NIPPON THOMPSON CO., LTD.
Corporate Headquarters: Tokyo
Listed Code: 6480
Li sted Stock Exchange: Tokyo(URL: http://www.ikont.co.jp/eg/)

May 11, 2015

Consolidated Financial Reportfor the Fiscal Year ended March 31, 2015
<Japanese GAAP>
Representative: Shigeki Miyachi, President and Representative Director
For further information contact: Kesaaki Ushikoshi, General Manager of Accounting Department
Telephone: +81-3-3448-5824
Scheduled Date of Ordinary General Meeting of Shareholders:
Scheduled Date to Submit Annual Securities Report:
Scheduled Date to Begin Dividend Payments:
Preparation of Supplementary Explanation Material for Financial Results:
Holding of Presentation Meeting for Financial Results:

June 26, 2015
June 26, 2015
June 29, 2015
Yes
Yes (Targeted at institutional investors and analysts)

Figures have been rounded off to eliminate amounts less than one million yen.

1. Consolidated Operating Performance for the Fiscal Year Ended March 31, 2015
(From April 1, 2014 to March 31, 2015)(1) Results of Consolidated Operations
Years ended March 31, 2015 and 2014

2015
2014

(Millions of yen)

Net sales

PercentagechangeOperatingincomePercentagechangeOrdinary
incomePercentagechangeNet income

Percentagechange44,972
39,259

14.5
9.2

3,877
(251)

－
－

4,792
857

459.1
(41.5)

2,966
568(421.5)－

Notes: Comprehensive income
Fiscal year ended March 31, 2015: 5,685 million yen(61.0))%
Fiscal year ended March 31, 2014: 3,531 million yen (255.2))%:Percentage change for net sales, operating income, ordinary income, and net income indicate percentage
increase/decrease compared to the same period in the previous year.

2015
2014

Net income
per share
(Yen)
40.71
7.82

Diluted net income
per share
(Yen)
36.80
7.07

Return on equity
(%)
5.1
1.0

1

Ordinary income tototal assets
(%)
5.3
1.0

Operating income to
net sales
(%)
8.6
(0.6)

Reference: Equity in earnings of affiliates
Fiscal year ended March 31, 2015:－ million yen
Fiscal year ended March 31, 2014:－ million yen
Note: Changes in accounting policies arising from a revision of accounting standards have been retrospectively applied to theresults of consolidated operations for the fiscal year ended March 31, 2014.
(2) Consolidated Financial Position
Years ended March 31, 2015 and 2014
Total assets

Net assets

Equity ratio(%)(Millions of yen)
Net assets
per share(Yen)
837.71771.01

2015
93,411
61,09965.4
2014
86,891
56,121
64.6
Reference: shareholders’ equity
Fiscal year ended March 31, 2015: 61,062 million yen
Fiscal year ended March 31, 2014: 56,121 million yen
Note: Changes in accounting policies arising from a revision of accounting standards have been retrospectively applied to theresults of consolidated operations for the fiscal year ended March 31, 2014.
(3) Consolidated Cash Flows
Years ended March 31, 2015 and 2014
Operating
Investingactivities
activities
2015(7,690)(2,443)
2014
9,051(1,595)

Financing
activities(1,856)(3,562)(Millions of yen)
Cash and cash
equivalents
18,03814,2902. Dividends
Dividends per share
Base date2016(Forecast)
2015
2014

June 30
(Yen)
－
－
－

September 30
(Yen)
6.50
5.00
5.00

December 31
(Yen)
－
－
－

March 31
(Yen)
6.50
6.00
5.00

Full fiscal year
(Yen)
13.00
11.00
10.00

Dividends payout
Dividends on
ratio
net assets
Base date(Consolidated)(Consolidated)(Millions of yen)
(%)
(%)
31.4
2016 (Forecast)
2015
807
27.0
1.4
2014
734
127.9
1.3
Note: Changes in accounting policies arising from a revision of accounting standards have been retrospectively applied to theresults of dividends for the fiscal year ended March 31, 2014.
Total dividends(Full fiscal year)23. Forecast of Consolidated Operating Performance for the Fiscal Year Ending March 31, 2016
Six-month period ending September 30, 2015, and the fiscal year ending March 31, 2016
Percentage
Operating
Percentage
Net saleschangeincomechangeSix-month period ending
23,500
5.9
2,200
23.2
September 30, 2015
Year ending March
48,000
6.7
4,800
23.8
31, 2016
Net income
attributable toowner ofparentPercentagechange(Millions of yen)
Ordinary
Percentage
incomechange
2,200

20.4

4,800

0.2

Net income
per share(Yen)

Six-month period ending
1,400
18.6
19.29
September 30, 2015
Year ending March
3,000
1.1
41.44
31, 2016
Note: Percentage change for net sales, operating income, ordinary income, and net income indicate percentage
increase/decrease compared to the same period in the previous year.

4. Others(1) Changes in the state of significant subsidiaries during the period (Changes regarding specific companies accompanying
changes in the scope of consolidation): None
(2) Changes in accounting policies and accounting estimates, and restatements
Changes in accounting policies arising from revision of accounting standards:
Changes other than those in above:
Changes in accounting estimates:
Restatements:

Yes
None
None
None

Note: For further details, please refer to “Changes in accounting policies” on page 22.
(3) Number of shares issued (Common stock)
Number of shares outstanding at period-end (Including treasury stock)
Fiscal year ended March 31, 2015:
73,499,875 sharesFiscal year ended March 31, 2014:
73,499,875 shares
Number of treasury stock
Fiscal year ended March 31, 2015:
562,594 sharesFiscal year ended March 31, 2014:
710,420 shares
Average number of shares outstanding at period-end
Fiscal year ended March 31, 2015:
72,871,983 sharesFiscal year ended March 31, 2014:
72,726,400 shares
Note: From the consolidated accounting period ended March 31, 2015, in tandem with changes in accounting policies arisingfrom a revision of accounting standards, the number of treasury stock includes treasury stock held by the ESOP trust.
This resulted in the addition to treasury stock of 493,000 shares as of March 31, 2015 and 648,000 shares as of March
31, 2014. In addition, treasury stock held by the ESOP trust is excluded from the calculation of the average number ofshares outstanding at period-end, as is other treasury stock. The difference between the old and new calculation of theaverage number of shares is thus 561,000 shares for the fiscal year ended March 31, 2015 and 712,834 shares for the
fiscal year ended March 31, 2014.
3

