Giken : Consolidated Financial Results FY2023

Consolidated Financial Results

for the Fiscal Year Ended August 31, 2023 [JGAAP]

October 11, 2023

Company Name: GIKEN LTD.

Stock Code: 6289 (URL: https://www.giken.com)

Stock Exchange Listing: Tokyo

Representative: Shinnosuke Moribe, Representative Director and President

Contact: Yusei Morino, Director

Phone: [phone]

Scheduled date of Ordinary General Meeting of Shareholders: November 28, 2023

Scheduled date to commence dividend payments: November 29, 2023

Scheduled date to submit the Annual Securities Report: November 29, 2023

Availability of supplementary briefing material on annual results: Yes

Holding of Annual Results Briefing Session: Yes

(Figures are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Fiscal Year Ended August 31, 2023 (from September 1, 2022 to August 31, 2023)

(1)	Consolidated Results of Operations			(% indicates changes from the previous corresponding term)
		Net sales		Operating profit	Ordinary profit	Profit attributable to
			owners of parent
		Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
Year ended August 31, 2023	29,272	(3.6)	2,983	(35.3)	3,060	(36.7)	846	(73.8)
Year ended August 31, 2022	30,378	10.0	4,613	15.4	4,832	16.1	3,234	5.2

(Note) Comprehensive income:		Year ended August 31, 2023: ¥883 million [(74.8)%]
				Year ended August 31, 2022: ¥3,503 million [1.4%]
				Profit per share		Fully diluted profit		Rate of return on	Ordinary profit to			Operating profit to
								per share			equity		total assets				net sales
						Yen						Yen				%				%				%
Year ended August 31, 2023				30.82					-						2.1				5.8				10.2
Year ended August 31, 2022				117.65					117.62				8.1				9.1				15.2
(Reference) Equity in earnings of	affiliated companies:		Year ended August	31, 2023: ¥ - million
								Year ended August 31, 2022: ¥ - million
(2) Consolidated Financial Position
					Total assets						Net assets		Equity ratio			Net assets per share
						Millions of yen					Millions of yen				%						Yen
Year ended August 31, 2023					51,388					39,544			77.0						1,452.90
Year ended August 31, 2022					54,694					41,256			74.5						1,481.41
(Reference) Equity:	As of August 31, 2023: ¥39,544 million		As of August 31, 2022: ¥40,741 million
(3) Consolidated Cash Flows
				Net cash provided by (used		Net cash provided by (used	Net cash provided by (used		Cash and cash equivalents at
					in) operating activities			in) investing activities		in) financing activities						end of period
						Millions of yen					Millions of yen			Millions of yen						Millions of yen
Year ended August 31, 2023					2,039					(156)			(1,975)						5,147
Year ended August 31, 2022					5,923					(4,216)			(1,940)						5,598
2.	Dividends
						Annual cash dividends per share			Total dividends		Payout ratio	Dividends to
				End of 1Q	End of 2Q			End of 3Q	Year-end		Annual	paid (annual)	(consolidated)	net assets
						(consolidated)
					Yen			Yen			Yen			Yen			Yen	Millions of yen						%	%
Year ended August 31, 2022			-		35.00				-		35.00			70.00	1,925						59.5	4.8
Year ended August 31, 2023			-		20.00				-		20.00			40.00	1,094						129.8	2.7
Year ending August 31, 2024			-		20.00				-		20.00			40.00							44.6
(Forecast)
3.	Earnings Forecast of Consolidated Financial Results for Fiscal Year Ending August 31, 2024 (From September 1, 2023 to August 31, 2024)
															(% indicates changes from the previous corresponding term)
		Net sales	Operating profit			Ordinary profit	Profit attributable to	Profit per share
				owners of parent
		Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen				%	Yen
	First half		15,300	2.5		2,200	2.5		2,250	2.5	1,600		16.4	59.79
	Full year		30,000	2.5		3,300	10.6		3,400	11.1	2,400	183.4	89.68

(Note) The Company's Board of Directors resolved on the acquisition of treasury shares at a meeting on July 21, 2023. The profit per share figure in the earnings forecast of consolidated financial results reflects the impact of the treasury share acquisition.

