Makita Corporation
Consolidated Financial Results
for the six months
ended September 30, 2019
(IFRS Financial Information)(English translation of "KESSAN TANSHIN"
originally issued in Japanese)

CONSOLIDATED FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2019 (Unaudited)
October 30, 2019

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

1. Summary operating results of the six months ended September 30, 2019 (From April 1, 2019 to September 30,
2019)(1) CONSOLIDATED OPERATING RESULTS
Yen (millions)
For the six months ended
For the six months ended
September 30, 2018
September 30, 2019(%)(%)
Revenue ................................................................
242,7965.1
243,547
0.3
Operating profit ....................................................
40,064
5.6
32,416(19.1)
Profit before income taxes ....................................
42,2698.4
34,475(18.4)
Profit .....................................................................
29,907
8.4
25,151(15.9)
Profit attributable to owners of the parent ............
29,6798.5
24,979(15.8)
Comprehensive income ........................................
25,591(44.2)
1,085(95.8)
Yen
Profit attributable toowners of the parent per share
Basic ....................................................................
109.33
92.01
Diluted .................................................................
109.32
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
and profit attributable to owners of the parent, and comprehensive income against the corresponding period of the previous
year.
3.
Information on profit attributable to owners of the parent per share after full dilution is omitted, since there is no potential
common stock.

(2) SELECTED CONSOLIDATED FINANCIAL POSITION

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

Yen (millions)
As of March 31, 2019
As of September 30, 2019
680,250
675,339577,222564,113559,806
572,748
84.2%

82.9%

2. Dividend Information
Yen
For the year ended
March 31, 2019

For the year ending
March 31, 2020
(Forecast)

Cash dividend per share:
Interim .................................................................
10.00
10.00
Year-end ..............................................................
52.00(Note)
Total ....................................................................
62.00(Note)
Notes:
1. The forecast for cash dividend announced on April 26, 2019 has not been revised.
2. The projected amount of dividends for the year ending March 31, 2020 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, 2020 (From April 1, 2019 toMarch 31, 2020)
Yen (millions)
For the year ending
March 31, 2020(%)
Revenue..................................................................................................................
480,000(2.2)
Operating profit ......................................................................................................
63,000(19.5)
Profit before income taxes .....................................................................................
63,000(21.2)
Profit attributable to owners of the parent ..............................................................
44,000(21.1)
Yen
Profit attributable to owners of the parent per share ..............................................
162.05
Notes:
1. The consolidated financial forecast for the year ending March 31, 2020 has been revised.
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. Other(1) Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes inscope of consolidation during the quarter): None
(2) Changes in accounting policies and accounting estimates:
1. Changes in accounting policies required by IFRS: Yes
2. Changes in accounting policies other than 1: None
3. Changes in accounting estimate: None
(3) Number of shares outstanding (common stock)
1. Number of shares issued (including treasury stock):
2. Number of treasury stock:
3. Average number of shares outstanding:

As of September 30, 2019:
As of March 31, 2019:
As of September 30, 2019:
As of March 31, 2019:
For the six months ended
September 30, 2019:
For the six months ended
September 30, 2018:

280,017,520
280,017,520
8,500,225
8,550,463
271,487,895
271,467,793

This consolidated financial report is not subject to audit procedures by certified public accountants or an auditing firm.
Explanation regarding proper use of business forecasts, and other significant matters
1. The financial forecast given above is based on information as available at the present time, and includes potential
risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecasts
provided above. Regarding the assumptions for the forecasts and other matters, refer to [Qualitative Information and
Financial Statements] Section 3 “Explanation of Information Relevant to Forecast such as Consolidated Financial
Performance Forecast” on page 4.
2. Makita's basic policy on the distribution of profits is to maintain a consolidated dividend payout ratio of 30% or greater,
with a lower limit on annual cash dividends of 10 yen per share. However, in the event special circumstances arise,computation of the amount of dividends will be based on profit attributable to owners of the parent after certain
adjustments.
The Board of Directors plans to meet in April 2020 for a report on earnings for the year ending March 31, 2020. 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 profit attributable to owners of the parent. The Board of Directors willsubmit this proposal to the General Meeting of Shareholders scheduled for June 2020.
The consolidated dividend payout ratio is calculated as annual dividends per share divided by consolidated profit
attributable to owners of the parent per share (after adjustments for special circumstances) and multiplied by 100.

