Form 6-K

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 or 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of October, 2011

Commission file number 0-12602

MAKITA CORPORATION

 

(Translation of registrant’s name into English)

3-11-8, Sumiyoshi-cho, Anjo City, Aichi Prefecture, Japan

 

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  þ        Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1):  x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7):  ¨

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ¨                     No  þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-        

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

MAKITA CORPORATION

(Registrant)

 

By:   

/s/ Masahiko Goto

  
   Masahiko Goto   
  

President, Representative Director and

Chief Executive Officer

  

Date: October 31, 2011


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Makita Corporation

Consolidated Financial Results

for the six months

ended September 30, 2011

(U.S. GAAP Financial Information)

(English translation of “KESSAN TANSHIN”

originally issued in Japanese)


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CONSOLIDATED FINANCIAL RESULTS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2011 (Unaudited)

October 31, 2011

Makita Corporation

Stock code: 6586

URL: http://www.makita.co.jp/

Masahiko Goto, President, Representative Director & CEO

1. Summary operating results of the six months ended September 30, 2011 (From April 1, 2011 to September 30, 2011)

(1) CONSOLIDATED OPERATING RESULTS

      Yen (millions)  
      For the six months ended
    September 30,  2010        
          For the six months ended
    September  30, 2011      
 
            %                 %  

Net sales

     133,807         12.7           153,036         14.4   

Operating income

     21,843         46.9           26,953         23.4   

Income before income taxes

     21,751         25.9           24,514         12.7   

Net income attributable to Makita Corporation

     15,122         42.4           17,104         13.1   

Comprehensive income (loss)

     (1,413)                   (1,556)           
                 Yen           

Earning per share (Basic)

       

Net income attributable to

Makita Corporation common shareholders

     109.77                      124.16            

Notes:

  1.

Amounts of less than one million yen have been rounded.

  2.

The table above shows the changes in the percentage ratio of net sales, operating income, income before income taxes, net income attributable to Makita Corporation, and comprehensive income (loss) against the corresponding period of the previous year.

(2) SELECTED CONSOLIDATED FINANCIAL POSITION

      Yen (millions)  
      As of March 31, 2011           As of September 30, 2011  

Total assets

     372,507           359,691   

Total equity

     309,678           300,924   

Total Makita Corporation shareholders’ equity

     307,149           298,684   

Total Makita Corporation shareholders’ equity ratio to total assets (%)

     82.5%           83.0%   
     Yen  

Total Makita Corporation shareholders’ equity per share

     2,229.63             2,168.28   
2. Dividend Information        
      Yen  
      For the year ended
March 31, 2011
          For the year ending
March 31, 2012
 

Cash dividend per share:

       

Interim

     15.00           15.00   

Year-end

     51.00           (Note)   

Total

     66.00             (Note)   

Notes:

  1. The forecast for cash dividend announced on April 28, 2011 has not been revised.
  2. The projected amount of dividends for the year ending March 31, 2012 has not been determined yet. For further details, refer to “Explanation regarding proper use of business forecasts, and other significant matters”.

 

 

   1

English translation of “KESSAN TANSHIN” originally issued in Japanese

  


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3. Consolidated Financial Performance Forecast for the year ending March 31, 2012 (From April 1, 2011 to March 31, 2012)

     Yen (millions)
     For the year ending March 31, 2012
           %     

Net sales

    285,000         4.5     

Operating income

    44,500         6.2     

Income before income taxes

    41,900         (1.9  

Net income attributable to Makita Corporation

    29,100         (2.7  
    Yen

Earning per share (Basic)

   
Net income attributable to
Makita Corporation common shareholders
    211.25

Note:

The consolidated financial forecast for the year ending March 31, 2012 has been revised.

4. Other

(Refer to [Qualitative Information and Financial Statements] Section 4 “Other” on page 5.)

(1)

Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes in scope of consolidation during the quarter): None

 

(2)

Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly consolidated financial statements: Yes

 

(3)

Changes in accounting principles: None

 

(4)

Number of shares outstanding (common stock)

1. Number of shares issued (including treasury stock):    As of September 30, 2011:         140,008,760      
   As of March 31, 2011:         140,008,760      
2. Number of treasury stock:    As of September 30, 2011:         2,257,392      
   As of March 31, 2011:         2,251,061      
3. Average number of shares outstanding:    For the six months ended
September 30, 2011:
        137,755,000      
  

For the six months ended

September 30, 2010:

        137,759,993      

Information regarding quarterly review

This consolidated financial results report is not subject to a quarterly review stipulated under the Financial Instruments and Exchange Act. As of the release date of this document, the quarterly review under the Financial Instruments and Exchange Act has not been completed.

