FINANCIAL REPORT
April 2010 March 2011

Management Policy
1. Basic Management Policy
Throughout its history, Amano has adhered to a basic policy of putting the customer
first. This has meant paying heed to what its customers say, based on the corporate
themes of “people and time” and “people and the environment,” and giving pivotal importance to customer satisfaction throughout its business activities, particularly in sales,
production, and development activities.
In accordance with this fundamental policy, Amano continues to undertake businessactivities with the goal of earning the trust and high regard of all those who support it:
customers, employees, shareholders, suppliers and other entities with which it does
business, and the local community. It achieves this by providing a variety of products,
systems, services, and solutions that match the needs of customers in relation to thethemes of “people and time” and “people and the environment.”
Amano and its Group companies direct their efforts toward maximizing corporate value by fostering innovation in management and by ensuring a strong earnings structureand sustained growth in business performance.

2. New Medium-Term Business Plan
Amano and its Group companies each continue the tradition of evolving continuously
in response to changes in the times, while maintaining the following four immutablestrategies of the Amano Group.
1) Emphasis on Time & Ecology business fields, and enhancement of core business
2) Being a niche leader in the business fields in which we excel3) Ceaseless restructuring4) Management based on cash flow
Based on these four fundamental strategies, Amano inaugurated a new medium-termbusiness plan.
An outline of the plan is set out below.

[1] Basic Policies
Under the new medium-term business plan, the Group seeks to be a global niche
leader by exploring new market frontiers (advancing aggressively into emerging anduntapped markets), developing multi-disciplinary business operations on a locationby-location basis, and establishing new businesses domains. We are pursuing a new
global growth strategy designed to achieve the maximization of corporate value.
Priority issues under the new plan are listed below.

11. North American and European markets
North America: In the parking system business, we will merge Amano McGann’s parking management software with Amano Group’s software and hardware, introduce newparking systems into the market, and strengthen direct sales structures to work closelywith customers when proposing solutions. These efforts are designed to build upon ourbusiness foundations that are second to none in North America. In our time information system business, we will continue to scale up our operations by adding new products alongside a wide array of time information management terminals and a blue-chipcustomer base that Accu-Time Systems enjoys. By commencing the local production
and distribution of mist collectors through Amano Pioneer Eclipse, we will take a new
step toward fortifying and expanding our operations in the environment system business.
Europe: In the time information system business, we will continue to enhance
Horosmart’s ability to offer holistic solutions, and to expand its blue-chip customer
base. These efforts are aimed at cementing our number one position at the high end of
the market in France and at increasing our visibility and expanding further into othermarkets across Europe. In the parking system business, we will step up sales of lowpriced system products, focusing on the UK and the three Benelux countries, in orderto build a stronger operations foundation.
2. Asian, Latin American and other emerging markets
Asia: In the environment system business, we will enhance our capabilities to offer
products and render services to Japanese companies operating in Asia outside Japan bydeepening ties between our group companies across Asia and our head office in Japan.
We will also expand our local production capabilities in order to enhance our costcompetitiveness. In the parking system business, we will seek to further scale up ourSouth Korean and Malaysian operations as well as to aggressively promote the development of business operations in China, Singapore, and other Asian countries.
Latin America: In anticipation of the local market’s future growth potential, we will aggressively allocate a higher proportion of our managerial resources there, including
those toward the commencement of local production, in order to explore market frontiers in each of the information system, parking system, and environment system businesses.
3. Japanese market
Japan: We will reinforce ties among group companies and develop high-quality comprehensive service offerings (combining products and services) across all business fields
to expand our business domain, create new markets, and enhance our cost competitiveness. These efforts should align our entire group to work cohesively towards maximizing its corporate value.
[2] Numerical Targets
Under the new business plan, we aim to achieve ¥100 billion or more in net sales and¥10 billion or more in operating profit in the final year of the plan, which ends March
31, 2014.Numerical targets.

23. Basic Policy on Distribution of Profits, and Dividend for This and Next Term
Amano places great importance on its policy for dividends to shareholders. Fundamental
to this is its policy for the return of profit to shareholders, based on maintaining a stableordinary dividend of ¥26 annually (¥13 interim and ¥13 year-end), together with appropriate results-based distributions and flexible purchasing of treasury stock. The Company
aims to maintain a payout ratio of at least 35% on a consolidated basis and a ratio ofdividend to net assets of at least 2.5%.
In line with this policy, taking into account our current-year operations results, we plan
to pay a year-end dividend of ¥13 per share, unchanged from the amount paid at the endof the previous year. As a result, the annual per-share dividend will be ¥26 (including the¥13 per share paid as the interim dividend). This corresponds to a dividend payout ratioof 65.0% and a 2.7% ratio of dividends to net assets on a consolidated basis.
With regard to the dividend for the next fiscal year, in line with our Basic Policy on Distribution of Profits and in view of our Outlook for the Fiscal Ending March 31, 2012, wewill aim to pay a dividend for the year of ¥26 (interim dividend of ¥13, and year-end
dividend of ¥13).
Retained earnings will be earmarked for fund effective investment aimed at the fundamental enhancement of the Company’s capacity to conduct its business operations.
This will include the expansion and strengthening of existing business fields, strategic
investment in growth fields, and spending on research and development, as well as therationalization of production plant and equipment for the purpose of reducing costs andfurther improving product quality.

Izumi NAKAJIMA
President
Representative Director

3Analysis of Business Results
Business Results in the Year Ended March 31, 2011

During the fiscal year ended March
31, 2011, the Japanese economy
saw industrial production and corporate earnings rebound and theunemployment rate improve slightly,
as expor ts increased suppor ted
by economic growth in Asian andother countries. These and other indicators showed that the economy
overcame the business doldrums
that prevailed in the latter half of lastyear and was beginning to recovergradually. Yet, in the aftermath of theGreat East Japan Ear thquake, current domestic economic activity as awhole now seems to be significantly
depressed.

As a result of the above, during theyear the Company recorded sales of¥83,303 million, up by 6.0% year-onyear. Operating profit increased by
127.5% to ¥4,383 million, ordinary
profit went up by 97.4% to ¥4,810
million, and net income increased by
203.2% to ¥3,065 million.

Amid this business environment, theAmano Group worked on global
market and product development
as well as enhancement of its capacity to provide holistic solutions, inaccordance with the consolidated
growth strategy in its new mediumterm business plan, formulated in
April 2008. The entire organization
also concentrated on thoroughly uncovering customer needs and strove
to reduce cost of sales and selling,
general and administrative expenses.

The following is an overview of sales
by business division.

Sales by business division(Unit: Millions of yen)

FY2009FY2010year endedMarch 31, 2010

year endedMarch 31, 2011

AmountRatio (%)

AmountRatio (%)

AmountInformation Systems

17,44022.2

18,890

22.7

1,449

8.3

Time Management Equipment

4,316

5.5

4,407

5.3

91

2.1

Parking Systems

37,78648.1

38,493

46.2

706

1.9

Subtotal

59,54275.8

61,790

74.2

2,247

3.8

Environmental Systems

11,521

14.6

14,144

17.0

2,623

22.8

Clean Systems

7,523

9.6

7,369

8.8

(154)

(2.0)

Subtotal

19,04424.2

21,513

25.8

2,469

13.0

Total

78,586100.0

83,303

100.0

4,716

6.0

Change%Time Information System Business

Environment System Business

4Time Information System Business• Information Systems:
Time & attendance (T&A), payroll,human-resource management,
access control, and cafeteria systems• Time Management Equipment:
Time recorders, and time stamps• Parking Systems:
Parking and bicycle-parking space
management systems, and parking
management services

Information Systems
This business division continued to
struggle under difficult conditions inJapan including a prolonged reduction in information-related investments and intensifying competitionin the market, though there werealso signs of recovery in capital investments. On the other hand, fast
growing markets for cloud computing services reflect the growing
needs of companies wishing to utilize systems as a service without theburden of ownership.
In this mar ket environment, theCompany continued to provide
corporate customers with effective
solutions for compliance and cost
reduction, including work schedule
optimization and total personnel
expense control, to accommodate
initiatives to improve their work
environments. The Company also
concentrated on uncovering potential demand by intensifying efforts tomake new proposals for cloud computing services.
During the year, in Japan hardware
sales increased by ¥344 million(6.9%) year-on-year, software sales
decreased by ¥259 million (7.2%),and sales generated by maintenancecontr acts and supplies ser vices
increased by ¥170 million (5.7%).
Decreased software sales reflected
a setback in demand stemming fromcompliance with the Revised Labor
Standards Act, which came into effect in April last year. By productarea, T&A system sales were up by¥527 million (6.3%), while access
control system sales increased by¥71 million (7.0%).
Overall overseas sales increasedby ¥1,077 million (20.1%) year-onyear. Sales for North America grewas Accu-Time Systems became a
newly consolidated subsidiar y of
Amano Corporation this fiscal year.
Sales for Europe continued to bestrong, as the sales of Horosmart S.A.
increased on a local currency basis.
However, sales revenues in termsof Japanese yen showed a decrease
due to fluctuations in exchange
rates. Sales for Asia decreased slightly.
As a net result of the above, overallsales in this business division totaled¥18,889 million, representing a increase of 8.3% from the previous
year.

Time Management Equipment
In Japan, this business division continued to struggle under difficult conditions, as the tight employment situation and uncertain future economic
prospects kept a lid on demand.
In this mar ket environment, theCompany concentrated on expanding new markets and attracting a
growing base of new customers byenhancing the functionality of PCinterfaced time recorders and stepping up sales promotions.

5

In Japan, sales for the year increasedby ¥250 million (7.9%) from a year
earlier, as continued strong sales
of IC card-type PC-interface time
recorders contributed to growth inboth revenue and unit sales.
Overall overseas sales decreasedby ¥69 million (4.6%) year-on-year.
Sales for Nor th America and Europe both fell while those for Asia
rose.
As a result of the above, the time
management equipment businessdivision generated sales totaling¥4,406 million, up by 2.1% from theprevious year.

TimeP@CK-iC

Parking Systems
This business division is seeing its
operating environment in Japanchange significantly. The broader
installation of charging stations forelectric vehicles and the introduction of car sharing ser vices, forexample, have diversified parking
lot operation styles. Initiatives havedeveloped to enhance the qualityof ser vice offerings, to conser ve
electricity through the use of LED
lighting fixtures, and to operateenvironment-friendly parking spaces
through measures such as the installation of solar panels.
In this mar ket environment, theCompany stepped up its efforts toprovide customers with solutions
aimed at increasing the profitability
and efficiency, and reducing the la-bor intensiveness, of parking lot operations from a customer perspective, as well as with holistic solutions
for the operation and managementof parking lot services. These efforts
were focused on uncovering new
demand for replacement projects
and on growing new markets including for bicycle parking systems andexclusive gate systems.
In Japan, sales of car and bicycle
parking system devices during theyear increased by ¥1,506 million yen(11.9%) from a year earlier, due toan increased number of small andmedium-sized system renewal projects. Revenues from maintenancecontracts and supplies services increased by ¥93 million (1.1%).
The number of parking spaces managed by Group subsidiary Amano
Management Service Corporationin its commissioned par king lot
management business increased by
13,600 (7.4%) from the end of theprevious fiscal year.
Overall overseas sales decreased by¥1,182 million (10.6%) year-on-year.
Sales for Nor th America declined
substantially, suffering from stagnating demand as the economic climate
deteriorated. Those for Europe grew
due to greater efforts in selling lowpriced parking systems, while Asian
operations saw sales grow due tothe continued strength of the Korean market.
As a net result of the above, theParking Systems business division
provided sales totaling ¥38,493 million, an increase of 1.9% from theprevious year.

Environment System Business• Environmental Systems:
Standard dust collectors, large
dust collection systems, pneumatic
powder conveyance systems,
high-temperature hazardous-gas
removal systems, deodorization
systems, and electrolytic water
generators• Clean Systems:
Cleaning equipment, dr y-carecleaning systems, and cleaning
management services

Environmental Systems
This division benefited from continued recover y in the businessenvironment in Japan. Althoughmanufacturers accelerated their shift
to overseas countries, driven by recovery in capital investment and bystrong orders for machine tools for
emerging markets, particularly China
and other Asian countries, demand
overseas, par ticularly for standard
dust collectors, improved.
In this mar ket environment, theCompany shifted its managerial resources to markets where demandis growing, concentrating on the
Asian market. The Company’s efforts
included the bolstering of systems
to sell products and ser vices tobusinesses operating overseas, theestablishment of closer cooperation
with overseas group companies,
and the expansion of production in
China. These efforts were focusedon stimulating further growth in demand.
During the year, in Japan sales of

6

standard equipment and large-scale
systems increased by ¥1,359 million(37.9%) and ¥140 million (3.5%)
year-on-year, respectively, while revenue from maintenance contracts
and supplies services increased by¥449 million (15.9%).
Overall overseas sales increased by¥733 million (106.8%) year-on-year,
due to continuing strong orders
reflecting recovery in capital investments by Japanese-affiliated companies in Asian markets.
As a result of the above, sales of thisbusiness division totaled ¥14,144
million, up by 22.8% year-on-year.

