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, 2010

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  x       Form 40-F  o

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):  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  x

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.

Date: January 29, 2010

Makita Corporation

Consolidated Financial Results
for the nine months
ended December 31, 2009
(U.S. GAAP Financial Information)

(English translation of “KESSAN TANSHIN”

originally issued in Japanese)

CONSOLIDATED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2009 (Unaudited)

January 29, 2010

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, 2009 (From April 1, 2009 to December 31, 2009)

(1) CONSOLIDATED OPERATING RESULTS

		Yen (millions)
		For the nine months ended								For the nine months ended
		December 31, 2008								December 31, 2009
						%								%
Net sales			238,975				(7.2	)			181,794				(23.9	)
Operating income			45,915				(10.4	)			23,530				(48.8	)
Income before income taxes			42,247				(18.9	)			26,397				(37.5	)
Net income attributable to Makita Corporation			31,084				(14.2	)			16,917				(45.6	)
Earning per share (Basic)	Yen
net income attributable to
Makita Corporation common shareholders			220.81								122.80

Notes:

1.		Amounts of less than one million yen have been rounded.
2.		The table above shows the changes in the percentage ratio of net sales, operating income, income before income taxes, and net income attributable to Makita Corporation against the corresponding period of the previous year.
3.		Certain reclassifications have been made to the previous years’ consolidated financial statements to conform with the presentation used for the nine months ended December 31, 2009. The meaning of “Net income attributable to Makita Corporation” is the same as the former “Net income”.

(2) SELECTED CONSOLIDATED FINANCIAL POSITION DATA

		Yen (millions)
		As of March 31, 2009												As of December 31, 2009
Total assets			336,644												343,905
Shareholders’ equity			283,485												292,659
Shareholders’ equity ratio to total assets (%)			84.2%												85.1%
		Yen
Shareholders’ equity per share			2,057.76												2,124.39

Note: The meaning of “Shareholders’ equity” is the same as the “Total Makita Corporation shareholders’ equity”.

2. Cash dividend Information

Yen

For the year ended

For the year ending

March 31, 2009

March 31, 2010

Cash dividend per share:

Interim

30.00

15.00

Year-end

50.00

(Note)

Total

80.00

(Note)

Notes:

While the Company has set forth under the Articles of Corporation of the Company that the record date for the payment of dividend shall be the last day of a relevant period, at the present time, the projected amount of dividends as of the said record date 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, 2010 (From April 1, 2009 to March 31, 2010)

		Yen (millions)
		For the year ending March 31, 2010
							%
Net sales			242,000				(17.7	)
Operating income			30,000				(40.1	)
Income before income taxes			33,000				(25.7	)
Net income attributable to Makita Corporation			21,000				(36.9	)
Earning per share (Basic)		Yen
net income attributable to
Makita Corporation common shareholders		152.44

Notes:

1.		The consolidated financial forecast announced on October 27, 2009 for the year ending March 31, 2010 has been revised.
2.		For details, refer to [Qualitative Information and Financial Statements] section 3 “Qualitative information on consolidated financial performance forecast” on page 4.
3.		The meaning of “Net income attributable to Makita Corporation” is the same as the former “Net income”.

4. Other

(1)		Changes in important subsidiaries during the period (Changes in specific subsidiaries accompanied by changes in scope of consolidation): None
(2)		Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly consolidated financial statements: Refer to [Qualitative Information and Financial Statements] section 4 “Other” on page 4.
(3)		Changes in principles, procedures and representation of the accounting policies concerning quarterly consolidated financial statements preparation: Refer to [Qualitative Information and Financial Statements] section 4 “Other” on page 4.
(4)		Number of shares outstanding (common stock)

1. Number of shares issued (including treasury stock):		As of December 31, 2009:			140,008,760
		As of March 31, 2009:			140,008,760
2. Number of treasury stock:		As of December 31, 2009:			2,247,310
		As of March 31, 2009:			2,244,755
3. Average number of shares outstanding:		For the nine months ended December 31, 2009:			137,762,402
		For the nine months ended December 31, 2008:			140,769,752

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

1.		The consolidated financial forecast for the year ending March 31, 2010 has been revised. 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 2010 for a report on earnings for the year ending March 31, 2010. 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 2010.
		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

   During the nine months (the “period”) ended December 31, 2009, in Japan and the United States, investment in construction of housing and other buildings remained weak, and economic condition remained severe, while some signs of early recovery were observed in emerging countries such as China and Brazil.

