FLASH REPORT
February. 13, 2020
Company name (official) : KYB Corporation

URL https://www.kyb.co.jp/english/

Stock listing: Tokyo Stock Exchange (First Section)

Code number: 7242

Address of head office: World Trade Center Bldg., 4-1, Hamamatsu-cho 2-chome, Minato-ku, Tokyo 105-6111, Japan

Telephone: +81 3- 3435- 3541

For further information, please contact : Takeo Otani, General Manager, Finance & Accounting Div.
The following statements are an English-translation of the original Japanese-language document for your convenience.
In the case that there is any discrepancy between Japanese and English versions, Japanese version is assumed to be correct.

(All amounts are rounded to the nearest million yen, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2019
( from April 1, 2019 to December 31, 2019 )(1) Consolidated operating results(Percentages indicate the change of the same period of the previous year)

Net sales
Nine months ended

Millions of yen

Segment profit%

Millions of yen

Operating profit%

Millions of yen%

Profit before taxes
Millions of yen%

December 31, 2019289,543(5.7)

15,371(0.5)(3,680)－(4,150)－December 31, 2018306,909

6.1

15,443(6.7)(17,769)－(18,688)－

Nine months ended

Profit for the period

Profit attributable toowners of the parent

Comprehensive
income for the period

Millions of yen

Millions of yen

Millions of yen

%

%

%

Basic earnings
per share
Yen

December 31, 2019(6,827)－(7,240)－(8,872)－(283.43)

December 31, 2018(15,451)－(15,756)－(20,180)－(616.83)

Diluted earnings
per share
Nine months ended

Yen

December 31, 2019－

December 31, 2018－

*Segment profit is calculated by deducting cost of sales and selling, general and administrative expenses from sales.

(2) Consolidated financial position

As ofDecember 31, 2019
March 31, 2019

Total assets

Total equity

Equity attributable toowners of the parent

Millions of yen

Millions of yen

Millions of yen

450,774
441,074

146,287
155,643

139,912
149,338

1

Ratio of equity
Equity attributable toattributable toowners of the parent
owners of theper share
parent to total assets
%
Yen

31.0
33.9

5,477.46
5,846.39

2. Cash dividends
Annual cash dividends per share
End of firstquarter

End of second
quarter

End of third
quarterYear-end

Total

Yen

Yen

Yen

Yen

Yen

Previous fiscal year

－

0.00

－

0.00

0.00

Current fiscal year

－

0.00

－
0.00

0.00

Current fiscal year (forecast)

3. Forecasts for the current fiscal year (April 1, 2019 to March 31, 2020)(Percentages indicate the change of the same period of the previous year)

Net sales

Current fiscal year

Current fiscal year

Segment profit

Operating profit

Millions of yen%

Millions of yen%

Millions of yen

380,000(7.8)

18,000(18.2)(11,400)

Profit for the period

Profitattributable toowners of the parent

Millions of yen

Millions of yen(13,300)%－(14,000)%－

Profit before taxes%

Millions of yen－

Basic earnings
per shareYen(548.09)*Segment profit is calculated by deducting cost of sales and selling, general and administrative expenses from sales.

2(12,200)%－

Consolidated Statements of Financial Position
KYB Corporation and its Consolidated Subsidiaries(Unit: Millions of yen)
As of March 31, 2019

As of December 31, 2019

AssetsCurrent assets:
Cash and cash equivalents

56,092

46,396

Trade and other receivables

107,426

102,765

Inventories

59,591

61,491Other current financial assets

1,170

1,192

Other current assets

10,826

12,746

Total current assets

235,105

224,591

161,368

183,731

Non-current assets:
Property, plant and equipment
Goodwill
Intangible assets

264

253

7,532

7,096

Investments accounted for using the equity method

5,570

5,265

Other non-current financial assets

22,98320,067650

1,152

Other non-current assets
Deferred tax assets
Total non-current assets
Total assets

3

7,602

8,619

205,969

226,184

441,074

450,774

(Unit: Millions of yen)
As of March 31, 2019

As of December 31, 2019

Liabilities and equity
Current liabilities:
Trade and other payables

87,18983,505

Borrowings

54,25560,948

Income tax payables

1,128

534

Other current financial liabilities

24,30722,256

Provisions

37,876

34,662Other current liabilities

2,224

1,172

Total current liabilities

206,979

203,077

Borrowings

44,04647,507

Liabilities for retirement benefits

10,807

10,975

Other non-current financial liabilities

8,521

27,418Provisions

Non-current liabilities:

14,178

14,463

Other non-current liabilities

553

466

Deferred tax liabilities

346

581

Total non-current liabilities

78,451

101,411285,430

304,487

Share capital

27,64827,648

Capital surplus

29,414

29,414Retained earnings

86,53678,936

Total liabilities
EquityEquity attributable to owners of the parent:

Treasury shares

(600)

(602)

Other components of equity

6,340

4,516

149,338

139,912

Total equity attributable to owners of the parent

6,306

6,375

Total equity

Non-controlling interests

155,643

146,287

Total liabilities and equity

441,074

450,7744Consolidated Statements of Income
KYB Corporation and its Consolidated Subsidiaries(Unit: Millions of yen)
For the nine months
ended December 31, 2018
（Apr. 1 through Dec. 31, 2018)

For the nine months
ended December 31, 2019
（Apr. 1 through Dec. 31, 2019)

Net sales

306,909289,543

Cost of sales

246,001

233,922

Gross profit

60,90855,621

Selling, general and administrative expenses

45,46440,250(6)451Equity in profit (loss) of affiliates
Other income

862

956

Other expenses

34,06820,458Operating loss

(17,769)(3,680)Finance income

623

672

Finance costs

1,541

1,143

Loss before taxes(18,688)(4,150)

Income tax expenses(3,237)

2,677

Loss for the period(15,451)(6,827)(15,756)(7,240)Loss attributable to:
Owners of the parent
Non-controlling interests
Loss for the period

305

413

(15,451)(6,827)(616.83)(283.43)

Earnings per share
Basic Loss per share (in yen)5Consolidated Statements of Comprehensive Income
KYB Corporation and its Consolidated Subsidiaries(Unit: Millions of yen)
For the nine months
ended December 31, 2018
（Apr. 1 through Dec. 31, 2018)

For the nine months
ended December 31, 2019
（Apr. 1 through Dec. 31, 2019)(15,451)(6,827)(2,819)(852)

Remeasurements of defined benefit plans2(1)

Share of other comprehensive income of investments
accounted for using the equity method

40(2,813)(853)(1,647)

(901)

(7)

－

(261)

(290)

(1,915)(1,191)

Total other comprehensive income(4,728)(2,044)Comprehensive income for the period(20,180)(8,872)(20,419)(9,274)

239

403(20,180)(8,872)

Loss for the period

Other comprehensive income:Items that will not be reclassified to profit or loss:
Net changes in financial assets measured at fair value throughother comprehensive income

Total
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations
Effective portion of the net changes in the fair value of cash
flow hedges
Share of other comprehensive income of investments
accounted for using the equity method
Total

Comprehensive income for the period attributable to:
Owners of the parent
Non-controlling interests
Comprehensive income for the period

6Consolidated Statements of Changes in Equity
KYB Corporation and its Consolidated Subsidiaries(Unit: Millions of yen)
Share capital
Balance at April 1, 2018

Capital surplus

Retained earnings

Treasury shares

27,64829,414

114,363

－

－

－

－

27,64829,414

114,363(598)

Loss for the period－－(15,756)－

Other comprehensive income

－

－

－

－

Total comprehensive income for the period－－(15,756)－

Acquisition of treasury shares

－

－

－

(2)

Dividends of surplus－－(2,044)－

Transfer to retained earnings

－

－

6

－

Total contributions by and distributions to owners
in their capacity as owners－－(2,038)(2)

Dividends of surplus

－

－

－

－

Total changes in equity interest of subsidiaries

－

－

－

－

Impact of changes in accounting policies
Balance at April 1, 2018 (revised)(598)

Comprehensive income for the period:

Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:

Changes in equity interest of subsidiaries:－－(2,038)(2)

Balance at December 31, 2018

27,64829,41496,569(600)

Balance at April 1, 2019

27,64829,41486,536

(600)

－

－

(150)

－

27,64829,41486,386(600)

Loss for the period－－(7,240)－

Other comprehensive income

－

－

－

－

Total comprehensive income for the period－－(7,240)－Acquisition of treasury shares

