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 April, 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: April 27, 2012
Makita Corporation
Consolidated Financial Results
for the year ended March 31, 2012
(U.S. GAAP Financial Information)
(English translation of KESSAN TANSHIN
originally issued in Japanese)
CONSOLIDATED FINANCIAL RESULTS
FOR THE YEAR ENDED MARCH 31, 2012 (Unaudited)
April 27, 2012
Makita Corporation
Stock code: 6586
URL: http://www.makita.co.jp/
Masahiko Goto, President, Representative Director & CEO
1. Summary operating results of the year ended March 31, 2012 (From April 1, 2011 to March 31, 2012)
(1) CONSOLIDATED OPERATING RESULTS
Yen (million) | ||||||||||||||||||
For the year ended March 31, 2011 |
For the year ended March 31, 2012 |
|||||||||||||||||
% | % | |||||||||||||||||
Net sales |
272,630 | 10.9 | 295,711 | 8.5 | ||||||||||||||
Operating income |
41,909 | 37.9 | 48,516 | 15.8 | ||||||||||||||
Income before income taxes |
42,730 | 27.5 | 46,963 | 9.9 | ||||||||||||||
Net income attributable to Makita Corporation |
29,905 | 34.4 | 32,497 | 8.7 | ||||||||||||||
Comprehensive income |
17,312 | (24.4 | ) | 28,401 | 64.1 | |||||||||||||
Yen | ||||||||||||||||||
Earning per share (Basic) |
||||||||||||||||||
Net income attributable to Makita Corporation common shareholders |
217.08 | 236.78 | ||||||||||||||||
Ratio of net income attributable to Makita Corporation to shareholders equity |
9.9% | 10.3% | ||||||||||||||||
Ratio of income before income taxes to total assets |
11.8% | 12.4% | ||||||||||||||||
Ratio of operating income to net sales |
15.4% | 16.4% |
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 against the corresponding period of the previous year. |
3. | Equity in net earnings of affiliated companies (including non-consolidated subsidiaries): NIL |
(2) SELECTED CONSOLIDATED FINANCIAL POSITION
Yen (million) | ||||||||||
As of March 31, 2011 |
As of March 31, 2012 |
|||||||||
Total assets |
372,507 | 383,256 | ||||||||
Total equity |
309,678 | 323,778 | ||||||||
Total Makita Corporation shareholders equity |
307,149 | 321,253 | ||||||||
Total Makita Corporation shareholders equity ratio to total assets (%) |
82.5% | 83.8% | ||||||||
Yen | ||||||||||
Total Makita Corporation shareholders equity per share |
2,229.63 | 2,366.50 | ||||||||
(3) CONSOLIDATED CASH FLOWS | ||||||||||
Yen (million) | ||||||||||
For the year ended March 31, 2011 |
For the year ended March 31, 2012 |
|||||||||
Net cash provided by operating activities |
19,617 | 8,622 | ||||||||
Net cash used in investing activities |
(19,334 | ) | (4,500 | ) | ||||||
Net cash used in financing activities |
(7,355 | ) | (12,707 | ) | ||||||
Cash and cash equivalents, end of year |
51,833 | 44,812 |
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English Translation of KESSAN TANSHIN originally issued in Japanese |
2. Dividend Information
Yen | ||||||||||||
For the year ended March 31, 2011 |
For the year ended March 31, 2012 |
For the year ending March 31, 2013 (Forecast) |
||||||||||
Cash dividend per share: |
||||||||||||
Interim |
15.00 | 15.00 | 15.00 | |||||||||
Year-end |
51.00 | 57.00 | (Note | ) | ||||||||
Total |
66.00 | 72.00 | (Note | ) | ||||||||
Yen (million) | ||||||||||||
Total cash dividend |
9,092 | 9,804 | | |||||||||
Dividend payout ratio (%) |
30.4% | 30.4% | | |||||||||
Dividend to shareholders equity ratio (%) |
3.0% | 3.1% | |
Note:
While the Company has set forth under the Articles of Corporation of the Company that the record date for the payment of dividend shall be the last day of a relevant period, at the present time, the projected amount of dividends as of the said record date has not been determined yet. For further details, refer to Explanation regarding proper use of business forecasts, and other significant matters on page 3.
3. Consolidated Financial Performance Forecast for the year ending March 31, 2013 (From April 1, 2012 to March 31, 2013)
Yen (million) | ||||||||||||||||
For the six months ending
September 30, 2012 |
For the year ending March 31, 2013 |
|||||||||||||||
% | % | |||||||||||||||
Net sales |
150,500 | (1.7 | ) | 301,500 | 2.0 | |||||||||||
Operating income |
22,600 | (16.2 | ) | 44,000 | (9.3 | ) | ||||||||||
Income before income taxes |
22,700 | (7.4 | ) | 44,200 | (5.9 | ) | ||||||||||
Net income attributable to Makita Corporation |
15,400 | (10.0 | ) | 30,000 | (7.7 | ) | ||||||||||
Yen | ||||||||||||||||
Earning per share (Basic) |
||||||||||||||||
Net income attributable to Makita Corporation common shareholders |
113.44 | 220.99 |
4. Other
(1) | Changes in important subsidiaries for the year (Changes in specific subsidiaries accompanied by changes in scope of consolidation): None |
(2) | Changes in principle, procedure and representation of the accounting policies concerning consolidated financial statements preparation: None |
(3) | Number of shares outstanding (common stock) |
1. Number of shares issued (including treasury stock): |
As of March 31, 2012: | 140,008,760 | ||||||
As of March 31, 2011: | 140,008,760 | |||||||
2. Number of treasury stock: |
As of March 31, 2012: | 4,258,242 | ||||||
As of March 31, 2011: | 2,251,061 | |||||||
3. Average number of shares outstanding: |
For the year ended March 31, 2012 | 137,244,683 | ||||||
For the year ended March 31, 2011 | 137,759,272 |
|
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English Translation of KESSAN TANSHIN originally issued in Japanese |
Information regarding financial statements audit
This consolidated financial results report is not subject to a financial statements audit stipulated under the Financial Instruments and Exchange Act. As of the release date of this document, the financial statements audit under the Financial Instruments and Exchange Act has not been completed.
