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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, 2005
MAKITA CORPORATION
3-11-8, Sumiyoshi-cho, Anjo City, Aichi Prefecture, Japan
[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
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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.
| MAKITA CORPORATION | |||||
| (Registrant) | |||||
| By: | /s/ Masahiko Goto | ||||
| (Signature) | |||||
| Masahiko Goto President |
|||||
Date: January 28, 2005
Table of Contents
Makita Corporation
Consolidated Financial Results
for the nine months
ended December 31, 2004
(U.S. GAAP Financial Information)
(English translation of “ZAIMU/GYOSEKI NO GAIKYO”
originally issued in the Japanese language)
Table of Contents
CONSOLIDATED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2004
January 28, 2005
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, 2004
(2) Accounting policy changes from the year ended March 31, 2004: None.
(3) Change in scope of consolidation and equity method:
| Consolidation: (Newly included) | Makita General Service Ltd. | (in Japan) |
2. Results of the nine months ended December 31, 2004 (From April 1, 2004 to December 31, 2004)
(1) CONSOLIDATED FINANCIAL RESULTS
| Yen (million) | ||||||||||||||||||||||||
| For the nine months | For the nine months | For the year | ||||||||||||||||||||||
| ended December 31, | ended December 31, | ended March 31, | ||||||||||||||||||||||
| 2003 | 2004 | 2004 | ||||||||||||||||||||||
| % | % | % | ||||||||||||||||||||||
Net sales |
135,432 | 4.1 | 143,741 | 6.1 | 184,117 | 4.8 | ||||||||||||||||||
Operating income |
9,378 | (0.7 | ) | 25,542 | 172.4 | 14,696 | 17.9 | |||||||||||||||||
Income before income taxes |
10,376 | 29.0 | 27,083 | 161.0 | 16,170 | 74.0 | ||||||||||||||||||
Net income |
2,919 | (45.4 | ) | 18,825 | 544.9 | 7,691 | 14.4 | |||||||||||||||||
| Yen |
||||||||||||||||||||||||
Net income per share: |
||||||||||||||||||||||||
Basic |
20.14 | 130.86 | 53.16 | |||||||||||||||||||||
Diluted |
19.94 | 126.43 | 51.92 | |||||||||||||||||||||
| Note: 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]
Net sales remained firm, rising 6.1% from the same period of the previous fiscal year, to
143,741 million yen, led principally by performance in Asia and Europe.
Regarding earnings, the cost to sales ratio improved significantly because of expanded
production at plants in Japan and China as well as other factors. Moreover, in contrast to the
previous fiscal year, when the Company reported a fixed asset impairment loss of 5.0 billion yen in
connection with a golf course subsidiary, during the period under review, the Company posted a gain
of approximately 4.4 billion yen on the transfer to the government of the substitutional portion of
the employee’s pension fund managed by the Company. As a result of these and other factors,
profitability improved significantly. Operating income expanded 2.7 times to 25,542 million yen and
income before income taxes rose 2.6 times to 27,083 million yen. Similarly, net income posted a
gain of 6.4 times from the same period of the previous fiscal year and rose to 18,825 million yen.
Please note that although the Company signed an agreement to acquire the nailer business of
Kanematsu-NNK Corp. on December 24, 2004, the date of the acquisition will be April 1, 2005. This
transaction will therefore not have an effect on the results for the current fiscal year.
| 1 |
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(2) CONSOLIDATED FINANCIAL POSITION
| Yen (million) | ||||||||||||
| As of | As of | As of | ||||||||||
| December 31, 2003 | December 31, 2004 | March 31, 2004 | ||||||||||
Total assets |
274,139 | 294,063 | 278,116 | |||||||||
Shareholders’ equity |
181,626 | 215,215 | 193,348 | |||||||||
Shareholders’ equity ratio
to total assets (%) |
66.3% | 73.2% | 69.5% | |||||||||
| |
||||||||||||
| Yen |
||||||||||||
Shareholders’ equity per share |
1,262.06 | 1,496.58 | 1,343.69 | |||||||||
[CONSOLIDATED CASH FLOWS]
| Yen (million) | ||||||||||||
| For the nine months | For the nine months | For the year | ||||||||||
| ended December 31, | ended December 31, | ended March 31, | ||||||||||
| 2003 | 2004 | 2004 | ||||||||||
Net cash provided by operating activities |
20,677 | 11,957 | 28,941 | |||||||||
Net cash used in investing activities |
(10,327 | ) | (8,722 | ) | (17,262 | ) | ||||||
Net cash used in financing activities |
(5,833 | ) | (2,804 | ) | (6,596 | ) | ||||||
Cash and cash equivalents, end of period. |
23,898 | 24,896 | 24,576 | |||||||||
[Qualitative information on consolidated cash flows]
Total cash and cash equivalents (“cash”) at the end of period amounted to 24,896 million yen,
up 320 million yen from the previous year.
