(REIT) Financial Report for Fiscal Period Ended July 31, 2017
September 13, 2017
Stock Exchange Listing: Tokyo Stock Exchange
URL: http://starasia-reit.com

REIT Securities Issuer:
Securities Code:
Representative:

Star Asia Investment Corporation
3468
Atsushi Kato, Executive Director

Asset Management Company:
Representative:
Contact:

Star Asia Investment Management Co., Ltd.
Atsushi Kato, President and CEO
Toru Sugihara, Director and CFO
TEL: 03-5425-1340

Scheduled date of commencement of cash distribution payment:
Scheduled date of submission of securities report:

October 12, 2017
October 24, 2017

Preparation of supplementary financial results briefing materials:
Holding of financial results briefing session:

Yes
Yes (for institutional investors and analysts)(Amounts are rounded down to the nearest million yen)
1. Status of Management and Assets for Fiscal Period Ended July 31, 2017 (from February 1, 2017 to July 31, 2017)(1) Management Status(% figures are the rate of period-on-period increase (decrease))
Fiscal period
Operating revenue
Operating income
Ordinary income
Net income
million yen%
million yen%
million yen%
million yen%
Ended Jul. 2017
3,211
59.2
2,098
76.2
1,833
70.8
1,832
70.8
Ended Jan. 2017
2,017
8.5
1,190
3.7
1,073
220.1
1,072
221.2
Net income
per unit

Fiscal period

Ratio of net income
to equity
yen
4,697
3,111

Ended Jul. 2017
Ended Jan. 2017

%
4.8
3.1

Ratio of ordinary income
to total assets
%
2.4
1.6

Ratio of ordinary income
to operating revenue
%
57.1
53.2

(2) Status of Cash Distribution
Cash distribution
Total
Cash distribution
Total
Ratio of cash
per unit
cash distribution
in excess of
cash distribution Cash distribution
Fiscal period
distribution to(not including cash
(not including cash
earnings
in excess of
payout ratio
distribution in excess of distribution in excess of
net assets
per unit
earnings
earnings)
earnings)
yenmillion yen
yenmillion yen%%
Ended Jul. 2017
4,423
1,832
0
0
100.0
4.4
Ended Jan. 2017
3,112
1,072
0
0
100.0
3.1
(Note) For the fiscal period ended July 31, 2017, cash distribution payout ratio is calculated by the following formula due to changes
in the number of investment units during the period following issuance of new investment units during the period:
Cash distribution payout ratio = Total cash distribution (not including cash distribution in excess of earnings) ÷ Net income ×100(3) Financial Position
Fiscal period

Total assets
million yen
83,60967,363

Net assets
million yen
41,892
34,674

Net cashprovided by (used in)operating activities
million yen
4,721
2,803

Net cashprovided by (used in)investing activities
million yen(18,283)(181)

Ended Jul. 2017
Ended Jan. 2017

Equity ratio
%
50.1
51.5

Net assets per unit
yen
101,116
100,592(4) Status of Cash Flows
Fiscal period

Ended Jul. 2017
Ended Jan. 2017－

1 －Net cashprovided by (used in)financing activities
million yen
13,900(2,686)

Cash and cash equivalents
at end of period
million yen
4,837
4,498

2. Management Status Forecast for Fiscal Period Ending January 31, 2018 (from August 1, 2017 to January 31, 2018) and Fiscal PeriodEnding July 31, 2018 (from February 1, 2018 to July 31, 2018)(% figures are the rate of period-on-period increase (decrease))
Cash distribution
per unit
Cash distribution
Fiscal period
Operating revenue
Operating income
Ordinary income
Net income(not including
in excess of earnings
cash distribution
per unit
in excess of earnings)
million yen% million yen% million yen% million yen
%
yen
yen
3,131
(2.5)
2,009
(4.2)
1,859
1.4
1,783
(2.7)
4,039
0
Ending Jan. 2018
2,395
(23.5)
1,289(35.8)
1,140(38.7)
1,139(36.1)
2,750
0Ending Jul. 2018

