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, 2013
Commission file number 0-12602
MAKITA CORPORATION
(Translation of registrants name into English)
3-11-8, Sumiyoshi-cho, Anjo City, Aichi Prefecture, Japan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F þ Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1): x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7): ¨
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No þ
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
MAKITA CORPORATION | ||||
(Registrant) | ||||
By: |
/s/ Masahiko Goto |
|||
Masahiko Goto |
||||
President, Representative Director and Chief Executive Officer |
Date: January 31, 2013
Makita Corporation
Consolidated Financial Results
for the nine months
ended December 31, 2012
(U.S. GAAP Financial Information)
(English translation of KESSAN TANSHIN
originally issued in Japanese)
CONSOLIDATED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2012 (Unaudited)
January 31, 2013
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, 2012 (From April 1, 2012 to December 31, 2012)
(1) CONSOLIDATED OPERATING RESULTS
Yen (millions) | ||||||||||||||||||
For the nine months ended December 31, 2011 |
For the nine months ended December 31, 2012 |
|||||||||||||||||
% | % | |||||||||||||||||
Net sales |
223,673 | 9.3 | 226,280 | 1.2 | ||||||||||||||
Operating income |
38,557 | 17.5 | 34,546 | (10.4 | ) | |||||||||||||
Income before income taxes |
36,012 | 11.1 | 33,887 | (5.9 | ) | |||||||||||||
Net income attributable to Makita Corporation |
24,712 | 6.8 | 23,534 | (4.8 | ) | |||||||||||||
Comprehensive income (loss) |
3,661 | 32.0 | 35,505 | 869.8 | ||||||||||||||
Yen | ||||||||||||||||||
Earning per share (Basic) |
||||||||||||||||||
Net income attributable to Makita Corporation common shareholders |
179.47 | 173.36 |
Notes:
1. | Amounts of less than one million yen have been rounded. |
2. | The table above shows the changes in the percentage ratio of net sales, operating income, income before income taxes, net income attributable to Makita Corporation, and comprehensive income (loss) against the corresponding period of the previous year. |
(2) SELECTED CONSOLIDATED FINANCIAL POSITION
Yen (millions) | ||||||||||
As of March 31, 2012 |
As of December 31, 2012 |
|||||||||
Total assets |
383,256 | 405,552 | ||||||||
Total equity |
323,778 | 349,397 | ||||||||
Total Makita Corporation shareholders equity |
321,253 | 346,830 | ||||||||
Total Makita Corporation shareholders equity ratio to total assets (%) |
83.8% | 85.5% | ||||||||
2. Dividend Information |
||||||||||
Yen | ||||||||||
For the year ended March 31, 2012 |
For the year ending March 31, 2013 |
|||||||||
Cash dividend per share: |
||||||||||
Interim |
15.00 | 15.00 | ||||||||
Year-end |
57.00 | (Note | ) | |||||||
Total |
72.00 | (Note | ) |
Notes:
1. | The forecast for cash dividend announced on April 27, 2012 has not been revised. |
2. | The projected amount of dividends for the year ending March 31, 2013 has not been determined yet. For further details, refer to Explanation regarding proper use of business forecasts, and other significant matters on page 2. |
|
1 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
3. Consolidated Financial Performance Forecast for the year ending March 31, 2013 (From April 1, 2012 to March 31, 2013)
Yen (millions) | ||||||||
For the year ending March 31, 2013 |
||||||||
% | ||||||||
Net sales |
303,000 | 2.5 | ||||||
Operating income |
44,600 | (8.1 | ) | |||||
Income before income taxes |
44,700 | (4.8 | ) | |||||
Net income attributable to Makita Corporation |
30,900 | (4.9 | ) | |||||
Yen | ||||||||
Earning per share (Basic) |
||||||||
Net income attributable to Makita Corporation common shareholders |
227.63 |
Note: The consolidated financial forecast for the year ending March 31, 2013 has been revised.