English translation of "KESSAN TANSHIN" originally issued in Japanese

2[Qualitative Information and Financial Statements]
1.

Explanation of Consolidated Operating Results
Looking at the global economic situation during the first six-month period the fiscal year ending March 31, 2020,
the economy showed growing signs of a slowdown while business sentiment worsened due to rising uncertainties,
including the intensifying trade dispute between the U.S. and China, and confusion caused by Brexit.
Under these circumstances, on the development side, the Makita Group focused on expanding its lineup oflithium-ion battery products, such as a new cordless tool series with “40Vmax lithium-ion battery” that realizes higher
power output, longer life, and higher durability; cordless models featuring work efficiency higher than AC-powered
ones; and cordless gardening equipment that feature usability matching engine-powered ones.
On the production side, we continued to implement measures including the promotion of multi-polarized global
production, cost reduction through local procurement of components, and introduction of labor-saving or unmanned
facilities.
On the sales side, we focused on expanding the sales of lithium-ion battery products, such as cordless gardening
equipment. Furthermore, we worked hard to strengthen our community- and customer-based sales network by
increasing sales and after-sales service bases.
Our consolidated revenue for this period increased by 0.3% to 243,547 million yen compared to the same period of
the previous year due to robust sales primarily in Japan, despite a decrease in the value of overseas revenue whentranslated into yen. Operating profit decreased by 19.1% to 32,416 million yen (operating profit ratio: 13.3%) owing to
the increase in selling, general and administrative expenses and the deterioration of the cost-of-sales ratio caused by
impact of the exchange rate. Profit before income taxes decreased by 18.4% to 34,475 million yen (profit before income
taxes ratio: 14.2%) and profit attributable to owners of the parent decreased by 15.8% to 24,979 million yen (ratio of
profit attributable to owners of the parent: 10.2%).
Revenue results by region were as follows:
Revenue in Japan increased by 15.6% to 50,500 million yen compared to the same period of the previous year. Thiswas due to steady demand for highly efficient cordless tools, supported by a shortage of labor at building andconstruction sites, and robust sales of cordless gardening equipment.
Revenue in Europe increased by 2.0% to 107,538 million yen, supported by solid demand for tools in almost allareas and steady sales of cordless gardening equipment, despite a decrease in the value of revenue caused by theappreciation of the yen against the euro.
Revenue in North America decreased by 5.4% to 34,363 million yen due to sluggish shipments to home
improvement centers in the U.S., where competition became fierce, despite solid sales through other sales routes.
Revenue in Asia decreased by 3.9% to 19,648 million yen. This was due to the impact of an economic slowdown in
China, despite steady sales in India and Taiwan.
Revenue in Central and South America decreased by 7.5% to 12,868 million yen since the economies of majorcountries slowed and the yen remained stronger against local currencies, despite our efforts to expand sales, principallylithium-ion battery products.
Revenue in Oceania decreased by 7.1% to 14,297 million yen due to the impact of a sluggish housing market inAustralia.
Revenue in the Middle East and Africa decreased by 42.8% to 4,333 million yen. This was because of the continuing
turmoil in the Middle East, resulting in poor sales.

