Summary of Consolidated Financial Statements
for the First Six Months of Fiscal Year Ending December 31, 2023
[Japanese GAAP]
August 3, 2023
Company Name

SymBio Pharmaceuticals Limited

Listing: Tokyo Stock Exchange

Securities Code4582

URL: https://www.symbiopharma.com/

Representative

Representative Director,
President and Chief Executive Officer

Fuminori Yoshida

Contact Person

Executive Corporate Officer andChief Financial Officer

Takaaki Fukushima

TEL +81-3-5472-1125

Date of Dividend
Payment (plan)–

Scheduled Date to File Quarterly August 4, 2023
ReportSupplementary materials for the quarterly financial statements:

Yes ・ No

Holding of quarterly earnings performance review:

Yes ・ No

(Amounts of less than one million yen are rounded down.)
1. Business Results for the First Three Months of FY 2023 (January 1, 2023 to June 30, 2023)(1) Consolidated Operating Results (cumulative)(Percentages indicate year-on-year changes.)
Net Sales

Operating Profit

Profit attributable toowners of parent

Ordinary Profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

%

3,178
4,873

(34.8)
–

(49)
1,372

–
–

66
1,447

(95.4)
–

(79)
1,108

–
–

Q2 FY 2023
Q2 FY 2022

(Note) Comprehensive income:Q2 FY 2023
Q2 FY 2022

Earnings per Share(80) million yen [ – %]1,108 million yen [ – %]Diluted Earnings per Share
Yen

Yen

Q2 FY 2023
(2.02)–Q2 FY 2022
28.71
28.32
(Note) Diluted earnings per share is not stated above due to recording of a net loss per share, despite the potential dilution of shares.
(2) Consolidated Financial Position
Total Assets
Q2 FY 2023 (as of June 30, 2023)
FY 2022 (as of December 31, 2022)(Reference) Shareholders’ equity:

Net Assets

Equity Ratio

Millions of yen

Millions of yen

%

9,206
10,433

8,378
8,506

88.1
77.6

Q2 FY 2023 (as of June 30, 2023)
FY 2022 (as of December 31, 2022)

8,112 million yen
8,094 million yen

2. Dividends
Annual Dividend per ShareFY 2022
FY 2023
FY 2023 (Forecast)

1st QuarterYen

2nd Quarter
Yen

3rd Quarter
Yen

Fiscal Year End
Yen

–
–

0.00

–

0.00

0.00

0.00

–

0.00

0.00

(Note) Revision of dividend forecasts most recently announced: Yes ・ No

Full YearYen

3. Earnings Forecasts for FY 2023 (January 1, 2023 to December 31, 2023)
Operating Profit(Loss)Net Sales
Millions of yen

Full Year

6,477% Millions of yen(35.3)(331)(Percentages indicate year-on-year changes.)
Profit (Loss)
Earnings (Loss) per
attributable toShareowners of parent

Ordinary Profit(Loss)% Millions of yen% Millions of yen

%

Yen

–

–

–

(9.34)

(219)

(370)

(Note) Revision of earnings forecasts most recently announced: Yes ・ No
Notes:(1) Changes in significant subsidiaries during the period:(Transfer of specified subsidiary accompanying a change in the scope of consolidation)
New: None
Removed: None

Yes ・ No

(2) Application of special accounting treatment in preparing the quarterly financial statements: Yes ・ No
(3) Changes in accounting policies, changes in accounting estimates and restatements after error corrections(a) Changes in accounting policies due to revision of accounting standards:

Yes ・ No(b) Changes in accounting policies due to other reasons:Yes ・ No(c) Changes in accounting estimates:

Yes ・ No(d) Restatements after error corrections:

Yes ・ No

(4) Number of issued shares (common stock)(i) Total number of issued shares at the end of
the period (including treasury shares)(ii) Total number of treasury shares at the endof the period(iii) Average number of shares during theperiod (cumulative)

