Financial Results for the Year Ended March 31, 2013 (J-GAAP)May 14, 2013
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 26, 2013
Scheduled date to start dividends distribution:
June 27, 2013
Scheduled date of filing annual securities report:
June 27, 2013
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, 2013 (April 1, 2012 – March 31, 2013)(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, 2013
Year ended March 31, 2012
(Note) Comprehensive income:%

267,191
257,340

Million yen

3.8
6.9

%

8,741
11,672Million yen(25.1)
48.3

%

8,326
12,674

Million yen(34.3)
31.2

%

4,383
5,897

(25.7)
69.5

Year ended March 31, 2013: ¥4,678 million yen (-21.1%); Year ended March 31, 2012: ¥5,933 million yen (75.8%)

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

Year ended March 31, 2013
Year ended March 31, 2012

Yen

62.95
85.27

%

—
—

Reference: Equity-method investment profit (loss):

%

7.4
10.8

Year ended March 31, 2013: ¥

%

5.1
8.9

3.3
4.5

million; Year ended March 31, 2012: ¥million(2) Consolidated financial position
Total Assets

Net Assets

Million yen

As of March 31, 2013
As of March 31, 2012
Reference: Shareholders’ equity:

Equity Ratio

Net Assets per Share

Million yen

166,619
157,816%

61,25557,442

Yen

36.6
36.2

872.17823.21

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at
End of YearAs of March 31, 2013: ¥60,952 million; As of March 31, 2012: ¥57,166 million(3) Consolidated cash flows
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Million yen

Year ended March 31, 2013
Year ended March 31, 2012

Million yen

12,847
16,128Million yen(9,534)(14,217)

Million yen(4,146)
3,077

8,028
8,741

2. Dividends
Annual dividends
1Q-endYen

Year ended March 31, 2012
Year ended March 31, 2013
Year ending March 31, 2014
(forecast)

2Q-end3Q-endYen

Year-end

Yen

AnnualYen

Total
Dividends
Paid (annual)

Payout Ratio(consolidated)

Dividends to
Net Assets(consolidated)

Million yen

%

%

1,108
1,253

18.8
28.6

2.0
2.1

Yen

—
—

8.00
9.00

—
—

8.00
9.00

16.00
18.00

—

10.00

—

10.00

20.00

31.1

3. Forecast of consolidated financial results for the year ending March 31, 2014 (April 1, 2013 – March 31, 2014)(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

137,400
277,600

%

4.0
3.9

Million yen

3,600
9,000

Ordinary Income
%

(7.8)
3.0

Million yen

3,200
8,000

Net Income
per Share

Net Income
%

(8.4)
(3.9)

Million yen

1,500
4,500

%

4.7
2.7

Yen

21.46
64.39

* 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.: None
2) Changes in accounting policies due to reasons other than those stated in 1): Yes
3) Changes in accounting estimates: Yes
4) Restatement: None
(Note) The changes are changes in accounting policies that are difficult to distinguish from changes in accounting estimates specified
under Article 14-7 of the Rules for the Terminology, Form, and Preparation Method of Consolidated Financial Statements. For
details, please refer to 4. Consolidated financial statements, (5) Notes to Consolidated Financial Statements (Changes in
Accounting Policies) on page 23 of the Attached Document.

(3) Number of shares outstanding (common stock)1) Number of shares issued and outstanding (including treasury stock)
As of March 31, 2013:
73,017,952
As of March 31, 2012:
2) Number of treasury stock at
As of March 31, 2013:
3,131,669
As of March 31, 2012:
3) Average number of shares issued and outstanding in each period
As of March 31, 2013:
69,626,622
As of March 31, 2012:

73,017,952
3,574,673
69,156,306(Reference) Overview of the non-consolidated business results
1. Non-consolidated financial results for the year ended March 31, 2013 (April 1, 2012 – March 31, 2013)(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, 2013
Year ended March 31, 2012%

236,272
229,889

2.8
3.3

Net Income
per Share

Million yen

%

6,648
11,031(39.7)
30.0——(2) Non-consolidated financial position
Total Assets

Net Assets

Million yen

Reference: Shareholders’ equity:

Million yen

3,418
6,288

%

(45.6)
31.2

Yen

49.10
90.93

As of March 31, 2013
As of March 31, 2012%(45.9)
18.0

Diluted Net Income
per Share
Yen

Year ended March 31, 2013
Year ended March 31, 2012

Million yen

6,708
12,395Equity Ratio

Million yen

145,216
142,610Net Assets per Share%

63,10360,453

Yen

43.5
42.4

902.95870.54As of March 31, 2013: ¥63,103 million yen; As of March 31, 2012: ¥60,453 million

2. Forecast of non-consolidated financial results for the year ending March 31, 2014 (April 1, 2013 – March 31, 2014)(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

120,500
242,800

%

2.8
2.8

Million yen

2,700
6,100

Ordinary Income%(10.0)(8.2)

Million yen

2,400
5,600

Net Income
per Share

Net Income%(15.2)(16.5)

Million yen

1,200
2,800

%

(7.3)
(18.1)

Yen

17.17
40.07

* 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 available as of time of this announcement. Actual results may differ due to various factors.
Please refer to page 4 of the attached materials for the forecasts.

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

{ 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·························································································································· 4(3) Basic principles of profit distribution and dividends for the fiscal year under review and next fiscal years ····· 5(4) Business and other risks·································································································································· 5
2. Overview of Nichii Group··································································································································· 8
3. Management principles ····································································································································· 11(1) Basic principles of management···················································································································· 11(2) Management goals ········································································································································ 11(3) Mid- to long-term strategies and issued to be addressed················································································ 11(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Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

1. Analysis of business results and financial position(1) Analysis of business results1) Overview of business results
During the fiscal year under review, the Japanese economy remained sluggish and uncertain due to a strong yen,persistent deflation, and financial issues in Europe and the United States. However, expectations heightened for themonetary policy, fiscal policy, and growth strategy of the new Japanese government, which are designed to overcome
the deflation.
In June the government is expected to put together a growth strategy that will position the fields of medicine andwelfare as growth fields. This strategy, with new policies that include an easing of regulations and employment
measures, is attracting attention. The government’s policies also include promoting international economic
partnerships, cultivating human resources capable of working in the international arena, and encouraging the
globalization of Japan’s educational institutions. Demand for language learning is expected to increase among peopleof all generations.
To achieve stable, long-term growth in earnings, the Nichii Gakkan Group launched a medium-term management
strategy in April 2012 and is reforming its business structure by strengthening its operating base and expanding its
scope of operations.
To strengthen its operating base, the Group streamlined its operations, building an optimal organizational structure inaccordance with its management strategy and consolidating the Group’s worker dispatching operations for long-termcare facilities.
In expanding the scope of its operations, the Group is aiming to move clear of risks associated with social systems
and labor-intensive businesses and focus on developing the language education business in the Education Business,
expanding its management assistance services in the Medical Support Business, and providing services not coveredby the long-term care insurance in the Health Care Business.
In the language education business, the Group launched COCO Juku English conversation schools in April 2012 andestablished language education facilities nationwide. Pursuing synergies among its businesses, the Group started toprovide English conversation lessons at day-care centers. To contribute to cultivating Japanese human resources thatwill work in the international arena, the Group launched a COCO Juku Junior project and made preparations forproviding an integrated education program for students ranging from preschool children to students preparing forstudying abroad.
As a consequence of these initiatives, the Group achieved record sales. In the Health Care Business, sales increased
for the sixth consecutive fiscal year, with the adverse effect of a revision of compensation for long-term care morethan offset by an increase in the number of users of long-term care services. Sales in the Education Business rose
sharply, reflecting an increase in the number of students of Home Helper Level 2 training and the full-year
contribution of GABA Corporation. Income declined from a year ago due to strategic investments in new schools andaggressive promotions to expand the language education business. However, profitability increased in the Medical
Support Business, Health Care Business, and the pre-existing operations in the Education Business thanks to
improvements in operational efficiency and operating rates at business locations.
The Group posted net sales of 267,191 million yen in the fiscal year under review (257,340 million yen in theprevious fiscal year), operating income of 8,741 million yen (11,672 million yen), and ordinary income of 8,326
million yen (12,674 million yen). Net income was 4,383 million yen (5,897 million yen).
Results by business segment are as follows:<Medical Support Business>
The Group focused on concluding new contracts with hospitals to which it had not provided services and raising sales
per customer by expanding the scope of operations at hospitals with which it had already concluded contracts. As aresult, sales rose from a year ago. Income declined due to an increase in selling, general and administrative expenses.
However, work efficiency improved steadily at hospitals that were already customers due to the improved skills of
our staff.
The Group expanded its management support services. On October 1, the Company concluded an operational tie-up
agreement with Microsoft Japan Co., Ltd. to develop new services, combining the Company’s expertise and humanresources in the medical field and Microsoft’s IT. Based on the tie-up, the Company launched OPECT, a contactlessimage operating system for operating rooms, in October and Medicloud, cloud groupware for medical institution, in2Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

