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 November, 2011
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: November 28, 2011
Makita Corporation
The 100th Interim Business Report
Ended September 30, 2011
(U.S. GAAP Financial Information)
(English translation of CHUKAN-KI JIGYOU NO GOHOUKOKU
interim business report originally issued in Japanese
for the benefit and information of shareholders
of the Companys common stock)
Message from the Managements
We are pleased to present the outline of operation and financial results for Makitas 100th interim period, ended September 30, 2011.
¢Consolidated Operating Result as Interim Period
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 Makitas 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.
¢For the interim period, both sales and profit have increased for two consecutive terms
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%).
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English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
¢Outlook for the year ending March 31, 2012 and Issue to be Addressed
As for the future prospects, the recovery of demands among the developed countries is expected to remain modest, considering the feelings of uncertainties towards the future of the world economy. In the emerging nations, which have been continuing to make rapid growth, slowdown in the economic environment is expected due to the financial crunch, and furthermore, financial instability in the Euro area as well as the trends of the exchange rates make the situation unpredictable; for the foreseeable future, the business environment for Makita is expected to remain severe.
Under these circumstances, 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 strive to reinforce its R&D and product development activities to deliver more user-friendly, earth-conscious power tools and gardening equipment. We will also strengthen the technical development of compact engines. The global production organizations will be strengthened to respond to changes in demand conditions. In addition, we will put focus on maintaining and strengthening a sales and after-sales service structure that leads the industry both in the domestic and overseas markets.
¢The Interim Cash Dividends of 15 Yen Per Share
Makitas basic policy on the distribution of profits is to maintain a dividend payout ratio of at least 30%, with a lower limit on annual cash dividends of 18 yen per share.
For the interim period under review, Makita declared to pay a dividend of 15 yen per share, as announced in April 2011.
Based on its dividend policy, Makitas board of directors will decide on proposals for the dividend for the end of the fiscal year at their meeting to approve the financial statements after they are finalized near the end of April 2012. Their proposals will be presented for discussion and final approval at the Ordinary General Meeting of Shareholders.
We look forward to the continuing support and cooperation of our shareholders.
November 2011
Masahiko Goto
President, Representative Director &
Chief Executive Officer
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English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
Feature Section
¢Makita Nederland: held seminar on dust regulations
On May 26 in Harderwijk, located east of Amsterdam, Netherlands, lecturers were invited from the Labor Inspection Office and Toegepast Natuurwetenschappelijk Onderzoek (TNO: Netherlands Organization for Applied Scientific Research) for the seminar on dust regulations, hosted by the Netherlands sales subsidiary (Makita Nederland). The seminar was participated by many distributors and end-users.
In the recent years, awareness towards labor environment has been rising in the Netherlands and the entire Europe, resulting in increased stringency in dust regulations at construction sites. Since 2010, Makita Nederland has prepared a wide array of TNO-approved power tools with dust aspirators that meet the standards of dust regulations, which are sold coupled with dust collectors. Our products are highly capable in collecting dust while the filters require infrequent cleaning, which are features enjoyed by our customers.
This seminar provided the opportunity for the participants to understand our efforts towards dust regulations and to rediscover the benefits of our TNO-approved products.
¢OPE R&D Center opened in Nisshin City, Aichi Prefecture
On October 1, the OPE R&D Center opened within the Nisshin Office, equipped with an environment for operational suitability testing.
The mainstream in the field of Outdoor Power Equipment (OPE, including equipment for agriculture, forestry, etc.) is equipment with engines, and in order to protect the environment, technological improvements to realize low emission, low noise, better fuel efficiency, etc. are priorities. With the opening of this Center, Makita will reinforce the development system for the products with a small-sized 4-stroke engine and the products with a small-sized 2-stroke engine to comply with the restrictions on exhaust gases, and expand the line-up of engine-loaded outdoor power equipment in addition to electric power tools (including rechargeable tools).
¢North Branch of Makita Vietnam opened
On April 1, the North Branch of the Vietnam sales subsidiary (Makita Vietnam) opened in the Bac Ninh Province, located close to Hanoi, the capital of Vietnam. Makita Vietnam was established in April 2010 near Ho Chi Minh City, the central city in the southern part of Vietnam. With the addition of this new branch, further enhanced marketing and improved speed and streamlining of logistics and post-sale services to the northern areas will be possible, allowing uniform business activities in this country with a narrow yet vertically long geography.