(Reference) Forecast net income per unit (fiscal period ending January 31, 2018) 4,305 yen
Forecast net income per unit (fiscal period ending July 31, 2018)
2,750 yen
* Other(1) Changes in Accounting Policies, Changes in Accounting Estimates, and Retrospective Restatement① Changes in accounting policies accompanying amendments to accounting standards, etc.: No② Changes in accounting policies other than ①:No③ Changes in accounting estimates:
No④ Retrospective restatement:No(2) Total Number of Investment Units Issued and Outstanding① Total number of investment units issued and outstanding (including own investment units) at end of period
Fiscal period ended Jul. 31, 2017414,300 units
Fiscal period ended Jan. 31, 2017344,700 units② Number of own investment units at end of period
Fiscal period ended Jul. 31, 2017
0 units
Fiscal period ended Jan. 31, 2017
0 units* Presentation of Status of Implementation of Audit Procedures
At the time of disclosure of this financial report, audit procedures for financial statements pursuant to the Financial Instruments andExchange Act have not been completed.
* Explanation of Appropriate Use of Management Status Forecast, and Other Matters of Special Note
The management status outlook and other forward-looking statements contained in this document are based on information thatare currently available and certain assumptions that are deemed reasonable by Star Asia Investment Corporation. Accordingly, theactual management status, etc. may differ materially due to various factors. In addition, the forecast figures are the current figures
calculated under the assumptions described in “Assumptions Underlying Management Status Forecast for Fiscal Period Ending
January 31, 2018 and Fiscal Period Ending July 31, 2018” on page 3-4. Accordingly, the actual operating revenue, operating income,ordinary income, net income, cash distribution per unit (not including cash distribution in excess of earnings) and cash distribution
in excess of earnings per unit may vary due to acquisition/disposition of real estate, etc., trends of the real estate market, etc.,
fluctuations in interest rates or other changes in the circumstances surrounding Star Asia Investment Corporation, etc. in the future.
In addition, the forecast is not a guarantee of the amount of cash distribution.

－

2 －Assumptions Underlying Operating Results Forecasts for
Fiscal Period Ending January 31, 2018 and Fiscal Period Ending July 31, 2018
Item
Calculation period

Investment assets

Operating revenue

Operating expenses

NOI(Net Operating
Income)Assumptions
 Fiscal period ending January 31, 2018: August 1, 2017 – January 31, 2018 (184 days)
 Fiscal period ending July 31, 2018: February 1, 2018 – July 31, 2018 (181 days)
 For the real estate beneficiary interests in trust of the 24 properties held by SAR as of July 31, 2017, there
is a change in the investment assets due to the transfer of real estate beneficiary interests in trust of aproperty as noted below as <Transfer> and SAR owns 23 properties <Existing Properties> at the date ofthis document. It is assumed that there are no other changes (new property acquisitions, sales of Existing
Properties, etc.) in the investment assets through the end of the fiscal period ending July 31, 2018.
<Transfer>
Property name: Oak Minami-Azabu (Quasi co-ownership interest: 51%)
Transfer date: August 1, 2017
In practice, this may vary due to changes in investment assets.
 Rent revenues from the Existing Properties are calculated based on the rent stated in the leaseagreements that are effective as of the date of this document taking factors such as market movement
into consideration.
 As to operating revenue, it is assumed that no rent payments will be delinquent or declined by tenants.
 Gain on sales of real estate property from the Transfer is expected to be 779 million yen for the fiscal
period ending January 31, 2018.
 Among expenses related to rent business of the Existing Properties, which are the principal operating
expenses, expenses excluding depreciation are calculated on the basis of historical data, reflecting
variable factors of expenses.
 Fixed property taxes, city planning taxes and other public charges are expected to be 139 million yen for
the fiscal period ending January 31, 2018 and 175 million yen for the fiscal period ending July 31, 2018.
 For the Properties acquired during the fiscal period ended July 31, 2017 (3rd fiscal period), fixed property
taxes, city planning taxes and other public charges in fiscal 2017 are settled on a pro rata basis based on
the number of days of ownership with the sellers at the time of acquisition of the properties. However, inthe case of SAR, the settled amount is included in the acquisition cost and thus not be recorded as
expenses in the fiscal period ending January 31, 2018. In addition, fixed property taxes, city planning taxes
and other public charges in fiscal 2018 for the Property acquired during the fiscal period ended July 31,2017 will be recorded as expenses from the fiscal period ending July 31, 2018.
 For the expenditures for repair and maintenance of buildings, 50 million yen is expected for the fiscal
period ending January 31, 2018 and 47 million yen is expected for the fiscal period ending July 31, 2018
based on repair and maintenance plans drawn up by the Asset Management Company. However, theexpenditures for repair and maintenance for the fiscal periods could differ significantly from the estimatedamounts, as expenditures may arise urgently due to damage to buildings and such caused by unexpectedfactors, and because the variance in amounts generally tends to be significant from year to year and repair
and maintenance expenses do not arise regularly.
 Depreciation is calculated using the straight line method, including incidental expenses and others, and is
expected to be 312 million yen for the fiscal period ending January 31, 2018 and 323 million yen for the
fiscal period ending July 31, 2018.
 The NOI of SAR’s portfolio is expected to be 1,832 million yen for the fiscal period ending January 31, 2018
and 1,848 million yen for the fiscal period ending July 31, 2018.
 NOI is calculated by using the following calculation method.
NOI = rent revenue – rent expenses (excluding depreciation)

