CONTENTSPROFILEFinancial Highlights &Highlights of Performance1

Sales by Region

2

Message to Shareholders

4

Corporate GovernanceComments from an Outside Director

811

Directors, Audit & Supervisory
Board Members andCorporate Officers

12

Addressing the Conflict Minerals
Issue
13
Environment-Conscious
Designs

14

10-Year Summary

16

Consolidated Balance Sheets

18

Consolidated Statementsof IncomeConsolidated Statements ofComprehensive Income

20

Consolidated Statements of
Changes in Equity

21

Consolidated Statements ofCash Flows

22

Corporate Directory

23

Corporate Data25

In 1958, Makita Corporation, founded in 1915 as anelectric motor sales and repair company, became thefirst company in Japan to manufacture and sellportable electric planers. Over the half century since,
Makita has worked to build a steady position as amanufacturer of portable power tools. Today, Makita
continues to provide products and services that are
beneficial in creating homes and living environments.
Makita’s history is one of close interaction withcustomers and parallels the evolution of power tools.
As a leading manufacturer and marketer of power
tools, Makita operates a network of production,
direct bases and service offices in Japan and about
50 countries around the world. The ratio of overseas
production is 89% on a unit basis, and 83% ofconsolidated sales come from overseas markets.
Through the power of its brand, supported bytechnology, quality and after-sales support, Makita
has secured a powerful competitive advantage andestablished a solid position as a leader in the global
power tools market.

VISION
Always placing itself in the customer’s position,
Makita aims to be a global supplier of a comprehensive range of power tools that assist people increating homes and living environments, while
continuously striving to become a truly global
corporation. On the basis of this stance, by continuing to develop market-leading products, we aim tobecome a consistently strong company. With this,
we mean a company that can capture and maintainworldwide market leadership as a global total
supplier of professional power tools, gardening
equipment and pneumatic tools to customers
around the world.
Forward-Looking Statements
This report contains forward-looking statements based on Makita’s own
projections and estimates. The power tools market, where Makita is mainly
active, is subject to the effects of rapid shifts in economic conditions,demand for housing, currency exchange rates, changes in competitiveness, and other factors. Due to the risks and uncertainties involved, actual
results could differ substantially from the content of these statements.
Therefore, these statements should not be interpreted as representationthat such objectives will be achieved.

Financial Highlights &Highlights of Performance
Net Sales

Operating Incomeupup

Operating Margindown

23.8 % 21.0 % 0.4 pt
ROE

ROA

up

23.7%

Operating Margin
20 (%)

9.5 %Net Income Attributable
to Makita Corporation

8.0 %

15

20.0

19.6
17.0

17.2

16.1

15.4 16.4 14.7

14.3

12.4

10

0
2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Share of Net Sales■ Power Tools■ Gardening Equipment, Household and Other Products■ Parts, Repairs and Accessories

Share of Net Sales(% / FY2014)

14.8
70.3

14.9

213,274

39,827‘13

223,069

42,136‘14

269,234

Principal products in Makita’s Gardening
Equipment, Household and Other Products group
include chain saws, petrol brushcutters, hedge
trimmers, industrial vacuum cleaners and handheld
vacuum cleaners for home use.
Makita’s after-sales service includes the sales ofParts, Repairs and Accessories such as saw blades,
drill bits and grinding wheels.

Net Sales (¥ millions)‘12

The Power Tools group offers a wide range of
dependable drills, rotary hammers, hammer drills,
demolition hammers, grinders, cordless impact
drivers and sanders. This group generates thelargest portion of Makita’s consolidated net sales.

42,61044,42557,281

56,692

1

Sales by Region

EUROPENORTH AMERICA
JAPAN

ASIA

(excluding Japan)

The Middle East
and Africa

OTHER REGIONS
Central andSouth America

Oceania

Share of Net Sales (% / FY2014)

JAPANNORTH AMERICA

17.2 %

13.0 %Net Sales (¥ millions)

Net Sales (¥ millions)
‘12
‘13
‘14

‘12

53,175‘13

56,55566,019Makita has secured a solid position as the leading power tool
manufacturer in Japan. We have earned the trust of customers, mainly
professional users, by satisfying a variety of customer needs throughan after-sales service network throughout Japan.

2‘1437,47541,48349,891

North America (comprising the U.S. and Canada) is a power tool
market with many professional users, and the same number or moreof DIY users. Makita is continuously commercializing value-added
products such as lithium-ion battery products, and these have further
contributed to our brand image.

EUROPEOTHER REGIONS

43.2 %

17.5 %
Central and South America

Net Sales (¥ millions)‘12

123,251

Net Sales (¥ millions)‘13

125,024‘12

23,370‘13

22,919‘14

165,357

Europe, where the Makita Group has established a solid businessbase, is the largest market for Makita. This market consists of the U.K.,
Germany, France and other western European countries, where
economic growth is moderate, Russia and eastern European
countries, such as Poland, the Czech Republic and Romania.

28,069‘14

Oceania
Net Sales (¥ millions)‘12

ASIA (excluding Japan)‘13

Net Sales (¥ millions)
‘12

‘14

20,805The Middle East and Africa

Net Sales (¥ millions)‘13

18,848

‘14

9.1 %
‘12

17,780‘13
26,013‘14

14,647
15,69518,062

29,10635,004In Asia, as in other markets, Makita products have won a favorable
reputation and customer trust for product quality and excellent
after-sales service systems befitting a brand for professional users.
This enables Makita to maintain a high market share in countries
throughout the region.

Makita is active in Central and South America, Oceania, the Middle
East and Africa, which are contributing to the growth of the Group’s
consolidated net sales. These regions are abundant in natural
resources, and medium- to long-term market growth can be expected.

3Message to Shareholders

Aiming to Be a Global Leader
in Power Tools

Shiro Hori

Masahiko Goto

President,
Representative Director

Chairman,
Representative Director

Greetings from the Management
As a global supplier of a comprehensive range ofpower tools that assist people in creating homes andliving environments, Makita aims to be a leader inthe global power tools industry. Makita copes flexibly
with changes in the business environment and ismaking steady progress toward achieving its goal of
consolidating a strong position in the industry.

4

Business results in fiscal
2014

The impact of exchange
rate fluctuations

In fiscal 2014 (the year ended March 31, 2014),

For more than twenty years, Makita has implemented

Western Europe experienced a gradual recovery ina production shift as a means of countering yen

business conditions, which had remained stagnant sinceappreciation, developing a business structure that enables

the onset of the European debt crisis. On the other hand,

us to limit the impact of exchange rate fluctuations on

Russia experienced economic deceleration. Although thelocal business results. Makita constantly strives to be a

U.S. economy continued to recover against the backdrop

strong, recession-resistant company that is not overlyof a generally strong housing market, the winter cold

influenced by the economic environment. We will adhere

wave had a chilling effect on the economy through theto our approach of fostering closer personal contact withyear end. Business conditions in Asia were generally firm,

customers and hold fast to our policy of continuouslywith the Chinese economy showing some resilience. Japan

investing in sales expansion and sales promotion activities

experienced a business recovery triggered by factors

and after-sales service enhancement regardless of

including a high level of housing starts due in part to last-fluctuations in business conditions.

minute demand before the consumption tax increase.
In this global economic environment, Makita achieved
strong business results in fiscal 2014. Consolidated net
sales increased for the fourth consecutive year, rising
sharply by 23.8% to a record high of ¥383.2 billion. A
number of factors contributed to the favorable results.
Europe accounts for a high proportion of Makita’sbusiness, and sales rebounded in southern Europe.

Sales by Geographic Area
Yen in billions

350

Business began to take off in China, where we havefocused efforts on strengthening after-sales services andsales promotion. We were able to maintain our market
share in Central and South America, where currency
depreciation and other factors led to adverse business

383.2

400

300

295.7

309.6

250

200

conditions. In Japan, thanks to close collaboration
between production and marketing, we managed to fulfill
orders without causing major inconvenience to customers

150

100

even amid rising demand.
In terms of results by product, overall unit sales ofpower tools increased. The reliability of cordless tools
equipped with lithium-ion batteries has improved, andsales of new products are very strong.

