Summary of Financial Results for the Third Quarter of Fiscal Year 2021
(Nine Months Ended September 30, 2021)[Japanese GAAP]
October 29, 2021

Company name: SENSHUKAI CO.,LTD.

Stock exchange: Tokyo Stock Exchange, First Section
Stock code:
8165
URL: https://www.senshukai.co.jp
Representative:
Mr. Kenji Kajiwara, President and Representative Director
Inquiries:
Mr. Tetsuya Takahashi, Director, General Manager, Corporates Headquarters
Tel: +81-6-6881-3220
Scheduled date of filing of Quarterly Report: November 12, 2021
Scheduled date of payment of dividend: Preparation of supplementary materials for quarterly financial results: None
Holding of quarterly financial results meeting: None
(All amounts are rounded down to the nearest millions of yen)

1. Consolidated Financial Results for the 3rd Quarter of 2021 (January 1, 2021 – September 30, 2021)(1) Consolidated operating results (cumulative)(Percentages represent changes from the same period of the previous fiscal year)
Profit attributable toOperating profit
Ordinary profit
owners of parent

Net sales

Millions of yen%

53,540 (10.0)462
3Q 2021
3Q 2020
59,502(8.4)(1,075)
Note: Comprehensive income (millions of yen) 3Q 2021: 880 (-%)

Millions of yen%-

Millions of yen

Net income per share

Diluted net income per share

Yen

Yen

10.36
(126.15)-

3Q 2021
3Q 2020%

Millions of yen%

479(5,070)-503(4,577)
3Q 2020: (5,336) (-%)

(2) Consolidated financial position
Total assets

Net assets

Millions of yen

Equity ratio

Millions of yen

3Q 202151,63633,323Fiscal Year 2020
63,93332,088Reference: Shareholders’ equity (millions of yen) 3Q 2021: 33,323

Net assets per share
%

Yen

64.5
50.2
Fiscal Year 2020: 32,088

710.53699.01

2. Dividends
1Q-endDividend per share
3Q-end2Q-endYen

Yen

Fiscal Year 2020
0.00
Fiscal Year 2021
3.00
Fiscal Year 2021 (forecasts)
Note: Revision to the most recently announced dividend forecast: None

Year-end

Total

Yen

Yen

Yen

-

0.00

0.00

4.00

7.00

3. Consolidated Outlook for Fiscal Year 2021 (January 1, 2021 – December 31, 2021)
Net sales
Millions of yen(Percentages represent changes from the same period of the previous fiscal year)
Profit attributable to Net income per
Operating profit
Ordinary profit
owners of parent
share% Millions of yen% Millions of yen

Full Year 2021
76,000 (8.7)
1,000
1,100
Note: Revision to the most recently announced consolidated outlook: None

% Millions of yen

%

Yen

-

-

24.76

1,150

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): Yes
Excluded: 3 (Dears Brain Inc., PLANETWORK CO., LTD., WONDERSTAGE Co., Ltd.)
Note: Please refer to “2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly Consolidated
Financial Statements (Changes in Significant Subsidiaries during the Period)” on page 8 for further information.

(2) Application of special accounting methods for presenting quarterly consolidated financial statements: Yes
Note: Please refer to “2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly Consolidated
Financial Statements (Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial
Statements)” on page 8 for further information.

(3) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting-based estimates: None
4) Restatements: None

(4) Number of shares outstanding (common shares)
1) Number of shares outstanding at the end of the period (including treasury shares)
3Q 2021:52,056,993 sharesFiscal Year 2020:

52,056,993 sharesFiscal Year 2020:

6,151,627 shares

3Q 2020:

40,191,445 shares

2) Number of treasury shares at the end of the period
3Q 2021:

5,158,150 shares

3) Average number of shares outstanding during the period
3Q 2021:46,293,785 shares* This quarterly financial report is not subject to quarterly review by certified public accountants or auditing firms.
* Cautionary statement with respect to forward-looking statements
Cautionary statement with respect to forecasts
The above projections are based on information available at the time of release of this report. Actual results could differ
significantly from these projections due to a variety of factors. For further details regarding the projections, please refer to page3, “1. Qualitative Information on Quarterly Consolidated Financial Performance, (3) Explanation of Consolidated Forecasts andOther Forward-looking Statements.”

