AKEBONO REPORT 2012

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AKEBONO REPORT 2012 Akebono Brake Industry Co. Ltd. 59Notes to Consolidated Financial StatementsAkebono Brake Industry Co. Ltd. and Consolidated Subsidiaries Years Ended March 31 2012 and 20111. Basis of Presenting Consolidated Financial StatementsThe accompanying consolidated financial statements have been prepared in accordance with the provisions set forth in theJapanese Financial Instruments and Exchange Law and its related counting regulations and in conformity with accounting principlesgenerally accepted in Japan which are different in certain respects as to application and disclosure requirements ofInternational Financial Reporting Standards.The consolidated financial statements are stated in Japanese yen the currency of the country in which Akebono BrakeIndustry Co. Ltd. (the “Company”) is incorporated and operates. The translations of Japanese yen amounts into U.S. dollars areincluded solely for the convenience of readers outside Japan and have been made at the rate of ?82 to $1 (rounded down tothe nearest $1 000; or rounded down to the nearest cent per share) the approximate rate of exchange at March 31 2012.Such translations should not be construed as representations that the Japanese yen amounts could be converted into U.S. dollarsat that or any other rate.2. Summary of Significant Accounting PoliciesScope of consolidation?The consolidated financial statements as of March 31 2012 include the accounts of the Company and its29 significant (31 in the fiscal year ended March 31 2011) subsidiaries (together the “Group”). Under the controlling companyaccounting method companies in which the Company directly or indirectly is able to exercise control over operations are fully consolidated and those companies over which the Group has the ability to exercise significant influence are accounted for by the equitymethod. During fiscal 2010 three consolidated subsidiaries of Akebono Brake Industry Co. Ltd. were eliminated through mergerswith other consolidated subsidiaries as follows: Akebono Brake Hanyu Manufacturing Co. Ltd. and Akebono Brake IwakiManufacturing Co. Ltd. were merged into Akebono Brake Fukushima Manufacturing Co. Ltd. with lattermost of these three companiesas the surviving company; and Akebono Brake Miharu Manufacturing Co. Ltd. was merged with Akebono Brake IwatsukiManufacturing Co. Ltd. with the latter as the surviving company. Accordingly the number of subsidiaries included in the scope of consolidationhas been reduced by three from the fiscal year under review. In addition Akebono Brake Astra Vietnam Co. Ltd. (AAVH) wasnewly established raising the number of subsidiaries included in the scope of consolidation in the fiscal year under review by one.An investment in one associated company (one in the fiscal year ended March 31 2011) is accounted for by the equitymethod. Investments in the remaining two associated companies (two in the fiscal year ended March 31 2011) are stated atcost. If the equity method of accounting had been applied to the investments in these companies the effect on the accompanyingconsolidated financial statements would not be material. The differences between the cost and the underlying net equity (atfair value) of investments in consolidated subsidiaries and associated companies accounted for by the equity method havebeen amortized over a period of 5 years. All significant intercompany balances and transactions have been eliminated in consolidation.All material unrealized profit included in assets resulting from transactions within the Group is eliminated.3. Reconciliation between Consolidated Statements of Cash Flows and Consolidated Balance Sheets4. Per Share InformationReference MaterialsMillions of YenThousands ofU.S. Dollars2012 2011 2012Cash and deposits ?21 015 ?26 661 $256 280Certificates of deposit included in short-term investment securities 13 100 20 300 159 756Time deposits (certificate of deposit) with maturity over three months (15 300) (8 500) (186 585)Cash and cash equivalents?end of period ?18 815 ?38 461 $229 451Special Feature Social Repor t Environmental Repor t Economic Repor t Reference MaterialsYenU.S. Dollars2012 2011 2012Per share of common stock:Net assets ?326.39 ?355.88 $3.98Basic net income (loss) (24.25) 39.75 (0.29)Diluted net income ? 39.61 ?Cash dividends applicable to the year 10.00 10.00 0.12In the fiscal year ended March 31 2012 the Company had dilutive common stock outstanding however it posted diluted net loss per share. Accordingly the information has not been disclosed.

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