Financial Results for the First Half of the Year Ending March 31, 2016 (J-GAAP)
November 10, 2015
Name of listed company: Nichii Gakkan Company
Listed on: Tokyo Stock Exchange 1st Section
Securities code:
9792
URL:
http://www.nichiigakkan.co.jp
Representative:
Akihiko Terada, Chairman, President and CEO
Contact:
Koichi Terada, Director
TEL: 03-3291-2121
Scheduled date for filing the quarterly financial report: November 13, 2015
Scheduled date to start dividends distribution:
December 7, 2015
Supplementary quarterly materials prepared:
Yes
Quarterly results information meeting held:
Yes (for institutional investors and financial analysts)(Figures shown are rounded down to the nearest million yen.)

1. Consolidated financial results for the first half ended September 30, 2015 (April 1, 2015 – September 30, 2015)(1) Consolidated operating results(Percentage figures represent changes from same period of previous year.)
Profit attributable to
Net Sales
Operating Income
Ordinary Income
owners of parent
Million yen

Six months ended
September 30, 2015
Six months ended
September 30, 2014
(Note) Comprehensive income:%Million yen%

Million yen%

Million yen%

136,575

0.4

(473)

—

(1,701)—(2,296)—

136,015

(0.0)

2,719

(15.8)

1,776(29.0)

593(64.3)

Six months ended September 30, 2015: -1,981 million yen (-%);
Six months ended September 30, 2014: 648 million yen (-57.8%)

Net Income per Share

Diluted Net Income per ShareYen

Six months ended
September 30, 2015
Six months ended
September 30, 2014

Yen

(35.68)

—

8.49

—

(2) Consolidated financial position
Total Assets

Net Assets
Million yen

As of September 30, 2015
As of March 31, 2015
Reference: Shareholders’ equity:

Equity Ratio
Million yen

188,740
184,554%

53,232
56,68527.6
30.5

As of September 30, 2015: 52,077 million yen; As of March 31, 2015: 56,333 million yen

2. Dividends
1Q-endYen——

Year ended March 31, 2015
Year ending March 31, 2016
Year ending March 31, 2016
(forecast)

Annual dividends
3Q-end2Q-endYen

Year-end

Yen

10.00
11.00

Annual
Yen

Yen

—

10.00

20.00

—

11.00

22.00

(Note) Revisions to most recently announced dividend forecast: No

3. Forecast of consolidated financial results for the year ending March 31, 2016 (April 1, 2015 – March 31, 2016)(Percentage figures represent changes from same period of previous year.)

Net Sales

Operating Income

Million yen

Full year

275,500%

1.3

Million yen%

Million yen

200(96.1)(2,400)(Note) Revisions to most recently announced financial results forecast: Yes

Profit attributable to Net Income
owners of parent
per Share

Ordinary Income%—

Million yen(3,500)%—Yen(54.45)

* Notes(1) Significant changes in subsidiaries during the term (Changes in specified subsidiaries resulting in changes in scope of
consolidation): None
(2) Application of specific accounting for preparing the quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes of accounting estimates and restatement
1) Changes in accounting policies due to revisions of accounting standards, etc.: Yes
2) Changes in accounting policies due to reasons other than those stated in 1): None
3) Changes in accounting estimates: None
4) Restatement: None
(Note) For details, please refer to page 7, (3) Changes in accounting policies, accounting estimates, and restatement of 2. Summary information(notes) of Attached Document.

(4) Number of shares outstanding (common stock)1) Number of shares issued and outstanding (including treasury stock)
As of September 30, 2015:
73,017,952
As of March 31, 2015:
73,017,952
2) Number of treasury stock
As of September 30, 2015:
8,825,324
As of March 31, 2015:
7,521,206
3) Average number of shares issued and outstanding in each period (quarterly consolidated cumulative period)
As of September 30, 2015:
64,376,251
As of September 30, 2014:
69,883,839* Implementation status of quarterly review procedures
The quarterly review procedure based on the Financial Instruments and Exchange Act does not apply to these quarterly financial
statements, and the procedure based on the Financial Instruments and Exchange Act is in operation as of the release of these quarterly
financial statements.