* Notes

1. Changes in significant subsidiaries during the fiscal year ended August 31, 2023 (changes in specific subsidiaries involving changes in the scope of consolidation): Yes
   Newly added: - (Name) -, Excluded: One company (Name) J Steel Group Pty Limited
2. Changes in accounting policies, changes in accounting estimates and restatements
3. 1. Changes in accounting policies due to the revision of accounting standards: Yes
   2. Changes in accounting policies other than 1): Not applicable
   3. Changes in accounting estimates: Not applicable

1. 1. Restatements: Not applicable
2. Total number of issued shares (common stock)
3. 1. Total number of issued shares at the end of the period (including treasury shares):
   2. Total number of treasury shares at the end of the period:
   3. Average number of shares during the period:

As of August 31,	28,194,728 shares	As of August 31,	28,194,728 shares
2023		2022
As of August 31,	977,118 shares	As of August 31,	693,034 shares
2023		2022
Year ended August	27,474,392 shares	Year ended August	27,492,033 shares
31, 2023		31, 2022

(Reference) Summary of the Non-consolidated Financial Results

Overview of the Non-consolidated Financial Results for the Fiscal Year Ended August 31, 2023 (from September 1, 2022 to August 31, 2023)

(1) Non-consolidated Results of Operations					(% indicates changes from the previous corresponding term)
		Net sales			Ordinary profit				Profit
		Millions of yen			％	Millions of yen		％		Millions of yen		％
Year ended August 31, 2023	20,982			(2.0)	2,978		(35.2)		856		(74.4)
Year ended August 31, 2022	21,417			4.6	4,593		23.5		3,350		9.6
		Profit per share	Fully diluted profit per
				share
			Yen			Yen
Year ended August 31, 2023	31.16			-
Year ended August 31, 2022	121.87			121.83
(2) Non-consolidated Financial Position
		Total assets			Net assets		Equity ratio		Net assets per share
		Millions of yen			Millions of yen				％		Yen
As of August 31, 2023		45,821			36,685				80.1			1,347.86
As of August 31, 2022		47,906			37,873				79.1			1,377.14
(Reference) Equity:	As of August 31, 2023: ¥36,685 million		As of August 31, 2022: ¥37,873 million

• Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
• Explanation on the appropriate use of earnings forecasts, and other special notes

The forecast figures stated above are the prospects based on information currently available and contain largely uncertain elements. Actual results may differ from the forecast figures above, depending on various factors such as changes in business conditions. Please refer to page 4 of the attached material for the above forecasts.

GIKEN LTD. (6289) Consolidated Financial Results for the Fiscal Year Ended August 31, 2023

Table of Contents of Appendix
1. Overview of Business Results, etc	2
(1)	Overview of Business Results for the Current Fiscal Year	2
(2)	Overview of Financial Position for the Current Fiscal Year	3
(3)	Outlook on the Next Fiscal Year	4
(4)	Basic Policy on Profit Distribution, and Dividends for the Current and Next Fiscal Years	5
2. Basic Policy regarding Selection of Accounting Standards	5
3. Consolidated financial statements and Principal Notes	6
(1)	Consolidated Balance Sheets	6
(2)	Consolidated Statements of Income and Comprehensive Income	8
	(Consolidated Statements of Income)	8
	(Consolidated Statements of Comprehensive Income)	9
(3)	Consolidated Statements of Changes in Net Assets	10
(4)	Consolidated Statements of Cash Flows	12
(5)	Notes to Consolidated Financial Statements	13
	(Notes on Going Concern Assumption)	13
	(Notes to Consolidated Balance Sheets)	13
	(Changes in Accounting Policies)	13
	(Segment Information, etc.)	14
	(Per Share Information)	19
	(Material Subsequent Events)	19

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GIKEN LTD. (6289) Consolidated Financial Results for the Fiscal Year Ended August 31, 2023

1. Overview of Business Results, etc.

1. Overview of Business Results for the Current Fiscal Year

Aiming for a dramatic growth, the Giken Group has set in the Medium-Term Management Plan (for the period from September 2022 to August 2024) a long-term target sales of 100 billion yen for the fiscal year ending August 2031. In the consolidated fiscal year under review, the middle year of the Medium-Term Management Plan, we announced the Long-Term Roadmap Giken Goals 2031, which includes numerical targets and strategies to achieve the 2031 goal, and specific initiatives were carried out all across the company.

