Kikkoman HIROTA SEMINAR Student Research Stock Code: 2801 Stock Price(7/21 closing price): 860(Exhibit1) Stock Rating: SELL Target Price:804

Summary

We evaluated and recommend the “SELL” stock rating of the Kikkoman Corporation. We use the discounted cash

flow method (the following, DCF method), and estimate the target stock price of Kikkoman is ¥804. As compared

with the present stock price (July 21 2011, ¥860), the present price is comparatively high-priced. There are main

two reasons of our rating. First, we are unable to expect growth of demand in a domestic soy sauce market in

future, although the demand to soy sauce mainly influences the future performance of Kikkoman. Second, we

guess that overseas soy sauce division is not expectable to raise such a high profit that can lead growth of the

company instead of the domestic soy sauce division in future years. Accordingly, we foresee pessimistically to the

performance growth of the Kikkoman.

Business Description

Kikkoman Corporation is the soy sauce maker which has been around since 1917. They sell the soy sauce which is

their core products all over the world and 45% of sales are from overseas project (Exhibit2).

The enterprise of the company is roughly divided as follows.

1. Soy Sauce division (domestic): Soy sauce manufacture/sales division is a main enterprise which is core of the

profit since their inception. Kikkoman has a top share for a long time because of their high technological

capability and strong brand-name. They occupy 30 percent of sales in the domestic soy sauce market where

the maker more than 1500 companies exists. However, due to the shrinking soy sauce market mentioned later,

the profit of this division has been decreasing since 2008

2. Soy Sauce Derivative Products division (domestic): Kikkoman also has sold soy sauce derivative products like

“Tsuyu” and “Tare” since1995. Influenced by the demand of reduction of soy sauce, they are expected to put

stronger emphasis on this field.

3. Others (domestic): Besides the above, they have some divisions, such as sale of a soy milk drink, sale of liquor

and a physical distribution division. However, these rates of occupying all in the sales of the company are

small. Moreover, the clear growth strategy is not plotted in the future strategy of Kikkoman. Therefore, we

expect that these sections are not important for their performance growth.

4. Soy Sauce division (overseas): Kikkoman started global expansion in 1957. They have been developed to the

North America, the Europe and the Asia Oceania area. The production base in overseas are seven places

today and Kikkoman expects this project as an important for their growth.

5. Foods Wholesale division (overseas): Kikkoman buy the East foods and sell them in each country. Kikkoman

maintains good sales in this division under the influence of a Japanese food boom. However, compared with

other divisions, it has remarkably low operating profit margin. Besides, the detailed growth strategy is not

plotted in the future strategy of Kikkoman. Therefore, we expect that this section is not important for their

profit growth.

Market trend

Since we expect that domestic Soy Sauce division, domestic Soy Sauce Derivative Products division and overseas

Soy Sauce division are points in the performance growth. Therefore, we focus on these fields and analyze the

market trend.

1. 5forces analysis: Evaluation “neutral” (Exhibit3)

“The bargaining power of customers” and “The bargaining power of suppliers” are strong. It is because of the

dependence on import of soybeans which are the main raw materials of the company's products and the fall of

the products price. However, the intensity of competitive rivalry is not strong because Kikkoman has high

technological capability and strong brand-name from tradition. Thus, we evaluate that the competitive

superiority of Kikkoman is “neutral”.

2. Each market trend

(a)Domestic Soy Sauce market: This market has been shrinking since 1989 due to declining population,

reduction of domestic cooking time, and the low-salt tendency by health consciousness and so on. (Exhibit4)

And today, the diffusion rate of the soy sauce to the home has reached to about 100%. It is a typical mature

market and consumption growth is in stasis.

(b)Domestic “Tsuyu” and “Tare” market: With reduction of domestic cooking time, the demand to soy sauce

has been shifted to Tsuyu and Tare. It is because you can reduce cooking time with these seasonings. The

annual amount of soy sauce disbursed per family unit was more expensive than that of Tsuyu and Tare in

1992. However, in 2010, the amount of soy sauce was ¥2000, and that of Tsuyu and Tare was more than

¥4000. Though, there is also a view that Tare market already has been mature market.

(c)Overseas Soy Sauce market: Japanese soy sauce has been exported to more than 100 countries in the world.