SENSHUKAI CO.,LTD. (8165) Financial Results for the Third Quarter of Fiscal Year 2021

Contents of Attachments
1. Qualitative Information on Quarterly Consolidated Financial Performance2(1) Explanation of Results of Operations

2(2) Explanation of Financial Position

3(3) Explanation of Consolidated Forecasts and Other Forward-looking Statements

3

2. Quarterly Consolidated Financial Statements and Notes

4(1) Quarterly Consolidated Balance Sheet

4(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive
Income6

Quarterly Consolidated Statement of Income(For the Nine-month Period)

6

Quarterly Consolidated Statement of Comprehensive Income(For the Nine-month Period)7(3) Notes to Quarterly Consolidated Financial Statements

8(Going Concern Assumption)

8(Significant Changes in Shareholders’ Equity)8(Changes in Significant Subsidiaries during the Period)

8(Important Changes in the Scope of Application of the Equity Method)

8(Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements)

8(Additional Information)

8(Segment Information)

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SENSHUKAI CO.,LTD. (8165) Financial Results for the Third Quarter of Fiscal Year 2021

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
In the first nine months (January 1 to September 30) of 2021, the business environment remained severe due torepeated declarations of a state of emergency following the resurgence of COVID-19 and restrictions on economic
activity. Although there is progress with COVID-19 vaccinations, the outlook continues to be uncertain.
In Japan’s retail industry, store sales continue to face a difficult situation due to restrictions on going o ut and reduced
opening hours, while mail-order and online shopping are now more firmly established as a shopping channel among
consumers than was the case before the COVID-19 pandemic.
In this business environment, sales were firm in the mail-order and online shopping business compared with 2019
pre-COVID-19 levels. However, net sales in the first nine months of 2021 were down 10.0% year-over-year to53,540 million yen because the special demand for stay-at-home consumption caused by the COVID-19 pandemic
settled down compared to the same period of the previous year and, following the sale of shares at the end of thefirst quarter, a subsidiary company in the bridal business was excluded from the Group’s scope of consolidation.
For the same reasons, the mail-order and online shopping businesses reported a decline in earnings, but the bridal
business moved into the black. As a result, there was an operating profit of 462 million yen compared with anoperating loss of 1,075 million yen in the first nine months of 2020. Ordinary profit was 503 million yen comparedwith a loss of 4,577 million yen in the first nine months of 2020. Profit attributable to owners of parent was 479
million yen compared with a loss of 5,070 million yen in the first nine months of 2020.
Business segment performance was as follows.
From the first quarter of 2021, the credit card business, which was formerly included in the insurance and credit
card business segment, has been reclassified and included in the mail-order and online shopping business segment
for better coordination to the membership measures in this business. In line with this change, the insurance andcredit card business segment has been renamed as the “insurance business” segment. Prior-year segment
information has been revised to incorporate this new segment to permit comparisons.
(Mail-order and Online Shopping Business)
Consolidated sales in the mail-order and online shopping business, which is primarily the catalog and the Internet
businesses, decreased 4.9% year-over-year to 46,521 million yen in the first nine months. Operating profit decreased
34.9% to 1,153 million yen.
Although the number of members making purchases increased steadily by comparison to the pre-COVID-19
pandemic 2019, the level of special demand for stay-at-home consumption eased from the level recorded in theprevious year. Other reasons for the decrease in sales and earnings included the strengthening of the framework forthe implementation of the medium-term management plan announced in July this year, and the increase in fees andpersonnel expenses incurred to get ready for the 2022 renewal of the core system, which is an essential premise forour business reform using digital technologies.
(Bridal Business)
Consolidated subsidiaries Dears Brain Inc. and PLANETWORK CO., LTD., and WONDERSTAGE Co., Ltd. , awholly owned subsidiary of Dears Brain and a sub-subsidiary of Senshukai, were excluded from the scope of
consolidation following the sales of all shares of Dears Brain and PLANETWORK on March 31, 2021. In the firstquarter of 2021, when the Group had withdrawn from these businesses, consolidated sales in the bridal businessdecreased 51.3% year-over-year to 1,733 million yen and there was an operating loss of 1,045 million yen comparedwith a loss of 505 million yen in the first quarter of 2020.

