UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

For the month of January, 2012

Commission file number 0-12602

MAKITA CORPORATION

 

(Translation of registrant’s name into English)

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

 

(Address of principal executive offices)

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

Form 20-F  þ        Form 40-F  ¨

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

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

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

Yes  ¨                No  þ

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

 

 

 

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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.

 

Date: January 31, 2012

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Makita Corporation

Consolidated Financial Results

for the nine months

ended December 31, 2011

(U.S. GAAP Financial Information)

(English translation of “KESSAN TANSHIN”

originally issued in Japanese)

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CONSOLIDATED FINANCIAL RESULTS

FOR THE NINE MONTHS ENDED DECEMBER 31, 2011 (Unaudited)

January 31, 2012

Makita Corporation

Stock code: 6586

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

Masahiko Goto, President, Representative Director & CEO

1. Summary operating results of the nine months ended December 31, 2011 (From April 1, 2011 to December 31, 2011)

(1) CONSOLIDATED OPERATING RESULTS

		Yen (millions)
		For the nine months ended December 31, 2010										For the nine months ended December 31, 2011
						%										%
Net sales			204,569				12.5						223,673				9.3
Operating income			32,828				39.5						38,557				17.5
Income before income taxes			32,401				22.7						36,012				11.1
Net income attributable to Makita Corporation			23,134				36.8						24,712				6.8
Comprehensive income (loss)			2,774				(84.9	)					3,661				32.0
			Yen
Earning per share (Basic)
Net income attributable to Makita Corporation common shareholders			167.93										179.47

Notes:

1.

Amounts of less than one million yen have been rounded.

2.

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

(2) SELECTED CONSOLIDATED FINANCIAL POSITION

		Yen (millions)
		As of March 31, 2011						As of December 31, 2011
Total assets			372,507						356,709
Total equity			309,678						301,319
Total Makita Corporation shareholders’ equity			307,149						299,091
Total Makita Corporation shareholders’ equity ratio to total assets (%)			82.5%						83.8%
		Yen
Total Makita Corporation shareholders’ equity per share			2,229.63						2,188.72
2. Dividend Information
		Yen
		For the year ended March 31, 2011						For the year ending March 31, 2012
Cash dividend per share:
Interim			15.00						15.00
Year-end			51.00						(Note	)
Total			66.00						(Note	)

Note:

1.

The forecast for cash dividend announced on April 28, 2011 has not been revised.

2.

The projected amount of dividends for the year ending March 31, 2012 has not been determined yet. For further details, refer to “Explanation regarding proper use of business forecasts, and other significant matters”.

 

		1
English translation of “KESSAN TANSHIN” originally issued in Japanese

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

		Yen (millions)
		For the year ending March 31, 2012
						%
Net sales			287,000				5.3
Operating income			46,500				11.0
Income before income taxes			44,000				3.0
Net income attributable to Makita Corporation			30,000				0.3
		Yen
Earning per share (Basic)
Net income attributable to Makita Corporation common shareholders			219.54

Note:

The consolidated financial forecasts announced on October 31, 2011 for the year ending March 31, 2012 have been revised.

4. Others

     (Refer to [Qualitative Information and Financial Statements] Section 2 “Others” on page 4.)

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

 

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

 

(3)	Changes in accounting principles: None

 

(4)	Number of shares outstanding (common stock)

 

Information regarding quarterly review

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

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

Regarding the assumptions for the forecasts and other matters, refer to [Qualitative Information and Financial Statements] Section 1.(3) “Qualitative Information on Consolidated Financial Performance Forecasts” on page 4. The financial forecasts given above are based on information as available at the present time, and include potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecasts provided above.

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

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

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

 

		2
English translation of “KESSAN TANSHIN” originally issued in Japanese

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[Qualitative Information and Financial Statements]

1. Qualitative Information for nine months ended December 31, 2011.

(1) Qualitative Information on Consolidated Operating Results

During the nine months (the “period”) ended December 31, 2011, the economy in Western Europe, which was on a recovery trend, lost momentum due to the effects of financial crisis. In the United States, the housing market remained sluggish and consumer spending hit plateau. In Asia and Central and South America, there were signs of a slowdown in economic growth because of a tight credit policy to curb inflation. In Japan, the economic recovery was anemic due to the effects of the yen’s unprecedented appreciation against the Euro and the U.S. dollar and floods in Thailand, though production and consumption, which dropped after the Great East Japan Earthquake, gradually recovered.

