Financial Results for the Fiscal Year Ended March 31, 2012<under Japanese GAAP> (Consolidated)
May 11, 2012
Company name : NIKKO COMPANY
ID number : 5343 Stock listing : Nagoya Stock Exchange Second Section
URL : http://www.nikko-company.co.jp/
Representative : Kazuto Futamata, Chief Executive Officer
Contact : Yasuhiro Kurauchi, Finance and Administration, General Manager (Phone: +81-76-276-2121)
Scheduled date of general meeting of shareholders: June 26, 2012
Scheduled date to submit Securities Report : June 27, 2012
Scheduled date to begin dividend payments : Preparation of supplementary materials for financial results: None
Holding of financial results meeting: None
(All amounts are rounded down to the nearest million yen)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2012 (April 1, 2011 - March 31, 2012)(1) Consolidated operating results(Percentage figures represent changes from the same period of the previous year.)Net sales

Operating income

Ordinary income％

Net income

Millions of yen％

FY ended Mar. 31, 2012

18,239

-

32

-

48

-

226

-

FY ended Mar. 31, 2011

7,754

-

(408)

-

(377)

-

(755)

-

Millions of yen

Note: Comprehensive income (Millions of yen):％

Millions of yen

Mar. 31, 2012: 242 (-%)

Net income per
share

Diluted net income
per share

Return on
equity％Millions of yen

Mar. 31, 2011: (761) (-%)
Ordinary income
to total assets

Operating income
to net sales

FY ended Mar. 31, 2012

Yen
12.09

Yen
-

6.5

0.4

%
0.2

FY ended Mar. 31, 2011(40.31)-(20.1)

(2.8)

(5.3)

%

%

Reference: Equity in earnings of affiliates (Millions of yen):Mar. 31, 2012: Mar. 31, 2011: Note: Nikko Company has changed its fiscal year-end from October 31 to March 31 resulting in an irregular five-month period forfiscal 2011 and as a result, changes from the previous fiscal year are not provided. Further, November 1, 2010 to March 31,
2011 figures for net income per share (yen), return on equity (%) and ordinary income to total assets (%) represent income
for the five-month period.
(2) Consolidated financial position
Total assets
As of Mar. 31, 2012

Net assets

Millions of yen
13,173Equity ratio

Millions of yen
3,623

13,288
As of Mar. 31, 2011
Reference: Shareholders' equity (Millions of yen):

Net assets per share%

3,381
Mar. 31, 2012: 3,623

27.5

Yen
193.4125.4

180.49Mar. 31, 2011: 3,381(3) Consolidated cash flow position
Net cash provided by (used in)

FY ended Mar. 31, 2012

Operating activities
Millions of yen(136)

Investment activities
Millions of yen
(373)

45

FY ended Mar. 31, 2011

Financing activities

Cash and cash equivalents
at end of period
Millions of yen
924

Millions of yen
148

(237)

225

1,287

2. Dividends
Dividend per share(Record date)1Q-endYen

2Q-endYen

Year ended Mar. 31, 2011
Year ended Mar. 31, 2012
Year ending Mar. 31, 2013
(forecast)

-

-

-

Dividend on
Equity(consolidated)%%

Total dividends Payout ratio(annual)(consolidated)

3Q-end Year-end Annual
Yen
Yen
Yen Millions of yen

0.00

-

0.00
0.00

0.00
0.00

0.00

-

0.00

0.00

1

-

-

-

3. Consolidated Forecast for the Fiscal Year Ending March 31, 2013 (April 1, 2012 - March 31, 2013)(Percentage figures represent changes from the same period of the previous year.)
Net income
Net sales
Operating income
Ordinary income
Net income
per share
Full
year

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

18,300

0.3

0
~100

(100.0)~204.80~100(100.0)~105.90~100(100.0)~(55.8)

0.00
~5.34

Note: Consolidated forecast for the six months ending September 30, 2012 have not been disclosed because the Company and its
subsidiaries track performance on an annual basis only. In addition, because conditions both in Japan and overseas surrounding
the Company have been changing dramatically, it is difficult to accurately forecast future earnings. For this reason, the Company
discloses consolidated earning forecasts for the fiscal year ending March 31, 2013, in the form of a range.
4. Other(1) Changes in major subsidiaries during the period (Changes in specifies subsidiaries causing changes in scope of consolidation):
None
New: — companies (Company name:)Eliminated: — companies (Company name:)(2) Changes in accounting policies, changes in accounting estimates, or restatement
1) Changes in accounting policies due to changes in consolidated accounting methods: None
2) Changes other than 1) above: None
3) Changes in accounting estimates: None
4) Restatement: None

