2012FACTBOOK綴り

Transcription

1 FACTBOOK

2 CONTENTS PAGE Corporate Data Corporate Directory Overall Results for The Fiscal Year Ended March 31, and Outlook for The Next Fiscal Year Consolidated F/S and its Relative Data Balance Sheets Statements of Income Changes in Net Assets Statements of Cash Flows Segment Information Sales by Product Category Analysis of Operation Financial Analysis Group Chart of Consolidated Subsidiaries Non-Consolidated F/S and its Relative Data Balance Sheets Statements of Income Analysis of Operation Financial Analysis

3 CORPORATE DATA as of March 31, Established April 1, 1906 Paid-in Capital 26,137 million yen (USD 254,057 thousand) Issued/Outstanding Shares Number of Shareholders Number of Employees (on a Consolidated Basis) Number of Employees (on a Non-Consolidated Basis) Board of Directors (as of June 25, ) Akito Mizuno President,Representative Director Masaharu Kato Senior Managing Director, Representative Director Mutsuro Yamamoto Senior Managing Director Daisuke Fukumoto Senior Managing Director Hideki Tsuruoka Managing Director Robert S. Puccini Director Shinya Matsushita Director Hideto Mizuno Director Kazuya Narita Director Ryoji Higuchi Director Takeshi Shichijo Director Yoshihiro Fukui Director Fujio Matoba Standing Corporate Auditor Yasuhiro Hamada Standing Corporate Auditor Yutaka Tsutsui Corporate Auditor Yutaka Terazawa Corporate Auditor Shuji Abe Substitute Auditor NOTES regarding Ex-change Rate: All figures shown in this book are originally in Japanese Yen and converted into USD equivalent at the exchange rate as of March 31, (JPY102.88= US$1). For further information, please contact Accounting and Finance Department Mizuno Corporation , Nanko-kita, Suminoe-ku,Osaka , Japan TEL: FAX: MIZUNO CORPORATION

4 CORPORATE DIRECTORY Major Domestic Operations Overseas Subsidiaries Osaka Head Office , Nanko-kita, Suminoe-ku,Osaka , JAPAN TEL: FAX: URL: (Japanese only) (English only) Registered Office Kitahama, Chuo-ku, Osaka , JAPAN Tokyo Head Office 3-22 Kanda Ogawa-machi, Chiyodaku, Tokyo , JAPAN Branch Offices and Sales Offices Nagoya, Kyushu, Hokkaido, Morioka, Sendai, Niigata, Kantou, Hokuriku, Shikoku, Hiroshima and Okinawa Mizuno Corporation (U.K.) 612 Reading Road, Winnersh, Wokingham Berkshire, RG41 5HE, U.K. TEL: FAX: URL: Mizuno Corporation Niderlassung Deutschland Bahnhofstraße 16, Aschheim, Germany TEL: FAX: Mizuno Corporation (France) 855, Avenue Roger Salengro Chaville, FRANCE TEL: FAX: Overseas Branches Major Domestic Subsidiary Mizuno Technics Corporation Takada, Yoro-Cho, Yoro-Gun, Gifu , JAPAN Senoh Corporation 250 Matsuhidai, Matsudo, Chiba, , JAPAN Mizuno USA, Inc Avalon Ridge PKWY, 1.J.C.W., Norcross, Georgia 30071, U.S.A. TEL: FAX: URL: Mizuno Canada Ltd Timberlea Blvd. Mississauga, Ontario, L4W2S5, CANADA TEL: FAX: URL: Mizuno (Taiwan) Corporation 9F., No.49, Sec.3, Minsheng E.Rd., Taipei, Taiwan R.O.C. TEL: FAX: URL: Mizuno Corporation of Hong Kong Ltd. Unit 1010, Level10, Tower 1, Grand Century Place, 193 Prince Edward Road West, Mongkok, Kowloon, HONG KONG TEL: FAX: Shanghai Mizuno Corporation Ltd. No.505, Shen Zhuan Road, Shen Xiang, Zhu Jiajiao Town, Qing Pu, Shanghai, P.R.CHINA TEL: FAX: Mizuno (China) Corporation 5F, 355 West Guangzhong Road, Shanghai, P.R.CHINA TEL: FAX: URL: Mizuno Corporation Australia Pty. Ltd. 17 Anzed Court, Mulgrave, Victoria, 3170, AUSTRALIA TEL: FAX: URL: Mizuno Italia s.r.l. Viale Risorgimento Beinasco, Turin, ITALY TEL: FAX: URL: / it Mizuno Korea Ltd. 13, Yeonhui-ro 25-gil, Seodaemun-gu, Seoul, KOREA TEL: FAX: URL: Mizuno Singapore Pte. Ltd. 51 Changi Business Park Central 2, #06-01 The Signature, SINGAPORE TEL: FAX: URL: Mizuno Iberia, S.L. C/ Diputació, 237, 6è 4a, Barcelona, SPAIN TEL: FAX: URL: MIZUNO CORPORATION

