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

CONSOLIDATED FINANCIAL RESULTS
FOR THE THREE MONTHS ENDED JUNE 30, 2019 (Unaudited)
July 31, 2019

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

1. Summary operating results of the three months ended June 30, 2019 (From April 1, 2019 to June 30, 2019)(1) CONSOLIDATED OPERATING RESULTS
Yen (millions)
For the three months ended
For the three months ended
June 30, 2018
June 30, 2019(%)
Revenue ................................................................
122,638
8.5
122,480(0.1)
Operating profit ....................................................
21,02916.3
17,375(17.4)
Profit before income taxes ....................................
22,28518.8
18,770(15.8)
Profit .....................................................................
15,68419.0
14,288(8.9)
Profit attributable to owners of the parent ............
15,55019.3
14,159(8.9)
Comprehensive income ........................................
6,897(68.5)
1,720(75.1)
Yen
Profit attributable to
Owners of the parent per share(Basic)..................................................................
57.28
52.16
(Diluted) ..............................................................
57.28
52.15
Notes:
1.
Amounts of less than one million yen have been rounded.
2.
The table above shows the changes in the percentage ratio of revenue, operating profit, profit before income taxes, profit
attributable to owners of the parent, and comprehensive income against the corresponding period of the previous year.

(2) SELECTED CONSOLIDATED FINANCIAL POSITION

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

Yen (millions)
As of March 31, 2019
As of June 30, 2019
680,250
665,761
577,222564,835
560,307572,748
84.2%

84.2%

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

For the year ending
March 31, 2020
(Forecast)

Cash dividend per share:
Interim .................................................................
10.00
10.00
Year-end ..............................................................
52.00(Note)
Total ....................................................................
62.00(Note)
Notes:
1. The forecast for cash dividend announced on April 26, 2019 has not been revised.
2. The projected amount of dividends for the year ending March 31, 2020 has not been determined yet. For further
details, refer to “Explanation regarding proper use of business forecast, and other significant matters” on page 2.

English translation of "KESSAN TANSHIN" originally issued in Japanese

13. Consolidated Financial Performance Forecast for the year ending March 31, 2020 (From April 1, 2019 toMarch 31, 2020)
Yen (millions)
For the year ending
March 31, 2020(%)
Revenue .............................................................................................
500,000
1.9
Operating profit .................................................................................
72,000(8.1)
Profit before income taxes .................................................................
72,700(9.0)
Profit attributable to owners of the parent .........................................
50,000(10.3)
Yen
Profit attributable to
Owners of the parent per share ..........................................................
184.18Notes:
1. The consolidated financial forecast for the year ending March 31, 2020 has not been revised.
2. The table above shows the changes in the percentage ratio of revenue, operating profit, profit before income
taxes and profit attributable to owners of the parent against the previous year.
4. Other(1) Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes inscope of consolidation during the quarter): None
(2) Changes in accounting policies and accounting estimates:
1. Changes in accounting policies required by IFRS: Yes
2. Changes in accounting policies other than 1.: None
3. Changes in accounting estimate: None
(3) Number of shares outstanding (common stock)
1. Number of shares issued (including treasury stock):
2. Number of treasury stock:
3. Average number of shares outstanding:

As of June 30, 2019:
As of March 31, 2019:
As of June 30, 2019:
As of March 31, 2019:
For the three months ended
June 30, 2019:
For the three months ended
June 30, 2018:

280,017,520
280,017,520
8,550,659
8,550,463
271,466,880
271,467,893

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

attributable to owners of the parent per share (after adjustments for special circumstances) and multiplied by 100.

English translation of "KESSAN TANSHIN" originally issued in Japanese

2[Qualitative Information and Financial Statements]
1.

