MAKITA CORPORATION
Table of Contents

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, 2006

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 of Form 20-F or Form 40-F: ]

Form 20-F þ       Form 40-F o

[ 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 o       No þ

 


TABLE OF CONTENTS

SIGNATURES
CONSOLIDATED FINANCIAL RESULTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2005
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
OPERATING SEGMENT INFORMATION
SUPPORT DOCUMENTATION (CONSOLIDATION)


Table of Contents

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    
 
           
 
      (Signature)    
 
      Masahiko Goto    
 
      President    
Date: January 27, 2006

 


Table of Contents

(MIKITA LOGO)



Makita Corporation



Consolidated Financial Results
for the nine months
ended December 31, 2005
(U.S. GAAP Financial Information)



(English translation of “ZAIMU/GYOSEKI NO GAIKYO”
originally issued in the Japanese language)


Table of Contents

(MAKITA LOGO)

CONSOLIDATED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2005
January 27, 2006

Makita Corporation
Stock code: 6586
URL: http://www.makita.co.jp/
Masahiko Goto, President

1. Notes to consolidated financial statements for the nine months ended December 31, 2005
(1) Adoption of simplified accounting methods: None.
(2) Accounting policy changes since the year ended March 31, 2005: None.
(3) Change in scope of consolidation and equity method: None.

2. Results of the nine months ended December 31, 2005 (From April 1, 2005 to December 31, 2005)
(1) CONSOLIDATED FINANCIAL RESULTS

                                                 
   
    Yen (million)  
    For the nine months ended     For the nine months ended     For the year ended  
    December 31,     December 31,     March 31,  
    2004     2005     2005  
 
          %           %           %  
Net sales
    143,741       6.1       165,773       15.3       194,737       5.8  
Operating income
    25,542       172.4       35,552       39.2       31,398       113.6  
Income before income taxes
    27,083       161.0       38,738       43.0       32,618       101.7  
Net income
    18,825       544.9       34,440       82.9       22,136       187.8  
     
    Yen
     
Net income per share:
                                               
Basic
    130.86               239.59               153.89          
Diluted
    126.43                             148.76          
 

    Notes:
  1.   Amounts of less than one million yen have been rounded.
 
  2.   The table above shows the change in the percentage ratio of net sales, operating income, income before income taxes, and net income against the corresponding period of the previous year.
[Qualitative information on consolidated financial results]
     Consolidated net sales remained firm, rising 15.3% from the same period of the previous fiscal year, to 165,773 million yen, supported by continued robust performance in Europe, strong sales of new products powered with lithium ion batteries, especially in North America, and other factors.
     Regarding consolidated earnings, operating income rose 39.2% to 35,552 million yen, income before income taxes rose 43.0% to 38,738 million yen, and net income expanded 82.9% from the same period of the previous fiscal year, to 34,440 million yen. These substantial increases were due in part to approximately 8.5 billion yen in operating profit and 11.9 billion yen in net income from the transfer of ownership of the Company’s golf course management subsidiary as a result of a court-supervised rehabilitation proceeding. In addition, Makita recognized approximately 2.5 billion yen in income before taxes and about 1.5 billion yen in net income in an exchange of securities in connection with the merger of Mitsubishi Tokyo Financial Group Co., Ltd., and UFJ Holdings Co., Ltd..

 

         

    1  
English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese Language


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(MAKITA LOGO)

(2) CONSOLIDATED FINANCIAL POSITION

                              
   
    Yen (million)  
    As of     As of     As of  
    December 31, 2004     December 31, 2005     March 31, 2005  
 
Total assets
    294,063       312,690       289,904  
Shareholders’ equity
    215,215       256,442       219,640  
Shareholders’ equity ratio to total assets (%)
    73.2%       82.0%       75.8%  
     
    Yen
     
Shareholders’ equity per share
    1,496.58       1,784.38       1,527.64  
 

[CONSOLIDATED CASH FLOWS]

                         
   
    Yen (million)  
    For the nine months     For the nine months     For the year ended  
    ended December 31,     ended December 31,     March 31,  
    2004     2005     2005  
 
