First Quarter of FY2014.3 Performance Outline July 31, 2013 (billions of yen) 1Q Projections 1Q Results Net Sales Japan Sales Overseas Sales Operating Income Ordinary Income Net Income Currency Exchange Rate (Settlement Rate) (=yen) ROE (*1) ROA (*2) Earnings per Share Capital Expenditures (Depreciation Expenses) R&D Expenses 1Q Results (Previous Year) (announced on April 30, 2013) Initial Projections (Full Year) (announced on April 30, 2013) Projections Results (Full Year) (Previous Year) FY2014.3 FY2014.3 FY2013.3 FY2014.3 FY2014.3 FY2013.3 94.0 97.0 90.0 390.0 408.0 366.9 43.3 (46.1%) 42.7 (44.0%) 45.4 (50.4%) 168.4 (43.2%) 165.8 (40.6%) 165.8 (45.2%) 50.7 (53.9%) 54.3 (56.0%) 44.6 (49.6%) 221.6 (56.8%) 242.2 (59.4%) 201.2 (54.8%) 2.5 (2.7%) 6.2 (6.4%) 4.3 (4.7%) 18.0 (4.6%) 20.0 (4.9%) 9.2 (2.5%) 2.0 (2.1%) 6.3 (6.5%) 3.8 (4.2%) 16.5 (4.2%) 18.5 (4.5%) 8.6 (2.3%) 1.5 (1.6%) 5.8 (6.0%) 2.6 (2.9%) 13.5 (3.5%) 16.5 (4.0%) 4.1 (1.1%) (*5) 85/US$ 98/US$ 81/US$ 85/US$ 96/US$ 82/US$ 115/EUR 121/EUR 106/EUR 115/EUR 124/EUR 103/EUR 2.7% 10.1% 5.4% 5.8% 7.0% 1.9% 1.6% 5.9% 3.0% 3.4% 4.2% 1.1% 7.7 yen 30.1 yen 13.6 yen 69.7 yen 85.2 yen 21.3 yen 4.7 2.1 2.6 15.4 14.8 13.8 (2.9) (2.9) (2.6) (13.5) (13.7) (11.6) 5.8 5.7 5.6 23.5 24.0 22.1 Cash Flows Operating Activities Investing Activities Total Inventories at End of Period 6.4 -3.9 2.5 80.8 -1.8 -0.7 -2.5 89.9 -3.4 -3.8 -7.2 79.9 27.8 -15.4 12.4 76.0 26.3 -11.8 14.5 79.4 7.8 -12.6 -4.9 82.0 7,200 13,000 20,200 7,108 12,759 19,867 7,629 12,346 19,975 7,000 13,100 20,100 7,000 13,200 20,200 7,143 12,545 19,688 Number of Employees Japan Overseas Total (*3) （Changes from the changes in the scope of consolidation） Temporary Staff (average during the period) (50) (43) (171) (55) (55) (173) 8,300 8,329 8,770 7,900 8,200 8,198 Sales by Business Segment Musical Instruments Audio Equipment (*4) (*4) Electronic Devices Others Operating Income by Business Segment Musical Instruments Audio Equipment (*4) (*4) Electronic Devices Others 61.5 22.0 4.0 6.5 (65.4%) (23.4%) (4.3%) (6.9%) 62.6 23.5 4.6 6.3 2.0 0.5 0 0 (64.5%) (24.2%) (4.8%) (6.5%) 58.8 20.5 3.9 6.8 4.4 0.9 0.4 0.4 (65.3%) (22.8%) (4.3%) (7.6%) 3.2 1.0 -0.6 0.6 246.5 99.5 19.0 25.0 12.0 5.5 0 0.5 (63.2%) (25.5%) (4.9%) (6.4%) 258.0 106.0 19.0 25.0 14.0 5.5 0 0.5 (63.2%) (26.0%) (4.7%) (6.1%) 235.5 92.6 15.0 23.8 (64.2%) (25.2%) (4.1%) (6.5%) 6.4 4.6 -2.0 0.3 Non-Consolidated Basis Net Sales Operating Income Ordinary Income Net Income 58.7 2.8 8.2 8.9 (4.8%) (14.0%) (15.2%) 63.6 2.0 5.5 5.4 (3.1%) (8.7%) (8.4%) 231.4 -4.2 6.2 5.8 (2.7%) (2.5%) ＊ ＊1, 2 ROE and ROA are calculated on an annually adjusted basis. ＊ ＊3 Number of Employees = Number of full-time staff at end of period ＊4 Effective in the first quarter of FY2014.3, AV/IT segment was renamed audio equipment segment, and the PA equipment business, which was previously reported as part of the musical instruments segment has now been reported as part of the audio equipment business. The above figures of FY2013.3 reflect the new segments accordingly. ＊ ＊5 2Q-4Q currency exchange rates US$1=JPY95, EUR1=JPY125 Consolidated financial forecasts were prepared based on information available at the time of the announcement and do not represent promises by the Company or its management that these performance figures will be attained. Actual consolidated results may differ from forecasts owing to a wide range of factors.