Itoki (TYO: 7972)
Steady acquisition of renewal, office relocation, and otherprojects led to an 8% increase in sales and an 80% rise inoperating profit

UpdateOther Products◇ Summary of 3Q results for FY12/2023: Sales up 8% and operating profit up

As of November 29, 2023

80% on the back of solid office furniture demand

Itoki's FY12/2023 3Q results (cumulative nine months) were an 8% increase in sales and an
80% rise in operating profit, with both sales and operating profit achieving record highs forthe 3Q cumulative period. Sales in 3Q were strong, mainly due to renewal projects andoffice relocations, as in 2Q. In addition to the benefit of increased sales, the company
overachieved its earnings target thanks to the improved profit margin due to enhanced
customer value, despite an increase in SG&A expenses due to strategic spending.
In 3Q (July-September), sales usually decline due to the summer slump and the executionof expense budgets, resulting in an operating loss. However, in this 3Q, the company
booked sales of 28.6 billion yen (+9.4% YoY) and delivered an operating profit of 170 million
yen (vs. an operating loss of 280 million yen in 3Q FY2022).
As of the end of the 3Q, sales, operating profit, and net profit attributable to owner ofparent were 74%, 96%, and 102% of the revised forecasts revealed at the time of the 2Q
results announcement, respectively. Although costs are expected to increase in 4Q due tothe ongoing DX investment and capital expenditures, further upward revisions are
expected.

1,317 Yen

Share price (11/28)

52weeks high/low¥1,587/450
Avg Vol (3 month)
255.9 thou shrs
Market Cap¥60.14 bn
Enterprise Value¥53.81 bn
PER (23/12 CE)
12.41 XPBR (22/12 act)
1.11 XDividend Yield (23/12 CE)
2.43 %ROE (TTM)
13.39 %
Operating margin (TTM)
5.90 %
Beta (5Y Monthly)
0.89
Shares Outstanding
45.664 mn shrs
Listed market

TSE Prime section

Share price performance
Stock pricevs. TOPIX In dex (R HS)

1,500

300

◇ Stock price: The stock price has shot up by 124% since the beginning of theyear, although pausing at the moment.

Over the past month, the company's stock price declined by 7.4%, coming to a halt after aconsistent rise since the summer of 2022. Nevertheless, the stock has advanced 124% YTD.
The performance stands out, far outshining the 25%-54% increase in the peers’ stock prices
and the 26% rise in TOPIX during the same period.
Going forward, we will closely monitor the company's final financial results for the current
fiscal year, its earnings forecast for the next fiscal year, and the new medium-term
management plan forthcoming in 2H, which we will discuss below.
◇ Positive expectations for the forthcoming new medium-term management plan

FY12/2023 is the final year of the company's medium-term management plan (2021-2023).
The company is on track to achieve its initial targets of 133 billion yen in sales and 6 billion
yen in operating profit. It designated the period from 2021 to 2023 as the "Structural
Improvements Phase," which will improve the earnings structure, and achieved significant
improvements in operating profit margin etc. In its long-term vision, the company has
defined 2024 to 2026 as the "High Monetization Phase", enhancing its ability to achievesustainable growth. The company plans to announce a new medium-term management
plan with the FY12/2023 financial results announcement. We look forward to the next
growth story under the leadership of President Minato and his management team.

JPY, mn, %Net sales

200

1,000

100

500

0
11/28/ 22

2/28/ 23

5/31/ 23

% ofShare prices
Relative share price

8/31/ 23

1mo.
-7.4%
-12.2%

0
11/28/23

3mo. 12mo.
-1.2% 167.1%-4.4% 125.3%

Points of interest
Office furniture manufacturer that designs
tomorrow's 'work', with a long history datingback to 1890. In addition to office furniture,
Itoki is also involved in construction andinterior decoration. Highly regarded for its
high design quality. Advocating Office DX and
Office 3.0 to add high value.
This report (Company note) has been prepared at
the request of Itoki Corporation. For details, pleaserefer to the Disclaimer on the last page.

