July 10, 2013

Summary of Consolidated Business Results for Fiscal 2012
For the fiscal year ended May 31, 2013
Toyo Denki Seizo K.K.
Stock Code: 6505
Representative:
Inquiries:

Stock Exchange: 1st Section of the Tokyo Stock Exchange
URL http://www.toyodenki.co.jp
Hiroshi Tsuchida, President
Yoshifumi Otsubo, Operating Officer and General Manager, Management Planning
Division
TEL +81-3-5202-8122
Scheduled date of convention of ordinary general meeting of shareholders: August 27, 2013
Scheduled date of commencement of dividend payments:
August 28, 2013
Scheduled date of submission of financial report:
August 28, 2013
Preparation of financial report supplemental explanatory materials:
Yes
Holding of quarterly financial results briefing:
Yes (for institutional investors andanalysts)
Note: Amounts in financial statements and the supplementary data are rounded down.

1. Consolidated Business Results for Fiscal 2012
(June 1, 2012 to May 31, 2013)(1) Consolidated Operating Results(In millions of yen, except where noted; percentage figures show year-on-year increase or decrease.)

Net Sales
30,575 (20.7)%
38,570
1.8%

Fiscal 2012
Fiscal 2011

(Note) Comprehensive income:Ordinary Income
1,150 (35.7)%
1,788
13.4%

Net Income
722(8.1)%
785
15.8%

Fiscal 2012: 3,761 million yen (250.9%)
Fiscal 2011: 1,071 million yen (293.3%)

Diluted Net
Income per Share
(Yen)
－
－

Net Income per
Share (Yen)
Fiscal 2012
Fiscal 2011

Operating Income
501 (70.5)%
1,701
13.1%

14.98
16.29

Net Income to
Shareholder’
Equity Ratio (%)
4.3
5.4

Ordinary Income
to Total Assets
Ratio (%)
2.9
4.8

Operating
Income to Net
Sales Ratio (%)
1.6
4.4(Reference) Equity method investment gain or loss for: Fiscal 2012: (16) million yen
Fiscal 2011: 113 million yen(2) Consolidated Financial Position(In millions of yen, except where noted)

Total Assets

Net Assets
18,51915,049

Shareholders’ Equity
Ratio (%)
43.7
39.5

As of May 31, 2013
As of May 31, 2012

42,36438,086(Reference) Shareholders’ equity:

As of May 31, 2013: 18,519 million yen
As of May 31, 2012: 15,049 million yen

Net Assets per Share(Yen)
384.14312.12(3) Consolidated Cash Flows(In millions of yen, except where noted)

Fiscal 2012
Fiscal 2011

Cash Flow fromOperating Activities

Cash Flow from
Investing Activities

1,069(1,328)(1,457)(2,148)Cash and Cash
Equivalents at theEnd of the Fiscal Year
155
1,302
2,563
1,489

Cash Flow from
Financing Activities

2. Dividend Information

Fiscal 2011
Fiscal 2012
Fiscal 2013
(Forecast)

Annual Dividend (Yen)
Fiscal1Q Interim 3Q
Year-End
－
0.00
－
6.00
－
0.00
－
6.00
－

0.00

－

6.00

Total

Total Annual
Dividends

Dividend
Payout Ratio(Millions of yen)(consolidated, %) (consolidated, %)

6.00
6.00

289
289

36.8
40.0

6.00

Dividend on
Equity Ratio
2.0
1.7

39.0

3. Consolidated Performance Forecast for Fiscal 2013 (June 1, 2013 to May 31, 2014)(In millions of yen, except where noted; Percentage figures show year-on-year increase or decrease for the full fiscal year andincrease or decrease compared with the corresponding period of the previous fiscal year.)

Net SalesFirst half
Full year

16,00036,000

17.9%
17.7%

Operating Income
200
1,500

－%
199.3%

Ordinary Income
200
1,500

－%
30.4%

Net Income
120
750

－%
3.8%

Net Income
per Share
(Yen)
2.46
15.40

Notes:(1) Transfers of major subsidiaries during the period (transfers of specified subsidiaries accompanied by changes
in the scope of consolidation): No
Newly included: – Excluded: –(2) Changes in accounting policies, changes in accounting estimates, and restatement(a) Changes in accounting policies in accordance with revisions to accounting standards and related practices: Yes(b) Any changes other than (a) above: No(c) Changes in accounting estimates: Yes(d) Restatement: No(Note) These changes fall under Article 14-7 (Changes in accounting policies that are difficult to distinguish fromchanges in accounting estimates) of the Ordinance on Terminology, Forms, and Preparation Methods ofConsolidated Financial Statements.

