Report 2015

[ Year ended December 31, 2015 ]01Grow our existing business,
Realize our potential,
Overcome barriers, andMove ahead in a HORIBA way.
This determination is incorporated in
our new message

AHEAD
Keeping this concept in mind,
HORIBA takes a step toward

New domains,
New regions andNew stages.
HORIBA Report 2015 | 02

Everything begins with measurement
HORIBA, since its foundation, has achieved continuous growth providing“measuring technologies.”
We will continue to grow by keeping our Corporate Philosophy in mind.
Corporate Philosophy
HORIBA's Corporate Motto “Joy and Fun”

Originates from the belief that if we take interest and pride in the work thatoccupies most of the active time in our lives, in the place where we spend thelarge part of each day, then as a result our satisfaction 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

Our mission is to contribute to the progress of science and technology,
and the preservation of the global environment and resources through theprovision of highly original products, analytical and measurement solutions,and engineering services.

Net sales

Operating income

See the entire text on page 83.

Customer ResponsivenessWe maintain a philosophy of pursuing cutting edge technology in order to supply
products and services that consistently satisfy customers’ requirements.
Responsibility to Shareholders and Investors
We recognize that maximizing the returns to shareholders by consistently
raising HORIBA’s long-term corporate value is one of the priority objectivesof management. Our basic policy is to target total returns (the combinationof dividend payments and share buybacks) to shareholders to be at a certain
ratio of HORIBA’s consolidated net income, and consistently deliver them.
Employees
We are proud of the entrepreneurial spirit that has led to the creation of HORIBAGroup companies. Each group employee is made aware of this heritage and we
actively encourage ideas and innovations from individual employees.

Net sales
exceed¥10
billionResults up to 1977 are on a nonconsolidated basis and results from 1978 on are consolidated

1945

1950

1955

1960

1965

1970

1975

1945

1953

1978

Masao Horiba establishes
HORIBA RADIOLABORATORYHORIBA, Ltd. is established
Masao Horiba becomes thefirst president

Masahiro Oura
becomesthe second
president

1970

OLSON-HORIBA, INCORPORATED,a joint venture company, isestablished in the U.S.
HORIBA begins overseas expansion
1971

Listed in the Second Sectionof the Osaka Securities
Exchange

HORIBA’s history

1974

Listed in the Second Section of theTokyo Stock Exchange
Established Standard Technology
Co., Ltd.
(now HORIBA STEC , Co., Ltd.)

03

1950

1964

HORIBA pioneers thefirst made-in-Japan
glass electrode
pH meters

Launch “MEXA,” a global
brand for automotive
exhaust gas analyzers

1975

Establish COS Co., Ltd.

(now HORIBA Advanced Techno Co., Ltd.)

Deliver emission gas
analyzers to the United States
Environmental Protection
Agency (EPA)

Net sales¥170.8billionNet sales
exceed¥150
billionNet sales
exceed¥100
billionOperatingincomeNet sales
exceed¥19.3¥50
billion

1980

1985

1990

1995

billion

2000

2005

2010

2015

1992

2004

2006

2015

Atsushi Horiba becomes
the third president

Launch “OneCompany Matrix
Management”

Launch the
Mid-Long Term
Management Plan

Masao Horiba,
Founder,passed away

[2006-2010]

1982

1996

2000

2011

2016

Listed in the First
Section of the Tokyo
Stock Exchange andthe Osaka Securities
Exchange

Acquire ABX S.A.

Establish
HORIBA Techno
Service Co., Ltd.

Launch the Mid-Long
Term Management Plan

Launch the MidLong Term
Management Plan
MLMAP2020

1987

1997

2005

2015

Form an alliance witha hematology analyzer
manufacturer ABX S.A.

Acquire Instruments S.A.

Acquire MCT(Mechatronics) businessof Carl Schenck AG in
Germany

Acquire MIRA, Ltd.

(France)(now HORIBA ABX S.A.S.)

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

in France[2011-2015]

1980

1998

2002

Standard Technology Co., Ltd.

Announce the “LC-270 CRP,”
the world’s first hematology
and CRP analyzers

Develope on-board emission
measurement systems forvehicles in operation(now HORIBA STEC , Co., Ltd.)launches mass flow
controllers(now HORIBA MIRA, Ltd.)in U.K.

HORIBA Report 2015 | 04

Index

Editorial policy
Notation of HORIBA and HORIBA, Ltd.
In this HORIBA Report, the HORIBA Group of companies is described as “HORIBA” and the parent company as “HORIBA, Ltd.”
Disclaimer Regarding Future Plans and Forecasts
This HORIBA Report contains certain statements describing future plans, strategies, and performance forecasts of HORIBA, Ltd. and its affiliatedcompanies. These statements reflect forecasts based on management’s assumptions and beliefs based on the available information as of February 9,2016 when business results were announced. Actual performance may differ due to unforeseen circumstances in the operating environment.
05

IndexValue creation based on“Invisible Values”

P31

Corporate Governance

P41

Synergies with HORIBA MIRA, Ltd. P15

Financial data

P45

Message from the CFO

P17

Corporate data

P82

Business outline

P19

Corporate Philosophy

P83

ONE STEP AHEAD

P01

Message from the CEO

P07

New Mid-Long Term Management
Plan MLMAP2020

P11

Overview by region and by segment
Automotive Test Systems
Process & Environmental Instruments & Systems
Medical-Diagnostic Instruments & Systems
Semiconductor Instruments & Systems
Scientific Instruments & Systems

Organizational structures / Human resources / Technologies /Customers / Brands

Eleven-year summary

HORIBA BIWAKO E-HARBOR

Notation of owners
HORIBA fully recognizes the importance of its shareholders and frequently calls them owners.
Change of Fiscal Year-End
HORIBA unified its fiscal year-end as December 31, effective from fiscal 2006. As a result of this change, the following irregular fiscal periods wererecorded: Fiscal 2006 for HORIBA, Ltd. and HORIBA Advanced Techno Co., Ltd. comprised the 9 months and 11 days from March 21, 2006 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 yearend 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 21, 2006 was described as 2005, the fiscal year ended March 21, 2005 as 2004, thefiscal year ended March 21, 2004 as 2003.
HORIBA Report 2015 | 06

Message from the CEO“ONE STEP AHEAD”
With the spirit of“Joy and Fun”
Chairman, President & CEO

We will move “ONE STEP AHEAD” into the future in 2016, the first year of a new Mid-Long Term Management Plan.
My role is to keep increasing corporate value for HORIBA. By continuously investing in human resources andtechnology, we will make our invisible values (page 31) glow.

Sales and profits reached all-time highs in 2015
In 2015 (ended December 31, 2015), HORIBA posted its
second consecutive year of record-high sales and profits,with consolidated net sales of ¥170.8 billion (up 11.7% yearon-year) and operating income of ¥19.3 billion (up 12.5%
year-on-year). The Semiconductor Instruments & Systems
segment was the main earnings driver, with its contribution
driven by robust capital expenditure by the semiconductor
industry in Asia and an increase in our global market sharefor mass flow controllers, our mainstay product (from 52% in2014 to 55% in 2015). Meanwhile, the Automotive Test
Systems segment recorded a decrease in operating income
due to one off increases in expenses associated with a major
acquisition and a move to a new base in Shiga Prefecture which
is next to Kyoto Prefecture. The Scientific Instruments &Systems segment and the Medical-Diagnostic Instruments &Systems segment both recorded a year-on-year increase inoperating income, but the Process & Environmental Instruments& Systems segment recorded a decrease in operating income.

Our previous business plan, through 2015, built abase for a major advanceIn the previous plan (Mid-Long Term Management Plan [20112015]), our targets were ¥150 billion in sales, ¥20 billion in
operating income and ROE of 11% or more. In 2015, partly due
to the impact from the depreciation of the yen, sales significantly
exceeded the target but the actual operating income and ROE
07(10.2%) fell slightly short. The major reason was concurrent
investments: construction of a new facility, HORIBA BIWAKO
E-HARBOR, and the acquisition of U.K.-based HORIBA MIRA,
Ltd. By business segment, the Semiconductor Instruments &Systems segment significantly exceeded the plan and threesegments - Automotive Test Systems, Process & Environmental
Instruments & Systems, and Scientific Instruments & Systems
largely achieved the targets. However, the Medical-Diagnostic
Instruments & Systems segment recorded operating income of¥2.4 billion in the final year, which was far behind the initial targetof ¥6.0 billion.
I am also pleased to report that we have made satisfactory
progress in the previous plan’s strategies: namely, full
implementation of “One Company Matrix Management;”
investment in highly profitable businesses; expansion of thebusiness model so as to be better driven by customer viewpoints;
and acceleration of global product development and production.
However, profitability of the Medical-Diagnostic Instruments &Systems business and speedy improvement in profitability of theacquired businesses remain major challenges. In addition, ahigher depreciation burden, caused by capital expenditure andbusiness acquisitions, is emerging as a new challenge.

Launch of the new Mid-Long Term
Management Plan MLMAP*2020,“ONE STEP AHEAD”
The MLMAP2020, which began in 2016 under the slogan "ONESTEP AHEAD,” incorporates our determination to move one

In HORIBA BIWAKO E-HARBOR’s Sky Atrium with central staircase

step ahead of our existing business and to cross over a barrier
by acquiring new perspectives. We have chosen a “drone” asour plan’s symbol, as the drone represents ability to flexibly
control itself, break stereotypes, and add an entirely new
dimension to the concept of flight. Even though one of fiverotors (our five business segments) of the drone may temporarily
decelerate, the remaining four rotors should enable the drone tokeep flying. This resonates with the core of HORIBA’s wellbalanced management that aims for growth in all five businesssegments, and ensures growth even when one segment
temporarily lags.
The MLMAP2020 priority measures call for application of
HORIBA technology in new business fields and new markets,for growth by a Super Dream Team based on balanced
management, matrix organization and the HORIBA Stained
Glass Project, and raising capital efficiency and maximizing
corporate value. We have set numerical targets for 2020: salesof ¥250 billion, operating income of ¥30 billion, and ROE of 10%
or more. The targets in operating income ratio are 20% for the
Semiconductor Instruments & Systems segment and 10% for allother business segments.
In order to realize the MLMAP2020, it is critical that the
Automotive Test Systems and Semiconductor Instruments &Systems segments, our two major businesses, remain earnings
drivers. The Automotive Test Systems segment we plan tomaintain its top share in emission gas analyzers and seek togenerate return on the investments made in HORIBA BIWAKO
E-HARBOR and HORIBA MIRA. The Semiconductor
Instruments & Systems segment should also maintain its highshare in mass flow controllers and at the same time expand inmany aspects. In addition, we will apply HORIBA analysis andmeasurement technology to new fields, so that we can create athird business pillar.

We have made investments for the future
In July 2015, we acquired U.K.-based MIRA, Ltd. by investing¥15.5 billion, a record-high amount for HORIBA. Having been inbusiness since 1946, MIRA was a distinguished company hosting
R&D bases of 30 automotive-related companies and employing
about 500 engineers within its research facilities. HORIBA plans
to transfer its cutting-edge analysis and measurement technology
to MIRA so as to accelerate its business growth in developmentof next-generation mobility.
After investing approximately ¥10 billion, HORIBA BIWAKO
E-HARBOR started full operation in May 2016. By means ofconsolidating gas measurement technology development,
design, and production teams and launching an integrated
production line with production partner companies, we aim to
improve the time-to-market of new products and double our
production volume. The SKY ATRIUM, a soaring staircase area inthe middle of the building, is designed to help facilitatecommunication among employees'. When we eliminate thebarriers between development, design and production teams andpartner companies, and when each other’s work or know-how
becomes more evident to others, I am confident that new value
will emerge.
HORIBA BIWAKO E-HARBOR plays a role in the transfer of ourcore technology, diligently accumulated in Kyoto over a period of
70 years, into the hands of a new generation of engineers, whowill spearhead the fostering of new development capabilities. Thisfacility also has an R&D laboratory to be used to demonstrate thelatest automotive measurement equipment and otherexperiments. Moreover, we are planning to enable customer
training, demonstration and application development. We thus
aim to create a place where we can create value together withour customers.
*MLMAP…Mid-Long Term Management Plan

HORIBA Report 2015 | 08

Message from the CEO

Yuichi Muroga

Sunao Kikkawa

Takashi Nagano

Dr. Masayuki Adachi

Atsushi Horiba

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

Senior Corporate Officer
General Manager of Finance & Control
Division

Director
General Manager of Sales Division
President of HORIBA Korea Ltd.
(South Korea)

Senior Managing Director
General Manager of Research &Development Division
Chairman of supervisory board of HORIBA
Jobin Yvon S.A.S. (France)

Chairman, President & CEO

We will enhance our capital efficiency and cash
flow management
We will emphasize capital efficiency and cash flow in the
MLMAP2020. Historically we have emphasized ROA as one of
our Key Performance Indicators (KPI), but this time we aresetting capital efficiency targets for each group company andeach business segment, and emphasizing cash flow
management. In January 2016, we expanded our ERP(Enterprise Resource Planning) system worldwide. This will
facilitate our close management of the balance sheet and cash
flow for each business segment. We anticipate positive impacts
to be generated in inventory management and reduction in time
to recover return on our investments. At the same time the new
system will enable us to quickly respond when a problem
occurs. I believe establishing the system will eventually lead toquicker management judgments and more thoroughimplementation of efficient operations in all divisions, which
include not only development, production, and other functional
divisions but also administrative divisions. Ultimately we will
improve our corporate value.

Our “Super Dream Team” will help accelerate
corporate growth
We have promoted the “balanced management” of operating
multi-businesses, which helps alleviate the impact from change
in the economic cycle and enables us to make continuous
investment, and “matrix organization,” which facilitates agile
execution of strategies by using two axes of business segment
and region. Moreover, quality and operating efficiency havebeen improved by introducing the “Blackjack Project”, whichbegan in 1997 with the objective of changing the awarenessand activities of employees. Then we began the “HORIBA
09

Stained Glass Project” in 2014 so as to create an environmentthat values diversity. There is no doubt that implementing these
initiatives have led to motivation of our employees to become
more capable and more responsible team members. What I
envision as ideal is an organization in which people with diversity
can make the best of their strength and talents and exercise
strength as a team. We have named it the “Super Dream Team.”
HORIBA’s philosophy to respect each other, and our corporate
culture of “Joy and Fun” , have inspired and been integrated into
our overseas group companies. I think an accurate
understanding of HORIBA’s corporate culture by our newlyjoined group companies is invaluable for their management andbusiness development. I firmly believe that the “Super Dream
Team,” when realized, will materialize significant potential forenhancing corporate value.

We are proud to be a company that supports
many industries
None of HORIBA’s business segments, while generating sales oftens or hundreds of billion yen, are big in size. Nevertheless, weare proud that we are part of the foundation for global industrial
development by providing cutting-edge analysis andmeasurement instruments, or “mother tools” that support, inparticular, the automotive and semiconductor industries. I am
convinced that we should never stop challenging ourselves byentering new markets or developing and applying new technology.
We must continue gaining market share and increasing
profitability for each business, which inevitably result in expanding
our corporate scale. I believe that will be HORIBA’s ideal path.

We will deepen our dialogue with all stakeholders
In its business activities HORIBA, since its origin, has been fullycommitted to owners (shareholders), customers, employees,

Juichi Saito

Fumitoshi Sato

Executive Vice PresidentManaging Director
General Manager of Corporate & Segment General Manager of General Administration
Strategy Division
Division

Dr. Jai Hakhu

Hideyuki Koishi

Dr. George Gillespie

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

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

All players perform their
special roles

Balancedmanagement

Matrix organization

HORIBA
Stained Glass ProjectFlexibly utilize
management resources
Select and focus on
business for investment

Engage in thorough discussions on
a business segment basis and on aregional basis
Speedily implement strategies
Promote shared services

Inherited venture spirit
Challenge spirit
Embody “Joy and fun”

Super
Dream
Team

Realize HORIBA-style diversity

and society, and has been engaged in dialogue with stakeholders
in various ways. In 2011 we signed the United Nations Global
Compact, a set of universally accepted principles in the areas ofhuman rights, labor, environment, and anti-corruption. We ensurethat when we conduct business we are rooted in each country
and region, together with local employees, and understand therelevant diverse cultures, customs and values to ensure that we
make a positive social contribution wherever we do business.
I welcome opportunities to engage in constructive dialogue withstakeholders and explain our business strategies to them. ThisHORIBA Report and our website introduce not only our businessand financial information, but also our “Invisible Values,” (page 31)
which are not shown in the financial statements, so that HORIBA’s
corporate values are well understood.
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
and share buybacks), allocating the remainder to reserves forcapital and strategic investment in human resources andtechnology. In fiscal 2015, we paid a record-high annual
dividend per share of ¥70 and bought back 218,000 shares(¥999 million; 0.5% of shares outstanding). For fiscal 2016, weare currently forecasting an increase of annual dividend pershare to ¥75.
I am proud that all of our business activities are contributing to
the realization of a comfortable and sustainable society. This
has not been changed as our company culture has been
inherited from our very foundation to the present, and isconsistent with our fundamental way of thinking regarding
Corporate Social Responsibility. We are committed to working
with a sense of challenge and the “Joy and Fun” spirit, raising
the satisfaction of owners (shareholders), customers, suppliers,
employees, and all other stakeholders, and contributing tosociety in order to improve our corporate value. I sincerely hopethat you all agree with our management policy and will continue
to support us for many years to come.
Chairman, President & CEO

Atsushi Horiba
HORIBA Report 2015 | 10

New Mid-Long Term Management Plan MLMAP2020

MLMAP2020
New Mid-Long Term Management Plan

FeatureM i d - Lo n g Te r m M a n a g e m e n t Pl a nUpon completion of the Mid-Long Term Management Plan [2011-2015],
HORIBA has formulated a new Mid-Long Term Management Plan, MLMAP2020,
for the five-year period from fiscal 2016 to fiscal 2020.
MLMAP2020

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

“ONE STEP AHEAD”
Measures

Priority measures

1 Applying HORIBA technology in new business fields and markets and becoming a true partner in analysis andmeasurement
2 Accelerating corporate growth by its Super Dream Team based on balanced management, matrix organization,and the HORIBA Stained Glass Project3 Raising capital efficiency to maximize corporate value

Targets

Net sales

Operating income

ROE

250billion yen 30billion yen 10%or more

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

Review of the previous
Mid-Long Term
Management Plan
[2011-2015]

2015

Previous plan targets

Results

Achievement rate

Net sales

150 billion yen

170.8 billion yen+13.9 %

Operatingincome20 billion yen

19.3 billion yen− 3.1 %

11.0%

10.2 %−0.8 p

ROE

What we did
Achievements

Fully implemented One Company
Matrix Management
Completed implementation of sharedservices* five segments and regions
Fully implemented ERP (Enterprise
Resource Planning) systems in allgroup companies

Invested in highly profitable businesses
Expanded business model driven bycustomer viewpoint

Accelerated establishment of global
product development and production
systems

Aggressively invested in the Automobile
business (BIWAKO new facility; HORIBA
MIRA, Ltd.)

Expanded capacity of reagent plants in
the Medical-Diagnostic business(China, India, and Brazil)

Strengthened R&D and production
systems in the Semiconductor business(Kyoto, Aso, Fukuchiyama)
Business acquisition in the U.S. [P&E];
Photon Technology International, Inc.
[Scientific])

Challenges

Improve profitability in the Medical business / Speed up improving profitability of the acquired businesses /Manage an increase in depreciation burden caused by large-scale investments* Shared services is to centralize specific work of more than one division of the company or group with the aim of raising productivity and cost reduction.

11

MLMAP2020

1

Applying HORIBA technology in new business fields and markets and becoming atrue partner in analysis and measurement
The company intends to achieve strategic growth in each business by promoting combined use of technology andsales network of each business segment, while further growing the Automotive Test Systems and Semiconductorbusinesses. HORIBA will also actively make new investments and pursue M&A opportunities into business fields
and markets with great growth potential, including fuel cells and other alternative energy sources, the bio-lifescience field, and the water analytical and measurement field. HORIBA thus plans to achieve targets of eachbusiness segment and to create new business pillars.

Apply HORIBA’s
analytical technology
into growth markets,by promoting mutual
use of technology andsales network of eachbusiness segment

2

Priority Measures

Growthmarkets

HORIBA
Technology

Alternative
fuels

Automotive
Test

Process&
Environmental

Bio-life
science

Water

Scientific

Semiconductor

MedicalDiagnostic

Accelerating corporate growth by its Super Dream Team based on balanced
management, matrix organization and HORIBA Stained Glass Project
In keeping with the management principle of the “HORIBA Group is One Company,” HORIBA has implemented
well-balanced matrix management and has achieved a high order of integrated group operation during theprevious mid-long term plan.
In order to further advance
this organization, we willcontinue to promote diversity,
through the HORIBA Stained
Glass Project, to realize theSuper Dream Team of its
human resources withdiversity and to accelerate
MatrixBalancedrenovation in existing
management
organization
HORIBA Stained
Manage business by
Flexibly utilize
business and creation of new
Glass Project
management resourcesbusiness segment and bybusinesses (see details on
Realize
HORIBAstyle
regionSelect and focus ondiversity
the target business
Promote shared
page 33, “Invisible Values:
for investment
services
Organizational Structures”.

Super Dream Team=

3

Raising capital efficiency to maximize corporate value=

See details on page 17, CFO Message.

P17

Under the previous plan, HORIBA made numerous investments towards future growth,established new facilities and acquired businesses. In order to make effective use of thoseassets, each group company and each business segment will set its capital efficiency
targets and make efficient management so as to realize strategic growth.
HORIBA Report 2015 | 12

New Mid-Long Term Management Plan MLMAP2020

MLMAP2020 Targets by Business Segment
All business segments aim to achieve growth in sales and operating income
Sales (left, billions of yen)

Operating income (right, billions of yen)

Process &Environmental

Automotive Test

Medical-Diagnostic

Semiconductor

Scientific

100.0

100

10

billion yen

10.0

10.0

9.4

billion yen

billion yen

billion yen

75

7.5

65.8

billion yen

50.0

50

5.0

billion yen

40.0

5.2

billion yen

billion yen

27.7

25.0

25

16.7

billion yen

billion yen

1.8

billion yen

2.6

billion yen

35.0

35.4

billion yen

billion yen

4.0

26.7

billion yen

billion yen

billion yen

3.5

billion yen

2.5

2.5

billion yen

1.2

billion yen

002015 results MLMAP(based on the2020
new standard*)2015 results MLMAP(based on the2020
new standard*)2015 results MLMAP(based on the2020
new standard*)2015 results MLMAP(based on the2020
new standard*)2015 results MLMAP(based on the2020
new standard*)* Due to the new standard from fiscal 2016, reflecting change in accounting for revenue recognition, theresults in fiscal 2015 are calculated based on the retrospectively-restated amounts for reference only.

Expanding the water measurement business
HORIBA aims to expand the water measurement business byeliminating barriers between three business segments that are
engaged in water analysis and measurement business (theProcess & Environmental, Semiconductor, and Scientificsegments) and by promoting mutual use of their technology andsales network. Resources in Japan will be integrated in HORIBA
Advanced Techno Ltd., an expert in water and liquidmeasurement, which will respond to all water-related customer
demand, from domestic-use water to industrial-use precisionwater and pollution testing.
By integrating business segments and adding the flexible
capacity of a group company focused on a specific field, HORIBA
plans to double sales in the water measurement business fromapproximately ¥10 billion in 2015 to ¥20 billion by 2020.

HORIBA’s water analysis and measurement technology can improve productivity in water treatment processes.
This is a value unique to HORIBA.

HORIBA Advanced Techno Ltd. -Core player in water measurementProcess & Environmental

Semiconductor

Scientific

Aim to double sales* in water measurement business2015

Approx. 10 billion yen

2020

20 billion yen* Aggregate sales of water-related businesses in the Process & Environmental, Semiconductor, and Scientific segments

13

Feature

New Mid-Long Term Management Plan

MLMAP2020
Mid - Long Term Management Plan

Business Portfolio Target
Looking back at the business segment growth in 2010-2015, allsegments’ sales grew and generated operating income. In
particular, the Semiconductor Instruments & Systems andAutomotive Test Systems segments grew significantly but sales
and operating income of the Medical–Diagnostic Instruments &Systems segment fell short of expectations.

Operating income ratio in the final year

2005

2010

2010

35%

35%

30%

30%

25%

25%

The business portfolio target for 2020, under the MLMAP 2020,
envisions well-balanced growth and profitability in all businesssegments. In addition to seeking business growth of eachsegment, we will promote mutual use of technology and sales
network of each business segment, which also means
challenging new businesses and new applications. The
operating income ratio of 10% or more in all business segments
is also a part of the new plan’s targets.

2015

2015

2020

35%

Semiconductor

30%

Semiconductor

Process &Environmental

Medical-Diagnostic
25%

Automotive
20%

Process &Environmental

20%

15%

15%

Medical-Diagnostic
Process &Environmental
Scientific5%

Scientific

Medical-Diagnostic

Semiconductor

10%

20%

15%

Scientific

10%

10%

5%

5%

Automotive

Automotive
0%

5%

10%

15%

20%

0%

5%

10%

15%

20%

0%

5%

10%

15%

20%

Compound Average Growth Rate in sales

Verticalaxis

Operating income ratio
in the final year
Automotive

Horizontal
axis

Compound Average Growth
Rate in sales

Process & Environmental

Medical-Diagnostic

Size ofcircleThe size of the bubbles represents
sales proportionately.

Semiconductor

Scientific

MLMAP2020 Symbol
The new plan’s symbol is a drone, which can autonomously operate with open
viewpoint. The symbol reflects HORIBA’s determination of not simply reacting tooutside changes but of proactively acting to make a breakthrough.
-2005
A rocket launch, symbolizing
HORIBA’s development, sales,
and other functions being unified
and rising to great heights

2006-20102011-2015

A balloon floating upward in
the sky, symbolizing HORIBA’s
business growth and asset
streamlining

A yacht moving forward by
capturing winds, symbolizing
HORIBA’s growth driven by fivebusiness segments capturingbusiness chances

HORIBA Report 2015 | 14

Synergies with HORIBA MIRA, Ltd.

Outline of HORIBA MIRA, Ltd.

MIRA Ltd. joined
the HORIBAGroup, signaling
expansion ofoperations into a
new business field(now HORIBA MIRA, Ltd.)Business line

Engineering services for vehicle development (ECT*)

Incorporated

1946

Head officeNuneaton, Warwickshire, U.K.

Number of
employees

533 (as of December 2015)* ECT: Engineering Consultancy & Testing

Key points
Based in the Midlands, the center of the U.K. automotive industry
32 automotive manufacturers are in the region
Historically an area of strength in advanced vehicle technology
No affiliation to any specific Automotive manufacturer group
The U.K. government strongly supports the automotive industry
and regional revitalization
Major customers... Automotive manufacturers

Automotive manufacturers in the U.K., Japanand South Korea, Automotive component
manufacturers and tire manufacturers... Formula 1 teams... Major automotive industry zone

Into theengineering business
Outline of ECTBusinessdevelopment
1 Vehicle
engineering
In July 2015 HORIBA acquired
MIRA Ltd. (now HORIBA MIRA,Ltd.), the United Kingdom vehicle
engineering consultancy andtesting services provider. By
including MIRA in the group,
HORIBA’s business has expandedfrom analysis and measurement
equipment to the automobile
engineering field, offering technicaldevelopment services, testing andcertification services, andadvanced facilities.

Performance testing (vehicle driving, braking,electromagnetic compatibility, collision safety)
Engineering development services for designing of hybrid
systems, etc.
Self-driving vehicle development services utilizing
autonomous driving and remote control technology

2 Testing engineering
Testing and homologation services for collision safety,
emission gas, etc., using 35 testing facilities and vehicle
test tracks
Type approval testing, delegated by public authorities in
the U.K. and other European countries

and management
3 Leaseof R&D facilities
Lease to 30 automotive research companies
Granted Enterprise Zone* status by the U.K. government*Enterprise Zones are a part of the UK government’s long-term
economic plan. Companies in Enterprise Zones have access to anumber of benefits, including tax concessions and grants.

15

Synergies with HORIBAHORIBA MIRA’s management and leaders of
HORIBA’s Automotive Test System segment

Creating added value inthe exhaust emissions
and MCT* businessBroader scope ofbusiness by expansion
to overall vehicle
development services

Incorporation ofleading-edge testing
systems in eachbusiness
Global expansion
Broader economies ofscale in sales

Business development of next-generation mobility
solutions such as autonomous, self driving vehicles
New opportunities to use the proprietary analysis
technology of HORIBA’s five business segments

At the training center “FUN HOUSE” in Shiga Prefecture in November 2015

* MCT: Mechatronics

Growth through acquisition
Improved post-acquisition
performance of companies andbusiness lines HORIBA acquired

Accelerating market expansion andcorporate value creation
Mainly with the aim of acquiring business resources (humanresources and technologies), HORIBA’s investment has
targeted companies that were not able to fully utilize theircreative resources. They include companies that haveapplication or technology that are complementary to those of
HORIBA, and companies that are underinvested in R&D or
human resources. During the process of acquisition, we
respect the corporate culture of the company to be acquired
and work to find a way to grow together. After acquisition, we
encourage adoption of HORIBA’s motto, “Joy and Fun,” by
our new associates.

Characteristics of HORIBA’s M&A strategy
Acquire companies with whom HORIBA is familiar and have agood relationship.
Do not take what seems to be an easy path of seeking better
economics of scale or improved efficiency through restructuring
Make certain that HORIBA’s employees are directly involved in theinvestment process such as due diligence in assessment ofenterprise value

HORIBA acquired ABX S.A. (now HORIBA ABX S.A.S.) in
1996, Jobin Yvon S.A. (now HORIBA Jobin Yvon S.A.S.) in
1997, and the MCT (Mechatronics) Business from Carl
Schenck AG in Germany in 2005. Comparing results fromtheir first year after acquisition to those of 2015 indicatessteady growth. While the time spent from acquisition to
profit generation is less than satisfactory, we will continue
to pursue growth opportunities via acquisition in all
business segments.
Billions of yen

Sales (left)

Operating income (right)

Billions of yen

50

5

40

4

30

3

20

2

10

1

0

0

-10

-1
Aggregate results inthe year after acquired

Aggregate results infiscal 2015

ABX S.A.
Jobin Yvon S.A.
MCT Business

HORIBA ABX S.A.S.
HORIBA Jobin Yvon S.A.S.
MCT Business

HORIBA Report 2015 | 16

Message from the CFO

HORIBA has achieved ahigher ROE through earnings
growth and efficient use of
assetsSunao Kikkawa
Senior Corporate Officer
and General Manager of Finance & Control Division

Aim for both business growth and shareholder
returnFramework to pursue higher capital efficiency
and higher profitability

Since its foundation, HORIBA has regarded shareholders as
one of its most important stakeholders. In 1974, when a majority
of companies paid fixed dividends, we were the first listed
Japanese company to start paying shareholder dividends basedon a payout ratio and have continued this practice without
interruption for over 40 years (See Corporate Philosophy on
page 83). We are determined to continue returning profits to ourowners (shareholders) and at the same time stay aggressive ininvesting to raise corporate value.

In recent years, we have established large-scale production
bases and have acquired businesses abroad so as to build astrong global base for further growth. We are now promoting aframework for each group company and each businesssegment to set a capital efficiency target for efficiently
generating earnings by effective use of assets. From January
2016, the ERP (Enterprise Resource Planning) system, that
consolidates 85% of group companies, was launched. This isallowing us to make management judgments faster. By making
best use of the system, we aim to achieve higher earnings
growth driven by efficient use of assets.

Dividend Payments and Total Return Ratio
In 2013, when we were implementing the previous Mid-Long
Term Management Plan [2011-2015], we changed the dividend
policy from one targeting 30% of nonconsolidated net income
to one targeting total returns (the combined amount of dividend
payments and share buybacks) to shareholders at 30% ofconsolidated net income. If we recalculate the 10-year dividend
payment record up to fiscal 2012, when the dividend policy
targeted a payout of 30% of nonconsolidated net income, using
the new dividend policy of the total return ratio based on
consolidated net income, our payout ratio would have been
20.8%. Thus, we believe that our new dividend policy has
allowed us to return more to our owners (shareholders).
In fiscal 2015, we paid a record-high dividend per share of ¥70
and conducted a share buyback worth ¥999 million. In fiscal
2016, we are projecting a dividend per share of ¥75, based on
our net income forecast of ¥10.8 billion as of February 9, 2016.
We intend to continually increase rewards to owners(shareholders) by growing earnings per share(EPS).

17

Dividend payments and total return ratio%

70

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

Change in dividend policy
2013-

70

60
50

yen

60
50

Target 30% in total return ratio

40

40

30

30

20

20

10

10

0

0
2003 2004 2005 2006 2007 2008 2009 2010 2011 20122013 2014 2015

Basic capital policy

1

Achieve higher ROE byconsistently raising
corporate value on thebasis of our long-term
strategy

To return profits on investments madeby shareholders HORIBA gives priority
to raising corporate value over thelong term. As stated in our
MLMAP2020 we aim to achieve ROEof 10% or more by 2020. ROE is oneof our most important management
metrics.

2

3

Link shareholder returnto earnings growth.

HORIBA targets total returns (thecombination of dividend payments
and share buybacks) to shareholders
at 30% of consolidated net income.
This target reflects due consideration
given to ensuring a stable businessbase and retaining earnings forbusiness development.

Flexibly manage
funding

HORIBA finances investment forbusiness growth to optimally benefit
long-term corporate valueenhancement, with overall
consideration given to investment
project, cost of capital, funding
environment and terms, equity ratio,liquidity in hand, and other factors.

Challenges in MLMAP 2020
HORIBA consistently invests in equipment, ERP, R&D, andhuman resources from a long-term perspective, without
depending on performance of a single fiscal year. In the previous
Mid-Long Term Management Plan [2011-2015], we invested
mainly in overseas R&D facilities and reagent production
facilities (new construction and capacity expansion). From 2014
our focus was shifted to setting up bases in Japan. In 2015 weinvested the highest amount for one production base, in building
HORIBA BIWAKO E-HARBOR, and the highest amount for an
acquisition, U.K.-based MIRA Ltd., now HORIBA MIRA Ltd.
These are the primary reasons that our investing cash flow
increased significantly in 2015, compared to previous years,
resulting in negative free cash flow.
In 2016 our plan is to aggressively invest in the Automotive
Test Systems and Semiconductor Instruments & Systems
segments. Investment in HORIBA MIRA, which owns test
tracks and testing facilities, will be resumed after having been
flat prior to our acquisition. For 2016 we are projecting to
generate negative free cash flow as we did in 2015. We
recognize that higher depreciation burden, caused by the
many capital expenditure under MLMAP2020, andimprovement in capital efficiency of HORIBA MIRA and otherbusinesses are among our challenges. We will focus on
enhancing capital efficiency of each group company and eachbusiness segment and raising return on investment.

Free cash flow

Operating cash flow
Free cash flow

Billionsof yenInvesting cash flow

20

10

0

-10

-20

-30
2011

2012

2013

2014

2015

2016

(Forecasts)

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 wasappointed 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 along with the Group’s globalization and maintaining compliance with international accounting standards. At present he is engaged in raising efficiency incapital strategy and group administrative operations as Senior Corporate Officer and General Manager of the Finance & Control Division.

HORIBA Report 2015 | 18

Business outline

Principal
products

Automotive
Test Systems

Process & Environmental
Instruments & System

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 managementof R&D facilities

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

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

HORIBA provides environmental
measurement solution technologies
associated with environmental regulations
throughout the world. Together with
providing process measurement
technologies, which fulfill analytical needs inmanufacturing development, we ensure
better public safety, security, and health.

* HORIBA’s estimate

Sales by businesssegment

Sales by region

Major risk
factors

The global automotive industry’s shifting
R&D investments

Demand fluctuation following changes inenvironmental regulations

Major
customers

Automotive manufacturers, automotive
component manufacturers, multipurpose
motor manufacturers, government
regulatory agencies, oil companies,
automotive maintenance and repair centers,
vehicle and engine development
companies, finished vehicle testing
companies, in-use vehicle testing
companies

Manufacturers, government agencies,
electric power companies

Product
applications

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

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

37%

10%

31% Japan

26% Asia

Yen

U.S. dollars

With the aim of realizing sustainable growth, HORIBA pursues balanced management without overly relying
on a particular region or currency.

19

Medical-Diagnostic
Instruments & Systems

Semiconductor
Instruments & System

Scientific
Instruments & System

Equipment for blood sample analysis∙Hematology analyzers∙Equipment for measuring immunological responses∙Clinical chemistry
analyzers∙Blood glucose
measurement systems

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

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

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

HORIBA contributes to the semiconductor
industry by supplying mass flow
controllers, which are devices that control
gas and liquid flows in the semiconductor,
solar cell, and LED (light-emitted diode)manufacturing processes, and othermonitoring systems.

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

Changes in medical insurance systems in
different countries

Significant fluctuation in demand causedby the “silicon cycle” in thesemiconductor industry and investments
related to solar cells, LEDs, and otherenergy sources

Investment trend of national government
agencies and other institutions
Demand fluctuation following changes inenvironmental regulations

Medical testing centers, small to mediumsized hospitals, medical practitioners

Semiconductor production equipment
manufacturers, semiconductor device
makers, semiconductor cleaning
equipment manufacturers

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

Health and diagnostic testing, diseasediagnosis

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

R&D, product quality testing, criminal
forensics

16%

21%
19% Americas

16%
24% Europe
Euro

HORIBA Report 2015 | 20

Business review

Automotive
Test Systems
Sales breakdown
ITS
business
ECT business 3%
7%

EMS
business
60%

MCT
business
30%

Sales breakdownby region
Europe31%

Billions of yen

Billions of yen

Net sales and operating income

120

15

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

Japan
28%

80

10

40

5

2015 Net sales

64.2

Billions of yen

Americas
16%

Asia
25%

0

0
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2020
(Plan)

Providing powerful support to the automotive development industry

21

HORIBA’s automotive EMS (Emission Measurement Systems)
are used by national certification bodies throughout the world
and command an installed base market share of 80%*. HORIBA
provides complete test and measurement solutions forautomotive development to the world’s leading automotive
manufacturers, including test systems for chassis, engines,
power trains, and brakes. In July 2015 HORIBA acquired MIRA
Ltd. (now HORIBA MIRA, Ltd.), the U.K. registered vehicle

engineering consultancy and testing services provider. By
including HORIBA MIRA in the group, HORIBA’s business has
expanded from analysis and measurement to the Engineering
Consultancy & Testing (ECT) business. We are now able torespond to diverse customer demands related to automotive
development including vehicles performance autonomousvehicle development and general vehicle R&D.

2015 results: Acquisition of MIRA led to an increase insales and one off expenses.
2016 forecasts: Aiming for higher productivity with fulloperation of the new Biwako facility.

Mid-long term strategy: Emphasis shift away froma provider of products for automotive development
and towards a development partner with engineering
capability

In keeping with an increase in capital and R&D investment byautomakers, sales of emission measurement systems increasedin Japan in 2015. In addition, the acquisition of HORIBA MIRA
also boosted sales compared to the previous year. Segment
operating profit, however, decreased year-on-year due in part toone off expenses related to the acquisition of HORIBA MIRA andthe relocation to HORIBA BIWAKO E-HARBOR, construction ofwhich was completed in Shiga Prefecture.
In 2016 segment sales are expected to increase due to a full-year
contribution of sales of HORIBA MIRA. In addition, the EMS andMCT (Mechatronics) businesses are projected to be robust.
HORIBA BIWAKO E-HARBOR started full operation in May 2016
and strive to raise productivity so as to help improve profitability.

By capitalizing on synergies between the new ECT businessand the existing automotive testing operations in the EMS,
MCT, and Intelligent Transport Systems (ITS) businesses,
HORIBA aims to expand its business competencies. In Europe,
the Real Driving Emissions (RDE) regulation, on-road
emissions testing of light vehicles with mandatory limits, will
start in September 2017. Leveraging its 80% global share inemission measurement systems for laboratory testing, HORIBA
will use its brand recognition to achieve a high market share in
the RDE regulation business area.

* Estimate by HORIBA

Major products andmarket shares

Automotive Test Systems: Market size and growth areas
HORIBA businessdivisions

Gasoline & diesel

Electric andfuel cells

HybridHORIBA’s estimate

Emission measurement
systems

2,000~

Emissions measurement

40~50

Engine performance testing100~120

Vehicle body, wind tunnel balance, brake testing

15~20

Driveline testing

30~40

Safety and ITS

10~15

EMS business

MCT businessNote: Market shares quoted are estimates by HORIBA.

(Billions of yen)

Vehicle development engineering
Testing engineering
Lease of R&D facilities

ECT
business

Market size

ITS business

World market
share

80%

HORIBA’s Automotive Test Systems segment sales and major automakers’ R&D spending
60

24,00040

16,00020

8,000

HORIBA's automotive segment sales(left: Billions of yen)
Aggregate R&D spending by 3 German
automakers (right: Million Euro)

Segment sales
share

38%

These systems continuously andsimultaneously measure a wide rangeof gaseous and particle components inemission gases over a broad range ofconcentrations. They are widely usedin R&D and engine/vehicle certificationin the automotive industry. The
systems include large-scale systems
installed inside alaboratory, inwhich HORIBA
holds an 80%
global share, andon-board types
for road tests.

Aggregate R&D spending by 2 U.S.
automakers (right: Million US$)
Aggregate R&D spending by 3 Japanese
automakers (right; 100 Million yen)
Source:HORIBA’s survey based oncompanies’ disclosed materials

002005 2006 2007 2008 2009 2010

Trend of automobile-related regulations

2012

2013

2014

WLTP

1. Global harmonized light duty vehicle regulation
measurement of emissions introduced by theUnited Nations

Driveline test systems

The WLTP developed by the UNECEFirst version issued in May 2014

The United Nations Economic Commission for Europe(UNECE) has developed the Worldwide harmonizedLight Vehicles Test Procedure (WLTP) provide a global
common technical regulation for measurement of
exhaust emissions and fuel consumption for light duty
vehicles. This will eventually replace the current test
methods used in each country or region: the EU, Japan,
and other countries will adopt the WLTP in the future.

World market
share…
To be adopted
in Sep. 2017
(plan)To be adopted
in Oct. 2018
(plan)

Scheduled to be adopted
by Europe, Japan, etc.

Region/country standard

2. Progression of emission standards by region/country

Testing method

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

Euro 5

Europe2011

Euro 6

Euro 6c, 6d

Japan

15%

Segment sales
share

7%

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

Adopt the WLTP

Post new long-term regulations

Next regulation
Tier 2

U.S.

FederalCalifornia

CFR1066

Tier 3LEV III

Beijing IV

China

Beijing V
Beijing VI
Bharat stage IV (Cities)

India

Bharat stage IV (Nationwide)
Bharat stage VI
2011

2012

2013

2014

2015

2016

Present

2017

2018

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

2019

2020

2021

HORIBA Report 2015 | 22

Business review

Process &Environmental
Instruments & Systems

Sales breakdown

Other
17%
Air pollution
analysis
15%

Sales breakdownby region

Stack gasanalysis
36%

2015 Net sales

Europe13%
Americas
15%

16.7

Asia
22%

Billions of yen

Net sales and operating income

30

3

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

Japan
50%

Billions of yen

Water quality
analysis32%

Billions of yen

20

2

10

1

0

0
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2020
(Plan)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 andmonitoring of industrial liquid waste in the energy and heavy
chemical industries, including the electric power, steel, andchemical industries; purified water management for medical

23

and semiconductor use; and constant monitoring and controlof 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.

2015 results: Robust sales of stack gas analyzers inJapan2016 forecasts: Focus on sales to plant engineering
companies

Mid-long term strategy: Value creation in thecontext of environmental regulations and process
measurement equipment

In 2015 sales of sales of stack gas analyzers for thermal power
plants and factories were robust in Japan. In addition, an
increase in capital expenditures in the gas plant market in North
America and the depreciation of the yen against the U.S. dollar
contributed to an increase in sales in the Americas. However,
the relocation to the HORIBA BIWAKO E-HARBOR incurred
expenses, resulting in a year-on-year increase in segment sales
but a decrease in operating profit.
In 2016 we expect sales of stack gas analyzers to continue to be
firm in Japan. In addition, using process measurement equipment
business in North America as a foothold, we plan to increase
sales to plant engineering companies and expand overseas.

In the environmental and analytical instrument markets inemerging nations, HORIBA will develop 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 measurement business, by collaborating with thewater-related business of our other business segments. As to ourprocess 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 brandin Japan and overseas.

Major products andmarket shares

Major products
Stack gas analyzers

Note: Market shares quoted are estimates by HORIBA.

Air pollution analyzers

Water quality analyzers

Stack gas analyzers
Japan market
share

50%

HORIBA has a leading market sharein Japan in continuous emission
monitoring systems used in plants
and other facilities that generate
gaseous emissions and soot.
Our instruments have establisheda widely recognized credibility
for robust and reliable samplingsystems, which are essential incontinuous measurement of avariety of gases. The analyzers
are used in applications for power
generation, petrochemicals, steel,paper, foods and pharmaceuticals.

HORIBA’s air pollution analyzers
have won high acclaim in the fieldas highly reliable analyzers that
demonstrate excellent precisionand long-term stability at ppb*
concentrations. They are used inover 50 countries to monitor air
quality by municipal governments
and private industries. Demand has
been expanding for PM2.5-relatedmonitoring.
* 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.

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
evaluated in the water quality
analysis field by companies in theelectric power, gas, petrochemical,
steel, paper, food, andpharmaceutical industries.

Segment sales
share

36%

These analyzers provide highly sensitiveand precise measurements of NOx,
SO2, CO, CO2, and O2 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 aleading market share in this competitivemarket in Japan and seeks sales growthin the global market.

North American process measurement
equipment business is steadily growing
The process measurement equipment business
we acquired in the U.S. in 2013 turned toblack in operating income and generated ¥1.5
billion in sales in 2015. We aim to grow thisbusiness in various industries, based on ourbusiness achievements with customers in the
petrochemical refining and petrochemical fields,
particularly in Texas, U.S.

H-1 series of industrial
water quality analyzers
Japan market
share

Target markets in water quality
measurement business
Water quality measurement is criticallyimportant in the water process cycle, toensure environmental preservation and tosupport public safety, security, and health.
The target markets include water quality
management of drinking water, industrial
water, and water used in plants, as well as
waste water discharged from plants.
By engaging in water quality
measurement, HORIBA plans to create
value from the reduction of total costs andthe process improvement.

Supplied water
infrastructure

Industrial
water

Industrial process

Industrial
water

Waste water
infrastructure

Tap
water

Waste water
regulation
RecycleWater
intakeEnvironmental (river, lake, ground water)

Areas

Final
effluent

HORIBA’s Sales
breakdown in 2015

Environmental
measurement

Water quality measurement and monitoring in lakes, river, and otherenvironmental areas. HORIBA develops products that satisfy the needs of eachcountry and contributes to environmental preservation.

30%

Process
management

HORIBA plays an active role in water quality management of the electric power,
chemical, and pharmaceutical industries. Our products give prompt and accurate
measurement capabilities that contribute to high quality product manufacturing
and efficient plant management.

10%

Clean water

HORIBA is actively engaged in clean water management in water treatment
plants. Our high-sensitivity analysis contributes to continuous operation of watermeasurement equipment and reduction in electric power costs in these facilities.

20%

SewageMonitoring of activated sludge treatment process, in the sewage treatment
plants and industrial wastewater. By making the water quality measurement
equipment more durable we contribute to simplify and economize maintenancemanagement processes of facilities.

40%(Total of water quality analyzers)

20%

Segment sales
share(Total of water quality analyzers)

32%

These industrial water quality analyzers
perform in a wide range of applications
from pure water for semiconductor andfood to water treatment to sewage andindustrial wastewater. They confirm
progress in wastewater treatment
processes and control water treatment
equipment. Moreover, we have developed
pH electrodes that resist damage in harshenvironment by strengthening their
toughness, thereby reducing thefrequency of electrode replacement andmaintenance operations. By responding
to expanding worldwide needs for remotemonitoring services in water and sewage
quality management and processmonitoring, HORIBA pursues sales
growth in the global market.

HORIBA Report 2015 | 24

Business review

Medical-Diagnostic
Instruments & Systems

Sales breakdown
Service andmaintenance
8%

Billions of yen

Sales breakdownby region

Testing
reagents
52%

Japan
21%

Europe38%

27.4

Billions of yen
Medicaldiagnostic
instruments
40%

Asia
16%

Americas25%

8

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

30

2015 Net sales

Billions of yen

Net sales and operating income

40

6

20

4

10

2

0

0
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2020
(Plan)

Contributing to a healthy life through in-vitro testing equipment

25

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 ensurestable earnings by expanding our installed base of medical

diagnostic instruments. In particular, HORIBA’s strength is insmall and medium-sized blood cell counters in the diagnostic
market for Point of Care Testing (POCT), such as small to
medium sized hospitals, specialty clinics, test centers andsurgery centers.

2015 results: Robust sales of new products in Japan
2016 forecasts: Accelerate product development for
the global market

Mid-long term strategy: Increase sales by launching
new products and expanding into new areas

In 2015 the yen’s appreciation against the euro resulted in adecrease in the value of European sales expressed in yen.
However, sales of the hematology and C-Reactive Protein (CRP)
analyzers, which were launched in March 2015 in Japan, werefavorable. As a result, segment sales and operating income
increased year-on-year.
In 2016 we will continue to focus on expanding sales ofhematology and CRP analyzers in Japan. In addition, R&D
investment will continue in Europe for launching new medium- tolarge-sized products, which are currently under development.

At present, HORIBA’s strengths reside in having development
bases in Japan and France and a local 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 early date new
medium- to large-sized products. Moreover, we are interested incooperating with other companies through M&A and OEM
arrangements, so as to expand into new areas in the in-vitro
testing market.

Business development by test category
HORIBA aims to be positioned as a clinical solution partner by strengthening the data
management and automation areas and expanding product development either by ourselves or
through collaboration with other companies.
Test category

Clinical chemistry

Hematology

Immunology

Coagulation

Market size

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

Hospitals

Large hospitals
Testing centers
Small andmedium-sized
hospitals

Note: Market shares quoted are estimates by HORIBA.

Hematology analyzers
World market
share

7%

Segment sales
share

79%

analyzers

Blood tests are essential for diagnosis
and health assessment of people andanimals. These analyzers check red andwhite blood cell counts as well as
hemoglobin concentrations and platelet
counts.

Small andmedium-sized
hematology
analyzers

Private practitioners
Hospital units andsurgery rooms (POCT)

Field in which HORIBA
exhibits strength

Hematology
analyzer systems

Clinicalchemistry

Major products andmarket shares

Blood glucose
measurement systems

Coagulation
reagents

CRP analysis

Global product development and supply system
FranceProduct development andproduction base(instruments and reagents)

Development technology
of medium and largesized products

Japan
India

China

Production baseProduction base

(Reagents)(instruments
and reagents)

Product development andproduction base(instruments and reagents)

Development technology
of small-sized products

Brazil
Production base
(Reagents)

Instruments
Small-sized
products

Expand sale of our hematology and CRP analyzer
globally

Medium-sized
products

Introduce products by integrating technologies inJapan and France

Medium and largesized products

Accelerate product development to expand market
shares in Europe and Americas

Reagents
The local supply systems haveresulted in cost reductions
for distribution and inventory
management, thereby improving
profitability.

Expand the biochemical testing equipment line-up, with the aim for
growth in Europe and Americas
In February 2016 we entered a sales alliance agreement with JEOL, Ltd. (Japan)
This enables us to expand our product line-up for biochemical testing in Europe
and the Americas, which represent 70% of the world’s in-vitro testing market.
We aim to increase sales to ¥40 billion (up 40% from 2015), the target set in the
MLMAP2020.

Hematology and CRP
analyzers
Japan market
share

100%

Segment sales
share

10%

This is the first analyzer in the world tosimultaneously measure blood cellcounts and C-Reactive Protein (CRP),
which the body produces in response tointernal inflammation, thus facilitating
faster and more accurate diagnosis.

New global grand “Yumizen”
We launched a new brand “Yumizen” in 2015. The name Yumizen is created by combining Yumi
(symbolizing You & Me and the Japanese word yumi (bow)) and Zen(front, virtue), and incorporating ourwish to provide accurate and rapid test results for medical professionals through HORIBA’s analysis
and measurement technology and ultimately for patients. In June 2015, we introduced small-sized
hematology analyzers, Yumizen H500, for emerging markets. We will accelerate development in Japanand France, promote this new brand, and thereby expand business.

