During fiscal 2014 ended March 31 2015 the Akebono Group recorded adecline in Japanese sales on the back of weak automobile production inJapan. Nevertheless consolidated net sales rose 7.4% year on year to arecord-high ?254.2 billion thanks to strong demand for automobiles insuch overseas markets as North America and China and the influence offoreign exchange translation the latter of which contributed ?11.9 billionto sales growth. On the earnings front despite growing profits from theAsian operations and successful efforts to rationalize production functions operating income declined 50.5% year on year to ?4.0 billion due mainlyto unanticipated expenses in the North American operations. Specifically inthe face of a greater-than-expected upturn in market demand in NorthAmerica the Company strove to accommodate a radical increase in productiondemand while simultaneously initiating the production of newitems thus posting a significant rise in costs. Ordinary income was alsodown declining 61.0% year on year to ?2.8 billion due in part to a declinein foreign exchange gains. As a result the Company posted a net loss of?6.1 billion (compared with net income of ?2.4 billion in the previous fiscalyear) due to such factors in Japan as impairment accounting conductedfor such assets as excess production facilities as well as land facilities plantand property and a reversal of deferred tax assets based upon revisions inthe tax system and calculations of future recoverability.Financial Review for the Fiscal Year Ended March 31 2015Akebono Brake Industry Co. Ltd. and Consolidated Subsidiaries Years Ended March 31236.7254.2216.6 209.6 206.001002003002010 2011 2012 2013 2014(Billions of yen)(FY)11.43.8 2011 2012 2013 201405101502.04.06.0(Billions of yen)(FY)Operating income (loss) (billions of yen)Ratio of operating income (loss) to sales (%)2010 2011 2012 2013 20140.5(2.4) (3.5)3.57.0(7.0) (7.0)(Billions of yen) (%)(FY)Net income (loss) (billions of yen)Ratio of net income (loss) to sales (%)Net Sales Operating Income (Loss)/Ratio ofOperating Income (Loss) to SalesNet Income (Loss)/Ratio of Net Income (Loss) to Sales0816242010 2011 2012 2013 201419.821. 8.920.810.89.8 9.8(Billions of yen)(FY)Depreciation and amortizationCapital investment(60)(30)030602010 2011 2012 2013 201418.24(45.83)39.75(24.25)3.90(Yen)(FY)Capital Investment/Depreciation and AmortizationNet Income (Loss) per Share2010 2011 2012 2013 2014040801200. of yen) (Times)(FY)Net interest-bearing debt (billions of yen)Net debt-equity ratio (times)01503004502010 2011 2012 2013 2014396.40 405.23355.88326.39350.52(Yen)(FY)Net Interest-Bearing Debt/Net Debt-Equity RatioNet Assets per Share+6.4 12.413.5+10.2 (17.7)0102030(Billions of yen)CF frominvestmentactivitiesCF fromfinancialactivities2015/3/31Cash and cashequivalents2014/4/1Cash and cashequivalentsCF fromoperatingactivities048122010 2011 2012 2013 201410.0 10.0 10.0 10.0 10.0(Yen)(FY)

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