Non-operating
expenses Interest expense and other financial expenses are expected to total 150 million yen for the fiscal period
ending January 31, 2018 and 149 million yen for the fiscal period ending July 31, 2018.
 It is assumed that 7,300 million yen of loans payable due for repayment in the fiscal period ending July
31, 2018 will be refinanced in the term. However, it is assumed that temporary expenses due to therefinancing are not expected to be incurred at this time and internal reserve expected to be made in thefiscal period ending January 31, 2018 will be utilized to cancel negative affect on distribution even in caseany temporary expenses regarding the refinance are incurred.

Debt financing

 The total amount of interest-bearing liabilities is assumed to be 37,350 million yen as of the end of the
fiscal period ending January 31, 2018 and July 31, 2018.
 As of today, SAR has 37,740 million yen of outstanding borrowings.
 It is assumed to repay 390 million yen by the end of the fiscal period ending January 31, 2018 by using
consumption tax refund resulting from acquisition of the properties and payment of other various
expenses during the fiscal period ended July 31, 2017.
 It is assumed that 7,300 million yen of loans payable due for repayment in the fiscal period ending July
31, 2018 will be refinanced in the term.

Investment units The total number of investment units issued and outstanding as of the date of this document, which is
－

3 －

Item

Assumptions
414,300 units, is assumed.
 It is assumed that there will be no changes in the number of investment units issued due to additional
issuance, etc. of new investment units through the end of the fiscal period ending July 31, 2018.

 Cash distribution per unit (not including cash distribution in excess of earnings) is calculated on theassumption described in the cash distribution policy stipulated in SAR’s Articles of Incorporation.
 It is assumed that derivative transactions (interest rate swaps) will continue to be conducted. However, it
is assumed that deferred losses on hedges, which is an item of deduction from net assets (those provided
in Article 2, item 30 (b) of the Ordinance on Accountings of Investment Corporations), is nonaccrual in thefiscal periods ending January 31, 2018 and ending July 31, 2018, and cash distribution per unit (notincluding cash distribution in excess of earnings) will not be affected by changes in items of deduction
from net assets in the calculation.
 It is possible that the cash distribution per unit (not including cash distribution in excess of earnings) could
Cash distributionchange due to various factors, including changes in investment assets, changes in rent revenue
per unit
accompanying changes in tenants, etc., or unexpected repair and maintenance, etc. In addition, cash
(not including
distribution per unit (not including cash distribution in excess of earnings) may be affected by changes incash distribution
items of deduction from net assets.
in excess of earnings)
 As to 779 million yen expected for the fiscal period ending January 31, 2018 as gain on sales of real estate
property from the Transfer described in the above “Operating revenue,” 110 million yen is expected tobe recorded as voluntary reserve and be internally retained on the basis the conduit requirements are notmet. In practice, the amount of voluntary reserve may change.
 It is a policy to utilize the internally retained earnings in order to mitigate the negative affect on
distribution mainly by temporary decrease in income and expenses incurred in management in and after
the fiscal period ending January 31, 2018 (5th fiscal period).
 Due to the internal reserve, 75 million yen of expense is expected to be incurred as income taxes in thefiscal period ending January 31, 2018.

