Makita Corporation
Consolidated Financial Results
for the nine months
ended December 31, 2013
(U.S. GAAP Financial Information)(English translation of "KESSAN TANSHIN"
originally issued in Japanese)

CONSOLIDATED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2013 (Unaudited)
January 31, 2014

Makita Corporation
Stock code: 6586
URL: http://www.makita.co.jp/
Shiro Hori, President, Representative Director

1. Summary operating results of the nine months ended December 31, 2013 (From April 1, 2013 to December 31,
2013)(1) CONSOLIDATED OPERATING RESULTS
Yen (millions)
For the nine months ended
For the nine months ended
December 31, 2012
December 31, 2013%%
Net sales................................................................
226,280
1.2
283,137
25.1
41,475
20.1
Operating income .................................................
34,546(10.4)
43,874
29.5
Income before income taxes .................................
33,887(5.9)
30,94331.5
Net income attributable to Makita Corporation ....
23,534(4.8)
73,633
107.4
Comprehensive income (loss)...............................
35,505
869.8
Yen
Earning per share (Basic)
Net income attributable to
Makita Corporation common shareholders ...........
173.36227.95
Notes:
1. Amounts of less than one million yen have been rounded.
2. The table above shows the changes in the percentage ratio of net sales, operating income, income before income
taxes, net income attributable to Makita Corporation, and comprehensive income (loss) against the corresponding
period of the previous year.
(2) SELECTED CONSOLIDATED FINANCIAL POSITION

Total assets ............................................................
Total equity ...........................................................
Total Makita Corporation shareholders' equity .....
Total Makita Corporation shareholders' equity
ratio to total assets (%) .........................................

Yen (millions)
As of March 31, 2013
As of December 31, 2013
440,974
513,316
376,332
440,124
373,543436,631
85.1%

84.7%

2. Dividend Information
Yen
For the year ended
March 31, 2013

For the year ending
March 31, 2014

Cash dividend per share:
Interim .................................................................
15.00
18.00
Year-end ..............................................................
54.00(Note)
Total ....................................................................
69.00(Note)
Notes:
1. The forecast for cash dividend announced on April 26, 2013 has not been revised.
2. The projected amount of dividends for the year ending March 31, 2014 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 Performance Forecast for the year ending March 31, 2014 (From April 1, 2013 toMarch 31, 2014)
Yen (millions)
For the year ending March 31, 2014%
Net sales..................................................................................................
370,000
19.5
Operating income ...................................................................................
53,000
16.8
Income before income taxes ...................................................................
55,50021.5
Net income attributable to Makita Corporation ......................................
39,00025.5
Earning per share (Basic)
Yen
Net income attributable to
Makita Corporation common shareholders .............................................
287.31
Note: The consolidated financial forecast for the year ending March 31, 2014 has been revised.
4. Others(Refer to [Qualitative Information and Financial Statements] Section 4 “Other” on page 5.)(1) Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes inscope of consolidation during the quarter): Not applicable(2) Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly
consolidated financial statements: Yes(3) Changes in accounting policies, procedures and presentation rules applied in the preparation of the quarterly
consolidated financial statements:
1. Changes due to revisions to accounting standards: Yes
2. Changes due to other reasons: Yes(4) Number of shares outstanding (common stock)
1. Number of shares issued (including treasury stock):
2. Number of treasury stock:
3. Average number of shares outstanding:

As of December 31, 2013:
As of March 31, 2013:
As of December 31, 2013:
As of March 31, 2013:
For the nine months ended
December 31, 2013:
For the nine months ended
December 31, 2012:

140,008,760
140,008,760
4,270,485
4,262,833
135,741,769
135,748,645

Information regarding quarterly review
This consolidated financial results report is not subject to a quarterly review stipulated under the Financial Instruments andExchange Act. As of the release date of this document, the quarterly review under the Financial Instruments and Exchange Act
has not been completed.

Explanation regarding proper use of business forecast, and other significant matters
1.

