Year ending December 31, 2024

Non-consolidated Financial Results for First Half (Interim Period)
FY2024 (Year Ending December 31, 2024)

August 7, 2024
(All financial information herein has been prepared in accordance with accounting principles generally accepted inJapan. This document is an English translation from the original Japanese-language document. This translation is
not subject to auditing standards in the U.S.)
Listed company name:
Code number:

Original Engineering
Consultants Co., Ltd.
4642

Stock listing:(URL

Tokyo Stock Exchange, Standard
Markethttps://www.oec-solution.co.jp)

Representative:
Contact person(Title) President & Representative Director (Name)
Nobuhiko Suga
(Title) Director & General Manager of(Name)
Kaoru Kira
Financial Affairs Division
Planned submission date of semiannual earnings report:
August 7, 2024
Date of scheduled payment of dividends:―
Earnings supplementary explanatory documents: None
Earnings presentation:
None

Tel: (03) 6757-8800(Amounts less than ¥1 million are truncated)
NON-CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST HALF (INTERIM PERIOD) OF FY2024(January 1, 2024, to June 30, 2024)(1)
Non-consolidated Operating Results (year to date)(Percentages represent year-on-year changes)

1.

Net sales
Million yen
Interim period ended
June 30, 2024
Interim period ended
June 30, 2023

Interim period ended
June 30, 2024
Interim period ended
June 30, 2023
(2)%

Operating income
Million yen%

Ordinary income
Million yen
%

3,999

6.9

872

11.1

883

3,740

9.5

785

32.7

798

Profit per sharebasic
Yen

Profit per sharediluted
Yen

113.54

―

88.71

―

ProfitMillion yen

%

10.7

669

28.4

34.5

521

36.3

Non-consolidated Financial Position
Total assets

Net assets

Shareholders’equity ratio

Million yen
Million yen%
Interim period ended
8,757
7,028
80.3
June 30, 2024
As of December 31,
7,886
6,493
82.3
2023
(Reference) Shareholders’ equity: As of June 30, 2024: ¥7,028 million As of December 31, 2023: ¥6,493 million
2.

DIVIDENDS

Dividends per share
End of
End of first
End of third Fiscal year(Record date)secondquarterquarterendquarter
Yen
Yen
Yen
Yen
―
0.00
―
32.00
FY2023―0.00
FY2024―32.00
FY2024 (forecast)(Note) Revision to the recently announced forecast of dividends: None

Full year
Yen
32.00
32.00

3.

FORECAST OF NON-CONSOLIDATED RESULTS FOR FY2024 (January 1, 2024, to December 31, 2024)(Percentages represent changes from the same period of the previous fiscal year)
Profit per
Net sales
Operating income Ordinary income
Profitshare-basic
Million yen% Million yen% Million yen% Million yen%
Yen
Full year
6,700 1.0
700 -9.5
710 -9.9
450 -5.7
76.35(Note) Revision to the recently announced forecast of results: None

* NOTES(1) Application of accounting treatment unique to the preparation of semiannual non-consolidated financial
statements: None
(2) Changes in accounting policies, changes in accounting estimates and retrospective restatements:(i) Changes in accounting policies in accordance with revision of accounting standards: None(ii) Changes in accounting policies other than (i) above: None(iii) Changes in accounting estimates: None(iv) Retrospective restatements: None
(3) Number of outstanding shares (common stock)(i) Number of shares outstanding at end of period, including treasury stock
As of June 30, 2024: 7,796,800 shares
As of December 31, 2023: 7,796,800 shares(ii) Number of shares of treasury stock at end of period
As of June 30, 2024: 1,902,933 shares
As of December 31, 2023: 1,902,933 shares(iii) Average number of shares outstanding for each period (interim period)
As of June 30, 2024: 5,893,867 shares
As of June 30, 2023: 5,875,917 shares* The summary of financial results for the first half (interim period) of the fiscal year is not subject to reviews bycertified public accountants or audit corporations.
* Note regarding forecasts and forward-looking statements
The Company has not modified its forecasts of results for fiscal 2024, which it announced on February 5, 2024. The
forecasts presented above are based on information available to the Company at the present time, and, accordingly,
actual results may differ from any future performance expressed herein due to various factors. For matters relating toresults forecasts, please refer to “(3) Explanation Regarding Future Forecasts Such as Forecasts of Results” on page 4.