4. Others
(Refer to [Qualitative Information and Financial Statements] Section 4 Other 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): Not applicable |
(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 policies, procedures and presentation rules applied in the preparation of the quarterly consolidated financial statements: |
1. Changes due to revisions to accounting standards: Yes
2. Changes due to other reasons: Not applicable
(4) | Number of shares outstanding (common stock) |
1. Number of shares issued (including treasury stock): |
As of December 31, 2012: | 140,008,760 | ||||||||
As of March 31, 2012: | 140,008,760 | |||||||||
2. Number of treasury stock: |
As of December 31, 2012: | 4,261,670 | ||||||||
As of March 31, 2012: | 4,258,242 | |||||||||
3. Average number of shares outstanding: |
For the nine months ended December 31, 2012: | 135,748,645 | ||||||||
For the nine months ended December 31, 2011: | 137,692,624 |
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
1. | Regarding the assumptions for the forecasts and other matters, refer to [Qualitative Information and Financial Statements] Section 3 Qualitative Information on Consolidated Financial Performance Forecast on page 4. The financial forecasts given above are based on information as available at the present time, and include potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecasts provided above. |
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.
|
2 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
[Qualitative Information and Financial Statements]
1. Qualitative Information on Consolidated Operating Results
Looking at the global economic situation during the nine months (the period) ended December 31, 2012, the European economy continued to be sluggish, although it was out of the financial crisis in the region for the time being. However, the Russian economy remained relatively solid, though crude oil prices were on the decline. Meanwhile, in the United States, the economy showed signs of moderate recovery including an improvement in housing investment. In Asia, Chinese economic growth lost steam and economic expansion remained moderate in Southeast Asia due to weak exports. In Japan, there were some signs of recovery in housing investment, in addition to demand for reconstruction from the Great East Japan Earthquake, though the overall economy was still stagnant.
Our consolidated net sales for this period increased by 1.2% to 226,280 million yen. This was because sales were generally solid in Japan and overseas, although the yen became stronger against the euro compared to the same period in the previous year, resulting in the drop in net sales when translated into the yen. As for incomes, our operating income decreased by 10.4% compared to the same period in the previous year to 34,546 million yen (operating income ratio 15.3%) mainly due to the rises in the ratio of cost of sales from 60.5% for the same period of the previous year to 62.6% for this period by 2.1 points as a result of the decline in capacity utilization at the plants. On the other hand, non-operating losses decreased by 1,886 million yen compared to the same period in the previous year due to the decrease in Exchange losses on foreign currency transactions and Realized losses on securities. Meanwhile, income before income taxes showed a decrease of 5.9% compared to the same period in the previous year to 33,887 million yen (income before income taxes ratio 15.0%) and net income attributable to Makita Corporation decreased only by 4.8% compared to the same period in the previous year to 23,534 million yen (net income attributable to Makita Corporation ratio 10.4%).
Net sales by region are as follows:
Net sales in Japan increased by 7.1% to 41,271 million yen compared to the same period in the previous year. This was because sales continued to grow steadily thanks to expanded product lineup of lithium-ion battery products, mainly impact drivers.
Net sales in Europe decreased by 2.5% to 91,331 million yen. This was due to sales in Western Europe were sluggish because of the effects of the financial uncertainty and a sharp appreciation of the yen against the euro compared to the same period in the previous year, though sales to Russia continued strong growth.
Net sales in North America increased by 6.3% to 29,965 million yen because sales for the Christmas season were steady and the yens depreciation against the U.S. dollar.
Net sales in Asia increased by 8.2% to 21,445 million yen because demands were strong in Southeast Asian countries.
Sales situation in the other regions are as follows: Net sales in Central and South America decreased by 6.1% compared to the same period in the previous year to 17,020 million yen, due to the effects of local currencies depreciation despite of a recovery in demand; Net sales in Oceania dropped by 2.7% compared to the same period in the previous year to 13,661 million yen because demand was on the wane. Meanwhile, net sales in the Middle East and Africa increased only by 2.6% compared to the same period in the previous year to 11,587 million yen, because economic activities stagnated due to political uncertainty.
2. Qualitative Information on Consolidated Financial Position
Total assets as of December 31, 2012 increased by 22,296 million yen to 405,552 million yen compared to the balance as of March 31, 2012. The increase was mainly due to the increase in Cash and cash equivalents and Short-term investments.
