Makita Corporation
Consolidated Financial Results
for the six months
ended September 30, 2014
(U.S. GAAP Financial Information)(English translation of "KESSAN TANSHIN"
originally issued in Japanese)

CONSOLIDATED FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2014 (Unaudited)
October 31, 2014

Makita Corporation
Stock code: 6586
URL: http://www.makita.biz/
Shiro Hori, President, Representative Director

1. Summary operating results of the six months ended September 30, 2014 (From April 1, 2014 to September 30,
2014)(1) CONSOLIDATED OPERATING RESULTS
Yen (millions)
For the six months ended
For the six months ended
September 30, 2013
September 30, 2014(%)(%)
Net sales................................................................
185,88622.9
207,642
11.7
Operating income .................................................
25,7177.0
37,986
47.7
Income before income taxes .................................
27,02019.1
37,09437.3
Net income attributable to Makita Corporation ....
19,10420.3
25,50533.5
Comprehensive income ........................................
36,3803,556.3
35,950（1.2）
Yen
Earning per share (Basic)
Net income attributable to
Makita Corporation common shareholders ...........
140.74187.90Notes:
1. Amounts of less than one million yen have been rounded.
2. The table above shows the changes in the percentage ratio of net sales, operating income, income before income
taxes, net income attributable to Makita Corporation, and comprehensive income against the corresponding
period of the previous year.
(2) SELECTED CONSOLIDATED FINANCIAL POSITION

Total assets ............................................................
Total equity ...........................................................
Total Makita Corporation shareholders' equity .....
Total Makita Corporation shareholders' equity
ratio to total assets (%) .........................................

Yen (millions)
As of March 31, 2014
As of September 30, 2014
519,121545,002439,444465,370
461,804
435,934
84.0%

84.7%

2. Dividend Information
Yen
For the year ended
March 31, 2014

For the year ending
March 31, 2015

Cash dividend per share:
Interim .................................................................
18.00
18.00
Year-end ..............................................................
73.00(Note)
Total ....................................................................
91.00(Note)
Notes:
1. The forecast for cash dividend announced on April 28, 2014 has not been revised.
2. The projected amount of dividends for the year ending March 31, 2015 has not been determined yet. For further
details, refer to “Explanation regarding proper use of business forecast, and other significant matters” on page 3.

English translation of "KESSAN TANSHIN" originally issued in Japanese

13. Consolidated Financial Performance Forecast for the year ending March 31, 2015 (From April 1, 2014 toMarch 31, 2015)
Yen (millions)
For the year ending March 31, 2015%
Net sales..................................................................................................
385,000
0.5
Operating income ...................................................................................
59,500
8.4
Income before income taxes ...................................................................
59,8005.0
Net income attributable to Makita Corporation ......................................
39,800
3.5
Yen
Earning per share (Basic)
Net income attributable to
Makita Corporation common shareholders .............................................
293.21Note:
The consolidated financial forecast for the year ending March 31, 2015 has been revised.
4. Other(Refer to [Qualitative Information and Financial Statements] Section 4. “Other” on page 5.)(1) Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes inscope of consolidation during the quarter): None
(2) Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly
consolidated financial statements: Yes(3) Changes in accounting policies, procedures and presentation rules applied in the preparation of the quarterly
consolidated financial statements:
1. Changes due to revisions to accounting standards: None
2. Changes due to other reasons: None
(4) Number of shares outstanding (common stock)
1. Number of shares issued (including treasury stock):
2. Number of treasury stock:
3. Average number of shares outstanding:

English translation of "KESSAN TANSHIN" originally issued in Japanese

As of September 30, 2014:
As of March 31, 2014:
As of September 30, 2014:
As of March 31, 2014:
For the six months ended
September 30, 2014:
For the six months ended
September 30, 2013:

140,008,760
140,008,760
4,272,611
4,271,134
135,736,926
135,743,127

2

Information regarding quarterly review
This consolidated financial results report is not subject to a quarterly review stipulated under the Financial
Instruments and Exchange Act. As of the release date of this document, the quarterly review under the Financial
Instruments and Exchange Act has not been completed.
Explanation regarding proper use of business forecasts, and other significant matters
1. Regarding the assumptions for the forecasts and other matters, refer to [Qualitative Information and Financial
Statements] Section 3. “Explanation of Information Relevant to Forecast such as Consolidated Financial Performance
Forecast” on page 5. The financial forecasts given above are based on information as available at the present time,and include potential risks and uncertainties. As a consequence of the factors above and other, actual results may varyfrom the forecasts provided above.
2.

