FOR IMMEDIATE RELEASE
April 28, 2015
Fiscal Year 2014 Consolidated Financial Results(April 1, 2014 to March 31, 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 Depart.
E-mail: hirano@fdk.co.jp
Date of the ordinary general shareholders' meeting: June 25, 2015
Filing date of Yukashoken Hokokusho: June 25, 2015
The Consolidated Financial Results is unaudited/U.S. GAPP is not applied(URL: http://www.fdk.com)

1. Consolidated Results for FY2014 ended March 31, 2015a. Consolidated Statements of Income
Yen(millions)

Net Sales
Operating Income (loss)
Ordinary Income
Net Income

FY2013(4/1/13-3/31/14)
76,624
1,448
1,471
1,060

Amounts Per Share of Common Stock:
Basic Earnings
Diluted Earnings

FY2014(4/1/14-3/31/15)
76,365
2,211
504
961

4.88 yen- yen

Change (%)-0.3 %
52.7
-65.7
-9.3

3.43 yen- yen

U.S.Dollars(millions)
FY2014(4/1/14-3/31/15)$634.95$18.38$4.19$7.99

2.85 cent-b. Consolidated Financial Position
Yen(millions)
As of Mar. 31,
As of Mar. 31,
2014
2015
55,29457,256
Total Assets
6,508
8,578
Total Net Assets
8,174
8,969
Shareholders' Equity
10.6 %
13.8 %
Shareholders' Equity Ratio
21.00 yen
28.20 yen
Shareholders' Equity Per Sharec. Consolidated Statements of Cash FlowsYen(millions)

Cash Flows fromOperationg Activites
Cash Flows from
Investing Activites
Cash Flows from
Financing Activites
Cash and Cash Equivalents
at End of Period

FY2013(4/1/13-3/31/14)
4,375

FY2014(4/1/14-3/31/15)
1,894(2,363)(111)(2,127)(2,717)

5,029

4,758

Yen
(millions)
FY2013(4/1/13-3/31/14)
48,18828,43576,624Yen(millions)
FY2014(4/1/14-3/31/15)
50,90925,45576,365d. Net Sales by Business Segment

Batteries
Electronic Devices
Total(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 $1=120.27 yen
3. The percentage in this statement presents rate of change compared with the previous fiscal year.

U.S.Dollars(millions)
FY2014(4/1/14-3/31/15)$423.29$211.65$634.95

2. Consolidated Financial Forecast for the year ending March 31, 2016
(Million of yen, except per share data)

Net Sales
Operating Income
Ordinary Income
Net Income Attributable to
Owners of Parent Company
Net Income per ShareFY201580,000
2,300
1,400
1,000
3.57 yen

Change from FY2014
4.8 %
4.0 %
177.6 %
4.0 %
- yen

3. Others(1) Changes in significant subsidiaries during the period: Yes.
Consolidated Subsidiaries
14 companies
Unconsolidated Subsidiaries (equity method applied)
3 companies
Affiliates (equity method applied only)
2 companies(2) 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(3) Number of shares outstanding (common stock)1) Number of shares outstanding at the end of fiscal year. (including treasury shares)
March 31, 2015: 280,363,026 shares
March 31, 2014: 280,363,026 shares
2) Number of treasury shares at the end of fiscal year
March 31, 2015: 250,566 shares
March 31, 2014: 241,366 shares3) Weighted average number of shares outstanding during the fiscal year ended March 31 of each year
March 31, 2015: 280,117,119 shares
March 31, 2014: 217,441,135 shares

Consolidated Balance Sheets
Millions of yen
FY2013
Mar 31, 2014
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
Lease 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
Negative goodwill
Long-term accounts payable - other
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
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

FY2014
Mar 31, 2015

5,029
18,726
2,226
2,952
1,906
244
1,627
(61)
32,651

4,758
20,993
3,307
2,422
1,909
188
2,560
(99)
36,039

7,486
4,994
855
2,557
1,225
568
17,687
677

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

1,910
1
785
224
1,356
(0)
4,278
22,64255,294

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

13,224
19,510
386
2,156
252
2,875
38,405

14,90017,280
466
2,364
288
3,652
38,951

1,002
289
4,274
569
3,929
316
10,38048,786

1,003
214
5,184
3,162
161
9,726
48,67828,301
22,622(42,706)
(42)
8,174

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

26
341
(2,658)(2,290)624
6,508
55,29434
2,521(3,625)(1,069)678
8,578
57,256

Consolidated Statements of Income
Millions of yen
FY2013

FY2014Apr'13-Mar'14

Apr'14-Mar'15

Net sales

76,62476,365

Cost of sales

64,38962,762Gross profit

12,235

13,602

Selling, general and administrative expenses

10,787

11,391

Operating income (loss)