Q2 FY 2023

39,840,556 shares

FY 2022

39,603,606 shares

Q2 FY 2023

86,594 shares

FY 2022

85,268 shares

Q2 FY 2023

39,606,729 shares

Q2 FY 2022

38,592,106 shares* Summary of the quarterly financial statements is not subject to quarterly reviews by certified public accountants or accounting
corporations.
* Explanation regarding the appropriate use of earnings forecasts and other matters
All forecasts presented in this document, including earnings forecasts, are based on the information currently available to theCompany and assumptions determined by the Company to be reasonable. Actual results may differ substantially from these
forecasts due to various factors. Regarding the assumptions on which the Company’s earnings forecasts are based and their usage,
please refer to “1. Qualitative Information on Quarterly Financial Results (3) Explanation of consolidated earnings forecast andother forward-looking information” on Page 4 of the attachment.

Index of the attachment
1. Qualitative Information on Quarterly Financial Results ........................................................................................................................ 2(1) Business results ................................................................................................................................................................................ 2(2) Summary of financial position ......................................................................................................................................................... 4(3) Explanation of consolidated earnings forecasts and other forward-looking information ................................................................. 4
2. Quarterly Consolidated Financial Statements and Primary Notes ......................................................................................................... 5(1) Quarterly consolidated balance sheet ............................................................................................................................................... 5(2) Quarterly consolidated statement of income and consolidated statement of comprehensive income ............................................... 7
Quarterly consolidated statement of income for the first six months of FY 2023 ............................................................................ 7
Quarterly consolidated statement of comprehensive income for the first six months of FY 2023 ................................................... 8(3) Quarterly consolidated statement of cash flows ............................................................................................................................... 9(4) Notes to quarterly consolidated financial statements ..................................................................................................................... 10(Notes to going concern assumptions)............................................................................................................................................ 10(Notes in case of significant changes to shareholders’ equity) ....................................................................................................... 10(Accounting policy changes) .......................................................................................................................................................... 10(Significant subsequent events) ...................................................................................................................................................... 10―1―

1. Qualitative Information on Quarterly Financial Results(1) Business results
Progress in the Company’s business for the first six months of the fiscal year under review is as follows.
(i) Business results for the period under review
In December 2020, the Group began selling TREAKISYM® (generic name: bendamustine hydrochloride or bendamustinehydrochloride hydrate) through its own sales organization.
The Group has established a highly productive salesforce consisting of qualified medical representatives nationwide. As our
medical representatives have expertise in hematology and are deployed nationally, they are capable of effectively addressing the
local needs of institutions in each region in the country. To achieve nationwide distribution, we have entered into distributionagreements with Suzuken Co., Ltd. and Toho Pharmaceutical Co., Ltd. We are also working with S.D. Collabo Co., Ltd. and haveestablished two logistics centers, one in eastern and one in western Japan.
In February 2022, the Group obtained approval for a partial change to the marketing authorization of the ready-to-dilute (RTD)
liquid formulation of TREAKISYM® to add rapid infusion (RI) administration. The RTD formulation of TREAKISYM® is a liquid
formulation that eliminates the need for manual reconstitution and significantly reduces preparation time. RI administration has thefurther advantage of reducing the infusion time to 10 minutes, benefiting both patients and healthcare providers. In addition, thereduction in infusion volume of RI means a lower volume of saline solution is used.
Conversion to the RI administration has proceeded smoothly, with nearly 90% of medical institutions switching to RI
administration as of the end of June 2023.
Net sales of TREAKISYM® for Q1 totaled 3,178,665 thousand yen (-34.8% year on year), impacted by postponed purchases in
anticipation of NHI price revision, continuing downward trend in drug usage per case with the COVID-19 pandemic, the impact ofgeneric bendamustine products launched in June 2022, and the temporary sales increase in the same period last year due to theincrease in distribution inventory following the switch from freeze-dried (FD) to RTD.
Selling, general and administrative expenses totaled 2,522,844 thousand yen (-4.4% year on year). This amount includes researchand development expenses of 1,203,998 thousand yen (+19.3% year on year).
As a result, operating loss was 49,731 thousand yen (versus an operating profit of 1,372,472 thousand yen for the same period in
FY 2022) and ordinary profit was 66,941 thousand yen (versus 1,447,214 thousand yen for the same period in FY 2022). Loss
attributable to owners of parent amounted to 79,850 thousand yen (versus a profit attributable to owners of parent of 1,108,091
thousand yen for the same period in FY 2022).
In February 2022, generic bendamustine products were approved for manufacturing and marketing in Japan. Given the potential
infringement of the patents related to TREAKISYM® in Japan which are exclusively licensed to the Company from Eagle
Pharmaceuticals, Inc (head office: New Jersey, U.S.; hereinafter “Eagle”), the Company in coordination with Eagle notified four
generic makers of potential patent infringement and, in December 2022, commenced litigation against the makers of the genericproducts, Towa Pharmaceutical Co., Ltd. (head office: Osaka) and Pfizer Japan Inc. (head office: Tokyo), seeking an injunction
against the manufacture and sale of the products and compensation for damages arising from the infringement.
Segment information has been omitted as the Group operates within a single segment, which includes the research anddevelopment, manufacturing, and marketing of pharmaceutical drugs and other related activities.
(ii) Research and development activities
During the first six months of FY 2023, we conducted the following research and development activities.
(a) Anticancer agents: SyB L-0501 (FD formulation), SyB L-1701 (RTD formulation), and SyB L-1702 (RI administration)(generic name: bendamustine hydrochloride or bendamustine hydrochloride hydrate, trade name: TREAKISYM®)
For the RI administration, a partial change application was approved in February 2022, enabling the use of RI injection for all
approved indications of the RTD formulation in-licensed from Eagle.
The Group continues to actively conduct further research on TREAKISYM®, such as ongoing joint research with Kyoto
University, to explore new potential uses for the drug.
(b) Anticancer agents: SyB L-1101 (intravenous formulation) and SyB C-1101 (oral formulation) (generic name: rigosertib
sodium)―2―

