MIRA INFORM REPORT

Report Date :

17.05.2012

IDENTIFICATION DETAILS

Name :	TOKAI CARBON CO LTD
Registered Office :	Aoyama Bldg. 1-2-3, Kita-Aoyama, Minato-ku Tokyo, 107-8636
Country :	Japan
Financials (as on) :	31.12.2011
Date of Incorporation :	08.04.1918
Legal Form :	Public Parent
Line of Business :	Manufacture of dyes and pigments
No. of Employees :	1,809

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	No Complaints
Litigation :	--

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Japan	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Top of Form

Bottom of Form

Tokai Carbon Co Ltd

Aoyama Bldg.
1-2-3, Kita-Aoyama, Minato-ku
Tokyo, 107-8636
Japan
Tel:	81-3-37465100
Fax:	81-3-34057205
www.tokaicarbon.co.jp

Employees:

1,809

Company Type:

Public Parent

Corporate Family:

22 Companies

Traded:

Tokyo Stock Exchange:

5301

Incorporation Date:

08-Apr-1918

Auditor:

Deloitte & Touche LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Japanese Yen
Annual Sales:	1,316.5 ^1
Net Income:	76.8
Total Assets:	2,099.8 ^2
Market Value:	1,118.7
	(27-Apr-2012)

Business Description

TOKAI CARBON CO., LTD. is a Japan-based company engaged in the manufacture and sale of various carbon products. The Company operates in four business segments. The Carbon Black segment manufactures and sells rubber products use, black color use, conductive carbon black products. The Carbon and Ceramic segment manufactures and sells graphite electrode for electrical steel furnaces, fine carbon, electric brushes and others. The Industrial Furnace and Related Products segment is engaged in the manufacture and sale of industrial electric furnaces, gas furnaces, silicon carbide heating elements, ceramic resistors, among others. The Others segment is engaged in leasing of real estate, the development and sale of computer software and the operation of golf practice centers. For the nine months ended 30 September 2011, Tokai CarbonCo., Ltd.'s revenues decreased 1% to Y80.07B. The Company's net income increased 4% to Y4.55B. Revenues reflect lower sales due to decreased demands from customers. Net income benefited from lower percentage of cost of sales and SG&A expense, the presence of gain on sales of long-term investment in securities, as well as the absence of reversal for environmental safety.

Industry

Industry	Chemical Manufacturing
ANZSIC 2006:	1812 - Basic Organic Chemical Manufacturing
NACE 2002:	2412 - Manufacture of dyes and pigments
NAICS 2002:	325182 - Carbon Black Manufacturing
UK SIC 2003:	2412 - Manufacture of dyes and pigments
US SIC 1987:	2895 - Carbon Black

Key Executives

Name	Title
Yoshinari Kudo	President, Executive President, Representative Director
Hideo Higashigamae	Executive Officer, Director of Carbon Black Business
Tadashi Takahashi	Executive Officer-Planning
Masahiro Saeki	Executive Officer-Materials
Masahiro Kusaba	Corporate Auditor

Significant Developments

Topic	#*	Most Recent Headline	Date
Debt Ratings	2	R&I Affirms Tokai Carbon Co., Ltd.'s Rating at "A"; Rating Outlook Stable	10-Apr-2012

* number of significant developments within the last 12 months

News

Title	Date
Tokyo Stock Exchange: closing price list -8- Associated Press (240 Words)	16-May-2012
Tokyo Stock Exchange: closing price list -8- Japan Economic Newswire (240 Words)	16-May-2012
Tokyo Stock Exchange: morning price list -8- Japan Economic Newswire (240 Words)	15-May-2012
Tokyo Stock Exchange: morning price list -8- Associated Press (240 Words)	15-May-2012
Tokyo Stock Exchange: closing price list -8- Japan Economic Newswire (243 Words)	11-May-2012

Financial Summary

As of 31-Dec-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.95	2.18
Quick Ratio (MRQ)	1.11	1.35
Debt to Equity (MRQ)	0.20	0.82
Sales 5 Year Growth	1.15	6.26
Net Profit Margin (TTM) %	6.10	10.56
Return on Assets (TTM) %	4.04	8.26
Return on Equity (TTM) %	5.89	22.07

Stock Snapshot

Traded: Tokyo Stock Exchange: 5301

As of 27-Apr-2012

   Financials in: JPY

Recent Price	402.00	EPS	37.06
52 Week High	456.00	Price/Sales	0.86
52 Week Low	340.00	Dividend Rate	8.00
Avg. Volume (mil)	1.41	Price/Earnings	14.59
Market Value (mil)	90,427.13	Price/Book	0.82
		Beta	1.36

	Price % Change	Rel S&P 500%
4 Week	-8.84%	-3.17%
13 Week	-2.90%	-8.11%
52 Week	-4.96%	0.67%
Year to Date	-3.83%	-12.87%

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 79.69823
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 76.94

Corporate Overview

Location
Aoyama Bldg.
1-2-3, Kita-Aoyama, Minato-ku
Tokyo, 107-8636
Japan

Tel:	81-3-37465100
Fax:	81-3-34057205

www.tokaicarbon.co.jp

Quote Symbol - Exchange
5301 - Tokyo Stock Exchange
Sales JPY(mil):	104,924.0
Assets JPY(mil):	161,555.0
Employees:	1,809
Fiscal Year End:	31-Dec-2011

Industry:	Chemical Manufacturing

Incorporation Date:	08-Apr-1918
Company Type:	Public Parent
Quoted Status:	Quoted

President, Executive President, Representative Director:	Yoshinari Kudo

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

Contents Industry Codes Business Description Financial Data Market Data

Shareholders Subsidiaries Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
9112	-	Sports and Physical Recreation Clubs and Sports Professionals
1812	-	Basic Organic Chemical Manufacturing
5420	-	Software Publishing
1813	-	Basic Inorganic Chemical Manufacturing
2449	-	Other Domestic Appliance Manufacturing

NACE 2002 Codes:
7221	-	Publishing of software
2822	-	Manufacture of central heating radiators and boilers
2412	-	Manufacture of dyes and pigments
9262	-	Other sporting activities
2413	-	Manufacture of other inorganic basic chemicals

NAICS 2002 Codes:
333414	-	Heating Equipment (except Warm Air Furnaces) Manufacturing
511210	-	Software Publishers
325188	-	All Other Basic Inorganic Chemical Manufacturing
325182	-	Carbon Black Manufacturing
713990	-	All Other Amusement and Recreation Industries

US SIC 1987:
2819	-	Industrial Inorganic Chemicals, Not Elsewhere Classified
7997	-	Membership Sports and Recreation Clubs
7372	-	Prepackaged Software
2895	-	Carbon Black
3433	-	Heating Equipment, Except Electric and Warm Air Furnaces

UK SIC 2003:
2413	-	Manufacture of other inorganic basic chemicals
2412	-	Manufacture of dyes and pigments
92629	-	Other sporting activities not elsewhere classified
2822	-	Manufacture of central heating radiators and boilers
7221	-	Publishing of software

Business Description

TOKAI CARBON CO., LTD. is a Japan-based company engaged in the manufacture and sale of various carbon products. The Company operates in four business segments. The Carbon Black segment manufactures and sells rubber products use, black color use, conductive carbon black products. The Carbon and Ceramic segment manufactures and sells graphite electrode for electrical steel furnaces, fine carbon, electric brushes and others. The Industrial Furnace and Related Products segment is engaged in the manufacture and sale of industrial electric furnaces, gas furnaces, silicon carbide heating elements, ceramic resistors, among others. The Others segment is engaged in leasing of real estate, the development and sale of computer software and the operation of golf practice centers. For the nine months ended 30 September 2011, Tokai CarbonCo., Ltd.'s revenues decreased 1% to Y80.07B. The Company's net income increased 4% to Y4.55B. Revenues reflect lower sales due to decreased demands from customers. Net income benefited from lower percentage of cost of sales and SG&A expense, the presence of gain on sales of long-term investment in securities, as well as the absence of reversal for environmental safety.

More Business Descriptions

Manufacture of various types of carbon and graphite products including carbon black, artificial graphite electrodes and fine carbon products; manufacture of friction materials and silicon carbide whiskers

Carbon & Graphite Mfr

Tokai Carbon Co., Ltd. (Tokai Carbon) manufactures and sells carbon and graphite products including carbon black, artificial graphite electrodes, fine carbon-products (specialty graphite products), friction materials, carbon brushes, impervious graphite and other products. The company's international markets include China, Europe, Japan, Republic of Korea, Thailand, the UK and the US.Tokai Carbon operates under three business segments, namely, Carbon and Graphite Products, Industrial Furnaces and related products and Others.The company, through its Carbon and Graphite Products segment, undertakes the production of carbon black, graphite electrode, fine carbon and friction materials. Carbon black is used in automobile tires, belts, vibration-control rubber, electric cable cladding, hoses, automobile tires, belts, vibration-control rubber, electric cable cladding, hoses, reinforcement and strengthening of the rubber, as a colorant in printing ink, paints, resins and as a colorant in printing ink, paints and resins. Graphite electrodes are used by steel makers in electric arc furnaces for steel production. Fine carbo includes the highest quality carbon and graphite products with unique characteristics, which are used as electric materials, heat resistant materials, lubricants and mechanical parts. Friction materials are used as clutches and brakes for construction, agricultural, transportation and other industrial machinery. For the fiscal year ended 2010, the segment generated JPY101.63m revenue, which accounted for 94.3% of the company's total revenue.The company, through its Industrial Furnaces and related products segment, produces heating elements, heating equipment, super refractories, resistors, industrial furnaces, gas furnaces, silicon carbide heating elements and ceramic resistors. These are made mainly of silicon carbide and alumina. For the fiscal year ended 2010, the segment generated JPY5.62m revenue, which constituted 5.2% of the company's total revenue.The Other business segment engages in the business of cargo transportation, property leasing, operation of golf practice centers and development and sale of computer software. For the fiscal year ended 2010, the segment generated JPY0.42m revenue, representing 0.39% of the company's total revenue.The company spent JPY2,012m on its research and development activities during fiscal year 2010. Its R&D activities are carried out in mainly in Fuji Research Laboratory, Chita Research Laboratory, Carbon and Ceramics Laboratories. It owns six production plants: Ishinomaki Plant, Chita Plant, Shiga Plant, Hofu Plant, Kyusyu Wakamatsu Plant and Tanoura Plant. Its research and development activities focused mainly on carbon nanotube and carbon nanohorn, fullerene, hydrophilic carbon black, aqua-black, fuel cell products and carbon nanospheres. The company owns a total of 16 patents related to production technology and applications. In November 2011, the company entered into joint venture with POSCO Group, for production and sales of isotropic graphite materials.

Tokai Carbon Co., Ltd. (Tokai Carbon) is a Japanese manufacturer of carbon and graphite products. The company, along with its subsidiaries, offers products such as carbon black, used in automotive tires and other rubber products; artificial graphite electrodes, which are used in electric arc furnaces for steel production; fine carbon-products (specialty graphite products); friction materials, carbon brushes and impervious graphite. Tokai Carbon operates globally through 24 subsidiaries, and six affiliates. The company operates in China, Germany, Italy, Japan, Republic of Korea, Sweden, Thailand, the UK and the US. Tokai Carbon is headquartered in Tokyo, Japan.The company reported revenues of (Yen) JPY 107,679.00 million during the fiscal year ended December 2010, an increase of 29.27% over 2009. The operating profit of the company was JPY 9,898.00 million during the fiscal year 2010, an increase of 140.53% over 2009. The net profit of the company was JPY 5,634.00 million during the fiscal year 2010, an increase of 110.46% over 2009.

Other Basic Inorganic Chemical Manufacturing

Financial Data

Financials in:	JPY(mil)
Revenue:	104,924.0
Net Income:	6,122.0
Assets:	161,555.0
Long Term Debt:	1,747.0
Total Liabilities:	57,274.0
Working Capital:	43.0
Date of Financial Data:	31-Dec-2011

1 Year Growth

-2.6%

8.7%

4.0%

Market Data

Quote Symbol:	5301
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	402.0
Stock Price Date:	04-27-2012
52 Week Price Change %:	-5.0
Market Value (mil):	90,427,128.0
SEDOL:	6894003
ISIN:	JP3560800009
Equity and Dept Distribution:
FY'06 DWAS was estimated to reflect the reported DEPS. FY'06-08 1Q & 3Q's WAS & DWAS were estimated and WAS=o/s. FY'09 Q1 geographic segment was adjusted, because the reported data was wrong. FY'08 Q1 BWAS=O/S, DWAS estimated. FY'07 AR geographic segement was used as tanshin's data, because yuho's reported data was wrong.

Subsidiaries

Company	Percentage Owned	Country
Tokai Carbon USA Inc	100%	USA
Tokai Carbon Europe Ltd	100%	UK
Tokai Material Co Ltd	100%	JAPAN
Tokai Erftcarbon GmbH	100%	GERMANY
Tokai Carbon (Tianjin) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Tokai Carbon Italia Srl	100%	ITALY
Tokai Carbon Europe GmbH	100%	GERMANY
Tokai Carbon Deutschland GmbH	100%	GERMANY
Tokai Carbon (Shanghai) Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA
Tokai Carbon UK Ltd	100%	UK
Tokai Carbon Korea Co Ltd	100%	SOUTH KOREA
Tokai Konetsu Kogyo Co Ltd	100%	JAPAN
Thai Tokai Carbon Product Co Ltd	100%	THAILAND

Shareholders

Major Shareholders

Master Trust Bank of Japan (8.1%); Japan Trustee Services Bank (7.5%); Company's Trust Stock (5%)

Key Corporate Relationships

Auditor:	Deloitte & Touche LLP
Auditor:	Deloitte & Touche LLP

Tokai Carbon Co Ltd

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives

Strategic Initiatives

Sales and Distribution

Its operating income was down 81.4% year-on-year to JPY310 million, despite our efforts to reduce costs and improve productivity in all business segments. The group forecasts 2010 consolidated net sales of JPY100,000 million, operating income of JPY8,000 million, ordinary income of JPY7,500 million, and net income of JPY4,100 million, assuming a yen/dollar exchange rate of JPY85. The group expects to end 2010 with cash and cash equivalents of approximately JPY10,000 million. The company engages in the production and sale of carbon black for use in automotive tires and other rubber products, artificial graphite electrodes for use in electric arc furnaces for steel production, fine carbon-products, friction materials, carbon brushes, and impervious graphite, as well as in the production and sale of other products. The company contracts the processing of fine-carbon products to Tokai Fine Carbon Machining Co.
Source: GlobalData, December 8, 2011

Corporate Structure News

Tokai Carbon Co Ltd
Total Corporate Family Members: 22

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Tokai Carbon Co Ltd	Parent	Tokyo	Japan	Chemical Manufacturing	1,316.5	1,809
Erema Sangyo Co., Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Capital Goods		250
Erftcarbon GmbH	Subsidiary	Grevenbroich, Nordrhein-Westfalen	Germany	Electronic Instruments and Controls	139.9	200
Tokai Konetsu Kogyo Co Ltd	Subsidiary	Tokyo	Japan	Miscellaneous Capital Goods	94.1	180
Tokai Carbon Korea Co., Ltd.	Subsidiary	Anseong	Korea, Republic of	Electronic Instruments and Controls	53.7	157
Tokai Material Co., Ltd.	Subsidiary	Yachiyo, Chiba	Japan	Auto and Truck Parts		120
Thai Tokai Carbon Product Co Ltd	Subsidiary	Bangkok	Thailand	Chemical Manufacturing		80
Oriental Sangyo Co., Ltd.	Subsidiary	Kofu, Yamanashi	Japan	Chemical Manufacturing	15.3	74
DAIYA TSUSHO CO., LTD.	Subsidiary	Tokyo	Japan	Retail (Specialty)	64.9	64
Carbon Mechanik GmbH	Subsidiary	Buchholz, Rhineland Palatinate	Germany	Chemical Manufacturing		40
Carbon Industrie Produkte GmbH	Subsidiary	Buchholz (Westerwald), Rheinland-Pfalz	Germany	Electronic Instruments and Controls		30
Tokai Carbon Europe Ltd..	Subsidiary	Oldbury	United Kingdom	Miscellaneous Fabricated Products	20.2	29
Tokai Carbon U.S.A., Inc.	Subsidiary	Hillsboro, OR	United States	Electronic Instruments and Controls	6.5	25
Tokai Carbon Italia S.R.L.	Subsidiary	Trezzano Rosa	Italy	Electronic Instruments and Controls	5.3	11
Svensk Specialgrafit AB	Subsidiary	Trollhattan	Sweden	Electronic Instruments and Controls		10
Tokai Carbon (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Electronic Instruments and Controls		7
Tokai Carbon Electrode Sales LLC.	Subsidiary	Cleveland, OH	United States	Miscellaneous Capital Goods		1
Tokai Carbon (Tianjin) Co., Ltd.	Subsidiary	Tianjin	China	Chemical Manufacturing
Tokai Fine Carbon Machining Co., Ltd.	Subsidiary	Chigasaki, Kanagawa	Japan	Electronic Instruments and Controls
Tokai Unyu Co., Ltd.	Subsidiary	Tokyo	Japan	Business Services
Tokai Noshiro Seiko Co., Ltd.	Subsidiary	Noshiro, Akita	Japan	Auto and Truck Parts
Tokai Carbon Europe GmbH	Subsidiary	Grevenbroich	Germany	Electronic Instruments and Controls

Tokai Carbon Co Ltd

Competitors Report

CompanyName	Location	Employees	Ownership
Cabot Corp	Boston, Massachusetts, United States	4,100	Public
China Synthetic Rubber Corporation	Taipei, Taiwan	1,750	Public
GrafTech International Ltd	Parma, Ohio, United States	3,284	Public
Mitsubishi Chemical Holdings Corp.	Tokyo, Japan	53,882	Public
Oci Co Ltd	Seoul, Korea, Republic of	2,849	Public
SGL Carbon SE	Wiesbaden, Germany	6,447	Public
Showa Denko K.K.	Tokyo, Japan	11,542	Public
The Morgan Crucible Company plc	Windsor, United Kingdom	10,028	Public