English translation of "KESSAN TANSHIN" originally issued in Japanese32. Explanation of Consolidated Financial Position
Total assets as of September 30, 2019 decreased by 4,911 million yen to 675,339 million yen compared to thebalance as of March 31, 2019. The decrease was mainly due to the decrease in “Trade receivables and otherreceivables” and “Other financial assets”. As we have adopted IFRS 16 “Lease” from the first three-month period of theyear ending March 31, 2020, right-of-use assets increased. (Please refer to (5) Notes to Consolidated Financial
Statements on page 10.)
Total liabilities increased by 8,198 million yen to 111,226 million yen compared to the balance as of March 31, 2019.
This increase was mainly due to the increase in “Other financial liabilities”. As we have adopted IFRS 16 “Lease” fromthe first three-month period of the year ending March 31, 2020, lease liabilities increased. (Please refer to (5) Notes toConsolidated Financial Statements on page 10.)
Total equity decreased by 13,109 million yen to 564,113 million yen compared to the balance as of March 31, 2019.
The decrease was mainly due to changes in translation differences for foreign operations included in other componentsof equity.
3. Explanation of Information Relevant to Forecast such as Consolidated Financial Performance Forecast
Trends in sales for the first six-month period of the fiscal year ending March 31, 2020 were almost in line with
Makita’s expectations despite some differences between regions. However, the yen has been trading at a level beyond
the Company’s forecast announced on April 26, 2019 against major currencies, such as the U.S. dollar and euro. In
addition to the impact of foreign exchange rates, the burden of additional tariffs due to trade friction between the U.S.
and China has increased beyond the Company’s initial expectations, weighing on profits. Therefore, Makita has revised
the forecast of its consolidated financial performance for the year ending March 31, 2020.
Revised Forecast for consolidated performance during the fiscal year 2020 (From April 1, 2019 to March 31,
2020)
Yen (millions)
Yen
ProfitProfitattributable to
Revenue
Operating
Profit before attributableowners of the
profitincome taxes to owners ofparent per
the parent
share (Basic)
Forecast announced previously (A) ......
Revised forecast (B) ............................
Changes (B-A) ......................................
Percentage revision ...............................

500,000
480,000(20,000)(4.0%)

72,00063,000(9,000)(12.5%)

72,70063,000(9,700)(13.3%)

50,00044,000(6,000)(12.0%)

184.18162.05-

Actual results for the previous year
ended March 31, 2019 ..........................
490,578
78,30579,91955,750205.37[Preconditions]
The above forecast is based on the assumption of exchange rates of 105 yen to the U.S. dollar, 115 yen to the euro
and 14.8 yen to the renminbi for the six months period ending March 31, 2020.
The above forecast is based on the assumption of exchange rates of 107 yen to the U.S. dollar, 118 yen to the euro
and 15.2 yen to the renminbi for the year ending March 31, 2020.
[Reference]
Our previous exchange rates that we announced on April 26, 2019 were 110 yen to the U.S. dollar, 125 yen to theeuro and 16.3 yen to the renminbi for the year ending March 31, 2020.
Note:
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 Japanese

44. Condensed Consolidated Financial Statements (Unaudited)(1) Consolidated Statement of Financial Position
Yen (millions)
As of September 30,
As of March 31, 20192019
Composition ratio

Composition ratio

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

146,512143,375

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

79,45070,898Inventories ......................................................

219,938

221,160

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

37,82828,628Other current assets .........................................

9,401

10,202

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

493,12972.5%

474,263

70.2%

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

112,441

127,162

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

8,039

8,390

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

43,56643,231

Not defined benefit asset .................................

9,541

9,375

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

9,342

8,760

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

4,192

4,158

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

187,12127.5%

201,076

29.8%

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

680,250

100.0%

675,339100.0%English translation of "KESSAN TANSHIN" originally issued in Japanese5

Yen (millions)
As of September 30,
As of March 31, 20192019
Composition ratio

Composition ratio

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

38,90440,069Borrowings .....................................................

11,79911,447

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

220

2,210

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

7,153

7,175

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

3,040

2,983

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

29,67828,514

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

90,794

13.3%

92,398

13.7%

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

3,231

3,085

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

256

8,707

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

1,293

1,217

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

7,236

5,607

Other non-current liabilities ............................

218

212

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

12,234

1.8%

18,828

2.8%

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

103,02815.1%

111,226

16.5%

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

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

45,57145,510Retained earnings ............................................

508,622519,830

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

(11,681)(11,553)

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

6,431(17,786)

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

572,748

84.2%

559,806

82.9%

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

4,474

0.7%

4,307

0.6%

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

577,22284.9%

564,113

83.5%

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

680,250

100.0%

675,339100.0%English translation of "KESSAN TANSHIN" originally issued in Japanese6(2) Condensed Consolidated Statements of Profit or Loss and Consolidated Statements of Comprehensive Income
Condensed Consolidated Statements of Profit or Loss
Yen (millions)
For the six months
For the six months
ended September 30,
ended September 30,
2019
2018
Composition ratio

Composition ratio

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

242,796 100.0%

243,547 100.0%

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

(152,625) (62.9%)(159,978) (65.7%)

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

90,171

37.1%

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

(50,107) (20.6%)(51,153) (21.0%)

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

40,06432,416

Financial income......................................................................