Explanation regarding proper use of business forecasts, and other significant matters

Regarding the assumptions for the forecasts and other matters, refer to [Qualitative Information and Financial Statements] Section 3 “Qualitative Information on Consolidated Financial Performance Forecast” on page 4. The financial forecasts given above are based on information as available at the present time, and include potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecasts provided above.

Makita’s basic policy on the distribution of profits is to maintain a consolidated dividend payout ratio of 30% or greater, with a lower limit on annual cash dividends of 18 yen per share. However, in the event special circumstances arise, computation of the amount of dividends will be based on consolidated net income attributable to Makita Corporation after certain adjustments for such special circumstances.

The Board of Directors plans to meet in April 2012 for a report on earnings for the year ending March 31, 2012. At the time, in accordance with the basic policy regarding profit distribution mentioned above, the Board of Directors plans to propose a dividend equivalent to at least 30% of net income attributable to Makita Corporation. The Board of Directors will submit this proposal to the General Meeting of Shareholders scheduled for June 2012.

The consolidated dividend payout ratio is calculated as annual dividends per share divided by consolidated net income attributable to Makita Corporation per share (after adjustments for special circumstances) and multiplied by 100.

 

 

   2

English translation of “KESSAN TANSHIN” originally issued in Japanese

  


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[Qualitative Information and Financial Statements]

1. Qualitative Information on Consolidated Operating Results

During the six months (the “period”) ended September 30, 2011, the aggravation of fiscal problems and financial instabilities in Europe brought a downturn in South European economies, gradually decelerating even German and U.K. economies which had until then shown a recovery trend. In the United States, individual consumption and capital investments have been slow, adding to such problems as the uncertain employment situation and sluggish housing market. In Asia and Central and South America, economy was in a favorable condition on the whole, while there were signs of economic slowdown caused by austerity measures taken in China and Brazil. In Japan, business outlook remains uncertain with the March 11 earthquake inflicting serious damage on economic activities.

Against the backdrop of this economic climate, demand for power tools showed a robust increase in emerging countries that enjoy continuous economic growth, while demand rose only moderately in such developed economies as Europe and the United States where power tool markets have already matured. Meanwhile, Japan experienced an increased demand resulting from post-quake restoration and reconstruction efforts.

Under these circumstances, in development side, Makita continuously expanded its product lines, including power tools, rechargeable tools and outdoor power equipment (OPE) through the development of smaller and lighter tools or tools with lower noise and vibration. In production side, we strengthened our quality control system to continuously produce high-quality brands, while expanding our overseas production especially at our plant in China. In sales side, we established our 48th overseas subsidiary in Slovenia to strengthen our sales and service structures in the Balkan states. Through these steps, we strove to maintain and improve our sales and after-sales services proximate to the customers, which had already been our forte.

Meanwhile, to further strengthen our development structure for outdoor power equipment (OPE), especially engine-loaded products, we established an OPE R&D Center on the premises of Makita’s Nisshin Office at Nisshin City in Aichi Prefecture in October this year. In view of the environmental preservation, engine-loaded products need technological improvements that reduce such products’ emissions, noise and energy consumption. To achieve these improvements, Makita strives to increase its development capacity and efficiency through the establishment of the OPE R&D Center equipped with facilities for practical tests.

Our consolidated net sales for this period increased by 14.4% to 153,036 million yen compared to the same period of the previous year. This was because of the rollout of attractive new products as well as the success in expanding sales by making the most of our sales and service structures that have always been our strong point, although our overseas sales decreased in value due to the appreciation of the yen against other currencies, combined with the sluggish housing market in such developed countries. In terms of incomes, our operating income increased by 23.4% from the previous year to 26,953 million yen (operating income ratio 17.6%) because of an increase in sales. Meanwhile, income before income taxes showed a modest increase of 12.7% from the previous year to 24,514 million yen (income before income taxes ratio 16.0%) and net income attributable to Makita Corporation increased only by 13.1% from the previous year to 17,104 million yen (net income attributable to Makita Corporation ratio 11.2%) because of exchange loss amounting to 2,465 million yen resulting from drastic exchange rate fluctuations and because of realized losses on securities amounting to 602 million yen resulting from a fall in stock prices.