HORIBA Report 2015 | 26

Business review

Semiconductor
Instruments & Systems

Sales breakdown
Dry processmonitors
1%

Sales breakdownby region

Other
3%

Wet processmonitors
11%

Europe5%
Americas
18%

Japan
37%

Billions of yen

Billions of yen

Net sales and operating income

50

15

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

40

12

30

9

20

6

10

3

2015 Net sales

35.3

Billions of yen

Mass flow controllers
85%

Asia
40%

0

0
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2020
(Plan)

Contributing to yield enhancement and technology innovation in semiconductor manufacturing
processes with HORIBA’s flow control and measurement technologies
HORIBA’s main products are mass flow controllers, which are
devices that control gas and liquid flows in the semiconductor
manufacturing process (front-end process). They have aleading global market share*, largely on the strength of theirflow control technology that enables yield enhancement andminiaturization 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 technicaladvances in process technology.
* Based on HORIBA’s survey

27

2015 results: Robust investment demand by
semiconductor manufacturers in Asia
2016 forecasts: Maintain market shares in Asia andNorth America

Mid-long term strategy:Enhance market positioning ofmainstay products

Due to an increase in capital expenditure by semiconductor
manufacturers, particularly in Asia, sales to semiconductor
production equipment (SPE) manufacturers surged in Asia andNorth America. In addition, the yen’s depreciation against the
U.S. dollar resulted in an increase in the value of sales in the U.S.
expressed in yen. 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 the first half of 2016, we believe wehave to cautiously monitor their capital spending outlook in thesecond half of the fiscal year and respond promptly to the needsof our customers.

We will further enhance our flow control technology, which has
been accumulated primarily in mass 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 andmeasurement technology so as to enhance development of new
products that satisfy customer needs.
Meanwhile, we intend to apply our flow control technology toother industries by promoting product development for energy,
petrochemical, pharmaceutical, food and other markets.

Major products andmarket shares

HORIBA’s Semiconductor Instruments & Systems segment sales compared toworldwide sales of semiconductor manufacturing equipment40

Note: Market shares quoted are estimates by HORIBA.

8

Mass flow controllers

HORIBA’s Semiconductor Instruments & Systems segment sales (left: billions of yen)
Worldwide sales of semiconductor manufacturing equipment (right: trillions of yen)30

6World market
share

20

4

10

2

0

0
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

55%

Segment sales
share

85%

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

Enhancing semiconductor-related development capability and responding to customer needs
In April 2015 HORIBA Advanced Technology Center (Japan)
opened within the site of HORIBA STEC, which plays aleading role in the Semiconductor Instruments & Systems
segment. The Center aims to raise the level of precisionand quality of HORIBA’s overall analysis and measurement
equipment, not merely for the Semiconductor segment, by
accelerating development of semiconductor sensors used inmany of HORIBA’s products.
In addition, by utilizing HORIBA STEC Kyoto Fukuchiyama
Technology Center, which is engaged in development of nextgeneration advanced material control equipment, and an
R&D facility in Reno, Nevada in the U.S., we are establishinga structure for promptly accommodating the needs of ourcustomers.
HORIBA Advanced Technology Center

Chemical concentration
monitors
World market
share

80%

HORIBA STEC Kyoto Fukuchiyama Technology Center

R&D base in Reno, Nevada (U.S.)

HORIBA’s global market share for mass flow
controllers

60 %HORIBA has maintained more than 40% of the global
mass flow controller market share since 2009. It isnoteworthy that our market share has expanded since the2009 economic downturn, by successfully meeting ourcustomers’ needs through new product introductions andexpanded production capacity. In our view, this is due tothe success of our balanced management, which enabled
us to maintain the capacity for new product development
and production capacity during a downturn in demand.
Our higher global market share has been driven by growthin sales of new products using pressure control processthat respond to miniaturization of the semiconductor
manufacturing process.

Segment sales
share

11%

These compact units are used insemiconductor manufacturing tomonitor concentrations of chemicalcleaning agents. They ensurecleansing fluids are precisely delivered
and properly used, thereby optimizing
the cleaning process and boostingproduction yields.

55%

50

40

30

20
2006 2007 2008 2009 201020112012 2013 2014 2015

HORIBA Report 2015 | 28

Business review

Scientific

Instruments & Systems

Sales breakdown
Water quality analysis
8%
Other
6%
Particlecharacterization
10%

Sales breakdownby region

Molecular &microanalysis
38%

Europe
24%

Japan
27%

2015 Net sales

27.0

Billions of yen
Opticalcomponents
20%
Elemental
analysis
18%

Americas
26%

Asia
23%

Billions of yen

Billions of yen

Net sales and operating income

40

4

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

30

3

20

2

10

1

0

0
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2020
(Plan)HORIBA provides over 500 types of instruments for use at theleading edge of scientific technology
HORIBA provides solutions for data acquisition and analysis
in niche markets to support advanced research that ventures
into unknown territory in the quest for products andprocesses of the future. HORIBA’s analyzers are widely used
not only in basic research, but also in foreign-object
examination and defect analysis for pharmaceuticals, food,29

and electronic components, forensic science, archaeologicalsurveys and others. Additionally, the Scientific Instruments &Systems segment develops basic analytical methods andcore measurement technologies, which play key roles inproviding new technologies to the four other businesssegments of HORIBA.

2015 results: Robust sales for R&D applications touniversities in China
2016 forecasts: Aim to increase sales for R&D
applications to private companies

Mid-long term strategy: Incorporate customers’ viewsin product development and hence market creation

In 2015 sales of instruments and systems for R&D applications touniversities and other institutions in China were robust and the
yen’s depreciation against the dollar resulted in an increase insales in the Americas in yen terms. Consequently, segment sales
and operating income increased year-on-year.
In 2016 we anticipate sales growth following an earnings recovery
by private companies, mainly in Japan. We also aim to further
boost our fluorescence spectroscopy business in North America
and promote sales of these instruments for medical research,drug discovery, biotechnology, and other sectors.

Our challenge is new value creation in analysis and measurementbusiness, such as in energy, automobile, biotechnology, and drug
discovery. We will not only remain active in sales in niche markets
but expand applications of our products. In order to better
understand issues of our customers and utilize such
understanding for product development, we will accelerate
development of customized products on the basis of joint
projects with customers. We have already responded tocustomer needs by developing a custom-made instrument for amanufacturer of precious metals and a special device for auniversity laboratory engaged in advanced research.

Major products andmarket shares

Globally spread the technology of three bases: Japan, France, and the U.S.
Historically, segment growth was driven by product development utilizing strengths of our bases in Japan and France. Since
we acquired Photon Technology International, headquartered in Canada, in 2014, our R&D capability in the Americas has
improved. Going forward, we plan to grow business in life science and drug discovery, mainly in North America.

Note: Market shares quoted are estimates by HORIBA.

Raman spectrometers
World market
share

30%

HORIBA Jobin Yvon S.A.S.

HORIBA Instruments Inc.

HORIBA, Ltd.

(France)(US)

Unique technology

Unique technology

Unique technology
Optics, emission anddispersion
Measurement technology

Future development

X rays, water quality,
particle size distribution
measurement
Gas analysis technology

Fluorescence spectroscopy
analytical technology

Future development

Collaborate withacademia in the life
science field
Network in the life
science field

Strong brand power in thematerial analysis field

21%

Raman spectroscopy is a spectroscopic
technique that provides information
about the molecular structure ofmolecules by measuring the vibrationalmodes of a molecule. The vibrationalmodes of a molecule act as a molecularfingerprint offering a quantitative
measurement which can be used to
identify the chemical 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 opticaldesign is necessary. HORIBA Jobin
Yvon’s outstanding know-how in opticsrelated technology has beensuccessfully applied in the coredevelopment of our extremely highperformance Raman spectrometers.

Future development

Global development of
production technologies

Alliance with academia

Segment sales
share

Network in the life
science field

pH meters
Aim to create new markets
HORIBA’s analysis and measurement technologies are available globally and play an important role R&D and process
management worksites in all industries. As we believe our technologies still have considerable potential, we will promote moredevelopment and expansion into growth markets by utilizing industry-government-university cooperative programs. Our ultimate
aim is to create new markets.

New technologies

New markets

In-line/On-line analysis
Nano-analysis(electron beams, AFM Raman)
Spectro-analysis, new sensor
technology

Water analysis
Bio-life science
Energy and functional materials
Next-generation automobiles

Japan market
share

50%

Segment sales
share

7%

HORIBA is recognized as one of the
top pH meter brands beginning with ahistory of its 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 from desktop
models to support laboratory research
to rugged instruments for field
applications measuring river water,
groundwater, and waste water.

ONE STEP AHEAD
Current products
pH meter, particle characterization instrument, X ray analyzer
Metal analyzer, grating, Raman spectrometer
Fluorescence spectroscopy, Ellipsometer, GDS

HORIBA Report 2015 | 30

Value creation based on “Invisible Values”

Fruit

Earnings of
the Current
Fiscal Year

Roots

Invisible
ValuesValue creation
based on“Invisible Values”
Thought behind “Invisible Values”

The number of fruits and the value ofthe harvest are important but it is more
important that the roots are strong

Soil

Creating value by utilizing our “Invisible Values” is one of HORIBA’s importantmanagement themes. Of course, the “fruit” (earnings) and the “trunk with
branches and leaves” (the balance sheet), are both visible and importantvalues. However, we believe that the essence of good management is to growstrong thick roots, the invisible values in the rich soil of our corporate culture.
We do not believe that management’s emphasis on maximizing short-term
earnings and neglecting investment in invisible values will foster
sustainable growth or increased corporate value.

Corporate
CultureOrganizational
structures
HORIBA operates five business segments
in 27 countries. We believe it is importantthat our human resources in each businessand each region promote their business.
With that aim, we are spreading our“Joy and Fun” corporate motto into ourglobal operation and promoting balanced
management, matrix organization, and the
HORIBA Stained Glass Project to build aSuper Dream Team.

31

Brands

Customers
HORIBA helps improve people’s quality oflife in a sustainable society by supplying
products and providing services tocustomers. We think it is important toprovide solutions in addition to supplying
hardware (instruments). In order to achieve
this goal, we collaborate with suppliers
and group companies in Japan andoverseas to improve the quality of our
products and services.

HORIBA works on growing “Invisible Values,” suchas human resources, technology, and its corporate
culture. “Invisible Values” are essential in generating
future earnings and enabling 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 four invisible assets, namely“human resources,” “technologies,” “organizational
structure,” and “customers,” have greatly helped us
to establish our brands, representing trust in HORIBA
placed by our customers.

Technologies
Human resources
At HORIBA, employees are considered not simply “employees”
but “human resources” in the sense of resources that are assets.
In order for all employees to achieve self-realization through “Joyand Fun,” we have set forth, shared, and been striving to realize
HORIBA’s five “Omoi” shown below. HORIBA’s strong organizational
power is generated from the compelling desire of all highlydiversified HORIBA employees to practice HORIBA’s five “Omoi”.

Technological development is one of themost 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 thisanalogy, HORIBA needs to keep training inorder to maintain the power to make a dashforward in a recovery phase of the economy.

1.To be a part of a collaborative community, atthe forefront of new ideas and creations.

HORIBA’s
five “Omoi”

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. I want to participate all around andwhere I can be of help.

HORIBA Report 2015 | 32

Value creation based on “Invisible Values”

Organizing a Super Dream Team
Under the slogan of “HORIBA Group is One Company” since 2004, HORIBA has promoted“balanced management” and “matrix organization” to manage the Group companies as asingle integrated entity. With the aim of further developing this system, we are using the“HORIBA Stained Glass Project” to promote diversity, organize a Super Dream Team ofpeople with diverse abilities and characteristics, and accelerate the reinvention 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 business environment of one business segment becomes stagnant, we are able to achievesustainable growth by flexibly utilizing our management resources and ensuring a good balance inbusiness investment.
Scientific
Europe24%

Breakdownof sales bysegment

Semiconductor

21%(2015)

19%

Organizational
Structure

37%

31%
Breakdownof sales byregionAmericas

Automotive
Test Systems

16%

Japan

(2015)

Asia
MedicalDiagnostic(excluding Japan)

26%

16%

Process &Environmental

10%

Matrix organization
HORIBA uses matrix management across its five business segments and three operating regions. Thisis a global organizational framework for executive decisions on strategies and plans by businesssegment that removes barriers such as separation of countries, regions, or group companies. This
framework has enabled a globally-integrated business operation. We will continue to exploit thebenefits of the multiplier effect from successful examples and strengths in one segment or one region
to others and improve HORIBA’s corporate values.
Automotive
Test Systems

Process &Environmental

MedicalDiagnostic

Asia
EuropeAmericas

HORIBA 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. Together with maintaining our balanced management
and matrix organization, HORIBA aims to become a stronger
organization that can promptly respond to any challenge in theenvironment, by relying on HORIBA-style diversity.

33

Semiconductor

ScientificEncouraging group companies to enhance their technologicalprowess and distinctiveness to raise our market share
HORIBA STEC Co., Ltd.: Growth in the semiconductor businessIn recent years, core group companies in each businesssegment have been greatly contributing to HORIBA’s overall
growth. Our basic policy in managing group companies is torespect each company’s distinctiveness and characteristics andgive each a certain level of discretion.
One good example is HORIBA STEC Co., Ltd. which develops
our world-leading mass flow controllers. As a result of
dedication to developing products mainly for semiconductor
manufacturing equipment companies, HORIBA STEC is playing
a central role in R&D for flow volume measurement and control
technology. It is the driver behind and a leader of our growth in
the Semiconductor Instruments & Systems.
By encouraging individual group companies to grow and byuniting them all as the HORIBA Group, we aim to achievesustainable growth.

HORIBA Semiconductor
Instruments & Systems

Representative
product

Grown to be a top player

Mass flow controllers

2015
2005
2004
1980
1974

Global share

55%

Became a wholly-owned subsidiary of HORIBA

Renamed HORIBA STEC Co., Ltd.

Developed Japan’s first high-precision mass flow controller

Established under the name “Standard Technology Co., Ltd.” Jointly
invested by three companies, including an electric appliance manufacturer.
(Renamed to STEC Co., Ltd. in 1984)

Blackjack Project
The Blackjack Project, which began in 1997 with the objective of changing the awarenessand activities of employees, has resulted in the submission of 806 suggestions andproposals for change in 2015. In addition to improvement in operational efficiency andcost reduction, personnel development and enhancement of organizational strength areamong popular proposals, demonstrating one aspect of HORIBA’s corporate culture:organizational reform by employees.
We hold an internal World Cup competition among candidate proposals from each country
where we operate and have employees. This competition also provides an opportunity todemonstrate to management and employees how we make our belief a reality. The
Blackjack Project has the important function of sharing corporate culture, experience andknowledge and is one of our important initiatives to realize a Super Dream Team.
Proposals submitted in 2015 e.g. HORIBA, Ltd.

Number of proposals
Japan

1,000

Other 8%
Sales promotion
and marketing

Overseas

750

7%

Quality 14%

Blackjack Award World Cup 2015 winners

Ideas for Human
resourcesand organization

21%

Time saving,
efficiency, cost
reduction

50%

500
250
0
2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

HORIBA Report 2015 | 34

Value creation based on “Invisible Values”

Diversity is a driver of corporate growth
HORIBA aims to be a company in which the diversity of its people can make the best of theirstrength and talents, regardless of their gender, age, nationality, special abilities, and other
differences. At the end of 2015, the number of our employees reached 6,831. As our business has
become more globalized and we have acquired more overseas companies, our people have also
become more diverse. HORIBA’s Japanese employee ratio has declined to 38% of the total.
This is not a result of shifting production offshore in order to use low-cost labor but rather aconsequence of our growing need for highly skilled workers and specialists who embody
special technology or know-how. This type of overseas expansion is quite unique among
Japanese companies.

Employees’ breakdown by region

Non-Japanese

Total employees

Total employees

Total employees

1,808

3,044

5,202

JapaneseJapanese

77%

Total employees

6,831Japanese

51%

JapaneseJapanese

44 %

38 %

Asia ex.
Japan

14 %

Human
resources

France14 %Overseas
Overseas

56 %

49 %

Americas ex. U.S.A

23 %

3%

1998

2010

Acquired ABX S.A. and Acquired MCT (Mechatronics) business
Jobin Yvon S.A. in Franceof Carl Schenck AG in Germany

35

Other Europe

2%Overseas

1995

U.K.

10 %
Germany

8%

U.S.A.

11%
Dec. 312015

Acquired MIRA, Ltd.
in U.K.

Overseas

62 %HORIBA Stained Glass Project: What we did in 2015
The theme for 2015: “Reinvent how you work”
The main theme in 2014, the first year after launching the Project, was“Female employees’ performance.”
In 2015, under the campaign named “Reinvent how you work,” we focusedon how to balance ease of work with enhancement of productivity.
Workshops and seminars were held at various locations in Japan. The
workshops featured the topic of systems that may allow people to use
diverse ways of working and at the same time enable productivity to
improve. Seminars included a lecture on the successful examples at othercompanies. The number of participants in workshops and seminars totaled
750 in 2015, providing our executives and employees with a good
opportunity to think about HORIBA’s way to “Reinvent how you work.” As
one of the outcomes, the “paid absence by hour” system was adopted on
an experimental basis by some group companies in Japan.

HORIBA Stained Glass Project

Project
MissionWe are establishing a Super
Dream Team by allowing various
personalities and talents to shine.

Promoting women's career activities
In Japan, the Act concerning Promotion of
Women's Career Activities (PWCA) came into
force on April 1st, 2016. HORIBA, Ltd. thereupon
formulated an action plan for promotion of
women’s career activities in 2016. We aim toachieve our target through HORIBA Stained Glass
Project and other initiatives.

TargetRaise the ratio of women participating in the decision
making process of the entire company and eachbusiness segment to 20% or more
Reference on
HORIBA, Ltd.

Female employee ratio = 19.8% (January 2016)
Average ratio of female employees to participate in the training course forselecting executives = 15% (most recent three-year average)
Average ratio of female employees to participate in the global strategic meetingsor budget meetings = 12.9% (2015)

HORIBA Report 2015 | 36

Value creation based on “Invisible Values”

Accelerating investments in basic analyticaland measurement technologies andapplication development
The development of analytical technology and engineering technology is vital to HORIBA as
an analytical and measurement equipment manufacturer. We have maintained R&D
investment at the level of 7-8% of sales, even during economic downturns when ourcompetitors reduced their investments. This strategy has helped to boost our market share
during subsequent upturn phases. In 2009, during the global economic recession triggeredby the financial crisis, the Semiconductor Instruments & Systems segment recorded losses.
However, supported by stable earnings of the Medical-Diagnostic and Scientific Instruments &Systems segments, we were able to maintain the same level of 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 ahigher operating income ratio.

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

R&D expenditure (left)

15.0

%

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

12.5

12.3

12.0

10.0

9.0

Technologies

7.5

7.2

6.0
3.0

5.0
2.5

0

0
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

From core technology
to product development
HORIBA strives to effectively allocate its R&D resources to specific analyticaltechnologies, apply them to product development in five different business segments,
and achieve product releases efficiently.
HORIBA’s major analysis
and control technologies(by scale of sales)

Technology for real-time
Infrared
analysis of elements inmeasurement gases

Gas flow
controlTechnology to measureand instantly control theflow of gases

Particle-size
distribution
analysis

Technology to measureparticle diameter andparticle distribution

Spectroscopic Technology for analysis ofvisible lightanalysis
Liquid ion
analysis

37

Technology to measure
pH, sodium, potassium,and other ions

Automotive
Test
Systems

Process &Environmental

Scientific

MedicalDiagnostic

Semiconductor

• • •
•
• •
•
• • • • •••• • • •

Creating competitive technologies and ensuring superiority by patents
Based on a variety of analysis and measurement technologies, HORIBA continues its

Patent filings to protect original technology

research for optimal methods to satisfy customer needs and develop new technology.

OBS-ONE

Our numerous unique technologies and intellectual assets have propelled our businessgrowth. We firmly believe that technology development and its resultant intellectual
property are the essential element of the HORIBA brand.
As an example, OBS-ONE, a portable emissions measurement system designed forengine/vehicle certification under real road conditions, which was launched in 2014,
has utilized our proprietary technologies. We have protected our intellectual assets andhave achieved performance other companies cannot imitate.

(some filings)

Improved equipment
performance(gas sampling method, data display,
etc.)

Improved physicalapplicability
Flexible system configuration(measurement method)

HORIBA BIWAKO E-HARBOR, a new facility, began operation
To lead global development and production, and achieve efficiency
Fukui Pref.
Lake Biwa
Kyoto Pref.
Approx. 17km

TokaidoShinkansen

Efficient production line

HORIBA Ltd. Kyoto
Headquarter

Kyoto

Office as spacious as 100 meter in width

HORIBA BIWAKO
E-HARBOR

Shiga Pref.

Osaka
Pref.

Full operation started in May 2016

“Technology Translocation (Sengu) ”

HORIBA’s gas measurement technology is used in major products such as ouremission gas analyzers, which have become the world’s top brand, and stackgas analyzers. We are aiming to improve the time-to-market of new gas
measurement products and efficiency of production by an organic integration ofdevelopment, design and production to our new facility HORIBA BIWAKO
E-HARBOR from our Kyoto headquarters.

We intend to transfer our core technologies, accumulatedin Kyoto over a period of 70 years, into the hands of a newgeneration of engineers that will lead to new development
capabilities and the expansion of production capacity. We
named it “Technology Translocation,” making it a drivertoward technological innovation. The Japanese word
“Sengu” translated as “translocation” refers to the tradition
to passing on of skills to build a shrine from one
generation of carpenters to the next.

Together with our suppliers, we are active on the global stage,
leveraging “craftsmanship unique to Japan”
One of our important “Invisible Values” is to maintain strong ties with our regular
production partner companies. One reason we have been able to increase ourmarket share in the past, even when there has been a strong surge in demand, isour strong relationship with suppliers which has enabled us to respond very
quickly to customer demand. In HORIBA BIWAKO E-HARBOR, our suppliers will
work together with us on the same premises. Through this arrangement, we
expect reductions in time and product transportation costs, by eliminating
back-and-forth transportation of products during assembly process and others.
We are steadfast in dedication to “craftsmanship unique to Japan” and to expand
globally with our suppliers.
Past

Production partnercompanies

Production partnercompanies

HORIBA

Product flow

HORIBA BIWAKO E-HARBOR

Production partnercompanies

Production partnercompanies

Conventionally, products move back and forth
between HORIBA and partners.

When we are all in the same premises, we canreduce costs and time requirements.

Naming of HORIBA BIWAKO E-HARBOR“E” of E-HARBOR stands for the capital letter ofEngineering, Environment, Energy system, Engagementand Enhancement, and thus representing various aspectsof our work. HORIBA aims to utilize expertise and insightfrom all over the world, and function as a center for
generation of valuable information.

Engineering
Environment
Engagement
Enhancement
Energy system
HORIBA Report 2015 | 38

Value creation based on “Invisible Values”

A true partner to our customers
Analytical Technology Centers, with enhanced services, opened in 2016
With the aim of raising customer satisfaction with more appropriate analysis technology
proposals, the analysis service department of HORIBA, Ltd. was transferred to HORIBATechno Service Co., Ltd., specialized in services and maintenance, and began operation there
as the Analytical Technology Centers. At present, the Centers are located in Kyoto and Tokyo.

Promptly responding to customers’ requests
The Analytical Technology Center conducts contracted analysis of samples for our customers
as well as demonstrations for a large selection of instruments. It also develops and sells
standard samples, which are indispensable for stable operation of parts and instruments.
Having obtained the ISO17025 accreditation, which testifies to its competence in providing
accurate measurement and calibration results, the Center possesses the quantitative
determination technology that forms a base for testing and calibration required by ourcustomers. Together with the environmental measurement attestation services provided tothird parties, such as testing of soil, industrial waste and quality of river water or factory
waste water, HORIBA has strengthened its system to better satisfy a wide range of needs ofour customers.

Aiming for higher customer satisfaction
By consolidating our human resources with solid analytical skills and professional knowledge on

Customers

advanced analytical chemistry at the Analytical Technology Center, we are enhancing our analysis
and measurement technologies which forms a base of our overall business. With our consolidated
know-how and optimal services, we strive to become a true partner with our customers.

Analytical Technology Center
Analytical services
Surface analysis, structure analysis
Contracted analysis such as elemental analysis
Demonstrations.

Contracted services
Data sales, Measurement certification,
Training, Contracted maintenance, etc.

Calibration services

Standard sample services

Calibration of analytical and measurement
instruments and systems

Standard solution development
Sales of standard samples and catalysts, etc.

A true partner in analysis and measurement to our customers

39

Using the Integrated Management System
for realizing sustainability
With the aim of providing our customers with highquality, reliable products, HORIBA, Ltd. has adopted
the Integrated Management System (IMS*1), which is
a combination of the Quality Management System
ISO9001, Environmental Management System
ISO14001 and Occupational Health & Safety
Management System OHSAS18001, and became
the first Japanese company in the analysis andmeasurement industry to acquire “JQA INTEGRATEDMANAGEMENT SYSTEM Certificate of
Implementation” (JQA-IG0001-08) in 2004. These
management systems have been put into place by
HORIBA, Ltd. and its domestic subsidiaries since2011. In 2014, HORIBA, Ltd. and a domestic
subsidiary also acquired certification for BusinessContinuity Management System ISO22301*2 in the
medical and semiconductor areas and establisheda system for a stable supply of products even in thewake of an earthquake, accident, or various diverse
risk events. Since ISO9001 and ISO14001 wererevised in 2015, we began to operate our process
based on risk based thinking. We are committed tocontinual enhancement of IMS for customer
satisfaction, in order to further improve ourcorporate value.

Integrated Management System

Quality
Management
Systems for
Quality
Medical Devices Management
Systems
ISO13485*2
ISO9001

Environmental
Management
Systems
ISO14001

Business
Continuity
Management
Systems
ISO22301*2

Occupational
Health & Safety
Management Systems
OHSAS18001+
Road Traffic Safety
Management Systems
ISO39001

Generalrequirements forthe competenceof testing andcalibrationlaboratories
ISO17025*3*1: IMS (Integrated Management System) is an integrated management system of more than one ISO and OHSAS.
*2: Medical Devices - Quality Management Systems ISO13485 and Business Continuity Management System
ISO22301 were acquired by HORIBA and HORIBA STEC CO., Ltd.
*3: General requirements for the competence of testing and calibration laboratories ISO17025 were acquired by
HORIBA Ltd. and HORIBA Techno Service Co., Ltd.

Development of long-life,
energy conservation “eco-friendly products”
In order to provide customers with products that reflect consideration of their life cycle, such as long usable life and minimization of energy
consumption, we have developed certain products as “eco-friendly products” if they have satisfied certain environmentally friendly standards.
With social and economic matters, such as the rise in energy costs, we use quantitative measurement to determine how products
represent a reduction in energy requirements or a reduction in materials used. Our “eco-friendly products” target a 25% reduction
compared to our conventional models.
An “eco-friendly product” Color monitor HU-200CL
This product is a process water measurement system designed toautomatically measure chromaticity and turbidity in drinking water
distribution plants. Chromaticity is an objective specification of thequality of a color. The product is used for water quality monitoring in
the tap water purification process, based on the regulations on the Tap
Water Testing Methods of the Water Supply Act, set by the Ministry of
Health, Labour and Welfare.
By improving a measurement part and combining the rotary-typewasher with a wiper, maintenance has become easier, resulting in asignificant extension of the maintenance cycle. In addition, the physicalconstruction is now less susceptible to temperature change; this has
greatly reduced electricity consumption required for temperatureadjustment (see figure on the right).

Comparison ofelectricity consumption (watt-hours)
when in use for 24 hours
Wh
3.00

2.88

2.00

1.00

Down
75%
0.72

0.00
Conventional productNew product

HORIBA Report 2015 | 40

Corporate Governance

Basic Policy on Corporate Governance
Based on the corporate philosophy “Open and Fair,” HORIBA
has pledged to establish an organizational structure that
promptly responds to changes in business environments, toimprove its managerial monitoring of performance and toenhance compliance-related arrangements, with the aim ofestablishing a world-class governance structure. At the same

Corporate Governance System
HORIBA has adopted the type of organization defined as a“Corporate with Board of Corporate Auditors,” in the
Companies Act. As of April 2016, the Board of Directors iscomprised of eight members, including three independent
outside directors, one of which is a woman. In fiscal 2015, theBoard met 12 times to make decisions more promptly than in
the past and augment managerial capability by a small numberof members. 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 fromoutside the company.
In addition, HORIBA introduced a corporate officer system in1998 to make smooth and agile executions of operations under
the supervision and guidance of directors. At present (April2016), 20 corporate officers, including one female and four
non-Japanese, play an active role in Japan and overseas.
As of April 2016, the Board of Corporate Auditors is comprisedof three corporate auditors, including two independent outside
auditors. The Board of Corporate Auditors held 14 meetings infiscal 2015. It performs objective and appropriate auditing andmonitoring of executions by the Board of Directors, incooperation with independent auditors, internal auditing(Group Internal Audit Office, which is positioned directly under
the President), and independent outside directors. (See the listof directors, corporate officers, and corporate auditors on
page 43).

time, we are committed to establishing good relationships withall stakeholders, including shareholders, customers,
employees, and local communities. In addition to proper
information disclosure, we promote constructive dialogue with
our shareholders, contributing to our sustainable growth andmid-long term improvement in corporate value.

2015

Directors: 6(including one outside director)

Corporate Officers: 17(including one non-Japanese and one female)2016

Directors: 8(including three outside directors and one female)

Corporate Officers: 20(including four non-Japanese and one female)

Relationship with owners (shareholders)
Open general meeting of shareholders
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 general shareholders
meeting. This annual meeting is held on a Saturday tofacilitate public attendance. An informal get-together event isheld afterwards to enable shareholders to talk directly withmanagement.

41

Implementing shareholder return linked to earnings growth
HORIBA was the first listed Japanese company to start paying
shareholder dividends based on a predetermined payout ratio in
1974. Since fiscal 2013, HORIBA has changed the base amountof profit returns to shareholders (the combined amount ofdividend payments and share buybacks) from 30% of HORIBA,
Ltd. nonconsolidated net income to 30% of HORIBA, Ltd.
consolidated net income, so that shareholder returns are more
directly linked to consolidated performance. In fiscal 2015, we
paid an annual dividend per share of ¥70 and bought back218,400 shares worth ¥999 million.

Anti-takeover measures
HORIBA has not adopted anti-takeover measures. HORIBA
reviewed the “Basic Policy on the Persons to Control Decisionmaking over the Financial and Business Policies of HORIBA”,
which is announced on our website stated below.
http://www.horiba.com/jp/investor-relations/ir-news/article/40961/(Japanese only)

Constructive dialogue with owners
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, financial
condition, and corporate culture to our owners, and ask for theirunderstanding 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 ofeach 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(fixed-amount salary), excluding
compensation linked to earnings
performance, given the nature of
their assignment. The limits forcompensation for directors andfor outside directors are approved
as a separate matter at theannual general shareholders
meeting. The directors (notincluding outside directors)
compensation of 2015 was ¥681
million in total.

Breakdown of directors’compensation(excluding outside directors)

Stock option

6%

Earnings-based
compensation

74%

Base
compensation

20%

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
Coordination

Supervising, Monitoring

Reporting
Supervision

Appointment,
Dismissal

Independent Auditor(Corporate Auditors)

Financial Audit

Internal controls

Business Execution

Monitoring

ReportingPresident
Supervision
Entrusting
Business
Execution

Approval of Resignation, Dismissal, and Reappointment
Judging Suitability of the Independent Auditors

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

Committees, etc.*
Supervising

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

Promotion

HORIBA Risk Control Committee

Advisory,
Proposals

Reporting Principles

Internal Control Promotion Committee
Coordination

HORIBA CSR Promotion Committee
Joy and Fun, Open and Fair

HORIBA, Ltd. Risk Control Committee*2

Coordination

Compliance Committee

HORIBA, Ltd. CSR Promotion Committee
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.

HORIBA Report 2015 | 42

Corporate Governance

Board of directors and corporate auditors
Chairman, President and CEO

Atsushi Horiba

1971 Joined Olson Horiba Inc. (U.S.)
1972 Joined HORIBA, Ltd. and 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

Executive Vice President
General Manager of Corporate & Segment Strategy Division

Juichi Saito

1982 Joined HORIBA, Ltd. and 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.
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

1985 Joined HORIBA, Ltd. and held positions such as General Manager of Emission
Analysis, Research & Development Division and General Manager of Engine
Measurement System Management Division
2006 Appointed as HORIBA’s Corporate Officer
2007 Appointed as President of HORIBA International Corporation (U.S.)
2014 Appointed as HORIBA’s Director
Appointed as President of HORIBA Jobin Yvon S.A.S. (France)
2016 Appointed as Chairman of supervisory board of HORIBA Jobin Yvon S.A.S. (France)
up to the present
Appointed as HORIBA’s Senior Managing Director up to the present

Managing Director, General Manager of General
Administration Division, and Tokyo Branch Manager

Fumitoshi Sato

1976 Joined the Bank of Japan and held positions such as Aomori BranchManager and Fukuoka Branch Manager
2004 Joined HORIBA, Ltd. and was appointed as Senior Corporate Officer
2005 Appointed as Managing Director up to the present

Director,
General Manager of Sales Division

Takashi Nagano

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

Director (Outside), Independent Director(as of April 1, 2016)

Masahiro Sugita

1967 Joined the Bank of Japan and held positions such as Matsumoto BranchManager and Director-General of the International Department
1998 Appointed Director of Overseas Investment ResearchInstitute, the Export-Import Bank of Japan
1999 Appointed as Auditor of the Bank of Japan
2003 Appointed as Outside Auditor (full-time) of Banyu Pharmaceutical Co., Ltd.
(now MSD K.K.)
2006 Appointed as HORIBA’s Outside Director up to the present2010 Appointed as Auditor of MSD K.K. up to the present2013 Appointed as Outside Director of 77 Bank Ltd. up to the present

Director (Outside), Independent Director

Jiko Higashifushimi

1966
1988
1993
2003

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

Director (Outside), Independent Director

Dr. Sawako Takeuchi

1984 Visiting Researcher, Institute of Applied Mathematical and Economic
Sciences, France
1988 Appointed as Deputy Director, Master of International Business (MIB)
Graduate Program, Ecole Nationale des Ponts et Chaussées, France
1994 Appointed as Senior Researcher, Long-Term Credit Bank of Japan ResearchInstitute of Japan
1998 Appointed as Assistant Professor, School of Engineering, University of Tokyo
Graduate School
2002 Appointed as Professor, Faculty of Economics, Toyo University
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 Outside Director up to the present

Corporate Auditor

Toshihiko Uno

1974 Joined HORIBA, Ltd. and 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 Senior Corporate Officer
2011 Resigned as Senior Corporate Officer
2012 Appointed as HORIBA’s Corporate Auditor up to the present

Corporate Auditor (Outside), Independent Auditor

Kanji Ishizumi

1971 Joined the Ministry of International 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 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. up to the present
2005 Appointed as HORIBA’s Corporate Auditor up to the present

43Corporate officers(as of April 1, 2016)

Executive Corporate Officer

Junior Corporate Officer

Dr. Jai Hakhu

Seiji Usui

Executive Managing Director of HORIBA STEC CO., Ltd.

Hiroo Chihara

General Manager of Production Division

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 (International
Sales)

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)

Haruko Nozaki

Principal of HORIBA COLLEGE, CSR

Dr. George Gillespie

CEO of HORIBA MIRA, Ltd. (U.K.)

Yoshimasa Tanaka

Deputy General Manager of Research & Development Division(Technology)

Toshiya Higashino

President of HORIBA Advanced Techno Co., Ltd.

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 Center

Narihiro Oku

Deputy General Manager of Research & Development
Division (Medical)

James Thepot

President of HORIBA Jobin Yvon S.A.S. (France)

Christian Dubuc

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

With the aim of augmenting managerial
capability, the General Meeting of
Shareholders, held in March 2016, resolved toincrease the number of outside directors from
one to three and elect them.

Photo from left: Mr. Jiko Higashifushimi, Mr. Masahiro Sugita, and Dr. Sawako Takeuchi

HORIBA Report 2015 | 44

Financial data

Financial Data
2006.32006.122007.122008.122009.12¥105,665¥116,099¥144,283¥134,248¥104,538

Operating costs and expenses

94,390104,392

127,753

123,290

99,394

Operating income

11,275

11,707

16,53010,9585,144

Net income

6,473

6,510

8,691

6,039

3,161

Capital expenditures

5,664

5,059

9,336

6,645

4,534

Depreciation and amortization

3,173

3,246

4,161

4,955

4,573

Research and development expenses

6,553

6,136

9,474

10,662

9,831¥119,976¥129,236¥154,367¥133,279¥129,580

14,884

15,673

20,56522,66027,590

-

-

-

63

6

37,40842,48545,87337,33034,505Inventories

27,27330,94733,73429,802

23,363

Property, plant and equipment, net

20,22321,70024,071

23,11523,602

45

44

53

40

52

13,017

14,917

16,792

11,063

10,515

Liabilities with interest

13,866

16,22425,177

20,984

18,348

Shareholders’ equity

65,446

72,37180,377

76,82979,906

Share price at end of fiscal period (¥)

3,690

4,400

4,100

1,237

2,250

Number of employees (consolidated)

4,461

4,697

4,976

5,146

5,133

¥154.27¥154.23¥205.01¥142.76¥74.77For the Year:Net sales

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
Net income - diluted

146.97

153.70204.39142.7174.68

1,548.08

1,710.75

1,892.64

1,816.96

1,889.58

28.00

26.00

39.00

44.00

13.00

Operating income to net sales (%)

10.7

10.1

11.5

8.2

4.9

Return on assets (%)

5.9

5.2

6.1

4.2

2.4

Return on equity (%)

11.0

9.4

11.4

7.7

4.0

Shareholders' equity ratio (%)

54.6

56.0

52.1

57.6

61.7

Consolidated dividend payout ratio (%)

18.1

16.9

19.0

30.8

17.4

Nonconsolidated dividend payout ratio (%)

33.8

30.0

30.1

30.0

30.0

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 ¥120.61 to US$1.00, the rate prevailing on December 31, 2015.
2. Effective from the year ended December 31, 2006, HORIBA adopted the revised accounting standard for presentation of net assets in the balance sheet. The amounts in prior years have not been restated.
3. 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.

45

HORIBA, Ltd. and Consolidated Subsidiaries

2010.122011.122012.122013.122014.122015.122015.12

Millions of yen

Thousands of U.S. dollars¥118,556¥123,456¥117,609¥138,136¥153,065¥170,898$1,416,947

106,256

108,549

105,857

124,402135,851

151,526

1,256,330

12,29914,906

11,751

13,733

17,214

19,372

160,616

7,927

8,664

7,396

8,999

10,58912,882

106,807

4,033

4,670

7,882

7,680

11,001

16,309135,220

4,523

4,146

3,743

4,279

4,905

6,110

50,6599,480

10,06010,092

10,774

11,986

12,341

102,321

Millions of yen

Thousands of U.S. dollars¥137,290¥144,649¥153,836¥189,269¥207,335¥231,032$1,915,529

34,45935,76738,85849,246

51,10947,859396,807

1

126

4

25

149

2

16

36,42539,24937,51647,38652,09754,769454,099

24,843

26,28828,101

33,08534,83835,717296,136

22,51622,92428,17933,32639,441

56,978472,415

60

0

-

-

20

-

-

13,423

13,196

11,82916,40915,385

17,638146,239

17,12818,35818,083

24,57728,41245,227374,985

84,01990,232

99,248114,209

123,924

129,581

2,303

2,320

2,489

3,590

4,015

4,695

5,202

5,448

5,530

5,787

5,965

6,831

1,074,380
U.S. dollars

Yen¥187.46¥204.88¥174.87¥212.76¥250.28

38.92

U.S. dollars¥305.73$2.53

187.11204.41

174.37212.01

249.28304.362.52

1,986.77

2,133.44

2,346.45

2,699.88

2,928.82

3,078.40

25.52

17.00

40.00

50.00

60.00

67.00

70.00

0.58

10.4

12.1

10.0

9.9

11.2

11.3

5.9

6.1

5.0

5.2

5.3

5.9

9.7

9.9

7.8

8.4

8.9

10.2

61.2

62.4

64.5

60.3

59.8

56.1

9.1

19.5

28.6

28.2

26.8

22.9

30.3

30.5

37.5

48.9

38.5

35.1

Computations:Shareholders’ equity = net assets - subscription rights to shares - minority interests
Net income per share (¥) = (net income – projected bonuses to directors and corporate auditors)* / (average number of shares issued and outstanding in the fiscal period, corrected for treasury stock)
Net assets per share (¥) = (shareholders’ equity – projected bonuses to directors and corporate auditors)* / (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 / average total assets in prior fiscal period
Return on equity (ROE, %) = 100 x net income / 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 (consolidated)
Nonconsolidated dividend payout ratio (%) = 100 x dividends paid / net income (nonconsolidated)

HORIBA Report 2015 | 46

Financial data

Eleven-Year Summary

Net Sales by Segment
Millions of yen

In 2015, in addition to the positive

180,000

impact from capital expenditures by

170,898

150,000

14,290120,000

116,099
105,665

90,0009,753
25,30030,0000

18,03920,50834,446

2006.3

20,111138,136

134,248
13,721

118,556

25,74824,810

10,31922,35160,000153,065

144,283

26,93425,836

104,538

11,787

12,022

20,825

16,762
24,722

13,70920,40643,23038,67835,751

27,059Scientific

35,386

Semiconductor

27,447

Medical-Diagnostic

semiconductor manufacturers, the yen’s
depreciation boosted overseas sales
when translated in yen. The acquisition

25,627of MIRA, Ltd. (U.K.) also helped increase
sales of the Automotive business. As

28,93427,037a result, HORIBA posted its second
consecutive year of record-high sales.

22,40054,232
37,192

Process &Environmental

24,153

17,861

23,48522,514

16,46522,913

26,832

22,33751,475

117,609

24,694

27,676

12,483

14,55822,04020,503

22,98937,945

123,456

14,711

16,75449,52455,00164,251

Automotive
Test Systems

2006.12 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12

Net Income and Return on Equity (ROE)Net Income
Return on Equity (ROE)

Millions of yen

15,000%

15.0

HORIBA posted record high net income
in 2015 due to an increase in operating
income and other reasons. The company

12,000

12.0
11.4

11.0

¥999 million in March 2015. This resulted
9.7

9.4

9,000

also conducted a share buyback worth

9.9

10.2
7.8

7.7

8.4

9.0

8.9

6,000

in ROE rising by 1.3 percentage points
from a year ago to 10.2%.

6.0
4.0

3,000

0

3.0

6,473

6,510

8,691

6,039

3,161

7,927

8,664

7,396

8,999

10,58912,882

2006.32006.122007.122008.122009.122010.122011.122012.122013.122014.122015.120Total Assets and Return on Assets (ROA)
Total Assets
Return on Assets (ROA)

Millions of yen

250,000%

10.0

In 2015, HORIBA’s assets increased
mainly due to the acquisition of MIRA,
Ltd. (U.K.) and a completion of its new

200,000

8.0

facility HORIBA BIWAKO E-HARBOR
in Japan. The record high net profit for

150,000

6.1

5.9

5.9

6.0

6.1
5.9

5.2

100,000

50,000

0

47

5.0

4.2

5.2

4.0

2.0

119,976

129,236

154,367

133,279

129,580

137,290

144,649

153,836

189,296
189,269

207,335

231,032

2006.32006.122007.122008.122009.122010.122011.122012.122013.122014.122015.12

ROA by 0.6 percentage points from ayear ago.

5.3

2.4

the year contributed to an increase in0Operating Income and Ratio of Operating Income to Net Sales
Operating Income
Ratio of Operating Income to Net Sales

Millions of yen

20,000

11.5

11.2

12.1

10.7

%

12.0

10.1

Net Income per Share (left)
Net Assets per Share (right)

Yen

350

11.3

300

10.0

10.4

15,000Net Income per Share and Net Assets per Share

9.9

9.0

8.2

200

205

6.0
150

1,711

1,548
154

4.9

5,000

3.0

1,893

154

1,890

1,817

11,275 11,707 16,530 10,958

5,144

12,299 14,906 11,751 13,733 17,214 19,372

02006.3 2006.12 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12

%

12.0

10,000

100

1,000
500

75

0

0

Capital Expenditures
Depreciations and Amortization

Millions of yen

20,000

8.0

7.9

8.1

8.0
7.8

7.8

6.6

6.2

16,30915,000

8.6

8,000

7.2

6.0

10,00011,001

9,336

5.3

7,882

4,000

4.0

6,645

5,000
2,000

4,534
5,059

2.0
6,553

6,136

9,474

10,662 9,831

9,480 10,060 10,092 10,774 11,986 12,341

0

3,246

4,161

4,955

4,573

4,523
4,033

4,670
4,146

3,743

4,279

6,110
4,905

0
2006.3 2006.12 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12

2006.3 2006.12 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12

Cash Dividends per Share

7,680

5,664

3,173

0

1,500

175

10.0
9.4

6,000

187

Capital Expenditures and Depreciations and Amortization

R&D Expeditures
R&D Expeditures to Net Sales

12,0002,000

2006.3 2006.12 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12

R&D Expenditures and R&D Expenditures to Net Sales
Millions of yen

213

205

143

50
0

2,500
250

2,133

1,987

3,000

306

2,700
2,346

10,000

3,078

2,929

250

Yen

3,500

Inventories and Inventory Turnover (Days)
Inventories Days
Days
100

Millions of yen

Yen

70

70

40,000

67

60
50

50

93

92

60

85

30,000

82

85
86

76
74

81

81

75
75

44

40
30

40

39

20,00050

10,000

25

28
26

20
17

10

13

0

0
2006.3 2006.12 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12

27,273 30,947 33,734 29,802 23,363 24,843 26,288 28,101 33,085 34,838 35,717

02006.3 2006.12 2007.12 2008.12 2009.12 2010.12 2011.12 2012.12 2013.12 2014.12 2015.12

HORIBA Report 2015 | 48

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Consolidated Financial Review
With regard to the global economy in the fiscal year ended

business from MIRA Ltd. (U.K.) in 2015. Based on thisDecember 31, 2015, the United Stated continued its

initiative, HORIBA will take a step forward from the analysis

economicrecovery due to growth in private consumption andand measurement field in the automobile development sector

other factors on the back of an improved employment

and promote expansion into business fields that include theenvironment. In Europe, despite debt problems anddevelopment of next-generation mobility.

geopolitical risks, a moderate economic recovery continued.

*ECT: Engineering Consultancy & Testing

Among emerging markets, Chinese economy decelerated

In the Process & Environmental Instruments & Systems

moderately with weakness in fixed asset investment andsegment, HORIBA actively promoted opinion exchanges with

exports. Southeast Asia experienced a slowdown in thelocal universities and other institutions in order to strengthen

economy due to influence of Chinese economic slowdown andits proposal capability for analytical instruments and systems

the drop in commodity prices. In Brazil, the difficult economic

which cater for the reinforcement of environmental regulations

conditions resulted in a currency depreciation and deteriorated

in China and other Asian countries. Furthermore, in thethe economy. In Japan, despite some signs of weakness, theprocess analytical product line which HORIBA acquired from

economy continued its moderate recovery on the back of

the U.S. corporation Cameron in 2013, HORIBA pursued

improved corporate earnings, with a continued recovery inbusiness expansion in the oil refining market, including shale

corporate capital investment and a steady improvement in

gas and oil.

employment and wage environment.

In the Medical-Diagnostic Instruments & Systems segment,

The annual average exchange rates for 2015 were 121.10

the Company launched new hematology and C-Reactive

yen against the U.S. dollar and 134.31 yen against the euro,

Protein (CRP) analyzers, which boast high market share based

representing year-on-year depreciation of 12.6% against theon HORIBA’s unique technology. In France, HORIBA

U.S. dollar and appreciation of 4.5% against the euro.

completed a new development center aiming at accelerating

In the analytical and measurement equipment industry,

product development speed.

semiconductor-related investment remained at a high level

In the Semiconductor Instruments & Systems segment, thethroughout fiscal year 2015, and demand for semiconductor

HORIBA Advanced Technology Center in Kyoto, whose

production equipment expanded. In the automotive industry

construction had began from 2013 with the aim of accelerating

as well, capital and R&D investment by domestic and overseas

product development speed and enhancing the efficiency of

automakers continued its robust trend since fiscal

production in semiconductor-related businesses, started

year 2014. Moreover, in the background of rising awareness

operation in 2015.

regarding exhaust gas emission regulations around the world

The Scientific Instruments & Systems segment responded toand other factors, demand related to emission measurement

the increasing demand for products such as Ramansystems showed a growth trend. In the scientific analysis

spectrometers in China.

equipment industry, demand for leading-edge scientific

Furthermore, in Japan, HORIBA has commenced theanalysis equipment in China also grew.

relocation to HORIBA BIWAKO E-HARBOR, a new Biwako

Under such operating environment, HORIBA, Ltd. (“thefactory in Shiga prefecture Japan. It had been underCompany”) and its consolidated subsidiaries (together “theconstruction to reinforce development and production

HORIBA Group” or “HORIBA” as a consolidated group),

capabilities in the gas measurement field for the Automotive

implemented several measures to strengthen each segment

Test Systems segment and the Process & Environmental

in current fiscal year.

Instruments & Systems segment, and is under preparations

In the Automotive Test Systems segment, sales of new

for its full-scale operation in May 2016. The HORIBA Groupmainstay emission measurement systems launched in 2013

also completed the global introduction of its new enterpriseincreased steadily. As for MCT (Mechatronics) business, which

resource planning system (GEO System) aiming at speeding

was acquired from Carl Schenck AG (Germany) in 2005,

up its decision making and promoting common operational

HORIBA also succeeded in capturing demand in various

process, and has begun its operation in 85% of Groupcountries beyond Europe, the base for development

companies from January 2016.

and production, which led to a substantial increase in sales.

As a result of such measures and sales efforts, both ofFurthermore, HORIBA acquired ECT* (the engineering andconsolidated net sales and profits increased from a year ago.

testing business related to automobile development in general)49Net Sales

increased by 16.8% year-on-year to 64,251 million yen.

In the fiscal year ended December 31, 2015, consolidated net

Segment operating profit, however, decreased by 23.7% tosales increased by ¥17,833 million, or 11.7%, year-on-year to

4,448 million yen due in part to one-time expenses related to¥170,898 million. The average foreign exchange rate applied in

the acquisition of ECT business and the relocation to HORIBA

book closings was ¥121.10 to the U.S. dollar, compared with

BIWAKO E-HARBOR, a new Biwako factory, which was¥105.79 for the previous year, and ¥134.31 to the euro, compared

completed in Shiga Prefecture.

with ¥140.35 for the previous year. Using the exchange rates forthe previous year, consolidated sales for fiscal 2015 would have

(Process & Environmental Instruments & Systems)

been ¥165,188 million. Thus, ¥5,710 million in increased sales

Sales of stack gas analyzers for power plants and factories were

can be attributed to the depreciation of the yen.

robust in Japan and China, while sales in the Americas
increased after conversion to yen because of the yen’s

Cost of Sales, SG&A Expenses, and Operating Income

depreciation against the dollar. On the other hand, expenses

Consolidated cost of sales increased by ¥11,684 million toassociated with the relocation to HORIBA BIWAKO E-HARBOR,¥99,568 million. The cost of sales ratio increased by 0.9

a new Biwako factory, incurred. As a result, segment sales

percentage points from a year ago to 58.3%, due mainly to,increased by 1.8% year-on-year to 16,754 million yen while

one-time expenses related to the acquisition of ECT business

operating income decreased by 11.6% to 1,773 million yen.

and the relocation to HORIBA BIWAKO E-HARBOR, which
was completed in Shiga Prefecture, despite the yen’s(Medical-Diagnostic Instruments & Systems)

depreciation against the dollar.

The yen’s appreciation against the euro resulted in a decrease

Excluding ¥1,776 million from fluctuations in foreign exchange

in the amount of European sales expressed in yen.

rates, however, the actual increase in cost was ¥9,907 million

However, sales of the hematology and C-Reactive Protein

rather than the nominal increase of ¥11,684 million.

