MIRA INFORM REPORT

Report Date :

01.11.2013

IDENTIFICATION DETAILS

Name :	FANUC CORP

Registered Office :	3850, Furubaba, Shibokusa, Oshino-mura Minamitsuru-Gun, 401-0597

Country :	Japan

Financials (as on) :	31.03.2013

Date of Incorporation :	12.05.1972

Legal Form :	Public Parent

Line of Business :	Manufacturing company mainly engaged in the provision of factory automation (FA) machinery. The Company operates in three business divisions.

No. of Employees :	5,261

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good

Payment Behaviour :	No Complaints

Litigation :	Clear

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,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Japan

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

Japan - ECONOMIC OVERVIEW

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. The new government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

Source : CIA

Company name and address

FANUC CORP

3850, Furubaba, Shibokusa, Oshino-mura

Minamitsuru-Gun, 401-0597, Japan



Tel:	81-555-845555
Fax:	81-555-845512

www.fanuc.co.jp

Employees:

5,261

Company Type:

Public Parent

Corporate Family:

64 Companies

Traded:

Tokyo Stock Exchange:

6954

Incorporation Date:

12-May-1972

Auditor:

Ernst & Young ShinNihon LLC

Financials in:	USD (In Millions)
Fiscal Year End:	31-Mar-2013
Reporting Currency:	Japanese Yen
Annual Sales:	6,006.9 ¹
Net Income:	1,452.1
Total Assets:	12,957.1 ²
Market Value:	40,841.7
	(11-Oct-2013)

Business Description

FANUC CORPORATION is a Japan-based manufacturing company mainly engaged in the provision of factory automation (FA) machinery. The Company operates in three business divisions. The FA division is engaged in the development, manufacture, sale and maintenance of FA products, such as computer numeric control (CNC) systems and laser products. The Robot division is engaged in the development, manufacture, sale and maintenance of robotic products. The Robot Machine division is engaged in the development, manufacture, sale and maintenance of robodrill, roboshot, robocut and robonano products. For the three months ended 30 June 2013, Fanuc Corp revenues decreased 23% to Y106.39B. Net income decreased 35% to Y22.71B. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects Total SGA Expense increase of less than 1% to Y14.4B (expense). Basic Earnings per Share excluding Extraordinary Items decreased from Y179.89 to Y116.06.

Industry

Industry	Machinery and Equipment Manufacturing
ANZSIC 2006:	2463 - Machine Tool and Parts Manufacturing
ISIC Rev 4:	2822 - Manufacture of metal-forming machinery and machine tools
NACE Rev 2:	2841 - Manufacture of metal forming machinery
NAICS 2012:	333517 - Machine Tool Manufacturing
UK SIC 2007:	2841 - Manufacture of metal forming machinery
US SIC 1987:	3541 - Machine Tools, Metal Cutting Types

Key Executives

Name	Title
Olaf C. Gehrels	President of Subsidiary, Director
Takayuki Ito	Director of Robot Marketing, Director
Kazunari Aoyama	Director of CNC Hard Research Institute, Director
Kenji Yamaguchi	Chief Director of Manufacturing, Headquarter Plant Manager, Director
Taisuke Kobayashi	Director of Legal Affairs

Significant Developments

Topic	#*	Most Recent Headline	Date
Negative Earnings Pre-Announcement	1	Fanuc Corp Lowers Consolidated Full-year Outlook for FY 2013	25-Jan-2013
Dividends	1	Fanuc Corp to Issue Year-end Dividend for FY 2013	26-Apr-2013

* number of significant developments within the last 12 months

News

Title	Date
JAPAN NEWS SCHEDULE (Tuesday, October 29; times in JST) Nikkei English News (162 Words)	28-Oct-2013
Tokyo Closing Stock Prices(1) Nikkei English News (934 Words)	28-Oct-2013
Tokyo Stock Exchange: closing price list -2- Japan Economic Newswire (250 Words)	28-Oct-2013
Stocks Morning UPDATE1 Japan Economic Newswire (396 Words)	27-Oct-2013
Nikkei up 1.1%; Stronger Dollar Lifts Exporters Nikkei English News (191 Words)	27-Oct-2013
Tokyo Stock Exchange: morning price list -2- Japan Economic Newswire (248 Words)	27-Oct-2013

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	12.01	3.16
Quick Ratio (MRQ)	11.04	1.74
Debt to Equity (MRQ)	0.0000	0.29
Sales 5 Year Growth	1.25	6.76
Net Profit Margin (TTM) %	23.24	8.43
Return on Assets (TTM) %	9.34	7.34
Return on Equity (TTM) %	10.32	12.34

Stock Snapshot

Traded: Tokyo Stock Exchange: 6954

As of 11-Oct-2013

Financials in: JPY

Recent Price	16,730.00	EPS	614.92
52 Week High	17,460.00	Price/Sales	8.04
52 Week Low	12,020.00	Dividend Rate	184.68
Avg. Volume (mil)	0.93	Price/Earnings	26.06
Market Value (mil)	4,006,974.00	Price/Book	3.01
		Beta	0.72

	Price % Change	Rel S&P 500%
4 Week	0.66%	-0.34%
13 Week	10.21%	10.65%
52 Week	38.04%	-17.68%
Year to Date	5.09%	-24.53%

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 94.08855

Corporate Overview

Location
3850, Furubaba, Shibokusa,
Oshino-mura
Minamitsuru-Gun, 401-0597
Japan

Tel:	81-555-845555
Fax:	81-555-845512

www.fanuc.co.jp

Quote Symbol - Exchange
6954 - Tokyo Stock Exchange

Sales JPY(mil):	498,395.0
Assets JPY(mil):	1,219,113.0
Employees:	5,261
Fiscal Year End:	31-Mar-2013

Industry:

Miscellaneous Capital Goods

Incorporation Date:	12-May-1972
Company Type:	Public Parent
Quoted Status:	Quoted


President, Chief Director of Marketing, Representative Director:	Yoshiharu Inaba

Industry Codes

ANZSIC 2006 Codes:
2463	-	Machine Tool and Parts Manufacturing
2469	-	Other Specialised Machinery and Equipment Manufacturing
9429	-	Other Machinery and Equipment Repair and Maintenance

ISIC Rev 4 Codes:
2822	-	Manufacture of metal-forming machinery and machine tools
9529	-	Repair of other personal and household goods
2819	-	Manufacture of other general-purpose machinery

NACE Rev 2 Codes:
2841	-	Manufacture of metal forming machinery
2829	-	Manufacture of other general-purpose machinery n.e.c.
9529	-	Repair of other personal and household goods

NAICS 2012 Codes:
333517	-	Machine Tool Manufacturing
811310	-	Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
333249	-	Other Industrial Machinery Manufacturing

US SIC 1987:
3541	-	Machine Tools, Metal Cutting Types
3559	-	Special Industry Machinery, Not Elsewhere Classified
7699	-	Repair Shops and Related Services, Not Elsewhere Classified

UK SIC 2007:
2841	-	Manufacture of metal forming machinery
2829	-	Manufacture of other general-purpose machinery n.e.c.
9529	-	Repair of other personal and household goods

Business Description

More Business Descriptions

Manufacture of CNC, control motors, lasers, robots, plastic injection machines, wire-cut EDM and CNC drills

Numerical Control Systems, Laser, Power Motion & Robots Mfr

FANUC CORPORATION (FANUC) is a diversified factory automation and robots manufacturer. It carries out the development, manufacture, sale and maintenance of various products such as computer numerical control (CNC) series, servo motors, lasers, robots, CNC drills, electric injection molding machines (ROBOSHOT), wire-cut Electric Discharge Machines (ROBOCUT) and super 5-axis nano machine (ROBONANO). It operates in the US, Europe and Asia. FANUC operates its business through three product groups, namely, Factory Automation, Robot and Robomachine. In the Factory Automation product group, the company engages in development, manufacture, sale and maintenance of factory automation products such as CNC systems, laser products, and servomotors such as spindle motors, linear motors and synchronous built-in motors. For the fiscal year ended 2012, the company reported revenue of JPY267585m for the Factory Automation segment, which accounts for 49.6% of the companyâ€™s total revenue. Through the Robot product group, the company provides integrate mechanical, electronic and artificial intelligence technology products. The key product in this segment is Genkotsu Robot Series used for the high speed handling applications specifically in the food and pharmaceutical industries. For the fiscal year ended 2012, the company reported revenue of JPY114785m for the Robot segment, which accounts for 21.3% of the companyâ€™s total revenue. In the Robomachine segment, the company provides electric injection molding machines, CNC drills, wire electric discharge machines and ultra-precise nano-processing machines. For the fiscal year ended 2012, the company reported revenue of JPY156122m for the Robot segment, which accounts for 28.9% of the companyâ€™s total revenue. The company also offers training courses through its training center to its domestic and international customers regarding the usage of its products. Its training center operates four departments namely FA, robot, roboshot, and robodrill and robocut. Geographically, the company operates through five regions, namely, Japan, the Americas, Europe, Asia and Others. For the fiscal year ended 2012, the Japan segment accounted for 23.7% of the companyâ€™s total revenue, followed by the Americas with 14%, Europe with 12%, Asia with 49.7% and Others with 0.4%. FANUC through various subsidiaries operates across the world. Some of the company's subsidiaries include FANUC Robotics America Corporation, FANUC FA America Corporation, FANUC Robomachine Europe GmbH, FANUC Automation LLC, FANUC South Africa (Proprietary) LIMITED, Beijing-FANUC Mechatronics CO., LTD., Taiwan FANUC FA Corporation, Korea FANUC Corporation, Shanghai-FANUC Robotics CO.,LTD., FANUC India Private Limited, FANUC Singapore PTE. LTD., and FANUC Oceania Pty. Limited.

