Consolidated Financial Results for the 2nd Quarterof the Fiscal Year Ending March 31, 2023 [Japanese Standard]
November 9, 2022
Stock exchange: Tokyo
Listed company name: AIDA ENGINEERING, LTD.
Stock code:
6118 (URL https://www.aida.co.jp/en/)
Representative:
Kimikazu Aida, Chairman & President (CEO)Contact:
Hiromitsu Ugawa, Director, Managing Executive Officer, Division Manager, General Administration Headquarters
Scheduled date of filing quarterly securities report:
November 9, 2022
Scheduled beginning date of dividend payment:－
Preparation of supplemental explanatory materials:
Yes
Holding of quarterly financial results briefing:
Yes (for analysts and institutional investors)

Tel: +81-42-772-5231(Figures are rounded down to the nearest million yen)
1. Consolidated Results for 2nd Quarter of the Fiscal Year Ending March 31, 2023 (April 1, 2022 to September 30, 2022)(1) Consolidated Financial Results（Percentages represent change compared to the previous period)
Net income
Net sales
Operating income
Ordinary income
attributable toowners of parent
Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

789(18.0)

495(10.3)

962(40.6)

552(27.6)

Six months ended
32,16419.5
716 (10.3)
September 30, 2022
Six months ended
26,9104.5
798 (48.3)
September 30, 2021
Note: Comprehensive income: Six months ended September 30, 2022
Six months ended September 30, 2021
Net income per
share

Diluted net income
per share

Yen

Yen

8.30

8.29

9.26

9.25

Total assets

Net assets

Six months ended
September 30, 2022
Six months ended
September 30, 2021

574 million yen (-68.3%)
1,811 million yen (-23.6%)(2) Consolidated Financial Position
Millions of yen

As of September 30, 2022
As of March 31, 2022
Reference: Shareholders’ equity

Shareholders’equity ratio

Millions of yen

Net assets per share%Yen

114,341
77,137
67.4
113,933
78,664
68.4
As of September 30, 2022
77,046 million yen
As of March 31, 2022
77,901 million yen

1,290.53
1,304.89

2. Cash Dividends
Cash dividends per share
1Q EndYear ended March 31, 2022
Year ending March 31, 2023
Year ending March 31, 2023
(forecast)

2Q End3Q EndYear-end

Total

Yen

Yen

Yen

Yen

Yen

—
—

—
—

—

25.00

25.00

—

30.00

30.00

Note: Revision of dividend forecast for this period: None
3. Forecasts of Consolidated Results for the Fiscal Year Ending March 31, 2023 (April 1, 2022 to March 31, 2023)(Percentages represent change compared to the previous period)
Net income
Net income
Net sales
Operating income
Ordinary income
attributable toper shareowners of parent
Millions of yen% Millions of yen% Millions of yen

Full year
72,000
15.3
3,400
35.7
Note: Revision of forecasts of consolidated results: Yes

3,500% Millions of yen

43.9

2,300

%

Yen

156.6

38.53

4. Others(1) Changes in significant subsidiaries during the period: None
(2) Application of special accounting treatment used in preparation of the quarterly consolidated financial statements: Yes
Note: This refers to whether these above were used for preparing quarterly consolidated financial statements.
(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1. Changes in accounting policies due to revisions of accounting standards: Yes
2. Changes in accounting policies other than “1”: None
3. Changes in accounting estimates: None
4. Retrospective restatement: None
(4) Number of issued shares (common shares)
1. Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2022
69,448,421 shares
As of March 31, 2022
69,448,421 shares
2. Total number of treasury shares at the end of the period
As of September 30, 2022
9,747,524 shares
As of March 31, 2022
9,748,838 shares
3. Average number of shares outstanding during the period
Six months ended September 30, 2022
59,700,182 shares
Six months ended September 30, 2021
59,694,906 shares

Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
Statement for proper use of business forecast and other special remarks:
The above forecasts and those presented in appended material are based on the information presently available.
Actual results may differ from these forecasts due to changes in various factors. For the assumptions used as a basis forthe business forecast and notes for using the forecast, please refer to “(3) Consolidated financial results forecast and otherforward-looking information” on page 4 of the attachments.