VF-5HG

Clean Systems
This business division continued to
struggle under difficult conditions inJapan. It suffered from a reduction in
new shopping centers opened, reduced total cleaning costs, and otherfactors, although it benefited fromincreased demand in the factor ymarket reflecting recovery in capital
investment by manufacturers.
In this mar ket environment, theCompany focused on uncovering
new demand by stepping up its efforts to promote solutions for total
cost reductions using new floor
treatment systems and maintenanceservices.
In Japan, sales of cleaning equipment
during the year increased by ¥22
million (1.1%) year-on-year, due toimproved demand for floor cleaningmachines for factory facilities. Revenue from maintenance contracts
and supplies services decreased by¥77 million (2.6%).
Overall overseas sales decreasedby ¥67 million (4.0%) year-on-year.
Sales for Nor th America grew interms of local currencies but, de-creased in yen due to fluctuations in
exchange rates, and sales for Europe
and Asia continued to remain sluggish.
As a result of the above, sales inthis segment totaled ¥7,368 million,
down by 2.0% from the previous
year.

SE-840eSW

Analysis of Financial Condition(i) Assets, Liabilities, and Net Assets• Assets
Total assets at March 31, 2011,
amounted to ¥102,933 million, up by¥2,246 million from the previous fiscal year-end. Current assets increasedby ¥4,055 million year-on-year. Thiswas chiefly due to a ¥3,589 million
increase in cash and bank deposits.
Fixed assets decreased by ¥1,809 million year-on-year. This was attributableprimarily to a reduction of ¥2,113 million in intangible fixed assets.
• Liabilities
Total liabilities at the fiscal year-end
amounted to ¥30,372 million, up by¥4,653 million year-on-year. Current
liabilities increased ¥4,778 million yearon-year. This was chiefly due to an in-crease of ¥1,696 million in short-termbank loans, an increase of ¥1,370
million in accrued income taxes, andan increase of ¥1,022 million in tradenotes and accounts payable. Fixedliabilities decreased by ¥125 million
year-on-year. The principal factors
behind this were a decrease of ¥430
million in accrued retirement benefits
for employees and a decrease of¥269 million in other long-term accounts payable, despite an increase of¥518 million in lease obligations.
• Net Assets
Total net assets at March 31, 2011
amounted to ¥72,561 million, downby ¥2,407 million from the previous
fiscal year-end. This was primarily due
to a decrease of ¥2,571 million in total accumulated other comprehensive
income resulting from a decrease inforeign currency translation adjustments.

7(ii) Cash Flows
Consolidated cash and cash equivalents increased by ¥3,681 million fromthe previous fiscal year-end, to a totalof ¥24,614 million on March 31, 2011.
More specifically, a description of thestatus of each type of cash flow at the
year-end and the underlying factors
are as follows.
(1) Cash flow from operating activities
Net cash provided by operating activities totaled ¥10,285 million. This was
attributable primarily to income before income taxes, which amounted
to ¥5,464 million, and depreciation
and amortization, which amounted to¥4,351 million, despite income taxes
payments, which amounted to ¥1,084
million.

¥1,445 million for the acquisition of
intangible fixed assets, and ¥805 million for the purchase of tangible fixed
assets. These outflows more than offset proceeds of ¥4,380 million fromthe withdrawal of time deposits and¥2,000 million from the redemptionof securities.

(2) Cash flow from investing activities
Net cash used in investing activities totaled −¥5,658 million. This was largely
due to expenditures of ¥5,569 million
for the placement of time deposits,¥2,000 million for the acquisition of
securities, ¥1,560 million for the acquisition of subsidiaries’ shares resulting ina change in the scope of consolidation,(3) Cash flow from financing activities
Net cash used in financing activities
totaled −¥648 million. This was chiefly
due to expenditures of ¥1,992 million
for the payment of cash dividends by
the parent company and ¥523 million
for the repayment of finance lease obligations, despite proceeds of ¥1,906
million from the borrowing of shortterm bank loans.

Reference: Trend of cash flow indicators
At Mar. 31, 2007

At Mar. 31, 2008

At Mar. 31, 2009

At Mar. 31, 2010

At Mar. 31, 2011

Equity ratio (%)

74.4

73.0

72.9

73.4

70.3

Fair value equity ratio (%)

103.6

70.6

58.8

64.7

59.3

Ratio of cash flow to interest-bearing liabilities (%)

36.2

17.5

24.1

17.1

31.4

Interest coverage ratio

125.3

166.6

200.7

250.6

275.2

Notes : Equity ratio: Equity capital/Total assets
Fair value equity ratio: Gross market capitalization/Total assets
Ratio of cash flow to interest-bearing liabilities: Interest-bearing liabilities/Cash flow from operating activities
Interest coverage ratio: Cash flow from operating activities/Interest payments
Assumptions* All indicators are calculated on the basis of consolidated financial values.
* Gross market capitalization is calculated by multiplying the closing price of the Company’s shares at the year-end by the
number of shares of common stock issued and outstanding at the year-end (less treasury stock).v* Cash flow from operating activities refers to cash flow from operating activities posted under the consolidated statementsof cash flows. Interest-bearing liabilities refers to those of the liabilities stated in the consolidated balance sheets on whichinterest is paid. Interest payments equate with interest paid stated in the consolidated statements of cash flows.

Outlook for the Fiscal
Year Ending March 31,
2012
The Japanese economy, which has
been depressed significantly in theaftermath of the Great East Japan
Earthquake, is likely to see a gradualrebound in economic activity during
the next fiscal year. Still, the effects
of reduced industrial production andother factors may put a temporary
dent in corporate earnings and in
employment and personal income
conditions. Despite persistent highgrowth in China and other emerg-

ing countries, given the continuing
commodity price rises in reaction to
the unsettled situation in the Middle
East and other circumstances, theJapanese economy’s future prospects seem to becoming increasingly
uncertain.
Amid this business environment,
Amano Corporation and its groupcompanies continue to emphasize
the following strategies: 1) Emphasis
on Time & Ecology business fields,
and enhancement of core business;
2) Being a niche leader in the business fields in which we excel; 3)Ceaseless restructuring; and 4) Management based on cash flow. In line
8with these four fundamental strategies, we will pursue our consolidated
growth strategy on a global scale toensure sustainable growth and continually improving profitability witha view to maximizing the corporate
value of Amano Corporation.
The following business results areprojected for the fiscal year ending
March 31, 2012: Net sales ¥88,700
million, operating profit ¥5,800 million, ordinary profit ¥6,200 million,
and net income ¥3,100 million. The
above projections assume currency
exchange rates of US$1 to ¥82 and€ 1 to ¥115.

Operating and Other Risk
Among the matters relating to thequalitative information contained inthese summary financial statements
and relating to the consolidated
financial statements, the following
are those that could be envisaged ashaving a possible material impact on
investors.
Matters that are considered to bepotential risk factors in the undertaking of business by the Amano
Group either now or in the future
are estimated to the greatest extent
possible, and the risk factors arethen addressed and eliminated in
the course of business activities.
Matters relating to the future arethose that are adjudged to be so asof the date of the release of thesefinancial results (May 9 , 2011).
(i) Impact on earnings due tochanges in the business environ
ment
The Amano Group uses its accumulation of unique technologies andknow-how to provide customers
with high-quality products, services
and solutions, gaining large market
shares in each sphere of business inJapan, North America, Europe, andAsia, and developing business globally.
In the year ended March 31, 2011,
the time information system business accounted for 74.2% of total
sales, and the environment systembusiness accounted for 25.8%. Before deduction of unallocated expenses the time information systembusiness contributed 79.5% to operating profit, while the environment
system business contributed 20.5%.
In terms of weighted average sales
over the most recent five year s,time information system businessaccounted for 70.3% of total sales
and for 71.9% of operating profit.
With respect to future risk factors,
in each business activity within thetime information system businesssegment, which accounts for a large
proportion of the Group’s business,
if market expansion is expected forsuch reasons as a significant change
in the demand str ucture or thecreation of a new market, it can be
expected that this will attract entry
by entities in other industries orby other powerful competitors. In
that event, if a competitor were toenter with innovative products orsolutions that surpass Amano’s, theAmano Group’s market advantage
would decline, and that may have amaterial impact on its business performance.
(ii) Fluctuations in exchange rates
The Group engages in businessactivities on a global scale and has
production and sales bases overseas.
In view of this, the Group’s business results may be impacted byfluctuations in exchange rates whentransaction amounts overseas areconverted into yen.

9(iii) Information security
In order to offer system solutions
and undertake the application service provider business, the Amano
Group handles confidential information such as personal information
concerning customers or provided
by customers. In view of this, theGroup has developed a structure
for the management of confidential
information, implements thoroughstaff training, and uses software toprevent leaks of information for the
purpose of preventing network access to confidential information andof preventing leaks of confidential
information through the physicalremoval of data and information. To
that end it has also established an
Information Security Management
Committee to ensure a foolproof
structure. Nevertheless, in the eventthat an unforeseen situation wereto arise, and information of the kinddescribed above were to be disclosed externally, resultant factors
such as loss of confidence may havea material impact on the Group’sbusiness performance.

Issues to Be Addressed
The Company will take the following steps
to achieve the goals set out in its new medium-term management plan.

1) Time information systems•Information systems business
Amid continuing efforts by the labor authorities to more strictly monitor unpaid
overtime and long working hours (overwork)in order to eradicate these practices as wellas an increasing need to deal with risks surrounding employment, such as industrial
court cases resulting from deteriorating employment conditions, there is strong potential demand among companies to establish
or rebuild T&A systems. The aim is to create
a company-wide labor time management
system to optimize business operations by
reducing working hours, improving work efficiency cutting costs, etc. In addition, we will
aim to strengthen measures for compliancetoward appropriately managing working
hours. However, market conditions remain
tough reflecting prolonged reductions in
information related investments, intensifying
competition in the market, and other factors.
Meanwhile, the environment surrounding
the business in this segment has been facing
a significant shift from a period of owningsystems to a period of utilizing them, withan increasingly prominent movement in theindustry toward cloud computing .
In this market environment, we will focus
on spurring latent demand in our solutions
business targeted at large companies bystrengthening our competitive advantage
with enhanced software functions, and reinforcing our marketing structures with collaboration between sales staff and systems
engineers. In addition, we will aim to expand
our Application Ser vice Provider (ASP)
services business by reinforcing allianceswith Group companies in Japan in order to
respond to the changes of the times.
To enhance the profitability of this business,
we will strictly manage revenue from our solutions business targeted at large companies,

enhance our project management systems,
cut costs by standardizing system software,and expand sales of standard software packages to small and medium-scale businessestablishments, so as to boost earnings capacity.
Overseas, we aim to strengthen our customer base and expand distribution channels inNorth America, leveraging the strengths ofAccu-Time Systems, Inc. which we acquiredin February 2011 in the U.S. In addition, we
will work on establishing a global supply
system and reducing development costs by
expanding our hardware lineup. As a meansof expanding our business, we will also extend sales channels for software productsof Horosmart, S.A. (France) across Europe
and reinforce our organizational structures
toward globalization.

•Parking systems business
The parking system business is seeing its surrounding operating conditions change significantly. For example, the broader installationof charging stations for electric vehicles, programs to reduce greenhouse gas emissions,and the introduction of car sharing services
designed to ease traffic congestion have led
to a diversification of parking lot operationstyles. Meanwhile, initiatives have developed
to enhance the quality of customer service
offerings, to conserve electricity through theuse of LED lighting, and to operate environment-friendly parking spaces through measures such as the installation of solar panels.
In this environment we will focus on making
proposals from the customer’s perspectivewith an emphasis on areas such as higher
profitability and efficiency of parking space
management. We will steadily meet theneeds of existing customers by offering highvalue-added products with network capabilities and inbuilt IT functions and forging
ahead with the holistic solutions business,
including maintenance and parking lot management services in close collaboration withGroup companies.
In the market for bicycle parking that hasarisen as a result of the problem of abandoned bicycles, we will seek to revitalize andexpand the market by proactively making

10

proposals on ecology-oriented initiatives including rent-a-cycles and community bicycle
systems. In the market for exclusive gate systems controlling entry and exit to and fromsites such as factories, we aim to expand the
new market with the emphasis on safety
and security in addition to making proposals
on labor-savings and rationalization.
Overseas, we aim to expand business andestablish ourselves as the top manufacturerof parking systems in the North American
market, leveraging the strengths of Amano
McGann, Inc. to further boost sales by building closer relationships with customers.
With an establishment of Amano UK Ltd.
in England, we aim to capture demand for
replacement from existing customers andcultivate the new market in Europe by leveraging direct distribution networks. In addition,
we will strive to further expand our businessin Asia with the main focus on South Korea.

2) Environment systems•Environment systems business
The environment system business sees continued recovery in its surrounding operating
conditions in Japan. While Japanese manufacturers continue to accelerate their shift
to overseas countries, driven by recovery
in capital investment and by strong orders
for machine tools for emerging markets,particularly China and other Asian countries,
demand overseas, particularly for standard
dust collectors, has picked up.

3) Human resource development
Recognizing that people are the most important management resource for the operation of our business, we have positioned
human resource development as a priority
issue and will focus on developing employees who have no fear of change and arewilling to meet the challenges.