Reference: Non-consolidated Operating Performance for the Fiscal Year Ended March 31, 2015
(From April 1, 2014 to March 31, 2015)(1) Results of Non-consolidated Operations
Years ended March 31, 2015 and 2014

2015
2014

(Millions of yen)

Net sales

PercentagechangeOperatingincomePercentagechangeOrdinary
incomePercentagechangeNet income

Percentagechange39,70934,636

14.6
10.0

3,256
141

－
(82.8)

4,130
738

459.2
(24.2)

2,528)
119－－

Note: Percentage change for net sales, operating income, ordinary income, and net income indicate percentage
increase/decrease compared to the same period in the previous year.
Net income
Diluted net income
per shareper share
(Yen)
(Yen)
2015
34.70
31.37
2014
1.64
1.48
Note: Changes in accounting policies arising from a revision of accounting standards have been retrospectively applied to theresults of non-consolidated operations for the fiscal year ended March 31, 2014.
(2) Non-consolidated Financial Position
Years ended March 31, 2015 and 2014
Total assets

Net assets

Equity ratio(%)(Millions of yen)
Net assets
per share(Yen)
739.48696.08

2015
85,37953,93563.2
2014
80,80850,667
62.7
Reference: shareholders’ equity
Fiscal year ended March 31, 2015: 53,935 million yen
Fiscal year ended March 31, 2014: 50,667 million yen
Note: Changes in accounting policies arising from a revision of accounting standards have been retrospectively applied to theresults of non-consolidated financial position for the fiscal year ended March 31, 2014.

Disclosure with Regard to Implementation of Audit Procedures
Although falling outside audit procedures based on the Financial Instruments and Exchange Law, these financial results
are subjected to such audit procedures, which are not completed at the time of disclosure.
Explanations or Other Items Pertaining to Appropriate use of Operating Performance Forecasts
Performance forecasts presented herein are based on information available to the Nippon Thompson Group (the “Group”)
as of the date of this document, May 11, 2015. Accordingly, for a wide variety of reasons, there remains the possibility that
actual performance results may differ from projections. For performance forecasts, please refer to “Operating Results andFinancial Position (1) Analysis of Operating Results [Outlook]” on page 6.

4

Operating Results and Financial Position(1) Analysis of Operating Results
Overview for the Fiscal Year Ended March 31, 2015
In the consolidated fiscal year ended March 31, 2015, the Japanese economy saw continued gradual improvement. Althoughpersonal consumption temporarily lagged due to a market recoil following the last-minute surge in demand preceding theconsumption tax hike at the start of the period, corporate profits began to show signs of improvement and the export
environment, backed by the depreciation of yen, remained favorable. Overseas economies saw steady improvement, with the
U.S. economy remaining firm, buoyed by increased personal consumption and private capital investment, and the European
economy showing some indications of recovery. The rate of economic growth in China slowed somewhat but remained steady.
In the environment in which the Group operates, global competition is generating an ever greater demand for higher
quality, lower costs and quick delivery.
Under these circumstances, the Group aimed to bolster its presence and competitiveness in the global market andimplemented a range of measures to expand and reinforce its businesses.
From a sales perspective, the Group focused on further cultivating business ties with existing customers anddeveloping new markets, to this end aggressively embracing a “customer-centered, proposal-based sales approach” as a pillar of
its sales policy and holding a number of private shows and small-scale exhibitions both in Japan and abroad. Overseas, theGroup worked to strengthen its marketing capabilities in North America and Europe and to expand sales in China and East Asia,
where demand is expected to continue to grow. In particular, the Group established the sales subsidiary IKO Thompson Asia
Co., Ltd. in Thailand as a strategic location to develop markets in Southeast Asia and India, and vigorously worked to expand
sales there.
From a product development standpoint, the Group worked to enhance its lineup of high-value-added products tomeet customer needs. To this end, the Group introduced ultra-compact linear motion rolling guides, which feature a coupling of
its proprietary lubrication technologies with its small sizing technologies, as well as a new product series under the“Maintenance-Free Series,” which features reductions in environmental impact.
From a production standpoint, to improve cost competitiveness, the Group expanded both the production capacity
and range of products produced by overseas subsidiary IKO Thompson Vietnam Co., Ltd. while promoting the global
procurement of parts and materials.
Turning to the Group’s operational results, domestic demand was firm, particularly in electronics-related industries
in the areas of semiconductor manufacturing equipment and electronic component mounting equipment, as well as for machine
tools. Overseas, supported by heightened export competitiveness due to the depreciation of the yen, demand, especially that
related to electronics, such as, semiconductor manufacturing equipment and electronic component mounting equipment, andprecision machinery, improved steadily in Europe and the United States. In Asia, sales rose as the Group pursued aggressive
sales activities through sales subsidiaries in China and Thailand.
As a result, the Group’s net sales increased 14.5% compared with the corresponding period of the previous fiscal
year, to ¥44,972 million. On the earnings front, although a ¥2,169 million loss on devaluation and disposal of inventories, which
5was posted under cost of sales, contributed to an operating loss of ¥251 million in the previous fiscal year, increases in revenue
and production helped effect a turnaround, resulting in operating income of ¥3,877 million in the fiscal year under review.
Ordinary income came to ¥4,792 million, up 459.1% year on year, due in part to the depreciation of the yen. Net income for the
fiscal year under review totaled ¥2,966 million, up 421.5% year on year.
Because the Group manufactures and sells Needle Roller Bearings, Linear Motion Rolling Guides and Machine
Components on an integrated basis, disclosure of segment information has been omitted.
Sales of Needle Roller Bearings and Linear Motion Rolling Guides totaled ¥39,442 million, an 15.1% increase
compared with the corresponding period in the previous fiscal year. Sales of Machine Components rose 10.7% to ¥5,529
million.
Business Segment Information
March 31,
2015
Millions of Component
yenpercentages
Needle Roller Bearings, Linear
Motion Rolling Guides
Machine Components
Total net sales

March 31,
2014
Millions of Component
Yenpercentages

ChangeMillions ofyen

Percentagechange39,442

87.7

34,262

87.3

5,179

15.1

5,529
44,972

12.3
100.0

4,997

12.7

532

10.7

39,259

100.0

5,712

14.5

Outlook
Regarding future forecasts, the Japanese economy is expected to continue its gradual recovery backed by an increase in exports
due to the weaker yen, an improvement in operating results led by increased capital investment, and a recovery in consumer
spending in tandem with a hike in wages. The overall world economy is also expected to remain firm, especially for developed
nations, despite concerns over slowing economic growth in China and the risk of downswing in the U.S. economy shouldinterest rates rise.
In light of these economic conditions, the Group is forecasting consolidated net sales of ¥48.0 billion, ordinary
income of ¥4.8 billion and net income attributable to owner of parent of ¥3.0 billion for the year ending March 31, 2016.