Regarding the assumptions for the forecast and other matters, refer to [Qualitative Information and Financial Statements]
Section 3 “Qualitative Information on Consolidated Financial Performance Forecast” on page 4. The financial forecast
given above are based on information as available at the present time, and include potential risks and uncertainties. As aconsequence of the factors above and other, actual results may vary from the forecast provided above.
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 18 yen per share. However, in the event special circumstances arise,computation of the amount of dividends will be based on consolidated net income attributable to Makita Corporation after
certain adjustments.
The Board of Directors plans to meet in April 2014 for a report on earnings for the year ending March 31, 2014. At thetime, in accordance with the basic policy regarding profit distribution mentioned above, the Board of Directors plans topropose a dividend equivalent to at least 30% of net income attributable to Makita Corporation. The Board of Directors willsubmit this proposal to the General Meeting of Shareholders scheduled for June 2014.
The consolidated dividend payout ratio is calculated as annual dividends per share divided by consolidated net income
attributable to Makita Corporation per share (after adjustments for special circumstances) and multiplied by 100.

English translation of "KESSAN TANSHIN" originally issued in Japanese

2[Qualitative Information and Financial Statements]
1. Qualitative Information on Consolidated Operating Results
Looking at the global economic situation during the nine months (the “period”) ended December 31, 2013, theWestern European economy, which had been weak after the sovereign debt crisis, gradually recovered, while theRussian economy, which is influenced by the movement of crude oil prices, slowed down. The U.S. economy
continued recovering, supported by strong housing demand despite the Congressional deadlock over the federal debt
ceiling. In Asia, the economy relatively remained steady although the Chinese economic growth was not as strong as
before. In Japan, new housing starts remained at a high level because of last-minute demand ahead of the scheduled
consumption tax rate hike.
Our consolidated net sales for this period increased by 25.1% to 283,137 million yen compared to the same periodof the previous year. This is due to favorable domestic sales and the appreciation of such major currencies as the US
dollar and the euro against the yen. Operating income increased by 20.1% to 41,475 million yen (operating income
ratio: 14.6%) due to a rise in cost of sales resulting from the significant increase in elimination of unrealized profit ininventories. Meanwhile, we recorded non-operating income of 2,399 million yen as compared to the non-operating
loss of 659 million yen for the same period of the previous year, due to a decrease in foreign exchange losses and anincrease in realized gains on securities. As a result, income before income taxes increased by 29.5% to 43,874 million
yen (income before income taxes ratio: 15.5%) and net income attributable to Makita Corporation shareholders
increased by 31.5% to 30,943 million yen (ratio of net income attributable to Makita Corporation shareholders: 10.9%),
respectively, from the same period of the previous year.
Net sales by region are as follows:
Net sales in Japan increased by 11.1% to 45,865 million yen compared to the same period in the previous year. Thiswas because of the continuing favorable sales supported by expanded product lineup of lithium-ion battery products,
mainly impact drivers, and the rise in housing demand ahead of the consumption tax hike.
Net sales in Europe increased by 35.2% to 123,484 million yen. This was because the yen drastically depreciatedagainst the euro as compared to the same period of the previous year and sales remained solid in main Western
European markets.
Net sales in North America increased by 25.8% to 37,696 million yen. This was because the yen dropped sharply
against the US dollar compared to the same period of the previous year, in addition to favorable sales to home
improvement retailers.
Net sales in Asia increased by 22.5% to 26,265 million yen. This was because sales in China recovered, althoughdemand in Southeast Asian countries was mixed.
Sales situation in the other regions are as follows: Net sales in Central and South America was solid, increased by
29.7% compared to the same period in the previous year to 22,071 million yen although economic conditions remained
stagnant in this region. Meanwhile, demand was weak in Oceania, and local sales stagnated in the Middle East andAfrica because economic activities were sluggish due to political uncertainties. However, net sales in Oceania
increased by 10.6% to 15,113 million yen and those in the Middle East and Africa grew by 9.1% to 12,643 million yen
because of a sharp drop in the yen against local currencies as compared to the same period of the previous year.
2. Qualitative Information on Consolidated Financial Position
The amounts, after converting to Japanese yen, on balance sheets increased because the yen depreciated against
major currencies compared with the level at the end of March 31, 2013.
Total assets as of December 31, 2013 increased by 72,342 million yen to 513,316 million yen compared to thebalance as of March 31, 2013. The increase was mainly due to the increase in “Cash and cash equivalents” and“Investments”.
Total liabilities as of December 31, 2013 increased by 8,550 million yen to 73,192 million yen compared to thebalance as of March 31, 2013. This increase was mainly due to the increase in “Short-term borrowings”, “Other
payables”, and “Accrued expenses”.
Total equity as of December 31, 2013 increased by 63,792 million yen to 440,124 million yen compared to theEnglish translation of "KESSAN TANSHIN" originally issued in Japanese3balance as of March 31, 2013. The main reason for this increase was a change in foreign currency translation
adjustment due to the falling yen’s value against other major currencies.

