Summary Report of Consolidated Financial Results
For the Fiscal Year ended March 31, 2012
May 14, 2012stCompany 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
Date of the ordinary general shareholders’ meeting: June 28, 2012
Payment date of cash dividends: June 29, 2012
Filling date of annual reporting: June 28, 2012
Preparation of supplemental material on financial results: Yes
Presentation on annual results: Yes (for institutional investors and analysts)(Note: Amounts are truncated to one million yen)
Consolidated Results for the Year ended March 31, 2012 (From April 1, 2011 to March 31, 2012)1.

(1) Consolidated Results of Operations
Net sales
Millions of yen %Year ended March 31, 2012
212,013
8.2
Year ended March 31, 2011
195,94210.2
Note: Comprehensive income(Note: % of change from the previous fiscal year)
Operating income
Ordinary income
Net income
Millions of yen %Millions of yen %Millions of yen %15,825(8.1)
11,983(10.4)
4,585
86.7
17,225(4.8)
13,371(10.3)
2,455(66.1)

Year ended March 31, 2012: (19,882) million yen (-%) Year ended March 31, 2011: (4,442) million yen (-%)

Earnings
per share
Yen
35.30
19.36

Year ended March 31, 2012
Year ended March 31, 2011
Note: Equity in profit (loss) of affiliate

Dilutedearnings per
share
Yen
30.98
17.44

Raito of net income
to shareholders’equity%4.2
2.2

Year ended March 31, 2012: (84) million yen

Ratio of ordinary
income to total
assets%2.5
3.1

Net assets
Millions of yen
113,950
109,037

Note: Equity

Year ended March 31, 2011: 106,509 million yen(3)Equity ratio

Net assets per shareYen
643.94
839.69

%
22.0
22.4

Consolidated Cash Flows

Cash flows fromoperating activities
Millions of yen
15,486
21,799Year ended March 31, 2012
Year ended March 31, 2011

2.

%
7.5
8.8

Year ended March 31, 2011: (200) million yen(2) Consolidated Financial Position
Total assets
Millions of yen
Year ended March 31, 2012
499,686
Year ended March 31, 2011
476,510
Year ended March 31, 2012: 109,820 million yen

Ratio of operating
income to net sales

Cash flows frominvesting activities
Millions of yen(67,919)(84,658)

Cash flows fromfinancing activities
Millions of yen
45,72586,265

Cash and cash
equivalents
Millions of yen
79,44978,921Dividends
Annual dividends per year

Year ended March
31, 2011
Year ending March
31, 2012
Year ending March
31, 2013 (Forecast)

3.

Firstquarter

Secondquarter

Thirdquarter

Year-end
dividends

Annualdividends

Yen

Yen

Yen

Yen

Yen

Millions of yen%

Ratio ofdividends to
net assets(consolidated)
%

-

18.50

-

31.50

50.00

3,171

129.1

2.9

-

12.00

-

11.50

23.50

2,722

66.6

3.2

-

8.50

-

11.00

19.50

Annual totalof dividends

Pay-out ratio(consolidated)

50.4

Forecast of Consolidated Financial Results for the Year ending March 31, 2013 (From April 1, 2012 to March 31, 2013)
Net sales
Millions of yen%

Operating income

Ordinary income

Millions of yen

Millions of yen%%

Net income
Millions of yen%

Earnings
per share
Yen
12.90
38.70

Six months ending Sept. 30 2012
116,000
13.2
6,550 (19.8)
5,700
11.3
2,200 380.6
Year ending March 31, 2013
241,000 13.7
15,9500.8
14,200
18.5
6,600
43.9
(Note: The % displays in the line of six months ending Sept. 30, 2012 show increase/decrease ratio against the six months ended Sept. 30,
2011. The % displays in the line of Year ending March 31, 2013 show increase/decrease ratio against the year ended March 31, 2012)

4. Others(1) Change in Significant Subsidiaries during the Current Period(Change in specified subsidiaries caused a change in the scope of consolidation): Yes
Additional: 2 (Corporate name: Nipro India Corporation Pvt Ltd.)
Removal: 0(Corporate name: Nipro Medical (Hefei) Co., Ltd.)(2) Change in Accounting Policies and Accounting Estimate and Restatement[1] Changes in accounting policies by a newly issued accounting pronouncement[2] Changes other than [1][3] Change in accounting estimate[4] Restatement

: Yes
: No
: No
: No

(3) Issued Shares (Common stock)[1] Number of issued shares at end of the period (including treasury stock)
Year ended March 31, 2012: 171,459,479 sharesYear ended March 31, 2011: 127,757,010 shares[2] Number of treasury stock at end of the period
Year ended March 31, 2012: 913,612 sharesYear ended March 31, 2011: 912,840 shares[3] Average number of shares during the period
Year ended March 31, 2012: 129,911,933 sharesYear ended March 31, 2011: 126,845,278 shares(Note: The company has split one share of common stock into two shares on October 1, 2011. In this stock split, thenumber of issued shares is calculated on the assumption that the two-for-one stock split of common stock was
conducted at the beginning of fiscal year 2010.)(Reference) Overview of the Unconsolidated Financial Results
1.

Unconsolidated Results for the Year ended March 31 ,2012 (From April 1, 2011 to March 31, 2012)(1) Results of Operations

Year ended March 31, 2012
Year ended March 31, 2011

Net sales
Millions of yen %135,804(5.5)
143,720
4.3
Earnings per share

Year ended March 31, 2012
Year ended March 31, 2011

Yen
43.30
51.71

(Note: % of change from the previous fiscal year)
Operating income
Ordinary income
Net income
Millions of yen %Millions of yen %Millions of yen %11,115(16.4)
9,970
(4.5)
5,624
(14.2)
13,302
2..810,437
(9.1)
6,559
(5.4)
Diluted earnings
per share
Yen
37.99
46.57

(2) Financial Position
Total assets
Millions of yen
421,504
402,060

Year ended March 31, 2012
Year ended March 31, 2011
Note: Equity Year ended March 31, 2012: 135,737 million yen

Net assets
Millions of yen
135,737
123,979

Equity ratio
%
32.2
30.8

Net assets per share
Yen
795.90977.42

Year ended March 31, 2011: 123,979 million yen*Information regarding the review procedure
This report is exempt from auditing procedure based on the Financial Instruments and Exchanges Act. It is
under the auditing process at the time this report is disclosed.
*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.2 “1.Business Result”.
The company has split one share of common stock into two shares on October 1, 2011. In this stock split,
earnings per share and diluted earnings per share are calculated on the assumption that the two-for-one stock
split of common stock was conducted at the beginning of fiscal year 2010.

Table of Contents

1.

Business Results

2(1) Analysis Concerning Business Results

2(2) Analysis Concerning Financial Position

3(3) Basic Policies on Distribution of Profits and Dividends
for Years ended March 31, 2012 and ending March 31, 2013

42.

Corporate Group

5

3.

Management Policies

7(1)

Basic Policies of Management

7(2)Target Management Indicators

7(3)

Medium- to Long-term Management Strategies

7(4)Issues and Challenges that the Group Faces

7

4.

5.

Consolidated Financial Statements

8(1) Consolidated Balance Sheets

8(2) Consolidated Statements of Income andConsolidated Statements of Comprehensive Income

10

(3)

Consolidated Statements of Shareholders‟ Equity

12

(4)

Consolidated Statements of Cash Flows

14

(5)

Notes Related to Going Concern

16

(6)

Basis of Preparation for the Consolidated Financial Statements

16

(7)

Change in Significant Matter of Basis of Preparation for Consolidated Financial Statements

18

(8)

Additional Information

18

(9)

Notes to the Consolidated Financial Statement

18(Notes to the Consolidated Balance Sheets)

18(Notes to the Consolidated Statements of Income)18(Notes to the Consolidated Statements of Shareholders‟ Equity)

19(Segment Information)

20(Per Share Information)

23(Material Subsequent Event)24

Non-consolidated Financial Statements

25(1) Non-consolidated Balance Sheets

25(2) Non-consolidated Statements of Income andNon-consolidated Statements of Comprehensive Income

28(3) Non-consolidated Statements of Shareholders‟ Equity

29

-1-

1.

