Consolidated Financial Highlights

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1 Financial Section For the Year Ended March 31,

2 Consolidated Financial Highlights Citizen Holdings Co., Ltd. and Consolidated Subsidiaries Years ended March 31, and 212 (except per share amounts) (except per share amounts) 212 For the year Net sales 272,5 279,786 $ 2,894,155 Operating income 11,549 16, ,862 Net income (loss) (8,855) 7,698 (94,23) At year-end assets 354,67 338,25 $ 3,773,87 net assets 192,49 188,853 2,46,91 Per-share Net income (loss) (27.33) $ (.29) Cash dividends applicable to the year Note: Yen amounts have been translated, for convenience only, at the rate of 94 to US$1, the approximate exchange rate on March 31,. Net sales ( millions) Net income (loss) ( millions) assets ( millions) 3,527 5,123 7, , ,52 284, , , (25,87) (8,855) 374,24 352,462 33, ,25 354, Contents Consolidated Financial Highlights 1 Five-Year Summary 2 Management s Discussion and Analysis 3~4 Consolidated Balance Sheets 5~6 Consolidated Statements of Operations 7 Consolidated Statements of Comprehensive Income (loss) 8 Consolidated Statements of Changes in Net Assets 9 Consolidated Statements of Cash Flows 1 Notes to Consolidated Financial Statements 11~2 Report of Independent Auditors (Translation) 21 Investors Information / Company Profile 22 1 ANNUAL REPORT

3 Five-Year Summary Citizen Holdings Co., Ltd. and Consolidated Subsidiaries Years ended March (except per share amounts) (Note 1) (except per share amounts) FOR THE YEAR: Net sales 272,5 279, , ,52 296,857 $ 2,894,155 Watches and Clocks 139,58 139, , , ,515 1,484,135 Machine tools 35,533 41,981 37,768 21,336 33, ,2 Electronic Devices 62,72 81,26 Devices and Components (Note 2) 59,852 61,412 72, ,728 Electronic Products 21,54 22,594 22,33 2,58 21,16 228,767 Other Products 15,651 14,427 15,182 24,91 28, ,55 Operating lncome 11,549 16,528 16,72 7,23 1, ,862 Income (loss) before income taxes and minority interests (9,42) 16,52 1,266 7,847 (31,67) (1,219) lncome taxes Current 3,636 3,891 3,725 2,13 3,72 38,685 Deferred (4,191) 4,828 1,247 3,56 (8,686) (44,587) Net income (loss) (8,855) 7,698 5,123 3,527 (25,87) (94,23) Per share data (yen and ) Net income (loss) Basic (27.33) (77.32) $ (.29) Diluted Cash dividends Depreciation 15,46 14,249 14,44 14,992 2, ,896 Capital expenditures 25,914 17,265 13,957 8,774 19, ,689 R&D expenditures 7,595 8,12 8,273 8,489 1,527 8,86 At Year-End: assets 354,67 338,25 33, , ,24 $ 3,773,87 net assets 192,49 188, , , ,23 2,46,91 Number of shares issued (thousands) 33,353 35,354 35,354 35,354 38,354 Notes: 1. Yen amounts have been translated, for convenience only, at the rate of 94 to US$1, the approximate exchange rate on March 31,. 2. Because the Company has applied the Accounting Standard for Disclosures about Segments of an Enterprise and Related Information and the Guidance on Accounting Standard for Disclosures about Segments of an Enterprise and Related Information, Devices and Components segment has newly established since year 212. ANNUAL REPORT 2

4 Management s Discussion and Analysis Citizen Holdings Co., Ltd. and Consolidated Subsidiaries Years ended March 31 I. OVERVIEW OF FINANCIAL RESULTS During the consolidated fiscal year under review, the Japanese economy was weak with the prolonged yen appreciation and the slowing global economy. In the second half, however, the yen depreciated at an accelerating pace to show a positive factor. The U.S. economy remained solid mainly in the individual consumption sector, even with some uncertainties such as the financial problem. On the other hand, the European economy remained in a severe situation with a sign that the debt crisis problem will be protracted even longer. China and other emerging countries saw their economic slowdown accelerated. Within this overall context, the Citizen Group, in pursuit of steady growth, focused on further strengthening its business structure, while working out a new growth strategy. As a result of these developments, the Citizen Group reported in the consolidated fiscal year under review a decrease in both sales and profits, with net sales of 272. billion yen (down 2.8% year-on-year), operating income of 11.5 billion yen (down 3.1% year-on-year), and ordinary income of 13.8 billion yen (down 17.5% year-on-year). The results included net loss of 8.8 billion yen (compared to a 7.6 billion yen net income in prior year) as a result of an extraordinary loss of 23.6 billion yen, which was set aside for structural reform to be implemented under the Citizen Global Plan 218 medium-term management plan newly developed in February. II. FINANCIAL POSITION As of the end of the consolidated fiscal year under review, assets increased by 16.6 billion yen year-on-year to billion yen. Current assets increased by 6.4 billion yen mainly because inventories increased by 5.6 billion yen. Fixed assets increased by 1.2 billion yen with a 4.6 billion yen increase in investment securities and a 4.3 billion yen increase in intangible fixed assets. Liabilities increased by 13. billion yen year-on-year to billion yen with a 15.8 billion yen increase in reserve for business restructuring losses. Net assets increased by 3.5 billion yen to billion yen with a 1.6 billion yen increase in foreign currency translation adjustments and a 25.4 billion yen decrease in retained earnings. III. CASH FLOWS For the consolidated fiscal year under review, cash and cash equivalents (hereinafter funds ) decreased by 1.4 billion yen year-on-year to 67.5 billion yen at the end of the consolidated fiscal year under review. Cash flows from operating activities Funds provided by operating activities decreased by.7 billion yen year-on-year to 18.7 billion yen. Major factors contributing to this result included 9.4 billion yen in loss before income taxes, 15.4 billion yen in depreciation, a 15.5 billion yen increase in reserve for business restructuring losses, a 6.3 billion yen decrease in receivables - trade, and a 9.8 billion yen decrease in payables trade. Cash flows from investing activities Funds used in investing activities decreased by 8.7 billion yen year-on-year to 23.8 billion yen. Major factors contributing to this result included 18. billion yen in outlays for the purchase of property, plant and equipment and a 5.4 billion yen outlays for the purchase of subsidiary shares. Cash flows for financing activities Funds provided by financing activities increased by 3.2 billion yen year-on-year to billion yen. Major factors contributing to this result included 1. billion yen in proceeds from bond issuance and 1.5 billion yen in outlays for the repayment of long-term debt. IV. RISKS The following factors may affect the Citizen Group s operating results, financial position, stock price and other figures. (i) Risks regarding our businesses The Citizen Group s main business is to manufacture and sell watches, machine tools, electronic devices, and electronic products. The Group operates its business all over the world, and our customers include both individuals and various manufacturers. Therefore, our operating results are influenced by various factors, some of which are listed below. Watches and Clocks Competition in the watch market is intensifying not only against Japanese brands, but also against high-end Swiss brands and low-end Chinese manufacturers along with alternative products such as mobile phones with watch functions. With regard to movement business, despite our high market share, volume growth is slowing down and low demand due to the rise of Chinese manufacturers may trigger price decline. Machine tools The machine tools business is susceptible to the effects of economic cycles and fluctuations in capital investment activity among companies, and competition is intensifying not only with domestic manufacturers but also manufactures in other parts of Asia. Devices and Components The devices and components business is characterized by rapid technological innovation and fierce competition among companies, so sales price declines or development delays, for example, can greatly impact business results. Results for opto-devices are greatly affected by developments among customers like mobile phone and lighting manufacturers. Results for Quartz crystals devices are also potentially highly dependent on what happens among mobile phone manufacturers, who are key customers. And patent licensing agreements are essential for the manufacture of some products, which could be seriously affected should a cooperative relationship underlying a patent agreement break down and access to the patent be lost. Electronic Products The electronic products business is susceptible to capital expenditure and personal consumption declines resulting from economic downturns and, therefore, could experience sales declines depending on economic conditions. In addition, with intense competition, with not only domestic manufacturers but also electronics manufacturers in China and other countries, and rapid technological innovation, sales price declines or development delays, for example, could impact business results. (ii) Overseas Sales As it is mentioned under segment section, overseas sales ratio of the Group is high. As our products are sold worldwide, the economy and the consumer trend, political and economic factors in each area may affect the operating results. (iii) Foreign currency fluctuation risk As mentioned in (ii), as our overseas sales ratio is high, we take 3 ANNUAL REPORT