○ Index of the Attachment
1.

QUALITATIVE INFORMATION REGARDING FIRST HALF FINANCIAL RESULTS ..............................2(1) Explanation Regarding Business Results............................................................................................................ 2(2) Explanation Regarding Financial Position.......................................................................................................... 4(3) Explanation Regarding Future Forecasts Such as Forecasts of Results .............................................................. 4

2.

INTERIM FINANCIAL STATEMENTS AND PRIMARY NOTES .................................................................... 6(1) Non-consolidated Interim Balance Sheet............................................................................................................ 6(2) Non-consolidated Interim Statements of Operations .......................................................................................... 8(3) Non-consolidated Interim Statement of Cash Flows .......................................................................................... 9(4) Notes regarding the Non-consolidated Interim Financial Statements............................................................... 11(Matters Affecting the Assumption of a Going Concern) ................................................................................. 11(Notes regarding Significant Changes in Shareholders’ Equity) ...................................................................... 11(Segment Information) ...................................................................................................................................... 11(Significant Subsequent Events) ....................................................................................................................... 111

1.

QUALITATIVE INFORMATION REGARDING FIRST HALF FINANCIAL
RESULTS(1)

Explanation Regarding Business Results

According to a provisional calculation of the Cabinet Office, Japan’s water and sewerage infrastructure assets
amount to approximately ¥130 trillion, which indicates that the water and sewerage infrastructure stock is the secondlargest in the country by sector after that of roads. Among these, the penetration rate of water supplies is 98.3% as ofMarch 31, 2022, with the total length of water pipes reaching around 740,000 kilometers across Japan. However, thenational average annual rate of renewing water pipes is as low as 0.64%, which means that it will take about 130 years
to renew all of these pipes. The statutory useful life of water pipes is 40 years, and much of the stock was built during
the high-growth period of the 1970s. There are issues such as aging infrastructure, slow progress in making water pipes
earthquake-resistant (with the earthquake-resistance conformity rate of key water pipes at the end of fiscal 2022 being
42.3%), and a decrease in water charges received due to a declining population and other factors. Further, many water
utilities operators are of a small scale with a vulnerable management foundation, resulting in insufficient provision forsystematic renewal. Water supply maintenance and management administration, which had been under the purview ofthe Ministry of Health, Labour and Welfare for many years, was transferred to the Ministry of Land, Infrastructure,
Transport and Tourism for management and maintenance of the infrastructure and to the Ministry of Environment forwater quality and hygiene in April 2024. As a result, the fiscal 2024 budget requests that water projects include theestablishment of a new project to promote the integrated efficiency and strengthening of infrastructure of water andsewerage systems to support integrated measures for water supply and sewerage, and the expansion of project survey
costs regarding water infrastructure improvement.
In the sewage field, the number of people with access to sewage treatment facilities is 92.9% in Japan (as of theend of FY2022), but only 81.0% have access to sewers, which means nearly 8.8 million people still live without accessto wastewater treatment plants. Therefore, it is necessary to accelerate the spread of sewage treatment. While the needto construct new facilities is on the decrease, a great number of water and sewage facilities that were rapidly built
during the high-growth period are reaching the end of their useful lives every year. Maintenance and renewal of theseinfrastructure assets, which are indispensable for ensuring a safe, secure and cultural life, are thus in demand. In
addition, needs are growing for flood control measures to protect human lives and assets from localized torrential
rainfall and large typhoons, which have occurred frequently in recent years, anti-seismic measures such as quakeresistant toilet facilities, measures for reinforcing water and sewerage systems to make them tsunami resistant, andinitiatives to create “green innovation sewerage systems” in line with a shift to a decarbonized and recycling-oriented
society.
Out of Japan’s national budget for FY2024, passed and enacted in March 2024, the total amount to be allocatedto “General Social Infrastructure Development,” including the water and sewage budget, which is closely connectedwith the business of the Company, is a national expenditure of ¥1,361.3 billion. This amount is broken down to ¥856.3
billion for disaster prevention and safety subsidies and ¥505.1 billion for general social infrastructure development
subsidies. Among them, the national budget for the sewerage system is unofficially announced as about ¥476.9 billion
in total, roughly at the same level as ¥477.2 billion for the previous fiscal year.
In this operating environment, with the themes set by the Water Supply and Sewerage Group of the Ministry ofLand, Infrastructure, Transport and Tourism in mind, the Company pursues orders for services related to asset
management in line with the new water supply vision in the water supply field, and those in line with seven major
themes in the sewerage field. These are: strengthening earthquake recovery and reconstruction support andimplementing national measures for safety and peace of mind; promptly reducing areas lacking sewerage infrastructure;promoting water environmental management; improving facility management and operations; strengthening seweragemanagement; promoting measures to achieve a low-carbon, recycling-oriented society; and promoting international
water businesses through globalization and private-public initiatives.
One of the themes for the quarter under review is the full-scale promotion of “Water PPP” (public-private
partnerships) advocated by the government. In Japan, with the backdrop of a declining population, local governments,
except for some municipalities such as ordinance-designated cities with large populations and those in theirsurrounding areas, are seeing a decline in the number of employees in charge of water supply and sewerage projects
and are experiencing difficulty in securing sufficient budgets. Under these circumstances, the government is promoting
concession projects (which establish the right to operate a facility for the private sector while maintaining theownership of the facility in the public sector) in water supply, sewerage, and industrial water supply. However, a2