Net sales by region are as follows:

Net sales in Japan increased by 13.9% to 25,263 million yen compared to the same period of the previous year because of an increased demand resulting from post-quake restoration and reconstruction efforts, in addition to strong sales of rechargeable tools such as impact drivers as well as compact hammer drills incorporating Makita’s proprietary low-vibration (AVT) mechanism.

Net sales in Europe increased by 13.3% to 64,604 million yen due to active demand in Russia, even though the increase of demand slowed down in such western European countries as Germany.

Net sales in North America increased by 7.3% to 19,822 million yen as strong demand continued for rechargeable power tools mounted with lithium-ion batteries, even though sales suffered a substantial decline in value due to the yen’s appreciation and a slowdown in the U.S. housing market.

Net sales in Asia increased by 24.1% to 14,136 million yen as strong demand continued in such Southeast Asian countries as Thailand and Indonesia.

 

 

   3

English translation of “KESSAN TANSHIN” originally issued in Japanese

  


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Net sales in the Middle East and Africa decreased by 3.0% to 7,007 million yen as economic activities stagnated due to the political instabilities in some parts of these regions. Meanwhile, net sales in Central and South America increased by 31.1% to 12,618 million yen and net sales in Oceania increased by 21.5% to 9,586 million yen. These last two regions have shown a substantial increase in sales because their economies have been in good condition.

2. Qualitative Information on Consolidated Financial Position

Total assets as of September 30, 2011 decreased by 12,816 million yen to 359,691 million yen compared to the balance as of March 31, 2011. The main reason is a decrease in value of the assets held by Makita’s overseas subsidiaries due to the yen’s appreciation and a decrease in “Cash and cash equivalents”, “Time deposits”, and “Short-term investments” that resulted from payment of dividends and other expenditures, even though “Inventories” increased thanks to production increase.

Total liabilities as of September 30, 2011 decreased by 4,062 million yen to 58,767 million yen compared to the balance as of March 31, 2011. This decrease was mainly due to the decrease in “Trade notes and accounts payable”.

Total equity as of September 30, 2011 decreased by 8,754 million yen to 300,924 million yen compared to the balance as of March 31, 2011. This decrease was mainly attributable to the increase in “Accumulated other comprehensive loss” due to a change in foreign currency translation adjustment because of the stronger yen against other currencies compared with that as of March 31, 2011.

3. Qualitative Information on Consolidated Financial Performance Forecast

While demand for power tools is expected to remain robust, the yen’s value against major currencies is predicted to trend higher than the Company’s projections released on April 28, 2011. In view of these circumstances, we revised our previous performance forecasts as follows:

Revised Forecasts for consolidated performance during the fiscal 2012 (From April 1, 2011 to March 31, 2012)

     Yen (millions)     Yen  
    Net sales      Operating
income
    Income
before
income taxes
    Net income
attributable
to Makita
Corporation
    Earning per share
(Basic) Net
income
attributable to
Makita
Corporation
common
shareholders
 

Outlook announced previously (A)

    285,000         45,000        45,800        31,900        231.57   

Revised forecasts (B)

    285,000         44,500        41,900        29,100        211.25   

Changes (B-A)

            (500     (3,900     (2,800       

Percentage revision

            (1.1%     (8.5%     (8.8%       

Actual results for the previous year ended March 31, 2011

    272,630         41,909        42,730        29,905        217.08   

The above forecasts are based on the assumption of exchange rates of 77 yen to the U.S. dollar and 102 yen to the euro for the six months period ending March 31, 2012.

The above forecasts are based on the assumption of exchange rates of 78 yen to the U.S. dollar and 108 yen to the euro for the year ending March 31, 2012.

(Reference) Our previous exchange rates that we announced on April 28, 2011 were 83 yen to the U.S. dollar and 118 yen to the euro.

The above forecasts are based on information as available at the present time, and include potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecasts provided above.

