Financial Results for the Year Ended March 31, 2014 (J-GAAP)May 14, 2014
Name of listed company: Nichii Gakkan Company
Listed on: Tokyo Stock Exchange 1st Section
Securities code:
9792
URL:
http://www.nichiigakkan.co.jp
Representative:
Masatoshi Saito, President and Representative Director
Contact:
Koichi Terada, Director, Manager of Accounting and Finance Division
TEL: 03-3291-2121
Scheduled date to hold the ordinary general meeting of shareholders: June 25, 2014
Scheduled date to start dividends distribution:
June 26, 2014
Scheduled date of filing annual securities report:
June 26, 2014
Supplementary materials prepared: Yes
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 year ended March 31, 2014 (April 1, 2013 – March 31, 2014)(1) Consolidated operating results(Percentage figures represent changes from the previous year.)
Net Sales
Operating Income
Ordinary Income
Net Income
Million yen

Year ended March 31, 2014
Year ended March 31, 2013
(Note) Comprehensive income:%

271,447
267,191

Million yen

1.6
3.8

%

6,322
8,741

Million yen(27.7)(25.1)

%

4,940
8,326

Million yen(40.7)(34.3)

%

2,831
4,383

(35.4)(25.7)

Year ended March 31, 2014: ¥2,726 million yen (-41.7%); Year ended March 31, 2013: ¥4,678 million yen (-21.1%)

Net Income
per Share

Diluted Net
Ordinary Income Operating Income
Return on Equity
Income per Shareto Total Assets
to Net Sales
Yen

Year ended March 31, 2014
Year ended March 31, 2013

Yen

%

—
—

40.51
62.95

Reference: Equity-method investment profit (loss):

%

4.6
7.4

%

2.9
5.1

2.3
3.3

Year ended March 31, 2014: ¥‒ million; Year ended March 31, 2013: ¥‒ million(2) Consolidated financial position
Total Assets

Net Assets

Million yen

As of March 31, 2014
As of March 31, 2013
Reference: Shareholders’ equity:

Equity Ratio

Net Assets per Share

Million yen

176,246
166,619%

62,327
61,255

Yen

35.2
36.6

887.18872.17

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at
End of YearAs of March 31, 2014: ¥61,999 million; As of March 31, 2013: ¥60,952 million(3) Consolidated cash flows
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Million yen

Year ended March 31, 2014
Year ended March 31, 2013

Million yen

7,520
12,847

Million yen(4,110)(9,534)

Million yen(1,026)(4,146)

10,4398,028

2. Dividends
Annual dividends
1Q-endYen

Year ended March 31, 2013
Year ended March 31, 2014
Year ending March 31, 2015
(forecast)

2Q-end3Q-endYen

Year-end

Yen

AnnualYen

Total
Dividends
Paid (annual)

Payout Ratio(consolidated)

Dividends to
Net Assets(consolidated)

Million yen

%

%

1,253
1,397

28.6
49.4

2.1
2.3

Yen

—
—

9.00
10.00

—
—

9.00
10.00

18.00
20.00

—

10.00

—

10.00

20.00

46.6

3. Forecast of consolidated financial results for the year ending March 31, 2015 (April 1, 2014 – March 31, 2015)(Percentage figures represent changes from previous year for full year figures and from same period of previous year for interim period figures.)

Net Sales

Operating Income

Million yen

First six months
Full year

138,200
278,400

%

1.6
2.6

Million yen

2,700
7,700

Ordinary Income%(16.4)
21.8

Million yen

1,700
5,700

Net Income
per Share

Net Income%(32.1)
15.4

Million yen

600
3,000

%

(63.9)
6.0

Yen

8.59
42.93

* Notes(1) Changes in subsidiaries during the fiscal year (Changes in specified subsidiaries resulting in changes in scope of
consolidation): None
(2) 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
(3) Number of shares outstanding (common stock)1) Number of shares issued and outstanding (including treasury stock)
As of March 31, 2014:
73,017,952
As of March 31, 2013:
2) Number of treasury stock
As of March 31, 2014:
3,133,768
As of March 31, 2013:
3) Average number of shares issued and outstanding in each period
As of March 31, 2014:
69,885,348
As of March 31, 2013:

73,017,952
3,131,669
69,626,622(Reference) Overview of the non-consolidated business results
1. Non-consolidated financial results for the year ended March 31, 2014 (April 1, 2013 – March 31, 2014)(1) Non-consolidated operating results(Percentage figures represent changes from previous year.)
Net Sales
Operating Income
Ordinary Income
Net Income
Million yen

Year ended March 31, 2014
Year ended March 31, 2013%

238,342
236,272

0.9
2.8

Net Income
per Share

Million yen

%

3,485
6,648

(47.6)(39.7)Yen(2) Non-consolidated financial position
Total Assets

Net Assets

Million yen

Reference: Shareholders’ equity:

Million yen

1,471
3,418

%

(56.9)(45.6)Yen——

As of March 31, 2014
As of March 31, 2013%(56.5)(45.9)

Diluted Net Income
per Share

21.06
49.10

Year ended March 31, 2014
Year ended March 31, 2013

Million yen

2,918
6,708

Equity Ratio

Million yen

150,186
145,216

Net Assets per Share%

63,124
63,103

Yen

42.0
43.5

903.28902.95

As of March 31, 2014: ¥63,124 million yen; As of March 31, 2013: ¥63,103 million yen

2. Forecast of non-consolidated financial results for the year ending March 31, 2015 (April 1, 2014 – March 31, 2015)(Percentage figures represent changes from previous year for full year figures and from same period of previous year for interim period figures.)

Net Sales

Operating Income

Million yen

First six months
Full year

121,100
243,200

%

1.3
2.0

Million yen

1,400
4,300

Ordinary Income%(27.3)
23.4

Million yen

1,000
3,200

Net Income
per Share

Net Income%(43.2)
9.6

Million yen

500
1,500

%

(68.0)
1.9

Yen

7.15
21.46

* Implementation status of audit procedures
The audit procedure based on the Financial Instruments and Exchange Act does not apply to this Financial Report, and the audit procedure
based on the Financial Instruments and Exchange Act is in operation as of the release of this Financial Report.