Executives Report

Board of Directors

Name	Title	Function
Shikio Ohtake	Chairman	Chairman
Toshiaki Fukuda	Executive Officer, Chief Director of Development Strategy, Director	Director/Board Member
Biography Mr. Toshiaki Fukuda has been serving as Executive Officer, Chief Director of Development Strategy and Director in TOKAI CARBON CO., LTD. since March 2012. He joined the Company in April 1984. His previous titles include Director of Development Planning, Director of Functional Material, Manager of Production Technology Center and Deputy Chief Director of Development Strategy, among others. Age: 54
Masanao Hosoya	Executive Officer, Chief Director of Business Administration, Director	Director/Board Member
Biography Mr. Hosoya Masanao has been serving as Executive Officer, Chief Director of Business Administration and Director in TOKAI CARBON CO., LTD. since March 2010. He used to work for a bank that is under the new name of The Bank of Tokyo-Mitsubishi UFJ, Ltd. Age: 56
Yoshinari Kudo	President, Executive President, Representative Director	Director/Board Member
Biography Mr. Yoshinari Kudo has been serving as President, Executive President and Representative Director in TOKAI CARBON CO., LTD. since January 1, 2007. He joined the Company in April 1973. His previous titles include Deputy Chief Director of Business Management, Director of Accounting in Main Business Management Unit, Manager of Information System Office in Main Business Management Unit, Chief Director of Business Strategies, Manager of Information System Office in Main Business Strategy Unit, Managing Executive Officer and Director in the Company. He also used to serve as President and Director in a subsidiary, TOKAI CARBON U.S.A., INC. Age: 63 Education: Keio University, B (Economics)
Sadao Kumakura	Director	Director/Board Member
Yoshio Kumakura	Independent Director	Director/Board Member
Biography Mr. Yoshio Kumakura has been serving as Independent Director of Tokai Carbon since March 2007. He is also working for International Association for the Protection of Intellectual Property, serving as Executive Director of International Law Association, Japan Branch and another law association. He is also working for NIPPON FLOUR MILLS Co., Ltd. and a law firm. He obtained his Master's Degree of Law from Harvard Law School in June 1976. He became a lawyer in April 1969. Age: 72 Education: Harvard University, M (Law)
Nobuyuki Murofushi	Senior Managing Executive Officer, Chief Director of Business Strategy, Director	Director/Board Member
Biography Mr. Nobuyuki Murofushi has been serving as Senior Managing Executive Officer, Chief Director of Business Strategy and Director of TOKAI CARBON CO., LTD. since March 2012. He joined the Company in April 1978. His previous titles include Deputy Director of Electrode Business, Director of Electrode Business, Director of Marketing in Electrode Business Unit, Manager of Asia Pacific Office Center, Director of Management and Purchasing in Electrode Business Unit, Executive Officer and Managing Executive Officer. Age: 57
Hajime Nagasaka	Senior Managing Executive Officer, Director	Director/Board Member
Biography Mr. Hajime Nagasaka has been serving as Senior Managing Executive Officer and Director of Tokai Carbon Co., Ltd. since March 2012. He joined the Company in April 1972, and previously served as Director of Administration & Purchasing in Carbon Business Unit, Director of Carbon Black Business, Managing Executive Officer, Manager of Osaka Office and Director of Marketing in Carbon Black Business Unit. He also served as Vice President and Director of a subsidiary, Thai Carbon Product Co., Ltd. Age: 62
Kiyonari Nakai	Senior Managing Executive Officer, Director of Friction Material Business, Director	Director/Board Member
Biography Mr. Kiyonari Nakai has been serving as Senior Managing Executive Officer, Director of Friction Material Business and Director of TOKAI CARBON CO., LTD. since March 2010. He joined the Company in April 1972. His previous titles include Director of Carbon Black, Managing Executive Officer, Director of Environment Management, Deputy Director of Carbon Black Business, Director of Marketing in Carbon Black Business Unit, Deputy Chief Director of Business Strategy, Director of Environment Management in Main Business Strategy Unit and Managing Director. Age: 62
Yuji Serizawa	Executive Officer, Director of Fine Carbon Business, Director	Director/Board Member
Biography Mr. Yuji Serizawa has been serving as Executive Officer, Director of Fine Carbon Business and Director in TOKAI CARBON CO., LTD. since March 2012. He joined the Company in April 1984. His previous titles include Deputy Director of Fine Carbon Business and Director of Marketing in Fine Carbon Business Unit, among others. Age: 52
Naoshi Takahashi	Managing Executive Officer, Director of Electrode Business, Director	Director/Board Member
Biography Mr. Naoshi Takahashi has been serving as Managing Executive Officer, Director of Electrode Business and Director in Tokai Carbon Co., Ltd. since March 2012. He joined the Company in April 1975. His previous titles include Executive Officer, Chief Director of Business Strategy, Manager of Business Planning Office in Main Business Strategy Unit, Director of International Business in Business Strategies Unit, Assistant Manager of Business Strategies Office and Deputy Director of International Business. Age: 60
Hideo Toko	Board Member	Director/Board Member

Executives

Name	Title	Function
Yoshinari Kudo	President, Executive President, Representative Director	President
Biography Mr. Yoshinari Kudo has been serving as President, Executive President and Representative Director in TOKAI CARBON CO., LTD. since January 1, 2007. He joined the Company in April 1973. His previous titles include Deputy Chief Director of Business Management, Director of Accounting in Main Business Management Unit, Manager of Information System Office in Main Business Management Unit, Chief Director of Business Strategies, Manager of Information System Office in Main Business Strategy Unit, Managing Executive Officer and Director in the Company. He also used to serve as President and Director in a subsidiary, TOKAI CARBON U.S.A., INC. Age: 63 Education: Keio University, B (Economics)
Hideki Saito	Executive Officer-Fine Chemical	Division Head Executive
Takashi Takenaka	Managing Executive Officer-Development & Fine Carbon	Division Head Executive
Masato Mori	Managing Executive Officer-Development	Managing Director
Tatsuo Abe	Executive Officer-Accounting	Accounting Executive
Masahiro Kusaba	Corporate Auditor	Accounting Executive
Katsuhiko Namba	Corporate Auditor	Accounting Executive
Tsunehisa Samukawa	Corporate Auditor	Accounting Executive
Ryuichi Sato	Corporate Auditor	Accounting Executive
Masahiro Saeki	Executive Officer-Materials	Product Management Executive
Tadashi Takahashi	Executive Officer-Planning	Planning Executive
Hideo Higashigamae	Executive Officer, Director of Carbon Black Business	Other
Biography Mr. Hideo Higashigamae has been serving as Executive Officer and Director of Carbon Black Business in Tokai Carbon Co., Ltd. since March 2012. He joined the Company in April 1974. He previously served as Director of Technology in Carbon Black Business Unit, Director of Engineering in Carbon Black Business Unit and Director of Environment and Disaster-Prevention Administration in Carbon Black Business Unit in the Company, as well as President and Director in a subsidiary, THAI TOKAI CARBON PRODUCT CO., LTD. Age: 60
Hiroshi Hirama	Managing Executive Officer	Other
Biography Mr. Hiroshi Hirama has been serving as Managing Executive Officer of TOKAI CARBON CO., LTD. since March 2012. He joined the Company in April 1972, and previously served as Executive Officer, Deputy Director of Carbon Black Business, Director of Technology in Carbon Black Business Unit, Director of Chita Research Insitute, Director of Engineering in Main Business Strategy Unit, Chief Director of Development Strategy and Director. Age: 63
Itsuro Imazu	Executive Officer	Other
Makoto Itoi	Executive Officer, Director of General Affairs in Main Business Administration Unit	Other
Takekuni Kawaguchi	Executive Officer	Other
Yoshikazu Matsuyama	Executive Officer, Manager of Information System Officer in Main Business Administration Unit	Other
Eiichi Nishii	Executive Officer, Deputy Director of Friction Material Business	Other
Jinichi Suzuki	Executive Officer, Manager of Osaka Office, Manager of Nagoya Office	Other

Significant Developments

R&I Affirms Tokai Carbon Co., Ltd.'s Rating at "A"; Rating Outlook Stable

Apr 10, 2012

Rating and Investment Information, Inc. (R&I) announced that it has affirmed the rating on Tokai Carbon Co., Ltd. at "A". The rating outlook is stable.

R&I Affirms Rating on Tokai Carbon Co., Ltd. at "A"; Rating Outlook Stable

May 16, 2011

Rating Investment Information, Inc. announced that it has affirmed the rating on Tokai Carbon Co., Ltd. at "A". The rating outlook is stable.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.698224	87.789317	93.619712	103.395546	117.767199
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	1,316.5	1,226.6	889.7	1,242.7	997.2
Revenue	1,316.5	1,226.6	889.7	1,242.7	997.2
Total Revenue	1,316.5	1,226.6	889.7	1,242.7	997.2
Cost of Revenue	1,015.9	949.2	694.0	869.5	680.1
Cost of Revenue, Total	1,015.9	949.2	694.0	869.5	680.1
Gross Profit	300.6	277.4	195.7	373.1	317.1
Selling/General/Administrative Expense	100.2	93.7	78.6	101.1	84.6
Labor & Related Expense	42.0	37.4	34.3	37.0	32.0
Total Selling/General/Administrative Expenses	142.2	131.2	112.9	138.1	116.6
Research & Development	24.0	22.4	21.8	19.3	13.8
Depreciation	3.1	3.3	3.5	3.5	2.9
Amortization of Acquisition Costs	-	-	0.9	3.0	6.5
Depreciation/Amortization	3.1	3.3	4.4	6.5	9.5
Restructuring Charge	-	-	-	-	0.0
Impairment-Assets Held for Use	0.3	5.0	9.7	0.0	0.2
Impairment-Assets Held for Sale	0.2	0.0	0.2	4.7	0.0
Other Unusual Expense (Income)	32.3	2.7	2.7	-0.4	0.0
Unusual Expense (Income)	32.9	7.7	12.7	4.3	0.2
Total Operating Expense	1,218.0	1,113.8	845.8	1,037.8	820.1
Operating Income	98.5	112.7	44.0	204.9	177.0
Interest Expense - Non-Operating	-6.7	-7.4	-6.5	-8.7	-7.3
Interest Expense, Net Non-Operating	-6.7	-7.4	-6.5	-8.7	-7.3
Interest Income - Non-Operating	1.3	0.3	0.9	1.1	1.3
Investment Income - Non-Operating	23.7	-2.6	14.5	-11.6	8.9
Interest/Investment Income - Non-Operating	25.0	-2.2	15.4	-10.5	10.2
Interest Income (Expense) - Net Non-Operating Total	18.3	-9.6	8.9	-19.3	2.8
Gain (Loss) on Sale of Assets	0.0	0.4	2.1	4.5	0.0
Other Non-Operating Income (Expense)	0.4	1.4	-2.1	-8.4	-1.2
Other, Net	0.4	1.4	-2.1	-8.4	-1.2
Income Before Tax	117.2	104.9	52.8	181.7	178.7
Total Income Tax	36.9	36.8	24.2	73.6	81.9
Income After Tax	80.3	68.1	28.5	108.1	96.7
Minority Interest	-3.5	-4.0	0.1	-0.9	0.1
Net Income Before Extraord Items	76.8	64.2	28.6	107.2	96.8
Net Income	76.8	64.2	28.6	107.2	96.8
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	76.8	64.1	28.6	107.2	96.8
Income Available to Common Incl Extraord Items	76.8	64.1	28.6	107.2	96.8
Basic/Primary Weighted Average Shares	213.6	216.2	217.8	219.8	213.5
Basic EPS Excl Extraord Items	0.36	0.30	0.13	0.49	0.45
Basic/Primary EPS Incl Extraord Items	0.36	0.30	0.13	0.49	0.45
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	76.8	64.1	28.6	107.2	96.8
Diluted Weighted Average Shares	213.6	216.2	217.8	219.8	222.4
Diluted EPS Excl Extraord Items	0.36	0.30	0.13	0.49	0.44
Diluted EPS Incl Extraord Items	0.36	0.30	0.13	0.49	0.44
Dividends per Share - Common Stock Primary Issue	0.10	0.09	0.09	0.10	0.08
Gross Dividends - Common Stock	21.4	19.6	18.6	21.2	16.5
Interest Expense, Supplemental	6.7	7.4	6.5	8.7	7.3
Depreciation, Supplemental	104.0	100.8	101.7	77.8	53.3
Total Special Items	32.9	7.3	11.5	2.9	6.7
Normalized Income Before Tax	150.0	112.3	64.2	184.6	185.4
Effect of Special Items on Income Taxes	10.3	2.6	4.9	-0.1	0.1
Inc Tax Ex Impact of Sp Items	47.2	39.4	29.1	73.5	82.0
Normalized Income After Tax	102.8	72.9	35.1	111.1	103.4
Normalized Inc. Avail to Com.	99.3	68.9	35.2	110.1	103.5
Basic Normalized EPS	0.46	0.32	0.16	0.50	0.48
Diluted Normalized EPS	0.46	0.32	0.16	0.50	0.47
Amort of Acquisition Costs, Supplemental	-	0.0	0.9	3.0	6.5
Rental Expenses	7.6	7.3	7.0	8.5	7.6
Research & Development Exp, Supplemental	24.5	22.9	22.1	19.6	14.0
Reported Operating Profit	131.3	120.5	56.6	209.1	176.2
Reported Ordinary Profit	126.8	112.2	53.3	181.5	177.5
Normalized EBIT	131.3	120.5	56.6	209.1	177.2
Normalized EBITDA	235.3	221.3	159.2	290.0	237.1
Interest Cost - Domestic	0.9	0.9	0.9	0.8	0.8
Service Cost - Domestic	4.7	3.9	5.1	4.2	3.8
Expected Return on Assets - Domestic	0.0	0.0	0.0	-1.0	-1.0
Actuarial Gains and Losses - Domestic	0.7	0.7	0.9	-0.4	-0.2
Other Pension, Net - Domestic	-	-	-	-	0.6
Domestic Pension Plan Expense	6.4	5.4	6.8	3.6	4.1
Defined Contribution Expense - Domestic	0.8	0.7	0.7	0.7	-
Total Pension Expense	7.2	6.1	7.5	4.3	4.1
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	0.00%	0.00%	0.00%	2.00%	2.00%
Total Plan Interest Cost	0.9	0.9	0.9	0.8	0.8
Total Plan Service Cost	4.7	3.9	5.1	4.2	3.8
Total Plan Expected Return	0.0	0.0	0.0	-1.0	-1.0
Total Plan Other Expense	-	-	-	-	0.6

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	76.94	81.105	93.095	90.65	111.715
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	189.4	148.9	99.7	150.3	120.1
Short Term Investments	26.0	0.0	-	-	-
Cash and Short Term Investments	215.4	148.9	99.7	150.3	120.1
Accounts Receivable - Trade, Gross	371.0	388.3	305.2	403.1	332.4
Provision for Doubtful Accounts	-0.7	-0.8	-1.2	-1.3	-0.6
Trade Accounts Receivable - Net	370.3	387.5	304.0	401.9	331.8
Notes Receivable - Short Term	-	-	-	-	0.0
Total Receivables, Net	370.3	387.5	304.0	401.9	331.8
Inventories - Finished Goods	131.8	113.1	107.9	128.9	-
Inventories - Work In Progress	216.0	190.0	183.0	172.0	-
Inventories - Raw Materials	145.8	114.4	104.6	105.4	-
Total Inventory	493.6	417.6	395.5	406.3	264.4
Deferred Income Tax - Current Asset	11.5	8.5	9.6	7.5	6.8
Other Current Assets	58.4	44.7	16.9	35.8	21.3
Other Current Assets, Total	69.9	53.1	26.6	43.3	28.1
Total Current Assets	1,149.2	1,007.1	825.8	1,001.8	744.4
Property/Plant/Equipment - Net	717.0	627.7	588.3	623.0	455.6
Goodwill, Net	-	-	0.0	10.6	11.5
Intangibles, Net	5.0	6.0	7.5	7.9	7.3
LT Investment - Affiliate Companies	36.3	31.6	-	-	-
LT Investments - Other	171.1	225.5	220.7	230.1	319.5
Long Term Investments	207.4	257.1	220.7	230.1	319.5
Deferred Income Tax - Long Term Asset	4.5	3.0	3.7	4.9	2.5
Other Long Term Assets	16.8	13.8	18.1	20.9	19.1
Other Long Term Assets, Total	21.2	16.8	21.8	25.8	21.6
Total Assets	2,099.8	1,914.7	1,664.1	1,899.2	1,560.0
Accounts Payable	208.7	185.6	112.7	204.1	158.3
Accrued Expenses	30.5	21.9	18.0	22.8	23.7
Notes Payable/Short Term Debt	119.8	73.9	114.7	292.8	130.7
Current Portion - Long Term Debt/Capital Leases	133.3	3.5	0.1	6.0	15.4
Income Taxes Payable	16.2	16.6	19.8	26.3	39.8
Deferred Income Tax - Current Liability	0.0	0.0	0.1	0.0	0.0
Other Current Liabilities	82.0	51.5	41.7	92.7	56.9
Other Current liabilities, Total	98.3	68.1	61.5	119.0	96.7
Total Current Liabilities	590.5	352.9	307.0	644.7	424.8
Long Term Debt	22.7	150.0	121.7	0.0	7.2
Total Long Term Debt	22.7	150.0	121.7	0.0	7.2
Total Debt	275.8	227.3	236.5	298.8	153.3
Deferred Income Tax - LT Liability	33.0	51.9	44.9	55.9	93.4
Deferred Income Tax	33.0	51.9	44.9	55.9	93.4
Minority Interest	38.2	26.2	20.3	19.0	14.6
Reserves	11.3	11.4	7.8	8.0	6.5
Pension Benefits - Underfunded	32.9	33.2	31.1	26.5	23.9
Other Long Term Liabilities	15.7	13.3	12.4	12.1	9.2
Other Liabilities, Total	59.9	57.9	51.4	46.6	39.7
Total Liabilities	744.4	638.9	545.3	766.1	579.7
Common Stock	265.6	252.0	219.5	225.4	176.3
Common Stock	265.6	252.0	219.5	225.4	176.3
Additional Paid-In Capital	227.5	215.8	188.0	193.1	150.1
Retained Earnings (Accumulated Deficit)	985.2	880.2	725.1	736.7	518.2
Treasury Stock - Common	-92.7	-87.9	-54.9	-56.3	-16.0
Unrealized Gain (Loss)	46.0	71.8	64.3	65.3	129.8
Translation Adjustment	-76.2	-56.0	-23.3	-31.1	21.9
Other Equity, Total	-76.2	-56.0	-23.3	-31.1	21.9
Total Equity	1,355.4	1,275.9	1,118.7	1,133.1	980.3
Total Liabilities & Shareholders’ Equity	2,099.8	1,914.8	1,664.0	1,899.2	1,560.0
Shares Outstanding - Common Stock Primary Issue	213.6	213.6	217.8	217.8	219.3
Total Common Shares Outstanding	213.6	213.6	217.8	217.8	219.3
Treasury Shares - Common Stock Primary Issue	11.4	11.4	7.2	7.1	2.7
Employees	1,809	1,796	1,799	1,864	1,794
Number of Common Shareholders	14,896	15,156	17,659	19,019	12,321
Total Long Term Debt, Supplemental	165.0	161.7	128.6	6.0	22.6
Long Term Debt Maturing within 1 Year	133.3	3.5	0.1	6.0	15.4
Long Term Debt Maturing in Year 2	9.6	126.7	0.1	0.0	7.2
Long Term Debt Maturing in Year 3	13.1	10.0	107.4	-	0.0
Long Term Debt Maturing in Year 4	0.0	13.3	0.0	-	0.0
Long Term Debt Maturing in Year 5	0.0	0.0	14.2	-	0.0
Long Term Debt Maturing in 2-3 Years	22.7	136.7	107.6	0.0	7.2
Long Term Debt Maturing in 4-5 Years	0.0	13.3	14.2	-	0.0
Long Term Debt Matur. in Year 6 & Beyond	9.0	8.3	6.8	0.0	0.0
Total Capital Leases, Supplemental	0.7	0.1	0.1	-	-
Capital Lease Payments Due in Year 1	0.2	0.0	0.0	-	-
Capital Lease Payments Due in Year 2	0.2	0.0	0.0	-	-
Capital Lease Payments Due in Year 3	0.2	0.0	0.0	-	-
Capital Lease Payments Due in Year 4	0.1	0.0	0.0	-	-
Capital Lease Payments Due in Year 5	0.0	-	-	-	-
Capital Lease Payments Due in 2-3 Years	0.3	0.1	0.0	-	-
Capital Lease Payments Due in 4-5 Years	0.2	0.0	0.0	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	-	-
Pension Obligation - Domestic	78.7	76.1	68.4	67.1	57.6
Plan Assets - Domestic	52.0	48.9	39.7	40.9	45.2
Funded Status - Domestic	-26.7	-27.2	-28.6	-26.2	-12.4
Total Funded Status	-26.7	-27.2	-28.6	-26.2	-12.4
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	0.00%	0.00%	0.00%	2.00%	2.00%
Prepaid Benefits - Domestic	7.4	4.1	1.1	2.8	1.8
Accrued Liabilities - Domestic	-30.4	-29.7	-27.6	-22.9	-21.1
Other Assets, Net - Domestic	3.7	1.6	2.2	6.0	-6.9
Net Assets Recognized on Balance Sheet	-19.4	-24.1	-24.3	-14.1	-26.2
Total Plan Obligations	78.7	76.1	68.4	67.1	57.6
Total Plan Assets	52.0	48.9	39.7	40.9	45.2