(Net
Cash Provided by Operating Activities)
Net cash provided by operating activities amounted to 11,957 million yen. Among operating cash
flow items, although inventories increased, net income for the period under review amounted to
18,825 million yen (including a gain of 4,441 million yen on the transfer to the government of the
substitutional portion of the employee’s pension fund formerly managed by the Company)
(Net
Cash Used in Investing Activities)
Net cash used in investing activities was 8,722 million yen. This was primarily because of
capital expenditures on property, plant and equipment––principally metal molds to be used in
manufacturing new products––combined with a higher volume of purchases of securities and investment
securities than sale of such securities.
(Net
Cash Used in Financing Activities)
Net cash used in financing activities was 2,804 million yen, reflecting the payment of cash
dividends and other factors.
| 2 |
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(Ref.)
Revised
outlook for consolidated performance during the fiscal 2005 (from April 1, 2004, to
March 31, 2005)
| (Million yen, %) | ||||||||||||
| Income before | ||||||||||||
| Net sales | income taxes | Net income | ||||||||||
Outlook announced previously (A) |
191,000 | 29,500 | 18,600 | |||||||||
Revised outlook (B) |
192,000 | 32,300 | 22,000 | |||||||||
Change (B-A) |
1,000 | 2,800 | 3,400 | |||||||||
Percentage revision |
0.5% | 9.5% | 18.3% | |||||||||
Actual results for the previous fiscal year |
||||||||||||
(ended March 31, 2004) |
184,117 | 16,170 | 7,691 | |||||||||
| Note: | Net income per share for the fiscal year is projected to be 152.99 yen. |
Revised outlook for
non-consolidated performance during the fiscal 2005
(from April 1, 2004, to March 31, 2005)
| (Million yen, %) | ||||||||||||
| Net sales | Ordinary profit | Net income | ||||||||||
Outlook announced previously (A) |
92,000 | 15,000 | 6,900 | |||||||||
Revised outlook (B) |
96,000 | 18,000 | 8,700 | |||||||||
Change (B-A) |
4,000 | 3,000 | 1,800 | |||||||||
Percentage revision |
4.3% | 20.0% | 26.1% | |||||||||
Actual results for the previous fiscal year |
||||||||||||
(ended March 31, 2004) |
88,335 | 9,444 | 5,668 | |||||||||
| Note: | Net income per share for the fiscal year is projected to be 60.50 yen. |
[Qualitative information about the forecast for the year ending March 31, 2005]
The above performance forecast has primarily been adjusted from the prior forecast on October
28, 2004 because of a changed exchange rate assumption, 107 yen to US$1 and 134 yen to 1 Euro for
the year ending March 31, 2005 (outlook announced previously: 107 yen to US$1 and 131 yen to 1
Euro).
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.
