CONTENTSPROFILEFinancial Highlights &Highlights of Performance1

Sales by Region

2

Message to Shareholders

4

Corporate Governance8

Directors, Audit & Supervisory
Board Members andCorporate Officers

11

Makita’s Centennial History
Digest12

Environment-Conscious Designs

14

Addressing the Conflict MineralsIssue
15
10-Year Summary

16

Consolidated Balance Sheets

18

Consolidated Statementsof IncomeConsolidated Statements ofComprehensive Income

20

Consolidated Statements of
Changes in Equity

21

Consolidated Statements ofCash Flows

22

Corporate Directory

23

Corporate Data25

In 1958, Makita Corporation, founded in 1915 as anelectric motor sales and repair company, became thefirst company in Japan to manufacture and sellportable electric planers. Over the half century since,
Makita has worked to build a steady position as amanufacturer of portable power tools. Today, Makita
continues to provide products and services that are
beneficial in creating homes and living environments.
Makita’s history is one of close interaction withcustomers and parallels the evolution of power tools.
As a leading manufacturer and marketer of power
tools, Makita operates a network of production,
direct bases and service offices in Japan and about
50 countries around the world. The ratio of overseas
production is 90% on a unit basis, and 84% ofconsolidated sales come from overseas markets.
Through the power of its brand, supported bytechnology, quality and after-sales support, Makita
has secured a powerful competitive advantage andestablished a solid position as a leader in the global
power tools market.

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

Financial Highlights &Highlights of Performance
Net Sales

Operating Income

8.2%up‘13

30.9%up‘13309,630‘14

383,207‘14‘15414,718‘15

54,914

71,90517.8 % up‘1438,453‘15

45,307

5

14.7

14.3

2013

2014

17.3

10

0
2015

ROE

ROA

9.8 %

8.3 %

10 (%)

31,0763.0pt up
20 (%)

45,366Net Income Attributable
to Makita Corporation‘13

Operating Margin

10 (%)

8.9

9.5

7.5

9.8

8.3

8.0

5

0

0
2013

2014

2015

2013

2014

2015

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

Share ofNet Sales

15.6(% / FY2015)

19.0

Net Sales (¥ millions)

65.4

‘13

223,069 42,136 44,425‘14

269,234‘15

271,231

57,281

56,69278,60164,8861

Sales by Region
Share of Net Sales(% / FY2015)

JAPAN

NORTH AMERICA

13.8 %

16.3 %Net Sales (¥ millions)

Net Sales (¥ millions)
‘13

‘13

56,555‘14

66,019‘14‘15

67,740‘15

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

241,48349,891
57,168

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

OTHER REGIONSEUROPE

42.3 %

18.1 %
Central and South America

Net Sales (¥ millions)‘13

Net Sales (¥ millions)

125,024‘14

165,357‘13

175,254‘14

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

‘15

‘15

22,91928,06930,287

Oceania
Net Sales (¥ millions)‘13

18,848‘14

9.6 %The Middle East and Africa
Net Sales (¥ millions)‘13

Net Sales (¥ millions)

‘14
‘15

23,759‘15

ASIA (excluding Japan)‘13

20,805‘14
29,106‘15

15,69518,062
20,86735,004
39,643In Asia, as in other markets, Makita products have won a favorable
reputation and customer trust for product quality and excellent
after-sales service systems befitting a brand for professional users.
This enables Makita to maintain a high market share in countries
throughout the region.

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

3Message to Shareholders

Aiming to Be a Global Leader
in Power Tools
Greetings from the Management
Makita, founded in 1915, celebrated its centennial anniversary
in March of this year. We are grateful for the support of ourcustomers, retailers, business partners, and shareholders, without
whom we could not have reached this milestone. As a global
supplier of a comprehensive range of power tools that assist
people in creating homes and living environments, Makita aspires
to be No. 1 in the world market for power tools. We will continue
to cope flexibly with changes in the business environment, work
tirelessly, and make steady progress toward achieving our goal of
making Makita an innovative and strong company.

4

Shiro Hori

Masahiko Goto

President,
Representative Director

Chairman,
Representative Director

What key factors affectedbusiness results in fiscal
2015?

to reduce human error and maintain high quality have

In fiscal 2015 (the year ended March 31, 2015), thein Japan. We then incorporate them into production lines

simultaneously contributed to cost reductions.
In implementing labor-savings and automation, newideas are first tried out at what we call our “mother plant”

economic climate in Western Europe was mixed: whileat the plant in China, our largest plant with the mostthe British economy was strong, business conditions in thevaried production lines. We perfect these innovations

eurozone were weak. The Russian economy came underthrough modifications and testing on the production

increasingly severe pressures as a result of worsening

floor and then transplant them to our production

relationships with Western countries and economic

sites worldwide. Although how much is implemented

sanctions triggered by the Ukraine problem. The U.S.

varies from plant to plant, we will continue to steadily

economy continued to recover against a backdrop ofincorporate such innovations into production.

strong consumer spending and housing investment. Asia
experienced an overall recovery in business conditions,despite the slowing of economic growth in China.
Although consumption in Japan declined in reaction to a

What were the areas offocus in fiscal 2015?

consumption tax rate increase, there were improvements in

Our aim is to make Makita a recession-resistantcorporate capital investment and exports and other signs ofcompany that is not overly influenced by the economic

economic recovery.

environments in the regions and countries where we do

In this global economic environment, Makita achieved

business, and in fiscal 2015 we continued to invest in sales

strong business results in fiscal 2015. Consolidated net

expansion activities closely linked to local demand andsales increased for the fifth consecutive year, rising 8.2%

after-sales service enhancement regardless of fluctuations

to a record high of ¥414,718 million. A number of factors

in business conditions.

contributed to the favorable results. In particular, a decline

In October 2014, we established Makita Kazakhstan, ain sales in Russia, which had been our largest market

sales subsidiary that opened in February 2015. Under ourin Europe, was offset by growth elsewhere in Easternpolicy of allowing no area to go without after-sales services,

