Summary Report of Consolidated Financial Results
For the Three Months Period ended June 30, 2009 (Year ending March 31, 2010)
August 11, 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 Person: Akihiko Yamabe, Director, General Manager of Accounting Division
Filling date of quarterly reporting: August 14 2009

TEL: (06) 6372-2331
Payment date of cash dividends: -(Note: Amounts are truncated to one million yen)
1. Financial results for the three months ended June 30, 2009.(From April 1, 2009 to June 30, 2009)(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
Income%Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen
1,322 (51.6)
3,121 (39.5)
4,056 16.9
2.6
43,6203 months ended June 30, 2009
2,734
5,163
3,469
42,5253 months ended June 30, 2008
Earnings
per Share
3 months ended June 30, 2009
3 months ended June 30, 2008

Diluted Earnings
per Share

20.85 Yen
43.10

- Yen
-

(2) Consolidated Financial Position

3 months ended June 30, 2009
Year ended March 31, 2009
(Note) Shareholders’ equity

Total Assets

Net Assets

Millions of yen
336,463
330,640

Millions of yen
107,730
96,560Net Assets
per Share

Equity Ratio
%

Yen

31.5
28.7

1,672.70
1,498.47

3 months ended June 30, 2009 106,091 million yen, Year ended March 31, 2009 95,049 million yen

2. Dividends
Dividends per share(Basis date) End of 1st Quarter End of 2nd Quarter
yen
yen
32.00
Year ended March 31, 2009----Year ending March 31, 2010
Year ending March 31, 2010(Forecast)----21.50

End of 3rd Quarter
yen
-----

Year endyen
0.00----27.00

Year Total
yen
32.00
----48.50(Note) Revisions to the forecast of cash dividens in the current quarter: None

3. Forecast of Consolidated Financial Results for the Year ending March 31, 2010 (From April 1, 2009 to March 31, 2010)(Note: The % displays in the line of 6 months ending September 30, 2009 shows increase/decrease ratio against the 6 months ended September
30, 2008. The % displays in the line of year ending March 31, 2010 shows increase/decrease ratio against the year ended March 31, 2009)
OperatingRecurring
Earnings
Net Sales
Net Income
IncomeIncomePer Share
Millions%
Millions%
Millions%
Millions%Yenof yenof yenof yenof yen6 months ending September 30,2009
87,300
0.8
6,400
(8.0)
5,200
(25.0)
2,250(33.9)
35.46
Year ending March 31, 2010
180,000
2.3
15,0001.5
13,000
31.4.
6,050
33.5
95.35
(Notes) Revisions to the forecast of consolidated financial results in the current quarter : None

- 1 -

4. Others(1) Changes in significant subsidiaries during the current period(Changes in specified subsidiaries that caused a change in the scope of consolidation: None
(2) Adoption of accounting treatments simplified and unique for preparation of quarterly consolidated financial statements: Yes(Note) For more details please see page 5. [Qualitative information, financial reports and others] 4. Other.
(3) Changes in accounting principles, procedures and disclosure for quarterly consolidated financial reports (to be stipulated in significant mattersfor preparation of quarterly consolidated financial reports):[1] Changes by a newly issued accounting pronouncement: No[2] Changes other than [1]: No(4) Issued shares (Common stock)[1] Number of issued shares at end of the period(including treasury stock)[2] Number of treasury stock at end of the period[3] Number of average shares during the period(Quarter to date)

3 months ended June 30,2009
63,878,505 shares
3 months ended June 30,2009
453,280 shares
3 months ended June 30,2009
63,429,209 sharesYear ended March 31, 2009
63,878,505 sharesYear ended March 31, 2009
447,874 shares
3 months ended June 30,2008
63,462,347 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 5. [Qualitative information, financial reports and others] 3. Qualitative information concerning forecast of
consolidated financial results.

- 2 -[Qualitative information, financial statements and others]
1.