(3) Number of shares outstanding (common shares)
1) Number of shares outstanding (including treasury stock) at the end of the period
Mar. 31, 2012:
19,572,000 sharesMar. 31, 2011:
2) Number of treasury stock at the end of the period
Mar. 31, 2012:
838,142 sharesMar. 31, 2011:
3) Average number of shares over period
Mar. 31, 2012:
18,734,917 sharesMar. 31, 2011:

19,572,000 shares
835,419 shares
18,737,419 shares(Reference) Non-consolidated financial results
Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2012 (April 1, 2011 - March 31, 2012)(1) Non-consolidated operating results(Percentage figures represent changes from the same period of the previous year.)Net sales

Operating income

Ordinary income％

Net income％％

Millions of yen％

FY ended Mar. 31, 2012

15,894

-

38

-

82

-

96

-

FY ended Mar. 31, 2011

6,837

-

(315)

-

(272)

-

(745)

-

Net income per
share
Yen

Millions of yen

Millions of yen

Millions of yen

Diluted net income
per share
Yen

FY ended Mar. 31, 2012

5.18

-

FY ended Mar. 31, 2011(39.78)-

Note: The Company has changed its fiscal year-end from October 31 to March 31 resulting in an irregular 5-month period for fiscal 2011
and as a result, changes from the previous fiscal year are not provided. Further, November 1, 2010 to March 31, 2011 figures fornet income per share (yen) represent income for the five-month period.
(2) Non-consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

As of Mar. 31, 2012

Millions of yen
13,464

Millions of yen
4,109

30.5

Yen
219.38

As of Mar. 31, 2011

13,657

3,995

29.3

213.25

Reference: Shareholders' equity (Millions of yen):

Mar.31, 2012: 4,109

2%

Mar.31, 2011: 3,995

*Information regarding the implementation of review procedures
The current financial statements are exempted from review procedures based on the Financial Instruments and Exchange Law. At thetime of disclosure, we have not completed the review process for these consolidated statements.
*Appropriate use of business forecasts, other special items
The above business outlook is based on information available as of the published date of this release and actual results may differ fromthe forecast subject to various factors that may arise in the future.

3

1. Consolidated Financial Statements(1) Consolidated Balance Sheets

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Costs on uncompleted construction contracts
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
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Lease assets
Accumulated depreciation
Lease assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Lease assets
Other
Total intangible assets
Investments and other assets
Investment securities
Claims provable in bankruptcy, claims provable inrehabilitation and other
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

4

FY03/2011(As of Mar.31,2011)(Millions of yen)
FY03/2012(As of Mar.31,2012)

1,468
3,060
1,959
857
218
352
2
132
(158)
7,893

1,131
3,203
2,197
731
317
357
1
148
(117)
7,970

6,750
(4,426)
2,324
5,407(4,828)579
1,249(1,176)
72
1,261
230
(84)
146
11
4,395

6,783
(4,584)
2,198
5,474(4,920)554
1,276(1,197)
78
1,261
234
(119)
115
9
4,218

211
108
319

152
92
244

542

595

389

404

136
(388)
679
5,395
13,288

134
(394)
740
5,202
13,173

Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Current portion of long-term loans payable
Lease obligations
Income taxes payable
Provision for bonuses
Provision for product warranties
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Lease obligations
Provision for retirement benefits
Provision for directors' retirement benefits
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
Accumulated other comprehensive income
Total net assets
Total liabilities and net assets

5

FY03/2011(As of Mar.31,2011)(Millions of yen)
FY03/2012(As of Mar.31,2012)

3,364
793
162
127
30
373
103
1,257
6,212

3,370
1,199
328
94
53
85
128
1,154
6,414

1,720
293
1,414
99
166
3,694
9,907

1,441
180
1,229
104
178
3,135
9,549

3,200
2,066
(1,231)
(334)
3,701

3,200
1,321
(259)
(334)
3,927

(191)
(128)
(319)
3,381
13,288

(173)
(130)
(303)
3,623
13,173

(2) Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income
FY03/2011(Nov.1,2010-Mar. 31,2011)(Millions of yen)
FY03/2012(Apr.1,2011-Mar. 31,2012)

