Everything begins with measurement

Everything
begins withmeasurement
Automotive Test Systems

Sustainable growth in society is establishedthrough technological innovation.

Engineers’ dreams, passions, and persistent efforts areintertwined with the conditions that enable them,including investment opportunities and social demand.

“Measurement Technologies” that resolve unknown materials
and phenomena help accelerate innovation by engineers.

Everything begins with measurement.
HORIBA’s “Measurement Technologies” and analysis
solutions are always at the frontlines of innovation.

Scientific01Medical-Diagnostic

Process & Environmental

Semiconductor

HORIBA Report 2016 | 02

Results over the long term, and global expansion

Global growththrough acquisitions
HORIBA, has achieved continuous growth since its foundation,by specializing in “Measurement Technologies” and entering new markets.
We intend to continue to grow by globally promoting HORIBA’s corporate culture,
expressed in the corporate motto “Joy and Fun.”
Sales outside of Japan

Sales in Japan

Operating income

Results up to 1977 are on a nonconsolidated basis and results from 1978 are on a consolidated.
Sales are divided into overseas sales and domestic sales from 1991.

1970

1950

1975

OLSON-HORIBA, INCORPORATED,a joint venture company, wasestablished in the U.S.
HORIBA begins overseas expansion.

HORIBA pioneers the first made-inJapan glass electrode
pH meters.

Emission gas analyzers weredelivered to the United States
Environmental Protection
Agency (EPA).

Net sales exceeded¥10 billion

1945 HORIBA RADIO LABORATORY was established.
1953 HORIBA, Ltd. was established.
1945

03

1950

1955

1960

1965

1970

1975

1980

Net sales¥170

HORIBA Korea Ltd. wasestablished in South Korea.

billion

2015

2005

1988

MCT (Mechatronics)
business of Carl Schenck AG
was acquired in Germany.

MIRA, Ltd. (now HORIBA
MIRA, Ltd.) was acquired in
the U.K.

Sales outsideof Japan¥113.5billion1996
ABX S.A. (now HORIBA ABX
S.A.S.) was acquired in France.

Net sales exceeded¥150 billion

2014

2016

The reagent plant forhematology analysis, the firstin India, began operation.

1997

HORIBA India
Technical Center was
opened.

Jobin Yvon S.A. (now
HORIBA France S.A.S.) was
acquired in France.

Operatingincome¥18.4
billionNet sales exceeded¥100 billion

Net sales
exceeded¥50 billion
Sales inJapan

Sales outside of Japan¥56.5
billion

Sales in Japan

1985

1990

1995

2000

2005

2010

2016

HORIBA Report 2016 | 04

HORIBA’s value-creating spiral

HORIBA’s value-creating
Automotive Test Systems

Process & Environmental

Medical-Diagnostic

Semiconductor

Scientific05spiralCreation of social value(Outcome)

Customers

1

HORIBA helps improve the quality of life in a sustainable society by providing
products and services to customers. We think it is important to provide solutions inaddition to supplying hardware (instruments). In order to achieve this goal, we
collaborate with suppliers and group companies in Japan and overseas to improve
the quality of our products and services.

Partner in creating
innovations

Organizational structures

All technological innovations begin
with “Measurement”

HORIBA operates five business segments in 27 countries. We believe it is importantthat each business is promoted from the local region. With that aim, we are extending
our “Joy and Fun” corporate motto throughout our global operations while promoting
balanced management, matrix organization, and the HORIBA Stained Glass Project
to build a Super Dream Team.
* See HORIBA’s thoughts on each project and management on pages 35 and 36.

Talents
At HORIBA, employees are our most important
assets. In order for all employees to achieve “Joyand Fun,” we work to realize HORIBA’s five“Omoi” shown below. HORIBA’s organizational
success is due to our highly diversified
employees’ practice of HORIBA’s five “Omoi.”

HORIBA’s five “Omoi”
1 To be a part of a collaborative community, at theforefront of new ideas and creations.
2 To achieve goals and make life memorable byfostering the highest intellectual potential.
3 To reach across the globe to expand learningthat captures key business developments,
wherever they occur.
4 To be proud of sharing what I do and what
HORIBA delivers.
5 To be helpful to the world and its people.

Technologies
Technological development is one of the most important drivers for value creationand the lifeline of a manufacturer such as HORIBA. To make an analogy, technicalcapability is a form of basic physical fitness, which cannot be maintained without
continual training and exercise. Using this analogy, HORIBA always needs to keep
training in order to maintain the power to sprint forward whenever necessary.

Brand
HORIBA works on growing “Invisible Values,” such as talents, technologies, and its
corporate culture. “Invisible Values” are essential in generating future earnings andenabling enterprise continuity, while achieving numerical targets for net sales, profits,
and other indicators.
We believe that our persistent and continuous efforts on increasing the other fourinvisible assets, namely “Customers,” “Organizational Structure,” “Talents” and“Technologies” have greatly helped us to establish our brands, representing trust in
HORIBA placed by our customers.

By making the unseen visible, to help
realize productivity gains andcontribute to global economic
development

2

Global environment
preservation andimprovement

To contribute to building a sustainable
society and the improvement of the
global environment

3

Contribution to humanhappiness

To promote diversity and“Decent Work”** The concept of “Decent Work” was introduced at
the International Labour Conference (ILO) meetingin 1999, as its target for the 21st century. Promotionof decent work is included as a part of sustainableeconomic growth in the Sustainable Development
Goals (SDGs).

HORIBA Report 2016 | 06

HORIBA’s three unique points

1

Corporate culture
Corporate motto “Joy and Fun”
The motto originates from the belief that if we take interest and pride in thework that occupies most of the active time in our lives, in the place where
we spend the large part of each day, then as a result our satisfaction withlife will increase, and we will be able to enjoy our lives even more. Taking
interest and pride in our work leads us to “Joy and Fun.”HORIBA’s
three uniquepoints07

2

3

HORIBA style global management

High shares in niche markets

Spreading the culture of Kyoto to global scale

Launched products in various niche markets ofanalysis and measurement

HORIBA got its start in Kyoto. We have achieved businessgrowth based on our corporate culture of success and wehave grown to become one of Kyoto’s most successfulcompanies.

HORIBA does business in many different markets, providing
over 1,000 products in five business segments.

Growth driven by global M&A activities

Indispensable products in each field

Since the late 1990’s, HORIBA has expanded its businessscale and geographic scope through acquisitions. At
present, over 60% of sales and employees are basedoutside of Japan. Our business in Japan has also grownthrough acquisitions.

HORIBA’s emission analyzers are indispensable in thedevelopment of fuel efficient vehicles and provide the base foremission regulations.
HORIBA’s mass flow controllers are also indispensable in the
production of flash memory, semiconductor production.

* HORIBA has had its fiscal year-end as December 31 since fiscal 2006. See details on page 9.
Emission measurement systems

170.0
Net sales (Billions of yen)

16.7

Process &Environmental

25.7

Scientific

38.8

Semiconductor

26.5

Medical-Diagnostic

118.5
32.6

67.5
26.0

40.6
Analytical

10.2
8.1

27.7

23.1

12.9

27.6
22.5

62.2
35.7

1995

1998

2010

2016

Beforeacquisitionsof ABX and
Jobin Yvon

After
acquisitionsof ABX and
Jobin Yvon

After
acquisitionof MCTbusinessAfteracquisitionof MIRAOperating Income to Net Sales
6.6%

ROE

4.3%

2.0%

10.4%
9.7%

Global market shares of major products (Estimated by HORIBA)
Emissionmeasurement
systems

Automotive Test
Systems80%

pH meters

50%(Japan)Gratings

Mass flow
controllers

35%

57%

Gratings

10.9%
10.0%

1.5%

Overseas employee ratio

23%

49%

56%

62%

pH meters

Mass flow
controllers

HORIBA Report 2016 | 08

INDEX

Editorial policy
HORIBA believes in achieving business growth by providing industrial and institutional equipments in the private and public sectors with “Measurement Technologies”
as the essence of HORIBA’s Corporate Social Responsibility.
In this integrated “HORIBA Report 2016” we have presented related activities (see the ESG mark) on each business segment page, to help you better understand how
HORIBA’s investments in “Invisible Assets” are contributing in actual business growth.
Through editing this report, we have also recognized that HORIBA’s every activity has been inseparably tied to its corporate growth.

Notation of owners (shareholders): HORIBA fully recognizes the importance of its shareholders and frequently calls them owners.
Notation of HORIBA and HORIBA, Ltd.
In this HORIBA Report, the HORIBA Group of companies is described as “HORIBA” and theparent company as “HORIBA, Ltd.”
Disclaimer Regarding Future Plans and Forecasts
This HORIBA Report contains certain statements describing future plans, strategies, andperformance forecasts of HORIBA, Ltd. and its affiliated companies. These statements reflect
forecasts based on management’s assumptions and beliefs based on the available
information as of February 14, 2017 when business results were announced. Actual
performance may differ due to unforeseen circumstances in the operating environment.
Change of Fiscal Year-End
HORIBA unified its fiscal year-end as December 31, effective from fiscal 2006. As a result of thischange, the following irregular fiscal periods were recorded: Fiscal 2006 for HORIBA, Ltd. and
HORIBA Advanced Techno Co., Ltd. comprised the 9 months and 11 days from March 21, 200609

to December 31, 2006; and fiscal 2006 for HORIBA STEC, Co., Ltd. comprised the 9 months
from April 1, 2006 to December 31, 2006. The fiscal year end of other consolidated HORIBA
subsidiaries was December 31. Their 2006 fiscal periods remained unchanged at 12 months.
Please note that when comparing results by fiscal year.
Prior to the fiscal year-end change, the fiscal year ended March 20, 2006 was described as2005, the fiscal year ended March 20, 2005 as 2004, the fiscal year ended March 20, 2004 as
2003.
Change in revenue recognition standard
The Company and its domestic consolidated subsidiaries had formerly recognized revenue
mainly on a shipping basis. However, starting from the year ended December 31, 2016, theCompany and its domestic consolidated subsidiaries have changed to a revenue recognition
method using the completion date of installation or a delivery date basis under the terms andconditions of contracts.
HORIBA’s overseas consolidated subsidiaries, pursuant to IFRS or US GAAP, had recognizedIndex
P01

Everything begins with measurement

P03

Results over the long term and global
expansion

P05

HORIBA’s value-creating spiral

P07

HORIBA’s three unique points

P11

Message from the CEO

P15

Progress of the Mid-Long Term
Management Plan [MLMAP2020]

P17

Message from the CFO

P19Business outline

P33

Value creation based on “Invisible
Values”

P39

Corporate governance

P45

Financial data

P84

Corporate data

P85

Corporate philosophy

revenue on an installation completion date or a delivery date basis under the terms andconditions of contracts. In addition, sales of products that require a long time for installation
have been increasing. Consequently, HORIBA made a change to more adequately reflecting
revenue status, upon introduction of the Enterprise Resource Planning System.
This change in accounting policy has been retrospectively applied to the consolidated
financial statements for full-year period of fiscal year 2015.
As a result, net sales for fiscal year 2015 increased by ¥1,017 million, and operating income
increased by ¥769 million, ordinary income and income before income taxes increased by¥790 million, respectively, as compared with the figures prior to the retrospective application.
The net assets at the beginning of the previous fiscal year have reflected the cumulative
effects, which resulted in a decrease by ¥3,223 million in retained earnings at the beginning of
the previous fiscal year.
This HORIBA Report 2016, however, uses fiscal 2015 financial results as disclosed in February
2016, rather than the retrospectively-revised results, unless otherwise noted.
Market shares stated in this report are HORIBA’s estimates for fiscal 2016.

HORIBA Report 2016 | 10

Message from the CEO

HORIBA will keep investing intechnologies and talents andrefining “Invisible Values” withthe spirit of “Joy and Fun”
Chairman, President & CEO

Since its foundation 72 years ago,
HORIBA has been working on solvingsocial issues through its core business of“Measurement Technologies”.
We are now moving “ONE STEP AHEAD”
to new business areas, new regions, andnew stages under the Mid-Long Term
Management Plan MLMAP2020.
Continuous investment to accelerate growth
HORIBA has been making investment in the hiring anddevelopment of talents, R&D, facilities and equipment
during economic ups and downs. I am thinking that it isincreasingly important to keep investing to respond to
significant changes which are witnessed nowadays in thetechnology trend of various industries. While companies
specializing in one industry or one small region find it
difficult to make investments during downturns, HORIBA
can afford to keep investing from a long-term perspective,
as we adhere to balanced management and matrixorganization (see page 35) in different regions and businessareas with different cycles. This has also enabled us to earn

11trust from our business partners around the world and toensure growing prominence of the HORIBA brand globally.

Proactively facing the changing trends in theautomotive industry with our “Measurement
Technologies”
The automotive industry is anticipated to make significant
evolution over the coming years resulting from integration
with IT enabling autonomous driving and an energy
revolution involving use of fuel cells and other factors.
Accordingly, the subjects of immediate and high concern inautomotive development will change. Being a car enthusiast
I am personally finding the recent evolution of electric cars
very exciting.
In 2015 we acquired HORIBA MIRA, Ltd. (U.K.), a provider
of engineering services for autonomous driving vehicle
development and many different performance tests. I am
confident that HORIBA MIRA, Ltd. can become a driving
force to change HORIBA’s business model, which has so far
had emission measurement systems as a core business,with an 80% global market share. I am pleased that wewelcomed HORIBA MIRA, Ltd. in our group just as theautomotive industry is going through fundamental changes.
Despite short-term concerns over the issue of Brexit, ourcontinual investment in the U.K.
and responding to diversification of
the needs of customers areindispensable for HORIBA’s mid- tolong-term competitiveness. We arecommitted to accelerating growthin development of next-generation
mobility such as autonomous
driving vehicles.

Investing to respond to anincrease in demand in thesemiconductor industry
We have also decided to expand
the Aso Factory of HORIBA STEC
Co., Ltd., a main production facilityof mass flow controllers forsemiconductor production
equipment. This investment isbased on our belief that
establishing a stable supply
network of products in a long-term
growth market can give a sense ofreassurance to our customers andenhance the HORIBA brand. Stablesupply capacity is criticallyimportant for long-lasting
relationships with customers.
Although the factory was greatly damaged by the
Kumamoto Earthquakes in April 2016, it quickly resumed
supply of mass flow controllers, with the cooperation ofvarious stakeholders, including local people, customers,
and subcontractors. This episode was also highly regarded
by our customers. Continual technology innovation, talents
investment, and capital expenditures have enabled us toout-do our competitors, resulting in an increase in our global
market share of mass flow controllers from less than 25% in
the early 2000’s to 57% in 2016.
We are, however, not satisfied with the current level. We still
have big business fields where our market share can rise. In
LEDs, photovoltaics, and other new areas with long-term

HORIBA’s
idea onvalue
creationdemand growth potential, I am convinced that HORIBA cancapture a higher market share as we are always capable ofsupplying products equipped with cutting-edge
technologies.

Accelerating growth in the water measurement area
In MLMAP2020 we are also making significant newinvestments in business fields and markets with great growthpotential, including fuel cells and other alternative energy
sources, the bio-life science field, and the water analyticaland measurement field. In water measurement we haveconsolidated our management resources in HORIBA
Advanced Techno Co., Ltd. Now we have integrated
HORIBA’s first product, the pH meter, and other products, aswell as our development, production, and sales resources.
Our target is to expand sales from approximately ¥12 billion
in 2016 to ¥20 billion by 2020. HORIBA Advanced TechnoCo., Ltd., thriving in full swing, reminds me of HORIBASTEC Co., Ltd., which has rapidly grown by being
specialized in business for the semiconductor industry. I am
looking forward to HORIBA Advanced Techno Co., Ltd.’sfuture growth.

Adopting a new indicator for realizing theenhancement of capital efficiency
We intend to raise the awareness of our people to theimportance of capital efficiency, so as to enable us tocontinue aggressive investments and make prompt
decisions when they are needed. We have decided to adopt
a new indicator that incorporates the weighted average costof capital (WACC) to gauge management of each businesssegment and each group company. During 2017 we are
studying how effectively the indicator can be adopted andutilized as a Key Performance Indicator (KPI) by each Group
company. We then plan to introduce it in 2018 and beyond.
The adoption of the benchmark is not to restrict investment
to realize a high goal; rather, we are hoping to earnappropriate return on investment by each business for ourfurther growth. (See our detailed discussion on this initiative
to raise capital efficiency, in the CFO Message, pages 17
and 18.)· We regard all HORIBA employees as one family and as our
precious talents.
· We continuously invest in our valuable assets, namely talents
and technologies, to enhance our competitiveness.
· Together with owners (shareholders) and all other stakeholders,
we raise corporate value.

HORIBA Report 2016 | 12

Message from the CEO

Renewing record-high earnings in 2017
In 2016 (ended December 31, 2016), HORIBA recorded
consolidated net sales of ¥170.0 billion (down 1% year-onyear) and operating income of ¥18.4 billion (down 8%
year-on-year). This was mainly due to a 32% decline fromthe previous year in the Automotive Test Systems segment,
due to the yen’s appreciation and an increase in expenses
related to the start-up of the HORIBA BIWAKO E-HARBOR,
Biwako Factory. In contrast, the Semiconductor Instruments& Systems segment achieved record-high operating income,thanks to robust capital spending by semiconductor
manufacturers and an increase in global share for mass flow
controllers for semiconductor production equipment.
For 2017, we are targeting to achieve record-high sales, at¥177.0 billion (up 4% year-on-year), and record-highoperating income, at ¥20.0 billion (up 8% year-on-year)*,assuming the exchange rates of ¥110 against the U.S. dollar
and ¥120 against the euro. The Automotive Test Systems
segment is expected to significantly increase sales andoperating income due to strong demand in emission
measurement systems on the back of stricter emission gas
regulations in many countries, and a recovery in demand in
the MCT (Mechatronics) business. The Semiconductor
Instruments & Systems segment is also looking forward to
an increase in sales and operating income as demand isanticipated to remain at a high level. While the MedicalDiagnostic Instruments & Systems segment is forecasting adecrease in operating income due to forward-looking
investments, the Scientific as well as the Process &Environmental Instruments & Systems segments areprojecting an increase in operating income.
Finally, our targets for MLMAP2020 are sales of ¥250.0
billion and operating income of ¥30.0 billion in 2020 (seedetails and updates on pages 15 and 16).

1

3

5

7

Enhancing our “Invisible Values” to raise corporate
value
HORIBA regards employees as important “Invisible Values.”
In 2014 we launched the “HORIBA Stained Glass Project.”With the mission of making HORIBA stronger by thecontinual creation of new value through HORIBARIANs’
diverse talents and skillsets, we are promoting morediversity in our workforce as a basis for management andworkstyle innovation (see page 36).

* The Company and its domestic consolidated subsidiaries had formerly
recognized revenue mainly on a shipping basis. However, starting from theyear ended December 31, 2016, the Company and its domestic consolidated
subsidiaries have changed to a revenue recognition method using the completion
date of installation or a delivery date basis under the terms and conditions ofcontracts. The forecasts for fiscal 2017, announced on February 14, 2017, the dayof announcement of financial results, would not be record-highs when comparedto the retrospectively-revised results for fiscal 2015. In the CEO message,comparison is made using the reported results, before retrospectively applying
the change in revenue recognition.

13

9

1

Atsushi Horiba

3

Dr. Masayuki Adachi Senior Managing Director

5Dr. Jai Hakhu

Executive Corporate Officer
Chairman, President & CEO of HORIBA International
Corporation(U.S.)
Chairman of HORIBA Instruments Inc. (U.S.)
President of HORIBA ABX S.A.S. (France)

7

Hideyuki Koishi

Senior Corporate Officer
President of HORIBA STEC Co., Ltd. (Japan)

9

Dr. George Gillespie

Senior Corporate Officer
CEO of HORIBA MIRA, Ltd. (U.K.)

Chairman, President & CEO
General Manager of Research &Development Division
Chairman of supervisory board of HORIBA France S.A.S.

2

4

6

8

10

In 2011 we signed the United Nations Global Compact, a
set of universally accepted principles in the areas of humanrights, labor, environment, and anti-corruption. We ensurethat when we conduct business we are rooted in eachcountry and region, together with local employees, andunderstand the relevant diverse cultures, customs andvalues to ensure that we make a positive social contribution
wherever we do business.
In keeping with the corporate philosophy of “Open andFair,” HORIBA has, since its establishment in 1953, always
appointed at least one director and one corporate auditor
from outside the company. In 2016 we added two outside
directors to have three in total for the enhancement of theboard (four in the number of independent directors andauditors). Outside directors have diverse experience andunique insights, actively participate in the board meetingsand contribute to enhance HORIBA’s corporate value.
HORIBA has regarded shareholders as one of its mostimportant stakeholders and has frequently called themowners. Since our founded, we have also been unique as aJapanese company to allocate profit and pay shareholder
dividends based on a payout ratio. Today, our basic policy
on returning profits to owners (shareholders) is to target total
returns to shareholders at 30% of HORIBA’s consolidated
net income (the combination of dividend payments andshare buybacks), balancing this with other targets formaintaining financial position standards to enable
continuous investment regardless of economic ups anddowns, and enable ROE of 10%. In fiscal 2016, we paid arecord-high annual dividend per share of ¥85. For fiscal
2017, we are currently forecasting an increase of annual
dividend per share to ¥90.
We are committed to contributing to society by providing
our “Measurement Technologies” for the benefit of ourglobal customers while working with a sense of challenge
and the “Joy and Fun” spirit. I sincerely hope that you willcontinue to support HORIBA for many years to come, as weare aiming at steadily raising sustainable corporate value.

April 2017
Chairman, President & CEO Atsushi Horiba
2

Juichi Saito

4

Takashi Nagano

6

Sunao Kikkawa

8

Yuichi Muroga

10 Masao Okawa

Executive Vice President
General Manager of Corporate & Segment Strategy Division
Director
General Manager of Sales Division
Chairman of HORIBA Korea Ltd. (South Korea)
Senior Corporate Officer
General Manager of Finance & Control Division
Senior Corporate Officer
President of HORIBA Techno Service Co., Ltd. (Japan)
Senior Corporate Officer
General Manager of General Administration Division

HORIBA Report 2016 | 14

Progress of the Mid-Long Term Management Plan [MLMAP2020]

Progress of the Mid-Long Term Management Plan

MLMAP2020
M i d - Lo n g Te r m M a n a g e m e n t Pl a n

After completing the Mid-Long Term Management Plan [2011-2015], HORIBA formulated a new plan,
MLMAP2020, for the five-year period from fiscal 2016 to fiscal 2020.
Here we report the progress made in the first year, fiscal 2016.

Business Portfolio Target
The business portfolio target for 2020, under MLMAP 2020, envisions well-balanced growth andprofitability in all business segments. In addition to seeking business growth of each segment, we
will promote the cross-segment use of technology and sales networks, which also means providing
new applications. The operating income to net sales of 10% or more in all business segments is alsoa part of the new plan’s targets.
What we aspire to be in MLMAP2020

Operating Income to Net Sales in the final year

2006

2010

2010

35%

35%

30%

30%

25%

25%

2015

2015

2020

35%

30%

Semiconductor

Process &Environmental

Semiconductor

Medical-Diagnostic
25%

Automotive
20%

20%

20%

Medical-Diagnostic

Scientific

Semiconductor
15%

15%

Medical-Diagnostic

10%

Process &Scientific Environmental

15%

10%

10%

5%

5%

Process &Environmental
Scientific

5%

Automotive
0%

5%

10%

Automotive

15%

20%

0%

5%

10%

15%

20%

0%

5%

10%

15%

Compound Average Growth Rate in sales

Verticalaxis

Operating Income to Net
Sales in the final year
Automotive

15

Horizontal
axis

Compound Average Growth
Rate in sales

Process & Environmental

Medical-Diagnostic

Size ofcircleThe size of the bubbles represents
sales proportionately

Semiconductor

Scientific

20%

MLMAP2020 Outline
Measures

Numerical target

Applying HORIBA Technology in new business fields and new markets to move

“ONE STEP AHEAD”
Priority measures
1

Applying HORIBA technology in new business fields and markets andbecoming a true partner in analysis and measurement

2

Accelerating corporate growth through forming Super Dream Team in balanced
management, matrix organization and the HORIBA Stained Glass Project3

Raising capital efficiency to maximize corporate value

250billion yen
30billion yen
10%or more

Net sales
OperatingincomeROE* Assumed exchange rates for 2020: 115 yen per U.S. dollar; 125 yen per euro

Main Emphases in 2016
1 Accelerated growth in the water measurementbusiness
HORIBA aims to expand the water measurement business by eliminating
barriers between three business segments that are engaged in water
analysis and measurement (the Process & Environmental, Semiconductor,
and Scientific Instruments & Systems segments) and by promoting theshared use of their technology and sales networks. Resources in Japan
were integrated in HORIBA Advanced Techno Co., Ltd., an acknowledged
leader in water and liquid measurement. This subsidiary will respond to allwater-related customer demand, from domestic-use water to industrial-use
precision water and pollution testing.
Upon completion of business integration of two companies, HORIBA, Ltd.,and HORIBA Advanced Techno Co., Ltd., in the water measurement area inJanuary 2017, central offices of HORIBA’s associates who are specialized inwater measurement have all joined together at the Kyoto Head Office of
HORIBA Ltd., to improve interaction and accelerate development.
Consolidation of resources in watermeasurement in HORIBA Advanced Techno Co., Ltd.
Integration at all phases of development,
production, and sales for products andtechnologies held by HORIBA Group companies
and three business segments (Process &Environmental, Semiconductor, and Scientific
Instruments & Systems segments)

Process& Environmental
Semiconductor
Scientific
Billions of yen

11.5

Super Dream Team

20.0

10.0

6.0

Aim at doubling sales in the watermeasurement area
Wide coverage, from ultra-pure water todischarged wastewater

4.0

Precise responses to market requirements

2015

HORIBA is engaged in global business in niche markets of analysis
and measurement. Regarding continuous business expansion, we willrealize sustainable business growth and high market shares by
concurrently holding several ¥50 billion scale businesses. Adding ourbusiness segments to 6th or 7th will lead to company scale growth andrealization of sustainable growth while maintaining high share in eacharea. Such strategy can be realized by our diverse Super Dream
Team.

12.0

HORIBA’s unique value creation

Creation of a water measurement network byuse of Internet of Things.

2 Achieving MLMAP2020 targets by
Super Dream Team

2016

2020

Balancedmanagement
Flexibly utilize
management
resources
Select and focus on
the target businessfor investment+

HORIBA Stained
Glass Project/Blackjack Project
Realize HORIBA style
diversity+

Matrix
organization
Manage business bybusiness segment andby region
Promote sharedservices(Plan)

3-1 Adoption of a new indicator for improving
capital efficiency
To achieve MLMAP2020 targets, we adopted the indicator. It will be
used to measure two important factors, namely operating income andcapital efficiency.
See details on pages 17 and 18.

3-2 Established finance subsidiaries
in the U.K. and the U.S.
Finance subsidiaries were established in the U.K. and the U.S. in
December 2016 and January 2017, respectively. HORIBA intends toenhance group finance capacity in each region and use funds more
efficiently.
See details on pages 17 and 18.

Schedule for adoption of a benchmark
Feb. 2017

Adoption of a benchmark was decided.

Spring to summer 2017

Briefings to group companies in Japan andoverseas and to each business segment

Autumn 2017

Start 2018 budgeting work

Winter 2017

Set up as 2018 budget

HORIBA Report 2016 | 16

Message from the CFO

HORIBA is taking new
initiatives to raise asset
efficiency, with the aim of
maximizing corporate
value over the long-term
Sunao Kikkawa
Senior Corporate Officer
General Manager of Finance & Control Division

Sunao Kikkawa

Senior Corporate Officer and General Manager of Finance & Control Division
Sunao Kikkawa joined HORIBA, Ltd. in 1974. He was assigned to HORIBA Instruments Incorporated (U.S.) in 1982 and returned to HORIBA, Ltd. in 1988. He was appointed
General Manager of the Accounting Department in 1996 and Senior Corporate Officer in 2007. He has been a key person in globalizing HORIBA’s accounting operations alongwith the Group’s globalization and maintaining compliance with international accounting standards. At present he is engaged in raising efficiency in capital strategy and group
administrative operations as Senior Corporate Officer and General Manager of the Finance & Control Division.

Aggressive investments with a long-term
perspective
HORIBA has invested in production facilities, R&D activities,
and talents from a long-term perspective. In 2015 weinvested approximately ¥10 billion, the highest amount inour history for one production base, in building HORIBABIWAKO E-HARBOR, Shiga prefecture in Japan, and thehighest amount for an acquisition, U.K.-based MIRA, Ltd.,now HORIBA MIRA, Ltd. In 2016 we did not make any major
acquisitions but continued capital spending of more than
¥10 billion for HORIBA MIRA, Ltd. and others. In 2017 wewill continue a high level of investment. Our plan is tocontinue investment in HORIBA MIRA, Ltd., and to makeadditional investment in the HORIBA STEC Aso Factory in
the Semiconductor Instruments & Systems segment. We will
also actively consider any promising M&A opportunity whichhelps further HORIBA’s growth.

target total returns (the combined amount of dividend
payments and share buybacks) to owners (shareholders) at
30% of consolidated net income. Accordingly, we increased
the dividend per share by ¥15 from the previous year to ¥85
in fiscal 2016 and are projecting an increase of ¥5 to pay a
dividend per share of ¥90 in fiscal 2017. We intend tocontinually increase rewards to owners (shareholders) in linewith growth in earnings, driven by business growth.
Dividend payments and total return ratio%
90

Dividend per share (right)
Total return ratio (left)[including commemorative
dividends and share buybacks]

Change in dividend policy
Fiscal 2013 and afteryen
90

Target 30% in total return ratio
60

60

30

30

Shareholder return target of 30% of consolidated
net income
Since fiscal 2013, HORIBA’s shareholder return policy is to

17

0

0
2004 2005 2006 2007 2008 2009 2010 2011 2012

2013

2014

2015

2016

Basic capital policy

1

2

Achieve higher ROE

Link shareholder return toearnings growth

We target total returns (the combination of dividend
payments and share buybacks) to shareholders as
30% of consolidated net income. This target reflects
due consideration given to ensuring a stable
management and retaining earnings as a capital for
aggressive business development.

As stated in our MLMAP2020 HORIBA aims to achieve
ROE of 10% or more by 2020. ROE is one of our mostimportant management metrics.

Introduction of a new indicator for realizing theenhancement of capital efficiency
In MLMAP2020 we have set numerical targets for 2020:
sales of ¥250 billion, operating income of ¥30 billion, andROE of 10% or more. One of the plan’s priority measures is
to raise capital efficiency to maximize corporate value.
We have recently decided to adopt a new management
indicator for realizing this objective. Up to the present, wehave explicitly identified the ROE target and operating
income margin of each business segment (20% for the
Semiconductor Instruments & Systems segment and 10%
for other segments) but have not had any common yardstickto evaluate balance sheets, investments, and returns on
invested capital. As we considered a series of large
investments, including the construction of HORIBA BIWAKO
E-HARBOR and the acquisition of HORIBA MIRA, Ltd., we
focus on the importance of raising capital efficiency, while
maintaining business growth. We are considering creating
an indicator composed of the weighted average cost ofcapital (WACC) and operating income. The new indicator will
be a message to each business segment to be aware of thecritical importance of realizing a certain return when making
a big investment. In the case of HORIBA MIRA, Ltd., werealized the need for a new indicator to measure return on
capital investment.
During fiscal 2017 we are discussing how effectively the

Total assets and return on assets
Total Assets (left)

3

Improve capital efficiency tomaximize corporate value

Each Group company and each business segment are
to set their own capital efficiency target and manage
efficiently in order to maximize HORIBA’s corporate
value.

indicator can be adopted and utilized by each Group
company. We then plan to implement it in 2018 and beyond.
We will set a guideline for return a few years ahead for each
investment project, with due consideration of asset turnover,cash flow, and other factors. Importantly, the adoption of
the new indicator is not to restrict investment but tomaximize return. We hope a thorough understanding of thisindicator, from top management and through the regional
level, will help create an effective implementation.

Established finance subsidiaries in the U.K. and theU.S.
We have established two fully-owned subsidiaries forexpertizing in finance: HORIBA U.K. Finance Limited in
December 2016 and HORIBA Americas Holding
Incorporated in January 2017. One of the reasons for thisis to locally manage financial matters and flexibly use
cash in local currency, as our overseas Group companies
are growing. Until now, when overseas group companies
have capital demands, HORIBA Ltd. funded them. Goingforward, these finance subsidiaries will lend to Groupbusiness companies, based on the investment plan, withemphasis on investment return. The introduction of agroup finance scheme is ultimately aimed at raising
capital efficiency of the Group, while encouraging
overseas Group companies to autonomously maintaindiscipline in management of capital and assets.

Approach for the enhancement of capital efficiency

Return on Assets (right)

Value drivers

Millions of yen
250,000%
10.0

Net sales
200,000

8.0
6.1

150,000

5.9

6.1

5.2

5.2

4.2

100,000

6.0

5.9
5.0

5.5

5.3

4.0

2.4

50,0002.0

0 129,236 154,367 133,279 129,580 137,290 144,649 153,836 189,269 207,335 231,032 239,657
2006

2007

2008

2009

2010

2011

2012

2013

2014

Operatingincome2015

0

Invested
capitalCost of Sales

Examples of activity
targets by segment
New sales channels
development
New products launch

Selling,
general andadministrative
expensesInventory optimization

Working capital

Lead time reduction

Fixed assets

Early collection of
accounts receivable

2016

HORIBA Report 2016 | 18

Business outline

Business segments to expand globally

Automotive Test Systems
HORIBA’s automotive EMS (Emission Measurement
Systems) are adopted as the primary standard by national
certification bodies in many countries and have an 80%*
global market share. HORIBA provides the EMS and othermeasurement systems for automotive development andvehicle development engineering, enhancing the R&D
efforts and quality control of automotive manufacturers andautomotive component manufacturers around the world.

Principal products

Major risk factors

Emission measurement systems
Automotive emission analyzers
Onboard emission measurement systems
Driveline test systems
Engine test systems
Brake test systems
Drive recorders
Vehicle development engineering
Testing engineering
Lease and management of R&D facilities

The global automotive
industry’s shifting R&D
investments* HORIBA’s estimate

Process & Environmental Instruments & Systems
HORIBA provides environmental measurement solution
technologies associated with environmental regulations
throughout the world. Together with providing process
measurement technologies, which fulfill analytical needs
in manufacturing development, we ensure better public
safety, security, and health.

Stack gas analyzers
Water quality analysis
and examination systems
Air pollution analyzers
Environmental radiation
monitors

Demand fluctuation
following changes
in environmental
regulations

Medical-Diagnostic Instruments & Systems
HORIBA medical products are primarily blood testing
instruments and reagents for the in-vitro diagnostics
market, with over ¥5 trillion in global annual sales. We havestrength in small-sized blood testing instruments are usednear the site where patients are located such as a surgery
ward, a hospital ward, or a clinic for outpatients.

Hematology analyzers
Immunology analyzers
Clinical chemistry analyzers
Blood glucose analyzers
Coagulation analyzers

Changes in medical
insurance systems in
different countries

Semiconductor Instruments & Systems
HORIBA contributes to the semiconductor industry
by supplying mass flow controllers, which are devices
that control gas and liquid flows in the semiconductor,
photovoltaics, and LED (light-emitted diode) manufacturing
processes, and other monitoring systems.

Mass flow controllers
Chemical concentration monitors
Reticle/mask particle detection systems
Residual gas analyzers

Significant fluctuation indemand caused by the“Silicon Cycle” in thesemiconductor industry
and investments related
to photovoltaics, LEDs,
and other energy
sources

Scientific Instruments & Systems
HORIBA provides over 500 types of instruments for use at
the leading edge of scientific technology and commands
leading market shares in niche markets. The Scientific
Instruments & Systems segment develops basic analyticaland measurement technologies, which play key roles inproviding new technologies to HORIBA’s other businesssegments.

19

pH meters
Particle-size distribution analyzers
X-ray fluorescence analyzers
Spectrometers
Raman spectrometers
Gratings

Investment trend ofnational government
agencies andother institutions
Demand fluctuation
following changes
in environmental
regulations

Sales by region
Sales by businesssegment
Major customers

Product applications

Sales by region

Automotive manufacturers,
automotive component
manufacturers,
multipurpose motor
manufacturers,
government regulatory
agencies, oil companies,
automotive maintenanceand repair centers

Development of newgasoline, diesel andhybrid powertrains,
vehicle certification andquality control, in-use
vehicle inspections

Europe 31%

Japan 31%

Americas 15%

Asia 23%

Europe 12%

Japan 54%

Americas 18%

Asia 16%

Manufacturers, government
agencies, electric powercompanies

Medical testing centers,
small to medium-sized
hospitals, medical
practitioners

Japan

Measurement of gaseousemissions, wastewater
and water supplies,
environmental pollution
monitoring, environmental
radiation measurement
equipment

Health and diagnostic
testing, disease diagnosis

Europe 35%

Flow control ofgases and liquids,
monitoring of cleaning
fluid concentrations
in semiconductor
manufacturing processes,
semiconductor and LCD
quality control inspections

Europe 5%

R&D, product quality
testing, criminal forensics

Yen

10%
Asia

26%

Japan 22%

U.S.
dollars

Asia 18%

AmericasJapan 38%

18%

23%
Americas 13%

Manufacturers, research
institutions, universities,
government agencies,
electric power companies

33%

16%
Americas 25%

Semiconductor production
equipment manufacturers,
semiconductor device
makers36%

Europe 22%

Asia 44%
Japan 29%

Europe15%
Americas 25%

23%

Euro

Asia 24%
HORIBA Report 2016 | 20

Business outline

Automotive Test Systems
ITS business 3%
ECT business 12%

Sales
breakdown

EMS business 64%
2016 Net sales

62.2

Billions of yen

MCT business 21%

Providing powerful support to the automotive
development industry
HORIBA’s automotive EMS (Emission Measurement Systems) are used by national certification
bodies throughout the world and hold a global market share of 80%*. HORIBA provides
complete test and measurement solutions to the world’s leading automotive manufacturers,
including test systems for chassis, engines, power trains, catalysts and brakes. In July 2015
HORIBA acquired HORIBA MIRA, Ltd., a U.K. registered vehicle engineering consultancy andtesting services provider. With the addition of HORIBA MIRA, Ltd., the company has expanded
beyond analysis and measurement to include the Engineering Consultancy & Testing (ECT)business. It is now well positioned to respond to diverse customer demands as future mobility
requirements expand to include advanced vehicle performance, autonomous vehicle
development, and general vehicle R&D challenges.
* Estimate by HORIBA

2016 results:

Decrease in sales and operating income due to stagnant MCT business,despite full-year contribution of the ECT business. Robust sales andoperating income of emission measurement systems
2017 forecasts:

Expecting solid demand, triggered by new emission gas regulations. A
recovery in the MCT business is also anticipated, as well as profitability
improvement

Net sales and operating income
Billions of yen

Billions of yen

120

15
Net sales (left)
Operating income (right)
Operating income plan for 2020 (right)

80

10

In 2016, on top of increased sales of emission measurement systems driven by tighter global
automotive emission regulations, sales of the ECT business contributed to the overall sales on afull-year basis. On the other hand, there was a decrease in overseas sales due to the yen’s
appreciation. There was also a decrease in overall MCT (Mechatronics) sales as customers
temporarily became cautious regarding investment decisions. Overall operating income
decreased year-on-year due to expenses associated with the move to HORIBA BIWAKO
E-HARBOR, which started full operation in May 2016, and to a sales decrease in the MCT
business.
In 2017 sales and operating income are expected to increase year-on-year. Sales of emission
measurement systems are likely to be firm due to tighter automotive emission regulations, whilesales in the MCT business are also projected to increase significantly following an anticipateddemand recovery.

Mid-long term strategy:

40

5

0

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 20162020

(Plan)To have a larger role as a development partner with engineering capability,
and a smaller role as just a product provider for automotive developers.
HORIBA will expand its business competencies by capitalizing on the cross-over technologies in
its new ECT business and the existing automotive testing operations in the EMS, MCT, andIntelligent Transport Systems (ITS) businesses. In Europe, the Real Driving Emissions (RDE)
regulation, on-road emissions testing of light vehicles with mandatory limits, will start in
September 2017 and a similar regulation will be enforced in Japan in 2022. HORIBA will leverage
its strong branding position and 80% global share in emission measurement systems forlaboratory testing to achieve a high market share in the RDE regulation business.

Automotive T
21

Automotive Test Systems: Market size andgrowth areas

HORIBA’s Automotive Test Systems segment
sales and major automakers’ R&D spending
HORIBA’s automotive segment sales (left: Billions of yen)
Aggregate R&D spending by 3 German automakers (right: Million Euro)HORIBA business
Gasoline & diesel
divisions

EMS
business

MCT
business

HybridMarket size

Aggregate R&D spending by 2 U.S. automakers (right: Million US$)(Billions of yen)
HORIBA’s estimate

Aggregate R&D spending by 3 Japanese automakers (right; 100 Million yen)80

28,00060

21,000Emissions measurement

50~60

Engine performance testing100~120

Vehicle body, wind tunnel balance, brake testing

15~20

Driveline testing

30~40

40

14,000

Safety and ITS

10~15

20

7,000

Vehicle design development,
vehicle performance testing
Lease of R&D facilities

2,000~ITS business

ECT
business

Electric and fuel
cells

0

0
2006 2007 2008 2009 2010

2011

2012

2013

2014

2015

2016

Source: HORIBA’s survey based on companies’ disclosed materials

Trend of automobile-related regulations
1. Development of the Worldwide harmonized Light
duty vehicle Test Procedure (WLTP) and the Real
Driving Emissions (RDE) regulation
In 2014 the United Nations Economic Commission for Europe(UNECE) introduced the WLTP to provide a common technicalregulation for measurement of exhaust emissions and fuelconsumption for light duty vehicles. This will replace the current
test methods used in Europe (September 2017), Japan (October
2018), and potentially other countries or regions.
Moreover, the decision to adopt the Real Driving Emissions(RDE), which uses on-board gas measurement systems foremissions testing of light vehicles in Europe and Japan, has
required automotive manufactures to prepare for change.

2. Progression of emission standards
by region/country

Region/country standard

Euro 5

EuropeTesting method

Begin the Real Driving
Emissions (RDE) regulation
Adopt the WLTP

Euro 6bEuro 6dJapan

RDE regulation

Adopt the WLTP

Post new long-term regulations

Next regulation
Tier 2

U.S.

FederalCalifornia

CFR1066

Tier 3LEV III

China IV

China

China V
China VI

India

Bharat Stage IV
Bharat Stage VI
2011

2012

2013

2014

2015

2016

2017

Present

2018

2019

2020

2021

2022

Sources: HORIBA’s survey based on materials of the Ministry of Economy, Trade and Industry; Ministry of Land,
Infrastructure, Transport and Tourism; Japan Automotive Manufacturers Association Inc.; and others

Major products and market shares

Note: Market shares quoted are estimates by HORIBA

Emission measurement systems

Driveline test systems

These systems continuously and simultaneously measure a wide range of gaseousand particle components in emission gases over a broad range of concentrations.
They are widely used in R&D and engine/vehicle certification in the automotive
industry. The systems include large-scale systems installed inside a laboratory, inwhich HORIBA holds an 80% global share, and on-board configurations for roadtests.

The driveline is an extremely important part of the overall powertrain thattransmits energy from engines or motors to the vehicles’ tires. HORIBA’s driveline
test systems use the latest simulation technology for a wide range of powertrain
and driveline testing applications.
HORIBA’s strength is demonstrated by providing flexible systems based on
custom and open solutions.

Test Systems
World market
share

80%

Segment sales
share

48%

World market
share

15%

Segment sales
share

4%

HORIBA Report 2016 | 22

Business outline

Evolution of vehicle technologies and HORIBA’s growth strategy in the automotive test system business
The number of light vehicles in the world is expected to continue increasing given the growth rate of the population. Whileconventional gasoline and diesel vehicles are likely to increase in the future, the number of hybrid and plug-in hybrid vehicles will
increase at a higher rate. In addition, fuel efficiency and emission regulations continue to become more stringent, resulting incontinuing need to improve engines and power trains. In addition, the development of electric vehicles will accelerate and thedevelopment of technologies related to autonomous driving vehicles will become increasingly important.
HORIBA has a high market share in the EMS business and has expanded its business field to the entire vehicle power train areasby acquiring the MCT business. The acquisition of the ECT business in 2015 has led to entry into the engineering business forautomotive development in general. HORIBA aims to contribute to development and testing of autonomous driving technology,
which has a very high growth potential.

Growth forecasts of light duty vehicles by the power train method (source: IEA Energy Technology Perspectives 2012)
HORIBA Automotive Test Systems segment’s target market size

200 Market for light vehicles (million units)

over ¥2 trillion

2017
150

ECT

Fuel cells

Development of vehicles withnew power sources

Electric
MCT

100

Plug-in Hybrid (Diesel)
Plug-in Hybrid (Gasoline)
Hybrid (Diesel)

50

Hybrid (Gasoline)

Ratio of vehicles with engines:
over 70 % (2040)

CNG/LPG
DieselEMS

Increase in theratio of electricvehiclesIncrease in
vehicles withenginesDevelopment ofelectric vehicles

Diffusion ofAutonomous
driving vehicles
Diversification in
vehicledevelopment
Increase indemand for testing

Tighter fuelefficiency
regulations

Gasoline
Increase in need to
improve engines

0
2000

2010

2020

2030

2040

2050

Enhanced efficiency of engines
HORIBA’s
service

Development of electric vehicles

Testing environment in order to cope with advanced
emission regulations

Many countries across the world are introducing tighter emission fuel efficiency
regulations and at the same time are making stricter requirements for testing
equipment and procedure for real world emissions. Vehicle development is
becoming more diversified, encompassing gasoline, diesel, hybrid, and plug-in
hybrid vehicles, and industry must respond to prescribed regulations for each
type. In such a complex environment, HORIBA will be providing measurement
equipment that matches those requirements.

The emission gas testing lab and the centralized control room of HORIBA BIWAKO E-HARBOR

Power Train Testing, Simulation of Batteries andElectric Motors, Testing of Output of Motors,
Evaluation of Charge and Discharge of Batteries by
Use of a Simulator

HORIBA’s
service

Development of vehicles has become increasingly complex, due to the variety of
applicable power sources and transmissions, such as hybrid and electricvehicles. Consequently the testing and measurement of power trains has become
increasingly important, in addition to the traditional emission and fuel economy
testing. HORIBA is able to provide flexible testing systems, which can be usedequally for a system evaluation of power trains as well as for evaluation of electricmotors.

The electric motor testing facility
in HORIBA BIWAKO E-HARBOR

Development of Autonomous vehicles
HORIBA’s
service

Development of autonomous driving
technology; providing of testing environment

In the ECT business, acquired in 2015, HORIBA is engaged in thedevelopment of Autonomous vehicles that use autonomous driving
and remote control technology. An autonomous driving testing
environment is available at HORIBA MIRA, Ltd. proving ground.

Panoramic view of HORIBA MIRA, Ltd.

23

Demonstration of Autonomous driving technology at
HORIBA MIRA, Ltd.

Emerging market strategy: “HORIBA India Technical Center” opened
HORIBA India Private Limited opened the Technical Center in
November 2016 in Pune in the western part of India. The city is
known for hosting various automotive related companies. The
Technical Center comprises test facilities equipped with HORIBA’s
emission measurement systems and engine testing systems. The
center also provides a place for live product demonstrations withreal-time monitoring to HORIBA BIWAKO E-HARBOR. It also offers
engineering services in response to current and future customer
needs. HORIBA will enhance the capacity to respond locally as air
pollution challenges are expected to increase and the need fordeveloping high-efficiency and low emission vehicles increase in India.

HORIBA India Technical Center

BlackjackThe “Blackjack Project” supported “Technology
Translocation (Sengu)”
In May 2016, HORIBA BIWAKO E-HARBOR started full operation.
Relocation to the new facility went smoothly due to Blackjack Projectkaizen initiatives and helped break-down department boundaries“Technology Translocation (Sengu)” was spearheaded by young
members.
“Technology Translocation (Sengu)”
We intend to transfer our core technologies, accumulated in Kyoto over a period of 70 years, into thehands of a new generation of engineers that will lead to new development capabilities and the expansionof production capacity. We named it “Technology Translocation,” making it a driver toward technologicalinnovation. The Japanese word “Sengu” translated as “Translocation” refers to the tradition of passing
on of skills to build a shrine from one generation of carpenters to the next.

See details of the Blackjack Project on page 35.

Examples of Blackjack Project themes concerning
the move to HORIBA BIWAKO E-HARBOR

1. Make smooth-flowing connecting lines
2. Aging without stagnation
3. Realize constant material injection
Other themes also contributed to the smoothprocess of this large-scale relocation.

Example of the Blackjack Project

Let’s set up!

One Team MCT!

