TSE securities code : 7999

64th (Fiscal Year 2012)
Financial Report

April 1, 2012 to March 31, 2013

MUTOH HOLDINGS CO., LTD.

M e s s age to Sha re hold er s
We would like to express our sincerest gratitude
to all of the shareholders who have continued tosupport us.
We hereby present our 64th (Fiscal Year 2012)
Financial Report, covering the MUTOH Group'sbusiness performance and activities.
President

Nobumasa Hayakawa

Basic Policy
With constant innovationand challenging
ourselves,
we contribute to society

B u s i ne ss Situation a n d Ou t c o m es
The outlook for the global economy for the current consolidated fiscal year remained unclear despite the gradual recovery
trend in the US as the debt crisis in Europe became prolonged and the emerging nations that have driven the global
economy up until now experienced a slowdown in economic growth.
Against this background, in our Imaging and Information Equipment Business we introduced the "ValueCut Series" as
new global strategic models for cutting plotters in the signage market and the "RJ-900X Series" that achieves 25% higher
speeds than the previous CAD inkjet plotter models during the first half of the fiscal year. During the second half of the
fiscal year we worked to strengthen our product lineup through the introduction of the "VJ-2638" large-format inkjet
printer that expands the maximum print width to 2.6 meters (104 inches) and is standardly equipped with a feed andtake-up system that supports heavy media up to 100 kg while maintaining high-speed and high-quality image creation
performance, and the "VJ-1617H" hybrid inkjet printer containing MP ink that makes printing possible on various
materials and supports both roll and board media and newly developed white ink. 3D printers have gained much attention
as of late as the new industrial revolution approaches and the market for 3D printers is expected to expand going forward.
The MUTOH Group has introduced low-priced introductory models to the 3D printer product lineup that it handles (3DSystems products) and is making efforts to establish a system for the provision of a full lineup of 3D printer products fromintroductory products to high-end models with professional specs and strengthen sales of these products.
In our Other Business segment, as part of our new businesses we developed the Light Board "LitaVi IFL-1230-60A" andlaunched sales during the second half of the fiscal year. This product uses high-performance LGP (Light Guide Panel) thatleverages our in-house developed inkjet printing technologies that make it possible to provide a constantly uniform light toserve as a light source for visual inspections. We will continue to aggressively develop new businesses as we focus on
creating new foundations for the MUTOH Group's growth.
In terms of our business performance, both sales and profits declined year on year. This was caused in part by struggling
sales in Japan and Europe as a result of the high yen during the first half of the fiscal year and the unfavorable economic
conditions, despite the ongoing gradual recovery in the economic environment triggered by factors including yen
depreciation brought about by expectations towards the anti-deflationary policy adopted by the new administration in
Japan. Other contributing factors included a reduction in OEM production, falling product unit prices, and the switchoverfrom leasing the head office building to internal MUTOH Group use.
As a result of these factors, in terms of the consolidated business performance for the fiscal year under review, net sales
stood at ¥17,982 million (down 12.0% year on year). Although continual efforts were made to reduce product costs andselling, general and administrative expenses, as a result of reduced sales operating income came to ¥140 million (down
78.6% year on year). Meanwhile, due mainly to the posting of a foreign exchange gain of ¥447 million under nonoperating income as a result of yen depreciation, ordinary income decreased to ¥715 million (down 45.3% year on year)
and net income of ¥261 million was recorded for the fiscal year (compared with a net loss of ¥425 million in the same
period of the previous year).
The Company has decided to distribute year-end dividends of ¥3 per share to our shareholders, thanking them for support
to date.
We would like to request your continuing support of the Company in years to come.