| 3 |
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CONDENSED CONSOLIDATED BALANCE SHEETS
| Yen (millions) | ||||||||||||
| As of | As of | |||||||||||
| March 31, 2004 |
December
31, 2004 |
Increase (Decrease) |
||||||||||
ASSETS |
||||||||||||
CURRENT ASSETS: |
||||||||||||
Cash and cash equivalents |
24,576 | 24,896 | 320 | |||||||||
Time deposits |
4,050 | 9,224 | 5,174 | |||||||||
Marketable securities |
63,990 | 67,527 | 3,537 | |||||||||
Trade receivables- |
||||||||||||
Notes |
2,254 | 2,034 | (220 | ) | ||||||||
Accounts |
34,787 | 33,612 | (1,175 | ) | ||||||||
Less- Allowance for doubtful receivables |
(1,346 | ) | (1,384 | ) | (38 | ) | ||||||
Inventories |
54,326 | 65,397 | 11,071 | |||||||||
Deferred income taxes |
3,691 | 3,981 | 290 | |||||||||
Prepaid expenses and other current assets |
8,117 | 7,868 | (249 | ) | ||||||||
Total current assets |
194,445 | 213,155 | 18,710 | |||||||||
PROPERTY, PLANT AND EQUIPMENT, at cost: |
||||||||||||
Land |
18,326 | 18,661 | 335 | |||||||||
Buildings and improvements |
50,648 | 50,500 | (148 | ) | ||||||||
Machinery and equipment |
73,222 | 74,085 | 863 | |||||||||
Less- Accumulated depreciation |
(89,231 | ) | (90,182 | ) | (951 | ) | ||||||
| 52,965 | 53,064 | 99 | ||||||||||
INVESTMENTS AND OTHER ASSETS: |
||||||||||||
Investment securities |
22,139 | 21,294 | (845 | ) | ||||||||
Deferred income taxes |
880 | 310 | (570 | ) | ||||||||
Other assets |
7,687 | 6,240 | (1,447 | ) | ||||||||
| 30,706 | 27,844 | (2,862 | ) | |||||||||
| 278,116 | 294,063 | 15,947 | ||||||||||
| 4 |
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CONDENSED CONSOLIDATED BALANCE SHEETS
| Yen (millions) | ||||||||||||
| As of | As of | |||||||||||
| March 31, 2004 |
December
31, 2004 |
Increase (Decrease) |
||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||
CURRENT LIABILITIES: |
||||||||||||
Short-term borrowings |
14,128 | 21,677 | 7,549 | |||||||||
Trade notes and accounts payable |
8,525 | 8,966 | 441 | |||||||||
Accrued payroll |
7,168 | 5,917 | (1,251 | ) | ||||||||
Accrued expenses and other |
10,656 | 12,266 | 1,610 | |||||||||
Income taxes payable |
6,093 | 4,129 | (1,964 | ) | ||||||||
Deferred income taxes |
53 | 72 | 19 | |||||||||
Total current liabilities |
46,623 | 53,027 | 6,404 | |||||||||
LONG-TERM LIABILITIES: |
||||||||||||
Long-term indebtedness |
7,364 | 907 | (6,457 | ) | ||||||||
Club members’ deposits |
13,045 | 12,669 | (376 | ) | ||||||||
Accrued retirement and termination benefits |
15,536 | 5,671 | (9,865 | ) | ||||||||
Deferred income taxes |
235 | 4,275 | 4,040 | |||||||||
Other liabilities |
711 | 885 | 174 | |||||||||
| 36,891 | 24,407 | (12,484 | ) | |||||||||
MINORITY INTERESTS |
1,254 | 1,414 | 160 | |||||||||
SHAREHOLDERS’ EQUITY: |
||||||||||||
Common stock |
23,803 | 23,803 | — | |||||||||
Additional paid-in capital |
45,421 | 45,426 | 5 | |||||||||
Legal reserve and retained earnings |
144,488 | 159,860 | 15,372 | |||||||||
Accumulated other comprehensive loss |
(17,048 | ) | (10,412 | ) | 6,636 | |||||||
Treasury stock, at cost |
(3,316 | ) | (3,462 | ) | (146 | ) | ||||||
| 193,348 | 215,215 | 21,867 | ||||||||||
| 278,116 | 294,063 | 15,947 | ||||||||||
| 5 |
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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, | |||||||||||||||||||||||||||||
