Summary of Consolidated Financial Statements
for the Fiscal Year Ended March 31, 2019(Japan GAAP)May 9, 2019
Name of Listed Company: TSUMURA & CO.
Exchange: Tokyo Stock Exchange
Code:
4540
URL:
https://www.tsumura.co.jp
Representative:
President and Representative Director
Name: Terukazu Kato
Contact:
Head of Corporate Communications Dept.
Name: Yosuke Tsuchiya
Telephone: 81-3-6361-7100
Scheduled date of general meeting of shareholders:June 27, 2019
Scheduled date of dividend payment commencement:
June 28, 2019
Scheduled date of security report submission:
June 27, 2019
Preparation of supplementary materials for the financial statements: Yes
Holding of the financial results briefing:
Yes (for institutional investors, securities analysts and news media)(Figures are rounded down to the nearest one million yen.)

1. Consolidated business results for the term ended March 31, 2019 (From April 1, 2018 to March 31, 2019)(1) Financial results (total sum)

(Figures in percentages denote the year-on-year change.)

Net sales

Fiscal Year 3/2019
Fiscal Year 3/2018

Operating profit

Profit attributable toowners of parent

Ordinary profit

Million yen%

Million yen%

Million yen%

Million yen%

120,906
117,879

2.6
2.5

18,52017,0508.6
6.7

19,702
17,91410.0
9.2

14,593
14,5040.6
16.1(Note) Comprehensive income: FY 3/2019: 13,090million yen [(19.6)%]

Fully diluted profit
per share

Profit per share
Fiscal Year 3/2019
Fiscal Year 3/2018

FY 3/2018: 16,271 million yen [43.4%]

Ratio of ordinary
income to total assets

Return on equity

Ratio of operating
profit to sales

Yen

Yen

%

%

%

190.87200.55

‒
‒

7.4
8.3

6.8
7.0

15.3
14.5

(Reference) Equity in earnings of affiliates: FY 3/2019: 112 million yen

FY 3/2018: 324 million yen(2) Consolidated financial conditions
Total assets

As of March 31, 2019
As of March 31, 2018

Million yen

Million yen%

Yen

287,322292,379

206,141
196,533

70.2
66.2

2,639.59
2,532.11(Reference) Shareholders’ equity: FY 3/2019: 201,816 million yen(3) Consolidated cash flow
Cash flows from operating
activities
Fiscal Year 3/2019
Fiscal Year 3/2018

Shareholders’ equity
per share

Shareholders’ equity ratio

Net assets

FY 3/2018: 193,599 million yen

Cash flows frominvesting activities

Cash flows fromfinancing activities

Closing balance of cash
and cash equivalents

Million yen

Million yen

Million yen

Million yen

5,450
21,066(7,697)(23,354)(18,528)
50,30556,24378,313

2. Dividends
Dividend per share
End of Q1

End of Q2

End of Q3

End of FY

Total cash
dividends(annual)

Total

Dividends
payout(consolidated)

Net assets
dividend ratio(consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen%%

FY 3/2018

‒

32.00

‒

32.00

64.00

4,647

31.9

2.7

FY 3/2019

‒

32.00

‒

32.00

64.00

4,893

33.5

2.5

FY 3/2020 (Projection)

‒

32.00

‒

32.00

64.00

39.8

3. Projections of consolidated business results for the term ending March 31, 2020
(From April 1, 2019 to March 31, 2020)(Figures in percentage show the rate of increase or decrease from the previous fiscal year for full-year
and from the second quarter of the previous fiscal year for second quarter (aggregate).)Net sales
Million yen

First half
Full-year

61,500125,000

Operating profit% Million yen

5.5
3.4

8,100
17,000

Profit attributable toowners of parent

Ordinary profit% Million yen

(9.5)
(8.2)

8,700
18,000% Million yen

(9.1)
(8.6)

6,000
12,300

Profit per share%

Yen(15.3)(15.7)