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.698224	87.789317	93.619712	103.395546	117.767199
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	117.1	104.9	52.7	181.7	178.7
Depreciation	104.0	100.8	101.7	77.8	53.3
Depreciation/Depletion	104.0	100.8	101.7	77.8	53.3
Amortization of Acquisition Costs	-	0.0	0.9	3.0	6.5
Amortization	-	0.0	0.9	3.0	6.5
Unusual Items	9.4	4.6	0.1	-4.5	-1.2
Equity in Net Earnings (Loss)	-2.4	-4.1	1.2	-5.5	-6.4
Other Non-Cash Items	0.0	6.3	6.4	6.6	3.8
Non-Cash Items	7.0	6.8	7.6	-3.5	-3.7
Accounts Receivable	31.7	-46.1	90.2	-20.6	-25.8
Inventories	-65.4	20.7	4.6	-100.3	-36.3
Prepaid Expenses	-6.0	-2.6	14.6	-5.0	5.4
Accounts Payable	22.8	57.4	-103.8	31.3	31.2
Accrued Expenses	3.3	-0.5	-6.6	-2.4	0.2
Taxes Payable	-4.1	2.5	1.6	-0.1	-2.7
Other Operating Cash Flow	-50.1	-32.3	-34.5	-82.0	-68.8
Changes in Working Capital	-67.9	-0.9	-33.9	-179.0	-96.7
Cash from Operating Activities	160.2	211.7	129.0	80.1	138.1
Purchase of Fixed Assets	-161.9	-72.6	-115.5	-159.0	-88.0
Purchase/Acquisition of Intangibles	-1.8	-1.1	-2.8	-1.5	-2.1
Capital Expenditures	-163.7	-73.7	-118.3	-160.4	-90.1
Acquisition of Business	-	-	-	0.0	1.0
Sale of Business	-	-	-	0.0	0.5
Sale of Fixed Assets	0.0	1.8	6.7	5.2	0.0
Sale/Maturity of Investment	37.7	2.7	16.8	0.0	0.9
Purchase of Investments	-7.8	0.0	-4.4	-4.1	-10.3
Other Investing Cash Flow	0.0	-0.2	0.5	-0.9	-1.4
Other Investing Cash Flow Items, Total	29.9	4.4	19.6	0.2	-9.3
Cash from Investing Activities	-133.8	-69.4	-98.6	-160.2	-99.4
Other Financing Cash Flow	12.3	-0.3	1.3	5.7	-0.1
Financing Cash Flow Items	12.3	-0.3	1.3	5.7	-0.1
Cash Dividends Paid - Common	-21.4	-19.8	-20.9	-21.3	-14.2
Total Cash Dividends Paid	-21.4	-19.8	-20.9	-21.3	-14.2
Repurchase/Retirement of Common	0.0	-23.0	-0.2	-32.7	-3.3
Common Stock, Net	0.0	-23.0	-0.2	-32.7	-3.3
Issuance (Retirement) of Stock, Net	0.0	-23.0	-0.2	-32.7	-3.3
Short Term Debt, Net	45.5	-50.0	-172.8	143.4	-0.6
Long Term Debt Issued	0.0	15.8	121.0	0.0	0.0
Long Term Debt Reduction	-3.4	-0.1	-6.2	-1.8	-1.6
Long Term Debt, Net	-3.4	15.7	114.8	-1.8	-1.6
Issuance (Retirement) of Debt, Net	42.1	-34.3	-58.0	141.6	-2.3
Cash from Financing Activities	33.0	-77.4	-77.8	93.2	-19.8
Foreign Exchange Effects	-2.2	-7.7	1.5	-11.0	-0.2
Net Change in Cash	57.2	57.3	-45.9	2.0	18.7
Net Cash - Beginning Balance	175.7	102.3	141.8	126.4	92.2
Net Cash - Ending Balance	232.9	159.5	95.9	128.4	110.9
Cash Interest Paid	6.7	7.3	5.9	8.8	7.4
Cash Taxes Paid	37.7	34.7	39.7	90.9	74.7

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.698224	87.789317	93.619712	103.395546	117.767199
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	1,316.5	1,226.6	889.7	1,242.7	997.2
Total Revenue	1,316.5	1,226.6	889.7	1,242.7	997.2
Cost of Sales	1,015.9	949.2	694.0	869.5	680.1
Storage and Delivery expenses	43.9	41.9	31.5	43.5	35.9
Overhead Selling Cost	11.4	13.3	10.6	16.5	13.0
Payroll	38.9	33.9	31.6	34.7	30.1
Allow. for bonus	0.5	1.3	0.5	0.9	0.5
Provision for doubtful accounts	-	0.1	-	-	-
Accured retire. bene.	2.1	1.8	1.8	1.0	1.0
Res.dir.'s retire.	0.2	0.2	0.2	0.2	0.2
Res. executive dir.'s retire.	0.2	0.2	0.3	0.2	0.2
Depreciation expense	3.1	3.3	3.5	3.5	2.9
Research & Develop.	24.0	22.4	21.8	19.3	13.8
Rent expense	7.6	7.3	7.0	8.5	7.6
Amort. of goodwill	-	-	0.9	3.1	7.6
Other SGA	37.3	31.1	29.5	32.6	28.1
SP Rev. G Environmental safety policy	0.0	-0.6	0.0	-	-
SP Rev.Allow.Doubt.Acct	-	0.0	0.0	-0.4	0.0
SP Res. L. Environmental safety policy	0.0	3.3	0.0	-	0.0
SP Restruct. Cost	-	-	-	-	0.0
SP Subsid. relocation	-2.0	0.0	-	-	-
Loss on disaster	33.7	0.0	-	-	-
SP Impairment Loss	0.3	5.0	9.4	0.0	0.2
SP Special retirement benefits	-	0.0	2.7	0.0	0.0
SP L/Retire F.Asset	-	0.0	0.3	0.0	0.0
SP Loss Val.Member	0.2	0.0	0.2	0.2	0.0
SP L.Val.Inv.Secs.	-	0.0	0.1	4.5	0.0
SP Accounting Change	0.7	0.0	-	-	-
NOP L on val. of inventories	-	-	-	-	0.0
NOP Amort. of negative goodwill	-	-	0.0	0.0	-1.1
Total Operating Expense	1,218.0	1,113.8	845.8	1,037.8	820.1
NOP Interest Income	1.3	0.3	0.9	1.1	1.3
NOP Dividend Income	4.8	4.0	3.7	4.8	3.9
NOP Rent Income	3.5	3.3	3.2	2.9	2.4
NOP Equity Gain	2.4	4.1	0.0	5.5	6.4
NOP Exchange Gain	-	0.0	1.9	0.0	0.0
NOP Employment adjustment subsidy	-	0.1	2.4	0.0	-
NOP Subsidy income	0.0	2.3	0.0	-	-
NOP Other Non-Ops.Income	6.1	4.9	3.6	4.8	6.0
NOP Interest Expense	-6.7	-7.4	-6.5	-8.7	-7.3
NOP Exchange Loss	-6.7	-10.6	0.0	-22.0	-
NOP Equity Loss	-	0.0	-1.2	0.0	-2.7
NOP Compensation Paid	-	0.0	-2.2	0.0	-
NOP Other Non-op. Expen.	-9.2	-9.2	-9.2	-16.0	-9.6
SP Gains on equity changes	-	-	-	0.0	1.1
SP G on sale of fixed assets	0.0	0.4	2.1	4.5	0.0
SP G.Sale Subsid.Stock	-	-	-	-	0.0
SP G.Sales Inv.Secs.	23.2	0.0	10.0	0.0	0.8
SP L.Sale Subsid.Secs.	-	-	-	0.0	-0.5
SP Loss on sale of fixed assets	-	-	0.0	0.0	0.0
Net Income Before Taxes	117.2	104.9	52.8	181.7	178.7
Provision for Income Taxes	36.9	36.8	24.2	73.6	81.9
Net Income After Taxes	80.3	68.1	28.5	108.1	96.7
Minority Int.	-3.5	-4.0	0.1	-0.9	0.1
Net Income Before Extra. Items	76.8	64.2	28.6	107.2	96.8
Net Income	76.8	64.2	28.6	107.2	96.8
Director's Bonus	-	-	-	0.0	0.0
Adjustment	0.0	0.0	0.0	0.0	-
Income Available to Com Excl ExtraOrd	76.8	64.1	28.6	107.2	96.8
Income Available to Com Incl ExtraOrd	76.8	64.1	28.6	107.2	96.8
Basic Weighted Average Shares	213.6	216.2	217.8	219.8	213.5
Basic EPS Excluding ExtraOrdinary Items	0.36	0.30	0.13	0.49	0.45
Basic EPS Including ExtraOrdinary Item	0.36	0.30	0.13	0.49	0.45
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	76.8	64.1	28.6	107.2	96.8
Diluted Weighted Average Shares	213.6	216.2	217.8	219.8	222.4
Diluted EPS Excluding ExtraOrd Items	0.36	0.30	0.13	0.49	0.44
Diluted EPS Including ExtraOrd Items	0.36	0.30	0.13	0.49	0.44
DPS-Common Stock	0.10	0.09	0.09	0.10	0.08
Gross Dividends - Common Stock	21.4	19.6	18.6	21.2	16.5
Normalized Income Before Taxes	150.0	112.3	64.2	184.6	185.4
Inc Tax Ex Impact of Sp Items	47.2	39.4	29.1	73.5	82.0
Normalized Income After Taxes	102.8	72.9	35.1	111.1	103.4
Normalized Inc. Avail to Com.	99.3	68.9	35.2	110.1	103.5
Basic Normalized EPS	0.46	0.32	0.16	0.50	0.48
Diluted Normalized EPS	0.46	0.32	0.16	0.50	0.47
Interest Expense	6.7	7.4	6.5	8.7	7.3
Amort. of goodwill	-	0.0	0.9	3.1	7.6
Amor. of negative goodwill	-	-	0.0	0.0	-1.1
Depreciation	104.0	100.8	101.7	77.8	53.3
Research & Develop. (SGA)	24.0	22.4	21.8	19.3	13.8
Research & Develop. (COGS)	0.6	0.5	0.3	0.3	0.3
Rent expense	7.6	7.3	7.0	8.5	7.6
Reported operating profit	131.3	120.5	56.6	209.1	176.2
Reported ordinary profit	126.8	112.2	53.3	181.5	177.5
Service cost	4.7	3.9	5.1	4.2	3.8
Interest cost	0.9	0.9	0.9	0.8	0.8
Expected return on plan assets	0.0	0.0	0.0	-1.0	-1.0
Actuarial gains and losses	0.7	0.7	0.9	-0.4	-0.2
Other	-	-	-	-	0.6
Domestic Pension Plan Expense	6.4	5.4	6.8	3.6	4.1
Defined Contribution Expense	0.8	0.7	0.7	0.7	-
Total Pension Expense	7.2	6.1	7.5	4.3	4.1
Discount rate	2.00%	2.00%	2.00%	2.00%	2.00%
Expected rate of return	0.00%	0.00%	0.00%	2.00%	2.00%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	76.94	81.105	93.095	90.65	111.715
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Deposit	189.4	148.9	99.7	150.3	120.1
Note&Acct.Rcvbl.	371.0	388.3	305.2	403.1	332.4
Marketable Secs.	26.0	0.0	-	-	-
Inventory	-	-	-	-	264.4
Inventories - merchandise&finished goods	131.8	113.1	107.9	128.9	-
Inventories - work-in-process	216.0	190.0	183.0	172.0	-
Inventories - raw materials&supplies	145.8	114.4	104.6	105.4	-
Deferred Tax	11.5	8.5	9.6	7.5	6.8
Short Term Loan	-	-	-	-	0.0
Other Current	58.4	44.7	16.9	35.8	21.3
Doubtful Accts.	-0.7	-0.8	-1.2	-1.3	-0.6
Total Current Assets	1,149.2	1,007.1	825.8	1,001.8	744.4
Build&Struct.N	195.6	186.9	170.2	166.1	122.3
Machin&Vehic.N	247.6	248.9	251.0	260.7	195.0
Fire Pit	29.0	31.3	34.6	32.8	19.6
Land	91.7	87.4	78.0	84.4	67.6
Constr. in Prog.	142.3	62.3	43.8	63.8	39.2
Other PPE,Net	10.7	10.9	10.6	15.2	11.9
Software	4.7	5.7	7.2	7.6	7.1
Goodwill	-	-	0.0	10.6	11.5
Other Intangible	0.3	0.3	0.3	0.3	0.2
Inv. in Secs.	171.1	225.5	220.7	230.1	319.5
Inv. in Secs.-stock	33.1	26.7	-	-	-
Dfrd. Tax	4.5	3.0	3.7	4.9	2.5
Other Asset	17.5	14.5	18.9	21.6	21.0
Inv't partnership-nonconsol.affil.	3.2	4.9	-	-	-
Allow.Doubt.Acct	-0.7	-0.7	-0.7	-0.7	-1.9
Trans. Adjust	-	-	0.0	-	-
Total Assets	2,099.8	1,914.7	1,664.1	1,899.2	1,560.0
Note&Acct.Pybl.	208.7	185.6	112.7	204.1	158.3
Short Term Debt	119.8	73.9	114.7	292.8	130.7
Cur. Port. LTD	133.3	3.5	0.1	6.0	2.1
Bonds w/stock warrants (current)	-	-	-	0.0	13.3
Tax Payable	16.2	16.6	19.8	26.3	39.8
Sales Tax Pybl.	0.6	4.6	1.7	0.0	0.1
Accrd. Expense	27.5	15.1	14.5	20.2	21.6
Allow.for Bonus	2.3	2.2	1.8	2.6	2.0
Deferred tax liabilities (current)	0.0	0.0	0.1	0.0	0.0
Other Liabs.	82.0	51.5	41.7	92.7	56.9
Total Current Liabilities	590.5	352.9	307.0	644.7	424.8
Bond w. Subscription	-	-	-	-	0.0
Long Term Debt	22.7	150.0	121.7	0.0	7.2
Total Long Term Debt	22.7	150.0	121.7	0.0	7.2
Deferred Tax	33.0	51.9	44.9	55.9	93.4
Rsrv-Accr.Retire	30.4	29.7	27.6	22.9	21.1
Retirement/Dir.	1.8	2.8	2.8	2.8	2.2
Res. executive dir.'s retire.	0.6	0.7	0.8	0.8	0.6
Res. L. Environmental safety policy	11.3	11.4	7.8	8.0	6.5
Other Fix Liab.	15.7	13.3	12.4	12.1	9.2
Minority Int.	38.2	26.2	20.3	19.0	14.6
Total Liabilities	744.4	638.9	545.3	766.1	579.7
Comm. Stock	265.6	252.0	219.5	225.4	176.3
Paid in Capital	227.5	215.8	188.0	193.1	150.1
Retained Earning	985.2	880.2	725.1	736.7	518.2
Treas. Stock	-92.7	-87.9	-54.9	-56.3	-16.0
Unrlzd./Gain/Sec	46.0	71.8	64.3	65.2	129.8
Deferred hedge gain/loss	0.0	0.0	0.0	0.1	0.0
Transl.Adjust.	-76.2	-56.0	-23.3	-31.1	21.9
Total Equity	1,355.4	1,275.9	1,118.7	1,133.1	980.3
Total Liabilities & Shareholders' Equity	2,099.8	1,914.8	1,664.0	1,899.2	1,560.0
S/O-Common Stock	213.6	213.6	217.8	217.8	219.3
Total Common Shares Outstanding	213.6	213.6	217.8	217.8	219.3
T/S-Common Stock	11.4	11.4	7.2	7.1	2.7
Full-Time Employees	1,809	1,796	1,799	1,864	1,794
Number of Common Shareholders	14,896	15,156	17,659	19,019	12,321
LTD within 1 year	133.3	3.5	0.1	6.0	15.4
LTD from 1 to 2 year	9.6	126.7	0.1	0.0	7.2
LTD from 2 to 3 year	13.1	10.0	107.4	-	0.0
LTD from 3 to 4 year	0.0	13.3	0.0	-	0.0
LTD from 4 to 5 year	0.0	0.0	14.2	-	0.0
LTD after 5 years	9.0	8.3	6.8	-	-
Total Long Term Debt, Supplemental	165.0	161.7	128.6	6.0	22.6
Capital Lease within 1 Year	0.2	0.0	0.0	-	-
Capital Lease within 2 Year	0.2	0.0	0.0	-	-
Capital Lease within 3 Year	0.2	0.0	0.0	-	-
Capital Lease within 4 Year	0.1	0.0	0.0	-	-
Capital Lease within 5 Year	0.0	-	-	-	-
Remaining	0.0	0.0	0.0	-	-
Total Capital Leases	0.7	0.1	0.1	-	-
Pension obligation	78.7	76.1	68.4	67.1	57.6
FV of plan assets	52.0	48.9	39.7	40.9	45.2
Funded status	-26.7	-27.2	-28.6	-26.2	-12.4
Total Funded Status	-26.7	-27.2	-28.6	-26.2	-12.4
Discount rate	2.00%	2.00%	2.00%	2.00%	2.00%
Expected rate of return	0.00%	0.00%	0.00%	2.00%	2.00%
Unrecognized actuarial gains and losses	3.7	1.6	2.2	6.0	-6.9
Prepaid pension benefits	7.4	4.1	1.1	2.8	1.8
Reserve for Accrued Retirement Benefits	-30.4	-29.7	-27.6	-22.9	-21.1
Net Assets Recognized on Balance Sheet	-19.4	-24.1	-24.3	-14.1	-26.2

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.698224	87.789317	93.619712	103.395546	117.767199
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Income Before Tax	117.1	104.9	52.7	181.7	178.7
Depreciation	104.0	100.8	101.7	77.8	53.3
Impairment Loss	0.3	5.0	9.4	0.0	0.2
Amort. of goodwill	-	0.0	0.9	3.1	7.6
Amort. of negative goodwill	-	-	0.0	0.0	-1.1
Allow.Doubt.Acct.	-0.1	-0.5	0.0	-0.8	0.1
Allow.for Bonus	0.1	0.1	-0.7	0.1	0.2
Res.Retire.Benefit	-	-	-	-	0.0
Res.Accru.Retire.	0.5	1.9	4.7	1.0	-
Prepaid Pension	-3.0	-2.6	1.6	-0.5	0.0
Res.Dir.'s Retire.	-1.1	-0.4	0.0	0.1	0.0
Res. Exective Dir.'s Retire.	-0.1	-0.2	0.0	0.0	0.0
Res.environmental safety policy	-0.7	2.2	0.0	-	0.0
Int.&Div.Income	-6.1	-4.3	-4.7	-5.9	-5.2
Interest Expense	6.7	7.4	6.5	8.7	7.3
Exchange Gain	0.9	2.4	-0.2	-	-
Exchange Loss	-	-	-	3.5	0.3
Equity Gain/Loss	-2.4	-4.1	1.2	-5.5	-6.4
Subsidy income	0.0	-2.3	0.0	-	-
G.Sale mkbl. secs. & Inv.Secs.	-	0.0	-10.0	0.0	-
Gain/Sales Subs. Sec	-	-	-	-	0.5
Gains on equity changes	-	-	-	0.0	-1.1
G.Sale Inv.Secs.	-23.2	-	-	0.0	-0.8
Move compensation money	-2.0	0.0	-	-	-
Loss by the disaster	33.7	0.0	-	-	-
L on adj. for changes of acc. assets	0.7	0.0	-	-	-
G on sale fixed assets	0.0	-0.4	-2.1	-4.5	0.0
L. Retire. PP&E	-	-	-	-	0.0
Restruct.Exp.	-	-	-	-	0.0
Special retirement benefits	-	0.0	2.7	0.0	-
Account Receivable	31.7	-46.1	90.2	-20.6	-25.8
Inventory	-65.4	20.7	4.6	-100.3	-36.3
Account Payable	16.0	57.4	-87.6	21.2	24.8
Tempo.Tax Pymt.	-	-	-	-	0.0
Inc (Dec) accrued expenses	3.2	-0.6	-5.9	-2.5	0.0
Inc (Dec) other payables	6.8	0.0	-16.2	10.1	6.5
(Inc) Dec in advance payments	-3.1	0.0	13.0	-4.5	5.5
Sales Tax Pay.	-4.1	2.5	1.6	-0.1	-2.7
Bonus to Directors	-	-	-	0.0	-0.5
Other	-8.6	2.5	8.7	11.5	8.0
Int. & Div. Rcv'd	6.6	4.9	5.3	6.3	5.7
Int. Paid	-6.7	-7.3	-5.9	-8.8	-7.4
Europe.Comm.Paid	-	-	-	-	0.0
Tax Paid	-37.7	-34.7	-39.7	-90.9	-74.7
Move compensation money	2.0	0.0	-	-	-
Loss by the disaster	-5.6	0.0	-	-	-
Subsidy received	0.0	2.3	0.0	-	-
SP retirement bene.paid(cash basis)	-	0.0	-2.9	0.0	-
Cash Consolidated	-	-	-	0.0	1.3
Adjustment	-	-	0.0	-	0.0
Cash from Operating Activities	160.2	211.7	129.0	80.1	138.1
Time Deposit Made	-	-	-	-0.1	-1.7
Time Deposit Mature	0.9	2.7	0.0	-	0.0
Capital Expenditure	-161.9	-72.6	-115.5	-159.0	-88.0
Proc./Sales PP&E	0.0	1.8	6.7	5.2	0.0
Purch. Intangible	-1.8	-1.1	-2.8	-1.5	-2.1
Purch. Investment sec	-1.5	0.0	-4.4	-4.0	-8.6
Proc./Sales Inv. Sec	36.9	0.0	16.8	0.0	0.9
Purchase of stocks of affiliates	-6.3	0.0	-	-	-
Purch. addition Consol. Stock	-	-	-	-	0.0
Sale subsidiaries' securities	-	-	-	0.0	0.5
Purch. Subsdi.secs.	-	-	-	0.0	1.0
Investment to affil.	-	-	-	-	0.0
Sale Consol. Stock	-	-	-	-	0.0
ST Loan made	-	-3.2	0.0	-	-
ST Loans collected	-	0.0	3.0	0.0	-
LT Loans made	-	0.0	-3.1	-0.9	-2.1
LT Loans collected	-	3.2	0.0	-	-
Other	0.0	-0.2	0.5	0.0	0.7
Cash from Investing Activities	-133.8	-69.4	-98.6	-160.2	-99.4
ST Debt, Net	45.5	-50.0	-172.8	143.4	-0.6
Proc./LTDebt	0.0	15.8	121.0	0.0	0.0
Repay./LTDebt	-3.4	-0.1	-6.2	-1.8	-1.6
Purch.Treas.Stock	0.0	-23.0	-0.2	-32.7	-3.3
Dividend Paid	-21.4	-19.8	-20.9	-21.3	-14.2
Proceed from minorities' payment	12.8	0.0	1.4	5.3	0.0
Dividend-Minority	-0.7	-0.3	-0.2	-0.2	-0.1
Other	0.1	0.0	0.0	0.6	0.1
Cash from Financing Activities	33.0	-77.4	-77.8	93.2	-19.8
Foreign Exchange Effects	-2.2	-7.7	1.5	-11.0	-0.2
Net Change in Cash	57.2	57.3	-45.9	2.0	18.7
Net Cash - Beginning Balance	175.7	102.3	141.8	126.4	92.2
Net Cash - Ending Balance	232.9	159.5	95.9	128.4	110.9
Cash Interest Paid	6.7	7.3	5.9	8.8	7.4
Cash Taxes Paid	37.7	34.7	39.7	90.9	74.7

