FY2014 Consolidated Financial and Operating …...FY2013 36.24 - (2) Non-consolidated financial position Total assets Net assets Equity ratio Net assets per share ¥ Million ¥ Million

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FY2014 Consolidated Financial and Operating Results<JGAAP> (Overview – English translation of the Japanese original) April 23, 2014

Company Name: SANYO DENKI CO., LTD. Code Number: 6516 (Listed on the First Section of the Tokyo Stock Exchange) (URL: http://www.sanyodenki.co.jp/) Representative: Shigeo Yamamoto, President & CEO Contact: Kanichirou Tamokami, Operating Officer, in charge of Administrative Organization, Manager of Accounting Department Phone: (03) 5927-1020 Scheduled date for the Ordinary General Meeting of Shareholders: June 13, 2014 Scheduled date for commencement of dividend payments: June 16, 2014 Scheduled date for submitting the Securities Report: June 13, 2014 Availability of supplementary briefing material on annual results: Yes Schedule of annual results briefing session: Yes (For analysts)

(Amounts below one million yen are truncated.) 1. Overview of the Consolidated Financial and Operating Results for FY2014

(from April 1, 2013 to March 31, 2014) (1) Consolidated operating results

(% indicates changes from the previous term) Net sales Operating income Ordinary income Net income

¥ Million % ¥ Million % ¥ Million % ¥ Million %

FY2014 67,670 5.7 4,821 22.1 5,369 19.2 3,727 26.0FY2013 64,050 (8.5) 3,948 (15.3) 4,503 (8.4) 2,957 (32.3)

Note: Comprehensive income: FY2014: ¥6,212 million (56.4%) FY2013: ¥3,972 million (-2.5%)

Net income per share

Diluted net income per

share

Return on equity (ROE)

Ratio of ordinary income to total

assets

Ratio of operating

income to net sales

Yen Yen % % %

FY2014 60.01 - 8.5 7.3 7.1FY2013 47.61 - 7.4 6.5 6.2

(Reference) Equity in earnings of affiliates: FY2014: ¥- million FY2013: ¥- million (2) Consolidated financial position Total assets Net assets Equity ratio Net assets per share

¥ Million ¥ Million % Yen

FY2014 78,232 45,819 58.6 737.51FY2013 68,979 41,495 60.2 667.82

(Reference) Equity: FY2014: ¥45,813 million FY2013: ¥41,491 million (3) Consolidated cash flows

Cash flows from

operating activities Cash flows from

investing activities Cash flows from

financing activities

Cash and cash equivalents at end of

year ¥ Million ¥ Million ¥ Million ¥ Million

FY2014 5,714 (2,065) (1,114) 13,719FY2013 5,214 (2,178) (3,298) 9,733

2. Dividends

Annual cash dividend per share

1Q 2Q 3Q 4Q Annual

Total amount of cash dividends (Annual)

Yen Yen Yen Yen Yen ¥ Million

FY2013 - 6.00 - 9.00 15.00 931FY2014 - 7.00 - 8.00 15.00 931FY2015 (Forecast) - 8.00 - 8.00 16.00

2

Payout ratio

(Consolidated)

Ratio of dividends to net assets

(Consolidated)

% %

FY2013 31.5 2.3FY2014 25.0 2.1FY2015 (Forecast) 20.3

Note: Breakdown of year end cash dividend per share in FY2013: Common dividend ¥7.00 Commemorative dividend ¥2.00

3. Forecast for FY2015 (from April 1, 2014 to March 31, 2015)

(% indicates changes from the previous corresponding term)

Net sales Operating income Ordinary income Net income Net income per share

¥ Million % ¥ Million % ¥ Million % ¥ Million % Yen

First six months 41,000 30.7 3,500 65.4 3,500 48.1 2,600 56.9 41.85

Full year 77,500 14.5 6,600 36.9 6,600 22.9 4,900 31.4 78.88Note: In preparation of consolidated financial statements so far, necessary adjustments for consolidated accounting

have been made with using the financial statements of 14 overseas consolidated subsidiaries as of three months before. In order to prepare the most up-to-date consolidated financial statements, we will change our method to use the financial statements of the overseas consolidated subsidiaries for the same period as ours, beginning from FY2015.

Therefore, the above forecast includes the three-month results from January 1 to March 31, 2014 of the overseas consolidated subsidiaries.

The forecast for FY2015, excluding the influence of this measure, with using the data of the same period for all consolidated companies is as follows.

First six months: ¥36,500 million (16.3%) for net sales, ¥3,100 million (46.5%) for operating income, ¥3,100 million (31.2%) for ordinary income, ¥2,300 million (38.8%) for net income and ¥37.03 for net income per share

Full year: ¥73,000 million (7.9%) for net sales, ¥6,200 million (28.6%) for operating income, ¥6,200 million (15.5%) for ordinary income, ¥4,600 million (23.4%) for net income and ¥74.05 for net income per share

4. Others (1) Significant changes in subsidiaries during FY2014: None (Change of certain subsidiaries that involves the scope of consolidation) (2) Changes in accounting policies, changes in accounting estimates, and restatements of prior period

financial statements after error corrections 1) Changes in accounting policies due to revisions to accounting standards: Exists 2) Changes in accounting policies due to other than 1): None 3) Changes in accounting estimates: None 4) Restatement of prior period financial statements after error corrections: None

(3) Number of issued shares (common shares)

1) Number of issued shares at the end of the period

(including treasury stock) FY2014

64,860,935 shares

FY2013 64,860,935

shares

2) Number of treasury stock at the end of the period

FY2014 2,741,211

sharesFY2013

2,731,326 shares

3) Average number of shares during the period

FY2014 62,124,340

sharesFY2013

62,131,290 shares

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(Reference) Summary of the Non-consolidated Financial and Operating Results 1. Overview of the Non-consolidated Financial and Operating Results for FY2014 (from April 1, 2013 to March 31, 2014) (1) Non-consolidated operating results

(% indicates changes from the previous term) Net sales Operating income Ordinary income Net income

¥ Million % ¥ Million % ¥ Million % ¥ Million %

FY2014 54,682 4.4 2,942 16.9 3,510 6.7 2,381 5.8FY2013 52,354 (5.7) 2,517 (2.4) 3,291 14.7 2,251 (19.7)

Net income per

share Diluted net income

per share Yen Yen

FY2014 38.33 -FY2013 36.24 -

(2) Non-consolidated financial position Total assets Net assets Equity ratio Net assets per share

¥ Million ¥ Million % Yen

FY2014 58,644 35,142 59.9 565.72FY2013 56,536 33,310 58.9 536.15

(Reference) Equity: FY2014: ¥35,142 million FY2013: ¥33,310 million 2. Forecast Non-consolidated Performance for FY2015 (from April 1, 2014 to March 31, 2015)

(% indicates changes from the previous corresponding term)

Net sales Ordinary income Net income Net income per

share ¥ Million % ¥ Million % ¥ Million % Yen

First six months 29,300 13.7 1,900 35.7 1,400 52.4 22.54

FY2015 58,600 7.2 3,800 8.3 2,700 13.4 43.46

*Status of execution of the audit procedures of financial results

These financial results are prepared outside the audit procedures required under the Financial

Instruments and Exchange Act. As such, the audit procedures under the Financial Instruments and

Exchange Act have not been completed at the time of the disclosure of these financial results.

