TSE securities code : 7999

65th (Fiscal Year 2013)

1st Half Financial Report
April 1 to September 30, 2013

MUTOH HOLDINGS CO., LTD.

M e s s a g e to S ha re holde rs
We would like to express our sincerest gratitude to all of the shareholders who
have continued to support us.

Basic Policy
With constant innovation

We hereby present our 65th (Fiscal Year 2013) 1st Half Financial Report,
covering the MUTOH Group's business performance and activities.

and challenging
ourselves,
we contribute to society

B u s i n e s s Situation a nd Ou t c o m es
In the first half of the current consolidated fiscal year, the global economy continued to recover, despite growing fears of an
economic slump fuelled by fiscal problems in the US. The European economy remained sluggish, while the outlook for China andother emerging countries in Asia remained uncertain due to slower economic growth. At the same time, we began to see signsof a modest economic recovery in Japan, with improvements in corporate earnings, particularly for exporters, thanks to a weakeryen.
Under such conditions, our mainstay Imaging and Information Equipment Business achieved strong sales due to improvements inthe market environment, coupled with ongoing efforts to reinforce sales activities.
3D printers have attracted growing attention since the second half of the previous fiscal year, and the MUTOH Group now
handles a lineup of 3D printer products (from US-based 3D Systems), ranging from personal printers to professional models.
MUTOH has set up a system that can meet a wide range of customer needs, and also carries out proactive sales activities, such as
holding 3D Printer Seminars on an ongoing basis in major cities throughout the country. As a result, sales were strong. In
addition, MUTOH began offering output services with its trial samples and models of the final product for companies as a 3D
Printer Total Solutions Business supporting the frontlines of manufacturing.
Both sales and income were up due to ongoing efforts to strengthen sales and to cost-cutting measures, as well as toimprovements in the Group’s operating environment, such as a modest economic recovery in the US and a weaker yen.
As a result, in the first half of the current fiscal year, consolidated net sales stood at ¥10,813 million (up 24.4% year on year) andoperating income totaled ¥655 million (up ¥620 million year on year). Meanwhile, due to the posting of exchange gains on theevaluation of foreign currency-denominated assets amounting to ¥221 million as a result of yen depreciation, we posted ordinary
income of ¥901 million (compared with an ordinary loss of ¥187 million in the same period last year) and net income of ¥591
million (compared with net loss of ¥317 million in the same period last year).
The MUTOH Group is developing new management strategies to boost sales and income during the fiscal year as a whole.
We greatly appreciate your support and ask for your continued assistance and cooperation.

1

Consolidated Financial Highlights
Consolidated net sales
65th (FY2013) 1st Half period:

1st Half¥10,813 million

62nd (FY2010) period:

63rd (FY2011) period:

64th (FY2012) period:

21,920 million
11,417 million

20,441 million
10,579 million

17,982 million
8,690 million

1st Half resultsby business Segment
Net Sales (Millions of yen)
Imaging & Information Equipment BusinessInformation Service Business

Consolidated operating income
65th (FY2013) 1st Half period:

1st Half

Real-Estate Leasing Business and Other Business¥655 million

62nd (FY2010) period:

63rd (FY2011) period:

64th (FY2012) period:

1,202 million
775 million

653 million
463 million

140 million
34 million● 65th (FY2013) period:¥10,813 million
977 976

Consolidated ordinary income (loss)
65th (FY2013) 1st Half period:

1st Half

63rd (FY2011) period:

64th (FY2012) period:

962 million
553 million

1,306 million
680 million

715 million(187) million

Consolidated net income (loss)
65th (FY2013) 1st Half period:

1st Half¥901 million

62nd (FY2010) period:

8,860● 64th (FY2012) period:¥591 million

62nd (FY2010) period:

63rd (FY2011) period:

64th (FY2012) period:

800 million
545 million(425) million(297) million

261 million(317) million¥8,690 million
915

934

6,840

Consolidated gross assets
65th (FY2013) 1st Half period:¥29,370 million

62nd (FY2010) period:

63rd (FY2011) period:

64th (FY2012) period:

28,462 million

27,028 million

27,363 million

Consolidated net assets
65th (FY2013) 1st Half period:● 63rd (FY2011) period:¥10,579 million¥20,196 million

62nd (FY2010) period:

63rd (FY2011) period:

64th (FY2012) period:

19,459 million

18,601 million

19,170 million

915 1,231

8,432

Forecast of results for the full fiscal year
(Millions of yen)

Forecast of consolidated
business results

Net sales

OperatingincomeOrdinary
incomeNet income

21,500

1,000

1,200

700

Figures announced on
November 7, 2013.

