Makita Corporation
Consolidated Financial Results
for the three months
ended June 30, 2021
(IFRS Financial Information)(English translation of "KESSAN TANSHIN"
originally issued in Japanese)

CONSOLIDATED FINANCIAL RESULTS
FOR THE THREE MONTHS ENDED JUNE 30, 2021 (Unaudited)
July 30, 2021

Makita Corporation
Stock code: 6586
URL: https://www.makita.co.jp/
Munetoshi Goto, President, Representative Director

1. Summary operating results of the three months ended June 30, 2021 (From April 1, 2021 to June 30, 2021)(1) CONSOLIDATED OPERATING RESULTS
Yen (millions)
For the three months ended
For the three months ended
June 30, 2020
June 30, 2021(%)(%)
Revenue ................................................................
126,9963.7
185,297
45.9
Operating profit ....................................................
15,569(10.4)
28,382
82.3
Profit before income taxes ....................................
16,469(12.3)
29,865
81.3
Profit .....................................................................
11,684(18.2)
21,816
86.7
Profit attributable to owners of the parent ............
11,521(18.6)
21,612
87.6
Comprehensive income ........................................
15,908824.9
29,461
85.2
Yen
Profit attributable to
Owners of the parent per share(Basic)..................................................................
42.43
79.59
(Diluted) ..............................................................
Notes:
1.
Amounts of less than one million yen have been rounded.
2.
The table above shows the changes in the percentage ratio of revenue, operating profit, profit before income taxes, profit,
profit attributable to owners of the parent, and comprehensive income against the corresponding period of the previous year.

(2) SELECTED CONSOLIDATED FINANCIAL POSITION

Total assets ............................................................
Total equity ...........................................................
Equity attributable to owners of the parent ...........
Ratio of equity attributable to owners of theparent to total assets (%) .......................................

Yen (millions)
As of March 31, 2021
As of June 30, 2021
812,878
828,861
663,326
676,775
657,855
671,016
80.9%

81.0%

Note: Amounts of less than one million yen have been rounded.

2. Dividend Information
Yen
For the year ended
March 31, 2021
Cash dividend per share:
Interim .................................................................
Year-end ..............................................................
Total ....................................................................

10.00
59.00
69.00

For the year ending
March 31, 2022
(Forecast)
10.00(Note)(Note)

Notes:
1. The forecast for cash dividend announced on April 27, 2021 has not been revised.
2. The projected amount of dividends for the year ending March 31, 2022 has not been determined yet. For further details, refer
to “Explanation regarding proper use of business forecast, and other significant matters” on page 2.

English translation of "KESSAN TANSHIN" originally issued in Japanese

13. Consolidated Financial Forecast for the year ending March 31, 2022 (From April 1, 2021 to March 31, 2022)
Yen (millions)
For the year ending
March 31, 2022(%)
Revenue .............................................................................................
650,000
6.8
Operating profit .................................................................................
88,5000.0
Profit before income taxes .................................................................
88,0000.9
Profit attributable to owners of the parent .........................................
63,200
1.9
Yen
Profit attributable to
Owners of the parent per share(Basic) ..............................................
232.76Note:
1. The table above shows the changes in the percentage ratio of revenue, operating profit, profit before income taxes and profit
attributable to owners of the parent against the previous year.
2. Changes of the forecasts from the most recent disclosure: Yes

4. Other(1) Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes inscope of consolidation during the quarter): None
(2) Changes in accounting policies and accounting estimates:
1. Changes in accounting policies required by IFRS: None
2. Changes in accounting policies other than 1: None
3. Changes in accounting estimate: None
(3) Number of shares outstanding (common stock)
1. Number of shares issued (including treasury stock):

As of June 30, 2021:
As of March 31, 2021:

280,017,520
280,017,520

2. Number of treasury stock:

As of June 30, 2021:
As of March 31, 2021:

8,490,979
8,490,396

3. Average number of shares outstanding:

For the three months ended June 30, 2021:
For the three months ended June 30, 2020:

271,526,825
271,516,937

This consolidated financial report is not subject to audit procedures by certified public accountants or an auditing
firm.
Explanation regarding proper use of business forecasts, and other significant matters
1. The financial forecast given above is based on information as available at the present time, and includes potential
risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecasts
provided above. Regarding the assumptions for the forecasts and other matters, refer to “SUPPLEMENTINFORMATION (CONSOLIDATED)”, “1. Overview of operating results”, “(3) Outlook for the fiscal year ending
March 31, 2022” on page 4.
2. Makita's basic policy on the distribution of profits is to maintain a consolidated dividend payout ratio of 30% or
greater, with a lower limit on annual cash dividends of 10 yen per share. However, in the event special
circumstances arise, computation of the amount of dividends will be based on profit attributable to owners of theparent after certain adjustments.
The Board of Directors plans to meet in April 2022 for a report on earnings for the year ending March 31, 2022. At
the time, in accordance with the basic policy regarding profit distribution mentioned above, the Board of Directors
plans to propose a dividend equivalent to at least 30% of profit attributable to owners of the parent. The Board of
Directors will submit this proposal to the General Meeting of Shareholders scheduled for June 2022.
The consolidated dividend payout ratio is calculated as annual dividends per share divided by consolidated profit
attributable to owners of the parent per share (after adjustments for special circumstances) and multiplied by 100.

English translation of "KESSAN TANSHIN" originally issued in Japanese

2

SUPPLEMENT INFORMATION (CONSOLIDATED)
1. Overview of operating results(1) Overview of operating results of the three month ended June 30, 2021
Looking at the global economic situation during the three-month period (the “period”) ended June 30, 2021,
economic recovery progressed in the U.S., China and elsewhere as COVID-19 vaccinations spread and behavioral
restrictions were gradually eased in many countries. The outlook for the future remains uncertain, however, due to aresurgence of new cases caused by COVID variants and the intensifying conflict between the U.S. and China.
Our consolidated revenue for this period increased by 45.9% to 185,297 million yen compared with the same periodof previous year with strong sales both in Japan and overseas. Operating profit also increased by 82.3% to 28,382
million yen (operating profit ratio: 15.3%) owing to the increase in revenue and an improvement in the cost of sales
ratio due to the impact of foreign exchange rates. Profit before income taxes increased by 81.3% to 29,865 million yen(profit before income taxes ratio: 16.1%) and profit attributable to owners of the parent increased by 87.6% to 21,612
million yen (ratio of profit attributable to owners of the parent: 11.7%).
Revenue results by region were as follows:
In Japan, sales of both power tools and outdoor power equipment, particularly lithium-ion battery products, werestrong and increased by 18.7% compared with the same period of previous year to 30,053 million yen.
In Europe, while stay-home demand slowed down, demand for tools at active building and construction sites andsales of cordless outdoor power equipment continued to be strong, resulting in an increase in sales of 57.1% year on
year to 91,397 million yen.
In North America, sales of power tools accompanied by strong housing demand and sales of cordless outdoor
power equipment were strong, resulting in an increase in sales of 44.1% year on year to 28,618 million yen.
In Asia, COVID-19 increased again in various regions affecting our sales activities, but sales in China and Taiwan
were strong, resulting in an increase in sales of 13.6% year on year to 10,225 million yen.
In Central and South America, sales increased by 133.1% year on year to 9,680 million yen due to stay-homedemand and tool demand at active building and construction sites, and due to a comparison with the same period lastyear when strict restrictions were in place under the COVID-19 pandemic.
In Oceania, while stay-home demand dissipated, tool demand was strong at construction sites and sales of cordlessoutdoor power equipment were strong, resulting in an increase in sales of 39.3% year on year to 12,056 million yen.
In the Middle East and Africa, sales increased by 77.4% year on year to 3,268 million yen due in part to a reboundfrom sales in the same period of previous year that were considerably affected by the COVID-19 pandemic.
(2) Overview of financial situation as of June 30, 2021
Total assets increased 15,983 million yen from the end of the previous fiscal year to 828,861 million yen. This
increase was mainly due to the rise in “Inventories” and “Property, plant and equipment.”
Total liabilities increased 2,534 million yen from the end of the previous fiscal year to 152,086 million yen. This
increase was mainly due to the rise in “Trade payables and other payables” and “Deferred income taxes.”
Total equity increased 13,449 million yen from the end of the previous fiscal year to 676,775 million yen. This
increase was mainly due to the rise in “Retained earnings” and the change in exchange differences on translating
foreign operations included in “Other components of equity.”