YoY

Oper.

YoY

Ord.

YoY

Profit

YoY

EPS

DPS

%

profit%profit

%

ATOP

%

(¥)

(\)

2020/12116,210

-4.9

1,798

99.1

1,881

99.0

-235

–

-5.18

13.00

2021/12

115,839

-0.3

2,536

41.0

2,437

29.5

1,166

–

25.82

15.00

2022/12

123,324

6.4

4,582

79.0

4,177

71.4

5,294

353.9

116.9937.00

2023/12 (CE)130,000

5.4

7,500

63.7

7,500

79.5

4,800

-9.3

105.8432.00

2022/12 3Q

89,961

7.0

4,086

136.0

4,125

149.8

3,517

313.8

77.73

–

2023/12 3Q

96,857

7.7

7,179

75.7

7,360

78.4

4,909

39.6

108.32–Itoki| 11/29/2023

1

60,000

Sales/Operating profit(Quarterly)

Operatingprofit
-164

-455

3,964

3,001

(RHS)

2,091

-370

-569

50,0001,079 1,698 1,269

849

407

-1,249-1,912(mn, yen)

4,777
-285

5,000

2,225

496

177

0

(mn, yen)

40,00030,00037,70733,897
29,77528,465 30,037

30,017
26,997

Net sales

21,489(LHS)

20,0007,506

31,85829,46824,22426,92019,782

16,126

31,225
8,789
28,667

10,176

20,462

17,858 18,427-10,000

9,478 6,932Equipment / Public

10,158 7,315

5,822

10,00033,3638,018 28,411 26,205

10,9339,227 22,412-5,00036,96535,34532,167business-15,000
22,74027,71921,293 21,231

0Workplacebusiness-20,000-25,000

1Q

2Q

3Q

FY12/2019

4Q

1Q

2Q

3Q

FY12/2020

4Q

1Q

2Q

3Q

FY12/2021

4Q

1Q

2Q

3Q

4Q

1Q

FY12/2022

2Q

3Q

FY12/2023

Note: Figures for IT/Sharing Business (shown asin the bars) are not noted due to the small amount.
Source: Omega Investment from company materials◇ Results for 3Q FY12/2023: 8% increase in sales, record highs in both sales and operating profit

The company’s 3Q results for FY12/2023 (cumulative total) show sales of 96,857 million yen (+7.7% YoY),
operating profit of 7,179 million yen (+75.7%) and net profit attributable to owner of parent 4,909 million yen(+39.6%). Both net sales and operating profit reached record highs on a cumulative 3Q basis.
In 3Q, the COGS ratio improved by 1.9 percentage points to 60.6% from 62.5% QoQ. The SGAE ratio fell by 1.0
percentage points from 33.0% to 32.0% QoQ, resulting in an operating margin of 7.4%, an improvement of 2.9
percentage points YoY.
See the chart below for the factors behind the change in operating profit. The increase in profit (2.5 billion yen)
due to higher sales, improved gross margin (1.8 billion yen) due to structural reform projects, and lower
distribution costs (0.4 billion yen) offset the increase in SG&A expenses (1.7 billion yen) due to strategic
spending, resulting in a significant increase in profit. The increase in SG&A expenses was mainly due to thereinforcement of IT infrastructure to promote DX and the allocation of performance-linked bonuses in 3Q,
which had previously been bundled in December.
In the 3Q alone, net sales were 28,667 million yen (+9.4%), and operating profit was 177 million yen (vs. an
operating loss of 285 million yen in the 3Q of FY2022). Normally, the company would have posted an operating
loss due to a seasonal slump in sales during summer and the execution of expense budgets. It is noteworthy
that the company delivered a profit in this 3Q.