Cash distribution
in excess of earnings
per unit

Other

It is assumed that no deferred losses on hedges will be incurred, which is an item of deduction from net
assets, as described above. Of cash distribution in excess of earnings, that attributable to allowance fortemporary difference adjustment is not scheduled at this point.
In addition, of cash distribution in excess of earnings, that falling under the category of cash distribution
accompanying decrease in capital, etc. under tax law is not scheduled at this point.

 Forecasts are based on the assumption that revisions that impact the above forecast figures will not bemade to laws and regulations, tax systems, accounting standards, listing rules, and rules of The Investment
Trusts Association, Japan etc.
 Forecasts are based on the assumption that there will be no major unforeseen changes to general
economic trends and real estate market conditions, etc.

－

4 －

3.

Financial Statements(1) Balance Sheet(Unit: thousand yen)
2nd fiscal period(As of January 31, 2017)

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Deferred tax assets
Consumption taxes receivable
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets
Leasehold rights in trust
Total intangible assets
Investments and other assets
Long-term prepaid expenses
Lease and guarantee deposits
Other
Total investments and other assets
Total non-current assets
Total assets－

5 －3rd fiscal period(As of July 31, 2017)

1,839,594
2,659,211
50,08988,27911
8,650
4,645,837

1,598,847
3,239,091
52,745
108,94520
261,743
5,261,393

20,317,871(490,008)
19,827,862
9,606
(61)
9,545
6,282
(137)
6,144
7,628
(731)
6,896
39,208,659
2,161
59,061,270

25,006,453(764,163)
24,242,289
9,606
(397)
9,209
11,270(499)
10,771
9,971(1,228)
8,743
50,426,286
74,697,300

3,459,138
3,459,138

3,459,138
3,459,138

127,156
10,00060,135
197,292
62,717,701
67,363,539

146,256
10,00035,321
191,577
78,348,016
83,609,410

(Unit: thousand yen)
2nd fiscal period(As of January 31, 2017)
Liabilities
Current liabilities
Operating accounts payable
Short-term loans payable
Current portion of long-term loans payable
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Tenant leasehold and security deposits in trust
Other
Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital
Capital deduction
Allowance for temporary difference adjustment
Total capital deduction
Unitholders’ capital, net
Surplus
Unappropriated retained earnings (undisposed loss)
Total surplus
Total unitholders’ equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets－

6 －3rd fiscal period(As of July 31, 2017)245,1311,000,000
246,508
5,336
844
76,405319,180
6,574
1,899,981

227,743
8,680,000
269,194
7,030
1,023
12,734
589,678
9,492
9,796,897

29,200,000
1,589,434
30,789,434
32,689,416

30,050,000
1,863,336
6,635
31,919,971
41,716,869

33,541,125

40,031,185(26,197)(26,197)
33,514,927

40,031,185

1,099,059
1,099,059
34,613,987

1,832,669
1,832,669
41,863,855

60,13560,13534,674,123
67,363,539

28,686
28,68641,892,541
83,609,410

(2) Statement of Income(Unit: thousand yen)
2nd fiscal period
From: August 1, 2016
To: January 31, 2017
Operating revenue
Lease business revenue
Other lease business revenue
Gain on sales of real estate property
Total operating revenue
Operating expenses
Expenses related to rent business
Asset management fee
Asset custody and administrative service fees
Directors’ compensations
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Interest on refund
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing related expenses
Investment unit issuance expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)－

