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 October, 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: October 31, 2012

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Makita Corporation

Consolidated Financial Results

for the six months

ended September 30, 2012

(U.S. GAAP Financial Information)

(English translation of “KESSAN TANSHIN”

originally issued in Japanese)

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CONSOLIDATED FINANCIAL RESULTS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2012 (Unaudited)

October 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 six months ended September 30, 2012 (From April 1, 2012 to September 30, 2012)

(1) CONSOLIDATED OPERATING RESULTS

		Yen (millions)
		For the six months ended     September 30,  2011										For the six months ended     September  30, 2012
						%										%
Net sales			153,036				14.4						151,232				(1.2	)
Operating income			26,953				23.4						24,030				(10.8	)
Income before income taxes			24,514				12.7						22,693				(7.4	)
Net income attributable to Makita Corporation			17,104				13.1						15,874				(7.2	)
Comprehensive income (loss)			(1,556)				—						995				—
		Yen
Earning per share (Basic)
Net income attributable to Makita Corporation common shareholders			124.16										116.94

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 September 30, 2012
Total assets			383,256						369,241
Total equity			323,778						316,926
Total Makita Corporation shareholders’ equity			321,253						314,693
Total Makita Corporation shareholders’ equity ratio to total assets (%)			83.8%						85.2%
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

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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			288,000				(2.6	)
Operating income			41,500				(14.5	)
Income before income taxes			40,200				(14.4	)
Net income attributable to Makita Corporation			27,400				(15.7	)
		Yen
Earning per share (Basic)
Net income attributable to Makita Corporation common shareholders			201.84

Note: The consolidated financial forecast for the year ending March 31, 2013 has been revised.

4. Other

(Refer to [Qualitative Information and Financial Statements] Section 4 “Other” on page 5.)

(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)

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. 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 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

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[Qualitative Information and Financial Statements]

1. Qualitative Information on Consolidated Operating Results

Looking at the global economic situation during the first six-month period of the fiscal year ending March 31, 2013, European economy remained stagnating, because no clue to help solve the financial crisis in the region has been found. However, the Russian economy was still solid due to the continuing high level of crude oil prices. In the United States, the economic recovery remained moderate, though the housing market showed some signs of recovery. In Asia, the Chinese economic growth was at a low level and furthermore, there were signs of economic slowdown in Southeast Asia, where the economy had been expanded being led by exports. In Japan, the economic recovery lost momentum due to the deterioration of export environment, though demand for reconstruction from the Great East Japan Earthquake supported the economy.

Under these circumstances, in development side, Makita added a multi tool that enables the user to cut, remove and sand materials with one tool to the product lineup of lithium-ion battery products and expanded product lines with the right combination of affordability, functions and durability that meet needs in emerging countries. In production side, our plant in Thailand, which is the second production base in Asia following China, commenced operations from July 2012. The new plant enabled us to shorten the lead time for products to be sold in Southeast Asian countries and flexibly and promptly respond to the market demand. In sales side, we rebuilt the buildings of Fukuoka branch in Japan and sales subsidiary in Taiwan to meet diversified needs. Through such steps, we strove harder to maintain and improve our sales and after-sales services proximate to the customers.

Our consolidated net sales for this period decreased by 1.2% to 151,232 million yen compared to the same period of the previous year. This was because the growth of global economy slowed down and the yen became stronger against euro compared to the same period in the previous year resulting in the drop in net sales when translated into Japanese yen, although sales were solid in Japan. As for incomes, our operating income decreased by 10.8% from the previous year to 24,030 million yen (operating income ratio 15.9%) mainly due to the rises in the ratio of cost of sales from 60.6% for the same period of the previous year to 62.2% for this period by 1.6 points as a result of the decline in capacity utilization at the plant. On the other hand, non-operating losses decreased by 1,102 million yen from the previous year due to the reductions in “Exchange losses on foreign currency transactions” and “Realized losses on securities”. Meanwhile, income before income taxes showed a decrease of 7.4% from the previous year to 22,693 million yen (income before income taxes ratio 15.0%) and net income attributable to Makita Corporation decreased by 7.2% from the previous year to 15,874 million yen (net income attributable to Makita Corporation ratio 10.5%).

Net sales by region are as follows:

Net sales in Japan increased by 7.6% to 27,189 million yen compared to the same period of the previous year. This was because sales continued steady thanks to expanded product lineup of lithium-ion battery products, mainly impact drivers.

Net sales in Europe decreased by 4.5% to 61,688 million yen compared to the same period of the previous year. This was due to sales in Western Europe declined because of the effects of the financial uncertainty and a sharp appreciation of the yen against the euro from a year earlier, though sales to Russia continued to be robust.

