Makita Corporation
Consolidated Financial Results
for the nine months
ended December 31, 2016
(U.S. GAAP Financial Information)(English translation of "KESSAN TANSHIN"
originally issued in Japanese)

CONSOLIDATED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2016 (Unaudited)
January 31, 2017

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

1. Summary operating results of the nine months ended December 31, 2016 (From April 1, 2016 to December 31,
2016)(1) CONSOLIDATED OPERATING RESULTS
Yen (millions)
For the nine months ended
For the nine months ended
December 31, 2015
December 31, 2016%%
Net sales................................................................
324,090
4.2
306,315(5.5)
Operating income .................................................
49,963(10.1)
47,615(4.7)
Income before income taxes .................................
47,615(11.2)
49,6604.3
Net income attributable to Makita Corporation ....
32,896(10.4)
34,691
5.5
Comprehensive income ........................................
21,886(68.2)
28,161
28.7
Yen
Earning per share net income attributable to
Makita Corporation common shareholders(Basic)...............................................................
242.36255.58(Diluted) ...........................................................
242.35255.57
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 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, 2016
As of December 31, 2016
558,024
581,238
483,370
497,771479,752
494,033
85.0%

86.0%

2. Dividend Information
Yen
For the year ended
March 31, 2016

For the year ending
March 31, 2017
(Forecast)

Cash dividend per share:
Interim .................................................................
18.00
18.00
Year-end ..............................................................
83.00(Note)
Total ....................................................................
101.00(Note)
Notes:
1. The forecast for cash dividend announced on April 27, 2016 has not been revised.
2. The projected amount of dividends for the year ending March 31, 2017 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, 2017 (From April 1, 2016 to
March 31, 2017)
Yen (millions)
For the year ending March 31, 2017%
Net sales..................................................................................................
405,000(4.4)
Operating income ...................................................................................
60,500(6.5)
Income before income taxes ...................................................................
62,0000.8
Net income attributable to Makita Corporation ......................................
42,8002.8
Earning per share (Basic)
Yen
Net income attributable to
Makita Corporation common shareholders .............................................
315.33
Note: The consolidated financial forecast for the year ending March 31, 2017 has been revised.
4. Others(Refer to [Qualitative Information and Financial Statements] Section 4 “Other” on page 4.)(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: Yes(3) Changes in accounting policies, procedures and presentation rule applied in the preparation of the quarterly
consolidated financial statements:
1. Changes due to revisions to accounting standards: None
2. Changes due to other reasons: None
(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, 2016:
As of March 31, 2016:
As of December 31, 2016:
As of March 31, 2016:
For the nine months ended
December 31, 2016:
For the nine months ended
December 31, 2015:

140,008,760
140,008,760
4,277,996
4,275,499
135,732,255
135,734,342

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 consolidated review under the Financial Instruments andExchange Act has not been completed.