While global economic conditions remain uncertain, the Group is benefiting from bold sales measures and theimpact of the weak yen. In addition, business performance has been impressive in North America, Europe and Asia,and 3D printer sales in Japan have exceeded initial forecasts.
Therefore, we anticipate that, despite price competition and uncertainties such as economic conditions in Europe
and the US, sales and income will increase on the back of sales generated by aggressive efforts to expand sales
channels and ongoing cost-cutting measures. Accordingly, we revised and disclosed our full-year earnings forecasts
on November 7, 2013.

2

Overview of Business Segments

81.9%
Imaging &Information
Equipment
Business

Net Sales¥8,860million

9.0%
Information
ServiceBusiness

Real-Estate
Leasing
Business and
Other
Businesses

3

In Asia, due to a reduction in domestic OEM production,
sales were robust in emerging countries in Asia such as
China, bringing net sales to ¥4,094 million (up 19.9% year
on year) and operating income to ¥451 million (up ¥370
million year on year).
In North America, net sales increased to ¥1,658 million (up50.6% year on year) and operating income came to ¥81
million (up ¥75 million year on year) due to aggressive
sales activities, coupled with the US economic recovery
and yen depreciation.
In Europe, as a result of yen depreciation and aggressive
sales measures, net sales rose to ¥3,106 million (up 33.8%
year on year), and an operating income of ¥153 million(compared with an operating loss of ¥49 million in thesame period last year) was recorded.

In the Information Service Business, sales were solid in the
CAD business and systems solutions service business,
resulting in net sales of ¥977 million (up 4.6% year onyear). However, operating income decreased to ¥54
million (down ¥12 million year on year) due to higher
costs.

Net Sales¥977million

9.0%
Net Sales¥976million

The Real Estate Leasing Business benefited from stablerents. As a result, net sales and operating income stood at¥170 million (up 13.6% year on year) and ¥116 million (up¥10 million year on year), respectively.
In Other Business, net sales totaled ¥806 million (up 5.3%
year on year) due to aggressive sales activities for LED
lighting and other products. Due to an increase in selling
expenses, etc., however, ¥55 million operating loss
(compared with an operating loss of ¥15 million in thesame period last year) was posted.

Supports the efficient operation of MUTOH printers“ValueJet Status Monitor” (VSM)
The ValueJet Status Monitor (VSM) is free application software for PCs
offered to MUTOH printer users. By registering your ValueJet printerwith VSM, the following wide range of services can be used.
[Status monitor], [Report mail], [Color verification], [Smartphone link],[Firmware updates], [Printer activation],[Compilation of user definition names], [Updates to date and time]*Users must register with “ValueJet Club” to download VSM.
https://valuejetclub.mutoh.co.jp/mutoh/guser/[Status monitor]
VSM monitors printer status.

[Report mail]
VSM can notify user of printer status via email.

[Color verification]
Printer can measure color with VSM.
[Smartphone link]
Printer status can be confirmed from asmartphone via VSM.

2D CAD software
Release of “M-Draf Spirit 2014”“M-Draf Spirit 2014,” the latest version of MUTOH’s all-purpose 2D CAD
M-Draf series, was released.
MUTOH has continued to work with designers in development eversince launching the drafting and design equipment “Drafter” in 1953.
The expertise built up through the Group’s history is incorporated in its
CAD. Even when a mouse is used instead of a drafter, it offers operability
similar to manual drawing as well.
This demonstrates MUTOH’s efforts to always incorporate the views ofdesigners in its pursuit of the ideal tools.
The main new functions are as follows:
Files in M-Draf format (.mdg, .syd, .piw) and files in AutoCAD format(.dxf, .dwg) can be compared in blueprints.
MUTOH’s CAD software “ViSION PC” data can also be used.