Qualitative information concerning consolidated financial results

There were signs that recession in the world economy made worse by turmoil in the financial markets was ending in this fiscal
quarter, meanwhile in Japan, the business environment remained more severe due to the decrease in export, the drop in capital
investment and slowdown in personal consumption.
Under such situation, we have promoted to develop advanced medical equipment and expand the pharmaceutical business so as toimprove business performance.
Therefore, the consolidated sales in this quarter increased 2.6% compared with the same quarter a year ago to the 43,620 millionyen.
As for the profit, operating income increased 16.9% to the 4,056 million yen in this quarter compared with the same quarter a year
ago, due to the decrease in selling, general and administrative expenses. Ordinary income decreased 39.5% to 3,121 million yen due
to the changes in exchange rate and net income decreased 51.6% to 1,322 million yen.
The overviews of the results by segment in this fiscal quarter are as follows.
<Medical equipment division>
As for the domestic sales of medical equipment division, more and more hospitals have begun to introduce Diagnostic Procedure
Combination system (hereinafter referred to as “DPC”) which is a comprehensive reimbursement system of medical cost for acutestage inpatient. Managerial environment for Medical institutions becomes more severe though the direct impacts of financial crisis
have not been represented on, as loss-making hospitals have increased and public hospitals have begun to consolidate.
Under such circumstances, we showed consistent growth in each field of medical-equipment-related products like dialysis system,
examine-related products like blood collection tube, products related to ventricular assist device, vascular-related products like PTCA
balloon catheters, and injection and infusion-related products such as safety-use product, by mean of more active sales promotion andimprovement in sales efficiency.
In the international business, on the other hand, under the appreciation of the yen against the dollar since last year, we havethoroughly reduced inventory and cut costs so as to improve the profitability. By products, the business for artificial organ likedialyzer has grown up due to the efficiency improvement in foreign sales base, and the business for injection and infusion-related
products has decreased according to the effect of discontinued sale of some products though the sale of devices for diabetics andsafety-device-related products have grown up steadily.
As a result, net sales of this division increased 3.3% from the same period a year ago to 27,093 million yen.
<Pharmaceutical division>
In the Pharmaceutical division, we advanced the sales of characteristics drugs and medicines, thanks to the policies for the
popularization of generic products under the aging of the population and the increase of the establishments introducing DPC. As aresult, we steadily raised the sales of liquid-and-powder double-bag kits, injectable drug such as plastic-ampoules, and oral drug suchas orally disintegrating tablets and extended-release tablets, as well as dialysis-related products such as kit product of substitution
fluid for hemofiltration and hemodiafiltration.
In the contract manufacturing business, we built up the structure which enables us to stably supply the high-quality products as thelargest contract manufacturer group of pharmaceutical products in Japan, by means of expanding the production capacity such as a
new plant for Transdermal Therapeutic Systems, advancing the contract manufacturing business with major pharmaceuticalcompanies.
As a result, net sales of this division increased 4.9% from the same period a year ago to 14,225 million yen.

- 3 -

<Glass & Materials division>
In the filed of glass for pharmaceutical purposes, the sales of glass tubes for ampoule and glass for tubes and bottles decreased dueto the downturn in domestic market. In the field of other glass & materials products, the export of glass for vacuum bottle mainly to
Middle East Market decreased due to the worldwide economic stagnation. The sales of lighting glass was affected by the inventory
adjustment in automobile-related industries, the sales of products related to backlight for LCD also decreased sharply due to the poorsales of flat-screen TV. As for the products other than glasses products, though the sales of health food product did well, other sales
remained poor due to the stagnant consumption.
As a result, net sales of this division decreased 20.1% from the same period a year ago to 2,052 million yen.
<Other division>
Net sales of other division, consisting mainly of sales of machine for manufacture of medical equipment and real estate rentals,
increased 63.1% from the same period a year ago to 249 million yen.

2.

Qualitative information on the consolidated financial position(1) Condition of the assets, liabilities and net assets
Total assets at end of this quarter period increased 5,823 million yen to 336,463 million yen from end of the previous period.
Current assets decreased 5,296 million yen and non-current assets increased 11,119 million yen from end of the previous period.
Current assets decreased mainly due to the decrease of 6,629 million yen in the cash and deposits and non-current assets increased
mainly due to the increase of 9,948 million yen in investment securities.
Total liabilities decreased 5,347 million yen to 228,733 million yen from end of the previous period. Current liabilities decreased
6,399 million yen and non-current liabilities increased 1,051 million yen from end of the previous period. Current liabilities
decreased mainly due to the decrease of 9,968 million yen in notes payable-facilities and non-current liabilities increased mainly due
to the increase of 4,183 million yen in deferred tax liabilities.
Net assets increased 11,170 million yen to 107,730 million yen. Shareholders’ equity increased 1,313 million yen and valuation andtranslation adjustments increased 9,728 million yen, from end of the previous period.
(2)Condition of the consolidated Cash flows
Cash and cash equivalents (hereinafter referred to as “net cash”) at the end of this quarter period decreased 5,830 million yen to39,522 million yen from the end of the previous period.
(Cash flows from operating activities)
Net cash provided by operating activities amounted to 5,333 million yen. The main accounts of inflow were quarterly income
before income taxes and minority interests, 2,821 million yen, depreciation and amortization, 4,076 million yen and the main
accounts of outflow were increase in notes and accounts receivable-trade, 3,567 million yen, amount of payment for income tax,
1,847 million yen.
(Cash flows from investing activities)
Net cash used in investing activity amounted to 13,003 million yen. The main account of outflow was purchase of non-current assets,
14,772 million yen.
(Cash flows from financing activities)
Net cash provided by financing activities amounted to 2,211 million yen. The main accounts of inflow was net increase in short-termloans payable, 6,589 million yen and the main account of outflow was repayment of long-term loans payable, 4,818 million yen.

