FORM 6-K

 

 

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 November, 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-       

 

 

 


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

  
   Masahiko Goto   
  

President, Representative Director and

Chief Executive Officer

  

Date: November 27, 2012


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Makita Corporation

The 101st Interim Business Report

Ended September 30, 2012

(U.S. GAAP Financial Information)

(English translation of “CHUKAN-KI JIGYOU NO GOHOUKOKU”

interim business report originally issued in Japanese

for the benefit and information of shareholders

of the Company’s common stock)


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Message from the Managements

We are pleased to present the outline of operation and financial results for Makita’s 101st interim period, ended September 30, 2012.

¢Consolidated Operating Result as Interim Period

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.

¢For the interim period, both sales and profit have decreased because of the appreciation of yen and slow down of world economic growth

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 mainly because the growth of global economy slowed down and the yen became stronger against all currencies especially euro for 7.5% in weighted average change compared to the same period in the previous year resulting in the drop of 10 billion yen 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%).

 

 

 

 

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English Translation of “CHUKAN-KI JIGYOU NO GOHOUKOKU” originally issued in Japanese

 


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¢Outlook for the year ending March 31, 2013 and Issue to be Addressed

Since the economy is slowing down in the developed countries, severe situation is expected in Western Europe, North America and Oceania. In the emerging countries, meanwhile, growth in demand for low-priced products is expected to continue. The trends in exchange rates are unpredictable, making the situation surrounding Makita Group remain severe.

Under these circumstances, Makita aims to reinforce its R&D and product development activities to deliver more user-friendly, earth-conscious power tools and gardening equipment. We will also strengthen the technical development of compact engines. The global production organizations will be strengthened to respond to changes in demand conditions. In addition, we will put focus on maintaining and strengthening a sales and after-sales service structure that leads the industry both in the domestic and overseas markets while enforcing our sales activity to professional users.

¢The Interim Cash Dividends of 15 Yen Per Share

Makita’s basic policy on the distribution of profits is to maintain a dividend payout ratio of at least 30%, with a lower limit on annual cash dividends of 18 yen per share.

For the interim period under review, Makita declared to pay a dividend of 15 yen per share, as announced in April 2012.

Based on its dividend policy, Makita's board of directors will decide on proposals for the dividend for the end of the fiscal year at their meeting to approve the financial statements after they are finalized near the end of April 2013. Their proposals will be presented for discussion and final approval at the Ordinary General Meeting of Shareholders.

We look forward to the continuing support and cooperation of our shareholders.

November 2012

Masahiko Goto

President, Representative Director &

Chief Executive Officer

 

 

 

 

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English Translation of “CHUKAN-KI JIGYOU NO GOHOUKOKU” originally issued in Japanese

 


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Feature Section

¢Second Asian Production site, Thailand Plant commenced production

In July 2012, Makita Manufacturing (Thailand) Co., Ltd., or the Thailand Plant, our manufacturing subsidiary located in Chonburi Province, Thailand, commenced production.

The industrial park in Chonburi Province, where the Thailand Plant is located, is in a hilly area with complete industrial infrastructure and no fear of flooding. Since it is located near Laem Chabang Port, the largest international trading port in Thailand, the lead time for production for Southeast Asian countries can be reduced, realizing an enhanced production system capable of flexibly and promptly responding to demand.

Our sales in Asia, especially in Southeast Asia, show steady growth. With demand expected to expand, we aim to further promote sales by making full use of the Thailand Plant.

¢Makita Woodcraft Club supported Aichi Prefecture’s woodworking workshop

On August 4, a woodworking workshop for children titled “Come on, future inventors!” and organized by Aichi Prefecture was held in the Expo 2005 Aichi Commemorative Park. Members of Makita Woodcraft Club assisted the workshop as woodworking instructors and advisors.

This event, held during summer vacation, was intended to encourage children to become interested in invention and creativity. Thirty elementary school children selected from a number of applicants participated in the workshop, each making a bird box using slide compound saws and cordless driver drills.

Makita staff members explained to the children and their parents how to use the electric tools and assisted them in each step from cutting materials to finishing.

Children were excited with the experience of using electric tools for the first time in their life and looked happy finishing their completed bird boxes with sandpaper. This event was a good opportunity to communicate to children the joy of making things.