Explanation of Consolidated Operating Results
Looking at the global economic situation during the three-month (the “period”) ended June 30, 2019, the economy
showed growing signs of a slow down while business sentiment worsened due to lingering uncertainties, such as thetrade dispute between the U.S. and China.
Our consolidated revenue for this period decreased by 0.1% to 122,480 million yen compared to the same period of
the previous year due to a decrease in the value of overseas net sales when translated into yen, although sales primarilyin Japan were robust. Operating profit decreased by 17.4% to 17,375 million yen (operating profit ratio: 14.2%) owing
to the increase in selling, general and administrative expenses and the deterioration of the cost-of-sales ratio caused by
impact of the exchange rate. Profit before income taxes decreased by 15.8% to 18,770 million yen (profit before income
taxes ratio: 15.3%) and profit attributable to owners of the parent decreased by 8.9% to 14,159 million yen (ratio of
profit attributable to owners of the parent: 11.6%).
Revenue results by region were as follows:
Revenue in Japan increased by 11.2% to 23,883 million yen compared to the same period of the previous year. Thiswas due to steady demand for highly efficient cordless tools, supported by a shortage of labor at building andconstruction sites, and robust sales of rechargeable gardening equipment.
Revenue in Europe increased by 1.1% to 55,768 million yen, due to solid sales in almost all areas, despite a decreasein the value of net sales caused by the appreciation of the yen against the euro.
Revenue in North America increased by 1.3% to 17,388 million yen due to our efforts to expand sales of lithium-ion
battery products including gardening equipment amid intensifying competition in the U.S.
Revenue in Asia decreased by 4.0% to 9,761 million yen. This was due to the impact of an economic slowdown in
China, despite steady sales in India and Taiwan.
Revenue in Central and South America decreased by 8.5% to 6,133 million yen since the economies of majorcountries slowed and the yen remained stronger against local currencies, despite our efforts to expand sales, principallylithium-ion battery products.
Revenue in Oceania decreased by 7.9% to 7,298 million yen due to the impact of a sluggish housing market inAustralia.
Revenue in the Middle East and Africa decreased by 44.3% to 2,249 million yen. This was because of the continuing
turmoil in the Middle East, resulting in poor sales.

2. Explanation of Consolidated Financial Position
Total assets as of June 30, 2019 decreased by 14,489 million yen to 665,761 million yen compared to the balance asof March 31, 2019. The decrease was mainly due to the decrease in “Cash and cash equivalents” and “Other financial
assets”. As we have adopted IFRS 16 “Lease” from the first three-month period of the year ending March 31, 2020,
right-of-use assets increased. (Please refer to (5) Notes to Consolidated Financial Statements on page 9.)
Total liabilities decreased by 2,102 million yen to 100,926 million yen compared to the balance as of March 31,
2019. This decrease was mainly due to the decrease in “Trade payables and other payables” and “Other liabilities”. As
we have adopted IFRS 16 “Lease” from the first three-month period of the year ending March 31, 2020, lease liabilities
increased. (Please refer to (5) Notes to Consolidated Financial Statements on page 9.)
Total equity decreased by 12,387 million yen to 564,835 million yen compared to the balance as of March 31, 2019.
The decrease was mainly due to changes in translation differences for foreign operations included in other componentsof equity.

3. Explanation of Information Relevant to Forecast such as Consolidated Financial Performance Forecast
There are uncertainties about the business environments surrounding the Group and developments in exchange
markets. Therefore, Makita has not reviewed the forecast of its consolidated financial performance for the year ending
March 31, 2020 announced on April 26, 2019.

English translation of "KESSAN TANSHIN" originally issued in Japanese34. Condensed Consolidated Financial Statements (Unaudited)(1) Consolidated Statement of Financial Position
Yen (millions)
As of March 31, 2019
As of June 30, 2019
Composition ratio

Composition ratio

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

146,512130,972

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

79,45073,468Inventories ........................................................

219,938

222,828

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

37,82831,551Other current assets ..........................................

9,401

10,612

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

493,12972.5%

469,431

70.5%

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

112,441

123,209

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

8,039

8,039

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

43,566

41,875Net defined benefit asset...................................

9,541

9,458

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

9,342

8,608

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

4,192

5,141

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

187,12127.5%

196,330

29.5%

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

680,250

100.0%

665,761

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

4Yen (millions)
As of March 31, 2019
As of June 30, 2019
Composition ratio

Composition ratio

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

38,90435,258Borrowings .....................................................