3. Qualitative Information on Consolidated Financial Performance Forecast
The consolidated financial forecast for the year ending March 31, 2014 have been revised, because
consolidated financial results for the first nine months period of the fiscal year 2014 (April 1, 2013 to March 31,2014) was steady besides the yen has been weaker against the euro and the U.S. dollar compared to the previous
forecast.

Revised Forecast for consolidated performance during the fiscal year 2014 (From April 1, 2013 to March 31,
2014)
Yen (millions)
Yen

Net sales
Outlook announced previously (A)......
Revised forecast (B) ...........................
Changes (B-A) .....................................
Percentage revision ..............................

360,000
370,000
10,0002.8%

OperatingincomeIncomebeforeincome taxes

Net income
attributable
to Makita
Corporation

49,00053,0004,000
8.2%

50,40055,5005,100
10.1%

35,70039,0003,300
9.2%

Earning per share(Basic) Net
incomeattributable to
MakitaCorporationcommonshareholders

263.00287.31－－

Actual results for the previous year
ended March 31, 2013 .........................
309,630
45,36645,691
31,076228.92[Preconditions]
The above forecast is based on the assumption of exchange rates of 98 yen to the U.S. dollar and 132 yen to the euro
for the three months period ending March 31, 2014.
The above forecast is based on the assumption of exchange rates of 99 yen to the U.S. dollar and 132 yen to the euro
for the year ending March 31, 2014.
[Reference]
Our previous exchange rates that we announced on October 31, 2013 were 97 yen to the U.S. dollar and 127 yen to
the euro for the year ending March 31, 2014.
The above forecast is based on information as available at the present time, and includes potential risks anduncertainties. As a consequence of the factors above and other, actual results may vary from the forecast provided
above.

English translation of "KESSAN TANSHIN" originally issued in Japanese4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) Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly
consolidated financial statements:
With regard to the income tax expenses, The Corporation computes interim income tax expense by multiplying
reasonably estimated annual effective tax rate, which includes the effects of deferred taxes, by year-to-date income
before income taxes for the reporting period.
(3)

Changes in accounting principles, procedures and presentations:[Depreciation Method Change]
On April 1, 2013, the depreciation method used by the Corporation and some of its consolidated subsidiaries tocompute the depreciation of property, plant and equipment was changed from the declining-balance method to thestraight-line method.
This change has its basis in the following: through Makita’s efforts to globalize its production, it has establisheda system for mass production at its overseas manufacturing subsidiaries. As a result, we can now regard our plants
in Japan as production centers of mainly high-value-added products that are consistently in demand and so we can
expect the generally stable consumption of the economic benefits of our property, plant and equipment. In view ofthese developments, we decided that the straight-line method is a more realistic and rational way of cost allocation.
Estimated useful lives have also been reevaluated and changed according to the actual status of use.
These changes have caused an increase of 197 million yen in depreciation cost during the period, and respective
decreases of 179 million yen and 1.32 yen in net income and in earning per share net income attributable to Makita
Corporation common shareholders.
[Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income]
In February 2013, FASB issued ASU 2013-02 which requires entities to provide information about the amounts
reclassified out of accumulated other comprehensive income by component, and to present, either on the face ofthe statement where net income is presented or in the notes, significant amounts reclassified out of accumulated
other comprehensive income by the respective line items of net income. Makita adopts this amended guidancefrom the quarter beginning April 1, 2013, and does not expect the adoption of this guidance to have a material
impact on Makita’s consolidated results of operations, financial condition and cash flows.