Explanation regarding proper use of business forecasts, and other significant matters
1. | Regarding the assumptions for the forecasts and other matters, refer to 1.Operating results (2) Outlook for the year ending March 31, 2013, on page 5. 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 various factors above and other, actual results may vary from the forecasts provided above. |
2. | 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 2013 for a report on earnings for the year ending March 31, 2013. 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 2013.
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.
|
3 | |
English Translation of KESSAN TANSHIN originally issued in Japanese |
1. OPERATING RESULTS
1. Operating results
(1) Outline of operations results for the year ended March 31, 2012
In the year ended March 31, 2012, the economy in Western Europe, which was once on a recovery trend, slowed down due to the effects of financial crisis etc. However, German economy grew steadily, supported by strong exports due to the depreciation of the euro. The Russian economy continued to be in good condition thanks to rising crude oil prices. In the United States, the economy remained sluggish because the housing market was still weak, though consumer spending showed some signs of recovery. In Asia and Central and South America, robust capital investments and favorable exports kept the economy growing, but the growth pace slowed due to credit tightening in China and Brazil and the flooding in Thailand. In Japan, the economy didnt attain the full-scale recovery because exports remained weak due to the yens unprecedented appreciation against the Euro and the U.S. dollar, though consumer spending gradually recovered after the Great East Japan Earthquake in March 2011.
Under these circumstances, in development side, Makita continuously expanded its product lines, including those of power tools, rechargeable tools and gardening equipment through the development of smaller and lighter tools or tools with lower noise and vibration. In addition, we set up a development and experimental center for gardening equipment at Nisshin Office (Aichi) in October 2011 to upgrade and extend the product line-ups of engine-powered gardening equipment. In production side, we strengthened our quality control system to continuously produce high-quality brands, while improving a production system so that we could flexibly respond to a change in demand. In sales side, we improved the sales network in China and set up a subsidiary in Slovenia to strengthen its sales system in Balkan countries. Through these steps, we strove to maintain and improve our system of providing sales and after-sales services from immediate proximity to the customers, which had already been our forte.
Our consolidated net sales for this year increased by 8.5% to 295,711 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 the yens appreciation resulted in a decline in our overseas sales. Operating income increased by 15.8% to 48,516 million yen (operating income ratio: 16.4%). This was mainly because of a leap in capacity utilization at the plant as well as an increase in net sales. Meanwhile, because of an increase in non-operating expenses, such as foreign exchange losses of 2,150 million yen due to a drastic appreciation of the yen and realized losses on securities of 652 million yen due to a fall in share prices, income before income taxes and net income attributable to Makita Corporation increased by 9.9% to 46,963 million yen (income before income taxes ratio: 15.9%) and by 8.7% to 32,497 million yen (net income attributable to Makita Corporation ratio: 11.0%), respectively.
Net sales results by region were as follows:
Net sales in Japan increased by 15.4% to 53,175 million yen compared to the same period of the previous year, a record amount. This was because of the favorable sales of lithium-ion battery products, the best product line-ups in the industry, and increased demand from post-quake restoration and reconstruction efforts.
Net sales in Europe increased by 6.3% to 123,251 million yen compared to the same period of the previous year. This was due to steady sales in Russia, though demand in Western countries, such as Germany and the U.K., slowed down in the latter half of the current year.
Net sales in North America increased by 1.0% to 37,475 million yen compared to the same period of the previous year. This was primarily because our sales, mainly lithium-ion battery products, remained robust amid sluggish housing market, though our sales suffered a decline in value due to the yens appreciation.
Net sales in Asia increased by 12.7% to 26,013 million yen compared to the same period of the previous year. This was because demand steadily recovered in Southeast Asian countries, though Chinas tight credit policy and Thailands flooding affected our sales.
Sales situation in other regions are as follows. Net sales in Central and South America and Oceania increased by 15.2% to 23,370 million yen and by 15.6% to 17,780 million yen, respectively, compared to the same period of the previous year, because demand was strong in both regions. Net sales in the Middle East and Africa decreased by 0.5% to 14,647 million yen, because economic activities stagnated due to political uncertainty.
|
4 | |
English Translation of KESSAN TANSHIN originally issued in Japanese |
(2) Outlook for the year ending March 31, 2013
In developed countries, competition among companies is expected to intensify further because recovery of demand will remain moderate. In emerging countries including Asia where construction demand is expected to expand continuously, markets with a strong orientation toward low-price products are likely to emerge. With trends in crude oil prices and the foreign exchange rates being unpredictable, Makita is expected to continue facing a challenging business environment.
Based on these situations, Makita will strive to reinforce its R&D and product development activities to deliver more user-friendly, earth-conscious power tools and gardening equipment. It will also strengthen the technical development of compact engines. The global production organizations will be strengthened to respond to changes in demand conditions. Sales activities to professional users will be promoted. In addition, aggressive activities will be pursued to maintain and improve our No. 1 sales and after-sales service system in the industry.
Makita will strive to maintain a solid financial position enabling it to implement these measures, which, we believe, will lead to enhancing customer satisfaction and raising Makitas position in the industry, resulting, in turn, in the improvement of its corporate value.
