Fiscal 2017 Highlights

Contents
Fiscal 2017 Highlights

1

Message to Shareholders

4

Corporate Governance8

Directors, Audit & Supervisory Board Members
and Corporate Officers

12

Topics13

New Products in Fiscal 201714

10-Year Summary

16

Consolidated Financial Statements

18

Corporate Directory

23

Corporate Data

25

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

Share of Net Sales(% / FY2017)

16.3
18.7

65.0

ProfileIn 1958, Makita Corporation, founded in 1915 as an electric motor sales
and repair company, became the first company in Japan to manufactureand sell portable electric planers. Over the half century since, Makita has
worked to build a steady position as a manufacturer 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 with customers 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 90% on a unit basis, and 82% of consolidated sales comefrom overseas markets. Through the power of its brand, supported bytechnology, quality and after-sales support, Makita has secured a
powerful competitive advantage and established a solid position as aleader in the global power tools market.

Net Sales(millions of yen)

64,88667,45867,71178,60079,41377,501

271,232

276,752

269,787

‘15

‘16

‘17

VisionAlways placing itself in the customer’s position, Makita aims to be a
global supplier of a comprehensive range of power tools that assist
people in creating 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 to become aconsistently strong company. With this, we mean a company that cancapture and maintain worldwide market leadership as a global total
supplier of professional power tools, gardening equipment andpneumatic tools to customers around the world.

Power Tools
Share of Net Sales (FY2017)

Net Sales

65.0%¥269,787Mil.

Gardening Equipment,
Household and Other Products
Share of Net Sales (FY2017)

Net Sales

18.7%¥77,501Mil.

Parts, Repairs and Accessories
Share of Net Sales (FY2017)

Net Sales

16.3%¥67,711Mil.
01

Fiscal 2017 Highlights

Key Figures
Net Sales

Operating
Income¥414,999 Mil. ¥62,564 Mil.
2.0 % DOWN
Overseas
Net Sales Ratio

82.1%
R&D Costs¥10,139 Mil.
02

3.3% DOWN
Number of
Employees(Consolidated)

15,344
CapitalExpenditures¥13,222 Mil.

OperatingMargin15.1%
0.2pt DOWN
Production
Output26.43 Mil.
ROE

9.1%

(units)Sales by Region
EUROPENORTH AMERICANet Sales

Net Sales¥168,992 Mil.
2.9
DOWN
2.9%% DOWN

¥66,148 Mil.
(% / FY2017)

15.8

ASIA (excluding Japan)
Net Sales¥40,079 Mil.

2.4
DOWN
2.4%% DOWN

Share of Net Sales

9.7

17.9
15.9

JAPAN

40.7

Net Sales¥74,381 Mil.

3.3
DOWN
3.3%% DOWNOTHER REGIONSNet Sales¥65,399 Mil.
9.2
DOWN
9.2%% DOWN

8.7
8.7%% UPUP

Central andSouth America
Net Sales

Oceania
Net Sales

The Middle East
and Africa
Net Sales¥23,110 Mil. ¥25,093 Mil. ¥17,196 Mil.
11.6
DOWN
11.6%%DOWN

1.8
1.8%%UPUP

18.8
DOWN
18.8%%DOWN

03

Message to Shareholders

Munetoshi Goto

Masahiko Goto

President,
Representative Director

Chairman,
Representative Director

What are the highlights offiscal 2017?

inauguration of the new U.S. president. Nevertheless,the global economy remained solid overall. Despite
healthy increases in unit sales in Japan and overseas,
especially in developed nations, Makita Corporation

04

In fiscal 2017 (the year ended March 31, 2017), feelings

reported year-on-year declines in consolidated revenueof uncertainty about the world situation increased

and earnings due to foreign exchange factors. However,

due to various unexpected events, such as the United

we regard fiscal 2017 as a year of very positive

Kingdom’s decision to exit the European Union and theoutcomes, one in which we increased our market sharebattery products.
While these needs are being driven first by developed

Greetings
Greetings fromfrom thetheManagement
Management

nations, we feel that, in emerging nations as well, aHaving celebrated 100 years since

to increase sales of cordless tools in emerging nations.

its founding in March 2015, Makita

By developing a diverse array of offerings, we will deliver

has taken the first steps in its second

products that match the needs of various users.

centenary of operation. Even

perception of value will lead to purchases, even of highpriced products. For this reason, we launched initiatives

After power tools, we are reinforcing outdoor

though the economic environment

power equipment (OPE), or gardening equipment, asremains difficult, we will continue

our second business pillar. Especially in Oceania, while

actively investing to maintain andtelevision commercials have been beneficial, brandstrengthen our sales, development,

recognition is spreading quickly, and environmental

and production capabilities—theawareness is stronger than predicted. Good progresssources of our competitive edge—

is being made to establish international frameworks

while responding flexibly to change

for environmental protection, and awareness aboutin our quest to become a truly

the need to consider surrounding living environments

strong company.

is growing day by day, at both the regional and urban
levels. For these reasons, we believe our cordless OPE
products are being warmly received.

in various local regions in terms of sales.

Which initiatives did you
focus on in fiscal 2017?

We particularly felt an increase in demand forlithium-ion battery products and cordless tools in all of

In terms of product development, we expanded ourour regions. Amid worldwide shortages of labor andrange of lithium-ion battery products, releasing new

skilled manpower, customers are calling for improved

high-powered models and compact, lightweight models,convenience and efficiency, higher safety, reduced

both of which promote customer loyalty. These efforts

physical strain, and environmental friendliness. As ahelped us make improvements desired by customers withresult, we believe they found value in our lithium-ion

respect to user friendliness, convenience, and efficiency.

05

enhance our customer-focused sales and after-sales
service systems.

What are your growthstrategies for achieving
further advances in the
future?
We pursue our sales activities via a very large number ofbases in Japan and overseas. Customers require various
services, even after we consider major discrepancies
between developed and emerging nations. In addition
to offering product value, therefore, we are able todirectly provide services suitable to each region as a
In the OPE field, in particular, we launched new, very

form of added value. Our pioneering efforts to enhancehigh-powered cordless chain saws, which had a major

this service system represent a significant strength for

impact both in Japan and overseas.