1

Consolidated Financial Highlights
Consolidated net sales
64th (FY2012) period:

61st (FY2009) period:

21,997million¥17,982 million

62nd (FY2010) period:

21,920million

Business Segment
Net Sales (Millions of yen)

63rd (FY2011) period:

Imaging & Information Equipment Business

20,441million

Information Service Business
Real-Estate Leasing Business and Other Business

Consolidated operating income
64th (FY2012) period:

61st (FY2009) period:

354million

62nd (FY2010) period:

1,202million¥140 million● 64th (FY2012) period:¥17,982 million

63rd (FY2011) period:

653million
1,960

Consolidated ordinary income
64th (FY2012) period:

61st (FY2009) period:

325million

62nd (FY2010) period:

962million

Consolidated net income (loss)
64th (FY2012) period:

61st (FY2009) period:

217million

62nd (FY2010) period:

800million

Consolidated gross assets
64th (FY2012) period:

61st (FY2009) period:

28,789million

28,462million

64th (FY2012) period:

61st (FY2009) period:

19,018million

14,17163rd (FY2011) period:

1,306million¥261 million● 63rd (FY2011) period:

63rd (FY2011) period:¥20,441 million(425)million
1,865¥27,363 million

62nd (FY2010) period:

Consolidated net assets¥715 million

19,459million

2,143

63rd (FY2011) period:

27,028million

16,431¥19,170 million

62nd (FY2010) period:

1,850● 62nd (FY2010) period:

63rd (FY2011) period:

18,601million¥21,920 million
1,942

2,404

17,572

Projections for the next period(Millions of yen)

Consolidated
projections

Net sales

OperatingincomeOrdinary
incomeNet income

20,000

400

450

170

Figures announced
on May 15, 2013.

The business environment for the MUTOH Group's Imaging and Information Equipment Business became more
severe due to the continual decline in sales prices in the mature printer market, despite the signs of sales
improvements seen as a result of the positive effect of yen depreciation on exchange rates and a trend of economic
recovery.
The MUTOH Group aims to develop new markets by continuing to develop and introduce new products andstrengthening and enhancing its sales and service system for 3D printers. In addition, in its LGP business that applies
inkjet printing technologies the MUTOH Group will further strengthen development and sales as it endeavors toenhance its earnings capacity.

2Overview of Business Segments
In Asia, due to factors such as the reduction in domestic OEM
production and struggling domestic sales, net sales and operating
income stood at ¥6,888 million (down 19.2% year on year) and

78.8%
Imaging &Information
Equipment
Business

Net Sales¥14,171million

10.9%
Information
ServiceBusiness

3

In the Information Service Business, earnings increased in the CAD
business and systems solutions service business thanks to ongoing
efforts to strengthen sales capabilities. As a result, net sales stoodat ¥1,960 million (up 5.1% year on year). Operating income
increased to ¥148 million (up 67.6% year on year) due to ongoingprofit structure reform focused on the systems solutions service
business and the effect of cost reductions.

Net Sales¥1,960million

10.3%
Real-Estate
Leasing
Business and
Other
Businesses¥269 million (down 50.7% year on year), respectively.
In North America, while net sales mostly held steady at ¥2,291
million (up 3.6% year on year), operating income came to ¥33
million (down 67.8% year on year) as a result of falling sales unit
prices.
In Europe, as a result of the high yen throughout the first half ofthe fiscal year and the sluggish regional economy, net sales and an
operating loss of ¥4,990 million (down 12.4% year on year) and¥231 million (compared with an operating loss of ¥66 million in thesame period last year), respectively, were recorded.

Net Sales¥1,850million

In the Real Estate Leasing Business, due to a decrease in leaseproperties accompanying the switchover to internal MUTOH Groupuse for the Head Office Building, net sales and operating income
stood at ¥323 million (down 41.4% year on year) and ¥227 million(down 20.5% year on year), respectively.
In Other Business, due to an environment of sluggish consumer
spending and capital expenditures brought about by prolonged
deflation, the business environment remained difficult for sports
support products and design/drafting equipment products. As aresult, net sales and an operating income of ¥1,527 million (down
4.1% year on year) and ¥0 million (compared with an operating
loss of ¥16 million in the same period last year), respectively, wererecorded.