In projecting the operational results for the next year, we use the following assumptions:
· | An increase in demand for electric power tools from post-quake restoration and reconstruction efforts will remain moderate in Japan. |
· | Demand for electric power tools is unlikely to increase in Europe and the United States. |
· | Emerging economies will be influenced by the tight-money policy. |
· | Labor costs will continue to rise in emerging countries. |
To cope with these assumed conditions, Makita will:
· | Strengthen its R&D and product development capabilities with respect to environmentally friendly power tools and gardening equipment; |
· | Further expanding and rolling out each product line as a series; |
· | Implement production cost-saving measures, taking advantage of its global production organizations; and |
· | Strive to improve its marketing and brand power by fine-tuned response to customer needs and further improved after-sales service. |
Meanwhile, Makita saw its production surge to record level this year, because it aggressively built up inventory to cope with the recovery of demand. However, Makita expects its production to fall below this years level, sending capacity utilization at the plant lower in the next year, because business environment is likely to become tougher as mentioned above.
On the basis of these factors, Makita forecasts the following performance for the year ending March 31, 2013.
Consolidated Financial Performance Forecast for the Year Ending March 31, 2013
Yen (million) | ||||||||||
For the six months ending September 30, 2012 |
For the year ending March 31, 2013 |
|||||||||
Net sales |
150,500 | 301,500 | ||||||||
Operating income |
22,600 | 44,000 | ||||||||
Income before income taxes |
22,700 | 44,200 | ||||||||
Net income attributable to Makita Corporation |
15,400 | 30,000 |
Assumption:
The above forecast is based on the assumption of exchange rates of 81 yen to the U.S. dollar and 107 yen to the euro.
(Reference):
The actual exchange rate for the year ended March 31, 2012 was 79.1 yen to the U.S. dollar and 109.0 yen to the euro.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements based on Makitas own projections and estimates. The power tools market, where Makita is mainly active, is subject to the effects of rapid shifts in economic conditions, demand for housing, currency exchange rates, changes in competitiveness, and other factors. Due to the risks and uncertainties involved, actual results could differ substantially from the content of these statements. Therefore, these statements should not be interpreted as representation where such objectives will be achieved.
|
5 | |
English Translation of KESSAN TANSHIN originally issued in Japanese |
2. Financial position
(1) Analysis on assets, liabilities and total assets
Total assets as of the end of the year increased by 10,749 million yen to 383,256 million yen compared to the previous year.
The increase was mainly due to an increase in Inventories thanks to production increase. On the other hand, the increase was partially offset by 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.
Total liabilities as of the end of the year decreased by 3,351 million yen to 59,478 million yen compared to the previous year. This decrease was mainly due to the decrease in Trade notes and accounts payable.
Total equity as of the end of the year increased by 14,100 million yen to 323,778 million yen compared to the previous year. This increase was mainly attributable to the increase in Retained earnings, 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.
(2) Analysis on cash flows and financial ratios
Total cash and cash equivalents at the end of the year amounted to 44,812 million yen, decreased by 7,021 million yen compared to the end of the previous year.
(Net Cash Provided by Operating Activities)
Cash collected from customers increased due to an increase in sales. However, net cash provided by operating activities was 8,622 million yen (19,617 million yen for the previous year) because cash paid for purchases of parts and raw materials increased as a result of production increase.
(Net Cash Used in Investing Activities)
Net cash used in investing activities was 4,500 million yen (19,334 million yen for the previous year) due to capital expenditures.
(Net Cash Used in Financing Activities)
Net cash used in financing activities totaled 12,707 million yen (7,355 million yen for the previous year). Major uses of cash were purchases of treasury stock and payments of dividends to shareholders.
(Reference)
Trend information of financial ratios
As of (year ended) March 31, | ||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||
Ratio of operating income to net sales |
19.6% | 17.0% | 12.4% | 15.4% | 16.4% | |||||||||||||||
Equity ratio |
81.9% | 84.2% | 85.0% | 82.5% | 83.8% | |||||||||||||||
Equity ratio based on a current market price |
116.4% | 90.0% | 121.3% | 143.1% | 117.6% | |||||||||||||||
Interest-bearing liabilities to net cash provided by operating activities (years) |
0.1 | 0.0 | 0.0 | 0.0 | 0.3 | |||||||||||||||
Interest coverage ratio (times) |
108.8 | 95.6 | 984.9 | 400.3 | 43.5 |
Definitions:
Operating income to net sales ratio: operating income/net sales
Equity ratio: shareholders equity/total assets
Equity ratio based on a current market price: total current market value of outstanding shares/total assets
Interest-bearing liabilities to net cash provided by operating activities
: interest-bearing liabilities /net cash inflow from operating activities
Interest coverage ratio: net cash inflow from operating activities/interest expense
Notes:
1. | All figures are calculated based on a consolidated basis. |
2. | The total current market value of outstanding shares is calculated by multiplying the closing market price at the period end by the number of outstanding shares (after deducting the number of treasury stock.) |
3. | Interest-bearing debt includes all consolidated balance-sheet debt on which interest payments are made. |
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6 | |
English Translation of KESSAN TANSHIN originally issued in Japanese |
3. Basic policy regarding profit distribution and cash dividend for the fiscal 2012 and 2013
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. With respect to repurchases of its outstanding shares, Makita aims to implement a flexible capital policy, augment the efficiency of its capital employment, and thereby boost shareholder profit. Also Makita continues to consider execution of own share repurchases in light of trends in stock prices. In this year, Makita repurchased two million shares of its common stock for total 5,033 million yen from December 2011 to January 2012.
Makita intends to maintain a financial position strong enough to withstand the challenges associated with changes in its operating environment and other changes and allocate funds for strategic investments aimed at expanding its global operations.