Factor analysis of changes in operating profit

Source: The company materials for the 3Q results for FY12/2023 (published on November 13, 2023)

Itoki| 11/29/2023

2

Workplace business (quarterly)(mn, yen)

40,000

14.6%

13.2%

7.8%
2.3%

1.5%
-4.4%

30,000Operating profit margin

26,920

-4.9%

-1.2%

20,462
17,858
3,551

16,126

Net sales

10.0%

0.7%

22,74020,00010,0005.4%

0.6%(mn, yen)

27,71924,224
19,782

20.0%

0.0%
6,000

21,293-10.0%

21,231

4,059

18,427-20.0%
4,000-30.0%

1,883-40.0%
2,000

1,158

0

Operatingprofit
(RHS)

1Q

2Q

-50.0%

479

302

3Q

4Q

132

1Q

-717

-10,000

2Q
-880

3Q

-224

4Q

150

1Q

FY12/2022

FY12/2021

2Q

3Q

0-60.0%-70.0%-80.0%-2,000FY12/2023

Source: Omega Investment from company materials◇ Segment trends

1) Workplace business: Sales: 70,243 million yen, +11.1% YoY; operating profit: 5,367 million,+119.3%.
Renewal projects increased in line with new hybrid ways of working after the onset of COVID-19. With labour
shortages becoming a serious problem, there is a persistent need for office environments that can improve thequality of work to retain talented people. Sales of office furniture were also strong, mainly due to officerelocations. On the other hand, the rise in raw material prices was absorbed by various cost-cutting efforts andprice revisions commensurate with the increased customer value of the product offerings. Profit margins
improved significantly (from 3.9% in 3Q FY12/2022 to 7.8% in 3Q FY12/2023), resulting in a significant profit
increase.
The company posted sales of 21,231 million yen (+15.2%), an operating profit of 150 million yen (vs. an operating loss of
224 million yen in the same period previous year), and an operating profit margin of 0.7% in the 3Q alone. An operating
profit in the 3Q is worth noting, as 3Q has tended to post losses in the past.

Equipment / Public business (quarterly)(mn, yen)

Operating profit margin

20,000

12.1%

11.5%
4.0%

3.7%

2.2%

-1.3%

10.0%
-1.6%

0.0%

-8.3%
10,933

10,000

10,158

10,176

9,227
8,018

7,506
Net sales

1,173

1,119 5,822

1Q
-99

8,789

2,000
-20.0%
6,932

962
440

Operatingprofit(RHS)(mn, -10.0%
yen)
9,478

7,315

5,000

-5,000

20.0%

10.1%

-2.9%

15,000

0

6.3%

553
294

-30.0%
1,000-40.0%

553-50.0%

225

0-60.0%
2Q

3Q

4Q

1Q

2Q

3Q
-210

-486

FY12/2021

FY12/2022

4Q

1Q

2Q

3Q
-109

FY12/2023-70.0%-80.0%

Source: Omega Investment from company materials

Itoki| 11/29/2023

32) Equipment / Public business: Sales: 25,199 million yen, -1.1%; operating profit: 1,406
million yen, +11.8%.
Demand for display cases for museums and art galleries, digital signage, and other equipment for public
facilities remained strong. Still, sales declined slightly in reaction to the large orders received for researchfacility equipment for science parks and other facilities in the same period of the previous fiscal year.
Profitability improved due to enhanced customer value in public facility equipment such as the new "Artivista"
display case.
In 3Q alone, sales declined 5.2% to 6,932 million yen, and operating profit improved to 109 million yen from a
210 million yen operating loss in the same period of last year.
◇ Full-year forecasts for FY12/2023: Progressing in line with the revised August forecast

Progress ratios at the end of 3Q vis-a-vis the revised full-year forecast at 2Q results announcement are 74% fornet sales, 96% for operating profit and 102% for net profit attributable to owner of parent. In addition tocontinued solid inquiries for the Workplace business, the Office Equipment / Public business is expected tohave a heavy second-half demand for logistics facilities, and demand for public facility equipment such as
display cases for museums and art galleries and digital signage is expected to grow. Therefore, the company
should comfortably achieve its full-year sales forecast. The company plans to strengthen human capital
investment, focusing on future growth strategies, such as investments in education, office environment
improvement, and other strategic investments, such as promoting digital transformation (DX) and facility
enhancements. While anticipating increased costs, the ongoing effects of structural improvements are
expected to continue until the first half of the year, and there is potential for positive earnings forecast
revisions.
◇ Next medium-term management plan