Europe, in the U.K., Germany, and other countries in

we will continue investing to create a more comprehensive

Western Europe, and in the United States. We achieved

network of service sites extending in every direction anda solid increase in sales in Central and South America,

also conduct functional reviews of existing sites.

where economic growth was negative. In Japan, where

Customer needs change with the times. I believe that

we expected sales to decline in the aftermath of theno matter how excellent our products may be, we cannot

consumption tax rate increase, we were able to achieve

achieve business growth without providing high-quality

year-on-year growth.

after-sales services. To continue to flexibly and effectively

We were also able to maintain profit growth thanks to

respond to customer needs, we must persistently strive

the effects of procurement and production cost reductions

to increase the accuracy of and enhance sales andthat were implemented globally. In the area of production

service systems. We will continue to make the necessary

in particular, labor-savings and automation implemented

investments in our pursuit of customer-oriented operations.

5Please describe your visionof a strong company in its
second century of existence.
When I consider what should be done to strengthen
the company, the most important thing is frontline focus.
This is true for every department: sales, development,
production, quality control, finance, and the rest. Makita
has 50 overseas subsidiaries including production sites,
and I think we are a company that offers a great many
opportunities for employees to engage in work that entails
responsibility. Employees in our domestic production
departments are assigned to overseas production sites
by turns. Going on overseas assignment is equivalent to

What trends do you seein the global power tools
market?
I see market growth continuing, and in particular, I
expect demand for cordless tools to steadily increase.

site. This contributes to the development of employees by
providing a management perspective to better understandwhat corporate management is about and to direct theirthoughts to the company’s future.
For instance, it is inconceivable for an employee

Although I believe that Makita ranks among the industry

seconded from the finance department to engage only inleaders in this market sector, in product development

finance-related work. We provide seconded employees

capabilities and product lines, as competitors are alsowith an all-round experience at overseas business sites,

focusing efforts on cordless tools, I want to add further

including marketing, general administration, procurement,

new products to build and drive the market. In fiscal

development, quality control, and repairs. We do this2015, we expanded our cordless tool lineup by actively

because it enables them to thoroughly understand theintroducing new products, mainly compact, high-output

local activities. This is what constitutes frontline focus andtools equipped with 4.0Ah and 5.0Ah high-capacity

frontline capabilities at Makita. By increasing the number

lithium-ion batteries and brushless motors.

of highly skilled employees with the disposition to raise

Furthermore, I expect demand for cordless equipment

the level of their own work through this overseas work

to expand not only in the power tools sector, but in theexperience, we aim to be the global market share leader

outdoor power equipment (OPE) sector as well. Althoughin power tools, to leverage our power tools business to

Makita is a latecomer to the OPE market, I believe that we

expand our business domain into related fields and further

can go on the offensive in the market by providing OPE

increase our share, and to accumulate still more expertise.

products powered by the same batteries as our power

I believe that this will lead to the realization of our goal oftools. I want to achieve steady growth while continuing tobecoming a truly strong company.

make solid investments over time.

6

joining the management team of the overseas businessWhat is the strategy for
future growth?

the steadfast support of our many stakeholders. I am mostgrateful to be a part of Makita on this proud occasion. At
the same time, I feel the weight of Makita’s 100-year history

By doing business on a global scale, Makita aims toand the enormous responsibility of passing the baton on tobuild a corporate constitution that isn’t overly influenced

the next generation of leaders. As Makita embarks on its

by the economic circumstances in specific regions ornext century, I intend to press ahead with our goal of being

countries. I think that fiscal 2015 was a year in which oura strong company that leads the industry in reliability, while

global business scale proved truly beneficial, because

maintaining the confidence and preparedness of a market

doing business globally enabled us to compensate in otherleader without becoming conceited.

areas when business in Russia declined substantially due
to the economic situation there.
The most important thing for realizing the vision of
making Makita a strong company is to increase market

I ask our stakeholders for your continued support andunderstanding in the years to come and encourage you tohave high expectations for Makita’s next century.

share. It is precisely when the economy of a country or
region is bad that we reinforce our sales efforts there. Thisis because continuing to steadily engage in marketing andworking to increase market share enables us to increase
sales when business conditions improve and to minimize
the impact of a sales decrease even in bad times. On theother hand, when a company becomes the market shareleader, extravagance can lead to vulnerability. That’s why,
it is exactly when business is booming that it is necessary
to adopt a humble posture, carefully review the situation,and boldly take on the challenge of opening up newmarkets. I intend to maintain that attitude in managing
the business.
Over the medium to long term, Makita will pursue
manufacturing and sales carefully aligned with customer
needs. To achieve this, we will rigorously carry out
frontline focus and enhance our frontline capabilities. In
addition, I want to further strengthen our procurement
capabilities and production capabilities to support
corporate growth and develop Makita into a company
that maintains a stable profitable business structure.
In March 2015, Makita celebrated its centennial
anniversary, having faced and overcome many obstacles
over the years thanks to the efforts of our predecessors and7

Corporate Governance
Overview of the Corporate Governance Structure

The Corporation’s Articles of Incorporation stipulate that the
number of Audit & Supervisory Board members shall not

The Corporation has adopted an audit and supervisory

exceed five.

board system. The Audit & Supervisory Board consists

The Board of Directors determines basic policies,of four Audit & Supervisory Board members, three ofwhom are independent outside Audit & Supervisory Board

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

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

corporate officer system to facilitate prompt implementation

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

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

structure, and strives to engage in flexible and efficient

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

considerable knowledge of finance and accounting. The

of Directors currently consists of fourteen directors, two of

Audit & Supervisory Board members share information bywhom are independent outside directors. The Corporation’smeans including the provision of audit reports and reports

Articles of Incorporation stipulate that the number of directors

on the Corporation’s condition to the independent auditor

shall not exceed fifteen.