Net cash provided by operating activities
    11,957       16,770       16,842  
 
                       
Net cash provided by (used in) investing activities
    (8,722 )     6,320       154  
 
                       
Net cash used in financing activities
    (2,804 )     (17,957 )     (16,177 )
 
                       
Cash and cash equivalents, end of period
    24,896       30,863       25,384  
 
[Qualitative information on consolidated cash flows]
     Total cash and cash equivalents (“cash”) at the end of period amounted to 30,863 million yen, up 5,479 million yen from the previous year.
 (Net Cash Provided by Operating Activities)
     Continued strong performance resulted in net cash from operating activities amounting to 16,770 million yen.
 (Net Cash Provided by Investing Activities)
     Net cash from investing activities amounted to 6,320 million yen. Although the Company made investments in metal molds for new products, constructed a new building at the Okazaki Plant, and made other investments, these were more than offset by the sale of securities and other factors.
 (Net Cash Used in Financing Activities)
     Net cash used in financing activities amounted to 17,957 million yen, as the Company repaid a portion of the deposits of members of the golf course subsidiary undergoing civil rehabilitation and made dividend payments.
 
         

    2  
English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese Language


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(MAKITA LOGO)

Revised outlook for consolidated performance during the fiscal 2006 (from April 1, 2005, to March 31, 2006)
                                 
(Million yen, %)  
            Operating     Income before        
    Net sales     income     income taxes     Net income  
Outlook announced previously (A)
    214,000       39,000       42,000       36,500  
Revised outlook (B)
    220,000       42,000       45,000       39,000  
Change (B-A)
    6,000       3,000       3,000       2,500  
Percentage revision
    2.8%       7.7%       7.1%       6.8%  
Actual results for the previous fiscal year
ended March 31, 2005
    194,737       31,398       32,618       22,136  
 
     Net income per share for the fiscal year is projected to be 271.37 yen.
Revised outlook for non-consolidated performance during the fiscal 2006
     (from April 1, 2005, to March 31, 2006)
                                 
(Million yen, %)  
            Operating              
    Net sales     income     Ordinary profit     Net income  
Outlook announced previously (A)
    101,500       12,800       19,000       16,100  
Revised outlook (B)
    110,000       15,300       22,000       17,700  
Change (B-A)
    8,500       2,500       3,000       1,600  
Percentage revision
    8.4%       19.5%       15.8%       9.9%  
Actual results for the previous fiscal year
ended March 31, 2005
    97,873       12,674       18,399       9,149  
 
     Net income per share for the fiscal year is projected to be 123.16 yen.
Notes:   The above performance forecast includes the following items, as announced at the time of the release of interim results on October 28, 2005.
  1.   Special factors in the consolidated accounts contributed approximately 8.5 billion yen to operating income and approximately 11.0 billion yen to income before income taxes as well as approximately 13.4 billion yen to net income.
 
  2.   Consolidated and non-consolidated sales include sales of approximately 1.0 billion yen accompanying the acquisition of the nailer business of Kanematsu-NNK Corp. on January 1, 2006. The impact of this acquisition on net income was not material.
[Qualitative information about the forecast for the year ending March 31, 2006]
    Increased demand for new products, including impact drivers with rechargeable lithium ion batteries which were introduced in Japan and overseas
 
    Continued strong sales in overseas markets, especially Europe and North America
     The above performance forecast has primarily been adjusted from the prior forecast on October 28, 2005 because of a changed exchange rate assumption, 113 yen to US$1 and 137 yen to 1 Euro for the year ending March 31, 2006 (outlook announced previously: 109 yen to US$1 and 135 yen to 1 Euro).