FANUC CORPORATION (FANUC), formerly Fanuc Ltd., is one of the leading diversified manufacturers of factory automation and robot products. The company carries out the development, manufacturing, sale and maintenance of a wide range of products such as computer numerical control (CNC) series, servo motors, lasers, robots, CNC drills, electric injection molding machines, wire-cut EDMs and super 5-axis nano machine. It also provides technical and service supports to customers with a large inventory of spare parts. The company operates its business through three product groups, namely, Factory Automation, Robot and Robomachine. The company sells its products through a network of offices in the US, Europe and Asia. FANUC is headquartered in Yamanashi, Japan.The company reported revenues of (Yen) JPY 498,395.00 million during the fiscal year ended March 2013, a decrease of 7.45% from 2012. The operating profit of the company was JPY 184,821.00 million during the fiscal year 2013, a decrease of 16.69% from 2012. The net profit of the company was JPY 120,484.00 million during the fiscal year 2013, a decrease of 13.21% from 2012.

Source: Global Data

Other Industrial Machinery Manufacturing

Financial Data

Financials in:	JPY(mil)

Revenue:	498,395.0
Net Income:	120,484.0
Assets:	1,219,113.0
Long Term Debt:	0.0
Total Liabilities:	129,853.0
Working Capital:	477.9

Date of Financial Data:	31-Mar-2013

1 Year Growth

-7.4%

-13.2%

7.8%

Market Data

Quote Symbol:	6954
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	16,730.0
Stock Price Date:	10-11-2013
52 Week Price Change %:	38.0
Market Value (mil):	4,006,973,952.0

SEDOL:	6356934
ISIN:	JP3802400006

Equity and Dept Distribution:
Up to FY'02 WAS were estimated. FY'04-2nd qt DPS is not reported in Tanshin. 3/04&12/03&04 &06/05&06, FY'08 Q1&Q3 WAS=O/S(estimated). 12/05&06 WAS&o/s estimated. FY'11 Q2 WAS was estimated.

Subsidiaries

Company	Percentage Owned	Country
Fanuc South Africa (Pty) Ltd	100%	SOUTH AFRICA

Key Corporate Relationships

Auditor:	Ernst & Young ShinNihon LLC

Auditor:	Ernst & Young ShinNihon LLC

Strengths/Weaknesses (SWOT)

Helpful
to achieving the objective

Harmful
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

· Extensive Product Offerings

· Sound Financial Performance

· Strong Global Operations

· Focused Research and Development Activities

Weaknesses

· Limited Liquidity

· Legal Proceedings

External Origin
(attributes of the environment)

Opportunities

· Growing Demand in the Robotics Market

· Outlook for Process Automation

· Launch of New Solutions

Threats

· Rise in Raw Material Prices

· Highly Competitive Market

· Technological Changes in End Use Markets

Overview

FANUC CORPORATION (FANUC) is a Japan-based company engaged in providing factory automation equipment such as computer numerical control (CNC) machines and industrial robotic products. The companyâ€™s strong research and development activities, and diversified product lines offers a competitive edge over its competitors. However, legal proceedings against the company impact the performance of the company. Additionally, intense competition along with rise in raw material prices could hamper the companyâ€™s business activities. Nevertheless, the company could capitalize on its launch of new products, and the growing demand of the Robotics market provide growth opportunities to the company.

Strengths

Extensive Product Offerings

The wide range of product portfolio helps the company serve various industries and mitigates the risk due to dependence on a particular product. The company engages in developing, manufacturing, and sale and maintenance of robots and factory automation products. FANUC operates its business through three product groups, namely, Factory Automation, Robot and Robomachine. Its Factory Automation business offers CNC systems, laser products and servomotors such as spindle motors, linear motors and synchronous built-in motors. Through its Robot business, the company develops and manufactures integrate mechanical, electronic and artificial intelligence technology products. Its Robomachine business engages in the development, manufacture, sale and maintenance of electric injection molding machines, CNC drills, wire electric discharge machines and ultra-precise nano-processing machines. Diversified end market applications help the company cater to the needs of a substantial customer base and generate significant revenue. It also enables the company to mitigate market volatility for its products in any specific industry.

Sound Financial Performance

The companyâ€™s sound financial performance enhances the investorâ€™s confidence and offers a positive outlook for its future activities. During the fiscal year ended 2012, the companyâ€™s revenues increased by 20.68% to JPY538,492m. The companyâ€™s operating profit rose to JPY221,834m during the fiscal year 2012, an increase of 18.45% over 2011. Besides, its net profit increased by 15.53% over 2012 to JPY138,819m during the fiscal year 2013. Additionally, the company's operating margin was 41.19% for the fiscal year 2012. The company's return on equity (ROE) was 14.15% for fiscal year 2012, as compared to 13.49% in 2011. This indicates that the company is using the shareholders' money and that it is generating high returns for its shareholders.

Strong Global Operations

FANUCâ€™s strong worldwide operations help it to reduce the risk related to the concentration of operations in a particular geography. It operates through its own manufacturing and sale companies, and subsidiaries in the Americas, Europe and Asia. FANUC Robotics America of the company develops and commercializes robot and robot system, whereas FANUC FA America offers sales and service for CNC and laser in the US market. European operations mainly include sale and service activities through FANUC Robotics Europe S.A., FANUC FA Europe S.A. and FANUC Robomachine Europe GmbH. Apart from Japan, in Asian markets, it has subsidiaries in Korea, China, Taiwan and India. The principal Asian subsidiaries include Korea FANUC Corporation, Beijing-FANUC Mechatronics, FANUC Taiwan, Shanghai-FANUC Robotics, and FANUC India private Limited. For the fiscal year ended 2012, the Japan segment accounted for 23.7% of the companyâ€™s total revenue, followed by the Americas with 14%, Europe with 12%, Asia with 49.7% and Others with 0.4%. The diversified operations globally help FANUC to derive strong revenues from different regions as well as enable it to build on market potential from these areas.

Focused Research and Development Activities

The companyâ€™s focused research and development (R&D) activities help in developing competitive products. Its R&D helps to maintain its basic policy of high reliability, pursue intelligence, functionality and low prices, in order to enhance its competitive edge. It developed Roboshot, Robocut and Robodrill machines based on CNC and servo motor technologies. The company has 12 laboratories which include two software laboratories, two servo laboratories, two robot laboratories, as well as CNC laboratory, laser laboratory, Robodrill laboratory, Roboshot laboratory, Robocut laboratory and basic laboratory. The effective research and development activities at FANUC resulted in new product development, lowered production costs, and enhanced product reliability. Thus, the focus on research and development activities helps the company to improve its product innovation and thus, provide a new source of future revenues.

Weaknesses

Limited Liquidity

Declining liquidity assumes significance as FANUC will be compelled to spend a significant amount of money to enhance its business and revenue stream. The company reported a decline in all the liquidity ratios. Its liquidity ratios decreased due to the increase in current liabilities. Its total current liabilities increased to JPY115,270m in the fiscal year 2012 from JPY89,589m in 2011. This led to a marginal decline in its liquidity indicators such as current ratio, quick ratio and cash ratio. During the fiscal year ended 2012, it reported current ratio of 7.36 times as against 8.42 times in 2011, followed by quick ratio of 6.61 times as against 7.62 times, and cash ratio of 5.53 times in 2012, as compared to 6.51 times in 2011. The declining current ratio indicates that the company is in a weak position to meet its short-term obligations. The decrease in cash reserves was principally due to the decrease in cash flow from operating activities. The decreasing cash reserves indicate the companyâ€™s inability to obtain additional debt to finance acquisitions, capture business opportunities and meet capital expenditure or other capital requirements in the future.

Legal Proceedings

The company and its subsidiaries are defendants in certain legal proceedings, which could impact the company's business, in the event of results emerging against the company. In 2010, ROY-G-BIV Corporation, a US-based software company (integrates motion-controlled machines and software) filed lawsuit against the company for patent infringement. RGB claims that Fanuc infringed on its patents through its Proficy, Cimplicity and Focas software along with equipment such as controllers and robots that are used with the software without the authorization of RGB. Norwert Hills, SR. and Beverly Hills filed lawsuit against the company for civil action. The company would be required to pay penalties in case of unfavorable results and could incur significant legal expenses during the course of hearings. Thus, such legal proceedings not only dent the reputation but also drain financial resources of the company.

Opportunities

Growing Demand in the Robotics Market

The growing robotics market offers a huge growth opportunity for the company. With fast pace of industrialization, the world robotics market has been witnessing a strong growth. As the service robots in the professional domain reduce physical workloads drastically, they are in huge demand. High-potential robot products are supposed to be human assistants and increase the efficiency and efficacy of the work done. There are more than one million robots installed globally. Also, according to an industry survey Japan leads with 1,400 robots per 10,000 manufacturing workers, followed by Germany and Korea with 200 robots. The US has around 100 robots per 10,000 workers. This increasing robot market provides opportunity for the company to improve sales in these markets.

Outlook for Process Automation

The company stands to benefit from the positive outlook for the process automation solutions. FANUC is one of the largest engineering companies operating mainly in the power and automation technology areas. The company engages in development, manufacturing, sale and maintenance of a wide range of products such as computer numerical control (CNC) series, servo motors, lasers, robots, CNC drills, electric injection molding machines, wire-cut EDMs and super 5-axis nano machine. According to the German Electrical and Electronic Manufacturersâ€™ Association the process automation market grew worldwide by about 15% in 2011 and the figure is expected to exceed the expectations. Also, the Global Plant Automation Solution Market is estimated to grow at a compound annual growth rate of 7.4% over the period between 2011 and 2015. Such favorable external environment drives growth opportunities for the company.

Launch of New Solutions

FANUC's focuses on new product and services launches which could help it to meet the changing needs of customers. The company launched FANUC Robot M-1iA, a light weight and compact high speed assembly robot for screwing, key board assembling, circuit board insertion, and contact lens product packing applications. FANUC also launched â€˜Made for Machine Tools,â€™ a website resource for machine tool OEMs, integrators, machine shops and other manufacturers considering using robots to automate a machine tending operation. The company launched Genkotsu robot M-1iA, a very small high-speed assembling robot which enhances productivity in parts mounting and electronic equipment assembly. Such innovations and new product launches help the group to renew its offerings in line with changing requirements and style and preferences and increase its sales of its high value-added products and drive revenue growth and keep the companyâ€™s categories vibrant.

