Summary Report of Consolidated Financial Results
For the Nine Months Period ended December 31, 2008 (Year ending March 31, 2009)
February 10, 2009
Company name: NIPRO CORPORATION
Code No.8086
URL: http://www.nipro.co.jp/

TSE/OSE–1st section

Representative: Minoru Sano, President and Representative Director
Contact:
Akihiko Yamabe, Director, General Manager of Accounting & Corporate Planning Division
Scheduled date of quarterly annual report filing: February 13, 2009
TEL: (06) 6372-2331(Note: Amounts are truncated to one million yen)
1. Financial results for the nine months ended December 31, 2008.(From April 1, 2008 to December 31, 2008)(1) Consolidated Results of Operations( Note: The % displays show increase/decrease ratio against the same period of the previous year.)
Net(Quarter)
Net Sales
Operating Income
Ordinary Income
IncomeMillions of yen %Millions of yen %Millions of yen %Millions of yen %9 months ended Dec. 31,2008
2,670
6,290
10,904
134,543
9 months ended Dec. 31,2007
5,270(38.2)
9,840
7.7
11,02110.1
129,982 (10.8)
Earnings
per Share
9 months ended Dec. 31,2008
9 months ended Dec. 31,2007

Diluted Earnings
per Share

42.08 Yen
83.04

- Yen
-

(2) Consolidated Financial Position

9 months ended Dec. 31,2008
Year ended March 31,2008(Notes) Shareholders’ equity

Total Assets

Net Assets

Millions of yen
332,839
349,302

Millions of yen
102,893
119,544

Net Assets
per Share

Equity Ratio
%

Yen

30.4
33.8

1,597.21
1,861.79

9 months ended Dec. 31, 2008 101,318 million yen, Year ended March 31, 2008 118,155 million yen

2. Dividends
Dividends per share(Basis date) End of 1st Quarter End of 2nd Quarteryen
yenYear ended March 31,2008
28.00
Year ending March 31,2009
32.00
Year ending March 31,2009(Projection)---------End of 3rd Quarter
yen
-----

Year end

Year Total
yen
37.50
----36.00

yen
9.50----4.00(Notes) Revision of projected total annual dividens: None

3. Projected Consolidated Financial Results for the Year ending March 31, 2009 (From April 1, 2008 to March 31, 2009)(Note: % shows increase/decrease ratio against March 31, 2008)

Operating
IncomeNet SalesYear ending March 31,2009

Ordinary
IncomeMillionsof yen%Millionsof yen%180,000

4.6

12,700(7.1)

Millionsof yenEarnings
Per Share

Net Income%

6,700 (30.7)

Millionsof yen%Yen

2,000 (55.1)

31.52(Notes) Revision of projected conolidated financial results for the year ending March 31, 2009: None

4. Others(1) Change in significant subsidiaries during the period ended Dec. 31, 2008(Resulting in a change in scope of consolidation): None
(2) Adoption of accounting treatments simplified and unique for preparation of quarterly consolidated financial statements: Yes(Note) Further detail information can be found in page 4. [Qualitative information, financial reports and others] 5. Others(3) Change in policies and procedures for accounting treatment of preparation of quarterly consolidated financial reports (to be stipulated insignificant matters for preparation of quarterly consolidated financial reports): Yes[1] Change for revision of accounting standards: Yes[2] Change for other than [1]: Yes(Note) Further detail information can be found in page 4. [Qualitative information, financial reports and others] 5. Others(4) Issued shares (Common stock)[1] Number of issued shares at end of the period
9 months ended Dec. 31,2008
Year ended March 31, 2008
(including treasury stock)
63,878,505 shares
63,878,505 shares[2] Number of treasury stock at end of the period
9 months ended Dec. 31,2008
Year ended March 31, 2008
444,022 shares
415,037 shares[3] Number of average shares during the period
9 months ended Dec. 31,2008
9 months ended Dec. 31,2007
63,475,808 shares(Year to date)63,451,760 shares*Disclaimer for appropriate use of forecasted financial results, and other special notes
1. The projection figures shown above are based on information that was available at the time of preparation and, therefore, actual performanceand other factors may differ from these projections due to changes in circumstances and other developments. More information concerning these
forecasts can be found on page 4. [Qualitative information, financial reports and others] 4. Qualitative information on the projected consolidated
financial results.
2. We have adopted “Accounting standards for quarterly financial reporting”(Accounting Standards Board of Japan(ASBJ), statement No.12,
issued on March 14, 2007) and “Implementation guidance of accounting standards for quarterly financial reporting”(ASBJ guidance No.14,
issued on March 14, 2007) ” from this consolidated accounting period as well as prepared the quarterly consolidated financial reports inconformity with “Quarterly consolidated financial reporting regulation(Cabinet decree No.64 of year 2007).
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[Qualitative information, financial statements and others]

1.