Table of Contents - Attachments
1. Qualitative information on the financial results for the period under review ................................................. 2(1) Operating results ........................................................................................................................................ 2(2) Financial position ....................................................................................................................................... 3(3) Consolidated financial results forecast and other forward-looking information ........................................ 4
2. Consolidated Financial Statements ................................................................................................................. 6(1) Consolidated Balance Sheets ..................................................................................................................... 6(2) Consolidated Statements of Income and Comprehensive Income ............................................................. 8(3) Consolidated Statements of Cash Flows .................................................................................................... 10(4) Notes to Going Concern Assumption ....................................................................................................... 11(5) Notes Regarding Remarkable Fluctuation in Shareholders' Equity ........................................................... 11(6) Accounting Policies Adopted Specially for the Preparation of
Quarterly Consolidated Financial Statements ........................................................................................... 11(7) Changes in Accounting Policies ............................................................................................................... 11(8) Segment Information ................................................................................................................................ 11
3. Supplementary Information .......................................................................................................................... 12
Status of Orders ........................................................................................................................................ 121

1. Qualitative information on the financial results for the period under review(1) Operating results
During the six months ended September 30, 2022, the global economy headed towards normalization fromCOVID-19, but the overall economy was in a slowdown phase due to the impacts of soaring global prices, shortagesof semiconductors and electronic components, the issues between Russia and Ukraine and other factors. Going forward,
in addition to the prolongation of these problems, the outlook remains uncertain due to energy shortages and concerns
about geopolitical risks such as the conflicts between the United States and China.
In the metalforming machinery industry, the Japan Forming Machinery Association reported that orders for pressmachines received in the six months ended September 30, 2022 increased 12.0% year on year to ¥79,570 million,
reflecting robust domestic demand.
Under these conditions, orders received by AIDA ENGINEERING, LTD. (the “Company”) and its groupcompanies (collectively, the “Group”) in the six months ended September 30, 2022 reached ¥47,302 million (up 11.5%
year on year), a record high for the first half of any fiscal year, supported by increased demand related to electricvehicles, and the order backlog as of September 30, 2022 reached ¥70,282 million (up 27.5% from the end of theprevious fiscal year).
Net sales were ¥32,164 million (up 19.5% year on year), mainly due to an increase in sales of medium- and largesized press machines based on percentage-of-completion projects and impacts of exchange rates. However, sales werelower than initially expected due to sales delays caused by the impacts of the shortage of electronic components, etc.
In terms of profit, operating income was ¥716 million (down 10.3% year on year), ordinary income was ¥789
million (an 18.0% decrease from the same period of the previous year), and net income attributable to owners of parent
was ¥495 million (down 10.3% year on year) due to factors such as the sales shortfall stated above, soaring costs of
raw materials, subcontracting, and logistics, lower gross profit margins caused by sales delays in high value-addedpress projects and service work, etc., and increased SG&A expenses.
Operating results by segment during the six months ended September 30, 2022 were as follows.
Japan:

China:

Asia:

Americas:

Europe:Net sales were ¥18,736 million (up 15.5% year on year) due to an increase in sales of pressmachines, but segment loss was ¥288 million (segment profit of ¥85 million in the same period of
the previous year) due to the lower gross profit margins resulting from soaring costs, etc.
Increased sales of press machines related to electric vehicles resulted in net sales of ¥5,331 million(up 30.2% year on year). However, segment profit was ¥253 million (down 33.3% year on year)
due to a decrease in sales of services and an increase in SG&A expenses.
Net sales were ¥5,433 million (up 128.0% year on year) due to a recovery in sales of pressmachines and services from the previous fiscal year, a year when sales fell due to lockdowns, etc.
Segment profit was ¥339 million (up 119.3% year on year) due to increased sales.
Net sales increased to ¥8,197 million (up 39.2% year on year) due to an increase in sales of pressmachines. However, segment profit was ¥49 million (down 21.0% year on year) due to lower grossprofit margins resulting from soaring costs.
Net sales were ¥4,991 million (down 18.1% year on year) due to decreases in sales of both pressmachines and services caused by sales delays, due to the shortage of electronic components, etc.
However, segment profit was ¥87 million (up 15.3% year on year) due to an improvement in grossprofit margins.