concession which is supposed to be “partial privatization” is generally understood as “privatization,” causing suchconcession to be avoided by water utilities which are particularly allergic to privatization.
With this background, on June 2, 2023, the government approved the PPP/PFI Promotion Action Plan (revisedin 2023) to newly establish a public-private partnership aimed at gradually shifting to concession projects in watersupply, sewerage and industrial water supply as an integrated management and renewal system, and define it together
with concession projects as “Water PPP.” The Action Plan considers water supply, sewerage, and industrial watersupply as priority areas, and sets an ambitious target of realizing 100 water supply projects, 100 sewerage projects, and
25 industrial water supply projects, a total of 225, over 10 years from fiscal 2022 to fiscal 2031, with national subsidies
planned. In response to such development, the Company is working to secure orders for services related to bothschemes of “renewal support type,” a scheme that supports local governments in renewing infrastructure byformulating renewal plans and construction management (CM), and “renewal implementation type,” a scheme whereentities maintain, manage and renew infrastructure in an integrated manner as a system to integrally optimize
maintenance, management and renewal, under the Water PPP which is being strongly promoted by the government.
Summarizing our efforts to win orders in the domestic market, we are doubling down on sales activities tocultivate new fields and customers. We are doing so based on our long track record, while capturing project orders thathave high order-repeat rates through offering fine-tuned technological proposals and flexible customer service. We do
this on the back of our superiority resulting from an accumulated knowledge of the status of facility development andoperational issues in local public entities who are our existing customers. In overseas markets, the Company has beenworking to win orders by tapping into projects in emerging nations through public-private partnerships.
On the other hand, with regard to its internal work environment, the Company has provided 90% of its
employees with smartphones and notebook PCs and created an office environment with free address (no assigned
seating). So, employees can work at home and outside the office using a teleworking environment. Specifically, theCompany is providing the following internal systems which focus on the perspective of the employees: facilitating
prompt information-sharing and chatting between different levels, on which the Company has worked to raiseawareness internally; speedily responding to departmental issues by checking management benchmarks by department
when necessary; conducting appropriate budget management, process control, progress management, and outsourcing
management for orders received for projects; upgrading in-house engineers’ skills; securing and fostering young
employees who will lead the next generation; reducing overtime to comply with the revised Labor Standards Act;
promoting well-being management; utilizing internal systems, such as a staggered working hours system; andpromoting the use of maternity/parental leave systems and paid leave, as well as a custom-made work system whichenables each employee to work from a place according to his/her own circumstances. In our internal business
management system, we have digitized the approval function for each business workflow, from receiving an order fordesign work, starting the project, preparing and changing the execution budget, and completing the project, thereby
accelerating budget management and reducing printing. Through these efforts, we are striving to improve productivity
and reduce costs, and to increase employee returns and earnings.
During the interim accounting period under review, we successfully managed the peak business season of the
fiscal year-end of government offices, when in a typical year many contracts are to be delivered. Our business activities
progressed smoothly overall, including securing orders for projects for the new fiscal year, production activities for
projects won in the new fiscal year, overseas projects, training for new employees, training for skill upgrading, andformulating the medium-term management plan.
As a result, orders received during the interim accounting period under review amounted to ¥3,192 million, an
increase of 14.3% compared with the same period of the previous fiscal year. Contracts completed posted ¥3,999
million (up 6.9% year on year). Operating income amounted to ¥872 million (up 11.1% year on year), and ordinary
income was ¥883 million (up 10.7% year on year). Profit stood at ¥669 million (up 28.4% year on year).
Results by operating division were as follows.
[Engineering Consultant Department]
The Engineering Consultant Department received orders totaling ¥2,870 million during the interim accounting
period under review, an increase of 14.0% year on year. Contracts completed by the department were ¥3,690 million (up6.2% year on year).
[Information Processing Department]
In the Information Processing Department, orders received increased 17.3%, compared with the same period of3the previous accounting period, to ¥322 million. Contracts completed by the department were ¥309 million (up 17.0%
year on year).