December. The Group also developed and provided high value-added services, including an international medical
exchange support service, PFI projects, and services using its operating base in the long-term care business.
As a result, sales in this segment stood at 104,106 million yen (compared with 103,299 million yen in the previous
fiscal year), and operating income was 8,301 million yen (8,547 million yen).
<Health Care Business>
The Group focused on operating new long-term care facilities and attracting new users. As a result, the number ofusers continued to increase steadily both in services at home and services at health care facilities. The number of users
of services at facilities exceeded 10,000 as at the end of March. Thanks to the increase in the number of users,
operational efficiency at facilities improved, and the adverse effects of the revision to long-term care compensation in
April 2012 were offset by the improvement in efficiency. Consequently both sales and income continued to rise.
To strengthen collaboration between medical services and long-term care, the Group opened new home nursing carefacilities. The Group is developing its facilities to provide local medical services and long-term care services
seamlessly, having home nursing care facilities and long-term care facilities cooperate with each other.
In the field of services not covered by long-term care insurance, the number of users of welfare services for thedisabled remained favorable. Meanwhile, the Group focused on developing private brand products and developing
and providing services in response to customers’ needs. In collaboration with Secom Co., Ltd., the Company madepreparations for launching (24-hour) emergency elderly care services for Secom’s customers at their request.
During the fiscal year under review, the Group opened 37 care plan facilities (bringing the total to 774), 39 home-visit
care facilities (1,101; including home-visit bathing facilities), 27 day-care facilities (353), and 36 home-nursing carefacilities (59) for home-care services. For facility-care services, the Group opened six Nichii no Hohoemi facilities(bringing the total to 247), nine Nichii no Kirameki facilities (52), and two Nichii Home pay nursing homes (52).
As a result, sales in this segment came to 141,033 million yen (compared with 138,275 million yen in the previous
fiscal year), and operating income was 11,183 million yen (10,142 million yen).
<Education Business>
Of existing education courses, enrolment in the Medical Office Administration Course declined due to a decrease indemand for the qualification. However, enrolment in the Home Helper Level 2 Course increased from the second
quarter, before the Home Helper Level 2 Course is replaced by the beginning staff’s training in April 2013, and rose
sharply year on year.
To change its business portfolio to one that will be less affected by business fluctuations and changes in thegovernment’s policies, the Group is making strategic investments in the language education business, where demandis increasing with the globalization of society. The Group launched COCO Juku in April 2012 and has opened 73
schools in the fiscal year under review. While laying nationwide foundations for the language education business, theGroup sought synergies between this business and other businesses and started English conversation lessons at
day-care centers in collaboration with the child care business. The Group is pursuing initiatives to attract students,
developing courses to meet students’ diverse needs, reviewing its marketing system, and considering more appealing
advertising.
Earnings in this segment for the fiscal year under review were as we expected in consideration of strategic
investments in aggressive promotions and for the opening of new schools. Thanks to the investments, however, thenumber of students and the degree of recognition rose.
The segment posted net sales of 21,721 million yen (compared with 15,450 million yen in the previous fiscal year),and an operating loss of 3,338 million yen (operating income of 715 million yen).
<Other Businesses>
Nichii Green Farm Company sought to raise the recognition of our therapeutic dogs and increase sales at Lakewoods
Garden Himeharu no Sato, in Mobara, Chiba Prefecture, while working to make the facility’s operations more
efficient.
As a result, sales in this segment stood at 330 million yen (compared with 314 million yen in the previous fiscal year),and operating income was 128 million yen (an operating loss of 334 million yen).