1,448

2,211

Interest income27

41

Foreign exchange gains

161

201

Amortization of negative goodwill

759

569

Rent income

199

200

Other

231

138

1,379

1,151

Interest expenses

149

141

Equity in losses of affiliates

831

2,353

Loss on retirement of non-current assets

92

82

Other

282

280

1,356

2,858

1,471

504

Gain on transfer of business-

691

Compensation income-

260

Subsidy income

131

147

Gain on sales of non-current assets

209-

Total extraordinary income

340

1,098

-

85

Non-operating income

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary income

Extraordinary loss
Loss on litigation
Loss on revision of retirement benefit plan

304-

Total extraordinary loss

304

85

1,507

1,517

Income taxes-current

311

341

Income taxes-deferred

118

183

Total income taxes

430

525

1,076

991

16

30

1,060

961

Income (loss) before income taxes

Income (loss) before minority interests
Minority interests in income
Net income

Consolidated Statements of comprehensive income
Millions of yen
FY2013

FY2014Apr'13-Mar'14

Apr'14-Mar'15

1,076

991

9

7

843

2,041

-

(967)

Share of other comprehensive income of associates accounted for using equity method

104

162

Other comprehensive income

958

1,244

2,034

2,236

Comprehensive income attributable to owners of the parent

2,020

2,181

Comprehensive income attributable to minority interests

14

54

Income (loss) 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

Comprehensive income(Comprehensive income attributable to)Consolidated Statements of Changes in Net Assets

FY2013 (Apr'13-Mar'14)
Yen (millions)Shareholders' Equity

Capital stock

Beginning balance

Capital surplus

28,301Retained earnings

22,622

Treasury stock(43,767)

(42)

Total
shareholders'equity7,114

Cumulative effects of changes inaccounting policies
Restated balance

28,301

22,622(43,767)

(42)

7,114

Changes of items during the period
Net income

1,060

Purchaes of treasury stock
Total changes of items during the periodEnding balance

1,060
(0)

(0)

-

-

1,060

(0)

1,059

28,301

22,622(42,706)

(42)

8,174

Accumulated other comprehensive income
Valuation difference
on available-forsale securities

Foreign currencytranslation
adjustment

18

(609)

Beginning balance

Total Accumulated
othercomprehensive
incomeDeferred gains orlosses on hedges
-

(591)

Minority interests

1,628

Net assets

Cumulative effects of changes inaccounting policies

8,150
-

Restated balance

18

(609)

-

(591)

1,628

8,150

Changes of items during the period
Net income

1,060

Purchaes of treasury stock(0)

Net changes of items other thanshareholders' equity

8951(2,658)(1,698)(1,003)(2,701)

Total changes of items during the period

8951(2,658)(1,698)(1,003)(1,642)Ending balance

26

341

(2,658)(2,290)

624

6,508

Consolidated Statements of Changes in Net Assets

FY2014 (Apr'14-Mar'15)
Yen (millions)Shareholders' equity

Capital stock

Beginning balance

Capital surplus

28,301Retained earnings

22,622

Cumulative effects of changes inaccounting policies
Restated balance(42,706)

Treasury stock

(42)

(164)
28,301

22,622(42,871)

Total
shareholders'equity
8,174
(164)

(42)

8,009

Changes of items during the period
Net income

961

Purchaes of treasury stock
Total changes of items during the periodEnding balance

961
(1)

(1)

-

-

961

(1)

960

28,301

22,622(41,910)

(44)

8,969

Accumulated other comprehensive income

Beginning balance

Valuation difference
on available-forsale securities

Foreign currencytranslation
adjustment

Deferred gains orlosses on hedges

Total Accumulated
othercomprehensive
income26341(2,658)(2,290)Minority interests

624

Cumulative effects of changes inaccounting policies
Restated balance

Net assets

6,508
(164)

26

341

(2,658)(2,290)

624

6,343

Changes of items during the period
Net income

961

Purchaes of treasury stock(1)

Net changes of items other thanshareholders' equity

7

2,179

(967)

1,220

54

1,274

Total changes of items during the period

7

2,179

(967)

1,220

54

2,234

Ending balance

34

2,521

(3,625)(1,069)