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

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

Audit

dit

Au

Appointment / Dismissal

Audit & Supervisory Board
4 Members including
3 Outside Members

Audit Staff Office

Corporate
Officer

ReportCorporate Officer, General Manager
of Administration Headquarters

Independent Auditor

SupportChairmanPresident

Collaboration

ReportDisclosure Committee

Internal Audit Division
Audit

Corporate Divisions / Group Companies

Internal Audits and Audits by Audit & Supervisory
Board Members
As an independent organization in charge of the8

Financial Statements Audit / Internal Control Audit

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

Corporation’s internal audits, the Internal Audit Department

Board members attend meetings of the Board of Directors

conducts the internal audits necessary to maintain theand other important meetings, receive reports on operations

soundness of the Corporation’s management. With regard tofrom the directors, read important documents such asapproval requests, and examine the status of operations andof LIXIL Corporation, and currently serves as advisor toassets at the head office and principal places of business.

LIXIL Corporation. Mr. Sugino attends meetings of the

They request business reports from subsidiaries and, as

Corporation’s Board of Directors and is responsible fornecessary, visit significant subsidiaries to examine the status

strengthening the management oversight function basedof operations and assets. They also share information by

on the experience and knowledge acquired throughout his

receiving audit reports and reports on the Corporation’s

career as a management professional. There are no personal

condition from the independent auditor as needed.

relationships or other interests between the Corporation and

Relationships with the Outside Director andOutside Audit & Supervisory Board Members

Mr. Sugino. Although the Makita Group sells products to LIXIL

Outside Director Mr. Akiyoshi Morita formerly served

Corporation, Mr. Sugino’s employer, the transaction amountin the fiscal year ended March 31, 2015 was ¥4 million,

successively as president and chairman and currently serves

representing less than 0.01% of the consolidated net sales

as advisor to Aichi Steel Corporation, a core company ofof the Makita Group. Although the Corporation holds shares

the Toyota Group, one of the world’s leading corporateof LIXIL Group Corporation, the amount on the consolidated

groups. Mr. Morita attends meetings of the Corporation’sbalance sheets for the fiscal year ended March 31, 2015

Board of Directors and is responsible for strengtheningwas ¥466 million, which represents only 0.08% of the total

the management oversight function based on experience

assets of the Makita Group. Since there are no other personal

and knowledge as a management professional cultivatedrelationships or interests between the Corporation and LIXIL

throughout his career, offering advice and recommendations

Group Corporation, the Corporation deems Mr. Sugino

in accordance with that role.

independent from the Corporation and the Corporation’s

There are no personal relationships, capital relationships,

management in charge of business execution. Mr. Sugino

or other interests between the Corporation and Mr. Morita.

was elected as outside director at the General Meeting of

Although the Makita Group purchases parts from Aichi Steel

Shareholders held on June 25, 2015.

Corporation, Mr. Morita’s employer, the transaction amount in theOutside Audit & Supervisory Board member Mr. Haruhito

fiscal year ended March 31, 2015 was ¥643 million, representing

Hisatsune has many years of experience at financial institutions

0.2% of the consolidated net sales of the Makita Group.

and professional knowledge in finance and other fields andThere are no personal relationships, capital relationships,

applies an objective, neutral perspective independent of theor other interests between the Corporation and the Aichi SteelCorporation as standing Outside Audit & Supervisory Board

Group, and the Corporation deems Mr. Morita independent

member of the Corporation. He provides opinions from afrom the Corporation and the Corporation’s management

professional point of view at meetings of the Board of Directors

in charge of business execution. Mr. Morita was elected as

and the Audit & Supervisory Board that he attends.

outside director at the General Meeting of Shareholders heldon June 25, 2013 and has held office for two years.
Outside Director Mr. Masahiro Sugino formerly served

Outside Audit & Supervisory Board member Mr. Michiyuki
Kondo has professional knowledge and abundant experience
as an attorney. He engages in appropriate management

as president and representative director of LIXIL Groupoversight and provides opinions from a professional point ofCorporation, Japan’s leading comprehensive living andview at meetings of the Board of Directors and the Audit &housing solutions group, and as president and representative

Supervisory Board that he attends.

9Outside Audit & Supervisory Board member Mr. Fusahiro

Policy for Determining the Amount of

Yamamoto is knowledgeable about corporate accounting in

Compensation for Directors and Audit &his capacity as a certified public accountant. He engages inSupervisory Board Members

appropriate management oversight and provides opinionsfrom a professional point of view at meetings of the Board of
Directors and the Audit & Supervisory Board that he attends.

fixed compensation paid in consideration of the execution

Outside Audit & Supervisory Board members Messrs.

of the duties and responsibilities of each director. Since theHaruhito Hisatsune and Fusahiro Yamamoto hold no stock inelimination of the retirement bonus system for directors andthe Corporation and have no personal relationships, businessauditors on June 29, 2006, the Corporation has introduced

relationships, capital relationships, or other interests with thestock price-linked compensation as part of compensation. For

Corporation. Outside Audit & Supervisory Board member Mr.

directors, the Corporation contributes an amount equivalentMichiyuki Kondo holds stock in the Corporation as his holding

to the retirement bonus previously added to monthly salaries

in the Executive Stock Ownership Plan of the Corporation. He

to the Executive Stock Ownership Plan of the Corporation,

has no other personal relationships, business relationships,

acquires shares of the Corporation stock, and holds thecapital relationships, or other interests with the Corporation.

purchased stock during the directors’ tenure. This means, inMessrs. Hisatsune and Kondo were elected at the Generaleffect, that a portion of the directors’ compensation is linked

Meeting of Shareholders held on June 26, 2008 and haveto the share price and that the directors’ responsibility toheld office for seven years. Mr. Yamamoto was elected Audit

enhance corporate value is more clearly defined.

& Supervisory Board member at the General Meeting ofIn the interest of strengthening corporate governance,

Shareholders held on June 25, 2013 and has held office fordirectors other than outside directors who have responsibility

two years.

for consolidated business results are eligible for directors’

The Corporation deems there is no risk of conflict ofbonuses. Bonuses are linked to consolidated business resultsinterest with ordinary shareholders and has designated Outside

to ensure the sharing of risks and returns with shareholders.

