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DENSO CORPORATION and Consolidated Subsidiaries

Consolidated Financial Results for the Second Quarter Ended September 30, 2012

1-1, Showa-cho, Kariya, Aichi 448-8661, Japan


: Nobuaki Katoh
Representative
President and CEO
Contact
: Masanori Asawaka
Director
Telephone
: +81-566-25-5850
Fax
: +81-566-25-4913
(URL http://www.globaldenso.com)

DATE: October 31, 2012


DENSO CORPORATION
CODE: 6902
Listed on the Tokyo and
Nagoya stock exchanges

Results for the second quarter ended September 30, 2012

(From April 1, 2012 to September 30, 2012)

(1) Operating Results

(Millions of yen, except per share figures)

6 months ended
Sep. 30, 2012

6 months ended
Sep. 30, 2011

Net sales.................................................................

1,733,129

1,409,146

% change from the previous corresponding period...........................

23.0%

( 11.4%)

Operating income......................................................

136,270

% change from the previous corresponding period...........................

327.7%

Income before income taxes and minority interests..........

137,372

% change from the previous corresponding period...........................

249.4%

Net Income..............................................................

78,073

% change from the previous corresponding period...........................

Basic net income per share.........................................


Diluted net income per share .....................................

31,859
( 74.4%)

39,318
( 71.5%)

23,283

235.3%

( 75.2%)

96.88 yen
- yen

28.89 yen
- yen

Year ended
Mar. 31, 2012

3,154,630
0.7%

160,732
( 14.7%)

163,483
( 22.8%)

89,298
( 37.6%)

110.81 yen
- yen

Note: Basic net income per share is based upon the average number of shares outstanding.

(2) Financial Position

(Millions of yen, except per share figures)

As of
Sep. 30, 2012

Total assets.............................................................
Total equity.............................................................
Equity ratio..............................................................
Equity per share.......................................................

3,511,564
2,103,295
56.9 %
2,480.38 yen

As of
Mar. 31, 2012

3,607,697
2,117,201
55.7 %
2,492.92 yen

As of
Sep. 30, 2011

3,426,601
1,970,845
54.7 %
2,326.30 yen

Note: "Equity per share" is based upon the number of shares outstanding as of the respective balance sheet dates.

(3) Consolidation Scope


Number of consolidated subsidiaries
Number of affiliates

:
:

184
32 ( Affiliates accounted for by the equity method : 32 )

(4) Changes in Consolidation Scope and Application of the Equity Method


Consolidated subsidiaries
Added
: 4
Excluded
: 8
Companies accounted for by the equity method
Added
: 1
Excluded
: 0

-1-

Consolidated Balance Sheets


As of
Sep. 30, 2012

Assets
Current Assets:
Cash and cash equivalents
Short-term investments
Notes and accounts receivable,
less allowance for doubtful accounts
Inventories
Deferred tax assets
Other current assets
Total current assets
Property, Plant and Equipment:
Land
Buildings and structures
Machinery and equipment
Construction in progress
Less: Accumulated depreciation
Net property, plant and equipment
Investments and Other Assets
Total

Current Liabilities:
Short-term borrowings
Current portion of long-term debt
Notes and accounts payable
Income taxes payable
Accrued expenses
Other current liabilities
Total current liabilities
Long-term Liabilities:
Long-term debt
Liabilities for retirement benefits to employees,
directors, corporate auditors and managing officers
Deferred tax liabilities
Other long-term liabilities
Total long-term liabilities
Shareholders' Equity:
Common stock
Capital surplus
Retained earnings
Treasury stock - at cost
Total shareholders' equity
Variance of the Estimate/Conversion:
Unrealized gain on available-for-sale securities
Deferred gain (loss) on derivatives
under hedge accounting
Foreign currency translation adjustments
Total variance of the estimate/conversion
Stock cquisition Rights
Minority Interests
Total equity
Total

-2-

Millions of yen
Increase
(Decrease)

599,830
436,156

665,410
356,732

558,191

618,518

319,629
59,091
102,792
2,075,689

324,513
61,274
93,661
2,120,108

(44,419)

159,551
714,557
2,601,729
80,032
3,555,869
(2,755,623)
800,246
635,629

159,762
715,533
2,598,104
65,280
3,538,679
(2,737,791)
800,888
686,701

(642)
(51,072)

3,511,564

3,607,697

(96,133)

As of
Sep. 30, 2012

Liabilities and Equity

As of
Mar. 31, 2012

As of
Mar. 31, 2012

Increase
(Decrease)

8,070
31,459
419,612
33,470
196,101
75,182
763,894

7,519
52,237
457,782
18,881
198,280
78,643
813,342

431,359

463,344

193,259

191,816

6,833
12,924
644,375

7,461
14,533
677,154

(32,779)

187,457
266,624
1,851,966
(198,504)
2,107,543

187,457
266,624
1,792,428
(198,498)
2,048,011

59,532

108,974

146,458

(49,448)

119

(297)

(217,704)
(108,611)
2,741
101,622
2,103,295

(185,128)
(38,967)
3,530
104,627
2,117,201

(69,644)
(789)
(3,005)
(13,906)

3,511,564

3,607,697

(96,133)

Consolidated Statements of Income


6 months ended
Sep. 30, 2012

6 months ended
Sep. 30, 2011

1,733,129
1,460,879
272,250

1,409,146
1,247,565
161,581

135,980

129,722

136,270

31,859

Net Sales
Cost of Sales
Gross Profit
Selling, General and
Administrative Expenses
Operating Income

Millions of yen
Increase
(Decrease)

323,983
213,314
110,669

104,411

Other Income (Expenses):


Interest and dividend income
Interest expense
Equity in earnings of affiliates

7,904
(3,209)
2,181

Gain on sales of property,


plant and equipment
Loss on sales or disposal of property,
plant and equipment
Impairment loss on investment securities
Loss on sales of investment securities
Foreign exchange gain (loss)
Other, net
Income before income taxes
and minority interests
Income Taxes:
Current
Deferred

971

Minority Interests in Net Income


Net Income

-3-

8,815
(3,052)
1,786
562

(1,615)

(1,548)

(12,419)
1,212
6,077

(30)
(22)
(1,049)
1,997

137,372

39,318

47,551
3,741

15,280
(3,150)

8,007
78,073

3,905
23,283

98,054

54,790

Segment Information

Geographical Segments (by company location)


6 months ended
Sep. 30, 2012

Sales

6 months ended
Sep. 30, 2011

Millions of yen
Increase
(Decrease)

Japan
North America
Europe
Asia & Oceania
Total
Others

1,234,032
300,783
173,133
355,254
2,063,202
30,080

963,499
217,511
198,703
299,682
1,679,395
30,437

270,533
83,272
(25,570)
55,572
383,807
(357)

Grand Total
Operating IncomeLoss Japan
North America
Europe
Asia & Oceania
Total
Others

2,093,282
94,016
6,907
1,355
33,899
136,177
1,756

1,709,832
1,704
(3,034)
3,302
26,282
28,254
1,993

383,450
92,312
9,941
(1,947)
7,617
107,923
(237)

Grand Total

137,933

-4-

30,247

107,686