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 January, 2012
Commission file number 0-12602
MAKITA CORPORATION
(Translation of registrants 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: January 31, 2012
Makita Corporation
Consolidated Financial Results
for the nine months
ended December 31, 2011
(U.S. GAAP Financial Information)
(English translation of KESSAN TANSHIN
originally issued in Japanese)
CONSOLIDATED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2011 (Unaudited)
January 31, 2012
Makita Corporation
Stock code: 6586
URL: http://www.makita.co.jp/
Masahiko Goto, President, Representative Director & CEO
1. Summary operating results of the nine months ended December 31, 2011 (From April 1, 2011 to December 31, 2011)
(1) CONSOLIDATED OPERATING RESULTS
Yen (millions) | ||||||||||||||||||
For the nine months ended December 31, 2010 |
For the nine months ended December 31, 2011 |
|||||||||||||||||
% | % | |||||||||||||||||
Net sales |
204,569 | 12.5 | 223,673 | 9.3 | ||||||||||||||
Operating income |
32,828 | 39.5 | 38,557 | 17.5 | ||||||||||||||
Income before income taxes |
32,401 | 22.7 | 36,012 | 11.1 | ||||||||||||||
Net income attributable to Makita Corporation |
23,134 | 36.8 | 24,712 | 6.8 | ||||||||||||||
Comprehensive income (loss) |
2,774 | (84.9 | ) | 3,661 | 32.0 | |||||||||||||
Yen | ||||||||||||||||||
Earning per share (Basic) |
||||||||||||||||||
Net income attributable to Makita Corporation common shareholders |
167.93 | 179.47 |
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, and 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 December 31, 2011 |
|||||||||
Total assets |
372,507 | 356,709 | ||||||||
Total equity |
309,678 | 301,319 | ||||||||
Total Makita Corporation shareholders equity |
307,149 | 299,091 | ||||||||
Total Makita Corporation shareholders equity ratio to total assets (%) |
82.5% | 83.8% | ||||||||
Yen | ||||||||||
Total Makita Corporation shareholders equity per share |
2,229.63 | 2,188.72 | ||||||||
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 | ) |
Note:
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 |
3. Consolidated Financial Performance Forecasts 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 |
287,000 | 5.3 | ||||||
Operating income |
46,500 | 11.0 | ||||||
Income before income taxes |
44,000 | 3.0 | ||||||
Net income attributable to Makita Corporation |
30,000 | 0.3 | ||||||
Yen | ||||||||
Earning per share (Basic) |
||||||||
Net income attributable to Makita Corporation common shareholders |
219.54 |
Note:
The consolidated financial forecasts announced on October 31, 2011 for the year ending March 31, 2012 have been revised.
4. Others
(Refer to [Qualitative Information and Financial Statements] Section 2 Others on page 4.)
(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 December 31, 2011: | 140,008,760 | ||||||||
As of March 31, 2011: | 140,008,760 | |||||||||
2. Number of treasury stock: |
As of December 31, 2011: | 3,357,587 | ||||||||
As of March 31, 2011: | 2,251,061 | |||||||||
3. Average number of shares outstanding: |
For the nine months ended December 31, 2011: | 137,692,624 | ||||||||
For the nine months ended December 31, 2010: | 137,759,739 |
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 1.(3) Qualitative Information on Consolidated Financial Performance Forecasts 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.
Makitas 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.
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 |
[Qualitative Information and Financial Statements]
1. Qualitative Information for nine months ended December 31, 2011.
(1) Qualitative Information on Consolidated Operating Results
During the nine months (the period) ended December 31, 2011, the economy in Western Europe, which was on a recovery trend, lost momentum due to the effects of financial crisis. In the United States, the housing market remained sluggish and consumer spending hit plateau. In Asia and Central and South America, there were signs of a slowdown in economic growth because of a tight credit policy to curb inflation. In Japan, the economic recovery was anemic due to the effects of the yens unprecedented appreciation against the Euro and the U.S. dollar and floods in Thailand, though production and consumption, which dropped after the Great East Japan Earthquake, gradually recovered.