Makita, I believe. Since entering the United States inOn the production side, we responded to growing
demand for cordless power tools by taking steps tobases in around 50 countries worldwide. Many nations

expand production bases for brushless motors. At ourremain untapped, however, and in some countries weoverseas plants, meanwhile, we continued reinforcing

have just one or two bases. Given that we have 114

cost-reduction efforts while increasing the local

sales bases in Japan alone, there is plenty of room forprocurement ratios. To ensure consistent product quality

us to offer services directly to people around the world,and raise productivity at each plant, we also introduced

so we will continue expanding our service network in alabor-saving and automated equipment incorporating

strategic manner.

new technologies and advancements.

06

1970, we have also established directly operated sales

Our commitment to hands-on management—theWith respect to sales, we leveraged our wide-importance we place on local factors—is a uniquely

ranging product lineup to broaden our sales channels,

Makita-like trait that symbolizes our corporate culture.

and we opened new sales and service bases overseas.

In our production plants, as well, we always place

In these and other ways, we strove to maintain andemphasis on production floors and make necessaryimprovements there. On the product development side,

our next 100 years. This means I must define a clear pathtoo, in recent years, our designers have been visitingof what we should do in the first 10 or 20 years—a task

local markets to get answers to the questions of “Whatthat I consider very enjoyable and rewarding. Makita’s

is necessary at the local level?” and “What are ourcurrent strength derives from its sales, development,

customers thinking?” Our ability to create new products

and production capabilities. Working as one, we willthat earn strong customer loyalty immediately after theirconstantly review our existing technologies and know-

launch is a result of our commitment. Even for products

how in all of these areas to find new possibilities.

with presumably similar uses, we are incorporating more

The Company could celebrate its 100th anniversary

customer perspectives from the product development

only with the support of customers around the world,

stage, which has been very successful in terms ofand the basis for that support lies in our commitment toproviding added value.

listening directly to the voices of customers. This applies

On the other hand, we will need to increase

to both top management and those at the front lines.

efficiency to produce diverse responses to the needs ofTherefore, I too will make a greater effort to visit theeach region and site. We must work hard to increase

front lines more often. By traveling to our bases in Japanthe speed and quality of services to customers. Goingand overseas, I will embrace the attitude of thinking

forward, I believe it will be necessary to enhancefrom the customer’s standpoint.

efficiency by incorporating new mechanisms, including
utilization of AI and IoT, as we pursue the improvement

While responding flexibly to change is important, weand diversification of services in each region.

must also protect Makita’s fundamental commitment
to always being close to local communities andcustomers. Instead of pursuing short-term outcomes,

What is your message to
stakeholders in conjunction
with your inauguration aspresident?

we will maintain long-term perspectives in our quest to
improve brand value by “manufacturing and offering
products that satisfy end users” and “further enhancing
our industry-leading sales and after-sales service
capabilities.”
We will manage our business in good faith toincrease loyalty to Makita and advance in partnership

In March 2015, we celebrated 100 years since ourwith customers over the long term. We look forward to

founding, and we are taking new steps, one year at ayour understanding and support.

time, toward our next centenary. At this stage of ourhistory, I have become the new president, and I feel mygreatest responsibility is to ensure a smooth transition to07

Corporate Governanceto management. The Corporation introduced a corporate
officer system to facilitate prompt implementation of theOverview of the Corporate Governance StructureGroup strategy and strengthen the business execution

The Corporation has adopted an audit and supervisory board

structure, and strives to engage in flexible and efficientsystem. The Audit & Supervisory Board consists of four Audit &business operation and enhance corporate value. The Board

Supervisory Board members, three of whom are independentof Directors currently consists of thirteen directors, two ofoutside Audit & Supervisory Board members who are not andwhom are independent outside directors. The Corporation’s

have not been employed by the Corporation, including two

Articles of Incorporation stipulate that the number of

who serve in a part-time capacity. The two standing Audit &directors shall not exceed fifteen.

Supervisory Board members are able to audit the executionof duties by directors at all times. Two of the four Audit &Internal Audits and Audits by Audit & Supervisory

Supervisory Board members have considerable knowledge

Board Membersof finance and accounting. The Audit & Supervisory Board

As an independent organization in charge of themembers share information by means including the provisionCorporation’s internal audits, the Internal Audit Divisionof audit reports and reports on the Corporation’s condition

conducts the internal audits necessary to maintain theto the independent auditor in charge of the Corporation’ssoundness of the Corporation’s management.
With regard to audits by Audit & Supervisory Board

financial audits as needed. The Corporation’s Articles ofIncorporation stipulate that the number of Audit & Supervisory

members, in accordance with the audit policy and division

Board members shall not exceed five.

of duties established by the Audit & Supervisory Board, theThe Board of Directors determines basic policies,

four Audit & Supervisory Board members attend meetings ofmatters required by law, and important matters relating

the Board of Directors and other important meetings, receive

The following is a schematic diagram of the Makita Group’s corporate governance structure.
General Meeting of Shareholders
Appointment / Dismissal

Appointment / Dismissal
Board of Directors
13 Directors including
2 Outside Directors
Appointment / Dismissal / Supervision

Audit

dit

Au

Appointment / Dismissal

Audit & Supervisory Board
4 Members including
3 Outside Members
Support
Audit Staff Office

ChairmanPresident
Corporate
Officer

ReportCorporate Officer, General Manager
of Administration Headquarters

Collaboration

ReportDisclosure Committee

Internal Audit Division
Audit

Corporate Divisions / Group Companies

08

Financial Statements Audit / Internal Control Audit

Independent Auditor

reports on operations from the directors, read importantas president and representative director of LIXIL Group

documents such as approval requests, and examine the status

Corporation, Japan’s leading comprehensive living andof operations and assets at the head office and principal places

housing solutions group, and as president and representativeof business. They request business reports from subsidiaries,

of LIXIL Corporation, and currently serves as advisor toand as necessary, visit subsidiaries to examine the status of

LIXIL Corporation. Mr. Sugino attends meetings of theoperations and assets. They also share information by receiving

Corporation’s Board of Directors and is responsible for

audit reports and reports on the Corporation’s condition fromstrengthening the management oversight function based

the independent auditor as needed.

on the experience and knowledge acquired throughout his
career as a management professional.