2(2) Financial position
1) Analysis of financial position
Total assets as of September 30, 2022 increased by ¥407 million from the end of the previous fiscal year to ¥114,341
million. This is attributable to a ¥4,579 million decrease in cash and deposits, a ¥2,399 million increase in tradereceivables, including notes and accounts receivable - trade, and contract assets and electronically recorded monetaryclaims - operating, a ¥3,454 million increase in inventories, a ¥1,012 million increase in other current assets (mainly
advance payments - trade) and a ¥2,379 million decrease in investment securities.
Total liabilities increased by ¥1,934 million from the end of the previous fiscal year to ¥37,204 million. This is
attributable to a ¥615 million decrease in trade payables, including accounts payable - trade and electronically recorded
obligations – operating, a ¥903 million decrease in accounts payable – other, and a ¥3,194 million increase in contract
liabilities.
Net assets decreased by ¥1,526 million from the end of the previous fiscal year to ¥77,137 million. This is
attributable to a ¥1,105 million decrease in retained earnings due to cash dividends, a ¥1,568 million decrease invaluation difference on available-for-sale securities and a ¥2,125 million increase in foreign currency translation
adjustment. As a result, shareholders’ equity ratio was 67.4% as of September 30, 2022.
2) Analysis of cash flows
Cash and cash equivalents (the “funds”) as of September 30, 2022 decreased by ¥4,805 million from the end of theprevious fiscal year to ¥30,224 million.
Cash flows from activities during the six months ended September 30, 2022 and their primary factors are as
follows:(i) Cash flows from operating activities
Net cash used in operating activities was ¥1,925 million (a cash inflow of ¥4,448 million in the same period of
the previous fiscal year). Factors for cash inflows include income before income taxes of ¥885 million, a decreasein trade receivables of ¥1,049 million, and factors for cash outflows include an increase in inventories of ¥2,252
million and a decrease in trade payables of ¥1,762 million.
(ii) Cash flows from investing activities
Net cash used in investing activities was ¥2,036 million (a cash outflow of ¥1,144 million in the same periodof the previous year). Factors for cash outflows include purchase of property, plant and equipment and intangible
assets of ¥1,595 million and purchase of shares of subsidiaries of ¥500 million.
(iii) Cash flows from financing activities
Net cash used in financing activities was ¥2,157 million (a cash outflow of ¥873 million in the same period of
the previous year). Factors for cash outflows include dividends paid of ¥1,598 million and repayment of short-termborrowings of ¥554 million.

3(3) Consolidated financial results forecast and other forward-looking information
There were differences between the forecasts of consolidated results for the six months ended September 30, 2022
(April 1, 2022 to September 30, 2022) announced on May 16, 2022 and the actual results announced today as follows,
and the Company revised its forecasts of consolidated results for the fiscal year ending March 31, 2023 (April 1, 2022
to March 31, 2023).
1. Differences between the forecasts and actual consolidated results for the six months ended September 30, 2022
Differences between the forecasts and actual consolidated results for the six months ended September 30, 2022
(April 1, 2022 to September 30, 2022)
Net income
Operating
Ordinary
Net income
Net sales
attributable toincomeincomeper shareowners of parent
Previous forecasts (A)Actual results announced today(B)
Difference (B) - (A)Change (%)(Reference)
Actual results for the six months
ended September 30, 2021

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

36,000

2,700

2,800

2,000

33.50

32,164

716

789

495

8.30

(3,835)(10.7)(1,983)(73.5)(2,010)(71.8)(1,504)(75.2)——

26,910

798

962

552

9.26

2. Revision of the forecasts of consolidated results for the fiscal year
Revision of the forecasts of consolidated results for the fiscal year ending March 31, 2023 (April 1, 2022 to March
31, 2023)
Net income
Operating
Ordinary
Net income
Net sales
attributable toincomeincomeper shareowners of parent
Previous forecasts (A)Revised forecast announced
today (B)
Difference (B) - (A)Change (%)(Reference)
Actual results for the fiscal year
ended March 31, 2022

