AKEBONO REPORT 2014

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Millions of YenThousands ofU.S. Dollars(Note 1)*2014 2013 2014CASH FLOW FROM OPERATING ACTIVITIES:Income before income taxes ? 7,356 ? 3,581 $ 71,474Depreciation and amortization 8,869 8,594 86,169Impairment loss 31 34 303Increase (decrease) in allowance for doubtful accounts 8 (0) 79Increase (decrease) in provision for retirement benefits ? (2,893) ?Increase (decrease) in net defined benefit liabilities (528) ? (5,135)Interest and dividend income (467) (319) (4,541)Equity in (earnings) losses of affiliates (22) (10) (211)Interest expenses 1,299 1,175 12,623Loss (gain) on sales and retirement of noncurrent assets 285 125 2,770Loss (gain) on sales of investment securities (489) (374) (4,748)Decrease (increase) in notes and accounts receivable?trade 2,832 2,440 27,517Decrease (increase) in inventories (412) (234) (4,007)Increase (decrease) in notes and accounts payable?trade 1,835 (2,575) 17,834Other, net 447 (1,324) 4,341Subtotal 21,044 8,220 204,467Interest and dividend income received 467 319 4,541Interest expenses paid (1,342) (1,169) (13,035)Income taxes paid (1,700) (1,747) (16,515)Income taxes refunded 402 1,963 3,905Net cash provided by operating activities 18,872 7,585 183,364CASH FLOW FROM INVESTING ACTIVITIES:Purchase of short-term investment securities ? (2,900) ?Proceeds from redemption of securities ? 12,300 ?Payments into time deposits (105) (4,150) (1,020)Proceeds from withdrawal of time deposits ? 9,750 ?Purchases of property, plant and equipment (21,698) (18,322) (210,822)Proceeds from state subsidy 593 492 5,759Proceeds from sales of property, plant and equipment 203 83 1,974Purchases of intangible assets (124) (1,458) (1,207)Purchases of investment securities (17) (516) (169)Proceeds from sales of investment securities 1,016 869 9,873Purchase of stocks of subsidiaries and affiliates (207) ? (2,012)Other, net (6) (203) (60)Net cash used in investing activities (20,346) (4,055) (197,684)CASH FLOW FROM FINANCING ACTIVITIES:Net increase (decrease) in short-term loans payable 5,447 (4,804) 52,920Proceeds from long-term loans payable 1,967 20,359 19,108Repayments of long-term loans payable (15,006) (15,584) (145,805)Cash dividends paid (1,329) (1,325) (12,908)Cash dividends paid to minority shareholders (537) (674) (5,214)Proceeds from stock issuance to minority shareholders ? 24 ?Gain on sales and leaseback 3,321 ? 32,267Decrease (increase) in treasury stock (1) (1) (10)Other, net (81) (31) (789)Net cash provided by (used in) financing activities (6,220) (2,037) (60,431)Effect of exchange rate change on cash and cash equivalents 494 423 4,799Net increase (decrease) in cash and cash equivalents (7,199) 1,916 (69,952)Cash and cash equivalents at beginning of period 20,731 18,815 201,429Cash and cash equivalents?end of period (Note 3)* ? 13,532 ? 20,731 $ 131,478*See accompanying Notes to Consolidated Financial Statements (page 61).Consolidated Statements of Cash FlowsAkebono Brake Industry Co., Ltd. and Consolidated Subsidiaries Years Ended March 31, 2014 and 2013

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