2nd Quarter Results

 

TIDM85GQ 
 
RNS Number : 6052V 
Nippon Sheet Glass Company Limited 
04 November 2010 
 

 FY 2011 2nd Quarter Consolidated Financial Results <J-GAAP>          4 November 
2010 
(English translation of the Japanese original) 
Consolidated Financial Statements 
(1) Quarterly consolidated balance sheet 
(JPY millions) 
+--------------------------------+--------+-----------+--------+-----------+ 
|                                |  Quarter 2 FY 11   |       FY 10        | 
|                                |      As of 30      |   (Abbreviated)    | 
|                                |  September 2010    |  As of 31 March    | 
|                                |                    |        2010        | 
+--------------------------------+--------------------+--------------------+ 
| Assets                         |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Current assets                 |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Cash and deposits              |        |    61,124 |        |    79,796 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Notes and accounts receivable  |        |    96,966 |        |    97,680 | 
| - trade                        |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Merchandise and finished goods |        |    52,831 |        |    56,107 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Work in process                |        |    10,197 |        |    10,375 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Raw materials and supplies     |        |    31,731 |        |    32,309 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Other current assets           |        |    16,180 |        |    25,325 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Allowance for doubtful         |        |   (3,837) |        |   (4,146) | 
| accounts                       |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Total: Current assets          |        |   265,192 |        |   297,446 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Non-current assets             |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Property, plant and equipment  |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Buildings and structures       |        |   139,879 |        |   141,122 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Accumulated depreciation       |        |  (79,511) |        |  (78,184) | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Buildings and structures, net  |        |    60,368 |        |    62,938 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Machinery, equipment and       |        |   346,414 |        |   357,689 | 
| vehicles                       |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Accumulated depreciation       |        | (202,102) |        | (199,666) | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Machinery, equipment and       |        |   144,312 |        |   158,023 | 
| vehicles, net                  |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Tools, furniture and fixtures  |        |    45,358 |        |    45,330 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Accumulated depreciation       |        |  (29,468) |        |  (28,768) | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Tools, furniture and fixtures, |        |    15,890 |        |    16,562 | 
| net                            |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Land                           |        |    37,988 |        |    39,774 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Leased assets                  |        |     7,923 |        |     8,179 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Accumulated depreciation       |        |   (4,145) |        |   (3,820) | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Leased assets, net             |        |     3,778 |        |     4,359 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Construction in progress       |        |     1,146 |        |     1,486 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Total: Property, plant and     |        |   263,482 |        |   283,140 | 
| equipment                      |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Intangible assets              |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Goodwill                       |        |   107,675 |        |   122,653 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Other intangible assets        |        |    98,694 |        |   113,381 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Total: intangible assets       |        |   206,369 |        |   236,034 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Investments and other assets   |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Joint ventures, associates and |        |    54,909 |        |    59,224 | 
| other investments              |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Others                         |        |    58,685 |        |    59,845 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Allowance for doubtful         |        |   (1,844) |        |   (1,969) | 
| accounts                       |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Total: Investments and other   |        |   111,750 |        |   117,100 | 
| assets                         |        |           |        |           | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Total: Non-current assets      |        |   581,601 |        |   636,275 | 
+--------------------------------+--------+-----------+--------+-----------+ 
| Total: Assets                  |        |   846,793 |        |   933,721 | 
+--------------------------------+--------+-----------+--------+-----------+ 
 
 
 