The market is growing under the influence of a global Japanese food boom. Especially, in Europe and Asia

which is in the middle of an increasing population, we can expect the expansion of market size.

Future Forecast

1. Soy Sauce division (domestic): As mentioned above, general soy sauce market has peaked, and we can’t expect

expansion of demand in the market in future. So Kikkoman employ a strategy that develop high-value-added

soy sauces and expansion them. And they declared to put emphasis on them from here on. However, we expect

it is difficult that high-value-added soy sauces pull profits growth of Kikkoman. It is because that they faced

with consumer ’s budget prices minded, and diversification of the products by the increase new products from

other companies. Moreover, we guess the strategy don’t work as fundamental solution of a domestic profit

improvement in the long run because the situation of reaching a peak will visit as well as general soy sauce

sooner or later.

2. Soy Sauce Derivative Products division (domestic): With reduction of soy sauce demand, we expect that

Kikkoman shift business composition to manufacturing and selling. However, Kikkoman entered into this

market later than the other rival companies and perform poorly in getting market share (Exhibit5). We can

say that this is a market where it is hard for Kikkoman to demonstrate their competitive superiorities like

high technical capabilities and the brand name which were cultivated with years of soy sauce project. And

compared with soy sauce, Tsuyu and Tare project has remarkably low operating profit margin. It is caused by

difficulty to take a raise of price strategy due to the much of competitive products. Accordingly, it is difficult to

substitute these seasonings for soy sauce as core products.

3. Soy Sauce division (overseas): In the North America market which occupies 83% of overseas soy sauce volume

of sales, we think that it went into the stage of stable growth. There are three reasons. First, the soy sauce

diffusion rate to the home exceeded 50%. Second, the increase of the volume of sales growth rate for the past

ten years is 2.6% and it isn’t rapid any longer. Third, Kikkoman raised the price of soy sauce in the North

America market in July, 2011. We expect this decision will give a bad influence on future sales.

As for the Europe market, it can be said that it’s growing market because the soy sauce volume of sales in

Europe for the past ten years is extending each year by 11.2%. Kikkoman continues to strive to accomplish

double digit growth of volume-of-sales. We think that the prospect over the target is bright. However, the

percentage that Europe occupies in the overseas soy sauce volume of sales of Kikkoman is only ten percent.

Even if the Europe market changes favorably, the impact given to the whole sales of the company is small.

Thus, it does not support future growth of Kikkoman.

Finally, we describe the forecast in the Asia Oceania market. The market is growing an average of 3.0% in the

past ten years, and we expect the scale of market will continue to grow. Kikkoman said that they put

emphasis on China and actually they found two factory bases in recent years in China. However, unlike their

success example in other countries, since more than 2000 companies of soy sauce makers exist in China, we

think that it is not easy to get market share. Additionally, there is still few high income persons who have

purchasing power to the Kikkoman soy sauce which is about 10 times as many price as the soy sauce of local

companies. They are about 25 million people. This group is expected to amount to 180 million people at last

around 2020. So we expect that it takes time for Kikkoman to acquire the high income group as a core

supporter for sales. Furthermore, According to the Japan Soy-sauce Brewers' Association, the producing

method completely differs between Japanese Chinese soy sauce. Naturally, the tastes also differ. We consider

pessimistically whether Kikkoman soy sauce is smoothly received in the Chinese consumers said to be

conservative to foods.

Financial Statements Analysis (Exhibit6~8) (A). Present Condition: We compared financial indicator with Kagome Co., Ltd. which were in the same industry

segments and had almost same gross-assets scale. As a result, we found that Profitability is higher and can say

also about safety is strong.

(B). Sales Forecast: We forecast the sales of the main sections mentioned above individually, and sum up them. In

the domestic soy sauce section which is a core business of Kikkoman, from the past tendency, we predict that the

shrink of the market continues and it incurs downward growth. As for the domestic soy sauce section, in Tsuyu

and Tare both markets, we calculate sales under the prediction that Kikkoman can maintain the current share

but the market size will not grow up rapidly in future. On the other hand, in overseas soy sauce market, we

predict that sales are in a growth tendency which is related to the growth of soy sauce demand.