Directors Akiyoshi Morita and Masahiro Sugino as independent

The compensation of Audit & Supervisory Board members

directors and Outside Audit & Supervisory Board members

is fixed to ensure independence from management, andHaruhito Hisatsune, Michiyuki Kondo, and Fusahiro Yamamotospecific amounts are determined through discussion amongas independent audit & supervisory board members in

the Audit & Supervisory Board members.

accordance with the regulations of the financial instruments

The Corporation reviewed the compensation structure

exchanges. The Corporation has entered into agreements withfor directors, proposed a resolution to introduce a stock-

the abovementioned two outside directors and three Outsidecompensation-type stock options system for directors

Audit & Supervisory Board members, with respect to their(excluding outside directors) at the General Meeting ofliability for damages to the Corporation as prescribed in Article

Shareholders held on June 25, 2015, and obtained approval

423, Paragraph 1, of the Companies Act, to limit the total

for the resolution.

amount of liabilities to the sum of the amounts prescribed in
the items of Article 425, Paragraph 1, thereof.

10

The monthly salaries of the Corporation’s directors are aDirectors, Audit & Supervisory Board Members
and Corporate Officers (as of June 25, 2015)
Directors and Audit & Supervisory Board Members
Directors

Audit & Supervisory Board Members* Chairman

Standing Audit & Supervisory Board Members

Masahiko Goto
* President
Shiro Hori
Director, Managing Corporate Officer
Tadayoshi Torii

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

Fusahiro Yamamoto(Certified Public Accountant)

Directors, Corporate Officers
Tomoyasu Kato

Messrs. Haruhito Hisatsune, Michiyuki Kondo, and Fusahiro Yamamoto
are Outside Audit & Supervisory Board Members.

General Manager of Research and Development Headquarters

Hisayoshi Niwa
General Manager of Quality Headquarters

Shinichiro Tomita
General Manager of Purchasing Headquarters

Tetsuhisa Kaneko
General Manager of Production Headquarters

Yoji Aoki
General Manager of Administration Headquarters

Tomoyuki Ota
Assistant General Manager of Research and Development Headquarters

Munetoshi Goto
General Manager of International Sales Headquarters

Corporate Officers
Tim Donovan
President of Makita Corporation of America and in charge of the Brazil
Plant

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

Yasushi Fukaya
In charge of Europe Sales

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

Takashi Tsuchiya

Shinichi Sakamoto

General Manager of Domestic Sales Marketing Headquarters

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

Masaki Yoshida

Atsunobu Iwakura

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

Assistant General Manager of Domestic Sales Marketing Headquarters:
Osaka Area

Outside Director
Akiyoshi Morita
Advisor of Aichi Steel Corporation
Outside Director of Showa Denko Corporation

Hideki Shimazoe
Assistant General Manager of Domestic Sales Marketing Headquarters:
Nagoya Area and Rabbit Sales Department

Masahiro Sugino
Advisor of LIXIL Corporation* denotes Representative Director.

11

Makita’s Centennial History Digest

̶ A Century-Long Trajectory of Progress

Founding

Transformation

Overseas Expansion

1915

1958

1970

At the time, the daily wage of a worker was
500 to 600 yen, and market prices fordomestic products were about half those ofexports. Since imported electric hand planers
commanded steep prices of 80,000 to 90,000
yen, a price in the 40,000 yen range would
have been considered reasonable. Makita
priced its portable electric planer at 29,800
yen, and it became a runaway hit.

Two employees, including current chairman Masahiko Goto,
were seconded to Makita’s ﬁrst overseas subsidiary. At thattime, the United States was a giant market with a large
number of manufacturers and it was extremely diﬃcult
to sell Japanese power tools.

Founding of Makita Electric Works (private company)in Nagoya City to sell and repair lighting equipment,
motors, and transformers

Launch of the ﬁrst Japan-madeportable electric planer

Makita began as a privately owned company founded by Mosaburo Makita
at the tender age of 23. The new company had three employees, including
Jujiro Goto, and operated from a workshop built on approximately 65
square meters of land behind Mosaburo’s home. At the time, it was
extremely rare for Japanesecompanies to have real plant. To
secure production capacity,
Mosaburo purchased a site in
Nagoya in 1918 and built a newfactory the following year.

Establishment of Makita U.S.A. Inc.
as Makita’s ﬁrst overseas subsidiary

1970
Completion of the Okazaki Plant

The Okazaki Plant was built as a modern mass-production plant to meet expanding demand. Today, it serves as
Makita’s “mother plant,” providing leadership to theoverseas plants.

Factory in Nagoya

1938
Change from a private company toa joint stock company andestablishment of Makita ElectricWorks, Ltd.

Okazaki Plant at thetime of completion

1915

1958

1935

1960

Model 1000
120 mm electric planer

1970

Completion of a new main plant

Start of exports of electric
generators and motors

Jujiro Goto’s
opening speechat the 45th anniversarycelebration andnew plant completion
ceremony

Makita’s ﬁrst-ever export was a memorable event.
An on-site inspection was conducted by agovernment oﬃcial dispatched from the Soviet
Union, and Makita products passed the rigorous
testing and inspection process with ﬂying colors.

1945

1981
Start of power tools
production in Brazil

1985
Start of power tools productionin the United States
Makita shifted from exporting to local
production, and the U.S. plant became theﬁrst overseas plant to engage in full-scale
production.

Relocation to the current sitein Anjo City
When Nagoya was damaged by air raids, theplant relocated to the current head oﬃce
location in Anjo City, where it would
continue to grow.

On-site inspection by Soviet government oﬃcial

Okazaki Plant today

U.S. plant(MakitaCorporationof America)

The company’s second
factory in Nagoya
before it was destroyed by ﬁreMakita was founded as a motor sales and repair company andinto a power tools manufacturer. Here we introduce some of
Products Developed by Makita evolved
the many products developed over the years.

