Financial News

• Business Results 10-Year Summary (consolidated)
• Consolidated Balance Sheets
• Consolidated Statements of Income
• Consolidated Statements of Cash Flows (for reference)
• Consolidated Statements of Changes in Net Assets

Business Results
10-Year Summary (consolidated)

April 1 - March 31

										Yen in Millions	U.S. dollars in Thousands
	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2009
Statement of income
Sales	365,697	338,930	378,705	452,726	514,867	626,316	679,822	745,259	577,922	601,859	6,468,820
Operating income	34,824	19,314	33,901	55,912	70,018	89,224	69,037	77,954	13,838	56,086	602,816
ratio to sales	9.5%	5.7%	9.0%	12.4%	13.6%	14.2%	10.2%	10.5%	2.4%	9.3%	9.3%
Ordinary income	35,330	19,748	35,832	58,045	71,828	90,196	67,319	74,468	14,807	58,833	632,341
ratio to sales	9.7%	5.8%	9.5%	12.8%	14.0%	14.4%	9.9%	10.0%	2.6%	9.8%	9.8%
Net income	15,850	1,115	19,237	33,386	41,842	55,306	41,201	46,634	267	37,570	403,805
ratio to sales	4.3%	0.3%	5.1%	7.4%	8.1%	8.8%	6.1%	6.3%	0.0%	6.2%	6.2%
Segment information
Operating Segment Information
Industrial products (Note 1) Sales	196,535	183,699	192,179	191,682	207,366	251,384	268,888	256,910	209,491	194,711	2,092,767
Industrial products (Note 1) Operating income	13,229	4,640	11,502	13,437	16,539	22,938	28,019	27,921	8,300	14,667	157,642
Electronic products (Note 1) Sales	132,144	119,626	146,780	219,709	261,541	327,398	356,941	432,332	314,315	355,357	3,819,400
Electronic products (Note 1) Operating income	16,391	10,633	16,848	38,881	47,152	58,713	31,449	40,852	-933	37,290	400,795
Functional products Sales	37,018	35,604	39,745	41,333	45,959	47,533	53,991	56,016	54,114	51,789	556,632
Functional products Operating income	5,203	4,039	5,550	3,592	6,326	7,573	9,568	9,180	6,470	4,128	44,368
Segment information by geographic area
Japan Sales	248,009	237,459	252,881	286,322	295,115	271,186	268,364	256,288	207,263	203,982	2,192,412
Japan Operating income	28,776	16,727	29,803	51,158	65,918	76,888	52,535	44,969	3,305	34,897	375,075
North America Sales	37,983	31,337	33,386	37,216	35,836	38,580	42,349	45,054	39,002	37,766	405,911
North America Operating income	1,402	172	1,027	-2,399	-2,479	-1,078	-663	338	-1,298	2,012	21,625
Europe Sales	17,614	13,287	14,496	16,422	17,392	19,395	23,787	29,172	25,519	26,933	289,478
Europe Operating income	1,024	248	447	509	246	693	1,587	2,178	-20	1,147	12,328
Asia & Oceania Sales	62,090	56,845	77,940	112,764	166,522	297,153	345,321	414,743	306,136	333,177	3,581,008
Asia & Oceania Operating income	3,495	1,340	2,396	6,547	5,936	12,575	12,382	27,614	8,368	17,952	192,949
Per share information										Yen	U.S. dollars
Net assets per share	1,305.8	1,314.5	1,367.4	1,360.7	1,583.8	1,943.7	2,192.3	2,297.1	2,148.2	2,320.9	24.95
Net income per share	93.5	6.4	108.5	198.0	252.7	332.3	248.3	280.1	1.6	225.5	2.42
Dividends per share	21.0	22.0	24.0	40.0	50.0	60.0	70.0	80.0	80.0	40.0	0.43
Shares outstanding (thousands)	173,758	173,758	173,758	173,758	173,758	173,758	173,758	173,758	173,758	173,758	-
Shareholders	14,903	15,556	17,144	20,999	16,725	16,057	35,224	41,309	63,479	66,032	-
Balance sheet
Total assets	357,653	350,340	379,811	389,525	443,264	556,934	604,208	595,972	558,258	624,992	6,717,455
Equity	226,893	228,409	237,560	223,114	261,090	321,464	364,942	382,627	357,839	386,664	4,155,890
ROA	4.6%	0.3%	5.3%	8.7%	10.0%	11.1%	7.1%	7.8%	0.0%	6.4%	-
ROE	7.2%	0.5%	8.3%	14.5%	17.3%	19.0%	12.0%	12.5%	0.1%	10.1%	-
Equity to total assets	63.4%	65.2%	62.5%	57.3%	58.9%	57.7%	60.4%	64.2%	64.1%	61.9%	-
Capital investment	26,716	34,684	28,306	31,731	40,101	60,889	75,324	59,406	55,926	37,147	399,258
Depreciation cost	18,344	20,442	21,143	21,386	24,681	31,470	40,169	49,617	50,556	44,810	481,621
R&D expenses	12,423	13,053	13,851	15,822	16,739	20,489	21,733	22,096	21,716	20,876	224,377
Number of employees (Note 2)	13,834	13,685	15,389	18,926	22,454	27,865	32,101	33,663	28,640	31,288	-

• Note 1. From FY1999 to FY2002, electronic component-related products are categorized in "Industrial products".
• Note 2. Part-time employees are included.
• Note 3. The exchange rate Japanese yen and US dollars is the rate at March 31, 2010, which was JPY93.04 to USD1.00.