* Explanation concerning the appropriate use of financial result forecasts and other special notes(Forward looking statements)
The above forecasts are based on information Nichii Gakkan had as of the time this report was prepared and on certain assumptions
judged to be reasonable. Various factors may cause actual results to differ significantly from forecasts. Please refer to the disclaimers,
provided under “(3) Information on the future outlook, including consolidated financial results forecasts” of “1. Qualitative
information on quarterly financial results” on page 7 of the quarterly consolidated financial results (attached document), regarding theassumptions upon which forecasts are based and the use of forecasts.

Table of Contents for the Attached Document
1. Qualitative information on quarterly financial results ···································································· 2(1) Details of business results ································································································· 2(2) Details of financial position ······························································································· 6(3) Information on the future outlook, including consolidated financial results forecasts ···························· 6
2. Summary information (notes) ································································································ 7(1) Significant changes to subsidiaries during the term ···································································· 7(2) Application of specific accounting for preparing the quarterly consolidated financial statements ·············· 7(3) Changes in accounting policies, accounting estimates and restatement ············································· 7
3. Quarterly consolidated financial statements ················································································ 8(1) Quarterly consolidated balance sheets ··················································································· 8(2) Quarterly consolidated statements of income and comprehensive income ········································ 10
Quarterly consolidated statements of income
Six months ended September 30 ······················································································ 10
Quarterly consolidated statements of comprehensive income
Six months ended September 30 ······················································································ 11(3) Notes to quarterly consolidated financial statements ································································· 12
Notes on the premise of a going concern ··············································································· 12
Notes on significant fluctuation in the amount of shareholders’ equity ············································ 12
Significant subsequent events ··························································································· 12

11. Qualitative information on quarterly financial results(1) Details of business results
The Japanese economy continued to recover at a gradual pace during the interim period of the fiscal year underreview, showing signs of improvement in corporate performance on the back of the government’s economic policy.
Amidst the sustained recovery in the employment situation that accompanied the economic upturn, progress wasmade in reviewing measures to promote the participation of more women and elderly citizens in the labormarket, with an eye on securing sufficient levels in the workforce over the medium- to long-term and thereby
ensure that the recovery of the Japanese economy gains firm ground. In the long-term care field that faces a
growing shortage of human resources, the government launched measures to reinforce compensation for long-termcare workers in the 2015 revisions to the long-term care rate.
In this business environment, the Nichii Gakkan Group promoted its medium-term management strategy that
focuses mainly on establishing the four-pillar business structure in Japan, comprised of the Medical Support,
Long-term Care, Education (language), and Childcare Segments. It also promoted its globalization strategy, basedon its management philosophy of “contributing to the enhancement of human life through the development of ourbusiness.” Working through these two strategies, the Group aims to achieve stable growth of long-term profits bybreaking away from institutional risks.
In its domestic operations, the Group established branch offices in four blocks across the nation in April to ensure
carefully-crafted management in line with the condition of each region as part of its efforts to improve the system
for reinforcing the management of branch offices and on-site operations.
In the Medical Support and Long-term Care Segments, its two mainstay businesses in Japan, the Group carried out
an organization reform of the education division responsible for staff training in order to optimize the “fromeducation to job placement” business model and realize the smooth acquisition of talent. In addition, it has
endeavored to improve its service supply capacity, mainly in terms of the number of students in qualification-typecourses, the employment rate, and the retention rate through the restructuring of the human resources development
scheme, aggressive promotion initiatives, and measures to improve compensation for staff.
In its strategic businesses (Education and Childcare Segments), the Group promoted aggressive businessdeployment in order to turn them into sources of revenue alongside the two mainstay businesses. It also worked togain longer-term growth potential by means such as the enhanced development of registered child care centers andsmall-scale child care centers in response to the introduction of the Support System for Children and Child
Rearing and the provision of continual language training service in response to young adults’ need for learning
practical English.
In the China business, the driver of its globalization initiatives, the Group constructed a unique business model forentering home-care services and developing new markets in China whose customs and culture are different fromthose in Japan. Although it was time-consuming following the administrative procedures of each location andconstructing and developing management and service structures, the Group succeeded in opening its first location,
which became ready to provide services in July. It plans to set up a series of other locations in the near future.
The Group plans to proceed with preparations for launching the human resource development business andlong-term care services by the end of the year. It will also further expand its services both in volume andgeographical area coverage through the continuous development of its business structures in China by means ofhuman resource cultivation and management enhancement.
Looking at the operating results, overall sales increased, thanks to the contribution from the Medical Support
Segment and strategic businesses. Income declined, reflecting a decline in the number of users of long-term careservices due to the shortage of staff, which was further exacerbated by a substantial reduction in long-term carebasic rates in the revised compensation for long-term care workers in the Long-term Care Segment.
In the interim period of the fiscal year under review, the Group posted net sales of 136,575 million yen (comparedwith 136,015 million yen in the first half of the previous fiscal year), an operating loss of 473 million yen(compared with operating income of 2,719 million yen in the first half of the previous fiscal year), and an ordinary
loss of 1,701 million yen (compared with ordinary income of 1,776 million yen in the first half of the previous
fiscal year). The Group recorded a net loss attributable to owners of parent of 2,296 million yen (compared with
net income attributable to owners of parent of 593 million yen in the first half of the previous fiscal year).

