Makita Corporation
Consolidated Financial Results
for the six months
ended September 30, 2013
(U.S. GAAP Financial Information)(English translation of "KESSAN TANSHIN"
originally issued in Japanese)

CONSOLIDATED FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2013 (Unaudited)
October 31, 2013

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

1. Summary operating results of the six months ended September 30, 2013 (From April 1, 2013 to September 30,
2013)(1) CONSOLIDATED OPERATING RESULTS
Yen (millions)
For the six months ended
For the six months ended
September 30, 2012
September 30, 2013%
Net sales................................................................
151,232(1.2)
185,886
22.9
Operating
24,030(10.8)
25,717
7.0
Income before income taxes .................................
22,693(7.4)
27,02019.1
Net income attributable to Makita Corporation ....
15,874(7.2)
19,104
20.3
Comprehensive income (loss)...............................
995
36,380 3,556.3
Yen
Earning per share (Basic)
Net income attributable to
Makita Corporation common shareholders ...........
116.94140.74
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 (loss) against thecorresponding 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, 2013
As of September 30, 2013
440,974
478,444376,332
405,321373,543402,203
84.1%

84.7%

2. Dividend Information
Yen
For the year ended
March 31, 2013

For the year ending
March 31, 2014

Cash dividend per share:
Interim .................................................................
15.00
18.00
Year-end ..............................................................
54.00(Note)
Total ....................................................................
69.00(Note)
Notes:
1. The forecast for cash dividend announced on April 26, 2013 has not been revised.
2. The projected amount of dividends for the year ending March 31, 2014 has not been determined yet. For further
details, refer to “Explanation regarding proper use of business forecasts, 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, 2014 (From April 1, 2013 toMarch 31, 2014)
Yen (millions)
For the year ending March 31, 2014%
Net sales..................................................................................................
360,000
16.3
Operating income ...................................................................................
49,000
8.0
Income before income taxes ...................................................................
50,40010.3
Net income attributable to Makita Corporation ......................................
35,700
14.9
Yen
Earning per share (Basic)
Net income attributable to
Makita Corporation common shareholders .............................................
263.00Note: The consolidated financial forecast for the year ending March 31, 2014 has been revised.
4. Other(Refer to [Qualitative Information and Financial Statements] Section 4 “Other” on page 6.)(1) Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes inscope of consolidation during the quarter): Not applicable(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 rules applied in the preparation of the quarterly
consolidated financial statements:
1. Changes due to revisions to accounting standards: Yes
2. Changes due to other reasons: Yes(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 September 30, 2013:
As of March 31, 2013:
As of September 30, 2013:
As of March 31, 2013:
For the six months ended
September 30, 2013:
For the six months ended
September 30, 2012:

140,008,760
140,008,760
4,269,147
4,262,833
135,743,127
135,749,263

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 “Qualitative Information on Consolidated Financial Performance Forecast” on page 5. The financial
forecasts given above are based on information as available at the present time, and include potential risks and uncertainties.
As a consequence of the factors above and other, actual results may vary from the forecasts 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 2014 for a report on earnings for the year ending March 31, 2014. 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 2014.
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. Qualitative Information on Consolidated Operating Results
Looking at the global economic situation during the first six-month period of the fiscal year ending March 31,
2014, there were some signs that Western European economy, which had been stagnant since the occurrence ofsovereign debt crises in the region, began recovering. Meanwhile, the robustly growing Russian economy started
slowing down. In the United States, the economy gradually recovered, supported by a steadily growing housing
market. As for Asia, although the Chinese economy lost momentum, the Southeast Asian countries, in general, saw
their economy grow strongly. In Japan, business sentiment changed for the better against the backdrop of monetary
relaxation by the Japanese government and the Bank of Japan.
Under these circumstances, on the development side, we added a high-capacity 4Ah battery to our product line oflithium-ion battery products, strengthening the lineup. In addition, we continuously expanded the selection ofelectric power tools, cordless tools, and outdoor power equipment (OPE*) featuring compact and lightweight designand low-noise and low-vibration operation. On the production side, to establish a production system that can
flexibly cope with changes in demand, we enhanced functions of our plants, mainly in China, Romania, andThailand. We also improved our quality control system to maintain high-quality brand. On the sales side, we ran a
TV commercial for a cordless brush cutter in July 2013 in Japan, spreading brand image not only in the field ofelectric power tools but also in the field of OPE. Overseas, our newly established local company in Malaysia began
full-scale sales activities. Through such steps, we tried harder to meet diversified needs and to maintain and improve
our sales and after-sales services near the customers.
On May 14, we signed a basic agreement on business collaboration with Sharp Corporation, since we appreciate
the advanced electronics technologies including sensors, etc. possessed by Sharp, with whom we have had business
transactions including the supply of OEM products to us. After mutual consultation following conclusion of thebasic agreement, we signed a business collaboration and capital alliance agreement with Sharp on September 18, to
strengthen our product lines, accelerate new product development, and expand businesses of both corporations
through mutual utilization of value chains of the two corporations in procurement and marketing. Consequently, we
acquired new shares of Sharp Corporation for 10 billion yen through a third party allotment and completed payment
for it on October 22.
Our consolidated net sales for this period increased by 22.9 % to 185,886 million yen compared to the same
period of the previous year. This is due to favorable domestic sales and the appreciation of such major currencies as
the US dollar and the euro against the yen. Operating income increased by a mere 7.0% to 25,717 million yen(operating income ratio: 13.8%) due to a rise in cost of sales resulting from the significant increase in elimination of
unrealized profit in inventories. Meanwhile, we recorded non-operating income of 1,303 million yen as compared to
the non-operating loss of 1,337 million yen for the same period of the previous year, due to a decrease in foreignexchange losses and an increase in realized gains on securities. As a result, income before income taxes increased by
19.1% to 27,020 million yen (income before income taxes ratio: 14.5%) and net income attributable to Makita
Corporation shareholders increased by 20.3% to 19,104 million yen (ratio of net income attributable to Makita
Corporation shareholders: 10.3%), respectively, from the same period of the previous year.
Net sales by region are as follows:
Net sales in Japan increased by 8.6% to 29,536 million yen compared to the same period of the previous year.
This was because of the continuing favorable sales supported by expanded product lineup of lithium-ion battery
products, mainly impact drivers, the effects of TV commercial, and the rise in housing demand ahead of theconsumption tax hike.
Net sales in Europe increased by 33.5% to 82,325 million yen compared to the same period of the previous year.
This was because there were some signs that the southern European markets began bottoming out and the yen
drastically depreciated against the euro as compared to the same period of the previous year, although sales in
Russia, which had been steadily growing, began losing momentum.
Net sales in North America increased by 26.6% to 24,561 million yen compared to the same period of theprevious year. This was because the yen dropped sharply against the US dollar compared to the same period of theprevious year, in addition to favorable sales to home improvement retailers.

English translation of "KESSAN TANSHIN" originally issued in Japanese3Net sales in Asia increased by 15.8% to 16,500 million yen compared to the same period of the previous year.
This was because sales in China recovered, although demand in Southeast Asian countries was mixed.
The sales situations in other regions are as follows. Net sales in Central and South America increased by 32.3%
to 14,564 million yen thanks to a recovery in demand in this region. Meanwhile, net sales in Oceania increased by amere 6.9% to 9,863 million yen compared to the same period of the previous year due to declining demand and net
sales in the Middle East and Africa grew by an only 0.7% to 8,537 million yen due to sluggish economic activities
associated with political uncertainty.
*OPE stands for “Outdoor Power Equipment,” which is used for outdoor work such gardening, agriculture and forestry.