Business Results(1) Analysis Concerning Business Results[1] Overview of business results for the current period
In the current period under review (the year ended March 31, 2012), the global economy was shifted under stormy
condition such as the long recession in America and the exposure of decelerating economy in China while the economy
crisis in Europe has kept on continuing.
Japanese economy, on the other hand, was also under harsh management condition caused by the problem of thehigh oil prices in addition to the Great East Japan Earthquake having been depressed the Japanese economy and the
problem of electricity supply getting serious due to the accident of the atomic power generation.
Under such conditions, the Nipro Group has achieved the early recovery of the partial affected sales bases andsuspended plants which got damaged by the great earthquake and continuously performed to secure the sales bases
and plants overseas.
As a result, the consolidated net sales in this fiscal year ended March 31, 2012 increased 8.2% from the previous
year to 212,013 million yen. As for the profit, consolidated operating income decreased 8.1% from the previous year to
15,825 million yen due to the increase in selling, general and administrative expense, and consolidated ordinary income
decreased 10.4% from the previous year to 11,983 million yen. However, the consolidated net income increased 86.7%
from the previous year to 4,585 million yen because extraordinary loss caused by disaster decreased.
The overviews of the results by segment are as follows.
a. Medical Business
Domestic market and business condition were seriously sever because of the lagged recovery from the Great East
Japan Earthquake and the continuous economic downturn. Under such circumstances, sales grew greatly in
auto-adjusting dialysis machine, dialysis-related pharmaceutical products (such as substitution fluid forhemo(dia)filtration and blood coagulation inhibitor) and dialysis-related products (such as hemodiafiltration dialyzer).
Enteral-alimentation-related products (such as semisolid food and alimentation catheter), testing-related products (suchas glucose analysis device), vascular-related products (such as PTA guide wire and coronary artery stent) and cardiac
surgery (CVS)-related products (such as extracorporeal ventricular assist devices and that-related drive) showed finesales. The sales in transfusion-, injection-related products and hollow fiber dialyzer showed a gradual recovery trend,
even though the sales decreased and remained flat temporally because of the earthquake disaster.
Overseas sales, on the other hand, was affected by appreciation of the yen against the US dollar and euro in foreignexchange market, but from the beginning of this fiscal year, the products manufactured in overseas plants started to be
sold directly to overseas bases, which reduced the exchange risk and enabled the community-based sales to realize
stable supply of our products.
As a consequence, the sales in diabetic-related products showed remarkable progress in the global market and that indialysis-related products, such as dialyzer, dialysis machine and indwelling needle, also increased dramatically.
Moreover, Nipro Glass Americas Corporation, Nipro Glass France S.A.S. and Nipro Glass Belgium N.V., which havejoined Nipro Group in this fiscal year, enjoyed a reputation for high quality and have grown steadily as well as Nipro
Glass India Ltd.
As a result, the net sales of this business increased 9.2% from the previous year to 145,082 million yen.

b. Pharmaceutical BusinessThis business consist of two main divisions; one is the generic drugs division to provide low cost and high quality
medical drugs, and the other is contracted manufacturing division to offer high value-added products for customer
needs.
On the sales of generic drug, under government policy for the dissemination of generic products „generic drug share inquantity shall be expanded more than 30% until year 2012,‟ the market is expected to be larger with some policies forencouraging the use of generic products. Major pharmaceutical manufacturers make a full-scale entry into the market
and foreign generic manufacturers strengthen marketing strategies, which makes the competitive environment
surrounding the domestic market more sever.
Under such situations, we have tried to gain a high share of oral drugs through the reinforcement of the sales
promotion to dispensing pharmacies and of the combination with wholesaler of drug. In addition, as a result of ourdetailed information service mainly to the hospitals subjected to the DPC system (Diagnostic Procedure Combination;
comprehension payment system of medical cost for acute hospitalization), the sale, mainly in our new products,
remained steadily.
On the sales of contracted manufacturing business, we worked hard for realizing various fine service such as
contracted development and support for value adding other than ordinary contracted manufacturing . Though the effectof the Great East Japan Earthquake dropped the operation capacity in some plants during first half of the year, anumber of large-scaled products have launched and the sales for whole fiscal year in this division exceeded the sales in
the previous year.
As a result, net sales of this business increased 5.5% from the previous year to 40,078 million yen.

c. Material Business
The sales of material glass tube for ampoule, a kind of pharmaceutical glass tube, decreased from the previous year
due to the stagnation of domestic demand. By contrast, the sales of material glass tube for tube bottles increased
because domestic demand increased steadily and overseas sales was shifted smoothly. Also India, China and Russia
have shown a steady sales result as a new market thanks to the development of pharmaceutical glass business inthose countries.

-2-

As for other glass-related products, in addition to favorable growth of export sales, special demand by Great East
Japan Earthquake in domestic market made the sales in glass for thermos bottles increased. Meanwhile, in the fieldof glass for lightning, the operation capacity of automotive bulb recovered from the effect of the great earthquake but
the glass for LCD backlight decreased its demand under the influence of penetration of LED products, so overall, thesales of both glass products for lightning purpose and material glass tube for bulb decreased from the previous year.
In the field of pharmaceutical container, the sales of rubber stopper for pharmaceutical use, bags for antimicrobial
agent and container for kit form increased steadily based on our processing technique for plastics, metal and rubber.
However, the sales of parts of pre-filled syringe decreased slightly.
As for the medical preparation and administration related device, the sales had showed good increase, and we areadvancing commercialization of products by both of self- development and joint development with pharmaceuticalcompanies so as to meet the diverse need.
Furthermore, we continue to promote contract manufacturing and development cooperating with domestic and foreign
pharmaceutical companies in general life cycle management of pharmaceuticals, which includes antiseptic free eyedrop bottle, dental devices and diagnostic devices other than the development of pharmaceutical combination products,
systematization for self injection at home and modification of dosage form such as orally disintegrating tablet which canbe taken without water,
As a result, the net sales in this business increased 7.6% from the previous period to 26,590million yen.
d. Other BusinessIn the other business, the sale from real estate rental income is 262 million yen.
[2] Prospects of business results for the fiscal year ending March 31, 2013
In the global economy, the risk of economic downturn due to recession of the Europe economy is expected to behigher, and as for domestic economy, we are concerned about the prolongation of electricity supply problem entailed in
the accident of atomic power plant and the price increase of natural resources such as crude oil. The management
circumstance will be harsher.
In spite of being under these circumstances, Nipro Group will work hard to make a progress and develop our businessby cutting the production cost and tackling the increase of the sales.
We project the consolidated net sales of 241,000 million yen (up by 13.7% from the previous year), operating incomeof 15,950 million yen (up by 0.8% from the previous year), ordinary income of 14,200 million yen (up by 18.5% from theprevious year), and net income of 6,600 million yen (up by 43.9% from the previous year), for the fiscal year ending
March 31, 2013.

(2)

Analysis Concerning Financial Position[1] The conditions of assets, liabilities, and net assets
Total assets increased 23,175 million yen from the end of the previous year to 499,686 million yen. Current assets
increased 33,414 million yen mainly due to the increase of 14,622 million yen in cash and depositsand the increase of
7,404 million yen in notes and accounts receivable-trade, and noncurrent assets decreased 10,238 million yen mainly
due to the decrease of 33,734 million yen in investment securities.
Total liabilities increased 18,262 million yen from the end of the previous year to 385,735 million yen. Current liabilities
increased 12,687 million yen mainly due to the increase of 7,472 million yen in short-term loans payable, andnoncurrent liabilities increased 5,574 million yen mainly due to the increase of 19,830 million yen in long-term loans
payable.
Total net assets increased 4,913 million yen from the end of the previous year to 113,950 million yen. Shareholders‟equity increased 28,155 million yen and accumulated other comprehensive income decreased 24,843 million yen.
[2] The condition of cash flow
The ending balance of cash and cash equivalents in the period under review increased 528 million yen from theprevious year to 79,449 million yen.
(Cash flows from operating activities)
Net cash provided by operating activities was 15,486 million yen. The main accounts of cash inflow were income
before income taxes and minority interests, 11,022 million yen and depreciation and amortization, 21,581 million yen.
The main accounts of cash outflow were the increase of trade notes and accounts receivable, 7,490 million yen, theincrease in inventories, 10,923 million yen and payment of corporate income tax, 6,146 million yen.
(Cash flows from investing activities)
Net cash used in investing activities was 67,919 million yen. The main accounts of cash outflow were payment into
time deposit, 16,806 million yen, and purchase of noncurrent assets, 39,730 million yen.
(Cash flows from financing activities)
Net cash provided by financing activities was 45,725 million yen. The main accounts of cash inflow were proceedsfrom long-term loans payable, 63,893 million yen, and proceeds from issue of new shares, 19,180 million yen. The main
account of cash outflow was repayment of long-term loans payable, 33,499 million yen.

-3-[3] Trend of the cash flow indicatorsth

The 56 period
Year ended
March 31, 2009
28.7

th

The 57 period
Year ended
March 31, 2010
29.8

th

The 58 period
Year ended
March 31, 2011
22.4

th

The 59 period
Year ended
March 31,2012
22.0

Shareholders‟ equity ratio (%)
Ratio of market value of
29.4
29.9
21.9
21.1
shareholders‟ equity (%)
Debt redemption (years)
8.2
7.1
12.6
19.3
Interest coverage ratio
6.8
11.4
9.1
4.8
Note: Shareholders‟ equity ratio = Shareholders‟ equity / Total assets
Ratio of market value of shareholders‟ equity = Aggregate market value of the outstanding share / Total assets
Debt redemption = Interest-bearing liabilities / Cash flow from operating activities
Interest coverage ratio = Cash flow from operating activities / Interest payments
Each indicator is calculated from consolidated financial data,
Aggregate market value of the outstanding share is calculated as the share price at the fiscal year-end multipliedby the number of issued shares (excluding treasury stock)
Cash flow from operating activities is taken from cash flows from operating activities on the consolidated statementof cash flows. Interest-bearing liabilities represent all liabilities represent all liabilities on the consolidated balance
sheets for which interest is payable. The amount of interest payments is taken from the payments of interests on
the consolidated statement of cash flows.