2,227

2,268

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

(22)

(209)

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

42,269

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

(12,362)

PROFIT ...................................................................................

29,907

12.3%

25,151

10.3%

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

29,67912.2%

24,97910.2%

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

228

0.1%

172

0.1%

16.5%

17.4%

83,569

34.3%
13.3%

34,47514.2%(9,324)

Profit attributable to:Condensed Consolidated Statements of Comprehensive Income
Yen (millions)
For the six months
For the six months
ended September 30,
ended September 30,
2019
2018
29,90725,151through other comprehensive income (loss) ............................

(3,055)49

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

(3,055)49

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

(1,261)(24,115)

Total of items that may be reclassified to loss .............................

(1,261)(24,115)

Total other comprehensive loss, net of tax ...................................

(4,316)(24,066)COMPREHENSIVE INCOME ...................................................

25,591

1,085

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

25,284

1,107

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

307

(22)

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

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

Items that may be reclassified to loss

Comprehensive income attributable to:English translation of "KESSAN TANSHIN" originally issued in Japanese7(3) Condensed Consolidated Statement of Changes in Equity
Yen (millions)
For the six months ended September 30, 2018
Equity attributable to owners of the parent

Balance at April 1, 2018

Commonstock

Additional
paid-in
capital23,80545,531Retainedearnings

Profit for the period

Other
componentsof equity

Treasurystock

469,232(11,617)

27,095--Comprehensive income
Dividends paid

29,679-

Disposal of treasury stock0

Share-based paymenttransaction

20

Transfer from othercomponents of equity toretained earnings

Total
equity4,393

558,439

29,679228

29,907(4,395)(4,395)79(4,316)(4,395)25,284307

25,591(13,845)(171)(14,016)(13,845)

Purchase of treasury stock

Total

554,046

29,679Other comprehensive income

NonControllinginterest

(2)

(2)

(2)

0

0

0

20

20

(288)

-

-

288

Total amounts of transactions
with owners-

20(13,557)

(2)

(288)

(13,827)(171)(13,998)

Balance at September 30, 2018

23,80545,551

485,354(11,619)

22,412565,503

4,529

570,032

Yen (millions)
For the six months ended September 30, 2019
Equity attributable to owners of the parent

Balance at April 1, 2019

Commonstock

Additional
paid-in
capital23,80545,571Retainedearnings

Profit for the period

Other
componentsof equity

Treasurystock

508,622(11,681)--

Dividends paid

24,979-4,474

577,222

24,979172

25,151(23,872)(23,872)(194)(24,066)(23,872)

1,107

(22)

1,085

(14,116)(145)(14,261)(14,116)

Purchase of treasury stock

Total
equity572,748

24,979Other comprehensive income
Comprehensive income

6,431

NonControllinginterest

Total

(1)

(1)

(1)

Disposal of treasury stock

(13)

61

48

48

Share-based paymenttransaction

(48)

68

20

20

(345)

-

-

Transfer from othercomponents of equity toretained earnings

345

Total amounts of transactions
with owners

-

(61)

(13,771)

128

(345)

(14,049)(145)(14,194)

Balance at September 30, 2019

23,80545,510519,830(11,553)(17,786)

559,806

4,307

564,113English translation of "KESSAN TANSHIN" originally issued in Japanese8(4) Condensed Consolidated Statements of Cash Flows
Yen (millions)
For the six months
For the six months
ended September 30,
ended September 30,
2019
2018
CASH FLOWS FROM OPERATING ACTIVITIES:Profit ....................................................................................................

29,90725,151

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

5,575

6,903

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

12,362

9,324

Financial income and expenses............................................................

(2,205)(2,059)Loss (gain) on sales and retirement of property, plant and equipment24(1,040)Decrease (increase) in trade receivables and other receivables ...........

2,593

4,299

Decrease (increase) in inventories .......................................................