Supports a maximum print width of 2.6 meters (104 inches)

Launch of the "VJ-2638" high-speed large-format inkjet printerWhile keeping the printing performance of the 64-inch support "VJ-1638"
that was highly acclaimed for its high-speed and high-quality printing
abilities, the "VJ-2638" uses a new two-head zigzag array to achieve an
expanded maximum print width of 2.6 meters (104 inches) and is
standardly equipped with a feed and take-up system that support heavy
media up to 100 kg.
High-speed, large-format inkjet printer "VJ-2638"
In addition, equipping the device with up to a total of eight optional 1,000
ml ink packs (4 colors x 2 packs) enables high-volume, high-speed consecutive printing, making it possible to efficiently produce
ultra-large signs such as billboards.
Furthermore, it is equipped with the "ValueJet Status Monitor (VSM)" PC software that allows confirmation of the MUTOH printer's
status in real-time, supporting efficient printer operations by allowing users to confirm various information from PCs andsmartphones.

2D/3D integration CAD software

Release of the "M-Draf Suite 2013"
The "M-Draf Suite" is an all-in-one 2D/3D CAD software package that combinesthe 3D modeling tool "M-Draf 3D" and the professional 2D design and drafting
software "M-Draf Spirit." We have released a 2013 version that further
incorporates user needs.
The main features are as follows.
Support for foreign character display and input for drawings from overseas
Makes it possible to exchange drawings with overseas production bases
Strengthened PDF output to support increasingly complex drawing data
Supports rich drawing expression
Supports the new Windows 8 OS

"M-Draf Suite" modeling example

Japanese national soccer team officially licensed productLaunch of "Finoa Super Cold-Spray JFA"
We present the new "Finoa Super Cold-Spray JFA" as the Japanese national soccer team versionof the cooling spray often used in sporting injuries.
The main features are as follows.
Effective for bruises and sprained ankles
Works by spraying the product approximately 20 cm away from the injured area for about 5
seconds
Equipped with long nozzle to accurately cover the injured area
Large spraying button allows for a prompt response
Uses a degassing cap"Finoa Super Cold-Spray JFA"

4

Topics
MUTOH supports your 3D printer needs!
Introducing the new "CubeXTM Series"
We have launched sales of the new "CubeXTM Series" model personal 3D printer(3D Systems).
(Body unit price: from ¥398,000 plus tax)
The main features are as follows.
Up to approximately double the print speed compared to conventional models
 ith the maximum build area in its class, can create large objects in aWcomplete form
Cartridge type makes it easy to load modeling material
With the first setup service (for a fee) in the industry,
MUTOH provides unique support including setup and operations education to
help first-time users feel reassured*Products that have passed MUTOH's proprietarypre-shipping inspections are labeled with the
MUTOH mark as proof of reliability

Examples of models created with the "CubeXTM Series"

Launch of the MP ink-equipped "VJ-1617H"– Supports white ink and equipped with a newly developed ink-drying system –We launched sales of the "VJ-1617H" (64 inches supported) hybrid inkjet printerthat is equipped with MP (multi-purpose) ink (soluble ink with plant-derived
components reduced to 50%) that makes printing possible on various materials andsupports both roll and board media.
The main features are as follows.
In addition to traditional four-color ink, MP 11 white ink newly developed aximum media thickness expanded from the original 10 mm to 15 mm andM
maximum media weight expanded from the original 5 kg to 15 kg
 he automatic detection time for the thickness and width of the set media
Tsynergistically reduced to less than 1/3 of traditional models

Hybrid inkjet printer "VJ-1617H"(Example of optional roller conveyor units
installation example)

Board media conveyance capacity and durability improved
Equipped with newly developed ink-drying system, improving the ink-drying capacity for media
By setting a cleaning solution cartridge in the printer body, reduces daily maintenance load
 quipped with the "ValueJet Status Monitor (VSM)" PC software that allows for confirmation of the MUTOH printer'sEstatus in real-time, supporting efficient printer operations by allowing users to confirm various information from PCs
and smartphones5