－

－

－

(1)

Dividends of surplus

－

－

－

－

Transfer to retained earnings

－

－

(210)

－

Total contributions by and distributions to owners
in their capacity as owners

－

－

(210)

(1)

Dividends of surplus

－

－

－

－

Total changes in equity interest of subsidiaries

－

－

－

－

Total transactions with owners

－

－

(210)

(1)

27,64829,41478,936(602)

Total transactions with owners

Impact of changes in accounting policies
Balance at April 1, 2019 (revised)Comprehensive income for the period:

Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:

Changes in equity interest of subsidiaries:

Balance at December 31, 20197

(Unit: Millions of yen)
Other components of equity

Net changes infinancial assets
Remeasurements
measured at fairof definedvalue throughbenefit plansother comprehensive income

Balance at April 1, 2018
Impact of changes in accounting policies
Balance at April 1, 2018 (revised)

Exchangedifferenceson translationof foreign
operations

Effective
portion of
the net changes in
the fair value ofcash flow hedges

Comprehensive
income for theyear attributableto ownersof the parent

Total
other
componentsof equity

Noncontrollinginterests

Total
equity

9,480

－

(88)

6

9,398

180,225

6,426

－

－

－

－

－

－

－

－

9,480

－

(88)

6

9,398

180,2256,426

186,651(15,451)

186,651

Comprehensive income for the period:
－

－

－

－

－

(15,756)

305

Other comprehensive income(2,819)5(1,843)(6)(4,663)(4,663)(66)(4,728)

Total comprehensive income for the period(2,819)5(1,843)(6)(4,663)(20,419)239(20,180)

Acquisition of treasury shares

－

－

－

－

－

(2)

－

(2)

Dividends of surplus

－

－

－

－

－

(2,044)－(2,044)

Transfer to retained earnings

(1)

(5)

－

－

(6)

－

－

－

Total contributions by and distributions to owners
in their capacity as owners

(1)

(5)

－

－

(6)

(2,046)－(2,046)

Dividends of surplus

－

－

－

－

－

－

(321)

(321)

Total changes in equity interest of subsidiaries

－

－

－

－

－

－

(321)

(321)

Total transactions with owners

(1)

(5)

－

－

(6)

(2,046)(321)(2,367)

Balance at December 31, 2018

6,660

－

(1,931)－

4,730

157,760

6,345

164,105

Balance at April 1, 2019

6,866

－

(526)

－

6,340

149,338

6,306

155,643

－

－

－

－

－

(150)

－

(150)

6,866

－

(526)

－

6,340

149,187

6,306

155,493

Loss for the period

Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:

Changes in equity interest of subsidiaries:

Impact of changes in accounting policies
Balance at April 1, 2019 (revised)Comprehensive income for the period:

－

－

－

－

－

(7,240)413(6,827)

Other comprehensive income

(852)

(0)

(1,182)－(2,035)(2,035)(10)(2,044)

Total comprehensive income for the period

(852)

(0)

(1,182)－(2,035)(9,274)403(8,872)Acquisition of treasury shares

－

－

－

－

－

(1)

－

(1)

Dividends of surplus

－

－

－

－

－

－

－

－

Transfer to retained earnings

210

0

－

－

210

－

－

－

Total contributions by and distributions to owners
in their capacity as owners

210

0

－

－

210

(1)

－

(1)

Dividends of surplus

－

－

－

－

－

－

(333)

(333)

Total changes in equity interest of subsidiaries

－

－

－

－

－

－

(333)

(333)

Total transactions with owners

210

0

－

－

210

(1)

(333)

(335)

6,223

－

(1,708)－

4,516

139,912

6,375

146,287

Loss for the period

Transactions with owners:
Contributions by and distributions to owners
in their capacity as owners:

Changes in equity interest of subsidiaries:

Balance at December 31, 20198

Consolidated Statements of Cash FlowsKYB Corporation and its Consolidated Subsidiaries

For the nine months
ended December 31, 2018
（Apr. 1 through Dec. 31, 2018)(Unit: Millions of yen)
For the nine months
ended December 31, 2019
（Apr. 1 through Dec. 31, 2019)

