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© Copyright Makino 2020

Explanatory Material of

Group Company

for the Third Quarter of

the Fiscal Year Ending

March 31, 2021

Makino Milling Machine Co., Ltd

January 29, 2021

(2)

No.2

No.2

FY2019 Actual 1,415 FY2020 Plan (Apr. 2020) 1,145 FY2020 Plan (Jul. 2020) 1,145 FY2020 Plan (Oct. 2020) 1,145 FY2020 Plan (Jan. 2021) 1,145

Order by destination

Consolidated

(3)

0

100

200

300

400

500

600

700

1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (100 mil yen)

FY

Others

Die & Mold

Aerospace

Production Machinery

FY2019 Actual 1,415 FY2020 Plan (Apr. 2020) 1,145 FY2020 Plan (Jul. 2020) 1,145 FY2020 Plan (Oct. 2020) 1,145 FY2020 Plan (Jan. 2021) 1,145

(4)

No.4

No.4

0

20

40

60

80

100

120

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Year) (100 mil yen)

Others

Europe

North America

Asia

Japan

Monthly order of Makino

(5)

0

500

1,000

1,500

2,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Year

100 mil yen

Others

Europe

North America

Asia

Japan

(6)

No.6

No.6

0

400

800

1,200

1,600

2,000

2,400

0

20

40

60

80

100

120

JMTBA

Makino

Year

100 mil yen

JMTBA

Makino (non-consolidated) Order

Non-Consolidated

(7)

0

200

400

600

800

1,000

0

10

20

30

40

50

JMTBA

Makino

Year

100 mil yen

JMTBA

Makino (non-consolidated) Domestic Order

(8)

No.8

No.8

0

400

800

1,200

1,600

0

20

40

60

80

JMTBA

Makino

Year

100 mil yen

JMTBA

Makino (non-consolidated) Overseas Order

Non-Consolidated

(9)

0

50

100

150

200

250

300

1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

100 mil yen

FY

Overseas

Domestic

FY2019 Actual 693 FY2020 Plan (Apr. 2020) 550 FY2020 Plan (Jul. 2020) 478 FY2020 Plan (Oct. 2020) 451 FY2020 Plan (Jan. 2021) 420

(10)

No.10

No.10

-20

0

20

40

60

80

100

120

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

1

Q

2

Q

3

Q

4

Q

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

100 mil yen

FY

Others

Die & Mold

Aerospace

Production Machinery

FY2019 Actual 258 FY2020 Plan (Apr. 2020) 208 FY2020 Plan (Jul. 2020) 193 FY2020 Plan (Oct. 2020) 187 FY2020 Plan (Jan. 2021) 167

Domestic Order

(11)

0

50

100

150

200

250

300

1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

(mil S$)

FY

Others

Die & Mold

Aerospace

Production Machinery

FY2019 Actual 586 FY2020 Plan (Apr. 2020) 515 FY2020 Plan (Jul. 2020) 563 FY2020 Plan (Oct. 2020) 536 FY2020 Plan (Jan. 2021) 600

(12)

No.12

No.12

0

50

100

150

200

250

300

1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (mil S$)

(FY

Others

India

China

China India Others FY2019 Actual 355 / 95 / 137 FY2020 Plan (Apr. 2020) 360 / 59 / 96 FY2020 Plan (Jul. 2020) 413 / 59 / 90 FY2020 Plan (Oct. 2020) 383 / 59 / 93 FY2020 Plan (Jan. 2021) 440 / 68 / 91

(13)

0

30

60

90

120

150

180

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

(mil. US$)

FY

Others

Die & Mold

Aerospace

Production Machinery

FY2019 Actual 454 FY2020 Plan (Apr. 2020) 291 FY2020 Plan (Jul. 2020) 260 FY2020 Plan (Oct. 2020) 304 FY2020 Plan (Jan. 2021) 291

(14)

No.14

No.14

-10

0

10

20

30

40

50

60

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

(mil €)

FY

Others

Die & Mold

Aerospace

Production Machinery

FY2019 Actual 81 FY2020 Plan (Apr. 2020) 84 FY2020 Plan (Jul. 2020) 86 FY2020 plan (Oct. 2020) 62 FY2020 Plan (Jan. 2021) 55

(15)

Definition for industries shown in explanatory note

Makino categorizes its market to the following industries according to what

purpose the customers use Makino products for;

Die & Mold

where Makino products are used to manufacture Die or Mold to

shape mainly plastic or die-cast products

Production

where Makino products are used to manufacture component

Machinery

parts for automobiles or various kinds of machines or devices

other than aerospace products.