(CRP) analyzers, which were launched in March 2015 in Japan,

Selling, general and administrative (SG&A) expenses

were favorable. As a result, segment sales increased

increased by ¥3,991 million from the previous year to ¥51,958

by 1.5% year-on-year to 27,447 million yen and operating

million. The ratio to net sales improved by 1.0 percentage

income rose by 39.9% to 2,403 million yen.

points to 30.4%, due mainly to the yen’s depreciation against
the dollar and sales to semiconductor production equipment(Semiconductor Instruments & Systems)

manufacturers surged. Excluding ¥1,136 million from

Due to high level of capital investment by semiconductor

fluctuations in foreign exchange rates, however, the actual

manufacturers, sales to semiconductor production equipment

increase in SG&A expenses was ¥2,855 million rather thanmanufacturers surged. As a result, segment sales increased by

the nominal increase of ¥3,991 million.

22.3% year-on-year to 35,386 million yen and operating

As a result, consolidated operating income increased byincome rose by 46.2% to 9,439 million yen.

¥2,157 million, or 12.5%, year-on-year to ¥19,372 million. The
operating income ratio was 11.3%, up 0.1 percentage points(Scientific Instruments & Systems)

from 11.2% for the previous year.

Sales of instruments and systems for R&D applications touniversities and other institutions in China were robust and theBusiness Segments

yen’s depreciation against the dollar resulted in an increase in

The operating results of each business segment aresales in the Americas in yen terms. Consequently, segment

summarized as follows.

sales rose by 5.6% year-on-year to 27,059 million yen andoperating income rose by 8.4% to 1,307 million yen.

(Automotive Test Systems)
Along with an increase in capital and R&D investment by

Net Income

automakers, sales of emission measurement systems

Other income (expenses) resulted in decreasing its expenses

increased in Japan. In addition, sales in the Americasby ¥591 million from fiscal 2014 mainly due to absence of theincreased after conversion to yen because of the yen’s

equity in losses of affiliates, which was recorded in fiscal 2014.

depreciation against the dollar. Also, the acquisition of ECTIn fiscal 2015, other income (expenses) resulted in loss of ¥358

business also increased sales. As a result, segment sales

million. This result was mainly because HORIBA posted interest

HORIBA Report 2015 | 50

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Consolidated Financial Review
expense and foreign exchange losses, despite posting of

cash equivalents to ¥47,859 million as of December 31, 2015.

reversal of provision for loss on dissolution of the employees'
pension fund and, interest and dividend income. Nevertheless,

Dividend Policy

because of the increase in operating income,

The Company believes that the distribution of profits toincome before income taxes and minority interests increased

shareholders is one of its priority issues while giving dueby ¥2,748 million, or 16.9%, to ¥19,013 million, and net income

consideration to ensuring a stable management base andincreased by ¥2,293 million, or 21.7%, to ¥12,882 million.

internal reserves for business expansion. The basic policy
regarding profit returns to shareholders is to maintain a total

Financial Position

shareholder return ratio of around 30% of consolidated net

As of December 31, 2015, total consolidated assets wereincome, combined with the amount of dividend payments and¥231,032 million, up ¥23,697 million from December 31, 2014.

the amount of share buyback. In addition, the Company will

The main factor contributing to the increase of total assets wasappropriate internal reserves as basic funds for working

an increase in property, plant and equipment of ¥17,536 million

capital for business expansion, capital expenditure,

due to the acquisition of the ECT business in July 2015.

investment in research and development, and the reinforcement

Total consolidated liabilities increased by ¥17,961 million from theof the financial strength, making returns to shareholders throughprevious year to ¥100,982 million. The increase in total liabilities

the development of businesses for the future.

was due mainly to an increase of ¥14,616 million in long-term
debt due to funding for the acquisition of the ECT business.

Major Risks

Total consolidated net assets amounted to ¥130,050 million,

1. Business Risks

up ¥5,735 million from a year ago, due mainly to an increase(1) Risks Associated with International Business Activitiesof ¥9,836 million in retained earnings, despite a decrease of

HORIBA conducts business activities in many countries¥3,793 million in foreign currency translation adjustments duearound the world, including the U.S. and countries in Europe

mainly to the appreciation of the yen against the euro.

and Asia. Major risks associated with the entry into theseoverseas markets and conducting business there include

Cash Flows

sudden shifts in economic conditions or in product supply and(Cash Flow from Operating Activities)

demand, sudden changes in retail prices due to competition,

Net cash provided by operating activities amounted to ¥14,770

changes in laws, regulations and tax systems and social

million, compared to ¥11,455 million provided in the previous

disruptions such as terrorism and war. These risks could affectyear. Factors contributing to this amount included posting of

HORIBA’s financial position and business results.

income before tax and depreciation and amortization expense.

To protect against fluctuations in foreign currency exchange
rates, HORIBA promotes local production and supply. HORIBA(Cash Flow from Investing Activities)

also employs foreign exchange forward contracts within the limits

Net cash used in investment activities amounted to ¥30,642

of its transaction amounts of foreign currency denominatedmillion, compared to ¥9,875 million used in the previous year,

receivables and payables to import and export transactions todue mainly to payments for transfer of business in the ECT

minimize foreign exchange risks. However, fluctuations in foreignbusiness and payments for purchases of property, plant andexchange rates could still have an impact when financial

equipment, such as construction of HORIBA BIWAKO

statements prepared in local currencies are translated into

E-HARBOR, a new Biwako factory.

Japanese yen for the consolidated financial statements, and amajor change in foreign exchange rates beyond our estimates(Cash Flow from Financing Activities)

could affect our financial condition and business performance.

Net cash provided by financing activities amounted to ¥12,843

51

million, compared to ¥273 million used in the previous year.

(2) Changes in Performance or Financial Position

This was mainly attributable to an increase of long-term debt,

Associated with Acquisitions and Alliances

despite an increase of a total shareholder return combined

HORIBA has actively promoted corporate acquisitions andwith the amounts of dividend payments and share repurchasealliances to enhance the efficiency and effectiveness of its

from a year earlier.

business operations. HORIBA conducts complete and diligent

As a result, there was a net decrease of ¥3,250 million in cash andinvestigations when making acquisitions and forming alliances

in order to avoid any negative impact on earnings and cash(2) Delays in Development of New Products

flows. However, it is possible that HORIBA’s financial condition

The measuring instruments business in which HORIBA

and business performance could be affected if an acquisition oroperates is extremely specialized and requires high levels ofalliance did not proceed in accordance with initial plans.

technical capability. HORIBA, therefore, invests large sums inproduct development. However, it is possible that expected(3) Repair of Facilities Following Natural Disasters andreturns of this investment will not be realized due to

Associated Delays in Delivery, etc.

unforeseen circumstances.

The HORIBA Group's manufacturing bases are located indiverse areas, including Japan (Kyoto, Shiga and Kumamoto(3) Risks Concerning Intellectual Property Rights

Prefectures), Europe (France, Germany and the Czech

HORIBA possesses a wide range of intellectual property rights

Republic), Americas (the U.S. and Brazil) and Asia (China,

related to the products it manufactures, including patents,

South Korea and India). However, it is possible that HORIBA’s

trademarks and expertise, which give it superiority in terms offinancial condition and business performance could becompetitiveness. HORIBA exercises all possible caution

affected in the case of a major earthquake or other natural

regarding the management and protection of these intellectual

disasters, as HORIBA’s manufacturing facilities could beproperty rights. However, in the case of infringement by a third

damaged and require expensive repairs or an interruption to

party, it is possible that HORIBA will be unable to attain its

HORIBA’s supply chain could affect HORIBA’s production and/expected earnings. There is also a possibility of disputes overor distribution.

intellectual property rights with other companies. Such
disputes could significantly affect HORIBA’s financial condition(4) Risks Associated with Contracts and Transactions

and business performance.

HORIBA enters into various contracts with customers,
suppliers and other stakeholders and conducts its businessactivities based on these contracts. Nevertheless, there is a(4) Risks Associated with Fluctuations in Raw Material

possibility of claims for damages arising from different views

Pricesof performance or different understandings of business terms

HORIBA takes into account the risk of fluctuations in

between parties. It is possible that such circumstances could

purchasing prices and makes arrangements such as advanceresult in HORIBA facing a claim for compensation.

purchasing to manage this risk when it is deemed necessary.
However, it may require some time for an increase in(5) Other Business Risks

purchasing prices to be passed on and reflected in selling

In addition to the above-mentioned risks, other risks include a

prices. Such circumstances could significantly affect HORIBA’s

risk of breakdown or malfunction of information systems,

financial condition and business performance.

threats related to information security and risks associatedwith laws and regulations imposed on businesses. HORIBA is

3. Financial Risks

taking preventive measures against these risks but they could(1) Impairment Loss on Securities

affect HORIBA’s financial position and business results.

Based on an overall consideration of business strategy,enhancement of relations with business partners, and2. Risks Associated with Development and Production

maintenance of good relationship with communities, HORIBA(1) Compensation for Product Liability

holds securities in order to raise its medium- to long-term

HORIBA conducts optimum quality control for its products andcorporate value. Each year, HORIBA’s Board of Directors

services and strives to maintain the highest standards ofreviews and evaluates its investments by comprehensively

reliability. Nevertheless, there is always the possibility of recalls

taking into account the investment amount, potential gains

or litigation arising from unforeseen defects. HORIBA carries

associated with the holding of securities, and other factors. If

insurance for product liability, but there can be no guarantee

the market value of securities held by HORIBA declines, therethat this insurance would cover the full amount of any

is a possibility that an impairment loss on the relevant

unforeseen damages. Such circumstances could have an affectsecurities will be recorded and that HORIBA’s financial

on HORIBA’s financial condition and business performance.

condition and business performance will be negatively
affected.

HORIBA Report 2015 | 52

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Consolidated Financial Review(2) Impairment Loss on Fixed Assets

affected by future regulations. Furthermore, capitalIf the market value of land, buildings, or other assets held byexpenditures related to shifts in the automation of automotive

HORIBA declines significantly or segment losses weretest systems could have a significant impact on HORIBA’s

generated for two consecutive fiscal years in the future, there

financial condition and business performance. In addition,

is a possibility that an impairment loss will be recorded and

HORIBA holds a large amount of fixed assets in the ECTthat HORIBA’s financial condition and business performancebusiness. If the capacity utilization rate of the fixed assets

will be negatively affected.

declines, due to automobile manufacturers’ R&D trends andother factors, this could have a significant impact on HORIBA’s(3) Reversal of Deferred Tax Assets Resulting Fromfinancial condition and business performance.

Changes in Systems or Accounting Policies
It is possible that changes in systems or accounting policies(2) Process & Environmental Instruments & Systems(e.g., reductions in tax rates) could require HORIBA to reverse

Demand for environmental-related products such as analyzers

its deferred tax assets at the end of the fiscal year.

for air pollution and water quality may be affected by changes
in environmental regulations. Changes in the demand for these(4) Dissolution of Employees’ Pension Fund

products could have a significant impact on HORIBA Group’s

The Kyoto Machinery and Metal Employees’ Pension Fundfinancial condition and business performance.

(general type), of which the Company and a domestic
consolidated subsidiary are members, resolved to adopt(3) Medical-Diagnostic Instruments & Systems

Japanese government policy to carry out a special dissolution

The main products in the Medical-Diagnostic Instruments &at the representative assembly. Accordingly, HORIBA posted

Systems segment are hematology analyzers, which arean estimated loss in association with the dissolution as

smalland medium-sized equipment used by small- and“Provision for loss on dissolution of the employees’ pension

medium-sized hospitals and medical practitioners, the target

fund”. However, it expects to be approved for dissolution inmarket. Price competition for these products that is beyond

early 2018. It is possible that an estimated loss will change,

our expectations could have a significant impact on HORIBA’s

due to changes in the operating environment for the Fund, andfinancial condition and business performance.

in case of such as voluntary withdrawals, closures andbankruptcies of the Fund members other than HORIBA.

(4) Semiconductor Instruments & Systems
The main products in this segment are fluid control products

4. Risks by Business Segment

for semiconductor manufacturing processes and products that

HORIBA operates in five business segments: Automotive Test

support R&D and quality testing by semiconductor

Systems, Process & Environmental Instruments & Systems,

manufacturers. To minimize fluctuations in the semiconductor

Medical-Diagnostic Instruments & Systems, Semiconductor

market, HORIBA makes efforts to shorten the lead time for

Instruments & Systems and Scientific Instruments & Systems.

these products and quickly respond to customers’ needs.

HORIBA can achieve balanced growth by overcoming each

Nevertheless, sharp fluctuations in the demand forsegment’s weakness with complementary strengths among all

semiconductors and the investment of semiconductor

the business segments. Nevertheless, each business segment

manufacturers could affect the financial condition andcarries risks associated with fluctuations in its respective

business performance of HORIBA.

operations.
(5) Scientific Instruments & Systems(1) Automotive Test Systems

Scientific analysis instruments are the main products of the

Emission measurement systems, the main products of the

Scientific Instruments & Systems segment and are used forAutomotive Test Systems segment, are used by automobile

R&D and product quality testing. There is a risk that the demand

manufacturers, automotive component manufacturers andfor these products could be affected by the R&D budgets ofgovernment agencies. The setting of legal limits on exhaust

government agencies and the R&D investment and production

emissions affects the demand for these measurementof private enterprises and have a significant impact on HORIBA

systems. It is possible, therefore, that the financial condition

Group’s financial condition and business performance.

and business performance of HORIBA will be significantly

53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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻭㻿㻿㻱㼀㻿
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㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟㻌㻔㻺㼛㼠㼑㻌㻢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㻻㼠㼔㼑㼞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㻺㼑㼠㻌㼐㼑㼒㼕㼚㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼍㼟㼟㼑㼠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㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡

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
㻝㻞㻛㻞㻜㻝㻡

㼰㻡㻝㻘㻝㻜㻥

㼰㻠㻣㻘㻤㻡㻥

㻐㻟㻥㻢㻘㻤㻜㻣

㻝㻠㻥㻡㻞㻘㻜㻥㻣
㻔㻝㻘㻜㻞㻟㻕
㻞㻘㻝㻜㻞㻟㻠㻘㻤㻟㻤㻟㻘㻢㻟㻡㻢㻘㻣㻣㻞㻝㻠㻥㻘㻢㻤㻜

㻞㻡㻠㻘㻣㻢㻥㻔㻣㻤㻥㻕㻝㻘㻠㻝㻝㻟㻡㻘㻣㻝㻣㻠㻘㻜㻜㻝㻤㻘㻜㻠㻞㻝㻡㻝㻘㻜㻝㻡

㻝㻢㻠㻡㻠㻘㻜㻥㻥
㻔㻢㻘㻡㻠㻝㻕
㻝㻝㻘㻢㻥㻤
㻞㻥㻢㻘㻝㻟㻢
㻟㻟㻘㻝㻣㻟
㻢㻢㻘㻢㻣㻣
㻝㻘㻞㻡㻞㻘㻜㻥㻟㻥㻘㻥㻜㻤㻟㻝㻘㻟㻞㻝
㻝㻢㻘㻢㻝㻥
㻟㻘㻤㻝㻣㻝㻡㻘㻣㻜㻞
㻣㻣㻘㻟㻢㻥
㻔㻟㻣㻘㻥㻞㻣㻕
㻟㻥㻘㻠㻠㻝

㻝㻜㻘㻢㻠㻣
㻠㻢㻘㻟㻞㻝
㻝㻣㻘㻥㻟㻥
㻠㻘㻣㻟㻥㻝㻢㻘㻤㻞㻤
㻥㻢㻘㻠㻣㻢
㻔㻟㻥㻘㻠㻥㻣㻕
㻡㻢㻘㻥㻣㻤

㻤㻤㻘㻞㻣㻢
㻟㻤㻠㻘㻜㻡㻢
㻝㻠㻤㻘㻣㻟㻡
㻟㻥㻘㻞㻥㻝
㻝㻟㻥㻘㻡㻞㻠
㻣㻥㻥㻘㻥㻜㻜
㻔㻟㻞㻣㻘㻠㻣㻢㻕㻠㻣㻞㻘㻠㻝㻡

㻣㻘㻜㻢㻥
㻡㻟
㻝㻘㻥㻥㻟
㻞
㻔㻠㻠㻕
㻞㻘㻣㻤㻡
㻝㻝㻘㻤㻡㻥

㻤㻘㻞㻢㻡
㻢㻥
㻝㻘㻢㻣㻝
㻙
㻔㻡㻜㻕
㻞㻘㻣㻤㻟
㻝㻞㻘㻣㻟㻥

㻢㻤㻘㻡㻞㻢
㻡㻣㻞㻝㻟㻘㻤㻡㻠
㻙㻔㻠㻝㻠㻕㻞㻟㻘㻜㻣㻠
㻝㻜㻡㻘㻢㻞㻝

㻠㻝㻤
㻠㻘㻝㻟㻠
㻝㻘㻤㻜㻝
㻢㻘㻟㻡㻟
㼰㻞㻜㻣㻘㻟㻟㻡

㻡㻣㻢
㻠㻘㻤㻡㻝
㻠㻘㻤㻣㻜
㻝㻜㻘㻞㻥㻤
㼰㻞㻟㻝㻘㻜㻟㻞

㻠㻘㻣㻣㻡㻠㻜㻘㻞㻞㻜
㻠㻜㻘㻟㻣㻤
㻤㻡㻘㻟㻤㻞
㻐㻝㻘㻥㻝㻡㻘㻡㻞㻥㼰㻥㻘㻤㻤㻤
㻝㻘㻝㻜㻠㼰㻝㻞㻘㻞㻞㻡
㻤㻠㻤㻐㻝㻜㻝㻘㻟㻡㻥
㻣㻘㻜㻟㻜㻞㻜㻝㻡㻘㻟㻤㻡
㻝㻠㻘㻠㻡㻣
㻡㻘㻞㻞㻜
㻤㻤
㻥㻜㻤
㻢㻞
㻝㻘㻡㻞㻡
㻝㻜㻘㻟㻠㻜
㻡㻥㻘㻜㻜㻟

㻙㻝㻣㻘㻢㻟㻤
㻝㻠㻘㻣㻤㻣
㻟㻘㻣㻥㻢
㻥㻝
㻥㻠㻤
㻢㻟
㻝㻘㻢㻜㻡
㻝㻜㻘㻠㻞㻞
㻢㻞㻘㻠㻞㻥

㻙㻝㻠㻢㻘㻞㻟㻥
㻝㻞㻞㻘㻢㻜㻝
㻟㻝㻘㻠㻣㻟
㻣㻡㻠
㻣㻘㻤㻢㻜
㻡㻞㻞
㻝㻟㻘㻟㻜㻣
㻤㻢㻘㻠㻝㻜
㻡㻝㻣㻘㻢㻝㻜

㻝㻣㻘㻠㻝㻥
㻝㻣㻠
㻞㻘㻞㻢㻠
㻝㻘㻤㻣㻜
㻞㻘㻞㻤㻣
㻞㻠㻘㻜㻝㻣
㻤㻟㻘㻜㻞㻜

㻟㻞㻘㻝㻡㻟
㻝㻘㻝㻤㻝
㻝㻘㻥㻠㻣
㻝㻘㻞㻢㻣
㻞㻘㻜㻜㻞
㻟㻤㻘㻡㻡㻞
㻝㻜㻜㻘㻥㻤㻞

㻞㻢㻢㻘㻡㻤㻢
㻥㻘㻣㻥㻝㻝㻢㻘㻝㻠㻞
㻝㻜㻘㻡㻜㻠
㻝㻢㻘㻡㻥㻤
㻟㻝㻥㻘㻢㻠㻝
㻤㻟㻣㻘㻞㻢㻜

㻝㻞㻘㻜㻝㻝

㻝㻞㻘㻜㻝㻝

㻥㻥㻘㻡㻤㻡

㻝㻤㻘㻣㻝㻣
㻤㻢㻘㻞㻝㻤
㻔㻣㻟㻜㻕㻝㻝㻢㻘㻞㻝㻢

㻝㻤㻘㻣㻝㻣
㻥㻢㻘㻜㻡㻡
㻔㻝㻘㻣㻟㻜㻕
㻝㻞㻡㻘㻜㻡㻟

㻝㻡㻡㻘㻝㻤㻢
㻣㻥㻢㻘㻠㻜㻥
㻔㻝㻠㻘㻟㻠㻟㻕
㻝㻘㻜㻟㻢㻘㻤㻟㻣

㻞㻘㻜㻠㻝
㻝㻤
㻡㻘㻢㻟㻜
㻝㻢
㻣㻘㻣㻜㻣
㻟㻤㻥
㻜
㻝㻞㻠㻘㻟㻝㻠
㼰㻞㻜㻣㻘㻟㻟㻡

㻞㻘㻢㻞㻠
㻔㻜㻕
㻝㻘㻤㻟㻢
㻢㻢
㻠㻘㻡㻞㻣
㻠㻢㻥
㻜
㻝㻟㻜㻘㻜㻡㻜
㼰㻞㻟㻝㻘㻜㻟㻞

㻞㻝㻘㻣㻡㻢
㻔㻜㻕㻝㻡㻘㻞㻞㻞
㻡㻠㻣㻟㻣㻘㻡㻟㻠
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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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 2015 | 54

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
㻝㻞㻛㻞㻜㻝㻡

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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
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㼰㻝㻡㻟㻘㻜㻢㻡

㼰㻝㻣㻜㻘㻤㻥㻤

㻐㻝㻘㻠㻝㻢㻘㻥㻠㻣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㻤㻣㻘㻤㻤㻠
㻠㻣㻘㻥㻢㻢
㻝㻟㻡㻘㻤㻡㻝

㻥㻥㻘㻡㻢㻤
㻡㻝㻘㻥㻡㻤
㻝㻡㻝㻘㻡㻞㻢

㻤㻞㻡㻘㻡㻟㻢
㻠㻟㻜㻘㻣㻥㻟
㻝㻘㻞㻡㻢㻘㻟㻟㻜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㻝㻣㻘㻞㻝㻠

㻝㻥㻘㻟㻣㻞

㻝㻢㻜㻘㻢㻝㻢

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㻔㻝㻜㻕
㻔㻝㻣㻜㻕
㻠㻠
㻌
㻙
㻙
㻝㻢㻜
㻌
㻞
㻙
㻠㻟㻥
㻔㻝㻟㻡㻕
㻠㻝
㻔㻟㻡㻤㻕

㻟㻘㻠㻤㻞
㻔㻢㻘㻣㻢㻡㻕
㻔㻞㻘㻣㻝㻥㻕
㻢㻢
㻔㻝㻜㻣㻕
㻔㻤㻞㻕
㻔㻝㻘㻠㻜㻥㻕
㻟㻢㻠
㻙
㻙
㻝㻘㻟㻞㻢
㻝㻢
㻙
㻟㻘㻢㻟㻥
㻔㻝㻘㻝㻝㻥㻕
㻟㻟㻥㻔㻞㻘㻥㻢㻤㻕

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㻌㼍㼚㼐㻌㼙㼕㼚㼛㼞㼕㼠㼥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㻝㻢㻘㻞㻢㻡

㻝㻥㻘㻜㻝㻟

㻝㻡㻣㻘㻢㻠㻜

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㻰㼑㼒㼑㼞㼞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

㻢㻘㻢㻢㻞
㻔㻥㻤㻡㻕
㻡㻘㻢㻣㻢

㻢㻘㻜㻝㻟
㻝㻝㻣
㻢㻘㻝㻟㻝

㻠㻥㻘㻤㻡㻠
㻥㻣㻜㻡㻜㻘㻤㻟㻟

㻵㼚㼏㼛㼙㼑㻌㼎㼑㼒㼛㼞㼑㻌㼙㼕㼚㼛㼞㼕㼠㼥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㻝㻜㻘㻡㻤㻤

㻝㻞㻘㻤㻤㻞

㻝㻜㻢㻘㻤㻜㻣

㻹㼕㼚㼛㼞㼕㼠㼥㻌㼕㼚㼠㼑㼞㼑㼟㼠㼟㻌㼕㼚㻌㼑㼍㼞㼚㼕㼚㼓㼟㻌㻔㼘㼛㼟㼟㼑㼟㻕㻌㼛㼒㻌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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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

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㼰㻝㻜㻘㻡㻤㻥

㼰㻝㻞㻘㻤㻤㻞

㻐㻝㻜㻢㻘㻤㻜㻣

㼅㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻼㼑㼞㻌㼟㼔㼍㼞㼑㻌㼕㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻦㻺㼑㼠㻌㼕㼚㼏㼛㼙㼑㻌㻙㻌㼎㼍㼟㼕㼏㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻺㼑㼠㻌㼕㼚㼏㼛㼙㼑㻌㻙㻌㼐㼕㼘㼡㼠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㼰㻞㻡㻜㻚㻞㻤
㻞㻠㻥㻚㻞㻤
㻢㻣㻚㻜㻜㻝㻞㻛㻞㻜㻝㻡

㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻔㻺㼛㼠㼑㻌㻝㻕
㻝㻞㻛㻞㻜㻝㻡

㼰㻟㻜㻡㻚㻣㻟
㻟㻜㻠㻚㻟㻢
㻣㻜㻚㻜㻜

㻐㻞㻚㻡㻟
㻞㻚㻡㻞
㻜㻚㻡㻤

㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㼰㻝㻜㻘㻡㻤㻤
㼰㻝㻞㻘㻤㻤㻞

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
㻝㻞㻛㻞㻜㻝㻡
㻐㻝㻜㻢㻘㻤㻜㻣

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㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻵㼚㼏㼛㼙㼑㻌㼎㼑㼒㼛㼞㼑㻌㼙㼕㼚㼛㼞㼕㼠㼥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㻿㼔㼍㼞㼑㻌㼛㼒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㻌㼛㼒㻌㼍㼒㼒㼕㼘㼕㼍㼠㼑㼟㻌㼍㼏㼏㼛㼡㼚㼠㼑㼐㻌㼒㼛㼞㻌㼡㼟㼕㼚㼓㻌㼑㼝㼡㼕㼠㼥㻌㼙㼑㼠㼔㼛㼐㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㼀㼛㼠㼍㼘㻌㼏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㻻㼣㼚㼑㼞㼟㻌㼛㼒㻌㼠㼔㼑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㻹㼕㼚㼛㼞㼕㼠㼥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

55

㻔㻞㻡㻠㻕
㻝㻡
㻞㻘㻝㻟㻞
㻙
㻞㻥
㻝㻘㻥㻞㻟
㼰㻝㻞㻘㻡㻝㻝

㻡㻤㻞㻔㻝㻥㻕㻔㻟㻘㻣㻥㻟㻕
㻡㻜㻙㻔㻟㻘㻝㻤㻜㻕
㼰㻥㻘㻣㻜㻞㻠㻘㻤㻞㻡㻔㻝㻡㻣㻕㻔㻟㻝㻘㻠㻠㻤㻕
㻠㻝㻠㻙㻔㻞㻢㻘㻟㻢㻡㻕
㻐㻤㻜㻘㻠㻠㻝

㼰㻝㻞㻘㻡㻝㻞
㻔㻜㻕㼰㻥㻘㻣㻜㻞
㻔㻜㻕㻐㻤㻜㻘㻠㻠㻝
㻔㻜㻕

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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡

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
㻝㻞㻛㻞㻜㻝㻡

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㼰㻝㻞㻘㻜㻝㻝
㼰㻝㻞㻘㻜㻝㻝

㼰㻝㻞㻘㻜㻝㻝
㼰㻝㻞㻘㻜㻝㻝

㻐㻥㻥㻘㻡㻤㻡
㻐㻥㻥㻘㻡㻤㻡

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㼰㻝㻤㻘㻣㻝㻣
㼰㻝㻤㻘㻣㻝㻣

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㼰㻝㻤㻘㻣㻝㻣

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㻐㻝㻡㻡㻘㻝㻤㻢

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㻙㼰㻣㻤㻘㻠㻣㻣

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㻔㻥㻜㻕㼰㻤㻢㻘㻝㻞㻤

㻐㻣㻝㻠㻘㻤㻠㻥
㻔㻣㻠㻢㻕㻐㻣㻝㻠㻘㻝㻜㻟

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㻝㻜㻘㻡㻤㻥㻔㻝㻟㻕㻣㻘㻣㻠㻜㼰㻤㻢㻘㻞㻝㻤

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㻝㻞㻘㻤㻤㻞
㻙㻥㻘㻥㻞㻢㼰㻥㻢㻘㻜㻡㻡

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㻔㼰㻣㻢㻡㻕

㻔㼰㻣㻟㻜㻕

㻔㻐㻢㻘㻜㻡㻞㻕㻔㻜㻕㻟㻡㻟㻡㻔㼰㻣㻟㻜㻕

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㻔㻥㻥㻥㻕
㻔㼰㻝㻘㻣㻟㻜㻕

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㻙㻔㻤㻘㻞㻤㻞㻕
㻔㻐㻝㻠㻘㻟㻠㻟㻕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 㼰㻝㻜㻤㻘㻠㻠㻝 㼰㻝㻝㻢㻘㻞㻝㻢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㻙㻔㻥㻜㻕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 㼰㻝㻜㻤㻘㻠㻠㻝 㼰㻝㻝㻢㻘㻝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㻔㻞㻘㻤㻟㻠㻕
㻔㻞㻘㻥㻡㻡㻕
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㻝㻜㻘㻡㻤㻥
㻝㻞㻘㻤㻤㻞
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
㻔㻜㻕
㻔㻥㻥㻥㻕
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㻞㻝㻙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
㻣㻘㻣㻣㻡
㻤㻘㻥㻞㻢
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 㼰㻝㻝㻢㻘㻞㻝㻢 㼰㻝㻞㻡㻘㻜㻡㻟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㻹㼕㼚㼛㼞㼕㼠㼥㻌㼕㼚㼠㼑㼞㼑㼟㼠㼟㻌㼕㼚㻌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㻐㻥㻢㻟㻘㻡㻢㻤
㻔㻣㻠㻢㻕㻐㻥㻢㻞㻘㻤㻞㻞
㻔㻞㻠㻘㻡㻜㻜㻕
㻝㻜㻢㻘㻤㻜㻣
㻔㻤㻘㻞㻤㻞㻕
㻙㻣㻠㻘㻜㻜㻣
㻐㻝㻘㻜㻟㻢㻘㻤㻟㻣㼰㻞㻘㻞㻥㻢

㼰㻞㻘㻜㻠㻝

㻐㻝㻢㻘㻥㻞㻞

㻔㻞㻡㻠㻕
㻔㻞㻡㻠㻕
㼰㻞㻘㻜㻠㻝

㻡㻤㻞㻡㻤㻞㼰㻞㻘㻢㻞㻠㻠㻘㻤㻞㻡㻠㻘㻤㻞㻡㻐㻞㻝㻘㻣㻡㻢

㼰㻟

㼰㻝㻤

㻐㻝㻠㻥

㻝㻡
㻝㻡
㼰㻝㻤

㻔㻝㻥㻕
㻔㻝㻥㻕
㻔㼰㻜㻕

㻔㻝㻡㻣㻕
㻔㻝㻡㻣㻕
㻔㻐㻜㻕

㼰㻟㻘㻠㻢㻤

㼰㻡㻘㻢㻟㻜

㻐㻠㻢㻘㻢㻣㻥

㻞㻘㻝㻢㻝
㻞㻘㻝㻢㻝
㼰㻡㻘㻢㻟㻜

㻔㻟㻘㻣㻥㻟㻕
㻔㻟㻘㻣㻥㻟㻕
㼰㻝㻘㻤㻟㻢

㻔㻟㻝㻘㻠㻠㻤㻕
㻔㻟㻝㻘㻠㻠㻤㻕
㻐㻝㻡㻘㻞㻞㻞

㻙

㼰㻝㻢

㻐㻝㻟㻞

㻝㻢
㻝㻢
㼰㻝㻢

㻡㻜
㻡㻜
㼰㻢㻢

㻠㻝㻠
㻠㻝㻠
㻐㻡㻠㻣

㼰㻡㻘㻣㻢㻤

㼰㻣㻘㻣㻜㻣

㻐㻢㻟㻘㻥㻜㻜

㻝㻘㻥㻟㻥
㻝㻘㻥㻟㻥
㼰㻣㻘㻣㻜㻣

㻔㻟㻘㻝㻤㻜㻕
㻔㻟㻘㻝㻤㻜㻕
㼰㻠㻘㻡㻞㻣

㻔㻞㻢㻘㻟㻢㻡㻕
㻔㻞㻢㻘㻟㻢㻡㻕
㻐㻟㻣㻘㻡㻟㻠

㼰㻟㻟㻡

㼰㻟㻤㻥

㻐㻟㻘㻞㻞㻡

㻡㻟
㻡㻟
㼰㻟㻤㻥

㻣㻥
㻣㻥
㼰㻠㻢㻥

㻢㻡㻡
㻢㻡㻡
㻐㻟㻘㻤㻤㻤

㼰㻜

㼰㻜

㻐㻜

㻔㻜㻕
㻔㻜㻕
㼰㻜

㻔㻜㻕
㻔㻜㻕
㼰㻜

㻔㻜㻕
㻔㻜㻕
㻐㻜

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 㼰㻝㻝㻠㻘㻡㻠㻡 㼰㻝㻞㻠㻘㻟㻝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㻙㻔㻥㻜㻕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 㼰㻝㻝㻠㻘㻡㻠㻡 㼰㻝㻞㻠㻘㻞㻞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㻔㻞㻘㻤㻟㻠㻕
㻔㻞㻘㻥㻡㻡㻕
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㻝㻜㻘㻡㻤㻥
㻝㻞㻘㻤㻤㻞
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
㻔㻜㻕
㻔㻥㻥㻥㻕
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㻞㻝㻙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㻝㻘㻥㻥㻞㻔㻟㻘㻝㻜㻜㻕
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㼰㻥㻘㻣㻢㻤
㼰㻡㻘㻤㻞㻢
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 㼰㻝㻞㻠㻘㻟㻝㻠 㼰㻝㻟㻜㻘㻜㻡㻜㻐㻝㻘㻜㻟㻜㻘㻣㻝㻜㻔㻣㻠㻢㻕㻐㻝㻘㻜㻞㻥㻘㻥㻢㻠㻔㻞㻠㻘㻡㻜㻜㻕
㻝㻜㻢㻘㻤㻜㻣
㻔㻤㻘㻞㻤㻞㻕
㻙㻔㻞㻡㻘㻣㻜㻞㻕
㻐㻠㻤㻘㻟㻜㻠
㻐㻝㻘㻜㻣㻤㻘㻞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 2015 | 56

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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
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㻌㼍㼚㼐㻌㼙㼕㼚㼛㼞㼕㼠㼥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㼍㼚㼐㻌㼙㼕㼚㼛㼞㼕㼠㼥㻌㼕㼚㼠㼑㼞㼑㼟㼠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㼰㻝㻢㻘㻞㻢㻡

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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㻌㻔㻺㼛㼠㼑㻌㻞㻞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㻔㻞㻘㻤㻠㻟㻕㻞㻘㻥㻤㻤㻟㻞㻌㻔㻟㻘㻜㻜㻤㻕
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㻔㻞㻠㻘㻞㻣㻢㻕
㻝㻜㻢㻘㻠㻤㻟

㻱㼒㼒㼑㼏㼠㻌㼛㼒㻌㼑㼤㼏㼔㼍㼚㼓㼑㻌㼞㼍㼠㼑㻌㼏㼔㼍㼚㼓㼑㼟㻌㼛㼚㻌㼏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㼏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㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒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㻵㼚㼏㼞㼑㼍㼟㼑㻌㻔㼐㼑㼏㼞㼑㼍㼟㼑㻕㻌㼕㼚㻌㼏㼍㼟㼔㻌㼍㼚㼐㻌㼏㼍㼟㼔㻌㼑㼝㼡㼕㼢㼍㼘㼑㼚㼠㼟㻌㼞㼑㼟㼡㼘㼠㼕㼚㼓㻌㼒㼞㼛㼙㻌㼏㼔㼍㼚㼓㼑㻌㼛㼒㻌㼟㼏㼛㼜㼑㻌㼛㼒㻌㼏㼛㼚㼟㼛㼘㼕㼐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㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒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

㻡㻡㻢
㻝㻘㻤㻢㻟
㻠㻥㻘㻞㻠㻢
㻙㼰㻡㻝㻘㻝㻜㻥

㻔㻢㻢㻤㻕㻔㻟㻘㻢㻥㻣㻕
㻡㻝㻘㻝㻜㻥
㻠㻠㻢㼰㻠㻣㻘㻤㻡㻥

㻔㻡㻘㻡㻟㻤㻕
㻔㻟㻜㻘㻢㻡㻞㻕
㻠㻞㻟㻘㻣㻡㻠
㻟㻘㻢㻥㻣㻐㻟㻥㻢㻘㻤㻜㻣

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

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
㻝㻞㻛㻞㻜㻝㻡

HORIBA, Ltd. and Consolidated Subsidiaries | Note to Consolidated Financial Statements
1. Basis of presenting consolidated financial statements

into consolidation (originally equity method applied) and one was

The accompanying consolidated financial statements ofmerged into another subsidiary.

HORIBA,Ltd. (“the Company”) have been prepared in

The accompanying consolidated financial statements include

accordance with the provisions set forth in the Japanese

the accounts of the Company and significant companies overFinancial Instruments and Exchange Law and its related

which the Company has control through majority voting rights

accounting regulations and in conformity with accounting

or certain other conditions evidencing control by the Company.

principles generally accepted in Japan (“Japanese GAAP”),

Significant intercompany transactions and accounts have been

which are different in certain respects as to application andeliminated in consolidation. In the elimination of investments indisclosure requirements from International Financial Reporting

subsidiaries, the assets and liabilities of the subsidiaries,

Standards.

including the portions attributable to minority shareholders, are

The accounts of the consolidated overseas subsidiaries haveevaluated using the fair value at the time the Company

been prepared in accordance with either International Financial

acquired control of the respective subsidiary. Acquisition costs

Reporting Standards or U.S. generally accepted accountingthat are in excess of the net assets of acquired subsidiaries

principles, with adjustments for the five specified items as

and affiliates and cannot be assigned to specific individual

applicable. The accompanying consolidated financial

accounts are amortized on a straight-line basis over five years.

statements have been restructured and translated into English,

December 31 is the year-end of the consolidated subsidiaries

with some expanded descriptions, from the consolidated

and that of the consolidated financial statements for fiscal

financial statements of the Company prepared in accordance

2014 and fiscal 2015.

with Japanese GAAP and filed with the appropriate Local

One of the Company’s subsidiaries is not included in the

Finance Bureau of the Ministry of Finance as required by the

consolidated accounts as the effect of its inclusion on total

Japanese Financial Instruments and Exchange Law. Some

assets, sales, income and retained earnings would have been

supplementary information included in the statutory Japaneseimmaterial.

language consolidated financial statements, but not required

The Company has two affiliated companies (one in fiscal

for fair presentation, is not presented in the accompanying2014). For one of the two affiliated companies, the equity

consolidated financial statements.

method was applied. As for the other affiliated company,

Yen amounts are rounded down to the nearest million.

investment in the affiliates (generally 20%-50% ownership)

Therefore, total or subtotal amounts do not necessarily

was accounted for on a cost basis, not by the equity method,correspond with the aggregate of such account balances.

as the effect on income and retained earnings was immaterial.

The translation of the Japanese yen amounts into U.S. dollar(b) Cash and cash equivalents

amounts is included solely for the convenience of readers

Cash and cash equivalents include cash on hand, readily

outside Japan, using the prevailing exchange rate at December

available bank deposits and short-term highly liquid

31, 2015, which was ¥120.61 to U.S. $1.00. The translations

investments that are readily convertible into cash, haveshould not be construed as representations that the Japanese

insignificant risk of change in value and have original maturities

yen amounts have been, could have been or could in theof three months or less from date of purchase.

future be converted into U.S. dollars at this or any other rate of(c) Securities

exchange. The U.S. dollars amounts are then rounded down to

Available-for-sale securities with available fair market values are

the nearest thousand.

stated at fair market value. Unrealized gains and losses on these

Certain prior year amounts have been reclassified to conformsecurities are reported, net of applicable income taxes, as ato the current year's presentation.

separate component of net assets. Realized gains and losseson the sale of such securities are computed using moving

2. Summary of significant accounting policies

average cost. Available-for-sale securities with no available fair(a) Principles of consolidation

market value are stated mainly at moving average cost.

The consolidated financial statements include the accounts of the(d) Inventories

Company and 48 (37 in fiscal 2014) of its subsidiaries (“HORIBA”

Inventories are stated at the lower of average cost or net

as a consolidated group). In fiscal year 2015, 10 companies wererealizable value. Cost is determined principally by the weighted

newly consolidated due to the business acquisition from MIRA

average method for merchandise, finished goods and work-in-

Ltd, one company was newly established, one was incorporated

process and by the moving average method for raw materials

HORIBA Report 2015 | 58

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Note to Consolidated Financial Statements

59

and supplies.

subsidiaries. The provision is based on estimates made from(e) Property, plant and equipment and depreciation (except

actual past experience and product warranty records andfor leases)

takes into account individual cases.

Property, plant and equipment are stated at cost. Depreciation(m) Provision for loss on dissolution of the employees’

is computed by the straight-line method over the estimatedpension funduseful life of the asset. The estimated useful lives of buildings

As it was resolved to adopt Japanese government policy toand structures range from 3 to 60 years and those ofcarry out special dissolution of the employees’ local pension

machinery, equipment and vehicles from 2 to 20 years.

fund (general type) in which the Company and a domestic(f) Goodwill

consolidated subsidiary are members, HORIBA posted an

Goodwill, which represents the excess of the purchase priceestimated loss that will arise in relation to the dissolution.

over the fair value of the net assets acquired, is amortized on a(n) Accounting methods associated with retirement

straight-line basis over a period of five years.

benefits(g) Intangiblesi) Period-based method for estimated amount of retirement

Amortization of intangibles is computed by the straight-line

benefits

method. Computer software used by HORIBA is amortizedIn calculating projected benefit obligations, the method toover the estimated useful life of 3 to 10 years.

attribute the estimated amount of retirement benefits to the(h) Leases

period up to the end of the current fiscal year is based on theWith regard to leased assets under finance leases other thanbenefit formula method.

those that are deemed to transfer ownership of the leasedii) Recording of expenses for actuarial differences and priorproperty to the lessee, the lease term is deemed to be theservice costs

useful life, and depreciation is computed by the straight-line

Actuarial differences are recognized in expenses from themethod over the lease term with zero residual value. Financerespectively occurring subsequent fiscal year, using the straight-

leases other than those that are deemed to transfer ownershipline method over a fixed term of years (5 to 8 years), which isof the leased property to the lessee and which commenced inwithin the average of the estimated remaining service years offiscal years beginning prior to January 1, 2009 continue to be

employees, at the time of occurrence of each fiscal year.

accounted for in a way that is similar to the method used forPrior service costs are recognized in expenses using theoperating leases.

straight-line method over a fixed term of years (10 years),(i) Allowance for doubtful receivables

which is within the average of the estimated remaining service

The Company and its domestic subsidiaries provide foryears of employees, commencing in the period they arise.

doubtful accounts principally at an amount computed based(o) Sales and costs of completed construction

on the actual ratio of bad debts in the past plus the estimatedSales and costs of completed construction were recorded

uncollectible amounts of certain individual receivables. The

using the percentage of completion method when the progress

overseas subsidiaries provide for doubtful accounts based onof the construction up to the end of fiscal 2015 was deemed

estimates made by management.

to be certain (estimates of the ratio of completion of(j) Accrued bonuses to employees

construction work are based on the cost-to-cost method). In

Accrued bonuses to employees are provided for the expected

the case of other construction, sales and costs were recorded

payment of employee bonuses for fiscal 2015 to thoseusing the completed contract method.

employees employed at the end of the fiscal year.

(p) Foreign currency translation(k) Accrued bonuses to directors and corporate auditors

Short-term and long-term receivables and payables in foreign

Some consolidated subsidiaries provide for accrued bonuses

currencies are translated into Japanese yen based on

to directors and corporate auditors for the expected payment

exchange rates at the balance sheet date.

of director and corporate auditor bonuses for fiscal 2015 toBalance sheet accounts of consolidated foreign subsidiaries

those directors and corporate auditors serving at the end of

are translated into Japanese yen at the balance sheet date,

the fiscal year.

except for shareholders’ equity accounts, which are translated(l) Reserve for product warranty

at historical rates. Revenue and expense accounts of

The reserve for product warranty is provided for accrued

consolidated foreign subsidiaries are translated into Japanesewarranty expenses for products of the Company and certain

yen at average annual exchange rates. Differences arising fromthe application of the processes stated above are presented

are the same.

separately in the consolidated financial statements in “Foreign(s) Research and development expenses

currency translation adjustments” and “Minority interests in

Research and development expenses are charged to income

consolidated subsidiaries” in net assets.

when incurred. Research and development expenses charged(q) Derivatives

to income for fiscal 2014 and fiscal 2015 were ¥11,986 million

Derivative financial instruments are stated at fair value, andand ¥12,341 million ($102,321 thousand), respectively.

changes in the fair value are recognized as gains or losses,(t) Income taxes

unless the derivative financial instruments are used for hedging

Income taxes comprise corporate tax, enterprise tax andpurposes. HORIBA uses foreign currency exchange contracts

prefectural and municipal inhabitant taxes.

to manage risk related to its importing and exporting activities.

HORIBA recognizes the tax effects of loss carryforwards andRegarding derivative transactions, in addition to conducting

the temporary differences between the carrying amounts of

exchange agreement transactions within the limit of theassets and liabilities for tax and financial reporting. The provisionbalance of foreign currency-denominated receivables andfor current income tax is computed based on the pretax income

payables, HORIBA conducts forward exchange agreement

included in the consolidated statements of income.

transactions for the expected foreign currency-denominated

The asset/liability approach is used to recognize deferred tax

receivables and payables, which would be generated withassets and liabilities for the expected future tax consequences

certainty by scheduled export or import trading. HORIBA usesof temporary differences between the carrying amounts ofderivative financial instruments, such as interest rate swap

assets and liabilities for financial reporting purposes and thecontracts, and interest rate and currency swap contracts toamounts used for income tax purposes.

avoid risks of fluctuations in interest rates and foreign

The Company and its consolidated domestic subsidiaries

exchange rates. Contracts are entered into and controlled byhave adopted the consolidated taxation system.

the finance department, which reports results to the director.

(u) Per share information

Transactions involving derivative contracts are limited to highly

The computations of net income per share are based on the

rated banking institutions, and HORIBA considers that there

weighted average number of shares of common stock

are no material credit risks associated with them.

outstanding during each period. The weighted average number(r) Hedge accountingof shares of common stock used in the computation for fiscali) Hedge accounting method

2014 and fiscal 2015 was 42,309 thousand and 42,136

Deferred hedge accounting is applied. However, exceptional

thousand, respectively. Diluted net income per share ofaccounting treatment is applied to certain interest rate andcommon stock assumes full conversion of dilutive convertible

currency swap contracts which conform to the requirements ofbonds at the beginning of the year or at the later date ofintegral accounting rules.

issuance, with an applicable adjustment for related interestii) Hedging instruments and hedged items

expense, net of tax and dilutive stock option plans. The

Hedging instruments: Forward foreign exchange contracts,

weighted average number of shares used in the computation

etc., and interest rate and currency swap contracts Hedged

for fiscal 2014 and fiscal 2015 was 42,479 thousand anditems: Foreign currency-denominated forecast transactions

42,326 thousand, respectively.

and foreign currency-denominated loans payable

Cash dividends per share shown in the consolidatediii) Hedging policy

statements of income represent actual amounts applicable to

Forward foreign exchange transactions are used to avoid

earnings in the respective fiscal year, including dividends to beforeign currency risks, and interest rate and currency swaps

paid after the end of the period.

are used to avoid the risk of rising interest rates and foreign
currency risks, based on the Company’s Administrative Rules.

3. Accounting standards issued but not yet effectiveiv) Assessment of hedge effectiveness(a)“Accounting Standard for Business Combinations” (ASBJ

The effectiveness of hedges is assessed by comparing theStatement No. 21, issued on Sep. 13, 2013), “Accounting

cumulative changes in cash flows of both hedging instruments

Standard for Consolidated Financial Statements” (ASBJ

and corresponding hedged items. However, an assessment ofStatement No. 22, issued on Sep. 13, 2013), “Accounting

effectiveness is not conducted when the significant conditions

Standard for Business Divestitures” (ASBJ Statement No. 7,

of both hedging instruments and corresponding hedged items

issued on Sep. 13, 2013), “Accounting Standard for Earnings

HORIBA Report 2015 | 60

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Note to Consolidated Financial Statements
Per Share” (ASBJ Statement No. 2, issued on Sep. 13, 2013),

ii) Date of application“Guidance on Accounting Standard for Business Combinations

It is planned to apply these standards from the start of theand Accounting Standard for Business Divestitures” (ASBJ

fiscal year ending December 31, 2017.