Qualitative information on the consolidated results of operation

In the current third quarter period, the world economy has decelerated for confusions of financial market in the United States andalso, in Japanese economy, the volatility of oil and raw material and the continuation of strong yen rate and weak U.S. dollars rate
have generally given worry about business recession mind.
Under such situation, we have continuously promoted to develop innovative medical equipment in the fields of artificial organs andregenerative medicines as well as reinforced injection drug and oral drug business to expand business contents and to enhancerevenues.
The overviews of the results by segment are as follows.
<Medical equipment division>
In the domestic business, prescription price and government-fixed reimbursement price for specific insured medical materials werelargely lowered by revision of medical treatment fees effective as of April last year. Thus, our business environment remained very
severe due to expansion of facilities having introduced the prescription system to reimburse comprehensively for acute stage inpatientwhich is called as DPC (Diagnosis Procedure Combination) and rise of prices such as raw material, freight charges and so on.
Under such circumstances, we have promoted active market development, enhancing selling efficiency, enlarging line up of main
products to show a good growth in product categories such as dialysis-related products, diabetes-related products andinjection-and-infusion-related products.
In the international business, we have enriched selling entities and expanded the sales of dialysis-related-products such as dialyzer,
blood tubing set, new type safety arteriovenous fistula needles, diabetes-related-products and oxygenator to show good growth inquantity but not in amount, affected by fluctuation of strong yen rate against weak dollar and euros.
As a result, net sales of this division increased 3.1% from the same period of the previous year to 85,874 million yen.
<Pharmaceutical division>
In the Pharmaceutical division, although the environment of market remained very severe due to the governmental measures tosuppress medicine costs by revision of the prescriptions prices, increase of facilities to introduce DPC system and the intensive pricecompetitions against products by competitors, our sales of antibiotic agents by “liquid-and-powder” double-bag kits, pre-filled
syringe kits, injectables in plastic-ampoules generic drugs and oral drugs increased thanks to governmental measures to promote salesof generic dugs as well as powdered dialysate solution, kit product of substitution fluid for hemofiltration and hemodiafiltration
showed good growth for our sales expansion.
As a result, net sales of this division increased 8.4% from the same period of the previous year to 40,624 million yen.
<Glass & Materials division>
In the filed of glass for pharmaceutical purposes, sales of glass tubes for ampoule decreased, however, sales of glass for tube bottle
and pill bottle resulted in good order.
In the field of other glass & materials products, export of glass for vacuum bottle resulted good sales, however, sales of glass forlighting purpose largely decreased in more deepening sluggish market of related-products to Liquid-Cristal-Display such as
flat-screen TV.
As a result, net sales of this division decreased 11.5% from the same period of the previous year to 7,514 million yen.

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<Other division>
Net sales of this division, consisting mainly of sales of machine for manufacture of medical equipment and real estate rentals,
decreased 26.1% from the same period of the previous year to 530 million yen.

As a result, net sales for the nine months ended December 31, 2008 was 134,543 million yen, increased by 3.5% from the same
period of the previous year. As for profits, operating income decreased 1.1% from the same period of the previous year to 10,904
million yen due to the increase of selling, general and administrative expenses, ordinary income decreased 36.1% from the same
period of the previous year to 6,290 million yen due to the increase of non-operating expenses such as foreign exchange losses. Net
quarter income decreased 49.3% from the same period of the previous year to 2,670 million yen.
Please note that we disclosed the information of comparison with the same period of the previous year in qualitative information as areference.

2.