Outcome of the activities
HORIBAin-house processes

Proactive initiatives to reduce the lead time

Specifications of some MCT products sold in Japan are determined based on
coordination among customers, HORIBA’s sales department, and system design
department. After the move to HORIBA BIWAKO E-HARBOR, the departments, whichwere located on different floors in the Kyoto Head Office, have all been gathered on thesame floor. This move created more communication and increased cooperation. As aresult, coordination times were reduced and the specification sheet was standardized,
resulting in a 50% reduction in the lead time from preparation at the sales department
to specification decision.
Such successful example will be shared with other departments within HORIBABIWAKO E-HARBOR, so as to further enhance customer satisfaction.

1 Reduction in the number of

2 Smoother communication

among departments, lessstressful work environment

Customers

1 Shorter delivery time

Theme leader Satoshi Okada
HORIBA, Ltd. Production Division

Inquiry

decision
specificationdesignprocurement

production

install
ment

accep
trial
tance
operation inspection

50% reduction in lead timemoney
received

Panoramic view of the office in HORIBA BIWAKO E-HARBORHORIBA Report 2016 | 24

Business outline

Process & Environmental
Instruments & Systems
Other 18%
2016 Net sales

Sales
breakdown

Air pollution
analysis 13%

Stack gasanalysis 37%

16.7

Billions of yen

Water quality analysis 32%

HORIBA helps develop measurement technology
for global environmental preservation andproduction and quality management processes
We supply a broad range of analysis and measurement instruments for analyzing air pollution,water quality, and soil quality. We play an important role in gas measurement and monitoring ofindustrial liquid waste in the energy and heavy chemical industries, including the electric power,
steel, and chemical industries; purified water management for medical and semiconductor use;and constant monitoring and control of water quality in the pharmaceutical, food, and cosmetics
fields. In essence, HORIBA’s contribution supports public safety, security, and health in addition
to global environmental preservation.

2016 results:

Robust sales of stack gas analyzers in Japan and process measurement
systems in the Americas.
2017 forecasts:

Expect robust sales of stack gas analyzers and focus on expanding waterrelated businesses.

Net sales and operating income
Billions of yen

Billions of yen

30

3
Net sales (left)
Operating income (right)
Operating income plan for 2020 (right)20

2

In 2016, sales of stack gas analyzers for thermal power plants and factories were robust inJapan. In addition, the process measurement systems business in the Americas was firm.
However, deteriorated profitability in overseas projects resulted in a year-on-year decrease insegment operating income, despite a sales gain.
In 2017 we aim at recording year-on-year increase in sales and operating income, by achieving
continued firm sales of stack gas analyzers and by expanding the water-related business, mainly
in Japan and Asia, as one of the priority measures of the MLMAP2020. See details of HORIBA’s
water business on page 16, featuring MLMAP2020.

Mid-long term strategy:

10

1

0

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 20162020

(Plan)

Value creation in the context of environmental regulations and process
measurement equipment
In the environmental and analytical instrument markets in emerging nations, HORIBA willdevelop business by utilizing its accumulated know-how and experience in Japan, Europe, and
the Americas. We also aim to increase market share in the global water quality measurementbusiness, by collaborating with the water-related business of our other business segments. As
to our process measurement equipment business, we aim to expand business in the petroleum
refining and petrochemical industries, and intend to increase the recognition given to the
HORIBA brand in Japan and overseas.

Process & Env
25

ENVIRONMENT

Major products and targeted markets
Stack gas analyzers
HORIBA is the leading market share* inJapan for continuous emission
monitoring systems used in plants andother facilities that generate gaseousemissions and soot. Our instruments
have established a widely recognizedcredibility for robust and reliablesampling systems, which are essential
in continuous measurement of avariety of gases. The analyzers areused in applications for power
generation, petrochemicals, steel,paper, foods, and pharmaceuticals.
* HORIBA’s estimate

Air pollution analyzers
HORIBA’s air pollution analyzers have
won high acclaim in the field as highly
reliable analyzers that demonstrate
excellent precision and long-term
stability at ppb* concentrations. They
are used in over 50 countries tomonitor air quality by municipal
governments and private industries.
Demand has been expanding for
PM2.5-related monitoring.

* ppb: parts per billion. One part per billion denotes one
part per 1,000,000,000 parts. This notation is mainly
used for describing low concentration measurements.

Water quality analyzers

HORIBA’s water quality measuring instruments arebeing applied to the wastewater treatment facilities in
Myanmar, as a part of a model project supported by the
Ministry of the Environment of JapanIn Myanmar, specific regulations, standards, or penalties for industrial
waste have not yet been established, and most factories are notequipped with wastewater treatment facilities. Having conducted anenvironmental survey in Myanmar, HORIBA made a proposal andintroduced its water quality measuring instruments in the “Model Projectfor Improvement of Water Environment in Asia,” which is promoted by the
Ministry of the Environment of Japan, jointly with Hitachi Zosen
Corporation. HORIBA will continue to contribute to the promotion ofenvironmental preservation in emerging countries and focus on
enhancing the HORIBA brand.

Maintenancework ofmeasurement
instruments in
Myanmar

North American process measurement systembusiness is steadily growing.
The process measurement equipment business we acquired from the U.S.
corporation Cameron in 2013 generated about ¥1.8 billion in sales and recorded
operating income for the second consecutive year in 2016. We have established astructure that enables us to provide collectively, the equipment needed in theprocess of petrochemical refining, dissolution, and processing.
In March 2017, we relocated to a new expanded office in Houston, a U.S. centerof the petrochemical industry, to accelerate business expansion in the process
measurement field.

HORIBA‘s products are used formonitoring and control in water
treatment processes. We have awide-ranging water quality productline to measure pH, the basic water
quality indicator, as well as chemical
oxygen demand (COD), total
nitrogen, and total phosphorous. Our
products have been highly evaluatedin the water quality analysis field bycompanies in the electric power, gas,petrochemical, steel, paper, food,and pharmaceutical industries.
Analyzer house

Major products and market shares

Houston office

Note: Market shares quoted are estimates by HORIBA.

Stack gas analyzers

H-1 series of industrial water quality analyzers

These analyzers provide highly sensitive and precise
measurements of NOx, SO 2, CO, CO 2, and O 2 constituents ingases emitted by boilers and furnaces in thermal power stations
and refuse incineration facilities. A single unit cansimultaneously and continuously measure all five gases.
HORIBA has the top market share in this competitive market in
Japan and seeks sales growth in the global market.

These industrial water quality analyzers perform in a wide range of applications from pure water
for semiconductor and food to water treatment to sewage and industrial wastewater. They
confirm progress in wastewater treatment processes and control water treatment equipment.
Moreover, we have developed pH electrodes that resist damage in harsh environment bystrengthening their toughness, thereby reducing the frequency of electrode replacement andmaintenance operations. By responding to expanding worldwide needs for remote monitoring
services in water and sewage quality management and process monitoring, HORIBA pursues
sales growth in the global market.

nvironmentalJapanmarket share

50%

Segment
sales share

36%

Japan
market share(Total of water
quality analyzers)

20%

Segment
sales share(Total of water
quality analyzers)

32%

HORIBA Report 2016 | 26

Business outline

Medical-Diagnostic
Instruments & Systems
Coagulation 4%
Immunology 5%
Clinical chemistry,
Blood glucose 16%

Sales
breakdown

2016 Net sales

26.5

Hematology 75%

Billions of yen

Contributing to a healthy life through in-vitro
testing equipment
In the global market of in-vitro diagnostic; HORIBA provides instruments and reagents for blood
sample testing throughout the world. The segment’s business model is based on recurring
revenues generated from sales of reagents. We aim to ensure stable earnings by expanding ourinstalled base of medical diagnostic instruments. In particular, HORIBA’s strength is in small andmedium-sized hematology analyzers in the diagnostic market for Point of Care Testing (POCT),
including small to medium-sized hospitals, clinics, test centers and surgery centers.

2016 results:

Robust sales of new products in Japan2017 forecasts:

Launch new products in Europe

Net sales and operating income
Billions of yen

Billions of yen

840
Net sales (left)
Operating income (right)
Operating income plan for 2020 (right)

30

6

4

20

In 2016 sales of the hematology and C-Reactive Protein (CRP) analyzers, which were launchedin 2015 in Japan, were favorable. However, the yen’s appreciation against the euro resulted in adecrease in the value of European sales expressed in yen. As a result, segment operating
income increased year-on-year despite sales decreased.
In 2017 we will continue to focus on expanding sales of hematology and CRP analyzers inJapan. In addition, we plan to launch new medium and large-sized hematology analyzers in
Europe. However, anticipating stagnant demand conditions in Europe and the Americas,
segment sales and operating income are expected to decrease year-on-year.

Mid-long term strategy:

Increase sales by launching new products and expanding into new areas
2

10

0

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 20162020

(Plan)At present, HORIBA’s strengths reside in having development bases in Japan and France and alocal supply infrastructure of testing reagents in China, India, and Brazil, with their highexpected demand for reagents. We aim to globally introduce small and medium-size
hematology and CRP analyzers, which are highly regarded in Japan, and to launch at an earlydate new medium- to large-sized products. Moreover, we are interested in cooperating withother companies through M&A and OEM arrangements, so as to expand into new areas in thein-vitro testing market.

Medical-Diag
27

SOCIAL

Business development by test category

Hospitals

HORIBA aims to be acknowledged as a clinical solution partner by strengthening
the data management and automation areas and expanding productdevelopment either by ourselves or through collaboration with other companies.

Test category

Clinicalchemistry

Hematology

Immunology

Coagulation

Market size

¥2 trillion¥0.35 trillion¥2 trillion¥0.2 trillion

Large hospitals
Testing centers

Small andmedium-sized
hospitals

Clinicalchemistry
analyzers

Private practitioners

Hospital units andsurgery rooms (POCT)

Blood glucose
measurement
systems

Hematology
analyzer systems

Small andmedium-sized
hematology
analyzers

HORIBA participated in the 6th TICAD VI
HORIBA participated in the 6th Tokyo International Conference on African
Development (TICAD VI) in August 2016. HORIBA ABX S.A.S. in France
has had a presence in North Africa, mostly in Francophone countries, forabout 30 years. In Africa, electricity supply tends to be unstable due toplanned interruptions and other reasons, and purified water is hard to
procure, resulting in adoption of expendables that do not need cleaning.
In order to reduce the problems caused by various diseases, including
malaria and other infectious diseases, HORIBA contributes to improving
the living of African people through provision of its in-vitro diagnostic
instruments.

Field in which HORIBA
exhibits strength

CRP analysis

Coagulation
reagents

HORIBA’s hematology instrument used in Africa

Launch of new products in the medium and large-

Expanding in emerging countries, by use of the

1 size hematology analyzers

2 global network“HELO Solution,” a brand new product in the medium andlarge-sized hematology analyzers

Global strategy and emerging market development

In 2017 HORIBA will launch new medium and large-sized hematology analyzers with
the HORIBA Evolutive Laboratory Organization (HELO) Solution, a hematology
automation solution which maximizes the performance in the laboratory under all
types of operating conditions, including urgent testing and special testing, in addition
to routine testing.
HELO Solution provides an automation conveyance system with flexible number ofanalytical modules and flexible modular configurations, depending on the customer’s
work flow needs. It provides comprehensive optimal solutions to the laboratory,
through support functions, providing useful statistical data for enhancing efficiency ofthe laboratory, in addition to collective management of test data.

FranceProduct development
and production base(instruments and reagents)

Development
technology of medium
and large-sized
products

Brazil
Production base
(Reagents)

Japan
Product development
and production base

India

China

Production baseProduction base

(Reagents)(instruments and reagents)(instruments
and reagents)

Development
technology ofsmall-sized products

The Medical-Diagnostic Instruments & Systems
segment’s sales in emerging countries

Developed countries

HORIBA’s strengths in emerging
countries

Emerging countries

24%

1

Global network established by
HORIBA ABX S.A.S.

2

Products that enable highprecision and stable measurement
in various environments

37% 3

A stable supply network ofreagents (consumables), producedin the volume-consumption regions2009 2010 2011 2012 2013 2014 2015 2016

Major products and market shares

Note: Market shares quoted are estimates by HORIBA.

Hematology analyzers

Hematology and CRP analyzers

Blood tests are essential for diagnosis and healthassessment of people and animals. These analyzers
check red and white blood cell counts as well as
hemoglobin and platelet counts.

This is the first analyzer in the world to simultaneously
measure blood cell counts and C-Reactive Protein (CRP),
which the body produces in response to internal
inflammation, thus facilitating faster and more accurate
diagnosis.

Worldmarket share

Segment
sales share

gnostic
7%

75%

Japan
market share

100%

Segment
sales share

12%

HORIBA Report 2016 | 28

Business outline

Semiconductor
Instruments & Systems
Dry process monitors 2%

Other 1%

Wet process monitors 11%

Sales
breakdown

2016 Net sales

38.8

Billions of yen

Mass flow
controllers
86%

Contributing to yield enhancement and technology
innovation in semiconductor manufacturing
processes with HORIBA’s flow control andmeasurement technologies
HORIBA’s main products are mass flow controllers, which are devices that control gas andliquid flows in the semiconductor manufacturing process (front-end). They have a leading global
market share*, largely on the strength of their flow control technology that enables yieldenhancement and miniaturization in the semiconductor manufacturing process. HORIBA, which
also provides chemical concentration monitors, aims to contribute to the semiconductor
industry by providing customers with high-level solutions that support technical advances inprocess technology.
* HORIBA’s estimate

2016 results:

Robust investment demand by semiconductor manufacturers
2017 forecasts:

Net sales and operating income
Billions of yen

Maintain market shares in the favorable semiconductor market
Billions of yen

50

15
Net sales (left)
Operating income (right)
Operating income plan for 2020 (right)

40

12

30

9

20

6

10

3

0

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 20162020

(Plan)In 2016 on the back of high-level capital expenditures by semiconductor manufacturers, sales ofmass flow controllers to semiconductor production equipment (SPE) manufacturers in Japanand Asia increased significantly, despite some impacts from the yen’s appreciation. As a result,segment sales and operating income recorded all-time highs.
While capital spending by the semiconductor industry is expected to remain at a high level in thefirst half of 2017, we believe we have to cautiously monitor their capital spending outlook in thesecond half of the fiscal year and respond promptly to the needs of our customers, so as tomaintain our market shares in the favorable semiconductor market.

Mid-long term strategy:

Enhance market positioning of mainstay products
We will further enhance our flow control technology, which has been accumulated primarily inmass flow controllers. We also aim to grow sales of chemical concentration monitors, used insemiconductor wafer cleaning processes. In addition, we will combine our flow control
technology and analysis and measurement technology so as to enhance development of new
products that satisfy customer needs.
Meanwhile, we intend to apply our flow control technology to other industries by promoting
product development for energy, petrochemical, pharmaceutical, food and other markets.

Semiconduct
29

SOCIALHORIBA’s Semiconductor Instruments & Systems
segment sales compared to worldwide sales ofsemiconductor manufacturing equipment
Billions of yen

Enhancing semiconductor-related production
capability and responding to customer needs

Trillions of yen

40

8

In July 2016 HORIBA decided to expand the HORIBA STEC Aso Factoryin Nishihara Village, Kumamoto Prefecture, Japan. This factory, a driving
force of growth in the segment, will be expanded in total floor area by
about 50% so as to build a more stable supply capacity of mass flow
controllers to satisfy further increases in demand. This factory, since its
start in 1988, has been accepted as a community member by the peoplein Kumamoto Prefecture. Although the factory was struck by the
Kumamoto Earthquakes of April 2016, it resumed operation in two
weeks, with water supply and electricity recovery facilitated by local
people including local employees. This has led to our decision to expand
the Aso Factory in order to increase use of its strength in growing
together with the community and to contribute to segment growth.

HORIBA’s Semiconductor Instruments & Systems segment sales (left)
Worldwide sales of semiconductor manufacturing equipment (right)

30

6

20

4

10

2
Expansion area

0

On July 30 2016, the expansion
site agreement was concluded
at the Kumamoto Prefectural
Government Office.

0
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

HORIBA’s global market share for mass flow
controllers

60 %HORIBA has maintained a share of more than 40% of the global mass flow
controller market since 2009. This has been achieved because we successfully
met our customers’ needs through new product introductions and expanded
production capacity even during the semiconductor industry’s downturn ininvestment in 2009, and through to its recovery stage in 2010. More recently, ourmarket share has risen as we launched products that responded to changes in
production technologies caused by miniaturization and more multi-layer
semiconductor production processes. Noteworthy are our differential pressure
type mass flow controllers, which are fully capable for use by the next-generationof semiconductor production processes. In our view, this is due to the success ofour balanced management, which enabled us to supply the needed funding for
new product development and production capacity even during a downturn indemand. At the same time, we elevated our technical capability to better satisfy
demand from semiconductor manufacturers.

50

Planned completion in November 2017

HORIBA’s market share formass flow controllers

57%

40

30

20
2007

Major products and market shares

2008

2009

2010

2011

2012

2013

2014

2015

2016

Note: Market shares quoted are estimates by HORIBA.

Mass flow controllers

Chemical concentration monitors

These high-precision gas and liquid controllers regulate flow rates in semiconductor
manufacturing processes, typically in thin-film formation processes. They are
indispensable components for high quality semiconductor and LED production.

These compact units are used in semiconductor manufacturing to monitor concentrationsof chemical cleaning agents. They ensure cleaning fluids are precisely delivered andproperly used, thereby optimizing the cleaning process and boosting production yields.

tor
World
market share

57%

Segment
sales share

86%

World
market share

80%

Segment
sales share

11%

HORIBA Report 2016 | 30

Business outline

Scientific
Instruments & Systems
Other 4%
Water quality analysis 9%
Particlecharacterization 10%

Sales
breakdown

Molecular &microanalysis 38%

2016 Net sales

25.7

Billions of yen

Optical components 20%
Elemental analysis 19%

HORIBA provides over 500 types of instruments
for use at the leading edge of scientific technology
HORIBA began its history from the R&D function leading to Japan’s first glass electrode pH
meter. HORIBA’s analyzers use gas analysis by infrared rays, X-ray solid analysis, anddispersion technologies such as Raman or fluorescence spectroscopy. HORIBA’s analyzers
provide solutions for data acquisition and analysis in niche markets to support advanced
research in pursuit of innovative products and processes that will enhance our lives and theworld that surrounds us. HORIBA’s analyzers are widely used in basic research, foreign-object
examination and defect analysis for pharmaceuticals, food and electronic components, forensic
science, archaeological surveys, and others. Additionally, the Scientific Instruments & Systems
segment develops basic analytical methods and core measurement technologies, which play
key roles in providing new technologies to the four other business segments of HORIBA.

2016 results:

Robust sales of spectrometers for R&D applications to universities inJapan and China
2017 forecasts:

The demand in Asia is high and sales will continue to increase by launching
new products that combine the Group’s technologies

Net sales and operating income
Billions of yen

Billions of yen

440
Net sales (left)
Operating income (right)
Operating income plan for 2020 (right)

30

3

In 2016 sales of instruments and systems for R&D applications to universities and otherinstitutions in Japan and China were robust. The yen’s appreciation against the euro resulted ina decrease in sales in Europe in yen terms. Consequently, segment sales and operating income
decreased year-on-year.
In 2017 we anticipate solid demand in Asia and will continue to promote sales of products thatsatisfy needs of customers.

Mid-long term strategy:

Incorporate customers’ views in product development and hence market
creation
20

2

10

1

0

0
2007 2008 2009 2010 2011 2012 2013 2014 2015 20162020

(Plan)

It is our challenge to create new value in the analysis and measurement business, including
energy, automobile, biotechnology, and drug discovery areas. In addition to continuing toactively increase sales in niche markets, we will work to expand applications of our products. In
order to increase the understanding of the issues our customers face, we will endeavor toundertake joint projects with them. Working together will enable our research and development
teams to anticipate the needs of the customer as those needs arise, as we have already done bycreating a custom made instrument for a manufacturer of precious metal products and a special
device for a university laboratory engaged in advanced research.
In addition to providing analysis and measurement technologies to the other four businesssegments, the Scientific Instrument & Systems segment will improve profitability.

Scientific31

Global expansion of use of technology in and emanating from three bases, Japan,
France, and the U.S., for achieving sustainable growth
Historically, segment growth was driven by product development utilizing the strengths of our operations in Japan, France, and the U.S. and our products play a role in thefrontline of a wide range of corporate and university research institutions which provide cutting-edge technologies. Having a diverse product line-up that covers both highend products and components, HORIBA utilizes technologies and brand power to meet a wide range of customer requirements which allows for re-investment with the aim oflong-term sustainable growth.

Business model of the Scientific Instruments & Systems segment
High-end products
HORIBA’s
technology

General-use productsTechnology in France
and the U.S.

Niche products

Components
Technology in France
and the U.S.

Technology in Japan

Raman spectrometers
Fluorescence analyzers
Gratings

Particle-size distribution analyzers
Water quality measurement
equipment

X-ray fluorescence sulfur analyzers
Infrared ray measurement
equipment
Metal analyzers

Spectrometers
Gratings

Distinctive
pointsTechnical strength to meetdemand from academia andresearch institutes

Specification line-up and own
sales channels to meet demand
from a wide range of customers

Technical strength tomeet demand in niche markets

Technical strength andmanufacturing capability to meetdemand in specific markets

Expected
impacts

Enhanced brand power
New technology creation

Main products

Increase in businessvolumeMore investment
SOCIALCo-sponsored a Hackathon* by the leading science and technology
French institute École Polytechnique and the University of Tokyo
HORIBA sponsored a ‘Hackathon’ that brought together students from the University of Tokyo and the
École Polytechnique to focus on computer programming and prototyping. The event, which took place
in February 2017, had a theme of developing tools for research centers and manufacturing. Innovative
prototypes such as a wearable necklace-style information terminal were presented. HORIBA France
S.A.S. constructed HORIBA Europe Research Center in a site adjacent to the École Polytechnique andhas promoted industry-academy cooperation through internship and other activities. HORIBA willcontinue to contribute to the development of science and technology by growing its Scientific
Instruments & Systems segment, using its global network.
* Hackathon is a portmanteau of the words “Hack” and “Marathon,” where “Hack” is used in the sense of exploratory programming. This term originated in the U.S. information technology industry.
A hackathon is a sprint-like event in which teams of computer programmers and designers compete on ideas and develop solutions within a given number of hours or days.

Major products and market shares

Note: Market shares quoted are estimates by HORIBA.

Raman spectrometers

pH meters

Raman spectroscopy is a spectroscopic technique that provides information about the molecular
structure of molecules by measuring their vibrational modes. These vibrational modes act as amolecular fingerprint offering quantitative measurements which can be used to identify thechemical under analysis. In recent years, Raman spectroscopy has attracted attention for new
applications in material research. Raman has a very weak light scattering mechanism, so ahighly-sensitive and optimal optical design is necessary. HORIBA’s outstanding know-how in
optics-related technology, largely from its acquisition of Jobin Yvon, has been successfully
applied in the core development of our extremely high performance Raman spectrometers.

HORIBA is recognized as one of the top pH meter brands
beginning with our development of Japan’s first glass
electrode pH meter in the 1950’s. HORIBA offers a full pH
product line to satisfy diverse customer needs ranging fromdesktop models to support laboratory research, to rugged
and portable instruments for field applications measuring
river water, groundwater, and wastewater.

World
market share

30%

Segment
sales share

22%

Japan
market share

50%

Segment
sales share

9%

HORIBA Report 2016 | 32

Value creation based on “Invisible Values”

HORIBA’s thoughts on CSR

Promote CSR through business activities
HORIBA’s framework for thecreation of corporate value

HORIBA’s materiality
Since its foundation in 1945, HORIBA has

Expressed through Design Sugoroku

worked to grow with the mission ofcontributing to the progress of science andtechnology, through the provision ofanalysis and measurement technologies.
In anticipation of risks and opportunities
presented by the social impact of rapid
globalization and IoT, HORIBA is making
efforts to identify key topics in the area of
science and technology and areas forcontribution to achieving the mid-long term
management plan MLMAP2020 andserving company interests from a longterm perspective.

Super Dream
Team
Participation insociety andgrowth ofindividuals

Communication
with internal/
external
stakeholders

Unique products
and services
Contribution
to realize a happy
future society,by using
cutting-edge“Measurement
Technologies”
Sustainablesupply chain

Governancestructure, slim
and solid internal
controlOpen and Fair

Applying
Design Sugoroku!
Design Sugoroku is a modification of a very old Japanese board game that
relates all major items to be considered in making a design. This is aframework that enables all related things that need to be considered to be
obvious at a glance. For example, if you change the size of your businesscard, you have to consider its impact on your card case or a pocket of abusiness suit. HORIBA is using this to summarize the relationship among all
activities that form invisible values, in addition to business activities, asthese activities influence each other.

33

HORIBA’s various activities are summarized, with its
framework being determined by its three backbone
values: the Corporate motto“Joy and Fun,”“Open and Fair,”and “Ownership and Challenging Spirit.”Super Dream Team●●●The mission of the “HORIBA Stained Glass Project” isto explore HORIBA’s diverse talents and skillsets,
regardless of the employees’ gender, nationality, age,disability *1 , or other differences, and to promoteorganizational growth. Web Link
“Balanced Management” and “Matrix Organization” toenhance the operational base P35
Internal education system that promotes quality

Web Link

Unique products and services

●
●
●
●

Global provision of environmental measurement
instruments
Expansion of applications by sharing technologies
between business segments and through productdevelopment; integration and growth of the water
related business P16
Promotion of global projects in cooperation with
universities and research institutions P32
Enhancement of corporate value by seizing global M&A
opportunities P3

Sustainable supply chain●●●

Efficiency enhancement at HORIBA BIWAKO E-HARBOR
via production process reform P24
Obtaining ISO22301 accreditation in the Semiconductor
and Medical-Diagnostic Instruments & Systems
segments deploying lessons learned from the responseto the 2016 Kumamoto Earthquake Web Link
Corruption prevention; rejection of forced labor andchild labor Web Link

Web Link

Governance structure,slim and solid internal control

●
●
●
●

Appointment of outside officers since our foundation P39
Enhancement of a stable business base, assisted by
the IMS*2 Web Link
Global adoption of the ERP (Enterprise Resource
Planning) system to integrate management of operation
information Web Link
Adoption of an indicator for improving capital efficiency
P16

Communication with internal/
external stakeholders Web Link

●
●
●
●

Identification of important information; investor relations(IR) activities and proactive disclosure based on Openand FairPromotion of global dialogue with business partners
and customers; continual meetings with sales
companies and subcontractors; Technical Olympics,
technology seminars for customers, etc.
Signatory to the UNGC *3 ; dialogue with outside
institutions, such as CDP*4
Internal communication with employees and executives
at product launch meetings, etc.

Participation in society andgrowth of individuals●●●

Use of the Blackjack Project and HORIBA COLLEGE for
growth of individuals and the organization P35
Workstyle innovation to support designing “Decent
Work” and a prosperous lifestyle Web Link
Living in good harmony with nature and revitalizing
communities through use of HORIBA Blueberry Farm,“Joy & Fun” and others P36

http://www.horiba.com/to-our-stakeholders/*1 HORIBA is a member of general incorporated association Accessibility Consortium of Enterprises (ACE) and promotes
employment of people with disabilities.
See details on HORIBA’s website:
http://www.horiba.com/about-horiba/diversity/human-resources/*2 IMS (Integrated Management System) is an integrated management system of more than one ISO and OHSAS.
*3 UNGC: the United Nations Global Compact https://www.unglobalcompact.org/*4 The CDP (formerly the “Carbon Disclosure Project”), a non-profit organization based in London, works with institutional
shareholders to disclose the environmental strategy and greenhouse gas (GHG) emissions of major selected
corporations in the FTSE Index. The CDP sends questionnaire to major companies across the world, analyzes andevaluates the companies’ self-reported data, and discloses the results to investors. See https://www.cdp.net/en

Process of identifying material topics
What to do next
The ESG Workshop, which is comprised of the Junior Corporate
Officer in charge of CSR at HORIBA, Ltd. and core members ofeach segment, was launched (September 2016).

1 perspective and MLMAP2020. Extract more priority

2

HORIBA’s various activities (around 100) were screened by using
guidelines on SDGs* and ESG investments for reference.

2 issues of MLMAP2020, with approval of the Board of3

HORIBA’s corporate philosophy and strength were confirmed andareas and frameworks where HORIBA can or should contribute insolving social issues or do so in relation to stakeholders werestudied.

1
Ownership andChallenging
Spirit4

The current initiatives were categorized in a framework and wereapproved by the HORIBA CSR Promotion Committee (page 40).

*The Sustainable Development Goals (SDGs), officially known as “Transforming our world:the 2030 Agenda for Sustainable Development,” is a set of 17 “Global Goals” with 169
targets between them. The United Nations General Assembly adopted the agenda in
September 2015. See https://sustainabledevelopment.un.org/?menu=1300

Identify top material issues from a stakeholder/social
issues and set up an action plan.

Decide on the global CSR framework and material
Directors of HORIBA Ltd.

3 Understand the status of activities on a global basis

4

According to the action plan linked to the corebusiness, set up specific goals, prioritize issues, anddecide key performance indicators (KPI) to
accelerate the activities.
The HORIBA CSR Promotion Committee will

5 regularly update the situation or modify the plan, andreport to the Board of Directors.

HORIBA Report 2016 | 34

Value creation based on “Invisible Values”

Blackjack Project

Organizational structure andtalents
Organizing a Super Dream Team
Under the slogan of “HORIBA Group is One Company” since2004, HORIBA has promoted “Balanced Management” and“Matrix Organization” to manage the Group companies as asingle integrated entity. With the aim of further developing thissystem, we are using the “HORIBA Stained Glass Project” topromote diversity, organize a Super Dream Team of people
with diverse abilities and characteristics, and accelerate thereinvention of our existing businesses and the creation of new
businesses in keeping with the new mid - long term
management plan MLMAP2020.

Balanced management
We aim for a well-balanced management as a single,
integrated entity, without excessive dependence on any one
segment or region, in order to achieve sustainable growth of
our five business segments. Even if the businessenvironment of one business segment becomes stagnant,
we are able to achieve sustainable growth by flexibly
utilizing our management resources and ensuring a goodbalance in business investment.

Matrix organization
HORIBA uses matrix management across its five businesssegments and three operating regions. This is a globalorganizational framework for executive decisions on
strategies and plans by business segment that removes
barriers such as separation of countries, regions, or groupcompanies. This framework has enabled a globally-integrated
business operation. We will continue to exploit the benefits ofthe multiplier effect from successful examples and strengths
in one segment or one region to others and improve
HORIBA’s corporate values.

35

1. What is the Blackjack Project?
The Blackjack Project, which began in 1997 with theobjective of changing the awareness and activities of
employees, resulted in the submission of 819 suggestions
and proposals for change in 2016. In addition to
improvement in operational efficiency and cost reduction,
personnel development and enhancement of organizational
strength are among popular proposals, demonstrating one
aspect of HORIBA’s corporate culture: organizational reformby employees. We hold an internal World Cup competition
among candidate proposals from each country where we
operate. This competition also provides an opportunity todemonstrate to management and employees how we makeour belief a reality. The Blackjack Project has the importantfunction of sharing corporate culture, experience andknowledge and is one of our important initiatives to realize aSuper Dream Team.
The relocation to HORIBA BIWAKO E-HARBOR, whichstarted full operation in May 2016, was accomplished byexecuting a cross-organizational project, “Technology
Translocation (Sengu).” The specific example is presented
on page 24 for the Automotive Test Systems segment in this
HORIBA Report 2016.

2. Number of activity themes
Proposals submitted in 2016 e.g. HORIBA, Ltd.
Time saving, efficiency, cost reduction
39%

Other 8%
Sales promotion andmarketing 10%
Quality 11%

Ideas for talents
and organization

32%

Number of proposals
1,000

Japan

Outside of Japan819
themes

800
600
400
200
0
2006 2007 2008 2009 201020112012 2013 2014 2015

2016

SOCIALHORIBA Stained Glass Project
In January 2014, we launched the Stained Glass Project. Its
mission is to make HORIBA stronger by the continual
creation of new value through HORIBARIANs’ diverse
talents and skillsets, regardless of their gender, age,nationality, disability, or other differences. We havepromoted activities aimed at more engagement of women in
the workplace, workstyle innovation, and global
communication in which HORIBARIANs shine, and theStained Glass Project became to have a promotion office asa corporate division since 2017.

Use of idled fields forrevitalizing thecommunity andenhanced education andbenefit programs
HORIBA Blueberry Farm “Joy & Fun” opened in April 2012 byour renting fallow fields in Takashima City, Shiga Prefecture.
Our newly-joined employees do agricultural work and other
employees and their family members also participate in theharvesting of blueberries and vegetables. It is an importantundertaking for HORIBA, along with our Biwako Factory andthe training center “Fun House.” It is noteworthy that effective
use of fallow fields not only benefits employees but also
contributes to revitalize the community.

Ms. Maki Moriguchi, Leader of the Stained Glass Project (Department
Manager of Stained Glass Project Office since January 2017), discussed
issues such as the key points of the Project activities and its goals.

Interview

I have been involved as a leader of this initiative since the project launch in2014. Actually, for about 20 years, President Mr. Horiba has been thinking
that HORIBA’s strength lies in the diversity of its workforce, just like a stained
glass windows, talents assembled of various colored pieces. The project
division will continue to make efforts to help employees realize this strong
point of HORIBA, and make a scheme to accelerate diversity management byusing various programs of personnel affairs and through global
communication. In Japan, Workstyle Innovation is a big social movement.
Such a concept has been becoming better recognized in our factories andoffices partly due to this project, which began in 2014.
Going forward, I am hoping to create a catalyst or a scheme to help our
employees have a sense of being an important member of a Super Dream
Team. Concerning the issues in workplaces from the perspective of theStained Glass Project, we are coordinating with the Blackjack Project so thatefforts for improvement continue as a team effort and contribute to thebusiness. I have also learned a lot from successful examples of the Blackjack
Project to infiltrate its thoughts and establishment of original scheme.
The biggest challenge for me is to make this activity better known globally.
While the activity has mainly been centered in Japan, the concept of theStained Glass should be shared by the entire HORIBA organization. In 2016,
I attended a global-level meeting of those in charge of personnel affairs. A
talents manager from Europe suggested to me that “With regard toengagement of women at workplace, being Open and Fair and emphasizing
process evaluations are a better way rather than focusing numerical targets
for managers.” I was encouraged by learning of her own experience.
1 Advance HORIBA’s strength so as to promote

Three pillars of the Stained
Glass Project

diversity

2 Make more flexible choices in workstyle
3 Raising productivity

Maki Moriguchi
Maki Moriguchi joined HORIBA, Ltd. in 1996. From 1998 she worked as secretary to the President. After taking maternity
leaves twice, she was appointed as a manager of the secretariat in 2014. In the same year, she launched the HORIBA
Stained Glass Project and became its project leader. At present she is engaged in promoting diversity as Department
Manager of the Stained Glass Project Office.

HORIBA Report 2016 | 36

Value creation based on “Invisible Values”

Technologies

Accelerating investments in basic analytical andmeasurement technologies and application
development
Investment in core technologies
The development of analytical technology and engineering
technology is vital to HORIBA as an analytical andmeasurement equipment manufacturer. We have maintained
R&D investment at the level of 7-8% of sales, even during
economic downturns when our competitors reduced theirinvestments. This strategy has helped to boost our market
share during subsequent upturn phases. In 2009, during the
global economic recession triggered by the financial crisis,
the Semiconductor Instruments & Systems segment
recorded losses. However, supported by stable earnings ofthe Medical-Diagnostic and Scientific Instruments &Systems segments, we were able to maintain the same levelof overall R&D investment in the Semiconductor segment,
which has resulted in the segment’s favorable operating
performance today.
We firmly believe this investment policy will contribute to our
future growth and profitability improvement. HORIBA aims
to improve the efficiency of our R&D investments and realize
a higher operating income.

Investment in new technologies and new services
In the Automotive Test Systems segment, HORIBA acquired
its Mechatronics (MCT) business in 2005 and Engineering
Consultancy & Testing (ECT) business in 2015 to expand
HORIBA’s scope of technologies to the engineering area ofnext-generation automotive development. Using IoTtechnology, HORIBA will further advance in remotemonitoring and data management of analytical andmeasurement systems to provide new added value, andachieve business growth by contributing to customers’
energy saving and enhancement of efficiency.
Technology Summit

R&D expenditure and ratio of R&D expenditure to net sales
Billions of yen

%

15.0

12.5
R&D expenditure (left)
Ratio of R&D expenditure to net sales (right)

12.0

12.9
10.0

9.0

7.5

7.6
6.0

5.0

3.0

2.5

0

0
2007

37

2008

2009

2010

2011

2012

2013

2014

2015

2016

HORIBA’s major analysis and control technologies

From core technology to
product development
HORIBA strives to effectively
allocate its R&D resources tospecific analytical technologies,
apply them to productdevelopment in five different
business segments, and achieve
product releases efficiently.

(by scale of sales)

Automotive
Test Systems

Process &Environmental

Scientific

Medicaldiagnostic

Semiconductor

Infrared measurement
Technology for real-time analysis of elements in gases

Gas flow control
Technology to measure and instantly control the flow of gases

Particle-size distribution analysis
Technology to measure particle diameter and particle distribution

Spectroscopic analysis
Technology for analysis of visible light

Liquid ion analysis
Technology to measure pH, sodium, potassium, and other ions

HORIBA Group IP (Intellectual Property) World Cup 2016 & Technology Summit
Our first in-house IP World Cup competition was held in
2011, with the aim of encouraging creation of HORIBA
technology which can initiate the next growth phase of
HORIBA. HORIBA’s numerous unique technology andintellectual property have propelled growth ofbusinesses. In the Sixth World Cup, in 2016, out of 19
applications, including 11 from overseas, three
applicants from various parts of the world were invited
to the award ceremony and the in-house seminar heldat the headquarters in Kyoto.
The Technology Summit was concurrently held, toencourage technical exchange across different
business segments, so as to realize development by theunited group, through the effective use of HORIBA’s
core technology and engineering technology. Poster
sessions were performed on 37 themes, including somefrom Group companies, creating a scene for engineers
to exchange opinions.
Toward achieving MLMAP2020, the Technical Super
Dream Team is making concerted efforts to createtechnology synergies only HORIBA can produce.

Technology Summit

IP World Cup
2016

The total number of applications in the six years since
the inception of the HORIBA Group IP World Cup

104 themes(from 15 global locations outside of Japan)— Details of other technology/quality-related topics are presented on the website. —Integrated Management System that helps realize sustainability
http://www.horiba.com/about-horiba/integrated-management-system/“Eco-Friendly Products” that help realize longer usable lives and minimizationof energy consumption
http://www.horiba.com/about-horiba/environmental-activities/environmental-compliance/
HORIBA Report 2016 | 38

Corporate governance

Basic Policy on
Corporate Governance
Based on the corporate philosophy of “Open and Fair,” HORIBA has pledged to (1) establish an organizational
structure that promptly responds to changes in the business environment, (2) improve its managerial
monitoring of performance and (3)enhance compliance-related arrangements. These objectives have the aim ofestablishing a world-class governance structure. At the same time, we are committed to establishing good
relationships with all stakeholders, including owners (shareholders), customers, employees, and local
communities.
In addition to proper information disclosure, we seek to promote constructive dialogue with our owners(shareholders), contributing to our sustainable growth and mid-long term improvement in corporate value.

Corporate Governance System
HORIBA has adopted the type of organization defined as a“Corporation with Board of Corporate Auditors,” in the
Companies Act.
As of May 2017, the Board of Directors is comprised ofseven members, including three independent outside
directors, including one woman. In fiscal 2016, the Board
met 12 times in order to make decisions more promptly thanin the past and to augment managerial capability. To avoid
managing with an introverted approach, HORIBA has, since
the company’s origin in 1953, always appointed at least one
director and one corporate auditor from outside thecompany.
In addition, HORIBA introduced a corporate officer system
in 1998 to make smooth and agile execution of operations

2015

Directors: 6

including one outside director

Corporate Officers: 17(including one non-Japanese and one woman)

under the supervision and guidance of directors. At present(May 2017), 21 corporate officers, including one woman andfive non-Japanese, play an active role in Japan andoverseas.
As of May 2017, the Board of Corporate Auditors iscomprised of three corporate auditors, including one
independent outside auditor. The Board of Corporate
Auditors held 14 meetings in fiscal 2016. It performs
objective and appropriate auditing and monitoring of thework of the Board of Directors, in cooperation withindependent auditors and internal auditing (Group Internal
Audit Office, which is positioned directly under the
President). (See the list of directors, corporate auditors andcorporate officers on page 41).

Evaluation of the Board of Directors’ EffectivenessWe distributed to all directors a questionnaire
concerning the Board of Directors’ effectiveness andreceived response from all of them during November
and December of 2016. The results showed that thedirectors valued that the effectiveness of the Board
was confirmed with the current way. This wasreported and discussed at the board meeting.
Relationship with owners (shareholders)
Open general meeting of shareholders

2017

Directors: 7(including three outside directors and one woman)

Corporate Officers: 21(including five non-Japanese and one woman)

39

Since its initial stock listing in the Second Section of the
Osaka Securities Exchange in 1971, HORIBA has
encouraged all shareholders to attend the annual generalshareholders meeting. This annual meeting is held on a
Saturday to facilitate public attendance. An informal gettogether event is held afterwards to enable shareholders totalk directly with management.

Corporate governance structure chart
General Meeting of Shareholders
Appointment,
Dismissal

Supervising, Monitoring

Board of Directors(Directors)

Selection, Dismissal
Business Execution
Instructions

Appointment,
Dismissal

Board of Corporate Auditors(Corporate Auditors)

Reporting
Supervision

Independent Auditor
Coordination

Supervising, Monitoring

Financial Audit

Internal controls

Business Execution

Monitoring

ReportingPresident
Supervision
Entrusting
Business
Execution

Appointment,
Dismissal

ReportingDiscussed Items

Litigation, Exports, Legal Affairs, Fixed assets,
Public-Sector Grants, Subsidiary Audits

Supervising

Directors and Corporate Officers’Meeting/Operations Committee/
Management Committee

ReportingInternal Auditing(Group Internal Audit Office)
Coordination

Direction and Orders,
ReportingCorporate Officers/
Division Managers

Integrated Management System (IMS)(Quality, Environmental, Safety & health, Quality of
medical equipment, Business continuity management,
and Road traffic safety management)

Committees, etc.*
Supervising

Promotion

HORIBA Risk Control Committee

Advisory,
Proposals

Reporting Principles

Internal Control Promotion Committee
Coordination

HORIBA CSR Promotion Committee

HORIBA, Ltd. Risk Control Committee*2

Coordination

Compliance Committee

HORIBA, Ltd. CSR Promotion Committee

Joy and Fun, Open and Fair

HORIBA Corporate Philosophy, Ethical Guidelines*1 Committees, etc. refer to committees and conferences that are established and registered based on the “Regulations Concerning Conferences and Committees,” such as the Group
Promotion Committee for Management of Public Subsidies and the Safety and Health Committee.
*2 The HORIBA, Ltd. Risk Control Committee discusses and approves issues and measures concerning risk control.

Implementing shareholder return linked to earnings
growthHORIBA was the first listed Japanese company to start
paying shareholder dividends based on a predeterminedpayout ratio in 1974. Since fiscal 2013, HORIBA haschanged the base amount of profit returns to shareholders(the combined amount of dividend payments and sharebuybacks) from 30% of HORIBA, Ltd. nonconsolidated net
income to 30% of HORIBA, Ltd. consolidated net income,so that shareholder returns are more directly linked toconsolidated performance. In fiscal 2015, we bought back218,400 shares worth ¥999 million and in fiscal 2016, we
paid an annual dividend per share of ¥85.

Anti-takeover measures
HORIBA has not adopted anti-takeover measures. HORIBA
reviewed the “Basic Policy on the Persons to Control Decision
making over the Financial and Business Policies of HORIBA”,
which was announced on our website.

financial condition, and corporate culture to our owners, andask for their understanding and continued support.
http://www.horiba.com/jp/investor-relations/ir-policy/(Japanese only)

Directors’ compensation
Compensation for directors consists of base compensation(regular fixed-amount salary), earnings-based salary (bonus)
linked to the earnings results of each fiscal year, and stock
options (retirement allowance) linked to medium to long-term
earnings performance. Compensation for outside directors,
however, consists strictly of base compensation (fixedamount salary), excluding compensation linked to earnings
performance, given the nature of their assignment. The limits
for compensation for directors and for outside directors areapproved as a separate matter at the annual generalshareholders meeting. The directors (not including outside
directors) compensation of 2016 was ¥680 million in total.

http://www.horiba.com/jp/investor-relations/ir-news/article/40961/(Japanese only)

Breakdown of directors’ compensation(excluding outside directors)

Constructive dialogue with owners(shareholders)
HORIBA abides by the “Basic Policy for Constructive
Dialogue with Shareholders” as announced on our website(see below). We make efforts to explain our corporate policy,

Base
compensation

Earnings-based
compensation

Stock option

20%

74%

6%

HORIBA Report 2016 | 40

Corporate governance

Board of directors and corporate auditors (as of May 1, 2017)
Chairman, President and CEO

Atsushi Horiba

Director (Outside), Independent Director

Jiko Higashifushimi

1971 Joined Olson Horiba Inc. (U.S.)
1972 Joined HORIBA, Ltd. then held positions such as General Manager of Overseas
Technology Department and General Manager of Overseas Headquarters
1982 Appointed as HORIBA’s Director
1992 Appointed as President and CEO
2005 Appointed as Chairman, President and CEO up to the present

1988 Appointed as Higashi-Kurume Branch Manager of Saitama Bank (now Resona
Bank, Limited)
1993 Entered Shorenin Religious Corporation then held a position as its Head Deacon
2003 Appointed as the Representative Presiding Director and Head Priest of the
Shorenin Religious Corporation up to the present
2016 Appointed as HORIBA’s Director (Outside) up to the present

Executive Vice President
General Manager of Corporate & Segment Strategy Division

Director (Outside), Independent Director

Juichi Saito

1982 Joined HORIBA, Ltd. then held positions such as General Manager of Engine
Measurement Planning & Development Department and President of HORIBA
Instruments Inc. (U.S.)
2005 Appointed as HORIBA’s Director
2008 Appointed as Vice President of HORIBA STEC Co., Ltd. (Japan)
2013 Appointed as HORIBA’s Executive Vice President
2016 Appointed as HORIBA’s Executive Vice President and Representative Director
up to the present

Senior Managing Director
General Manager of Research & Development Division

Dr. Masayuki Adachi

Joined HORIBA, Ltd. then held positions such as General Manager ofEmission
Analysis, Research & Development Division and General Manager of Engine
2006 Measurement System Management Division2007 Appointed as HORIBA’s Corporate Officer
2014 Appointed as President of HORIBA International Corporation (U.S.)
Appointed as HORIBA’s Director
Appointed as President of HORIBA Jobin Yvon S.A.S. (now HORIBA France
2016 S.A.S.)
Appointed as Chairman of supervisory board of HORIBA Jobin Yvon S.A.S.
(now HORIBA France S.A.S.) up to the present
Appointed as HORIBA’s Senior Managing Director up to the present

Dr. Sawako Takeuchi

1988 Appointed as Deputy Director, Master of International Business (MIB)
Graduate Program, Ecole Nationale des Ponts et Chaussées, France
1998 Appointed as Assistant Professor, School of Engineering, University of Tokyo
Graduate School
2004 Appointed as Urban Development Sector (China Manager), Asia-Pacific
Division, World Bank
2005 Appointed as Special Assistant to the Ministry of Foreign Affairs of Japan,
and as Visiting Professor, Graduate School of Engineering, Kyoto University
2011 Appointed as Director, Japan Cultural Institute in Paris (Japan Foundation)2016 Appointed as HORIBA’s Director (Outside) up to the present
Appointed as Senior Advisor of the Ministry of Education, Culture, Sports,
Science and Technology

1985

Director,
General Manager of Sales Division

Takashi Nagano

1985 Joined HORIBA, Ltd. then held positions such as General Manager of Engine
Measurement Planning & Development Department, General Manager ofEngine Measurement System Management Division and President of HORIBA
Europe GmbH (Germany)
2005 Appointed as HORIBA’s Corporate Officer
2013 Appointed as CEO of HORIBA Europe GmbH (Germany)
2014 Appointed as President of HORIBA KOREA Ltd. (South Korea)
2016 Appointed as HORIBA’s Director up to the present
Appointed as Chairman of HORIBA KOREA Ltd. (South Korea) up to the present

Director (Outside), Independent Director

Masahiro Sugita

1967 Joined the Bank of Japan then held positions such as Matsumoto BranchManager and Director-General of the International Department
1998 Appointed as Director of Overseas Investment Research Institute, the ExportImport Bank of Japan
1999 Appointed as Auditor of the Bank of Japan
2003 Appointed as Outside Auditor (full-time) of Banyu Pharmaceutical Co., Ltd. (nowMSD K.K.)
2006 Appointed as HORIBA’s Outside Director up to the present2013 Appointed as Outside Director of 77 Bank Ltd. up to the present

41

Corporate Auditor

Toshihiko Uno

1974 Joined HORIBA, Ltd. then held positions such as General Manager of Hardware
Development and General Manager of Production Center
2002 Appointed as HORIBA’s Corporate Officer
2004 Appointed as HORIBA’s Senior Corporate Officer
2011 Resigned as HORIBA’s Senior Corporate Officer
2012 Appointed as HORIBA’s Corporate Auditor up to the present

Corporate Auditor (Outside)

Kanji Ishizumi

1971 Joined the Ministry of International Trade and Industry (now the Ministry of
Economy, Trade and Industry)
1975 Registered as Attorney at Law
1981 Appointed as representative partner of the Chiyoda Kokusai Law Offices up
to the present
1995 Appointed as HORIBA’s Corporate Auditor (Outside) up to the present

Corporate Auditor (Outside), Independent Auditor

Keisuke Ishida1978 Appointed as Representative Director and CEO, SHASHIN KAGAKU CO., LTD.
2000 Appointed as Representative Director, Chairman of the Board, CEO, SHASHINKAGAKU CO., LTD. up to the present
2001 Appointed as Chairman of the Board, SK-Electronics Co., Ltd.
2005 Appointed as HORIBA’s Corporate Auditor (Outside) up to the present
2016 Appointed as Advisor, SK-Electronics Co., Ltd. up to the presentCorporate officers (as of May 1, 2017)
Executive Corporate Officer
Dr. Jai Hakhu

Chairman, President & CEO of HORIBA International
Corporation (U.S.)
Chairman of HORIBA Instruments Inc. (U.S.)
President of HORIBA ABX S.A.S. (France)

Senior Corporate Officer
Sunao Kikkawa

General Manager of Finance & Control Division

Hideyuki Koishi

President of HORIBA STEC Co., Ltd. (Japan)

Yuichi Muroga

President of HORIBA Techno Service Co., Ltd. (Japan)

Dr. George Gillespie CEO of HORIBA MIRA, Ltd. (U.K.)
Masao Okawa

General Manager of General Administration Division and Tokyo BranchManager

Corporate Officer
Hiroshi Kawamura

President of HORIBA Europe Holding S.A.S. (France)
CEO of HORIBA Europe GmbH (Germany)

Atsushi Nakamine

Division Manager of IT & BPR CenterJames Thepot

President of HORIBA France S.A.S.