3

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

2) Outlook for the year ending March 31, 2014
The key words in the government’s growth strategy are challenge, overseas expansion, and creation. The government
appears to be pursuing globalization in growth fields, including the medical field, based on healthy longevity andstriving to create jobs by increasing the mobility of employment. To create an environment conducive to the social
advancement of women, the government is expected to lay the foundations for daily living assistance services,
including child care, housekeeping services, and long-term care.
In the fiscal year ending March 2014, the second year of the medium-term management strategy, the Group is aiming
to achieve stable growth in earnings by expanding its core businesses, the Medical Support Business and Long-TermCare Business.
Meanwhile, the Group will seek to create new businesses in response to globalization and the aging society. We willdevelop our nationwide language education business efficiently and effectively, creating synergies with otherbusinesses.
In April 2013, the Group launched COCO Juku Junior schools. We will start the operation of the New York
University School of Continuing and Professional Studies American Language Institute (ALI) Tokyo Center, which
will open in October 2013.
In July, we will open a clinic in Singapore. We will develop expertise in managing medical institutions and will usethat expertise in international medical exchange support and management assistance services.
In the field of daily living assistance services, the Group will expand housekeeping services in the Health Care
Business and will develop meal home delivery and private brand sanitary products. Considering policies foreliminating waiting lists for day-care facilities, we will develop different types of day-care centers.
On the assumption of an increase in the number of medical institutions that are customers of the Group in the Medical
Support Business, a rise in the number of users of long-term care services in the Health Care Business, and a climb in
the number of students in the language education business, the Group expects to achieve an increase in sales for thesixth consecutive fiscal year. In our earnings forecast, we take strategic investments in the language education
business into consideration. As a consequence, in the fiscal year ending March 31, 2014, we forecast that the Groupwill post net sales of 277,600 million yen (compared with 267,191 million yen in the fiscal year under review),
operating income of 9,000 million yen (8,741 million yen), ordinary income of 8,000 million yen (8,326 million yen),and net income of 4,500 million yen (4,383 million yen).

(2) Analysis of financial position
1) Overview of financial position
During the fiscal year under review, cash and cash equivalents (“cash”) declined 713 million yen year on year, to
8,028 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 12,847 million yen.
The main factors were income before income taxes and depreciation and amortization.
[Cash flows from investing activities]
Cash used in investing activities came to 9,534 million yen.
This was primarily the result of the acquisition of tangible fixed assets, including facilities, and the purchase of
short-term investment securities.
[Cash flows from financing activities]
Cash used in financing activities was 4,146 million yen.
This was chiefly due to repayments for long-term loans.

4Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

Trends in cash flow indicators for the Group can be seen below.
Year ended March 31, 2012
Year ended March 31, 2013
Equity ratio (%)
36.2
36.6
Equity ratio based on present value (%)
48.8
35.1
Debt redemption (years)
2.9
4.0Interest coverage ratio (times)
15.0
7.2
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.

(3) Basic principles of profit distribution and dividends for the fiscal year under review and next fiscal years
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, 2013, we are planning to pay a year-end dividend of 9 yen per share.
(Yen)
Cash Dividends per Share
(Record date)2Q-endYear-end
AnnualYear ended March 31, 2013
9.00 (Actual)
9.00 (Forecast)
18.00 (Forecast)Year ending March 31, 2014
10.00 (Forecast)
10.00 (Forecast)
20.00 (Forecast)(4) Business and other risks
Potential risks to the operations of each business 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. The Act on Promotion of Reform of theSocial Security System came into force in August 2012, and a reform plan is scheduled to be prepared by the National
Council on Social Security System Reform by August 2013.
Since the Company’s core businesses are closely associated with the medical insurance system and the long-term careinsurance 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.

5

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

[Medical Support Business]
The Nichii Group’s Medical Support Business 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.
[Health Care Business]
The Nichii Group’s Health Care Business 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 that are not covered by long-term careinsurance 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 care and other factors, which could havea 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 Health Care Business.
[Education Business]
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.
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]
Each business segment of the 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 established the Personal Information Protection Committee to ensure the appropriate acquisition and handlingof information. In addition, the Group takes preventive steps to block leaks of personal information, including theestablishment of regulations 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 Business and Health Care Business, 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.

