Makita Corporation
Consolidated Financial Results
for the nine months
ended December 31, 2015
(U.S. GAAP Financial Information)(English translation of "KESSAN TANSHIN"
originally issued in Japanese)

CONSOLIDATED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2015 (Unaudited)
January 29, 2016

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, 2015 (From April 1, 2015 to December 31,
2015)(1) CONSOLIDATED OPERATING RESULTS
Yen (millions)
For the nine months ended
For the nine months ended
December 31, 2014
December 31, 2015%%
Net sales................................................................
311,1199.9
324,090
4.2
Operating income .................................................
55,60734.1
49,963(10.1)
Income before income taxes .................................
53,59122.1
47,615(11.2)Net income attributable to Makita Corporation ....
36,72718.7
32,896(10.4)
Comprehensive income ........................................
68,773(6.6)
21,886(68.2)
Yen
Earning per share net income attributable to
Makita Corporation common shareholders(Basic)...............................................................
270.58242.36(Diluted) ...........................................................
242.35
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, 2015
As of December 31, 2015
575,328
572,572
489,585495,294
486,021491,654
85.9%

84.5%

2. Dividend Information
Yen
For the year ended
March 31, 2015

For the year ending
March 31, 2016

Cash dividend per share:
Interim .................................................................
18.00
18.00
Year-end ..............................................................
100.00(Note)
Total ....................................................................
118.00(Note)
Notes:
1. The forecast for cash dividend announced on April 28, 2015 has not been revised.
2. The projected amount of dividends for the year ending March 31, 2016 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, 2016 (From April 1, 2015 toMarch 31, 2016)
Yen (millions)
For the year ending March 31, 2016%
Net sales..................................................................................................
420,000
1.3
Operating income ...................................................................................
63,000(12.4)
Income before income taxes ...................................................................
59,500(13.0)Net income attributable to Makita Corporation ......................................
40,700(10.2)
Earning per share (Basic)
Yen
Net income attributable to
Makita Corporation common shareholders .............................................
299.85
Note: The consolidated financial forecast for the year ending March 31, 2016 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, 2015:
As of March 31, 2015:
As of December 31, 2015:
As of March 31, 2015:
For the nine months ended
December 31, 2015:
For the nine months ended
December 31, 2014:

140,008,760
140,008,760
4,275,022
4,273,892
135,734,342
135,736,564

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

Explanation regarding proper use of business 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 2016 for a report on earnings for the year ending March 31, 2016. 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 2016.
The consolidated dividend payout ratio is calculated as annual dividends per share divided by consolidated net income
attributable to Makita Corporation per share (after adjustments for special circumstances) and multiplied by 100.