¢Exhibition in the JAPAN DIY HOMECENTER SHOW

Makita exhibited in the JAPAN DIY HOMECENTER SHOW 2012 held at Makuhari Messe International Convention Hall (Chiba City) from August 23 to 25, 2012. DIY-related products available in the market were exhibited in this trade show. The Makita booth also had a great number of visitors.

Many visitors experienced our products in the Makita booth and admired, among others, the powerful performance of our Cordless Recipro saw products. It was a great opportunity to be able to appeal the advantages of Makita products by offering visitors personal experience to use Makita products.

¢Okazaki Plant invited students of a school for the disabled

On October 18, nine students of a local high school for the disabled visited our Okazaki Plant. This was aimed to provide them with an opportunity to see the people working in a plant and their workplaces, so as to learn the significance of work.

The students saw the products being processed and assembled, and visited the products exhibition room. They were surprised at the work speed and the large number of product lineups.

Makita was awarded by the Minister of Health, Labour and Welfare as a company that has actively and steadily employed persons with disabilities at the national awarding ceremony for 2012.

We will continue to make efforts to create a company that embodies the “management in harmony with society”, one of our management principles.

 

 

 

 

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English Translation of “CHUKAN-KI JIGYOU NO GOHOUKOKU” originally issued in Japanese

 


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Introduction of our Global Network

Australian Sales Subsidiary

¢Company Overview

Company name: Makita (Australia) Pty. Ltd.

Description of business: sales and after-sales service of electric power tools

Establishment: May 1973

Headquarters location: Eastern Creek, New South Wales, Australia

Branches: Hobart (Tasmania), Perth (Western Australia)

Factory Service Centers: 5 locations

¢Current Australian power tool market

Australia has a large market of power tools not only for professional users but also for Do-It-Yourself.

There is growing interest in lithium-ion batteries in Australia these days, and a wide range of high-quality products are demanded. To promote Makita’s lithium-ion products, Makita Australia has frequently held exhibitions to explain their superiority compared to nickel-cadmium products and demonstrate its excellent lineup of lithium-ion products. As a result of these efforts, Makita Australia now holds the largest share in the Australian market.

¢Establishing good relationships with distributors

As a result of successful sales promotion of lithium-ion products, sales in Oceania steadily increased, marking a 16% increase for the March 2012 term. While signs of economic slowdown, such as decreasing home construction, are beginning to appear this year, sales of this 2nd quarter remain at the same level as that of the same period previous year, though affected by the high yen. At present, construction of our new company building is under way with a view to further expanding businesses.

The Company has established good relationships with distributors by offering quality after-sale services, including promotion activities that meet their needs and frequent training workshops to help them use the products. Also, as part of the efforts to fulfill its corporate social responsibility, the Company launched a charitable product series that is tied up with the pink ribbon campaign aiming to raise awareness of breast cancer, receiving good reputation from customers. Through active and steady approaches to customers, we have increased recognition of the Makita brand.

¢Aiming to create a firm structure that will not be affected by economic trends

Makita Australia will celebrate its 40th anniversary next year. Placing power tools at the core of its business strategy, the Company will continue to further expand sales of power tools and other advanced tools. At the same time, since gardening is popular in Australia, we will also make active efforts to increase sales of gardening devices including, mainly, engine-loaded products. With these approaches, we aim to build a robust organization that will not be easily affected by economic trends.

 

 

 

 

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English Translation of “CHUKAN-KI JIGYOU NO GOHOUKOKU” originally issued in Japanese

 


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  Consolidated Financial Highlights

      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
     Rate of
change

(%)
     For the year
ended March 31,
2012
 
Net Sales      133,807           153,036           151,232           (1.2)         295,711     
Operating Income      21,843           26,953           24,030           (10.8)         48,516     
Ratio of Operating Income to Net Sales (%)      16.3%           17.6%           15.9%           —           16.4%     
Income before Income Taxes      21,751           24,514           22,693           (7.4)         46,963     
Net Income Attributable to Makita Corporation      15,122           17,104           15,874           (7.2)         32,497     
Ratio of Net Income Attributable to Makita Corporation to Net Sales (%)      11.3%           11.2%           10.5%           —           11.0%     
       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     As of
September 30,
2010
     As of
September 30,
2011
     As of
September 30,
2012
     Rate of
change