Circa 1920
MI (magnetic induction)
three-phase induction motor

Circa 1930
Oil filtering device

12

1962
Model 6000 13.5 mm
electric drill

1946
Automaticrotating thresher

1958
Model 3000
electric groove cutter

1969
Model 2400 255 mm
tabletop circular saw
1978
Model 6010D
10 mm
rechargeable drill(first nickel-cadmium
battery product)and Growth Together with Customers

Dramatic Growth
1991

Corporate namechanged to Makita
Corporation
Industrial designer Giorgetto Giugiaro was hired to create
a new corporate logo. Makita’s corporate name changed
from Makita Electric Works, Ltd. to Makita Corporation.

2000

2008

Establishment of the second
production base in China

Completion of second plant in Brazil
Makita’s second plant in Brazil was established because theBrazilian economy was expanding and demand was
expected to grow. Makita earned great trust amongcustomers and users with a strategy of accommodating local
needs, including oﬀering products in Brazil’s national colors.

In January 2008, annual unit production
at Makita (China) and Makita (Kunshan)reached 10 million units. Production
steadily increased, with cumulative
production in 2014 reaching 150 million
units. The plants in China operate asglobal production centers.

Brazilian plant (Makita do Brasil Ferramentas Elétricas Ltda.)

1991
Start of power tools productionin the United Kingdom
Makita established its ﬁrst European plant in the U.K.
and began full-scale production for consumption in
Europe.

Chinese plant (Makita (Kunshan) Co. Ltd.)

2007

2012

Start of power tools
production in Romania

Start of power tools
production in Thailand

Makita’s ﬁrst plant in Eastern Europe wasestablished to strengthen the structure forsupplying the robust Western European
market and the fast-growing markets ofEastern Europe, Russia and the Middle East.

A plant was established in Thailand
to avoid excessive concentration of
production at the Chinese plant andcope with demand expansion inSoutheast Asia.

Romanian plant (SC Makita EU S.R.L.)

Thai plant (Makita Manufacturing(Thailand) Co., Ltd.)

2003
Completion of new
corporate headquarters

U.K. plant (Makita Manufacturing Europe Ltd.)

1991

2015
2015

1995

1991
Acquisition of Sachs Dolmar(renamed Dolmar GmbH)in Germany
Makita acquired the German chain saw
manufacturer that developed the world’s
ﬁrst petrol chain saw with the aim ofdeveloping OPE products into a second
mainstay business after power tools.

Centennial anniversary
An in-house contest was held to decide
the centennial logo design. The winning
logo features the number “100” createdfrom images of three Makita products: an
impact driver, an angle grinder grinding
wheel, and a circular saw blade.

Start of power tools
production in China
Makita established its ﬁrst Asian plantin China. Today, unit production in
China is the highest in the Group.

2005
Launch of lithium-ion battery products
Makita launched products equipped with lithium-ion
batteries ahead of competitors. They were lighter in weightand more compact than previous products, yet powerful.

Chinese plant(Makita (China) Co. Ltd.)

German plant (Dolmar GmbH)

1981
Model AN5000 air nailer

A trade showin Germany

2005
Model HR4011C
40 mm hammer
drill (equipped with low-vibration(first air tool)

Model AC6001 air compressor

Model TD130D
cordless
impact driver(the ﬁrst lithium-ion
battery product)

2013
Model MUR182UD
cordless brush cutter

technology)

1996
Model 6213D
cordless
driver drill(overseas specification;
the first nickel-metal hydride battery product)

2006
Model TP130D
cordless 4-mode
impact driver(the industry’s first 4-mode tool)

2014
Model TD148D
cordless impact driver(with brushless motor)

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

Higher Work Output per Single Full Battery Charge
Thanks to the very energy-efficient brushless DC motor, the amount of work output per single full battery charge has increased. The total
work output per battery has also increased, reducing battery expenses.
Brushless DC Motor
・ Maintenance-free due to no brush・ More energy efficient than the DC motor with brush
Lack of friction caused by brushes allows for lower
amperage, reduced heat and increased work output per
single full battery charge.

Capable of Long, Consecutive Operation
Because the brushless DC motor generates less heat,
the tool's surface temperature does not riseeven during heavy-duty industrial applications
requiring long, consecutive operation.

New Products in Fiscal 2015
Notable among the new products launched in fiscal 2015 is a cordless angle grinder equippedwith a lithium-ion battery and brushless DC motor that delivers excellent performance and all thepower of an AC model. It automatically changes cutting speed according to load conditions for
optimum operation.

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

14Addressing the Conflict Minerals Issue
It has become evident that a portion of the minerals (tantalite,

Makita will continue to cooperate with business partners

tin, gold, and tungsten) mined in the Democratic Republic ofand relevant organizations and strive to eliminate the use of

the Congo and surrounding areas serves as a source of funds

conflict minerals, a source of funds for armed groups.

for armed groups accused of inhumane acts and human rights
violations. These minerals are known to be distributed widely
throughout the world, serving as a source of funds for thearmed groups, and are therefore called “conflict minerals.”
Recognizing that the issue of conflict minerals has criticalsocial implications, Makita has developed a responsible
management system to address the issue and engages inoversight through collaboration with involved departments,
overseas plants, and business partners. Makita also takes
action to ensure transparency in the supply chain, including
Conflict minerals areminerals extracted in a
conflict zone and sold toperpetuate the fighting.

investigation of the minerals used in products, and engages in
responsible procurement with the aim of ensuring non-use of
conflict minerals.
Makita participates in the Responsible Minerals Trade
Working Group of the Japan Electronics and Information
Technology Industries Association (JEITA) and cooperates
with industry groups. Furthermore, Makita participates in the
Conflict-Free Sourcing Working Group of JEITA, working withcompanies in the automotive and other industries to unify
methods of investigating mineral use, and has been conducting
full-scale supplier investigations since fiscal 2013.

