摩根估值模型

,Astellas,FY91,FY92,FY93,FY94,FY95,FY96,FY97,FY98,,,FY99,,,FY00,,,FY01,1HFY02,2HFY02,FY02,H1FY03E,H2FY03E,FY03,Q1FY04E,Q2FY04E,H1FY04E,Q3FY04E,Q4FY04E,H2FY04E,FY04,Q1FY05,Q2FY05,H1FY05,Q3FY05E,Q4FY05E,H2FY05E,FY05,Q1FY06E,Q2FY06E,H1FY06E,Q3FY06E,Q4FY06E,H2FY06E,FY06,Q1FY07,Q2FY07,H1FY07,Q3FY07,Q4FY07,H2FY07,FY07,Q1FY08,Q2FY08E,H1FY08E,Q3FY08E,Q4FY08E,H2FY08E,FY08E,Q1FY09E,Q2FY09E,H1FY09E,Q3FY09E,Q4FY09E,H2FY09E,FY09E,Q1FY10E,Q2FY10E,H1FY10E,Q3FY10E,Q4FY10E,H2FY10E,FY10E,Q1FY11E,Q2FY11E,H1FY11E,Q3FY11E,Q4FY11E,H2FY11E,FY11E,Q1FY12E,Q2FY12E,H1FY12E,Q3FY12E,Q4FY12E,H2FY12E,FY12E,

,,19920300,19930300,19940300,19950300,19960300,19970300,19980300,19990300,,,20000300,,,20010300,,,20020300,20020900,20030300,20030300,20030900,20040300,20040300,20040600,20040900,20040900,20041200,20050300,20050300,20050300,20050600,20050900,20050900,20051200,20060300,20060300,20060300,20060600,20060900,20060900,20061200,20070300,20070300,20070300,20070600,20070900,20070900,20071200,20080300,20080300,20080300,20080600,20080900,20080900,20081200,20090300,20090300,20090300,20090600,20090900,20090900,20091200,20100300,20100300,20100300,20100600,20100900,20100900,20101200,20110300,20110300,20110300,20110600,20110900,20110900,20111200,20120300,20120300,20120300,20120600,20120900,20120900,20121200,20130300,20130300,20130300,

,ConsolidatedP&L(YenBillions),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

CSL,TotalSales,357.5,357.5,368.7,384.3,414.2,454.7,477.4,423.2,,,433.7,,,457.9,,,481.3,232.6,274.0,506.6,239.2,272.0,511.2,214.2,210.5,424.7,242.0,195.3,437.3,862.0,213.1,213.6,426.7,252.1,200.5,452.6,879.4,230.4,217.5,447.9,254.7,218.0,472.7,920.6,247.1,236.4,483.5,281.7,207.3,489.1,972.6,254.6,,,,,,963.7,,,,,,,976.5,,,,,,,961.9,,,,,,,968.5,,,,,,,960.3,

CCSLS*(-1),COGS,-114.9,-116.5,-128.5,-128.6,-147.5,-158.7,-166.6,-127.5,,,-125.3,,,-150.0,,,-167.6,-77.5,-97.7,-175.2,-77.2,-96.6,-173.8,-67.6,-68.0,-135.5,-84.0,-59.7,-143.8,-279.3,-62.1,-63.6,-125.7,-82.8,-64.5,-147.3,-273.0,-72.9,-69.2,-142.1,-83.9,-58.0,-142.0,-284.1,-74.8,-64.3,-139.1,-87.1,-53.1,-140.3,-279.3,-74.4,0.0,0.0,0.0,0.0,0.0,-280.3,0.0,0.0,0.0,0.0,0.0,0.0,-287.3,0.0,0.0,0.0,0.0,0.0,0.0,-285.3,0.0,0.0,0.0,0.0,0.0,0.0,-285.8,0.0,0.0,0.0,0.0,0.0,0.0,-281.1,

CGPRO,GrossProfit,242.5,241.0,240.1,255.7,266.7,296.1,310.8,295.7,,,308.4,,,307.9,,,313.7,155.1,176.3,331.4,162.0,175.4,337.4,146.6,142.5,289.2,158.0,135.5,293.5,582.7,151.0,150.0,301.1,169.3,136.0,305.3,606.4,157.5,148.4,305.8,170.7,160.0,330.7,636.6,172.3,172.1,344.4,194.6,154.2,348.8,693.2,180.2,,,,,,683.3,,,,,,,689.2,,,,,,,676.6,,,,,,,682.7,,,,,,,679.2,

,(grossmargin),67.8%,67.4%,65.1%,66.5%,64.4%,65.1%,65.1%,69.9%,,,71.1%,,,67.2%,,,65.2%,66.7%,64.3%,65.4%,67.7%,64.5%,66.0%,68.5%,67.7%,68.1%,65.3%,69.4%,67.1%,67.6%,70.9%,70.2%,70.6%,67.2%,67.8%,67.4%,69.0%,68.3%,68.2%,68.3%,67.0%,73.4%,70.0%,69.1%,69.7%,72.8%,71.2%,69.1%,74.4%,71.3%,71.3%,70.8%,,,,,,70.9%,,,,,,,70.6%,,,,,,,70.3%,,,,,,,70.5%,,,,,,,70.7%,