5 MIZUNO CORPORATION

6 Overall results for the fiscal year ended March 31, & Outlook for the next fiscal Year ending March 31, 2015 During the financial year ended March (FY 2013), the Mizuno Group worked hard to ensure the continuous growth of its business, placing the utmost priority on promotion of sales in the global market by expanding overseas, stabilization of its product supply system by reinforcing its production functions, and the rebuilding of its business bases in Japan. As a result of these endeavors, the Mizuno Group achieved the performance described below. In all regions of the world, sales of running shoes and other lifestyle sports products marked robust sales. In addition, the golf category recovered in North America. As a result, the Group s consolidated sales for the 2013 financial year increased by 19,554 million yen (11.9%) from the previous financial year, to 183,204 million yen. In terms of real growth rate, which excludes the influence of currency fluctuations, particularly remarkable growth was achieved in Europe, Asia, and Oceania. This is attributable to our effective marketing activities, which took advantage of the upturn of the European economy and market expansion in Asia and Oceania. Regarding profits, on the other hand, the gross profit rate decreased by 1.5%, due mainly to an increase in manufacturing costs outside Japan and the continuing trend of the depreciation of the yen. Although selling, general and administrative expenses increased by 3,219 million yen, the ratio to net sales decreased (improved) by 2.4%. As a result, operating income increased by 2,087 million yen (57.9%), to 5,692 million yen. Operating income grew, particularly in North and South America, contributed to by the robust running category combined with increased sales of golf clubs, a category which has a relatively high profit margin. Ordinary income increased by 1,720 million yen (42.0%), to 5,816 million yen. Although the increased operating income was the primary contributor to this performance, it was concurrently affected by diminished foreign exchange gains in non-operating income. Net income increased by 693 million yen (35.6%) to 2,640 million yen, due primarily to the increase in ordinary income. At the Mizuno Group, we will strive to address management challenges and to build a robust business base so as to ensure the continual growth of our business and to increase both our sales and income. Taking into consideration the effects of planned initiatives, we forecast that net sales for the full year ending March 2015 (FY ) will increase by 6.4%, to 195 billion yen, with operating income of 8 billion yen (up 40.5%), ordinary income of 8 billion yen (up 37.6%), and net income of 5 billion yen (up 89.4%). MIZUNO CORPORATION

7 CONSOLIDATED BALANCE SHEETS For the Fiscal Year Ended March Assets Current Assets Cash and Time Deposits 13,461 11,987 11,386 14,442 $140,381 Notes and Accounts Receivable 32,763 35,605 41,474 49, ,579 Marketable Securities ,188 Inventories 24,882 27,024 30,414 33, ,553 Deferred Tax Assets 2,573 2,156 1,566 1,798 17,485 4,193 4,244 5,757 5,870 57,065 Less : Allowance for Doubtful Accounts (988) (928) (940) (962) (9,351) Total Current Assets 77,641 80,845 89, ,721 1,017,899 Fixed Assets Tangible Fixed Assets Buildings 19,135 18,493 17,747 17, ,876 Machineries, Equipments and Vehicles 1,135 1, ,011 9,828 Land 15,175 15,171 17,226 17, ,248 Construction in Progress ,150 1,375 1,234 1,253 1,475 14,340 Total Tangible Assets 36,841 35,972 37,187 37, ,442 Intangible Fixed Assets 874 1,705 9,483 11, ,653 Investments and Other Assets Investments in Securities 7,139 7,421 8,021 9,023 87,713 Long-term Loans Receivable Deferred Tax Assets 2,465 1,796 1,218 1,625 15,802 6,484 5,581 5,878 3,548 34,494 Less : Allowance for Doubtful Accounts (3,160) (3,047) (646) (916) (8,908) Total Investments and Other Assets 13,114 11,929 14,520 13, ,178 Total Fixed Assets 50,829 49,606 61,191 62, ,272 Total Assets 128, , , ,786 1,621,172 MIZUNO CORPORATION AND ITS CONSOLIDATED SUBSIDIARIES