Launch of Light Board "LitaVi IFL-1230-60A"
For visual inspections that require the detection of fine particles and minutescratches, provision of a constantly uniform light is essential. In response to theseneeds, we present Light Board "LitaVi IFL-1230-60A," a light source for visualinspections that uses high-performance LGP that leverages our in-house developed
inkjet printing technologies.
The main features are as follows.
Achieves high stability as a source of light with fixed chromaticity coordinates
Achieves high uniformity as a light source for visual inspections with controlled variationand flickering by fixing chromaticity coordinates with extremely high accuracy.
Uses innovative high-performance LGP (Light Guide Panel)
Uses high-performance LGP provided with a precise gradation pattern using our in-housedeveloped inkjet printing technologies.
"LitaVi IFL-1230-60A"

Contributes to energy savings and working environment optimization
Provides high energy savings and an optimal working environment as task (work section)
and ambient (overall surrounding environment) lighting.
 an be used in various types of visual inspections as a uniform and stable light sourceC
Contributes to accuracy and efficiency improvements in various types of visual inspections,from the inspection process for automobiles and consumer electronics to electronic partsand printing materials.

Notice on shareholder privilege items (catalog gifts)
MUTOH HOLDINGS has established a shareholder privilege program under which we will send a gift catalog following
the ordinary general meeting of shareholders in June to all shareholders that are recorded as holding at least 1,000
shares in our shareholders' registry as of March 31 every year. We will award shareholders with the product they selectfrom this catalog.

On this occasion, giving priority to presenting gifts that delight our shareholders, we have
replaced our traditional catalog gifts with original catalog gifts that represent a carefully chosen
selection of 50 items.
Note that there have been no changes in the catalog prices presented based on the number of shares owned.
*Shareholders owning 1,000 to 4,999 shares...Presented with an original catalog gift equivalent to ¥3,000*Shareholders owning 5,000 to 9,999 shares...Presented with an original catalog gift equivalent to ¥5,000*Shareholders owning 10,000 shares or more...Presented with an original catalog gift equivalent to ¥10,000
Image of original catalog gift products

6

Consolidated Financial Statements■ Consolidated Balance Sheets
Account(Millions of yen)

Period FY2012 Period

FY2011 Period

As of March 31, 2013

As of March 31, 2012

AssetsCurrent assets

Cash and bank deposits

Notes and accounts receivable

Inventories(Millions of yen)Account

Period FY2012 Period

FY2011 Period

As of March 31, 2013

As of March 31, 2012

Liabilities
16,184

15,863

7,407

6,144

3,794

3,902

4,347

Current liabilities

4,322

4,871

Notes and accounts payable

2,362

2,960

Others

1,959

1,910

3,870

3,555

3,475

3,162

Others394

393

Total liabilities

8,192

8,426

Shareholders’ equity

20,48020,359

Capital stock

10,19910,199

Capital surplus

4,181

4,181

Retained earnings

8,422

8,298

Treasury stock(2,323)(2,319)Total other cumulative
comprehensive income(1,992)(2,408)

Minority interests

682

650

Total net assets

19,17018,601

Total liabilities and net assets

27,36327,028Long-term liabilities
Allowance for retirement
benefits

4,575

Others1,079

796

Fixed assets

11,178

11,165

Net assets

Tangible fixed assets

8,456

8,626

Intangible fixed assets

187

160

Investments and other assets

Investment securities

2,534

1,957

2,378

1,815

Others577

562

Total assets

27,36327,028■ Consolidated statement of change in net assets FY2012(April 1, 2012 – March 31, 2013)

(Millions of yen)

Total other cumulative
Shareholders' equity
comprehensive
Capital stock Capital surplus Retained earnings Treasury stock Total shareholders’ equity
incomeOutstanding as of April 1, 2012