Our consolidated net sales for this period increased by 9.3% to 223,673 million yen. 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 the yens appreciation against other major currencies resulted in a decline in our overseas sales, combined with the sluggish housing market in developed countries. In terms of incomes, our operating income increased by 17.5% to 38,557 million yen (operating income ratio 17.2%) compared to the same period of the previous year because of an increase in sales. Meanwhile, income before income taxes showed a modest increase of 11.1% from the previous year to 36,012 million yen (income before income taxes ratio 16.1%) and net income attributable to Makita Corporation increased only by 6.8% from the previous year to 24,712 million yen (net income attributable to Makita Corporation ratio 11.0%) because of exchange loss amounting to 2,852 million yen resulting from drastic exchange rate fluctuations and because of realized losses on securities amounting to 643 million yen resulting from a fall in stock prices.
Net sales by region are as follows:
Net sales in Japan increased by 15.3% to 38,551 million yen compared to the same period of the previous year because of steady sales of lithium-ion battery products, the best lineup in the industry, and an increased demand resulting from post-quake restoration and reconstruction efforts.
Net sales in Europe increased by 8.3% to 93,666 million yen due to active demand in Russia, even though the growth of demand slowed down in Western Europe.
Net sales in North America decreased by 2.0% to 28,189 million yen because sales suffered a decline in value due to the yens appreciation, even though strong sales, primarily lithium-ion battery products, continued amid a slumping U.S. housing market.
Net sales in Asia increased by 11.6% to 19,813 million yen as strong demand continued in Southeast Asian countries, even though Chinas tight credit policy and Thailands flooding affected our sales.
Net sales in Central and South America and Oceania grew substantially. Net sales in Central and South America increased by 19.4% to 18,117 million yen as demand continued to be steady, while net sales in Oceania increased by 17.3% to 14,039 million yen as the economy remained robust. Net sales in the Middle East and Africa increased only by 2.7% to 11,298 million yen because their economic activities continued to be stagnated due to political uncertainties.
(2) Qualitative Information on Consolidated Financial Position
Total assets as of December 31, 2011 decreased by 15,798 million yen to 356,709 million yen compared to the balance as of March 31, 2011. The main reason is a decrease in value of the assets held by Makitas overseas subsidiaries due to the yens 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 December 31, 2011 decreased by 7,439 million yen to 55,390 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 December 31, 2011 decreased by 8,359 million yen to 301,319 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, and purchases of the treasury stock.
|
3 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
(3) Qualitative Information on Consolidated Financial Performance Forecasts
The consolidated financial forecasts for the year ending March 31, 2012 have been revised, because consolidated financial results for the first nine-month period of the fiscal 2012 (April 1, 2011 to March 31, 2012) exceeded the initial forecasts, though the global economy seems to be slowing down and the yen appreciates further in the fourth quarter of the current fiscal.
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 Net income |
||||||||||||||||
Outlook announced previously (A) |
285,000 | 44,500 | 41,900 | 29,100 | 211.25 | |||||||||||||||
Revised forecasts (B) |
287,000 | 46,500 | 44,000 | 30,000 | 219.54 | |||||||||||||||
Changes (B-A) |
2,000 | 2,000 | 2,100 | 900 | | |||||||||||||||
Percentage revision |
0.7 | % | 4.5 | % | 5.0 | % | 3.1 | % | | |||||||||||
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 76 yen to the U.S. dollar and 95 yen to the euro for the three months period ending March 31, 2012 (78 yen to the U.S. dollar and 107 yen to the euro for the year ending March 31, 2012).
(Reference) Our previous exchange rates that we announced on October 31, 2011 were 77 yen to the U.S. dollar and 102 yen to the euro for the six months period ending March 31, 2012, and were 78 yen to the U.S. dollar and 108 yen to the euro for the year ending March 31, 2012.
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.