2. Qualitative Information on Consolidated Financial Position
The amounts, after converting to Japanese yen, on balance sheets increased because the yen depreciated against
major currencies compared with the level at the end of March 31, 2013.
Total assets as of September 30, 2013 increased by 37,470 million yen to 478,444 million yen compared to thebalance as of March 31, 2013. The increase was mainly due to an increase in “Cash and cash equivalents” and“Short-term investment”.
Total liabilities as of September 30, 2013 increased by 8,481 million yen to 73,123 million yen compared to thebalance as of March 31, 2013. The increase was mainly due to the increase in “Short-term borrowings”, “Trade notes
and accounts payable” and “Income taxes payable”.
Total equity as of September 30, 2013 increased by 28,989 million yen to 405,321 million yen compared to thebalance as of March 31, 2013. The main reason for this increase was a change in foreign currency translation
adjustment due to the falling yen’s value against other major currencies.

English translation of "KESSAN TANSHIN" originally issued in Japanese43. Qualitative Information on Consolidated Financial Performance Forecast
Looking at our consolidated performance for the first six-month period of the current fiscal year, net sales
exceeded our outlook announced on April 26, 2013. This is due to favorable sales and the appreciation of such major
currencies as the US dollar and the euro against the yen. On the other hand, operating income was less than our
forecast due to a rise in cost of sales resulting from the significant increase in elimination of unrealized profit ininventories. We expect business conditions will continue to be tough because of uncertain outlook of global demandand intensifying competition in the third quarter and onwards. Meanwhile, we reviewed our production system toraise production efficiency and then determined to terminate our production at Numazu plant at the end of the fiscal
year ending March 2014. Consequently, we expect temporary costs will be incurred in the second half of the current
fiscal year. Considering the factors mentioned above, we have revised our consolidated financial forecast for the fullyear.
Revised Forecast for consolidated performance during the fiscal 2014 (From April 1, 2013 to March 31, 2014)
Yen (millions)
Yen

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

345,000
360,000
15,000
4.3%

Operatingincome56,00049,000(7,000)(12.5%)

Incomebeforeincome taxes

Net income
attributable
to Makita
Corporation

Earning per share(Basic) Net
incomeattributable to
MakitaCorporationcommonshareholders

57,50050,400(7,100)(12.3%)

39,00035,700(3,300)(8.5%)

287.30263.00－－

Actual results for the previous year
ended March 31, 2013 .........................
309,630
45,36645,691
31,076228.92[Preconditions]
The above forecast is based on the assumption of exchange rates of 95 yen to the U.S. dollar and 125 yen to the euro
for the six months period ending March 31, 2014.
The above forecast is based on the assumption of exchange rates of 97 yen to the U.S. dollar and 127 yen to the euro
for the year ending March 31, 2014.
[Reference]
Our previous exchange rates that we announced on April 26, 2013 were 95 yen to the U.S. dollar and 125 yen to theeuro for the year ending March 31, 2014.
The above forecast is based on information as available at the present time, and includes potential risks anduncertainties. As a consequence of the factors above and other, actual results may vary from the forecast provided
above.

English translation of "KESSAN TANSHIN" originally issued in Japanese5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, the Corporation 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:[Depreciation Method Change]
On April 1, 2013, the depreciation method used by the Corporation and some of its consolidated subsidiaries tocompute the depreciation of property, plant and equipment was changed from the declining-balance method to thestraight-line method.
This change has its basis in the following: through Makita’s efforts to globalize its production, it has establisheda system for mass production at its overseas manufacturing subsidiaries. As a result, we can now regard our plants
in Japan as production centers of mainly high-value-added products that are consistently in demand and so we can
expect the generally stable consumption of the economic benefits of our property, plant and equipment. In view ofthese developments, we decided that the straight-line method is a more realistic and rational way of cost allocation.
Estimated useful lives have also been reevaluated and changed according to the actual status of use.
These changes have caused an increase of 436 million yen in depreciation cost during the period, and respective
decreases of 273 million yen and 2.01 yen in net income and in earning per share net income attributable to Makita
Corporation common shareholders.
[Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income]
In February 2013, FASB issued ASU 2013-02 which requires entities to provide information about the amounts
reclassified out of accumulated other comprehensive income by component, and to present, either on the face of thestatement where net income is presented or in the notes, significant amounts reclassified out of accumulated othercomprehensive income by the respective line items of net income. Makita adopts this amended guidance from thequarter beginning April 1, 2013, and does not expect the adoption of this guidance to have a material impact on
Makita’s consolidated results of operations, financial condition and cash flows.