78.47
160.87

Notes(1) Important changes of subsidiaries during the term (change of specified subsidiaries that lead to a change in the scope of
consolidation): No(Note) Ping An Tsumura Inc. was included in the scope of consolidation in the fiscal year under review due to its increased
importance, although it did not fall under changes in specified subsidiaries.
(2) Changes in accounting principles and procedures and the method for indication, etc.
1) Changes associated with the revision of accounting principles, etc.: No
2) Change other than 1):
No3) Accounting estimate change:
No4) Retrospective restatement:No(3) Number of shares issued (common stock)1) Number of shares issued at the end of the term(including treasury stock) (shares)

FY 3/201976,758,362

FY 3/201876,758,362

2) Number of treasury stock at the end of the term
(shares)

FY 3/2019

300,631

FY 3/2018

300,382

3) Average number of shares during the term
(shares)

FY 3/201976,457,903

FY 3/2018

72,324,992* This Summary of Consolidated Financial Statements is not subject to audit procedures performed by a certified public accountant oraudit corporation.
* Explanation about the proper use of financial projections and other important notes
Forward-looking statements such as financial projections, which are stated in this document, are based on information currently
available to the Company and certain assumptions deemed reasonable. There is a possibility that actual results, etc. will differ
materially from forecasts due to various factors. Please see “1. Overview of Operating Results, etc. (4) Future outlook” on page 3
for information regarding the forecast of consolidated financial results.

2

○Contents of accompanying materials
1. Overview of Operating Results, etc. ···································································································

2(1) Overview of operating results for the fiscal year ended March 31, 2019 ······················································

2(2) Overview of financial position during the fiscal year ended March 31, 2019 ·················································

3(3) Overview of cash flow during the fiscal year ended March 31, 2019 ··························································

3(4) Future outlook ·······················································································································

3

2. Basic idea of the selection of accounting standards ··················································································

4

3. Consolidated Financial Statements and Key Notes ··················································································

5(1) Consolidated Balance Sheets ·······································································································

5(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ·····························

7(3) Consolidated Statements of Changes in Equity ··················································································

9(4) Consolidated Statements of Cash Flows ·························································································

11(5) Notes to the Consolidated Financial Statements ·················································································

13(Notes on premise of a going concern) ··························································································

13(Transfer of important subsidiaries during the fiscal year under review) ····················································

13(Segment information) ············································································································

13(Per share information)············································································································

13(Significant subsequent events) ··································································································

14(Additional information) ·········································································································· 1314

1

(Additional1. Overview of Operating Results, etc.
(1) Overview of operating results for the fiscal year ended March 31, 2019
During the fiscal year under review, the Japanese economy grew moderately due to improvements in corporate earnings and theemployment situation. The global economy remained strong, backed by the robust U.S. economy, despite the increasing uncertainty
caused by a variety of factors such as the US-China trade friction, the uncertain political situation in Europe, and the slowdown inemerging economies.
Meanwhile, the Japanese pharmaceutical industry continued to face a harsh environment. The NHI drug price revision was
implemented in April 2018, and the measures for controlling medical expenses remained basically unchanged.
Under these circumstances, the consolidated net sales of Tsumura and its group companies for the fiscal year under review increased
2.6% year on year to 120,906 million yen, thanks primarily to continued growth in sales of prescription Kampo products.
Profit included operating profit of 18,520 million yen (up 8.6% year on year), ordinary profit of 19,702 million yen (up 10.0% year
on year), and profit attributable to owners of parent of 14,593 million yen (up 0.6% year on year). The cost-to-sales ratio fell 1.2
percentage points year on year, due mainly to reduced costs related to crude drugs, which outweighed the cost increase arising fromthe NHI drug price revision. On the other hand, the cost-to-SGA ratio rose 0.3 percentage points year on year. As a result, theoperating profit margin rose 0.8 percentage points year on year, to 15.3%.
[Consolidated business results]
FY 3/2018(Million yen)
YoY Change(Percent Change)