(2) Analysis of Financial Position
Total assets as of March 31, 2015, totaled ¥93,411 million, an increase of ¥6,519 million compared with the end of the previous
fiscal year. This mainly comprised increases in cash and deposits of ¥4,122 million, notes and accounts receivable-trade of¥1,261 million and investment securities of ¥2,404 million as well as a decrease in inventories of ¥1,728 million.
Total liabilities amounted to ¥32,311 million, an increase of ¥1,541 million compared with the end of the previous
fiscal year. This mainly comprised an increase in notes and accounts payable-trade of ¥1,454 million.
Total net assets amounted to ¥61,099 million, an increase of ¥4,978 million compared with the end of the previous
fiscal year. The main components were increases in retained earnings of ¥2,188 million and in total accumulated othercomprehensive income of ¥2,690 million.
6

Cash Flows
Cash and cash equivalents at the end of the fiscal year under review totaled ¥18,038 million, an increase of ¥3,747 million
compared with the end of the previous fiscal year.
Cash Flows from Operating Activities
Net cash provided by operating activities was ¥7,690 million. The major contributors to this result were depreciation andamortization of ¥2,584 million, a decrease in inventories of ¥2,216 million, an increase in notes and accounts payable-trade of¥1,330 million and an increase in notes and accounts receivable-trade of ¥1,118 million.
Cash Flows from Investing Activities
Net cash used in investing activities totaled ¥2,443 million. This result was primarily attributable to the purchase of property,
plant and equipment.
Cash Flows from Financing Activities
Net cash used in financing activities was ¥1,856 million. This was mainly due to proceeds from long-term bank loans of ¥3,009
million, repayments of long-term bank loans of ¥3,552 million and cash dividends paid of ¥734 million.

The trend of cash flow indices is as follows:
For the periods ended
March 31,
March 31,
2013
2014

March 31,2012
Equity ratio (%)
Equity ratio on market value basis (%)
Debt repayment period (Years)
Interest coverage ratio (Times)

57.4
41.2
－
－

63.0
39.8
－
－

64.6
42.3
2.2
50.3

March 31,
2015
65.4
46.3
2.4
74.6

Notes:
Equity ratio:

Total shareholders’ equity / total assets

Equity ratio on market value basis:

Aggregate market value of common stock / total assets

Debt repayment period:

Interest-bearing liabilities / cash flows from operating activities

Interest coverage ratio:
Cash flows from operating activities / interest payments
1. All indices based on consolidated financial figures.
2. Aggregate market value of common stock:Market price at the period-end x number of shares outstanding at the period-end (excluding treasury stock)
3. Cash flow from operating activities corresponds to the cash flow from operating activities in the consolidated statement ofcash flows. Interest-bearing liabilities include all liabilities reported on the consolidated balance sheet for which the Group ispaying interest. Interest payments correspond to the interest paid in the consolidated statement of cash flows.

7(3) Fundamental Earnings Distribution Policy and Dividends for the Current and Next Fiscal Periods
With regard to the distribution of profits, Nippon Thompson Co., Ltd. (the “Company”) positions the return of profits toshareholders as one of its major management issues, having as its basic policy continuing stable dividends while taking
performance levels into overall consideration.
In addition, while giving heed to such factors as the future business environment, the Group intends to retain
sufficient internal reserves. Specifically in this regard, the Group works to strengthen its management base and improveearnings power to maximize corporate value. Simultaneously, it reviews production systems that respond to rapid technologicalinnovation and fluctuating demand and makes such investments as new product development.
In keeping with the basic policy and as a result of a general review of, for example, the level of performance over the
fiscal year and internal reserves, the Company plans a year-end dividend of ¥6 per share. Including the interim dividend of ¥5
per share, the planned full-year dividend payment ¥11 per share.
The Company is forecasting a dividend of ¥13 per share (including an interim dividend of ¥6.5 per share) for the
fiscal year ending March 31, 2016.

(4) Business Risks and Other Risks
Risk factors that may possibly have an effect on the Group’s operating results and financial position are set out below. Whileacknowledging the possibility of these risks occurring, the Group has policies in place to prevent any occurrence and, should theneed arise, to respond appropriately.
Forward-looking statements in the text are based on the judgments of the Group’s management as of May 11, 2015,
the date of this financial report.

1. Market environment
The Group’s products are used in a wide variety of fields, including domestic and overseas electronics-related industries,
machine tools, automobiles and motorbikes, robots, construction and general machinery. The proportion of sales to specificindustrial fields, especially semiconductor and electronic components mounting equipment and machine tools, is becoming
relatively high. By making strenuous efforts to expand sales to other industries, the Group is attempting to mitigate the impact
of demand fluctuations in these specific fields. At present, however, the Group’s operating results and financial position could
be affected by a sharp contraction in demand in these specific fields. In addition, the possibility exists that the decline indemand resulting from the recession in the Group’s main markets, which include Japan, North America, Europe and Asia,
will affect its operating results and financial position.

2. Currency exchange rate movements
The Group sells its products in global markets, including North America, Europe and Asia. Therefore, although the Grouphedges the risk from currency exchange rate movements by means of forward-exchange contracts, it is not possible tocompletely eliminate this risk. In addition, items denominated in foreign currencies, including the sales, costs and assets of8

overseas consolidated subsidiaries in the United States, the Netherlands, China and Thailand, etc. are translated into yen forthe purposes of the consolidated financial statements and can be affected by currency exchange rate movements.

3. Overseas business activities
As the Group conducts an increasing proportion of its business in overseas markets, the possibility exists that its business
operations will be affected by, for example, changes in foreign laws and regulations as well as by political and economic
turmoil.

4. Product development
Needle Roller Bearings, Linear Motion Rolling Guides produced and sold by the Group reflect customer needs gathered by
its “customer-centered, proposal-based sales approach” which forms the linchpin of its sales strategy. The products arelaunched into markets having been extensively developed so that they are set apart from rival companies’ products. However,should a fall in demand be caused by lower-cost products that nevertheless display comparatively superior quality andperformance, there remains the concern that this would cause difficulties in setting sales prices commensurate with theGroup’s value-added products.