Makita's basic policy on the distribution of profits is to maintain a consolidated dividend payout ratio of 30% or greater,
with a lower limit on annual cash dividends of 18 yen per share. However, in the event special circumstances arise,computation of the amount of dividends will be based on consolidated net income attributable to Makita Corporation after
certain adjustments.
The Board of Directors plans to meet in April 2015 for a report on earnings for the year ending March 31, 2015. At thetime, in accordance with the basic policy regarding profit distribution mentioned above, the Board of Directors plans topropose a dividend equivalent to at least 30% of net income attributable to Makita Corporation. The Board of Directors willsubmit this proposal to the General Meeting of Shareholders scheduled for June 2015.
The consolidated dividend payout ratio is calculated as annual dividends per share divided by consolidated net income
attributable to Makita Corporation per share (after adjustments for special circumstances) and multiplied by 100.

English translation of "KESSAN TANSHIN" originally issued in Japanese

3

[Qualitative Information and Financial Statements]
1. Explanation of Consolidated Operating Results
Looking at the global economic situation during the first six-month period of the fiscal year ending March 31, 2015,
in Western Europe, the U.K. economy remained solid, while economic growth gradually lost momentum in the eurozone. The Russian economy began slowing down due to political uncertainty in Ukraine. The U.S. economy kept
growing against the backdrop of solid consumer spending and housing investment. The Asian economy gradually
recovered, led by exports to advanced countries despite a decrease in construction investment in China. Meanwhile, inJapan, consumer spending, which had declined sharply after the consumption tax rate hike, began picking up.
Under these circumstances, on the development side, we continuously launched into the market high-capacity
lithium-ion battery products and power tools with brushless motors featuring compact design and high power,
strengthening our product lineup. On the production side, to establish a production system that can flexibly cope withchanges in demand, we continued enhancing functions of our plants in China and Romania. We also improved ourquality control system to maintain our high-quality brand. On the sales side, we ran a TV commercial for a cordlessbrush cutter in Japan this year again, which met with a favorable reception last year, further spreading brand image inthe field of outdoor power equipment (OPE*). Overseas, we relocated offices of our local subsidiaries in Russia andColombia to upgrade systems to supply products and services. Through such steps, we tried harder to meet diversified
needs and to maintain and improve our sales and after-sales services near the customers.
Our consolidated net sales for this period increased by 11.7% to 207,642 million yen compared to the same period of
the previous year. This is due to favorable sales in Japan and abroad and the depreciation of the yen against major
currencies such as the US dollar and the euro. Operating income increased by 47.7% to 37,986 million yen (operating
income ratio: 18.3%), supported by an improvement in cost of sales ratio due to the influence of currencies in addition
to sales growth. Income before income taxes increased by 37.3% to 37,094 million yen (income before income taxes
ratio: 17.9%) and net income attributable to Makita Corporation shareholders increased by 33.5% to 25,505 million yen(ratio of net income attributable to Makita Corporation shareholders: 12.3%) from the same period of the previous year.
Net sales results by region were as follows:
Net sales in Japan increased by 9.8% to 32,427 million yen compared to the same period in the previous year. Thiswas because demand remained steady in construction sites and lithium-ion battery products also drove sales.
Net sales in Europe increased by 10.7% to 91,105 million yen. This was because the yen depreciated against the euro
as compared to the same period in the previous year and sales remained solid in main Western European markets.
Net sales in North America increased by 14.1% to 28,026 million yen. This was because favorable sales to the same
period in the previous year to home improvement retailers.
Net sales in Asia increased by 19.5% to 19,725 million yen compared to the same period of the previous year,
although demand in Southeast Asian countries was mixed.
The sales situations in other regions are as follows. Net sales in Central and South America increased by 5.0% to
15,299 million yen due to steady sales, despite a stagnant market. In addition, net sales in Oceania grew to 11,116
million yen, up 12.7% compared to the same period in the previous year and those in the Middle East and Africa
increased to 9,944 million yen, up 16.5% compared to the same period in the previous year because demand recoveredin these regions.
*OPE stands for “Outdoor Power Equipment,” which is used for outdoor work such gardening, agriculture and forestry.