Our forecast for dividends is as follows;
For the year ended March 31, 2012 (Result and Forecast) |
For the year ending March 31, 2013 (Forecast) | |||
Cash dividend per share: |
||||
Interim |
15.00 yen | 15.00 yen | ||
Year-end |
57.00 yen | (Note) | ||
Total |
72.00 yen | (Note) |
Notes: | The Board of Directors plans to meet in April 2013 for a report on earnings for the year ending March 31, 2013. At such 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 2013. However, if certain special circumstances arise, computation of the amount of dividends will be based on consolidated net income attributable to Makita Corporation after certain adjustments. |
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.
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English Translation of KESSAN TANSHIN originally issued in Japanese |
2. GROUP STRUCTURE
Makita Corporation (the Company) and its consolidated subsidiaries (collectively Makita) mainly manufacture and sell portable electric power tools. Makita is comprised of the Company and 50 consolidated subsidiaries.
Group Structure of Makita is outlined as follows;
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English Translation of KESSAN TANSHIN originally issued in Japanese |
3. MANAGEMENT POLICIES
1. Basic Policies
Makita has set itself the goal of consolidating a strong position in the global power tool industry as a global supplier of a comprehensive range of power tools that assist people in creating homes and living environments. In order to achieve this, Makita has established strategic business approaches and quality policies such as A management approach in symbiosis with society Managing to take good care of our customers, Proactive, sound management and Emphasis on trustworthy and reliable corporate culture as well as management to draw out the capabilities of each employee. Makita aims to generate solid profitability so that Makita can promote its sustained corporate development and meet the needs of its shareholders, customers, and employees as well as regional societies where Makita operates.
2. Target Management Indicators
Makita believes that attaining sustained growth and maintaining high profitability are the ways to increase corporate value. Makitas specific numerical target is to maintain a stable ratio of operating income to net sales on a consolidated basis of 10% or more.
3. Medium-to-Long-Term Management Strategy
Makita aims to establish high brand recognition and become a Strong Company capable of acquiring and maintaining the top market share as an international total supplier of power tools for professional use, pneumatic tools, gardening equipment and other tools in each international region. To achieve these objectives, we will put focus on maintaining and expanding our efforts to develop new products that guarantee great satisfaction to professional users, our global production structure realizing both high quality and cost competitiveness at the same time, and the best marketing and after-sale service structure of the power tools industry in Japan and in international regions.
In order to carry out this management strategy, Makita is focusing its management resources on the professional-use tool category, while maintaining its strong financial position that can withstand any unpredictable changes in the operational environment including those related to foreign exchange risk and country risk.
4. Preparing for the Future
Makita will strive to reinforce its R&D and product development activities to deliver more user-friendly and earth-conscious power tools and gardening equipment. It will also strengthen the technical development of compact engines. The global production organizations will be strengthened to respond to changes in demand conditions. Sales activities to professional users will be promoted. In addition, activities to maintain and improve our No. 1 sales and after-sales service system in the industry will be aggressively promoted. We strive to improve our corporate value.
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English Translation of KESSAN TANSHIN originally issued in Japanese |
4. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. Consolidated Balance Sheets
Yen (millions) | ||||||||||||||||
As of March 31, 2011 | As of March 31, 2012 | |||||||||||||||
Composition ratio | Composition ratio | |||||||||||||||
ASSETS |
||||||||||||||||
CURRENT ASSETS: |
||||||||||||||||
Cash and cash equivalents |
51,833 | 44,812 | ||||||||||||||
Time deposits |
15,719 | 13,504 | ||||||||||||||
Short-term investments |
33,555 | 25,125 | ||||||||||||||
Trade receivables- |
||||||||||||||||
Notes |
1,914 | 1,769 | ||||||||||||||
Accounts |
46,785 | 48,445 | ||||||||||||||
Less- Allowance for doubtful receivables |
(935 | ) | (753 | ) | ||||||||||||
Inventories |
110,595 | 129,571 | ||||||||||||||
Deferred income taxes |
6,039 | 5,898 | ||||||||||||||
Prepaid expenses and other current assets |
9,990 | 8,392 | ||||||||||||||
|
|
|
|
|||||||||||||
Total current assets |
275,495 | 74.0% | 276,763 | 72.2% | ||||||||||||
|
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|
|
|||||||||||||
PROPERTY, PLANT AND EQUIPMENT, at cost: |
||||||||||||||||
Land |
20,065 | 20,498 | ||||||||||||||
Buildings and improvements |
72,201 | 73,332 | ||||||||||||||
Machinery and equipment |
73,195 | 75,460 | ||||||||||||||
Construction in progress |
1,369 | 6,594 | ||||||||||||||
|
|
|
|
|||||||||||||
166,830 | 175,884 | |||||||||||||||