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Dec-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	321.5	-8.23%	1,316.5	-2.56%	-6.53%	1.15%
Research & Development1	6.7	5.32%	24.0	-2.85%	-1.51%	5.53%
Operating Income1	22.8	-12.69%	98.5	-20.70%	-28.17%	-10.23%
Income Available to Common Excl Extraord Items1	20.3	25.44%	76.8	8.69%	-17.97%	-5.14%
Basic EPS Excl Extraord Items1	0.10	26.30%	0.36	10.01%	-17.18%	-6.42%
Capital Expenditures2	163.7	101.62%	163.7	101.62%	-7.68%	15.29%
Cash from Operating Activities2	160.2	-31.29%	160.2	-31.29%	15.54%	13.80%
Free Cash Flow	-3.6	-	-3.6	-	-	-
Total Assets3	2,099.8	4.03%	2,099.8	4.03%	-2.10%	-0.31%
Total Liabilities3	744.4	10.54%	744.4	10.54%	-6.22%	-2.84%
Total Long Term Debt3	22.7	-85.64%	22.7	-85.64%	-	-28.53%
Employees3	-	-	1809	0.72%	-0.99%	1.25%
Total Common Shares Outstanding3	213.6	-0.01%	213.6	-0.01%	-0.65%	0.73%
1-ExchangeRate: JPY to USD Average for Period	77.302742	Â	79.698224	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	79.698224	Â	79.698224	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	76.940000	Â	76.940000	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	22.83%	22.61%	22.00%	30.03%	31.80%
Operating Margin	7.48%	9.19%	4.94%	16.49%	17.75%
Pretax Margin	8.90%	8.56%	5.93%	14.62%	17.92%
Net Profit Margin	5.83%	5.23%	3.21%	8.63%	9.71%
Financial Strength
Current Ratio	1.95	2.85	2.69	1.55	1.75
Long Term Debt/Equity	0.02	0.12	0.11	0.00	0.01
Total Debt/Equity	0.20	0.18	0.21	0.26	0.16
Management Effectiveness
Return on Assets	4.04%	3.86%	1.63%	6.46%	6.74%
Return on Equity	5.89%	5.42%	2.59%	10.45%	11.00%
Efficiency
Receivables Turnover	3.50	3.61	2.57	3.50	3.25
Inventory Turnover	2.25	2.36	1.76	2.71	2.96
Asset Turnover	0.66	0.69	0.51	0.74	0.69

Market Valuation USD (mil)
P/E (TTM)	14.03	.	Enterprise Value2	1,273.9
Price/Sales (TTM)	0.86	.	Enterprise Value/Revenue (TTM)	0.93
Price/Book (MRQ)	0.82	.	Enterprise Value/EBITDA (TTM)	6.07
Market Cap as of 27-Apr-20121	1,118.7	.
1-ExchangeRate: JPY to USD on 27-Apr-2012	80.831730
2-ExchangeRate: JPY to USD on 31-Dec-2011	76.940000

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	1.95	2.85	2.69	1.55	1.75
Quick/Acid Test Ratio	0.99	1.52	1.32	0.86	1.06
Working Capital1	558.7	654.2	518.8	357.1	319.7
Long Term Debt/Equity	0.02	0.12	0.11	0.00	0.01
Total Debt/Equity	0.20	0.18	0.21	0.26	0.16
Long Term Debt/Total Capital	0.01	0.10	0.09	0.00	0.01
Total Debt/Total Capital	0.17	0.15	0.17	0.21	0.14
Payout Ratio	27.92%	30.72%	65.15%	19.83%	16.85%
Effective Tax Rate	31.45%	35.08%	45.95%	40.48%	45.86%
Total Capital1	1,631.1	1,503.2	1,355.3	1,431.9	1,133.6
Efficiency
Asset Turnover	0.66	0.69	0.51	0.74	0.69
Inventory Turnover	2.25	2.36	1.76	2.71	2.96
Days In Inventory	161.94	154.81	206.88	134.74	123.24
Receivables Turnover	3.50	3.61	2.57	3.50	3.25
Days Receivables Outstanding	104.22	101.23	141.81	104.40	112.28
Revenue/Employee2	753,849	739,226	497,367	760,394	585,939
Operating Income/Employee2	56,393	67,951	24,570	125,352	104,018
EBITDA/Employee2	115,925	128,727	81,438	172,970	135,363
Profitability
Gross Margin	22.83%	22.61%	22.00%	30.03%	31.80%
Operating Margin	7.48%	9.19%	4.94%	16.49%	17.75%
EBITDA Margin	15.38%	17.41%	16.37%	22.75%	23.10%
EBIT Margin	7.48%	9.19%	4.94%	16.49%	17.75%
Pretax Margin	8.90%	8.56%	5.93%	14.62%	17.92%
Net Profit Margin	5.83%	5.23%	3.21%	8.63%	9.71%
R&D Expense/Revenue	1.82%	1.83%	2.45%	1.56%	1.38%
COGS/Revenue	77.17%	77.39%	78.00%	69.97%	68.20%
SG&A Expense/Revenue	10.80%	10.69%	12.69%	11.11%	11.69%
Management Effectiveness
Return on Assets	4.04%	3.86%	1.63%	6.46%	6.74%
Return on Equity	5.89%	5.42%	2.59%	10.45%	11.00%
Valuation
Free Cash Flow/Share2	-0.02	0.70	0.05	-0.42	0.23
Operating Cash Flow/Share 2	0.78	1.07	0.60	0.42	0.66
1-ExchangeRate: JPY to USD Period End Date	76.94	81.105	93.095	90.65	111.715
2-ExchangeRate: JPY to USD Average for Period	76.94	81.105	93.095	90.65	111.715

Current Market Multiples
Market Cap/Earnings (TTM)	14.78
Market Cap/Equity (MRQ)	0.87
Market Cap/Revenue (TTM)	0.86
Market Cap/EBIT (TTM)	11.52
Market Cap/EBITDA (TTM)	5.60
Enterprise Value/Earnings (TTM)	16.02
Enterprise Value/Equity (MRQ)	0.94
Enterprise Value/Revenue (TTM)	0.93
Enterprise Value/EBIT (TTM)	12.49
Enterprise Value/EBITDA (TTM)	6.07

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.698224	87.789317	93.619712	103.395546	117.767199
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	1,316.5	1,226.6	889.7	1,242.7	997.2
Revenue	1,316.5	1,226.6	889.7	1,242.7	997.2
Total Revenue	1,316.5	1,226.6	889.7	1,242.7	997.2
Cost of Revenue	1,015.9	949.2	694.0	869.5	680.1
Cost of Revenue, Total	1,015.9	949.2	694.0	869.5	680.1
Gross Profit	300.6	277.4	195.7	373.1	317.1
Selling/General/Administrative Expense	100.2	93.7	78.6	101.1	84.6
Labor & Related Expense	42.0	37.4	34.3	37.0	32.0
Total Selling/General/Administrative Expenses	142.2	131.2	112.9	138.1	116.6
Research & Development	24.0	22.4	21.8	19.3	13.8
Depreciation	3.1	3.3	3.5	3.5	2.9
Amortization of Acquisition Costs	-	-	0.9	3.0	6.5
Depreciation/Amortization	3.1	3.3	4.4	6.5	9.5
Restructuring Charge	-	-	-	-	0.0
Impairment-Assets Held for Use	0.3	5.0	9.7	0.0	0.2
Impairment-Assets Held for Sale	0.2	0.0	0.2	4.7	0.0
Other Unusual Expense (Income)	32.3	2.7	2.7	-0.4	0.0
Unusual Expense (Income)	32.9	7.7	12.7	4.3	0.2
Total Operating Expense	1,218.0	1,113.8	845.8	1,037.8	820.1
Operating Income	98.5	112.7	44.0	204.9	177.0
Interest Expense - Non-Operating	-6.7	-7.4	-6.5	-8.7	-7.3
Interest Expense, Net Non-Operating	-6.7	-7.4	-6.5	-8.7	-7.3
Interest Income - Non-Operating	1.3	0.3	0.9	1.1	1.3
Investment Income - Non-Operating	23.7	-2.6	14.5	-11.6	8.9
Interest/Investment Income - Non-Operating	25.0	-2.2	15.4	-10.5	10.2
Interest Income (Expense) - Net Non-Operating Total	18.3	-9.6	8.9	-19.3	2.8
Gain (Loss) on Sale of Assets	0.0	0.4	2.1	4.5	0.0
Other Non-Operating Income (Expense)	0.4	1.4	-2.1	-8.4	-1.2
Other, Net	0.4	1.4	-2.1	-8.4	-1.2
Income Before Tax	117.2	104.9	52.8	181.7	178.7
Total Income Tax	36.9	36.8	24.2	73.6	81.9
Income After Tax	80.3	68.1	28.5	108.1	96.7
Minority Interest	-3.5	-4.0	0.1	-0.9	0.1
Net Income Before Extraord Items	76.8	64.2	28.6	107.2	96.8
Net Income	76.8	64.2	28.6	107.2	96.8
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	76.8	64.1	28.6	107.2	96.8
Income Available to Common Incl Extraord Items	76.8	64.1	28.6	107.2	96.8
Basic/Primary Weighted Average Shares	213.6	216.2	217.8	219.8	213.5
Basic EPS Excl Extraord Items	0.36	0.30	0.13	0.49	0.45
Basic/Primary EPS Incl Extraord Items	0.36	0.30	0.13	0.49	0.45
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	76.8	64.1	28.6	107.2	96.8
Diluted Weighted Average Shares	213.6	216.2	217.8	219.8	222.4
Diluted EPS Excl Extraord Items	0.36	0.30	0.13	0.49	0.44
Diluted EPS Incl Extraord Items	0.36	0.30	0.13	0.49	0.44
Dividends per Share - Common Stock Primary Issue	0.10	0.09	0.09	0.10	0.08
Gross Dividends - Common Stock	21.4	19.6	18.6	21.2	16.5
Interest Expense, Supplemental	6.7	7.4	6.5	8.7	7.3
Depreciation, Supplemental	104.0	100.8	101.7	77.8	53.3
Total Special Items	32.9	7.3	11.5	2.9	6.7
Normalized Income Before Tax	150.0	112.3	64.2	184.6	185.4
Effect of Special Items on Income Taxes	10.3	2.6	4.9	-0.1	0.1
Inc Tax Ex Impact of Sp Items	47.2	39.4	29.1	73.5	82.0
Normalized Income After Tax	102.8	72.9	35.1	111.1	103.4
Normalized Inc. Avail to Com.	99.3	68.9	35.2	110.1	103.5
Basic Normalized EPS	0.46	0.32	0.16	0.50	0.48
Diluted Normalized EPS	0.46	0.32	0.16	0.50	0.47
Amort of Acquisition Costs, Supplemental	-	0.0	0.9	3.0	6.5
Rental Expenses	7.6	7.3	7.0	8.5	7.6
Research & Development Exp, Supplemental	24.5	22.9	22.1	19.6	14.0
Reported Operating Profit	131.3	120.5	56.6	209.1	176.2
Reported Ordinary Profit	126.8	112.2	53.3	181.5	177.5
Normalized EBIT	131.3	120.5	56.6	209.1	177.2
Normalized EBITDA	235.3	221.3	159.2	290.0	237.1
Interest Cost - Domestic	0.9	0.9	0.9	0.8	0.8
Service Cost - Domestic	4.7	3.9	5.1	4.2	3.8
Expected Return on Assets - Domestic	0.0	0.0	0.0	-1.0	-1.0
Actuarial Gains and Losses - Domestic	0.7	0.7	0.9	-0.4	-0.2
Other Pension, Net - Domestic	-	-	-	-	0.6
Domestic Pension Plan Expense	6.4	5.4	6.8	3.6	4.1
Defined Contribution Expense - Domestic	0.8	0.7	0.7	0.7	-
Total Pension Expense	7.2	6.1	7.5	4.3	4.1
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	0.00%	0.00%	0.00%	2.00%	2.00%
Total Plan Interest Cost	0.9	0.9	0.9	0.8	0.8
Total Plan Service Cost	4.7	3.9	5.1	4.2	3.8
Total Plan Expected Return	0.0	0.0	0.0	-1.0	-1.0
Total Plan Other Expense	-	-	-	-	0.6

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	77.302742	77.752043	81.605269	82.241044	82.567473
Net Sales	321.5	349.6	341.8	303.9	328.0
Revenue	321.5	349.6	341.8	303.9	328.0
Total Revenue	321.5	349.6	341.8	303.9	328.0
Cost of Revenue	252.3	267.0	261.4	235.5	259.5
Cost of Revenue, Total	252.3	267.0	261.4	235.5	259.5
Gross Profit	69.2	82.6	80.4	68.4	68.5
Selling/General/Administrative Expense	24.3	24.7	25.4	22.6	23.5
Labor & Related Expense	12.6	10.8	11.7	10.0	10.9
Total Selling/General/Administrative Expenses	36.9	35.5	37.2	32.6	34.4
Research & Development	6.7	5.9	5.9	5.5	5.9
Depreciation	0.5	0.9	0.9	0.8	0.8
Depreciation/Amortization	0.5	0.9	0.9	0.8	0.8
Impairment-Assets Held for Use	0.0	-	0.0	0.3	5.1
Impairment-Assets Held for Sale	0.2	0.0	1.5	0.1	0.0
Other Unusual Expense (Income)	2.1	1.2	18.6	8.1	-2.2
Unusual Expense (Income)	2.3	1.2	20.1	8.6	2.9
Total Operating Expense	298.7	310.6	325.4	283.1	303.6
Operating Income	22.8	39.0	16.4	20.8	24.4
Interest Expense - Non-Operating	-1.2	-2.0	-1.8	-1.7	-2.5
Interest Expense, Net Non-Operating	-1.2	-2.0	-1.8	-1.7	-2.5
Interest Income - Non-Operating	0.4	0.6	0.2	0.1	0.1
Investment Income - Non-Operating	3.1	18.6	0.5	1.9	0.1
Interest/Investment Income - Non-Operating	3.6	19.2	0.7	2.0	0.2
Interest Income (Expense) - Net Non-Operating Total	2.4	17.2	-1.1	0.3	-2.3
Gain (Loss) on Sale of Assets	0.0	0.0	0.0	0.0	0.0
Other Non-Operating Income (Expense)	-0.4	-0.2	0.4	0.5	1.5
Other, Net	-0.4	-0.2	0.4	0.5	1.5
Income Before Tax	24.8	56.1	15.7	21.6	23.7
Total Income Tax	3.7	20.1	5.3	7.9	7.3
Income After Tax	21.1	36.0	10.4	13.7	16.4
Minority Interest	-0.7	-1.2	-1.0	-0.6	-1.2
Net Income Before Extraord Items	20.3	34.7	9.4	13.1	15.2
Net Income	20.3	34.7	9.4	13.1	15.2
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	0.0
Total Adjustments to Net Income	0.0	0.0	0.0	0.0	0.0
Income Available to Common Excl Extraord Items	20.3	34.7	9.4	13.1	15.2
Income Available to Common Incl Extraord Items	20.3	34.7	9.4	13.1	15.2
Basic/Primary Weighted Average Shares	213.6	213.6	213.6	213.6	215.0
Basic EPS Excl Extraord Items	0.10	0.16	0.04	0.06	0.07
Basic/Primary EPS Incl Extraord Items	0.10	0.16	0.04	0.06	0.07
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	20.3	34.7	9.4	13.1	15.2
Diluted Weighted Average Shares	213.6	213.6	213.6	213.6	215.0
Diluted EPS Excl Extraord Items	0.10	0.16	0.04	0.06	0.07
Diluted EPS Incl Extraord Items	0.10	0.16	0.04	0.06	0.07
Dividends per Share - Common Stock Primary Issue	0.05	0.00	0.05	0.00	0.05
Gross Dividends - Common Stock	11.0	0.0	10.5	0.0	10.3
Interest Expense, Supplemental	1.2	2.0	1.8	1.7	2.5
Depreciation, Supplemental	28.6	26.9	24.7	23.9	28.7
Total Special Items	2.3	1.2	20.1	8.6	2.9
Normalized Income Before Tax	27.1	57.3	35.8	30.2	26.6
Effect of Special Items on Income Taxes	0.4	0.4	6.8	3.1	0.9
Inc Tax Ex Impact of Sp Items	4.1	20.6	12.1	11.0	8.2
Normalized Income After Tax	23.1	36.8	23.6	19.1	18.4
Normalized Inc. Avail to Com.	22.3	35.5	22.7	18.6	17.2
Basic Normalized EPS	0.10	0.17	0.11	0.09	0.08
Diluted Normalized EPS	0.10	0.17	0.11	0.09	0.08
Amort of Acquisition Costs, Supplemental	-	-	-	-	0.0
Rental Expenses	2.0	2.0	1.9	1.8	2.0
Research & Development Exp, Supplemental	6.7	5.9	5.9	5.5	5.9
Reported Operating Profit	25.1	40.3	36.5	29.4	27.4
Reported Ordinary Profit	27.1	33.5	35.8	30.2	26.6
Normalized EBIT	25.1	40.3	36.5	29.4	27.4
Normalized EBITDA	53.8	67.2	61.2	53.2	56.0