English translation of "KESSAN TANSHIN" originally issued in Japanese3(3) Outlook for the fiscal year ending March 31, 2022
We have revised our consolidated financial forecast because sales in the first quarter of the current fiscal year werestronger than expected in response to demand for tools at building and construction sites, and because the exchange rate
against the yen was weaker than the assumption announced on April 27, 2021.
Revised forecast for consolidated performance of the fiscal year ending March 31, 2022 (April 1, 2021 to March 31,2022)
For the year ending March 31, 2022
Yen (millions)

Revenue

Yen

OperatingprofitProfit before
income taxes

Profitattributableto owners of
the parent

Profitattributableto owners of
the parent
per share(basic)Forecast announced previously (A) .....
Forecast (B) ........................................
Change (B-A) ......................................
Percentage revision ..............................

610,000
650,000
40,000
6.6

83,00088,5005,500
6.6

82,30088,0005,700
6.9

59,00063,2004,200
7.1

217.29232.76-

Actual results for the previous year
ended March 31, 2021 .........................

608,331

88,46487,19962,018228.41

The above forecasts are based on the assumption that economic activities will not stagnate again due to restrictions in
response to the spread of the COVID-19. In addition, the assumed exchange rates applied in the forecast calculation are
as follows;[Currency exchange rate assumption]
The above forecast is based on the assumption of exchange rates of 105 yen to the U.S. dollar, 125 yen to the euro
and 16.2 yen to the renminbi for the remaining nine months period ending March 31, 2022.
The above forecast is based on the assumption of exchange rates of 106 yen to the U.S. dollar, 127 yen to the euro
and 16.4 yen to the renminbi for the year ending March 31, 2022.
[Reference]
The exchange rates for previously announced forecasts that we announced on April 27, 2021 were 105 yen to the U.S.
dollar, 125 yen to the euro and 16.2 yen to the renminbi for the year ending March 31, 2022.
(Note)
The above forecasts are made based on the information available at this time and include potential risks anduncertainties, so the actual results may differ from the forecast due to various factors such as the timing of the
COVID-19 comes to an end.

English translation of "KESSAN TANSHIN" originally issued in Japanese42. Consolidated Financial Statements (Unaudited)(1) Consolidated Statement of Financial Position
Yen (millions)
As of March 31, 2021
As of June 30, 2021
Composition ratio

Composition ratio

ASSETS
CURRENT ASSETS:
Cash and cash equivalents ................................

148,640

106,019

Trade receivables and other receivables ...........

95,691

101,143

Inventories ........................................................

267,547

307,528

Other financial assets ........................................

18,227

12,912Other current assets ..........................................

10,223

12,561

Total current assets ........................................

540,328

66.5%

540,163

65.2%

NON-CURRENT ASSETS:
Property, plant and equipment, at cost ..............

189,366

204,533

Goodwill and intangible assets .........................

9,364

9,583

Other financial assets ........................................

51,01151,549Net defined retirement benefit assets ................

10,685

10,593

Deferred income taxes ......................................

8,860

8,925

Other non-current assets ...................................

3,264

3,515

Total non-current assets .................................

272,550

33.5%

288,698

34.8%

Total assets ..............................................................

812,878

100.0%

828,861

100.0%English translation of "KESSAN TANSHIN" originally issued in Japanese5

Yen (millions)
As of March 31, 2021
As of June 30, 2021
Composition ratio

Composition ratio

LIABILITIES AND EQUITY
LIABILITIESCURRENT LIABILITIES:
Trade payables and other payables .................

59,79265,309Borrowings .....................................................

2,612

1,587

Other financial liabilities.................................

4,080

4,020

Income taxes payable ......................................

11,218

7,415

Provisions .......................................................

3,665

3,940

Other current liabilities ...................................

40,43139,099Total current liabilities .................................

121,798

15.0%

121,370

14.6%

NON-CURRENT LIABILITIES:
Retirement benefit liabilities .............................

3,406

3,475

Other financial liabilities.................................

11,764

12,529Provisions .......................................................

1,421

1,489

Deferred income taxes ....................................

10,95413,018Other non-current liabilities ............................

209

205

Total non-current liabilities ..........................

27,7543.4%

30,716

3.7%

Total liabilities .......................................................

149,55218.4%

152,086

18.3%

EQUITY
Common stock ................................................