Guidance No. 10, issued on Sep. 13, 2013) and “Guidance oniii) Effect of applying these accounting standards

Accounting Standard for Earnings Per Share” (ASBJ Guidance

HORIBA is currently evaluating the effect of applying theseNo. 4, issued on Sep. 13, 2013)

accounting standards on its consolidated financial statements.

i) Overview
These accounting standards have been revised mainly in termsof (1) handling a change in equity of a parent company inrelation to a subsidiary when control continues in the case of
the additional acquisition of shares of a subsidiary, (2) handlingof acquisition-related expenses, (3) the representation of net
income and a change from a minority interest to a noncontrolling interest, and (4) handling of provisional accounting
procedures.
ii) Date of application
It is planned to apply these standards from the start of the fiscal
year ending December 31, 2016. It is planned to apply the handlingof the establishment of provisional accounting procedures startingwith business combinations that are implemented from the start of
the fiscal year ending December 31, 2016.
iii) Effect of applying these accounting standards
HORIBA is currently evaluating the effect of applying theseaccounting standards on its consolidated financial statements.
(b)“Guidance on Recoverability of Deferred Tax Assets” (ASBJ
Guidance No. 26, issued on December 28, 2015)i) Overview
With regards to the treatment of the recoverability of deferred
tax assets, a necessary review was conducted on thetreatment below following the mechanisms of the JICPA
Auditing Standards Committee Report No. 66 “Audit Treatment
for Determining the Recoverability of Deferred Tax Assets,”
whereby companies are categorized according to fivecategories and deferred tax assets are calculated based oneach of these categories.
(1)Treatment of companies that do not fulfill any of therequirements for classification from Category 1 to Category 5.
(2)Requirements for classification as Category 2 and Category 3(3)Treatment of deductible temporary differences that cannot
be scheduled for companies applicable to Category 2(4)Treatment of reasonably estimable periods of temporary
differences in future pre-adjusted taxable income forcompanies applicable to Category 3(5)Treatment in cases where a company fulfilling therequirements of Category 4 is also applicable to Category 2 orCategory 361㻠㻚 㻲㼕㼚㼍㼚㼏㼕㼍㼘㻌㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻔㻝㻕㻌㻻㼢㼑㼞㼢㼕㼑㼣㻌㼛㼒㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻹㼍㼚㼍㼓㼑㼙㼑㼚㼠㻌㼜㼛㼘㼕㼏㼥㻴㻻㻾㻵㻮㻭 㼏㼍㼞㼞㼕㼑㼟 㼛㼡㼠 㼒㼡㼚㼐 㼙㼍㼚㼍㼓㼑㼙㼑㼚㼠 㼣㼕㼠㼔 㼍㼚 㼑㼙㼜㼔㼍㼟㼕㼟 㼛㼚 㼟㼑㼏㼡㼞㼕㼠㼥 㼍㼚㼐 㼜㼞㼛㼏㼡㼞㼑㼟 㼒㼡㼚㼐㼟 㼙㼍㼕㼚㼘㼥 㼠㼔㼞㼛㼡㼓㼔 㼎㼍㼚㼗 㼎㼛㼞㼞㼛㼣㼕㼚㼓㼟 㼍㼚㼐 㼎㼛㼚㼐㼕㼟㼟㼡㼍㼚㼏㼑㼟㻚 㻰㼑㼞㼕㼢㼍㼠㼕㼢㼑㼟 㼍㼞㼑 㼡㼟㼑㼐 㼠㼛 㼙㼍㼚㼍㼓㼑 㼒㼛㼞㼑㼕㼓㼚 㼑㼤㼏㼔㼍㼚㼓㼑 㼒㼘㼡㼏㼠㼡㼍㼠㼕㼛㼚 㼞㼕㼟㼗 㼍㼚㼐 㼕㼚㼠㼑㼞㼑㼟㼠 㼞㼍㼠㼑 㼒㼘㼡㼏㼠㼡㼍㼠㼕㼛㼚 㼞㼕㼟㼗㻘 㼍㼚㼐 㼕㼠 㼕㼟 㻴㻻㻾㻵㻮㻭㻓㼟㼜㼛㼘㼕㼏㼥㻌㼚㼛㼠㻌㼠㼛㻌㼑㼚㼓㼍㼓㼑㻌㼕㼚㻌㼟㼜㼑㼏㼡㼘㼍㼠㼕㼢㼑㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻚㻲㼕㼚㼍㼚㼏㼕㼍㼘㻌㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻘㻌㼞㼕㼟㼗㼟㻌㼍㼚㼐㻌㼞㼕㼟㼗㻌㼙㼍㼚㼍㼓㼑㼙㼑㼚㼠㼀㼞㼍㼐㼑 㼚㼛㼠㼑㼟 㼍㼚㼐 㼍㼏㼏㼛㼡㼚㼠㼟 㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㻘 㼣㼔㼕㼏㼔 㼍㼞㼑 㼛㼜㼑㼞㼍㼠㼕㼚㼓 㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㼟㻘 㼍㼞㼑 㼑㼤㼜㼛㼟㼑㼐 㼠㼛 㼠㼔㼑 㼏㼞㼑㼐㼕㼠 㼞㼕㼟㼗 㼛㼒 㼏㼡㼟㼠㼛㼙㼑㼞㼟㻚 㻴㻻㻾㻵㻮㻭㼑㼚㼐㼑㼍㼢㼛㼞㼟 㼠㼛 㼞㼑㼐㼡㼏㼑 㼠㼔㼕㼟 㼞㼕㼟㼗 㼎㼥 㼏㼛㼚㼐㼡㼏㼠㼕㼚㼓 㼐㼡㼑 㼐㼍㼠㼑 㼏㼛㼚㼠㼞㼛㼘 㼍㼚㼐 㼎㼍㼘㼍㼚㼏㼑 㼏㼛㼚㼠㼞㼛㼘 㼍㼚㼐 㼎㼥 㼍㼠㼠㼑㼙㼜㼠㼕㼚㼓 㼠㼛 㼜㼞㼛㼙㼜㼠㼘㼥 㼞㼑㼏㼛㼓㼚㼕㼦㼑㼏㼛㼘㼘㼑㼏㼠㼕㼛㼚㻌㼏㼛㼚㼏㼑㼞㼚㼟㻌㼟㼠㼑㼙㼙㼕㼚㼓㻌㼒㼞㼛㼙㻌㼟㼡㼏㼔㻌㼒㼍㼏㼠㼛㼞㼟㻌㼍㼟㻌㼍㻌㼐㼑㼠㼑㼞㼕㼛㼞㼍㼠㼕㼛㼚㻌㼕㼚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㼛㼒㻌㼍㻌㼏㼡㼟㼠㼛㼙㼑㼞㻚㻌㻌㻌㻹㼛㼟㼠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㻘㻌㼣㼔㼕㼏㼔㻌㼍㼞㼑㻌㼛㼜㼑㼞㼍㼠㼕㼚㼓㻌㼜㼍㼥㼍㼎㼘㼑㼟㻘㻌㼔㼍㼢㼑㻌㼜㼍㼥㼙㼑㼚㼠㻌㼐㼡㼑㻌㼐㼍㼠㼑㼟㻌㼣㼕㼠㼔㼕㼚㻌㼛㼚㼑㻌㼥㼑㼍㼞㻚㻿㼛㼙㼑 㼛㼜㼑㼞㼍㼠㼕㼚㼓 㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㼟 㼍㼚㼐 㼜㼍㼥㼍㼎㼘㼑㼟 㼍㼞㼑 㼐㼑㼚㼛㼙㼕㼚㼍㼠㼑㼐 㼕㼚 㼒㼛㼞㼑㼕㼓㼚 㼏㼡㼞㼞㼑㼚㼏㼕㼑㼟 㼍㼚㼐 㼍㼞㼑 㼑㼤㼜㼛㼟㼑㼐 㼠㼛 㼒㼛㼞㼑㼕㼓㼚 㼑㼤㼏㼔㼍㼚㼓㼑 㼒㼘㼡㼏㼠㼡㼍㼠㼕㼛㼚㼞㼕㼟㼗㻚 㻴㼛㼣㼑㼢㼑㼞㻘 㻴㻻㻾㻵㻮㻭 㼑㼚㼐㼑㼍㼢㼛㼞㼟 㼠㼛 㼞㼑㼐㼡㼏㼑 㼠㼔㼕㼟 㼞㼕㼟㼗 㼎㼥 㼛㼒㼒㼟㼑㼠㼠㼕㼚㼓 㼒㼛㼞㼑㼕㼓㼚 㼏㼡㼞㼞㼑㼚㼏㼥 㼐㼑㼚㼛㼙㼕㼚㼍㼠㼑㼐 㼛㼜㼑㼞㼍㼠㼕㼚㼓 㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㼟 㼍㼚㼐㼜㼍㼥㼍㼎㼘㼑㼟㻌㼍㼚㼐㻌㼎㼥㻌㼡㼟㼕㼚㼓㻌㼒㼛㼞㼣㼍㼞㼐㻌㼑㼤㼏㼔㼍㼚㼓㼑㻌㼏㼛㼚㼠㼞㼍㼏㼠㼟㻘㻌㼑㼠㼏㻚㻹㼍㼞㼗㼑㼠㼍㼎㼘㼑 㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟 㼍㼞㼑 㼙㼍㼕㼚㼘㼥 㼟㼔㼛㼞㼠㻙㼠㼑㼞㼙 㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㼟 㼣㼕㼠㼔 㼔㼕㼓㼔 㼘㼕㼝㼡㼕㼐㼕㼠㼥 㼟㼡㼏㼔 㼍㼟 㼚㼑㼓㼛㼠㼕㼍㼎㼘㼑 㼐㼑㼜㼛㼟㼕㼠㼟㻚 㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㼍㼞㼑 㼙㼍㼕㼚㼘㼥 㼟㼔㼍㼞㼑㼟 㼛㼒 㼏㼛㼙㼜㼍㼚㼕㼑㼟 㼠㼔㼍㼠 㼔㼍㼢㼑 㼍 㼎㼡㼟㼕㼚㼑㼟㼟 㼞㼑㼘㼍㼠㼕㼛㼚㼟㼔㼕㼜㼟 㼣㼕㼠㼔 㻴㻻㻾㻵㻮㻭 㼍㼚㼐 㼍㼞㼑 㼑㼤㼜㼛㼟㼑㼐 㼠㼛 㼙㼍㼞㼗㼑㼠 㼢㼍㼘㼡㼑 㼒㼘㼡㼏㼠㼡㼍㼠㼕㼛㼚 㼞㼕㼟㼗㻚㻴㼛㼣㼑㼢㼑㼞㻘 㼣㼔㼑㼚 㼍㼏㼝㼡㼕㼞㼕㼚㼓 㼛㼞 㼟㼑㼘㼘㼕㼚㼓 㼟㼔㼍㼞㼑㼟 㼛㼒 㼍 㼏㼑㼞㼠㼍㼕㼚 㼢㼍㼘㼡㼑㻘 㼠㼔㼑 㻮㼛㼍㼞㼐 㼛㼒 㻰㼕㼞㼑㼏㼠㼛㼞㼟 㼏㼛㼚㼟㼕㼐㼑㼞㼟 㼠㼔㼑 㼐㼑㼠㼍㼕㼘㼟 㼛㼒 㼠㼔㼑 㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟 㼍㼚㼐㻴㻻㻾㻵㻮㻭 㼑㼚㼐㼑㼍㼢㼛㼞㼟 㼠㼛 㼞㼑㼐㼡㼏㼑 㼍㼚㼥 㼞㼕㼟㼗 㼎㼥 㼑㼚㼟㼡㼞㼕㼚㼓 㼠㼔㼍㼠 㼠㼔㼑 㼙㼍㼞㼗㼑㼠 㼢㼍㼘㼡㼑 㼕㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚 㼞㼑㼓㼍㼞㼐㼕㼚㼓 㼠㼔㼑 㼟㼔㼍㼞㼑㼟 㼕㼟 㼞㼑㼜㼛㼞㼠㼑㼐 㼠㼛 㼠㼔㼑㼙㼍㼚㼍㼓㼑㼙㼑㼚㼠㻌㼠㼑㼍㼙㻌㼕㼚㻌㼍㻌㼠㼕㼙㼑㼘㼥㻌㼙㼍㼚㼚㼑㼞㻚㻿㼔㼛㼞㼠㻙㼠㼑㼞㼙 㼘㼛㼍㼚㼟 㼍㼞㼑 㼙㼍㼕㼚㼘㼥 㼒㼛㼞 㼒㼕㼚㼍㼚㼏㼕㼚㼓 㼞㼑㼘㼍㼠㼑㼐 㼠㼛 㼛㼜㼑㼞㼍㼠㼕㼚㼓 㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻘 㼣㼔㼕㼘㼑 㼘㼛㼚㼓㻙㼠㼑㼞㼙 㼘㼛㼍㼚㼟 㼍㼚㼐 㼏㼛㼞㼜㼛㼞㼍㼠㼑 㼎㼛㼚㼐㼟 㼍㼞㼑㼙㼍㼕㼚㼘㼥㻌㼒㼛㼞㻌㼒㼕㼚㼍㼚㼏㼕㼚㼓㻌㼞㼑㼘㼍㼠㼑㼐㻌㼠㼛㻌㼜㼘㼍㼚㼠㻌㼍㼚㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻌㼍㼚㼐㻌㼣㼛㼞㼗㼕㼚㼓㻌㼏㼍㼜㼕㼠㼍㼘㻚㼀㼞㼍㼐㼑 㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟 㼍㼚㼐 㼘㼛㼍㼚㼟 㼍㼞㼑 㼑㼤㼜㼛㼟㼑㼐 㼠㼛 㼘㼕㼝㼡㼕㼐㼕㼠㼥 㼞㼕㼟㼗㻘 㼎㼡㼠 㻴㻻㻾㻵㻮㻭 㼑㼚㼐㼑㼍㼢㼛㼞㼟 㼠㼛 㼞㼑㼐㼡㼏㼑 㼠㼔㼕㼟 㼞㼕㼟㼗 㼎㼥 㼡㼟㼕㼚㼓 㼙㼑㼠㼔㼛㼐㼟 㼟㼡㼏㼔 㼍㼟 㼠㼔㼑㼜㼞㼑㼜㼍㼞㼍㼠㼕㼛㼚㻌㼛㼒㻌㼏㼍㼟㼔㻌㼒㼘㼛㼣㻌㼜㼘㼍㼚㼟㻚㻾㼑㼓㼍㼞㼐㼕㼚㼓 㼐㼑㼞㼕㼢㼍㼠㼕㼢㼑 㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻘 㼕㼚 㼍㼐㼐㼕㼠㼕㼛㼚 㼠㼛 㼏㼛㼚㼐㼡㼏㼠㼕㼚㼓 㼑㼤㼏㼔㼍㼚㼓㼑 㼍㼓㼞㼑㼑㼙㼑㼚㼠 㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟 㼣㼕㼠㼔㼕㼚 㼠㼔㼑 㼘㼕㼙㼕㼠 㼛㼒 㼠㼔㼑 㼎㼍㼘㼍㼚㼏㼑 㼛㼒㼒㼛㼞㼑㼕㼓㼚 㼏㼡㼞㼞㼑㼚㼏㼥㻙㼐㼑㼚㼛㼙㼕㼚㼍㼠㼑㼐 㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㼟 㼍㼚㼐 㼜㼍㼥㼍㼎㼘㼑㼟㻘 㻴㻻㻾㻵㻮㻭 㼏㼛㼚㼐㼡㼏㼠㼟 㼒㼛㼞㼣㼍㼞㼐 㼑㼤㼏㼔㼍㼚㼓㼑 㼍㼓㼞㼑㼑㼙㼑㼚㼠 㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟 㼒㼛㼞 㼠㼔㼑㼑㼤㼜㼑㼏㼠㼑㼐㻌㼒㼛㼞㼑㼕㼓㼚㻌㼏㼡㼞㼞㼑㼚㼏㼥㻙㼐㼑㼚㼛㼙㼕㼚㼍㼠㼑㼐㻌㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㼟㻌㼍㼚㼐㻌㼜㼍㼥㼍㼎㼘㼑㼟㻘㻌㼣㼔㼕㼏㼔㻌㼣㼛㼡㼘㼐㻌㼎㼑㻌㼓㼑㼚㼑㼞㼍㼠㼑㼐㻌㼣㼕㼠㼔㻌㼏㼑㼞㼠㼍㼕㼚㼠㼥㻌㼎㼥㻌㼟㼏㼔㼑㼐㼡㼘㼑㼐㻌㼑㼤㼜㼛㼞㼠㻌㼛㼞㼕㼙㼜㼛㼞㼠 㼠㼞㼍㼐㼕㼚㼓㻚 㻴㻻㻾㻵㻮㻭 㼡㼟㼑㼟 㼐㼑㼞㼕㼢㼍㼠㼕㼢㼑 㼒㼕㼚㼍㼚㼏㼕㼍㼘 㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻘 㼟㼡㼏㼔 㼍㼟 㼕㼚㼠㼑㼞㼑㼟㼠 㼞㼍㼠㼑 㼟㼣㼍㼜 㼏㼛㼚㼠㼞㼍㼏㼠㼟 㼍㼚㼐㻘 㼕㼚㼠㼑㼞㼑㼟㼠 㼞㼍㼠㼑 㼍㼚㼐 㼏㼡㼞㼞㼑㼚㼏㼥㼟㼣㼍㼜 㼏㼛㼚㼠㼞㼍㼏㼠㼟 㼠㼛 㼍㼢㼛㼕㼐 㼞㼕㼟㼗㼟 㼛㼒 㼒㼘㼡㼏㼠㼡㼍㼠㼕㼛㼚㼟 㼕㼚 㼕㼚㼠㼑㼞㼑㼟㼠 㼞㼍㼠㼑㼟 㼍㼚㼐 㼒㼛㼞㼑㼕㼓㼚 㼑㼤㼏㼔㼍㼚㼓㼑 㼞㼍㼠㼑㼟㻘 㼣㼕㼠㼔㼕㼚 㼠㼔㼑 㼛㼡㼠㼟㼠㼍㼚㼐㼕㼚㼓 㼍㼙㼛㼡㼚㼠 㼛㼒㼎㼛㼞㼞㼛㼣㼕㼚㼓㼟㻚㻌㻴㻻㻾㻵㻮㻭㻓㼟㻌㼜㼛㼘㼕㼏㼥㻌㼕㼟㻌㼚㼛㼠㻌㼠㼛㻌㼑㼚㼓㼍㼓㼑㻌㼕㼚㻌㼟㼜㼑㼏㼡㼘㼍㼠㼕㼢㼑㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻚㻿㼡㼜㼜㼘㼑㼙㼑㼚㼠㼍㼞㼥㻌㼑㼤㼜㼘㼍㼚㼍㼠㼕㼛㼚㻌㼛㼒㻌㼠㼔㼑㻌㼑㼟㼠㼕㼙㼍㼠㼑㼐㻌㼒㼍㼕㼞㻌㼢㼍㼘㼡㼑㻌㼛㼒㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㼀㼔㼑 㼙㼍㼞㼗㼑㼠 㼢㼍㼘㼡㼑 㼛㼒 㼒㼕㼚㼍㼚㼏㼕㼍㼘 㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟 㼕㼚㼏㼘㼡㼐㼑㼟 㼢㼍㼘㼡㼑㼟 㼎㼍㼟㼑㼐 㼛㼚 㼙㼍㼞㼗㼑㼠 㼜㼞㼕㼏㼑㼟 㼍㼚㼐 㼍㼙㼛㼡㼚㼠㼟 㼞㼍㼠㼕㼛㼚㼍㼘㼘㼥 㼏㼍㼘㼏㼡㼘㼍㼠㼑㼐 㼣㼔㼑㼚 㼠㼔㼑㼞㼑㼍㼞㼑 㼚㼛 㼙㼍㼞㼗㼑㼠 㼜㼞㼕㼏㼑㼟 㼍㼢㼍㼕㼘㼍㼎㼘㼑㻚 㻭㼟 㻴㻻㻾㻵㻮㻭 㼕㼚㼏㼛㼞㼜㼛㼞㼍㼠㼑㼟 㼢㼍㼞㼕㼍㼎㼘㼑 㼒㼍㼏㼠㼛㼞㼟 㼣㼔㼑㼚 㼙㼍㼗㼕㼚㼓 㼠㼔㼑㼟㼑 㼏㼍㼘㼏㼡㼘㼍㼠㼕㼛㼚㼟㻘 㼠㼔㼑 㼍㼙㼛㼡㼚㼠㼟 㼙㼍㼥 㼏㼔㼍㼚㼓㼑㼐㼡㼑 㼠㼛 㼠㼔㼑 㼍㼐㼛㼜㼠㼕㼛㼚 㼛㼒 㼐㼕㼒㼒㼑㼞㼑㼚㼠 㼍㼟㼟㼡㼙㼜㼠㼕㼛㼚㼟㻚 㼃㼕㼠㼔 㼞㼑㼓㼍㼞㼐 㼠㼛 㼏㼛㼚㼠㼞㼍㼏㼠 㼍㼙㼛㼡㼚㼠㼟 㼞㼑㼘㼍㼠㼑㼐 㼠㼛 㼐㼑㼞㼕㼢㼍㼠㼕㼢㼑 㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟 㼕㼚 㼠㼔㼑 㻺㼛㼠㼑㼟 㼠㼛㻯㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐 㻲㼕㼚㼍㼚㼏㼕㼍㼘 㻿㼠㼍㼠㼑㼙㼑㼚㼠㼟 㼕㼠㼑㼙 㻎㻰㼑㼞㼕㼢㼍㼠㼕㼢㼑 㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻘㻎 㼠㼔㼑 㼍㼙㼛㼡㼚㼠㼟 㼐㼛 㼚㼛㼠 㼕㼚㼐㼕㼏㼍㼠㼑 㼠㼔㼑 㼙㼍㼞㼗㼑㼠 㼞㼕㼟㼗 㼍㼟㼟㼛㼏㼕㼍㼠㼑㼐 㼣㼕㼠㼔㼐㼑㼞㼕㼢㼍㼠㼕㼢㼑㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻌㼠㼔㼑㼙㼟㼑㼘㼢㼑㼟㻚㻔㻞㻕㻌㻲㼍㼕㼞㻌㼢㼍㼘㼡㼑㻌㼛㼒㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㼀㼔㼑 㼎㼛㼛㼗 㼢㼍㼘㼡㼑 㼍㼚㼐 㼒㼍㼕㼞 㼢㼍㼘㼡㼑 㼛㼒 㼒㼕㼚㼍㼚㼏㼕㼍㼘 㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟 㼍㼚㼐 㼍㼚㼥 㼐㼕㼒㼒㼑㼞㼑㼚㼏㼑 㼎㼑㼠㼣㼑㼑㼚 㼠㼔㼑 㼠㼣㼛 㼍㼟 㼛㼒 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻠 㼍㼚㼐 㻰㼑㼏㼑㼙㼎㼑㼞㻟㻝㻘 㻞㻜㻝㻡 㼍㼞㼑 㼟㼑㼠 㼒㼛㼞㼠㼔 㼕㼚 㼠㼔㼑 㼠㼍㼎㼘㼑 㼎㼑㼘㼛㼣㻚 㻲㼕㼚㼍㼚㼏㼕㼍㼘 㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟 㼣㼔㼛㼟㼑 㼒㼍㼕㼞 㼢㼍㼘㼡㼑 㼣㼍㼟 㼑㼤㼠㼞㼑㼙㼑㼘㼥 㼐㼕㼒㼒㼕㼏㼡㼘㼠 㼠㼛 㼑㼟㼠㼕㼙㼍㼠㼑 㼍㼞㼑 㼚㼛㼠 㼕㼚㼏㼘㼡㼐㼑㼐㻔㻿㼑㼑 㻺㼛㼠㼑 㻞㻕㻚 㻯㼍㼟㼔 㼍㼚㼐 㼏㼍㼟㼔 㼑㼝㼡㼕㼢㼍㼘㼑㼚㼠㼟 㼛㼒 㼈㻥㻘㻞㻣㻤 㼙㼕㼘㼘㼕㼛㼚 㼍㼚㼐 㼈㻡㻘㻡㻝㻡 㼙㼕㼘㼘㼕㼛㼚 㻔㻐㻠㻡㻘㻣㻞㻡 㼠㼔㼛㼡㼟㼍㼚㼐㻕 㼒㼛㼞 㼠㼔㼑 㼒㼕㼟㼏㼍㼘 㼥㼑㼍㼞㼟 㼑㼚㼐㼑㼐 㻰㼑㼏㼑㼙㼎㼑㼞㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼍㼞㼑㻌㼕㼚㼏㼘㼡㼐㼑㼐㻌㼕㼚㻌㻔㻟㻕㻌㻹㼍㼞㼗㼑㼠㼍㼎㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼍㼚㼐㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻚㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻮㼛㼛㼗㻌㼢㼍㼘㼡㼑 㻲㼍㼕㼞㻌㼢㼍㼘㼡㼑㻭㼟㼟㼑㼠㼟㻦
㻔㻝㻕㻌㻯㼍㼟㼔㻌㼍㼚㼐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 㼰㻠㻟㻘㻞㻡㻡㻔㻞㻕㻌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㻚㻚㻚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㻞㻘㻞㻠㻢
㻔㻟㻕㻌㻹㼍㼞㼗㼑㼠㼍㼎㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼍㼚㼐㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻭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㻝㻤㻘㻟㻞㻜
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 㼰㻝㻝㻟㻘㻤㻞㻞㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻡
㻰㼕㼒㼒㼑㼞㼑㼚㼏㼑㻮㼛㼛㼗㻌㼢㼍㼘㼡㼑 㻲㼍㼕㼞㻌㼢㼍㼘㼡㼑㻰㼕㼒㼒㼑㼞㼑㼚㼏㼑㼰㻠㻟㻘㻞㻡㻡
㻡㻞㻘㻞㻠㻢

㻙㻙㼰㻠㻟㻘㻥㻞㻞
㻡㻠㻘㻣㻣㻞

㼰㻠㻟㻘㻥㻞㻞
㻡㻠㻘㻣㻣㻞

㻙㻙㻝㻤㻘㻟㻞㻜
㼰㻝㻝㻟㻘㻤㻞㻞

㻙㻙㻝㻠㻘㻥㻢㻡
㼰㻝㻝㻟㻘㻢㻢㻜

㻝㻠㻘㻥㻢㻡
㼰㻝㻝㻟㻘㻢㻢㻜

㻙㻙㻸㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻦㻔㻝㻕㻌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㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻕㻌㻿㼔㼛㼞㼠㻙㼠㼑㼞㼙㻌㼘㼛㼍㼚㼟㻌㼍㼚㼐㻌㼏㼡㼞㼞㼑㼚㼠㻌㼜㼛㼞㼠㼕㼛㼚㻌㼛㼒㻌㻌㻌㻌㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼘㼛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㻔㻟㻕㻌㻭㼏㼏㼛㼡㼚㼠㼟㻌㼜㼍㼥㼍㼎㼘㼑㻌㻙㻌㼛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㻔㻠㻕㻌㻭㼏㼏㼞㼡㼑㼐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㻔㻡㻕㻌㻮㼛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㻔㻢㻕㻌㻸㼛㼚㼓㻙㼠㼑㼞㼙㻌㼘㼛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㼰㻝㻡㻘㻠㻜㻢

㼰㻝㻡㻘㻠㻜㻢

㻙㼰㻝㻣㻘㻢㻟㻤

㼰㻝㻣㻘㻢㻟㻤

㻙㻝㻜㻘㻤㻟㻞
㻝㻠㻘㻠㻡㻣
㻡㻘㻞㻞㻜㻝㻡㻘㻜㻜㻜
㻞㻘㻞㻜㻥㼰㻢㻟㻘㻝㻞㻣

㻝㻜㻘㻤㻟㻞
㻝㻠㻘㻠㻡㻣
㻡㻘㻞㻞㻜㻝㻡㻘㻞㻢㻠
㻞㻘㻝㻣㻣㼰㻢㻟㻘㻟㻡㻥

㻙
㻙
㻙
㻞㻢㻠
㻔㻟㻞㻕
㼰㻞㻟㻞

㻝㻞㻘㻤㻣㻥
㻝㻠㻘㻣㻤㻣
㻟㻘㻣㻥㻢㻝㻡㻘㻜㻜㻜
㻝㻢㻘㻤㻞㻢
㼰㻤㻜㻘㻥㻞㻤

㻝㻞㻘㻤㻣㻥
㻝㻠㻘㻣㻤㻣
㻟㻘㻣㻥㻢㻝㻡㻘㻞㻝㻥
㻝㻢㻘㻤㻞㻟
㼰㻤㻝㻘㻝㻠㻡

㻙
㻙
㻙
㻞㻝㻥
㻔㻟㻕
㼰㻞㻝㻢

㻰㼑㼞㼕㼢㼍㼠㼕㼢㼑㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻔㻝㻕㻌㻴㼑㼐㼓㼑㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼚㼛㼠㻌㼍㼜㼜㼘㼕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㻔㻞㻕㻌㻴㼑㼐㼓㼑㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼍㼜㼜㼘㼕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㻔㼰㻝㻝㻟㻕
㻞㻥㻔㼰㻤㻠㻕㻔㼰㻝㻝㻟㻕
㻞㻥
㻔㼰㻤㻠㻕

㻙
㻙
㻙

㼰㻝㻠㻠
㻔㻜㻕
㼰㻝㻠㻠

㼰㻝㻠㻠
㻔㻜㻕
㼰㻝㻠㻠

㻙
㻙
㻙

HORIBA Report 2015 | 62

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Note to Consolidated Financial Statements㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㻌㻌㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻮㼛㼛㼗㻌㼢㼍㼘㼡㼑㻲㼍㼕㼞㻌㼢㼍㼘㼡㼑㻐㻟㻢㻠㻘㻝㻢㻡
㻠㻡㻠㻘㻝㻞㻠

㻐㻟㻢㻠㻘㻝㻢㻡
㻠㻡㻠㻘㻝㻞㻠

㻙㻙㻝㻞㻠㻘㻜㻣㻣
㻐㻥㻠㻞㻘㻟㻣㻢

㻝㻞㻠㻘㻜㻣㻣
㻐㻥㻠㻞㻘㻟㻣㻢

㻙㻙㻸㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻦㻔㻝㻕㻌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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻕㻌㻿㼔㼛㼞㼠㻙㼠㼑㼞㼙㻌㼘㼛㼍㼚㼟㻌㼍㼚㼐㻌㼏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㼘㼛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㻔㻟㻕㻌㻭㼏㼏㼛㼡㼚㼠㼟㻌㼜㼍㼥㼍㼎㼘㼑㻌㻙㻌㼛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㻔㻠㻕㻌㻭㼏㼏㼞㼡㼑㼐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㻔㻡㻕㻌㻮㼛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㻔㻢㻕㻌㻸㼛㼚㼓㻙㼠㼑㼞㼙㻌㼘㼛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㻐㻝㻠㻢㻘㻞㻟㻥
㻝㻜㻢㻘㻣㻤㻞
㻝㻞㻞㻘㻢㻜㻝
㻟㻝㻘㻠㻣㻟
㻝㻞㻠㻘㻟㻢㻣
㻝㻟㻥㻘㻡㻜㻣
㻐㻢㻣㻜㻘㻥㻤㻥

㻐㻝㻠㻢㻘㻞㻟㻥
㻝㻜㻢㻘㻣㻤㻞
㻝㻞㻞㻘㻢㻜㻝
㻟㻝㻘㻠㻣㻟
㻝㻞㻢㻘㻝㻤㻟
㻝㻟㻥㻘㻠㻤㻞
㻐㻢㻣㻞㻘㻣㻤㻤

㻙
㻙
㻙
㻙
㻝㻘㻤㻝㻡
㻔㻞㻠㻕
㻐㻝㻘㻣㻥㻜

㻰㼑㼞㼕㼢㼍㼠㼕㼢㼑㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻔㻝㻕㻌㻴㼑㼐㼓㼑㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼚㼛㼠㻌㼍㼜㼜㼘㼕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㻔㻞㻕㻌㻴㼑㼐㼓㼑㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼍㼜㼜㼘㼕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㻐㻝㻘㻝㻥㻟
㻔㻜㻕㻐㻝㻘㻝㻥㻟

㻐㻝㻘㻝㻥㻟
㻔㻜㻕㻐㻝㻘㻝㻥㻟㻙㻙㻙㻭㼟㼟㼑㼠㼟㻦
㻔㻝㻕㻌㻯㼍㼟㼔㻌㼍㼚㼐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㻔㻞㻕㻌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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻕㻌㻹㼍㼞㼗㼑㼠㼍㼎㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼍㼚㼐㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻭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㻰㼕㼒㼒㼑㼞㼑㼚㼏㼑㻺㼛㼠㼑㻌㻝㻚㻌㻹㼑㼠㼔㼛㼐㻌㼒㼛㼞㻌㼏㼍㼘㼏㼡㼘㼍㼠㼕㼚㼓㻌㼠㼔㼑㻌㼒㼍㼕㼞㻌㼢㼍㼘㼡㼑㻌㼛㼒㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌㼍㼚㼐㻌㼚㼛㼠㼑㼟㻌㼞㼑㼓㼍㼞㼐㼕㼚㼓㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼍㼚㼐㻌㼐㼑㼞㼕㼢㼍㼠㼕㼢㼑㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻚㻭㼟㼟㼑㼠㼟
㻔㻝㻕㻌㻯㼍㼟㼔㻌㼍㼚㼐㻌㼠㼕㼙㼑㻌㼐㼑㼜㼛㼟㼕㼠㼟㻌㼍㼚㼐㻌㻔㻞㻕㻌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㻭㼟 㼠㼔㼑㼟㼑 㼍㼞㼑 㼟㼑㼠㼠㼘㼑㼐 㼕㼚 㼠㼔㼑 㼟㼔㼛㼞㼠 㼠㼑㼞㼙㻘 㼙㼍㼞㼗㼑㼠 㼢㼍㼘㼡㼑 㼍㼜㼜㼞㼛㼤㼕㼙㼍㼠㼑㼟 㼎㼛㼛㼗 㼢㼍㼘㼡㼑 㼍㼚㼐 㼕㼟㻘 㼠㼔㼑㼞㼑㼒㼛㼞㼑㻘 㼎㼍㼟㼑㼐 㼛㼚 㼠㼔㼑 㼍㼜㼜㼘㼕㼏㼍㼎㼘㼑 㼎㼛㼛㼗㼢㼍㼘㼡㼑㻚
㻔㻟㻕㻌㻹㼍㼞㼗㼑㼠㼍㼎㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼍㼚㼐㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻹㼍㼞㼗㼑㼠 㼢㼍㼘㼡㼑 㼒㼛㼞 㼠㼔㼑㼟㼑 㼕㼟 㼎㼍㼟㼑㼐 㼛㼚 㼜㼞㼕㼏㼑㼟 㼛㼚 㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟 㼑㼤㼏㼔㼍㼚㼓㼑㼟 㼕㼚 㼠㼔㼑 㼏㼍㼟㼑 㼛㼒 㼟㼔㼍㼞㼑㼟㻘 㼑㼠㼏㻚 㻲㼛㼞 㼎㼛㼚㼐㼟㻘 㼙㼍㼞㼗㼑㼠 㼢㼍㼘㼡㼑 㼕㼟 㼎㼍㼟㼑㼐㼛㼚 㼜㼞㼕㼏㼑㼟 㼛㼚 㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟 㼑㼤㼏㼔㼍㼚㼓㼑㼟 㼛㼞 㼜㼞㼕㼏㼑㼟 㼕㼚㼐㼕㼏㼍㼠㼑㼐 㼎㼥 㼏㼛㼞㼞㼑㼟㼜㼛㼚㼐㼕㼚㼓 㼒㼕㼚㼍㼚㼏㼕㼍㼘 㼕㼚㼟㼠㼕㼠㼡㼠㼕㼛㼚㼟㻚 㻲㼛㼞 㼙㼍㼞㼗㼑㼠㼍㼎㼘㼑 㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㼏㼘㼍㼟㼟㼕㼒㼕㼑㼐㻌㼎㼥㻌㼠㼔㼑㻌㼜㼡㼞㼜㼛㼟㼑㻌㼒㼛㼞㻌㼣㼔㼕㼏㼔㻌㼠㼔㼑㼥㻌㼍㼞㼑㻌㼔㼑㼘㼐㻘㻌㼟㼑㼑㻌㻺㼛㼠㼑㻌㻡㻚㻸㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻔㻝㻕㻌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㻘㻌㻔㻞㻕㻌㻿㼔㼛㼞㼠㻙㼠㼑㼞㼙㻌㼘㼛㼍㼚㼟㻌㼍㼚㼐㻌㼏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㼘㼛㼍㼚㼟㻘㻌㻔㻟㻕㻌㻭㼏㼏㼛㼡㼚㼠㼟㻌㼜㼍㼥㼍㼎㼘㼑㻌㻙㻌㼛㼠㼔㼑㼞㼍㼚㼐㻌㻔㻠㻕㻌㻭㼏㼏㼞㼡㼑㼐㻌㼕㼚㼏㼛㼙㼑㻌㼠㼍㼤㼑㼟㻭㼟 㼠㼔㼑㼟㼑 㼍㼞㼑 㼟㼑㼠㼠㼘㼑㼐 㼕㼚 㼠㼔㼑 㼟㼔㼛㼞㼠 㼠㼑㼞㼙㻘 㼙㼍㼞㼗㼑㼠 㼢㼍㼘㼡㼑 㼍㼜㼜㼞㼛㼤㼕㼙㼍㼠㼑㼟 㼎㼛㼛㼗 㼢㼍㼘㼡㼑 㼍㼚㼐 㼕㼟㻘 㼠㼔㼑㼞㼑㼒㼛㼞㼑㻘 㼎㼍㼟㼑㼐 㼛㼚 㼠㼔㼑 㼍㼜㼜㼘㼕㼏㼍㼎㼘㼑 㼎㼛㼛㼗㼢㼍㼘㼡㼑㻚
㻔㻡㻕㻌㻮㼛㼚㼐㼟㻹㼍㼞㼗㼑㼠㻌㼢㼍㼘㼡㼑㻌㼒㼛㼞㻌㼎㼛㼚㼐㼟㻌㼕㼟㼟㼡㼑㼐㻌㼎㼥㻌㻴㻻㻾㻵㻮㻭㻌㼕㼟㻌㼏㼍㼘㼏㼡㼘㼍㼠㼑㼐㻌㼎㼍㼟㼑㼐㻌㼛㼚㻌㼙㼍㼞㼗㼑㼠㻌㼜㼞㼕㼏㼑㼟㻚㻔㻢㻕㻌㻸㼛㼚㼓㻙㼠㼑㼞㼙㻌㼘㼛㼍㼚㼟㻮㼛㼞㼞㼛㼣㼕㼚㼓㼟 㼎㼍㼟㼑㼐 㼛㼚 㼢㼍㼞㼕㼍㼎㼘㼑 㼕㼚㼠㼑㼞㼑㼟㼠 㼞㼍㼠㼑㼟 㼞㼑㼒㼘㼑㼏㼠 㼙㼍㼞㼗㼑㼠 㼕㼚㼠㼑㼞㼑㼟㼠 㼞㼍㼠㼑㼟㻘 㼍㼚㼐 㼍㼟 㼠㼔㼑 㼏㼞㼑㼐㼕㼠㼣㼛㼞㼠㼔㼕㼚㼑㼟㼟 㼛㼒 㻴㻻㻾㻵㻮㻭 㼔㼍㼟 㼚㼛㼠㼏㼔㼍㼚㼓㼑㼐 㼟㼕㼓㼚㼕㼒㼕㼏㼍㼚㼠㼘㼥 㼟㼕㼚㼏㼑 㼑㼤㼑㼏㼡㼠㼕㼛㼚㻘 㼙㼍㼞㼗㼑㼠 㼢㼍㼘㼡㼑 㼕㼟 㼏㼛㼚㼟㼕㼐㼑㼞㼑㼐 㼠㼛 㼎㼑 㼍㼜㼜㼞㼛㼤㼕㼙㼍㼠㼑 㼎㼛㼛㼗 㼢㼍㼘㼡㼑 㼍㼚㼐 㼕㼟㻘 㼠㼔㼑㼞㼑㼒㼛㼞㼑㻘 㼎㼍㼟㼑㼐 㼛㼚㼍㼜㼜㼘㼕㼏㼍㼎㼘㼑 㼎㼛㼛㼗 㼢㼍㼘㼡㼑㻚 㼀㼔㼑 㼢㼍㼘㼡㼑 㼛㼒 㼎㼛㼞㼞㼛㼣㼕㼚㼓㼟 㼣㼕㼠㼔 㼒㼕㼤㼑㼐 㼕㼚㼠㼑㼞㼑㼟㼠 㼞㼍㼠㼑㼟 㼕㼟 㼎㼍㼟㼑㼐 㼛㼚 㼠㼔㼑 㼠㼛㼠㼍㼘 㼍㼙㼛㼡㼚㼠 㼛㼒 㼜㼞㼕㼚㼏㼕㼜㼍㼘 㼍㼚㼐 㼕㼚㼠㼑㼞㼑㼟㼠㼐㼕㼟㼏㼛㼡㼚㼠㼑㼐㻌㼍㼠㻌㼍㼚㻌㼕㼚㼠㼑㼞㼑㼟㼠㻌㼞㼍㼠㼑㻌㼛㼒㻌㼍㻌㼟㼕㼙㼕㼘㼍㼞㻌㼚㼑㼣㻌㼘㼛㼍㼚㻚㻰㼑㼞㼕㼢㼍㼠㼕㼢㼑㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻿㼑㼑㻌㻺㼛㼠㼑㻌㻝㻠㻌㼒㼛㼞㻌㼐㼑㼞㼕㼢㼍㼠㼕㼢㼑㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻚㻺㼑㼠 㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㼟 㻔㼜㼍㼥㼍㼎㼘㼑㼟㻕 㼐㼑㼞㼕㼢㼑㼐 㼒㼞㼛㼙 㼐㼑㼞㼕㼢㼍㼠㼕㼢㼑 㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟 㼍㼞㼑 㼐㼕㼟㼜㼘㼍㼥㼑㼐 㼕㼚 㼠㼔㼑 㼠㼍㼎㼘㼑 㼍㼎㼛㼢㼑㻚 㼀㼛㼠㼍㼘 㼚㼑㼠 㼜㼍㼥㼍㼎㼘㼑㼟 㼍㼞㼑 㼟㼔㼛㼣㼚㼕㼚㻌㼜㼍㼞㼑㼚㼠㼔㼑㼟㼕㼟㻚㻺㼛㼠㼑㻌㻞㻚㻌㼀㼔㼑㻌㼒㼛㼘㼘㼛㼣㼕㼚㼓㻌㼠㼍㼎㼘㼑㻌㼟㼡㼙㼙㼍㼞㼕㼦㼑㼟㻌㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟㻌㼣㼔㼛㼟㼑㻌㼒㼍㼕㼞㻌㼢㼍㼘㼡㼑㻌㼣㼍㼟㻌㼑㼤㼠㼞㼑㼙㼑㼘㼥㻌㼐㼕㼒㼒㼕㼏㼡㼘㼠㻌㼠㼛㻌㼑㼟㼠㼕㼙㼍㼠㼑㻚㻺㼛㼚㻙㼘㼕㼟㼠㼑㼐㻌㼑㼝㼡㼕㼠㼥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㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㼰㻝㻞㻥
㼰㻞㻞㻣
㻡㻟
㻢㻥

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻐㻝㻘㻤㻤㻞
㻡㻣㻞㼀㼔㼑 㼍㼎㼛㼢㼑 㼒㼕㼚㼍㼚㼏㼕㼍㼘 㼕㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟 㼣㼑㼞㼑 㼚㼛㼠 㼕㼚㼏㼘㼡㼐㼑㼐 㼕㼚 㻎㻔㻟㻕 㻹㼍㼞㼗㼑㼠㼍㼎㼘㼑 㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟 㼍㼚㼐 㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠 㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻎 㼎㼑㼏㼍㼡㼟㼑 㼠㼔㼑㼥 㼐㼕㼐㼚㼛㼠㻌㼔㼍㼢㼑㻌㼙㼍㼞㼗㼑㼠㻌㼢㼍㼘㼡㼑㼟㻌㼍㼚㼐㻌㼠㼔㼑㻌㼒㼍㼕㼞㻌㼢㼍㼘㼡㼑㻌㼣㼍㼟㻌㼑㼤㼠㼞㼑㼙㼑㼘㼥㻌㼐㼕㼒㼒㼕㼏㼡㼘㼠㻌㼠㼛㻌㼑㼟㼠㼕㼙㼍㼠㼑㻚63㻺㼛㼠㼑㻌㻟㻚 㻌㻾㼑㼜㼍㼥㼙㼑㼚㼠㻌㼟㼏㼔㼑㼐㼡㼘㼑㻌㼛㼒㻌㼙㼛㼚㼑㼠㼍㼞㼥㻌㼏㼘㼍㼕㼙㼟㻘㻌㼍㼢㼍㼕㼘㼍㼎㼘㼑㻙㼒㼛㼞㻙㼟㼍㼘㼑㼟㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼣㼕㼠㼔㻌㼙㼍㼠㼡㼞㼕㼠㼕㼑㼟㻌㼍㼚㼐㻌㼎㼛㼚㼐㼟㻌㼔㼑㼘㼐㻌㼠㼛㻌㼙㼍㼠㼡㼞㼕㼠㼥㻚㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻻㼢㼑㼞㻌㼛㼚㼑㻌㼥㼑㼍㼞 㻻㼢㼑㼞㻌㼒㼕㼢㼑㻌㼥㼑㼍㼞㼟㼃㼕㼠㼔㼕㼚㻌㼛㼚㼑㼎㼡㼠㻌㼣㼕㼠㼔㼕㼚㻌㼒㼕㼢㼑㼎㼡㼠㻌㼣㼕㼠㼔㼕㼚㻌㼠㼑㼚 㻻㼢㼑㼞㻌㼠㼑㼚㻌㼥㼑㼍㼞㼟
㼥㼑㼍㼞
㼥㼑㼍㼞㼟
㼥㼑㼍㼞㼟
㻯㼍㼟㼔㻌㼍㼚㼐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㼰㻠㻟㻘㻞㻡㻡㻙㻙㻙㻡㻞㻘㻞㻠㻢㻙㻙㻙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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻹㼍㼞㼗㼑㼠㼍㼎㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼍㼚㼐㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻭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㻌㼣㼕㼠㼔㻌㼙㼍㼠㼡㼞㼕㼠㼕㼑㼟㻙㻝㻜㻙㻙㻔㻝㻕㻌㻳㼛㼢㼑㼞㼚㼙㼑㼚㼠㼍㼘㻛㼙㼡㼚㼕㼏㼕㼜㼍㼘㻌㼎㼛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
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㻔㻞㻕㻌㻯㼛㼞㼜㼛㼞㼍㼠㼑㻌㼎㼛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
㻝㻘㻞㻥㻥
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㻔㻟㻕㻌㻻㼠㼔㼑㼞㻌㼎㼛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㻔㻠㻕㻌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
㻤㻜㻜
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㻙
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㼰㻥㻤㻘㻝㻜㻠㼰㻞㻟㻣㼰㻝㻠㻙㻯㼍㼟㼔㻌㼍㼚㼐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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻹㼍㼞㼗㼑㼠㼍㼎㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼍㼚㼐㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻭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㻌㼣㼕㼠㼔㻌㼙㼍㼠㼡㼞㼕㼠㼕㼑㼟㻔㻝㻕㻌㻳㼛㼢㼑㼞㼚㼙㼑㼚㼠㼍㼘㻛㼙㼡㼚㼕㼏㼕㼜㼍㼘㻌㼎㼛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㻔㻞㻕㻌㻯㼛㼞㼜㼛㼞㼍㼠㼑㻌㼎㼛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㻔㻟㻕㻌㻻㼠㼔㼑㼞㻌㼎㼛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㻔㻠㻕㻌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㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻡
㻻㼢㼑㼞㻌㼛㼚㼑㻌㼥㼑㼍㼞 㻻㼢㼑㼞㻌㼒㼕㼢㼑㻌㼥㼑㼍㼞㼟㼃㼕㼠㼔㼕㼚㻌㼛㼚㼑㼎㼡㼠㻌㼣㼕㼠㼔㼕㼚㻌㼠㼑㼚 㻻㼢㼑㼞㻌㼠㼑㼚㻌㼥㼑㼍㼞㼟㼎㼡㼠㻌㼣㼕㼠㼔㼕㼚㻌㼒㼕㼢㼑
㼥㼑㼍㼞
㼥㼑㼍㼞㼟
㼥㼑㼍㼞㼟
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㼰㻠㻟㻘㻥㻞㻞
㻡㻠㻘㻣㻣㻞
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㻡㻜㻜
㼰㻝㻜㻜㻘㻢㻜㻣

㼃㼕㼠㼔㼕㼚㻌㼛㼚㼑㼥㼑㼍㼞㻯㼍㼟㼔㻌㼍㼚㼐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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻹㼍㼞㼗㼑㼠㼍㼎㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼍㼚㼐㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻭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㻌㼣㼕㼠㼔㻌㼙㼍㼠㼡㼞㼕㼠㼕㼑㼟㻔㻝㻕㻌㻳㼛㼢㼑㼞㼚㼙㼑㼚㼠㼍㼘㻛㼙㼡㼚㼕㼏㼕㼜㼍㼘㻌㼎㼛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㻔㻞㻕㻌㻯㼛㼞㼜㼛㼞㼍㼠㼑㻌㼎㼛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㻔㻟㻕㻌㻻㼠㼔㼑㼞㻌㼎㼛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㻔㻠㻕㻌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㻐㻟㻢㻠㻘㻝㻢㻡
㻠㻡㻠㻘㻝㻞㻠

㻤㻞
㻣㻘㻠㻣㻜
㻠㻘㻝㻟㻣
㻠㻘㻝㻠㻡
㻐㻤㻟㻠㻘㻝㻡㻝

㻙
㻝㻜㻜
㻙
㻞㻡
㼰㻝㻞㻢

㻙
㻙
㻙
㻙
㻙

㻙
㻙
㻙
㻙
㻙

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㻌㻌㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻻㼢㼑㼞㻌㼛㼚㼑㻌㼥㼑㼍㼞 㻻㼢㼑㼞㻌㼒㼕㼢㼑㻌㼥㼑㼍㼞㼟㼎㼡㼠㻌㼣㼕㼠㼔㼕㼚㻌㼒㼕㼢㼑㼎㼡㼠㻌㼣㼕㼠㼔㼕㼚㻌㼠㼑㼚 㻻㼢㼑㼞㻌㼠㼑㼚㻌㼥㼑㼍㼞㼟
㼥㼑㼍㼞㼟
㼥㼑㼍㼞㼟
㻙
㻙
㻙
㻙
㻙
㻙

㻙
㻤㻞㻥
㻙
㻞㻜㻣
㻐㻝㻘㻜㻠㻠

㻙
㻙
㻙
㻙
㻙

㻙
㻙
㻙
㻙
㻙

㻺㼛㼠㼑㻌㻠㻚 㻌㻾㼑㼜㼍㼥㼙㼑㼚㼠㻌㼟㼏㼔㼑㼐㼡㼘㼑㻌㼛㼒㻌㼟㼔㼛㼞㼠㻙㼠㼑㼞㼙㻌㼘㼛㼍㼚㼟㻘㻌㼎㼛㼚㼐㼟㻌㼍㼚㼐㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼐㼑㼎㼠㻌㻿㼑㼑㻌㻺㼛㼠㼑㻌㻤㻌㼒㼛㼞㻌㼟㼔㼛㼞㼠㻙㼠㼑㼞㼙㻌㼘㼛㼍㼚㼟㻌㼍㼚㼐㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼐㼑㼎㼠㻚

HORIBA Report 2015 | 64

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Note to Consolidated Financial Statements㻡㻚㻌㻿㼑㼏㼡㼞㼕㼠㼕㼑㼟㼀㼔㼑 㼒㼛㼘㼘㼛㼣㼕㼚㼓 㼠㼍㼎㼘㼑 㼟㼡㼙㼙㼍㼞㼕㼦㼑㼟 㼍㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚 㼏㼛㼟㼠㼟 㼍㼚㼐 㼎㼛㼛㼗 㼢㼍㼘㼡㼑㼟 㻔㼒㼍㼕㼞 㼢㼍㼘㼡㼑㼟㻕 㼛㼒 㼍㼢㼍㼕㼘㼍㼎㼘㼑㻙㼒㼛㼞㻙㼟㼍㼘㼑 㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟 㼍㼟 㼛㼒㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻚㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻭㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㻮㼛㼛㼗㻌㼢㼍㼘㼡㼑㻰㼕㼒㼒㼑㼞㼑㼚㼏㼑㼏㼛㼟㼠㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻡
㻭㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㻮㼛㼛㼗㻌㼢㼍㼘㼡㼑㻰㼕㼒㼒㼑㼞㼑㼚㼏㼑㼏㼛㼟㼠㻿㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼣㼕㼠㼔㻌㼎㼛㼛㼗㻌㼢㼍㼘㼡㼑㼟㼑㼤㼏㼑㼑㼐㼕㼚㼓㻌㼍㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㻌㼏㼛㼟㼠㼟㻦㻱㼝㼡㼕㼠㼥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㻳㼛㼢㼑㼞㼚㼙㼑㼚㼠㼍㼘㻛㼙㼡㼚㼕㼏㼕㼜㼍㼘㻌㼎㼛㼚㼐㼟㻚㻯㼛㼞㼜㼛㼞㼍㼠㼑㻌㼎㼛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㻻㼠㼔㼑㼞㻌㼎㼛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㼰㻢㻘㻢㻤㻟
㻝㻜
㻞㻜㻝
㻙
㻡㻜㻜
㻣㻘㻟㻥㻡

㼰㻟㻘㻢㻞㻣
㻝㻜
㻞㻜㻜
㻙
㻡㻜㻜
㻠㻘㻟㻟㻣

㼰㻟㻘㻜㻡㻢
㻜
㻝
㻙
㻜
㻟㻘㻜㻡㻤

㼰㻣㻘㻤㻢㻥
㻝㻜
㻞㻜㻝
㻙
㻡㻜㻜
㻤㻘㻡㻤㻜

㼰㻠㻘㻜㻣㻢
㻝㻜
㻞㻜㻜
㻙
㻡㻜㻜
㻠㻘㻣㻤㻢

㼰㻟㻘㻣㻥㻞
㻜
㻝
㻙
㻜
㻟㻘㻣㻥㻟

㻿㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼣㼕㼠㼔㻌㼎㼛㼛㼗㻌㼢㼍㼘㼡㼑㼟㻌㼚㼛㼠㼑㼤㼏㼑㼑㼐㼕㼚㼓㻌㼍㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㻌㼏㼛㼟㼠㼟㻦㻱㼝㼡㼕㼠㼥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㻳㼛㼢㼑㼞㼚㼙㼑㼚㼠㼍㼘㻛㼙㼡㼚㼕㼏㼕㼜㼍㼘㻌㼎㼛㼚㼐㼟㻚㻯㼛㼞㼜㼛㼞㼍㼠㼑㻌㼎㼛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㻻㼠㼔㼑㼞㻌㼎㼛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

