FOR IMMEDIATE RELEASE
October 28, 2015
Consolidated Financial Results for the First Half of FY2015(April 1, 2015 to September 30, 2015)
FDK CORPORATION
Listing Code No. 6955 (Listing Stock Exchange: The Second Section of Tokyo Stock Exchange)
Address : Shinagawa Crystal Square Bldg., 1-6-41 Konan, Minato-ku, Tokyo 108-8212 Japan
Contact : Corporate Communication Office, General Affairs Dept.
E-mail: hirano@fdk.co.jp
The Consolidated Financial Results is unaudited/U.S. GAPP is not applied

1. Consolidated Results for the Six-Months Period Ended September 30, 2015a. Consolidated Statements of Income
Yen(millions)
Six months
Six months
ended Sept. 30,
ended Sept 30,
2014
2015
Net Sales
35,572
40,610Operating Income
455
1,271
Ordinary Income (Loss)
419
1,174
Profit attributable to owners
451
969
of parent

Amounts Per Share of Common Stock:
Basic Earnings
Diluted Earnings

1.61 yen- yen

3.46 yen- yen

Change (%)
14.2
179.1
179.9
114.8

(URL: http://www.fdk.com)

Yen(millions)
FY2014,
ended Mar. 31,
2015
76,365
2,211
504
961

3.43 yen- yen

U.S.Dollars(millions)
Six months
ended Sept. 30,
2015$338.50$10.59$9.79$8.08

2.89 cent- centb. Net Sales by Business Segment

Batteries
Electronic Devices
Total

Yen
(millions)
Six months
ended Sept. 30,
2014
23,595
11,97735,572

Yen(millions)
Six months
ended Sept. 30,
2015
25,54715,08540,610c. Consolidated Financial Position

Total Assets
Total Net Assets
Shareholders' Equity
Shareholders' Equity Ratio

Yen(millions)
As of March 31,
As of Sept. 30,
2015
2015
57,25657,369
8,578
9,297
7,899
8,609
13.8 %
15.0 %

Yen(millions)
FY2014,
ended Mar. 31,
2015
50,90925,45576,365

U.S.Dollars(millions)
Six months
ended Sept. 30
2015$212.94$125.74$338.50

d. Consolidated Statements of Cash FlowsYen(millions)

Cash Flows fromOperating Activities
Cash Flows from
Investing Activities
Cash Flows from
Financing Activities
Cash and Cash Equivalents
at End of Period

Six months
ended Sept. 30,
2014
1,413

Six months
ended Sept. 30,
2015
2,902

(810)

(911)

(650)

(1,833)

5,256

4,821

(Notes for the Consolidated Operating Results (from 1.a to 1.d)
1. All amounts less than one million yen have been disregarded.
2. U.S. dollar amounts are translated from yen, for convenience only, at the rate of 119.97 yen=$1
3. The percentage in this statement presents rate of change compared with the same period last year.

2. Consolidated Financial Forecast for the fiscal year 2015 ending March. 31, 2016
(Million of yen, except per share data)
FY2015
Change from FY2014
FY2014
Net Sales (Loss)
81,00076,365
6.1 %Operating Income (Loss)
2,300
2,211
4.0
Ordinary Income
1,700
504
237.1 %
Profit attributable to owners of parent
1,300
961
35.2 %Net Income per Share
4.64 yen
3.43 yen
Note for the use of the above forecasted business results.
The financial forecast described above is based upon information available as of October 30, 2015.
3. Others(1) Changes in material subsidiaries during the period: No
Consolidated Subsidiaries
14 companies
Unconsolidated Subsidiaries (equity method applied)
4 companies
Affiliates (equity method applied only)
1 companies(2) Adoption of accounting procedures specific to the preparation of quarterly consolidated financial statements: No(3) Changes in accounting policies, changes in accounting estimates, and restatements
1) Changes in accounting policies due to the amendment of accounting standards: Yes
2) Other changes in accounting policies: No
3) Changes in accounting estimates: No4) Restatement: No(4) Number of shares outstanding (common stock)1) Number of shares outstanding at the end of periods.
September 30, 2015: 280,363,026 shares
March 31, 2015: 280,363,026 shares
2) Number of treasury shares at the end of each period
September 30, 2015: 257,052 shares
March 31, 2015: 250,566 shares3) Weighted average number of shares outstanding in each period.
September 30, 2015: 280,109,185 shares September 30, 2014: 280,119,060 shares