7,754
5,665
2,088
2,497
(408)

18,23912,977
5,261
5,228
32

0
9
11
47
69

1
17
24
62
105

22
6
4
4
38
(377)

52
15
9
12
89
48

0
―
23
14
38

0
0
―
283
285

2
―

9
41

0

―

7
344

―
11

43

―

6
405
(744)
17
(6)
10
(755)
(755)

1
64
269
41
1
43
226
226

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Gain on sales of wastes
Rent income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on sales of notes payable
Sales discounts
Other
Total non-operating expenses
Ordinary income (loss)
Extraordinary Income
Gain on sales of noncurrent assets
Gain on sales of subsidiaries and affiliates' stocks
Reversal of allowance for doubtful accounts
Gain on abolishment of retirement benefit plan
Total extraordinary Income
Extraordinary loss
Loss on retirement of noncurrent assets
Impairment loss
Loss on valuation of stocks of subsidiaries andaffiliates
Loss on liquidation of subsidiaries and affiliates
Business structure improvement expenses
Loss on adjustment for changes of AccountingStandard for asset retirement obligations
Other
Total extraordinary losses
Income (loss) before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income (loss) before minority interests
Net income (loss)

6

Consolidated statements of conprehensive income

Income(loss) before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Other comprehensive income
Comprehensive income
Comprehensive income attributable to owners of theparentComprehensive income attributable to minority interests

7

FY03/2011(Nov.1,2010-Mar. 31,2011)(Millions of yen)
FY03/2012(Apr.1,2011-Mar. 31,2012)

(755)

226

(10)
3
(6)
(761)

17
(2)
15
242

(761)

242

―

―

(3)Consolidated Statements of changes in equity

Shareholders' equity
Capital stock
Balance at the beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Capital surplus
Balance at the beginning of current period
Changes of items during the period
Deficit disposition
Total changes of items during the period
Balance at the end of current period
Retained earnings
Balance at the beginning of current period
Changes of items during the period
Deficit disposition
Net income (loss)
Total changes of items during the period
Balance at the end of current period
Treasury stock
Balance at the beginning of current period
Changes of items during the period
Purchase of treasury stock
Total changes of items during the period
Balance at the end of current period
Total shareholders' equity
Balance at the beginning of current period
Changes of items during the period
Net income (loss)
Purchase of treasury stock
Total changes of items during the period
Balance at the end of current period8

FY03/2011(Nov.1,2010-Mar. 31,2011)(Millions of yen)
FY03/2012(Apr.1,2011-Mar. 31,2012)

3,200

3,200

―
3,200

―
3,200

3,045

2,066

(978)
(978)
2,066

(745)
(745)
1,321

(1,454)(1,231)

978
(755)
223
(1,231)

745
226
971
(259)

(334)

(334)

(0)
(0)
(334)

(0)
(0)
(334)

4,456

3,701

(755)
(0)
(755)
3,701

226
(0)
225
3,927

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period
Foreign currency translation adjustment
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period
Accumulated other comprehensive income
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Balance at the end of current period
Total net assets
Balance at the beginning of current period
Changes of items during the period
Net income (loss)
Purchase of treasury stock
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period

9FY03/2011(Nov.1,2010-Mar. 31,2011)(Millions of yen)
FY03/2012(Apr.1,2011-Mar. 31,2012)

(180)

(191)

(10)
(10)
(191)

17
17
(173)

(132)

(128)

3
3
(128)

(2)
(2)
(130)

(313)

(319)

(6)
(6)
(319)

15
15
(303)

4,143

3,381

(755)
(0)

226
(0)