,OtherSGA,-179.8,-172.3,-169.8,-175.3,-184.7,-203.5,-170.0,-152.0,,,-157.5,,,-155.5,,,-154.2,-74.2,(84.7),-158.9,-77.3,(89.2),-166.5,-61.5,-67.3,-128.8,-59.8,-74.3,-134.1,-262.9,-62.3,-65.6,-127.9,-67.1,-76.3,-143.4,-271.3,-68.4,-67.1,-135.4,-67.1,-75.6,-142.7,-278.1,-72.1,-62.0,-134.1,-67.0,-81.8,-148.9,-282.9,-71.5,,,,,,-292.9,,,,,,,-292.9,-5.0,-5.0,-5.0,-5.0,-5.0,-5.0,-275.0,-5.0,-5.0,-5.0,-5.0,-5.0,-5.0,-275.0,,,,,,,-275.0,

,(otherSGAratio),-50.3%,-48.2%,-46.1%,-45.6%,-44.6%,-44.8%,-35.6%,-35.9%,,,-36.3%,,,-34.0%,,,-32.0%,-31.9%,-30.9%,-31.4%,-32.3%,-32.8%,-32.6%,-28.7%,-32.0%,-30.3%,-24.7%,-38.1%,-30.7%,-30.5%,-29.2%,-30.7%,-30.0%,-26.6%,-38.1%,-31.7%,-30.9%,-29.7%,-30.8%,-30.2%,-26.4%,-34.7%,-30.2%,-30.2%,-29.2%,-26.2%,-27.7%,-23.8%,-39.5%,-30.4%,-29.1%,-28.1%,,,,,,-30.4%,,,,,,,-30.0%,,,,,,,-28.6%,,,,,,,-28.4%,,,,,,,-28.6%,

,R&D,0.0,0.0,0.0,0.0,0.0,0.0,-43.6,-54.3,,,-54.8,,,-54.6,,,-65.2,-30.1,(36.7),-66.8,-36.7,(33.3),-70.0,-30.8,-30.9,-61.8,-28.2,-37.6,-65.8,-127.6,-23.5,-32.5,-56.0,-36.6,-49.4,-86.0,-142.0,-65.6,-32.3,-97.9,-25.9,-44.1,-70.0,-167.9,-28.1,-34.1,-62.2,-30.3,-41.9,-72.2,-134.4,-40.4,,,,,,-160.0,,,,,,,-170.0,,,,,,,-180.0,-5.0,-5.0,-5.0,-5.0,-5.0,-5.0,-190.0,,,,,,,-200.0,

,(R&Dratio),,,,,,,-9.1%,-12.8%,,,-12.6%,,,-11.9%,,,-13.5%,-12.9%,-13.4%,-13.2%,-15.3%,-12.2%,-13.7%,-14.4%,-14.7%,-14.5%,-11.7%,-19.2%,-15.0%,-14.8%,-11.0%,-15.2%,-13.1%,-14.5%,-24.6%,-19.0%,-16.1%,-28.5%,-14.9%,-21.9%,-10.2%,-20.2%,-14.8%,-18.2%,-11.4%,-14.4%,-12.9%,-10.8%,-20.2%,-14.8%,-13.8%,-15.9%,,,,,,-16.6%,,,,,,,-17.4%,,,,,,,-18.7%,,,,,,,-19.6%,,,,,,,-20.8%,

CSG&A*(-1),SGA,-179.8,-172.3,-169.8,-175.3,-184.7,-203.5,-213.6,-206.3,,,-212.3,,,-210.0,,,-219.4,-104.3,(121.4),-225.7,-114.0,(122.5),-236.5,-92.3,-98.2,-190.6,-88.0,-111.9,-199.9,-390.5,-85.8,-98.1,-183.9,-103.7,-125.7,-229.4,-413.3,-133.9,-99.4,-233.3,-93.0,-119.7,-212.7,-446.0,-100.2,-96.1,-196.3,-97.3,-123.7,-221.1,-417.3,-111.9,,,,,,-452.9,,,,,,,-462.9,,,,,,,-455.0,,,,,,,-465.0,,,,,,,-475.0,

,(SGARatio),-50.3%,-48.2%,-46.1%,-45.6%,-44.6%,-44.8%,-44.8%,-48.7%,,,-49.0%,,,-45.9%,,,-45.6%,-44.8%,-44.3%,-44.5%,-47.6%,-45.0%,-46.3%,-43.1%,-46.7%,-44.9%,-36.4%,-57.3%,-45.7%,-45.3%,-40.3%,-45.9%,-43.1%,-41.1%,-62.7%,-50.7%,-47.0%,-58.1%,-45.7%,-52.1%,-36.5%,-54.9%,-45.0%,-48.5%,-40.5%,-40.7%,-40.6%,-34.5%,-59.7%,-45.2%,-42.9%,-44.0%,,,,,,-47.0%,,,,,,,-47.4%,,,,,,,-47.3%,,,,,,,-48.0%,,,,,,,-49.5%,