5 foreign currency contracts, currency options, etc. as risk hedge. Although we are strengthening overseas production, our operating results are affected by the currency fluctuation. (iv) Manufacturing in China About 4% of the Group s products are manufactured overseas, and China is the main production base. Therefore, interruption in production owing to problems occurring in China, execution of any new regulations that may interfere with the production, appreciation of the Chinese yuan or other factors may influence our operating results. (v) Impairment Loss In case the market value of our assets declined significantly or the profitability of a business worsens, impairment loss will be recorded, affecting our operating results and financial positions. (vi) Patent and intangible property In its pursuit of R&D and production activities, the Citizen Group makes use of various technologies covered by intellectual property rights. Included among these intellectual property rights are ones owned by the Citizen Group and others we believe we have legitimately received licenses to use. Nevertheless, should a third party claim, based on grounds of which we are unaware, that its intellectual property rights have been violated, a dispute could arise the outcome of which could affect the business results of the Citizen Group. For some products in particular, manufacturing is based upon patent licenses, and the break down of the cooperative relationship underlying those licenses, and loss of access to the related patents, could affect business results. (vii) Risk related to natural disaster such as earthquakes The Citizen Group establishes a risk management system through simulation activities to avoid any human suffering or facility damages. However, if any earthquakes larger than expected occurs, it may have an impact on the production activities or product supply. It may also have a significant effect on the operating results and financial positions. (viii) Risk related to borrowings The Citizen Group s borrowings include syndicated loan and commitment line agreements it has entered into with financial institutions. Violations of the financial covenants of these agreements could result in demands for the accelerated repayment of the related borrowings and impact the Group s financial condition. (ix) Other risks The Group s operating results are influenced from various factors, such as changes of infrastructure and competition, changes of our financial and managerial situations, trading regulations in major markets and substantial changes in stock market and bond market. Net sales ( millions) Operating income ( millions) Net income (loss) ( millions) Cost of sales ( millions) (25,87) (8,855) 3,527 5,123 7,698 25,5 169,959 1, ,63 18, , Return on equity (%) net assets ( millions) 184,23 186, , , , (12.3) ,23 16,72 16,528 11, Basic net income (loss) per share ( ) assets ( millions) (77.32) (27.33) (4.7) ,24 352,462 33, ,25 354,67 296, ,52 284, , , ANNUAL REPORT 4

6 Consolidated Balance Sheets Citizen Holdings Co., Ltd. and Consolidated Subsidiaries March 31, and 212 ASSETS Current assets: 212 (Note 1) Cash and time deposits (Note 2 and 13) 71,15 73,26 $ 756,437 Notes and accounts receivable: (Note 13) Trade 6,342 61,49 641,942 Less: Allowance for doubtful accounts (1,63) (1,23) (17,61) 58,738 6, ,881 lnventories (Note 4) 73,781 68, ,912 Deferred tax assets (Note 5) 13,5 1,57 138,355 Other current assets (Note 13) 9,237 7,89 98,27 current assets 225, ,438 2,42,855 Property, plant and equipment, at cost (Note 11) Buildings and structures 15,72 13,828 1,124,49 Machinery and equipment 137,25 136,38 1,457,717 Tools, funiture and fixtures 43,94 42,75 458,452 Other tangibles , , ,431 3,51,214 Less: accumulated depreciation (229,863) (228,79) (2,445,354) 56,95 54,721 65,86 Land 11,727 12,43 124,763 Construction in progress 2,134 2,457 22,711 Property, plant and equipment, net 7,813 69, ,334 Investments and other assets lnvestment securities (Note 3 and 13) 34,6 29, ,771 Long-term loans (Note 13) ,797 Goodwill 7,2 6,412 76,596 Software 2,97 2,368 22,315 Other intangibles 5,528 1,652 58,816 Deferred tax assets (Note 5) 4,969 5,176 52,862 Others 3,775 3,42 4,163 Less: Allowance for doubtful accounts (321) (282) (3,422) investments and other assets 57,988 49,4 616,898 assets (Note 17) 354,67 338,25 $ 3,773,87 See notes to consolidated financial statements. 5 ANNUAL REPORT

