AKEBONO REPORT 2015

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Consolidated Statements of IncomeConsolidated Statements of Income and Comprehensive IncomeAkebono Brake Industry Co. Ltd. and Consolidated Subsidiaries Years Ended March 31 2015 and 2014Millions of YenThousands ofU.S. Dollars(Note)2015 2014 2015Income before minority interests ? 4 877 ? 4 014 $ 40 587Valuation difference on available-for-sale securities 5 524 615 45 965Revaluation reserve for land 357 ? 2 967Foreign currency translation adjustment 3 983 5 142 33 140Remeasurements of defined benefit plans net of tax 987 ? 8 214Total other comprehensive income 10 850 5 757 90 288Comprehensive income 5 973 9 771 49 701Comprehensive income attributable to owners of the parent 4 055 8 084 33 740Comprehensive income attributable to minority interests ? 1 918 ? 1 687 $ 15 960Note: The value of the U.S. dollar is purely for the sake of convenience calculated using the approximate exchange rate as at March 31 2015 which was ?120.17 to $1 (figures arerounded down to the nearest $1 000).Millions of YenThousands ofU.S. Dollars(Note)2015 2014 2015Net sales ?254 157 ?236 665 $2 114 978Cost of sales 229 843 209 856 1 912 650Gross profit 24 314 26 809 202 327Selling general and administrative expenses 20 310 18 725 169 007Operating income 4 004 8 084 33 320Interest income 138 119 1 145Dividend income 446 349 3 708Equity in earnings of affiliates 15 22 120Foreign exchange gains 364 564 3 028Miscellaneous income 235 341 1 957Non-operating income 1 197 1 393 9 960Interest expenses 1 204 1 299 10 015Expenses for product compensation 429 126 3 567Depreciation 89 89 742Amortization of business commencement expenses 197 267 1 639Miscellaneous expenses 450 428 3 745Non-operating expenses 2 369 2 209 19 710Ordinary income 2 833 7 269 23 571Gain on sales of noncurrent assets 59 66 488Gain on sales of investment securities ? 489 ?Subsidy income 218 644 1 814Gain on bargain purchase ? 19 ?Extraordinary income 277 1 218 2 303Loss on sales and retirement of noncurrent assets 319 352 2 650Impairment loss 3 271 31 27 223Loss on reduction of noncurrent assets 102 599 851Environmental expenses 33 148 277Extraordinary loss 3 726 1 130 31 003Income (loss) before income taxes and minority interests (616) 7 356 (5 128)Income taxes?current 1 935 2 035 16 102Income taxes?deferred 2 326 1 307 19 355Income taxes 4 261 3 342 35 458Income (loss) before minority interests (4 877) 4 014 (40 587)Minority interests in income 1 217 1 591 10 129Net income (loss) ? (6 095) ? 2 423 $ (50 716)* See accompanying Notes to Consolidated Financial Statements.Consolidated Statements of Comprehensive Income