COPRO,OperatingProfit,62.7,68.7,70.3,80.4,82.0,92.6,97.2,89.4,,,96.1,,,97.8,,,94.3,50.8,54.9,105.7,48.1,52.9,101.0,54.3,44.3,98.6,70.0,23.6,93.6,192.2,65.2,51.9,117.1,65.6,10.2,75.9,193.0,23.5,49.0,72.5,77.7,40.3,118.0,190.5,72.2,76.0,148.1,97.3,30.5,127.8,275.9,68.3,,,,,,230.4,,,,,,,226.3,,,,,,,221.6,,,,,,,217.7,,,,,,,204.2,

,(OPmargin),17.5%,19.2%,19.1%,20.9%,19.8%,20.4%,20.4%,21.1%,,,22.2%,,,21.4%,,,19.6%,21.8%,20.0%,20.9%,20.1%,19.4%,19.7%,25.4%,21.0%,23.2%,28.9%,12.1%,21.4%,22.3%,30.6%,24.3%,27.5%,26.0%,5.1%,16.8%,22.0%,10.2%,22.5%,16.2%,30.5%,18.5%,25.0%,20.7%,29.2%,32.1%,30.6%,34.5%,14.7%,26.1%,28.4%,26.8%,,,,,,23.9%,,,,,,,23.2%,,,,,,,23.0%,,,,,,,22.5%,,,,,,,21.3%,

,Non-OperatingIncome,20.5,14.7,10.4,11.7,8.5,8.4,14.1,8.4,,,6.9,,,11.6,,,8.5,2.3,4.0,6.3,3.2,1.6,4.8,7.2,1.2,8.4,0.8,3.9,4.8,13.2,6.3,2.6,8.9,4.7,1.3,6.0,14.9,3.9,3.5,7.4,3.5,3.0,6.4,13.9,4.1,4.4,8.5,12.8,3.6,16.4,24.9,5.2,,,,,,25.0,,,,,,,25.0,,,,,,,25.0,,,,,,,25.0,,,,,,,25.0,

CINEN+CDVIR,InterestAndDividendIncome,14.1,10.2,8.1,9.1,6.8,6.2,6.4,7.0,,,5.6,,,8.0,,,5.3,1.9,1.3,3.2,1.6,1.3,2.9,,,2.7,,,,5.8,,,3.7,,,4.6,8.3,,,5.2,,,6.6,11.8,,,7.6,,,7.4,14.9,3.6,,,,,,15.0,,,,,,,15.0,,,,,,,15.0,,,,,,,15.0,,,,,,,15.0,

CPSRPR+CONOI,OtherNon-OperatingIncome,6.4,4.6,2.3,2.6,1.7,2.2,7.7,1.4,,,1.4,,,3.6,,,3.2,0.4,2.7,3.1,1.6,0.3,1.8,,,5.7,,,,7.3,6.3,2.6,5.2,,,1.4,6.6,3.9,3.5,2.3,3.5,,-0.2,2.1,,4.4,0.9,,,9.0,9.9,1.6,0.0,0.0,0.0,0.0,0.0,10.0,0.0,0.0,0.0,0.0,0.0,0.0,10.0,0.0,0.0,0.0,0.0,0.0,0.0,10.0,0.0,0.0,0.0,0.0,0.0,0.0,10.0,0.0,0.0,0.0,0.0,0.0,0.0,10.0,

,Non-OperatingExpenses,-15.6,-13.7,-10.8,-14.7,-8.5,-8.1,-10.8,-7.9,,,-4.8,,,-3.2,,,-2.8,-4.5,(3.7),-8.2,-3.3,(4.0),-7.4,-0.8,-5.5,-6.3,-1.5,-3.4,-4.9,-11.2,-2.9,-1.2,-4.0,0.2,-1.4,-1.3,-5.3,-2.5,-0.4,-2.9,-1.6,-2.1,-3.7,-6.6,-1.1,-4.0,-5.1,-1.0,-10.5,-11.5,-16.6,-0.3,,,,,,-10.1,,,,,,,-10.1,,,,,,,-10.1,,,,,,,-10.1,,,,,,,-10.1,

CINENS,InterestExpense,-9.4,-6.6,-6.0,-6.5,-4.5,-3.7,-3.4,-1.6,,,-0.6,,,-0.6,,,-0.7,-0.4,(0.2),-0.6,-0.2,(0.3),-0.6,,,-0.4,,,,-0.9,,,-0.3,,,-1.1,-1.4,,,-0.1,,,-0.2,-0.3,,,-0.0,,,-0.0,-0.1,0.0,,,,,,-0.1,,,,,,,-0.1,,,,,,,-0.1,,,,,,,-0.1,,,,,,,-0.1,

(CBIC+CLSRPR+CONOE)*(-1),OtherNon-OperatingExpenses,-6.2,-7.1,-4.7,-8.2,-4.0,-4.4,-7.4,-6.3,,,-4.2,,,-2.5,,,-2.1,-4.2,-3.4,-7.6,-3.1,-3.7,-6.8,,,-5.9,,,,-10.3,-2.9,-1.2,-3.7,0.2,,-0.2,-3.9,-2.5,-0.4,-2.8,-1.6,,-3.4,-6.2,,-4.0,-5.1,,,-11.5,-16.5,-0.3,0.0,0.0,0.0,0.0,0.0,-10.0,0.0,0.0,0.0,0.0,0.0,0.0,-10.0,0.0,0.0,0.0,0.0,0.0,0.0,-10.0,0.0,0.0,0.0,0.0,0.0,0.0,-10.0,0.0,0.0,0.0,0.0,0.0,0.0,-10.0,