For rigosertib in-licensed from Onconova Therapeutics, Inc. (head office: Pennsylvania, U.S.), the Group is collaborating with
the University of Tokyo to conduct research to identify new potential indications or applications for the drug either alone or in
combination with other existing drugs (including bendamustine).
(c) Antiviral drug: SyB V-1901 (intravenous formulation) (generic name: brincidofovir [BCV])The Group obtained the exclusive license to brincidofovir from Chimerix Inc. (head office: North Carolina, U.S.; hereinafter“Chimerix”) in September 2019. In September 2022, Emergent BioSolutions Inc. (head office: Maryland, U.S.) completed its
acquisition of the exclusive worldwide rights to brincidofovir from Chimerix. The Group’s exclusive worldwide license to develop,
manufacture, and market BCV for all indications except orthopox virus infections (including smallpox and monkeypox) will not
be affected.
The Group is prioritizing global development of BCV (primarily in Japan, the U.S., and Europe), targeting disseminatedadenovirus (AdV) infections occurring after hematopoietic stem cell transplantation. In March 2021, the Group filed an
Investigational New Drug (IND) application with the FDA to conduct a Phase II clinical trial in patients (primarily pediatric but
also adults) suffering from AdV infections. This development program was granted Fast Track designation by the FDA in April
2021. In May 2023, this study established human POC for BCV. This trial is currently underway, and as of June 30, 2023, 27
patients were enrolled.
In addition, the Group submitted a clinical trial notification for a Phase II study in patients infected with BK virus (BKV)
infection after kidney transplantation to the Pharmaceuticals and Medical Devices Agency (PMDA) of Japan in May 2022 and filed
another notification with the Therapeutic Goods Administration (TGA) of Australia in August 2022. BKV infection after kidneytransplantation is a disease with serious consequences for the recipient, the donor, the medical practitioner, and society, due to therisk of impaired renal function and loss of the transplanted kidney (graft loss). The investigational drug was administered to thefirst subject in December 2022.
In light of the drugs’ broad effectiveness against double-stranded DNA (dsDNA) viruses, the Group is also collaborating withleading research institutions both in Japan and overseas to study BCV’s potential use in the treatment of various other diseases.
Among dsDNA viruses, polyomaviruses are known to cause serious diseases through their infection. As existing antiviral drugs
show little efficacy, there is a high level of medical need for the development of an effective treatment. In November 2022, theGroup entered into Material Transfer Agreement with Penn State College of Medicine whereby the Group will provide BCV for
use in a non-clinical study to evaluate the efficacy of BCV in a mouse model of polyomavirus infection.
In addition to having its strong antiviral effect, BCV also is expected to have an antitumor effect, and the Group is exploring
BCV’s potential in indications such as EBV-positive lymphoma, refractory brain tumors, and other cancers, through researchcollaborations with the National Cancer Centre Singapore (NCCS) and the University of California San Francisco (UCSF) Brain
Tumor Center. In December 2022, the results of collaborative research with NCCS on the therapeutic efficacy of BCV in thetreatment of NK/T-cell lymphoma, for which no effective treatment is currently available, were presented by Dr. Jason Chan at the64th American Society of Hematology (ASH) Annual Meeting in New Orleans. Furthermore, in June 2023, results of its researchcollaboration with NCCS on BCV ware presented at the 17th International Conference on Malignant Lymphoma (ICML) in Lugano,
Switzerland.
The Group is also investigating the use of BCV to treat multiple sclerosis, an intractable disease that has recently been shown to
be associated with Epstein-Barr virus (EBV). In August 2022, the Company entered into a collaboration agreement with the
National Institute of Neurological Disorders and Stroke (NINDS), part of the National Institutes of Health (NIH) in the U.S., forthe transfer of materials to evaluate the antiviral effect of BCV in EBV. In March 2023, The Company has entered into a Cooperative
Research and Development Agreement (CRADA) for BCV with NINDS. The purpose of the CRADA is to verify the efficacy of
BCV as an anti-viral therapeutic for EBV in the treatment of multiple sclerosis, and to obtain necessary data with a view to future
clinical trials. In April 2023, the Company entered into a CRADA with the National Institute of Allergy and Infectious Diseases(NIAID), part of NIH in the U.S., to investigate the efficacy of BCV in the treatment of EBV associated lymphoproliferative
diseases.
Some dsDNA viruses, such as HSV1 and VZV, are directed against cranial nerve tissues. In recent years, research has advancedon the involvement of the reactivation of those viruses in various serious diseases of the nervous system, including Alzheimer's
disease. In December 2022, the Group entered into a Sponsored Research Agreement with Tufts University to conduct research toevaluate the efficacy of BCV in a herpes simplex virus (HSV) infection model using a 3D (three-dimensional) brain model―3―

