AKEBONO REPORT 2014

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Fiscal 2013 ResultsDespite facing lingering structural problems, such as tight monetary policiesand high unemployment rates, a sense that the European economy has bottomedout emerged in the third quarter of fiscal 2013. Also in the third quarter,the automobile industry saw signs of recovery from demand stagnation.As a result, sales rose 51.7% year on year to ?7.4 billion due to suchfactors as the effect of foreign currency translation, which boosted sales by?1.5 billion. On the earnings front, however, the depreciation of the yen contributedto a loss of ?0.1 billion due to translation from foreign currencies.Nevertheless, the success of negotiations to raise product prices and theCompany’s efforts to cut expenses including fixed costs have caused operatingloss to improve by ?0.2 billion year on year to ?0.6 billion.Fiscal 2013 ResultsIn China, orders from Japanese automakers grew, while foreign currencytranslation contributed ?2.2 billion to sales, reflecting the depreciation of theyen. As a result, sales rose 78.1% year on year to ?10.8 billion, while operatingincome surged to ?1.6 billion, up 3.4 times year on year, both of whichwere record highs. This was mainly attributable to growth in orders mainlyfor highly profitable friction materials and the depreciation of the yen.In Thailand, sales declined on a local currency basis due mainly to thesluggish demand for new cars and motorcycles. However, this decline wasoffset by the effect of a ?1.1 billion boost from foreign currency translation.As a result sales increased 21.4% year on year to ?6.2 billion. With regard toearnings, thanks to the success of the Company’s efforts aimed at streamliningproduction and cutting expenses, including a shift to the in-house productionof key components, operating income was a record high ?0.5 billion, up 3.5times year on year.In Indonesia, while orders for motorcycle brakes decreased slightly, ordersfrom Japanese automakers grew. As a result, sales increased 19.2% year onyear to ?15.7 billion, with the effect of foreign currency translation contributing?1.3 billion. Operating income rose 15.8% year on year to ?2.1 billion,due mainly to the depreciation of the yen and success of the Company’sefforts to pass a portion of the surging labor costs and raw material procurementcosts on to sales prices.Fiscal 2014 OutlookFollowing the bottoming out of economic deceleration, market conditionsare expected to recover gradually. The Akebono Group will therefore strive tosecure a more robust profit base, even though plans call for making majorforward-looking investments in such initiatives as supply structure developmentin preparation for the launch of high-performance brake products.Simultaneously, the Company will promote revisions of sales prices in nonprofitable business areas to restore earnings while pushing forward with therestructuring of existing friction material production facilities and the launchof a caliper plant.Fiscal 2014 OutlookIn China, Japanese automakers are expected to see growth in sales volume.However, profits will decline slightly compared with fiscal 2013, reflectingrising labor costs and higher depreciation expenses accompanying investmentaimed at expanding production capacity in preparation for new productlaunches.In Thailand, both sales and income are expected to decline as domesticdemand stagnates due to political instability. In Indonesia, the motorcycle andautomobile markets are expected to grow in step with economic development,which will, in turn, drive up orders for Akebono products from new customers.Thus, the Company anticipates rising sales and income in Indonesia.As for its policies for the overall Asian region, Akebono will further developits local business networks, expanding the capacity of production facilities inresponse to growth in orders, establishing a solid development structure consistingof local facilities, optimizing procurement through the promotion ofin-house production and sourcing from local suppliers while ensuring closercollaboration between locations in the region. Moreover, the Company willmake full use of the newly established ASEAN Center, thereby seizing opportunitiesfor further business growth in emerging Asian markets.61204.2 4.45.0 4.97.410.32009 2010 2011 2012 2013 2014(Billions of yen)(FY)(Outlook)Net Sales2040015.822.6 22.124.332.636.72009 2010 2011 2012 2013 2014(Billions of yen)(FY)(Outlook)Net Sales(0.4)(0.8)04.0(1.2)(0.0)0.4(0.4)(0.8)(0.6)(0.2)2009 2010 2011 2012 2013 2014(Billions of yen)(FY)(Outlook)Operating Income (Loss)2.55.002009 2010 2011 2012 2013 20142.23.7 3.52.44.24.4(Billions of yen)(FY)(Outlook)Operating Income (Loss)3.06.00(Billions of yen)(FY)3.7 3.8 3.74.45.42009 2010 2011 2012 2013Total Assets1530013.414.8 15.920.927.42009 2010 2011 2012 2013(Billions of yen)(FY)Total Assets3%Ratio of Net Sales13%Ratio of Net SalesEuropeAsia

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