㻟㻢
㻙
㻡㻜㻝
㻝㻘㻞㻥㻥
㻥㻘㻜㻤㻢
㻝㻜㻘㻥㻞㻠

㻟㻤
㻙
㻡㻜㻞
㻝㻘㻟㻜㻜
㻥㻘㻜㻤㻢
㻝㻜㻘㻥㻞㻣

㻔㻝㻕
㻙
㻔㻜㻕
㻔㻜㻕
㻔㻜㻕
㻔㻞㻕

㻢㻝
㻙
㻤㻜㻝
㻠㻥㻥
㻡㻘㻜㻞㻞
㻢㻘㻟㻤㻠

㻢㻡
㻙
㻤㻜㻞
㻡㻜㻜
㻡㻘㻜㻞㻞
㻢㻘㻟㻤㻥

㻔㻟㻕
㻙
㻔㻜㻕
㻔㻜㻕
㻔㻜㻕
㻔㻠㻕

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㼰㻝㻤㻘㻟㻞㻜

㼰㻝㻡㻘㻞㻢㻡

㼰㻟㻘㻜㻡㻡

㼰㻝㻠㻘㻥㻢㻡

㼰㻝㻝㻘㻝㻣㻡

㼰㻟㻘㻣㻤㻥

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㻌㻌㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻭㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㻮㼛㼛㼗㻌㼢㼍㼘㼡㼑㻰㼕㼒㼒㼑㼞㼑㼚㼏㼑㼏㼛㼟㼠㻿㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼣㼕㼠㼔㻌㼎㼛㼛㼗㻌㼢㼍㼘㼡㼑㼟㼑㼤㼏㼑㼑㼐㼕㼚㼓㻌㼍㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㻌㼏㼛㼟㼠㼟㻦㻱㼝㼡㼕㼠㼥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㻳㼛㼢㼑㼞㼚㼙㼑㼚㼠㼍㼘㻛㼙㼡㼚㼕㼏㼕㼜㼍㼘㻌㼎㼛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㻯㼛㼞㼜㼛㼞㼍㼠㼑㻌㼎㼛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㻻㼠㼔㼑㼞㻌㼎㼛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㻐㻢㻡㻘㻞㻠㻟
㻤㻞
㻝㻘㻢㻢㻢
㻙
㻠㻘㻝㻠㻡
㻣㻝㻘㻝㻟㻤

㻐㻟㻟㻘㻣㻥㻠
㻤㻞
㻝㻘㻢㻡㻤
㻙
㻠㻘㻝㻠㻡
㻟㻥㻘㻢㻤㻝

㻐㻟㻝㻘㻠㻠㻜㻜㻤㻙㻜㻟㻝㻘㻠㻠㻤

㻿㼑㼏㼡㼞㼕㼠㼕㼑㼟㻌㼣㼕㼠㼔㻌㼎㼛㼛㼗㻌㼢㼍㼘㼡㼑㼟㻌㼚㼛㼠㼑㼤㼏㼑㼑㼐㼕㼚㼓㻌㼍㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㻌㼏㼛㼟㼠㼟㻦㻱㼝㼡㼕㼠㼥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㻳㼛㼢㼑㼞㼚㼙㼑㼚㼠㼍㼘㻛㼙㼡㼚㼕㼏㼕㼜㼍㼘㻌㼎㼛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㻯㼛㼞㼜㼛㼞㼍㼠㼑㻌㼎㼛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㻻㼠㼔㼑㼞㻌㼎㼛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

㻡㻜㻡
㻙
㻢㻘㻢㻠㻝
㻠㻘㻝㻟㻣
㻠㻝㻘㻢㻟㻤
㻡㻞㻘㻥㻟㻜

㻡㻟㻤
㻙
㻢㻘㻢㻠㻥
㻠㻘㻝㻠㻡
㻠㻝㻘㻢㻟㻤
㻡㻞㻘㻥㻣㻞

㻔㻞㻠㻕
㻙
㻔㻜㻕
㻔㻜㻕
㻔㻜㻕
㻔㻟㻟㻕

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 㻐㻝㻞㻠㻘㻜㻣㻣㻐㻥㻞㻘㻢㻡㻠

㻐㻟㻝㻘㻠㻝㻡

㻺㼛㼠㼑㻚㻌㻺㼛㼚㻙㼘㼕㼟㼠㼑㼐 㼑㼝㼡㼕㼠㼥 㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻘 㼑㼠㼏㻚㻘 㼛㼒 㼈㻝㻞㻥 㼙㼕㼘㼘㼕㼛㼚 㼍㼚㼐 㼈㻞㻞㻣 㼙㼕㼘㼘㼕㼛㼚 㻔㻐㻝㻘㻤㻤㻞 㼠㼔㼛㼡㼟㼍㼚㼐㻕 㼒㼛㼞 㼠㼔㼑 㼒㼕㼟㼏㼍㼘 㼥㼑㼍㼞㼟 㼑㼚㼐㼑㼐㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻠 㼍㼚㼐 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻡㻘 㼞㼑㼟㼜㼑㼏㼠㼕㼢㼑㼘㼥㻘 㼍㼞㼑 㼚㼛㼠 㼕㼚㼏㼘㼡㼐㼑㼐 㼕㼚 㼠㼔㼑 㼍㼎㼛㼢㼑 㼠㼍㼎㼘㼑 㼎㼑㼏㼍㼡㼟㼑 㼠㼔㼑㼥 㼐㼕㼐㼚㼛㼠㻌㼔㼍㼢㼑㻌㼙㼍㼞㼗㼑㼠㻌㼢㼍㼘㼡㼑㼟㻌㼍㼚㼐㻌㼠㼔㼑㻌㼒㼍㼕㼞㻌㼢㼍㼘㼡㼑㻌㼣㼍㼟㻌㼑㼤㼠㼞㼑㼙㼑㼘㼥㻌㼐㼕㼒㼒㼕㼏㼡㼘㼠㻌㼠㼛㻌㼑㼟㼠㼕㼙㼍㼠㼑㻚㼀㼔㼑 㼒㼛㼘㼘㼛㼣㼕㼚㼓 㼠㼍㼎㼘㼑 㼟㼡㼙㼙㼍㼞㼕㼦㼑㼟 㼍㼢㼍㼕㼘㼍㼎㼘㼑㻙㼒㼛㼞㻙㼟㼍㼘㼑 㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟 㼟㼛㼘㼐 㼒㼛㼞 㼠㼔㼑 㼒㼕㼟㼏㼍㼘 㼥㼑㼍㼞 㼑㼚㼐㼑㼐 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻠 㼍㼚㼐㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻚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㻠
㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻡
㼀㼛㼠㼍㼘㻌㼟㼍㼘㼑㼟㻌㼛㼒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㼰㻞㻘㻝㻣㻤
㼰㻤㻝㻐㻢㻣㻝㻾㼑㼘㼍㼠㼑㼐㻌㼓㼍㼕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
㻝㻘㻤㻜㻠
㻠㻠
㻟㻢㻠
㻵㼙㼜㼍㼕㼞㼙㼑㼚㼠㻌㼘㼛㼟㼟㻌㼛㼚㻌㼙㼍㼞㼗㼑㼠㼍㼎㼘㼑㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻺㼛㼠㻌㼍㼜㼜㼘㼕㼏㼍㼎㼘㼑㻚㼃㼔㼑㼚 㼍㼜㼜㼘㼥㼕㼚㼓 㼕㼙㼜㼍㼕㼞㼙㼑㼚㼠 㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻘 㼕㼒 㼠㼔㼑 㼙㼍㼞㼗㼑㼠 㼢㼍㼘㼡㼑 㼍㼠 㼠㼔㼑 㼑㼚㼐 㼛㼒 㼠㼔㼑 㼠㼑㼞㼙 㼔㼍㼟 㼒㼍㼘㼘㼑㼚 㼎㼥 㼙㼛㼞㼑 㼠㼔㼍㼚 㻡㻜㻑 㼒㼞㼛㼙㼠㼔㼑 㼍㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚 㼜㼞㼕㼏㼑㻘 㼍㼚 㼕㼙㼜㼍㼕㼞㼙㼑㼚㼠 㼘㼛㼟㼟 㼕㼟 㼍㼜㼜㼘㼕㼑㼐 㼠㼛 㼠㼔㼑 㼑㼚㼠㼕㼞㼑 㼍㼙㼛㼡㼚㼠㻚 㻵㼒 㼠㼔㼑 㼙㼍㼞㼗㼑㼠 㼢㼍㼘㼡㼑 㼔㼍㼟 㼒㼍㼘㼘㼑㼚 㼎㼥㼍㼜㼜㼞㼛㼤㼕㼙㼍㼠㼑㼘㼥 㻟㻜㻑 㼠㼛 㻡㻜㻑㻘 㼍㼚 㼕㼙㼜㼍㼕㼞㼙㼑㼚㼠 㼘㼛㼟㼟 㼕㼟 㼍㼜㼜㼘㼕㼑㼐 㼠㼛 㼠㼔㼑 㼍㼙㼛㼡㼚㼠 㼞㼑㼏㼛㼓㼚㼕㼦㼑㼐 㼍㼟 㼚㼑㼏㼑㼟㼟㼍㼞㼥 㼍㼒㼠㼑㼞 㼏㼛㼚㼟㼕㼐㼑㼞㼕㼚㼓 㼠㼔㼑㼜㼛㼟㼟㼕㼎㼕㼘㼕㼠㼥㻌㼛㼒㻌㼞㼑㼏㼛㼢㼑㼞㼥㻘㻌㼑㼠㼏㻚65㻢㻚 㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼏㼛㼚㼟㼕㼟㼠㼑㼐㻌㼛㼒㻌㼠㼔㼑㻌㼒㼛㼘㼘㼛㼣㼕㼚㼓㻦㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㻹㼑㼞㼏㼔㼍㼚㼐㼕㼟㼑㻌㼍㼚㼐㻌㼒㼕㼚㼕㼟㼔㼑㼐㻌㼓㼛㼛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㼰㻝㻟㻘㻤㻝㻝
㼰㻝㻡㻘㻢㻥㻢
㼃㼛㼞㼗㻙㼕㼚㻙㼜㼞㼛㼏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㻝㻝㻘㻜㻞㻞
㻥㻘㻞㻟㻠㻾㼍㼣㻌㼙㼍㼠㼑㼞㼕㼍㼘㼟㻌㼍㼚㼐㻌㼟㼡㼜㼜㼘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㻝㻜㻘㻜㻜㻟
㻝㻜㻘㻣㻤㻢
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㼰㻟㻠㻘㻤㻟㻤
㼰㻟㻡㻘㻣㻝㻣

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻐㻝㻟㻜㻘㻝㻟㻤
㻣㻢㻘㻡㻢㻜
㻤㻥㻘㻠㻞㻤
㻐㻞㻥㻢㻘㻝㻟㻢㻣㻚 㼀㼞㼍㼐㼑 㼚㼛㼠㼑㼟 㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑 㼙㼍㼠㼡㼞㼕㼚㼓 㼛㼚 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻠 㼍㼚㼐 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻡㻘 㼣㼔㼕㼏㼔 㼣㼑㼞㼑㼎㼍㼚㼗㻌㼔㼛㼘㼕㼐㼍㼥㼟㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻠 㼍㼚㼐 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻡㻘 㼠㼔㼑 㼑㼚㼐 㼛㼒 㼠㼔㼑 㼜㼑㼞㼕㼛㼐㻘 㼣㼑㼞㼑 㼎㼍㼚㼗 㼔㼛㼘㼕㼐㼍㼥㼟㻚 㼀㼞㼍㼐㼑 㼚㼛㼠㼑㼟 㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑 㼙㼍㼠㼡㼞㼕㼚㼓㼛㼚 㼠㼔㼛㼟㼑 㼐㼍㼠㼑㼟 㼣㼑㼞㼑 㼟㼑㼠㼠㼘㼑㼐 㼛㼚 㼠㼔㼑 㼒㼛㼘㼘㼛㼣㼕㼚㼓 㼎㼡㼟㼕㼚㼑㼟㼟 㼐㼍㼥㻚 㼀㼔㼑㼞㼑㼒㼛㼞㼑㻘 㼚㼛㼠㼑㼟 㼕㼚 㼠㼔㼑 㼍㼙㼛㼡㼚㼠 㼛㼒 㼈㻟㻡㻡 㼙㼕㼘㼘㼕㼛㼚 㼣㼑㼞㼑 㼕㼚㼏㼘㼡㼐㼑㼐㼕㼚 㼠㼔㼑 㼑㼚㼐㼕㼚㼓 㼎㼍㼘㼍㼚㼏㼑 㼍㼠 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻠 㼍㼚㼐 㼚㼛㼠㼑㼟 㼕㼚 㼠㼔㼑 㼍㼙㼛㼡㼚㼠 㼛㼒 㼈㻟㻟㻞 㼙㼕㼘㼘㼕㼛㼚 㻔㻐㻞㻘㻣㻡㻞 㼠㼔㼛㼡㼟㼍㼚㼐㻕 㼣㼑㼞㼑 㼕㼚㼏㼘㼡㼐㼑㼐 㼕㼚㼠㼔㼑㻌㼑㼚㼐㼕㼚㼓㻌㼎㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻚㻤㻚 㻿㼔㼛㼞㼠㻙㼠㼑㼞㼙㻌㼘㼛㼍㼚㼟㻌㼍㼚㼐㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼐㼑㼎㼠㻿㼔㼛㼞㼠㻙㼠㼑㼞㼙 㼘㼛㼍㼚㼟 㼍㼞㼑 㼓㼑㼚㼑㼞㼍㼘㼘㼥 㼞㼑㼜㼞㼑㼟㼑㼚㼠㼑㼐 㼎㼥 㼎㼍㼚㼗 㼚㼛㼠㼑㼟 㼣㼕㼠㼔 㼍㼚㼚㼡㼍㼘 㼕㼚㼠㼑㼞㼑㼟㼠 㼞㼍㼠㼑㼟 㼞㼍㼚㼓㼕㼚㼓 㼒㼞㼛㼙 㻜㻚㻡㻤㻑 㼠㼛 㻝㻟㻚㻠㻡㻑 㼍㼚㼐㻜㻚㻡㻣㻑㻌㼠㼛㻌㻝㻣㻚㻜㻞㻑㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻘㻌㼞㼑㼟㼜㼑㼏㼠㼕㼢㼑㼘㼥㻚㻸㼛㼚㼓㻙㼠㼑㼞㼙㻌㼐㼑㼎㼠㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼏㼛㼚㼟㼕㼟㼠㼑㼐㻌㼛㼒㻌㼠㼔㼑㻌㼒㼛㼘㼘㼛㼣㼕㼚㼓㻦㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㻜㻚㻢㻜㻥㻑㻌㼡㼚㼟㼑㼏㼡㼞㼑㼐㻌㼎㼛㼚㼐㼟㻌㼐㼡㼑㻌㼕㼚㻌㻞㻜㻞㻜㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚 㼰㻝㻡㻘㻜㻜㻜㼰㻝㻡㻘㻜㻜㻜
㻸㼛㼍㼚㼟㻌㼒㼞㼛㼙㻌㼎㼍㼚㼗㼟㻌㼐㼡㼑㻌㼟㼑㼞㼕㼍㼘㼘㼥㻌㼒㼞㼛㼙㻌㻞㻜㻝㻢㻌㼠㼛㻌㻞㻜㻞㻞㼍㼠㻌㼞㼍㼠㼑㼟㻌㼒㼞㼛㼙㻌㻜㻚㻜㻥㻑㻌㼠㼛㻌㻝㻡㻚㻢㻢㻑㻌㼜㼑㼞㻌㼍㼚㼚㼡㼙㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻝㻡㻠㻝㻣㻘㻠㻤㻜
㻸㼑㼍㼟㼑㻌㼛㼎㼘㼕㼓㼍㼠㼕㼛㼚㼟㻌㼍㼠㻌㻥㻚㻥㻤㻑㻌㼙㼍㼠㼡㼞㼕㼚㼓㻌㼟㼑㼞㼕㼍㼘㼘㼥㻌㼠㼔㼞㼛㼡㼓㼔㻌㻞㻜㻞㻞㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻢㻥㻡㻞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㻝㻤㻘㻡㻞㻠
㻟㻟㻘㻜㻜㻞
㻯㼡㼞㼞㼑㼚㼠㻌㼜㼛㼞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㻸㼛㼚㼓㻙㼠㼑㼞㼙㻌㼐㼑㼎㼠㻘㻌㼘㼑㼟㼟㻌㼏㼡㼞㼞㼑㼚㼠㻌㼜㼛㼞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㻔㻝㻘㻝㻜㻠㻕
㼰㻝㻣㻘㻠㻝㻥

㻔㻤㻠㻤㻕㼰㻟㻞㻘㻝㻡㻟

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻐㻝㻞㻠㻘㻟㻢㻣
㻝㻠㻠㻘㻥㻞㻥
㻠㻘㻟㻞㻣㻞㻣㻟㻘㻢㻞㻡
㻔㻣㻘㻜㻟㻜㻕
㻐㻞㻢㻢㻘㻡㻤㻢

㼀㼔㼑㻌㼍㼓㼓㼞㼑㼓㼍㼠㼑㻌㼍㼚㼚㼡㼍㼘㻌㼙㼍㼠㼡㼞㼕㼠㼕㼑㼟㻌㼛㼒㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼐㼑㼎㼠㻌㼛㼡㼠㼟㼠㼍㼚㼐㼕㼚㼓㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼑㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㼅㼑㼍㼞㻌㼑㼚㼐㼕㼚㼓㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚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㼰㻤㻠㻤㻞㻜㻝㻣㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻜㻝㻞㻜㻝㻤㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻡㻞㻜㻝㻥㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻤㻞㻜㻞㻜㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻞㻠㻝
㼀㼔㼑㼞㼑㼍㼒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㻝㻡㻘㻡㻠㻣
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 㼰㻟㻟㻘㻜㻜㻞㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻐㻣㻘㻜㻟㻜
㻡㻘㻤㻝㻞
㻟㻘㻝㻥㻞
㻞㻘㻟㻜㻠
㻝㻞㻢㻘㻟㻢㻡
㻝㻞㻤㻘㻥㻜㻟
㻐㻞㻣㻟㻘㻢㻞㻡㻭㼟 㼛㼒 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻡㻘 㼠㼔㼑 㻯㼛㼙㼜㼍㼚㼥 㼍㼚㼐 㼕㼠㼟 㻥 㼟㼡㼎㼟㼕㼐㼕㼍㼞㼕㼑㼟 㼔㼍㼐 㼑㼚㼠㼑㼞㼑㼐 㼕㼚㼠㼛 㼍㼓㼞㼑㼑㼙㼑㼚㼠㼟 㼒㼛㼞 㼎㼍㼚㼗 㼛㼢㼑㼞㼐㼞㼍㼒㼠㼟 㼛㼞㼘㼛㼍㼚㻌㼏㼛㼙㼙㼕㼠㼙㼑㼚㼠㼟㻌㼣㼕㼠㼔㻌㻥㻌㼎㼍㼚㼗㼟㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻐㻝㻠㻝㻘㻤㻞㻜
㼀㼔㼑㻌㼙㼍㼤㼕㼙㼡㼙㻌㼍㼓㼓㼞㼑㼓㼍㼠㼑㻌㼜㼞㼕㼚㼏㼕㼜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㼰㻝㻣㻘㻝㻜㻡
㻭㼙㼛㼡㼚㼠㻌㼡㼠㼕㼘㼕㼦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
㻥㻝㻥
㻣㻘㻢㻝㻥
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼢㼍㼕㼘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㼰㻝㻢㻘㻝㻤㻡
㻐㻝㻟㻠㻘㻝㻥㻞㻭㼟 㼛㼒 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻡㻘 㼍㼟㼟㼑㼠㼟 㼣㼑㼞㼑 㼜㼘㼑㼐㼓㼑㼐 㼍㼟 㼏㼛㼘㼘㼍㼠㼑㼞㼍㼘 㼒㼛㼞 㼏㼡㼞㼞㼑㼚㼠 㼜㼛㼞㼠㼕㼛㼚 㼛㼒 㼘㼛㼚㼓㻙㼠㼑㼞㼙 㼐㼑㼎㼠 㼛㼒 㼈㻤㻟 㼙㼕㼘㼘㼕㼛㼚㻔㻐㻢㻤㻤㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻌㼍㼚㼐㻌㼘㼛㼚㼓㻌㼠㼑㼞㼙㻌㼐㼑㼎㼠㻌㼛㼒㻌㼈㻞㻞㻤㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻝㻘㻤㻥㻜㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟
㼰㻝㻜㻠
㻐㻤㻢㻞
㻸㼍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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻟㻣㻜
㻟㻘㻜㻢㻣
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㼰㻠㻣㻠㻐㻟㻘㻥㻟㻜HORIBA Report 2015 | 66

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Note to Consolidated Financial Statements㻥㻚㻌㻱㼙㼜㼘㼛㼥㼑㼑㼟㻓㻌㼟㼑㼢㼑㼞㼍㼚㼏㼑㻌㼍㼚㼐㻌㼜㼑㼚㼟㼕㼛㼚㻌㼎㼑㼚㼑㼒㼕㼠㼟㻔㻝㻕㻌㻻㼡㼠㼘㼕㼚㼑㻌㼛㼒㻌㼍㼐㼛㼜㼠㼑㼐㻌㼞㼑㼠㼕㼞㼑㼙㼑㼚㼠㻌㼜㼑㼚㼟㼕㼛㼚㻌㼒㼡㼚㼐㼀㼔㼑 㻯㼛㼙㼜㼍㼚㼥 㼍㼚㼐 㼐㼛㼙㼑㼟㼠㼕㼏 㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐 㼟㼡㼎㼟㼕㼐㼕㼍㼞㼕㼑㼟 㼔㼍㼢㼑 㼍㼐㼛㼜㼠㼑㼐 㼍 㼒㼡㼚㼐㼑㼐 㼐㼑㼒㼕㼚㼑㼐 㼎㼑㼚㼑㼒㼕㼠 㼜㼑㼚㼟㼕㼛㼚 㼜㼘㼍㼚 㻔㼏㼍㼟㼔 㼎㼍㼘㼍㼚㼏㼑 㼜㼘㼍㼚㻕 㼍㼚㼐㼍 㼐㼑㼒㼕㼚㼑㼐 㼏㼛㼚㼠㼞㼕㼎㼡㼠㼕㼛㼚 㼜㼑㼚㼟㼕㼛㼚 㼜㼘㼍㼚㻚 㻯㼑㼞㼠㼍㼕㼚 㼛㼢㼑㼞㼟㼑㼍㼟 㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐 㼟㼡㼎㼟㼕㼐㼕㼍㼞㼕㼑㼟 㼔㼍㼢㼑 㼍㼐㼛㼜㼠㼑㼐 㼒㼡㼚㼐㼑㼐 㼍㼚㼐 㼡㼚㼒㼡㼚㼐㼑㼐 㼐㼑㼒㼕㼚㼑㼐 㼎㼑㼚㼑㼒㼕㼠㼜㼘㼍㼚㼟㻌㼍㼚㼐㻌㼍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㻚㼀㼔㼑 㻯㼛㼙㼜㼍㼚㼥 㼍㼚㼐 㼍 㼐㼛㼙㼑㼟㼠㼕㼏 㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐 㼟㼡㼎㼟㼕㼐㼕㼍㼞㼥 㼔㼍㼢㼑 㼎㼑㼑㼚 㼙㼑㼙㼎㼑㼞㼟 㼛㼒 㼠㼔㼑 㻷㼥㼛㼠㼛 㻹㼍㼏㼔㼕㼚㼑㼞㼥 㼍㼚㼐 㻹㼑㼠㼍㼘 㻱㼙㼜㼘㼛㼥㼑㼑㼟㻓 㻼㼑㼚㼟㼕㼛㼚 㻲㼡㼚㼐㻔㼓㼑㼚㼑㼞㼍㼘 㼠㼥㼜㼑㻕㻚 㻭㼟 㼕㼠 㼕㼟 㼚㼛㼠 㼜㼛㼟㼟㼕㼎㼘㼑 㼠㼛 㼞㼑㼍㼟㼛㼚㼍㼎㼘㼥 㼏㼍㼘㼏㼡㼘㼍㼠㼑 㼠㼔㼑 㼍㼙㼛㼡㼚㼠 㼛㼒 㼜㼑㼚㼟㼕㼛㼚 㼍㼟㼟㼑㼠㼟 㼏㼛㼞㼞㼑㼟㼜㼛㼚㼐㼕㼚㼓 㼠㼛 㼠㼔㼑 㼏㼛㼙㼜㼍㼚㼥㻓㼟 㼛㼣㼚㼏㼛㼚㼠㼞㼕㼎㼡㼠㼕㼛㼚㼟㻘㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼜㼞㼛㼏㼑㼐㼡㼞㼑㼟㻌㼍㼞㼑㻌㼠㼔㼑㻌㼟㼍㼙㼑㻌㼍㼟㻌㼒㼛㼞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㼟㻚㻔㻞㻕㻌㻰㼑㼒㼕㼚㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㼟㻌㼜㼘㼍㼚㻔㼍㻕㻌㼀㼔㼑㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼜㼞㼛㼖㼑㼏㼠㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼛㼎㼘㼕㼓㼍㼠㼕㼛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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼑㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦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㻠
㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻡
㻐㻣㻜㻘㻜㻡㻞
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒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㼰㻣㻘㻣㻤㻞
㼰㻤㻘㻠㻠㻥
㻌㻌㻌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
㻙
㻝㻟㻥
㻝㻘㻝㻡㻞
㻾㼑㼟㼠㼍㼞㼠㼑㼐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
㻣㻘㻣㻤㻞
㻤㻘㻡㻤㻥
㻣㻝㻘㻞㻝㻟
㻌㻌㻌㻿㼑㼞㼢㼕㼏㼑㻌㼏㼛㼟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
㻢㻜㻟
㻡㻢㻝
㻠㻘㻢㻡㻝
㻌㻌㻌㻵㼚㼠㼑㼞㼑㼟㼠㻌㼑㼤㼜㼑㼚㼟㼑㻌㼛㼚㻌㼜㼞㼛㼖㼑㼏㼠㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼛㼎㼘㼕㼓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
㻝㻠㻟
㻝㻞㻣
㻝㻘㻜㻡㻞
㻌㻌㻌㻭㼏㼠㼡㼍㼞㼕㼍㼘㻌㼐㼕㼒㼒㼑㼞㼑㼚㼏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
㻞㻤㻠
㻔㻞㻣㻕
㻔㻞㻞㻟㻕
㻌㻌㻌㻮㼑㼚㼑㼒㼕㼠㼟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
㻔㻡㻠㻝㻕
㻔㻞㻠㻡㻕
㻔㻞㻘㻜㻟㻝㻕
㻌㻌㻌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
㻝㻣㻤
㻔㻝㻟㻣㻕
㻔㻝㻘㻝㻟㻡㻕
㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒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㼰㻤㻘㻠㻠㻥
㼰㻤㻘㻤㻢㻤
㻐㻣㻟㻘㻡㻞㻢
㻔㼎㻕㻌㼀㼔㼑㻌㼏㼔㼍㼚㼓㼑㼟㻌㼕㼚㻌㼜㼑㼚㼟㼕㼛㼚㻌㼍㼟㼟㼑㼠㼟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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼑㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼒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㻌㻌㻌㻱㼤㼜㼑㼏㼠㼑㼐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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻭㼏㼠㼡㼍㼞㼕㼍㼘㻌㼐㼕㼒㼒㼑㼞㼑㼚㼏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㻌㻌㻌㻯㼛㼚㼠㼞㼕㼎㼡㼠㼕㼛㼚㼟㻌㼒㼞㼛㼙㻌㼠㼔㼑㻌㼑㼙㼜㼘㼛㼥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㻌㻌㻌㻮㼑㼚㼑㼒㼕㼠㼟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㻌㻌㻌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㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㼑㼚㼐㻌㼛㼒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㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㼰㻡㻘㻠㻜㻢
㼰㻢㻘㻝㻤㻣
㻝㻡㻜
㻝㻢㻥
㻞㻣㻜
㻝㻠
㻢㻟㻜
㻣㻥㻤
㻔㻟㻣㻝㻕
㻔㻞㻠㻝㻕
㻝㻜㻝
㻔㻤㻕
㼰㻢㻘㻝㻤㻣
㼰㻢㻘㻥㻞㻜

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻐㻡㻝㻘㻞㻥㻣
㻝㻘㻠㻜㻝
㻝㻝㻢
㻢㻘㻢㻝㻢
㻔㻝㻘㻥㻥㻤㻕
㻔㻢㻢㻕㻐㻡㻣㻘㻟㻣㻡㻔㼏㻕 㻾㼑㼏㼛㼚㼏㼕㼘㼕㼍㼠㼕㼛㼚 㼎㼑㼠㼣㼑㼑㼚 㼠㼔㼑 㼚㼑㼠 㼐㼑㼒㼕㼚㼑㼐 㼎㼑㼚㼑㼒㼕㼠 㼘㼕㼍㼎㼕㼘㼕㼠㼥 㼍㼚㼐 㼠㼔㼑 㼚㼑㼠 㼐㼑㼒㼕㼚㼑㼐 㼎㼑㼚㼑㼒㼕㼠 㼍㼟㼟㼑㼠 㼜㼛㼟㼠㼑㼐 㼕㼚 㼠㼔㼑 㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐 㼎㼍㼘㼍㼚㼏㼑 㼟㼔㼑㼑㼠㼟㻘㼍㼚㼐㻌㼠㼔㼑㻌㼎㼍㼘㼍㼚㼏㼑㼟㻌㼛㼒㻌㼜㼞㼛㼖㼑㼏㼠㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼛㼎㼘㼕㼓㼍㼠㼕㼛㼚㻌㼍㼚㼐㻌㼜㼑㼚㼟㼕㼛㼚㻌㼍㼟㼟㼑㼠㼟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㻠
㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻡
㻲㼡㼚㼐㼑㼐㻌㼜㼞㼛㼖㼑㼏㼠㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼛㼎㼘㼕㼓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㼰㻣㻘㻝㻟㻡
㼰㻣㻘㻢㻠㻜
㻐㻢㻟㻘㻟㻠㻠
㻼㼑㼚㼟㼕㼛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㻔㻢㻘㻝㻤㻣㻕
㻔㻢㻘㻥㻞㻜㻕
㻔㻡㻣㻘㻟㻣㻡㻕
㻥㻠㻣
㻣㻞㻜
㻡㻘㻥㻢㻥
㼁㼚㼒㼡㼚㼐㼑㼐㻌㼜㼞㼛㼖㼑㼏㼠㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼛㼎㼘㼕㼓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
㻝㻘㻟㻝㻟
㻝㻘㻞㻞㻣
㻝㻜㻘㻝㻣㻟
㻺㼑㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼥㻌㼒㼛㼞㻌㼞㼑㼠㼕㼞㼑㼙㼑㼚㼠㻌㼎㼑㼚㼑㼒㼕㼠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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻞㻘㻞㻢㻝
㻝㻘㻥㻠㻣
㻝㻢㻘㻝㻠㻞
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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻺㼑㼠㻌㼐㼑㼒㼕㼚㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼍㼟㼟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㻺㼑㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼥㻌㼒㼛㼞㻌㼞㼑㼠㼕㼞㼑㼙㼑㼚㼠㻌㼎㼑㼚㼑㼒㼕㼠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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚

㻞㻘㻞㻢㻠
㻔㻞㻕
㼰㻞㻘㻞㻢㻝

㻝㻘㻥㻠㻣㻙㼰㻝㻘㻥㻠㻣

㻝㻢㻘㻝㻠㻞
㻙㻐㻝㻢㻘㻝㻠㻞

㻔㼐㻕㻌㼀㼔㼑㻌㼏㼛㼙㼜㼛㼚㼑㼚㼠㼟㻌㼛㼒㻌㼞㼑㼠㼕㼞㼑㼙㼑㼚㼠㻌㼎㼑㼚㼑㼒㼕㼠㼟㻌㼑㼤㼜㼑㼚㼟㼑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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼑㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦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㻠
㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻡
㻿㼑㼞㼢㼕㼏㼑㻌㼏㼛㼟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
㼰㻢㻜㻟
㼰㻡㻢㻝
㻐㻠㻘㻢㻡㻝
㻵㼚㼠㼑㼞㼑㼟㼠㻌㼑㼤㼜㼑㼚㼟㼑㻌㼛㼚㻌㼜㼞㼛㼖㼑㼏㼠㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼛㼎㼘㼕㼓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
㻝㻠㻟
㻝㻞㻣
㻝㻘㻜㻡㻞
㻱㼤㼜㼑㼏㼠㼑㼐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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻔㻝㻡㻜㻕
㻔㻝㻢㻥㻕
㻔㻝㻘㻠㻜㻝㻕
㻭㼙㼛㼞㼠㼕㼦㼍㼠㼕㼛㼚㻌㼛㼒㻌㼍㼏㼠㼡㼍㼞㼕㼍㼘㻌㼐㼕㼒㼒㼑㼞㼑㼚㼏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
㻝㻜㻥
㻔㻣㻕
㻔㻡㻤㻕
㻭㼙㼛㼞㼠㼕㼦㼍㼠㼕㼛㼚㻌㼛㼒㻌㼜㼞㼕㼛㼞㻌㼟㼑㼞㼢㼕㼏㼑㻌㼏㼛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
㻥
㻙
㻙
㼰㻣㻝㻡
㼰㻡㻝㻝
㻐㻠㻘㻞㻟㻢
㻾㼑㼠㼕㼞㼑㼙㼑㼚㼠㻌㼎㼑㼚㼑㼒㼕㼠㼟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㻔㼑㻕㻌㼀㼔㼑㻌㼏㼛㼙㼜㼛㼚㼑㼚㼠㼟㻌㼛㼒㻌㼞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㼎㼑㼒㼛㼞㼑㻌㼠㼍㼤㻌㼑㼒㼒㼑㼏㼠㻕㻌㼕㼚㻌㼠㼔㼑㻌㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㼟㼠㼍㼠㼑㼙㼑㼚㼠㼟㻌㼛㼒㻌㼏㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑㻌㼕㼚㼏㼛㼙㼑㼍㼟㻌㼛㼒㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼑㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦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㻠
㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻡
㻐㻞㻝㻡㻭㼏㼠㼡㼍㼞㼕㼍㼘㻌㼐㼕㼒㼒㼑㼞㼑㼚㼏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㻙㼰㻞㻢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
㻙
㼰㻞㻢
㻐㻞㻝㻡

67

㻔㼒㻕㻌㼀㼔㼑㻌㼏㼛㼙㼜㼛㼚㼑㼚㼠㼟㻌㼛㼒㻌㼞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㼎㼑㼒㼛㼞㼑㻌㼠㼍㼤㻌㼑㼒㼒㼑㼏㼠㻕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㻌㼍㼟㻌㼛㼒㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼑㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦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㻠
㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻡
㼁㼚㼞㼑㼏㼛㼓㼚㼕㼦㼑㼐㻌㼍㼏㼠㼡㼍㼞㼕㼍㼘㻌㼐㼕㼒㼒㼑㼞㼑㼚㼏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
㼰㻡㻢
㼰㻤㻞
㻐㻢㻣㻥
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
㼰㻡㻢
㼰㻤㻞
㻐㻢㻣㻥
㻔㼓㻕㻌㻼㼑㼚㼟㼕㼛㼚㻌㼍㼟㼟㼑㼠㼟ϸ㻕㻌㼀㼔㼑㻌㼜㼑㼚㼟㼕㼛㼚㻌㼍㼟㼟㼑㼠㼟㻌㼎㼥㻌㼙㼍㼖㼛㼞㻌㼏㼍㼠㼑㼓㼛㼞㼥㻌㼍㼟㻌㻌㼍㻌㼜㼑㼞㼏㼑㼚㼠㼍㼓㼑㻌㼛㼒㻌㼠㼛㼠㼍㼘㻌㼜㼑㼚㼟㼕㼛㼚㻌㼍㼟㼟㼑㼠㼟㻌㼍㼟㻌㼛㼒㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼑㼞㼑㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㻰㼑㼎㼠㻌㼕㼚㼢㼑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 㻌㻌㻌㻌㻌㻌㻌㻌㻌㻠㻡㻚㻣㻑 㻌㻌㻌㻌㻌㻌㻌㻠㻜㻚㻢㻑㻱㼝㼡㼕㼠㼥㻌㼕㼚㼢㼑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 㻌㻌㻌㻌㻌㻌㻌㻌㻌㻞㻣㻚㻟 㻌㻌㻌㻌㻌㻌㻌㻞㻣㻚㻠㻹㼡㼠㼡㼍㼘㻌㼒㼡㼚㼐㼟㻌㻔㻺㼛㼠㼑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 㻌㻌㻌㻌㻌㻌㻌㻌㻌㻝㻟㻚㻢 㻌㻌㻌㻌㻌㻌㻌㻝㻡㻚㻣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 㻌㻌㻌㻌㻌㻌㻌㻌㻌㻝㻟㻚㻠 㻌㻌㻌㻌㻌㻌㻌㻝㻢㻚㻟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 㻌㻌㻌㻌㻌㻌㻌㻓㻝㻜㻜㻚㻜㻑 㻌㻌㻌㻌㻌㻌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Ϲ)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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼑㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㻝㻞㻛㻞㻜㻝㻠
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㻝㻚㻜㻙㻝㻚㻠㻑
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㻟㻚㻥㻙㻠㻚㻝㻑
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㻝㻞㻛㻞㻜㻝㻡
㻝㻚㻜㻙㻝㻚㻞㻑
㻞㻚㻡㻑㻟㻚㻥㻙㻠㻚㻜㻑

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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼍㼟㻌㼈㻢㻞㻥㻌㼙㼕㼘㼘㼕㼛㼚㻌㼍㼚㼐㻌㼈㻥㻢㻞㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻣㻘㻥㻣㻢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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼍㼟㻌㼈㻠㻟㻞㻌㼙㼕㼘㼘㼕㼛㼚㻌㼍㼚㼐㻌㼈㻠㻞㻟㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻟㻘㻡㻜㻣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㻠㻌㼍㼚㼐㻌㻹㼍㼞㼏㼔㻌㻟㻝㻘㻌㻞㻜㻝㻡㻕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㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㼰㻡㻝㻘㻢㻣㻣
㼰㻡㻤㻘㻜㻣㻡
㻣㻞㻘㻥㻡㻠
㻣㻢㻘㻡㻡㻜
㻔㼰㻞㻝㻘㻞㻣㻢㻕㻔㼰㻝㻤㻘㻠㻣㻠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㻝㻞㻛㻞㻜㻝㻡
㻐㻠㻤㻝㻘㻡㻝㻜
㻢㻟㻠㻘㻢㻥㻜
㻔㻐㻝㻡㻟㻘㻝㻣㻝㻕㻔㼎㻕 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㻠㻌㼠㼛㻌㻹㼍㼞㼏㼔㻌㻟㻝㻘㻌㻞㻜㻝㻠㻦㻌㻝㻢㻚㻞㻝㻑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㻣㻣㻤㻌㼙㼕㼘㼘㼕㼛㼚㻌㼍㼚㼐㻌㼈㻝㻥㻘㻜㻞㻠㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻝㻡㻣㻘㻣㻟㻝㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻘㻌㼠㼔㼑㻌㼟㼔㼛㼞㼠㼍㼓㼑㻌㼛㼒㻌㼞㼑㼟㼑㼞㼢㼑㼒㼛㼞㻌㼜㼘㼍㼚㻌㼍㼟㼟㼑㼠㼟㻌㼛㼒㻌㼈㻝㻘㻠㻥㻣㻌㼙㼕㼘㼘㼕㼛㼚㻌㼍㼚㼐㻌㼈䠉㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐䠉㼠㼔㼛㼡㼟㼍㼚㼐㻕㻌㼍㼚㼐㻌㼠㼔㼑㻌㼓㼑㼚㼑㼞㼍㼘㻌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䠉㼙㼕㼘㼘㼕㼛㼚㻌㼍㼚㼐㻌㼈㻡㻠㻥㻌㼙㼕㼘㼘㼕㼛㼚㻔㻐㻠㻘㻡㻡㻝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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡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㻠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㻯㼛㼚㼟㼑㼝㼡㼑㼚㼠㼘㼥㻘㻌㼣㼑㻌㼜㼛㼟㼠㼑㼐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䇻㻌㼜㼑㼚㼟㼕㼛㼚㻌㼒㼡㼚㼐㻌㼛㼒㻌㼈㻝㻘㻞㻢㻣㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻝㻜㻘㻡㻜㻠㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕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㻔㻭㼜㼜㼘㼕㼏㼍㼠㼕㼛㼚㻌㼛㼒㻌㻭㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㻿㼠㼍㼚㼐㼍㼞㼐㻌㼒㼛㼞㻌㻾㼑㼠㼕㼞㼑㼙㼑㼚㼠㻌㻮㼑㼚㼑㼒㼕㼠㼟㻕㻴㻻㻾㻵㻮㻭㻌㼔㼍㼟㻌㼍㼐㼛㼜㼠㼑㼐㻌㼠㼔㼑㻌㼙㼍㼕㼚㻌㼜㼞㼛㼢㼕㼟㼕㼛㼚㼟㻌㼒㼞㼛㼙㻌㼏㼘㼍㼡㼟㼑㻌㻟㻡㻌㼛㼒㻌䇾㻭㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㻿㼠㼍㼚㼐㼍㼞㼐㻌㼒㼛㼞㻌㻾㼑㼠㼕㼞㼑㼙㼑㼚㼠㻌㻮㼑㼚㼑㼒㼕㼠㼟䇿㻌㻔㻭㻿㻮㻶䚷㻿㼠㼍㼠㼑㼙㼑㼚㼠㻌㻺㼛㻚㻌㻞㻢㻧㼕㼟㼟㼡㼑㼐㻌㼛㼚㻌㻹㼍㼥㻌㻝㻣㻘㻌㻞㻜㻝㻞㻕㻌㼍㼚㼐㻌㼏㼘㼍㼡㼟㼑㻌㻢㻣㻌㼛㼒㻌䇾㻳㼡㼕㼐㼍㼚㼏㼑㻌㼛㼚㻌㻭㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㻿㼠㼍㼚㼐㼍㼞㼐㻌㼒㼛㼞㻌㻾㼑㼠㼕㼞㼑㼙㼑㼚㼠㻌㻮㼑㼚㼑㼒㼕㼠㼟䇿䚷㻔㻭㻿㻮㻶㻌㻳㼡㼕㼐㼍㼚㼏㼑㻌㻺㼛㻚㻌㻞㻡㻧㻌㼕㼟㼟㼡㼑㼐㻌㼛㼚㻹㼍㼞㼏㼔㻌㻞㻢㻘㻌㻞㻜㻝㻡㻕㻌㼒㼞㼛㼙㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻚㻌㻭㼏㼏㼛㼞㼐㼕㼚㼓㼘㼥㻘㻌㼠㼔㼑㻌㼙㼑㼠㼔㼛㼐㻌㼒㼛㼞㻌㼏㼍㼘㼏㼡㼘㼍㼠㼕㼚㼓䚷㼜㼞㼛㼖㼑㼏㼠㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼛㼎㼘㼕㼓㼍㼠㼕㼛㼚㼟㻌㼍㼚㼐㻌㼟㼑㼞㼢㼕㼏㼑㻌㼏㼛㼟㼠㻌㼔㼍㼟㻌㼎㼑㼑㼚㼞㼑㼢㼕㼟㼑㼐㻌㼍㼚㼐㻌㼠㼔㼑㻌㼙㼑㼠㼔㼛㼐㻌㼒㼛㼞㻌㼍㼠㼠㼞㼕㼎㼡㼠㼕㼚㼓䚷㼑㼟㼠㼕㼙㼍㼠㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼠㼛㻌㼜㼑㼞㼕㼛㼐㼟䚷㼔㼍㼟㻌㼎㼑㼑㼚㻌㼏㼔㼍㼚㼓㼑㼐㻌㼒㼞㼛㼙㻌㼍㻌㼟㼠㼞㼍㼕㼓㼔㼠㻙㼘㼕㼚㼑㻌㼎㼍㼟㼕㼟㻌㼠㼛㻌㼍㻌㼎㼑㼚㼑㼒㼕㼠㻌㼒㼛㼞㼙㼡㼘㼍㼎㼍㼟㼕㼟㻚㻌㻵㼚㻌㼍㼐㼐㼕㼠㼕㼛㼚㻘㻌㼠㼔㼑㻌㼙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㼐㼕㼟㼏㼛㼡㼚㼠䚷㼞㼍㼠㼑㼟㻌㼍㼜㼜㼘㼕㼑㼐㻌㼕㼚㻌㼠㼔㼑㻌㼏㼍㼘㼏㼡㼘㼍㼠㼕㼛㼚㻌㼛㼒㻌㼜㼞㼛㼖㼑㼏㼠㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠㻌㼛㼎㼘㼕㼓㼍㼠㼕㼛㼚㼟㻌㼣㼍㼟㻌㼏㼔㼍㼚㼓㼑㼐㼒㼞㼛㼙㻌㼠㼔㼑㻌㼙㼑㼠㼔㼛㼐㻌㼡㼟㼕㼚㼓㻌㼠㼔㼑㻌㼐㼕㼟㼏㼛㼡㼚㼠㻌㼞㼍㼠㼑㻌㼎㼍㼟㼑㼐䚷㼛㼚㻌㼠㼔㼑㻌㼜㼑㼞㼕㼛㼐㻌㼍㼜㼜㼞㼛㼤㼕㼙㼍㼠㼕㼚㼓㻌㼠㼔㼑㻌㼍㼢㼑㼞㼍㼓㼑㻌㼛㼒㻌㼠㼔㼑㻌㼑㼟㼠㼕㼙㼍㼠㼑㼐㻌㼞㼑㼙㼍㼕㼚㼕㼚㼓㻌㼟㼑㼞㼢㼕㼏㼑㻌㼥㼑㼍㼞㼟㻌㼛㼒㼑㼙㼜㼘㼛㼥㼑㼑㼟㻌㼠㼛㻌㼠㼔㼑㻌㼙㼑㼠㼔㼛㼐㻌㼡㼟㼕㼚㼓㻌㼠㼔㼑䚷㼟㼕㼚㼓㼘㼑㻌㼣㼑㼕㼓㼔㼠㼑㼐㻙㼍㼢㼑㼞㼍㼓㼑㻌㼐㼕㼟㼏㼛㼡㼚㼠㻌㼞㼍㼠㼑㻌㼠㼔㼍㼠㻌㼞㼑㼒㼘㼑㼏㼠㼟㻌㼠㼔㼑㻌㼑㼟㼠㼕㼙㼍㼠㼑㼐㻌㼜㼑㼞㼕㼛㼐㻌㼍㼚㼐㻌㼍㼙㼛㼡㼚㼠㻌㼛㼒㻌㼎㼑㼚㼑㼒㼕㼠㼜㼍㼥㼙㼑㼚㼠㻌㼕㼚㻌㼑㼍㼏㼔㻌㼜㼑㼞㼕㼛㼐㻚䚷㼀㼔㼑㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼟㼠㼍㼚㼐㼍㼞㼐㻌㼍㼚㼐㻌㼓㼡㼕㼐㼍㼚㼏㼑㻌㼒㼛㼞㻌㼞㼑㼠㼕㼞㼑㼙㼑㼚㼠㻌㼎㼑㼚㼑㼒㼕㼠㼟㻌㼣㼑㼞㼑㻌㼍㼐㼛㼜㼠㼑㼐㻌㼕㼚㻌㼍㼏㼏㼛㼞㼐㼍㼚㼏㼑㻌㼣㼕㼠㼔㻌㼠㼔㼑㻌㼠㼞㼍㼚㼟㼕㼠㼕㼛㼚㼍㼘㼠㼞㼑㼍㼠㼙㼑㼚㼠䚷㼟㼑㼠㻌㼒㼛㼞㼠㼔㻌㼕㼚㻌㼏㼘㼍㼡㼟㼑㻌㻟㻣㻌㼛㼒㻌㼠㼔㼑㻌㼟㼠㼍㼚㼐㼍㼞㼐㻘㻌㼍㼚㼐㻌㼠㼔㼑㻌㼍㼙㼛㼡㼚㼠㼟㻌㼛㼒㻌㼠㼔㼑㻌㼏㼔㼍㼚㼓㼑㻌㼕㼚㻌㼏㼍㼘㼏㼡㼘㼍㼠㼕㼛㼚㻌㼙㼑㼠㼔㼛㼐㼟㻌㼒㼛㼞㻌㼜㼞㼛㼖㼑㼏㼠㼑㼐㻌㼎㼑㼚㼑㼒㼕㼠䚷㼛㼎㼘㼕㼓㼍㼠㼕㼛㼚㼟㼍㼚㼐㻌㼟㼑㼞㼢㼕㼏㼑㻌㼏㼛㼟㼠㻌㼣㼑㼞㼑㻌㼞㼑㼒㼘㼑㼏㼠㼑㼐㻌㼕㼚㻌㼞㼑㼠㼍㼕㼚㼑㼐㻌㼑㼍㼞㼚㼕㼚㼓㼟㻌㼍㼟㻌㼛㼒㻌㻶㼍㼚㼡㼍㼞㼥㻌㻝㻘㻌㻞㻜㻝㻡㻚㼀㼔㼑㻌㼍㼐㼛㼜㼠㼕㼛㼚㻌㼛㼒㻌㼠㼔㼑㻌㼟㼠㼍㼚㼐㼍㼞㼐㻌㼍㼚㼐㻌㼓㼡㼕㼐㼍㼚㼏㼑㻌㼔㼍㼐㻌㼠㼔㼑㻌㼑㼒㼒㼑㼏㼠㻌㼛㼒㻌㼕㼚㼏㼞㼑㼍㼟㼕㼚㼓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㻌㼎㼥㻌㼈㻝㻟㻥㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻝㻘㻝㻡㻞㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕䚷㼍㼚㼐㼞㼑㼐㼡㼏㼕㼚㼓㻌㼞㼑㼠㼍㼕㼚㼑㼐㻌㼑㼍㼞㼚㼕㼚㼓㼟㻌㼎㼥㻌㼈㻥㻜㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻣㻠㻢㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕䚷㼍㼟㻌㼛㼒㻌㻶㼍㼚㼡㼍㼞㼥㻌㻝㻘㻌㻞㻜㻝㻡㻚㻌㻵㼠㼟㻌㼕㼙㼜㼍㼏㼠㻌㼛㼚㻌㼜㼞㼛㼒㼕㼠㻌㼒㼛㼞㻌㼠㼔㼑㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻌㼕㼟㼕㼙㼙㼍㼠㼑㼞㼕㼍㼘㻚