(C). Operating Profits Forecast: The company is working on cost reduction in domestic enterprise. For example,

Kikkoman declared reducing a production headquarters staff by half by 2017 in 2000. We compute operating

profits under taking into consideration the concrete cost reduction plan.

Valuation (Exhibit9~12)

(A). Discounted Cash Flow method (DCF method)

We computed target stock price by discounting Operation free cash flow (FCF) calculated from the operating

profits prediction for ten years after 2011 and the Contentious Value at ten years later with Weighted Average

Cost of Capital (WACC:4.54 %). As a result, target stock price for Kikkoman is ¥804.

Risk factors

NATURAL DISASTERS AND ACCIDENTS: The possible outbreak of an earthquake and other natural disasters

will reduce the group’s manufacturing and sales capabilities, and can possibly lower sales and earnings.

EXCHANGE RATE FLUCTUATIONS: Kikkoman converts the financial statements of its overseas subsidiaries

and other foreign domiciled entities into Japanese yen for preparing its consolidated financial statements. The

line items in the financial statements of these subsidiaries and other entities are thus subject to foreign currency

exchange rate fluctuations when converted into Japanese yen.

FLUCTUATIONS IN RAW MATERIAL PRICES: Some raw materials used by the Kikkoman Group, for example,

soybean, wheat, and crude oil, are subject to the effects of the commodities market conditions. A rapid increase in

market prices for these materials could lead to higher manufacturing and delivery expenses and thus adversely

affect the Kikkoman Group’s business results and financial position.

ISSUES RELATED TO FOOD SAFETY

In the event that an accident occurs in connection with one of its products, including that of a chance occurrence,

or in the event that a situation beyond the scope of the Group’s initiatives arises, the Group’s business results and

financial position could be adversely affected.

Exhibit1: Transition of Kikkoman and TOPIX

From: Yahoo! finance

Exhibit2: Composition of sales

From: Kikkoman’s website

Exhibit3: Five forces Analysis

The threat of the entry of

new competitors

Domestic: Weak

Overseas: Neutral The market is under the saturation.

Markets are under growth and have the room for entry.

The threat of

substitute products or services

Domestic: Weak

Overseas: Strong

Soy sauce is distinguished from other seasonings.

Other seasonings can be used instead of soy sauce.

The bargaining power

of customers

Domestic: Strong

Overseas: Strong

Tendency of Soy sauce price decline.

Price influences a willingness to buy soy sauce.

The bargaining power

of suppliers

Domestic: Strong

Overseas: Strong

Depends on import of main materials like soybeans.

Depends on import of main materials like soybeans.

The intensity of

competitive rivalry

Domestic: Weak

Overseas: Neutral Maintains top share for years.

A lot of competitors in China.

Sale Operating income

Domestics 159,541 7,168

(segments) Sale Operating income

Foods manufacturing 150,456 5,678

Soy Sauce 47,173 2,221

Foods 56,347 1,608

Other products 47,097 2,871

Others 19,636 1456

Sale Operating income

Overseas 126,009 11873

(segments) Sale Operating income

Foods manufacturing 46,699 8007 Foods 35161 4150

Other products 115,295 3857

Whole Sale 85,273 3929

Foods

manufac

turing

33% Whole

Sale

67%

Overseas segments

Exhibit4

From SOYSAUCE INFORMATION CENTER website

Exhibit5

From; Kikkoman’s website

Exhibit6

6-1.

6-2.

6-3.

0

1

2

3

4

5

6

7

2006 2007 2008 2009 2010

Kikkoman

Kagome

ROE ROE ROE ROE

0

1

1

2

2

3

3

4

2006 2007 2008 2009 2010

Kikkoman

Kagome

ROA

0

0

0

1

1

1

1

1

2

2006 2007 2008 2009 2010

Kikkoman

Kagome

Total Assets Turnover

6-4.

6-5.

6-6.

0

1

1

2

2

3

3

4

2006 2007 2008 2009 2010

Kikkoman

Kagome

Net Profit Ratio

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2006 2007 2008 2009 2010

Kikkoman

Kagome

D/E ratio

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

2006 2007 2008 2009 2010

Kikkoman

Kagome

Interest Coverage Ratio

6-7.