8 CONSOLIDATED BALANCE SHEETS For the Fiscal Year Ended March Liabilities Current Liabilities Notes and Accounts Payable 17,695 18,079 19,200 20,198 $196,334 Short-term Bank Loans 5,620 5,103 9,102 11, ,365 Current Portion of Long-term Bank Loans 6,000 1,800 3, ,612 9,439 10,746 12,765 14, ,883 Total Current Liabilities 38,755 35,729 44,068 46, ,194 Long-term Liabilities Long-term Debt 5,800 9,630 13,573 20, ,478 Accrued Pension and Serverance costs 1,338 1,321 1,811 Net Defined Benefit Liability 2,615 25,421 7,389 6,273 9,002 9,550 92,828 Total Long-term Liabilities 14,527 17,224 24,387 32, ,728 Total Liabilities 53,282 52,954 68,456 79, ,921 Net Assets Shareholders Equity Common Stock 26,137 26,137 26,137 26, ,057 Capital Surplus 31,197 31,197 31,212 31, ,169 Retained Earnings 25,815 27,712 27,925 29, ,192 Treasury Common Stock, at Cost (3,022) (3,027) (2,892) (2,621) (25,482) Total Shareholders Equity 80,128 82,020 82,382 84, ,937 Accumulated Other Comprehensive Income (Loss) Evaluation Adjustments of Securities ,927 2,370 23,037 Deferred hedge gains and losses (492) (142) 1,529 1,300 12,637 Revaluation Reserve for Land (1,498) (1,145) (657) (670) (6,517) Foreing Currency Translation Adjustments (3,785) (4,259) (2,820) 929 9,036 Remeasurements of Defined Benefit Plans (813) (7,903) Total Accumulated Other Comprehensive Income (Loss) (5,107) (4,683) (21) 3,116 30,290 Minority Interest in Consolidated Subsidiaries ,024 Total Net Assets 75,188 77,498 82,536 87, ,250 Total Liabilities and Net Assets 128, , , ,786 1,621,172 MIZUNO CORPORATION AND ITS CONSOLIDATED SUBSIDIARIES

9 CONSOLIDATED STATEMENTS OF INCOME For the Fiscal Year Ended March Net Sales 150, , , ,204 $1,780,763 Cost of Sales 87,080 90,164 96, ,803 1,077,015 Gross Profit 62,952 64,817 67,093 72, ,748 Gross Profit Ratio (%) 42.0% 41.8% 41.0% 39.5% Selling, General and Administrative Expenses 58,354 59,319 63,489 66, ,419 Employees Salaries, Bonus and Welfare Expenses 22,811 23,622 25,026 25, ,376 Advertising Expenses 10,556 11,291 12,189 12, ,540 Depreciation 2,115 1,853 2,050 2,313 22,487 22,870 22,552 24,222 25, ,016 Operating Income 4,598 5,498 3,604 5,692 55,329 Non-Operating Income 835 1,081 1,418 1,202 11,686 Interest and Dividends Income , , ,901 Non-Operating Expenses ,078 10,484 Interest and Discount Expenses , ,906 Ordinary Income 4,469 5,659 4,095 5,816 56,532 Extraordinary Profit Extraordinary Loss ,028 Income before Income Taxes 3,754 5,216 3,761 5,429 52,779 Income Taxes 1,011 1,398 1,786 2,933 28,516 Deferred Income Taxes (153) 609 (24) (208) (2,030) Minority Interest in Consolidated Subsidiaries Net Income 2,838 3,143 1,946 2,640 25,664 MIZUNO CORPORATION AND ITS CONSOLIDATED SUBSIDIARIES