7 LIABILITIES AND NET ASSETS (Note 1) 212 Current liabilities: Short-term loans payable and current portion of long-term debt (Note 6 and 13) 43,261 21,522 $ 46,233 Notes and accounts payable, trade (Notes 13) 16,174 19, ,65 Current portion of unsecured bonds (Note 13) 5 5 5,319 Income taxes payable (Note 5) 2,27 1,987 21,57 Deferred tax liabilities (Note 5) Accrued expenses 11,935 11,91 126,974 Accrued bonuses to employees 4,678 5,27 49,767 Provision for reorganization costs (Note 14) 14,4 1,99 153,2 Other current liabilities (Note 15) 2,646 22, ,639 current liabilities 113,638 84,349 1,28,917 Long-term liabilities: Long-term debt (Note 6 and 13) 2,15 5,65 214,365 Unsecured bonds (Note 6 and Note 13) 1, ,915 Deferred tax liabilities (Note 5) ,812 Reserve for retirement benefit plan (Note 7) 13,78 11, ,134 Provision for reorganization costs (Note 14) 3,326 35,386 Other long-term liabilities 1,47 1,155 15,648 long-term liabilities 48,622 64, ,26 liabilities 162,26 149,171 1,726,177 Net assets Common stock Authorized-959,752, shares in and 212 issued-33,353,89 shares and 35,353,89 shares in and ,648 32, ,329 Capital surplus 33,89 37,167 36,536 Retained earnings 127,8 152,562 1,351,925 Less: treasury stock, at cost (6,353,889 shares and 26,35,46 shares in and 212) (5,38) (22,319) (57,243) shareholders equity 188,239 2,59 2,2,547 Valuation and translation adjustments: Unrealized gain (loss) on available-for-sale securities 5,743 3,142 61,99 Deferred gain (loss) on hedges 51 Foreign currency translation adjustments (5,82) (15,755) (54,64) valuation and translation adjustments 661 (12,56) 7,35 Minority interests 3,58 1,354 37,328 net assets 192,49 188,853 2,46,91 liabilities and shareholders equity 354,67 338,25 $ 3,773,87 ANNUAL REPORT 6

8 Consolidated Statements of Operations Citizen Holdings Co., Ltd. and Consolidated Subsidiaries Years ended March 31, and 212 (Note 1) (except per share amounts) 212 Net sales (Note 17) 272,5 279,786 $ 2,894,155 Cost of sales 176,598 18,977 1,878,712 Gross profit 95,451 98,89 1,15,443 Selling, general and administrative expenses (Note 7 and 9) 83,92 82,28 892,581 Operating income (Note 17) 11,549 16, ,862 Other income (expenses): lnterest income ,873 Dividends income 1, ,9 lnterest expense (1,29) (1,25) (12,869) Loss on disposal of property, plant and equipment (557) (357) (5,936) Gain (loss) on sales of property, plant and equipment 1, ,719 Gain on sales of investment securities 112 1,22 Loss on valuation of investment securities (116) (57) (1,234) Loss on impairment (Note 11 and 17) (5,6) (234) (53,834) Reorganization costs (Note 14) (18,647) (657) (198,372) Foreign currency exchange gain (loss) 1,63 (761) 17,63 Casualty losses (Note 15) (111) Others, net 396 1,135 4,217 Other income (expenses), net (2,969) (25) (223,81) Income (loss) before income taxes and minority interests (9,42) 16,52 (1,219) Income taxes (Note 5): Current 3,636 3,891 38,685 Deferred (4,191) 4,828 (44,587) income taxes (554) 8,719 (5,92) Income (loss) before minority interests (8,865) 7,782 (94,317) Minority interests in income (loss) of consolidated subsidiaries (1) 84 (114) Net income (loss) (8,855) 7,698 $ (94,23) Per share of common stock: Net income (loss) Basic Cash dividends applicable to the year See notes to consolidated financial statements. Yen (27.33) (Note 1) $ (.29).9 7 ANNUAL REPORT

9 Consolidated Statements of Comprehensive Income(Loss) Citizen Holdings Co., Ltd. and Consolidated Subsidiaries Years ended March 31, and 212 (Note 1) 212 Income (loss) before minority interests (8,865) 7,782 $ (94,317) Other Comprehensive Income Unrealized gain (loss) on available-for-sale securities 2, ,669 Deferred gain (loss) on hedges (51) 51 (553) Foreign currency translation adjustments 1,5 (1,153) 111,73 Share of other comprehensive income (loss) in affiliates 153 (26) 1,631 other comprehensive income (loss) 13,22 (1,73) 14,45 comprehensive income 4,336 6,79 $ 46,133 comprehensive income (loss) attributable to Owners of the Company 4,367 6,625 $ 46,46 Owners of minority interests (3) 84 (327) ANNUAL REPORT 8

10 Consolidated Statements of Changes in Net Assets Citizen Holdings Co., Ltd. and Consolidated Subsidiaries Years ended March 31, and 212 Balance as of March 31, 211 Changes during the consolidated fiscal year Cash dividends Net income Repurchases of treasury stock Disposal of treasury stock Changes in the scope of consolidation Changes in the scope of affiliates Net changes other than shareholders equity Balance as of March 31, 212 Changes during the consolidated fiscal year Cash dividends Net income (loss) Repurchases of treasury stock Disposal of treasury stock Retirement of treasury stock Changes in the scope of consolidation Changes in capital increase of consolidated subsidiaries Net changes other than shareholders equity Balance as of March 31, Balance as of March 31, 212 Changes during the consolidated fiscal year Cash dividends Net income Repurchases of treasury stock Disposal of treasury stock Retirement of treasury stock Changes in the scope of consolidation Changes in capital increase of consolidated subsidiaries Net changes other than shareholders equity Balance as of March 31, Common stock Shareholders equity Capital surplus Treasury Retained stock, earnings at cost shareholders equity 32,648 37, ,84 (22,318) 194,338 32,648 () 37,167 () (3,276) (2,43) 7,698 (99) ,562 (2,916) (8,855) () (13,663) (13) (34) (1) (22,319) (1) 16,939 (2,43) 7,698 (1) (99) 553 2,59 (2,916) (8,855) (1) (13) (34) Valuation and translation adjustments Net unrealized Foreign gain (loss) on Deferred availablecurrency valuation gain (loss) and for-sale on hedges translation translation securities adjustments adjustments 3, ,142 2,6 (1,179) (15,755) 1,673 (1,73) (12,56) 13,222 Minority net interests assets (14,575) (11,487) 1, , (51) 72 1,354 2,153 (2,43) 7,698 (1) (99) 553 (1,) 188,853 (2,916) (8,855) (1) (13) (34) 15,376 32,648 33,89 127,8 (5,38) 188,239 5,743 (5,82) 661 3,58 192,49 Common stock Shareholders equity Capital surplus $ 347,329 $ 395,397 $1,623,11 $ (237,439) $2,128,298 $ 33,435 $ 553 (1) (34,86) Treasury Retained stock, earnings at cost (31,22) (94,23) () (145,352) (147) (362) (18) 2 18,212 shareholders equity (31,22) (94,23) (18) 1 (147) (362) (Note 1) Valuation and translation adjustments Net unrealized Foreign gain (loss) on Deferred availablecurrency valuation Minority net gain (loss) and interests assets for-sale on hedges translation translation securities adjustments adjustments 27,664 $ (167,615) $ (133,627) $ 14,414 $2,9,85 113,551 14,662 22,914 (31,22) (94,23) $ 347,329 $ 36,536 $1,351,925 $ (57,243) $2,2,547 $ 61,99 $ $ (54,64) $ 7,35 $ 37,328 $2,46,91 (553) (18) 1 (147) (362) 163,576 9 ANNUAL REPORT