Consolidated Balance Sheets
Millions of yen
FY2014Mar. 31, 2015
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
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
Land
Leased assets, net
Construction 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
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Lease obligations
Accounts payable-other
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Lease obligations
Deferred tax liabilities
Net defined benefit liability
Long-term accounts payable - other
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
Non-controlling interests
Total net assets
Total liabilities and net assets

1H/FY2015
Sep. 30, 2015

4,758
20,993
3,307
2,422
1,909
188
2,560
(99)
36,0394,821
20,932
3,394
2,979
2,184
197
1,992
(112)
36,389

7,580
4,766
1,019
2,735
1,504
767
18,373
591

7,515
4,612
1,009
2,728
2,003
468
18,337
563

194
1
630
85
1,340
(0)
2,251
21,21657,256

223
1
595
75
1,183
(0)
2,079
20,98057,36914,90017,280
466
2,364
288
3,652
38,951

15,964
15,700
539
2,710
293
3,321
38,529

1,003
214
5,184
3,162
161
9,726
48,678

1,361
205
5,056
2,797
120
9,541
48,071

28,301
22,622(41,910)
(44)
8,969

28,301
22,622(40,940)
(45)
9,938

34
2,521
(3,625)(1,069)678
8,578
57,25643
2,181(3,554)(1,328)688
9,297
57,369

Consolidated Statements of Income
Millions of yen
1H/FY2014

1H/FY2015

Apr 14 - Sep 14

Apr 15 - Sep 15

Net sales

35,572

40,610

Cost of sales

29,48433,557Gross profit

6,088

7,052

Selling, general and administrative expenses

5,633

5,781

Operating income

455

1,271

Interest income20

16

Foreign exchange gains

114

286

Amortization of negative goodwill

379-

Rent income

99

42

Other

87

56

Total non-operating income

701

402

Interest expenses

71

63

Share of loss of entities accounted for using equity method

509

154

Loss on retirement of non-current assets

36

182

Other

119

97

Total non-operating expenses

737

498

419

1,174

Subsidy income

147-

Gain on transfer of business70-

Total extraordinary income

217-

Income before income taxes

637

1,174

Income taxes-current

129

191

Income taxes-deferred

(46)

(4)

Total income taxes

175

196

Profit462

978

Profit attributable to non-controlling interests

11

8

Profit attributable to owners of parent

451

969

Non-operating income

Non-operating expenses

Ordinary income
Extraordinary income

Consolidated Statements of comprehensive income
Total accumulated other comprehensive income
1H/FY2014

1H/FY2015

Apr 14 - Sep 14

Apr 15 - Sep 15

462

978

4

10

1,122

(319)

Remeasurements of defined benefit plans, net of tax

2

71

Share of other comprehensive income (loss) of entities accounted for using equity method

69

(19)

Other comprehensive income (loss)

1,198

(257)

Comprehensive income

1,661

720

1,624

710

36

10

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment(Comprehensive income attributable to)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

Consolidated Statements of Cash Flows
Millions of yen
1H/FY2014

1H/FY2015

Apr'14-Sep'14

Apr'15-Sep'15

Cash flow from operating activities
Income (loss) before income taxes

637

1,174

1,479

1,219

-

-

Increase (decrease) in net defined benefit liability

(63)

(128)

Increase (decrease) in allowance for doubtful accounts

41

14Interest and dividend income

(21)

(17)

Interest expenses

71

63

Foreign exchange losses (gains)(5)0

Share of (profit) loss of entities accounted for using equity method

509

154

Loss (gain) on sales of property, plant and equipment(1)0

Loss on retirement of non-current assets

36

182

Amortization of negative goodwill

(379)

-

Subsidy income

(147)

-

Loss (gain) on transfer of business

(70)

-

Decrease (increase) in notes and accounts receivable-trade

797

(247)

Decrease (increase) in inventories

(990)

(920)

Increase (decrease) in notes and accounts payable-trade

200

1,208

Increase (decrease) in accrued expenses

16

147

Other, net

(529)

324

Subtotal

1,580

3,176

Interest and dividend income received

21

17

Proceeds from subsidy income

147-

Interest expenses paid

(71)

(66)

Income taxes paid

(265)

(225)

Net cash provided by (used in) operating activities

1,413

2,902

Payments into time deposits--

Proceeds from withdrawal of time deposits--

Purchase of property, plant and equipment(1,113)(1,509)Proceeds from sales of property, plant and equipment