HORIBA Report 2015 | 68

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Note to Consolidated Financial Statements㻝㻜㻚㻌㻺㼑㼠㻌㼍㼟㼟㼑㼠㼟㼁㼚㼐㼑㼞 㻶㼍㼜㼍㼚㼑㼟㼑 㼘㼍㼣㼟 㼍㼚㼐 㼞㼑㼓㼡㼘㼍㼠㼕㼛㼚㼟㻘 㼠㼔㼑 㼑㼚㼠㼕㼞㼑 㼍㼙㼛㼡㼚㼠 㼜㼍㼕㼐 㼒㼛㼞 㼚㼑㼣 㼟㼔㼍㼞㼑㼟 㼕㼟 㼞㼑㼝㼡㼕㼞㼑㼐 㼠㼛 㼎㼑 㼐㼑㼟㼕㼓㼚㼍㼠㼑㼐 㼍㼟 㼏㼛㼙㼙㼛㼚 㼟㼠㼛㼏㼗㻚 㻴㼛㼣㼑㼢㼑㼞㻘㼍 㼏㼛㼙㼜㼍㼚㼥 㼙㼍㼥㻘 㼎㼥 㼍 㼞㼑㼟㼛㼘㼡㼠㼕㼛㼚 㼛㼒 㼠㼔㼑 㻮㼛㼍㼞㼐 㼛㼒 㻰㼕㼞㼑㼏㼠㼛㼞㼟㻘 㼐㼑㼟㼕㼓㼚㼍㼠㼑 㼍㼚 㼍㼙㼛㼡㼚㼠 㼚㼛㼠 㼑㼤㼏㼑㼑㼐㼕㼚㼓 㼛㼚㼑 㼔㼍㼘㼒 㼛㼒 㼠㼔㼑 㼜㼞㼕㼏㼑 㼛㼒 㼠㼔㼑 㼚㼑㼣 㼟㼔㼍㼞㼑㼟 㼍㼟㼍㼐㼐㼕㼠㼕㼛㼚㼍㼘㻌㼜㼍㼕㼐㻙㼕㼚㻌㼏㼍㼜㼕㼠㼍㼘㻘㻌㼣㼔㼕㼏㼔㻌㼕㼟㻌㼕㼚㼏㼘㼡㼐㼑㼐㻌㼕㼚㻌㼏㼍㼜㼕㼠㼍㼘㻌㼟㼡㼞㼜㼘㼡㼟㻚㼁㼚㼐㼑㼞 㼠㼔㼑 㻶㼍㼜㼍㼚㼑㼟㼑 㻯㼛㼞㼜㼛㼞㼍㼠㼑 㻸㼍㼣 㻔㻎㼠㼔㼑 㻸㼍㼣㻎㻕㻘 㼕㼚 㼏㼍㼟㼑㼟 㼣㼔㼑㼞㼑 㼍 㼐㼕㼢㼕㼐㼑㼚㼐 㼐㼕㼟㼠㼞㼕㼎㼡㼠㼕㼛㼚 㼛㼒 㼟㼡㼞㼜㼘㼡㼟 㼕㼟 㼙㼍㼐㼑㻘 㼠㼔㼑 㼟㼙㼍㼘㼘㼑㼞 㼛㼒 㼍㼚 㼍㼙㼛㼡㼚㼠 㼑㼝㼡㼍㼘㼠㼛 㻝㻜㻑 㼛㼒 㼠㼔㼑 㼐㼕㼢㼕㼐㼑㼚㼐 㼛㼞 㼠㼔㼑 㼑㼤㼏㼑㼟㼟㻘 㼕㼒 㼍㼚㼥㻘 㼛㼒 㻞㻡㻑 㼛㼒 㼏㼛㼙㼙㼛㼚 㼟㼠㼛㼏㼗 㼛㼢㼑㼞 㼠㼔㼑 㼠㼛㼠㼍㼘 㼛㼒 㼍㼐㼐㼕㼠㼕㼛㼚㼍㼘 㼜㼍㼕㼐㻙㼕㼚 㼏㼍㼜㼕㼠㼍㼘 㼍㼚㼐 㼘㼑㼓㼍㼘 㼑㼍㼞㼚㼕㼚㼓㼟 㼞㼑㼟㼑㼞㼢㼑㼙㼡㼟㼠 㼎㼑 㼟㼑㼠 㼍㼟㼕㼐㼑 㼍㼟 㼍㼐㼐㼕㼠㼕㼛㼚㼍㼘 㼜㼍㼕㼐㻙㼕㼚 㼏㼍㼜㼕㼠㼍㼘 㼛㼞 㼘㼑㼓㼍㼘 㼑㼍㼞㼚㼕㼚㼓㼟 㼞㼑㼟㼑㼞㼢㼑㻚 㻸㼑㼓㼍㼘 㼑㼍㼞㼚㼕㼚㼓㼟 㼞㼑㼟㼑㼞㼢㼑 㼕㼟 㼕㼚㼏㼘㼡㼐㼑㼐 㼕㼚 㼞㼑㼠㼍㼕㼚㼑㼐 㼑㼍㼞㼚㼕㼚㼓㼟 㼕㼚 㼠㼔㼑㼍㼏㼏㼛㼙㼜㼍㼚㼥㼕㼚㼓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㻌㻭㼐㼐㼕㼠㼕㼛㼚㼍㼘 㼜㼍㼕㼐㻙㼕㼚 㼏㼍㼜㼕㼠㼍㼘 㼍㼚㼐 㼘㼑㼓㼍㼘 㼑㼍㼞㼚㼕㼚㼓㼟 㼞㼑㼟㼑㼞㼢㼑 㼙㼍㼥 㼚㼛㼠 㼎㼑 㼐㼕㼟㼠㼞㼕㼎㼡㼠㼑㼐 㼍㼟 㼐㼕㼢㼕㼐㼑㼚㼐㼟㻚 㼁㼚㼐㼑㼞 㼠㼔㼑 㻸㼍㼣㻘 㼍㼘㼘 㼍㼐㼐㼕㼠㼕㼛㼚㼍㼘 㼜㼍㼕㼐㻙㼕㼚 㼏㼍㼜㼕㼠㼍㼘 㼍㼚㼐 㼍㼘㼘㼘㼑㼓㼍㼘 㼑㼍㼞㼚㼕㼚㼓㼟 㼞㼑㼟㼑㼞㼢㼑 㼙㼍㼥 㼎㼑 㼠㼞㼍㼚㼟㼒㼑㼞㼞㼑㼐 㼠㼛 㼛㼠㼔㼑㼞 㼏㼍㼜㼕㼠㼍㼘 㼟㼡㼞㼜㼘㼡㼟 㼍㼚㼐 㼞㼑㼠㼍㼕㼚㼑㼐 㼑㼍㼞㼚㼕㼚㼓㼟㻘 㼞㼑㼟㼜㼑㼏㼠㼕㼢㼑㼘㼥㻘 㼣㼔㼕㼏㼔 㼍㼞㼑 㼜㼛㼠㼑㼚㼠㼕㼍㼘㼘㼥 㼍㼢㼍㼕㼘㼍㼎㼘㼑 㼒㼛㼞㼐㼕㼢㼕㼐㼑㼚㼐㼟㻚㻌㻮㼛㼠㼔㻌㼛㼒㻌㼠㼔㼑㼟㼑㻌㼍㼜㼜㼞㼛㼜㼞㼕㼍㼠㼕㼛㼚㼟㻌㼓㼑㼚㼑㼞㼍㼘㼘㼥㻌㼞㼑㼝㼡㼕㼞㼑㻌㼍㻌㼞㼑㼟㼛㼘㼡㼠㼕㼛㼚㻌㼛㼒㻌㼠㼔㼑㻌㼟㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㻓㼟㻌㼙㼑㼑㼠㼕㼚㼓㻚㼀㼔㼑 㼙㼍㼤㼕㼙㼡㼙 㼍㼙㼛㼡㼚㼠 㼠㼔㼍㼠 㼠㼔㼑 㻯㼛㼙㼜㼍㼚㼥 㼏㼍㼚 㼐㼕㼟㼠㼞㼕㼎㼡㼠㼑 㼍㼟 㼐㼕㼢㼕㼐㼑㼚㼐㼟 㼕㼟 㼏㼍㼘㼏㼡㼘㼍㼠㼑㼐 㼎㼍㼟㼑㼐 㼛㼚 㼠㼔㼑 㼚㼛㼚㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐 㼒㼕㼚㼍㼚㼏㼕㼍㼘 㼟㼠㼍㼠㼑㼙㼑㼚㼠㼟 㼛㼒 㼠㼔㼑㻯㼛㼙㼜㼍㼚㼥㻌㼕㼚㻌㼍㼏㼏㼛㼞㼐㼍㼚㼏㼑㻌㼣㼕㼠㼔㻌㻶㼍㼜㼍㼚㼑㼟㼑㻌㼘㼍㼣㼟㻌㼍㼚㼐㻌㼞㼑㼓㼡㼘㼍㼠㼕㼛㼚㼟㻚㻭㼠 㼠㼔㼑 㻮㼛㼍㼞㼐 㼛㼒 㻰㼕㼞㼑㼏㼠㼛㼞㼟㻓 㼙㼑㼑㼠㼕㼚㼓 㼔㼑㼘㼐 㼛㼚 㻲㼑㼎㼞㼡㼍㼞㼥 㻥㻘 㻞㻜㻝㻢㻘 㼠㼔㼑 㻮㼛㼍㼞㼐 㼛㼒 㻰㼕㼞㼑㼏㼠㼛㼞㼟 㼍㼜㼜㼞㼛㼢㼑㼐 㼏㼍㼟㼔 㼐㼕㼢㼕㼐㼑㼚㼐㼟 㼕㼚 㼠㼔㼑 㼍㼙㼛㼡㼚㼠 㼛㼒 㼈㻝㻘㻣㻢㻣㼙㼕㼘㼘㼕㼛㼚 㻔㻐㻝㻠㻘㻢㻡㻜 㼠㼔㼛㼡㼟㼍㼚㼐㻕㻚 㼀㼔㼑 㼍㼜㼜㼞㼛㼜㼞㼕㼍㼠㼕㼛㼚 㼔㼍㼐 㼚㼛㼠 㼎㼑㼑㼚 㼍㼏㼏㼞㼡㼑㼐 㼕㼚 㼠㼔㼑 㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐 㼒㼕㼚㼍㼚㼏㼕㼍㼘 㼟㼠㼍㼠㼑㼙㼑㼚㼠㼟 㼍㼟 㼛㼒 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻡㻚㻿㼡㼏㼔㻌㼍㼜㼜㼞㼛㼜㼞㼕㼍㼠㼕㼛㼚㼟㻌㼍㼞㼑㻌㼞㼑㼏㼛㼓㼚㼕㼦㼑㼐㻌㼕㼚㻌㼠㼔㼑㻌㼜㼑㼞㼕㼛㼐㻌㼕㼚㻌㼣㼔㼕㼏㼔㻌㼠㼔㼑㼥㻌㼍㼞㼑㻌㼍㼜㼜㼞㼛㼢㼑㼐㻌㼎㼥㻌㼠㼔㼑㻌㻮㼛㼍㼞㼐㻌㼛㼒㻌㻰㼕㼞㼑㼏㼠㼛㼞㼟㻚㻝㻝㻚㻌㻿㼠㼛㼏㼗㻌㼛㼜㼠㼕㼛㼚㼟㻌㻔㻝㻕㻌㻱㼤㼜㼑㼚㼟㼑㼟㻌㼍㼚㼐㻌㼕㼠㼑㼙㼟㻌㼞㼑㼘㼍㼠㼑㼐㻌㼠㼛㻌㼟㼠㼛㼏㼗㻌㼛㼜㼠㼕㼛㼚㼟㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
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㼰㻣㻡㼰㻣㻥㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㼁㻚㻿㻚㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻐㻢㻡㻡㻔㻞㻕㻌㻿㼏㼍㼘㼑㻌㼍㼚㼐㻌㼙㼛㼢㼑㼙㼑㼚㼠㻌㻔㼒㼘㼡㼏㼠㼡㼍㼠㼕㼛㼚㻕㻌㼛㼒㻌㼟㼠㼛㼏㼗㻌㼛㼜㼠㼕㼛㼚㼟㻵㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻌㼞㼑㼓㼍㼞㼐㼕㼚㼓㻌㼟㼠㼛㼏㼗㻌㼛㼜㼠㼕㼛㼚㼟㻌㼛㼡㼠㼟㼠㼍㼚㼐㼕㼚㼓㻚㻌㼀㼔㼑㻌㼚㼡㼙㼎㼑㼞㻌㼛㼒㻌㼟㼠㼛㼏㼗㻌㼛㼜㼠㼕㼛㼚㼟㻌㼕㼟㻌㼟㼠㼍㼠㼑㼐㻌㼍㼒㼠㼑㼞㻌㼏㼛㼚㼢㼑㼞㼟㼕㼛㼚㻌㼕㼚㼠㼛㻌㼍㼚㻌㼑㼝㼡㼍㼘㻌㼚㼡㼙㼎㼑㼞㻌㼛㼒㻌㼟㼔㼍㼞㼑㼟㻚㻔㼍㻕㻌㻰㼑㼠㼍㼕㼘㼟㻌㼛㼒㻌㼟㼠㼛㼏㼗㻌㼛㼜㼠㼕㼛㼚㼟㻺㼛㻚㻌㻞㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻺㼛㻚㻌㻟㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻺㼛㻚㻌㻝㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻺㼛㻚㻌㻠㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚㻠㻌㼐㼕㼞㼑㼏㼠㼛㼞㼟㻌㼍㼚㼐㻠㻌㼐㼕㼞㼑㼏㼠㼛㼞㼟㻌㼍㼚㼐㻠㻌㼐㼕㼞㼑㼏㼠㼛㼞㼟㻌㼍㼚㼐㻠㻌㼐㼕㼞㼑㼏㼠㼛㼞㼟㻌㼍㼚㼐㻝㻠㻌㼏㼛㼞㼜㼛㼞㼍㼠㼑㻌㼛㼒㼒㼕㼏㼑㼞㼟 㻝㻢㻌㼏㼛㼞㼜㼛㼞㼍㼠㼑㻌㼛㼒㼒㼕㼏㼑㼞㼟 㻝㻢㻌㼏㼛㼞㼜㼛㼞㼍㼠㼑㻌㼛㼒㼒㼕㼏㼑㼞㼟㻝㻟㻌㼏㼛㼞㼜㼛㼞㼍㼠㼑㻌㼛㼒㼒㼕㼏㼑㼞㼟㻼㼑㼞㼟㼛㼚㼟㻌㼓㼞㼍㼚㼠㼑㼐㻌㼛㼜㼠㼕㼛㼚㼟㼛㼒㻌㼠㼔㼑㻌㻯㼛㼙㼜㼍㼚㼥㼛㼒㻌㼠㼔㼑㻌㻯㼛㼙㼜㼍㼚㼥㼛㼒㻌㼠㼔㼑㻌㻯㼛㼙㼜㼍㼚㼥㼛㼒㻌㼠㼔㼑㻌㻯㼛㼙㼜㼍㼚㼥㻯㼛㼙㼙㼛㼚㻌㼟㼠㼛㼏㼗㻯㼛㼙㼙㼛㼚㻌㼟㼠㼛㼏㼗㻯㼛㼙㼙㼛㼚㻌㼟㼠㼛㼏㼗㻯㼛㼙㼙㼛㼚㻌㼟㼠㼛㼏㼗㻺㼡㼙㼎㼑㼞㻌㼛㼒㻌㼟㼔㼍㼞㼑㼟㻌㼎㼥㻌㼠㼥㼜㼑㻌㼛㼒㻌㼟㼠㼛㼏㼗㻡㻠㻘㻞㻜㻜㻌㼟㼔㼍㼞㼑㼟㻞㻢㻘㻠㻜㻜㻌㼟㼔㼍㼞㼑㼟㻟㻝㻘㻜㻜㻜㻌㼟㼔㼍㼞㼑㼟㻔㻺㼛㼠㼑㻌㻝㻕
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㻌㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻻㼜㼠㼕㼛㼚㼟㻌㼍㼒㼠㼑㼞㻌㼢㼑㼟㼠㼕㼚㼓㻔㼚㼡㼙㼎㼑㼞㻌㼛㼒㻌㼟㼔㼍㼞㼑㼟㻕㻌㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼂㼑㼟㼠㼑㼐
㻌㻱㼤㼑㼞㼏㼕㼟㼑㼐㻌㻲㼛㼞㼒㼑㼕㼠㼑㼐㻌㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻻㼜㼠㼕㼛㼚㼟㻌㼎㼑㼒㼛㼞㼑㻌㼢㼑㼟㼠㼕㼚㼓㻔㼚㼡㼙㼎㼑㼞㻌㼛㼒㻌㼟㼔㼍㼞㼑㼟㻕㻌㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㻳㼞㼍㼚㼠㼑㼐
㻌㻲㼛㼞㼒㼑㼕㼠㼑㼐㻌㼂㼑㼟㼠㼑㼐
㻌㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻻㼜㼠㼕㼛㼚㼟㻌㼍㼒㼠㼑㼞㻌㼢㼑㼟㼠㼕㼚㼓㻔㼚㼡㼙㼎㼑㼞㻌㼛㼒㻌㼟㼔㼍㼞㼑㼟㻕㻌㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼂㼑㼟㼠㼑㼐
㻌㻱㼤㼑㼞㼏㼕㼟㼑㼐㻌㻲㼛㼞㼒㼑㼕㼠㼑㼐㻌㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻺㼛㻚㻌㻞㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚㻺㼛㻚㻌㻟㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚㻺㼛㻚㻌㻠㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚

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㻠㻞㻘㻣㻜㻜㻙㻙㻙㻠㻞㻘㻣㻜㻜

㻞㻞㻘㻜㻜㻜㻙㻙㻙㻞㻞㻘㻜㻜㻜

㻞㻣㻘㻟㻜㻜㻙㻙㻙㻞㻣㻘㻟㻜㻜

㻞㻠㻘㻥㻜㻜㻙㻙㻙㻞㻠㻘㻥㻜㻜

㻺㼛㻚㻌㻡㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚㻺㼛㻚㻌㻢㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚㻺㼛㻚㻌㻣㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚

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㻙㻞㻞㻘㻝㻜㻜
㻙㻟㻝㻘㻠㻜㻜㻙㻙㻙㻟㻝㻘㻠㻜㻜

㻞㻣㻘㻡㻜㻜㻙㻙㻙㻞㻣㻘㻡㻜㻜

㻙㻞㻞㻘㻝㻜㻜
㻙㻙㻞㻞㻘㻝㻜㻜

㻺㼛㻚㻌㻝㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚㻺㼛㻚㻌㻞㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚㻺㼛㻚㻌㻟㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚

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㻺㼛㻚㻌㻡㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚㻺㼛㻚㻌㻢㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚㻺㼛㻚㻌㻣㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚

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㻟㻘㻡㻥㻤

㻔㼕㼕㻕㻌㻼㼞㼕㼏㼑㻌㼜㼑㼞㻌㼟㼔㼍㼞㼑㻻㼜㼠㼕㼛㼚㻌㼜㼞㼕㼏㼑㻌㻔㼥㼑㼚㻕㼃㼑㼕㼓㼔㼠㼑㼐㻌㼍㼢㼑㼞㼍㼓㼑㻌㼟㼠㼛㼏㼗㻌㼜㼞㼕㼏㼑㻌㻔㼥㼑㼚㻕㻲㼍㼕㼞㻌㼢㼍㼘㼡㼑㻌㼍㼠㻌㼓㼞㼍㼚㼠㻌㼐㼍㼠㼑㻌㻔㼥㼑㼚㻕㻌㻻㼜㼠㼕㼛㼚㻌㼜㼞㼕㼏㼑㻌㻔㼥㼑㼚㻕㼃㼑㼕㼓㼔㼠㼑㼐㻌㼍㼢㼑㼞㼍㼓㼑㻌㼟㼠㼛㼏㼗㻌㼜㼞㼕㼏㼑㻌㻔㼥㼑㼚㻕㻲㼍㼕㼞㻌㼢㼍㼘㼡㼑㻌㼍㼠㻌㼓㼞㼍㼚㼠㻌㼐㼍㼠㼑㻌㻔㼥㼑㼚㻕㻌㻺㼛㻚㻌㻠㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚
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㻞㻘㻞㻠㻡

HORIBA Report 2015 | 70

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Note to Consolidated Financial Statements㻔㻟㻕㻌㻹㼑㼠㼔㼛㼐㻌㼠㼛㻌㼑㼟㼠㼕㼙㼍㼠㼑㻌㼒㼍㼕㼞㻌㼡㼚㼕㼠㻌㼢㼍㼘㼡㼑㻌㼛㼒㻌㼟㼠㼛㼏㼗㻌㼛㼜㼠㼕㼛㼚㼟㼀㼔㼑㻌㼓㼞㼍㼚㼠㻌㼐㼍㼠㼑㻌㼒㼍㼕㼞㻌㼢㼍㼘㼡㼑㻌㼛㼒㻌㻺㼛㻚㻌㻣㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻌㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻌㻿㼠㼛㼏㼗㻌㻻㼜㼠㼕㼛㼚㻌㼕㼚㻌㼠㼔㼑㻌㼥㼑㼍㼞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㼣㼍㼟㻌㼑㼟㼠㼕㼙㼍㼠㼑㼐㼡㼟㼕㼚㼓㻌㼠㼔㼑㻌㻮㼘㼍㼏㼗㻙㻿㼏㼔㼛㼘㼑㼟㻌㼛㼜㼠㼕㼛㼚㻌㼜㼞㼕㼏㼕㼚㼓㻌㼙㼛㼐㼑㼘㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㻌㻺㼛㻚㻌㻣㻌㻿㼠㼛㼏㼗㻙㼎㼍㼟㼑㼐㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼀㼥㼜㼑㻌㻿㼠㼛㼏㼗㻻㼜㼠㼕㼛㼚
㻿㼠㼛㼏㼗㻌㼜㼞㼕㼏㼑㻌㼢㼛㼘㼍㼠㼕㼘㼕㼠㼥㻌㻔㻺㼛㼠㼑㻌㻝㻕㻱㼤㼜㼑㼏㼠㼑㼐㻌㼞㼑㼙㼍㼕㼚㼕㼚㼓㻌㼜㼑㼞㼕㼛㼐㻌㻔㻺㼛㼠㼑㻌㻞㻕㻱㼤㼜㼑㼏㼠㼑㼐㻌㼐㼕㼢㼕㼐㼑㼚㼐㻌㻔㻺㼛㼠㼑㻌㻟㻕㻾㼕㼟㼗㻌㼒㼞㼑㼑㻌㼕㼚㼠㼑㼞㼑㼟㼠㻌㼞㼍㼠㼑㻌㻔㻺㼛㼠㼑㻌㻠㻕㻟㻢㻚㻜㻑㻝㻡㻌㼅㼑㼍㼞㼟
㼈㻢㻣㻛㼟㼔㼍㼞㼑㻜㻚㻤㻣㻑㻺㼛㼠㼑㻌㻝㻚㻌 㻿㼠㼛㼏㼗㻌㼜㼞㼕㼏㼑㻌㼢㼛㼘㼍㼠㼕㼘㼕㼠㼥㻌㼣㼍㼟㻌㼏㼍㼘㼏㼡㼘㼍㼠㼑㼐㻌㼎㼍㼟㼑㼐㻌㼛㼚㻌㼍㼏㼠㼡㼍㼘㻌㼣㼑㼑㼗㼘㼥㻌㼟㼠㼛㼏㼗㻌㼜㼞㼕㼏㼑㼟㻌㼛㼢㼑㼞㻌㻝㻡㻌㼥㼑㼍㼞㼟㻌㻔㼒㼞㼛㼙㻌㼠㼔㼑㻌㼣㼑㼑㼗㻌㼛㼒㻌㻹㼍㼥㻌㻤㻘㻌㻞㻜㻜㻜㻌㼠㼛㻌㼠㼔㼑㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㼣㼑㼑㼗㻌㼛㼒㻌㻹㼍㼥㻌㻠㻘㻌㻞㻜㻝㻡㻕㻚㻺㼛㼠㼑㻌㻞㻚㻌 㻭㼟㻌㼕㼠㻌㼣㼍㼟㻌㼐㼕㼒㼒㼕㼏㼡㼘㼠㻌㼠㼛㻌㼑㼟㼠㼕㼙㼍㼠㼑㻌㼠㼔㼑㻌㼑㼤㼜㼑㼏㼠㼑㼐㻌㼞㼑㼙㼍㼕㼚㼕㼚㼓㻌㼜㼑㼞㼕㼛㼐㻌㼣㼕㼠㼔㼛㼡㼠㻌㼟㼡㼒㼒㼕㼏㼕㼑㼚㼠㻌㼞㼑㼘㼑㼢㼍㼚㼠㻌㼐㼍㼠㼍㻘㻌㼕㼠㻌㼣㼍㼟㻌㼐㼑㼠㼑㼞㼙㼕㼚㼑㼐㻌㼠㼛㻌㼎㼑㻌㼑㼤㼑㼞㼏㼕㼟㼑㼐㻌㼍㼠㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㼠㼔㼑㻌㼙㼕㼐㻙㼜㼛㼕㼚㼠㻌㼛㼒㻌㼠㼔㼑㻌㼑㼤㼑㼞㼏㼕㼟㼑㻌㼜㼑㼞㼕㼛㼐㻚㻺㼛㼠㼑㻌㻟㻚㻌㻱㼤㼜㼑㼏㼠㼑㼐㻌㼐㼕㼢㼕㼐㼑㼚㼐㻌㼣㼍㼟㻌㼏㼍㼘㼏㼡㼘㼍㼠㼑㼐㻌㼎㼥㻌㼡㼟㼕㼚㼓㻌㼠㼔㼑㻌㼍㼏㼠㼡㼍㼘㻌㼐㼕㼢㼕㼐㼑㼚㼐㻌㼜㼍㼕㼐㻌㼒㼛㼞㻌㼠㼔㼑㻌㼥㼑㼍㼞㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻚㻺㼛㼠㼑㻌㻠㻚㻌 㻾㼕㼟㼗㻌㼒㼞㼑㼑㻌㼕㼚㼠㼑㼞㼑㼟㼠㻌㼞㼍㼠㼑㻌㼞㼑㼜㼞㼑㼟㼑㼚㼠㼟㻌㼠㼔㼑㻌㼏㼛㼙㼜㼍㼞㼍㼎㼘㼑㻌㼏㼛㼙㼜㼛㼡㼚㼐㻌㼕㼚㼠㼑㼞㼑㼟㼠㻌㼞㼍㼠㼑㻌㼛㼒㻌㼟㼠㼞㼕㼜㻌㼓㼛㼢㼑㼞㼚㼙㼑㼚㼠㻌㼎㼛㼚㼐㼟㻌㼣㼔㼛㼟㼑㻌㼞㼑㼙㼍㼕㼚㼕㼚㼓㻌㼜㼑㼞㼕㼛㼐㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㻌㼏㼛㼞㼞㼑㼟㼜㼛㼚㼐㼟㻌㼠㼛㻌㼠㼔㼑㻌㼑㼤㼜㼑㼏㼠㼑㼐㻌㼞㼑㼙㼍㼕㼚㼕㼚㼓㻌㼜㼑㼞㼕㼛㼐㻌㼛㼒㻌㼠㼔㼑㻌㼟㼠㼛㼏㼗㻌㼛㼜㼠㼕㼛㼚㼟㻚㻔㻠㻕㻌㻯㼛㼚㼐㼕㼠㼕㼛㼚㻌㼞㼑㼓㼍㼞㼐㼕㼚㼓㻌㼠㼔㼑㻌㼑㼟㼠㼕㼙㼍㼠㼑㻌㼛㼒㻌㼠㼔㼑㻌㼒㼍㼕㼞㻌㼡㼚㼕㼠㻌㼢㼍㼘㼡㼑㻌㼛㼒㻌㼟㼠㼛㼏㼗㻌㼛㼜㼠㼕㼛㼚㼟㻾㼑㼠㼕㼞㼑㼙㼑㼚㼠㻌㼒㼞㼛㼙㻌㼠㼔㼑㻌㼛㼒㼒㼕㼏㼑㻌㼛㼒㻌㼐㼕㼞㼑㼏㼠㼛㼞㻌㼕㼟㻌㼍㻌㼏㼛㼚㼐㼕㼠㼕㼛㼚㻌㼠㼛㻌㼑㼤㼑㼞㼏㼕㼟㼑㻌㼟㼠㼛㼏㼗㻌㼛㼜㼠㼕㼛㼚㼟㻘㻌㼎㼡㼠㻌㼏㼛㼚㼠㼕㼚㼡㼛㼡㼟㻌㼑㼙㼜㼘㼛㼥㼙㼑㼚㼠㻌㼕㼟㻌㼚㼛㼠㻚㻌㻭㼏㼏㼛㼞㼐㼕㼚㼓㼘㼥㻘㻌㼠㼔㼑㻌㼕㼚㼕㼠㼕㼍㼘㼚㼡㼙㼎㼑㼞㻌㼛㼒㻌㼟㼠㼛㼏㼗㻌㼛㼜㼠㼕㼛㼚㼟㻌㼓㼞㼍㼚㼠㼑㼐㻌㼕㼟㻌㼡㼟㼑㼐㻌㼍㼟㻌㼍㼚㻌㼑㼟㼠㼕㼙㼍㼠㼑㻌㼛㼒㻌㼠㼔㼑㻌㼚㼡㼙㼎㼑㼞㻌㼛㼒㻌㼢㼑㼟㼠㼑㼐㻌㼟㼔㼍㼞㼑㼟㻚㻌㻝㻞㻚㻌㻸㼑㼍㼟㼑㼟㻲㼕㼚㼍㼚㼏㼑 㼘㼑㼍㼟㼑㼟 㼣㼔㼕㼏㼔 㼐㼛 㼚㼛㼠 㼠㼞㼍㼚㼟㼒㼑㼞 㼛㼣㼚㼑㼞㼟㼔㼕㼜 㼍㼠 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻠 㼍㼚㼐 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻡 㼏㼛㼚㼟㼕㼟㼠㼑㼐 㼛㼒 㼘㼑㼍㼟㼑㼟 㼒㼛㼞 㼛㼒㼒㼕㼏㼑 㼑㼝㼡㼕㼜㼙㼑㼚㼠㼍㼚㼐 㼟㼛㼒㼠㼣㼍㼞㼑㻚 㼀㼔㼑 㼙㼑㼠㼔㼛㼐 㼛㼒 㼐㼑㼜㼞㼑㼏㼕㼍㼠㼕㼛㼚 㼍㼚㼐 㼍㼙㼛㼞㼠㼕㼦㼍㼠㼕㼛㼚 㼛㼒 㼘㼑㼍㼟㼑 㼍㼟㼟㼑㼠㼟 㼕㼟 㼐㼑㼟㼏㼞㼕㼎㼑㼐 㼕㼚 㻺㼛㼠㼑 㻞㻔㼔㻕㻘 㻎㻿㼡㼙㼙㼍㼞㼥 㼛㼒 㼟㼕㼓㼚㼕㼒㼕㼏㼍㼚㼠 㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㼜㼛㼘㼕㼏㼕㼑㼟㻌㻙㻌㻸㼑㼍㼟㼑㼟㻚㻎㻌㼃㼕㼠㼔 㼞㼑㼟㼜㼑㼏㼠 㼠㼛 㼒㼕㼚㼍㼚㼏㼑 㼘㼑㼍㼟㼑 㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟 㼠㼔㼍㼠 㼐㼛 㼚㼛㼠 㼠㼞㼍㼚㼟㼒㼑㼞 㼛㼣㼚㼑㼞㼟㼔㼕㼜 㼍㼚㼐 㼕㼚 㼣㼔㼕㼏㼔 㼠㼔㼑 㼘㼑㼍㼟㼑 㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚 㼎㼑㼓㼍㼚 㼎㼑㼒㼛㼞㼑 㻰㼑㼏㼑㼙㼎㼑㼞㻟㻝㻘㻌㻞㻜㻜㻤㻘㻌㼠㼔㼑㻌㻯㼛㼙㼜㼍㼚㼥㻌㼔㼍㼟㻌㼏㼛㼚㼠㼕㼚㼡㼑㼐㻌㼠㼛㻌㼍㼏㼏㼛㼡㼚㼠㻌㼒㼛㼞㻌㼠㼔㼑㼙㻌㼕㼚㻌㼠㼔㼑㻌㼟㼍㼙㼑㻌㼙㼍㼚㼚㼑㼞㻌㼍㼟㻌㼛㼜㼑㼞㼍㼠㼕㼚㼓㻌㼘㼑㼍㼟㼑㼟㻌㼍㼟㻌㼟㼠㼍㼠㼑㼐㻌㼍㼎㼛㼢㼑㻚㻭㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻘㻌㼍㼟㼟㼑㼠㼟㻌㼘㼑㼍㼟㼑㼐㻌㼡㼚㼐㼑㼞㻌㼚㼛㼚㻙㼏㼍㼜㼕㼠㼍㼘㼕㼦㼑㼐㻌㼒㼕㼚㼍㼚㼏㼑㻌㼘㼑㼍㼟㼑㼟㻌㼣㼑㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㻭㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㻌㼏㼛㼟㼠㻘㻌㼍㼏㼏㼡㼙㼡㼘㼍㼠㼑㼐㻌㼐㼑㼜㼞㼑㼏㼕㼍㼠㼕㼛㼚㻌㼍㼚㼐㻌㼎㼍㼘㼍㼚㼏㼑㻌㼛㼒㻌㼍㼟㼟㼑㼠㼟㻌㼘㼑㼍㼟㼑㼐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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻸㼑㼟㼟㻌㼍㼏㼏㼡㼙㼡㼘㼍㼠㼑㼐㻌㼐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㻺㼛㼠㼑㻚㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㼰㻥㻢
㼰㻡
㻠㻡
㻙
㻔㻝㻟㻠㻕
㻔㻠㻕
㼰㻤
㼰㻝

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㻝㻞㻛㻞㻜㻝㻡
㻐㻠㻝
㻙
㻔㻟㻟㻕
㻐㻤

㼀㼔㼑 㼍㼎㼛㼢㼑 㼐㼑㼜㼞㼑㼏㼕㼍㼠㼕㼛㼚 㼍㼚㼐 㼍㼙㼛㼞㼠㼕㼦㼍㼠㼕㼛㼚 㼣㼍㼟 㼏㼍㼘㼏㼡㼘㼍㼠㼑㼐 㼎㼥 㼠㼔㼑 㼟㼠㼞㼍㼕㼓㼔㼠㻙㼘㼕㼚㼑 㼙㼑㼠㼔㼛㼐 㼛㼢㼑㼞 㼠㼔㼑 㼠㼑㼞㼙 㼛㼒 㼠㼔㼑 㼘㼑㼍㼟㼑㻚 㻵㼒 㼠㼔㼑 㼍㼎㼛㼢㼑 㼘㼑㼍㼟㼑㼟㼔㼍㼐 㼎㼑㼑㼚 㼏㼍㼜㼕㼠㼍㼘㼕㼦㼑㼐㻘 㼕㼚㼠㼑㼞㼑㼟㼠 㼛㼒 㼈㻜 㼙㼕㼘㼘㼕㼛㼚 㼍㼚㼐 㼈㻜 㼙㼕㼘㼘㼕㼛㼚 㻔㻐㻜 㼠㼔㼛㼡㼟㼍㼚㼐㻕 㼍㼚㼐 㼐㼑㼜㼞㼑㼏㼕㼍㼠㼕㼛㼚 㼍㼚㼐 㼍㼙㼛㼞㼠㼕㼦㼍㼠㼕㼛㼚 㼛㼒 㼈㻝㻤 㼙㼕㼘㼘㼕㼛㼚 㼍㼚㼐 㼈㻣㼙㼕㼘㼘㼕㼛㼚 㻔㻐㻡㻤 㼠㼔㼛㼡㼟㼍㼚㼐㻕 㼣㼛㼡㼘㼐 㼔㼍㼢㼑 㼎㼑㼑㼚 㼞㼑㼏㼛㼞㼐㼑㼐 㼒㼛㼞 㼠㼔㼑 㼥㼑㼍㼞㼟 㼑㼚㼐㼑㼐 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻠 㼍㼚㼐 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻡㻘 㼞㼑㼟㼜㼑㼏㼠㼕㼢㼑㼘㼥㻚㻸㼑㼍㼟㼑 㼜㼍㼥㼙㼑㼚㼠㼟 㼡㼚㼐㼑㼞 㼚㼛㼚㻙㼏㼍㼜㼕㼠㼍㼘㼕㼦㼑㼐 㼒㼕㼚㼍㼚㼏㼑 㼘㼑㼍㼟㼑㼟 㼣㼑㼞㼑 㼈㻞㻜 㼙㼕㼘㼘㼕㼛㼚 㼍㼚㼐 㼈㻣 㼙㼕㼘㼘㼕㼛㼚 㻔㻐㻡㻤 㼠㼔㼛㼡㼟㼍㼚㼐㻕 㼒㼛㼞 㼠㼔㼑 㼥㼑㼍㼞㼟 㼑㼚㼐㼑㼐㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻠 㼍㼚㼐 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻡㻘 㼞㼑㼟㼜㼑㼏㼠㼕㼢㼑㼘㼥㻚 㻻㼎㼘㼕㼓㼍㼠㼕㼛㼚㼟 㼡㼚㼐㼑㼞 㼒㼕㼚㼍㼚㼏㼑 㼘㼑㼍㼟㼑㼟 㼍㼠 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻠 㼍㼚㼐 㻰㼑㼏㼑㼙㼎㼑㼞㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼑㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦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㻼㼍㼥㼙㼑㼚㼠㼟㻌㼞㼑㼙㼍㼕㼚㼕㼚㼓㻦㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㻝㻞㻛㻞㻜㻝㻡
㻼㼍㼥㼙㼑㼚㼠㼟㻌㼐㼡㼑㻌㼣㼕㼠㼔㼕㼚㻌㻝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㼰㻣㼰㻜㻐㻜㻼㼍㼥㼙㼑㼚㼠㼟㻌㼐㼡㼑㻌㼍㼒㼠㼑㼞㻌㻝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
㻝
㻜
㻜
㼰㻤
㼰㻝
㻐㻤
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㻼㼍㼥㼙㼑㼚㼠㼟㻌㼞㼑㼙㼍㼕㼚㼕㼚㼓㻌㼡㼚㼐㼑㼞㻌㼛㼜㼑㼞㼍㼠㼕㼚㼓㻌㼘㼑㼍㼟㼑㼟㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼑㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㻼㼍㼥㼙㼑㼚㼠㼟㻌㼞㼑㼙㼍㼕㼚㼕㼚㼓㻦㻼㼍㼥㼙㼑㼚㼠㼟㻌㼐㼡㼑㻌㼣㼕㼠㼔㼕㼚㻌㻝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㻼㼍㼥㼙㼑㼚㼠㼟㻌㼐㼡㼑㻌㼍㼒㼠㼑㼞㻌㻝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㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㼰㻥㻝㻡
㼰㻤㻣㻟
㻞㻘㻝㻤㻜
㻝㻘㻣㻢㻣
㼰㻟㻘㻜㻥㻢
㼰㻞㻘㻢㻠㻜

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻐㻣㻘㻞㻟㻤
㻝㻠㻘㻢㻡㻜
㻐㻞㻝㻘㻤㻤㻤

㻝㻟㻚㻌㻯㼛㼚㼠㼕㼚㼓㼑㼚㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㼀㼔㼑 㻯㼛㼙㼜㼍㼚㼥 㼍㼚㼐 㼏㼑㼞㼠㼍㼕㼚 㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐 㼟㼡㼎㼟㼕㼐㼕㼍㼞㼕㼑㼟 㼣㼑㼞㼑 㼏㼛㼚㼠㼕㼚㼓㼑㼚㼠㼘㼥 㼘㼕㼍㼎㼘㼑 㼍㼟 㼓㼡㼍㼞㼍㼚㼠㼛㼞㼟 㼛㼒 㼘㼛㼍㼚㼟 㼠㼛 㼍 㼚㼛㼚㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐 㼟㼡㼎㼟㼕㼐㼕㼍㼞㼥 㼡㼟㼕㼚㼓㼑㼝㼡㼕㼠㼥㻌㼙㼑㼠㼔㼛㼐㻌㼕㼚㻌㼠㼔㼑㻌㼍㼙㼛㼡㼚㼠㼟㻌㼛㼒㻌㼈㻞㻣㻜㻌㼙㼕㼘㼘㼕㼛㼚㻌㼍㼚㼐㻌㼈䠉㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐䠉㼠㼔㼛㼡㼟㼍㼚㼐㻕㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻘㻌㼞㼑㼟㼜㼑㼏㼠㼕㼢㼑㼘㼥㻚71㻝㻠㻚㻌㻰㼑㼞㼕㼢㼍㼠㼕㼢㼑㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻰㼑㼞㼕㼢㼍㼠㼕㼢㼑㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻌㼒㼛㼞㻌㼣㼔㼕㼏㼔㻌㼔㼑㼐㼓㼑㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼣㼍㼟㻌㼚㼛㼠㻌㼍㼜㼜㼘㼕㼑㼐㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼑㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㻯㼡㼞㼞㼑㼚㼏㼥㻌㼞㼑㼘㼍㼠㼑㼐㻦㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㻭㼙㼛㼡㼚㼠㻌㼛㼒㻭㼙㼛㼡㼚㼠㻌㼛㼒㻯㼛㼚㼠㼞㼍㼏㼠㻲㼍㼕㼞㻳㼍㼕㼚㻯㼛㼚㼠㼞㼍㼏㼠
㻲㼍㼕㼞㼜㼞㼕㼚㼏㼕㼜㼍㼘㻌㼐㼡㼑㼜㼞㼕㼚㼏㼕㼜㼍㼘㻌㼐㼡㼑㼢㼍㼘㼡㼑㼍㼙㼛㼡㼚㼠
㼢㼍㼘㼡㼑㻔㼘㼛㼟㼟㻕
㼍㼙㼛㼡㼚㼠
㼛㼢㼑㼞㻌㻝㻌㼥㼑㼍㼞㼛㼢㼑㼞㻌㻝㻌㼥㼑㼍㼞㻲㼛㼞㼣㼍㼞㼐㼟
㻿㼑㼘㼘㼕㼚㼓
㼁㻿㻌㼐㼛㼘㼘㼍㼞㼰㻟㻘㻞㻟㻡
㻙
㻔㼰㻥㻜㻕
㻔㼰㻥㻜㻕
㼰㻟㻘㻜㻣㻥
㻙
㼰㻥
㻱㼡㼞㼛
㻞㻘㻜㻞㻝
㻙
㻔㻣㻡㻕
㻔㻣㻡㻕
㻝㻘㻟㻜㻣
㻙
㻔㻞㻕
㻮㼞㼕㼠㼕㼟㼔㻌㼜㼛㼡㼚㼐
㻝㻠㻥
㻙
㻔㻝㻕
㻔㻝㻕
㻢㻘㻥㻥㻤
㻙
㻝㻜㻠
㻺㼑㼣㻌㼀㼍㼕㼣㼍㼚㻌㼐㼛㼘㼘㼍㼞
㻙
㻙
㻙
㻙
㻤㻢
㻙
㻜
㻼㼛㼘㼕㼟㼔㻌㼦㼘㼛㼠㼥
㻙
㻙
㻙
㻙
㻝㻤
㻙
㻔㻜㻕
㼀㼔㼍㼕㻌㼎㼍㼔㼠
㻢㻟
㻙
㻔㻝㻕
㻔㻝㻕
㻝㻣
㻙
㻜
㻵㼚㼐㼕㼍㼚㻌㼞㼡㼜㼑㼑
㻙
㻙
㻙
㻙
㻢㻜
㻙
㻔㻝㻕
㻮㼞㼍㼦㼕㼘㼘㼕㼍㼚㻌㼞㼑㼍㼘
㻙
㻙
㻙
㻙
㻟㻤
㻙
㻝
㻶㼍㼜㼍㼚㼑㼟㼑㻌㼥㼑㼚
㻞㻡
㻙
㻜
㻜
㻙
㻙
㻙
㻯㼔㼕㼚㼑㼟㼑㻌㼥㼡㼍㼚
㻠㻡
㻙
㻔㻜㻕
㻔㻜㻕
㻙
㻙
㻙
㻮㼡㼥㼕㼚㼓
㼁㻿㻌㼐㼛㼘㼘㼍㼞
㻝㻠㻜
㻙
㻝
㻝
㻠㻥㻣
㻙
㻔㻝㻕
㻱㼡㼞㼛
㻡㻤㻟
㻙
㻔㻝㻞㻕
㻔㻝㻞㻕
㻠㻡㻢
㻙
㻔㻡㻕
㻮㼞㼕㼠㼕㼟㼔㻌㼜㼛㼡㼚㼐
㻥㻤
㻙
㻜
㻜
㻟㻣
㻙
㻔㻜㻕
㻶㼍㼜㼍㼚㼑㼟㼑㻌㼥㼑㼚
㻝㻜㻞
㻙
㻞
㻞
㻡㻝
㻙
㻔㻜㻕
㻯㼔㼕㼚㼑㼟㼑㻌㼥㼡㼍㼚
㻝㻢
㻙
㻜
㻜
㻞㻝㻥
㻙
㻔㻢㻕
㻯㼡㼞㼞㼑㼚㼏㼥㻌㼟㼣㼍㼜㻾㼑㼏㼑㼕㼢㼕㼚㼓㻌㼕㼚㻌㼁㻿㻌㼐㼛㼘㼘㼍㼞㼍㼚㼐㻌㼜㼍㼥㼕㼚㼓㻌㼕㼚㻌㼞㼑㼍㼘
㻠㻤㻝
㻤㻤
㻢㻠
㻢㻠
㻡㻤
㻟㻠
㻠㻤
㼀㼛㼠㼍㼘
㼰㻢㻘㻥㻢㻠
㼰㻤㻤㻔㼰㻝㻝㻟㻕
㻔㼰㻝㻝㻟㻕
㼰㻝㻞㻘㻥㻞㻢
㼰㻟㻠㼰㻝㻠㻠㻺㼛㼠㼑㻚㻌㻲㼍㼕㼞㻌㼢㼍㼘㼡㼑㻌㼕㼟㻌㼐㼑㼠㼑㼞㼙㼕㼚㼑㼐㻌㼎㼥㻌㼎㼍㼚㼗㼕㼚㼓㻌㼕㼚㼟㼠㼕㼠㼡㼠㼕㼛㼚㼟㻚㻯㼛㼚㼠㼞㼍㼏㼠
㼍㼙㼛㼡㼚㼠
㻲㼛㼞㼣㼍㼞㼐㼟
㻿㼑㼘㼘㼕㼚㼓
㼁㻿㻌㼐㼛㼘㼘㼍㼞㻱㼡㼞㼛㻮㼞㼕㼠㼕㼟㼔㻌㼜㼛㼡㼚㼐㻺㼑㼣㻌㼀㼍㼕㼣㼍㼚㻌㼐㼛㼘㼘㼍㼞㻼㼛㼘㼕㼟㼔㻌㼦㼘㼛㼠㼥㼀㼔㼍㼕㻌㼎㼍㼔㼠㻵㼚㼐㼕㼍㼚㻌㼞㼡㼜㼑㼑㻮㼞㼍㼦㼕㼘㼘㼕㼍㼚㻌㼞㼑㼍㼘㻶㼍㼜㼍㼚㼑㼟㼑㻌㼥㼑㼚㻯㼔㼕㼚㼑㼟㼑㻌㼥㼡㼍㼚㻮㼡㼥㼕㼚㼓
㼁㻿㻌㼐㼛㼘㼘㼍㼞㻱㼡㼞㼛㻮㼞㼕㼠㼕㼟㼔㻌㼜㼛㼡㼚㼐㻶㼍㼜㼍㼚㼑㼟㼑㻌㼥㼑㼚㻯㼔㼕㼚㼑㼟㼑㻌㼥㼡㼍㼚㻯㼡㼞㼞㼑㼚㼏㼥㻌㼟㼣㼍㼜㻾㼑㼏㼑㼕㼢㼕㼚㼓㻌㼕㼚㻌㼁㻿㻌㼐㼛㼘㼘㼍㼞㼍㼚㼐㻌㼜㼍㼥㼕㼚㼓㻌㼕㼚㻌㼞㼑㼍㼘㼀㼛㼠㼍㼘㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㻌㻌㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻭㼙㼛㼡㼚㼠㻌㼛㼒㻲㼍㼕㼞㼜㼞㼕㼚㼏㼕㼜㼍㼘㻌㼐㼡㼑㼢㼍㼘㼡㼑㼛㼢㼑㼞㻌㻝㻌㼥㼑㼍㼞㻳㼍㼕㼚㻔㼘㼛㼟㼟㻕

㼰㻥
㻔㻞㻕
㻝㻜㻠
㻜
㻔㻜㻕
㻜
㻔㻝㻕
㻝
㻙
㻙
㻔㻝㻕
㻔㻡㻕
㻔㻜㻕
㻔㻜㻕
㻔㻢㻕

㻠㻤
㼰㻝㻠㻠

㻳㼍㼕㼚
㻔㼘㼛㼟㼟㻕

㻐㻞㻡㻘㻡㻞㻤
㻝㻜㻘㻤㻟㻢
㻡㻤㻘㻜㻞㻝
㻣㻝㻟
㻝㻠㻥
㻝㻠㻜
㻠㻥㻣
㻟㻝㻡
㻙
㻙

㻙
㻙
㻙
㻙
㻙
㻙
㻙
㻙
㻙
㻙

㻐㻣㻠
㻔㻝㻢㻕
㻤㻢㻞
㻜
㻔㻜㻕
㻜
㻔㻤㻕
㻤
㻙
㻙

㻐㻣㻠
㻔㻝㻢㻕
㻤㻢㻞
㻜
㻔㻜㻕
㻜
㻔㻤㻕
㻤
㻙
㻙

㻠㻘㻝㻞㻜
㻟㻘㻣㻤㻜
㻟㻜㻢
㻠㻞㻞
㻝㻘㻤㻝㻡

㻙
㻙
㻙
㻙
㻙

㻔㻤㻕
㻔㻠㻝㻕
㻔㻜㻕
㻔㻜㻕
㻔㻠㻥㻕

㻔㻤㻕
㻔㻠㻝㻕
㻔㻜㻕
㻔㻜㻕
㻔㻠㻥㻕

㻠㻤㻜
㻐㻝㻜㻣㻘㻝㻣㻝

㻞㻤㻝
㻐㻞㻤㻝

㻟㻥㻣
㻐㻝㻘㻝㻥㻟

㻟㻥㻣㻐㻝㻘㻝㻥㻟HORIBA Report 2015 | 72

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Note to Consolidated Financial Statements㻰㼑㼞㼕㼢㼍㼠㼕㼢㼑㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻌㼒㼛㼞㻌㼣㼔㼕㼏㼔㻌㼔㼑㼐㼓㼑㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼣㼍㼟㻌㼍㼜㼜㼘㼕㼑㼐㻌㼍㼠㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻌㼣㼑㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㻯㼡㼞㼞㼑㼚㼏㼥㻌㼞㼑㼘㼍㼠㼑㼐㻦㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㻭㼙㼛㼡㼚㼠㻌㼛㼒㻭㼙㼛㼡㼚㼠㻌㼛㼒㻴㼑㼐㼓㼑㼐
㻯㼛㼚㼠㼞㼍㼏㼠
㻲㼍㼕㼞㻴㼑㼐㼓㼑㼐
㻯㼛㼚㼠㼞㼍㼏㼠
㼜㼞㼕㼚㼏㼕㼜㼍㼘㻌㼐㼡㼑㼜㼞㼕㼚㼏㼕㼜㼍㼘㻌㼐㼡㼑㼕㼠㼑㼙㼟㼍㼙㼛㼡㼚㼠㼢㼍㼘㼡㼑㼕㼠㼑㼙㼟㼍㼙㼛㼡㼚㼠
㼛㼢㼑㼞㻌㻝㻌㼥㼑㼍㼞㼛㼢㼑㼞㻌㻝㻌㼥㼑㼍㼞㻲㼛㼞㼣㼍㼞㼐㼟
㻿㼑㼘㼘㼕㼚㼓
㻭㼏㼏㼛㼡㼚㼠㼟
㻭㼏㼏㼛㼡㼚㼠㼟
㻱㼡㼞㼛
㼰㻡
㻙
㻔㼰㻜㻕
㻙
㻙
㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑㻮㼡㼥㼕㼚㼓
㼁㻿㻌㼐㼛㼘㼘㼍㼞
㻙
㻙
㻙
㼰㻝㻞㻡
㻙
㻭㼏㼏㼛㼡㼚㼠㼟
㻭㼏㼏㼛㼡㼚㼠㼟
㻱㼡㼞㼛
㻡㻝㻠
㻙
㻞㻥
㻝㻢㻜
㻙
㼜㼍㼥㼍㼎㼘㼑
㼜㼍㼥㼍㼎㼘㼑
㼀㼛㼠㼍㼘
㼰㻡㻞㻜
㻙
㼰㻞㻥
㼰㻞㻤㻢
㻙
㻺㼛㼠㼑㻚㻌㻲㼍㼕㼞㻌㼢㼍㼘㼡㼑㻌㼕㼟㻌㼐㼑㼠㼑㼞㼙㼕㼚㼑㼐㻌㼎㼥㻌㼎㼍㼚㼗㼕㼚㼓㻌㼕㼚㼟㼠㼕㼠㼡㼠㼕㼛㼚㼟㻚㻴㼑㼐㼓㼑㼐
㼕㼠㼑㼙㼟㻲㼛㼞㼣㼍㼞㼐㼟
㻿㼑㼘㼘㼕㼚㼓
㻱㼡㼞㼛㻮㼡㼥㼕㼚㼓
㼁㻿㻌㼐㼛㼘㼘㼍㼞
㻱㼡㼞㼛
㼀㼛㼠㼍㼘

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㻌㻌㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻭㼙㼛㼡㼚㼠㻌㼛㼒㻯㼛㼚㼠㼞㼍㼏㼠
㼜㼞㼕㼚㼏㼕㼜㼍㼘㻌㼐㼡㼑㼍㼙㼛㼡㼚㼠
㼛㼢㼑㼞㻌㻝㻌㼥㼑㼍㼞