10 CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS Common stock Capital surplus Re tained earnings Treasury stock Total shareholders' equity Balance at March 31, ,137 $254,057 31,212 $303,391 27,925 $271,434 (2,892) ($28,115) 82,382 $800,767 Sales of treasury stock 182 $1, $2, $4,556 Purchase of treasury stock (14) ($145) (14) ($145) Dividends (1,252) ($12,174) (1,252) ($12,174) Net income 2,640 $25,664 2,640 $25,664 Reversal of Revaluation Reserve for Land 12 $ $124 Change in scope of consolidation 14 $ $144 Changes in other items than shareholders equity, Net Balance at March 31, 26,137 $254,057 31,395 $305,169 29,340 $285,192 (2,621) ($25,482) 84,252 $818,937 Unrealized gain on securities Deferred hedge gains and losses Revaluation Reserve for Land Translation adjustments Remeasurements of defined benefit plans Total Accumulated Other Comprehensive Income Minority Interest in Consolidated Subsidiaries Total Net Assets Balance at March 31, ,927 $18,738 1,529 $14,862 (657) ($6,393) (2,820) ($27,415) (21) ($207) 174 $1,699 82,536 $802,259 Sales of treasury stock 468 $4,556 Purchase of treasury stock (14) ($145) Dividends (1,252) ($12,174) Net income 2,640 $25,664 Reversal of Revaluation Reserve for Land 12 $124 Change in scope of consolidation 14 $144 Changes in other items than shareholders equity, Net 442 $4,298 (228) ($2,225) (12) ($124) 3,750 $36,451 (813) ($7,903) 3,137 $30, $325 3,170 $30,822 Balance at March 31, 2,370 $23,037 1,300 $12,637 (670) ($6,517) 929 $9,036 (813) ($7,903) 3,116 $30, $2,024 87,576 $851,250 MIZUNO CORPORATION AND ITS CONSOLIDATED SUBSIDIARIES

11 CONSOLIDATED STATEMENTS OF CASH FLOWS For the Fiscal Year Ended March Cash Flows from Operating Activities Income (Loss) before Income Taxes 3,761 5,429 $52,779 Depreciation 2,623 2,894 28,131 Amortization of Goodwill ,745 Loss on Impairment of Assets 258 Increase (Decrease) in Accrued Pension and Severance Costs 218 (1,115) (10,842) Increase (Decrease) in Net Defined Benefit Liability 2,132 20,727 Increase (Decrease) in Allowance for Doubtful Accounts (78) Loss on Evaluation of Securities 3 (Gain) Loss on Sale of Securities (0) Interest and Dividends Income (320) (492) (4,785) Interest Charges ,578 (Gain) Loss on Sale of Fixed Assets (204) 1 13 Loss on Disposal of Tangible fixed Assets (Increase) Decrease in Notes and Accounts Receivable (3,004) (3,017) (29,332) (Increase) Decrease in Inventories (1,614) 565 5,498 Increase (Decrease) in Notes and Accounts Payable (999) (1,924) (18,702) Increase (Decrease) in Accrued Consumption Tax Increase (Decrease) in Other Allowance 44 (53) (520), Net 1,800 (957) (9,311) Sub Total 3,290 4,291 41,717 Interest and Dividends Received ,785 Interest Paid (311) (366) (3,560) Income Taxes Paid (1,500) (1,776) (17,272) Net Cash Provided by Operating Activities 1,801 2,641 25,671 MIZUNO CORPORATION AND ITS CONSOLIDATED SUBSIDIARIES