Christian Dubuc

Senior Director of HORIBA ABX S.A.S. (France)

Ken Mitera

Executive Vice President of HORIBA Instruments Inc. (U.S.)

Junior Corporate Officer
Hiroo Chihara

General Manager of Production Division

Narihiro Oku

Deputy General Manager of Research & Development Division (Medical)

Tadao Nakamura

President of HORIBA Instruments (Shanghai) Co., Ltd.
President of HORIBA (China) Trading Co., Ltd.

Tsukasa Satake

Division Manager of Quality Management Center

Yasuo Yamashita

Deputy General Manager of General Administration Division

Kenichi Obori

Liaison for Academia and Government of Research & Development Division

Hideyuki Nishibun

Deputy General Manager of Sales Division

Haruko Nozaki

Principal of HORIBA COLLEGE, CSR

Toshiya Higashino

President of HORIBA Advanced Techno Co., Ltd. (Japan)

Hitoshi Motokawa

Deputy General Manager of Sales Division

HORIBA Report 2016 | 42

Corporate governance

Message from an Outside Director

Outside Director’s Views on
HORIBA’s management and board meetings
I was appointed as outside director at the General
Meeting of Shareholders in March 2016. However,about a year before that, I had opportunities to better
understand HORIBA’s business and corporate culture.
What impressed me most was how deeply rooted
HORIBA’s corporate philosophy, such as its motto “Joyand Fun”, is. HORIBA’s employees make innovative andcreative efforts in tackling their assignments. They also
talk freely even with their superiors, without the usual
addressing of them by their titles. These are examplesof HORIBA’s corporate culture. The same is true withboard meetings. Directors and Officers thoroughly
analyze their areas of responsibility from various
aspects, perform their role, and also speak out on
important subjects beyond their area of responsibility
and in view of the entire company’s corporate value.

Representative Presiding Director andHead Priest of the Shorenin Religious Corporation

Jiko Higashifushimi

43

GOVERNANCEHORIBA’s Corporate Governance
My roleMy main role as outside director is to oversee theexecution of management from the aspect of corporate
governance. Moreover, I intend to contribute to adding
diversity in the perspective of management. I am
currently running a religious corporation as its
representative. Prior to that, I worked at a bank,accumulating experience in a business which required
decision making in an ever-changing market, as well as
in the retail business, serving individual customers andmanaging an organization as a branch manager. As aperson of religion, I will keep asking how corporations
and individuals should be connected to society. It is myhope to contribute to nurturing the uniqueness of
HORIBA.

My expectation for HORIBA for its sustainablegrowthSustainable growth is the biggest theme for HORIBA
and is frequently on the agenda of board meetings. As
a provider of measuring solutions, HORIBA is expected
to play a role in the areas directly linked to the global
environment and in growth industries such as bio andmedical, in addition to the present business areas.
I am also counting on HORIBA to use the uniqueness of
the Kyoto culture of not imitating others but growing
through provision of services needed by customers andsociety. I firmly believe such growth can be realized aslong as HORIBA values the attitude of creative andoutside-the-box thinking.

Reasons of appointment of outside directors

Masahiro Sugita

Jiko Higashifushimi

Dr. Sawako Takeuchi

HORIBA expects Sugita’s vast

HORIBA looks forward to

HORIBA appreciates Takeuchi’s

experience in international finance

Higashifushimi’s advice from an ethicalinsights as a holder of a doctor’sand economy, and experience andperspective, based on his far-reachingdegree in engineering, and her

insights accumulated as director andideas as Representative Presiding

international experience in France,

auditor of other companies will

Director and Head Priest of thewhere HORIBA has a major base,contribute to HORIBA’s management.

Shorenin Religious Corporation, as

and other countries, and believes

well as his work experience at athat her academic cooperation andfinancial institution that can contributeexperience will contribute toto HORIBA’s management.

HORIBA’s management.

HORIBA Report 2016 | 44

Financial data

Financial Data
2006.122007.122008.122009.122010.122011.12Net sales¥116,099¥144,283¥134,248¥104,538¥118,556¥123,456

Operating costs and expenses

104,392

127,753

123,290

99,394106,256

108,549

Operating income

11,707

16,53010,958

5,144

12,29914,906

Net income attributable to owners of parent

6,510

8,691

6,039

3,161

7,927

8,664

Capital expenditures

5,059

9,336

6,645

4,534

4,033

4,670

Depreciation and amortization

3,246

4,161

4,955

4,573

4,523

4,146

Research and development expenses

6,136

9,474

10,662

9,831

9,480

10,060¥129,236¥154,367¥133,279¥129,580¥137,290¥144,649

15,673

20,56522,66027,59034,45935,767

-

-

63

6

1

126

42,48545,87337,33034,50536,42539,249Inventories

30,94733,73429,802

23,363

24,843

26,288Property, plant and equipment, net

21,70024,071

23,11523,602

22,51622,924

44

53

40

52

60

0

14,917

16,792

11,063

10,515

13,423

13,196

Liabilities with interest

16,22425,177

20,984

18,34817,12818,358

Shareholders’ equity

72,37180,377

76,82979,906

84,01990,232

Share price at end of fiscal period(¥)

4,400

4,100

1,237

2,250

2,303

2,320

Number of employees (consolidated)

4,697

4,976

5,146

5,133

5,202

5,448

¥154.23¥205.01¥142.76¥74.77¥187.46¥204.88

For the Year:At Year-End:Total assets
Cash and cash equivalents
Trade notes andaccounts receivable

Trade notes andaccounts payable

Affiliated companies
Other

Affiliated companies
Other

Per Share Information:
Net income - basic

153.70204.39142.71

74.68

187.11204.41

1,710.75

1,892.64

1,816.96

1,889.58

1,986.77

2,133.44

26.00

39.00

44.00

13.00

17.00

40.00

Operating income to net sales (%)

10.1

11.5

8.2

4.9

10.4

12.1

Return on assets (%)

5.2

6.1

4.2

2.4

5.9

6.1

Return on equity (%)

9.4

11.4

7.7

4.0

9.7

9.9

Shareholders' equity ratio (%)

56.0

52.1

57.6

61.7

61.2

62.4

Consolidated dividend payout ratio (%)

16.9

19.0

30.8

17.4

9.1

19.5

Nonconsolidated dividend payout ratio (%)

30.0

30.1

30.0

30.0

30.3

30.5

Net income - diluted
Net assets
Cash dividends
Financial Ratios:

Notes: The stated amounts are rounded down to the nearest million yen from the year, ended December 31, 2009, but are rounded (up or down) to the nearest million yen prior to that year.
1.The U.S. dollar amounts are provided solely for convenience at the rate of ¥116.49 to US$1.00, the rate prevailing on December 31, 2016 in Tokyo foreign exchange market.
2.For the year ended December 31, 2006, the accounting term for HORIBA, Ltd. and HORIBA Advanced Techno Co., Ltd. was only 9 months and 11 days and that for HORIBA STEC Co., Ltd.
was only 9 months as a result of a change in the fiscal year-end to December 31.
3.The Company and its domestic consolidated subsidiaries had formerly recognized revenue mainly on a shipping basis. However, starting from the fiscal 2016, the Company and its domestic consolidated
subsidiaries have changed to revenue recognition method on a completion date of installation or a delivery date basis under the terms and conditions of contracts. Accordingly, amounts for the fiscal 2015
have been stated based on the previous and new accounting standards on these pages.

45

HORIBA, Ltd. and Consolidated Subsidiaries

2012.122013.122014.122015.122015.122016.12(Restated)2016.12

Millions of yen

Thousands of U.S. dollars¥117,609¥138,136¥153,065¥170,898¥171,916¥170,093$1,460,151

105,857

124,402135,851

151,526

151,774

151,593

1,301,339

11,751

13,733

17,214

19,372

20,142

18,499158,803

7,396

8,999

10,58912,882

13,282

12,962111,271

7,882

7,680

11,001

16,30916,30913,796

118,430

3,743

4,279

4,905

6,110

6,110

6,816

58,511

10,092

10,774

11,986

12,341

12,341

12,933111,022

Millions of yen

Thousands of U.S. dollars¥153,836¥189,269¥207,335¥231,032¥232,121¥239,657$2,057,318

38,85849,246

51,10947,85947,85951,940445,875

4

25

149

2

2

7

60

37,51647,38652,09754,76950,12653,717461,129

28,101

33,08534,83835,71740,19040,289345,858

28,17933,32639,441

56,97856,97861,977532,037

-

-

20

-

-

77

661

11,82916,40915,385

17,63817,675

19,935

171,130

18,083

24,57728,41245,22745,22747,153404,781

99,248114,209

123,924

129,581

126,774

132,654

2,489

3,590

4,015

4,695

4,695

5,410

5,530

5,787

5,965

6,831

6,831

7,149

1,138,758
U.S. dollars

Yen¥174.87¥212.76¥250.28¥305.73¥315.23¥307.74

46.44

U.S. dollars$2.64

174.37212.01

249.28304.36313.81306.382.63

2,346.45

2,699.88

2,928.82

3,078.40

3,011.71

3,148.70

27.02

50.00

60.00

67.00

70.00

70.00

85.00

0.72

10.0

9.9

11.2

11.3

11.7

10.9

5.0

5.2

5.3

5.9

6.0

5.5

7.8

8.4

8.9

10.2

10.7

10.0

64.5

60.3

59.8

56.1

54.6

55.4

28.6

28.2

26.8

22.9

-

27.6

37.5

48.9

38.5

35.1

-

46.7

Computations:Shareholders’ equity = net assets - subscription rights to shares - non-controlling interests
Net income per share (¥) = net income attributable to owners of parent / (average number of shares issued and outstanding in the fiscal period, corrected for treasury stock)
Net assets per share (¥) = shareholders’ equity / (number of shares issued and outstanding, corrected for treasury stock)
Operating income to net sales (%) = 100 x operating income / net sales
Return on assets (ROA, %) = 100 x net income attributable to owners of parent / average total assets in prior fiscal period
Return on equity (ROE, %) = 100 x net income attributable to owners of parent / average shareholders’ equity in prior fiscal period
Shareholders’ equity ratio (%) = 100 x shareholders’ equity / total assets
Consolidated dividend payout ratio (%) = 100 x dividends paid / net income attributable to owners of parent
Nonconsolidated dividend payout ratio (%) = 100 x dividends paid / net income (nonconsolidated)

HORIBA Report 2016 | 46

Financial data

Eleven-Year Summary

Net sales by segment
Millions of yen

200,000

160,000
144,283
116,099
9,753

80,00025,30020,11140,000138,136

134,248

14,290120,000

170,898 170,093
Process &153,065

118,556 123,456 117,609

14,711

104,538

11,787

14,55822,913

12,022

20,82522,04027,676

24,694

13,721
25,74824,81026,934

16,762

20,50324,722

25,836

12,48351,47554,232

2007.122008.12

16,754

16,753

Environmental

27,05925,738

Scientific

35,38638,828

Semiconductor

27,447

26,564

Medical-Diagnostic

64,251

62,207

Automotive
Test Systems

2015.122016.1225,62728,934

20,40624,153

17,861

27,037

26,832

22,40022,33722,51423,48535,751

38,67843,23049,52455,00137,192

2009.122010.122011.122012.122013.122014.1222,98937,945

13,70916,465In fiscal 2016, the Semiconductor
Instruments & Systems segment
renewed its record high for sales,
thanks to an increase in investment
by semiconductor manufacturers, but
the overall net sales decreased
year-on-year due to the yen’s
appreciation and other factors.
Net sales in fiscal 2016 were thesecond highest for HORIBA, after
those of fiscal 2015.

0
2006.12Net income attributable to owners of parent and ROE
Millions of yen

Net income attributable to owners of parent (left)%

Return on Equity (ROE) (right)

15,00015.0
12,882

12,00012,962

12.0

11.4
10,589

9,000

8,691
7,927

6,510

7.8

10.0

10.2

8,999

8,664
7.7

6,000

9.9

9.7

9.4

8.4

7,396

6.0

6,039

4.0
3,161

3,000

9.0

8.9

3.0

0

0
2006.122007.122008.122009.122010.122011.122012.122013.122014.122015.12HORIBA posted a year-on-year
decrease in operating income but a
one-off drop in the statutory effective
tax rate contributed to a record highnet income attributable to owners ofparent. * ROE of 10.0% means that
HORIBA achieved MLMAP2020 targetof 10% or more in ROE for thesecond consecutive year.
* Due to change in the revenue recognition
standard in fiscal 2016, net income infiscal 2015, when the new standard was
retrospectively applied, would have been
the record high.

2016.12

Cash flow
Millions of yen

Operating cash flow

Investing cash flow

15,076

14,770Free cash flow

20,00013,711

13,581

10,000

7,521
8,011

3,769

0

9,143

-2,863-4,191-4,519-20,000

6,954
809

490
-750

-10,000

9,520

13,395

11,964

15,871

11,455
6,965

5,504

5,443
1,580

-2,821-6,145-7,891-8,111-9,875-10,427-15,872-16,444-30,000-30,642-40,000
2006.1247

2007.122008.122009.122010.122011.122012.122013.122014.122015.122016.12

In 2015 HORIBA recorded
significantly negative free cash flow,
due to many investments, including
those for HORIBA BIWAKO
E-HARBOR and the acquisition of
HORIBA MIRA, Ltd.
In 2016, HORIBA recorded positive
free cash flow of ¥5.4 billion due to anincrease in operating cash flow that
stemmed from an increase inearnings of the Semiconductor
Instruments & Systems segment,
which more than offset continued
aggressive investment for HORIBA
MIRA, Ltd. and other projects.

Operating Income and Operating Income to Net Sales
Millions of yen

Operating Income

22,00019,372

16,50016,530
10.4

10.1

12.0
11.3

11,75192

32,00010.9

30,947

033,73482

Net Income per Share (left)

Net Assets per Share (right)

306

2,929

280

140

1,893

308

1,987

70

81

26,28886

80

75

28,101

60

20
0

0

R&D Expenditures and R&D Expenditures to Net Sales
Yen

3,500

Millions of yen

15,000R&D Expeditures (left)

R&D Expeditures to Net Sales (right)

%

10.0

9.4
12,9338.6

2,800

12,000

8.0

7.9

2,100

9,000

1,400

6,000

700

3,000

0

0

6.6

9,480

12,341

11,986

7.8
10,774

9,831

9,474

8.1

10,060 10,092

8.0
7.6

7.8

7.2

6.0

213
205

187

5.3

175

143

154

81

8,000

10,662

2,133

1,817

35,717

34,838

40

250

2,346

1,711

33,085100

16,000

2,700

1,890

74 76
23,363 24,843

3,149

3,078

205

85

86

40,2892006.12 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12 2016.12

Net Income per Share and Net Assets per Share

210

93

24,0002006.12 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12 2016.12

350

120

4.0

0

Yen

Inventory Turnover (right) Days

Inventories (left)

29,802

8.0

4.9
5,144

5,500

Millions of yen

48,00040,00018,49917,21410.0 13,733
9.9

12,29910,958
8.2

11,707

16.0

11.2

11.5

11,000%

Ratio of Operating Income to Net Sales

14,906
12.1

Inventories and Inventory Turnover (Days)

75

0

4.0

6,136

2.0

0
2006.12 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12 2016.12

2006.12 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12 2016.12

Cash Dividends per Share

Capital Expenditures and Depreciation and Amortization
Millions of yen

Yen

Capital Expenditures

20,000100

Depreciation and Amortization

85

80

16,30915,00067

60

70
13,796

60
50
44

40

10,00011,001

9,336

40

39

7,882
7,680

6,645

5,000

26

20

4,534 4,523
5,059

17
13

3,246

4,161

4,955

4,573

4,033

4,670
4,146
3,743

4,279

6,110

6,816

4,905

0

0
2006.12 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12 2016.12

2006.12 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12 2016.12

HORIBA Report 2016 | 48

Financial data

Consolidated Financial Review

49

会社：連結財務概要
英語
HORIBA,
Consolidated| Consolidated Financial Review
2016Ltd.
年度and
HORIBA
Report Subsidiaries
原稿

米国では

With regard to the global economy in the fiscal year ended

implemented several measures to strengthen each segmentから、景December 31, 2016, the United States continued its economic

in current fiscal year.

復が続き

recovery,driven by an increase in consumption supported by
自動車計測システム機器部門では、インドにおける自動車計

In the Automotive Test Systems segment, we opened

減速した

an improvementin the employment environment and other
測機器のビジネス拡大を実現するため、自動車開発・デモン

automotive

果などか

factors.
In Europe, a modest economic recovery was
ストレーション施設「ホリバ・インド社テクニカルセンター」“HORIBA India Technical Center” in India in order to expand

anddemonstrationlaboratoryを稼働させました。また、平成
MIRA 社より
sustained.
In emerging countries, 27
the年に英国の
overall economy

the automotive measurement instrument business in that

買収した
ECT※（自動車開発全般に関するエンジニアリン
recoveredmoderately,
partly due to economic stimulus

market.

グ・試験）事業においては、自動運転を含む次世代モビリテ
measures,but some countries experienced an economic(Engineering Consultancy & Testing) business, which we

ィの開発などの領域へ事業拡大をめざし、積極的な投資を実
slowdown.

acquired from MIRA Ltd.(U.K.) in 2015, with the aim of

施しました。
とに加え、 In Japan,
on top of a mild increase in capital spending,

く推移しdevelopment※ECT:Engineering
Consultancy
Testing
consumerspending wasmodest, &supported

by

an

We

also

investedaggressively

in

the

ECT

expanding into business fields that include the development of
next-generation

mobility,

includingautomatic

driving

improvement in the employment and wage environment.

technology.

These環境・プロセスシステム機器部門では、アジアでの事業拡大
factors allowed the moderate economic recovery trend

In the Process & Environmental Instruments & Systemsを実現するため、各地域における環境規制強化や地域環境のto continue.

segment, HORIBA, jointly with local universities and other

均為替レ

改善に繋がる分析計測ソリューションの提案を、現地大学やThe annual
average exchange rates for 2016 were 108.78

institutions, proposed analytical and measurement solutions、前年と協力企業等と進めました。
平成年にキャメロン社
yen against
the U.S. dollar and また、
120.26yen25against
the euro, （米that contribute to the tightening of local environmental

高になり国）より買収したプロセス計測設備事業では、石油精製市場
representing
year-on-year appreciation of 11.3% against theregulations and the improvement of the local environment, inでの積極的な活動を実施しました。
U.S. dollar
and appreciation of 11.7% against the euro.

order to expand business in Asia. Furthermore, in the process、データ

In the analytical and measurement equipment industry,

analytical product line, which HORIBA acquired from the U.S.

能化を背demand for semiconductors and electronic devices increased

corporation Cameron in 2013, HORIBA was active in the oil

れにより、 due to demand for servers used in data centers and therefining market.

投資が続

医用システム機器部門では、フランスで自社開発による血球
increased
functionality of smartphones. Consequently,

In the Medical-Diagnostic Instruments & Systems segment,

連では、計数分野の新製品投入を加速させると同時に、生化学分析装
semiconductor-related
investment remained at a high level

we accelerated the development of new products which are

投資には置の販売提携などを進め、製品ラインアップの拡充を進めまthroughout
the year, and demand for semiconductor

developed in France in the hematology sector. At the sameでの排ガした。equipment expanded. In the automotive industry,
production

time, our product line-up has been expanded for prospective

されるこ

domestic and overseas automakers were temporarily cautious

launch through sales alliances of biochemical testing

要は拡大

regarding capital and R&D investment. On the other hand,equipment.

において半導体システム機器部門では、半導体製造装置需要の高まり
following
the introduction of new emission gas regulations inIn the Semiconductor Instruments & Systems segment, the

ものの、に対応するため、株式会社堀場エステック阿蘇工場の増設拡Europe,as Japan has decided to introduce new regulations in

Aso Factory of HORIBA STEC began construction to expand

2018, 張工事に着手しました。
demand for emission measurement systems has

capacity, in order to respond to an increase in demand forincreased. In the scientific analysis equipment industry,

semiconductor production equipment.

科学システム機器部門では、中国において研究開発目的でのdemandfor leading-edge scientific analysis equipment was at

In the Scientific Instruments & Systems segment, wea highラマン分光分析装置などの販売体制を強化したほか、新市場
level in China but sluggish in other areas.

strengthened the sales organization for products such as、当連結への事業展開を実現するため、各事業部門における技術リソ
Undersuch business environment, HORIBA, Ltd. (“theRaman spectrometers used in R&D in China. The segment

しましてースや顧客ネットワークの相互活用を図り、顧客層の拡大に
Company”)
and its consolidated subsidiaries (together “thealso sought to mutually utilize technology resources and注力しました。
HORIBAGroup” or “HORIBA” as a consolidated group),

customer networks with other business segments andfocused on growing its customer base, with the aim of/8

developing business in new markets.
この他、日本では、自動車計測システム機器部門と環境・プ

2/8

Furthermore, in Japan, HORIBA BIWAKO E-HARBOR, the

HORIBA Report 2016 | 50

Financial data

2016 年度 HORIBA Report 原稿の開発・生産事業の売上減などにより、
前期比 full-fledged
0.9 ポイント悪化の
59.0と
new Biwako
factory in Japan, began
operation.

sales decrease of the MCT business, despite some impacts

場「HORIBA

497 百万円増加してThis なりました。なお、売上原価は前年度比
newly-constructed factory aims to caterfor thefrom the yen’s appreciation against foreign currency and sales。また、中長いますが、為替により売上原価が7,574 百万円減少している
reinforcementof development and production
capabilities into

つに掲げる水ため、為替の影響を除いた場合、8,071
百万円の増加となりま
the gasmeasurement field for the Automotive
Test Systems

surged.

と株式会社堀す。and the Process & Environmental Instruments &segment

Excluding ¥7,574 million from fluctuations in foreign exchange

関連の開発・

Systems segment. Moreover, we have been strengthening therates, however, the actual increase in cost of sales was

スドテクノにwater measurement-related business, which has been

¥8,071 million rather than the nominal increase of ¥497

。水質計測関promoted as one of the priority initiatives in the Company’s

million.

化を実現しままた、販売費及び一般管理費は、百万円減の 51,254
Mid-Long
Term
Management 前期比Plan 677“MLMAP2020”.

Selling,を加速させる

百万円となりました。販売費及び一般管理費率は、研究開発
Specifically,
development and production resources which

decreased by ¥677 million from the previous year to ¥51,254

たに導入し、費が増加したものの、円高の影響などにより、前期比
have beendispersed in the Company and HORIBA Advanced0.1 ポ

million. The ratio to net sales improved by 0.1 percentage

イント改善の30.1％となりました。なお、販売費及び一般管Techno,were decided
to be integrated in HORIBA Advanced

points to 30.1%, due mainly to some impacts from the yen’s

理費は前年度比677 百万円減少していますが、この内Techno,in order to growthe business and strengthen its 3,484

appreciation against foreign currency, despite an increase inbrand百万円の減少は為替による影響であり、為替の影響を除いた
power globally. In addition, with the aim at improving

R&D expenses. Excluding ¥3,484 million from fluctuations inasset 場合、2,806
efficiency and百万円の増加となります。
accelerating business growth at the same

foreign exchange rates, however, the actual increase in SG&A

time, HORIBA’s management indices to measure asset

expenses was ¥2,806 million rather than the nominal

efficiency were introduced and have been thoroughly

decrease of ¥677 million.

す。

semiconductor

generalproduction

andequipment

administrative

manufacturers(SG&A)

expenses

これらの結果、当連結会計年度の営業利益は、18,499
百万円
implemented
by all Group companies.

As a result, consolidated operating income decreased by

したが、円高と前期比百万円、8.2％の減益となり、営業利益率は、
Despitethose1,642
measuresand sales efforts, due to some

¥1,642 million, or 8.2%, year-on-year to ¥18,499 million. The

は、売上高・

前年度の11.7％から
0.8 ポイント悪化し、10.9％となりましimpacts
from theyen’s appreciation
against foreign currency,

operating income ratio was 10.9%, down 0.8 percentage

た。
both ofconsolidated net sales and profits decreased from apoints from 11.7% for the previous year.

year ago.
Business Segments

事業セグメント

Net Sales
セグメント別の状況は、次のとおりであります。

The operating results of each business segment are

前年度に比べIn the fiscal year ended December 31, 2016, consolidated net

summarized as follows.

、当社が決算sales decreased by ¥1,823 million, or 1.1%, year-on-year to

ＵＳドルでは¥170,093
million. The average foreign exchange rate applied―自動車計測システム機器部門―(Automotive Test Systems)

4 円 31 銭かin bookclosings was ¥108.78 to the U.S. dollar, compared
世界的な自動車排ガス規制強化を背景に、エンジン排ガス測

On top of increased sales of emission measurement systems

替レートで換with ¥121.10
for the previous year, and ¥120.26
to年７月に英国の
the euro,
定装置の売上が増加したことに加え、
平成 27

supported by tighter automotive emission gas regulations

り、円高の影compared¥134.31 for ECT
the previous
year. Using the
MIRAwith社より買収した事業が通年で売上に寄与しましacross the world, sales of HORIBA MIRA, Ltd. (U.K.), which

います。

exchange
rates for the previous year, consolidated sales for
た。一方で、円高の影響により海外での売上高が円換算で減

was acquired in July 2015, contributed to sales gain on afiscal 少したほか、MCT（自動車計測機器）事業においては、顧客
2016 would have been ¥184,343 million. Thus, ¥14,250

full-year basis. On the other hand, due to the impacts of themillionの投資姿勢が一時的に慎重となったことなどから売上高が減
in decreased sales can be attributed to theappreciation of the yen, which decreased overseas sales inappreciationof the これらの結果、
yen.
少しました。
売上高は前期比 4.9％減の 62,207

yen terms, and the MCT (Mechatronics) sales decreased, as

百万円となりました。利益面では、平成 28 年５月に稼働した

customers

temporarily

becamecautious

regarding益

Cost of
Sales, SG&A
Expenses,and Operating
IncomeHORIBABIWAKOE-HARBORへの移転に伴う費用や、

investments. As a result, segment sales decreased by 4.9%

増の 100,339

Consolidated
cost of sales increased by ¥497 millionto
MCT 事業の売上減などにより、営業利益は同
32.1％減のyear-on-year to ¥62,207 million. Operating income decreased

響や、半導体¥100,339
The cost of sales ratio increased by 0.9
3,529million.
百万円となりました。

by 32.1% to ¥3,529 million, which was attributable toのの、MCT

percentage points from a year ago to 59.0%, due mainly toincreased costs that are related to the full-scale operation of

3/8

51

4/8

2016 年度 HORIBA Report 原稿
その他収益（費用）は、熊本地震やフランスの洪水被災に伴HORIBABIWAKO E-HARBOR, the new factory in Japan fromby ¥918 million from fiscal 2015 mainly due to loss on disaster

う災害による損失の計上があったことなどから、
May 2016,
and sales decrease of the MCT business. 前期比で 918

related to the damage caused by the Kumamoto Earthquakes

百万円悪化しました。当連結会計年度においては、その他収

and the flood in France. In fiscal 2016, other income

益（費用）は、関係会社株式売却益を計上したものの、災害(Process& Environmental Instruments & Systems)(expenses) resulted in loss of ¥1,256 million. This result was

Whileによる損失を計上したことなどから、
sales of stack gas analyzers for 1,256
power百万円の損失とな
plants andmainly because HORIBA posted loss on disaster, despite
posting of gain on sales of subsidiaries and affiliates' stocks.

では、海factories
in Asia and Europe were sluggish, sales wereりました。
modest in Japan. Sales were also firm in the Americas, as a
営業減益の影響もあり、税金等調整前当期純利益は 17,243 百decline in oil prices led to an increase in demand in the
万円と前期比 2,561 百万円、12.9%の減益、親会社株主に帰属
process measurement equipment business. As a result,
する当期純利益は、百万円と前期比segment
sales increased12,962
by 0.3%
year-on-year320
to 百万円、¥16,753 2.4％

利益は同の減益となりました。
million.
Operating income, however, decreased by 12.3% toparent decreased by ¥320 million, or 2.4%, to ¥12,962 million.

、アジア

推移しま

油安によ

上高は前

Because of the decrease in operating income, income before
income taxes decreased by ¥2,561 million, or 12.9%, to¥17,243 million, and net Income attributable to owners of¥1,540 million due to lower profitability of overseas projects.

財政状態(Medical-Diagnostic Instruments & Systems)
当連結会計年度末の総資産は前連結会計年度末に比べ 7,535
Sales of the hematology and C-Reactive Protein (CRP)
百万円増加し、239,657 百万円となりました。為替レートが計数 CRP
analyzers, which were launched in March 2015 in Japan, were
円高に推移したことにより日本円換算後の資産金額が圧縮さ
ユーロ安
at a high level, but sales in Europe in yen terms decreased,
れたものの、新規投資により有形固定資産が増加したことやとなどに
stemming from the yen’s appreciation against the euro.
第４四半期における半導体システム機器部門の売上増加に伴りました。
Consequently, segment sales decreased by 4.0%
い売上債権が増加したことなどによります。
業利益はyear-on-year to ¥26,564 million. Operating income increased

by 9.7% to ¥2,806 million thanks to high level sales in Japanand other factors.

Financial Position
As of December 31, 2016, total consolidated assets were¥239,657 million, up ¥7,535 million from December 31, 2015.
The main factors contributing to the increase were an
increase in property, plant and equipment due to newinvestments, and an increase in trade notes and accounts
receivable driven by higher sales in the Semiconductor
Instruments & Systems segment in the 4th quarter, despite
the amount of assets was compressed in yen terms due to theappreciation of the yen.

準の設備

(Semiconductor Instruments & Systems)
当 連結会 計年度 末の 負債総額 は前連 結会計 年度 末 に比べ
Despitesome impacts from the yen’s appreciation against
1,588 百万円増加し、106,466 百万円となりました。総資産とthe previous year to ¥106,466 million. While the amount ofが大幅に

foreigncurrency, due to high level of capital investment by
同じく円高により負債金額が圧縮されたものの、海外においliabilities was compressed in yen terms due to theの 38,828

semiconductor
manufacturers, sales to semiconductorて新規投資に伴い借入金が増加したことや第４四半期におけ

appreciation of the yen, as in the case of total assets, anとなりま

production
equipment manufacturers surged. As a result,
る半導体システム機器部門の売上増加に伴い買入債務が増加

increase in borrowings due to new overseas investments andsegment
sales increased by 9.8% year-on-year to ¥38,828
したことなどによります。

an increase in trade notes and accounts payable driven by

million and operating income was up 2.6% to ¥9,678 million.

higher sales in the Semiconductor Instruments & Systems

中国におTotal consolidated liabilities increased by ¥1,588 million fromsegment in the 4th quarter were the main factors behind the(Scientific Instruments & Systems)

increase in total liabilities.

Sales of instruments and systems to universities and otherup ¥5,947 million from a year ago, due mainly to an increaseの 25,738

customers for R&D were solid in Japan and China but
当連結会計年度末の純資産合計は前連結会計年度末に比べsluggish in Europe and the Americas. Sales in Europe in yen
5,947 百万円増加し、133,191 百万円となりました。為替換算
terms were also depressed by the yen’s appreciation against
調整勘定が円高により4,150 sales
百万円減少したものの、利益剰
the euro.
Consequently, segment
decreased by 3.8%となりま

year-on-yearto ¥25,738
million and operating income
余金が 9,871
百万円増加したことなどによります。

¥4,150 million in foreign currency translation adjustments due

decreased by 21.1% to ¥944 million.

mainly to the appreciation of the yen against foreign currency.

Net Income Attributable to Owners of Parent
キャッシュ・フロー
Other income (expenses) resulted in increasing its expenses

Cash Flows

ました。

円換算で

/8

6/8

Total consolidated net assets amounted to ¥133,191 million,of ¥9,871 million in retained earnings, despite a decrease of

HORIBA Report 2016 | 52

Financial data

(Cash Flow from Operating Activities)㻹㼍㼖㼛㼞㻌㻾㼕㼟㼗㼟㻌 㻌㻴㻻㻾㻵㻮

調整前当期純Net cash provided by operating activities amounted to㻝㻚㻌㻮㼡㼟㼕㼚㼑㼟㼟㻌㻾㼕㼟㼗㼟㻌㻌

万円のプラス¥15,871 million, compared to ¥14,770 million provided in the㻔㻝㻕㻌㻾㼕㼟㼗㼟㻌㻭㼟㼟㼛㼏㼕㼍㼠㼑㼐㻌㼣㼕㼠㼔㻌㻵㼚㼠㼑㼞㼚㼍㼠㼕㼛㼚㼍㼘㻌㻮㼡㼟㼕㼚㼑㼟㼟㻌㻭㼏㼠㼕㼢㼕㼠㼕㼑㼟㻌㻔㻠㻕㻌㻾㼕㼟

㻴㻻㻾㻵㻮㻭㻌㼏㼛㼚㼐㼡㼏㼠㼟㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼍㼏㼠㼕㼢㼕㼠㼕㼑㼟㻌㼕㼚㻌㼙㼍㼚㼥㻌㼏㼛㼡㼚㼠㼞㼕㼑㼟㻌㼍㼞㼛㼡㼚㼐㻌㻴㻻㻾㻵㻮㼠㼔㼑㻌㼣㼛㼞㼘㼐㻘㻌㼕㼚㼏㼘㼡㼐㼕㼚㼓㻌 㼠㼔㼑㻌㼁㻚㻿㻚㻌 㼍㼚㼐㻌㼏㼛㼡㼚㼠㼞㼕㼑㼟㻌㼕㼚㻌 㻱㼡㼞㼛㼜㼑㻌㼍㼚㼐㻌 㻭㼟㼕㼍㻚㻌㼍㼚㼐㻌 㼛

posting of income before income taxes and depreciation and㻹㼍㼖㼛㼞㻌 㼞㼕㼟㼗㼟㻌 㼍㼟㼟㼛㼏㼕㼍㼠㼑㼐㻌 㼣㼕㼠㼔㻌 㼠㼔㼑㻌 㼑㼚㼠㼞㼥㻌 㼕㼚㼠㼛㻌 㼠㼔㼑㼟㼑㻌 㼛㼢㼑㼞㼟㼑㼍㼟㻌㼎㼍㼟㼑㼐㻌

amortization expense.

㼙㼍㼞㼗㼑㼠㼟㻌㼍㼚㼐㻌㼏㼛㼚㼐㼡㼏㼠㼕㼚㼓㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼠㼔㼑㼞㼑㻌㼕㼚㼏㼘㼡㼐㼑㻌㼟㼡㼐㼐㼑㼚㻌㼟㼔㼕㼒㼠㼟㻌㼕㼚㻌㼏㼘㼍㼕㼙㼟

㼑㼏㼛㼚㼛㼙㼕㼏㻌 㼏㼛㼚㼐㼕㼠㼕㼛㼚㼟㻌 㼛㼞㻌 㼕㼚㻌 㼜㼞㼛㼐㼡㼏㼠㻌 㼟㼡㼜㼜㼘㼥㻌 㼍㼚㼐㻌 㼐㼑㼙㼍㼚㼐㻘㻌 㼟㼡㼐㼐㼑㼚㻌㼐㼕㼒㼒㼑㼞㼑

なりました。 previous year. Factors contributing to this amount included(Cash Flow from Investing Activities)㼏㼔㼍㼚㼓㼑㼟㻌 㼕㼚㻌 㼞㼑㼠㼍㼕㼘㻌 㼜㼞㼕㼏㼑㼟㻌 㼐㼡㼑㻌 㼠㼛㻌 㼏㼛㼙㼜㼑㼠㼕㼠㼕㼛㼚㻘㻌 㼏㼔㼍㼚㼓㼑㼟㻌 㼕㼚㻌 㼘㼍㼣㼟㻘㻌㼜㼛㼟㼟㼕㼎

㼞㼑㼓㼡㼘㼍㼠㼕㼛㼚㼟㻌 㼍㼚㼐㻌 㼠㼍㼤㻌 㼟㼥㼟㼠㼑㼙㼟㻌 㼍㼚㼐㻌 㼟㼛㼏㼕㼍㼘㻌 㼐㼕㼟㼞㼡㼜㼠㼕㼛㼚㼟㻌 㼟㼡㼏㼔㻌 㼍㼟㻌㼍㻌㼏㼘㼍㼕㼙

㼠㼑㼞㼞㼛㼞㼕㼟㼙㻌㼍㼚㼐㻌war. These risks could affect HORIBA’s financial㻌㼜㼛㼟㼕㼠㼕㼛㼚㻌㼍㼚㼐㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼞㼑㼟㼡㼘㼠㼟㻚㻌㻔㻡㻕㻌㻻㼠㼔

MIRA 社のNet cash used in investing activities amounted to ¥10,427

ニカルセンタmillion, compared to ¥30,642 million used in the previousの取得による

year, due mainly to payments for purchases of property, plant㼀㼛㻌㼜㼞㼛㼠㼑㼏㼠㻌㼍㼓㼍㼕㼚㼟㼠㻌㼒㼘㼡㼏㼠㼡㼍㼠㼕㼛㼚㼟㻌㼕㼚㻌 㼒㼛㼞㼑㼕㼓㼚㻌㼏㼡㼞㼞㼑㼚㼏㼥㻌㼑㼤㼏㼔㼍㼚㼓㼑㻌㻵㼚㻌 㼍㼐㼐

期は 30,642

and equipment, such as MIRA Technology Park(U.K.),㼞㼍㼠㼑㼟㻘㻌 㻴㻻㻾㻵㻮㻭㻌 㼜㼞㼛㼙㼛㼠㼑㼟㻌 㼘㼛㼏㼍㼘㻌 㼜㼞㼛㼐㼡㼏㼠㼕㼛㼚㻌 㼍㼚㼐㻌 㼟㼡㼜㼜㼘㼥㻚㻌 㻴㻻㻾㻵㻮㻭㻌㼞㼕㼟㼗㻌㼛㼒HORIBA India Technical Center and Kyoto factory of the㼍㼘㼟㼛㻌㼑㼙㼜㼘㼛㼥㼟㻌㼒㼛㼞㼑㼕㼓㼚㻌㼑㼤㼏㼔㼍㼚㼓㼑㻌㼒㼛㼞㼣㼍㼞㼐㻌㼏㼛㼚㼠㼞㼍㼏㼠㼟㻌㼣㼕㼠㼔㼕㼚㻌㼠㼔㼑㻌㼘㼕㼙㼕㼠㼟㻌㼞㼑㼘㼍㼠㼑㼐㼛㼒㻌 㼕㼠㼟㻌 㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㻌 㼍㼙㼛㼡㼚㼠㼟㻌 㼛㼒㻌 㼒㼛㼞㼑㼕㼓㼚㻌 㼏㼡㼞㼞㼑㼚㼏㼥㻌 㼐㼑㼚㼛㼙㼕㼚㼍㼠㼑㼐㻌㼞㼑㼓㼡㼘㼍㼠

㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㼟㻌 㼍㼚㼐㻌 㼜㼍㼥㼍㼎㼘㼑㼟㻌 㼠㼛㻌 㼕㼙㼜㼛㼞㼠㻌 㼍㼚㼐㻌 㼑㼤㼜㼛㼞㼠㻌 㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻌 㼠㼛㻌㼙㼑㼍㼟㼡Company,.

㼙㼕㼚㼕㼙㼕㼦㼑㻌㼒㼛㼞㼑㼕㼓㼚㻌㼑㼤㼏㼔㼍㼚㼓㼑㻌㼞㼕㼟㼗㼟㻚㻌 㻴㼛㼣㼑㼢㼑㼞㻘㻌㼒㼘㼡㼏㼠㼡㼍㼠㼕㼛㼚㼟㻌㼕㼚㻌㼒㼛㼞㼑㼕㼓㼚㻌㼒㼕㼚㼍㼚㼏㼕(Cash Flow from Financing Activities)㼑㼤㼏㼔㼍㼚㼓㼑㻌 㼞㼍㼠㼑㼟㻌 㼏㼛㼡㼘㼐㻌 㼟㼠㼕㼘㼘㻌 㼔㼍㼢㼑㻌 㼍㼚㻌 㼕㼙㼜㼍㼏㼠㻌 㼣㼔㼑㼚㻌 㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㻌

Net cash used in financing activities amounted to ¥451 million,㼟㼠㼍㼠㼑㼙㼑㼚㼠㼟㻌 㼜㼞㼑㼜㼍㼞㼑㼐㻌 㼕㼚㻌 㼘㼛㼏㼍㼘㻌 㼏㼡㼞㼞㼑㼚㼏㼕㼑㼟㻌 㼍㼞㼑㻌 㼠㼞㼍㼚㼟㼘㼍㼠㼑㼐㻌 㼕㼚㼠㼛㻌㻞㻚㻌㻾㼕㼟㼗

返済などによcompared to ¥12,843 million provided in the previous year.

㻶㼍㼜㼍㼚㼑㼟㼑㻌 㼥㼑㼚㻌 㼒㼛㼞㻌 㼠㼔㼑㻌 㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌 㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌 㼟㼠㼍㼠㼑㼙㼑㼚㼠㼟㻘㻌 㼍㼚㼐㻌 㼍㻌㻔㻝㻕㻌㻯㼛

円のプラス）

This was mainly attributable to payments for dividends and a㼙㼍㼖㼛㼞㻌 㼏㼔㼍㼚㼓㼑㻌 㼕㼚㻌 㼒㼛㼞㼑㼕㼓㼚㻌 㼑㼤㼏㼔㼍㼚㼓㼑㻌 㼞㼍㼠㼑㼟㻌 㼎㼑㼥㼛㼚㼐㻌 㼛㼡㼞㻌 㼑㼟㼠㼕㼙㼍㼠㼑㼟㻌㻴㻻㻾㻵㻮

入れによる収㼏㼛㼡㼘㼐㻌㼍㼒㼒㼑㼏㼠㻌㼛㼡㼞㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼏㼛㼚㼐㼕㼠㼕㼛㼚㻌㼍㼚㼐㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻚㻌㼟㼑㼞㼢㼕㼏㼑

decrease of long-term debt, despite an increase of long-term㻌㼞㼑㼘㼕㼍㼎㼕㼘

debt.

㻔㻞㻕㻌 㻯㼔㼍㼚㼓㼑㼟㻌 㼕㼚㻌 㻼㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻌 㼛㼞㻌 㻲㼕㼚㼍㼚㼏㼕㼍㼘㻌 㻼㼛㼟㼕㼠㼕㼛㼚㻌 㻭㼟㼟㼛㼏㼕㼍㼠㼑㼐㻌㼛㼞㻌 㼘㼕㼠㼕㼓㼣㼕㼠㼔㻌㻭㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㼟㻌㼍㼚㼐㻌㻭㼘㼘㼕㼍㼚㼏㼑㼟㻌㼕㼚㼟㼡㼞㼍㼚

㻴㻻㻾㻵㻮㻭㻌 㼔㼍㼟㻌 㼍㼏㼠㼕㼢㼑㼘㼥㻌 㼜㼞㼛㼙㼛㼠㼑㼐㻌 㼏㼛㼞㼜㼛㼞㼍㼠㼑㻌 㼍㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㼟㻌 㼍㼚㼐㻌㼠㼔㼕㼟㻌 㼕㼚㼍㼘㼘㼕㼍㼚㼏㼑㼟㻌 㼠㼛㻌 㼑㼚㼔㼍㼚㼏㼑㻌 㼠㼔㼑㻌 㼑㼒㼒㼕㼏㼕㼑㼚㼏㼥㻌 㼍㼚㼐㻌 㼑㼒㼒㼑㼏㼠㼕㼢㼑㼚㼑㼟㼟㻌 㼛㼒㻌 㼕㼠㼟㻌㼐㼍㼙㼍㼓等物の増加額As a result, there was a net increase of ¥4,081 million in cash

高は 51,940

and cash equivalents to ¥51,940 million as of December 31,㼎㼡㼟㼕㼚㼑㼟㼟㻌 㼛㼜㼑㼞㼍㼠㼕㼛㼚㼟㻚㻌 㻴㻻㻾㻵㻮㻭㻌 㼏㼛㼚㼐㼡㼏㼠㼟㻌 㼏㼛㼙㼜㼘㼑㼠㼑㻌 㼍㼚㼐㻌 㼐㼕㼘㼕㼓㼑㼚㼠㻌

HORIB

2016.