English translation of "KESSAN TANSHIN" originally issued in Japanese

55. Consolidated Financial Statements (Unaudited)(1) Consolidated Balance Sheets
Yen (millions)
As of March 31, 2013
As of December 31, 2013
Composition ratio

Composition ratio

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

62,28379,907

Time deposits ....................................................................

13,262

16,243

Short-term investments .....................................................

38,06040,120Notes..............................................................................

1,398

1,693

Accounts ........................................................................

53,58356,262Less- Allowance for doubtful receivables .....................

(899)

(930)

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

138,953

159,285

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

5,533

5,344

Prepaid expenses and other current assets ........................

11,102

14,577

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

323,275

Trade receivables-

73.3%

372,501

72.6%

PROPERTY, PLANT AND EQUIPMENT, AT COST:
Land ..................................................................................

22,71023,310

Building and improvements ..............................................

84,482

92,181

Machinery and equipment .................................................

80,48487,981

Construction in progress ...................................................

3,349

1,909

Sub total ......................................................................

191,025

205,381Less- Accumulated depreciation and amortization ...........

(104,740)(112,753)

Total net property, plant and equipment.........................

86,285

19.6%

92,62818.0%

INVESTMENTS AND OTHER ASSETS:
Investments .......................................................................

18,46133,538Goodwill ...........................................................................

721

721

Other intangible assets, net ...............................................

4,549

4,677

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

961

730

Other assets .......................................................................

6,722

8,521

Total investments and other assets .................................

31,414

7.1%

48,187

9.4%

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

440,974

100.0%

513,316100.0%English translation of "KESSAN TANSHIN" originally issued in Japanese

6Yen (millions)
As of March 31, 2013
As of December 31, 2013
Composition ratio

Composition ratio

LIABILITIESCURRENT LIABILITIES:
Short-term borrowings ......................................................

1,695

4,090

Trade notes and accounts payable .....................................

21,91020,580

Other payables ..................................................................

5,556

6,862

Accrued expenses..............................................................

7,148

9,066

Accrued payroll.................................................................

8,295

7,118

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

5,221

6,022

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

129

241

Other liabilities .................................................................

6,371

9,280

Total current liabilities ...................................................

56,325

12.8%

63,259

12.4%

LONG-TERM LIABILITIES:Long-term indebtedness ....................................................

8

17

Accrued retirement and termination benefits ....................

3,513

3,675

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

3,136

4,898

Other liabilities .................................................................

1,660

1,343

Total long-term liabilities...............................................

8,317

1.9%

9,933

1.9%

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

64,642

14.7%

73,192

14.3%

EQUITYMAKITA CORPORATION SHAREHOLDERS’
EQUITY:
Common stock ..................................................................

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

45,42145,421

Legal reserve .....................................................................

5,669

5,669

Retained earnings ..............................................................

338,239

359,409

Accumulated other comprehensive income (loss) ............

(28,064)

13,897

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

(11,527)(11,570)

Total Makita Corporation shareholders’ equity....................

373,54384.7%

436,63185.1%

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

2,789

0.6%

3,493

0.6%

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

376,33285.3%

440,124

85.7%

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

440,974

100.0%

513,316100.0%

As of March 31, 2013

As of December 31, 2013

Total number of shares authorized .......................................