(%)
     As of
March 31,
2012
 
Total Makita Corporation Shareholders’ Equity      290,719           298,684           314,693           5.4            321,253     
Total Assets      348,411           359,691           369,241           2.7            383,256     
Ratio of Total Makita Corporation Shareholders’ Equity to Total Assets (%)      83.4%           83.0%           85.2%           —            83.8%     
       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     For the six
months

ended
September 30,
2010
     For the six
months

ended
September 30,
2011
     For the six
months

ended
September 30,
2012
     Rate of
change

(%)
     For the year
ended March 31,
2012
 
Capital Expenditures      4,855           5,820           4,055           (30.3)         13,481     
Depreciation and Amortization      3,636           3,474           3,549           2.2          7,237     
Research and Development Cost      3,549           3,978           4,039           1.5          7,603     
Number of Employees      11,368           12,177           12,793           5.1          12,563     
Average Number of Shares Outstanding      137,759,993           137,755,000           135,749,263           —           137,244,683     

Earning Per Share (Basic)

Net Income Attributable to Makita Corporation Common Shareholders (Yen)

     109.8           124.2           116.9           (5.8)         236.8     
Cash Dividends Per Share (Yen)      15.0           15.0           15.0           —           72.0     
                                              

Note: In principle, amounts of less than 1 million yen have been rounded.

 

 

 

 

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English Translation of “CHUKAN-KI JIGYOU NO GOHOUKOKU” originally issued in Japanese

 


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Consolidated Net Sales by Region

 

      Yen (billions)  
     For the six months ended  
     September 30,
2010
     March 31,
2011
     September 30,
2011
     March 31,
2012
         September 30,
2012
 

Japan

     22.2             23.9             25.3             27.9               27.2       

Europe

     57.0             58.9             64.6             58.6               61.7       

North America

     18.5             18.6             19.8             17.7               19.4       

Asia

     11.4             11.7             14.1             11.9               14.2       

Other Regions

     24.7             25.7             29.2             26.6               28.7       
  

 

 

    

 

 

    

 

 

    

 

 

      

 

 

 

Total

     133.8             138.8             153.0             142.7               151.2       
  

 

 

    

 

 

    

 

 

    

 

 

      

 

 

 
                                                  
Note: The table above sets forth Makita’s consolidated net sales by region based on customer location for the periods presented.   

Profit Ratio

 

  

      %  
     For the six months ended  
     September 30,
2010
     March 31,
2011
     September 30,
2011
     March 31,
2012
         September 30,
2012
 
Ratio of Operating Income to Net Sales      16.3             14.5             17.6             15.1               15.9       
Ratio of Net Income Attributable to Makita Corporation to Net Sales      11.3             10.6             11.2             10.8               10.5       
                                                  

Production by Region

 

  

      Million units  
     For the six months ended  
     September 30,
2010
     March 31,
2011
     September 30,
2011
     March 31,
2012
         September 30,
2012
 

Japan

     1.60             1.76             1.79             1.50               1.37       

Europe

     1.22             1.83             2.07             1.94               1.61       

North America

     0.56             0.64             0.70             0.63               0.64       

Asia

     6.77             8.18             9.32             8.10               8.20       

Central and South America

     0.29             0.32             0.38             0.57               0.50       
  

 

 

    

 

 

    

 

 

    

 

 

      

 

 

 

Total

     10.44             12.73             14.26             12.74               12.32       
  

 

 

    

 

 

    

 

 

    

 

 

      

 

 

 
                                                  

 

 

 

 

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English Translation of “CHUKAN-KI JIGYOU NO GOHOUKOKU” originally issued in Japanese

 


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Total Makita Corporation Shareholders’ Equity per Share

 

      Yen  
     As of  
     September 30,
2010
     March 31,
2011
     September 30,
2011
     March 31,
2012
     September 30,
2012
 
Total Makita Corporation Shareholders’ Equity per Share      2,110             2,230             2,168             2,367             2,318       
                                              

Earning Per Share (Basic) Net Income Attributable to

Makita Corporation Common Shareholders

 