㼕㼚㼢㼑㼟㼠㼕㼓㼍㼠㼕㼛㼚㼟㻌㼣㼔㼑㼚㻌㼙㼍㼗㼕㼚㼓㻌㼍㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㼟㻌㼍㼚㼐㻌㼒㼛㼞㼙㼕㼚㼓㻌㼍㼘㼘㼕㼍㼚㼏㼑㼟㻌㼕㼚㻌㻌㼛㼞㼐㼑㼞㻌㼠㼛㻌㼍㼢㼛㼕㼐㻌㼍㼚㼥㻌㼚㼑㼓㼍㼠㼕㼢㼑㻌㼕㼙㼜㼍㼏㼠㻌㼛㼚㻌㼑㼍㼞㼚㼕㼚㼓㼟㻌㼍㼚㼐㻌㼏㼍㼟㼔㻌㼒㼘㼛㼣㼟㻚㻌 㻌㻔㻞㻕㻌㻰㼑

Dividend Policy㻴㼛㼣㼑㼢㼑㼞㻘㻌 㼕㼠㻌 㼕s possible that HORIBA’s financial condition and㼀㼔㼑㻌㼙

営基盤の確保The Company believes that the distribution of profits to㼎㼡㼟㼕㼚㼑㼟㼟㻌 㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻌 㼏㼛㼡㼘㼐㻌 㼎㼑㻌 㼍㼒㼒㼑㼏㼠㼑㼐㻌 㼕㼒㻌 㼍㼚㻌 㼍㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㻌 㼛㼞㻌㼕㼟㻌 㼑㼤㼠㼞

、株主の皆様shareholders is one of its priority issues while giving due㼍㼘㼘㼕㼍㼚㼏㼑㻌㼐㼕㼐㻌㼚㼛㼠㻌㼜㼞㼛㼏㼑㼑㼐㻌㼕㼚㻌㼍㼏㼏㼛㼞㼐㼍㼚㼏㼑㻌㼣㼕㼠㼔㻌㼕㼚㼕㼠㼕㼍㼘㻌㼜㼘㼍㼚㼟㻚㻌㼏㼍㼜㼍㼎㼕

㻌㼐㼑㼢㼑㼘㼛

配当金と自社

consideration to ensuring a stable management base and㻔㻟㻕㻌 㻾㼑㼜㼍㼕㼞㻌 㼛㼒㻌 㻲㼍㼏㼕㼘㼕㼠㼕㼑㼟㻌 㻲㼛㼘㼘㼛㼣㼕㼚㼓㻌 㻺㼍㼠㼡㼞㼍㼘㻌 㻰㼕㼟㼍㼟㼠㼑㼞㼟㻌 㼍㼚㼐㻌㼠㼔㼕㼟㻌 㼕0％を目処とinternal reserves for business expansion. The basic policy㻭㼟㼟㼛㼏㼕㼍㼠㼑㼐㻌㻰㼑㼘㼍㼥㼟㻌㼕㼚㻌㻰㼑㼘㼕㼢㼑㼞㼥㻘㻌㼑㼠㼏㻚㻌㼏㼕㼞㼏㼡㼙

部留保資金にregarding profit returns to shareholders is to maintain a total㼀㼔㼑㻌㻴㻻㻾㻵㻮㻭㻌㻳㼞㼛㼡㼜㻓㼟㻌㼙㼍㼚㼡㼒㼍㼏㼠㼡㼞㼕㼚㼓㻌㼎㼍㼟㼑㼟㻌㼍㼞㼑㻌㼘㼛㼏㼍㼠㼑㼐㻌㼕㼚㻌㼐㼕㼢㼑㼞㼟㼑㻌㻌

備及び研究開shareholder return ratio of around 30% of consolidated net㼍㼞㼑㼍㼟㻘㻌㼕㼚㼏㼘㼡㼐㼕㼚㼓㻌㻶㼍㼜㼍㼚㻌㻔㻷㼥㼛㼠㼛㻘㻌㻿㼔㼕㼓㼍㻌㼍㼚㼐㻌㻷㼡㼙㼍㼙㼛㼠㼛㻌㻼㼞㼑㼒㼑㼏㼠㼡㼞㼑㼟㻕㻘㻌㻔㻟㻕㻌㻾㼕㼟

充当し、将来income attributable to owners of parent, combined with the㻱㼡㼞㼛㼜㼑㻌 㻔㻲㼞㼍㼚㼏㼑㻘㻌 㻳㼑㼞㼙㼍㼚㼥㻌 㼍㼚㼐㻌 㼠㼔㼑㻌 㻯㼦㼑㼏㼔㻌 㻾㼑㼜㼡㼎㼘㼕㼏㻕㻘㻌 㻭㼙㼑㼞㼕㼏㼍㼟㻴㻻㻾㻵㻮（㼠㼔㼑㻌 㼁㻚㻿㻚㻌 㼍㼚㼐㻌㻮㼞㼍㼦㼕㼘）㻌 㼍㼚㼐㻌 㻭㼟㼕㼍㻌㻔㻯㼔㼕㼚㼍㻘㻌㻿㼛㼡㼠㼔㻌 㻷㼛㼞㼑㼍㻌㼍㼚㼐㻌 㻵㼚㼐㼕㼍㻕㻚㻌㼞㼑㼘㼍㼠㼑㼐

くものといたamount of dividend payments and the amount of share

However, it is possible that HORIBA’s financial condition and㼠㼞㼍㼐㼑㼙

buyback. In addition, the Company will appropriate internal㼎㼡㼟㼕㼚㼑㼟㼟㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻌㼏㼛㼡㼘㼐㻌㼎㼑㻌㼍㼒㼒㼑㼏㼠㼑㼐㻌㼕㼚㻌㼠㼔㼑㻌㼏㼍㼟㼑㻌㼛㼒㻌㼍㻌㼙㼍㼖㼛㼞㻌㼏㼛㼙㼜㼑reserves as basic funds for working capital for business㼑㼍㼞㼠㼔㼝㼡㼍㼗㼑㻌 㼛㼞㻌 㼛㼠㼔㼑㼞㻌 㼚㼍㼠㼡㼞㼍㼘㻌 㼐㼕㼟㼍㼟㼠㼑㼞㼟㻘㻌 㼍㼟㻌 㻴㻻㻾㻵㻮㻭’㼟㻌㼞㼑㼓㼍㼞㼐

expansion, capital expenditure, investment in research and㼙㼍㼚㼡㼒㼍㼏㼠㼡㼞㼕㼚㼓㻌㼒㼍㼏㼕㼘㼕㼠㼕㼑㼟㻌㼏㼛㼡㼘㼐㻌㼎㼑㻌㼐㼍㼙㼍㼓㼑㼐㻌㼍㼚㼐㻌㼞㼑㼝㼡㼕㼞㼑㻌㼑㼤㼜㼑㼚㼟㼕㼢㼑㻌㼜㼞㼛㼜㼑㼞

㼞㼑㼜㼍㼕㼞㼟㻌㼛㼞㻌㼍㼚㻌㼕㼚㼠㼑㼞㼞㼡㼜㼠㼕㼛㼚㻌㼠㼛㻌㻴㻻㻾㻵㻮㻭’㼟㻌㼟㼡㼜㼜㼘㼥㻌㼏㼔㼍㼕㼚㻌㼏㼛㼡㼘㼐㻌㼍㼒㼒㼑㼏㼠㻌㼜㼍㼞㼠㼥㻘㻌

development, and the reinforcement of the financial strength,

making returns to shareholders through the development of

7/8

53

businesses for the future.

㻴㻻㻾㻵㻮㻭’㼟㻌㼜㼞㼛㼐㼡㼏㼠㼕㼛㼚㻌㼍㼚㼐㻛㼛㼞㻌㼐㼕㼟㼠㼞㼕㼎㼡㼠㼕㼛㼚㻚㻌 㻌㼑㼤㼜㼑㼏㼠㼑㼐㻌 㼑㼍㼞㼚㼕㼚㼓㼟㻚㻌 㼀㼔㼑㼞㼑㻌 㼕㼟㻌 㼍㼘㼟㼛㻌 㼍㻌 㼜㼛㼟㼟㼕㼎㼕㼘㼕㼠㼥㻌 㼛㼒㻌 㼐㼕㼟㼜㼡㼠㼑㼟㻌 㼛㼢㼑㼞㻌㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㻌㼕㼚㼠㼑㼘㼘㼑㼏㼠㼡㼍㼘㻌 㼜㼞㼛㼜㼑㼞㼠㼥㻌 㼞㼕㼓㼔㼠㼟㻌 㼣㼕㼠㼔㻌 㼛㼠㼔㼑㼞㻌 㼏㼛㼙㼜㼍㼚㼕㼑㼟㻚㻌 㻌 㻿㼡㼏㼔㻌㻶㼍㼜㼍㼚㼑㼟㼑㻌㼟㻌㻔㻠㻕㻌㻾㼕㼟㼗㼟㻌㻭㼟㼟㼛㼏㼕㼍㼠㼑㼐㻌㼣㼕㼠㼔㻌㻯㼛㼚㼠㼞㼍㼏㼠㼟㻌㼍㼚㼐㻌㼀㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻌㼐㼕㼟㼜㼡㼠㼑㼟㻌㼏㼛㼡㼘㼐㻌significantly affect HORIBA’s financial condition㼠㼔㼑㻌 㼞㼑㼜㼞㼑㼟㼍㼞㼛㼡㼚㼐㻌

㻴㻻㻾㻵㻮㻭㻌㼑㼚㼠㼑㼞㼟㻌㼕㼚㼠㼛㻌㼢㼍㼞㼕㼛㼡㼟㻌㼏㼛㼚㼠㼞㼍㼏㼠㼟㻌㼣㼕㼠㼔㻌㼏㼡㼟㼠㼛㼙㼑㼞㼟㻘㻌㼟㼡㼜㼜㼘㼕㼑㼞㼟㻌㼍㼚㼐㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻚㻌㼑㼟㼠㼕㼙㼍㼠㼑㼐㻌㼐㻌 㻭㼟㼕㼍㻚㻌㼍㼚㼐㻌 㼛㼠㼔㼑㼞㻌 㼟㼠㼍㼗㼑㼔㼛㼘㼐㼑㼞㼟㻌 㼍㼚㼐㻌 㼏㼛㼚㼐㼡㼏㼠㼟㻌 㼕㼠㼟㻌 㼎㼡㼟㼕㼚㼑㼟㼟㻌 㼍㼏㼠㼕㼢㼕㼠㼕㼑㼟㻌㻌

for loss on㼑㼞㼟㼑㼍㼟㻌

㼎㼍㼟㼑㼐㻌㼛㼚㻌㼠㼔㼑㼟㼑㻌㼏㼛㼚㼠㼞㼍㼏㼠㼟㻚㻌㻺㼑㼢㼑㼞㼠㼔㼑㼘㼑㼟㼟㻘㻌㼠㼔㼑㼞㼑㻌㼕㼟㻌㼍㻌㼜㼛㼟㼟㼕㼎㼕㼘㼕㼠㼥㻌㼛㼒㻌㻔㻠㻕㻌㻾㼕㼟㼗㼟㻌㻭㼟㼟㼛㼏㼕㼍㼠㼑㼐㻌㼣㼕㼠㼔㻌㻲㼘㼡㼏㼠㼡㼍㼠㼕㼛㼚㼟㻌㼕㼚㻌㻾㼍㼣㻌㻹㼍㼠㼑㼞㼕㼍㼘㻌㻼㼞㼕㼏㼑㼟㻌㼕㼠㻌㼑㼤㼜㼑㼏㼠㼟㻌㼔㼕㼒㼠㼟㻌㼕㼚㻌㼏㼘㼍㼕㼙㼟㻌㼒㼛㼞㻌㼐㼍㼙㼍㼓㼑㼟㻌㼍㼞㼕㼟㼕㼚㼓㻌㼒㼞㼛㼙㻌㼐㼕㼒㼒㼑㼞㼑㼚㼠㻌㼢㼕㼑㼣㼟㻌㼛㼒㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻌㼛㼞㻌㻴㻻㻾㻵㻮㻭㻌㼠㼍㼗㼑㼟㻌㼕㼚㼠㼛㻌㼍㼏㼏㼛㼡㼚㼠㻌㼠㼔㼑㻌㼞㼕㼟㼗㻌㼛㼒㻌㼒㼘㼡㼏㼠㼡㼍㼠㼕㼛㼚㼟㻌㼕㼚㻌㼜㼡㼞㼏㼔㼍㼟㼕㼚㼓㻌㼜㼛㼟㼟㼕㼎㼘㼑㻌㼠㼔㼡㼐㼐㼑㼚㻌

㼐㼕㼒㼒㼑㼞㼑㼚㼠㻌㼡㼚㼐㼑㼞㼟㼠㼍㼚㼐㼕㼚㼓㼟㻌㼛㼒㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼠㼑㼞㼙㼟㻌㼎㼑㼠㼣㼑㼑㼚㻌㼜㼍㼞㼠㼕㼑㼟㻚㻌㻵㼠㻌㼕㼟㻌㼜㼞㼕㼏㼑㼟㻌㼍㼚㼐㻌㼙㼍㼗㼑㼟㻌㼍㼞㼞㼍㼚㼓㼑㼙㼑㼚㼠㼟㻌㼟㼡㼏㼔㻌㼍㼟㻌㼍㼐㼢㼍㼚㼏㼑㻌㼜㼡㼞㼏㼔㼍㼟㼕㼚㼓㻌㼠㼛㻌㼛㼜㼑㼞㼍㼠㼕㼚㼓㻌㻌 㼘㼍㼣㼟㻘㻌

㼜㼛㼟㼟㼕㼎㼘㼑㻌㼠㼔㼍㼠㻌㼟㼡㼏㼔㻌㼏㼕㼞㼏㼡㼙㼟㼠㼍㼚㼏㼑㼟㻌㼏㼛㼡㼘㼐㻌㼞㼑㼟㼡㼘㼠㻌㼕㼚㻌㻴㻻㻾㻵㻮㻭㻌㼒㼍㼏㼕㼚㼓㻌㼙㼍㼚㼍㼓㼑㻌㼠㼔㼕㼟㻌㼞㼕㼟㼗㻌㼣㼔㼑㼚㻌㼕㼠㻌㼕㼟㻌㼐㼑㼑㼙㼑㼐㻌㼚㼑㼏㼑㼟㼟㼍㼞㼥㻚㻌㻴㼛㼣㼑㼢㼑㼞㻘㻌㼕㼠㻌㼙㼍㼥㻌㼢㼛㼘㼡㼚㼠㼍㼞㼥㻌㼏㼔㻌 㼍㼟㻌

㼍㻌㼏㼘㼍㼕㼙㻌㼒㼛㼞㻌㼏㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻚㻌㼞㼑㼝㼡㼕㼞㼑㻌 㼟㼛㼙㼑㻌 㼠㼕㼙㼑㻌 㼒㼛㼞㻌 㼍㼚㻌 㼕㼚㼏㼞㼑㼍㼟㼑㻌 㼕㼚㻌 㼜㼡㼞㼏㼔㼍㼟㼕㼚㼓㻌 㼜㼞㼕㼏㼑㼟㻌 㼠㼛㻌 㼎㼑㻌㼙㼑㼙㼎㼑㼞㼟㻌㼛nancial㻌㼜㼍㼟㼟㼑㼐㻌 㼛㼚㻌 㼍㼚㼐㻌 㼞㼑㼒㼘㼑㼏㼠㼑㼐㻌 㼕㼚㻌 㼟㼑㼘㼘㼕㼚㼓㻌 㼜㼞㼕㼏㼑㼟㻚㻌 㻿㼡㼏㼔㻌 㼏㼕㼞㼏㼡㼙㼟㼠㼍㼚㼏㼑㼟㻌㻌㻔㻡㻕㻌㻻㼠㼔㼑㼞㻌㻮㼡㼟㼕㼚㼑㼟㼟㻌㻾㼕㼟㼗㼟㻌㼏㼛㼡㼘㼐㻌 㼟㼕㼓㼚㼕㼒㼕㼏㼍㼚㼠㼘㼥㻌 㼍㼒㼒㼑㼏㼠㻌 㻴㻻㻾㻵㻮㻭’s financial condition and㻠㻚㻌㻾㼕㼟㼗㼟㻌㼎㼥㻵㼚㻌 㼍㼐㼐㼕㼠㼕㼛㼚㻌 㼠㼛㻌 㼠㼔㼑㻌 㼍㼎㼛㼢㼑㻙㼙㼑㼚㼠㼕㼛㼚㼑㼐㻌 㼞㼕㼟㼗㼟㻘㻌 㼛㼠㼔㼑㼞㻌 㼞㼕㼟㼗㼟㻌 㼕㼚㼏㼘㼡㼐㼑㻌 㼍㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻚㻌㻴㻻㻾㻵㻮㻭㻌 㼛㼏㼔㼍㼚㼓㼑㻌

㻻㻾㻵㻮㻭㻌

㼞㼕㼟㼗㻌㼛㼒㻌㼎㼞㼑㼍㼗㼐㼛㼣㼚㻌㼛㼞㻌㼙㼍㼘㼒㼡㼚㼏㼠㼕㼛㼚㻌㼛㼒㻌㼕㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻌㼟㼥㼟㼠㼑㼙㼟㻘㻌㼠㼔㼞㼑㼍㼠㼟㻌㻌㻿㼥㼟㼠㼑㼙㼟㻘㻌㼑㻌㼘㼕㼙㼕㼠㼟㻌㼞㼑㼘㼍㼠㼑㼐㻌㼠㼛㻌㼕㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻌㼟㼑㼏㼡㼞㼕㼠㼥㻌㼍㼚㼐㻌㼞㼕㼟㼗㼟㻌㼍㼟㼟㼛㼏㼕㼍㼠㼑㼐㻌㼣㼕㼠㼔㻌㼘㼍㼣㼟㻌㼍㼚㼐㻌㻟㻚㻌㻲㼕㼚㼍㼚㼏㼕㼍㼘㻌㻾㼕㼟㼗㼟㻌㻹㼑㼐㼕㼏㼍㼘㻙㻰㼕㼚㼍㼠㼑㼐㻌

㼞㼑㼓㼡㼘㼍㼠㼕㼛㼚㼟㻌㼕㼙㼜㼛㼟㼑㼐㻌㼛㼚㻌㼎㼡㼟㼕㼚㼑㼟㼟㼑㼟㻚㻌㻴㻻㻾㻵㻮㻭㻌㼕㼟㻌㼠㼍㼗㼕㼚㼓㻌㼜㼞㼑㼢㼑㼚㼠㼕㼢㼑㻌㻔㻝㻕㻌㻵㼙㼜㼍㼕㼞㼙㼑㼚㼠㻌㻸㼛㼟㼟㻌㼛㼚㻌㻿㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼛㼚㼟㻌 㼠㼛㻌

㼙㼑㼍㼟㼡㼞㼑㼟㻌 㼍㼓㼍㼕㼚㼟㼠㻌 㼠㼔㼑㼟㼑㻌 㼞㼕㼟㼗㼟㻌 㼎㼡㼠㻌 㼠㼔㼑㼥㻌 㼏㼛㼡㼘㼐㻌 㼍㼒㼒㼑㼏㼠㻌 㻴㻻㻾㻵㻮㻭’㼟㻌㻮㼍㼟㼑㼐㻌 㼛㼚㻌 㼍㼚㻌 㼛㼢㼑㼞㼍㼘㼘㻌 㼏㼛㼚㼟㼕㼐㼑㼞㼍㼠㼕㼛㼚㻌 㼛㼒㻌 㼎㼡㼟㼕㼚㼑㼟㼟㻌 㼟㼠㼞㼍㼠㼑㼓㼥㻘㻌㻴㻻㻾㻵㻮㻭㻌

㼛㼞㼑㼕㼓㼚㻌

㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼜㼛㼟㼕㼠㼕㼛㼚㻌㼍㼚㼐㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼞㼑㼟㼡㼘㼠㼟㻚㻌㼑㼚㼔㼍㼚㼏㼑㼙㼑㼚㼠㻌 㼛㼒㻌 㼞㼑㼘㼍㼠㼕㼛㼚㼟㻌 㼣㼕㼠㼔㻌 㼎㼡㼟㼕㼚㼑㼟㼟㻌 㼜㼍㼞㼠㼚㼑㼞㼟㻘㻌 㼍㼚㼐㻌segment’s㼚㼍㼚㼏㼕㼍㼘㻌

㻌㼙㼍㼕㼚㼠㼑㼚㼍㼚㼏㼑㻌 㼛㼒㻌 㼓㼛㼛㼐㻌 㼞㼑㼘㼍㼠㼕㼛㼚㼟㼔㼕㼜㻌 㼣㼕㼠㼔㻌 㼏㼛㼙㼙㼡㼚㼕㼠㼕㼑㼟㻘㻌 㻴㻻㻾㻵㻮㻭㻌㼠㼔㼑㻌 㼎㼡㼟㼕㼚㼑㼐㻌 㼕㼚㼠㼛㻌

㻞㻚㻌㻾㼕㼟㼗㼟㻌㻭㼟㼟㼛㼏㼕㼍㼠㼑㼐㻌㼣㼕㼠㼔㻌㻰㼑㼢㼑㼘㼛㼜㼙㼑㼚㼠㻌㼍㼚㼐㻌㻼㼞㼛㼐㼡㼏㼠㼕㼛㼚㻌㼔㼛㼘㼐㼟㻌 㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌 㼕㼚㻌 㼛㼞㼐㼑㼞㻌 㼠㼛㻌 㼞㼍㼕㼟㼑㻌 㼕㼠㼟㻌 㼙㼑㼐㼕㼡㼙㻙㻌 㼠㼛㻌 㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼏㼍㼞㼞㼕㼑㼟㻌 㼞㼕㼟㼍㼚㼐㻌 㼍㻌

㻔㻝㻕㻌㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼒㼛㼞㻌㻼㼞㼛㼐㼡㼏㼠㻌㻸㼕㼍㼎㼕㼘㼕㼠㼥㻌

corporate value. Each year, HORIBA’s Board of Directors㼛㼜㼑㼞㼍㼠㼕㼛㼚㼟㼙㼍㼠㼑㼟㻌

㻴㻻㻾㻵㻮㻭㻌㼏㼛㼚㼐㼡㼏㼠㼟㻌㼛㼜㼠㼕㼙㼡㼙㻌㼝㼡㼍㼘㼕㼠㼥㻌㼏㼛㼚㼠㼞㼛㼘㻌㼒㼛㼞㻌㼕㼠㼟㻌㼜㼞㼛㼐㼡㼏㼠㼟㻌㼍㼚㼐㻌㼞㼑㼢㼕㼑㼣㼟㻌㼍㼚㼐㻌㼑㼢㼍㼘㼡㼍㼠㼑㼟㻌㼕㼠㼟㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㼟㻌㼎㼥㻌㼏㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑㼘㼥㻌㼠㼍㼗㼕㼚㼓㻌㻔㻝㻕㻌㻭㼡㼠㼛㼙㼚㼏㼑㻚㻌㼟㼑㼞㼢㼕㼏㼑㼟㻌 㼍㼚㼐㻌 㼟㼠㼞㼕㼢㼑㼟㻌 㼠㼛㻌 㼙㼍㼕㼚㼠㼍㼕㼚㻌 㼠㼔㼑㻌 㼔㼕㼓㼔㼑㼟㼠㻌 㼟㼠㼍㼚㼐㼍㼞㼐㼟㻌 㼛㼒㻌㼕㼚㼠㼛㻌㼍㼏㼏㼛㼡㼚㼠㻌㼠㼔㼑㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼍㼙㼛㼡㼚㼠㻘㻌㼜㼛㼠㼑㼚㼠㼕㼍㼘㻌㼓㼍㼕㼚㼟㻌㼍㼟㼟㼛㼏㼕㼍㼠㼑㼐㻌㻱㼙㼕㼟㼟㼕㼛㼚㻌㼞㼑㼘㼕㼍㼎㼕㼘㼕㼠㼥㻚㻌 㻌 㻺㼑㼢㼑㼞㼠㼔㼑㼘㼑㼟㼟㻘㻌㼠㼔㼑㼞㼑㻌㼕㼟㻌㼍㼘㼣㼍㼥㼟㻌㼠㼔㼑㻌㼜㼛㼟㼟㼕㼎㼕㼘㼕㼠㼥㻌㼛㼒㻌㼞㼑㼏㼍㼘㼘㼟㻌㼣㼕㼠㼔㻌 㼠㼔㼑㻌 㼔㼛㼘㼐㼕㼚㼓㻌 㼛㼒㻌 㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻘㻌 㼍㼚㼐㻌 㼛㼠㼔㼑㼞㻌 㼒㼍㼏㼠㼛㼞㼟㻚㻌 㻵㼒㻌 㼠㼔㼑㻌 㼙㼍㼞㼗㼑㼠㻌㻭㼡㼠㼛㼙㼛㼠㼕㼢㼛㼞㻌 㼘㼕㼠㼕㼓㼍㼠㼕㼛㼚㻌 㼍㼞㼕㼟㼕㼚㼓㻌 㼒㼞㼛㼙㻌 㼡㼚㼒㼛㼞㼑㼟㼑㼑㼚㻌 㼐㼑㼒㼑㼏㼠㼟㻚㻌 㻴㻻㻾㻵㻮㻭㻌 㼏㼍㼞㼞㼕㼑㼟㻌㼢㼍㼘㼡㼑㻌㼛㼒㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼔㼑㼘㼐㻌㼎㼥㻌㻴㻻㻾㻵㻮㻭㻌㼐㼑㼏㼘㼕㼚㼑㼟㻘㻌㼠㼔㼑㼞㼑㻌㼕㼟㻌㼍㻌㼜㼛㼟㼟㼕㼎㼕㼘㼕㼠㼥㻌㼙㼍㼚㼡㼒㼍㼏㼠㼡㼕㼚㼟㼡㼞㼍㼚㼏㼑㻌㼒㼛㼞㻌㼜㼞㼛㼐㼡㼏㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼥㻘㻌㼎㼡㼠㻌㼠㼔㼑㼞㼑㻌㼏㼍㼚㻌㼎㼑㻌㼚㼛㻌㼓㼡㼍㼞㼍㼚㼠㼑㼑㻌㼠㼔㼍㼠㻌㼠㼔㼍㼠㻌 㼍㼚㻌 㼕㼙㼜㼍㼕㼞㼙㼑㼚㼠㻌 㼘㼛㼟㼟㻌 㼛㼚㻌 㼠㼔㼑㻌 㼞㼑㼘㼑㼢㼍㼚㼠㻌 㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌 㼣㼕㼘㼘㻌 㼎㼑㻌㼓㼛㼢㼑㼞㼚㼙㼑㼚㼠㼔㼕㼟㻌 㼕㼚㼟㼡㼞㼍㼚㼏㼑㻌 㼣㼛㼡㼘㼐㻌 㼏㼛㼢㼑㼞㻌 㼠㼔㼑㻌 㼒㼡㼘㼘㻌 㼍㼙㼛㼡㼚㼠㻌 㼛㼒㻌 㼍㼚㼥㻌 㼡㼚㼒㼛㼞㼑㼟㼑㼑㼚㻌recorded and that HORIBA’s financial condition and 㼎㼡㼟㼕㼚㼑㼟㼟㻌㼑㼙㼕㼟㼟㼕㼛㼚㼟㻌㼛㼒㻌 㼕㼠㼟㻌

㼐㼍㼙㼍㼓㼑㼟㻚㻌 㻿㼡㼏㼔㻌 㼏㼕㼞㼏㼡㼙㼟㼠㼍㼚㼏㼑㼟㻌 㼏㼛㼡㼘㼐㻌 㼔㼍㼢㼑㻌 㼍㼚㻌 㼍㼒㼒㼑㼏㼠㻌 㼛㼚㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻌㼣㼕㼘㼘㻌㼎㼑㻌㼚㼑㼓㼍㼠㼕㼢㼑㼘㼥㻌㼍㼒㼒㼑㼏㼠㼑㼐㻚㻌㼕㼟㻌 㼜㼛㼟㼟㼕㼎㼘㼑㼐㼕㼘㼕㼓㼑㼚㼠㻌

HORIBA’s㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼏㼛㼚㼐㼕㼠㼕㼛㼚㻌㼍㼚㼐㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻚㻌㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㼟㻌㼕㼚㻌

㻌㻔㻞㻕㻌㻵㼙㼜㼍㼕㼞㼙㼑㼚㼠㻌㻸㼛㼟㼟㻌㼛㼚㻌㻲㼕㼤㼑㼐㻌㻭㼟㼟㼑㼠㼟㻌㼞㼑㼓㼡㼘㼍㼠㼕㼛㼚㼟㻌㼒㼘㼛㼣㼟㻚㻌 㻌㻔㻞㻕㻌㻰㼑㼘㼍㼥㼟㻌㼕㼚㻌㻰㼑㼢㼑㼘㼛㼜㼙㼑㼚㼠㻌㼛㼒㻌㻺㼑㼣㻌㻼㼞㼛㼐㼡㼏㼠㼟㻌㻵㼒㻌 㼠㼔㼑㻌 㼙㼍㼞㼗㼑㼠㻌 㼢㼍㼘㼡㼑㻌 㼛㼒㻌 㼘㼍㼚㼐㻘㻌 㼎㼡㼕㼘㼐㼕㼚㼓㼟㻘㻌 㼛㼞㻌 㼛㼠㼔㼑㼞㻌 㼍㼟㼟㼑㼠㼟㻌 㼔㼑㼘㼐㻌 㼎㼥㻌㼠㼔㼑㻌 㼍㼡㼠㼛㼙on and㼀㼔㼑㻌㼙㼑㼍㼟㼡㼞㼕㼚㼓㻌㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼕㼚㻌㼣㼔㼕㼏㼔㻌㻴㻻㻾㻵㻮㻭㻌㼛㼜㼑㼞㼍㼠㼑㼟㻌㻴㻻㻾㻵㻮㻭㻌㼐㼑㼏㼘㼕㼚㼑㼟㻌㼟㼕㼓㼚㼕㼒㼕㼏㼍㼚㼠㼘㼥㻌㼛㼞㻌㼟㼑㼓㼙㼑㼚㼠㻌㼘㼛㼟㼟㼑㼟㻌㼣㼑㼞㼑㻌㼓㼑㼚㼑㼞㼍㼠㼑㼐㻌

significant㼕㼛㼚㻌 㼛㼞㻌㼕㼟㻌 㼑㼤㼠㼞㼑㼙㼑㼘㼥㻌 㼟㼜㼑㼏㼕㼍㼘㼕㼦㼑㼐㻌 㼍㼚㼐㻌 㼞㼑㼝㼡㼕㼞㼑㼟㻌 㼔㼕㼓㼔㻌 㼘㼑㼢㼑㼘㼟㻌 㼛㼒㻌 㼠㼑㼏㼔㼚㼕㼏㼍㼘㻌㼒㼛㼞㻌 㼠㼣㼛㻌 㼏㼛㼚㼟㼑㼏㼡㼠㼕㼢㼑㻌 㼒㼕㼟㼏㼍㼘㻌 㼥㼑㼍㼞㼟㻌 㼕㼚㻌 㼠㼔㼑㻌 㼒㼡㼠㼡㼞㼑㻘㻌 㼠㼔㼑㼞㼑㻌 㼕㼟㻌 㼍㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼍㼜㼍㼎㼕㼘㼕㼠㼥㻚㻌 㻴㻻㻾㻵㻮㻭㻘㻌 㼠㼔㼑㼞㼑㼒㼛㼞㼑㻘㻌 㼕㼚㼢㼑㼟㼠㼟㻌 㼘㼍㼞㼓㼑㻌 㼟㼡㼙㼟㻌 㼕㼚㻌 㼜㼞㼛㼐㼡㼏㼠㻌㼜㼛㼟㼟㼕㼎㼕㼘㼕㼠㼥㻌 㼠㼔㼍㼠㻌 㼍㼚㻌 㼕㼙㼜㼍㼕㼞㼙㼑㼚㼠㻌 㼘㼛㼟㼟㻌 㼣㼕㼘㼘㻌 㼎㼑㻌 㼞㼑㼏㼛㼞㼐㼑㼐㻌 㼍㼚㼐㻌 㼠㼔㼍㼠㻌㼍㼟㼟㼑㼠㼟㻌㼕㼚㻌㼠㼐㼑㼢㼑㼘㼛㼜㼙㼑㼚㼠㻚㻌 㻴㼛㼣㼑㼢㼑㼞㻘㻌 㼕㼠㻌 㼕㼟㻌 㼜㼛㼟㼟㼕㼎㼘㼑㻌 㼠㼔㼍㼠㻌 㼑㼤㼜㼑㼏㼠㼑㼐㻌 㼞㼑㼠㼡㼞㼚㼟㻌 㼛㼒㻌

HORIBA’s financial condition and 㼎㼡㼟㼕㼚㼑㼟㼟㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻌㼣㼕㼘㼘㻌㼎㼑㻌㼒㼕㼤㼑㼐㻌 㼍㼟㼟㼑㼠㼔㼕㼟㻌 㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌 㼣㼕㼘㼘㻌 㼚㼛㼠㻌 㼎㼑㻌 㼞㼑㼍㼘㼕㼦㼑㼐㻌 㼐㼡㼑㻌 㼠㼛㻌 㼡㼚㼒㼛㼞㼑㼟㼑㼑㼚㻌㼚㼑㼓㼍㼠㼕㼢㼑㼘㼥㻌㼍㼒㼒㼑㼏㼠㼑㼐㻚㻌㼠㼞㼑㼚㼐㼟㻌㼍㼚㼐㼏㼕㼞㼏㼡㼙㼟㼠㼍㼚㼏㼑㼟㻚㻌㻌

HORIBA’s㻌㻔㻟㻕㻌㻾㼑㼢㼑㼞㼟㼍㼘㻌㼛㼒㻌㻰㼑㼒㼑㼞㼞㼑㼐㻌㼀㼍㼤㻌㻭㼟㼟㼑㼠㼟㻌㻾㼑㼟㼡㼘㼠㼕㼚㼓㻌㻲㼞㼛㼙㻌㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㻌㼠㼡㼞㼑㼟㻕㻘㻌

㻔㻟㻕㻌㻾㼕㼟㼗㼟㻌㻯㼛㼚㼏㼑㼞㼚㼕㼚㼓㻌㻵㼚㼠㼑㼘㼘㼑㼏㼠㼡㼍㼘㻌㻼㼞㼛㼜㼑㼞㼠㼥㻌㻾㼕㼓㼔㼠㼟㻌㻿㼥㼟㼠㼑㼙㼟㻌㼛㼞㻌㻭㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㻼㼛㼘㼕㼏㼕㼑㼟㻌㻔㻞㻕㻌㻼㼞㼛㼏㼑㼟㼙㼑㼞㼕㼏㼍㼟

㻴㻻㻾㻵㻮㻭㻌㼜㼛㼟㼟㼑㼟㼟㼑㼟㻌㼍㻌㼣㼕㼐㼑㻌 㼞㼍㼚㼓㼑㻌㼛㼒㻌 㼕㼚㼠㼑㼘㼘㼑㼏㼠㼡㼍㼘㻌 㼜㼞㼛㼜㼑㼞㼠㼥㻌 㼞㼕㼓㼔㼠㼟㻌㻵㼠㻌㼕㼟㻌㼜㼛㼟㼟㼕㼎㼘㼑㻌㼠㼔㼍㼠㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼟㼥㼟㼠㼑㼙㼟㻌㼛㼞㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼜㼛㼘㼕㼏㼕㼑㼟㻌㻔㼑㻚㼓㻚㻘㻌㻰㼑㼙㼍㼚㼐㻌 㼒㼛㻵㼚㼐㼕㼍㻕㻚㻌

㼞㼑㼘㼍㼠㼑㼐㻌 㼠㼛㻌 㼠㼔㼑㻌 㼜㼞㼛㼐㼡㼏㼠㼟㻌 㼕㼠㻌 㼙㼍㼚㼡㼒㼍㼏㼠㼡㼞㼑㼟㻘㻌 㼕㼚㼏㼘㼡㼐㼕㼚㼓㻌 㼜㼍㼠㼑㼚㼠㼟㻘㻌㼞㼑㼐㼡㼏㼠㼕㼛㼚㼟㻌 㼕㼚㻌 㼠㼍㼤㻌 㼞㼍㼠㼑㼟㻕㻌 㼏㼛㼡㼘㼐㻌 㼞㼑㼝㼡㼕㼞㼑㻌 㻴㻻㻾㻵㻮㻭㻌 㼠㼛㻌 㼞㼑㼢㼑㼞㼟㼑㻌 㼕㼠㼟㻌㼒㼛㼞㻌㼍㼕㼞㻌㼜㼛㼘㼘on and㼠㼞㼍㼐㼑㼙㼍㼞㼗㼟㻌 㼍㼚㼐㻌 㼑㼤㼜㼑㼞㼠㼕㼟㼑㻘㻌 㼣㼔㼕㼏㼔㻌 㼓㼕㼢㼑㻌 㼕㼠㻌 㼟㼡㼜㼑㼞㼕㼛㼞㼕㼠㼥㻌 㼕㼚㻌 㼠㼑㼞㼙㼟㻌 㼛㼒㻌㼐㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤㻌㼍㼟㼟㼑㼠㼟㻌㼍㼠㻌㼠㼔㼑㻌㼑㼚㼐㻌㼛㼒㻌㼠㼔㼑㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻌 㻌㼑㼚㼢㼕㼞㼛㼚㼙㼑㻌㼙㼍㼖㼛㼞㻌

㼏㼛㼙㼜㼑㼠㼕㼠㼕㼢㼑㼚㼑㼟㼟㻚㻌 㻴㻻㻾㻵㻮㻭㻌 㼑㼤㼑㼞㼏㼕㼟㼑㼟㻌 㼍㼘㼘㻌 㼜㼛㼟㼟㼕㼎㼘㼑㻌 㼏㼍㼡㼠㼕㼛㼚㻌㻌㼜㼞㼛㼐㼡㼏㼠㼟㻌 㼏㻾㻵㻮㻭’㼟㻌

㼞㼑㼓㼍㼞㼐㼕㼚㼓㻌 㼠㼔㼑㻌 㼙㼍㼚㼍㼓㼑㼙㼑㼚㼠㻌 㼍㼚㼐㻌 㼜㼞㼛㼠㼑㼏㼠㼕㼛㼚㻌 㼛㼒㻌 㼠㼔㼑㼟㼑㻌 㼕㼚㼠㼑㼘㼘㼑㼏㼠㼡㼍㼘㻌㻔㻠) Dissolution of Employees’ Pension Fund㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼏㼑㼚㼟㼕㼢㼑㻌

㼜㼞㼛㼜㼑㼞㼠㼥㻌㼞㼕㼓㼔㼠㼟㻚㻌㻴㼛㼣㼑㼢㼑㼞㻘㻌㼕㼚㻌㼠㼔㼑㻌㼏㼍㼟㼑㻌㼛㼒㻌㼕㼚㼒㼞㼕㼚㼓㼑㼙㼑㼚㼠㻌㼎㼥㻌㼍㻌㼠㼔㼕㼞㼐㻌The Kyoto Machinery and Metal Employees’ Pension Fund㻌㻌㼍㼒㼒㼑㼏㼠㻌

㼜㼍㼞㼠㼥㻘㻌 㼕㼠㻌 㼕㼟㻌 㼜㼛㼟㼟㼕㼎㼘㼑㻌 㼠㼔㼍㼠㻌 㻴㻻㻾㻵㻮㻭㻌 㼣㼕㼘㼘㻌 㼎㼑㻌 㼡㼚㼍㼎㼘㼑㻌 㼠㼛㻌 㼍㼠㼠㼍㼕㼚㻌 㼕㼠㼟㻌㻔㼓㼑㼚㼑㼞㼍㼘㻌 㼠㼥㼜㼑㻕㻘㻌 㼛㼒㻌 㼣㼔㼕㼏㼔㻌 㼠㼔㼑㻌 㻯㼛㼙㼜㼍㼚㼥㻌 㼍㼚㼐㻌 㼍㻌 㼐㼛㼙㼑㼟㼠㼕㼏㻌㻌㼏㼕㼍㼠㼑㼐㻌㼟㻌 㼍㼚㼐㻌㼟㻌 㼍㼚㼐㻌

㼕㼢㼑㼞㼟㼑㻌HORIBA Report 2016 | 54

Financial data㼡㼠㼑㼟㻌 㼛㼢㼑㼞㻌㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌 㼟㼡㼎㼟㼕㼐㼕㼍㼞㼥㻌 㼍㼞㼑㻌 㼙㼑㼙㼎㼑㼞㼟㻘㻌 㼞㼑㼟㼛㼘㼢㼑㼐㻌 㼠㼛㻌 㼍㼐㼛㼜㼠㻌㻔㻟㻕㻌㻹㼑㼐㼕㼏㼍㼘㻙㻰㼕㼍㼓㼚㼛㼟㼠㼕㼏㻌㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌㻒㻌㻿㼥㼟㼠㼑㼙㼟㻌㼟㻚㻌 㻌 㻿㼡㼏㼔㻌㻶㼍㼜㼍㼚㼑㼟㼑㻌㼓㼛㼢㼑㼞㼚㼙㼑㼚㼠㻌㼜㼛㼘㼕㼏㼥㻌㼠㼛㻌㼏㼍㼞㼞㼥㻌㼛㼡㼠㻌㼍㻌㼟㼜㼑㼏㼕㼍㼘㻌㼐㼕㼟㼟㼛㼘㼡㼠㼕㼛㼚㻌㼍㼠㻌㼀㼔㼑㻌 㼙㼍㼕㼚㻌 㼜㼞㼛㼐㼡㼏㼠㼟㻌 㼕㼚㻌 㼠㼔㼑㻌 㻹㼑㼐㼕㼏㼍㼘㻙㻰㼕㼍㼓㼚㼛㼟㼠㼕㼏㻌 㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌 㻒㻌

condition㼠㼔㼑㻌 㼞㼑㼜㼞㼑㼟㼑㼚㼠㼍㼠㼕㼢㼑㻌 㼍㼟㼟㼑㼙㼎㼘㼥㻚㻌 㻭㼏㼏㼛㼞㼐㼕㼚㼓㼘㼥㻘㻌 㻴㻻㻾㻵㻮㻭㻌 㼜㼛㼟㼠㼑㼐㻌 㼍㼚㻌㻿㼥㼟㼠㼑㼙㼟㻌 㼟㼑㼓㼙㼑㼚㼠㻌 㼍㼞㼑㻌 㼔㼑㼙㼍㼠㼛㼘㼛㼓㼥㻌 㼍㼚㼍㼘㼥㼦㼑㼞㼟㻘㻌 㼣㼔㼕㼏㼔㻌 㼍㼞㼑㻌 㼟㼙㼍㼘㼘㻙㻌㼑㼟㼠㼕㼙㼍㼠㼑㼐㻌㼘㼛㼟㼟㻌㼕㼚㻌㼍㼟㼟㼛㼏㼕㼍㼠㼕㼛㼚㻌㼣㼕㼠㼔㻌㼠㼔㼑㻌㼐㼕㼟㼟㼛㼘㼡㼠㼕㼛㼚㻌as “Provision㼍㼚㼐㻌㼙㼑㼐㼕㼡㼙㻙㼟㼕㼦㼑㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻌㼡㼟㼑㼐㻌㼎㼥㻌㼟㼙㼍㼘㼘㻙㻌㼍㼚㼐㻌㼙㼑㼐㼕㼡㼙㻙㼟㼕㼦㼑㼐㻌for loss on dissolution of the employees’ pension fund”㻚㻌㻴㼛㼣㼑㼢㼑㼞㻘㻌㼔㼛㼟㼜㼕㼠㼍㼘㼟㻌 㼍㼚㼐㻌 㼙㼑㼐㼕㼏㼍㼘㻌 㼜㼞㼍㼏㼠㼕㼠㼕㼛㼚㼑㼞㼟㻘㻌 㼠㼔㼑㻌 㼠㼍㼞㼓㼑㼠㻌 㼙㼍㼞㼗㼑㼠㻚㻌 㻼㼞㼕㼏㼑㻌㻌㻼㼞㼕㼏㼑㼟㻌

㼕㼠㻌㼑㼤㼜㼑㼏㼠㼟㻌㼠㼛㻌㼎㼑㻌㼍㼜㼜㼞㼛㼢㼑㼐㻌㼒㼛㼞㻌㼐㼕㼟㼟㼛㼘㼡㼠㼕㼛㼚㻌㼕㼚㻌㻞㻜㻝㻣㻘㻌㻿㼑㼜㼠㼑㼙㼎㼑㼞㻚㻌㻵㼠㻌㼕㼟㻌㼏㼛㼙㼜㼑㼠㼕㼠㼕㼛㼚㻌㼒㼛㼞㻌㼠㼔㼑㼟㼑㻌㼜㼞㼛㼐㼡㼏㼠㼟㻌㼠㼔㼍㼠㻌㼕㼟㻌㼎㼑㼥㼛㼚㼐㻌㼛㼡㼞㻌㼑㼤㼜㼑㼏㼠㼍㼠㼕㼛㼚㼟㻌㼜㼡㼞㼏㼔㼍㼟㼕㼚㼓㻌㼜㼛㼟㼟㼕㼎㼘㼑㻌㼠㼔㼍㼠㻌㼍㼚㻌㼑㼟㼠㼕㼙㼍㼠㼑㼐㻌㼘㼛㼟㼟㻌㼣㼕㼘㼘㻌㼏㼔㼍㼚㼓㼑㻘㻌㼐㼡㼑㻌㼠㼛㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼠㼔㼑㻌

could have a significant impact on HORIBA’s fin㼍㼚㼏㼕㼍㼘㻌㼏㼛㼚㼐㼕㼠㼕㼛㼚㻌㼏㼔㼍㼟㼕㼚㼓㻌㼠㼛㻌㼛㼜㼑㼞㼍㼠㼕㼚㼓㻌 㼑㼚㼢㼕㼞㼛㼚㼙㼑㼚㼠㻌 㼒㼛㼞㻌 㼠㼔㼑㻌 㻲㼡㼚㼐㻘㻌 㼍㼚㼐㻌 㼕㼚㻌 㼏㼍㼟㼑㻌 㼛㼒㻌 㼟㼡㼏㼔㻌 㼍㼟㻌㼍㼚㼐㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻚㻌㼑㼞㻘㻌㼕㼠㻌㼙㼍㼥㻌㼢㼛㼘㼡㼚㼠㼍㼞㼥㻌 㼣㼕㼠㼔㼐㼞㼍㼣㼍㼘㼟㻘㻌 㼏㼘㼛㼟㼡㼞㼑㼟㻌 㼍㼚㼐㻌 㼎㼍㼚㼗㼞㼡㼜㼠㼏㼕㼑㼟㻌 㼛㼒㻌 㼠㼔㼑㻌 㻲㼡㼚㼐㻌㻌㼏㼑㼟㻌 㼠㼛㻌 㼎㼑㻌㼙㼑㼙㼎㼑㼞㼟㻌㼛㼠㼔㼑㼞㻌㼠㼔㼍㼚㻌㻴㻻㻾㻵㻮㻭㻚㻌 㻌 㻌 㻌 㻌 㻌㻔㻠㻕㻌㻿㼑㼙㼕㼏㼛㼚㼐㼡㼏㼠㼛㼞㻌㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌㻒㻌㻿㼥㼟㼠㼑㼙㼟㻌㼡㼙㼟㼠㼍㼚㼏㼑㼟㻌㻌㼀㼔㼑㻌㼙㼍㼕㼚㻌㼜㼞㼛㼐㼡㼏㼠㼟㻌㼕㼚㻌㼠㼔㼕㼟㻌㼟㼑㼓㼙㼑㼚㼠㻌㼍㼞㼑㻌㼒㼘㼡㼕㼐㻌㼏㼛㼚㼠㼞㼛㼘㻌㼜㼞㼛㼐㼡㼏㼠㼟㻌㼒㼛㼞㻌dition and㻠㻚㻌㻾㼕㼟㼗㼟㻌㼎㼥㻌㻮㼡㼟㼕㼚㼑㼟㼟㻌㻿㼑㼓㼙㼑㼚㼠㻌㼟㼑㼙㼕㼏㼛㼚㼐㼡㼏㼠㼛㼞㻌 㼙㼍㼚㼡㼒㼍㼏㼠㼡㼞㼕㼚㼓㻌 㼜㼞㼛㼏㼑㼟㼟㼑㼟㻌 㼍㼚㼐㻌 㼜㼞㼛㼐㼡㼏㼠㼟㻌 㼠㼔㼍㼠㻌㻴㻻㻾㻵㻮㻭㻌 㼛㼜㼑㼞㼍㼠㼑㼟㻌 㼕㼚㻌 㼒㼕㼢㼑㻌 㼎㼡㼟㼕㼚㼑㼟㼟㻌 㼟㼑㼓㼙㼑㼚㼠㼟㻦㻌 㻭㼡㼠㼛㼙㼛㼠㼕㼢㼑㻌 㼀㼑㼟㼠㻌㼟㼡㼜㼜㼛㼞㼠㻌㻾㻒㻰㻌㼍㼚㼐㻌㼝㼡㼍㼘㼕㼠㼥㻌㼠㼑㼟㼠㼕㼚㼓㻌㼎㼥㻌㼟㼑㼙㼕㼏㼛㼚㼐㼡㼏㼠㼛㼞㻌㼙㼍㼚㼡㼒㼍㼏㼠㼡㼞㼑㼞㼟㻚㻌㻿㼥㼟㼠㼑㼙㼟㻘㻌 㻼㼞㼛㼏㼑㼟㼟㻌 㻒㻌 㻱㼚㼢㼕㼞㼛㼚㼙㼑㼚㼠㼍㼘㻌 㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌 㻒㻌 㻿㼥㼟㼠㼑㼙㼟㻘㻌㼀㼛㻌㼙㼕㼚㼕㼙㼕㼦㼑㻌㼒㼘㼡㼏㼠㼡㼍㼠㼕㼛㼚㼟㻌㼕㼚㻌㼠㼔㼑㻌㼟㼑㼙㼕㼏㼛㼚㼐㼡㼏㼠㼛㼞㻌㼙㼍㼞㼗㼑㼠㻘㻌㻴㻻㻾㻵㻮㻭㻌㻹㼑㼐㼕㼏㼍㼘㻙㻰㼕㼍㼓㼚㼛㼟㼠㼕㼏㻌 㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌 㻒㻌 㻿㼥㼟㼠㼑㼙㼟㻘㻌 㻿㼑㼙㼕㼏㼛㼚㼐㼡㼏㼠㼛㼞㻌㼙㼍㼗㼑㼟㻌㼑㼒㼒㼛㼞㼠㼟㻌 㼠㼛㻌㼟㼔㼛㼞㼠㼑㼚㻌 㼠㼔㼑㻌㼘㼑㼍㼐㻌 㼠㼕㼙㼑㻌 㼒㼛㼞㻌 㼠㼔㼑㼟㼑㻌 㼜㼞㼛㼐㼡㼏㼠㼟㻌 㼍㼚㼐㻌㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌 㻒㻌 㻿㼥㼟㼠㼑㼙㼟㻌 㼍㼚㼐㻌 㻿㼏㼕㼑㼚㼠㼕㼒㼕㼏㻌 㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌 㻒㻌 㻿㼥㼟㼠㼑㼙㼟㻚㻌quickly respond to customers’ needs.