(2)

Explanation Regarding Financial Position(i)
Status of Assets, Liabilities and Net Assets(Current assets)
Current assets for the interim accounting period under review amounted to ¥7,153 million (up 9.1% from theend of the previous fiscal year). The main factors contributing to this change included an increase in cash and deposits
due to the receipt of payment for operations and a decrease in accounts receivable-completed operation.
(Noncurrent assets)
Noncurrent assets for the interim accounting period under review amounted to ¥1,604 million (up 20.5% fromthe end of the previous fiscal year). The main factors contributing to this change included an increase in investments
and other assets as a result of purchase of investment securities and an increase in fair value of investment securities
held.
(Current liabilities)
Current liabilities for the interim accounting period under review stood at ¥1,643 million (up 27.1% from theend of the previous fiscal year). The main factors contributing to this change included increases in income taxes
payable, advances received on uncompleted contracts due to the receipt of payment for operations, and others due tothe posting of accrued expenses for summer bonuses.
(Noncurrent liabilities)
Noncurrent liabilities for the interim accounting period under review stood at ¥84 million (down 14.8% fromthe end of the previous fiscal year). The main factor contributing to this change included a decrease in lease obligation.
(Net assets)
Net assets for the interim accounting period under review amounted to ¥7,028 million (up 8.3% from the end of
the previous fiscal year). The main factors contributing to this change included an increase in retained earnings due tothe posting of a profit.
(ii)

Status of Cash Flows
Cash and cash equivalents (hereinafter referred to as “cash”) stood at ¥5,449 million at the end of the interim
accounting period under review, an increase of 66.9% from the end of the previous fiscal year.
The main factors contributing to changes in cash flows during the interim accounting period under review wereas follows:(Cash flows from operating activities)
Net cash provided in operating activities amounted to ¥2,529 million (up 6.8% compared with the previous
interim accounting period). The main factors contributing to this change were the posting of profit before income taxes
and a decrease in accounts receivable–trade.
(Cash flows from investing activities)
Net cash used by investing activities amounted to ¥139 million (¥81 million provided in the previous interim
accounting period). The main factor contributing to this change was the purchase of investment securities.
(Cash flows from financing activities)
Net cash used in financing activities amounted to ¥207 million (down 0.2% compared with the previous interim
accounting period). The main factor contributing to this change was the payment of cash dividends.

(3)

Explanation Regarding Future Forecasts Such as Forecasts of Results

For the interim accounting period under review, orders received, contracts completed, operating income,ordinary income and profit increased 14.3%, 6.9%, 11.1%, 10.7% and 28.4%, respectively, compared with the previous
4interim accounting period. The driving factors include the higher-than-expected number of orders for design work forlarge water pipe infrastructure, for which there is steady demand for renewal; orders for flood control-related work, forwhich there is a growing need; and the fact that design and construction projects that span multiple fiscal years
progressed smoothly during the quarter under review and were able to be recorded as completed work.
However, in the third quarter, the number of actual workdays tends to be fewer than that of other quarters due
to a combination of summer vacations, internal training, a testing period for the most challenging national technicalqualification, which is highly important to improve order-taking and production activities, and participation in andpreparation for technical research presentations by industry associations and other organizations, which lead to higher
operational quality. In addition, our fiscal year-end is December, but the contract construction period for most of theorders we receive is concentrated in February to March, which is in the second half of the fiscal year for local
governments. For hundreds of orders that are in the middle of their construction period, month-end financial
information is collected and used to finalize our full-year financial statements. Accordingly, there are currently a lot of
uncertainties regarding the quarterly reporting of each business performance, and therefore the earnings forecast
announced on February 5, 2024, has not been changed at this time.
Going forward, we will closely examine various situations over time, and will promptly disclose information
when a clear outlook is confirmed.

