FOR IMMEDIATE RELEASE
April 25, 2014
Fiscal Year 2013 Consolidated Financial Results(April 1, 2013 to March 31, 2014)
FDK CORPORATION
Listing Code No.6955 (Listing Stock Exchange: The Second Section of Tokyo Stock Exchange)
Address: Hamagomu Bldg. 5-36-11 Shimbashi, Minato-ku, Tokyo 105-8677
Contact: Corporate Communication Office, General Affairs Depart.
E-mail: hirano@fdk.co.jp
Date of the ordinary general shareholder's meeting: June 26, 2014
Filing date of Yukashoken Hokokusho: June 26, 2014
The Consolidated Financial Results is unaudited/U.S. GAPP is not applied(URL: http://www.fdk.com)

1. Consolidated Results for FY2013 ended March 31, 2014
a. Consolidated Statements of Income
Yen(millions)

Net Sales
Operating Income (loss)
Ordinary Income
Net Income

FY2012(4/1/12-3/31/13)
73,547
(526)
174
453

Amounts Per Share of Common Stock:
Basic Earnings
Diluted Earnings

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

2.09 yen
1.63 yen

Change (%)
4.2 %
743.4
134.0

4.88 yen- yen

U.S.Dollars(millions)
FY2013(4/1/13-3/31/14)$744.50$14.07$14.29$10.304.7 cent-b. Consolidated Financial Position
Yen(millions)
As of Mar. 31,
As of Mar. 31,
2013
2014
58,72055,294
Total Assets
8,150
6,508
Total Net Assets
7,114
8,174
Shareholders' Equity
11.1 %
10.6 %
Shareholders' Equity Ratio(20.61) yen
21.00 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

FY2012(4/1/12-3/31/13)
1,089

FY2013(4/1/13-3/31/14)
4,375(1,737)(2,363)(430)(2,127)

5,297

5,029

Yen
(millions)
FY2012(4/1/12-3/31/13)
45,671
27,87673,547

Yen(millions)
FY2013(4/1/13-3/31/14)
48,18828,43576,624d. 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=102.92 yen
3. The percentage in this statement presents rate of change compared with the previous fiscal year.

U.S.Dollars(millions)
FY2013(4/1/13-3/31/14)$468.21$276.28$744.50

2. Consolidated Financial Forecast for the year ending March 31, 2015
(Million of yen, except per share data)

Net Sales
Operating Income
Ordinary Income
Net Income
Net Income per ShareFY2014
Change from FY2013
82,0007.0 %
2,500
72.6 %
1,600
8.8 %
1,200
13.1 %
4.28 yen- yen

3. Others(1) Changes in significant subsidiaries during the period: Yes.
Consolidated Subsidiaries
16 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, 2014: 280,363,026 shares
March 31, 2013: 217,505,884 shares
2) Number of treasury shares at the end of fiscal year
March 31, 2014: 241,366 shares
March 31, 2013: 233,228 shares3) Weighted average number of shares outstanding during the fiscal year ended March 31 of each year
March 31, 2014: 217,441,135 shares
March 31, 2013: 217,274,434 shares

Consolidated Balance Sheets
Millions of yen
FY2012
Mar 31, 2013
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
Provision for loss on desaster
Other
Total current liabilities
Non-current liabilities
Long-term accounts payable - other
Lease obligations
Deferred tax liabilities
Provision for retirement benefits
Net defined benefit liability
Negative goodwill
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

FY2013
Mar 31, 2014

5,307
20,704
2,386
2,937
1,677
132
1,669
(55)
34,761

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

8,038
6,550
884
3,437
1,238
1,226
21,376
778

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

161
1
218
1,422
(0)
1,804
23,95958,720

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

15,565
21,279
363
1,254
243
137
2,569
41,414

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

163
1,091
3
6,313
1,328
256
9,156
50,570

3,929
1,002
289
4,274
569
316
10,38048,78628,301
22,622(43,767)
(42)
7,114

28,301
22,622(42,706)
(42)
8,174

18
(609)
(591)
1,628
8,150
58,72026
341(2,658)(2,290)624
6,508
55,294

Consolidated Statements of Income
Millions of yen
FY2012FY2013Apr'12-Mar'13

Apr'13-Mar'14

Net sales

73,54776,624

Cost of sales

63,76464,389Gross profit

9,783

12,235

Selling, general and administrative expenses

10,31010,787

Operating income (loss)

(526)

1,448

Interest income

1427

Foreign exchange gains

325

161

Amortization of negative goodwill

759

759

Rent income

23

199

Other

121

231

1,243

1,379

Interest expenses

163

149

Equity in losses of affiliates

96

831

Loss on retirement of non-current assets

92

92

Other

190

282

Total non-operating expenses

542

1,356

174

1,471

Gain on sales of noncurrent assets-

209

Subsidy income

56

131

Total extraordinary income

56

340

-

304

Settlement package

239-

Total extraordinary loss

239

304

Income (loss) before income taxes

(7)