In terms of the business environment during the fiscal year under review, domestic construction investment remained solid in both public and private sectors, and so did capital investment by customers. However, amid soaring steel and other construction material prices, material costs have come to represent a larger proportion of public works budgets, which resulted in a downward trend in construction volume. This has affected sales of high-gross margin products and parts used in permanent structures. Furthermore, manufacture of machinery, etc. was affected by a cheaper yen and other factors as material prices for components have remained elevated. In order to cushion the rises in costs of purchasing components, etc. amid such a difficult business environment, we raised prices of finished goods by 10%, as we did in the previous fiscal year, beginning with orders received in May to pass on the cost rises.

In our domestic activities to disseminate the Press-in Method, we worked to promote the Implant Method*1 mainly for the strengthening of national resilience, including recovery and reconstruction from natural disasters, and prevention and mitigation of future disasters. As a result, the number of projects in which the method was adopted increased steadily. These included repair work on national roads and training jetties damaged by torrential rain, seawall construction work, anti-seismic reinforcement on river revetments, improvements on port revetments, road widening work, and anti-erosion measures for bridges.

*1 A construction method to build Implant Structures, which are resistant to earthquakes, tsunamis, floods, and other external forces, by pressing deeply into the ground structural members with high rigidity and quality

In overseas business, which we aim to expand to represent 70% of overall net sales (50% by the fiscal year ending August 31, 2031), we aim to establish a market structure that can achieve stable growth, with a focus on Europe and Asia where a market is beginning to take shape, for the goal of achieving stable growth of the press-in construction market. For other regions, we plan to rethink our strategies and are conducting market research, etc. to work out measures that can realize new development.

In Europe, in a project to develop new technologies to improve revetment of the world heritage-listed canal in Amsterdam, the Netherlands, G-Kracht B. V., a joint venture in which Giken Europe B.V., our Netherlands-headquartered Group company, has a stake, completed the press-in process of the pilot construction works in March and then the entire process, including the post- process, in July. The city of Amsterdam has expressed satisfaction in our work. Discussions are underway on the next, commercialization phase*2. In Germany, instances of adoption of our methods have increased mainly in counterflooding and railway projects, which led to increases in machinery rentals. We are thus steadily developing the German market.

In Asia, machinery sales remained solid in Singapore, Thailand, Taiwan, etc. as the press-in construction market expanded. In India, our new market, we delivered a full set of GRB system to a user we won in the previous fiscal year in January. At the site, construction work steadily proceeded under the technological guidance by Group company Giken Seko Co., Ltd., on course to

leave a successful track record, which we need to develop the market for press-in construction.

In Brazil, where we aim to build business, we launched an initiative that takes advantage of the Japan International Cooperation Agency (JICA)'s support program to conduct anything from market research to business plan designing in a joint endeavor with MITSUI & CO., LTD. We began by conducting research on local needs related to the press-in technology.

In Oceania, we terminated in June the joint venture relationship with Australia-headquartered J Steel Group Pty Limited (hereinafter "J Steel"), which was our consolidated subsidiary, due to differences in management policy. After the termination of the joint venture relationship, J Steel has continued business as a user in the Oceania market.

*2 In the commercialization phase, ordering of construction work on segments totaling 3.3 kilometers over eight years is guaranteed.

In rolling out products for underground development, Giken Seko completed the installation work of two units of automated bicycle parking facility ECO Cycle, which provide an underground parking space for 400 bicycles in total, in the Ichinohashi Park (Minato-ku, Tokyo). In July, the Minato Ward office opened the parking space under the name of Ichinobashi Park Bicycle

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GIKEN LTD. (6289) Consolidated Financial Results for the Fiscal Year Ended August 31, 2023

Parking Lot. This marks the 25th locations of delivery of ECO Cycle, which now totals 61 facilities nationwide. In addition, Giken Seko is working on the installation of two units of ECO Cycle in an underground parking space with a capacity of 504 bicycles near Shin-Tsunashima Station of Tokyu Shin-Yokohama Line (Kohoku-ku, Yokohama), which opened in March.

In terms of efforts to advertise the press-in technology to the world, we opened in May RED HILL 1967, a facility promoting the press-in technology we had been building in Akaoka in the Kochi prefectural city of Konan. Since the opening, the facility has been visited by more than 3,000 people, including customers, general contractors and consultants to general visitors. We expect it to have a significant impact as a facility to promote a construction method revolution on a global scale.

