Special Feature 2: Looking to Our Future OperationsProgress under the Current Midterm Business PlanAkebono is striving toward its long-term targets under the following strategies.Long-Term Vision Strategies*1 30% global share for OEM disc brake pads*2 Cost of sales at 80% SG&A expenses at 8% and operating income at 12% of salesP Making a difference with next-generation technologiesP Continuous drastic cost reduction and its global implementationP Acceleration of globalization encompassing Japan North America Europe and AsiaFiscal 2015 InitiativesOver the past few years capital expenditures increased on a Groupwidebasis. In fiscal 2015 Akebono will pursue overall facility improvementand streamlining to enhance investment efficiency. Addressing inventoryissues the Company will work to shorten production lead times anddrastically reduce stockpiles particularly work-in-progress with the aimof cutting operational expenses and improving its financial position.Although Japanese sales are expected to remain sluggish those inNorth America China and ASEAN counties are expected to pick updue to the expansion of markets and the production kickoff for newitems as well as favorable foreign exchange rates reflecting the depreciationof the yen.On the earnings front the Company anticipates considerablespending on forward-looking development projects in Japan and thelaunch of production facilities in Europe. Nevertheless operatingincome should rise significantly backed by the expected turnaroundfrom a temporary loss in North American business and an increase inprofits from operations in China and ASEAN countries. Reflecting this the Company forecasts the posting of net income for fiscal 2015.Net sales Operating income Ordinary income Pre-tax income (loss) Net income (loss)YoY (+/-) +33.9 +2.5 +2.0 +5.1 +7.6YoY (%) +13% +62% +70% ? ?* Net income: In line with the adoption of the Revised Accounting Standard for Business Combinations on April 1 2015 indications for some line items have been revised. However net income ispresented under the name used prior to the revision of the aforementioned standard.4.0+1.2 (0.7)+4.5 (1.4)(1.8)(2.0) +2.1+0.6 6.5254.2288. (loss)(fiscal 2014)Orders Labor costs Streamlining Operationalexpenses*DepreciationcostsMarket conditions(includingprice revisions)Improvements in costsdue to abnormally highfactory utilization ratesForeign currencytranslationadjustmentsOperatingincome (loss)(fiscal 2015)Japan 3.6 (0.2) 0.1 1.4 (0.4) 0.1 (1.2) 0.0 3.2United States (2.7) 0.4 0.0 2.2 0.0 (1.2) (0.6) 2.1 0.1 0.2Mexico (0.4) 0.1 0.0 0.0 0.0 (0.2) 0.0 0.0 (0.4)Europe (0.5) (0.1) (0.3) 0.1 (0.5) (0.1) 0.2 0.0 (1.2)Asia 3.8 1.1 (0.4) 0.8 (0.5) (0.4) (0.4) 0.5 4.5Eliminations 0.3 (0.1) 0.2* Including expense for new projectsFiscal 2015 forecasts:Consolidated performance(year-on-year change)(Billions of yen)Fiscal 2014 (results)Fiscal 2015 (forecasts)Year-on-Year Increase/Decrease in Operating Income(Billions of yen)

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