FY 3/2019

Net sales

117,879

120,906

3,027
2.6 （％）

Operating profit

17,05018,5201,469
8.6 （％）

Ordinary profit

17,914

19,702

1,787
10.0 （％）

Profit attributable toowners of parent

14,504

14,59388
0.6 （％）Net sales of overall prescription Kampo products grew 2.7% year on year, despite the impact of the NHI drug price revisions.
With diversifying needs for Kampo medicine among healthcare professionals, the Company conducts activities for providing
appropriate information on evidence in basic and clinical medicine, clinical practice guidelines in which Kampo products aredescribed and various uses for Kampo medicine prescriptions mainly through meetings with doctors, presentations for medical
institutions and Kampo medicine seminars.
The Company will continue to provide more information on Kampo medicine and Kampo products and work to expand the Kampo
market where there is significant potential, mainly in the three important domains of geriatric health, cancer (supportive care) andwomen’s health.

2(2) Overview of financial position during the fiscal year ended March 31, 2019
The financial position at the end of the fiscal year under review was as follows.
Please note that the Company adopted the “Partial Amendments to Accounting Standard for Tax Effect Accounting” (ASBJ Statement
No. 28, February 16, 2018), etc. at the beginning of the fiscal year under review, and therefore the figures below were compared withthose at the end of the previous fiscal year, which were treated retrospectively.
Total assets shrank 5,056 million yen from the end of the previous fiscal year, mainly due to a decrease in cash and deposits as a resultof the repayment of the current portion of long-term loans payable, to 287,322 million yen.
Liabilities decreased 14,665 million yen, chiefly due to the repayment of the current portion of long-term loans payable, to 81,181
million yen.
Net assets rose 9,608 million yen from the end of the previous fiscal year, to 206,141 million yen.
As a result, the equity ratio rose 4.0 percentage points, to 70.2%.
(3) Overview of cash flow during the fiscal year ended March 31, 2019
Cash flows in the fiscal year under review were as follows.
Cash flow provided by operating activities was 5,450 million yen. Compared with the previous fiscal year, cash inflow decreased
15,615 million yen, due largely to a fall in advance payments and a decline in inventories.
Cash used in investing activities was 7,697 million yen. Compared with the previous fiscal year, cash used decreased 15,656 million
yen year on year, mainly due to an increase in time deposits and an increase in proceeds from the sale and redemption of short-termand long-term investment securities.
Cash used in financing activities was 18,528 million yen. Compared with the previous fiscal year, cash provided decreased 68,833
million yen, mainly reflecting a decrease in proceeds from the issuance of bonds and a decrease in proceeds from the issuance ofcommon shares.
As a result, cash and cash equivalents at the end of the fiscal year under review decreased 22,069 million yen from the end of theprevious fiscal year, to 56,243 million yen.
(4) Future outlook
The financial forecasts for the fiscal year ending March 31, 2020 include net sales of 125,000 million yen (up3.4%), profit comprising
operating income of 17,000 million yen(down8.2%)and ordinary income of 18,000 million yen(down8.6%), and profit attributable toowners of parent of 12,300million yen(down15.7%), taking into account the growing sales of prescription Kampo products, revisionsof drug prices, and other factors.
(Million yen)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
FY 3/2020
Percent Change

125,000
3.4％

17,000(8.2)％

3

18,000（8.6）％

12,300（15.7）％

2. Basic idea of the selection of accounting standards
Tsumura and its group companies plan to prepare consolidated financial statements based on the Japanese standards for the time being.
The companies will consider adopting the IFRS in an appropriate manner, taking into account conditions in Japan and overseas.

