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2015年7月 - イオンディライト
Contents
1. SR Inc SR Inc
2. 2021 2 1 800 M amp A 2021 2 10
3. 10 2 1 1 1 700 17 1 600 5 496o 16 1 500 15 1 400 14 1 300 13
4. I 17 17
5. DIC TOKATI
6. WwWw sharedresearch jp e hared eseatch a 27 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 2012 10 2011 2011 4 2012 3 3 7 130 3 1 2 2009
7. 10 2012 8 WAON EV
8. SR FYO2 13 FY02 14 FY02 15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 11 081 18 884 15 767 7 339 15 888 13929 8 254 7 559 11 858 11 133 9366 9615 YoY 96 4 126 8 121 7 1 396 43 4 26 296 47 796 3 096 25 496 20 196 13 5 27 2 461 796 450 502 851 764 474 491 741 754 678 634 YoY 30 6 23 696 1 796 4 4 84 6 4 0 SY A AO SO LC 4 2 4 2 2 9 6 8 5 4 5 5 5 7 6 5 6 2 6 8 7 2 6 6 SR LED 8 0 LED LED 8 8
9. 5 SR 3 1 3 4 2015 2 17 2
10. FMS 350 326 300 245 250 5 194 58 se 44 1 09 109 al9 100 da i 47 1 134 140 142 0 16 22 33 87 94 6 7 8 mE 10 20 30 40 10 20 30 40 10 2 3Q 1Q 2Q FY2 12 FY2 13 FY2 14 FY2 15 SR 2014 2 3196 2017 2 3596
11. www sharedresearch jp sSharedd eSeafCh lt 23 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 2014 2 2 1 2014 4 2017 3 10 ESCO
12. BtoBtoC FMS 2014 2 47 20 2011 24 365 200
13. 13 1 2331 2013 3 23 2 1 9735 34 2 2012 2 2014 2 30 17 2014 3 2015 2 100 53
14. 2011 5 BEMS 2011 4 2012 12 A LED
15. VOYAGE GROUP SBS KLab J GCA
16. 6 2008 6 19 Good Job www sharedresearch jp sSharedd eSeafch a 70 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08
17. 5 3 1 4 2016 2 www sharedresearch jp 44 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 FYO2 13 FY02 14 FY02 15 o Qi1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11081 18884 15 767 7 339 15 888 13 929 8 254 7 559 11858 11 133 9 366 YoY 96 496 126 8 121 7 1 396 43 496 26 29 6 47 7 3 0 25 4 20 196 13 59 461 796 450 502 851 764 474 491 741 754 678 YoY 30 6 23 6 1 7 4 496 84 6 4 09 6 53 2 29 129 1 396 43 09 4 296 4 296 2 9 6 8 5 496 5 5
18. MM BEMS o loT www sharedresearch jp s hared eseatch a 06 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 FY02 14 FY02 15 FY02 16 4 Plc5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 10 622 10 848 11 198 10 790 11 228 11 642 11 532 11 437 12 103 YoY 2 4 0 9 5 29 5 0 5 7 7 3 3 0 6 0 7 8 1151 1266 1188 1 120 1 029 1 098 1 074 1 016 YoY 4 2 3 8 10 0 10 8 10 6 13 3 9 69 9 3 10 8 11 796 10 6 _ 10 496 9 296 9 4 9 3 8 9 SR
19. 2015 2 7 0 8 3 2015 2 1 2 2016 2
20. 500 35 5 x 1 335 17 4 000 6 1 800 G55 000 x 17 4 000 M amp A M amp A
21. AEON DELIGHT VIETNAM CO LTD 100 FMS PP AEON DELIGHT MALAYSIA SDN BHD 100 FMS FMS FMS FMS
22. 3 7 3 6 3 SR 2015 2 1 2 2015 175 000mz
23. 2013 2 6 2 113 kWh 22 kWh 465 2014 4 800 JR