CORPRO,RecurringProfit,67.6,69.7,70.0,77.4,82.0,92.9,100.4,89.9,,,98.2,,,106.2,,,100.0,48.6,55.2,103.8,47.9,50.4,98.4,60.7,40.0,100.7,69.3,24.2,93.5,194.2,68.7,53.3,122.0,70.5,10.1,80.6,202.6,24.9,52.1,77.0,79.7,41.1,120.8,197.8,75.2,76.3,151.6,109.1,23.6,132.6,284.2,73.2,,,,,,245.3,,,,,,,241.2,,,,,,,236.5,,,,,,,232.6,,,,,,,219.1,

CEINC-CELOSS,Extraordinaries(net),-0.8,-1.5,-1.1,0.1,0.2,-0.4,-1.5,-3.1,,,-6.9,,,-1.5,,,-7.0,0.3,(10.8),-10.6,1.1,3.8,4.9,1.3,-19.1,-17.8,-3.1,-58.0,-61.2,-79.0,-3.3,-9.4,-12.7,-4.8,-8.0,-12.8,-25.5,23.9,0.7,24.7,-3.6,-7.2,-10.8,13.9,-7.3,-3.4,-10.7,-0.5,-4.2,-4.7,-15.4,-0.7,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

,PreTaxProfit,66.8,68.2,68.9,77.5,82.2,92.5,98.9,86.8,,,91.3,,,104.8,,,93.0,48.8,44.4,93.2,49.0,54.2,103.2,62.0,20.9,82.9,66.2,(33.8),32.3,115.3,65.4,44.0,109.3,65.7,2.1,67.7,177.1,48.8,52.9,101.7,76.0,34.0,110.1,211.8,68.0,72.9,140.9,108.5,19.4,127.9,268.8,72.5,,,,,,245.3,,,,,,,241.2,,,,,,,236.5,,,,,,,232.6,,,,,,,219.1,

(CRCTAX+CDTAX)*(-1),Tax,-30.9,-34.2,-31.2,-34.4,-36.1,-42.1,-15.6,-38.5,,,-33.7,,,-27.4,,,-37.7,-19.8,(13.4),-33.2,-20.0,(23.0),-43.0,-26.7,-8.4,-35.0,-26.1,5.4,-20.7,-55.7,-25.4,-15.7,-41.2,-24.9,-5.7,-30.6,-71.7,-20.1,-20.0,-40.1,-29.9,-8.5,-38.4,-78.6,-24.4,-26.5,-50.9,-35.6,-2.7,-38.3,-89.2,-26.7,,,,,,-90.8,,,,,,,-89.2,,,,,,,-87.5,,,,,,,-86.0,,,,,,,-81.1,

,(Taxrate),46.2%,50.2%,45.3%,44.3%,43.9%,45.5%,15.8%,44.4%,,,36.9%,,,26.1%,,,40.5%,40.5%,30.2%,35.6%,40.7%,42.5%,41.6%,43.0%,40.1%,42.3%,39.4%,15.9%,64.0%,48.3%,38.9%,35.8%,37.6%,37.9%,272.6%,45.1%,-40.5%,41.2%,37.9%,39.5%,39.3%,25.1%,34.9%,-37.1%,-35.9%,-36.3%,-36.1%,-32.8%,-13.8%,30.0%,-33.2%,-36.9%,40.0%,40.0%,40.0%,40.0%,40.0%,37.0%,40.0%,40.0%,40.0%,40.0%,40.0%,40.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,37.0%,

CELPRO*(-1),MinorityInterest,-0.4,-0.4,-0.4,-0.5,-0.4,-0.3,-0.3,-0.3,,,-0.5,,,-0.4,,,-0.2,-0.1,(0.1),-0.2,-0.1,(0.1),-0.2,-0.0,-0.5,-0.5,-0.5,1.1,0.5,0.0,-0.5,-0.3,-0.9,-1.3,0.5,-0.8,-1.7,-0.4,-0.4,-0.9,-0.5,-0.5,-1.0,-1.9,-0.6,-0.5,-1.1,-0.6,-0.5,-1.1,-2.2,-0.6,,,,,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,

CADJI,"OtherAdjustments(IncFX,adj.)",0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,,,0.0,,,0.0,,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,

CNPRO,NetProfit,32.8,30.1,34.8,39.7,40.5,41.9,6.1,48.0,,,57.2,,,40.3,,,55.2,29.0,30.9,59.9,29.0,31.1,60.1,54.0,-6.7,47.4,39.6,(27.4),12.2,59.5,39.4,27.9,67.3,40.3,(4.0),36.3,103.7,28.3,32.4,60.7,45.6,25.0,70.6,131.3,43.0,45.9,88.9,72.3,16.2,88.5,177.4,45.2,,,,,,154.5,,,,,,,152.0,,,,,,,149.0,,,,,,,146.5,,,,,,,138.0,