10,199

4,181

8,298

(2,319)20,359(2,408)

Minority
interests

Total net
assets650

18,601

Change in value for consolidated
accounting year
Dividend of surplus

(137)

(137)

(137)

FY2012 net income

261

261

261

(4)

(4)

(4)

0

0

0

Acquired treasury stock
Disposed treasury stock(0)

Change in value for consolidated accounting
year for items other than capital stock (net)

7

—

416

32

448

Total change in value for consolidated
accounting year

—

(0)

124

(3)

120

416

32

569

Outstanding as of March 31, 201310,199

4,181

8,422

(2,323)

20,480(1,992)682

19,170■ Consolidated statements of income
PeriodAccount(Millions of yen)

Year ended
March 31, 2013

Year ended
March 31, 2012

17,982

20,441

Net sales
Operating income

140

653

Ordinary income

715

1,306

Income before income taxes
and minority interests

773

7

Net income (loss)

261

(425)

Trends of net sales (Millions of yen)The 62nd
period21,920The 63rd
period20,441The 64th
period(FY2012)

17,9820

5,000

10,00015,000Period(Millions of yen)

Year ended
March 31, 2013

Year ended
March 31, 2012

Net cash from operating activities

1,020

(484)

Net cash from investing activities

(322)

(276)

Net cash from financing activities

(192)

(521)

Account

25,000Trends of operating income (Millions of yen)The 62nd
period■ Consolidated statements of cash flows

20,0001,202

The 63rd
period653

The 64th
period 140(FY2012)
0

500

1,000

1,500

Trends of ordinary income (Millions of yen)

Net increase (decrease) in cash and cash
equivalents

1,021(1,448)Cash and cash equivalents at beginning of
period

6,144

7,592

Cash and cash equivalents at end of period

7,166

6,144

The 62nd
period962

The 63rd
period

1,306

The 64th
period(FY2012)715
0■ Consolidated subsidiaries in each business segment
Business segment

Imaging & Information
Equipment BusinessCompany names

MUTOH INDUSTRIES LTD., MUTOH Belgium nv,
MUTOH North Europe S.A., MUTOH Deutschland GmbH,
MUTOH AMERICA INC., MUTOH HONG KONG LIMITED,MUTOH SINGAPORE PTE. LTD.,
MUTOH AUSTRALIA PTY. LTD.,

Information Service
Business

MUTOH ITEX Co. Ltd.,MUTOH ENGINEERING INC.,

Real-Estate Leasing
Business

MUTOH HOLDINGS CO., LTD., MUTOH ENGINEERING INC.,
MUTOH ENTERPRISES LTD.

Other Business

MUTOH ENGINEERING INC.,
MUTOH ENTERPRISES LTD.

500

1,000

1,500

Trends of net income (loss) (Millions of yen)The 62nd
periodThe 63rd
period800(425)

The 64th
period(FY2012)
(500)

261
(250)

0

250

500

750

1,000

8

Company Profile (As of June 27, 2013)
Name:

MUTOH HOLDINGS CO., LTD.

Established:

March 5, 1952

Head office:

TEL: +81-3-6758-7100(founded: December 1942)
Capital stock:

1-3, Ikejiri 3-chome, Setagaya-ku, Tokyo
154-8560

10,199 Millions yen

Main business:

Management and assets management of
the Group companies

Website address:

http://www.mutoh-hd.co.jp

MUTOH group companies

MUTOH HOLDINGS CO., LTD.

•MUTOH Belgium nv•MUTOH Deutschland GmbH•MUTOH North Europe S.A.

•MUTOH INDUSTRIES LTD.
•MUTOH ENGINEERING INC.
•MUTOH ENTERPRISES LTD.
•MUTOH ITEX Co., Ltd.
•MUTOH HONG KONG LIMITED•MUTOH SINGAPORE PTE.LTD.
•MUTOH AUSTRALIA PTY.LTD.

