Summary Report of Consolidated Financial Results
For the Nine Months Period ended December 31, 2012
February12, 2013stCompany name: NIPRO CORPORATION
TSE/OSE-1 section
Code No.8086
URL: http://www.nipro.co.jp/
Representative: Yoshihiko Sano, President and Representative Director
Contact person: Akihiko Yamabe, Director and General Manager of Accounting Division
TEL: (06)6372-2331
Filling date of quarterly reporting: February 14, 2013
Payment date of cash dividends: Supplemental material on quarterly reporting: No
Presentation on quarterly results: No

1.

(Note: Amounts are truncated to one million yen)
Consolidated Results for the Nine Months ended December 31, 2012 (From April 1, 2012 to December 31, 2012)(1) Consolidated Results of Operations
Net Sales
Millions of yen%(Note: % of change from the same period a year ago)
Operating Income
Ordinary Income
Net Income
Millions of yen % Millions of yen % Millions of yen %9 months ended December 31, 2012

181,125

13.5

9,796

(27.5)

11,45718.4

10,388345.5

9 months ended December 31, 2011

159,6449.9

13,509

(5.4)

9,680

(2.8)

2,331

(41.7)

Note: Comprehensive income
yen (-%)

9 months ended December 31, 2012: 739 million yen (-%) 9 months ended December 31, 2011: (20,577) million

9 months ended December 31, 2012

Earnings per share
Yen
60.91

Diluted Earnings per share
Yen
54.95

9 months ended December 31, 2011

18.38

16.09

(2) Consolidated Financial Position
Total Assets
Millions of yen
518,198499,686

Net Assets
Millions of yen
114,676
113,950

9 months ended December 31, 2012
Year ended March 31, 2012
Note: Equity 9 months ended December 31, 2012: 106,655 million yen

2.

Equity Ratio
%
20.6
22.0

Year ended March 31, 2012: 109,820 million yen

Dividends

Year ended March 31, 2012
Year ending March 31, 2013
Year ending March 31, 2013
(Forecast)

Annual Dividends per Year
Year-end Dividends
Second-quarter
Third-quarter
Yen
Yen
Yen
12.00
11.50
12.00
-

First-quarter
Yen-

Annual Dividends

Yen
23.50

8.50

20.50

Note: Revisions to the forecast of cash dividends in the current quarter: No
3.

Forecast of Consolidated Financial Results for the Year ending March 31, 2013 (From April 1, 2012 to March 31, 2013)(Note: The % displays in the line of year ending March 31, 2013 show increase/decrease ratio against the year ended March 31, 2012)

Operating
IncomeNet Sales
Millions of yen%

Millions of yen

Ordinary Income%

Millions of yen%

241,000 13.7
13,500(14.7)
11,500(4.0)
Note: Revisions to the forecast of consolidated financial results in the current quarter: No
Year ending March 31, 2013

Net Income
Millions of yen

9,750

%

112.6

Earnings
per Share
Yen
57.17

*Notes(1) Change in Significant Subsidiaries during the Current Period(Change in specified subsidiaries caused a change in the scope of consolidation): No
Additional: 0Removal: 0(2) Adoption of Accounting Treatments Simplified or Unique for Preparation: No(3) Change in Accounting Policies and Accounting Estimate and Restatement[1] Changes in accounting policies by a newly issued accounting pronouncement: Yes[2] Changes other than [1]: No[3] Change in accounting estimate: Yes[4] Restatement: No
Note: Depreciation method was changed from the first-quarterly result, which is applied to “Changes in accounting
policies which are difficult to distinguish from changes in accounting estimates”. Detailed information can be found in
P.3 “2. Summary Information (3)Change in Accounting Policies and Accounting Estimate and Restatement” in theattachment.
(4) Issued Shares (Common stock)[1] Number of issued shares at end of the period (including treasury stock)
9 months ended December 31, 2012
: 171,459,479sharesYear ended March 31, 2012
: 171,459,479 shares[2] Number of treasury stock at end of the period
9 months ended December 31, 2012
: 913,775 sharesYear ended March 31, 2012
: 913,612 shares[3] Average number of shares during the period
9 months ended December 31, 2012
: 170,545,818 shares
9 months ended December 31, 2011
: 126,843,635 shares*Information regarding the quarterly review procedure
This quarterly summary report is exempt from quarterly review procedure based on the Financial Instruments
and Exchanges Act. It is under the review procedure process at the time of disclosure of this report*Disclaimer regarding projection information including appropriate use of forecasted financial result, and otherspecial notes
The projection figures shown above are based on information that was available at the time of preparation andmay contain certain uncertainties. Actual performance and other factors may differ from these projections due tochanges in circumstances and other developments. More information concerning these forecasts can be found in
P.3 “1. Qualitative information for the nine months period ended December 31, 2012, (3) Qualitative information
concerning forecast of consolidated financial results” in the attachment.