11,799

11,096

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

220

2,168

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

7,153

4,149

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

3,040

2,969

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

29,67825,643

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

90,794

13.3%

81,283

12.2%

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

3,231

3,244

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

256

8,651

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

1,293

1,259

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

7,236

6,277

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

218

212

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

12,234

1.8%

19,6433.0%

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

103,02815.1%

100,926

15.2%

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

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

45,57145,581Retained earnings ............................................

508,622509,007

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

(11,681)(11,682)

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

6,431(6,404)

Total equity attributable to owners of the parent ...

572,74884.2%

560,307

84.2%

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

4,474

0.7%

4,528

0.6%

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

577,22284.9%

564,835

84.8%

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

680,250

100.0%

665,761

100.0%English translation of "KESSAN TANSHIN" originally issued in Japanese5(2) Condensed Consolidated Statements of Profit or Loss and Consolidated Statements of Comprehensive
IncomeCondensed Consolidated Statements of Profit or Loss
Yen (millions)
For the three months
For the three months
ended June 30, 2019
ended June 30, 2018
Composition ratio

Composition ratio

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

122,638 100.0%

122,480 100.0%

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

(76,736) (62.6%)(78,955) (64.5%)

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

45,902

43,525

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

(24,873) (20.3%)(26,150) (21.3%)

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

21,02917,375

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

1,272

1,503

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

(16)

(108)

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

22,285

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

(6,601)PROFIT ...................................................................................

15,68412.8%

14,288

11.7%

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

15,55012.7%

14,15911.6%

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

134

0.1%

129

0.1%

37.4%
17.1%

18.2%

35.5%
14.2%

18,77015.3%(4,482)

Profit attributable to:Condensed Consolidated Statements of Comprehensive Income
Yen (millions)
For the three months
For the three months
ended June 30, 2019
ended June 30, 2018
15,684

14,288Equity financial goods measured at fair value through othercomprehensive loss ..................................................................

(2,053)(590)

Total of items that will not be reclassified to loss ........................

(2,053)(590)

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

(6,734)(11,978)

Total of items that may be reclassified to profit (loss) .................

(6,734)(11,978)

Total other comprehensive income (loss), net of tax ...................

(8,787)(12,568)

COMPREHENSIVE INCOME ...................................................

6,897

1,720

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

6,813

1,666

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

84

54

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

Items that will not be reclassified to income (loss)

Items that may be reclassified to profit or income (loss)

Comprehensive income attributable to:English translation of "KESSAN TANSHIN" originally issued in Japanese6(3) Condensed Consolidated Statement of Changes in Equity
Yen (millions)
For the three months ended June 30, 2018
Equity attributable to owners of the parent

Balance at April 1, 2018

Commonstock

Additional
paid-in
capital23,80545,531Retainedearnings

Profit for the period

Other
componentsof equity

Treasurystock

469,232(11,617)

Total

-

-

Comprehensive income
Dividends paid

15,550-4,393

558,439

15,550134

15,684(8,737)(8,737)(50)(8,787)(8,737)

6,813

84

6,897

(13,845)

Purchase of treasury stock
Disposal of treasury stock0

Share-based paymenttransaction

10

Transfer from othercomponents of equity toretained earnings(13,845)(13,845)

(0)

(0)

(0)

0

0

0

10

10

(288)

-

-

288

Total amounts of transactions
with owners

Total
equity554,046

15,550

Other comprehensive income

Balance at June 30, 201827,095

NonControllinginterest-

10(13,557)

(0)

(288)

(13,835)-(13,835)

23,80545,541

471,225(11,617)

18,070547,024

4,477

551,501

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

Balance at April 1, 2019

Commonstock

Additional
paid-in
capital23,80545,571Retainedearnings

Profit for the period

Other
componentsof equity

Treasurystock

508,622(11,681)--

Dividends paid

14,159

Disposal of treasury stock0

Share-based paymenttransaction

10

Transfer from othercomponents of equity toretained earnings

Balance at June 30, 2019

4,474

577,222

14,159129

14,288(12,493)(12,493)(75)(12,568)(12,493)

1,666

54

1,720

(14,116)

Purchase of treasury stock

Total amounts of transactions
with owners

-

Total
equity572,748

14,159Other comprehensive income
Comprehensive income

6,431

NonControllinginterest

Total(14,116)(14,116)

(1)

(1)

(1)

0

0

0

10

10

(342)

-

-

342

-

10

(13,774)

(1)

(342)

(14,107)-(14,107)

23,80545,581

509,007(11,682)(6,404)560,307

4,528

564,835

English translation of "KESSAN TANSHIN" originally issued in Japanese7(4) Condensed Consolidated Statements of Cash Flows
Yen (millions)
For the three months
For the three months
ended June 30, 2019
ended June 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:Profit ....................................................................................................