,AdjustedEPS(Yen),101.6,93.3,107.6,122.8,125.4,129.1,18.0,139.4,,,158.7,,,111.7,,,152.7,85.9,93.3,180.8,87.5,93.9,181.4,163.2,(20.4),144.5,185.2,(83.6),37.2,203.9,69.0,48.8,67.3,71.5,(7.1),64.4,185.7,50.7,58.0,111.7,84.0,46.0,130.0,255.2,83.6,89.3,175.7,142.9,32.0,174.9,356.2,90.7,0.0,0.0,0.0,0.0,0.0,323.2,0.0,0.0,0.0,0.0,0.0,0.0,331.7,0.0,0.0,0.0,0.0,0.0,0.0,340.1,0.0,0.0,0.0,0.0,0.0,0.0,350.4,0.0,0.0,0.0,0.0,0.0,0.0,346.7,

CIPRO,EquityinEarnings,-0.0,-1.1,-0.4,-0.7,-2.7,-5.9,-1.8,-0.2,,,-1.7,,,-0.3,,,-0.3,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,

,ConsolidatedBalanceSheet,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

CCASH,Cash&Deposits,156.8,128.4,177.6,183.0,158.4,219.5,138.8,162.3,,,128.7,,,213.9,,,203.4,226.0,230.4,230.4,216.9,276.7,276.7,303.7,293.7,293.7,347.9,405.4,405.4,405.4,219.2,238.9,238.9,194.3,178.1,178.1,178.1,172.4,182.5,182.5,198.5,223.4,223.4,223.4,235.2,266.1,266.1,276.2,248.5,248.5,248.5,279.7,,,,,,349.9,,,,,,,435.6,,,,,,,423.4,,,,,,,400.9,,,,,,,370.6,

CREC+CFREC,Notes&a/cRecievable,92.7,102.6,103.1,108.6,111.5,106.2,105.8,92.1,,,99.7,,,111.4,,,117.0,119.4,122.4,122.4,123.3,120.2,120.2,131.5,125.1,125.1,125.8,220.7,220.7,220.7,227.0,223.7,223.7,258.4,227.2,227.2,227.2,217.7,229.8,229.8,256.3,231.1,231.1,231.1,246.5,236.7,236.7,263.2,222.1,222.1,222.1,237.8,,,,,,220.0,,,,,,,223.0,,,,,,,219.6,,,,,,,221.1,,,,,,,219.2,

CSEC,MarketableSecurities,131.4,118.6,102.3,157.5,177.8,142.3,178.2,78.2,,,151.9,,,111.7,,,136.4,108.4,103.2,103.2,89.8,69.0,69.0,78.1,118.5,118.5,69.7,142.4,142.4,142.4,309.8,356.1,356.1,339.8,445.4,445.4,445.4,440.3,399.2,399.2,246.5,284.4,284.4,284.4,280.1,278.6,278.6,217.8,293.6,293.6,293.6,213.0,,,,,,293.6,,,,,,,293.6,,,,,,,293.6,,,,,,,293.6,,,,,,,293.6,

CINV,Inventories,32.8,33.5,33.4,34.6,34.6,40.3,41.1,39.5,,,40.8,,,47.0,,,50.1,56.9,56.6,56.6,65.7,56.7,56.7,48.8,49.2,49.2,41.7,90.6,90.6,90.6,92.8,98.0,98.0,89.6,93.9,93.9,93.9,82.7,88.9,88.9,82.9,91.0,91.0,91.0,91.5,98.9,98.9,87.5,91.4,91.4,91.4,92.0,,,,,,90.1,,,,,,,90.9,,,,,,,89.3,,,,,,,90.0,,,,,,,89.6,

CADV,PrepaymentsReceived,5.3,3.4,3.3,1.7,2.1,3.3,3.1,0.0,,,0.0,,,0.0,,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,

,OtherCurrentAssets,12.9,9.7,12.9,14.4,10.0,24.2,32.9,33.9,,,39.0,,,45.8,,,44.6,53.3,46.3,46.3,50.6,56.4,56.4,52.8,52.8,52.8,57.5,102.7,102.7,102.7,100.0,96.4,96.4,110.5,105.8,105.8,105.8,98.3,108.7,108.7,116.9,136.2,136.2,136.2,131.1,123.0,123.0,121.4,121.7,121.7,121.7,125.5,0.0,0.0,0.0,0.0,0.0,121.7,0.0,0.0,0.0,0.0,0.0,0.0,121.7,0.0,0.0,0.0,0.0,0.0,0.0,121.7,0.0,0.0,0.0,0.0,0.0,0.0,121.7,0.0,0.0,0.0,0.0,0.0,0.0,121.7,

CCASS,TotalCurrentAssets,431.9,396.1,432.6,499.9,494.3,535.8,500.0,406.0,,,460.1,,,529.9,,,551.4,564.0,558.9,558.9,546.3,579.1,579.1,614.9,639.3,639.3,642.6,961.8,961.8,961.8,948.9,1013.1,1013.1,992.5,1050.3,1050.3,"1,050.3",1011.5,1009.0,1009.0,901.1,966.0,966.0,966.0,984.4,1003.3,1003.3,966.1,977.3,977.3,977.3,948.0,,,,,,"1,075.3",,,,,,,1164.7,,,,,,,1147.5,,,,,,,1127.3,,,,,,,1094.7,

