FY2014 Consolidated Financial Results 〔Japanese Standard 〕(English translation extracted from the original Japanese document)
April 24, 2015
EXEDY Corporation
7278
Tokyo Stock Exchange
http://www.exedy.com
Hidehito Hisakawa, President
Hiroshi Toyohara, Tel: +81-72-822-1152
Director and Senior Executive Officer / Administrative Headquarters Executive General Manager
Scheduled Date for the General Shareholders Meeting: June 26, 2015
Expected Payment Date for Dividends: June 29, 2015
Scheduled Filing Date for the Yukashoken Houkokusho: June 29, 2015
Additional Materials for FY2014 Financial Results: Yes (Japanese only)
Briefing Session for FY2014 Financial Results: Yes (For analysts and professional investors)
Company Name:
Code No.:
URL:
Representative :Contact Person :1. Consolidated Financial Results for FY2014 (April 1, 2014 through March 31, 2015)(1) Consolidated Operating Results(Changes from the previous year expressed as a percentage)
Net Sales
Operating Income
Ordinary Income
Net Income
millions of yen％

millions of yen％

millions of yen％

millions of yen％

256,011234,262

9.3
15.8

17,887
19,434-8.0
35.3

19,582
21,024

-6.9
28.8

9,503
12,268-22.5
26.2

FY2014FY2013

Note: The comprehensive incomes for FY2014 and FY2013 were 19,535 million yen ( -17.4%) and 23,644 million yen ( 42.2%) respectively.

Earnings per Share

Fully Diluted
Earnings per Share

yen

yen

197.96255.58FY2014FY2013Return on Equity－－

Operating Income to

Return on Assets

Net Sales Ratio

％

％

％

6.3
9.0

8.0
9.8

7.0
8.3

Note: The equity incomes for FY2014 and FY2013 were 121 million yen and -3 million yen respectively.

(2) Consolidated Financial Position
Net Assets as a Percentage

Total Assetsof Total Assets (excluding

Net Assets

share subscription rights andminority interests)

Net Assets per Share(excluding share subscription
rights and minority interests)

millions of yen

millions of yen％

yen

260,972
230,740

170,326
155,930

60.6
63.1

3,294.13
3,032.56

FY2014FY2013

Note: Net assets for FY2014 and FY2013, excluding share subscription rights and minority interests, were 158,153 million yen and145,583 million yen respectively.

(3) Consolidated Cash Flows
Operating Activities

Investing Activities

Year-end Cash and Cash

Financing Activities

Equivalents

millions of yen

millions of yen

millions of yen

millions of yen

17,69629,829-25,647-22,188

4,302
590

33,71035,233

FY2014FY2013
2. Cash Dividends

Cash

Annual Cash Dividends per Share
1st Quarteryen

FY2013
FY2014FY2015 (Predicted)-

2nd Quarter

3rd Quarter

yen

25.00
35.00
35.00

yen

-

Total

Fiscal Year-end
yen

45.00
35.00
35.00

Dividends

Total

Payout Ratio

Dividends as a
Percentage of
Net Assets

yen millions of yen

70.00
70.00
70.00

3,366
3,367

％

％

27.4
35.4
32.0

2.3
2.2

3. Consolidated Predictions for FY2015 (April 1, 2015 through March 31, 2016)(Changes from previous financial period expressed as a percentage)
Profit Attributable to
Net Sales
Operating Income Ordinary Income
Earnings per ShareOwners of Parent
millions of yen
millions of yen
millions of yen％％ millions of yen
％
％
yen
-7.5
130,000
3.6
9,000
8,500
-18.1
5,000
3.6
104.15
1st Half of FY2015
11.8
270,000
20,00019,000-3.0
10,50010.5
218.71FY20156