Examples of designs created using “M-Draf Spirit”

Light-weight elastic tape
Launch of “LIGHT GUARD” in five new colors“LIGHT GUARD” is a light-weight elastic tape that can be used in many places, from joints such as ankles and wrists to large muscles
such as the thigh.
This tape is very elastic, light-weight, breathes well and is easily adaptable. It can also be easily torn by hand. It is now available infive new colors, in addition to white and black.
New colors: Blue, Red, Pink, Gold, Green
Existing colors: White, Black
Tape width: 5.1cm, 7.6cm
Tape length: 6.8m* (size when stretched)“LIGHT GUARD” Blue, Red, Pink

4

Topics
Beauty and adaptability to wide range of media
Examples of introduction of the Hybrid Inkjet Printer “VJ-1617H”
The “VJ-1617H” earns highacclaim for its quality and ecofriendly qualities.
The “VJ-1617H” adopts the longawaited “white ink” in its wellestablished multi-purpose ink(MP ink), which can be used to
draw on any type of material,and balances the ability to
depict beautiful images withthe capacity to work with awide range of media. The “VJ1617H” can be used in diverse
applications, such as glass
windows, plastic, colored
cardboard and the paper to be
used in the finished product in
the printing industry.

Examples of introduction :More beautiful, more colorful
The “VJ-1617H” provides
bright color production andthe ability to work with awide variety of media.

Crown Package Co., Ltd.

Able to print directly onto a wide range of materials.
Provides great satisfaction with its high print quality andenvironmental performance!
When creating a model of the finished printed product for customers (asample), a design was printed on coated paper using a water-based ink jet
printer, and cut and pasted onto the package prior to printing.
However, we still felt the need for direct printing, since this sample did notprovide customers with a good sense of the product image, the finishedproducts differed in strength, and the process of image confirmation anddesign revisions was time-consuming.
Accordingly, since we put emphasis on environmental performance
as a company policy, the “VJ-1617H” was adopted due to the MP ink’s
environmental compatibility, which appeals to designers and gives them asense of reassurance when using it, to the MP ink’s drawing performanceand to the ability to print directly on a wide range of materials.

5

Launch of 3D printer output services
For samples for the manufacturing industry and models of the completed
product for the construction and engineering industry
At manufacturing sites, it is often difficult to confirm the final product using CAD images alone, so samples are
made during the prototype stage until the product is put into production. Once the final format is confirmed,
the official production process begins.
During this prototype stage, 3D printers demonstrate their effectiveness in creating samples.
At MUTOH, we now provide data processing and sample output services using professional 3D printers so that
we can meet requests such as the following:- 3D printers are too expensive for me to buy, but I want 3D output.
- I wouldn’t use a 3D printer enough to make it worthwhile to buy one, but I want 3D output.
- I want to compare and confirm the quality of a 3D printer.
Example of output in plaster

Example of output in plastic

Fast, full-color modeling

Highly detailed plastic models

Machineryparts

Medical components

Architectural models

Structural and mechanism models

CAD or 3D CG data is required for 3D printer output. It is compatible with the main 3D tools used in
manufacturing (industrial devices, auto and transport equipment, consumer products, manufacturing processverification, etc.).
It is also compatible with tools used in architecture and engineering work (urban planning, planning forbridges, ports, houses, buildings and plants, etc.).

6

Consolidated 1st Half Financial Statements■ Consolidated Balance Sheets(Millions of yen)

Period As of September 30, As of September 30,
Account

2013

2012

As of March 31,
2013

AssetsCurrent assets

Cash and bank deposits

Notes and accounts
receivable

Inventories

Others(Millions of yen)

Period As of September 30, As of September 30,
Account

2013

2012

As of March 31,
2013

Liabilities

17,917

8,991

3,837

3,962

1,126

14,301

6,117

3,220

4,219

743

16,184Current liabilities

4,979

3,724

4,322

Notes and accounts
payable

3,060

2,193

2,362

Others

1,919

1,530

1,959

Non current liabilities

4,194

3,702

3,870

Allowance forretirement benefits

3,674

3,313

3,475

Others

519

389

394

Total liabilities

9,174

7,427

8,192

Shareholders’ equity

20,93019,903

20,480Capital stock

10,19910,19910,199

Capital surplus

4,181

4,181

4,181

Retained earnings

8,876

7,843

8,422

Treasury stock(2,326)(2,320)(2,323)