12 CONSOLIDATED STATEMENTS OF CASH FLOWS For the Fiscal Year Ended March Cash Flows from Investing Activities Proceeds from Redemption of Marketable Securities Payments for Purchase of Tangible Fixed Assets (1,459) (1,413) (13,741) Proceeds from Sale of Tangible Fixed Assets 1, Payments for Purchase of Intangible Fixed Assets (1,131) (865) (8,408) Proceeds from Sale of Intangible Fixed Assets Payments for Purchase of Investments in Securities (99) (21) (213) Proceeds from Sale of Investments in Securities 1 Proceeds from Redemption of Investments in Securities 1, Disbursement for Long-term Loans Receivable (1) (1) (16) Proceeds from Collection of Long-term Loans Receivable Purchase of investments in subsidiaries resulting in change in scope of consolidation (6,921) Payments for investments in capital of affiliates (1,746) Purchase of investments in subsidiaries (314) (3,057) Payments for transfer of business (2,170) (21,096), Net 67 (87) (850) Net Cash Provided by Investing Activities (9,050) (4,729) (45,974) Cash Flows from Financing Activities Increase (Decrease) in Short-term Bank Loans, Net Proceeds from Long-term Loans Repayment of Long-term Loans Proceeds from Sale of Treasury Stocks Payments for Purchase of Treasury Stocks Dividends Paid Dividends Paid to Minority Stockholder Repayment of lease obligations Net Cash Provided by Financing Activities Effect of Exchange Rate Changes on Cash and Cash Equivalents Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Increase in Cash and Cash Equivalents from newly consolidated subsidiary Cash and Cash Equivalents at End of Year 3, ,806 7,079 7,596 73,834 (3,243) (3,242) (31,518) ,556 (6) (14) (145) (1,246) (1,249) (12,142) (66) (63) (621) (274) (272) (2,644) 5,774 4,025 39, ,773 (1,233) 2,530 24,595 12,762 11, , ,718 11,529 14, ,377 MIZUNO CORPORATION AND ITS CONSOLIDATED SUBSIDIARIES

13 SEGMENT INFORMATION For the Fiscal Year Ended March Net Sales by Territory Japan 110, , , ,286 $1,217,796 Europe 10,799 10,738 10,425 14, ,199 North and South America 20,191 20,449 23,011 30, ,264 Asia and Oceania 8,251 8,920 8,554 12, ,504 Total 150, , , ,204 1,780,763 Operating Income (Loss) by Territory Japan 2,700 3,369 2,557 3,128 $30,406 Europe ,438 North and South America 1, ,684 16,378 Asia and Oceania (53) 380 3,699 Unallocated and Eliminations (107) 144 1,408 Total 4,598 5,498 3,604 5,692 55,329 CONSOLIDATED SALES BY PRODUCT CATEGORY For the Fiscal Year Ended March Footwear 45,182 56,287 $547,115 Apparel 53,161 55, ,602 Equipment 40,148 42, ,243 Service/ 25,160 29, ,803 Total 163, ,204 1,780,763 NOTES : Footwear =Sports Shoes (Including Baseball/Softball and Golf) Apparel =Sports Wear (Including Baseball/Softball and Golf) Equipment =Baseball/Softball Equipments, Golf Equipment etc. Service/ =Sports Facilities & Services and Golf School Business etc. MIZUNO CORPORATION AND ITS CONSOLIDATED SUBSIDIARIES

14 ANALYSIS OF OPERATION WITH CONSOLIDATED FIGURES PERFORMANCE For the Fiscal Year Ended March 31 Net Sales Gross Profit Gross Profit to Net Sales (%) Operating Income Operating Income to Net Sales (%) Ordinary Income Ordinary Income to Net Sales (%) Net Income Net Income to Net Sales (%) ,032 62, % 4, % 4, % 2, % , ,650 64, % 5, % 5, % 3, % 67, % 3, % 4, % 1, % 183,204 $1,780,763 72,401 5,692 5,816 2, % 3.1% 3.2% 1.4% 703,748 55,329 56,532 25,664 PROFITABILITY AND EFFICIENCY For the Fiscal Year Ended March Total Assets 128, , , ,786 $1,621,172 Assets Turnover (Turns) Return on Assets (%) 3.8% 4.5% 2.8% 3.9% Total Shareholders Equity 75,020 77,336 82,362 87, ,250 Return on Equity (%) 3.8% 4.1% 2.4% 3.1% Inventories 24,882 27,024 30,414 33, ,553 Inventory Turnover (Turns) PER SHARE DATA Yen For the Fiscal Year Ended March Net Income per Share $0.20 Shareholders Equity per Share Number of Shares Outstanding at Year-end 132,891, ,891, ,891, ,891,217 NOTES : Please see Page 18 for a formula of each index. MIZUNO CORPORATION AND ITS CONSOLIDATED SUBSIDIARIES