(3) Shares outstanding (common stock)(a) Number of shares outstanding as of the end of the period (including treasury stock):
May 31, 2013: 48,675,000 shares
May 31, 2012: 48,675,000 shares(b) Number of shares of treasury stock as of the end of the period:
May 31, 2013: 463,566 shares
May 31, 2012: 458,570 shares(c) Average number of shares for the period (fiscal year-to-date):
Fiscal 2012: 48,214,325 sharesFiscal 2011: 48,219,015 shares

(Reference) Summary of Non-Consolidated Business Results

1. Non-Consolidated Business Results for Fiscal 2012 (June 1, 2012 to May 31, 2013)(1) Non-Consolidated Operating Results(In millions of yen, except where noted; percentage figures show year-on-year increase or decrease.)

Fiscal 2012
Fiscal 2011

Net Sales
26,556 (22.0)%
34,057
2.1%

Operating Income
163 (86.9)%
1,249
40.0%

Fiscal 2012
Fiscal 2011

Net Income per Share
(Yen)
15.30
11.50

Diluted Net Income
per Share (Yen)－－

Ordinary Income
1,022 (29.6)%
1,451
27.0%

Net Income
737
33.0%
554
2.6%

(2) Non-Consolidated Financial Position(In millions of yen, except where noted)

Total Assets

Net Assets
15,62012,358

Shareholders’ Equity
Ratio (%)
39.7
35.0

As of May 31, 2013
As of May 31, 2012

39,32635,326(Reference) Shareholders’ equity:

As of May 31, 2013: 15,620 million yen
As of May 31, 2012: 12,358 million yen

Net Assets per Share(Yen)
324.01
256.31

Statements Regarding the Implementation Status of Audit ProceduresThis summary of consolidated business result is not subject to audit procedures as prescribed under the Financial
Instruments and Exchange Act. As of the date of report disclosure, audit procedures pursuant to the aforementioned
Act were yet to be completed.
Disclaimer concerning the Proper Use of Business Results Forecasts and Other Relevant Specific Items
The forecasts of business results presented in this document are based on management’s assumptions and beliefs inlight of currently available information. Toyo Denki Seizo K.K. (hereinafter Toyo Denki) cautions readers that due
to a variety of factors actual results may differ materially from forecasts. Please refer to “1. Results of Operations”
in Accompanying Materials on page 2 for details relating to operating results forecasts.

Accompanying Materials Contents
1.

Results of Operation ....................................................................................................................................... 2(1) Analysis of Results of Operations ................................................................................................................... 2(2) Analysis of Financial Position ........................................................................................................................ 3(3) Fundamental Policy concerning Distribution of Surplus and Dividend
for the Fiscal Year under Review and the Next Fiscal Year ........................................................................... 42.
Overview of the Group ................................................................................................................................... 5
3.
Management Policies ...................................................................................................................................... 6(1) Basic Management Policies of the Company.................................................................................................. 6(2) Pending Issues................................................................................................................................................. 6
4.
Consolidated Financial Position...................................................................................................................... 7(1) Consolidated Balance Sheets .......................................................................................................................... 7(2) Consolidated Statements of Income and Comprehensive Income .................................................................. 9(Consolidated Statements of Income) ............................................................................................................. 9(Consolidated Statements of Comprehensive Income) ................................................................................. 10(3) Consolidated Statements of Changes in Shareholders’ Equity ..................................................................... 11(4) Consolidated Statements of Cash Flows ....................................................................................................... 13-1-