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

CDEPA,DepreciableFixedAssets,60.3,61.1,71.0,86.6,92.8,99.0,133.6,132.9,,,139.7,,,137.7,,,151.2,137.7,132.5,132.5,127.4,127.3,127.3,145.3,109.9,109.9,140.7,167.8,167.8,167.8,174.7,173.8,173.8,169.9,164.9,164.9,164.9,162.1,161.3,161.3,150.9,141.9,141.9,141.9,141.8,135.0,135.0,132.2,122.9,122.9,122.9,182.6,,,,,,119.9,,,,,,,119.9,,,,,,,119.9,,,,,,,119.9,,,,,,,119.9,

CLAND,LandandOther,14.4,15.1,14.9,16.5,18.4,20.7,33.1,29.4,,,31.9,,,32.6,,,33.3,33.3,33.2,33.2,32.7,32.2,32.2,,26.2,26.2,,39.0,39.0,39.0,35.5,35.2,35.2,35.2,35.0,35.0,35.0,35.0,36.4,36.4,35.9,35.6,35.6,35.6,34.9,31.5,31.5,31.5,31.3,31.3,31.3,,,,,,,31.3,,,,,,,31.3,,,,,,,31.3,,,,,,,31.3,,,,,,,31.3,

CCONPS,ConstrucutioninProgress,8.8,17.3,2.9,5.9,4.4,9.2,10.0,23.2,,,10.7,,,18.0,,,12.7,16.4,17.0,17.0,16.2,7.5,7.5,,6.3,6.3,,7.5,7.5,7.5,6.0,3.7,3.7,5.3,6.4,6.4,6.4,6.5,8.7,8.7,10.3,16.7,16.7,16.7,15.5,16.0,16.0,24.2,25.5,25.5,25.5,,,,,,,25.5,,,,,,,25.5,,,,,,,25.5,,,,,,,25.5,,,,,,,25.5,

CINTG,Intangibles,7.8,7.9,7.8,6.5,6.3,15.4,31.6,38.3,,,43.2,,,38.9,,,36.4,31.7,31.5,31.5,29.2,27.3,27.3,22.0,11.2,11.2,15.9,35.6,35.6,35.6,41.4,34.1,34.1,33.5,31.5,31.5,31.5,34.3,32.3,32.3,34.6,41.5,41.5,41.5,41.9,46.1,46.1,79.6,68.0,68.0,68.0,70.6,,,,,,68.0,,,,,,,68.0,,,,,,,68.0,,,,,,,68.0,,,,,,,68.0,

CIVT,Investment&Other,64.2,73.8,71.8,70.7,70.9,74.7,93.3,146.1,,,143.6,,,139.2,,,112.0,117.8,117.2,117.2,131.8,122.3,122.3,116.1,105.4,105.4,106.7,249.8,249.8,249.8,243.6,258.3,258.3,274.7,296.1,296.1,296.1,284.5,275.5,275.5,272.5,268.7,268.7,268.7,251.5,237.9,237.9,244.0,214.0,214.0,214.0,205.5,,,,,,214.0,,,,,,,214.0,,,,,,,214.0,,,,,,,214.0,,,,,,,214.0,

,TenantDepositsPaid,,,,,,,,,,,,,,,,,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,

,Others,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,,,0.0,,,0.0,,,0.0,5.8,7.9,7.9,7.1,7.1,7.1,0.0,2.2,2.2,0.0,8.4,8.4,8.4,0.3,0.4,0.4,0.2,0.3,0.3,0.3,0.3,0.4,0.4,0.3,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.0,0.0,0.0,0.0,0.0,0.0,0.2,0.0,0.0,0.0,0.0,0.0,0.0,0.2,0.0,0.0,0.0,0.0,0.0,0.0,0.2,0.0,0.0,0.0,0.0,0.0,0.0,0.2,0.0,0.0,0.0,0.0,0.0,0.0,0.2,

CADJAS+CADJA,ConsolidatedAdjustments,95.1,94.4,91.3,104.7,96.2,82.4,3.9,13.3,,,0.0,,,0.0,,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,

CDCHG,Deferrals,8.0,6.9,5.7,4.6,3.4,2.3,1.1,0.0,,,0.0,,,0.0,,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,

CAS,TotalAssets,690.4,672.6,698.1,795.3,786.7,839.5,806.6,789.4,,,829.3,,,896.3,,,896.9,906.7,898.2,898.2,890.5,902.7,902.7,898.3,900.6,900.6,905.9,1469.8,1469.8,1469.8,1450.4,1518.6,1518.6,1511.4,1584.5,1584.5,"1,584.5",1534.3,1523.6,1523.6,1405.6,1470.7,1470.7,"1,470.7",1470.2,1470.0,1470.0,1477.8,1439.2,1439.2,"1,439.2",1406.7,,,,,,"1,534.2",,,,,,,1623.6,,,,,,,1606.4,,,,,,,1586.2,,,,,,,1553.6,

