AKEBONO REPORT 2014
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Fiscal 2013 ResultsThe Japanese economy saw a recovery due to firm domestic demand buoyedby steady growth in personal consumption and capitalexpenditures. Theautomobile industry recorded high production and sales volumes for the firsttime in several years, reflecting such factors as record-high light vehicle sales,major automakers’ successive introduction of well-received new vehicles andthe last-minute demand surge before the consumption tax hike that furtherboosted consumer sentiment in the second half of fiscal 2013.Despite the general industry turnaround, the Akebono Group hardly benefited from burgeoning demand for light and hybrid vehicles due to its limitedlineup of brakes for such vehicles; at the same time, the Group faced a fall inorders received as many automakers continued to shift production overseas.To offset these deleterious effects, the Group placed greater emphasis onproducts for industrial machinery and rolling stock. As a result, sales edgeddown 0.2% year on year to ?89.2 billion.Looking at earnings, operating income rose 49.4% year on year to ?3.4billion. Among factors contributing to the rise in operating income wereprofits from the industrial machinery and rolling stock businesses, the successFiscal 2013 ResultsThe effect of quantitative monetary easing has bolstered an ongoing trendtoward economic recovery in tandem with a modest upswing in employment.In the automobile industry, markets for large pickup trucks and SUVs showedparticular growth, with the overall annual vehicle sales volume rising 7.6%year on year to 15.6 million units.Under these circumstances, the Akebono Group benefited from an uptickin replacement demand that helped offset the negative effect on orders ofautomakers’ inventory adjustments. Moreover, thanks to the depreciation ofthe yen the effect of foreign currency translation boosted sales ?22.4 billion.These factors caused sales to grow 24.8% year on year to ?122.8 billion.To boost earnings, the Company has steadily undertaken such steps asstreamlining operations, optimizing the prices of products targeted atAmerican automakers and shifting its focus to more profitable businesseswhile terminating some nonprofitable businesses. Consequently, operatingof the Company’s efforts to cut labor costs and other expenses as well as tostreamline production and procurement structures, and the recent change inthe depreciation method. These factors countered an increase in energy costsas well as rising development expenses that reflected the change in theGroup’s development management system carried out in the previous fiscalyear to consolidate all development costs incurred at subsidiaries worldwideunder the management of Akebono Brake Industry Co., Ltd.Fiscal 2014 OutlookAs domestic automobile manufacturing shifts overseas, the diminished productionvolume will, in turn, lead to lower sales, and the recoil in consumerspending from the pre-consumption tax hike will deepen the decline. At thesame time, energy and raw material prices will surge due to the depreciationof the yen.To address these factors, Akebono will steadily carry out priority measuresaimed at expanding its aftermarket business, improving earnings in currentlyunprofitable businesses and cutting expenses through the optimization ofstaffing and fixed costs. Moreover, plans call for increasing royalty incomeoverseas to secure greater profit.income improved to ?0.7 billion, up 9.3 times year on year. From fiscal 2014onward, Akebono will make every possible effort to stay in the black in itsNorth American operations, including Mexico. At the same time, theCompany will accelerate its growth strategies, steadily implementing initiativesaimed at establishing a more solid business foundation that enables it tosecure greater profitability.Fiscal 2014 OutlookIn the wake of growth in personal consumption, forecasts call for marketexpansion buoyed by an ongoing trend toward firm automobile sales. Withthis in mind, the Company will reinforce its profit structure and significantlyboost profit by steadily promoting a shift from nonprofitable to highly profitableproducts while pursuing the streamlining of operations. Specifically, theCompany will launch new production lines in response to recent orders, pushforward reforms in the sourcing of casting parts and their logistics, expand theaftermarket business and optimize the production network covering Mexico.601200(Billions of yen)(FY)(Outlook)83.193.1 96.289.5 89.2 86.72009 2010 2011 2012 2013 2014Net Sales75150035.8107.096.3 98.4122.8 126.02009 2010 2011 2012 2013 2014(Billions of yen)(FY)(Outlook)Net Sales4.08.003.47.15.92.33.44.52009 2010 2011 2012 2013 2014(Billions of yen)(FY)(Outlook)Operating Income(2.5)(5.0)02.5(7.5)(1.1)0.4(5.4)0.10.72.12009 2010 2011 2012 2013 2014(Billions of yen)(FY)(Outlook)Operating Income (Loss)801600(Billions of yen)(FY)107.4 112.7128.6 127.3 123.02009 2010 2011 2012 2013Total Assets4080037.143.639.346.064.62009 2010 2011 2012 2013(Billions of yen)(FY)Total Assets35%Ratio of Net Sales49%Ratio of Net SalesJapanNorth America

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