(6)
(761)
3,381

15
241
3,623

(4) Consolidated Statements of Cash Flows(Millions of yen)
FY03/2011
FY03/2012(Nov.1,2010-Mar. 31,2011) (Apr.1,2011-Mar. 31,2012)
Net cash provided by (used in) operating activities
Income (loss) before income taxes and minority interests
Depreciation and amortization
Impairment loss
Loss on adjustment for changes of Accounting Standard for
asset retirement obligations
Loss on liquidation of subsidiaries and affiliates
Business structure improvement expenses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for retirement benefits
Increase (decrease) in provision for product warranties
Interest and dividends income
Interest expenses
Loss (gain) on sales of property, plant and equipment
Loss on retirement of noncurrent assets
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in claims provable in bankruptcy, claims
provable in rehabilitation
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
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 property, plant and equipment
Proceeds from sales of property, plant and equipment
Proceeds from sales of stocks of subsidiaries and affiliates
Payments for investments in capital of subsidiaries andaffiliates
Other, net
Net cash provided by (used in) investment activities
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Repayments of lease obligations
Purchase of treasury stock
Cash dividents paid
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
Cash and cash equivalents at end of period

10

(744)
244
―

269
557
41

43

―

7
344
(8)
169
46
17
(3)
22
(0)
2
279

―
11
(35)
(287)
(185)
25
(10)
52
(0)
9
(142)

(102)

(15)

43
(140)
(114)
107
3
(22)
(42)
45

(217)
7
(159)
(79)
10
(52)
(14)
(136)

(106)
106
(200)
0
―

(106)
80
(307)
4
15

(30)

(50)

(7)
(237)

(10)
(373)

346
―
(68)
(52)
(0)
(0)
225
3
36
1,251
1,287

406
50
(162)
(145)
(0)
―
148
(1)
(363)
1,287
924

Going Concern Assumption
No reportable information.
Basis of Presenting Consolidated Financial Statements
1.

Scope of Consolidation
1) Number and name of consolidated subsidiaries: 3
Nikko Ceramics, Inc.
Nikko Hanbai Co., Ltd.
Nikko ME Co., Ltd.
2)

Number and name of non-consolidated subsidiaries: 3
NIKKO MIDDLE EAST TRADING LLC
Nikko Care Co., Ltd.
Sai Co., Ltd.
These 3 companies are excluded from the scope of consolidation, given the fact that they have minimal influence on the total
assets, net sales, net income, and retained earnings and is relatively insignificant in the context of the consolidated financial
statements.

2.

Application of equity method
1) Number and name of companies accounted for under the equity method: none
2) Number and name of companies not accounted for under the equity method and the reason for the exclusion
Non-consolidated subsidiaries: 3
NIKKO MIDDLE EAST TRADING LLC.
Nikko Care Co., Ltd.
Sai Co., Ltd.
Affiliates: 2
Yamamae Seitousho Co., Ltd.
N&I Asia Pte Ltd.
These 5 companies are not accounted for under the equity method of accounting, given the fact that they have very minor effecton net income and retained earnings and is relatively insignificant in the context of consolidated financial statements.

3.

Period end of consolidated subsidiaries
Consolidated subsidiaries, Nikko Ceramics, Inc. , Nikko Hanbai Co., Ltd. , and Nikko ME Co., Ltd have a fiscal year that ends on
the same date as the consolidated financial statements.

4.

Significant accounting standards
1) Valuation criteria and methods for significant assets(Securities)
Bonds held to maturity
Cost method
Other securities
Securities with market quotations

Securities without market quotations

Securities with market quotations are carried at fair value on the balance sheet
date. (Unrealized holding gain or loss is included in the net assets. The cost of
securities sold is determined by the moving-average method)
Securities without market quotations are stated at cost, cost being determined by
the moving -average method.

(Derivatives)
Derivatives are carried at fair value.
(Inventories)
At the Company and its domestic consolidated subsidiaries, finished goods, semi-finished products and work in process arestated at cost, cost being determined by the period-average method, merchandise, raw materials and supplies are valued atcost being determined by the moving average (the carrying value on the balance sheet is written down to reflect the effect oflower profit margins), costs on uncompleted construction contracts are stated at cost, cost being determined by the specificidentification method (the carrying value on the balance sheet is written down to reflect the effect of lower profit margins)
Merchandise of overseas consolidated subsidiary is stated at the lower cost method determined by the first-in first-out method.