English translation of "KESSAN TANSHIN" originally issued in Japanese

65. Consolidated Financial Statements (Unaudited)(1) Consolidated Balance Sheets
Yen (millions)
As of March 31, 2013
As of September 30, 2013
Composition ratio

Composition ratio

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

62,283

72,461Time deposits ....................................................................

13,262

13,887

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

38,06043,978Notes..............................................................................

1,398

1,182

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

53,58357,725Less- Allowance for doubtful receivables .....................

(899)

(858)

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

138,953

147,723

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

5,533

5,620

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

11,102

13,794

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

323,275

Trade receivables-

73.3%

355,51274.3%

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

22,71022,890

Buildings and improvements ............................................

84,48287,500Machinery and equipment .................................................

80,484

83,768Construction in progress ...................................................

3,349

4,886

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

191,025

199,044

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

(104,740)(109,601)

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

86,285

19.6%

89,44318.7%

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

18,461

19,558Goodwill ...........................................................................

721

721

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

4,549

4,615

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

961

656

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

6,722

7,939

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

31,414

7.1%

33,4897.0%

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

440,974

100.0%

478,444

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

7

Yen (millions)
As of March 31, 2013
As of September 30, 2013
Composition ratio

Composition ratio

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

1,695

3,938

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

21,91023,890

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

5,556

6,669

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

7,148

7,501

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

8,295

8,661

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

5,221

6,390

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

129

216

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

6,371

7,733

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

56,32512.8%

64,998

13.6%

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

8

8

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

3,513

3,712

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

3,136

3,121

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

1,660

1,284

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

8,317

1.9%

8,125

1.7%

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

64,642

14.7%

73,123

15.3%

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

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

45,42145,421

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

5,669

5,669

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

338,239

350,013

Accumulated other comprehensive income (loss) ...........

(28,064)(11,142)

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

(11,527)(11,563)

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

373,54384.7%

402,203

84.1%

NONCONTROLLING INTEREST.....................................

2,789

0.6%

3,118

0.6%

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

376,332

85.3%

405,32184.7%

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

440,974

100.0%

478,444

100.0%

As of March 31, 2013

As of September 30, 2013

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

135,745,927

135,739,613

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

4,262,833

4,269,147

English translation of "KESSAN TANSHIN" originally issued in Japanese8(2) Consolidated Statements of Income
Yen (millions)
For the six months
For the six months
ended September 30,
ended September 30,
2013
2012
Composition ratio

Composition ratio

151,232 100.0%

185,886 100.0%

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

94,13662.2%

121,063

65.1%

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

57,09637.8%

64,82334.9%

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

33,066

21.9%

39,106

21.1%

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

24,03015.9%

25,717

13.8%

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

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

770

1,086

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

(115)

(135)

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

(1,708)(880)

Realized gains (losses) on securities, net ...........................................

(284)

1,232

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

(1,337)(0.9%)

1,303

0.7%

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

22,69315.0%

27,02014.5%

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

6,808

8,419

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

(7)

(622)

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

6,801

4.5%

7,797

4.2%

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

15,892

10.5%

19,223

10.3%

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

18

0.0%

119

0.0%

NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION .....

15,874

10.5%

19,104

10.3%

English translation of "KESSAN TANSHIN" originally issued in Japanese9Consolidated Statements of Comprehensive Income
Yen (millions)
For the six months
For the six months
ended September 30,
ended September 30,
2012
2013
15,892

19,223Foreign currency translation adjustment ..................................

