Makita Corporation
Consolidated Financial Results
for the three months
ended June 30, 2024
(IFRS Financial Information)(English translation of "KESSAN TANSHIN"
originally issued in Japanese)

CONSOLIDATED FINANCIAL RESULTS
FOR THE THREE MONTHS ENDED JUNE 30, 2024 (Unaudited)
July 30, 2024

Makita Corporation
Stock code: 6586
URL: https://www.makita.biz/
Munetoshi Goto, President, Representative Director
1. Summary operating results of the three months ended June 30, 2024 (From April 1, 2024 to June 30, 2024)(1) CONSOLIDATED OPERATING RESULTS
Yen (millions)
For the three months ended
For the three months ended
June 30, 2023
June 30, 2024
(%)
(%)
(5.6)
193,932
5.1
Revenue ………………………………………… 184,455
7.1
21,34430.9
Operating profit ………………………………… 16,311
2.1
21,33833.0
Profit before income taxes ……………………… 16,045
7.0
15,45938.4
Profit …………………………………………… 11,167
5.9
16,01043.1
Profit attributable to owners of the parent ……… 11,185
52,693(6.6)
54,574
3.6
Comprehensive income …………………………
Yen
Profit attributable toowners of the parent per share
41.30
59.51
ɻ(Basic)
ɻ(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
Yen (millions)
Total assets
Total equity
Equity attributable to owners of the parent
Ratio of equity attributable to owners of theparent to total assets (%)

As of March 31, 2024
1,055,808
875,206
868,156

As of June 30, 2024
1,088,586
917,156
910,316

82.2%

83.6%

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

2. ɻDividend Information
Yen
For the year ended
March 31, 2024
Cash dividend per share:
InterimYear-end
Total
Notes:

10.00
47.00
57.00

For the year ending
March 31, 2025
(Forecast)
20.00(Note)(Note)

1. The forecast for cash dividend announced on April 26, 2024 has not been revised.
2. The projected amount of dividends for the year ending March 31, 2025 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, 2025 (From April 1, 2024 to March 31, 2025)

Yen (millions)
For the year ending
March 31, 2025
Revenue ……………………………………………………………………
Operating profit ……………………………………………………………
Profit before income taxes …………………………………………………
Profit attributable to owners of the parent …………………………………

(%)
(4.2)
13.3
15.6
16.7

710,000
75,00074,00051,000
Yen

Profit attributable to189.57owners of the parent per share (Basic) ………………………………………
Notes:
1. Changes of the forecasts from the most recent disclosure: No
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 against the previous year.
4. ɻOther(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 shares): As of June 30, 2024:
As of March 31, 2024:
2. Number of treasury shares:
As of June 30, 2024:
As of March 31, 2024:
3. Average number of shares outstanding:
For the three months ended
June 30, 2024:
For the three months ended
June 30, 2023:

280,017,520
280,017,520
10,993,793
10,993,621
269,023,818
270,831,718

Makita’s earnings releases (KESSAN TANSHIN) are not subject to an audit.
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, 2025” on page 3.
2. Makita's basic policy on the distribution of profits is to maintain the total return ratio(*) at 35% or greater, with alower limit on annual cash dividends of 20 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 the parent per share after
certain adjustments. The Board of Directors plans to meet in April 2025 for a report on earnings for the year ending
March 31, 2025. At the time, in accordance with the basic policy regarding profit distribution mentioned above, theBoard of Directors plans to propose a dividend equivalent to at least 35% of total return attributable to owners of theparent. The Board of Directors will submit this proposal to the General Meeting of Shareholders scheduled for June
2025.
*Total return ratio =Cash dividend per share +Total amount of purchased
treasury shares during the year

Average number ofshares outstanding

Profit attributable to owners of the parent per share (Excluding special factors)

