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Annual Report

Annual Report

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09/22/2010

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 ANNUAL REPORT
Year Ended March 31, 2004
 
Makino Milling Machine Co., Ltd. is a manufacturer of advanced machine tools, founded in May 1937. Its corporate mis-sion is to contribute to the development of industry in Japan and around the world by quickly discerning and responding toindustrial trends with technological innovation.Makino’s state-of-the-art machine tools and machining technologies are used in the manufacturing systems of companiesin a wide range of industries. Working with local partners possessing strong technical capabilities, Makino has built anextensive sales network in the United States, Europe and Asia, capable of responding to changes in global machine tooldemand and structural changes in manufacturing operations.Major products lines: Machining centers, Numerical control (NC) electrical discharge machines (EDM), Milling machinesand other products
FIVE-YEAR FINANCIAL SUMMARY
Makino Milling Machine Co., Ltd. and its consolidated subsidiariesYears ended March 31
TO OUR SHAREHOLDERS AND INVESTORS.................................
1
FINANCIAL REVIEW....................................................................
3
CONSOLIDATED BALANCE SHEETS.............................................
4
CONSOLIDATED STATEMENTS OF INCOME................................
6
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
.........
7
CONSOLIDATED STATEMENTS OF CASH FLOWS
................................
8
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.................
9
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
.......
16
BOARD OF DIRECTORS AND CORPORATE AUDITORS.................
17
CORPORATE DATA.....................................................................
17
CONTENTS
Thousands ofMillions of yenU.S. dollars
2000200120022003
20042004
Net Sales¥69,179¥84,360¥75,660¥65,889
 ¥83,835$790,896
Net Income (Loss)(2,053)655(784)(2,727)
1,92018,113
Total ShareholdersEquity53,96151,50850,060 45,216
46,662440,208
Total Assets129,874 138,003 133,278 113,806
134,0501,264,623
YenU.S. dollars
Net Income (Loss) per Share
Basic¥(22)¥7 ¥(8)¥(30)
 ¥20$0.19
Diluted
16.120.15
Number of Employees
2,3192,4052,4222,428
2,583
Note: U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥106=U.S.$1, the approximate Tokyo foreignexchange market rate as of March 31, 2004.
PROFILE
 
1
TO OUR SHAREHOLDERS AND INVESTORS
Business Environment
The global economy during fiscal 2003 (April 1, 2003 toMarch 31, 2004) was stalled in the early part of the year,due to the effects of the war in Iraq and the outbreak ofsevere acute respiratory syndrome (SARS). Although theU.S. economy demonstrated a mild recovery from thesummer, recovery in Europe was slowed as a result ofcontrols on appreciation of the euro. Asia, however, afterthe containment of SARS, experienced recovery withstrong growth, led by China. The Japanese economyrecovered slightly, but showed signs of temporary stagna-tion. However, the economy regained its vigor, and therecovery trend is continuing.
Fiscal Year 2003 Results
Along with the recovery in the Japan and overseas markets,our net sales rose 27.2% from the previous fiscal year, to¥83,835 million. Operating income was ¥3,416 million,while net income totaled ¥1,920 million.We consider the return of profit to shareholders bymeans of stable and continual dividends to be part ofour basic business philosophy. Cash dividends at the endof the year, therefore, in consideration of our earningsperformance, have been set at ¥5.00 per share.
Market Overview
The U.S. economy, in which parts machining and theaircraft industry are important markets, began a gradualrecovery trend. Despite short periods of stagnation, fromearly autumn the economy had recovered its strength. Bythe beginning of 2004, a feeling of stability in the eco-nomic outlook increased. The machine tool industry isshowing signs of recovery. Preferential taxation alsooffered incentives.In the parts machining market, the introduction of’a61, a model of our horizontal machining centers,completed the series lineup (a51, a61, a71 and a81),allowing us to acquire new customers in the automotiveand construction machinery industries. In particular,numerous orders were received from the constructionmachinery industry, which is performing strongly.In the aircraft industry, we received orders fromthe U.S. and Europe for ’MAG4, and ’MAG3, five-axismachining centers, used for machining of structure parts.We have expected growth in this area. Also, theultra-high-speed five-axis machining center ’A66E-5XD,developed to process engine parts, is the first machineapplying a linear motor in the rotatingtable portion, vastlyimproving production efficiency.Global expansion in the automotive industry hasgenerated aggressive capital investment, and MakinoMilling Machine has acquired large-volume orders forautomobile engine and transmission processing lines,particularly in Asia. Our subsidiary Makino J Co. Ltd.,which mainly produces its product in this field, isappraised in the market.In the die and mold industry, we have developed’V22, a vertical machining center to process micro moldsforthe IT sector, which enables focusing on processing ofmainstay mobile phones, connectors, semiconductors,memory devices and so on. In the large mold field, wehave introduced ’MCC2516, and ’MCC3018, models ofhorizontal machining centers, which are ideally suited tocreate the large, high-precision molds required forflat-screen televisions and automobile instrument panels.In the microscopic, ultra-precision machining field,which is beginning to overlap with the nanotechnologyfield, many companies have adopted ’HYPER2J, a cuttingmachine that is able to machine extremely micro shapesand provide ultra-fine finishing, and ’UPJ2, an ultra-precision, fully automatic wire electric discharge machine(EDM).

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