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SENSHUKAI CO.,LTD. (8165) Financial Results for the Third Quarter of Fiscal Year 2021

(Corporates Business)
Consolidated sales in the corporates business, which provides products and services to corporations, decreased
4.8% year-over-year to 3,622 million yen. Operating profit decreased 20.2% to 289 million yen.
Although orders for outsourced logistics and call center services increased due to the expansion of mail-order sales
to corporate clients, both sales and earnings decreased due to a reduction in the use of novelty services comparedto the previous year.
(Insurance Business)
This business provides support, mainly to Belle Maison members, for choosing the most suitable insurance policies.
Consolidated sales increased 4.6% year-over-year to 284 million yen and operating profit decreased 4.1% to 116
million yen.
(Others)
Consolidated sales in other businesses, which include childcare support business and manufacturing and sales ofcosmetics, increased 1.6% year-over-year to 1,378 million yen. There was an operating loss of 51 million yen
compared with a loss of 0 million yen in the first nine months of 2020.
(2) Explanation of Financial Position(Balance sheet position)
Consolidated subsidiaries Dears Brain Inc. and PLANETWORK CO., LTD., and WONDERSTAGE Co., Ltd., awholly owned subsidiary of Dears Brain and a sub-subsidiary of Senshukai, were excluded from the scope of
consolidation following the sales of all shares of Dears Brain and PLANETWORK at the end of the first quarter of
2021.
Main reason for the following decreases in non-current assets, short-term borrowings and long-term borrowings isthe effect of the exclusion of these companies from the consolidation.
Assets totaled 51,636 million yen at the end of the third quarter of 2021, a decrease of 12,297 million yen from theend of 2020.
Current assets decreased 2,836 million yen to 34,776 million yen. The factors included decreases of 4,256 million
yen in cash and deposits and 1,079 million yen in notes and accounts receivable-trade, while there was an increaseof 2,458 million yen in merchandise and finished goods. Non-current assets decreased 9,461 million yen to 16,860
million yen. The factors included decreases of 8,194 million yen in property, plant and equipment, 144 million yen
in intangible assets and 1,121 million yen in investments and other assets.
Current liabilities decreased 6,369 million yen to 14,961 million yen. The factors included decreases of 3,108
million yen in other and 2,683 million yen in short-term borrowings. Non-current liabilities decreased 7,163 million
yen to 3,351 million yen. The main factor was a decrease of 5,735 million yen in long-term borrowings.
Net assets increased 1,234 million yen to 33,323 million yen. The factors included booking of profit attributable toowners of parent of 479 million yen, and a decrease of 572 million yen in treasury shares due to disposal of treasury
stock for restricted stock compensation. As a result, the equity ratio was 64.5%.
(3) Explanation of Consolidated Forecasts and Other Forward-looking Statements
Senshukai currently maintains its consolidated forecasts for fiscal year 2021 (January 1, 2021 to December 31,2021) that was released on March 23, 2021. Although the outlook remains uncertain due to the impact of COVID19, we remain firmly dedicated to contributing to society by fulfilling our duty as a retail company that provides
support to consumers by supplying merchandise and new ideas that match the needs of our customers.