Loss before taxes(18,688)(4,150)Depreciation and amortization

12,985

15,632

Impairment losses

2,301

740

Reversal gain of impairment losses

(27)

(22)

Gain on sales of fixed asset
Increase (decrease) in assets and liabilities for retirement
benefits
Increase (decrease) in provisions for product warranties

(20)

(29)

Cash flows from operating activities:

Increase (decrease) in provisions for loss related defense
equipment

90

148

25,881(1,114)－(7,618)Finance income

(623)

(672)

Finance costs

1,541

1,143

6

(451)

(Increase) decrease in trade and other receivables

1,899

4,944

(Increase) decrease in inventories(6,907)(2,345)346(1,961)

Increase (decrease) in provision for loss on cancellation of joint
venture agreement(1,189)－Loss associated with the Anti-Trust law

4,424

5

Other

(3,288)1,200

Subtotal

18,731

5,448

146

122

Equity in (profit) loss of affiliates

Increase (decrease) in trade and other payables

Interest received
Dividends received

867

894

Interest paid

(768)

(999)

(3,816)(3,827)

Income taxes paid－

(1,029)15,160609

Payment into time deposits

(446)

(264)

Proceeds from withdrawal of time deposits

180

299

(14,670)(15,768)

Payments of loss associated with the Anti-Trust law
Net cash from operating activities
Cash flows from investing activities:

Payment for purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment

184

225

Payment for purchases of other financial assets

(20)

(513)

2

530

841

－

(1,755)－

Proceeds from sale of other financial assets
Proceeds from changes in ownership interests in subsidiaries
that result in changes in scope of consolidation
Payment for purchases of Investments accounted for using theequity method
Other(1,846)(1,201)

Net cash flows from investing activities(17,528)(16,692)9For the nine months
ended December 31, 2018
（Apr. 1 through Dec. 31, 2018)(Unit: Millions of yen)
For the nine months
ended December 31, 2019
（Apr. 1 through Dec. 31, 2019)(3,207)

7,980

(375)

(3,392)

Cash flows from financing activities:
Net increase (decrease) in short-term borrowings
Repayments of lease liabilities
Proceeds from long-term borrowings

17,62913,019

Repayment of long-term borrowings(13,762)(9,545)

Proceeds from sale and lease back－173

Payment for borrowing fee－(1,233)(2)(1)(2,044)－

Payments for purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests

(321)

(333)

Net cash flows from financing activities(2,082)

6,668

Effect of changes in foreign exchange rates

(714)

(281)

Net increase (decrease) in cash and cash equivalents(5,164)(9,696)

Cash and cash equivalents at beginning of period

42,70256,092

Cash and cash equivalents at end of period

37,53846,396

10

Segment InformationKYB Corporation and its Consolidated Subsidiaries

For the nine months ended December 31, 2018
(Unit: Millions of yen)
Reportable segment
Automotive
Hydrauliccomponents components

SystemProducts

Aircraft
Components

Subtotal

Others(Note 1)

Adjustment
Consolidated(Note 2)Total

Net sales:
185,926

103,721

4,687

4,262

298,596

8,313

306,909

－

604

1,042

120

－

1,767

92

1,858

(1,858)－

186,530

104,763

4,807

4,262

300,3638,404

308,767(1,858)306,909

Segment profit (loss)

6,798

8,780

(98)

(673)

14,806474

15,280163

15,443Equity in earnings (loss) of affiliates

(178)

172

－

－

(6)

－

(6)

－

(6)

Other income and expenses (net)(4,207)(104)(28,881)(66)(33,258)52(33,206)－(33,206)

Operating profit (loss)

2,412

8,848

(28,979)(739)(18,458)526(17,932)

163(17,769)

Outside customers
Intersegment sales and transfers
Total

Finance income and costs (net)306,909(919)

Loss before taxes(18,688)

Notes: 1. “Others” includes “Special-purpose Vehicles”and Electronic Equipment” that are not included in the four of reportable segment.
2. ¥163 million of adjustment of segment profit is the elimination of intersegment transactions.