* 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 tobe reasonable. Various factors may cause actual results to differ significantly from forecasts. Please refer to the disclaimers, provided under“(1) Analysis of business results” of “1. Analysis of business results and financial position” on page 2 of the attached document, regarding
the assumptions upon which forecasts are based and the use of forecasts.

 Table of Contents for the Attached Document
1. Analysis of business results and financial position ································································································· 2(1) Analysis of business results ································································································································ 2(2) Analysis of financial position ····························································································································· 5(3) Basic principles of profit distribution and dividends for the fiscal year under review and next fiscal years······ 6(4) Business and other risks ····································································································································· 6
2. Overview of Nichii Group ······································································································································ 8
3. Management principles ········································································································································· 10(1) Basic principles of management ······················································································································· 10(2) Management goals ············································································································································ 10(3) Mid- to long-term strategies and issued to be addressed ·················································································· 10(4) Other significant matters for management ······································································································· 11
4. Consolidated financial statements ························································································································· 12(1) Consolidated balance sheets ····························································································································· 12(2) Consolidated statements of income and comprehensive income ······································································ 14(3) Consolidated statements of changes in net assets ····························································································· 17(4) Consolidated statements of cash flows ············································································································· 19

11. Analysis of business results and financial position(1) Analysis of business results1) Overview of business results
A moderate economic recovery continued during the fiscal year under review in response to the government’s
monetary easing and fiscal policy, resulting in higher stock prices and a weaker yen, increased corporate revenues,
and improved employment conditions.
As the government’s growth strategy, the Industrial Competitiveness Council commenced discussions regarding
positioning the medical and nursing care industry as a growth industry and its internationalization, support for
women’s social advancement, and the use of a foreign workforce. The development of the infrastructure to prepare
for an increase in foreign visitors due to the 2020 Tokyo Olympics is about to begin, suggesting the progress ofglobalization even in the domestic demand-oriented industry.
The Nichii Gakkan Group launched a medium-term management strategy in April 2012 with the aim of achieving
stable, long-term earnings growth by improving the balance of its business structure.
In the fiscal year under review, which is the second year of the medium-term management strategy, the Group further
expanded its existing businesses and made strategic investments in view of the diversifying social needs andinstitutional reforms in each sector.
In the expansion of its existing businesses, the Group worked to strengthen its business base and expanded its
businesses into neighboring areas including the medical business support service, services not covered by long-termcare insurance, and the childcare service.
As strategic investments, the Group launched the nationwide operation of a new brand, COCO Juku Junior, using thelanguage business base built through the nationwide operation of COCO Juku in the first half of FY2014. In addition
to the active promotion of classes through the franchise, the Group has worked to provide children with opportunities
to learn languages through, for example, English lessons provided at childcare facilities operated by the Group. The
Group has also developed a system for the long-term support of language learning by strengthening the overseas
study support system based on cooperation with York Global Study Center, a subsidiary of the Group, and opening
the American Language Institute - Tokyo Center of the New York University School of Continuing and Professional
Studies (NYU-SCPS ALI Tokyo Center).
The strategic investment to establish classrooms and secure human resources for the language business was largely
completed by the first half of FY2014, and the business is at the stage of shifting from making investments to seeking
returns through, for example, unified reform with the existing education business and the creation of synergy withother businesses. The Group has also worked on geographical diversification, focusing on marketing activities in
China and the opening of a clinic in Singapore, among other activities.
The business result was an increase in sales for the sixth consecutive fiscal year owing to new contracts with large
hospitals, the acquisition of more nursing care service users and subsidiaries, and the strong performance of GABA
Corporation and Nichii Care Palace Co., Ltd.
While income was reduced due to a decline in the number of students in the education segment and increased
expenses for the full-year operation of COCO Juku classes, profitability increased in the Medical Support Segment
and the Long-Term Care Segment through increased operational and locational efficiency.
The Group posted net sales of 271,447 million yen in the fiscal year under review (267,191 million yen in theprevious fiscal year), operating income of 6,322 million yen (8,741 million yen), and ordinary income of 4,940
million yen (8,326 million yen). Net income was 2,831 million yen (4,383 million yen).
Results by business segment are as follows:<Medical Support Segment>
The Group worked to improve its sales capacity based on its various management support services and other services,which resulted in the acquisition of new contracts with large hospitals and the expansion of businesses with existing
hospital clients that supported the strong sales of the hospital business, and increased revenues.
While income declined until the second quarter due to a temporary rise in personnel expenses for the establishment of
a new large hospital, the operations of the new hospital have been stable since the third quarter, with income
beginning to rise.
In an effort to expand the management support service based on the medium-term management strategy, the Group2

