This document is a translation of the Japanese financial statements and is not in conformity with accounting principles of the United States.

SENKO Co., Ltd.

Summary of Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2015
[Japan GAAP]
October 31, 2014
Name of Listed Company: SENKO Co., Ltd.
Stock Listed on: First Section of the Tokyo Stock Exchange
Code Number:
9069
URL http://www.senko.co.jp/en/
Representative:
Title: President
Name: Yasuhisa Fukuda
Inquiries:
Title: Executive Officer, Public Relations
Name: Noburoh Sasaki
Tel. (06) 6440-5155
Scheduled Date of Issue of Financial Report:
November 13, 2014
Scheduled Date of Dividend Paid: December 2, 2014
Yes
Supplemental Information Materials:
Yes (for institutional investors)
Scheduled Date of Quarterly Information Meeting:
1. Consolidated Operating Results for the Six Months Ended September 30, 2014
(1) Consolidated Operating Results

Six months ended September 30, 2014
Six months ended September 30, 2013
(Note) Comprehensive income

Operating revenues
Million yen%
183,798
21.6
151,189
4.7

Note: Amounts less than ¥1 million have been rounded down.
Operating income
Ordinary income
Net income
Million yen%
Million yen%
Million yen
%
5,376
(1.6)
5,131
1.4
3,069
(9.0)
5,465
17.3
5,063
7.5
3,374
26.2

Six months ended September 30, 2014 ¥3,642 million (‒1.2%)
Six months ended September 30, 2013 ¥3,686 million (62.5%)
Net income
per share

Diluted net income
per share
Yen
20.53
24.36

Yen
24.36
Six months ended September 30, 2014
26.97
Six months ended September 30, 2013
(Note) The figures for consolidated operating results (cumulative) for the six months ended
September 30, 2013 are after the retrospective application of the changes toaccounting principles following the revision of accounting standards.
(2) Consolidated Financial Position

As of September 30, 2014
As of March 31, 2014
(Reference) Shareholders’ equity:

Total assets
Million yen
246,663
243,570

As of September 30, 2014 ¥71,823 million

Net assets
Million yen
76,35572,302Equity ratio
%
29.1
27.8

Net assets per share
Yen
564.04539.52As of March 31, 2014 ¥67,819 million(Note) The figures for the consolidated financial position for the fiscal year ended March 31, 2014 are after the retrospective application of thechanges to accounting principles following the revision of accounting standards.
2. Dividends
June 30
Yen

September 30
Yen
8.00
8.00

Annual dividend
December 31
Yen−
Fiscal year ended March 31, 2014−
Fiscal year ending March 31, 2015
Fiscal year ending March 31, 2015
(Forecast)(Note) Change in the estimation of dividend for the fiscal year in this period: None

March 31

Total

−

Yen
8.00

Yen
16.00

−

8.00

16.00

3. Forecast of Consolidated Operating Results for the Fiscal Year Ending March 31, 2015 (From April 1, 2014 to March 31, 2015)
Operating revenues Operating income
Million yen%
Fiscal year ending March 31, 2015
400,000 19.8
(Note) Change in the forecast made in this period: Yes

Million yen
14,300%18.0(Percentage figures represent year-on-year changes)
Net income
Ordinary income
Net income
per share
Million yen% Million yen%
Yen
13,500 19.4
7,600 16.9
60.32

Forecast stated in the results of operations for the fiscal year ending March 2015 announced on July 31, 2014 has been revised.
Please refer to “Forecast for the fiscal year ending March 31, 2015” on page 4.

Notes(1) Changes in significant subsidiaries during the period (Changes in specified subsidiaries associated with change in scope of
consolidation): None
(2) Use of accounting methods specifically for the preparation of the quarterly consolidated financial statements: None
(3) Changes in accounting principles and estimates, and retrospective restatement(a) Changes due to revision of accounting standards: Yes(b) Changes other than in (a): None(c) Changes in accounting estimates: None(d) Retrospective restatement: None
(4) Shares outstanding (Common shares)(a) Shares outstanding (including treasury stocks)
As of September 30, 2014:

130,245,819 shares

As of March 31, 2014:

128,989,476 shares

2,907,021 shares

As of March 31, 2014:

3,284,287 shares(b) Treasury stock
As of September 30, 2014:(c) Average number of shares (quarterly consolidated cumulative period)
Six months ended September 30, 2014: 125,991,579 shares

Six months ended September 30, 2013

125,089,449 shares(Note) Starting with the first quarter of the consolidated fiscal year ending March 31, 2015 (the three months ended June 30, 2014), the number ofshares of treasury stock at term-end includes Senko shares owned by the employee stock ownership plan (ESOP) trust, following revisions toaccounting principles due to the amendment of accounting standards. (As of September 30, 2014: 2,293,000 shares; as of March 31, 2014:
2,680,000 shares.)