English translation of "KESSAN TANSHIN" originally issued in Japanese

2[Qualitative Information and Financial Statements]
1. Explanation of Consolidated Operating Results
Looking at the global economic situation during the nine months (the “period”) ended December 31, 2015, theWestern European economy remained solid mainly in the major countries, while the Russian economy remainedsluggish due to such factors as the impact of lower oil prices and a weaker ruble. The US economy gradually expandedon the back of robust consumer spending and housing investment. In Asia, the Chinese economy slowed down,
causing the economies of neighboring countries to stagnate. Meanwhile, the Japanese economy was on a gradual
recovery trend due to factors such as higher corporate earnings and an improved employment situation, despitesluggish consumer spending.
Our consolidated net sales for this period increased by 4.2% to 324,090 million yen compared to the same period of
the previous year, because sales both in Japan and overseas were mostly steady. Operating income decreased by 10.1%
to 49,963 million yen (operating income ratio: 15.4%), owing to deterioration in the cost-of-sales ratio due to the
influence of exchange rate. Income before income taxes decreased by 11.2% to 47,615 million yen (income before
income taxes ratio: 14.7%) and net income attributable to Makita Corporation shareholders decreased by 10.4% to32,896 million yen (ratio of net income attributable to Makita Corporation shareholders: 10.2%) from the same periodof the previous year.
Net sales by region are as follows:
Net sales in Japan increased by 1.3% to 49,579 million yen compared to the same period of the previous year. Thiswas due to factors such as a further expansion of the lithium-ion battery product line and aggressive launches of new
products.
Net sales in Europe decreased by 0.8% to 133,281 million yen. This was due to a decline in sales to Russia and the
yen’s appreciation against the euro compared to the same period of the previous year, despite robust sales in major
Western European countries such as Germany.
Net sales in North America increased by 27.3% to 54,042 million yen. This was due to robust demand for electric
power tools as the economy expanded in the US, as well as the yen’s depreciation against the US dollar compared tothe same period of the previous year.
Net sales in Asia increased by 7.6% to 32,011 million yen. This was due to robust sales in countries such as
Vietnam and the yen’s depreciation against local currencies, despite sluggish demand in some countries due to theslowdown of the Chinese economy.
The sales situations in other regions are as follows. Net sales in Central and South America decreased by 10.1% to21,415 million yen compared to the previous year due to the yen’s appreciation against local currencies, despite efforts
to expand sales amid sluggish markets. Net sales in Oceania increased by 6.0% to 18,309 million yen on the back ofrobust sales. Net sales in the Middle East and Africa increased by 6.5% to 15,453 million yen due to the yen’s
depreciation against local currencies, despite the impact of political unrest, etc.
2. Explanation of Consolidated Financial Position
Total assets as of December 31, 2015 decreased by 2,756 million yen to 572,572 million yen compared to thebalance as of March 31, 2015. The decrease was mainly due to the decrease in “Short-term investments”.
Total liabilities as of December 31, 2015 decreased by 8,465 million yen to 77,278 million yen compared to thebalance as of March 31, 2015. The decrease was mainly due to the decrease in “Trade notes and accounts payable”.
Total equity as of December 31, 2015 increased by 5,709 million yen to 495,294 million yen compared to thebalance as of March 31, 2015. This 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 consolidated financial forecast for the year ending March 31, 2016 has been revised, because consolidated
financial results for the first nine months period of the fiscal year 2016 (April 1, 2015 to March 31, 2016) weresteady besides the yen has been weaker against the euro compared to the previous forecast.
Revised Forecast for consolidated performance during the fiscal year 2016 (From April 1, 2015 to March 31,
2016)
Yen (millions)
Yen

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

416,000
420,000
4,000
1.0%

OperatingincomeIncomebeforeincome taxes

Net income
attributable
to Makita
Corporation

58,00059,5001,500
2.6%

39,80040,700900
2.3%61,50063,0001,500
2.4%

Earning per share(Basic) Net
incomeattributable to
MakitaCorporationcommonshareholders

293.22299.85-

Actual results for the previous year
ended March 31, 2015 ..........................
414,718
71,90568,39445,307333.79[Preconditions]
The above forecast is based on the assumption of exchange rates of 115 yen to the U.S. dollar and 125 yen to the euro
for the three months period ending March 31, 2016.
The above forecast is based on the assumption of exchange rates of 120 yen to the U.S. dollar and 132 yen to the euro
for the year ending March 31, 2016.
[Reference]
Our previous exchange rates that we announced on October 30, 2015 were 121 yen to the U.S. dollar and 130 yen to
the euro for the year ending March 31, 2016.
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.
4. Other(1) Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes inscope of consolidation during the quarter): None
(2) Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly
consolidated financial statements:
With regard to the income tax expenses, 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 Japanese

45. Consolidated Financial Statements (Unaudited)(1) Consolidated Balance Sheets
Yen (millions)
As of March 31, 2015
As of December 31, 2015
Composition ratio

Composition ratio

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

94,52998,656Time deposits ....................................................................

15,283

17,116

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

56,07647,959Notes..............................................................................

1,315

1,105

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

64,64263,548Less- Allowance for doubtful receivables .....................

(998)(1,140)Inventories ........................................................................

175,186

183,287

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

6,296

5,273

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

16,782

17,153

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

429,111

Trade receivables-

74.6%

432,957

75.6%

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

23,10422,442

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

96,202

96,982

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

91,35392,575Construction in progress ...................................................

3,237

2,829

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

213,896

214,828

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

(118,084)(119,884)

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

95,812

16.7%

94,944

16.6%

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

31,39525,339Goodwill ...........................................................................