15 FINANCIAL ANALYSIS WITH CONSOLIDATED FIGURES STABILITY For the Fiscal Year Ended March Current Ratio (%) Working Capital Current Assets Current Liabilities Notes and Accounts Receivable Turnover Period (Months) Notes and Accounts Receivable Notes and Accounts Payable Turnover Period (Months) Notes and Accounts Payable Shareholders Equity Ratio (%) Fixed Ratio (%) Fixed Assets-Capitalization (%) Fixed Assets Long-term Liabilities Interest Coverage (Times) Interest and Dividends Income Interest and Discount Expenses Debt Equity Ratio (%) Interest-bearing Debts 200.3% 38,885 77,641 38, , , % 67.8% 56.8% 50,829 14, % 17, % 45,116 80,845 35, , , % 64.1% 52.5% 49,606 17, % 16, % 45,732 89,801 44, , , % 74.3% 57.3% 61,191 24, % 25,675 58, ,721 46,213 49,853 20,198 62,064 32, , % % 71.0% 51.6% % $568,705 1,017, , , , , ,728 4,785 3, ,455 NOTES : Please see Page 19 for a formula of each index. MIZUNO CORPORATION AND ITS CONSOLIDATED SUBSIDIARIES

16 GROUP CHART OF CONSOLIDATED SUBSIDIARIES as of March 31, SALES OF SPORTING GOODS DOMESTIC OVERSEAS NONE MIZUNO USA, INC. MIZUNO CANADA LTD. MIZUNO (TAIWAN) CORPORATION MIZUNO (CHINA) CORPORATION MIZUNO CORPORATION AUSTRALIA PTY.LTD. MIZUNO KOREA LTD. MIZUNO ITALIA S.R.L MIZUNO IBERIA, S.L. PRODUCTION OF SPORTING GOODS DOMESTIC MIZUNO TECHNICS CORPORATION OVERSEAS SHANGHAI MIZUNO CORPORATION LTD. MIZUNO APPAREL TECHNICS CO., LTD. PRODUCTION CONTROL OF SPORTING GOODS DOMESTIC NONE OVERSEAS MIZUNO CORPORATION OF HONG KONG LTD. SPORTS FACILITY & SERVICE BUSINESS DOMESTIC MIZUNO SPORTS SERVICE CO., LTD. OVERSEAS NONE SENOH CORPORATION OTHER OPERATIONS DOMESTIC MIZUNO AVAIL CORPORATION OVERSEAS NONE MIZUNO CORPORATION AND ITS CONSOLIDATED SUBSIDIARIES

17 NON-CONSOLIDATED BALANCE SHEETS For the Fiscal Year Ended March Assets Current Assets Cash and Time Deposits 7,689 8,433 6,454 7,638 $74,248 Notes Receivable 2,752 2,665 2,310 2,342 22,765 Accounts Receivable 22,658 23,962 23,506 25, ,203 Marketable Securities ,188 Inventories 15,584 16,574 18,411 18, ,834 Deferred Tax Assets 1,816 1, ,482 4,234 4,705 6,390 5,623 54,665 Less : Allowance for Doubtful Accounts (672) (683) (635) (471) (4,579) Total Current Assets 54,818 57,926 57,276 59, ,807 Fixed Assets Tangible Fixed Assets Buildings 16,536 15,978 15,601 15, ,282 Machineries, Equipments and Vehicles Tools, Furnitures and Fixtures ,023 Land 13,214 13,214 13,045 13, ,433 Construction in Progress Leased Assets ,072 Total Tangible Assets 30,438 29,866 29,330 29, ,020 Intangible Fixed Assets 613 1,366 2,147 2,286 22,224 Investments and Other Assets Investments in Securities 7,099 7,398 7,968 8,660 84,185 Deferred Tax Assets 2,077 1, ,978 21,152 20,201 27,387 29, ,702 Less : Allowance for Doubtful Accounts (3,152) (3,043) (633) (894) (8,693) Total Investments and Other Assets 27,177 25,921 35,233 37, ,172 Total Fixed Assets 58,229 57,155 66,711 68, ,416 Total Assets 113, , , ,828 1,252,223 MIZUNO CORPORATION