(3)

Basic Policies on Distribution of Profits and Dividends for years ended March 31, 2012 and ending March 31, 2013
As we position profit return in the important administrative measure, our policy is that 50% of the non-consolidated net
income is to be distributed to shareholders.
Retained earnings are to be invested in the sales and production facilities as well as in research and development, inview of enlarging the firm management basis and long-term business developments, so as to ensure stable andcontinuous growth.
Annual dividends are calculated to be 23.50 yen per share. As we already paid interim dividends of 12.00 yen perthshare, year-end dividends are to be 11.50 yen per share to be proposed to the Company‟s 59 ordinary general
meeting of shareholders.
Dividends for year ending March 31, 2013 are expected to be made according to the above-mentioned policy.

2.

Corporate GroupOur group consists of the Reporting Company (“the Company”), its 46 subsidiaries and 2 affiliated, and is primarily
engaged in manufacture and sale of medical equipment, pharmaceutical products and material products such as glass
for pharmaceutical purpose and glass for thermos bottles.
Positioning of each company in connection with the businesses of our group and the relation to the business segment
are as follows:<Medical business>
Domestic:

The Company and Nipro Medical Industries, Co., Ltd. manufacture medical equipment, and theCompany sells medical equipment manufactured by its foreign subsidiaries.
Cell Science & Technology Institute, Inc., an affiliate, develops, manufactures and sells
cell-culture-related products.

Overseas:

Nipro (Thailand) Corporation Ltd. (Thailand), Nipro (Shanghai) Co., Ltd. (China) and Nipro Medical
LTDA. (Brazil) purchase some of raw materials and machinery for their production from the Company,
manufacture medical equipment, and sell through the Company and its subsidiaries as well as locallyon their own.
Nipro Europe N.V. (Belgium), Nipro Medical Corporation (U.S.A.) and Nipro Asia Pte. Ltd. (Singapore)and other sales subsidiaries purchase the products mainly from the Corporation and sell medical
equipment etc. in the areas of their locations.
Nipro Diagnostics, Inc. (U.S.A) develops, manufactures and sells diabetes-related products.
In addition, Nipro Tube Glass Ltd. (India), Nipro Glass Americas Corporation (U.S.A) and othersubsidiaries manufacture and sell glass tube for medical purpose and glass containers focusing on theireach location.

<Pharmaceutical business>
The Company, Nipro Pharma Corporation, Nipro Genepha Corporation, Zensei PharmaceuticalIndustries Co., Ltd and Nipro Patch Co., Ltd. manufacture and sell pharmaceutical products. In addition,
Tohoku Nipro Pharmaceutical Corporation manufactures pharmaceutical products.
Bipha Corporation, an affiliate accounted for by the equity method, is engaged in research anddevelopment, manufacture and sale of pharmaceutical products such as blood products-4-

<Material business>
Domestic:

The Company sells glass tubes as well as manufactures and sells glass products.

Overseas:

Shanghai Nissho Vacuum Flask Refill Co., Ltd. (China) sells internal glass sections of vacuum flask
and other glass products. Chengdu Pingyuan Nipro Pharmaceutical Packaging Co., Ltd. (China), Jilin
Nipro Jiaheng Pharmaceutical Packaging Co., Ltd. and Anyang Nipro Changda Pharmaceutical
Packaging Co., Ltd. manufacture and sell material glass tube, tube bottles and ampoule.

<Other business>
The Company manufactures (purchases, in some cases) and sells production machinery for medical
equipments and is engaged in leasing of real estate properties.
Nissho Insurance Services Co., Ltd. operates non-life insurance agency business mainly for thegroup companies.
Sanri Kosan Co., Ltd., the other related company, is engaged in leasing of real estate properties.

The above explanations are illustrated as follows:-5-

(Domestic)(Overseas)
Medical business

Medical business<Manufacture and Sale>◎Nipro (Thailand) Corporation Ltd.
◎Nipro (Shanghai) Co., Ltd.
◎Nipro Medical LTDA.
◎Nipro Tube Glass LTD.
◎Nipro Glass Americas Corporation
and 9 other subsidiaries<Manufacture>◎Nipro Medical Industries, Co., Ltd.
<Development,
and Sale>

Manufacture■ Cell Science & Technology
Institute, Inc.

<Sale>◎Nipro Europe N.V.
◎Nipro Medical Corporation◎Nipro Asia Pte. Ltd.
and 14 other subsidiaries

Pharmaceutical business<Manufacture and Sale>◎Nipro Pharma Corporation<Development, Manufacture andSale>◎ Nipro Diagnostics, Inc.
and 3 other subsidiaries<Manufacture and Sale>◎Zensei Pharmaceutical Industry
Co., Ltd.

◎Nipro Patch Co.,Ltd.
<Manufacture>◎Tohoku Nipro
Pharmaceutical Corporation<Development,
and Sale>Nipro Corporation◎Nipro Genepha Corporation

Glass & Materials business<Sale>◎Shanghai Nissho Vacuum Flask
Refill Co., Ltd.

<Manufacture and Sale>◎Chengdu Pingyuan Nipro

Manufacture

Pharmaceutical Packaging Co, Ltd.

and 2 other subsidiaries□Bipha Corporation

Other businessSupply of products andmerchandises<Non-life insurance agency>

Supply of raw materials○Nissho Insurance Services Co.,
Ltd.

Other transactions

Other

◎

Consolidated subsidiary<Rental of real estate>○

Unconsolidated subsidiary△Sanri Kosan Co., Ltd.

□■

Affiliate accounted for by theequity method
Affiliated company△

Other related company

-6-

3.

Management Policies(1) Basic Policies of Management
Since our foundation of year 1954 with concept of “technology innovation”, we have grown by pursuing thetechnologies to produce unique products which can always solve QOL (Quality of Life) of patients and subjects inmedical treatment sites, based on the philosophy in contributing to the society through corporate activities.
As a management structure considering compatibility between “stability” and “growth” that is most important for acompany, we implement the “performance-linked remuneration system” that is the rule of profit sharing amongshareholders, employees and management, and carry out active business operations, holding the employees
responsible for boosting the performance of individual businesses.
(2) Target Management Indicators
Our performance targets were to achieve 1,000,000 million yen of consolidated net sales by the fiscal year 2030. And
as a first step, we aim to achieve 500,000 million yen of consolidated net sales and 40,000 million yen of ordinary
income by the fiscal year 2020. To realize these goals, we are going to move towards steady development in each field;
medical, pharmaceutical, and material businesses.
(3) Medium- to Long-term Management Strategies
The Group adopts a basic policy and corporate strategies which aim to increase share in the global market andexpand sales by means of strengthening cost-competitiveness and increasing the production capacity in the fields
expected to grow in quantity to meet increased demands.
In Medical business, we will try to increase market share by expanding the range of merchandise and promoting to finda new market of dialysis-related products centered on our main product, dialyzer, diabetes-related products andvascular-related product. Especially about dialysis-related products, we will establish production and sales systems allover the world so as to aim a top share in the global market.
In the contract manufacturing division of the Pharmaceutical business, we are going to enhance our business as oneof the top group of pharmaceutical contract manufacturing companies, by improving production and quality control
systems in response to the overseas demands and constructing production services successively in the fields expected
to expand in quantity for the future like biomedicine and anticancer drug. As for the generic drug division, while we willcontinue to focus on the development of new items and growth of each market such as DPC hospitals and dispensing
pharmacy group, we will try to strengthen manufacturing equipments and distribution system for meeting the need ofstable supply.
In the Material business, we will work on development and expansion of pharmaceutical container and other glass
products taking advantage of our processing technology for glass and other materials. In addition, we will try local
manufacturing and sales including a joint venture with overseas companies in the field of pharmaceutical container
materials such as ampoule, glass bottle and rubber stopper to increase consolidated net sales and improve market
share.
(4) Issues and Challenges that the Group Faces
In the domestic business of the Medical business, we will put effort into development of products with least adverse
impact on environment and safety-conscious design for medical care in each field of transfusion-related products,
dialysis-related products, diabetes-related products, vascular-related product and CVS-related products. Thus we will
work on development of products friendly to healthcare professionals, patients and global environment, and promote
positive market development and sales reinforcement with the products which meet the diversifying need of market toraise the performance.
In overseas business, the construction of new plants has started and goes smoothly aiming to operate in the fiscal
year 2012 in the rapidly developing countries; India, China, Indonesia and Bangladesh. The purpose of these
constructions is to spread and diminish the exchange risk and to produce and supply the high-quality products forcorresponding to the local needs through community- based sales performance. We aim to increase our share withreinforcement of the local direct sales system focusing on dialysis related products whose demand has increased
rapidly. As for medical glass, we will also develop the system that high quality products will be produced and soldsteadily with our excellent production technology,
In the Pharmaceutical business, the situation of domestic generic market is getting more sever. We will establish ourpresence in the market and enforce the price competitiveness. In addition, it is also urgent issue to realize the steady
growth in the medium- and long- term by rapid establishment of development, production and sales system for generic
anticancer drug and biosimilar.
In the Material business, we will promote overseas sales expansion and innovation of producing technique for material
glass for pharmaceutical purpose, and expand the sales of container to not only domestic but also overseas
pharmaceutical companies. As for joint venture business, we will improve productive efficiency and quality and strive toincrease sales and profits especially in overseas market.