Less- Accumulated depreciation |
(94,792 | ) | (98,146 | ) | ||||||||||||
|
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|
|
|||||||||||||
Total net property, plant and equipment |
72,038 | 19.3% | 77,738 | 20.3% | ||||||||||||
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|
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INVESTMENTS AND OTHER ASSETS: |
||||||||||||||||
Investments |
17,069 | 19,154 | ||||||||||||||
Goodwill |
721 | 721 | ||||||||||||||
Other intangible assets, net |
4,595 | 4,515 | ||||||||||||||
Deferred income taxes |
1,403 | 853 | ||||||||||||||
Other assets |
1,186 | 3,512 | ||||||||||||||
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|
|
|||||||||||||
Total investments and other assets |
24,974 | 6.7% | 28,755 | 7.5% | ||||||||||||
|
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|
|
|
|
|
|
|||||||||
Total assets |
372,507 | 100.0% | 383,256 | 100.0% | ||||||||||||
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English Translation of KESSAN TANSHIN originally issued in Japanese |
Yen (millions) | ||||||||||||||||||||||||||
As of March 31, 2011 | As of March 31, 2012 | |||||||||||||||||||||||||
Composition ratio | Composition ratio | |||||||||||||||||||||||||
LIABILITIES |
||||||||||||||||||||||||||
CURRENT LIABILITIES: |
||||||||||||||||||||||||||
Short-term borrowings |
868 | 2,351 | ||||||||||||||||||||||||
Trade notes and accounts payable |
25,691 | 21,822 | ||||||||||||||||||||||||
Other payables |
4,386 | 4,313 | ||||||||||||||||||||||||
Accrued expenses |
6,125 | 6,314 | ||||||||||||||||||||||||
Accrued payroll |
7,543 | 7,803 | ||||||||||||||||||||||||
Income taxes payable |
4,317 | 5,293 | ||||||||||||||||||||||||
Deferred income taxes |
112 | 125 | ||||||||||||||||||||||||
Other liabilities |
7,183 | 5,697 | ||||||||||||||||||||||||
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|
|
|
|||||||||||||||||||||||
Total current liabilities |
56,225 | 15.1% | 53,718 | 14.0% | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
LONG-TERM LIABILITIES: |
||||||||||||||||||||||||||
Long-term indebtedness |
19 | 12 | ||||||||||||||||||||||||
Accrued retirement and termination benefits |
3,128 | 3,027 | ||||||||||||||||||||||||
Deferred income taxes |
746 | 130 | ||||||||||||||||||||||||
Other liabilities |
2,711 | 2,591 | ||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total long-term liabilities |
6,604 | 1.8% | 5,760 | 1.5% | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total liabilities |
62,829 | 16.9% | 59,478 | 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 | 316,937 | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss) |
(54,824 | ) | (59,066 | ) | ||||||||||||||||||||||
Treasury stock, at cost |
(6,453 | ) | (11,513 | ) | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total Makita Corporation shareholders equity |
307,149 | 82.5% | 321,253 | 83.8% | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
NONCONTROLLING INTEREST |
2,529 | 0.6% | 2,525 | 0.7% | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total equity |
309,678 | 83.1% | 323,778 | 84.5% | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total liabilities and equity |
372,507 | 100.0% | 383,256 | 100.0% | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
11 | |
English Translation of KESSAN TANSHIN originally issued in Japanese |
2. Consolidated Statements of Income
Yen (millions) | ||||||||||||||||
For the year ended March 31, 2011 |
For the year ended March 31, 2012 |
|||||||||||||||
Composition ratio | Composition ratio | |||||||||||||||
NET SALES |
272,630 | 100.0% | 295,711 | 100.0% | ||||||||||||
Cost of sales |
167,851 | 61.6% | 180,541 | 61.1% | ||||||||||||
|
|
|
|
|||||||||||||
GROSS PROFIT |
104,779 | 38.4% | 115,170 | 38.9% | ||||||||||||
Selling, general, administrative and others, net |
62,870 | 23.0% | 66,654 | 22.5% | ||||||||||||
|
|
|
|
|||||||||||||
OPERATING INCOME |
41,909 | 15.4% | 48,516 | 16.4% | ||||||||||||
|
|
|
|
|||||||||||||
OTHER INCOME (EXPENSES): |
||||||||||||||||
Interest and dividend income |
1,313 | 1,491 | ||||||||||||||
Interest expense |
(33 | ) | (242 | ) | ||||||||||||
Exchange gains (losses) on foreign currency transactions, net |
(591 | ) | (2,150 | ) | ||||||||||||
Realized gains (losses) on securities, net |
132 | (652 | ) | |||||||||||||
|
|
|
|
|||||||||||||
Total |
821 | 0.3% | (1,553 | ) | (0.5)% | |||||||||||
|
|
|
|
|||||||||||||
INCOME BEFORE INCOME TAXES |
42,730 | 15.7% | 46,963 | 15.9% | ||||||||||||
|
|
|
|
|||||||||||||
Provision for income taxes |
||||||||||||||||
Current |
11,094 | 14,309 | ||||||||||||||
Deferred |
1,365 | (135 | ) | |||||||||||||
|
|
|
|
|||||||||||||
Total |
12,459 | 4.6% | 14,174 | 4.8% | ||||||||||||
|
|
|
|
|||||||||||||
NET INCOME |
30,271 | 11.1% | 32,789 | 11.1% | ||||||||||||
Less: Net income attributable to the noncontrolling interest |
(366 | ) | (0.1)% | (292) | (0.1)% | |||||||||||
|
|
|
|
|||||||||||||
NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION |
29,905 | 11.0% | 32,497 | 11.0% | ||||||||||||
|
|
|
|
|||||||||||||
|
12 | |
English Translation of KESSAN TANSHIN originally issued in Japanese |
3. Consolidated Statements of changes in Equity and Comprehensive Income (Loss) |
Yen (millions) |
For the year ended March 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 controlling |
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 | (8 | ) | (8 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash dividends |