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SENSHUKAI CO.,LTD. (8165) Financial Results for the Third Quarter of Fiscal Year 2021

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet(Millions of yen)
3Q 2021(As of Sep. 30, 2021)

Fiscal Year 2020
(As of Dec. 31, 2020)
AssetsCurrent assets
Cash and deposits

19,592

15,336

Notes and accounts receivable-trade

3,695

2,615

Merchandise and finished goods

7,173

9,632

Accounts receivable-other

5,529

4,955

Other

1,750

2,336

Allowance for doubtful accounts

(129)

(99)

37,612

34,776

Buildings and structures, net

10,641

4,122

Land

6,809

5,524

726

335

18,176

9,982

Goodwill

1,203

-

Other

1,954

3,013

Total intangible assets

3,158

3,013

Investment securities

2,102

2,369

Other

3,004

1,614

Allowance for doubtful accounts

(120)

(119)

Total current assets
Non-current assets
Property, plant and equipment

Other, net
Total property, plant and equipment
Intangible assets

Investments and other assets

Total investments and other assets
Total non-current assets
Total assets

-4-

4,986

3,864

26,321

16,86063,933

51,636SENSHUKAI CO.,LTD. (8165) Financial Results for the Third Quarter of Fiscal Year 2021

(Millions of yen)
3Q 2021(As of Sep. 30, 2021)

Fiscal Year 2020
(As of Dec. 31, 2020)
Liabilities
Current liabilities
Electronically recorded obligations-operating

6,185

5,539

Accounts payable-trade

3,620

3,695

Short-term borrowings

3,263

580

Income taxes payable

52

15

Provision for sales promotion expenses

216

230

Provision for bonuses

194

212

Other

7,797

4,688

Total current liabilities

21,33014,961

8,845

3,110

5

5

Other

1,664

236

Total non-current liabilities

10,514

3,351

31,845

18,313

Share capital

100

100

Capital surplus

30,26430,084Retained earnings

6,768

7,210

Non-current liabilities
Long-term borrowings
Retirement benefit liability

Total liabilities
Net assets
Shareholders’ equity

Treasury shares(3,525)(2,953)

Total shareholders’ equity

33,60634,440

Valuation difference on available-for-sale securities

195

242

Deferred gains or losses on hedges

(78)

113

(1,516)(1,516)(118)

41(1,518)(1,117)32,08833,32363,933

51,636

Accumulated other comprehensive income

Revaluation reserve for land
Foreign currency translation adjustment
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets-5-

SENSHUKAI CO.,LTD. (8165) Financial Results for the Third Quarter of Fiscal Year 2021

(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive
Income(Quarterly Consolidated Statement of Income)(For the Nine-month Period)
3Q 2020(Jan. 1, 2020 – Sep. 30, 2020)(Millions of yen)
3Q 2021(Jan. 1, 2021 – Sep. 30, 2021)

Net sales

59,50253,540

Cost of sales

29,602

26,561Gross profit

29,89926,979Selling, general and administrative expenses

30,97526,516

Operating profit (loss)(1,075)462

Interest income

168Dividend income
Share of profit of entities accounted for using equity
methodGain on adjustment of account payable

28

17

-

17

163

60

Subsidy income

304

165

Other

143

157

Total non-operating income

655

427

103

66

3,530

-

361

238

Non-operating income

Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodCommission expenses
Other

162

80

4,157

385

(4,577)503

Subsidy income

18

162

Gain on change in equity

13-

Total extraordinary income

32

162

14

1

Total non-operating expenses
Ordinary profit (loss)
Extraordinary income

Extraordinary losses
Loss on sales and retirement of non-current assets
Loss on tax purpose reduction entry of non-current
assetsImpairment loss

18

151

140

-

Loss on valuation of investment securities

38-

Loss on sales of shares of subsidiaries and associates-

11

Loss on disaster

14-

Loss on change in equity-

110

Total extraordinary losses

226

274

Profit (loss) before income taxes(4,771)

392

Income taxes

298

(87)

Profit (loss)(5,070)479

Profit (loss) attributable to owners of parent(5,070)479-6-SENSHUKAI CO.,LTD. (8165) Financial Results for the Third Quarter of Fiscal Year 2021

(Quarterly Consolidated Statement of Comprehensive Income)(For the Nine-month Period)
3Q 2020(Jan. 1, 2020 – Sep. 30, 2020)(Millions of yen)
3Q 2021(Jan. 1, 2021 – Sep. 30, 2021)(5,070)479

Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities

(182)

48

Deferred gains or losses on hedges

(59)