(13,983)

15,705

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

(1,036)

1,342

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

122

110

Total other comprehensive income (loss)..............................

(14,897)

17,157COMPREHENSIVE INCOME (LOSS) ......................................

995

36,380Less-Comprehensive income (loss) attributable to thenon-controlling interest ............................................................

(190)

354

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE
TO MAKITA CORPORATION ...............................................

1,185

36,026NET INCOME .............................................................................
OTHER COMPREHENSIVE INCOME (LOSS)........................

English translation of "KESSAN TANSHIN" originally issued in Japanese10

(3) Consolidated Statements of Cash Flows
Yen (millions)
For the six months
For the six months
ended September 30,
ended September 30,
2013
2012
CASH FLOWS FROM OPERATING ACTIVITIES:Net income
Adjustments to reconcile net income to net cash provided byoperating activities-

15,892

19,223

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

3,549

4,573

Deferred income tax expense (benefit) .........................................

(7)

(622)

Realized (gains) losses on available-for-sale securities, net .........
Losses (gains) on disposal or sales of property, plant andequipment, net ...............................................................................

284(1,232)20

74

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

(2,477)(2,028)Inventories .................................................................................

2,540

948

Changes in assets and liabilities-

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

(2,784)

1,904

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

(863)

(645)

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

(571)

(879)

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

(397)

203

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

15,186

21,519CASH FLOWS FROM INVESTING ACTIVITIES:Capital expenditures, including interest capitalized ............................

(4,055)(5,865)Purchases of available-for-sale securities ............................................

(2,796)(14,981)

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

(1,216)-

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

-

9,139

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

61

100

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

2,100

2,800

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

449

366

Investment in time deposits .................................................................

(6,197)(13,109)

Withdrawal of time deposits ................................................................

12,814

12,931Other, net .............................................................................................

(409)

(303)

Net cash provided by (used in) investing activities .......................

751(8,922)

CASH FLOWS FROM FINANCING ACTIVITIES:
Additions to borrowings with original maturities of more than threemonths .................................................................................................
Payments on borrowings with original maturities of more than threemonths .................................................................................................

1,638

3,394

(1,832)(958)

Purchase (sale) of treasury stock, net...................................................

(8)

(35)

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

(7,738)(7,330)

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

(163)

(25)

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

(8,103)(4,954)

(180)

2,535

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

7,654

10,178

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ...

44,81262,283

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

52,466

72,461English translation of "KESSAN TANSHIN" originally issued in Japanese11(4) Note on the assumptions for a going concern: None

(5) Condensed Operating Segment Information
Yen (millions)
For the six months ended September 30, 2012
North
ElimiAsia
Other area
Total
Americanations

Consolidated

Japan

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

37,497
21,74062,4891,856

19,437
1,184

6,387
53,68825,422
22

151,232
78,490(78,490)

151,232-

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

59,23764,345

20,62160,07525,444

229,722(78,490)

151,232

Operating expenses .......

52,91457,584

19,56153,28922,182

205,530(78,328)

127,202

Operating income (loss)

6,323

6,761

1,060

6,786

3,262

24,192(162)

24,030Yen (millions)
For the six months ended September 30, 2013
North
ElimiAsia
Other area
Total
Americanations

Consolidated

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

Japan

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

40,20927,78782,853
2,064

24,9801,784

8,574
79,941

29,27059

185,886
111,635(111,635)

185,886-

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

67,996

84,917

26,76488,51529,329297,521(111,635)

185,886

Operating expenses .......

58,47477,56725,507

77,497

27,100266,145(105,976)

160,169

Operating income (loss)

9,522

7,350

1,257

11,0182,229

31,376(5,659)25,717

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

(6) Note in case there is any significant change in the shareholders’ equity: None

English translation of "KESSAN TANSHIN" originally issued in Japanese

12

SUPPORT DOCUMENTATION (CONSOLIDATED)
1. Consolidated Financial Results and Forecast
For the six months
ended September
30, 2011

Yen (millions)
For the six months
ended September
30, 2012(%)

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) .......................................
Cash dividend per share (Yen) ....................................
Dividend payout ratio (%) ..........................................
Number of Employees ................................................