(7,163 | ) | (136 | ) | (7,299 | ) | ||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Net income |
29,905 | 366 | 30,271 | 29,905 | 366 | 30,271 | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
(11,549 | ) | (167 | ) | (11,716 | ) | (11,549 | ) | (167 | ) | (11,716 | ) | ||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on available-for- sale securities |
(838 | ) | (838 | ) | (838 | ) | (838 | ) | ||||||||||||||||||||||||||||||||||||
Pension liability adjustment |
(405 | ) | (405 | ) | (405 | ) | (405 | ) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) |
17,113 | 199 | 17,312 | |||||||||||||||||||||||||||||||||||||||||
Ending balance |
23,805 | 45,420 | 5,669 | 293,532 | (54,824 | ) | (6,453 | ) | 2,529 | 309,678 |
Yen (millions) | ||||||||||||||||||||||||||||||||||||||||||||
For the year ended March 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
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 |
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 | (5,060 | ) | (5,059 | ) | |||||||||||||||||||||||||||||||||||||||
Cash dividends |
(9,092 | ) | (150 | ) | (9,242 | ) | ||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Net income |
32,497 | 292 | 32,789 | 32,497 | 292 | 32,789 | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
(4,806 | ) | (146 | ) | (4,952 | ) | (4,806 | ) | (146 | ) | (4,952 | ) | ||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on available-for- sale securities |
487 | 487 | 487 | 487 | ||||||||||||||||||||||||||||||||||||||||
Pension liability adjustment |
77 | 77 | 77 | 77 | ||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) |
28,255 | 146 | 28,401 | |||||||||||||||||||||||||||||||||||||||||
Ending balance |
23,805 | 45,421 | 5,669 | 316,937 | (59,066 | ) | (11,513 | ) | 2,525 | 323,778 |
|
13 | |
English Translation of KESSAN TANSHIN originally issued in Japanese |
4. Condensed Consolidated Statements of Cash Flows
Yen (millions) | ||||||||||
For the year ended
March 31, 2011 |
For the year ended
March 31, 2012 |
|||||||||
Net cash provided by operating activities |
19,617 | 8,622 | ||||||||
Net cash used in investing activities |
(19,334 | ) | (4,500 | ) | ||||||
Net cash used in financing activities |
(7,355 | ) | (12,707 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents |
(3,385 | ) | 1,564 | |||||||
|
|
|
|
|||||||
Net change in cash and cash equivalents |
(10,457 | ) | (7,021 | ) | ||||||
Cash and cash equivalents, beginning of year |
62,290 | 51,833 | ||||||||
|
|
|
|
|||||||
Cash and cash equivalents, end of year |
51,833 | 44,812 | ||||||||
|
|
|
|
|||||||
5. Notes on the assumptions for a going concern: None
6. Significant Accounting Policies
(1) | Scope of consolidation and equity method |
Number of consolidated subsidiaries: 50
Major subsidiaries are as follows;
Makita U.S.A. Inc., Makita (U.K.) Ltd., Makita France SAS, Makita Werkzeug GmbH (Germany),
Makita Oy (Finland), Makita Gulf FZE (UAE), Makita (China) Co., Ltd., Makita (Kunshan) Co., Ltd.,
Makita (Australia) Pty. Ltd. Makita do Brasil Ferramentas Eletricas Ltda.
(2) | Significant Accounting Policies (Summary) |
Consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America.
1. Short-term investments and Investments
Makita classifies investments in debt and marketable equity securities as available-for-sale or held-to-maturity securities. Makita does not hold any marketable or investment securities that are bought and held primarily for the purpose of sale in the near term.
2. Inventories
Inventory costs include raw materials, labor and manufacturing overheads. Inventories are valued at the lower of cost or market price, with cost determined principally based on the average cost method.
3. Property, Plant and Equipment and Depreciation
Property, plant and equipment is stated at cost. For the Company, depreciation is computed principally by using the declining-balance method over the estimated useful lives. Most of the subsidiaries have adopted the straight-line method for computing depreciation.
4. Income Taxes
Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in income in the period that includes the enactment date.
5. Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
6. Revenue Recognition
Makita recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services are rendered, the sales price is fixed or determinable and collectibility is reasonably assured.
|
14 | |
English Translation of KESSAN TANSHIN originally issued in Japanese |
7. Notes to Consolidated Financial Statements (Unaudited)
Condensed Operating segment information
Yen (millions) | ||||||||||||||||||||||||||||||||
For the year ended March 31, 2011 | ||||||||||||||||||||||||||||||||
Japan | Europe | North America |
Asia | Other | Total | Elimi- nations |
Consoli- dated |
|||||||||||||||||||||||||
Sales: |
||||||||||||||||||||||||||||||||
(1) External customers |
62,194 | 115,554 | 37,573 | 12,365 | 44,944 | 272,630 | | 272,630 | ||||||||||||||||||||||||
(2) Inter-segment |
51,230 | 3,171 | 2,979 | 101,216 | 116 | 158,712 | (158,712 | ) | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
113,424 | 118,725 | 40,552 | 113,581 | 45,060 | 431,342 | (158,712 | ) | 272,630 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating expenses |
102,905 | 105,361 | 38,698 | 100,575 | 38,646 | 386,185 | (155,464 | ) | 230,721 | |||||||||||||||||||||||
Operating income (loss) |
10,519 | 13,364 | 1,854 | 13,006 | 6,414 | 45,157 | (3,248 | ) | 41,909 |
Yen (millions) | ||||||||||||||||||||||||||||||||