177

Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method

(0)

(11)

(23)

185

(266)

400

(5,336)880(5,336)880

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent-7-

SENSHUKAI CO.,LTD. (8165) Financial Results for the Third Quarter of Fiscal Year 2021

(3) Notes to Quarterly Consolidated Financial Statements(Going Concern Assumption)
Not applicable.
(Significant Changes in Shareholders’ Equity)
Pursuant to a resolution of the Board of Directors’ meeting held on April 16, 2021, Senshukai disposed of/sold its
own shares (196,442 shares) with a due date of May 14, 2021 for its directors (excluding the outside directors anddirectors dispatched by its capital and business alliance partners) and for the directors of its subsidiaries as restricted
stock compensation.
Furthermore, in accordance with the same Board of Directors’ resolution, Senshukai disposed of/sold its own shares(801,860 shares) with a due date of June 25, 2021 for employees of Senshukai and its subsidiaries (wholly owned
subsidiaries) as restricted stock compensation.
As a result, treasury shares decreased 572 million yen during the first nine months of 2021 to 2,953 million yen at
the end of the third quarter.
(Changes in Significant Subsidiaries during the Period)
Significant subsidiaries Dears Brain Inc. and PLANETWORK CO., LTD., and WONDERSTAGE Co., Ltd., awholly owned subsidiary of Dears Brain and a sub-subsidiary of Senshukai, were excluded from the scope of
consolidation following the sales of all shares of Dears Brain and PLANETWORK at the end of the fir st quarter of
2021.
(Important Changes in the Scope of Application of the Equity Method)
In the second quarter of 2021, Watabe Wedding Corporation, an equity-method affiliate of Senshukai was excluded
from the scope of application of the equity method due to a decrease in Senshukai’s equity interest in Watabe
Wedding following a third-party allotment of new shares by Watabe Wedding and the free transfer of a portion ofits shares.
Furthermore, in the third quarter of 2021, this company completed the procedures for the settlement of the proceeds
associated with the disposal of fractional shares following the company’s reverse stock split.
(Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements)(Calculation of tax expense)
Tax expenses are calculated by first determining a reasonable estimate of the effective tax rate after the applicationof tax effect accounting with respect to profit before income taxes for the fiscal year that includes the applicable
quarter and multiplying the profit before income taxes for that quarter by that rate. However, Senshukai uses
legally stipulated effective tax rates to calculate tax expenses when the use of estimated tax rates produces a clearly
irrational result.
(Additional Information)(Application of tax effect accounting associated with the transition from the consolidated taxation system to thegroup tax sharing system)
Senshukai and its consolidated subsidiaries are transitioning to the group tax sharing system that was created by
the Act on Partial Amendments to the Income Tax Act, etc. (Act No. 8 of 2020) and, in conjunction with thistransition, has reexamined items concerning the non-consolidated taxation system. With respect to this transition
and reexamination, Senshukai and its consolidated subsidiaries have not used the provisions of Paragraph 44 of
Implementation Guidance on Tax Effect Accounting (Accounting Standards Board of Japan (ASBJ) Guidance No.
28, February 16, 2018) in accordance with the treatment in Paragraph 3 of Practical Solution on the Treatment of
Tax Effect Accounting for the Transition from the Consolidated Taxation System to the Group Tax Sharing System-8-

SENSHUKAI CO.,LTD. (8165) Financial Results for the Third Quarter of Fiscal Year 2021

(ASBJ Practical Issues Task Force (PITF) No. 39, March 31, 2020). As a result, deferred tax assets and deferred
tax liabilities are based on the tax law prior to these amendments.
(Uncertainty of accounting estimates)
At the end of the third quarter of 2021, the business environment remained severe due to restrictions on economic
activity and sluggish personal consumption caused by the resurgence of COVID-19. The outlook continues to be
uncertain, but Senshukai believes that this situation will have only a negligible effect on business activities of theGroup. We are using the best possible estimates in accordance with information that is currently available. However,
if some upcoming event alters the impact of this crisis on business operations, there may be an effect on the
Senshukai Group’s financial soundness, results of operations and cash flows.
(Segment Information)
I 3Q 2020 (Jan. 1, 2020 – Sep. 30, 2020)
1. Information related to sales and profit or loss for each reportable segment
Reportable segment
MailOthers
order and
Bridal Corporates Insurance
onlineSub-total (Note 1)
business businessbusiness
shopping
business