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	76.94	81.105	93.095	90.65	111.715
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	189.4	148.9	99.7	150.3	120.1
Short Term Investments	26.0	0.0	-	-	-
Cash and Short Term Investments	215.4	148.9	99.7	150.3	120.1
Accounts Receivable - Trade, Gross	371.0	388.3	305.2	403.1	332.4
Provision for Doubtful Accounts	-0.7	-0.8	-1.2	-1.3	-0.6
Trade Accounts Receivable - Net	370.3	387.5	304.0	401.9	331.8
Notes Receivable - Short Term	-	-	-	-	0.0
Total Receivables, Net	370.3	387.5	304.0	401.9	331.8
Inventories - Finished Goods	131.8	113.1	107.9	128.9	-
Inventories - Work In Progress	216.0	190.0	183.0	172.0	-
Inventories - Raw Materials	145.8	114.4	104.6	105.4	-
Total Inventory	493.6	417.6	395.5	406.3	264.4
Deferred Income Tax - Current Asset	11.5	8.5	9.6	7.5	6.8
Other Current Assets	58.4	44.7	16.9	35.8	21.3
Other Current Assets, Total	69.9	53.1	26.6	43.3	28.1
Total Current Assets	1,149.2	1,007.1	825.8	1,001.8	744.4
Property/Plant/Equipment - Net	717.0	627.7	588.3	623.0	455.6
Goodwill, Net	-	-	0.0	10.6	11.5
Intangibles, Net	5.0	6.0	7.5	7.9	7.3
LT Investment - Affiliate Companies	36.3	31.6	-	-	-
LT Investments - Other	171.1	225.5	220.7	230.1	319.5
Long Term Investments	207.4	257.1	220.7	230.1	319.5
Deferred Income Tax - Long Term Asset	4.5	3.0	3.7	4.9	2.5
Other Long Term Assets	16.8	13.8	18.1	20.9	19.1
Other Long Term Assets, Total	21.2	16.8	21.8	25.8	21.6
Total Assets	2,099.8	1,914.7	1,664.1	1,899.2	1,560.0
Accounts Payable	208.7	185.6	112.7	204.1	158.3
Accrued Expenses	30.5	21.9	18.0	22.8	23.7
Notes Payable/Short Term Debt	119.8	73.9	114.7	292.8	130.7
Current Portion - Long Term Debt/Capital Leases	133.3	3.5	0.1	6.0	15.4
Income Taxes Payable	16.2	16.6	19.8	26.3	39.8
Deferred Income Tax - Current Liability	0.0	0.0	0.1	0.0	0.0
Other Current Liabilities	82.0	51.5	41.7	92.7	56.9
Other Current liabilities, Total	98.3	68.1	61.5	119.0	96.7
Total Current Liabilities	590.5	352.9	307.0	644.7	424.8
Long Term Debt	22.7	150.0	121.7	0.0	7.2
Total Long Term Debt	22.7	150.0	121.7	0.0	7.2
Total Debt	275.8	227.3	236.5	298.8	153.3
Deferred Income Tax - LT Liability	33.0	51.9	44.9	55.9	93.4
Deferred Income Tax	33.0	51.9	44.9	55.9	93.4
Minority Interest	38.2	26.2	20.3	19.0	14.6
Reserves	11.3	11.4	7.8	8.0	6.5
Pension Benefits - Underfunded	32.9	33.2	31.1	26.5	23.9
Other Long Term Liabilities	15.7	13.3	12.4	12.1	9.2
Other Liabilities, Total	59.9	57.9	51.4	46.6	39.7
Total Liabilities	744.4	638.9	545.3	766.1	579.7
Common Stock	265.6	252.0	219.5	225.4	176.3
Common Stock	265.6	252.0	219.5	225.4	176.3
Additional Paid-In Capital	227.5	215.8	188.0	193.1	150.1
Retained Earnings (Accumulated Deficit)	985.2	880.2	725.1	736.7	518.2
Treasury Stock - Common	-92.7	-87.9	-54.9	-56.3	-16.0
Unrealized Gain (Loss)	46.0	71.8	64.3	65.3	129.8
Translation Adjustment	-76.2	-56.0	-23.3	-31.1	21.9
Other Equity, Total	-76.2	-56.0	-23.3	-31.1	21.9
Total Equity	1,355.4	1,275.9	1,118.7	1,133.1	980.3
Total Liabilities & Shareholders’ Equity	2,099.8	1,914.8	1,664.0	1,899.2	1,560.0
Shares Outstanding - Common Stock Primary Issue	213.6	213.6	217.8	217.8	219.3
Total Common Shares Outstanding	213.6	213.6	217.8	217.8	219.3
Treasury Shares - Common Stock Primary Issue	11.4	11.4	7.2	7.1	2.7
Employees	1,809	1,796	1,799	1,864	1,794
Number of Common Shareholders	14,896	15,156	17,659	19,019	12,321
Total Long Term Debt, Supplemental	165.0	161.7	128.6	6.0	22.6
Long Term Debt Maturing within 1 Year	133.3	3.5	0.1	6.0	15.4
Long Term Debt Maturing in Year 2	9.6	126.7	0.1	0.0	7.2
Long Term Debt Maturing in Year 3	13.1	10.0	107.4	-	0.0
Long Term Debt Maturing in Year 4	0.0	13.3	0.0	-	0.0
Long Term Debt Maturing in Year 5	0.0	0.0	14.2	-	0.0
Long Term Debt Maturing in 2-3 Years	22.7	136.7	107.6	0.0	7.2
Long Term Debt Maturing in 4-5 Years	0.0	13.3	14.2	-	0.0
Long Term Debt Matur. in Year 6 & Beyond	9.0	8.3	6.8	0.0	0.0
Total Capital Leases, Supplemental	0.7	0.1	0.1	-	-
Capital Lease Payments Due in Year 1	0.2	0.0	0.0	-	-
Capital Lease Payments Due in Year 2	0.2	0.0	0.0	-	-
Capital Lease Payments Due in Year 3	0.2	0.0	0.0	-	-
Capital Lease Payments Due in Year 4	0.1	0.0	0.0	-	-
Capital Lease Payments Due in Year 5	0.0	-	-	-	-
Capital Lease Payments Due in 2-3 Years	0.3	0.1	0.0	-	-
Capital Lease Payments Due in 4-5 Years	0.2	0.0	0.0	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	-	-
Pension Obligation - Domestic	78.7	76.1	68.4	67.1	57.6
Plan Assets - Domestic	52.0	48.9	39.7	40.9	45.2
Funded Status - Domestic	-26.7	-27.2	-28.6	-26.2	-12.4
Total Funded Status	-26.7	-27.2	-28.6	-26.2	-12.4
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	0.00%	0.00%	0.00%	2.00%	2.00%
Prepaid Benefits - Domestic	7.4	4.1	1.1	2.8	1.8
Accrued Liabilities - Domestic	-30.4	-29.7	-27.6	-22.9	-21.1
Other Assets, Net - Domestic	3.7	1.6	2.2	6.0	-6.9
Net Assets Recognized on Balance Sheet	-19.4	-24.1	-24.3	-14.1	-26.2
Total Plan Obligations	78.7	76.1	68.4	67.1	57.6
Total Plan Assets	52.0	48.9	39.7	40.9	45.2

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	76.94	77.08	80.76	82.88	81.105
Cash & Equivalents	189.4	190.9	190.2	193.5	148.9
Short Term Investments	26.0	25.9	-	-	-
Cash and Short Term Investments	215.4	216.9	190.2	193.5	148.9
Accounts Receivable - Trade, Gross	371.0	365.1	359.4	334.5	388.3
Provision for Doubtful Accounts	-0.7	-0.7	-0.6	-0.6	-0.8
Trade Accounts Receivable - Net	370.3	364.4	358.8	333.9	387.5
Total Receivables, Net	370.3	364.4	358.8	333.9	387.5
Inventories - Finished Goods	131.8	126.2	118.3	116.4	113.1
Inventories - Work In Progress	216.0	205.3	193.8	196.6	190.0
Inventories - Raw Materials	145.8	139.8	136.0	113.3	114.4
Total Inventory	493.6	471.3	448.1	426.3	417.6
Deferred Income Tax - Current Asset	11.5	12.1	8.9	10.3	8.5
Other Current Assets	58.4	57.5	48.5	22.8	44.7
Other Current Assets, Total	69.9	69.7	57.5	33.2	53.1
Total Current Assets	1,149.2	1,122.3	1,054.5	986.9	1,007.1
Property/Plant/Equipment - Net	717.0	673.6	632.5	614.3	627.7
Intangibles, Net	5.0	5.0	5.1	5.6	6.0
LT Investments - Other	204.2	211.3	254.3	245.9	252.2
Long Term Investments	204.2	211.3	254.3	245.9	252.2
Deferred Income Tax - Long Term Asset	4.5	4.1	3.2	2.8	3.0
Other Long Term Assets	20.0	21.1	19.8	18.9	18.7
Other Long Term Assets, Total	24.4	25.2	23.0	21.7	21.7
Total Assets	2,099.8	2,037.5	1,969.4	1,874.4	1,914.7
Accounts Payable	208.7	186.1	193.2	170.5	185.6
Accrued Expenses	29.8	38.9	36.0	22.5	17.2
Notes Payable/Short Term Debt	119.8	110.9	83.6	76.8	73.9
Current Portion - Long Term Debt/Capital Leases	133.3	133.1	127.2	124.1	3.5
Income Taxes Payable	16.2	14.6	9.2	11.1	16.6
Deferred Income Tax - Current Liability	0.0	0.0	0.0	0.0	0.0
Other Current Liabilities	82.7	56.7	43.1	41.1	56.1
Other Current liabilities, Total	98.9	71.3	52.3	52.2	72.8
Total Current Liabilities	590.5	540.4	492.3	446.1	352.9
Long Term Debt	22.7	23.2	25.8	25.8	150.0
Total Long Term Debt	22.7	23.2	25.8	25.8	150.0
Total Debt	275.8	267.2	236.6	226.7	227.3
Deferred Income Tax - LT Liability	33.0	39.8	52.9	50.2	51.9
Deferred Income Tax	33.0	39.8	52.9	50.2	51.9
Minority Interest	38.2	37.1	39.4	32.4	26.2
Reserves	11.3	11.8	11.4	11.1	11.4
Pension Benefits - Underfunded	32.9	33.7	34.0	33.0	33.2
Other Long Term Liabilities	15.7	15.5	14.7	14.4	13.3
Other Liabilities, Total	59.9	61.0	60.1	58.5	57.9
Total Liabilities	744.4	701.4	670.5	613.0	638.9
Common Stock	265.6	265.1	253.0	246.6	252.0
Common Stock	265.6	265.1	253.0	246.6	252.0
Additional Paid-In Capital	227.5	227.1	216.7	211.2	215.8
Retained Earnings (Accumulated Deficit)	985.2	963.0	896.2	864.1	880.2
Treasury Stock - Common	-92.7	-92.5	-88.3	-86.0	-87.9
Unrealized Gain (Loss)	46.0	49.3	71.3	68.1	71.8
Translation Adjustment	-76.2	-75.9	-50.2	-42.6	-56.0
Other Equity, Total	-76.2	-75.9	-50.2	-42.6	-56.0
Total Equity	1,355.4	1,336.1	1,298.9	1,261.4	1,275.9
Total Liabilities & Shareholders’ Equity	2,099.8	2,037.5	1,969.3	1,874.4	1,914.8
Shares Outstanding - Common Stock Primary Issue	213.6	213.6	213.6	213.6	213.6
Total Common Shares Outstanding	213.6	213.6	213.6	213.6	213.6
Treasury Shares - Common Stock Primary Issue	11.4	11.4	11.4	11.4	11.4
Employees	1,809	1,840	1,816	1,790	1,796

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.698224	87.789317	93.619712	103.395546	117.767199
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	117.1	104.9	52.7	181.7	178.7
Depreciation	104.0	100.8	101.7	77.8	53.3
Depreciation/Depletion	104.0	100.8	101.7	77.8	53.3
Amortization of Acquisition Costs	-	0.0	0.9	3.0	6.5
Amortization	-	0.0	0.9	3.0	6.5
Unusual Items	9.4	4.6	0.1	-4.5	-1.2
Equity in Net Earnings (Loss)	-2.4	-4.1	1.2	-5.5	-6.4
Other Non-Cash Items	0.0	6.3	6.4	6.6	3.8
Non-Cash Items	7.0	6.8	7.6	-3.5	-3.7
Accounts Receivable	31.7	-46.1	90.2	-20.6	-25.8
Inventories	-65.4	20.7	4.6	-100.3	-36.3
Prepaid Expenses	-6.0	-2.6	14.6	-5.0	5.4
Accounts Payable	22.8	57.4	-103.8	31.3	31.2
Accrued Expenses	3.3	-0.5	-6.6	-2.4	0.2
Taxes Payable	-4.1	2.5	1.6	-0.1	-2.7
Other Operating Cash Flow	-50.1	-32.3	-34.5	-82.0	-68.8
Changes in Working Capital	-67.9	-0.9	-33.9	-179.0	-96.7
Cash from Operating Activities	160.2	211.7	129.0	80.1	138.1
Purchase of Fixed Assets	-161.9	-72.6	-115.5	-159.0	-88.0
Purchase/Acquisition of Intangibles	-1.8	-1.1	-2.8	-1.5	-2.1
Capital Expenditures	-163.7	-73.7	-118.3	-160.4	-90.1
Acquisition of Business	-	-	-	0.0	1.0
Sale of Business	-	-	-	0.0	0.5
Sale of Fixed Assets	0.0	1.8	6.7	5.2	0.0
Sale/Maturity of Investment	37.7	2.7	16.8	0.0	0.9
Purchase of Investments	-7.8	0.0	-4.4	-4.1	-10.3
Other Investing Cash Flow	0.0	-0.2	0.5	-0.9	-1.4
Other Investing Cash Flow Items, Total	29.9	4.4	19.6	0.2	-9.3
Cash from Investing Activities	-133.8	-69.4	-98.6	-160.2	-99.4
Other Financing Cash Flow	12.3	-0.3	1.3	5.7	-0.1
Financing Cash Flow Items	12.3	-0.3	1.3	5.7	-0.1
Cash Dividends Paid - Common	-21.4	-19.8	-20.9	-21.3	-14.2
Total Cash Dividends Paid	-21.4	-19.8	-20.9	-21.3	-14.2
Repurchase/Retirement of Common	0.0	-23.0	-0.2	-32.7	-3.3
Common Stock, Net	0.0	-23.0	-0.2	-32.7	-3.3
Issuance (Retirement) of Stock, Net	0.0	-23.0	-0.2	-32.7	-3.3
Short Term Debt, Net	45.5	-50.0	-172.8	143.4	-0.6
Long Term Debt Issued	0.0	15.8	121.0	0.0	0.0
Long Term Debt Reduction	-3.4	-0.1	-6.2	-1.8	-1.6
Long Term Debt, Net	-3.4	15.7	114.8	-1.8	-1.6
Issuance (Retirement) of Debt, Net	42.1	-34.3	-58.0	141.6	-2.3
Cash from Financing Activities	33.0	-77.4	-77.8	93.2	-19.8
Foreign Exchange Effects	-2.2	-7.7	1.5	-11.0	-0.2
Net Change in Cash	57.2	57.3	-45.9	2.0	18.7
Net Cash - Beginning Balance	175.7	102.3	141.8	126.4	92.2
Net Cash - Ending Balance	232.9	159.5	95.9	128.4	110.9
Cash Interest Paid	6.7	7.3	5.9	8.8	7.4
Cash Taxes Paid	37.7	34.7	39.7	90.9	74.7

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	12 Months	9 Months	6 Months	3 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.698224	80.506255	81.907322	82.241044	87.789317
Net Income/Starting Line	117.1	92.2	37.3	21.6	104.9
Depreciation	104.0	75.4	48.6	23.9	100.8
Depreciation/Depletion	104.0	75.4	48.6	23.9	100.8
Amortization of Acquisition Costs	-	-	-	-	0.0
Amortization	-	-	-	-	0.0
Unusual Items	8.7	7.1	28.6	8.5	6.8
Equity in Net Earnings (Loss)	-2.4	-2.4	-1.0	0.9	-4.1
Other Non-Cash Items	0.6	1.7	-0.6	-0.7	4.1
Non-Cash Items	7.0	6.4	27.0	8.6	6.8
Accounts Receivable	31.7	35.6	31.9	50.0	-46.1
Inventories	-65.4	-41.2	-28.0	-14.5	20.7
Prepaid Expenses	-6.0	-6.5	-1.4	-0.7	-2.6
Accounts Payable	22.8	-4.9	6.4	-13.3	57.4
Accrued Expenses	3.3	7.1	0.6	5.9	-0.5
Taxes Payable	-4.1	-	-	-	2.5
Other Operating Cash Flow	-50.1	-51.7	-27.8	-23.6	-32.3
Changes in Working Capital	-67.9	-61.6	-18.4	3.9	-0.9
Cash from Operating Activities	160.2	112.4	94.5	57.9	211.7
Purchase of Fixed Assets	-161.9	-102.9	-62.1	-31.6	-72.6
Purchase/Acquisition of Intangibles	-1.8	-1.3	-0.6	-0.4	-1.1
Capital Expenditures	-163.7	-104.2	-62.8	-32.1	-73.7
Sale of Fixed Assets	0.0	0.0	0.0	-	1.8
Sale/Maturity of Investment	37.7	37.3	0.8	0.6	2.7
Purchase of Investments	-7.8	-7.7	-2.6	-2.6	0.0
Other Investing Cash Flow	0.0	0.0	-0.1	0.0	-0.2
Other Investing Cash Flow Items, Total	29.9	29.7	-1.9	-1.9	4.4
Cash from Investing Activities	-133.8	-74.6	-64.6	-34.0	-69.4
Other Financing Cash Flow	12.3	12.2	11.8	5.6	-0.3
Financing Cash Flow Items	12.3	12.2	11.8	5.6	-0.3
Cash Dividends Paid - Common	-21.4	-21.2	-10.4	-10.4	-19.8
Total Cash Dividends Paid	-21.4	-21.2	-10.4	-10.4	-19.8
Repurchase/Retirement of Common	0.0	0.0	-	-	-23.0
Common Stock, Net	0.0	0.0	-	-	-23.0
Issuance (Retirement) of Stock, Net	0.0	0.0	-	-	-23.0
Short Term Debt, Net	45.5	37.4	9.8	3.0	-50.0
Long Term Debt Issued	0.0	0.0	-	-	15.8
Long Term Debt Reduction	-3.4	-3.4	-1.7	-1.7	-0.1
Long Term Debt, Net	-3.4	-3.4	-1.7	-1.7	15.7
Issuance (Retirement) of Debt, Net	42.1	34.0	8.1	1.4	-34.3
Cash from Financing Activities	33.0	24.9	9.5	-3.4	-77.4
Foreign Exchange Effects	-2.2	-4.3	1.5	4.0	-7.7
Net Change in Cash	57.2	58.5	40.9	24.5	57.3
Net Cash - Beginning Balance	175.7	174.0	171.0	170.3	102.3
Net Cash - Ending Balance	232.9	232.5	211.8	194.8	159.5
Cash Interest Paid	6.7	6.1	3.3	2.1	7.3
Cash Taxes Paid	37.7	36.7	19.2	13.6	34.7

