AKEBONO REPORT 2017

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(Billions of yen)2006200720082009Net sales¥173.2 ¥184.7 ¥159.6 ¥130.6 Gross prot35.1 36.6 14.6 19.8 Ratio of gross prot to sales (%)20.319.89.215.2Selling, general and administrative expenses21.3 21.4 20.9 15.1 Ratio of selling, general and administrative expenses to sales (%)12.311.613.111.6Operating prot (loss)13.9 15.2(6.3)4.7Ratio of operating prot (loss) to sales (%)8.08.2(3.9)3.6Prot (loss) attributable to owners of parent6.6 6.6 (16.3)2.1Ratio of net prot (loss) to sales (%)3.83.6(10.2)1.6Return on assets (ROA) (%) 4.34.2(10.2)1.3Return on equity (ROE) (%)15.013.7(42.2)5.8Capital investment8.9 14.9 17.8 5.4 Depreciation and amortization9.3 9.9 11.4 10.0 Cash ow from operating activities10.8 15.1 4.2 3.2 Cash ow from investing activities(9.1)(16.0)(13.6)(13.4)Cash ow from nancing activities(3.3)0.1 38.6 (0.0) (Thousands)Number of outstanding shares at the end of period (including treasury stock)110,992110,992110,992135,992(Yen)Net prot (loss) per share—basic ¥ 61.86¥ 61.85¥ (151.65)¥ 17.80Cash dividends per share6.0010.005.005.00(Billions of yen)Total assets¥155.6 ¥163.3 ¥155.4 ¥164.1 Net interest-bearing debt40.2 40.2 47.7 39.5 Net debt-equity ratio0.80.81.70.9Net equity (Equity minus minority interests minus stock subscription rights)47.3 49.8 27.4 43.8 Net equity ratio (%)30.430.517.626.7Net salesR&D expenses* and ratio of R&D expenses to net salesCapital investment and ratio of CAPEX to net sales300200100020122013201420152016(Billions of yen)(Billions of yen)(Billions of yen)206.0236.7254.2281.3266.1151050642020122013201420152016(%)10.04.84.44.64.24.110.511.711.910.8 R&D expenses (left axis) Ratio of R&D expenses to net sales (right axis)*Note: Includes expenses arising from daily operations aimed at achieving improvements Capital investment (left axis) Ratio of CAPEX to net sales (right axis)(FY)(FY)(FY)30201001284020122013201420152016(%)9.69.28.27.019.821.820.818.618.76.62PARTReview of OperationsFinancial and Non-Financial Highlights19 AKEBONO REPORT 2017