Relationships with the Outside Director and

There are no personal relationships or other interests

Outside Audit & Supervisory Board Members

between the Corporation and Mr. Sugino. Although theOutside Director Mr. Akiyoshi Morita formerly served

Makita Group sells products to LIXIL Corporation, for whom

successively as president and chairman and currently serves

Mr. Sugino previously worked, the transaction amountas advisor to Aichi Steel Corporation, a core company of thein the fiscal year ended March 31, 2017 was ¥3 million,

Toyota Group, one of the world’s leading corporate groups. Mr.

representing less than 0.01% of the consolidated net sales

Morita attends meetings of the Corporation’s Board of Directorsof the Makita Group. Although the Corporation holds sharesand is responsible for strengthening the management oversightof LIXIL Group Corporation, the amount on the consolidated

function based on experience and knowledge as a managementbalance sheets for the fiscal year ended March 31, 2017 wasprofessional cultivated throughout his career, offering advice¥198 million, which represents 0.03% of the total assets

and recommendations in accordance with that role.

of the Makita Group. Since there are no other personal

There are no personal relationships, capital relationships,

relationships or interests between the Corporation and LIXIL

or other interests between the Corporation and Mr.

Group Corporation, the Corporation deems Mr. Sugino

Morita. Although the Makita Group purchases parts fromindependent from the Corporation and the Corporation’s

Aichi Steel Corporation, where Mr. Morita was previously

management in charge of business execution. Mr. Sugino

employed, the transaction amount in the fiscal year ended

was elected as outside director at the General Meeting ofMarch 31, 2017 was ¥555 million, representing 0.26% of

Shareholders held on June 25, 2015, and has held office forthe consolidated net sales of the Aichi Steel Corporation.

two years.

There are no personal relationships, capital relationships, orOutside Audit & Supervisory Board member Mr. Fusahiro

other interests between the Corporation and the Aichi SteelYamamoto is knowledgeable about corporate accounting inGroup, and the Corporation deems Mr. Morita independent

his capacity as a certified public accountant. He engages infrom the Corporation and the Corporation’s management

appropriate management oversight and provides opinions

in charge of business execution. Mr. Morita was elected asfrom a professional point of view at meetings of the Board

outside director at the General Meeting of Shareholders heldof Directors and the Audit & Supervisory Board that heon June 25, 2013, and has held office for four years.

attends. Mr. Yamamoto was elected Audit & Supervisory

Outside Director Mr. Masahiro Sugino formerly served

Board member at the General Meeting of Shareholders held09

on June 25, 2013 and has held office for four years.

& Supervisory Board members of the Corporation have their

Outside Audit & Supervisory Board members Messrs.

own specialist expertise. Their role is to audit the execution of

Akira Kodama and Shoji Inoue were elected as Audit &business by directors, from an impartial, external perspective

Supervisory Board members at the General Meeting ofwith no possibility of conflict of interest with ordinary

Shareholders held on June 28, 2016. Mr. Kodama has many

shareholders. To properly fulfill their roles, outside directors andyears of experience at financial institutions and professional

outside Audit & Supervisory Board members receive reports on

knowledge in finance. Mr. Inoue has professional knowledge

business performance, internal control systems, and the like at

and abundant experience as an attorney.

Board of Directors meetings, where they cooperate with each

Outside Audit & Supervisory Board members Messrs.

other and exchange opinions as necessary. When appointing

Akira Kodama and Fusahiro Yamamoto hold no stock in theoutside directors and outside Audit & Supervisory Board

Corporation and have no personal relationships, businessmembers, we refer to criteria on the independence of outside

relationships, capital relationships, or other interests with thedirectors determined by financial instruments exchanges.

Corporation. Outside Audit & Supervisory Board member

Accordingly, we believe our system for appointing outside

Mr. Shoji Inoue holds stock in the Corporation. He has nodirectors and outside Audit & Supervisory Board members isother personal relationships, business relationships, capital

appropriate.

relationships, or other interests with the Corporation.
The Corporation deems there is no risk of conflict ofinterest with ordinary shareholders and has designatedDirectors

outside Directors Akiyoshi Morita and Masahiro Sugino asMonthly salaries for directors is paid according to position

independent directors and outside Audit & Supervisory Boardand the like within limits for total monthly compensation

members Akira Kodama, Fusahiro Yamamoto, and Shojiprescribed by resolution of the General Meeting of

Inoue as independent Audit & Supervisory Board members in

Shareholders.

accordance with the regulations of the financial instruments

Director bonuses, which directors (excluding outside

exchanges. The Corporation has entered into agreements

directors) are eligible for, are linked to consolidated businesswith the abovementioned two outside directors and three

results with the aim of raising motivation to improveoutside Audit & Supervisory Board members, with respect tobusiness performance.

their liability for damages to the Corporation as prescribed

10

Policy on the Determination of Remuneration for

Seeking to increase morale and motivation to help

in Article 423, Paragraph 1, of the Companies Act, to limit

improve corporate value over the medium and long terms, thethe total amount of liabilities to the sum of the amounts

Corporation issues stock compensation-type stock options toprescribed in the items of Article 425, Paragraph 1, thereof.

directors (excluding outside directors) so that they share the

The role of the Corporation’s outside directors is torisks and rewards of stock price fluctuations with shareholders.

strengthen the efficacy of oversight by the Board of Directors

To ensure independence from management, the total

concerning the execution of duties by directors, from anamount of compensation for Audit & Supervisory Board

impartial, external perspective with no possibility of conflict ofmembers is fixed, with the specific amount determined ininterest with ordinary shareholders. Moreover, outside Audit

consultation with auditors.

Comments from an Outside Audit &Supervisory Board Member
Role as Outside Audit & Supervisory Board Member

Status of Makita’s corporate governance

I worked for many years as a certified public accountant in a

My role is to ensure that Makita’s overall corporate governancelarge accounting firm, auditing the accounts of publicly listed

is developing and operating effectively. Appointing people who

companies and other firms.

were top managers in different industries to positions as outside

I have been applying my knowledge as a specialist

directors has proven particularly effective, from the perspective ofin finance and accounting to conduct auditing activities atpreserving the transparency and impartiality of governance. Such

Makita, a role that shareholders and other investors expect me

people are able to provide timely and appropriate monitoring ofto perform. In relation to this, Japan’s Corporate Governancethe Board of Directors.

Code took effect on June 1, 2015. My appointment complies

However, I have called for additional efforts to address thewith the principle of the Code that states “at least one person

issue of diversity, which includes promoting the advancement of

who has appropriate expertise in finance and accounting

women in the company. Improving the situation will take time but

should be appointed as Audit & Supervisory Board Member”

it must be addressed to further enhance Makita’s corporate value.

to ensure the efficacy of a company’s Board of Directors andAudit & Supervisory Board.

