Financial Overview

(in millions of JPY)

	FY ended Mar. 31, 2012	FY ended Mar. 31, 2011	Rate of Change (%)	Factors
Overall
Sales	21,727	21,460	1.2	1)
Operating income	1,070	1,483	(27.8)	-Productivity decreased because operating revenue took a steep dive during the first quarter due to the Great East Japan Earthquake. -In addition to increased logistics/transportation costs associated with a sharp rise in automotive production, the costs of raw materials and labor cost sharply rose.
Ordinary income	1,021	1,331	(23.3)
Net income	1,234	847	45.5	-

Factors
1)
-In Japan, the Company worked to ensure that it could deliver a stable supply of products in response to the significant increase in program business it won from the third quarter and after in line with the recovery in domestic automotive production.
-The Company continued its activities to increase sales of automotive antennas and peripheral devices in emerging markets in Asia as well as in the mature markets of Japan, the Americas, and Europe.
-The Company inherited the automotive antenna business of Nippon Antenna, including the sales operations in the U.S.A. and UK and the production facilities in Shanghai, China; and the Philippines.

Acquisitions

-In Feb. 2012, the Company and Nippon Antenna Co., Ltd. have signed a contract, under which Nippon Antenna's car antenna business will be transferred to Harada Industry. A basic agreement on the deal was already made on December 9 last year. By transferring its automotive antenna business, including that of its overseas subsidiaries, to Harada, which is an expert in the field, Nippon Antenna will thereafter focus its management resources on television and communication equipment antennas and their related business. Harada, on its part, will further step up its activities to develop new products and increase sales in the global market. (From an article in the Nikkan Jidosha Shimbun on February 25, 2012)

>>>Financial Forecast for the Next Fiscal Year (Sales, Operating Income etc.) 

Outlook for FY ending Mar. 2013

(in millions of JPY)

	FY ending Mar. 31, 2013 (Forecast)	FY ended Mar. 31, 2012 (Result)	Rate of Change (%)
Overall	29,000	21,728	33.5
Operating income	900	1,070	(15.9)
Ordinary income	700	1,021	(31.4)
Net income	400	1,234	(67.6)

R&D Expenditure

(in millions of JPY)

	FY ended Mar. 31, 2012	FY ended Mar. 31, 2011	FY ended Mar. 31, 2010
Overall	925	919	852

-Total R&D expenses were 925 million yen, broken down as follows: Japan (672 million yen), North & Central America: (102 million yen) and Europe:(151 million yen).

R&D Activities

Next-generation automotive antenna business
-Based on the Company's forecast that integration and less/non-protruding products will be the future of the next-generation automotive antenna sector, it began R&D activities on body-interior, built-in systems for in-vehicle satellite antennas and multi-function antennas for telematics use.

Basic R&D activities
-The Company started developing concepts for future antennas, aiming to achieve the following objectives in the future: improving the receiving performance of digital/multimedia devices; creating in-vehicle LANs; and developing compact, integrated antennas capable of responding to high-volume communication loads.

Capital Expenditure

(in millions of JPY)

	FY ended Mar. 31, 2012	FY ended Mar. 31, 2011	FY ended Mar. 31, 2010
Overall	636	502	186

-In order to respond to the sophistication of mobile communications, the Company invested 336 million yen in facilities and equipment in Japan, Asia, North & Central America, and Europe.

<Japan>
-The Company invested in facilities and equipment producing onboard automotive equipment and communications devices, and in R&D facilities, to enhance its capabilities, spending 341 million yen.

<Asia>
-In order to enhance its facilities and equipment producing onboard automotive devices, the Company invested 172 million yen.

<North & Central America>
-The Company invested in facilities and equipment producing onboard automotive devices, and in R&D facilities, to enhance its capabilities, spending 112 million yen.

<Europe>
-In order to enhance its R&D capabilities in the area of onboard automotive devices, the Company invested 10 million yen