Threats

Rise in Raw Material Prices

FANUC uses various raw materials in the manufacture of its CNC machines and industrial robotic products. The prices of these raw materials account for a significant share of the company's total cost of goods sold. Due to increase in the commodity price, the cost of raw materials and energy may also increase drastically. The company may witness loss in sales volume to the extent price increases are taken into account. In addition, the continuous supply of the raw materials could be affected by weather conditions, national emergencies, strikes, governmental controls, natural disasters, supply shortages or other events. Thus, the price fluctuations and non availability of these raw materials may have an adverse effect on the product cost and further operations of the company.

Highly Competitive Market

Increasing competition in the control and information equipment industry in which the company operates could reduce the sales volume of the company. With entry of more new players in this market, the current level of competition is expected to further intensify in the near future, which may result in price reductions. The competitive factors in the industry include the price, quality, service, and design and product innovation. The company principally competes with Yokogawa Electric Corporation, Rockwell Automation, Inc., ENSHU Limited, OSG Corporation, Okuma Corporation and KUKA AG. If the company is not able to maintain the product quality and consumer loyalty, the intense competition could reduce the sales volume of the company, and could thereby hamper its market position.

Technological Changes in End Use Markets

FANUC operates in various markets, which undergo rapid and significant changes due to the introduction of innovative technologies. The company must continuously design new products, and update existing products and services and develop new technologies in order to meet the requirements of the market. FANUC is one of the largest engineering companies operating mainly in the power and automation technology areas. The company engages in development, manufacturing, sale and maintenance of a wide range of products such as computer numerical control (CNC) series, servo motors, lasers, robots, CNC drills, electric injection molding machines, wire-cut EDMs and super 5-axis nano machine. But, FANUC has to upgrade these technologies, which requires a significant commitment to research and development, and financial resources. Upon investing in these new technologies, the companyâ€™s sales and profits could suffer if they are not accepted in the marketplace as anticipated.

Corporate Family

Corporate Structure News:

Total Corporate Family Members: 64

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Fanuc Corp	Parent	Minamitsuru-Gun	Japan	Machinery and Equipment Manufacturing	6,006.9	5,261
FANUC Robotics America Corporation	Subsidiary	Rochester Hills, MI	United States	Machinery Wholesale		1,100
FANUC Robotics America Corp	Branch	Huntersville, NC	United States	Machinery and Equipment Manufacturing	4.0	15
Fanuc Robotics Do Brasil Ltda	Subsidiary	Sao Paulo, Sao Paulo	Brazil	Miscellaneous Professional Services		11
FANUC Robotics America Corp	Branch	Marietta, GA	United States	Machinery and Equipment Manufacturing	1.2	5
Fanuc Robotics MÃ©xico, S.A. De C.V.	Subsidiary	Aguascalientes, Aguascalientes	Mexico	Miscellaneous Store Retailers	22.4
Tatung-Fanuc Robotics Company	Joint Venture	Taipei	Taiwan	Electrical Equipment and Appliances Manufacturing		1,000
Fanuc Robotics North America, Inc.	Subsidiary	Rochester Hills, MI	United States	Medical Equipment and Supplies		600
Fanuc Korea Corporation	Joint Venture	Changwon, Kyeongnam	Korea, Republic of	Electrical Equipment and Appliances Manufacturing		250
SHANGHAI-FANUC Robotics CO., LTD.	Subsidiary	Shanghai	China	Machinery and Equipment Manufacturing		200
Fanuc Robomachine (Shenzhen) Ltd.	Subsidiary	Shenzhen, Guangdong	China	Medical Equipment and Supplies		200
Fanuc India Private Limited	Subsidiary	Bengaluru, Karnataka	India	Electrical Equipment and Appliances Manufacturing		160
Fanuc American Corp.	Subsidiary	Hoffman Estates, IL	United States	Computer and Office Machine Repair and Maintenance	10.0	110
Fanuc Fa America Corp	Branch	Irving, TX	United States	Machinery and Equipment Manufacturing	7.9	18
Fanuc Fa America Corp	Branch	Grand Haven, MI	United States	Machinery and Equipment Manufacturing	4.8	18
Fanuc Fa America Corp	Branch	Holliston, MA	United States	Machinery and Equipment Manufacturing	1.2	6
Fanuc Fa America Corp	Branch	Twinsburg, OH	United States	Machinery and Equipment Manufacturing	1.3	5
Fanuc Fa America Corp	Branch	Pine Brook, NJ	United States	Machinery and Equipment Manufacturing	1.2	5
Fanuc Fa America Corp	Branch	Huntington Beach, CA	United States	Machinery and Equipment Manufacturing	1.1	5
Fanuc Fa America Corp	Branch	Union City, CA	United States	Machinery and Equipment Manufacturing	1.1	5
Fanuc Fa America Corp	Branch	Maple Grove, MN	United States	Machinery and Equipment Manufacturing	1.0	5
Beijing-Fanuc Mechatronics Co., Ltd.	Joint Venture	Beijing, Haidian District	China	Machinery Wholesale		100
Beijing Fanuc Nc Engineering Co., Ltd.	Subsidiary	Beijing, Beijing	China	Miscellaneous Professional Services	9.8	160
FANUC Robotics Deutschland GmbH	Subsidiary	Neuhausen Auf Den Fildern, Baden-WÃ¼rttemberg	Germany	Machinery and Equipment Manufacturing	90.6	83
Fanuc Taiwan Limited	Subsidiary	Taichung	Taiwan	Electrical Equipment and Appliances Manufacturing		80
Fanuc Robotics (UK) Ltd.	Subsidiary	Coventry	United Kingdom	Machinery and Equipment Manufacturing	31.3	44
FANUC ROBOMACHINE EUROPE GmbH	Subsidiary	Neuhausen auf den Fildern	Germany	Machinery Wholesale		40
FANUC Robomachine Deutschland GmbH	Subsidiary	Neuhausen Auf Den Fildern, Baden-WÃ¼rttemberg	Germany	Professional and Commercial Equipment Wholesale	89.3	37
Fanuc Robotics France	Subsidiary	Lisses	France	Miscellaneous Professional Services	73.5	74
Fanuc Robomachine France Sas	Subsidiary	Miribel	France	Machinery Wholesale	19.0	14
Fanuc Robotics Iberica Sl	Subsidiary	Castelldefels, Barcelona	Spain	Miscellaneous Wholesale	23.5	36
FANUC FA Switzerland GmbH	Subsidiary	Biel/Bienne	Switzerland	Industrial Machinery Repair and Maintenance		35
Fanuc France S.A.	Subsidiary	Boissy-Saint Leger	France	Electrical Equipment and Appliances Manufacturing	44.5	31
Fanuc Robotics Italia SRL	Subsidiary	Arese, Milano	Italy	Machinery Wholesale	60.4	30
FANUC Robotics America Corp	Subsidiary	Lake Forest, CA	United States	Machinery and Equipment Manufacturing	6.7	30
Fanuc Thai Limited	Joint Venture	Bangkok	Thailand	Electrical Equipment and Appliances Manufacturing		30
Fanuc Fa UK Ltd.	Subsidiary	Ruislip	United Kingdom	Miscellaneous Repair and Maintenance	15.4	25
Fanuc Europe GmbH	Subsidiary	Neuhausen	Germany	Electrical Equipment and Appliances Manufacturing		25
Fanuc Robotics Europe S.A.	Subsidiary	Echternach	Luxembourg	Electrical Equipment and Appliances Manufacturing		70
Fanuc Germany Service GMBH	Subsidiary	Neuhausen	Germany	Electrical Equipment and Appliances Manufacturing		58
Fanuc U.K. Limited	Subsidiary	Ruislip	United Kingdom	Electrical Equipment and Appliances Manufacturing		18
Fanuc Turkey Ltd.	Subsidiary	Istanbul	Turkey	Electrical Equipment and Appliances Manufacturing		11
Fanuc Bulgaria Corporation	Subsidiary	Sofia	Bulgaria	Electrical Equipment and Appliances Manufacturing		10
FANUC CNC Iberia	Subsidiary	Barcelona, Gava	Spain	Electrical Equipment and Appliances Manufacturing	30.0	8
FANUC FA Nordic AB	Subsidiary	Sollentuna	Sweden	Industrial Machinery Repair and Maintenance	10.2	21
Fanuc Singapore Pte. Ltd.	Subsidiary	Jurong, Singapore	Singapore	Electrical Equipment and Appliances Manufacturing		20
Fanuc Mechatronics (Malaysia) Sdn. Bhd.	Subsidiary	Shah Alam, Selangor	Malaysia	Electrical Equipment and Appliances Manufacturing		20
Fanuc South Africa (Pty) Ltd	Subsidiary	Johannesburg	South Africa	Electrical Equipment and Appliances Manufacturing	41.0	15
PT. FANUC INDONESIA	Subsidiary	Jakarta	Indonesia	Industrial Machinery Repair and Maintenance		15
FANUC FA SATIS VE SERVIS TICARET LTD.	Subsidiary	Istanbul	Turkey	Industrial Machinery Repair and Maintenance		15
Fanuc Oceania Pty. Limited	Subsidiary	Huntingwood, NSW	Australia	Machinery and Equipment Manufacturing	4.1	13
FANUC Robotics America Corp	Subsidiary	Mason, OH	United States	Machinery and Equipment Manufacturing	2.6	10
Fanuc Philippines Corporation	Subsidiary	Makati, Manila	Philippines	Electrical Equipment and Appliances Manufacturing	25.0	7
FANUC VIETNAM LIMITED	Subsidiary	Ho Chi Minh City	Viet Nam	Industrial Machinery Repair and Maintenance		6
FANUC FA Polska Sp. z o.o.	Subsidiary	Wroclaw	Poland	Industrial Machinery Repair and Maintenance		5
FANUC FA Hungary Kft	Subsidiary	Budaors	Hungary	Industrial Machinery Repair and Maintenance		5
Korea Fanuc Corporation	Subsidiary	Changwon, Kyongsangnam-Do	Korea, Republic of	Electromedical and Control Instruments Manufacturing	127.6
Fanuc Shareholding U.K. Ltd.	Affiliates	Ruislip	United Kingdom	Miscellaneous Professional Services
Fanuc Robomachine UK Ltd.	Subsidiary	Daventry	United Kingdom	Miscellaneous Personal Services
FANUC KOREA SERVICE CORPORATION	Subsidiary	Changwon, Gyeongsangnam-do	Korea, Republic of	Industrial Machinery Repair and Maintenance
FANUC FA Bulgaria Ltd.	Subsidiary	Sofia	Bulgaria	Machinery Wholesale
FANUC FA Iberia S.A.U.	Subsidiary	Elgoibar, Gipuzkoa	Spain	Industrial Machinery Repair and Maintenance
TAIWAN FANUC ROBOTICS CORPORATION	Subsidiary	Taichung	Taiwan	Machinery and Equipment Manufacturing
FANUC FA France S.A.S.	Subsidiary	Boissy-Saint Leger	France	Industrial Machinery Repair and Maintenance