4

3. Consolidated Financial Statements and Key Notes(1) Consolidated Balance Sheets(Million yen)
As of March 31, 2018
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade

As of March 31, 201983,52042,906

72,24044,524

Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Advance payments - trade
Other
Allowance for doubtful accounts

3,500
8,008
12,797
29,188
6,710
4,261
(4)

－
9,382
11,12531,29916,514
4,945(4)

Total current assets

190,888

190,027

Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
Tools, furniture and fixtures
Land
Construction in progress
Other
Accumulated depreciation

64,77850,55910,502
9,052
11,879334(75,776)

64,80050,214
10,815
9,052
15,199392(76,769)

Total property, plant and equipment

71,32973,703526

872

14,1791,908
227
13,319(0)

15,642
1,934
366
4,777
(0)

29,63422,719101,491
292,379

97,295287,322

Intangible assets
Investment and other assets
Investment securities
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investment and other assets
Total non-current assets
Total assets

5

(Million yen)
As of March 31, 2018
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable

5,507
10,314As of March 31, 2019

6,267
10,314Current portion of long-term loans payable

15,000－Accounts payable - other
Income taxes payable
Provision for sales returns
Other

7,823
3,538
10
6,573

8,032
2,101
10
6,594

Total current liabilities

48,76633,32030,000
9,376
889
1,179
88
5,547

30,000
9,376
1,905
1,179
74
5,324

47,08047,861

Total liabilities

95,846

81,181

Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares

30,142
14,027140,040(814)

30,142
14,027
149,740(815)

183,396

193,095

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans

4,748
323
2,673
2,301
157

5,697
740
2,673
(313)
(76)

Total accumulated other comprehensive income

10,203

8,721

Non-current liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Net defined benefit liability
Other
Total non-current liabilities

Total shareholders’ equity

Non-controlling interests
Total net assets
Total liabilities and net assets

6

2,933

4,324

196,533

206,141

292,379

287,322

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income(Million yen)
FY 3/2018(From April 1, 2017
to March 31, 2018)

FY 3/2019(From April 1, 2018
to March 31, 2019)

Net sales
Cost of sales

117,879
49,603

120,906
49,451Gross profit

68,27571,455

Selling, general and administrative expenses

51,22452,935

Operating profit

17,05018,520

166
382

507
235

324

112

－

164

Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other

498

400

1,371

1,420

Non-operating expenses
Interest expenses

190

162

Bond issuance cost143－

Share issuance cost108－

Foreign exchange losses

25

Total non-operating income

Other

39

－
76

Total non-operating expenses

507

238

Ordinary profit

17,914

19,702Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities

10
1,498

1
324

Subsidy income

1,000

－

Total extraordinary income

2,509

325

13
60

0
130

Extraordinary losses
Loss on sales of non-current assets
Loss on retirement of non-current assets
Environmental expenses

66－

Total extraordinary losses

140

130

Profit before income taxes

20,284

19,897

Income taxes - current
Income taxes - deferred

5,440
49

4,670
393

Total income taxes

5,489

5,064

Profit

14,794

14,833

Profit attributable to non-controlling interests
Profit attributable to owners of parent

7

289

239

14,504

14,593

Consolidated Statements of Comprehensive Income(Million yen)
FY 3/2018(From April 1, 2017
to March 31, 2018)
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income (loss) of entities
accounted for using equity method

FY 3/2019(From April 1, 2018
to March 31, 2019)

14,794

14,833

902
(601)
902
260

949
417
(2,826)
(234)

13

(48)

1,477

(1,742)Comprehensive income

16,271

13,090Comprehensive income attributable to
Owners of parent
Non-controlling interests

15,896374

13,111(20)

Total other comprehensive income (loss)8

(3) Consolidated Statements of Changes in Equity
FY 3/2018 (From April 1, 2017 to March 31, 2018)(Million yen)
Shareholders’ equity
Capital stock
Balance at beginning of current
periodCapital surplus

19,487

1,940

10,654

10,654Retained earnings

Total shareholders’equityTreasury shares

129,937(5,393)145,972

Changes of items during the period
Issuance of new shares

21,309Dividends of surplus(4,402)(4,402)

