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30 Annual Report 2014
CONSOLIDATED STATEMENT OF INCOME
Oki Electric Industry Co., Ltd. and consolidated subsidiaries
Year ended March 31, 2014
The accompanying notes are an integral part of these statements.
Millions of yen
Thousands of U.S.
dollars (Note 2)
2014 2013 2014
Net sales ¥ 483,112 ¥ 455,824 $ 4,736,392
Cost of sales 354,635 337,406 3,476,813
Gross profi t 128,477 118,417 1,259,578
Selling, general and administrative expenses 101,281 104,942 992,950
Operating income 27,196 13,475 266,627
Other income (expenses):
Interest expense (2,522) (3,003) (24,725)
Interest and dividend income 900 651 8,823
Equity in earnings of affi liates 339 84 3,323
Foreign exchange gain, net 11,277 8,792 110,558
Taxes and dues (448) (86) (4,392)
Commission for syndicate loan (446) (239) (4,372)
Gain on sale of investments in securities 553 678 5,421
Gain on bargain purchase (Note 12) 102 — 1,000
Insurance income (Note 13) 322 — 3,156
Gain on transfer of business (Note 14) 123 — 1,205
(Loss) gain on sale and disposition of property, plant and equipment (659) 2,109 (6,460)
Loss on impairment of fi xed assets (184) (219) (1,803)
Write-downs of investments in securities — (225) —
Business restructuring expenses (Note 15) (4,311) — (42,264)
Loss on liquidation of subsidiaries (Note 16) (841) (4,011) (8,245)
Other, net (Note 8) 359 629 3,519
4,564 5,159 44,745
Income before income taxes and minority interests 31,761 18,634 311,382
Income taxes (Note 9):
Current 3,820 4,106 37,450
Deferred 394 656 3,862
4,214 4,762 41,313
Income before minority interests 27,546 13,872 270,058
Minority interests in earnings of consolidated subsidiaries (187) (273) (1,833)
Net income (Note 20) ¥ 27,359 ¥ 13,599 $ 268,225