Competitors Report

CompanyName	Location	Employees	Ownership
KUKA AG	Augsburg, Germany	7,240	Public
Rockwell Automation	Milwaukee, Wisconsin, United States	22,000	Public

Executives Report

Board of Directors

Name

Title

Function

Kazunari Aoyama

Director of CNC Hard Research Institute, Director

Director/Board Member

Biography:

Mr. Kazunari Aoyama has been serving as Director of CNC Hard Research Institute and Director in FANUC CORPORATION since June 2013. He joined the Company in April 1985 and used to serve as Deputy Director of CNC Hard Research Institute and Managing Director in the Company. He obtained his Bachelor's degree in Electronics Engineering from Tohoku University in March 1985.

Age: 52

Education:

Tohoku University, B (Electronics Engineering)

Olaf C. Gehrels

President of Subsidiary, Director

Director/Board Member

Biography:

Mr. Olaf C. Gehrels has been serving as Director of FANUC CORPORATION, as well as President and Director of a subsidiary, since June 2013. He joined the Company in April 1994. He obtained his Bachelor's degree in Production Engineering from Technische UniversitÃ¤t MÃ¼nchen in October 1993 and Master's degree in Business Administration from INSEAD in December 1998.

Age: 46

Education:

INSEAD, M (Business Administration)
Technische Universitat Munchen, B (Production Engineering)

Yoshihiro Gonda

Executive Director

Director/Board Member

Biography:

Mr. Yoshihiro Gonda has been serving as Executive Director in FANUC CORPORATION since June 2013. He is also in charge of General Affairs Unit of the Company. He joined the Company in April 1984. His previous titles include Managing Director, Chief Director of Operation, Purchase and Production Management and Managing Executive Officer. He graduated from University of Tokyo with a Bachelor's degree in Economics in March 1984.

Age: 52

Education:

University of Tokyo, B (Economics)

Kazuyuki Hiramoto

Tsukuba Plant Manager, Director

Director/Board Member

Biography:

Mr. Kazuyuki Hiramoto has been serving as Director and Tsukuba Plant Manager in FANUC CORPORATION since June 2013. He joined the Company in August 2011 and used to serve as Director of Robot Manufacturing in Headquarter Plant. He used to work for Mori Seiki Co., Ltd. and Makino Milling Machine Co., Ltd. He obtained his Bachelor's degree in Precision Mechanical Engineering from University of Tokyo in March 1977, and his Ph.D. in Engineering from University of Tokyo in February 1986.

Age: 59

Education:

University of Tokyo, PHD (Engineering)
University of Tokyo, B

Tetsuo Hishikawa

Director of Power Motion Business, Deputy Director of CNC Soft Research Institute, Director

Director/Board Member

Reuters

Biography:

Mr. Tetsuo Hishikawa has been serving as Director of Power Motion Business, Deputy Director of CNC Soft Research Institute and Director in FANUC CORPORATION since June 2012. He joined the Company in April 1989 and used to serve as 3rd Director of Software Research Institute. He obtained his Master's degrees in Metallic Engineering and in Steel Engineering from Nagoya University in March 1989.

Age: 50

Education:

Nagoya University, M
Nagoya University, M

Yoshiharu Inaba

President, Chief Director of Marketing, Representative Director

Director/Board Member

Biography:

Mr. Yoshiharu Inaba has been serving as President, Chief Director of Marketing and Representative Director in FANUC CORPORATION since January 2012. He joined the Company in September 1983. His previous titles include Managing Director and Senior Managing Director. He previously worked for Isuzu Motors Limited. He obtained his Bachelor's degree in Mechanical Engineering from Tokyo Institute of Technology in March 1973 and his Ph.D. in Precision Mechanical Engineering from University of Tokyo in January 1999.

Age: 64

Education:

University of Tokyo, PHD
Tokyo Institute of Technology, B (Mechanical Engineering)

Kiyonori Inaba

Director of Robot Research Institute, Director of Learning Robot Development in Robot Research Institute, Director

Director/Board Member

Biography:

Mr. Kiyonori Inaba has been serving as Director of Robot Research Institute, Director of Learning Robot Development in Robot Research Institute and Director in FANUC CORPORATION since June 2013. He joined the Company in January 2009.

Age: 35

Takayuki Ito

Director of Robot Marketing, Director

Director/Board Member

Biography:

Mr. Takayuki Ito has been serving as Director of Robot Marketing and Director in FANUC CORPORATION since June 2013. He joined the Company in April 1981 and used serve as Deputy Director of Robot Research Institute and Senior Managing Director in the Company. He obtained his Bachelor's degree in Aviation from University of Tokyo in March 1981.

Age: 55

Education:

University of Tokyo, B (Aviation)

Katsuo Kohari

General Manager of Subsidiary, Director

Director/Board Member

Biography:

Mr. Katsuo Kohari has been serving as Director in FANUC CORPORATION, as well as General Manager and Director of a subsidiary, since June 2013. He used to serve as Senior Managing Director in the Company and worked for FUJITSU LIMITED. He obtained his Master's degree in Science and Engineering from Tokyo Institute of Technology in March 1968.

Age: 70

Education:

Tokyo Institute of Technology, M

Tetsuya Kosaka

Director of Production Technology, Director

Director/Board Member

Biography:

Mr. Tetsuya Kosaka has been serving as Director of Production Technology and Director in FANUC CORPORATION since June 2013. He joined the Company in April 1984 and used to serve as Director of Application Robot Research Institute. He obtained his Bachelor's degree in Aviation from University of Tokyo in March 1984.

Age: 53

Education:

University of Tokyo, B (Aviation)

Shunsuke Matsubara

Director of Servo Research Institute, Director

Director/Board Member

Biography:

Mr. Shunsuke Matsubara has been serving as Director of Servo Research Institute and Director in FANUC CORPORATION since June 2013. He joined the Company in April 1984. He previously served as Director of 2nd Servo Research Institute, Deputy Director of Servo Research Institute and Managing Director. He obtained his Bachelor's degree in Electrical Engineering from University of Tokyo in March 1984.

Age: 51

Education:

University of Tokyo, B (Electrical Engineering)

Hiroshi Noda

Director of FA Sales, Director

Director/Board Member

Biography:

Mr. Hiroshi Noda has been serving as Director of FA Sales and Director in FANUC CORPORATION since June 2013. He joined the Company in April 1989. His previous titles include Managing Executive Officer and Managing Director. He graduated from University of Tokyo with a Master's degree in Electrical Engineering in March 1989.

Age: 50

Education:

University of Tokyo, M (Electrical Engineering)

Toshiya Okada

Director

Director/Board Member

Biography:

Mr. Toshiya Okada has been serving as Director in FANUC CORPORATION since June 2013. He joined the Company in April 1984. His previous titles include Managing Director and Director of General Affairs in the Company. He obtained his Bachelor's degree in Law from University of Tokyo in March 1984.

Age: 51

Education:

University of Tokyo, B (Law)

Masato Ono

Independent Director

Director/Board Member

Biography:

Mr. Masato Ono has been serving as Independent Director in FANUC CORPORATION since June 2013. He is also serving as President and Representative Director in Total Insurance Service Limited. He used to work for The Dai-Ichi Kangyo Bank, Ltd., Mizuho Bank, Ltd. and Mizuho Financial Group, Inc. He obtained his Bachelor's degree in Commerce from Keio University in March 1974.

Age: 62

Education:

Keio University, B (Commerce)

Richard E. Schneider

President of Subsidiary, Director

Director/Board Member

Biography:

Mr. Richard E. Schneider has been serving as Director in FANUC CORPORATION, as well as President and Director of a subsidiary, since June 2013. He graduated from Ohio State University with a Bachelor's degree in Welding Engineering in June 1978, and obtained a Master's degree in Business Administration from Xavier University in December 1983.

Age: 56

Education:

Xavier University, M (Business Administration)
Ohio State University, B

Hiroyuki Uchida

Director of 1st Robot Drill Marketing, Director

Director/Board Member

Biography:

Mr. Hiroyuki Uchida has been serving as Director of 1st Robot Drill Marketing and Director in FANUC CORPORATION since June 2013. He joined the Company in April 1982 and used to serve as Managing Director. He obtained his Bachelor's degree in Precision Mechanical Engineering from University of Tokyo in March 1982.

Age: 55

Education:

University of Tokyo, B

Yusaku Yamada

Director of CNC Soft Research Institute, Director

Director/Board Member

Biography:

Mr. Yusaku Yamada has been serving as Director of CNC Soft Research Institute and Director in FANUC CORPORATION since June 2012. He joined the Company in April 1992 and used to serve as Deputy Director of Basic Software Research Institute. He obtained his Bachelor's degree in Precision Mechanical Engineering from University of Tokyo in March 1992.