(1) Quarterly consolidated balance sheet (continued) 
(JPY millions) 
+--------------------------------+--------+-----------+--------+----------+ 
|                                |  Quarter 2 FY 11   |      FY 10        | 
|                                |      As of 30      |  (Abbreviated)    | 
|                                |  September 2010    |  As of 31 March   | 
|                                |                    |       2010        | 
+--------------------------------+--------------------+-------------------+ 
| Liabilities                    |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Current liabilities            |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Notes and accounts payable -   |        |    60,866 |        |   68,898 | 
| trade                          |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Short-term loans payable       |        |    10,998 |        |   25,619 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Current portion of long-term   |        |     9,707 |        |   41,533 | 
| loans payable                  |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Current portion of bonds       |        |    23,000 |        |   10,000 | 
| payable                        |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Lease obligations              |        |     2,099 |        |    1,984 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Income taxes payable           |        |     7,122 |        |    6,023 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Provisions                     |        |    13,890 |        |   17,107 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Other current liabilities      |        |    55,199 |        |   63,971 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Total: Current liabilities     |        |   182,881 |        |  235,134 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Non-current liabilities        |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Bonds payable                  |        |    27,000 |        |   50,000 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Long-term loans payable        |        |   256,549 |        |  262,326 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Lease obligations              |        |     1,845 |        |    2,980 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Provision for retirement       |        |    52,453 |        |   59,319 | 
| benefits                       |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Provision for rebuilding       |        |    10,760 |        |   10,560 | 
| furnaces                       |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Other provisions               |        |     6,117 |        |    7,401 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Other non-current liabilities  |        |    61,246 |        |   66,071 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Total: Non-current liabilities |        |   415,970 |        |  458,656 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Total: Liabilities             |        |   598,851 |        |  693,790 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Net assets                     |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Shareholders' equity           |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Capital stock                  |        |   116,449 |        |   96,147 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Capital surplus                |        |   155,595 |        |  135,290 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Retained earnings              |        |    68,745 |        |   71,696 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Treasury stock                 |        |     (583) |        |    (589) | 
+--------------------------------+--------+-----------+--------+----------+ 
| Total: Shareholders' equity    |        |   340,206 |        |  302,544 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Valuation and translation      |        |           |        |          | 
| adjustments                    |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Valuation difference on        |        |       682 |        |      836 | 
| available-for-sale securities  |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Deferred gains or losses on    |        |   (4,810) |        |  (5,026) | 
| hedges                         |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Foreign currency translation   |        |  (99,351) |        | (68,048) | 
| adjustment                     |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Total: Valuation and           |        | (103,479) |        | (72,238) | 
| translation adjustments        |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
| Subscription rights to shares  |        |       726 |        |      684 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Minority interests             |        |    10,489 |        |    8,942 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Total: Net assets              |        |   247,942 |        |  239,931 | 
+--------------------------------+--------+-----------+--------+----------+ 
| Total: Liabilities and net     |        |   846,793 |        |  933,721 | 
| assets                         |        |           |        |          | 
+--------------------------------+--------+-----------+--------+----------+ 
 
(2) Quarterly consolidated income statement 
(JPY millions) 
+------------------------------------+---+----------+----------+------------+ 
|                                    |Quarter 2 FY  |    Quarter 2 FY 11    | 
|                                    |      10      |   For the period 1    | 
|                                    |   For the    |   April 2010 to 30    | 
|                                    |  period 1    |    September 2010     | 
|                                    |  April 2009  |                       | 
|                                    |    to 30     |                       | 
|                                    |  September   |                       | 
|                                    |    2009      |                       | 