15,684

14,288Depreciation and amortization .............................................................

2,769

3,406

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

6,601

4,482

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

(1,257)(1,395)

Loss (gain) on sales and retirement of property, plant and equipment(19)(1,041)

Decrease (increase) in trade receivables and other receivables ...........

4,364

3,552

Increase in inventories .........................................................................

(8,199)(7,822)

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

(5,416)(3,619)

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

44

(90)

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

(2,804)(527)

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

11,767

11,234

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

346

402

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

573

473

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

(16)

(100)

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

(10,777)(8,118)Cash flows from operating activities .............................................

1,893

3,891

Purchase of non-current assets .............................................................

(7,171)(9,045)

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

346

2,181

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

(10,265)(1,292)

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

896

768

CASH FLOWS FROM INVESTING ACTIVITIES:Payments into time deposits ................................................................

(3,026)(10,081)

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

24,294

16,868Other ....................................................................................................

(264)

205

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

4,810

(396)

(774)

(485)

CASH FLOWS FROM FINANCING ACTIVITIES:Net increase (decrease) in short-term borrowings .............................
Purchase and sales of treasury stock, net .............................................

(0)

(1)

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

(13,845)(14,116)

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

920

401

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

(13,699)(14,201)

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

188(4,834)NET CHANGE IN CASH AND CASH EQUIVALENTS .................

(6,808)(15,540)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ...

147,320

146,512

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

140,512130,972

English translation of "KESSAN TANSHIN" originally issued in Japanese8(5) Notes to Consolidated Financial Statements
Notes on the assumptions for a going concern: None
Changes in accounting policies:
The Makita Group has adopted IFRS 16 “Lease” (“IFRS 16”) from the first three-month period of the year ending
March 31, 2020.
In accordance with IFRS 16, the Group has recorded leases that had been classified as operating leases under IAS
17 ”Lease” as right-of-use assets and lease liabilities in the consolidated statement of financial position.
On transition to IFRS 16, the Group has chosen to apply the practical expedient that allows the Group to continue
using the same method as before with regard to whether contracts are leases or not.
In line with the transition provision in IFRS 16, the Group has adopted the modified retrospective approach (amethod to recognize the cumulative effects of adopting IFRS 16 at the date of adoption) at the date of transition.
At the first date of the first three-month period of the year ending March 31, 2020. (“the date of initial application”),
the Group additionally recognized total assets including right-of-use assets (which were included in property, plant andequipment in the consolidated statement of financial position) of 10,656 million yen and lease liabilities of 10,656
million yen (which were included in other financial liabilities).
The Group measured the lease liabilities at the date of initial application at the present value of aggregate residual
lease payments at the inception of adoption, discounted using the lessee’s incremental borrowing rate of interest at the
inception of adoption. As of the date of initial application, the weighted average of the incremental borrowing rate was
1.26%.
On transition to IFRS 16, The Group has adopted the following practical expedients:
・Applying a single discount rate to a portfolio of leases with reasonably similar characteristics.
・Applying the exemption on not recognizing right-of-use assets or lease liabilities for leases for which the lease term
ends within 12 months of the date of initial application.
Condensed Operating Segment Information
Yen (millions)
For the three months ended June 30, 2018
North
Asia
Total
Other
America

Eliminations

Consolidated

15,820187(99,540)

122,638-

206,171

16,007(99,540)

122,638

18,493

1,126

1,410

21,029Yen (millions)
For the three months ended June 30, 2019
North
Asia
Total
Other
America

Eliminations

Consolidated

Japan

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

26,84946,43955,331
1,241

17,732
1,020

6,906
50,653

106,818
99,353

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

73,28856,572

18,75257,559Operating profit ............