Total liabilities as of December 31, 2012 decreased by 3,323 million yen to 56,155 million yen compared to the balance as of March 31, 2012. This decrease was mainly due to the decrease in Trade notes and accounts payable resulting from decrease of purchase and in Income taxes payable resulting from payment of tax.
Total equity as of December 31, 2012 increased by 25,619 million yen to 349,397 million yen compared to the balance as of March 31, 2012. This increase was mainly due to the increase in Retained earnings.
|
3 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
3. Qualitative Information on Consolidated Financial Performance Forecast
The consolidated financial forecasts for the year ending March 31, 2013 have been revised, because consolidated financial results for the first nine-month period of the fiscal 2013 (from April 1, 2012 to March 31, 2013) exceeded the initial forecasts besides the yen has been weaker against the euro and the U.S. dollar, though business conditions continue to be tough in the fourth quarter.
Revised Forecasts for consolidated performance during the fiscal 2013 (From April 1, 2012 to March 31, 2013)
Yen (millions) | Yen | |||||||||||||||||||
Net sales | Operating income |
Income before income taxes |
Net income attributable to Makita Corporation |
Earning per share Net income |
||||||||||||||||
Outlook announced previously (A) |
288,000 | 41,500 | 40,200 | 27,400 | 201.84 | |||||||||||||||
Revised forecasts (B) |
303,000 | 44,600 | 44,700 | 30,900 | 227.63 | |||||||||||||||
Changes (B-A) |
15,000 | 3,100 | 4,500 | 3,500 | | |||||||||||||||
Percentage revision |
5.2 | % | 7.5 | % | 11.2 | % | 12.8 | % | | |||||||||||
Actual results for the previous year ended March 31, 2012 | 295,711 | 48,516 | 46,963 | 32,497 | 236.78 |
The above forecast is based on the assumption of exchange rates of 86 yen to the U.S. dollar and 115 yen to the euro for the three months period ending March 31, 2013.
The above forecast is based on the assumption of exchange rates of 81 yen to the U.S. dollar and 105 yen to the euro for the year ending March 31, 2013.
(Reference) Our previous exchange rates that we announced on October 31, 2012 were 78 yen to the U.S. dollar and 99 yen to the euro for the year ending March 31, 2013.
The above forecast is based on information as available at the present time, and includes potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecast provided above.
4. Other
(1) | Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes in scope of consolidation during the quarter): None |
(2) | Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly consolidated financial statements: |
With regard to the income tax expenses, Makita 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: |
In June 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2011-05, Comprehensive Income (Accounting Standards Codification (ASC) Topic 220): Presentation of Comprehensive Income. ASU 2011-05 requires an entity to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. ASU 2011-05 is retrospectively applied to all periods presented. Makita adopted ASU 2011-05 since the first quarter of this fiscal year began April 1, 2012. This adoption did not have an impact on Makitas financial position and results of operations.
|
4 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
5. Consolidated Financial Statements (Unaudited)
(1) Consolidated Balance Sheets
Yen (millions) | ||||||||||||||||
As of March 31, 2012 | As of December 31, 2012 | |||||||||||||||
Composition ratio | Composition ratio | |||||||||||||||
ASSETS |
||||||||||||||||
CURRENT ASSETS: |
||||||||||||||||
Cash and cash equivalents |
44,812 | 55,698 | ||||||||||||||
Time deposits |
13,504 | 11,317 | ||||||||||||||
Short-term investments |
25,125 | 39,371 | ||||||||||||||
Trade receivables- |
||||||||||||||||
Notes |
1,769 | 1,834 | ||||||||||||||