153,036
25,263
127,773
26,95324,514
17,104

14.4
13.9
14.5
23.4
12.7
13.1

124.1615.00
12.1
12,177For the six months
ended September
30, 2013(%)

151,232
27,189124,043
24,03022,693
15,874

(1.2)
7.6
(2.9)
(10.8)(7.4)(7.2)

116.94
15.00
12.8
12,793(%)

185,886
29,536
156,350
25,71727,02019,104

22.9
8.6
26.0
7.0
19.1
20.3

140.7418.00
12.8
12,746

Yen (millions)
For the year ending
For the year ended
March 31, 2014
March 31, 2013
(Forecast)(%)

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) ...........................................................................
Cash dividend per share (Yen) ........................................................................
Dividend payout ratio (%) ..............................................................................
Number of Employees ....................................................................................

309,630
56,555
253,075
45,36645,691
31,076

4.7
6.4
4.3
(6.5)
(2.7)
(4.4)

228.92
69.00
30.1
12,680(%)

360,000
59,500300,500
49,00050,40035,700

16.3
5.2
18.7
8.0
10.3
14.9

263.00-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 “Qualitative Information on
Consolidated Financial Performance Forecast” on page 5.

English translation of "KESSAN TANSHIN" originally issued in Japanese132. Consolidated Net Sales by Geographic Area
For the six months
ended September
30, 2011

Yen (millions)
For the six months
ended September
30, 2012

For the six months
ended September
30, 2013

(%)

(%)

(%)

Japan .............................................................................. 25,263
13.9
27,1897.6
29,536
8.6
61,688(4.5)
82,32533.5
Europe............................................................................ 64,604
13.3
North America ............................................................... 19,822
7.3
19,400(2.1)
24,561
26.6
Asia ................................................................................ 14,136
24.1
14,2460.8
16,50015.8
28,709(1.7)
32,964
14.8
Other regions ................................................................. 29,211
18.1
Central and South America ...................................... 12,618
31.1
11,005 (12.8)
14,56432.3
Oceania ....................................................................
9,586
21.5
9,225
(3.8)
9,863
6.9
8,479
21.0
8,537
0.7
The Middle East and Africa .....................................
7,007
(3.0)
Total ............................................................................... 153,036
14.4
151,232(1.2)
185,88622.9
Note: The table above sets forth Makita's consolidated net sales by geographic area based on the customer’s location forthe periods presented. Accordingly, it differs from operating segment information on page 12. The table aboveshows the changes in the percentage ratio of net sales compared to the corresponding period of the previous year.
3. Exchange Rates

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

For the six
months ended
September 30,
2011

For the six
months ended
September 30,
2012

Yen
For the six
months ended
September 30,
2013

79.74
113.7279.41
100.5498.86
129.98For the six
months ending
March 31,2014
(Forecast)

For the year
endingMarch 31,2014
(Forecast)

95
125

97
127

4. Production Ratio (unit basis)
For the six months
ended September
30, 2011

For the six months
ended September
30, 2012

For the six months
ended September
30, 2013

Composition ratio

Composition ratio

Composition ratio

12.6%
87.4%

11.1%
88.9%

10.9%
89.1%

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

5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost
Yen (millions)
For the six months
For the six months
For the six months
ended September
ended September
ended September
30, 2012
30, 2013
30, 2011
Capital expenditures ..................
Depreciation and amortization ...
R&D cost ...................................

5,820
3,474
3,978

4,055
3,549
4,039

English translation of "KESSAN TANSHIN" originally issued in Japanese

5,865
4,573
4,360

For the year
endingMarch 31, 2014
(Forecast)
15,0008,000
9,300

14