23,80523,805Additional paid-in capital ...............................

45,55945,569Retained earnings ............................................

558,644594,236

Treasury stock, at cost.....................................

(11,543)(11,545)

Other components of equity ............................

11,39018,951

Total equity attributable to owners of the parent ...

657,85580.9%

671,016

81.0%

NON-CONTROLLING INTEREST .....................

5,471

0.7%

5,759

0.7%

Total equity ............................................................

663,326

81.6%

676,775

81.7%

Total liabilities and equity .....................................

812,878

100.0%

828,861

100.0%English translation of "KESSAN TANSHIN" originally issued in Japanese6(2) Consolidated Statements of Profit or Loss and Consolidated Statements of Comprehensive Income
Consolidated Statements of Profit or Loss
Yen (millions)
For the three months
For the three months
ended June 30, 2021
ended June 30, 2020
Ratio to revenue

Ratio to revenue

REVENUE...............................................................................

126,996 100.0%

185,297 100.0%

Cost of sales .............................................................................

(86,015) (67.7%)(122,933) (66.3%)

GROSS PROFIT......................................................................

40,981

Selling, general, administrative and others, net .......................

(25,412) (20.0%)(33,982) (18.4%)

OPERATING PROFIT ............................................................

15,56928,382Financial income......................................................................

998

1,623

Financial expenses ...................................................................

(98)

(140)

PROFIT BEFORE INCOME TAXES .....................................

16,469

Income tax expenses ................................................................

(4,785)PROFIT ...................................................................................

11,684

9.2%

21,816

11.8%

Owners of the parent................................................................

11,521

9.1%

21,612

11.7%

Non-controlling interests .........................................................

163

0.1%

204

0.1%

32.3%
12.3%

13.0%

62,364

33.7%
15.3%

29,86516.1%(8,049)Profit attributable to:Consolidated Statements of Comprehensive Income
Yen (millions)
For the three months
For the three months
ended June 30, 2021
ended June 30, 2020
11,684

21,816through other comprehensive income (loss) ............................

2,158

(485)

Total of items that will not be reclassified to profit (loss) ...........

2,158

(485)

Exchange differences on translating foreign operations ..........

2,066

8,130

Total of items that may be reclassified to profit (loss) ...............

2,066

8,130

Total other comprehensive income (loss), net of tax ...................

4,224

7,645

COMPREHENSIVE INCOME ...................................................

15,90829,461

Owners of the parent ................................................................

15,70929,173

Non-controlling interests .........................................................

199

288

Profit ............................................................................................
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

Items that will not be reclassified to profit (loss)
Equity financial goods measured at fair value

Items that may be reclassified to profit or loss

Comprehensive income attributable to:English translation of "KESSAN TANSHIN" originally issued in Japanese7(3) Consolidated Statement of Changes in Equity
Yen (millions)
For the three months ended June 30, 2020
Equity attributable to owners of the parent

Balance at April 1, 2020

Commonstock

Additional
paid-in
capitalRetainedearnings

Treasury
stock

Other
componentsof equity

23,80545,531

540,063(11,554)(26,570)

Profit for the period

Comprehensive income--

Dividends paid

11,521-

4,473

575,748

11,521

163

11,684

4,188

4,188

36

4,224

4,188

15,709199

15,908(11,675)(11,675)

(1)

(1)

11

11

(1)

Share-based paymenttransaction

11

Total amounts of transactions
with owners

Total
equity571,275(11,675)

Purchase of treasury stock

Balance at June 30, 2020

Total

11,521Other comprehensive income

NonControllinginterest-

11(11,675)(1)-(11,665)-(11,665)

23,80545,542539,909(11,555)(22,382)

575,319

4,672

579,991

Yen (millions)
For the three months ended June 30, 2021
Equity attributable to owners of the parent

Balance at April 1, 2021

Commonstock

Additional
paid-in
capitalRetainedearnings

Treasury
stock

Other
componentsof equity

23,80545,559588,644(11,543)

11,390

Profit for the period

Comprehensive income--

Dividends paid

21,612-

Balance at June 30, 2021

663,326

21,612

204

21,816

7,561

7,561

84

7,645

7,561

29,173288

29,461(2)

Share-based paymenttransaction
Total amounts of transactions
with owners

5,471(16,020)

Purchase of treasury stock

Total
equity657,855

21,612Other comprehensive income

NonControllinginterest

Total

10

(16,020)(16,020)

(2)

(2)

10

10

-

10

(16,020)(2)-(16,012)-(16,012)23,80545,569594,236(11,545)

18,951

671,016

5,759

676,775

English translation of "KESSAN TANSHIN" originally issued in Japanese8(4) Consolidated Statements of Cash Flows
Yen (millions)
For the three months
For the three months
ended June 30, 2021
ended June 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:Profit ....................................................................................................