Our consolidated net sales for this period increased by 9.3% to 223,673 million yen. This was because of the rollout of attractive new products as well as the success in expanding sales by making the most of our sales and service structures that have always been our strong point, although the yen’s appreciation against other major currencies resulted in a decline in our overseas sales, combined with the sluggish housing market in developed countries. In terms of incomes, our operating income increased by 17.5% to 38,557 million yen (operating income ratio 17.2%) compared to the same period of the previous year because of an increase in sales. Meanwhile, income before income taxes showed a modest increase of 11.1% from the previous year to 36,012 million yen (income before income taxes ratio 16.1%) and net income attributable to Makita Corporation increased only by 6.8% from the previous year to 24,712 million yen (net income attributable to Makita Corporation ratio 11.0%) because of exchange loss amounting to 2,852 million yen resulting from drastic exchange rate fluctuations and because of realized losses on securities amounting to 643 million yen resulting from a fall in stock prices.

Net sales by region are as follows:

Net sales in Japan increased by 15.3% to 38,551 million yen compared to the same period of the previous year because of steady sales of lithium-ion battery products, the best lineup in the industry, and an increased demand resulting from post-quake restoration and reconstruction efforts.

Net sales in Europe increased by 8.3% to 93,666 million yen due to active demand in Russia, even though the growth of demand slowed down in Western Europe.

Net sales in North America decreased by 2.0% to 28,189 million yen because sales suffered a decline in value due to the yen’s appreciation, even though strong sales, primarily lithium-ion battery products, continued amid a slumping U.S. housing market.

Net sales in Asia increased by 11.6% to 19,813 million yen as strong demand continued in Southeast Asian countries, even though China’s tight credit policy and Thailand’s flooding affected our sales.

Net sales in Central and South America and Oceania grew substantially. Net sales in Central and South America increased by 19.4% to 18,117 million yen as demand continued to be steady, while net sales in Oceania increased by 17.3% to 14,039 million yen as the economy remained robust. Net sales in the Middle East and Africa increased only by 2.7% to 11,298 million yen because their economic activities continued to be stagnated due to political uncertainties.

(2) Qualitative Information on Consolidated Financial Position

Total assets as of December 31, 2011 decreased by 15,798 million yen to 356,709 million yen compared to the balance as of March 31, 2011. The main reason is a decrease in value of the assets held by Makita’s overseas subsidiaries due to the yen’s appreciation and a decrease in “Cash and cash equivalents”, “Time deposits”, and “Short-term investments” that resulted from payment of dividends and other expenditures, even though “Inventories” increased thanks to production increase.

Total liabilities as of December 31, 2011 decreased by 7,439 million yen to 55,390 million yen compared to the balance as of March 31, 2011. This decrease was mainly due to the decrease in “Trade notes and accounts payable”.

Total equity as of December 31, 2011 decreased by 8,359 million yen to 301,319 million yen compared to the balance as of March 31, 2011. This decrease was mainly attributable to the increase in “Accumulated other comprehensive loss” due to a change in foreign currency translation adjustment because of the stronger yen against other currencies compared with that as of March 31, 2011, and purchases of the treasury stock.

 

		3
English translation of “KESSAN TANSHIN” originally issued in Japanese

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(3) Qualitative Information on Consolidated Financial Performance Forecasts

The consolidated financial forecasts for the year ending March 31, 2012 have been revised, because consolidated financial results for the first nine-month period of the fiscal 2012 (April 1, 2011 to March 31, 2012) exceeded the initial forecasts, though the global economy seems to be slowing down and the yen appreciates further in the fourth quarter of the current fiscal.

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

		Yen (millions)																Yen
		Net sales				Operating income				Income before income taxes				Net income attributable to Makita Corporation				Earning per share (Basic) Net income attributable to Makita Corporation common shareholders
Outlook announced previously (A)			285,000				44,500				41,900				29,100				211.25
Revised forecasts (B)			287,000				46,500				44,000				30,000				219.54
Changes (B-A)			2,000				2,000				2,100				900				—
Percentage revision			0.7	%			4.5	%			5.0	%			3.1	%			—
Actual results for the previous year ended March 31, 2011			272,630				41,909				42,730				29,905				217.08

The above forecasts are based on the assumption of exchange rates of 76 yen to the U.S. dollar and 95 yen to the euro for the three months period ending March 31, 2012 (78 yen to the U.S. dollar and 107 yen to the euro for the year ending March 31, 2012).

(Reference) Our previous exchange rates that we announced on October 31, 2011 were 77 yen to the U.S. dollar and 102 yen to the euro for the six months period ending March 31, 2012, and were 78 yen to the U.S. dollar and 108 yen to the euro for the year ending March 31, 2012.