Total other cumulative
comprehensive income(1,436)(2,802)(1,992)

Minority interests

702

655

682

Total net assets

20,196

17,755

19,170Total liabilities and net assets

29,37025,18227,363

7,407

3,794

3,902

1,079

Net assets
Fixed assets

10,881

11,178

Tangible fixed assets

8,419

8,444

8,456

Intangible fixed assets

189

152

187

Investments andother assets

Investment securities

7

11,453

2,844

2,332

2,284

1,713

2,534

1,957

Others

511

570

577

Total assets

29,37025,18227,363

■ Consolidated statements of income(Millions of yen)

Period 1st Half period ended

September 30, 2013

Account

1st Half period ended Year ended March 31,
September 30, 20122013

Trends of net sales (Millions of yen)
Full fiscal year

10,813

8,690

17,982The 63rd
periodOperating income

655

34

140

The 64th
periodOrdinary income (loss)

901

(187)

715

Net sales

Income (loss) before income taxes
and minority interests

911

(137)

773

Net income (loss)

591

(317)

261

1st half year

10,57920,441
8,690
17,982The 65th
period(FY2013)

10,8130

5,000

10,00015,00020,00025,000Trends of operating income (Millions of yen)
Full fiscal year

■ Consolidated statements of cash flows(Millions of yen)

Period 1st Half period ended

September 30, 2013

Account

1st Half period ended Year ended March 31,
September 30, 20122013

Net cash from operating activities

1,505

458

1,020

Net cash from investing activities

203

(1)

(322)

Net cash from financing activities

(143)

(167)

(192)

Net increase (decrease) in cash and cash
equivalents

1,824

(26)

1,021

Cash and cash equivalents at beginningof period

7,166

6,144

6,144

Cash and cash equivalents at end of period

8,991

463

The 63rd
period653
34

The 64th
period140

The 65th
period(FY2013)

655
0

200

400

7,166

Imaging & Information
Equipment Business-500

1st half year680

The 63rd
period1,306

715

The 65th
period(FY2013)■ Consolidated subsidiaries in each business segment

800

Trends of ordinary income(loss) (Millions of yen)The 64th (187)periodBusiness segment

600

Full fiscal year

6,117

1st half year

901
0

500

1,000

1,500

Company 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.

Trends of net income(loss) (Millions of yen)
Full fiscal year

The 63rd
period

(297)
(425)

The 64th
period(317)
261

The 65th
period(FY2013)-500

1st half year

591
0

500

1,000

8

Company Profile (As of September 30, 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

Main business:

10,199 million yen

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 September 30, 2013)

9

Masanori Takayama

Chairman of the Board

Hajime Tatsuzawa

Full-time Corporate Auditor

Nobumasa Hayakawa

President

Toshio Ishida

Corporate Auditor

Yoichi Abe

Director

Nobuaki Kunimine

Corporate Auditor

Hisayoshi Aoki

Director

Masanobu Takeda

Director

Yoshiyuki Takayama

Director

Yoshihiko Baba

Director

Stock information (As of September 30, 2013)■ Number of shares issuable

170,000,000■ Number of shares issued

54,818,180■ Number of shares per unit

1,000

■ Number of shareholders

5,687■ Major Shareholders
Number of
Ratio of
Shares Held Shareholding(Shares)(%)

Name
TCS Holdings Co., Ltd.

13,220,000

28.79Mizuho 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

Japan Trustee Services Bank, Ltd. (Trust Account)

770,000

1.68

NTT System Development Co., Ltd.

712,000

1.55

Keiichi Hori

591,000

1.29

High-Tech System Corporation

541,000

1.18

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

428,000

0.93(Notes) 1. T he Company holds 8,896,434 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 by the number of shares held

◆ Breakdown of shareholders
Securities companies
3.88%
47

Foreign companies
5.12%
64

5 or more
4.07%
371

1 or more
9.70%
3,447

Less than 1
0.66%
1,517

10 or more
8.49%
264
50 or more
4.05%
33

Financial
institutions
13.18%
28
Other companies
52.02%
228

Individuals and others
25.80%
5,320

100 or more
18.12%
46

500 or more
5.15%
41,000 or more
49.76%
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.