Net sales in North America decreased by 2.1% from a year earlier to 19,400 million yen, because the U.S. economic recovery remained moderate, although we strived to expand the sales of cordless tools with lithium-ion battery.

Net sales in Asia increased by 0.8% from a year earlier to 14,246 million yen, because sales stalled in China, although demands were strong in Southeast Asian countries.

Sales situation in other regions are as follows: Net sales in Central and South America decreased by 12.8% from a year earlier to 11,005 million yen, because demand was on the wane and local currencies depreciated; Net sales in Oceania dropped by 3.8% from a year earlier to 9,225 million yen. Meanwhile, net sales in the Middle East and Africa increased by 21.0% from a year earlier to 8,479 million yen, because construction investment was steady on the backdrop of higher crude oil prices.

 

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

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2. Qualitative Information on Consolidated Financial Position

Total assets as of September 30, 2012 decreased by 14,015 million yen to 369,241 million yen compared to the balance as of March 31, 2012. The decrease was mainly due to a decline in inventories resulted from the currency translation loss into the Japanese yen due to the yen’s appreciation.

Total liabilities as of September 30, 2012 decreased by 7,163 million yen to 52,315 million yen compared to the balance as of March 31, 2012. The decrease was mainly due to the decrease in “Trade notes and accounts payable” resulting from decrease of purchase and “Income taxes payable” resulting from payment of tax.

Total equity as of September 30, 2012 decreased by 6,852 million yen to 316,926 million yen compared to the balance as of March 31, 2012. The decrease was mainly due to a change in foreign currency translation adjustment because the yen remained stronger against other currencies compared to March 31, 2012.

3. Qualitative Information on Consolidated Financial Performance Forecast

We expect the global economy will remain lackluster and business conditions continue to be tough in the third quarter and onwards. We, however, revise our consolidated financial forecast for the full year since our performance for the first six-month period of the current fiscal year was better than our previous forecast announced on July 31, 2012.

Revised Forecast 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 (Basic) Net income attributable to Makita Corporation common shareholders
Outlook announced previously (A)			280,000				38,000				35,000				24,000				176.80
Revised forecast (B)			288,000				41,500				40,200				27,400				201.84
Changes (B-A)			8,000				3,500				5,200				3,400				—
Percentage revision			2.9%				9.2%				14.9%				14.2%				—
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 77 yen to the U.S. dollar and 98 yen to the euro for the six months period ending March 31, 2013.

The above forecast is based on the assumption of exchange rates of 78 yen to the U.S. dollar and 99 yen to the euro for the year ending March 31, 2013.

(Reference) Our previous exchange rates that we announced on July 31, 2012 were 79 yen to the U.S. dollar and 95 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
English translation of “KESSAN TANSHIN” originally issued in Japanese

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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, the Company 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. ASU2011-05 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. The Company adopted ASU2011-05 since the first quarter of this fiscal year beginning April 1, 2012. This adoption did not have an impact on the Company’s financial position and results of operations.

 

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

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5. Consolidated Financial Statements (Unaudited)

(1) Consolidated Balance Sheets

		Yen (millions)
		As of March 31, 2012								As of September 30, 2012
			Composition ratio								Composition ratio
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			44,812								52,466
Time deposits			13,504								6,382
Short-term investments			25,125								28,326
Trade receivables-
Notes			1,769								1,555
Accounts			48,445								48,161
Less- Allowance for doubtful receivables			(753	)							(710	)
Inventories			129,571								117,611
Deferred income taxes			5,898								5,766
Prepaid expenses and other current assets			8,392								8,304
Total current assets			276,763				72.2%				267,861				72.5%
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land			20,498								19,881
Buildings and improvements			73,332								74,360
Machinery and equipment			75,460								73,930
Construction in progress			6,594								4,495
			175,884								172,666
Less- Accumulated depreciation			(98,146	)							(97,999	)
Total net property, plant and equipment			77,738				20.3%				74,667				20.2%
INVESTMENTS AND OTHER ASSETS:
Investments			19,154								15,871
Goodwill			721								721
Other intangible assets, net			4,515								4,424
Deferred income taxes			853								1,175
Other assets			3,512								4,522
Total investments and other assets			28,755				7.5%				26,713				7.3%
Total assets			383,256				100.0%				369,241				100.0%

 