Aerospace

where Makino products are used to manufacture component

parts of aerospace products.

(16)

No.16

No.16

Acceleration of new-product development

5-Axis vertical machining center

D2

Nov. 2020

Laser processing machine (LUMINIZER)

LB300

LB500

Dec. 2020

Vertical machining center

for brittle material processing

e GRINDER BG500

5-Axis horizontal machining

center

a800Z

Jan. 2021

Our Initiatives

We are accelerating the speed of new machine development by standardization of design

and commoditization of the machine units.

(17)

Sales Automation

ー Youtube

Channel

(18)

No.18

No.18

Sales Automation

Special website for JIMTOF

Our Initiatives

(19)

Sales Automation

The number of visitors

The number of accumulated total visitors

The number of visitors accumulated total

An average visitors per day

The accumulated total number of people who visited our YouTube channel and home page reached over 344,000.

We are now building a system to distribute optimum information to each visitor based on this data.

(20)

No.20

No.20

Service Automation

IoT center in Kanagawa

IoT center in Kobe

IoT center in Nagoya

Our Initiatives

(21)

Service Automation

We consolidated warehouses into new one aiming for automating operations.

(22)

No.22

No.22

Service Automation

Our Initiatives

In the warehouse, several unmanned forklifts are running simultaneously.

And we are proceeding further automation.

(23)

Kunshan factory in China

(New) Factory

(New) Warehouse

&

Spare Parts Centre

(New) Customer Service

IOT Center

Existing factory

producing Electric Discharge Machine

This is our factory for manufacturing EDM machines in Kunshan, China. We expanded the factory for production increase.

(24)

No.24

Sales and Operating Income

No.24

USD 109.07 110.26 111.14 110.91 109.90 108.63 108.67 108.74 107.62 106.92 106.11 EUR 130.06 129.85 129.49 128.41 123.49 121.42 121.05 120.82 118.48 121.30 122.38 SGD 81.79 81.64 81.80 81.69 80.61 79.34 79.48 79.28 76.21 76.74 77.03 -12.0% -6.0% 0.0% 6.0% 12.0% 18.0% 24.0% -40,000 -20,000 0 20,000 40,000 60,000 80,000 1Q of FY2018 2Q of FY2018 3Q of F Y2018 4Q of FY2018 1Q of FY2019 2Q of FY2019 3Q of FY2019 4Q of FY2019 1Q of FY2020 2Q of FY2020 3Q of FY2020 Sales Operation Income Operation Income ratio

Exchange rate 20 / 2 Bil. Yen 40 / 4 Bil. Yen 60 / 6 Bil. Yen 80 / 8 Bil. Yen - / -2 Bil. Yen - / -4 Bil. Yen - / 0 Bil. Yen

(25)

for the Third Quarter of the Fiscal Year Ending March 31, 2021

(Comparison with the same period of last year)

3Q YTD of FY2019

3Q YTD of FY2020

Change

(Million yen)

(From Apr.1, 2019 to Dec.31, 2019) (From Apr.1, 2020 to Dec.31, 2020)

(%)

- 36,627

(-31.9%)

1,532

- 4,615

- 6,148

(1.3%)

(-5.9%)

-2,256

- 3,202

- 5,459

(2.0%)

(-4.1%)

-413

- 3,859

- 4,273

(0.4%)

(-4.9%)

-Exchange rate, against USD

108.67

106.11

Exchange rate, against EUR

121.05

122.38

Exchange rate, against SGD

79.48

77.03

Net income / loss

attributable to owners of

the parent

Net sales

114,728

78,101

Operating income / loss

(26)

No.26

Segments

No.26

(Million yen)

1-

Q

of FY2020

Net sales

44,709

31,060

22,120

5,118 -24,907

78,101

(Sales in foreign currency)

(391,208)

(208,470)

(41,824)

Operating income/loss

- 5,579

1,624

1

- 1,080

417

- 4,615

1-

Q

of FY2019

Net sales

73,890

40,577

35,813

9,111 -44,665 114,728

(Sales in foreign currency)