has focused on diverse business expansion, including developing a new medical concierge service, increasing
IT-based services, and organizing a variety of seminars. As a result, sales in this segment stood at 105,972 million
yen (compared with 104,106 million yen in the previous fiscal year), and operating income was 8,660 million yen(8,301 million yen).
<Long-term Care Segment>
The operation level at each location of both at-home services and services at health care facilities continued toincrease, resulting in increased revenues and income. In addition to the key services provided at home and day-carefacilities, the Group increased the disability welfare services and home-visit care services provided by its at-homecare services to enhance its comprehensive nursing care services. With regard to facility care services, business at
new facilities, particularly Nichii Home, remained strong, which contributed the Group’s earnings at an early stage.
In its efforts to promote the nursing care business, the Group focused on improving service quality by increasing theopportunities for staff training and developing a comprehensive service system to meet local needs such as building
facilities for home-visit care and dementia care services to contribute to the achievement of community-based
comprehensive care in each area.
New business facilities established for the Group’s home care services include 16 care plan facilities (to a total of790), 11 home-visit care facilities (to a total of 1,112 including home-visit bathing facilities), 14 day-care facilities (toa total of 367), six home nursing care facilities (to a total of 65), and two welfare equipment leasing facilities (to atotal of 139). For its facility care services, the Group established 15 Nichii no Hohoemi group homes (to a total of262), seven Nichii no Kirameki paid nursing homes (to a total of 58), and two Nichii Home paid nursing homes (to atotal of 54).
As a result, sales in this segment came to 142,856 million yen (compared with 137,330 million yen in the previous
fiscal year), and operating income was 12,549 million yen (10,890 million yen).
(Note) The major services offered in this segment based on the new segment classifications were as follows: homecare services, facility care services, welfare services for the disabled, and childcare services (excluding these
services at hospitals).
<Health Care Segment>
Under the new business operation system introduced in April 2013, the Group has focused on the development andgrowth of services not covered by long-term care insurance, including sales of healthcare products, housekeeping
services, a meal home delivery service, a care worker dispatch service, etc. The business result was a decline in bothrevenues and income, primarily due to delayed sales activities in the care worker dispatch service. The Group isstrengthening the business base and management system of this service to prepare for full-scale operation from thenext fiscal year, taking into account the amendments to the Act for Securing the Proper Operation of Worker
Dispatching Undertakings and Improved Working Conditions for Dispatched Workers scheduled for 2015.
As a result, sales in this segment came to 3,682 million yen (compared with 3,702 million yen in the previous fiscal
year), and operating income was 221 million yen (292 million yen).
(Note) The major services offered in this segment based on the new segment classifications were as follows: sales ofhealth care products, housekeeping services, meal home delivery, and care staff dispatching service.
<Education Segment>
In the existing education business, the Group focused on taking in new categories of students by developing new
programs to accommodate institutional changes and social needs, including training courses for care workers andhelpers for expectant and new mothers and practical care-giving training courses. Enrollment in the fiscal year underreview remained low, partly due to improved employment conditions and changes made to qualification systems.
In the language education business, the Group developed the nationwide operation of COCO Juku Junior,
strengthened the overseas study support system both in Japan and overseas, and opened NYU-SCPS ALI Tokyo
Center. In response to increasing demand for children's education, the Group developed a system for optimal
programs for different language proficiency levels covering long-term growth from early childhood education to highschool and college enrollment.
3

As part of its efforts to achieve the extensive growth of COCO Juku, the Group built marketing channels bystrengthening sales activities targeting companies and developing the community-based COCO Juku Junior business.
Additionally, the Group implemented the unified operation of classes with the existing education business to reduce
the expenses for facility operation.
GABA Corporation enjoyed strong sales, with a 7.6% year-on-year increase in the number of clients at the end of
FY2014 and sales exceeding 10 billion yen for the first time.
The segment posted net sales of 18,512 million yen (compared with 21,721 million yen in the previous fiscal year),and an operating loss of 7,269 million yen (operating income of 3,338 million yen).
<Other>
The Group undertook activities based on the Group businesses, including the fostering of therapy dogs with the aimof increasing the added value of its core businesses. To strengthen its business base, the Group worked to improve thecorporate system and increase the operating efficiency of each Group company.
As a result, sales in this segment stood at 423 million yen (compared with 330 million yen in the previous fiscal year),and operating income was 45 million yen (an operating loss of 128 million yen).
2) Outlook for the year ending March 31, 2015
The government passed the Social Security Program bill in December 2013 and is beginning to implement measures
to counteract the declining birthrate, along with reforms of the health insurance system, long-term care insurance
system, and public pension system in order to build a sustainable social security system with balanced benefits andburdens.
In the health insurance system, the medical fees revised in April allowed the specialization of sickbed functions andthe improvement of support for patients’ return home to be moved to the implementation stage. For the long-termcare insurance system, a revision of the preventive benefits, an increase in the maximum individual payment rate, theimprovement of care worker treatment, etc. are being considered in preparation for the revision of the rewards fornursing care to be enforced in April 2015.
Discussions on the revitalization of the labor market including the promotion of the employment of women andyoung people are now in full swing, and the Support System for Children and Child Rearing is planned to be
introduced in 2015.
In FY2015, the Group will continue to carry out its businesses in view of trends in the social security sector andfurther globalization.
In its response to the social security system, the Group will be focusing on medical and nursing care partnerships
through the expansion of its home-visit nursing care service, the improvement of the preventive medicine service byobtaining contracts for community support projects, and various life support services to provide versatile support for
the elderly to prepare for the revision of rewards for nursing care planned for April 2015.
In terms of the revitalization of the labor market, the Group will work to increase contracts in the clinic segment andcare worker dispatch business in view of the revision of the Act for Securing the Proper Operation of Worker
Dispatching Undertakings and Improved Working Conditions for Dispatched Workers and develop and strengthen its
childcare business and housekeeping service to support the parenting generation ahead of the enforcement of the
Support System for Children and Child Rearing.
In the language education business, which is the core of the Group’s strategic investment, the Group will increase thelanguage education services offered to children and drastically reform its marketing, operation, and promotional
activities to increase sales and reduce expenses with the aim of minimizing any operating loss.
On May 14, 2014, the Group signed a capital and business alliance agreement with JSS Group, the leader in theswimming school industry, in order to accelerate the development of the language education, nursing care (preventive
medicine), and childcare businesses. This alliance will aim to create new value and maximize the lifetime value
offered by the two companies’ services by sharing the customer bases of the two companies, including the elderly,
children, and parents, and nationwide business bases based on local communities.
For the geographical (regional) diversification that is the basic concept of the Group’s medium-term management
strategy, the Group will be developing its businesses in the Asia Pacific region. In the China business as its corebusiness, the Group will develop care workers and a nursing care service led by its Chinese local subsidiary under the
direction of the International Business Division established at the head office in April 2014. In May 2014, the Groupwill participate in the international welfare service exhibition held in Beijing and Shanghai to promote its focal areas4

of human resource education, life support services such as nursing care, and sanitary products based on the concept of“three excellences,” consisting of “excellent human resources,” “excellent services,” and “excellent products.” The
Group will promote the understanding of and familiarization with the Japanese style of nursing care in order todevelop a full-scale business in China in the future.
Based on the assumption of an increase in the number of contracted medical institutions and users of long-term careservices in the Medical Support and Long-term Care Segments, and in the number of students in the language
education business, the Group expects to achieve an increase in sales for the seventh consecutive fiscal year. In its
earnings forecast, the Group expects to achieve increased income for the first time in three fiscal years as a result of
the strong performance of the core businesses and reduced losses in the language education business. As aconsequence, in the fiscal year ending March 31, 2015, the Group forecasts net sales of 278,400 million yen(compared with 271,447 million yen in the fiscal year under review), operating income of 7,700 million yen (6,322
million yen), ordinary income of 5,700 million yen (4,940 million yen), and net income of 3,000 million yen (2,831
million yen).

