Summary Report of Consolidated Financial Results
For the six Months Period ended September 30, 2009 (Year ending March 31, 2010)
November 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
TEL: (06) 6372-2331
Filling date of quarterly reporting: November 13, 2009
Payment date of cash dividends: December 9, 2009
(Note: Amounts are truncated to one million yen)
1. Financial results for the six months ended Sept. 30, 2009.(From April 1, 2009 to Sept. 30, 2009)(1) Consolidated Results of Operations( Note: The % displays show increase/decrease ratio against the same period of the previous year.)
Net Sales
6 months ended Sept. 30, 2009
6 months ended Sept. 30, 2008

Millions of yen
87,43586,575%
1.0-

Earnings
per Share
6 months ended Sept. 30, 2009
6 months ended Sept. 30, 2008

Operating Income

Ordinary Income%
Millions of yen
33.2
9,261
6,952

Millions of yen
6,999
6,937

Net

Income%
2.7-

Millions of yen
3,494
3,402

%
0.9
-

Diluted Earnings
per Share

55.09 Yen
53.61

- Yen
-

(2) Consolidated Financial Position

6 months ended Sept. 30, 2009
Year ended March 31, 2009
(Note) Shareholders’ equity

Total Assets

Net Assets

Millions of yen
335,491
330,640

Millions of yen
107,956
96,560Net Assets
per Share

Equity Ratio
%

Yen

31.7
28.7

1,675.02
1,498.47

6 months ended Sept. 30, 2009 106,237 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
23.50----Year ending March 31, 2010
Year ending March 31, 2010(Forecast)---------End of 3rd Quarteryen-------------

Year endyen
0.00----25.00

Year Total
yen
32.00
----48.50(Note) Revisions to the forecast of cash dividens in the current quarter: Yes

3. Forecast of Consolidated Financial Results for the Year ending March 31, 2010 (From April 1, 2009 to March 31, 2010)(Note: The % displays show increase/decrease ratio against the year ended March 31, 2009)
Operating
Ordinary
Net Sales
Net Income
IncomeIncomeMillions%
Millions%
Millions%
Millions%of yenof yenof yenof yenYear ending March 31, 2010
180,000
2.3
17,40017.8
13,000
31.4
6,050
33.5
(Note) Revisions to the forecast of consolidated financial results in the current quarter : Yes- 1 -Earnings
Per Share
Yen
95.35

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)

6 months ended Sept. 30, 2009
63,878,505 shares
6 months ended Sept. 30, 2009
454,035 shares
6 months ended Sept. 30, 2009
63,427,015 sharesYear ended March 31, 2009
63,878,505 sharesYear ended March 31, 2009
447,874 shares
6 months ended Sept. 30,2008
63,458,025 shares*Disclaimer for appropriate use of forecasted financial results, and other special notes
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