2. Others
(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, Makita Corporation 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, procedures and presentations: None |
|
4 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
3. Consolidated Financial Statements (Unaudited)
(1) Consolidated Balance Sheets
Yen (millions) | ||||||||||||||||
As of March 31, 2011 | As of December 31, 2011 | |||||||||||||||
Composition ratio | Composition ratio | |||||||||||||||
ASSETS |
||||||||||||||||
CURRENT ASSETS: |
||||||||||||||||
Cash and cash equivalents |
51,833 | 44,728 | ||||||||||||||
Time deposits |
15,719 | 9,689 | ||||||||||||||
Short-term investments |
33,555 | 26,933 | ||||||||||||||
Trade receivables- |
||||||||||||||||
Notes |
1,914 | 1,912 | ||||||||||||||
Accounts |
46,785 | 41,457 | ||||||||||||||
Less- Allowance for doubtful receivables |
(935 | ) | (759 | ) | ||||||||||||
Inventories |
110,595 | 117,945 | ||||||||||||||
Deferred income taxes |
6,039 | 5,503 | ||||||||||||||
Prepaid expenses and other current assets |
9,990 | 9,888 | ||||||||||||||
|
|
|
|
|||||||||||||
Total current assets |
275,495 | 74.0% | 257,296 | 72.1% | ||||||||||||
|
|
|
|
|||||||||||||
PROPERTY, PLANT AND EQUIPMENT, at cost: |
||||||||||||||||
Land |
20,065 | 20,075 | ||||||||||||||
Buildings and improvements |
72,201 | 70,695 | ||||||||||||||
Machinery and equipment |
73,195 | 73,014 | ||||||||||||||
Construction in progress |
1,369 | 4,978 | ||||||||||||||
|
|
|
|
|||||||||||||
166,830 | 168,762 | |||||||||||||||
Less- Accumulated depreciation |
(94,792 | ) | (95,088 | ) | ||||||||||||
|
|
|
|
|||||||||||||
Total net property, plant and equipment |
72,038 | 19.3% | 73,674 | 20.7% | ||||||||||||
|
|
|
|
|||||||||||||
INVESTMENTS AND OTHER ASSETS: |
||||||||||||||||
Investments |
17,069 | 16,709 | ||||||||||||||
Goodwill |
721 | 721 | ||||||||||||||
Other intangible assets, net |
4,595 | 4,565 | ||||||||||||||
Deferred income taxes |
1,403 | 1,484 | ||||||||||||||
Other assets |
1,186 | 2,260 | ||||||||||||||
|
|
|
|
|||||||||||||
Total investments and other assets |
24,974 | 6.7% | 25,739 | 7.2% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
372,507 | 100.0% | 356,709 | 100.0% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
5 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
Yen (millions) | ||||||||||||||||||||||||
As of March 31, 2011 | As of December 31, 2011 | |||||||||||||||||||||||
Composition ratio | Composition ratio | |||||||||||||||||||||||
LIABILITIES |
||||||||||||||||||||||||
CURRENT LIABILITIES: |
||||||||||||||||||||||||
Short-term borrowings |
868 | 2,973 | ||||||||||||||||||||||
Trade notes and accounts payable |
25,691 | 19,539 | ||||||||||||||||||||||
Other payables |
4,386 | 5,594 | ||||||||||||||||||||||
Accrued expenses |
6,125 | 6,283 | ||||||||||||||||||||||
Accrued payroll |
7,543 | 5,774 | ||||||||||||||||||||||
Income taxes payable |
4,317 | 3,692 | ||||||||||||||||||||||
Deferred income taxes |
112 | 80 | ||||||||||||||||||||||
Other current liabilities |
7,183 | 5,473 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total current liabilities |
56,225 | 15.1% | 49,408 | 13.8% | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
LONG-TERM LIABILITIES: |
||||||||||||||||||||||||
Long-term indebtedness |
19 | 13 | ||||||||||||||||||||||
Accrued retirement and termination benefits |
3,128 | 2,772 | ||||||||||||||||||||||
Deferred income taxes |
746 | 643 | ||||||||||||||||||||||