50

0
2012

2013

2014

■ Japan■ Europe■ North America■ Asia■ Central & South America■ Oceania■ The Middle-East & Africa

5Areas of focus in fiscal 2014

Purpose of the business andcapital alliance with Sharp

In fiscal 2014, we achieved further substantial

In the power tools market, customer expectations

enhancement of after-sales services. We opened branches

for product functionality, such as dust control, noise

in Panama and Belem, Brazil, and established a local

reduction, and product safety are increasing, mainly insales subsidiary in Malaysia. This year, we opened a

Europe and other developed markets. To meet theseparts center to offer after-sales services and repairs in

expectations, Makita must pursue the development

Cambodia. Underlying this effort is the basic concept ofof environment-friendly and people-friendly products

standing behind the products we sell by providing after-by introducing mechanical and other technologies.

sales services. We plan to continue investing to create a

When considering adopting technologies useful to new

more comprehensive after-sales service network, and one

product development from other industries to increase

approach we will consider is the opening of authorizeddevelopment speed, we rated very highly electronic

service centers. At existing service sites, we will re-verify

technologies used in advanced home appliances, amongthat services provided are up to Makita’s standards,

them the sensor technologies and control technologies

address weaknesses, and improve problem areas. In

of Sharp Corporation. Accordingly, we entered into a

this way, we will increase our collective strength as abusiness alliance with Sharp with the aim of generatingcompany.

technological synergies. To rapidly and reliably implement

In addition, we continued to augment production

the business alliance, we also entered into a capital

capacity through plant expansion in China, Romania,

alliance with Sharp in which Makita subscribed to a third-

and Brazil. We plan to implement cost reductions atparty allotment of shares in the amount of approximately

production sites while steadily augmenting capacity over a¥10.0 billion, which is roughly equivalent to Makita’s

period of two to three fiscal years.

annual R&D costs. Through this alliance, we have put inplace a structure that enables us to access and utilize in ashort time numerous promising technologies establishedA new challenge

in another industry. We consider this a highly efficient
R&D investment.

The most critical challenge Makita faced in fiscal 2014
was how to cope with a sharp increase in demand. The
key issue to address here is the strengthening of our
support structure as a supplier to enable us to deliver on
short lead times, including in cases of surging demandduring emergencies. This will require not only greater
preparedness at production sites, but further ongoing
improvement in end-to-end efficiency in production,
procurement, and logistics through additional efforts ofthe procurement and logistics divisions.

6

Makita’s strengths
One of Makita’s strengths is excellent communication.
This is true of all business divisions and of the corporation
as a whole. People can get together for impromptu
discussions and can quickly get things done. Such a
corporate culture leads to great flexibility when something
unexpected happens. Another of our strengths is a
corporate culture of placing importance first and foremoston customers, end users, and the front lines of thebusiness. At Makita, continuously gathering information

pneumatic tools, gardening equipment, and accessories.

and providing after-sales services by having not just theIn the area of power tools, we have made steady progresssales force, but all employees, come into contact withtoward achieving our aim of being “A global totalcustomers has become second nature. This is all about

supplier of tools.” In the pneumatic tools business, wemaking a habit of closely observing what a person does

are achieving considerable results in Japan, and while theand learning to consider another person’s point of view

business is developing favorably, we estimate that plenty

when speaking. We want Makita to remain a companyof room remains for expansion. Furthermore, we aim tothat continues to evolve and improve day by day and one

grow the gardening equipment business while steadily

that handles success with humility, as in the proverb, theexpanding our market share for these products, whichboughs that bear most hang lowest.

we have positioned as the second pillar of our businessfollowing power tools.
Makita will celebrate its centennial anniversary in

Future growth strategy

2015. To prepare for Makita’s next century, we intend
to continue with efforts to realize the vision of making

If Makita identifies and pursues what is necessary to

Makita a truly strong company. To achieve this, it isconfidently and steadily sell tools without being overly

important to become the global leader in power tools.

affected by local business conditions, the results will

This means being the leader not just in sales, but innaturally lead to business growth. If we broadly divide ourreliability as well, which will require still greater efforts.

markets into two categories, one approach for Asia andWe aim to achieve steady growth over time through theother developing markets is to provide single-function

persistent, unglamorous effort of cultivating the corporate

products that combine limited functionality with highapproach of frequently visiting and spending time in the

durability while tightly holding down costs. For developed

market and considering things from the viewpoint of ourcountries, the successful growth strategy will be creating

customers.

people-friendly and environment-friendly products and by
introducing advanced technologies.
Makita’s current business domain is power tools,

We ask our stakeholders for your continued
understanding and support in the years to come andencourage you to have high expectations for Makita’s future.

7

Corporate Governance
Overview of the Corporate Governance Structure
The Corporation has adopted an audit and supervisory

The Corporation’s Articles of Incorporation stipulate that the
number of Audit & Supervisory Board members shall notboard system. The Audit & Supervisory Board consists

exceed five.

of four Audit & Supervisory Board members, three of

The Board of Directors determines basic policies,

whom are independent outside Audit & Supervisory Board

matters required by law, and important matters relating tomembers who are not and have not been employed by the

management. In June 2009, the Corporation introduced aCorporation, including two who serve in a part-time capacity.

corporate officer system to facilitate prompt implementation

The two standing Audit & Supervisory Board members areof the Group strategy and strengthen the business execution

able to audit the execution of duties by directors at all times.

structure, and strives to engage in flexible and efficient

Two of the four Audit & Supervisory Board members havebusiness operation and enhance corporate value. The Board ofconsiderable knowledge of finance and accounting. The

Directors currently consists of twelve directors, one of whom

Audit & Supervisory Board members share information by

is an independent outside director. The Corporation’s Articles

means including the provision of audit reports and reportsof Incorporation stipulate that the number of directors shallon the Corporation’s condition to the independent auditor

not exceed fifteen.

in charge of the Corporation’s financial audits as needed.
The following is a schematic diagram of the Company’s corporate governance structure.
General Meeting of Shareholders
Appointment / Dismissal

Appointment / Dismissal
Board of Directors
12 Directors Including
1 Outside Director

Audit

Appointment / Dismissal / Supervision

Au

dit

Corporate
Officer

Corporate Officer, General Manager
of Administration Headquarters

Collaboration

Independent Auditor

Support
Audit Staff Office

ReportAudit Report

Audit & Supervisory Board
4 Members Including
3 Outside Members

ChairmanPresident

Appointment / Dismissal

ReportDisclosure Committee

Internal Audit Division
Audit

Corporate Divisions / Group Companies

Internal Audits and Audits by Audit & Supervisoryconducts the internal audits necessary to maintain the

Board Members

soundness of the Corporation’s management. With regard to

As an independent organization in charge of the
Corporation’s internal audits, the Internal Audit Department

8

Financial Statements Audit / Internal Control Audit

audits by Audit & Supervisory Board members, in accordancewith the audit policy and division of duties established by

the Audit & Supervisory Board, the four Audit & Supervisory

Steel Group, and Mr. Morita is independent from theBoard members attend meetings of the Board of Directors

Corporation and the Corporation’s management in charge

and other important meetings, receive reports on operationsof business execution. Mr. Morita was elected as outsidefrom the directors, read important documents such as

director at the General Meeting of Shareholders held on June

approval requests, and examine the status of operations and25, 2013 and has held office for one year.

assets at the head office and principal places of business.

Outside Audit & Supervisory Board Member Mr. Haruhito

They request business reports from subsidiaries and, as

Hisatsune has many years of experience at financial institutions

necessary, visit significant subsidiaries to examine the status

and professional knowledge in finance and other fields andof operations and assets. They also share information by

applies an objective, neutral perspective independent of thereceiving audit reports and reports on the Corporation’s

Corporation in audits as a standing Outside Audit & Supervisory

condition from the independent auditor as needed.

Board member of the Corporation. He provides opinions

Relationships with the Outside Director andOutside Audit & Supervisory Board Members
Outside Director Mr. Akiyoshi Morita formerly served

from a professional point of view at meetings of the Board of
Directors and Audit & Supervisory Board that he attends.
Outside Audit & Supervisory Board Member Mr. Michiyuki
Kondo has professional knowledge and abundant experience

successively as president and chairman and currently serves

as an attorney. He engages in appropriate management

as advisor to Aichi Steel Corporation, a core company ofoversight and provides opinions from a professional point

the Toyota Group, one of the world’s leading corporateof view at meetings of the Board of Directors and Audit &groups. Mr. Morita attends meetings of the Corporation’s

Supervisory Board that he attends.

Board of Directors and performs the role of strengthening

Outside Audit & Supervisory Board Member Mr. Fusahiro

the management oversight function based on experience

Yamamoto is knowledgeable about corporate accounting inand knowledge as a management professional cultivatedhis capacity as a certified public accountant. He engages inthroughout his career, offering advice and recommendations

appropriate management oversight and provides opinionsin accordance with that role.

from a professional point of view at meetings of the Board of

There are no personal relationships, capital relationships,

Directors and Audit & Supervisory Board that he attends.

or other interests between the Corporation and Mr. Morita.