Business Activities

Information Systems:
Time Management Equipment
Increased Installations in the Public
Sector Market
Shifting to electronic T&A control using
IC / ID Cards from the conventional
attendance sheets
In view of “preventing health problems (including mental health) associated with prolonged working
hours” and “optimum control ofworking time”, regional Governmental bodies, public corporations(associations, foundations) are taking
steps to review their conventional
T&A control methods. The use oftime recorders and IC cards, which
accurately logs the in-times and outtimes associated with attendance, isbeing adopted as the solution.
At Amano, backed by the extensive delivery track record of such
systems, is actively
working to expand
this market demandby providing IC / ID
cards and optimum
electronic T&A solutions depending on
the size and operational environment.
TimeP@CK-iC

Core systemDatacommunication

Payroll, HR, Accounting

software
TimePro-UG Linked – various
packages

Door security

Various time recorders

A New Style in T&A System Package“Time P@CK-WL”
Industry’s first! The whole “TimeP@CK”
range now comes with Bluetooth®
wireless capabilities
Amano’s long run product, the “PCinterface Time Recorder TimeP@CK“
series, has now adopted Bluetooth®*.
The conventional method of transferring data from the time recorders to personal computers reliedon the use of cables or USB thumbdrives, which limited the physicalpositioning of the time recorderunit. By using Bluetooth ® wirelesscommunication, the time recordercan now be placed anywhere within
the maximum communication range.
Another user-friendly feature.
The “TimeP@CK-WL” is the advanced version of the “TimeP@CK”.
The features such as ”ease-of use”,“high functionality” and “accuracy”,
which has made “TimeP@CK” so
popular, is inherited and since its
launch in February, is gaining popularity among customers who are
installing time recorders for the firsttime.
*Bluetooth®: “Bluetooth” is a communication
standard for exchanging data over short distances (several meters) between fixed and/or
mobile devices.
If there is a Time Recorder positioned within
the maximum range, there will be no need toconnect cables and data collection is possible
without leaving your desk.
”Bluetooth ®”is the registered Trademark ofBluetooth SIG, Inc., and Amano Corporation isa licensed user.
1.Time Punch

2.Wireless

3.Edit & Data aggregation

Beep!
Max 10m

Parking Systems
The Key Word is “Hospitality”
Japan’s first “Next Generation Parking
Service” is now operational
January 2011, Amano installed Japan’s first “Next Generation Parking
Service” in a large shopping complex in Narashino-shi, Chiba prefecture.
In general, administration costs for
car parks in large shopping facilities
are high in order to alleviate traffic
congestions and to maintain safety.
This first “Next Generation Parking
Service” not only reduces such costs,
but it also has the following featuresthat enable smooth vehicle guidance from arrival to departure. This
new “hospitality” service is drawing
attention as an effective method toalleviate congestions;(i) On arrival, the driver can checkthe electronic guidance displays
near the ceiling for vacancies, (ii)the guidance displays will guide thevehicle smoothly to the vacant parking space, (iii) the KIOSK terminals*,

11

located at various points within the
shopping center, will provide thevisitor with shop information, and iscapable of “locate-your-vehicle” bykeying-in the registration number, (iv)the guidance displays will guide thevehicle to the exit on departure.
*KIOSK terminal: The “KIOSK terminal” refers toliquid crystal touch panel displays, often locatedon street corners and shopping centers to obtain information through visual search.
are guided smoothly and promptly with the
Guidance Visitors
combination of electronic displays, guiding signs,
display
and vacancy indicators.

Guidance display

Vacancy indicator

Each parking space is equippedwith an ultrasonic sensor whichmonitors the vacancy status. The
guidance display and the vacancy
indicators will show the visitor thevacant area and guiding sign pinpoints the vacant parking space.

Guiding sign

Information terminal (KIOSK terminal)

New Developments in “Rent-a-cycles”
Nationwide expansion of “Bicycle
parking systems for community bicycle
programs”
An increasing number of regional
Government bodies are reusing
abandoned bicycles as rent-a-cycles.
In order to improve convenience for
its users, “Community Bicycle Programs”* are seen as a new development and it is expanding nationwide.
March 2011, Amano installed a“Bicycle Parking System” for a community bicycle program in Takamatsu
city, which is so far the largest of its
kind, in Japan. Parking gate systems(UT-1500 series) were installed ateach of the 7 rent-a-cycle docks
around the city. By fitting identification IC tags on all of the rent-acycles (1.250 units), and by linking
all the docks to a communication
network, circulation and inventory
can be controlled at a central point.
In addition, by interfacing the bicycle
parking system with the local transpor tation system, railway prepaid
IC cards “IruCa”, can be used to
pay the rent-a-cycle fees. This will
provide a seamless environment for
rent-a-cycle users and train users.
* Community Bicycle Programs: “Community
Bicycle Programs” are a type of a rent-a-cycle
where the renting and return can be done at
any of the multiple bicycle docks. In Japan, it isanticipated that the system will complement
public transportation mainly in urban areas andbe developed as the “last mile” transportationmeans.
*IruCa is a registered Trademark of the Takamatsu-Kotohira Electric Railroad Co. Ltd.
Renting and returning can be done at any dock!
Rent

A station dock

IC TagReturnB station dock

Environmental Systems
Domestic Manufacturers are Accelerating Production Shift Towards Asia
Demand for standard Dust Collectors
are expanding
Amid the production shift to Asia by
the domestic manufacturers, in order to expand the market, Amano’s Asian sales promotion team has
been concentrating in the prompt
capturing of such information andto co-ordinate efforts with Amano’s overseas network to provide total
suppor t from equipment installations to engineering.
For instance in Indonesia, where
Japanese motorcycle manufacturers
represent 95% of the market share,
increased its production capacity tomeet the rising domestic demand.
Several hundred dust collector swere installed as part of a packageof new machine tools and parts machining equipment.
At Amano, sales and engineering
abilities are being actively enhanced
at overseas subsidiaries and efforts
are being concentrated to develop
and expand into new Asian markets
such as Vietnam and India.

An installation example
Filterless Mist Collector
MJ series

Clean Systems
A New Floor Care System that Pursue
Cost Benefits
Amano Green Coating System
The main concerns regarding routine and daily cleanliness are shifting
to “labor-saving”, “energy-saving”,
and ”environment-saving”. In addition, amid the ongoing reductionsof cleaning costs by large shopping
centers, department stores, supermarkets, convenience stores, thesecommercial facilities and retailers
are adopting ceramic floors and selfcleaning.
At Amano, in order to respond
appropriately to such changes, inaddition to the existing “dr y caresystem” for commercial facilities, hasadded and promoting a new selfcleaning package based on the new“Amano Green Coating System”. It
is a comprehensive system designed
to support the user from the initialfloor treatment, to the daily and periodic maintenance.
Before treatment

Ultraviolet
irradiation

After treatment

Domestic Group Companies
Reducing Administrative Costs and Improving Efficiency for Medium / Small
Businesses“Cloud T&A service CYBER XEED – “Smart “T&A
Amano Business Solutions Corporation
April 2011, Amano launched its
Cloud T&A ser vice the “CYBERXEED - Smart T&A”.
This is the inexpensive version of“Cloud Computing CYBER XEED”
and it is a new service to cater forthe needs of medium to small size
businesses. It comes with speedy
operations with high security.
In wake of the East Japan Great
Ear thquake, which struck March
2011, many corporations have become more aware of the importance of Business Continuity Plans
12(BCP) and as a result increasing
number of corporations are diverting or diversifying risk by relocating
their information system ser vers
outside of the company.
This cloud T&A service from Amano
will operate with just an Internet
connection via an Internet browser.
The user does not need a server to
upload the service nor a software
license, thus being cost friendly. The
service is answering to the needs ofmany companies.
PC

IC Card Reader
Data Center

Time RecorderInternet
Superior

HR

Approval

T&A
Administrative
CenterOperations Control Center
Data
Aggregation
Payroll

Privacy mark certification

Overseas Group Companies
The First Step to Start Further Growth Commemorating their 40th Anniversary
Horoquartz S.A. France
Horoquartz S.A., a subsidiary of Horomart France, has been a memberof the Amano Group since January
2008 and plays a vital role in expanding Information Systems business, commemorated its 40th anniversary in May 2011. Horoquartz is
now firmly established as the No.1
T&A system integrator in France.
The ceremony slogan was “40 yearsof Confidence”. Over the year s
Horoquar tz has built trust from
customer satisfaction and maintaining that trust has led to confidence
for fur ther growth. This ceremonymarks the first step in this endeavor.
As a core company to globalize
Amano’s Information Systems business, Horoquar tz’s operations will
no longer be exclusive to France,
but will expand across Europe.
40th Anniversarycelebration

Mr. Hubert de Rugy, CEO Horoquartz S.A.
France, giving his speech at their 40th Anniversary celebration

Amano USA Holdings, Inc.
Amano Cincinnati Inc. – Amano Time Business Unit
New Product Launch
The New Time Guardian Series is an expandable employee
time management system that automates the collection,
calculation, and preparation of time data for processing payroll.
This scalable time & attendance software provides businesses
add-on options such as employee upgrade, user upgrade, webinterface, advanced scheduling, advanced overtime and theability to integrate with Amano’s Nexus Lite, Nexus 220 and
AmanoNet.
PIX Series marks a new generation in time recorders. This
electronic time recorder has the ability to synchronize to the
Atomic Clock and provides voice activated programming foreasy setup! The PIX-75 automatically adjusts year, month,date and Daylight Savings. This clocks prints inregular or military time,with minutes, hundredths,
twentieths or tenths, youchoose! Three year battery backup for program…”set it and forget it”.

Next Generation in Access Control
ACI has successfully launched the Nexus Lite to various markets including healthcare, professional offices, retail, locksmiths,
education and security. Nexus Lite was designed with realtime web based access control.
This system manages up to 8
doors (expandable), 16 readerswith anti-pass back, supports
1,000 users (3 cards per user)
with the capacity to buffer thelast 5,000 event transactions.

Success Stories
ACI adopted a new business strategy to effectively improve
our Dealer Network Channel. In doing so we have successfully aligned our Time Business Unit with Intuit, Inc to market
QuickBooks Pro, Payroll and Merchant Services combined with
Amano’s Time and Attendance Solutions.
ACI partnered with SP
Richards, the world’s leading
wholesaler of office and computer supplies to the retailstationery dealer. SP Richards
distributes over 30,000 business products to a networkof over 7,000 resellers in the
United States and Canada. ACI currently has 32 sku’s online.
The TS-3000i made headway in the financial market and
now has taken a life of its own in the Health care industry.
Hospital Corporation of America (HCA), one of the nation’s first hospital companies has sought out Amano for 200 unitsof the TS-3000i. HCA has approximately 164 hospitals and
106 freestanding surgery centers in 20 states, including GreatBritain. The TS-3000i is being used for emergency entrance
areas and chest pain trauma centers.
Black Box Corporation, a world leader in communications andinfrastructure products and solutions has agreed to distribute
Amano’s TS-3000i under private label. Black Box’s Auto-Sync
Time Clock (ASTC3000) is being sold to numerous markets
including banks, investment brokers, casinos, hospitals and 911
call centers. The PoE version is also available through Black
Box.
Time Guardian Pro made a tremendous mark in 2010. Surgical Care Affiliates, LLC (SCA) purchased the easy-to-use
workforce management suite to operate in their headquarters

in Birmingham, AL. The MTX-15
terminals were installed in 150
ambulatory surgical centers and surgical hospitals. Pacific Health Corp in
Tustin, CA has sought Amano for acomprehensive time & attendancesystem that will accommodate their 4locations.

ACCU-TIME SYSTEMS, INC
ATS joins Amano GroupAccu-Time Systems, Inc.
(ATS), a trusted global leading
developer, manufacturer, andsupplier of biometric and nonbiometric terminals to the Timeand Attendance and Workforce Management industry, basedin Ellington CT joined Amano Group in March, 2010. ATS will
provide a good synergy effect to Amano’s sales channels fortime and workforce management.

New Product Launch
Accu-Time Systems anticipates growth opportunities
in expanding markets with
its introduction of three new
products. The PAYmate™ time and attendance
terminal is targeted at small
companies requiring fast
installation and ease-of-use. The AccuTouch™ offers a new
biometric optical fingerprint reader designed to read fingers
previously unreadable by conventional sensors. Cesium™, an
Oracle Validated Product, is a total hardware and software solution that allows ATS terminals to seamlessly integrate directlywith Oracle PeopleSoft Enterprise software in use around theworld. IMS Research, a supplier ofmarket research and consultancy
services, recently ranked ATS
as the second largest workforce
management hardware vendor
in the Americas market at nearly
10% market share.

Success Stories
A major fast food restaurant chain in the United Kingdom
chose Accu-Time Systems’ Maximus workforce management
terminal for its 1200 locations. ATS supplied the Maximus withcertain custom modifications that meet the restaurant chain’s
strict specifications. Also in The UK, a hospitality group chose
Maximus for its 1100 public house chain. This application is
one of the largest biometric implementations in ATS history.
A major mass merchandise retailer with locations around theworld has renewed its service and support agreement with
Accu-Time Systems for its Optimus workforce management
terminals. Also renewing its maintenance agreement with ATS
is a multi-national pharmacy and consumer products chain that
also uses ATS’ Optimus terminal.

Amano McGann, Inc. – Parking
GeneralThe economy stabilized a bit in 2010
but unfortunately new construction
did not rebound which had a negative impact on the parking systems
business. Even with these challenges
the organization as a whole worked
hard to win new customers andto maintain our existing base. This
was accomplished through the strong management of our13

established channels of Branch, Dealer, National Accounts, andVertical Markets resulting in another profitable year.
The focus on vertical markets expanded in 2010 to included
several advancements in not only new product development
but also the successful launch of several strategic alliances.
Both the development and alliances enhanced the core AMI
product offering and are now fully integrated.

Strategic Alliances
Park Assist
Park Assist, the world leader of parking guidance, has joined
forces with AMI as the exclusive representation in the US andCanadian markets. Unique features of the Park Assist solution
include the use of imaging to recognize an occupied space aswell as reading the license plate of the vehicle. Patrons havethe ability to find their car by entering a license plate number
at the kiosk or the AMI Pay Station. When integrated with
LPR, the M3 can relate the location of the vehicle to theticket allowing the operator to charge different rates based on
location without the need for nesting lanes. The partnership
between AMI and Park Assist was strengthened with the installation of the first M3 products in the United States in 2010.