Within the branch are warehouses with ample storage space, a demo room, etc., and seminars for distributors are also held here.
We hope to continue community-based services and marketing, and aim to establish our status of No. 1 in services in the industry.
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English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
Introduction of our Global Network
¢Company Overview
Company name: Makita U.S.A. Inc.
Description of business: sales and after-sales service of electric power tools
Establishment: July 1970
Headquarters location: Los Angeles, California, USA
Branches: Chicago (Illinois), Atlanta (Georgia)
Factory Service Centers: 12 locations
¢Current U.S. Power Tool Market
The U.S. market continues to be influenced by the popularity of Do-It-Yourself which is being driven, in part, by the convenience of Home Centers. Professionals also utilize the convenience of Home Centers to purchase both building materials and power tools, making Home Centers an increasingly important sales channel. The digital world is beginning to influence the Power Tool market as users increasingly go online for pre-sales and post-sales information. Rechargeable products led by Lithium-Ion continue to gain in popularity and market share, increasing share from approximately one-third of the U.S. market in 2004 to about one-half in recent years.
¢Increase Market Share with Innovative Technology and Enhanced Marketing
In 2005 Makita created the 18 volt lithium-ion category with the LXT Series. Today, Makita is fortifying its leadership position in cordless with more tools and more innovative technology. In 2008 we launched a partnership with The Home Depot, the nations top home improvement retailer with approximately 2,000 stores across the US, and through this agreement we have been able to increase our product selection for the professional user. We have also increased our brand recognition among distributors and end-users through exclusive sponsorships including Major League Soccer (MLS) and various motor sports initiatives. These activities resulted in a 13% increase y/y in sales for the March 2011 term, and for this interim period, we saw a 26% increase y/y.
¢Strengthen Customer Service and Support
Factors such as the slump in the housing market and strong competition from rival manufacturers have resulted in an increasingly harsh business environment in the U.S. Despite these challenging conditions we are strengthening our relationship with distributors through joint promotional efforts, while actively focusing on implementation of service and sales support programs using IT. We will continue to provide high-quality products and exceptional service in order to further increase the satisfaction of our distributor partners and professional users, and to expand our market share.
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English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
Consolidated Financial Highlights
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 |
Rate of change (%) |
For the year ended March 31, 2011 |
||||||||||||||||
Net Sales | 118,681 | 133,807 | 153,036 | 14.4 | 272,630 | |||||||||||||||
Operating Income | 14,866 | 21,843 | 26,953 | 23.4 | 41,909 | |||||||||||||||
Ratio of Operating Income to Net Sales (%) | 12.5% | 16.3% | 17.6% | | 15.4% | |||||||||||||||
Income before Income Taxes | 17,271 | 21,751 | 24,514 | 12.7 | 42,730 | |||||||||||||||
Net Income Attributable to Makita Corporation | 10,622 | 15,122 | 17,104 | 13.1 | 29,905 | |||||||||||||||
Ratio of Net Income Attributable to Makita Corporation to Net Sales (%) | 9.0% | 11.3% | 11.2% | | 11.0% | |||||||||||||||
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As of September 30, 2009 |
As of September 30, 2010 |
As of September 30, 2011 |
Rate of change (%) |
As of March 31, 2011 |
||||||||||||||||
Total Makita Corporation Shareholders Equity | 285,830 | 290,719 | 298,684 | 2.7 | 307,149 | |||||||||||||||
Total Assets | 335,361 | 348,411 | 359,691 | 3.2 | 372,507 | |||||||||||||||
Ratio of Total Makita Corporation Shareholders Equity to Total Assets (%) | 85.2% | 83.4% | 83.0% | | 82.5% | |||||||||||||||
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For the six months ended September 30, 2009 |
For the six months ended September 30, 2010 |
For the
six months ended September 30, 2011 |
Rate of change (%) |
For the year ended March 31, 2011 |
||||||||||||||||
Capital Expenditures | 6,702 | 4,855 | 5,820 | 19.9 | 9,742 | |||||||||||||||
Depreciation and Amortization | 4,071 | 3,636 | 3,474 | (4.5) | 7,557 | |||||||||||||||
Research and Development Cost | 3,324 | 3,549 | 3,978 | 12.1 | 7,283 | |||||||||||||||
Number of Employees | 10,131 | 11,368 | 12,177 | 7.1 | 12,054 | |||||||||||||||
Average Number of Shares Outstanding | 137,762,814 | 137,759,993 | 137,755,000 | | 137,759,272 | |||||||||||||||
Earning Per Share (Basic) Net Income Attributable to Makita Corporation Common Shareholders (Yen) |
77.1 | 109.8 | 124.2 | 13.1 | 217.1 | |||||||||||||||
Cash Dividends Per Share (Yen) | 15.0 | 15.0 | 15.0 | | 66.0 | |||||||||||||||
Notes: In principle, amounts of less than 1 million yen have been rounded.