6

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

4) Risks due to natural disasters and accidents
The Nichii Group’s businesses provide services at medical institutions with which the Group has contractual relations,long-term care 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 not work in the affected areas. In that case, the Group will strive to maintain its system for providing services
by endeavoring to promptly restore the functions of the affected facilities and dispatching support staff. However, if
the Group 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 Company uses its own buildings for providing day care services in the Health Care Business and has posted
goodwill associated with the succession of facility-care services. If profitability at the facilities for these services
declines significantly, the Company will need to post an impairment loss, and earnings in the Health Care Businesscould be adversely affected.
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

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

2. Overview of Nichii GroupThe Nichii Group consists of Nichii Gakkan Company and its 22 subsidiaries and two affiliates, and is engaged in fourbusinesses (Medical Support Business, Health Care Business, Education Business, and Other Businesses). In the
Medical Support Business, the Group provides contract administration services to medical institutions and pharmacies,
sells medical equipment to them, and disinfects and sterilizes equipment in medical institutions. The Group’s services
also include medical business consulting and the operation of childcare centers in hospitals.
The Health Care Business provides services under the long-term care insurance system. 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 business, the Group sells and leases welfare equipment and provides meal homedelivery, welfare services for the disabled, and care staff dispatching service. The Group also directly manages
childcare centers and operates childcare centers in companies. Nichii Carenet Company established Riyi Fuli Qiju
Maoyi (Shanghai) Co., Ltd. in China, which has started the wholesale of welfare equipment.
The Education Business 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. GABA Corporation offers one-on-one English conversation
lessons. In April 2012, the Group launched COCO Juku schools, which offer group English lessons.
In Other Businesses, the Group, primarily subsidiaries, offers data processing, stores and delivers goods, publishes andsells 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.
Business Category
Medical Support
Business

Health Care
Business

Education Business

Other Businesses

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,catering, welfare services for the handicapped, care staff
dispatching service, operation of in-company childcare
centers, direct management of childcare centers
Courses for medical office work, Home Helper Level 2
Course (beginning staff’s training from April 2012), babysitter
training, clerk course of medical doctors and English
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.
Nihon Support Service Co., Ltd.
Nichii Care Palace 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.

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

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 Business
Provision of medical clerk
services, etc.

Education Business
Provision of learning
courses

Health Care Business
Provision of long-termcare services

Support forjob-finding to ourmainstay businesses
Nichii Gakkan Company

Nichii Gakkan
Company

Nihon Support Service Co., Ltd.

GABA Corporation

Nichii Gakkan Company
Nihon Support Service Co., Ltd.
Nichii Carenet Co., Ltd.

SELC AUSTRALIAPTY LTD.

Nichii Care Palace Company

Provision of services

Customers

Long-term care facilities
Medical institutions

Students
Users of long-term careservices

9Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013(For reference)
The Health Care Business will be divided into the Long-Term Care Business and the Health Care Business (not coveredby long-term care insurance) from FY2014 for further development. The table below shows the main services andproducts in each business category and the main companies that will provide those services and products.
Business Category
Principal Businesses/Products
Principal Companies
Home-care support (creation of care plan), home-visit care,home-visit bathing, home-visit nursing care, day care, care
Nichii Gakkan Company
Long-Term Care
service for specified facility residents, care for group home
Nichii Carenet Co., Ltd.
Business
residents with dementia, sale and rental of welfare equipment,
Nichii Care Palace Co., Ltd.
welfare services for the handicapped, operation of in-company
childcare centers, direct management of childcare centers
Catering, care staff dispatching service, sales of health care
Nichii Gakkan Company
Health Care
products
Nichii Carenet Co., Ltd.
Business
Nihon Support Service Co., Ltd.
Other Businesses(consolidated subsidiaries)
Nihon Support Service
Co., Ltd.
Data processing
Storage and delivery service
Personnel services

Tokyo Marunouchi
Publishing Co., Ltd.