   Under these circumstances, Makita’s consolidated net sales for the period decreased by 23.9% to 181,794 million yen, compared with the same period of the previous year, mainly due to the decline in demand caused by the world recession and an unfavorable impact of the stronger yen against other currencies. Profit was affected by the decline in the rate of operation of our production sites. This decline resulted from the reduction of production volume carried out in response to the decrease in demand. As a result, the gross margin decreased. Selling, general and administrative expenses decreased by only 15.4% compared with the same period of the previous year despite our group-wide cost reduction efforts. Consequently, operating income decreased by 48.8% to 23,530 million yen (operating income ratio: 12.9%). Income before income taxes decreased by 37.5% to 26,397million yen (income before income taxes ratio: 14.5%). Net income attributable to Makita Corporation decreased by 45.6% to 16,917 million yen (net income attributable to Makita Corporation ratio: 9.3%).

   Net sales by region are as follows:

   Net sales in Japan decreased by 12.3% to 30,875 million yen compared with the same period of the previous year, mainly due to the remained sluggish condition in housing investments.

   Net sales in Europe decreased by 28.6% to 80,208 million yen. This decrease was mainly because the construction demand remained low in U.K. and countries in Eastern Europe, while demands were steady in Germany and France.

   Net sales in North America decreased by 22.8% to 26,823 million yen. Strong sales achieved in the United States during the Christmas season mainly in home improvement retailer could not cover the decline recorded in the first six months of the current fiscal year.

   Net sales in Asia decreased by 28.0% to 12,895 million yen. Although the construction demand has been recovering in China, the demand has not recovered in some countries in Southeast Asia.

   In Central and South America and Oceania, the demand was robust in Brazil and Australia, the hubs of the regional economy. However, since the value of their local currencies decreased against yen, net sales decreased by 16.7% to 11,821 million yen in Central and South America and by 9.6% to 10,048 million yen in Oceania. Net sales in the Middle East and Africa decreased by 32.6% to 9,124 million yen mainly due to the remained sluggish condition in construction investments.

2. Qualitative Information on Consolidated Financial Position

   The total assets as of December 31, 2009 increased by 7,261 million yen to 343,905 million yen compared with that as of March 31, 2009. The increase was mainly due to the increases in “Cash and cash equivalents” and other financial assets, while “Inventories” decreased resulting from the reduction of production volume.

   The total liabilities as of December 31, 2009 decreased by 2,173 million yen to 48,725 million yen, compared with that as of March 31, 2009. The major reason for this decrease was the decrease in “Accrued payroll”.

   Total equity as of December 31, 2009 increased by 9,434 million yen to 295,180 million yen, compared with that as of March 31, 2009. The principal factor for this increase was the increase in “Retained earnings”.

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

3. Qualitative Information on Consolidated Financial Performance Forecast

   The European market, which accounts for more than 40% of the consolidated net sales, has shown signs of modest recovery. During the second half of this fiscal year, the demand in the North America market has risen gradually compared with our previously forecast. Accordingly, it is expected that net sales exceeding the forecast will be recorded.

   Since the operating rates of our production sites have increased in line with the recovery of demand, resulting in the decreasing cost of sales ratio, it is expected that profits will also improve. Accordingly, the forecasts of consolidated performance for the fiscal year ending March 2010 announced on October 27, 2009 are revised as follows:

Revised Forecast for consolidated performance during the fiscal 2010 (from April 1, 2009 to March 31, 2010)

 

		Yen (millions)																Yen
																		Earning per share
																		(Basic) net
																		income
																		attributable to
														Net income				Makita
										Income				attributable				Corporation
						Operating				before				to Makita				common
		Net sales				income				income taxes				Corporation				shareholders
Outlook announced previously (A)			230,000				26,000				28,000				16,700				121.22
Revised forecast (B)			242,000				30,000				33,000				21,000				152.44
Change (B-A)			12,000				4,000				5,000				4,300				—
Percentage revision			5.2%				15.4%				17.9%				25.7%				—
Actual results for the previous year ended March 31, 2009			294,034				50,075				44,443				33,286				236.88

   The above forecast is based on the assumption of exchange rates of 90 yen to the U.S. dollar and 130 yen to the euro for the fourth quarter of the fiscal year.