English translation of "KESSAN TANSHIN" originally issued in Japanese42. Explanation of Consolidated Financial Position
Total assets as of September 30, 2014 increased by 25,881 million yen to 545,002 million yen compared to thebalance as of March 31, 2014. The increase was mainly due to an increase in “Cash and cash equivalents” and“Inventories”.
Total liabilities as of September 30, 2014 decreased by 45 million yen to 79,632 million yen compared to the balance
as of March 31, 2014.
Total equity as of September 30, 2014 increased by 25,926 million yen to 465,370 million yen compared to thebalance as of March 31, 2014. This increase was mainly due to an increase in “Retained earnings” and “Accumulated
other comprehensive income”.
3. Explanation of Information Relevant to Forecast such as Consolidated Financial Performance Forecast
According to "Revision of Forecast for Performance" announced on October 29, 2014, we have not revised ourconsolidated financial forecast for the full-year of the current fiscal year announced on April 28, 2014 because global
business circumstances and the demand trend in the third quarter and later remain unclear.
4. Other(1) Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes inscope of consolidation during the quarter): None
(2) Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly
consolidated financial statements:
With regard to the income tax expenses, Makita computes interim income tax expense by multiplying
reasonably estimated annual effective tax rate, which includes the effects of deferred taxes, by year-to-date income
before income taxes for the reporting period.
(3) Changes in accounting principles, procedures and presentations: None

English translation of "KESSAN TANSHIN" originally issued in Japanese

55. Consolidated Financial Statements (Unaudited)(1) Consolidated Balance Sheets
Yen (millions)
As of March 31, 2014
As of September 30, 2014
Composition ratio

Composition ratio

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

81,732

91,776Time deposits ....................................................................

15,673

16,111

Short-term investments .....................................................

41,04841,428Notes..............................................................................

1,402

929

Accounts ........................................................................

64,176

66,386Less- Allowance for doubtful receivables .....................

(1,001)(981)

Inventories ........................................................................

156,111

162,475

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

7,231

6,277

Prepaid expenses and other current assets ........................

13,665

15,761

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

380,037

Trade receivables-

73.2%

400,162

73.4%

PROPERTY, PLANT AND EQUIPMENT, AT COST:
Land ..................................................................................

22,793

23,118

Building and improvements ..............................................

91,184

93,826

Machinery and equipment .................................................

86,59489,815Construction in progress ...................................................

3,174

3,952

Sub total ........................................................................

203,745

210,711Less- Accumulated depreciation and amortization ...........

(112,143)(115,453)

Total net property, plant and equipment.........................

91,602

17.6%

95,25817.5%

INVESTMENTS AND OTHER ASSETS:
Investments .......................................................................

30,41331,929Goodwill ...........................................................................

721

721

Other intangible assets, net ...............................................

4,692

4,734

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

623

652

Other assets .......................................................................

11,033

11,546

Total investments and other assets .................................

47,482

9.2%

49,582

9.1%

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

519,121100.0%

545,002100.0%English translation of "KESSAN TANSHIN" originally issued in Japanese

6Yen (millions)
As of March 31, 2014
As of September 30, 2014
Composition ratio

Composition ratio

LIABILITIESCURRENT LIABILITIES:
Short-term borrowings ......................................................

4,147

3,492

Trade notes and accounts payable .....................................

21,406

20,910

Other payables ..................................................................

6,647

6,645

Accrued expenses..............................................................

10,566

10,242

Accrued payroll.................................................................