In the current half-year period, the world economy is said to be gradually bottoming out, as the excessive uncertainties about thefinancial system after the last autumn has been decreased. In Japan’s economy, the business environment remains severe because theoutlook for the economy was clouded by the worsening employment conditions and emergences of the deflationary concerns, while
there was pickup in production by the advancement of inventory adjustment and recovery in exports.
Under such situation, we have promoted to develop advanced medical equipment, expand the pharmaceutical business, increase
productive efficiency and step up the sales force, so as to improve business performance.
Therefore, the consolidated sales in this half-year period increased 1.0% compared with the same period a year ago to the 87,435
million yen.
As for the profit, operating income increased 33.2% to the 9,261 million yen in this half-year period compared with the same perioda year ago. Ordinary income increased 0.9% to 6,999 million yen and net income increased 2.7% to 3,494 million in this half-year
period compared with the same period a year ago.
The overviews of the results by segment in this half-year period are as follows.
<Medical equipment division>
As for the domestic sales of medical equipment division, the market and business conditions become more and more server because
health industry particularly in medical institution are urged to improve business efficiency under the promotion of medical system
reform aimed at controlling medical expenses.
Under such circumstances, we showed consistent growth of sales and profit in each field of injection and infusion-related products
such as safety-use product and product for the new influenza, medical-equipment-related products like dialysis system,
examine-related products like blood collection tube and blood glucose meter, products related to ventricular assist device and related
products to artificial heart-lungs, and vascular-related products like guiding catheters by means of more active sales promotion andimprovement in sales efficiency.
In the international business, on the other hand, though we faced a serious challenge due to the appreciation of the yen against U.S.
dollar, we have strengthened our sales in expanding market in China and increase sales in Europe market so that the sales shows
consistent increase, in addition, we have ceased selling unprofitable products, reduced inventory, cut costs, and downsized theunprofitable sales offices so as to drastically improve corporate earnings conditions. We have also promoted on-site-based sales
activities in the foreign sales offices so that the business for artificial organ like dialyzer and injection and infusion-related products
has increased greatly as well as diabetic devices and safety-device-related products have grown steadily.
As a result, net sales of this division increased 0.5% from the same period a year ago to 54,881 million yen.
<Pharmaceutical division>
In the Pharmaceutical division, we advanced the sales of characteristics drugs and medicines, supported by the policies for the
popularization of generic products under the advancement of aging society and increase of the establishments introducing DPC. As aresult, we showed steady growth in sales of liquid-and-powder double-bag kits, pre-mixed-bag kits, injectable drug such as
plastic-ampoules, and oral drug such as orally disintegrating tablets and extended-release tablets, as well as dialysis-related products
such as kit product of substitution fluid for hemofiltration and hemodiafiltration. We also advanced the contract manufacturingbusiness to build up the structure which enables us to stably supply the high-quality products as the largest contract manufacturer
group of pharmaceutical products in Japan, as we have started the contract-manufacturing of steroid injectable drug in new plant andwon a new business in oral drug from major drug companies.
As a result, net sales of this division increased 5.6% from the same period a year ago to 28,023 million yen.

- 3 -

<Glass & Materials division>
In the filed of glass for pharmaceutical purposes, the domestic demands of glass tubes for ampoule decreased due to the changes offorms of container, on the other hand, the business of glass tubes and bottles have relatively done well.
In the field of other glass & materials products, the export of glass for thermos bottles mainly to Middle East Market decreased dueto the worldwide economic stagnation and stronger yen. The sales of glass for lighting purposes to automobile-related industries
showed a recovery trend to a certain extent, the sales of products related to backlight for LCD decreased significantly due to theprice down and the production shift to overseas locations. As for the products other than glasses products, though the sales of healthfood product did well, other sales remained poor due to the stagnant consumption.
As a result, net sales of this division decreased 17.4% from the same period a year ago to 4,198 million yen.
<Other division>
Net sales of other division, consisting mainly of sales of machine for manufacture of medical equipment and real estate rentals,
decreased 9.5% from the same period a year ago to 331 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 half-year period increased 4,850 million yen to 335,491 million yen from the end of the previous period.
Current assets decreased 255 million yen to 160,610 million yen and non-current assets increased 5,106 million yen to 174,881
million yen from end of the previous period. Current assets decreased mainly due to the decrease of 5,529 million yen in the cash anddeposits and non-current assets increased mainly due to the increase of 4,296 million yen in investment securities.
Total liabilities at end of this half-year period decreased 6,545 million yen to 227,534 million yen from the end of the previous
period. Current liabilities increased 1,483 million yen to 116,279 million yen and non-current liabilities decreased 8,029 million yen
to 111,255 million yen from end of the previous period. Current liabilities increased mainly due to the increase of 10,000 million yen
in commercial paper and non-current liabilities decreased mainly due to the decrease of 13,385 million yen in convertible bond-typebonds with subscription rights to shares.
Net assets at end of this half-year period increased 11,396 million yen to 107,956 million yen from the end of the previous period.
Shareholders’ equity increased 3,483 million yen to 102,728 million yen and valuation and translation adjustments increased 7,704
million yen to 3,509 million yen from end of the previous period. Shareholders’ equity increased mainly due to the increase of 3,494
million yen in retained earnings, and valuation and translation adjustments increased mainly due to the increase of 4,700 million yen
in foreign currency translation adjustment and the increase of 3,004 million yen in Valuation difference on available-for-salesecurities.
(2)Condition of the consolidated Cash flows
Cash and cash equivalents (hereinafter referred to as “net cash”) at the end of this half-year period decreased 5,532 million yen to39,819 million yen from the end of the previous period.
(Cash flows from operating activities)
Net cash provided by operating activities amounted to 10,868 million yen. The main accounts of inflow were income before
income taxes and minority interests, 6,571 million yen, depreciation and amortization, 8,466 million yen and the main accounts ofoutflow were increase in notes and accounts receivable-trade, 5,429 million yen, income taxes paid, 2,018 million yen.
(Cash flows from investing activities)
Net cash used in investing activity amounted to 18,471 million yen. The main account of outflow was purchase of noncurrent assets,
19,335 million yen.
-4-