1,507

Income taxes-current

246

311

Income taxes-deferred

(36)

118

Total income taxes

209

430

Income (loss) before minority interests

(217)

1,076

Minority interests in income

(670)

16

Net income

453

1,060

Non-operating income

Total non-operating income
Non-operating expenses

Ordinary income
Extraordinary income

Extraordinary loss
Loss on revision of retirement benefit plan

Consolidated Statements of comprehensive income
Millions of yen
FY2012FY2013Apr'12-Mar'13

Apr'13-Mar'14

(217)

1,076

8

9

1,208

843

156

104

1,373

958

1,156

2,034

Comprehensive income attributable to owners of the parent

1,822

2,020

Comprehensive income attributable to minority interests

(666)

14

Income (loss) before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Share of other comprehensive income of associates accounted for using equity method
Other comprehensive income
Comprehensive income（Comprehensive income attributable to）

Consolidated Statements of Changes in Net Assets

FY2012 (Apr'12-Mar'13)
Yen (millions)Shareholders' Equity

Capital stock

Beginning balance

Capital surplus

28,301Retained earnings

22,622(44,220)

Treasury stock(41)

Total shareholders'equity6,661

Changes of items during the period
Net income

453

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

453
(0)

(0)

-

-

453

(0)

452

28,301

22,622(43,767)

(42)

7,114

Accumulated other comprehensive income
Valuation difference
on available-for-salesecurities

Foreign currencytranslation
adjustment

9(1,971)

Beginning balance

Total Accumulated
othercomprehensive
incomeDeferred gains orlosses on hedges-(1,961)

Minority interests

2,294

Net assets

6,993

Changes of items during the period
Net income

453

Purchaes of treasury stock(0)

Net changes of items other thanshareholders' equity

8

1,361

-

1,369

(666)

703

Total changes of items during the period

8

1,361

-

1,369

(666)

1,156

Ending balance

18

(609)

-

(591)

1,628

8,150

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(43,767)

Treasury stock(42)

Total shareholders'equity7,114

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

Beginning balance

Valuation difference
on available-for-salesecurities

Foreign currencytranslation
adjustment

18

(609)

Total Accumulated
othercomprehensive
incomeDeferred gains orlosses on hedges

-

(591)

Minority interests

1,628

Net assets

8,150

Changes of items during the period
Net income

1,060

Purchaes of treasury stock
Net changes of items other thanshareholders' equity

(0)
8

951

(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 Cash Flows
Millions of yen
FY2012FY2013Apr'12-Mar'13

Apr'13-Mar'14

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

(7)

1,507

Depreciation and amortization

2,955

2,714

Increase (decrease) in provision for retirement benefits(510)(1,627)

Increase (decrease) in net defined benefit liability

-

1,616

Increase (decrease) in allowance for doubtful accounts(8)0Interest and dividends income

(16)

(29)

Interest expenses

163

149

Foreign exchange losses (gains)

(10)

(10)

Equity in (earnings) losses of affiliates

96

831

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

(10)

(213)

Loss on retirement of non-current assets

92

92

Amortization of negative goodwill

(759)

(759)

Subsidy income

(56)

(131)

Settｌement package

239-

Decrease (increase) in notes and accounts receivable-trade

792

3,160

Decrease (increase) in inventories

1,090

99

Increase (decrease) in notes and accounts payable-trade(1,867)(3,500)

Increase (decrease) in accrued expenses

171

661

Other, net

(760)

93

Subtotal

1,591

4,656

Interest and dividends income received

16

29

Proceeds from subsidy income

56

131

Interest expenses paid

(163)

(150)

Income taxes paid

(172)

(292)

Settｌement package paid

(239)

-

Net cash provided by (used in) operating activities

1,089

4,375

Payments into time deposits

(19)

(0)

Proceeds from withdrawal of time deposits

312

10

Purchase of property, plant and equipment(2,903)(2,056)

Proceeds from sales of property, plant and equipment

951

1,260

Purchase of intangible assets

(84)

(47)

Purchase of investment securities

(3)

(3)

Proceeds from sales of investment securities-

1

Purchase of shares of subsidiaries and associates-(1,313)

Other, net

8

(213)

(1,737)(2,363)

Net increase (decrease) in short-term loans payable(93)(1,682)

Purchase of treasury stock

(0)

(0)

Proceeds from stock issuance to minority shareholders-

6

Repayments of finance lease obligations

(337)

(451)

Net cash provided by (used in) financing activities(430)(2,127)

Effect of exchange rate change on cash and cash equivalents

501

379

Net increase (decrease) in cash and cash equivalents

(577)

