
In complying with the requirements of IFRIC 4, the Group’s balance sheets at 31 March 2005 and 31 March 2006, and the Group’s results for the year ended 31 March 2006 have been restated. The effects of these restatements are set out in full in the Financial Statements of Fujitsu Services Holdings PLC.
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