AVPM
The partnership with Automated Valetadds the advantage of combining theleader of valet automation with thestrength of the AMI distribution network. The AVPM advantage includes
the unique feature of collecting imagesof vehicle damage automatically at the entrance or manuallywith an iPod touch, iPad, or iPhone with the Amano Valetapplication. The application can scan 2D barcode tickets with
the iPhone / iPod camera or linear barcode with the scanner /credit card attachment for the iPod touch. Other key featuresof the Valet system include the convenience of requesting yourvehicle via text message, email, or cell phone; employee timeand attendance tracking, and populating vehicle information
when scanning the VIN barcode. Development has started
on integration for the processing of bar code valet tickets andvalidations in the AMI Pay Station.

Product Development
iConnect®
Development of the iConnect® Software was completed andlaunched which allowed the integration with on-line partners
to sell prepaid parking and discounts at the exit. For example,
an integrated solution with a third party operator allows a patron to purchase parking online and gain access to the facility
with a barcode printed at their convenience. The iConnect®
application has also been integrated with third party web sites
to allow bar code coupons to be distributed on-line and usedat the exit.

PCI / PA-DSS
Now listed on the PCI website, AMI continues to provide
secure products where electronic security is of the utmost
importance. Through countless hours of working with our PCI
certified assessor, AMI has achieved PA-DSS validation for allof our software and hardware products.
The major card brands and the PCI council have created avery rigorous process to insure credit card security and AMI
will continue to stay in front on PCI security issues to ensureclient satisfaction.

Success Stories
Amano McGann continues to employ new technology andindustry leading products to secure success with major
projects across the country. Significant installations include:
Westchester’s Ridge Hill in Yonkers with multiple Pay Stations
and a custom re-entry feature, over fifty AMI credit card readers for DC’s transportation authority with another seventyslated in the coming year, and Chicago’s Prentice Hospitalwhich features both valet and FlexScan integration with theAMG-7800 to allow valet payments and automatic vehicle calldown through the Central Pay Station.
The company continued to expand its reach in the Airport
market with major installations at Van Nuys Airport in Los
Angeles, Lynden Pindling International Airport in Nassau,
Bahamas, and Denver Green Park which included FlexScan
integration with pre-pay application and the Frequent Parker
Program.
AMI is also finding success through its strategic partnerships.
Installation of the M³ system at Santa Monica Place in California gained national press
coverage for state-of-the-art
parking guidance technology
and the first Find Your Car
solution in the US.

barcode tickets. Ease of integration and remote serviceability
are two of the several great andinnovative benefits this system
offers.
With Astrow 2013, the next version of the proven T&A software
for small and medium sized businesses with an installed base of more than 5.000 customers in
Europe, Amano Europe resolutely goes for the SaaS and cloudcomputing business concept, incorporating WEB2.0 technologies. Astrow 2013 will continue to be the pan-European T&A
solution for the SME market. The ability to integrate to 3rdparty solutions, the ease of installation and the introductionof mobile solutions are key objectives in order to suite themodern and complex market needs.

Parking Summit

Horoquartz, S.A.

The fiscal year of 2010 ended
on a high note by hosting the
Amano Parking Summit in Las
Vegas, Nevada. Amano McGann personnel and distribution teams from all around thecountry joined forces to get up
to speed on the AMI corporate vision, improved sales techniques, and the latest productintroductions. The Summit was an action packed event that
included two full days of information rich presentations, handson breakout sessions to increase product familiarity, and theannouncement of the iPad 2 as a sales tool.
Each Summit attendee received pre-loaded iPad 2’s containing various sales related content and videos. Use of the iPad
2 in the field puts knowledge and power into the hands ofeach sales professional resulting in a more enticing sales pitchwith marketing materials available in several new and exciting
formats.
The sales meeting provided an opportunity to connect withthe sales team and distribution partners, reinforce goals andpromote sales strategies. The Summit was received positively
by all who were present, so much so that many agreed that
the Summit was the best seminar they had ever attended. Attendees left Las Vegas feeling energized, highly motivated andfull of knowledge.
“This was one of the most informative, educational, positive
meetings that I’ve ever attended.” -Greg Brewer, Carolina
Time. “The information provided including presentations,breakout sessions and networking with colleagues was invaluable.” -Curtis Bateson, Parking Systems Division - Western
Canada, Amano Cincinnati Canada Inc.

In France the major event of the past twelve months was thecelebration of the 40th anniversary of Horoquartz. Customers
and staff were separately invited on the banks of the Seine
River in Paris, next to the Eiffel
tower, under the slogan “40years of confidence”.
Keep customers and staff loyal
is indeed the key for a company
that offers services (70% ofsales) and expertise.
Customers themselves made presentations to explain how the
Workforce Management solutions of Horoquartz did contribute to create new values in their companies: added value (costreduction) and human value (user satisfaction).
The day after the 330 staff members and 10 group delegatesfrom Japan and Europe gathered for the private celebration. In
his speech Mr. Haruta congratulated the teams for their commitment and results and Mr. Nakajima expressed his confidence in the international expansion of Horoquartz integrated
solutions.
For a moment the teams became actors and showed throughshort theater scenes how the human values in the company
could help bringing satisfaction and added value to the customers.

Best In Show II
AMI raised the bar by earning the prestigious “Best in Show”
award once again at both the Canadian Parking Show and theparking industry’s major trade show, The International Parking
Institute. AMI brightened up the parking shows with a neon
theme to compliment the
IPI’s Las Vegas location. The
neon elements were createdby local artist Matt Thompson and added to a displaythat was fabricated by AMI
personnel.

Amano Europe Holdings, N.V.
Also in this fiscal year Amano Europe continued to invest in
both parking solutions and new time and attendance products.
The X-Parc parking solution has now been installed successfully in 18 different countries, including Malaysia and Australia.
With X-Parc Amano Europe is able to offer a robust, flexible
and network centric solution based on Linux technology andSuite as well as Access Control and ID
Card management. The Time Division
has developed a webshop and everincreasing network of independent
dealers for traditional time recordersales. In the Car Parking Division
Amano is focussing on introducing a
rental solution into the market placeand is already winning sizeable installations at local councils aswell as private car parks. The team is focussed on providing
excellence in Customer
Care and through thesales and engineering
team is quickly migrating
maintenance agreements
for Customers so thatthey can now deal with
Amano.”

Amano Korea Corporation
Commenced Parking Administration Service for Public Parking in Seoul, Korea
From October 2010, Amano Korea Corporation (AKC) has
commenced its parking administration service for Seoul city’s
public parking facility.
This public parking facility consists of on-street and off-street
parking and the fees will be collected using the following 3
methods: For on-street parking, meter patrols will carry PDA
terminals (parking fee calculators) and collect the fees during
their rounds. For off-street parking, fees will be collected bymanned or unmanned pay stations
AKC will continue to strengthen and seek expansion in the
public parking market.

Scopus-Omnibadges,S.A.
For Scopus Omnibadges this fiscal year was a year of expansive growth.
In January 2010 Scopus Omnibadges acquired Prescard. This
company was able to meet the requirements of customers inmarket segments such as fashion houses, perfumes, jewelers,and airline companies. Printing technologies like silk screen
and hot stamping met the demands that Scopus Omnibadges
could not accommodate untill now. Especially the ability toprint metallic paint, like gold, and the ability to print hologramson the cards allow Scopus Omnibadges to approach and serve
new markets.
In January 2011 Scopus Omnibadges acquired the ID solutions
division of Sogedex. With this acquisition Scopus Omnibadges
clearly expanded its service offering by having now the ability
to offer, implement and support its own software packages forcreating and manipulating card data. As such Scopus Omnibadges has reached the unique position in France and Europeof being a one-stop-shop that can both create cards and offer
integrated card and data security solutions at the same time.
Scopus Omnibadges is now ready to pursue its international
strategy.
As a result of these two acquisitions and of a steady growth in
the core business, Scopus Omnibadges will double its turnoverin 2012, compare to the turnover in 2010.

Amano UK. LTD.
“The set-up of the direct business in the UK is well underwaywith new offices established for both Time and Parking Divisions. The Time Division has recruited a sales team of 8, now
starting to take regular orders of the newly refreshed Astrow

14

Unmanned Pay

PDA Terminal

Commenced LED Lighting BusinessIn addition, AKC, utilizing its position as the No.1 parking company in Korea, has started up a “LED Lighting Business”. Amid
the increasing interests in environmentally friendly products
and energy conservation, this business in anticipated to growas a new solution in conjunction with parking administrationand expansion efforts are being made.
EnergySavingLong
Life

Lower Heat
Emissions

LED LAMPS

Dimming Function /Remote Control

Visible Light
Only

Environmentally
Friendly

LED lighting installed
in an undergroundparking facility

AMANO Corporation and Subsidiaries

Financial Highlights
For the years ended March 31, 2011 and 2010.

Yen in millions and U.S.dollars in thousands, except per share amounts- See Note 5 to the Consolidated Financial Statements.

Thousands of U.S.
dollars (Note 5)

Millions of Yen

2011

2010

2011

Net sales ...........................................................

¥83,303¥78,586$1,003,651

Net income .......................................................

3,065

1,011

36,928Net income per share (Basic) .............................

¥40.01¥13.20$0.482

Cash dividends per common share .....................

26.00

26.00

0.313

Total assets .......................................................

¥102,933¥100,687$1,240,157

Working capital.................................................

34,58935,312416,735

Total net assets .................................................

72,561

74,968874,230

Time information systems..................................

¥18,890¥17,440$227,590

Time management equipment ............................

4,407

4,316

53,096

Parking systems ................................................

38,49337,786

463,771

Environmental systems ......................................

14,144

11,521

170,410

Cleaning systems...............................................

7,369

7,523

88,783For the years ended March 31:

Per share data (Yen and U.S. Dollars):

At March 31:

Sales by product:

Note: U.S.dollar amounts have been translated at the rate of ¥83 = US $1, the rate prevailing on March 31, 2011.
-See Note 5 to the Consolidated Financial Statements.

Net Sales

Net Income(Millions of Yen)

(Millions of Yen)

100,000

7,000

Net Income Per Share
(Yen)

80.00
70.00

90,0006,000

80,000

60.00
5,000

70,00050.00
60,000

4,000
40.00

50,0003,000

40,00030,000

30.00

2,000

20.00

20,0001,000

10,000
0

'07

'08

'09

'10

'11

0

10.00

'07

'08

15

'09

'10

'11

0

'07

'08

'09

'10

'11

AMANO Corporation and Subsidiaries

Consolidated Balance Sheets
As at March 31, 2011 and 2010.

Millions of Yen

ASSETS

Thousands of U.S.
dollars (Note 5)

2011

2010

2011

¥27,265
1,190¥23,676
1,227$328,494
14,337

21,145(130)
21,015
6,327
1,321
1,672
58,79021,134(214)
20,920
6,016
1,106
1,790
54,735

254,759(1,566)
253,193
76,22915,91620,144
708,313

Land .................................................................
Construction in progress ....................................
Total property, plant and equipment ..............

27,511
17,975
2,641
48,127(33,123)
15,004
7,155
298
22,45727,803
19,643
1,711
49,157(33,445)
15,712
7,161
83
22,956331,458
216,566
31,819579,843(399,072)
180,771
86,205
3,590
270,566

Intangible fixed assets :Goodwill ...........................................................
Software ...........................................................
Software in progress ..........................................
Other intangible fixed assets ..............................
Total intangible fixed assets ...........................

5,455
2,849
337
1,148
9,789

6,777
4,174
279
672
11,90265,72334,325
4,060
13,832
117,940Investments and other assets:
Investments in unconsolidated subsidiaries and affiliates.......
Investments in securities ...................................
Leasehold and guarantee deposits ......................
Deferred tax assets ............................................
Other assets ......................................................
Less allowance for doubtful accounts .................
Total investments and other assets .................

794
4,023
1,081
2,070
4,357
(428)
11,897

803
3,712
1,093
2,334
3,626
(474)
11,094

9,566
48,47013,02424,94052,495(5,157)
143,338

Total ............................................................................

¥102,933¥100,687$1,240,157

Current assets:
Cash and bank deposits .....................................
Marketable securities .........................................
Notes and accounts receivable:
Trade.............................................................
Less allowance for doubtful accounts ..............
Inventories........................................................
Deferred tax assets ............................................
Other current assets ..........................................
Total current assets .......................................
Property, plant and equipment, at cost:
Buildings and structures ....................................
Machinery and equipment .................................
Lease assets .....................................................
Less accumulated depreciation .......................

The accompanying notes are an integral part of these statements.

16Millions of Yen

Thousands of U.S.
dollars (Note 5)

LIABILITIES AND NET ASSETS

2011

2010

2011

Current liabilities:
Trade notes and accounts payable ......................
Short-term bank loans .......................................
Lease obligations ...............................................
Accrued expenses..............................................
Accrued income taxes........................................
Provision for loss on casualty.............................
Other current liabilities ......................................
Total current liabilities ...................................

¥10,031
1,715
540
4,741
2,049
15
5,110
24,201¥9,009
19
476
4,608
679
–
4,632
19,423$120,855
20,663
6,506
57,12024,687
181
61,566
291,578

Long-term liabilities:
Long-term loans payable....................................
Accrued retirement benefits to employees ...........
Long-term accounts payable ..............................
Lease obligations ...............................................
Deferred tax liabilities........................................
Asset retirement obligations ...............................
Other long-term liabilities ..................................
Total long-term liabilities ...............................

