UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 or 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of January, 2013

Commission file number 0-12602

MAKITA CORPORATION

 

(Translation of 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: January 31, 2013

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Makita Corporation

Consolidated Financial Results

for the nine months

ended December 31, 2012

(U.S. GAAP Financial Information)

(English translation of “KESSAN TANSHIN”

originally issued in Japanese)

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CONSOLIDATED FINANCIAL RESULTS

FOR THE NINE MONTHS ENDED DECEMBER 31, 2012 (Unaudited)

January 31, 2013

Makita Corporation

Stock code: 6586

URL: http://www.makita.co.jp/

Masahiko Goto, President, Representative Director & CEO

1. Summary operating results of the nine months ended December 31, 2012 (From April 1, 2012 to December 31, 2012)

(1) CONSOLIDATED OPERATING RESULTS

		Yen (millions)
		For the nine months ended December 31, 2011										For the nine months ended December 31, 2012
						%										%
Net sales			223,673				9.3						226,280				1.2
Operating income			38,557				17.5						34,546				(10.4	)
Income before income taxes			36,012				11.1						33,887				(5.9	)
Net income attributable to Makita Corporation			24,712				6.8						23,534				(4.8	)
Comprehensive income (loss)			3,661				32.0						35,505				869.8
			Yen
Earning per share (Basic)
Net income attributable to Makita Corporation common shareholders			179.47										173.36

Notes:

1.

Amounts of less than one million yen have been rounded.

2.

The table above shows the changes in the percentage ratio of net sales, operating income, income before income taxes, net income attributable to Makita Corporation, and comprehensive income (loss) against the corresponding period of the previous year.

(2) SELECTED CONSOLIDATED FINANCIAL POSITION

		Yen (millions)
		As of March 31, 2012						As of December 31, 2012
Total assets			383,256						405,552
Total equity			323,778						349,397
Total Makita Corporation shareholders’ equity			321,253						346,830
Total Makita Corporation shareholders’ equity ratio to total assets (%)			83.8%						85.5%
2. Dividend Information
		Yen
		For the year ended March 31, 2012						For the year ending March 31, 2013
Cash dividend per share:
Interim			15.00						15.00
Year-end			57.00						(Note	)
Total			72.00						(Note	)

Notes:

1.

The forecast for cash dividend announced on April 27, 2012 has not been revised.

2.

The projected amount of dividends for the year ending March 31, 2013 has not been determined yet. For further details, refer to “Explanation regarding proper use of business forecasts, and other significant matters” on page 2.

 

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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			303,000				2.5
Operating income			44,600				(8.1	)
Income before income taxes			44,700				(4.8	)
Net income attributable to Makita Corporation			30,900				(4.9	)
		Yen
Earning per share (Basic)
Net income attributable to Makita Corporation common shareholders			227.63

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

4. Others

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

(1)	Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes in scope of consolidation during the quarter): Not applicable

 

(2)	Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly consolidated financial statements: Yes

 

(3)	Changes in accounting policies, procedures and presentation rules applied in the preparation of the quarterly consolidated financial statements:

1. Changes due to revisions to accounting standards: Yes

2. Changes due to other reasons: Not applicable

 

(4)	Number of shares outstanding (common stock)

 

1. Number of shares issued (including treasury stock):			As of December 31, 2012:						140,008,760
			As of March 31, 2012:						140,008,760
2. Number of treasury stock:			As of December 31, 2012:						4,261,670
			As of March 31, 2012:						4,258,242
3. Average number of shares outstanding:			For the nine months ended December 31, 2012:						135,748,645
			For the nine months ended December 31, 2011:						137,692,624

Information regarding quarterly review

This consolidated financial results report is not subject to a quarterly review stipulated under the Financial Instruments and Exchange Act. As of the release date of this document, the quarterly review under the Financial Instruments and Exchange Act has not been completed.

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

1.

Regarding the assumptions for the forecasts and other matters, refer to [Qualitative Information and Financial Statements] Section 3 “Qualitative Information on Consolidated Financial Performance Forecast” on page 4. The financial forecasts given above are based on information as available at the present time, and include potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecasts provided above.

2.