※ General Notes(1) Significant Changes in Scope of Consolidation: None
In : - ( Company Name : )Out : - (Company Name : )(2) Changes in Accounting Policies, Accouting Estimations and Restatements① Changes in Accounting Standards: Yes② Changes in Accounting Standards Except （2）①: None
③ Changes in Accounting Estimations: None
④ Error Correction: None
(3) Number of Shares Issued and Outstanding (Common Stock)① Number of Shares Issued and Outstanding at the Fiscal Year-end (Including Treasury Stocks) :48,593,736 shares and 48,593,736 shares for FY2014 and FY2013 respectively② Number of Treasury Stocks at the Fiscal Year-end: 583,089 shares and 586,720 shares for FY2014 and FY2013 respectively③ Average Number of Shares Issued and Outstanding for Each Fiscal Year:
48,009,249 shares and 48,003,597 shares for FY2014 and FY2013 respectively※ The shares held within the ESOP and BIP trust accounts are included in year-end treasury stocks(FY2014: 118,800 shares, FY2013: 82,700 shares)
Furthermore, the shares held within the ESOP and BIP trust accounts are included in treasury stocks
that are deducted in the calculation of the average number of shares for the period.
(FY2014: 92,616 shares, FY2013: 86,669 shares)

Reference: Unconsolidated Financial Results Overview

FY2014 Unconsolidated Financial Results 〔Japanese Standard 〕(English translation extracted from the original Japanese document)
1. Unconsolidated Results for FY2014 (April 1, 2014 through March 31, 2015)(1) Unconsolidated financial results(Changes from the previous year expressed as a percentage)
Net Sales
FY2014FY2013Operating Income

Net Income％

millions of yen％

millions of yen％

millions of yen％

116,572
113,407

2.8
4.5

7,288
9,781

-25.5
86.6

12,681
12,951

-2.1
42.8

7,971
8,916

-10.6
22.5

Earnings per Shareyen

FY2014FY2013

Ordinary Income

millions of yen

166.05185.75

Fully Diluted Earnings
per Shareyen－－(2) Unconsolidated financial position

Total Assets

Net Assets as a

Net Assets

Percentage of Total Assets

Net Assets per Share(excluding share(excluding share subscription

subscription rights andrights and minority interests)

minority interests)

FY2014FY2013

millions of yen

millions of yen％

yen

131,988
127,780

92,05387,996

69.7
68.9

1,917.36
1,832.99

Note: Net assets, excluding share subscription rights and minority interests, were 92,053 million yen and 87,996 million yen for FY2014 andFY2013 respectively.

2. Unconsolidated Predictions for FY2015 (April 1, 2015 through March 31, 2016)(Changes from the previous year expressed as a percentage)
Profit Attributable to
Net Sales
Operating Income Ordinary Income
Earnings per ShareOwners of Parent
millions of yen
millions of yen
millions of yen％％ millions of yen
％
％
yen
-35.8
56,500
-2.3
2,500
5,300
-30.6
4,500
-5.0
93.73
1st Half of FY2015-10.8
117,000
0.4
6,500
9,000
-29.0
6,500
-18.5
135.39FY2015※ Information Regarding Audit Procedures
The audit procedures for financial statements have not been completed at the time of disclosure of this report, as pursuant toJapan’s Financial Instruments and Exchange Act.
※ Regarding the appropriate use of business results predictions and other information
Financial predictions are based on judgments and estimates of currently available information.
Statements of financial predictions do not guarantee future performance and involve known risks, unknown risks,
uncertainties and other factors that may cause the company's actual results, achievements, performance, or financial position to bedifferent from any future results, achievements or financial positions expressed or implied by these financial predictions.

４. Consolidated quarterly financial statements(１) Consolidated quarterly balance sheets(millions of yen)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

FY2013(As of Mar. 31, 2014)

FY2014(As of Mar. 31, 2015)

35,32843,051
12,078
4,749
10,730
3,741
549
4,195
-117
114,306

33,80846,651
14,001
6,148
11,529
3,774
331
6,818
-122
122,941

31,87344,767
6,622
9,477
11,079103,819
3,984

35,20158,586
8,344
11,383
11,665125,182
3,695

3,809
400
1,321
1,447
1,688
-37
8,629
116,433
230,740

4,394
346
1,126
1,611
1,715
-41
9,153
138,030
260,972

(millions of yen)

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Accrued expenses
Income taxes payable
Provision for product warranties
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term loans payable
Long-term accounts payable - other
Deferred tax liabilities
Net defined benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

FY2013(As of Mar. 31, 2014)

FY2014(As of Mar. 31, 2015)

