FY2016 Consolidated Financial Results 〔Japanese Standard 〕(English translation extracted from the original Japanese document)
April 27, 2017
EXEDY Corporation
7278
Tokyo Stock Exchange
http://www.exedy.com
Hidehito Hisakawa, President
Hiroshi Toyohara, Tel: +81-72-822-1152
Director and Executive Managing Officer / Administrative Headquarters Executive General Manager
Scheduled Date for the General Shareholders Meeting: June 27, 2017
Scheduled Payment Date for Dividends: June 28, 2017
Scheduled Filing Date for annual securities report on EDINET: June 28, 2017
Additional Materials for FY2016 Financial Results: Yes (Japanese ver. only)
Briefing Session for FY2016 Financial Results: Yes (For analysts and professional investors)
Company Name:
Code No.:
URL:
Representative :Contact Person :1. Consolidated Financial Results for FY2016 (April 1, 2016 through March 31, 2017)(1) Consolidated Operating Results(Changes from the previous year expressed as a percentage)
Net Sales
Operating Profit
Ordinary Profit
Net Profit
millions of yen％

millions of yen％

millions of yen％

millions of yen％

266,121268,752-1.0
5.0

22,083
21,305

3.7
19.1

20,79618,11214.8-7.5

13,85512,01315.3
26.4

FY2016FY2015

Note: The comprehensive incomes for FY2016 and FY2015 were 10,416 million yen ( 47.5%) and 7,062 million yen ( -63.8%) respectively.

Earnings per Share

Fully Diluted
Earnings per Share

yen

yen

288.44250.17FY2016FY2015Return on Equity－－

Operating Profit to Net

Return on Assets

Sales Ratio

％

％

％

8.4
7.5

7.7
7.0

8.3
7.9

Note: The equity incomes for FY2016 and FY2015 were 300 million yen and 51 million yen respectively.

(2) Consolidated Financial Position
Total Assets

Net Assets

Shareholders’

Net Assets per Shareequity ratio(excluding minority interests)

millions of yen

millions of yen％

yen

280,072
259,273

180,069
173,52660.1
62.4

3,501.19
3,366.87

FY2016FY2015

Note: Shareholders’ equity for FY2016 and FY2015 were 168,196 million yen and 161,693 million yen respectively.

(3) Consolidated Cash Flows
Operating Activities

Investing Activities

Cash and Cash Equivalents

Financing Activities

at end of period

millions of yen

millions of yen

millions of yen

millions of yen

37,30927,166-29,203-25,737

5,970-2,80044,73431,560FY2016FY2015
2. Cash Dividends

Cash

Annual Cash Dividends per Share
1st Quarteryen

FY2016FY2015FY2017(Forecast)-

2nd Quarter

3rd Quarter

yen

35.00
35.00
40.00

Total

Fiscal Year-end

yen

yen

-

Dividends

Total

yen millions of yen

35.00
45.00

70.00
80.00

40.00

80.00

3,369
3,853

Payout Ratio

Dividends as a
Percentage of％

Net Assets
％

28.0
27.7

2.1
2.3

29.6

3. Consolidated Forecast for FY2017 (April 1, 2017 through March 31, 2018)(Changes from previous financial period expressed as a percentage)
Profit Attributable toOperating Profit
Ordinary Profit
Earnings per ShareNet Sales
Owners of Parent
millions of yen
millions of yen
millions of yen％％ millions of yen
％
％
yen
-21.7
6,000
130,000
-1.3
9,000
0.8
-1.5
9,000
124.90
1st Half of FY2017-9.4
20,00013,0001.5-3.8
20,000270,000-6.2
270.61FY2017(Note) EXEDY Group plans to adopt IFRS (International Accounting Standards) in the 4th quarter of FY2017 (ending March 2018).
Above consolidated forecasts are prepared considering the effect of IFRS adoption.
1/13

※ General Notes(1) Significant Changes in Scope of Consolidation: None
(2) Changes in Accounting Policies, Accounting Estimations and Restatements① Changes in Accounting Standards: None
② 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 Shares) :48,593,736 shares and 48,593,736 shares for FY2016 and FY2015 respectively② Number of Treasury Shares at the Fiscal Year-end: 553,892 shares and 568,968 shares for FY2016 and FY2015 respectively③ Average Number of Shares Issued and Outstanding for Each Fiscal Year:48,034,659 shares and 48,020,449 shares for FY2016 and FY2015 respectively※ The shares held within the ESOP and BIP trust accounts are included in year-end Treasury Shares(FY2016: 124,881 shares, FY2015: 104,226 shares)
Furthermore, the shares held within the ESOP and BIP trust accounts are included in Treasury Sharesthat are deducted in the calculation of the average number of shares for the period.
(FY2016: 116,379 shares, FY2015: 108,822 shares)