      Yen  
     For the year
ended March 31,
2009
     For the year
ended March 31,
2010
     For the year
ended March 31,
2011
     For the year
ended March 31,
2012
     For the year
ending March 31,
2013
 
Earning Per Share (Basic) Net Income Attributable to Makita Corporation Common Shareholders for the Interim Period      175.6             77.1             109.8             124.2             116.9       
Earning Per Share (Basic) Net Income Attributable to Makita Corporation Common Shareholders for the Year      236.9             161.6             217.1             236.8             —       
                                              

Cash Dividend per Share

 

  

      Yen  
     For the year
ended March 31,
2009
     For the year
ended March 31,
2010
     For the year
ended March 31,
2011
     For the year
ended March 31,
2012
     For the year
ending March 31,
2013
 
Cash Dividend per Share for the Interim Period      30             15             15             15             15             
Cash Dividend per Share for the Year      80             52             66             72             Undecided       
                                              

 

 

 

 

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English Translation of “CHUKAN-KI JIGYOU NO GOHOUKOKU” originally issued in Japanese

 


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Condensed Consolidated Balance Sheets

 

   
     Yen (millions)  
      As of
March 31, 2012
     As of
September 30,
2012
     Increase
(Decrease)
 

ASSETS

        

CURRENT ASSETS:

        

Cash and Cash Equivalents

     44,812              52,466              7,654        

Time Deposits

     13,504              6,382              (7,122)       

Short-term investments

     25,125              28,326              3,201        

Notes Receivable in Trade

     1,769              1,555              (214)       

Accounts Receivable in Trade

     48,445              48,161              (284)       

Less-Allowance for Doubtful Receivables

     (753)             (710)             43        

Inventories

     129,571              117,611              (11,960)       

Deferred Income Taxes

     5,898              5,766              (132)       

Prepaid Expenses and Other Current Assets

     8,392              8,304              (88)       
  

 

 

    

 

 

    

 

 

 

Total Current Assets

     276,763              267,861              (8,902)       
  

 

 

    

 

 

    

 

 

 

PROPERTY, PLANT AND EQUIPMENT:

        

Land

     20,498              19,881              (617)       

Buildings and Improvements

     73,332              74,360              1,028        

Machinery and Equipment

     75,460              73,930              (1,530)       

Construction in Progress

     6,594              4,495              (2,099)       

Less-Accumulated Depreciation

     (98,146)             (97,999)             147        
  

 

 

    

 

 

    

 

 

 

Total Net Property, Plant and Equipment

     77,738              74,667              (3,071)       

INVESTMENTS AND OTHER ASSETS:

        

Investments

     19,154              15,871              (3,283)       

Deferred Income Taxes

     853              1,175              322        

Other Assets

     8,748              9,667              919        
  

 

 

    

 

 

    

 

 

 

Total Investments and Other Assets

     28,755              26,713              (2,042)       
  

 

 

    

 

 

    

 

 

 

TOTAL ASSETS

     383,256              369,241              (14,015)       
  

 

 

    

 

 

    

 

 

 
                            

 

 

 

 

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English Translation of “CHUKAN-KI JIGYOU NO GOHOUKOKU” originally issued in Japanese

 


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Condensed Consolidated Balance Sheets

 

      Yen (millions)  
      As of
March 31, 2012
     As of
September 30,
2012
     Increase
(Decrease)
 

LIABILITIES

        

CURRENT LIABILITIES:

        

Short-term Borrowings

     2,351              1,801              (550)       

Trade Notes and Accounts Payable

     21,822              17,942              (3,880)       

Accrued Payroll

     7,803              7,643              (160)       

Accrued Expenses and Others

     16,324              15,669              (655)       

Income Taxes Payable

     5,293              3,643              (1,650)       

Deferred Income Taxes

     125              90              (35)       
  

 

 

    

 

 

    

 

 

 

Total Current Liabilities

     53,718              46,788              (6,930)       
  

 

 

    

 

 

    

 

 

 

LONG-TERM LIABILITIES:

        

Long-term Indebtedness

     12              11              (1)       

Accrued Retirement and Termination Benefits

     3,027              2,854              (173)       

Deferred Income Taxes

     130              108              (22)       

Other Liabilities

     2,591              2,554              (37)       
  