Qualitative information on the consolidated financial position

Total assets at end of December 31, 2008 decreased 16,462 million yen to 332,839 million yen from end of the previous period.
Current assets decreased 824 million yen and non-current assets decreased 15,637 million yen from end of the previous period.
Current assets decreased mainly due to the decrease of 8,360 million yen in the cash and deposits and non-current assets decreased
mainly due to the decrease of 23,167 million yen in investment securities.
Total liabilities increased 188 million yen to 229,946 million yen from end of the previous period. Current liabilities increased 6,639
million yen and non-current liabilities decreased 6,451 million yen from end of the previous period. Current liabilities increased
mainly due to increase of 7,633 million yen in notes payable-facilities and non-current liabilities decreased mainly due to decrease of
9,526 million yen in deferred tax liabilities.
Net assets decreased 16,650 million yen to 102,893 million yen. Shareholders’ equity increased 68 million yen and valuation andtranslation adjustments decreased 16,906 million yen, from end of the previous period.

3.

Qualitative information on the state of the consolidated cash flow

(Cash flows from operating activities)
Net cash provided by operating activities amounted to 7,876 million yen. The main accounts of inflow were income before income
taxes and minority interests, 5,750 million yen, depreciation and amortization, 13,120 million yen and the main accounts of outflow
were increase in notes and accounts receivable-trade, 10,451 million yen, increase in inventories, 5,712 million yen.
(Cash flow from investing activities)
Net cash used in investing activity amounted to 14,447 million yen. The main account of outflow was purchase of non-current assets,
16,171 million yen.

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(Cash flow from financing activities)
Net cash used in financing activities amounted to 1,662 million yen. The main accounts of outflow were repayment of long-termloans payable, 10,992 million yen and redemption of bonds, 10,130 million yen.

4. Qualitative information on the projected consolidated financial results
The world economy in future is still becoming more unpredictable because of no foreseeing of improvement in the recession ofbusiness condition in the United Stated and the deceleration of European economy. This, also in Japanese economy, would makeconcern of decrease in corporate revenues by strong yen rate, and escalation of further competitions among enterprises, where very
severe business circumstance are to be prospective. Under such circumstances, our group will endeavor to enlarge our operating
foundation in each business area by continuous improvement of efficiency in production and promoting low-cost structuring to reachthe projected consolidated financial results for the year ending March 31, 2009 announced on January 19, 2009.

5. Others(1) Change in significant subsidiaries during nine months ended December 31, 2008(Resulting in a change in scope of
consolidation)
N/A(2) Adoption of accounting treatments simplified and unique for preparation of quarterly consolidated financial reports[1] Simplified accounting treatments
1) Calculation of estimated impairment for general receivables.
As it is accepted that there is no significant change between the actual rate or index of bad debts accrual calculated at end of thecurrent quarterly consolidated accounting period and at end of the previous consolidated accounting year, the later rate or index
was utilized for estimation of impairment of general receivables.
2) Measurement for inventory
As for the inventory amount at end of the current quarterly consolidated accounting period, actual stock counting procedure wasomitted and the inventory amount was calculated by the reasonable method based on the actual stock balance at end of theprevious consolidated accounting year.
3) Deferred tax assets and liabilities
As it is accepted that there is no significant change in the situation of accrued temporally differences from the end of theprevious consolidated accounting year, same tax planning as used in the end of the previous consolidated accounting year for
judgment of collect ability of deferred tax assets was utilized.
[2] Unique accounting treatment for preparation of quarterly consolidated financial reports
N/A(3) Change in policies, procedures and presentation for accounting treatment of preparation of quarterly consolidated financial reports[1] Adaptation of accounting standards for quarterly financial reporting
We have adopted the “Accounting standards for quarterly financial reporting” (Accounting Standards Board of Japan (hereafter
called ASBJ), Statement No.12, issued on March 14, 2007) and the “Implementation guidance of accounting standards for quarterly
financial reporting” (ASBJ guidance No.14, issued on March 14, 2007)” from this consolidated accounting period. We have
prepared the quarterly consolidated financial reports in conformity with the “Quarterly consolidated financial reporting regulation(Cabinet decree No.64 of year 2007).