| 2003 | 2004 | 2004 | ||||||||||||||||||||||||||||||
| (Amount) | (%) | (Amount) | (%) | (Amount) | (%) | (Amount) | (%) | |||||||||||||||||||||||||
NET SALES |
135,432 | 100.0 | 143,741 | 100.0 | 8,309 | 6.1 | 184,117 | 100.0 | ||||||||||||||||||||||||
Cost of sales |
82,108 | 60.6 | 83,330 | 58.0 | 1,222 | 1.5 | 110,322 | 59.9 | ||||||||||||||||||||||||
GROSS PROFIT |
53,324 | 39.4 | 60,411 | 42.0 | 7,087 | 13.3 | 73,795 | 40.1 | ||||||||||||||||||||||||
Selling, general,
administrative and
other expenses |
43,946 | 32.5 | 34,869 | 24.2 | (9,077 | ) | (20.7 | ) | 59,099 | 32.1 | ||||||||||||||||||||||
OPERATING INCOME |
9,378 | 6.9 | 25,542 | 17.8 | 16,164 | 172.4 | 14,696 | 8.0 | ||||||||||||||||||||||||
OTHER INCOME (EXPENSES) : |
||||||||||||||||||||||||||||||||
Interest and dividend
income |
578 | 0.4 | 837 | 0.6 | 259 | 44.8 | 869 | 0.5 | ||||||||||||||||||||||||
Interest expense |
(453 | ) | (0.3 | ) | (440 | ) | (0.3 | ) | 13 | 2.9 | (605 | ) | (0.3 | ) | ||||||||||||||||||
Exchange gains (losses)
on foreign currency
transactions, net |
(31 | ) | (0.0 | ) | 127 | 0.1 | 158 | — | (202 | ) | (0.1 | ) | ||||||||||||||||||||
Realized gains
on securities, net |
345 | 0.3 | 328 | 0.2 | (17 | ) | (4.9 | ) | 555 | 0.3 | ||||||||||||||||||||||
Other, net |
559 | 0.4 | 689 | 0.4 | 130 | 23.3 | 857 | 0.4 | ||||||||||||||||||||||||
Total |
998 | 0.8 | 1,541 | 1.0 | 543 | 54.4 | 1,474 | 0.8 | ||||||||||||||||||||||||
INCOME BEFORE
INCOME TAXES |
10,376 | 7.7 | 27,083 | 18.8 | 16,707 | 161.0 | 16,170 | 8.8 | ||||||||||||||||||||||||
PROVISION FOR
INCOME TAXES |
7,457 | 5.5 | 8,258 | 5.7 | 801 | 10.7 | 8,479 | 4.6 | ||||||||||||||||||||||||
NET INCOME |
2,919 | 2.2 | 18,825 | 13.1 | 15,906 | 544.9 | 7,691 | 4.2 | ||||||||||||||||||||||||
| 6 |
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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, | ||||||||||
| 2003 | 2004 | 2004 | ||||||||||
Net cash provided by
operating activities |
20,677 | 11,957 | 28,941 | |||||||||
Net cash used in
investing activities |
(10,327 | ) | (8,722 | ) | (17,262 | ) | ||||||
Net cash used in
financing activities |
(5,833 | ) | (2,804 | ) | (6,596 | ) | ||||||
Effect of exchange rate changes
on cash and cash equivalents |
(989 | ) | (111 | ) | (877 | ) | ||||||
Net change in cash
and cash equivalents |
3,528 | 320 | 4,206 | |||||||||
Cash and cash equivalents,
beginning of period |
20,370 | 24,576 | 20,370 | |||||||||
Cash and cash equivalents,
end of period |
23,898 | 24,896 | 24,576 | |||||||||
| 7 |
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OPERATING SEGMENT INFORMATION
For the nine months ended December 31, 2003
| Yen (millions) | ||||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||
| Japan | North | Europe | Asia | Other | Total | and elimi- | Consoli- | |||||||||||||||||||||||||
| America | nations | dated | ||||||||||||||||||||||||||||||
Sales: |
||||||||||||||||||||||||||||||||
(1) External
customers |
34,872 | 31,749 | 49,015 | 4,977 | 14,819 | 135,432 | — | 135,432 | ||||||||||||||||||||||||
(2) Intersegment |
28,982 | 2,718 | 3,765 | 15,905 | 57 | 51,427 | (51,427 | ) | — | |||||||||||||||||||||||
Total |
63,854 | 34,467 | 52,780 | 20,882 | 14,876 | 186,859 | (51,427 | ) | 135,432 | |||||||||||||||||||||||
Operating expenses |