(2) Analysis of financial position
1) Overview of financial position
During the fiscal year under review, cash and cash equivalents (“cash”) increased 2,411 million yen year on year, to10,439 million yen. Cash flows from each category of activities and their main factors are described below.
[Cash flows from operating activities]
Cash provided by operating activities stood at 7,520 million yen.
The main factors were income before income taxes and minority interests and depreciation and amortization.
[Cash flows from investing activities]
Cash used in investing activities came to 4,110 million yen.
This was primarily the result of the acquisition of tangible fixed assets, including facilities, and the purchase ofsoftware.
[Cash flows from financing activities]
Cash used in financing activities was 1,026 million yen.
This was chiefly due to repayments for long-term loans.
Trends in cash flow indicators for the Group can be seen below.
Year ended March 31, 2013
Year ended March 31, 2014
Equity ratio (%)
36.6
35.2
Equity ratio based on present value (%)
35.1
38.0
Debt redemption (years)
4.0
8.1
Interest coverage ratio (times)
7.2
3.6
Notes: Equity ratio: Shareholders’ equity/total assets
Equity ratio based on present value: Total present value of stock/total assets
Debt redemption: Interest-bearing liabilities/operating cash flow
Interest coverage ratio: Operating cash flow/interest payments
1. Each indicator was calculated from consolidated financial results.
2. Total present value of stock is the product of closing stock price at the end of period and the total number ofoutstanding shares at the end of period (after deducting treasury stock).
3. Operating cash flow is equal to the cash flows from operating activities in the consolidated statements ofcash flow.
Interest-bearing liabilities are all the liabilities on which interest is paid, out of the liabilities in the
consolidated balance sheet.
Interest payments are the interest payments as shown in the consolidated statements of cash flow.

5(3) Basic principles of profit distribution and dividends for the fiscal year under review and the next fiscal
year
Our basic policy is to provide our shareholders with stable and continuous profit distributions. Considering businessperformance trends from a mid- to long-term standpoint, we formulated a consolidated dividend policy.
For the year ended March 31, 2014, we are planning to pay a year-end dividend of 10 yen per share.
(Yen)
Cash Dividends per Share
(Record date)2Q-endYear-end
AnnualYear ended March 31, 2014
10.00 (Actual)
10.00 (Forecast)
20.00 (Forecast)Year ending March 31, 2015
10.00 (Forecast)
10.00 (Forecast)
20.00 (Forecast)(4) Business and other risks
Potential risks to the operations of each segment of the Nichii Group are described below. The Group strives to mitigate
these risks by enhancing its business portfolio, focusing on developing and providing high value-added services that are
not dependent on the medical insurance and long-term care insurance systems. However, under unexpectedcircumstances, these risks could have serious implications for the Group’s business performance and financial position.
The Company identified the following risks at the end of the fiscal year under review, but risks associated withinvestments in shares in the Company are not limited to those described below.
1) Business risks
As social security benefit payments are increasing with the aging population, the government is promoting integrated
tax and social security reform to build a sustainable social security system. Since the Company’s core segments areclosely associated with the medical insurance system and the long-term care insurance system, the reform plan could
affect the Company’s performance.
Consumption tax increases are due in 2014 and 2015. Medical service fees and compensation for long-term care,which are sources of revenue of medical institutions and long-term care businesses, are exempt from consumption tax,
but consumption tax does apply to investments in and purchases of healthcare equipment. The consumption tax hikes
could therefore have adverse effects on the Group’s performance.
[Medical Support Segment]
The Nichii Group’s Medical Support segment provides, among other services, medical services other than medical
practice by medical institutions, medical-related services, and medical practice management consulting.
Medical institutions will see major fluctuations in revenues due to biennial revisions of the medical service fees andmedical insurance system reform.
The Group provides services to medical institutions, and the integrated tax and social security reform, percentagechanges in medical service fees, or advances in information technology could affect the Group’s contracts, including
contract fees.
[Long-term Care and Health Care Segments]
The Nichii Group’s Long-term Care segment principally provides services regulated under the Long-Term Care
Insurance Law and other relevant laws. Income from these services could be impacted by the revisions to thelong-term care insurance system made every five years or by the revisions to compensation for long-term care madeevery three years. The Company strives to diversify risks by providing services in the Health Care Segment that are
not covered by long-term care insurance and by expanding its service offerings. Nevertheless, these efforts may not
be sufficient to offset a decrease in income that could be caused by a reduction in compensation for long-term careand other factors, which could have a significant adverse effect on earnings.
The long-term care facilities (including group homes, pay nursing homes, and day-care facilities) operated by theGroup offer community-based services under lease agreements. The term of most of these lease agreements is 20
years, and declines in occupancy rates caused by decreases in resident numbers and falls in market rates for residents
could have adverse effects on earnings in the Long-term Care segment.