From, Kikkoman’s annual report

0

10

20

30

40

50

60

70

2006 2007 2008 2009 2010

Kikkoman

Kagome

Capital ratio

Exhibit7: Risk premium

Market Japanese govermentbond of 10 years Risk Premium

1972 72.1 6.91 65.19

1973 30.3 6.99 23.31

1974 -11.4 8.12 -19.52

1975 5.9 8.36 -2.46

1976 16.1 8.23 7.87

1977 11.7 7.43 4.27

1978 15 6.31 8.69

1979 10.8 7.25 3.55

1980 8.4 8.44 -0.04

1981 21 8.18 12.82

1982 2.1 8.03 -5.93

1983 23 7.83 15.17

1984 29.4 7.39 22.01

1985 27 6.65 20.35

1986 40.1 5.49 34.61

1987 46.2 4.87 41.33

1988 14.6 4.97 9.63

1989 22.4 5.01 17.39

1990 -15.9 6.75 -22.65

1991 -11.3 6.32 -17.62

1992 -24.8 5.27 -30.07

1993 13.7 4.29 9.41

1994 7.3 4.22 3.08

1995 -13.1 3.47 -16.57

1996 17.7 3.13 14.57

1997 -9.4 2.36 -11.76

1998 -10.2 1.52 -11.72

1999 23.1 1.73 21.37

2000 19.5 1.71 17.79

2001 -15.1 1.29 -16.39

2002 -14.3 1.28 -15.58

2003 -2.5 0.99 -3.49

2004 27.4 1.50 25.90

2005 17.1 1.36 15.74

2006 30.5 1.75 28.75

2007 4.5 1.70 2.80

2008 -26.2 1.52 -27.72

2009 -20.8 1.36 -22.16

2010 4.4 1.19 3.21

Average market risk premium 5.26%

Exhibit8

From Ministry of Public Management of Japan Website

From World Bank website

Exhibit9:WACC

From Kikkoman’s annual report

Risk free rate 1.17%

Risk puremium 5.26%Levered beta 0.871Cost of equity 6.28%Cost of debt 1.71%Tax rate 40.7%Debt 84609Total net assets 171673After-tax WACC 4.54%Discount rate 1.05

Shares issued 210383202

Exhibit10：Balance Sheet (millions of yen) by Base story

Aseet 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Cash and time deposit 26667 30247 28435 28377 28322 28359 28308 28260 28262 28170 28128

Funds surplus 0 0 0 0 0 0 0 0 0

Acounts receivable trade 40907 38608 38729 38650 38575 38625 38556 38491 38494 38368 38311

Inventries 32231 30983 25039 24989 24940 24972 24928 24886 24887 24806 24769

Defferd tax assets 4266 4988

others 10520 4620 7222 7208 7194 7203 7190 7178 7179 7155 7145

Tota l current assets 114591 109446 99426 99224 99031 99159 98983 98815 98822 98501 98354

Total tangible assets 97955 96323 96624 96429 96241 96365 96194 96031 96038 95725 95583

Goodwill 27414 25189

others 2255 2593 2874 2869 2863 2867 2862 2857 2857 2848 2843

Total intangible fixed assets 29669 27782 2874 2869 2863 2867 2862 2857 2857 2848 2843

Total investments and other assets 68960 65316 50300 50198 50100 50165 50076 49991 49995 49832 49758

(Investment in securities) 24349 21303 23169 23122 23077 23107 23066 23027 23029 22954 22920

(Long-term loans reciable) 2891 1318 2210 2206 2202 2204 2201 2197 2197 2190 2187

Tota l f i xed assets 196584 189421 149799 149495 149204 149396 149132 148879 148889 148405 148184

Tota l assets 311175 298867 249224 248720 248234 248555 248115 247694 247712 246905 246538

Liabi l i ti es 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Accounts payable trade 14507 14626 12349 12324 12300 12315 12294 12273 12274 12234 12215

Short-term loans payable 7703 2854 2854 0 0 0 1 0 0 0 0

New borrowing 0 0 0 0 0 0 0 0 0

Current portion of lomg-term debt 2259 2200 2200 2200 2200 2200 2200 2200 2200 2200 2200Bonds and convertible bomds of lomg-term debt 0 0 0 0 0 0 0 0 0