*Explanation for the appropriate use of performance forecasts and other special notes

Statements in these reports regarding the next fiscal year and other future events are evaluations

made based upon the information available at the time these reports were prepared and believed to be

reasonable. Therefore, they do not constitute a guarantee that they will be realized. Accordingly, actual

results may vary significantly from the forecast results stated here for a number of factors.

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Table of Contents 1. Analyses of Operating Results and Financial Position ...................................................................5

(1) Analysis of Operating Results.....................................................................................................5 (2) Analysis of Financial Position .....................................................................................................7 (3) Dividend Policy and Payments for the Current Fiscal Year and the Next Fiscal Year.................8

2. Overview of the Group....................................................................................................................9 3. Management Policies ................................................................................................................... 11

(1) Basic Management Policies of the Company ........................................................................... 11 (2) Management Targets ................................................................................................................ 11 (3) Medium- to Long-Term Business Strategies of the Company................................................... 11 (4) Issues to be Addressed by the Company .................................................................................12 (5) Other Important Matters for Management of the Company ......................................................12

4. Consolidated Financial Statements ..............................................................................................13

(1) Consolidated Balance Sheets...................................................................................................13 (2) Consolidated Statements of Income and Comprehensive Income ...........................................15 (3) Consolidated Statements of Changes in Net Assets.................................................................17 (4) Consolidated Statements of Cash Flows ..................................................................................19 (5) Notes to the Consolidated Financial Statements ......................................................................21

(Notes on Going Concern Assumption)..................................................................................21 (Important Matters that Form the Basis for Preparing Consolidated Financial Statements) ............................................................................................................................21 (Omission of Disclosure) ........................................................................................................21 (Changes in Accounting Policies)...........................................................................................21 (Changes in Presentation Method).........................................................................................21 (Segment Information) ...........................................................................................................22 (Per Share Information)..........................................................................................................25 (Material Subsequent Events) ................................................................................................25

5. Non-consolidated Financial Statements .......................................................................................26

(1) Non-consolidated Balance Sheets............................................................................................26 (2) Non-consolidated Statements of Income ..................................................................................29 (3) Non-consolidated Statements of Changes in Net Assets..........................................................30 (4) Notes to the Non-consolidated Financial Statements ...............................................................36

(Notes on Going Concern Assumption)..................................................................................36 6. Others...........................................................................................................................................36

(1) Changes in Directors and Corporate Auditors ..........................................................................36

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1. Analyses of Operating Results and Financial Position (1) Analysis of Operating Results

During the fiscal year under review, the Japanese economy showed a good recovery, thanks to the positive effects of the economic stimulus measures. On the other hand, the Chinese economy experienced both ups and downs.

Under such circumstances, the demand from the equipment industries, including machine tools, robots and semiconductor manufacturing equipment, which are the Group’s main clients, showed a sign of recovery.

As a result, consolidated net sales totaled ¥67,670 million in the fiscal year under review, up 5.7% from the previous year. Consolidated operating income increased by 22.1% to ¥4,821 million and consolidated ordinary income rose by 19.2% to ¥5,369 million, while consolidated net income amounted to ¥3,727 million, up 26.0%.

Order intake rose by 11.4% to ¥71,074 million, while a backlog of orders increased by 32.8% to ¥13,788 million.

Segment operating results by geographical area are as follows: 1) Japan

Companies operating in Japan are the Company and its consolidated subsidiaries: SANYO KOGYO CO., LTD. and SANYO DENKI Techno Service CO., LTD. Segment sales amounted to ¥70,228 million, up 7.8% from the previous year. Segment profit increased by 20.9% to ¥3,487 million. 2) North America

The Company has a consolidated subsidiary in North America: SANYO DENKI AMERICA, INC. Segment sales rose by 24.0% to ¥5,731 million. Segment profit increased by 2,044.9% to ¥169 million. 3) Europe

The Company’s consolidated subsidiaries operating in Europe are SANYO DENKI EUROPE S.A. and SANYO DENKI GERMANY GmbH. Segment sales went up by 32.7% to ¥3,907 million. Segment profit increased by 34.9% to ¥261 million. 4) East Asia

The Company’s consolidated subsidiaries operating in East Asia include SANYO DENKI SHANGHAI CO., LTD., SANYO DENKI (H.K.) CO., LIMITED, SANYO DENKI TAIWAN CO., LTD., SANYO DENKI KOREA CO., LTD. and SANYO DENKI Techno Service (Shenzhen) CO., LTD., which is a subsidiary of SANYO DENKI Techno Service CO., LTD., as well as SANYO DENKI (Shenzhen) CO., LTD. and SANYO DENKI (Zhongshan) CO., LTD., both of which are subsidiaries of SANYO DENKI (H.K.) CO., LIMITED. Segment sales rose by 1.8% to ¥8,186 million. Segment profit increased by 152.3% to ¥225 million. 5) Southeast Asia

The Company’s consolidated subsidiaries operating in Southeast Asia include SANYO DENKI PHILIPPINES, INC., SANYO DENKI SINGAPORE PTE. LTD., and SANYO DENKI Techno Service (Singapore) PTE. LTD., which is a subsidiary of SANYO DENKI Techno Service CO., LTD., as well as SANYO DENKI (THAILAND) CO., LTD., which is a subsidiary of SANYO DENKI SINGAPORE PTE. LTD. Segment sales increased by 27.3% to ¥12,521 million. Segment profit rose by 55.6% to ¥636 million.

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The general state of business by division is as follows: 1) Cooling Systems Division

As for “San Ace,” that is Sanyo Denki’s brand name for cooling system products, the demand from data centers in North America, Taiwan and Japan became higher. Also, the demand from the telecommunications industry which has been a large market remained steady both at home and abroad, due to the increase in capital expenditure for providing LTE services.