Outside Audit & Supervisory Board Members Messrs.

Although the Makita Group purchases parts from Aichi Steel

Haruhito Hisatsune and Fusahiro Yamamoto hold no stock in

Corporation, Mr. Morita’s employer, the transaction amountthe Corporation and have no personal relationships, businessin the fiscal year ended March 31, 2014 was ¥632 million, a

relationships, capital relationships, or other interests with thesmall amount representing 0.2% and 0.3% of the respective

Corporation. Outside Audit & Supervisory Board Member Mr.

consolidated net sales of the Makita Group and the Aichi

Michiyuki Kondo holds stock in the Corporation as his holding

Steel Group.

in the Executive Stock Ownership Plan of the Corporation.

There are no personal relationships, capital relationships,
or other interests between the Corporation and the Aichi

He has no other personal relationships, business relationships,
capital relationships, or other interests with the Corporation.

9

Messrs. Hisatsune and Kondo were elected at the General
Meeting of Shareholders held on June 26, 2008 and haveheld office for six years.
Mr. Yamamoto was elected Audit & Supervisory Board member
at the General Meeting of Shareholders held on June 25,

Policy for Determining the Amount of2013 and has held office for one year.
The Corporation has judged that there is no risk of conflictof interest with ordinary shareholders and has designatedCompensation for Directors and Audit &Supervisory Board Members
The monthly salaries of the Corporation’s directors are a

Outside Director Mr. Akiyoshi Morita as an independent
director and Outside Audit & Supervisory Board members

fixed compensation paid in consideration of the execution

Messrs. Haruhito Hisatsune, Michiyuki Kondo, and Fusahiroof the duties and responsibilities of each director. Since the

Yamamoto as independent audit & supervisory board

elimination of the retirement bonus system for directors andmembers in accordance with the regulations of the Tokyo

auditors on June 29, 2006, the Corporation has introduced

Stock Exchange and Nagoya Stock Exchange. The Corporation

stock price-linked compensation as part of compensation. For

has entered into agreements with the abovementioned

directors, the Corporation contributes an amount equivalentoutside director and three Outside Audit & Supervisory Board

to the retirement bonus previously added to monthly salaries

members, with respect to their liability for damages to theto the Executive Stock Ownership Plan of the Corporation,

Corporation as prescribed in Article 423, Paragraph 1, of theacquires shares of the Corporation stock, and holds theCompanies Act, to limit the total amount of liabilities to thepurchased stock during the directors’ tenure. This means, in

sum of the amounts prescribed in the items of Article 425,

effect, that a portion of the directors’ compensation is linked

Paragraph 1, thereof.

to the share price and that the directors’ responsibility toenhance corporate value is more clearly defined.

Details of Compensation for Directors and Audit &Supervisory Board Members

In the interest of strengthening corporate governance,

Total amount of compensation and benefits for directors and Audit & Supervisory
Board members, total amount of compensation and benefits by type, and number of
eligible persons

Category

Directors(excluding outside
directors)
Audit &
Supervisory Board
members(excluding
outside Audit &Supervisory Board
members)
Outside directors
and Audit &Supervisory Board
members

10

Notes:
1. The retirement bonus system for directors was eliminated at the conclusion of theGeneral Meeting of Shareholders held on June 29, 2006, at which it was resolved
to pay a retirement bonus at the time of retirement of each director, with specificamounts, payment method, and other details left to the discretion of the Board of
Directors.
2. In addition to the above, ¥116 million was paid as employee salaries (including
bonuses) to eight directors concurrently serving as employees.

Totalcompensation

Total amount by compensation type(millions of yen)and number of eligible persons
Base
No. ofNo. of Retire- No. of(millionscompen- eligible Bonuses eligible ment eligibleof yen)sation persons
persons benefits persons
346

156

12

169

11

21

1

directors other than outside directors who have responsibility
for consolidated business results are eligible for directors’
bonuses. Bonuses are linked to consolidated businessresults to ensure the sharing of risks and returns with theshareholders.
The compensation of Audit & Supervisory Board members
is fixed to ensure independence from management, and

15

15

1

-

-

-

-

specific amounts are determined through discussion among
the Audit & Supervisory Board members.

29

29

5

-

-

-

-

Comments from an Outside Director

management activities.
At meetings of Makita’s Board of Directors, candid
feedback from the front lines of the business, such ascomplaints or the needs and wants of users and dealers in
the market, or the hardships of local employees, are often
the subject of discussion, and importance is placed on actual
places, things, and facts. In particular, it’s possible to quickly
and easily grasp the state of Makita’s business activities

Akiyoshi Morita

around the world thanks to monthly profit and loss reports

Outside Director

which supply concrete figures and other information in great
detail, such as the status of new product development,

Over a period of two decades at Toyota Group

production planning and sales, and progress in procurement.

companies, including Toyota Motor Corporation and Aichi

Under this system, everyone who attends Board meetings can

Steel Corporation, I have learned, reflected on, and put into

readily grasp the current status of the Corporation and top

practice skills applicable to everything from the basics ofmanagement’s point of view, and the proper direction for thebusiness management to corporate governance. I believe that

Corporation naturally becomes clear. The Makita management

in my role as outside director of Makita Corporation, I canteam shares information, and corporate policy is concrete andapply this valuable experience and contribute to protecting

clearly defined. Accordingly, we can assume that the Board

the interests of shareholders.

of Directors operates effectively from the perspective of

Makita and Toyota Motor are companies that have theircorporate governance.

headquarters in the Mikawa area (eastern Aichi Prefecture).

In my view, one challenge facing Makita is that it is time

They have established a strong presence in the global market

to consider how to invest to further increase corporate value.

and earn high profits. Although power tools and automobiles

Although I think Makita should consider investing mainly inare different products, the two companies share the same

areas close to its core business, I believe that the Corporation

type of corporate structure as companies whose business isshould not be too hasty, but rather be deliberate in its

the development and assembly-based manufacturing of single

decision making, and then take decisive action. I think that it isproduct lines. I feel that Makita and Toyota Motor are quite

necessary to create a corporate culture in which management

similar, right down to their distinctively Japanese management

continuously ponders what the Corporation's strengths are,philosophy, which builds on the style of the West, whereparticularly its technical strengths, and boldly ventures into

capitalism originated. For instance, their approach to businesspromising new business fields without fear of failure. In myis grounded in actual places and products, they steadily andview, Makita needs a personnel development system tocontinuously undertake improvement and innovation, andfoster large numbers of innovators who will become

they place greater importance on practice than theory in their

the leaders of tomorrow.

11

Directors, Audit & Supervisory Board Members
and Corporate Officers (as of June 25, 2014)
Directors and Audit & Supervisory Board Members
Directors

Toshio Hyuga* Chairman

General Manager of Domestic Sales Marketing Headquarters: Osaka Area

Masahiko Goto
* President
Shiro Hori
Director, Managing Corporate Officer
Tadayoshi Torii
In charge of Production and General Manager of Production Headquarters

Directors, Corporate Officers
Tomoyasu Kato
General Manager of Research and Development Headquarters

Tadashi Asanuma
In charge of Domestic Sales and General Manager of Domestic Sales
Marketing Headquarters

Hisayoshi Niwa
General Manager of Quality Headquarters

Shinichiro Tomita
General Manager of Purchasing Headquarters

Tetsuhisa Kaneko
General Manager of Production Headquarters (in charge of China Plant)

Yoji Aoki
General Manager of Administration Headquarters

Tomoyuki Ota
Assistant General Manager of Research and Development Headquarters

Munetoshi Goto
General Manager of International Sales Headquarters

Outside Director
Akiyoshi Morita
Advisor of Aichi Steel Corporation* denotes Representative Director.

Audit & Supervisory Board Members

Standing Audit & Supervisory Board Members
Toshihito Yamazoe
Haruhito Hisatsune
Audit & Supervisory Board Members
Michiyuki Kondo(Attorney at Law)

Fusahiro Yamamoto(Certified Public Accountant)
Messrs. Haruhito Hisatsune, Michiyuki Kondo, and Fusahiro Yamamoto
are Outside Audit & Supervisory Board Members.

12

Corporate Officers

Tamiro Kishima
In charge of OPE **Tim Donovan
President of Makita Corporation of America and in charge of the Brazil Plant

Takashi Omote
In charge of Central and South America Sales and President of Makita do
Brasil Ferramentas Elétricas Ltda.