 

         

    3  
English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese Language


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(MAKITA LOGO)

     Our forecasts for dividends are as follows:
         
 
    For the year ended   For the year ending
    March 31, 2005   March 31, 2006
    (Results)   (Forecast)
Cash dividend per share for the interim period
  11 yen   19 yen
 
  (With a special dividend of 2 yen)   (With a special dividend of 10 yen)
 
Cash dividend per share for the second half
  36 yen    
 
  (With a special dividend of 23 yen and 90 year memorial dividend of 4 yen)   (Note)
 
Total cash dividend per share for the year
  47 yen    
 
  (With a special dividend of 25 yen and 90 year memorial dividend of 4 yen)   (Note)
 
     Note:   The annual dividend will be set according to the Company’s policy for distribution of earnings, which is to maintain a consolidated dividend payout ratio* of 30% or more. However, as indicated in the preceding section on the forecast for performance, there are special factors that will account for about 13.4 billion yen of the figure forecast for consolidated net income. Accordingly, this amount will be deducted from the net income figure used in computing dividends. In addition, the dividend for the second half of the fiscal year will be calculated by deducting the interim dividend from the annual dividend, and the final decision for the dividend will be made at the General Meeting of Shareholders to be held in June 2006.
            *   The consolidated dividend payout ratio is calculated as annual dividends per share divided by consolidated net income per share (after adjustments for special factors) and 100 is multiplied.

FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements based on Makita’s own projections and estimates. The power tools market, where Makita is mainly active, is subject to the effects of rapid shifts in economic conditions, demand for housing, currency exchange rates, changes in competitiveness, and other factors. Due to the risks and uncertainties involved, actual results could differ substantially from the content of these statements. Therefore, these statements should not be interpreted as representation that such objectives will be achieved.

 

         

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English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese Language


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(MAKITA LOGO)

CONDENSED CONSOLIDATED BALANCE SHEETS

                         
 
    Yen (millions)  
    As of     As of        
    March 31,     December 31,     Increase  
    2005     2005     (Decrease)  
 
ASSETS
                       
CURRENT ASSETS:
                       
Cash and cash equivalents
    25,384       30,863       5,479  
Time deposits
    7,867       4,062       (3,805 )
Marketable securities
    57,938       51,219       (6,719 )
Trade receivables-
                       
Notes
    1,687       2,090       403  
Accounts
    38,997       42,165       3,168  
Less- Allowance for doubtful receivables
    (1,178 )     (1,061 )     117  
Inventories
    66,003       76,328       10,325  
Deferred income taxes
    3,831       6,201       2,370  
Prepaid expenses and other current assets
    7,363       7,782       419  
 
                 
Total current assets
    207,892       219,649       11,757  
 
                 
 
                       
PROPERTY, PLANT AND EQUIPMENT, at cost:
                       
Land
    17,673       17,469       (204 )
Buildings and improvements
    51,085       52,781       1,696  
Machinery and equipment
    73,356       75,217       1,861  
Construction in progress
    790       3,044       2,254  
 
                 
 
    142,904       148,511       5,607  
Less- Accumulated depreciation
    (90,080 )     (91,455 )     (1,375 )
 
                 
 
    52,824       57,056       4,232  
 
                 
 
                       
INVESTMENTS AND OTHER ASSETS:
                       
Investment securities
    22,106       28,374       6,268  
Deferred income taxes
    390       479       89  
Other assets
    6,692       7,132       440  
 
                 
 
    29,188       35,985       6,797  
 
                 
 
    289,904       312,690       22,786  
 
                 
 
 

 

         

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English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese Language


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(MAKITA LOGO)

CONDENSED CONSOLIDATED BALANCE SHEETS
                         
   
    Yen (millions)  
    As of     As of        
    March 31,     December 31,     Increase  
    2005     2005     (Decrease)  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
                       
CURRENT LIABILITIES:
                       
Short-term borrowings
    9,060       3,303       (5,757 )
Trade notes and accounts payable
    10,574       11,937       1,363  
Accrued payroll
    7,695       6,318       (1,377 )
Club members’ deposits
    12,836             (12,836 )
Accrued expenses and other
    12,248       14,353       2,105  
Income taxes payable
    5,695       8,536       2,841  
Deferred income taxes
    118       57       (61 )
 
                 
Total current liabilities
    58,226       44,504       (13,722 )
 
                 
 
                       
LONG-TERM LIABILITIES:
                       
Long-term indebtedness
    88       100       12  
Estimated retirement and termination allowances
    5,126       5,196       70  
Deferred income taxes
    4,538       3,974       (564 )
Other liabilities
    887       957       70  
 
                 
 
    10,639       10,227       (412 )
 
                 
 
                       
MINORITY INTERESTS
    1,399       1,517       118  
 
                 
 