Income tax repayable 2316 2030

others 19074 19794 19794 19794 19794 19794 19794 19794 19794 19794 19794

Tota l current l i abi l i ti es 45859 41504 37197 34318 34294 34310 34288 34267 34268 34228 34210

Bonds 60000 60000 60000 60000 60000 60000 60000 60000 60000 60000 60000

Convertible bonds 0 0 0 0 0 0 0 0 0

Long-term loans payable 21950 19555 19555 19555 19555 19555 19555 19555 19555 19555 19555

Reserve for retirement benefits 4017 3922 3922 3922 3922 3922 3922 3922 3922 3922 3922

Reserve for retirement benefits for officers 1142 1099 1099 1099 1099 1099 1099 1099 1099 1099 1099

Dffered tax liabilities 3399 2287

Asset retirement obligation 0 0 0 0 0 0 0 0 0

others 7722 7899 7899 7899 7899 7899 7899 7899 7899 7899 7899

Tota l f i xed l i abi k i ti es 98230 94762 92475 92475 92475 92475 92475 92475 92475 92475 92475

Tota l l i abi l i ti es 144089 136266 129672 126793 126769 126785 126763 126742 126743 126703 126685

Net asset 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Common stock 11599 11599 11599 11599 11599 11599 11599 11599 11599 11599 11599

Capital surplus 21212 21210 21210 0 5768 5770 5773 5775 5782 5791 21212

Legal reserve of retained earnings 151579 156248 161149 165974 170786 175479 180104 184698 189392 194217 199086

Treasury stocks -4066 -5214others 1 0 0 0 0 0 0 0 0 0

Shareholder's equi ty 180324 183844 193958 177573 188153 192848 197476 202072 206773 211607 231897

Accumulated other comprehensive profit -15046 -23112 -23112 -23112 -23112 -23112 -23112 -23112 -23112 -23112 -23112

Wrrant 185 179 179 179 179 179 179 179 179 179 179

Shares of minor shareholders 1623 1690 2551 3404 4256 5095 5926 6754 7593 8446 9304

Tota l net assets 167086 162601 173577 158044 169475 175010 180469 185893 191433 197120 218268

Tota l l i abi l i ti es and net assets 311175 298867 303248 284837 296244 301794 307232 312635 318176 323823 344952

Exhibit11

Consolidated profit and loss statement 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Net sales 285690 283463 284350 283774 283220 283586 283085 282604 282624 281704 281285

Cost of sales 166925 168148 168674 168333 168004 168221 167924 167638 167650 167105 166856Gross prof i t 118765 115315 115676 115442 115216 115365 115161 114965 114974 114600 114429

Depliciation 12036 12150 12518 12557 12532 12507 12523 12501 12480 12481 12440Others 85644 83957 85242 85070 84904 85013 84863 84719 84725 84449 84323

Selling, general and administrative expenses 97680 96107 97760 97627 97435 97520 97386 97220 97205 96930 96764Operaring i ncom 21085 19208 17916 17815 17781 17845 17775 17746 17769 17670 17665

Interest incom 247 189 842 799 809 524 466 439 601 946 1032Divident income 500 623 589 589 589 589 589 589 589 589 589others 2600 2610 2959 2959 2959 2959 2959 2959 2959 2959 2959

Non-operating income 3347 3422 4390 4347 4357 4072 4014 3987 4149 4494 4580Interest payed 1543 1446 1331 1331 1331 1331 1331 1331 1331 1331 1331others 3753 4433 4440 4440 4440 4440 4440 4440 4440 4440 4440

Non-operating expenses 5296 5879 5772 5772 5772 5772 5772 5772 5772 5772 5772Ordinary i ncome 19136 16751 16534 16390 16366 16146 16017 15961 16146 16392 16474

Extraordinary profit 412 2307 3238 3238 3238 3238 3238 3238 3238 3238 3238

Extraordinary loss 4718 5611 4809 4809 4809 4809 4809 4809 4809 4809 4809Net i ncome before i ncome tax 14830 13447 14962 14819 14795 14574 14446 14389 14574 14820 14902

Total income, inhabitant and business tax 6142 5593 6090 6031 6021 5932 5879 5856 5932 6032 6065Net i ncome before minori ty s tockholder's prof i t 8688 7854 8873 8787 8773 8642 8566 8533 8643 8788 8837