Takashi Tsuchiya
General Manager of Domestic Sales Marketing Headquarters: Tokyo Area

Yasushi Fukaya
In charge of Europe Sales** OPE stands for outdoor power equipment which is used for outdoor work such as
gardening, agriculture and forestry.

Addressing the Conflict Minerals Issue
It has become evident that a portion of the minerals

full-scale investigations of suppliers concerning conflict minerals(tantalite, tin, gold, and tungsten) mined in the Democratic

in September. Investigations at overseas suppliers and overseas

Republic of the Congo and surrounding areas serves as aplants began in October. The entire Makita Group will continue

source of funds for armed groups accused of inhumane acts

to address the issue of conflict minerals in cooperation withand human rights violations.

suppliers.

Given these circumstances, the above four minerals were
designated as “conflict minerals” in Section 1502 of the
Dodd–Frank Wall Street Reform and Consumer Protection Act(the Dodd–Frank Act) enacted in the U.S.A., and companies
registered with the Securities and Exchange Commission (SEC)
became obligated to disclose the use of conflict minerals
originating in the Democratic Republic of the Congo andsurrounding areas.
Makita recognizes that the issue of conflict minerals has
critical social implications, and thus takes action to assuretransparency in the supply chain, including by investigating
the minerals used in products, and engages in responsible

Democratic Republicof the Congo

procurement with the aim of ensuring non-use of conflictminerals.

Countries where conflictminerals are mined.

As part of this initiative, Makita joined the Responsible
Minerals Trade Working Group of the Japan Electronics andInformation Technology Industries Association (JEITA) andhas been cooperating with participating industry groups
since 2013. In addition, Makita uses the EICC/GeSl reporting
template, considered an industry standard, in order to conduct
investigations efficiently.
Makita began holding briefings with domestic suppliers
and set up a division in charge of conflict minerals compliancewithin Purchasing Headquarters in August 2013. It began

Conflict minerals are minerals extracted in a conflict zone andsold to perpetuate the fighting.

13

Environment-Conscious Designs
Makita designs and develops environment-conscious products. In this section, we spotlight the development of cordless tools,
one of many environment-conscious design initiatives at Makita.

Rapid Charging and Long Battery Life
Makita's cordless tools deliver both rapid charging and long battery life through the use of lithium-ion batteries, our original Optimum
Charging System, and forced-air battery cooling.
Lithium-Ion Batteries and the Optimum Charging
SystemLithium-ion batteries are compact, lightweight, highly efficient
Digitalcommunication

batteries that offer excellent product characteristics, such as
high energy density and low self-discharge. With the Optimum
Charging System, a memory chip built into the battery records
the battery use history and digitally communicates the history
to the charger. The charger diagnoses the battery’s condition(high temperature, charging after the battery has been fully
charged, over-discharging, etc.) and charges the battery using
the optimum method and time.
Well-Balanced Battery Cooling

Comparing batteries with similar capacity, these cooling features

Heat is a cause of battery damage. For this reason, a fan on the

resulted in the reduction of charging time by approximately

charger forces cooling air into the battery, which evenly cools the

20% and increased lifetime work volume approximately

inside of the battery and forcibly discharges heat. This substantially

3.3-fold compared with the Ni-MH cluster battery.

shortens charging time. In addition, it lengthens battery life bysuppressing battery temperature during and after charging.
Comparison of Lifetime Work Volume(With cluster battery indexed at 100)

Flow of cooling air
within the battery
Air inlet

AiroutletNi-MH 2.8Ah
Photo for illustrative
purposes only

Cooling fan

14

330

Li-ion 3.0Ah

Air inlet

100New Products in Fiscal 2014
Notable among the new products launched in fiscal 2014 is a series of cordless gardening equipment powered by two 18V batteries,
which combine to provide the motor with 36V of power, the highest of any Makita’s cordless tools. This series delivers powercomparable to engine-powered equipment, but with no exhaust, low noise, and low vibration. In addition, since these products use
the mainstay battery in Makita’s extensive lithium-ion battery series, the same battery that powers 18V cordless tools and gardening
equipment, they contribute to effective battery use.

Environment-Conscious Design Concepts
Makita’s concepts for environment-conscious products
began with an assessment of products in 1992, andenvironment-conscious design began in earnest with thelaunch of Makita’s global environment charter in 1993.
Today, we continue to improve the energy efficiency of
products, reduce weight, extend product life, and use
environment-conscious materials to develop, manufacture,and sell products that are recyclable or safe for disposal.

15

10-Year Summary
Yen in millions
2005

For the years ended March 31,
Net Sales
Domestic
Overseas
Operating Income
Income Before Income Taxes
Net Income Attributable to Makita Corporation

2006

2007

2008

¥ 194,737
39,379155,358
31,39832,61822,136¥ 229,075
41,600187,475
45,77849,36740,411¥ 279,933
46,860233,073
48,17649,72436,971¥ 342,577
52,193
290,384
67,031
66,23746,043

Net Cash Provided by Operating Activities
Net Cash Provided by (Used in) Investing Activities
Free Cash FlowsNet Cash Used in Financing Activities

16,842
154
16,996(16,177)

25,067
7,655
32,722(19,548)

32,360(27,276)
5,084(8,307)29,275(4,508)24,767(13,815)

Capital Expenditures
Depreciation and Amortization
R&D Costs

6,655
5,381
4,446

11,383
5,922
4,826

12,9808,773
5,460

15,036
8,871
5,922¥289,904
149,666
219,640
9,148¥326,038
181,808
266,584
1,832¥368,494
212,183
302,675
1,945¥386,467
230,699
316,498
2,632

¥

¥

¥

¥

As of March 31,
Total Assets
Net Working Capital
Total Makita Corporation Shareholders’ Equity
Interest-Bearing Debt
Per Share Amounts：
Earnings per Share of Common Stock and per ADS: Basic
Total Shareholders’ Equity
Cash Dividends Applicable to the Year

Yen

Other data：
Ratio of Operating Income to Net Sales
Return on Equity (ROE)
Return on Assets (ROA)
Shareholders’ Equity Ratio
Average Number of Shares Outstanding
Number of Outstanding Shares Excluding Treasury Stock
Employees

153.9
1,527.6
47.0

16.1%
10.7%
7.8%
75.8%
143,844,383
143,777,607
8,560

281.1
1,855.0
57.0

20.0%
16.6%
13.1%
81.8%
143,736,927
147,711,766
8,629

257.3
2,106.3
74.0

17.2%
13.0%
10.6%
82.1%
143,706,789
143,701,279
9,062

320.3
2,201.3
97.0

19.6%
14.9%
12.2%
81.9%
143,749,824
143,773,625
10,436

1. The U.S. dollar amounts above and elsewhere in this report represent translations, for the convenience of the reader, at the rate of ¥103 to US$1.
2. Consolidated financial statements are prepared in accordance with United States Generally Accepted Accounting Principles.
Certain reclassifications have been made to the consolidated financial statements for the years ended March 31, 2006, 2007, 2008 and 2009 to conform with the presentation used
for the year ended March 31, 2010. The meaning of “Net income attributable to Makita Corporation” is the same as the former “Net income.”
3. Net income attributable to Makita Corporation per share is computed based on the average number of common stock outstanding during the term.
4. Amounts of less than ¥1 million have been rounded.

Net Sales (¥ millions)383,207309,630
295,711272,630
245,823

Operating Income (¥ millions)
54,914
48,51645,366
41,90930,390

’10

16

’11

’12

’13

’14

Net Income Attributable to
Makita Corporation (¥ millions)’10

38,45332,49731,07629,905

Total Makita Corporation
Shareholders’ Equity (¥ millions)
435,934
373,543
297,207
321,253
307,149

22,258

’11

’12

’13

’14

’10

’11

’12

’13

’14

’10

’11

’12

’13

’14

U.S. Dollars
in thousands
2014

Yen in millions
2009

2010

2011

2012

2013

2014

¥ 294,034
46,222
247,81250,07544,44333,286¥ 245,823
42,697203,126
30,39033,51822,258¥ 272,630
46,065
226,565
41,90942,73029,905¥ 295,711
53,175242,536
48,516
46,96332,497¥ 309,630
56,555
253,075
45,36645,691
31,076¥ 383,207
66,019317,188
54,91456,97438,453$ 3,720,456
640,9613,079,495
533,146
553,146
373,330

22,178232
22,410(33,179)

57,126(17,668)
39,458(9,114)

19,617(19,334)
283(7,355)

8,622(4,500)4,122(12,707)38,364(15,414)
22,950(10,650)

41,686(20,084)
21,602(7,365)

404,718(194,990)
209,728(71,505)