5. Production system
The Group regards as indispensable the prioritizing of investment in raw materials and production facilities so that it can
respond to the constantly changing demands in domestic and overseas markets as well as to requests for shorter delivery times.
Accordingly, the Group endeavors to maintain and improve a production system that is capable of responding flexibly tocustomer needs. There remains the concern, however, that greater than expected short-term changes in demand may result in
supply delays and cost increases. In addition, the Group procures raw materials and components from outside suppliers foruse in the manufacture of its products. Procurement of these raw materials and components could be subject to a number of
detrimental factors: rising prices as well as product shortages resulting from market volatility; insufficient production capacity
at suppliers; fires or natural disasters at suppliers; and supplier bankruptcy. In such event, the Group’s operating results could
be adversely affected should product manufacturing costs rise or production be halted.

6. Maintaining product quality
The Group ensures product quality through its comprehensive quality control system. Nevertheless, operating results may beaffected by indemnity liabilities arising from customer complaints should issues with raw materials, production processes or
product quality management lead to the manufacture of non-shippable products.

7. Debt default by business partners
The Group maintains systems, primarily through its sales department, that constantly monitor and update information related
to the credit standing of its business partners. Nevertheless, risks exist regarding unforeseen loan default and credit loss causedby changes in the economic environment. In the event that domestic or overseas business partners default on debt as a result9

of economic downturn or intensified competition, the Group’s operating results and financial position may be adversely
affected.

8. Infringement of intellectual property rights
With regard to technology ownership, the Group makes efforts to safeguard its technologies by obtaining such intellectual
property rights as patents. However, there remains the possibility that the Group’s intellectual property rights will be infringed
by other companies; should this happen, it could affect the Group’s business activities.

9. Environmental problems
The Group works to reduce environmental impact by formulating its “Environmental Policy”, taking measures to deal withenvironmental problems and developing energy efficient products. In addition, the Group obtained ISO14001 certification,
the international standard for environmental management system, and adheres to Japanese and overseas legal regulations as amatter of course. The Group also complies with numerous regulations represented by European ELV Directives and the
RoHS Directive. In spite of these actions, the Group’s operating results may be negatively impacted by expenses incurred in
the event that unexpected circumstances lead to future environmental problems.

10. Information leakage
During the course of its business activities, the Group has access to a wide array of important and personal information. In
order to prevent leaks to outside parties and unintentional usage, the Group manages such information through theestablishment and dissemination of its Basic Information Security Policy and Personal Information Protection Policy. In theevent that an information leak is caused by unforeseen circumstances, the Group could incur significant costs in response to a
subsequent loss of public trust.

11.Occurrence of a large-scale disasterIn the event a large-scale natural or other disaster (including but not limited to earthquakes, floods, fires or snow damage)occurs at the Group’s factories or its business partners’ facilities, performance may be affected by a reduction or complete
cessation of production because of damage to production, products or work in process. Moreover, the Group’s production andsales activities may be negatively affected by material damage or injuries to personnel in the event that a terrorist attack orchanges in political conditions result in social turmoil.
The Group’s main factories are concentrated within Gifu Prefecture in Japan. In the unlikely event that a large-scale
earthquake, flood or other disaster occurs in this region, the Group’s operating results and financial position may be negatively
impacted.

The various kinds of risk stated above are not intended to provide an exhaustive list of all the forms of risk to which
the Group might be exposed.

10Status of the GroupThe Group is composed of the Company and its subsidiaries, and engages in the manufactures and sells Needle Roller
Bearings, Linear Motion Rolling Guides and Machine Components.
The Group’s business is outlined in the following diagram.

Customers
Products
Sales(Domestic)
Consolidated Subsidiaries:
Nippon Dic Co., Ltd.
Non – Consolidated Company:
Hassei Shokai Co., Ltd.

Products(Overseas)
Consolidated Subsidiaries:
IKO International, Inc.
Nippon Thompson Europe B.V.
IKO - Thompson (Shanghai) Ltd.
IKO Thompson Asia Co., Ltd.
Products
Nippon Thompson Co., Ltd.
Process and Products
Production(Domestic)
Non – Consolidated Company:
Shinmie Seiko Co., Ltd.
Nagahara Seiko Co., Ltd.

Service(Domestic)
Non – Consolidated Company:
Gokurakuji Kosan Co., Ltd.

(Overseas)
Consolidated Subsidiary:
IKO Thompson Vietnam Co., Ltd.

Note: The Group established IKO Thompson Asia Co., Ltd. in Thailand and kicked off operations there April 1, 2014.

11

Management Policies(1) Fundamental Management Policies
Based on the corporate philosophy of “contributing to society as an R&D-oriented company,” the Group —a trusted
international enterprise—is committed to serving domestic and overseas markets through the manufacture and sale of Needle
Roller Bearings and Linear Motion Rolling Guides. Our emphasis is on quality rather than scale, as we see our mission as
developing high-value-added products that meet customer needs. The entire company is engaged in an effort to associate the
Nippon Thompson brand with the acronym IKO—“I” for Innovation, because the Company’s products are always innovative;“K” for Know-how, because they incorporate a high level of technological expertise; and “O” for Originality, because they arehighly creative.
The Group believes that contributing to the development of society is one of its most important management
policies. While thoroughly instilling corporate ethics, we make every effort to ensure compliance in management and contributeto the preservation of the global environment. Our corporate activities take into account this social mission.

(2) Management Targets and Performance Indicators
Raising shareholder return on equity (ROE), in an effort to maximize shareholder value, is the principal indicator for the Group.
Management also focuses on improving cash flows to enhance stability and to strengthen the Group’s financial position.