Makita’s greatest strengths
Product development capabilities are Makita’s greatest strengths.

Transparency and impartiality of Makita’s corporate

Those capabilities reflect its understanding of market needs andgovernanceits strong brand equity, built on a system of in-depth customer

To preserve the transparency and impartiality of Makita’s

service. A corporate scandal could expose these brand values tocorporate governance, the roles of the Board of Directors andimmediate damage.

the Audit & Supervisory Board, which handle the governance

I will strive to maintain and strengthen Makita’s governancefunction, are very important. Outside directors and Audit &system from the standpoint of an Outside Audit & Supervisory

Supervisory Board members must perform their monitoring

Board Member.

and supervisory functions fully. To fulfill my role as an Outside
Audit & Supervisory Board Member and independent Audit& Supervisory Board Member, I conduct monitoring activities
to determine if Makita’s Board of Directors and the Audit &Supervisory Board are functioning effectively and serving theirintended purposes.
With respect to important matters related to finance andaccounting, in particular, I use my long experience as a certified
public accountant to keep at the forefront of my mind any
business risk in Makita’s corporate environment. In addition,
I examine whether Makita’s responses to possible risks areappropriate and offer advice as necessary.

Fusahiro Yamamoto
Outside Audit & Supervisory Board Member

11Directors, Audit & Supervisory Board Members
and Corporate Officers (as of June 28, 2017)
Directors and Audit & Supervisory Board Members
Directors* Chairman
Masahiko Goto
* President
Munetoshi Goto
Director, Managing Corporate Officer
Tadayoshi Torii
General Manager of Production Headquarters

Directors, Corporate Officers
Hisayoshi Niwa
General Manager of Quality Headquarters

Shinichiro Tomita
General Manager of Purchasing Headquarters

Tetsuhisa Kaneko
General Manager of Research and Development Headquarters

Audit & Supervisory Board Members

Standing Audit & Supervisory Board Members
Mitsuhiko Wakayama
Akira Kodama
Audit & Supervisory Board Members
Fusahiro Yamamoto(Certified Public Accountant)
Representative of Yamamoto Accounting OfficeOutside Audit & Supervisory Board Member of SHIROKI Corporation
Outside Audit & Supervisory Board Member of Daihatsu Motor Co., Ltd.

Shoji Inoue
Attorney at Law (Sao & Inoue Law Firm)
Outside Director of Meitetsu Transportation Co.,Ltd.
Messrs. Akira Kodama, Fusahiro Yamamoto, and Shoji Inoue
are Outside Audit & Supervisory Board Members.

Tomoyuki Ota
Assistant General Manager of Research and Development Headquarters

Takashi Tsuchiya
General Manager of Domestic Sales Headquarters

Masaki Yoshida
Assistant General Manager of Production Headquarters(in charge of China Plant)

Takashi Omote
General Manager of International Sales Headquarters

Yukihiro Otsu
General Manager of Administration Headquarters

Outside Directors
Akiyoshi Morita
Advisor of Aichi Steel Corporation
Outside Director of Showa Denko K.K.

Masahiro Sugino
Advisor of LIXIL Corporation*Denotes Representative Director.

Corporate Officers
Yasushi Fukaya
In charge of Europe Sales

Tomoharu Yasuda
Assistant General Manager of Domestic Sales Headquarters:
Tokyo Area

Shinichi Sakamoto
In charge of Asia Sales and Managing Director of Makita China Sales

Atsunobu Iwakura
Assistant General Manager of Domestic Sales Headquarters:
Osaka Area

Hideki Shimazoe
Assistant General Manager of Domestic Sales Headquarters:
Nagoya Area and Direct Business Department

Larry Peck
President of Makita Corporation of America and in charge ofBrazil Plant

Rich Chapman
Executive Vice President of Makita U.S.A. Inc.

Barry Smart
Sales and Marketing Director of Makita (U.K.) Ltd.

12

Topics
Expanding our service networks in Russia and the United States
The Company is further upgrading its global network to

In March 2017, meanwhile, we opened a branch inreinforce its meticulous sales activities, which have close ties

Dallas, Texas, our fourth branch in the United States. Forwith customers.

many years, Dallas has been a transportation hub, and today

In February 2017, we opened a branch in Yekaterinburg,

it also functions as a major U.S. financial and economic

Russia, our seventh branch in that nation. In addition

center. Also located in Texas is the Port of Houston, theto being the largest city in the Ural Federal District,nation’s second-largest port in terms of cargo volume

Yekaterinburg is developing as a center of heavy industry

handled. In addition to serving as a distribution base, thein Russia. We will continue improving our services in major

Dallas Branch has exhibition and training facilities, equipped

cities of Russia, with its vast geographic area.

with features to satisfy our customers’ needs.

Yekaterinburg Branch, Russia

Dallas Branch, United States

Training session at the Dallas Branch

Makita selected among top 100 corporations leading global
business for second straight year
Makita has been named one of the Top 100 Global

grant success rates, global reach

Innovators for 2016 by Clarivate Analytics, formerly theand invention influence.

Intellectual Property & Science business of Thomson Reuters.
This is Makita’s second successive appearance on the list.
Clarivate Analytics is a world-renowned information

Makita will continue pursuing
proactive R&D activities whileworking hard to protect and utilize

services company. Using its patent database, the company

the intellectual property gained

analyzes intellectual property and patent trends to selectthrough such activities in the

100 corporations and institutions that lead global business,

global market.

according to four evaluation criteria: patent volume, patent-

Top 100 Global Innovators for 2016 trophy

13

New Products in Fiscal 2017
Expansion of cordless outdoor power equipment (OPE)
Despite being cordless, these OPE products have power comparable to engine-driven models. In addition to emitting zero
exhaust gas, they do not require fuel or effort to start and are extremely quiet. With “shifting from engine-powered tobattery- powered” as our key phrase, here we introduce new cordless OPE products that are powerful and friendly to people
and the environment.

1. Cordless Chain Saw
DUC353Equivalent to the feel of a 30mL class engine
chain saw but with recharging capabilities
The DUC353 cordless chain saw is equipped with Makita’s originalouter rotor brushless motor and a direct-drive system that uses arotor to directly rotate the chain without going through the gears
or clutch. This achieves high-speed rotations equivalent to engine
types and fast cutting with chain speeds of up to 1,200m/min.