9,083

9,484

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

8,210

5,968

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

1,029

441

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

8,199

9,250

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

69,287

13.3%

66,432

12.2%

LONG-TERM LIABILITIES:Long-term indebtedness ....................................................

16

13

Accrued retirement and termination benefits ....................

3,689

3,669

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

5,332

8,115

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

1,353

1,403

Total long-term liabilities...............................................

10,3902.0%

13,2002.4%

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

79,677

15.3%

79,632

14.6%

EQUITYMAKITA CORPORATION SHAREHOLDERS’
EQUITY:
Common stock .................................................................

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

45,42145,421

Legal reserve....................................................................

5,669

5,669

Retained earnings.............................................................

366,919

382,515

Accumulated other comprehensive income .....................

5,693

15,976

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

(11,573)(11,582)

Total Makita Corporation shareholders’ equity....................

435,934

84.0%

461,804

84.7%

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

3,510

0.7%

3,566

0.7%

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

439,44484.7%

465,370

85.4%

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

519,121100.0%

545,002100.0%

As of March 31, 2014

As of September 30, 2014

Total number of shares authorized .......................................

496,000,000

496,000,000

Number of shares issued.......................................................

140,008,760

140,008,760

Number of shares issued (excluding treasury stock) ............

135,737,626

135,736,149

Number of treasury stock .....................................................

4,271,134

4,272,611

English translation of "KESSAN TANSHIN" originally issued in Japanese7(2) Consolidated Statements of Income
Yen (millions)
For the six months ended
For the six months ended
September 30, 2013
September 30, 2014
Composition ratio

Composition ratio

185,886 100.0%

207,642 100.0%

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

121,06365.1%

128,585

61.9%

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

64,823

34.9%

79,057

38.1%

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

39,10621.1%

41,071

19.8%

OPERATING INCOME ..............................................................

25,71713.8%

37,986

18.3%

NET SALES ................................................................................

OTHER INCOME (EXPENSE):
Interest and dividend income ...................................................

1,086

1,194

Interest expense ........................................................................

(135)

(79)

Exchange losses
on foreign currency transactions, net .....................................

(880)(2,098)Realized gains on securities, net ...............................................

1,232

91

Total other income (expense), net .........................................

1,303

0.7%

(892)

(0.4%)

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

27,02014.5%

37,094

17.9%

Provision for income taxes:
Current......................................................................................

8,419

9,186

Deferred....................................................................................

(622)

2,212

Total income tax expense ......................................................

7,797

4.2%

11,3985.5%

NET INCOME .............................................................................

19,223

10.3%

25,696

12.4%

Less-Net income attributable to the non-controlling interest .......

119

0.0%

191

0.1%

NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION .......

19,104

10.3%

25,505

12.3%

Consolidated Statements of Comprehensive Income
Yen (millions)
For the six months ended
For the six months ended
September 30, 2013
September 30, 2014
19,22325,696

Foreign currency translation adjustment ..................................

15,705

8,917

Unrealized holding gains on available-for-sale securities ...................

1,342

1,264

Pension liability adjustment .....................................................

110

73

Total other comprehensive income .....................................

17,157

10,254COMPREHENSIVE INCOME ...................................................

36,38035,950Less-Comprehensive income attributable to thenon-controlling interest ............................................................

354

162

COMPREHENSIVE INCOME ATTRIBUTABLE TO
MAKITA CORPORATION .....................................................

36,02635,788NET INCOME .............................................................................
OTHER COMPREHENSIVE INCOME:

English translation of "KESSAN TANSHIN" originally issued in Japanese8(3) Consolidated Statements of Cash Flows
Yen (millions)
For the six months
For the six months
ended September 30,
ended September 30,
2014
2013
CASH FLOWS FROM OPERATING ACTIVITIES:Net income……………………………………………………………
Adjustments to reconcile net income to net cash provided byoperating activities-

19,22325,696

Depreciation and amortization ......................................................

4,573

4,102

Deferred income tax expense ........................................................

(622)

2,212

Realized gains on securities, net ...................................................

(1,232)(91)

Losses on disposal or sales of property, plant and equipment, net

74

109

(2,028)(1,101)Inventories .................................................................................