24. 13 96 296 3 8 7 1 103 3 3 3 2016 2 FYO2 13 FY02 14 FY02 15 4 Pgjrb Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Q1 Q2 Q3 9525 9 769 10 057 9 933 10 721 11 023 11542 11 257 11 713 11609 12 175 YoY 5 1 4 5 7 3 11 1 12 6 12 8 14 8 13 3 9 3 5 3 5 5 273 320 381 488 573 636 533 591 464 490 436 YoY 6 2 21 8 41 6 63 2 109 9 98 8 39 9 21 19 19 0 23 0 18 2 2 9 3 3 3 8 4 9 5 3 5 8 4 6 5 3 4 0 4 2 3 6 SR
25. 1 2 8 lt 9 20 25 8 3 FYO2 11 FYO2 12 FY02 13 FYO2 14 FYO2 15 40 74 Pl Q1 Q3 Q4 16 420 28 513 53 071 45 630 41 972 11 858 11 133 9 366 9 615 YoY 18 2 73 6 86 1 14 0 8 0 25 4 20 1 13 596 27 2 1 214 1 936 2 209 2 580 2 807 741 754 678 634 YoY 8 1 59 596 14 196 16 896 8 8 9 6 SG 43 0 29 7 4 6 8 4 2 5 7 6 7 6 2 6 8 72 6 6 SR
26. 65 66 66 amp 67
27. BPO GSI GSI GSI SR FM 2015 2
28. 2015 2 SR FY02 11 FYO02 12 FY02 13 FY02 14 FYO02 15 FY02 15 6 jj Qi1 Q2 Q4 18 718 36 730 39 284 44 543 47 618 11 713 11 609 12 175 12 121 YOY 96 29 7 0 13 496 6 996 9 396 5 396 5 596 7 7 627 1 234 1 462 2 333 2 111 464 490 436 721 YoY 96 8 18 5 59 696 9 596 19 0 23 0 18 29p 22 09 396 3 496 3 7 5 296 4 496 4 096 4 296 3 6 5 996 SR
29. 2014 2 13 596 2 2010 2 4 8 gt 9 1 2 2 www sharedresearch jp Shared eseatch a 15 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08
30. 2002 2006 2012 2013 2015 2 12 087 5 703 3 899 2 268 2015 2 46 7 10 4 4 731 2 895
31. www sharedresearch jp sShared eSeafCh lt 53 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 FMS FMS 140 47 58 58 2E0 245 204 Eo 200 aa 109 100 47 1 134 136 140 50 33 16 Z lt 6 7
32. 1 2015 2 PC 2 a 3 1 2015 2 2 3 ESCO 2016 2 2015 4
33. 7 8 www sharedresearch jp sShared eSeafcHh 22 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 FY02 11 FY02 12 FY02 13 FY02 14 FY02 15 FY02 15 e Qi1 Q2 Q3 Q4 17 188 32 280 31 200 33 329 34 825 8 330 9 471 8 003 9 021 YoY 87 896 3 396 6 896 4 596 11 1 8 7 7 0 6 49 1 480 2 330 2 396 3 068 2 965 551 894 506 1 014 YoY 57 49 2 896 28 0 3 49 3 0 10 1 16 9 21 39 8 696 7 296 7 7 9 2 8 596 6 69 9 496 6 396 11 2 SR 4 11 2014 2 7
34. 6 BEMS BEMS BEMS BEMS BEMS LAN e
35. www sharedresearch jp Shared eSeafch a 19 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 FY02 11 FYO02 12 FYO02 13 FY02 14 FY02 15 FY02 15 4 PzlgD Qi1 Q2 Q3 Q4 40 019 42 147 42 050 43 458 45 839 11228 11642 11 532 11 437 YoY 4 0 5 3 0 2 3 3 5 596 5 796 7 3 3 0 6 0 5 115 5 084 4 661 4 725 4 217 1 029 1 098 1 074 1 016 YoY 13 5 0 6 8 3 1 4 10 89 10 6 13 3 9 6 9 3 12 8 12 196 11 1 10 9 9 2 9 2 9 496 9 3 8 9 SR 24 365 SC RT
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37. FMS SR www sharedresearch jp s hared eseatch a 31 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 4 M amp A
38. 15 11 FYO02 11 FY02 12 FY02 13 FY02 14 FY02 15 FYO02 15 1 el 6 Q4 32 088 32 235 31 805 34 242 36 622 8 935 8 891 9 305 9 491 YoY 6 496 0 59 1 3 7 7 7 0 5 9 6 3 9 7 6 0 2 764 2 823 2 692 2 865 3 102 695 717 824 866 YoY 0 9 2 1 4 6 6 4 8 396 8 396 2 4 8 396 13 696 8 696 8 896 8 596 8 4 8 596 7 8 8 1 8 9 9 196 SR