Under such circumstances, for the current consolidated fiscal year, net sales were 29,272 million yen (a decrease of 3.6% from the previous fiscal year), operating profit was 2,983 million yen (a decrease of 35.3%), ordinary profit was 3,060 million yen (a decrease of 36.7%), and profit attributable to owners of parent was 846 million yen (a decrease of 73.8%). We note that, due to the termination of the joint venture relationship with a consolidated subsidiary, 1,367 million yen in loss on liquidation of subsidiaries and associates was booked under extraordinary losses.

The performance by segment are as follows.

1. Construction Machinery Segment

Sales were solid for our new SILENT PILER F112, which comes equipped with a flywheel-type pile auger that have improved excavating capability and construction efficiency to enable sheet piles to be pressed into hard grounds in mountainous areas, grounds that have obstacles, etc. Sales were also brisk for general-purpose machines, as well as attachments for them. On the other hand, reflecting small sales of large-scale models with high gross margins, including GYRO PILER, and increased selling, general and administrative expenses, net sales dropped 0.5% from a year earlier to 20,752 million yen and segment profit decreased 23.1% from a year earlier to 4,668 million yen.

1. Press-inWork Segment

While our methods were adopted steadily, construction projects proceeded at a steady pace. These included improvement work on sea embankments as a countermeasure against Nankai megathrust earthquakes (Kochi Prefecture), improvement work on revetments as a measure against quakes and storm surges (Tokyo), reinforcement work on revetments along the Hijikawa river system that were damaged in torrential rain (western Japan heavy rain disaster) in July 2018 (Ehime Prefecture), reinforcement work on revetments at a fishing port (Hokkaido), construction work of protective walls for an expressway extension project (Kyoto Prefecture), and support piles of landing piers in a U.S. military warehouse district (Kanagawa Prefecture). However, as a large overseas project, for which work was done mainly in the previous fiscal year, was completed and the number of construction projects with high gross margins decreased, net sales for the Press-in Work segment decreased 10.6% from a year earlier to 8,519 million yen, while segment profit dropped 7.7% to 875 million yen.

1. Overview of Financial Position for the Current Fiscal Year

1. Assets, Liabilities and Net Assets

Total assets as of the end of the current consolidated fiscal year decreased by 3,305 million yen compared to the end of the previous consolidated fiscal year to 51,388 million yen. Current assets decreased by 4,698 million yen to 25,419 million yen and non-current assets increased by 1,392 million yen to 25,969 million yen from the end of the previous consolidated fiscal year.

The decrease in current assets was mainly due to decreases of 2,901 million yen in cash and deposits and combined 2,220 million yen in notes and accounts receivable-trade, and contract assets, although there was an increase of 861 million yen in finished goods.

The increase in non-current assets was mainly due to a 1,915 million yen increase in investments and other assets, while there was a 470 million yen decrease in property, plant and equipment, including machinery, equipment and vehicles.

Total liabilities at the end of the current consolidated fiscal year decreased by 1,594 million yen compared to the end of the previous consolidated fiscal year to 11,844 million yen. Current liabilities decreased by 707 million yen to 11,396 million yen and non-current liabilities decreased by 886 million yen to 447 million yen from the end of the previous consolidated fiscal year.

The decrease in current liabilities was mainly due to a decrease of 908 million yen in income taxes payable. The decrease in non-current liabilities was mainly due to a decrease of 722 million yen in other.

Net assets as of the end of the current consolidated fiscal year decreased by 1,711 million yen compared to the end of the

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GIKEN LTD. (6289) Consolidated Financial Results for the Fiscal Year Ended August 31, 2023

previous consolidated fiscal year to 39,544 million yen. This was mainly due to a decrease of 1,256 million yen in shareholders' equity. The equity ratio increased to 77.0% from 74.5% at the end of the previous consolidated fiscal year due to the decrease in total assets. Net assets per share decreased from 1,481.41 yen at the end of the previous consolidated fiscal year to 1,452.90 yen at the end of the current fiscal year.

1. Cash Flow

Cash and cash equivalents (hereinafter "cash") at the end of the current consolidated fiscal year decreased by 451 million yen

compared to the end of the previous consolidated fiscal year to 5,147 million yen. The status of each cash flow is as follows. (Cash Flow from Operating Activities)

Net cash provided by operating activities decreased by 3,883 million yen compared to the previous consolidated fiscal year to

2,039 million yen. This was mainly due to profit before income taxes of 1,577 million yen. (Cash Flow from Investing Activities)

Net cash used in investing activities decreased by 4,060 million yen compared to the previous consolidated fiscal year to 156 million yen. This was mainly due to proceeds from withdrawal of time deposits of 11,070 million yen and payments into time

deposits of 8,620 million yen.