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English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
Consolidated Net Sales by Region
Yen (billions) | ||||||||||||||||||||||
For the six months ended | ||||||||||||||||||||||
September 30, 2009 |
March 31, 2010 |
September 30, 2010 |
March 31, 2011 |
September 30, 2011 |
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Japan |
20.8 | 21.9 | 22.2 | 23.9 | 25.3 | |||||||||||||||||
Europe |
51.7 | 57.5 | 57.0 | 58.9 | 64.6 | |||||||||||||||||
North America |
17.8 | 16.7 | 18.5 | 18.6 | 19.8 | |||||||||||||||||
Asia |
8.6 | 9.7 | 11.4 | 11.7 | 14.1 | |||||||||||||||||
Other Regions |
19.8 | 21.3 | 24.7 | 25.7 | 29.2 | |||||||||||||||||
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Total |
118.7 | 127.1 | 133.8 | 138.8 | 153.0 | |||||||||||||||||
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Note: The table above sets forth Makitas consolidated net sales by region based on customer location for the periods presented. | ||||||||||||||||||||||
Profit Ratio
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% | ||||||||||||||||||||||
For the six months ended | ||||||||||||||||||||||
September 30, 2009 |
March 31, 2010 |
September 30, 2010 |
March 31, 2011 |
September 30, 2011 |
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Ratio of Operating Income to Net Sales | 12.5 | 12.2 | 16.3 | 14.5 | 17.6 | |||||||||||||||||
Ratio of Net Income Attributable to Makita Corporation to Net Sales | 9.0 | 9.2 | 11.3 | 10.6 | 11.2 | |||||||||||||||||
Production by Region
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Million units | ||||||||||||||||||||||
For the six months ended | ||||||||||||||||||||||
September 30, 2009 |
March 31, 2010 |
September 30, 2010 |
March 31, 2011 |
September 30, 2011 |
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Japan |
1.09 | 1.25 | 1.60 | 1.76 | 1.79 | |||||||||||||||||
Europe |
0.52 | 0.73 | 1.22 | 1.83 | 2.07 | |||||||||||||||||
North America |
0.29 | 0.40 | 0.56 | 0.64 | 0.70 | |||||||||||||||||
China |
3.80 | 5.49 | 6.77 | 8.18 | 9.32 | |||||||||||||||||
Central and South America |
0.23 | 0.15 | 0.29 | 0.32 | 0.38 | |||||||||||||||||
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Total |
5.93 | 8.02 | 10.44 | 12.73 | 14.26 | |||||||||||||||||
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English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
Total Makita Corporation Shareholders Equity per Share
Yen | ||||||||||||||||||||
As of | ||||||||||||||||||||
September 30, 2009 |
March 31, 2010 |
September 30, 2010 |
March 31, 2011 |
September 30, 2011 |
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Total Makita Corporation Shareholders Equity per Share | 2,075 | 2,157 | 2,110 | 2,230 | 2,168 | |||||||||||||||
Earning Per Share (Basic) Net Income Attributable to
Makita Corporation Common Shareholders
Yen | ||||||||||||||||||||
For the year ended March 31, 2008 |
For the year ended March 31, 2009 |
For the year ended March 31, 2010 |
For the year ended March 31, 2011 |
For the year ending March 31, 2012 |
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Earning Per Share (Basic) Net Income Attributable to Makita Corporation Common Shareholders for the Interim Period | 164.2 | 175.6 | 77.1 | 109.8 | 124.2 | |||||||||||||||
Earning Per Share (Basic) Net Income Attributable to Makita Corporation Common Shareholders for the Year | 320.3 | 236.9 | 161.6 | 217.1 | | |||||||||||||||
Cash Dividend per Share
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Yen | ||||||||||||||||||||
For the year ended March 31, 2008 |
For the year ended March 31, 2009 |
For the year ended March 31, 2010 |
For the year ended March 31, 2011 |
For the year ending March 31, 2012 |
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Cash Dividend per Share for the Interim Period | 30 | 30 | 15 | 15 | 15 | |||||||||||||||
Cash Dividend per Share for the Year | 97 | 80 | 52 | 66 | Undecided | |||||||||||||||
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English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
Condensed Consolidated Balance Sheets
Yen (millions) | ||||||||||||
As of March 31, 2011 |
As of September 30, 2011 |
Increase (Decrease) |
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ASSETS |
