Interim Results

RNS Number:4051M
Nipro Corporation
21 November 2006

Consolidated Financial Statements                                     November 20, 2006

For the Six-Month Period ended September 30, 2006 (Fiscal Year Ending March 31,2007)

Company name: NIPRO CORPORATION     Stock Exchange listed:     Tokyo and Osaka

Code No:     8086     Head office location:     Osaka, Japan
(URL: http://www.nipro.co.jp/)

Representative:     Minoru Sano, President and Representative Director
Contact:            Akihiko Yamabe, Director, General Manager of Accounting and 
                    Corporative Planning Division          TEL [phone]

Date of the meeting of the Board of Directors for approval of the financial statements: November 20, 2006
Name of related company: Sanri Kosan Co., Ltd. (Code no: N/A)
Percentage of voting rights of Nipro Corporation held by related company: 20.6%
Adoption of U.S. GAAP: N/A

1.     Consolidated Results for the Six months ended September 30, 2006 (From April 1, 2006 to Sep. 30, 2006)

(1) Consolidated Results of Operations            (Note: Amounts are truncated to 1 million yen)

                                           Net Sales               Operating Income              Recurring Income
                                   Millions of yen     %      Millions of yen        %      Millions of yen         % 
Six months ended Sep.30, 2006           100,280     (1.6)               5,940     (4.1)               4,869     (21.5)
Six months ended Sep.30, 2005           101,952      4.0                6,195      2.9                6,206      11.0
Year ended March 31, 2006               206,801                        12,331                        12,228
                                    
                                           Net Income           Earnings per Share     Diluted Earnings per Share
                                   Millions of yen     %               Yen                        Yen
Six months ended Sep.30, 2006                4,016  97.4             63.24                          - 
Six months ended Sep.30, 2005                2,034 (46.1)            32.01                          - 
Year ended March 31, 2006                    4,512                   69.57                          -

Notes:     1.     Equity in loss of affiliate:     Six months ended Sep.30, 2006:     (356) million yen     
                                                   Six months ended Sep.30, 2005:     (319) million yen
                                                   Year ended March 31, 2006:         (702) million yen 
    
           2. The weighted average number of outstanding shares for the period (consolidated) :
               Six months ended Sep.30, 2006:     63,519,183 shares     
               Six months ended Sep.30, 2005:     63,559,272 shares
               Year ended March 31, 2006:         63,548,846 shares

           3.     Accounting method: Changed

           4.     Percentages in the above table for Net Sales, Operating Income, Recurring Income and Net Income       
                  represent changes from the corresponding six month period of the previous fiscal year.

(2) Consolidated Financial Position 
                               
                             Total Assets     Shareholders' Equity     Ratio of Shareholders'    Shareholders'Equity
                                                                       Equity to Total Assets        per Share
                            Millions of yen     Millions of yen                   %                     Yen

Six months ended Sep.30, 2006       319,733             116,166                35.7                1,795.78
Six months ended Sep.30, 2005       301,248             101,790                33.8                1,601.76
Year ended March 31, 2006           338,740             112,390                33.2                1,767.69

Note:          The number of outstanding shares at the end of the period (consolidated):
               Six months ended Sep.30, 2006:     63,503,190 shares     
               Six months ended Sep.30, 2006:     63,549,130 shares
               Year ended March 31, 2006:         63,528,916 shares

(3) Consolidated Cash Flows  
                                                           
                            Cash flows from        Cash flows from          Cash flows from         Cash and cash
                         operating activities    investing activities     financing activities       equivalents
    
                            Millions of yen        Millions of yen          Millions of yen       Millions of yen
Six months ended Sep.30, 2006         7,984                  7,146                 (23,946)                41,160
Six months ended Sep.30, 2005         2,391               (13,106)                  (6,138)                37,460
Year ended March 31, 2006             6,701               (27,555)                   15,712                49,914

(4) Matters related to scope of consolidation and application of equity method
     Number of consolidated subsidiaries:                                         21
     Number of unconsolidated subsidiaries accounted for by the equity method:     0
     Number of affiliate company accounted for by the equity method:               0

(5) Change of reporting entities
     Number of consolidated companies                           Added:     3     Removed:   1
     Number of companies accounted for by the equity method     Added:     0     Removed:   0

2.   Projected Consolidated Financial Results for the Year ending March 31, 2007 (From April 1, 2006 to March 31, 2007)

                                            Net Sales          Recurring Income       Net Income
                                          Millions of yen       Millions of yen     Millions of yen
Year ending March 31, 2007                    178,000                     9,600            8,000

(Reference) Projected earnings per share for the year ending March 31, 2007: 125.98 yen
*     The projections shown above are prepared based on information available as of the issuing date of this report.    
      The actual results may differ from the projected figures due to various factors.  


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