11 Consolidated Statements of Cash Flows Citizen Holdings Co., Ltd. and Consolidated Subsidiaries Years ended March 31, and 212 Cash flows from operating activities: Income (loss) before income taxes and minority interests Depreciation and amortization Increase (Decrease) in reserve for retirement benefit plan Increase (Decrease) in provision for reorganization costs Increase (Decrease) in other provision Amortization of goodwill Interest and dividends income Interest expense (Gain) Loss on sale of investment securities, net Loss on valuation of investment securities (Gain) Loss on sales of properties, plant and equipment, net Loss on impairment Loss on disposal of properties, plant and equipment, net Decrease (increase) in receivables, trade Decrease (increase) in inventories Increase (decrease) in payable, trade Other Subtotal Interest and dividends received Interest payments Income taxes paid Net cash provided by operating activities (Note 1) 212 (9,42) 15, , ,296 (1,46) 1,29 (111) 116 (1,11) 5, , (9,844) (2,31) 22,171 1,396 (1,258) (3,519) 18,789 16,52 14, (1,332) (93) 1,11 (1,323) 1,25 57 (92) (1,959) (9,636) 2,74 3,99 23,694 1,317 (1,165) (4,3) 19,545 $ (1,219) 163,896 6, , ,794 (14,964) 12,869 (1,188) 1,234 (11,719) 53,834 5,936 67,33 1,91 (14,729) (24,485) 235,866 14,857 (13,389) (37,447) 199,887 Cash flows from investing activities: Payments for purchases of investment securities Proceeds from sales of investment securities Payments for purchases of property, plant and equipment Proceeds from sales of property, plant and equipment Payments for purchases of intangible assets Proceeds from sales of intangible assets Payments of loans Proceeds from collection of loans Payments for purchases of consolidated subsidiaries (Note 2) Other Net cash used in investing activities (1,194) 325 (18,47) 1,86 (1,551) (786) 62 (5,484) 457 (23,853) (55) 1 (14,519) 976 (1,239) (4) 328 () (224) (15,135) (12,74) 3,464 (191,997) 19,217 (16,55) 5 (8,362) 6,596 (58,343) 4,869 (253,76) Cash flows from financing activities: Increase (Decrease) in short-term debt Proceeds from long-term debt Repayments of long-term debt Proceeds from issuance of bonds Payments for redemption of convertible bonds Proceeds from issuance of stock in consolidated subsidiaries Proceeds from sales of treasury stock Payments for purchases of treasury stock Dividends paid Other Net cash provided by (used in) financing activities (7,829) 1, (1,5) 1, (5) 1,999 (1) (2,939) (133) 95 (177) () (5) (1) (2,437) (81) (3,198) (83,292) 16,383 (111,73) 16,383 (5,319) 21,274 1 (18) (31,268) (1,422) 1,19 Foreign currency translation adjustments on cash and cash equivalents Net decrease in cash and cash equivalents Increase in cash and cash equivalents due to change in scope of consolidation Cash and cash equivalents at the beginning of year Cash and cash equivalents at the end of year (Note 2) See notes to consolidated financial statements. 3,547 (1,42) 68,937 67,517 (1,494) (282) 1,19 68,21 68,937 37,743 (15,111) 733,383 $ 718,272 ANNUAL REPORT 1

12 Notes to Consolidated Financial Statements Citizen Holdings Co., Ltd. and Consolidated Subsidiaries Years ended March 31, and 212 Note 1 Basis of presenting consolidated financial statements The accompanying consolidated financial statements of Citizen Holdings Co.,Ltd. (the Company ) and consolidated subsidiaries (collectively, the Companies ) are prepared on the basis of accounting principles generally accepted in Japan, which are different in certain respects as to the application and disclosure requirements of International Financial Reporting Standards, and have been compiled from the consolidated financial statements prepared by the Company as required by the Financial Instruments and Exchange Act of Japan. In preparing these consolidated financial statements, certain reclassifications and rearrangements have been made to the consolidated financial statements issued domestically in order to present them in a form, which is more familiar to readers outside Japan. The consolidated financial statements are stated in Japanese yen, the currency in which the Company is incorporated and mainly operates. The translation of Japanese yen amounts into U.S. dollar amounts are included solely for the convenience of readers outside Japan and have been made at the rate of 94 to U.S. $1, the approximate rate of exchange at March 31,. Such translation should not be construed as a representation that the Japanese yen amounts could be converted into at that or any other rate. As permitted by the Financial Instruments and Exchange Act, for the years ended March 31, and 212, amounts of less than one million yen have been omitted. Consequently, totals shown in the accompanying consolidated financial statements for the years ended March 31, and 212 do not necessarily agree with the sums of the individual amounts. In preparing these consolidated financial statements, certain reclassifications and rearrangements have been made to the Company s consolidated financial statements issued domestically in order to present them in a format which is more familiar to readers outside Japan. Note 2 Summary of significant accounting policies a. Consolidation The Company had 134 subsidiaries at March 31, (124 for 212). The consolidated financial statements include the accounts of the Company and 1 (88 for 212) of its significant consolidated subsidiaries (collectively, the Group ). Under the control or influence concept, those companies in which the parent company, directly or indirectly, is able to exercise control over operations are fully consolidated. The remaining 34 (36 for 212) non-consolidated subsidiaries whose combined assets, net sales, net income and retained earnings are not significant in the related consolidated totals, have not been consolidated with the Company. Investments in non-consolidated subsidiaries and affiliates (generally 2% - 5% ownership) over which the Company has the ability to exercise significant influence in operating and financial policies are accounted for by the equity method. Equity method is applied to two affiliates for (two for 212). Investments in non-consolidated subsidiaries and affiliated companies other than the above (companies owned 2% to 5%) which have immaterial effect on the consolidated financial statements are accounted for at cost. All significant inter-company balances and transactions have been eliminated in consolidation. All material unrealized profits included in assets resulting from transactions within the Group are eliminated. b. Cash and cash equivalents Cash equivalents comprise demand deposits in financial institutions and highly liquid, short-term investments with low risk of fluctuations in value for which the maturity expires within three months. The balance of cash and cash equivalents as of March 31, and 212 are reconciled with the balance sheet as follows: Balance sheet: Cash and time deposits Less: Time deposits over three months Cash and cash equivalents ,15 3,587 67,517 73,26 4,88 68,937 $ 756,437 38,165 $ 718,272 Six companies were acquired and became consolidated subsidiaries of the Company in. The primary assets and liabilities of these companies as of the timing of consolidation, the acquisition costs, cash and cash equivalents, and payments for purchases of the subsidiaries are shown below. Current assets Fixed assets Goodwill Current liabilities Long-term liabilities Minority interests Acquisition costs Cash and cash equivalents Payments for purchases of consolidated subsidiaries 2,413 4,12 1,65 (827) (1,14) (132) 6,38 (554) 5,484 $ 25,677 43,832 17,79 (8,799) (12,137) (1,49) 64,234 (5,9) $ 58,343 c. Marketable and investment securities Marketable and investment securities are designated as available-for-sale which are stated as fair value, with unrealized gains and losses, net of applicable taxes, reported in a separate component of equity. Realized gains and losses are determined on the moving average method and included in the consolidated statements of income. d. Allowance for doubtful accounts Allowance for doubtful accounts is determined based on past credit loss experience and management s evaluation of potential losses in outstanding receivables and loans. 11 ANNUAL REPORT