established by Tufts University.
(iii) Business outside Japan
In August 2023, the Group appointed Stephane Berthier, PharmD as CEO and President of SymBio Pharma USA, Inc., to further
expand the Group’s global development structure and make SymBio Pharma USA, Inc. the driving force for our international clinical
trials as we move forward with our global development plan for BCV.
(iv) Licensing of new drug candidates
The Group continues to evaluate promising new drug candidates for in-licensing. Through these efforts, the Group aims to create
medium-to long-term business value.

(2) Summary of financial position
Total consolidated assets as of June 30, 2023, stood at 9,206,561 thousand yen. Current assets totaled 8,151,680 thousand yen,mainly consisting of 6,076,026 thousand yen in cash and deposits, 1,094,009 thousand yen in accounts receivable-trade, and 440,054
thousand yen in merchandise and finished goods. Non-current assets were 1,054,880 thousand yen, mainly consisting of 582,970
thousand yen in deferred tax assets and 179,992 thousand yen in software.
Total liabilities were 828,511 thousand yen. Current liabilities totaled 824,806 thousand yen, mainly consisting of 554,505 thousand
yen in accounts payable-other. Non-current liabilities were 3,705 thousand yen, consisting of 3,705 thousand yen in liabilities for
retirement benefits.
Total net assets stood at 8,378,049 thousand yen. This includes 17,597,351 thousand yen in capital stock, 17,572,242 thousand yen
in capital surplus, and 265,184 thousand yen in share acquisition rights.
As a result, the equity ratio was 88.1%.