6

[Education Segment]
The Company’s medical and social welfare courses, including the Medical Office Administration course andbeginning staff’s training, are qualification courses for enhancing career opportunities, and enrolments change
significantly in response to changes in the employment situation, which in turn could affect the Group’s results.
Of the course fees paid at the time of application for the above existing courses and the English conversation schools
COCO Juku, COCO Juku Junior, and GABA, the amount equivalent to lessons not yet provided is included in theliability section of the balance sheet as “Advances received.” If a large number of students cancel their classes withina short period of time, a substantial amount of the advances received must be reimbursed, which may affect thefinancial position and financial results of the Company.
2) Risks due to the internal management system
The Nichii Group is working to strengthen its self-enforcing operational control structure and internal check functions
to prevent human error and fraudulent activities. However, problems in operational control could cause a loss of
stakeholder trust and could affect the Group’s performance.
[Risks due to personal information]
The Nichii Group handles personal information specified in the Act on the Protection of Personal Information. The
Group recognizes the protection of personal information as an extremely important business issue and has establishedthe Personal Information Protection Committee to ensure the appropriate acquisition and handling of information. In
addition, the Group takes preventive steps to block leaks of personal information, including the establishment ofregulations and in-house education and training.
However, personal information leaks could cause a loss of confidence in society and claims for compensation, among
other things, which in turn could affect the Group’s results.
3) Official license and legal regulation in personnel business
To provide worker dispatching services in the Medical Support segment and Health Care segment, the Group has
already obtained a license for the general worker dispatching business under the Act for Securing the Proper
Operation of Worker Dispatching Undertakings and Improved Working Conditions for Dispatched Workers (Worker
Dispatching Law). Under the Worker Dispatching Law, if a business engaged in a worker dispatching business meets
any of the conditions for disqualification or commits illegal acts, its license could be canceled, or it could be orderedto suspend its business.
The Nichii Group strives to enhance compliance, but if the Group violates laws and regulations, its performance
could be adversely affected.
4) Risks due to natural disasters and accidents
The Nichii Group provides services at medical institutions with which the Group has contractual relations, long-termcare facilities, schools, and other facilities across the country. If natural disasters, including earthquakes and tsunamis,
occur, or if infectious diseases, including new types of influenza, spread, the Group’s staff and facilities could notwork in the affected areas. In that case, the Group will strive to maintain its system for providing services byendeavoring to promptly restore the functions of the affected facilities and dispatching support staff. However, if theGroup cannot provide services, its results and financial position could be adversely affected.
Considering the effects of the Great East Japan Earthquake on March 11, 2011, each branch and facility of the Groupis reviewing all its countermeasures against risks related to business continuity in emergencies and is seeking tostrengthen its crisis management system, putting priority on the safety of customers.
5) Risks related to the application of impairment accounting
The Nichii Gakkan Group may need to realize an impairment loss on land and buildings owned, goodwill and/or
other assets if the profitability of each business declines significantly, which may affect the financial position andfinancial results of the Group.
If IFRS is adopted, goodwill will become a non-amortizable asset. If in an impairment test, which will be conducted
at least once a year, the recoverable value proves to be lower than the book value, an impairment loss could be posted.

7

2. Overview of Nichii GroupThe Nichii Group consists of Nichii Gakkan Company and its 25 subsidiaries and two affiliates, and is engaged in four
segments (Medical Support, Long-term Care, Health Care and Education). In the Medical Support segment, the Group
provides contract administration services to medical institutions and pharmacies, sells medical equipment to them, anddisinfects and sterilizes equipment in medical institutions. The Group’s services also include medical businessconsulting and the operation of childcare centers in hospitals.
The Long-term Care segment provides institutional services such as long-term care insurance. These services include
home-care services (including home-care support, home-visit care, home-visit bathing, home-visit nursing care, andday care services) and facility-care services (including care for residents in specific facilities and care for group homeresidents with dementia). In this segment, the Group sells and leases welfare equipment and provides welfare services
for the disabled. The Group also directly manages childcare centers and operates childcare centers in companies.
The Health Care segment sells health care products as services not covered by institutional services such as long-termcare insurance, and also provides a housekeeping service, catering, and a care staff dispatching service, among otherservices.
The Education segment develops courses primarily for training medical office workers and care staff and operates Web
College, an e-learning website providing a range of courses for personal development and hobbies. The Group isaggressively developing its language education business. In the language education business, GABA Corporation
provides one-on-one English conversation lessons and COCO Juku and COCO Juku Junior provide group lessons, and
the Group offers other language education services to meet the needs of a wide range of age groups by, for instance,developing the overseas study support system.
In addition, the Group, primarily subsidiaries, offers data processing, stores and delivers goods, publishes and sells
books, produces and sells flowers, plants, seeds, and seedlings, and engages in leasing and worker dispatching services.
The Group also operates Lakewoods Garden Himeharu no Sato, a theme park, in Mobara, Chiba and breeds and sells
pet dogs.
The table below shows the main services and products in each business category of the Group and the main companies
that provide those services and products. These business categories are roughly the same as business segments.
Segments

Medical Support

Long-term Care

Health Care

Education

Other

Principal Businesses/Products
Medical practice services such as reception, medical fee
claims, accounting, computer operations, and medical record
management; sale, disinfection and sterilization services(inside the hospital) for medical equipment; medical affairs
consulting; operation of in-hospital childcare centers
Home-care support (creation of care plan), home-visit care,home-visit bathing, home-visit nursing care, day care, careservice for specified facility residents, care for group homeresidents with dementia, sale and rental of welfare equipment,
welfare services for the handicapped, operation of in-company
childcare centers, direct management of childcare centers
Sales of health care products, housekeeping service, catering,care staff dispatching service
Courses for medical office work, training for new care
workers, training for the Certified Care Worker qualification,
development of helpers for expectant and new mothers andEnglish conversation schools
Data processing, storage and delivery service, publication andsale of books, production and sale of flowers, ornamental
plants, seeds and saplings, leasing, personnel service andoperation and management of tourist facilities, breeding andsales of pet dogs

8

Principal Companies
Nichii Gakkan Company
Nihon Support Service Co., Ltd.