17,0468,887
6,883

10,837
8,308
6,782

9,742
7,557
7,283

13,481
7,237
7,603

11,481
7,542
8,396

11,4178,622
8,720

110,845
83,70984,660¥336,644
199,586
283,485
1,057¥349,839
211,336
297,207929¥372,507
219,270
307,149
887¥383,256
223,045
321,2532,363¥440,974
266,950
373,543
1,703¥519,121
310,750
435,934
4,163$5,040,010
3,016,990
4,232,369
40,417

¥

¥

¥

¥

¥

¥

Yen

236.9
2,057.8
80.0

17.0%
11.1%
9.2%
84.2%
140,518,582
137,764,005
10,412161.6
2,157.4
52.0

12.4%
7.7%
6.5%
85.0%
137,762,051
137,760,402
10,328217.1
2,229.6
66.0

15.4%
9.9%
8.3%
82.5%
137,759,272
137,757,699
12,054

U.S. Dollars

236.8
2,366.5
72.0

16.4%
10.3%
8.6%
83.8%
137,244,683
135,750,518
12,563228.9
2,751.8
69.0

14.7%
8.9%
7.5%
84.7%
135,748,088
135,745,927
12,680283.3
3,211.6
91.0

$

2.75
31.18
0.88

14.3%
9.5%
8.0%
84.0%
135,740,827
135,737,626
12,804

Capital Expenditures R&D Costs (¥ millions)Free Cash Flows (¥ millions)
57,12638,36439,45841,686

13,481
10,837

19,617283

22,950

8,622
4,122

’10

(15,414)(19,334)’11’12

11,481

7,603

11,417

8,396

8,720

Cash flows from operating activities(4,500)(17,668)

9,742
7,283
6,782

21,602’13(20,084)’14

Cash flows from investing activities
Free cash flows(Combined total of cash flows from operating and investing activities)

’10

’11

’12

Capital expenditures

’13

’14
R&D costs

17

Consolidated Balance Sheets
MAKITA CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSAS OF MARCH 31, 2013 AND 2014
Yen in millions
2013

U.S. Dollars in thousands
2014

2014

ASSETS

CURRENT ASSETS:
Cash and cash equivalents
Time deposits
Short-term investments
Trade receivables- Notes- Accounts
Less-Allowance for doubtful receivables
Inventories
Deferred income taxes
Prepaid expenses and other current assets
Total current assets¥ 62,283
13,26238,0601,398
53,583(899)
138,9535,533
11,102
323,275¥ 81,732
15,67341,048
1,402
64,176(1,001)
156,111
7,231
13,665
380,037

PROPERTY, PLANT AND EQUIPMENT, AT COST:Land
Building and improvements
Machinery and equipment
Construction in progress
SubtotalLess-Accumulated depreciation and amortization
Total net property, plant and equipment

22,71084,48280,484
3,349
191,025(104,740)
86,285

22,793
91,18486,594
3,174
203,745(112,143)
91,602

221,291885,282
840,718
30,816
1,978,107(1,088,767)
889,340

18,461
721
4,549
961
6,722
31,41430,413
721
4,692
623
11,03347,482295,272
7,000
45,553
6,049
107,117
460,990¥ 440,974¥ 519,121$ 5,040,010

INVESTMENTS AND OTHER ASSETS:
Investments
Goodwill
Other intangible assets, net
Deferred income taxes
Other assets
Total investments and other assets
Total assets

18$

793,515
152,165
398,524
13,612623,068(9,718)1,515,641
70,204
132,6703,689,680

Yen in millions
2013

U.S. Dollars in thousands
2014

2014

LIABILITIESCURRENT LIABILITIES:
Short-term borrowings
Trade notes and accounts payable
Other payables
Accrued expenses
Accrued payroll
Income taxes payable
Deferred income taxes
Other liabilities
Total current liabilities
LONG-TERM LIABILITIES:Long-term indebtedness
Accrued retirement and termination benefits
Deferred income taxes
Other liabilities
Total long-term liabilities
Total liabilities

¥

1,695
21,910
5,556
7,148
8,295
5,221
129
6,371
56,325¥

4,147
21,406
6,647
10,566
9,083
8,210
1,029
8,199
69,287$40,262
207,825
64,534
102,583
88,18479,7099,990
79,602
672,689

8
3,513
3,136
1,660
8,317
64,642

16
3,689
5,332
1,353
10,39079,677

155
35,816
51,767
13,136
100,874
773,563

23,80523,805

231,11745,421
5,669
338,239(28,064)

45,421
5,669
366,919
5,693

440,981
55,0393,562,320
55,272(11,527)
373,543
2,789
376,332(11,573)435,934
3,510
439,444(112,359)
4,232,369
34,0784,266,447¥ 440,974¥ 519,121$ 5,040,010

EQUITYMAKITA CORPORATION SHAREHOLDERS’ EQUITY:
Common stock, authorized - 496,000,000 shares
Issued and outstanding- 140,008,760 and 135,745,927 shares, respectively
in 2013
Issued and outstanding- 140,008,760 and 135,737,626 shares, respectively
in 2014Additional paid-in capital
Legal reserve
Retained earnings
Accumulated other comprehensive income (loss)
Treasury stock, at cost - 4,262,833 shares in 2013
- 4,271,134 shares in 2014
Total Makita Corporation shareholders’ equity
NON-CONTROLLING INTEREST
Total equity
Total liabilities and equity

19Consolidated Statements of Income
MAKITA CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED MARCH 31, 2012, 2013 AND 2014
Yen in millions
2013

2012

NET SALES
Cost of sales
GROSS PROFIT
Selling, general, administrative and others, net
OPERATING INCOME
OTHER INCOME (EXPENSE):
Interest and dividend income
Interest expense
Exchange losses on foreign currency transactions,net
Realized gains (losses) on securities, net
Total other income (expense), net
INCOME BEFORE INCOME TAXES
Provision for income taxes : Current: Deferred
Total income tax expense
NET INCOME
Less-Net income attributable to the non-controllinginterest
NET INCOME ATTRIBUTABLE TO MAKITACORPORATIONPER SHARE OF COMMON STOCK AND ADS:
Earnings per share: Basic
Cash dividends per share paid for the year

U.S. Dollars in thousands
2014

2014

¥ 295,711
180,541
115,170
66,654
48,516¥ 309,630
194,859
114,771
69,40545,366¥ 383,207
244,053
139,154
84,24054,914$ 3,720,456
2,369,447
1,351,010
817,864
533,146

1,491
(242)

1,732
(180)

2,326
(202)

22,583(1,961)(2,150)(1,324)(1,700)(16,505)(652)(1,553)
46,963
14,309(135)
14,17432,78997
325
45,691
13,206
1,301
14,50731,184

1,636
2,060
56,974
18,749(518)
18,231
38,743

15,88320,000553,146
182,029(5,029)177,000
376,146

292

108

290

2,816

¥ 32,497¥ 31,076¥ 38,453$ 373,330¥ 228.9¥ 72.0¥ 283.3¥ 72.0Yen¥ 236.8¥ 66.0U.S. Dollars$ 2.75$ 0.70Consolidated Statements of Comprehensive Income
MAKITA CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED MARCH 31, 2012, 2013 AND 2014
Yen in millions
2013

2012

NET INCOME

U.S. Dollars in thousands
2014

2014

¥ 32,789¥ 31,184¥ 38,743$ 376,146(4,952)

27,74030,204

293,243

487

2,699

2,687

26,08777(4,388)28,401821
31,26062,444

1,322
34,213
72,956

12,835332,165
708,311

146

366

746

7,243

¥ 28,255¥ 62,078¥ 72,210$ 701,068

OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustment
Unrealized holding gains on available-forsale securities
Pension liability adjustment
Total other comprehensive income (loss)
COMPREHENSIVE INCOME
Less-Comprehensive income attributable to the noncontrolling interest
COMPREHENSIVE INCOME ATTRIBUTABLE TO
MAKITA CORPORATION

20Consolidated Statements of Changes in Equity
MAKITA CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED MARCH 31, 2012, 2013 AND 2014

Common stock

Additional paidin capital

Legal reserve

Retainedearnings

Accumulated othercomprehensive
Treasury stockincome (loss)

Noncontrollinginterest

Total

Yen in millions

Balance as of April 1, 2011
Purchases and disposal of treasury stock, net
Cash dividends
Comprehensive income (loss):
Net income
Foreign currency translation adjustment
Unrealized holding gains on available-for- salesecurities
Pension liability adjustment¥ 23,805¥ 45,4201¥ 5,669¥ 293,532¥ (54,824)¥ (6,453)(5,060)(9,092)32,497(4,806)¥ 2,529(150)¥ 309,678(5,059)(9,242)292(146)