263

-

(532)

Cash and cash equivalents at beginning of period

5,875

5,297

Cash and cash equivalents at end of period

5,297

5,029

Net cash provided by (used in) investing activities

Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities

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

Consolidated Business Segment Information
Millions of yen
FY2012 Apr'12-Mar'13
Business Segments Reported
Electronic
Batteries
Materials

Total

Ajustments

Consolidated
Statements

Net sales
Unaffiliated customers

45,671

27,87673,547-73,547

-

-

-

-

-

Total

45,671

27,87673,547-73,547

Segment income (loss)(1,495)

968

(526)

-

(526)

Segment assets

40,77917,08957,869851

58,720

2,484

470

2,955

-

2,955

-

1,119

1,119

-

1,119

2,300

1,241

3,541

-

3,541

Ajustments

Consolidated
Statements

Intersegment

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

FY2013 Apr'13-Mar'14
Business Segments Reported
Electronic
Batteries
Materials

Total

Net sales
Unaffiliated customers

48,18828,43576,624-

76,624

-

-

-

-

-

Total

48,18828,43576,624-

76,624

Segment income

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

Intersegment

Other items

Business Results(1) Analysis of Consolidated Business Results
1.1 Overview
The business environment of the FDK Group (hereinafter called “FDK”) during the fiscal year ending March 31,
2014, showed indication of gradual economic recovery due to the depreciation of yen and the positive trend toward
recovery in capital investment in Japan though there were the slowing economy in emerging countries, andcurrency turmoil concerns of Southeast Asian countries.
Under these circumstances, FDK worked on several measures of the new midterm business plan, starting from
April 1, 2013 (FY2013 to 2015), in order to realize the objectives of the plan.
As for measures of cost reduction, FDK realized to lower the break-even point. Specifically, FDK expanded toapply technological VEs for all product materials, which had focused on expensive metal materials such as rareearths. And thus FDK achieved to cut purchasing cost and significant material cost reduction, along with the
reduction of fixed costs, such as external costs.
As for the measures of business expansion, FDK focused on the development and mass production of new
products such as storage systems, thin type primary lithium battery and automotive application products, andfocused on the marketing activities to acquire new customers. Regarding capacitor business, Asahi Kasei FDK
Energy Device Co., Ltd. worked on the new product development and mass production.
Furthermore, FDK revised retirement benefit and pension plans for the long-term stable operations and cost
reductions in the future, as financial measures.
As for FDK’s business results in FY2013, net sales were 76,624 million yen and increased by 3,076 million yen
from the last fiscal year. Sales of Ni-MH batteries of the battery business division, steadily increased. And salesof alkaline batteries and lithium batteries extended in domestic and overseas market as well. Sales of dc-dc
converters of electronic device business division sold steadily for servers and storages.
With regard to profit and loss, operating income was 1,448 million yen and increased by 1,974 million yen fromthe last fiscal year. It is achieved by the above mentioned cost cutting efforts, sales growth and the beneficiaries ofdepreciation of yen. Ordinary income was 1,471 million yen and increased by 1,296 million yen from the last
fiscal year. Net income was 1,060 million yen and increased by 607 million yen from the last fiscal year.
Ref: Comparison of Consolidated Financial Results(Million yen)

Net Sales

Sales cost ratio (%)

Operating Income

Ordinary Income

Net Income

FY2011 (2011/4-2012/3)

80,334

87.2

136

105

359

FY2012 (2012/4-2013/3)

73,547

86.7

-526

174

453

FY2013 (2013/4-2014/3)

76,624

84.0

1,448

1,471

1,060

The divisional sales overview is as follows.
1.2 Battery Business
Sales of alkaline batteries largely increased from the last fiscal year, due to the efforts to acquire new customers
and to develop overseas markets, though the consumer market in Japan became downturn and very competitive by
the circulation of low price imported batteries from China. Sales of Ni-MH batteries unchanged from the last
fiscal year, due to increase of sales in the industrial market, however, there was a decrease of sales in consumer
market. Sales of lithium batteries increased from the last fiscal year, due to increase in sales for disaster-related
goods in domestic and overseas market, security goods and automotive applications.
As a result, sales for the battery business were 48,188 million yen, increased by 2,517 million yen from the last
fiscal year.
1.3. Electronic Device Business
Sales of coil devices unchanged from the last fiscal year, while the sales for hybrid cars steadily increased, theirsales for home appliances decreased. Sales of dc-dc converters increased from the last fiscal year, due to thesteady increase in sales for servers and storages. Sales of multilayer power inductors and high frequency devices
increased from the last fiscal year, due to the steady sales expansion for smartphones. Sales of signal processing

modules for LCD displays increased from the last fiscal year as these items had sold well, especially for tablet
terminals and for large LCD televisions in the China market.
As a result, sales for the electronic device business were 28,435 million yen, increased by 559 million yen fromthe last fiscal year.