2

Results by business segment are as follows:
From the first quarter of this fiscal year, courses for medical office work and training for new care workers,
qualification-type courses which were in the Education Segment, are incorporated into the Medical Support
Segment and the Long-Term Care Segment, respectively. The childcare business is reported as a separate segment
called the Childcare Segment. The results of the newly consolidated Chinese businesses’ services that existed
before those companies began to collaborate with the Company are included in the Other Businesses.
To compare the results in the first half of the fiscal year under review and the results in the first half of the previous
fiscal year in the following results by business segment, the business segments for the previous fiscal year havebeen reclassified, as described above.

3

<Medical Support Segment>
The Group strove to expand sales and secure an appropriate level of profits by strengthening sales activities
toward medical institutions with the aim to further improve its medical management support services, including
home rehabilitation support through collaboration with the Long-Term Care Segment. It also worked to develop
foundations for human resources, improve the quality of services, and strengthen on-site management systems.
The Group consequently won new contracts and expanded operations related to medical institutions that werealready under contract, and sales in this segment rose. However, profits declined due to a temporary increase inpersonnel expenses associated with the start of operations at hospitals with which new contracts were concluded.
In medical affairs education, a growth driver, the number of students saw growth resume, posting year-on-yearincreases for the second consecutive quarter. This was primarily attributable to the restructuring of the humanresources development scheme and aggressive promotion activities.
Net sales for the segment came to 54,397 million yen for the first half of the fiscal year under review (comparedwith 53,890 million yen posted in the same period of the previous fiscal year). Operating income for the segment
was 3,794 million yen (compared with 3,890 million yen posted in the same period of the previous fiscal year).
<Long-term Care Segment>
While there has been a gradual recovery in the employment environment, there has been a delay in the Group’s
plan for recruiting human resources, particularly in urban areas. The Group has been unable to improve andexpand the personnel supply system to meet the needs for home-care services, and fell short of the target number
for new service users acquired. In the revised compensation for long-term care, basic rates for individual services
were substantially lowered, and it took time for the Group to develop a system for gaining long-term carepremiums. Consequently, both sales and profits declined. In its initiatives to secure human resources, the Group
implemented a reform of the administration system for human resources development. It expanded and enhanced
measures to improve the treatment of human resources, including the reinforcement of skills training and wage
increases, and conducted aggressive activities to promote training for new care workers. As a result, the number ofstudents of the courses, the leading indicator of human resources acquired, increased for two consecutive quarters.
The Group will continue with its efforts to acquire human resources and provide comprehensive services. At thesame time, it will focus on attracting users with moderate to severe conditions by strengthening the level ofcollaboration with the Medical Support Segment, promoting short stays at specific facilities, and acquiringlong-term care premiums related to specialist care, including dementia care.
Net sales for the segment came to 71,671 million yen for the first half of the fiscal year under review (comparedwith 72,999 million yen posted in the same period of the previous fiscal year). Operating income for the segment
was 3,333 million yen (compared with 6,674 million yen posted in the same period of the previous fiscal year).
<Health Care Segment>
In Nichii Life housekeeping services, the Group focused on attracting new customers by strengthening the level ofcollaboration with the Long-term Care Segment and promoting transfer from contracts on a spot basis to those forlong-term use of services. In private brand product sales, the Group worked to strengthen sales to retail customers
through marketing initiatives, etc. and conducted aggressive sales activities to expand sales channels for corporate
sales. As a result, although revenues in this segment declined, profits increased due to relatively high profit levels.