32,789(4,952)

487

487

77

77

Balance as of March 31, 2012

23,80545,421

5,669

316,937(59,066)(11,513)2,525

323,778

Balance as of April 1, 2012
Purchases of treasury stock
Cash dividends
Comprehensive income:Net income
Foreign currency translation adjustment
Unrealized holding gains on available-for- salesecurities
Pension liability adjustment

23,80545,421

5,669

316,937(59,066)(11,513)
(14)

2,525
(102)

323,778(14)(9,876)108258

31,18427,740

Balance as of March 31, 2013

23,80545,421

5,669

338,239(28,064)(11,527)

2,789

376,332

Balance as of April 1, 2013
Purchases of treasury stock
Cash dividends
Comprehensive income:Net income
Foreign currency translation adjustment
Unrealized holding gains on available-for- salesecurities
Pension liability adjustment

23,80545,421

5,669

338,239(28,064)(11,527)
(46)

2,789
(25)

376,332(46)(9,798)290
456

38,74330,204(9,774)31,07627,482
2,699

2,699

821

821

(9,773)38,45329,748
2,687

2,687

1,322

1,322

Balance as of March 31, 2014

¥ 23,805¥ 45,421¥ 5,669¥ 366,919¥ 5,693¥ (11,573)¥ 3,510¥ 439,444

Balance as of March 31, 2014 – US$ in thousands$ 231,117$ 440,981$ 55,039$ 3,562,320$ 55,272$ (112,359)$ 34,078$ 4,266,447

21

Consolidated Statements of Cash Flows
MAKITA CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED MARCH 31, 2012, 2013 AND 2014
Yen in millions
2013

2012

CASH FLOWS FROM OPERATING ACTIVITIES:Net income
Adjustments to reconcile net income to net cash provided by operating
activitiesDepreciation and amortization
Deferred income tax expense (benefit)
Realized (gains) losses on securities, net
Losses (gains) on disposal or sales of property, plant and equipment, net
Bad debt expense
Inventory write-downs
Impairment of goodwill and long-lived assets
Changes in assets and liabilitiesTrade receivables
Inventories
Trade notes and accounts payable and accrued expenses
Income taxes payable
Accrued retirement and termination benefits
Other, net
Net cash provided by operating activities¥ 32,789¥ 31,184¥ 38,743$ 376,146

7,237
(135)
652
(179)
131
1,962
214

7,542
1,301
(97)
59
169
719
45

8,622
(518)
(1,636)
(297)
176
1,632
1,239

83,709(5,029)(15,883)(2,883)
1,709
15,845
12,029(3,430)(25,110)(3,554)741(1,235)(1,461)
8,622

(720)
2,519
(1,097)(1,857)(1,100)(303)
38,364(6,268)(1,480)1,441
907(1,323)448
41,686(60,854)(14,369)
13,9908,806(12,845)4,350
404,718(13,481)(1,473)(6,099)13,50771300
709(31,372)
33,30731(4,500)(11,481)(11,358)(1,216)
2,249
156
3,900
759
(21,828)
23,785(380)(15,414)(11,417)(19,650)
7,730
200
3,800
1,259
(16,549)
15,123(580)(20,084)(110,845)(190,777)
75,0491,942
36,893
12,223(160,670)
146,825(5,631)(194,990)

(264)

-

-

-

4,509

2,272

4,002

38,854(2,635)(2,919)(1,611)(15,641)(5,059)(9,092)(166)(12,707)(15)(9,774)(214)(10,650)(46)(9,773)63(7,365)(447)(94,883)
612(71,505)

CASH FLOWS FROM INVESTING ACTIVITIES:Capital expenditures, including interest capitalized
Purchases of available-for-sale securities
Purchases of held-to-maturity securities
Proceeds from sales of available-for-sale securities
Proceeds from maturities of available-for-sale securities
Proceeds from maturities of held-to-maturity securities
Proceeds from sales of property, plant and equipment
Investment in time deposits
Withdrawal of time deposits
Other, net
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Additions to (payments on) borrowings with original maturities of threemonths or less, net
Additions to borrowings with original maturities of more than threemonthsPayments on borrowings with original maturities of more than threemonthsPurchase of treasury stock, net
Cash dividends paid
Other, net
Net cash used in financing activities
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS
NET CHANGE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS, END OF YEAR
SUPPLEMENT DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for interest, net of amount capitalized
Cash paid during the year for income taxes

22

U.S. Dollars in thousands
2014

2014

1,564

5,171

5,212

50,602(7,021)
51,833¥ 44,812

17,47144,812¥ 62,283

19,44962,283¥ 81,732

188,825604,689$ 793,515

¥

¥

¥

$

198
13,568175
15,063

195
17,841

1,893
173,214

Corporate Directory
ASIA
JAPAN
Makita Corporation
Head office
3-11-8, Sumiyoshi-cho,
Anjo, Aichi 446-8502
Phone: +81-(0)566-98-1711
Fax: +81-(0)566-98-6021
Okazaki plant
22-1, Watarijima, Nemunoki-cho,Okazaki, Aichi 444-0232
Phone: +81-(0)564-43-3111

CHINA
Makita (China) Co., Ltd.
Head office & plant
No. 288 South Huangpujiang Road,
Kunshan Development Zone, Jiangsu,
Postcode: 215335
Phone: +86-(0)512-57707710
Fax: +86-(0)512-57713623
Domestic sales department
318 South Wusongjiang Road, Kunshan,
Jiangsu, Postcode: 215300
Phone: +86-(0)512-5703-7500
Fax: +86-(0)512-5703-7118
Guangzhou sales branch
No.24 Building, No.26, Renhouzhi
Street, Dachongkou, Fangcun Avenue,
Liwan District, Guangzhou, Guangdong,
Postcode: 510370
Phone: +86-(0)20-87518872
Fax: +86-(0)20-87518873
Shanghai sales branch
1F, Building 33, No.888 Shuangbai Road,
Minhang District, Shanghai,
Postcode: 201108
Phone: +86-(0)21-54487198
Fax: +86-(0)21-62476732
Beijing sales branch
No.6 A Heyi Xili North Street,
Fengtai District, Beijing, Postcode: 100076
Phone: +86-(0)10-67983346
Fax: +86-(0)10-87898365

Changsha sales branch
1F, Ruixinjidi Research andDevelopment office building,
NO.166, Guyuan Road, Gaoxin District,
Changsha, Hunan. Postcode: 410205
Phone: +86-(0)731-8526-7792
Fax: +86-(0)731-8526-7791
Shijiazhuang sales branch
Room 104, Building 2, AnYuan Area C ,NO.111 Tangu South Street, Shijiazhuang,
Hebei, Postcode: 050026
Phone: +86-(0)311-8986-4089
Fax: +86-(0)311-8925-0381
Makita (Kunshan) Co., Ltd.
Nanzi Road, Kunshan Comprehensive Free
Trade Zone, Jiangsu, Postcode: 215301
Phone: +86-(0)512-57367367
Fax: +86-(0)512-57365575
Makita Power Tools (HK) Ltd.
3F, Grandtech Centre, 8 On Ping Street,
Shatin, N.T., Hong Kong
Phone: +852-2648-8683
Fax: +852-2648-5237
Makita (Taiwan) Ltd.
No.798, Sec.2, Wenhua 3rd Rd., Linkou
Dist., New Taipei City 24459, Taiwan
Phone: +886-(0)2-8601-9898
Fax: +886-(0)2-8601-2266

SINGAPORE
Makita Singapore Pte. Ltd.
7, Changi South Street 3, Singapore
486348Phone: +65-6546-8700
Fax: +65-6546-8711

INDIA
Makita Power Tools India Private
Ltd.
Unit II, Sy. No.93/3, 93/4,
Koralur Village, Kasaba Hobli,
Hoskote Taluk, Bangalore 560067
Phone: +91-(0)80-2854-9008
Fax: +91-(0)80-2854-9007

VIETNAM

Chengdu sales branch
1F, Building 3, No.9, Wu Ke Dong San Road,Wu Hou District, Chengdu, Sichuan
Postcode: 610045
Phone: +86-(0)28-85366002
Fax: +86-(0)28-87337018

Makita Vietnam Co., Ltd,
Head office
Unit 06, Block 16 18 L1-2, Street 3, VSIP II
Industrial Park, Hoa Phu Ward, Thu Dau
Mot City, Binh Duong Province
Phone: +84-650-362-8338
Fax: +84-650-362-8339