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[2] Application of accounting standards for measurement of inventories
We have adopted the “Accounting standards for measurement of inventories”(ASBJ, Statement No.9, issued on July 5, 2006)
from the current 1st quarter consolidated accounting period and the basis of measurement has been changed from cost method towriting down method below cost to the net selling value for decreased profitability. As a result, gross profit, operating income andordinary income, increased 39 million yen and income before income taxes and minority interests decreased 190 million yen,
comparing with the computation by the previous method.
As for the affection to the segment information, please see the notes in the segment information.
[3] Application of practical solution on unification of accounting policies applied to foreign subsidiaries for consolidated financial
statements
We have adopted the “Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries for Consolidated
Financial Statements” (ASBJ Practical Issues Task Force No. 18) from the current 1st quarter consolidated accounting period tomake necessary adjustments on consolidation closing process. As a result, gross profit increased 21 million yen, operating income
increased 4 million yen, ordinary income decreased 30 million yen and income before income taxes and minority interests
decreased 80 million yen.
As for the affection to the segment information, please see the notes in the segment information.
[4] Application of accounting standard for lease transaction
We have adopted, in advance, the “Accounting Standard for Lease Transactions” (ASBJ Statement No. 13, issued on June 7, 1993,
ultimate revision on March 30, 2007) and the “Guidance on Accounting Standard for Lease Transactions” (ASBJ Guidance No.16,
issued on January 18, 1994, ultimate revision on March 30, 2007) from the current 1st quarter consolidated accounting period tochange the treatment of finance lease transaction that does not transfer ownership from the one similar to an ordinary rental
transaction to the one similar to ordinary sale and purchase transaction, to be an assets under finance lease.
As for the method of depreciation of the assets under finance lease, its useful lives are equals to the lease term and the residual
values are equal to zero.
However, we still have adopted the similar manner to an ordinary rental transaction for the finance lease transactions that do nottransfer ownership and the starting dates of the lease transactions were before 1st April 2008. No affection against profit and loss
will be given by the change.
(Additional information)
Change in useful life of tangible fixed assets
Nipro Corporation and its domestic subsidiary companies have changed the useful lives of machinery from the current 1st quarter
consolidated accounting period according to the revision of the domestic corporate income tax law. As a result, gross profit
decreased 1,230 million yen and operating income decreased 1,229 million yen, ordinary income and income before income taxes
and minority interests decreased 1,204 million yen respectively, comparing with the computation by the previous useful lives.
As for the affection to the segment information, please see the notes in the segment information.

- 5 -6. Quarterly Consolidated Financial Statements(1) [ Quarterly Consolidated Balance Sheets at end of December 31, 2008 ](Note: Amounts are truncated to one million yen)

As ofDecember 31, 2008
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
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

-6-

As of
March 31, 2008

41,10858,99536,686
6,669
8,936
2,573
7,461
(510)
161,92149,46953,507
34,120
4,810
9,146
2,902
9,264
(473)
162,746

102,041(51,742)
50,298109,529(70,503)
39,026
19,535
13,38323,705(18,492)
5,213
127,457

95,005(49,590)
45,414103,473(65,692)
37,78019,412
11,22022,423(17,439)
4,983
118,811

1,104
1,763
2,868

1,425
1,737
3,163

36,758
0
119
4,305
2,654
(3,244)40,592
170,918
332,839

59,925
223
159
4,466
2,779
(2,972)64,580186,555
349,302

(Note: Amounts are truncated to one million yen)

As ofDecember 31, 2008
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Current portion of bonds
Accounts payable-other
Income taxes payable
Provision for bonuses
Provision for directors' bonuses
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
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
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total valuation and translation adjustments
Minority interests
Total net assets
Total liabilities and net assets

-7-

As of
March 31, 2008

30,98848,041
8,140
4,302
842
782
2
1,954
12,8597,561
115,474

30,00843,23415,150
5,388
2,226
1,528
75
1,954
5,225
4,043
108,835

33,18036,30014,00014,00062,670
306
2,062
621
170
1,460
114,471229,946

56,405
9,833
2,128
700
170
1,385
120,923
229,758

28,66329,97339,597(844)
97,38928,66329,97539,476(794)
97,3205,030(1,101)
3,928
1,575
102,893332,839

18,947
1,887
20,835
1,388
119,544349,302(2) [ Quarterly Consolidated Statements of Income ][ For the nine months period ended December 31, 2008 (year ending March 31, 2009) ](Note: Amounts are truncated to one million yen)
Current 3rd Qtr Period(From April 1, 2008
to December 31, 2008)
134,543
95,90838,63527,73010,904