+------------------------------------+--------------+-----------------------+ 
| Net sales                          |   |  292,989 |          |    293,689 | 
+------------------------------------+---+----------+----------+------------+ 
| Cost of sales                      |   |  223,055 |          |    212,420 | 
+------------------------------------+---+----------+----------+------------+ 
| Gross profit                       |   |   69,934 |          |     81,269 | 
+------------------------------------+---+----------+----------+------------+ 
| Selling, general and               |   |   86,155 |          |     70,796 | 
| administrative expenses            |   |          |          |            | 
+------------------------------------+---+----------+----------+------------+ 
| Operating income                   |   | (16,222) |          |     10,473 | 
+------------------------------------+---+----------+----------+------------+ 
| Non-operating income               |   |          |          |            | 
+------------------------------------+---+----------+----------+------------+ 
| Interest income                    |   |      893 |          |        836 | 
+------------------------------------+---+----------+----------+------------+ 
| Dividends income                   |   |      417 |          |        365 | 
+------------------------------------+---+----------+----------+------------+ 
| Share of profits of affiliates     |   |        - |          |      3,889 | 
+------------------------------------+---+----------+----------+------------+ 
| Other non-operating income         |   |      986 |          |        681 | 
+------------------------------------+---+----------+----------+------------+ 
| Total: Non-operating income        |   |    2,296 |          |      5,771 | 
+------------------------------------+---+----------+----------+------------+ 
| Non-operating expenses             |   |          |          |            | 
+------------------------------------+---+----------+----------+------------+ 
| Interest expenses                  |   |    7,417 |          |      6,828 | 
+------------------------------------+---+----------+----------+------------+ 
| Share of losses of affiliates      |   |      388 |          |          - | 
+------------------------------------+---+----------+----------+------------+ 
| Foreign exchange loss              |   |        - |          |      1,635 | 
+------------------------------------+---+----------+----------+------------+ 
| Other non-operating expenses       |   |    3,013 |          |      1,328 | 
+------------------------------------+---+----------+----------+------------+ 
| Total: Non-operating expenses      |   |   10,818 |          |      9,791 | 
+------------------------------------+---+----------+----------+------------+ 
| Ordinary income                    |   | (24,743) |          |      6,453 | 
+------------------------------------+---+----------+----------+------------+ 
| Extraordinary income               |   |          |          |            | 
+------------------------------------+---+----------+----------+------------+ 
| Gain on sales of fixed assets      |   |      789 |          |        493 | 
+------------------------------------+---+----------+----------+------------+ 
| Gain on reversal of impairment     |   |        - |          |        492 | 
+------------------------------------+---+----------+----------+------------+ 
| Gain on sales of investment        |   |    4,140 |          |          - | 
| securities                         |   |          |          |            | 
+------------------------------------+---+----------+----------+------------+ 
| Gain on sales of investments in    |   |       64 |          |          - | 
| affiliates                         |   |          |          |            | 
+------------------------------------+---+----------+----------+------------+ 
| Other extraordinary income         |   |    1,559 |          |         79 | 
+------------------------------------+---+----------+----------+------------+ 
| Total: Extraordinary income        |   |    6,551 |          |      1,064 | 
+------------------------------------+---+----------+----------+------------+ 
| Extraordinary loss                 |   |          |          |            | 
+------------------------------------+---+----------+----------+------------+ 
| Loss on retirement of non current  |   |      116 |          |        183 | 
| assets                             |   |          |          |            | 
+------------------------------------+---+----------+----------+------------+ 
| Loss on sales of non current       |   |       47 |          |         36 | 
| assets                             |   |          |          |            | 
+------------------------------------+---+----------+----------+------------+ 
| Impairment loss                    |   |    4,542 |          |          - | 
+------------------------------------+---+----------+----------+------------+ 
| Restructuring expenditure          |   |    2,082 |          |      1,347 | 
+------------------------------------+---+----------+----------+------------+ 
| Other extraordinary losses         |   |    1,733 |          |        114 | 
+------------------------------------+---+----------+----------+------------+ 
| Total: Extraordinary losses        |   |    8,521 |          |      1,680 | 
+------------------------------------+---+----------+----------+------------+ 
| Income before income taxes         |   | (26,713) |          |      5,837 | 
+------------------------------------+---+----------+----------+------------+ 
| Income taxes                       |   |    (827) |          |      2,721 | 
+------------------------------------+---+----------+----------+------------+ 
| Income before minority interests   |   |        - |          |      3,116 | 
+------------------------------------+---+----------+----------+------------+ 
| Minority interests                 |   |      363 |          |      3,101 | 
+------------------------------------+---+----------+----------+------------+ 
| Net income                         |   | (26,248) |          |         15 | 
+------------------------------------+---+----------+----------+------------+ 
 