For the year ended March 31, 2012 | ||||||||||||||||||||||||||||||||
Japan | Europe | North America |
Asia | Other | Total | Elimi- nations |
Consoli- dated |
|||||||||||||||||||||||||
Sales: |
||||||||||||||||||||||||||||||||
(1) External customers |
71,499 | 123,537 | 38,073 | 12,887 | 49,715 | 295,711 | | 295,711 | ||||||||||||||||||||||||
(2) Inter-segment |
54,183 | 4,094 | 3,145 | 108,288 | 351 | 170,061 | (170,061 | ) | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
125,682 | 127,631 | 41,218 | 121,175 | 50,066 | 465,772 | (170,061 | ) | 295,711 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating expenses |
110,086 | 113,726 | 38,921 | 110,396 | 43,614 | 416,743 | (169,548 | ) | 247,195 | |||||||||||||||||||||||
Operating income (loss) |
15,596 | 13,905 | 2,297 | 10,779 | 6,452 | 49,029 | (513 | ) | 48,516 |
Net sales by product categories
Yen (millions) | Increase (Decrease) |
|||||||||||||||||||
For the year ended March 31, 2011 |
For the year ended March 31, 2012 |
|||||||||||||||||||
Composition ratio | Composition ratio | (%) | ||||||||||||||||||
Finished goods |
233,097 | 85.5 | 253,101 | 85.6 | 8.6 | |||||||||||||||
Parts, repairs and accessories |
39,533 | 14.5 | 42,610 | 14.4 | 7.8 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Total net sales |
272,630 | 100.0 | 295,711 | 100.0 | 8.5 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||||
|
15 | |
English Translation of KESSAN TANSHIN originally issued in Japanese |
Information per share
Yen | ||||
As of March 31, 2011 |
As of March 31, 2012 | |||
Total Makita Corporation Shareholders equity per share |
2,229.63 | 2,366.50 | ||
Yen | ||||
For the year ended
March 31, 2011 |
For the year ended
March 31, 2012 | |||
Earning per share (Basic) |
||||
Net income attributable to Makita Corporation common shareholders |
217.08 | 236.78 |
Note: | Net income per share is calculated on the basis of the average number of shares outstanding during the year. |
Average number of shares outstanding is as follows:
For the year ended March 31, 2012: 137,244,683
For the year ended March 31, 2011: 137,759,272
|
16 | |
English Translation of KESSAN TANSHIN originally issued in Japanese |
Short-term investments and Investments
As of March 31, 2011 |
Yen (millions) | |||||||||||||||||||||||
Cost | Gross unrealized holding gains |
Gross unrealized holding losses |
Fair value |
Carrying amount |
||||||||||||||||||||
Short-term investments: |
Available-for-sale securities: |
Corporate debt securities | 588 | 3 | | 591 | 591 | |||||||||||||||||
Investments in trusts |
4,990 | 260 | 55 | 5,195 | 5,195 | |||||||||||||||||||
MMF and FFF | 26,720 | | | 26,720 | 26,720 | |||||||||||||||||||
Marketable equity securities |
671 | 277 | | 948 | 948 | |||||||||||||||||||
Total | 32,969 | 540 | 55 | 33,454 | 33,454 | |||||||||||||||||||
Held-to-maturity securities: |
Corporate debt securities | 101 | | | 101 | 101 | ||||||||||||||||||
Total |
101 | | | 101 | 101 | |||||||||||||||||||
Total | 33,070 | 540 | 55 | 33,555 | 33,555 | |||||||||||||||||||
Investments: |
Available-for-sale securities: |
Marketable equity securities | 7,486 | 4,552 | 238 | 11,800 | 11,800 | |||||||||||||||||
Total | 7,486 | 4,552 | 238 | 11,800 | 11,800 | |||||||||||||||||||
Held-to-maturity securities: |
Corporate debt securities | 3,964 | 1 | 43 | 3,922 | 3,964 | ||||||||||||||||||
Government debt securities | 200 | 1 | | 201 | 200 | |||||||||||||||||||
Public debt securities (except Government debt securities) | 706 | 1 | | 707 | 706 | |||||||||||||||||||
Total | 4,870 | 3 | 43 | 4,830 | 4,870 | |||||||||||||||||||
Total | 12,356 | 4,555 | 281 | 16,630 | 16,670 | |||||||||||||||||||
In addition to the above investments, Makita holds 399 million yen of non-marketable equity securities (carried at cost). | ||||||||||||||||||||||||
As of March 31, 2012 |
Yen (millions) | |||||||||||||||||||||||
Cost | Gross unrealized holding gains |
Gross unrealized holding losses |
Fair value |
Carrying amount |
||||||||||||||||||||
Short-term investments: | Available-for-sales securities: |
Corporate debt securities | 589 | 2 | | 591 | 591 | |||||||||||||||||
Investments in trusts |
6,074 | 451 | 13 | 6,512 | 6,512 | |||||||||||||||||||
MMF and FFF | 13,336 | | | 13,336 | 13,336 | |||||||||||||||||||
Marketable equity securities |
606 | 262 | | 868 | 868 | |||||||||||||||||||
Total | 20,605 | 715 | 13 | 21,307 | 21,307 | |||||||||||||||||||
Held-to-maturity securities: |
Corporate debt securities | 3,517 | 1 | 3 | 3,515 | 3,517 | ||||||||||||||||||
Public debt securities (except Government debt securities) | 301 | | 1 | 300 | 301 | |||||||||||||||||||
Total |
3,818 | 1 | 4 | 3,815 | 3,818 | |||||||||||||||||||
Total |
24,423 | 716 | 17 | 25,122 | 25,125 | |||||||||||||||||||
Investments: |
Available-for-sales securities: |
Marketable equity securities | 7,173 | 4,704 | | 11,877 | 11,877 | |||||||||||||||||
Total |
7,173 | 4,704 | | 11,877 | 11,877 | |||||||||||||||||||
Held-to-maturity securities: |
Corporate debt securities | 6,086 | 10 | 18 | 6,078 | 6,086 | ||||||||||||||||||
Government debt securities | 200 | 1 | | 201 | 200 | |||||||||||||||||||
Public debt securities (except Government debt securities) | 604 | 4 | | 608 | 604 | |||||||||||||||||||
Total | 6,890 | 15 | 18 | 6,887 | 6,890 | |||||||||||||||||||
Total |
14,063 | 4,719 | 18 | 18,764 | 18,767 |
In addition to the above investments, Makita holds 387 million yen of non-marketable equity securities (carried at cost).