1. Results of Operation(1) Analysis of Results of Operations(a) Results of Operations in the Fiscal Year under Review
In fiscal 2012, the fiscal year ended May 31, 2013, economic conditions in Japan remained stringent as a whole,largely due to the symptoms of the global economic slowdown, including the debt crisis in Europe and the weakerrates of economic growth in China. The Japanese economy, however, showed favorable progress and hopeful signs,
especially after the turn of the year. The downward turnaround of the yen and climbing stock prices spurred byhopeful expectations of the economic policies of the new administration have held steady, while economic
sentiment in corporations and households has improved, as well.
Under these circumstances, the Toyo Denki Group has been working in unison to thoroughly strengthen its
management foundation and drastically improve its corporate value in the first year of "Dash 2015," the Group's
medium-term management plan launched in June 2012, in accordance with the plan.
The Toyo Denki Group's performance in fiscal 2012, the first fiscal year of the medium-term management plan,
was as follows.
Orders received increased 3.9% compared with the previous fiscal year to 33,949 million yen. While orders
received in the Information Equipment Systems segment dropped significantly from the surging levels of theprevious year and orders received in the Industrial Systems segment remained on a declining trend due toenvironmental factors hindering incoming orders for production equipment and overseas sales, orders received in
the Transportation Systems segment surged upward, particularly overseas.
Net sales decreased 20.7% year on year to 30,575 million yen. Net sales in the Transportation Systems segment
decreased significantly, particularly overseas, and net sales in the Industrial Systems segment and Information
Equipment Systems segment also decreased for the same reasons as orders received.
From a profit perspective, operating income decreased 70.5% compared with the previous fiscal year to 501
million yen, mainly due to the decrease in net sales. Ordinary income decreased 35.7% year on year to 1,150
million yen, partly due to the posting of foreign exchange gains of 629 million yen derived from the weakening
yen. Net income decreased 8.1% compared with the previous fiscal year to 722 million yen.
Information by business segment is presented as follows.
Transportation Systems
Orders received increased 19.6% compared with the previous fiscal year to 20,940 million yen, mainly due toincreases in overseas orders received for electrical products and equipment for the LRV (Light Rail Vehicle) in Los
Angeles, USA, though domestic orders received increased only slightly.
Besides a decrease in domestic net sales due to muted demand for renewal, net sales for high-speed railroads
and subways in China decreased significantly. In overall terms, net sales in this segment decreased 27.8% year on
year to 17,324 million yen. Segment profit decreased 29.2% year on year to 1,913 million yen due to substantiallydecreased revenue.
Industrial Systems
While orders received for testing equipment for automotive development and infrastructure progressed favorably,
overseas orders received declined considerably. In overall terms, orders received in this segment decreased 7.9%
year on year to 11,457 million yen.
While net sales for testing equipment for automotive development and infrastructure increased, matching thetrend for ordered received, net sales for production equipment and overseas significantly declined. In overall terms,
net sales in this segment decreased 5.9% year on year to 11,542 million yen. Segment profit increased 71.1% year
on year to 433 million yen, mainly buoyed by improved profitability in factories.
Information Equipment Systems
Orders received in this segment decreased 43.1% compared with the previous fiscal year to 1,544 million yen,retreating from the high levels generated by surging orders for mobile terminals for conductors in the previous year.
Net sales in this segment decreased 26.2% year on year to 1,701 million yen, mainly for the same reasons
underlying the decrease in ordered received. Segment profit decreased 60.2% year on year to 265 million yen due
to the combined effects of decreased revenue and development costs incurred for new products.

-2-

Note: Net sales data by business segment represents sales to third parties and is exclusive of inter-segment sales andtransfers.

(b) Outlook for the Next Fiscal Year
Orders received and net sales in the Transportation Systems segment, Industrial Systems segment and Information
Equipment Systems segment are expected to increase. As a result, net sales are projected to increase 17.7%
compared with the current fiscal year to 36,000 million yen, and operating income is estimated to surge by 199.3%
compared with the current fiscal year to 1,500 million yen in accordance with increased revenue.
Note: The aforementioned forecasts of business results are based on management assumptions and beliefs in light ofcurrently available information. Toyo Denki cautions readers that actual results could differ materially from forecasts due
to a variety of factors.