11

2)

Depreciation and amortization method for principal depreciable assets
Tangible fixed assets (excluding lease assets)
At the Company, depreciation of buildings is calculated using the straight-line method, other depreciation of tangible
fixed assets is computed by the declining-balance method.
At the domestic consolidated subsidiaries, depreciation of tangible fixed assets is computed by the declining-balancemethod (however, depreciation of buildings (excluding attached structures) acquired on or April 1, 1998, is calculatedusing the straight-line method.
At the overseas consolidated subsidiary, depreciation of tangible fixed assets is calculated using the straight-line
method.
Intangible fixed assets (excluding lease assets)
At the Company and its domestic consolidated subsidiaries, software intended for internal use are amortized over an
expected useful life of 5 years by the straight-line method.
At the overseas consolidated subsidiary, depreciation of tangible fixed assets is calculated using the straight-line
method.

Lease assets (finance leases that do not transfer ownership)
Depreciation of lease assets is calculated using the straight-line method with the respective lease terms as the useful
lives. The residual value is zero unless there is a residual value guarantee, in which case the amount of theguarantee is the residual value. For finance lease transactions where there is no transfer of ownership beginningprior to the fiscal year when these standards are first applied, the Company uses an accounting method that is basedon the method used for ordinary lease transactions.
3) Accounting for significant allowances(Allowance for doubtful accounts)
To prepare for credit losses on receivables, an allowance equal to the estimated amount of uncollectible receivables isprovided for general receivables based on the historical write-off ratio, and bad receivables based on a case-by-case.
(Provision for bonuses)
To provide for employees’ and director-employees’ bonus obligation, the Company and its domestic consolidated subsidiaries
provide an allowance in the amount accrued for the respective period based on the estimated bonus obligations.
There is no system of the bonus provision in an overseas consolidated subsidiary.
(Provision for retirement benefits)
To provide for employees’ retirement benefits, the Company and its domestic consolidated subsidiaries provide an allowance inthe amount deemed to have accrued at the end of the current fiscal year based on projected benefit obligations and pension
assets at the end of the current fiscal year. Transitional obligations arising from the adoption of new accounting standards for
retirement benefits is expensed using the straight-line method, based on 15 years. The actuarial difference is expensed in thefollowing fiscal years using the straight-line method, based on the specified number of years (13 years) within the average
length of remaining work period of employees.
(Provision for directors’ retirement benefits)
To provide for directors’ and officers’ retirement benefits, the Company and its domestic consolidated subsidiaries provide anallowance for the aggregate amount payable at the end of the current fiscal year pursuant to the Company’s rules on directors’
retirement benefits.
4) Other significant accounting policies(Scope of cash and cash equivalents in statement of cash flows)
Cash and cash equivalents consists of vault cash, deposits that can be withdrawn on demand, and short-term investments,
with original maturities of three months or less, that are readily convertible to known amounts of cash and present insignificant
risk of change in value.
(Accounting for consumption taxes)
At the Company and its domestic consolidated subsidiaries, consumption taxes are accounted by the tax-exclusion method.
(Application of consolidated tax payment system)
The consolidated tax system is applied.
(Additional Information)
Application of accounting standard for accounting changes and error corrections
After the beginning of the fiscal year under review, the Company made accounting changes and/or corrections of past errors. For thisreason, it has applied Accounting Standard for Accounting Changes and Error Corrections (ASBJ Statement No. 24, December 4, 2009)
and Guidance on Accounting Standard for Accounting Changes and Error Corrections (ASBJ Guidance No. 24, December 4, 2009).

12

[Segment Information]
1. Overview of reportable segments
Segments used for financial reporting are the Nikko Group’s constituent units for which separate financial information is available and forwhich the Board of Directors performs periodic studies for the purposes of determining the allocation of resources and evaluating
performance.
The Group has established business divisions that comprise of the company and its subsidiaries and affiliates, and each division
conducts business in line with the comprehensive strategies they have devised for products, merchandise and services in both domestic
and overseas markets.
Therefore, the Group consists of segments by products, merchandise and services on the basis of the business divisions, and the“Housing & Environmental equipment”, “Tabletop” and “Electro-Ceramics” are three reportable segments.
Industry Segment

Major Products

Housing & Environmental
Equipment
Tabletop
Electro-Ceramics

FRP bath-tubs, Bathroom units, Septic tanks, Water treatment facilities,
Wind turbine system
Fine bone china, Fine vitrified china, Fine porcelain, Oven ware
Alumina substrates, LTCC substrates, Dielectric ceramics