Age: 44

Education:

University of Tokyo, B

Kenji Yamaguchi

Chief Director of Manufacturing, Headquarter Plant Manager, Director

Director/Board Member

Biography:

Mr. Kenji Yamaguchi has been serving as Chief Director of Manufacturing, Headquarter Plant Manager and Director in FANUC CORPORATION since June 2013. He joined the Company in April 1993. His previous titles include Manager of Production and Technology Center and Senior Managing Director. He graduated from University of Tokyo with a Master's degree in Precision Mechanical Engineering in March 1993.

Age: 44

Education:

University of Tokyo, M

Executives

Name

Title

Function

Olaf C. Gehrels

President of Subsidiary, Director

President

Biography:

Age: 46

Education:

INSEAD, M (Business Administration)
Technische Universitat Munchen, B (Production Engineering)

Yoshiharu Inaba

President, Chief Director of Marketing, Representative Director

President

Biography:

Age: 64

Education:

University of Tokyo, PHD
Tokyo Institute of Technology, B (Mechanical Engineering)

Seiuemon Inaba

Founder

President

Katsuo Kohari

General Manager of Subsidiary, Director

Division Head Executive

Biography:

Age: 70

Education:

Tokyo Institute of Technology, M

Richard E. Schneider

President of Subsidiary, Director

Division Head Executive

Biography:

Age: 56

Education:

Xavier University, M (Business Administration)
Ohio State University, B

Kenyu Omata

Director Accounting

Accounting Executive

Hiroshi Noda

Director of FA Sales, Director

Sales Executive

Biography:

Age: 50

Education:

University of Tokyo, M (Electrical Engineering)

Takayuki Ito

Director of Robot Marketing, Director

Marketing Executive

Biography:

Age: 55

Education:

University of Tokyo, B (Aviation)

Hiroyuki Uchida

Director of 1st Robot Drill Marketing, Director

Marketing Executive

Biography:

Age: 55

Education:

University of Tokyo, B

Taisuke Kobayashi

Director of Legal Affairs

Investor Relations Executive

Tetsuya Kosaka

Director of Production Technology, Director

Engineering/Technical Executive

Biography:

Age: 53

Education:

University of Tokyo, B (Aviation)

Kazunari Aoyama

Director of CNC Hard Research Institute, Director

Research & Development Executive

Biography:

Age: 52

Education:

Tohoku University, B (Electronics Engineering)

Tetsuo Hishikawa

Director of Power Motion Business, Deputy Director of CNC Soft Research Institute, Director

Research & Development Executive

Biography:

Age: 50

Education:

Nagoya University, M
Nagoya University, M

Kiyonori Inaba

Director of Robot Research Institute, Director of Learning Robot Development in Robot Research Institute, Director

Research & Development Executive

Biography:

Age: 35

Shunsuke Matsubara

Director of Servo Research Institute, Director

Research & Development Executive

Biography:

Age: 51

Education:

University of Tokyo, B (Electrical Engineering)

Yusaku Yamada

Director of CNC Soft Research Institute, Director

Research & Development Executive

Biography:

Age: 44

Education:

University of Tokyo, B

Kazuyuki Hiramoto

Tsukuba Plant Manager, Director

Manufacturing Executive

Biography:

Age: 59

Education:

University of Tokyo, PHD (Engineering)
University of Tokyo, B

Kenji Yamaguchi

Chief Director of Manufacturing, Headquarter Plant Manager, Director

Manufacturing Executive

Biography:

Age: 44

Education:

University of Tokyo, M

Significant Developments

Fanuc Corp to Issue Year-end Dividend for FY 2013

Apr 26, 2013

Fanuc Corp announced that it has decided to issue a year-end dividend payment of JPY 82.04 per share (JPY 16,056 million in total), to all its shareholders as a record of March 31, 2013. The dividend will be paid on June 28, 2013.

Fanuc Corp Lowers Consolidated Full-year Outlook for FY 2013

Jan 25, 2013

Fanuc Corp announced that it has lowered its consolidated full-year outlook for revenue from JPY 531,000 million to JPY 478,000 million, operating profit from JPY 205,000 million to JPY 178,000 million, ordinary profit from JPY 212,000 million to JPY 185,000 million, net profit from JPY 136,000 million to JPY 116,000 million and earning per share from JPY 694.86 to JPY 592.68, for the fiscal year ending March 2013. The Company lowered the outlook due to the decreased sales resulted from the impact of the sluggish economic conditions and the higher yen.

News

JAPAN NEWS SCHEDULE (Tuesday, October 29; times in JST) Nikkei English News (162 Words)	28-Oct-2013
Tokyo Closing Stock Prices(1) Nikkei English News (934 Words)	28-Oct-2013
Tokyo Stock Exchange: closing price list -2- Japan Economic Newswire (250 Words)	28-Oct-2013
Stocks Morning UPDATE1 Japan Economic Newswire (396 Words)	27-Oct-2013
Nikkei up 1.1%; Stronger Dollar Lifts Exporters Nikkei English News (191 Words)	27-Oct-2013
Tokyo Stock Exchange: morning price list -2- Japan Economic Newswire (248 Words)	27-Oct-2013
Supply Of Optical Fibre Communication Cable TendersInfo (28 Words)	26-Oct-2013
S10/Gantry FANUC Robot Plant Automation (24 Words)	25-Oct-2013
Worth Watching Stocks: Elite Pharmaceuticals Inc (OTCBB:ELTP), FANUC CORP UNSP ADR (OTCMKTS:FANUY), Rainbow Coral Corp (OTCBB:RBCC), Myrexis Inc (OTCMKTS:MYRX) SBWire (648 Words)	25-Oct-2013
Penny Stock's Volume Buzz - SK3 Group Inc (OTCMKTS:SKTO), Fiat S.p.A. (ADR) (OTCMKTS:FIATY), FANUC CORP UNSP ADR (OTCMKTS:FANUY), TOKYO ELECTRON LTD (OTCMKTS:TOELY) SBWire (565 Words)	25-Oct-2013
Weekly News Schedule (Tuesday, October 29) Nikkei English News (153 Words)	25-Oct-2013

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified

Net Sales	6,006.9	6,819.7	5,207.1	2,726.4	3,864.0
Revenue	6,006.9	6,819.7	5,207.1	2,726.4	3,864.0
Total Revenue	6,006.9	6,819.7	5,207.1	2,726.4	3,864.0

Cost of Revenue	3,117.6	3,319.6	2,428.2	1,639.3	1,993.7
Cost of Revenue, Total	3,117.6	3,319.6	2,428.2	1,639.3	1,993.7
Gross Profit	2,889.3	3,500.1	2,778.9	1,087.1	1,870.3

Selling/General/Administrative Expense	377.2	395.8	383.4	293.4	299.6
Labor & Related Expense	284.5	294.9	181.0	201.7	232.6
Total Selling/General/Administrative Expenses	661.7	690.7	564.4	495.0	532.2
Litigation	-	-	0.0	14.7	0.0
Impairment-Assets Held for Sale	-	-	6.2	0.0	27.7
Other Unusual Expense (Income)	-	-	22.6	45.6	0.0
Unusual Expense (Income)	-	-	28.8	60.3	27.7
Total Operating Expense	3,779.3	4,010.3	3,021.5	2,194.6	2,553.6

Operating Income	2,227.6	2,809.4	2,185.6	531.8	1,310.4

Interest Income - Non-Operating	23.5	24.2	17.1	26.7	63.0
Investment Income - Non-Operating	45.2	45.0	37.4	25.5	89.7
Interest/Investment Income - Non-Operating	68.7	69.2	54.5	52.2	152.7
Interest Income (Expense) - Net Non-Operating Total	68.7	69.2	54.5	52.2	152.7
Gain (Loss) on Sale of Assets	2.5	8.1	3.1	-0.6	-6.9
Other Non-Operating Income (Expense)	6.2	8.1	14.8	17.4	28.2
Other, Net	6.2	8.1	14.8	17.4	28.2
Income Before Tax	2,304.9	2,894.8	2,258.0	600.7	1,484.3

Total Income Tax	846.7	1,128.9	848.2	190.7	474.9
Income After Tax	1,458.2	1,766.0	1,409.9	409.9	1,009.4

Minority Interest	-6.1	-7.9	-7.7	-6.3	-42.4
Net Income Before Extraord Items	1,452.1	1,758.1	1,402.2	403.6	966.9
Net Income	1,452.1	1,758.1	1,402.2	403.6	966.9

Miscellaneous Earnings Adjustment	-	-	-	-	0.0
Total Adjustments to Net Income	-	-	-	-	0.0
Income Available to Common Excl Extraord Items	1,452.1	1,758.1	1,402.2	403.6	966.9

Income Available to Common Incl Extraord Items	1,452.1	1,758.1	1,402.2	403.6	966.9

Basic/Primary Weighted Average Shares	195.7	195.7	195.8	199.8	207.8
Basic EPS Excl Extraord Items	7.42	8.98	7.16	2.02	4.65
Basic/Primary EPS Incl Extraord Items	7.42	8.98	7.16	2.02	4.65
Dilution Adjustment	-	0.0	0.0	0.0	0.0
Diluted Net Income	1,452.1	1,758.1	1,402.2	403.6	966.9
Diluted Weighted Average Shares	195.7	195.7	195.8	199.8	207.8
Diluted EPS Excl Extraord Items	7.42	8.98	7.16	2.02	4.65
Diluted EPS Incl Extraord Items	7.42	8.98	7.16	2.02	4.65
Dividends per Share - Common Stock Primary Issue	2.23	2.69	2.15	0.61	1.40
Gross Dividends - Common Stock	435.6	527.4	420.6	118.7	290.1
Depreciation, Supplemental	215.3	195.9	155.5	148.8	144.4
Total Special Items	-2.5	-8.1	25.7	60.9	34.6
Normalized Income Before Tax	2,302.4	2,886.7	2,283.8	661.6	1,518.9

Effect of Special Items on Income Taxes	-0.9	-3.2	9.7	19.3	11.1
Inc Tax Ex Impact of Sp Items	845.8	1,125.7	857.8	210.1	486.0
Normalized Income After Tax	1,456.6	1,761.0	1,425.9	451.5	1,032.9