Moreover, for the factory automation industry, the demand for machine tools, etc. has been on a recovery trend and the sales volume increased.

As a result, net sales increased by 21.2% year on year to ¥18,100 million. The amount of orders received rose by 26.1% to ¥18,998 million, and the order backlog increased by 46.9% to ¥2,812 million. 2) Power Systems Division

Among our products under the brand name of “SANUPS” for power supply equipment, the demands for engine generators from the government sector and for uninterruptible power systems mostly from IT firms showed a steady growth. On the other hand, although the sales volume of power conditioners for photovoltaic generation became stagnant due to the negative effects of inventory adjustment in distribution channels and lack of installers, the demand of the new products which were put on the market in earnest was favorable.

As a result, net sales decreased by 7.3% year on year to ¥12,042 million, the amount of orders received dropped by 4.3% to ¥12,554 million, and the order backlog rose by 24.7% to ¥2,587 million. 3) Servo Systems Division

As for “SANMOTION,” which is the brand name for servo systems, capital expenditure in IT related industries in China showed a recovery trend, and the demands for machine tools and general industrial machines became higher. Furthermore, thanks to the expansion of capital expenditure in automobile and semiconductor manufacturing equipment industries, the demands for robots and injection machines achieved a steady growth.

Consequently, net sales went up by 2.5% year on year to ¥29,666 million, the amount of orders received increased by 10.4% to ¥30,752 million, and the order backlog rose by 30.0% to ¥4,703 million. 4) Electrical Equipment Sales Division

The sales of industrial electrical equipment, control equipment and electric materials moderately rose, because of a recovery trend related to industrial equipment and a positive sign of recovery in medical equipment sales. In addition, the demands for equipment related to new energy such as photovoltaic generation and its control panels remained strong.

The demand for renewal of aged equipment used in the iron and steel-related businesses became much larger to respond to a higher production.

As a result, net sales increased by 11.8% year on year to ¥5,945 million, the amount of orders received rose by 18.9% to ¥6,730 million, and the order backlog increased by 35.2% to ¥3,015 million. 5) Electrical Works Contracting Division

With respect to steel mill-related equipment as a main line of this business, new construction works involved in facility renewal were partly executed and maintenance works were increased to respond to ongoing high production of iron and steel products.

Moreover, as for the demand for packaged photovoltaic generation system installation work, including devices and work design, a lot of works were conducted for completion by the end of the fiscal year.

As a result, net sales increased by 2.7% year on year to ¥1,915 million, the amount of orders received fell by 2.8% to ¥2,038 million, and the order backlog went up by 22.3% to ¥670 million.

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As for the outlook for the next fiscal year, although there are concerns such as economic slowdown after the consumption tax hike and economic trend in emerging countries, the economy will make a slow recovery supported by strong domestic consumption with economic policies. In such circumstances, the Group will continue to promote manufacturing and sale of high-performance and highly reliable products.

Through our efforts such as activity for globalization of the entire corporate activities and activity for transforming our overseas consolidated subsidiaries to “mini-SANYO DENKI CO., LTD.,” consolidated net sales for the next fiscal year are expected to increase by 14.5% year on year to ¥77,500 million, consolidated operating income to increase by 36.9% to ¥6,600 million, consolidated ordinary income to rise by 22.9% to ¥6,600 million, and consolidated net income to go up by 31.4% to ¥4,900 million.

Moreover, in preparation of consolidated financial statements so far, necessary adjustments for consolidated accounting have been made with using the financial statements of 14 overseas consolidated subsidiaries as of three months before. In order to prepare the more up-to-date consolidated financial statements, we will change our method to use the financial statements of the overseas consolidated subsidiaries for the same period as ours, beginning from FY2015.

Therefore, the forecast consolidated performance in item 3 in page 2 of this document includes the three-month results from January 1 to March 31, 2014 of the overseas consolidated subsidiaries.

The forecast consolidated performance for FY2015, excluding the influence of this measure, with using the data of the same period for all consolidated companies is as follows.

Net sales Operating income Ordinary income Net income Net income per share

¥ Million % ¥ Million % ¥ Million % ¥ Million % Yen

First six months 36,500 16.3 3,100 46.5 3,100 31.2 2,300 38.8 37.03

Full year 73,000 7.9 6,200 28.6 6,200 15.5 4,600 23.4 74.05Note: % indicates changes from the previous corresponding term. (2) Analysis of Financial Position

As for the financial position in the fiscal year under review, total assets went up by ¥9,253 million from the previous fiscal year, liabilities rose by ¥4,929 million, and net assets increased by ¥4,323 million.

Major factors of fluctuations in total assets were an increase of ¥3,998 million in cash and bank deposits, an increase of ¥2,411 million in notes and accounts receivable-trade, and an increase of ¥532 million in merchandise and finished goods.

Major factors of fluctuations in liabilities were an increase of ¥2,488 million in notes and accounts payable-trade and an increase of ¥454 million in short-term debt.

Major factors of fluctuations in net assets included an increase of ¥2,733 million in retained earnings and an increase of ¥1,981 million in foreign currency translation adjustments. (Conditions of cash flows)

Cash and cash equivalents (hereinafter referred to as “cash”) for the fiscal year under review increased by ¥3,986 million year on year to ¥13,719 million. The conditions of each cash flow and factors thereof are as follows: (Cash flows from operating activities)

Net cash provided by operating activities during the fiscal year under review increased by ¥500 million year on year to ¥5,714 million. This is mainly attributable to income before income taxes and minority interests of ¥5,310 million, depreciation and amortization of ¥2,109 million and increase in trade receivables of ¥1,611 million. (Cash flows from investing activities)

Net cash used in investing activities during the fiscal year under review decreased to ¥2,065 million, the figure increased by ¥113 million from the previous year. This is mainly attributable to purchase of property, plant and equipment of ¥1,981 million such as production equipment and others.