Accounts |
48,445 | 44,684 | ||||||||||||||
Less- Allowance for doubtful receivables |
(753 | ) | (828 | ) | ||||||||||||
Inventories |
129,571 | 130,193 | ||||||||||||||
Deferred income taxes |
5,898 | 4,899 | ||||||||||||||
Prepaid expenses and other current assets |
8,392 | 9,498 | ||||||||||||||
|
|
|
|
|||||||||||||
Total current assets |
276,763 | 72.2% | 296,666 | 73.2% | ||||||||||||
|
|
|
|
|||||||||||||
PROPERTY, PLANT AND EQUIPMENT, AT COST: |
||||||||||||||||
Land |
20,498 | 20,588 | ||||||||||||||
Building and improvements |
73,332 | 78,785 | ||||||||||||||
Machinery and equipment |
75,460 | 77,132 | ||||||||||||||
Construction in progress |
6,594 | 6,389 | ||||||||||||||
|
|
|
|
|||||||||||||
Sub total |
175,884 | 182,894 | ||||||||||||||
Less- Accumulated depreciation and amortization |
(98,146 | ) | (101,667 | ) | ||||||||||||
|
|
|
|
|||||||||||||
Total net property, plant and equipment |
77,738 | 20.3% | 81,227 | 20.0% | ||||||||||||
|
|
|
|
|||||||||||||
INVESTMENTS AND OTHER ASSETS: |
||||||||||||||||
Investments |
19,154 | 16,816 | ||||||||||||||
Goodwill |
721 | 721 | ||||||||||||||
Other intangible assets, net |
4,515 | 4,525 | ||||||||||||||
Deferred income taxes |
853 | 517 | ||||||||||||||
Other assets |
3,512 | 5,080 | ||||||||||||||
|
|
|
|
|||||||||||||
Total investments and other assets |
28,755 | 7.5% | 27,659 | 6.8% | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
383,256 | 100.0% | 405,552 | 100.0% | ||||||||||||
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|
5 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
Yen (millions) | ||||||||||||||||||||||||
As of March 31, 2012 | As of December 31, 2012 | |||||||||||||||||||||||
Composition ratio | Composition ratio | |||||||||||||||||||||||
LIABILITIES |
||||||||||||||||||||||||
CURRENT LIABILITIES: |
||||||||||||||||||||||||
Short-term borrowings |
2,351 | 1,309 | ||||||||||||||||||||||
Trade notes and accounts payable |
21,822 | 20,127 | ||||||||||||||||||||||
Other payables |
4,313 | 5,757 | ||||||||||||||||||||||
Accrued expenses |
6,314 | 6,831 | ||||||||||||||||||||||
Accrued payroll |
7,803 | 6,256 | ||||||||||||||||||||||
Income taxes payable |
5,293 | 2,473 | ||||||||||||||||||||||
Deferred income taxes |
125 | 121 | ||||||||||||||||||||||
Other liabilities |
5,697 | 7,385 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total current liabilities |
53,718 | 14.0% | 50,259 | 12.3% | ||||||||||||||||||||
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|
|
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LONG-TERM LIABILITIES: |
||||||||||||||||||||||||
Long-term indebtedness |
12 | 10 | ||||||||||||||||||||||
Accrued retirement and termination benefits |
3,027 | 3,127 | ||||||||||||||||||||||
Deferred income taxes |
130 | 131 | ||||||||||||||||||||||
Other liabilities |
2,591 | 2,628 | ||||||||||||||||||||||
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|
|
|
|||||||||||||||||||||
Total long-term liabilities |
5,760 | 1.5% | 5,896 | 1.5% | ||||||||||||||||||||
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|
|
|||||||||||||||||||||
Total liabilities |
59,478 | 15.5% | 56,155 | 13.8% | ||||||||||||||||||||
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EQUITY |
||||||||||||||||||||||||
MAKITA CORPORATION SHAREHOLDERS |
||||||||||||||||||||||||
EQUITY: |
||||||||||||||||||||||||
Common stock |
23,805 | 23,805 | ||||||||||||||||||||||
Additional paid-in capital |
45,421 | 45,421 | ||||||||||||||||||||||
Legal reserve |
5,669 | 5,669 | ||||||||||||||||||||||
Retained earnings |
316,937 | 330,697 | ||||||||||||||||||||||
Accumulated other comprehensive income (loss) |
(59,066 | ) | (47,239 | ) | ||||||||||||||||||||
Treasury stock, at cost |
(11,513 | ) | (11,523 | ) | ||||||||||||||||||||
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|
|||||||||||||||||||||