19,845
6,939
8,298
4,597
986
7,658
48,32520,870
9,319
8,638
1,562
2,963
8,738
52,0937,000
12,159
493
2,721
3,708
27
373
26,48474,8097,000
22,020
463
3,691
4,809
28
538
38,55290,645

8,284
7,543
126,783-1,478141,132

8,284
7,556
131,668-1,480146,028

1,058
3,308
84
4,451
10,346
155,930
230,740

1,587
10,52412
12,124
12,172
170,326
260,972

(２) Consolidated quarterly statements of operation and comprehensive income- Consolidated quarterly statements of income(millions of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Packing and transportation expenses
Provision for product warranties
Provision of allowance for doubtful accounts
Directors' compensations, salaries and allowances
Welfare expenses
Retirement benefit expenses
Depreciation
Research and development expenses
Other
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Rent income
Subsidy income
Gain on sales of non-current assets
Foreign exchange gains
Test consignment income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Interest on bonds
Loss on sales and retirement of non-current assets
Share of loss of entities accounted for using equity
Other
Total non-operating expenses
Ordinary income
Extraordinary losses
Provision of reserve for product warranties
Loss on sales of investment securities
Total extraordinary losses
Income before income taxes and minority interests
Income taxes - current
Income taxes - deferred
Total income taxes
Income before minority interests
Minority interests in income
Net income

FY2013

FY2014（Apr. 1, 2013 through（Apr. 1, 2014 throughMar. 31, 2014)

Mar. 31, 2015)

234,262
184,358
49,903

256,011206,284
49,727

6,514
625
6
7,905
1,303
-31
1,711
4,573
7,861
30,46919,434

6,752
304
44
8,224
1,546
77
2,108
5,208
7,572
31,83917,887

198
50
136
170
23
1,890
25

182
79
133
118
85
1,675
62

－

121

526
3,021

593
3,051

600
35
426
3
365
1,431
21,024

774
35
163
－
382
1,356
19,582－－－
21,024
7,296
366
7,662
13,362
1,093
12,268

2,200
68
2,269
17,313
5,755
1,060
6,816
10,496992
9,503

- Consolidated quarterly statements of comprehensive income(millions of yen)

FY2013

FY2014（Apr. 1, 2013 through（Apr. 1, 2014 throughMar. 31, 2014)

Mar. 31, 2015)

13,362

10,496

321

529

9,945

8,604

－

-71

14

-23

10,282

9,038

23,644

19,535Comprehensive income attributable to owners of parent

21,035

17,176Comprehensive income attributable to minority interests

2,609

2,358

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to(３) Consolidated statements of changes in shareholder's equity
FY2013（Apr. 1, 2013 through Mar. 31, 2014)(millions of yen)
Shareholders' equity
Capital stock Capital surplus
Balance at beginning of current period

Retained

Treasury

earnings

sharesTotalshareholders'equity

8,284

7,540

116,914-1,498131,241

8,284

7,540

116,914-1,498131,241

Cumulative effects of changes inaccounting policies
Restated balance
Changes of items during period
Dividends of surplus-2,400-2,400Net income

12,26812,268Purchase of treasury shares
Disposal of treasury shares

2

-2

-2

22

24

Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period

－
8,284

2

9,868

19

9,890

7,543

126,783-1,478141,132

Accumulated other comprehensive income

Balance at beginning of current period

Valuation

Foreigndifference on

currency

available-for-translation

sale securities

adjustment

Total
Remeasureme

accumulated

nts of definedotherbenefit planscomprehensiv

Minority

Total net

interests

assetse income

736-5,135－-4,398

8,868

135,710736-5,135－-4,398

8,868

135,710

Cumulative effects of changes inaccounting policies
Restated balance
Changes of items during period
Dividends of surplus-2,400Net income

12,268Purchase of treasury shares-2

Disposal of treasury shares

24

Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period

321

8,444

84

8,850

1,478

10,329

321

8,444

84

8,850

1,478

20,220

1,058

3,308

84

4,451

10,346

155,930

FY2014（Apr. 1, 2014 through Mar. 31, 2015)(millions of yen)
Shareholders' equity
Capital stock Capital surplus
Balance at beginning of current period

