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Yaskawa Elec Corpn (48JE)

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Tuesday 07 March, 2006

Yaskawa Elec Corpn

3rd Quarter Results

Yaskawa Electric Corporation
07 March 2006


   Consolidated Business Results for the Nine Months Ended December 20, 2005

(Quarterly financial statements are not audited.)

                                  March 7, 2006


Listed company name: Yaskawa Electric Corporation
http://www.yaskawa.co.jp/en/
President: Koji Toshima
Stock exchange listings: Tokyo, Fukuoka
Stock ticker number: 6506


Preparation of Summary Third-Quarter Results

Simplification of accounting methods: Yes. Some simplified methods are applied
in depreciation of property and in valuation of fixed assets.

Changes in consolidated accounting methods from the most recent fiscal year:
Yes.

Changes in scope of consolidation and application of equity method: None.



1. Summary of Results for the Third Quarter of Fiscal Year 2005 (March 21, 2005
to December 20, 2005)

(Note: This document was translated from the financial statement submitted to
the Tokyo Stock Exchange for the period stated above. The figures under one
million are rounded off.)



(1) Summary of Consolidated Statements of Income
                                                                  (Millions of yen, except for per share data)
                             Nine months ended       Change (%)       Nine months ended             Year ended
                             December 20, 2005                        December 20, 2004         March 20, 2005
Net sales                              228,179         4.0                219,332                      309,615
Operating income                        13,915         28.7                10,810                       17,527
Ordinary income                         14,021         29.0                10,873                       17,414
Net income                               5,761         23.6                 4,662                        1,860
Net income per share (Yen)
  Basic                                  24.91          -                   20.15                         7.80
  Diluted                                22.90          -                   18.52                         7.30



The global economy including our main markets in Europe, North America and Asia
continued to be generally positive during these three quarters (nine months
ended December, 2005). The economic recovery in Japan also gained strength with
increased capital expenditures, improvements in employment conditions, and a
gain in personal consumption. The positive economic condition continued also
through the third quarter.

In this economic environment, the Yaskawa Group has focused on policies targeted
at increasing added value and expanding business through market strategy and
innovation. We also strengthened our sales operations, introduced strategic new
products in a timely manner, and focused our promotion efforts in high-profit
markets and customers to raise profitability.

As a result, net sales at the end of the third quarter rose by 4.0% from the
corresponding period last year to 228,179 million yen. Ordinary income rose by
29.0% to 14,021 million yen, and net income also rose by 23.6% to 5,761 million
yen.

Segment Results
     
•    Motion Control

Regarding the Motion Control segment, the sales of AC servomotors and
controllers were robust as demand recovery in semiconductor- and LCD-related
markets gained strength in the third quarter. The sales of inverters were also
positive especially outside Japan.

As a result, net sales in this segment at the end of the third quarter rose by
5.1% to 98,354 million yen and operating income rose by 3.1% to 8,194 million
yen compared to the corresponding period last year.
     
•    Robotics Automation

As for the Robotics Automation segment, even though the sales to the
automobile-related market showed a little slowdown due to temporary fall in
capital expenditures, the sales of robots for LCD panel transfer continued to be
robust.

As a result, net sales in this segment at the end of the third quarter rose by
13.1% to 84,921 million yen, compared to the corresponding period last year, and
operating income was up by 47.4% at 7,030 million yen.
     
•    System Engineering

The System Engineering segment progressed reforms in the profit structure by
focusing especially on its core businesses and competitive business areas.
Although the business of automation systems for wastewater process equipments
was affected by intense competition, we took in the demand for steel plant
renovation. We also promoted new system instruments such as high-voltage
inverters and control systems for elevators to develop new markets.

As a result, net sales in this segment at the end of the third quarter were down
by 10.9% at 21,994 million yen compared to the corresponding period last year.
Although an operating loss of 2,533 million yen occurred, it improved by 718
million yen.
     
•    Information Technologies

The Information Technologies segment was affected by intense competition and
reduced sales in high added-value businesses in information services. The
computer peripherals market also showed a decrease in demand for floppy disk
drives, however the sales of other products recovered.