Total Makita Corporation shareholders equity |
321,253 | 83.8% | 346,830 | 85.5% | ||||||||||||||||||||
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|
|||||||||||||||||
NONCONTROLLING INTEREST |
2,525 | 0.7% | 2,567 | 0.7% | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total equity |
323,778 | 84.5% | 349,397 | 86.2% | ||||||||||||||||||||
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|
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|
|
|||||||||||||||||
Total liabilities and equity |
383,256 | 100.0% | 405,552 | 100.0% | ||||||||||||||||||||
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As of March 31, 2012 | As of December 31, 2012 | |||||||||||||||||||||||
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) |
135,750,518 | 135,747,090 | ||||||||||||||||||||||
Number of treasury stock |
4,258,242 | 4,261,670 |
|
6 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
(2) Consolidated Statements of Income
Yen (millions) | ||||||||||||||||
For the nine months ended December 31, 2011 |
For the nine months ended December 31, 2012 |
|||||||||||||||
Composition ratio | Composition ratio | |||||||||||||||
NET SALES |
223,673 | 100.0% | 226,280 | 100.0% | ||||||||||||
Cost of sales |
135,329 | 60.5% | 141,564 | 62.6% | ||||||||||||
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|
|
|||||||||||||
GROSS PROFIT |
88,344 | 39.5% | 84,716 | 37.4% | ||||||||||||
Selling, general, administrative and others, net |
49,787 | 22.3% | 50,170 | 22.1% | ||||||||||||
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|
|
|||||||||||||
OPERATING INCOME |
38,557 | 17.2% | 34,546 | 15.3% | ||||||||||||
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|
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OTHER INCOME (EXPENSE): |
||||||||||||||||
Interest and dividend income |
1,127 | 1,273 | ||||||||||||||
Interest expense |
(177 | ) | (139 | ) | ||||||||||||
Exchange gains (losses) on foreign currency transactions, net |
(2,852 | ) | (1,536 | ) | ||||||||||||
Realized gains (losses) on securities, net |
(643 | ) | (257 | ) | ||||||||||||
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|
|||||||||||||
Total other income (expense), net |
(2,545 | ) | (1.1%) | (659 | ) | (0.3%) | ||||||||||
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|||||||||||||
INCOME BEFORE INCOME TAXES |
36,012 | 16.1% | 33,887 | 15.0% | ||||||||||||
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|
|||||||||||||
Provision for income taxes: |
||||||||||||||||
Current |
10,270 | 9,512 | ||||||||||||||
Deferred |
821 | 794 | ||||||||||||||
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|
|
|
|||||||||||||
Total income tax expense |
11,091 | 5.0% | 10,306 | 4.6% | ||||||||||||
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|
|||||||||||||
NET INCOME |
24,921 | 11.1% | 23,581 | 10.4% | ||||||||||||
Less-Net income attributable to the non-controlling interest |
209 | 0.1% | 47 | 0.0% | ||||||||||||
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NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION |
24,712 | 11.0% | 23,534 | 10.4% | ||||||||||||
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|
7 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
Consolidated Statements of Comprehensive Income
Yen (millions) | ||||||||||
For the nine months ended December 31, 2011 |
For the nine months ended December 31, 2012 |
|||||||||
NET INCOME |
24,921 | 23,581 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS): |
||||||||||
Foreign currency translation adjustment |
(20,182) | 10,971 | ||||||||
Unrealized holding gains (losses) on available-for-sale securities |
(1,184 | ) | 793 | |||||||
Pension liability adjustment |
106 | 160 | ||||||||
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|
|||||||
Total other comprehensive income (loss) |
(21,260 | ) | 11,924 | |||||||