(498,981)

(329,566)

(75,274)

Operating income/loss

- 1,140

2,848

921

- 1,018

- 79

1,532

1-

Q

of FY2018

Net sales

99,441

52,211

40,464

12,661 -60,300 144,478

(Sales in foreign currency)

(616,576)

(364,090)

(97,783)

Operating income/loss

10,467

4,761

1,253

- 596

- 1,410

14,476

(Japan)

(Asia)

(America)

(Europe)

(Japan)

(Asia)

(America)

(Europe)

(Japan)

(America)

(Asia)

(Europe)

Eliminations

Consolidated

Consolidated

Eliminations

Consolidated

(27)

Sales amount by Destination

(Million yen)

1-3Q

of FY2020

Net sales

18,251 31,129 22,268

5,424

1,027 78,101

Ratio

23.4%

39.9%

28.5%

6.9%

1.3%

1-3Q

of FY2019

Net sales

26,927 41,934 35,464

9,402

998 114,728

Ratio

23.4%

36.5%

30.9%

8.2%

0.8%

1-3Q

of FY2018

Net sales

34,937 53,675 39,385 13,198

3,281 144,478

Ratio

24.1%

37.1%

27.2%

9.1%

2.2%

Consolidated

Japan

Asia

America

Europe

Others

Consolidated

Japan

Asia

America

Europe

Others

Consolidated

(28)

No.28

Consolidated Balance Sheets

No.28

Assets

(Million yen)

Cash and time deposits

55,748

68,788

13,039

Notes and accounts receivable

40,179

25,356

- 14,822

Marketable securities

35

3,347

3,312

Inventories

58,346

59,575

1,228

Other current assets

8,683

5,969

- 2,714

Allowance for doubtful accounts

- 949

- 1,078

- 128

Total

162,043

161,959

- 84

Property, plant and equipment

67,808

68,091

282

Intangible assets

4,581

4,155

- 426

Investments and other assets

24,454

34,164

9,709

Total

96,845

106,411

9,565

258,889

268,370

9,481

Total assets

End of FY2019

(As of Mar. 31, 2020)

End of Q3 FY2020

(As of Dec. 31, 2020)

Change

C

u

rr

e

n

t a

sse

ts

Item

N

o

n

cu

rr

en

t

asse

ts

(29)

Consolidated Balance Sheets

Liabilities and net assets

(Million yen)

End of FY2019

End of Q3 FY2020

(As of Mar. 31, 2020) (As of Dec. 31, 2020)

Notes and accounts payable

23,968

17,479

- 6,489

Short-term loans from banks

4,767

4,896

129

Current portion of long-term debt

597

1,000

402

Other current liabilities

22,864

21,734

- 1,130

Total

52,198

45,109

- 7,088

Bonds payable

20,000

20,000

-Long-term loans payable

20,445

31,654

11,208

Other noncurrent liabilities

14,541

17,022

2,480

Total

54,987

68,676

13,689

107,185

113,786

6,601

Common stock

21,142

21,142

-Capital surplus

37,070

37,074

3

Retained earnings

93,424

89,075

- 4,348

Treasury stock

- 2,011

- 2,173

- 162

Total

149,626

145,119

- 4,507

1,248

8,680

7,431

828

784

- 44

151,703

154,583

2,880

258,889

268,370

9,481

Valuation and translation adjustments

Non-controlling interests

Total net assets

Total liabilities and net assets

S h ar eh old ers ' eq u ity

Total liabilities

Change

C u rr en t liab ilit ie s

Item

N on cu rr en t liab ilit ie s

(30)

No.30

Consolidated Statements of Cash Flow

No.30

(Million yen)

Item (From Apr. 1, 2019 to Dec. 31, 2019) (From Apr. 1, 2020 to Dec. 31, 2020)3Q YTD of FY2019 3Q YTD of FY2020

I. Cash flows from operating activities:

Income (loss) before income taxes 2,277 - 3,340

Depreciation and amortization 4,649 5,061

(Increase) decrease in notes and accounts receivable, trade 16,911 14,558

(Increase) decrease in inventories - 2,105 - 1,348

Increase (decrease) in notes and accounts payable, trade - 8,647 - 6,404

Other, net - 7,010 1,204

Cash flows from operating activities 6,076 9,731

II. Cash flows from investing activities:

Purchase of property, plant and equipment - 5,572 - 3,936 Proceeds from sales of property, plant and equipment 255 434

