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September 14, 1995

FUJITSU ESPANA EMERGES FROM THE GLOOM, PROFITS PREDICTED

By CBR Staff Writer

Fujitsu Espana SA recently announced its results for the year ending March 1995, a period that signalled a recovery in the company’s fortunes. Turnover rose 11% to the equivalent of $204m and net losses were down to $9.6m, compared with $49m last time. Hideo Mita, managing director of Fujitsu’s Spanish arm, said personal computer sales had increased 109% during 1994, while sales of magnetic and magneto-optical disks had tripled. The company succeeded in reducing its operating costs by 6% to $69.3m and its financial costs to $7.1m, compared with $16.5m last time. Mita singled out three important factors in Fujitsu’s recovery: the increase in capital of $66.1m in April 1994, the fall in interest rates over the last year, and improved management of working capital. There ar currently 1,053 employees, 29 fewer than a year ago. Mita said We have begun 1995 with double the order book we had in March 1994. He was confident that a return to profit will soon be seen, and turnover up 21% at around $245m, has been targeted for the current fiscal year. He reiterated the company’s commitment to the Malaga factory, where its intention is to phase in, within a period of one or two years, the manufacture of new products to replace the making of matrix printers. Fujitsu will invest some $33m in this project and is continuing its negotiations with the Regional Government of Andalusia, in order to subsidise the viability plan established for the Malaga plant, which employs 255 people.

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