(3) Quarterly consolidated statement of cash-flow 
           (JPY millions) 
+------------------------------------+-----+----------+----------------+ 
|                                    |  Quarter 2 FY  |  Quarter 2 FY  | 
|                                    |      10        |      11        | 
|                                    |    For the     |For the period  | 
|                                    |    period 1    |  1 April 2010  | 
|                                    | April 2009 to  |     to 30      | 
|                                    |  30 September  |September 2010  | 
|                                    |      2009      |                | 
+------------------------------------+----------------+----------------+ 
| Cash flows from operating          |     |          |                | 
| activities                         |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Income before income taxes         |     | (26,713) |          5,837 | 
+------------------------------------+-----+----------+----------------+ 
| Adjustments for:                   |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Depreciation and amortization      |     |   25,558 |         20,895 | 
+------------------------------------+-----+----------+----------------+ 
| Amortization of goodwill           |     |    3,940 |          3,305 | 
+------------------------------------+-----+----------+----------------+ 
| Impairment Loss                    |     |    4,542 |              - | 
+------------------------------------+-----+----------+----------------+ 
| Increase / (decrease) in allowance |     |    1,269 |          (122) | 
| for doubtful accounts              |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Increase / (decrease) in provision |     |    1,819 |        (2,109) | 
| for retirement benefits            |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Increase in provision for furnace  |     |      201 |            201 | 
| repairs                            |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Net gain on sales and disposals of |     |    (625) |          (274) | 
| fixed assets                       |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Net gain on sales and valuation of |     |  (4,140) |              - | 
| investment securities              |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Net gain on sales of investments   |     |     (64) |              - | 
| in affiliates                      |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Interest and dividends income      |     |  (1,311) |        (1,201) | 
+------------------------------------+-----+----------+----------------+ 
| Interest expenses                  |     |    7,417 |          6,828 | 
+------------------------------------+-----+----------+----------------+ 
| Equity in (earnings) / losses of   |     |      388 |        (3,889) | 
| affiliates                         |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Increase in notes and accounts     |     |  (7,127) |        (1,578) | 
| receivable - trade                 |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| (Increase) / decrease in           |     |    8,251 |        (1,363) | 
| inventories                        |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Increase / (decrease) in notes and |     |    1,200 |        (1,264) | 
| accounts payable - trade           |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Other, net                         |     |    1,755 |        (3,492) | 
+------------------------------------+-----+----------+----------------+ 
| Subtotal                           |     |   16,359 |         21,774 | 
+------------------------------------+-----+----------+----------------+ 
| Interest and dividends income      |     |    2,154 |          4,884 | 
| received                           |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Interest expenses paid             |     | (12,296) |        (7,152) | 
+------------------------------------+-----+----------+----------------+ 
| Income taxes paid                  |     | (11,788) |        (4,768) | 
+------------------------------------+-----+----------+----------------+ 
| Net cash provided by / (used in)   |     |  (5,571) |         14,738 | 
| operating activities               |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Cash flows from investing          |     |          |                | 
| activities                         |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Purchase of property, plant and    |     |  (8,257) |       (11,953) | 
| equipment                          |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Proceeds from sales of property,   |     |    1,227 |            519 | 
| plant and equipment                |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Purchase of intangible assets      |     |    (387) |           (59) | 
+------------------------------------+-----+----------+----------------+ 
| Purchase of investment securities  |     |     (14) |            (4) | 
+------------------------------------+-----+----------+----------------+ 
| Proceeds from sales of investment  |     |    7,297 |             19 | 
| securities                         |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Purchase of investments in         |     |    (561) |          (960) | 
| subsidiaries and affiliates        |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Proceeds from sales of stocks of   |     |    4,486 |              - | 
| subsidiaries and affiliates        |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| (Increase) / decrease in           |     |  (1,537) |             12 | 
| short-term loans receivable        |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Payments of long-term loans        |     |  (3,978) |          (374) | 
| receivable                         |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Proceeds from repayments of        |     |    4,752 |          2,110 | 
| long-term loans receivable         |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Other, net                         |     |      454 |            361 | 
+------------------------------------+-----+----------+----------------+ 
| Net cash provided by / (used in )  |     |    3,483 |       (10,329) | 
| investment activities              |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
    (3)  Quarterly consolidated statement of cash flow (continued) 
(JPY millions) 
+------------------------------------+-----+----------+----------------+ 
|                                    |  Quarter 2 FY  |  Quarter 2 FY  | 
|                                    |      10        |      11        | 
|                                    |    For the     |For the period  | 
|                                    |    period 1    |  1 April 2010  | 
|                                    | April 2009 to  |     to 30      | 
|                                    |  30 September  |September 2010  | 
|                                    |      2009      |                | 
+------------------------------------+----------------+----------------+ 
| Cash flows from financing          |     |          |                | 
| activities                         |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Increase / (decrease) in           |     |    3,954 |        (2,254) | 
| short-term loans payable           |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Proceeds from long-term loans      |     |   78,425 |         32,995 | 
| payable                            |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Repayment of long-term loans       |     | (83,852) |       (61,895) | 
| payable                            |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Redemption of bonds                |     |        - |       (10,000) | 
+------------------------------------+-----+----------+----------------+ 
| Proceeds from issuance of stocks   |     |   30,000 |         40,227 | 
+------------------------------------+-----+----------+----------------+ 
| Cash dividends paid                |     |  (2,005) |        (3,388) | 
+------------------------------------+-----+----------+----------------+ 
| Cash dividends paid to minority    |     |    (878) |        (1,129) | 
| shareholders                       |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Repayments of finance lease        |     |  (1,595) |        (1,019) | 
| obligations                        |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Other, net                         |     |     (10) |            (5) | 
+------------------------------------+-----+----------+----------------+ 
| Net cash provided by / (used in)   |     |   24,040 |        (6,468) | 
| financing activities               |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Effect of exchange rate change on  |     |  (1,396) |        (2,785) | 
| cash and cash equivalents          |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Net (decrease) / increase in cash  |     |   20,557 |        (4,844) | 
| and cash equivalents               |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Cash and cash equivalents at       |     |   75,598 |         55,995 | 
| beginning of period                |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Increase in cash and cash          |     |        - |            364 | 
| equivalents resulting from change  |     |          |                | 
| of scope of consolidation          |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
| Cash and cash equivalents at end   |     |   96,154 |         51,515 | 
| of period                          |     |          |                | 
+------------------------------------+-----+----------+----------------+ 
 
End 
 
 
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