FY12/2023 is the final year of the company's medium-term management plan (2021-2023), "RISEITOKI 2023. The company will likely achieve the initial target of 133 billion yen in net sales and has
already met the 6 billion yen operating profit target as of 3Q. In its long-term vision, the company
has designated 2021 to 2023 as the "Structural Improvements Phase," as shown in the chart below,
and has focused on building a profitable structure working to improve its earnings. The sales to datehave tended to allow price competition to secure the top-line revenue, but the company has changed its
mindset to secure the bottom-line profit. In addition, the company succeeded in increasing added value
through proposal-based sales, etc. As a result, the company's profitability, lagging behind its competitors, will
average 3.9% from 2021 to 2023, improving from the average of 1.3% during 2018 and 2020. In 2023 alone, asignificant improvement to 5.8%. The stellar performance of the company's stock price is attributable toinvestors’ high regard for this progress.
The company is preparing its next medium-term management plan, which will be released with theannouncement of FY12/2023 financial results. Having made progress in improving its earnings structure
through the medium-term management plan up to 2023, the company intends to further grow and strengthen
its earning power from 2024 to 2026 as the "High Monetization Phase". We look forward to the next growthstory under the leadership of President Minato and his management team.

Long-Term Vision and New Medium-Term Management Plan

Source: The company materials for the 3Q results for FY12/2023 (published on November 13, 2023)

Itoki| 11/29/2023

4

◇ Stock price: Strong performance, registering a 2.7x increase over the past year. PBR has
recovered to 1x.
The stock price was down by 7.4% over the past month, a halt in performance after rising steadily since thesummer of 2022, recording a one-year performance of 2.7x. Nevertheless, the stock is still up 124% YTD. The
high performance of the company's stock price stands out, as it is far ahead of the 25%-54% increase in thestock prices of its peers and the 26% rise in the TOPIX during the same period. The company's PBR, which had
been a concern of the management , has remained above 1.0 since August.
Although the stock price temporarily declined after the announcement of the 3Q results, the company's
earnings structure has been improving steadily, and office furniture demand, especially for renewal projects
and office relocations, has been strong. In addition, the company plans to focus on further earnings growth in
the Equipment / Public business, and the company's earnings environment is good.
Going forward, we are interested in closely monitoring the company's final results for the current fiscal year,
earnings forecasts for the next fiscal year, and the forthcoming new medium-term management plan
mentioned above.

7972：5-year stock price move
(Yen)

Moving average (13 weeks)Moving average (26 weeks)Moving average (52 weeks)(mn. Shares)

Four office furniture companies, TOPIX (past three years)(11/30/2020=100)

Itoki(7972)

Okamura(7994)
Kokuyo(7984)TOPIX
UchidaYoko(8057)

Itoki| 11/29/2023

57972: Itoki PBR (LTM, past three years)

1.11

Itoki| 11/29/2023

6

Financial data (quarterly basis)
FY (¥mn)[Statements of income]Net sales
Year-on-year basis (%)
Cost of sales
Gross profit
SG&A expenses
Operating income
Year-on-year basis (%)
Operating profit ratio (%)
Non-operating income
Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary expenses
Income before income taxes
Total income taxes
Net income
Year-on-year basis (%)
Net income ratio (%)[Balance Sheets]
Current assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable trade, and contract assets
Non-current assets
Property, plant and equipment
Intangible assets
Goodwill
Investments and other assets
Total assets
Current liabilities
Short-term borrowings
Non-current liabilities
Long-term borrowings
Total liabilities
Total net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Share acquisition rights
Total liabilities and net assets[Statements of cash flows]
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Free cash flow
Net increase in cash and cash equiv.
Cash and cash equiv. at beginning of
periodCash and cash equiv. at end of period