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.698224	87.789317	93.619712	103.395546	117.767199
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	1,316.5	1,226.6	889.7	1,242.7	997.2
Total Revenue	1,316.5	1,226.6	889.7	1,242.7	997.2
Cost of Sales	1,015.9	949.2	694.0	869.5	680.1
Storage and Delivery expenses	43.9	41.9	31.5	43.5	35.9
Overhead Selling Cost	11.4	13.3	10.6	16.5	13.0
Payroll	38.9	33.9	31.6	34.7	30.1
Allow. for bonus	0.5	1.3	0.5	0.9	0.5
Provision for doubtful accounts	-	0.1	-	-	-
Accured retire. bene.	2.1	1.8	1.8	1.0	1.0
Res.dir.'s retire.	0.2	0.2	0.2	0.2	0.2
Res. executive dir.'s retire.	0.2	0.2	0.3	0.2	0.2
Depreciation expense	3.1	3.3	3.5	3.5	2.9
Research & Develop.	24.0	22.4	21.8	19.3	13.8
Rent expense	7.6	7.3	7.0	8.5	7.6
Amort. of goodwill	-	-	0.9	3.1	7.6
Other SGA	37.3	31.1	29.5	32.6	28.1
SP Rev. G Environmental safety policy	0.0	-0.6	0.0	-	-
SP Rev.Allow.Doubt.Acct	-	0.0	0.0	-0.4	0.0
SP Res. L. Environmental safety policy	0.0	3.3	0.0	-	0.0
SP Restruct. Cost	-	-	-	-	0.0
SP Subsid. relocation	-2.0	0.0	-	-	-
Loss on disaster	33.7	0.0	-	-	-
SP Impairment Loss	0.3	5.0	9.4	0.0	0.2
SP Special retirement benefits	-	0.0	2.7	0.0	0.0
SP L/Retire F.Asset	-	0.0	0.3	0.0	0.0
SP Loss Val.Member	0.2	0.0	0.2	0.2	0.0
SP L.Val.Inv.Secs.	-	0.0	0.1	4.5	0.0
SP Accounting Change	0.7	0.0	-	-	-
NOP L on val. of inventories	-	-	-	-	0.0
NOP Amort. of negative goodwill	-	-	0.0	0.0	-1.1
Total Operating Expense	1,218.0	1,113.8	845.8	1,037.8	820.1
NOP Interest Income	1.3	0.3	0.9	1.1	1.3
NOP Dividend Income	4.8	4.0	3.7	4.8	3.9
NOP Rent Income	3.5	3.3	3.2	2.9	2.4
NOP Equity Gain	2.4	4.1	0.0	5.5	6.4
NOP Exchange Gain	-	0.0	1.9	0.0	0.0
NOP Employment adjustment subsidy	-	0.1	2.4	0.0	-
NOP Subsidy income	0.0	2.3	0.0	-	-
NOP Other Non-Ops.Income	6.1	4.9	3.6	4.8	6.0
NOP Interest Expense	-6.7	-7.4	-6.5	-8.7	-7.3
NOP Exchange Loss	-6.7	-10.6	0.0	-22.0	-
NOP Equity Loss	-	0.0	-1.2	0.0	-2.7
NOP Compensation Paid	-	0.0	-2.2	0.0	-
NOP Other Non-op. Expen.	-9.2	-9.2	-9.2	-16.0	-9.6
SP Gains on equity changes	-	-	-	0.0	1.1
SP G on sale of fixed assets	0.0	0.4	2.1	4.5	0.0
SP G.Sale Subsid.Stock	-	-	-	-	0.0
SP G.Sales Inv.Secs.	23.2	0.0	10.0	0.0	0.8
SP L.Sale Subsid.Secs.	-	-	-	0.0	-0.5
SP Loss on sale of fixed assets	-	-	0.0	0.0	0.0
Net Income Before Taxes	117.2	104.9	52.8	181.7	178.7
Provision for Income Taxes	36.9	36.8	24.2	73.6	81.9
Net Income After Taxes	80.3	68.1	28.5	108.1	96.7
Minority Int.	-3.5	-4.0	0.1	-0.9	0.1
Net Income Before Extra. Items	76.8	64.2	28.6	107.2	96.8
Net Income	76.8	64.2	28.6	107.2	96.8
Director's Bonus	-	-	-	0.0	0.0
Adjustment	0.0	0.0	0.0	0.0	-
Income Available to Com Excl ExtraOrd	76.8	64.1	28.6	107.2	96.8
Income Available to Com Incl ExtraOrd	76.8	64.1	28.6	107.2	96.8
Basic Weighted Average Shares	213.6	216.2	217.8	219.8	213.5
Basic EPS Excluding ExtraOrdinary Items	0.36	0.30	0.13	0.49	0.45
Basic EPS Including ExtraOrdinary Item	0.36	0.30	0.13	0.49	0.45
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	76.8	64.1	28.6	107.2	96.8
Diluted Weighted Average Shares	213.6	216.2	217.8	219.8	222.4
Diluted EPS Excluding ExtraOrd Items	0.36	0.30	0.13	0.49	0.44
Diluted EPS Including ExtraOrd Items	0.36	0.30	0.13	0.49	0.44
DPS-Common Stock	0.10	0.09	0.09	0.10	0.08
Gross Dividends - Common Stock	21.4	19.6	18.6	21.2	16.5
Normalized Income Before Taxes	150.0	112.3	64.2	184.6	185.4
Inc Tax Ex Impact of Sp Items	47.2	39.4	29.1	73.5	82.0
Normalized Income After Taxes	102.8	72.9	35.1	111.1	103.4
Normalized Inc. Avail to Com.	99.3	68.9	35.2	110.1	103.5
Basic Normalized EPS	0.46	0.32	0.16	0.50	0.48
Diluted Normalized EPS	0.46	0.32	0.16	0.50	0.47
Interest Expense	6.7	7.4	6.5	8.7	7.3
Amort. of goodwill	-	0.0	0.9	3.1	7.6
Amor. of negative goodwill	-	-	0.0	0.0	-1.1
Depreciation	104.0	100.8	101.7	77.8	53.3
Research & Develop. (SGA)	24.0	22.4	21.8	19.3	13.8
Research & Develop. (COGS)	0.6	0.5	0.3	0.3	0.3
Rent expense	7.6	7.3	7.0	8.5	7.6
Reported operating profit	131.3	120.5	56.6	209.1	176.2
Reported ordinary profit	126.8	112.2	53.3	181.5	177.5
Service cost	4.7	3.9	5.1	4.2	3.8
Interest cost	0.9	0.9	0.9	0.8	0.8
Expected return on plan assets	0.0	0.0	0.0	-1.0	-1.0
Actuarial gains and losses	0.7	0.7	0.9	-0.4	-0.2
Other	-	-	-	-	0.6
Domestic Pension Plan Expense	6.4	5.4	6.8	3.6	4.1
Defined Contribution Expense	0.8	0.7	0.7	0.7	-
Total Pension Expense	7.2	6.1	7.5	4.3	4.1
Discount rate	2.00%	2.00%	2.00%	2.00%	2.00%
Expected rate of return	0.00%	0.00%	0.00%	2.00%	2.00%

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	77.302742	77.752043	81.605269	82.241044	82.567473
Net sales	321.5	349.6	341.8	303.9	328.0
Total Revenue	321.5	349.6	341.8	303.9	328.0
Cost of Sales	252.3	267.0	261.4	235.5	259.5
Storage and Delivery expenses	11.6	11.0	11.1	10.3	10.9
Other Selling Cost	2.6	2.8	3.3	2.6	3.3
Payroll	11.9	8.6	10.4	8.0	10.3
Allowance for bonus	-	1.6	0.7	1.4	-
Provision for doubtful accounts(SGA)	-	-	0.0	-	0.0
Periodic pension cost	0.6	0.5	0.5	0.5	0.5
Res.dir's retire.benefits	0.1	0.1	0.1	0.0	0.1
Executive dir.'s retirment benefits	0.1	0.1	0.0	0.0	0.1
Depreciation expense	0.5	0.9	0.9	0.8	0.8
Research & Development expense	6.7	5.9	5.9	5.5	5.9
Rent expense	2.0	2.0	1.9	1.8	2.0
Other SGA	8.1	8.9	9.1	8.0	7.3
SP Rev-Doubt.Acct.Allow	-	0.0	-	0.0	0.0
SP Relocation Compensation	-0.9	-1.2	-	-	-
SP Other special gain	0.0	-1.5	-	-	-2.2
SP Retire-Fixed Assets	-	-	-	-	0.0
SP Special retirement expenses	-	-	-	-	0.0
SP Loss on disaster	3.1	4.0	18.6	7.5	-
SP Val.Loss-Invest.Sec	-	0.0	1.5	0.1	-
SP L on adj. for changes of acc. assets	0.0	0.0	-	0.7	-
SP Impairment loss	0.0	-	0.0	0.3	5.1
SP L on Val. of Membership	0.2	0.0	0.0	0.0	0.0
SP Res. environmental safety	0.0	0.0	0.0	-	-
Total Operating Expense	298.7	310.6	325.4	283.1	303.6
SP G on sale of fixed assets	0.0	0.0	0.0	0.0	0.0
SP Sale Gain/L-Invest.Sec	0.0	23.8	-	-	-
NOP Interest Income	0.4	0.6	0.2	0.1	0.1
NOP Dividend Income	1.9	0.3	2.0	0.6	1.7
NOP Rent Income	0.9	0.9	0.9	0.8	0.9
NOP Gain-Equity Method	-	1.5	1.9	0.0	1.6
NOP Exchange Gain	1.3	-	-	2.2	0.0
NOP Other Non-op. Income	2.0	1.9	1.1	1.2	4.1
NOP Interest Expense	-1.2	-2.0	-1.8	-1.7	-2.5
NOP Exchange Loss	-	-7.0	-3.4	-	-3.1
NOP Equity Loss	-0.1	-	-	-0.9	-
NOP Other Non-op.Expense	-3.3	-2.9	-1.5	-1.6	-3.5
Net Income Before Taxes	24.8	56.1	15.7	21.6	23.7
Provision for Income Taxes	3.7	20.1	5.3	7.9	7.3
Net Income After Taxes	21.1	36.0	10.4	13.7	16.4
Minority Interest	-0.7	-1.2	-1.0	-0.6	-1.2
Net Income Before Extra. Items	20.3	34.7	9.4	13.1	15.2
Net Income	20.3	34.7	9.4	13.1	15.2
Adjustment	0.0	0.0	0.0	0.0	0.0
Income Available to Com Excl ExtraOrd	20.3	34.7	9.4	13.1	15.2
Income Available to Com Incl ExtraOrd	20.3	34.7	9.4	13.1	15.2
Basic Weighted Average Shares	213.6	213.6	213.6	213.6	215.0
Basic EPS Excluding ExtraOrdinary Items	0.10	0.16	0.04	0.06	0.07
Basic EPS Including ExtraOrdinary Item	0.10	0.16	0.04	0.06	0.07
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	20.3	34.7	9.4	13.1	15.2
Diluted Weighted Average Shares	213.6	213.6	213.6	213.6	215.0
Diluted EPS Excluding ExtraOrd Items	0.10	0.16	0.04	0.06	0.07
Diluted EPS Including ExtraOrd Items	0.10	0.16	0.04	0.06	0.07
DPS-Common Stock	0.05	0.00	0.05	0.00	0.05
Gross Dividends - Common Stock	11.0	0.0	10.5	0.0	10.3
Normalized Income Before Taxes	27.1	57.3	35.8	30.2	26.6
Inc Tax Ex Impact of Sp Items	4.1	20.6	12.1	11.0	8.2
Normalized Income After Taxes	23.1	36.8	23.6	19.1	18.4
Normalized Inc. Avail to Com.	22.3	35.5	22.7	18.6	17.2
Basic Normalized EPS	0.10	0.17	0.11	0.09	0.08
Diluted Normalized EPS	0.10	0.17	0.11	0.09	0.08
Interest Expense	1.2	2.0	1.8	1.7	2.5
Depreciation	28.6	26.9	24.7	23.9	28.7
Amort of goodwill	-	-	-	-	0.0
Rent expense	2.0	2.0	1.9	1.8	2.0
Research & Development expense(SGA)	6.7	5.9	5.9	5.5	5.9
Reported operating profit	25.1	40.3	36.5	29.4	27.4
Reported ordinary profit	27.1	33.5	35.8	30.2	26.6

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	76.94	81.105	93.095	90.65	111.715
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Deposit	189.4	148.9	99.7	150.3	120.1
Note&Acct.Rcvbl.	371.0	388.3	305.2	403.1	332.4
Marketable Secs.	26.0	0.0	-	-	-
Inventory	-	-	-	-	264.4
Inventories - merchandise&finished goods	131.8	113.1	107.9	128.9	-
Inventories - work-in-process	216.0	190.0	183.0	172.0	-
Inventories - raw materials&supplies	145.8	114.4	104.6	105.4	-
Deferred Tax	11.5	8.5	9.6	7.5	6.8
Short Term Loan	-	-	-	-	0.0
Other Current	58.4	44.7	16.9	35.8	21.3
Doubtful Accts.	-0.7	-0.8	-1.2	-1.3	-0.6
Total Current Assets	1,149.2	1,007.1	825.8	1,001.8	744.4
Build&Struct.N	195.6	186.9	170.2	166.1	122.3
Machin&Vehic.N	247.6	248.9	251.0	260.7	195.0
Fire Pit	29.0	31.3	34.6	32.8	19.6
Land	91.7	87.4	78.0	84.4	67.6
Constr. in Prog.	142.3	62.3	43.8	63.8	39.2
Other PPE,Net	10.7	10.9	10.6	15.2	11.9
Software	4.7	5.7	7.2	7.6	7.1
Goodwill	-	-	0.0	10.6	11.5
Other Intangible	0.3	0.3	0.3	0.3	0.2
Inv. in Secs.	171.1	225.5	220.7	230.1	319.5
Inv. in Secs.-stock	33.1	26.7	-	-	-
Dfrd. Tax	4.5	3.0	3.7	4.9	2.5
Other Asset	17.5	14.5	18.9	21.6	21.0
Inv't partnership-nonconsol.affil.	3.2	4.9	-	-	-
Allow.Doubt.Acct	-0.7	-0.7	-0.7	-0.7	-1.9
Trans. Adjust	-	-	0.0	-	-
Total Assets	2,099.8	1,914.7	1,664.1	1,899.2	1,560.0
Note&Acct.Pybl.	208.7	185.6	112.7	204.1	158.3
Short Term Debt	119.8	73.9	114.7	292.8	130.7
Cur. Port. LTD	133.3	3.5	0.1	6.0	2.1
Bonds w/stock warrants (current)	-	-	-	0.0	13.3
Tax Payable	16.2	16.6	19.8	26.3	39.8
Sales Tax Pybl.	0.6	4.6	1.7	0.0	0.1
Accrd. Expense	27.5	15.1	14.5	20.2	21.6
Allow.for Bonus	2.3	2.2	1.8	2.6	2.0
Deferred tax liabilities (current)	0.0	0.0	0.1	0.0	0.0
Other Liabs.	82.0	51.5	41.7	92.7	56.9
Total Current Liabilities	590.5	352.9	307.0	644.7	424.8
Bond w. Subscription	-	-	-	-	0.0
Long Term Debt	22.7	150.0	121.7	0.0	7.2
Total Long Term Debt	22.7	150.0	121.7	0.0	7.2
Deferred Tax	33.0	51.9	44.9	55.9	93.4
Rsrv-Accr.Retire	30.4	29.7	27.6	22.9	21.1
Retirement/Dir.	1.8	2.8	2.8	2.8	2.2
Res. executive dir.'s retire.	0.6	0.7	0.8	0.8	0.6
Res. L. Environmental safety policy	11.3	11.4	7.8	8.0	6.5
Other Fix Liab.	15.7	13.3	12.4	12.1	9.2
Minority Int.	38.2	26.2	20.3	19.0	14.6
Total Liabilities	744.4	638.9	545.3	766.1	579.7
Comm. Stock	265.6	252.0	219.5	225.4	176.3
Paid in Capital	227.5	215.8	188.0	193.1	150.1
Retained Earning	985.2	880.2	725.1	736.7	518.2
Treas. Stock	-92.7	-87.9	-54.9	-56.3	-16.0
Unrlzd./Gain/Sec	46.0	71.8	64.3	65.2	129.8
Deferred hedge gain/loss	0.0	0.0	0.0	0.1	0.0
Transl.Adjust.	-76.2	-56.0	-23.3	-31.1	21.9
Total Equity	1,355.4	1,275.9	1,118.7	1,133.1	980.3
Total Liabilities & Shareholders' Equity	2,099.8	1,914.8	1,664.0	1,899.2	1,560.0
S/O-Common Stock	213.6	213.6	217.8	217.8	219.3
Total Common Shares Outstanding	213.6	213.6	217.8	217.8	219.3
T/S-Common Stock	11.4	11.4	7.2	7.1	2.7
Full-Time Employees	1,809	1,796	1,799	1,864	1,794
Number of Common Shareholders	14,896	15,156	17,659	19,019	12,321
LTD within 1 year	133.3	3.5	0.1	6.0	15.4
LTD from 1 to 2 year	9.6	126.7	0.1	0.0	7.2
LTD from 2 to 3 year	13.1	10.0	107.4	-	0.0
LTD from 3 to 4 year	0.0	13.3	0.0	-	0.0
LTD from 4 to 5 year	0.0	0.0	14.2	-	0.0
LTD after 5 years	9.0	8.3	6.8	-	-
Total Long Term Debt, Supplemental	165.0	161.7	128.6	6.0	22.6
Capital Lease within 1 Year	0.2	0.0	0.0	-	-
Capital Lease within 2 Year	0.2	0.0	0.0	-	-
Capital Lease within 3 Year	0.2	0.0	0.0	-	-
Capital Lease within 4 Year	0.1	0.0	0.0	-	-
Capital Lease within 5 Year	0.0	-	-	-	-
Remaining	0.0	0.0	0.0	-	-
Total Capital Leases	0.7	0.1	0.1	-	-
Pension obligation	78.7	76.1	68.4	67.1	57.6
FV of plan assets	52.0	48.9	39.7	40.9	45.2
Funded status	-26.7	-27.2	-28.6	-26.2	-12.4
Total Funded Status	-26.7	-27.2	-28.6	-26.2	-12.4
Discount rate	2.00%	2.00%	2.00%	2.00%	2.00%
Expected rate of return	0.00%	0.00%	0.00%	2.00%	2.00%
Unrecognized actuarial gains and losses	3.7	1.6	2.2	6.0	-6.9
Prepaid pension benefits	7.4	4.1	1.1	2.8	1.8
Reserve for Accrued Retirement Benefits	-30.4	-29.7	-27.6	-22.9	-21.1
Net Assets Recognized on Balance Sheet	-19.4	-24.1	-24.3	-14.1	-26.2

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	76.94	77.08	80.76	82.88	81.105
Cash and Deposits	189.4	190.9	190.2	193.5	148.9
Note/Acct.Receivable	371.0	365.1	359.4	334.5	388.3
Marketable Security	26.0	25.9	-	-	-
Inventories - merchandise&finished goods	131.8	126.2	118.3	116.4	113.1
Inventories - work-in-process	216.0	205.3	193.8	196.6	190.0
Inventories - raw materials&supplies	145.8	139.8	136.0	113.3	114.4
Deferred tax assets	11.5	12.1	8.9	10.3	8.5
Other Current Assets	58.4	57.5	48.5	22.8	44.7
Allowance for doubtful accounts	-0.7	-0.7	-0.6	-0.6	-0.8
Total Current Assets	1,149.2	1,122.3	1,054.5	986.9	1,007.1
Building & Struct.Net	195.6	196.1	190.7	180.2	186.9
Machinery&Equip.Net	247.6	227.2	231.4	232.9	248.9
Furnaces,Net	29.0	29.5	30.4	31.4	31.3
Land	91.7	91.6	87.7	85.5	87.4
Construction in Prog	142.3	118.5	81.5	73.7	62.3
Other PPE,Net	10.7	10.7	10.8	10.6	10.9
Software	4.7	4.7	4.8	5.3	5.7
Other Intangible	0.3	0.3	0.3	0.3	0.3
Investment Security	204.2	211.3	254.3	245.9	252.2
Deferred tax assets	4.5	4.1	3.2	2.8	3.0
Other Assets	20.7	21.8	20.5	19.5	19.4
Allowance for doubtful accounts	-0.7	-0.7	-0.7	-0.7	-0.7
Total Assets	2,099.8	2,037.5	1,969.4	1,874.4	1,914.7
Note/Acct. Payable	208.7	186.1	193.2	170.5	185.6
ST Borrowings	119.8	110.9	83.6	76.8	73.9
Cur.LT Debt	133.3	133.1	127.2	124.1	3.5
Tax Payable	16.2	14.6	9.2	11.1	16.6
Accrued Expense	27.5	29.2	33.2	14.5	15.1
Allowance-Bonuses	2.3	9.7	2.8	8.0	2.2
Deferred tax liabilities	0.0	0.0	0.0	0.0	0.0
Other	82.7	56.7	43.1	41.1	56.1
Total Current Liabilities	590.5	540.4	492.3	446.1	352.9
LT Borrowings	22.7	23.2	25.8	25.8	150.0
Total Long Term Debt	22.7	23.2	25.8	25.8	150.0
Deferred tax liabilities	33.0	39.8	52.9	50.2	51.9
Res-Accr.Retire Bft.	30.4	31.4	31.8	31.0	29.7
Res-Driec.Retire Bft	1.8	1.8	1.6	1.5	2.8
Res. executive directors' retire. bene.	0.6	0.6	0.5	0.4	0.7
Reserve for environmental safety	11.3	11.8	11.4	11.1	11.4
Other	15.7	15.5	14.7	14.4	13.3
Minority Interest	38.2	37.1	39.4	32.4	26.2
Total Liabilities	744.4	701.4	670.5	613.0	638.9
Comm. Stock	265.6	265.1	253.0	246.6	252.0
Paid in Capital	227.5	227.1	216.7	211.2	215.8
Retained Earning	985.2	963.0	896.2	864.1	880.2
Treasury Stock	-92.7	-92.5	-88.3	-86.0	-87.9
Unrlzd./Gain/Sec	46.0	49.3	71.3	68.1	71.8
Deferred hedge	0.0	0.0	0.0	0.0	0.0
Translation Adjust	-76.2	-75.9	-50.2	-42.6	-56.0
Total Equity	1,355.4	1,336.1	1,298.9	1,261.4	1,275.9
Total Liabilities & Shareholders' Equity	2,099.8	2,037.5	1,969.3	1,874.4	1,914.8
S/O-Common Stock	213.6	213.6	213.6	213.6	213.6
Total Common Shares Outstanding	213.6	213.6	213.6	213.6	213.6
T/S-Common Stock	11.4	11.4	11.4	11.4	11.4
Full-Time Employees	1,809	1,840	1,816	1,790	1,796