For the nine months ended December 31, 2019
(Unit: Millions of yen)
Reportable segment
Automotive
Hydrauliccomponents components

SystemProducts

Aircraft
Components

Subtotal

Others(Note 1)

Adjustment
Consolidated(Note 2)Total

Net sales:
175,950

95,641

5,667

4,441

281,698

7,845

289,543

－

589

1,097

190

－

1,876

90

1,966

(1,966)－

176,539

96,737

5,858

4,441

283,575

7,935

291,509(1,966)

289,543

9,196

5,006

1,307

(850)

14,659711

15,3701

15,371

245

206

－

－

451

－

451

－

451

Other income and expenses (net)(2,503)(429)(15,959)(560)(19,451)(51)(19,502)－(19,502)

Operating profit (loss)

6,938

4,782

(14,652)(1,410)(4,342)661(3,681)

1(3,680)Outside customers
Intersegment sales and transfers
Total
Segment profit (loss)
Equity in earnings of affiliates

Finance income and costs (net)289,543(470)

Loss before taxes(4,150)Notes: 1. “Others” includes “Special-purpose Vehicles”and Electronic Equipment” that are not included in the four of reportable segment.
2. ¥1 million of adjustment of segment loss is the elimination of intersegment transactions.

*With regard to the changes of reportable segment
Conventionally, as for "Special-purpose Vehicles ", "Aircraft Components and Electronic Equipment",
as a result of taking into account the quantitative criteria etc. in the reporting segment, they were included in "Others".
However, as for the contract with the Ministry of Defense relating to defense equipment, it has come to light that
we made inappropriate claim to Ministry of Defense.
As a result of recording the estimated cost of this case, the "Aircraft Components” included in "Others"
increased its qualitative importance, so "Aircraft Components" is separated from "Others" from FY2018.
Therefore, we have four reporting segments, "Automotive Components ", "Hydraulic Components" ,"System Products"and "Aircraft Components".
Financial information for the previous fiscal year has been revised to reflect this change.

1113-Feb-20
KYB Corporation

Third Quarter of FY2019 Financial Results Supplementary Information
1．Breakdown of sales
FY2018 3Q
Sales
composition
ratio（¥ million）

FY2019 3Q
Sales
composition
ratio（¥ million）

Differences
Sales
composition
ratio（¥ million）

185,926

60.6%

175,950

60.8%△ 9,976-5.4%

Shock absorber for automobiles

127,305

41.5%

126,571

43.7%

△ 734

-0.6%

Shock absorber for motorcycles

21,987

7.2%

20,451

7.1%△ 1,536-7.0%

Hydraulic equipment for automobiles

32,696

10.7%

25,3588.8%△ 7,338-22.4%

Others

3,938

1.3%

3,569

1.2%

△ 369

-9.4%

103,72133.8%

95,64133.0%△ 8,080-7.8%

Hydraulic equipment for industrial use

97,46831.8%

89,58830.9%△ 7,880-8.1%

Others

6,253

2.0%

6,053

2.1%

△ 200

-3.2%

17,262

5.6%

17,953

6.2%

691

4.0%

Special-purpose vehicles

6,386

2.1%

6,429

2.2%

43

0.7%

Hydraulic equipment for aircraft

4,262

1.4%

4,441

1.5%

179

4.2%

System products and electronic components, etc.

6,613

2.2%

7,083

2.4%

470

7.1%

289,543 100.0%△ 17,366-5.7%

Automotive Components

Hydraulic Components

Special-purpose vehicles, hydraulic equipment for aircraft,and system product and electronic components