This was attributable to the increases in the number of users of Nichii Life services and the sales volume of theprivate brand products.
Net sales for the segment stood at 1,890 million yen (compared with 1,902 million yen posted in the first half ofthe previous fiscal year). Operating income for the segment was 128 million yen (compared with an operating lossof 62 million yen posted in the first half of the previous fiscal year).
<Education Segment>
The Group focused on energizing the business in this segment by further integrating the language service networkof the Nichii Group to enhance the added value of COCO Juku and COCO Juku Junior. Targeting potential
students of COCO Juku Junior, short courses were offered during summer vacation, and aggressive promotion
activities were conducted by means such as experience programs as well as mass advertisement to attract newstudents. Sales increased thanks to a solid rise in the total number of students as a result of these initiatives.
Operating loss decreased, attributable to a decline in selling, general and administrative expenses largely as aresult of efficient classroom management and promotion activities.
Net sales for the Education Business segment totaled 6,373 million yen (compared with 6,067 million yen
4posted in the first half of the previous fiscal year). Operating loss for the segment was 2,856 million yen(compared with a loss of 3,264 million yen posted in the first half of the previous fiscal year).
<Childcare Segment>
In response to the introduction of the Support System for Children and Child Rearing, the Group conductedbusiness activities that focused on opening registered child care centers in various regions, centering on
small-scale child care centers. The Group sought to rapidly improve the operating ratio of the child care centers
opened in April by providing childcare services that utilize group synergies in collaboration with other segments.
Sales rose 52.7% compared with the first half of the previous fiscal year, reflecting an increase in the number ofchildren at child care centers, but income declined due to prior expenses associated with the opening of new childcare centers.
Net sales for the Childcare Segment totaled 1,460 million yen (compared with 955 million yen posted in thefirst half of the previous fiscal year). Operating loss for the segment was 492 million yen (compared with a loss of
312 million yen posted in the first half of the previous fiscal year).
<Other Businesses>
The results in the Other Businesses include the operating results of pre-existing services (care for new mothers,
housekeeping service, etc.) at the 6 companies in China that were consolidated from the second quarter of the
fiscal year under review, among the 15 local businesses determined to be made into group companies in the China
business of the Group.
Net sales for the Other Businesses segment amounted to 781 million yen (compared with 199 million yen
posted in the first half of the previous fiscal year). Operating income for the segment was 45 million yen(compared with 297 million yen posted in the first half of the previous fiscal year).

5(2) Details of financial position
Total assets at the end of the interim period of the fiscal year under review increased 4,185 million yen from theend of the previous fiscal year, to 188,740 million yen. The main reasons for the increase were a 2,213 million yen
rise in current assets, mainly reflecting an increase in cash and deposits, and a 1,972 million yen increase in fixed
assets, primarily due to an increase in lease assets. Liabilities increased 7,638 million yen from the end of theprevious fiscal year, to 135,508 million yen. The key factors contributing to this increase were a 5,563 million yen
rise in current liabilities, mainly reflecting an increase in short-term loans payable, and a 2,075 million yen
increase in non-current liabilities, primarily attributable to an increase in lease obligations. Net assets decreased
3,453 million yen from the end of the previous fiscal year, to 53,232 million yen.
(3) Information on the future outlook, including consolidated financial results forecasts
With respect to the consolidated and nonconsolidated results forecast for the fiscal year ending March 31, 2016,
the Group has revised the financial results forecast for the year ending March 31, 2016, which was released on
May 14, 2015. For more details, please see the “Notice concerning Revision of Financial Results Forecast”
announced on November 10, 2015.
The differences between the consolidated financial results forecast for the year ending March 31, 2016, which wasannounced in the financial results released on May 14, 2015, and the forecast after the revision are as follows.
(Forecast of consolidated financial results)
Fiscal year ending March 31, 2016 (April 1, 2015 – March 31, 2016)
Net Sales