 

 

   4

English translation of “KESSAN TANSHIN” originally issued in Japanese

  


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4. Other

(1)

Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes in scope of consolidation during the quarter): None

 

(2)

Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly consolidated financial statements:

With regard to the income tax expenses, the Company computes interim income tax expense by multiplying reasonably estimated annual effective tax rate, which includes the effects of deferred taxes, by year-to-date income before income taxes for the reporting period.

 

(3) Changes in accounting principles: None

 

 

   5

English translation of “KESSAN TANSHIN” originally issued in Japanese

  


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5. Consolidated Financial Statements (Unaudited)

(1) Consolidated Balance Sheets

      Yen (millions)  
      As of March 31, 2011      As of September 30, 2011  
     Composition ratio      Composition ratio  

ASSETS

         

CURRENT ASSETS:

         

Cash and cash equivalents

     51,833           48,644     

Time deposits

     15,719           6,872     

Short-term investments

     33,555           29,701     

Trade receivables-

         

Notes

     1,914           1,609     

Accounts

     46,785           45,894     

Less- Allowance for doubtful receivables

     (935        (829  

Inventories

     110,595           114,622     

Deferred income taxes

     6,039           6,045     

Prepaid expenses and other current assets

     9,990           9,908     
  

 

 

      

 

 

   

Total current assets

     275,495        74.0%         262,466        73.0%   
  

 

 

      

 

 

   

PROPERTY, PLANT AND EQUIPMENT, at cost:

         

Land

     20,065           19,748     

Buildings and improvements

     72,201           70,710     

Machinery and equipment

     73,195           72,056     

Construction in progress

     1,369           2,963     
  

 

 

      

 

 

   
     166,830           165,477     

Less- Accumulated depreciation

     (94,792        (94,039  
  

 

 

      

 

 

   

Total net property, plant and equipment

     72,038        19.3%         71,438        19.9%   
  

 

 

      

 

 

   

INVESTMENTS AND OTHER ASSETS:

         

Investments

     17,069           17,185     

Goodwill

     721           721     

Other intangible assets, net

     4,595           4,529     

Deferred income taxes

     1,403           1,689     

Other assets

     1,186           1,663     
  

 

 

      

 

 

   

Total investments and other assets

     24,974        6.7%         25,787        7.1%   
  

 

 

   

 

 

    

 

 

   

 

 

 

Total assets

     372,507              100.0%         359,691              100.0%   
  

 

 

   

 

 

    

 

 

   

 

 

 
                                   

 

 

   6

English translation of “KESSAN TANSHIN” originally issued in Japanese

  


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      Yen (millions)  
      As of March 31, 2011      As of September 30, 2011  
     Composition ratio      Composition ratio  

LIABILITIES

         

CURRENT LIABILITIES:

         

Short-term borrowings

     868           2,558     

Trade notes and accounts payable

     25,691           20,890     

Other payables

     4,386           5,831     

Accrued expenses

     6,125           5,613     

Accrued payroll

     7,543           7,472     

Income taxes payable

     4,317           4,643     

Deferred income taxes

     112           129     

Other current liabilities

     7,183           5,511     
  

 

 

      

 

 

   

Total current liabilities

     56,225        15.1%         52,647        14.6%   
  

 

 

      

 

 

   

LONG-TERM LIABILITIES:

         

Long-term indebtedness

     19           15     

Accrued retirement and termination benefits

     3,128           2,819     

Deferred income taxes

     746           710     

Other liabilities

     2,711           2,576     
  

 

 

      

 

 

   

Total long-term liabilities

     6,604        1.8%         6,120        1.7%   
  

 

 

      

 

 

   

Total liabilities

     62,829        16.9%         58,767        16.3%   
  

 

 

      

 

 

   
         
         

EQUITY

         

MAKITA CORPORATION SHAREHOLDERS’

         

EQUITY:

         

Common stock

     23,805           23,805     

Additional paid-in capital

     45,420           45,421     

Legal reserve

     5,669           5,669     

Retained earnings

     293,532           303,611     

Accumulated other comprehensive income (loss)

     (54,824        (73,345  

Treasury stock, at cost

     (6,453        (6,477  
  

 

 

      

 

 

   

Total Makita Corporation shareholders’ equity

     307,149        82.5%         298,684        83.0%   
  

 

 

   

 

 

    

 

 

   

 

 

 