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CURRENT ASSETS: |
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Cash and Cash Equivalents |
51,833 | 48,644 | (3,189) | |||||||||
Time Deposits |
15,719 | 6,872 | (8,847) | |||||||||
Short-term investments |
33,555 | 29,701 | (3,854) | |||||||||
Notes Receivable in Trade |
1,914 | 1,609 | (305) | |||||||||
Accounts Receivable in Trade |
46,785 | 45,894 | (891) | |||||||||
Less-Allowance for Doubtful Receivables |
(935) | (829) | 106 | |||||||||
Inventories |
110,595 | 114,622 | 4,027 | |||||||||
Deferred Income Taxes |
6,039 | 6,045 | 6 | |||||||||
Prepaid Expenses and Other Current Assets |
9,990 | 9,908 | (82) | |||||||||
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Total Current Assets |
275,495 | 262,466 | (13,029) | |||||||||
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PROPERTY, PLANT AND EQUIPMENT: |
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Land |
20,065 | 19,748 | (317) | |||||||||
Buildings and Improvements |
72,201 | 70,710 | (1,491) | |||||||||
Machinery and Equipment |
73,195 | 72,056 | (1,139) | |||||||||
Construction in Progress |
1,369 | 2,963 | 1,594 | |||||||||
Less-Accumulated Depreciation |
(94,792) | (94,039) | 753 | |||||||||
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Total Net Property, Plant and Equipment |
72,038 | 71,438 | (600) | |||||||||
INVESTMENTS AND OTHER ASSETS: |
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Investments |
17,069 | 17,185 | 116 | |||||||||
Deferred Income Taxes |
1,403 | 1,689 | 286 | |||||||||
Other Assets |
6,502 | 6,913 | 411 | |||||||||
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Total Investments and Other Assets |
24,974 | 25,787 | 813 | |||||||||
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TOTAL ASSETS |
372,507 | 359,691 | (12,816) | |||||||||
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English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
Condensed Consolidated Balance Sheets
Yen (millions) | ||||||||||||
As of March 31, 2011 |
As of September 30, 2011 |
Increase (Decrease) |
||||||||||
LIABILITIES |
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CURRENT LIABILITIES: |
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Short-term Borrowings |
868 | 2,558 | 1,690 | |||||||||
Trade Notes and Accounts Payable |
25,691 | 20,890 | (4,801) | |||||||||
Accrued Payroll |
7,543 | 7,472 | (71) | |||||||||
Accrued Expenses and Others |
17,694 | 16,955 | (739) | |||||||||
Income Taxes Payable |
4,317 | 4,643 | 326 | |||||||||
Deferred Income Taxes |
112 | 129 | 17 | |||||||||
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Total Current Liabilities |
56,225 | 52,647 | (3,578) | |||||||||
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LONG-TERM LIABILITIES: |
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Long-term Indebtedness |
19 | 15 | (4) | |||||||||
Accrued Retirement and Termination Benefits |
3,128 | 2,819 | (309) | |||||||||
Deferred Income Taxes |
746 | 710 | (36) | |||||||||
Other Liabilities |
2,711 | 2,576 | (135) | |||||||||
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Total Long-term Liabilities |
6,604 | 6,120 | (484) | |||||||||
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Total Liabilities |
62,829 | 58,767 | (4,062) | |||||||||
EQUITY |
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MAKITA CORPORATION SHAREHOLDERS EQUITY: |
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Common Stock |
23,805 | 23,805 | | |||||||||
Additional Paid-in Capital |
45,420 | 45,421 | 1 | |||||||||
Legal Reserve and Retained Earnings |
299,201 | 309,280 | 10,079 | |||||||||
Accumulated Other Comprehensive Income (Loss) |
(54,824) | (73,345) | (18,521) | |||||||||
Treasury Stock, at cost |
(6,453) | (6,477) | (24) | |||||||||
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Total Makita Corporation Shareholders Equity |
307,149 | 298,684 | (8,465) | |||||||||
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NONCONTROLLING INTEREST |
2,529 | 2,240 | (289) | |||||||||
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Total Equity |
309,678 | 300,924 | (8,754) | |||||||||
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TOTAL LIABILITIES AND EQUITY |
372,507 | 359,691 | (12,816) | |||||||||