496,000,000

496,000,000

Number of shares issued.......................................................

140,008,760

140,008,760

Number of shares issued (excluding treasury stock) ............

135,745,927

135,738,275

Number of treasury stock .....................................................

4,262,833

4,270,485

English translation of "KESSAN TANSHIN" originally issued in Japanese7(2) Consolidated Statements of Income
Yen (millions)
For the nine months
For the nine months
ended December 31,
ended December 31,
2013
2012
Composition ratio

Composition ratio

226,280 100.0%

283,137 100.0%

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

141,56462.6%

181,802

64.2%

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

84,71637.4%

101,335

35.8%

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

50,17022.1%

59,86021.2%

OPERATING INCOME .......................................................................

34,546

15.3%

41,475

14.6%

NET SALES .........................................................................................

OTHER INCOME (EXPENSE):
Interest and dividend income ............................................................

1,273

1,765

Interest expense .................................................................................

(139)

(147)

Exchange gains (losses) on foreign currency transactions, net .........

(1,536)(837)

Realized gains (losses) on securities, net ..........................................

(257)

1,618

(659) (0.3%)

2,399

0.9%

43,874

15.5%

Total other income (expense), net ..................................................
INCOME BEFORE INCOME TAXES ................................................

33,88715.0%

Provision for income taxes:
Current...............................................................................................

9,512

13,010

Deferred.............................................................................................

794

(273)

Total income tax expense ...............................................................

10,306

4.6%

12,737

4.5%

NET INCOME ......................................................................................

23,581

10.4%

31,13711.0%

Less-Net income attributable to the non-controlling interest ................

47

0.0%

194

0.1%

NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION ....

23,53410.4%

30,943

10.9%

English translation of "KESSAN TANSHIN" originally issued in Japanese8Consolidated Statements of Comprehensive Income
Yen (millions)
For the nine months
For the nine months
ended December 31,
ended December 31,
2013
2012
23,581

31,137

Foreign currency translation adjustment ..................................

10,97137,908

Unrealized holding gains (losses) on available-for-sale securities ......

793

4,446

Pension liability adjustment .....................................................

160

142

Total other comprehensive income (loss)..............................

11,92442,496COMPREHENSIVE INCOME (LOSS) ......................................

35,50573,633Less-Comprehensive income (loss) attributable to thenon-controlling interest ............................................................

144

729

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE
TO MAKITA CORPORATION ...............................................

35,361

72,904NET INCOME .............................................................................
OTHER COMPREHENSIVE INCOME (LOSS):

English translation of "KESSAN TANSHIN" originally issued in Japanese9(3) Consolidated Statements of Cash Flows
Yen (millions)
For the nine months
ended December 31, 2012

For the nine months
ended December 31, 2013

Net income ...........................................................................................
Adjustments to reconcile net income to net cash provided byoperating activities-

23,581

31,137

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

5,419

6,525

Deferred income tax expense (benefit) .........................................

794

(273)

Realized (gains) losses on available-for-sale securities, net .........
Losses (gains) on disposal or sales of property, plant andequipment, net ...............................................................................

257(1,618)

146

(343)

Impairment of goodwill and long-lived assets ..............................

-

800

4,865

2,291

CASH FLOWS FROM OPERATING ACTIVITIES:

Changes in assets and liabilitiesTrade receivables .......................................................................
Inventories .................................................................................

3,015

373

Trade notes and accounts payable and accrued expenses ..........

(1,105)(1,865)

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

(2,586)(1,545)

Accrued retirement and termination benefits .............................

(864)

(773)

Other, net .......................................................................................

235

(570)

Net cash provided by operating activities ......................................

33,757

34,139

Capital expenditures, including interest capitalized ............................

(7,979)(8,463)Purchases of available-for-sale securities ............................................

(14,984)(17,020)

Purchases of held-to-maturity securities ..............................................

(1,216)-

Proceeds from sales of available-for-sale securities ............................