(Cash Flow from Financing Activities)

Net cash used in financing activities increased by 35 million yen compared to the previous consolidated fiscal year to 1,975 million yen. This was mainly due to dividends paid of 1,512 million yen.

	Year ended August 31, 2021	Year ended August 31, 2022	Year ended August 31, 2023
Shareholders' equity ratio (%)	75.7	74.5	77.0
Market value-based	251.3	163.7	107.5
shareholders' equity ratio (%)
Interest-bearing debt to cash	18.5	24.3	40.8
flow ratio (%)
Interest coverage ratio (times)	720.8	407.2	39.0

(Note) Equity ratio: Equity divided by total assets

Market value-based shareholders' equity ratio : market capitalization divided by total assets

Interest-bearing debt to cash flow ratio : interest-bearing debt divided by operating cash flows

Interest coverage ratio : operating cash flow divided by interest payment

1. All indicators are calculated using consolidated financial data.
2. Market capitalization is calculated by multiplying the closing share price at the end of the fiscal year by the number of shares outstanding (after deducting treasury shares) at the end of the period.
3. Operating cash flows represent the cash flows from operating activities indicated in the consolidated statements of cash flows. Interest-bearing debt includes all liabilities reported in the consolidated balance sheet, on which interest is paid. The interest payment represents the amount of interest payment indicated in the consolidated statement of cash flows.

1. Outlook on the Next Fiscal Year

For the Construction Machinery Segment, we expect solid infrastructure investments in Japan in areas including measures to strengthen national resilience and measures related to national security, expressways, and ports. On the other hand, we will need to remain alert on the impacts of spikes in prices of steel materials, production materials, etc. and geopolitical risk. In overseas business, we will step up efforts for expansion, while focusing resources on regions where markets are beginning to take shape.

In the Press-in Work Segment, we expect adoption of the Implant Method to increase in projects including infrastructure remodeling of piers and river dikes, expressway renewal, and (BCP related) disaster prevention initiatives private companies independently undertake.

In such a business environment, for the next consolidated fiscal year (ending August 2024), we expect consolidated net sales of 30,000 million yen (an increase of 2.5% from the previous consolidated fiscal year), operating profit of 3,300 million yen (an

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GIKEN LTD. (6289) Consolidated Financial Results for the Fiscal Year Ended August 31, 2023

increase of 10.6%), ordinary profit of 3,400 million yen (an increase of 11.1%), and profit attributable to owners of parent of 2,400 million yen (an increase of 183.4%).

1. Basic Policy on Profit Distribution, and Dividends for the Current and Next Fiscal Years

The Company has regarded the stable distribution of profits to its shareholders as a top priority. Its basic policy is to appropriately distribute profits in line with its earnings as well as to enhance internal reserves for long-term business development.

For the fiscal year under review, the Company plans to pay a year-end dividend of 20 yen per share. As a result, combined with the interim dividend of 20 yen per share already paid, the annual dividend will be 40 yen per share.

For the next fiscal year, we forecast a full-year dividend of 40 yen per share, consisting of an interim dividend of 20 yen and a year-end dividend of 20 yen.

We will use our internal reserves to strengthen our financial position, as well as for capital investment and development investment to achieve sustainable growth as a development-based company.

2. Basic Policy regarding Selection of Accounting Standards

The Group's policy is to adopt the Japanese standards for a while in order to secure the comparability of consolidated financial statements with domestic companies. Carefully watching future developments concerning IFRS adoption, we will work to establish a system to properly handle this matter.