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 nine months (the “period”) ended December 31, 2012, the European economy continued to be sluggish, although it was out of the financial crisis in the region for the time being. However, the Russian economy remained relatively solid, though crude oil prices were on the decline. Meanwhile, in the United States, the economy showed signs of moderate recovery including an improvement in housing investment. In Asia, Chinese economic growth lost steam and economic expansion remained moderate in Southeast Asia due to weak exports. In Japan, there were some signs of recovery in housing investment, in addition to demand for reconstruction from the Great East Japan Earthquake, though the overall economy was still stagnant.

Our consolidated net sales for this period increased by 1.2% to 226,280 million yen. This was because sales were generally solid in Japan and overseas, although the yen became stronger against the euro compared to the same period in the previous year, resulting in the drop in net sales when translated into the yen. As for incomes, our operating income decreased by 10.4% compared to the same period in the previous year to 34,546 million yen (operating income ratio 15.3%) mainly due to the rises in the ratio of cost of sales from 60.5% for the same period of the previous year to 62.6% for this period by 2.1 points as a result of the decline in capacity utilization at the plants. On the other hand, non-operating losses decreased by 1,886 million yen compared to the same period in the previous year due to the decrease in “Exchange losses on foreign currency transactions” and “Realized losses on securities”. Meanwhile, income before income taxes showed a decrease of 5.9% compared to the same period in the previous year to 33,887 million yen (income before income taxes ratio 15.0%) and net income attributable to Makita Corporation decreased only by 4.8% compared to the same period in the previous year to 23,534 million yen (net income attributable to Makita Corporation ratio 10.4%).

Net sales by region are as follows:

Net sales in Japan increased by 7.1% to 41,271 million yen compared to the same period in the previous year. This was because sales continued to grow steadily thanks to expanded product lineup of lithium-ion battery products, mainly impact drivers.

Net sales in Europe decreased by 2.5% to 91,331 million yen. This was due to sales in Western Europe were sluggish because of the effects of the financial uncertainty and a sharp appreciation of the yen against the euro compared to the same period in the previous year, though sales to Russia continued strong growth.

Net sales in North America increased by 6.3% to 29,965 million yen because sales for the Christmas season were steady and the yen’s depreciation against the U.S. dollar.

Net sales in Asia increased by 8.2% to 21,445 million yen because demands were strong in Southeast Asian countries.

Sales situation in the other regions are as follows: Net sales in Central and South America decreased by 6.1% compared to the same period in the previous year to 17,020 million yen, due to the effects of local currencies depreciation despite of a recovery in demand; Net sales in Oceania dropped by 2.7% compared to the same period in the previous year to 13,661 million yen because demand was on the wane. Meanwhile, net sales in the Middle East and Africa increased only by 2.6% compared to the same period in the previous year to 11,587 million yen, because economic activities stagnated due to political uncertainty.

2. Qualitative Information on Consolidated Financial Position

Total assets as of December 31, 2012 increased by 22,296 million yen to 405,552 million yen compared to the balance as of March 31, 2012. The increase was mainly due to the increase in “Cash and cash equivalents” and “Short-term investments”.

Total liabilities as of December 31, 2012 decreased by 3,323 million yen to 56,155 million yen compared to the balance as of March 31, 2012. This decrease was mainly due to the decrease in “Trade notes and accounts payable” resulting from decrease of purchase and in “Income taxes payable” resulting from payment of tax.

Total equity as of December 31, 2012 increased by 25,619 million yen to 349,397 million yen compared to the balance as of March 31, 2012. This increase was mainly due to the increase in “Retained earnings”.

 

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

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3. Qualitative Information on Consolidated Financial Performance Forecast

The consolidated financial forecasts for the year ending March 31, 2013 have been revised, because consolidated financial results for the first nine-month period of the fiscal 2013 (from April 1, 2012 to March 31, 2013) exceeded the initial forecasts besides the yen has been weaker against the euro and the U.S. dollar, though business conditions continue to be tough in the fourth quarter.

Revised Forecasts for consolidated performance during the fiscal 2013 (From April 1, 2012 to March 31, 2013)

		Yen (millions)																Yen
		Net sales				Operating income				Income before income taxes				Net income attributable to Makita Corporation				Earning per share (Basic) Net income attributable to Makita Corporation common shareholders
Outlook announced previously (A)			288,000				41,500				40,200				27,400				201.84
Revised forecasts (B)			303,000				44,600				44,700				30,900				227.63
Changes (B-A)			15,000				3,100				4,500				3,500				—
Percentage revision			5.2	%			7.5	%			11.2	%			12.8	%			—
Actual results for the previous year ended March 31, 2012			295,711				48,516				46,963				32,497				236.78

The above forecast is based on the assumption of exchange rates of 86 yen to the U.S. dollar and 115 yen to the euro for the three months period ending March 31, 2013.