2. Information related to net sales and profit or loss for each reportable segment
FY03/2011 (Nov. 1, 2010 - Mar. 31, 2011)
Housing &Environmental
Equipment
Net sales
Sales to Outside Customers
Intersegment sales or Transfers
Total
Segment profit (loss)(Operating income (loss))
Segment assets
Other Items
Depreciation and Amortization
Increase in Property, plant andequipment and Intangible assets
Impairment loss

(Millions of yen, rounded down)Amounts on
theSegment
Adjustment
consolidated
total(Note 2)
financialstatements

Tabletop

ElectroCeramics

Other(Note 1)

4,390
4,390

2,247
2,247

1,085
1,085

31
31

7,754
7,754

-

7,754
7,754

(20)

(79)

(18)

(16)

(135)

(273)

(408)

3,593

4,493

2,563

8

10,6602,628

13,288

70

72

76

0

219

24

244

8

17

40

-

67

0

67

111

-

-

-

111

-

111

Notes: 1.The “Other” category indicated businesses not included in reporting segments, including sales of other products.
2. Below is a description of adjustments.
（1） Segment income adjustment of 273 million yen consists of expenses, such as general administrative expenses, andresearch and development costs that do not belong to the reportable segments.
（2） Segment assets adjustment of 2,628 million yen includes assets that do not belong to the reportable segments. The
assets consists of mainly surplus funds (cash and cash equivalents), long-term investment funds (investment
securities), and the assets associated with administrative department and research and development department.
（3） Increase in Property, plant and equipment and Intangible assets adjustment of 0 million yen consists of capital
investmentｓ associated with administrative department and research and development department.

13

FY03/2012 (Apr. 1, 2011 - Mar. 31, 2012)
Housing &Environmental
Equipment
Net sales
Sales to Outside Customers
Intersegment sales or Transfers
Total
Segment profit (loss)(Operating income (loss))
Segment assets
Other Items
Depreciation and Amortization
Increase in Property, plant andequipment and Intangible assets
Impairment loss

(Millions of yen, rounded down)Amounts on
theSegment
Adjustment
consolidated
total(Note 2)
financialstatements

Tabletop

ElectroCeramics

Other(Note 1)

10,835
10,835

5,245
5,245

2,096
2,096

62
62

18,23918,239-18,23918,239

638

184

(223)

(15)

583

(551)

32

4,009

4,465

2,391

8

10,874

2,299

13,173

123

167

209

1

501

56

557

54

89

167

-

312

3

315

-

-

41

-

41

-

41

Notes: 1.The “Other” category indicated businesses not included in reporting segments, including sales of other products.
2. Below is a description of adjustments.
（1） Segment income adjustment of 551 million yen consists of expenses, such as general administrative expenses, andresearch and development costs that do not belong to the reportable segments.
（2） Segment assets adjustment of 2,299 million yen includes assets that do not belong to the reportable segments. The
assets consists of mainly surplus funds (cash and cash equivalents), long-term investment funds (investment
securities), and the assets associated with administrative department and research and development department.
（3） Increase in Property, plant and equipment and Intangible assets adjustment of 3 million yen consists of capital
investmentｓ associated with administrative department and research and development department.

(Sales by Segment)

Industry Segment

FY03/2011(Nov. 1, 2010 - Mar. 31, 2011)
Percent of
Net Sales
Net Sales(Millions of yen, rounded down)
FY03/2012(Apr. 1, 2011 - Mar. 31, 2012)
Percent of
Net Sales
Net Sales

Housing & Environmental
Equipment

4,390

56.6%

10,835

59.4%

Tabletop

2,247

29.0

5,245

28.8

Electro- Ceramics

1,085

14.0

2,096

11.5

Other

31

0.4

62

0.3

Total

7,754

100.0

18,239100.0

Notes:
1. Amounts are converted to sales prices.
2. Amounts do not include consumption taxes.
3. The following table indicates the Company’s Overseas sales share by industry segment and percentage figures represent
Overseas sales ratio.
(Millions of yen, rounded down)
FY03/2011
FY03/2012(Nov. 1, 2010 - Mar. 31, 2011)(Apr. 1, 2011 - Mar. 31, 2012)
Industry Segment
Overseas
Overseas Sales
Overseas
Overseas Sales
Sales
Ratio
Sales
Ratio
Tabletop