Other liabilities |
2,711 | 2,554 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total long-term liabilities |
6,604 | 1.8% | 5,982 | 1.7% | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total liabilities |
62,829 | 16.9% | 55,390 | 15.5% | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
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 | 309,152 | ||||||||||||||||||||||
Accumulated other comprehensive income (loss) |
(54,824 | ) | (75,724 | ) | ||||||||||||||||||||
Treasury stock, at cost |
(6,453 | ) | (9,232 | ) | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total Makita Corporation shareholders equity |
307,149 | 82.5% | 299,091 | 83.8% | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
NONCONTROLLING INTEREST |
2,529 | 0.6% | 2,228 | 0.7% | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total equity |
309,678 | 83.1% | 301,319 | 84.5% | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total liabilities and equity |
372,507 | 100.0% | 356,709 | 100.0% | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
As of March 31, 2011 | As of December 31, 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 | 136,651,173 | ||||||
Number of treasury stock |
2,251,061 | 3,357,587 |
|
6 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
(2) Consolidated Statements of Income
Yen (millions) | ||||||||||||||||
For the nine months ended December 31, 2010 |
For the nine months ended December 31, 2011 |
|||||||||||||||
Composition ratio | Composition ratio | |||||||||||||||
NET SALES |
204,569 | 100.0% | 223,673 | 100.0% | ||||||||||||
Cost of sales |
125,936 | 61.6% | 135,329 | 60.5% | ||||||||||||
|
|
|
|
|||||||||||||
GROSS PROFIT |
78,633 | 38.4% | 88,344 | 39.5% | ||||||||||||
Selling, general, administrative and others, net |
45,805 | 22.4% | 49,787 | 22.3% | ||||||||||||
|
|
|
|
|||||||||||||
OPERATING INCOME |
32,828 | 16.0% | 38,557 | 17.2% | ||||||||||||
|
|
|
|
|||||||||||||
OTHER INCOME (EXPENSES): |
||||||||||||||||
Interest and dividend income |
1,019 | 1,127 | ||||||||||||||
Interest expense |
(26 | ) | (177 | ) | ||||||||||||
Exchange gains (losses) on foreign currency transactions, net |
(1,405 | ) | (2,852 | ) | ||||||||||||
Realized gains (losses) on securities, net |
(15 | ) | (643 | ) | ||||||||||||
|
|
|
|
|||||||||||||
Total |
(427 | ) | (0.2)% | (2,545 | ) | (1.1)% | ||||||||||
|
|
|
|
|||||||||||||
INCOME BEFORE INCOME TAXES |
32,401 | 15.8% | 36,012 | 16.1% | ||||||||||||
|
|
|
|
|||||||||||||
PROVISION FOR INCOME TAXES: |
||||||||||||||||
Current |
8,161 | 10,270 | ||||||||||||||
Deferred |
805 | 821 | ||||||||||||||
|
|
|
|
|||||||||||||
Total |
8,966 | 4.3% | 11,091 | 5.0% | ||||||||||||
|
|
|
|
|||||||||||||
NET INCOME |
23,435 | 11.5% | 24,921 | 11.1% | ||||||||||||
Less: Net income attributable to the noncontrolling interest |
(301 | ) | (0.2)% | (209 | ) | (0.1)% | ||||||||||
|
|
|
|
|||||||||||||
NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION |
23,134 | 11.3% | 24,712 | 11.0% | ||||||||||||
|
|
|
|
|||||||||||||
|
7 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
(3) Consolidated Statements of Changes in Equity & Comprehensive Income (Loss)
Yen (millions) |
For the nine months ended December 31, 2010 | ||||||||||||||||||||||||||||||||||||||||||||
Makita Corporation shareholders equity | Comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||||||
Common stock |
Additional paid-in capital |
Legal reserve |