                       
SHAREHOLDERS’ EQUITY:
                       
Common stock
    23,805       23,805        
Additional paid-in capital
    45,430       45,436       6  
Legal reserve and retained earnings
    163,171       189,703       26,532  
Accumulated other comprehensive income (loss)
    (9,249 )     1,164       10,413  
Treasury stock, at cost
    (3,517 )     (3,666 )     (149 )
 
                 
 
    219,640       256,442       36,802  
 
                 
 
    289,904       312,690       22,786  
 
                 
 
 
         
 
       
 
       

    6  
English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese Language


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(MAKITA LOGO)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                                                 
 
    Yen (millions)  
    For the nine     For the nine              
    months ended     months ended     Increase     For the year  
    December 31,     December 31,     (Decrease)     ended March 31,  
    2004     2005           2005  
 
    (Amount)   (%)     (Amount)   (%)     (Amount)   (%)   (Amount)   (%)
NET SALES
    143,741       100.0       165,773       100.0       22,032       15.3       194,737       100.0  
Cost of sales
    83,330       58.0       95,926       57.9       12,596       15.1       113,323       58.2  
                 
GROSS PROFIT
    60,411       42.0       69,847       42.1       9,436       15.6       81,414       41.8  
Selling, general, administrative and other expenses
    34,869       24.2       34,295       20.7       (574 )     (1.6 )     50,016       25.7  
                 
OPERATING INCOME
    25,542       17.8       35,552       21.4       10,010       39.2       31,398       16.1  
                 
 
                                                               
OTHER INCOME (EXPENSES) :
                                                               
Interest and dividend income
    837       0.6       843       0.5       6       0.7       1,157       0.6  
Interest expense
    (440 )     (0.3 )     (313 )     (0.2 )     127       28.9       (588 )     (0.3 )
Exchange gains (losses) on foreign currency transactions, net
    127       0.1       (106 )     (0.0 )     (233 )           37       0.0  
Realized gains on securities, net
    328       0.2       2,902       1.8       2,574       784.8       453       0.2  
Other, net
    689       0.4       (140 )     (0.1 )     (829 )           161       0.1  
                 
Total
    1,541       1.0       3,186       2.0       1,645       106.7       1,220       0.6  
                 
INCOME BEFORE INCOME TAXES
    27,083       18.8       38,738       23.4       11,655       43.0       32,618       16.7  
                 
 
                                                               
PROVISION FOR INCOME TAXES
    8,258       5.7       4,298       2.6       (3,960 )     (48.0 )     10,482       5.3  
                 
NET INCOME
    18,825       13.1       34,440       20.8       15,615       82.9       22,136       11.4  
                 
 
 

 

         

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English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese Language


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(MAKITA LOGO)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
                         
   
    Yen (millions)  
    For the nine months     For the nine months     For the year  
    ended December 31,     ended December 31,     ended March 31,  
    2004     2005     2005  
Net cash provided by operating activities
    11,957       16,770       16,842  
Net cash provided by (used in) investing activities
    (8,722 )     6,320       154  
Net cash used in financing activities
    (2,804 )     (17,957 )     (16,177 )
Effect of exchange rate changes on cash and cash equivalents
    (111 )     346       (11 )
 
                 
Net change in cash and cash equivalents
    320       5,479       808  
Cash and cash equivalents, beginning of period
    24,576       25,384       24,576  
 
                 
Cash and cash equivalents, end of period
    24,896       30,863       25,384  
 
                 
 
 

 

         

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English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese Language


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(MAKITA LOGO)

OPERATING SEGMENT INFORMATION

For the nine months ended December 31, 2004

                                                                 
 
    Yen (millions)  
                                                    Corporate        
    Japan     North     Europe     Asia     Other     Total     and elimi-     Consoli-  
          America                                 nations     dated  
Sales:
                                                               
(1) External customers
    37,539       28,652       55,401       5,624       16,525       143,741             143,741  
(2) Intersegment
    35,711       2,789       4,405       26,285       146       69,336       (69,336 )      
 
                                                   
Total
    73,250       31,441       59,806       31,909       16,671       213,077       (69,336 )     143,741  
 