Democratic Republicof the CongoIn fiscal 2014, Makita investigated all of its suppliers
based on the required criteria, improved the collection rateof investigation results, and carefully examined the results inaccordance with the provisions of the Dodd–Frank Wall Street
Reform and Consumer Protection Act of the United States.
Countries where conflictminerals are mined.

15

10-Year Summary
Yen in millions
2006

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

2007

2008

2009

¥ 229,075
41,600187,475
45,77849,36740,411¥ 279,933
46,860233,073
48,17649,72436,971¥ 342,577
52,193
290,384
67,031
66,23746,043¥ 294,034
46,222
247,81250,07544,44333,286Net Cash Provided by Operating Activities
Net Cash Provided by (Used in) Investing Activities
Free Cash FlowsNet Cash Used in Financing Activities

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

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

22,178232
22,410(33,179)

Capital Expenditures
Depreciation and Amortization
R&D Costs

11,383
5,922
4,826

12,9808,773
5,460

15,036
8,871
5,922

17,0468,887
6,883¥ 326,038
181,808
266,584
1,832¥ 368,494
212,183
302,675
1,945¥ 386,467
230,699
316,498
2,632¥ 336,644
199,586
283,485
1,057

¥

¥

¥

¥

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

281.1
1,855.0
57.0

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

257.3
2,106.3
74.0

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

320.3
2,201.3
97.0

19.6%
14.9%
12.2%
81.9%
143,749,824
143,773,625
10,436236.9
2,057.8
80.0

17.0%
11.1%
9.2%
84.2%
140,518,582
137,764,005
10,412

1. The U.S. dollar amounts above and elsewhere in this report represent translations, for the convenience of the reader, at the rate of ¥120 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.
4. Amounts of less than ¥1 million have been rounded.

Net Sales (¥ millions)Operating Income (¥ millions)414,718
383,207309,630
295,711272,630

’11

16

’12

’13

’14

’15

Net Income Attributable to
Makita Corporation (¥ millions)

71,90538,45332,49731,07629,90554,914
48,51645,366
41,909

’11

’12

’13

’14

45,307

’15

’11

’12

’13

’14

’15

Total Makita Corporation
Shareholders’ Equity (¥ millions)
486,021435,934
373,543
321,253
307,149

’11

’12

’13

’14

’15

U.S. Dollars
in thousands
2015

Yen in millions
2010

2011

2012

2013

2014

2015

¥ 245,823
42,697203,126
30,39033,51822,258¥ 272,630
46,065
226,565
41,90942,73029,905¥ 295,711
53,175242,536
48,516
46,96332,497¥ 309,630
56,555
253,075
45,36645,691
31,076¥ 383,207
66,019317,188
54,91456,97438,453¥ 414,718
67,740346,978
71,90568,39445,307$ 3,455,983
564,500
2,891,483
599,208
569,950
377,558

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

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

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

41,686(20,084)
21,602(7,365)35,894(20,096)
15,798(12,017)299,117(167,467)
131,650(100,142)

10,837
8,308
6,782

9,742
7,557
7,283

13,481
7,237
7,603

11,481
7,542
8,396

11,4178,622
8,720

12,124
8,619
9,117

101,033
71,82575,975¥ 349,839
211,336
297,207929¥ 372,507
219,270
307,149887¥ 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$ 4,794,400
2,985,375
4,050,175
41,917

¥

¥

¥

¥

¥

283.3
3,211.6
91.0¥ 333.8
3,580.7
118.0

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

17.3%
9.8%
8.3%
84.5%
135,736,215
135,734,868
13,835Yen

161.6
2,157.4
52.0

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

15.4%
9.9%
8.3%
82.5%
137,759,272
137,757,699
12,054236.8
2,366.5
72.0

16.4%
10.3%
8.6%
83.8%
137,244,683
135,750,518
12,563

U.S. Dollars

228.9
2,751.8
69.0

14.7%
8.9%
7.5%
84.7%
135,748,088
135,745,927
12,68041,686

13,48135,894

11,481
9,742

21,602

19,617
22,950283

7,283

15,798

8,622

7,603

12,124

11,417

8,396

8,720

9,117

4,122

Cash flows from operating activities(4,500)(15,414)(19,334)

’11

2.78
29.84
0.98

Capital Expenditures R&D Costs (¥ millions)Free Cash Flows (¥ millions)
38,364

$

’12

’13

(20,084)(20,096)’14’15

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

’11

’12

’13

Capital expenditures

’14

’15
R&D costs

17

Consolidated Balance Sheets
MAKITA CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSAS OF MARCH 31, 2014 AND 2015
Yen in millions
2014

U.S. Dollars in thousands
2015

2015

ASSETS

CURRENT ASSETS:
Cash and cash equivalents
Time deposits
Short-term investments
Trade receivables- Notes- Accounts
Less-Allowance for doubtful receivables
Inventories
Deferred income taxes
Prepaid expenses and other current assets
Total current assets¥ 81,732
15,67341,048
1,402
64,176(1,001)
156,111
7,231
13,665
380,037¥ 94,529
15,28356,076
1,315
64,642(998)
175,186
6,296
16,782
429,111PROPERTY, 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

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

23,10496,20291,353
3,237
213,896(118,084)
95,812

192,533
801,683
761,275
26,975
1,782,467(984,033)
798,433

30,413
721
4,692
623
11,03347,482

31,395
721
4,563
629
13,09750,405

261,625
6,008
38,025
5,242
109,142420,042¥ 519,121¥ 575,328$ 4,794,400

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

18$

787,742
127,358
467,300
10,958538,683(8,317)
1,459,883
52,467
139,850
3,575,925

Yen in millions
2014

U.S. Dollars in thousands
2015

2015

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

¥

4,147
21,406
6,647
10,566
9,083
8,210
1,029
8,199
69,287¥

4,647
25,1246,140
10,594
9,568
5,353
1,529
7,911
70,866$38,725
209,367
51,16788,28379,73344,60812,74265,925590,550