Operating
IncomeOrdinary
IncomeProfitattributable toowners ofparentNet Income per
ShareMillion yen
294,300

Million yen
8,900

Million yen
6,100

Million yen
2,600

Yen
40.41

Revised forecast (B)275,500

200(2,400)(3,500)(54.45)

Change (B – A)

(18,800)(8,700)(8,500)(6,100)－Change (%)(6.4)(97.8)－－－(Reference) Actual
results (fiscal year
ended March 31,
2015)

271,868

5,173

3,144

416

6.03

Net Income

Net Income per
SharePreviously announced
forecast (A)(Forecast of nonconsolidated financial results)
Fiscal year ending March 31, 2016 (April 1, 2015 – March 31, 2016)
Operating
Ordinary
Net Sales
IncomeIncomeMillion yen
243,700

Million yen
3,500

Million yen
2,300

Million yen
1,100

Yen
17.10

Revised forecast (B)240,900(800)(1,500)(1,800)(28.00)Change (B – A)

(2,800)(4,300)(3,800)(2,900)－Change (%)

(1.1)

－

－

－

－

(Reference) Actual
results (fiscal year
ended March 31,
2015)

238,835

2,705

1,699

272

3.94

Previously announced
forecast (A)62. Summary information (notes)(1) Significant changes to subsidiaries during the term
There are no applicable matters.

(2) Application of specific accounting for preparing the quarterly consolidated financial statements
There are no applicable matters.
(3) Changes in accounting policies, accounting estimates and restatement
Changes in accounting policies(Application of Accounting Standard for Business Combinations)
From the first quarter of this fiscal year, the Company is applying the Accounting Standard for Business
Combinations (ASBJ Statement No. 21; September 13, 2013), the Accounting Standard for Consolidated
Financial Statements (ASBJ Statement 22; September 13, 2013), and the Accounting Standard for Business
Divestitures (ASBJ Statement No. 7; September 13, 2013). Under the newly applied accounting standards, theCompany shall post a gain or loss on change in the Company’s equity in subsidiaries that the Company continues
to control in capital surplus and shall post expenses related to acquisitions as expenses in the consolidated fiscal
year in which they are incurred. Any review of the allocation of the acquisition cost in provisional accounting ofa business combination from the beginning of the first quarter of this fiscal year shall be reflected in quarterly
consolidated financial statements for the quarter in which the date of the business combination belongs. The
Company also changed the presentation of the net income as well as the presentation from the minority interests
to the non-controlling interests. To reflect these changes in presentation, the quarterly consolidated financial
statements for the first half of the previous fiscal year and the consolidated financial statements for the previous
fiscal year have been reorganized.
The application of the Accounting Standard for Business Combinations, etc. follows the transitional treatment set
forth in Paragraph 58-2 (4) of the Accounting Standard for Business Combinations, Paragraph 44-5 (4) of the
Accounting Standard for Consolidated Financial Statements, and Paragraph 57-4 (4) of the Accounting Standard
for Business Divestitures, and the accounting standards are applied from the beginning of the first quarter of thisfiscal year.
The application of the accounting standards has no impact on the Group’s earnings.