                                                   
Operating expenses
    59,071       30,219       52,331       28,004       15,419       185,044       (66,845 )     118,199  
Operating income
    14,179       1,222       7,475       3,905       1,252       28,033       (2,491 )     25,542  
 

For the nine months ended December 31, 2005

                                                                 
 
    Yen (millions)  
                                                    Corporate        
    Japan     North     Europe     Asia     Other     Total     and elimi-     Consoli-  
          America                                 nations     dated  
Sales:
                                                               
(1) External customers
    38,624       34,814       65,664       6,399       20,272       165,773             165,773  
(2) Intersegment
    41,393       2,516       5,102       30,561       138       79,710       (79,710 )      
 
                                                   
Total
    80,017       37,330       70,766       36,960       20,410       245,483       (79,710 )     165,773  
 
                                                   
Operating expenses
    60,496       36,202       61,270       32,461       18,304       208,733       (78,512 )     130,221  
Operating income
    19,521       1,128       9,496       4,499       2,106       36,750       (1,198 )     35,552  
 

For the year ended March 31, 2005

                                                                 
 
    Yen (millions)  
                                                    Corporate        
    Japan     North     Europe     Asia     Other     Total     and elimi-     Consoli-  
          America                                 nations     dated  
Sales:
                                                               
(1) External customers
    50,955       38,607       75,864       7,378       21,933       194,737             194,737  
(2) Intersegment
    47,786       3,583       5,802       34,937       168       92,276       (92,276 )      
 
                                                   
Total
    98,741       42,190       81,666       42,315       22,101       287,013       (92,276 )     194,737  
 
                                                   
Operating expenses
    82,826       40,580       71,541       37,389       21,146       253,482       (90,143 )     163,339  
Operating income
    15,915       1,610       10,125       4,926       955       33,531       (2,133 )     31,398  
 
   Note:    Segment information is determined by the location of the Company and its relevant subsidiaries.

 

         

    9  
English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese Language


Table of Contents

(MAKITA LOGO)

SUPPORT DOCUMENTATION (CONSOLIDATION)

1. Consolidated results and forecast

                                 
 
    Yen (millions)  
    For the nine     For the nine  
    months ended     months ended  
    December 31, 2004     December 31, 2005  
    (Results)     (Results)  
    (Amount)     (%)     (Amount)     (%)  
Net sales
    143,741       6.1       165,773       15.3  
Domestic
    28,623       (0.2 )     29,827       4.2  
Overseas
    115,118       7.8       135,946       18.1  
Operating income
    25,542       172.4       35,552       39.2  
Income before income taxes
    27,083       161.0       38,738       43.0  
Net income
    18,825       544.9       34,440       82.9  
Net income per share (Yen)
      130.86               239.59        
Employees
      8,647               8,550        
 
                                                 
 
    Yen (millions)  
    For the year     For the six     For the year  
    ended     months ended     ending  
    March 31, 2005     September 30, 2005     March 31, 2006  
    (Results)     (Results)     (Forecast)  
    (Amount)     (%)     (Amount)     (%)     (Amount)     (%)  
Net sales
    194,737       5.8       106,649       9.5       220,000       13.0  
Domestic
    39,379       0.6       20,029       5.3       41,600       5.6  
Overseas
    155,358       7.2       86,620       10.5       178,400       14.8  
Operating income (Note 2)
    31,398       113.6       25,897       33.1       42,000       33.8  
Income before income taxes (Note 2)
    32,618       101.7       26,504       31.0       45,000       38.0  
Net income (Note 2)
    22,136       187.8       25,807       99.2       39,000       76.2  
Net income per share (Yen) (Note 2)
      153.89               179.52               271.37        
Employees
      8,560               8,557                      
 
   Notes:   
1. The table above shows the change in the percentage ratio of Net sales, Operating income, Income before income taxes, and Net income against the corresponding period of the previous year.
 