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GIKEN LTD. (6289) Consolidated Financial Results for the Fiscal Year Ended August 31, 2023

3. Consolidated financial statements and Principal Notes

1. Consolidated Balance Sheets

				(Millions of yen)
			As of	As of
			August 31, 2022	August 31, 2023
	Assets
	Current assets
	Cash and deposits		12,818	9,917
	Notes and accounts receivable-trade, and contract assets	8,365	6,144
	Electronically recorded monetary claims-operating		1,009	1,335
	Finished goods	2,793	3,654
	Work in process		1,890	1,416
	Costs on construction contracts in progress	48	52
	Raw materials and supplies		2,757	2,488
	Other	438	414
	Allowance for doubtful accounts		(3)	(5)
	Total current assets	30,117	25,419
	Non-current assets
	Property, plant and equipment
	Buildings and structures		7,604	8,256
	Accumulated depreciation	(3,369)	(3,684)
	Buildings and structures, net		4,235	4,571
	Machinery, equipment and vehicles	12,956	12,553
	Accumulated depreciation		(8,789)	(9,035)
	Machinery, equipment and vehicles, net	4,166	3,518
	Land		9,722	9,699
	Construction in progress	1,119	1,047
	Other		1,678	1,548
	Accumulated depreciation	(1,266)	(1,200)
	Other, net		412	348
	Total property, plant and equipment	19,656	19,185
	Intangible assets		233	182
	Investments and other assets
	Investment securities		1,211	2,054
	Deferred tax assets	1,767	1,901
	Other		1,724	2,664
	Allowance for doubtful accounts	(17)	(19)
	Total investments and other assets		4,686	6,601
	Total non-current assets	24,576	25,969
	Total assets		54,694	51,388

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GIKEN LTD. (6289) Consolidated Financial Results for the Fiscal Year Ended August 31, 2023

				(Millions of yen)
			As of	As of
			August 31, 2022	August 31, 2023
	Liabilities
	Current liabilities
	Notes and accounts payable-trade		1,877	1,708
	Electronically recorded obligations-operating	1,261	2,107
	Short-term borrowings		875	453
	Income taxes payable	1,053	145
	Contract liabilities		4,375	4,158
	Provision for bonuses	746	652
	Other provisions		19	4
	Other	1,894	2,165
	Total current liabilities		12,103	11,396
	Non-current liabilities
	Long-term borrowings		393	314
	Provisions for maintenance of product's function	4	-
	Retirement benefit liability		84	4
	Other	852	129
	Total non-current liabilities		1,334	447
	Total liabilities	13,438	11,844
	Net assets
	Shareholders' equity
	Share capital		8,958	8,958
	Capital surplus	10,135	10,118
	Retained earnings		21,908	21,244
	Treasury shares	(305)	(880)
	Total Shareholders' equity		40,696	39,440
	Accumulated other comprehensive income
	Valuation difference on available-for-sale securities		18	62
	Deferred gains or losses on hedges	8	-
	Foreign currency translation adjustment		14	(29)
	Remeasurements of defined benefit plans	3	70
	Total accumulated other comprehensive income		44	103
	Non-controlling interests	514	-
	Total net assets		41,256	39,544
	Total liabilities and net assets		54,694	51,388

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GIKEN LTD. (6289) Consolidated Financial Results for the Fiscal Year Ended August 31, 2023

(2) Consolidated Statements of Income and Comprehensive Income

(Consolidated Statements of Income)

					(Millions of yen)
			Fiscal year ended		Fiscal year ended
			August 31, 2022		August 31, 2023
	Net sales			30,378	29,272
	Cost of sales		18,653	18,563
	Gross profit (loss)			11,725	10,709
	Selling, general and administrative expenses		7,111	7,725
	Operating profit (loss)			4,613	2,983
	Non-operating income
	Interest income			8	2
	Dividend income		23	24
	Gain on sales of scraps			15	5
	Rental income from real estate		57	69
	Insurance claim income			14	10
	Foreign exchange gains		95	-
	Outsourcing service income			5	25
	Other		29	33
	Total non-operating income			250	170
	Non-operating expenses
	Interest expenses			14	55
	Rental expenses on real estate		8	17
	Share issuance costs			1	-
	Foreign exchange losses		-	8
	Other			7	11
	Total non-operating expenses		31	93
	Ordinary profit			4,832	3,060
	Extraordinary losses
	Impairment loss			-	115
	Loss on liquidation of subsidiaries and associates		-	1,367
	Total extraordinary losses			-	1,483
	Profit (loss) before income taxes		4,832	1,577
	Income taxes-current			1,679	938
	Income taxes-deferred		(88)	(223)
	Total income taxes			1,591	715
	Profit (loss)		3,241	861
	Profit (loss) attributable to non-controlling interests			6	14
	Profit (loss) attributable to owners of parent			3,234	846

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