Information concerning quarterly review procedure
This quarterly financial report is not subject to the quarterly review procedure prescribed by the Financial Instruments and Exchange Law.
The review procedure prescribed by the Financial Instruments and Exchange Law for the quarterly consolidated financial statements had
not been completed when this quarterly financial report was released.
Cautionary statement regarding forecasts of operating results and special notes
Forward-looking statements in these materials are based on information available to management at the time this report was prepared
and assumptions that management believes are reasonable. Actual results may differ significantly from these statements for a number ofreasons. For information about the assumptions used for forecasts and precautions concerning the use of forecasts, please see“Forecast for the fiscal year ending March 31, 2015” on page 4.

Index to accompanying materials

1．Results of Operations and Financial Condition ........................................................................................................................................ 2(1) Results of operations ......................................................................................................................................................................... 2(2) Financial condition ............................................................................................................................................................................. 3(3) Forecast for the fiscal year ending March 31, 2015 ......................................................................................................................... 4
2．Other Information ...................................................................................................................................................................................... 5(1) Changes in significant subsidiaries ..................................................................................................................................................... 5(2) Use of accounting methods specifically for the preparation of the quarterly consolidated financial statements .............................. 5(3) Changes in accounting principles and estimates, and retrospective restatement ............................................................................ 5
3．Consolidated Financial Statements .......................................................................................................................................................... 6(1) Consolidated balance sheets ............................................................................................................................................................ 6(2) Consolidated statements of (comprehensive) income ..................................................................................................................... 8
Consolidated statements of income
For the six months ended September 30, 2013 and 2014 ............................................................................................................... 8
Consolidated statements of comprehensive income
For the six months ended September 30, 2013 and 2014 ............................................................................................................... 9(3) Consolidated statements of cash flows ........................................................................................................................................... 101

1.

Results of Operations and Financial Condition
Results of operations
In the six-month period of the fiscal year ending March 31, 2015 (April 1, 2014 to September 30, 2014), the Japanese economy lost
momentum as consumer spending declined due to the consumption tax rate hike and unfavorable weather in the summer, leading to
a decrease in corporate production because of sluggish domestic demand and weak exports.

1.

In the logistics industry, cargo volumes declined in many areas, including consumer spending-related goods and construction-relatedmaterials, due to the impact of the consumption tax rate hike. In addition, the industry environment remained severe, since costs
continued to increase, due to soaring fuel prices and rising outsourcing expenses caused by a shortage of trucks and drivers.
In this environment, the Senko Group established a new four-year medium-term business plan that began in the fiscal year ended
March 31, 2014 and is based on the slogan “Moving Global.” The plan has three goals: go beyond logistics, make the world go
round, and revolutionize business. The Group is working achieving growth in the distribution business and commerce and tradebusiness as well as on fostering a greater degree of trust among our customers by building a structure for services with high quality
and outstanding performance in relation to cost.
In the six-month period, the Company added a new warehouse at the Tawaramoto Distribution Center (Shiki County, Nara
Prefecture) in May to expand distribution operations for home centers and established the Moriyama PD Center No. 3 Warehouse(Moriyama City, Shiga Prefecture) in June 2014 to expand business in the Kyoto/Shiga area. In addition, in July 2014 it started
operating the Kitakanto PD Center (Ota City, Gunma Prefecture), its first distribution center with a seismic isolation structure in
Gunma Prefecture, to strengthen its business foundation in the northern Kanto area. Furthermore, the Company is constructing new
distribution centers in the Tohoku, Kanto and Chubu areas and began building new distribution centers in Thailand with the aim ofboosting its distribution center business both in Japan and overseas.
Currently, it is a growing trend for companies to outsource their distribution operations. The Company obtained an order for
distribution operations in the Kyushu area from a major beverage manufacturer in May 2014. In addition, it concluded a contract witha large gas sales company’s distribution affiliate to take over the affiliate’s general cargo distribution business and customs clearance
business in July 2014, and this began operations in October 2014. The Senko Group will further expand its distribution business bymeeting the demand for subcontracting distribution operations.
In June 2014, to explore business opportunities in new markets, the Company acquired 100% ownership of Sankyo Butsuryu Niyaku
Co., Ltd. and Sankyo Logistics Co., Ltd., which engage in the distribution of agricultural products in Hokkaido. In addition, in July
2014, the Company concluded a contract to acquire the shares of Runtec Corporation, a leading constant temperature logistics
company (in cold and freezer storage) in Japan, and welcomed this company into the Senko Group on October 2, 2014. Runtec
owns more than 1,000 units of cold and freezer storage trucks and constant temperature warehouses with an area of around 20,000
tsubo (approximately 66,000 square meters) across Japan, enabling the establishment of a nationwide logistics network. The Groupwill integrate the logistics expertise of both companies to provide new distribution services and cultivate new customers.
The six-month-period performance was as follows.
(Unit: Millions of yen)Six months ended
September 30, 2013
151,189