231

664

Purchase of intangible assets

(7)

(46)

Purchase of investment securities

(1)

(2)

Proceeds from share of subsidiaries and associates--

Purchase of shares of subsidiaries and associates-(0)

Proceeds from transfer of business100-

Other, net

(19)

(18)

Net cash provided by (used in) investing activities

(810)

(911)

(410)

(1,580)Purchase of treasury stock

(0)

(0)

Proceeds from stock issuance to minority shareholders--

Repayments of finance lease obligations

(240)

(252)

Net cash provided by (used in) financing activities(650)(1,833)

Effect of exchange rate change on cash and cash equivalents

275

(93)

Net increase (decrease) in cash and cash equivalents

227

63

-

-

Cash and cash equivalents at beginning of period

5,029

4,758

Cash and cash equivalents at end of period

5,256

4,821

Depreciation and amortization
Increase (decrease) in provision for retirement benefits

Cash flow from investing activities

Cash flow from financing activities
Net increase (decrease) in short-term loans payable

Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation

Consolidated Business Segment Information
Millions of yen
1H/FY2014 Apr 14 - Sep 14
Business Segments Reported
Electronic
Batteries
Materials

Total

Adjustments

Consolidated
Statements

Net sales
Unaffiliated customers
Intersegment
Total
Segment income (loss)

23,595

11,97735,572-35,572

-

-

-

-

-

23,595

11,97735,572-35,572

700

(244)

455

-

455

Adjustments

Consolidated
Statements

1H/FY2015 Apr 15 - Sep 15
Business Segments Reported
Electronic
Batteries
Materials

Total

Net sales
Unaffiliated customers

25,547

Intersegment

15,063-40,610--40,610

-

-

Total

25,547

15,06340,610-40,610

Segment income (loss)

1,570

(299)

1,271

-

1,271

Business Results(1) Analysis of Consolidated Business Results
1.1 Overview
The business environment of the FDK Group (“FDK”) during the first half ended September 30, 2015, Japanese
economy remained uncertain condition as the recovery in personal consumption was delay though the recovery incorporate earnings and improvement of employment was seen. In addition, there were some negative factors suchas instability of the European market and the slowing economic growth in China, though the U.S economy
continued in recovering trend due to the recovery of domestic consumptions through the recovery of the corporate
earnings and the improvement of employment.
Under these circumstances, FDK has continued to extend the sales of the FUJITSU alkaline battery series and
FUJITSU Ni-MH rechargeable battery series in Japan as well as overseas via the internet, which have been soldfrom the previous fiscal year in Japan. As for Ni-MH batteries, we strived to sell for industrial use. As forlithium batteries, we strived to sell for disaster-related goods, security goods, and automotive applications in North
American and European markets, where the demands for these items have strong demand. While proceeded thesmooth transfer of power supply business from Fujitsu Telecom Networks completed its acquisition on July 1, we
strived to expand sales of various products for automotive applications and to develop new business for automotive.
As for FDK’s business results in the first half, net sales were 40,610 million yen, increased by 5,038 million yen(14.2%) from the same period last year. It was achieved by the continued sales expansion from the previous fiscal
year of the above mentioned Ni-MH rechargeable batteries and lithium batteries, the sales expansion of alkaline in
OEM sales overseas, the steady sales of signal processing modules for LCD displays for industrial and LCD
televisions.
With regard to profit and loss, operating income was 1,271 million yen, increased by 815 million yen (179.1%)
from the same period last year. It was achieved by the operating income expansion of Ni-MH rechargeable
batteries and lithium batteries by increased sales expansion. Ordinary income was 1,174 million yen, by increased
by 755 million yen (179.9%) from the same period last year). It was achieved by the post of foreign exchange
gain in non-operating income. Profit attributable to owners of parent in the first half was 969 million yen,increased by 518 million yen (114.8%) from the same period last year.
Ref: Comparison of Consolidated Financial Results
Net Sales
Sales cost
ratio (%)
FY2011 1H (6 months)
41,83686.7
FY2012 1H (6 months)
35,10989.4
FY2013 1H (6 months)
39,30883.8
FY2014 1H (6 months)
35,57282.9
FY2015 1H (6 months)
40,61082.6
Compared to the same
5,038
-0.3
period last year