   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 specific subsidiaries accompanied by changes in scope of consolidation): 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 expenses 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 principle, procedure and presentation of the accounting policies concerning quarterly consolidated financial statements preparation:
		Starting with this fiscal year beginning April 1, 2009, the Company has adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) 810, “Consolidation” (former Statement of Financial Accounting Standards (“SFAS”) No.160, “Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No.51”). This statement establishes new accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Specifically, this statement requires the recognition of noncontrolling interests (minority interests) as equity in the consolidated financial statements. The amount of net income attributable to noncontrolling interests is now included in consolidated net income on the face of the consolidated income statement.
		This statement also establishes disclosure requirements that clearly identify and distinguish between the interests of the parent and the interests of the noncontrolling owners. The adoption did not give rise to any material effect on the Company’s consolidated results of operations and financial position. These financial statements presentation requirements have been adopted retrospectively and previous year amounts in the consolidated financial statements have been reclassified or adjusted to conform to this statement.

			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, 2009								As of December 31, 2009
		Composition ratio								Composition ratio
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			34,215								55,075
Time deposits			2,623								8,446
Marketable securities			29,470								33,460
Trade receivables-
Notes			2,611								2,807
Accounts			43,078								42,280
Less- Allowance for doubtful receivables			(1,129	)							(1,036	)
Inventories			111,002								90,296
Deferred income taxes			7,264								5,669
Prepaid expenses and other current assets			11,269								8,285
Total current assets			240,403				71.4	%			245,282				71.3	%
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land			18,173								19,301
Buildings and improvements			65,223								71,172
Machinery and equipment			74,458								75,537
Construction in progress			4,516								1,641
			162,370								167,651
Less- Accumulated depreciation			(89,674	)							(93,014	)
Total net property, plant and equipment			72,696				21.6	%			74,637				21.7	%
INVESTMENTS AND OTHER ASSETS:
Investment securities			11,290								12,557
Goodwill			1,987								1,976
Other intangible assets, net			2,280								4,731
Deferred income taxes			5,050								4,019
Other assets			2,938								703
Total investments and other assets			23,545				7.0	%			23,986				7.0	%
Total assets			336,644				100.0	%			343,905				100.0	%

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

		Yen (millions)
		As of March 31, 2009								As of December 31, 2009
		Composition ratio								Composition ratio
LIABILITIES
CURRENT LIABILITIES:
Short-term borrowings			239								409
Trade notes and accounts payable			14,820								13,937
Other payables			4,397								4,968
Accrued expenses			5,642								5,492
Accrued payroll			7,361								5,954
Income taxes payable			2,772								2,008
Deferred income taxes			50								81
Other liabilities			5,536								5,502
Total current liabilities			40,817				12.1	%			38,351				11.2	%
LONG-TERM LIABILITIES:
Long-term indebtedness			818								558
Accrued retirement and termination benefits			7,116								5,913
Deferred income taxes			548								840
Other liabilities			1,599								3,063
Total long-term liabilities			10,081				3.0	%			10,374				3.0	%
Total liabilities			50,898				15.1	%			48,725				14.2	%
EQUITY
MAKITA CORPORATION SHAREHOLDERS’ EQUITY:
Common stock			23,805								23,805
Additional paid-in capital			45,420								45,420
Legal reserve			5,669								5,669
Retained earnings			257,487								265,449
Accumulated other comprehensive income (loss)			(42,461	)							(41,243	)
Treasury stock, at cost			(6,435	)							(6,441	)
Total Makita Corporation shareholders’ equity			283,485				84.2	%			292,659				85.1	%
NONCONTROLLING INTEREST			2,261				0.7	%			2,521				0.7	%
Total equity			285,746				84.9	%			295,180				85.8	%
Total liabilities and equity			336,644				100.0	%			343,905				100.0	%

		As of March 31, 2009				As of December 31, 2009
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)			137,764,005				137,761,450
Number of treasury stock			2,244,755				2,247,310