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

383
3,701
9,521
1,272
14,87785,743

3,192
30,842
79,342
10,600123,975
714,525

23,80523,805

198,375

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

45,421
5,669
399,874
22,842

378,508
47,242
3,332,283
190,350(11,573)435,934
3,510
439,444(11,590)
486,0213,564
489,585(96,583)
4,050,175
29,7004,079,875¥ 519,121¥ 575,328$ 4,794,400

EQUITYMAKITA CORPORATION SHAREHOLDERS’ EQUITY:
Common stock, authorized - 496,000,000 shares
Issued and outstanding- 140,008,760 and 135,737,626 shares, respectively
in 2014Issued and outstanding- 140,008,760 and 135,734,868 shares, respectively
in 2015Additional paid-in capital
Legal reserve
Retained earnings
Accumulated other comprehensive income (loss)
Treasury stock, at cost - 4,271,134 shares in 2014
- 4,273,892 shares in 2015
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, 2013, 2014 AND 2015
Yen in millions
2014

2013

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

U.S. Dollars in thousands
2015

2015

¥ 309,630
194,859
114,771
69,40545,366¥ 383,207
244,053
139,154
84,24054,914¥ 414,718
257,582
157,136
85,231
71,905$3,455,983
2,146,517
1,309,467
710,258599,208

1,732
(180)

2,326
(202)

2,639
(113)

21,992(942)(1,324)(1,700)(6,480)(54,000)

97
325
45,691
13,206
1,301
14,50731,184

1,636
2,060
56,974
18,749(518)
18,231
38,743443(3,511)
68,394
18,8893,824
22,71345,681

3,692(29,258)
569,950
157,408
31,867
189,275
380,675

108

290

374

3,117

¥ 31,076¥ 38,453¥ 45,307$377,558¥ 283.3¥ 72.0¥ 333.8¥ 91.0Yen

U.S. Dollars¥ 228.9¥ 72.0$2.78$ 0.76

Consolidated Statements of Comprehensive Income
MAKITA CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED MARCH 31, 2013, 2014 AND 2015
Yen in millions
2014

2013

NET INCOME

U.S. Dollars in thousands
2015

2015

¥ 31,184¥ 38,743¥ 45,681$380,675

27,74030,204

14,660122,167

2,699

2,687

1,267

10,558821
31,26062,444

1,322
34,213
72,956

1,047
16,97462,655

8,725
141,450
522,125

366

746

199

1,658

¥ 62,078¥ 72,210¥ 62,456$520,467

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

20Consolidated Statements of Changes in Equity
MAKITA CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED MARCH 31, 2013, 2014 AND 2015

Common stock

Additional paidin capital

Legal reserve

Retainedearnings

Accumulated othercomprehensive
Treasury stockincome (loss)

Noncontrollinginterest

Total

Yen in millions

Balance as of April 1, 2012
Purchases of treasury stock
Cash dividends
Comprehensive income:Net income
Foreign currency translation adjustment
Unrealized holding gains on available-for- salesecurities
Pension liability adjustment¥ 23,805¥ 45,421¥ 5,669¥ 316,937¥ (59,066)¥ (11,513)(14)(9,774)31,07627,482¥ 2,525(102)¥ 323,778(14)(9,876)108258

31,18427,740

2,699

2,699

821

821

Balance as of March 31, 2013

23,80545,421

5,669

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

2,789

376,332

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

23,80545,421

5,669

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

2,789
(25)

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

38,74330,204(9,773)38,45329,748
2,687

2,687

1,322

1,322

Balance as of March 31, 2014

¥ 23,805¥ 45,421¥ 5,669¥ 366,919

¥

5,693

¥ (11,573)¥ 3,510¥ 439,444

Balance as of April 1, 2014
Purchases of treasury stock
Cash dividends
Comprehensive income :Net income
Foreign currency translation adjustment
Unrealized holding gains on available-for- salesecurities¥ 23,805¥ 45,421¥ 5,669¥ 366,919

¥

5,693

¥ (11,573)(17)¥ 3,510(145)¥ 439,444(17)(12,497)

374
(175)

45,681
16,974(12,352)
45,307
17,149Pension liability adjustment
Balance as of March 31, 2015

¥ 23,805¥ 45,421¥ 5,669¥ 399,874¥ 22,842¥ (11,590)¥ 3,564¥ 489,585

Balance as of March 31, 2015 – US$ in thousands$ 198,375$ 378,508$ 47,242$ 3,332,283$ 190,350$ (96,583)$ 29,700$ 4,079,875

21

Consolidated Statements of Cash Flows
MAKITA CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED MARCH 31, 2013, 2014 AND 2015
Yen in millions
2014

2013

CASH FLOWS FROM OPERATING ACTIVITIES:Net income
Adjustments to reconcile net income to net cash provided by operating
activitiesDepreciation and amortization
Deferred income tax expense (benefit)
Realized (gains) losses on securities, net
Losses (gains) on disposal or sales of property, plant and equipment, net
Bad debt expense
Inventory write-downs
Impairment of goodwill and long-lived assets
Changes in assets and liabilitiesTrade receivables
Inventories
Trade notes and accounts payable and accrued expenses
Income taxes payable
Accrued retirement and termination benefits
Other, net
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:Capital expenditures, including interest capitalized
Purchases of available-for-sale securities
Purchases of held-to-maturity securities
Proceeds from sales of available-for-sale securities
Proceeds from maturities of available-for-sale securities
Proceeds from maturities of held-to-maturity securities
Proceeds from sales of property, plant and equipment
Investment in time deposits
Withdrawal of time deposits
Other, net
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Additions to (payments on) borrowings with original maturities of threemonths or less, net
Additions to borrowings with original maturities of more than threemonthsPayments on borrowings with original maturities of more than 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
2015