㻲㼍㼕㼞
㼢㼍㼘㼡㼑

㻙
㼰㻜
㻔㻝㻕
㻔㼰㻜㻕

㻲㼍㼕㼞
㼢㼍㼘㼡㼑

㻭㼏㼏㼛㼡㼚㼠㼟
㼞㼑㼏㼑㼕㼢㼍㼎㼘㼑

㻙

㻙

㻙

㻭㼏㼏㼛㼡㼚㼠㼟
㼜㼍㼥㼍㼎㼘㼑

㻐㻝㻘㻜㻟㻢
㻝㻘㻟㻞㻢㻐㻞㻘㻟㻣㻝

㻙
㻙
㻙

㻐㻜
㻔㻤㻕
㻔㻐㻜㻕

㻵㼚㼠㼑㼞㼑㼟㼠㻌㼞㼍㼠㼑㻌㼏㼡㼞㼞㼑㼚㼏㼥㻌㼞㼑㼘㼍㼠㼑㼐㻦㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㻭㼙㼛㼡㼚㼠㻌㼛㼒㻭㼙㼛㼡㼚㼠㻌㼛㼒㻴㼑㼐㼓㼑㼐
㻯㼛㼚㼠㼞㼍㼏㼠
㻲㼍㼕㼞㻴㼑㼐㼓㼑㼐
㻯㼛㼚㼠㼞㼍㼏㼠
㻲㼍㼕㼞㼜㼞㼕㼚㼏㼕㼜㼍㼘㻌㼐㼡㼑㼜㼞㼕㼚㼏㼕㼜㼍㼘㻌㼐㼡㼑㼕㼠㼑㼙㼟㼍㼙㼛㼡㼚㼠㼢㼍㼘㼡㼑㼕㼠㼑㼙㼟㼍㼙㼛㼡㼚㼠
㼢㼍㼘㼡㼑㼛㼢㼑㼞㻌㻝㻌㼥㼑㼍㼞㼛㼢㼑㼞㻌㻝㻌㼥㼑㼍㼞㻱㼤㼏㼑㼜㼠㼕㼛㼚㼍㼘㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼒㼛㼞㻌㼕㼚㼠㼑㼞㼑㼟㼠㻌㼞㼍㼠㼑㻌㼍㼚㼐㻌㼏㼡㼞㼞㼑㼚㼏㼥㻌㼟㼣㼍㼜㼟㻵㼚㼠㼑㼞㼑㼟㼠㻌㼞㼍㼠㼑㻌㼍㼚㼐㻌㼏㼡㼞㼞㼑㼚㼏㼥㼟㼣㼍㼜㻌㼏㼛㼚㼠㼞㼍㼏㼠㼟㻲㼕㼤㼑㼐㻌㼞㼍㼠㼑㻌㼜㼍㼥㼙㼑㼚㼠㼟㻌㼍㼚㼐㼢㼍㼞㼕㼍㼎㼘㼑㻌㼞㼍㼠㼑㻌㼞㼑㼏㼑㼕㼜㼠㼟㻾㼑㼏㼑㼕㼢㼕㼚㼓㻌㼕㼚㻌㼁㻿㻌㼐㼛㼘㼘㼍㼞㻌㼍㼚㼐㻸㼛㼚㼓㻙㼠㼑㼞㼙㼜㼍㼥㼕㼚㼓㻌㼕㼚㻌㻶㼍㼜㼍㼚㼑㼟㼑㻌㼥㼑㼚
㻙
㻙
㻙
㻙
㼘㼛㼍㼚㼟
㼰㻝㻡㻘㻝㻞㻜
㼰㻝㻡㻘㻝㻞㻜
㻺㼛㼠㼑㻺㼛㼠㼑㻚㻌㻵㼚㼠㼑㼞㼑㼟㼠㻌㼞㼍㼠㼑㻌㼍㼚㼐㻌㼏㼡㼞㼞㼑㼚㼏㼥㻌㼟㼣㼍㼜㻌㼏㼛㼚㼠㼞㼍㼏㼠㼟㻌㼟㼡㼎㼖㼑㼏㼠㻌㼠㼛㻌㼑㼤㼏㼑㼜㼠㼕㼛㼚㼍㼘㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼠㼞㼑㼍㼠㼙㼑㼚㼠㻌㻔㼟㼜㼑㼏㼕㼍㼘㻌㼠㼞㼑㼍㼠㼙㼑㼚㼠㻌㼍㼚㼐㻌㼍㼘㼘㼛㼏㼍㼠㼕㼛㼚㻌㼠㼞㼑㼍㼠㼙㼑㼚㼠㻕㻌㼍㼞㼑㻌㼍㼏㼏㼛㼡㼚㼠㼑㼐㻌㻌㻌㻌㻌㻌㻌㻌㼒㼛㼞㻌㼠㼛㼓㼑㼠㼔㼑㼞㻌㼣㼕㼠㼔㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼘㼛㼍㼚㼟㻌㼍㼟㻌㼔㼑㼐㼓㼑㼐㻌㼕㼠㼑㼙㼟㻚㻌㻭㼏㼏㼛㼞㼐㼕㼚㼓㼘㼥㻘㻌㼠㼔㼑㼕㼞㻌㼒㼍㼕㼞㻌㼢㼍㼘㼡㼑㼟㻌㼍㼞㼑㻌㼕㼚㼏㼘㼡㼐㼑㼐㻌㼕㼚㻌㼠㼔㼑㻌㼒㼍㼕㼞㻌㼢㼍㼘㼡㼑㼟㻌㼛㼒㻌㼘㼛㼚㼓㻙㼠㼑㼞㼙㻌㼘㼛㼍㼚㼟㻚㻴㼑㼐㼓㼑㼐
㼕㼠㼑㼙㼟㻱㼤㼏㼑㼜㼠㼕㼛㼚㼍㼘㻌㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻌㼒㼛㼞㻌㼕㼚㼠㼑㼞㼑㼟㼠㻌㼞㼍㼠㼑㻌㼍㼚㼐㻌㼏㼡㼞㼞㼑㼚㼏㼥㻌㼟㼣㼍㼜㼟㻵㼚㼠㼑㼞㼑㼟㼠㻌㼞㼍㼠㼑㻌㼍㼚㼐㻌㼏㼡㼞㼞㼑㼚㼏㼥㼟㼣㼍㼜㻌㼏㼛㼚㼠㼞㼍㼏㼠㼟㻲㼕㼤㼑㼐㻌㼞㼍㼠㼑㻌㼜㼍㼥㼙㼑㼚㼠㼟㻌㼍㼚㼐㼢㼍㼞㼕㼍㼎㼘㼑㻌㼞㼍㼠㼑㻌㼞㼑㼏㼑㼕㼜㼠㼟㻾㼑㼏㼑㼕㼢㼕㼚㼓㻌㼕㼚㻌㼁㻿㻌㼐㼛㼘㼘㼍㼞㻌㼍㼚㼐㼜㼍㼥㼕㼚㼓㻌㼕㼚㻌㻶㼍㼜㼍㼚㼑㼟㼑㻌㼥㼑㼚73

㻸㼛㼚㼓㻙㼠㼑㼞㼙㼘㼛㼍㼚㼟㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㻌㻌㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻭㼙㼛㼡㼚㼠㻌㼛㼒㻯㼛㼚㼠㼞㼍㼏㼠
㼜㼞㼕㼚㼏㼕㼜㼍㼘㻌㼐㼡㼑㼍㼙㼛㼡㼚㼠
㼛㼢㼑㼞㻌㻝㻌㼥㼑㼍㼞㻐㻝㻞㻡㻘㻟㻢㻞

㻐㻝㻞㻡㻘㻟㻢㻞

㻲㼍㼕㼞
㼢㼍㼘㼡㼑

㻺㼛㼠㼑

㻝㻡㻚㻌㻵㼚㼏㼛㼙㼑㻌㼠㼍㼤㼑㼟㼀㼔㼑 㻯㼛㼙㼜㼍㼚㼥 㼕㼟 㼟㼡㼎㼖㼑㼏㼠 㼠㼛 㼍 㼚㼡㼙㼎㼑㼞 㼛㼒 㼠㼍㼤㼑㼟 㼎㼍㼟㼑㼐 㼛㼚 㼕㼚㼏㼛㼙㼑㻘 㼣㼔㼕㼏㼔㻘 㼕㼚 㼠㼔㼑 㼍㼓㼓㼞㼑㼓㼍㼠㼑㻘 㼕㼚㼐㼕㼏㼍㼠㼑 㼍 㼟㼠㼍㼠㼡㼠㼛㼞㼥 㼕㼚㼏㼛㼙㼑 㼠㼍㼤 㼞㼍㼠㼑 㼕㼚 㻶㼍㼜㼍㼚㼛㼒㻌㼍㼜㼜㼞㼛㼤㼕㼙㼍㼠㼑㼘㼥㻌㻟㻣㻚㻥㻑㻌㼍㼚㼐㻌㻟㻡㻚㻡㻑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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻘㻌㼞㼑㼟㼜㼑㼏㼠㼕㼢㼑㼘㼥㻚㼀㼔㼑 㼒㼛㼘㼘㼛㼣㼕㼚㼓 㼠㼍㼎㼘㼑 㼟㼡㼙㼙㼍㼞㼕㼦㼑㼟 㼠㼔㼑 㼟㼕㼓㼚㼕㼒㼕㼏㼍㼚㼠 㼐㼕㼒㼒㼑㼞㼑㼚㼏㼑㼟 㼎㼑㼠㼣㼑㼑㼚 㼠㼔㼑 㼟㼠㼍㼠㼡㼠㼛㼞㼥 㼠㼍㼤 㼞㼍㼠㼑 㼍㼚㼐 㻴㻻㻾㻵㻮㻭㻓㼟 㼑㼒㼒㼑㼏㼠㼕㼢㼑 㼠㼍㼤 㼞㼍㼠㼑 㼒㼛㼞㼒㼕㼚㼍㼚㼏㼕㼍㼘㻌㼟㼠㼍㼠㼑㼙㼑㼚㼠㻌㼜㼡㼞㼜㼛㼟㼑㼟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㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻚㻿㼠㼍㼠㼡㼠㼛㼞㼥㻌㼠㼍㼤㻌㼞㼍㼠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㻱㼤㼜㼑㼚㼟㼑㼟㻌㼚㼛㼠㻌㼝㼡㼍㼘㼕㼒㼥㼕㼚㼓㻌㼒㼛㼞㻌㼜㼑㼞㼙㼍㼚㼑㼚㼠㻌㼐㼑㼐㼡㼏㼠㼕㼛㼚㻘㻌㼑㻚㼓㻚㻌㼑㼚㼠㼑㼞㼠㼍㼕㼚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㻺㼛㼚㼠㼍㼤㼍㼎㼘㼑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㻼㼑㼞㻌㼏㼍㼜㼕㼠㼍㻌㼕㼚㼔㼍㼎㼕㼠㼍㼚㼠㼟㻌㼠㼍㼤㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻵㼚㼏㼞㼑㼍㼟㼑㻛㼐㼑㼏㼞㼑㼍㼟㼑㻌㼕㼚㻌㼢㼍㼘㼡㼍㼠㼕㼛㼚㻌㼍㼘㼘㼛㼣㼍㼚㼏㼑㻌㼒㼛㼞㻌㼐㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤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㻰㼕㼒㼒㼑㼞㼑㼚㼏㼑㼟㻌㼕㼚㻌㼠㼍㼤㻌㼞㼍㼠㼑㻌㼎㼑㼠㼣㼑㼑㼚㼒㼛㼞㼑㼕㼓㼚㻌㼟㼡㼎㼟㼕㼐㼕㼍㼞㼕㼑㼟㻌㼍㼚㼐㻌㼠㼔㼑㻌㻯㼛㼙㼜㼍㼚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㼀㼍㼤㻌㼏㼞㼑㼐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㻾㼑㼐㼡㼏㼠㼕㼛㼚㻌㼕㼚㻌㼐㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤㻌㼍㼟㼟㼑㼠㼟㻌㼎㼥㻌㼠㼔㼑㻌㼏㼔㼍㼚㼓㼑㼟㻌㼛㼒㻌㼠㼍㼤㻌㼞㼍㼠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㻱㼒㼒㼑㼏㼠㼕㼢㼑㻌㼠㼍㼤㻌㼞㼍㼠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㻝㻞㻛㻞㻜㻝㻠
㻟㻣㻚㻥㻑㻝㻞㻛㻞㻜㻝㻡
㻟㻡㻚㻡㻑

㻝㻚㻤
㻔㻜㻚㻡㻕
㻜㻚㻟
㻜㻚㻥

㻝㻚㻥
㻔㻝㻚㻟㻕
㻜㻚㻟
㻝㻚㻥

㻔㻟㻚㻟㻕
㻔㻠㻚㻡㻕
㻜㻚㻤
㻝㻚㻢
㻟㻠㻚㻥㻑

㻔㻝㻚㻢㻕
㻔㻢㻚㻜㻕
㻝㻚㻠
㻜㻚㻝
㻟㻞㻚㻞㻑

㻿㼕㼓㼚㼕㼒㼕㼏㼍㼚㼠 㼏㼛㼙㼜㼛㼚㼑㼚㼠㼟 㼛㼒 㻴㻻㻾㻵㻮㻭㻓㼟 㼐㼑㼒㼑㼞㼞㼑㼐 㼠㼍㼤 㼍㼟㼟㼑㼠㼟 㼍㼚㼐 㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟 㼍㼠 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻠 㼍㼚㼐 㻰㼑㼏㼑㼙㼎㼑㼞 㻟㻝㻘 㻞㻜㻝㻡 㼣㼑㼞㼑 㼍㼟 㼒㼛㼘㼘㼛㼣㼟㻦㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡

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㻝㻞㻛㻞㻜㻝㻡

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㻔㻝㻠㻘㻝㻣㻣㻕
㻢㻢㻘㻜㻢㻠

㻰㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㼁㼚㼞㼑㼍㼘㼕㼦㼑㼐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㼀㼛㼠㼍㼘㻌㼐㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤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㻔㻠㻜㻞㻕㻔㻝㻘㻜㻝㻟㻕
㻔㻝㻘㻟㻢㻣㻕
㻔㻞㻘㻣㻤㻠㻕

㻔㻟㻥㻜㻕㻔㻝㻘㻝㻢㻠㻕
㻔㻞㻘㻜㻝㻟㻕
㻔㻟㻘㻡㻢㻤㻕

㻔㻟㻘㻞㻟㻟㻕
㻔㻥㻘㻢㻡㻜㻕
㻔㻝㻢㻘㻢㻥㻜㻕
㻔㻞㻥㻘㻡㻤㻞㻕

㻺㼑㼠㻌㼐㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤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㼰㻡㻘㻟㻢㻡

㼰㻠㻘㻟㻥㻥

㻐㻟㻢㻘㻠㻣㻞

㻺㼑㼠㻌㼐㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤㻌㼍㼟㼟㼑㼠㼟㻌㼍㼞㼑㻌㼕㼚㼏㼘㼡㼐㼑㼐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㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㻯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㼰㻟㻘㻢㻟㻡
㼰㻠㻘㻜㻜㻝
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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚
㻝㻘㻥㻥㻟
㻝㻘㻢㻣㻝
㻯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
㻔㻤㻤㻕
㻔㻥㻝㻕
㻸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㻔㻝㻣㻠㻕㻔㻝㻘㻝㻤㻝㻕
㻺㼑㼠㻌㼐㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤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㼰㻡㻘㻟㻢㻡
㼰㻠㻘㻟㻥㻥

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㻝㻞㻛㻞㻜㻝㻡
㻐㻟㻟㻘㻝㻣㻟
㻝㻟㻘㻤㻡㻠
㻔㻣㻡㻠㻕㻔㻥㻘㻣㻥㻝㻕
㻐㻟㻢㻘㻠㻣㻞

㻔㻾㼑㼢㼕㼟㼕㼛㼚 㼛㼒 㼍㼙㼛㼡㼚㼠 㼛㼒 㼐㼑㼒㼑㼞㼞㼑㼐 㼠㼍㼤 㼍㼟㼟㼑㼠㼟 㼍㼚㼐 㼐㼑㼒㼑㼞㼞㼑㼐 㼠㼍㼤 㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟 㼐㼡㼑 㼠㼛 㼏㼔㼍㼚㼓㼑 㼕㼚 㼞㼍㼠㼑 㼛㼒 㼏㼛㼞㼜㼛㼞㼍㼠㼑 㼍㼚㼐 㼛㼠㼔㼑㼞 㼕㼚㼏㼛㼙㼑 㼠㼍㼤㼑㼟㻕㻲㼛㼘㼘㼛㼣㼕㼚㼓㻌㼠㼔㼑㻌㼜㼞㼛㼙㼡㼘㼓㼍㼠㼕㼛㼚㻌㼛㼒㻌㼠㼔㼑㻌䇾㻭㼏㼠㻌㼒㼛㼞㻌㻼㼍㼞㼠㼕㼍㼘㻌㻭㼙㼑㼚㼐㼙㼑㼚㼠㻌㼛㼒㻌㼠㼔㼑㻌㻵㼚㼏㼛㼙㼑㻌㼀㼍㼤㻌㻭㼏㼠㻌㻔㻭㼏㼠㻌㻺㼛㻚㻌㻥㻌㼛㼒㻌㻞㻜㻝㻡㻕㻌㼍㼚㼐㻌㼠㼔㼑㻌㻭㼏㼠㻌㼒㼛㼞㻌㻼㼍㼞㼠㼕㼍㼘㻭㼙㼑㼚㼐㼙㼑㼚㼠㻌㼛㼒㻌㼠㼔㼑㻌㻸㼛㼏㼍㼘㻌㼀㼍㼤㻌㻭㼏㼠㻌㻔㻭㼏㼠㻌㻺㼛㻚㻌㻞㻌㼛㼒㻌㻞㻜㻝㻡㻕㻌㼛㼚㻌㻹㼍㼞㼏㼔㻌㻟㻝㻘㻌㻞㻜㻝㻡㻘㻌㼠㼔㼑㻌㼟㼠㼍㼠㼡㼠㼛㼞㼥㻌㼑㼒㼒㼑㼏㼠㼕㼢㼑㻌㼠㼍㼤㻌㼞㼍㼠㼑㻌㼒㼛㼞㻌㼠㼔㼑㻌㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㼒㼕㼟㼏㼍㼘㼥㼑㼍㼞㻌㼛㼚㻌㼍㼚㼐㻌㼍㼒㼠㼑㼞㻌㻭㼜㼞㼕㼘㻌㻝㻘㻌㻞㻜㻝㻡㻌㼣㼍㼟㻌㼞㼑㼐㼡㼏㼑㼐㻚㻲㼛㼘㼘㼛㼣㼕㼚㼓㻌㼠㼔㼑㻌㻭㼏㼠㻘㻌㼠㼔㼑㻌㼟㼠㼍㼠㼡㼠㼛㼞㼥㻌㼑㼒㼒㼑㼏㼠㼕㼢㼑㻌㼠㼍㼤㻌㼞㼍㼠㼑㻌㼡㼟㼑㼐㻌㼠㼛㻌㼏㼍㼘㼏㼡㼘㼍㼠㼑㻌㼐㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤㻌㼍㼟㼟㼑㼠㼟㻌㼍㼚㼐㻌㼐㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻌㼣㼍㼟㻌㼏㼔㼍㼚㼓㼑㼐㻌㼒㼞㼛㼙㻟㻡㻚㻡㻑㻌㼠㼛㻌㻟㻟㻚㻜㻑㻌㼒㼛㼞㻌㼠㼑㼙㼜㼛㼞㼍㼞㼥㻌㼐㼕㼒㼒㼑㼞㼑㼚㼏㼑㼟㻌㼑㼤㼜㼑㼏㼠㼑㼐㻌㼠㼛㻌㼎㼑㻌㼞㼑㼢㼑㼞㼟㼑㼐㻌㼕㼚㻌㼠㼔㼑㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼚㻌㻶㼍㼚㼡㼍㼞㼥㻌㻝㻘㻌㻞㻜㻝㻢㻌㼍㼚㼐㻌㻟㻞㻚㻞㻑㻌㼒㼛㼞㼠㼑㼙㼜㼛㼞㼍㼞㼥㻌㼐㼕㼒㼒㼑㼞㼑㼚㼏㼑㼟㻌㼑㼤㼜㼑㼏㼠㼑㼐㻌㼠㼛㻌㼎㼑㻌㼞㼑㼢㼑㼞㼟㼑㼐㻌㼕㼚㻌㼠㼔㼑㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻌㼎㼑㼓㼕㼚㼚㼕㼚㼓㻌㼛㼚㻌㻶㼍㼚㼡㼍㼞㼥㻌㻝㻘㻌㻞㻜㻝㻣㻌㼛㼞㻌㼍㼒㼠㼑㼞㻚㻰㼡㼑㻌㼠㼛㻌㼟㼡㼏㼔㻌㼏㼔㼍㼚㼓㼑㻌㼕㼚㻌㼠㼍㼤㻌㼞㼍㼠㼑㻘㻌㼠㼔㼑㻌㼍㼙㼛㼡㼚㼠㻌㼛㼒㻌㼐㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤㻌㼍㼟㼟㼑㼠㼟㻌㻔㼚㼑㼠㼠㼑㼐㻌㼣㼕㼠㼔㻌㼐㼑㼒㼑㼞㼞㼑㼐㻌㼠㼍㼤㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻕㻌㼐㼑㼏㼞㼑㼍㼟㼑㼐㻌㼎㼥㻌㼈㻝㻠㻝㻌㼙㼕㼘㼘㼕㼛㼚㻔㻐㻝㻘㻝㻢㻥㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻘㻌㼣㼔㼕㼘㼑㻌㼠㼔㼑㻌㼍㼙㼛㼡㼚㼠㼟㻌㼛㼒㻌㼕㼚㼏㼛㼙㼑㻌㼠㼍㼤㼑㼟㻌㻔㼐㼑㼒㼑㼞㼞㼑㼐㻕㻘㻌㼡㼚㼞㼑㼍㼘㼕㼦㼑㼐㻌㼓㼍㼕㼚㼟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㻌㼍㼚㼐㼞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㼕㼚㼏㼞㼑㼍㼟㼑㼐㻌㼎㼥㻌㼈㻞㻣㻝㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻞㻘㻞㻠㻢㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻘㻌㼈㻝㻞㻜㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻥㻥㻠㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻌㼍㼚㼐㻌㼈㻥㻌㼙㼕㼘㼘㼕㼛㼚㻔㻐㻣㻠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㻌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㻘㻌㼔㼛㼣㼑㼢㼑㼞㻘㻌㼐㼑㼏㼞㼑㼍㼟㼑㼐㻌㼎㼥㻌㼈㻜㻌㼙㼕㼘㼘㼕㼛㼚㻌㻔㻐㻜㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻚

HORIBA Report 2015 | 74

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Note to Consolidated Financial Statements㻝㻢㻚 㻵㼙㼜㼍㼕㼞㼙㼑㼚㼠㻌㼘㼛㼟㼟㻴㻻㻾㻵㻮㻭 㼞㼑㼢㼕㼑㼣㼑㼐 㼕㼠㼟 㼘㼛㼚㼓㻙㼘㼕㼢㼑㼐 㼍㼟㼟㼑㼠㼟 㼒㼛㼞 㼕㼙㼜㼍㼕㼞㼙㼑㼚㼠㻘 㼍㼚㼐㻘 㼍㼟 㼍 㼞㼑㼟㼡㼘㼠㻘 㼕㼙㼜㼍㼕㼞㼙㼑㼚㼠 㼘㼛㼟㼟㼑㼟 㼣㼑㼞㼑 㼞㼑㼏㼛㼓㼚㼕㼦㼑㼐 㼎㼥 㼠㼔㼑 㻯㼛㼙㼜㼍㼚㼥 㼒㼛㼞 㼠㼔㼑㼒㼛㼘㼘㼛㼣㼕㼚㼓㻌㼍㼟㼟㼑㼠㻌㼓㼞㼛㼡㼜㼟㻌㼍㼟㻌㼛㼠㼔㼑㼞㻌㼑㼤㼜㼑㼚㼟㼑㼟㻌㼒㼛㼞㻌㼠㼔㼑㻌㼥㼑㼍㼞㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻚㻸㼛㼏㼍㼠㼕㼛㼚
㻹㼛㼚㼠㼜㼑㼘㼘㼕㼑㼞㻘㻌㻲㼞㼍㼚㼏㼑㻌㻳㼛㼠㼔㼑㼚㼎㼡㼞㼓㻘㻌㻿㼣㼑㼐㼑㼚

㼁㼟㼑
㻵㼐㼘㼑
㻼㼘㼍㼚㼚㼑㼐㻌㼠㼛㻌㼎㼑㻌㼟㼛㼘㼐㼀㼥㼜㼑㻹㼍㼏㼔㼕㼚㼑㼞㼥㻌㼍㼚㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻹㼍㼏㼔㼕㼚㼑㼞㼥㻌㼍㼚㼐㻌㼑㼝㼡㼕㼜㼙㼑㼚㼠㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㼰㻞㻡㻝㻢㻔㻮㼍㼏㼗㼓㼞㼛㼡㼚㼐㻕䚷㻵㼚 㼠㼔㼑 㼏㼍㼟㼑 㼛㼒 㼕㼐㼘㼑 㼍㼟㼟㼑㼠㼟㻘 㼠㼔㼑㼞㼑 㼣㼍㼟 㼚㼛 㼏㼛㼚㼏㼞㼑㼠㼑 㼜㼘㼍㼚 㼠㼛 㼡㼟㼑 㼠㼔㼑 㼍㼟㼟㼑㼠㼟 㼒㼛㼞 㼎㼡㼟㼕㼚㼑㼟㼟㻚 㻵㼚 㼠㼔㼑 㼏㼍㼟㼑 㼛㼒 㼍㼟㼟㼑㼠㼟 㼠㼔㼍㼠 㼍㼞㼑 㼜㼘㼍㼚㼚㼑㼐 㼠㼛 㼎㼑㼟㼛㼘㼐㻘 㼠㼔㼑㼥 㼔㼍㼢㼑 㼎㼑㼑㼚 㼑㼟㼠㼕㼙㼍㼠㼑㼐 㼠㼔㼍㼠 㼘㼛㼟㼟㼑㼟 㼣㼕㼘㼘 㼍㼞㼕㼟㼑 㼐㼡㼑 㼠㼛 㼠㼔㼑 㼟㼍㼘㼑㼟㻚 㼀㼔㼡㼟㻘 㼠㼔㼑 㼎㼛㼛㼗 㼢㼍㼘㼡㼑 㼛㼒 㼠㼔㼑㼟㼑 㼍㼟㼟㼑㼠㼟 㼣㼍㼟 㼘㼛㼣㼑㼞㼑㼐 㼠㼛㼠㼔㼑㻌㼞㼑㼏㼛㼢㼑㼞㼍㼎㼘㼑㻌㼢㼍㼘㼡㼑㻘㻌㼍㼚㼐㻌㼠㼔㼑㻌㼞㼑㼟㼡㼘㼠㼕㼚㼓㻌㼕㼙㼜㼍㼕㼞㼙㼑㼚㼠㻌㼘㼛㼟㼟㻌㻔㼈㻠㻞㻌㼙㼕㼘㼘㼕㼛㼚㻕㻌㼣㼍㼟㻌㼞㼑㼏㼛㼓㼚㼕㼦㼑㼐㻌㼍㼟㻌㼛㼠㼔㼑㼞㻌㼑㼤㼜㼑㼚㼟㼑㼟㻚㻔㻹㼑㼠㼔㼛㼐㻌㼡㼟㼑㼐㻌㼒㼛㼞㻌㼓㼞㼛㼡㼜㼕㼚㼓㻕䚷㻵㼚 㼏㼛㼚㼚㼑㼏㼠㼕㼛㼚 㼣㼕㼠㼔 㼠㼔㼑 㼡㼟㼑 㼛㼒 㼕㼙㼜㼍㼕㼞㼙㼑㼚㼠 㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓㻘 㼎㼡㼟㼕㼚㼑㼟㼟 㼍㼟㼟㼑㼠㼟 㼍㼞㼑 㼓㼞㼛㼡㼜㼑㼐 㼛㼚 㼍 㼞㼑㼜㼛㼞㼠㼕㼚㼓 㼟㼑㼓㼙㼑㼚㼠 㼎㼍㼟㼕㼟㻚 㻵㼐㼘㼑 㼍㼟㼟㼑㼠㼟㻘 㼑㼠㼏㻚㻘㼍㼞㼑㻌㼓㼞㼛㼡㼜㼑㼐㻌㼛㼚㻌㼍㻌㼜㼞㼛㼜㼑㼞㼠㼥㻙㼎㼥㻙㼜㼞㼛㼜㼑㼞㼠㼥㻌㼎㼍㼟㼕㼟㻚㻔㻹㼑㼠㼔㼛㼐㻌㼡㼟㼑㼐㻌㼒㼛㼞㻌㼏㼍㼘㼏㼡㼘㼍㼠㼕㼚㼓㻌㼍㻌㼞㼑㼏㼛㼢㼑㼞㼍㼎㼘㼑㻌㼍㼙㼛㼡㼚㼠㻕䚷㼀㼔㼑 㼞㼑㼏㼛㼢㼑㼞㼍㼎㼘㼑 㼍㼙㼛㼡㼚㼠 㼣㼍㼟 㼙㼑㼍㼟㼡㼞㼑㼐 㼍㼏㼏㼛㼞㼐㼕㼚㼓 㼠㼛 㼑㼟㼠㼕㼙㼍㼠㼑㼐 㼚㼑㼠 㼞㼑㼍㼘㼕㼦㼍㼎㼘㼑 㼢㼍㼘㼡㼑㻚 㻭㼟 㼕㼠 㼕㼟 㼐㼕㼒㼒㼕㼏㼡㼘㼠 㼠㼛 㼟㼑㼘㼘 㼛㼞 㼐㼕㼢㼑㼞㼠 㼙㼍㼏㼔㼕㼚㼑㼞㼥㼍㼚㼐 㼑㼝㼡㼕㼜㼙㼑㼚㼠 㼛㼒 㼕㼐㼘㼑 㼍㼟㼟㼑㼠㼟 㼑㼘㼟㼑㼣㼔㼑㼞㼑㻘 㼠㼔㼑 㼞㼑㼏㼛㼢㼑㼞㼍㼎㼘㼑 㼍㼙㼛㼡㼚㼠 㼣㼍㼟 㼑㼟㼠㼕㼙㼍㼠㼑㼐 㼍㼠 㼦㼑㼞㼛㻚 㻭㼟㼟㼑㼠㼟 㼠㼔㼍㼠 㼍㼞㼑 㼜㼘㼍㼚㼚㼑㼐 㼠㼛 㼎㼑 㼟㼛㼘㼐㼣㼑㼞㼑㻌㼑㼟㼠㼕㼙㼍㼠㼑㼐㻌㼍㼠㻌㼠㼔㼑㻌㼏㼛㼚㼠㼞㼍㼏㼠㻌㼍㼙㼛㼡㼚㼠㻚㻴㻻㻾㻵㻮㻭 㼞㼑㼢㼕㼑㼣㼑㼐 㼕㼠㼟 㼘㼛㼚㼓㻙㼘㼕㼢㼑㼐 㼍㼟㼟㼑㼠㼟 㼒㼛㼞 㼕㼙㼜㼍㼕㼞㼙㼑㼚㼠㻘 㼍㼚㼐㻘 㼍㼟 㼍 㼞㼑㼟㼡㼘㼠㻘 㼕㼙㼜㼍㼕㼞㼙㼑㼚㼠 㼘㼛㼟㼟㼑㼟 㼣㼑㼞㼑 㼞㼑㼏㼛㼓㼚㼕㼦㼑㼐 㼎㼥 㼠㼔㼑 㻯㼛㼙㼜㼍㼚㼥 㼒㼛㼞㼠㼔㼑㻌㼒㼛㼘㼘㼛㼣㼕㼚㼓㻌㼍㼟㼟㼑㼠㻌㼓㼞㼛㼡㼜㼟㻌㼍㼟㻌㼛㼠㼔㼑㼞㻌㼑㼤㼜㼑㼚㼟㼑㼟㻌㼒㼛㼞㻌㼠㼔㼑㻌㼥㼑㼍㼞㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻚㻸㼛㼏㼍㼠㼕㼛㼚
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㻝㻞㻛㻞㻜㻝㻡
㼰㻝㻘㻠㻜㻞
㼰㻣㻣㻤㻔㻝㻘㻤㻜㻠㻕
㻔㻠㻠㻕
㻔㻠㻜㻞㻕
㻣㻟㻟
㻝㻠㻤
㻔㻝㻡㻜㻕
㻔㻞㻡㻠㻕
㻡㻤㻞

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻐㻢㻘㻠㻡㻜㻔㻟㻢㻠㻕㻢㻘㻜㻣㻣㻔㻝㻘㻞㻠㻟㻕
㻠㻘㻤㻞㻡

㻡
㻝㻣
㻞㻟
㻔㻤㻕
㻝㻡

㻔㻢㻟㻕
㻟㻟
㻔㻞㻥㻕
㻝㻜
㻔㻝㻥㻕

㻔㻡㻞㻞㻕
㻞㻣㻟
㻔㻞㻠㻜㻕
㻤㻞
㻔㻝㻡㻣㻕

㻞㻘㻝㻟㻞

㻔㻟㻘㻣㻥㻟㻕

㻔㻟㻝㻘㻠㻠㻤㻕

㻙
㻙
㻙
㻙
㻙

㻡㻟
㻔㻞㻢㻕
㻞㻢
㻞㻟
㻡㻜

㻠㻟㻥
㻔㻞㻝㻡㻕
㻞㻝㻡
㻝㻥㻜
㻠㻝㻠

㻞㻥
㼰㻝㻘㻥㻞㻟

㻙㻔㼰㻟㻘㻝㻤㻜㻕

㻙㻔㻐㻞㻢㻘㻟㻢㻡㻕㻝㻤㻚㻌㻿㼑㼓㼙㼑㼚㼠㻌㼕㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻳㼑㼚㼑㼞㼍㼘㻌㼕㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻌㼞㼑㼓㼍㼞㼐㼕㼚㼓㻌㼞㼑㼜㼛㼞㼠㼍㼎㼘㼑㻌㼟㼑㼓㼙㼑㼚㼠㼟㻔㻝㻕㻌㻯㼍㼘㼏㼡㼘㼍㼠㼕㼛㼚㻌㼙㼑㼠㼔㼛㼐㻌㼒㼛㼞㻌㼞㼑㼜㼛㼞㼠㼍㼎㼘㼑㻌㼟㼑㼓㼙㼑㼚㼠㼟㻴㻻㻾㻵㻮㻭㻓㼟 㼞㼑㼜㼛㼞㼠㼍㼎㼘㼑 㼟㼑㼓㼙㼑㼚㼠㼟 㼍㼞㼑 㼏㼛㼙㼜㼛㼚㼑㼚㼠㼟 㼛㼒 㼠㼔㼑 㻯㼛㼙㼜㼍㼚㼥 㼍㼎㼛㼡㼠 㼣㼔㼕㼏㼔 㼟㼑㼜㼍㼞㼍㼠㼑 㼒㼕㼚㼍㼚㼏㼕㼍㼘 㼕㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚 㼕㼟 㼍㼢㼍㼕㼘㼍㼎㼘㼑 㼍㼚㼐 㼠㼔㼍㼠 㼍㼞㼑 㼑㼢㼍㼘㼡㼍㼠㼑㼐㼞㼑㼓㼡㼘㼍㼞㼘㼥㻌㼎㼥㻌㼠㼔㼑㻌㼙㼍㼚㼍㼓㼑㼙㼑㼚㼠㻌㼕㼚㻌㼐㼑㼏㼕㼐㼕㼚㼓㻌㼔㼛㼣㻌㼠㼛㻌㼍㼘㼘㼛㼏㼍㼠㼑㻌㼞㼑㼟㼛㼡㼞㼏㼑㼟㻌㼍㼚㼐㻌㼕㼚㻌㼍㼟㼟㼑㼟㼟㼕㼚㼓㻌㼜㼑㼞㼒㼛㼞㼙㼍㼚㼏㼑㻚㼀㼔㼑 㻯㼛㼙㼜㼍㼚㼥 㼔㼍㼟 㼑㼟㼠㼍㼎㼘㼕㼟㼔㼑㼐 㼠㼔㼑 㼟㼑㼓㼙㼑㼚㼠 㼟㼠㼞㼍㼠㼑㼓㼥 㼛㼒㼒㼕㼏㼑 㼒㼛㼞 㼑㼍㼏㼔 㼜㼞㼛㼐㼡㼏㼠 㼍㼚㼐 㼟㼑㼞㼢㼕㼏㼑 㼍㼠 㼕㼠㼟 㼔㼑㼍㼐㼝㼡㼍㼞㼠㼑㼞㼟 㼣㼔㼕㼏㼔 㼐㼞㼍㼣㼟 㼍 㼏㼛㼙㼜㼞㼑㼔㼑㼚㼟㼕㼢㼑 㼜㼘㼍㼚㼒㼛㼞㻌㻶㼍㼜㼍㼚㻌㼍㼚㼐㻌㼛㼢㼑㼞㼟㼑㼍㼟㻌㼙㼍㼞㼗㼑㼠㼟㻌㼒㼛㼞㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼐㼑㼢㼑㼘㼛㼜㼙㼑㼚㼠㻚㼀㼔㼑 㻯㼛㼙㼜㼍㼚㼥 㼠㼔㼡㼟 㼕㼟 㼏㼛㼙㼜㼛㼟㼑㼐 㼛㼒 㼎㼡㼟㼕㼚㼑㼟㼟 㼟㼑㼓㼙㼑㼚㼠㼟 㼎㼥 㼜㼞㼛㼐㼡㼏㼠 㼍㼚㼐 㼟㼑㼞㼢㼕㼏㼑 㼠㼔㼍㼠 㼍㼞㼑 㼐㼑㼠㼑㼞㼙㼕㼚㼑㼐 㼍㼠 㼠㼔㼑 㼔㼑㼍㼐 㼛㼒㼒㼕㼏㼑㻚 㼀㼔㼑 㻭㼡㼠㼛㼙㼛㼠㼕㼢㼑 㼀㼑㼟㼠㻿㼥㼟㼠㼑㼙㼟㻘 㻼㼞㼛㼏㼑㼟㼟 㻒 㻱㼚㼢㼕㼞㼛㼚㼙㼑㼚㼠㼍㼘 㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟 㻒 㻿㼥㼟㼠㼑㼙㼟㻘 㻹㼑㼐㼕㼏㼍㼘㻙㻰㼕㼍㼓㼚㼛㼟㼠㼕㼏 㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟 㻒 㻿㼥㼟㼠㼑㼙㼟㻘 㻿㼑㼙㼕㼏㼛㼚㼐㼡㼏㼠㼛㼞 㻵㼚㼟㼠㼞㼡㼙㼑㼚㼠㼟 㻒 㻿㼥㼟㼠㼑㼙㼟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㻌㼏㼛㼙㼜㼞㼕㼟㼑㻌㼒㼕㼢㼑㻌㼞㼑㼜㼛㼞㼠㼍㼎㼘㼑㻌㼟㼑㼓㼙㼑㼚㼠㼟㻚㻹㼍㼖㼛㼞㻌㼜㼞㼛㼐㼡㼏㼠㼟㻌㼍㼚㼐㻌㼟㼑㼞㼢㼕㼏㼑㼟㻌㼛㼒㻌㼑㼍㼏㼔㻌㼟㼑㼓㼙㼑㼚㼠㻌㼍㼞㼑㻌㼐㼑㼟㼏㼞㼕㼎㼑㼐㻌㼎㼑㼘㼛㼣㻚㻔㼍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㻱㼙㼕㼟㼟㼕㼛㼚㻌㻹㼑㼍㼟㼡㼞㼑㼙㼑㼚㼠㻌㻿㼥㼟㼠㼑㼙㼟㻘㻌㻵㼚㻙㼁㼟㼑㻌㻭㼡㼠㼛㼙㼛㼠㼕㼢㼑㻌㻱㼙㼕㼟㼟㼕㼛㼚㼟㻌㻭㼚㼍㼘㼥㼦㼑㼞㼟㻘㻌㻻㼚㻙㻮㼛㼍㼞㼐㻌㻱㼙㼕㼟㼟㼕㼛㼚㻌㻹㼑㼍㼟㼡㼞㼑㼙㼑㼚㼠㻘㻌㻰㼞㼕㼢㼑㼘㼕㼚㼑㻌㼀㼑㼟㼠㻌㻿㼥㼟㼠㼑㼙㼟㻘㻱㼚㼓㼕㼚㼑㻌㼀㼑㼟㼠㻌㻿㼥㼟㼠㼑㼙㼟㻘㻌㻮㼞㼍㼗㼑㻌㼀㼑㼟㼠㻌㻿㼥㼟㼠㼑㼙㼟㻘㻌㻰㼞㼕㼢㼑㻌㻾㼑㼏㼛㼞㼐㼑㼞㼟㻘㻌㻱㼚㼓㼕㼚㼑㼑㼞㼕㼚㼓㻌㻯㼛㼚㼟㼡㼘㼠㼍㼚㼏㼥㻘㻌㼀㼑㼟㼠㻌㻿㼑㼞㼢㼕㼏㼑㼟㻌㻒㻌㻯㼛㼚㼟㼡㼘㼠㼍㼚㼏㼥㻘㻌㻸㼑㼍㼟㼕㼚㼓㻌㼛㼒㻌㻾㻒㻰㻌㻲㼍㼏㼕㼘㼕㼠㼥㻔㼎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㻿㼠㼍㼏㼗㻌㻳㼍㼟㻌㻭㼚㼍㼘㼥㼦㼑㼞㼟㻘㻌㼃㼍㼠㼑㼞㻌㻽㼡㼍㼘㼕㼠㼥㻌㻭㼚㼍㼘㼥㼟㼕㼟㻌㼍㼚㼐㻌㻱㼤㼍㼙㼕㼚㼍㼠㼕㼛㼚㻌㻿㼥㼟㼠㼑㼙㼟㻘㻌㻭㼕㼞㻌㻼㼛㼘㼘㼡㼠㼕㼛㼚㻌㻭㼚㼍㼘㼥㼦㼑㼞㼟㻘㻌㻱㼚㼢㼕㼞㼛㼚㼙㼑㼚㼠㼍㼘㻌㻾㼍㼐㼕㼍㼠㼕㼛㼚㻌㻹㼛㼚㼕㼠㼛㼞㼟㻔㼏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㻴㼑㼙㼍㼠㼛㼘㼛㼓㼥㻌㻭㼚㼍㼘㼥㼦㼑㼞㼟㻘㻌㻱㼝㼡㼕㼜㼙㼑㼚㼠㻌㼒㼛㼞㻌㻹㼑㼍㼟㼡㼞㼕㼚㼓㻌㻵㼙㼙㼡㼚㼛㼘㼛㼓㼕㼏㼍㼘㻌㻾㼑㼟㼜㼛㼚㼟㼑㼟㻘 㻯㼘㼕㼚㼕㼏㼍㼘㻌㻯㼔㼑㼙㼕㼟㼠㼞㼥㻌㻭㼚㼍㼘㼥㼦㼑㼞㼟㻘㻌㻮㼘㼛㼛㼐㻌㻿㼡㼓㼍㼞㻌㻹㼑㼍㼟㼡㼞㼑㼙㼑㼚㼠㻌㻿㼥㼟㼠㼑㼙㼟㻔㼐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㻹㼍㼟㼟㻌㻲㼘㼛㼣㻌㻯㼛㼚㼠㼞㼛㼘㼘㼑㼞㼟㻘㻌㻯㼔㼑㼙㼕㼏㼍㼘㻌㻯㼛㼚㼏㼑㼚㼠㼞㼍㼠㼕㼛㼚㻌㻹㼛㼚㼕㼠㼛㼞㼟㻘㻌㻾㼑㼠㼕㼏㼘㼑㻛㻹㼍㼟㼗㻌㻼㼍㼞㼠㼕㼏㼘㼑㻌㻰㼑㼠㼑㼏㼠㼕㼛㼚㻌㻿㼥㼟㼠㼑㼙㼟㻘㻌㻾㼑㼟㼕㼐㼡㼍㼘㻌㻳㼍㼟㻌㻭㼚㼍㼘㼥㼦㼑㼞㼟㻔㼑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㼜㻴㻌㻹㼑㼠㼑㼞㼟㻘㻌㻼㼍㼞㼠㼕㼏㼘㼑㻙㻿㼕㼦㼑㻌㻰㼕㼟㼠㼞㼕㼎㼡㼠㼕㼛㼚㻌㻭㼚㼍㼘㼥㼦㼑㼞㼟㻘㻌㼄㻙㻾㼍㼥㻌㻲㼘㼡㼛㼞㼑㼟㼏㼑㼚㼏㼑㻌㻭㼚㼍㼘㼥㼦㼑㼞㼟㻘㻌㻾㼍㼙㼍㼚㻘㻌㻿㼜㼑㼏㼠㼞㼛㼜㼔㼛㼠㼛㼙㼑㼠㼑㼞㼟㻘㻌㻳㼞㼍㼠㼕㼚㼓㼟㻔㻞㻕㻌㻹㼑㼠㼔㼛㼐㻌㼛㼒㻌㼙㼑㼍㼟㼡㼞㼑㼙㼑㼚㼠㻌㼞㼑㼓㼍㼞㼐㼕㼚㼓㻌㼕㼚㼏㼛㼙㼑㻌㻔㼘㼛㼟㼟㻕㻘㻌㼍㼟㼟㼑㼠㼟㻌㼍㼚㼐㻌㼛㼠㼔㼑㼞㻌㼙㼍㼠㼑㼞㼕㼍㼘㻌㼕㼠㼑㼙㼟㻌㼎㼥㻌㼞㼑㼜㼛㼞㼠㼍㼎㼘㼑㻌㼟㼑㼓㼙㼑㼚㼠㼀㼔㼑 㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓 㼙㼑㼠㼔㼛㼐㼟 㼍㼜㼜㼘㼕㼑㼐 㼒㼛㼞 㼞㼑㼜㼛㼞㼠㼍㼎㼘㼑 㼟㼑㼓㼙㼑㼚㼠㼟 㼍㼞㼑 㼕㼐㼑㼚㼠㼕㼏㼍㼘 㼣㼕㼠㼔 㼠㼔㼛㼟㼑 㼟㼠㼍㼠㼑㼐 㼕㼚 㻺㼛㼠㼑 㻞㻘 㻎㻿㼡㼙㼙㼍㼞㼥 㼛㼒 㼟㼕㼓㼚㼕㼒㼕㼏㼍㼚㼠 㼍㼏㼏㼛㼡㼚㼠㼕㼚㼓 㼜㼛㼘㼕㼏㼕㼑㼟㻚㻎㻵㼚㼏㼛㼙㼑㻌㼒㼛㼞㻌㼑㼍㼏㼔㻌㼞㼑㼜㼛㼞㼠㼍㼎㼘㼑㻌㼟㼑㼓㼙㼑㼚㼠㻌㼕㼟㻌㼠㼔㼑㻌㼍㼙㼛㼡㼚㼠㻌㼎㼍㼟㼑㼐㻌㼛㼚㻌㼛㼜㼑㼞㼍㼠㼕㼚㼓㻌㼕㼚㼏㼛㼙㼑㻚

HORIBA Report 2015 | 76

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Note to Consolidated Financial Statements㻔㻟㻕㻌㻵㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻌㼞㼑㼓㼍㼞㼐㼕㼚㼓㻌㼕㼚㼏㼛㼙㼑㻌㻔㼘㼛㼟㼟㻕㻘㻌㼍㼟㼟㼑㼠㼟㻌㼍㼚㼐㻌㼛㼠㼔㼑㼞㻌㼙㼍㼠㼑㼞㼕㼍㼘㻌㼕㼠㼑㼙㼟㻌㼎㼥㻌㼞㼑㼜㼛㼞㼠㼍㼎㼘㼑㻌㼟㼑㼓㼙㼑㼚㼠㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠

㻿㼍㼘㼑㼟㻿㼍㼘㼑㼟㻌㼠㼛㻌㼛㼡㼠㼟㼕㼐㼑㻌㼏㼡㼟㼠㼛㼙㼑㼞㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻵㼚㼠㼑㼞㼟㼑㼓㼙㼑㼚㼠㻌㼟㼍㼘㼑㼟㻌㼍㼚㼐㻌㼠㼞㼍㼚㼟㼒㼑㼞㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻿㼑㼓㼙㼑㼚㼠㻌㼕㼚㼏㼛㼙㼑㻌㻔㼘㼛㼟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㻿㼑㼓㼙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㻻㼠㼔㼑㼞㻌㼕㼠㼑㼙㼟㻦㻰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㻭㼙㼛㼞㼠㼕㼦㼍㼠㼕㼛㼚㻌㼛㼒㻌㼓㼛㼛㼐㼣㼕㼘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㻵㼚㼏㼞㼑㼍㼟㼑㻌㼕㼚㻌㼠㼍㼚㼓㼕㼎㼘㼑㻌㼍㼚㼐㻌㼕㼚㼠㼍㼚㼓㼕㼎㼘㼑㼒㼕㼤㼑㼐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㻭㼡㼠㼛㼙㼛㼠㼕㼢㼑㻼㼞㼛㼏㼑㼟㼟㻌㻒㻱㼚㼢㼕㼞㼛㼚㼙㼑㼚㼠㼍㼘㼰㻡㻡㻘㻜㻜㻝
㻙㻡㻡㻘㻜㻜㻝
㼰㻡㻘㻤㻞㻣
㼰㻠㻥㻘㻜㻟㻡

㼰㻝㻢㻘㻠㻢㻡
㻙㻝㻢㻘㻠㻢㻡
㼰㻞㻘㻜㻜㻣
㼰㻝㻠㻘㻥㻞㻝

㼰㻞㻣㻘㻜㻟㻣
㻙㻞㻣㻘㻜㻟㻣
㼰㻝㻘㻣㻝㻣
㼰㻞㻟㻘㻥㻡㻟

㼰㻞㻤㻘㻥㻟㻠
㻙㻞㻤㻘㻥㻟㻠
㼰㻢㻘㻠㻡㻡
㼰㻞㻥㻘㻥㻞㻢

㻝㻘㻡㻝㻤
㻙

㻡㻜㻟
㻙

㻝㻘㻝㻤㻝
㻙

㻟㻘㻤㻞㻣

㻝㻘㻝㻥㻝

㻞㻘㻝㻢㻤

㻹㼑㼐㼕㼏㼍㼘㻙
㻰㼕㼍㼓㼚㼛㼟㼠㼕㼏㻿㼑㼙㼕㼏㼛㼚㼐㼡㼏㼠㼛㼞㻿㼏㼕㼑㼚㼠㼕㼒㼕㼏㻭㼐㼖㼡㼟㼠㼙㼑㼚㼠㻯㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㼰㻞㻡㻘㻢㻞㻣
㻙㻞㻡㻘㻢㻞㻣
㼰㻝㻘㻞㻜㻢
㼰㻞㻠㻘㻠㻜㻡㻙㻙㻙㻙㼰㻢㻡㻘㻜㻥㻞

㼰㻝㻡㻟㻘㻜㻢㻡
㻙㻝㻡㻟㻘㻜㻢㻡
㼰㻝㻣㻘㻞㻝㻠
㼰㻞㻜㻣㻘㻟㻟㻡

㻤㻢㻤
㻙

㻣㻠㻟
㻤㻥

㻙
㻙

㻠㻘㻤㻝㻡
㻤㻥

㻞㻘㻣㻣㻢

㻝㻘㻜㻟㻤

㻙

㻝㻝㻘㻜㻜㻝

㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻡

㻿㼍㼘㼑㼟㻿㼍㼘㼑㼟㻌㼠㼛㻌㼛㼡㼠㼟㼕㼐㼑㻌㼏㼡㼟㼠㼛㼙㼑㼞㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻵㼚㼠㼑㼞㼟㼑㼓㼙㼑㼚㼠㻌㼟㼍㼘㼑㼟㻌㼍㼚㼐㻌㼠㼞㼍㼚㼟㼒㼑㼞㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻿㼑㼓㼙㼑㼚㼠㻌㼕㼚㼏㼛㼙㼑㻌㻔㼘㼛㼟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㻿㼑㼓㼙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㻻㼠㼔㼑㼞㻌㼕㼠㼑㼙㼟㻦㻰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㻭㼙㼛㼞㼠㼕㼦㼍㼠㼕㼛㼚㻌㼛㼒㻌㼓㼛㼛㼐㼣㼕㼘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㻵㼚㼏㼞㼑㼍㼟㼑㻌㼕㼚㻌㼠㼍㼚㼓㼕㼎㼘㼑㻌㼍㼚㼐㻌㼕㼚㼠㼍㼚㼓㼕㼎㼘㼑㼒㼕㼤㼑㼐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㻿㼍㼘㼑㼟㻿㼍㼘㼑㼟㻌㼠㼛㻌㼛㼡㼠㼟㼕㼐㼑㻌㼏㼡㼟㼠㼛㼙㼑㼞㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻵㼚㼠㼑㼞㼟㼑㼓㼙㼑㼚㼠㻌㼟㼍㼘㼑㼟㻌㼍㼚㼐㻌㼠㼞㼍㼚㼟㼒㼑㼞㼟㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻿㼑㼓㼙㼑㼚㼠㻌㼕㼚㼏㼛㼙㼑㻌㻔㼘㼛㼟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㻿㼑㼓㼙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㻻㼠㼔㼑㼞㻌㼕㼠㼑㼙㼟㻦㻰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㻭㼙㼛㼞㼠㼕㼦㼍㼠㼕㼛㼚㻌㼛㼒㻌㼓㼛㼛㼐㼣㼕㼘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㻵㼚㼏㼞㼑㼍㼟㼑㻌㼕㼚㻌㼠㼍㼚㼓㼕㼎㼘㼑㻌㼍㼚㼐㻌㼕㼚㼠㼍㼚㼓㼕㼎㼘㼑㼒㼕㼤㼑㼐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㻹㼑㼐㼕㼏㼍㼘㻙
㻰㼕㼍㼓㼚㼛㼟㼠㼕㼏㻭㼡㼠㼛㼙㼛㼠㼕㼢㼑㻼㼞㼛㼏㼑㼟㼟㻌㻒㻱㼚㼢㼕㼞㼛㼚㼙㼑㼚㼠㼍㼘㼰㻢㻠㻘㻞㻡㻝
㻙㻢㻠㻘㻞㻡㻝
㼰㻠㻘㻠㻠㻤
㼰㻣㻝㻘㻟㻣㻜