Reference: Unconsolidated Financial Results Overview

FY2016 Unconsolidated Financial Results 〔Japanese Standard 〕(English translation extracted from the original Japanese document)
1. Unconsolidated Results for FY2016 (April 1, 2016 through March 31, 2017)(1) Unconsolidated financial results(Changes from the previous year expressed as a percentage)
Net Sales
FY2016FY2015

Operating Profit

Net Profit

millions of yen％

millions of yen％

millions of yen％

millions of yen％

119,016
116,752

1.9
0.2

6,159
8,281

-25.6
13.6

8,881
9,448

-6.0
-25.5

7,690
7,109

8.2
-10.8

Earnings per Share

Fully Diluted Earnings
per Shareyen

FY2016FY2015

Ordinary Profit

160.10148.05yen－－(2) Unconsolidated financial position

Total Assets

FY2016FY2015Net Assets

Shareholders’ equity ratio

Net Assets per Sharemillions of yen

millions of yen％

yen

157,361
134,012

99,83895,17263.4
71.0

2,078.25
1,981.75

Note: Shareholders’ equity were 99,838 million yen and 95,172 million yen for FY2016 and FY2015 respectively.

※ This Financial Report is not subject to audit procedure.
※ Regarding the appropriate use of business results forecasts and other information

Financial forecasts are based on judgments and estimates of currently available information.
Actual results may differ significantly from the forecast due to a variety of factors

2/13

3. Consolidated financial statements(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2016
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

3/13

As of March 31, 2017

31,97548,53013,1096,049
11,120
3,873
231
6,751
‐223
121,420

45,52349,195
13,8405,330
11,616
4,290
181
5,317
‐153
135,142

36,08963,2107,905
11,5498,354
127,109
3,759

39,87660,898
7,160
11,925
13,999133,860
3,692

3,292
311
1,049
544
1,827
‐40
6,984
137,853259,273

3,775
118
1,064
722
1,744
‐47
7,377
144,929
280,072(Millions of yen)
As of March 31, 2016
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Current portion of bonds
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-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

4/13

As of March 31, 201719,266
9,751
7,000
8,801
1,839
1,399
7,439
55,497

19,892
11,609
9,838
3,506
2,880
7,895
55,624

21,629
356
2,403
5,178
28
653
30,25085,747

10,00025,326
218
2,800
5,195
28
808
44,378100,002

8,284
7,564
140,318-1,444
154,721

8,284
7,559
150,807-1,400165,250

920

1,164

6,224
-172

1,736
45

6,971

2,945

11,833
173,526
259,273

11,872
180,069
280,072

(2) Consolidated statements of income / Consolidated statements of comprehensive income(Consolidated statements of income)(Millions of yen)
Fiscal year ended
March 31, 2016
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 andallowances
Welfare expenses
Retirement benefit expenses
Depreciation
Research and development expenses
Other
Total selling, general and administrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rent income
Subsidy income
Gain on sales of non-current assets
Gain on sales of investment securities
Test consignment income
Share of profit of entities accounted for using
equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Interest on bonds
Loss on sales and retirement of non-current
assetsForeign exchange losses
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

5/13

Fiscal year ended
March 31, 2017268,752
214,152
54,600266,121208,876
57,244

6,349
1,125
-

6,007
2,452
31

8,721

8,389

1,765
172
2,296
5,374
7,488

1,610
208
2,307
5,763
8,389

33,29435,161

21,30522,083

139
64
130
151
46
375
8

162
64
134
245
71
78
38

51

300

736
1,704

996
2,092

1,089
35

959
45

320

412

2,677
776
4,898
18,112
18,112
4,996
238
5,235
12,876863
12,013

1,056
905
3,379
20,796
20,796
6,351
-519
5,831
14,965
1,110
13,855

(Consolidated statements of comprehensive income)(Millions of yen)
Fiscal year ended
March 31, 2016
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, netof taxShare of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests

6/13

Fiscal year ended
March 31, 201712,876

14,965-667

244-4,956-5,005

-185

217

-4

-5

-5,814
7,062-4,548
10,416

6,860

9,829

201

587

(3) Consolidated statements of changes in Net Assets
FY2015 (Apr. 1, 2015 to Mar. 31, 2016)(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning ofcurrent period
Changes of items during
periodCapital surplus

Retained earnings

Treasury shares

Total shareholders'equity7,556

131,668-1,480146,0288,284

Dividends of surplus-3,363-3,363

Profit attributable toowners of parent

12,01312,013Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
period

7

-1

-1

36

44

-

7

8,649

35

8,692

8,284

7,564

140,318-1,444

154,721

Accumulated other comprehensive income

Balance at beginning ofcurrent period
Changes of items during
periodValuationdifference
on availablefor-salesecurities

Foreigncurrencytranslation
adjustment

Remeasureme
nts of defined
benefit plans

Total
accumulated
othercomprehensi
ve income

Noncontrollinginterests

1,587

10,52412

12,124

12,172

Total net
assets170,326

Dividends of surplus-3,363

Profit attributable toowners of parent

12,013Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
period-1
44-667-4,299-185-5,152-339-5,492-667-4,299-185-5,152

-339

3,199

920

6,224

-172

6,971

11,833

173,526

7/13

FY2016 (Apr. 1, 2016 to Mar. 31, 2017)(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning ofcurrent period
Changes of items during
periodCapital surplus

Retained earnings

Treasury shares

Total shareholders'equity7,564

140,318-1,444

154,721

8,284

Dividends of surplus-3,365-3,365

Profit attributable toowners of parent

13,855

13,855Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
period

-4

-0

-0

45

40

-

-4

10,48944

10,529

8,284

7,559

150,807-1,400165,250

Accumulated other comprehensive income

Balance at beginning ofcurrent period
Changes of items during
periodValuationdifference
on availablefor-salesecurities

Foreigncurrencytranslation
adjustment

Remeasureme
nts of defined
benefit plans

Total
accumulated
othercomprehensi
ve income

Noncontrollinginterests

920

6,224

-172

6,971

11,833

Total net
assets173,526

Dividends of surplus-3,365

Profit attributable toowners of parent

13,855Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
period-040
244-4,488217-4,02539-3,986244-4,488217-4,025

39

6,543

1,164

1,736

45

2,945

11,872

180,069

8/13

(4) Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2016
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss (gain) on sales and retirement of noncurrent assets
Increase (decrease) in allowance for doubtful
accounts
Decrease (increase) in net defined benefit
asset
Increase (decrease) in net defined benefit
liability
Increase (decrease) in provision for productwarranties
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 andequipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing
activities

9/13

Fiscal year ended
March 31, 201718,112
16,925

20,796
16,894

274

341

95

-60

77

-14

84

331

-1,551

1,551

-203
1,124

-228
1,004

-3,296-2,22497-2,062

-529

1,758

-68

-124

1,639
32,783244-1,104-4,756

4,783
42,746249-1,002-4,68327,16637,309-376
40-24,344-387
10-27,988

170

228

-841
-13
558

-1,313
-32
249

-961

-

-4
139
-103

-0
13
18

-25,737-29,203(Millions of yen)
Fiscal year ended
March 31, 2016
Cash flows from financing activities
Net increase (decrease) in short-term loans
payableProceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury shares
Cash dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

10/13

Fiscal year ended
March 31, 2017

144

-1,975

5,784-4,782-1-3,363-568-15

12,697-3,813
10,000-7,000-0-3,365-544-26-2,800

5,970

-777

-903

-2,14913,17333,71031,56031,56044,734

【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 conduct business for these 2 product lines inside Japan and overseas.
And concerning these 2 product lines, separate financial information is accessible among the constituent units of the Company
and that are subject to periodical examination, in order for the Board of Directors of the Company to determine the allocation ofmanagement resources. Accordingly, the reportable segments of the Company are composed of 2 segments, "MT(Manual automotive 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 segment profit (loss) is based on operating profit before amortization of goodwill.
Intersegment sales or transfers 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)

FY2015（Apr. 1, 2015 through Mar. 31, 2016）
Reportable segments
Reportable
MTAT

segments

OthersTotal

30,690268,752

Total
Sales
Revenues from external customers

71,667

Transactions with other segments

166,393

238,061

109

1,432

1,541

6,492

8,034

71,776

167,826

239,60337,183276,786

Operating profit (loss)