11
3,454
272
1,749
300
16
369
6,171

25
3,884
541
1,231
362
–
253
6,296

133
41,614
3,277
21,072
3,614
193
4,446
74,34918,240–19,567
46,968–18,24019,56745,895

219,759–
235,747
565,880(3,719)81,056(3,717)
79,985(44,807)
976,579(154)(8,501)(8,655)(118)(5,966)(6,084)(1,855)(102,422)(104,277)

Minority interests in consolidated subsidiaries ....

160

1,067

1,928

Total net assets .............................................

72,561

74,968874,230

Total ............................................................................

¥102,933¥100,687$1,240,157

Net assets:
Shareholders' equity:
Common Stock
Authorized- 185,476,000 shares
Issued:March 31, 2011 - 81, 257, 829 shares ............
March 31, 2010 - 81, 257, 829 shares ............
Capital surplus ..............................................
Retained earnings .........................................
Treasury stock at cost, 4,660,922 shares in 2011
and 4,658,707 shares in 2010 ........................

Accumulated other comprehensive income
Net unrealized gains (losses) on other securities ....
Foreign currency translation adjustments ........

The accompanying notes are an integral part of these statements.

17

AMANO Corporation and Subsidiaries

Consolidated Statements of Income, andConsolidated Statement of Comprehensive Income
For the years ended March 31, 2011 and 2010.

Consolidated Statements of Income
Thousands of U.S.
dollars (Note 5)

Millions of Yen

2011

2010

2011

Net sales .....................................................................
Cost of sales................................................................
Gross profit ...................................................
Selling, general and administrative expenses ..............
Operating income ..........................................
Other income ( expenses ) :Interest and dividend income ............................
Interest expense ...............................................
Equity in earnings of affiliates ...........................
Foreign exchange losses ...................................
Gain on sale of fixed assets ...............................
Loss on disposal of fixed assets .........................
Loss on sale of fixed assets ...............................
Gain on sale of investments in securities ...........
Loss on sale of investments in securities ............
Loss on write-down of investments in securities .
Gain on negative goodwill ................................
Loss on transfer of business ...............................
Other, net ........................................................
Income before income taxes and minority interests ....
Income taxes :Current .............................................................
Deferred ...........................................................
Income before minority interests ....................
Minority interests in net income of consolidated subsidiaries
Net income¥83,30346,692
36,61132,228
4,383¥78,586
44,65433,93232,005
1,927$1,003,651
562,554441,097388,289
52,808

139
(37)
36
(170)
8
(59)
(3)
–
0
(126)
990
129
174
5,464

143
(31)
57
–
4
(25)
(8)
1
–
(56)
–
–
354
2,366

1,675
(446)
434
(2,048)
96
(711)
(36)
–
0
(1,518)
11,9281,554
2,096
65,832

2,274
(31)
3,221
(156)
¥3,065

938
250
1,178
(167)
¥1,011

27,398(373)
38,807(1,879)$36,928

Net income per share, basic .........................................
Cash dividends per common share ..............................

¥40.01
26.00

Yen

U.S. dollars (Note 5)¥13.2026.00$0.482
0.313

Consolidated Statement of Comprehensive Income
Millions of Yen

Thousands of U.S.
dollars (Note 5)

2011

2011

¥3,221$38,807(36)(2,539)(434)(30,590)

(8)

(96)

Total other comprehensive income ..................
Comprehensive income ...............................................

(2,583)¥638(31,120)$7,687

Total comprehensive income attributable to:Shareholders of the Company ............................
Minority interests ..............................................

¥494
¥144

$5,952$1,735

Income before minority interests .................................
Other comprehensive income
Net unrealized gains (losses) on other securities ....
Translation adjustments ....................................
Share of other comprehensive income of companies
accounted for by the equity-method ........................

The accompanying notes are an integral part of these statements.
18

AMANO Corporation and Subsidiaries

Consolidated Statements of Net Assets
For the years ended March 31, 2011 and 2010.
Millions of yen
Shareholders’ equity
Common stock

Capital surplus

Retained earnings

Treasury stock

Balance at March 31, 2010
Changes during the year
Dividends from surplus
Net income
Purchase of treasury stock
Net changes in items other than shareholders’ equity
Total changes during the year

¥18,240¥19,567¥45,895(¥3,717)

Total shareholders’equity¥79,985(2)(1,992)
3,065
(2)

–

–

1,073

(2)

1,071

Balance at March 31, 2011¥18,240¥19,567¥46,968(¥3,719)¥81,056

Balance at March 31, 2010
Changes during the year
Dividends from surplus
Net income
Purchase of treasury stock
Net changes in items other than shareholders’ equity
Total changes during the year
Balance at March 31, 2011

(1,992)
3,065

Accumulated other comprehensive income
Minority interests
Net unrealized Foreign currency Total accumulated
in consolidated Total net assets
gains (losses) on
translation
other comprehensive
subsidiaries
other securities
adjustments
income(¥118)(¥5,966)(¥6,084)¥1,067¥74,968(36)(36)(2,535)(2,535)(2,571)(2,571)

(907)
(907)

(1,992)3,065(2)(3,478)(2,407)(¥154)(¥8,501)(¥8,655)¥160¥72,561

Thousands of U.S. dollars (Note 5)
Shareholders' equity
Total shareholders'equity$963,675

Common stock

Capital surplus

Retained earnings

Treasury stock

Balance at March 31, 2010
Changes during the year
Dividends from surplus
Net income
Purchase of treasury stock
Net changes in items other than shareholders’ equity
Total changes during the year

$219,759$235,747$552,952($44,783)––

12,928(24)

12,904

Balance at March 31, 2011

$219,759$235,747$565,880($44,807)$976,579

Balance at March 31, 2010
Changes during the year
Dividends from surplus
Net income
Purchase of treasury stock
Net changes in items other than shareholders’ equity
Total changes during the year
Balance at March 31, 2011

(24,000)(24,000)

36,928(24)

36,928(24)

Accumulated other comprehensive income
Minority interests
Net unrealized Foreign currency Total accumulated
in consolidated Total net assets
gains (losses) on
translation
other comprehensive
subsidiaries
other securities
adjustments
income($1,421)($71,880)($73,301)$12,855$903,229

(434)
(434)

(30,542)(30,542)(30,976)(30,976)(10,927)(10,927)(24,000)
36,928(24)(41,903)(28,999)($1,855)($102,422)($104,277)$1,928$874,230

The accompanying notes are an integral part of these statements.

19Millions of yen
Shareholders' equity
Common stock

Capital surplus

Retained earnings

Treasury stock

Balance at March 31, 2009
Changes during the year
Dividends from surplus
Net income
Purchase of treasury stock
Reduction in retained earnings from merger of consolidated andnonconsolidated subsidiaries
Net changes in items other than shareholders’ equity
Total changes during the year

¥18,240¥19,567¥47,045(¥3,715)

Total shareholders'equity¥81,137(2)(1,992)
1,011
(2)

–

–

(1,150)(2)(1,152)

Balance at March 31, 2010¥18,240¥19,567¥45,895(¥3,717)¥79,985

Balance at March 31, 2009
Changes during the year
Dividends from surplus
Net income
Purchase of treasury stock
Reduction in retained earnings from merger of consolidated andnonconsolidated subsidiaries
Net changes in items other than shareholders’ equity
Total changes during the year
Balance at March 31, 2010

(1,992)
1,011
(169)

(169)

Accumulated other comprehensive income
Minority interests
Net unrealized Foreign currency Total accumulated
in consolidated Total net assets
other comprehensive
gains (losses) on
translation
subsidiaries
incomeother securities
adjustments(¥304)(¥6,370)(¥6,674)¥932¥75,395(1,992)
1,011
(2)
(169)
186
186

404
404

590
590

135
135

725
(427)

(¥118)(¥5,966)(¥6,084)¥1,067¥74,968

The accompanying notes are an integral part of these statements.

20

AMANO Corporation and Subsidiaries

Consolidated Statements of Cash Flows
For the years ended March 31, 2011 and 2010.
Thousands of U.S.
dollars (Note 5)

Millions of Yen

2011
Cash Flows from Operating Activities:
Income before income taxes and minority interests ..........
Adjustments to reconcile income before income taxes andminority interests to net cash provided by operating activities:
Depreciation and amortization ...................................
Amortization of goodwill ...........................................
Increase (decrease) in provision for accrued retirement benefits .
Increase (decrease) in allowance for doubtful accounts ...
Interest and dividend income ....................................
Equity in earning of affiliates .....................................
Interest expenses ......................................................
Foreign currency translation (gain) loss......................
(Gain) Loss on sale of investments in securities ..........
Loss on write-down of investments in securities .........
(Gain) Loss on sale of fixed assets .............................
Loss on disposal of fixed assets..................................
(Gain) Loss on transfer of business ............................
Gain on negative goodwill .........................................
(Increase) decrease in trade notes and accounts receivable ...
(Increase) decrease in inventories ..............................
Increase (decrease) in trade notes and accounts payable .
Others ......................................................................
Subtotal ....................................................................
Interest and dividends received..................................
Interest paid .............................................................
Payment for extra retirement payments ......................
Income taxes paid .....................................................
Income taxes refund ..................................................
Net cash provided by operating activities ...................
Cash Flows from Investing Activities:
Payment for purchase of marketable securities ...........
Proceeds from redemption of marketable securities.....
Payment for purchase of property and equipment .......
Proceeds from sale of property and equipment ...........
Payment for acquisition of intangible assets ...............
Payment for acquisition of investments in securities ...
Proceeds from sale of investments in securities...........
Proceeds from redemption of investments in securities ...
Payment for acquisition of investments in subsidiaries ....
Increase in time deposits ...........................................
Decrease in time deposits ..........................................
Loans to third parties ................................................
Collection of loans ....................................................
Others .....................................................................
Net cash used in investing activities ..........................
Cash Flows from Financing Activities:
Proceeds from short-term bank loans .........................
Repayment of short-term bank loans ..........................
Proceeds from long-term debt ....................................
Repayment of long-term debt .....................................
Payment for acquisition of treasury stock ...................
Repayments of finance lease obligations .....................
Dividends paid..........................................................
Dividends payment to minority interests ....................
Net cash used in financing activities ......................
Effect of exchange rate changes on cash and cash equivalents .............
Net increase (decrease) in cash and cash equivalents .........................
Cash and cash equivalents at beginning of year ..................................
Increase in cash and cash equivalents from newly consolidated subsidiary .......
Increase in cash and cash equivalents resulting from merger ofconsolidated subsidiary and unconsolidated subsidiary .......................
Cash and cash equivalents at end of year ...........................................
The accompanying notes are an integral part of these statements.

21

2010

2011

¥5,464¥2,366$65,832

4,351
718
(410)
(46)
(139)
(36)
37
(43)
0
126
(5)
59
129
(990)
(585)
(453)
1,150
1,428
10,755206(37)–(1,084)445
10,285

4,676
667
(329)
28
(143)
(57)
31
(2)
(1)
56
4
25
–
–
2,661
534
(0)
(507)
10,009
207
(36)
(30)
(1,303)217
9,064

52,422
8,651(4,940)(554)(1,675)
(434)
446
(518)
0
1,518
(60)
711
1,554
(11,928)(7,048)(5,458)13,855
17,204
129,578
2,482
(446)
–
(13,060)
5,361
123,915(2,000)
2,000
(805)
18
(1,445)(636)––(1,619)(5,569)
4,380
(18)
22
14
(5,658)(2,029)2,000(1,657)
5(1,639)
(806)
51
700
–
(4,625)
5,207
(2)
5
378
(2,412)(24,096)
24,096(9,699)217(17,410)(7,663)––(19,506)(67,096)
52,771
(217)
265
169
(68,169)

1,906
(6)
–
(10)
(2)
(523)
(1,992)
(21)
(648)
(419)
3,560
20,933
–

–
(1)
33
(52)
(1)
(333)
(1,992)(37)(2,383)(156)
4,113
16,709111

22,964
(72)
–
(120)
(24)
(6,301)(24,000)(254)(7,807)(5,047)42,892
252,204–

121¥24,614–¥20,933

1,457$296,553

AMANO Corporation and Subsidiaries

Notes to the Consolidated Financial Statements
For the years ended March 31, 2011 and 2010

1. Basis of Consolidated
Financial Statements
The accompanying consolidated
financial statements of AMANO
Corporation [hereinafter called "theCompany"] and its subsidiaries
have been prepared in accordancewith the provisions set forth in theJapanese Financial Instruments andExchange Act and its related accounting regulations in Japan. The
accounts of the Company and domestic subsidiaries included in the
consolidation are based on the accounting records maintained in accordance with accounting principles
generally accepted in Japan, which
are different in certain respects as
to the application and the disclosure requirements of International
Financial Reporting Standards.
The information in the consolidated
financial statements is derived fromthe original text, scope, and thenature of that information, and istherefore limited to that containedin the original text. However, certain reclassifications or summarizations of accounts have been madeto present the consolidated financial
statements in a form which is morefamiliar to the readers outside Japan.
* Supplementary explanation:
Effective the year ended March 31,
2011, the Company has applied
ASBJ Statement No.25, “AccountingStandard for Presentation of Comprehensive Income”. In accordancewith this new standard, consolidated statement of comprehensive
income for the year ended March
31, 2010 is not presented. The comparative information for the year
ended March 31, 2010 is disclosed
in Note 11, page 27.