Normalized Inc. Avail to Com.	1,450.5	1,753.1	1,418.2	445.2	990.4

Basic Normalized EPS	7.41	8.96	7.24	2.23	4.77
Diluted Normalized EPS	7.41	8.96	7.24	2.23	4.77
Research & Development Exp, Supplemental	242.8	259.3	181.4	163.1	173.4
Reported Operating Profit	2,227.6	2,809.4	2,214.4	592.0	1,338.0
Reported Ordinary Profit	2,304.9	2,894.8	2,280.7	646.2	1,484.3
Normalized EBIT	2,227.6	2,809.4	2,214.4	592.0	1,338.0
Normalized EBITDA	2,442.9	3,005.3	2,369.9	740.9	1,482.4
Current Tax - Total	833.2	1,175.7	-	-	-
Current Tax - Total	833.2	1,175.7	-	-	-
Deferred Tax - Total	13.5	-46.8	-	-	-
Deferred Tax - Total	13.5	-46.8	-	-	-
Income Tax - Total	846.7	1,128.9	-	-	-
Interest Cost - Domestic	30.9	29.3	24.9	25.3	18.1
Service Cost - Domestic	40.9	37.6	36.1	34.1	32.7
Prior Service Cost - Domestic	-3.7	-4.6	-5.9	-5.4	-5.0
Expected Return on Assets - Domestic	-16.4	-15.7	-17.2	-17.5	-16.6
Actuarial Gains and Losses - Domestic	11.7	16.7	16.1	17.5	18.6
Domestic Pension Plan Expense	63.2	63.3	53.9	53.9	47.7
Total Pension Expense	63.2	63.3	53.9	53.9	47.7
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	1.50%	1.50%	1.50%	1.50%	1.50%
Total Plan Interest Cost	30.9	29.3	24.9	25.3	18.1
Total Plan Service Cost	40.9	37.6	36.1	34.1	32.7
Total Plan Expected Return	-16.4	-15.7	-17.2	-17.5	-16.6

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	94.088557	82.385362	82.88	93.44	98.77
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified

Cash & Equivalents	7,734.8	7,732.9	7,040.5	5,343.8	5,626.8
Cash and Short Term Investments	7,734.8	7,732.9	7,040.5	5,343.8	5,626.8
Accounts Receivable - Trade, Gross	864.3	1,198.2	956.6	593.1	507.1
Provision for Doubtful Accounts	-17.3	-21.1	-21.1	-16.9	-17.3
Trade Accounts Receivable - Net	847.0	1,177.2	935.5	576.2	489.8
Total Receivables, Net	847.0	1,177.2	935.5	576.2	489.8
Inventories - Finished Goods	393.8	508.3	382.7	233.8	278.2
Inventories - Work In Progress	294.7	413.4	388.1	263.5	243.9
Inventories - Raw Materials	78.7	129.5	91.0	66.8	83.3
Total Inventory	767.2	1,051.1	861.7	564.2	605.4
Deferred Income Tax - Current Asset	202.3	240.6	190.2	137.0	156.8
Other Current Assets	82.7	99.4	69.5	52.3	43.6
Other Current Assets, Total	285.0	340.0	259.6	189.3	200.4
Total Current Assets	9,633.9	10,301.2	9,097.4	6,673.5	6,922.3

Property/Plant/Equipment - Net	2,814.6	2,861.7	2,498.3	2,266.5	2,190.3
Goodwill, Net	88.1	149.6	205.0	242.0	3.2
Intangibles, Net	4.9	5.2	6.3	6.5	8.4
LT Investment - Affiliate Companies	267.2	254.7	244.4	227.1	-
LT Investments - Other	70.5	68.6	72.6	71.0	669.6
Long Term Investments	337.8	323.3	317.0	298.1	669.6
Other Long Term Assets	77.9	82.5	98.6	55.8	31.4
Other Long Term Assets, Total	77.9	82.5	98.6	55.8	31.4
Total Assets	12,957.1	13,723.6	12,222.5	9,542.5	9,825.3

Accounts Payable	234.3	366.5	259.0	166.5	118.8
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Income Taxes Payable	325.6	608.8	508.8	151.7	151.3
Other Current Liabilities	428.2	423.8	313.1	283.1	294.1
Other Current liabilities, Total	753.9	1,032.6	821.9	434.8	445.4
Total Current Liabilities	988.1	1,399.2	1,080.9	601.3	564.2

Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	0.0	0.0	0.0	0.0	0.0

Deferred Income Tax - LT Liability	-	-	-	-	0.0
Deferred Income Tax	-	-	-	-	0.0
Minority Interest	51.7	48.5	44.5	35.0	255.8
Pension Benefits - Underfunded	299.4	321.6	304.3	239.5	192.0
Other Long Term Liabilities	40.8	42.9	44.6	4.6	25.1
Other Liabilities, Total	340.2	364.5	348.9	244.1	217.0
Total Liabilities	1,380.1	1,812.2	1,474.4	880.4	1,037.0

Common Stock	733.5	837.7	832.7	738.6	698.7
Common Stock	733.5	837.7	832.7	738.6	698.7
Additional Paid-In Capital	1,023.2	1,168.5	1,161.5	1,030.2	974.6
Retained Earnings (Accumulated Deficit)	13,408.3	14,329.7	13,067.0	10,570.3	9,945.1
Treasury Stock - Common	-3,312.2	-3,779.7	-3,753.5	-3,324.1	-2,238.0
Unrealized Gain (Loss)	31.3	23.8	28.3	25.8	-0.3
Translation Adjustment	-307.1	-668.5	-587.9	-378.6	-591.8
Other Equity, Total	-307.1	-668.5	-587.9	-378.6	-591.8
Total Equity	11,577.0	11,911.4	10,748.1	8,662.1	8,788.3

Total Liabilities & Shareholdersâ€™ Equity	12,957.1	13,723.6	12,222.5	9,542.5	9,825.3

Shares Outstanding - Common Stock Primary Issue	195.7	195.7	195.8	195.8	207.8
Total Common Shares Outstanding	195.7	195.7	195.8	195.8	207.8
Treasury Shares - Common Stock Primary Issue	43.8	43.8	43.8	43.7	31.7
Employees	5,261	5,198	5,060	4,926	4,914
Number of Common Shareholders	45,996	47,851	52,676	60,199	67,697
Pension Obligation - Domestic	1,181.1	1,241.1	1,130.7	951.5	831.3
Plan Assets - Domestic	891.9	926.2	860.6	706.9	633.5
Funded Status - Domestic	-289.2	-314.8	-270.1	-244.6	-197.8
Total Funded Status	-289.2	-314.8	-270.1	-244.6	-197.8
Discount Rate - Domestic	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return - Domestic	1.50%	1.50%	1.50%	1.50%	1.50%
Prepaid Benefits - Domestic	19.4	32.3	41.3	19.3	49.0
Accrued Liabilities - Domestic	-299.4	-321.6	-304.3	-239.5	-192.0
Other Assets, Net - Domestic	9.1	84.5	-7.2	-24.4	-54.8
Net Assets Recognized on Balance Sheet	-270.9	-204.9	-270.1	-244.6	-197.8
Total Plan Obligations	1,181.1	1,241.1	1,130.7	951.5	831.3
Total Plan Assets	891.9	926.2	860.6	706.9	633.5

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified

Net Income/Starting Line	2,304.9	2,894.8	2,258.0	600.7	1,484.3
Depreciation	215.3	195.9	155.5	148.8	144.4
Depreciation/Depletion	215.3	195.9	155.5	148.8	144.4
Equity in Net Earnings (Loss)	-35.3	-44.3	-36.5	5.3	-72.1
Other Non-Cash Items	-26.9	-13.9	13.3	-21.7	-89.1
Non-Cash Items	-62.2	-58.2	-23.1	-16.4	-161.2
Accounts Receivable	241.1	-244.2	-247.9	-35.8	335.8
Inventories	240.4	-209.2	-235.8	93.7	-38.4
Accounts Payable	-120.8	120.3	76.6	36.7	-87.4
Other Operating Cash Flow	-904.3	-905.3	-555.5	-117.5	-705.8
Changes in Working Capital	-543.5	-1,238.4	-962.7	-22.8	-495.8
Cash from Operating Activities	1,914.5	1,794.1	1,427.7	710.2	971.7

Purchase of Fixed Assets	-535.7	-556.7	-82.5	-110.8	-241.2
Capital Expenditures	-535.7	-556.7	-82.5	-110.8	-241.2
Sale/Maturity of Investment	-	-	-	0.0	14.3
Purchase of Investments	-	-	-15.9	-1.9	-21.2
Other Investing Cash Flow	5.8	23.6	18.8	-141.0	-24.2
Other Investing Cash Flow Items, Total	5.8	23.6	3.0	-142.9	-31.1
Cash from Investing Activities	-529.9	-533.1	-79.5	-253.7	-272.3

Other Financing Cash Flow	-2.1	-2.6	-0.6	-6.6	-3.6
Financing Cash Flow Items	-2.1	-2.6	-0.6	-6.6	-3.6
Cash Dividends Paid - Common	-475.2	-526.2	-294.1	-149.0	-364.6
Total Cash Dividends Paid	-475.2	-526.2	-294.1	-149.0	-364.6
Repurchase/Retirement of Common	-2.9	-3.7	-6.0	-963.8	-4.3
Common Stock, Net	-2.9	-3.7	-6.0	-963.8	-4.3
Issuance (Retirement) of Stock, Net	-2.9	-3.7	-6.0	-963.8	-4.3
Cash from Financing Activities	-480.1	-532.6	-300.6	-1,119.5	-372.5

Foreign Exchange Effects	188.5	-49.8	-82.9	55.3	-430.2
Net Change in Cash	1,092.9	678.6	964.6	-607.6	-103.3

Net Cash - Beginning Balance	7,678.3	7,389.5	5,844.6	5,978.1	5,632.7
Net Cash - Ending Balance	8,771.2	8,068.1	6,809.2	5,370.5	5,529.3
Cash Taxes Paid	1,069.5	1,066.6	571.2	190.2	778.3