(Cash flows from financing activities)
Net cash provided by financing activities amounted to 2,713 million yen. The main accounts of inflow was increase in commercial
paper, 10,000 million yen, net increase in short-term loans payable, 7,874 million yen and proceeds from long-term loans payable,
7,800 million yen and the main accounts of outflow were redemption of bonds 16,505 million yen and repayment of long-term loans
payable, 9,337 million yen.

3.

Qualitative information concerning forecast of consolidated financial results

The world economic future showed the signs of long-term stagnation taking time in adjusting over-lending, while there is a risingconcern about the stronger yen against the dollar and tendency of deflation with no good prospect for rapid recovery of business
investment and personal consumption in Japan’s economy, the business environment 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.
We amend the forecast of consolidated financial results for the fiscal year 2009(April 1, 2009 through March 31, 2010) due to thebetter-than-expected business performance in this half-year period.
Net sales 180,000 million yen (an increase of 2.3% compared with a year ago), operating income 17,400 million yen (an increaseof 17.8% compared with a year ago), ordinary income 13,000 million yen (an increase of 31.4% compared with a year ago), net
income 6,050 million yen (an increase of 33.5% compared with a year ago).
This forecast continuously assumes its foreign exchange rate through the fiscal year of 90 yen per U.S. dollar.

4.

Other

(1) Changes in significant subsidiaries during the current period (Changes in specified subsidiaries that caused a change in the scopeof 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) 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.
3) 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 of
September 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 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
Guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

-6-

As of
March 31, 2009

43,671
54,91837,047
5,930
9,586
3,342
6,606
(493)
160,610

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

105,362(54,590)
50,772
114,503(76,724)
37,778
19,624
1,317
(54)
1,262
13,691
24,414(19,823)
4,590
127,719

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

719
41
1,665
2,426

851
1,597
2,448

41,166
89
4,136
2,564
(3,222)
44,734
174,881335,491

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

(Amount: million yen)

As of
September 30, 2009
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Commercial papers
Current portion of bonds
Lease obligations
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 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
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

27,65655,62410,000
3,130
275
4,200
3,521
1,793
90
1,954
2,312
5,720
116,279

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

38,05035,160615

14,00063,933
1,140
2,904
2,141
586
170
1,714
111,255
227,534

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

28,66329,972
44,951(859)
102,728

28,66329,97341,457(849)
99,2448,002(4,493)
3,509
1,719
107,956
335,491

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

(2) [ Quarterly Consolidated Statements of Income ][ First half for the six months ended Sept. 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
Compensation income
Surrender value of insurance
Other
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Impairment loss
Abnormal manufacturing cost
Loss on valuation of inventories
Corresponding loss to compensation income
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 first half
(From April 1, 2008
to Sept. 30, 2008)
86,57561,707
24,867
17,9146,952

FY2009 first half
(From April 1, 2009
to Sept. 30, 2009)
87,43561,851
25,584
16,322
9,261