Nichii Gakkan Company
Nichii Carenet Co., Ltd.
Nichii Care Palace Co., Ltd.
Hosupika
Nichii Gakkan Company
Nichii Carenet Co., Ltd.
Nihon Support Service Co., Ltd.
Nichii Gakkan Company
GABA Corporation
SELC AUSTRALIA PTY LTD.
Nihon Support Service Co., Ltd.
Tokyo Marunouchi PublishingCo., Ltd.
Nichii Green Farm Co., Ltd.
Nihon Credit Lease Corp.

Other Businesses(consolidated subsidiaries)
Nihon Support Service
Co., Ltd.

Tokyo Marunouchi
Publishing Co., Ltd.

Nihon Credit Lease
Corp.

Data processing
Storage and delivery service
Personnel services

Publication and sale ofeducational books, etc.

LeasingNichii Green FarmCo., Ltd.
Production and sale offlowers, ornamental plants,
seeds and saplings
Operation and managementof tourist facilities

Nichii Gakkan
Company
Medical Support Segment

Education Segment

Long-term Care Segment

Provision of medical clerk
services, etc.

Provision of learning
courses

Provision of long-term careservices

Nichii Gakkan Company

Support forjob-finding to ourmainstay businesses

Nichii Gakkan Company

Nihon Support Service Co.,
Ltd.

Nichii Carenet Co., Ltd.

Nichii Gakkan
Company

Nichii Care Palace Company

GABA Corporation

Hosupika *1

SELC AUSTRALIAPTY LTD.

Health Care Segment
Provision of services
not covered by long-termcare insurance
Nichii Gakkan Company
Nichii Carenet Co., Ltd.
Nihon Support Service Co., Ltd.

Provision of services

Customers
Long-term care facilities
Medical institutions

Students
Users of long-term care services*1. Hosupika will be integrated into Nichii Gakkan in June 2014.

9

3. Management principles(1) Basic principles of management
Based on its management philosophy of “Contributing to the enhancement of human life through the development ofour business,” the Nichii Group has developed a “Target Five Stars” management strategy that aims to make it theindustry leader in net sales, earnings, product strength, employee compensation, and corporate ethics. We aim to
expand sales and earnings by enhancing our human resources and providing high value-added services and productsthat meet social needs. We will grow to become the company of choice in society by providing high-quality services
that will increase customer satisfaction.

(2) Management goals
The Group aims to achieve the following three management indicators:
1) Year-on-year sales growth: double-digit growth2) Operating margin: 7% or more
3) ROE: 15% or more

(3) Mid- to long-term strategies and issues to be addressed
To achieve stable, long-term profit growth based on continuous development, the Nichii Gakkan Group is
implementing the medium-term management strategy that commenced in April 2012 and reorganizing its businesscomposition to balance it by expanding its business areas and strengthening its business base.
The Group will seek to achieve stable earnings growth over the long term, solving challenges that it is facing, throughthe following initiatives.
Improving the balance in the business composition
In order to grow businesses in growth markets, the medical support business has focused on comprehensive
management support for medical institutions, and the long-term care business has efficiently developed and operated
facilities. Meanwhile, the internal environment must be improved to prevent the impact of demographic, institutionaland other changes in the external environment. The education business must also be stabilized to minimize the impact
of changes in the employment conditions due to economic trends on the demand for qualifications.
To resolve the issues in each business, the Group will therefore diversify its business categories and regional businesses(geographical diversification) in addition to expanding the existing businesses.
Diversification of business categories
Last year, the long-term care business was reorganized into the Long-term Care segment and the Health Care Segmentthat provides services not covered by long-term care insurance to expand the housekeeping service and strengthen themeal home delivery service, the sale of sanitary products under a private brand, and other life support services to reduce
the risks caused by institutional change. The education business will build the foundation for the language education
business by establishing English conversation schools, COCO Juku and COCO Juku Junior, and responding to demand
for language learning necessitated by globalization.
The segment will achieve efficient business operations through the effective use of management resources by
diversifying the business categories linked to the existing businesses and expanding the business areas.
Regional (geographical) diversification
The International Business Division was established in April 2014, and operates overseas business with an emphasis on
the Asia Pacific region. The China business division has been preparing for business development in China based on
the Group’s marketing activities that were carried out in Beijing and Shanghai in the past. Using “zhi hu” as the brand
name, meaning “the best care service” in Chinese, the division will be launching a full-scale business in China from
July 2014 based on the concept of “three excellences,” consisting of “excellent human resources,” “excellent services,”and “excellent products.” The business model based on which human resources have been developed to provide highquality services in Japan for more than 40 years will be strategically arranged for the Chinese market and culture topromote the understanding of and familiarization with the Japanese style of nursing care. The America & Oceania
business division will operate businesses in the America and Oceania regions through human resource development,
overseas study support, and other services.

10Through regional/geographical diversification, the division will build a new business model that applies the expertise
acquired through business operations in Japan, and incorporate the global perspectives acquired in overseas businesses
into domestic businesses for higher growth potential, stability, and profitability.

(4) Other significant matters for management
There are no applicable matters.

11

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2014

4. Consolidated financial statements(1) Consolidated balance sheets
Fiscal 2013
(As of March 31, 2013)
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
Accumulated depreciation
Buildings and structures—net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles—net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures—net
Land
Lease assets
Accumulated depreciation
Lease assets—net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Software
Software in progress
Lease assets
Other
Total intangible assets
Investments and other assets
Investments securities
Long-term loans receivable
Long-term prepaid expenses
Guarantee deposits
Deferred tax assets
Other
Less: Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

*3

*2

*2

(Thousand yen)
Fiscal 2014
(As of March 31, 2014)

8,686,050
32,200,612
2,398,857
589,186
31,546
394,759
2,975,096
8,972,555(45,765)
56,202,899

51,115,544(21,446,223)
29,669,321
86,870(82,055)
4,815
4,142,095(3,170,860)
971,235
8,142,343
22,725,759(2,439,267)
20,286,491
455,061
59,529,268

9,595,734
32,203,271
3,501,938
623,388
15,111
310,2102,888,713
9,258,717(31,299)
58,365,785*2*2