-7-

4. Consolidated Financial Statements(1) [ Consolidated Balance Sheets](Millions of yen)
As ofMarch 31, 2011
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
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

-8-

As of
March 31, 2012

81,115
61,23742,697
6,783
11,461
4,204
9,935
(414)
217,02195,737
68,641
48,114
8,753
14,736
4,829
9,983
(360)
250,435

111,353(61,064)
50,289135,449(92,361)
43,087
20,115
1,519
(437)
1,082
8,989
27,150(22,209)
4,941
128,505

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

7,833
291
5,442
13,568

11,894305
6,950
19,151

105,564
2,489
12,345(2,984)
117,414
259,488476,51071,8296,597
8,954(2,961)
84,420249,250499,686

(Millions of yen)
As ofMarch 31, 2011
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
Provision for loss on disaster
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

-9-

As of
March 31, 2012

33,581
96,65910,000
5,000
375
5,771
208
3,165
2,112
26
1,954
4,040
5,937
7,568
176,401

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

43,00034,00015,00015,000120,549
1,086
7,465
1,615
668
170
1,516
191,070
367,472

140,380
914
1,761
1,987
702
170
1,729
196,645
385,735

28,66329,972
46,631(864)
104,403

84,397636
48,389(864)
132,558

11,387(9,281)2,106
2,527
109,037
476,510(6,528)(16,209)(22,737)
4,129
113,950499,686

(2) [Consolidated Statements of Income and Consolidated Statement of Comprehensive Income]Consolidated Statements of Income

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
Exchange loss
Equity in loss of affiliates
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Compensation income
Gain on sales of investment securities
Licensed dealership charges
Gain on revision of retirement benefit plan
State subsidy
Reversal of provision for loss on disaster
Other
Total extraordinary income
Extraordinary loss
Loss on sales of noncurrent asssets
Loss on retirement of noncurrent assets
Impairment loss
Abnormal manufacturing cost
Loss on voluntary product recall
Write-off of investment securities
Loss on business liquidation
Loss due to disasterWrite-off of investment securities
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

FY2010(From April 1, 2010
to March 31, 2011)
195,942
137,768
58,17440,94917,225(Millions of yen)
FY2011(From April 1, 2011
to March 31, 2012)
212,013
149,253
62,76046,934
15,825

319
923
466
1,709

581
805
1,000
2,386

2,431
2,443
200
488
5,563
13,371

3,308
1,997
84
838
6,228
11,983

21
122
835
300
451
－
－
88
1,819

210
－
－
－
－
694
1,456
47
2,409

10
165
64
207
372
230
1,109
5,260
－
336
7,758
7,431
6,371
(1,751)
4,619
2,812
356
2,455

18
540
529
－
－
－
－
1,340
109
833
3,370
11,022
6,202
(196)
6,005
5,016
430
4,585

- 10 -

Consolidated Statements of Comprehensive Income

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 shareholders of parent company
Comprehensive income
attributable to minority interests

FY2010(From April 1, 2010
to March 31, 2011)
2,812(Millions of yen)
FY2011(From April 1, 2011
to March 31, 2012)
5,016(3,637)(3,617)(7,254)(4,442)(17,914)(6,983)(24,898)(19,882)(4,753)(20,257)311

375- 11 -

(3) [Consolidated Statements of Shareholders' Equity]

FY2010(From April 1, 2010
to March 31, 2011)
Shareholder's equity
CapitalBalance at beginning of year
Increase (decrease) during the period
Transfer to capital stock from capital surplus reserve
Issue of new shares
Issue of new shares (exercise of share options)
Net increase (decrease) during the period
Balance at end of year
Capital Surplus
Balance at beginning of year
Increase (decrease) during the period
Transfer to capital stock from capital surplus reserve
Disposal of treasury stock
Net increase (decrease) during the period
Balance at end of year
Earned surplus
Balance at beginning of year
Increase (decrease) during the period
Dividend of surplus
Net income
Change of scope of consolidation
Other
Net increase (decrease) during the period
Balance at end of year
Treasury stock
Balance at beginning of year
Increase (decrease) during the period
Acquisition of treasury stock
Disposal of treasury stock
Net increase (decrease) during the period
Balance at end of year
Total Shareholders' equity
Balance at beginning of year
Increase (decrease) during the period
Dividend of surplus
Net income
Transfer to capital stock from capital surplus reserve
Issue of new shares
Issue of new shares (exercise of share options)
Change of scope of consolidation
Acquisition of treasury stock
Disposal of treasury stock
Other
Net increase (decrease) during the period
Balance at end of year

- 12 -(Millions of yen)
FY2011(From April 1, 2011
to March 31, 2012)

28,663

28,663－－－－
28,66329,336
19,3977,000
55,73484,397

29,972

29,972－(0)(0)
29,972(29,336)(0)(29,336)636

47,21946,631(3,044)
2,455
－
－
(588)
46,631(2,758)
4,585
(68)
(0)
1,757
48,389

(862)

(864)

(1)
0
(1)
(864)

(0)
0
(0)
(864)

104,993

104,403(3,044)
2,455
－
－
－
－
(1)
0
－
(590)
104,403(2,758)
4,585－
19,397
7,000
(68)
(0)
0
(0)
28,155132,558

FY2010(From April 1, 2010
to March 31, 2011)
Accumulated other comprehensive income
Valuation differences on available-for-sale secrities
Balance at beginning of year
Increase (decrease) during the period
Net increase (decrease) of the items other thanshareholders' equity during the period
Net increase (decrease) during the period
Balance at end of year
Foreign surrency translation adjustment
Balance at beginning of year
Increase (decrease) during the period
Net increase (decrease) of the items other thanshareholders' equity during the period
Net increase (decrease) during the period
Balance at end of year
Totala accumulated other comprehensive income
Balance at beginning of year
Increase (decrease) during the period
Net increase (decrease) of the items other thanshareholders' equity during the period
Net increase (decrease) during the period
Balance at end of year
Minority interests
Balance at beginning of year
Increase (decrease) during the period
Net increase (decrease) of the items other thanshareholders' equity during the period
Net increase (decrease) during the period
Balance at end of year
Total net assets
Balance at beginning of year
Increase (decrease) during the period
Dividend of surplus
Net income
Issue of new shares
Issue of new shares (exercise of share options)
Acquisition of treasury stock
Disposal of treasury stock
Change of scope of consolidation
Other
Net increase (decrease) of the items other thanshareholders' equity during the period
Net increase (decrease) during the period
Balance at end of year

- 13 -(Millions of yen)
FY2011(From April 1, 2011
to March 31, 2012)

15,024

11,387(3,636)(17,916)(3,636)
11,387(17,916)(6,528)(5,708)(9,281)(3,573)(6,927)(3,573)(9,281)(6,927)(16,209)

9,316

2,106

(7,209)(24,843)(7,209)2,106(24,843)(22,737)

1,761

2,527

766

1,601

766
2,527

1,601
4,129

116,070

109,037(3,044)
2,455
－
－
(1)
0
－
－

(2,758)
4,585
19,397
7,000
(0)
0
(68)
(0)

(6,433)(23,241)(7,033)109,037

4,913
113,950

(4) [ Consolidated Statements of Cash Flows ](Millions of yen)
FY2011(From April 1, 2011
to March 31, 2012)

FY2010(From April 1, 2010
to March 31, 2011)
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) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Payments for purchase of investment securities
Proceeds from sales of investment securities
Payments for purchase of investments in
subsidiaries
resulting in change in scope of consolidation
Purchase of investment in subsidiaries
resulting in change in scope of consolidation
Payments for investment in capital
Payments for purchase of noncurrent assets
Proceeds from sales of noncurrent assets
Payments for retirement of noncurrent assets
Proceeds from governmental subsidies
for investment in property and equipment
Net decrease (increase) in short-term loans receivable
Payments of loans receivable
Proceeds from collection of loans receivable
Other payments
Other proceeds
Net cash provided by (used in) investment activities- 14 -