7 －3rd fiscal period
From: February 1, 2017
To: July 31, 2017

1,865,642
151,743
2,017,386

2,146,216
166,563898,6123,211,392

624,655
146,714
14,792
2,400
38,230826,793
1,190,592

836,576
189,465
16,9122,400
67,794
1,113,150
2,098,241

17
745
762

21
21

68,522
49,349117,871
1,073,483
1,073,483
847
21
868
1,072,615
26,444
1,099,059

82,120129,149
48,461
5,000
264,731
1,833,531
1,833,531
1,026
(8)
1,018
1,832,513
155
1,832,669

(3) Statement of Unitholders’ Equity
2nd fiscal period (from August 1, 2016 to January 31, 2017)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital
Capital deduction
Unitholders’ capital

Balance at beginning of theperiodAllowance fortemporarydifference
adjustment

33,541,125

Unitholders’capital, net

Total capital
deduction--

33,541,125(26,197)(26,197)(26,197)-(26,197)(26,197)(26,197)

33,541,125(26,197)(26,197)

33,514,927

Changes of items the period
Dividends from surplus
Distributions in excess ofearnings in allowance fortemporarydifference adjustment
Net income
Net changes of items otherthan unitholders’ equity
Total changes of items during
the period
Balance at end of the period(Unit: thousand yen)
Unitholders’ equity

Valuation and translation adjustments

Surplus
Unappropriatedretained earnings(undisposed loss)
Balance at beginning of theperiodDeferred
Total unitholders’gains or losses on
equityhedgesTotal
surplus(26,238)

Total
valuation andtranslation
adjustments

Total
net assets(26,238)

33,848,802

333,916

333,916

33,875,041(307,472)(307,472)(307,472)(307,472)(26,197)(26,197)

1,072,615

1,072,615

Changes of items during theperiodDividends from surplus
Distributions in excess ofearnings in allowance fortemporarydifference adjustment
Net income

1,072,615

1,072,615

Net changes of items otherthan unitholders’ equity
Total changes of items during
the period
Balance at end of the period

86,37486,37486,374765,142

765,142

738,945

86,37486,374825,320

1,099,059

1,099,059

34,613,987

60,13560,13534,674,123－

8 －3rd fiscal period (from February 1, 2017 to July 31, 2017)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital
Capital deduction
Allowance fortemporarydifference
adjustment

Unitholders’ capital

Balance at beginning of the period

33,541,125

Unitholders’capital, net

Total capital
deduction(26,197)(26,197)

33,514,927

Changes of items the period
Issuance of new investment units

6,490,060

6,490,060

Dividends from surplus
Reversal of allowance for temporary

26,197

26,197

26,1976,490,060

26,197

26,197

6,516,258

40,031,185--

40,031,185

difference adjustment
Net income
Net changes of items other thanunitholders’ equity
Total changes of items during theperiodBalance at end of the period(Unit: thousand yen)
Valuation and translation
adjustments

Unitholders’ equity
Surplus
Unappropriatedretained earnings(undisposed loss)
Balance at beginning of theperiod

1,099,059

Total
surplus1,099,059

Total
unitholders’equityDeferred
gains or losses
on hedges

Totalvaluation andtranslation
adjustments

34,613,987

60,13560,135Total
net assets

34,674,123

Changes of items during theperiodIssuance of new
investment units
Dividends from surplus

6,490,060

6,490,060(1,072,706)(1,072,706)(1,072,706)(1,072,706)(26,197)(26,197)--

1,832,513

1,832,513

1,832,513

1,832,513

Reversal of allowance fortemporary difference
adjustment
Net income
Net changes of items otherthan unitholders’ equity
Total changes of items during
the period
Balance at end of the period(31,449)(31,449)(31,449)

733,610733,610

7,249,868(31,449)(31,449)

7,218,418

1,832,669

1,832,669

41,863,855

28,686

28,68641,892,541－

9 －(4) Statement of Cash Distributions(Unit: yen)I.