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(Cash flows from financing activities) Net cash used in financing activities during the fiscal year under review decreased to ¥1,114 million,

the figure increased by ¥2,184 million from the previous year. This is mainly attributable to repayments of long-term debt of ¥1,354 million, proceeds from long-term debt of ¥1,269 million, and ¥991 million in dividends paid. (Reference) Changes in cash flow related indicators Fiscal year

ended March

31, 2010

Fiscal year

ended March

31, 2011

Fiscal year

ended March

31, 2012

Fiscal year

ended March

31, 2013

Fiscal year

ended March

31, 2014

Shareholders’ equity

ratio 47.9% 47.2% 55.0% 60.2% 58.6%


ratio based on fair value 37.0% 55.0% 44.9% 61.4% 53.0%

Ratio of cash flow to

interest-bearing debt 22.4 years 4.3 years 1.5 years 1.9 years 1.8 years

Interest coverage ratio 3.6 21.7 51.1 43.2 66.9

Shareholders’ equity ratio: Shareholders’ equity/total assets Shareholders’ equity ratio based on fair value: Total market value of stock/total assets Ratio of cash flow to interest-bearing debt: Interest-bearing debt/cash flow Interest coverage ratio: Cash flow/interest paid

* The indicators were calculated by using consolidated financial figures. * The total market value of stock was calculated based on the total number of shares outstanding,

excluding the treasury stock. * The figures of cash flows from operating activities are used in the table. * Interest-bearing debt includes all debts recorded on the balance sheets for which interest is

paid. (3) Dividend Policy and Payments for the Current Fiscal Year and the Next Fiscal Year

The Company will further reinforce its business structure that can survive intensifying competition in the industry and increase internal reserves in consideration of business developments in the future, and its basic policy is to pay dividends in proportion to the achievements the Company has made.

As for the cash dividend for the fiscal year under review, the year-end cash dividend is set at ¥8 per share, and the total dividend for the year will be ¥15 per share, including a ¥7 interim dividend per share. The cash dividend for the next fiscal year is scheduled to be ¥16 per share, including a ¥8 interim dividend per share and a ¥8 year-end dividend per share.

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2. Overview of the Group The Group is comprised of the Company and 16 subsidiaries, and its major businesses include

manufacturing and sale of cooling fans, power supply equipment, stepping motors, drive units, servomotors, controllers and others.

Some of the products of the Group are manufactured by its subsidiaries, SANYO DENKI PHILIPPINES, INC. and SANYO DENKI (Zhongshan) CO., LTD. In Japan, its products are manufactured by its subsidiary, SANYO DENKI Techno Service CO., LTD. Products are sold in Japan by its subsidiary, SANYO KOGYO CO., LTD., in Europe by SANYO DENKI EUROPE S.A. and SANYO DENKI GERMANY GmbH, in North America by SANYO DENKI AMERICA, INC., and in China, Asia and Oceania by Asian-based subsidiaries that are SANYO DENKI SHANGHAI CO., LTD., SANYO DENKI (H.K.) CO., LIMITED, SANYO DENKI SINGAPORE PTE. LTD., SANYO DENKI KOREA CO., LTD., SANYO DENKI TAIWAN CO., LTD., SANYO DENKI Techno Service (Shenzhen) CO., LTD. and SANYO DENKI (THAILAND) CO., LTD.

Our subsidiaries are as follows: Consolidated subsidiaries

Japan

SANYO KOGYO CO., LTD. Sale and installation of electrical machinery

and equipment

SANYO DENKI Techno Service CO., LTD. Manufacturing and repair of electrical

machinery and equipment

Overseas

SANYO DENKI PHILIPPINES, INC. Manufacturing of electrical machinery and

equipment

SANYO DENKI (Zhongshan) CO., LTD. Manufacturing of electrical machinery and

equipment

SANYO DENKI EUROPE S.A. Sale of electrical machinery and equipment

SANYO DENKI AMERICA, INC. Sale of electrical machinery and equipment

SANYO DENKI SHANGHAI CO., LTD. Sale of electrical machinery and equipment

SANYO DENKI (H.K.) CO., LIMITED Sale of electrical machinery and equipment

SANYO DENKI TAIWAN CO., LTD. Sale of electrical machinery and equipment

SANYO DENKI SINGAPORE PTE. LTD. Sale of electrical machinery and equipment

SANYO DENKI GERMANY GmbH Sale of electrical machinery and equipment

SANYO DENKI KOREA CO., LTD. Sale of electrical machinery and equipment

SANYO DENKI (Shenzhen) CO., LTD. Sale of electrical machinery and equipment

SANYO DENKI (THAILAND) CO., LTD. Sale of electrical machinery and equipment

SANYO DENKI Techno Service (Shenzhen) CO.,

LTD.

Repair of electrical machinery and equipment

SANYO DENKI Techno Service (Singapore) PTE.

LTD.

Repair of electrical machinery and equipment

Non-consolidated subsidiaries

There is no relevant information.

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The business diagram of the Company is as shown below:

Customers in China, Asia and Oceania Customers in Japan Customers in North

America Customers in Europe

Repair

Subsidiaries of SANYO DENKI Techno Service CO., LTD. SANYO DENKI Techno Service (Shenzhen) CO., LTD. SANYO DENKI Techno Service (Singapore) PTE. LTD.

Subsidiary of SANYO DENKI (H.K.) CO., LIMITED SANYO DENKI (Shenzhen) CO., LTD.

Subsidiary SANYO DENKI (H.K.) CO., LIMITED

Subsidiary of SANYO DENKI SINGAPORE PTE. LTD. SANYO DENKI (THAILAND) CO., LTD.

Subsidiary SANYO DENKI SINGAPORE PTE. LTD.

Subsidiary SANYO DENKI SHANGHAI CO., LTD. SANYO DENKI KOREA CO., LTD. SANYO DENKI TAIWAN CO., LTD.

Subsidiaries SANYO DENKI EUROPE S.A. SANYO DENKI GERMANY GmbH

Subsidiary SANYO DENKI AMERICA, INC.

Subsidiary SANYO KOGYO CO., LTD.

SANYO DENKI CO., LTD.

Subsidiary of SANYO DENKI (H.K.) CO., LIMITED

SANYO DENKI (Zhongshan) CO., LTD.

Subsidiary SANYO DENKI PHILIPPINES, INC.

Subsidiary SANYO DENKI Techno Service CO., LTD.

Flow of products

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3. Management Policies (1) Basic Management Policies of the Company

The Group aims to increase its existence value in human society and has declared the following corporate philosophy: “We at SANYO DENKI Group Companies, aim to help all people achieve happiness, and work with people to make their dreams come true.” To realize this corporate philosophy, we have decided the following six management philosophies and the code of conduct that we ourselves must comply with in our business activities.

・ For society and the natural environment, we will help preserve the global environment and contribute to the prosperity of mankind through our corporate activities.