Six months ended
September 30, 2014
183,798

Operating income
Ordinary income

5,465
5,063

Net income

3,374

Operating revenues

Change%32,608

21.6

5,376
5,131

(89)
68

(1.6)
1.4

3,069

(304)

(9.0)

Consolidated operating revenues for the six-month period ended September 30, 2014 increased to ¥183,798 million, up 21.6% froma year earlier, due to the aggressive expansion of sales and the consolidation of AST CORPORATION through M&A in October 2013.
Consolidated operating income decreased to ¥5,376 million, down 1.6%, because of cost increases, such as the surge in fuel prices
and outsourcing costs and negative effects from exchange rate fluctuations in the commerce and trade business, despite positiveeffects from a rise in operating revenues and a price revision. Ordinary income grew to ¥5,131 million, up 1.4%, due to an
improvement in non-operating income and expenses, while net income declined to ¥3,069 million, down 9.0% reflecting the absenceof extraordinary income (versus ¥966 million for the six-month period in the previous year).

2

The six-month-period business segment performance was as follows.
Distribution
In the retail product logistics business, the Company received an order for distribution operations from a major beverage
manufacturer; cargo volume increased for companies in the fashion industry; and the acquisition of Sankyo Butsuryu Niyaku Co., Ltd.
and Sankyo Logistics Co., Ltd. had a positive effect on business. In the housing logistics business, the Company saw cargo volumes
decrease due to the effect of the consumption tax rate hike, despite aggressive sales promotion activities. In the chemicals logistics
business, there was a positive effect from large-scale capital expenditure, such as an asphalt tanker that was built in 2013, as well asorders in new operations due to expanded sales. Consequently, operating revenues increased to ¥124,044 million, up 6.1% from theprevious year.
Commerce and trade
In the commerce and trade business, operating revenues increased to ¥57,617 million, up 75.6% from the previous year, due to theimpact of acquiring AST CORPORATION as a consolidated subsidiary and sales growth in the petroleum marketing business.
OthersIn this segment, operating revenues grew to ¥2,136 million, up 47.9% from the previous year, due to the launch of the solar electricity
sales business in September 2013 and a rise in orders received for outsourced data processing services.
2.