2. Cordless Blower DUB362
Low noise and vibration, with engine-levelair volume and air velocity
The DUB362 cordless blower delivers air flow volume andspeed equivalent to those of engine-driven models. This

Parallels the feel of a 25mL class engine
trimmer but with recharging capabilities
The DUR364 and DUR365U

cordless blower generates lesscordless grass trimmers arenoise through adjustments toequipped with an outer rotor

its sound-absorbing foam andbrushless motor to rotate thethree-fan configuration, andouter rotor and thus deliverless vibration through the use ofhigh torque. The addition

rubber rings and a double-layerof constant-speed control

vibration-preventing housing toalso provides toughness andseparate the vibration source

impressive power.

motor and fan from the housing.

14

3. Cordless Grass Trimmer
DUR364 / DUR365U

Development of products with lightweight andcompact features

2. Cordless Hammer Driver Drill DHP483
1. Cordless Rotary Hammer DHR166
16mm cordless hammer drill that can drive
screws and plugs into concrete with one hand

Comfortable operation with exceptional
handling
The DHP483 realizes unparalleled levels of compactness andWith the DHR166 cordless hammer drill, we pursued easelightness as an 18V class cordless hammer driver-drill. Asof use by achieving extreme compactness and weightthe mounted brushless motor does not come with a carbon

reduction. Despite its 12V max capacity, the DHR166 offers

brush (a consumable), it is maintenance-free with no needincreased drilling speeds equivalent to those of our 14.4V

for inspection or replacement. It also provides electricaland 18V models in the 16mm class.

efficiency and generates minimal heat.

Other new products
We focused on developing professional power tools that provide customer satisfaction.

Cordless Rear Handle Saw/DRS780

Angle Grinder GA7060R/GA9060R (Photo:GA9060R)

Slide Compound Miter Saw/LS1019

15

10-Year Summary
Yen in millions
2008

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

2009

2010

2011

¥ 342,577
52,193
290,384
67,031
66,23746,043¥ 294,034
46,222
247,81250,07544,44333,286¥ 245,823
42,697203,126
30,39033,51822,258¥ 272,630
46,065
226,565
41,90942,73029,905Net Cash Provided by Operating Activities
Net Cash Provided by (Used in) Investing Activities
Free Cash FlowsNet Cash Used in Financing Activities

29,275(4,508)24,767(13,815)

22,178232
22,410(33,179)

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

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

Capital Expenditures
Depreciation and Amortization
R&D Costs

15,036
8,871
5,922

17,0468,887
6,883

10,837
8,308
6,782

9,742
7,557
7,283

¥ 386,467
230,699
316,498
2,632¥ 336,644
199,586
283,485
1,057¥ 349,839
211,336
297,207929¥ 372,507
219,270
307,149
887

¥

¥

¥

¥

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

160.1
1,100.7
97.0

19.6%
14.9%
12.2%
81.9%
287,499,649
287,547,250
10,436118.4
1,028.9
80.0

17.0%
11.1%
9.2%
84.2%
281,037,165
275,528,010
10,41280.8
1,078.7
52.0

12.4%
7.7%
6.5%
85.0%
275,524,103
275,520,804
10,328108.5
1,114.8
66.0

15.4%
9.9%
8.3%
82.5%
275,518,548
275,515,398
12,054Notes
1. The U.S. dollar amounts above and elsewhere in this report represent translations, for the convenience of the reader, at the rate of ¥111 to US$1.
2. Consolidated financial statements are prepared in accordance with United States Generally Accepted Accounting Principles.
3. Net income attributable to Makita Corporation per share is computed based on the average number of common stock outstanding during the term.

Net Sales (¥ millions)423,623
414,718
414,999383,207309,630

’13

16

’14

’15

’16

’17

Operating Income (¥ millions)
71,90564,67662,56454,91445,366

’13

’14

’15

’16

’17

Net Income Attributable to
Makita Corporation (¥ millions)44,78245,307
41,61538,45331,076

’13

’14

’15

’16

’17

Total Makita Corporation
Shareholders’ Equity (¥ millions)
486,021 479,752 502,170
435,934
373,543

’13

’14

’15

’16

’17

U.S. Dollars
in thousands
2017

Yen in millions
2012

2013

2014

2015

2016

2017

¥ 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¥ 414,718
67,740346,978
71,90568,39445,307¥ 423,623
68,445355,178
64,676
61,492
41,615¥414,999
74,381
340,618
62,56464,73844,782$3,738,730
670,099
3,068,631
563,640
583,225
403,441

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

41,686(20,084)
21,602(7,365)35,894(20,096)
15,798(12,017)

34,188(6,573)
27,615(18,719)

63,351(5,015)58,336(9,495)570,370(45,180)
525,550(85,541)

13,481
7,237
7,603

11,481
7,542
8,396

11,4178,622
8,720

12,124
8,619
9,117

11,7699,284
9,593

13,222
8,943
10,139119,11780,56891,342¥ 383,256
223,045
321,2532,363¥ 440,974
266,950
373,543
1,703¥ 519,121
310,750
435,934
4,163¥ 575,328
358,245
486,0215,030¥ 558,024
362,675
479,7522,225¥597,249
374,297502,170
6,597$5,380,622
3,372,045
4,524,054
59,432

¥

¥

¥

141.6
1,605.8
91.0¥ 166.9
1,790.3
118.0¥ 153.3
1,767.3
101.0

¥

14.3%
9.5%
8.0%
84.0%
271,481,657
271,475,252
12,804

17.3%
9.8%
8.3%
84.5%
271,472,428
271,469,736
13,835

15.3%
8.6%
7.3%
86.0%
271,468,232
271,466,522
14,784Yen

118.4
1,183.2
72.0

16.4%
10.3%
8.6%
83.8%
274,489,367
271,501,036
12,563114.5
1,375.9
69.0

14.7%
8.9%
7.5%
84.7%
271,496,178
271,491,854
12,680U.S. Dollars

165.0
1,849.9
100.0

$

1.49
16.67
0.90

15.1%
9.1%
7.8%
84.1%
271,463,676
271,460,572
15,344

4. Amounts of less than ¥1 million have been rounded.
5. The Corporation implemented a two-for-one common stock split of the Corporation, effective April 1, 2017. The figures for Earnings per Share of Common Stock and per ADS: Basic, Total Shareholders’ Equity,
Average Number of Shares Outstanding, and Number of Outstanding Shares Excluding Treasury Stock have been restated for the previous fiscal years to give retroactive effect to the stock split.