20,311,644
2,755,690
469,855
620,555
229,836
24,387,582*1

12

2,861,472
6,113,941
2,612,846
12,276,280
2,130,706
1,472,220(967,518)
26,499,950
110,416,801
166,619,700

52,550,390(23,496,612)
29,053,777
86,622(82,557)
4,065
4,628,861(3,328,125)
1,300,735
8,163,254
31,417,199(3,532,624)
27,884,574
366,235
66,772,643
18,446,825
1,924,742
1,274,064
398,977
216,875
22,261,486*1

2,784,187
7,132,989
2,493,804
12,881,961
2,720,016*1
1,240,236(406,643)
28,846,552
117,880,682
176,246,468

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2014

Fiscal 2013
(As of March 31, 2013)
Liabilities
Current liabilities
Notes and accounts payable—trade
Short-term loans payable
Current portion of long-term loans payable
Current portion of lease obligations
Income taxes payable
Accrued consumption taxes
Accrued expenses
Advances received
Provision for bonuses
Provision for directors’ bonuses
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Lease obligations
Long-term advances received
Deferred tax liabilities
Provision for retirement benefits
Provision for directors’ retirement benefits
Asset retirement obligations
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities
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 income
Minority interests
Total net assets
Total liabilities and net assets

13(Thousand yen)
Fiscal 2014
(As of March 31, 2014)

827,506
982,562
6,899,203
1,268,506
1,472,751
1,052,935
16,678,253
10,869,503
4,998,197
39,7007,207,916
52,297,036

861,540
4,014,826
9,541,357
1,283,027
1,674,761
881,693
15,669,460
11,019,906
5,092,365
39,7005,651,457
55,730,097

21,021,495
20,693,301
2,982,906
5,764
4,991,263
167,319
1,714,930—
1,490,369
53,067,349
105,364,385

17,316,153
28,683,159
3,006,894
601—
167,784
1,774,879
5,786,553
1,453,096
58,189,123
113,919,220

11,933,790
17,354,214
36,818,238(5,372,812)
60,733,430

11,933,790
17,354,214
38,335,223(5,374,688)
62,248,540

146,927

25,037

72,190—219,118
302,765
61,255,314
166,619,700

58,966(332,870)(248,866)
327,574
62,327,248
176,246,468

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2014

(2) Consolidated statements of income and comprehensive income(Consolidated statements of income)Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Advertising and promotion expenses
Directors’ compensation
Salaries and benefits
Provision for employee bonuses
Provision for directors’ bonuses
Provision for directors’ retirement benefits
Provision for employee retirement benefits
Legal welfare expenses
Travel and transportation expenses
Rent expenses
Provision for doubtful accounts
Depreciation and amortization
Amortization of goodwill
Other
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Rent income
Commission on consignment for job creation
businesses
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rent expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Other
Total extraordinary income

14

Fiscal 2013
(from April 1, 2012
to March 31, 2013)
267,191,576
209,437,781
57,753,794(Thousand yen)
Fiscal 2014
(from April 1, 2013
to March 31, 2014)
271,447,305
215,725,965
55,721,340

9,324,333
205,379
16,246,925
1,195,538
39,7007,929
394,8222,798,753
1,562,884
3,027,375
3,041
2,142,480
1,868,913
10,194,234
49,012,312
8,741,482

7,424,579
193,810
17,947,101
1,268,227
39,7007,932
440,428
3,150,632
1,659,845
3,001,303(4,585)2,214,831
1,844,971
10,210,435
49,399,213
6,322,126

140,856
199,931

143,611
196,132

400,473

114,924

320,579
429,200
1,491,040

125,846
248,531
829,046

1,784,705
50,066
71,593
1,906,366
8,326,156

2,091,011
63,55555,9952,210,561
4,940,611

1,922
—
1,922

1,030,370
850
1,031,220

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2014

Extraordinary losses
Loss on retirement of property, plant andequipment, net
Loss on sales of property, plant and equipment, net
Loss on liquidation of subsidiaries and affiliates
Loss on amortization of lease deposits
Provision for loss on store closing
Impairment loss
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes—current
Income taxes—deferred
Total income taxes
Income before minority interests
Minority interests in income
Net income

15

Fiscal 2013
(from April 1, 2012
to March 31, 2013)

Fiscal 2014
(from April 1, 2013
to March 31, 2014)*1

40,453

*1

*2

3,640
241,237
78,0004,678—
18,593
386,604
7,941,474
3,845,200(318,248)
3,526,951
4,414,522
31,2304,383,291*380,438—77,036—
8,284
26,9081,556
194,224
5,777,606
3,174,356(258,768)
2,915,588
2,862,018
30,8082,831,209

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2014

(Consolidated statements of comprehensive income)

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustments
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of the parent
Minority interests

Fiscal 2013
(from April 1, 2012
to March 31, 2013)
4,414,522(Thousand yen)
Fiscal 2014
(from April 1, 2013
to March 31, 2014)
2,862,018

191,970
72,190264,161
4,678,683(121,889)(13,223)(135,113)
2,726,904*1

4,647,452
31,23016*12,696,096
30,808

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2014

(3) Consolidated statements of changes in net assets
Fiscal 2013 (from April 1, 2012 to March 31, 2013)(Thousand yen)
Shareholders’ equity

Balance at the
beginning of the period
Changes of items during
the period
Dividends fromretained earnings
Net income
Purchase of treasury
stock
Disposal of treasury
stock
Changes other thanshareholders’ equity
during the period (net)Total changes of items
during the period
Balance at the end of
the period

Capital stock

Capital surplus

Retained earnings

Treasury stock, at
cost

Total
shareholders’equity11,933,790

17,354,214

34,057,020(6,133,715)

57,211,311(1,180,535)(1,180,535)

4,383,291

4,383,291
(710)

(710)

(441,538)

761,612

320,074——

2,761,217

760,9023,522,119

11,933,790

17,354,214

36,818,238(5,372,812)