Nevertheless, sharp㻌㼟㼠㼞㼍㼠㼑㼓㼥㻘㻌㻴㻻㻾㻵㻮㻭㻌 㼏㼍㼚㻌 㼍㼏㼔㼕㼑㼢㼑㻌 㼎㼍㼘㼍㼚㼏㼑㼐㻌 㼓㼞㼛㼣㼠㼔㻌 㼎㼥㻌 㼛㼢㼑㼞㼏㼛㼙㼕㼚㼓㻌 㼑㼍㼏㼔㻌㼒㼘㼡㼏㼠㼡㼍㼠㼕㼛㼚㼟㻌 㼕㼚㻌 㼠㼔㼑㻌 㼐㼑㼙㼍㼚㼐㻌 㼒㼛㼞㻌 㼟㼑㼙㼕㼏㼛㼚㼐㼡㼏㼠㼛㼞㼟㻌 㼍㼚㼐㻌 㼠㼔㼑㻌㼑㼞㼟㻘㻌 㼍㼚㼐㻌segment’s weakness with complementary strengths among all㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌 㼛㼒㻌 㼟㼑㼙㼕㼏㼛㼚㼐㼡㼏㼠㼛㼞㻌 㼙㼍㼚㼡㼒㼍㼏㼠㼡㼞㼑㼞㼟㻌 㼏㼛㼡㼘㼐㻌 㼍㼒㼒㼑㼏㼠㻌 㼠㼔㼑㻌㻌 㻴㻻㻾㻵㻮㻭㻌㼠㼔㼑㻌 㼎㼡㼟㼕㼚㼑㼟㼟㻌 㼟㼑㼓㼙㼑㼚㼠㼟㻚㻌 㻺㼑㼢㼑㼞㼠㼔㼑㼘㼑㼟㼟㻘㻌 㼑㼍㼏㼔㻌 㼎㼡㼟㼕㼚㼑㼟㼟㻌 㼟㼑㼓㼙㼑㼚㼠㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼏㼛㼚㼐㼕㼠㼕㼛㼚㻌㼍㼚㼐㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻌㼛㼒㻌㻴㻻㻾㻵㻮㻭㻚㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼏㼍㼞㼞㼕㼑㼟㻌 㼞㼕㼟㼗㼟㻌 㼍㼟㼟㼛㼏㼕㼍㼠㼑㼐㻌 㼣㼕㼠㼔㻌 㼒㼘㼡㼏㼠㼡㼍㼠㼕㼛㼚㼟㻌 㼕㼚㻌 㼕㼠㼟㻌 㼞㼑㼟㼜㼑㼏㼠㼕㼢㼑㻌㻌

Directors㼛㼜㼑㼞㼍㼠㼕㼛㼚㼟㻚㻌㻔㻡㻕㻌㻿㼏㼕㼑㼚㼠㼕㼒㼕㼏㻌㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌㻒㻌㻿㼥㼟㼠㼑㼙㼟㻌㼢㼑㼘㼥㻌㼠㼍㼗㼕㼚㼓㻌㻔㻝㻕㻌㻭㼡㼠㼛㼙㼛㼠㼕㼢㼑㻌㼀㼑㼟㼠㻌㻿㼥㼟㼠㼑㼙㼟㻌㻿㼏㼕㼑㼚㼠㼕㼒㼕㼏㻌 㼍㼚㼍㼘㼥㼟㼕㼟㻌 㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌 㼍㼞㼑㻌 㼠㼔㼑㻌 㼙㼍㼕㼚㻌 㼜㼞㼛㼐㼡㼏㼠㼟㻌 㼛㼒㻌 㼠㼔㼑㻌㼍㼟㼟㼛㼏㼕㼍㼠㼑㼐㻌㻱㼙㼕㼟㼟㼕㼛㼚㻌 㼙㼑㼍㼟㼡㼞㼑㼙㼑㼚㼠㻌 㼟㼥㼟㼠㼑㼙㼟㻘㻌 㼠㼔㼑㻌 㼙㼍㼕㼚㻌 㼜㼞㼛㼐㼡㼏㼠㼟㻌 㼛㼒㻌 㼠㼔㼑㻌㻿㼏㼕㼑㼚㼠㼕㼒㼕㼏㻌㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌㻒㻌㻿㼥㼟㼠㼑㼙㼟㻌㼟㼑㼓㼙㼑㼚㼠㻌㼍㼚㼐㻌㼍㼞㼑㻌㼡㼟㼑㼐㻌㼒㼛㼞㻌㻾㻒㻰㻌㼔㼑㻌 㼙㼍㼞㼗㼑㼠㻌㻭㼡㼠㼛㼙㼛㼠㼕㼢㼑㻌 㼀㼑㼟㼠㻌 㻿㼥㼟㼠㼑㼙㼟㻌 㼟㼑㼓㼙㼑㼚㼠㻘㻌 㼍㼞㼑㻌 㼡㼟㼑㼐㻌 㼎㼥㻌 㼍㼡㼠㼛㼙㼛㼎㼕㼘㼑㻌㼍㼚㼐㻌㼜㼞㼛㼐㼡㼏㼠㻌㼝㼡㼍㼘㼕㼠㼥㻌㼠㼑㼟㼠㼕㼚㼓㻚㻌㼀㼔㼑㼞㼑㻌㼕㼟㻌㼍㻌㼞㼕㼟㼗㻌㼠㼔㼍㼠㻌㼠㼔㼑㻌㼐㼑㼙㼍㼚㼐㻌㼒㼛㼞㻌㼜㼛㼟㼟㼕㼎㼕㼘㼕㼠㼥㻌㼙㼍㼚㼡㼒㼍㼏㼠㼡㼞㼑㼞㼟㻘㻌 㼍㼡㼠㼛㼙㼛㼠㼕㼢㼑㻌 㼏㼛㼙㼜㼛㼚㼑㼚㼠㻌 㼙㼍㼚㼡㼒㼍㼏㼠㼡㼞㼑㼞㼟㻌 㼍㼚㼐㻌㼠㼔㼑㼟㼑㻌 㼜㼞㼛㼐㼡㼏㼠㼟㻌 㼏㼛㼡㼘㼐㻌 㼎㼑㻌 㼍㼒㼒㼑㼏㼠㼑㼐㻌 㼎㼥㻌 㼠㼔㼑㻌 㻾㻒㻰㻌 㼎㼡㼐㼓㼑㼠㼟㻌 㼛㼒㻌㼟㻌 㼣㼕㼘㼘㻌 㼎㼑㻌㼓㼛㼢㼑㼞㼚㼙㼑㼚㼠㻌 㼍㼓㼑㼚㼏㼕㼑㼟㻚㻌 㼀㼔㼑㻌 㼟㼑㼠㼠㼕㼚㼓㻌 㼛㼒㻌 㼘㼑㼓㼍㼘㻌 㼘㼕㼙㼕㼠㼟㻌 㼛㼚㻌 㼑㼤㼔㼍㼡㼟㼠㻌㼓㼛㼢㼑㼞㼚㼙㼑㼚㼠㻌㼍㼓㼑㼚㼏㼕㼑㼟㻌㼍㼚㼐㻌㼠㼔㼑㻌㻾㻒㻰㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼍㼚㼐㻌㼜㼞㼛㼐㼡㼏㼠㼕㼛㼚㻌㼛㼒㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼑㼙㼕㼟㼟㼕㼛㼚㼟㻌㼍㼒㼒㼑㼏㼠㼟㻌㼠㼔㼑㻌㼐㼑㼙㼍㼚㼐㻌㼒㼛㼞㻌㼠㼔㼑㼟㼑㻌㼙㼑㼍㼟㼡㼞㼑㼙㼑㼚㼠㻌㼟㼥㼟㼠㼑㼙㼟㻚㻌㻵㼠㻌㼜㼞㼕㼢㼍㼠㼑㻌 㼑㼚㼠㼑㼞㼜㼞㼕㼟㼑㼟㻌 㼍㼚㼐㻌 㼔㼍㼢㼑㻌 㼍㻌 㼟㼕㼓㼚㼕㼒㼕㼏㼍㼚㼠㻌 㼕㼙㼜㼍㼏㼠㻌 㼛㼚㻌 㻴㻻㻾㻵㻮㻭㻌㼕㼟㻌 㼜㼛㼟㼟㼕㼎㼘㼑㻘㻌 㼠㼔㼑㼞㼑㼒㼛㼞㼑㻘㻌 㼠㼔㼍㼠㻌 㼠㼔㼑㻌 㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌 㼏㼛㼚㼐㼕㼠㼕㼛㼚㻌 㼍㼚㼐㻌 㼎㼡㼟㼕㼚㼑㼟㼟㻌Group’s financial condition and business performance.㻌

㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻌 㼛㼒㻌 㻴㻻㻾㻵㻮㻭㻌 㼣㼕㼘㼘㻌 㼎㼑㻌 㼟㼕㼓㼚㼕㼒㼕㼏㼍㼚㼠㼘㼥㻌 㼍㼒㼒㼑㼏㼠㼑㼐㻌 㼎㼥㻌 㼒㼡㼠㼡㼞㼑㻌㻌㼞㼑㼓㼡㼘㼍㼠㼕㼛㼚㼟㻚㻌㻲㼡㼞㼠㼔㼑㼞㼙㼛㼞㼑㻘㻌㼏㼍㼜㼕㼠㼍㼘㻌㼑㼤㼜㼑㼚㼐㼕㼠㼡㼞㼑㼟㻌㼞㼑㼘㼍㼠㼑㼐㻌㼠㼛㻌㼟㼔㼕㼒㼠㼟㻌㼕㼚㻌㼟㻌 㼔㼑㼘㼐㻌 㼎㼥㻌㼠㼔㼑㻌 㼍㼡㼠㼛㼙㼍㼠㼕㼛㼚㻌 㼛㼒㻌 㼍㼡㼠㼛㼙㼛㼠㼕㼢㼑㻌 㼠㼑㼟㼠㻌 㼟㼥㼟㼠㼑㼙㼟㻌 㼏㼛㼡㼘㼐㻌 㼔㼍㼢㼑㻌 㼍㻌㼓㼑㼚㼑㼞㼍㼠㼑㼐㻌

significant impact on HORIBA’s financial condition and business㼔㼑㼞㼑㻌 㼕㼟㻌 㼍㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻚㻌㻵㼚㻌㼍㼐㼐㼕㼠㼕㼛㼚㻘㻌㻴㻻㻾㻵㻮㻭㻌㼔㼛㼘㼐㼟㻌㼍㻌㼘㼍㼞㼓㼑㻌㼍㼙㼛㼡㼚㼠㻌㼛㼒㻌㼒㼕㼤㼑㼐㻌㻌 㼍㼚㼐㻌 㼠㼔㼍㼠㻌㼍㼟㼟㼑㼠㼟㻌㼕㼚㻌㼠㼔㼑㻌㻱㻯㼀㻌㼎㼡㼟㼕㼚㼑㼟㼟㻚㻌㻵㼒㻌㼠㼔㼑㻌㼏㼍㼜㼍㼏㼕㼠㼥㻌㼡㼠㼕㼘㼕㼦㼍㼠㼕㼛㼚㻌㼞㼍㼠㼑㻌㼛㼒㻌㼠㼔㼑㻌㼏㼑㻌㼣㼕㼘㼘㻌㼎㼑㻌㼒㼕㼤㼑㼐㻌 㼍㼟㼟㼑㼠㼟㻌 㼐㼑㼏㼘㼕㼚㼑㼟㻘㻌 㼐㼡㼑㻌 㼠㼛㻌 㼍㼡㼠㼛㼙㼛㼎㼕㼘e manufacturers’ R&D㼠㼞㼑㼚㼐㼟㻌㼍㼚㼐㻌㼛㼠㼔㼑㼞㻌㼒㼍㼏㼠㼛㼞㼟㻘㻌㼠㼔㼕㼟㻌㼏㼛㼡㼘㼐㻌㼔㼍㼢㼑㻌㼍㻌㼟㼕㼓㼚㼕㼒㼕㼏㼍㼚㼠㻌㼕㼙㼜㼍㼏㼠㻌㼛㼚㻌
HORIBA’s financial cond㼕㼠㼕㼛㼚㻌㼍㼚㼐㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻚㻌㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㻌㻔㻞㻕㻌㻼㼞㼛㼏㼑㼟㼟㻌㻒㻌㻱㼚㼢㼕㼞㼛㼚㼙㼑㼚㼠㼍㼘㻌㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌㻒㻌㻿㼥㼟㼠㼑㼙㼟㻌㼘㼕㼏㼕㼑㼟㻌㻔㼑㻚㼓㻚㻘㻌㻰㼑㼙㼍㼚㼐㻌 㼒㼛㼞㻌 㼑㼚㼢㼕㼞㼛㼚㼙㼑㼚㼠㼍㼘㻙㼞㼑㼘㼍㼠㼑㼐㻌 㼜㼞㼛㼐㼡㼏㼠㼟㻌 㼟㼡㼏㼔㻌 㼍㼟㻌 㼍㼚㼍㼘㼥㼦㼑㼞㼟㻌㼑㼢㼑㼞㼟㼑㻌 㼕㼠㼟㻌㼒㼛㼞㻌㼍㼕㼞㻌㼜㼛㼘㼘㼡㼠㼕㼛㼚㻌㼍㼚㼐㻌㼣㼍㼠㼑㼞㻌㼝㼡㼍㼘㼕㼠㼥㻌㼙㼍㼥㻌㼎㼑㻌㼍㼒㼒㼑㼏㼠㼑㼐㻌㼎㼥㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼑㼚㼢㼕㼞㼛㼚㼙㼑㼚㼠㼍㼘㻌 㼞㼑㼓㼡㼘㼍㼠㼕㼛㼚㼟㻚㻌 㻯㼔㼍㼚㼓㼑㼟㻌 㼕㼚㻌 㼠㼔㼑㻌 㼐㼑㼙㼍㼚㼐㻌 㼒㼛㼞㻌 㼠㼔㼑㼟㼑㻌㼜㼞㼛㼐㼡㼏㼠㼟㻌 㼏㼛㼡㼘㼐㻌 have a significant impact on HORIBA Group’s㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼏㼛㼚㼐㼕㼠㼕㼛㼚㻌㼍㼚㼐㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻚㻌sion Fund㻌㼐㼛㼙㼑㼟㼠㼕㼏㻌㻌

55

Consolidated Balance Sheets㻯㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㻮㼍㼘㼍㼚㼏㼑㻌㻿㼔㼑㼑㼠㼟㻴㻻㻾㻵㻮㻭㻘㻌㻸㼠㼐㻚㻌㼍㼚㼐㻌㻯㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㻿㼡㼎㼟㼕㼐㼕㼍㼞㼕㼑㼟㻲㼛㼞㻌㼠㼔㼑㻌㼥㼑㼍㼞㼟㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻢㻭㻿㻿㻱㼀㻿

㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻢

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㻌㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻔㻺㼛㼠㼑㻌㻝㻕
㻝㻞㻛㻞㻜㻝㻢

㻯㼡㼞㼞㼑㼚㼠㻌㼍㼟㼟㼑㼠㼟㻦㻯㼍㼟㼔㻌㼍㼚㼐㻌㼏㼍㼟㼔㻌㼑㼝㼡㼕㼢㼍㼘㼑㼚㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥47,859¥51,940㻐㻠㻠㻡㻘㻤㻣㻡
㼀㼞㼍㼐㼑㻌㼚㼛㼠㼑㼟㻌㼍㼚㼐㻌㼍㼏㼏㼛㼡㼚㼠㼟㻌㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㻌㻔㻺㼛㼠㼑㻌㻠㻘㻣㻕㻭㼒㼒㼕㼘㼕㼍㼠㼑㼐㻌㼏㼛㼙㼜㼍㼚㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻞㻣㻢㻜㻻㼠㼔㼑㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻡㻜㻘㻝㻞㻢
㻡㻟㻘㻣㻝㻣
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㻭㼘㼘㼛㼣㼍㼚㼏㼑㻌㼒㼛㼞㻌㼐㼛㼡㼎㼠㼒㼡㼘㻌㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
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㻹㼍㼞㼗㼑㼠㼍㼎㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㻔㻺㼛㼠㼑㻌㻠㻘㻡㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻝㻘㻠㻝㻝
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㻠㻜㻘㻞㻤㻥
㻟㻠㻡㻘㻤㻡㻤
㻰㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤㻌㼍㼟㼟㼑㼠㼟㻌㻔㻺㼛㼠㼑㻌㻝㻡㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
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㻤㻘㻝㻢㻟
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㻢㻟㻘㻜㻜㻝
㼀㼛㼠㼍㼘㻌㼏㼡㼞㼞㼑㼚㼠㻌㼍㼟㼟㼑㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻡㻞㻘㻝㻜㻠
㻝㻡㻢㻘㻤㻝㻞
㻝㻘㻟㻠㻢㻘㻝㻠㻝㻼㼞㼛㼜㼑㼞㼠㼥㻘㻌㼜㼘㼍㼚㼠㻌㼍㼚㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻌㻔㻺㼛㼠㼑㻌㻝㻤㻕㻦㻸㼍㼚㼐㻌㻔㻺㼛㼠㼑㻌㻤㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻜㻘㻢㻠㻣
㻝㻟㻘㻜㻢㻡
㻝㻝㻞㻘㻝㻡㻡
㻮㼡㼕㼘㼐㼕㼚㼓㼟㻌㼍㼚㼐㻌㼟㼠㼞㼡㼏㼠㼡㼞㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻠㻢㻘㻟㻞㻝
㻠㻤㻘㻤㻡㻜
㻠㻝㻥㻘㻟㻠㻥
㻹㼍㼏㼔㼕㼚㼑㼞㼥㻘㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻌㼍㼚㼐㻌㼢㼑㼔㼕㼏㼘㼑㼟㻌㻔㻺㼛㼠㼑㻌㻤㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻣㻘㻥㻟㻥
㻞㻜㻘㻟㻜㻣
㻝㻣㻠㻘㻟㻞㻟
㻯㼛㼚㼟㼠㼞㼡㼏㼠㼕㼛㼚㻌㼕㼚㻌㼜㼞㼛㼓㼞㼑㼟㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻠㻘㻣㻟㻥
㻟㻘㻠㻡㻟
㻞㻥㻘㻢㻠㻞
㻻㼠㼔㼑㼞㻌㼜㼞㼛㼜㼑㼞㼠㼥㻘㻌㼜㼘㼍㼚㼠㻌㼍㼚㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻢㻘㻤㻞㻤
㻝㻡㻘㻣㻢㻤
㻝㻟㻡㻘㻟㻡㻥
㼀㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻥㻢㻘㻠㻣㻢
㻝㻜㻝㻘㻠㻠㻡
㻤㻣㻜㻘㻤㻠㻣
㻭㼏㼏㼡㼙㼡㼘㼍㼠㼑㼐㻌㼐㼑㼜㼞㼑㼏㼕㼍㼠㼕㼛㼚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻥㻘㻠㻥㻣㻕
㻔㻟㻥㻘㻠㻢㻤㻕
㻔㻟㻟㻤㻘㻤㻝㻜㻕㻺㼑㼠㻌㼜㼞㼛㼜㼑㼞㼠㼥㻘㻌㼜㼘㼍㼚㼠㻌㼍㼚㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻡㻢㻘㻥㻣㻤
㻢㻝㻘㻥㻣㻣
㻡㻟㻞㻘㻜㻟㻣
㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠㼟㻌㼍㼚㼐㻌㼛㼠㼔㼑㼞㻌㼚㼛㼚㼏㼡㼞㼞㼑㼚㼠㻌㼍㼟㼟㼑㼠㼟㻦㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㻔㻺㼛㼠㼑㻌㻠㻘㻡㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻤㻘㻞㻢㻡
㻤㻘㻠㻣㻞
㻣㻞㻘㻣㻞㻣
㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠㼟㻌㼕㼚㻌㼚㼛㼚㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㼟㼡㼎㼟㼕㼐㼕㼍㼞㼕㼑㼟㻌㼍㼚㼐㻌㼍㼒㼒㼕㼘㼕㼍㼠㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻢㻥
㻠㻢
㻟㻥㻠
㻰㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤㻌㼍㼟㼟㼑㼠㼟㻌㻔㻺㼛㼠㼑㻌㻝㻡㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻝㻘㻢㻣㻝
㻝㻘㻣㻞㻢
㻝㻠㻘㻤㻝㻢
㻭㼘㼘㼛㼣㼍㼚㼏㼑㻌㼒㼛㼞㻌㼐㼛㼡㼎㼠㼒㼡㼘㻌㼍㼏㼏㼛㼡㼚㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻡㻜㻕
㻔㻢㻢㻕
㻔㻡㻢㻢㻕
㻻㼠㼔㼑㼞㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㼟㻌㼍㼚㼐㻌㼛㼠㼔㼑㼞㻌㼍㼟㼟㼑㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻞㻘㻣㻤㻟
㻞㻘㻣㻢㻠
㻞㻟㻘㻣㻞㻣
㼀㼛㼠㼍㼘㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㼟㻌㼍㼚㼐㻌㼛㼠㼔㼑㼞㻌㼚㼛㼚㼏㼡㼞㼞㼑㼚㼠㻌㼍㼟㼟㼑㼠㼟㻦㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻞㻘㻣㻟㻥
㻝㻞㻘㻥㻠㻟
㻝㻝㻝㻘㻝㻜㻤
㻵㼚㼠㼍㼚㼓㼕㼎㼘㼑㼟㻦㻳㼛㼛㼐㼣㼕㼘㼘㻌㻔㻺㼛㼠㼑㻌㻝㻤㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻡㻣㻢
㻟㻤㻣
㻟㻘㻟㻞㻞
㻿㼛㼒㼠㼣㼍㼞㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻠㻘㻤㻡㻝
㻠㻘㻜㻤㻞
㻟㻡㻘㻜㻠㻝
㻻㼠㼔㼑㼞㻌㼕㼚㼠㼍㼚㼓㼕㼎㼘㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻠㻘㻤㻣㻜
㻟㻘㻠㻡㻟
㻞㻥㻘㻢㻠㻞
㼀㼛㼠㼍㼘㻌㼕㼚㼠㼍㼚㼓㼕㼎㼘㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻜㻘㻞㻥㻤
㻣㻘㻥㻞㻟㻢㻤㻘㻜㻝㻠
㼀㼛㼠㼍㼘㻌㼍㼟㼟㼑㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥232,121¥239,657
㻐㻞㻘㻜㻡㻣㻘㻟㻝㻤㻸㻵㻭㻮㻵㻸㻵㼀㻵㻱㻿㻌㻭㻺㻰㻌㻺㻱㼀㻌㻭㻿㻿㻱㼀㻿㻯㼡㼞㼞㼑㼚㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻦㻿㼔㼛㼞㼠㻙㼠㼑㼞㼙㻌㼘㼛㼍㼚㼟㻌㻔㻺㼛㼠㼑㻌㻠㻘㻤㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥12,225¥11,449
㻐㻥㻤㻘㻞㻤㻟
㻯㼡㼞㼞㼑㼚㼠㻌㼜㼛㼞㼠㼕㼛㼚㻌㼛㼒㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼐㼑㼎㼠㻌㻔㻺㼛㼠㼑㻌㻠㻘㻤㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻤㻠㻤
㻝㻘㻝㻡㻤
㻥㻘㻥㻠㻜
㼀㼞㼍㼐㼑㻌㼚㼛㼠㼑㼟㻌㼍㼚㼐㻌㼍㼏㼏㼛㼡㼚㼠㼟㻌㼜㼍㼥㼍㼎㼘㼑㻌㻔㻺㼛㼠㼑㻌㻠㻕㻭㼒㼒㼕㼘㼕㼍㼠㼑㼐㻌㼏㼛㼙㼜㼍㼚㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻙㻣㻣㻢㻢㻝㻻㼠㼔㼑㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻣㻘㻢㻣㻡
㻝㻥㻘㻥㻟㻡
㻝㻣㻝㻘㻝㻟㻜
㻭㼏㼏㼛㼡㼚㼠㼟㻌㼜㼍㼥㼍㼎㼘㼑㻌㻙㻌㼛㼠㼔㼑㼞㻌㻔㻺㼛㼠㼑㻌㻠㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻠㻘㻣㻡㻥
㻝㻠㻘㻜㻠㻝
㻝㻞㻜㻘㻡㻟㻟
㻭㼏㼏㼞㼡㼑㼐㻌㼕㼚㼏㼛㼙㼑㻌㼠㼍㼤㼑㼟㻌㻔㻺㼛㼠㼑㻌㻠㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻟㻘㻣㻥㻢
㻝㻘㻤㻟㻤
㻝㻡㻘㻣㻣㻤
㻭㼐㼢㼍㼚㼏㼑㼟㻌㼞㼑㼏㼑㼕㼢㼑㼐㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻜㻘㻤㻟㻝
㻝㻜㻘㻝㻢㻞
㻤㻣㻘㻞㻟㻠
㻰㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻌㻔㻺㼛㼠㼑㻌㻝㻡㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻥㻝
㻣㻢
㻢㻡㻞
㻭㼏㼏㼞㼡㼑㼐㻌㼎㼛㼚㼡㼟㼑㼟㻌㼠㼛㻌㼑㼙㼜㼘㼛㼥㼑㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻥㻠㻤
㻥㻝㻠
㻣㻘㻤㻠㻢
㻭㼏㼏㼞㼡㼑㼐㻌㼎㼛㼚㼡㼟㼑㼟㻌㼠㼛㻌㼐㼕㼞㼑㼏㼠㼛㼞㼟㻌㼍㼚㼐㻌㼏㼛㼞㼜㼛㼞㼍㼠㼑㻌㼍㼡㼐㼕㼠㼛㼞㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻢㻟
㻡㻤
㻠㻥㻣
㻾㼑㼟㼑㼞㼢㼑㻌㼒㼛㼞㻌㼜㼞㼛㼐㼡㼏㼠㻌㼣㼍㼞㼞㼍㼚㼠㼥㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻝㻘㻢㻡㻝
㻝㻘㻢㻣㻞
㻝㻠㻘㻟㻡㻟
㻼㼞㼛㼢㼕㼟㼕㼛㼚㻌㼒㼛㼞㻌㼘㼛㼟㼟㻌㼛㼚㻌㼐㼕㼟㼍㼟㼠㼑㼞㻌㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻙
㻞㻞㻣
㻝㻘㻥㻠㻤
㻻㼠㼔㼑㼞㻌㼏㼡㼞㼞㼑㼚㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻟㻘㻠㻟㻟
㻠㻘㻠㻢㻞
㻟㻤㻘㻟㻜㻟
㼀㼛㼠㼍㼘㻌㼏㼡㼞㼞㼑㼚㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻢㻢㻘㻟㻞㻡
㻢㻢㻘㻜㻣㻢
㻡㻢㻣㻘㻞㻞㻠
㻸㼛㼚㼓㻙㼠㼑㼞㼙㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻦㻸㼛㼚㼓㻙㼠㼑㼞㼙㻌㼐㼑㼎㼠㻌㻔㻺㼛㼠㼑㻌㻠㻘㻤㻕㻌㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻟㻞㻘㻝㻡㻟
㻟㻠㻘㻡㻠㻡
㻞㻥㻢㻘㻡㻠㻥
㻰㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻌㻔㻺㼛㼠㼑㻌㻝㻡㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻝㻘㻝㻤㻝
㻥㻟㻝
㻣㻘㻥㻥㻞
㻺㼑㼠㻌㼐㼑㼒㼕㼚㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼥㻌㻔㻺㼛㼠㼑㻌㻥㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻝㻘㻥㻠㻣
㻞㻘㻝㻥㻝
㻝㻤㻘㻤㻜㻤
Provision for loss on dissolution of the employees’pension fund (Note 9).................................................................................................................................................................................................................
㻝㻘㻞㻢㻣
㻝㻘㻞㻠㻣
㻝㻜㻘㻣㻜㻠
㻻㼠㼔㼑㼞㻌㼚㼛㼚㼏㼡㼞㼞㼑㼚㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻞㻘㻜㻜㻞
㻝㻘㻠㻣㻠
㻝㻞㻘㻢㻡㻟
㼀㼛㼠㼍㼘㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻟㻤㻘㻡㻡㻞
㻠㻜㻘㻟㻤㻥
㻟㻠㻢㻘㻣㻝㻢
㼀㼛㼠㼍㼘㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻜㻠㻘㻤㻣㻤
㻝㻜㻢㻘㻠㻢㻢
㻥㻝㻟㻘㻥㻠㻥
㻯㼛㼚㼠㼕㼚㼓㼑㼚㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻌㻔㻺㼛㼠㼑㻌㻝㻟㻕㻺㼑㼠㻌㼍㼟㼟㼑㼠㼟㻌㻔㻺㼛㼠㼑㻌㻝㻜㻕㻦㻿㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻓㻌㼑㼝㼡㼕㼠㼥㻦㻯㼛㼙㼙㼛㼚㻌㼟㼠㼛㼏㼗㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻞㻘㻜㻝㻝
㻝㻞㻘㻜㻝㻝
㻝㻜㻟㻘㻝㻜㻣
㻭㼡㼠㼔㼛㼞㼕㼦㼑㼐㻌㻙㻌㻝㻜㻜㻘㻜㻜㻜㻘㻜㻜㻜㻌㼟㼔㼍㼞㼑㼟㻵㼟㼟㼡㼑㼐㻌㼍㼚㼐㻌㼛㼡㼠㼟㼠㼍㼚㼐㼕㼚㼓㻌㻙㻌㻠㻞㻘㻜㻥㻟㻘㻣㻟㻝㻌㼟㼔㼍㼞㼑㼟㻌㻔㼑㼤㼏㼘㼡㼐㼕㼚㼓㻌㼠㼞㼑㼍㼟㼡㼞㼥㻌㼟㼠㼛㼏㼗㻕㻌㼍㼠㻌㻝㻞㻛㻞㻜㻝㻡㻵㼟㼟㼡㼑㼐㻌㼍㼚㼐㻌㼛㼡㼠㼟㼠㼍㼚㼐㼕㼚㼓㻌㻙㻌㻠㻞㻘㻝㻞㻥㻘㻣㻢㻢㻌㼟㼔㼍㼞㼑㼟㻌㻔㼑㼤㼏㼘㼡㼐㼕㼚㼓㻌㼠㼞㼑㼍㼟㼡㼞㼥㻌㼟㼠㼛㼏㼗㻕㻌㼍㼠㻌㻝㻞㻛㻞㻜㻝㻢㻯㼍㼜㼕㼠㼍㼘㻌㼟㼡㼞㼜㼘㼡㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻤㻘㻣㻝㻣
㻝㻤㻘㻣㻝㻣
㻝㻢㻜㻘㻢㻣㻠
㻾㼑㼠㼍㼕㼚㼑㼐㻌㼑㼍㼞㼚㼕㼚㼓㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻥㻟㻘㻞㻟㻞
㻝㻜㻟㻘㻝㻜㻠
㻤㻤㻡㻘㻜㻤㻤
㼀㼞㼑㼍㼟㼡㼞㼥㻌㼟㼠㼛㼏㼗㻌㻙㻌㻠㻟㻥㻘㻜㻞㻝㻌㼟㼔㼍㼞㼑㼟㻌㼍㼠㻌㻝㻞㻛㻞㻜㻝㻡㻌㼍㼚㼐㻌㻌㻠㻜㻞㻘㻥㻤㻢㻌㼟㼔㼍㼞㼑㼟㻌㼍㼠㻌㻝㻞㻛㻞㻜㻝㻢㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻝㻘㻣㻟㻜㻕
㻔㻝㻘㻡㻤㻤㻕
㻔㻝㻟㻘㻢㻟㻞㻕
㼀㼛㼠㼍㼘㻌㼟㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻓㻌㼑㼝㼡㼕㼠㼥㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻞㻞㻘㻞㻟㻜
㻝㻟㻞㻘㻞㻠㻠
㻝㻘㻝㻟㻡㻘㻞㻟㻥㻭㼏㼏㼡㼙㼡㼘㼍㼠㼑㼐㻌㼛㼠㼔㼑㼞㻌㼏㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑㻌㼕㼚㼏㼛㼙㼑㻦㼁㼚㼞㼑㼍㼘㼕㼦㼑㼐㻌㼓㼍㼕㼚㼟㻌㻔㼘㼛㼟㼟㼑㼟㻕㻌㼛㼚㻌㼍㼢㼍㼕㼘㼍㼎㼘㼑㻙㼒㼛㼞㻙㼟㼍㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻞㻘㻢㻞㻠
㻞㻘㻥㻞㻤
㻞㻡㻘㻝㻟㻡
㻰㼑㼒㼑㼞㼞㼑㼐㻌㼓㼍㼕㼚㼟㻌㼛㼞㻌㼘㼛㼟㼟㼑㼟㻌㼛㼚㻌㼔㼑㼐㼓㼑㼟㻌㻔㻺㼛㼠㼑㻌㻝㻠㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻜㻕㻙㻙㻲㼛㼞㼑㼕㼓㼚㻌㼏㼡㼞㼞㼑㼚㼏㼥㻌㼠㼞㼍㼚㼟㼘㼍㼠㼕㼛㼚㻌㼍㼐㼖㼡㼟㼠㼙㼑㼚㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻘㻤㻡㻞㻔㻞㻘㻞㻥㻣㻕
㻔㻝㻥㻘㻣㻝㻤㻕
㻾㼑㼙㼑㼍㼟㼡㼞㼑㼙㼑㼚㼠㼟㻌㼛㼒㻌㼐㼑㼒㼕㼚㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼜㼘㼍㼚㼟㻌㻔㻺㼛㼠㼑㻌㻥㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻢㻢㻔㻞㻞㻝㻕㻔㻝㻘㻤㻥㻣㻕
㼀㼛㼠㼍㼘㻌㼍㼏㼏㼡㼙㼡㼘㼍㼠㼑㼐㻌㼛㼠㼔㼑㼞㻌㼏㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑㻌㼕㼚㼏㼛㼙㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻠㻘㻡㻠㻟
㻠㻜㻥
㻟㻘㻡㻝㻝
㻿㼡㼎㼟㼏㼞㼕㼜㼠㼕㼛㼚㻌㼞㼕㼓㼔㼠㼟㻌㼠㼛㻌㼟㼔㼍㼞㼑㼟㻌㻔㻺㼛㼠㼑㻌㻝㻝㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻠㻢㻥
㻠㻢㻢
㻠㻘㻜㻜㻜
㻺㼛㼚㻙㼏㼛㼚㼠㼞㼛㼘㼘㼕㼚㼓㻌㼕㼚㼠㼑㼞㼑㼟㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻜㻣㻝㻢㻜㻥㼀㼛㼠㼍㼘㻌㼚㼑㼠㻌㼍㼟㼟㼑㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻞㻣㻘㻞㻠㻟
㻝㻟㻟㻘㻝㻥㻝
㻝㻘㻝㻠㻟㻘㻟㻢㻤㼀㼛㼠㼍㼘㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻌㼍㼚㼐㻌㼚㼑㼠㻌㼍㼟㼟㼑㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥232,121¥239,657
㻐㻞㻘㻜㻡㻣㻘㻟㻝㻤㻿㼑㼑㻌㼠㼔㼑㻌㼚㼛㼠㼑㼟㻌㼠㼛㻌㼠㼔㼑㻌㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼟㼠㼍㼠㼑㼙㼑㼚㼠㼟㻚

HORIBA Report 2016 | 56

Financial data

Consolidated Statements of Income㻯㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㻿㼠㼍㼠㼑㼙㼑㼚㼠㼟㻌㼛㼒㻌㻵㼚㼏㼛㼙㼑㻴㻻㻾㻵㻮㻭㻘㻌㻸㼠㼐㻚㻌㼍㼚㼐㻌㻯㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㻿㼡㼎㼟㼕㼐㼕㼍㼞㼕㼑㼟㻲㼛㼞㻌㼠㼔㼑㻌㼥㼑㼍㼞㼟㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻢㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻢

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㻌㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻔㻺㼛㼠㼑㻌㻝㻕
㻝㻞㻛㻞㻜㻝㻢

㻺㼑㼠㻌㼟㼍㼘㼑㼟㻌㻔㻺㼛㼠㼑㻌㻝㻤㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥171,916¥170,093
㻐㻝㻘㻠㻢㻜㻘㻝㻡㻝㻻㼜㼑㼞㼍㼠㼕㼚㼓㻌㼏㼛㼟㼠㼟㻌㼍㼚㼐㻌㼑㼤㼜㼑㼚㼟㼑㼟㻌㻔㻺㼛㼠㼑㻌㻝㻤㻕㻦㻯㼛㼟㼠㻌㼛㼒㻌㼟㼍㼘㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻥㻥㻘㻤㻠㻞
㻝㻜㻜㻘㻟㻟㻥
㻤㻢㻝㻘㻟㻡㻞
㻿㼑㼘㼘㼕㼚㼓㻘㻌㼓㼑㼚㼑㼞㼍㼘㻌㼍㼚㼐㻌㼍㼐㼙㼕㼚㼕㼟㼠㼞㼍㼠㼕㼢㼑㻌㼑㼤㼜㼑㼚㼟㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻡㻝㻘㻥㻟㻞
㻡㻝㻘㻞㻡㻠
㻠㻟㻥㻘㻥㻤㻢
㼀㼛㼠㼍㼘㻌㼛㼜㼑㼞㼍㼠㼕㼚㼓㻌㼏㼛㼟㼠㼟㻌㼍㼚㼐㻌㼑㼤㼜㼑㼚㼟㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻡㻝㻘㻣㻣㻠
㻝㻡㻝㻘㻡㻥㻟
㻝㻘㻟㻜㻝㻘㻟㻟㻥㻻㼜㼑㼞㼍㼠㼕㼚㼓㻌㼕㼚㼏㼛㼙㼑㻌㻔㻺㼛㼠㼑㻌㻝㻤㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻞㻜㻘㻝㻠㻞
㻝㻤㻘㻠㻥㻥
㻝㻡㻤㻘㻤㻜㻟
㻻㼠㼔㼑㼞㻌㼕㼚㼏㼛㼙㼑㻌㻔㼑㼤㼜㼑㼚㼟㼑㼟㻕㻦㻵㼚㼠㼑㼞㼑㼟㼠㻌㼍㼚㼐㻌㼐㼕㼢㼕㼐㼑㼚㼐㻌㼕㼚㼏㼛㼙㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻠㻞㻜
㻞㻥㻠
㻞㻘㻡㻞㻟
㻵㼚㼠㼑㼞㼑㼟㼠㻌㼑㼤㼜㼑㼚㼟㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻤㻝㻢㻕
㻔㻡㻣㻠㻕
㻔㻠㻘㻥㻞㻣㻕
㻲㼛㼞㼑㼕㼓㼚㻌㼑㼤㼏㼔㼍㼚㼓㼑㻌㼓㼍㼕㼚㼟㻌㻔㼘㼛㼟㼟㼑㼟㻕㻘㻌㼚㼑㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻟㻜㻤㻕
㻔㻞㻜㻢㻕
㻔㻝㻘㻣㻢㻤㻕
㻳㼍㼕㼚㻌㼛㼚㻌㼟㼍㼘㼑㼟㻌㼛㼒㻌㼜㼞㼛㼜㼑㼞㼠㼥㻘㻌㼜㼘㼍㼚㼠㻌㼍㼚㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻤㻟㻟㻞㻤㻟㻸㼛㼟㼟㻌㼛㼚㻌㼟㼍㼘㼑㼟㻌㼛㼒㻌㼜㼞㼛㼜㼑㼞㼠㼥㻘㻌㼜㼘㼍㼚㼠㻌㼍㼚㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻝㻟㻕㻜㻜㻸㼛㼟㼟㻌㼛㼚㻌㼐㼕㼟㼜㼛㼟㼍㼘㻌㼛㼒㻌㼜㼞㼛㼜㼑㼞㼠㼥㻘㻌㼜㼘㼍㼚㼠㻌㼍㼚㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻝㻜㻕
㻔㻞㻝㻥㻕
㻔㻝㻘㻤㻣㻥㻕
㻵㼙㼜㼍㼕㼞㼙㼑㼚㼠㻌㼘㼛㼟㼟㻌㻔㻺㼛㼠㼑㻌㻝㻢㻘㻝㻤㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻝㻣㻜㻕
㻙
㻙
㻳㼍㼕㼚㻌㼛㼚㻌㼟㼍㼘㼑㼟㻌㼛㼒㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㻔㻺㼛㼠㼑㻌㻡㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻠㻠㻜㻜㻸㼛㼟㼟㻌㼛㼚㻌㼢㼍㼘㼡㼍㼠㼕㼛㼚㻌㼛㼒㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㻔㻺㼛㼠㼑㻌㻡㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻙
㻔㻢㻤㻕
㻔㻡㻤㻟㻕
㻳㼍㼕㼚㻌㼛㼚㻌㼟㼍㼘㼑㼟㻌㼛㼒㻌㼟㼡㼎㼟㼕㼐㼕㼍㼞㼕㼑㼟㻓㻌㼍㼚㼐㻌㼍㼒㼒㼕㼘㼕㼍㼠㼑㼟㻓㻌㼟㼠㼛㼏㼗㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻙
㻞㻠㻜
㻞㻘㻜㻢㻜
㻿㼡㼎㼟㼕㼐㼥㻌㼕㼚㼏㼛㼙㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻝㻢㻜
㻝㻠㻥
㻝㻘㻞㻣㻥
㻾㼑㼢㼑㼞㼟㼍㼘㻌㼛㼒㻌㼜㼞㼛㼢㼕㼟㼕㼛㼚㻌㼒㼛㼞㻌㼏㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼘㼛㼟㼟㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻞㻙㻙
Provision for loss on dissolution of the employees’pension fund........................................................................................................
㻙㻔㻝㻣㻣㻕㻔㻝㻘㻡㻝㻥㻕
㻾㼑㼢㼑㼞㼟㼍㼘㻌㼛㼒㻌㼜㼞㼛㼢㼕㼟㼕㼛㼚㻌㼒㼛㼞㻌㼘㼛㼟㼟㻌㼛㼚㻌㼐㼕㼟㼟㼛㼘㼡㼠㼕㼛㼚㻌㼛㼒㻌㼠㼔㼑㻌㼑㼙㼜㼘㼛㼥㼑㼑㼟㻓㻌㼜㼑㼚㼟㼕㼛㼚㻌㼒㼡㼚㼐㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻠㻟㻥㻙㻙㻮㼡㼟㼕㼚㼑㼟㼟㻌㼟㼠㼞㼡㼏㼠㼡㼞㼑㻌㼕㼙㼜㼞㼛㼢㼑㼙㼑㼚㼠㻌㼑㼤㼜㼑㼚㼟㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻝㻟㻡㻕
㻙
㻙
㻵㼚㼟㼡㼞㼍㼚㼏㼑㻌㼕㼚㼏㼛㼙㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻙
㻝㻟㻥
㻝㻘㻝㻥㻟
㻸㼛㼟㼟㻌㼛㼚㻌㼐㼕㼟㼍㼟㼠㼑㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻙㻔㻝㻘㻜㻥㻤㻕
㻔㻥㻘㻠㻞㻡㻕
㻾㼑㼢㼑㼞㼟㼍㼘㻌㼛㼒㻌㼒㼛㼞㼑㼕㼓㼚㻌㼏㼡㼞㼞㼑㼚㼏㼥㻌㼠㼞㼍㼚㼟㼘㼍㼠㼕㼛㼚㻌㼍㼐㼖㼡㼟㼠㼙㼑㼚㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻙
㻝㻝㻟
㻥㻣㻜
㻻㼠㼔㼑㼞㻘㻌㼚㼑㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻠㻝
㻝㻝㻢
㻥㻥㻡
㼀㼛㼠㼍㼘㻌㼛㼠㼔㼑㼞㻌㼑㼤㼜㼑㼚㼟㼑㼟㻘㻌㼚㼑㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻟㻣㻕㻔㻝㻘㻞㻡㻢㻕
㻔㻝㻜㻘㻣㻤㻞㻕
㻵㼚㼏㼛㼙㼑㻌㼎㼑㼒㼛㼞㼑㻌㼕㼚㼏㼛㼙㼑㻌㼠㼍㼤㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻥㻘㻤㻜㻠
㻝㻣㻘㻞㻠㻟
㻝㻠㻤㻘㻜㻞㻝
㻵㼚㼏㼛㼙㼑㻌㼠㼍㼤㼑㼟㻌㻔㻺㼛㼠㼑㻌㻝㻡㻕㻦㻯㼡㼞㼞㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
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㼀㼛㼠㼍㼘㻌㼕㼚㼏㼛㼙㼑㻌㼠㼍㼤㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻢㻘㻡㻞㻞
㻠㻘㻞㻣㻤
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㻺㼑㼠㻌㼕㼚㼏㼛㼙㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻟㻘㻞㻤㻞
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㻼㼞㼛㼒㼕㼠㻌㼍㼠㼠㼞㼕㼎㼡㼠㼍㼎㼘㼑㻌㼠㼛㻌㼚㼛㼚㻙㼏㼛㼚㼠㼞㼛㼘㼘㼕㼚㼓㻌㼕㼚㼠㼑㼞㼑㼟㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻙㻝㻤㻺㼑㼠㻌㼕㼚㼏㼛㼙㼑㻌㼍㼠㼠㼞㼕㼎㼡㼠㼍㼎㼘㼑㻌㼠㼛㻌㼛㼣㼚㼑㼞㼟㻌㼛㼒㻌㼜㼍㼞㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥13,282¥12,962㻐㻝㻝㻝㻘㻞㻣㻝

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㻟㻜㻢㻚㻟㻤
㻯㼍㼟㼔㻌㼐㼕㼢㼕㼐㼑㼚㼐㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
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㻝㻞㻛㻞㻜㻝㻢

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㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻢
㻝㻞㻛㻞㻜㻝㻢
㻺㼑㼠㻌㼕㼚㼏㼛㼙㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥13,282¥12,964㻐㻝㻝㻝㻘㻞㻤㻤
㻻㼠㼔㼑㼞㻌㼏㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑㻌㼕㼚㼏㼛㼙㼑㻌㻔㻺㼛㼠㼑㻌㻝㻣㻕㼁㼚㼞㼑㼍㼘㼕㼦㼑㼐㻌㼓㼍㼕㼚㼟㻌㻔㼘㼛㼟㼟㼑㼟㻕㻌㼛㼚㻌㼍㼢㼍㼕㼘㼍㼎㼘㼑㻙㼒㼛㼞㻙㼟㼍㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻡㻤㻞
㻟㻜㻠
㻞㻘㻢㻜㻥
㻰㼑㼒㼑㼞㼞㼑㼐㻌㼓㼍㼕㼚㼟㻌㼛㼞㻌㼘㼛㼟㼟㼑㼟㻌㼛㼚㻌㼔㼑㼐㼓㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻝㻥㻕㻜㻜㻲㼛㼞㼑㼕㼓㼚㻌㼏㼡㼞㼞㼑㼚㼏㼥㻌㼠㼞㼍㼚㼟㼘㼍㼠㼕㼛㼚㻌㼍㼐㼖㼡㼟㼠㼙㼑㼚㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻘㻣㻥㻟㻕
㻔㻠㻘㻝㻡㻟㻕
㻔㻟㻡㻘㻢㻡㻝㻕
㻾㼑㼙㼑㼍㼟㼡㼞㼑㼙㼑㼚㼠㼟㻌㼛㼒㻌㼐㼑㼒㼕㼚㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼜㼘㼍㼚㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻡㻜㻔㻞㻤㻤㻕㻔㻞㻘㻠㻣㻞㻕
㼀㼛㼠㼍㼘㻌㼛㼠㼔㼑㼞㻌㼏㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑㻌㼕㼚㼏㼛㼙㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻘㻝㻤㻜㻕
㻔㻠㻘㻝㻟㻣㻕
㻔㻟㻡㻘㻡㻝㻟㻕
㻯㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑㻌㼕㼚㼏㼛㼙㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥10,102¥8,826
㻐㻣㻡㻘㻣㻢㻢
㻔㻮㼞㼑㼍㼗㼐㼛㼣㼚㻌㼛㼒㻌㼏㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑㻌㼕㼚㼏㼛㼙㼑㻕㻯㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑㻌㼕㼚㼏㼛㼙㼑㻌㼍㼠㼠㼞㼕㼎㼡㼠㼍㼎㼘㼑㻌㼠㼛㻌㼛㼣㼚㼑㼞㼟㻌㼛㼒㻌㼜㼍㼞㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥10,102¥8,828㻐㻣㻡㻘㻣㻤㻟
㻯㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑㻌㼕㼚㼏㼛㼙㼑㻌㼍㼠㼠㼞㼕㼎㼡㼠㼍㼎㼘㼑㻌㼠㼛㻌㼚㼛㼚㻙㼏㼛㼚㼠㼞㼛㼘㼘㼕㼚㼓㻌㼕㼚㼠㼑㼞㼑㼟㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻜㻕
㻔㻝㻕
㻔㻤㻕
㻿㼑㼑㻌㼠㼔㼑㻌㼚㼛㼠㼑㼟㻌㼠㼛㻌㼠㼔㼑㻌㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼟㼠㼍㼠㼑㼙㼑㼚㼠㼟㻚57