Table of Contents

1.

2.

3.

Qualitative Information for the Nine-Month Period ended December 31, 20112(1) Qualitative Information Concerning Consolidated Financial Results2(2) Qualitative Information on the Consolidated Financial Position

3(3) Qualitative Information Concerning Forecast of Consolidated Financial Results3

Summary (Other) Information

3(1) Changes in Significant Consolidated Subsidiaries

3(2) Accounting Treatments Simplified or Unique for Preparation

3(3) Changes in Accounting Policies and Accounting Estimate and Restatement

3

Consolidated Financial Statements

4(1) Quarterly Consolidated Balance Sheets

4(2) Quarterly Consolidated Statements of Income andQuarterly Consolidated Statements of Comprehensive Income

6

Quarterly Consolidated Statements of Income

6

Quarterly Consolidated Statements of Comprehensive Income

6(3) Notes Related to Going Concern

7(4) Segment Information

7(5) Notes to Statements of Shareholders’ Equity, If Having Significant Variation

8(6) Material Subsequent Event

9

-1-

1.

Qualitative Information for the Nine-Month Period ended December 31, 2012

(1) Qualitative Information Concerning Consolidated Financial Results
In the current quarter period under review (quarter ended December 31, 2012), uncertain outlook for the global
economy was getting sever because the recession of American economy was accelerated by the exposure of “fiscal
cliff” problem and debt crisis has continued in Europe.
Japanese economy, on the other hand, was slowly recovering with the demand for reconstruction from Great East
Japan Earthquake but still under harsh management condition due to protracted deflation and struggling export
associated with deceleration of overseas economy.
Under such situation, the Nipro Group continued to work hard for expanding and enforcing our manufacturing andsales bases in order to increase our sales and improve our profit.
As a result, the consolidated sales in the nine-months of fiscal year 2012 increased 13.5% from the same period of theprevious year to 181,125 million yen. As for the profit, consolidated operating income decreased 27.5% from the same
period of the previous year to 9,796 million yen because of an increase in selling, general and administrative expenses,
and consolidated ordinary income increased 18.4% from the same period of the previous year to 11,457 million yen due
to a cause of foreign exchange gains and a decrease in non-operating expenses. The consolidated net income
increased 345.5% to 10,388 million yen due to a cause of gain on sales of investment securities and a decrease in
extraordinary losses.
The overviews of the results by segment in the current period are as follows.
[1] Medical-related BusinessLooking at the domestic market, business conditions remained extremely severe because the market competition was
intensified due to the effect of revision of medical treatment fee and the reduction of official prices for drugs and medical
materials. However, each product group recorded good sales as a result of our aggressive sales activities andimprovement of sales efficiency aiming to increase our share.
Our medical-equipment-related products such as dialysis system and our dialysis-related products such as HDF filter,blood circuits and dialysis pharmaceuticals showed strong growth. The sales of our testing-related products such as
glucose analysis device (POCT) and vacuum blood drawing system, enteral-alimentation-related products andinjection-transfusion-related products also steadily increased.
As for the overseas sales, the sales of dialysis-related products such as dialyzer and blood glucose monitoring device
showed significant increase as a result of our fine promotion of dialysis-related and diabetes-related products in close
relation to medical front.
This November, we acquired Nefro-Ion, S.L., dialysate manufacturer in Spain, for further promotion in European
dialysis market with a good selection of dialysis related products. This September, we established new sales base in
Pakistan, where the future demand is expected with 180 million populations, to enforce community-based sales activity
in Central Asia.
In addition, based on the idea of “local production for local consumption”, we established a new department in order torealize an early development and introduction of desirable products in medical front, and tried to expand our sales
meeting customer needs in each country.
On the other hand, India plant has started manufacturing from this November, and plants in Indonesia and
Bangladesh also have started their operation from this December. We will continue to work harder for promoting toestablish our brand image and reinforce our sales system.
As a result, net sales of this business increased 15.9% from the same period of the previous year to 125,566 million
yen.
[2] Pharmaceutical-related BusinessThis business consists of four main divisions: the Generic Drugs Division, providing low cost and high quality medical
drugs, the Contracted Manufacturing Division, offering high value-added products to meet customer needs, theCollaborative Promotion Division, handling generic drugs featuring our unique pharmaceutical technique, andPharmaceutical Division, integrating the development division of suitable container and dosing devise for each
pharmaceutical.
Sales of generic drugs are expected to grow in line with the market, due in part to a government policy for the
dissemination of the market for generic drugs to over 30% by the end of fiscal year 2012. Consequently a number ofpolicies have been implemented to encourage the use of generic products. Major pharmaceutical manufacturers havemade a full-scale entry into the Japanese market and foreign generic manufacturers have strengthened their marketingstrategies, making the competitive environment surrounding the domestic market more severe.
Under these conditions, we have tried to increase the share of the oral drug through reinforcing our sales promotions
to dispensing pharmacies and by the close co-operation with drug wholesalers. In addition, as a result of our detailed
information service provided mainly to large hospital, the sales in the current period showed steady increase.
Looking at sales of our contracted manufacturing business, we have worked hard at realizing a variety of detailed
services such as contracted development and supporting high value-added initiatives other than OEM manufacturing ofother companies’ brand. In addition, contracted manufacturing was driven by collaborate manufacturing with genericsales division and new drug development division of domestic and foreign major pharmaceutical manufacturers, andthe sales in the current period exceeded those in the same period of the previous year.
As for the pharmaceutical containers, medical-preparation- and administration-related devices, the sales showed
good increase with our container and system suitable for each pharmaceuticals such as bags for antimicrobial agent
and pre-filled syringes as well as rubber stoppers for pharmaceutical and vaccine use and kit form containers. Thesesystems were provided by both of self- development and joint development with pharmaceutical companies based on
our processing techniques for plastics, metal and rubber in order to meet the diverse needs in the medical front.