NONCONTROLLING INTEREST

     2,529        0.6%         2,240        0.7%   
  

 

 

   

 

 

    

 

 

   

 

 

 

Total equity

     309,678        83.1%         300,924        83.7%   
  

 

 

   

 

 

    

 

 

   

 

 

 

Total liabilities and equity

     372,507              100.0%         359,691              100.0%   
  

 

 

   

 

 

    

 

 

   

 

 

 
                                   

 

        As of March 31, 2011      As of September 30, 2011  

Total number of shares authorized

     496,000,000                                496,000,000              

Number of shares issued

     140,008,760                    140,008,760              

Number of shares issued (excluding treasury stock)

     137,757,699                    137,751,368              

Number of treasury stock

     2,251,061                    2,257,392              
                             

 

 

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English translation of “KESSAN TANSHIN” originally issued in Japanese

  


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(2) Consolidated Statements of Income

 

      Yen (millions)  
      For the six months ended
September 30, 2010
     For the six months ended
September 30, 2011
 
     Composition ratio      Composition ratio  

NET SALES

     133,807        100.0%         153,036        100.0%   

Cost of sales

     81,270        60.7%         92,701        60.6%   
  

 

 

    

 

 

 

GROSS PROFIT

     52,537        39.3%         60,335        39.4%   

Selling, general, administrative and other, net

     30,694        23.0%         33,382        21.8%   
  

 

 

    

 

 

 

OPERATING INCOME

     21,843        16.3%         26,953        17.6%   
  

 

 

    

 

 

 

OTHER INCOME (EXPENSES):

         

Interest and dividend income

     633           723     

Interest expense

     (18        (95  

Exchange gains (losses) on foreign currency transactions, net

     (811        (2,465  

Realized gains (losses) on securities, net

     104           (602  
  

 

 

    

 

 

 

Total

     (92)        (0.0)%         (2,439     (1.6)%   
  

 

 

    

 

 

 

INCOME BEFORE INCOME TAXES

     21,751        16.3%         24,514        16.0%   
  

 

 

    

 

 

 
         

PROVISION FOR INCOME TAXES:

         

Current

     5,452           7,459     

Deferred

     981           (189  
  

 

 

    

 

 

 

Total

     6,433        4.9%         7,270        4.7%   
  

 

 

    

 

 

 

NET INCOME

     15,318        11.4%         17,244        11.3%   

Less: Net income attributable to the noncontrolling interest

     (196     (0.1)%         (140     (0.1)%   
  

 

 

    

 

 

 

NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION

     15,122        11.3%         17,104        11.2%   
  

 

 

    

 

 

 
                                   

 

 

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English translation of “KESSAN TANSHIN” originally issued in Japanese

  


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(3) Consolidated Statements of Changes in Equity & Comprehensive Income (Loss)

 

Yen (millions)  
For the six months ended September 30, 2010  
     Makita Corporation shareholders’ equity      Non-
controlling
interest
     Total      Comprehensive income (Loss)  
   Common
stock
     Additional
paid-in
capital
     Legal
reserve
     Retained
earnings
     Accumulated
other
comprehensive
income (loss)
     Treasury
stock
           Net income
attributable to
Makita
Corporation
     Net income
attributable to
the
non-controlling
interest
     Total  

Beginning balance

     23,805         45,420         5,669         270,790         (42,032)         (6,445)         2,466         299,673                              
Purchases and disposal of treasury stock, net                     (2)            (2)            

Cash dividends

              (5,097)               (136)         (5,233)            
Comprehensive income (loss)                                 

Net income

              15,122               196         15,318         15,122         196         15,318   

Foreign currency translation adjustment

                 (14,810)            (220)         (15,030)         (14,810)         (220)         (15,030)   

Unrealized holding gains (losses) on available-for- sale securities

                 (1,734)               (1,734)         (1,734)            (1,734)   

Pension liability adjustment

                 33               33         33                  33   

Total comprehensive income (loss)

                                                                             (1,389)         (24)         (1,413)   

Ending balance

     23,805         45,420         5,669         280,815         (58,543)         (6,447)         2,306         293,025                              

 