2. After taking account of the special factors mentioned on page 3, the forecasts for Operating income, Income before income taxes, Net income, and Net income per share are as follows:
         
Operating income for the year ending March 31, 2006:
  33.5 billion yen
Income before income taxes for the year ending March 31, 2006:
  34.0 billion yen
Net income for the year ending March 31, 2006:
  25.6 billion yen
Net income per share for the year ending March 31, 2006:
  Approximately 178 yen

 

         

    10  
English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese Language


Table of Contents

(MAKITA LOGO)

2. Consolidated net sales by geographic area
                                                                 
   
    Yen (millions)  
    For the nine     For the nine     For the year     For the six  
    months ended     months ended     ended     months ended  
    December 31, 2004     December 31, 2005     March 31, 2005     September 30, 2005  
    (Results)     (Results)     (Results)     (Results)  
    (Amount)     (%)     (Amount)     (%)     (Amount)     (%)     (Amount)     (%)  
Japan
    28,623       (0.2 )     29,827       4.2       39,379       0.6       20,029       5.3  
North America
    28,579       (9.9 )     34,572       21.0       38,490       (8.0 )     20,648       4.8  
Europe
    54,984       13.2       65,038       18.3       75,263       13.4       41,802       14.8  
Asia
    12,605       25.1       12,696       0.7       16,341       14.7       8,472       (9.1 )
Other regions
    18,950       15.7       23,640       24.7       25,264       12.2       15,698       21.0  
Total
    143,741       6.1       165,773       15.3       194,737       5.8       106,649       9.5  
 
    Note: The table above sets forth Makita’s consolidated net sales by geographic area based on customers location for the periods presented.
3. Exchange rates
                 
   
    Yen  
    For the nine     For the nine  
    months ended     months ended  
    December 31, 2004     December 31, 2005  
    (Results)     (Results)  
Yen/U.S. Dollar
    108.52            112.11       
Yen/Euro
    134.57            136.88       
 
                         
   
    Yen  
    For the year     For the six     For the year  
    ended     months ended     ending  
    March 31, 2005     September 30, 2005     March 31, 2006  
    (Results)     (Results)     (Forecast)  
Yen/U.S. Dollar
    107.55            109.52            113        
Yen/Euro
    135.17            135.61            137        
 
4. Sales growth in local basis
     (major countries)
         
   
    For the nine
    months ended
    December 31, 2005
    (Results)
U.S.A.
    18.3 %
Germany
    14.2 %
U.K
    7.8 %
France
    20.2 %
China
    5.6 %
Australia
    (5.4 %)
 

 

         

    11  
English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese Language


Table of Contents

(MAKITA LOGO)

5. Production ratio (unit basis)

                                 
 
    For the nine     For the nine     For the year     For the six  
    months ended     months ended     ended     months ended  
    December 31, 2005   December 31, 2005   March 31, 2005   September 30, 2005
    (Results)     (Results)     (Results)     (Results)  
Domestic
    29.3%       29.8%       28.4%       28.9%  
Overseas
    70.7%       70.2%       71.6%       71.1%  
 

6. Consolidated capital expenditures, depreciation and amortization, and R&D cost

                 
   
    Yen (millions)  
    For the nine     For the nine  
    months ended     months ended  
    December 31, 2004   December 31, 2005
    (Results)     (Results)  
Capital expenditures
    4,376       7,931  
Depreciation and amortization
    3,954       4,201  
R&D cost
    3,076       3,273  
 
                         
   
    Yen (millions)  
    For the year     For the six     For the year  
    ended     months ended     ending  
    March 31, 2005   September 30, 2005     March 31, 2006  
    (Results)     (Results)     (Forecast)  
Capital expenditures
    6,655       4,856       11,800  
Depreciation and amortization
    5,381       2,658       5,400  
R&D cost
    4,085       2,148       4,300  
 
7. Consolidated cash flow
                                 
   
    Yen (millions)  
    For the nine     For the nine     For the year     For the six  
    months ended     months ended     ended     months ended  
    December 31, 2004     December 31, 2005     March 31, 2005     September 30, 2005  
    (Results)     (Results)     (Results)     (Results)  
Net cash provided by operating activities
    11,957       16,770       16,842       9,349  
Net cash provided by (used in) investing activities
    (8,722)       6,320       154       6,176  
Net cash used in financing activities
    (2,804)       (17,957)       (16,177)       (14,540)  
 

         

    12  
English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese Language