Retained earnings |
Accumulated other comprehensive income (loss) |
Treasury stock |
Non- controlling interest |
Total | Net income Makita |
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 | (6 | ) | (6 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash dividends | (7,163 | ) | (136 | ) | (7,299 | ) | ||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Net income |
23,134 | 301 | 23,435 | 23,134 | 301 | 23,435 | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
(19,551 | ) | (346 | ) | (19,897 | ) | (19,551 | ) | (346 | ) | (19,897 | ) | ||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on available-for-sale securities |
(817 | ) | (817 | ) | (817 | ) | (817 | ) | ||||||||||||||||||||||||||||||||||||
Pension liability adjustment |
53 | 53 | 53 | 53 | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) |
2,819 | (45 | ) | 2,774 | ||||||||||||||||||||||||||||||||||||||||
Ending balance |
23,805 | 45,420 | 5,669 | 286,761 | (62,347 | ) | (6,451 | ) | 2,285 | 295,142 |
Yen (millions) | ||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||
Makita Corporation shareholders equity | Comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||||||
Common stock |
Additional paid-in capital |
Legal reserve |
Retained earnings |
Accumulated other comprehensive income (loss) |
Treasury stock |
Non- controlling interest |
Total | 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 | (2,779 | ) | (2,778 | ) | |||||||||||||||||||||||||||||||||||||||
Cash dividends | (9,092 | ) | (150 | ) | (9,242 | ) | ||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Net income |
24,712 | 209 | 24,921 | 24,712 | 209 | 24,921 | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
(19,822 | ) | (360 | ) | (20,182 | ) | (19,822 | ) | (360 | ) | (20,182 | ) | ||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on available-for-sale securities |
(1,184 | ) | (1,184 | ) | (1,184 | ) | (1,184 | ) | ||||||||||||||||||||||||||||||||||||
Pension liability adjustment |
106 | 106 | 106 | 106 | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) |
3,812 | (151 | ) | 3,661 | ||||||||||||||||||||||||||||||||||||||||
Ending balance |
23,805 | 45,421 | 5,669 | 309,152 | (75,724 | ) | (9,232 | ) | 2,228 | 301,319 |
|
8 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
(4) Condensed Consolidated Statements of Cash Flows
Yen (millions) | ||||||||||
For the nine months ended December 31, 2010 |
For the nine months ended December 31, 2011 |
|||||||||
Net cash provided by operating activities |
21,777 | 3,272 | ||||||||
Net cash used in investing activities |
(12,926 | ) | (220 | ) | ||||||
Net cash used in financing activities |
(7,622 | ) | (9,966 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents |
(4,262 | ) | (191 | ) | ||||||
|
|
|
|
|||||||
Net change in cash and cash equivalents |
(3,033 | ) | (7,105 | ) | ||||||
Cash and cash equivalents, beginning of period |
62,290 | 51,833 | ||||||||
|
|
|
|
|||||||
Cash and cash equivalents, end of period |
59,257 | 44,728 | ||||||||
|
|
|
|
|||||||
(5) Notes on the assumptions for a going concern: None
(6) Condensed Operating Segment Information
Yen (millions) | ||||||||||||||||||||||||||||||||
For the nine months ended December 31, 2010 | ||||||||||||||||||||||||||||||||
Japan | Europe | North America |
Asia | Other | Total | Elimi- nations |
Consoli- dated |
|||||||||||||||||||||||||
Sales: |
||||||||||||||||||||||||||||||||
(1) External customers |