(3) Medium-Term Management Strategies
Every activity undertaken by the Group is intended to help realize its vision and resolve customer problems. By bringing tobear the sum of the Group’s knowledge and technology, the Group aims to bolster its presence and competitiveness in the
global market while ensuring continued growth. To achieve these aims, in April 2015 we launched “IKO Mid-term businessplan 2017 (three-year plan) CHANGE & CHALLENGE” under which we are strengthening our corporate governance andimplementing measures covering the following range of issues to realize a proactive management approach.
1. Improving return on invested capital (ROIC)
2. Pursuing technological development to meet customer expectations
3. Pursuing technological development aimed at new markets and fields
4. Implementing a “customer-centered, proposal-based sales approach”
5. Establishing and enhancing a robust system platform
6. Strengthen global management(4) Issues to Be Resolved
The main businesses of the Group are expected to experience a steady increase in demand from various sectors, centered on themachine tools and semiconductor manufacturing equipment industry. This forecasted rise in demand is attributable to the global
growth of the machinery and electronics industry. In step with worldwide trends toward the prevention of global warming, the12Company’s products, which meet the need for compact, power-saving machinery, are present in business fields that possess
growth potential. In addition, with the decline in the working age population in Japan and the rise in wages in emerging
economies, there is a growing call for factories that can operate with fewer workers. The factory automation (FA) market isexpanding, and products for industrial robot applications are expected to become a major growth field.
We aim to develop into a globally trusted and indispensable business group with a unique presence through the
manufacture and sale of Needle Roller Bearing and Linear Motion Rolling Guides. To this end, the Group will implement
measures to increase international competitiveness based on a flexible approach to addressing changes in the operating
environment while focusing management resources on promising markets.
From the sales perspective, the Group will further promote the IKO brand by actively developing on a global scale a“customer-centered, proposal-based sales approach” as a pillar of its sales policy. In addition, we are revamping our sales
systems to improve efficiency and also aim to increase sales by cultivating existing markets and nurturing new ones. In
particular, the Group will work to expand sales in the Chinese, South East Asian and Indian markets, where demand is expected
to grow, by cultivating new demand while strengthening the technological support our subsidiaries IKO–Thompson (Shanghai)Ltd. and IKO Thompson Asia Co., Ltd. provide to local sales agencies. Going forward, there are other promising regions where
growth is expected, and we will expand our businesses in the global market and consider enhancing our sales network by
establishing new bases.
Regarding product development, the Group is continually working to create high-value-added products that meetcustomer needs. By assessing demand trends and needs in various regions worldwide, sharing customer values and taking
advantage of our superior technological capabilities, we will develop products that anticipate customer needs.
Turning to production activities, the Group will strive toward the optimal global procurement of parts and materials
and work toward improving the international competitiveness of production subsidiary IKO Thompson Vietnam Co., Ltd, a
key production base in the Group’s global strategy, by expanding the range of products the company produces, increasing
production capacity, and achieving stable quality at reduced cost. In terms of domestic manufacturing bases, we will improvecustomer satisfaction by quickly responding to our customers’ diversifying and increasingly stringent needs through shorterproduction lead times while leveraging our production system for diverse product lines.

Basic Stance on Selection of Accounting Methods
The Group applies “Japanese GAAP” to facilitate the comparison of consolidated financial statements with different reporting
periods.
As for the adoption of “International Financial Reporting Standards (IFRS)”, the Group maintains a policy ofcontinuing to appropriately respond to the situation going forward.

13

Consolidated Financial Statements
Consolidated Balance Sheets
As of March 31, 2015 and 2014
Millions of yen
ASSETS

March 31,2015

Current Assets:
Cash and deposits
Notes and accounts receivable-tradeFinished products
Material in process
Raw material
Deferred tax assets
OthersLess: Allowance for doubtful accounts
Total current assets
Fixed Assets:
Tangible fixed assets:
Buildings and structures
Machinery and vehicles
Tools and fixtures
Land
Lease assets
Construction in progress
Total tangible fixed assets
Intangible fixed assets
Investments and other assets:
Investment securities
Deferred tax assets
OthersLess: Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
TOTAL ASSETS

14March 31,2014

18,871
10,83913,111
9,327
5,413
2,752
1,751
(13)
62,052

14,748
9,577
14,028
9,613
5,938
2,811
1,175
(19)
57,873

5,026
8,850
501
2,965
598
354
18,297
1,320

5,124
9,309
486
3,094
591
95
18,701
609

9,995
32
1,770
(58)
11,74031,358

7,591
560
1,604
(49)
9,706
29,017

93,41186,891Millions of yen
LIABILITIESMarch 31,2015

March 31,
2014

Current Liabilities:
Notes and accounts payable-trade
Short-term bank loans
Current portion of long-term bank loans
Lease obligations
Accrued expenses
Income taxes payable
Allowance for directors’ and corporate auditors’ bonuses
OthersTotal current liabilities

7,368
－
3,732
53
2,461
930
80
1,271
15,898

5,913
600
2,859
48
2,105
742
70
667
13,007Long-Term Liabilities:
Corporate bonds
Convertible bondLong-term bank loans
Lease obligations
Deferred tax liabilities
Net defined benefit liabilities
OthersTotal long-term liabilities

5,000
5,000
4,915
531
523
333
109
16,412

5,000
5,000
6,319
545
13
786
98
17,762TOTAL LIABILITIES

32,311

30,770Shareholders’ Equity:
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity

9,532
12,88633,966(260)
56,125

9,532
12,886
31,777(322)
53,874

Accumulated other comprehensive income:Net unrealized holding gains on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income

3,634
0
1,189
113
4,937

2,165
－
53
27
2,246

37

－

61,09956,121

93,41186,891

NET ASSETS

Minority Interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS
15

Consolidated Statements of Income
Years ended March 31, 2015 and 2014
Millions of yen
March 31,2015
Net Sales
Cost of Sales
Gross Profit
Selling, General and Administrative Expenses
Operating Income (Loss)
Non-Operating Income:Interest income
Dividend income
Real estate rent
Foreign currency translation gain
Subsidy income
Others
Non-Operating Expenses:
Interest expenses
Sales discounts
Loss on retirement of fixed assets
OthersOrdinary Income
Extraordinary Income:Gain on sales of fixed assets
Gain on sales of investment in securities
Extraordinary Losses:
Loss on sales of fixed assets
Loss on retirement of fixed assets
Impairment loss
Income before Income Taxes
Income Taxes:
Current
DeferredIncome before Minority Interests
Minority Interests in Income
Net Income

16

March 31,2014

44,97230,867
14,104
10,22739,25930,139
9,120
9,372

3,877

(251)

38
140
24
683
200
125
1,213

13
113
31
855
200
141
1,355

127
112
30
27
298
4,792

161
66
－
18
246
857

146
12
159

－
167
167

25
－
－
25
4,925

－
122
197
320
704

1,377
557
2,990
24
2,966

864
(728)
568
－
568

Consolidated Statements of Comprehensive Income
Years ended March 31, 2015 and 2014
Millions of yen
March 31,2015
Income before Minority Interests
Other Comprehensive Income:Net unrealized holding gains on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total Other Comprehensive Income
Comprehensive Income
Comprehensive income attributable to:Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