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English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
Consolidated Statements of Income
Yen (millions) | ||||||||||||||||
For the
six months ended September 30, 2010 |
For the
six months ended September 30, 2011 |
Increase (Decrease) |
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(Amount) | (%) | |||||||||||||||
NET SALES | 133,807 | 153,036 | 19,229 | 14.4 | ||||||||||||
Cost of Sales |
81,270 | 92,701 | 11,431 | 14.1 | ||||||||||||
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GROSS PROFIT | 52,537 | 60,335 | 7,798 | 14.8 | ||||||||||||
Selling, General, Administrative and other Expenses |
30,694 | 33,382 | 2,688 | 8.8 | ||||||||||||
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OPERATING INCOME | 21,843 | 26,953 | 5,110 | 23.4 | ||||||||||||
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OTHER INCOME (EXPENSES): | ||||||||||||||||
Interest and Dividend Income |
633 | 723 | 90 | 14.2 | ||||||||||||
Interest Expense |
(18) | (95) | (77) | | ||||||||||||
Exchange Gains (Losses) on Foreign Currency Transactions, net |
(811) | (2,465) | (1,654) | | ||||||||||||
Realized Gains (Losses) on Securities, net |
104 | (602) | (706) | | ||||||||||||
Total |
(92) | (2,439) | (2,347) | | ||||||||||||
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INCOME BEFORE INCOME TAXES | 21,751 | 24,514 | 2,763 | 12.7 | ||||||||||||
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PROVISION FOR INCOME TAXES | ||||||||||||||||
Current |
5,452 | 7,459 | 2,007 | 36.8 | ||||||||||||
Deferred |
981 | (189) | (1,170) | | ||||||||||||
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Total |
6,433 | 7,270 | 837 | 13.0 | ||||||||||||
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NET INCOME | 15,318 | 17,244 | 1,926 | 12.6 | ||||||||||||
Less: Net Income Attributable to the Noncontrolling Interest |
(196) | (140) | 56 | | ||||||||||||
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NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION |
15,122 | 17,104 | 1,982 | 13.1 | ||||||||||||
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|
10 | |
English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
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) | ||||||
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Net Cash Provided by (Used in) Investing Activities |
(10,186) | 4,473 | ||||||
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Net Cash Used in Financing Activities |
(5,338) | (5,131) | ||||||
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Effect of Exchange Rate Changes on Cash and Cash Equivalents |
(3,385) | (839) | ||||||
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Net Change in Cash and Cash Equivalents |
(4,624) | (3,189) | ||||||
Cash and Cash Equivalents, Beginning of Period |
62,290 | 51,833 | ||||||
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Cash and Cash Equivalents, End of Period |
57,666 | 48,644 | ||||||
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Condensed Operating Segment Information
For the six months ended September 30, 2010
Yen (millions) | ||||||||||||||||||||||||||||||||
Japan | Europe | North America |
Asia | Other | Total | 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) | | ||||||||||||||||||||||||
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Total |
52,923 | 58,215 | 19,930 | 52,355 | 22,165 | 205,588 | (71,781) | 133,807 | ||||||||||||||||||||||||
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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 | ||||||||||||||||||||||||
For the six months ended September 30, 2011 | ||||||||||||||||||||||||||||||||
Yen (millions) | ||||||||||||||||||||||||||||||||
Japan | Europe | North America |
Asia | Other | Total | 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) | | ||||||||||||||||||||||||
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Total |
63,292 | 66,238 | 21,971 | 66,035 | 26,625 | 244,161 | (91,125) | 153,036 | ||||||||||||||||||||||||
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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 | ||||||||||||||||||||||||
Note: Segment information is determined by the location of the Company and its consolidated subsidiaries.