685

30.5%

1,289

24.6%

Electro- Ceramics

306

28.3

620

29.6

Total

992

12.8

1,910

10.5

14

2. Non-Consolidated Financial Statements(1)Balance Sheets

AssetsCurrent assets
Cash and deposits
Notes receivable-trade
Accounts receivable-trade
Merchandise and finished goods
Work in process
Costs on uncompleted construction contracts
Raw materials and supplies
Prepaid expenses
Advances paid
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
VehiclesAccumulated depreciation
Vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Lease assets
Accumulated depreciation
Lease assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
SoftwareLease assets
Telephone subscription right
Total intangible assets
Investments and other assets
Investment securities
Stocks of subsidiaries and affiliates
Investments in capital
Long-term loans receivable from subsidiaries andaffiliates
Investments in capital of subsidiaries and affiliates
Lease and guarantee deposits
Claims provable in bankruptcy, claims provable inrehabilitation and other
Long-term prepaid expenses
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

15

FY03/2011(As of Mar.31,2011)(Millions of yen)
FY03/2012(As of Mar.31,2012)

1,268
113
2,613
1,176
857
218
352
35
56
53
(165)
6,578

987
120
2,600
1,444
731
317
356
36
41
93
(111)
6,618

6,009
(3,822)
2,187
329
(249)
79
5,193
(4,636)
557
180
(174)
5
1,149
(1,097)
52
868
222
(77)
145
11
3,907

6,032
(3,961)
2,070
327
(262)
65
5,260
(4,722)
538
180
(177)
2
1,169
(1,111)
57
868
226
(111)
114
9
3,728

78
211
13
303

68
152
13
234

475
329
2

493
231
2

1,920

2,040

30
103

―
101

355

372

2
4
(355)
2,867
7,078
13,657

0
4
(362)
2,883
6,845
13,464

Liabilities
Current liabilities
Notes payable-trade
Accounts payable-trade
Short-term loans payable
Current portion of long-term loans payable
Lease obligations
Accounts payable-otherAccrued expenses
Income taxes payable
Advances received on uncompleted
construction contracts
Deposits received
Provision for bonuses
Provision for product warranties
Notes payable-facilities
Other
Total current liabilities
Noncurrent liabilities
Provision for retirement benefits
Provision for directors' retirement benefits
Long-term loans payable
Provision for loss on business of
subsidiaries and affiliates
Lease obligations
Long-term guarantee deposited
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surpluses
Retained earnings
Other retained earnings
Retained earnings brought forward
Total earned surpluses
Treasury stock
Total shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

16

FY03/2011(As of Mar.31,2011)(Millions of yen)
FY03/2012(As of Mar.31,2012)

411
2,744
300
162
127
605
146
27

429
2,746
800
262
94
508
93
39

70

85

366
347
103
23
41
5,477

372
78
128
18
25
5,682

1,366
89
1,420

1,182
91
1,158

855

886

293
87
73
4,184
9,662

180
83
89
3,672
9,354

3,200

3,200

2,066
0
2,066

800
521
1,321

(745)
(745)
(334)
4,186

96
96
(334)
4,283

(191)
(191)
3,995
13,657

(173)
(173)
4,109
13,464

(2)Statements of income

Net sales
Net sales of merchandise and finished goods
Net sales of completed construction contracts
Total net sales
Cost of sales
Beginning merchandise and finished goods
Cost of purchased goods
Cost of products manufactured
Total
Finished goods transfer to other accountEnding merchandise and finished goods
Cost of merchandise and finished goods soldCost of sales of completed construction contracts
Total cost of sales
Gross profit
Selling, general and administrative expenses
Freightage expenses
Traveling and communication expenses
Salaries and allowances
Provision for bonuses
Provision for directors' retirement benefits
Retirement benefit expenses
Welfare expenses
Depreciation
Rent expenses
Provision of allowance for doubtful accounts
Research and development expenses
Provision for product warranties
Other
Total Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Gain on sales of wastes
Commission fee
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on sales of notes payable
Sales discounts
Other
Total non-operating expenses
Ordinary income (loss)

17

FY03/2011(Nov.1,2010-Mar. 31,2011)(Millions of yen)
FY03/2012(Apr.1,2011-Mar. 31,2012)

6,339
498
6,837

14,592
1,301
15,894

1,091
1,604
3,262
5,958
180
982
4,794
402
5,197
1,640

982
3,898
7,172
12,053
13
1,259
10,7801,023
11,803
4,090

210
90
515
153
5
50
110
66
112
15
122
17
484
1,955
(315)