Yen (millions)  
For the six months ended September 30, 2011  
     Makita Corporation shareholders’ equity      Non-
controlling
interest
     Total      Comprehensive income (Loss)  
   Common
stock
     Additional
paid-in
capital
     Legal
reserve
     Retained
earnings
     Accumulated
other
comprehensive
income (loss)
     Treasury
stock
           Net income
attributable to
Makita
Corporation
     Net income
attributable to
the
non-controlling
interest
     Total  

Beginning balance

     23,805         45,420         5,669         293,532         (54,824)         (6,453)         2,529         309,678                              
Purchases and disposal of treasury stock, net         1                  (24)            (23)            

Cash dividends

              (7,025)               (150)         (7,175)            
Comprehensive income (loss)                                 

Net income

              17,104               140         17,244         17,104         140         17,244   

Foreign currency translation adjustment

                 (17,914)            (279)         (18,193)         (17,914)         (279)         (18,193)   

Unrealized holding gains (losses) on available-for- sale securities

                 (678)               (678)         (678)            (678)   

Pension liability adjustment

                 71               71         71                  71   

Total comprehensive income (loss)

                                                                             (1,417)         (139)         (1,556)   

Ending balance

     23,805         45,421         5,669         303,611         (73,345)         (6,477)         2,240         300,924                              

 

 

   9

English translation of “KESSAN TANSHIN” originally issued in Japanese

  


LOGO

 

(4) Condensed Consolidated Statements of Cash Flows

 

      Yen (millions)  
     For the six months
ended September 30,
2010
          For the six months
ended September 30,
2011
 

Net cash provided by (used in) operating activities

     14,285           (1,692

Net cash provided by (used in) investing activities

     (10,186        4,473   

Net cash used in financing activities

     (5,338        (5,131

Effect of exchange rate changes on cash and cash equivalents

     (3,385        (839
  

 

 

      

 

 

 

Net change in cash and cash equivalents

     (4,624        (3,189

Cash and cash equivalents, beginning of period

     62,290           51,833   
  

 

 

      

 

 

 

Cash and cash equivalents, end of period

     57,666           48,644   
  

 

 

      

 

 

 
       
                       

(5) Notes on the assumptions for a going concern: None

(6) Condensed Operating Segment Information

 

       Yen (millions)   
     For the six months ended September 30, 2010  
     Japan      Europe      North
America
     Asia      Other      Total      Corporate
and elimi-
nations
    Consoli-
dated
 

Sales:

                      

(1) External customers

     30,340         56,830         18,542         5,978         22,117         133,807                133,807   

(2) Inter-segment

     22,583         1,385         1,388         46,377         48         71,781         (71,781       
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     52,923         58,215         19,930         52,355         22,165         205,588         (71,781     133,807   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating expenses

     49,369         50,716         18,908         45,597         18,966         183,556         (71,592     111,964   

Operating income

     3,554         7,499         1,022         6,758         3,199         22,032         (189     21,843   

 

     Yen (millions)  
     For the six months ended September 30, 2011  
     Japan      Europe      North
America
     Asia      Other      Total      Corporate
and elimi-
nations
    Consoli-
dated
 

Sales:

                      

(1) External customers

     35,001         64,618         20,129         6,942         26,346         153,036                153,036   

(2) Inter-segment

     28,291         1,620         1,842         59,093         279         91,125         (91,125       
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     63,292         66,238         21,971         66,035         26,625         244,161         (91,125     153,036   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating expenses

     54,594         58,199         20,595         59,678         22,256         215,322         (89,239     126,083   

Operating income

     8,698         8,039         1,376         6,357         4,369         28,839         (1,886     26,953   

(7) Note in case there is any significant change in the shareholders’ equity: None

 

 

   10

English translation of “KESSAN TANSHIN” originally issued in Japanese

  


LOGO

 

SUPPORT DOCUMENTATION (CONSOLIDATED)

1. Consolidated Financial Results and Forecast

 

      Yen (millions)  
     For the six months ended
September 30, 2009
    For the six months ended
September 30, 2010
     For the six months ended
September 30, 2011
 
            (%)            (%)             (%)  

Net sales

     118,681         (32.4     133,807         12.7         153,036         14.4   

Domestic

     20,831         (14.6     22,182         6.5         25,263         13.9   

Overseas

     97,850         (35.3     111,625         14.1         127,773         14.5   

Operating income

     14,866         (58.8     21,843         46.9         26,953         23.4   

Income before income taxes

     17,271         (50.2     21,751         25.9         24,514         12.7   

Net income attributable to Makita Corporation

     10,622         (57.3     15,122         42.4         17,104         13.1   

Earning per share (Basic)