Consolidated Statements of Changes in Net Assets㻯㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㻿㼠㼍㼠㼑㼙㼑㼚㼠㼟㻌㼛㼒㻌㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㻺㼑㼠㻌㻭㼟㼟㼑㼠㼟㻴㻻㻾㻵㻮㻭㻘㻌㻸㼠㼐㻚㻌㼍㼚㼐㻌㻯㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㻿㼡㼎㼟㼕㼐㼕㼍㼞㼕㼑㼟㻲㼛㼞㻌㼠㼔㼑㻌㼥㼑㼍㼞㼟㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻢㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻢

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㻌㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻔㻺㼛㼠㼑㻌㻝㻕
㻝㻞㻛㻞㻜㻝㻢

㻿㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻓㻌㼑㼝㼡㼕㼠㼥㻯㼛㼙㼙㼛㼚㻌㼟㼠㼛㼏㼗㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥12,011¥12,011㻐㻝㻜㻟㻘㻝㻜㻣
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥12,011¥12,011㻐㻝㻜㻟㻘㻝㻜㻣
㻯㼍㼜㼕㼠㼍㼘㻌㼟㼡㼞㼜㼘㼡㼟㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥18,717¥18,717㻐㻝㻢㻜㻘㻢㻣㻠
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥18,717¥18,717㻐㻝㻢㻜㻘㻢㻣㻠
㻾㼑㼠㼍㼕㼚㼑㼐㻌㼑㼍㼞㼚㼕㼚㼓㼟㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥86,218¥93,232㻐㻤㻜㻜㻘㻟㻠㻟
㻯㼡㼙㼡㼘㼍㼠㼕㼢㼑㻌㼑㼒㼒㼑㼏㼠㼟㻌㼛㼒㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼜㼛㼘㼕㼏㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻘㻟㻝㻟㻕
㻙㻙㻮㼑㼓㼕㼚㼚㼕㼚㼓㻌㼎㼍㼘㼍㼚㼏㼑㻌㼍㼒㼠㼑㼞㻌㼞㼑㼒㼘㼑㼏㼠㼕㼛㼚㻌㼛㼒㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼜㼛㼘㼕㼏㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥82,905¥93,232㻐㻤㻜㻜㻘㻟㻠㻟
㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼐㼡㼞㼕㼚㼓㻌㼠㼔㼑㻌㼜㼑㼞㼕㼛㼐㻦㻯㼍㼟㼔㻌㼐㼕㼢㼕㼐㼑㼚㼐㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻞㻘㻥㻡㻡㻕
㻔㻟㻘㻜㻟㻝㻕
㻔㻞㻢㻘㻜㻝㻥㻕
㻺㼑㼠㻌㼕㼚㼏㼛㼙㼑㻌㼍㼠㼠㼞㼕㼎㼡㼠㼍㼎㼘㼑㻌㼠㼛㻌㼛㼣㼚㼑㼞㼟㻌㼛㼒㻌㼜㼍㼞㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻟㻘㻞㻤㻞
㻝㻞㻘㻥㻢㻞
㻝㻝㻝㻘㻞㻣㻝
㻰㼕㼟㼜㼛㼟㼍㼘㻌㼛㼒㻌㼠㼞㼑㼍㼟㼡㼞㼥㻌㼟㼠㼛㼏㼗㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻙
㻔㻡㻤㻕
㻔㻠㻥㻣㻕
㼀㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻜㻘㻟㻞㻢
㻥㻘㻤㻣㻝㻤㻠㻘㻣㻟㻢
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥93,232 ¥103,104
㻐㻤㻤㻡㻘㻜㻤㻤
㼀㼞㼑㼍㼟㼡㼞㼥㻌㼟㼠㼛㼏㼗㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚(¥730)(¥1,730)㻔㻐㻝㻠㻘㻤㻡㻝㻕㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼐㼡㼞㼕㼚㼓㻌㼠㼔㼑㻌㼜㼑㼞㼕㼛㼐㻦㻼㼡㼞㼏㼔㼍㼟㼑㻌㼛㼒㻌㼠㼞㼑㼍㼟㼡㼞㼥㻌㼟㼠㼛㼏㼗㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻥㻥㻥㻕
㻔㻜㻕
㻔㻜㻕
㻰㼕㼟㼜㼛㼟㼍㼘㻌㼛㼒㻌㼠㼞㼑㼍㼟㼡㼞㼥㻌㼟㼠㼛㼏㼗㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻙
㻝㻠㻞
㻝㻘㻞㻝㻤
㼀㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻥㻥㻥㻕
㻝㻠㻝
㻝㻘㻞㻝㻜
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚(¥1,730)(¥1,588)㻔㻐㻝㻟㻘㻢㻟㻞㻕㻿㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻓㻌㼑㼝㼡㼕㼠㼥㻘㻌㼠㼛㼠㼍㼘㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥116,216 ¥122,230
㻐㻝㻘㻜㻠㻥㻘㻞㻣㻠㻯㼡㼙㼡㼘㼍㼠㼕㼢㼑㻌㼑㼒㼒㼑㼏㼠㼟㻌㼛㼒㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼜㼛㼘㼕㼏㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻘㻟㻝㻟㻕
㻙㻙㻮㼑㼓㼕㼚㼚㼕㼚㼓㻌㼎㼍㼘㼍㼚㼏㼑㻌㼍㼒㼠㼑㼞㻌㼞㼑㼒㼘㼑㼏㼠㼕㼛㼚㻌㼛㼒㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼜㼛㼘㼕㼏㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥112,903 ¥122,230
㻐㻝㻘㻜㻠㻥㻘㻞㻣㻠㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼐㼡㼞㼕㼚㼓㻌㼠㼔㼑㻌㼜㼑㼞㼕㼛㼐㻦㻯㼍㼟㼔㻌㼐㼕㼢㼕㼐㼑㼚㼐㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻞㻘㻥㻡㻡㻕
㻔㻟㻘㻜㻟㻝㻕
㻔㻞㻢㻘㻜㻝㻥㻕
㻺㼑㼠㻌㼕㼚㼏㼛㼙㼑㻌㼍㼠㼠㼞㼕㼎㼡㼠㼍㼎㼘㼑㻌㼠㼛㻌㼛㼣㼚㼑㼞㼟㻌㼛㼒㻌㼜㼍㼞㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻟㻘㻞㻤㻞
㻝㻞㻘㻥㻢㻞
㻝㻝㻝㻘㻞㻣㻝
㻼㼡㼞㼏㼔㼍㼟㼑㻌㼛㼒㻌㼠㼞㼑㼍㼟㼡㼞㼥㻌㼟㼠㼛㼏㼗㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻥㻥㻥㻕
㻔㻜㻕
㻔㻜㻕
㻰㼕㼟㼜㼛㼟㼍㼘㻌㼛㼒㻌㼠㼞㼑㼍㼟㼡㼞㼥㻌㼟㼠㼛㼏㼗㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻙㻤㻟㻣㻝㻞㼀㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻥㻘㻟㻞㻢㻝㻜㻘㻜㻝㻟
㻤㻡㻘㻥㻡㻡
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥122,230 ¥132,244
㻐㻝㻘㻝㻟㻡㻘㻞㻟㻥㻭㼏㼏㼡㼙㼡㼘㼍㼠㼑㼐㻌㼛㼠㼔㼑㼞㻌㼏㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑㻌㼕㼚㼏㼛㼙㼑㼁㼚㼞㼑㼍㼘㼕㼦㼑㼐㻌㼓㼍㼕㼚㼟㻌㻔㼘㼛㼟㼟㼑㼟㻕㻌㼛㼚㻌㼍㼢㼍㼕㼘㼍㼎㼘㼑㻙㼒㼛㼞㻙㼟㼍㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥2,041¥2,624㻐㻞㻞㻘㻡㻞㻡
㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼐㼡㼞㼕㼚㼓㻌㼠㼔㼑㻌㼜㼑㼞㼕㼛㼐㻦㻺㼑㼠㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼛㼠㼔㼑㼞㻌㼠㼔㼍㼚㻌㼟㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻓㻌㼑㼝㼡㼕㼠㼥㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻡㻤㻞
㻟㻜㻠
㻞㻘㻢㻜㻥
㼀㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻡㻤㻞
㻟㻜㻠
㻞㻘㻢㻜㻥
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥2,624¥2,928㻐㻞㻡㻘㻝㻟㻡
㻰㼑㼒㼑㼞㼞㼑㼐㻌㼓㼍㼕㼚㼟㻌㼛㼞㻌㼘㼛㼟㼟㼑㼟㻌㼛㼚㻌㼔㼑㼐㼓㼑㼟㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
¥18
(¥0)
㻔㻐㻜㻕
㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼐㼡㼞㼕㼚㼓㻌㼠㼔㼑㻌㼜㼑㼞㼕㼛㼐㻦㻺㼑㼠㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼛㼠㼔㼑㼞㻌㼠㼔㼍㼚㻌㼟㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻓㻌㼑㼝㼡㼕㼠㼥㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻝㻥㻕㻜㻜㼀㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻝㻥㻕㻜㻜㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚(¥0)
㻙㻙㻲㼛㼞㼑㼕㼓㼚㻌㼏㼡㼞㼞㼑㼚㼏㼥㻌㼠㼞㼍㼚㼟㼘㼍㼠㼕㼛㼚㻌㼍㼐㼖㼡㼟㼠㼙㼑㼚㼠㼟㻌㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥5,630¥1,852㻐㻝㻡㻘㻤㻥㻤
㻯㼡㼙㼡㼘㼍㼠㼕㼢㼑㻌㼑㼒㼒㼑㼏㼠㼟㻌㼛㼒㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼜㼛㼘㼕㼏㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻡㻙㻙㻮㼑㼓㼕㼚㼚㼕㼚㼓㻌㼎㼍㼘㼍㼚㼏㼑㻌㼍㼒㼠㼑㼞㻌㼞㼑㼒㼘㼑㼏㼠㼕㼛㼚㻌㼛㼒㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼜㼛㼘㼕㼏㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥5,646¥1,852㻐㻝㻡㻘㻤㻥㻤
㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼐㼡㼞㼕㼚㼓㻌㼠㼔㼑㻌㼜㼑㼞㼕㼛㼐㻦㻺㼑㼠㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼛㼠㼔㼑㼞㻌㼠㼔㼍㼚㻌㼟㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻓㻌㼑㼝㼡㼕㼠㼥㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻘㻣㻥㻟㻕
㻔㻠㻘㻝㻡㻜㻕
㻔㻟㻡㻘㻢㻞㻡㻕
㼀㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻘㻣㻥㻟㻕
㻔㻠㻘㻝㻡㻜㻕
㻔㻟㻡㻘㻢㻞㻡㻕
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥1,852(¥2,297)㻔㻐㻝㻥㻘㻣㻝㻤㻕㻾㼑㼙㼑㼍㼟㼡㼞㼑㼙㼑㼚㼠㼟㻌㼛㼒㻌㼐㼑㼒㼕㼚㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼜㼘㼍㼚㼟㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
¥16
¥66
㻐㻡㻢㻢
㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼐㼡㼞㼕㼚㼓㻌㼠㼔㼑㻌㼜㼑㼞㼕㼛㼐㻦㻺㼑㼠㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼛㼠㼔㼑㼞㻌㼠㼔㼍㼚㻌㼟㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻓㻌㼑㼝㼡㼕㼠㼥㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻡㻜㻔㻞㻤㻤㻕㻔㻞㻘㻠㻣㻞㻕
㼀㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻡㻜㻔㻞㻤㻤㻕㻔㻞㻘㻠㻣㻞㻕
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥66(¥221)
㻔㻐㻝㻘㻤㻥㻣㻕
㻭㼏㼏㼡㼙㼡㼘㼍㼠㼑㼐㻌㼛㼠㼔㼑㼞㻌㼏㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑㻌㼕㼚㼏㼛㼙㼑㻘㻌㼠㼛㼠㼍㼘㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥7,707¥4,543㻐㻟㻤㻘㻥㻥㻥
㻯㼡㼙㼡㼘㼍㼠㼕㼢㼑㻌㼑㼒㼒㼑㼏㼠㼟㻌㼛㼒㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼜㼛㼘㼕㼏㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻡㻙㻙㻮㼑㼓㼕㼚㼚㼕㼚㼓㻌㼎㼍㼘㼍㼚㼏㼑㻌㼍㼒㼠㼑㼞㻌㼞㼑㼒㼘㼑㼏㼠㼕㼛㼚㻌㼛㼒㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼜㼛㼘㼕㼏㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥7,723¥4,543㻐㻟㻤㻘㻥㻥㻥
㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼐㼡㼞㼕㼚㼓㻌㼠㼔㼑㻌㼜㼑㼞㼕㼛㼐㻦㻺㼑㼠㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼛㼠㼔㼑㼞㻌㼠㼔㼍㼚㻌㼟㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻓㻌㼑㼝㼡㼕㼠㼥㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻘㻝㻤㻜㻕
㻔㻠㻘㻝㻟㻠㻕
㻔㻟㻡㻘㻠㻤㻤㻕
㼀㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻘㻝㻤㻜㻕
㻔㻠㻘㻝㻟㻠㻕
㻔㻟㻡㻘㻠㻤㻤㻕
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥4,543¥409
㻐㻟㻘㻡㻝㻝
㻿㼡㼎㼟㼏㼞㼕㼜㼠㼕㼛㼚㻌㼞㼕㼓㼔㼠㼟㻌㼠㼛㻌㼟㼔㼍㼞㼑㼟㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
¥389
¥469
㻐㻠㻘㻜㻞㻢
㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼐㼡㼞㼕㼚㼓㻌㼠㼔㼑㻌㼜㼑㼞㼕㼛㼐㻦㻺㼑㼠㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼛㼠㼔㼑㼞㻌㼠㼔㼍㼚㻌㼟㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻓㻌㼑㼝㼡㼕㼠㼥㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻣㻥
㻔㻞㻕
㻔㻝㻣㻕
㼀㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻣㻥
㻔㻞㻕
㻔㻝㻣㻕
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
¥469
¥466
㻐㻠㻘㻜㻜㻜
㻺㼛㼚㻙㼏㼛㼚㼠㼞㼛㼘㼘㼕㼚㼓㻌㼕㼚㼠㼑㼞㼑㼟㼠㼟㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥0¥0㻐㻜㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼐㼡㼞㼕㼚㼓㻌㼠㼔㼑㻌㼜㼑㼞㼕㼛㼐㻦㻺㼑㼠㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼛㼠㼔㼑㼞㻌㼠㼔㼍㼚㻌㼟㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻓㻌㼑㼝㼡㼕㼠㼥㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻜㻕
㻣㻝
㻢㻜㻥
㼀㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻜㻕
㻣㻝
㻢㻜㻥
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
¥0
¥71
㻐㻢㻜㻥
㻺㼑㼠㻌㼍㼟㼟㼑㼠㼟㻘㻌㼠㼛㼠㼍㼘㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥124,314 ¥127,243㻐㻝㻘㻜㻥㻞㻘㻟㻜㻤㻯㼡㼙㼡㼘㼍㼠㼕㼢㼑㻌㼑㼒㼒㼑㼏㼠㼟㻌㼛㼒㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼜㼛㼘㼕㼏㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻘㻞㻥㻣㻕
㻙㻙㻮㼑㼓㼕㼚㼚㼕㼚㼓㻌㼎㼍㼘㼍㼚㼏㼑㻌㼍㼒㼠㼑㼞㻌㼞㼑㼒㼘㼑㼏㼠㼕㼛㼚㻌㼛㼒㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼜㼛㼘㼕㼏㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥121,017 ¥127,243㻐㻝㻘㻜㻥㻞㻘㻟㻜㻤㻯㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼐㼡㼞㼕㼚㼓㻌㼠㼔㼑㻌㼜㼑㼞㼕㼛㼐㻦㻯㼍㼟㼔㻌㼐㼕㼢㼕㼐㼑㼚㼐㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻞㻘㻥㻡㻡㻕
㻔㻟㻘㻜㻟㻝㻕
㻔㻞㻢㻘㻜㻝㻥㻕
㻺㼑㼠㻌㼕㼚㼏㼛㼙㼑㻌㼍㼠㼠㼞㼕㼎㼡㼠㼍㼎㼘㼑㻌㼠㼛㻌㼛㼣㼚㼑㼞㼟㻌㼛㼒㻌㼜㼍㼞㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻟㻘㻞㻤㻞
㻝㻞㻘㻥㻢㻞
㻝㻝㻝㻘㻞㻣㻝
㻼㼡㼞㼏㼔㼍㼟㼑㻌㼛㼒㻌㼠㼞㼑㼍㼟㼡㼞㼥㻌㼟㼠㼛㼏㼗㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻥㻥㻥㻕
㻔㻜㻕
㻔㻜㻕
㻰㼕㼟㼜㼛㼟㼍㼘㻌㼛㼒㻌㼠㼞㼑㼍㼟㼡㼞㼥㻌㼟㼠㼛㼏㼗㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻙㻤㻟㻣㻝㻞㻺㼑㼠㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼕㼠㼑㼙㼟㻌㼛㼠㼔㼑㼞㻌㼠㼔㼍㼚㻌㼟㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻓㻌㼑㼝㼡㼕㼠㼥㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻘㻝㻜㻜㻕
㻔㻠㻘㻜㻢㻢㻕
㻔㻟㻠㻘㻥㻜㻠㻕
㼀㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥6,225¥5,947
㻐㻡㻝㻘㻜㻡㻝
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥127,243 ¥133,191
㻐㻝㻘㻝㻠㻟㻘㻟㻢㻤㻿㼑㼑㻌㼠㼔㼑㻌㼚㼛㼠㼑㼟㻌㼠㼛㻌㼠㼔㼑㻌㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼟㼠㼍㼠㼑㼙㼑㼚㼠㼟㻚

HORIBA Report 2016 | 58

Financial data

Consolidated Statements of Cash Flows㻯㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㻿㼠㼍㼠㼑㼙㼑㼚㼠㼟㻌㼛㼒㻌㻯㼍㼟㼔㻌㻲㼘㼛㼣㼟㻴㻻㻾㻵㻮㻭㻘㻌㻸㼠㼐㻚㻌㼍㼚㼐㻌㻯㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㻿㼡㼎㼟㼕㼐㼕㼍㼞㼕㼑㼟㻲㼛㼞㻌㼠㼔㼑㻌㼥㼑㼍㼞㼟㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻢㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻢

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㻌㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻔㻺㼛㼠㼑㻌㻝㻕
㻝㻞㻛㻞㻜㻝㻢

㻯㼍㼟㼔㻌㼒㼘㼛㼣㼟㻌㼒㼞㼛㼙㻌㼛㼜㼑㼞㼍㼠㼕㼚㼓㻌㼍㼏㼠㼕㼢㼕㼠㼕㼑㼟㻦㻵㼚㼏㼛㼙㼑㻌㼎㼑㼒㼛㼞㼑㻌㼕㼚㼏㼛㼙㼑㻌㼠㼍㼤㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚¥19,804¥17,243㻐㻝㻠㻤㻘㻜㻞㻝
㻭㼐㼖㼡㼟㼠㼙㼑㼚㼠㼟㻌㼠㼛㻌㼞㼑㼏㼛㼚㼏㼕㼘㼑㻌㼕㼚㼏㼛㼙㼑㻌㼎㼑㼒㼛㼞㼑㻌㼕㼚㼏㼛㼙㼑㻌㼠㼍㼤㼑㼟㻌㼠㼛㻌㼚㼑㼠㻌㼏㼍㼟㼔㻌㼜㼞㼛㼢㼕㼐㼑㼐㻌㼎㼥㻌㼛㼜㼑㼞㼍㼠㼕㼚㼓㻌㼍㼏㼠㼕㼢㼕㼠㼕㼑㼟㻦㻰㼑㼜㼞㼑㼏㼕㼍㼠㼕㼛㼚㻌㼍㼚㼐㻌㼍㼙㼛㼞㼠㼕㼦㼍㼠㼕㼛㼚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻢㻘㻝㻝㻜
㻢㻘㻤㻝㻢
㻡㻤㻘㻡㻝㻝
㻵㼙㼜㼍㼕㼞㼙㼑㼚㼠㻌㼘㼛㼟㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻣㻜㻙㻙㻵㼚㼏㼞㼑㼍㼟㼑㻌㻔㼐㼑㼏㼞㼑㼍㼟㼑㻕㻌㼕㼚㻌㼍㼘㼘㼛㼣㼍㼚㼏㼑㻌㼒㼛㼞㻌㼐㼛㼡㼎㼠㼒㼡㼘㻌㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻞㻠㻟㻕
㻝㻝㻜
㻥㻠㻠
㻵㼚㼏㼞㼑㼍㼟㼑㻌㻔㼐㼑㼏㼞㼑㼍㼟㼑㻕㻌㼕㼚㻌㼚㼑㼠㻌㼐㼑㼒㼕㼚㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼥㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻟㻜㻞㻕
㻟㻠㻥
㻞㻘㻥㻥㻡
㻵㼚㼏㼞㼑㼍㼟㼑㻌㻔㼐㼑㼏㼞㼑㼍㼟㼑㻕㻌㼕㼚㻌㼜㼞㼛㼢㼕㼟㼕㼛㼚㻌㼒㼛㼞㻌㼘㼛㼟㼟㻌㼛㼚㻌㼐㼕㼟㼟㼛㼘㼡㼠㼕㼛㼚㻌㼛㼒㻌㼠㼔㼑㻌㼑㼙㼜㼘㼛㼥㼑㼑㼟㻓㻌㼜㼑㼚㼟㼕㼛㼚㻌㼒㼡㼚㼐㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻢㻜㻟㻕
㻔㻝㻥㻕
㻔㻝㻢㻟㻕
㻵㼚㼠㼑㼞㼑㼟㼠㻌㼍㼚㼐㻌㼐㼕㼢㼕㼐㼑㼚㼐㻌㼕㼚㼏㼛㼙㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻠㻞㻜㻕
㻔㻞㻥㻠㻕
㻔㻞㻘㻡㻞㻟㻕
㻵㼚㼠㼑㼞㼑㼟㼠㻌㼑㼤㼜㼑㼚㼟㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻤㻝㻢
㻡㻣㻠
㻠㻘㻥㻞㻣
㻲㼛㼞㼑㼕㼓㼚㻌㼑㼤㼏㼔㼍㼚㼓㼑㻌㼘㼛㼟㼟㼑㼟㻌㻔㼓㼍㼕㼚㼟㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻝㻜㻢㻕
㻠㻞
㻟㻢㻜
㻸㼛㼟㼟㻌㻔㼓㼍㼕㼚㻕㻌㼛㼚㻌㼟㼍㼘㼑㼟㻌㼛㼒㻌㼜㼞㼛㼜㼑㼞㼠㼥㻘㻌㼜㼘㼍㼚㼠㻌㼍㼚㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻡
㻔㻟㻞㻕
㻔㻞㻣㻠㻕
㻸㼛㼟㼟㻌㼛㼚㻌㼐㼕㼟㼜㼛㼟㼍㼘㻌㼛㼒㻌㼜㼞㼛㼜㼑㼞㼠㼥㻘㻌㼜㼘㼍㼚㼠㻌㼍㼚㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻝㻜
㻞㻝㻥
㻝㻘㻤㻣㻥
㻸㼛㼟㼟㻌㼛㼚㻌㼢㼍㼘㼡㼍㼠㼕㼛㼚㻌㼛㼒㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻙㻢㻤㻡㻤㻟㻸㼛㼟㼟㻌㻔㼓㼍㼕㼚㻕㻌㼛㼚㻌㼟㼍㼘㼑㼟㻌㼛㼒㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻠㻠㻕
㻔㻜㻕
㻔㻜㻕
㻰㼑㼏㼞㼑㼍㼟㼑㻌㻔㼕㼚㼏㼞㼑㼍㼟㼑㻕㻌㼕㼚㻌㼠㼞㼍㼐㼑㻌㼚㼛㼠㼑㼟㻌㼍㼚㼐㻌㼍㼏㼏㼛㼡㼚㼠㼟㻌㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻞㻘㻜㻢㻜㻕
㻔㻡㻘㻠㻡㻠㻕
㻔㻠㻢㻘㻤㻝㻥㻕
㻰㼑㼏㼞㼑㼍㼟㼑㻌㻔㼕㼚㼏㼞㼑㼍㼟㼑㻕㻌㼕㼚㻌㼕㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻥㻝㻣㻕㻔㻝㻘㻠㻢㻝㻕
㻔㻝㻞㻘㻡㻠㻝㻕
㻵㼚㼏㼞㼑㼍㼟㼑㻌㻔㼐㼑㼏㼞㼑㼍㼟㼑㻕㻌㼕㼚㻌㼠㼞㼍㼐㼑㻌㼚㼛㼠㼑㼟㻌㼍㼚㼐㻌㼍㼏㼏㼛㼡㼚㼠㼟㻌㼜㼍㼥㼍㼎㼘㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻞㻘㻜㻣㻤
㻟㻘㻟㻟㻟
㻞㻤㻘㻢㻝㻝
㻻㼠㼔㼑㼞㻘㻌㼚㼑㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻝㻘㻠㻡㻞㻕
㻤㻟㻣㻣㻘㻝㻤㻡㻿㼡㼎㼠㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻞㻞㻘㻤㻠㻠
㻞㻞㻘㻟㻟㻜
㻝㻥㻝㻘㻢㻥㻜
㻵㼚㼠㼑㼞㼑㼟㼠㻌㼍㼚㼐㻌㼐㼕㼢㼕㼐㼑㼚㼐㼟㻌㼞㼑㼏㼑㼕㼢㼑㼐㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻠㻞㻟
㻞㻥㻤
㻞㻘㻡㻡㻤
㻵㼚㼠㼑㼞㼑㼟㼠㻌㼜㼍㼕㼐㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻤㻝㻠㻕
㻔㻡㻢㻥㻕
㻔㻠㻘㻤㻤㻠㻕
㻵㼚㼏㼛㼙㼑㻌㼠㼍㼤㼑㼟㻌㻔㼜㼍㼕㼐㻕㻌㼞㼑㼒㼡㼚㼐㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻣㻘㻢㻤㻞㻕
㻔㻢㻘㻝㻤㻣㻕
㻔㻡㻟㻘㻝㻝㻝㻕
㻺㼑㼠㻌㼏㼍㼟㼔㻌㼜㼞㼛㼢㼕㼐㼑㼐㻌㼎㼥㻌㻔㼡㼟㼑㼐㻌㼕㼚㻕㻌㼛㼜㼑㼞㼍㼠㼕㼚㼓㻌㼍㼏㼠㼕㼢㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻠㻘㻣㻣㻜
㻝㻡㻘㻤㻣㻝
㻝㻟㻢㻘㻞㻠㻟
㻯㼍㼟㼔㻌㼒㼘㼛㼣㼟㻌㼒㼞㼛㼙㻌㼕㼚㼢㼑㼟㼠㼕㼚㼓㻌㼍㼏㼠㼕㼢㼕㼠㼕㼑㼟㻦㻵㼚㼏㼞㼑㼍㼟㼑㻌㼕㼚㻌㼠㼕㼙㼑㻌㼐㼑㼜㼛㼟㼕㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻘㻞㻜㻠㻕
㻔㻞㻘㻤㻡㻣㻕
㻔㻞㻠㻘㻡㻞㻡㻕
㻰㼑㼏㼞㼑㼍㼟㼑㻌㼕㼚㻌㼠㼕㼙㼑㻌㼐㼑㼜㼛㼟㼕㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻞㻘㻥㻢㻠
㻟㻘㻜㻝㻠
㻞㻡㻘㻤㻣㻟
㻰㼑㼏㼞㼑㼍㼟㼑㻌㼕㼚㻌㼠㼕㼙㼑㻌㼐㼑㼜㼛㼟㼕㼠㼟㻌㼞㼑㼟㼠㼞㼕㼏㼠㼑㼐㻌㼒㼛㼞㻌㼡㼟㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻟㻞 㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻟㻞㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻞㻣㻠㻼㼍㼥㼙㼑㼚㼠㼟㻌㼒㼛㼞㻌㼜㼡㼞㼏㼔㼍㼟㼑㻌㼛㼒㻌㼙㼍㼞㼗㼑㼠㼍㼎㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻝㻘㻣㻜㻞㻕㻔㻝㻜㻟㻕㻔㻤㻤㻠㻕㻼㼞㼛㼏㼑㼑㼐㼟㻌㼒㼞㼛㼙㻌㼟㼍㼘㼑㼟㻌㼛㼞㻌㼞㼑㼐㼑㼙㼜㼠㼕㼛㼚㻌㼛㼒㻌㼙㼍㼞㼗㼑㼠㼍㼎㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻞㻘㻡㻜㻠
㻝㻘㻠㻝㻠
㻝㻞㻘㻝㻟㻤
㻼㼍㼥㼙㼑㼚㼠㼟㻌㼒㼛㼞㻌㼜㼡㼞㼏㼔㼍㼟㼑㻌㼛㼒㻌㼜㼞㼛㼜㼑㼞㼠㼥㻘㻌㼜㼘㼍㼚㼠㻌㼍㼚㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻝㻡㻘㻢㻣㻝㻕
㻔㻝㻟㻘㻜㻜㻝㻕
㻔㻝㻝㻝㻘㻢㻜㻢㻕㻼㼞㼛㼏㼑㼑㼐㼟㻌㼒㼞㼛㼙㻌㼟㼍㼘㼑㼟㻌㼛㼒㻌㼜㼞㼛㼜㼑㼞㼠㼥㻘㻌㼜㼘㼍㼚㼠㻌㼍㼚㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻢㻤
㻡㻟
㻠㻡㻠
㻼㼍㼥㼙㼑㼚㼠㼟㻌㼒㼛㼞㻌㼜㼡㼞㼏㼔㼍㼟㼑㻌㼛㼒㻌㻌㼕㼚㼠㼍㼚㼓㼕㼎㼘㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻝㻘㻠㻠㻞㻕
㻔㻟㻣㻟㻕㻔㻟㻘㻞㻜㻝㻕
㻼㼍㼥㼙㼑㼚㼠㼟㻌㼒㼛㼞㻌㼜㼡㼞㼏㼔㼍㼟㼑㻌㼛㼒㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻢㻞㻜㻕
㻔㻠㻤㻕
㻔㻠㻝㻞㻕
㻼㼞㼛㼏㼑㼑㼐㼟㻌㼒㼞㼛㼙㻌㼟㼍㼘㼑㼟㻌㼛㼞㻌㼞㼑㼐㼑㼙㼜㼠㼕㼛㼚㻌㼛㼒㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻤㻟㻠㻟㻠㻼㼞㼛㼏㼑㼑㼐㼟㻌㼒㼞㼛㼙㻌㼟㼍㼘㼑㼟㻌㼛㼒㻌㼟㼠㼛㼏㼗㼟㻌㼛㼒㻌㼟㼡㼎㼟㼕㼐㼕㼍㼞㼕㼑㼟㻌㼍㼚㼐㻌㼍㼒㼒㼕㼘㼕㼍㼠㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻙
㻞㻡㻢
㻞㻘㻝㻥㻣
㻼㼍㼥㼙㼑㼚㼠㼟㻌㼒㼛㼞㻌㼠㼞㼍㼚㼟㼒㼑㼞㻌㼛㼒㻌㼎㼡㼟㼕㼚㼑㼟㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻝㻟㻘㻢㻝㻜㻕
㻙㻙㻻㼠㼔㼑㼞㻘㻌㼚㼑㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻠㻞㻕
㻝㻘㻝㻤㻜
㻝㻜㻘㻝㻞㻥
㻺㼑㼠㻌㼏㼍㼟㼔㻌㼜㼞㼛㼢㼕㼐㼑㼐㻌㼎㼥㻌㻔㼡㼟㼑㼐㻌㼕㼚㻕㻌㼕㼚㼢㼑㼟㼠㼕㼚㼓㻌㼍㼏㼠㼕㼢㼕㼠㼕㼑㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻟㻜㻘㻢㻠㻞㻕
㻔㻝㻜㻘㻠㻞㻣㻕
㻔㻤㻥㻘㻡㻜㻥㻕
㻯㼍㼟㼔㻌㼒㼘㼛㼣㼟㻌㼒㼞㼛㼙㻌㼒㼕㼚㼍㼚㼏㼕㼚㼓㻌㼍㼏㼠㼕㼢㼕㼠㼕㼑㼟㻦㻺㼑㼠㻌㼕㼚㼏㼞㼑㼍㼟㼑㻌㻔㼐㼑㼏㼞㼑㼍㼟㼑㻕㻌㼕㼚㻌㼟㼔㼛㼞㼠㻙㼠㼑㼞㼙㻌㼎㼛㼞㼞㼛㼣㼕㼚㼓㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻞㻘㻟㻤㻜
㻝㻟㻜
㻝㻘㻝㻝㻡
㻵㼚㼏㼞㼑㼍㼟㼑㻌㼕㼚㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼐㼑㼎㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻡㻘㻟㻤㻤
㻟㻘㻢㻥㻜㻟㻝㻘㻢㻣㻢
㻾㼑㼜㼍㼥㼙㼑㼚㼠㼟㻌㼛㼒㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼐㼑㼎㼠㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻔㻤㻞㻢㻕㻔㻝㻘㻜㻣㻤㻕
㻔㻥㻘㻞㻡㻠㻕
㻾㼑㼜㼍㼥㼙㼑㼚㼠㼟㻌㼛㼚㻌㼒㼕㼚㼍㼚㼏㼑㻌㼘㼑㼍㼟㼑㻌㼛㼎㼘㼕㼓㼍㼠㼕㼛㼚㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻝㻣㻜㻕
㻔㻝㻥㻡㻕
㻔㻝㻘㻢㻣㻟㻕
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59

HORIBA, Ltd. and Consolidated Subsidiaries | Note to Consolidated Financial Statements
1. Basis
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which
differentin certain
respects(ASBJ“RevisedAccountingStandard
for Business
Combinations”“RevisedAccountingStandard
for Business
Combinations”(ASBJ

Statement
releasedSep.
2013,
hereinafter
application
andanddisclosure
requirements
fromInternational
Financialapplication
disclosure
requirements
fromInternational
Financial Statement
No.No.
21,21,
releasedon on
Sep.
13,13,
2013,
hereinafter
the theReportingStandards.
ReportingStandards.

Standard
Business
Combinations”),“Revised“Accounting“AccountingStandard
for forBusiness
Combinations”),“Revised

TheTheaccountsof theconsolidated
overseassubsidiaries
have
AccountingStandard
for Consolidated
Financial
Statements”(ASBJ
accountsof theconsolidated
overseassubsidiaries
have AccountingStandard
for Consolidated
Financial
Statements”
(ASBJ
been
preparedin accordance
withwitheitherInternational
Financial
Statement
releasedSep.
2013,
hereinafter
been
preparedin accordanceeitherInternational
Financial Statement
No.No.
22,22,
releasedon on
Sep.
13,13,
2013,
hereinafter
thetheReporting“ConsolidatedAccounting
AccountingStandard”),
Standard”),“Revised“RevisedAccounting
Accounting
ReportingStandards
Standards(“IFRS”)(“IFRS”)or orU.S.U.S.generally
generallyaccepted
accepted “Consolidated
accounting
principles(“USGAAP”),
withwithadjustments
for forthe thefourfour Standard
Standard
Business
Divestitures”(ASBJ
Statement
accounting
principles(“USGAAP”),
adjustments
for forBusiness
Divestitures”(ASBJ
Statement
No.No.
7, 7,
releasedon Sep.
specified
items
as as
applicable.㻌
TheTheaccompanying
consolidated
2013,
hereinafter“AccountingStandard
specified
items
applicable.㻌
accompanying
consolidated releasedon Sep.
13,13,
2013,
hereinafter
thethe“AccountingStandard
for forfinancialstatements
have
been
restructured
andandtranslated
intointo BusinessBusiness
Divestitures”)
othershave
been
adoptedeffective
financialstatements
have
been
restructured
translated
Divestitures”)
andandothershave
been
adoptedeffective
English,withwithsomeexpanded
descriptions,fromthe theconsolidated
beginningof theended
December
2016.
fromEnglish,some
expanded
descriptions,fromconsolidated fromthethebeginningof theyearyear
ended
December
31,31,
2016.
As As
a a
financialstatementsof theCompany
preparedin accordance
withwith result,result,changeresultingfrom
Company’s
ownership
financialstatementsof theCompany
preparedin accordance
anyanychangeresultingfromthetheCompany’s
ownership
interests
in subsidiaryJapanese
GAAP
andandfiledfiled
withwith
thetheappropriate
Local
Finance
its subsidiary
whenCompany
retains
control
Japanese
GAAP
appropriate
Local
Finance interests
in itswhenthetheCompany
retains
control
overover
Bureauof theMinistryof Financeas asrequired
by bythetheJapanese
subsidiaryis accounted
capitalsurplus,acquisition
Bureauof theMinistryof FinancerequiredJapanese thethe
subsidiaryis accounted
for foras as
capitalsurplus,andandacquisition
Financial
Instruments
andandExchangeLaw.
Somesupplementary
relatedcosts
expensedin thein which
costs
Financial
Instruments
ExchangeLaw.
Somesupplementary related
costs
areareexpensedin theyearyearin whichthethecosts
areareinformation
incurred.
business
combinations
or afterbeginning
informationincluded
includedin inthe thestatutory
statutoryJapaneseJapaneselanguage
language incurred.
ForForanyanybusiness
combinations
on on
or afterthethebeginning
consolidated
financialstatements,
butbutnotnotrequired
for forfair fair of theyear,
subsequent
measurementof theprovisionalamountof theconsolidated
financialstatements,
requiredyear,
subsequent
measurementof theprovisionalamountpresentation,
is notpresented
in theaccompanying
consolidated
recognizedbasedpurchase
price
allocation
to thepresentation,
is notpresented
in theaccompanying
consolidated recognized
based
on on
thethepurchase
price
allocation
duedueto thefinancialstatements.
financialstatements.

completionof accounting
for thebusiness
combinationreflected
completionof accounting
for thebusiness
combination
arearereflected

Company
andandits its
domestic
consolidated
subsidiaries
hadhad in theto which
TheThein theconsolidated
financialstatements
Company
domestic
consolidated
subsidiaries
consolidated
financialstatements
for forthetheyearyearto whichthetheformerly
recognizedrevenuemainlyon abasis.
However,business
combination
occurs.
addition,
formerly
recognizedrevenuemainlyonshippinga shipping
basis.
However, datedate
of ofthatthatbusiness
combination
occurs.
In In
addition,thethepresentation
methodof netincomeamendedeffective
January
1 2016,
thetheCompany
andandits its
domestic
effective
January
1 2016,Company
domestic presentation
methodof netincomewaswasamendedas aswellwellas asconsolidated
subsidiaries
havechangedto revenue
recognitionin consolidated
subsidiaries”
to “non-controlling“minorityinterests
consolidated
subsidiaries
havechangedto revenue
recognition “minority
interests
in consolidated
subsidiaries”
to “non-controllinginterests.”reflectthesechangesin presentation,
methodon adatedateof installationor aordelivery
datedatebasis
adjustments
methodoncompletiona completionof installationa delivery
basis interests.”
To To
reflectthesechangesin presentation,
adjustments
underthetheterms
andandconditionsof contracts.
under
terms
conditionsof contracts.

have
been
made
to theconsolidated
financialstatements
have
been
made
to theconsolidated
financialstatements
for forthetheHORIBA’s
overseas
consolidated
subsidiaries,
pursuant
to IFRS
aforementioned
accounting
fiscalpresented
herein.
HORIBA’s
overseas
consolidated
subsidiaries,
pursuant
to IFRS priorpriorfiscalyearyearpresented
herein.
TheTheaforementioned
accounting
standards
or US
GAAP,
hadhadrecognizedrevenueon on
a completion
datedateof of standards
adoptedbeginning
or US
GAAP,
recognizedrevenuea completion
areareadoptedas as
of ofthe thebeginningof ofthe theyearyearandandinstallationor aordelivery
datedate
basis
under
thetheterms
andandconditions
treatment
provided
thereafter,
accordingto thetransitional
installationa delivery
basis
under
terms
conditions thereafter,
accordingto thetransitional
treatment
provided
for forin in
AccountingStandard
Businessof contracts.
In addition,
sales
of products
thatthatrequirea longtimetime
for for ParagraphParagraph58-2
of contracts.
In addition,
sales
of products
requirea long58-2(4) (4)of ofthe theAccountingStandard
for forBusiness
Combinations,Paragraph44-5
installation
have
been
increasing.
Consequently,
HORIBA
madea a Combinations,of theConsolidated
Accounting
installation
have
been
increasing.
Consequently,
HORIBA
made
Paragraph
44-5(4) (4)of theConsolidated
Accounting
Paragraph57-4of theAccountingStandardchangeto tomoreadequatelyreflecting
revenuestatus,uponStandardchangemoreadequatelyreflecting
revenuestatus,upon Standard
andandParagraph57-4(4) (4)of theAccountingStandard
for forintroductionof theEnterprise
Resource
Planning
System.
 introductionof theEnterprise
Resource
Planning
System.

Business
Divestitures.
Thereis impact
no impactof thesechanges
on profit
Business
Divestitures.
There
is no
of thesechanges
on profit

ThisThischangein accounting
policyhashasbeen
retrospectively
appliedloss.
changein accounting
policybeen
retrospectively
applied andandloss.
to theconsolidated
financialstatements
for forfull-year
periodof fiscal
to theconsolidated
financialstatements
full-year
periodof fiscal
yearyear
2015.
2015.

Therefore,amountsroundeddown
to thenearestmillion.
YenYenamounts
areareroundeddown
to thenearestmillion.
Therefore,
necessarily
correspondor subtotal
amounts
totaltotal
or subtotal
amounts
do donotnotnecessarily
correspondwithwith
thetheAs As
a result,
netnetsales
for forfiscalyearyear2015
increasedby by¥1,017
aggregateof suchaccountbalances.
a result,
sales
fiscal2015
increased¥1,017 aggregateof suchaccountbalances.
million,operatingincomeincreased
by by
¥769
millionandandincomemillion,operatingincomeincreased¥769
millionincometranslationof theJapaneseamounts
dollar
TheThetranslationof theJapaneseyenyenamounts
intointo
U.S.U.S.
dollarbeforeincometaxes
increased
by by
¥790
million,respectively,
as as amounts
amounts
is included
solelyconvenienceof readers
outsidebeforeincometaxes
increased¥790
million,respectively,
is included
solelyfor forthetheconvenienceof readers
outsideJapan,
using
prevailingexchange
at December
compared
withwith
thethefigurespriorprior
to theretrospective
application.
TheThe Japan,
2016,
compared
figuresto theretrospective
application.
using
thetheprevailingexchangeraterate
at December
31,31,
2016,¥116.49
to U.S.
$1.00.TheThetranslations
shouldnetnetassetsat thebeginningof theprevious
fiscalyearyearhavereflected
which
assetsat thebeginningof theprevious
fiscalhave
reflected which
waswas¥116.49
to U.S.
$1.00.
translations
shouldnotnotbe beconstrued
as representations
Japaneseamountshavethethecumulative
effects,
which
resultedin ain decrease
by by¥3,223cumulative
effects,
which
resulteda decrease¥3,223 construed
as representations
thatthat
thetheJapaneseyenyenamounts
have

HORIBA Report 2016 | 60

Financial data

been,
been,
could
could
have
have
been
been
or couldor couldin thein thefuturefuturebe converted
be converted
intointo
U.S.U.S. the thesalesaleof suchsecurities
arearecomputedusing
movingaverageof suchsecurities
computedusing
movingaveragedollars
at thisor anyotherof exchange.
dollars cost.
Available-for-salesecurities
withwithno available
fair fairmarketvalue
dollars
at thisor anyotherraterateof exchange.
TheTheU.S.U.S.
dollars
cost.
Available-for-salesecurities
no available
marketvalue
amounts
arearethenthenroundeddown
to thenearestthousand.
amountsroundeddown
to thenearestthousand.

statedmainlyat movingaveragecost.
arearestatedmainlyat movingaverage
cost.

Certainpriorprior
yearyearamountshave
been
reclassified
to conformto to (d) (d)Certainamountshave
been
reclassified
to conform
Inventories
Inventories
the thecurrent
year'spresentation.
current
year'spresentation.

Inventories
statedat thelower
of averageor netrealizable
Inventories
arearestatedat thelower
of average
costcost
or netrealizablevalue.
Costis determinedprincipallyweighted
averagevalue.
Costis determinedprincipallyby by
the theweighted
average

2. Summaryof significant
accounting
policies
2. Summaryof significant
accounting
policies

methodfor merchandise,finished
goods
work-in-process
methodfor merchandise,finished
goods
andandwork-in-process
andand(a) Principles
of consolidation(a) Principles
of consolidationby themovingaveragemethodfor raw
materials
supplies.
by themovingaveragemethodfor raw
materials
andandsupplies.

TheTheconsolidated
financialstatements
includethe theconsolidated
financialstatements
includeaccountsof the (e) Property,
accountsof the(e) Property,
plant
equipment
depreciation(exceptplant
andandequipment
andanddepreciation(except
for forCompany
andand48 (48in fiscal
2015)
of its(“HORIBA”
Company
48 (48in fiscal
2015)
of subsidiaries
its subsidiaries(“HORIBA” leases)
leases)a consolidated
group).
Fromfiscal2016,
newly
established Property,
as aasconsolidated
group).
Fromfiscal
2016,
oneonenewly
established
Property,plant
equipment
statedat cost.
Depreciationplant
andandequipment
arearestatedat cost.
Depreciationis iscomputedby thestraight-line
methodestimated
usefulcompany
been
includedin scopeof consolidationcompanyhashasbeen
includedin scopeof consolidation
andandoneone computedby thestraight-line
methodoveroverthe theestimated
usefullife life
companyhashascompleted
its liquidation
andandhashasbeen
eliminatedof theasset.
estimated
usefulof buildings
structurescompany
completed
its liquidation
been
eliminated of theasset.
TheTheestimated
usefulliveslivesof buildings
andandstructuresfromconsolidation.
fromthe theconsolidation.

range
to 60
years
those
of machinery,equipment
range
fromfrom
3 to360
years
andandthoseof machinery,equipment
andandTheTheaccompanying
consolidated
financialstatements
includethe the vehicles
vehiclesfromto years.
20 years.
accompanying
consolidated
financialstatements
includefrom
2 to220
accountsof theCompany
andandsignificant
companies
overoverwhich
the the (f) Goodwill
accountsof theCompany
significant
companies
which(f) Goodwill
Companyhashascontrolthroughmajority
votingrightsor certain
other
Goodwill,
which
represents
excessof thepurchase
priceCompany
controlthroughmajority
votingrightsor certain
other Goodwill,
which
represents
the theexcessof thepurchase
priceoveroverconditions
by bythe theCompany.
valueof theassetsacquired,is amortizedconditionsevidencing
evidencingcontrol
controlCompany.Significant
Significant the thefair fairvalueof thenet netassetsacquired,is amortized
on on
a a
straight-line
basis
a periodof five
years.
intercompany
transactions
andandaccounts
havebeen
eliminatedin in straight-line
intercompany
transactions
accounts
havebeen
eliminatedbasis
overovera periodof five
years.
consolidation.
In theeliminationof investments
in subsidiaries,
the the (g) (g)consolidation.
In theeliminationof investments
in subsidiaries,
Intangibles
Intangibles
Amortizationof intangibles
is computedby thestraight-line
method.
assetsandandliabilitiesof thesubsidiaries,
includingthe theportions
assetsliabilitiesof thesubsidiaries,
includingportions Amortizationof intangibles
is computedby thestraight-line
method.
attributable
to non-controllingshareholders,areareevaluatedusing
the the Computer
Computersoftwareused
HORIBA
is amortized
attributable
to non-controllingshareholders,
evaluatedusing
softwareused
by by
HORIBA
is amortizedoveroverthe thefair fair
value
at at
the thetimetime
the theCompanyacquired
controlof ofthe the estimatedestimated
usefullife3ofto310
to years.
10 years.
value
Companyacquired
control
usefullife ofrespective
subsidiary.
Acquisition
costs
thatthat
arearein excessof thenet net (h) (h)respective
subsidiary.
Acquisition
costs
in excessof theLeasesLeasesWith
regardto leased
assetsunderfinanceleasesother
thoseassetsof ofacquiredsubsidiaries
andandaffiliates
andandcannotbe be With
assetsacquiredsubsidiaries
affiliates
cannotregardto leased
assetsunderfinanceleasesotherthanthanthosedeemedto transfer
ownershipof theleasedproperty
to theassigned
to tospecific
individual
accounts
areareamortizedon on
a a thatthat
assigned
specific
individual
accounts
amortized
arearedeemedto transfer
ownershipof theleasedproperty
to thestraight-line
basis
overoverfivefiveyears.
straight-line
basis
years.

lessee,lease
term
is deemed
to beusefullessee,the thelease
term
is deemed
to be
the theusefullife,life,
andandof theconsolidated
subsidiaries
depreciationis computedby thestraight-line
methodlease
December
31 31
is theyear-end
Decemberis theyear-endof theconsolidated
subsidiaries depreciationis computedby thestraight-line
methodoveroverthe thelease
andandthatthatof theconsolidated
financialstatements
for fiscal
2015
andand term
term
residualvalue.
Financeleasesother
thoseof theconsolidated
financialstatements
for fiscal
2015
withwithzerozero
residualvalue.
Financeleasesotherthanthanthosethatthatfiscal2016
fiscal2016

deemedto transfer
ownershipof theleasedproperty
to thearearedeemedto transfer
ownershipof theleasedproperty
to theincludedin theOneOneof ofthe theCompany’s
subsidiaries
is notlesseewhich
commenced
in fiscal
years
beginning
Company’s
subsidiaries
is notincludedin the lessee
andandwhich
commenced
in fiscal
years
beginningpriorprior
to toconsolidated
accounts
as theeffectof itson total
assets,January
1, 2009
continueto accounted
be accounted
forainway
a way
is similar
consolidated
accounts
as theeffectof inclusion
its inclusion
on total
assets, January
1, 2009
continue
to be
for inthatthat
is similar
sales,
incomeandandretainedearnings
would
have
been
immaterial.
sales,
incomeretainedearnings
would
have
been
immaterial.

to themethodusedfor operatingleases.
to themethodusedfor operatingleases.