(2) Analysis of Financial Position(a) Status of Assets, Liabilities and Net Assets(Assets)
Total assets as of May 31, 2013 stood at 42,364 million yen, an increase of 4,278 million yen compared with theend of the previous fiscal year. Despite a decrease in trade notes and accounts receivable of 344 million yen, thisincrease was largely attributable to increases in inventories of 1,133 million yen and investment securities of 4,388
million yen.
(Liabilities)
Total liabilities as of May 31, 2013 amounted to 23,844 million yen, an increase of 807 million yen compared withthe end of the previous fiscal year. While short-term borrowings contracted 2,080 million yen, this upswing in total
liabilities reflected a 2,684 million yen increase in long-term debt.
(Net assets)
Net assets as of May 31, 2013 stood at 18,519 million yen, an increase of 3,470 million yen compared with the endof the previous fiscal year. This increase was largely attributable to a 433 million yen increase in retained earnings
and a 2,951 million yen increase in unrealized holding gain on securities.
(b) Status of cash flows
The balance of consolidated cash and cash equivalents as of May 31, 2013 stood at 1,302 million yen, a decrease of
186 million yen compared with the previous fiscal year-end.
Principal movements in operating, investing and financing cash flows for the fiscal year under review arepresented briefly as follows.
Cash flows from operating activities
Net cash provided by operating activities amounted to 1,069 million yen. Major cash outflows included an increaseof 1,122 million yen in inventories, while principal cash inflows were income before income taxes and minority
interests at 1,272 million yen and depreciation and amortization at 1,144 million yen.
Cash flows from investing activities
Net cash used in investing activities totaled 1,457 million yen for the fiscal year under review and mainlycomprised funds used for the purchases of property, plant and equipment at 1,425 million yen.
Cash flows from financing activities
Net cash provided by financing activities was 155 million yen. The principal cash inflow was an increase in longterm debt at 3,800 million yen, while major cash outflows were a decrease in short-term loans payable at 2,000
million yen and repayment of long-term debt at 1,196 million yen.

-3-

Trends in cash flow indices are as follows.
Shareholders’ equity ratio (%)
Shareholders’ equity ratio based on market capitalization (%)
Ratio of interest-bearing liabilities to cash flows (Times)
Interest coverage ratio (Times)

Fiscal
2008
38.0
80.8
3.6
13.0

Fiscal
2009
36.6
62.6
10.7
5.1

Fiscal
2010
38.7
49.8
2.6
18.1

Fiscal
2011
39.5
31.4
–
–

Fiscal
2012
43.7
34.0
9.2
5.1

Notes:• Shareholders’ Equity Ratio (%): Shareholders’ equity / Total assets• Shareholders’ equity ratio based on market capitalization (%): Market capitalization / Total assets• Ratio of interest-bearing liabilities to cash flows: Interest-bearing liabilities / Cash flows• Interest coverage ratio: Cash flows / Interest payments
1. Indices are calculated based on consolidated financial data.
2. Market capitalization is calculated by multiplying the period-end closing share price with the number of sharesissued and outstanding as of the period-end (after deducting treasury stock).
3. Cash flows from operating activities are used in calculations that use cash flows.
4. Interest-bearing liabilities include all interest-bearing liabilities under liabilities recorded on the consolidated balance
sheet.
5. In each period where cash flows from operating activities are negative, ratio of interest-bearing liabilities to cash
flows and interest coverage ratio data is not recorded.

(3) Fundamental Policy concerning Distribution of Surplus and Dividend for the Fiscal Year under Review and the
Next Fiscal Year
The maintenance of stable dividends forms the basis of Toyo Denki’s distribution of profit. The Company applies
internal reserves to strengthen its financial position in addition to making strategic allocations to such areas asresearch and development, capital expenditure and outside of Japan expansion, with the aims of growing its
business and strengthening its management foundation in the future.
Dividends for the fiscal year under review remained at six yen per share, unchanged from the previous term.
The Company intends to maintain dividends at six yen per share or more from the fiscal year ending May 31, 2014
onward.
Toyo Denki will continue seeking to expand its operations and strengthen its management foundation as it
strives to achieve a stable dividend.

-4-

2. Overview of the GroupThe Toyo Denki Group is composed of Toyo Denki, nine subsidiaries (including four subsidiaries outside of Japan)
and three affiliated companies (including two affiliated companies outside of Japan). The Group is engaged in the
manufacture and sale of electrical equipment for transportation, industrial, and information equipment systems aswell as incidental projects.
The organization and position of companies within the Toyo Denki Group together with business flows arepresented as follows.

Customer

Toyo Denki Seizo K.K.

Outside of Japan

Japan

Transportation
Systems◎ Toyokouki Co., Ltd.
◎ Taihei Electric Co.,Ltd.

◎ Toyo Denki USA,
Inc. (US)○ Hunan Xiangyang
Electric Co., Ltd.
(China)○ Changzhou Ruiyang
Transmission
Technology Co., Ltd.
(China)□ Taiping Zhanyun
Automatic Door
(Changzhou) Co.,Ltd.