721

721

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

4,563

4,219

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

629

667

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

13,097

13,725

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

50,405

8.7%

44,671

7.8%

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

575,328100.0%

572,572

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

Yen (millions)
As of March 31, 2015
As of December 31, 2015
Composition ratio

Composition ratio

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

4,647

3,200

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

25,124

19,204

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

6,140

7,449

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

10,594

11,451

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

9,568

7,528

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

5,353

3,009

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

1,529

461

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

7,911

10,294

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

70,866

12.3%

62,596

10.9%

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

383

326

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

3,701

3,672

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

9,521

9,375

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

1,272

1,309

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

14,877

2.6%

14,682

2.6%

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

85,743

14.9%

77,27813.5%

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

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

45,42145,445

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

5,669

5,669

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

399,874

416,754

Accumulated other comprehensive income ......................

22,842

11,579Treasury stock, at cost .......................................................

(11,590)(11,598)

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

486,02184.5%

491,654

85.9%

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

3,564

0.6%

3,640

0.6%

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

489,58585.1%

495,294

86.5%

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

575,328100.0%

572,572

100.0%

As of March 31, 2015

As of December 31, 2015

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

135,734,868

135,733,738

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

4,273,892

4,275,022

English translation of "KESSAN TANSHIN" originally issued in Japanese6(2) Consolidated Statements of Income
Yen (millions)
For the nine months
For the nine months ended
ended December 31, 2014
December 31, 2015
Composition ratio

Composition ratio

311,119 100.0%

324,090 100.0%

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

192,62661.9%

206,751

63.8%

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

118,493

38.1%

117,339

36.2%

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

62,88620.2%

67,376

20.8%

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

55,60717.9%

49,963

15.4%

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

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

1,997

1,997

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

(99)

(88)

Exchange losses on foreign currency transactions, net ............

(4,019)(954)

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

105

1,364

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

-(4,667)

Total other expense, net ........................................................

(2,016)(0.7%)(2,348)(0.7%)

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

53,591

17.2%

47,615

14.7%

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

13,138

14,233

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

3,423

252

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

16,561

5.3%

14,485

4.5%

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

37,03011.9%

33,13010.2%

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

303

0.1%

234

0.0%

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

36,727

11.8%

32,896

10.2%

Consolidated Statements of Comprehensive Income
Yen (millions)
For the nine months ended
For the nine months ended
December 31, 2014
December 31, 2015
37,03033,130Foreign currency translation adjustment ...............................

30,628(9,772)

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

1,024(1,293)Pension liability adjustment ..................................................

91

(179)

Total other comprehensive income ..................................

31,743(11,244)COMPREHENSIVE INCOME ................................................

68,773

21,886Less-Comprehensive income attributable to thenon-controlling interest .........................................................

495

253

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

68,27821,633NET INCOME ..........................................................................
OTHER COMPREHENSIVE INCOME:

English translation of "KESSAN TANSHIN" originally issued in Japanese7(3) Consolidated Statements of Cash Flows
Yen (millions)
For the nine months
ended December 31, 2014

For the nine months
ended December 31, 2015

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

37,03033,130Depreciation and amortization ......................................................

6,331

6,902

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

3,423

252

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

(105)(1,364)

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

-

4,667

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

201

75

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

4,715

(41)

CASH FLOWS FROM OPERATING ACTIVITIES:

Changes in assets and liabilitiesInventories .................................................................................

(9,039)(12,325)

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

(839)(3,106)

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

(6,564)(1,655)

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

(607)(1,013)

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

(132)

421

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

34,41425,943

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

(9,742)(9,091)

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

(18,773)(8,916)

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

247

15,750

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

100

500

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

2,300

300

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

660

160

Investment in time deposit ...................................................................

(18,471)(26,685)

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

18,00824,024

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

(331)

(74)

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

(26,002)(4,032)45778

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

2,259

-

(3,185)(2,313)Purchase of treasury stock, net ............................................................

(14)

(8)

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

(12,352)(16,016)

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

(112)

(142)

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

(13,359)(17,701)

7,935

(83)

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

2,988

4,127

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ...

81,732

94,529CASH AND CASH EQUIVALENTS, END OF PERIOD .................