                

Net income attributable to

                
Makita Corporation common shareholders (Yen)                    77.10                      109.77                       124.16   

Cash dividend per share (Yen)

                   15.00                        15.00                         15.00   

Dividend payout ratio (%)

                   19.5                          13.7                           12.1     

Number of Employees

                   10,131                      11,368                       12,177   

 

      Yen (millions)  
     For the year ended
March 31, 2011
     For the year ending
March 31, 2012
(Forecast)
 
            (%)             (%)  

Net sales

     272,630         10.9         285,000         4.5   

Domestic

     46,065         7.9         49,500         7.5   

Overseas

     226,565         11.5         235,500         3.9   

Operating income

     41,909         37.9         44,500         6.2   

Income before income taxes

     42,730         27.5         41,900         (1.9)   

Net income attributable to Makita Corporation

     29,905         34.4         29,100         (2.7)   

Earning per share (Basic)

           

Net income attributable to Makita Corporation common shareholders (Yen)

           217.08               211.25   

Cash dividend per share (Yen)

             66.00                —   

Dividend payout ratio (%)

             30.4                  —   

Number of Employees

             12,054                —   

Note:

  1.

The table above shows the changes in the percentage ratio of Net sales, Operating income, Income before income taxes, and Net income attributable to Makita Corporation against the corresponding period of the previous year.

  2.

Please refer to “Qualitative Information on Consolidated Financial Performance Forecast” on page 4.

 

 

   11

English translation of “KESSAN TANSHIN” originally issued in Japanese

  


LOGO

 

2. Consolidated Net Sales by Geographic Area

 

      Yen (millions)  
     For the six months
ended September  30,
2009
    For the six months
ended September  30,
2010
     For the six months
ended  September 30,
2011
 
            (%)            (%)             (%)  

Japan

     20,831         (14.6     22,182         6.5         25,263         13.9   

Europe

     51,652         (37.9     57,028         10.4         64,604         13.3   

North America

     17,789         (31.1     18,472         3.8         19,822         7.3   

Asia

     8,620         (34.5     11,388         32.1         14,136         24.1   

Other regions

     19,789         (31.9     24,737         25.0         29,211         18.1   

Central and South America

     7,398         (30.1     9,622         30.1         12,618         31.1   

Oceania

     6,533         (23.2     7,888         20.7         9,586         21.5   

The Middle East and Africa

     5,858         (41.2     7,227         23.4         7,007         (3.0

Total

     118,681         (32.4     133,807         12.7         153,036         14.4   

 

Note: The table above sets forth Makita’s consolidated net sales by geographic area based on the customer’s location for the periods presented. Accordingly, it differs from operating segment information on page 10. The table above shows the changes in the percentage ratio of net sales compared to the corresponding period of the previous year.

3. Exchange Rates

 

      Yen
     For the six
months ended
September 30,
2009
   For the six  
months ended  
September 30,  
2010  
   For the six    
months ended  
September 30,  
2011    
   For the six
months ending
March 31,

2012
(Forecast)
   For the year
ending

March  31,
2012
(Forecast)

Yen/U.S. Dollar

     95.53      88.89      79.74      77      78

Yen/Euro

   133.21    113.80    113.72    102    108

4. Production Ratio (unit basis)

 

      For the six
months ended
September 30,
2009
   For the six  
months ended  
September 30,  
2010  
   For the six
months ended  
September 30,  
2011
     Composition ratio    Composition ratio    Composition ratio

Domestic

   18.4%    15.3%    12.6%

Overseas

   81.6%    84.7%    87.4%

5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost

 

      Yen (millions)
     For the six
months ended
September 30,
2009
   For the six  
months ended  
September 30,  
2010  
   For the six  
months ended  
September 30,  
2011  
   For the year
ending
March 31, 2012
(Forecast)

Capital expenditures

   6,702    4,855    5,820    17,000

Depreciation and amortization

   4,071    3,636    3,474    8,000

R&D cost

   3,324    3,549    3,978    8,500

 

 

   12

English translation of “KESSAN TANSHIN” originally issued in Japanese