Unappropriated retained earnings

II. Capitalization
Reversal of allowance for temporary difference adjustment
III. Cash distribution[Cash distribution per unit]
Cash distribution of earnings[Cash distribution of earnings per unit]
IV. Retained earnings carried forward

2nd fiscal period
From: August 1, 2016
To: January 31, 2017

3rd fiscal period
From: February 1, 2017
To: July 31, 2017

1,099,059,426

1,832,669,478

26,197,200
26,197,200-

1,072,706,400[3,112]

1,832,448,900[4,423]

1,072,706,400[3,112]

1,832,448,900[4,423]

155,826

220,578

Method of calculation of amount of cash distribution
2nd fiscal period (from August 1, 2016 to January 31, 2017):
Pursuant to the cash distribution policy provided in Article 35, Paragraph 1 of SAR’s Articles of Incorporation, SAR shall distribute inexcess of the amount equivalent to 90% of the amount of distributable earnings of SAR as defined in Article 67-15 of the Act on
Special Measures Concerning Taxation. In accordance with such policy, concerning cash distribution of earnings (not including cash
distribution in excess of earnings), the decision was made to distribute 1,072,706,400 yen, which is the entire amount of the earnings
provided in Article 136, Paragraph 1 of the Act on Investment Trusts and Investment Corporations after deduction of reversal of
allowance for temporary difference adjustment (those provided in Article 2, Paragraph 2, Item 30 of the Ordinance on Accountingsof Investment Corporations) but excluding the portion where cash distribution of earnings per unit becomes a fractional amount ofless than 1 yen, as cash distribution of earnings.
3rd fiscal period (from February 1, 2017 to July 31, 2017):
Pursuant to the cash distribution policy provided in Article 35, Paragraph 1 of SAR’s Articles of Incorporation, SAR shall distribute inexcess of the amount equivalent to 90% of the amount of distributable earnings of SAR as defined in Article 67-15 of the Act on
Special Measures Concerning Taxation. In accordance with such policy, concerning cash distribution of earnings (not including cash
distribution in excess of earnings), the decision was made to distribute 1,832,448,900 yen, which is the entire amount of theunappropriated retained earnings but excluding the portion where cash distribution of earnings per unit becomes a fractionalamount of less than 1 yen, as cash distribution of earnings.

－

10 －

(5) Statement of Cash Flows(Unit: thousand yen)
2nd fiscal period
From: August 1, 2016
To: January 31, 2017
Cash flows from operating activities
Income before income taxes
Depreciation
Investment unit issuance expenses
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable
Decrease (increase) in consumption taxes refund receivable
Increase (decrease) in accrued consumption taxes
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Increase (decrease) in operating accounts payable
Increase (decrease) in accounts payable - other
Increase (decrease) in advances received
Decrease from sales of property, plant and equipment in trust
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment in trust
Repayments of tenant leasehold and security deposits in trust
Proceeds from tenant leasehold and security deposits in trust
Net cash provided by (used in) investing activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of investment units
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

－

11 －

3rd fiscal period
From: February 1, 2017
To: July 31, 2017

1,073,483
244,255(17)
68,522
2,605
1,259,266
76,4058,359
37,321
27,97430,55853,796(9,301)2,873,232
17(68,706)(1,493)2,803,050

1,833,531
287,475
48,461(21)
82,120(2,655)(261,743)(63,671)(20,666)(19,099)226
59,804
270,4972,579,413
9,366
4,803,041
21(80,426)(848)
4,721,788(244,489)(61,153)
124,224(181,418)(18,557,651)(208,168)
482,179(18,283,641)(2,355,000)(331,910)(2,686,910)(65,279)
4,564,085
4,498,806

600,000(1,600,000)
9,830,000(300,000)
6,441,599(1,070,613)
13,900,986
339,133
4,498,806
4,837,939