18 NON-CONSOLIDATED BALANCE SHEETS For the Fiscal Year Ended March Liabilities Current Liabilities Notes Payable $1,664 Accounts Payable 14,775 14,809 12,573 12, ,629 Short-term Bank Loans 1, ,142 2,515 24,450 Current Portion of Long-term Bank Loans 6,000 1,800 3,000 6,587 7,807 8,324 9,196 89,386 Total Current Liabilities 28,777 25,268 27,296 24, ,130 Long-term Liabilities Long-term Debt 8,850 13,680 18,336 25, ,623 Accrued Pension and Severance costs ,082 10,518 5,743 4,673 4,747 4,801 46,670 Total Long-term Liabilities 15,328 19,194 24,049 31, ,812 Total Liabilities 44,106 44,462 51,345 55, ,941 Net Assets Shareholders Equity Common Stock 26,137 26,137 26,137 26, ,057 Capital Surplus 31,197 31,197 31,212 31, ,169 Retained Earnings 15,950 16,735 15,385 15, ,380 Treasury Common Stock, at Cost (3,022) (3,027) (2,892) (2,621) (25,482) Total Shareholders Equity 70,263 71,042 69,843 70, ,125 Evaluation, Translation Adjustments Evaluation Adjustments of Securities ,927 2,370 23,037 Deferred hedge gains and losses (492) (142) 1,529 1,300 12,637 Revaluation Reserve for Land (1,498) (1,145) (657) (670) (6,517) Total Evaluation, Translation Adjustments (1,322) (424) 2,799 2,999 29,157 Total Net Assets 68,941 70,618 72,642 73, ,281 Total Liabilities and Net Assets 113, , , ,828 1,252,223 MIZUNO CORPORATION

19 NON-CONSOLIDATED STATEMENTS OF INCOME For the Fiscal Year Ended March Net Sales 119, , , ,548 $1,249,503 Cost of Sales 71,533 73,136 73,883 79, ,468 Gross Profit 48,245 50,377 49,426 48, ,034 Gross Profit Ratio (%) 40.3% 40.8% 40.1% 38.0% Selling, General and Administrative Expenses 45,541 47,028 48,004 46, ,941 Employees Salaries, Bonus and Welfare Expenses 16,676 17,045 17,095 16, ,246 Advertising Expenses 8,899 9,746 10,593 9,713 94,420 Depreciation 1,105 1,153 1,156 1,364 13,261 18,860 19,082 19,158 19, ,014 Operating Income 2,703 3,349 1,421 1,964 19,093 Non-Operating Income 1,160 1,229 1,521 1,027 9,988 Interest and Dividends Income , ,474 Non-Operating Expenses ,801 Interest and Discount Expenses , ,763 Ordinary Income 3,114 3,838 2,269 2,189 21,280 Extraordinary Profit Extraordinary Loss 1, , Income before Income Taxes 1,395 3,345 1,154 2,179 21,187 Income Taxes ,334 Deferred Income Taxes (2) (24) Net Income 1,015 2, ,221 11,877 MIZUNO CORPORATION