2,460

6,953

Proceeds from maturities of available-for-sale securities ....................

156

100

Proceeds from maturities of held-to-maturity securities ......................

3,100

3,300

Proceeds from sales of property, plant and equipment ........................

645

803

Investment in time deposits .................................................................

(13,491)(15,619)

Withdrawal of time deposits ................................................................

16,33814,324

Other, net .............................................................................................

(529)

(302)

Net cash used in investing activities ..............................................

(15,500)(15,924)-50

CASH FLOWS FROM INVESTING ACTIVITIES:CASH FLOWS FROM FINANCING ACTIVITIES:
Additions to borrowings with original maturities of three months or
less, net ................................................................................................
Additions to borrowings with original maturities of more than threemonths .................................................................................................
Payments on borrowings with original maturities of more than threemonths .................................................................................................

1,988

3,359

(2,810)(948)

Purchase of treasury stock, net ............................................................

(10)

(43)

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

(9,774)(9,773)

Other, net .............................................................................................

(182)

61

Net cash used in financing activities ..............................................
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS ......................................................................

(10,788)(7,294)

3,417

6,703

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

10,886

17,624

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ...

44,81262,283

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

55,69879,907

English translation of "KESSAN TANSHIN" originally issued in Japanese10

(4) Notes on the assumptions for a going concern: None
(5) Condensed Operating Segment Information
Yen (millions)
For the nine months ended December 31, 2012
North
ElimiAsia
Other
Total
Americanations

Consolidated

Japan

Europe(2) Inter-segment .......

56,55033,66992,4552,822

30,1681,751

9,572
78,62937,53589

226,280
116,960(116,960)

226,280-

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

90,21995,277

31,91988,201

37,624343,240(116,960)

226,280

Operating expenses .......

79,95886,04630,31978,17633,422

307,921(116,187)

191,734

Operating income (loss) .....

10,261

9,231

1,600

10,025

4,202

35,319(773)

34,546

Yen (millions)
For the nine months ended December 31, 2013
North
ElimiAsia
Other
Total
Americanations

Consolidated

Sales:(1) Externalcustomers .............

Japan

Europe(2) Inter-segment .......

62,591
42,716124,328
3,534

38,375
2,633

13,478
118,967

44,36590283,137
167,940(167,940)

283,137-

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

105,307

127,862

41,008132,445

44,455451,077(167,940)

283,137

Operating expenses .......

90,536

115,955

39,149115,907

41,297

402,844(161,182)

241,662

Operating income (loss) .....

14,771

11,907

1,859

16,538

3,158

48,233(6,758)41,475

Sales:(1) Externalcustomers .............

(6) Note in case there is any significant change in the shareholders’ equity: None

English translation of "KESSAN TANSHIN" originally issued in Japanese

11

SUPPORT DOCUMENTATION (CONSOLIDATED)
1. Consolidated Financial Results and Forecast
Yen (millions)
For the nine
For the ninemonths ended
months ended
December 31, 2013
December 31, 2012(%)

Net sales..............................................................................................................
Domestic ........................................................................................................
Overseas .........................................................................................................
Operating income ...............................................................................................
Income before income taxes ...............................................................................
Net income attributable to Makita Corporation ..................................................
Earning per share (Basic)
Net income attributable to
Makita Corporation common shareholders (Yen) ...............................................
Number of Employees ........................................................................................

For the year ended
March 31, 2013(%)

226,280
41,271
185,009
34,54633,88723,534

1.2
7.1
(0.1)
(10.4)
(5.9)
(4.8)

(%)

283,137
45,865237,272
41,47543,87430,943

25.1
11.1
28.2
20.1
29.5
31.5

173.36
12,606227.95
12,742

Yen (millions)
For the six months
ended September
30, 2013

For the year ending
March 31, 2014
(Forecast)

(%)

(%)