 

 

    

 

 

    

 

 

 

Total Long-term Liabilities

     5,760              5,527              (233)       
  

 

 

    

 

 

    

 

 

 

Total Liabilities

     59,478              52,315              (7,163)       

EQUITY

        

MAKITA CORPORATION SHAREHOLDERS’ EQUITY:

        

Common Stock

     23,805              23,805              —        

Additional Paid-in Capital

     45,421              45,421              —        

Legal Reserve and Retained Earnings

     322,606              330,742              8,136        

Accumulated Other Comprehensive Income (Loss)

     (59,066)             (73,755)             (14,689)       

Treasury Stock, at cost

     (11,513)             (11,520)             (7)       
  

 

 

    

 

 

    

 

 

 

Total Makita Corporation Shareholders’ Equity

     321,253              314,693              (6,560)       
  

 

 

    

 

 

    

 

 

 

NONCONTROLING INTEREST

     2,525              2,233              (292)       
  

 

 

    

 

 

    

 

 

 

Total Equity

     323,778              316,926              (6,852)       
  

 

 

    

 

 

    

 

 

 

TOTAL LIABILITIES AND EQUITY

     383,256              369,241              (14,015)       
  

 

 

    

 

 

    

 

 

 
                            

 

 

 

 

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English Translation of “CHUKAN-KI JIGYOU NO GOHOUKOKU” originally issued in Japanese

 


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Consolidated Statements of Income

 

      Yen (millions)  
     

For the six

months ended
        September 30,        
2011

   

For the six

months ended
    September 30,    
2012

    

Increase

(Decrease)

 
                  (Amount)             (%)          
NET SALES      153,036               151,232                (1,804)              (1.2)         

Cost of Sales

     92,701               94,136                1,435               1.5          
  

 

 

   

 

 

    

 

 

 
GROSS PROFIT      60,335               57,096                (3,239)              (5.4)         

Selling, General, Administrative and others, Net

     33,382               33,066                (316)              (0.9)         
  

 

 

   

 

 

    

 

 

 
OPERATING INCOME      26,953               24,030                (2,923)              (10.8)         
  

 

 

   

 

 

    

 

 

 
OTHER INCOME (EXPENSES):          

Interest and Dividend Income

     723               770                47               6.5           

Interest Expense

     (95)              (115)               (20)              —          

Exchange Gains (Losses) on Foreign Currency Transactions, net

     (2,465)              (1,708)               757               —          

Realized Gains (Losses) on Securities, net

     (602)              (284)               318               —          

Total

     (2,439)              (1,337)               1,102               —          
  

 

 

   

 

 

    

 

 

 
INCOME BEFORE INCOME TAXES      24,514               22,693                (1,821)              (7.4)         
  

 

 

   

 

 

    

 

 

 
PROVISION FOR INCOME TAXES          

Current

     7,459               6,808                (651)              (8.7)         

Deferred

     (189)              (7)               182               —           
  

 

 

   

 

 

    

 

 

 

Total

     7,270               6,801                (469)              (6.5)         
  

 

 

   

 

 

    

 

 

 
NET INCOME      17,244               15,892                (1,352)              (7.8)         
Less: Net Income Attributable to the Noncontrolling Interest      140               18                (122)              (87.1)         
  

 

 

   

 

 

    

 

 

 
NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION      17,104               15,874                (1,230)              (7.2)         
  

 

 

   

 

 

    

 

 

 
                                      

 

 

 

 

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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 (Used in) Investing Activities

     4,473              751        
  

 

 

    

 

 

 

Net Cash Provided by (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        
  

 

 

    

 

 

 
                   

 

Condensed Operating Segment Information

 

For the six months ended September 30, 2011

 

      Yen (millions)  
      Japan      Europe      North
America
     Asia      Other      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       
                                                                         
For the six months ended September 30, 2012   
      Yen (millions)  
      Japan      Europe      North
America
     Asia      Other      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       
                                                                         

Note: Segment information is determined by the location of the Company and its consolidated subsidiaries.