Other, net - 735 - 988

Cash flows from investing activities - 6,052 - 4,490

III. Cash flows from financing activities:

Increase (decrease) in short-term loans payable, net 689 293

Repayment of finance-lease obligations - 459 - 502

Proceeds from long-term loans payable - 12,111

Repayment of long-term loans payable - 60 - 611

Payment for purchases of treasury stock - 1 - 162

Payment for purchases of treasury stock of subsidiaries - - 22

Dividends paid by the parent company - 2,923 - 490

Dividends paid to minority shareholders - 13 - 11

Cash flows from financing activities - 2,767 10,604

IV. Effect of exchange rate changes on cash and cash equivalents - 768 195

V. Net increase (decrease) in cash and cash equivalents - 3,513 16,041

VI. Cash and cash equivalents, beginning of period 48,827 55,358

(31)

Capital Investment (Forecast)

52

39

36

27

20

35

70

86

94

84

43

65

0

50

100

150

FY2016

FY2017

FY2018

FY2019

FY2020

1-3Q

FY2020

Plan

(100mil yen)

(32)

No.32

Depreciation (Forecast)

No.32

37

37

39

39

28

39

49

51

59

66

50

68

0

30

60

90

FY2016

FY2017

FY2018

FY2019

FY2020

1-3Q

FY2020

Plan

(100mil yen)

(33)

1,485

1,501

1,466

1,468

1,493

4,593

4,731

4,805

4,757

4,540

0

2,500

5,000

7,500

FY2016

FY2017

FY2018

FY2019

FY2020

1-3Q

(Persons)

(34)

No.34

Forecast of Consolidated Operating Results

No.34

Actual

Previous Forecast

(as of Oct. 30,2020)

3Q YTD of FY2020

4Q of FY2020

FY2020

FY2020

(Million yen)

(From Apr. 1, 2020to Dec. 31, 2020) (From Jan. 1, 2021to Mar. 31, 2021) (From Apr. 1, 2020to Mar. 31, 2021) (From Apr. 1, 2020to Mar. 31, 2021)

-4,615

-185

-4,800

-6,000

(-5.9%)

(-0.5%)

(-4.2%)

(-5.3%)

-3,202

-398

-3,600

-5,000

(-4.1%)

(-1.1%)

(-3.2%)

(-4.4%)

-3,859

-541

-4,400

-5,600

(-4.9%)

(-1.5%)

(-3.9%)

(-4.9%)

Exchange rate, against USD

106.11

103.00

105.00

106.00

Exchange rate, against EUR

122.38

121.00

122.00

119.20

Exchange rate, against SGD

77.03

77.00

77.00

76.90

Revised Forecast

(as of Jan. 29, 2021)

Net income / loss

attributable to owners of

the parent

113,500

Operating income / loss

Ordinary income / loss

(35)
(36)

No.36

The Influences on Sales and Operating income

by exchange rate fluctuations

No.36

Comparison with the same period of last year

mil yen

External sales

Exchange rate

(Same period

of last year)

USD

USD 207M

106.11 (108.67)

-529

-153

EUR

EUR 42M

122.38 (121.05)

56

15

SGD

SGD 365M

77.03

(79.48)

-895

-50

Total

-1,369

-187

The 3Q YTD of FY2020

The influence of

exchange rate

fluctuations in

Sales

The influence of

exchange rate

fluctuations in

Operating Income

(37)

671

796

994

738

447

14

40

104

-11

-55

-70

0

70

140

0

300

600

900

1,200

1-3Q of

FY2016

1-3Q of

FY2017

1-3Q of

FY2018

1-3Q of

FY2019

1-3Q of

FY2020

(100mil yen)

(38)

No.38

Net Sales and Operating Income (by Segment

Ⅱ/

Asia)

No.38

321

448

522

405

310

19

39

47

28

16

0

20

40

60

80

0

150

300

450

600

1-3Q of

FY2016

1-3Q of

FY2017

1-3Q of

FY2018

1-3Q of

FY2019

1-3Q of

FY2020

(100mil yen)

(39)