10,891

9,430

20,321

1,395

21,717

Assets67,381

143,797

211,178

29,265

240,443

Net sales

Other items
3,470
11,60815,078
2,033
17,112
Depreciation
Investments in entities accounted for
1,142
305
434
740
401
using equity method
Increase in property, plant and equipment
3,179
21,38924,5691,530
26,100and 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)

FY2016（Apr. 1, 2016 through Mar. 31, 2017）
Reportable segments
Reportable
MTAT

segments

Others

Total

Total
Sales
Revenues from external customers
Transactions with other segments
Net sales

68,264
128

168,303
2,031

236,568
2,160

29,553
6,410

266,1218,570

68,393

170,335

238,728

35,964

274,692

Operating profit (loss)

10,502

11,336

21,838716

22,555

Assets

68,350157,685

226,036

27,219253,255

Other items
3,389
11,676
15,066
1,980
17,047
Depreciation
Investments in entities accounted for
312
597
910
496
1,406
using equity method
Increase in property, plant and equipment
4,068
24,83428,903908
29,812and 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.
11/13

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

FY2016FY2015

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

239,60337,183-8,034

238,728
35,964-8,570268,752

266,121(millions of yen)

FY2016FY2015

Profit21,838
716
1,487
-119
-1,727-112

20,321
1,395
961
-67
-1,36661

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

21,305（Operating Profit）
Note: Corporate expenses mainly consists of general / administrative expenses and R&D expenses for new productsthat do not belong to reported segments.
AssetsReportable Segments Total'Other' Assets
Inter-segment Elimination
Corporate Assets
Consolidated Financial Statement

FY201522,083

FY2016211,178
29,265-1,17520,005226,036
27,219-1,35428,171

259,273
280,072（Total Assets）
Note: Corporate Assets mainly consist of cash and deposits and investment securities that do not belong to reported segments
Reportable Segments
Other Items

Total
FY2015

Depreciation

FY2016

Recorded on
Adjustments

Other
FY2015FY2016FY2015the consolidated

FY2016

financial statement
FY2015FY2016

15,07815,066

2,033

1,980

-186

-152

16,925

16,89424,56928,903

1,530

908

-136

-196

25,96429,615

Increase of Property,
Plant and equipment,

Intangible assets
Note: 1.Adjustments to depreciation consists of Adjustment of unrealized gain on intersegment transaction of fixed assets.
2.Adjustments to Increase of Property, Plant and equipment, Intangible assets consists of Adjustment of unrealized
gain on intersegment transaction of fixed assets
3.Depreciation and Increase of Property, Plant and equipment, Intangible assets include long-term prepaid expenses
and depreciation related to these expenses.

12/13Per Share Information

FY2015FY2016(Apr. 1, 2015 through Mar. 31, 2016) (Apr. 1, 2016 through Mar. 31, 2017)
Net Assets per Share (Yen)
3,366.87
3,501.19
Earnings per Share (Yen)
250.17288.44
Note: 1. Diluted Earnings per Share is not disclosed because potentially dilutive securities have not been issued.
2. The computation basis for Earnings per Share is as follows:
FY2015FY2016(Apr. 1, 2015 through Mar. 31, 2016) (Apr. 1, 2016 through Mar. 31, 2017)
Earnings per ShareProfit attributable to owners of parent(in millions of yen)Amount Not Attributable to Common
Shareholders (in millions of yen)
Profit attributable to owners of parent

12,013

13,855－－12,013
13,855
Related to Common share(in millions of yen)
Number of Average Common shares
48,02048,034(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 share, in treasury shares that are deducted from the total number of shares issued
at each fiscal year-end (FY2015: 65,000 shares, FY2016: 55,800 shares).
Furthermore, from the computational standpoint of earnings per share, shares are included in treasury shares that are
deducted in the calculation of the average midterm number of shares (FY2015: 69,477 shares, FY2016: 59,354 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 share, in treasury shares that are deducted from the total number of shares issued
at each fiscal year-end (FY2015: 39,226 shares , FY2016: 69,081 shares).
Furthermore, from the computational standpoint of earnings per share, shares are included in treasury shares that are
deducted in the calculation of the average midterm number of shares (FY2015: 39,345 shares, FY2015: 57,025 shares).
Significant Subsequent Events:

None- End -

13/13