・ For customers and users, we will create new values through technology, products and services. ・ For suppliers and vendors, we will strive for integrated technical development and harmonious

mutual prosperity through parts purchase, production contracting and joint development. ・ For investors and financial institutions, we will increase our investment worth and credit through

sound management policy and good access to information. ・ For competitors and the industry, we will strive to build industrial and technical development

through technical alliances and competition. ・ For all of our employees, we will help individuals to achieve self-fulfillment through their work

and the company. (2) Management Targets

1. Management with focus on free cash flow (FCF) 2. Maintenance of return on equity (ROE) at 8% or higher

(3) Medium- to Long-Term Business Strategies of the Company

The Group started the three-year “7th Mid-term Management Plan” in April 2013. With the capability of ensuring stable profits that are not influenced by any environmental changes,

we will create the “world’s top brand” under the following important policies and action guidelines. Policies

1) Expand markets in new regions. 2) Expand markets in new industries. 3) Develop products that will realize new dreams. 4) Display our strengths in markets in which we excel. 5) Establish a corporate structure capable of withstanding change in the environment.

Action guidelines 1) We take on challenges in fields in which we do not excel and change ourselves so that we

come to excel in them. 2) We become No. 1 in fields in which we excel. 3) We provide products and services of consistently high quality to our customers worldwide. 4) All companies in the Sanyo Denki Group (the “Group”) execute management and business

processes of consistently high quality. 5) We aim to be No. 1 in time usage.

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(4) Issues to be Addressed by the Company With the “ensuring of orders received” and “lowering of break-even point” as the basics, we aim to

“promote the Company’s brand to the world’s top level,” and create a system for production, sale and technical support that can quickly and appropriately cope with any environmental changes. (5) Other Important Matters for Management of the Company

There is an insurance contract concluded between the Company and KYODO KOGYO CO., LTD. (Representative Director: Shoichi Yamamoto) as a major shareholder of the Company. There were also real estate leases until August 2013 between the Company and SANYO KAIHATSU CO., LTD. (Representative Director: Shoichi Yamamoto) as a subsidiary and shareholder of the Company.

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4. Consolidated Financial Statements (1) Consolidated Balance Sheets

(Million yen)

As of March 31, 2013 As of March 31, 2014

Assets Current assets

Cash and bank deposits 10,163 14,162 Notes and accounts receivable-trade 19,540 21,952 Securities 48 60 Merchandise and finished goods 3,909 4,442 Raw materials 5,614 6,053 Work in process 3,201 3,299 Costs on uncompleted construction contracts 121 188 Supplies 25 26 Other receivables 503 484 Deferred tax assets 751 850 Others 360 475 Allowance for doubtful accounts (30) (36)Total current assets 44,209 51,959

Fixed assets Tangible fixed assets

Buildings and structures, net 8,743 8,614 Machinery, equipment and vehicles, net 1,949 2,052 Land 6,373 6,443 Construction in progress 527 817 Others, net 516 727 Total tangible fixed assets 18,110 18,656

Intangible fixed assets 578 508 Investments and other assets

Investments in securities 3,729 4,659 Deferred tax assets 6 160 Others 2,372 2,317 Allowance for doubtful accounts (28) (28)Total investments and other assets 6,079 7,108

Total fixed assets 24,769 26,273 Total assets 68,979 78,232

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Liabilities

Current liabilities Notes and accounts payable–trade 10,214 12,703 Short-term debt 7,811 8,265 Accrued income taxes 647 1,080 Deferred tax liabilities 3 5 Reserve for bonuses to directors and corporate

auditors 66 72

Other current liabilities 3,642 3,878 Total current liabilities 22,386 26,006

Long-term liabilities Long-term debt 2,171 2,206 Lease obligations 339 356 Deferred tax liabilities 210 128 Deferred tax liabilities–revaluation 977 977 Reserve for retirement benefits 1,050 – Net defined benefit liability – 2,598 Other long term liabilities 348 139 Total non-current liabilities 5,097 6,406

Total liabilities 27,483 32,412 Net assets

Shareholders’ equity Common stock 9,926 9,926 Capital surplus 11,460 11,460 Retained earnings 20,871 23,605 Treasury stock (899) (906)Total shareholders’ equity 41,359 44,086

Accumulated other comprehensive income Unrealized holding gain on securities 188 690 Revaluation reserve for land, net of tax 799 799 Foreign currency translation adjustments (856) 1,125 Remeasurements of defined benefit plans – (887)Total accumulated other comprehensive income 131 1,727

Minority interests 4 5 Total net assets 41,495 45,819

Total liabilities and net assets 68,979 78,232

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(2) Consolidated Statements of Income and Comprehensive Income Consolidated Statements of Income

(Million yen)

For the fiscal year

ended March 31, 2013 For the fiscal year

ended March 31, 2014 Net sales 64,050 67,670 Cost of sales 50,671 52,344 Gross profit 13,379 15,326 Selling, general and administrative expenses 9,430 10,504 Operating income 3,948 4,821 Other income

Interest income 47 54 Dividend income 79 88 Gain on sales of securities 0 0 Foreign exchange gain 390 376 Subsidy income 110 29 Rent income 21 83 Others 29 17 Total other income 680 649

Other expenses Interest expense 105 77 Loss on sales of notes payable 12 7 Others 8 16 Total other expenses 126 101

Ordinary income 4,503 5,369 Extraordinary income

Gain on sales of fixed assets 2 2 Total extraordinary income 2 2

Extraordinary loss Loss on sales of fixed assets 0 0 Loss on retirement of fixed assets 73 37 Directors’ retirement benefits 17 24 Loss on valuation of membership 1 – Total extraordinary loss 92 61

Income before income taxes and minority interests 4,412 5,310 Income taxes-current 1,295 1,701 Income taxes-deferred 153 (119) Total income taxes 1,448 1,582 Income before minority interests 2,963 3,728 Minority interests 5 0 Net income 2,957 3,727

16

Consolidated Statements of Comprehensive Income (Million yen)

For the fiscal year


ended March 31, 2014 Income before minority interests 2,963 3,728 Other comprehensive income

Unrealized holding gain on securities 187 501 Foreign currency translation adjustments 822 1,983 Total other comprehensive income 1,009 2,484

Comprehensive income 3,972 6,212 Comprehensive income attributable to:

Owners of the parent 3,965 6,211 Minority interests 7 1

17

(3) Consolidated Statements of Changes in Net Assets For the fiscal year ended March 31, 2013

(Million yen) Shareholders’ equity

Common stock Capital surplus Retained

earnings Treasury stock

Total shareholders’

equity

Balance at the beginning of the year

9,926 11,460 18,783 (897) 39,273

Changes of items during the year

Cash dividends (869) (869)

Net income 2,957 2,957

Acquisition of treasury stock

(1) (1)