Free Cash Flows (¥ millions)

Capital Expenditures R&D Costs (¥ millions)
63,35138,364

41,686

22,95058,33635,894

21,602

34,18815,798’13(20,084)(20,096)’14’15

11,417

8,396

12,1248,720

11,769

9,117

13,222

9,593

10,13927,615(6,573)(15,414)

11,481’16(5,015)

Cash flows from operating activities
Cash flows from investing activities’17

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

’13

’14

’15

Capital expenditures

’16

’17
R&D costs

17

Consolidated Balance Sheets
MAKITA CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSAS OF MARCH 31, 2016 AND 2017
Yen in millions
2016

U.S. Dollars in thousands
2017

2017

ASSETS

18

CURRENT ASSETS:
Cash and cash equivalents
Time deposits
Short-term investments
Trade receivables—Notes
Trade receivables—Accounts
Less-Allowance for doubtful receivables
Inventories
Deferred income taxes
Prepaid expenses and other current assets
Total current assets¥ 99,915
15,54548,263
1,079
64,309(1,173)
178,791
5,454
15,390427,573¥142,181
34,32923,441
1,199
67,086(1,137)
167,398
4,723
13,349452,569$1,280,910
309,270
211,180
10,802604,378(10,243)
1,508,090
42,550120,261
4,077,198

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

22,436
94,70491,3652,662
211,167(118,344)
92,82322,35894,92791,493
5,531
214,309(119,802)
94,507201,423855,198
824,261
49,8291,930,712(1,079,297)
851,414INVESTMENTS AND OTHER ASSETS:
Investments
Goodwill
Other intangible assets, net
Deferred income taxes
Other assets
Total investments and other assets
Total assets

21,872
721
4,107
610
10,31837,628¥ 558,024

34,004
721
3,641
650
11,15750,173¥597,249

306,342
6,495
32,802
5,856
100,514452,009$5,380,622

Yen in millions
2016

U.S. Dollars in thousands
2017

2017

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

¥

2,195
20,620
6,521
9,350
9,143
4,440
3,084
9,545
64,898¥6,57926,347
7,122
10,537
9,431
6,944
3,134
8,178
78,272$59,270
237,360
64,162
94,92884,96462,55928,23473,676705,153

30
3,271
4,974
1,481
9,756
74,654

18
3,161
8,313
1,674
13,16691,438162
28,47774,892
15,081
118,613823,766

23,80523,805

214,459

45,456
5,669
425,473(9,049)45,501
5,669
456,546(17,728)

409,919
51,072
4,113,027(159,712)(11,602)479,7523,618
483,370(11,623)
502,170
3,641
505,811(104,712)
4,524,054
32,802
4,556,856¥ 558,024¥597,249$5,380,622

EQUITYMAKITA CORPORATION SHAREHOLDERS’ EQUITY:
Common stock, authorized - 496,000,000 shares
Issued and outstanding- 280,017,520 and 271,466,522 shares,
respectively in 2016
Issued and outstanding- 280,017,520 and 271,460,572 shares,
respectively in 2017
Additional paid-in capital
Legal reserve
Retained earnings
Accumulated other comprehensive income (loss)
Treasury stock, at cost - 8,550,998 shares in 2016
- 8,556,948 shares in 2017
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, 2015, 2016 AND 2017
Yen in millions
2016

2015

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
Valuation losses on securities
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
2017

2017

¥ 414,718
257,582
157,136
85,231
71,905¥ 423,623
270,121
153,50288,82664,676¥414,999
267,506
147,493
84,92962,564$3,738,730
2,409,964
1,328,766
765,126
563,640

2,639
(113)

2,468
(115)

2,512
(104)

22,631(937)(6,480)(1,552)(233)(2,099)443(3,511)
68,394
18,8893,824
22,71345,681

1,418(5,403)(3,184)
61,492
18,707812
19,51941,973

26
(27)
2,174
64,73819,988(378)
19,61045,128234(243)
19,586583,225
180,072(3,405)
176,667
406,559

374

358

346

3,117

¥ 45,307¥ 41,615¥ 44,782$ 403,441¥ 153.3¥ 101.0¥165.0¥100.0Yen¥ 166.9¥ 118.0

U.S. Dollars

$1.49
$0.90

Note: The Corporation implemented a two-for-one common stock split of the Corporation, effective April 1, 2017. The figures for Earnings per Share of Common Stock and per share: Basic have been restated for theprevious fiscal years to give retroactive effect to the stock split.

Consolidated Statements of Comprehensive Income
MAKITA CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED MARCH 31, 2015, 2016 AND 2017
Yen in millions
2016

2015

NET INCOME
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

U.S. Dollars in thousands
2017

2017

¥ 45,681¥ 41,973¥45,128$406,559

14,660(26,304)(19,812)(178,486)

1,267(3,036)

10,742

96,775

1,047
16,97462,655(2,678)(32,018)
9,955

192(8,878)36,2501,730(79,982)
326,577

199

231

147

1,324

¥ 62,456¥ 9,724¥36,103$325,252

Consolidated Statements of Changes in Equity
MAKITA CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED MARCH 31, 2015, 2016 AND 2017

Retainedearnings

Accumulated othercomprehensive
income (loss)
Treasury stock

Common stock

Additional paidin capital

Legal reserve

Balance as of April 1, 2014
Purchases and disposal of treasury stock
Cash dividends
Comprehensive income :Net income
Other comprehensive income¥ 23,805¥ 45,421¥ 5,669

Balance as of March 31, 2015

¥ 23,805¥ 45,421¥ 5,669¥ 399,874¥ 22,842

Balance as of April 1, 2015
Purchases and disposal of treasury stock
Cash dividends
Comprehensive income:Net income
Other comprehensive income
Other income (loss)¥ 23,805¥ 45,421¥ 5,669¥ 399,874¥ 22,842

Balance as of March 31, 2016

¥ 23,805¥ 45,456¥ 5,669¥ 425,473¥ (9,049)

Balance as of April 1, 2016
Purchases and disposal of treasury stock
Cash dividends
Comprehensive income:Net income
Other comprehensive income
Other income (loss)¥23,805¥45,456¥5,669¥425,473(¥9,049)

Balance as of March 31, 2017¥23,805¥45,501¥5,669¥456,546(¥17,728)

Balance as of March 31, 2017 – US$ in thousands$214,459$409,919$51,072$4,113,027($159,712)