13 e. Inventories Inventories held for sale in the ordinary course of business are measured at the lower of cost or net realizable value, which is defined as selling price less estimated additional manufacturing costs and estimated direct selling expenses, determined by the weighted average method. f. Property, plant and equipment Property, plant and equipment are stated at cost. Depreciation is mainly computed on the declining-balance method at the rates based on the estimated useful lives of the respective assets ranging from 2 to 6 years for buildings and from 2 to 1 years for machinery and equipment. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to undiscounted future cash flows expected to be generated by the asset. If such assets are considered to be impaired, impairment loss is recognized equal to the excess of the carrying amount over the estimated fair value of the asset. Maintenance and repairs, including minor renewals and improvements, are charged to income as incurred. g. Goodwill and other intansible assets Goodwill is amortized on a straight-line basis over reasonable economic life up to 2 years with the exception of minor differences, which are charged or credited to income in the period of acquisition. Software and other intangible assets are amortized by the straight-line method over the estimated useful lives of the respective assets. h. Leases For finance leases that do not transfer ownership of the leased property to the lessee, depreciation expenses are computed on the straight-line method over the lease period as the useful lives and assuming no residual value. Finance leases transaction without transferring ownership of which starting date of lease transaction is prior to April 1, 28, continue to be accounted for as operating leases with disclosure of certain as if capitalized information. i. Retirement benefit plan The Company and its domestic consolidated subsidiaries provide a reserve for retirement benefits based on projected benefit obligations and plan assets at the balance sheet date. Unrecognized transitional difference was mainly charged to income as incurred. Unrecognized prior service costs and actuarial differences are amortized by using the declining-balance method over the period which is less than the average remaining years of employment. j. Income taxes The provision for income taxes is computed based on the pretax income included in the consolidated statements of income. Deferred income taxes are recorded based on the asset and liability method to reflect the impact of temporary differences between assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes. These deferred taxes are measured by applying then prevailing tax law to the temporary differences. A valuation allowance is established, when necessary to reduce deferred tax assets to their estimated realizable amounts. The Company and its wholly-owned domestic subsidiaries compute current taxes based on the consolidated taxable income as permitted by Japanese tax regulations. k. Foreign currency translation Assets and liabilities denominated in foreign currencies are translated into Japanese yen at the exchange rates prevailing at the balance sheet date. The foreign currency exchange gains and losses resulting from the settlement of these items are included in the consolidated statements of income. Balance sheet accounts overseas consolidated subsidiaries are translated into Japanese yen at the balance sheet date rates except for equity accounts, which are translated at the historical rates. Income statements of overseas consolidated subsidiaries are translated at average rates in effect during the year. Resulting translation differences in yen arising from the use of different rates are includes and presented as minority interest and foreign currency translation adjustments in the net assets. l. Per share information The computation of net income per common share is based on the weighted average number of shares outstanding during each year. The average number of common shares used in the computation was 324,1 thousand shares and 324,4 thousand in and 212, respectively. Diluted net income per common share assumes full conversion of the outstanding convertible bonds at the beginning of the year or at the date of issuance with applicable adjustment for related interest expense, net of tax. Cash dividends per common share presented in the accompanying consolidated statements of income are dividends applicable to the respective years including dividends to be paid after the end of the year. m. Derivative financial instruments The Group has derivative instruments, such as foreign currency forward, and interest rate swap, to manage foreign currency and interest rate risks and does not use the derivative instruments for trading purposes. Transactions of foreign currency forward are designated for hedging and stated at fair value, and gains and losses are recognized in the consolidated statements of income. The interest rate swaps that quality for hedge accounting and meet specific matching criteria are not remeasured at market value. ANNUAL REPORT 12

14 n. Accounting changes and error corrections (Changes in depreciation method) Pursuant to an amendment to the Corporation Tax Act, the Company and its domestic consolidated subsidiaries changed the depreciation method starting from the first quarter under review based on the stipulations in the amended Act for property, plant and equipment acquired on and after April 1, 212. Impacts on earnings results caused by this change are immaterial. o. New accounting pronouncement Accounting Standard for Retirement Benefits Accounting Standard for Retirement Benefits (Statement No.26 by ASBJ on May 17, 212) and Guidance on Accounting Standard for Retirement Benefits (Guidance No.25 by ASBJ on May 17, 212) have been issued. The standard shall be effective at the end of fiscal year 214. The Company is currently evaluating the impact that this standard may have on the consolidated financial statements. Note 3 Investment securities Investment securities consist of equity securities. Unrealized gain and fair value pertaining to available-for-sale securities as of March 31, and 212 are as follows: Unrealized Cost Fair value gain Available-for-sale Equity securities $158,452 $241,87 $ 82,635 Major securities with no market value and their amounts on the consolidated balance sheets as of March 31, and 212 are as follows: 212 Subsidiaries and affiliates 3,456 3,27 $ 36,771 Unlisted equity securities 8,445 8,412 89,843 Other ,17 Provision for devaluation of investment securities of 667 million ($ 7,11 thousand) and 499 million were recorded as of March 31, and 212, respectively. Note 4 Inventories Inventories as of March 31, and 212 are as follows: Finished goods Work-in-process Raw materials Cost Fair value 212 Unrealized gain Cost Fair value Unrealized gain Available-for-sale Equity securities 14,894 22,662 7,767 14,199 18,327 4, ,646 34,16 $ 4,494 2,922 2,77 222,582 15,212 13, ,836 73,781 68,177 $ 784,912 Note 5 Income taxes The Company and its domestic consolidated subsidiaries are subject to Japanese national and local taxes based on income. Overseas subsidiaries are subject to income taxes of the countries in which they operate. Major components of deferred tax assets and liabilities at March 31, and 212 are as follows: Deferred tax assets: Depreciation in excess Inter-company profits and write down on inventory Reserve for retirement benefit plan Net operating loss carry-forward Provision for reorganization costs Others deferred tax assets Less: Valuation allowance deferred tax assets Deferred tax liabilities: Unrealized gain on securities Undistributed earnings of foreign subsidiaries Others deferred tax liabilities Net deferred tax assets 212 4,928 6,141 4,565 7,198 6,61 11,621 41,54 (18,734) 22,32 (2,142) (1,92) (843) (4,96) 17,413 4,799 5,874 4,35 8, ,457 36,331 (18,49) 17,922 (1,83) (1,61) (498) (3,183) 14,738 $ 52,433 65,338 48,57 76,577 7, ,61 436,754 (199,33) $ 237,451 $ (22,791) (2,433) (8,972) (52,196) $ 185,255 The net deferred tax assets as of March 31, and 212 are presented as follows: 212 Current assets Deferred tax assets 13,5 1,57 $ 138,355 Investments and other assets Deferred tax assets 4,969 5,176 52,862 Current liabilities Deferred tax liabilities Long-term liabilities Deferred tax liabilities ,812 Reconciliation of the differences between the statutory tax rate and the effective tax rates as of March 31, and 212 are as follows: Statutory tax rate Expenses not deductible for tax purposes Non-taxable dividend income Changes in valuation allowance Amortization of goodwill Difference of statutory tax rate in subsidiaries Changes in tax effect of foreign subsidiaries Charge in tax law Other, net Tax rate changes due to tax reform Note: Due to net loss in, reconciliation of tax rate was omitted % 1.8% 2.7% 6.6% 2.7% 7.6% 1.% 8.9% 1.4% 52.8% 13 ANNUAL REPORT