•MUTOH AMERICA INC.

Directors (As of June 27, 2013)

9

Masanori Takayama

Chairman of the Board

Hajime Tatsuzawa

Full-time Auditor

Nobumasa Hayakawa

President

Toshio Ishida

AuditorYoichi Abe

Director

Nobuaki Kunimine

AuditorHisayoshi Aoki

Director

Masanobu Takeda

Director

Yoshiyuki Takayama

Director

Yoshihiko Baba

Director

Stock information (As of March 31, 2013)■ Number of shares issuable

170,000,000■ Number of shares issued

54,818,180■ Number of shares per unit
■ Number of shareholders

1,000
6,115

■ Major Shareholders
Number of
Ratio of
Shares Held Shareholding(Shares)(%)

Name
TCS Holdings Co., Ltd.

13,220,000

28.78

Mizuho Bank, Ltd.

2,121,399

4.62

Eiji Mutoh

1,580,586

3.44

Sumitomo Mitsui Trust Bank, Limited

1,457,000

3.17

Unisystem Co., Ltd.

923,000

2.01

The Master Trust Bank of Japan, Ltd. (Trust Account)

810,000

1.76

NTT System Development Co., Ltd.

712,000

1.55

Ikuko Mutoh

638,603

1.39

Keiichi Hori

591,000

1.29

High-Tech System Corporation

551,000

1.20(Note) 1. T he Company holds 8,889,236 shares of treasury stock, which is
excluded from the major shareholders listed above.
2. The ratio of shareholding is calculated after excluding treasury stock.

Breakdown of shareholders
Securities companies
1.49%
38

Breakdown by the number of shares held
Foreign companies
1.86%
50

5 or more
4.44%
401

1 or more
10.29%
3,771

10 or more
11.51%
372

Financial
institutions
12.81%
28
Other companies
52.49%
259

Less than 1
0.67%
1,499

50 or more
3.11%
26

Individuals and others
31.35%
5,740

100 or more
13.83%
36

500 or more
6.41%
51,000 or more
49.74%
5

10

Shareholder Information
Business year :From April 1 to March 31 of the following year

Ordinary General Meeting of Shareholders :In June each year

Year-end Dividend Record Date :March 31 each year

Interim Dividend Record Date :September 30 each year

Public Notices :Public notices shall be made on the Company’s website (http ://www.mutoh-hd.co.jp).
* In case the public notices are not available on the Company’s website due to unavoidable
circumstances, such notices shall be made in the Nihon Keizai Shimbun

Administrator of Shareholder Register :Sumitomo Mitsui Trust Bank, Limited
4-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8233

Mail address and Telephone number :8-4, Izumi 2-chome, Suginami-ku, Tokyo 168-0063
TEL: +81-120-782-031 (toll-free)
Stock Transfer Agency Department
Sumitomo Mitsui Trust Bank, Limited
Stock transfer agent services are provided at branch offices in Japan of Sumitomo Mitsui Trust
Bank, Limited.

Notes :
1. Requests for change of address, purchasing of shares constituting less than one unit, and selling of shares to constitute one unit
Please make all requests to the securities company where shareholders maintain their account.
For those shareholders who do not have an account at a securities company but who have opened a special account, please make all requests
to Sumitomo Mitsui Trust Bank, Limited, an account management institution of special accounts.
2. Payment of accrued dividends
Please make all requests to Sumitomo Mitsui Trust Bank, Limited, which is the administrator of the shareholder register.
3. Dividend Statement
The Dividend Statement that is delivered upon dividend payment also serves as a Payment Notice in accordance with the stipulations of the
Act on Special Measures Concerning Taxation.
This document can be used as an attachment when filing your income tax return. We ask that shareholders who will file an income tax return
carefully store this document.
For shareholders that have selected the stock pro rata system, your stock brokerage will calculate the amount of withholding tax.
Please confirm with your stock brokerage the materials to be submitted when filing your income tax return.