HORAI Balance Sheet

Financials in millions JPY. Fiscal year is October - September.

Millions JPY. Fiscal year is Oct - Sep.

Fiscal Year	TTM	FY 2010	FY 2009	FY 2008	FY 2007	FY 2006
Period Ending	Dec '10 Dec 31, 2010	Sep '10 Sep 30, 2010	Sep '09 Sep 30, 2009	Sep '08 Sep 30, 2008	Sep '07 Sep 30, 2007	Sep '06 Sep 30, 2006
Cash & Equivalents	2,331	2,310	2,323	2,843	3,182	3,419
Short-Term Investments	500	500	500	500	500	-
Cash & Short-Term Investments	2,831	2,810	2,823	3,343	3,682	3,419
Cash Growth	2.85%	-0.46%	-15.55%	-9.21%	7.67%	-18.24%
Accounts Receivable	314.77	359.51	340.56	250.97	312.08	390.15
Receivables	314.77	359.51	342.21	252.42	312.08	390.15
Inventory	183.32	186.32	187.42	180.68	168.91	168.53
Prepaid Expenses	-	53.72	54.51	50.33	59.2	60.32
Other Current Assets	222	300.97	322.13	602.17	291.48	369.09
Total Current Assets	3,551	3,743	3,763	4,466	4,550	4,520
Property, Plant & Equipment	17,110	17,152	17,238	17,411	17,562	17,817
Long-Term Investments	-	770.62	773.49	810.07	941.02	935.23
Goodwill	-	57.1	165.03	283.02	402.81	496.86
Other Intangible Assets	95.67	47.3	62.54	59.29	27.36	31.51
Long-Term Deferred Tax Assets	-	111.9	102.24	94.75	-	-
Long-Term Deferred Charges	-	-	-	-	-	16.87
Other Long-Term Assets	3,412	2,536	2,581	2,578	2,611	2,621
Total Assets	24,169	24,418	24,686	25,702	26,094	26,438
Accounts Payable	75.53	118.37	170.01	99.43	82.58	140.31
Accrued Expenses	13.43	303.91	278.77	248.57	300.95	236.39
Current Portion of Long-Term Debt	100	100	100	100	100	100
Current Income Taxes Payable	21.91	158.81	144.31	214.4	202.92	28.79
Other Current Liabilities	624.73	383.35	433.32	840.12	961.07	471.83
Total Current Liabilities	835.59	1,064	1,126	1,503	1,648	977.31
Long-Term Debt	1,750	1,750	1,850	1,950	2,050	2,150
Pension & Post-Retirement Benefits	98.69	124.77	95.98	69.62	60.54	41.99
Long-Term Deferred Tax Liabilities	-	-	-	-	15.73	11.83
Other Long-Term Liabilities	14,489	14,486	15,047	16,073	16,740	18,288
Total Liabilities	17,174	17,425	18,119	19,595	20,514	21,469
Common Stock	4,341	4,341	4,341	4,341	4,341	4,341
Additional Paid-In Capital	527.05	527.05	527.05	527.05	527.05	5,135
Retained Earnings	2,091	2,114	1,681	1,213	606.9	-4,608
Treasury Stock	-13.06	-13.06	-12.53	-11.85	-10.23	-7.53
Comprehensive Income & Other	50.3	24.64	30.31	38.55	116.13	109.03
Shareholders' Equity	6,996	6,993	6,566	6,107	5,580	4,969
Total Liabilities & Equity	24,169	24,418	24,686	25,702	26,094	26,438
Total Debt	1,850	1,850	1,950	2,050	2,150	2,250
Net Cash (Debt)	981.34	959.97	872.83	1,293	1,532	1,169
Net Cash Growth	22.21%	9.98%	-32.47%	-15.61%	31.00%	-36.18%
Net Cash Per Share	233.82	228.71	207.91	307.78	364.54	278.17
Filing Date Shares Outstanding	4.2	4.2	4.2	4.2	4.2	4.2
Total Common Shares Outstanding	4.2	4.2	4.2	4.2	4.2	4.2
Working Capital	2,716	2,679	2,637	2,963	2,902	3,542
Book Value Per Share	1666.89	1666.36	1564.29	1454.48	1328.56	1182.40
Tangible Book Value	6,900	6,889	6,339	5,765	5,150	4,441
Tangible Book Value Per Share	1644.10	1641.48	1510.08	1372.95	1226.14	1056.67
Land	7,057	7,057	7,057	7,057	11,891	11,891
Buildings	-	15,274	15,131	14,945	14,880	14,772
Machinery	-	2,975	3,019	2,996	2,961	2,941
Construction In Progress	-	-	-	63	-	-
Order Backlog	-	0.6	-	-	-	-

Updated Feb 10, 2011. Source: S&P Global Market Intelligence. Standard template. Financial Sources.