(19,066)(12,456)

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

(1,538)2,202

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

125

168

Decrease (increase) in guarantee deposits ...........................................

(9,199)(208)

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

(397)

2,439

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

18,181

34,723

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

367

422

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

1,059

837

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

(22)

(209)

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

(14,818)(11,610)

Cash flows from operating activities .............................................

4,767

24,163Purchase of non-current assets .............................................................

(12,106)(16,839)

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

372

2,480

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

(10,509)(1,025)

CASH FLOWS FROM INVESTING ACTIVITIES:

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

1,911

4,339

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

(13,547)(18,805)

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

31,554

24,860

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

(33)

301

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

(2,358)(4,689)CASH FLOWS FROM FINANCING ACTIVITIES:Net increase (decrease) in short-term borrowings ...............................

(774)

166

Purchase and sales of treasury stock, net .............................................

(2)

47

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

(13,845)(14,116)

Repayments of lease obligations..........................................................

(18)(1,155)

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

(193)

(153)

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

(14,832)(15,211)

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

292(7,400)NET CHANGE IN CASH AND CASH EQUIVALENTS .................

(12,131)(3,137)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ...

147,320

146,512

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

135,189

143,375

English translation of "KESSAN TANSHIN" originally issued in Japanese9(5) Notes to Consolidated Financial Statements
Notes on the assumptions for a going concern: None
Changes in accounting policies:
The Makita Group has adopted IFRS 16 “Lease” (“IFRS 16”) from the first three-month period of the year ending
March 31, 2020.
In accordance with IFRS 16, the Group has recorded leases that had been classified as operating leases under IAS
17 ”Lease” as right-of-use assets and lease liabilities in the consolidated statement of financial position.
On transition to IFRS 16, the Group has chosen to apply the practical expedient that allows the Group to continue
using the same method as before with regard to whether contracts are leases or not.
In line with the transition provision in IFRS 16, the Group has adopted the modified retrospective approach (amethod to recognize the cumulative effects of adopting IFRS 16 at the date of adoption) at the date of transition.
At the first date of the first three-month period of the year ending March 31, 2020 (“the date of initial application”),
the Group additionally recognized total assets including right-of-use assets (which were included in property, plant andequipment in the consolidated statement of financial position) of 10,656 million yen and lease liabilities of 10,656
million yen (which were included in other financial liabilities).
The Group measured the lease liabilities at the date of initial application at the present value of aggregate residual
lease payments at the inception of adoption, discounted using the lessee’s incremental borrowing rate of interest at the
inception of adoption. As of the date of initial application, the weighted average of the incremental borrowing rate was
2.5%.
On transition to IFRS 16, The Group has adopted the following practical expedients:
・Applying a single discount rate to a portfolio of leases with reasonably similar characteristics.
・Applying the exemption on not recognizing right-of-use assets or lease liabilities for leases for which the lease term
ends within 12 months of the date of initial application.
Condensed Operating Segment Information
Yen (millions)
For the six months ended September 30, 2018
North
ElimiAsia
Total
Other
Americanations

Consolidated

Japan

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

54,653102,163

105,704
2,718

37,463
2,033

13,355
107,072

211,175
213,986

31,621
431(214,417)

242,796-

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

156,816

108,422

39,496

120,427

425,161

32,052(214,417)

242,796

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

14,356

10,7981,088

12,55738,799

1,815

(550)

40,064

Yen (millions)
For the six months ended September 30, 2019
North
ElimiAsia
Total
Other
Americanations

Consolidated

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

Japan

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

59,763
94,846

107,990
3,557

35,265
2,066

12,567100,220

215,585
200,689

27,962258(200,947)

243,547-

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

154,609111,547

37,331

112,787

416,274

28,220(200,947)

243,547

Operating profit (loss)...

13,692

6,644(1,662)

10,45529,129476

2,811

32,416

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

English translation of "KESSAN TANSHIN" originally issued in Japanese

10

SUPPORT DOCUMENTATION (CONSOLIDATED)
1. Consolidated Financial Results and Forecast
Yen (millions)
For the six months
For the six months
ended September 30,
ended September 30,
2019
2018
Revenue .....................................................................................................
Domestic ...............................................................................................
Overseas ................................................................................................
Operating profit .........................................................................................
Profit before income taxes .........................................................................
Profit attributable to owners of the parent .................................................
Profit attributable to owners of the parent per share (Yen) .......................
Cash dividend per share (Yen) ...................................................................
Dividend payout ratio (%) .........................................................................
Number of Employees ...............................................................................