64,469 | 34,121 | 47,337 | 18,879 | 13,899 | 178,705 | (52,651 | ) | 126,054 | |||||||||||||||||||||||
Operating income
(loss) |
(615 | ) | 346 | 5,443 | 2,003 | 977 | 8,154 | 1,224 | 9,378 | |||||||||||||||||||||||
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 year ended March 31, 2004
| Yen (millions) | ||||||||||||||||||||||||||||||||
| Corporate | ||||||||||||||||||||||||||||||||
| Japan | North | Europe | Asia | Other | Total | and elimi- | Consoli- | |||||||||||||||||||||||||
| America | nations | dated | ||||||||||||||||||||||||||||||
Sales: |
||||||||||||||||||||||||||||||||
(1) External
customers |
48,413 | 41,699 | 67,110 | 6,612 | 20,283 | 184,117 | — | 184,117 | ||||||||||||||||||||||||
(2) Intersegment |
40,633 | 3,978 | 4,726 | 22,364 | 123 | 71,824 | (71,824 | ) | — | |||||||||||||||||||||||
Total |
89,046 | 45,677 | 71,836 | 28,976 | 20,406 | 255,941 | (71,824 | ) | 184,117 | |||||||||||||||||||||||
Operating expenses |
87,594 | 44,958 | 64,358 | 26,048 | 19,061 | 242,019 | (72,598 | ) | 169,421 | |||||||||||||||||||||||
Operating income |
1,452 | 719 | 7,478 | 2,928 | 1,345 | 13,922 | 774 | 14,696 | ||||||||||||||||||||||||
| Note: | Segment information is determined by the location of the Company and its relevant subsidiaries. |
| 8 |
Table of Contents
SUPPORT DOCUMENTATION (CONSOLIDATION)
1. Consolidated results and forecast
| Yen (millions) | ||||||||||||||||
| For the nine | For the nine | |||||||||||||||
| months ended | months ended | |||||||||||||||
| December 31, 2003 | December 31, 2004 | |||||||||||||||
| (Results) | (Results) | |||||||||||||||
| (Amount) | (%) | (Amount) | (%) | |||||||||||||
Net sales |
135,432 | 4.1 | 143,741 | 6.1 | ||||||||||||
Domestic |
28,675 | 0.4 | 28,623 | (0.2 | ) | |||||||||||
Overseas |
106,757 | 5.2 | 115,118 | 7.8 | ||||||||||||
Operating income |
9,378 | (0.7 | ) | 25,542 | 172.4 | |||||||||||
Income before income taxes |
10,376 | 29.0 | 27,083 | 161.0 | ||||||||||||
Net income |
2,919 | (45.4 | ) | 18,825 | 544.9 | |||||||||||
Net income per share (Yen) |
20.14 | 130.86 | ||||||||||||||
Employees |
8,661 | 8,647 | ||||||||||||||
| Yen (millions) | ||||||||||||||||||||||||
| For the year | For the six | For the year | ||||||||||||||||||||||
| ended | months ended | ending | ||||||||||||||||||||||
| March 31, 2004 | September 30, 2004 | March 31, 2005 | ||||||||||||||||||||||
| (Results) | (Results) | (Forecast) | ||||||||||||||||||||||
| (Amount) | (%) | (Amount) | (%) | (Amount) | (%) | |||||||||||||||||||
Net sales |
184,117 | 4.8 | 97,430 | 6.2 | 192,000 | 4.3 | ||||||||||||||||||
Domestic |
39,142 | 0.9 | 19,028 | (1.1 | ) | 38,800 | (0.9 | ) | ||||||||||||||||
Overseas |
144,975 | 6.0 | 78,402 | 8.1 | 153,200 | 5.7 | ||||||||||||||||||
Operating income |
14,696 | 17.9 | 19,464 | 110.5 | 30,300 | 106.2 | ||||||||||||||||||
Income before income taxes |
16,170 | 74.0 | 20,238 | 104.5 | 32,300 | 99.8 | ||||||||||||||||||
Net income |
7,691 | 14.4 | 12,953 | 160.0 | 22,000 | 186.0 | ||||||||||||||||||
Net income per share (Yen) |
53.16 | 90.03 | 152.99 | |||||||||||||||||||||
Employees |
8,433 | 8,598 | — | |||||||||||||||||||||
| Note: | 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. |
| 9 |
Table of Contents
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, 2003 | December 31, 2004 | March 31, 2004 | September 30, 2004 | |||||||||||||||||||||||||||||