15 Notes to Consolidated Financial Statements Note 6 Short-term loans payable, long-term debt and unsecured bonds Short-term loans payable represent primarily overdrafts from banks bearing interest at 1.8% and 2.1% per annum (weighted average interest rate) at March 31, and 212, respectively. Short-term bank loans at March 31, and 212 consisted of the following: 212 Unsecured 2,761 6,22 $ 29,381 Long-term debt are loans principally from banks and insurance companies due through 22 with interest rate of 1.8% in and 212. Long-term debt at March 31, and 212 consisted of the following: 212 Unsecured 6,65 66,15 $ 645,217 Less amount due within one year 4,5 15,5 43,852 2,15 5,65 $ 214,365 The annual maturities of long-term debt at March 31, are as follows: Year ending March 31, and thereafter Long-term loans payable 4,5 1,15 1, 6,65 Long-term loans payable $ 43,852 17, ,383 $ 645,217 Unsecured bonds at March 31, and 212 consisted of the following: 212 Unsecured 1,55 1,5 $ 112,234 Less amount due within one year 5 5 5,319 1,5 55 $ 16,915 The annual maturities of unsecured bonds at March 31, are as follows: Year ending March 31, Long-term loans payable 5 5 1, Long-term loans payable $ 5, ,383 Note 7 Reserve for retirement benefit plan Upon terminating employment, employees of the Company and its domestic subsidiaries are entitled, under most circumstances, to lump-sum indemnities or pension payments. The Company and its consolidated subsidiaries have established the following defined retirement benefit plans: a defined contribution plan and retirement lump-sum plan. The liability for employees severance indemnities at March 31, and 212 consists of the following Projected benefit obligations Plan assets Unfunded benefit obligations Unrecognized net transition assets Unrecognized actuarial differences Unrecognized prior service costs Reserve for retirement benefit plan Prepaid pension costs Net amount recognized The components net periodic benefit costs for the years ended March 31, and 212 are as follows: Service cost Interest cost Expected return on plan assets Amortization of net transition asset Amortization of prior service cost Amortization of actuarial differences Net periodic benefit costs 212 2,65 2,33 $ 28, ,557 (59) (4) (635) (48) (11) (52) ,251 2,899 2,59 $ 3,846 Assumption used at March 31, and 212 are as follows: Discount rate Expected return on plan assets Amortization of prior service cost Amortization of actuarial losses ~3.8% 2.%.5~7.% 2.% 5 years 5 years 5 years 5 years Note 8 Contingent liabilities Contingent liabilities as of March 31, and 212 are as follows: Bank loans guaranteed and other Notes receivable discounted 212 (16,347) (13,683) $ (173,912) 2,586 1,214 27,512 (13,761) (12,468) (146,4) ,487 (2) (24) (221) (13,78) (13,78) (11,976) (11,976) (139,134) $ (139,134) $ 5,97 3 Note 9 Research and development costs Research and development costs incurred and charged to income for the years ended March 31, and 212 were 7,595 million ($8,86 thousand) and 8,12 million, respectively. ANNUAL REPORT 14

16 Note 1 Leases As described in Note 2, h, under the existing accounting standards, finance leases, commenced prior to April 1, 28, which do not transfer ownership of leased property to the lessee are accounted for in the same manner of operating leases. Equivalent amounts of purchase price, accumulated depreciation and book value of leased properties were as follows (including the interest portion thereon): Machinery and equipment, etc. Acquisition cost Accumulated depreciation Accumulated impairment losses Net book value 212 1,169 (946) 222 2,578 (1,854) (398) 326 $ 12,441 (1,73) $ 2,368 The equivalent amounts of future lease payments as of March 31, and 212 are as follows: 212 Due within one year $ 2,152 Due after one year $ 2,368 Future lease payments are calculated before deducting portions attributable to interest charges, as the book value equivalent of accrued lease expenses accounts for only small percentage of property, plant and equipment. Lease payments and depreciation equivalents as of March 31, and 212 are as follows: 212 Lease payments Depreciation equivalents Amortization of provision for impairment $ 1,866 1, The amounts of outstanding future lease payments due in respect of operating lease contracts at March 31, and 212 are summarized as follows: 212 Within one year ver one year $ $ 655 Note 11 Impairment of fixed assets The Company and its subsidiaries classified their fixed assets into groups by the type of respective operations based on the business segment divided by managerial accounting categories, which are regarded as the smallest units independently generating cash flows. The Group recognized impairment losses on fixed assets for the years ended March 31, and 212. Type 212 Buildings and structures 2, $ 23,86 Machinery,equipment and vehicles 1, ,941 Land 1,19 1,841 Other ,192 5,6 234 $ 53,834 The main breakdown of impaired assets for the years ended March 31, and 212 as follows: For the year Location Nishitokyo-city, Tokyo Miyota-machi, Nagano Nishishirakawagun-Fukushima China Other For the year 212 China Other Location Use Assets for business Production facilities Idle facilities Production facilities Assets for business Use Assets for business Idle facilities Type Buildings and structures Machinery and equipment Buildings and structures Machinery and equipment Land Type Buildings and structures Machinery and equipment Note 12 Derivative transactions Fair value of derivative transactions as of March 31, and 212 are as follows: (a) Derivative transactions which are not designated for hedge accounting 212 Note: The fair values of foreign currency forward contracts are based on market quotations. (b) Derivative transactions which are designated for hedge accounting 212 over 1year Fair value over 1year Fair value Foreign currency forward contract: To buy 4, Note: The fair values of foreign currency forward contracts are based on market quotations. Fair value Foreign currency forward contract: To sell To buy 9,977 1,91 (37) 9 11,95 1,639 Fair value (394) (18) 212 over 1year Fair value over 1year Fair value Interest rate swap 52, 2, Note 52, 42, Note over 1year Note: Interest rate swap is qualified for hedge accounting and meets specific criteria. The fair value of the interest rate swap is included in fair value of long-term debt. Fair value $16,143 $ (3,276) 2, Fair value Interest rate swap $ 553,191 $ 212,766 Note 15 ANNUAL REPORT