Industrial Systems◎ Toyosangyo K.K.
◎ TD Drive
Manufacturing Co.,Ltd.
○ ELETTCORPORATION□Tianjin ToyodenkiInternational Trade
Co., Ltd. (Note)

Information
Equipment Systems

Other◎ Toyo Shoji K.K.

◎ Consolidated subsidiaries○ Affiliates to which the equity method is applied□ Non-consolidated subsidiaries□TOYO DENKI (BEIJING) CO., LTD.
(Note) Resolutions for the dissolution and liquidation of Tianjin Toyodenki International Trade Co., Ltd.
were adopted at the Board of Directors held on November 12, 2012.

-5-

3. Management Policies(1) Basic Management Policies of the Company
The Toyo Denki Group is implementing “Dash 2015,” the medium-term management plan set to conclude at theend of fiscal 2014 (on May 31, 2015), and pursues further growth towards the achievement of its long-term vision
by proactively promoting several measures under the basic policies described below.

Long-Term Vision
The Toyo Denki Group will contribute to the realization of an environmental-compatibility-based society throughglobal business development by fusing advanced breakthrough technologies together with the excellent motor drive
technologies it has cultivated since its foundation.

Fundamental Policy
The Toyo Denki Group is committed to drastically improving its corporate value while thoroughly strengthening its
management foundation, in order to become a Group well adapted to the new era as it approaches 2018, the 100th
anniversary of its foundation.
• Strengthen business outside of Japan• Increase market share in Japan• Develop new business and products• Promote alliance strategy• Be consistent for efficient management(2) Pending Issues
The Toyo Denki Group is implementing "Dash 2015," its medium-term management plan started at the beginningof fiscal 2012 (on June 1, 2012) and set to conclude at the end of fiscal 2014 (on May 31, 2015). Under this plan,
the Group is proactively working to settle the issues it faces.
Principal measures under this plan are presented as follows.
(a) Establish a global business promotion system• Further cultivate and expand markets in China, the U.S., South Korea, and Taiwan• Improve business bases in India and Southeast Asia
• Expand and newly establish outside of Japan production bases• Fortify alliances(b) Develop and promote new businesses• Establish early the mass production of automotive electric equipment• Open up new business fields suited to the trends of “electrification” and “environmental suitability”(c) Develop new products and new technologies• Develop new strategic products• Reorganize and expand research and development departments• Acquire certification through international attestation(d) Pursue cost reduction, high quality, and high reliability• Implement drastic cost reductions in production and management departments as a whole• Strengthen cash-generating potential by improving asset efficiency• Strengthen quality control systems(e) Promote CSR activities• Establish CSR activities and expand their sphere(f) Establish and promote a dynamic corporate culture• Improve the pleasant environment of each workplace• Procure next-generation human resources and capacity-development systems-6-

4. Consolidated Financial Position(1) Consolidated Balance Sheets(Millions of yen)
As of May 31, 2012

As of May 31, 2013

AssetsCurrent assets
Cash and cash equivalents

1,489

1,302

Trade notes and accounts receivable

13,72813,384

Products and finished goods

1,598

1,464

Work in process

2,242

3,081

Raw materials and stored goods

1,690

2,118

Advances

37

77

Other accounts receivable

66

12

Deferred tax assets

517

452

Other

73

90

(28)

(40)

21,41521,943

6,279

6,973

Accumulated depreciation(3,905)(3,988)

Buildings and structures, net

2,373

2,985

Allowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures

6,404

6,757

(5,174)(5,648)

1,229

1,108

Land

289

289

Construction in progress

495

80

Machinery and equipment
Accumulated depreciation
Machinery and equipment, net

Other
Accumulated depreciation

2,714

3,024

(2,242)(2,476)

472

547

4,861

5,012

Software

279

274

Other

66

47

Total intangible assets

346

321

Investment securities

8,929

13,318Deferred tax assets

960

39

Other

1,589

1,893

Allowance for doubtful accounts

(16)

(162)