2020/12
1Q

2Q

3Q

4Q

2021/12
1Q

2Q

3Q

4Q

2022/12
1Q

2Q

3Q

4Q

2023/12
1Q

2Q

3Q

37,707 26,997 21,489 30,017 32,167 29,468 22,412 31,858 35,345 28,411 26,205 33,363 36,965 31,225
11.2
-9.3
-24.5
-0.1
-14.7
9.2
4.3
6.1
9.9
-3.6
16.9
4.7
4.6
9.9
23,710 17,765 13,811 19,036 20,101 18,729 14,443 20,872 21,483 18,030 16,678 21,384 22,216 18,954
13,997 9,232 7,678 10,981 12,020 10,722 7,953 10,999 13,862 10,381 9,527 11,979 14,748 12,271
10,996 9,602 9,590 9,901 10,352 9,453 9,203 10,150 9,898 9,973 9,812 11,484 9,970 10,047
3,001-370 -1,912 1,079 1,698 1,275 -1,242
829 3,964407-285
496 4,777 2,225
43.5
–
–
–
-43.4
–
–
-23.2 133.4
-68.7
–
-40.2
20.5 446.7
8.0
-1.4
-8.9
3.6
5.3
4.3
-5.5
2.6
11.2
1.4
-1.1
1.5
12.9
7.1
154
162
251
237
240
161
171
122
125
164
171
96
125
114
273
168
107
172
250
257
101
185
115
130
177
539
79
68
2,882
-376 -1,768 1,143 1,657 1,173 -1,179
786 3,974
442-291
52 4,824 2,271
0
6125980 1,255
78
133
88
786
139
118 6,762
1
15
116
42
55 1,50320456
518 1,474
4464
38 3,465
21
10
2,766
-412 -1,697
620 2,893
795 -1,565-600 4,716
516-211 3,351 4,804 2,275
1,039
134
-195
654 1,028490-132-796 1,381
246-21 1,585 1,506
864
1,760
-557 -1,491
53 1,942
348 -1,440
316 3,388
288-159 1,777 3,296 1,411
43.6
–
–
–
10.
–
– 496.2
74.4-17.2– 462.3-2.7 389.9
4.7
-2.1
-6.9
0.2
6.0
1.2
-6.4
1.0
9.6
1.0
-0.6
5.3
8.9
4.5

28,667
9.4
17,483
11,184
11,006
177
–
0.8
141
52
265
120
24
363
161
202
–
0.7

69,811 60,382 52,463 57,183 65,543 62,170 55,249 57,753 69,458 64,096 59,873 71,027 72,230 68,755 68,040
18,186 21,312 18,956 18,246 19,503 22,112 18,213 17,351 19,196 20,073 17,138 26,876 20,898 24,688 23,192
37,611 27,230 20,298 26,599 32,061 26,596 21,385 26,783
–
–
–
–
–
–
–
–