Minority stockholder's profit 86 84 861 853 852 839 831 828 839 853 858Net i ncome 8602 7770 8011 7935 7922 7803 7735 7704 7804 7935 7979

Exhibit12

Cash flow statement 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Net income 8602 7770 8011 7935 7922 7803 7735 7704 7804 7935 7979

Depliciation 12036 12150 12518 12557 12532 12507 12523 12501 12480 12481 12440

Acounts receivable trade -1009 2299 -121 78 75 -50 68 65 -3 125 57

Inventries -3267 1248 5944 51 49 -32 44 42 -2 81 37

Defferd tax assets 654 -722 4988 0 0 0 0 0 0 0 0

Dffered tax liabilities 197 5900 -2602 15 14 -9 13 12 -1 23 11

Others(current assets) 653 119 -2277 -25 -24 16 -22 -21 1 -40 -18

Accounts payable trade -3853 -286 -2030 0 0 0 0 0 0 0 0

Income tax repayable 1896 -1112 -2287 0 0 0 0 0 0 0 0

Operating cash f l ow 15909 27366 22143 20610 20567 20235 20361 20305 20279 20606 20506

Total current assets -1284 1632 -301 196 188 -124 171 163 -7 313 143

Goodwill 2757 2225 25189 0 0 0 0 0 0 0 0

Others(intangible fixed assets) 414 -338 -281 6 6 -4 5 5 0 9 4

Total investments and other assets -952 3644 15016 102 98 -65 89 85 -4 163 74

0 0 0 0 0 0 0 0 0 0 0

Depliciation -12036 -12150 -12518 -12557 -12532 -12507 -12523 -12501 -12480 -12481 -12440

Investment cash f l ow -11101 -4987 27105 -12254 -12240 -12700 -12259 -12248 -12491 -11996 -12219

Free cash f l ow 4808 22379 49248 8357 8328 7535 8103 8057 7789 8610 8286

Short-term loans payable -2655 -4849 0 -2854 0 0 0 0 0 0 0

New borrowing 0 0 0 0 0 0 0 0 0 0 0

Current portion of lomg-term debt 1876 -59 0 0 0 0 0 0 0 0 0

Bonds and convertible bomds of lomg-term debt 0 0 0 0 0 0 0 0 0 0 0

Others(current liabolities) 1268 720 0 0 0 0 0 0 0 0 0

Bonds 0 0 0 0 0 0 0 0 0 0 0

Convertible bonds 0 0 0 0 0 0 0 0 0 0 0

Long-term loans payable -4259 -2395 0 0 0 0 0 0 0 0 0

Reserve for retirement benefits 618 -95 0 0 0 0 0 0 0 0 0

Reserve for retirement benefits for officers -198 -43 0 0 0 0 0 0 0 0 0

Others(fixed liabolities) -312 177 0 0 0 0 0 0 0 0 0

Common stock 0 0 0 0 0 0 0 0 0 0 0

Capital surplus 0 -2 0 -21210 5768 2 3 2 7 9 15421

Legal reserve of retained earnings 9 9 -3110 -3110 -3110 -3110 -3110 -3110 -3110 -3110 -3110

Treasury stocks -255 -1148 5214 0 0 0 0 0 0 0 0

Others(owner's equity) -1 1 -1 0 0 0 0 0 0 0 0

Accumulated other comprehensive profit -31 -8066 0 0 0 0 0 0 0 0 0

Warrant 79 -6 0 0 0 0 0 0 0 0 0

Minority stockholder's equity -21 67 861 853 852 839 831 828 839 853 858

Divident paid -3114 -3110 0 0 0 0 0 0 0 0 0

F inancia l cash f l ow -6996 -18799 2964 -26321 3509 -2269 -2275 -2280 -2264 -2248 13169

Decrease and i ncrease i n cash and time depos i t -2188 3580 52212 -17964 11837 5266 5827 5777 5525 6361 21455

Cash and time deposit at beginning of year 28855 26667 30247 28434.99298 28377.4119 28322.02878 28358.64721 28308.45867 28260.3789 28262.41384 28170.42188

Cash and time depos i t at end of year 26667 30247 82459 10471 40215 33588 34186 34085 33785 34624 49626