㼰㻝㻢㻘㻣㻡㻠
㻙㻝㻢㻘㻣㻡㻠
㼰㻝㻘㻣㻣㻟
㼰㻝㻡㻘㻣㻝㻣

㼰㻞㻣㻘㻠㻠㻣
㻙㻞㻣㻘㻠㻠㻣
㼰㻞㻘㻠㻜㻟
㼰㻞㻟㻘㻤㻞㻥

㼰㻟㻡㻘㻟㻤㻢
㻙㻟㻡㻘㻟㻤㻢
㼰㻥㻘㻠㻟㻥
㼰㻟㻟㻘㻥㻜㻝

㻞㻘㻝㻤㻟
㻡㻟

㻡㻝㻥
㻙

㻝㻘㻟㻠㻟
㻙

㻣㻘㻥㻝㻥

㻞㻘㻞㻡㻥

㻞㻘㻟㻝㻥

㻿㼑㼙㼕㼏㼛㼚㼐㼡㼏㼠㼛㼞㻿㼏㼕㼑㼚㼠㼕㼒㼕㼏㻭㼐㼖㼡㼟㼠㼙㼑㼚㼠㻯㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㼰㻞㻣㻘㻜㻡㻥
㻙㻞㻣㻘㻜㻡㻥
㼰㻝㻘㻟㻜㻣
㼰㻞㻟㻘㻣㻣㻤㻙㻙㻙㻙㼰㻢㻞㻘㻠㻟㻡

㼰㻝㻣㻜㻘㻤㻥㻤
㻙㻝㻣㻜㻘㻤㻥㻤
㼰㻝㻥㻘㻟㻣㻞
㼰㻞㻟㻝㻘㻜㻟㻞

㻝㻘㻝㻣㻞
㻙

㻣㻠㻡
㻥㻞

㻙
㻙

㻡㻘㻥㻢㻠
㻝㻠㻡

㻞㻘㻞㻡㻣

㻝㻘㻡㻡㻞

㻙

㻝㻢㻘㻟㻜㻥

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㻝㻞㻛㻞㻜㻝㻡
㻹㼑㼐㼕㼏㼍㼘㻙
㻿㼑㼙㼕㼏㼛㼚㼐㼡㼏㼠㼛㼞 㻿㼏㼕㼑㼚㼠㼕㼒㼕㼏㻰㼕㼍㼓㼚㼛㼟㼠㼕㼏㻭㼡㼠㼛㼙㼛㼠㼕㼢㼑㻼㼞㼛㼏㼑㼟㼟㻌㻒㻱㼚㼢㼕㼞㼛㼚㼙㼑㼚㼠㼍㼘㻐㻡㻟㻞㻘㻣㻝㻣
㻙㻡㻟㻞㻘㻣㻝㻣
㻐㻟㻢㻘㻤㻣㻥
㻐㻡㻥㻝㻘㻣㻠㻝

㻐㻝㻟㻤㻘㻥㻝㻜
㻙㻝㻟㻤㻘㻥㻝㻜
㻐㻝㻠㻘㻣㻜㻜
㻐㻝㻟㻜㻘㻟㻝㻞

㻐㻞㻞㻣㻘㻡㻢㻤
㻙㻞㻞㻣㻘㻡㻢㻤
㻐㻝㻥㻘㻥㻞㻟
㻐㻝㻥㻣㻘㻡㻣㻜

㻐㻞㻥㻟㻘㻟㻥㻝
㻙㻞㻥㻟㻘㻟㻥㻝
㻐㻣㻤㻘㻞㻢㻜
㻐㻞㻤㻝㻘㻜㻣㻥

㻝㻤㻘㻜㻥㻥
㻠㻟㻥

㻠㻘㻟㻜㻟
㻙

㻝㻝㻘㻝㻟㻡
㻙㻢㻡㻘㻢㻡㻣

㻝㻤㻘㻣㻞㻥

㻝㻥㻘㻞㻞㻣

㻭㼐㼖㼡㼟㼠㼙㼑㼚㼠㻯㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻐㻞㻞㻠㻘㻟㻡㻝
㻙㻞㻞㻠㻘㻟㻡㻝
㻐㻝㻜㻘㻤㻟㻢
㻐㻝㻥㻣㻘㻝㻠㻣㻙㻙㻙㻙㻐㻡㻝㻣㻘㻢㻢㻜

㻐㻝㻘㻠㻝㻢㻘㻥㻠㻣㻙㻝㻘㻠㻝㻢㻘㻥㻠㻣㻐㻝㻢㻜㻘㻢㻝㻢
㻐㻝㻘㻥㻝㻡㻘㻡㻞㻥

㻥㻘㻣㻝㻣
㻙

㻢㻘㻝㻣㻢
㻣㻢㻞

㻙
㻙

㻠㻥㻘㻠㻠㻤
㻝㻘㻞㻜㻞㻝㻤㻘㻣㻝㻟

㻝㻞㻘㻤㻢㻣

㻙㻝㻟㻡㻘㻞㻞㻜

㻺㼛㼠㼑㻌㻝㻚 㻰㼑㼠㼍㼕㼘㼟㻌㼛㼒㻌㼍㼐㼖㼡㼟㼠㼙㼑㼚㼠㻌㼍㼙㼛㼡㼚㼠㼟㻌㼍㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㻔㻝㻕㼁㼚㼍㼘㼘㼛㼏㼍㼠㼑㼐㻌㼍㼙㼛㼡㼚㼠㼟㻌㼠㼛㻌㼎㼑㻌㼕㼚㼏㼘㼡㼐㼑㼐㻌㼕㼚㻌㼠㼔㼑㻌㼍㼐㼖㼡㼟㼠㼙㼑㼚㼠㻌㼍㼙㼛㼡㼚㼠㻌㼛㼒㻌㼟㼑㼓㼙㼑㼚㼠㻌㼕㼚㼏㼛㼙㼑㻌㼣㼑㼞㼑㻌㼚㼛㼠㻌㼓㼑㼚㼑㼞㼍㼠㼑㼐㻚㻔㻞㻕㼀㼔㼑 㼍㼐㼖㼡㼟㼠㼙㼑㼚㼠 㼍㼙㼛㼡㼚㼠㼟 㼛㼒 㼈㻢㻡㻘㻜㻥㻞 㼙㼕㼘㼘㼕㼛㼚 㼍㼚㼐 㼈㻢㻞㻘㻠㻟㻡 㼙㼕㼘㼘㼕㼛㼚 㻔㻐㻡㻝㻣㻘㻢㻢㻜 㼠㼔㼛㼡㼟㼍㼚㼐㻕 㼛㼒 㼟㼑㼓㼙㼑㼚㼠 㼍㼟㼟㼑㼠㼟 㼒㼛㼞 㼠㼔㼑 㼥㼑㼍㼞㼟 㼑㼚㼐㼑㼐 㻰㼑㼏㼑㼙㼎㼑㼞㻌㻌㻌㻌㻟㻝㻘㻌㻞㻜㻝㻠㻌㼍㼚㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻘㻌㼞㼑㼟㼜㼑㼏㼠㼕㼢㼑㼘㼥㻘㻌㼞㼑㼜㼞㼑㼟㼑㼚㼠㻌㼏㼛㼞㼜㼛㼞㼍㼠㼑㻌㼍㼟㼟㼑㼠㼟㻌㼠㼔㼍㼠㻌㼍㼞㼑㻌㼚㼛㼠㻌㼍㼘㼘㼛㼏㼍㼠㼑㼐㻌㼠㼛㻌㼍㼚㼥㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼟㼑㼓㼙㼑㼚㼠㻚㻌㻌㻌㻌㼀㼔㼑㼥㻌㼕㼚㼏㼘㼡㼐㼑㻌㼏㼍㼟㼔㻌㼍㼚㼐㻌㼏㼍㼟㼔㻌㼑㼝㼡㼕㼢㼍㼘㼑㼚㼠㼟㻘㻌㼟㼔㼛㼞㼠㻙㼠㼑㼞㼙㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㼟㻘㻌㼕㼚㼢㼑㼟㼠㼙㼑㼚㼠㻌㼟㼑㼏㼡㼞㼕㼠㼕㼑㼟㻘㻌㼕㼐㼘㼑㻌㼘㼍㼚㼐㻘㻌㼑㼠㼏㻚㻺㼛㼠㼑㻌㻞㻚 㻰㼑㼜㼞㼑㼏㼕㼍㼠㼕㼛㼚 㼍㼚㼐 㼕㼚㼏㼞㼑㼍㼟㼑 㼕㼚 㼠㼍㼚㼓㼕㼎㼘㼑 㼍㼚㼐 㼕㼚㼠㼍㼚㼓㼕㼎㼘㼑 㼒㼕㼤㼑㼐 㼍㼟㼟㼑㼠㼟 㼕㼚㼏㼘㼡㼐㼑 㼘㼛㼚㼓㻙㼠㼑㼞㼙 㼜㼞㼑㼜㼍㼕㼐 㼑㼤㼜㼑㼚㼟㼑㼟 㼍㼚㼐 㼠㼔㼑 㼍㼙㼛㼡㼚㼠 㼛㼒 㼍㼙㼛㼞㼠㼕㼦㼍㼠㼕㼛㼚㼍㼟㼟㼛㼏㼕㼍㼠㼑㼐㻌㼣㼕㼠㼔㻌㼠㼔㼑㻌㼑㼤㼜㼑㼚㼟㼑㼟㻚㻺㼛㼠㼑㻌㻟㻚 㻵㼚㼏㼞㼑㼍㼟㼑 㼕㼚 㼠㼍㼚㼓㼕㼎㼘㼑 㼍㼚㼐 㼕㼚㼠㼍㼚㼓㼕㼎㼘㼑 㼒㼕㼤㼑㼐 㼍㼟㼟㼑㼠㼟 㼐㼛㼑㼟 㼚㼛㼠 㼕㼚㼏㼘㼡㼐㼑 㼍㼚 㼕㼚㼏㼞㼑㼍㼟㼑 㼕㼚 㼒㼕㼤㼑㼐 㼍㼟㼟㼑㼠㼟 㼛㼒 㼈㻝㻠㻘㻠㻠㻢 㼙㼕㼘㼘㼕㼛㼚 㻔㻐㻝㻝㻥㻘㻣㻣㻠 㼠㼔㼛㼡㼟㼍㼚㼐㻕 㼐㼡㼑 㼠㼛㼍㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㻌㼛㼒㻌㼠㼔㼑㻌㻱㻯㼀㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼒㼞㼛㼙㻌㻹㻵㻾㻭㻌㻸㼠㼐㻚77㻨㻾㼑㼘㼍㼠㼑㼐㻌㻵㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻪㻝㻚㻌㻵㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻌㼞㼑㼓㼍㼞㼐㼕㼚㼓㻌㼓㼑㼛㼓㼞㼍㼜㼔㼕㼏㻌㼍㼞㼑㼍㼟㻔㻝㻕㻌㻺㼑㼠㻌㼟㼍㼘㼑㼟㻶㼍㼜㼍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㼁㼚㼕㼠㼑㼐㻌㻿㼠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㻯㼔㼕㼚㼍㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻱㼡㼞㼛㼜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㻭㼟㼕㼍㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻻㼠㼔㼑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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㼰㻠㻣㻘㻠㻞㻤
㼰㻡㻞㻘㻠㻣㻠
㻞㻝㻘㻣㻠㻟
㻞㻣㻘㻜㻞㻞
㻝㻢㻘㻤㻟㻢
㻞㻜㻘㻠㻥㻡
㻟㻤㻘㻣㻝㻜
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㻞㻞㻘㻞㻠㻥
㻞㻟㻘㻤㻝㻞㻢㻘㻜㻥㻣㻢㻘㻞㻡㻠㼰㻝㻡㻟㻘㻜㻢㻡
㼰㻝㻣㻜㻘㻤㻥㻤

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻐㻠㻟㻡㻘㻜㻣㻝
㻞㻞㻠㻘㻜㻠㻠
㻝㻢㻥㻘㻥㻞㻣
㻟㻟㻤㻘㻢㻝㻞
㻝㻥㻣㻘㻠㻞㻥
㻡㻝㻘㻤㻡㻟
㻐㻝㻘㻠㻝㻢㻘㻥㻠㻣㻺㼛㼠㼑㻌㻝㻚㻌㻌㻌㻌㻺㼑㼠㻌㼟㼍㼘㼑㼟㻌㼍㼞㼑㻌㼏㼍㼠㼑㼓㼛㼞㼕㼦㼑㼐㻌㼎㼥㻌㼏㼛㼡㼚㼠㼞㼥㻌㼛㼞㻌㼓㼑㼛㼓㼞㼍㼜㼔㼕㼏㻌㼍㼞㼑㼍㻌㼎㼍㼟㼑㼐㻌㼛㼚㻌㼠㼔㼑㻌㼘㼛㼏㼍㼠㼕㼛㼚㻌㼛㼒㻌㼠㼔㼑㻌㼏㼡㼟㼠㼛㼙㼑㼞㻚㻺㼛㼠㼑㻌㻞㻚㻌㻌㻌㻌㼀㼔㼑㻌㻎㻭㼟㼕㼍㻎㻌㼍㼙㼛㼡㼚㼠㻌㼕㼟㻌㼠㼔㼍㼠㻌㼛㼒㻌㼠㼔㼑㻌㻭㼟㼕㼍㼚㻌㼞㼑㼓㼕㼛㼚㻌㼛㼠㼔㼑㼞㻌㼠㼔㼍㼚㻌㻯㼔㼕㼚㼍㻚㻔㻞㻕㻌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㻶㼍㼜㼍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㻲㼞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㼁㼚㼕㼠㼑㼐㻌㻷㼕㼚㼓㼐㼛㼙㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻻㼠㼔㼑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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㼰㻞㻜㻘㻝㻡㻣
㼰㻞㻣㻘㻥㻟㻟
㻢㻘㻥㻥㻣
㻢㻘㻢㻤㻞
㻣㻞㻡
㻝㻝㻘㻜㻤㻝
㻝㻝㻘㻡㻢㻝
㻝㻝㻘㻞㻤㻝
㼰㻟㻥㻘㻠㻠㻝
㼰㻡㻢㻘㻥㻣㻤

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻐㻞㻟㻝㻘㻡㻥㻣
㻡㻡㻘㻠㻜㻝
㻥㻝㻘㻤㻣㻠
㻥㻟㻘㻡㻟㻞
㻐㻠㻣㻞㻘㻠㻝㻡

㻞㻚㻌㻵㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻌㼞㼑㼓㼍㼞㼐㼕㼚㼓㻌㼙㼍㼖㼛㼞㻌㼏㼡㼟㼠㼛㼙㼑㼞㼟㼀㼔㼑㼞㼑㻌㼕㼟㻌㼚㼛㻌㼏㼡㼟㼠㼛㼙㼑㼞㻌㼣㼔㼛㻌㼞㼑㼜㼞㼑㼟㼑㼚㼠㼟㻌㼙㼛㼞㼑㻌㼠㼔㼍㼚㻌㻝㻜㻑㻌㼛㼒㻌㼠㼔㼑㻌㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㼟㼍㼘㼑㼟㻚㻟㻚㻌㻵㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻌㼞㼑㼓㼍㼞㼐㼕㼚㼓㻌㼕㼙㼜㼍㼕㼞㼙㼑㼚㼠㻌㼘㼛㼟㼟㻌㼛㼚㻌㼒㼕㼤㼑㼐㻌㼍㼟㼟㼑㼠㼟㻌㼎㼥㻌㼞㼑㼜㼛㼞㼠㼕㼚㼓㻌㼟㼑㼓㼙㼑㼚㼠㻭㼡㼠㼛㼙㼛㼠㼕㼢㼑㻌㼀㼑㼟㼠㻌㻿㼥㼟㼠㼑㼙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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㼰㻝㻢
㻙
㻞㻡
㻝㻣㻜
㼰㻠㻞
㼰㻝㻣㻜

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻙㻝㻘㻠㻜㻥㻐㻝㻘㻠㻜㻥

㻠㻚㻌㻵㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻌㼞㼑㼓㼍㼞㼐㼕㼚㼓㻌㼠㼔㼑㻌㼍㼙㼛㼞㼠㼕㼦㼑㼐㻌㼍㼙㼛㼡㼚㼠㻌㼍㼚㼐㻌㼡㼚㼍㼙㼛㼞㼠㼕㼦㼑㼐㻌㼎㼍㼘㼍㼚㼏㼑㻌㼛㼒㻌㼓㼛㼛㼐㼣㼕㼘㼘㻌㼎㼥㻌㼞㼑㼜㼛㼞㼠㼕㼚㼓㻌㼟㼑㼓㼙㼑㼚㼠㻭㼡㼠㼛㼙㼛㼠㼕㼢㼑㻌㼀㼑㼟㼠㻌㻿㼥㼟㼠㼑㼙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㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚㻚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㻹㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻝㻞㻛㻞㻜㻝㻠
㻝㻞㻛㻞㻜㻝㻡
㻙
㼰㻞㻣㻞
㻟㻜㻟
㼰㻠㻝㻤
㼰㻠㻝㻤
㼰㻡㻣㻢

㼀㼔㼛㼡㼟㼍㼚㼐㼟㻌㼛㼒㼁㻚㻿㻚㻌㼐㼛㼘㼘㼍㼞㼟㻝㻞㻛㻞㻜㻝㻡
㻐㻞㻘㻞㻡㻡
㻐㻞㻘㻡㻝㻞
㻐㻠㻘㻣㻣㻡

㻺㼛㼠㼑㻚㻌㻵㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻌㼞㼑㼓㼍㼞㼐㼕㼚㼓㻌㼠㼔㼑㻌㻎㻭㼙㼛㼞㼠㼕㼦㼑㼐㻌㼍㼙㼛㼡㼚㼠㻌㼛㼒㻌㼓㼛㼛㼐㼣㼕㼘㼘㻎㻌㼕㼟㻌㼛㼙㼕㼠㼠㼑㼐㻌㻌㼍㼟㻌㼟㼕㼙㼕㼘㼍㼞㻌㼕㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻌㼕㼟㻌㼐㼕㼟㼏㼘㼛㼟㼑㼐㻌㼕㼚㻌㻎㻿㼑㼓㼙㼑㼚㼠㻌㻵㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻚㻎㻡㻚㻌㻵㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻌㼞㼑㼓㼍㼞㼐㼕㼚㼓㻌㼓㼍㼕㼚㻌㼛㼚㻌㼎㼍㼞㼓㼍㼕㼚㻌㼜㼡㼞㼏㼔㼍㼟㼑㻌㼎㼥㻌㼞㼑㼜㼛㼞㼠㼕㼚㼓㻌㼟㼑㼓㼙㼑㼚㼠㻺㼛㼠㻌㼍㼜㼜㼘㼕㼏㼍㼎㼘㼑㻚

HORIBA Report 2015 | 78

Financial data

HORIBA, Ltd. and Consolidated Subsidiaries | Note to Consolidated Financial Statements㻝㻥㻚㻌㻾㼑㼘㼍㼠㼑㼐㻌㼜㼍㼞㼠㼥㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻔㻝㻕㻌㻾㼑㼘㼍㼠㼑㼐㻌㼜㼍㼞㼠㼥㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻌㼣㼕㼠㼔㻌㼠㼔㼑㻌㻯㼛㼙㼜㼍㼚㼥㻌㻰㼕㼞㼑㼏㼠㼛㼞㼟㻌㼍㼚㼐㻌㼙㼍㼖㼛㼞㻌㼟㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻌㻔㼕㼚㼐㼕㼢㼕㼐㼡㼍㼘㼟㻌㼛㼚㼘㼥㻕㻌㼛㼒㻌㼠㼔㼑㻌㻯㼛㼙㼜㼍㼚㼥㻌㼀㼔㼑㻌㼥㼑㼍㼞㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻯㼍㼠㼑㼓㼛㼞㼥
㻺㼍㼙㼑㻭㼐㼐㼞㼑㼟㼟
㻭㼙㼛㼡㼚㼠㻌㼛㼒㻌㼏㼍㼜㼕㼠㼍㼘㻌㼟㼠㼛㼏㼗㻔㼙㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻕㻮㼡㼟㼕㼚㼑㼟㼟㻌㼛㼞㻌㼛㼏㼏㼡㼜㼍㼠㼕㼛㼚㻼㼑㼞㼏㼑㼚㼠㼍㼓㼑㻌㼛㼒㻌㼢㼛㼠㼕㼚㼓㻌㼞㼕㼓㼔㼠㼟㻌㼔㼑㼘㼐㻾㼑㼘㼍㼠㼕㼛㼚㼟㼔㼕㼜㼀㼔㼑㻌㼥㼑㼍㼞㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻡㻰㼕㼞㼑㼏㼠㼛㼞㻓㼟㻌㼏㼘㼛㼟㼑㼒㼍㼙㼕㼘㼥㻌㼙㼑㼙㼎㼑㼞㻹㼍㼟㼍㼛㻌㻴㼛㼞㼕㼎㼍㻙㻙㻭㼐㼢㼕㼟㼛㼞㻌
㻞㻚㻣㻑㻌㻔㼐㼕㼞㼑㼏㼠㻕㻯㼛㼚㼟㼡㼘㼠㼕㼚㼓㻌㼏㼛㼚㼠㼞㼍㼏㼠㻯㼍㼠㼑㼓㼛㼞㼥
㻺㼍㼙㼑㻭㼐㼐㼞㼑㼟㼟
㻭㼙㼛㼡㼚㼠㻌㼛㼒㻌㼏㼍㼜㼕㼠㼍㼘㻌㼟㼠㼛㼏㼗㻔㼙㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻕㻮㼡㼟㼕㼚㼑㼟㼟㻌㼛㼞㻌㼛㼏㼏㼡㼜㼍㼠㼕㼛㼚㻼㼑㼞㼏㼑㼚㼠㼍㼓㼑㻌㼛㼒㻌㼢㼛㼠㼕㼚㼓㻌㼞㼕㼓㼔㼠㼟㻌㼔㼑㼘㼐㻾㼑㼘㼍㼠㼕㼛㼚㼟㼔㼕㼜㻰㼕㼞㼑㼏㼠㼛㼞㻓㼟㻌㼏㼘㼛㼟㼑㼒㼍㼙㼕㼘㼥㻌㼙㼑㼙㼎㼑㼞㻹㼍㼟㼍㼛㻌㻴㼛㼞㼕㼎㼍㻙㻙㻭㼐㼢㼕㼟㼛㼞㻌
㻞㻚㻣㻑㻌㻔㼐㼕㼞㼑㼏㼠㻕㻯㼛㼚㼟㼡㼘㼠㼕㼚㼓㻌㼏㼛㼚㼠㼞㼍㼏㼠㼀㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼀㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼍㼙㼛㼡㼚㼠

㻯㼛㼚㼟㼡㼘㼠㼕㼚㼓㼒㼑㼑㻔㻺㼛㼠㼑㻌㻞㻕

㼀㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼀㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼍㼙㼛㼡㼚㼠

㻯㼛㼚㼟㼡㼘㼠㼕㼚㼓㼒㼑㼑㻔㻺㼛㼠㼑㻌㻞㻘㻟㻕㼈㻝㻠㻌㼙㼕㼘㼘㼕㼛㼚㼈㻞㻠㻌㼙㼕㼘㼘㼕㼛㼚㻭㼏㼏㼛㼡㼚㼠

㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘
㻞㻜㻝㻠

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㻙

㻭㼏㼏㼛㼡㼚㼠

㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘
㻞㻜㻝㻡

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㻺㼛㼠㼑㻌㻝㻚
㻺㼛㼠㼑㻌㻞㻚

㻺㼛㼠㼑㻌㻟㻚

㻔㻐㻝㻝㻢㼠㼔㼛㼡㼟㼍㼚㼐㻕㼀㼔㼑㻌㼍㼎㼛㼢㼑㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㻌㼍㼙㼛㼡㼚㼠㼟㻌㼐㼛㻌㼚㼛㼠㻌㼕㼚㼏㼘㼡㼐㼑㻌㼏㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚㻌㼠㼍㼤㼑㼟㻚㼀㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㻌㼏㼛㼚㼐㼕㼠㼕㼛㼚㼟㻌㼍㼚㼐㻌㼜㼛㼘㼕㼏㼥㻌㼛㼚㻌㼐㼑㼠㼑㼞㼙㼕㼚㼕㼚㼓㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㻌㼏㼛㼚㼐㼕㼠㼕㼛㼚㼟㼀㼔㼑 㼏㼛㼚㼟㼡㼘㼠㼕㼚㼓 㼒㼑㼑 㼒㼛㼞 㻹㼍㼟㼍㼛 㻴㼛㼞㼕㼎㼍 㼕㼟 㼏㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚 㼒㼛㼞 㼙㼍㼚㼍㼓㼑㼙㼑㼚㼠 㼏㼛㼚㼟㼡㼘㼠㼕㼚㼓 㼟㼑㼞㼢㼕㼏㼑㼟 㼠㼛 㼠㼔㼑 㻯㼛㼙㼜㼍㼚㼥㻘 㼟㼛 㼢㼍㼘㼡㼑㼐㼛㼚 㼠㼔㼑 㼎㼍㼟㼕㼟 㼛㼒 㼔㼕㼟 㼎㼍㼏㼗㼓㼞㼛㼡㼚㼐 㼛㼒 㼘㼛㼚㼓 㼑㼤㼜㼑㼞㼕㼑㼚㼏㼑 㼟㼠㼍㼞㼠㼕㼚㼓 㼣㼕㼠㼔 㼠㼔㼑 㼒㼛㼡㼚㼐㼕㼚㼓 㼛㼒 㼠㼔㼑 㻯㼛㼙㼜㼍㼚㼥㻘 㼍㼚㼐 㼍㼏㼠㼕㼢㼕㼠㼕㼑㼟 㼛㼒 㼟㼛㼏㼕㼑㼠㼥㻙㼍㼏㼍㼐㼑㼙㼕㼍 㼏㼛㼘㼘㼍㼎㼛㼞㼍㼠㼕㼛㼚 㼒㼛㼞 㼕㼚㼚㼛㼢㼍㼠㼕㼛㼚 㼍㼚㼐 㼜㼍㼞㼠㼕㼏㼕㼜㼍㼠㼕㼛㼚 㼕㼚 㼑㼏㼛㼚㼛㼙㼕㼏 㼛㼞㼓㼍㼚㼕㼦㼍㼠㼕㼛㼚㼟㻘 㼍㼟 㼠㼔㼑 㼞㼑㼜㼞㼑㼟㼑㼚㼠㼍㼠㼕㼢㼑 㼛㼒 㼠㼔㼑㻯㼛㼙㼜㼍㼚㼥㻚㻌㼀㼔㼑㻌㼜㼍㼥㼙㼑㼚㼠㻌㼣㼍㼟㻌㼐㼑㼠㼑㼞㼙㼕㼚㼑㼐㻌㼛㼚㻌㼍㻌㼚㼑㼓㼛㼠㼕㼍㼠㼑㼐㻌㼎㼍㼟㼕㼟㻚㻭㼟㻌㻹㼍㼟㼍㼛㻌㻴㼛㼞㼕㼎㼍㻌㼜㼍㼟㼟㼑㼐㻌㼍㼣㼍㼥㻌㼛㼚㻌㻶㼡㼘㼥㻌㻝㻠㻘㻌㻞㻜㻝㻡㻘㻌㼠㼔㼑㻌㼍㼙㼛㼡㼚㼠㻌㼛㼒㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻌㼣㼕㼠㼔㻌㼔㼕㼙㻌㼒㼛㼞㻌㼠㼔㼑㻌㼏㼡㼞㼞㼑㼚㼠㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻌㼕㼟㻌㼒㼛㼞㻌㼠㼔㼑㼜㼑㼞㼕㼛㼐㻌㼒㼞㼛㼙㻌㻶㼍㼚㼡㼍㼞㼥㻌㻝㻘㻌㻞㻜㻝㻡㻌㼠㼛㻌㼠㼔㼑㻌㼐㼍㼠㼑㻌㼛㼒㻌㼔㼕㼟㻌㼞㼑㼠㼕㼞㼑㼙㼑㼚㼠㻚㻔㻞㻕㻌㻾㼑㼘㼍㼠㼑㼐㻌㼜㼍㼞㼠㼥㻌㼠㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼟㻌㼣㼕㼠㼔㻌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㼛㼒㻌㼠㼔㼑㻌㻯㼛㼙㼜㼍㼚㼥㻌㼠㼔㼍㼠㻌㼟㼡㼎㼙㼕㼠㼠㼑㼐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㻰㼕㼞㼑㼏㼠㼛㼞㼟㻌㼍㼚㼐㻌㼙㼍㼖㼛㼞㻌㼟㼔㼍㼞㼑㼔㼛㼘㼐㼑㼞㼟㻌㻔㼕㼚㼐㼕㼢㼕㼐㼡㼍㼘㼟㻌㼛㼚㼘㼥㻕㻌㼛㼒㻌㼠㼔㼑㻌㻯㼛㼙㼜㼍㼚㼥㼀㼔㼑㻌㼥㼑㼍㼞㻌㼑㼚㼐㼑㼐㻌㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘㻌㻞㻜㻝㻠㻯㼍㼠㼑㼓㼛㼞㼥
㻺㼍㼙㼑㻭㼐㼐㼞㼑㼟㼟
㻭㼙㼛㼡㼚㼠㻌㼛㼒㻌㼏㼍㼜㼕㼠㼍㼘㻌㼟㼠㼛㼏㼗㻔㼙㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻕㻮㼡㼟㼕㼚㼑㼟㼟㻌㼛㼞㻌㼛㼏㼏㼡㼜㼍㼠㼕㼛㼚㻼㼑㼞㼏㼑㼚㼠㼍㼓㼑㻌㼛㼒㻌㼢㼛㼠㼕㼚㼓㻌㼞㼕㼓㼔㼠㼟㻌㼔㼑㼘㼐㻾㼑㼘㼍㼠㼕㼛㼚㼟㼔㼕㼜㻙㻭㼐㼢㼕㼟㼛㼞㻌
㻞㻚㻣㻑㻌㻔㼐㼕㼞㼑㼏㼠㻕㻯㼛㼚㼟㼡㼘㼠㼕㼚㼓㻌㼏㼛㼚㼠㼞㼍㼏㼠㻯㼍㼠㼑㼓㼛㼞㼥
㻺㼍㼙㼑㻭㼐㼐㼞㼑㼟㼟
㻭㼙㼛㼡㼚㼠㻌㼛㼒㻌㼏㼍㼜㼕㼠㼍㼘㻌㼟㼠㼛㼏㼗㻔㼙㼕㼘㼘㼕㼛㼚㼟㻌㼛㼒㻌㼥㼑㼚㻕㻮㼡㼟㼕㼚㼑㼟㼟㻌㼛㼞㻌㼛㼏㼏㼡㼜㼍㼠㼕㼛㼚㻼㼑㼞㼏㼑㼚㼠㼍㼓㼑㻌㼛㼒㻌㼢㼛㼠㼕㼚㼓㻌㼞㼕㼓㼔㼠㼟㻌㼔㼑㼘㼐㻾㼑㼘㼍㼠㼕㼛㼚㼟㼔㼕㼜㻰㼕㼞㼑㼏㼠㼛㼞㻓㼟㻌㼏㼘㼛㼟㼑㼒㼍㼙㼕㼘㼥㻌㼙㼑㼙㼎㼑㼞㻹㼍㼟㼍㼛㻌㻴㼛㼞㼕㼎㼍㻙㻙㻭㼐㼢㼕㼟㼛㼞㻌
㻞㻚㻣㻑㻌㻔㼐㼕㼞㼑㼏㼠㻕㻯㼛㼚㼟㼡㼘㼠㼕㼚㼓㻌㼏㼛㼚㼠㼞㼍㼏㼠㼀㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼀㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼍㼙㼛㼡㼚㼠

㻯㼛㼚㼟㼡㼘㼠㼕㼚㼓㼒㼑㼑㻔㻺㼛㼠㼑㻌㻞㻕

㼀㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼀㼞㼍㼚㼟㼍㼏㼠㼕㼛㼚㼍㼙㼛㼡㼚㼠

㻯㼛㼚㼟㼡㼘㼠㼕㼚㼓㼒㼑㼑㻔㻺㼛㼠㼑㻌㻞㻘㻟㻕㼈㻝㻣㻌㼙㼕㼘㼘㼕㼛㼚㼈㻟㻜㻌㼙㼕㼘㼘㼕㼛㼚㻭㼏㼏㼛㼡㼚㼠

㻮㼍㼘㼍㼚㼏㼑㻌㼍㼠㻰㼑㼏㼑㼙㼎㼑㼞㻌㻟㻝㻘
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㻞㻜㻝㻡

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㼀㼞㼍㼐㼑㼙㼍㼞㼗㻌㼞㼕㼓㼔㼠㼟㼈 㻞㻘㻝㻠㻞 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻝㻣㻘㻣㻡㻥㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻭㼙㼛㼞㼠㼕㼦㼍㼠㼕㼛㼚㻌㼜㼑㼞㼕㼛㼐㻝㻜 㼥㼑㼍㼞㼟
㻻㼠㼔㼑㼞䚷䚷䚷䚷䚷㼫㼈㻝㻜㻣 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻌㻌㻌㻌㻤㻤㻣㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻭㼙㼛㼞㼠㼕㼦㼍㼠㼕㼛㼚㻌㼜㼑㼞㼕㼛㼐㻝㻜 㼥㼑㼍㼞㼟
㻡㻚㻌㻭㼙㼛㼡㼚㼠㼟㻌㼍㼚㼐㻌㼜㼞㼕㼙㼍㼞㼥㻌㼏㼛㼙㼜㼛㼚㼑㼚㼠㼟㻌㼛㼒㻌㼍㼟㼟㼑㼠㼟㻌㼍㼏㼝㼡㼕㼞㼑㼐㻌㼍㼚㼐㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻌㼍㼟㼟㼡㼙㼑㼐㻌㼍㼟㻌㼛㼒㻌㼠㼔㼑㻌㼐㼍㼠㼑㻌㼛㼒㻌㼠㼔㼑㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼏㼛㼙㼎㼕㼚㼍㼠㼕㼛㼚㼫㻯㼡㼞㼞㼑㼚㼠㻌㼍㼟㼟㼑㼠㼟㼈 㻠㻘㻠㻥㻠 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻌㻌㻟㻣㻘㻞㻢㻜㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻲㼕㼤㼑㼐㻌㼍㼟㼟㼑㼠㼟㼈 㻝㻠㻘㻠㻠㻢 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻝㻝㻥㻘㻣㻣㻠㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㼀㼛㼠㼍㼘㻌㼍㼟㼟㼑㼠㼟㼈 㻝㻤㻘㻥㻠㻝 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻝㻡㻣㻘㻜㻠㻟㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻯㼡㼞㼞㼑㼚㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㼈 㻞㻘㻤㻜㻥 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻞㻟㻘㻞㻤㻥㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻺㼛㼚㻙㼏㼡㼞㼞㼑㼚㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㼈㻥㻝㻝 㼙㼕㼘㼘㼕㼛㼚 㻔㻐㻣㻘㻡㻡㻟㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㼀㼛㼠㼍㼘㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㼈 㻟㻘㻣㻞㻜 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻟㻜㻘㻤㻠㻟㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻢㻚㻌㻭㼜㼜㼞㼛㼤㼕㼙㼍㼠㼑㻌㼍㼙㼛㼡㼚㼠㼟㻌㼍㼚㼐㻌㼏㼍㼘㼏㼡㼘㼍㼠㼕㼛㼚㻌㼙㼑㼠㼔㼛㼐㻌㼛㼒㻌㼠㼔㼑㻌㼕㼙㼜㼍㼏㼠㼟㻌㼛㼚㻌㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㼟㼠㼍㼠㼑㼙㼑㼚㼠㼟㻌㼛㼒㻌㼕㼚㼏㼛㼙㼑㻌㼛㼒㻌㼠㼔㼑㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻘㻌㼍㼟㼟㼡㼙㼕㼚㼓㻌㼠㼔㼍㼠㻌㼠㼔㼑㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㻌㻌㼏㼛㼙㼎㼕㼚㼍㼠㼕㼛㼚㻌㼣㼍㼟㻌㼏㼛㼙㼜㼘㼑㼠㼑㼐㻌㼛㼚㻌㼠㼔㼑㻌㼒㼕㼞㼟㼠㻌㼐㼍㼠㼑㻌㼛㼒㻌㼠㼔㼑㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻺㼑㼠㻌㼟㼍㼘㼑㼟㼈 㻠㻘㻥㻜㻠 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻌㻌㻠㻜㻘㻢㻡㻥㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻻㼜㼑㼞㼍㼠㼕㼚㼓㻌㼕㼚㼏㼛㼙㼑㼈㻡㻟 㼙㼕㼘㼘㼕㼛㼚 㻔㻐㻌㻌㻠㻟㻥㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻺㼑㼠㻌㼕㼚㼏㼛㼙㼑㼈㻔㻥㻕 㼙㼕㼘㼘㼕㼛㼚 㻔㻐㻔㻣㻠㻕㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻔㻯㼍㼘㼏㼡㼘㼍㼠㼕㼛㼚㻌㼙㼑㼠㼔㼛㼐㻌㼛㼒㻌㼍㼜㼜㼞㼛㼤㼕㼙㼍㼠㼑㻌㼍㼙㼛㼡㼚㼠㼟㻕㻌㻭㼜㼜㼞㼛㼤㼕㼙㼍㼠㼑㻌㼍㼙㼛㼡㼚㼠㼟㻌㼛㼒㻌㼠㼔㼑㻌㼕㼙㼜㼍㼏㼠㼟㻌㼍㼞㼑㻌㼠㼔㼑㻌㼐㼕㼒㼒㼑㼞㼑㼚㼏㼑㻌㼎㼑㼠㼣㼑㼑㼚㻌㼠㼔㼑㻌㼏㼍㼘㼏㼡㼘㼍㼠㼑㼐㻌㼍㼙㼛㼡㼚㼠㼟㻌㼛㼒㻌㼚㼑㼠㻌㼟㼍㼘㼑㼟㻌㼍㼚㼐㻌㼕㼚㼏㼛㼙㼑㻌㼕㼚㻌㼠㼔㼑㻌㼍㼟㼟㼡㼙㼜㼠㼕㼛㼚㻌㼠㼔㼍㼠㻌㼠㼔㼑㼎㼡㼟㼕㼚㼑㼟㼟㻌㼏㼛㼙㼎㼕㼚㼍㼠㼕㼛㼚㻌㼣㼍㼟㻌㼏㼛㼙㼜㼘㼑㼠㼑㼐㻌㼛㼚㻌㼠㼔㼑㻌㼒㼕㼞㼟㼠㻌㼐㼍㼠㼑㻌㼛㼒㻌㼠㼔㼑㻌㼒㼕㼟㼏㼍㼘㻌㼥㼑㼍㼞㻘㻌㼍㼚㼐㻌㼠㼔㼑㻌㼍㼙㼛㼡㼚㼠㼟㻌㼛㼒㻌㼚㼑㼠㻌㼟㼍㼘㼑㼟㻌㼍㼚㼐㻌㼕㼚㼏㼛㼙㼑㻌㼛㼒㻌㼠㼔㼑㻌㼍㼏㼝㼡㼕㼞㼑㼐㻌㼏㼛㼙㼜㼍㼚㼥㻌㼣㼑㼞㼑㼞㼑㼏㼛㼞㼐㼑㼐㻌㼛㼚㻌㼠㼔㼑㻌㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼑㼐㻌㼟㼠㼍㼠㼑㼙㼑㼚㼠㼟㻌㼛㼒㻌㼕㼚㼏㼛㼙㼑㻚㻌㼀㼔㼑㻌㼚㼛㼠㼑㼟㻌㼍㼎㼛㼢㼑㻌㼍㼞㼑㻌㼡㼚㼍㼡㼐㼕㼠㼑㼐㻚㻞㻞㻚㻌㻯㼍㼟㼔㻌㼒㼘㼛㼣㻌㼕㼚㼒㼛㼞㼙㼍㼠㼕㼛㼚㻮㼞㼑㼍㼗㼐㼛㼣㼚㻌㼛㼒㻌㼍㼟㼟㼑㼠㼟㻌㼍㼚㼐㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻌㼠㼔㼍㼠㻌㼣㼑㼞㼑㻌㼚㼑㼣㼘㼥㻌㼕㼚㼏㼘㼡㼐㼑㼐㻌㼕㼚㻌㼠㼔㼑㻌㼟㼏㼛㼜㼑㻌㼛㼒㻌㼏㼛㼚㼟㼛㼘㼕㼐㼍㼠㼕㼛㼚㻌㼐㼡㼑㻌㼠㼛㻌㼠㼔㼑㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼏㼛㼙㼎㼕㼚㼍㼠㼕㼛㼚㼀㼔㼑㻌㼐㼑㼠㼍㼕㼘㼟㻌㼛㼒㻌㼕㼚㼏㼞㼑㼙㼑㼚㼠㻌㼛㼒㻌㼍㼟㼟㼑㼠㼟㻌㼍㼚㼐㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㻌㼐㼡㼑㻌㼠㼛㻌㼍㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㻌㼛㼒㻌㼠㼔㼑㻌㻱㻯㼀㻌㼎㼡㼟㼕㼚㼑㼟㼟㻌㼒㼞㼛㼙㻌㻹㻵㻾㻭㻌㻸㼠㼐㻚㻌㼣㼕㼠㼔㻌㼠㼔㼑㻌㼞㼑㼘㼍㼠㼑㼐㻌㼍㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㻌㼏㼛㼟㼠㼟㻌㼍㼚㼐㻌㼚㼑㼠㼐㼕㼟㼎㼡㼞㼟㼑㼙㼑㼚㼠㻌㼍㼞㼑㻌㼍㼟㻌㼒㼛㼘㼘㼛㼣㼟㻦㻯㼡㼞㼞㼑㼚㼠㻌㼍㼟㼟㼑㼠㼟㼈 㻠㻘㻠㻥㻠 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻌㻌㻟㻣㻘㻞㻢㻜㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻲㼕㼤㼑㼐㻌㼍㼟㼟㼑㼠㼟㼈 㻝㻠㻘㻠㻠㻢 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻝㻝㻥㻘㻣㻣㻠㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻳㼛㼛㼐㼣㼕㼘㼘
㼈㻞㻠㻣 㼙㼕㼘㼘㼕㼛㼚 㻔㻐㻞㻘㻜㻠㻣㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻯㼡㼞㼞㼑㼚㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㼈 㻔㻞㻘㻤㻜㻥㻕 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻔㻞㻟㻘㻞㻤㻥㻕㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻺㼛㼚㻙㼏㼡㼞㼞㼑㼚㼠㻌㼘㼕㼍㼎㼕㼘㼕㼠㼕㼑㼟㼈 㻔㻥㻝㻝㻕 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻔㻣㻘㻡㻡㻟㻕㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕㻭㼏㼝㼡㼕㼟㼕㼠㼕㼛㼚㻌㼏㼛㼟㼠㻌㼛㼒㻌㼎㼡㼟㼕㼚㼑㼟㼟㼈 㻝㻡㻘㻠㻢㻥 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻝㻞㻤㻘㻞㻡㻢㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕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㼈 㻔㻝㻘㻤㻥㻣㻕 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻔㻝㻡㻘㻣㻞㻤㻕㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕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 㼈 㻝㻟㻘㻡㻣㻞 㼙㼕㼘㼘㼕㼛㼚 㻔㻐 㻝㻝㻞㻘㻡㻞㻣㻌㼠㼔㼛㼡㼟㼍㼚㼐㻕

HORIBA Report 2015 | 80

Financial data

Corporate data

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

October 17, 1945

Incorporated

January 26, 1953

Net sales¥170,898 million (Consolidated)

Paid in Capital¥12,011 million

As of December 31, 2015

Number of Employees

6,831(Consolidated)

As of December 31, 2015

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 2015

Securities Code: 6856

Major Shareholders

As of December 31, 2015

Name of Shareholders

Shares (Thousands)

Percentage (%)

Japan Trustee Service Bank, Ltd.

2,270

5.34

PICTET AND CIE (EUROPE) S.A.

2,182

5.13

The Master Trust Bank of Japan, Ltd.

1,849

4.35

UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT

1,435

3.37

National Mutual Insurance Federation of Agricultural Cooperatives

1,287

3.03

Masao Horiba*

1,150

2.70

The Bank of Kyoto, Ltd.

828

1.95

Atsushi Horiba

810

1.91

HORIBA Raku-Raku Kai (partner suppliers)

794

1.87

BNP Paribas Securities Services Paris/JASDEC/France

771

1.81

*Masao Horiba passed away in July 2015, but he remains listed in the shareholder registry because the transfer of registration has not yet been completed as of December 31, 2015.

Stock Price Trend
Yen

Yen/Point

5,000

20,000-HORIBA (left)

Foreign investors
3.6%
Financial institutions,
Securities companies
1.4%

Japanese companies 2.4%

Breakdown ofTypes of
Shareholders-Nikkei Stock Average (Nikkei 225) (right)-JPX-Nikkei Index 400 (right)

3,750(7,154 in total)

15,000Individual investors
92.6%
2,500

10,000Japanese companies 7.6%
Individual investors
19.6%

1,250

Breakdown ofOwnership among
Shareholders

5,000(42,532,752
shares in total)
0

0
2006

81

2007

2008

2009

2010

2011

2012

2013

2014

2015

Foreign investors
37.3%

Financial institutions
35.5%

2016

HORIBA Report 2015 | 82

Corporate data

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

October 17, 1945

Incorporated

January 26, 1953

Net sales¥170,898 million (Consolidated)

Paid in Capital¥12,011 million

As of December 31, 2015

Number of Employees

6,831(Consolidated)

As of December 31, 2015

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 2015

Securities Code: 6856

Major Shareholders

As of December 31, 2015

Name of Shareholders

Shares (Thousands)

Percentage (%)

Japan Trustee Service Bank, Ltd.

2,270

5.34

PICTET AND CIE (EUROPE) S.A.

2,182

5.13

The Master Trust Bank of Japan, Ltd.

1,849

4.35

UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT

1,435

3.37

National Mutual Insurance Federation of Agricultural Cooperatives

1,287

3.03

Masao Horiba*

1,150

2.70

The Bank of Kyoto, Ltd.

828

1.95

Atsushi Horiba

810

1.91

HORIBA Raku-Raku Kai (partner suppliers)

794

1.87

BNP Paribas Securities Services Paris/JASDEC/France

771

1.81

*Masao Horiba passed away in July 2015, but he remains listed in the shareholder registry because the transfer of registration has not yet been completed as of December 31, 2015.

Stock Price Trend
Yen

Yen/Point

5,000

20,000-HORIBA (left)

Foreign investors
3.6%
Financial institutions,
Securities companies
1.4%

Japanese companies 2.4%

Breakdown ofTypes of
Shareholders-Nikkei Stock Average (Nikkei 225) (right)-JPX-Nikkei Index 400 (right)

3,750(7,154 in total)

15,000Individual investors
92.6%
2,500

10,000Japanese companies 7.6%
Individual investors
19.6%

1,250

Breakdown ofOwnership among
Shareholders

5,000(42,532,752
shares in total)
0

0
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Foreign investors
37.3%

Financial institutions
35.5%

2016

HORIBA Report 2015 | 82

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 theactive time in our lives, in the place where we spend the large part of each day, then as a result
our satisfaction 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

one of the priority objectives of management. Our basic

At HORIBA, our mission is to contribute to the progress ofpolicy is to target total returns (the combination of dividend

science and technology, and the preservation of the global

payments and share buybacks) to shareholders to be at aenvironment and resources through the provision of highly

certain ratio of HORIBA’s consolidated net income, andoriginal products, analytical and measurement solutions, andconsistently deliver them. In addition, we are committed toengineering services that utilize our world renowned

create opportunities for constructive dialogues with investors

measurement and analytical technologies. We are engaged

and stakeholders, regularly reporting our operatingin the fields of engine emissions, scientific analysis, industrial

performance, fairly and promptly disclosing informationand process measurement, environment monitoring,

whenever an important business or managerial issue arises,

semiconductor process control, medical and health-care,and maintaining transparency in our management. HORIBA

and biotechnology. The new businesses and new productsGroup companies, having adopted a unified accounting

we may initiate shall also satisfy our aim to develop scientificstandard and system and a common information base, shalltechnology, improve the life of the community, and minimize

maintain a timely and responsive management control

the impact on the environment. We put priority on ensuring asystem. The managements of group companies also sharesafe business environment and strictly abide by applicable

responsibility in generating profit, delivering dividendlaws, regulations, and our articles of incorporation. We havepayments, establishing and managing the internal control

established and adopted a quality management system andsystem, and developing human resources.

environmental preservation system. We strive to deliver highvalue-added products and services in the shortest possible

Employees

time to customers all over the world while combining the

We are proud of the entrepreneurial spirit that has led to theunique development, production, sales, and service functions

creation of HORIBA Group companies. Each group employeeof all HORIBA Group companies throughout the world. We

is made aware of this heritage and we actively encourage

aim to be a leader in the global market in the fields in which

ideas and innovations from individual employees. HORIBA

we operate by consistently satisfying our customers’ needs

promotes an open and fair business environment, withand effectively maximizing our resources through investments

attention to safety and health, which allows all groupin the carefully selected fields.

employees to achieve their individual goals and maximize
their talents and potential. We strive to foster an environment

Customer Responsivenessof mutual respect so that diverse talents and viewpoints can

We maintain a philosophy of pursuing cutting edge

flourish. At the same time, to further everyone’s personal andtechnology in order to supply products and services thatprofessional growth, we encourage interculturalconsistently satisfy customers’ requirements. We areunderstanding and thinking from a global perspective. We

committed to offering top-quality, highly reliable products andcreate a work environment for employees to achieve theirservices with a consistent level of excellence throughout thegrowth potential and exert their talents to the maximum byworld. Meanwhile, we strive to understand the true needs ofaccelerating diversity management and expanding ourcustomers and proactively propose solutions.

international core human resources development andexchange program. The basis of our performance evaluation

83

Responsibility to Shareholders and Investors

is the merit count principle, (not the demerit mark principle),

We recognize that maximizing the returns to shareholders by

as we value each and every employee who makes efforts toconsistently raising HORIBA’s long-term corporate value isimprove his or her performance with a challenging spirit.

HORIBA Report 2015

HORIBA Report

Booklet“To our stakeholders”

Website

Editorial policy
We have published integrated“HORIBA Report” since 2013 tohelp you better understand thetrue value of HORIBA byintroducing our uniquecorporate culture and “invisible
values”, which cannot be foundin financial statements.
Additional information on our“invisible values” is available on
our website.

This booklet summarizes primarily
HORIBA’s business activities andfinancial information, along with “invisible
values” such as human resources andtechnologies.

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

HORIBA Report 2015 | 84

HORIBA, Ltd.
2, Miyanohigashi-cho, Kisshoin, Minami-ku, Kyoto 601-8510, Japan
Phone: +81-75-313-8121 Fax: +81-75-312-7389

http://www.horiba.com© 2016 HORIBA, Ltd. All rights reserved.