2. Principles of Consolidation(1) Scope of Consolidation
The Company had 29 consolidated
subsidiaries at March 31, 2011;
The accompanying consolidated
financial statements include the accounts of the Company and those of
its subsidiaries that are controlled
by the Company. Under the control concept, major subsidiaries inwhich the Company is able to exercise control over operations are to
be fully consolidated.
The accounts of the overseas consolidated subsidiaries are preparedon the basis of a December 31 fiscal year-end, and are consolidated
accordingly with the Company atMarch 31, 2011 and 2010, and forthe years then ended.
The consolidated subsidiaries thathave been consolidated with theCompany for the year ended March
31, 2011 are as follows:
Company Name

EquityPaid In Capitalownership (Thousands)%

1) Amano USA Holdings, Inc.
100% US$ 111,702
2) Amano Cincinnati, Inc.
100% US$ 23,172
3) Amano Cincinnati Canada, Inc.
100%
C$ 4394) Accu-Time Systems, Inc. *100%
US$ 0.83*The company was newly consolidated in March 2011.
5) Accu-Tech Systems, Ltd. *100%£ 0.002*The company was newly consolidated in March 2011.
6) Amano McGann, Inc.
100% US$ 46,418

227) Amano Pioneer Eclipse Corp.
100% US$ 4,606
8) Amano Europe Holdings N.V.
100% EUR 73,824
9) Amano Europe N.V.
100% EUR 17,850
10) Horosmart S.A.
100% EUR 16,000
11) Horoquartz S.A.
100% EUR 20,000
12) Horoquartz Marocco S.A.
100%
DH 20013) Pial Technologies S.A.
100%
EUR 650
14) Scopus-Omnibadges S.A.S.
67%
EUR 820
15) Amano Time & Parking Spain, S.A.
100% EUR 2,518
16) Amano Malaysia Sdn.Bhd.
100%
MR 2,500
17) Amano Cleantech Malaysia Sdn.Bhd.
90%
MR 20018)ATAS E & C Services(M) Sdn. Bhd.
100%
MR 15019)Amano Time & Air Singapore Pte. Ltd.
100%
S$700
20)PT. Amano Indonesia
100%
US$ 25021)Amano Thai International Co., Ltd.
43% THB 8,000
22)Amano International Trading (Shanghai)Co., Ltd.
100%
US$ 200
23)Amano Korea Corp.
100% W 4,500,000
24)Amano Agency Corp.
100%¥10,000
25)Environmental Technology Company
100%¥20,000
26)Amano Management Service Corp.
100%¥205,000
27)Amano Maintenance Engineering Corp.
100%¥30,000
28)Amano Business Solutions Corp.
100%¥300,00029)Amano Musashi Electric Corp.
100%¥10,000

Note: Investment in Parkinsys
Technology Co., Ltd., a Taiwanese company, over which
the Company has the ability
to exercise significant influence (the Company owns 36.6
percent) is accounted for using
the equity method.

(2) Accounting for Investments
in Unconsolidated Subsidiaries and Affiliates
None of the 6 unconsolidated subsidiaries are accounted for by theequity method, because the effectof their net income or losses andretained earnings on the accompanying Consolidated Financial Statements are immaterial.

(3) Consolidation and Elimination
For the purpose of preparing theconsolidated financial statements,
all significant intercompany transactions, account balances, andunrealized profits among the groupcompanies have been eliminatedfrom the consolidated financial
statements. Intercompany profit
included in the assets sold fromthe Company to the consolidated
subsidiaries has been entirely
eliminated and charged against theconsolidated earnings of the groupcompanies. Intercompany profit
included in the assets sold fromthe consolidated subsidiaries to theCompany has been entirely eliminated and the portion applicable tominority interests has been charged
against them.

3. Summary of Significant
Accounting Policies(1) Cash and Cash Equivalents
Cash and cash equivalents include
time deposits whose expiration

dates are within three months.

(2) Inventories
Inventories are stated at cost (writedown due to reduced profitability).
Cost is determined principally using
the periodic average method.

(3) Property, Plant and Equipment
Property, plant and equipment arestated at cost, less accumulated depreciation. Depreciation is computed on the declining balance method,
except for buildings acquired from
April 1, 1998, computed on thestraight -line method based on theestimated useful lives. The rangesof the useful lives of assets are :Buildings
7-50 years
Machinery and equipment 7-17 years
Cost of property, plant and equipment, retired or otherwise disposedof, and related accumulated depreciation, is eliminated from therespective accounts, and the resulting gain or loss is reflected in income during the applicable period.
Normal repairs and maintenance,
including minor renewals and improvements, are charged to income
as incurred.

(4) Intangible Assets
Intangible assets are amortized using the straight-line method. Software costs for internal use are amortized by the straight-line method
over their expected useful lives (fiveyears). Goodwill is amortized overthe estimated useful life, or where
the amount of goodwill is immaterial, is charged to income in theyear of acquisition.

(5) Lease Assets
Lease assets in finance lease transactions not involving transfer ofownership are depreciated by the23

straight-line method over the termof the lease, with a residual valueof zero. Finance lease transactions
not involving transfer of ownership made prior to the beginningof the first year of application of
the revised Accounting Standard
for Lease Transaction have beenaccounted for using the method applied to rental transactions.

(6) Accounting for Financial
Instruments(a) Derivatives
All derivatives are stated at theirfair values, with changes in fairvalue included in net profit or loss
for the period in which they arise.
(b) Securities
Securities held by the Company andits subsidiaries are classified into four
categories;
Trading securities, which are held
for the purpose of generating profits
on short-term differences in prices,
are stated at their fair values, withchanges in fair values included in
net profit or loss for the period inwhich they arise. Additionally,
securities held in trusts for trading
purposes are accounted for in thesame manner as trading securities.
Held-to-maturity debt securities, that
the Company and its subsidiaries
have intent to hold to maturity, arestated at their costs after accounting
for premium or discount on acquisition, which are amortized over theperiod to maturity.
Investments of the Company inequity securities issued by unconsolidated subsidiaries and affiliates
are accounted for by the equity
method. Exceptionally, investments
in certain unconsolidated subsidiaries and affiliates are stated at costbecause the effect of application of

the equity method would be immaterial.
Other securities for which market
quotations are available are stated
at fair value. Net unrealized gains
or losses on these securities are reported as a separate item in the net
assets at a net-of-tax amount.
Other securities for which market
quotations are unavailable are stated at cost, except as stated in theparagraph below.
In cases where the fair value ofheld-to-maturity debt securities,
equity securities issued by unconsolidated subsidiaries and affiliates,or other securities had declined significantly and such impairment of
the value is not deemed temporary,
those securities are written down
to the fair value and the resulting
losses are included in net profit orloss for the period.

(7) Foreign Currency Translation
Foreign currency transactions aretranslated using foreign exchange
rates prevailing at the respective
transaction dates. Receivables andpayables in foreign currencies aretranslated at the foreign exchange
rates prevailing at the respectivebalance sheet dates and the resulting transaction gains or losses aretaken into income currently.

(8) Translation of Foreign
Currency Financial
Statements (Accounts ofOverseas Subsidiaries)
Foreign currency denominatedstatements of overseas consolidated
subsidiaries have been translated
into Japanese yen using the method
prescribed by the Business Accounting Deliberation Council ofJapan. All the balance sheet accounts of foreign and affiliates aretranslated at the foreign exchange
rates prevailing at the respectivebalance sheet date expect common
stock and capital surplus. On theother hand, all the profit and loss
accounts are translated at the average foreign exchange rates for therespective periods. Differences arising from translation are presented
as “Foreign currency translation adjustments” and “Minority interests
in consolidated subsidiaries” in theaccompanying consolidated financial statements.

(9) Income Taxes
The Company recognizes tax effectof temporary differences between
the carrying amounts and the tax
basis of assets and liabilities. The
provision for income taxes is computed based on the pretax income
included in the consolidated statements of income. The asset and liability approach is used to recognize
deferred tax assets and liabilities forthe expected future tax consequences of temporary differences.

(10) Allowance for Doubtful
Accounts
In general, the Company and its
subsidiaries provide the allowancebased on the past receivables loss
experience for a certain reference
period. Furthermore, for receivables with financial difficulty which
could affect the debtors' ability toperform their obligations, the allowance is provided for estimated unrecoverable amounts individually.

(11) Accrued Retirement Benefits
to Employees
The Company and some of its Japanese subsidiaries recognize accrued
pension and severance costs to employees based on the actuarial valu-

24

ation of projected benefit obligationand plan assets at fair value. Prior
service costs are amortized basedon the straight-line method over a
period of ten years. Actuarial gains
and losses are amortized based on
the straight-line method over a period of ten years starting from the
beginning of the subsequent year.

(12) Provision for Loss on Casualty
The Company and its Japanese subsidiaries provided for the expenses
to reconstruct assets suffered fromthe Tohoku-Pacific Ocean Earthquake on March 11, 2011. The expenses were estimated based on theextent of the damages.

(13) Research and Development Expenses
Research and development expenses are charged to income as
incurred.

(14) Net Income and Dividends
per Share
Basic net income per share is computed based on the weighted average number of shares of common
stock outstanding during each period. Diluted net income per share iscomputed based on the net income
available for distribution to theshareholders and the weighted-average number of shares of common
stock outstanding during each year
after giving effect to the dilutive potential of shares of common stock
to be issued upon the exercise ofstock subscription rights and stock
options. Cash dividends per share
shown for each fiscal period in theaccompanying consolidated statements of income represent actual
dividends declared as applicable to
the respective fiscal period.

(15) Revenue from Construction Contracts
Revenues and costs of construction contracts are recognized by thepercentage-of-completion method incase the percentage of completion foreach contract can be reliably estimated.
The percentage of completion is measured by the percentage of total costs
incurred to date to estimated total costs
for each contract. The completed-contract method is applied to the contracts
in case the percentage of completioncannot be reliably estimated.

4. Changes in Accounting Policy(1) Recognizing Revenues andCosts of Construction Contracts
Until the year ended March 31, 2009,
revenues and costs of construction
contracts were recognized by thecompleted-contract method. Effective
April 1, 2009, the Company and its
consolidated subsidiaries have applied
ASBJ No.15, “Accounting Standard forConstruction Contracts”, and its Guidance No.18, “Guidance on AccountingStandard for Construction Contracts”,
which was issued on December 27,
2007, to the construction contracts. In
accordance with ASBJ No.15 and its
Guidance No.18, revenues and costs ofconstruction contracts that commenced
on and after April 1, 2009 are recognized by the percentage-of-completion
method in case the percentage ofcompletion for each contract can bereliably estimated. The percentage ofcompletion is measured by the percentage of total costs incurred to date toestimated total costs for each contract.
The completed-contract method continues to be applied to the contracts incase the percentage of completion cannot be reliably estimated. The effectof this change was immaterial to theconsolidated financial statements forthe year ended March 31, 2010.

(2) Translation of Foreign Currency Financial Statements(Accounts of Overseas Subsidiaries)
The Company applied the average foreign exchange rates to thetranslation of all the profit andloss account. More specifically; all
the profit and loss accounts aretranslated at the average foreignexchange rates for the respective
periods. On the other hand, all thebalance sheet accounts of foreign
and affiliates are translated at theforeign exchange rates prevailingat the respective balance sheet date
except common stock and capitalsurplus.

(3) Asset Retirement Obligations
Effective April 1, 2010, the Company and its consolidated subsidiaries have applied ASBJ Statement
No.18, “Accounting Standard for
Asset Retirement Obligations”, and
its Guidance No.21, “Implementation Guidance on Accounting Standard for Asset Retirement Obligations”. The effect was immaterial toits consolidated financial statements
for the year ended March 31, 2011.

5. United States Dollar Amounts
The Company maintains its accounting records in Japanese yen.
The U.S. dollar amounts includedin the consolidated financial statements and notes thereto represent
the arithmetical results of translating Japanese yen to U.S. dollars at a
rate of ¥83=US $1, the approximate
effective rate of exchange prevailingon March 31, 2011. The inclusionof U.S. dollar amounts is solely for25

the convenience of readers outside
Japan and is not intended to imply
that yen amounts could be converted, realized, or settled in U.S.
dollars at that, or any other rate.

6. Cash and Cash Equivalents
A reconciliation of cash and cash equivalents to the amounts shown in the consolidated balance sheets is as follows:

Cash and bank deposits
Time deposits due overthree months
Cash and cash equivalents

Millions of Yen
2011
2010
¥27,265¥23,676(2,651)¥24,614(2,743)¥20,933

Thousands of U.S.dollars ( Note 5 )2011$328,494(31,941)$296,553

7. Inventories
Inventories as of March 31, 2011 and 2010 consisted of the following:

Merchandise and finished goods
Work in progress
Raw materials and supplies
Total

Millions of Yen
2011
2010
¥2,943¥2,883
722
685
2,662
2,448
¥6,327¥6,016

Thousands of U.S.dollars ( Note 5 )2011$35,458
8,699
32,072$76,229

8. Selling, General, and Administrative Expenses
Selling, general, and administrative expenses during the years ended March 31, 2011 and 2010 include principally:

Labor and payroll
Rental for properties
Travel and transportation

Millions of Yen
2011
2010
¥13,874¥13,690
1,700
1,736
1,169
968

Thousands of U.S.dollars ( Note 5 )2011$167,157
20,482
14,084

9. Provisions
Provisions charged to operation during the years ended March 31, 2011 and 2010 are mainly as follows:

Employees’ bonuses
Directors’ bonuses
Retirement benefits
Allowance for doubtful accounts

Millions of Yen
2011
2010
SGA
SGA
¥1,174¥1,079
–
8
1,155
1,192
–
135
26

Thousands of U.S.dollars ( Note 5 )2011
SGA$14,145–
13,916–

10. Leases Commitments
Finance lease contracts, which commenced on or before March 31, 2008, other than those which are deemed to transfer the ownershipof the leased assets are accounted for by the method that is applicable to operating leases.
Minimum future lease payments under finance leases, which includes the imputed interest expense portion are summarized as follows:

Due within one year
Due over one year
Total

Millions of Yen
2011
2010
¥185
¥320
91
274
¥276
¥594

Thousands of U.S.dollars ( Note 5 )2011$2,2291,096$3,325

Lease payments on finance lease contracts without transfer of ownership for the years ended March 31, 2011 and 2010
were ¥309 ($3,723) and ¥476, respectively.
Acquisition cost, accumulated depreciation, net book value and depreciation expenses for the year ended March 31, 2011 and2010, if capitalized, are summarized as follows:

Acquisition cost
Accumulated depreciation
Net book value
Depreciation

Millions of Yen
2011
2010
¥1,552¥2,512
1,275
1,918
¥277
¥594
¥309

Thousands of U.S.dollars ( Note 5 )2011$18,699
15,361$3,338¥476$3,723

Depreciation is calculated based on the straight-line method over the lease term of the leased assets.