948(3,804)

Trade notes and accounts payable and accrued expenses ..........

1,904(1,445)

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

(645)(3,747)

Accrued retirement and termination benefits .............................

(879)

(412)

Other, net .......................................................................................

203

1,310

Net cash provided by operating activities ......................................

21,51922,829

Capital expenditures, including interest capitalized ............................

(5,865)(6,807)Purchases of available-for-sale securities ............................................

(14,981)(4,994)

Proceeds from sales of available-for-sale securities ............................

9,139

4,135

Proceeds from maturities of available-for-sale securities ....................

100

100

Proceeds from maturities of held-to-maturity securities ......................

2,800

1,600

Proceeds from sales of property, plant and equipment ........................

366

455

Investment in time deposit ...................................................................

(13,109)(10,937)

Withdrawal of time deposit .................................................................

12,931

11,455

Other, net .............................................................................................

(303)

(306)

Net cash used in investing activities ..............................................

(8,922)(5,299)

-

52

3,394

2,272

(958)

(3,203)Purchase of treasury stock, net ............................................................

(35)

(9)

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

(7,330)(9,909)Other, net .............................................................................................

(25)

(76)

Net cash used in financing activities ..............................................
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS ......................................................................

(4,954)(10,873)

2,535

3,387

NET CHANGE IN CASH AND CASH EQUIVALENTS .................

10,17810,044

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ...

62,283

81,732

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

72,461

91,776

Changes in assets and liabilitiesTrade receivables .......................................................................

CASH FLOWS FROM INVESTING ACTIVITIES:CASH FLOWS FROM FINANCING ACTIVITIES:
Additions to borrowings with original maturitiesof three months or less, net ..................................................................
Additions to borrowings with original maturities
of more than three months ...................................................................
Payments on borrowings with original maturities
of more than three months ...................................................................

English translation of "KESSAN TANSHIN" originally issued in Japanese9(4) Note on the assumptions for a going concern: None
(5) Note in case there is any significant change in the shareholders’ equity: None
(6) Condensed Operating Segment Information
Yen (millions)
For the six months ended September 30, 2013
North
ElimiAsia
Other area
Total
Americanations

Consolidated

Japan

Europe(2) Inter-segment .......

40,20927,78782,853
2,064

24,9801,784

8,574
79,941

29,27059

185,886
111,635(111,635)

185,886-

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

67,996

84,917

26,76488,51529,329297,521(111,635)

185,886

Operating expenses .......

58,47477,56725,507

77,497

27,100266,145(105,976)

160,169

Operating income (loss)

9,522

7,350

1,257

11,0182,229

31,376(5,659)25,717

Yen (millions)
For the six months ended September 30, 2014
North
ElimiAsia
Other area
Total
Americanations

Consolidated

Sales:(1) Externalcustomers .............

Japan

Europe(2) Inter-segment .......

44,382
37,83591,3452,492

28,883
1,774

10,764
88,68232,26861

207,642
130,844(130,844)

207,642-

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

82,217

93,83730,65799,44632,329338,486(130,844)

207,642

Operating expenses .......

70,90982,07629,29485,26230,127

297,668(128,012)

169,656

Operating income (loss)

11,308

11,761

1,363

14,1842,202

40,818(2,832)

37,986

Sales:(1) Externalcustomers .............

English translation of "KESSAN TANSHIN" originally issued in Japanese

10

SUPPORT DOCUMENTATION (CONSOLIDATED)
1. Consolidated Financial Results and Forecast
For the six months
ended September
30, 2012

Yen (millions)
For the six months
ended September
30, 2013(%)

Net sales......................................................................... 151,232(1.2)
Domestic ................................................................... 27,189
7.6
Overseas .................................................................... 124,043(2.9)
Operating income .......................................................... 24,030 (10.8)
Income before income taxes .......................................... 22,693
(7.4)
(7.2)
Net income attributable to Makita Corporation ............. 15,874
Earning per share (Basic)
Net income attributable to Makita Corporation
116.94common shareholders (Yen) ......................................
15.00
Cash dividend per share (Yen) .......................................
Dividend payout ratio (%) ............................................
12.8
Number of Employees ..................................................
12,793For the six months
ended September
30, 2014(%)