Disposal of treasury stock

–

Gain (loss) on disposal of treasury stock

–

Net changes of items other than shareholders’ equity

Total changes of items during the year

– – 2,088 (1) 2,086

Balance at the end of the year

9,926 11,460 20,871 (899) 41,359

Accumulated other comprehensive income

Unrealized holding gain on

securities

Revaluation reserve for

land, net of tax

Foreign currency

translation adjustments

Remeasure-ments of

defined benefit plans

Total accumulated

other comprehensive

income

Minority interests

Total net assets


2 799 (1,678) – (875) 512 38,910


Cash dividends (869)

Net income 2,957


(1)


–


–


186 – 821 – 1,007 (508) 499


186 – 821 – 1,007 (508) 2,585


188 799 (856) – 131 4 41,495

18

For the fiscal year ended March 31, 2014 (Million yen)


Common stock Capital surplus Retained

earnings Treasury stock


equity


9,926 11,460 20,871 (899) 41,359





(7) (7)


0 0


0 0



– 0 2,733 (7) 2,726


9,926 11,460 23,605 (906) 44,086

Accumulated other comprehensive income


securities

Revaluation reserve for

land, net of tax

Foreign currency

translation adjustments

Remeasure-ments of

defined benefit plans

Total accumulated

other comprehensive

income

Minority interests

Total net assets


188 799 (856) – 131 4 41,495


Cash dividends (994)

Net income 3,727


(7)


0


0


501 – 1,981 (887) 1,595 1 1,596


501 – 1,981 (887) 1,595 1 4,323


690 799 1,125 (887) 1,727 5 45,819

19

(4) Consolidated Statements of Cash Flows (Million yen)

For the fiscal year


ended March 31, 2014 Cash flows from operating activities

Income before income taxes and minority interests 4,412 5,310Depreciation and amortization 2,121 2,109Increase (decrease) in reserve for retirement benefits 379 –

Increase (decrease) in net defined benefit liability – 184Increase (decrease) in allowance for doubtful accounts (3) (0)

Increase (decrease) in reserve for bonuses to directors and corporate auditors 0 6

Interest and dividend income (126) (142)Net loss (gain) on sales of securities 0 1Loss on valuation of membership 1 –Interest expenses 105 77Loss on sales of notes payable 12 7Foreign exchange loss (gain) 80 78Net loss (gain) on sales of fixed assets (1) (1)Net loss (gain) on disposal of fixed assets 73 37Decrease (increase) in notes and accounts

receivable-trade 718 (1,611)

Decrease (increase) in inventories 867 (731)Decrease (increase) in other receivables 202 39Increase (decrease) in notes and accounts payable–trade (1,388) 1,309

Others (749) 254Subtotal 6,705 6,929Interest and dividend received 126 142Interest paid (120) (85)Income taxes paid (1,496) (1,271)Net cash provided by (used in) operating activities 5,214 5,714

Cash flows from investing activities Increase in time deposits (453) (92)Decrease in time deposits 616 93Purchase of property, plant and equipment (1,452) (1,981)Proceeds from sales of property, plant and equipment 2 46

Purchase of intangible fixed assets (99) (75)Purchase of investment securities (18) (203)Proceeds from sales of investment securities 90 75Payment of loans – (5)Proceeds from loans 15 35Payment for purchase of subsidiary stock (635) –Others (243) 41Net cash provided by (used in) investing activities (2,178) (2,065)

20

(Million yen)

For the fiscal year


ended March 31, 2014 Cash flows from financing activities

Increase (decrease) in short-term debt (882) 323 Proceeds from long-term debt – 1,269 Repayments of long-term debt (1,181) (1,354)Acquisition of treasury stock (1) (7)Dividends paid (866) (991)Dividends paid to minority shareholders (23) (1)Payment of lease obligations payable (133) (125)Others (208) (225)Net cash provided by (used in) financing activities (3,298) (1,114)

Effect of exchange rate change on cash and cash equivalents 618 1,451

Net increase (decrease) in cash and cash equivalents 355 3,986 Cash and cash equivalents at beginning of year 9,378 9,733 Cash and cash equivalents at end of year 9,733 13,719

21

(5) Notes to the Consolidated Financial Statements (Notes on Going Concern Assumption)

There is no relevant information. (Important Matters that Form the Basis for Preparing Consolidated Financial Statements)

1. Scope of consolidation Consolidated subsidiaries: 16 Non-consolidated subsidiaries: –

2. Application of the equity method There is no relevant company.

3. Closing dates of consolidated subsidiaries Companies with same closing dates as the company that submits consolidated financial statements: 2 (March 31) Companies with differing closing dates as the company that submits consolidated financial statements: 14 (December 31)

(Omission of Disclosure)

Disclosure is omitted with respect to notes on consolidated balance sheets, consolidated statements of income, consolidated statements of comprehensive income, consolidated statements of changes in net assets, consolidated statements of cash flows, lease transactions, transactions with related parties, tax effect accounting, financial instruments, securities, retirement benefits and business combinations, since the Company considers there to be no great necessity for disclosing such information in the financial results. (Changes in Accounting Policies)

From the end of the fiscal year under review, “Accounting Standard for Retirement Benefits” (ASBJ Statement No. 26, May 17, 2012; hereinafter referred to as “Retirement Benefits Accounting Standard”) and “Guidance on Accounting Standard for Retirement Benefits” (ASBJ Guidance No. 25, May 17, 2012; hereinafter referred to as “Application Guidance”) are applied (except the rules set forth in the body text of paragraph 35, Retirement Benefits Accounting Standard and in the body text of paragraph 67, Application Guidance) to recognize the amount calculated by deducting pension assets from retirement benefit obligations as net defined benefit liability. And, unrecognized actuarial gains and losses and unrecognized prior service costs are also recognized as net defined benefit liability.

Application of Retirement Benefits Accounting Standard and others follows the transitional procedures set forth in paragraph 37 of Retirement Benefits Accounting Standard, and the effect of changes in accounting policies are added or deducted to and from remeasurements of defined benefit plans in accumulated other comprehensive income at the end of the fiscal year under review.

As a result, at the end of the fiscal year under review, net defined benefit liability stood at ¥2,598 million. Also, accumulated other comprehensive income decreased by ¥887 million.

The influence on per share information is described in the appropriate sections. (Changes in Presentation Method) (Consolidated Statements of Income)

“Rent income” included in “Others” of “Other income” for the fiscal year ended March 31, 2013 is separately stated from the fiscal year under review, as its materiality in terms of amount grows. In order to reflect the changes in presentation method, certain items in the consolidated financial statements for FY 2013 are reclassified.