7,431
21,244
64
1,743
200
(212)
(1,242)2,431
2,557(4,926)(5,472)
6,542
(450)
746
162
30,821
1,253(2,404)552(205)(8,217)
21,79911,022
21,581
529
2,651
84
(71)
(1,386)
3,308
1,968(7,490)(10,923)
4,909(1,365)(1,938)727
23,607
1,467(3,226)250(465)(6,146)
15,486(3,192)
3,992(62,771)
4,804(16,806)
2,107(3,552)
10－(10,404)(624)－(5,439)(20,138)51(24)－(39,730)
442
(11)

25

362

(588)
(769)
15
－
0
(84,658)

1,078(1,373)70(120)
8(67,919)

FY2010(From April 1, 2010
to March 31, 2011)
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
Proceeds form issuance of bonds
Redemption of bonds
Proceeds from issuance of common stock
Decrease (increase) in treasury stock
Repayments of finance lease obligations
Cash dividends paid
Cash dividends paid to minority shareholders
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- 15 -(Millions of yen)
FY2011(From April 1, 2011
to March 31, 2012)

23,06280,108(23,234)
19,890(10,160)
－
(3)
(355)
(3,038)(3)
86,265(2,268)21,13856,188(3,653)63,893(33,499)
7,973(5,000)19,180(0)(410)(2,754)(4)
45,725(2,287)(8,995)78,921

1,595

9,523

78,921

79,449(5) Notes Related to Going Concern
N/A(6) Basis of Preparation for the Consolidated Financial Statements
1) Scope of consolidation[1] Consolidated subsidiaries: 40
Name of representative consolidated subsidiaries,

・
・
・
・
・

・
・
・
・
・

Nipro Medical Industries, Ltd.
Nipro Europe N.V.
Nipro Diagnostics, Inc.
Tohoku Nipro Pharmaceutical Corporation
Nipro India Corporation Pvt Ltd.

Nipro (Thailand) Corporation Ltd.
Nipro Medical Corporation
Nipro Pharma Corporation
Nipro Patch Co.,Ltd.
Nipro Medical (Hefei) Co., Ltd.

Nirpo India Corporation Pvt Ltd., Nipro Medical (Hefei) Co., Ltd., Nipro Glass India Ltd., Jilin Nipro Jiaheng
Pharmaceutical Packing Co., Ltd. and Anyang Nipro Changda Pharmaceutical Packing Co., Ltd. increased inmateriality. Nipro Tube Glass Ltd., Nipro Glass France S.A.S. and Nipro Glass Belgium N.V. were acquired theirshares, and Nipro Glass Americas Corporation and Nipro Medical Corporation Produtos Medicos Ltda.were
established newly. For these reasons, above companies are included in scope of consolidation from the consolidated
fiscal year 2011.
[2] Name of representative unconsolidated subsidiary･

PT Nipro Indonesia JAYAThe unconsolidated subsidiaries are small-sized companies, whose combined total assets, net sales, net income
and earned surplus in the aggregate (averaged for recent 5 years) are not material to the consolidated financial
statements.
2) Application of equity method[1] Number of affiliate accounted for by the equity method: 1

Bipha Corporation[2] Name of representative unconsolidated subsidiary not accounted for by the equity method:
PT Nipro Indonesia JAYA
Name of affiliate not accounted for by the equity method:
Cell Science & Technology Institute, Inc.
The equity method is not applied to the unconsolidated subsidiaries and the affiliate company, since they are notmaterial to the consolidated net income (amounts worth to equity) and earned surplus(amounts worth to equity) etc.,
either individually or in the aggregate.
3) Accounting period of consolidated subsidiaries
Among the consolidated subsidiaries, accounts closing date of the foreign subsidiary is December 31.
Consolidated financial statements as of that date are used in preparing for consolidated financial statements, andnecessary adjustments are made to reflect significant transactions that occurred between December 31 and March
31.

4) Accounting principles and practices[1] Valuation standards and methods for significant assets
Securities
Available-for-sale securities
Securities with market quotations ---------- Valued at the market price quoted on the balance sheet date.
(Differences in valuation are presented as a component ofshareholders‟ equity. Costs are determined by the weighted
average method.)
Securities without market quotations -------- Valued at cost by the weighted average method
Inventories
Valued at cost by the weighted average method (Writing down method below cost to the net selling value fordecreased profitability)
Derivatives transaction
Valued at the market price- 16 -

[2] Method of depreciation and amortization for significant depreciable assets
Property, plant and equipment ----- Declining-balance method(Excluding lease assets)
However, buildings acquired after April 1, 1998 (excluding attached structures),are depreciated by straight-line method.
The foreign subsidiaries use straight-line method.
Lease assets
Lease assets under the finance lease transaction that does not transfer ownership---------- Recorded by straight-line method its useful lives are equals to the lease term
and the residual values are equal to zero.
We still have adopted the similar manner to an ordinary rental transaction for
the finance lease transactions that do not transfer ownership and the starting
dates of the lease transactions were before March 31, 2008.
[3] Standards for recognition of significant allowances
Allowance for double accounts ---- In order to cover the probable losses on collection, an allowance for doubtful
accounts is provided for the estimated amount of uncollectible receivables.
For general receivables, the amount of provision is based on historical write-off
rates, and for the doubtful receivables, based on the specific collectability.
Provision for bonuses ---------------- In order to cover the payment of bonuses to employees, an allowance isprovided for the estimated amount of bonuses to be paid, prorated for the
consolidated accounting period.
Provision for directors‟ bonuses ---- In order to cover the payment of bonuses to directors and corporate auditors, anallowance is provided for the estimated amount of bonuses to be paid, prorated
for the consolidated accounting period.
Provision for loss on
business liquidation ------- In connection with withdrawal from retail business which we sold the shares of
the consolidated subsidiaries, the estimated loss at the end of the consolidated
accounting period is posted for disposal of land, building and other properties tobe sold accordingly.
Provision for
retirement benefits -------- An allowance is provided for employee‟s pension and severance payments
based on the estimated amounts of projected benefit obligation and plan assets
at the end of the consolidated accounting period.
Past service liabilities are expenses mainly for five years using the straight line
method.
Actuarial difference is expensed in the following consolidated accounting
period after the year of such recognition, using the straight-line method for five
years.
Provision for
directors‟ retirement benefits ------- An allowance is provided for severance indemnity for directors and corporate
directors based on the amounts to be paid at the end of the consolidated
accounting period.
Provision for loss on litigation ------ In order to cover the probable losses on lawsuit, an allowance for loss isprovided for the estimated amount acceptable as needed.
[4] Standards for translation of significant assets and liabilities denominated in foreign currencies into Japanese Yen
Monetary assets and liabilities denominated in foreign currencies are translated to Japanese yen using the spot
exchange rate of the consolidated balance sheet date, and translation differences are recognized as gains or losses.
The assets and liabilities of foreign subsidiaries etc. are translated to Japanese yen using the spot exchange rate of
their balance sheet date, while revenues and expenses are translated using the average rate for the period.
Translation differences are included in foreign currency translation adjustments and minority interests in the Net
Assets section.
[5] Amortization of goodwill
Goodwill is amortized using the straight-line method and the average method over the estimated benefit period(from five to ten years) of the asset.
[6] Range of cash and cash equivalent carried on the consolidated cash flow statement.
Cash and cash equivalent carried on the cash flow statement consist of cash on hand, cash in banks that are able
to withdraw as needed, and short-term investment that will be matured within three months after acquisition, easy to
be converted into cash without much risks from fluctuation of prices.
[7] Significant method of hedge accounting
Method of hedge accounting- 17 -

The deferral hedge accounting method is applied in principle. For interest rate swaps, the exceptional
processing method is applied when the relevant criteria are met.
Hedge instrument and hedge items
Hedge instruments ------ Interest rate swap contracts
Hedge items -------------- Interest on loans payable
Hedge policy
The Company uses interest rate swaps to mitigate the interest rate risk involved in procuring funds andhedge items are identified on an individual contract basis.
[8] Other significant basis on preparation for consolidated financial statements
Consumption taxes
Consumption taxes are excluded from revenues and expenses accounts.
(7) Change in Significant Matter of Basis of Preparation for Consolidated Financial Statements
Application of Accounting Standard for earnings per share
From the fiscal year 2011, the company has applied Accounting Standard for Earnings Per Share (ASBJ Statement
No.2, issued on June 30, 2010), Guidance on Accounting Standard for Earnings Per Share (ASBJ Guidance No.4,
issued on June 30, 2010) and Practical Solution on Accounting for Earnings Per Share (ASBJ PITF No.9 issued onJune 30, 2010).
In addition, the company has split one share of common stock into two shares on October 1, 2011 based on the
resolution at the board of directors‟ meeting held on August 27, 2011. In accordance with this application, net assets
per share, earnings per share and diluted earnings per share are calculated on the assumption that the two-for-one
stock split of common stock was conducted at the beginning of fiscal year 2010.
More information concerning the effect of this change can be found in “Per share information”.
(8) Additional Information
Application of Accounting Standard for Accounting Changes and Error Corrections
Effective after the beginning of the first quarter of fiscal year 2011, the Company has applied the Accounting Standard
for Accounting Changes and Error Corrections (ASBJ Statement No.24, issued on December 4, 2009) and Guidanceon Accounting Standard for Accounting Changes and Error Corrections (ASBJ GuidanceNo.24, issued on December 4,2009).
(9) Notes to the Consolidated Financial Statement(Notes to the Consolidated Balance Sheets)(Previous period)
1) Pledged assets
2) Discounted notes receivable3) Accounts related to unconsolidated subsidiaries
and affiliate companies
Investment securities (stock)
Other of investments and other assets(Investments in capital)(Current Period)