17

March 31,
2014

2,990

568

1,468
0
1,139
85
2,694
5,685

991
(0)
1,971
－
2,962
3,531

5,657
27

3,531
－

Statement of Changes in Consolidated Shareholders’ Equity
For the fiscal year ended March 31, 2015

(Millions of yen)
Shareholders’ Equity

9,532

CapitalSurplus12,886－
9,532－
12,886(43)
31,734

－
(322)

(43)
53,831

－
－

－
－

(734)
2,966

－
－

(734)
2,966

－

－

－

(3)

(3)

－

－

－

65

65

－

－

－

－

－

－
9,532

－
12,886

2,232
33,966

61
(260)

2,294
56,125

Common stock
As of April 1, 2014

Retained earnings

Treasury stock

31,777(322)

Total shareholder’
equity53,874

Cumulative effects of changes inaccounting policies

Restated balance
Changes during the period

Cash dividends
Net Income
Acquisition of treasury
stock
Disposal of treasurystock
Net changes in items
other than shareholders’capital
Total changes during theperiodAs of March 31, 2015

Accumulated other comprehensive income
Net unrealized
holding gains onavailable-for-salesecurities

As of April 1, 2014

Deferred gains
or losses onhedgesForeign

Remeasure-currency

ments oftranslation

defined benefit

adjustments

plans

Total
Accumulated
other

Minority
interests

Total
net assets

comprehensive
income

2,165

－

53

27

2,246

－

56,121

－
2,165

－
－

－
53

－
27

－
2,246

－
－

(43)
56,077

－
－

－
－

－
－

－
－

－
－

－
－

(734)
2,966

－

－

－

－

－

－

(3)

－

－

－

－

－

－

65

1,468

0

1,135

85

2,690

37

2,728

1,468
3,634

0
0

1,135
1,189

85
113

2,690
4,937

37
37

5,022
61,099Cumulative effects of changes inaccounting policies

Restated balance
Changes during the period

Cash dividends
Net Income
Acquisition of treasury
stock
Disposal of treasurystock
Net changes in items
other than shareholders’capital
Total changes during theperiodAs of March 31, 201518

For the fiscal year ended March 31, 2014

(Millions of yen)
Shareholders’ Equity

9,532

CapitalSurplus12,886－
9,532－
12,886－31,870－(378)－
53,911

－
－

－
－

(660)
568

－
－

(660)
568

－

－

－

(1)

(1)

－

－

(0)

57

57

－

－

－

－

－

－
9,532

－
12,886(92)
31,777

56
(322)

(36)
53,874

Common stock
As of April 1, 2013

Retained earnings

Treasury stock

31,870(378)

Total shareholder’
equity53,911

Cumulative effects of changes inaccounting policies

Restated balance
Changes during the period

Cash dividends
Net Income
Acquisition of treasury
stock
Disposal of treasurystock
Net changes in items
other thanshareholders’ capital
Total changes during theperiodAs of March 31, 2014

Accumulated other comprehensive income
Net unrealized
holding gains onavailable-for-salesecurities

As of April 1, 2013

Deferred gains
or losses onhedgesForeign

Remeasure-currency

ments oftranslation

defined benefit

adjustments

plans

Total
Accumulated
other

Minority
interests

Total
net assets

comprehensive
income1,173

0(1,918)

－

(744)

－

53,167

－
1,173

－
0

－
(1,918)

－
－

－
(744)

－
－

－
53,167

－
－

－
－

－
－

－
－

－
－

－
－

(660)
568

－

－

－

－

－

－

(1)

－

－

－

－

－

－

57

991

(0)

1,971

27

2,990

－

2,990

991
2,165

(0)
－

1,971
53

27
27

2,990
2,246

－
－

2,954
56,121

Cumulative effects of changes inaccounting policies

Restated balance
Changes during the period

Cash dividends
Net Income
Acquisition of treasury
stock
Disposal of treasurystock
Net changes in items
other than shareholders’capital
Total changes during theperiodAs of March 31, 201419

Consolidated Statements of Cash Flows
Years ended March 31, 2015 and 2014
Millions of yen
March 31,2014

March 31,2015
Cash Flows from Operating Activities:
Income before income taxes

4,925

704

Depreciation and amortization

2,584

2,636

Impairment loss－

197

Increase (Decrease) in allowance for doubtful accounts

3

(22)

Increase in allowance for directors’ andcorporate auditors’ bonuses

10－

Decrease in net defined benefit liabilities

(207)

(267)

Interest and dividend income

(179)

(127)

Interest expenses

127

161

Loss on retirement of fixed assets

30

122

Gain on sales of investment in securities

(12)

(167)

Increase in notes and accounts receivable-trade(1,118)(565)

Decrease in inventories

2,216

5,909

Decrease(Increase) in other accounts receivable

(175)

459

Increase in notes and accounts payable-trade

1,330

1,070

Increase in accrued expenses

312

214

Others-net(1,080)(985)

Subtotal

8,767

9,341

Interest and dividend income received

179

126

Interest paid

(103)

(180)

Income taxes paid

(1,152)(236)

Net cash provided by operating activities

7,690

9,051

20

Millions of yen
March 31,2014

March 31,2015
Cash Flows from Investing Activities:
Payments into time deposits

(715)

(395)

Proceeds from time deposits

403

95

Payments for purchase of property, plant andequipment(1,232)(1,170)

Payments for purchase of intangible assets

(735)

(222)

Payments for purchase of investment securities

(387)

(114)

Proceeds from sales of investment securities

19

269

Payments for purchase of insurance funds

(281)

(258)

Proceeds from cancellation of insurance funds

77

369

Others-net

408

(167)

(2,443)(1,595)

Proceeds from short-term bank loans

1,700

600

Repayments of short-term bank loans(2,300)－

Proceeds from long-term bank loans

3,009

－

Repayments of long-term bank loans(3,552)(3,556)

9

－

(734)

(661)

Payments for purchase of treasury stock

(3)

(1)

Others-net

16

57

Net cash used in financing activities(1,856)(3,562)Foreign currency translation adjustments on
cash and cash equivalents

356

429

Net increase in cash and cash equivalents

3,747

4,323

Cash and cash equivalents at beginning of year

14,2909,967

Cash and cash equivalents at end of year

18,03814,290Net cash used in investing activities
Cash Flows from Financing Activities:

Proceeds from share issuance to minority shareholders
Cash dividends paid

21

Notes on the Premise of a Going Concern
There are no applicable articles.