11. Supplementary Information of Consolidated Statement of Comprehensive Income
1. Comprehensive Income for the year ended March 31, 2010.

Shareholders of the Company ……………………………………
Minority interests ……………………………………………………

Millions of Yen
2010¥1,601171¥1,772

2. Other Comprehensive Income for the year ended March 31,2010.

Net unrealized gains (losses) on other securities ………………
Translation adjustments ……………………………………………
Share of other comprehensive income of companies
accounted for by the equity method ………………………………

27

Millions of Yen
2010
¥186
398
10
¥594

12. Financial Instruments
Overview(1) Management policy
The management policy of the Company is that temporary surplus fund should be invested in low-risk financial instruments. The Company
has not held any high-risk financial instruments.

(2) Financial instrument and its risk
Both notes receivable and accounts receivable as operating receivable are exposed to credit-related losses in the event of nonperformance bycounterparties. Both notes payable and accounts payable as trade liability are due and payable within one year. Marketable securities andinvestments in securities are exposed to changes in its market price. The Company holds marketable securities and investments in securities
mainly as held-to-maturity or due to relationship-building with counterparties.

(3) Risk management policiesa) Management policy for credit risk (losses in the event of nonperformance by counterparties)
The Company has a credit management policy. In accordance with the credit management policy, the exposure to credit risk of both notes receivable and accounts receivable is monitored on an ongoing basis in order to detect unrecoverable credits in early stages as well as minimizing them. The Company has operated Fund Operation Council in place. In accordance with the examination and decision of the fund operation council, the Company has made an investment in held-to-maturity securities, which consist largely of negotiable deposits and securities
graded at high credit rating. The Company has expected that no held-to-maturity securities can fail to meet their obligations.

b) Management policy for market risk (foreign currency exchange and interest rates)
The Company has monitored not only fair market value of held-to-maturity securities and investment in securities but also financial conditions of their counterparties on an ongoing basis. The Company has reviewed the securities other than held-to-maturity securities based on
the relationship with its counterparties on an ongoing basis.

c) Management policy for liquidity risk (in default on its financial obligations)
The Company has managed liquidity risk by holding appropriate reserves based on the forecasts and actual cash flows, which are continuously monitored by management department.

(4) Supplementary explanation on the fair value of financial instruments
The fair values of financial instruments are based on quoted market prices. Unless quoted market prices are available, the fair values are estimated based on the prices reasonably assessed by the Company. Since the Company takes contingent variable factors into accounts in orderto estimate the fair value, it would vary depending on the different preconditions.

Estimated fair value of financial instruments
Differences between carrying value and estimated fair value as of March 31, 2011 and 2010 are as follows:
Financial instruments whose fair values are hardly estimated are not stated on the following chart; refer to (* 2).

(1) Cash and bank deposits(2) Notes and accounts receivable(3) Marketable securities and investments in securities① Held-to-maturity② Other securities
Total (Asset)(4) Trade notes and accounts payable
Total (Liability)(1) Cash and bank deposits(2) Notes and accounts receivable(3) Marketable securities and investments in securities① Held-to-maturity② Other securities
Total (Asset)(4) Trade notes and accounts payable
Total (Liability)

Carrying
value¥27,265
21,145

Millions of Yen
2011
Estimated
Difference
fair value
in amounts¥27,265–
21,145–

Thousands of U.S.dollars ( Note 5 )2011
Carrying
Estimated
Difference
value
fair value
in amounts$328,494$328,494–
254,759
254,759
–

1,489
3,195
¥53,094

1,487
3,195
¥53,092

(2)
–
(¥2)

17,94038,494$639,687

17,91638,494$639,663

(24)
–
($24)

¥10,031¥10,031¥10,031¥10,031––$120,855$120,855$120,855$120,855––

Carrying
value¥23,676
21,134

Millions of Yen
2010
Estimated
Difference
fair value
in amounts¥23,676–
21,134
–

1,426
2,953
¥49,189

1,422
2,953
¥49,185

(4)
–
(¥4)

¥9,009¥9,009¥9,009¥9,009––28

(NOTES)(* 1): Methods to determine the estimated fair value of financial instruments and other matters related to securities and derivative transactions.
Asset:(1) Cash and bank deposits, and (2) Trade notes and accounts receivable:
Since these items are settled in a short period of time, their carrying value approximates fair value.
(3) Marketable securities and investments in securities:
The fair value of stocks is based on quoted market prices. The fair value of debt securities is based on either quoted market prices or prices provided by thefinancial institutions making markets in these securities. For information on securities classified by holding purpose, please refer to (*5) Held-to-maturity
and other securities with readily determinable fair value as of March 31, 2011 and 2010.
Liability:(4) Trade notes and accounts payable:
Since these items are settled in a short period of time, their carrying value approximates fair value.
(*2): Financial instruments, whose fair values are hardly estimated, are as follows:
Millions of Yen
Unlisted stocks (Carrying value)2011¥1,3212010¥1,361Thousands of U.S.dollars ( Note 5 )2011$15,916

The unlisted stocks as stated above are not included in (3) Marketable securities and investments in securities because it is difficult to estimate the fair value
based on the quoted market prices in active markets.

(*3) Redemption schedule for monetary claim, and securities with maturities as of March 31, 2011 and 2010 is as follows:
Millions of Yen
2011
Due
Due after 1 year
Due after 5 years
within 1 year
but within 5 years
but within 10 years
Cash and bank deposits¥27,265––
Notes and accounts receivable
21,145––Marketable securities and investments in securities:
Held-to-maturity securities
1,190
300
–
Other securities with maturity date
–
600
100
Total
¥49,600¥900¥100

Cash and bank deposits
Notes and accounts receivable
Marketable securities and investments in securities:
Held-to-maturity securities
Other securities with maturity date
Total

Cash and bank deposits
Notes and accounts receivable
Marketable securities and investments in securities:
Held-to-maturity securities
Other securities with maturity date
Total

Due
within 1 year
¥23,676
21,1341,226–¥46,036

Millions of Yen
2010
Due after 1 year
Due after 5 years
but within 5 years
but within 10 years
–
–
–
–
200
300
¥500

Due
within 1 year
$328,494
254,759
14,337–$597,590

Thousands of U.S.dollars ( Note 5 )2011
Due after 1 year
Due after 5 years
but within 5 years
but within 10 years
–
–
–
–
3,614
7,229
$10,843

29

–
100
¥100

–
1,205
$1,205Due
after 10 years
–
–
–
–
–

Due
after 10 years
–
–
–
–
–

Due
after 10 years
–
–
–
–
–

(*4) Repayment schedule for long-term loan payable and lease obligations at the balance sheet dates:
Millions of Yen
2011

Long-term loan payable
Lease obligations
Total

Due within 1 year The second year
–
¥3
¥539
570
¥539
¥573

The third year
¥3
521
¥524

The fourth year
¥3
380
¥383

The fifth year
–
169
¥169

Thereafter
–
109
¥109

The fifth year
¥4
197
¥201

Thereafter
–
60
¥60

Millions of Yen
2010

Long-term loan payable
Lease obligations
Total

Due within 1 year The second year
–
¥10
¥476
327
¥476
¥337

The third year
¥6
325
¥331

The fourth year
¥4
319
¥323

Thousands of U.S.dollars ( Note 5 )2011Long-term loan payable
Lease obligations
Total

Due within 1 year The second year–$36
$6,494
6,867$6,494$6,903

The third year
$36
6,277
$6,313

The fourth year
$36
4,578
$4,614

The fifth year–
2,036
$2,036

Thereafter–
1,313$1,313(*5) Held-to-maturity and other securities with readily determinable fair value as of March 31, 2011 and 2010, are as follows:
Millions of Yen

Thousands of U.S.dollars ( Note 5 )
2011

2011

Held-to-maturity

Other securities with carrying
value exceeding acquisition cost
StocksOther
Subtotal
Other securities with carrying
value not exceeding acquisition cost
StocksOther
Subtotal
Total

Carrying
value¥1,489Fair value

Carrying
value$17,940

Fair value¥1,487

Unrealized
gains (losses)(¥2)$17,916

Unrealized
gains (losses)($24)

Carrying
value

Fair value

Unrealized
gains (losses)

Carrying
value

Fair value

Unrealized
gains (losses)

¥817
305
1,122

¥563
300
863

¥254
5
259

$9,844
3,675
13,519$6,783
3,614
10,397$3,061
61
3,122

1,684
387
2,071

2,192
400
2,592

(508)
(13)
(521)

20,2894,663
24,952

26,4104,819
31,229(6,121)(156)(6,277)¥3,193¥3,455(¥262)$38,471$41,626($3,155)

Millions of Yen
2010

Held-to-maturity

Other securities with carrying
value exceeding acquisition cost
StocksOther
Subtotal
Other securities with carrying
value not exceeding acquisition cost
StocksOther
Subtotal
Total

Carrying
value¥1,427

Fair value¥1,423

Unrealized
gains (losses)(¥4)

Carrying
value

Fair value

Unrealized
gains (losses)

¥952
302
1,254

¥731
300
1,031

¥221
2
223

1,603
97
1,700

2,021
100
2,121

(418)
(3)
(421)

¥2,954¥3,152(¥198)
30

13. Retirement Benefits
Outline of the retirement benefit plans adopted(1) Defined benefit corporate pension scheme: From March 1, 2009, the Company adopted a defined benefit corporate pension
scheme as part of its retirement benefit plan.
(2) Defined contribution pension scheme: From March 1, 2009, the Company adopted a defined contribution pension scheme as partof its retirement benefit plan.
(3) Employees' pension fund: Since April 1, 1980, the Company has used an employees' pension fund plan (comprehensive establishment type) as a supplement to its existing retirement benefit scheme. As of March 31, 2011, the total pension assets of the pension
fund included ¥12,247 million of pension assets computed on the basis of the total proportion of the contribution.
The components of accrued retirement benefits to employees as of March 31, 2011 and 2010 are as follows:

Projected benefit obligation
Plan assets
Unfunded benefit obligation
Unrecognized actuarial difference
Unrecognized prior service cost
Prepaid pension costAccrued retirement benefits to employees

Millions of Yen
2011
2010
¥10,224¥10,150(6,193)(5,590)
4,031
4,560
(626)
(723)
28
32
21
14
¥3,454¥3,883Thousands of U.S.
dollars ( Note 5 )2011$123,181(74,615)
48,566(7,542)337
253$41,614

The components of retirement benefit expenses for the years ended March 31, 2011 and 2010 are as follows:

Service cost
Interest cost
Expected return on plan assets
Amortization of unrecognized prior service cost
Amortization of unrecognized actuarial loss
Contribution to the multi-employer pension plan
Other*Net retirement benefit expenses

Millions of Yen
2011
2010
¥579
¥573
243
248
(193)
(164)
(3)
(3)
205
249
494
507
342
345
¥1,667¥1,755

Thousands of U.S.
dollars ( Note 5 )2011$6,976
2,928(2,326)
(36)
2,470
5,952
4,120
$20,084* Contribution paid to defined contribution pension scheme.