8,989

mil.yen

11,555

mil.yen107

mil.yen19

mil.yen

16,685

mil.yen

12,209mil.yen5,439

mil.yen―mil.yen4) Accounting practices of notes with maturity date of March 31, 2012
The balance sheet date for the year ended March 31, 2012 fell on a bank holiday. Consequently, notes
with maturity date of March 31, 2012 were included in the following accounts.
(Previous period)(Current Period)
Notes-receivable trade―

mil.yen

1,103

mil.yenNotes-payable trade―

mil.yen393

mil.yen(Notes to the Consolidated Statement of Income)(Previous period)
Research and development expenditure included inselling general and administrative expenses andmanufacturing cost.
(Notes to the Consolidated Statements of Shareholders‟ equity)- 18 -

4,977

mil.yen(Current Period)
5,956

mil.yenPrevious period (From April 1, 2010 to March 31, 2011)
1. Sort and total numbers of shared issues
Sort of shares
Number of shares
as of April 1, 2010
Common stock
63,878,505

Increased
numbers

Decreased
numbers--

Number of shares
As of March 31, 2011
63,878,505

2. Sort and numbers of treasury stock
Sort of shares
Number of shares
Increased
Decreased
Number of shares
as of April 1, 2010
numbers
numbers
As of March 31, 2011
Common stock
455,3281,182
90
456,420(Note) 1. The increased numbers are of purchase of shares which number is less than unit amount.
2. The decreased numbers are of selling of shares which number is less than unit amount.
3. Dividends(1) Amount of dividends paid
Decision

Sort of shares

Total amount ofdividends paid

November 10, 2010
at board of directors meeting

Common stock

Millions of yen
1,173

Dividends
per shares
Yen
18.50

Basis date

Effective date

September 30,2010

December 9, 2010

(2) Dividends of basis date belonging to the consolidated accounting period to its effective date be in the next
consolidated accounting period.
Sort ofProceeds ofTotal amount of
Dividends
Effective
Scheduled Decision
Basis datedividends paid
sharesdividends
per shares
date
June 28, 2011at ordinary generalshareholders‟ meeting

Commonstock

EarnedsurplusMillions of yen
1,997

Yen
31.50

March 31, 2011

June 29, 2011

Current period (From April 1, 2011 to March 31, 2012)
1. Sort and total numbers of shared issues
Sort of shares
Number of shares
Increased
Decreased
Number of shares
as of April 1, 2011
numbers
numbers
As of March 31, 2012
Common stock
63,878,505
107,580,974
171,459,479(Note) The increased numbers are of two-for-one stock split, 63,878,505 shares, public stock offering, 28,700,000
shares, capital increase by way of third-party allotment, 4,200,000 shares, and execution of stock acquisitionrights of convertible notes type-notes with stock acquisition rights, 10,802,469 shares.
2. Sort and numbers of treasury stock
Sort of shares
Number of shares
Increased
Decreased
Number of shares
as of April 1, 2011
numbers
numbers
As of March 31, 2012
Common stock
456,420457,358
166
913,612(Note) 1. The increased numbers are of two-for-one stock split, 456,869 shares, and purchase of shares which
number is less than unit amount, 489 shares.
2. The decreased numbers are of selling of shares which number is less than unit amount.
3. Dividends(1) Amount of dividends paid
Decision
June 28, 2011at ordinary generalshareholders‟ meeting
November 10, 2011
at board of directors meeting

Sort of shares

Total amount ofdividends paid

Common stock

Millions of yen
1,997

Dividends
per shares
Yen
31.50

Common stock

Millions of yen
761

Yen
12.00

Basis date

Effective date

M ar c h 3 1 , 2 0 1 1June 29, 2011

September 30,2011

December 9, 2011

(2) Dividends of basis date belonging to the consolidated accounting period to its effective date be in the next
consolidated accounting period.
Sort ofProceeds ofTotal amount of
Dividends
Effective
Scheduled Decision
Basis datedividends paid
sharesdividends
per shares
date
June 28, 2012at ordinary generalshareholders‟ meeting

Commonstock

EarnedsurplusMillions of yen
1,961- 19 -

Yen
11.50

March 31, 2012

June 29, 2012

(Segment Information)[Segment Information]
1. Outline of reportable operating segments
Applied ASBJ Statement No.17 “TheAccounting Standard for Disclosures of Segments of an Enterprise and RelatedInformation”, the reportable operating segments are components of an entity for which separate financial information isavailable and evaluated regularly by the board of director in determining the allocation of management resources and inassessing performance. We currently operate our business on a stand-alone basis with the divisional organization andevaluate the performance of sales and manufacture of each division regardless of their products. Accordingly, we divide
our operations into 3 reportable operating segments on the basis of its main products: Medical, Pharmaceuticals andMaterials. The name of “Materials” has been changed from “Glass & Materials” in the previous year. This change is justfor its name and there is no effect to business segment itself.

*MedicalDomestic division sells injection- and infusion-related products, artificial organ-related products, highly functional
products, dialysis-related products and diabetic-related products. In the international division, head office plays the centerrole and place overseas sales and manufacturing base for medical equipment and sales injection- and infusion-related
products, artificial organ-related products and diabetic-related products.
*Pharmaceutical
Mainly, domestic subsidiaries sell and manufacture injectable drug, oral drugs and products by contract manufacturing
like combination products (Kit injectable)*Materials
In the field of glass for pharmaceutical purposes, we sell glass for glass tube, glass for ampoule. In the field of glass &materials products, we sell glass for thermos bottles and glass for lighting purpose. In addition, we sell container for
combination products and undertake the contract sales of pharmaceuticals related to the container for combination
products from pharmaceutical company.
2. Method of calculating sales and profit by reportable operating segment
The accounting process of the segments follows the accounting principles and practices listed in Basis of Preparation for
the Consolidated Financial Statements. Profit of the segment is based on operating income. Internal revenue and transfer
to revenue between segments are based on the market realized price.

3. Information on amount of sales, profit or loss, assets and other items by reportable segment

FY2010 (From April 1, 2010 to March 31, 2011)
Reportable Segment
MedicalPharmaceutical

Materials

132,816

38,00424,703(Millions of yen)
Consolidated
Adjustfinancial
mentstatements(Note.2)(Note.3)

Other(Note.1)

Total

195,525

417

195,942-

195,942Total

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

1,194

18,277

3,856

23,32943

23,372(23,372)-

134,011
18,43756,282
1,657

28,5602,700

218,854
22,795461
88219,315
22,883(23,372)(5,658)

195,942
17,225

Segment assets

178,937

105,672

17,006

301,616

4,639

306,256

170,253

476,510

11,9388,296

228

20,46354

20,517726

21,244

1,503

201

38

1,743

-

1,743

-

1,743

-

-

-

-

-

-

1,763

1,763

14,8786,808

103

21,790-21,7901,531

23,322Other items(1) Depreciationamortizationand(2) Amortization of goodwill(3) Investment to companies
accounted for by theequity method(4) Increase in tangible andintangible fixed assets- 20 -

(Note)1. “Other” is the business segment which is not included in the reporting segment and consist of real estate
income and sales by headquarter.
2. Adjustment is as follows.
(1) Adjustment for the segment profit of (5,658) million yen includes elimination of inter-segment transaction of
333 million yen and corporate cost of (5,991) million yen. Corporate cost consists primarily of sales, generaland administrative expenses and research and development cost which do not belong to the reporting
segment.
(2) Adjustment for the segment assets of 170,253 million yen includes elimination of inter-segment transaction of(57,266) million yen and corporate assets of 227,519 million yen. Corporate assets consisted primarily ofcash and deposit, investment securities, assets for development and assets for management division of head
office which do not belong to the reporting segment.
(3) Adjustment for depreciation and amortization of 726 million yen is for corporate assets. Depreciation andamortization and increase in tangible and intangible fixed assets include long-term prepaid expenses.
(4) Adjustment for increase in tangible and intangible fixed assets is increase in corporate assts.
3.
Segment profit is adjusted to the operating income on the consolidated statements of income.