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

CN&AP+CFN&AP,Notes&a/cPayable,33.0,40.3,38.0,42.6,45.7,48.5,42.6,32.4,,,32.2,,,39.9,,,54.8,60.6,41.2,41.2,38.7,37.6,37.6,33.3,29.5,29.5,33.7,52.8,52.8,52.8,57.2,60.4,60.4,64.3,62.5,62.5,62.5,49.0,63.2,63.2,68.9,73.0,73.0,73.0,72.1,76.3,76.3,78.3,70.0,70.0,70.0,80.7,,,,,,69.0,,,,,,,69.6,,,,,,,68.4,,,,,,,69.0,,,,,,,68.6,

CSDBT+CB1,Short-TermDebt,43.7,50.4,7.6,9.5,6.6,17.9,1.2,1.2,,,2.5,,,1.6,,,16.4,1.5,1.9,1.9,1.9,1.2,1.2,0.9,0.9,0.9,0.4,2.1,2.1,2.1,1.9,0.9,0.9,0.6,0.4,0.4,0.4,0.2,0.5,0.5,0.6,1.7,1.7,1.7,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,

CRTAX,unPaidTax,16.9,20.3,17.4,18.7,19.5,24.1,19.9,15.0,,,21.8,,,18.0,,,14.7,32.4,38.4,38.4,23.8,12.2,12.2,16.7,23.8,23.8,20.4,29.8,29.8,29.8,28.9,34.6,34.6,41.5,40.0,40.0,40.0,27.1,32.2,32.2,26.0,44.4,44.4,44.4,24.9,39.0,39.0,37.2,38.0,38.0,38.0,25.4,,,,,,38.0,,,,,,,38.0,,,,,,,38.0,,,,,,,38.0,,,,,,,38.0,

CPAY+COLRS,Accruals,7.9,9.4,9.1,9.2,9.0,9.2,15.2,13.9,,,3.4,,,4.1,,,4.3,21.3,4.0,4.0,3.0,3.5,3.5,2.6,3.0,3.0,3.8,14.3,14.3,14.3,5.3,5.2,5.2,7.4,5.8,5.8,5.8,4.5,4.5,4.5,6.2,4.1,4.1,4.1,4.5,4.3,4.3,7.0,5.2,5.2,5.2,3.3,,,,,,5.2,,,,,,,5.2,,,,,,,5.2,,,,,,,5.2,,,,,,,5.2,

,OtherCurrentLiabilities,33.0,35.1,33.5,57.1,33.7,73.6,74.5,70.1,,,55.4,,,64.8,,,66.1,48.8,62.1,62.1,50.8,55.6,55.6,55.8,51.7,51.7,46.5,144.8,144.8,144.8,117.4,152.4,152.4,120.5,191.4,191.4,191.4,147.7,147.6,147.6,148.7,185.6,185.6,185.6,169.7,169.2,169.2,150.9,171.2,171.2,171.2,142.5,0.0,0.0,0.0,0.0,0.0,171.2,0.0,0.0,0.0,0.0,0.0,0.0,171.2,0.0,0.0,0.0,0.0,0.0,0.0,171.2,0.0,0.0,0.0,0.0,0.0,0.0,171.2,0.0,0.0,0.0,0.0,0.0,0.0,171.2,

CCLB,TotalCurrentLiabilities,134.4,155.5,105.6,137.2,114.6,173.3,153.4,132.5,,,115.2,,,128.3,,,156.4,164.6,147.6,147.6,118.2,110.1,110.1,109.3,108.9,108.9,104.8,243.7,243.7,243.7,210.8,253.6,253.6,234.5,300.2,300.2,300.2,228.5,248.0,248.0,250.2,308.8,308.8,308.8,271.2,288.8,288.8,273.4,284.5,284.5,284.5,251.9,,,,,,283.5,,,,,,,284.1,,,,,,,282.8,,,,,,,283.5,,,,,,,283.1,

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

CB,Bonds&CBs,106.2,74.2,125.4,164.9,146.3,114.4,73.4,34.0,,,23.3,,,21.5,,,6.5,6.5,6.5,6.5,6.5,6.5,6.5,6.5,6.5,6.5,5.8,5.0,5.0,5.0,3.7,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,

CLDBT+CFLDBT,Long-TermDebt,60.0,29.4,24.0,34.0,32.6,23.1,16.1,6.2,,,2.9,,,2.6,,,1.9,1.8,0.9,0.9,0.8,0.3,0.3,0.0,0.0,0.0,0.0,0.4,0.4,0.4,0.6,0.6,0.6,0.5,0.5,0.5,0.5,0.5,0.4,0.4,0.4,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,

,TenantDepositsReceived,,,,,,,,,,,,,,,,,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,

CRRET,AccruedRetirementAllowances,23.8,25.7,27.6,28.3,30.6,31.7,32.8,33.9,,,42.8,,,41.4,,,41.4,40.3,39.0,39.0,37.1,36.4,36.4,35.8,34.5,34.5,33.9,34.9,34.9,34.9,34.8,36.0,36.0,37.2,40.7,40.7,40.7,41.2,40.7,40.7,29.1,18.5,18.5,18.5,19.6,19.0,19.0,18.8,17.5,17.5,17.5,18.6,,,,,,17.5,,,,,,,17.5,,,,,,,17.5,,,,,,,17.5,,,,,,,17.5,

