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  7. Fujitsu Transfers Partial Stake in Leasing Affiliate to Tokyo Leasing

Fujitsu Transfers Partial Stake in Leasing Affiliate to Tokyo Leasing

Fujitsu Limited

Tokyo, September 26, 2003

Fujitsu Limited today announced that it has agreed to sell 400,000 shares (representing 20% of total outstanding shares) of the 900,000 shares it owns in its leasing affiliate, Fujitsu Leasing Co., Ltd., to Tokyo Leasing Co., Ltd., and today executed a contract to sell the shares. As a result of the sale, Fujitsu Leasing's financial results will no longer be consolidated in Fujitsu Limited's financial reports, and instead will be accounted for by the equity method for affiliate earnings.

Background of the Transfer

As the primary leasing company handling sales financing within the Fujitsu Group, Fujitsu Leasing has sought to expand its leasing business, focusing on IT-related equipment, with the sales counterparts of other members of the Fujitsu Group as its main customers.

To accommodate the increasingly diverse financing needs of customers, especially the trend among financial institutions and other corporations for systems outsourcing or other ways of keeping systems assets off the balance sheet, Fujitsu has decided to collaborate with Tokyo Leasing, which has extensive financing expertise. This move will strengthen Fujitsu Leasing's operations and the sales financing function within the Fujitsu Group. In conjunction with this collaboration, Tokyo Leasing will acquire a partial equity stake in Fujitsu Leasing.

Following the sale, Fujitsu Limited will remain Fujitsu Leasing's largest shareholder, and the transaction entails no changes to Fujitsu Leasing's management executives or corporate name, nor does it call for any change in Fujitsu Limited's support for Fujitsu Leasing.

Overview of Fujitsu Leasing

  1. Company name: Fujitsu Leasing Co., Ltd.
  2. Representative: Shinichi Sato, President
  3. Address: 2-7-1 Nishi-Shinjuku, Shinjuku-ku, Tokyo
  4. Established: March 15, 1978
  5. Fiscal year end: March 31
  6. Employees: 115 (as of March 2003)
  7. Main offices: branch locations in Hokkaido, Tohoku, Kanto, Yokohama, Hokuriku, Nagano, Chubu, Kansai, Kobe, Chugoku, Shikoku, and Kyushu
  8. Capital: 1 billion yen
  9. Outstanding shares: 2 million
  10. Percentage of shares held by Fujitsu Limited: 45%
  11. Most recent financial results (in billions of yen):
Years ended March 31 2001 2002 2003
Sales 125.1 129.2 133.1
Operating Profit 3.4 4.2 4.5
Net Profit 2.2 2.4 2.6
Total Assets 286.7 299.8 295.7

Overview of Tokyo Leasing

  1. Company name: Tokyo Leasing Co., Ltd.
  2. Representative: Masanori Ebihara, President
  3. Address: Nittochi Nishishinjuku Bldg, 10-1,Nishishinjuku 6-chome, Shinjuku-ku, Tokyo
  4. Principal lines of business: Leasing, installment sales, rental, loans and other financial services.
Before transfer After transfer
Shares held Percentage held Shares held Percentage held
Fujitsu Limited 900,000 45 500,000 25
Tokyo Leasing 0 0 400,000 20
Others 1,100,000 55 1,100,000 55
Total 2,000,000 100 2,000,000 100

Date of Transfer

Sales contract executed on September 26, 2003

Shares to be transferred on September 29, 2003

Impact on Profitability

Any impact this transfer has on the profits or losses of Fujitsu Limited is expected to be minimal.

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

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Company:Fujitsu Limited


All company/product names mentioned may be trademarks or registered trademarks of their respective holders and are used for identification purpose only.

Please understand that product prices, specifications and other details are current on the day of issue of the press release, however, may change thereafter without notice.

Date: 26 September, 2003
City: Tokyo
Company: Fujitsu Limited, , , , ,

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