(3) Explanation of consolidated earnings forecasts and other forward-looking information
Although the impact of generic bendamustine products were generally in line with our expectations, delays in treatment of malignant
lymphoma continued due to COVID-19, despite the downgrading of the severity of COVID-19 status as an infectious disease. As aresult, compared with the previously announced forecast, the forecast of net sales was revised downward by 523 million yen, to 6,477
million yen.
While we are prioritizing R&D investment for our ongoing global development of BCV, we have reviewed expenses and reduced
selling, general and administrative expenses to reduce the impact of the decrease in sales, resulting in an operating loss of 331 million
yen, an ordinary loss of 219 million yen (compared to 351 million yen in the previously announced forecast due to foreign exchange
gains on foreign currency denominated assets). Forecasted net loss attributable to owners of the parent remains 331 million yen, whichis unchanged from the previously announced forecast, with the impact of foreign exchange gains set off by an increase in deferredincome taxes.

―4―

2. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly consolidated balance sheet(Unit: thousands of yen)
FY 2022(as of December 31, 2022)

Q2 FY 2023
(as of June 30, 2023)

AssetsCurrent assets
Cash and deposits
Accounts receivable–trade
Merchandise and finished goods
Semi-finished goods
Prepaid expenses
Other
Total current assets

6,282,554

6,076,026

2,084,915
293,757

1,094,009
440,054

175,170
209,886–
203,229

266,422338,360

9,312,706

8,151,680

Non-current assets
Property, plant and equipment
Buildings, net

40,67038,51928,33969,00923,269Software
Software in progress

222,204

179,992–

2,200

Total intangible assets

222,204

182,192

744,728
84,698582,970
227,927

829,427
1,120,641

810,898
1,054,880

10,433,347

9,206,561

46,633
1,163,721

554,505

401,066
16,331

171,955–

296,118

98,345

1,923,870

824,806

3,385

3,705

3,385
1,927,255

828,511

Tools, furniture and fixtures, net
Total property, plant and equipment

61,789Intangible assets

Investments and other assets
Deferred tax assets
Leasehold and guarantee deposits
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable–trade
Accounts payable–other
Income taxes payable
Provision for product changeover
Other
Total current liabilities
Non-current liabilities
Liabilities for retirement benefits
Total non-current liabilities
Total liabilities

―5―

3,705

(Unit: thousands of yen)
FY 2022(as of December 31, 2022)

Q2 FY 2023
(as of June 30, 2023)

Net assets
Shareholders’ equity
17,548,459

17,597,351

17,523,357(28,889,486)

17,572,242(26,969,336)(88,154)(88,764)

8,094,176

8,111,492

Foreign currency translation adjustment

243

1,372

Total accumulated other comprehensive income

243

1,372

Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income

Share acquisition rights
Total net assets
Total liabilities and net assets―6―

411,672

265,184

8,506,092

8,378,049

10,433,347

9,206,561

(2) Quarterly consolidated statement of income and consolidated statement of comprehensive income
Quarterly consolidated statement of income for the first six months of FY 2023
Q2 FY 2022
(from January 1, 2022
to June 30, 2022)
Net sales(Unit: thousands of yen)
Q2 FY 2023
(from January 1, 2023
to June 30, 2023)
3,178,665
705,552

Gross profit

4,873,695
863,247
4,010,448

Selling, general and administrative expenses

2,637,976

2,522,844

Operating profit (loss)

1,372,472(49,731)29

149
130,604

Cost of sales

2,473,112

Non-operating income
Interest income
Foreign exchange gains
Other

168,142–

Total non-operating income

168,171

131,529

47,5907,964776

Non-operating expenses
Commission expenses
Share issuance costs

45,302977

loss on retirement of fixed assets

536

5,915

Total non-operating expenses

93,42914,857

1,447,214

66,941

106,401

96,891

106,401
1,553,615

163,833

Ordinary profit
Extraordinary income
Gain on reversal of share acquisition rights
Total extraordinary income
Profit before income taxes

96,891

Income taxes - deferred

185,950
259,574

161,757

Total income taxes

445,524

243,683

Profit (loss)

1,108,091(79,850)

Profit attributable to non-controlling interests–
1,108,091–

Income taxes - current

Profit (loss) attributable to owners of parent―7―

81,925(79,850)

Quarterly consolidated statement of comprehensive income for the first six months of FY 2023