242,796
43,699199,097
40,06442,26929,679109.3310.00
9.1
16,087

(%)

(%)

5.1
9.6
4.2
5.6
8.4
8.5

243,547
0.3
50,500 15.6
193,047(3.0)
32,416 (19.1)
34,475 (18.4)
24,979 (15.8)
92.01
10.00
10.9
16,908

Yen (millions)
For the year ending
For the year ended
March 31, 2020
March 31, 2019
(Forecast)
(%)

(%)

Revenue ...............................................................................................
490,5782.8
480,000 (2.2)
92,12911.6
100,000 8.5
Domestic .........................................................................................
Overseas ..........................................................................................
398,4490.9
380,000 (4.6)
Operating profit ...................................................................................
78,305(2.4)
63,000 (19.5)
79,9190.1
63,000 (21.2)
Profit before income taxes ...................................................................
Profit attributable to owners of the parent ...........................................
55,7501.5
44,000 (21.1)
205.37162.05
Profit attributable to owners of the parent per share (Yen) .................
62.00
Cash dividend per share (Yen) ............................................................
Dividend payout ratio (%) ....................................................................
30.2
Number of Employees ........................................................................
16,424
Notes:
1. Please refer to [Qualitative Information and Financial Statements] Section 3 “Explanation of Information
Relevant to Forecast such as Consolidated Financial Performance Forecast” on page 4.
2. The table above shows the changes in the percentage ratio of revenue, operating profit, profit before income
taxes, and profit attributable to owners of the parent compared to the corresponding period of the previous year.

English translation of "KESSAN TANSHIN" originally issued in Japanese112. Consolidated Revenue by Geographic Area
For the six months
ended September 30,
2018

Yen (millions)
For the six months
ended September 30,
2019

(%)

(%)

For the year ended
March 31, 2019(%)

Japan ................................................................
43,6999.6
50,50015.6
92,12911.6
Europe..............................................................
105,458
7.0
107,5382.0
213,238
5.5
North America .................................................
36,313
3.7
34,363(5.4)
72,508(1.8)
19,648(3.9)
40,909(7.2)
Asia ..................................................................
20,444(4.7)
Central and South America ..............................
13,906
3.1
12,868(7.5)
27,801(0.4)
Oceania ............................................................
15,397(1.3)
14,297(7.1)
30,222(3.4)
4,333 (42.8)
13,771 (11.1)
The Middle East and Africa .............................
7,579
9.6
Total .................................................................
242,7965.1
243,5470.3
490,578
2.8
Notes:
1. The table above sets forth Makita's consolidated revenue by geographic area based on the customer’s location
for the periods presented. Accordingly, it differs from “Condensed Operating Segment Information” on page10.
2. The table above shows the changes in the percentage ratio of revenue compared to the corresponding period of
the previous year.
3. Exchange Rates
Yen
For the six
months ended
September 30,
2018

For the six
months ended
September 30,
2019

110.26129.7916.74

108.60121.4015.68

110.92
128.44
16.54

For the six
months ended
September 30, 2018

For the six
months ended
September 30, 2019

Composition ratio

Composition ratio

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

For the year
ended March 31,
2019

For the year
ending March
31, 2020(Forecast)
107
118
15.2

4. Production Ratio (unit basis)

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

9.5%
90.5%

10.5%
89.5%

5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost
Yen (millions)
For the six
For the six
For the year
months ended
months ended
ended
September 30,
September 30,
March 31, 2019
2019
2018
Capital expenditures ..................
Depreciation and amortization ...
R&D cost ...................................

12,106
5,575
5,391

16,8396,065
5,706

English translation of "KESSAN TANSHIN" originally issued in Japanese

23,867
11,271
11,258For the year
ended
March 31, 2019
Composition ratio

9.5%
90.5%

For the year
endingMarch 31, 2020
(Forecast)
38,00012,80012,00012