TheTheCompanyhashasoneoneaffiliatedcompany(two(twoin fiscal
2015).
Company
affiliatedcompany
in fiscal
2015). (i) Allowance(i) Allowance
doubtfulreceivables
for fordoubtfulreceivables
ForForoneoneaffiliatedcompany,
the theequitymethodwaswasapplied.
affiliatedcompany,equitymethodapplied.

Company
its domestic
subsidiaries
providedoubtful
TheTheCompany
andandits domestic
subsidiaries
providefor fordoubtful(b) (b)Cashandandcash
equivalents
Cash
cash
equivalents

accounts
principallyat anamountcomputed
based
actualaccounts
principallyat anamountcomputed
based
on on
the theactualCashandandcash
equivalents
includecash
on hand,readily
availableof baddebts
in theestimateduncollectible
Cash
cash
equivalents
includecash
on hand,readily
available ratioratioof baddebts
in thepastpast
plusplus
the theestimateduncollectible
amountsof ofcertain
certainindividual
individualreceivables.
receivables.TheTheoverseas
overseasbankdeposits
andandshort-term
highlyliquidinvestments
thatthat
areare amounts
bankdeposits
short-term
highlyliquidinvestments
subsidiaries
providedoubtfulaccounts
based
estimates
readily
convertible
intointo
cash,
haveinsignificant
riskriskof change
in in subsidiaries
readily
convertible
cash,
have
insignificant
of change
providefor fordoubtfulaccounts
based
on on
estimates
madeby management.
value
andandhave
original
maturitiesof threemonthsor lessfrom
datedate made
value
have
original
maturitiesof threemonthsor lessfromby management.
of purchase.
of purchase.

(j) Accrued
bonusesto employees(j) Accrued
bonusesto employees(c) Securities(c) Securities

Accruedbonusesto employees
provided
expected
Accruedbonusesto employees
areareprovided
for forthe theexpected

Available-for-salesecurities
withwithavailable
fair fairmarketvaluesareare payment
payment
of employee
bonusesto those
employees
employed
Available-for-salesecurities
availablemarketvaluesof employee
bonusesto those
employees
employed
at atstatedat fair
marketvalue.
Unrealized
gains
andandlosseson on
theseof thefiscalyear.
statedat fair
marketvalue.
Unrealized
gains
lossesthese the theendendof thefiscalyear.
securities
arearereported,
net netof applicable
incometaxes,as asa a (k) Accrued
securities
reported,of applicable
incometaxes,(k) Accrued
bonuses
to directors
corporate
auditors
bonuses
to directors
andandcorporate
auditors
separatecomponentof netassets.
Realized
gains
andandlosseson on Some
Someconsolidated
subsidiaries
provideaccruedbonuses
separatecomponentof netassets.
Realized
gains
lossesconsolidated
subsidiaries
providefor foraccruedbonusesto to61

directors
directors
andandcorporate
corporate
auditors
auditors
for forthe theexpected
expected
payment
payment
of of andand
costs
were
recordedusing
the thecompletedcontract
method.
costs
wererecordedusing
completedcontract
method.
director
corporate
auditorbonusesto those
directors
director
andandcorporate
auditorbonusesto those
directors
andand (q) (q)Foreigncurrencytranslation
Foreigncurrencytranslation
corporate
auditors
serving
at theendendof thefiscalyear.
corporate
auditors
serving
at theof thefiscalyear.

Short-termlong-term
receivables
payablesin foreign
Short-term
andandlong-term
receivables
andandpayablesin foreign(l) Reservefor forproduct
warranty(l) Reserve
product
warranty

currencies
translated
Japanesebasedexchangecurrencies
arearetranslated
intointo
Japaneseyenyenbased
on on
exchange

TheThereservefor forproduct
warranty
is provided
for accrued
warranty
rates
at thebalancesheet
date.
reserveproduct
warranty
is provided
for accrued
warranty rates
at thebalancesheet
date.
expensesfor forproductsof theCompany
andandcertainsubsidiaries.
expenses
productsof theCompany
certainsubsidiaries.

Balancesheet
accounts
of consolidated
foreignsubsidiaries
Balancesheet
accounts
of consolidated
foreignsubsidiaries
areare

TheTheprovisionis basedon on
estimates
madefromactualpastpast translatedtranslated
Japaneseat thebalancesheet
date,
exceptprovisionis based
estimates
madefromactualintointo
Japaneseyenyenat thebalancesheet
date,
exceptfor forexperience
andandproduct
warranty
records
andandtakes
intointo
account
shareholders’equityaccounts,
whichtranslated
at historicalexperience
product
warranty
records
takes
account shareholders’equityaccounts,
whicharearetranslated
at historicalindividual
cases.
individual
cases.

rates.
Revenue
expenseaccounts
of consolidated
foreignrates.
Revenueandandexpenseaccounts
of consolidated
foreignsubsidiaries
translated
Japaneseat averageannualarearetranslated
intointo
Japaneseyenyenat averageannualProvision
for forlosslosson ondissolution
of ofthetheemployees’(m)(m)
Provision
dissolution
employees’ subsidiaries
pensionfund
pensionfund

exchange
rates.
Differences
arising
fromapplicationof theexchange
rates.
Differences
arisingfrom
the theapplicationof theAs As
it wasresolved
to adopt
Japanesegovernment
policyto carrystatedabove
abovearearepresented
presentedseparately
separatelyin inthe theit wasresolved
to adopt
Japanesegovernment
policyto carry processes
processesstatedout out
specialdissolutionof theemployees’
local
pensionfundfund(generalconsolidated
financialstatements
in “Foreign
currencytranslation
specialdissolutionof theemployees’
local
pension(general consolidated
financialstatements
in “Foreign
currencytranslation
type)
in in
which
the theCompany
andanda domestic
consolidated
adjustments”“Non-controlling
type)
which
Company
a domestic
consolidated adjustments”
interests”
in netassets.
andand“Non-controllinginterests”
in netassets.
subsidiary
arearemembers,
HORIBA
postedan estimatedlosslossthatthatwill will (r) Derivatives
subsidiary
members,
HORIBA
postedan estimated(r) Derivatives
arise
in relation
to thedissolution.
arise
in relation
to thedissolution.

Derivative
financial
instruments
statedvalue,
Derivative
financial
instruments
arearestatedat atfair fairvalue,
andand(n) Provision
for losson disaster(n) Provision
for losson disasterchangesin thevalue
recognized
as gains
or losses,
unlesschangesin thefair fairvalue
arearerecognized
as gains
or losses,
unlessrestoration
andandother
OutOutof ofthe theexpendituresneededfor forderivative
financial
instruments
usedfor hedging
purposes.
expendituresneededrestoration
other the thederivative
financial
instruments
areareused
for hedging
purposes.
arrangementof damaged
assetsfromfrom
the theearthquakes
occurredin in HORIBAHORIBAuses
foreigncurrency
exchange
contracts
to manage
arrangementof damaged
assetsearthquakes
occurreduses
foreigncurrency
exchange
contracts
to manage
riskrisk
Kumamoto
Prefecture,
the theestimated
lossloss
concerning
the theplannedexportingactivities.
Regardingderivative
relatedtoimporting
its importing
Kumamoto
Prefecture,
estimatedconcerning
planned related
to itsandandexportingactivities.
Regardingderivative
implementationin thenextnext
fiscalyearyearandandbeyondis accounted
for for transactions,transactions,addition
conducting
exchangeagreement
implementationin thefiscalbeyondis accounted
in in
addition
to toconducting
exchangeagreement
as provision
for losson disaster.
as provision
for losson disaster.

transactionswithin
withinthe thelimitlimitof ofthe thebalancebalanceof offoreignforeigntransactions

receivablesandandpayables,
payables,HORIBAHORIBAcurrency-denominatedreceivables(o) (o)Accounting
methods
associatedwithretirement
benefits
Accounting
methods
associatedwithretirement
benefits currency-denominatedretirementⅰ)ⅰ)
Period-based
methodfor forestimatedamountof ofconducts
forwardexchangeagreement
transactions
Period-based
methodestimatedamountretirement conducts
forwardexchangeagreement
transactions
for forthe thebenefits
benefits

receivables
payables,
expected
foreigncurrency-denominatedexpected
foreigncurrency-denominatedreceivables
andandpayables,In calculating
projected
which
would
generatedcertainty
scheduledexportbenefitobligations,the themethodto attribute
In calculating
projected
benefitobligations,
methodto attribute which
would
be be
generatedwithwithcertainty
by byscheduledexportor or
the theestimatedamountof retirement
benefits
to theperiodup to
HORIBAuses
derivative
financial
instruments,
such
importtrading.
estimatedamountof retirement
benefits
to theperiodupthe
to the importtrading.
HORIBAuses
derivative
financial
instruments,
suchendendof thecurrent
fiscalyearyearis basedon on
the thebenefitformulainterest
currency
swap
as interest
swap
contracts,of thecurrent
fiscalis based
benefitformula as interest
raterate
swap
contracts,
andandinterest
raterate
andandcurrency
swap
method.
method.

contracts
to avoidrisks
of fluctuationsin interest
rates
foreigncontracts
to avoidrisks
of fluctuationsin interest
rates
andandforeign

Contracts
enteredcontrolled
by theexchange
rates.
ⅱ) ⅱ)
Recordingof expenses
for actuarial
differences
andandpriorpriorservice
Recordingof expenses
for actuarial
differences
service exchange
rates.
Contracts
areareenteredintointo
andandcontrolled
by thecosts
costs

director.
financedepartment,
department,which
whichreports
reportsresults
resultsto tothe thedirector.
finance

Actuarialdifferences
arearerecognized
in inexpensesfromTransactions
involving
derivative
contracts
limitedto highly
rated
the the Transactions
Actuarialdifferences
recognized
expensesfrominvolving
derivative
contracts
arearelimitedto highly
rated
respectively
occurring
subsequentfiscalyear,
using
the thestraight-line
banking
institutions,
HORIBA
considers
there
respectively
occurring
subsequentfiscalyear,
using
straight-line banking
institutions,andandHORIBA
considers
thatthat
there
areareno nomethodoverovera fixedtermof years(5 to(58toyears),
which
is within
the the materialmaterial
creditrisks
associatedthem.
methoda fixedtermof years
8 years),which
is withincreditrisks
associatedwithwiththem.
averageof theestimatedremaining
serviceyears
of employees,
at at (s) Hedge
averageof theestimatedremaining
serviceyears
of employees,(s) Hedge
accounting
accounting
the thetimetimeof occurrenceof eachfiscalyear.
of occurrenceof eachfiscalyear.

Hedge
accounting
methodⅰ) ⅰ)
Hedge
accounting
methodservicecosts
arearerecognized
in inexpensesusing
the the DeferredDeferredhedgeaccounting
is applied.
㻌 However,exceptional
Prior
Prior
service
costs
recognized
expenses
using
hedge
accounting
is applied.
㻌 However,exceptional
accounting
treatment
is applied
to certain
interest
straight-line
methodoverovera fixedtermtermof years(10(10years),
which
is is accounting
currency
straight-line
methoda fixedof years
years),
which
treatment
is applied
to certain
interest
raterate
andandcurrency
withinthe theaverageof theestimatedremaining
serviceyears
of of swap
swap
contracts
which
conformto therequirements
of integral
withinaverageof theestimatedremaining
serviceyears
contracts
which
conformto therequirements
of integral
employees,commencing
in theperiodtheytheyarise.
employees,commencing
in theperiodarise.

accounting
rules.
accounting
rules.

(p) (p)Sales
andandcosts
of completed
construction
Sales
costs
of completed
construction

Hedging
instruments
hedgeditemsⅱ) ⅱ)
Hedging
instruments
andandhedgeditems

the the Hedging
Hedging
instruments:
Forwardforeignexchange
contracts,
Sales
andandcosts
of completed
construction
wererecorded
using
Sales
costs
of completed
construction
wererecorded
using
instruments:
Forwardforeignexchange
contracts,
etc.,etc.,
percentage
of ofcompletion
methodwhen
the theprogressof ofthe the andandcurrency
swap
contracts
interest
percentage
completion
methodwhen
progressinterest
raterate
andandcurrency
swap
contracts
construction
up up
to theendendof theyearyear
waswasdeemedto becertain
Hedgeditems:
Foreigncurrency-denominatedforecasttransactions
construction
to theof thedeemedto becertain Hedged
items:
Foreigncurrency-denominatedforecasttransactions
foreigncurrency-denominatedloans
payable(estimatesof theratioratioof completionof construction
work
arearebased(estimatesof theof completionof construction
work
based andandforeigncurrency-denominatedloans
payableon thecost-to-cost
method).
In thecaseof otherconstruction,sales
on thecost-to-cost
method).
In thecaseof otherconstruction,
sales

Hedging
policyⅲ) ⅲ)
Hedging
policyHORIBA Report 2016 | 62

Financial data

Forward
Forwardforeign
foreignexchangeexchangetransactionstransactions
areareused
used
to avoid
to avoid
foreign
foreign respective
fiscalyear,
including
dividends
to beafterafter
thetheendendof ofrespective
fiscalyear,
including
dividends
to paidbe paidcurrency
risks,
interest
currency
swaps
usedcurrency
risks,
andandinterest
raterate
andandcurrency
swaps
areareused
to to thethe
period.
period.
avoidof risinginterest
rates
foreigncurrency
risks,
avoid
thetheriskriskof risinginterest
rates
andandforeigncurrency
risks,
basedon theCompany’s
Administrative
Rules.
basedon theCompany’s
Administrative
Rules.

3. Accounting
standards
issuedeffective
3. Accounting
standards
issuedbutbutnotnotyetyeteffectiveⅳ) ⅳ)
Assessmentof hedge
effectiveness
Assessmentof hedge
effectiveness“Guidance
Recoverability
Deferred
Assets”
㻌 (ASBJ“Guidance
on on
Recoverability
of ofDeferred
TaxTaxAssets”
㻌 (ASBJ

TheTheeffectivenessof ofhedgesis assessed
by bycomparingthethe Guidanceissuedon March2016)
effectivenesshedgesis assessedcomparing
Guidance
No.No.
26,26,
issuedon March
28,28,
2016)
Overview
cumulativechangesin cashflows
of both
hedging
instruments
andand ⅰ) ⅰ)
cumulativechangesin cashflows
of both
hedging
instruments
Overview
corresponding
However,practical
guidance
accounting
standards
auditing
correspondinghedged
hedgeditems.
items.
However,an anassessment
assessmentof of TheThepractical
guidanceon on
accounting
standards
andandauditing
effectivenessis notconducted
whenthethesignificant
conditionsof of standards
standards(whereis related
to theaccounting
treatment)
effectivenessis notconducted
whensignificant
conditions(whereit isitrelated
to theaccounting
treatment)
for fortax tax
bothbothhedging
instruments
andandcorresponding
hedgeditems
arearethe the effecteffectaccounting,issuedJapanese
Instituteof Certified
hedging
instruments
corresponding
hedgeditems
accounting,issuedby bythetheJapanese
Instituteof Certified
same.
same.

PublicAccountants(JICPA),to transferredbe transferredto thecompetence
PublicAccountants(JICPA),is toisbe
to thecompetence(t) Researchandanddevelopment
expenses(t) Researchdevelopment
expensesof theAccountingStandards
Boardof Japan(ASBJ).
sakeof theAccountingStandards
Boardof Japan(ASBJ).
ForForthethesake

Researchandanddevelopment
expenses
arearechargedto incomewhenof thetransfer,“Implementation
Guidance
Recoverability
Researchdevelopment
expenseschargedto incomewhen of thesaidsaidtransfer,“Implementation
Guidance
on on
Recoverabilityof ofincurred.
Researchandanddevelopment
expenseschargedto incomeDeferred
Assets(Implementation
Guidance)”
been
issuedincurred.
Researchdevelopment
expenseschargedto income Deferred
TaxTaxAssets(Implementation
Guidance)”hashasbeen
issuedfor forfiscal2015
andandfiscal2016
were¥12,341
millionandand¥12,933
by ASBJ,
based,
in principle,
frameworkusedin the"Auditfiscal2015
fiscal2016
were¥12,341
million¥12,933 by ASBJ,
based,
in principle,
on onthetheframeworkusedin the"Auditmillion($111,022
thousand),
respectively.
million($111,022
thousand),
respectively.

Treatmentof Judgments
Regardto Recoverabilityof Deferred
Treatmentof Judgments
withwith
Regardto Recoverabilityof Deferred(u) (u)Incometaxes
Incometaxes

Assets",where
recoverability
is assessedin accordance
TaxTaxAssets",wherethetherecoverability
is assessedin accordance

Incometaxes
comprisecorporate
tax,tax,
enterprise
tax tax
andandprefectural
categories
a corporate
entity.
Implementation
Incometaxes
comprisecorporate
enterprise
prefectural withwith
thethefivefivecategories
of aofcorporate
entity.
TheTheImplementation
andandmunicipal
inhabitanttaxes.
municipal
inhabitanttaxes.

Guidance
madecertainnecessarychangesin thecriteria
these
Guidance
madecertainnecessarychangesin thecriteria
for forthese

HORIBA
recognizes
thethetax tax
effectsof loss
categories
in thetreatmentof theamountof deferredcarryforwards
andandthethe categories
HORIBA
recognizes
effectsof loss
carryforwards
andandalsoalso
in thetreatmentof theamountof deferred
tax tax
assets.
Implementation
Guidance
therebyprovidestemporarydifferences
betweenthe thecarrying
amountsof assets
andand assets.
temporarydifferences
betweencarrying
amountsof assets
TheTheImplementation
Guidance
therebyprovidesthetheguidelines
in applying“AccountingStandards
Effectliabilities
for fortax tax
andandfinancialreporting.
TheTheprovision
for forcurrent
liabilities
financialreporting.
provision
current guidelines
in applying
thethe“AccountingStandards
for for
TaxTaxEffectAccounting,”
Business
Accounting
Council,in view
incometax tax
is computed
basedon thepretaxincomeincludedin theincomeis computed
basedon thepretaxincomeincludedin the Accounting,”
by bythetheBusiness
Accounting
Council,in view
of ofconsolidated
statements
of income.
consolidated
statements
of income.

recoverabilityof deferredassets.
recoverabilityof deferred
tax tax
assets.

approachis usedto recognize
deferredtax tax (The(The
requirementsof classification
changesin thetreatment
TheTheasset/liability
asset/liability
approachis usedto recognize
deferred
requirementsof classification
andandthethechangesin thetreatment
assetsandandliabilities
for forthetheexpected
futuretax tax
consequences
of of of theof theamountof deferredassets)assetsliabilities
expected
futureconsequences
amountof deferred
tax tax
assets)temporarydifferences
betweenthe thecarrying
amountsof assets
andand (1) (1)Treatment
companies
temporarydifferences
betweencarrying
amountsof assets
Treatmentof ofcompanies
thatthat
do donotnotfulfillfulfill
anyanyof ofthetheliabilities
for forfinancialreportingpurposesandandthetheamounts
used
for for requirements
requirements
for classification
from
Category
to Category
liabilities
financialreportingpurposes
amounts
usedfor classification
from
Category
1 to1Category
5. 5.
incometax tax
purposes.
incomepurposes.

(2) Requirements
for classification
as Category
2 andCategory(2) Requirements
for classification
as Category
2 andCategory
3 3

have
Treatmentof deductible
temporarydifferences
cannot
TheTheCompany
andandits consolidated
domestic
subsidiaries
Company
its consolidated
domestic
subsidiaries
have (3) (3)Treatmentof deductible
temporarydifferences
thatthatcannotbe be
adoptedthetheconsolidated
taxation
system.
adoptedconsolidated
taxation
system.

scheduled
for companies
applicable
to Categoryscheduled
for companies
applicable
to Category
2 2(v) Per
share
information(v) Per
share
information

Treatment
reasonably
estimable
periods
temporary(4) (4)Treatmentof ofreasonably
estimable
periods
of oftemporary

TheThecomputationsof netincomeperpershare
arearebased
on on
thethe differences
taxableincomecompanies
differencesin future
pre-adjusted
computationsof netincomeshare
based
in future
pre-adjusted
taxableincomefor forcompanies
weighted
averagenumberof sharesof commonstock
outstanding
applicable
to Category
weighted
averagenumberof sharesof commonstock
outstanding applicable
to Category
3 3duringeach
period.
TheTheweighted
averagenumberof sharesof of (5) (5)Treatmentin cases
where
a company
fulfilling
requirements
duringeach
period.
weighted
averagenumberof shares
Treatmentin cases
where
a company
fulfilling
thetherequirements
commonstock
usedin thecomputation
for forfiscal2015
andandfiscalor Categoryof Category
is alsoapplicable
to Categorycommonstock
usedin thecomputation
fiscal2015
fiscal of Category
4 is4also
applicable
to Category
2 or2Category
3 32016
waswas42,136thousandandand42,121
thousand,
respectively.
Dateof application2016
42,136thousand
42,121
thousand,
respectively. ⅱ) ⅱ)
Dateof application
Dilutednetnetincomeperpershareof commonstock
assumesfull full It isItplannedis planned
to applythesestandards
fromof thefiscalDilutedincomeshareof commonstock
assumes
to applythesestandards
fromthethestartstartof thefiscalyearyearconversionof dilutive
convertiblebonds
at thebeginningof theyearyear ending
endingDecember
2017.
conversionof dilutive
convertiblebonds
at thebeginningof theDecember
31,31,
2017.
Effectof applying
theseaccounting
standards
or atlaterlater
datedateof issuance,
withwith
an anapplicableadjustment
for for ⅲ) ⅲ)
or theat theof issuance,
applicableadjustment
Effectof applying
theseaccounting
standards
HORIBAcurrently
evaluating
effectapplying
these
relatedinterest
expense,netnetof taxandanddilutive
stock
optionplans.
relatedinterest
expense,of taxdilutive
stock
optionplans. HORIBA
is iscurrently
evaluating
thetheeffectof ofapplying
these
TheTheweighted
averagenumberof shares
usedin thecomputation
standards
onconsolidated
its consolidated
financialstatements.
accounting
weighted
averagenumberof shares
usedin thecomputation accounting
standards
on itsfinancialstatements.
for forfiscal2015
andandfiscal2016
waswas42,326thousandandand42,308fiscal2015
fiscal2016
42,326thousand
42,308thousand,
respectively.
thousand,
respectively.
Cashdividends
perpershare
shown
in theconsolidated
statements
Cashdividends
share
shown
in theconsolidated
statements
of incomerepresent
actualamounts
applicableto earnings
in theof incomerepresent
actualamounts
applicableto earnings
in the63

4. Financial instruments(1) Overview of financial instruments
Management policy
HORIBA carries out fund management with an emphasis on security and procures funds mainly through bank borrowings and bondissuances. Derivatives are used to manage foreign exchange fluctuation risk and interest rate fluctuation risk, and it is HORIBA's
policy not to engage in speculative transactions.
Financial instruments, risks and risk management
Trade notes and accounts receivable, which are operating receivables, are exposed to the credit risk of customers. HORIBA
endeavors to reduce this risk by conducting due date control and balance control and by attempting to promptly recognize
collection concerns stemming from such factors as a deterioration in the financial condition of a customer.
Most trade notes and accounts payable, which are operating payables, have payment due dates within one year.
Some operating receivables and payables are denominated in foreign currencies and are exposed to foreign exchange fluctuation
risk. However, HORIBA endeavors to reduce this risk by offsetting foreign currency denominated operating receivables andpayables and by using forward exchange contracts, etc.
Marketable securities are mainly short-term investments with high liquidity such as negotiable deposits. Investment securities
are mainly shares of companies that have a business relationships with HORIBA and are exposed to market value fluctuation risk.
However, when acquiring or selling shares of a certain value, the Board of Directors considers the details of the transactions and
HORIBA endeavors to reduce any risk by ensuring that the market value information regarding the shares is reported to the
management team in a timely manner.
Short-term loans are mainly for financing related to operating transactions, while long-term loans and corporate bonds aremainly for financing related to plant and equipment and working capital.
Trade liabilities and loans are exposed to liquidity risk, but HORIBA endeavors to reduce this risk by using methods such as the
preparation of cash flow plans.
Regarding derivative transactions, in addition to conducting exchange agreement transactions within the limit of the balance of
foreign currency-denominated receivables and payables, HORIBA conducts forward exchange agreement transactions for the
expected foreign currency-denominated receivables and payables, which would be generated with certainty by scheduled export orimport trading. HORIBA uses derivative financial instruments, such as interest rate swap contracts and, interest rate and currency
swap contracts to avoid risks of fluctuations in interest rates and foreign exchange rates, within the outstanding amount ofborrowings. HORIBA's policy is not to engage in speculative transactions.
Supplementary explanation of the estimated fair value of financial instruments
The market value of financial instruments includes values based on market prices and amounts rationally calculated when there
are no market prices available. As HORIBA incorporates variable factors when making these calculations, the amounts may change
due to the adoption of different assumptions. With regard to contract amounts related to derivative transactions in the Notes toConsolidated Financial Statements item "Derivative transactions," the amounts do not indicate the market risk associated with
derivative transactions themselves.
(2) Fair value of financial instruments
The book value and fair value of financial instruments and any difference between the two as of December 31, 2015 and December
31, 2016 are set forth in the table below. Financial instruments whose fair value was extremely difficult to estimate are not included(See Note 2). Cash and cash equivalents of \5,515 million and \977 million ($8,386 thousand) for the fiscal years ended December 31,
2015 and December 31, 2016 are included in (3) Marketable securities and investment securities.
Millions of yen
12/2015
Book value Fair value
Assets:(1) Cash and time deposits....................................................... ¥43,922(2) Trade notes and accounts receivable...........................
50,128(3) Marketable securities and investment securities
Available-for-sale securities.....................................
14,965
Total............................................................................................ ¥109,016

Millions of yen
12/2016
DifferenceBook value Fair value

Difference¥43,92250,128-¥52,272
53,724¥52,272
53,724-

14,965¥109,016-

9,438¥115,436

9,438¥115,436-

Liabilities:(1) Trade notes and accounts payable.................................
(2) Short-term loans and current portion of
long-term loans......................................................................
(3) Accounts payable - other..................................................
(4) Accrued income taxes.........................................................
(5) Bonds..........................................................................................
(6) Long-term loans.....................................................................
Total............................................................................................

¥17,675¥17,675-¥20,013¥20,013-

12,87914,7593,796
15,00016,826¥80,936

12,87914,7593,796
15,21916,823¥81,153

¥219
(3)
¥216

12,463
14,041
1,838
15,00019,255¥82,612

12,463
14,041
1,838
15,214
19,419¥82,991

¥214
163
¥378

Derivative transactions(1) Hedge accounting not applied...........................................
(2) Hedge accounting applied...................................................
Total............................................................................................

¥144
(0)
¥144

¥144
(0)
¥144

-

(¥14)
(¥14)

(¥14)
(¥14)

-

HORIBA Report 2016 | 64

Financial data

Thousands of U.S. dollars
12/2016
Book value

Fair value

Difference

Assets:(1) Cash and time deposits..................................................................................................................................
(2) Trade notes and accounts receivable......................................................................................................
(3) Marketable securities and investment securities
Available-for-sale securities.............................................................................................................
Total....................................................................................................................................................................

$448,725
461,189$448,725
461,189-

81,019$990,952

81,019$990,952-

Liabilities:(1) Trade notes and accounts payable...........................................................................................................
(2) Short-term loans and current portion of long-term loans..............................................................
(3) Accounts payable - other.............................................................................................................................
(4) Accrued income taxes....................................................................................................................................
(5) Bonds.....................................................................................................................................................................
(6) Long-term loans................................................................................................................................................
Total....................................................................................................................................................................

$171,800
106,987
120,533
15,778
128,766
165,293$709,176$171,800
106,987
120,533
15,778130,603
166,701$712,430$1,837
1,399$3,244

Derivative transactions(1) Hedge accounting not applied......................................................................................................................
(2) Hedge accounting applied..............................................................................................................................
Total....................................................................................................................................................................

($120)($120)($120)($120)-

Note 1. Method for calculating the fair value of financial instruments and notes regarding securities and derivative transactions.
Assets(1) Cash and time deposits and (2) Trade notes and accounts receivable
As these are settled in the short term, market value approximates book value and is, therefore, based on the applicable bookvalue.
(3) Marketable securities and investment securities
Market value for these is based on prices on securities exchanges in the case of shares, etc. For bonds, market value is basedon prices on securities exchanges or prices indicated by corresponding financial institutions. For marketable securities
classified by the purpose for which they are held, see Note 5.
Liabilities(1) Trade notes and accounts payable, (2) Short-term loans and current portion of long-term loans, (3) Accounts payable - otherand (4) Accrued income taxes
As these are settled in the short term, market value approximates book value and is, therefore, based on the applicable bookvalue.
(5) Bonds
Market value for bonds issued by HORIBA is calculated based on market prices.
(6) Long-term loans
Borrowings based on variable interest rates reflect market interest rates, and as the creditworthiness of HORIBA has notchanged significantly since execution, market value is considered to be approximate book value and is, therefore, based on
applicable book value. The value of borrowings with fixed interest rates is based on the total amount of principal and interest
discounted at an interest rate of a similar new loan.
Derivative transactions
See Note 14 for derivative transactions.
Net receivables (payables) derived from derivative transactions are displayed in the table above. Total net payables are shownin parenthesis.
Note 2. The following table summarizes financial instruments whose fair value was extremely difficult to estimate.

Non-listed equity securities..............................................................................................................
Investments in nonconsolidated subsidiaries and affiliates..................................................

Millions of yen
12/2015
12/2016
¥227
¥212
69
46

Thousands of
U.S. dollars
12/2016$1,819394

The above financial instruments were not included in "(3) Marketable securities and investment securities" because they did
not have market values and the fair value was extremely difficult to estimate.

65Note 3. Repayment schedule of monetary claims, available-for-sales securities with maturities and bonds held to maturity.
Millions of yen
12/2015Over one year Over five years
Within one
but within five
but within ten Over ten years
year
years
years
Cash and time deposits.........................................................................
¥43,922
Trade notes and accounts receivable..............................................
50,128Marketable securities and investment securities
Available-for-sale securities with maturities
10(1) Governmental/municipal bonds............................................
901¥100(2) Corporate bonds.........................................................................
499(3) Other bonds..................................................................................
(4) Other...............................................................................................
500
25
Total...............................................................................................................
¥95,963¥126-

Cash and time deposits.........................................................................
Trade notes and accounts receivable..............................................
Marketable securities and investment securities
Available-for-sale securities with maturities(1) Governmental/municipal bonds............................................
(2) Corporate bonds.........................................................................
(3) Other bonds..................................................................................
(4) Other...............................................................................................
Total...............................................................................................................

Millions of yen
12/2016
Over one year Over five years
Within one
but within ten Over ten years
but within five
year
years
years
¥52,272
53,724-200
620¥106,818

Within one
year
Cash and time deposits.........................................................................
Trade notes and accounts receivable..............................................
Marketable securities and investment securities
Available-for-sale securities with maturities(1) Governmental/municipal bonds............................................
(2) Corporate bonds.........................................................................
(3) Other bonds..................................................................................
(4) Other...............................................................................................
Total...............................................................................................................

$448,725
461,189

1,716
5,322
$916,971

¥20
¥20

-

-

Thousands of U.S. dollars
12/2016
Over one year Over five years
but within five
but within ten Over ten years
years
years
-

$171
$171

-

-

Note 4. Repayment schedule of short-term loans, bonds and long-term debt
See Note 8 for short-term loans and long-term debt.

HORIBA Report 2016 | 66

Financial data

5. Securities
The following table summarizes acquisition costs and book values (fair values) of available-for-sale securities as ofDecember 31, 2015 and December 31, 2016.
Millions of yen
12/2015
Acquisition
Book value
Difference
costMillions of yen
12/2016
Acquisition
Book value
Difference
cost

Securities with book values
exceeding acquisition costs:
Equity securities...............................
Governmental/municipal bonds.
Corporate bonds...............................
Other bonds.......................................
Other.....................................................
Subtotal................................................

¥7,869
10
201
500
8,580

¥4,076
10
200
500
4,786

¥3,7920
1
0
3,793¥8,237100
8,337¥4,091
100
4,191¥4,1450
4,145

Securities with book values notexceeding acquisition costs:
Equity securities...............................
Governmental/municipal bonds.
Corporate bonds...............................
Other bonds.......................................
Other.....................................................
Subtotal................................................

61
801
499
5,022
6,384

65
802
500
5,022
6,389

(3)
(0)
(0)
(0)
(4)

36
100
964
1,101

41
100
964
1,106

(4)
(0)
(0)
(4)

Total...................................................................

¥14,965¥11,175¥3,789¥9,438¥5,298¥4,140Thousands of U.S. dollars
12/2016
Acquisition
DifferenceBook value
cost
Securities with book values
exceeding acquisition costs:
Equity securities..................................................................................................................
Governmental/municipal bonds.....................................................................................
Corporate bonds..................................................................................................................
Other bonds...........................................................................................................................
Other........................................................................................................................................
Subtotal...................................................................................................................................

$70,709858
71,568$35,118858
35,977$35,582
035,582

Securities with book values notexceeding acquisition costs:
Equity securities..................................................................................................................
Governmental/municipal bonds.....................................................................................
Corporate bonds..................................................................................................................
Other bonds...........................................................................................................................
Other........................................................................................................................................
Subtotal...................................................................................................................................

309
858
8,275
9,451

351
858
8,275
9,494

(34)
(0)
(0)
(34)

Total......................................................................................................................................................

$81,019$45,480$35,539

Note. Non-listed equity securities, etc., of \227 million and \212 million ($1,819 thousand) for the fiscal years ended
December 31, 2015 and December 31, 2016, respectively, are not included in the above table because they did
not have market values and the fair value was extremely difficult to estimate.
The following table summarizes available-for-sale securities sold for the fiscal year ended December 31, 2015 andDecember 31, 2016.
Thousands ofMillions of yen
U.S. dollars
12/2015
12/2016
12/2016¥81¥2$17
Total sales of available-for-sale securities..........................................................................
Related gains.....................................................................................................................................
4400Impairment loss on marketable securities
HORIBA recognized an impairment loss of \68 million ($583 thousand) in fiscal 2016 on non-listed equity securities
categorized as available-for-sale securities. When applying impairment accounting, if the market value at the end of
the term has fallen by more than 50% from the acquisition price, an impairment loss is applied to the entire amount. If
the market value has fallen by approximately 30% to 50%, an impairment loss is applied to the amount recognized asnecessary after considering the possibility of recovery, etc.

67

6. Inventories
Inventories at December 31, 2015 and December 31, 2016 consisted of the following:
Millions of yen
12/2015
12/2016
Merchandise and finished goods......................................................................................
¥15,696¥15,118
13,707
14,543Work-in-process.....................................................................................................................
Raw materials and supplies................................................................................................
10,786
10,626
Total................................................................................................................................
¥40,190¥40,289

Thousands of
U.S. dollars
12/2016$129,779
124,843
91,218$345,858

7. Trade notes receivable maturing on December 31, 2015 and December 31, 2016, which werebank holidays
December 31, 2015 and December 31, 2016, the end of the period, were bank holidays. Trade notes receivable maturingon those dates were settled on the following business day. Therefore, notes in the amount of \332 million were includedin the ending balance at December 31, 2015 and notes in the amount of \427 million ($3,665 thousand) were included in
the ending balance at December 31, 2016.

8. Short-term loans and long-term debt
Short-term loans are generally represented by bank notes with annual interest rates ranging from 0.57% to 17.02% and0.45% to 15.77% at December 31, 2015 and December 31, 2016, respectively.
Long-term debt at December 31, 2015 and December 31, 2016 consisted of the following:
Millions of yen
12/2015
12/20160.609% unsecured bonds due in 2020............................................................................. ¥15,000¥15,000
Loans from banks due serially from 2017 to 2026
at rates from 0.09% to 12.25% per annum........................................................
17,48020,269522
434
Lease obligations at 4.68% maturing serially through 2022...................................
Total................................................................................................................................
33,00235,703Current portion........................................................................................................................
Long-term debt, less current portion............................................................................

(848)¥32,153(1,158)¥34,545

Thousands of
U.S. dollars
12/2016$128,766
173,997
3,725
306,489(9,940)$296,549

The aggregate annual maturities of long-term debt outstanding at December 31, 2016 were as follows:Year ending December 31
Millions of yen
2017...........................................................................................................................................................
¥1,1582018...........................................................................................................................................................
696
2019...........................................................................................................................................................
1,612
2020...........................................................................................................................................................
15,5322021...........................................................................................................................................................
421
Thereafter...............................................................................................................................................
16,281
Total................................................................................................................................................ ¥35,703

Thousands of
U.S. dollars$9,9405,974
13,838133,333
3,614
139,763$306,489

As of December 31, 2016, the Company and its 8 subsidiaries had entered into agreements for bank overdrafts orloan commitments with 9 banks as follows:
Thousands ofMillions of yen
U.S. dollars
The maximum aggregate principal.............................................................................................................
¥16,745$143,746833
7,150
Amount utilized..................................................................................................................................................
Balance available..............................................................................................................................................
¥15,912$136,595
As of December 31, 2016, assets were pledged as collateral for short-term loans and current portion of long-term
debt of \142 million ($1,218 thousand) and long-term debt of \55 million ($472 thousand) as follows:
Thousands ofMillions of yen
U.S. dollars
Cash and time deposits.................................................................................................................................
¥500$4,292120
1,030
Land........................................................................................................................................................................
Machinery, equipment and vehicles..........................................................................................................
429
3,682
Total.......................................................................................................................................................................
¥1,050$9,013

HORIBA Report 2016 | 68

Financial data

9. Employees' severance and pension benefits(1) Outline of adopted retirement pension fund
The Company and domestic consolidated subsidiaries have adopted a funded defined benefit pension plan (cash balance plan) anda defined contribution pension plan. Certain overseas consolidated subsidiaries have adopted funded and unfunded defined benefit
plans and a defined contribution plan.
The Company and a domestic consolidated subsidiary have been members of the Kyoto Machinery and Metal Employees' Pension Fund(general type). As it is not possible to reasonably calculate the amount of pension assets corresponding to the company's own
contributions, accounting procedures are the same as for defined contribution plans.
(2) Defined benefits plan(a) The changes in projected benefit obligation for the years ended December 31, 2015 and December 31, 2016 were as follows:
Thousands of
U.S. dollars
Millions of yen
12/2015
12/2016
12/2016
Balance at beginning of year.......................................................................................................................................
¥8,449¥8,868$76,126
Cumulative effects of changes in accounting policies.................................................................................
139
Restated balance..............................................................................................................................................................
8,589
8,868
76,126
Service cost...................................................................................................................................................................
561
614
5,270
Interest expense on projected benefit obligation...........................................................................................
127
132
1,133
(27)
518
4,446
Actuarial differences...................................................................................................................................................
Benefits paid..................................................................................................................................................................
(245)
(294)
(2,523)
Other.................................................................................................................................................................................
(137)
(227)
(1,948)
Balance at end of year...................................................................................................................................................
¥8,868¥9,612$82,513(b) The changes in pension assets for the years ended December 31, 2015 and December 31, 2016 were as follows:

Balance at beginning of year.......................................................................................................................................
Expected return on pension assets.....................................................................................................................
Actuarial differences...................................................................................................................................................
Contributions from the employer..........................................................................................................................
Benefits paid..................................................................................................................................................................
Other.................................................................................................................................................................................
Balance at end of year...................................................................................................................................................

Millions of yen
12/2015
12/2016¥6,187¥6,920
169
197
14
(91)
798
709
(241)
(238)
(8)
(75)
¥6,920¥7,420Thousands of
U.S. dollars
12/2016$59,404
1,691
(781)
6,086
(2,043)(643)$63,696(c) Reconciliation between the net defined benefit liability and the net defined benefit asset posted in the consolidated balance sheets,
and the balances of projected benefit obligation and pension assets for the years ended December 31, 2015 and December 31, 2016
were as follows:
Thousands of
U.S. dollars
Millions of yen
12/2015
12/2016
12/2016
Funded projected benefit obligation.........................................................................................................................
¥7,640¥8,286$71,130
Pension assets..................................................................................................................................................................
(6,920)(7,420)(63,696)
720
865
7,425
Unfunded projected benefit obligation.....................................................................................................................
1,227
1,326
11,382Net liability for retirement benefits in the consolidated balance sheets..................................................
1,947
2,191
18,808Net defined benefit liability...........................................................................................................................................
Net liability for retirement benefits in the consolidated balance sheets..................................................