FY2011 (From April 1, 2011 to March 31, 2012)
Reportable Segment(Millions of yen)
Consolidated
Adjustfinancial
mentstatements(Note.2)(Note.3)

Other(Note.1)

Total

262

212,013-45

24,915(24,915)

-

307
230

236,928
22,702(24,915)(6,876)

212,013
15,825

4,591

362,941

136,744499,686

20,72747

20,775805

21,581

98

2,651

-

2,651

-

2,651

-

-

-

-

-

1,678

1,678

13,788

1,104

38,836-

38,836687

39,524

MedicalPharmaceutical

Materials(1)Sales to third parties

145,082

40,07826,590(2)Inter-segment sales
and transfers
Total
Segment profit

1,851

19,484

3,533

24,869146,933
17,07759,563
2,985

30,124
2,408

236,620
22,471

Segment assets

219,306

119,453

19,589358,349

12,352

8,036

338

2,403

150

23,943Total

Net sales

Other items(5) Depreciationamortization

and(6) Amortization of goodwill(7) Investment to companies
accounted for by theequity method(8) Increase in tangible andintangible fixed assets(Note)

211,750

212,013

1. “Other” is the business segment which is not included in the reporting segment and consist of real estate
income and sales by headquarter.
2. Adjustment is as follows.
(1) Adjustment for the segment profit of (6,876) million yen includes elimination of inter-segment transaction of
110 million yen and corporate cost of (6,987) million yen. Corporate cost consists primarily of sales, generaland administrative expenses and research and development cost which do not belong to the reporting
segment.
(2) Adjustment for the segment assets of 136,744 million yen includes elimination of inter-segment transaction of(54,853) million yen and corporate assets of 191,597 million yen. Corporate assets consisted primarily ofcash and deposit, investment securities, assets for development and assets for management division of head
office which do not belong to the reporting segment.
(3) Adjustment for depreciation and amortization of 805 million yen is for corporate assets. Depreciation andamortization and increase in tangible and intangible fixed assets include long-term prepaid expenses.
(4) Adjustment for increase in tangible and intangible fixed assets is increase in corporate assts.
3.
Segment profit is adjusted to the operating income on the consolidated statements of income.

- 21 -

[Related Information]
FY2010 (From April 1, 2010 to March 31, 2011)
1. Information for each product and service
Disclosure is omitted as the same information is disclosed in segment information.
2. Information for each area
(1) Net assets
Japan

America

124,904

Europe37,121(Millions of yen)
Total

Asia
20,707

13,209(2)Property, plant and equipment
Japan

195,942(Millions of yen)

America

105,020

Europe

Asia

5,779

141

Total
17,564

128,505

3. Information about impairment loss on fixed assets by reportable segments(Millions of yen)
Reportbale segment
MedicalPharmaceutical
38
-

Total

Materials
25

Other
64

Total
-

64

4. Information about unamortized balance of goodwill by reportable segment(Millions of yen)
Reportbale segment
Pharmaceutical

MedicalBalance of theficical year-end

7,287

Total

Materials

197

349

Other

7,833

Total
-

7,833

FY2011 (From April 1, 2011 to March 31, 2012)
1. Information for each product and service
Disclosure is omitted as the same information is disclosed in segment information.
2. Information for each area
(1) Net assets
Japan

America

129,237

Europe40,519(Millions of yen)
Total

Asia
23,14019,116(2) Property, plant and equipment
Japan

212,013(Millions of yen)

America

102,275

Europe
8,391

Asia
3,310

Total
31,700145,678

3. Information about impairment loss on fixed assets by reportable segments(Millions of yen)
Reportbale segment
MedicalPharmaceutical
529
-

Total

Materials
-

Other
529

Total
-

529

4. Information about unamortized balance of goodwill by reportable segment(Millions of yen)
MedicalBalance of theficical year-end

11,539

Reportbale segment
Pharmaceutical(3)- 22 -

Materials
359

Total
11,894

Other

Total
-

11,894

(Per Share Information)
Previous period(From April 1, 2010
to March 31, 2011)

Current period(From April 1, 2011
to March 31, 2012)

Net assets per share

839.69yen

643.94 yen

Earnings per share

19.36 yen35.30 yen

Diluted Earnings per share

17.44 yen

30.98 yen

(Note)

1. The Company has split one share of common stock into two shares on October 1, 2011 based on the
resolution at the board of directors‟ meeting held on August 27, 2011.
2. Net assets per share, earnings per share and diluted earnings per share are calculated on the assumptionthat the two-for-one stock split of common stock was conducted at the beginning of fiscal year 2010.

(Change in accounting policy)
From the fiscal year 2011, the company has applied Accounting Standard for Earnings Per Share (ASBJ Statement
No.2, issued on June 30, 2010), Guidance on Accounting Standard for Earnings Per Share (ASBJ Guidance No.4,
issued on June 30, 2010) and Practical Solution on Accounting for Earnings Per Share (ASBJ PITF No.9 issued onJune 30, 2010).
In addition, the company has split one share of common stock into two shares on October 1, 2011 based on the
resolution at the board of directors‟ meeting held on August 27, 2011. In accordance with this application, net assets
per share, earnings per share and diluted earnings per share are calculated on the assumption that the two-for-one
stock split of common stock was conducted at the beginning of fiscal year 2010.
If these accounting standards had not been applied, net assets per share, earnings per share and diluted earnings
per share of the previous fiscal year were as follows;
Net assets per share: 1,679.37 yen
Earnings per share: 38.72 yen
Diluted earnings per share: 34.88 yen
Base of the calculation is as follow;

1. Net assets per share

Total net assets in B/S (million yen)Previous period(As of March 31, 2011)

Current period(As of March 31, 2012)

109,037

113,950

Amount to be deducted from total net assets in B/S(Million yen)
Minority interests

2,527

4,129

Net assets related to the common stocks(million yen)

106,509109,820

Common stocks issued (Thousands shares)

127,757

171,459

912

913

126,844

170,545

Treasury stocks of common stock (Thousands shares)
Number of common stocks utilized for computation of net
assets per share (thousand shares)- 23 -

2. Earnings per share and diluted earnings per share
Previous period(From April 1, 2010
To March 31, 2011)

Current period(From April 1, 2011
To March 31, 2012)

Earnings per share
Net income (Million yen)

2,455

4,585

-

-

Net income related to the common stock (Million yen)

2,455

4,585

Average shares of the common stock during the period(Thousands shares)

63,422

129,911

-

-

6,993

18,138--Amount not attributed to the common stock (Million yen)

Diluted earnings per share
Net income adjustment (Million yen)
Number of common stockincreased
Stock acquisiton right (thousand shares)
Overview of the potential shares not included in thecomputation of diluted earning per share because of nothaving a dilutive effect(Material Subsequent Event)
N/A(Omission of Disclosures)
We have omitted disclosures concerning, Lease trade, Related party transactions, Tax effected accounting, Financial
instruments, Securities, Derivative transactions, Retirement Benefit Plan, Stock options, Assets Retirement Obligations,
Investment and Rental property and Business Combination, considered materiality in necessity of disclosure in thissummary report.

- 24 -

5. Non-consolidated Financial Statements(1) [ Non-consolidated Balance Sheets](Millions of yen)
As ofMarch 31, 2011
AssetsCurrent Assets
Cash and deposits
Notes receivable-trade
Accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Advance payments-trade
Prepaid expenses
Deferred tax assets
Short-term loans receivable from subsidiaries and affiliates
Accounts receivable-otherConsumption taxes receivable
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Bulidings
Accumulated depreciation and impairment loss
Buildings, net
Structures
Accumulated depreciation and impairment loss
Structures, net
Machinery, equipment
Accumulated depreciation and impairment loss
Machinery equipment, net
VehiclesAccumulated depreciation and impairment loss
Vehicles, net
Tools, furniture and fixtures
Accumulated depreciation and impairment loss
Tools, furniture and fixtures, net
Land
Lease assets
Accumulated depreciation
Lease assets, net
Construction in progress
Total property, plant and equipment- 25 -

As ofMarch 31, 2012

60,833
12,41142,346
19,563
2,082
3,163
1,938
542
1,769
3,499
1,101
741
295
(67)
150,22155,06013,87339,99322,122
3,847
3,952
3,088
364
1,554
1,865
1,389
410
712
(98)
148,136

39,479(25,488)
13,991
1,963(1,480)483
49,960(34,857)
15,102107(103)
313,792(12,168)
1,623
11,527
390
(147)
243
537
43,51337,163(24,312)
12,8501,892(1,477)415
49,554(39,199)
10,355102(100)
213,804(12,605)
1,198
11,434
497
(251)
246
422
36,925

(Millions of yen)
As ofMarch 31, 2011
Intangible assets
Patent right
Right of trademark
SoftwareLease assets
Telephone subscription right
Other
Total intangible assets
Investments and other assets
Investment securities
Stocks of subsidiaries and affiliates
Investments in capital
Investments in capital of subsidiaries and affiliates
Long-term loans recievable
Long-term loans receivable from subsidiaries and affiliates
Claims provable in bankruptcy,
claims provable in rehabilitation and other
Long-term prepaid expenses
Deferred tax assets
Other
Allowance for doubtful accounts
Allowance for investment loss
Total investments and other assets
Total noncurrent assets
Total assets
Liabilities
Current liabilities
Notes payable-trade
Accounts payable-trade
Short-term loans payable
Current portion of long-term loans payable
Commercial papers
Current portion of bonds
Lease obligations
Accounts payable-other
Directors' bonuses payable
Accrued expenses
Income taxes payable
Advances received
Deposits received
Provision for bounuses- 26 -