English translation of "KESSAN TANSHIN" originally issued in Japanese

ʹ100

2

SUPPLEMENT INFORMATION (CONSOLIDATED)
1. Overview of operating results(1) Overview of operating results of the three months ended June 30, 2024
Looking at the international economic situation during the first three months of the current fiscal year, although there weresigns of a move toward interest rate cuts in the United States and Europe, inflationary pressures remained persistent andmonetary tightening continued. In addition to this, the real estate market in China remained sluggish, and the overall economic
environment continued to be weak. The outlook continues to be uncertain due to escalating caution on geopolitical risks
including Russia’s prolonged invasion of Ukraine and instability in the Middle East.
In the Group’s consolidated business results for this period, despite continued slow demand for housing and restrained
investment in the building and construction market due to monetary tightening in various countries, consolidated revenue
increased 5.1% year on year to 193,932 million yen, due to the impact of depreciation of the yen against local currencies. In
terms of profit, operating profit increased by 30.9% year on year to 21,344 million yen (operating profit ratio: 11.0%) driven by
an improvement in the cost ratio due to the impact of reduction of transportation cost and foreign exchange rates. Profit before
income taxes increased by 33.0% year on year to 21,338 million yen (profit before income taxes ratio: 11.0%) and profit
attributable to owners of the parent increased by 43.1% year on year to 16,010 million yen (ratio of profit attributable to ownersof the parent: 8.3%).
Revenue results by region were as follows:
Makita's consolidated revenue by geographic area is based on the customer’s location for the periods presented.
Accordingly, it differs from “Segment Information” on page 9.
In Japan, sales of cordless OPE remained strong, despite a difficult demand environment, including a decline in housing starts.
As a result, revenue was 30,515 million yen, up 1.8% year on year.
In Europe, although the building and construction market remained sluggish due to high interest rates, orders recovered
following inventory adjustments and the yen depreciated against the local currencies. As a result, revenue was 98,379 million yen,up 10.2% year on year.
In North America, monetary tightening continued, and housing-related demand remained weak with a decrease in sales,
mainly for home improvement retailers. As a result, revenue was 21,644 million yen, down 12.8% year on year.
In Asia, demand for tools remained weak overall amid the stagnant Chinese economy. As a result, revenue was 10,752 million
yen, down 3.3% year on year.
In Central and South America, sales recovered in the major countries, and we made efforts to expand sales of the 40Vmax
series in various countries. As a result, revenue was 12,774 million, up 14.0% year on year.
In Oceania, although the impact of monetary tightening due to inflation and the sluggish real estate market continued, sales ofcordless OPE underpinned our sales and the yen also depreciated against the local currencies. As a result, revenue was 16,022
million yen, up 11.3% year on year.
In the Middle East and Africa, although there were variations depending on the country, demand for tools remained sluggish
overall, but the yen depreciated against the local currencies. As a result, revenue was 3,846 million yen, up 4.2% year on year.
(2) Overview of financial situation as of June 30, 2024
Total assets increased 32,778 million yen from the end of the previous fiscal year to 1,088,586 million yen. This increase wasmainly due to the increase in “Other financial assets.”
Total liabilities decreased 9,172 million yen from the end of the previous fiscal year to 171,430 million yen. This decrease
was mainly due to the reduction in “Borrowings.”
Total equity increased 41,950 million yen from the end of the previous fiscal year to 917,156 million yen. This increase
was mainly due to the change in exchange differences on translating foreign operations included in “Other components ofequity.”(3) Outlook for the fiscal year ending March 31, 2025
There are uncertainties about the business environments surrounding us and developments in exchange markets.
Therefore, we have not reviewed the forecast of its consolidated financial performance for the year ending March 31, 2025,
announced on April 26, 2024.

English translation of "KESSAN TANSHIN" originally issued in Japanese32. ɻConsolidated Financial Statements (Unaudited)(1) Consolidated Statement of Financial Position
Yen (millions)
As of March 31, 2024

As of June 30, 2024

ASSETS
CURRENT ASSETS:
Cash and cash equivalents…………………………

196,645

200,784

Trade and other receivables………………………

116,267

114,230

Inventories…………………………………………

345,491

355,439

Other financial assets………………………………

18,561

28,585

Other current assets…………………………………

16,671

18,463

Total current assets………………………………

693,635

717,501

Property, plant and equipment, at cost……………

277,248

283,812Goodwill and intangible assets……………………

10,206

10,198Other financial assets………………………………

37,83539,494Retirement benefit assets……………………………

14,96814,994

Deferred tax assets…………………………………

19,67020,397

Other non-current assets……………………………

2,246

2,190

Total non-current assets…………………………

362,173

371,085

Total assets………………………………………………

1,055,808

1,088,586

NON-CURRENT ASSETS:

English translation of "KESSAN TANSHIN" originally issued in Japanese

4Yen (millions)
As of March 31, 2024

As of June 30, 2024

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

49,98753,751

Borrowings…………………………………………

19,891

10,871Other financial liabilities…………………………

6,067

8,391

Income taxes payable………………………………

9,113

8,623

Provisions…………………………………………

5,113

5,617

Other current liabilities……………………………

55,304

49,109Total current liabilities……………………………

145,475

136,362

Retirement benefit liabilities………………………

3,269

3,409

Other financial liabilities…………………………

17,15016,968Provisions…………………………………………

1,960

1,732

Deferred tax liabilities……………………………

12,546

12,756

Other non-current liabilities………………………

202

203

Total non-current liabilities………………………

35,12735,068

Total liabilities……………………………………………

180,602

171,430

Share Capital………………………………………

23,80523,805

Capital Surplus……………………………………

45,60745,628Retained earnings…………………………………

669,359

672,725

Treasury shares……………………………………

(21,501)(21,502)

Other components of equity………………………

150,886

189,660

Total equity attributable to owners of the parent…………

868,156

910,316

NON-CONTROLLING INTEREST……………………

7,050

6,840

Total equity………………………………………………

875,206

917,156

Total liabilities and equity………………………………

1,055,808

1,088,586

NON-CURRENT LIABILITIES:EQUITY

English translation of "KESSAN TANSHIN" originally issued in Japanese5(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,
ended June 30,
2023

2024

REVENUE…………………………………………………

184,455

193,932

Cost of sales…………………………………………………

(127,501)(130,778)

GROSS PROFIT……………………………………………

56,954

63,154

Selling, general, administrative and others, net……………

(40,643)(41,810)OPERATING PROFIT………………………………………

16,311

21,344

Financial income……………………………………………

1,131

1,731

Financial expenses…………………………………………

(1,397)(1,737)

PROFIT BEFORE INCOME TAXES………………………

16,045

21,338

Income tax expenses…………………………………………

(4,878)(5,879)PROFIT………………………………………………………

11,16715,459Owners of the parent…………………………………………

11,18516,010Non-controlling interests……………………………………

(18)

(551)

Profit attributable toowners of the parent per share (Basic)(yen)…………………

41.30

59.51

Profit attributable to:Consolidated Statements of Comprehensive Income
Yen (millions)
For the three months
ended June 30,
2023

For the three months
ended June 30,
2024

11,16715,459

1,616

958

1,616

958

Exchange differences on translating foreign operations……

39,91038,157

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

39,91038,157

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

41,526

39,115COMPREHENSIVE INCOME………………………………

52,69354,574

Owners of the parent…………………………………………

52,24654,784Non-controlling interests……………………………………

447

(210)

PROFIT……………………………..…………………………
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

Items that will not be reclassified to profit (loss)
Equity financial goods measured at fair value
through other comprehensive income (loss)………………
Total of items that will not be reclassified to profit (loss)……
Items that may be reclassified to profit or loss

Comprehensive income attributable to:English translation of "KESSAN TANSHIN" originally issued in Japanese6(3) Consolidated Statement of Changes in Equity
Yen (millions)
For the three months ended June 30, 2023
Equity attributable to owners of the parent

Balance at April 1, 2023

SharecapitalCapitalSurplusRetainedearnings

TreasurysharesOther
componentsof equity

23,80545,606629,314(11,528)

82,050

Profit for the period

Comprehensive income--

Dividends paid

11,185

6,452

775,699(18)

11,16741,061

41,061

465

41,526

41,061

52,246447

52,693(8,612)

Share-based paymenttransaction(2,987)(2,987)(8,612)(8,612)8

8

8

Total amounts of transactions
with owners

Total
equity11,185(2,987)Purchase of treasury shares

Balance at June 30, 2023

-

Total

769,247

11,185

Other comprehensive income

NonControllinginterest-

8(2,987)(8,612)-(11,591)-(11,591)

23,80545,614

637,512(20,140)

123,111

809,9026,899

816,801

Yen (millions)
For the three months ended June 30, 2024
Equity attributable to owners of the parent