315

370

404

358

221

9

11

12

9

0

0

5

10

15

20

0

150

300

450

600

1-3Q of

FY2016

1-3Q of

FY2017

1-3Q of

FY2018

1-3Q of

FY2019

1-3Q of

FY2020

(100mil yen)

(40)

No.40

Net Sales and Operating Income (by Segment

Ⅳ/

Europe)

No.40

75

118

126

91

51

-5

-3

-5

-10

-10

-12

-8

-4

0

4

0

40

80

120

160

1-3Q of

FY2016

1-3Q of

FY2017

1-3Q of

FY2018

1-3Q of

FY2019

1-3Q of

FY2020

(100mil yen)

(41)

Total assets

-*for Reference

Net Sales

(100 million yen)

1,536

1,815

2,047

1,594 781

2,476

2,683

2,695

2,588

2,683

0

1,000

2,000

3,000

4,000

End of

FY2016

End of

FY2017

End of

FY2018

End of

FY2019

End of 3Q

FY2020

(100mil yen)

(42)

No.42

Changes in Major Items in Consolidated Balance Sheets

Cash and time deposits + securities

-No.42

*for Reference

Net Sales

(100 million yen)

1,536

1,815

2,047

1,594 781

517

502

492

557

721

0

300

600

900

End of

FY2016

End of

FY2017

End of

FY2018

End of

FY2019

End of 3Q

FY2020

(100mil yen)

(43)

Notes and accounts receivable, trade(left) / Turnover of account receivable(right)

-*for Reference

Net Sales

(100 million yen)

1,536

1,815

2,047

1,594 781

445

511

534

401

253

0.0

2.0

4.0

6.0

8.0

0

250

500

750

End of

FY2016

End of

FY2017

End of

FY2018

End of

FY2019

End of 3Q

FY2020

(month)

(100mil yen)

(44)

No.44

Changes in Major Items in Consolidated Balance Sheets

Inventories(left) / Inventory turnover(right)

-No.44

*for Reference

Net Sales

(100 million yen)

1,536

1,815

2,047

1,594 781

520

591

634

583

595

0.0

2.0

4.0

6.0

8.0

0

300

600

900

End of

FY2016

End of

FY2017

End of

FY2018

End of

FY2019

End of 3Q

FY2020

(month)

(100mil yen)

(45)

Notes and accounts payable, trade

-*for Reference

Net Sales

(100 million yen)

1,536

1,815

2,047

1,594 781

302

354

332

239

174

0

100

200

300

400

500

End of

FY2016

End of

FY2017

End of

FY2018

End of

FY2019

End of 3Q

FY2020

(100mil yen)

(46)

No.46

Changes in Major Items in Consolidated Balance Sheets

Interestbearing debt

-No.46

*for Reference

Net Sales

(100 million yen)

1,536

1,815

2,047

1,594 781

548

381

349

458

575

0

200

400

600

800

End of

FY2016

End of

FY2017

End of

FY2018

End of

FY2019

End of 3Q

FY2020

(100mil yen)

(47)

Note

Forward-looking statements contained in this explanatory material,

including results forecasts, are based on information available at the

time of disclosure and contain potential risks and uncertainties.

Therefore, please note that actual results may materially differ from the

forecasts written in this material because of various factors.

Significant factors that could have an impact on actual results include,

but are not limited to, economic conditions and social developments

surrounding the Company, as well as changes in relative

competitiveness due to trends in demand for the products and services

provided by the Company.

References

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Abstract Background: Personality is one of the key elements in professional identity formation and is self-identified as one of the top two influences for Canadian medical

Qualitative Information for the First Quarter of the Fiscal Year Ending March 31, 2014 (1) Qualitative Information on the Consolidated Business Results.. During the first quarter

(Rounded down to the nearest million yen) Shareholders’ equity Paid-in capital Capital surplus Retained earnings Treasury stock, at cost Total shareholders’ equity Total

The forward-looking information and statements contained in this presentation reflect several material factors and expectations and assumptions of Element including,

Maintaining good adhesion of the protective oxide layer on the surface of heat-resistant alloys is crucial for long-term cyclic oxi- dation resistance. Negative effect of S on

he strength-ductility property of commercially pure titanium as a function of orientation of the loading direction (04590 degree) during monotonic tensile loading gets manifested