Shenyang sales branch
No.2, No.7 Street, Economic andTechnological Development Zone,
Shenyang, Liaoning, Postcode: 110141
Phone: +86-(0)24-22530648
Fax: +86-(0)24-22530170

North branchNo. 1, Street 6, VSIP Bac Ninh Integrated
Township and Industrial Park, Phu Chan
Commune, Tu Son Town, Bac Ninh Province
Phone: +84-241-376-5942
Fax: +84-241-376-5941

Xian sales branch
1 & 2F, Xian Youzhi Science and Technology
Industrial Park NO.75 Mingguang Road
Economic And Technological Development
Zone, Xian, Shanxi, Postcode: 710018
Phone: +86-(0)29-86223736
Fax: +86-(0)29-86229230

Da Nang branch
102 Trieu Nu Vuong Street, Hai Chau 1
Ward, Hai Chau District, Da Nang City
Phone: +84-511-352-5079
Fax: +84-511-352-5479

THAILAND
Makita Manufacturing (Thailand)Co., Ltd.
219/1 Moo 6, Tambon Bowin, Amphur
Sriracha, Chonburi, 20230
Phone: +66-(0)3300-4750
Fax: +66-(0)3300-4747

MALAYSIA
Makita Power Tools (Malaysia) Sdn.
Bhd.
Lot 824, Jalan Subang 5, Subang Industrial
Area, 47500 Subang Jaya, Selangor
Phone: +60-(0)3-8023-0824
Fax: +60-(0)3-8022-1448

CAMBODIA
Makita Singapore Pte. Ltd.
Cambodia branch
No. 432, St. 271, Sangkat Tumnup Teuk,
Khan Chamkarmon, Phnom Penh
Phone: +855-(0)23-994-071
Fax: +855-(0)23-994-073

AMERICAS
UNITED STATES
Makita U.S.A. Inc.
Corporate office14930 Northam Street, La Mirada,
CA 90638-5753
Phone: +1-714-522-8088
Fax: +1-714-522-8133
Western regional (Los Angeles) office14930 Northam Street, La Mirada,
CA90638-5753
Phone: +1-714-522-8088
Fax: +1-714-522-2437
Central regional(Chicago) office1450 Feehanville Drive, Mount Prospect,
IL 60056-6011
Phone: +1-847-297-3100
Fax: +1-847-297-1544
Eastern regional (Atlanta) office2660 Buford Highway, Buford,
GA 30518-6045
Phone: +1-770-476-8911
Fax: +1-770-476-0795
Factory service centers
Atlanta, Chicago, Dallas, Denver, Florida,
Houston, Las Vegas, Los Angeles,
New Jersey, Portland, San Francisco
Makita Corporation of America
2650 Buford Highway, Buford,
GA 30518-6045
Phone: +1-770-932-2901
Fax: +1-770-932-2905
Makita Latin America Inc.
10205 NW 108th Avenue, Suite 20,
Medley, FL 33178-2507
Phone: +1-305-882-0522
Fax: +1-305-882-0484

CANADA
Makita Canada Inc.
Head office1950 Forbes Street, Whitby,
ON L1N 7B7Phone: +1-905-571-2200
Fax: +1-905-433-4779
Western regional office11771 Hammersmith Way, Richmond,
BC V7A 5H6
Phone: +1-604-272-3104
Fax: +1-604-272-5416

Quebec and Atlantic regional office6389 Boul. Couture, St. Léonard,
Quebec H1P 3J5
Phone: +1-514-323-1223
Fax: +1-514-323-7708
Factory service centers
Burnaby (Vancouver), Calgary,
Dartmouth (Halifax), Edmonton,
Les Saules (Quebec City), London,
Mississauga (Toronto), Nepean (Ottawa),
Richmond (Vancouver), Saskatoon,
St. Laurent (Montreal),
St. Leonard (Montreal), Whitby, Winnipeg

MEXICO
Makita México, S.A. de C.V.
Norte 35#780-B Col. Industrial Vallejo
Del. Azcapotzalco Mexico, D.F. Mexico
C.P. 02300
Phone: +52-555-567-3387
Fax: +52-555-567-3282

PANAMA
Makita Latin America Inc.
Panama branch
Local Comercial No.4, Albrook Office
Center, calle Diego Dominguez, Albrook,
Panama City
Phone: 507-315-0305
Fax: 507-315-0651

BRAZIL
Makita do Brasil Ferramentas
Elétricas Ltda.
Head office & plant
Rodovia BR 376, Km 506,1 Bairro Industrial,
Ponta Grossa, PR CEP 84043-450
Phone: +55-(0)42-3302-2100
Fax: +55-(0)42-3302-2120
São Paulo sales office
Rua Makita Brasil, 200 Bairro dos
Alvarengas, São Bernardo do Campo,
SP CEP 09852-080
Phone: +55-(0)11-4392-2411/2199-2500
Fax: +55-(0)11-4392-2922/4392-2471
Salvador sales branch
Rua Andre LR da Fonte, 491 Bairro
Pitangueiras, Lauro de Freitas, BA
CEP 42700-000
Phone: +55-(0)71-3252-0154
Fax: +55-(0)71-3252-0070
Curitiba sales branch
Rua Comendador Roseira,499 Bairro Prado Velho, Curitiba,
PR CEP 80215-210
Phone: +55-(0)41-3333-8070
Fax: +55-(0)41-3332-0734
Belém sales branch
Rodovia BR 316, Km 04 Loja 04-BairroÁguas Lindas, Ananindeua / PA
CEP 67020-000
Phone: +55-(0)91-3237-7186
Service centersSão Paulo, Rio de Janeiro, Recife,
Belo Horizonte

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ARGENTINA
Makita Herramientas Eléctricas deArgentina S.A.
Lisandro de la Torre 1246, Parque
Industrial Pilarica, Fatima, Pilar Provincia de
Buenos Aires, CP1629
Phone: +54 (230)444-1100
Fax: +54 (230)444-1105

CHILE
Makita Chile Comercial Ltda.
Av. Lo Boza 120-B Modulo 1,
Pudahuel, Santiago, CP 9030971
Phone: +56-(0)2-2540-0400
Fax: +56-(0)2-2540-0436

PERU
Makita Peru S.A.
Av. Argentina 3119, Zona B, Lima
Phone: +51-(1) -562-0220
Fax: +51-(1) -561-0099

COLOMBIA
Makita Colombia, S.A.
Bodega 4 y 7 Lote 5 Hacienda Potrero
Chico, Vereda Vuelta Grande,
Municipio de Cota
Phone: +57-1-896-6199
Fax: +57-1-877-3902

24

Nord office
Village d’Entreprises, 51, Rue Trémière,
59650 Villeneuve d’Ascq
Phone: +33-(0)3-2059-7020
Fax: +33-(0)3-2047-2220
Dijon office
5, Rue Edmond Voisenet,
21000 Dijon
Phone: +33-(0)3-8054-0880
Fax: +33-(0)3-8054-0881
Toulouse office
15, Rue de Boudeville, Z.I. de Thibaud,
31104 Toulouse
Phone: +33-(0)5-6143-2200
Fax: +33-(0)5-6143-2201

THE NETHERLANDSSLOVAKIA

Makita Nederland B.V.
Park Forum 1101, 5657HK Eindhoven
Phone: +31-(0)40-206-4040
Fax: +31-(0)40-206-4096

Makita s.r.oJegorovova 35,
974 01 Banská Bystrica
Phone: +421-(0)48-4161-772
Fax: +421-(0)48-4161-769

BELGIUM
S.A. Makita N.V.
Jan-Baptist Vinkstraat 2, 3070 Kortenberg
Phone: +32-(0)2-257-1840
Fax: +32-(0)2-253-0101

GERMANY

SPAIN

Makita Werkzeug G.m.b.H
Head office
Makita Platz 1, 40885 Ratingen
Phone: +49 (0)2102 1004-0
Fax: +49 (0) 2102 1004-128

Makita, S.A.
C/ Juan de la Cierva, 7-15,
28820 Coslada (Madrid)
Phone: +34-91-671-1262
Fax: +34-91-671-8293

Dolmar G.m.b.H
Jenfelder Strasse 38, 22045 Hamburg
Phone: +49-(0)40-66986-0
Fax: +49-(0)40-66986-352

PORTUGAL

DENMARKEUROPE

Makita Farramentas Electricas,
Sociedade Unipessoal, Lda.
Portugal sales division
Zona Industrial Vale da Erva, Armazém
C-2, 2615-187 Alverca, Lisboa
Phone: +351-219-936-750
Fax: +351-219-574-982