Nihon Credit Lease
Corp.

Publication and sale ofeducational books, etc.

LeasingNichii Green FarmCo., Ltd.
Production and sale of flowers,
ornamental plants, seeds andsaplings
Operation and management of
tourist facilities

Nichii Gakkan
Company
Medical Support Business

Education BusinessLong-Term Care Business

Provision of medical clerk
services, etc.

Provision of learning
courses

Provision of long-term careservices

Nichii Gakkan Company

Support for job-finding
to our mainstay
businesses

Nichii Gakkan Company

Nihon Support Service Co., Ltd.

Nichii Carenet Co., Ltd.

Nichii Gakkan Company
Nichii Care Palace Company
GABA Corporation
SELC AUSTRALIA PTY
LTD.

Health Care Business
Provision of services not coveredby long-term care 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

10Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

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 issued to be addressed
The Nichii Group has been executing its medium-term management strategy from April 2012 and is aiming to achieve
stable earnings growth over the long term by restructuring its business portfolio through the expansion of its businessfields and the strengthening of its operating base.
The Group will seek to achieve stable earnings growth over the long term, solving challenges that it is facing, throughthe following initiatives.
Restructuring the business portfolio
Although the Medical Support Business and the Health Care Business are growth fields, they could be significantly
affected by changes in social systems, including revisions of medical fees and compensation for long-term care andconsumption tax hikes. We need to develop services that are less susceptible to social systems. In the Education
Business, our challenge is developing services that will be able to flexibly respond to changes in the needs for
qualifications associated with changes in the employment situation and in qualification systems.
To resolve these challenges and to achieve stable earnings growth over the long term, we are restructuring our businessportfolio by developing new businesses to break away from the risk of system changes and to add value to our services.
Specifically, in April this year, we divided the Health Care Business into the Long-Term Care Business and the HealthCare Business (not covered by long-term care insurance) for further development. In collaboration with Riyi Fuli Qiju
Maoyi (Shanghai) Co., Ltd., a Group company in China, we plan to expand into Beijing to start a long-term carebusiness in October this year. Meanwhile, we are developing our language education business as a new pillar of the
Education Business. As part of the development, we entered into a collaboration agreement with the New York
University School of Continuing and Professional Studies to open the American Language Institute (ALI) Tokyo
Center in October this year. YORK Global Study Center will start operations in July this year.
We will change the balance between new and existing businesses and will develop our operations, using synergies, toachieve stable growth.
Strengthening the operating base
To bolster our existing businesses and expand new businesses in the restructuring of the business portfolio under the
medium-term management plan, we need to secure medical office and care staff in the existing businesses and language
teachers and childcare staff in new businesses. We will strive to secure human resources and improve the quality of ourservices in the Education Business by promoting the development and supply of human resources and enhancing
recruitment and training. Meanwhile, we will reform our marketing and Group structure to strengthen ourorganizational strength to execute our strategy.
To provide secure, safe, and high-quality services and become the company of choice for our customers, we will
enhance compliance, will install safety equipment at our facilities, while improving our staff training. We will also
work to build a system for providing safe services in accordance with contingency planning regulations and manuals. In
addition, we will enhance our call center function.

(4) Other significant matters for management
There are no applicable matters.
11

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

4. Consolidated financial statements(1) Consolidated balance sheets
FY2012(As of March 31, 2012)
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

8,699,654
31,802,791
1,599,880
599,236
5,810
333,724
2,721,057
8,378,019(38,293)
54,101,880

46,573,130(19,576,751)
26,996,379
90,064(84,132)
5,931
3,693,465(3,087,984)
605,480
8,142,343
17,434,209(1,893,256)
15,540,953
878,952
52,170,041(Thousand yen)
Fiscal 2013
(As of March 31, 2013)

*3

*2

*2

21,918,063
3,183,700
610,315905,340
201,080
26,818,501*1

12

1,758,191
6,561,118
2,602,576
11,353,637
2,060,822
1,397,283(1,007,711)
24,725,918
103,714,460
157,816,341

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

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

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

FY2012(As of March 31, 2012)
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
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
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

13(Thousand yen)
Fiscal 2013
(As of March 31, 2013)