20 ANALYSIS OF OPERATION WITH NON-CONSOLIDATED FIGURES For the Fiscal Year Ended March 31 Net Sales PERFORMANCE , , , ,548 $1,249,503 Gross Profit 48,245 50,377 49,426 48, ,034 Gross Profit to Net Sales (%) 40.3% 40.8% 40.1% 38.0% Operating Income 2,703 3,349 1,421 1,964 19,093 Operating Income to Net Sales (%) 2.3% 2.7% 1.2% 1.5% Ordinary Income 3,114 3,838 2,269 2,189 21,280 Ordinary Income to Net Sales (%) 2.6% 3.1% 1.8% 1.7% Net Income 1,015 2, ,221 11,877 Net Income to Net Sales (%) 0.8% 1.6% 0.3% 1.0% PROFITABILITY AND EFFICIENCY For the Fiscal Year Ended March 31 Total Assets , , , ,828 $1,252,223 Assets Turnover (Turns) Return on Assets (%) 3.0% 3.5% 1.7% 2.1% Total Shareholders Equity 68,941 70,618 72,642 73, ,281 Return on Equity (%) 1.5% 2.9% 0.5% 1.7% Inventories 15,584 16,574 18,411 18, ,834 Inventory Turnover (Turns) Number of Employees at Year-end 1,983 1,941 1,931 1,944 Net Sales per Employee Gross Profit per Employee : NOTES : Assets Turnover = Net Sales / Total Assets (Yearly Average) Return on Assets = (Operating Income + Interest and Dividends Income) / Total Assets (Yearly Average) Return on Equity = Net Income / Total Shareholders Equity (Yearly Average) Inventory Turnover = Net Sales / Inventories (Yearly Average) Per Employee Data is based on the average number of employees between the beginning and the end of fiscal year. PER SHARE DATA Yen For the Fiscal Year Ended March Net Income per Share $0.09 Shareholders Equity per Share Cash Dividends per Share Pay out Ratio (%) 122.7% 61.3% 324.7% 102.6% Number of Shares Outstanding at Year-end 132,891, ,891, ,891, ,891,217 : NOTES : Net Income (Loss) per Share = Net Income (Loss) / Number of Shares Outstanding at Year-end Shareholders Equity per Share = Shareholders Equity / Number of Shares Outstanding at Year-end Pay out Ratio = Cash Dividends per Share / Net Income per Share MIZUNO CORPORATION

21 FINANCIAL ANALYSIS WITH NON-CONSOLIDATED FIGURES STABILITY For the Fiscal Year Ended March Current Ratio (%) Working Capital Current Assets Current Liabilities Notes and Accounts Receivable Turnover Period (Months) Notes and Accounts Receivable Notes and Accounts Payable Turnover Period (Months) Notes and Accounts Payable Shareholders Equity Ratio (%) Fixed Ratio (%) Fixed Assets-Capitalization (%) Fixed Assets Long-term Liabilities Interest Coverage (Times) Interest and Dividends Income Interest and Discount Expenses Debt Equity Ratio (%) Interest-bearing Debts 190.5% 26,040 54,818 28, , , % 84.5% 69.1% 58,229 15, % 16, % 32,657 57,926 25, , , % 80.9% 63.6% 57,155 19, % 16, % 29,980 57,276 27, , , % 91.8% 69.0% 66,711 24, % 24,479 35,460 59,959 24,498 27,568 12,787 68,869 31, , % % 94.0% 66.0% % $344, , , , , , ,812 6,514 2, ,073 NOTES : Current Ratio = Current Assets (Fiscal Year-end) / Current Liabilities (Fiscal Year-end) Working Capital = Current Assets (Fiscal Year-end) - Current Liabilities (Fiscal Year-end) Accounts Receivable Turnover Period = Accounts Receivable (Yearly Average) / Net Sales per Month Accounts Receivable = Notes Receivable + Accounts Receivable Accounts Payable Turnover Period = Accounts Payable (Yearly Average) / Net Sales per Month Accounts Payable = Notes Payable + Accounts Payable Shareholders Equity Ratio = Total Shareholders Equity (Fiscal Year-end) / Total Assets (Fiscal Year-end) Fixed Ratio = Fixed Assets (Fiscal Year-end) / Total Shareholders Equity (Fiscal Year-end) Fixed Assets-Capitalization = Fixed Assets (Fiscal Year-end) / (Total Shareholders Equity (Fiscal Year-end) + Long-term Liabilities (Fiscal Year-end)) Interest Coverage = (Operating Income + Interest and Dividend Income) / Interest and Discount Expenses Debt Equity Ratio = Interest-bearing Debts (Fiscal Year-end) / Total Shareholders Equity (Fiscal Year-end) Interest-bearing Debts = Short-term Bank Loans + Current Portion of Long-term Bank Loans, Bonds and Convertible Bonds + Commercial Paper + Long-term Debt MIZUNO CORPORATION

22 FACTBOOK August