-2-Furthermore, under the restrictive policy for medical cost, we continue to promote contract manufacturing anddevelopment cooperating with domestic and foreign pharmaceutical companies in general life cycle management ofpharmaceuticals, which includes the development of combination products, systematization for self-injection andmodification of dosage form.
As a result, net sales of this business increased 9.2% from the same period of the previous year to 50,149 million yen.
[3] Glass-related Business
As for the sales of material glass tube for ampoule and for tube bottles, export sales decreased but total sales
increased from the same period of the previous year thanks to the fine sales of material glass tube for tube bottles inJapan even though the sales for ampoule decreased.
On the other hand, the sales of tube bottles remained flat from the same period of the previous year because of thecontinuous order that we acquired last year. The pharmaceutical glass business in China was affected by the boycott
campaign to Japanese products, but the sales increased a little from the same period of the previous year.
The sales of glass for thermos bottles decreased from the same period of the previous year due to the decrease indemand of glass thermos bottles after the Great East Japan Earthquake, and as for glass for lighting purpose, the orderof material glass tube for electric lamp and electric lamp production decreased by the boycott campaign of Japanese
products in China and the sales decreased from the same period of the previous year.
As a result, net sales of this business increased 0.9% from the same period of the previous year to 5,233 million yen[4] Other BusinessIn the other business, the sales from real estate rental income decreased 12.2% from the same period of the previous
year to 176 million yen.

(2) Qualitative Information on the Consolidated Financial Position
Analysis Concerning the Conditions of Assets, Liabilities and Net Assets
Total assets increased 18,512 million yen from the end of the previous period to 518,198 million yen. Current assets
increased 3,020 million yen mainly due to the increase of 11,692 million yen in notes and accounts receivable-trade,and noncurrent assets increased 15,491 million yen mainly due to the increase of 11,683 million yen in buildings andstructures.
Total liabilities increased 17,785 million yen from the end of the previous period to 403,521 million yen. Current
liabilities decreased 947 million yen mainly due to the decrease of 10,000 million yen in commercial paper, andnoncurrent liabilities increased 18,733 million yen mainly due to the increase of 17,094 million yen in long-term loans
payable.
Total net assets increased 726 million yen from the end of the previous period to 114,676 million yen. Shareholders’equity increased 6,557 million yen and accumulated other comprehensive income decreased 9,723 million yen.