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

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		Yen (millions)
		As of March 31, 2012								As of September 30, 2012
		Composition ratio								Composition ratio
LIABILITIES
CURRENT LIABILITIES:
Short-term borrowings			2,351								1,801
Trade notes and accounts payable			21,822								17,942
Other payables			4,313								4,657
Accrued expenses			6,314								5,556
Accrued payroll			7,803								7,643
Income taxes payable			5,293								3,643
Deferred income taxes			125								90
Other current liabilities			5,697								5,456
Total current liabilities			53,718				14.0%				46,788				12.7%
LONG-TERM LIABILITIES:
Long-term indebtedness			12								11
Accrued retirement and termination benefits			3,027								2,854
Deferred income taxes			130								108
Other liabilities			2,591								2,554
Total long-term liabilities			5,760				1.5%				5,527				1.5%
Total liabilities			59,478				15.5%				52,315				14.2%
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								325,073
Accumulated other comprehensive income (loss)			(59,066	)							(73,755	)
Treasury stock, at cost			(11,513	)							(11,520	)
Total Makita Corporation shareholders’ equity			321,253				83.8%				314,693				85.2%
NONCONTROLLING INTEREST			2,525				0.7%				2,233				0.6%
Total equity			323,778				84.5%				316,926				85.8%
Total liabilities and equity			383,256				100.0%				369,241				100.0%

 

		As of March 31, 2012						As of September 30, 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)			137,750,518						135,747,745
Number of treasury stock			4,258,242						4,261,015

 

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

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(2) Consolidated Statements of Income

 

		Yen (millions)
		For the six months ended September 30, 2011								For the six months ended September 30, 2012
		Composition ratio								Composition ratio
NET SALES			153,036				100.0%				151,232				100.0%
Cost of sales			92,701				60.6%				94,136				62.2%
GROSS PROFIT			60,335				39.4%				57,096				37.8%
Selling, general, administrative and other, net			33,382				21.8%				33,066				21.9%
OPERATING INCOME			26,953				17.6%				24,030				15.9%
OTHER INCOME (EXPENSES):
Interest and dividend income			723								770
Interest expense			(95	)							(115	)
Exchange gains (losses) on foreign currency transactions, net			(2,465	)							(1,708	)
Realized gains (losses) on securities, net			(602	)							(284	)
Total			(2,439	)			(1.6)%				(1,337	)			(0.9)%
INCOME BEFORE INCOME TAXES			24,514				16.0%				22,693				15.0%
PROVISION FOR INCOME TAXES:
Current			7,459								6,808
Deferred			(189	)							(7	)
Total			7,270				4.7%				6,801				4.5%
NET INCOME			17,244				11.3%				15,892				10.5%
Less: Net income attributable to the noncontrolling interest			140				0.1%				18				0.0%
NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION			17,104				11.2%				15,874				10.5%

 

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

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Consolidated Statements of Comprehensive Income

 

		Yen (millions)
		For the six months ended September 30, 2011				For the six months ended September 30, 2012
NET INCOME			17,244				15,892
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment			(18,193	)			(13,983	)
Unrealized holding gains (losses) on available-for- sale securities			(678	)			(1,036	)
Pension liability adjustment			71				122
Total			(18,800	)			(14,897	)
COMPREHENSIVE INCOME (LOSS)			(1,556	)			995
Less: Comprehensive income (loss) attributable to the non-controlling interest			(139	)			(190	)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO MAKITA CORPORATION			(1,417	)			1,185

 

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

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(3) Condensed Consolidated Statements of Cash Flows

 

		Yen (millions)
		For the six months ended September 30, 2011						For the six months ended September 30, 2012
Net cash provided by (used in) operating activities			(1,692	)					15,186
Net cash provided by investing activities			4,473						751
Net cash used in financing activities			(5,131	)					(8,103	)
Effect of exchange rate changes on cash and cash equivalents			(839	)					(180	)
Net change in cash and cash equivalents			(3,189	)					7,654
Cash and cash equivalents, beginning of period			51,833						44,812
Cash and cash equivalents, end of period			48,644						52,466

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

(5) Condensed Operating Segment Information

 

			Yen (millions)
		For the six months ended September 30, 2011
		Japan				Europe				North America				Asia				Other area				Total				Elimi- nations				Consoli- dated
Sales:
(1) External customers			35,001				64,618				20,129				6,942				26,346				153,036				—				153,036
(2) Inter-segment			28,291				1,620				1,842				59,093				279				91,125				(91,125	)			—
Total			63,292				66,238				21,971				66,035				26,625				244,161				(91,125	)			153,036
Operating expenses			54,594				58,199				20,595				59,678				22,256				215,322				(89,239	)			126,083
Operating income			8,698				8,039				1,376				6,357				4,369				28,839				(1,886	)			26,953

 