84,72098,656English translation of "KESSAN TANSHIN" originally issued in Japanese8(4) Notes on the assumptions for a going concern: None
(5) Note in case there is any significant change in the shareholders’ equity: None
(6) Condensed Operating Segment Information
Yen (millions)
For the nine months ended December 31, 2014
North
ElimiAsia
Other area
Total
Americanations

Consolidated

Japan

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

66,06659,538134,850
4,095

43,734
2,782

16,729134,728

49,740101

311,119
201,244(201,244)

311,119-

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

125,604

138,945

46,516

151,457

49,841

512,363(201,244)

311,119

Operating expenses .......

108,123

122,10944,678130,291

46,546

451,747(196,235)

255,512

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

17,481

16,836

1,838

21,166

3,295

60,616(5,009)55,607

Yen (millions)
For the nine months ended December 31, 2015
North
ElimiAsia
Other area
Total
Americanations

Consolidated

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

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

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, 2015
December 31, 2014(%)

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, 2015(%)

311,119
48,931
262,188
55,60753,59136,727

9.9
6.7
10.5
34.1
22.1
18.7

(%)

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

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

270.58
13,165242.35
14,659Yen (millions)
For the six months
ended September
30, 2015

For the year ending
March 31, 2016
(Forecast)

(%)

(%)

Net sales.........................................................................
414,7188.2
217,187 4.6
420,000 1.3
32,560 0.4
68,000 0.4
Domestic ...................................................................
67,740
2.6
Overseas ....................................................................
346,978
9.4
184,627 5.4
352,000 1.4
Operating income ..........................................................
71,905 30.9
34,545 (9.1)
63,000 (12.4)
30,853 (16.8)
59,500 (13.0)
Income before income taxes ..........................................
68,394 20.0
Net income attributable to Makita Corporation .............
45,307 17.8
21,487 (15.8)
40,700 (10.2)
Earning per share (Basic)
Net income attributable to Makita Corporationcommon shareholders (Yen) ........................................
333.79158.30299.85
14,332
Number of Employees ...................................................
13,835
Notes:
1. The table above shows the changes in the percentage ratio of Net sales, Operating income, Income before
income taxes, and Net income attributable to Makita Corporation against the corresponding period of theprevious year.
2. Please refer to [Qualitative Information and Financial Statements] Section 3 “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, 20152015

For the ninemonths ended
December 31,
2014

(%)

(%)

For the six
months ended
September 30,
2015

(%)

(%)

Japan ..................................................... 48,931
6.7
49,5791.3
67,7402.6
32,5600.4
133,281(0.8)
175,254
6.0
91,506
0.4
Europe................................................... 134,392
8.8
North America ...................................... 42,448
12.6
54,042
27.3
57,16814.6
34,46623.0
Asia ....................................................... 29,748
13.3
32,011
7.6
39,64313.3
20,641
4.6
55,177(0.8)
74,91311.9
38,014
4.6
Other regions ........................................ 55,600
11.6
Central and South America ............. 23,824
7.9
21,415 (10.1)
30,287
7.9
14,817(3.2)
Oceania ........................................... 17,265
14.2
18,3096.0
23,75914.2
12,1689.5
15,453
6.5
20,86715.5
11,02910.9
The Middle East and Africa ............ 14,511
14.8
Total ...................................................... 311,119
9.9
324,090
4.2
414,7188.2
217,187
4.6
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,
2014

For the ninemonths ended
December 31,
2015

106.73140.21121.74134.41

Yen/U.S. Dollar........
Yen/Euro ..................

For the year
ended
March 31, 2015109.76
138.69For the six
months ended
September 30,
2015
121.87135.11For the year
endingMarch 31, 2016
(Forecast)
120
132

4. Production Ratio (unit basis)
For the ninemonths ended
December 31,
2014

For the ninemonths ended
December 31,
2015

For the year
ended
March 31,2015

For the six
months ended
September 30,
2015

Composition ratio

Composition ratio

Composition ratio

Composition ratio

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

10.0%
90.0%

9.9%
90.1%

10.3%
89.7%

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, 2015
2015
2015
2014
Capital expenditures ......
Depreciation andamortization .................
R&D cost .......................

9.8%
90.2%

For the year
endingMarch 31, 2016
(Forecast)

9,742

9,091

12,124

6,177

13,000

6,331
6,737

6,902
7,249

8,619
9,117

4,573
4,587

9,200
9,200

English translation of "KESSAN TANSHIN" originally issued in Japanese

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