11,684

21,816

Depreciation and amortization .............................................................

3,675

4,727

Income tax expenses ............................................................................

4,785

8,049

Financial expenses (income)................................................................

(900)(1,483)

Loss (gain) on sales and retirement of property, plant and equipment .............

74

(84)

Decrease (increase) in trade receivables and other receivables ...........

(7,324)(4,235)

Increase in inventories .........................................................................

(99)(35,484)

Increase (decrease) in trade payables and other payables ....................

1,924

726

Increase and decrease in retirement benefit assets and liabilities ........

15

3

Decrease (Increase) in guarantee deposits ...........................................

-(1,115)

Other ....................................................................................................

547(2,705)

Subtotal ..........................................................................................

14,381(9,785)

Dividends received ..............................................................................

395

446

Interest received ...................................................................................

180

129

Interest paid .........................................................................................

(108)

(141)

Income taxes paid ................................................................................

(1,745)(9,369)Cash flows from operating activities .............................................

13,103(18,720)

Purchase of non-current assets .............................................................

(10,189)(14,279)

Proceeds from sales of non-current assets ...........................................

6

118

Purchase of investments ......................................................................

(200)

(243)

Proceeds from sales and redemption of investments ..............................

5,028

204

Payments into time deposits ................................................................

(11,064)(5,384)

Proceeds from withdrawal of time deposits .........................................

7,940

11,088Other ....................................................................................................

14

(58)

Cash flows from investing activities ..............................................

(8,465)(8,554)

Net increase (decrease) in short-term borrowings .............................

(2,005)(1,069)Purchase and sales of treasury stock, net .............................................

(1)

(2)

Cash dividends paid .............................................................................

(11,675)(16,020)

Repayment of lease liabilities ..............................................................

(641)

(836)

Other ....................................................................................................

788

1,042

Cash flows from financing activities .............................................

(13,534)(16,885)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS ......................................................................

(844)

1,538

NET CHANGE IN CASH AND CASH EQUIVALENTS .................

(9,740)(42,621)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ...

143,439

148,640

CASH AND CASH EQUIVALENTS, END OF PERIOD .................

133,699

106,019

CASH FLOWS FROM INVESTING ACTIVITIES:CASH FLOWS FROM FINANCING ACTIVITIES:English translation of "KESSAN TANSHIN" originally issued in Japanese9(5) Notes to Consolidated Financial Statements
Notes on the assumptions for a going concern: None
(Operating Segment Information)
Yen (millions)
For the three months ended June 30, 2020
North
Asia
Total
Other
America

Eliminations

Consolidated

13,19983(115,543)

126,996-229,257

13,282(115,543)

126,996

18,038264(2,733)

15,569Yen (millions)
For the three months ended June 30, 2021
North
Asia
Total
Other
America

Eliminations

Consolidated

Japan

EuropeInter-segment ............

30,02653,12058,4492,556

20,072797

5,250
58,987

113,797
115,460

Total ................

83,14661,005

20,86964,237

Operating profit (loss)...

6,266

5,053

(188)

6,907

Revenue:
Externalcustomers ..................

Japan

EuropeInter-segment ............

34,45087,09692,327
4,685

29,147
1,487

6,910
94,730162,834
187,998

22,46385(188,083)

185,297-

Total ................

121,546

97,012

30,634

101,640

350,832

22,548(188,083)

185,297

Operating profit ............

9,392

11,460

1,584

3,970

26,406

2,309

(333)

28,382

Revenue:
Externalcustomers ..................