17 Notes to Consolidated Financial Statements Note 13 Financial instruments (a) Status of financial instruments (1) Policies According to the Company s policy, the Group is limited to short-term deposits for fund management and obtains fund through financial institutions. Derivatives are made for only hedging purposes, and the Group does not use derivative transactions for trading purposes. (2) Risk management The Group performs ongoing credit evaluations of significant customers to avoid credit risks of notes and accounts receivable. The Group monitors the market price or fair value of the investment securities and continuously reconsiders investment in each company. Short-term loans payable are made for working capital purposes, and long-term debt and bonds are for funding of investment purposes. The Group has derivatives, such as foreign currency exchange forward, foreign currency option and interest rate swap, and all derivatives are designated for hedging purposes. (3) Estimated fair value The fair value of financial instruments is based on market price, if available. If market price is not available, the fair value is reasonably estimated. Estimated fair value depends on applied assumptions and factors. (b) Fair value of financial instruments The table below shows the amounts of financial instruments recorded in the consolidated balance sheets and their fair values as of March 31, and 212, as well as their differences. Carrying amount Fair value Unrealized Cash and time deposits Notes and accounts receivable, trade Investment securities Available-for-sale securities Long-term loans 71,15 6,342 22, ,87 71,15 6,329 22, ,74 (12) () (12) Notes and accounts payable,trade Short-term bank loans Unsecured bonds Long-term debt Derivatives 16,174 2,761 1,55 6,65 9,136 (298) 16,174 2,761 1,579 61,33 9,548 (298) Carrying amount Fair value Unrealized Cash and time deposits 73,26 73,26 Notes and accounts receivable, trade 61,49 61,468 (22) Investment securities Available-for-sale securities 18,327 18,327 Long-term loans () 153, ,599 (22) Notes and accounts payable,trade 19,135 19,135 Short-term bank loans 6,22 6,22 Unsecured bonds 1,5 1,49 () Long-term debt 66,15 66, ,358 92, Derivatives (329) (329) U.S.dollars Carrying amount Fair value Unrealized Cash and time deposits $ 756,437 $ 756,437 $ Notes and account receivable, trade 641, ,88 (134) Investment securities Available-for-sale securities 241,87 241,87 Long-term loans 1,42 1,4 (2) $1,649,868 $1,649,732 $ (136) Notes and accounts payable,trade $ 172,65 $ 172,65 $ Short-term loans payble 29,381 29,381 Unsecured bonds 112, , Long-term debt 645, ,294 4,77 $ 958,897 $ 963,283 $ 4,386 Derivatives $ (3,175) $ (3,175) $ Method of fair value measurement of financial instruments: Assets: Cash and time deposits The carrying amount of these accounts approximates their fair value because these accounts are settled in a short period of time. Notes and accounts receivable The fair value of certain notes and accounts receivable, that take time to collect, is measured as present value obtained by discounting the amounts classified by aging at a rate reasonably calculated with corresponding terms to maturities. For other notes and accounts receivables, that are settled in a short period of time, the carrying amount of these accounts approximates their fair value. Investment securities The fair values of equity securities are based on the prices at exchange market. Long-term loans The fair value of long-term loans receivable is measured as present value obtained by discounting the future cash flows classified by certain period at an adequate rate such as market rate with credit-spread taken into account. However, as the interest rates of long-term loans receivable with floating rate are to be revised by certain prescribed period, their carrying amount approximate their fair value. ANNUAL REPORT 16

18 Liabilities: Notes and accounts payable and Short-term loans payable The carrying amount of these accounts approximates their fair value because these accounts are settled or repaid in a short period of time. Bonds Since the market price is not available, the fair value of Bonds is measured as present value obtained by discounting amounts of principles, interests and guarantee fees at a rate with term to maturity and credit risk taken into account. Long-term debt The fair value of long-term debt is measured as present value obtained by discounting total amount of principles and interests at an assumed rate for similar new borrowings. However, as the interest rates of long-term dept with floating rate are to be revised by certain prescribed period, their carrying amount approximate their fair value. Unmarketable securities of 8,445 million ($89,843 thousand) and 8,412 million as of March 31, and 212, are not included in Investment securities, Available-for-sale securities since their market prices are not available and it is not possible to estimate their future cash flows, and therefore it is deemed extremely difficult to assume their fair value. Expected maturities of cash and time deposits, notes and accounts receivable and long-term loans at March 31, are as follows: Cash and time deposits Notes and accounts receivable, trade Long-term loans Cash and time deposits Notes and accounts receivable, trade Long-term loans Within one year 71,15 58, Within one year $ 756, ,665 2,66 over one year within five years 1, over one year within five years $ 16,277 7,797 over five years within ten years Note 14 Reorganization costs The total amount of reorganization costs are as follows. over ten years Reorganization costs in the consolidated statements of operations for the years ended March 31, and 212 relate to expenses for restructuring of the Company and its consolidated subsidiaries. The major items in the costs are the severance payments for the workforce and reorganization of production systems with consideration of unprofitable productions. over five years within ten years $ over ten years $ 212 Reorganization costs 18, $ 198,372 Note 15 Casualty losses Loss relating to the Great East Japan Earthquake which occurred on March 11, 211 was as follow: 212 Recovery and repair costs Fixed costs during inactive period 11 1 $ 111 $ Note: Provision for casualty loss of 7 million is included other current liabilities on the balance sheet as of March 31, 212. Note 16 Acquisition 1. Overview of business acquisition (1) Name and business activities of acquired company Name Prothor Holding S.A. Business activities Manufacture and sales of mechanical watch and parts., etc. (2) Reason and purpose of acquisition The watch industry saw a temporary downturn triggered by the financial crisis, but since then it has been recovering steadily. In particular, the demand for high-class Swiss mechanical watches has been increasing, primarily in emerging markets including China, and we think that it is vital that we enter into the high-class watch market in order to achieve further growth of our watch business. By welcoming Prothor Holding S.A. (herecfter Prothor ) which is skilled in developing and manufacturing high-class add-value mechanical movements, to our group, we can use Prothor s mechanical movements in the Swiss-made collection of our brands and licensed brands, which will help differentiate our high-end products. In addition, this acquisition will contribute to the strengthening of our R&D ability in the area of Japan-made mechanical movements in the future. The decision to acquire Prothor was made after considering the above. (3) Date of business merger April 2, 212 (4) Legal form of acquisition Stock purchase (5) Post-acquisition percentage of voting rights 1% 2. Business results period of acquired company included in the consolidated financial statements As the acquisition date was deemed to be April 1, 212, the business results of the acquired company for the period from April 1, 212 to March 31, were included in the consolidated financial statements. 3. Description of acquisition cost Purchase price Direct acquisition cost acquisition cost 5, ,938 $ 61,236 1,942 $ 63, ANNUAL REPORT