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

(2) Consolidated Statements of Income

		Yen (millions)
		For the nine months ended December 31, 2008								For the nine months ended December 31, 2009
		Composition ratio								Composition ratio
NET SALES			238,975				100.0	%			181,794				100.0	%
Cost of sales			136,805				57.2	%			110,662				60.9	%
GROSS PROFIT			102,170				42.8	%			71,132				39.1	%
Selling general and administrative expenses			56,255				23.6	%			47,602				26.2	%
OPERATING INCOME			45,915				19.2	%			23,530				12.9	%
OTHER INCOME (EXPENSES):
Interest and dividend income			1,429								671
Interest expense			(230	)							(62	)
Exchange gains (losses) on foreign currency transactions, net			(2,741	)							2,110
Realized gains (losses) on securities, net			(2,126	)							148
Total			(3,668	)			(1.5	)%			2,867				1.6	%
INCOME BEFORE INCOME TAXES			42,247				17.7	%			26,397				14.5	%
PROVISION FOR INCOME TAXES:
Current			10,254								7,235
Deferred			524								2,012
Total			10,778				4.5	%			9,247				5.1	%
NET INCOME			31,469				13.2	%			17,150				9.4	%
Less: Net income attributable to the noncontrolling interest			(385	)			(0.2	)%			(233	)			(0.1	)%
NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION			31,084				13.0	%			16,917				9.3	%

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

(3) Consolidated Statements of Shareholders’ Equity and Comprehensive Income (Loss)		Yen (millions)

For the nine months ended December 31, 2008
		Total equity				Makita Corpo- ration share- holders’ equity				Common stock				Additional paid-in capital				Legal reserve				Retained earnings				Accumulated other comprehensive income (loss)				Treasury stock				Non- controlling interest
Beginning balance			319,014				316,498				23,805				45,753				5,669				249,191				(7,657	)			(263	)			2,516
Comprehensive income
Net income			31,469				31,084																31,084												385
Foreign currency translation adjustment			(32,644	)			(32,154	)																			(32,154	)							(490	)
Unrealized holding gains (losses) on available-for-sale securities			(3,240	)			(3,240	)																			(3,240	)
Pension liability adjustment			(15	)			(15	)																			(15	)
Comprehensive income (Loss)			(4,430	)			(4,325	)																											(105	)
Cash dividends			(14,090	)			(13,855	)															(13,855	)											(235	)
Purchases and disposal of treasury stock, net			(17,637	)			(17,637	)							(4	)															(17,633	)
Ending balance			282,857				280,681				23,805				45,749				5,669				266,420				(43,066	)			(17,896	)			2,176

For the nine months ended December 31, 2009
						Makita
						Corpo-
		Total equity				ration share- holders’ equity				Common stock				Additional paid-in capital				Legal reserve				Retained earnings				Accumulated other comprehensive income (loss)				Treasury stock				Non- controlling interest
Beginning balance			285,746				283,485				23,805				45,420				5,669				257,487				(42,461	)			(6,435	)			2,261
Comprehensive income
Net income			17,150				16,917																16,917												233
Foreign currency translation adjustment			(334	)			(377	)																			(377	)							43
Unrealized holding gains (losses) on available-for-sale securities			1,607				1,607																				1,607
Pension liability adjustment			(12	)			(12	)																			(12	)
Comprehensive income (Loss)			18,411				18,135																												276
Cash dividends			(9,152	)			(8,955	)															(8,955	)											(197	)
Capital transactions and other			181																																181
Purchases and disposal of treasury stock, net			(6	)			(6	)																							(6	)
Ending balance			295,180				292,659				23,805				45,420				5,669				265,449				(41,243	)			(6,441	)			2,521

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English translation of “KESSAN TANSHIN” originally issued in Japanese

(4) Condensed Consolidated Statements of Cash Flows

		Yen (millions)
		For the nine				For the nine
		months ended				months ended
		December 31, 2008				December 31, 2009
Net cash provided by operating activities			19,722				46,950
Net cash used in investing activities			(1,006	)			(14,721	)
Net cash used in financing activities			(32,645	)			(9,109	)
Effect of exchange rate changes on cash and cash equivalents			(1,263	)			(2,260	)
Net change in cash and cash equivalents			(15,192	)			20,860
Cash and cash equivalents, beginning of period			46,306				34,215
Cash and cash equivalents, end of period			31,114				55,075

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

(6) Condensed Operating Segment Information

		Yen (millions)
		For the nine months ended December 31, 2008
		Japan				Europe				North America				Asia				Other				Total				Corporate and elimi- nations				Consoli- dated
Sales:
(1) External customers			49,229				112,148				34,962				8,380				34,256				238,975				-				238,975
(2) Inter-segment			45,992				3,576				3,793				71,161				105				124,627				(124,627)				-
Total			95,221				115,724				38,755				79,541				34,361				363,602				(124,627)				238,975
Operating expenses			85,990				96,940				37,694				69,793				29,455				319,872				(126,812)				193,060
Operating income (loss)			9,231				18,784				1,061				9,748				4,906				43,730				2,185				45,915

