Fiscal 2014 ResultsAutomobile sales increased compared with the previous year due to anupturn in consumer sentiment backed by the depreciation of euro and arise in sales of compact vehicles. In its European operations theCompany saw an increase in sales of brake products designed for carsproduced using global platform systems (common platforms used on aworldwide basis) particularly sales of products imported from theCompany’s Asian locations. As a result sales rose 19.9% year on year to?8.9 billion.On the earnings front despite the sluggish performance of the frictionmaterial business centered on brake pads for OEM and aftermarketproducts the operating loss improved slightly to ?0.5 billion from anoperating loss of ?0.6 billion in the previous fiscal year thanks to theFiscal 2014 ResultsIn China automobile production and sales both increased 6.8% year onyear. While the pace has been slowing down due to the effect of economicdeceleration the country’s automotive industry remained on amodest but stable growth track. Under these circumstances sales rose32.4% year on year to ?14.3 billion thanks to an increase in newaccount transactions and a rise in orders from Japanese automakers aswell as the effect of the depreciation of the yen which contributed ?1.1billion to the sales increase. Moreover operating income grew 6.5%year on year to ?1.7 billion despite rising labor costs and an expansionin depreciation expenses reflecting a production increase. As a result the Company achieved record-high sales and operating income in itsAsian operations.In Thailand sales of new cars were sluggish down 33.7% year onyear due mainly to economic deceleration triggered by political turmoilsince the beginning of 2014. Reflecting this sales declined 10.8% yearon year to ?5.5 billion. To offset the effect of a decrease in orders theCompany worked to streamline production as a result posting operatingincome of ?0.3 billion down 50.5% year on year.Company’s efforts to revise sales prices in non-profitable business areasand streamline overall operations.Fiscal 2015 OutlookOperating loss is expected to increase due to initial costs associated witha full-scale production kickoff at ABSK a key disc brake productionfacility in Europe. Nevertheless Akebono will strive to strengthen thefoundations to support future business as it expects ABSK to play asignificant role in expanding operations related to high-performancebrakes?a key product group that will drive its growth strategy. At thesame time the Company will reinforce its R&D structure to expand itsEuropean business while stepping up the streamlining of AASA andoptimizing its profit structure. In these ways the Company will secure astronger operating base in Europe.In Indonesia sales increased 4.4% year on year to ?16.4 billion. Thiswas mainly attributable to a rise in sales of brake-related productsdesigned for cars produced using global platform systems and beingmarketed in Europe. This rise offset a decrease in orders from Japaneseautomakers and the effect of stagnant motorcycle sales as well as theimpact of a foreign currency translation loss of ?0.7 billion. Operatingincome declined 12.9% year on year to ?1.8 billion largely due to risinglabor costs increases in such purchasing costs as raw material expensesdue to the weak Indonesian Rupiah and a ?0.1 billion foreign currencytranslation loss.Fiscal 2015 OutlookIn China and ASEAN nations the pace of economic growth has decelerated.Nevertheless the Company forecasts that sales will grow year onyear in these regions in step with its efforts aimed at securing neworders. Building on these orders Akebono will strive to stabilize profits.612010.94.45.0 2011 2012 2013 2014 2015(Billions of yen)(FY)(Outlook)Net Sales2550045.122.6 22.124.332.636.22010 2011 2012 2013 2014 2015(Billions of yen)(FY)(Outlook)Net Sales(0.5)(1.0)00.5(1.5)(0.0)(0.4)(0.8)(0.6)(0.5)(1.2)2010 2011 2012 2013 2014 2015(Billions of yen)(FY)(Outlook)Operating Income2.55.002010 2011 2012 2013 2014 20154.53.7 of yen)(FY)(Outlook)Operating Income3%Ratio of Net Sales13%Ratio of Net SalesEuropeAsia

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