5

2.

INTERIM FINANCIAL STATEMENTS AND PRIMARY NOTES(1)

Non-consolidated Interim Balance SheetFY2023(as of December 31, 2023)
Category

Amount(thousand yen)Interim accounting period
under review(as of June 30, 2024)
Amount(thousand yen)

AssetsCurrent assets
Cash and deposits

3,981,339

6,165,162

Accounts receivable–completed
operation and contract assets

2,495,744

890,450

77,623

97,777

6,554,707

7,153,390

Property, plant and equipment

389,828

371,774

Intangible assets

122,590

121,642

Investments and other assets

819,148

1,111,027

1,331,567

1,604,444

7,886,274

8,757,835

Other
Total current assets
Noncurrent assets

Total noncurrent assets
Total assets

6

FY2023(as of December 31, 2023)
Amount(thousand yen)

Category

Interim accounting period
under review(as of June 30, 2024)
Amount(thousand yen)

Liabilities
Current liabilities
Accounts payable–operating

375,176

100,220

Lease obligations

31,78929,929

Income taxes payable

182,852

333,439

Advances received on uncompleted contracts

162,428

381,587

Provision for bonuses

42,72375,636

Reserve for shareholder benefits

8,789

-

Provision for loss on orders received

21,443

7,851

Provision for share benefit

15,51615,196

Other452,804

700,122

1,293,524

1,643,983

Provision for share benefit

22,36921,729Lease obligations

26,44012,019Asset retirement obligations

50,86951,145

Total noncurrent liabilities

99,67984,894

1,393,204

1,728,877

Capital stock

1,093,000

1,093,000

Capital surplus

2,874,232

2,874,232

Retained earnings

3,980,823

4,459,252

Treasury stock-1,541,231-1,541,231

Total shareholders’ equity

6,406,823

6,885,252

Valuation difference on available-for-sale securities

86,246

143,705

Total valuation and translation adjustments

86,246

143,705

6,493,070

7,028,957

7,886,274

8,757,835

Total current liabilities
Noncurrent liabilities

Total liabilities
Net assets
Shareholders’ equity

Valuation and translation adjustments

Total net assets
Total liabilities and net assets

7

(2)

Non-consolidated Interim Statements of Operations
Previous interim accounting Interim accounting period
periodunder review(From January 1, 2023, to (From January 1, 2024, toJune 30, 2023)
June 30, 2024)
AmountAmount(thousand yen)(thousand yen)

Category
Net sales of contracts completed

3,740,141

3,999,415

Costs of completed contracts

2,266,890

2,414,892

Gross profit

1,473,251

1,584,522

Selling, general and administrative expenses

687,864

712,289

Operating income

785,386

872,232

43

48

Interest on securities

2,500

750

Dividend income

3,786

4,591

Commission fee

1,215

877

280

999

-

254

Gain on valuation of investment securities

8,179

5,492

Foreign exchange gains

1,905

2,612

Other

4,162

3,348

Total non-operating income

22,071

18,975Interest expenses

1,096

690

Expenses for securities transactions

7,263

6,213

288

395

8,648

7,300

798,810

883,907

Reversal of provision for construction warranty

635-

Total extraordinary income

635-

Loss on valuation of golf club membership

800-

Total extraordinary loss

800-

Profit before income taxes

798,645883,907

Income taxes–current

266,797

302,348

Income taxes–deferred

10,573-87,604

Total income taxes

277,371

214,743

Profit521,274

669,164

Non-operating income
Interest income

Gain on investments in silent partnerships
Gain on sale of investment securities

Non-operating expenses

Other
Total non-operating expenses
Ordinary income
Extraordinary income

Extraordinary loss

8

(3)