–

–

–

–

–

–

– 35,205 28,234 24,111 29,316 34,519 28,377 26,948

49,872 49,933 50,410 47,912 46,925 46,369 46,046 46,144 46,647 47,395 48,126 44,260 43,611 42,918 43,533
27,612 27,350 27,329 26,206 25,184 24,779 24,887 24,417 25,105 26,042 26,932 24,978 24,689 24,952 24,730
5,113 5,623 5,853 5,590 5,504 5,419 4,885 4,114 4,128 4,168 4,145 1,819 1,837 1,884 2,161
2,391 2,207 2,189 2,093 2,018 2,016 1,407 1,317 1,214 1,222 1,200
517
446
391
346
17,146 16,959 17,227 16,116 16,236 16,170 16,273 17,612 17,413 17,184 17,048 17,462 17,084 16,080 16,641
120,352 110,940 103,453 105,096 112,469 108,540 101,295 103,898 116,105 111,492 108,000 115,288 115,841 111,693 111,573
55,449 46,097 40,198 43,646 49,245 45,266 40,307 42,544 51,837 47,138 43,655 49,099 47,854 42,547 42,010
15,616 13,289 14,239 13,234 13,458 12,061 12,409 12,500 15,014 11,976 11,738 11,239 10,874 10,299 10,383
18,327 18,220 18,079 17,259 17,506 17,088 16,257 16,277 16,334 16,020 16,178 16,278 16,238 15,727 15,724
9,475 9,574 9,453 8,508 8,711 8,193 7,435 7,591 7,427 7,174 7,266 7,530 7,453 7,062 6,959
73,777 64,318 58,277 60,906 66,751 62,354 56,565 58,822 68,172 63,158 59,833 65,377 64,092 58,275 57,734
46,575 46,621 45,175 44,189 45,717 46,186 44,730 45,076 47,933 48,333 48,166 49,910 51,748 53,418 53,839
45,479 45,390 43,786 43,691 45,047 45,419 43,979 44,301 47,249 47,567 47,408 49,185 50,806 52,267 52,469
5,294 5,294 5,294 5,294 5,294 5,294 5,294 5,294 5,294 5,294 5,294 5,294 5,294 5,294 5,294
9,201 9,642 9,641 9,628 9,628 9,632 9,632 9,638 9,638 9,638 9,638 9,638 9,638 9,665 9,665
31,030 30,461 28,884 28,950 30,306 30,654 29,213 29,530 32,477 32,769 32,610 34,387 36,008 37,419 37,621
-46
-6
-33
-182
-182
-161
-161
-161
-161
-134
-134
-134
-314
-111
-111
45
45
45
45
45
45
45
45
45
45
45
45
45
120,352 110,940 103,453 105,096 112,469 108,540 101,295 103,898 116,105 111,492 108,000 115,288 115,841 111,693 111,573

5,404-1,442
293
3,962
4,240

-843
290
-2,560-553-3,037

4,577
503-1,4185,080
3,787-1,803-1,673-1,240-3,476-4,687

4,581-1,410
-661
3,171
2,630

1,223
6,333
-765
7,556
6,911

4,078
-3,265-3,266813-2,466

15,494

19,735

16,697

20,485

15,79718,50925,42019,735

16,697

20,485

15,79718,50925,42022,953

Source: Omega Investment from company materials

Itoki| 11/29/2023

7

Financial data (full-year basis)
FY (¥mn)[Statements of income]Net sales
Year-on-year basis (%)
Cost of sales
Gross profit
Gross profit ratio (%)
SG&A expenses
Operating income
Operating profit ratio (%)
Non-operating income
Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary expenses
Income before income taxes
Total income taxes
Net income
Net income ratio (%)[Balance Sheets]
Current assets
Cash and deposits
Notes and accounts receivable trade
Notes and accounts receivable trade, and contract assets
Non-current assets
Property, plant and equipment
Intangible assets
Goodwill
Investments and other assets
Total assets
Current liabilities
Short-term borrowings
Non-current liabilities
Long-term borrowings
Total liabilities
Total net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Share acquisition rights
Total liabilities and net assets[Statements of cash flows]
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Free cash flow
Net increase in cash and cash equiv.
Cash and cash equiv. at beginning of
periodCash and cash equiv. at end of period

FY2012/12 FY2013/12 FY2014/12 FY2015/12 FY2016/12 FY2017/12 FY2018/12 FY2019/12 FY2020/12 FY2021/12 FY2022/12
105,508
14.6
70,02735,481
33.6
32,040
3,441
3.3
813
518
3,735
269
352
3,653
689
2,702
2.6

103,461-1.9
67,11836,34335.1
32,203
4,140
4.0
813
528
4,425
685
238
4,872
876
3,910
3.8

102,993-0.5
66,79736,19635.1
33,723
2,472
2.4
841
495
2,818
615
262
3,171
813
2,160
2.1

106,516
3.4
68,374
38,14235.8
33,836
4,306
4.0
898
605
4,599
171
524
4,246
-385
4,530
4.3