185,886
29,536
156,350
25,71727,02019,104

22.9
8.6
26.0
7.0
19.1
20.3

140.7418.00
12.8
12,746(%)

207,642
32,427
175,215
37,98637,09425,505

11.7
9.8
12.1
47.7
37.3
33.5

187.9018.00
9.6
13,180Yen (millions)
For the year ending
For the year ended
March 31, 2015
March 31, 2014
(Forecast)(%)

Net sales................................................................................................................
Domestic ..........................................................................................................
Overseas ...........................................................................................................
Operating income .................................................................................................
Income before income taxes .................................................................................
Net income attributable to Makita Corporation ....................................................
Earning per share (Basic)

383,207
66,019317,188
54,91456,97438,453

23.8
16.7
25.3
21.0
24.7
23.7

(%)

385,000
56,000329,000
59,50059,80039,8000.5(15.2)
3.7
8.4
5.0
3.5

Net income attributable to Makita Corporation

293.21
283.28common shareholders (Yen) .............................................................................
Cash dividend per share (Yen) ............................................................................
91.00
Dividend payout ratio (%) ....................................................................................
32.1
Number of Employees ..........................................................................................
12,804
Notes:
1. The table above shows the changes in the percentage ratio of Net sales, Operating income, Income before
income taxes, and Net income attributable to Makita Corporation against the corresponding period of theprevious year.
2. Please refer to [Qualitative Information and Financial Statements] Section 3. “Explanation of Information
Relevant to Forecast such as Consolidated Financial Performance Forecast” on page 5.

English translation of "KESSAN TANSHIN" originally issued in Japanese112. Consolidated Net Sales by Geographic Area
For the six months
ended September
30, 2012

Yen (millions)
For the six months
ended September
30, 2013

For the six months
ended September
30, 2014

(%)

(%)

(%)

Japan .............................................................................. 27,189
7.6
29,536
8.6
32,427
9.8
82,32533.5
91,105
10.7
Europe............................................................................ 61,688(4.5)
North America ............................................................... 19,400(2.1)
24,561
26.6
28,026
14.1
Asia ................................................................................ 14,246
0.8
16,50015.8
19,72519.5
32,96414.8
36,359
10.3
Other regions ................................................................. 28,709(1.7)
Central and South America ...................................... 11,005 (12.8)
14,56432.3
15,2995.0
Oceania ....................................................................
9,225
(3.8)
9,863
6.9
11,116
12.7
8,537
0.7
9,944
16.5
The Middle East and Africa .....................................
8,479
21.0
Total ............................................................................... 151,232(1.2)
185,88622.9
207,64211.7
Note: The table above sets forth Makita's consolidated net sales by geographic area based on the customer’s location forthe periods presented. Accordingly, it differs from “Condensed Operating Segment Information” on page 10. The
table above shows the changes in the percentage ratio of net sales compared to the corresponding period of theprevious year.
3. Exchange Rates

Yen/U.S. Dollar........
Yen/Euro ..................

For the six
months ended
September 30,
2012

For the six
months ended
September 30,
2013

Yen
For the six
months ended
September 30,
2014

79.41
100.5498.86
129.98103.01138.90For the year
endingMarch 31,2015
(Forecast)
100
135

4. Production Ratio (unit basis)
For the six months
ended September
30, 2012

For the six months
ended September
30, 2013

For the six months
ended September
30, 2014

Composition ratio

Composition ratio

Composition ratio

11.1%
88.9%

10.9%
89.1%

9.9%
90.1%

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

5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost
Yen (millions)
For the six months
For the six months
For the six months
ended September
ended September
ended September
30, 2013
30, 2014
30, 2012
Capital expenditures ..................
Depreciation and amortization ...
R&D cost ...................................

4,055
3,549
4,039

5,865
4,573
4,360

English translation of "KESSAN TANSHIN" originally issued in Japanese

6,807
4,102
4,552

For the year
endingMarch 31, 2015
(Forecast)
15,0009,200
9,800

12