		Yen (millions)
		For the nine months ended December 31, 2009
		Japan				Europe				North America				Asia				Other				Total				Corporate and elimi- nations				Consoli- dated
Sales:
(1) External customers			39,659				80,535				26,785				6,619				28,196				181,794				-				181,794
(2) Inter-segment			22,698				2,035				1,314				39,797				56				65,900				(65,900)				-
Total			62,357				82,570				28,099				46,416				28,252				247,694				(65,900)				181,794
Operating expenses			63,586				72,637				27,787				40,099				26,300				230,409				(72,145)				158,264
Operating income (loss)			(1,229)				9,933				312				6,317				1,952				17,285				6,245				23,530

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

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English translation of “KESSAN TANSHIN” originally issued in Japanese

SUPPLEMENTAL INFORMATION (CONSOLIDATED)

1. Consolidated Financial Results and Forecast

		Yen (millions)
		For the nine								For the nine
		months ended								months ended
		December 31, 2008								December 31, 2009
							(	%)		(%)
Net sales			238,975				(7.2	)			181,794				(23.9	)
Domestic			35,220				(7.9	)			30,875				(12.3	)
Overseas			203,755				(7.1	)			150,919				(25.9	)
Operating income			45,915				(10.4	)			23,530				(48.8	)
Income before income taxes			42,247				(18.9	)			26,397				(37.5	)
Net income attributable to Makita Corporation			31,084				(14.2	)			16,917				(45.6	)
Earning per share (Basic) net income attributable to Makita Corporation common shareholders (Yen)		220.81								122.80
Employees		10,675								10,012

		Yen (millions)
		For the year ended March 31, 2009								For the six months ended September 30, 2009								For the year ending March 31, 2010 (Forecast)
		(%)								(%)								(%)
Net sales			294,034				(14.2	)			118,681				(32.4	)			242,000				(17.7	)
Domestic			46,222				(11.4	)			20,831				(14.6	)			41,100				(11.1	)
Overseas			247,812				(14.7	)			97,850				(35.3	)			200,900				(18.9	)
Operating income			50,075				(25.3	)			14,866				(58.8	)			30,000				(40.1	)
Income before income taxes			44,443				(32.9	)			17,271				(50.2	)			33,000				(25.7	)
Net income attributable to Makita Corporation			33,286				(27.7	)			10,622				(57.3	)			21,000				(36.9	)
Earning per share (Basic) net income attributable to Makita Corporation common shareholders (Yen)		236.88								77.10								152.44
Employees		10,412								10,131								-

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.		Certain reclassifications have been made to the previous years’ consolidated financial statements to conform with the presentation used for the nine months ended December 31, 2009. The meaning of “Net income attributable to Makita Corporation” is the same as the former “Net income”.

			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, 2008								For the nine months ended December 31, 2009								For the year ended March 31, 2009								For the six months ended September 30, 2009
		(%						)		(%						)		(%						)		(%						)
Japan			35,220				(7.9	)			30,875				(12.3	)			46,222				(11.4	)			20,831				(14.6	)
Europe			112,267				(6.3	)			80,208				(28.6	)			137,113				(14.5	)			51,652				(37.9	)
North America			34,730				(20.6	)			26,823				(22.8	)			42,289				(25.0	)			17,789				(31.1	)
Asia			17,903				7.3				12,895				(28.0	)			21,995				(2.8	)			8,620				(34.5	)
Other regions			38,855				(0.5	)			30,993				(20.2	)			46,415				(8.9	)			19,789				(31.9	)
Central and South America			14,199				11.3				11,821				(16.7	)			16,738				(0.2	)			7,398				(30.1	)
Oceania			11,112				(9.9	)			10,048				(9.6	)			13,211				(14.9	)			6,533				(23.2	)
The Middle East and Africa			13,544				(3.0	)			9,124				(32.6	)			16,466				(11.9	)			5,858				(41.2	)
Total			238,975				(7.2	)			181,794				(23.9	)			294,034				(14.2	)			118,681				(32.4	)