6,414

6,002

547

5,530

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

Japan

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

28,582
48,81456,0701,948

17,830972

6,297
50,683

108,779
102,417

13,701
91(102,508)

122,480-

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

77,39658,01818,802

56,980211,196

13,792(102,508)

122,480

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

6,715

3,216

(995)

5,294

14,230170

2,975

17,375

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

English translation of "KESSAN TANSHIN" originally issued in Japanese

9

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

(%)

(%)

122,638
8.5
21,475 10.0
101,163
8.1
21,02916.3
22,28518.8
15,550 19.3
57.28
16,064122,480(0.1)
23,883
11.2
98,597(2.5)
17,375 (17.4)
18,770 (15.8)
14,159(8.9)
52.16
16,595

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

(%)

Revenue ..............................................................................................
490,5782.8
500,000 1.9
Domestic .........................................................................................
92,12911.6
95,000 3.1
Overseas .........................................................................................
398,4490.9
405,000 1.6
78,305(2.4)
72,000 (8.1)
Operating profit ...................................................................................
Profit before income taxes ..................................................................
79,9190.1
72,700 (9.0)
55,7501.5
50,000 (10.3)
Profit attributable to owners of the parent ...........................................
Profit attributable to
Owners of the parent per share (Yen) ..................................................
205.37184.18
Number of Employees ........................................................................
16,424
Notes:
1. Please refer to [Qualitative Information and Financial Statements] Section 3 “Explanation of Information
Relevant to Forecast such as Consolidated Financial Performance Forecast” on page 3.
2. The table above shows the changes in the percentage ratio of revenue, operating profit, profit before income
taxes, and profit attributable to owners of the parent compared to the corresponding period of the previous year.

English translation of "KESSAN TANSHIN" originally issued in Japanese102. Consolidated Revenue by Geographic Area
For the three months
ended June 30, 2018

Yen (millions)
For the three months
ended June 30, 2019

For the year ended
March 31, 2019

(%)

(%)

(%)

Japan ................................................................
21,475
10.0
23,883
11.2
92,12911.6
Europe..............................................................
55,172
14.1
55,7681.1
213,238
5.5
North America .................................................
17,165
1.3
17,3881.3
72,508
(1.8)
9,761
(4.0)
40,909(7.2)
Asia ..................................................................
10,163(6.7)
Central and South America ..............................
6,701
3.7
6,133
(8.5)
27,801(0.4)
Oceania ............................................................
7,921
8.3
7,298
(7.9)
30,222(3.4)
2,249 (44.3)
13,771(11.1)The Middle East and Africa .............................
4,041
12.2
Total .................................................................
122,638
8.5
122,480(0.1)
490,578
2.8
Notes:
1. The table above sets forth Makita's consolidated revenue by geographic area based on the customer’s location
for the periods presented. Accordingly, it differs from “Condensed Operating Segment Information” on page 9.
2. The table above shows the changes in the percentage ratio of revenue compared to the corresponding period of
the previous year.
3. Exchange Rates
Yen
For the threemonths ended
June 30, 2018

For the threemonths ended
June 30, 2019109.10130.0317.12

109.90123.5016.08

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

For the year
ended March 31,
2019110.92
128.44
16.54

For the year
ending March
31, 2020(Forecast)
110
125
16.3

4. Production Ratio (unit basis)
For the threemonths ended
June 30, 2018
Composition ratio

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

9.7%
90.3%

For the threemonths ended
June 30, 2019
Composition ratio

11.2%
88.8%

For the year
ended
March 31, 2019
Composition ratio

9.5%
90.5%

5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost
Yen (millions)

Capital expenditures ..................
Depreciation and amortization ...
R&D cost ...................................

For the threemonths ended
June 30, 2018

For the threemonths ended
June 30, 2019

For the year
ended
March 31, 2019

For the year
endingMarch 31, 2020
(Forecast)

7,171
2,769
2,689

9,045
2,990
2,867

23,867
11,271
11,25838,00012,80012,000English translation of "KESSAN TANSHIN" originally issued in Japanese

11