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

Regarding the assumptions for the forecasts and other matters, refer to [Qualitative Information and Financial
Statements] Section 3 “Explanation of Information Relevant to Forecast such as Consolidated Financial Performance
Forecast” on page 4. The financial forecast given above is based on information as available at the present time, andincludes potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from theforecasts 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 2017 for a report on earnings for the year ending March 31, 2017. 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 2017.
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 Japanese21. Qualitative Information and Financial Statements(1) Explanation of Consolidated Operating Results
Looking at the global economic situation during the nine months (the “period”) ended December 31, 2016, theregional economy remained robust in Europe, supported by solid domestic demand, although there was uncertainty
regarding the outlook for the Western European economy in relation to Brexit (the British referendum on remaining inor leaving the E.U.). In the U.S., the economy recovered, driven by the favorable employment and income situation. In
Asia, Southeast Asian countries and India saw their economies grow steadily, while the Chinese economy continued toslow down. Meanwhile, the economy gradually recovered in Japan, although some sectors, such as personal
consumption, lacked strength.
Our consolidated net sales for this period decreased by 5.5% to 306,315 million yen compared to the same period of
the previous year, due to appreciation of the yen compared with the same period of the previous year, although sales
grew steadily at home and abroad, mainly in developed countries. Operating income decreased by 4.7% to 47,615
million yen (operating income ratio: 15.5%) because net sales declined due to the influence of the exchange rate,
although the Company managed to keep the operating income ratio almost unchanged. Meanwhile, income before
income taxes increased by 4.3% to 49,660 million yen (income before income taxes ratio: 16.2%) and net income
attributable to Makita Corporation shareholders increased by 5.5% to 34,691 million yen (ratio of net income
attributable to Makita Corporation shareholders: 11.3%) because we had recorded valuation losses on securities in theprevious year.
Net sales by region are as follows:
Net sales in Japan increased by 8.3% to 53,695 million yen compared to the same period of the previous year. Thiswas because sales mainly on new products remained solid.
Net sales in Europe decreased by 6.2% to 125,001 million yen. This was due to the appreciation of the yen against
the euro from a year earlier, although sales in general were steady in European countries.
Net sales in North America decreased by 6.0% to 50,810 million yen. This was due to the strengthening of the yen
against the U.S. dollar compared to the same period of the previous year, despite an increase in local sales aided by the
expanding U.S. economy.
Net sales in Asia decreased by 8.9% to 29,163 million yen. This was due to the appreciation of the yen against local
currencies compared to the previous year, although we saw local sales grow in Vietnam, Taiwan and India.
Sales situations in other regions are as follows. Net sales in Oceania decreased by 1.1% to 18,100 million yen due tothe yen’s appreciation against local currencies, despite steady sales, mainly of lithium-ion battery products. Due to theimpact of the yen’s appreciation against local currencies, net sales in Central and South America, where the Brazilian
economy remained stagnant, decreased by 20.5% to 17,022 million yen; while those in the Middle East and Africa,
where recession continued in oil-producing countries, decreased by 19.0% to 12,524 million yen.
(2) Explanation of Consolidated Financial Position
Total assets as of December 31, 2016 increased by 23,214 million yen to 581,238 million yen compared to thebalance as of March 31, 2016. The increase was mainly due to the increase in “Cash and cash equivalents”.
Total liabilities increased by 8,813 million yen to 83,467 million yen compared to the balance as of March 31, 2016.
The increase was mainly due to the increase in “Short-term borrowings” and “Deferred income taxes”.
Total equity increased by 14,401 million yen to 497,771 million yen compared to the balance as of March 31, 2016.
The increase was mainly due to the increase in “Retained earnings”.

English translation of "KESSAN TANSHIN" originally issued in Japanese3(3) Explanation of Information Relevant to Forecast such as Consolidated Financial Performance Forecast
The Company has revised its forecast for consolidated performance for the year ending March 31, 2017. This isbecause the yen has remained weaker against major currencies compared to its initial assumed exchange rates, inaddition to robust performance for the first nine-month period of the fiscal year 2017 (April 1, 2016 to March 31,2017).
Revised Forecast for consolidated performance during the fiscal year 2017 (From April 1, 2016 to March 31,
2017)
Yen (millions)
Yen

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

390,000
405,000
15,0003.8%

OperatingincomeIncomebeforeincome taxes

Net income
attributable
to Makita
Corporation

60,00062,0002,000
3.3%

41,50042,8001,300
3.1%

60,00060,500500
0.8%Earning per share(Basic)
Net income
attributable to
MakitaCorporationcommonshareholders

305.75315.33-

Actual results for the previous year
ended March 31, 2016 ..........................
423,623
64,676
61,492
41,615306.59[Preconditions]
The above forecast is based on the assumption of exchange rates of 115 yen to the U.S. dollar, 120 yen to the euro
and 16.9 yen to the renminbi for the three months period ending March 31, 2017.
The above forecast is based on the assumption of exchange rates of 109 yen to the U.S. dollar, 118 yen to the euro
and 16.2 yen to the renminbi for the year ending March 31, 2017.
[Reference]
Our previous exchange rates that we announced on October 27, 2016 were 103 yen to the U.S. dollar and 114 yen to
the euro and 15.7 yen to the renminbi for the year ending March 31, 2017.
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.
2. 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, Makita 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: None

English translation of "KESSAN TANSHIN" originally issued in Japanese43. Consolidated Financial Statements (Unaudited)(1) Consolidated Balance Sheets
Yen (millions)
As of March 31, 2016
As of December 31, 2016
Composition ratio

Composition ratio

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

99,915

133,709

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

15,54534,190

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

48,26322,721

Notes..............................................................................