- 4 -

3.

Qualitative information concerning forecast of consolidated financial results

The world economic future still shows no visible signs of recovering, while there are increasing concerns over the appreciation of
the yen against the dollar and increasing raw price due to the high price of crude oil in the domestic economy, the businessenvironment is expected to remain more severe for a while.
Under such circumstances, we will strive to improve production efficiency continuously and establish low-cost structure as well as
aggressively develop new business field and maintain the business infrastructure strong enough to cope with the severe businessenvironment and improve business performance furthermore.
The forecast of consolidated financial results for the fiscal year 2009(April 1, 2009 through March 31, 2010) announced on May 15,
2009 has not been changed for now.

4.

Other

(1) Changes in significant subsidiaries during the current period(Changes in specified subsidiaries that caused a change in the scope of consolidation)
N/A(2) Simplified accounting procedures and accounting procedures specific to quarterly consolidated financial statements[1] Simplified accounting procedures
1) Calculation of estimated impairment for general receivables.
As it was accepted that there was no significant change between the actual rate or index of bad debts accrual calculated at theend of the current quarterly consolidated accounting period and at the 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 the end of the current quarterly consolidated accounting period, actual stock counting procedure
was omitted and the inventory amount was calculated by the reasonable method based on the actual stock balance at the end of theprevious consolidated accounting year.
3) Calculation method for depreciation of noncurrent assets
The noncurrent assets depreciated in declining balance method were calculated by prorating the depreciation amount in the
consolidated accounting year.
4) Deferred tax assets and liabilities
As for the judgment of collectability of deferred tax assets, the forecasted financial results and tax planning used in the end of
the previous consolidated accounting year was utilized, as it was accepted that there was no significant change in the situation of
accrued temporally differences from the end of the previous consolidated accounting year.
[2] Accounting procedures specific to quarterly consolidated financial statements
N/A(3) Changes in accounting principles, procedures, and disclosure for quarterly consolidated financial statements

N/A

- 5 -

5. Quarterly Consolidated Financial Statements(1) [ Quarterly Consolidated Balance Sheets ](Amount: million yen)

As ofJune 30, 2009
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
Land
Lease Assets
Accumulated depreciation
Lease Assets, net
Construction in progress
Other
Accumulated depreciation
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
Guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

-6-

As of
March 31, 2009

42,57153,17636,198
6,379
9,405
2,446
5,850
(458)
155,568

49,20050,94735,759
6,410
8,944
2,846
7,167
(410)
160,865

102,122(53,497)
48,624110,092(74,169)
35,922
19,571
255(25)
230
18,971
23,879(19,259)
4,620
127,940

101,361(52,229)
49,131
107,843(71,319)
36,524
19,45993(11)81
16,84723,394(18,699)
4,694
126,739

782
43
1,637
2,463

851
1,597
2,448

46,818
256
4,184
2,454
(3,224)50,490180,894
336,463

36,869
140
4,229
2,561
(3,214)
40,587
169,775
330,640

(Amount: million yen)

As ofJune 30, 2009
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Current portion of bonds
Lease obligation
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
Lease obligation
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, 2009

28,47453,872
6,140
111
4,229
1,446
940
30
1,954
4,483
6,712
108,396

28,322
48,179
6,140
72
4,437
2,281
1,615
3
1,954
14,452
7,336
114,795

35,16035,16014,00014,00061,623
234
5,051
2,015
642
170
1,439
120,336
228,733

65,012
92
913
1,888
631
170
1,416
119,284
234,080

28,66329,972
42,780(858)
100,558

28,66329,97341,457(849)
99,244

11,174(5,641)
5,533
1,639
107,730
336,463

4,998(9,193)(4,195)
1,511
96,560330,640

(2) [ Quarterly Consolidated Statements of Income ][ First quarter for the three months ended June 30, 2009 ](Amount: million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Foreign exchange gains
Equity in earnings of affiliates
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
Gain from the prior-term adjustment
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-8-

FY2008 1st Quarter(From April 1, 2008
to June 30, 2008)
42,52530,177
12,3478,878
3,469

FY2009 1st Quarter(From April 1, 2009
to June 30, 2009)
43,62031,34012,280
8,224
4,056