Financial condition
1. Assets, liabilities and net assets
Total assets
Total assets as of September 30, 2014 were to ¥246,663 million, ¥3,092 million higher than the total at the previous fiscal year-end.
This reflected increases in property, plant and equipment, and investments and other assets of ¥1,744 million and ¥1,240 million,
respectively.
Liabilities
Liabilities decreased ¥960 million from the end of the previous fiscal year to ¥170,307 million. The main factors were a decrease innoncurrent liabilities of ¥5,950 million and an increase in current liabilities of ¥4,990 million.
Net assets
Net assets expanded by ¥4,053 million from the end of the previous fiscal year to ¥76,355 million, This reflected increases in capitalstock and capital surplus of ¥247 million each due to the conversion of convertible bond-type bonds with subscription rights tocommon shares, while retained earnings and valuation differences on available-for-sale securities grew by ¥2,653 million and ¥375
million, respectively. The equity ratio expanded by 1.3 percentage points from the end of the previous fiscal year to 29.1%,
2. Cash flows
Cash and cash equivalents as of September 30, 2014 totaled ¥18,373 million, up ¥705 million from the end of the previous fiscal
year.
Net cash provided by operating activities was ¥6,364 million. Major factors affecting this cash flow were income before income taxesof ¥4,972 million, depreciation and amortization of ¥3,975 million, a decrease in trade notes and accounts receivable of ¥2,068
million, a fall in trade notes and accounts payable of ¥1,985 million, and income taxes paid of ¥2,566 million.
Net cash used in investing activities was ¥6,496 million. Major factors affecting this cash flow were purchases of property, plant andequipment of ¥5,165 million, purchase of shares of subsidiaries resulting in change in scope of consolidation of ¥580 million, andpurchase of shares of subsidiaries and affiliates of ¥482 million.
Net cash provided by financing activities was ¥666 million. Major factors affecting this cash flow were an increase in short-term loans
payable of ¥6,450 million, proceeds from long-term loans payable of ¥1,350 million, repayment of long-term loans payable of ¥5,028
million, repayment of finance lease obligations of ¥1,072 million, and cash dividends paid of ¥1,026 million.

33.

Forecast for the fiscal year ending March 31, 2015
Although the Japanese economy is expected to stage a mild recovery reflecting bright employment prospects and a recovery incapital expenditures supported by the improvement of corporate earnings, there are concerns about the lingering negative effects oflast-minute demand prior to the consumption tax rate hike and the downturn in overseas economies. The logistics industry is
expected to continue to face a challenging business environment, due to factors such as a labor shortage and cost increases,
including higher fuel prices.
In this environment, the Senko Group will continue to enhance its competitiveness, improve its profitability and upgrade its operating
system.
Considering the increase in net sales and operating income due to the consolidation of Runtec Corporation and a decrease inoperating income due to a rise in costs, including soaring outsourcing expenses, the Company has revised the forecast of
consolidated operating results for the fiscal year ending March 31, 2015 as follows:
Operatingrevenues
Million yen

Million yen

Million yen

Million yen

Net income
per share
Yen

Previous forecast (A)380,000

14,00013,000

7,400

58.83

Revised forecast (B)Difference (B – A)

400,000
20,00014,300300

13,500
500

7,600
200

60.32
−

5.3

2.1

3.8

2.7

−

333,883

12,122

11,305

6,503

50.83

Difference (%)
Reference: Previous
operating results (the fiscal
year ended March 31, 2014)

Operating income

Ordinary income

4

Net income2. Other Information(1) Changes in significant subsidiaries
None(2) Use of accounting methods specifically for the preparation of the quarterly consolidated financial statements
None(3) Changes in accounting principles and estimates, and retrospective restatement(Application of Accounting Standard, etc. for Retirement Benefits)
Starting with the three-month period of the fiscal year ending March 31, 2015, Senko has applied the Accounting Standard for
Retirement Benefits (ASBJ Statement No. 26, May 17, 2012; hereinafter referred to as the “Accounting Standard”) and the Guidanceon Accounting Standard for Retirement Benefits (ASBJ Guidance No. 25, May 17, 2012; hereinafter referred to as the “Guidance”)
with regard to the provisions prescribed in the main text of Section 35 of the Accounting Standard and Section 67 of the Guidance.
As a result, the calculation methods of retirement benefit obligations and service costs were reviewed, the period attribution methodof the expected amount of retirement benefits was changed from straight-line attribution to the benefit calculation standard, and thedecision method of the discount rate was changed from a single discount rate to a single weighted average discount rate(equivalence system).
In accordance with the transitional handling prescribed in Section 37 of the Accounting Standard, for the application of the above
Accounting Standard and Guidance, the effect of the changes in the calculation methods of retirement benefit obligations and service
costs was adjusted in retained earnings at the beginning of the six-month period of the current fiscal year.
As a result, liabilities pertaining to retirement benefits at the beginning of the six-month period of the fiscal year under review
decreased by ¥823 million and retained earnings increased by ¥530 million. The application of the Accounting Standard andGuidance did not have a material effect on consolidated cumulative profits and losses for the six-month period of the current fiscal
year.
(Application of Practical Solution on Transactions of Delivering the Company’s Own Stock to Employees, etc. through Trusts)
Starting with the three-month period of the fiscal year ending March 31, 2015, Senko has applied the Practical Solution on
Transactions of Delivering the Company’s Own Stock to Employees, etc. through Trusts (ASBJ Practical Issues Task Force No. 30,
December 25, 2013; hereinafter referred to as the “Practical Solution”). The disposal difference was acknowledged at the time ofdisposal of the Company’s treasury stock to the trust, and the profit/loss on the sale of shares sold from the trust to the Senko Group
Employees’ Stockholding, the dividend from Senko with respect to the shares owned by the trust, and the net amount of the costs
related to the trust have been recorded in liabilities. The said change in accounting principles has been applied retrospectively, with
the quarterly consolidated financial statements and consolidated financial statements for the three-month period of the previous fiscal
year and the previous consolidated fiscal year based on retrospective application.
As a result, advances paid and deposits as of the end of the previous consolidated fiscal year decreased by ¥23 million, respectively,
treasury stock decreased by ¥440 million, and capital surplus increased by ¥440 million compared to the period before the Practical
Solution was retrospectively applied.