|
11 | |
English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
Condition of Shareholders and Shares
(As of September 30, 2011)
Total Number of Shares Authorized |
496,000,000 shares | |
Total Number of Shares Outstanding |
140,008,760 shares (including 2,257,392 shares of treasury stock) | |
Number of Shareholders |
14,861 (1,028 increase compared with as of March 31, 2011) | |
10 Largest Shareholders |
Number of Shares Held (thousand) |
||||||||
Name of Shareholder |
|
% | ||||||
The Master Trust Bank of Japan, Ltd. (Trust account) |
8,759 | 6.26 | ||||||
Japan Trustee Services Bank, Ltd. (Trust account) |
7,120 | 5.08 | ||||||
The Bank of Tokyo-Mitsubishi UFJ, Ltd. |
4,213 | 3.01 | ||||||
Maruwa Co., Ltd |
4,069 | 2.91 | ||||||
Makita Cooperation Companies Investment Association |
4,021 | 2.87 | ||||||
Nippon Life Insurance Company |
4,013 | 2.87 | ||||||
The Bank of New York Mellon as Depositary Bank for DR Holders |
3,633 | 2.59 | ||||||
JP Morgan Chase Bank 380055 |
3,052 | 2.18 | ||||||
Sumitomo Mitsui Banking Corporation |
2,900 | 2.07 | ||||||
National Mutual Insurance Federation of Agricultural Cooperatives |
2,364 | 1.69 | ||||||
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Total |
44,144 | 31.53 | ||||||
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Note |
1. | Shares holding ratios above are calculated based on the total number of issued shares (including treasury stock) as of September 30, 2011. | ||
2. | The Bank of New York Mellon as Depositary Bank for DR Holders is the nominal holder of the shares of The Bank of New York Mellon, the trustee bank for the Companys American Depositary Shares. |
Distribution of Share-ownership
Class of Shareholder |
Number of Shares Held (thousand) |
|||||||
|
% | |||||||
Financial Institutions and Securities Firms |
49,627 | 35.4 | ||||||
Japanese Individuals and Other |
23,802 | 17.0 | ||||||
Foreign Investors |
47,170 | 33.7 | ||||||
Other Japanese Business Corporations |
17,153 | 12.3 | ||||||
Treasury Stock |
2,257 | 1.6 | ||||||
Class of Shareholder | Number of Shareholders | |||||||
|
% | |||||||
Financial Institutions and Securities Firms |
132 | 0.9 | ||||||
Japanese Individuals and Other |
13,941 | 93.8 | ||||||
Foreign Investors |
428 | 2.9 | ||||||
Other Japanese Business Corporations |
359 | 2.4 | ||||||
Treasury Stock |
1 | 0.0 | ||||||
|
12 | |
English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
Price per Share and Volume of Shares Traded on The Tokyo Stock Exchange
2011 | ||||||||||||||||||||||||
April | May | June | July | August | September | |||||||||||||||||||
High (yen) |
3,930 | 3,840 | 3,730 | 3,885 | 3,780 | 3,240 | ||||||||||||||||||
Low (yen) |
3,640 | 3,225 | 3,275 | 3,490 | 2,807 | 2,620 | ||||||||||||||||||
Volume (thousand shares) |
11,479 | 10,910 | 12,024 | 13,270 | 23,914 | 18,422 | ||||||||||||||||||
Note: |
The highest price, lowest price, and total volume of shares traded on The Tokyo Stock Exchange for the six months ended September 30, 2011 were as follows: | |||||
The highest price per share: |
3,930 yen marked on April 1, 2011 | |||||
The lowest price per share: |
2,620 yen marked on September 26, 2011 | |||||
Total volume of shares traded: |
90,018 thousand shares |
Basic policy regarding profit distribution and to repurchases of its outstanding shares
Makitas basic policy on the distribution of profits is to maintain a 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 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.