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

2. Others

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

 

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

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

 

(3)	Changes in accounting principles, procedures and presentations: None

 

		4
English translation of “KESSAN TANSHIN” originally issued in Japanese

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3. Consolidated Financial Statements (Unaudited)

(1) Consolidated Balance Sheets

		Yen (millions)
		As of March 31, 2011								As of December 31, 2011
		Composition ratio								Composition ratio
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			51,833								44,728
Time deposits			15,719								9,689
Short-term investments			33,555								26,933
Trade receivables-
Notes			1,914								1,912
Accounts			46,785								41,457
Less- Allowance for doubtful receivables			(935	)							(759	)
Inventories			110,595								117,945
Deferred income taxes			6,039								5,503
Prepaid expenses and other current assets			9,990								9,888
Total current assets			275,495				74.0%				257,296				72.1%
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land			20,065								20,075
Buildings and improvements			72,201								70,695
Machinery and equipment			73,195								73,014
Construction in progress			1,369								4,978
			166,830								168,762
Less- Accumulated depreciation			(94,792	)							(95,088	)
Total net property, plant and equipment			72,038				19.3%				73,674				20.7%
INVESTMENTS AND OTHER ASSETS:
Investments			17,069								16,709
Goodwill			721								721
Other intangible assets, net			4,595								4,565
Deferred income taxes			1,403								1,484
Other assets			1,186								2,260
Total investments and other assets			24,974				6.7%				25,739				7.2%
Total assets			372,507				100.0%				356,709				100.0%

 

		5
English translation of “KESSAN TANSHIN” originally issued in Japanese

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		Yen (millions)
		As of March 31, 2011												As of December 31, 2011
		Composition ratio												Composition ratio
LIABILITIES
CURRENT LIABILITIES:
Short-term borrowings							868												2,973
Trade notes and accounts payable							25,691												19,539
Other payables							4,386												5,594
Accrued expenses							6,125												6,283
Accrued payroll							7,543												5,774
Income taxes payable							4,317												3,692
Deferred income taxes							112												80
Other current liabilities							7,183												5,473
Total current liabilities							56,225				15.1%								49,408				13.8%
LONG-TERM LIABILITIES:
Long-term indebtedness							19												13
Accrued retirement and termination benefits							3,128												2,772
Deferred income taxes							746												643
Other liabilities							2,711												2,554
Total long-term liabilities							6,604				1.8%								5,982				1.7%
Total liabilities							62,829				16.9%								55,390				15.5%
EQUITY
MAKITA CORPORATION SHAREHOLDERS’
EQUITY:
Common stock							23,805												23,805
Additional paid-in capital							45,420												45,421
Legal reserve							5,669												5,669
Retained earnings							293,532												309,152
Accumulated other comprehensive income (loss)							(54,824	)											(75,724	)
Treasury stock, at cost							(6,453	)											(9,232	)
Total Makita Corporation shareholders’ equity							307,149				82.5%								299,091				83.8%
NONCONTROLLING INTEREST							2,529				0.6%								2,228				0.7%
Total equity							309,678				83.1%								301,319				84.5%
Total liabilities and equity							372,507				100.0%								356,709				100.0%

 

		As of March 31, 2011				As of December 31, 2011
Total number of shares authorized			496,000,000				496,000,000
Number of shares issued			140,008,760				140,008,760
Number of shares issued (excluding treasury stock)			137,757,699				136,651,173
Number of treasury stock			2,251,061				3,357,587

 

		6
English translation of “KESSAN TANSHIN” originally issued in Japanese

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(2) Consolidated Statements of Income

		Yen (millions)
		For the nine months ended December 31, 2010								For the nine months ended December 31, 2011
		Composition ratio								Composition ratio
NET SALES			204,569				100.0%				223,673				100.0%
Cost of sales			125,936				61.6%				135,329				60.5%
GROSS PROFIT			78,633				38.4%				88,344				39.5%
Selling, general, administrative and others, net			45,805				22.4%				49,787				22.3%
OPERATING INCOME			32,828				16.0%				38,557				17.2%
OTHER INCOME (EXPENSES):
Interest and dividend income			1,019								1,127
Interest expense			(26	)							(177	)
Exchange gains (losses) on foreign currency transactions, net			(1,405	)							(2,852	)
Realized gains (losses) on securities, net			(15	)							(643	)
Total			(427	)			(0.2)%				(2,545	)			(1.1)%
INCOME BEFORE INCOME TAXES			32,401				15.8%				36,012				16.1%
PROVISION FOR INCOME TAXES:
Current			8,161								10,270
Deferred			805								821
Total			8,966				4.3%				11,091				5.0%
NET INCOME			23,435				11.5%				24,921				11.1%
Less: Net income attributable to the noncontrolling interest			(301	)			(0.2)%				(209	)			(0.1)%
NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION			23,134				11.3%				24,712				11.0%