678

8,578

Consolidated Statements of Cash Flows
Millions of yen
FY2013

FY2014Apr'13-Mar'14

Apr'14-Mar'15

Net cash provided by (used in) operating activities
Income (loss) before income taxes

1,507

1,517

Depreciation and amortization

2,714

2,632

Increase (decrease) in provision for retirement benefits(1,627)-

Increase (decrease) in net defined benefit liability

1,616

(544)

0

31

Interest and dividends income

(29)

(43)

Interest expenses

149

141

Foreign exchange losses (gains)

(10)

(12)

Equity in (earnings) losses of affiliates

831

2,353

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

(213)

(1)

92

82

Amortization of negative goodwill

(759)

(569)

Subsidy income

(131)

(147)

-

(691)

3,160

(1,239)99(353)(3,500)571

Increase (decrease) in accrued expenses

661

329

Other, net

93

1,880

Subtotal

4,656

2,175

Interest and dividends income received

29

43

Proceeds from subsidy income

131

147

Interest expenses paid

(150)

(138)

Income taxes paid

(292)

(333)

Net cash provided by (used in) operating activities

4,375

1,894

Payments into time deposits(0)-Proceeds from withdrawal of time deposits

10-

Purchase of property, plant and equipment(2,056)(2,073)

Proceeds from sales of property, plant and equipment

1,260

397

Purchase of intangible assets

(47)

(54)

Purchase of investment securities

(3)

(3)

Proceeds from sales of investment securities

1-(1,313)

(299)

-

1,959

(213)

(36)

(2,363)(111)(1,682)(2,230)Purchase of treasury stock

(0)

(1)

Proceeds from stock issuance to minority shareholders

6

-

(451)

(486)

(2,127)(2,717)

Effect of exchange rate change on cash and cash equivalents

379

664

Net increase (decrease) in cash and cash equivalents

263

(270)

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

(532)

-

Cash and cash equivalents at beginning of period

5,297

5,029

Cash and cash equivalents at end of period

5,029

4,758

Increase (decrease) in allowance for doubtful accounts

Loss on retirement of non-current assets

Loss (gain) on transfer of business
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade

Net cash provided by (used in) investing activities

Purchase of shares of subsidiaries and associates
Proceeds from transfer of business
Other, net
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable

Repayments of finance lease obligations
Net cash provided by (used in) financing activities

Consolidated Business Segment Information
Millions of yen
FY2013 Apr'13-Mar'14
Business Segments Reported
Electronic
Batteries
Materials

Total

Adjustments

Consolidated
Statements

Net sales
Unaffiliated customers

48,18828,43576,624-

76,624

-

-

-

-

-

Total

48,18828,43576,624-

76,624

Segment income (loss)

1,186

262

1,448

-

1,448

Segment assets

40,10814,47454,583711

55,294

Depreciation

2,179

534

2,714

-

2,714

Amount of investment to equity method-treasury stock

1,731

1,042

2,773

-

2,773

Increase in property, plant and equipment and intangible assets

1,511

414

1,925

-

1,925

Adjustments

Consolidated
Statements

Intersegment

Other items

FY2014 Apr'14-Mar'15
Business Segments Reported
Electronic
Batteries
Materials

Total

Net sales
Unaffiliated customers

50,909Intersegment

25,455-76,365--76,365

-

-

Total

50,90925,45576,365-76,365

Segment income (loss)

2,718

(507)

2,211

-

2,211

Segment assets

38,854

17,32456,179

2,088

544

2,632

-

2,632

1,060

1,060

-

1,060

526

2,593

-

2,593

1,077

57,256

Other items
Depreciation
Amount of investment to equity method-treasury stock
Increase in property, plant and equipment and intangible assets