39. 4 FMS www sharedresearch jp 49 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 8905 2015 2 7 2016 2 10 5 2017 2 9 2015 2
40. FY02 13 FY02 14 FYO02 15 a Qi1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 Ql1 Q2 Q3 Q4 7 508 8 571 7419 7 702 7498 8716 7479 9 636 8330 9471 8 003 9021 YoY 4 0 2 19 5 9 1 6 0 19 6 1 796 0 89 25 1 11 1 8 7 7 0 6 49 454 728 432 782 535 812 433 1 288 551 894 506 1 014 YoY 8 59 9 89 6 5 99 9 8 17 89 6 11 596 0 2 64 79 3 096 10 1 16 9 21 390 6 0 8 5 5 8 10 2 7 1 9 3 5 8 13 4 6 6 9 4 6 32 11 2 SR 2014 2 FYO2 13 FY02 14 FY02 15 6 Pb Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 072 2218 3 509 3 024 2 964 3 433 3 604 3 550 3 460 3 859 3 735 4468 YoY 23 0 13 596 62 49 38 7 43 1 54 89 2 79 6 17 4 16 796 12 49 3 6 25 9 40 191 293 20 77 323 312 117 308 369 179 252 YoY 33 2 92 5 69 1
41. 2013 2 68 10 2 2007 2 39 99 6 2010 2 64 29 ROE 2011 2 M amp A 20 2014 2 30 99 2015 2 30 56 www sharedresearch jp sSharedd eSeafCh lt 64 72 R Shared Research
42. Shared Research SR Inc SR Inc SR Inc SR Inc SR
43. LED CO2 eco LED 450 2008 2011 LED 1 1
44. 8 2014 2 2013 2 200 M amp A 100 9 2014 2 www sharedresearch jp Shared eSeafch 63 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 2011 2 315 153
45. 163 9 8 2013 2 139 1 1 LED 22 14 1 15 18 5 5 223 1 www sharedresearch jp sSharedd eSeafCh lt 59 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 2013 2 0 5 9 75 8 6 2013 2 M amp A 2012 10 www
46. ESCO Energy Service Company ESCO 2 1 Re SR www sharedresearch jp sShared eSeafch 54 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 Windows XP 5 7
47. WAON IC www sharedresearch jp sShared eSeafch 33 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 FE 1 HP www sharedresearch jp Shared eSeafCh lt 34 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 2015 2 2015 4 9 FY02 08 FYO2 09 FYO2 10 FYO2 11 FYO2 12 FYO2 13 FY02 14 FY02 15 FY02 16 137 519 145 690 140 299 170 905 219 797 248 876 257 243 270 000 266 705 280 000 YoY 23 7 5 9 3 7 21 8 28 6 13 2 3 4 5 0 3 7 5 0 18 827 20 955 21 118 23 989 28 631 30 227 33 714 35 117 YoY 18 1 11 3 0 8 13 6 19 4 5 6 11 5 4 2 13 7 1
48. 3 Ne1 2017 2 359 2014 2 310 2017 2 35 40 FMS 2014 2
49. 7 10 LED LED 2013 2 260 2012 2 74 LED LED 3 7 60 53 1 50 45 6 40 28 5 30 20 16 4 4 30 0 10 21 1 FY2 11 FY2 12 FY2 13 FY2 14 LED ED SR www sharedresearch jp sShared eSeafch 21 72 R Shared Research Report 9787
50. FY02 14 FY02 15 FY02 16 4 Plg Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Qi1 Q2 Q3 Q4 3 002 3 473 3 660 3 583 3 465 3 870 3 726 4 471 4 215 YOY 44 796 56 6 2 896 16 096 15 496 11 4 1 896 24 8 21 696 323 312 117 308 369 179 252 YoY 92 5 69 19 6 59 300 096 14 296 42 696 115 49 2 6 9 326 6 526 3 3 8 9 9 596 4 826 5 6 D SR 48 2 www sharedresearch jp sShared eSeafCh lt 08 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 a FY02 14 FY02 15 FY02 16 133 552 123 691 257 243 134 049 132 656 266 705 138 000 142 000 280 000 YoY 5 3 1 3 3 4 0 4 7 2 3 7 2 9 7 0 5 0 116 570 106 958 223 528 116 771 114 817 231 588 16 981 16 733 33 714 17 278 17 839 35 117 YoY 13 3 9