2015

¥ 31,184¥ 38,743¥ 45,681

380,675

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

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

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

71,82531,867(3,692)(2,533)
1,017
19,717
2,583

(720)
2,519
(1,097)(1,857)(1,100)(303)
38,364(6,268)(1,480)1,441
907(1,323)448
41,686(1,148)(18,419)
1,903(4,828)(352)
1,051
35,894(9,567)(153,492)
15,858(40,233)(2,933)
8,758
299,117(11,481)(11,358)(1,216)
2,249
156
3,900
759
(21,828)
23,785(380)(15,414)(11,417)(19,650)
7,730
200
3,800
1,259
(16,549)
15,123(580)(20,084)(12,124)(15,682)
919
100
3,000
1,536
(19,885)
22,434(394)(20,096)(101,033)(130,683)
7,658
833
25,00012,800(165,708)
186,950(3,283)(167,467)

-

-

1,042

8,683

2,272

4,002

3,419

28,492(2,919)(1,611)(4,443)(37,025)(15)(9,774)(214)(10,650)(46)(9,773)63(7,365)446(17)(12,352)(112)(12,017)

3,717
(142)
(102,933)(933)(100,142)

5,171

5,212

9,016

75,133

17,47144,812¥ 62,283

19,44962,283¥ 81,732

12,797
81,732¥ 94,529

106,642
681,100
787,742

¥

¥

¥

175
15,063

195
17,841

198
13,5681,650¥ 113,067

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, Wu Ke Dong San Road,Wu Hou District, Chengdu, Sichuan
Postcode: 610045
Phone: +86-(0)28-85366002
Fax: +86-(0)28-87337018
Shenyang sales branch
No.2, No.7 Street, Economic andTechnological Development Zone,
Shenyang, Liaoning, Postcode: 110141
Phone: +86-(0)24-22530648
Fax: +86-(0)24-22530170
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)80-2854-9008
Fax: +91-(0)80-2854-9007

VIETNAM
Makita Vietnam Co., Ltd.
Head office
Unit 06, Block 16 18 L1-2, Street 3, VSIP II
Industrial Park, Hoa Phu Ward, Thu Dau
Mot City, Binh Duong Province
Phone: +84-650-362-8338
Fax: +84-650-362-8339
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
Phone: +84-241-376-5942
Fax: +84-241-376-5941
Service center
Da Nang

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

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

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

AMERICAS
UNITED STATES
Makita U.S.A. Inc.
Corporate office14930 Northam Street, La Mirada,
CA 90638-5753
Phone: +1-714-522-8088
Fax: +1-714-522-8133
Western regional (Los Angeles) office14930 Northam Street, La Mirada,
CA90638-5753
Phone: +1-714-522-8088
Fax: +1-714-522-2437
Central regional (Chicago) office1450 Feehanville Drive, Mount Prospect,
IL 60056-6011
Phone: +1-847-297-3100
Fax: +1-847-297-1544
Eastern regional (Atlanta) office2660 Buford Highway, Buford,
GA 30518-6045
Phone: +1-770-476-8911
Fax: +1-770-476-0795
Factory service centers
Atlanta, 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. Laurent (Montreal),
St. Leonard (Montreal), Whitby, Winnipeg

MEXICO
MAKITA MÉXICO, S.A. DE C.V.
Camino 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
Phone: 507-315-0305
Fax: 507-315-0651

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

23

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

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

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

COLOMBIA
Makita Colombia, S.A.
Kilometro 7 Autopista Bogota - Medillin,
Centro Empresarial Celta Trade Park
Lote 123 Bodega 3 Funza-Cundinamarca
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
Fax: +44-(0)1908-211500
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
Bordeaux office
137, Rue de la Croix-de-Monjous,33170 Gradignan
Phone: +33-(0)5-5796-5270
Fax: +33-(0)5-5796-5275

24

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

THE NETHERLANDSSLOVAKIA

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

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

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

GERMANY

SPAIN

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

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

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

PORTUGAL

DENMARK

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

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
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
Phone: +47 99 40 76 00
Fax: +47 67 13 38 83

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

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

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

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

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

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

POLAND
Makita Sp. z o.o.
Ul. Bestwiñska 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: +420-543-216-944
Fax: +420-543-216-946

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

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

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

RUSSIA
Makita LLC
Permskaya str. 1, build. 1,
107143 Moscow
Phone: +7-495-915-88-66
Fax: +7-495-916-57-31
St. Petersburg branch of
Makita LLC
Obukhovskoy oborony pr. 70 bld. 3A,
192029, St. Petersburg
Phone: +7-812-703-0210
Fax: +7-812-703-0213
Samara branch of Makita LLC
3 Mirnaya str., Samara,
Russian Federation, 443035
Phone: +7-846-202-9050
Makita Oy Vladivostok
representative office
22, St. Makovskogo,
Vladivostok 690041, Primorsky Region
Phone: +7-4232-375-984
Fax: +7-4232-375-985
Novosibirsk branch of Makita LLC
Dargomyzhskogo street 15,
Novosibirsk 630047
Phone:+7-383-209-18-19
Fax:+7-383-209-18-19

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

KAZAKHSTAN
Makita Kazakhstan LLP
39, St. Kommunalnaya, Almaty, 050050
Phone: +7-727-233-0827
Fax: +7-727-382-7921

MOROCCOMakita 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

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

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

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

Domestic Sales Offices

Symbol: MKTAYCUSIP: 560877300

OCEANIATokyo, 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

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
Fax: +61-(0)3-6274-1777
Perth office535-537 Abernethy Road, Kewdale,
WA 6105
Phone: +61-(0)8-9360-8900
Fax: +61-(0)8-9360-8999

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

Date of Founding
March 21, 1915

Paid-in Capital

American Depositary Receipts

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

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

Number of Shares Issued

Email:
shrrelations@bnymellon.com

140,008,760 shares,
including 4,273,892 of treasury stock(As of March 31, 2015)

Independent Registered
Public Accounting Firm

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

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

KPMG AZSA LLC

25