Total(Millions of yen)Amounts
shown onquarterly
Adjustment
consolidated(Note 2)statement ofincome(Note 3)

Net sales
Sales to customers 48,902
5,164
3,805
272
58,145
1,357 59,502
59,502
Inter-segment
197
10
47
254
0
254
(254)
sales or transfers
Total
49,099
5,174
3,853
272
58,4001,357 59,757(254)
59,502
Segment profit
1,772(3,333)362
121(1,076)(0) (1,077)
1(1,075)(loss)
Notes: 1. Others represent the businesses which are not included in any of the four reportable segments and consist of thechildcare support business and manufacturing and sales of cosmetics.
2. The 1 million yen adjustment to segment profit (loss) is an elimination for inter-segment transactions.
3. Segment profit (loss) is adjusted to be consistent with the operating loss on the quarterly consolidated statement ofincome.

2. Information related to impairment of non-current assets, goodwill, etc. for each reportable segment
No major events or changes occurred.
II 3Q 2021 (Jan. 1, 2021 – Sep. 30, 2021)
1. Information related to sales and profit or loss for each reportable segment
Reportable segment
Mailorder andBridal Corporates Insurance
onlineSub-total
business business businessshopping
business

Others(Note 1)

Total

(Millions of yen)Amounts
shown onquarterly
Adjustment
consolidated(Note 2)statement ofincome(Note 3)

Net sales
Sales to customers
46,521
1,733
3,622
284
52,161
1,378
53,54053,540Inter-segment
208
5
26
239
0
239
(239)
sales or transfers
Total
46,729
1,738
3,649
284
52,401
1,378
53,780(239)
53,540
Segment profit
1,153(1,045)
289
116
513
(51)
462
0
462
(loss)
Notes: 1. Others represent the businesses which are not included in any of the four reportable segments and consist of thechildcare support business and manufacturing and sales of cosmetics.
2. The 0 million yen adjustment to segment profit (loss) is an elimination for inter-segment transactions.
3. Segment profit (loss) is adjusted to be consistent with the operating profit on the quarterly consolidated statementof income.

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SENSHUKAI CO.,LTD. (8165) Financial Results for the Third Quarter of Fiscal Year 2021

2. Information related to revisions for reportable segments
In the first quarter of 2021, the credit card business, which was formerly included in the insurance and credit
card business segment, has been reclassified and included in the mail-order and online shopping business segment
for better coordination to the mail-order and online shopping business. In line with this change, the insurance
and credit card business segment has been renamed as the “insurance business” segment.
Prior-year segment information has been revised to incorporate this new segment to permit comparisons.
3. Information related to impairment of non-current assets, goodwill, etc. for each reportable segment
Significant changes in the amount of goodwill
In the bridal business, all shares of consolidated subsidiaries Dears Brain Inc. and PLANETWORK CO., LTD.
were sold at the end of the first quarter of 2021. As a result of the sales of these subsidiaries shares, goodwill
decreased 1,158 million yen.
4. Information related to assets for each reportable segment
Significant decrease in assets due to decrease in number of subsidiaries
Consolidated subsidiaries Dears Brain Inc. and PLANETWORK CO., LTD., and WONDERSTAGE Co., Ltd., awholly owned subsidiary of Dears Brain and a sub-subsidiary of Senshukai, were excluded from the scope of
consolidation following the sales of all shares of Dears Brain and PLANETWORK at the end of the first quarterof 2021. As a result, segment assets of the bridal business for the third quarter of 2021 decreased 14,911 million
yen, compared with the end of 2020.

* This financial report is solely a translation of summary of “Kessan Tanshin” (in Japanese, including attachments), which has
been prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience ofreaders who prefer an English translation.

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