60,733,430

Accumulated other comprehensive income

Balance at the
beginning of the period
Changes of items during
the period
Dividends fromretained earnings
Net income
Purchase of treasury
stock
Disposal of treasury
stock
Changes other thanshareholders’ equity
during the period (net)Total changes of items
during the period
Balance at the end of
the period

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustments

Total accumulated
othercomprehensive
income(45,042)—(45,042)

Minority
interests

276,034

Total net assets

57,442,302(1,180,535)
4,383,291(710)
320,074
191,970

72,190264,161

26,730290,892

191,970

72,190264,161

26,7303,813,011

146,927

72,190219,118

302,765

61,255,314

17

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2014

Fiscal 2014 (from April 1, 2013 to March 31, 2014)(Thousand yen)
Shareholders’ equity

Balance at the
beginning of the period
Changes of items during
the period
Dividends fromretained earnings
Net income
Purchase of treasury
stock
Change of scope of
consolidation
Changes other thanshareholders’ equity
during the period (net)Total changes of items
during the period
Balance at the end of
the period

Capital stock

Capital surplus

Retained earnings

Treasury stock, at
cost

Total
shareholders’equity11,933,790

17,354,214

36,818,238(5,372,812)

60,733,430(1,327,831)(1,327,831)

2,831,209

2,831,209(1,876)

13,606(1,876)
13,606——

1,516,985(1,876)

1,515,109

11,933,790

17,354,214

38,335,223(5,374,688)

62,248,540

Minority
interests

Total net
assets

302,765

61,255,314

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities

Balance at the
beginning of the period
Changes of items
during the period
Dividends fromretained earnings
Net income
Purchase of treasury
stock
Change of scope of
consolidation
Changes other thanshareholders’ equity
during the period (net)Total changes of items
during the period
Balance at the end of
the period

146,927

Total
Foreign currency Remeasurements accumulatedtranslationof definedotheradjustments
benefit planscomprehensive
income—72,190219,118(1,327,831)
2,831,209(1,876)
13,606(121,889)(13,223)(332,870)(467,984)

24,808(443,175)(121,889)(13,223)(332,870)(467,984)

24,8081,071,933

25,03758,966(332,870)(248,866)

327,574

62,327,248

18

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2014

(4) Consolidated statements of cash flows
Fiscal 2013
(from April 1, 2012
to March 31, 2013)
Cash flows from operating activities:
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Impairment loss
Increase (decrease) in provision for retirement
benefits
Increase (decrease) in provision for directors'
retirement benefits
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for directors'
bonuses
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in provision for loss on store
closing
Increase (decrease) in net defined benefit liability
Interest and dividends income
Interest expenses(Gain) loss on sales of investment securities(Gain) loss on valuation of investment securities
Loss on retirement of property, plant andequipment, net(Gain) loss on sales of property, plant andequipment, net
Loss on liquidation of subsidiaries and affiliates(Increase) decrease in notes and accounts
receivable-trade(Increase) decrease in inventories(Increase) decrease in other current assets
Decrease (increase) in claims provable inbankruptcies(Increase) decrease in other fixed assets
Increase (decrease) in notes and accounts
payable—trade
Increase (decrease) in accrued consumption taxes
Increase (decrease) in other current liabilities
Increase (decrease) in other non-current liabilities
Other, net
Sub-totalInterest and dividends income received
Interest expenses paid
Income taxes paid
Net cash provided by operating activities

19(Thousand yen)
Fiscal 2014
(from April 1, 2013
to March 31, 2014)

7,941,474
5,643,123
1,868,913—

5,777,606
6,111,588
1,844,971
26,908271,419(4,995,024)

4,395

465

221,974

87,523

3,200—(33,469)(575,446)

18,485

1,654—(145,798)
1,784,705(1,922)
12

5,278,605(148,646)
2,091,011(1,030,370)—

40,45380,4383,640—

241,237

77,036(372,945)(2,840)(80,316)(553,333)

66,887(173,161)

16,133544,914337,373430,032(144,553)

34,643(109,600)
2,851,823
550,020(9,494)
20,346,953
46,479(1,783,046)(5,762,588)
12,847,798(171,242)(2,955,442)
174,692
11,807
12,588,614
37,400(2,092,055)(3,013,669)
7,520,290

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2014

(Thousand yen)
Fiscal 2014
(from April 1, 2013
to March 31, 2014)

Fiscal 2013
(from April 1, 2012
to March 31, 2013)
Cash flows from investing activities:
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of short-term investment securities
Proceeds from sales of short-term investment
securities
Purchase of property, plant and equipment
Proceeds from sales of property, plant andequipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of stocks of subsidiaries and affiliates
Payments of loans receivableCollection of loans receivable
Payments for guarantee deposits
Proceeds from collection of guarantee deposits
Subsidy income
Other, net
Net cash used in investing activities
Cash flows from financing activities:
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from sales of treasury stock
Purchase of treasury stock
Cash dividends paid by parent company
Cash dividends paid to minority shareholders
Repayments of lease obligations
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Increase in cash and cash equivalents from newly
consolidated subsidiary
Increase in cash and cash equivalents resulting frommergerCash and cash equivalents at end of year*120

(1,008,000)
808,000(3,594,975)(812,000)
814,000(2,604,461)

2,400,000

2,900,000(5,222,202)(1,816,697)

2,354

—

(746,411)(1,062,920)
949,500(890,010)(466,344)
623,883(1,366,340)
344,806
264,133(569,901)(9,534,428)(1,303,727)(200,000)
1,969,115(532,800)(1,421,141)
136,568(953,333)
326,755
61,473(674,498)(4,110,747)

788,853
13,000,000(15,379,700)
275
(710)
(1,183,573)(4,500)(1,272,260)(94,752)(4,146,368)

3,032,458
5,500,000(6,746,000)—(1,876)(1,326,160)(6,000)(1,296,884)(181,723)(1,026,186)

46,890(7,448)(786,106)
8,741,769

2,375,908
8,028,550—

35,19472,887—

8,028,550*1

10,439,653