19 Notes to Consolidated Financial Statements 4. Description of goodwill (1) Value of goodwill 1,635 million yen ($17,44 thousand) (2) Nature of goodwill The acquisition cost was excess of the market value of the net assets. (3) Amortization method and period Goodwill is amortized on a straight-line basis over 1 years. 5. Intangible assets In the allocation of acquisition cost, intangible assets of 3,588 million were recognized and will be amortized over the useful lives. 6. Value of assets and liabilities received on the day of acquisition Current assets Fixed assets assets Current liabilities Long-term liabilities liabilities 2,72 4,11 6, ,113 1,879 $ 22,48 43,727 65,775 8,156 11,843 $ 19,999 Note 17 Segment information (a) General information about reportable segments: A reportable segment is a component or an aggregated component of the Group. For each of the components, its discrete financial information is available and its operating result is regularly reviewed by the management to make decisions about resources to be allocated to the segment and assess its performance. The Group divides the business into five reportable segments, Watches and Clocks, Machine tools, Devices and Components, Electronic Products and Other Products. (b) Basis of measurement of reported segment net sales, segment profit or loss, segment assets and other items: The accounting policies applied in each reportable segment are generally consistent with that applied for the preparation of the consolidated financial statements. Segment performance is evaluated based on operating income or loss. Intersegment sales or transfers are determined based on current market prices. Reportable segment information as of and for the years ended March 31, and 212 are as follows: March 31, I. Net sales and operating income Net sales (1) Sales to outside customers (2) Inter-segment sales and transfers Segment profit (loss) Segment assets Watches and Clocks 139,58 3,84 142,593 1, ,836 Machine tools 35, ,6 2,97 46,431 Devices and Components 59,852 5,344 65, ,469 Electronic Products 21,54 1,38 22, ,568 Other Products 15, , ,742 Segment total 272,5 1,68 282,731 14, ,48 Eliminations or general corporate (1,68) (1,68) (3,386) 26,622 Consolidated totals 272,5 272,5 11, ,67 II. Other Depreciation Investment in affiliates Capital expenditures Amortization of goodwill 6,896 14,242 1,271 1,43 1,571 1,87 5,463 7, ,312 1,571 24,546 1,296 1,94 1,368 15,46 1,571 25,914 1,296 March 31, 212 I. Net sales and operating income Net sales (1) Sales to outside customers (2) Inter-segment sales and transfers Segment profit (loss) Segment assets Watches and Clocks 139,369 4,39 143,48 13,47 149,347 Machine tools 41, ,552 5,9 48,248 Devices and Components 61,412 5,17 66, ,432 Electronic Products 22,594 1,77 23, ,75 Other Products 14, ,386 (387) 15,897 Segment total 279,786 11, ,54 19, ,677 Eliminations or general corporate (11,753) (11,753) (3,35) 26,348 Consolidated totals 279, ,786 16, ,25 II. Other Depreciation Investment in affiliates Capital expenditures Amortization of goodwill 6,342 8,566 1,11 1,174 1,318 2,92 4,959 4, ,24 1,318 16,124 1,11 1,225 1,141 14,249 1,318 17,265 1,11 ANNUAL REPORT 18

20 March 31, I. Net sales and operating income Net sales (1) Sales to outside customers (2) Inter-segment sales and transfers Segment profit (loss) Segment assets Watches and Clocks $1,484,135 32,813 1,516, ,571 1,764,223 Machine tools $378,2 5,63 383,623 22,31 493,948 Devices and Components $ 636,728 56, ,584 9,958 99,25 Electronic Products $228,767 11,48 239,815 4, ,62 Other Products $166,55 7,34 173,89 5, ,833 Segment total $2,894, ,624 3,7, ,888 3,489,874 Eliminations or general corporate $ (113,624) (113,624) (36,26) 283,213 Consolidated totals $2,894,155 2,894, ,862 3,773,87 II. Other Depreciation Investment in affiliates Capital expenditures Amortization of goodwill 73, ,519 13,523 15,218 16,723 19,224 58,119 81, ,225 7,29 1,327 1,81 152,256 16, ,133 13,794 11,64 14, ,896 16, ,689 13,794 Notes: For the year : 1. Eliminations or general corporate segment profit (loss) totaling (3,386) million ($(36,26) thousand) includes intersegment elimination of (183) million ($(1,952) thousand) and general corporate expenses of (3,22) million ($(34,73) thousand) not allocated to any reportable segments. 2. Eliminations or general corporate segment assets totaling 26,622 million ($283,213 thousand) includes intersegment elimination of (77,22) million ($(821,298) thousand) and general corporate assets of 13,824 million ($1,14,511 thousand) not allocated to any reportable segments. 3. Reported segment income or loss is reconciled to operating income in the consolidated statements of income. For the year 212: 1. Eliminations or general corporate segment profit (loss) totaling (3,35) million includes intersegment elimination of 15 million and general corporate expenses of (3,51) million not allocated to any reportable segments. 2. Eliminations or general corporate segment assets totaling 26,348 million includes intersegment elimination of (76,416) million and general corporate assets of 12,765 million not allocated to any reportable segments. 3. Reported segment income or loss is reconciled to operating income in the consolidated statements of income. (c) Other information 1) Overseas sales for the years ended March 31, and 212 Japan Asia America Europe Others Note: Overseas sales are reported based on locations of customers. 2) Property, plant and equipment as of March 31, and 212 Japan Asia Others ,99 17,48 $ 1,84,143 84,558 88, ,558 5,971 49, ,253 32,286 31, ,47 2,324 1,971 24, ,5 279,786 $ 2,894, ,548 54,975 $ 548,387 15,342 11, ,218 3,922 2,881 41,729 7,813 69,582 $ 753,334 3) Loss on impairment for the years ended March 31, and 212 Loss on impairment Watches and Clocks Machine tools Devices and Components Electronic Products Other Products Eliminations or general corporate Consolidated totals $ ,737 2, , , , ,28 5,6 234 $ 53, ANNUAL REPORT

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