1,079

1,360

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

64,30963,957Less- Allowance for doubtful receivables .....................

(1,173)(1,201)Inventories ........................................................................

178,791

168,114

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

5,454

5,006

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

15,39012,876

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

427,573

Trade receivables-

76.6%

440,732

75.8%

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

22,43622,450

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

94,704

95,381

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

91,36592,195Construction in progress ...................................................

2,662

4,974

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

211,167

215,000

Less- Accumulated depreciation and amortization ...........

(118,344)(120,862)

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

92,823

16.6%

94,13816.2%

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

21,87230,188Goodwill ...........................................................................

721

721

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

4,107

3,779

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

610

660

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

10,31811,020Total investments and other assets .................................

37,6286.8%

46,3688.0%

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

558,024100.0%

581,238

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

Yen (millions)
As of March 31, 2016
As of December 31, 2016
Composition ratio

Composition ratio

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

2,195

6,954

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

20,62022,671Other payables ..................................................................

6,521

7,282

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

9,350

11,170Accrued payroll.................................................................

9,143

7,764

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

4,440

4,198

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

3,084

820

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

9,545

8,592

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

64,898

11.6%

69,451

12.0%

LONG-TERM LIABILITIES:
Accrued retirement and termination benefits ....................

3,271

3,126

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

4,974

9,166

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

1,511

1,724

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

9,756

1.8%

14,016

2.4%

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

74,65413.4%

83,467

14.4%

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

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

45,45645,490Legal reserve .....................................................................

5,669

5,669

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

425,473446,456

Accumulated other comprehensive loss ............................

(9,049)(15,767)

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

(11,602)(11,620)

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

479,75286.0%

494,033

85.0%

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

3,618

0.6%

3,738

0.6%

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

483,370

86.6%

497,771

85.6%

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

558,024100.0%

581,238

100.0%

As of March 31, 2016

As of December 31, 2016

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) ............

135,733,261

135,730,764

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

4,275,499

4,277,996

English translation of "KESSAN TANSHIN" originally issued in Japanese6(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income
Yen (millions)
For the nine months
For the nine months
ended December 31, 2015
ended December 31, 2016
Composition ratio

Composition ratio

324,090 100.0%

306,315 100.0%

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

206,75163.8%

196,189

64.0%

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

117,33936.2%

110,126

36.0%

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

67,376

20.8%

62,511

20.5%

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

49,963

15.4%

47,615

15.5%

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

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

1,997

1,804

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

(88)

(47)

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

(954)

290

Realized gains on securities, net ...............................................

1,364

25

Valuation losses on securities ..................................................

(4,667)(27)

Total other income (expense), net .........................................

(2,348)(0.7%)

2,045

0.7%

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

47,615

14.7%

49,660

16.2%

Income tax expense:
Current......................................................................................

14,233

14,670

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

252

32

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

14,485

4.5%

14,7024.8%

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

33,13010.2%

34,95811.4%

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

234

0.0%

267

0.1%

NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION .......

32,896

10.2%

34,691

11.3%

Consolidated Statements of Comprehensive Income
Yen (millions)
For the nine months
For the nine months
ended December 31, 2015
ended December 31, 201633,13034,958Foreign currency translation adjustment ...............................

(9,772)(12,675)

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

(1,293)

5,713

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

(179)

165

Total other comprehensive loss ..........................................

(11,244)(6,797)COMPREHENSIVE INCOME ................................................

21,88628,161Less-Comprehensive income attributable to thenon-controlling interest .........................................................