 

 

 

 

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Condition of Shareholders and Shares

(As of September 30, 2012)

 

Total Number of Shares Authorized

   496,000,000 shares

Total Number of Shares Outstanding

   140,008,760 shares (including 4,261,015 shares of treasury stock)

Number of Shareholders

   14,568 (234 increase compared with as of March 31, 2012)

10 Largest Shareholders

  

 

      Number of Shares Held
(thousand)
 
Name of Shareholder   

 

         %      

The Master Trust Bank of Japan, Ltd. (Trust account)

     9,306              6.65   

Japan Trustee Services Bank, Ltd. (Trust account)

     7,748              5.53   

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

     4,213              3.01   

Maruwa, Ltd.

     4,069              2.91   

Makita Cooperation Companies’ Investment Association

     4,066              2.90   

Nippon Life Insurance Company

     4,013              2.87   

Sumitomo Mitsui Banking Corporation

     2,900              2.07   

National Mutual Insurance Federation of Agricultural Cooperatives

     2,469              1.76   

Masahiko Goto

     1,987              1.42   

Japan Trustee Services Bank, Ltd. (Trust account 9)

     1,951              1.39   
  

 

 

    

 

 

 

Total

               42,722                      30.51   
  

 

 

    

 

 

 
                   

Note:

  1.   Shares holding ratios above are calculated based on the total number of issued shares (including treasury stock) as of September 30, 2012.
  2.   In addition to the above, the Company owns 4,261 thousand shares of treasury stock.

 

Distribution of Share-ownership

 

Class of Shareholder    Number of Shares Held
(thousand)
 
  

 

          %       

Financial Institutions and Securities Firms

               53,293              38.1   

Japanese Individuals and Other

     23,722              17.0   

Foreign Investors

     41,494              29.6   

Other Japanese Business Corporations

     17,239              12.3   

Treasury Stock

     4,261              3.0   
  

 

 

    

 

 

 

Total

               140,009                      100.0   
  

 

 

    

 

 

 
                   

 

Class of Shareholder    Number of Shareholders  
  

 

           %        

Financial Institutions and Securities Firms

     109              0.7   

Japanese Individuals and Other

               13,692              94.0   

Foreign Investors

     409              2.8   

Other Japanese Business Corporations

     357              2.5   

Treasury Stock

     1              0.0   
  

 

 

    

 

 

 

Total

               14,568                      100.0   
  

 

 

    

 

 

 
                   

 

 

 

 

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Price per Share and Volume of Shares Traded on The Tokyo Stock Exchange

 

      2012  
         April              May              June              July              August              September      

High (yen)

     3,460         3,090         2,930         2,834         3,030         3,080   

Low (yen)

     3,030         2,595         2,468         2,470         2,542         2,624   

Volume (thousand shares)

     12,329         21,166         16,688         15,966         16,303         17,046   
                                                       

 

Note:

  The highest price, lowest price, and total volume of shares traded on The Tokyo Stock Exchange for the six months ended September 30, 2012 were as follows:
 

 

    The highest price per share:

    3,460 yen marked on April 3, 2012   
 

 

    The lowest price per share:

    2,468 yen marked on June 4, 2012   
 

 

    Total volume of shares traded:

  99,497 thousand shares   

Basic policy regarding profit distribution and to repurchases of its outstanding shares

Makita’s basic policy on the distribution of profits is to maintain a 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 net income attributable to Makita Corporation after certain adjustments. With respect to repurchases of its outstanding shares, Makita aims to implement a flexible capital policy, augment the efficiency of its capital employment, and thereby boost shareholder profit. Also Makita continues to consider execution of own share repurchases in light of trends in stock prices.

 

 

 

 

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Corporate Data

(As of September 30, 2012)

Makita Corporation

3-11-8, Sumiyoshi-cho, Anjo, Aichi 446-8502, Japan

Phone: (0566) 98-1711

Website: http://www.makita.biz/

 

Date of founding

   March 21, 1915

Date of incorporation

   December 10, 1938

Paid-in Capital

   24,206 million yen (non-consolidated)

Description of business

   Production and sales of electric power tools, pneumatic tools, gardening equipment and household products

Number of consolidated subsidiaries

   49 (Domestic 2, Overseas 47)

Plants

  

Two in Japan, eight outside of Japan (two in China, and one each in the United States, Brazil, the United Kingdom, Germany, Romania and Thailand)