(3) Qualitative Information Concerning Forecast of Consolidated Financial Results
In the world economy in the future, we are still under the unpredictable situation caused by debt crisis in Europe andeconomic downturn in America. In Japan, economic boost policies conducted by new administration are expected but westill need to pay attention the way to full-scale departure from deflation.
In such situation, we will aim to promote our sales performance with a huge selection and high-value added products.
At this moment, there is no revise to the consolidated financial results for the fiscal year 2012 which was published
November 9, 2012.

2.

Summary (Other) Information(1) Changes in Significant Consolidated Subsidiaries
N/A(2) Accounting Treatments Simplified or Unique for Preparation
N/A(3) Change in Accounting Policies and Accounting Estimate and Restatement(Changes in accounting policies which are difficult to distinguish from changes in accounting estimates)
Effective from the first quarter of the current fiscal year, the Company and its domestic subsidiaries changes thedepreciation method for the relevant tangible assets newly acquired from April 1, 2012 according to the amendment ofCorporation Tax Act in Japan.
As a result, consolidated operating income, consolidated ordinary income and consolidated net income increased by
191 million yen for each compared with the previous method.

-3-3. Consolidated Financial Statements(1) [ Quarterly Consolidated Balance Sheets](Amount: million yen)
As ofMarch 31, 2012
AssetsCurrent Assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Bulidings and structures
Accumulated depreciation and impairment loss
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation and impairment loss
Machinery equipment and vehicles, net
Land
Lease assets
Accumulated depreciation
Lease assets, net
Construction in progress
Other
Accumulated depreciation and impairment loss
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Lease assets
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other

As of
December 31, 2012

95,737
68,641
48,114
8,753
14,736
4,829
9,983
(360)
250,435

83,06280,33348,658
9,053
16,634
4,315
11,754(355)
253,456

116,878(63,320)
53,558142,067(103,263)
38,804
20,446
1,680
(735)
944
26,95728,317(23,350)
4,967
145,678

131,845(66,603)
65,241
154,053(112,044)
42,00921,662
2,007
(998)
1,009
28,58130,338(24,522)
5,815
164,320

11,894305
6,950
19,151

11,227363
9,874
21,46571,8296,597
8,954

59,422
10,913
11,702

Allowance for doubtful accounts(2,961)(3,082)

Total investments and other assets
Total noncurrent assets
Total assets

84,420249,250499,686

78,956
264,741
518,198-4-

(Amount: million yen)
As ofMarch 31, 2012
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Commercial papers
Current portion of bonds
Lease obligations
Accounts payable-otherAccrued directors' bounuses
Income taxes payable
Provision for bounuses
Provision for directors' bounuses
Provision for loss on business liquidation
Notes payable-facilities
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Convertible bond-type bonds
with subscription rights to shares
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for retirement benefits
Provision for directors' retirement benefits
Provision for loss on litigation
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

-5-

As of
December 31, 2012

37,721
104,131
10,00010,000
426
6,036
153
3,276
2,308
43
1,954
3,399
9,636
189,089

41,370109,910－
10,000
711
5,780
－
1,839
2,083
215
1,954
3,940
10,334
188,142

34,00034,00015,00015,000140,380
914
1,761
1,987
702
170
1,729
196,645
385,735

157,474
1,668
2,130
2,475
723
218
1,688
215,379
403,52184,397636
48,389(864)
132,558

84,397636
54,946(864)
139,115(6,528)(16,209)(22,737)
4,129
113,950499,686(14,504)(17,956)(32,460)
8,021
114,676
518,198

(2) [Quarterly Consolidated Statements of Income and Quarterly Consolidated Statement of Comprehensive Income]Quarterly Consolidated Statements of Income(Amount: million yen)
FY2011 first nine months(From April 1, 2011
to December 31, 2011)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Equity in losses of affiliates
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
State subsidy
Gain on sales of investment securities
Other
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Impairment loss
Loss on disaster
Settlement package
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Minority interests in income
Net income

FY2012 first nine months(From April 1, 2012
to December 31, 2012)

159,644
111,398
48,246
34,736
13,509181,125
131,154
49,97140,175
9,796

414
942
－
608
1,966

618
1,744
1,433
683
4,480

2,467
2,795
69
463
5,795
9,680

2,553
－
38
228
2,819
11,457

117
89
－
10
218

35
40
4,159
91
4,326

296
470
1,018
－
448
2,234
7,664
4,115
785
4,901
2,762
430
2,331

152
1
－
119
183
456
15,327
4,391
247
4,638
10,688299
10,388[Qarterly Consolidated Statements of Comprehensive Income](Amount: million yen)
FY2011 first nine months(From April 1, 2011
to December 31, 2011)
Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests-6-

FY2012 first nine months(From April 1, 2012
to December 31, 2012)

2,762

10,688(16,312)(7,027)(23,340)(20,577)(20,915)337(7,977)(1,971)(9,949)739
664
74

(3) Notes Related to Going Concern
N/A(4) Segment InformationⅠ

FY2011 (From April 1, 2011 to December 31, 2011)

1.