Consolidated Financial Statements
Consolidated Balance Sheets

Consolidated Financial Statements
Consolidated Statements of Income

	April 1, 2009 - March 31, 2010	April 1, 2008 - March 31, 2009 (Reference)
(Yen in Millions)
Net sales	601,859	577,922
Cost of sales	440,714	455,763
Gross profit	161,144	122,158
Selling, general and administrative expenses	105,058	108,320
Operating income	56,086	13,838
Non-operating income:	6,297	4,808
Interest and dividends income	394	663
Foreign exchange gains	304	899
Miscellaneous income	5,597	3,245
Non-operating expenses:	3,550	3,838
Interest expenses	1,348	1,278
Equity in losses of affiliates	84	173
Miscellaneous loss	2,116	2,386
Ordinary income	58,833	14,807
Extraordinary income:	967	995
Gain on sales of noncurrent assets	227	93
Other	739	902
Extraordinary loss:	6,103	14,127
Loss on sales and retirement of noncurrent assets	3,299	5,359
Impairment loss	256	5,014
Special retirement expenses	226	739
Other	2,320	3,014
Income before income taxes	53,698	1,676
Income taxes-current	18,669	3,232
Income taxes-deferred	Δ 2,695	Δ 2,820
Minority interests in income	153	995
Net income	37,570	267

Consolidated Financial Statements
Consolidated Statements of Cash Flows (for reference)

	April 1, 2009 - March 31, 2010	April 1, 2008 - March 31, 2009
(Yen in Millions)
Ⅰ. Net cash provided by (used in) operating activities
Income before income taxes	53,698	1,676
Depreciation and amortization	44,810	50,556
Decrease (increase) in notes and accounts receivable-trade	Δ 41,992	43,149
Increase (decrease) in inventories	2,892	8,354
Increase (decrease) in notes and accounts payable-trade	26,358	Δ 41,844
Interest expenses paid	Δ 1,520	Δ 1,369
Income taxes paid	1,418	Δ 19,831
Other, net	16,832	10,599
Net cash provided by (used in) operating activities	102,498	51,290
Ⅱ. Net cash provided by (used in) investing activities
Increase (decrease) in time deposits	Δ 61,013	660
Purchase of noncurrent assets	Δ 33,955	Δ 61,396
Proceeds from sales of noncurrent assets	729	509
Other, net	Δ 2,348	Δ 524
Net cash provided by (used in) investing activities	Δ 96,588	Δ 60,751
Ⅲ. Net cash provided by (used in) financing activities
Increase (decrease) in short-term loans payable	Δ 23,838	21,046
Proceeds from issuance of bond	50,000	-
Increase (decrease) in commercial papers	Δ 25,000	25,000
Repayment of long-term loans payable	Δ 420	Δ 781
Cash dividends paid	Δ 9,995	Δ 13,325
Other, net	123	14,765
Net cash provided by (used in) financing activities	Δ 9,129	46,703
Ⅳ. Effect of exchange rate change on cash and cash equivalents	124	Δ 2,758
Ⅴ. Net increase (decrease) in cash and cash equivalents	Δ 3,095	34,484
Ⅵ. Cash and cash equivalents at the beginning of period	113,722	79,238
Ⅶ. Cash and cash equivalent at the end of period	110,627	113,722

Consolidated Financial Statements
Consolidated Statements of Changes in Net Assets

April 1, 2009 through March 31, 2010

	Shareholders' equity
	Paid-in capital	Capital Surplus	Retained earnings	Treasury stock	Total Shareholders' equity
(Yen in Millions)
Balance as of March 31, 2009	26,783	56,166	324,740	Δ 28,380	379,310
Changes of items during the period
Dividends from surplus			Δ 9,995		Δ 9,995
Net income			37,570		37,570
Purchase of treasury stock				Δ 3	Δ 3
Disposal of treasury stock		Δ 13		99	86
Net changes of items other than shareholders' equity
Total changes of items during the period	-	Δ 13	27,575	95	27,658
Balance as of March 31, 2010	26,783	56,153	352,316	Δ 28,284	406,969

	Valuation and translation adjustments				Subscription rights to shares	Minority interests	Total net assets
	Valuation difference on available-for-sale securities	Deferred gains or losses on hedges	Foreign currency translation adjustments	Total valuation and translation adjustments
(Yen in Millions)
Balance as of March 31, 2009	1,040	Δ 129	Δ 22,382	Δ 21,471	1,086	2,204	361,130
Changes of items during the period
Dividends from surplus							Δ 9,995
Net income							37,570
Purchase of treasury stock							Δ 3
Disposal of treasury stock							86
Net changes of items other than shareholders' equity	714	Δ 155	607	1,166	Δ 19	Δ 1,211	Δ 64
Total changes of items during the period	714	Δ 155	607	1,166	Δ 19	Δ 1,211	27,594
Balance as of March 31, 2010	1,755	Δ 284	Δ 21,775	Δ 20,304	1,067	992	388,724

For further detail, please see our Business Report on Nitto's website.