101,684-4.5
65,021
36,66336.1
33,862
2,800
2.8
771
483
3,087
97
267
2,918
1,068
1,907
1.9

108,684
6.9
69,966
38,71835.6
35,761
2,956
2.7
750
412
3,295
228
121
3,401
959
2,402
2.2

118,700
9.2
77,436
41,26434.8
39,339
1,925
1.6
889
448
2,365
919
204
3,081
1,339
1,722
1.5

122,174
2.9
80,49541,67934.1
40,776
903
0.7
677
634
945
27
35
938
1,517
-550
-0.5

116,210-4.9
74,322
41,88836.0
40,089
1,798
1.5
804
720
1,881
1,111
1,716
1,277
1,632
-235
-0.2

115,839-0.3
74,145
41,69436.0
39,158
2,536
2.2
694
793
2,437
1,554
2,468
1,523
590
1,166
1.0

123,324
6.4
77,57545,74937.1
41,167
4,582
3.7
556
961
4,177
7,805
3,611
8,372
3,191
5,294
4.3

49,294
17,441

52,925
19,55355,714
21,211

56,342
21,45652,41019,83958,147
19,977

62,143
16,22958,10917,03057,183
18,24657,753
17,351

71,027
26,87624,93526,24325,965

26,13823,241

26,86933,16028,244

26,59926,78339,961
27,928705
611,32789,25636,455
11,222
14,5604,122
51,01638,24035,9605,277
13,02018,520-1,17842,33528,1931,230
34
12,911
95,26135,35911,473
16,874
5,124
52,23443,026
41,0795,277
13,061
22,073-833

41,007
27,041
1,109
26
12,85796,721
36,677
11,087
16,854
5,089
53,532
43,18941,632
5,277
13,061
23,556-834

41,832
26,3951,313
240
14,12398,175
36,106
10,94014,756
5,171
50,86347,31145,677
5,277
13,222
29,223-3,00043,271
25,322
1,142
208
16,806
95,68135,39011,76014,8885,296
50,27845,402
44,9495,277
13,14030,504-4,70044,07324,426
3,651
2,793
15,995102,22139,683
12,564
15,211
5,328
54,89447,32646,863
5,277
12,40432,315-4,701

46,55926,362
4,437
3,005
15,760108,70345,133
11,721
16,076
5,113
61,21047,492
46,854
5,277
9,786
31,104049,95527,781
4,945
2,413
17,229108,778
47,55915,533
15,385
6,633
62,94445,83445,3705,294
9,201
29,862-46

89,256

95,261

96,721

98,175

95,681

102,221108,703108,778

47,912
26,206
5,590
2,093
16,116
105,096
43,646
13,234
17,2598,508
60,90644,18943,812
5,294
9,628
28,950-182
45
105,096

46,144
24,417
4,114
1,317
17,612
103,898
42,544
12,50016,277
7,591
58,82245,07644,931
5,294
9,638
29,530-161
45
103,898

44,26024,9781,819
517
17,462
115,288
49,09911,23916,2787,530
65,37749,91049,871
5,294
9,638
34,387-134
45
115,2888,259-14-1,652
8,245
6,601

3,162
-1,978
51
1,184
1,944

5,715
-1,742-2,179
3,973
1,814

4,522
-803
-3,807
3,719
184

5,072
-4,044-2,571
1,028-1,6193,565-2,971
-706
594
88

1,384
-3,094-2,463-1,710-4,031

3,586-3,221
0
365
952

4,561
-1,152-2,267
3,409
1,203

2,774
-1,170-2,658
1,604
-900

5,804
4,923
-1,426
10,727
9,622

9,555

16,15618,102

19,918

20,10318,483

18,571

14,54015,494

16,697

15,797

16,15618,102

19,918

20,10318,483

18,571

14,54015,494

16,697

15,79725,42029,316

Source: Omega Investment from company materials

Itoki| 11/29/2023

8

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