		Yen (millions)
		For the six months ended September 30, 2012
		Japan				Europe				North America				Asia				Other area				Total				Elimi- nations				Consoli- dated
Sales:
(1) External customers			37,497				62,489				19,437				6,387				25,422				151,232				—				151,232
(2) Inter-segment			21,740				1,856				1,184				53,688				22				78,490				(78,490	)			—
Total			59,237				64,345				20,621				60,075				25,444				229,722				(78,490	)			151,232
Operating expenses			52,914				57,584				19,561				53,289				22,182				205,530				(78,328	)			127,202
Operating income			6,323				6,761				1,060				6,786				3,262				24,192				(162	)			24,030

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

 

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

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SUPPORT DOCUMENTATION (CONSOLIDATED)

1. Consolidated Financial Results and Forecast

 

		Yen (millions)
		For the six months ended September 30, 2010								For the six months ended September 30, 2011								For the six months ended September 30, 2012
						(%)								(%)								(%)
Net sales			133,807				12.7				153,036				14.4				151,232				(1.2	)
Domestic			22,182				6.5				25,263				13.9				27,189				7.6
Overseas			111,625				14.1				127,773				14.5				124,043				(2.9	)
Operating income			21,843				46.9				26,953				23.4				24,030				(10.8	)
Income before income taxes			21,751				25.9				24,514				12.7				22,693				(7.4	)
Net income attributable to Makita Corporation			15,122				42.4				17,104				13.1				15,874				(7.2	)
Earning per share (Basic)
Net income attributable to Makita Corporation
common shareholders (Yen)			109.77								124.16								116.94
Cash dividend per share (Yen)			15.00								15.00								15.00
Dividend payout ratio (%)			13.7								12.1								12.8
Number of Employees			11,368								12,177								12,793

 

		Yen (millions)
		For the year ended March 31, 2012								For the year ending March 31, 2013 (Forecast)
						(%)								(%)
Net sales			295,711				8.5				288,000				(2.6)
Domestic			53,175				15.4				54,300				2.1
Overseas			242,536				7.0				233,700				(3.6)
Operating income			48,516				15.8				41,500				(14.5)
Income before income taxes			46,963				9.9				40,200				(14.4)
Net income attributable to Makita Corporation			32,497				8.7				27,400				(15.7)
Earning per share (Basic)
Net income attributable to Makita Corporation common shareholders (Yen)			236.78								201.84
Cash dividend per share (Yen)			72.00								—
Dividend payout ratio (%)			30.4								—
Number of Employees			12,563								—

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.

 

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

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2. Consolidated Net Sales by Geographic Area

 

		Yen (millions)
		For the six months ended September 30, 2010								For the six months ended September 30, 2011								For the six months ended September 30, 2012
						(%)								(%)								(%)
Japan			22,182				6.5				25,263				13.9				27,189				7.6
Europe			57,028				10.4				64,604				13.3				61,688				(4.5	)
North America			18,472				3.8				19,822				7.3				19,400				(2.1	)
Asia			11,388				32.1				14,136				24.1				14,246				0.8
Other regions			24,737				25.0				29,211				18.1				28,709				(1.7	)
Central and South America			9,622				30.1				12,618				31.1				11,005				(12.8	)
Oceania			7,888				20.7				9,586				21.5				9,225				(3.8	)
The Middle East and Africa			7,227				23.4				7,007				(3.0	)			8,479				21.0
Total			133,807				12.7				153,036				14.4				151,232				(1.2	)

 

Note:

The table above sets forth Makita’s consolidated net sales by geographic area based on the customer’s location for the periods presented. Accordingly, it differs from operating segment information on page 10. 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 six months ended September 30, 2010		For the six   months ended   September 30,   2011		For the six     months ended   September 30,   2012		For the six months ending March 31, 2013 (Forecast)		For the year ending March  31, 2013 (Forecast)
Yen/U.S. Dollar		88.89		79.74		79.41		77		78
Yen/Euro		113.80		113.72		100.54		98		99

4. Production Ratio (unit basis)

 

		For the six months ended September 30, 2010		For the six   months ended   September 30,   2011		For the six months ended   September 30,   2012
		Composition ratio		Composition ratio		Composition ratio
Domestic		15.3%		12.6%		11.1%
Overseas		84.7%		87.4%		88.9%

5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost

 

		Yen (millions)
		For the six months ended September 30, 2010		For the six   months ended   September 30,   2011		For the six   months ended   September 30,   2012		For the year ending March 31, 2013 (Forecast)
Capital expenditures		4,855		5,820		4,055		13,000
Depreciation and amortization		3,636		3,474		3,549		7,500
R&D cost		3,549		3,978		4,039		8,500

 

		12
English translation of “KESSAN TANSHIN” originally issued in Japanese