7

3. Quarterly consolidated financial statements(1) Quarterly consolidated balance sheets(Thousand yen)
Fiscal 2015
(As of March 31, 2015)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable—trade
Short-term investment securities
Merchandise and finished goods
Work in progress
Raw materials and supplies
Deferred tax assets
Other
Less: allowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures—net
Lease assets—net
Other—net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investment and other asset
Other
Less: allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable—trade
Short-term loans payable
Income taxes payable
Accrued expenses
Provision for bonuses
Provision for directors’ bonuses
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Lease obligations
Provision for directors’ retirement benefits
Net defined benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities

8

H1 of Fiscal 2016
(As of September 30, 2015)

9,676,856
32,967,460
2,699,192
536,475
36,544
219,948
2,427,270
11,157,583(27,572)
59,693,759

11,957,372
32,683,189
2,998,737
561,477
36,994
247,677
2,887,667
10,561,848(28,184)
61,906,779

28,393,717
34,633,198
9,955,257
72,982,173

27,896,511
38,017,672
9,489,220
75,403,405

16,584,638
4,182,685
20,767,324

16,880,882
4,213,016
21,093,898

31,507,625(396,100)
31,111,525
124,861,023
184,554,782

30,725,283(388,939)
30,336,343
126,833,647
188,740,426

899,695
1,943,712
1,024,196
15,858,530
5,058,440
39,70029,670,350
54,494,625

716,487
9,630,761
1,251,633
16,845,184
5,366,976
25,85026,221,088
60,057,981

23,987,773
36,165,228
166,513
6,209,067
2,242,411
4,603,937
73,374,932
127,869,558

21,765,162
39,979,288－
6,397,848
2,286,287
5,021,699
75,450,285
135,508,267

(Thousand yen)
Fiscal 2015
(As of March 31, 2015)
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock, at cost
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeSubscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

9

H1 of Fiscal 2016
(As of September 30, 2015)

11,933,790
17,354,214
37,399,513(9,921,957)
56,765,561

11,933,790
17,354,214
34,261,168(11,377,182)
52,171,992

21,47921,57969,069(522,886)

334,288(449,997)(432,337)(94,128)－
352,000
56,685,224
184,554,782

492,710
661,586
53,232,159
188,740,426

(2) Quarterly consolidated statements of income and comprehensive income(Quarterly consolidated statements of income)(Six months ended September 30)(Thousand yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Rent income
Subsidy income
Share of profit of entities accounted for using
equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rent expenses
Other
Total non-operating expenses
Ordinary income (loss)
Extraordinary losses
Loss on retirement of property, plant andequipment, net
Loss on sales of property, plant and equipment,
net
Share-based compensation expenses
Impairment loss
Other
Total extraordinary losses
Income (loss) before income taxes and minority
interests
Income taxes—current
Income taxes—deferred
Total income taxes
Net income (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent

H1 of Fiscal 2015
(from April 1, 2014
to September 30, 2014)
136,015,397
108,476,723
27,538,674
24,818,901
2,719,773

H1 of Fiscal 2016
(from April 1, 2015
to September 30, 2015)
136,575,297
111,774,164
24,801,132
25,275,045(473,913)

79,563
107,868
64,58982,576117,264
270,424

1,594

21,063

175,288428,904

198,120
689,449

1,322,463
31,73017,5301,371,725
1,776,952

1,661,370
29,566
225,816
1,916,754(1,701,217)

11,986

9,711

1,437

566

－
33,7403,537
50,701360,903－
9,391
380,574

1,726,250(2,081,792)

1,544,506(431,758)
1,112,747
613,503
20,067593,435

769,649(525,811)
243,837(2,325,630)(28,843)(2,296,787)10

(Quarterly consolidated statements of comprehensive income)(Six months ended September 30)(Thousand yen)

Net income (loss)
Other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net oftax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of the parent
Non-controlling interests

H1 of Fiscal 2015
(from April 1, 2014
to September 30, 2014)
613,503

H1 of Fiscal 2016
(from April 1, 2015
to September 30, 2015)(2,325,630)(5,100)

100

(817)

271,105

41,40372,88935,484
648,987

344,095(1,981,534)

628,920
20,067(1,958,578)(22,956)11

(3) Notes to quarterly consolidated financial statements
Notes on the premise of a going concern
There are no applicable matters.
Notes on significant fluctuation in the amount of shareholders’ equity
There are no applicable matters.
(Significant subsequent events)
There are no applicable matters.

12