Net income attributable to ownersof parent

14,504

14,504Purchase of treasury shares
Disposal of treasury shares

1,432

(1)

(1)

4,580

6,012

Net changes of items other thanshareholders' equity
Total changes of items during theperiod10,65412,087

10,102

4,579

37,423

Balance at end of current period

30,142

14,027140,040(814)

183,396

Accumulated other comprehensive income

Balance at beginning of current
periodValuationdifference on
availablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Remeasurements ofdefinedbenefit plans

Total
accumulated
othercomprehensi
ve income

Noncontrollinginterests

Total net
assets

3,845

925

2,673

1,470

(102)

8,811

2,613

157,397

Changes of items during the period
Issuance of new shares

21,309Dividends of surplus(4,402)

Net income attributable to ownersof parent

14,504Purchase of treasury shares(1)

Disposal of treasury shares

6,012

Net changes of items other thanshareholders' equity

902

(601)

－

830

260

1,392

319

1,712

Total changes of items during theperiod

902

(601)

－

830

260

1,392

319

39,135

Balance at end of current period

4,748

323

2,673

2,301

157

10,203

2,933

196,533

9

FY 3/2019 (From April 1, 2018 to March 31, 2019)(Million yen)
Shareholders’ equity
Capital stock
Balance at beginning of current
periodCapital surplus

30,142Retained earnings

14,027

Total shareholders’equityTreasury shares

140,040(814)

183,396

Changes of items during the period
Dividends of surplus(4,893)(4,893)

Net income attributable to ownersof parent

14,593

14,593Purchase of treasury shares

(0)

(0)

Increase of consolidated
subsidiaries - non-controllinginterests－

Net changes of items other thanshareholders' equity
Total changes of items during theperiod

－

－

9,700

(0)

9,699

Balance at end of current period

30,142

14,027

149,740(815)

193,095

Accumulated other comprehensive income

Balance at beginning of current
periodValuationdifference on
availablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Remeasurements ofdefinedbenefit plans

Total
accumulated
othercomprehensi
ve income

Noncontrollinginterests

Total net
assets

4,748

323

2,673

2,301

157

10,203

2,933

196,533

Changes of items during the period
Dividends of surplus(4,893)

Net income attributable to ownersof parent

14,593Purchase of treasury shares(0)

Increase of consolidated
subsidiaries - non-controllinginterests

1,468

1,468

Net changes of items other thanshareholders' equity

949

417

－

(2,614)(234)(1,482)(77)(1,559)Total changes of items during theperiod

949

417

－

(2,614)(234)(1,482)

1,391

9,608

Balance at end of current period

5,697

740

2,673

(313)

(76)

8,721

4,324

206,14110

(4) Consolidated Statements of Cash Flows(Million yen)
FY 3/2018(From April 1, 2017
to March 31, 2018)
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses

FY 3/2019(From April 1, 2018
to March 31, 2019)20,284
6,157
0
(548)
190

19,897
6,362
0
(742)
162

Bond issuance cost143－

Share issuance cost
Share of (profit) loss of entities accounted for using equity
methodLoss (gain) on sales and retirement of property, plant andequipment
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Decrease (increase) in advance payments
Loss (gain) on sales of short-term and long-term investment
securities
Decrease (increase) in net defined benefit asset
Increase (decrease) in net defined benefit liability
Other

108

－

(324)

(112)

74

127

(2,529)2,566(1,304)(79)(1,676)(2,651)915(9,808)(1,498)

(324)

(422)
(47)
1,794

(385)
8
(847)

Subtotal

24,565

10,926

Interest and dividend income received
Interest expenses paid
Income taxes paid

537
(161)
(3,875)696(163)(6,009)Net cash provided by (used in) operating activities

21,0665,450(15,186)(10,463)19(318)(13,510)(1,136)(8,514)3(427)(20,822)

16,15424,512

－

(952)

－

(239)

(4)
4
(49)
(23,354)

(3)
3
(123)
(7,697)