The above forecast is based on the assumption of exchange rates of 81 yen to the U.S. dollar and 105 yen to the euro for the year ending March 31, 2013.

(Reference) Our previous exchange rates that we announced on October 31, 2012 were 78 yen to the U.S. dollar and 99 yen to the euro for the year ending March 31, 2013.

The above forecast is based on information as available at the present time, and includes potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecast provided above.

4. Other

(1)	Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes in scope of consolidation during the quarter): None

 

(2)	Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly consolidated financial statements:

With regard to the income tax expenses, Makita computes interim income tax expense by multiplying reasonably estimated annual effective tax rate, which includes the effects of deferred taxes, by year-to-date income before income taxes for the reporting period.

 

(3)	Changes in accounting principles, procedures and presentations:

In June 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2011-05, Comprehensive Income (Accounting Standards Codification (ASC) Topic 220): Presentation of Comprehensive Income. ASU 2011-05 requires an entity to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. ASU 2011-05 is retrospectively applied to all periods presented. Makita adopted ASU 2011-05 since the first quarter of this fiscal year began April 1, 2012. This adoption did not have an impact on Makita’s financial position and results of operations.

 

		4
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 December 31, 2012
		Composition ratio								Composition ratio
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			44,812								55,698
Time deposits			13,504								11,317
Short-term investments			25,125								39,371
Trade receivables-
Notes			1,769								1,834
Accounts			48,445								44,684
Less- Allowance for doubtful receivables			(753	)							(828	)
Inventories			129,571								130,193
Deferred income taxes			5,898								4,899
Prepaid expenses and other current assets			8,392								9,498
Total current assets			276,763				72.2%				296,666				73.2%
PROPERTY, PLANT AND EQUIPMENT, AT COST:
Land			20,498								20,588
Building and improvements			73,332								78,785
Machinery and equipment			75,460								77,132
Construction in progress			6,594								6,389
Sub total			175,884								182,894
Less- Accumulated depreciation and amortization			(98,146	)							(101,667	)
Total net property, plant and equipment			77,738				20.3%				81,227				20.0%
INVESTMENTS AND OTHER ASSETS:
Investments			19,154								16,816
Goodwill			721								721
Other intangible assets, net			4,515								4,525
Deferred income taxes			853								517
Other assets			3,512								5,080
Total investments and other assets			28,755				7.5%				27,659				6.8%
Total assets			383,256				100.0%				405,552				100.0%

 

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

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		Yen (millions)
		As of March 31, 2012												As of December 31, 2012
		Composition ratio												Composition ratio
LIABILITIES
CURRENT LIABILITIES:
Short-term borrowings							2,351												1,309
Trade notes and accounts payable							21,822												20,127
Other payables							4,313												5,757
Accrued expenses							6,314												6,831
Accrued payroll							7,803												6,256
Income taxes payable							5,293												2,473
Deferred income taxes							125												121
Other liabilities							5,697												7,385
Total current liabilities							53,718				14.0%								50,259				12.3%
LONG-TERM LIABILITIES:
Long-term indebtedness							12												10
Accrued retirement and termination benefits							3,027												3,127
Deferred income taxes							130												131
Other liabilities							2,591												2,628
Total long-term liabilities							5,760				1.5%								5,896				1.5%
Total liabilities							59,478				15.5%								56,155				13.8%
EQUITY
MAKITA CORPORATION SHAREHOLDERS’
EQUITY:
Common stock							23,805												23,805
Additional paid-in capital							45,421												45,421
Legal reserve							5,669												5,669
Retained earnings							316,937												330,697
Accumulated other comprehensive income (loss)							(59,066	)											(47,239	)
Treasury stock, at cost							(11,513	)											(11,523	)
Total Makita Corporation shareholders’ equity							321,253				83.8%								346,830				85.5%
NONCONTROLLING INTEREST							2,525				0.7%								2,567				0.7%
Total equity							323,778				84.5%								349,397				86.2%
Total liabilities and equity							383,256				100.0%								405,552				100.0%
						As of March 31, 2012								As of December 31, 2012
Total number of shares authorized							496,000,000												496,000,000
Number of shares issued							140,008,760												140,008,760
Number of shares issued (excluding treasury stock)							135,750,518												135,747,090
Number of treasury stock							4,258,242												4,261,670