45,880 | 86,176 | 28,978 | 9,556 | 33,979 | 204,569 | | 204,569 | ||||||||||||||||||||||||
(2) Inter-segment |
36,204 | 2,393 | 2,164 | 70,991 | 72 | 111,824 | (111,824 | ) | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
82,084 | 88,569 | 31,142 | 80,547 | 34,051 | 316,393 | (111,824 | ) | 204,569 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating expenses |
75,470 | 77,485 | 29,378 | 70,844 | 28,601 | 281,778 | (110,037 | ) | 171,741 | |||||||||||||||||||||||
Operating income |
6,614 | 11,084 | 1,764 | 9,703 | 5,450 | 34,615 | (1,787 | ) | 32,828 |
Yen (millions) | ||||||||||||||||||||||||||||||||
For the nine months ended December 31, 2011 | ||||||||||||||||||||||||||||||||
Japan | Europe | North America |
Asia | Other | Total | Elimi- nations |
Consoli- dated |
|||||||||||||||||||||||||
Sales: |
||||||||||||||||||||||||||||||||
(1) External customers |
52,227 | 93,805 | 28,631 | 9,974 | 39,036 | 223,673 | | 223,673 | ||||||||||||||||||||||||
(2) Inter-segment |
42,215 | 2,823 | 2,595 | 83,383 | 327 | 131,343 | (131,343 | ) | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
94,442 | 96,628 | 31,226 | 93,357 | 39,363 | 355,016 | (131,343 | ) | 223,673 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating expenses |
82,162 | 85,317 | 29,290 | 85,020 | 33,738 | 315,527 | (130,411 | ) | 185,116 | |||||||||||||||||||||||
Operating income |
12,280 | 11,311 | 1,936 | 8,337 | 5,625 | 39,489 | (932 | ) | 38,557 |
(7) Note in case there is any significant change in the shareholders equity: None
|
9 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
SUPPORT DOCUMENTATION (CONSOLIDATED)
1. Consolidated Financial Results and Forecasts
Yen (millions) | ||||||||||||||||||||||||
For the nine months ended December 31, 2010 |
For the nine months ended December 31, 2011 |
|||||||||||||||||||||||
(%) | (%) | |||||||||||||||||||||||
Net sales |
|
204,569 | 12.5 | 223,673 | 9.3 | |||||||||||||||||||
Domestic |
|
33,423 | 8.3 | 38,551 | 15.3 | |||||||||||||||||||
Overseas |
|
171,146 | 13.4 | 185,122 | 8.2 | |||||||||||||||||||
Operating income |
|
32,828 | 39.5 | 38,557 | 17.5 | |||||||||||||||||||
Income before income taxes |
|
32,401 | 22.7 | 36,012 | 11.1 | |||||||||||||||||||
Net income attributable to Makita Corporation |
|
23,134 | 36.8 | 24,712 | 6.8 | |||||||||||||||||||
Earning per share (Basic) |
|
|||||||||||||||||||||||
Net income attributable to Makita Corporation common shareholders (Yen) |
|
167.93 | 179.47 | |||||||||||||||||||||
Number of Employees |
|
11,595 | 12,477 | |||||||||||||||||||||
Yen (millions) | ||||||||||||||||||||||||
For the year ended March 31, 2011 |
For the six months ended September 30, 2011 |
For the year ending March 31, 2012 (Forecasts) |
||||||||||||||||||||||
(%) | (%) | (%) | ||||||||||||||||||||||
Net sales |
272,630 | 10.9 | 153,036 | 14.4 | 287,000 | 5.3 | ||||||||||||||||||
Domestic |
46,065 | 7.9 | 25,263 | 13.9 | 52,000 | 12.9 | ||||||||||||||||||
Overseas |
226,565 | 11.5 | 127,773 | 14.5 | 235,000 | 3.7 | ||||||||||||||||||
Operating income |
41,909 | 37.9 | 26,953 | 23.4 | 46,500 | 11.0 | ||||||||||||||||||
Income before income taxes |
42,730 | 27.5 | 24,514 | 12.7 | 44,000 | 3.0 | ||||||||||||||||||
Net income attributable to Makita Corporation |
29,905 | 34.4 | 17,104 | 13.1 | 30,000 | 0.3 | ||||||||||||||||||
Earning per share (Basic) |
||||||||||||||||||||||||
Net income attributable to Makita Corporation common shareholders (Yen) | 217.08 | 124.16 | 219.54 | |||||||||||||||||||||