Total

306,909 100.0%

12

2．FOREX Rate（\）
FY2018Average FOREX Rate

Apr-Jun 2018

JPY/USD
JPY/EUR
JPY/CNY
JPY/THBJPY/RUB

Apr-Sep 2018

109.07130.06
17.12
3.42
1.76

FY2019Apr-Dec 2018110.26129.84
16.74
3.40
1.73

Full year

111.14129.48
16.60
3.41
1.72

Apr-Jun 2019110.91128.40
16.53
3.43
1.71

Apr-Sep 2019109.90123.48
16.07
3.48
1.70

Apr-Dec 2019108.62121.41
15.68
3.48
1.68

108.67121.04
15.60
3.52
1.69
（\）

FOREX Rate prevailingat the end of quarter

FY201830 Jun 2018

JPY/USD
JPY/EUR
JPY/CNY
JPY/THBJPY/RUB

30 Sep 2018110.54127.88
16.67
3.33
1.76

FY201931 Dec 2018113.58132.15
16.50
3.50
1.73

31 Mar 2019110.91126.88
16.14
3.41
1.59

30 Jun 2019111.01124.56
16.48
3.49
1.71

30 Sep 2019107.75122.46
15.68
3.51
1.71

107.96118.04
15.14
3.53
1.67

61,39534,811
5,438
101,643

FY20192Q
57,497
31,696
6,801
95,99530 Sep 2019109.55
122.51
15.68
3.63
1.76

3．Segment sales（\ million）
FY2018
1Q

2Q

3Q

Automotive Components
Hydraulic Components
Other (*1)
Total

62,81633,741
5,580
102,137

60,90633,483
6,262
100,651

Automotive Components
Hydraulic Components
Other (*1)
Total

1st Half
123,722
67,224
11,842
202,789

2nd Half
122,085
73,40013,940209,425

4Q

1Q

62,20436,496
5,420
104,12059,88236,904
8,520
105,305

Full year
245,807
140,625
25,782412,214

FY2019
1st Half
118,892
66,507
12,239197,638

FY20183Q
57,057
29,134
5,714
91,905

4．Segment operating income (*2)（\ million）
FY2018
1Q
Automotive Components
Hydraulic Components
Other (*1)
Total

2Q

3Q

3,138
3,019
△ 555
5,601

4Q

1,213
2,575
79
3,867

2,549
3,243
182
5,975

5,456
6,314
772
12,542

Full year
9,807
11,908295
22,010FY2018
1st Half
Automotive Components
Hydraulic Components
Other (*1)
Total

2nd Half

4,351
5,594
△ 477
9,468

FY2019
2Q

1Q
2,907
3,071
590
6,567

4,204
2,663
△ 17
6,849

2Q
2,722
1,408
941
5,071

2,273
937
241
3,452

FY2019
1st Half
6,925
4,070
924
11,9195．Capital Expenditure, Depreciation（\ million）
FY2018
1Q

2Q

Capital Expenditure
Depreciation Expenses

3Q

4Q

4,470
4,256

5,454
4,321

4,700
4,408

8,048
4,596

9,924
8,577

2nd Half
12,7479,004

Full year
22,672
17,581FY2019
1st Half
11,912
10,377FY2018
1st Half
Capital Expenditure
Depreciation Expenses

FY2019
2Q

1Q
4,707
5,087

2Q
7,206
5,291

5,238
5,254

6． R&D Expenses（\ million）
FY2018
1Q

2Q

R&D Expenses

3Q

1,737

1,810

4Q
1,673

FY2018
1st Half
R&D Expenses

2nd Half
3,547

3,203

Full year
6,750

FY2019
2Q

1Q
1,530

2Q

1,563

1,587

△ 565
129
△ 436

FY2019
2Q
△ 577
△ 121
△ 698

1,584

FY2019
1st Half
3,150

7．Foreign Exchange gain or loss (*3)（\ million）
FY2018
1Q
Other Income / Other Expenses
Finance Income / Finance Costs
Total

2Q
89
△ 812
△ 723

3Q
△ 85
△ 117
△ 202

4Q
△ 61
163
102

△ 314
△ 46
△ 361

Full year
△ 372
△ 812
△ 1,184

FY2019
1st Half△ 1,1428△ 1,134

FY2018
1st Half
Other Income / Other Expenses
Finance Income / Finance Costs
Total

3
△ 929
△ 926

2nd Half
△ 376
117
△ 259

1Q

(*1) "Other" includes "special-purpose vehicles", "Hydraulic equipment for aircraft" and "System Products and Electronic Equipment" thatare not included in the two reportable segments.
(*2) “Segment operating income”, which is described above, is different from “Segment profits (losses)” which is described in “Segment Information”
section in the Flash Report. “Segment operating income” amount includes “Adjustment” amount, which is described in the Flash Report”.
(*3) “Foreign Exchange Gain or Loss” ,which is described above, comes from the amount of foreign exchange gain or loss in “Other income” ,“Other expense”, “Finance income” and “Finance costs” in the Consolidated Statements of Income. Foreign exchange gain is written as plus
and foreign exchange loss is written as minus.

13

2Q
786
76
862