Sales and Profit by Reportable Operating Segment(Millions of yen)Segment
Medical-related

Pharmaceutical-related

108,318

45,938Glass-related

Total

Other
(Note.1)

Total

Consolidated
statement ofincome(Note.3)

Adjustment(Note.2)

Net Sales(1)Outside

5,187

159,444200

159,644-

159,644

970

4,715

351

6,037

33

6,071

(6,071)-

Total

109,289

50,653

5,538

165,481234

165,716(6,071)

159,644

Segment profit

13,072

5,042

399

18,514

168

18,683(5,173)

13,509(2)Intersegment(Notes)1. “Other” is the business segment which is not included in the segment and consist of real estate income and sales
by headquarter.
2. Adjustment for the segment profit of (5,173) million yen includes elimination of inter-segment transaction of 63
million yen and corporate cost of (5,237) million yen. Corporate cost consisted primarily of sales, general andadministrative expenses and research and development cost which do not belong to the reporting segment.
3. Segment profit is adjusted to the operating income on the consolidated statements of income.
2.

Information on Goodwill by Reportable Operating Segment
N/A

-7-

Ⅱ

FY2012 (From April 1, 2012 to December 31, 2012)

1.

Sales and Profit by Reportable Operating Segment(Millions of yen)Segment
Medica-related

Pharmaceutical-relatedGlass-related

Total

Other
(Note.1)

Total

Consolidated
statements ofIncome(Note.3)

Adjustment(Note.2)

Net sales

125,566

50,1495,233

180,949

176

181,125-

181,125

983

5,208

371

6,562

33

6,596

(6,596)-

Total

126,549

55,3585,604

187,512

210

187,722(6,596)

181,125

Segment profit

11,1653,511

246

14,923165

15,088(5,292)

9,796(1)Outside(2)Intersegment(Notes)1. “Other” is the business segment which is not included in the segment and consist of real estate income and sales
by headquarter.
2. Adjustment for the segment profit of (5,292) million yen includes elimination of inter-segment transaction of 278
million yen and corporate cost of (5,571) million yen. Corporate cost consisted primarily of sales, general andadministrative expenses and research and development cost which do not belong to the reporting segment.
3. Segment profit is adjusted to the operating income on the consolidated statements of income.
2.

Change in Reportable Segment(1) From this third quarter period ended December 31, 2012, the name of business segment was changed partially and“Materials” is displayed as “Glass-related”.
This change is just only for the name, and there is no difference about business segment itself from the same period of
the previous year.
(2) The reportable segment of Nipro Glass India Ltd., Nipro Tube Glass Ltd., Nipro Glass Americas Corporation, Nipro
Glass France S.A.S. and Nipro Glass Belgium N.V. was changed from glass-related business to medical-related
business from the period ended March 31, 2012 as a result of reconsideration from the view point of global businessstrategy.
In addition, entity conversion was conducted from this third quarter period ended December 31, 2012 in order toenforce pharmaceutical-related business and build a strong cooperative relationship between medical-related,pharmaceutical-related and glass-related business. Following this conversion, some business divisions include inglass-related business were changed to pharmaceutical-related business.
Based on this idea, the segment information of the same period of the previous year was revised.

3.