 

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English translation of “KESSAN TANSHIN” originally issued in Japanese

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(2) Consolidated Statements of Income

		Yen (millions)
		For the nine months ended December 31, 2011								For the nine months ended December 31, 2012
		Composition ratio								Composition ratio
NET SALES			223,673				100.0%				226,280				100.0%
Cost of sales			135,329				60.5%				141,564				62.6%
GROSS PROFIT			88,344				39.5%				84,716				37.4%
Selling, general, administrative and others, net			49,787				22.3%				50,170				22.1%
OPERATING INCOME			38,557				17.2%				34,546				15.3%
OTHER INCOME (EXPENSE):
Interest and dividend income			1,127								1,273
Interest expense			(177	)							(139	)
Exchange gains (losses) on foreign currency transactions, net			(2,852	)							(1,536	)
Realized gains (losses) on securities, net			(643	)							(257	)
Total other income (expense), net			(2,545	)			(1.1%)				(659	)			(0.3%)
INCOME BEFORE INCOME TAXES			36,012				16.1%				33,887				15.0%
Provision for income taxes:
Current			10,270								9,512
Deferred			821								794
Total income tax expense			11,091				5.0%				10,306				4.6%
NET INCOME			24,921				11.1%				23,581				10.4%
Less-Net income attributable to the non-controlling interest			209				0.1%				47				0.0%
NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION			24,712				11.0%				23,534				10.4%

 

 

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English translation of “KESSAN TANSHIN” originally issued in Japanese

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Consolidated Statements of Comprehensive Income

		Yen (millions)
		For the nine months ended December 31, 2011						For the nine months ended December 31, 2012
NET INCOME			24,921						23,581
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustment			(20,182)						10,971
Unrealized holding gains (losses) on available-for-sale securities			(1,184	)					793
Pension liability adjustment			106						160
Total other comprehensive income (loss)			(21,260	)					11,924
COMPREHENSIVE INCOME (LOSS)			3,661						35,505
Less-Comprehensive income (loss) attributable to the non-controlling interest			(151	)					144
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO MAKITA CORPORATION			3,812						35,361

 

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English translation of “KESSAN TANSHIN” originally issued in Japanese

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(3) Condensed Consolidated Statements of Cash Flows

		Yen (millions)
		For the nine  months ended December 31, 2011						For the nine  months ended December 31, 2012
Net cash provided by operating activities			3,272						33,757
Net cash used in investing activities			(220	)					(15,500	)
Net cash used in financing activities			(9,966	)					(10,788	)
Effect of exchange rate changes on cash and cash equivalents			(191	)					3,417
Net change in cash and cash equivalents			(7,105	)					10,886
Cash and cash equivalents, beginning of period			51,833						44,812
Cash and cash equivalents, end of period			44,728						55,698

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

(5) Condensed Operating Segment Information

		Yen (millions)
		For the nine months ended December 31, 2011
		Japan				Europe				North America				Asia				Other				Total				Elimi- nations				Consoli- dated
Sales:
(1) External customers			52,227				93,805				28,631				9,974				39,036				223,673				—				223,673
(2) Inter-segment			42,215				2,823				2,595				83,383				327				131,343				(131,343	)			—
Total			94,442				96,628				31,226				93,357				39,363				355,016				(131,343	)			223,673
Operating expenses			82,162				85,317				29,290				85,020				33,738				315,527				(130,411	)			185,116
Operating income			12,280				11,311				1,936				8,337				5,625				39,489				(932	)			38,557

 

		Yen (millions)
		For the nine months ended December 31, 2012
		Japan				Europe				North America				Asia				Other				Total				Elimi- nations				Consoli- dated
Sales:
(1) External customers			56,550				92,455				30,168				9,572				37,535				226,280				—				226,280
(2) Inter-segment			33,669				2,822				1,751				78,629				89				116,960				(116,960	)			—
Total			90,219				95,277				31,919				88,201				37,624				343,240				(116,960	)			226,280
Operating expenses			79,958				86,046				30,319				78,176				33,422				307,921				(116,187	)			191,734
Operating income			10,261				9,231				1,600				10,025				4,202				35,319				(773	)			34,546

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

 