Net sales.........................................................................
309,630
4.7
185,886 22.9
370,000 19.5
Domestic ...................................................................
56,555
6.4
29,536 8.662,300 10.2
Overseas ....................................................................
253,075
4.3
156,350 26.0
307,700 21.6
Operating income ..........................................................
45,366(6.5)
25,717 7.0
53,000 16.8
Income before income taxes ..........................................
45,691(2.7)
27,020 19.1
55,500 21.5
Net income attributable to Makita Corporation .............
31,076(4.4)
19,104 20.3
39,000 25.5
Earning per share (Basic)
Net income attributable to
Makita Corporation common shareholders (Yen) ..........
228.92140.74287.31
Number of Employees ...................................................
12,68012,746
Notes:
1. The table above shows the changes in the percentage ratio of Net sales, Operating income, Income before
income taxes, and Net income attributable to Makita Corporation against the corresponding period of theprevious year.
2. Please refer to [Qualitative Information and Financial Statements] Section 3 “Qualitative Information on
Consolidated Financial Performance Forecast” on page 4.

English translation of "KESSAN TANSHIN" originally issued in Japanese122. Consolidated Net Sales by Geographic Area
Yen (millions)
For the nine
For the year
months ended
ended
December 31,
March 31, 20132013

For the ninemonths ended
December 31,
2012
(%)

(%)

For the six
months ended
September 30,
2013

(%)

(%)

Japan ..................................................... 41,271
7.1
45,865
11.1
56,555
6.4
29,536
8.6
Europe................................................... 91,331(2.5)
123,48435.2
125,024
1.4
82,325
33.5
North America ...................................... 29,965
6.3
37,69625.8
41,483
10.7
24,561
26.6
Asia ....................................................... 21,445
8.2
26,26522.5
29,106
11.9
16,500
15.8
Other regions ........................................ 42,268(2.7)
49,82717.9
57,4623.0
32,964
14.8
Central and South America ............. 17,020(6.1)
22,071
29.7
22,919(1.9)
14,56432.3
Oceania ........................................... 13,661(2.7)
15,113
10.6
18,848
6.0
9,863
6.9
The Middle East and Africa ............ 11,587
2.6
12,643
9.1
15,695
7.2
8,537
0.7
Total ...................................................... 226,280
1.2
283,13725.1
309,630
4.7
185,88622.9
Note: The table above sets forth Makita's consolidated net sales by geographic area based on the customer’s location forthe periods presented. Accordingly, it differs from operating segment information on page 11. The table aboveshows the changes in the percentage ratio of net sales compared to the corresponding period of the previous year.
3. Exchange Rates
Yen
For the ninemonths ended
December 31,
2012

For the ninemonths ended
December 31,
2013

For the year
ended
March 31, 2013

For the six
months ended
September 30,
2013

For the year
endingMarch 31, 2014
(Forecast)

Yen/U.S. Dollar........
79.95
99.36
82.91
98.86
99
Yen/Euro ..................
102.04132.17106.78129.98132
Note: The above forecast is based on the assumption of exchange rates of 98 yen to the U.S. dollar and 132 yen to theeuro for the three months period ending March 31, 2014.
4. Production Ratio (unit basis)
For the ninemonths ended
December 31,
2012

For the ninemonths ended
December 31,
2013

For the year
ended
March 31,2013

For the six
months ended
September 30,
2013

Composition ratio

Composition ratio

Composition ratio

Composition ratio

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

11.7%
88.3%

11.1%
88.9%

11.6%
88.4%

5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost
Yen (millions)
For the nine
For the nine
For the six
For the year
months ended
months ended
months ended
ended
December 31,
December 31,
September 30,
March 31, 2013
2013
2012
2013
Capital expenditures ......
Depreciation andamortization .................
R&D cost .......................

10.9%
89.1%

For the year
endingMarch 31, 2014
(Forecast)

7,979

8,463

11,481

5,865

14,000

5,419
6,171

6,525
6,567

7,542
8,396

4,573
4,360

8,000
9,300

English translation of "KESSAN TANSHIN" originally issued in Japanese13