2,066

Business Results(1) Analysis of Consolidated Business Results
1.1 Overview
The business environment of the FDK Group (“FDK”) during the fiscal year ending March 31, 2015, someunclear conditions still remained due to the anticipation of the slowing economic growth in emerging countries
which became a driving force of the world economy, instability of the European market, and high prices of raw
materials and fuels due to the depreciation of the yen. In addition, the hike of consumption tax last April in Japancaused the lengthening of downturn in sales due to the reaction of the last-minute demand and delayed the recoveryof personal consumption.
Under these circumstances, as the business expansion measures, FDK has focused on the continuation to expand
sales and switch from old models to new FUJITSU alkaline battery series and FUJITSU Ni-MH rechargeable
battery series that were redesigned in accordance with upgrading performance from last June in the market. FDK
also focused to expand sales of lithium batteries of disaster-related goods, security goods, and automotive
applications in North American and European markets with productivity improvement as there were strong demandof these products, and tackled to promote the applications of thin lithium battery.
In addition, FDK has implemented the following structural reforms for further improvement of the management
efficiency.
1) FDK traded the optical components business and the microwave business in the electronic business.
2) FDK merged with the FDK TWICELL Co., Ltd. (Takasaki, Gunma) in order to manage more efficiently byusing mutual resources and to further strengthen the business of multiple products of electronic components
and Ni-MH batteries.
3) FDK decided Asahi Kasei FDK Energy Device to be the company’s wholly owned subsidiary from the equity
method affiliate in order to commercialize lithium ion capacitor business. FDK also posted the investment
loss on the equity method due to this decision.
As a result of these structural reforms, FDK’s business results in FY2014, net sales were 76,365 million yen(decreased by 259 million yen from last fiscal year) and it remained unchanged. Despite the significant effect of
decline in sales of signal processing modules for LCD displays and Ni-MH batteries in the first quarter, net sales
were recovered speedily since the second quarter.
With regard to profit and loss, operating income was 2,211 million yen, increased by 763 million yen from thelast fiscal year. It was achieved by the continuous application of technological VEs in electronic device business
which had been working through the entire group, the reduction of purchasing costs for product materials, increased
sales in lithium batteries by increased production, and the benefit of weaker yen from the second half of the fiscal
year.
Ordinary income was 504 million yen, decrease of 966 million yen from the last fiscal year. As operating
income ended at the above mentioned high level, ordinary income might be finalized as 1,834 million yen from ourcost structure. But we posted the above-mentioned structural reform costs (as explained in 3)), the final amountreached 504 million yen.
Net income was 961 million yen, decreased by 98 million yen from the last fiscal year, though we posted 1,098
million yen as a special profit generated from the above-mentioned business transfer, etc.
Ref: Comparison of Consolidated Financial Results
Net Sales
FY2013 (2013/04 – 2014/03)
FY2014 (2014/04 – 2015/03)
Differences

76,62476,365-259(Million yen)
Sales cost
ratio (%)
84.0
82.2
-1.8

Operating
Income
1,448
2,211
+763

Ordinary
Income
1,471
504
-966

Net Income
1,060
961
-98

Trends in Operating Income, which represents the profit from the main business, is as follows.
Ref: Quarterly Consolidated Financial Results(Million yen)
Net Sales
Sales cost ratio (%)
Operating Income
FY2014 1Q
16,61483.7
24FY2014 2Q
18,95782.2
430
FY2014 3Q
21,11781.9
941
FY2014 4Q
19,675
81.3
814
The divisional sales overview is as follows.
1.2 Battery Business
Sales of alkaline batteries increased from the same period last year due to the efforts to acquire new customers indomestic and global markets in the last fiscal year, and to tackle about possibilities of extending sales with current
customers. Sales of Ni-MH batteries decreased from the same period last year due to the decline in domestic andglobal consumer markets, though there was an increase in the industrial market such as automotive use. Sales oflithium batteries went up from the same period last year, due to the increase in sales for disaster-related goods,
security goods, and automotive applications in North American and European markets.
As a result, sales for the battery business were 50,909 million yen, up by 2,720 million yen from the same period
last year.
1.3. Electronic Device Business
Sales of coil devices increased from the same period last year, due to the steady increase in sales for consumer
equipment, industrial equipment and hybrid cars. Sales of toner decreased from the same period last year, due tothe overstock on the market. Sales of signal processing modules for LCD displays significantly decreased fromthe same period last year as these products had not sold well for large LCD televisions and for netbooks. Sales of
piezoelectric products decreased from the same period last year, due to the sluggish digital camera market.
As a result, sales for the electronic device business were 25,455 million yen, down by 2,980 million yen from thesame period last year.
(2) Analysis of Financial Condition
2.1 Status of Assets, Liabilities and Net Assets
Total assets at the end of FY2014 increased by 1,961 million yen (3.5%) from the end of the previous fiscal year
to 57,256 million yen. Current assets increased by 3,387 million yen (10.4%) from the end of the previous fiscal
year to 36,039 million yen. Non-current assets decreased by 1,426 million yen (-6.3%) from the end of theprevious fiscal year to 21,216 million yen. The principal causes for increased current assets were a 2,266 million
yen increase in notes and accounts receivable-trade and a 1,080 million yen increase in merchandise and finishedgoods. The principal cause for decreased non-current assets was a 1,716 million yen decrease in investment
securities, though there was a 686 million yen increase in property, plant and equipment.
Total liabilities at the end of FY2014 decreased by 108 million yen (-0.2%) from the end of the previous fiscal
year to 48,678 million yen. Current liabilities increased by 545 million yen (0.2%) from the end of the previous
fiscal year to 38,951 million yen. Non-current liabilities decreased by 654 million yen (-6.3%) from the end of theprevious fiscal year to 9,726 million yen. The principal cause of increased current liabilities was a 1,675 million
yen increase in notes and accounts payable-trade and a 777 million yen increase in other, though there was a 2,230
million yen decrease in short-term loans payable. The principal cause for decreased non-current liabilities was a
766 million yen decrease in long-term accounts payable - other and a 569 million yen decrease in negative goodwill,though there was a 909 million yen increase in net defined benefit liability.
The interest-bearing debt decreased by 2,148 million yen from the end of the previous fiscal year to 18,750
million yen.
Total net assets at the end of FY2014 increased by 2,069 million yen (31.8%) from the end of the previous fiscal
year to 8,578 million yen. The main factors for the increase in total net assets were a 796 million yen increase inretained earnings by posting a net income of FY2014 and a 2,179 million yen increase in foreign currencytranslation adjustment, though there were a 967 million yen decrease in remeasurements of defined benefit plans.