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.698224	87.789317	93.619712	103.395546	117.767199
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Income Before Tax	117.1	104.9	52.7	181.7	178.7
Depreciation	104.0	100.8	101.7	77.8	53.3
Impairment Loss	0.3	5.0	9.4	0.0	0.2
Amort. of goodwill	-	0.0	0.9	3.1	7.6
Amort. of negative goodwill	-	-	0.0	0.0	-1.1
Allow.Doubt.Acct.	-0.1	-0.5	0.0	-0.8	0.1
Allow.for Bonus	0.1	0.1	-0.7	0.1	0.2
Res.Retire.Benefit	-	-	-	-	0.0
Res.Accru.Retire.	0.5	1.9	4.7	1.0	-
Prepaid Pension	-3.0	-2.6	1.6	-0.5	0.0
Res.Dir.'s Retire.	-1.1	-0.4	0.0	0.1	0.0
Res. Exective Dir.'s Retire.	-0.1	-0.2	0.0	0.0	0.0
Res.environmental safety policy	-0.7	2.2	0.0	-	0.0
Int.&Div.Income	-6.1	-4.3	-4.7	-5.9	-5.2
Interest Expense	6.7	7.4	6.5	8.7	7.3
Exchange Gain	0.9	2.4	-0.2	-	-
Exchange Loss	-	-	-	3.5	0.3
Equity Gain/Loss	-2.4	-4.1	1.2	-5.5	-6.4
Subsidy income	0.0	-2.3	0.0	-	-
G.Sale mkbl. secs. & Inv.Secs.	-	0.0	-10.0	0.0	-
Gain/Sales Subs. Sec	-	-	-	-	0.5
Gains on equity changes	-	-	-	0.0	-1.1
G.Sale Inv.Secs.	-23.2	-	-	0.0	-0.8
Move compensation money	-2.0	0.0	-	-	-
Loss by the disaster	33.7	0.0	-	-	-
L on adj. for changes of acc. assets	0.7	0.0	-	-	-
G on sale fixed assets	0.0	-0.4	-2.1	-4.5	0.0
L. Retire. PP&E	-	-	-	-	0.0
Restruct.Exp.	-	-	-	-	0.0
Special retirement benefits	-	0.0	2.7	0.0	-
Account Receivable	31.7	-46.1	90.2	-20.6	-25.8
Inventory	-65.4	20.7	4.6	-100.3	-36.3
Account Payable	16.0	57.4	-87.6	21.2	24.8
Tempo.Tax Pymt.	-	-	-	-	0.0
Inc (Dec) accrued expenses	3.2	-0.6	-5.9	-2.5	0.0
Inc (Dec) other payables	6.8	0.0	-16.2	10.1	6.5
(Inc) Dec in advance payments	-3.1	0.0	13.0	-4.5	5.5
Sales Tax Pay.	-4.1	2.5	1.6	-0.1	-2.7
Bonus to Directors	-	-	-	0.0	-0.5
Other	-8.6	2.5	8.7	11.5	8.0
Int. & Div. Rcv'd	6.6	4.9	5.3	6.3	5.7
Int. Paid	-6.7	-7.3	-5.9	-8.8	-7.4
Europe.Comm.Paid	-	-	-	-	0.0
Tax Paid	-37.7	-34.7	-39.7	-90.9	-74.7
Move compensation money	2.0	0.0	-	-	-
Loss by the disaster	-5.6	0.0	-	-	-
Subsidy received	0.0	2.3	0.0	-	-
SP retirement bene.paid(cash basis)	-	0.0	-2.9	0.0	-
Cash Consolidated	-	-	-	0.0	1.3
Adjustment	-	-	0.0	-	0.0
Cash from Operating Activities	160.2	211.7	129.0	80.1	138.1
Time Deposit Made	-	-	-	-0.1	-1.7
Time Deposit Mature	0.9	2.7	0.0	-	0.0
Capital Expenditure	-161.9	-72.6	-115.5	-159.0	-88.0
Proc./Sales PP&E	0.0	1.8	6.7	5.2	0.0
Purch. Intangible	-1.8	-1.1	-2.8	-1.5	-2.1
Purch. Investment sec	-1.5	0.0	-4.4	-4.0	-8.6
Proc./Sales Inv. Sec	36.9	0.0	16.8	0.0	0.9
Purchase of stocks of affiliates	-6.3	0.0	-	-	-
Purch. addition Consol. Stock	-	-	-	-	0.0
Sale subsidiaries' securities	-	-	-	0.0	0.5
Purch. Subsdi.secs.	-	-	-	0.0	1.0
Investment to affil.	-	-	-	-	0.0
Sale Consol. Stock	-	-	-	-	0.0
ST Loan made	-	-3.2	0.0	-	-
ST Loans collected	-	0.0	3.0	0.0	-
LT Loans made	-	0.0	-3.1	-0.9	-2.1
LT Loans collected	-	3.2	0.0	-	-
Other	0.0	-0.2	0.5	0.0	0.7
Cash from Investing Activities	-133.8	-69.4	-98.6	-160.2	-99.4
ST Debt, Net	45.5	-50.0	-172.8	143.4	-0.6
Proc./LTDebt	0.0	15.8	121.0	0.0	0.0
Repay./LTDebt	-3.4	-0.1	-6.2	-1.8	-1.6
Purch.Treas.Stock	0.0	-23.0	-0.2	-32.7	-3.3
Dividend Paid	-21.4	-19.8	-20.9	-21.3	-14.2
Proceed from minorities' payment	12.8	0.0	1.4	5.3	0.0
Dividend-Minority	-0.7	-0.3	-0.2	-0.2	-0.1
Other	0.1	0.0	0.0	0.6	0.1
Cash from Financing Activities	33.0	-77.4	-77.8	93.2	-19.8
Foreign Exchange Effects	-2.2	-7.7	1.5	-11.0	-0.2
Net Change in Cash	57.2	57.3	-45.9	2.0	18.7
Net Cash - Beginning Balance	175.7	102.3	141.8	126.4	92.2
Net Cash - Ending Balance	232.9	159.5	95.9	128.4	110.9
Cash Interest Paid	6.7	7.3	5.9	8.8	7.4
Cash Taxes Paid	37.7	34.7	39.7	90.9	74.7

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	12 Months	9 Months	6 Months	3 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.698224	80.506255	81.907322	82.241044	87.789317
Net Income Before Tax	117.1	92.2	37.3	21.6	104.9
Depreciation	104.0	75.4	48.6	23.9	100.8
Impairment loss	0.3	0.3	0.3	0.3	5.0
Amort. of goodwill	-	-	-	-	0.0
Doubtful Account	-0.1	-0.1	-0.2	-0.2	-0.5
Allowance-Bonuses	0.1	7.1	0.6	5.9	0.1
Res-Accr.Retire Bnft	0.5	0.8	0.4	0.3	1.9
Prepaid Pension	-3.0	-2.2	-1.4	-0.7	-2.6
Res-Driec.Retire Bft	-1.1	-1.1	-1.1	-1.2	-0.4
Res.executive dir.'s retire. benefits	-0.1	-0.1	-0.2	-0.3	-0.2
Res.environmental safe	-0.7	-0.1	0.0	-	2.2
Int. and Div. Income	-6.1	-3.8	-2.9	-0.7	-4.3
Interest Expense	6.7	5.5	3.5	1.7	7.4
Exchange Gain	-	-	-0.1	-0.3	2.4
Exchange Loss	0.9	0.6	-	-	-
Gain/Loss-Equity Method	-2.4	-2.4	-1.0	0.9	-4.1
Sale Gain-Invest.Sec	-23.2	-23.0	-	-	-
Val.Loss-Invest.Sec	-	0.0	1.5	-	-
G.Sale Fix Asset	0.0	0.0	0.0	-	-0.4
Compensation for removal	-2.0	-1.1	-	-	0.0
Loss on disaster	33.7	30.4	26.1	7.5	0.0
L on adj. for changes of acc. assets	0.7	0.7	0.7	0.7	0.0
Subsidy income	0.0	-	-	-	-2.3
G.Sale mkbl. secs. & Inv.Secs.	-	-	-	-	0.0
Special retirement payment	-	-	-	-	0.0
Account Receivable	31.7	35.6	31.9	50.0	-46.1
Inventories	-65.4	-41.2	-28.0	-14.5	20.7
Account Payable	16.0	-4.9	6.4	-13.3	57.4
Inc (Dec) accrued expenses	3.2	-	-	-	-0.6
Inc (Dec) other payables	6.8	-	-	-	0.0
(Inc) Dec in advance payments	-3.1	-4.3	0.0	-	0.0
Inc./Dec. in prepaid expense	-	-	-	-	0.0
Sales Tax Pay	-4.1	-	-	-	2.5
Other, net	-8.6	-10.2	-7.2	-8.6	2.5
Int. and Div. Rcvd.	6.6	4.3	3.4	0.7	4.9
Interest Paid	-6.7	-6.1	-3.3	-2.1	-7.3
Payment of Loss on disaster	-5.6	-4.2	-1.4	0.0	0.0
Proceeds from compensation for removal	2.0	1.1	-	-	0.0
Tax Paid	-37.7	-36.7	-19.2	-13.6	-34.7
Subsidy income received	0.0	-	-	-	2.3
SP retirement bene.paid(cash basis)	-	-	-	-	0.0
Adjustment	-	-0.1	-	0.0	-
Cash from Operating Activities	160.2	112.4	94.5	57.9	211.7
Time deposit matured	0.9	0.8	0.8	0.6	2.7
Capital Expenditure	-161.9	-102.9	-62.1	-31.6	-72.6
Sale of PPE	0.0	0.0	0.0	-	1.8
Purch-Intang.Assets	-1.8	-1.3	-0.6	-0.4	-1.1
Purch-Invest.Sec	-1.5	-1.4	-	-	0.0
Sale-Invest.Sec	36.9	36.5	-	-	0.0
Purchase of affiliated securities	-6.3	-6.3	-2.6	-2.6	-
LT loans made	-	-	-	-	0.0
LT loans collected	-	-	-	-	3.2
ST Loan made	-	-	-	-	-3.2
Loans collected	-	-	-	-	0.0
Other, net	0.0	0.0	-0.1	0.0	-0.2
Cash from Investing Activities	-133.8	-74.6	-64.6	-34.0	-69.4
ST Debt, Net	45.5	37.4	9.8	3.0	-50.0
Proceed-LT Debt	0.0	0.0	-	-	15.8
Repaid-LT Debt	-3.4	-3.4	-1.7	-1.7	-0.1
Purch.Treas.Stock	0.0	0.0	-	-	-23.0
Dividend Paid	-21.4	-21.2	-10.4	-10.4	-19.8
Proceed from minorities' payment	12.8	12.7	12.5	6.2	0.0
Div.Paid-Minority	-0.7	-0.6	-0.6	-0.6	-0.3
Other, net	0.1	0.1	0.0	0.0	0.0
Cash from Financing Activities	33.0	24.9	9.5	-3.4	-77.4
Foreign Exchange Effects	-2.2	-4.3	1.5	4.0	-7.7
Net Change in Cash	57.2	58.5	40.9	24.5	57.3
Net Cash - Beginning Balance	175.7	174.0	171.0	170.3	102.3
Net Cash - Ending Balance	232.9	232.5	211.8	194.8	159.5
Cash Interest Paid	6.7	6.1	3.3	2.1	7.3
Cash Taxes Paid	37.7	36.7	19.2	13.6	34.7

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-10		31-Dec-09				31-Dec-08				31-Dec-07			31-Dec-06
Japan	790.8	64.5 %	579.9		65.2 %		833.1		67 %		656.2		65.8 %	603.4	70.8 %
Europe	161.8	13.2 %	146.2		16.4 %		224.1		18 %		191.5		19.2 %	141.2	16.6 %
Asia	202.7	16.5 %	123.8		13.9 %		150.6		12.1 %		111.8		11.2 %	85.0	10 %
Other	71.3	5.8 %	39.8		4.5 %		34.8		2.8 %		37.6		3.8 %	22.2	2.6 %
Segment Total	1,226.5	100 %	889.7		100 %		1,242.6		100 %		997.1		100 %	851.9	100 %
Eliminations/Other	0.0	0 %	0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Consolidated Total	1,226.5	100 %	889.7		100 %		1,242.6		100 %		997.1		100 %	851.9	100 %
Exchange Rate: JPY to USD	87.789317		93.619712				103.395546				117.767199			116.323825
Intersegment Revenue   USD (mil)
	31-Dec-10		31-Dec-09			31-Dec-08				31-Dec-07				31-Dec-06
Japan	95.9	79.1 %	54.7	81.1 %		63.0		86.5 %		46.1		90 %		37.0	88.9 %
Europe	5.6	4.6 %	4.2	6.2 %		0.4		0.6 %		0.5		0.9 %		0.6	1.5 %
Asia	18.9	15.6 %	8.2	12.2 %		9.1		12.5 %		4.3		8.5 %		3.6	8.7 %
Other	0.8	0.7 %	0.3	0.5 %		0.3		0.5 %		0.3		0.6 %		0.4	0.9 %
Segment Total	121.2	100 %	67.5	100 %		72.9		100 %		51.2		100 %		41.6	100 %
Eliminations/Other	-121.2	-100 %	-67.5	-100 %		-72.9		-100 %		-51.2		-100 %		-41.6	-100 %
Consolidated Total	0.0	0 %	0.0	0 %		0.0		0 %		0.0		0 %		0.0	0 %
Exchange Rate: JPY to USD	87.789317		93.619712			103.395546				117.767199				116.323825

Total Revenue   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Japan	886.6	65.8 %	634.6	66.3 %	896.1	68.1 %	702.3	67 %	640.4	71.7 %
Europe	167.4	12.4 %	150.4	15.7 %	224.6	17.1 %	192.0	18.3 %	141.8	15.9 %
Asia	221.6	16.4 %	132.1	13.8 %	159.7	12.1 %	116.1	11.1 %	88.7	9.9 %
Other	72.2	5.4 %	40.1	4.2 %	35.1	2.7 %	37.9	3.6 %	22.6	2.5 %
Segment Total	1,347.7	100 %	957.2	100 %	1,315.5	100 %	1,048.4	100 %	893.5	100 %
Eliminations/Other	-121.2	-9 %	-67.5	-7 %	-72.9	-5.5 %	-51.2	-4.9 %	-41.6	-4.7 %
Consolidated Total	1,226.5	91 %	889.7	93 %	1,242.6	94.5 %	997.1	95.1 %	851.9	95.3 %
Exchange Rate: JPY to USD	87.789317		93.619712		103.395546		117.767199		116.323825
Total Operating Expense   USD (mil)
	31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06
Japan	816.7	66.5 %	609.8	67.7 %	758.4	68.5 %	578.0	66.3 %	540.0	70.6 %
Europe	147.8	12 %	126.0	14 %	172.5	15.6 %	148.9	17.1 %	119.6	15.6 %
Asia	195.3	15.9 %	127.5	14.1 %	145.9	13.2 %	112.1	12.9 %	84.9	11.1 %
Other	68.4	5.6 %	37.8	4.2 %	30.7	2.8 %	32.9	3.8 %	20.0	2.6 %
Segment Total	1,228.2	100 %	901.1	100 %	1,107.4	100 %	871.8	100 %	764.4	100 %
Eliminations/Other	-122.1	-9.9 %	-68.0	-7.5 %	-73.9	-6.7 %	-50.8	-5.8 %	-39.8	-5.2 %
Consolidated Total	1,106.1	90.1 %	833.1	92.5 %	1,033.6	93.3 %	821.0	94.2 %	724.6	94.8 %
Exchange Rate: JPY to USD	87.789317		93.619712		103.395546		117.767199		116.323825

Operating Income/Loss   USD (mil)
	31-Dec-10			31-Dec-09				31-Dec-08				31-Dec-07					31-Dec-06
Japan	69.9	58.5 %		24.9			44.3 %	137.7			66.2 %	124.3			70.4 %		100.4		77.8 %
Europe	19.6	16.4 %		24.4			43.5 %	52.1			25 %	43.1			24.4 %		22.3		17.2 %
Asia	26.3	22 %		4.6			8.2 %	13.9			6.7 %	4.1			2.3 %		3.7		2.9 %
Other	3.7	3.1 %		2.3			4 %	4.4			2.1 %	5.0			2.9 %		2.6		2 %
Segment Total	119.5	100 %		56.1			100 %	208.1			100 %	176.6			100 %		129.0		100 %
Eliminations/Other	0.9	0.8 %		0.5			0.9 %	0.9			0.5 %	-0.4			-0.2 %		-1.8		-1.4 %
Consolidated Total	120.4	100.8 %		56.6			100.9 %	209.1			100.5 %	176.2			99.8 %		127.2		98.6 %
Exchange Rate: JPY to USD	87.789317			93.619712				103.395546				117.767199					116.323825
Operating Margin (%)
			31-Dec-10			31-Dec-09				31-Dec-08				31-Dec-07				31-Dec-06
Japan			7.9		-	3.9			-	15.4			-	17.7		-		15.7		-
Europe			11.7		-	16.2			-	23.2			-	22.4		-		15.7		-
Asia			11.9		-	3.5			-	8.7			-	3.5		-		4.2		-
Other			5.2		-	5.6			-	12.6			-	13.3		-		11.6		-
Segment Total			8.9		-	5.9			-	15.8			-	16.8		-		14.4		-
Eliminations/Other			-0.8		-	-0.7			-	-1.3			-	0.8		-		4.4		-
Consolidated Total			9.8		-	6.4			-	16.8			-	17.7		-		14.9		-

Total Assets   USD (mil)
	31-Dec-10			31-Dec-09				31-Dec-08				31-Dec-07					31-Dec-06
Japan	1,387.9	76.7 %		1,211.1			76.7 %	1,298.4			77.4 %	1,239.2			78 %		1,212.5		81.9 %
Europe	148.3	8.2 %		152.0			9.6 %	149.6			8.9 %	137.2			8.6 %		97.3		6.6 %
Asia	222.4	12.3 %		180.3			11.4 %	194.4			11.6 %	178.2			11.2 %		148.5		10 %
Other	50.9	2.8 %		36.6			2.3 %	35.2			2.1 %	33.7			2.1 %		22.8		1.5 %
Segment Total	1,809.4	100 %		1,580.0			100 %	1,677.6			100 %	1,588.3			100 %		1,481.1		100 %
Eliminations/Other	105.4	5.8 %		84.1			5.3 %	221.7			13.2 %	-28.3			-1.8 %		-104.2		-7 %
Consolidated Total	1,914.8	105.8 %		1,664.1			105.3 %	1,899.3			113.2 %	1,560.0			98.2 %		1,376.9		93 %
Exchange Rate: JPY to USD	81.105000			93.095000				90.650000				111.715000					119.155000
Operating Return on Assets (%)
			31-Dec-10			31-Dec-09				31-Dec-08				31-Dec-07				31-Dec-06
Japan			5.5		-	2.1			-	12.1			-	10.6		-		8.1		-
Europe			14.3		-	16.1			-	39.7			-	33.1		-		22.3		-
Asia			12.8		-	2.6			-	8.1			-	2.4		-		2.4		-
Other			8.0		-	6.2			-	14.3			-	15.8		-		11.3		-
Segment Total			7.1		-	3.6			-	14.2			-	11.7		-		8.5		-
Eliminations/Other			0.9		-	0.6			-	0.5			-	1.6		-		1.7		-
Consolidated Total			6.8		-	3.4			-	12.6			-	11.9		-		9.0		-

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	31-Dec-10				30-Sep-10				30-Jun-10				31-Mar-10			31-Dec-09
Japan	212.9		64.9 %		201.9		66.1 %		377.4		63.5 %		174.4		62.8 %	327.3	65.1 %
Europe	37.2		11.4 %		31.7		10.4 %		92.0		15.5 %		47.4		17.1 %	81.7	16.2 %
Asia	58.1		17.7 %		52.3		17.1 %		93.0		15.6 %		42.8		15.4 %	74.8	14.9 %
Other	19.7		6 %		19.6		6.4 %		32.2		5.4 %		13.2		4.8 %	19.4	3.8 %
Segment Total	328.0		100 %		305.5		100 %		594.6		100 %		277.7		100 %	503.2	100 %
Eliminations/Corporate	0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Consolidated Total	328.0		100 %		305.5		100 %		594.6		100 %		277.7		100 %	503.2	100 %
Exchange Rate: JPY to USD	82.567473				85.838925				91.441557				90.814231			91.743043
Intersegment Revenue   USD (mil)
	31-Dec-10			30-Sep-10				30-Jun-10				31-Mar-10				31-Dec-09
Japan	27.9	81.6 %		25.1		65.6 %		43.3		87.4 %		21.0		80.3 %		25.3	79.5 %
Europe	0.6	1.6 %		2.6		6.7 %		2.5		5 %		3.2		12.4 %		2.8	8.9 %
Asia	5.6	16.4 %		10.3		26.9 %		3.4		6.8 %		1.8		6.9 %		3.6	11.2 %
Other	0.1	0.4 %		0.3		0.8 %		0.4		0.9 %		0.1		0.3 %		0.1	0.4 %
Segment Total	34.2	100 %		38.3		100 %		49.6		100 %		26.1		100 %		31.8	100 %
Eliminations/Corporate	-34.2	-100 %		-38.3		-100 %		-49.6		-100 %		-26.1		-100 %		-31.8	-100 %
Consolidated Total	0.0	0 %		0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Exchange Rate: JPY to USD	82.567473			85.838925				91.441557				90.814231				91.743043