253

188

COMPREHENSIVE INCOME ATTRIBUTABLE TO
MAKITA CORPORATION ..................................................

21,633

27,973NET INCOME ..........................................................................
OTHER COMPREHENSIVE INCOME (LOSS):

English translation of "KESSAN TANSHIN" originally issued in Japanese7(3) Consolidated Statements of Cash Flows
Yen (millions)
For the nine months
ended December 31, 2015

For the nine months
ended December 31, 2016

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

33,13034,958Depreciation and amortization ......................................................

6,902

6,590

Deferred income tax expense ........................................................

252

32

Realized gains on securities, net ...................................................

(1,364)(25)

Valuation losses on securities .......................................................

4,667

27

Losses on disposal or sales of property, plant and equipment, net

75

62

Trade receivables .......................................................................

(41)

(620)

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

(12,325)

4,523

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

(3,106)

5,289

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

(1,655)989

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

(1,013)(558)

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

421

(856)

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

25,94350,411

Capital expenditures ............................................................................

(9,091)(9,441)

Purchases of available-for-sale securities ............................................

(8,916)(613)

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

15,75025,463

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

500-

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

-(4,601)

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

300

4,000

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

160

372

CASH FLOWS FROM OPERATING ACTIVITIES:

Changes in assets and liabilities-

CASH FLOWS FROM INVESTING ACTIVITIES:Investment in time deposit ...................................................................

(26,685)(43,716)

Withdrawal of time deposit .................................................................

24,02425,610

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

(74)

199

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

(4,032)(2,727)

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

778

4,558

(2,313)-Purchase of treasury stock, net ............................................................

(8)

(18)

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

(16,016)(13,708)

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

(142)

(150)

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

(17,701)(9,318)(83)(4,572)NET CHANGE IN CASH AND CASH EQUIVALENTS .................

4,127

33,794

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ...

94,52999,915

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

98,656

133,709

English translation of "KESSAN TANSHIN" originally issued in Japanese84. Notes to Consolidated Financial Statements
Notes on the assumptions for a going concern: None
Note in case there is any significant change in the shareholders’ equity: None
Condensed Operating Segment Information
Yen (millions)
For the nine months ended December 31, 2015
North
ElimiAsia
Other area
Total
Americanations

Consolidated

Japan

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

67,87560,314133,475
3,631

55,541
2,996

18,083
149,896

49,116176

324,090
217,013(217,013)

324,090-

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

128,189

137,106

58,537

167,979

49,292541,103(217,013)

324,090

Operating expenses .......

113,856

127,896

57,126

146,866

47,379493,123(218,996)

274,127

Operating income............

14,333

9,210

1,411

21,113

1,913

47,9801,983

49,963

Yen (millions)
For the nine months ended December 31, 2016
North
ElimiAsia
Other area
Total
Americanations

Consolidated

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

Japan

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

70,765
96,102

125,166
3,141

52,132
2,686

16,633
124,079

41,61982

306,315226,090(226,090)

306,315-

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

166,867

128,30754,818140,71241,701

532,405(226,090)

306,315

Operating expenses .......

151,774

117,631

53,140124,11339,813

486,471(227,771)

258,700

Operating income............

15,093

10,676

1,678

16,5991,888

45,934

1,681

47,615

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

English translation of "KESSAN TANSHIN" originally issued in Japanese

9

SUPPORT DOCUMENTATION (CONSOLIDATED)
1. Consolidated Financial Results and Forecast
Yen (millions)
For the nine
For the ninemonths ended
months ended
December 31, 2016
December 31, 2015(%)

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 Corporationcommon shareholders (Yen) .............................................................................
Number of Employees ........................................................................................