As a result, in the consolidated statements of income for FY2013, ¥51 million indicated in “Others” of “Other income” is reclassified to ¥21 million for “Rent income” and ¥29 million for “Others.”

22

(Segment Information) 1 Description of reporting segment (1) Method of decision on reporting segments

The Group’s reporting segments are determined on the basis that separate financial information of such segments are available and examined periodically by the Board of Directors to make decisions regarding the allocation of management resources and assess the business performances of such segments.

The Group mainly produces and sells cooling fans, power supply equipment and servomotors. The Company and its domestic subsidiaries are in charge of such operations in Japan, and overseas subsidiaries are in charge of such operations in their respective regions. Each of the consolidated subsidiaries is an independent business unit, and formulates comprehensive business strategies for their products and promotes its business activities.

(2) Types of regions that belong to reporting segments The Group is composed of five reporting segments, Japan, North America, Europe, East Asia and

Southeast Asia, which are determined by grouping the respective consolidated subsidiaries by region.

2 Calculation method for the amounts of net sales, profit (loss), assets, liabilities and other items for

each reporting segment The accounting method used for reporting business segments is generally the same as stated in

“Important Matters That Form the Basis for Preparing Consolidated Financial Statements.” Profit amounts of reporting segments are based on operating income. Intersegment sales and

transfers are based on actual market prices.

23

3 Information on net sales, profit (loss), assets, liabilities and other items by reporting segment For the fiscal year ended March 31, 2013 (Million yen) Reporting segment

Japan North

America Europe East Asia

Southeast Asia

Total

Sales Sales to customers 50,158 4,540 2,908 5,756 686 64,050 Intersegment sales or transfers

14,978 83 36 2,288 9,152 26,539

Total 65,137 4,623 2,944 8,045 9,839 90,589 Segment profit 2,884 7 194 89 408 3,585 Segment assets 63,619 2,171 2,300 5,029 5,238 78,359 Segment liabilities 27,167 1,020 1,221 2,329 1,663 33,402 Other items

Depreciation and amortization

1,671 12 4 15 421 2,124

Increase in tangible fixed assets and intangible fixed assets

1,669 9 5 9 213 1,907

For the fiscal year ended March 31, 2014 (Million yen) Reporting segment

Japan North

America Europe East Asia

Southeast Asia

Total

Sales Sales to customers 51,407 5,647 3,875 5,787 953 67,670 Intersegment sales or transfers

18,821 83 32 2,399 11,568 32,905

Total 70,228 5,731 3,907 8,186 12,521 100,576 Segment profit 3,487 169 261 225 636 4,780 Segment assets 68,598 3,398 3,301 6,383 7,931 89,614 Segment liabilities 29,924 1,871 1,742 2,716 3,043 39,298 Other items

Depreciation and amortization

1,611 15 4 20 465 2,117

Increase in tangible fixed assets and intangible fixed assets

1,375 2 7 18 966 2,370

24

4 Differences between amounts recognized in reporting segments and the corresponding amounts reported in the consolidated financial statements, and the primary items contributing to the difference

(Million yen)

Sales For the fiscal year


ended March 31, 2014 Total of reporting segments 90,589 100,576 Elimination of intersegment transactions (26,539) (32,905) Consolidated net sales 64,050 67,670

(Million yen)

Profit For the fiscal year


ended March 31, 2014 Total of reporting segments 3,585 4,780 Elimination of intersegment transactions 363 41 Consolidated operating income 3,948 4,821

(Million yen)

Assets For the fiscal year


ended March 31, 2014 Total of reporting segments 78,359 89,614 Elimination of intersegment transactions (9,380) (11,381) Consolidated total assets 68,979 78,232

(Million yen)

Liabilities For the fiscal year


ended March 31, 2014 Total of reporting segments 33,402 39,298 Elimination of intersegment transactions (5,919) (6,885) Consolidated total liabilities 27,483 32,412

(Million yen)

Total of reporting segments

Adjustments Consolidated

Other items As of March 31,

2013

As of March 31,

2014

As of March 31,

2013

As of March 31,

2014

As of March 31,

2013

As of March 31,

2014 Depreciation and

amortization 2,124 2,117 (3) (8) 2,121 2,109 Increase in tangible fixed

assets and intangible fixed assets 1,907 2,370 (6) (33) 1,900 2,337

(Note) Adjustments for increase in tangible fixed assets and intangible fixed assets are due to elimination of intersegment transactions.

25

(Per Share Information)

For the fiscal year


ended March 31, 2014 Net assets per share ¥667.82 ¥737.51 Net income per share ¥47.61 ¥60.01 Diluted net income per share – –

(Note) 1. Diluted net income per share is not disclosed since there are no potentially dilutive shares. 2. As described in “Changes in Presentation Method,” Retirement Benefits Accounting Standard

and others are applied to follow transitional procedures set forth in paragraph 37 of Retirement Benefits Accounting Standard.

As a result, net assets per share for the fiscal year under review decreased by ¥14.29.

The basis for the calculation of net income per share is as follows:

Items For the fiscal year


ended March 31, 2014 Net income per share

Net income (million yen) 2,957 3,727 Amount not attributable to common stockholders (million yen)

– –

Net income relating to common stock (million yen)

2,957 3,727

Average number of common stock outstanding (shares)

62,131,290 62,124,340

The basis for the calculation of net assets per share is as follows:

Items For the fiscal year


ended March 31, 2014 Total net assets (million yen) 41,495 45,819 Deductible amount from total net assets (million yen)

4 5

(Subscription rights to shares) – – (Minority interests) 4 5 Net assets relating to common stock at end of year (million yen)

41,491 45,813

Number of common stocks for calculation of net assets per share at end of year

62,129,609 62,119,724

(Material Subsequent Events)


26

5. Non-consolidated Financial Statements (1) Non-consolidated Balance Sheets

(Million yen)


Assets Current assets

Cash and bank deposits 2,170 1,879Notes receivable-trade 782 1,028Accounts receivable-trade 17,774 19,750Finished goods 2,387 2,470Raw materials 4,222 4,470Work in process 3,012 2,923Supplies 25 26Prepaid expense 79 152Deferred tax assets 514 519Short-term loans 14 12Other receivables 601 603Temporary payment 16 16Others 11 9Allowance for doubtful accounts (1) (2)Total current assets 31,611 33,861

Fixed assets Tangible fixed assets

Buildings 7,635 7,402Structures 235 272Machinery and equipment 1,604 1,413Vehicles 16 26Tools, furniture and fixtures 291 438Land 6,136 6,188Construction in progress 531 150Total tangible fixed assets 16,451 15,892