53. Consolidated Financial Statements(1) Consolidated balance sheets(Unit: Millions of Yen)
As of March 31, 2014

As of September 30, 2014

AssetsCurrent assets
Cash and deposits

17,767

18,525

Notes and accounts receivable

51,76449,960

Merchandise

6,076

6,613

Real estate for sale

3

3Work in process

214

236

Supplies

209

205

Other

8,167

8,423

(50)

(39)

84,15383,928

Buildings and structures (net)60,13962,611

Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipmentLand

56,09256,138Other (net)12,225

11,452

Total property, plant and equipment

128,457

130,201

Intangible assets
Goodwill

3,178

3,574

Other

3,440

3,377

Total intangible assets

6,619

6,952

Investments and other assets
Guarantee deposits

9,559

9,639

Deferred tax assets

4,234

3,370

Other

11,104

13,139Allowance for doubtful accounts

(557)

(568)

Total investments and other assets

24,33925,580159,416

162,734

243,570

246,663

Total noncurrent assets
Total assets

6

(Unit: Millions of Yen)
As of March 31, 2014

As of September 30, 2014

Liabilities
Current liabilities
Notes and operating accounts payable-trade36,60336,299Current portion of bonds

7,040

7,030

Short-term loans payable

16,34522,982

Income taxes payable

2,766

1,284

Provision for bonuses

3,342

3,284

163

83

Other

13,08013,366

Total current liabilities

79,34084,331

Bonds payable

5,020

5,010

Convertible bond-type bonds with subscription rights

12,031

11,533Long-term loans payable

57,59853,748187

200

Net defined benefit liability

6,804

6,033

Provision for special repairs

42

36

Asset retirement obligations

440

444

Other

9,802

8,969

Total noncurrent assets

91,92785,976

171,267

170,307

Capital stock

20,521

20,768

Capital surplus

19,337

19,584Retained earnings

31,06433,717

Treasury stock(1,532)(1,345)

Total shareholders’ equity

69,39072,725

Valuation differences on available-for-sale securities

738

1,114

Deferred gains or losses on hedges

(9)

93

Foreign currency translation adjustment

230

242

Recalculation of defined benefit plans(2,530)(2,351)

Total accumulated other comprehensive income(1,570)

(901)

235

288

Minority interests

4,247

4,243

Total net assets

72,302

76,355

243,570

246,663

Provision for directors’ bonuses

Noncurrent liabilities

Provision for directors’ retirement benefits

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income

Subscription rights to shares

Liabilities and net assets

7

(2) Consolidated statements of (comprehensive) income(Consolidated statements of income)(For the six months ended September 30, 2013 and 2014)(Unit: Millions of Yen)
Six months ended

Six months ended

September 30, 2013

September 30, 2014

(April 1, 2013–September 30, 2013)(April 1, 2014–September 30, 2014)

