During fiscal 2015*1, Akebono recorded a decline in domestic sales on the back of continued weak automobile production in Japan. Nevertheless, consolidated net sales rose 10.7% year over year to a record-high ¥281.3 billion thanks to a record level of automobile sales in North America, an increase in new orders in China, expansion of the brake caliper business in Europe, and the impact of foreign exchange translation due to the weaker yen, the latter of which contributed ¥22.2 billion to sales growth. On the earnings front, an expansion of orders in China, rationalization of production and procurement functions at sites in Japan and Asia, and efforts to reduce costs were effective in securing positive earnings in those regions. However, the prolonged influence of the production-related problems that occurred in North American operations in 2014 continued to have a significant impact in terms of higher costs of labor and expedited shipment of parts, resulting Operating ResultsReview of OperationsReview of Operationsin a consolidated operating loss of ¥3.8 billion, (compared with operating income of ¥4.0 billion in the previous fiscal year). The impact of foreign exchange losses and interest payments also contributed to ordinary losses of ¥6.8 billion yen (compared with ordinary income of ¥2.8 billion yen in the previous fiscal year). While the Company posted extraordinary income from the sale of certain investment securities, the posting of impairment losses on tangible assets in North America, primarily at ABE, provision for business structure improvement, and loss on recall issue*2 resulted in a loss attributable to owners of parent of ¥19.5 billion (compared to a loss attributable to owners of parent of ¥6.1 billion in the previous fiscal year).At a glanceSales ratioNet sales27%Sales ratio4%Sales ratio14%Sales ratio55%(Billions of yen)(Billions of yen) of yen)(Billions of yen)200.0150.0100.050.00201196.398.4166.92012201320142015(FY)(Billions of yen)(Billions of yen)0-1.0-2.0-3.02011(0.5)2012201320142015(FY)(Billions of yen)(Billions of yen) incomeOperating income/lossNet salesNet salesOperating income/lossOperating incomeNet sales¥281.3billionNet sales(3.2)8.932.636.23.5122.8140.3(0.4)(0.8)(0.9)(0.6)JapanEuropeNorth AmericaAsia*1 (1) January 2015 to December 2015 for North America, China, Thailand and Indonesia (2) April 2015 to March 2016 for Japan and Europe*2 As announced in the “General Motors Safety Recall” dated June 12, 2015.AKEBONO REPORT 201621

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