 

 

		7
English translation of “KESSAN TANSHIN” originally issued in Japanese

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

Yen (millions)

		For the nine months ended December 31, 2010
		Makita Corporation shareholders’ equity																																Comprehensive income (loss)
		Common stock				Additional paid-in capital				Legal reserve				Retained earnings				Accumulated other comprehensive income (loss)				Treasury stock				Non- controlling interest				Total				Net income attributable to Makita Corporation				Net income attributable to the non- controlling interest				Total
Beginning balance			23,805				45,420				5,669				270,790				(42,032	)			(6,445	)			2,466				299,673
Purchases and disposal of treasury stock, net																							(6	)							(6	)
Cash dividends															(7,163	)											(136	)			(7,299	)
Comprehensive income (loss)
Net income															23,134												301				23,435				23,134				301				23,435
Foreign currency translation adjustment																			(19,551	)							(346	)			(19,897	)			(19,551	)			(346	)			(19,897	)
Unrealized holding gains (losses) on available-for-sale securities																			(817	)											(817	)			(817	)							(817	)
Pension liability adjustment																			53												53				53								53
Total comprehensive income (loss)																																			2,819				(45	)			2,774
Ending balance			23,805				45,420				5,669				286,761				(62,347	)			(6,451	)			2,285				295,142

 

Yen (millions)
		For the nine months ended December 31, 2011
		Makita Corporation shareholders’ equity																																Comprehensive income (loss)
		Common stock				Additional paid-in capital				Legal reserve				Retained earnings				Accumulated other comprehensive income (loss)				Treasury stock				Non- controlling interest				Total				Net income attributable to Makita Corporation				Net income attributable to the non- controlling interest				Total
Beginning balance			23,805				45,420				5,669				293,532				(54,824	)			(6,453	)			2,529				309,678
Purchases and disposal of treasury stock, net							1																(2,779	)							(2,778	)
Cash dividends															(9,092	)											(150	)			(9,242	)
Comprehensive income (loss)
Net income															24,712												209				24,921				24,712				209				24,921
Foreign currency translation adjustment																			(19,822	)							(360	)			(20,182	)			(19,822	)			(360	)			(20,182	)
Unrealized holding gains (losses) on available-for-sale securities																			(1,184	)											(1,184	)			(1,184	)							(1,184	)
Pension liability adjustment																			106												106				106								106
Total comprehensive income (loss)																																			3,812				(151	)			3,661
Ending balance			23,805				45,421				5,669				309,152				(75,724	)			(9,232	)			2,228				301,319

 

		8
English translation of “KESSAN TANSHIN” originally issued in Japanese

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(4) Condensed Consolidated Statements of Cash Flows

		Yen (millions)
		For the nine months ended December 31, 2010						For the nine months ended December 31, 2011
Net cash provided by operating activities			21,777						3,272
Net cash used in investing activities			(12,926	)					(220	)
Net cash used in financing activities			(7,622	)					(9,966	)
Effect of exchange rate changes on cash and cash equivalents			(4,262	)					(191	)
Net change in cash and cash equivalents			(3,033	)					(7,105	)
Cash and cash equivalents, beginning of period			62,290						51,833
Cash and cash equivalents, end of period			59,257						44,728

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

(6) Condensed Operating Segment Information

		Yen (millions)
		For the nine months ended December 31, 2010
		Japan				Europe				North America				Asia				Other				Total				Elimi- nations				Consoli- dated
Sales:
(1) External customers			45,880				86,176				28,978				9,556				33,979				204,569				—				204,569
(2) Inter-segment			36,204				2,393				2,164				70,991				72				111,824				(111,824	)			—
Total			82,084				88,569				31,142				80,547				34,051				316,393				(111,824	)			204,569
Operating expenses			75,470				77,485				29,378				70,844				28,601				281,778				(110,037	)			171,741
Operating income			6,614				11,084				1,764				9,703				5,450				34,615				(1,787	)			32,828

 

		Yen (millions)
		For the nine months ended December 31, 2011
		Japan				Europe				North America				Asia				Other				Total				Elimi- nations				Consoli- dated
Sales:
(1) External customers			52,227				93,805				28,631				9,974				39,036				223,673				—				223,673
(2) Inter-segment			42,215				2,823				2,595				83,383				327				131,343				(131,343	)			—
Total			94,442				96,628				31,226				93,357				39,363				355,016				(131,343	)			223,673
Operating expenses			82,162				85,317				29,290				85,020				33,738				315,527				(130,411	)			185,116
Operating income			12,280				11,311				1,936				8,337				5,625				39,489				(932	)			38,557