English translation of "KESSAN TANSHIN" originally issued in Japanese10

3. SUPPORT DOCUMENTATION (CONSOLIDATED)(1) Consolidated Financial Results and Forecast
Yen (millions)
For the three months
For the three months
ended June 30, 2021
ended June 30, 2020
Revenue ...............................................................................................
Domestic .........................................................................................
Overseas ..........................................................................................
Operating profit ...................................................................................
Profit before income taxes ...................................................................
Profit attributable to owners of the parent ...........................................
Profit attributable to owners of the parent per share (Yen) ..................
Number of Employees .........................................................................

(%)

(%)

126,996
3.7
25,3296.1
101,667
3.1
15,569 (10.4)
16,469 (12.3)
11,521 (18.6)
42.43
17,293

185,297 45.9
30,053 18.7
155,244 52.7
28,382 82.3
29,865 81.3
21,612 87.6
79.59
19,210Yen (millions)
For the year ending
For the year ended
March 31, 2022
March 31, 2021
(Forecast)(%)

Revenue ..............................................................................................
Domestic ........................................................................................
Overseas .........................................................................................
Operating profit ..................................................................................
Profit before income taxes ..................................................................
Profit attributable to owners of the parent ..........................................
Profit attributable to owners of the parent per share (Yen) .................
Number of Employees ........................................................................

608,331 23.5
113,048 12.3
495,283 26.4
88,464 38.1
87,199 32.1
62,018 29.9
228.41
18,624(%)

650,000
6.8
115,000 1.7
535,000 8.0
88,500 0.0
88,000 0.9
63,200 1.9
232.76-

Notes:
1. Please refer to “SUPPLEMENT INFORMATION (CONSOLIDATED)”, “1. Overview of operating results”, “(3) Outlook
for the fiscal year ending March 31, 2022” on page 4.
2. The table above shows the changes in the percentage ratio of revenue, operating profit, profit before income taxes, and profit
attributable to owners of the parent compared to the corresponding period of the previous year.

English translation of "KESSAN TANSHIN" originally issued in Japanese

11

(2)

Consolidated Revenue by Geographic Area

Japan ................................................................
Europe..............................................................
North America .................................................
Asia ..................................................................
Central and South America ..............................
Oceania ............................................................
The Middle East and Africa .............................
Total .................................................................
Notes:
1.
2.

For the three months
ended June 30, 2020

Yen (millions)
For the three months
ended June 30, 2021

For the year ended
March 31, 2021

(%)

(%)

(%)

25,32958,16819,855
8,997
4,152
8,653
1,842
126,996

6.1
4.3
14.2
(7.8)
(32.3)
18.6(18.1)
3.7

30,05391,39728,618
10,225
9,680
12,056
3,268
185,297

18.7
57.1
44.1
13.6
133.1
39.3
77.4
45.9

113,048282,725
90,94539,331
29,40341,304
11,575608,331

12.3
30.8
25.8
0.9
13.1
45.3
16.1
23.5

The table above sets forth Makita's consolidated revenue by geographic area based on the customer’s location for theperiods presented. Accordingly, it differs from “Operating Segment Information” on page 10.
The table above shows the changes in the percentage ratio of revenue compared to the corresponding period of the previous
year.

(3) Exchange Rates
Yen
For the threemonths ended
June 30, 2020

For the threemonths ended
June 30, 2021

107.63118.5915.17

109.52131.94
16.96

USD/JPY ................................................
EUR/JPY ................................................
RMB/JPY ...............................................

For the year
ended March 31,
2021
106.10123.76
15.68

For the year
ending March
31, 2022(Forecast)
106
127
16.4

(4) Production Ratio (unit basis)
For the threemonths ended
June 30, 2020
Composition ratio

Domestic .....................................................................
Overseas .....................................................................

For the threemonths ended
June 30, 2021
Composition ratio

9.0%
91.0%

For the year
ended
March 31, 2021
Composition ratio

8.0%
92.0%

7.7%
92.3%

(5) Consolidated Capital Expenditures, Depreciation and Amortization, and R&D costs
Yen (millions)

Capital expenditures ..................
Depreciation and amortization ...
R&D costs .................................

For the threemonths ended
June 30, 2020

For the threemonths ended
June 30, 2021

For the year
ended
March 31, 2021

For the year
endingMarch 31, 2022
(Forecast)

10,1893,118
3,227

14,2803,974
3,433

49,855
13,881
12,78375,00016,20014,500English translation of "KESSAN TANSHIN" originally issued in Japanese12