The assumptions used for calculation of retirement benefits for the years ended March 31, 2011 and 2010 are as follows:
Method of attribution of estimated retirement
benefits to periods of employee service
Discount rate
Expected return on plan assets
Amortization period for unrecognized priorservice cost
Amortization period for unrecognized actuarial difference

2011

2010

Straight-line method

Straight-line method

2.5%
3.5%

2.5%
3.5%

10 years

10 years

10 years

10 years

31

14. Deferred Tax
Deferred tax assets and liabilities (both current and non-current) consisted of the following elements:

Millions of Yen
2011
2010

Thousands of
U.S.dollars (Note 5)
2011

Deferred tax assets:
Accrued enterprise tax

¥144

¥19

$1,735

Accrued employees’ bonuses

717

665

8,639

Accounts payable and long-term accounts payable

101

130

1,217

1,388

1,562

16,723

Loss carried forward

714

708

8,602

Accrued retirement benefits to employees
Loss on write-down of investments in securities

292

249

3,518

Surplus on allowance for doubtful accounts

69

96

831

Unrealized loss on other securities

106

81

1,277

Unrealized gains

317

253

3,819

Others

584

532

7,036

Less: valuation allowance

(933)

(764)

(11,241)

Total deferred tax assets¥3,499¥3,531$42,156

Reserve for advanced depreciation of building

(19)

(20)

(229)

Acquired intangible assets

(287)

(322)

(3,458)Deferred tax liabilities:

Others

(103)

(112)

(1,240)

(409)

(454)

(4,927)¥3,090¥3,077$37,229

2011

2010

40.6%

40.6%

Entertainment and other nondeductible expenses

1.0

0.9

Dividends and other nontaxable income

(3.1)

(4.2)

Inhabitant tax on per capita levy

1.5

3.2

Nondeductible amortization of goodwill

4.2

8.7

Realization of tax benefits on operating losses

(0.4)

(0.6)

Tax credit for research and development expenses

(1.5)

(1.4)

Valuation allowance

1.3

8.6

Difference of subsidiaries’ tax rates

(2.1)

(3.0)

Equity in earnings of affiliates

(0.3)

(1.0)

Others

(0.1)

(1.6)

41.1%

50.2%

Total deferred tax liabilities
Net deferred tax assets
Reconciliation of actual tax rate is shown below:
Effective statutory tax rate
Adjustments:

Actual tax rate32

15. Segment Information
Effective the fiscal year ended March 31, 2011, the Company has adopted new accounting standards for disclosures about segments of an enterprise and related information. Segment information for the year ended March 31, 2010 has been restated inaccordance with such accounting standards for comparative purposes.
The reportable segments of the Company are components for which discrete financial information is available and whose operating results are regularly reviewed by the Executive Committee to make decisions about resource allocation and to assess performance.
The reportable segments are as follows:
1.Time information
2.Environmental equipment(1) Sales, profits or losses, assets and other items by reportable segments
Millions of Yen
2011
Reportable segments
Adjustments/
Time Information Environment
Total
Eliminations
Net sales:
Sales to third parties
Intersegment sales and transfers
Total
Segment profit or loss
Segment assets
Depreciation and amortization
Investments accounted for by the equity method
Capital expenditures

Net sales:
Sales to third parties
Intersegment sales and transfers
Total
Segment profit or loss
Segment assets
Depreciation and amortization
Investments accounted for by the equity method
Capital expenditures

Net sales:
Sales to third parties
Intersegment sales and transfers
Total
Segment profit or loss
Segment assets
Depreciation and amortization
Investments accounted for by the equity method
Capital expenditures¥61,790–
61,790¥5,717¥34,549
3,455
259
2,864

¥21,513–
21,513¥1,474¥27,519
488
–
119

–
–
–
(¥2,808)¥40,865408–
46¥83,303–83,303¥4,383¥102,933
4,351
259
3,029

Millions of Yen
2010
Reportable segments
Adjustments/
Time Information Environment
Total
Eliminations

Consolidated¥59,542–
59,542¥4,292¥46,754
3,627
308
3,115

¥19,044–
19,044¥156¥16,265623–
215¥83,303–83,303¥7,191¥62,068
3,943
259
2,983

Consolidated–––(¥2,521)¥37,668426–
10¥78,586–
78,586¥1,927¥100,687
4,676
308
3,340

Thousands of U.S. dollars (Note 5)
2011
Reportable segments
Adjustments/
Time Information Environment
Total
Eliminations

Consolidated$744,458–
744,458$68,880$416,253
41,626
3,120
34,506$259,193–
259,193$17,759$331,555
5,880
–
1,434
33

¥78,586–
78,586¥4,448¥63,019
4,250
308
3,330

$1,003,651–
1,003,651$86,639$747,808
47,506
3,120
35,940–––($33,831)$492,349
4,916
–
554

$1,003,651–
1,003,651$52,808$1,240,157
52,422
3,120
36,494

(2)Supplementary Information(a) Geographic segments
Information by geographic areas based on location for the years ended March 31, 2011 and 2010, issummarized as follows:
Millions of Yen
2011
Overseas
Domestic
Eliminations/ Consolidated
Total
Corporate
Total(in Japan)
Asia
North America Europe
Net sales:
Customers¥62,407¥5,495¥10,036¥5,365¥83,303–¥83,303
1,629
76
148
32
1,885
(¥1,885)–
Intersegment
Total
64,036
5,571
10,184
5,397
85,188(1,885)83,303¥6,868¥592(¥108)(¥195)¥7,157(¥2,774)¥4,383Operating income

Net sales:
Customers
Intersegment
Total
Operating income

Net sales:
Customers
Intersegment
Total
Operating income

Domestic(in Japan)

Asia

Millions of Yen
2010
Overseas
Total
North America Europe¥58,182
1,265
59,447¥4,465¥4,207
12
4,219
¥309

¥10,518
162
10,680(¥58)

Domestic(in Japan)

Asia

Thousands of U.S. dollars (Note 5)
2011
Overseas
Eliminations/ Consolidated
Total
Corporate
Total
North America Europe$751,891
19,627
771,518$82,747$66,205
916
67,121$7,133¥5,67931
5,710(¥328)$120,916
1,783
122,699($1,301)$64,639386
65,025($2,348)¥78,586
1,470
80,056¥4,388Eliminations/ Consolidated
Corporate
Total–(¥1,470)(1,470)(¥2,461)¥78,586–
78,586¥1,927$1,003,651– $1,003,651
22,712 ($22,712)–
1,026,363 (22,712) 1,003,651$86,231 ($33,423)$52,808(b) Overseas sales
Overseas sales for the years ended March 31, 2011 and 2010 are summarized as follows:
Millions of Yen
Thousands of U.S.dollars (Note 5)
2011
2010
2011
Overseas sales
Asia¥5,728¥4,354$69,012
North America
10,041
10,527
120,976
Europe5,365
5,679
64,639Others
146
171
1,759
Total
¥21,280¥20,731$256,386
Percentage of overseas sales
to consolidated net sales

25.5%

26.4%

Overseas sales represents the total amount of export sales of the Company and domestic subsidiaries and sales ofthe overseas subsidiaries.

16. Per Share Data
Net assets and net income per share as of and for the years ended March 31, 2011 and 2010:
Yen
2011
Amounts per share
Net assets
Net income:
Basic

2010

U.S.dollars (Note 5)2011¥945.23¥964.78$11.388

40.01

13.20

0.482

34

Corporate Data
Board of Directors

Domestic Operations

Chairman & Representative Director

HEAD OFFICESYSTEM CENTERS

Kaoru Haruta

275 Mamedocho, Kohoku-ku, Yokohama,TOKYO System Center

Kanagawa, JAPAN 222-8558

KANAGAWA System Center
NAGOYA System Center

President & Representative Director

Izumi Nakajima

FACILITIESOSAKA System Center

YOKOHAMA Facility

SENDAI System Center

Executive Officer & Representative Director

TSUKUI Facility

SAPPORO System Center

Haruhiko Yamaguchi

HOSOE Facility

OMIYA System Center

MIYAKODA Facility

SHINJUKU System Center
SHINAGAWA System Center

Director & Managing Operating Officers

Minoru Koyama

SALES OFFICESTACHIKAWA System Center

Nobuyuki Tabata

74 Sales Officers Located in major cities,

SHIZUOKA System Center

Hiroshi Shiraishi

including

NAGANO System Center

Naoki Nakata

NIIGATA System Center
TOKYO Office

KANAZAWA System Center

Director & Operating Officers

YOKOHAMA Office

HIROSHIMA System Center

Kenji Kohori

NAGOYA Office

TAKAMATSU System Center

Toru Ueno

OSAKA Office

FUKUOKA System Center

SAPPORO Office

Corporate Auditors

SENDAI Office

DOMESTIC SUBSIDIARIES

Kazuo Unno

OMIYA Office

AMANO BUSINESS SOLUTIONS CORPORATION

Toshio Kusanagi

NAGANO Office

ENVIRONMENTAL TECHNOLOGY CO., LTD.

Satoru Ueno

NIIGATA Office

AMANO MANAGEMENT SERVICE CORPORATION

Yoshiyuki Sato

HAMAMATSU Office

AMANO MAINTENANCE ENGINEERING CORPO-KANAZAWA Office

RATIONManaging Operating Officer

KYOTO Office

AMANO MUSASHI ELECTRIC CORPORATION

Masamiki Konno

OKAYAMA Office

AMANO AGENCY CORPORATIONHIROSHIMA Office

Operating Officers

TAKAMATSU Office

Bungo Nogawa

FUKUOKA Office

Takeshi Akagi
Yutaka Kaneko
Isao Terasaki
Kunihiro Ihara
Morio Kaneko
Osamu Otani
Yuhiko Hashidume
Minoru Yonezawa
Susumu Ikoma

35

Overseas Operations
1. AMANO USA HOLDINGS,INC.
CORPORATE HEADQUARTERS

11. AMANO UK. LTD.
PARKING DIVISION

140 Harrison Avenue Roseland, New
Jersey 07068 U.S.A.

20. TIME STAMP SOLUTION CORPORATION

8 Newhouse Business Centre, Old Crawley
Road, Horsham, West Sussex, RH12 4RU
TIME DIVISION

2. AMANO CINCINNATI,INC.
HEAD OFFICE

1415 Charlton Court, Gloucester Business
Park, Brockworth, Gloucester, GL3 4AE

140 Harrison Avenue Roseland, New
Jersey 07068 U.S.A.

12.AMANO TIME&PARKING SPAIN S.A.

C/. Plomo, N°5-7, Planta 2 - Oficina 2 08038 Barcelona, Espana

3. AMANO CINCINNATI,INC.
OHIO FACTORY

130 Commerce Blvd. Loveland, Ohio
45140-7726 U.S.A.

13. HOROSMART, S.A.
CORPORATE HEADQUARTERS

Tour CIT, 3 rue de l'Arrivée 75015 Paris,
France4. AMANO CINCINNATI CANADA INC.

2740 Matheson Blvd. East, Unit 4
Mississauga, ONT L4W 4X3 Canada

14. HOROQUARTZ, S.A.
HEAD OFFICE

5. AMANO PIONEER ECLIPSE CORPORATIONTour CIT, 3 rue de l'Arrivée 75015 Paris,
France1 Eclipse Road, Sparta, North Carolina
28675-0909 U.S.A.

15. HOROQUARTZ MAROC, S.A.
6. AMANO McGANN, INC.
HEAD OFFICE

67, Bd Al Massira Al
Khadra Mâarif 20110 Casablanca,
Kingdom of Morocco

651 Taft Street NE, Minneapolis,
Minnesota 55413 U.S.A.

16. SCOPUS-OMNIBADGES, S.A.
7. ACCU-TIME SYSTEMS, INC.

420 Somers Road, Ellington, Connecticut
06029 U.S.A.

18. AMANO KOREA CORPORATIONHEAD OFFICE#407 Woolim e-Biz Center2,
Yangpyeong-Dong 3Ga,
Yeongdeungpo-Gu,Seoul,Korea

Westerring 2, 3600 Genk, Belgium

22. AMANO SOFTWARE ENGINEERING(SHANGHAI)CO.,LTD.

14F Nextage Business Center, No.1111
Pudong Road(South), Pudong New Area,
Shanghai, China 200120
23. AMANO CLEANTECH MALAYSIA SDN.BHD.
HEAD OFFICE

No.12, Jalan Pengacara U1/48, Temasya
Industrial Park 40150 Shah Alam, Selangor Darul Ehsan, Malaysia
24. AMANO MALAYSIA SDN.BHD.

No.12, Jalan Pengacara U1/48, Temasya
Industrial Park 40150 Shah Alam, Selangor Darul Ehsan, Malaysia

BIk 213 Henderson Road, #04-06/07
Henderson Industrial Park Singapore
159553
26. PT.AMANO INDONESIA

Gedung Pusat Perfilman H.Usmar
Ismail,Lantai3 JL.H.R.Rasuna Said Kav.
C-22 Jakarta 12940 Indonesia
27. AMANO THAI INTERNATIONAL CO.,LTD.

10. AMANO EUROPE, N.V.
CORPORATE OFFICE

19. @PARK KOREA CO.,LTD.

#408 Woolim e-Biz Center2,
Yangpyeong-Dong 3Ga,
Yeongdeungpo-Gu,Seoul,Korea

Westerring 2, 3600 Genk, Belgium

8,11
13,14,16,17

Room No.901,Zhongdian Mansion 1029
Nanquan Road (N), Pudong, Shanghai,
China 200122

25. AMANO TIME&AIR SINGAPORE PTE.LTD.
17. PIAL TECHNOLOGIES, S.A.

8. ACCU-TECH SYSTEMS, Ltd.

9. AMANO EUROPE HOLDINGS, N.V.
CORPORATE HEADQUARTERS

21.AMANO INTERNATIONAL
TRADING(SHANGHAI)CO.,LTD.
HEAD OFFICE

19 rue Nicolas Leblanc, 33700 Mérignac

ZI route de Niort BP 251 85205
Fontenay-le-Comte, France

C1 Caerphilly Business Park Caerphilly
Mid Glamorgan CF83 3ED, U.K.

#411, Woolim e-BIZ Center2,
Yangpyeong-Dong 3Ga,
Yeongdeungpo-Gu, Seoul, Korea

Room No. 3A, 3rd Fl., Chai-Ho Wong
Wai Wit Building, 889 Moo 5, Srinakarin
Road, T. Samrong-nua, A. Muang
Samutprakarn 10270, Thailand

9,10
4

6

12

3
18,19,20

15

AMANO CORPORATION

21,22

27
23,24
25
26

36

5

1,2,7

275 MAMEDOCHO, KOHOKU-KU , YOKOHAMA, KANAGAWA,
JAPAN 222-8558
PHONE : +81 (45) 401-1441
FAX: +81 (45) 439-1150
HOME PAGE : http://www.amano.co.jp/English/

CAT-114900
K9606A2-2011.6