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

72,000

5,500

5,700

4,000

67.00

72,000

3,400

3,500

2,300

38.53

—
—

(2,100)(38.2)(2,200)(38.6)(1,700)(42.5)——

62,466

2,505

2,432

896

15.02

3. Reasons for differences between forecasts and actual results and reasons for revision of the forecasts ofconsolidated results
Actual net sales for the six months ended September 30, 2022 were lower than the initial forecast due todecreases in sales of press machines and services caused by sales delays to the second half of the fiscal year due
to the shortage of electronic components, etc. In addition, actual profit was lower than the initial forecast due tothe impacts of soaring manufacturing costs such as raw materials and subcontracting, etc., and lower gross profit
margins caused by sales delays in high value-added press projects, etc.
For the full fiscal year ending March 31, 2023, the initial forecast for net sales remains unchanged as they are
anticipated to increase due to the yen’s depreciation, although the shortage of electronic components will not
improve and sales will continue to be delayed in the second half of the fiscal year onwards. The Company, however,lowered the initial forecasts for profits, because sales of high-value-added press projects, which had been expected4

in the second half of the fiscal year, were delayed to the next fiscal year, and because increases in the costs of raw
materials, etc., and energy costs will exceed expectations, although gross profit margins will recover in the second
half of the fiscal year due to an increase in sales of high-value-added press projects and services.
* The above forecasts are based on the information presently available. Actual results may differ from these
forecasts due to changes in various factors.

5

2. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of Yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims - operating
Finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current 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
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Insurance funds
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

6

As of September 30, 2022

35,03130,452

17,69020,247

1,087
4,135
13,0194,420
3,358(1,040)77,703930
3,503
16,3095,217
4,371(1,037)
79,99425,709(18,481)
7,227
18,849(13,822)
5,027
7,263
1,437
3,925
(3,418)506
21,462
1,179

26,722(19,054)
7,668
20,440(14,973)
5,467
7,295
865
4,140
(3,608)532
21,828
1,343

10,469
1,891
820
285
153
(32)
13,58836,230113,933

8,090
1,822
837
306
151
(32)
11,17534,347
114,341(Millions of Yen)
As of March 31, 2022
Liabilities
Current liabilities
Accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Accounts payable - other
Income taxes payable
Contract liabilities
Provision for product warranties
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for loss on orders received
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Long-term accounts payable - other
Provision for share awards
Retirement benefit liability
Asset retirement obligations
Deferred tax liabilities
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

7

As of September 30, 2022

6,137
2,888
1,094
1,612
175
12,091
497
1,020

5,860
2,550
569
709
324
15,285
562
1,053

22

16

211
2,398
28,150167
3,244
30,344

1,500
924
510
1,456
9
2,336
380
7,119
35,269

1,500
1,020
604
1,462
9
1,785
477
6,859
37,204

7,831
12,83655,511(5,250)70,927

7,831
13,00754,405(5,250)69,994

4,815
(295)
2,365
87
6,973
91
671
78,664113,933

3,247
(741)
4,490
55
7,052
91
–
77,137
114,341

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Millions of Yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Commission expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sale of non-current assets
Subsidy income related to suspension or decrease of
production
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Loss on suspension or decrease of production
Total extraordinary losses
Income before income taxes
Income taxes
Net income
Loss attributable to non-controlling interests
Net income attributable to owners of parent

8

Six months ended
September 30, 2021
26,91021,934
4,975
4,177
798

Six months ended
September 30, 2022
32,164
26,862
5,302
4,585
716

19
115
11
46
193

35
169
–
47
252

11
–
–
18
29
962

9
97
57
16
180
789

5

1

12

8

–
17

100
109

–
11
105
117
863
325
538
(14)
552

1
4
6
12
885
390
495
–
495

Consolidated Statements of Comprehensive Income(Millions of Yen)
Six months ended
September 30, 2021
Net income
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

9

Six months ended
September 30, 2022
538

495

1,134
35
137
(33)
1,273
1,811

(1,568)
(445)
2,125
(32)
78
574

1,826

574

(14)

–

(3) Consolidated Statements of Cash Flows(Millions of Yen)
Six months ended
September 30, 2021
Cash flows from operating activities
Income before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for product warranties
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors(and other officers)
Increase (decrease) in provision for loss on orders received
Loss (gain) on sale of investment securities
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset
Increase (decrease) in provision for share awards
Interest and dividend income
Interest expenses
Loss (gain) on sale of property, plant and equipment
Loss on retirement of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Decrease (increase) in other assets
Increase (decrease) in other liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of shares of subsidiaries
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period10

Six months ended
September 30, 2022
863
967
(2)
0
32

885
893
(58)
32
20

(11)

(6)

36
–
24
(66)
50
(135)
11
(5)
11
8,042
(3,506)
(286)
(202)
(629)
122
5,316
135
(11)
(991)
4,448