957,132
193,091
5,257,449
1,215,521
3,274,561
1,162,535
16,178,955
9,560,434
4,775,256
36,5006,298,064
48,909,502

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

24,990,175
15,833,977
2,694,117—
4,719,843
162,923
1,542,245
1,521,252
51,464,536
100,374,038

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

11,933,790
17,354,214
34,057,020(6,133,715)
57,211,311

11,933,790
17,354,214
36,818,238(5,372,812)
60,733,430(45,042)

146,927—(45,042)
276,034
57,442,302
157,816,341

72,190219,118
302,765
61,255,314
166,619,700

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

(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
Reversal of provision for loss on store closing
Reversal of provision for loss on disaster
Other
Total extraordinary income

14

Fiscal 2012
(from April 1, 2011
to March 31, 2012)
257,340,573
203,513,674
53,826,898(Thousand yen)
Fiscal 2013
(from April 1, 2012
to March 31, 2013)
267,191,576
209,437,781
57,753,794

4,959,690
225,221
14,911,785
1,175,233
36,5008,192
383,168
2,508,927
1,504,077
2,985,100
3,912
2,079,553
1,471,455
9,901,765
42,154,584
11,672,313

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

142,107
243,793

140,856
199,931

1,190,729

400,473

284,934
341,659
2,203,223

320,579
429,200
1,491,040

1,074,869
60,211
65,6951,200,776
12,674,760

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

4,111
14,64344,442
3,720
66,918

1,922
—
—
—
1,922

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

Extraordinary losses
Loss on retirement of property, plant and equipment,
net
Loss on sales of property, plant and equipment, net
Loss on liquidation of subsidiaries and affiliates
Loss on amortization of lease deposits
Loss on disaster
Provision for loss on store closing
Loss on transfer to defined contribution pension
plan
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes—current

Fiscal 2012
(from April 1, 2011
to March 31, 2012)

Fiscal 2013
(from April 1, 2012
to March 31, 2013)*3

44,749*1

40,453———69,94042,345*2

3,640
241,237
78,000—4,678*3148,117—

6,178
311,331
12,430,347
5,263,532

18,593
386,604
7,941,474
3,845,200

Income taxes—deferred

1,235,097

ሺ318,248)

Total income taxes
Income before minority interests
Minority interests in income
Net income

6,498,630
5,931,717
34,604
5,897,112

3,526,951
4,414,522
31,2304,383,291

15

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

(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 2012
(from April 1, 2011
to March 31, 2012)
5,931,717(Thousand yen)
Fiscal 2013
(from April 1, 2012
to March 31, 2013)
4,414,522

1,806
—
1,806
5,933,524

191,970
72,190264,161
4,678,683*1

5,898,919
34,60416*1

4,647,452
31,230Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

(3) Consolidated statements of changes in net assets
Fiscal 2012
(from April 1, 2011
to March 31, 2012)
Shareholders’ equity
Capital stock
Balance at the beginning of the period
Changes of items during the period
Total changes of items during the period
Balance at the end of the period
Capital surplus
Balance at the beginning of the period
Changes of items during the period
Total changes of items during the period
Balance at the end of the period
Retained earnings
Balance at the beginning of the period
Changes of items during the period
Dividends from retained earnings
Net income
Disposal of treasury stock
Total changes of items during the period
Balance at the end of the period
Treasury stock, at cost
Balance at the beginning of the period
Changes of items during the period
Purchase of treasury stock
Disposal of treasury stock
Total changes of items during the period
Balance at the end of the period
Total shareholders’ equity
Balance at the beginning of the period
Changes of items during the period
Dividends from retained earnings
Net income
Purchase of treasury stock
Disposal of treasury stock
Total changes of items during the period
Balance at the end of the period

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

11,933,790

11,933,790—
11,933,790—
11,933,790

17,354,214

17,354,214—
17,354,214—
17,354,214

29,492,922

34,057,020(1,035,921)
5,897,112(297,092)
4,564,098
34,057,020(1,180,535)
4,383,291(441,538)
2,761,217
36,818,238(6,789,290)(6,133,715)(540)
656,115
655,574(6,133,715)(710)
761,612760,902(5,372,812)