Total investments and other assets

11,46315,087

16,67020,421

38,08642,364

Other, net
Total property, plant and equipment
Intangible assets

Investments and other assets

Total fixed assets
Total assets-7-

(Millions of yen)
As of May 31, 2012

As of May 31, 2013

Trade notes and accounts payable

4,544

4,646

Short-term borrowings

Liabilities
Current liabilities

6,376

4,296

Current portion of corporate bonds

160

120

Income taxes payable

473

319

Consumption and other taxes payable

185

67

Accrued expenses

2,909

2,883

Advances received

182

413

Deposits received

213

212

Reserve for directors’ bonuses

46

16

Reserve for employees’ bonuses

891

772

Reserve for order losses

197

196

540

335

16,72014,280120－

Long-term borrowings

2,729

5,413

Long-term payables

251

164

Other
Total current liabilities
Long-term liabilities
Corporate bonds―

614

Reserve for employees’ retirement benefits

3,136

3,289

Allowance for environmental development

43

43

Other

35

38

6,316

9,564

23,036

23,844

Capital stock

4,998

4,998

Capital surplus

3,177

3,177

Retained earnings

6,722

7,155

Deferred tax liabilities

Total long-term liabilities
Total liabilities
Net assets
Shareholders' equity

Treasury stock

(162)

(163)

Total shareholders' equity

14,735

15,167

415

3,367

(102)

(14)

Accumulated other comprehensive income
Unrealized holding gain on available-for-sale securities
Foreign currency translation adjustments
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

-8-

313

3,352

15,04918,51938,08642,364

(2) Consolidated Statements of Income and Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
For the fiscal year
ended May 31, 2012

For the fiscal year
ended May 31, 2013

Net sales

38,57030,575

Cost of sales

29,73622,878Gross profit

8,834

7,696

Selling, general and administrative expenses

7,133

7,194

Operating income

1,701

501

Non-operating income

00Dividend income
Equity in earnings of unconsolidated subsidiaries andaffiliates
Foreign exchange gains

116

159

113

―

―

629

Life insurance dividend income

47

90

Miscellaneous income

5360

Total non-operating income

330

940

163

215

―

16

23

―

4

15

Interest income

Non-operating expenses
Interest expense
Equity in losses of unconsolidated subsidiaries andaffiliates
Loss on foreign currency exchange
Loss on disposal of fixed assets
Miscellaneous loss

51

43

Total non-operating expenses

242

291

1,788

1,150

Gain on sales of investment securities―

72

Extraordinary repayment of special corporate taxes―

64

Total extraordinary income―

137

Office transfer expenses―

15

Loss on devaluation of investment securities

22―

Loss on disaster7―

Total extraordinary losses

30

15

1,758

1,272

Current

730

496

Income taxes for prior periods

(16)

―

Ordinary income
Extraordinary income

Extraordinary loss

Income before income taxes and minority interests
Income taxes:

Deferred258

54

Total income taxes

972

550

Income before minority interests

785

722

Net income

785

722

-9-

(Consolidated Statements of Comprehensive Income)(Millions of yen)
For the fiscal year
ended May 31, 2012

For the fiscal year
ended May 31, 2013
785

722

Unrealized holding gain on available-for-sale securities

291

2,951

Foreign currency translation adjustments
Share of other comprehensive income of affiliates towhich the equity method is applied
Total other comprehensive income

(5)

26

0

61

Income before minority interests
Other comprehensive income

286

3,039

1,071

3,761

Owners of the parent

1,071

3,761

Minority interests――

Comprehensive income
Comprehensive income attributable to- 10 -

(3) Consolidated Statements of Changes in Net Assets(Millions of yen)
For the fiscal year
ended May 31, 2012

For the fiscal year
ended May 31, 2013

Shareholders' equity
Capital stock
Balance as of the beginning of the fiscal period
under review
Balance as of the end of fiscal period under review

4,998

4,998

4,998

4,998

Capital surplus
Balance as of the beginning of the fiscal period
under review
Balance as of the end of fiscal period under review

3,177

3,177

3,177

3,177

Retained earnings
Balance as of the beginning of the fiscal period
under review
Change during fiscal period under review
Changes of items during the period

6,226

6,722

Distribution of retained earnings

(289)

(289)

Net income

785

722

Total change during fiscal period under review

496

433

Balance as of the end of fiscal period under review

6,722

7,155

(160)

(162)

(1)

(1)

Treasury stock
Balance as of the beginning of the fiscal period
under review
Change during fiscal period under review
Changes of items during the period
Acquisition of treasury stock
Total change during fiscal period under review

(1)

(1)

Balance as of the end of fiscal period under review

(162)

(163)