Cash flows from investing activities
Decrease (increase) in time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of short-term and long-term investment securities
Proceeds from sales and redemption of short-term and longterm investment securities
Purchase of investments in capital of subsidiaries
Payments for investments in capital of subsidiaries andassociates
Payments of loans receivableCollection of loans receivable
Other
Net cash provided by (used in) investing activities

11

(Million yen)
FY 3/2018(From April 1, 2017
to March 31, 2018)

FY 3/2019(From April 1, 2018
to March 31, 2019)

Cash flows from financing activities(2,267)－－(15,000)

Proceeds from issuance of bonds

29,856－

Proceeds from issuance of common shares

21,201－

Proceeds from sales of treasury shares

6,012

－

Decrease in short-term loans payable
Repayments of long-term loans payable

Proceeds from share issuance to non-controllingshareholders
Cash dividends paid
Dividends paid to non-controlling interests
Other

－

1,468

(4,404)(49)(45)(4,893)(54)(47)

Net cash provided by (used in) financing activities

50,305(18,528)

Effect of exchange rate change on cash and cash equivalents

394(1,294)

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period

48,412
29,901(22,069)
78,313

Cash and cash equivalents at end of period

78,31356,24312

(5) Notes to the Consolidated Financial Statements(Notes on premise of a going concern)
There are no applicable matters.
(Transfer of important subsidiaries during the fiscal year under review)
There are no applicable matters.
Ping An Tsumura Inc. was included in the scope of consolidation in the fiscal year under review due to its increased importance,
although it did not fall under changes in specified subsidiaries.
(Segment information)
The Group only has one segment of pharmaceutical products and thus the statement of segment information is omitted.
(Per share information)
FY 3/2018(From April 1, 2017
to March 31, 2018)
Net assets per share
Profit per share

FY 3/2019(From April 1, 2018
to March 31, 2019)2,532.11 yen
200.55 yen(Notes) 1. Fully diluted net income per share is not stated because there are no residual securities.
2. Basis of calculation(1) The basis of calculation for net assets per share is as follows.
As of March 31, 2018
Total net assets (million yen)
196,533
Deduction from total net assets (million yen)〔Non-controlling interests〕

2,639.59 yen
190.87 yen

As of March 31, 2019
206,141

2,933

4,324

〔2,933〕〔4,324〕

Net assets related to common stock at the end of the fiscal
year (million yen)

193,599

201,816

Number of shares of common stock at the end of the
fiscal year used for calculation of net assets per share(thousand shares)

76,45776,457(2) The basis of calculation for net income per share is as follows.
FY 3/2018(From April 1, 2017
to March 31, 2018)
Profit attributable to owners of parent (million yen)
14,504FY 3/2019(From April 1, 2018
to March 31, 2019)
14,593

Amount not attributable to common stockholders (million
yen)

‒

‒

Profit attributable to owners of parent related to common
stock (million yen)

14,504

14,593

Average number of shares of common stock during the
fiscal year under review (thousand shares)

72,32476,45713

(Significant subsequent events)
There are no applicable matters.
(Additional information)(Change following the adoption of “Partial Amendments to Accounting Standard for Tax Effect Accounting”)
The Company adopted “Partial Amendments to Accounting Standard for Tax Effect Accounting” (ASBJ Statement No. 28, February
16, 2018) at the beginning of the fiscal year under review. Accordingly, “deferred tax assets” is now included in “investments andother assets,” and “deferred tax liabilities” is now included in “non-current liabilities.” As a result, in the consolidated balance sheet
for the previous fiscal year, “deferred tax assets” under “current assets” decreased 1,512 million yen, and “deferred tax assets” under“investments and other assets” increased 190 million yen. In addition, “deferred tax liabilities” under “non-current liabilities”
decreased 1,321 million yen.
Deferred tax assets and liabilities related to taxes levied by the same taxation authority are offset, and total assets decreased 1,321
million yen from before the change.

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