,OtherLong-TermLiablitites,43.1,37.1,36.1,15.6,13.5,11.3,14.2,14.4,,,19.9,,,21.5,,,21.8,20.3,23.0,23.0,23.0,21.5,21.5,18.0,17.8,17.8,16.1,32.3,32.3,32.3,25.0,24.3,24.3,25.2,25.8,25.8,25.8,40.1,39.5,39.5,47.5,44.4,44.4,44.4,41.6,39.4,39.4,38.3,26.3,26.3,26.3,21.4,0.0,0.0,0.0,0.0,0.0,26.3,0.0,0.0,0.0,0.0,0.0,0.0,26.3,0.0,0.0,0.0,0.0,0.0,0.0,26.3,0.0,0.0,0.0,0.0,0.0,0.0,26.3,0.0,0.0,0.0,0.0,0.0,0.0,26.3,

CFLB,TotalLong-TermLiabilities,233.0,166.4,213.1,242.8,223.0,180.6,136.6,88.6,,,88.9,,,87.0,,,71.7,68.8,69.4,69.4,67.3,64.7,64.7,60.2,58.7,58.7,55.8,72.6,72.6,72.6,64.1,60.8,60.8,63.0,67.0,67.0,67.0,81.8,80.7,80.7,77.1,62.9,62.9,62.9,61.2,58.4,58.4,57.0,43.8,43.8,43.8,39.9,,,,,,43.8,,,,,,,43.8,,,,,,,43.8,,,,,,,43.8,,,,,,,43.8,

CADJLB+CADJL,ConsolidationAdjustments,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,,,0.0,,,0.0,,,0.0,0.0,0.0,0.0,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,,,,,,,0.0,

CELLB,MinorityInterest,0.0,0.0,0.0,0.0,0.0,0.0,0.0,5.0,,,5.0,,,3.2,,,2.9,2.7,2.4,2.4,2.4,2.5,2.5,0.2,1.0,1.0,1.3,1.7,1.7,1.7,2.3,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.3,0.3,0.4,0.3,0.3,0.3,0.4,,,,,,0.3,,,,,,,0.3,,,,,,,0.3,,,,,,,0.3,,,,,,,0.3,

,OtherLiabilities,3.5,3.3,3.1,4.4,4.4,4.9,5.2,0.0,,,0.0,,,0.000,,,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,49.1,49.1,58.4,54.1,54.1,54.1,71.2,53.4,53.4,55.9,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,

CLAB,TotalLiabilities,370.9,325.2,321.9,384.4,342.1,358.7,295.2,221.0,,,204.1,,,215.4,,,228.0,233.4,217.0,217.0,185.5,174.8,174.8,169.5,167.6,167.6,160.6,316.3,316.3,316.3,274.9,314.4,314.4,297.4,367.2,367.2,367.2,310.3,377.7,377.7,385.7,425.8,425.8,425.8,403.6,400.6,400.6,386.4,328.3,328.3,328.3,291.8,,,,,,327.6,,,,,,,328.2,,,,,,,326.9,,,,,,,327.5,,,,,,,327.2,

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

CWORTH,Shareholders'Equity,319.5,347.4,376.2,411.0,444.6,480.8,511.4,563.3,,,620.2,,,677.7,,,666.1,670.6,678.8,678.8,702.5,725.4,725.4,728.6,732.0,732.0,743.9,1151.8,1151.8,1151.8,1173.2,1203.9,1203.9,1213.5,1216.9,1216.9,"1,216.9",1224.0,1145.5,1145.5,1019.5,1044.6,1044.6,"1,044.6",1066.3,1069.1,1069.1,1091.1,1110.9,1110.9,"1,110.9",1114.9,0.0,0.0,0.0,0.0,0.0,"1,206.3",0.0,0.0,0.0,0.0,0.0,0.0,1295.1,0.0,0.0,0.0,0.0,0.0,0.0,1279.1,0.0,0.0,0.0,0.0,0.0,0.0,1258.3,0.0,0.0,0.0,0.0,0.0,0.0,1226.0,

,TotalLiabilities&Shareholders'Equity,690.4,672.6,698.1,795.3,786.7,839.5,806.6,789.4,,,829.3,,,896.3,,,896.9,904.0,898.2,898.2,890.5,902.7,902.7,898.3,900.6,900.6,905.9,1469.8,1469.8,1469.8,1450.4,1518.3,1518.3,1511.4,1584.5,1584.5,"1,584.5","1,534.3",1523.6,"1,523.6","1,405.6",1470.7,1470.7,"1,470.7","1,470.2",1470.0,1470.0,1477.8,1439.2,1439.2,"1,439.2","1,406.7",,,,,,"1,534.2",,,,,,,1623.6,,,,,,,1606.4,,,,,,,1586.2,,,,,,,1553.6,

,ConsolidatedCashFlow,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

,EBIT,62.7,68.7,70.3,80.4,82.0,92.6,97.2,89.4,,,96.1,,,97.8,,,94.3,50.8,54.9,105.7,48.1,52.9,101.0,54.3,44.3,98.6,70.0,23.6,93.6,19