Operating revenues

151,189

183,798

Cost of sales

135,583

165,023

Gross profit

15,605

18,774

Selling, general and administrative expenses

10,13913,397

Operating income

5,465

5,376

Interest income

78

89

Dividend income

57

72

Other

272

335

Total non-operating income

409

497

Interest expenses

624

588

Other

187

153

Total non-operating expenses

811

742

5,063

5,131

Gain on sales of investment securities

549−

Gain on revision of retirement benefit plan

239−

Gain on sales of noncurrent assets

145−

Insurance income

32−

Total extraordinary income

966−

Litigation settlement−

98

Loss on business withdrawal−

41

Loss on sales of noncurrent assets

−

20

134

−

104

−

51

−

22

−

Total extraordinary loss

313

159

Income before income taxes

5,716

4,972

Income taxes-current

1,764

1,193

Income taxes-deferred

536

697

Total income taxes

2,301

1,890

Income before minority interests

3,415

3,081

Minority interest in income or loss

41

11

3,374

3,069

Non-operating income

Non-operating expenses

Ordinary income
Extraordinary income

Extraordinary loss

Loss on retirement of noncurrent assets
Loss on valuation of investments in capital of subsidiaries andAffiliates
Loss on cancellation of lease contracts
Provision of allowance for doubtful accounts for subsidiaries andAffiliates

Net income8

(Consolidated statements of comprehensive income)(For the six months ended September 30, 2013 and 2014)(Unit: Millions of Yen)

Income before minority interests

Six months ended

Six months ended

September 30, 2013

September 30, 2014

(April 1, 2013–September 30, 2013)(April 1, 2014–September 30, 2014)

3,415

3,081

Valuation difference on available-for-sale securities

122

420

Deferred gains or losses on hedges

(9)

108

Other comprehensive income

Foreign currency translation adjustment

158

(145)

Recalculation of defined benefit plans−

178

Total other comprehensive income

271

561

3,686

3,642

3,577

3,626

109

16

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests9(3) Consolidated statements of cash flows(Unit: Millions of Yen)
Six months ended

Six months ended
September 30, 2013

September 30, 2014

(April 1, 2013–September 30, 2013)(April 1, 2014–September 30, 2014)

Cash flows from operating activities
Income before income taxes

5,716

4,972

Depreciation and amortization

3,702

3,975

Loss (gain) on sales of investment securities

(549)

−

Loss (gain) on sales of noncurrent assets

(145)

(5)

Loss on retirement of noncurrent assets

134−(3,266)

−

−

(251)

Increase (decrease) in provision for bonuses

320

(58)

Interest and dividends income

(136)

(162)

Interest expenses

624

588

Decrease (increase) in notes and accounts receivable-trade

2,768

2,068

Decrease (increase) in inventories

(103)

(553)

(1,405)(1,985)

(1)

815

7,658

9,403

100

117

Increase (decrease) in provision for retirement benefits
Increase (decrease) in net defined benefit liability

Increase (decrease) in notes and accounts payable-trade
Other
Sub-totalInterest and dividends income received
Interest expenses paid

(625)

(590)

Income taxes paid

(2,447)(2,566)

Net cash provided by (used in) operating activities

4,686

6,364

Cash flows from investing activities
Purchase of property, plant and equipment(8,288)(5,165)

Proceeds from sales of property, plant and equipment

359

356

Purchase of investment securities

(26)

(22)

1,024

31

−

(580)

(143)

(482)

Income from sales of stocks of subsidiaries and affiliates

12

9

Other

118

(641)

(6,943)(6,496)

420

6,450

Proceeds from sales of investment securities
Purchase of shares of subsidiaries resulting in change in scope of
consolidation
Purchase of stocks of subsidiaries and affiliates

Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable

12,740

1,350

Repayment of long-term loans payable(6,091)(5,028)

Repayments of finance lease obligations(1,213)(1,072)

Purchase of treasury stock

(2)

(4)

Proceeds from sales of treasury stock

172

191

Cash dividends paid

(873)

(1,026)

Other

(162)

(192)

Net cash provided by (used in) financing activities

4,988

666

52

(54)

Net increase (decrease) in cash and cash equivalents

2,783

480

Cash and cash equivalents at beginning of period

15,69017,667

Net increase (decrease) in cash and cash equivalents resulting fromchange of scope of consolidation

1,591

225

Cash and cash equivalents at end of period

20,066

18,373

Effect of exchange rate change on cash and cash equivalents

10