519
214
1,303
7
12
100
223
157
252
―
190
25
1,044
4,052
38

1
9
26
40
78

2
17
40
65
126

20
6
4
4
35
(272)

45
15
9
11
82
82

Extraordinary Income
Gain on sales of noncurrent assets
Gain on sales of subsidiaries and affiliates' stocks
Reversal of allowance for doubtful accounts
Gain on abolishment of retirement benefit plan
Total extraordinary Income
Extraordinary loss
Loss on retirement of noncurrent assets
Impairment loss
Loss on valuation of stocks of subsidiaries andaffiliates
Loss on liquidation of subsidiaries and affiliates
Provision for loss on business of subsidiaries andaffiliates
Business structure improvement expenses
Loss on adjustment for changes of AccountingStandard for asset retirement obligations
Total extraordinary losses
Income (loss) before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Net income (loss)

18

FY03/2011(Nov.1,2010-Mar. 31,2011)(Millions of yen)
FY03/2012(Apr.1,2011-Mar. 31,2012)

0
―
30
―
30

0
0
―
283
285

2
―

9
41

0

162

7

―

98

30

344

11

40

―

494
(736)
14
(6)
8
(745)

255
111
14
―
14
96

(3)Statements of changes in equity(Millions of yen)
FY03/2011
FY03/2012(Nov.1,2010-Mar. 31,2011) (Apr.1,2011-Mar. 31,2012)
Shareholders' equity
Capital stock
Balance at the beginning of current period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period
Capital surplus
Legal capital surplus
Balance at the beginning of current period
Changes of items during the period
Reversal of legal capital surplus
Total changes of items during the period
Balance at the end of current period
Other capital surplus
Balance at the beginning of current period
Changes of items during the period
Reversal of legal capital surplus
Deficit disposition
Total changes of items during the period
Balance at the end of current period
Total capital surplus
Balance at the beginning of current period
Changes of items during the period
Deficit disposition
Total changes of items during the period
Balance at the end of current period
Retained earnings
Other retained earnings
Reserve for advanced depreciation of noncurrent assets
Balance at the beginning of current period
Changes of items during the period
Reversal of reserve for advanced depreciation of
noncurrent assets
Total changes of items during the period
Balance at the end of current period
Retained earnings brought forward
Balance at the beginning of current period
Changes of items during the period
Reversal of reserve for advanced depreciation of
noncurrent assets
Deficit disposition
Net income (loss)
Total changes of items during the period
Balance at the end of current period
Total retained earnings
Balance at the beginning of current period
Changes of items during the period
Deficit disposition
Net income (loss)
Total changes of items during the period
Balance at the end of current period

19

3,200

3,200

―
3,200

―
3,200

3,044

2,066

(978)
(978)
2,066

(1,266)(1,266)
800

0

0

978
(978)
―
0

1,266
(745)
520
521

3,045

2,066

(978)
(978)
2,066

(745)
(745)
1,321

8

―

(8)
(8)
―
(987)

―
―
―
(745)
―

8
978
(745)
241
(745)

745
96
842
96

(978)

(745)

978
(745)
232
(745)

745
96
842
96

(Millions of yen)
FY03/2011
FY03/2012(Nov.1,2010-Mar. 31,2011) (Apr.1,2011-Mar. 31,2012)
Treasury stock
Balance at the beginning of current period
Changes of items during the period
Purchase of treasury stock
Total changes of items during the period
Balance at the end of current period
Total shareholders' equity
Balance at the beginning of current period
Changes of items during the period
Net income (loss)
Purchase of treasury stock
Total changes of items during the period
Balance at the end of current period
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period
Total valuation and translation adjustments
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period
Total net assets
Balance at the beginning of current period
Changes of items during the period
Net income (loss)
Purchase of treasury stock
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period

20

(334)

(334)

(0)
(0)
(334)

(0)
(0)
(334)

4,932

4,186

(745)
(0)
(745)
4,186

96
(0)
96
4,283

(180)

(191)

(10)
(10)
(191)

17
17
(173)

(180)

(191)

(10)
(10)
(191)

17
17
(173)

4,751

3,995

(745)
(0)
(10)
(756)
3,995

96
(0)
17
114
4,109