Changes in accounting policies(Changes in accounting procedures for retirement benefits)
As of April 1, 2014, the Group adopted the provisions stipulated in the main clause of Article 35 of the Accounting Standard for
Retirement Benefits (Accounting Standards Board of Japan (ASBJ), Statement No. 26, issued on May 17, 2012; hereinafter“Retirement Benefits Accounting Standards”) and in the main clause of Article 67 of the Guidance on Accounting Standard for
Retirement Benefits (ASBJ Guidance No. 25, issued on March 26, 2015; hereinafter the “Guidance”). The Group also revised
the determination of retirement benefit liabilities and current service cost. Accordingly, the Group changed the method of
attributing expected benefit to periods from the straight-line basis to the benefit formula basis as well as amended thedetermination method of the discount rate from that based on the remaining working lives to a single weighted average discountrate.
The adoption of the Retirement Benefits Accounting Standards and its Guidance is subject to the transitional
treatment stipulated by Article 37 of the Retirement Benefits Accounting Standards. Accordingly, the impact of theabovementioned revision in calculation methods of retirement benefit liability and current service cost was included in retained
earnings at the beginning of the fiscal year under review.
As a result, as of April 1, 2014, net defined benefit liabilities increased ¥67 million, and retained earnings decreased¥43 million. The influence of these changes on profit or loss for the consolidated fiscal year ended March 31, 2015 wasimmaterial. In addition, net assets per share declined ¥0.60 for the consolidated fiscal year under review.

(Changes in accounting procedures for transactions of delivering the company’s own stock to employees etc. through trusts)
As of April 1, 2014, the Company adopted the “Practical Solution on Transactions of Delivering the Company’s Own Stock to
Employees etc. through Trusts” (Practical Issue Task Force (PITF) No. 30, March 26, 2015). When treasury stock is delivered
to the trust, the Company recognizes the balance. The following are recorded as liabilities: profit or loss related to sales of sharesby the trust to the Employee Stock Ownership Association, dividends paid from the Company on shares held by the trust, andnet expenses related to the trust. These changes in accounting policies have been retrospectively applied to the fiscal year ended
March 31, 2014. Furthermore, the effect of the retrospective application to the fiscal year ended March 31, 2014 wasimmaterial.

22Additional Information(Accounting procedures for the ESOP trust)With the aim of ensuring employee benefits, the Company provides shares of the Company to the Nippon-Thompson
Employee Stock Ownership Association (hereafter referred to as the Company’s Stock Ownership Association) through the
ESOP Trust.

(1) Outline of Trades
The ESOP trust (hereafter referred to as the Trust Account) was established by the Company to cover employees enrolled
in the Company’s Stock Ownership Association who fulfill certain criteria for becoming beneficiaries. Within apredetermined acquisition period, the Trust Account acquires shares of treasury stock in a number equivalent to that which
the Company’s Stock Ownership Association expects to acquire over the five years, and then sells on said stock to theCompany’s Stock Ownership Association on a set day every subsequent month. At the end of the term of the trust, if theTrust Account records a profit due to higher share prices, this profit shall be distributed to the beneficiaries in proportion totheir individual contributions. If the Trust Account records a loss on transfer due to lower share prices and debt is incurredon trust assets, no additional burden will be imposed on employees as the Company will repay the bank in one lump sumin accordance with the warranty of the loan agreement.

(2) Treasury Shares Remaining in the Trust
Shares of the Company remaining in the trust are recorded as treasury shares under net assets through the carrying value(net of associated costs) in the trust. The carrying value and number of such treasury shares were ¥274 million and 648,000
shares respectively at March 31, 2014 and ¥208 million and 493,000 shares respectively at March 31, 2015.

(3) Carrying Value of Loans Recorded through Application of the Gross Price Method
As of March 31, 2014: ¥267 million; As of March 31, 2015: ¥200 million(Revisions to deferred tax asset and deferred tax liability amounts due to change in the statuary tax rate)
With the promulgation of the Law for Partial Amendment of the Income Tax, etc. and the Act to Amend the Local Taxation
Act, etc. on March 31, 2015, the statutory tax rate used to calculate deferred tax assets and deferred tax liabilities for the fiscal
year under review (limited to those items to be eliminated on or after April 1, 2015) has been changed as follows: 33.1% for
those scheduled for collection or payment during the period from April 1, 2015 to March 31, 2016, and 32.3% for thosescheduled for collection or payment on or after April 1, 2016.
As a result of these changes, deferred tax assets (net of deferred tax liabilities) decreased ¥113 million, and income
taxes deferred increased ¥285 million, net unrealized holding gains on available-for-sale securities increased ¥166 million, andremeasurements of defined benefit plans increased ¥5 million.
23

Notes(Statement of Changes in Consolidated Shareholders’ Equity)
For the fiscal Year ended March 31, 2015
1. Class and Number of Shares Issued
Increased shares
As of April 1, 2014
during the fiscal year
(Shares)(Shares)Common stock－
73,499,875

Decreased shares
during the fiscal year
(Shares)－

As of March 31, 2015
(Shares)

73,499,875

2. Class and Number of Treasury stock
Increased shares
Decreased shares
As of March 31, 2015
during the fiscal year
during the fiscal year
(Shares)(Shares)(Shares)Common stock
710,420
7,174
155,000
562,594
Notes: 1. The 493,000 shares held by the ESOP trust are included in treasury stock at March 31, 2015.
Notes: 2. The increase of 7,174 shares of treasury stock is due to purchase of odd lot shares of less than one trading unit.
Notes: 3. The decrease of 155,000 shares of treasury stock is due to sales of shares by the ESOP trust to the Employee
Stock Ownership Association.
As of April 1, 2014
(Shares)

3.Subscription rights

Breakdown ofsubscription rights

Type ofsharessubject to
subscriptio
n rights

Number of shares subject to subscription rights (Shares)
As ofApril 1,
2014

Increasedsharesduring the
fiscal year

Decreasedsharesduring the
fiscal year

As of
March 31,2015

Balance asof March
31,2015(Millionsof yen)Second Series ofUnsecured Convertible
The
CommonBonds with－－
7,751,937
7,751,937
NoteCompany
stock
Subscription Rights(Issued April 19, 2011)
Note: The total amount of convertible bonds with subscription rights shall be recorded as liabilities at the time of issuance
Note: pursuant to the issuance of straight bonds.
4. Dividend(1) Dividend Paid
Total Dividend(Millions of yen)