As a result, net sales in this segment at the end of the third quarter were down
by 3.7% at 16,109 million yen compared to the corresponding period last year.
Although an operating loss of 40 million yen occurred, it improved by 51 million
yen.
     
•    Other

Net sales for the Other segment at the end of the third quarter fell by 26.2% to
6,800 million yen, and operating income was 1,264 million yen, down by 7.7%
compared to the corresponding period last year.


(2) Summary of Consolidated Financial Position
                                                 (Millions of yen, except for ratio and per share data)
                                             As of                  As of                      As of
                                        December 20, 2005     December 20, 2004          March 20, 2005
Total assets                                      249,789          268,246                      254,438
Shareholders' equity                               48,137           40,383                       38,366
Shareholders' equity ratio (%)                       19.3             15.1                         15.1
Shareholders' equity per share (Yen)               208.12           174.56                       165.63



(3) Summary of Consolidated Statements of Cash Flows
                                                                                     (Millions of yen)
                                     Nine months ended        Nine months ended       Year ended March
                                     December 20, 2005        December 20, 2004           20, 2005
Net cash provided by (used in)
operating activities                       7,972                   (9,609)                   5,789
Net cash provided by (used in)
investing activities                      (5,962)                  (3,888)                 (2,242)
Net cash provided by (used in)
financing activities                      (9,001)                   11,990                 (2,823)
Cash and cash equivalents
at end of period                          11,144                   15,612                   17,906


Cash flows from operating activities during the third quarter of fiscal year
2005 showed a decrease in trade payables and an increase in the payment of
income tax. However, more trade receivables were collected. As a result, cash
flows from operating activities in the third quarter were at a positive 7,972
million yen.

Cash flows from investing activities were at a negative 5,962 million yen due to
the acquisition of tangible fixed assets.

As a result, free cash flows, which are a sum of cash flows from operating
activities and investing activities, amounted to a positive 2,010 million yen.

Cash flows from financing activities were at a negative 9,001 million yen as
repayments were made for interest-incurring debt.

As a result, cash and cash equivalents totaled 11,144 million yen at the end of
the third quarter, a decrease of 6,762 million yen from the end of last fiscal
year.


2. Projected Consolidated Results for the Fiscal Year Ending March 20, 2006

At this moment, no changes are made to the full-year projection disclosed on
October 31, 2005.
                               (Millions of yen)
                                  Year ending
                                 March 20, 2006
Net sales                              314,000
Ordinary income                         22,000
Net income                               8,000

Note: Net income per share is projected to be 34.59 yen at the end of the fiscal
year


Warning

The information within this document is made as of the date of writing. Any
forward-looking statements are made according to the assumptions of management
and are subject to change as a result of risks and uncertainties. Yaskawa
Electric undertakes no obligation to update or revise these forward-looking
statements, whether as a result of new information, future events, or otherwise.

Appendix I
Third Quarter Consolidated Balance Sheet  (Summary)

                                                                                                   (Millions of Yen)
                                           As of December 20, 2005        As of September 20, 2005       Difference
                                             (A)         % of Total          (B)         % of Total       (A) - (B)
Assets
Current assets
    Cash and time deposits                    11,187                          16,317                         (5,130)
    Trade notes and accounts receivable       73,256                          76,488                         (3,231)
    Inventories                               63,738                          59,092                           4,646
    Other current assets                      16,489                          13,817                           2,672
Total current assets                         164,672            65.9         165,716            67.1         (1,043)

Fixed assets
    Property, plant and equipment             39,183                          38,037                           1,145
    Intangible fixed assets                    8,611                           8,799                           (187)
    Investments and other assets              37,321                          34,296                           3,025
Total fixed assets                           164,672            34.1          81,133            32.9           3,983

Total Assets                                 249,789           100.0         246,849           100.0           2,939

Liabilities
Current liabilities
    Trade notes and accounts payable          61,739                          60,415                         (6,851)
    Short-term bank loans                     34,357                          35,960                           4,638
    Other current liabilities                 28,279                          31,586                         (5,951)
Total current liabilities                    124,376            49.7         127,962            51.8         (8,164)