1,947¥1,947

2,191¥2,19118,808$18,808(d) The components of retirement benefits expense for the years ended December 31, 2015 and December 31, 2016 were as follows:
Thousands of
U.S. dollars
Millions of yen
12/2015
12/2016
12/2016
Service cost........................................................................................................................................................................
¥561
¥614
$5,270Interest expense on projected benefit obligation...............................................................................................
127
132
1,133
Expected return on pension assets..........................................................................................................................
(169)
(197)
(1,691)(7)
102
875
Amortization of actuarial differences.......................................................................................................................
¥511
¥652
$5,597Retirement benefits expense.......................................................................................................................................
(e) The components of remeasurements of defined benefit plans (before tax effect) in the consolidated statements of comprehensive income
for the years ended December 31, 2015 and December 31, 2016 were as follows:
Thousands of
U.S. dollars
Millions of yen
12/2015
12/2016
12/2016
Actuarial differences.......................................................................................................................................................
¥26(¥450)($3,862)
Total.......................................................................................................................................................................................
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㻝㻡㻚㻣
㻝㻣㻚㻞
㻻㼠㼔㼑㼞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻝㻢㻚㻟
㻝㻡㻚㻥
㼀㼛㼠㼍㼘㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻜㻜㻚㻜㻑
㻝㻜㻜㻚㻜㻑
㻺㼛㼠㼑㻚㻌㻹㼡㼠㼡㼍㼘㻌㼒㼡㼚㼐㼟㻌㼜㼞㼕㼙㼍㼞㼕㼘㼥㻌㼕㼚㼢㼑㼟㼠㻌㼕㼚㻌㼐㼑㼎㼠㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㼟㻚ⅱ)㻌㻹㼑㼠㼔㼛㼐㻌㼛㼒㻌㼐㼑㼠㼑㼞㼙㼕㼚㼕㼚㼓㻌㼠㼔㼑㻌㼑㼤㼜㼑㼏㼠㼑㼐㻌㼞㼍㼠㼑㻌㼛㼒㻌㼞㼑㼠㼡㼞㼚㻌㼛㼚㻌㼜㼑㼚㼟㼕㼛㼚㻌㼍㼟㼟㼑㼠㼟㼀㼔㼑 㼑㼤㼜㼑㼏㼠㼑㼐 㼞㼍㼠㼑 㼛㼒 㼞㼑㼠㼡㼞㼚 㼛㼚 㼜㼑㼚㼟㼕㼛㼚 㼍㼟㼟㼑㼠㼟 㼕㼟 㼐㼑㼠㼑㼞㼙㼕㼚㼑㼐 㼏㼛㼚㼟㼕㼐㼑㼞㼕㼚㼓 㼠㼔㼑 㼏㼡㼞㼞㼑㼚㼠 㼍㼚㼐 㼍㼚㼠㼕㼏㼕㼜㼍㼠㼑㼐 㼒㼡㼠㼡㼞㼑 㼜㼛㼞㼠㼒㼛㼘㼕㼛 㼛㼒 㼜㼑㼚㼟㼕㼛㼚 㼍㼟㼟㼑㼠㼟㼍㼚㼐㻘㻌㼠㼔㼑㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼞㼍㼠㼑㼟㻌㼛㼒㻌㼞㼑㼠㼡㼞㼚㻌㼣㼔㼕㼏㼔㻌㼍㼞㼑㻌㼑㼤㼜㼑㼏㼠㼑㼐㻌㼏㼡㼞㼞㼑㼚㼠㼘㼥㻌㼍㼚㼐㻌㼕㼚㻌㼠㼔㼑㻌㼒㼡㼠㼡㼞㼑㻌㼒㼞㼛㼙㻌㼠㼔㼑㻌㼢㼍㼞㼕㼛㼡㼟㻌㼏㼛㼙㼜㼛㼚㼑㼚㼠㼟㻌㼛㼒㻌㼠㼔㼑㻌㼜㼑㼚㼟㼕㼛㼚㻌㼍㼟㼟㼑㼠㼟㻚㻔㼔㻕㻌㻭㼟㼟㼡㼙㼜㼠㼕㼛㼚㼟㻌㼡㼟㼑㼐㻌㼒㼛㼞㻌㼠㼔㼑㻌㼥㼑㼍㼞㼟㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻢㻌㼣㼑㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻢
㻰㼕㼟㼏㼛㼡㼚㼠㻌㼞㼍㼠㼑㻌㻔㼙㼍㼕㼚㼘㼥㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻝㻚㻜㻙㻝㻚㻞㻑
㻜㻚㻢㻙㻜㻚㻤㻑
㻱㼤㼜㼑㼏㼠㼑㼐㻌㼞㼍㼠㼑㻌㼛㼒㻌㼞㼑㼠㼡㼞㼚㻌㼛㼚㻌㼜㼑㼚㼟㼕㼛㼚㻌㼍㼟㼟㼑㼠㼟㻌㻔㼙㼍㼕㼚㼘㼥㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻞㻚㻡㻑
㻞㻚㻡㻑
㻱㼤㼜㼑㼏㼠㼑㼐㻌㼞㼍㼠㼑㻌㼛㼒㻌㼟㼍㼘㼍㼞㼥㻌㼞㼍㼕㼟㼑㼟㻌㻔㼙㼍㼕㼚㼘㼥㻕㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻟㻚㻥㻙㻠㻚㻜㻑
㻟㻚㻡㻙㻠㻚㻜㻑
㻺㼛㼠㼑㻚㻌㻭㻌㼜㼛㼕㼚㼠㻌㼟㼥㼟㼠㼑㼙㻌㼕㼟㻌㼡㼟㼑㼐㻌㼍㼟㻌㼠㼔㼑㻌㼎㼍㼟㼕㼟㻌㼒㼛㼞㻌㼠㼔㼑㻌㼏㼍㼘㼏㼡㼘㼍㼠㼕㼛㼚㻌㼛㼒㻌㼑㼤㼜㼑㼏㼠㼑㼐㻌㼞㼍㼠㼑㼟㻌㼛㼒㻌㼟㼍㼘㼍㼞㼥㻌㼞㼍㼕㼟㼑㼟㻚㻔㻟㻕㻌㻰㼑㼒㼕㼚㼑㼐㻌㼏㼛㼚㼠㼞㼕㼎㼡㼠㼕㼛㼚㻌㼜㼘㼍㼚㻮㼑㼚㼑㼒㼕㼠㼟㻌㼑㼤㼜㼑㼚㼟㼑㻌㼒㼛㼞㻌㼠㼔㼑㻌㼐㼑㼒㼕㼚㼑㼐㻌㼏㼛㼚㼠㼞㼕㼎㼡㼠㼕㼛㼚㻌㼜㼘㼍㼚㻌㼒㼛㼞㻌㼠㼔㼑㻌㼥㼑㼍㼞㼟㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻢㻌㼣㼍㼟㻌㼈㻥㻢㻞㻌㼙㼕㼘㼘㼕㼛㼚㻌㼍㼚㼐㻌㼈㻝㻘㻜㻤㻞㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻥㻘㻞㻤㻤㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻘㻌㼞㼑㼟㼜㼑㼏㼠㼕㼢㼑㼘㼥㻚㻔㻠㻕㻌㻹㼡㼘㼠㼕㻙㼑㼙㼜㼘㼛㼥㼑㼞㻌㼜㼑㼚㼟㼕㼛㼚㻌㼜㼘㼍㼚㻮㼑㼚㼑㼒㼕㼠㼟 㼑㼤㼜㼑㼚㼟㼑 㼒㼛㼞 㼠㼔㼑 㼙㼡㼘㼠㼕㻙㼑㼙㼜㼘㼛㼥㼑㼞 㼜㼑㼚㼟㼕㼛㼚 㼜㼘㼍㼚㻘 㼒㼛㼞 㼣㼔㼕㼏㼔 㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓 㼜㼞㼛㼏㼑㼐㼡㼞㼑㼟 㼍㼞㼑 㼠㼔㼑 㼟㼍㼙㼑 㼍㼟 㼒㼛㼞 㼐㼑㼒㼕㼚㼑㼐 㼏㼛㼚㼠㼞㼕㼎㼡㼠㼕㼛㼚 㼜㼘㼍㼚㼟㻘 㼒㼛㼞㼠㼔㼑㻌㼥㼑㼍㼞㼟㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻢㻌㼣㼍㼟㻌㼈㻠㻞㻟㻌㼙㼕㼘㼘㼕㼛㼚㻌㼍㼚㼐㻌㼈㻠㻜㻟㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻟㻘㻠㻡㻥㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻘㻌㼞㼑㼟㼜㼑㼏㼠㼕㼢㼑㼘㼥㻚㻔㼍㻕㻌㻲㼡㼚㼐㼑㼐㻌㼟㼠㼍㼠㼡㼟㻌㼛㼒㻌㼜㼑㼚㼟㼕㼛㼚㻌㼜㼘㼍㼚㼟㻌㻔㼍㼢㼍㼕㼘㼍㼎㼘㼑㻌㼕㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻌㼍㼟㻌㼛㼒㻌㻹㼍㼞㼏㼔㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼍㼚㼐㻌㻹㼍㼞㼏㼔㻌㻟㻝㻘㻌㻞㻜㻝㻢㻕㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻢
㻝㻞㻛㻞㻜㻝㻢
㻲㼍㼕㼞㻌㼢㼍㼘㼡㼑㻌㼛㼒㻌㼜㼘㼍㼚㻌㼍㼟㼟㼑㼠㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻌¥58,075¥53,199㻐㻠㻡㻢㻘㻢㻤㻞
㼀㼛㼠㼍㼘㻌㼛㼒㻌㼍㼏㼠㼡㼍㼞㼕㼍㼘㻌㼛㼎㼘㼕㼓㼍㼠㼕㼛㼚㻌㼍㼚㼐㻌㼙㼕㼚㼕㼙㼡㼙㻌㼍㼏㼠㼡㼍㼞㼕㼍㼘㻌㼞㼑㼟㼑㼞㼢㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻌㻣㻢㻘㻡㻡㻜
㻣㻝㻘㻜㻣㻜
㻢㻝㻜㻘㻜㻥㻡
㻺㼑㼠㻌㼎㼍㼘㼍㼚㼏㼑㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻌(¥18,474)(¥17,871)
㻔㻐㻝㻡㻟㻘㻠㻝㻞㻕㻔㼎㻕 㻾㼍㼠㼕㼛 㼛㼒 㻴㻻㻾㻵㻮㻭㻓㼟 㼏㼛㼚㼠㼞㼕㼎㼡㼠㼕㼛㼚 㼠㼛 㼠㼔㼑 㼙㼡㼘㼠㼕㻙㼑㼙㼜㼘㼛㼥㼑㼞 㼜㼘㼍㼚㼟 㼞㼑㼘㼍㼠㼕㼢㼑 㼠㼛 㼠㼔㼑 㼏㼛㼚㼠㼞㼕㼎㼡㼠㼕㼛㼚㼟 㼠㼛 㼠㼔㼑 㼛㼢㼑㼞㼍㼘㼘 㼞㼑㼠㼕㼞㼑㼙㼑㼚㼠 㼎㼑㼚㼑㼒㼕㼠 㼜㼘㼍㼚㼟 㼣㼑㼞㼑㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㻲㼞㼛㼙㻌㻹㼍㼞㼏㼔㻌㻝㻘㻌㻞㻜㻝㻡㻌㼠㼛㻌㻹㼍㼞㼏㼔㻌㻟㻝㻘㻌㻞㻜㻝㻡㻦㻌㻝㻢㻚㻣㻥㻑㻲㼞㼛㼙㻌㻹㼍㼞㼏㼔㻌㻝㻘㻌㻞㻜㻝㻢㻌㼠㼛㻌㻹㼍㼞㼏㼔㻌㻟㻝㻘㻌㻞㻜㻝㻢㻦㻌㻝㻣㻚㻜㻟㻑㻺㼛㼠㼑㻌㻝㻚 㻺㼑㼠㻌㼎㼍㼘㼍㼚㼏㼑㻌㼞㼑㼟㼡㼘㼠㼑㼐㻌㼒㼞㼛㼙㻌㼠㼔㼑㻌㼜㼞㼕㼛㼞㻌㼟㼑㼞㼢㼕㼏㼑㻌㼏㼛㼟㼠㻌㼛㼒㻌㼈㻝㻥㻘㻜㻞㻠㻌㼙㼕㼘㼘㼕㼛㼚㻌㼍㼚㼐㻌㼈㻝㻤㻘㻡㻟㻝㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻝㻡㻥㻘㻜㻣㻤㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻌㻌㼍㼚㼐㻌㼠㼔㼑㻌㼓㼑㼚㼑㼞㼍㼘㼞㼑㼟㼑㼞㼢㼑㻌㼒㼛㼞㻌㼜㼘㼍㼚㻌㼍㼟㼟㼑㼠㼟㻌㼛㼒㻌㼈㻡㻠㻥㻌㼙㼕㼘㼘㼕㼛㼚㻌㼍㼚㼐㻌㼈㻢㻡㻥㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻡㻘㻢㻡㻣㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻌㼒㼛㼞㻌㼠㼔㼑㻌㼥㼑㼍㼞㼟㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻟㻝㻘㻌㻞㻜㻝㻢㻘㻌㼞㼑㼟㼜㼑㼏㼠㼕㼢㼑㼘㼥㻚㻺㼛㼠㼑㻌㻞㻚 㻼㼞㼕㼛㼞㻌㼟㼑㼞㼢㼕㼏㼑㻌㼏㼛㼟㼠㻌㼕㼟㻌㼍㼙㼛㼞㼠㼕㼦㼑㼐㻌㼛㼢㼑㼞㻌㻞㻜㻌㼥㼑㼍㼞㼟㻚㻺㼛㼠㼑㻌㻟㻚 㼀㼔㼑㻌㼜㼑㼞㼏㼑㼚㼠㼍㼓㼑㻌㼛㼒㻌㻴㻻㻾㻵㻮㻭㻓㼟㻌㼏㼛㼚㼠㼞㼕㼎㼡㼠㼕㼛㼚㻌㼠㼛㻌㼠㼔㼑㻌㼙㼡㼘㼠㼕㻙㼑㼙㼜㼘㼛㼥㼑㼞㻌㼜㼑㼚㼟㼕㼛㼚㻌㼜㼘㼍㼚㻌㼐㼑㼟㼏㼞㼕㼎㼑㼐㻌㼍㼎㼛㼢㼑㻌㼕㼚㻌㻔㻠㻕㻔㼎㻕㻌㼟㼔㼛㼡㼘㼐㻌㼚㼛㼠㻌㼎㼑㻌㼏㼛㼚㼟㼠㼞㼡㼑㼐㻌㼍㼟㼠㼔㼑㻌㼜㼑㼞㼏㼑㼚㼠㼍㼓㼑㻌㼛㼒㻌㻴㻻㻾㻵㻮㻭㻓㼟㻌㼍㼏㼠㼡㼍㼘㻌㼛㼎㼘㼕㼓㼍㼠㼕㼛㼚㻚㻺㼛㼠㼑㻌㻠㻚 㻭㼟㻌㼕㼠㻌㼣㼍㼟㻌㼞㼑㼟㼛㼘㼢㼑㼐㻌㼠㼛㻌㼍㼐㼛㼜㼠㻌㻶㼍㼜㼍㼚㼑㼟㼑㻌㼓㼛㼢㼑㼞㼚㼙㼑㼚㼠㻌㼜㼛㼘㼕㼏㼥㻌㼠㼛㻌㼏㼍㼞㼞㼥㻌㼛㼡㼠㻌㼟㼜㼑㼏㼕㼍㼘㻌㼐㼕㼟㼟㼛㼘㼡㼠㼕㼛㼚㻌㼛㼒㻌㼠㼔㼑㻌㻲㼡㼚㼐㻌㼍㼠㻌㼠㼔㼑㻌㼞㼑㼜㼞㼑㼟㼑㼚㼠㼍㼠㼕㼢㼑㼍㼟㼟㼑㼙㼎㼘㼥㻌㼠㼔㼍㼠㻌㼠㼛㼛㼗㻌㼜㼘㼍㼏㼑㻌㼛㼚㻌㻲㼑㼎㼞㼡㼍㼞㼥㻌㻞㻜㻘㻌㻞㻜㻝㻡㻘㻌㻴㻻㻾㻵㻮㻭㻌㼜㼛㼟㼠㼑㼐㻌㼍㼚㻌㼑㼟㼠㼕㼙㼍㼠㼑㼐㻌㼘㼛㼟㼟㻌㼠㼔㼍㼠㻌㼣㼕㼘㼘㻌㼍㼞㼕㼟㼑㻌㼕㼚㻌㼞㼑㼘㼍㼠㼕㼛㼚㻌㼠㼛㻌㼠㼔㼑㻌㼐㼕㼟㼟㼛㼘㼡㼠㼕㼛㼚㻚
Consequently, we posted provision for loss on dissolution of the employees’ pension fund of \1,247 million ($10,704 thousand)㼡㼚㼐㼑㼞㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻌㼕㼚㻌㼠㼔㼑㻌㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㼎㼍㼘㼍㼚㼏㼑㻌㼟㼔㼑㼑㼠㼟㻚

HORIBA Report 2016 | 70

Financial data

10. Net assets
Under Japanese laws and regulations, the entire amount paid for new shares is required to be designated as common stock. However,a company may, by a resolution of the Board of Directors, designate an amount not exceeding one half of the price of the new shares asadditional paid-in capital, which is included in capital surplus.
Under the Japanese Corporate Law ("the Law"), in cases where a dividend distribution of surplus is made, the smaller of an amount equal
to 10% of the dividend or the excess, if any, of 25% of common stock over the total of additional paid-in capital and legal earnings reserve
must be set aside as additional paid-in capital or legal earnings reserve. Legal earnings reserve is included in retained earnings in theaccompanying consolidated balance sheets.
Additional paid-in capital and legal earnings reserve may not be distributed as dividends. Under the Law, all additional paid-in capital and alllegal earnings reserve may be transferred to other capital surplus and retained earnings, respectively, which are potentially available fordividends. Both of these appropriations generally require a resolution of the shareholder's meeting.
The maximum amount that the Company can distribute as dividends is calculated based on the nonconsolidated financial statements of theCompany in accordance with Japanese laws and regulations.
At the Board of Directors' meeting held on February 14, 2017, the Board of Directors approved cash dividends in the amount of \2,317
million ($19,890 thousand). The appropriation had not been accrued in the consolidated financial statements as of December 31, 2016.
Such appropriations are recognized in the period in which they are approved by the Board of Directors.

11. Stock options(1) Expenses and items related to stock options
Millions of yen
12/2015
12/2016
Selling, general and administrative expenses.................................................................................................
¥79¥80

Thousands of
U.S.dollars
12/2016$686(2) Scale and movement (fluctuation) of stock options
Information regarding stock options outstanding. The number of stock options is stated after conversion into an equal number of shares.
(a) Details of stock options
No. 2 Stock-based
No. 3 Stock-based
No. 1 Stock-based
No. 4 Stock-based
Compensation Type
Compensation Type
Compensation Type
Compensation Type
Stock Option
Stock Option
Stock Option
Stock Option
4 directors and4 directors and4 directors and4 directors and
14 corporate officers 16 corporate officers 16 corporate officers
13 corporate officers
Persons granted optionsof the Companyof the Companyof the Companyof the Company
Common stock
Number of shares by type of stock
Common stock
Common stock
Common stock
54,200 shares(Note 1)
26,400 shares
31,000 shares
28,200 shares
April 23, 2010
April 21, 2011
Date of grant
April 16, 2009
April 24, 2012
(Note 2)
(Note 2)
Vesting conditions(Note 2)
(Note 2)
(Note 3)(Note 3)(Note 3)Service period(Note 3)
April 17, 2009
April 24, 2010
April 25, 2012
April 22, 2011
to
to
to
to
April 23, 2040
April 24, 2042
Exercise period
April 16, 2039
April 21, 2041
No. 5 Stock-based
No. 6 Stock-based
Compensation Type
Compensation Type
Stock Option
Stock Option
4 directors and5 directors and
14 corporate officers
12 corporate officersof the Company,of the Company,
2 directors and3 directors and3 corporate officers
6 corporate officers
Persons granted optionsof the subsidiariesof the subsidiaries
Number of shares by type of stock
Common stock
Common stock(Note 1)
33,200 shares
27,500 shares
Date of grantMay 8, 2013
April 24, 2014
Vesting conditions(Note 2)
(Note 2)Service period(Note 3)(Note 3)
May 9, 2013
April 24, 2014
toto
Exercise period
May 8, 2043
April 23, 2044
Note 1. Stock options are convertible into an equal number of shares.
Note 2. Vesting conditions are not stipulated.
Note 3. The service period is not stipulated.

71

No. 7 Stock-based
Compensation Type
Stock Option
5 directors and
13 corporate officersof the Company,
3 directors and8 corporate officersof the subsidiaries
Common stock
22,100 shares
May 8, 2015
(Note 2)
(Note 3)
May 9, 2015
toMay 8, 2045

No. 8 Stock-based
Compensation Type
Stock Option
5 directors and
14 corporate officersof the Company,
4 directors and9 corporate officersof the subsidiaries
Common stock
25,900 shares
May 10, 2016
(Note 2)
(Note 3)
May 11, 2016
toMay 10, 2046

(b) Number, movement and price of stock options
Stock options are convertible into an equal number of shares.
(i) Number of sharesNo. 1 Stock-based
Compensation Type
Stock Option
Options before vesting(number of shares)
Balance at December 31, 2015
GrantedForfeited
VestedBalance at December 31, 2016
Options after vesting(number of shares)
Balance at December 31, 2015
VestedExercised
Forfeited
Balance at December 31, 2016

Options before vesting(number of shares)
Balance at December 31, 2015
GrantedForfeited
VestedBalance at December 31, 2016
Options after vesting(number of shares)
Balance at December 31, 2015
VestedExercised
Forfeited
Balance at December 31, 2016

No. 2 Stock-based
Compensation Type
Stock Option

No. 3 Stock-based
Compensation Type
Stock Option

No. 4 Stock-based
Compensation Type
Stock Option

-

-

-

-

42,7008,700
34,00022,0004,200
17,80027,3005,000
22,30024,9004,400
20,500No. 5 Stock-based
Compensation Type
Stock Option

No. 6 Stock-based
Compensation Type
Stock Option

No. 7 Stock-based
Compensation Type
Stock Option

No. 8 Stock-based
Compensation Type
Stock Option

-

-

-

25,90025,900-31,4005,400
26,00027,5004,800
22,70022,1003,600
18,50025,90025,900No. 1 Stock-based
Compensation Type
Stock Option

No. 2 Stock-based
Compensation Type
Stock Option

No. 3 Stock-based
Compensation Type
Stock Option

1
4,080
1,091

1
4,080
2,628

No. 5 Stock-based
Compensation Type
Stock Option

No. 6 Stock-based
Compensation Type
Stock Option

1
4,080
2,988

1
4,080
2,739

(ii) Price per share

Option price (yen)Weighted average stock price (yen)Fair value at grant date (yen)Option price (yen)Weighted average stock price (yen)Fair value at grant date (yen)No. 4 Stock-based
Compensation Type
Stock Option
1
1
4,080
4,080
2,208
2,245

No. 7 Stock-based
Compensation Type
Stock Option

No. 8 Stock-based
Compensation Type
Stock Option
1
1
4,080
3,598
3,116

HORIBA Report 2016 | 72

Financial data

(3) Method to estimate fair unit value of stock options
The grant date fair value of No. 8 Stock-based Compensation Type Stock Option in the year ended December 31, 2016 was estimatedusing the Black-Scholes option pricing model as follows:
No. 8 Stock-based
Compensation Type Stock
OptionStock price volatility (Note 1)
Expected remaining period (Note 2)
Expected dividend (Note 3)
Risk free interest rate (Note 4)

35.6%
15 Years\70/share
0.054%

Note 1. Stock price volatility was calculated based on actual weekly stock prices over 15 years (from the week of May 7, 2001 to theweek of May 2, 2016).
Note 2. As it was difficult to estimate the expected remaining period without sufficient relevant data, it was determined to be exercised at
the mid-point of the exercise period.
Note 3. Expected dividend was calculated by using the actual dividend paid for the year ended December 31, 2015.
Note 4. Risk free interest rate represents the comparable compound interest rate of strip government bonds whose remaining period
corresponds to the expected remaining period of the stock options.
(4) Condition regarding the estimate of the fair unit value of stock options
Retirement from the office of director is a condition to exercise stock options, but continuous employment is not. Accordingly, the initial
number of stock options granted is used as an estimate of the number of vested shares.

12. Leases
Finance leases which do not transfer ownership at December 31, 2015 and December 31, 2016 consisted of leases for office equipment
and software. The method of depreciation and amortization of lease assets is described in Note 2(h), "Summary of significant accounting
policies - Leases."
With respect to finance lease transactions that do not transfer ownership and in which the lease transaction began before December
31, 2008, the Company has continued to account for them in the same manner as operating leases as stated above.
At December 31, 2015 and December 31, 2016, assets leased under non-capitalized finance leases were as follows:
Acquisition cost, accumulated depreciation and balance of assets leased

Machinery, equipment and vehicles...............................................................................
Less accumulated depreciation and amortization....................................................
Total............................................................................................................................................
Note.

Millions of yen
12/2015
12/2016
¥5
¥5
(4)
(5)
¥1
¥0

Thousands of
U.S. dollars
12/2016
$42
(42)
$0

The above depreciation and amortization was calculated by the straight-line method over the term of the lease. If the above leases
had been capitalized, interest of \0 million and \0 million ($0 thousand) and depreciation and amortization of \7 million and \0million ($0 thousand) would have been recorded for the years ended December 31, 2015 and December 31, 2016, respectively.
Lease payments under non-capitalized finance leases were \7 million and \0 million ($0 thousand) for the years ended
December 31, 2015 and December 31, 2016, respectively. Obligations under finance leases at December 31, 2015 and December
31, 2016 were as follows:
Thousands of
U.S. dollars
Millions of yen
Payments remaining:
12/2015
12/2016
12/2016
Payments due within 1 year........................................................................
¥0¥0$0
Payments due after 1 year...........................................................................
0
¥1
¥0
$0
Total.......................................................................................................................

Payments remaining under operating leases at December 31, 2015 and December 31, 2016 were as follows:

Payments remaining:
Payments due within 1 year........................................................................
Payments due after 1 year...........................................................................
Total.......................................................................................................................

13. Contingent liabilities
Not applicable

73

Millions of yen
12/2015
12/2016
¥873
¥736
1,767
1,453
¥2,640¥2,189Thousands of
U.S. dollars
12/2016$6,31812,473$18,79114. Derivative transactions
Derivative transactions for which hedge accounting was not applied at December 31, 2015 and December 31, 2016 were as follows:
Currency related:
Millions of yen
Millions of yen
12/2015
12/2016
Amount ofAmount ofFair
Gain
Contract
Fair
Contractprincipal due
principal due
amountvalue(loss)
amountvalue
over 1 year
over 1 year
Forwards
Selling
US dollar¥3,079¥9¥9¥4,083
(¥12)
Euro
1,307
(2)
(2)
1,032
(32)
British pound
6,998
104
104
450
¥280
8
New Taiwan dollar
86
0
0
146
0
Japanese yen
50Chinese yuan
21
(1)Polish zloty
18
(0)
(0)
16
(0)
Thai baht
17
0
0
14
0
Indian rupee
60
(1)
(1)
30
(1)
Brazillian real
38
1
1
113
(0)
BuyingUS dollar
497
(1)
(1)
405
1
Euro
456
(5)
(5)
89
3
British pound
37
(0)
(0)
7
(0)
New Taiwan dollar
18(0)Japanese yen
51
(0)
(0)
5
(0)
Chinese yuan
219
(6)
(6)
84
(0)
Polish zloty
6(0)Currency swaps
Receiving in US dollar
and paying in Brazillian real
58
¥34
48
48
28
13
19
Total
¥12,926
¥34
¥144
¥144
¥6,563¥293(¥14)
Note. Fair value is determined by banking institutions.

Contract
amountForwards
Selling
US dollar
Euro
British pound
New Taiwan dollar
Japanese yen
Chinese yuan
Polish zloty
Thai baht
Indian rupee
Brazillian real
BuyingUS dollar
Euro
British pound
New Taiwan dollar
Japanese yen
Chinese yuan
Polish zloty
Currency swaps
Receiving in US dollar
and paying in Brazillian real
Total

Thousands of U.S. dollars
12/2016
Amount ofFair
principal due
value
over 1 year

Gain(loss)

(¥12)
(32)
8
0
0
(1)
(0)
0
(1)
(0)
1
3
(0)
(0)
(0)
(0)
(0)

19
(¥14)

Gain
(loss)$35,050
8,859
3,862
1,253
42
180
137
120
257
970

$2,403-($103)
(274)
68
0
0
(8)
(0)
0
(8)
(0)

($103)
(274)
68
0
0
(8)
(0)
0
(8)
(0)

3,476
764
60
154
42
721
51

-

8
25
(0)
(0)
(0)
(0)
(0)

8
25
(0)
(0)
(0)
(0)
(0)

240
$56,339

111$2,515163($120)

163($120)HORIBA Report 2016 | 74

Financial data

Derivative transactions for which hedge accounting was applied at December 31, 2015 and December 31, 2016 were as follows:
Currency related:
Millions of yen
Millions of yen
12/2015
12/2016
Amount ofAmount ofHedgedHedgedContract
Contract
Fair
principal due
principal due
items
items
amountamountvalue
over 1 year
over 1 year
Forwards
BuyingUS dollar¥125¥0Accounts
Accounts
Euro
160
(1)
payablepayable
Total
¥286
(¥0)
Note. Fair value is determined by banking institutions.

Hedgeditems
Forwards
BuyingUS dollar
Euro
Total

Accounts
payableThousands of U.S. dollars
12/2016
Amount ofContractprincipal due
amountover 1 year

-

Fair
value

-

Fair
value

-

-

Interest rate currency related:
Millions of yen
12/2015
Amount ofHedgedContractprincipal due
items
amountover 1 year
Exceptional accounting for interest rate and currency swaps
Interest rate and currency
swap contracts
Fixed rate payments andvariable rate receipts
Receiving in US dollar and Long-termpaying in Japanese yen
loans¥15,120¥15,120

Fair
value

Hedgeditems

NoteLong-term
loans

Hedgeditems

Millions of yen
12/2016
Amount ofContractprincipal due
amountover 1 year

¥15,120¥15,120

Thousands of U.S. dollars
12/2016
Amount ofContractprincipal due
amountover 1 year

Fair
value

Note

Fair
value

Exceptional accounting for interest rate and currency swaps
Interest rate and currency
swap contracts
Fixed rate payments andvariable rate receipts
Receiving in US dollar andLong-term
paying in Japanese yen
loans$129,796$129,796
Note
Note. Interest rate and currency swap contracts subject to exceptional accounting treatment (special treatment and allocation treatment) are accounted
for together with long-term loans as hedged items. Accordingly, their fair values are included in the fair values of long-term loans.

7515. Income taxes
The Company is subject to a number of taxes based on income, which, in the aggregate, indicate a statutory income tax rate in Japanof approximately 35.5% and 33.0% for the years ended December 31, 2015 and December 31, 2016, respectively.
The following table summarizes the significant differences between the statutory tax rate and HORIBA's effective tax rate forfinancial statement purposes for the years ended December 31, 2015 and December 31, 2016.

Statutory tax rate.......................................................................................................................................................
Expenses not qualifying for permanent deduction,e.g. entertainment expenses...........................................................................................................
Nontaxable dividend income......................................................................................................................
Per capita inhabitants tax...........................................................................................................................
Increase/decrease in valuation allowance for deferred tax assets..........................................
Differences in tax rate between
foreign subsidiaries and the Company........................................................................................
Tax credits........................................................................................................................................................
Reduction in deferred tax assets by the changes of tax rate....................................................
Other...................................................................................................................................................................
Effective tax rate........................................................................................................................................................

12/2015
35.5%

12/2016
33.0%

1.8
(1.3)
0.2
1.8

0.6
(0.2)
0.3
(4.5)

(1.5)
(5.7)
1.4
0.6
32.9%

(0.3)
(4.9)
0.8
0.0
24.8%

Significant components of HORIBA's deferred tax assets and liabilities at December 31, 2015 and December 31, 2016 were as follows:

Millions of yen
12/2015
12/2016

Thousands of
U.S. dollars
12/2016

Deferred tax assets
Accrued enterprise tax................................................................................................................................
Loss on write-down of inventory............................................................................................................
Allowance for doubtful receivables.........................................................................................................
Accrued bonuses............................................................................................................................................
Loss carryforwards........................................................................................................................................
Unrealized gains..............................................................................................................................................
Net defined benefit liability........................................................................................................................
Depreciation.....................................................................................................................................................
Loss on valuation of investment securities........................................................................................
Loss on impairment of fixed assets........................................................................................................
Provision for loss on dissolution of the employees’ pension fund...........................................
Effects of changes in accounting policies...........................................................................................
Other...................................................................................................................................................................
Total deferred tax assets........................................................................................................................................
Valuation allowance...................................................................................................................................................
Net deferred tax assets...........................................................................................................................................

¥207
1,151
70
190
1,540
1,807
411
445
81
106
408
2,757
3,347
12,526(1,728)
10,798

¥43
1,221
126
214
1,293
1,466
564
398
91
100
381
366
2,946
9,214
(1,268)
7,945$369
10,481
1,081
1,837
11,09912,584
4,841
3,416
781
858
3,270
3,141
25,28979,096(10,885)
68,203

Deferred tax liabilities
Unrealized losses............................................................................................................................................
Unrealized gains (losses) on available-for-sale securities...........................................................
Effects of changes in accounting policies...........................................................................................
Other...................................................................................................................................................................
Total deferred tax liabilities....................................................................................................................................

(390)(1,164)(1,691)(2,013)(5,259)(390)(1,211)(272)(1,191)(3,066)(3,347)(10,395)(2,334)(10,224)(26,319)

Net deferred tax assets...........................................................................................................................................

¥5,538¥4,879$41,883

Millions of yen
12/2015
12/2016
Current assets.................................................................................................................................................
¥5,140¥4,160Investments and other noncurrent assets..........................................................................................
1,671
1,726
Current liabilities............................................................................................................................................
(91)
(76)
Long-term liabilities......................................................................................................................................
(1,181)(931)
Net deferred tax assets...........................................................................................................................................
¥5,538¥4,879Thousands of
U.S. dollars
12/2016$35,711
14,816(652)(7,992)$41,883

Net deferred tax assets are included in the consolidated balance sheets as follows:(Revision of amount of deferred tax assets and deferred tax liabilities due to change in rate of corporate and other income taxes)
The Act for Partial Amendment of the Income Tax Act (Act No. 15 of 2016) and the Act for Partial Amendment of the Local Tax Act(Act No. 13 of 2016) were enacted in the Diet session on March 29, 2016, and the statutory effective tax rate for the consolidated
fiscal year on and after April 1, 2016 was reduced. Following the Act, the statutory effective tax rate used to calculate deferred tax
assets and deferred tax liabilities was changed from 32.2% to 30.8% for temporary differences expected to be reversed in the fiscal year
beginning on January 1, 2017 and 2018, and to 30.5% for temporary differences expected to be reversed in the fiscal years beginning on
and after January 1, 2019.
Due to such change in tax rate, the amount of deferred tax assets (netted with deferred tax liabilities) and remeasurements of defined
benefit plans decreased by \75 million ($643 thousand) and \2 million ($17 thousand), respectively, while income taxes (deferred) andunrealized gains (losses) on available-for-sale securities increased by \139 million ($1,193 thousand) and \66 million ($566 thousand),
respectively.

HORIBA Report 2016 | 76

Financial data

16. Impairment loss
HORIBA reviewed its long-lived assets for impairment, and, as a result, impairment losses were recognized by the Company forthe following asset groups as other expenses for the year ended December 31, 2015.

Location
Sao Paulo, Brazil

Use
Planned to be soldType
Machinery and equipment

Millions of yen¥170(Background)
In the case of assets that are planned to be sold, they have been estimated that losses will arise due to the sales. Thus, the book valueof these assets was lowered to the recoverable value, and the resulting impairment loss was recognized as other expenses.
(Method used for grouping)
In connection with the use of impairment accounting, business assets are grouped on a reporting segment basis. Idle assets, etc., aregrouped on a property-by-property basis.
(Method used for calculating a recoverable amount)
The recoverable amount was measured according to estimated net realizable value. Assets that are planned to be sold were estimatedat the contract amount.
HORIBA reviewed its long-lived assets for impairment, and, as a result, impairment losses were not recognized for the year ended
December 31, 2016.

77

17. Consolidated statement of comprehensive income
Components of other comprehensive income for the years ended December 31, 2015 and December 31 2016 consisted of the following

Unrealized gains (losses) on available-for-sale securities:
Increase (decrease) during the year.......................................................................................................................................
Reclassification adjustment........................................................................................................................................................
Subtotal, before tax........................................................................................................................................................................
Tax (expense) or benefit..............................................................................................................................................................
Subtotal, net tax..............................................................................................................................................................................
Deferred gains or losses on hedges
Increase (decrease) during the year.......................................................................................................................................
Reclassification adjustment........................................................................................................................................................
Subtotal, before tax........................................................................................................................................................................
Tax (expense) or benefit..............................................................................................................................................................
Subtotal, net tax..............................................................................................................................................................................
Foreign currency translation adjustments
Increase (decrease) during the year.......................................................................................................................................
Reclassification adjustment........................................................................................................................................................
Subtotal, before tax........................................................................................................................................................................
Tax (expense) or benefit..............................................................................................................................................................
Subtotal, net tax..............................................................................................................................................................................
Remeasurements of defined benefit plans
Increase (decrease) during the year.......................................................................................................................................
Reclassification adjustment........................................................................................................................................................
Subtotal, before tax........................................................................................................................................................................
Tax (expense) or benefit..............................................................................................................................................................
Subtotal, net tax..............................................................................................................................................................................
Total other comprehensive income.......................................................................................................................

Millions of yen
12/2015
12/2016
¥778
¥351
(44)
733
351
(150)
(47)
582
304

Thousands of
U.S. dollars
12/2016$3,013
3,013
(403)
2,609

(63)
33
(29)
10
(19)

(29)
30
0
(0)
0

(248)
257
0
(0)
0

(3,793)(3,793)(3,793)(4,040)(113)(4,153)(4,153)(34,681)(970)(35,651)(35,651)

53
(26)
26
23
50
(¥3,180)

(553)
102
(450)
161
(288)
(¥4,137)(4,747)875(3,862)
1,382(2,472)($35,513)

18. Segment information
General information regarding reportable segments(1) Calculation method for reportable segments
HORIBA's reportable segments are components of the Company about which separate financial information is available and that are evaluatedregularly by the management in deciding how to allocate resources and in assessing performance.
The Company has established the segment strategy office for each product and service at its headquarters which draws a comprehensive planfor Japan and overseas markets for business development.
The Company thus is composed of business segments by product and service that are determined at the head office. The Automotive Test
Systems, Process & Environmental Instruments & Systems, Medical-Diagnostic Instruments & Systems, Semiconductor Instruments & Systems
and Scientific Instruments & Systems comprise five reportable segments.
Major products and services of each segment are described below.
(a) Automotive Test Systems
Emission Measurement Systems, In-Use Automotive Emissions Analyzers, On-Board Emission Measurement, Driveline Test Systems,
Engine Test Systems, Brake Test Systems, Drive Recorders, Engineering Consultancy, Test Services & Consultancy, Leasing of R&D Facility(b) Process & Environmental Instruments & Systems
Stack Gas Analyzers, Water Quality Analysis and Examination Systems, Air Pollution Analyzers, Environmental Radiation Monitors(c) Medical-Diagnostic Instruments & Systems
Hematology Analyzers, Equipment for Measuring Immunological Responses, Clinical Chemistry Analyzers, Blood Sugar Measurement Systems(d) Semiconductor Instruments & Systems
Mass Flow Controllers, Chemical Concentration Monitors, Reticle/Mask Particle Detection Systems, Residual Gas Analyzers(e) Scientific Instruments & Systems
pH Meters, Particle-Size Distribution Analyzers, X-Ray Fluorescence Analyzers, Raman, Spectrophotometers, Gratings(2) Method of measurement regarding income (loss), assets and other material items by reportable segment
The accounting methods applied for reportable segments are identical with those stated in Note 2, "Summary of significant accounting policies."
Income for each reportable segment is the amount based on operating income.
(3) The change in accounting policy has been retrospectively applied and segment information for the previous year has been retrospectively restated.
As a result, compared to the amounts before retrospective application, segment sales and segment income for fiscal 2015 increased by \1,185 million
and \752 million in the Automotive Test Systems segment and by \222 million and \155 million in the Medical-Diagnostic Instruments & Systems
segment, respectively.
At the same time, segment sales and segment income for fiscal 2015 decreased by \46 million and \17 million in the Process & Environmental
Instruments & Systems segment, by \32 million and \10 million in the Semiconductor Instruments & Systems segment and by \311 million and \110
million in the Scientific Instruments & Systems segment, respectively.

HORIBA Report 2016 | 78

Financial data

(4) Information regarding income (loss), assets and other material items by reportable segment
Millions of yen
12/2015

Sales
Sales to outside customers.....................
Intersegment sales and transfers..........
Total...................................................................
Segment income (loss).......................................
Segment assets.....................................................
Other items:
Depreciation...................................................
Amortization of goodwill............................
Increase in tangible and intangible
fixed assets...................................................

Automotive

Process &Environmental¥65,436
65,436¥5,200¥72,843¥16,708
16,708¥1,756¥15,782¥27,669
27,669¥2,558¥23,820¥35,353
35,353¥9,429¥33,775

2,183
53

519
-

1,343
-

7,919

2,259

2,319

MedicalDiagnostic

Semiconductor

Scientific

Adjustment

Consolidated¥26,748
26,748¥1,197¥23,463¥62,435¥171,916
171,916¥20,142¥232,121

1,172
-

745
92

-

5,964
145

2,257

1,552

-

16,309Millions of yen
12/2016

Sales
Sales to outside customers.....................
Intersegment sales and transfers..........
Total...................................................................
Segment income (loss).......................................
Segment assets.....................................................
Other items:
Depreciation...................................................
Amortization of goodwill............................
Increase in tangible and intangible
fixed assets...................................................

Sales
Sales to outside customers.....................
Intersegment sales and transfers..........
Total...................................................................
Segment income (loss).......................................
Segment assets.....................................................
Other items:
Depreciation...................................................
Amortization of goodwill............................
Increase in tangible and intangible
fixed assets...................................................

MedicalDiagnostic

Automotive

Process &Environmental¥62,20762,207¥3,529¥71,081¥16,753
16,753¥1,540¥16,075¥26,564
26,564¥2,806¥24,611¥38,828
38,828¥9,678¥38,506

2,767
63

528
-

1,337
-

7,227

1,336

1,308

Semiconductor

Scientific

Adjustment

Consolidated¥25,738
25,738¥944¥23,946¥65,436¥170,093
170,093¥18,499¥239,657

1,294
-

748
75

-

6,676
139

2,029

1,894

-

13,796

Thousands of U.S. dollars
12/2016
MedicalSemiconductor Scientific
Diagnostic

Automotive

Process &Environmental$534,011
534,011$30,294$610,189$143,814
143,814$13,220$137,994$228,036
228,036$24,087$211,271$333,316
333,316$83,080$330,551

23,753
540

4,532
-

11,477-62,03911,468

11,228Adjustment

Consolidated$220,946
220,946$8,103$205,562$561,730$1,460,151
1,460,151$158,803$2,057,318

11,108
-

6,421
643

-

57,3091,193

17,417

16,258-118,430

Note 1. Details of adjustment amounts are as follows:(1) Unallocated amounts to be included in the adjustment amount of segment income were not generated.
(2) The adjustment amounts of \62,435 million and \65,436 million ($561,730 thousand) of segment assets for the years ended
31, 2015 and December 31, 2016, respectively, represent corporate assets that are not allocated to any business segment.
They include cash and cash equivalents, short-term investments, investment securities, idle land, etc.
Note 2. Depreciation and increase in tangible and intangible fixed assets include long-term prepaid expenses and the amount of amortization
associated with the expenses.
Note 3. Increase in tangible and intangible fixed assets for the year ended December 31, 2015 does not include an increase in fixed assets of\14,446 million due to the acquisition of the ECT business from MIRA Ltd.

79

<Related Information>
1. Information regarding geographic areas(1) Net sales

Japan...........................................................................................................................................................................
United States...........................................................................................................................................................
China............................................................................................................................................................................
Europe.........................................................................................................................................................................
Asia...............................................................................................................................................................................
Others.........................................................................................................................................................................
Total...................................................................................................................................................................

Millions of yen
12/2015
12/2016¥52,148¥56,522
27,022
24,521
20,677
19,69240,91938,337
24,89425,2706,254
5,748¥171,916¥170,093

Note 1.

Net sales are categorized by country or geographic area based on the location of the customer.

Note 2.

The "Asia" amount is that of the Asian region other than China.

Thousands of
U.S. dollars
12/2016$485,209
210,498
169,044
329,101
216,928
49,343$1,460,151(2) Property, plant and equipment

Japan...........................................................................................................................................................................
France.........................................................................................................................................................................
United Kingdom.......................................................................................................................................................
Others.........................................................................................................................................................................
Total...................................................................................................................................................................

Millions of yen
12/2015
12/2016¥27,933¥29,359
6,682
6,534
11,081
11,273
11,28114,809¥56,978¥61,977

Thousands of
U.S. dollars
12/2016$252,030
56,09096,772
127,126$532,037

2. Information regarding major customers
There is no customer who represents more than 10% of the consolidated sales.
3. Information regarding impairment loss on fixed assets by reporting segment

Medical-Diagnostic Instruments & Systems...............................................................................................
Total...................................................................................................................................................................

Millions of yen
12/2015
12/2016¥170¥170

Thousands of
U.S. dollars
12/2016--

Millions of yen
12/2015
12/2016
¥272
¥173
303
214
¥576
¥387

Thousands of
U.S. dollars
12/2016$1,485
1,837$3,322

4. Information regarding the amortized amount and unamortized balance of goodwill by reporting segment

Automotive Test Systems..................................................................................................................................
Scientific Instruments & Systems...................................................................................................................
Total...................................................................................................................................................................

Note. Information regarding the "Amortized amount of goodwill" is omitted as similar information is disclosed in "Segment Information."
5. Information regarding gain on bargain purchase by reporting segment
Not applicable.

HORIBA Report 2016 | 80

Financial data

19. Related party transactions(1) Related party transactions with the Company
Directors and major shareholders (individuals only) of the Company
The year ended December 31, 2015
Category
Name
Address
Amount of capital stock(millions of yen)
Business or occupation
Percentage of voting rights held
RelationshipThe year ended December 31, 2016
Director's closefamily member
Masao Horiba
Advisor
2.7% (direct)
Consulting contract

Transaction

Transaction
amountConsulting
fee(Note 2,3)

\14 million

Account

Balance at
December 31,
2015

-

-

Note 1.
Note 2.

Note 3.

Not Applicable

The above transaction amounts do not include consumption taxes.
Transaction conditions and policy on determining transaction conditions
The consulting fee for Masao Horiba is compensation for management consulting services to the Company, so valued
on the basis of his background of long experience starting with the founding of the Company, and activities of societyacademia collaboration for innovation and participation in economic organizations, as the representative of theCompany. The payment was determined on a negotiated basis.
As Masao Horiba passed away on July 14, 2015, the amount of transactions with him is for the period from January 1, 2015
to the date of his retirement.

(2) Related party transactions with consolidated subsidiaries of the Company that submitted consolidated financial statements
Directors and major shareholders (individuals only) of the Company
The year ended December 31, 2015
Category
Name
Address
Amount of capital stock(millions of yen)
Business or occupation
Percentage of voting rights held
Relationship

Advisor
2.7% (direct)
Consulting contract

Transaction
amountConsulting
fee(Note 2,3)

\17 million

Account

Balance at
December 31,
2015

-

-

Note 3.

Not Applicable-

Transaction

Note 1.
Note 2.

81

The year ended December 31, 2016
Director's closefamily member
Masao Horiba-

The above transaction amounts do not include consumption taxes.
Transaction conditions and policy on determining transaction conditions
The consulting fee for Masao Horiba is compensation for management consulting services to consolidated subsidiariesof the Company, so valued on the basis of his background of long experience starting with the founding of the Company.
The payment was determined on a negotiated basis.
As Masao Horiba passed away on July 14, 2015, the amount of transactions with him is for the period from January 1, 2015
to the date of his retirement.

20. Subsequent events(Transfer of the water quality and liquid analysis instruments and systems business through simplified absorption-type
corporate split)
The Company had HORIBA Advanced Techno, a wholly owned subsidiary of the Company, take over its water quality andliquid analysis instruments and systems business (hereinafter the “water measurement business”) through absorption-type
corporate split approach, effective January 1, 2017.
The absorption-type corporate split is summarized as follows.
(1) Purpose of the corporate split
The HORIBA Group’s water measurement business, represented by pH meters, the Group’s mainstay product since thefoundation of the Company, had been promoted jointly by the Company and HORIBA Advanced Techno. With the aim ofbusiness expansion in the water measurement area, as one of the priority initiatives in the HORIBA Mid-Long Term
Management Plan, the Company separated its water measurement business division and integrated it with HORIBA
Advanced Techno in order to develop more market-oriented products, improve customer satisfaction, and enhance market
competitiveness and earnings power.
(2) Corporate split method
This corporate split is an absorption-type corporate split in which HORIBA Advanced Techno is the succeeding company.
(3) Effective date
January 1, 2017(4) Details of allotments relating to the corporate split
The Company owns all shares of HORIBA Advanced Techno and there is no consideration such as allotment of shares or
payment of cash due to this corporate split.
(5) Calculation of allotments relating to the corporate split
There are no allotments of shares or other assets due to this corporate split.
(6) Rights and obligations to be succeeded by the successor company
In accordance with the absorption-type corporate split agreement, HORIBA Advanced Techno shall succeed to assets,
liabilities, other rights and obligations, and contractual status that are considered necessary to carry out the business.
(7) Outline of the successor company
Capital: \250 million
Business: Development, manufacturing, sales and services of measurement equipment(8) Outline of accounting treatment to be applied
Based on the "Accounting Standard for Business Combinations" and the "Guidelines on Accounting Standard for Business
Combinations and Accounting Standard for Business Divestitures," this transfer is to be treated as a transaction undercommon control.

HORIBA Report 2016 | 82

Financial data83Corporate data

Corporate Information
Head Office2, Miyanohigashi-cho, Kisshoin, Minami-ku, Kyoto 601-8510, JapanFounded

October 17, 1945

Incorporated

January 26, 1953

Net sales¥170,093 million (Consolidated)

Paid in Capital¥12,011 million (Consolidated)

As of December 31, 2016

Number of Employees

7,149(Consolidated)

As of December 31, 2016

Fiscal Closing Date

December 31, annually

Annual Meeting of Shareholders

Held in March

Transfer Agent

Sumitomo Mitsui Trust Bank, Limited

Independent Auditor

KPMG AZSA LLC

Stock Listings

Tokyo Stock Exchange, First Section

Fiscal 2016

Securities Code: 6856

Major Shareholders

As of December 31, 2016

Name of Shareholders

Shares (Thousands)

Percentage (%)

Japan Trustee Services Bank, Ltd.

3,108

7.31

The Master Trust Bank of Japan, Ltd.

2,232

5.25

National Mutual Insurance Federation of Agricultural Cooperatives

1,287

3.03

Atsushi Horiba

1,128

2.65

NATIXIS JAPAN SECURITIES Co., Ltd

1,067

2.51

The Bank of Kyoto, Ltd.

828

1.95

THE KYOTO CHUO SHINKIN BANK

794

1.87

HORIBA Raku-Raku Kai

784

1.84

NORTHERN TRUST CO.(AVFC) RE EXEMPT UK PENSION FUNDS

700

1.65

BNP PARIBAS SECURITIES SERVICES PARIS /JASDEC FRENCH RES/UCITS ASSETS

699

1.65

Stock Price Trend

Foreign investors
5.4%-HORIBA (left)

Yen
6,000

-Nikkei Stock Average (Nikkei 225) (right, yen)
-JPX-Nikkei Index 400 (right, point)

Yen/Point

Japanese companies
2.9%

Financial institutions,
Securities companies
1.8%

24,000

Breakdown ofTypes of
Shareholders

5,000

20,000(5,258 in total)

4,000

16,0003,000

12,000

2,000

8,000

1,000

4,000

0

0
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Individual investors
89.9%
Japanese companies 7.5%
Individual investors
17.9%
Breakdown ofOwnership among
Shareholders(42,532,752
shares in total)

Foreign investors
33.0%

Financial institutions,
Securities companies
41.6%

HORIBA Report 2016 | 84Corporate philosophy

HORIBA’s corporate motto“Joy and Fun”
Originates from the belief that if we take interest and pride in the work that occupies most of the active
time in our lives, in the place where we spend the large part of each day, then as a result oursatisfaction with life will increase, and we will be able to enjoy our lives even more.
Taking interest and pride in our work leads us to “Joy and Fun.”Business Operations
At HORIBA, our mission is to contribute to theprogress of science and technology, and thepreservation of the global environment and resources
through the provision of highly original products,
analytical and measurement solutions, and engineering
services that utilize our world renowned measurement
and analytical technologies. We are engaged in thefields of engine emissions, scientific analysis, industrial
and process measurement, environment monitoring,semiconductor process control, medical and healthcare, and biotechnology. The new businesses and new
products we may initiate shall also satisfy our aim todevelop scientific technology, improve the life of thecommunity, and minimize the impact on theenvironment. We put priority on ensuring a safe
business environment and strictly abide by applicablelaws, regulations, and our articles of incorporation. We
have established and adopted a quality management
system and environmental preservation system. We
strive to deliver high value-added products andservices in the shortest possible time to customers allover the world while combining the uniquedevelopment, production, sales, and service functionsof all HORIBA Group companies throughout the world.
We aim to be a leader in the global market in the fields
in which we operate by consistently satisfying ourcustomers’ needs and effectively maximizing ourresources through investments in the carefully selected
fields.
Customer ResponsivenessWe maintain a philosophy of pursuing cutting edge
technology in order to supply products and services
that consistently satisfy customers’ requirements. We
are committed to offering top-quality, highly reliable
products and services with a consistent level of
excellence throughout the world. Meanwhile, we strive
to understand the true needs of customers andproactively propose solutions.
Responsibility to Shareholders and Investors
We recognize that maximizing the returns toshareholders by consistently raising HORIBA’s long-85

term corporate value is one of the priority objectives ofmanagement. Our basic policy is to target total returns(the combination of dividend payments and sharebuybacks) to shareholders to be at a certain ratio of
HORIBA’s consolidated net income, and consistently
deliver them. In addition, we are committed to create
opportunities for constructive dialogues with investors
and stakeholders, regularly reporting our operating
performance, fairly and promptly disclosing information
whenever an important business or managerial issue
arises, and maintaining transparency in ourmanagement. HORIBA Group companies, having
adopted a unified accounting standard and system
and a common information base, shall maintain atimely and responsive management control system.
The managements of group companies also share
responsibility in generating profit, delivering dividend
payments, establishing and managing the internal
control system, and developing human resources.
Employees
We are proud of the entrepreneurial spirit that has led
to the creation of HORIBA Group companies. Eachgroup employee is made aware of this heritage and we
actively encourage ideas and innovations fromindividual employees. HORIBA promotes an open andfair business environment, with attention to safety andhealth, which allows all group employees to achieve
their individual goals and maximize their talents andpotential. We strive to foster an environment of mutual
respect so that diverse talents and viewpoints canflourish. At the same time, to further everyone’s
personal and professional growth, we encourageintercultural understanding and thinking from a global
perspective. We create a work environment for
employees to achieve their growth potential and exert
their talents to the maximum by accelerating diversity
management and expanding our international corehuman resources development and exchange
program. The basis of our performance evaluation is
the merit count principle, (not the demerit markprinciple), as we value each and every employee who
makes efforts to improve his or her performance with achallenging spirit.

HORIBA Report 2016

HORIBA Report

BookletThis booklet summarizes primarily HORIBA’s business activities andfinancial information, along with “Invisible Values” such as talents andtechnologies.

“To Our Stakeholders”

WebsiteThis website provides the detailed information including the HORIBA
Report web data collection, which features HORIBA’s safety andenvironmental activities, contribution to the society, and otherinformation.
http://www.horiba.com/to-our-stakeholders/

HORIBA Report 2016 | 86

2 Miyanohigashi, Kisshoin, Minami-ku Kyoto 601-8510 Japan
Phone: +81-75-313-8121
E-mail: ir-info@horiba.com[ Year ended December 31, 2016 ]http://www.horiba.com

Report 2016

HORIBA, Ltd.

Report 2016

[ Year ended December 31, 2016 ]