Operating
Income251-1,626
1,049
455
1,271

Ordinary
Income-76-1,723
985
419
1,174

(million yen)
Profit attributable toowners of parent-134-1,566
484
451
969

815

755

518

The divisional sales overview is as follows.
1.2 Battery Business
Sales of alkaline batteries increased from the same period last year, due to has strived to the sales in Japan andglobal consumer market a new product that sale in Japan in the previous fiscal year and increased in sales OEM
products etc. in the global market. Sales of Ni-MH batteries increased from the same period last year due to theincrease in sales for global consumer markets, industrial and automotive use. Sales of power storage systems
increased from the same period last year due to the increase for backup use. Sales of lithium batteries went up
from the same period last year, due to the increase in sales for disaster-related goods, security goods, andautomotive applications in North American and European markets.
As a result, sales for the battery business were 25,547 million yen, increased by 1,952 million yen from the same
period last year.

1.3. Electronic Device Business
Sales of coil devices decrease from the same period last year, while the sales for automotive use steadily
increased, their sales for home appliances decreased. Sales of dc-dc converters increased from the same period
last year, due to the steady increase in sales for servers, storages and network devices. Sales of piezoelectric
products decreased from the same period last year, due to the sluggish digital camera market. Sales of signal
processing modules for LCD displays increased from the same period last year, due to the steady increase in sales
for industrial, and LCD televisions.
As a result, sales for the electronic device business were 15,063 million yen, increased by 3,085 million yen fromthe same period last year.
(2) Analysis of Financial Condition
2.1 Status of Assets, Liabilities and Net Assets
Total assets at the end of first half of FY2015 increased by 113 million yen (0.2%) from the end of the previous
fiscal year to 57,369 million yen. Current assets increased by 349 million yen (1.0%) from the end of the previous
fiscal year to 36,389 million yen. Non-current assets decreased by 236 million yen (-1.1%) from the end of theprevious fiscal year to 20,980 million yen. The principal causes for increased current assets were a 556 million
yen increase in work in process and a 274 million yen increase in raw materials and supplies. The principal cause
for decreased non-current assets were a 36 million yen decrease in property, plant and equipment and a 34 million
yen decrease in net defined benefit asset.
Total liabilities at the end of first half of FY2015 decreased by 606 million yen (-1.2%) from the end of theprevious fiscal year to 48,071 million yen. Current liabilities decreased by 422 million yen (-1.1%) from the endof the previous fiscal year to 38,529 million yen. Non-current liabilities decreased by 184 million yen (-1.9%)
from the end of the previous fiscal year to 9,541 million yen. The principal cause of decreased current liabilities
was a 1,580 million yen decrease in short-term loans payable, though there was a 1,064 million yen increase innotes and accounts payable-trade. The principal cause for decreased non-current liabilities was a 365 million yen
decrease in long-term accounts payable - other and a 128 million yen increase in net defined benefit liability, though
there was a 358 million yen increase in lease obligations.
The interest-bearing debt decreased by 1,149 million yen from the end of the previous fiscal year to 17,601
million yen.
Total net assets at the end of first half of FY2015 increased by 719 million yen (8.4%) from the end of theprevious fiscal year to 9,297 million yen. The main factors for the increase in total net assets were a 969 million
yen increase in retained earnings by posting a profit attributable to owners of parent, though there was a 339 million
yen decrease in foreign currency translation adjustment.
2.2 Cash Flow Condition
Net cash used in operating activities increased by 2,902 million yen from the beginning of this fiscal year due toan increase in cash and cash equivalents (“cash”) by posting the increase in income before income taxes, thedepreciation and the increase in notes and accounts payable-trade, though there was a decrease in cash by increase
in inventories (Net cash used in operating activities for the last fiscal year increased by 1,413 million yen from the
beginning of the last fiscal year).
Net cash used in investment activities decreased by 911 million yen from the beginning of this fiscal year by thepayments into time deposits (Net cash used in investment activities for the last fiscal year increased by 1,413
million yen from the beginning of the last fiscal year).
Net cash used in financing activities decreased by 1,833 million yen from the beginning of this fiscal year due tothe decrease in short-term loans payable (Net cash used in financing activities for the last fiscal year decreased by
650 million yen from the beginning of the last fiscal year).
As a result, the balance of cash and cash equivalents on September 30, 2015 was 4,821 million yen, a increase of
63 million yen from the beginning of this fiscal year.
3. Forecast for the Fiscal Year Ending March 31, 2016
Please refer to the “Announcement of the Revised Financial Forecast” announced on October 28, 2015.