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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 nine months ended December 31, 2011								For the nine months ended December 31, 2012
											(%)								(%)
Net sales											223,673				9.3				226,280				1.2
Domestic											38,551				15.3				41,271				7.1
Overseas											185,122				8.2				185,009				(0.1	)
Operating income											38,557				17.5				34,546				(10.4	)
Income before income taxes											36,012				11.1				33,887				(5.9	)
Net income attributable to Makita Corporation											24,712				6.8				23,534				(4.8	)
Earning per share (Basic)
Net income attributable to Makita Corporation common shareholders (Yen)											179.47								173.36
Number of Employees											12,477								12,606
		Yen (millions)
		For the year ended March 31, 2012								For the six months ended September 30, 2012								For the year ending March 31, 2013 (Forecasts)
			(%)								(%)								(%)
Net sales			295,711				8.5				151,232				(1.2	)			303,000				2.5
Domestic			53,175				15.4				27,189				7.6				55,600				4.6
Overseas			242,536				7.0				124,043				(2.9	)			247,400				2.0
Operating income			48,516				15.8				24,030				(10.8	)			44,600				(8.1	)
Income before income taxes			46,963				9.9				22,693				(7.4	)			44,700				(4.8	)
Net income attributable to Makita Corporation			32,497				8.7				15,874				(7.2	)			30,900				(4.9	)
Earning per share (Basic)
Net income attributable to Makita Corporation common shareholders (Yen)			236.78								116.94								227.63
Number of Employees			12,563								12,793								—

Notes:

1.	The table above shows the changes in the percentage ratio of Net sales, Operating income, Income before income taxes, and Net income attributable to Makita Corporation against the corresponding period of the previous year.

2.	Please refer to “Qualitative Information on Consolidated Financial Performance Forecast” on page 4.

 

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English translation of “KESSAN TANSHIN” originally issued in Japanese

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2. Consolidated Net Sales by Geographic Area

		Yen (millions)
		For the nine months ended December 31, 2011								For the nine months ended December 31, 2012								For the year ended March 31, 2012								For the six months ended September 30, 2012
		(%)								(%)								(%)								(%)
Japan			38,551				15.3				41,271				7.1				53,175				15.4				27,189				7.6
Europe			93,666				8.3				91,331				(2.5	)			123,251				6.3				61,688				(4.5	)
North America			28,189				(2.0	)			29,965				6.3				37,475				1.0				19,400				(2.1	)
Asia			19,813				11.6				21,445				8.2				26,013				12.7				14,246				0.8
Other regions			43,454				13.9				42,268				(2.7	)			55,797				10.7				28,709				(1.7	)
Central and South America			18,117				19.4				17,020				(6.1	)			23,370				15.2				11,005				(12.8	)
Oceania			14,039				17.3				13,661				(2.7	)			17,780				15.6				9,225				(3.8	)
The Middle East and Africa			11,298				2.7				11,587				2.6				14,647				(0.5	)			8,479				21.0
Total			223,673				9.3				226,280				1.2				295,711				8.5				151,232				(1.2	)

Note:

The table above sets forth 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 9. The table above shows the changes in the percentage ratio of net sales compared to the corresponding period of the previous year.

3. Exchange Rates

		Yen
		For the nine months ended December 31, 2011				For the nine months ended December 31, 2012				For the year ended March 31,  2012				For the six months ended September 30, 2012				For the year ending March 31,  2013 (Forecasts)
Yen/U.S. Dollar		78.96				79.95				79.06				79.41				81
Yen/Euro		110.60				102.04				109.00				100.54				105

4. Production Ratio (unit basis)

						For the nine months ended December 31, 2011				For the nine months ended December 31, 2012				For the  year ended March 31, 2012				For the six months  ended September 30, 2012
						Composition ratio				Composition ratio				Composition ratio				Composition ratio
Domestic						12.5%				11.7%				12.2%				11.1%
Overseas						87.5%				88.3%				87.8%				88.9%
5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost
		Yen (millions)
		For the nine months ended December 31, 2011				For the nine months ended December 31, 2012				For the year ended March 31, 2012				For the six months ended September 30, 2012				For the year ending March 31, 2013 (Forecasts)
Capital expenditures		10,406				7,979				13,481				4,055				13,000
Depreciation and amortization		5,264				5,419				7,237				3,549				7,500
R&D cost		6,101				6,171				7,603				4,039				8,500

 

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