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

 

 

		9
English translation of “KESSAN TANSHIN” originally issued in Japanese

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SUPPORT DOCUMENTATION (CONSOLIDATED)

1. Consolidated Financial Results and Forecasts

										Yen (millions)
										For the nine months ended December 31, 2010								For the nine months ended December 31, 2011
											(%)								(%)
Net sales											204,569				12.5				223,673				9.3
Domestic											33,423				8.3				38,551				15.3
Overseas											171,146				13.4				185,122				8.2
Operating income											32,828				39.5				38,557				17.5
Income before income taxes											32,401				22.7				36,012				11.1
Net income attributable to Makita Corporation											23,134				36.8				24,712				6.8
Earning per share (Basic)
Net income attributable to Makita Corporation common shareholders (Yen)											167.93								179.47
Number of Employees											11,595								12,477
		Yen (millions)
		For the year ended March 31, 2011								For the six months ended September 30, 2011								For the year ending March 31, 2012 (Forecasts)
			(%)								(%)								(%)
Net sales			272,630				10.9				153,036				14.4				287,000				5.3
Domestic			46,065				7.9				25,263				13.9				52,000				12.9
Overseas			226,565				11.5				127,773				14.5				235,000				3.7
Operating income			41,909				37.9				26,953				23.4				46,500				11.0
Income before income taxes			42,730				27.5				24,514				12.7				44,000				3.0
Net income attributable to Makita Corporation			29,905				34.4				17,104				13.1				30,000				0.3
Earning per share (Basic)
Net income attributable to Makita Corporation common shareholders (Yen)			217.08								124.16								219.54
Number of Employees			12,054								12,177								—

Notes:

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

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

 

		10
English translation of “KESSAN TANSHIN” originally issued in Japanese

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2. Consolidated Net Sales by Region

		Yen (millions)
		For the nine months ended December 31, 2010								For the nine months ended December 31, 2011								For the year ended March 31, 2011								For the six months ended September 30, 2011
		(%)								(%)								(%)								(%)
Japan			33,423				8.3				38,551				15.3				46,065				7.9				25,263				13.9
Europe			86,479				7.8				93,666				8.3				115,977				6.3				64,604				13.3
North America			28,773				7.3				28,189				(2.0	)			37,111				7.5				19,822				7.3
Asia			17,753				37.7				19,813				11.6				23,073				25.6				14,136				24.1
Other regions			38,141				23.1				43,454				13.9				50,404				22.5				29,211				18.1
Central and South America			15,171				28.3				18,117				19.4				20,295				33.3				12,618				31.1
Oceania			11,969				19.1				14,039				17.3				15,383				17.3				9,586				21.5
The Middle East and Africa			11,001				20.6				11,298				2.7				14,726				15.1				7,007				(3.0	)
Total			204,569				12.5				223,673				9.3				272,630				10.9				153,036				14.4

Note:

The table above sets forth Makita’s consolidated net sales by region based on the customer’s location for the periods presented. Accordingly, it differs from operating segment information on page 9. The table above shows the changes in the percentage ratio of Net sales against the corresponding period of the previous year.

3. Exchange Rates

		Yen
		For the nine months ended December 31, 2010				For the nine months ended December 31, 2011				For the year ended March 31,  2011				For the six months ended September 30, 2011				For the year ending March 31,  2012 (Forecasts)
Yen/U.S. Dollar		86.84				78.96				85.73				79.74				78
Yen/Euro		113.27				110.60				113.12				113.72				107

Note:

The above forecasts are based on the assumption of exchange rates of 76 yen to the U.S. dollar and 95 yen to the euro for the three months period ending March 31, 2012.

4. Production Ratio (unit basis)

						For the nine months ended December 31, 2010				For the nine months ended December 31, 2011				For the  year ended March 31, 2011				For the six months  ended September 30, 2011
						Composition ratio				Composition ratio				Composition ratio				Composition ratio
Domestic						15.1%				12.5%				14.5%				12.6%
Overseas						84.9%				87.5%				85.5%				87.4%
5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost
		Yen (millions)
		For the nine months ended December 31, 2010				For the nine months ended December 31, 2011				For the year ended March 31, 2011				For the six months ended September 30, 2011				For the year ending March 31, 2012 (Forecasts)
Capital expenditures		7,769				10,406				9,742				5,820				13,000
Depreciation and amortization		5,615				5,264				7,557				3,474				7,500
R&D cost		5,425				6,101				7,283				3,978				8,500

 

		11
English translation of “KESSAN TANSHIN” originally issued in Japanese