51. www sharedresearch jp sSharedd eSeafCh lt 45 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 FY02 13 FY02 14 FY02 15 ET Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Qi1 Q2 Q3 7 508 8 571 7 419 7 702 7 498 8 716 7 479 9 636 8 330 9 471 8 003 YoY 4 0 2 1 5 99 1 69 0 19 1 7 0 8 25 1 11 1 8 7 7 0 454 728 432 782 535 812 433 1 288 551 894 506 YoY 8 596 9 8 5 996 9 8 17 8 11 59 6 0 2 64 7 3 0 10 19 16 9 6 0 8 5 5 8 10 2 7 1 9 3 5 8 13 4 6 6 9 4 6 3 SR 2014 2 3 FYO2 13 FY02 14 FY02 15 4 PD Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2 072 2 218 3 509 3 024 2 964 3 433 3 604 3 550 3 460 3
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53. 8 1 FY02 08 FY02 09 FYO02 10 FYO02 11 FYO02 12 FY02 13 FYO02 14 FYO02 15 18 827 20 955 21 118 23 989 28 631 30 227 33 714 35 117 13 7 14 4 15 1 14 0 13 0 12 1 13 19 13 296 8 330 9 946 9 970 12 031 13 762 13 901 15 115 15 861 6 1 6 8 7 1 7 0 6 3 5 69 5 9 5 9
54. FMS 100 From Japan Made in China FMS PP 70 0 BPO 51 0 2013 9 M amp A 51 0
55. 00 FY02 13 FY02 14 FY02 15 el 02 Q3 Q4 Q1 Q2 Q3 Q4 el Q2 Q3 10 371 10 753 10 646 10 280 10 622 10 848 11 198 10 790 11228 11 642 11 532 YoY 2 0 0 4 1 0 0 3 24 0 9 5 2 5 0 5 7 7 3 3 0 1105 1220 1080 1256 1151 1266 1188 1120 1029 1 098 1 074 YoY 16 0 8 8 15 2 87 42 3 8 10 0 10 8 10 6 13 3 9 6 10 7 11 396 10 196 12 296 10 896 11 796 10 696 10 496 9 296 9 496 9 396 SR BEMS 3 5 3 11 2
56. 3 93 2015 2 2016 2 1 ESCO 2 ESCO 100 2016 ESCO ESCO ESCO Web 10 15
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58. 1 2 3 IT 2015 2 3 30 IT www sharedresearch jp sSharedd eSeafCh lt 16 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08
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60. 9 3 19 www sharedresearch jp NIR 56 72 R Shared Research Report 9787 gt LAST UPDATE 2015 07 08 FY02 13 FYO02 14 FY02 15 Palw Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Qi1 Q2 7 508 8 571 7 419 7 702 7 498 8 716 7 479 9 636 8 330 YoY 4 096 2 196 5 996 1 696 0 19 1 79 0 8 25 1 11 1 454 728 432 782 535 812 433 1 288 551 YoY 8 59 9 8 5 996 9 8 17 8 11 596 0 29 64 796 3 096 6 0 8 596 5 896 10 296 196 9 39 5 896 13 49 6 696 SR 2014 2
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143. LAST UPDATE 2015 07 08 FY02 08 FY02 09 FYO02 10 FYO02 11 FYO02 12 FYO02 13 FYO02 14 FYO02 15 FY02 16 137 519 145 690 140 299 170 905 219 797 248 876 257 243 266 705 280 000 YoY 23 7 5 9 3 7 21 8 28 6 13 2 3 4 3 7 5 0 18 827 20 955 21 118 23 989 28 631 30 227 33 714 35 117 YoY 18 1 11 3 0 8 13 6 19 4 5 6 11 5 4 2 13 7 14 4 15 1 14 0 13 0 12 19 13 19 13 2 8 330 9946 9 970 12031 13 762 13 901 15115 15 861 17 000 