229
392
385
18
315
1,342

105
326
355
787

1,133
174
49
1,357
6,937

1,110
148
942
758
89
3,050
6,999

269
48
317

23
193
109
32
358

65
130
135
229
254
816
6,439
3,072
(152)
2,920
116
3,402

23
444
190
128
786
6,571
3,371
(484)
2,887
189
3,494

(3) [ Quarterly Consolidated Statements of Cash Flows ](Amount: million yen)
FY2008 first half
(From April 1, 2008
to Sept. 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) investing 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
Net Decrease (increase) in short-term loans receivableCollection of loans receivable
Other proceeds
Net cash provided by (used in) investment activities-9-

FY2009 first half
(From April 1, 2009
to Sept. 30, 2009)

6,439
8,177
130
174
(18)
35
(622)
1,133
285
(4,964)(3,557)
3,527
(283)
(84)
(216)
10,154601(1,277)185(61)(1,504)
8,098

6,571
8,466
146
758
53
(432)
1,110
55
(5,429)
(474)
2,601
493
(434)
(156)
13,330587(1,133)353(250)(2,018)
10,868(1,261)1,120(1)(11,907)352(1,349)1,413(1)(19,335)
58

1,838

202

195
47
1
(9,613)539
0
2(18,471)

(Amount: million yen)
FY2008 first half
(From April 1, 2008
to Sept. 30, 2008)
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Increase (decrease) in commercial paper
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds form issuance of bonds
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 -

900
10,850(7,431)(10,130)
9
(37)
(19)
(600)
0
(6,459)(460)(8,435)47,656

FY2009 first half
(From April 1, 2009
to Sept. 30, 2009)
7,874
10,0007,800(9,337)
2,982(16,505)
(10)
(65)
(2)
(2)
(21)
2,713
(642)
(5,532)45,352808-

40,03039,819(4) Notes related to going concern
N/A(5) Segment information[1] Segment information by business category

FY2008 first half (From April 1, 2008 to Sept. 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

54,603

26,5255,080

366

86,575-86,575

-

0

1,620

39

1,660

(1,660)-Total

54,603

26,5256,700

406

88,235(1,660)86,575

Operating income(loss)

7,308

2,175

953

11

10,449(3,496)6,952

FY2009 first half (From April 1, 2009 to Sept. 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

54,881

28,0234,198

331

87,435-87,435

-

0

1,960

46

2,007

(2,007)-

Total

54,881

28,024

6,159

378

89,442(2,007)87,435

Operating income(loss)

9,151

2,503

884

29

12,569(3,307)

9,261(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 first half

(From April 1, 2008 to Sept. 30, 2008)
Japan

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

Total
Operating income(loss)

FY2009 first half

America(Amount: million yen)

Europe

Asia

Total

68,100

8,746

5,976

3,751

86,575-86,575

15,423

483

1

7,186

23,094(23,094)-

83,524

9,229

5,977

10,938109,669(23,094)

86,575

10,652

(602)

(14)

571

10,607(3,654)

6,952(From April 1, 2009 to Sept. 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

68,679

8,868

6,308

3,578

87,435-87,435

14,131

320

2

7,436

21,891(21,891)-

82,810

9,189

6,310

11,015

109,326(21,891)

87,435

11,749

(23)

55

1,114

12,896(3,634)

9,261(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 first half (From April 1, 2008 to Sept. 30, 2008)
America

Europe15,381

1. Overseas sales(Amount: million yen)

9,610

Asia

Total

5,214

86,575

2. Consolidated net sales
3.

Percentage of overseas sales toconsolidated net sales (%)

FY2009 first half

17.8%

11.1%

6.0%

(From April 1, 2009 to Sept. 30, 2009)
America

1. Overseas sales

Europe14,377

Percentage of overseas sales toconsolidated net sales (%)

34.9%(Amount: million yen)

10,605

Asia

Total

5,243

30,22687,435

2. Consolidated net sales
3.

30,206

16.5%

12.1%

6.0%

34.6%

(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 -