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Depreciation
Foreign exchange losses
Equity in losses of affiliates
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Settlement received
Other
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Impairment loss
Abnormal manufacturing cost
Loss on valuation of inventories
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Minority interests in income
Net income

341
721
405
1,468
1,722
271
3,881
137
70
6,083
6,290
278
200
161
640
140
130
362
229
316
1,180
5,750
2,554
332
2,886
193
2,670

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(3) [ Quarterly Consolidated Statements of Cash Flow ](Note: Amounts are truncated to one million yen)
Current 3rd Qtr Period(From April 1, 2008
to December 31, 2008)
Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Impairment loss
Amortization of goodwill
Equity in (earnings) losses of affiliates
Increase (decrease) in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Foreign exchange losses (gains)
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Decrease (increase) in other assets
Increase (decrease) in other liabilities
Other loss (gain)
SubtotalInterest and dividends income received
Interest expenses paid
Other proceeds
Other payments
Income taxes paid
Net cash provided by (used in) operating activities
Net cash provided by (used in) investment activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of investment securities
Purchase of noncurrent assets
Proceeds from sales of noncurrent assets
Proceeds from governmental subsideies
for investment in property and equipment
Decrease (increase) in short-term loans receivableCollection of loans receivable
Other payments
Other proceeds
Net cash provided by (used in) investment activities

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5,750
13,120
130
261
137
385
(1,063)
1,722
1,140(10,451)(5,712)
7,382
(731)
(179)
(490)
11,403
1,011(1,618)730(247)(3,403)7,876(2,267)2,001(374)(16,171)
377
1,838
97
48
0
1
(14,447)

(Note: Amounts are truncated to one million yen)
Current 3rd Qtr Period(From April 1, 2008
to December 31, 2008)
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Redemption of bonds
Proceeds from stock issuance to minority shareholders
Decrease (increase) in treasury stock
Repayments of finance lease obligations
Cash dividends paid
Other payments
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalentsfrom newly consolidated subsidiary
Cash and cash equivalents at end of period- 10 -

1,877
20,250(10,992)(10,130)
9
(51)
(30)
(2,595)0(1,662)(1,150)(9,384)47,656809
39,082

We have adopted the “Accounting standards for quarterly financial reporting” (Accounting Standards Board of Japan(hereafter called ASBJ), Statement No.12, issued on March 14, 2007) and the “Implementation guidance of accounting standards forquarterly financial reporting” (ASBJ guidance No.14, issued on March 14, 2007)” from this consolidated accounting period. We have
prepared the quarterly consolidated financial reports in conformity with the “Quarterly consolidated financial reporting regulation(Cabinet decree No.64 of year 2007).
(4) Notes related to going concern
N/A(5) Segment information[1] Segment information by business category
Current period (From April 1, 2008 to December 31, 2008)
MedicalEquipment
Net sales(1)Sales to third parties(2)Inter-segment sales
and transfers

Pharmaceutical(Note: Amounts are truncated to one million yen)

Glass &
Materials

Other

Total

Eliminations/Corporate

Consolidated

85,874

40,624

7,514

530

134,543-

134,543

-

0

2,529

56

2,586

(2,586)-

Total

85,874

40,624

10,044586

137,130(2,586)

134,543

Operating income(loss)

11,418

3,573

1,370

8

16,371(5,466)

10,904(Notes) 1. Classification of business categories and main products in each business category
Business categories are classified based on the proximity in terms of purposes and manners of usage of the
products in the market.
Main products belonging to each business categories are as follows:Business
category
MedicalEquipment
Pharmaceutical

Glass &
Materials
Other

Main products and commodities
Dialyzers, blood tubing sets, injection needles, syringes, and infusion sets, etc
Half-type and full-type kits, double-bag kits, pre-filled syringes, dialysate solution, andcirculatory drugs, etc.
Glass for pharmaceutical containers, glass for thermos bottles, glass for lighting purposes,
stoppers for plastic containers and rubber stoppers, etc.
Machinery for manufacture of medical equipment and real estate rental income, etc.