Dividend per
share
(Yen)

Recorddate

Effective
Date

Resolution

Class of
Stock

Ordinary general meetingof shareholders on
June 27, 2014

Common stock

367

5.00

March 31,2014

June 30,
2014

Board of directors on
November 10, 2014

Common stock

367

5.00

September 30,
2014

December 10,
2014

Notes: 1. Total dividends, based on a resolution at the ordinary general meeting of shareholders held on June 27, 2014, include
Notes: ¥3 million to be paid as dividends on the 648,000 shares of treasury stock held to date by the ESOP trust.
Notes: 2. Total dividends, based on a resolution at a meeting of Board of Directors held on November 10, 2014, include
Notes: ¥2 million to be paid as dividends on the 566,000 shares of treasury stock held to date by the ESOP trust.
24

(2) Dividend with a record date that falls within the current fiscal period under review and an effective date in the following
fiscal period
Dividend perClass ofResource
Total DividendRecordEffective
Resolution
share
stock
of dividend (Millions of yen)
date
Date
(Yen)
Ordinary general meeting
Common Retained
March 31,
June 29,of shareholders on
440
6.00
stock
earnings
2015
2015
June 26, 2015
Note: Total dividends include ¥2 million to be paid as dividends on the 493,000 shares of treasury stock held to date by
the ESOP trust.

For the fiscal Year ended March 31, 2014
1. Class and Number of Shares Issued
As of April 1, 2013
(Shares)

73,499,875

Common stock

Increased shares
during the fiscal year
(Shares)－

Decreased shares
during the fiscal year
(Shares)－

As of March 31, 2014
(Shares)

73,499,875

2. Class and Number of Treasury stock
Increased shares
Decreased shares
As of March 31, 2014
during the fiscal year
during the fiscal year
(Shares)(Shares)(Shares)Common stock
842,769
3,571
135,920
710,420
Notes: 1. The 648,000 shares held by the ESOP trust are included in treasury stock at March 31, 2014.
Notes: 2. The increase of 3,571 shares of treasury stock is due to purchase of odd lot shares of less than one trading unit.
Notes: 3. The decrease of 920 shares of treasury stock is due to sales claims of odd lot shares of less than one trading unit.
Notes: 4. The decrease of 135,000 shares of treasury stock is due to sales of shares by the ESOP trust to the Employee
Stock Ownership Association.
As of April 1, 2013
(Shares)

3.Subscription rights

Breakdown ofsubscription rights

Type ofsharessubject to
subscriptio
n rights

Number of shares subject to subscription rights (Shares)
As ofApril 1,
2013

Increasedsharesduring the
fiscal year

Decreasedsharesduring the
fiscal year

As of
March 31,2014

Balance asof March
31,2014(Millionsof yen)Second Series ofUnsecured Convertible
The
CommonBonds with
7,751,937－－
7,751,937
NoteCompany
stock
Subscription Rights(Issued April 19, 2011)
Note: The total amount of convertible bonds with subscription rights shall be recorded as liabilities at the time of issuance
Note: pursuant to the issuance of straight bonds.

25

4. Dividend(1) Dividend Paid
Total Dividend(Millions of yen)

Dividend per
share
(Yen)

Recorddate

Effective
Date

Resolution

Class of
Stock

Ordinary general meetingof shareholders on
June 27, 2013

Common stock

293

4.00

March 31,2013

June 28,
2013

Board of directors on
November 11, 2013

Common stock

367

5.00

September 30,
2013

December 11,
2013

Notes: 1. Total dividends, based on a resolution at the ordinary general meeting of shareholders held on June 27, 2013, include
Notes: ¥3 million to be paid as dividends on the 783,000 shares of treasury stock held to date by the ESOP trust.
Notes: 2. Total dividends, based on a resolution at a meeting of Board of Directors held on November 11, 2013, include
Notes: ¥3 million to be paid as dividends on the 721,000 shares of treasury stock held to date by the ESOP trust.
(2) Dividend with a record date that falls within the current fiscal period under review and an effective date in the following
fiscal period
Dividend perClass ofResource
Total DividendRecordEffective
Resolution
share
stock
of dividend (Millions of yen)
date
Date
(Yen)
Ordinary general meeting
CommonRetained
March 31,
June 30,of shareholders on
367
5.00
stock
earnings
2014
2014
June 27, 2014
Note: Total dividends include ¥3 million to be paid as dividends on the 648,000 shares of treasury stock held to date by
the ESOP trust.

(Consolidated Statements of Cash Flow)Millions of yen
March 31,
March 31,2014
2015
Relationship between cash and cash equivalents year ended and the amount of theaccount stated in the consolidated balance sheets.
Cash and deposits
Time deposits with maturity exceeding three months
Cash and cash equivalents at end of year

18,871(833)
18,03814,748(457)
14,290(Segment Information)
Because the Group manufactures and sells Needle Roller Bearings, Linear Motion Rolling Guides and Machine
Components on an integrated basis, the disclosure of segment information has been omitted.

26

(Per Share Information)
Yen

Net assets per share
Net income per share
Diluted net income per share

March 31,2015

March 31,2014

837.7140.71
36.80

771.01
7.82
7.07

Notes: 1. Basis for calculations of net income per share and diluted net income per share is as follows.
Millions of yen

Net income per share
Net income
Value not attributed to common stock
Net income pertaining to common stock
Average number of shares outstanding during period
Diluted net income per share
Net income adjustment value
Increase in number of shares outstanding(of which convertible bonds with subscription rights)
Residual shares not included in the calculation of diluted net
income per share because they have no dilutive effect

March 31,2015

March 31,
2014

2,966
－
2,966
72,871,983shares

568
－
568
72,726,400shares－
7,751,937shares(7,751,937shares)－
7,751,937shares(7,751,937shares)－－

Notes: 2. With regard to the computation of the number of shares outstanding at period-end, which is used to determine net
Note:s 2. assets per share, and the average number of shares outstanding at period-end, which is used to determine net income
Note:s 2. per share for the period , the shares held by the ESOP trust are included in treasury stock.
Notes: 3. As noted under “Changes in accounting policies” on page 22, changes made to accounting procedures have been
retrospectively applied to the fiscal year ended March 31, 2014.

(Important Subsequent Events)
There are no applicable articles.

27