Balance at April 1, 2024

Retainedearnings

TreasurysharesOther
componentsof equity

Total

23,80545,607669,359(21,501)

150,886

868,156

7,050

875,206

16,010(551)

15,45938,774341

39,11554,784(210)

16,01038,774

Other comprehensive income--

16,01038,774(1)

Purchase of treasury shares

Balance at June 30, 2024-

(12,644)

Dividends paid
Share-based paymenttransaction
Total amounts of transactions
with owners

Total
equityCapitalSurplusProfit for the period

Comprehensive income

NonControllinginterest

Sharecapital

21

54,574(12,644)(12,644)

(1)

(1)

21

21

-

21

(12,644)(1)-(12,624)-(12,624)

23,80545,628672,725(21,502)

189,660

910,316

6,840

917,156

English translation of "KESSAN TANSHIN" originally issued in Japanese7(4) Consolidated Statements of Cash Flows
Yen (millions)
For the three months
For the three months
ended June 30,
ended June 30,
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES:Profit……………………………………………………………………

11,16715,459Depreciation and amortization…………………………………………

7,146

7,550

Income tax expenses……………………………………………………

4,878

5,879

Financial income and expenses…………………………………………

266

6

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

124

(271)

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

8,252

7,445

Decrease (increase) in inventories………………………………………

38,252

9,605

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

(2,934)

1,397

Increase (decrease) in retirement benefit assets and liabilities…………

55

(12)

Other……………………………………………………………………

(11,321)(10,651)

Subtotal………………………………………………………………

55,88536,407

Dividends received………………………………………………………

330

389

Interest received…………………………………………………………

799

1,444

Interest paid………………………………………………………………

(1,123)(466)

Income taxes paid………………………………………………………

(3,622)(6,957)

Cash flows from operating activities………………………………

52,26930,817Purchase of non-current assets…………………………………………

(6,063)(4,683)

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

227

764

Purchase of investments…………………………………………………

(10)

-

Payments into time deposits……………………………………………

(693)(18,997)

Proceeds from withdrawal of time deposits……………………………

415

9,612

Other……………………………………………………………………

(130)

50

Cash flows from investing activities………………………………

(6,254)(13,254)

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

(65,670)(9,851)

Purchase and sales of treasury shares, net………………………………

(8,612)(1)

Cash dividends paid……………………………………………………

(2,987)(12,644)

Repayment of lease liabilities……………………………………………

(952)(1,046)

Other……………………………………………………………………

201

749

Cash flows from financing activities………………………………
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS………………………………………………

(78,020)(22,793)

NET CHANGE IN CASH AND CASH EQUIVALENTS……………

6,963(25,042)

9,369
4,139

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD……

162,720

196,645

CASH AND CASH EQUIVALENTS, END OF PERIOD……………

137,678

200,784

CASH FLOWS FROM INVESTING ACTIVITIES:CASH FLOWS FROM FINANCING ACTIVITIES:English translation of "KESSAN TANSHIN" originally issued in Japanese8(5) Notes to Consolidated Financial Statements
Notes on the assumptions for a going concern: None

Segment Information
Yen (millions)
For the three months ended June 30, 2023
North
Asia
Total
Other
America

Eliminations

Consolidated

Japan

EuropeRevenue:
Externalcustomers ..........
Inter-segment ....
䚷Total .........

34,27940,94675,22590,1402,127
92,26725,581860
26,441

8,062
55,43063,492

158,062
99,363
257,425

26,39377
26,470(99,440)(99,440)

184,455
184,455

Operating profit (loss)

7,417

2,956

(3,262)

6,207

13,318

1,062

1,931

16,311

Yen (millions)
For the three months ended June 30, 2024
North
Asia
Total
Other
America

Eliminations

Consolidated

193,932

Japan

Europe34,84965,494

99,122
4,004

22,4201,087

7,580
68,274

163,971
138,859

29,961
60(138,919)

䚷Total ......... 100,343

103,126

23,50775,854

302,830

30,021(138,919)

193,932

4,359

7,224

229

6,711

18,523

2,379

442

21,344

Revenue:
Externalcustomers ..........
Inter-segment ....
Operating profit ..........