Non-consolidated Interim Statement of Cash Flows

Previous interim
accounting period(From January 1, 2023, toJune 30, 2023)
Amount(thousand yen)Interim accounting period
under review(From January 1, 2024, toJune 30, 2024)
Amount(thousand yen)

Profit before income taxes

798,645883,907

Depreciation and amortization

71,33450,950

Increase (decrease) in provision for bonuses

30,86532,913―-8,789-9,455-13,592

-639

-959

Increase (decrease) in provision for retirement benefits-2,797―

Decrease (increase) in prepaid pension costs-6,593-39,896

Interest and dividends income-6,330-5,390Interest expenses

1,096

690

Decrease (increase) in notes and accounts receivable–
trade

1,490,306

1,605,293

Decrease (increase) in costs on uncompleted contracts-7,868-5,602-285,626-274,956

223,539

219,158

Other

274,791

237,233

Subtotal

2,571,266

2,680,960

Interest and dividends income received

6,330

5,383

Interest expenses paid

-1,096-690

Payment of warranties for completed construction-59,364―

Income taxes paid

-148,494-155,848

Cash flows from operating activities

2,368,642

2,529,804

Category
Cash flows from operating activities

Increase (decrease) in provision for shareholder
benefits
Increase (decrease) in provision for loss on orders
received
Increase (decrease) in provision for share benefit

Increase (decrease) in notes and accounts payable–
trade
Increase (decrease) in advances received on
uncompleted contracts9Previous interim
accounting period(From January 1, 2023, toJune 30, 2023)
Amount(thousand yen)Interim accounting period
under review(From January 1, 2024, toJune 30, 2024)
Amount(thousand yen)

Purchase of property, plant and equipment-6,586-16,686

Purchase of intangible assets-20,594-21,250

Payments for lease and guarantee deposits-804-2,784

Proceeds from collection of lease and guarantee
deposits

219

730-100,000-200,000―

462

Proceeds from redemption of investment securities

210,000

100,000

Proceeds from withdrawal of investments in silent
partnerships

1,116

2,602

Other payments-3,880-3,924

Other proceeds

2,350

1,266

Cash flows from investing activities

81,820-139,585

Repayments of lease obligations-16,765-16,281

Cash dividends paid

-190,734-190,734

Cash flows from financing activities-207,500-207,016449

614

2,243,410

2,183,816

3,026,208

3,265,199

5,269,619

5,449,015

Category
Cash flows from investing activities

Purchase of investment securities
Proceeds from sale of investment securities

Cash flows from financing activities

Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Balance of cash and cash equivalents at beginning of theyear
Balance of cash and cash equivalents at the end of theinterim period

10

(4)

Notes regarding the Non-consolidated Interim Financial Statements(Matters Affecting the Assumption of a Going Concern)
Not applicable.
(Notes regarding Significant Changes in Shareholders’ Equity)
Not applicable.

(Segment Information)
Previous interim accounting period (from January 1, 2023, to June 30, 2023) and interim accounting period underreview (from January 1, 2024, to June 30, 2024)
Since the Company’s business operations comprising engineering consulting and related services are
conducted within a single business segment, segment information is omitted.
(Significant Subsequent Events)
Transfer of noncurrent assets
The Company had resolved on the transfer of noncurrent assets at the meeting of its Board of Directors held
on February 13, 2024, and entered into a real estate sales agreement dated August 6, 2024.
1. Reason for the transfer
To improve asset efficiency and financial strength through effective use of management resources.
2. Details of the transferred assets
Location
3426-39 Tonyamachi, Utsunomiya, Tochigi Prefecture
Types of assets
Land (2,790 m2), building (1,522.97 m2)
Use before the transfer Our own office
3. Timeline for the transfer(i) Date of resolution of the Board of Directors:
February 13, 2024(ii) Date of transfer agreement: August 6, 2024(iii) Delivery date of the asset to be transferred:December 2024 (scheduled)
4. Transfer price
The transfer price is not disclosed due to an agreement with the transferee.
5. Overview of the transferee
The transferee is not disclosed due to an agreement with the transferee. The transferee has no capital,
personnel or business relationship with the Company and does not constitute a related party.
6. Impact on financial results
As a result of the transfer of the relevant noncurrent assets, the Company plans to record a gain on sale ofnoncurrent assets of ¥25 million as an extraordinary gain in the fourth quarter of the fiscal year ending
December 2024.

11