1,108,091(Unit: thousands of yen)
Q2 FY 2023
(from January 1, 2023
to June 30, 2023)(79,850)(61)(1,129)Q2 FY 2022
(from January 1, 2022
to June 30, 2022)
ProfitAccumulated other comprehensive income
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income(61)(1,129)1,108,029(80,979)

1,108,029(80,979)––

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests―8―

(3) Quarterly consolidated statement of cash flows(Unit: thousands of yen)
Q2 FY 2023
(from January 1, 2023
to June 30, 2023)

Q2 FY 2022
(from January 1, 2022
to June 30, 2022)
Cash flows from operating activities
Profit before income taxes

1,553,615

163,833

Depreciation
Amortization of guarantee deposits

48,380669

48,389669

Share-based payment expenses
Increase (decrease) in provision for retirement
benefits
Increase (decrease) in provision for productchangeover
Interest income
Foreign exchange losses (gains)

49,33947,950192

320(163,107)(16,331)(29)(289,630)(149)(167,115)

47,59045,302

7,964
977

Gain on reversal of share acquisition rights
Loss on retirement of non-current assets(106,401)
536(96,891)5,915

Decrease (increase) in trade receivables
Decrease (increase) in inventories

836,453
47,745990,905
28,873

Decrease (increase) in prepaid expenses
Increase/decrease in consumption taxes
payable/consumption taxes refund receivable
Increase (decrease) in trade payables
Increase (decrease) in accounts payable–other(34,705)

6,656(363,569)(186,611)(53,623)
94,171(46,633)(612,160)

Decrease (increase) in other current assets
Increase (decrease) in other current liabilities(303,641)(113,856)(71,937)(32,716)

Other

156,280–

Subtotal

1,451,712

71,90929

149

Commitment fees paid
Income taxes paid

(47,590)(240,360)(5,712)(289,481)

Net cash provided by (used in) operating activities

1,163,790(223,135)(2,034)–(4,407)–(6,450)(143,898)

432–(6,009)(150,349)

103

236

13,760–

Payments for issuance of shares
Proceeds from issuance of shares(38,193)662,000(907)–

Purchase of treasury shares
Proceeds from disposal of treasury shares(1,052)
81

(638)
21

636,699(1,287)

137,585

168,244

1,932,065(206,527)

3,860,106

6,282,554

13,637–

5,805,810

6,076,026

Commission expenses
Share issuance costs

Interest and dividends received

Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee
deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from issuance of shares resulting fromexercise of share acquisition rights
Proceeds from issuance of share acquisition rights

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from
inclusion of subsidiaries in consolidation
Cash and cash equivalents at end of period―9―(4) Notes to quarterly consolidated financial statements(Notes to going concern assumptions)None to be reported.
(Notes in case of significant changes to shareholders’ equity)
In the first six months of FY 2023, the Company issued new shares due to the exercise of some of share acquisition rights pertaining
to the 33rd, 43rd, 48th, 49th, 52nd, and 53rd warrants. As a result, share capital increased by 48,891 thousand yen and capital surplus
increased by 48,891 thousand yen. The total value of treasury shares increased 610 thousand yen as a result of share repurchases.
The disposal of treasury shares in response to the request to sell shares by shareholders of less-than-one unit of shares led to adecrease of 28 thousand yen in the total value of treasury shares and a decrease of 6 thousand yen in other capital surplus.
As a result, as of June 30, 2023, consolidated share capital was 17,597,351 thousand yen, capital surplus was 17,572,242 thousand
yen, and the total value of treasury shares was 88,764 thousand yen.
(Accounting policy changes)
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 31; June 17, 2021;
hereinafter “Fair Value Measurement Standard”) from the beginning of the first three months of FY 2023.
In applying the Fair Value Measurement Standard, the Company has followed the transitional treatment prescribed in thetransitional measures provided for in paragraph 27-2 of the Implementation Guidance on Accounting Standard for Fair Value
Measurement and will apply the new accounting standard prescribed by the Fair Value Measurement Standard, prospectively.
The adoption of this accounting standard has no effect on the quarterly consolidated financial statements.
(Significant subsequent events)
None to be reported.

―10―