|
13 | |
English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
Corporate Data
(As of September 30, 2011)
Makita Corporation
3-11-8, Sumiyoshi-cho, Anjo, Aichi 446-8502, Japan
Phone: (0566) 98-1711
Website: http://www.makita.biz/
Date of founding |
March 21, 1915 | |
Date of incorporation |
December 10, 1938 | |
Paid-in Capital |
24,256 million yen (non-consolidated) | |
Description of business |
Production and sales of electric power tools, pneumatic tools, gardening equipment and household products | |
Number of consolidated subsidiaries |
50 (Domestic 2, Overseas 48) | |
Plants |
Two in Japan, seven outside of Japan (two in China, and one each in the United States, Brazil, the United Kingdom, Germany and Romania)
Production in Thailand will start in July 2012. | |
Number of Employees |
12,177 (consolidated) | |
2,858 (non-consolidated) |
Board of Directors
President and Representative Director |
Masahiko Goto | |||
Director, Managing Corporate Officers |
Yasuhiko Kanzaki | (In Charge of International Sales and General Manager of International Sales Headquarters: Europe, the Middle East and Africa Region) | ||
Tadayoshi Torii | (In Charge of Production and General Manager of Production Headquarters) | |||
Shiro Hori | (In Charge of International Sales and General Manager of International Sales Headquarters: America, Asia, and Oceania Region) | |||
Director, Corporate Officers |
Tomoyasu Kato
|
(General Manager of Research and Development Headquarters)
| ||
Tadashi Asanuma | (In Charge of Domestic Sales and General Manager of Domestic Sales Marketing Headquarters)
| |||
Hisayoshi Niwa
|
(General Manager of Quality Headquarters)
| |||
Shinichiro Tomita
|
(General Manager of Purchasing Headquarters)
| |||
Tetsuhisa Kaneko | (General Manager of Production Headquarters (In Charge of China Plant))
| |||
Yoji Aoki
|
(General Manager of Administration Headquarters)
| |||
Outside Director |
Motohiko Yokoyama | (Representative Director of JTEKT Corporation) |
Note:
The Company has designated Mr. Motohiko Yokoyama, a Director, as the Independent Director(s) as required by the regulations of the Tokyo Stock Exchange, Inc. and the Nagoya Stock Exchange, Inc. and made required notification therefor to these Stock Exchanges.
|
14 | |
English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
Board of Statutory Auditors
Standing Statutory Auditors |
Toshihito Yamazoe | |||
Haruhito Hisatsune | (Outside Auditor) | |||
Statutory Auditors |
Masafumi Nakamura | (Outside Auditor, Certified Accountant) | ||
Michiyuki Kondo | (Outside Auditor, Lawyer) |
Corporate officers
Corporate Officers |
Zenji Mashiko | (General Manager of Domestic Sales Marketing Headquarters: Tokyo Area) | ||
Toshio Hyuga | (General Manager of Domestic Sales Marketing Headquarters: Osaka Area) | |||
Hiroshi Okamoto | (President of Makita U.S.A. Inc) | |||
Tamiro Kishima | (Senior Managing Director of Dolmar G.m.b.H) | |||
Tim Donovan | (President of Makita Corporation of America and in charge of Brazil Plant) | |||
Paul Harris | (Managing Director of Makita Manufacturing Europe, Ltd. and in charge of Romania Plant) |
Note:
The Company has designated Messrs. Haruhito Hisatsune, Masafumi Nakamura and Michiyuki Kondo, Statutory Auditors, as the Statutory Auditor(s) as required by the regulations of the Tokyo Stock Exchange, Inc. and the Nagoya Stock Exchange, Inc. and made required notification therefor to these Stock Exchanges.
Independent Registered Public Accounting Firm
KPMG AZSA LLC
|
15 | |
English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |
Information on Shares
(As of September 30, 2011)
Fiscal period | The one (1) year period from April 1 of each year to March 31 of the following year | |||
Ordinary general meeting of shareholders | June | |||
Number of shares constituting one unit | 100 shares | |||
Record dates | 1) Ordinary general meeting of shareholders and cash dividends for the second half March 31 of each year | |||
2) Cash dividends for the interim period September 30 of each year | ||||
Transfer agent of common stock | The Chuo Mitsui Trust and Banking Company, Limited 33-1, Shiba 3-chome, Minato-ku, Tokyo 105-8574, Japan | |||
Its handling office |
The Chuo Mitsui Trust and Banking Company, Limited Nagoya Branch Office 15-33, Sakae 3-chome, Naka-ku, Nagoya, Aichi 460-8685, Japan | |||
Its liaison offices |
Head office and nationwide branch offices of The Chuo Mitsui Trust and Banking Company, Limited Head office and nationwide branch offices of Japan Securities Agents, Ltd. | |||
Means of public notice | Website: http://www.makita.co.jp/ir/index1.htm | |||
Common stock listings | Domestic | Tokyo and Nagoya stock exchanges (stock code: 6586) | ||
Overseas | American Depositary Receipts: The Nasdaq Global Select Market (Symbol: MKTAY) |
|
16 | |
English Translation of CHUKAN-KI JIGYOU NO GOHOUKOKU originally issued in Japanese |