Total Revenue   USD (mil)
	31-Dec-10				30-Sep-10				30-Jun-10			31-Mar-10			31-Dec-09
Japan	240.8		66.5 %		227.0		66 %		420.7		65.3 %	195.3	64.3 %		352.7		65.9 %
Europe	37.8		10.4 %		34.2		10 %		94.4		14.7 %	50.7	16.7 %		84.6		15.8 %
Asia	63.8		17.6 %		62.6		18.2 %		96.3		15 %	44.6	14.7 %		78.3		14.6 %
Other	19.9		5.5 %		19.9		5.8 %		32.7		5.1 %	13.3	4.4 %		19.5		3.6 %
Segment Total	362.2		100 %		343.8		100 %		644.1		100 %	303.8	100 %		535.0		100 %
Eliminations/Corporate	-34.2		-9.4 %		-38.3		-11.1 %		-49.6		-7.7 %	-26.1	-8.6 %		-31.8		-6 %
Consolidated Total	328.0		90.6 %		305.5		88.9 %		594.6		92.3 %	277.7	91.4 %		503.2		94 %
Exchange Rate: JPY to USD	82.567473				85.838925				91.441557			90.814231			91.743043
Operating Income/Loss   USD (mil)
	31-Dec-10			30-Sep-10				30-Jun-10				31-Mar-10		31-Dec-09
Japan	14.6	54.5 %		22.9		65 %		32.4		56.4 %		12.3	51.4 %	24.7		50.7 %
Europe	5.0	18.6 %		3.8		10.8 %		10.7		18.7 %		5.8	24.4 %	14.5		29.8 %
Asia	6.4	23.9 %		7.3		20.8 %		12.5		21.8 %		5.1	21.3 %	8.7		17.8 %
Other	0.8	3 %		1.2		3.3 %		1.8		3.1 %		0.7	2.9 %	0.8		1.6 %
Segment Total	26.9	100 %		35.2		100 %		57.4		100 %		23.9	100 %	48.6		100 %
Eliminations/Corporate	0.5	1.9 %		0.3		0.8 %		0.2		0.3 %		-0.8	-3.2 %	0.2		0.4 %
Consolidated Total	27.4	101.9 %		35.5		100.8 %		57.6		100.3 %		23.1	96.8 %	48.8		100.4 %
Exchange Rate: JPY to USD	82.567473			85.838925				91.441557				90.814231		91.743043

Operating Margin (%)
	31-Dec-10		30-Sep-10		30-Jun-10		31-Mar-10		31-Dec-09
Japan	6.1	-	10.1	-	7.7	-	6.3	-	7.0	-
Europe	13.2	-	11.1	-	11.4	-	11.5	-	17.1	-
Asia	10.1	-	11.7	-	13.0	-	11.4	-	11.0	-
Other	4.0	-	5.9	-	5.4	-	5.2	-	4.1	-
Segment Total	7.4	-	10.2	-	8.9	-	7.9	-	9.1	-
Eliminations/Corporate	-1.5	-	-0.7	-	-0.3	-	3.0	-	-0.7	-
Consolidated Total	8.3	-	11.6	-	9.7	-	8.3	-	9.7	-

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-11		31-Dec-10			31-Dec-09				31-Dec-08			31-Dec-07
Carbon Black	502.9	38.2 %	455.8	37.2 %		-		-		-		-	-	-
Carbon ceramics	625.6	47.5 %	603.9	49.2 %		-		-		-		-	-	-
Industrial Furnaces and Related Products	67.8	5.1 %	64.1	5.2 %		47.1		5.3 %		84.2		6.8 %	72.5	7.3 %
Carbon Related Products	-	-	1,157.7	94.4 %		837.7		94.2 %		1,153.5		92.8 %	919.1	92.2 %
Others	120.3	9.1 %	102.7	8.4 %		5.0		0.6 %		4.9		0.4 %	5.5	0.6 %
Segment Total	1,316.5	100 %	1,226.6	100 %		889.7		100 %		1,242.6		100 %	997.2	100 %
Elimination/Corporate	0.0	0 %	0.0	0 %		0.0		0 %		0.0		0 %	0.0	0 %
Consolidated Total	1,316.5	100 %	1,226.6	100 %		889.7		100 %		1,242.6		100 %	997.2	100 %
Exchange Rate: JPY to USD	79.698224		87.789317			93.619712				103.395546			117.767199
Intersegment Revenue   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09				31-Dec-08				31-Dec-07
Carbon Black	0.9	10.1 %	0.7	11.1 %	-		-		-		-		-	-
Carbon ceramics	2.4	28.3 %	4.4	71.1 %	-		-		-		-		-	-
Industrial Furnaces and Related Products	5.3	61.6 %	1.1	17.8 %	3.6		36.5 %		1.6		11.8 %		1.1	8.7 %
Carbon Related Products	-	-	3.2	52.7 %	1.9		18.8 %		6.5		46.8 %		6.1	49.4 %
Others	0.0	0 %	0.0	0 %	4.4		44.8 %		5.8		41.5 %		5.2	41.9 %
Segment Total	8.6	100 %	6.1	100 %	9.9		100 %		13.9		100 %		12.4	100 %
Elimination/Corporate	-8.6	-100 %	-6.1	-100 %	-9.9		-100 %		-13.9		-100 %		-12.4	-100 %
Consolidated Total	0.0	0 %	0.0	0 %	0.0		0 %		0.0		0 %		0.0	0 %
Exchange Rate: JPY to USD	79.698224		87.789317		93.619712				103.395546				117.767199

Total Revenue   USD (mil)
	31-Dec-11		31-Dec-10				31-Dec-09				31-Dec-08			31-Dec-07
Carbon Black	503.7	38 %	456.5		37 %		-		-		-		-	-	-
Carbon ceramics	628.0	47.4 %	608.3		49.3 %		-		-		-		-	-	-
Industrial Furnaces and Related Products	73.1	5.5 %	65.2		5.3 %		50.7		5.6 %		85.9		6.8 %	73.6	7.3 %
Carbon Related Products	-	-	1,160.9		94.2 %		839.6		93.3 %		1,160.0		92.3 %	925.2	91.6 %
Others	120.3	9.1 %	102.7		8.3 %		9.4		1 %		10.7		0.8 %	10.8	1.1 %
Segment Total	1,325.1	100 %	1,232.7		100 %		899.6		100 %		1,256.5		100 %	1,009.6	100 %
Elimination/Corporate	-8.6	-0.6 %	-6.1		-0.5 %		-9.9		-1.1 %		-13.9		-1.1 %	-12.4	-1.2 %
Consolidated Total	1,316.5	99.4 %	1,226.6		99.5 %		889.7		98.9 %		1,242.6		98.9 %	997.2	98.8 %
Exchange Rate: JPY to USD	79.698224		87.789317				93.619712				103.395546			117.767199
Depreciation   USD (mil)
	31-Dec-11			31-Dec-10				31-Dec-09				31-Dec-08		31-Dec-07
Carbon Black	27.4	28.5 %		25.6		27.2 %		-		-		-	-	-	-
Carbon ceramics	57.0	59.3 %		55.8		59.2 %		-		-		-	-	-	-
Industrial Furnaces and Related Products	3.5	3.7 %		3.8		4.1 %		4.3		4.2 %		3.1	4 %	2.1	3.9 %
Carbon Related Products	-	-		96.4		102.4 %		96.7		95 %		73.7	94.7 %	48.8	91.4 %
Others	8.2	8.6 %		9.0		9.5 %		0.7		0.7 %		1.0	1.3 %	2.5	4.7 %
Segment Total	96.2	100 %		94.2		100 %		101.8		100 %		77.9	100 %	53.4	100 %
Elimination/Corporate	7.8	8.1 %		6.7		7.1 %		-0.1		-0.1 %		0.0	-0.1 %	0.0	-0.1 %
Consolidated Total	103.9	108.1 %		100.8		107.1 %		101.7		99.9 %		77.8	99.9 %	53.3	99.9 %
Exchange Rate: JPY to USD	79.698224			87.789317				93.619712				103.395546		117.767199

Total Operating Expense   USD (mil)
	31-Dec-10				31-Dec-09		31-Dec-08				31-Dec-07
Industrial Furnaces and Related Products	54.0		4.8 %		47.4	5.6 %	69.7		6.7 %		59.1	7.1 %
Carbon Related Products	1,054.2		94.4 %		788.3	93.6 %	969.6		92.6 %		765.7	91.9 %
Others	8.3		0.7 %		6.7	0.8 %	7.8		0.7 %		8.3	1 %
Segment Total	1,116.4		100 %		842.4	100 %	1,047.0		100 %		833.2	100 %
Elimination/Corporate	-10.3		-0.9 %		-9.3	-1.1 %	-13.5		-1.3 %		-12.2	-1.5 %
Consolidated Total	1,106.1		99.1 %		833.1	98.9 %	1,033.6		98.7 %		821.0	98.5 %
Exchange Rate: JPY to USD	87.789317				93.619712		103.395546				117.767199
Operating Income/Loss   USD (mil)
	31-Dec-11			31-Dec-10		31-Dec-09		31-Dec-08			31-Dec-07
Carbon Black	74.6	49.1 %		65.4	47.9 %	-	-	-		-	-	-
Carbon ceramics	55.8	36.7 %		55.7	40.7 %	-	-	-		-	-	-
Industrial Furnaces and Related Products	14.1	9.3 %		11.2	8.2 %	3.3	5.8 %	16.2		7.7 %	14.5	8.2 %
Carbon Related Products	-	-		106.7	78 %	51.2	89.5 %	190.4		90.9 %	159.5	90.4 %
Others	7.4	4.9 %		4.4	3.2 %	2.7	4.7 %	2.9		1.4 %	2.5	1.4 %
Segment Total	151.8	100 %		136.7	100 %	57.2	100 %	209.5		100 %	176.4	100 %
Elimination/Corporate	-20.5	-13.5 %		-16.3	-11.9 %	-0.6	-1.1 %	-0.4		-0.2 %	-0.3	-0.1 %
Consolidated Total	131.3	86.5 %		120.5	88.1 %	56.6	98.9 %	209.1		99.8 %	176.1	99.9 %
Exchange Rate: JPY to USD	79.698224			87.789317		93.619712		103.395546			117.767199

Operating Margin (%)
				31-Dec-11		31-Dec-10			31-Dec-09				31-Dec-08			31-Dec-07
Carbon Black				14.8	-	14.3		-	-		-		-		-	-		-
Carbon ceramics				8.9	-	9.2		-	-		-		-		-	-		-
Industrial Furnaces and Related Products				19.3	-	17.2		-	6.5		-		18.9		-	19.7		-
Carbon Related Products				-	-	9.2		-	6.1		-		16.4		-	17.2		-
Others				6.1	-	4.3		-	28.6		-		27.0		-	22.8		-
Segment Total				11.5	-	11.1		-	6.4		-		16.7		-	17.5		-
Elimination/Corporate				238.8	-	265.3		-	6.3		-		3.0		-	2.1		-
Consolidated Total				10.0	-	9.8		-	6.4		-		16.8		-	17.7		-
Total Assets   USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09					31-Dec-08				31-Dec-07
Carbon Black	562.8	34.2 %	524.9	34.4 %	-		-			-		-		-			-
Carbon ceramics	881.3	53.6 %	818.2	53.6 %	-		-			-		-		-			-
Industrial Furnaces and Related Products	68.7	4.2 %	65.0	4.3 %	119.1		7.8 %			138.1		8.3 %		118.6			9.6 %
Carbon Related Products	-	-	1,599.9	104.8 %	1,394.4		90.9 %			1,494.0		89.5 %		1,103.2			89 %
Others	131.2	8 %	118.1	7.7 %	20.7		1.3 %			36.7		2.2 %		17.2			1.4 %
Segment Total	1,644.0	100 %	1,526.2	100 %	1,534.2		100 %			1,668.8		100 %		1,239.0			100 %
Elimination/Corporate	455.9	27.7 %	388.6	25.5 %	129.9		8.5 %			230.5		13.8 %		321.0			25.9 %
Consolidated Total	2,099.8	127.7 %	1,914.8	125.5 %	1,664.1		108.5 %			1,899.3		113.8 %		1,560.0			125.9 %
Exchange Rate: JPY to USD	76.940000		81.105000		93.095000					90.650000				111.715000

Operating Return on Assets (%)
				31-Dec-11			31-Dec-10			31-Dec-09			31-Dec-08		31-Dec-07
Carbon Black				13.7		-	13.5		-	-		-	-	-	-		-
Carbon ceramics				6.6		-	7.4		-	-		-	-	-	-		-
Industrial Furnaces and Related Products				21.3		-	18.7		-	2.8		-	13.4	-	12.9		-
Carbon Related Products				-		-	7.2		-	3.7		-	14.5	-	15.2		-
Others				5.8		-	4.0		-	13.1		-	9.0	-	15.1		-
Segment Total				9.6		-	9.7		-	3.7		-	14.3	-	15.0		-
Elimination/Corporate				-4.7		-	-4.5		-	-0.5		-	-0.2	-	-0.1		-
Consolidated Total				6.5		-	6.8		-	3.4		-	12.6	-	11.9		-
Purchase of Fixed Assets   USD (mil)
	31-Dec-11		31-Dec-10			31-Dec-09					31-Dec-08			31-Dec-07
Carbon Black	94.4	55.3 %	22.2		31 %	-		-			-		-	-		-
Carbon ceramics	63.7	37.3 %	38.1		53.3 %	-		-			-		-	-		-
Industrial Furnaces and Related Products	3.0	1.8 %	1.0		1.3 %	2.3		2.6 %			7.7		4.6 %	2.6		2.4 %
Carbon Related Products	-	-	75.4		105.4 %	84.4		97.2 %			159.6		94 %	107.8		97.4 %
Others	9.5	5.6 %	10.3		14.4 %	0.2		0.2 %			2.4		1.4 %	0.3		0.3 %
Segment Total	170.6	100 %	71.5		100 %	86.9		100 %			169.7		100 %	110.7		100 %
Elimination/Corporate	4.8	2.8 %	4.9		6.8 %	-0.7		-0.8 %			-0.1		0 %	-0.1		-0.1 %
Consolidated Total	175.3	102.8 %	76.4		106.8 %	86.2		99.2 %			169.7		100 %	110.7		99.9 %
Exchange Rate: JPY to USD	79.698224		87.789317			93.619712					103.395546			117.767199

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	31-Dec-11				30-Sep-11				30-Jun-11				31-Mar-11			31-Dec-10
Carbon Black	124.2		38.6 %		140.7		40.2 %		115.6		33.8 %		122.9		40.4 %	-	-
Carbon ceramics	150.1		46.7 %		158.0		45.2 %		175.0		51.2 %		142.1		46.8 %	-	-
Carbon and Graphite Products	-		-		-		-		-		-		-		-	307.9	93.9 %
Industrial Furnaces and Related Products	-		-		-		-		-		-		-		-	18.8	5.7 %
Others	47.2		14.7 %		50.9		14.6 %		51.2		15 %		38.9		12.8 %	1.3	0.4 %
Segment Total	321.5		100 %		349.6		100 %		341.8		100 %		303.9		100 %	328.0	100 %
Elimination/Corporate	0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Consolidated Total	321.5		100 %		349.6		100 %		341.8		100 %		303.9		100 %	328.0	100 %
Exchange Rate: JPY to USD	77.302742				77.752043				81.605269				82.241044			82.567473
Intersegment Revenue   USD (mil)
	31-Dec-11			30-Sep-11				30-Jun-11				31-Mar-11				31-Dec-10
Carbon Black	0.3	12.3 %		0.2		8 %		0.0		0 %		0.4		20.1 %		-	-
Carbon ceramics	0.4	17.9 %		0.3		16.7 %		0.4		18 %		1.3		57.6 %		-	-
Carbon and Graphite Products	-	-		-		-		-		-		-		-		0.5	20.6 %
Industrial Furnaces and Related Products	-	-		-		-		-		-		-		-		0.3	10.7 %
Others	1.5	69.8 %		1.5		75.3 %		1.9		82 %		0.5		22.3 %		1.8	68.7 %
Segment Total	2.1	100 %		1.9		100 %		2.3		100 %		2.2		100 %		2.6	100 %
Elimination/Corporate	-2.1	-100 %		-1.9		-100 %		-2.3		-100 %		-2.2		-100 %		-2.6	-100 %
Consolidated Total	0.0	0 %		0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Exchange Rate: JPY to USD	77.302742			77.752043				81.605269				82.241044				82.567473

Total Revenue   USD (mil)
	31-Dec-11				30-Sep-11			30-Jun-11		31-Mar-11		31-Dec-10
Carbon Black	124.4		38.5 %		140.9		40.1 %	115.6	33.6 %	123.3	40.3 %	-		-
Carbon ceramics	150.5		46.5 %		158.3		45 %	175.4	51 %	143.4	46.8 %	-		-
Carbon and Graphite Products	-		-		-		-	-	-	-	-	308.4		93.3 %
Industrial Furnaces and Related Products	-		-		-		-	-	-	-	-	19.1		5.8 %
Others	48.7		15 %		52.3		14.9 %	53.1	15.4 %	39.4	12.9 %	3.1		0.9 %
Segment Total	323.6		100 %		351.5		100 %	344.1	100 %	306.1	100 %	330.6		100 %
Elimination/Corporate	-2.1		-0.6 %		-1.9		-0.5 %	-2.3	-0.7 %	-2.2	-0.7 %	-2.6		-0.8 %
Consolidated Total	321.5		99.4 %		349.6		99.5 %	341.8	99.3 %	303.9	99.3 %	328.0		99.2 %
Exchange Rate: JPY to USD	77.302742				77.752043			81.605269		82.241044		82.567473
Operating Income/Loss   USD (mil)
	31-Dec-11			30-Sep-11				30-Jun-11		31-Mar-11			31-Dec-10
Carbon Black	18.8	61.5 %		21.5		47.1 %		17.7	42.1 %	16.7	49.8 %		-	-
Carbon ceramics	8.4	27.4 %		16.9		37.1 %		15.6	37.1 %	14.7	43.8 %		-	-
Carbon and Graphite Products	-	-		-		-		-	-	-	-		22.9	83.4 %
Industrial Furnaces and Related Products	-	-		-		-		-	-	-	-		3.8	13.9 %
Others	3.4	11.1 %		7.2		15.8 %		8.8	20.8 %	2.1	6.3 %		0.7	2.7 %
Segment Total	30.5	100 %		45.5		100 %		42.2	100 %	33.6	100 %		27.5	100 %
Elimination/Corporate	-5.4	-17.7 %		-5.3		-11.6 %		-5.7	-13.4 %	-4.2	-12.5 %		-0.1	-0.5 %
Consolidated Total	25.1	82.3 %		40.3		88.4 %		36.5	86.6 %	29.4	87.5 %		27.3	99.5 %
Exchange Rate: JPY to USD	77.302742			77.752043				81.605269		82.241044			82.567473

Operating Margin (%)
	31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10
Carbon Black	15.1	-	15.2	-	15.4	-	13.6	-	-	-
Carbon ceramics	5.6	-	10.7	-	8.9	-	10.3	-	-	-
Carbon and Graphite Products	-	-	-	-	-	-	-	-	7.4	-
Industrial Furnaces and Related Products	-	-	-	-	-	-	-	-	19.9	-
Others	7.0	-	13.7	-	16.5	-	5.4	-	24.2	-
Segment Total	9.4	-	13.0	-	12.3	-	11.0	-	8.3	-
Elimination/Corporate	258.0	-	273.3	-	244.4	-	188.0	-	5.6	-
Consolidated Total	7.8	-	11.5	-	10.7	-	9.7	-	8.3	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.29
UK Pound	1	Rs.86.61
Euro	1	Rs.68.87

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.