Intangible fixed assets Leasehold right 44 44Software 394 300Software in progress 1 2Others 23 23Total intangible fixed assets 463 370

27

(Million yen)


Investments and other assets Investments in securities 3,060 3,767 Stocks of subsidiaries and affiliates 2,743 2,743 Investments in capital of subsidiaries and

affiliates 208 208

Long-term loans receivable from employees 121 93 Claims provable in bankruptcy, claims

provable in rehabilitation and other 0 0

Long-term prepaid expenses 55 41 Insurance funds for directors and corporate

auditors 263 275

Insurance funds 610 724 Deferred tax assets 98 – Others 846 665 Allowance for doubtful accounts (0) (0)Total investments and other assets 8,009 8,519

Total fixed assets 24,924 24,782 Total assets 56,536 58,644

Liabilities Current liabilities

Notes payable–trade 837 1,040 Accounts payable–trade 7,188 7,692 Short-term debt 6,354 6,702 Long-term debt due within one year 990 842 Lease obligations 106 109 Accounts payable–other 936 574 Accrued expenses 1,753 2,067 Accrued income taxes 484 775 Advances received 104 50 Deposits received 46 42 Notes payable–facilities 73 15 Reserve for bonuses to directors and corporate

auditors 60 60

Total current liabilities 18,935 19,971 Long-term liabilities

Long-term debt 2,048 1,205 Lease obligations 337 355 Deferred tax liabilities – 81 Deferred tax liabilities–revaluation 977 977 Reserve for retirement benefits 578 771 Long-term accounts payable 348 139 Total long-term liabilities 4,290 3,530 Total liabilities 23,226 23,501

28

(Million yen)


Net assets Shareholders’ equity

Common stock 9,926 9,926Capital surplus

Legal capital surplus 11,458 11,458Other capital surplus 1 1Total capital surplus 11,460 11,460

Retained earnings Legal retained earnings 1,032 1,032Other retained earnings 11,335 12,722

Reserve for retirement allowances 900 900Reserve for dividends 790 790Reserve for advanced depreciation of

non-current assets 58 58

General reserve 1,500 1,500Retained earnings brought forward 8,087 9,474

Total retained earnings 12,367 13,754Treasury stock (1,389) (1,396)Total shareholders’ equity 32,365 33,745

Valuation and translation adjustments Unrealized holding gain on securities 145 596Revaluation reserve for land, net of tax 799 799Total valuation and translation adjustments 944 1,396

Total net assets 33,310 35,142Total liabilities and net assets 56,536 58,644

29

(2) Non-consolidated Statements of Income (Million yen)

For the fiscal year


ended March 31, 2014 Net sales 52,354 54,682 Cost of sales 43,176 44,651 Gross profit 9,178 10,030 Selling, general and administrative expenses 6,660 7,088 Operating income 2,517 2,942 Other income

Interest income 10 5 Dividend income 359 229 Foreign exchange gain 308 279 Subsidy income 110 29 Rent income 71 96 Others 17 16 Total other income 878 657

Other expenses Interest expense 90 73 Loss on sales of notes payable 12 7 Others 2 8 Total other expenses 105 89

Ordinary income 3,291 3,510 Extraordinary income

Gain on sales of fixed assets 0 1 Total extraordinary income 0 1

Extraordinary loss Loss on retirement of fixed assets 73 35 Directors’ retirement benefits 12 24 Loss on valuation of membership 1 – Total extraordinary loss 87 59

Income before income taxes 3,205 3,451 Income taxes-current 936 1,139 Income taxes-deferred 16 (68)Total income taxes 953 1,070 Net income 2,251 2,381

30

(3) Non-consolidated Statements of Changes in Net Assets For the fiscal year ended March 31, 2013

(Million yen) Shareholders’ equity

Capital surplus Retained earnings

Common stockLegal capital

surplus Other capital

surplus Total capital

surplus Legal retained

earnings


9,926 11,458 1 11,460 1,032


Cash dividends

Net income

Reversal of reserve for advanced depreciation of fixed assets

Provision of reserve for advanced depreciation of fixed assets




– –



– – – – –


9,926 11,458 1 11,460 1,032

31


Retained earnings

Other retained earnings

Reserve for retirement allowances

Reserve for dividends

Reserve for advanced

depreciation of non-current

assets

General reserve Retained earnings brought forward

Total retained earnings


900 790 65 1,500 6,698 10,985





(7) 7 –


– – –






– – (7) – 1,388 1,381


900 790 58 1,500 8,087 12,367

32

Shareholders’ equity Valuation and translation adjustments

Treasury stock


equity


securities

Revaluation reserve for land

Total valuation and translation

adjustments

Total net assets


(1,387) 30,985 21 799 820 31,806







(1) (1) (1)


– –


– –


124 – 124 124


(1) 1,379 124 – 124 1,504


(1,389) 32,365 145 799 944 33,310

33

For the fiscal year ended March 31, 2014 (Million yen)


Capital surplus Retained earnings

Common stockLegal capital

surplus Other capital

surplus Total capital

surplus Legal retained

earnings


9,926 11,458 1 11,460 1,032


Cash dividends

Net income






0 0



– – 0 0 –


9,926 11,458 1 11,460 1,032

34


Retained earnings

Other retained earnings

Reserve for retirement allowances

Reserve for dividends

Reserve for advanced

depreciation of non-current

assets

General reserve Retained earnings brought forward

Total retained earnings


900 790 58 1,500 8,087 12,367





– – –


– – –






– – – – 1,387 1,387


900 790 58 1,500 9,474 13,754

35

Shareholders’ equity Valuation and translation adjustments

Treasury stock


equity


securities

Revaluation reserve for land

Total valuation and translation

adjustments

Total net assets


(1,389) 32,365 145 799 944 33,310







(7) (7) (7)


0 0 0


0 0


451 – 451 451


(7) 1,380 451 – 451 1,831


(1,396) 33,745 596 799 1,396 35,142

36

(4) Notes to the Non-consolidated Financial Statements (Notes on Going Concern Assumption)

There is no relevant information. 6. Others (1) Changes in Directors and Corporate Auditors

1. Changes in Representative Directors There is no relevant information.

2. Changes in Other Directors and Corporate Auditors


Documents

FY2014 Consolidated Financial and Operating …...FY2013 36.24 - (2) Non-consolidated financial position Total assets Net assets Equity ratio Net assets per share ¥ Million ¥ Million