| (Results) | (Results) | (Results) | (Results) | |||||||||||||||||||||||||||||
| (Amount) | (%) | (Amount) | (%) | (Amount) | (%) | (Amount) | (%) | |||||||||||||||||||||||||
Japan |
28,675 | 0.4 | 28,623 | (0.2 | ) | 39,142 | 0.9 | 19,028 | (1.1 | ) | ||||||||||||||||||||||
North America |
31,717 | (8.5 | ) | 28,579 | (9.9 | ) | 41,853 | (8.2 | ) | 19,697 | (10.8 | ) | ||||||||||||||||||||
Europe |
48,580 | 16.5 | 54,984 | 13.2 | 66,369 | 15.1 | 36,415 | 13.5 | ||||||||||||||||||||||||
Asia |
10,075 | 1.0 | 12,605 | 25.1 | 14,245 | 3.4 | 9,320 | 27.4 | ||||||||||||||||||||||||
Other regions |
16,385 | 8.4 | 18,950 | 15.7 | 22,508 | 13.5 | 12,970 | 17.6 | ||||||||||||||||||||||||
Total |
135,432 | 4.1 | 143,741 | 6.1 | 184,117 | 4.8 | 97,430 | 6.2 | ||||||||||||||||||||||||
| 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, 2003 | December 31, 2004 | |||||||
| (Results) | (Results) | |||||||
Yen/U.S. Dollar |
115.09 | 108.52 | ||||||
Yen/Euro |
132.20 | 134.57 | ||||||
| Yen | ||||||||||||
| For the year | For the six | For the year | ||||||||||
| ended | months ended | ending | ||||||||||
| March 31, 2004 | September 30, 2004 | March 31, 2005 | ||||||||||
| (Results) | (Results) | (Forecast) | ||||||||||
Yen/U.S. Dollar |
113.19 | 109.80 | 107 | |||||||||
Yen/Euro |
132.65 | 133.28 | 134 | |||||||||
4. Sales growth in local currency basis
(major countries)
| For the nine | ||||
| months ended | ||||
| December 31, 2004 | ||||
| (Results) | ||||
U.S.A. |
(4.9%) | |||
Germany |
3.8% | |||
U.K. |
10.4% | |||
France |
14.9% | |||
China |
6.1% | |||
Australia |
(3.2%) | |||
| 10 |
Table of Contents
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, 2003 | December 31, 2004 | March 31, 2004 | September 30, 2004 | |||||||||||||
| (Results) | (Results) | (Results) | (Results) | |||||||||||||
Domestic |
33.6% | 29.3% | 32.3% | 31.6% | ||||||||||||
Overseas |
66.4% | 70.7% | 67.7% | 68.4% | ||||||||||||
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, 2003 | December 31, 2004 | |||||||
| (Results) | (Results) | |||||||
Capital expenditures |
3,067 | 4,376 | ||||||
Depreciation and amortization |
6,380 | 3,954 | ||||||
R&D cost |
2,954 | 3,076 | ||||||
| Yen (millions) | ||||||||||||
| For the year | For the six | For the year | ||||||||||
| ended | months ended | ending | ||||||||||
| March 31, 2004 | September 30, 2004 | March 31, 2005 | ||||||||||
| (Results) | (Results) | (Forecast) | ||||||||||
Capital expenditures |
4,494 | 2,071 | 5,500 | |||||||||
Depreciation and amortization |
7,963 | 2,664 | 5,300 | |||||||||
R&D cost |
4,086 | 2,048 | 4,200 | |||||||||
7. Consolidated cash flow
| Yen (millions) | |||||||||||||||||
| For the nine | |||||||||||||||||
| For the nine | months ended | For the year | For the six | ||||||||||||||
| months ended | December 31, | ended | months ended | ||||||||||||||
| December 31, 2003 | 2004 | March 31, 2004 | September 30, 2004 | ||||||||||||||
| (Results) | (Results) | (Results) | (Results) | ||||||||||||||
Net cash provided
by operating
activities |
20,677 | 11,957 | 28,941 | 9,090 | |||||||||||||
Net cash used in
investing activities |
(10,327) | (8,722) | (17,262) | (6,437) | |||||||||||||
Net cash used in
financing activities |
(5,833) | (2,804) | (6,596) | (2,211) | |||||||||||||
| 11 |