Long-term liabilities
    Corporate bonds                           10,000                          10,000                               -
    Convertible bonds                         15,000                          15,000                               -
    Long-term debt                            10,556                          11,305                           (748)
    Accrued retirement benefits for           35,219                          34,154                           1,064
    employees
    Other long-term liabilities                2,577                           2,318                             258
Total long-term liabilities                   73,353            29.4          72,778            29.5             574

Total liabilities                            197,729            79.1         200,741            81.3         (3,011)

Minority interests                             3,921             1.6           3,988             1.6            (66)

Shareholders' equity
    Common stock                              15,541             6.2          15,541             6.3               -
    Additional paid-in capital                11,013             4.4          11,012             4.5               -
    Retained earnings                         15,971             6.4          12,959             5.2           3,012
    Net unrealized holding gain on             4,734             1.9           2,656             1.1           2,077
    securities
    Foreign currency translation               1,179             0.5             242             0.1             937
    adjustments
    Treasury stock, at cost                    (303)           (0.1)           (292)           (0.1)            (10)
Total shareholders' equity                    48,137            19.3          42,120            17.1           6,017

Total liabilities, shareholders' equity      249,789           100.0         246,849           100.0           2,939




Appendix II
Third Quarter Consolidated Statements of Income  (Summary)

                                               Nine Months Ended               Nine Months Ended     (Millions of yen)
                                                20 December, 05                 20 December, 04           Difference
                                          (A)              % of Total      (B)            % of Total      (A) - (B)

Net sales                                       228,179          100.0         219,332          100.0            8,847
Cost of sales                                   165,867           72.7         162,390           74.0            3,476
Gross profit                                     62,312           27.3          56,941           26.0            5,370

Selling, general and administrative              48,396           21.2          46,131           21.1            2,265
expenses
Operating income                                 13,915            6.1          10,810            4.9            3,105

Non-operating income
    Interest and dividends received                 253                            279
    Miscellaneous income                          1,217                          1,128
Total non-operating income                        1,471            0.6           1,408            0.7               63

Non-operating expenses
    Interest expense                                966                            999
    Miscellaneous expenses                          399                            345
Total non-operating expenses                      1,366            0.6           1,344            0.6               21

Ordinary income                                  14,021            6.1          10,873            5.0            3,147

Extraordinary gains                                 206            0.1           2,014            0.9          (1,808)
Extraordinary losses                              4,758            2.1           4,385            2.0              372
Income before income taxes and
  minority interests                              9,469            4.1           8,502            3.9              966

Provision for income taxes- current               4,983            2.2           4,811            2.2              172
Provision for income taxes- deferred            (1,319)          (0.6)           (806)          (0.4)            (512)
Minority interests                                   43            0.0           (164)            0.0              208
Net income (loss)                                 5,761            2.5           4,662            2.1            1,099




Appendix III
Third Quarter Consolidated Statements of Cash Flows  (Summary)

                                                                                                      
                                                           Nine Months Ended       Nine Months Ended  (Millions of yen)
                                                           20 December 2005        20 December 2004       Difference
                                                                  (A)                     (B)               (A)-(B)
Cash flows from operating activities
    Income before income taxes and minority interests                  9,469                      8,502             966
    Depreciation and amortization                                      5,097                      4,782             315
    Gain (loss) on sales of investment securities                       (80)                      (338)             257
    (Increase) decrease in trade receivables                          18,405                    (6,431)          24,836
    (Increase) decrease in inventories                               (9,418)                   (10,876)           1,457
    Increase (decrease) in trade payables                            (5,543)                        729         (6,272)
    Income taxes paid                                               (10,474)                    (4,393)         (6,080)
    Other, net                                                           516                    (1,584)           2,100
Net cash provided by (used in) operating activities                    7,972                    (9,609)          17,581