8,284

7,543

Cumulative effects of changes inTreasury

earnings

shares126,783-1,478-777

accounting policies
Restated balance

Retained

8,284

7,543

Total
shareholders'equity141,132-777

126,005-1,478140,354

Changes of items during period
Dividends of surplus-3,840-3,840Net income

9,503

9,503

Purchase of treasury shares
Disposal of treasury shares

13

-0

-0

-1

12

Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period

－
8,284

13

5,663

-2

5,674

7,556

131,668-1,480146,028

Accumulated other comprehensive income

Balance at beginning of current period

Valuation

Foreigndifference on

currency

available-for-translation

sale securities

adjustment

1,058

3,308

Total
Remeasureme

accumulated

nts of definedotherbenefit planscomprehensiv

Minority

Total net

interests

assets

10,346

155,930e income
84

4,451

Cumulative effects of changes in-777

accounting policies
Restated balance

1,058

3,308

84

4,451

10,346

155,153

Changes of items during period
Dividends of surplus-3,840Net income

9,503

Purchase of treasury shares-0

Disposal of treasury shares

12

Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period

529

7,215

-71

7,672

1,826

9,498

529

7,215

-71

7,672

1,826

15,173

1,587

10,52412

12,124

12,172

170,326

(４) Consolidated statements of cash flows(millions of yen)

FY2013(Apr. 1, 2013 throughMar. 31, 2014)

FY2014(Apr. 1, 2014 throughMar. 31, 2015)

21,024
12,210341
3-3,854-1,321
3,708
492
-248
635
-114
621
2,085
-127
111
35,567290-633-5,39529,82917,31314,363
72
-0
－
-210
275
1,804
-261
809
-1,126-1,744-592-25-3,577
27,101330-803-8,932
17,696-74
56-20,027315-1,663
-14
-442
-339
-212
216
-3
-22,188-01-25,304
225
-814
-36
－
53
-1
273
-44
-25,647432
6,154-2,915-66
5-2-2,404
-579
-35
590

240
10,833-2,357－－-0-3,846
-532
-35
4,302

Effect of exchange rate change on cash and cash equivalents

1,408

2,125

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

9,639
25,59335,233-1,52335,23333,710Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Loss (gain) on sales and retirement of non-current assets
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for retirement benefits
Decrease (increase) in net defined benefit asset
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for product warranties
Interest and dividend income
Interest expenses
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in long-term accounts payable - other
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Purchase of shares of subsidiaries
Purchase of shares of subsidiaries and associates
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Redemption of bonds
Proceeds from share issuance to minority shareholders
Purchase of treasury shares
Cash dividends paid
Cash dividends paid to minority shareholders
Other, net
Net cash provided by (used in) financing activities

【Segments information】
1. General information about reportable segments
The Company and its consolidated subsidiaries are mainly engaged in the manufacture and sale of automotive parts. From the
aspects of function, technological specification and productive structure, the product lines of the Company are classified roughly
into 2 group, "Manual Transmission Parts" and "Automatic Transmission Parts". The Company, in cooperation with its
consolidated subsidiaries, design business strategy and conductbusiness for these 2 product lines inside Japan and overseas.
And concerning these 2 product lines, separate financial information is accessibleamong the constituent units of the Company
and that are subject to periodical examination, in order for the Board of Directors of the Company todetermine the allocation ofmanagement resources. Accordingly, the reportable segments of the Company are composed of 2 segments, "MT(Manualautomotive drivetrain related business)" which manufactures and sells Manual Transmission Parts and "AT (Automatic
automotive drivetrain related business)" which manufactures and sells Automatic Transmission Parts.
2. Basis of measurement about reported segment profit or loss, segment assets, segment liabilities and other material items
The accounting policies of the reportable segment are mainly consistent to what is described in Note 1 "Summary of Significant
Accounting and Reporting Policies". The segment profit (loss) is based on operating income before amortization of goodwill.
The prices of the goods traded or transferred among the segments are mainly determined by considering market prices of the goods.
3.Information about reported segment profit or loss, segment assets, segment liabilities and other material items(millions of yen)

FY2013（Apr. 1, 2013 through Mar. 31, 2014）
Reportable segments
Manual automotive

Automatic automotive

drivetrain related

drivetrain related

businessbusiness

Reportable

OthersTotal

24,753

234,262segments

Sales
Revenues from external customers

67,649Transactions with other segments

141,859

209,509

313

2,627

2,941

7,922

10,86367,963

144,487

212,450

32,675245,126

Operating income (loss)