Noncontrollinginterest

Total

Yen in millions¥ 366,919

¥

5,693

¥ (11,573)
(17)

(145)

¥ 439,444(17)(12,497)

374
(175)

45,681
16,974¥ (11,590)¥ 3,564¥ 489,585¥ (11,590)(12)¥ 3,564¥ 489,585(12)(16,193)(12,352)
45,307
17,149(16,016)¥ 3,510(177)

41,615358(127)

41,973(32,018)35¥ (11,602)¥ 3,618¥ 483,370(¥11,602)(21)¥3,618¥483,370(21)(13,833)(31,891)35(13,709)(124)

44,782346(199)

45,128(8,878)45(¥11,623)¥3,641¥505,811($104,712)$32,802$4,556,856(8,679)45

21

Consolidated Statements of Cash Flows
MAKITA CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED MARCH 31, 2015, 2016 AND 2017
Yen in millions
2016

2015

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
Valuation losses on securities
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
CASH FLOWS FROM INVESTING ACTIVITIES:Capital expenditures, including interest capitalized
Purchases of available-for-sale securities
Proceeds from sales of available-for-sale securities
Proceeds from maturities of available-for-sale securities
Purchases of held-to-maturity 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 threemonthsAdditions to long-term indebtedness
Purchase 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
2017

2017

¥ 45,681¥ 41,973¥45,128$406,559

8,619
3,824
(443)
(304)
122
2,366
310

9,284
812
(1,418)
5,403
(39)
374
1,849
-

8,943
(378)
(26)
27
385
172
2,077
-

80,568(3,405)
(234)
243
3,468
1,550
18,712-(1,270)(20,785)
1,903(4,828)(352)
1,051
35,894(3,526)(17,437)(2,821)177(1,253)810
34,188(4,824)
448
9,171
3,472
(684)
(560)
63,351(43,459)
4,036
82,622
31,279(6,162)(5,045)570,730(12,124)(15,682)
919
100
3,000
1,536
(19,885)
22,434(394)(20,096)(11,769)(9,997)
15,268
500
500
1,421
(36,169)
34,251(578)(6,573)(13,222)(1,217)30,663(8,601)
5,700
383(56,437)
37,384332(5,015)(119,117)(10,964)
276,243(77,486)
51,3513,450(508,441)
336,793
2,991(45,180)

1,042

867

4,691

42,261

3,419

-

-

-

(4,443)(3,556)(329)(2,964)446(17)(12,352)(112)(12,017)(12)(16,016)(2)(18,719)(22)(13,709)(126)(9,495)(198)(123,505)(1,135)(85,541)

9,016(3,510)(6,575)(59,234)

12,797
81,732¥ 94,529

5,386
94,529¥ 99,915

42,26699,915¥142,181

380,775
900,135$1,280,910

¥

¥

¥

$

152
23,717116
18,530120
16,517

1,081
148,802

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
Chengdu sales branch
1F, Building 3, No.9, Wukedongsan Road,
Wuhou District, Chengdu, Sichuan
Postcode: 610045
Phone: +86-(0)28-85366002
Fax: +86-(0)28-87337018
Shenyang sales branch
No.2, 10A, No.7 Street, Economic andTechnological Development Zone,
Shenyang, Liaoning, Postcode: 110141
Phone: +86-(0)24-22530648
Fax: +86-(0)24-22530170
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

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
Service center
Macau
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)80-2205-8200
Fax: +91-(0)80-2854-9007

VIETNAM
Makita Vietnam Co., Ltd.
Head office
Unit 06, Block 16, 18 L1-2, Street 3, VSIPII Industrial Park, Hoa Phu Ward, Thu Dau
Mot City, Binh Duong Province, Vietnam
Phone: +84-650-362-8338
Fax: +84-650-362-8339
North branch
Unit 05, No. 1, Street 6, VSIP Bac Ninh
Integrated Township and Industrial Park,
Phu Chan Commune, Tu Son Town, Bac
Ninh Province, Vietnam
Phone: +84-241-376-5942
Fax: +84-241-376-5941
Service centers
Da Nang, Can Tho

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

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

CAMBODIA
Makita Singapore Pte. Ltd.
Cambodia branch
No. 432, St. 271, Sangkat Tumnup Teuk,
Khan Chamkarmon, Phnom Penh
Phone: +855-(0)23-994-071/2
Fax: +855-(0)23-994-073

AMERICAS
UNITED STATES
Makita U.S.A. Inc.
Corporate office14930 Northam Street, La Mirada,
CA 90638-5753, USA
Phone: +1-714-522-8088
Fax: +1-714-522-8133
Western regional (Los Angeles) office14930 Northam Street, La Mirada,
CA 90638-5753
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: 866-521-3541 Free dial USA only
Factory service centers
Atlanta, Boston, 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. Leonard (Montreal), Whitby, Winnipeg

MEXICO
Makita México, S.A. de C.V.
Head officeCamino Viejo A San Lorenzo Tepaltitlan(Jose Marti) No.227
Col. Tlacopa, Toluca, Estado De Mexico,
C.P. 50010
Phone: +52-722-237-3293
Fax: +52-722-237-3293
Factory service centers
Mexico City, Guadalajara, Monterrey,
Queretaro

PANAMA
Makita Latin America Inc.
Panama branch
Local Comercial No.4, Albrook Office
Center, calle Diego Dominguez, Albrook,
Panama City, Panama
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 Colônia
Dona Luiza,
CEP 84043-450 - Ponta Grossa, PR
Phone: +55-(0)42-3302-2100
São Paulo sales office
Rua Makita Brasil, 200 -Bairro Cooperativa- São Bernardo do Campo - SP CEP 09852080
Phone: +55-(0)11-4392-2411/2199-2500
Fax: +55-(0)11-4392-2471/4392-4440
Bahia sales branch
Rua Andre Luiz R da Fonte, 491 Bairro
Pitangueiras, Lauro de Freitas, BA
CEP 42700-000
Phone: +55-(0)71-3252-0154
Paraná sales branch
Rua Comendador Roseira,499 Bairro Prado Velho, Curitiba,
PR CEP 80215-210
Phone: +55-(0)41-3333-8070
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, Porto Alegre

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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.
Head office
Av. Lo Boza 120-B Modulo 1,
Pudahuel, Santiago, CP 9030971
Phone: +56-2-2540-0400
Fax: +56-2-2540-0436
Factory service centers
Santiago, Temuco