2. As described in “Change in policies, procedures and presentation for accounting treatment of preparation of quarterly
consolidated financial reports” [2], we have adopted the “Accounting standards for measurement of inventories” fromthe current 1st quarter consolidated accounting period and the basis of measurement has been changed from cost
method to writing down method below cost to the net selling value for decreased profitability. As a result, operating
income in “Medical Equipment” and “Pharmaceutical” increased 1 million yen and 37 million yen respectively,
comparing with the computation by the previous method.
3. As described in “Change in policies, procedures and presentation for accounting treatment of preparation of quarterly
consolidated financial reports” [3], we have adopted the “Practical Solution on Unification of Accounting Policies
Applied to Foreign Subsidiaries for Consolidated Financial Statements” from the current 1st quarter consolidated
accounting period to make necessary adjustments on consolidation. As a result, operating income in “Medical
Equipment” increased 4 million yen, comparing with the computation by the previous method.

- 11 -

4. As described in “Change in policies, procedures and presentation for accounting treatment of preparation of quarterly
consolidated financial reports” (Additional information), Nipro Corporation and its domestic subsidiary companies
have changed the useful lives of machinery from the current 1st quarter consolidated accounting period according to
the revision of corporate income tax law. As a result, operating income in “Medical Equipment”, “Glass andMaterial”, “Others” and “Eliminations/Corporate” decreased 1,476 million yen, 30 million yen, 0 million yen, and 0
million yen, respectively, while in “Pharmaceutical” increased 278 million yen, comparing with the computation by
the previous useful lives.

[2] Segment information by geographical area
Current period (From April 1, 2008 to December 31, 2008)
Japan

Net sales(1)Sales to third parties(2)Inter-segment sales
and transfers

Total
Operating income(loss)

America(Note: Amounts are truncated to one million yen)

Europe

Asia

Total

Eliminations
Consolidated/Corporate

103,585

15,879

9,344

5,734

134,543-

134,543

24,051742

110,85835,653(35,653)-

127,636

16,621

9,345

16,593

170,197(35,653)

134,543

16,134

(741)

3

910

16,307(5,402)

10,904(Notes) 1. As described in “Change in policies, procedures and presentation for accounting treatment of preparation of quarterly
consolidated financial reports” [2], we have adopted the “Accounting standards for measurement of inventories” fromthe current 1st quarter consolidated accounting period and the basis of measurement has been changed from cost
method to writing down method below cost to the net selling value for decreased profitability. As a result, operating
income in “Japan” increased 39 million yen, comparing with the computation by the previous method.
2. As described in “Change in policies, procedures and presentation for accounting treatment of preparation of quarterly
consolidated financial reports” [3], we have adopted the “Practical Solution on Unification of Accounting Policies
Applied to Foreign Subsidiaries for Consolidated Financial Statements” from the current 1st quarter consolidated
accounting period to make necessary adjustments on consolidation. As a result, operating income in “America” and“Asia” decreased 15 million yen and 4 million yen, respectively, while in “Europe” increased 24 million yen,
comparing with the computation by the previous method.
3. As described in “Change in policies, procedures and presentation for accounting treatment of preparation of quarterly
consolidated financial reports” (Additional information), Nipro Corporation and its domestic subsidiary companies
have changed the useful lives of machinery from the current 1st quarter consolidated accounting period according to
the revision of corporate income tax law. As a result, operating income in “Japan”, and “Eliminations/Corporate”
decreased 1,228 million yen and 0 million yen, respectively, comparing with the computation by the previous useful
lives.
4. Classification of countries or areas is based on geographical proximity.
5. The major countries included in each geographical area are as follows:
America…….. The United States of America and Brazil
Europe……… Belgium
Asia…………. China, Thailand and Singapore- 12 -

[3] Overseas Sales
Current period (From April 1, 2008 to December 31, 2008)
America

1. Overseas sales(Note: Amounts are truncated to one million yen)
Europe25,32614,995

Asia

Total

7,921

134,543

2. Consolidated net sales
Percentage of overseas sales to

3. consolidated net sales (%)

48,244

18.8%

11.2%

5.9%

35.9%

(Notes) 1. Overseas sales represent those of the Company and the consolidated subsidiaries to countries and areas
outside of Japan
2. Classification of countries or areas is based on geographical proximity.
3. The major countries included in each geographical area are as follows:
America………The United States of America, Canada and Brazil
Europe………. Belgium, Denmark and Germany
Asia………….. China, India, Indonesia, Taiwan and Thailand(6) Notes to Statements of Shareholders’ Equity, if having significant variation.
N/A- 13 -