Total shareholders' equity
Balance as of the beginning of the fiscal period
under review
Change during fiscal period under review
Changes of items during the period

14,241

14,735Distribution of retained earnings

(289)

(289)

Net income

785

722

Acquisition of treasury stock

(1)

(1)

Total change during fiscal period under review

494

431

Balance as of the end of fiscal period under review

14,735

15,167- 11 -

(Millions of yen)
For the fiscal year
ended May 31, 2012

For the fiscal year
ended May 31, 2013

Accumulated other comprehensive income
Unrealized holding gain on available-for-sale securities
Balance as of the beginning of the fiscal period
under review
Changes during fiscal period under review
Net changes of items other than shareholders'equityTotal change during fiscal period under review
Balance as of the end of the fiscal period underreview
Foreign currency translation adjustment
Balance as of the beginning of the fiscal period
under review
Changes during fiscal period under review
Net changes of items other than shareholders'equityTotal change during fiscal period under review
Balance as of the end of the fiscal period underreview
Total accumulated other comprehensive income
Balance as of the beginning of the fiscal period
under review
Changes during fiscal period under review
Net changes of items other than shareholders'equityTotal change during fiscal period under review
Balance as of the end of the fiscal period underreview
Total net assets
Balance as of the beginning of the fiscal period underreview
Changes during fiscal period under review

124

415

291

2,951

291

2,951

415

3,367

(97)

(102)

(4)

87

(4)

87

(102)

(14)

27

313

286

3,039

286

3,039

313

3,352

14,26815,049

(289)

(289)

Net income

785

722

Acquisition of treasury stock

(1)

(1)

Net changes of items other than shareholders' equity

286

3,039

Total change during fiscal period under review

780

3,470

Balance as of the end of the fiscal period under review

15,04918,519Distribution of retained earnings- 12 -

(4) Consolidated Statements of Cash Flows(Millions of yen)
For the fiscal year
ended May 31, 2012

For the fiscal year
ended May 31, 2013

Cash flows from operating activities
Income before income taxes and minority interests

1,758

1,272

Depreciation and amortization

1,145

1,144

Increase (decrease) in allowance for doubtful accounts

(12)

158

Increase (decrease) in reserve for employees’ bonuses
Increase (decrease) in reserve for employees’ retirement
benefits
Interest and dividends income

(42)

(118)

(71)

152

(116)

(159)

Interest expenses

163

215

Loss (gain) on devaluation of investment securities

22

―
(72)

Loss (gain) on sales of investment securities
Decrease (increase) in notes and accounts receivabletrade
Decrease (increase) in inventories(3,399)

230

2,648

(1,122)

Increase (decrease) in trade notes and accounts payable(1,134)

100

46

(5)

Increase (decrease) in reserve for order losses
Increase (decrease) in advances received

(492)

200

Increase (decrease) in accrued expenses
Increase (decrease) in allowance for environmental
development
Other

(950)

(28)

(89)

―

(51)

(243)

Subtotal

(576)

1,723

135

171

Interest expenses paid

(163)

(210)

(Payments for) refund of corporate and other taxes

(724)

(615)

Net cash provided by (used in) operating activities(1,328)

1,069

Purchases of property, plant and equipment(918)(1,425)Purchases of investment securities

(917)

(13)

―

127

Other payments

(72)

(178)

Other receipts

31

123

Interest and dividends income received

Cash flows from investing activities

Proceeds from sales of investment securities

Other
Net cash used in investing activities- 13 -

(270)

(91)

(2,148)(1,457)

(Millions of yen)
For the fiscal year
ended May 31, 2012

For the fiscal year
ended May 31, 2013

Cash flows from financing activities
Increase (decrease) in short-term loans payable, net

1,500(2,000)

Increase in long-term debt

2,300

3,800

Repayment of long-term debt

(750)

(1,196)

Redemption of bonds payable

(200)

(160)

Proceeds from sales of treasury stock
Cash dividends paid
Other
Cash provided by financing activities
Effect of exchange rate change on cash and cash
equivalents
Increase (decrease) in cash and cash equivalents
Balance of cash and cash equivalents at the beginning of theperiodBalance of cash and cash equivalents at the end of theperiod- 14 -

(1)

(1)

(284)

(287)

―

(0)

2,563

155

(8)

45

(921)

(186)

2,410

1,489

1,489

1,302