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COMPREHENSIVE INCOME (LOSS) |
3,661 | 35,505 | ||||||||
Less-Comprehensive income (loss) attributable to the non-controlling interest |
(151 | ) | 144 | |||||||
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|||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO MAKITA CORPORATION |
3,812 | 35,361 | ||||||||
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|
8 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
(3) Condensed Consolidated Statements of Cash Flows
Yen (millions) | ||||||||||
For the nine
months ended December 31, 2011 |
For the nine
months ended December 31, 2012 |
|||||||||
Net cash provided by operating activities |
3,272 | 33,757 | ||||||||
Net cash used in investing activities |
(220 | ) | (15,500 | ) | ||||||
Net cash used in financing activities |
(9,966 | ) | (10,788 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents |
(191 | ) | 3,417 | |||||||
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|
|
|||||||
Net change in cash and cash equivalents |
(7,105 | ) | 10,886 | |||||||
Cash and cash equivalents, beginning of period |
51,833 | 44,812 | ||||||||
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|
|
|||||||
Cash and cash equivalents, end of period |
44,728 | 55,698 | ||||||||
|
|
|
|
|||||||
(4) Notes on the assumptions for a going concern: None
(5) Condensed Operating Segment Information
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 |
Yen (millions) | ||||||||||||||||||||||||||||||||
For the nine months ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Japan | Europe | North America |
Asia | Other | Total | Elimi- nations |
Consoli- dated |
|||||||||||||||||||||||||
Sales: |
||||||||||||||||||||||||||||||||
(1) External customers |
56,550 | 92,455 | 30,168 | 9,572 | 37,535 | 226,280 | | 226,280 | ||||||||||||||||||||||||
(2) Inter-segment |
33,669 | 2,822 | 1,751 | 78,629 | 89 | 116,960 | (116,960 | ) | | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
90,219 | 95,277 | 31,919 | 88,201 | 37,624 | 343,240 | (116,960 | ) | 226,280 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating expenses |
79,958 | 86,046 | 30,319 | 78,176 | 33,422 | 307,921 | (116,187 | ) | 191,734 | |||||||||||||||||||||||
Operating income |
10,261 | 9,231 | 1,600 | 10,025 | 4,202 | 35,319 | (773 | ) | 34,546 |
(6) Note in case there is any significant change in the shareholders equity: None
|
9 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
SUPPORT DOCUMENTATION (CONSOLIDATED)
1. Consolidated Financial Results and Forecast
Yen (millions) | ||||||||||||||||||||||||
For the nine months ended December 31, 2011 |
For the nine months ended December 31, 2012 |
|||||||||||||||||||||||
(%) | (%) | |||||||||||||||||||||||
Net sales |
|
223,673 | 9.3 | 226,280 | 1.2 | |||||||||||||||||||
Domestic |
|
38,551 | 15.3 | 41,271 | 7.1 | |||||||||||||||||||
Overseas |
|
185,122 | 8.2 | 185,009 | (0.1 | ) | ||||||||||||||||||
Operating income |
|
38,557 | 17.5 | 34,546 | (10.4 | ) | ||||||||||||||||||
Income before income taxes |
|
36,012 | 11.1 | 33,887 | (5.9 | ) | ||||||||||||||||||
Net income attributable to Makita Corporation |
|
24,712 | 6.8 | 23,534 | (4.8 | ) | ||||||||||||||||||
Earning per share (Basic) |
|
|||||||||||||||||||||||
Net income attributable to Makita Corporation common shareholders (Yen) | 179.47 | 173.36 | ||||||||||||||||||||||
Number of Employees |
|
12,477 | 12,606 | |||||||||||||||||||||
Yen (millions) | ||||||||||||||||||||||||
For the year ended March 31, 2012 |
For the six months ended September 30, 2012 |
For the year ending March 31, 2013 (Forecasts) |
||||||||||||||||||||||
(%) | (%) | (%) | ||||||||||||||||||||||
Net sales |
295,711 | 8.5 | 151,232 | (1.2 | ) | 303,000 | 2.5 | |||||||||||||||||
Domestic |
53,175 | 15.4 | 27,189 | 7.6 | 55,600 | 4.6 | ||||||||||||||||||
Overseas |