10,226

10,422

20,64994

20,744

Assets60,815

117,532

178,348

32,877211,226

Net sales

Other items
2,874
8,055
10,9301,439
12,369Depreciation
Investments in entities accounted for
484
375
860
344
1,204
using equity method
Increase in property, plant and equipment
3,739
12,691
16,4303,492
19,922and intangible assets
Note: Others includes businesses which is not part of any of the 2 reportable segments, and contain industrial machine drivetrain
operation, clutches for motorcycle operation, transport operation, etc.
(millions of yen)

FY2014（Apr. 1, 2014 through Mar. 31, 2015）
Reportable segments
Manual automotive

Automatic automotive

drivetrain related

drivetrain related

businessbusiness

Reportable

OthersTotal

segments

Sales
Revenues from external customers
Transactions with other segments
Net sales

71,447457

156,947
2,484

228,395
2,941

27,616
7,304

256,011
10,24571,905

159,431

231,336

34,920266,257

Operating income (loss)

9,374

9,797

19,171-302

18,869Assets67,501

139,139

206,640

38,682

245,323

Other items
3,117
9,840
12,958
1,572
14,530Depreciation
Investments in entities accounted for
294
382
676
385
1,062
using equity method
Increase in property, plant and equipment
4,595
19,597
24,192
3,406
27,599and intangible assets
Note: Others includes businesses which is not part of any of the 2 reportable segments, and contain industrial machine drivetrain
operation, clutches for motorcycle operation, transport operation, etc.

4. Differences Between Reportable Segments and Consolidated Financial Statements(millions of yen)

Sales

FY2013

Reportable Segments Total'Other' profit
Inter-segment Elimination
Consolidated Financial Statement（Sales）

FY2014
212,450
32,675-10,863

231,336
34,920-10,245234,262

256,011(millions of yen)

Profit

FY2013

Reportable Segments Total'Other' profit
Inter-segment Elimination
Amortization of Goodwill
Corporate Expenses
Other
Consolidated Financial Statement

FY2014
20,64994219-4-1,490-34

19,171-302
619－-1,65452

19,434（Operating Profit）
Note: Corporate expenses mainly comprise general / administrative and R&D expenses for new products.

17,887

Amount per ShareFY2013

FY2014(Apr. 1, 2013 through Mar. 31, 2014) (Apr. 1, 2014 through Mar. 31, 2015)
Net Assets per Share (Yen)3,032.56
3,294.13
Basic Net Income per Share (Yen)
255.58197.96
Note: 1. Diluted net income per share is not disclosed because potentially dilutive securities have not been issued.
2. The computation basis for net income per share is as follows:
FY2013

FY2014(Apr. 1, 2013 through Mar. 31, 2014) (Apr. 1, 2014 through Mar. 31, 2015)
Earnings per ShareNet Income or Loss
12,2689,503
Amount Not Attributable to Common－－
Stockholders (in millions of yen)
Net Income or Losses Related to Common Stock
12,2689,503(in millions of yen)
Number of Average Common Stocks
48,00348,009(in thousands of shares)
Note:
1. Shares that are held in an ESOP trust account at The Master Trust Bank of Japan, Ltd. are included, from acomputational standpoint of net assets per stock, in treasury stocks that are deducted from the total number of stocks issued
at each fiscal year-end (FY2013: 82,700 shares, FY2014: 78,800 shares).
Furthermore, from the computational standpoint of net income per share, shares are included in treasury stocks that are
deducted in the calculation of the average midterm number of shares (FY2013: 86,669 shares, FY2014: 80,308 shares).
2. Shares that are held in an BIP trust account at The Master Trust Bank of Japan, Ltd. are included, from acomputational standpoint of net assets per stock, in treasury stocks that are deducted from the total number of stocks issued
at each fiscal year-end (FY2013: 0 shares, FY2014: 40,000 shares).
Furthermore, from the computational standpoint of net income per share, shares are included in treasury stocks that are
deducted in the calculation of the average midterm number of shares (FY2013: 0 shares, FY2014: 12,308 shares).
Significant Subsequent Events:

None