104
375
1,682
66
140
2,369

55
304
129
489

582
78
14
675
5,163

560
69
311
444
37
1,423
3,121

246
45
292

12
8
4
26

40
129
229
193
592
4,862
1,858
193
2,052
75
2,734

7
228
89
326
2,821
1,167
227
1,395
103
1,322

(3) [ Quarterly Consolidated Statements of Cash Flows ](Amount: million yen)
FY2008 1st Quarter(From April 1, 2008
to June 30, 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 proceeds
Net cash provided by (used in) investment activities-9-

FY2009 1st Quarter(From April 1, 2009
to June 30, 2009)

4,862
4,019
129
85
(66)
14
(480)
582
286
(3,591)(1,326)
2,360
196
(221)
(243)
6,607
463
(486)
85
(28)
(1,180)
5,461

2,821
4,076
72
444
25
(360)
560
99
(3,567)
(153)
3,605
579
(1,155)
27
7,078
441
(420)
139
(57)
(1,847)
5,333

(178)
178
0
(6,250)
252

(318)
1,170
0
(14,772)
27

1,838

202

48
24
1
(4,085)686
0
2(13,003)(Amount: million yen)
FY2008 1st Quarter(From April 1, 2008
to June 30, 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
Cash dividends paid for minority shareholders
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 -

FY2009 1st Quarter(From April 1, 2009
to June 30, 2009)

3,984
1,800
(3,963)(10,000)
9
(7)
(6)
(534)
0
(8,718)(562)(7,905)47,6566,589
500(4,818)
(8)
(25)
(1)
(2)
(21)
2,211
(372)
(5,830)45,352809-

40,56039,522

(4) Notes related to going concern
N/A(5) Segment information[1] Segment information by business category

FY2008 1st Quarter (From April 1, 2008 to June 30, 2008)
MedicalEquipment
Net sales(1)Sales to third parties(2)Inter-segment sales
And transfers

Pharmaceutical(Amount: million yen)

Glass &
Materials

Other

Total

Eliminations/Corporate

Consolidated

26,24013,5642,568

152

42,525-42,525

-

0

796

18

815

(815)

-

Total

26,240,13,5643,364

171

43,340(815)

42,525

Operating income(loss)

3,561

1,213

455

30

5,260

(1,791)3,469

FY2009 1st Quarter (From April 1, 2009 to June 30, 2009)
MedicalEquipment
Net sales(1)Sales to third parties(2)Inter-segment sales
and transfers

Pharmaceutical(Amount: million yen)

Glass &
Materials

Other

Total

Eliminations/Corporate

Consolidated

27,093

14,2252,052

249

43,620-43,620

-

0

974

21

996

(996)

-

Total

27,093

14,2253,027

270

44,617(996)

43,620Operating income(loss)

3,950

1,317

436

10

5,714

(1,658)4,056(Notes) 1. Classification of business categories and main products and commodities 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.

- 11 -

[2] Segment information by geographical area

FY2008 1st Quarter (From April 1, 2008 to June 30, 2008)
Japan

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

Total
Operating income(loss)

America(Amount: million yen)

Europe

Asia

Total

34,085

4,023

2,526

1,890

42,525-42,525

7,405

221

1

3,480

11,108(11,108)-

41,490

4,245

2,527

5,370

53,633(11,108)

42,525

5,344

(325)

(11)

329

5,336

(1,866)3,469

FY2009 1st Quarter (From April 1, 2009 to June 30, 2009)
Japan

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

Total
Operating income(loss)

Eliminations
Consolidated/Corporate

America(Amount: million yen)

Europe

Asia

Total

Eliminations
Consolidated/Corporate

34,526

4,503

2,995

1,594

43,620-43,620

6,587

203

0

3,743

10,543(10,534)-

41,114

4,706

2,995

5,338

54,155(10,534)

43,620

5,403

(49)

36

600

5,990

(1,934)4,056(Notes)1. Classification of countries or areas is based on geographical proximity.
2. 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

FY2008 1st Quarter (From April 1, 2008 to June 30, 2008)
America

1. Overseas sales(Amount: million yen)

Europe

7,372

4,473

Asia

Total

2,380

42,525

2. Consolidated net sales
3.

Percentage of overseas sales toconsolidated net sales (%)

17.3%

10.5%

5.6%

FY2009 1st Quarter (From April 1, 2009 to June 30, 2009)
America

1. Overseas sales

Europe7,275

Percentage of overseas sales toconsolidated net sales (%)

33.4%(Amount: million yen)

4,914

Asia

Total

2,383

14,573
43,6202. Consolidated net sales
3.

14,226

16.7%

11.3%

5.4%

33.4%

(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 -