AKEBONO REPORT 2013

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Millions of YenThousands ofU.S. Dollars(Note 1)*2013 2012 2013CASH FLOW FROM OPERATING ACTIVITIES:Income before income taxes ? 3,581 ? 314 $ 38,080Depreciation and amortization 8,594 9,806 91,380Impairment loss 34 1,487 367Increase (decrease) in allowance for doubtful accounts (0) 20 (2)Increase (decrease) in provision for retirement benefits (2,893) (3,050) (30,756)Increase (decrease) in provision incurred from transfer ofbusiness applied to foreign subsidiaries? (1,660) ?Interest and dividend income (319) (258) (3,396)Equity in (earnings) losses of affiliates (10) (15) (108)Interest expenses 1,175 1,267 12,489Loss (gain) on sales and retirement of noncurrent assets 125 347 1,328Loss (gain) on sales of investment securities (374) ? (3,981)Decrease (increase) in notes and accounts receivable?trade 2,440 (4,056) 25,943Decrease (increase) in inventories (234) (77) (2,486)Increase (decrease) in notes and accounts payable?trade (2,575) 1,924 (27,378)Other, net (1,324) (417) (14,083)Subtotal 8,220 5,632 87,397Interest and dividend income received 319 258 3,396Interest expenses paid (1,169) (1,254) (12,433)Income taxes paid (1,747) (1,720) (18,577)Income taxes refunded 1,963 ? 20,870Net cash provided by operating activities 7,585 2,916 80,653CASH FLOW FROM INVESTING ACTIVITIES:Purchase of short-term investment securities (2,900) (20,100) (30,835)Proceeds from redemption of securities 12,300 12,700 130,781Payments into time deposits (4,150) (13,300) (44,125)Proceeds from withdrawal of time deposits 9,750 13,900 103,668Purchases of property, plant and equipment (18,322) (12,908) (194,809)Proceeds from state subsidy 492 345 5,227Proceeds from sales of property, plant and equipment 83 88 884Purchases of intangible assets (1,458) (1,418) (15,507)Purchases of investment securities (516) (2,015) (5,491)Proceeds from sales of investment securities 869 ? 9,241Purchase of stocks of subsidiaries and affiliates ? (1,265) ?Other, net (203) 163 (2,154)Net cash used in investing activities (4,055) (23,810) (43,120)CASH FLOW FROM FINANCING ACTIVITIES:Net increase (decrease) in short-term loans payable (4,804) 6,303 (51,083)Proceeds from long-term loans payable 20,359 12,425 216,465Repayments of long-term loans payable (15,584) (15,479) (165,699)Cash dividends paid (1,325) (1,325) (14,087)Cash dividends paid to minority shareholders (674) (488) (7,162)Proceeds from stock issuance to minority shareholders 24 23 253Decrease (increase) in treasury stock (1) (1) (10)Other, net (31) (27) (334)Net cash provided by (used in) financing activities (2,037) 1,432 (21,659)Effect of exchange rate change on cash and cash equivalents 423 (184) 4,499Net increase (decrease) in cash and cash equivalents 1,916 (19,646) 20,373Cash and cash equivalents at beginning of period 18,815 38,461 200,053Cash and cash equivalents?end of period (Note 3)* ? 20,731 ? 18,815 $ 220,426*See accompanying Notes to Consolidated Financial Statements (pages 63 and 64).Consolidated Statements of Cash FlowsAkebono Brake Industry Co., Ltd. and Consolidated Subsidiaries Years Ended March 31, 2013 and 2012

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