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified

Net Sales	6,006.9	6,819.7	5,207.1	2,726.4	3,864.0
Total Revenue	6,006.9	6,819.7	5,207.1	2,726.4	3,864.0

Total	3,117.6	3,319.6	2,428.2	1,639.3	1,993.7
Other Selling/General/Admin. Expense	282.8	278.0	-	-	-
Bonuses and Provision for Bonuses - SGA	77.6	87.2	-	-	-
Salary/bonus	180.2	181.4	160.0	176.3	170.8
Bonus to employee	26.7	26.2	21.1	25.4	61.8
Shipping	94.4	117.8	92.2	-	-
Provision for after-service	-	-	-	-	7.1
Other SGA	-	-	291.2	293.4	292.5
SP Reversal G on dirs' retire. benefits	-	-	-	-	0.0
SP L on adjustment for changes of accoun	-	-	22.6	0.0	-
SP Loss on dissolving joint venture	-	-	0.0	45.6	0.0
NOP L on valuation of inv't. secs.	-	-	6.2	0.0	27.7
NOP Patent litigation settlement	-	-	0.0	14.7	0.0
Total Operating Expense	3,779.3	4,010.3	3,021.5	2,194.6	2,553.6

NOP Interest Income	23.5	24.2	17.1	26.7	63.0
NOP Dividend Income	9.8	8.2	6.2	30.7	17.5
Gain On Sales Of Scraps	5.9	10.4	-	-	-
NOPGain on sales of scraps	-	-	8.7	-	-
NOP Equity in Affiliate	35.3	44.3	36.5	0.0	72.1
Contribution	-2.7	-	-	-	-
Sales Discounts	-1.4	-1.8	-	-	-
NOP Other Income	15.0	14.2	19.4	19.7	35.7
NOP Equity in losses of affiliates	-	-	0.0	-5.3	0.0
NOP Sale Discount-Loss	-	-	-	-0.8	-2.8
NOP Exchange Loss	-	-7.6	-5.3	0.0	0.0
NOP L on sale/retire. of fixed assets	-3.4	-2.3	-5.6	-0.6	-6.9
NOP Sales discounts	-	-	-1.9	-	-
Miscellaneous loss	-4.8	-4.3	-2.7	-1.5	-4.7
Net Income Before Taxes	2,304.9	2,894.8	2,258.0	600.7	1,484.3

Provision for Income Taxes	846.7	1,128.9	848.2	190.7	474.9
Net Income After Taxes	1,458.2	1,766.0	1,409.9	409.9	1,009.4

Minority interests in income	-6.1	-7.9	-7.7	-6.3	-42.4
Net Income Before Extra. Items	1,452.1	1,758.1	1,402.2	403.6	966.9
Net Income	1,452.1	1,758.1	1,402.2	403.6	966.9

Directors' Bonus	-	-	-	-	0.0
Income Available to Com Excl ExtraOrd	1,452.1	1,758.1	1,402.2	403.6	966.9

Income Available to Com Incl ExtraOrd	1,452.1	1,758.1	1,402.2	403.6	966.9

Basic Weighted Average Shares	195.7	195.7	195.8	199.8	207.8
Basic EPS Excluding ExtraOrdinary Items	7.42	8.98	7.16	2.02	4.65
Basic EPS Including ExtraOrdinary Items	7.42	8.98	7.16	2.02	4.65
Dilution Adjustment	-	0.0	0.0	0.0	0.0
Diluted Net Income	1,452.1	1,758.1	1,402.2	403.6	966.9
Diluted Weighted Average Shares	195.7	195.7	195.8	199.8	207.8
Diluted EPS Excluding ExtraOrd Items	7.42	8.98	7.16	2.02	4.65
Diluted EPS Including ExtraOrd Items	7.42	8.98	7.16	2.02	4.65
DPS-Ordinary Shares	2.23	2.69	2.15	0.61	1.40
Gross Dividends - Common Stock	435.6	527.4	420.6	118.7	290.1
Normalized Income Before Taxes	2,302.4	2,886.7	2,283.8	661.6	1,518.9

Inc Tax Ex Impact of Sp Items	845.8	1,125.7	857.8	210.1	486.0
Normalized Income After Taxes	1,456.6	1,761.0	1,425.9	451.5	1,032.9

Normalized Inc. Avail to Com.	1,450.5	1,753.1	1,418.2	445.2	990.4

Basic Normalized EPS	7.41	8.96	7.24	2.23	4.77
Diluted Normalized EPS	7.41	8.96	7.24	2.23	4.77
Research&development	242.8	259.3	181.4	163.1	173.4
BC - Depreciation of Fixed Assets	215.3	-	-	-	-
Amort of Tangible Assets-Current Portion	-	195.9	-	-	-
Depreciation	-	-	155.5	148.8	144.4
Income taxes-current	833.2	1,175.7	-	-	-
Current Tax - Total	833.2	1,175.7	-	-	-
Income taxes-deferred	13.5	-46.8	-	-	-
Deferred Tax - Total	13.5	-46.8	-	-	-
Income Tax - Total	846.7	1,128.9	-	-	-
Reported operating profit	2,227.6	2,809.4	2,214.4	592.0	1,338.0
Reported ordinary profit	2,304.9	2,894.8	2,280.7	646.2	1,484.3
Service cost	40.9	37.6	36.1	34.1	32.7
Interest cost	30.9	29.3	24.9	25.3	18.1
Expected return on plan asset	-16.4	-15.7	-17.2	-17.5	-16.6
Actuarial G/L	11.7	16.7	16.1	17.5	18.6
Prior service cost	-3.7	-4.6	-5.9	-5.4	-5.0
Domestic Pension Plan Expense	63.2	63.3	53.9	53.9	47.7
Total Pension Expense	63.2	63.3	53.9	53.9	47.7
Discount Rate	2.00%	2.00%	2.00%	2.00%	2.00%
Expected Rate of Return	1.50%	1.50%	1.50%	1.50%	1.50%

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	94.088557	82.385362	82.88	93.44	98.77
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified

Cash & Deposit	7,734.8	7,732.9	7,040.5	5,343.8	5,626.8
Notes and accounts receivable-trade	864.3	1,198.2	956.6	593.1	507.1
Merchandise & Finished goods	393.8	508.3	382.7	233.8	278.2
Work-in-progress	294.7	413.4	388.1	263.5	243.9
Raw materials & Supplies	78.7	129.5	91.0	66.8	83.3
Deferred Tax	202.3	240.6	190.2	137.0	156.8
Other Assets	82.7	99.4	69.5	52.3	43.6
Doubtful Account	-17.3	-21.1	-21.1	-16.9	-17.3
Total Current Assets	9,633.9	10,301.2	9,097.4	6,673.5	6,922.3

Construction In Progress	232.6	-	-	-	-
Buildings and structures, net	1,001.9	966.9	799.1	731.9	705.6
Machinery, equipment and vehicles, net	279.8	340.0	189.1	186.0	187.0
Land	1,237.7	1,393.2	1,386.5	1,240.0	1,140.1
Other, net	62.6	161.7	123.6	108.6	157.5
Goodwill	88.1	149.6	205.0	242.0	3.2
Other	4.9	5.2	6.3	6.5	8.4
Other LT invest	70.5	68.6	-	-	-
Investment	-	-	72.6	71.0	669.6
Invt Secs Noncons, Asc, Affd Cos	267.2	254.7	-	-	-
Equity secs.-nonconsol affil.&sub.	-	-	244.4	227.1	-
Other Assets	77.9	90.4	106.5	62.7	38.2
Allowance Doubtful Accounts	0.0	-7.8	-7.9	-6.9	-6.8
Total Assets	12,957.1	13,723.6	12,222.5	9,542.5	9,825.3

Notes and accounts payable-trade	234.3	366.5	259.0	166.5	118.8
Tax Payable	325.6	608.8	508.8	151.7	151.3
Warranty reserves	52.5	55.7	49.7	40.7	52.6
Other Current Liab.	375.8	368.1	263.4	242.4	241.5
Total Current Liabilities	988.1	1,399.2	1,080.9	601.3	564.2

Deferred tax liabilities (non-current)	-	-	-	-	0.0
Allowance Accrued Retire	299.4	321.6	304.3	239.5	192.0
Other Liability	40.8	42.9	44.6	4.6	25.1
Minority Int.	51.7	48.5	44.5	35.0	255.8
Total Liabilities	1,380.1	1,812.2	1,474.4	880.4	1,037.0

Common Stock	733.5	837.7	832.7	738.6	698.7
Total capital surpluses	1,023.2	1,168.5	1,161.5	1,030.2	974.6
Total retained earnings	13,408.3	14,329.7	13,067.0	10,570.3	9,945.1
Treasury Stock	-3,312.2	-3,779.7	-3,753.5	-3,324.1	-2,238.0
Valuation difference on available-for-sa	31.3	23.8	28.3	25.8	-0.3
Currency Adjust.	-307.1	-668.5	-587.9	-378.6	-591.8
Total Equity	11,577.0	11,911.4	10,748.1	8,662.1	8,788.3

Total Liabilities & Shareholders' Equity	12,957.1	13,723.6	12,222.5	9,542.5	9,825.3

S/O-Ordinary Shares	195.7	195.7	195.8	195.8	207.8
Total Common Shares Outstanding	195.7	195.7	195.8	195.8	207.8
T/S-Ordinary Shares	43.8	43.8	43.8	43.7	31.7
Number Of Employees	5,261	5,198	-	-	-
Full-Time Employees	-	-	5,060	4,926	4,914
Total Number of Shareholders	45,996	47,851	-	-	-
Number of Common Shareholders	-	-	52,676	60,199	67,697
Pension obligation	1,181.1	1,241.1	1,130.7	951.5	831.3
Fair value of plan asset	891.9	926.2	860.6	706.9	633.5
Funded status	-289.2	-314.8	-270.1	-244.6	-197.8
Total Funded Status	-289.2	-314.8	-270.1	-244.6	-197.8
Discount rate	2.00%	2.00%	2.00%	2.00%	2.00%
Expected return on assets (MAX)-Retireme	1.50%	-	-	-	-
Expected rate of return	-	1.50%	1.50%	1.50%	1.50%
Unrecog. actuarial G/L	20.4	42.2	-28.2	-48.4	-82.6
Unrecog. prior service cost	-11.3	42.2	21.0	24.0	27.8
Prepaid Pension Benefits	19.4	32.3	41.3	19.3	49.0
Res. Accrued retirement	-299.4	-321.6	-304.3	-239.5	-192.0
Net Assets Recognized on Balance Sheet	-270.9	-204.9	-270.1	-244.6	-197.8