Information about Impairment Loss of Tangible Assets and Goodwill by Reportable Operating Segment
N/A(5) Notes to Statements of Shareholder’s Equity, if having Significant Variation
N/A

-8-

(6)

Material Subsequent Event
Nipro Corporation resolved to acquire the shares in Goodman Co., Ltd. (stock code 7535, listed on JASDAQ of the
Osaka Stock Exchange, the “Target Company”), through a tender offer (the “Tender Offer”), at the board of directors’
meeting of the Company held on January 24, 2013.
1. Purpose of Tender Offer
Since Nipro Corporation was founded in 1954, we have been pursuing the technology for providing our creative
products to improve the patients’ QOL and meet the challenges in medical front under our management philosophy of“business activities for society” and our concept of “technological innovation“. Today, our medical devices such as
dialyzer are used widely from home to abroad because of our trusted technology and quality. Cardiovascular-related
products is now planned to be grown as the third pillar of our medical devices business following dialysis-related
products and general disposable products, and we promote our products development aiming for a wide selection
and new treatment concept in this field.
On the other hand, the Target Company is the first company to focus on the potential of interventional cardiology(diagnosis and treatment of cardiocirculatory disease) which was introduced in 1970s’ as a cutting-edge medical
technology. The Target Company has developed and introduced the devices for treatment and diagnosis of this fieldsuch as catheter, and developed the first software for cardiac function image analysis in Japan as well. Especially as
for the catheter products, the Target Company has promoted development and introduction of their products thatmeet the particular need of Japan based on their experiences, knowledge and knowhow accumulated through theirdomestic sales activities to establish their strong brand in Japan.
However, the business situation surrounding us has changed dramatically. As the financial burden of medical
insurance is reviewed in association with aging society, the government enforces the policy for lower national cost of
medical care such as biennial reduction of reimbursement prices of special medical materials, and manufacturers feela need for making their business more efficient. Moreover, due to rapid upgrading and improvement of medical
technology, it is getting difficult to survive this situation without rapid development and introduction of high-valued
products that satisfies needs in medical front.
Against this background, we will utilize the management resources of both companies of development,
manufacturing and sales in an integrated and effective way cooperating with the Target Company that has a strong
brand in the field of cardiovascular-related medical products. We are sure that the synergy of our businesscollaboration to make our position more powerful in Japan. Nipro Corporation considered that delisting of the Target
Company is the best way for promoting the business deployment with agile management judgment to the Target
Company and decided to conduct the Tender Offer.

2. Profile of the Target Company(1) Company Name
(2) Location(3) Name and Title of Representative(4) Description of Business(5) Paid-in Capital(6) Date of Incorporation

Goodman Co., Ltd.
108, Fujigaoka, Meito-ku, Nagoya, Aichi
Takehito Yogo, President
Import, development, sale and manufacture of medical equipment andmedical disposables
8,738,000,000 yen (as of September 30, 2012)
September 4, 1975

3. Outline of the Tender Offer(1) Number of shares scheduled to be purchased
9,644,746 shares
In the Tender Offer, the maximum and minimum number of shares scheduled to be purchased is not set.
Therefore, Nipro Corporation will make purchase all of the tendered shares.
The above number of shares scheduled to be purchased is maximum number of Target Company Shares that
Nipro will make purchase in the tender offer. This number is obtained by adding (a) 6,874,426 shares obtained bysubtracting the number of treasury shares held by the Target Company as of September 30, 2012 (160,500
thshares) as set forth in the 38 second quarter report submitted by the Target Company on November 9, 2012 (the“Quarterly Report”) and the common stocks of the Target Company held by ITOCHU Corporation that has
agreement on not tendering to this offer (4,008,000 shares) from the total number of issued shares of the Target
Company as of September 30, 2012 (11,042,926 shares) as set forth in the Quarterly Report, (b) 2,023,820
shares given put option (conversion option) for common stock value (94,000 shares ) that is obtained bysubtracting the number of class A preferred stock redeemed by the Target Company (669,000 shares) from thetotal number of class A preferred stock issued by the Target Company as of January 24, 2013 (763,000 shares),would exercise on January 23, 2013, the preceding business day of the date when the Tender Offer was decided,
to convert 1 share of class A preferred stock to 21.53 shares of common stocks, and (c) 746,500 shares of total

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common shares underlying the stock acquisition right as of May 31, 2012 (7,465) as set forth in the 37 securities
report submitted by the Target Company on June 29, 2012.

(2) Price of tender offer(a) 337 yen per common stock(b) 7,255 yen per class A preferred stock(c) 1 yen per 1 stock acquisition right(3) Tender offer period
From January 25, 2013 (Friday) through March 8, 2013 (Friday) (30 business days)(4) Purchase Price
3,250 million yen(Note): Purchase price is an amount calculated by multiplying the number of shares to be purchased in the Tender
Offer (9,644,746 shares) by the Tender Offer Price (337 yen).
(5) Commencement date of settlement
March 15, 2013 (Friday)- 10 -