Financial Data

Consolidated Performance by Year

Major Consolidated Financial Indicators

Segment

Consolidated Performance by Year(millions of yen)
	FY06	FY07	FY08	FY09	FY10	FY11 Forecast
Net sales	336,188	336,685	296,857	252,502	284,964	281,000
Operating income	21,920	24,262	1,398	7,229	16,702	16,000
Ratio of operating income to net sales (*1)	6.5%	7.2%	0.5%	2.9%	5.9%	5.7%
Ordinary income	25,991	24,746	748	7,976	14,802	14,500
Net income	7,145	12,189	25,806	3,527	5,123	9,000
Total assets	382,971	387,975	374,239	352,462	330,321	-
Interest-bearing debt	27,615	57,918	122,352	100,467	73,958	-
Net assets	254,426	243,830	184,229	186,362	184,132	-
Cash flows from operating activities	30,561	26,379	14,647	33,428	21,950	-
Cash flows from investing activities	38,713	58,673	30,697	6,437	14,431	-
Cash flows from financing activities	35,250	25,268	34,607	23,689	28,808	-
Free cash flow (*2)	8,151	32,294	16,050	26,991	7,518	-
Capital expenditures	29,032	25,181	19,527	8,774	13,957	22,000
R&D expenses	13,782	10,800	10,527	8,488	8,273	8,000

(*1) Operating income÷Net sales
(*2) Cash flows from operating activities+Cash flows from investing activities

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Major Consolidated Financial Indicators
	FY06	FY07	FY08	FY09	FY10
ROE (*1)	2.7%	4.9%	12.3%	2.0%	2.8%
Ordinary income/Total assets (*2)	6.6%	6.4%	0.2%	2.2%	4.3%
Equity ratio (*3)	65.9%	62.4%	47.9%	51.8%	55.4%
Earnings per share (*4)	¥19.43	¥35.14	¥77.32	¥11.01	¥15.90
Net assets per share (*5)	¥728.49	¥697.81	¥559.34	¥570.06	¥564.34
PER (*6)	56.92	23.99	-	58.03	30.13
PBR (*7)	1.52	1.21	0.72	1.12	0.85
Dividends per share	¥15.00	¥22.50	¥10.00	¥7.00	¥7.00
Ratio of return to share holders (*8)	495.0%	64.0%	-%	63.6%	44.0%

(*1) Net income÷Average equity for the period
(*2) Earnings before tax÷Average assets for the period
(*3) Shareholders' equity÷Total assets
(*4) Net income÷Average number of shares outstanding
(*5) Shareholders' equity÷Number of shares outstanding at year-end
(*6) Closing price as of end of March÷EPS
(*7) Closing price as of end of March÷BPS
(*8) (Total dividends paid+Purchases for treasury stock)÷Net income

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Breakdown of sales by segment (millions of yen)
	FY06	FY07	FY08	FY09	FY10	FY11 Forecast
Watches and Clocks	132,987	139,985	132,514	123,613	137,396	136,500
Devices and Components	99,167	99,235	81,260	62,071	72,585	63,900
Electronic Products	27,778	27,104	21,016	20,580	22,032	23,200
Machine Tools	44,285	39,639	33,227	21,335	37,767	42,300
Other Products	31,970	30,720	28,838	24,900	15,182	14,800
Total	336,188	336,685	296,857	252,502	284,964	281,000

(*1) The numerical value after FY10 rearranged to a new segment.

Breakdown of operating income by segment (millions of yen)
	FY06	FY07	FY08	FY09	FY10	FY11 Forecast
Watches and Clocks	21,060	21,262	9,106	9,751	14,452	12,900
Devices and Components	405	655	3,101	3,534	2,244	1,100
Electronic Products	3,203	2,695	1,012	854	835	1,000
Machine Tools	6,451	4,449	180	4,364	2,680	4,300
Other Products	1,461	1,519	777	468	262	200
Eliminations or general corporate	10,662	6,317	5,021	3,410	3,249	3,100
Total	21,920	24,263	1,398	7,229	16,702	16,000

(*1)The numerical value after FY10 rearranged to a new segment.

Ratio of operating income to net sales by segment (%)
	FY06	FY07	FY08	FY09	FY10	FY11 Forecast
Watches and Clocks	15.8	15.2	6.9	7.9	10.5	9.5
Devices and Components	0.4	0.7	3.8	5.7	3.1	1.8
Electronic Products	11.5	9.9	4.8	4.1	3.8	4.3
Machine Tools	14.6	11.2	0.5	20.5	7.1	10.3
Other Products	4.6	4.9	2.7	1.9	1.7	1.6
Total	6.5	7.2	0.5	2.9	5.9	5.7

(*1) The numerical value after FY10 rearranged to a new segment.

Breakdown of Net sales by Segment (%)
	FY06	FY07	FY08	FY09	FY10	FY11 Forecast
Watches and Clocks	39.5	41.6	44.6	49.0	48.2	48.6
Devices and Components	29.5	29.5	27.4	24.6	25.5	22.7
Electronic Products	8.3	8.1	7.1	8.1	7.7	8.3
Machine Tools	13.2	11.8	11.2	8.4	13.3	15.1
Other Products	9.5	9.1	9.7	9.9	5.3	5.3
Total	100.0	100.0	100.0	100.0	100.0	100.0

(*1) The numerical value after FY10 rearranged to a new segment.

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