Number of Employees |
12,054 | 12,177 | |
Notes:
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 Forecasts on page 4. |
|
10 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
2. Consolidated Net Sales by Region
Yen (millions) | ||||||||||||||||||||||||||||||||
For the nine months ended December 31, 2010 |
For the nine months ended December 31, 2011 |
For the year ended March 31, 2011 |
For the six months ended September 30, 2011 |
|||||||||||||||||||||||||||||
(%) | (%) | (%) | (%) | |||||||||||||||||||||||||||||
Japan |
33,423 | 8.3 | 38,551 | 15.3 | 46,065 | 7.9 | 25,263 | 13.9 | ||||||||||||||||||||||||
Europe |
86,479 | 7.8 | 93,666 | 8.3 | 115,977 | 6.3 | 64,604 | 13.3 | ||||||||||||||||||||||||
North America |
28,773 | 7.3 | 28,189 | (2.0 | ) | 37,111 | 7.5 | 19,822 | 7.3 | |||||||||||||||||||||||
Asia |
17,753 | 37.7 | 19,813 | 11.6 | 23,073 | 25.6 | 14,136 | 24.1 | ||||||||||||||||||||||||
Other regions |
38,141 | 23.1 | 43,454 | 13.9 | 50,404 | 22.5 | 29,211 | 18.1 | ||||||||||||||||||||||||
Central and South America |
15,171 | 28.3 | 18,117 | 19.4 | 20,295 | 33.3 | 12,618 | 31.1 | ||||||||||||||||||||||||
Oceania |
11,969 | 19.1 | 14,039 | 17.3 | 15,383 | 17.3 | 9,586 | 21.5 | ||||||||||||||||||||||||
The Middle East and Africa |
11,001 | 20.6 | 11,298 | 2.7 | 14,726 | 15.1 | 7,007 | (3.0 | ) | |||||||||||||||||||||||
Total |
204,569 | 12.5 | 223,673 | 9.3 | 272,630 | 10.9 | 153,036 | 14.4 |
Note: | The table above sets forth Makitas consolidated net sales by region based on the customers location for the periods presented. Accordingly, it differs from operating segment information on page 9. The table above shows the changes in the percentage ratio of Net sales against the corresponding period of the previous year. |
3. Exchange Rates
Yen | ||||||||||||||||||
For the nine months ended December 31, 2010 |
For the
nine months ended December 31, 2011 |
For the year ended March 31, 2011 |
For the six months ended September 30, 2011 |
For the year ending March 31, 2012 (Forecasts) | ||||||||||||||
Yen/U.S. Dollar |
86.84 | 78.96 | 85.73 | 79.74 | 78 | |||||||||||||
Yen/Euro |
113.27 | 110.60 | 113.12 | 113.72 | 107 |
Note: | The above forecasts are based on the assumption of exchange rates of 76 yen to the U.S. dollar and 95 yen to the euro for the three months period ending March 31, 2012. |
4. Production Ratio (unit basis)
For the
nine months ended December 31, 2010 |
For the
nine months ended December 31, 2011 |
For the
year ended March 31, 2011 |
For the six months ended September 30, 2011 | |||||||||||||||
Composition ratio | Composition ratio | Composition ratio | Composition ratio | |||||||||||||||
Domestic |
15.1% | 12.5% | 14.5% | 12.6% | ||||||||||||||
Overseas |
84.9% | 87.5% | 85.5% | 87.4% | ||||||||||||||
5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost | ||||||||||||||||||
Yen (millions) | ||||||||||||||||||
For the nine months ended December 31, 2010 |
For the nine months ended December 31, 2011 |
For the year ended March 31, 2011 |
For the six months ended September 30, 2011 |
For the year ending March 31, 2012 (Forecasts) | ||||||||||||||
Capital expenditures |
7,769 | 10,406 | 9,742 | 5,820 | 13,000 | |||||||||||||
Depreciation and amortization |
5,615 | 5,264 | 7,557 | 3,474 | 7,500 | |||||||||||||
R&D cost |
5,425 | 6,101 | 7,283 | 3,978 | 8,500 |
|
11 | |
English translation of KESSAN TANSHIN originally issued in Japanese |