[Reference Information]
Quarterly Consolidated Financial Reports for 3rd quarter of previous consolidation accounting period(1) Consolidated Statements of Income for the nine months period ended December 31, 2007 (Year ended March 31, 2008)(Note: Amounts are truncated to one million yen)Previous 3rd Qtr Period(From April 1, 2007
To December 31, 2007)

Account

Net sales
Cost of sales

129,982
92,813Gross profit
Selling, general andadministrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Other
Non-operating expenses
Interest expenses
Depreciation
Foreign exchange losses
Equity in losses of affiliates
Other

37,16826,147

Ordinary income
Extraordinary income
Gain on sale of fixed assets
Life insurance income
Other
Extraordinary loss
Loss on sales/retirement of non-current assets
Abnormal manufacturing cost
Loss on disposal of inventories
Allowance for accrued severance indemnityfor directors and corporate auditors in prior year
Other
Income before income taxes andminority interests
Income taxes-current
Income taxes-deferred
Minority interests in income
Net income

9,840
316
58
191
67
903
171
96
48
471

11,021
1,338
319
613
404
2,519
1,395
318
193
471
141

- 14 -

116
9,253
3,889
9
83
5,270

(2) Interim Consolidated Statements of Cash Flow
(Note: Amounts are truncated to one million yen)Previous Period(From April 1, 2007
To December 31, 2007)
Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Equity in (earnings)losses of affiliates
Increase (decrease) in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Foreign exchange losses (gains)
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Decrease (increase) in other assets
Increase (decrease) in other liabilities
Other loss(gain)
SubtotalInterest and dividends income received
Interest expenses paid
Other proceeds
Other payments
Income taxes paid

9,253
10,886
181
471
19
(933)
1,395
(59)
(6,097)(4,995)1,804
364(1,091)(77)
11,120916(1,320)731(234)(10,029)

Net cash provided by (used in) operating activities

1,183

Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of investment securities
Payments for acquisition of shares with change
in scope of consolidated subsidiary
Purchase of non-current assets
Proceeds from sales of non-current assets
Decrease(increase) in short-term loans receivableCollections of loans receivable
Other payments
Other proceeds
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Redemption of bonds
Proceeds from stock issuance to minority shareholders
Proceeds from disposal of treasury stock
Payments for acquisition of treasury stock
Repayments of finance lease obligations
Cash dividends paid
Other payments
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 15 -(1,445)1,446(1,014)(3,125)(14,863)
155
(784)
59
(1)
29
(19,544)2,624
29,037(20,256)
(30)
3
9
(56)
(23)
(4,100)
(14)
7,194
(2)
(11,168)
46,10934,941

(3) Segment information[1] Segment information by business category
Previous period (From April 1, 2007 to December 31, 2007)
MedicalEquipment
Net sales(1)Sales to third parties(2)Inter-segment sales
and transfers

Pharmaceutical(Note: Amounts are truncated to one million yen)

Glass &
Materials

Other

Total

Eliminations/Corporate

Consolidated

83,28137,491

8,491

718

129,982-

129,982

-

-

2,393

51

2,444

(2,444)-

Total

83,28137,491

10,884769

132,426(2,444)

129,982

Operating income(loss)

12,398

2,880

1,374

1

16,655(5,633)

11,021[2] Segment information by geographical area
Previous period (From April 1, 2007 to December 31, 2007)
Japan

Net sales(1)Sales to third parties(2)Inter-segment sales
and transfers

Total
Operating income(loss)

America(Note: Amounts are truncated to one million yen)

EuropeAsia

Eliminations
Consolidated/Corporate

Total

103,285

15,305

6,759

4,631

129,982-

129,982

21,082939

410,39532,422(32,422)-

124,368

16,244

6,764

15,027

162,404(32,422)

129,982

17,439

(882)

302

709

17,569(6,547)

11,021[3] Overseas Sales
Previous period (From April 1, 2007 to December 31, 2007)
America

1. Overseas sales(Note: Amounts are truncated to one million yen)
Europe26,645

14,410

Asia

Total

8,207

129,982

2. Consolidated net sales
Percentage of overseas sales to

3. consolidated net sales (%)

49,26320.5%- 16 -

11.1%

6.3%

37.9%