PERU
Makita Peru S.A.
Panamericana Sur - Km. 29, Distrito de
Lurin, Provincia de Lima
Centro de Operaciones “MEGACENTRO
LURIN” Locales B1, B23, B24
Phone: +51-(1)-713-1212
Fax: +51-(1)-561-0099

BOLIVIA
Makita Peru S.A.
Bolivia branch
La Av. Japón UV. ET3, Lote3 de la ciudad
de Santa Cruz, Bolivia
Phone: +59-(1)-3325-7757

COLOMBIA
Makita Colombia, S.A.
Kilometro 7 Autopista Bogota-Medillin,
Centro Empresarial Celta Trade Park
Lote 123 Bodega 3 Funza-Cundinamarca,
Colombia
Phone: +57-1-896-6199
Fax: +57-1-896-6367

EUROPEUNITED KINGDOM
Makita (U.K.) Ltd.
Michigan Drive, Tongwell,
Milton Keynes, Bucks MK15 8JD
Phone: +44-(0)1908-211678
Fax: +44-(0)1908-211400
Makita International Europe Ltd.
Michigan Drive, Tongwell,
Milton Keynes, Bucks MK15 8JD
Phone: +44-(0)1908-211678
Makita Manufacturing Europe Ltd.
Hortonwood 7, Telford,
Shropshire TF1 7YX
Phone: +44-(0)1952-677688
Fax: +44-(0)1952-677678

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

24

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

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

THE NETHERLANDSHUNGARY

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

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

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

DENMARKPORTUGAL

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

Makita Ferramentas Electricas,
Sociedade Unipessoal, Lda.
Centro empresarial de Alverca,
Armazém C2 Vale das Ervas
2615-187 Alverca do Ribatejo
Phone: +351-219-936-750
Fax: +351-219-574-982

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

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

GREECE
Makita Hellas S.A.
Tatoiou 34, Acharnes,
ATTIKI PC13677
Phone: +30-210-8071241
Fax: +30-210-8072245

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

ESTONIA
Makita Oy Estonian branch
Estonian office
Piirimäe 13, 76406 Saku vald,
Harjumaa maakond
Phone: +372-6-510-380
Fax: +372-6-510-399

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

SWEDEN
Makita Sweden
Bergkällavägen 36 B192 79
Sollentuna, Sweden
Phone: +46-8-505-819-00
Fax: +46-8-505-819-69

SWITZERLAND

AUSTRIA
Makita Werkzeug
Gesellschaft m.b.H.
Airportstrasse 4 A-2401 Fischamend
Phone: +43-(2232)-77700
Fax: +43-(2232)-77700-40

SLOVENIAROMANIA
Makita Romania S.R.L.
Str. I.C.Bratianu nr. 164 Depozit Faza 3077030 Branesti Ilfov Romania
Phone: +40 21 569 80 61/+40 21 569 80 62
Fax: +40 21 569 80 59
SC Makita EU SRL
Blvd. I.C. Bratianu, nr.164,
Comuna Branesti, jud. ILFOV, ROMANIA
077030Phone: +40-21-310-7675
Fax: +40-21-200-0219

BULGARIA
Makita Bulgaria EOOD
Okolovrasten Pat (circle road), No.373,
Sofia 1186, Bulgaria
Phone: +359-2-921-0551
Fax: +359-2-921-0550

RUSSIA
Makita LLC
1, build. 1, Permskaya str. , Moscow,
Russia, 107143
Phone: +7-495-915-88-66
Fax: +7-495-916-57-31
MAKITA LLC, St.Petersburg
branch70 bld. 3A ,Obukhovskoy oborony pr., St.
Petersburg, 192029
Phone: +7-(812)-313-16-16
Fax: +7-(812)-313-16-17
MAKITA LLC, Samara branch
3 Mirnaya str., Samara, Russia, 443035
Phone: +7-(846)-202-90-50/+7-(846)-202-42-83

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

MAKITA LLC, Vladivostok branch
22, Makovskogo str., Vladivostok,
Primorsky Region, Russia, 690041
Phone: +7-(423)-237-59-84
Fax: +7-(423)-237-59-85

UKRAINE

MAKITA LLC, Novosibirsk branch
15, Dargomyzhskogo str., Novosibirsk,
Russia, 630047
Phone:+7-383-209-18-19
Fax:+7-383-209-18-19

Makita Ukraine LLC
18A, Marka Vovchka str., Kyiv, 04073
Phone: +38(044)494-23-70/+38(044)494-23-71
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 555/125d, 620 00 Brno
Phone: +42-(0)5-432-16944
Fax: +421-(0)48-4161-769

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

MAKITA LLC, Krasnodar branch
32/2, Turgenevskoe, Takhtamukaisky
district, Adygea Republic, Russia, 385132
Phone:+7-(861)-238-24-97
MAKITA LLC, Yekaterinburg
Branch5, pereulok Avtomatiki, Yekaterinburg,
Russia, 620049
Phone:+7-(343)-286-00-09

KAZAKHSTAN
Makita Kazakhstan LLP
Kommunalnaya 39, 050016, Almaty,
Kazakhstan
Phone: +7-727-233-0827
Fax: +7-727-382-7921

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

OCEANIA
AUSTRALIA
Makita (Australia) Pty. Ltd.
Head office
2 Litton Close, Pemulwuy, NSW 2145
Phone: +61-(0)2-9839-1200
Fax: +61-(0)2-9839-1201
Hobart office
32a Chapel Street Glenorchy,
TAS 7010
Phone: +61-(0)3-6274-1533/1300 361 690
Fax: +61-(0)3-6274-1777/1300 361 770
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.
46 Westpoint Drive, Hobsonville, Auckland 0618
Phone: +64-(0)9-479-8250
Fax: +64-(0)9-479-8259

Corporate Data
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, USA
Toll Free Number for Domestic Calls:
1-888-BNY-ADRS
1-866-234-6936¥24,206 million

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

Number of Shares Issued

Email:
shrrelations@bnymellon.com

140,008,760 shares,
including 4,278,474 of treasury stock(As of March 31, 2017)

Independent Registered
Public Accounting Firm

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

Websitehttp://www.makita.biz/ir/

KPMG AZSA LLC

Note: The Corporation implemented a two-for-one common stock split of the Corporation, effective
April 1, 2017.

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 anduncertainties involved, actual results could differ substantially from the content of these statements. Therefore,
these statements should not be interpreted as representation that such objectives will be achieved.

25