(60)
(100)
(2)
(63)
93
(204)
9
0
4
1,049
(2,252)(1,762)(313)
779(1,033)(2,090)
202
(10)
(27)
(1,925)

(44)
14
(787)
6
(325)
(9)
–
–
1
(1,144)(529)
322(1,196)
14
(399)
–
251
(500)
(0)
(2,036)392(0)(1,257)
(5)
(1)
(873)
85
2,516
31,70034,216(554)(0)(1,598)(2)(1)(2,157)
1,314(4,805)35,03030,224

(4) Notes to Going Concern Assumption
None(5) Notes Regarding Remarkable Fluctuation in Shareholders' Equity
None(6) Accounting Policies Adopted Specially for the Preparation of Quarterly Consolidated Financial Statements(Calculation of tax expenses)
The effective tax rate after the application of tax effect accounting to income before income taxes for the current
fiscal year is reasonably estimated. Tax expenses are calculated by multiplying income before income taxes for thequarter by the estimated effective tax rate.
In addition, “income taxes – current” and “income taxes – deferred” are collectively presented as “income taxes.”(7) Changes in Accounting Policies
The Implementation Guidance on Accounting Standard for Fair Value Measurement (ASBJ Guidance No. 31, June17, 2021; the “Implementation Guidance on Fair Value Measurement Standard”) has been applied since thebeginning of the first quarter of the current fiscal year. In line with the transitional treatment stipulated in
Paragraph 27-2 of the Implementation Guidance on Fair Value Measurement Standard, the Company will apply
the new accounting policy specified in the Implementation Guidance on Fair Value Measurement Standard
prospectively. This has no effect on the quarterly consolidated financial statements.
(8) Segment Information
Information regarding amounts of sales, profit, assets, other items, and disaggregation of revenue by reportable segment
Six months ended September 30, 2021
(Millions of Yen)
Consolidated
statements
of income
(*2)

Japan

China

Asia

Americas

EuropeSubtotal

Adjustments(*1)

a. Press Machines

5,445

3,087

626

4,398

4,538

18,096–18,096b. Service

2,789

802

524

1,438

1,314

6,869

–

6,869

c. Others

1,885

16

4

–

38

1,944

–

1,944

Subtotal

10,120

3,906

1,155

5,836

5,890

26,910–26,910(2) Inter-segment sales

6,094

187

1,228

51

205

7,768

(7,768)–

Total sales

16,215

4,094

2,383

5,888

6,096

34,678(7,768)26,910

85
379
155
62
75
759
Segment profit
Notes:
1. Adjustments of sales represent elimination of inter-segment transactions.
Adjustments of segment profit refer to inter-segment transaction eliminations.
2. Segment profit is adjusted to operating income of consolidated statements of income.

39

798

Sales
(1) Sales to third parties11

Six months ended September 30, 2022

(Millions of Yen)
Consolidated
Adjustments
statements(*1)
of income
(*2)

Japan

China

Asia

Americas

EuropeSubtotala. Press Machines

6,898

4,433

2,273

6,376

3,521

23,502–

23,502b. Service

2,647

596

832

1,574

1,210

6,860

–

6,860

c. Others

1,762

13

13

1

11

1,801

–

1,801

Subtotal

11,307

5,043

3,119

7,951

4,742

32,164–32,164(2) Inter-segment sales

7,428

287

2,314

245

248

10,524(10,524)–

Total sales

18,736

5,331

5,433

8,197

4,991

42,689(10,524)

32,164

(288)
253
339
49
87
442
Segment profit or loss
Notes:
1. Adjustments of sales represent elimination of inter-segment transactions.
Adjustments of segment profit or loss refer to inter-segment transaction eliminations.
2. Segment profit or loss is adjusted to operating loss of consolidated statements of income.

274

716

Sales
(1) Sales to third parties

3. Supplementary Information
Status of Orders
Six months ended September 30, 2022

(Millions of Yen)

OrdersAmountOrder backlog

Comparison with theprevious period (%)

AmountComparison with the endof previous year (%)

Japan

14,632(7.9)

22,138

17.7

China

11,294

69.9

17,238

56.9

Asia

3,671

10.2

4,783

13.1

Americas9,585(12.0)

12,35815.2

Europe

8,118

43.1

13,762

32.5

Total

47,302

11.5

70,28227.5

Notes:
1. Inter-segment transactions have been eliminated.
2. Amounts above do not include consumption tax.

12