(2) Analysis of Financial Condition
2.1 Status of Assets, Liabilities and Net Assets
Total assets at the end of FY2013 decreased by 3,426 million yen (-5.8%) from the end of the previous fiscal
year to 55,294 million yen. Current assets decreased by 2,109 million yen (-6.1%) from the end of the previous
fiscal year to 32,651 million yen. Noncurrent assets decreased by 1,316 million yen (-5.5%) from the end of theprevious fiscal year to 22,642 million yen. The principal causes for decreased current assets were a 1,977 million
yen decrease in notes and accounts receivable-trade.
The principal cause for decreased noncurrent assets was a 3,688 million yen decrease in property, plant andequipment, though there was a 1,749 million yen increase in investment securities, resulting from the exclusion of
Asahi Kasei FDK Energy Device Co., Ltd. from consolidation.
Total liabilities at the end of FY2013 decreased by 1,784 million yen (-3.5%) from the end of the previous fiscal
year to 48,786 million yen. Current liabilities decreased by 3,008 million yen (-7.3%) from the end of theprevious fiscal year to 38,405 million yen. Noncurrent liabilities increased by 1,214 million yen (13.4%) from theend of the previous fiscal year to 10,380 million yen. The principal cause of decreased current liabilities was a2,340 million yen increase in notes and accounts payable-trade and a 1,769 million yen increase in short-term loans
payable though there was a 902 million yen increase in account payable-other. The principal cause for decreased
non-current liabilities was the post of 2,755 million yen in remeasurement of defined benefit plans and othercomprehensive incomes which was generated by the adoption of accounting standard for retirement benefits,
though there was a 759 million yen decrease in negative goodwill.
The interest-bearing debt decreased by 1,835 million yen from the end of the previous fiscal year to 20,898
million yen.
Total net assets at the end of FY2013 decreased by 1,642 million yen (-20.1%) from the end of the previous
fiscal year to 6,508 million yen. The main factors for the decrease in total net assets were a 2,658 million yen
decrease in remeasurements of defined benefit plans and a 1,003 million yen decrease in minority interests resulting
from exclusion of Asahi Kasei FDK Energy Device Co., Ltd. from consolidation, though there were a 1,060 million
yen increase in retained earnings by posting a net income of FY2013 and a 951 million yen increase in foreign
currency translation adjustment.
2.2 Cash Flow Condition
Net cash used in operating activities increased by 4,375 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, the depreciation andamortization, and a decrease in notes and accounts receivable-trade, though there was a decrease in cash by adecrease in notes and accounts payable-trade. (Net cash used in operating activities for the last fiscal year increased
by 1,089 million yen from the beginning of the last fiscal year).
Net cash used in investment activities decreased by 2,363 million yen from the beginning of this fiscal year bypurchasing the property, plant and equipment and the stocks of subsidiaries and affiliates, though there was anincrease in cash by the sales of property, plant and equipment. (Net cash used in investment activities for the last
fiscal year decreased by 1,737 million yen from the beginning of the last fiscal year).
Net cash used in financing activities decreased by 2,127million 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
430 million yen from the beginning of the last fiscal year).
As a result, the balance of cash and cash equivalents on March 31, 2014 was 5,029 million yen, a decrease of 268
million yen from the beginning of this fiscal year.

Ref: Changes in cash flow indicators
FY2009FY2010FY2011FY2012Equity ratio (%)
4.1
7.4
8.0
11.1
Market value equity ratio (%)
46.1
49.4
32.7
28.1
Debt to cash flow ratio (%)
117.9
4.8
9.3
20.9
Interest coverage ratio (%)
0.9
18.2
14.4
6.7
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

FY2013
10.6
54.6
4.8
29.2

3. Forecast for the Fiscal Year Ending March 31, 2015
During the first half of the FY2014, Japanese economy will be affected by the impact of the consumption tax
raise, but it will gradually recover in the second half. FY2014 is the second year of the mid-term business plan,
starting from April 1, 2013.
Based on the midterm business plan, FDK aims to be a profit yielding organization which can flexibly adjust to
the changes in business environment by strengthening the revenue base of existing business. In addition, FDK willcontinue to promote product synergies and will aggressively commit to proceed the release of new products in themarkets expected to grow in the future, such as automobiles and smart grids, as well as proceeding various
corporate alliances.
As for the forecast for the FY2014, FDK targets net sales at 82,000 million yen, operating income at 2,500
million yen, ordinary income at 1,600 million yen, and net income at 1,200 million yen. Regarding the exchange
rate for FY2014, FDK set a 100 yen per US dollar and a 135 yen per Euro.