UNITED KINGDOMITALYMakita (U.K.) Ltd.
Michigan Drive, Tongwell,
Milton Keynes, Bucks MK15 8JD
Phone: +44-(0)1908-211678
Fax: +44-(0)1908-211400

Makita S.p.A.
Via Sempione 269/A,
20028 San Vittore Olona (MI)Phone: +39-0331-524111
Fax: +39-0331-420285

Makita International Europe Ltd.
Michigan Drive, Tongwell,
Milton Keynes, Bucks MK15 8JD
Phone: +44-(0)1908-211678
Fax: +44-(0)1908-211500

Makita Hellas S.A.
Tatoiou 232, Acharnes, ATTIKI PC13677
Phone: +30-210-8071241
Fax: +30-210-8072245

GREECE

Makita Elværktøj Danmark
Denmark office
Erhvervsbyvej 14, 8700 Horsens
Phone: +45-76-254400
Fax: +45-76-254401

SWITZERLAND
Makita SA
Chemin du Vuasset 7
CH-1028 Preverenges
Phone: +41-(0)21-811-5656
Fax: +41-(0)21-811-5678

AUSTRIA
Makita Werkzeug
Gesellschaft m.b.H.
Kolpingstraße 13, A-1230 Wien
Phone: +43-(1)-6162730-0
Fax: +43-(1)-6162730-13

SLOVENIA

Makita Manufacturing Europe Ltd.
Hortonwood 7, Telford,
Shropshire TF1 7YX
Phone: +44-(0)1952-677688
Fax: +44-(0)1952-677678

Makita Oy
Teilimäki 4 FIN-01530 Vantaa
Phone: +358-(0)9-857-880
Fax: +358-(0)9-857-88211

MAKITA d.o.o.
Brnčičeva 49,
SI-1231 Ljubljana-Črnuče
Phone: +386 (0)-590-83-600
Fax: +386 (0)-590-83-601

FRANCEESTONIAUKRAINE

FINLAND

Makita France SAS
Head office37, avenue Graham Bell,ZAC Léonard de Vinci,
Bussy Saint-Georges,
77607 Marne-la-Vallée Cedex 3
Phone: +33-(0)1-6094-6400
Fax: +33-(0)1-6094-6380

Makita Oy Estonian branch
Estonian office
Piirimäe 13, 76401 Saku vald,
Harjumaa maakond
Phone: +372-6-510-380
Fax: +372-6-510-399

Nantes office
Le Pan Loup, 44220 Couéron
Phone: +33-(0)2-5177-8977
Fax: +33-(0)2-4063-8376

Makita Norway
Løxaveien 11A N-1351 Rud
Phone: +47 99 40 76 00
Fax: +47 67 13 38 83

Bordeaux office
137, Rue de la Croix-de-Monjous,33170 Gradignan
Phone: +33-(0)5-5796-5270
Fax: +33-(0)5-5796-5275

SWEDEN

NorwayMakita Sweden
Bergkällavägen 36 B,192 79
Sollentuna
Phone: +46-8-505-819-00
Fax: +46-8-505-819-69

Makita Ukraine LLC
18A, Marka Vovchka str., Kyiv, 04073
Phone: +38 (044) 494-23-70
Fax: +38 (044) 494-23-73

POLAND
Makita Sp. z o.o.
ul. Bestwi ska 103
43-346 Bielsko-Biała
Phone: +48-(0)33-484-0200
Fax: +48-(0)33-818-4059

CZECH REPUBLIC
Makita, spol. s r.o.
Kaštanová 125d, 620 00 Brno
Phone: +42-(0)5-432-16944
Fax: +42-(0)5-432-16946

HUNGARY
Makita Elektromos
Kisgépértékesítö Kft.
8000, Székesfehérvár, Takarodó út 2
Phone: +36-22-507-472
Fax: +36-22-507-484

ROMANIA
Makita Romania S.R.L.
Sos. Bucuresti–Urziceni nr.31 (EXPO
MARKET DORALY, Pavilion R) Com.
Afumati / ILFOV, 077010
Phone: +40-21-351-1382
Fax: +40-21-312-5495
SC Makita EU SRL
Blvd. I.C. Bratianu, nr.164,
Comuna Branesti, jud. ILFOV, 077030
Phone: +40-21-310-7675
Fax: +40-21-200-0219

BULGARIA
Makita Bulgaria EOOD
Sofia circle road, No.373,
Sofia 1186
Phone: +0359-2-921-0551
Fax: +0359-2-921-0550

RUSSIA
Makita LLC
48-A, Otkrytoe shosse,
Moscow, 107370
Phone: +7-495-380-0151
Fax: +7-495-380-0152
St. Petersburg branch of
Makita LLC
Obukhovskoy oborony pr. 70 bld. 3A,
192029, St. Petersburg
Phone: +7-812-703-0210
Fax: +7-812-703-0213
Samara branch of Makita LLC
3 Mirnaya str., Samara, 443035
Phone: +7-846-202-9050
Makita Oy Vladivostok
representative office
22, St. Makovskogo,
Vladivostok 690041, Primorsky Region
Phone: +7-4232-375-984
Fax: +7-4232-375-985
Makita Oy Novosibirsk
representative office
Pisemskogo street 1a, build. 2
630110, Novosibirsk
Phone: +7-383-362-1350
Fax: +7-383-362-1349

Corporate Data
MIDDLE EAST & AFRICA
UNITED ARAB EMIRATES
Makita Gulf FZE
P.O. Box 17133, Jebel Ali Free Zone,
Dubai
Phone: +971-(0)4-8860-804
Fax: +971-(0)4-8860-805

KAZAKHSTAN
Makita Gulf FZE
Kazakhstan branch188-188a, Kabanbay Batyr Street,
Almaty District, Almaty, 050000
Phone: +7-727-321-02-30
Fax: +7-727-293-06-49

MOROCCOMakita Africa s.a.r.l.a.u.
TANGER MED FREE ZONE
P.O. BOX 203, Ksar Sghir,
90150 Wilaya de Tanger
Phone: +212-(0)-539-93-0851
Fax: +212-(0)-539-33-9831

OCEANIA
AUSTRALIA
Makita (Australia) Pty. Ltd.
Head office
4 Alspec Place, Eastern Creek,
NSW 2766
Phone: +61-(0)2-9839-1200
Fax: +61-(0)2-9839-1201
Hobart office
32a Chapel Street Glenorchy,
TAS 7010
Phone: +61-(0)3-6274-1533
Fax: +61-(0)3-6274-1777
Perth office535-537 Abernethy Road, Kewdale,
WA 6105
Phone: +61-(0)8-9360-8900
Fax: +61-(0)8-9360-8999

NEW ZEALAND
Makita (New Zealand) Ltd.
15 Orbit Drive, Mairangi Bay, Auckland
Phone: +64-(0)9-479-8250
Fax: +64-(0)9-479-8259

Makita Corporation
Head Office

Common Stock Listings

3-11-8, Sumiyoshi-cho, Anjo,
Aichi 446-8502, Japan
Phone: +81-(0)566-98-1711
Fax: +81-(0)566-98-6021

Tokyo and Nagoya stock exchanges

Okazaki Plant
22-1, Watarijima, Nemunoki-cho,Okazaki, Aichi 444-0232
Phone: +81-(0)564-43-3111

Transfer Agent of Common
Stock
Sumitomo Mitsui Trust Bank, Limited
4-1, Marunouchi 1-chome, Chiyoda-ku,
Tokyo 100-8233, Japan

American Depositary Receipts

Domestic Sales Offices

Symbol: MKTAYCUSIP: 560877300

Tokyo, Nagoya, Osaka, Sapporo, Sendai,
Niigata, Utsunomiya, Saitama, Chiba,
Yokohama, Shizuoka, Gifu, Kanazawa,
Kyoto, Hyogo, Hiroshima, Takamatsu,
Fukuoka, Kumamoto and other major cities

Depositary, Transfer Agent,and Registrar for American
Depositary Receipts

Date of Founding
March 21, 1915

Paid-in Capital

BNY Mellon Depositary Receipts
101 Barclays Street,
New York, NY 10286, U.S.A.
Toll Free Number for Domestic Calls:
1-888-BNY-ADRS
1-866-234-6936¥23,805 million

Number for International Calls:+1-201-680-6825

Number of Shares Issued

Email:
shrrelations@bnymellon.com

140,008,760 shares,
including 4,271,134 of treasury stock(As of March 31, 2014)

Independent Registered
Public Accounting Firm

Website:http://www.adrbnymellon.com/

Web Site
http://www.makita.biz/ir/

KPMG AZSA LLC

25