Cash flows from investing activities
    Purchases of property, plant and equipment and                   (6,199)                    (4,866)         (1,333)
    intangible assets
    Proceeds from sales of property, plant and equipment                 338                      2,484         (2,145)
    Purchases of investment securities                                  (95)                    (1,168)           1,073
    Proceeds from sales of investment securities                         213                        459           (245)
    Other, net                                                         (219)                      (796)             577
Net cash provided by (used in) investing activities                  (5,962)                    (3,888)         (2,074)

Cash flows from financing activities
    Increase (decrease) in short-term debt                           (4,881)                        996         (5,877)
    Proceeds from long-term debt                                          20                        672           (652)
    Repayments of long-term debt                                     (3,920)                    (3,706)           (214)
    Proceeds from issuance of convertible bonds, net                       -                     14,903        (14,903)
    Other, net                                                         (218)                      (875)             657
Net cash provided by (used in) financing activities                  (9,001)                     11,990        (20,991)

Effect of exchange rate changes on cash and cash                         228                         21             207
equivalents
Net increase (decrease) in cash and cash equivalents                 (6,762)                    (1,486)         (5,276)
Cash and cash equivalents at beginning of year                        17,906                     17,098             808
Cash and cash equivalents at end of year                              11,144                     15,612         (4,467)



Appendix IV
Segment Information

Business Segments
                                                                                                      (Millions of yen)
                                            Nine months ended December 20, 2005

                      Motion     Robotics      System      Information      Other       Total  Eliminations Consolidated
                     Control    Automation   Engineering   Technologies                         & Corporate
Net sales
  Sales to third       98,354       84,921        21,994         16,109       6,800   228,179            -      228,179
  parties
  Intersegment sales   12,370          949         2,089          1,729      16,841    33,981     (33,981)            -
    and transfers
  Total sales         110,725       85,871        24,084         17,838      23,642   262,160     (33,981)      228,179
Operating costs and   102,530       78,840        26,617         17,879      22,377   248,244     (33,980)      214,263
expenses
Operating income        8,194        7,030       (2,533)           (40)       1,264    13,916          (1)       13,915
(loss)

                                         Nine months ended December 20, 2004

                      Motion     Robotics      System      Information      Other       Total  Eliminations Consolidated
                     Control    Automation   Engineering   Technologies                         & Corporate 
Net sales
  Sales to third       93,616       75,075        24,693         16,731       9,215   219,332             -      219,332
  parties
  Intersegment sales   11,780        1,506         1,240          2,080      15,019    31,626       (31,626)           -
    and transfers
  Total sales         105,396       76,581        25,934         18,811      24,234   250,958       (31,626)     219,332
Operating costs and    97,446       71,810        29,186         18,903      22,865   240,211       (31,626)     208,521
expenses
Operating income        7,950         4770       (3,251)           (91)       1,369    10,747             63      10,810
(loss)


Geographical Areas
                                                                                              (Millions of yen)
                                                Nine months ended December 20, 2005

                      Japan       North        Europe        Asia         Total     Eliminations   Consolidated
                                 America                                            & Corporate
Net sales
  Sales to third      144,809       37,273        28,509      17,586      228,179              -        228,179
  parties
  Intersegment sales   33,780          262           247       5,830       40,120       (40,120)              -
    and transfers
  Total sales         178,590       37,536        28,756      23,417      268,300       (40,120)        228,179
Operating costs and   171,174       34,286        26,409      21,552      253,423       (39,159)        214,263
expenses
Operating income        7,415        3,250         2,346       1,864       14,877          (961)         13,915



                                                Nine months ended December 20, 2004

                      Japan       North        Europe        Asia         Total     Eliminations   Consolidated
                                 America                                            & Corporate
Net sales
  Sales to third      148,960       31,926        24,765      13,679      219,332              -        219,332
  parties
  Intersegment sales   31,455           85           364       3,808       35,715       (35,715)              -
    and transfers
  Total sales         180,416       32,012        25,130      17,488      255,047       (35,715)        219,332
 Operating costs and  174,909       29,445        23,484      16,286      244,126       (35,604)        208,521
            expenses
Operating income        5,507        2,566         1,645       1,201       10,920          (110)         10,810




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