For the year ended
March 31, 2016(%)

324,090
49,579274,51149,96347,61532,896

4.2
1.3
4.7(10.1)(11.2)(10.4)(%)

306,315
53,695
252,620
47,61549,66034,691

(5.5)
8.3
(8.0)
(4.7)
4.3
5.5

242.36
14,659255.5815,261

Yen (millions)
For the six months
ended September
30, 2016

For the year ending
March 31, 2017
(Forecast)

(%)

(%)

Net sales.........................................................................
423,6232.1
200,055 (7.9)
405,000 (4.4)
Domestic ...................................................................
68,4451.0
35,204 8.1
73,000 6.7
164,851 (10.7)
332,000 (6.5)
Overseas ....................................................................
355,178
2.4
Operating income ..........................................................
64,676 (10.1)
33,649 (2.6)
60,500 (6.5)
Income before income taxes ..........................................
61,492 (10.1)
34,068 10.4
62,000 0.8
24,073 12.0
42,800 2.8
Net income attributable to Makita Corporation .............
41,615(8.1)
Earning per share (Basic)
Net income attributable to Makita Corporation
177.36315.33common shareholders (Yen) ........................................
306.59Number of Employees ...................................................
14,784
14,878Notes:
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 (3) Explanation of Information Relevant to Forecast such as
Consolidated Financial Performance Forecast” on page 4.

English translation of "KESSAN TANSHIN" originally issued in Japanese102. Consolidated Net Sales by Geographic Area
Yen (millions)
For the nine
For the year
months ended
ended
December 31,
March 31, 20162016

For the ninemonths ended
December 31,
2015

(%)

(%)

For the six
months ended
September 30,
2016

(%)

(%)

Japan ..................................................... 49,579
1.3
53,695
8.3
68,4451.0
35,2048.1
125,001(6.2)
173,987(0.7)
84,629(7.5)
Europe................................................... 133,281(0.8)
North America ...................................... 54,042
27.3
50,810(6.0)
67,75918.5
31,751(7.9)
Asia ....................................................... 32,011
7.6
29,163(8.9)
41,443
4.5
17,804 (13.7)
47,646 (13.6)
71,989(3.9)
30,667 (19.3)
Other regions ........................................ 55,177(0.8)
Central and South America ............. 21,415 (10.1)
17,022 (20.5)
26,149 (13.7)
10,721 (27.6)
Oceania ........................................... 18,309
6.0
18,100(1.1)
24,653
3.8
11,709(3.8)
12,524 (19.0)
21,1871.5
8,237 (25.3)
The Middle East and Africa ............ 15,453
6.5
Total ...................................................... 324,090
4.2
306,315(5.5)
423,6232.1
200,055(7.9)
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 “Condensed Operating Segment Information” on page 9. The
table above shows the changes in the percentage ratio of net sales compared to the corresponding period of theprevious year.
3. Exchange Rates
Yen
For the ninemonths ended
December 31,
2015

For the ninemonths ended
December 31,
2016

For the year
ended
March 31, 2016

For the six
months ended
September 30,
2016

For the year
endingMarch 31, 2017
(Forecast)

USD/JPY .................
121.74106.60120.15105.20109
EUR/JPY .................
134.41117.98132.60118.04118
RMB/JPY ................
19.27
15.94
18.86
15.92
16.2
Note: Exchange rates for the three months period ending March 31, 2017 (forecast) are 115 yen to the U.S. dollar, 120
yen to the euro and 16.9 yen to the renminbi.
4. Production Ratio (unit basis)
For the ninemonths ended
December 31,
2015

For the ninemonths ended
December 31,
2016

For the year
ended
March 31,2016

For the six
months ended
September 30,
2016

Composition ratio

Composition ratio

Composition ratio

Composition ratio

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

9.9%
90.1%

10.4%
89.6%

10.2%
89.8%

5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost
Yen (millions)
For the nine
For the six
For the nine
For the year
months ended
months ended
months ended
ended
December 31,
September 30,
December 31,
March 31, 2016
2016
2016
2015
Capital expenditures ......
Depreciation andamortization .................
R&D cost .......................

11.2%
88.8%

For the year
endingMarch 31, 2017
(Forecast)

9,091

9,441

11,7695,041

15,000

6,902
7,249

6,590
7,489

9,284
9,593

4,352
4,950

9,400
10,000English translation of "KESSAN TANSHIN" originally issued in Japanese

11