Number of Employees

   12,793 (consolidated)
   2,845 (non-consolidated)

Board of Directors

President and

Representative Director

   Masahiko Goto   

Director, Managing

Corporate Officers

   Yasuhiko Kanzaki    (In Charge of International Sales and General Manager of International Sales Headquarters: Europe, the Middle East and Africa Region)
   Tadayoshi Torii    (In Charge of Production and General Manager of Production Headquarters)
   Shiro Hori    (In Charge of International Sales and General Manager of International Sales Headquarters: America, Asia, and Oceania Region)

Director, Corporate Officers

   Tomoyasu Kato

 

  

(General Manager of Research and Development Headquarters)

 

   Tadashi Asanuma   

(In Charge of Domestic Sales and General Manager of Domestic Sales Marketing Headquarters)

 

   Hisayoshi Niwa

 

  

(General Manager of Quality Headquarters)

 

   Shinichiro Tomita

 

  

(General Manager of Purchasing Headquarters)

 

   Tetsuhisa Kaneko   

(General Manager of Production Headquarters (In Charge of China Plant))

 

   Yoji Aoki

 

  

(General Manager of Administration Headquarters)

 

Outside Director

   Motohiko Yokoyama    (Representative Director of JTEKT Corporation)

Note:

The Company has designated Mr. Motohiko Yokoyama, a Director, as the “Independent Director(s)/Auditor(s)” as required by the regulations of the Tokyo Stock Exchange, Inc. and the Nagoya Stock Exchange, Inc. and made required notification therefore to these Stock Exchanges.

 

 

 

 

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Board of Statutory Auditors

Standing Statutory Auditors

   Toshihito Yamazoe   
   Haruhito Hisatsune    (Outside Auditor)

Statutory Auditors

   Masafumi Nakamura    (Outside Auditor, Certified Accountant)
   Michiyuki Kondo    (Outside Auditor, Lawyer)

Corporate Officers (As of October 1, 2012)

Corporate Officers

   Zenji Mashiko    (General Manager of Domestic Sales Marketing Headquarters: Tokyo Area)
   Toshio Hyuga    (General Manager of Domestic Sales Marketing Headquarters: Osaka Area)
   Tamiro Kishima    (Senior Managing Director of Dolmar G.m.b.H)
   Tim Donovan    (President of Makita Corporation of America and in charge of Brazil Plant)
   Paul Harris    (Managing Director of Makita Manufacturing Europe, Ltd. and in charge of Romania Plant)

Note:

The Company has designated Messrs. Haruhito Hisatsune, Masafumi Nakamura and Michiyuki Kondo, Statutory Auditors, as the “Independent Director(s)/Auditor(s)” as required by the regulations of the Tokyo Stock Exchange, Inc. and the Nagoya Stock Exchange, Inc. and made required notification therefor to these Stock Exchanges.

Independent Registered Public Accounting Firm

KPMG AZSA LLC

 

 

 

 

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Information on Shares

(As of September 30, 2012)

 

Fiscal period    The one (1) year period from April 1 of each year to March 31 of the following year
Ordinary general meeting of shareholders    June
Number of shares constituting one unit    100 shares
Record dates   

1) Ordinary general meeting of shareholders and

  cash dividends for the second half

            March 31 of each year

  

2) Cash dividends for the interim period

            September 30 of each year

Transfer agent of common stock   

Sumitomo Mitsui Trust Bank, Limited

1-4-1, Marunouchi, Chiyoda-ku, Tokyo 100-8233, Japan

Its handling office

  

Sumitomo Mitsui Trust Bank, Limited

Stock Transfer Agency Department

15-33, Sakae 3-chome, Naka-ku, Nagoya, Aichi 460-8685, Japan

Its liaison offices

  

Head office and nationwide branch offices of Sumitomo Mitsui Trust Bank,

Limited

Means of public notice    Website: http://www.makita.co.jp/ir/index1.htm

Common stock listings

   Domestic    Tokyo and Nagoya stock exchanges (stock code: 6586)
   Overseas    American Depositary Receipts: The Nasdaq Global Select Market (Symbol: MKTAY)

 

 

 

 

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English Translation of “CHUKAN-KI JIGYOU NO GOHOUKOKU” originally issued in Japanese