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2013	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	82.970472	78.961215	85.691434	92.941082	100.484331
Auditor	Ernst & Young ShinNihon LLC	Ernst & Young ShinNihon LLC	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified

Income Before Tax	2,304.9	2,894.8	2,258.0	600.7	1,484.3
Depreciation	215.3	195.9	155.5	148.8	144.4
Increase (decrease) in allowance for dou	-10.4	0.4	2.9	-1.7	-0.5
D/I In Provision For Retirement Benefits	16.9	18.1	33.7	37.4	-8.0
Interest and dividend income	-33.3	-32.5	-23.3	-57.4	-80.6
Equity in (earnings) losses of affiliate	-35.3	-44.3	-36.5	5.3	-72.1
Decrease (increase) in notes and account	241.1	-244.2	-247.9	-35.8	335.8
Decrease (increase) in inventories	240.4	-209.2	-235.8	93.7	-38.4
Increase (decrease) in notes and account	-120.8	120.3	76.6	36.7	-87.4
Other, net	5.5	-	-	-	-
Decrease in cash and cash equivalents re	-	-32.4	-	-	-
Other operating activities	105.5	128.4	-29.7	8.3	-30.6
Interest and dividends income received	54.2	51.5	33.1	69.4	94.2
Income Tax Paid	-1,069.5	-1,066.6	-571.2	-190.2	-778.3
Other, net	-	13.9	-	-	-
Other Paid	-	-	12.3	-4.9	8.9
Cash from Operating Activities	1,914.5	1,794.1	1,427.7	710.2	971.7

Purchase of property, plant and equipmen	-535.7	-556.7	-82.5	-110.8	-241.2
Purchase investment securities	-	-	0.0	-1.9	-21.2
Sale of investment securities	-	-	-	0.0	14.3
Dissolving joint venture	-	-	0.0	-142.8	0.0
Purchase of subsidiaries' share	-	-	-15.9	0.0	-
Other, net	5.8	23.6	18.8	1.8	-24.2
Cash from Investing Activities	-529.9	-533.1	-79.5	-253.7	-272.3

PurchaseTreasury Stock	-2.9	-3.7	-6.0	-963.8	-4.3
Dividend Paid	-475.2	-526.2	-294.1	-149.0	-364.6
Other, net	-2.1	-2.6	-0.6	-6.6	-3.6
Cash from Financing Activities	-480.1	-532.6	-300.6	-1,119.5	-372.5

Foreign Exchange Effects	188.5	-49.8	-82.9	55.3	-430.2
Net Change in Cash	1,092.9	678.6	964.6	-607.6	-103.3

Net Cash - Beginning Balance	7,678.3	7,389.5	5,844.6	5,978.1	5,632.7
Net Cash - Ending Balance	8,771.2	8,068.1	6,809.2	5,370.5	5,529.3
Cash Taxes Paid	1,069.5	1,066.6	571.2	190.2	778.3

Financial Health

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Key IndicatorsÂ USD (mil)
Â	Quarter Ending 30-Jun-2013	Quarter Ending Yr Ago	Annual Year End 31-Mar-2013	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	1,079.4	-22.81%	6,006.9	-7.45%	25.29%	1.25%
Operating Income1 (?)	351.5	-36.01%	2,227.6	-16.69%	55.22%	-0.65%
Income Available to Common Excl Extraord Items1 (?)	230.4	-35.49%	1,452.1	-13.21%	47.54%	-1.05%
Basic EPS Excl Extraord Items1 (?)	1.18	-35.49%	7.42	-13.20%	48.56%	0.15%
Capital Expenditures2 (?)	535.7	-	535.7	1.11%	62.81%	13.22%
Cash from Operating Activities2 (?)	1,914.5	-	1,914.5	12.13%	34.01%	2.87%
Free Cash Flow (?)	1,215.9	-	1,215.9	17.09%	27.11%	0.07%
Total Assets3 (?)	12,414.0	10.42%	12,957.1	7.83%	10.99%	3.09%
Total Liabilities3 (?)	1,148.7	-4.62%	1,380.1	-13.03%	16.43%	-5.09%
Total Long Term Debt3 (?)	0.0	-	0.0	-	-	-
Employees3 (?)	-	-	5261	1.21%	2.22%	1.46%
Total Common Shares Outstanding3 (?)	195.7	-0.01%	195.7	-0.01%	-0.01%	-1.19%
1-ExchangeRate: JPY to USD Average for Period	98.564314	Â	82.970472	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	82.970472	Â	82.970472	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	98.239969	Â	94.088557	Â	Â	Â

Key Ratios
Â	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Profitability
Gross Margin (?)	48.10%	51.32%	53.37%	39.87%	48.40%
Operating Margin (?)	37.08%	41.20%	41.97%	19.50%	33.91%
Pretax Margin (?)	38.37%	42.45%	43.37%	22.03%	38.41%
Net Profit Margin (?)	24.17%	25.78%	26.93%	14.80%	25.02%
Financial Strength
Current Ratio (?)	9.75	7.36	8.42	11.10	12.27
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Management Effectiveness
Return on Assets (?)	10.30%	13.01%	12.69%	4.09%	10.06%
Return on Equity (?)	11.64%	14.83%	14.13%	4.47%	11.13%
Efficiency
Receivables Turnover (?)	5.64	6.17	6.79	4.96	5.57
Inventory Turnover (?)	3.26	3.32	3.35	2.71	3.16
Asset Turnover (?)	0.42	0.50	0.47	0.27	0.38

Market ValuationÂ USD (mil)
P/E (TTM) (?)	30.32	.	Enterprise Value2 (?)	33,369.9
Price/Sales (TTM) (?)	8.58	.	Enterprise Value/Revenue (TTM) (?)	7.02
Price/Book (MRQ) (?)	2.96	.	Enterprise Value/EBITDA (TTM) (?)	17.93
Market Cap as of 11-Oct-20131 (?)	40,841.7	.
1-ExchangeRate: JPY to USD on 11-Oct-2013	98.109887
2-ExchangeRate: JPY to USD on 30-Jun-2013	98.239969

Annual Ratios

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Mar-2013	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009
Financial Strength
Current Ratio (?)	9.75	7.36	8.42	11.10	12.27
Quick/Acid Test Ratio (?)	8.68	6.37	7.38	9.84	10.84
Working Capital1 (?)	8,645.8	8,902.1	8,016.4	6,072.2	6,358.1
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Long Term Debt/Total Capital (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Total Capital (?)	0.00	0.00	0.00	0.00	0.00
Payout Ratio (?)	30.00%	30.00%	30.00%	30.00%	30.00%
Effective Tax Rate (?)	36.74%	39.00%	37.56%	31.76%	32.00%
Total Capital1 (?)	11,577.0	11,911.4	10,748.1	8,662.1	8,788.3

Efficiency
Asset Turnover (?)	0.42	0.50	0.47	0.27	0.38
Inventory Turnover (?)	3.26	3.32	3.35	2.71	3.16
Days In Inventory (?)	112.03	110.02	108.88	134.77	115.39
Receivables Turnover (?)	5.64	6.17	6.79	4.96	5.57
Days Receivables Outstanding (?)	64.69	59.14	53.73	73.62	65.58
Revenue/Employee2 (?)	1,006,859	1,257,456	1,063,972	550,513	799,972
Operating Income/Employee2 (?)	373,376	518,014	446,591	107,375	271,286
EBITDA/Employee2 (?)	409,471	554,130	478,355	137,430	301,185

Profitability
Gross Margin (?)	48.10%	51.32%	53.37%	39.87%	48.40%
Operating Margin (?)	37.08%	41.20%	41.97%	19.50%	33.91%
EBITDA Margin (?)	40.67%	44.07%	44.96%	24.96%	37.65%
EBIT Margin (?)	37.08%	41.20%	41.97%	19.50%	33.91%
Pretax Margin (?)	38.37%	42.45%	43.37%	22.03%	38.41%
Net Profit Margin (?)	24.17%	25.78%	26.93%	14.80%	25.02%
COGS/Revenue (?)	51.90%	48.68%	46.63%	60.13%	51.60%
SG&A Expense/Revenue (?)	11.02%	10.13%	10.84%	18.16%	13.77%

Management Effectiveness
Return on Assets (?)	10.30%	13.01%	12.69%	4.09%	10.06%
Return on Equity (?)	11.64%	14.83%	14.13%	4.47%	11.13%

Valuation
Free Cash Flow/Share2 (?)	6.21	6.06	7.10	3.05	3.58
Operating Cash Flow/Share 2 (?)	8.63	8.79	7.54	3.61	4.76
1-ExchangeRate: JPY to USD Period End Date	94.088557	82.385362	82.88	93.44	98.77
2-ExchangeRate: JPY to USD Average for Period	94.088557	82.385362	82.88	93.44	98.77

Current Market Multiples
Market Cap/Earnings (TTM) (?)	37.11
Market Cap/Equity (MRQ) (?)	3.62
Market Cap/Revenue (TTM) (?)	8.58
Market Cap/EBIT (TTM) (?)	24.24
Market Cap/EBITDA (TTM) (?)	21.92
Enterprise Value/Earnings (TTM) (?)	30.36
Enterprise Value/Equity (MRQ) (?)	2.96
Enterprise Value/Revenue (TTM) (?)	7.02
Enterprise Value/EBIT (TTM) (?)	19.83
Enterprise Value/EBITDA (TTM) (?)	17.93

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.98.29
Euro	1	Rs.84.12

INFORMATION DETAILS

Report Prepared by :

SDA

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%)