242,536 | 7.0 | 124,043 | (2.9 | ) | 247,400 | 2.0 | |||||||||||||||||
Operating income |
48,516 | 15.8 | 24,030 | (10.8 | ) | 44,600 | (8.1 | ) | ||||||||||||||||
Income before income taxes |
46,963 | 9.9 | 22,693 | (7.4 | ) | 44,700 | (4.8 | ) | ||||||||||||||||
Net income attributable to Makita Corporation |
32,497 | 8.7 | 15,874 | (7.2 | ) | 30,900 | (4.9 | ) | ||||||||||||||||
Earning per share (Basic) |
||||||||||||||||||||||||
Net income attributable to Makita Corporation common shareholders (Yen) | 236.78 | 116.94 | 227.63 | |||||||||||||||||||||
Number of Employees |
12,563 | 12,793 | |
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 Forecast on page 4. |
|
10 | |
English translation of KESSAN TANSHIN originally issued in Japanese |
2. Consolidated Net Sales by Geographic Area
Yen (millions) | ||||||||||||||||||||||||||||||||
For the nine months ended December 31, 2011 |
For the nine months ended December 31, 2012 |
For the year ended March 31, 2012 |
For the six months ended September 30, 2012 |
|||||||||||||||||||||||||||||
(%) | (%) | (%) | (%) | |||||||||||||||||||||||||||||
Japan |
38,551 | 15.3 | 41,271 | 7.1 | 53,175 | 15.4 | 27,189 | 7.6 | ||||||||||||||||||||||||
Europe |
93,666 | 8.3 | 91,331 | (2.5 | ) | 123,251 | 6.3 | 61,688 | (4.5 | ) | ||||||||||||||||||||||
North America |
28,189 | (2.0 | ) | 29,965 | 6.3 | 37,475 | 1.0 | 19,400 | (2.1 | ) | ||||||||||||||||||||||
Asia |
19,813 | 11.6 | 21,445 | 8.2 | 26,013 | 12.7 | 14,246 | 0.8 | ||||||||||||||||||||||||
Other regions |
43,454 | 13.9 | 42,268 | (2.7 | ) | 55,797 | 10.7 | 28,709 | (1.7 | ) | ||||||||||||||||||||||
Central and South America |
18,117 | 19.4 | 17,020 | (6.1 | ) | 23,370 | 15.2 | 11,005 | (12.8 | ) | ||||||||||||||||||||||
Oceania |
14,039 | 17.3 | 13,661 | (2.7 | ) | 17,780 | 15.6 | 9,225 | (3.8 | ) | ||||||||||||||||||||||
The Middle East and Africa |
11,298 | 2.7 | 11,587 | 2.6 | 14,647 | (0.5 | ) | 8,479 | 21.0 | |||||||||||||||||||||||
Total |
223,673 | 9.3 | 226,280 | 1.2 | 295,711 | 8.5 | 151,232 | (1.2 | ) |
Note: | The table above sets forth Makitas consolidated net sales by geographic area based on the customers location for the periods presented. Accordingly, it differs from operating segment information on page 9. The table above shows the changes in the percentage ratio of net sales compared to the corresponding period of the previous year. |
3. Exchange Rates
Yen | ||||||||||||||||||
For the nine months ended December 31, 2011 |
For the
nine months ended December 31, 2012 |
For the year ended March 31, 2012 |
For the six months ended September 30, 2012 |
For the year ending March 31, 2013 (Forecasts) | ||||||||||||||
Yen/U.S. Dollar |
78.96 | 79.95 | 79.06 | 79.41 | 81 | |||||||||||||
Yen/Euro |
110.60 | 102.04 | 109.00 | 100.54 | 105 |
4. Production Ratio (unit basis)
For the
nine months ended December 31, 2011 |
For the
nine months ended December 31, 2012 |
For the
year ended March 31, 2012 |
For the six months ended September 30, 2012 | |||||||||||||||
Composition ratio | Composition ratio | Composition ratio | Composition ratio | |||||||||||||||
Domestic |
12.5% | 11.7% | 12.2% | 11.1% | ||||||||||||||
Overseas |
87.5% | 88.3% | 87.8% | 88.9% | ||||||||||||||
5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost | ||||||||||||||||||
Yen (millions) | ||||||||||||||||||
For the nine months ended December 31, 2011 |
For the nine months ended December 31, 2012 |
For the year ended March 31, 2012 |
For the six months ended September 30, 2012 |
For the year ending March 31, 2013 (Forecasts) | ||||||||||||||
Capital expenditures |
10,406 | 7,979 | 13,481 | 4,055 | 13,000 | |||||||||||||
Depreciation and amortization |
5,264 | 5,419 | 7,237 | 3,549 | 7,500 | |||||||||||||
R&D cost |
6,101 | 6,171 | 7,603 | 4,039 | 8,500 |
|
11 | |
English translation of KESSAN TANSHIN originally issued in Japanese |