Significant Subsequent Events : None
|
17 | |
English Translation of KESSAN TANSHIN originally issued in Japanese |
SUPPORT DOCUMENTATION (CONSOLIDATED)
1. Consolidated Financial Results and Forecast
Yen (millions) | ||||||||||||||||||||||||
For the year ended March 31, 2010 |
For the year ended March 31, 2011 |
For the year ended March 31, 2012 |
||||||||||||||||||||||
(%) | (%) | (%) | ||||||||||||||||||||||
Net sales |
245,823 | (16.4 | ) | 272,630 | 10.9 | 295,711 | 8.5 | |||||||||||||||||
Domestic |
42,697 | (7.6 | ) | 46,065 | 7.9 | 53,175 | 15.4 | |||||||||||||||||
Overseas |
203,126 | (18.0 | ) | 226,565 | 11.5 | 242,536 | 7.0 | |||||||||||||||||
Operating income |
30,390 | (39.3 | ) | 41,909 | 37.9 | 48,516 | 15.8 | |||||||||||||||||
Income before income taxes |
33,518 | (24.6 | ) | 42,730 | 27.5 | 46,963 | 9.9 | |||||||||||||||||
Net income attributable to Makita Corporation |
22,258 | (33.1 | ) | 29,905 | 34.4 | 32,497 | 8.7 | |||||||||||||||||
Earning per share (Basic) Net income attributable to Makita Corporation |
161.57 | 217.08 | 236.78 | |||||||||||||||||||||
Cash dividend per share (Yen) |
52.00 | 66.00 | 72.00 | |||||||||||||||||||||
Dividend payout ratio (%) |
32.2 | 30.4 | 30.4 | |||||||||||||||||||||
Employees |
10,328 | 12,054 | 12,563 | |||||||||||||||||||||
Yen (millions) | ||||||||||||||||||||||||
For the six months ending September 30, 2012 (Forecast) |
For the year ending March 31, 2013 (Forecast) |
|||||||||||||||||||||||
(%) | (%) | |||||||||||||||||||||||
Net sales |
|
150,500 | (1.7 | ) | 301,500 | 2.0 | ||||||||||||||||||
Domestic |
|
26,300 | 4.1 | 54,500 | 2.5 | |||||||||||||||||||
Overseas |
|
124,200 | (2.8 | ) | 247,000 | 1.8 | ||||||||||||||||||
Operating income |
|
22,600 | (16.2 | ) | 44,000 | (9.3 | ) | |||||||||||||||||
Income before income taxes |
|
22,700 | (7.4 | ) | 44,200 | (5.9 | ) | |||||||||||||||||
Net income attributable to Makita Corporation |
|
15,400 | (10.0 | ) | 30,000 | (7.7 | ) | |||||||||||||||||
Earning per share (Basic) |
|
|||||||||||||||||||||||
Net income attributable to Makita Corporation common shareholders (Yen) |
|
113.44 | 220.99 | |||||||||||||||||||||
Cash dividend per share (Yen) |
|
15.00 | (Note 2) |
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 previous year. |
2. | Regarding our forecast for dividends, refer to page 7. |
|
18 | |
English Translation of KESSAN TANSHIN originally issued in Japanese |
2. Consolidated Net Sales by Geographic Area
Yen (millions) | ||||||||||||||||||||||||
For the year ended March 31, 2010 |
For the year ended March 31, 2011 |
For the year ended March 31, 2012 |
||||||||||||||||||||||
(%) | (%) | (%) | ||||||||||||||||||||||
Japan |
42,697 | (7.6 | ) | 46,065 | 7.9 | 53,175 | 15.4 | |||||||||||||||||
Europe |
109,106 | (20.4 | ) | 115,977 | 6.3 | 123,251 | 6.3 | |||||||||||||||||
North America |
34,509 | (18.4 | ) | 37,111 | 7.5 | 37,475 | 1.0 | |||||||||||||||||
Asia |
18,373 | (16.5 | ) | 23,073 | 25.6 | 26,013 | 12.7 | |||||||||||||||||
Other regions |
41,138 | (11.4 | ) | 50,404 | 22.5 | 55,797 | 10.7 | |||||||||||||||||
Central and South America |
15,228 | (9.0 | ) | 20,295 | 33.3 | 23,370 | 15.2 | |||||||||||||||||
Oceania |
13,116 | (0.7 | ) | 15,383 | 17.3 | 17,780 | 15.6 | |||||||||||||||||
The Middle East and Africa |
12,794 | (22.3 | ) | 14,726 | 15.1 | 14,647 | (0.5 | ) | ||||||||||||||||
Total |
245,823 | (16.4 | ) | 272,630 | 10.9 | 295,711 | 8.5 |
Note: | The table above sets forth Makitas consolidated net sales by geographic area based on the customers location for the years presented. Accordingly, it differs from operating segment information on page 15. 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 year ended March 31, 2010 |
For the year ended March 31, 2011 |
For the year ended March 31, 2012 |
For the year ending March 31, 2013 (Forecast) | |||||
Yen/U.S. Dollar |
92.89 | 85.73 | 79.06 | 81 | ||||
Yen/Euro |
131.18 | 113.12 | 109.00 | 107 |
4. Production Ratio (unit basis)
For the year ended March 31, 2010 |
For the year ended March 31, 2011 |
For the year ended March 31, 2012 | ||||
Domestic |
16.8% | 14.5% | 12.2% | |||
Overseas |
83.2% | 85.5% | 87.8% |
5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost
Yen (millions) | ||||||||
For the year ended March 31, 2010 |
For the year ended March 31, 2011 |
For the year ended March 31, 2012 |
For the year ending March 31, 2013 (Forecast) | |||||
Capital expenditures |
10,837 | 9,742 | 13,481 | 14,000 | ||||
Depreciation and amortization |
8,308 | 7,557 | 7,237 | 7,800 | ||||
R&D cost |
6,782 | 7,283 | 7,603 | 8,500 |
|
19 | |
English Translation of KESSAN TANSHIN originally issued in Japanese |