51,991,637

57,211,311(1,035,921)
5,897,112(540)
359,0225,219,673
57,211,311(1,180,535)
4,383,291(710)
320,074
3,522,119
60,733,430

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

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

Fiscal 2012
(from April 1, 2011
to March 31, 2012)
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the beginning of the period
Changes of items during the period
Changes other than shareholders’ equity
during the period (net)Total changes of items during the period
Balance at the end of the period
Foreign currency translation adjustments
Balance at the beginning of the period
Changes of items during the period
Changes other than shareholders’ equity
during the period (net)Total changes of items during the period
Balance at the end of the period
Total accumulated other comprehensive income
Balance at the beginning of the period
Changes of items during the period
Changes other than shareholders’ equity
during the period (net)Total changes of items during the period
Balance at the end of the period
Minority interests
Balance at the beginning of the period
Changes of items during the period
Changes other than shareholders’ equity during
the period (net)Total changes of items during the period
Balance at the end of the period
Total net assets
Balance at the beginning of the period
Changes of items during the period
Dividends from retained earnings
Net income
Purchase of treasury stock
Disposal of treasury stock
Changes other than shareholders’ equity during
the period (net)Total changes of items during the period
Balance at the end of the period

18(46,849)(45,042)

1,806

191,970

1,806(45,042)

191,970
146,927———

72,190——72,19072,190(46,849)(45,042)

1,806

264,161

1,806(45,042)

264,161
219,118

255,608

276,034

20,426

26,73020,426
276,034

26,730302,765

52,200,395

57,442,302(1,035,921)
5,897,112(540)
359,022(1,180,535)
4,383,291(710)
320,074

22,233

290,892

5,241,906
57,442,302

3,813,011
61,255,314

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

(4) Consolidated statements of cash flows(Thousand yen)
Fiscal 2013
(from April 1, 2012
to March 31, 2013)

Fiscal 2012
(from April 1, 2011
to March 31, 2012)
Cash flows from operating activities:
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for directors'
bonuses
Increase (decrease) in provision for retirement
benefits
Increase (decrease) in provision for directors'
retirement benefits
Increase (decrease) in provision for loss on disaster
Increase (decrease) in provision for loss on store
closing
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 disaster
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

12,430,347
5,228,244
1,471,455

7,941,474
5,643,123
1,868,913(75,357)(33,469)

456,476

221,974

1,400

3,200

291,694

271,419

5,002

4,395

(382,800)

—

5,272

18,485(146,244)
1,074,869(4,111)
2,827(145,798)
1,784,705(1,922)
12

44,74940,453—

3,640

69,940——241,237(1,579,884)(372,945)(118,222)
176,945(80,316)(553,333)

27,694

16,133590,994

337,373(48,796)(144,553)

368,2442,586,095
501,586(1,684)22,976,739
38,017(1,076,470)(5,809,468)
16,128,818(109,600)
2,851,823
550,020(9,494)
20,346,953
46,479(1,783,046)(5,762,588)
12,847,798

Nichii Gakkan Company (9792) Financial Results for the Year Ended March 31, 2013

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

Fiscal 2012
(from April 1, 2011
to March 31, 2012)
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
Purchase of investments in subsidiaries resulting inchange in scope of consolidation
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
Increase in cash and cash equivalents resulting frommergerCash and cash equivalents at beginning of year
Cash and cash equivalents at end of year*120(508,000)
808,000(1,100,054)(1,008,000)
808,000(3,594,975)—

2,400,000(2,897,415)(5,222,202)

765

2,354

(1,006,606)—
304,216(151,108)(746,411)(1,062,920)
949,500(890,010)(7,658,337)—(1,330,949)
165,707(1,335,582)
414,889594,218(517,371)(14,217,627)(466,344)
623,883(1,366,340)
344,806
264,133(569,901)(9,534,428)(1,140,000)
17,950,000(11,531,200)
89(540)(1,034,825)(4,500)(1,071,057)(90,407)3,077,558

788,853
13,000,000(15,379,700)
275
(710)
(1,183,573)(4,500)(1,272,260)(94,752)(4,146,368)(2,036)

46,8904,986,713(786,106)—

72,8873,755,056
8,741,769*1

8,741,769
8,028,550