As ofMarch 31, 2012

39
1
587
280
23
122
1,054

31
1
557
298
23
1
913

86,258102,133
129
19,387－
3,636

57,877
136,939
129
35,583
3,447
1,376

391

381

638
－
3,853
(2,619)(6,538)207,270
251,838
402,060

733
7,774
432
(2,609)(6,538)
235,528
273,367
421,504

10,684
21,431
41,40021,47410,000
5,000
158
2,922
208
643
2,000
47
51
938

11,321
22,08427,50032,245
10,00010,000
192
2,869
153
674
1,350
14
91
1,000

(Millions of yen)
As ofMarch 31, 2011
Provision for loss on business liquidation
Asset retirement obligations
Notes payable-facilities
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Convertible bond-type bonds
with subscription right s 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
Long-term guarantee deposited
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for dividends
Reserve for advanced depreciation of noncurrent assets
General reserve
Retained earnings brought forward
Total retained earnings
Treasury stock
Total shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Total valuation and translation adjustment
Total net assets
Total liabilities and net assets- 27 -

As ofMarch 31, 2012

1,954
75
4,613
583
124,186

1,954
－
295
236
121,984

43,00033,00015,00015,00090,407
392
2,604
544
541
170
1,233
153,893
278,080

112,768
380

28,66384,397

29,972
029,972

635
0
636

1,196

1,272

16
90
49,735
5,588
56,626(864)
114,398

16
98
53,0355,070
59,492(864)
143,661

9,581
9,581
123,979
402,060(7,924)(7,924)
135,737
421,504

740
535
170
1,187
163,782285,766

(2) [Non-consolidated Statements of Income and Non-consolidated Statement of Comprehensive Income]Non-consolidated Statements of Income

FY2010(From April 1, 2010
to March 31, 2011)
Net sales
Net sales of finished goods
Net sales of goods
Rent income of real estate
Total net sales
Cost of sales
Beginning finished goods
Beginning goods
Cost of products manufactured
Purchase of finished goods
Cost of purchased goods
Cost of real estate rent
Total
Ending finished goods
Ending goods
Total 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
Interest on bonds
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Compensation income
Gain on sales of investment securities
Gain on revision of retirement benefit plan
State subsidy
Other
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Loss on voluntary product recall
Write-off of investment securities
Loss on disasterWrite-off of investment securities
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Net income- 28 -(Millions of yen)
FY2011(From April 1, 2011
to March 31, 2012)

119,067
24,191
461
143,720

109,340
26,156
307
135,804

14,695
5,531
40,204
48,427
20,372373
129,604
13,416
6,147
110,041
33,67920,377
13,302

13,416
6,147
40,80542,913
21,98077
125,340
15,6206,501
103,218
32,586
21,47011,115

369
892
349
1,611

116
1,661
628
2,405

1,142
603
2,511
218
4,476
10,437

1,645
621
881
402
3,550
9,970

2
122
828
340
－
6
1,300

105
－
－
－
74
15
195

82
240
230
141
－
279
975
10,762
4,113
89
4,202
6,559

60
－
3
－
52
45
160
10,005
3,680
699
4,380
5,624

(3) [Non-consolidated Statements of Shareholders' Equity](Millions of yen)
FY2011(From April 1, 2011
to March 31, 2012)

FY2010(From April 1, 2010
to March 31, 2011)
Shareholder's equity
CapitalBalance at beginning of year
Increase (decrease) during the period
Transfer to capital stock from capital surplus reserve
Issue of new shares
Issue of new shares (exercise of share options)
Net increase (decrease) during the period
Balance at end of year
Capital surplus
Capital reserve
Balance at beginning of year
Increase (decrease) during the period
Transfer to capital stock from capital surplus reserve
Net increase (decrease) during the period
Balance at end of year
Other capital surplus
Balance at beginning of year
Increase (decrease) during the period
Disposal of treasury stock
Net increase (decrease) during the period
Balance at end of year
Total capital surplus
Balance at beginning of year
Increase (decrease) during the period
Transfer to capital stock from capital surplus reserve
Disposal of treasury stock
Net increase (decrease) during the period
Balance at end of year
Earned surplus
Earned reserve
Balance at beginning of year
Increase (decrease) during the period
Provision of legal retained earnings
Net increase (decrease) during the period
Balance at end of year
Other earned reserve
Dividend reserve
Balance at beginning of year
Increase (decrease) during the period
Net increase (decrease) during the period
Balance at end of year
Special depreciation reserve
Balance at beginning of year

- 29 -

28,663

28,663－－－－
28,66329,336
19,3977,000
55,73484,397

29,972

29,972－－
29,972(29,336)(29,336)
635

0

0

(0)
(0)
0

(0)
(0)
0

29,972

29,972－(0)(0)
29,972(29,336)(0)(29,336)
636

1,196

1,196

－
－
1,196

76
76
1,272

16

16

－
16

－
16

7

－

(Millions of yen)
FY2011(From April 1, 2011
to March 31, 2012)

FY2010(From April 1, 2010
to March 31, 2011)
Increase (decrease) during the period
Reversal of special depreciation reserve
Net increase (decrease) during the period
Balance at end of year
Reserve for reduction in noncurrent assets
Balance at beginning of year
Increase (decrease) during the period
Increase of reserve for the change of effective tax rate
Net increase (decrease) during the period
Balance at end of year
General reserve
Balance at beginning of year
Increase (decrease) during the period
Provision of general reserve
Net increase (decrease) during the period
Balance at end of year
Earned surplus carried forward
Balance at beginning of year
Increase (decrease) during the period
Dividends of surplus
Net income
Reversal of special depreciation reserve
Provision of legal retained earnings
Increase of reserve for the change of effective tax rate
Provision of general reserve
Net increase (decrease) during the period
Balance at end of year
Total earned surplus
Balance at beginning of year
Increase (decrease) during the period
Dividends of surplus
Net income
Reversal of special depreciation reserve
Provision of general reserve
Provision of legal retained earnings
Increase of reserve for the change of effective tax rate
Net increase (decrease) during the period
Balance at end of year

- 30 -

(7)
(7)
－

－
－
－

90

90

－
－
90

7
7
98

47,33549,7352,400
2,400
49,7353,300
3,300
53,035

4,466

5,588

(3,044)6,559
7－－(2,400)
1,122
5,588

(2,758)
5,624
－
(76)
(7)
(3,300)
(518)
5,070

53,111

56,626(3,044)
6,559
－
－
－
－
3,514
56,626(2,758)
5,624
－
－
－
－
2,865
59,492

FY2010(From April 1, 2010
to March 31, 2011)
Treasury stock
Balance at beginning of year
Increase (decrease) during the period
Acquisition of treasury stock
Disposal of treasury stock
Net increase (decrease) during the period
Balance at end of year
Total Shareholders' equity
Balance at beginning of year
Increase (decrease) during the period
Dividend of surplus
Net income
Transfer to capital stock from capital surplus reserve
Issue of new shares
Issue of new shares (exercise of share options)
Acquisition of treasury stock
Disposal of treasury stock
Net increase (decrease) during the period
Balance at end of year
Valuation and translation differences
Valuation differences of available-for-sale secrities
Balance at beginning of year
Increase (decrease) during the period
Net increase (decrease) of the items other thanshareholders' equity during the period
Netincrease (decrease) during the period
Balance at end of year
Total valuation and translation differences
Balance at beginning of year
Increase (decrease) during the period
Net increase (decrease) of the items other thanshareholders' equity during the period
Netincrease (decrease) during the period
Balance at end of year
Total net assets
Balance at beginning of year
Increase (decrease) during the period
Dividend of surplus
Net income
Issue of new shares
Issue of new shares (exercise of share options)
Acquisition of treasury stock
Disposal of treasury stock
Net increase (decrease) of the items other thanshareholders' equity during the period
Netincrease (decrease) during the period
Balance at end of year

- 31 -(Millions of yen)
FY2011(From April 1, 2011
to March 31, 2012)

(862)

(864)

(1)
0
(1)
(864)

(0)
0
(0)
(864)

110,885

114,398(3,044)
6,559
－
－
－
(1)
0
3,513
114,398(2,758)5,624－
19,3977,000(0)029,263
143,661

13,017

9,581(3,436)(17,505)(3,436)
9,581(17,505)(7,924)13,017

9,581(3,436)(17,505)(3,436)
9,581(17,505)(7,924)

123,902123,979(3,044)
6,559
－
－
(1)
0

(2,758)5,624
19,3977,000(0)0(3,436)(17,505)76
123,979

11,757
135,737