English translation of "KESSAN TANSHIN" originally issued in Japanese93. ɻSUPPORT DOCUMENTATION (CONSOLIDATED)(1) Consolidated Financial Results and Forecast
Yen (millions)
For the three months
For the three months
ended June 30,
ended June 30,
2023
2024
(%)

(%)

(5.6)
REVENUE…………………………………………………… 184,455(4.6)
Domestic………………………………………………… 29,978(5.8)
Overseas………………………………………………… 154,477
7.1
Operating profit……………………………………………… 16,311
2.1
Profit before income taxes…………………………………… 16,045
5.9
Profit attributable to owners of the parent…………………… 11,185
41.30
Profit attributable to owners of the parent per share (Yen)……
18,290
Number of Employees…………………………………………

193,932
5.1
30,515
1.8
163,417
5.8
21,34430.9
21,33833.0
16,01043.1
59.51
17,589Yen (millions)
For the year ending
For the year ended
March 31, 2025
March 31, 2024
(Forecast)
(%)

(3.0)
REVENUE…………………………………………………… 741,391
0.2
Domestic………………………………………………… 123,222(3.7)
Overseas………………………………………………… 618,169
134.3
Operating profit……………………………………………… 66,169
168.0
Profit before income taxes…………………………………… 64,017
273.3
Profit attributable to owners of the parent…………………… 43,691
162.13
Profit attributable to owners of the parent per share (Yen)……
17,669Number of Employees…………………………………………

(%)

710,000
124,000
586,000
75,00074,00051,000189.57
-

(4.2)
0.6
(5.2)
13.3
15.6
16.7

Notes:
1. Please refer to 1. Overview of operating results Section 3 “Outlook for the fiscal year ending March 31, 2025” on page 3.
2. The table above shows the changes in the percentage ratio of revenue, operating profit, profit before income taxes, andprofit attributable to owners of the parent compared to the corresponding period of the previous year.

English translation of "KESSAN TANSHIN" originally issued in Japanese10

(2) Consolidated Revenue by Geographic Area
For the three months
ended June 30,2023

Yen (millions)
For the three months
ended June 30,2024

For the yearended
March 31, 2024

(%)

(%)

(%)

29,978 (4.6)
Japan …………………………………
Europe ………………………………… 89,249 (5.3)
North America ………………………… 24,822 (10.9)
Asia …………………………………… 11,115 (4.1)
Central and South America …………… 11,209 (6.4)
14,391 (3.9)
Oceania ………………………………
3,691
10.5
The Middle East and Africa …………
Total ………………………………… 184,455 (5.6)

1.8
30,51598,379 10.2
21,644 (12.8)
10,752 (3.3)
12,774 14.0
16,022 11.3
3,846
4.2
5.1
193,9320.2
123,2222.1
356,491
93,677 (21.3)
46,133 (13.4)
5.2
49,69756,340 (3.8)
8.9
15,831
741,391 (3.0)

Notes:
1. 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 “Segment Information” on page 9.
2. The table 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 30,2023
137.49USD/JPY ………………………
149.58EUR/JPY ………………………
19.56
RMB/JPY ………………………

For the threemonths ended
June 30,2024
155.85167.8521.47

For the year
ended
March 31,2024
144.59156.7520.13

For the year
endingMarch 31, 2025
(Forecast)
145
155
20.0

(4) Production Ratio (unit basis)

Domestic ……………………………………
Overseas ……………………………………

For the threemonths ended
June 30,2023

For the threemonths ended
June 30,2024

For the year
ended
March 31, 2024

Composition ratio

Composition ratio

Composition ratio

8.9%
91.1%

7.2%
92.8%

8.3%
91.7%

(5) Consolidated Capital Expenditures, Depreciation and Amortization, and R&D costs
Yen (millions)
For the three
For the three
For the year
For the year
months ended
months ended
endingended
June 30,
June 30,
March 31, 2025
March 31, 2024
2023
2024
(Forecast)
17,851
4,683
6,063
29,000Capital expenditures ……………
24,7546,366
6,102
25,000Depreciation and amortization …
14,314
3,642
3,686
15,500R&D costs ………………………

English translation of "KESSAN TANSHIN" originally issued in Japanese

11