2.2 Cash Flow Condition
Net cash used in operating activities increased by 1,895 million yen from the beginning of this fiscal year due toan increase in cash and cash equivalents (“cash”) by posting the income before income taxes, equity in losses ofaffiliates and the depreciation and amortization, though there was a decrease in cash by an increase in notes andaccounts receivable-trade (Net cash used in operating activities for the last fiscal year increased by 4,375 million
yen from the beginning of the last fiscal year).
Net cash used in investment activities decreased by 111 million yen from the beginning of this fiscal year bypurchasing the property, plant and equipment, though there was an increase in cash by the proceeds from transfer ofbusiness. (Net cash used in investment activities for the last fiscal year decreased by 2363 million yen from the
beginning of the last fiscal year).
Net cash used in financing activities decreased by 2,717 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
2,127 million yen from the beginning of the last fiscal year).
As a result, the balance of cash and cash equivalents on March 31, 2015 was 4,758 million yen, a decrease of 270
million yen from the beginning of this fiscal year.
Ref: Changes in cash flow indicators
FY2010FY2011FY2012FY2013Equity ratio (%)
7.4
8.0
11.1
10.6
Market value equity ratio (%)
49.4
32.7
28.1
54.6
Debt to cash flow ratio (%)
4.8
9.3
20.9
4.8
Interest coverage ratio (%)
18.2
14.4
6.7
29.2
1. Equity ratio = Total shareholders' equity / Total assets
2. Market value equity ratio = Market capitalization / Total assets
3. Debt to cash flow ratio = Interest-bearing debt / Net cash used in operating activities
4. Interest coverage ratio = Net cash used in operating activities / Interest expense

FY2014
13.8
70.0
9.9
13.4

3. Forecast for the Fiscal Year Ending March 31, 2016
Although the recovery of personal consumption in Japan is expected due to the government’s economic
measures and the increase of workers’ wages, the future business environment will still remain an unclear condition
due to the anticipation of high prices of raw materials and fuels due to the depreciation of the yen, the slowing
economic growth in emerging countries, instability of the European market and the consumption tax increase inJapan which is scheduled in April 2017.
Upon the final year of the FDK’s medium-term business plan which was launched in April 2013 (2013-2015),
FDK will change the corporate structure which can be very flexible to the change in business environment bystrengthening the revenue base of the existing businesses. FDK will also expand synergy products of the battery
and the electronic component, aggressively introduce new products to the markets whose growth is expected suchas automotive and smart grid, and intensify various alliances.
As for the business forecast for the FY2015, FDK targets net sales at 80,000 million yen, operating income at
2,300 million yen, ordinary income at 1,400 million yen, and net income attributable to owners of the parent
company at 1,000 million yen. Regarding the exchange rate for FY2015, FDK sets it at 115 yen per US dollar
and at 130 yen per Euro.
* With the revision of “Accounting Standards for Business Combinations”, “net income” changed as “net income
attributable to owners of the parent company” in this section. It is only a change of name and does not change
the content.