YOY 49 496 19 4 0 2 20 79 14 4 1 0 8 7 4 99 29 6 1 6 8 7 1 7 0 6 396 5 696 5 99 5 996 6 196 8 186 9 812 9 912 12 089 13 784 13 892 15 092 15 943 17 000 YoY 49 2 19 9 1 0 22 0 14 0 0 8 8 6 5 6 6 6 6 0 6 7 7 1 7 1 6 3 5 69 5 99 6 0 6 1 4 379 4 876 5 466 6 495 6 912 7 509 8 161 8 725 9 400 YoY 46 1 11 3 12 1 18 8 6 4 8 6 8 7 6 9 7 7 3 29 3 396 3 9 3 8 3 1 3 0 3 2 3 3 3 4 a 41 400 41 400 41400 54 170 54 170 54 170 54 170 54 170 EPS 110 123 138 143 132 143 156 166 179 EPS 123 138 142 132 143 155 166 DPS 25 22 27 39 40 46 48 50 52 BPS 567 669 788 1006 1096 1202 1325 1 436 7 673 6991 7964 13 098 9 707 10 014 12 565 15 580 28 764 30 150 30 026 64 524 72
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151. 8 1Q 20 30 40 10 20 30 40 10 20 30 4 FY2 12 FY2 13 FY2 14 FY2 15 SR FY02 13 FY02 14 FY02 15 Qi Q2 Q3 Q4 Q1 Q3 Q4 Qi1 Q2 10 371 10 753 10 646 10 280 10 622 10 848 11198 10 790 11 228 YoY 2 0 0 4 1 0 0 3 2 496 0 9 5 296 5 096 5 796 1 105 1 220 1 080 1 256 1 151 1 266 1 188 1 120 1 029 YoY 16 0 8 8 15 2 8 7 4 296 3 8 10 0 10 8 10 69 10 796 11 3 10 1 12 2 10 8 11 7 10 696 10 496 9 2 SR BEMS BEMS BEMS BEMS UN BEMS BEMS
152. 8 11 5 1 7 6 6 4 2 12 7 13 596 13 196 12 996 13 496 13 2 9 406 9 193 18 599 9 575 19 256 7 0 7 4 7 2 7 1 7 2 7 575 7 540 15 115 7 702 8 159 15 861 8 000 9 000 17 000 YoY 6 5 11 1 8 7 1 7 8 2 4 9 3 9 10 3 7 2 5 7 6 1 5 9 5 796 6 2 5 9 5 8 6 3 6 1 7 571 7 521 15 092 7 725 8 218 15 943 8 000 9 000 17 000 YoY 6 3 11 1 8 6 2 0 9 3 5 6 3 6 9 5 6 6 5 7 6 1 5 9 5 896 6 2 6 0 5 8 6 3 6 1 4 147 4 014 8 161 4 380 4 345 8 725 4 500 4 900 9 400 YoY 5 1 12 6 8 7 5 696 8 2 6 9 2 7 12 8 7 7 SR 2017 2 2016 2 2 000 21 000 2016 2 2017 2 330 000 21 000 2 2015 2 270 000 16 000 2016 2 17 000
153. 859 3 735 YoY 23 0 13 596 62 4 38 7 43 1 54 89 2 7 17 4 16 79 6 12 4 3 696 40 191 293 20 77 323 312 117 308 369 179 YoY 33 2 92 5 69 1 6 5 300 0 14 2 42 696 1 9 8 6 8 3 _ 0 7 2 6 9 4 8 7 3 3 8 9 9 6 4 8 SR 51 2 3 2014 2 1
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156. Report 9787 gt LAST UPDATE 2015 07 08 2 FY02 09 FYO02 10 FYO02 11 FYO02 12 FY02 13 FYO02 14 FYO02 15 1 6 668 7 031 6 808 9 639 4 358 21 359 17 234 2 2 087 1 966 3 000 10 051 7 086 16 632 11 365 FCF 1 2 4 581 5 065 3 808 412 2 728 4 727 5 869 5 255 4 169 1 321 2 722 2 257 2 475 2 594 A 1 495 1 593 1 787 2 345 2 237 2 432 2 466 B 707 912 792 1 184 1 607 1 999 1 903 C 108 172 32 1 749 13 319 9 143 689 FCF NI A B C 5 556 6 319 7 522 6 324 5 180 17 737 9 977 SR 2013 2 LED
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160. 3 4 14 0 13 4 SR 2014 3 1 10 6 2 www sharedresearch jp NIR 55 72 R Shared Research Report 9787 gt LAST UPDATE
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162. 4 4 15 1 14 0 13 0 12 1 13 1 13 2 10 496 11 008 11 148 11 957 14 868 16 326 18 599 19 256 YoY 1 2 4 9 1 3 7 3 24 3 9 8 13 9 3 59 7 696 7 6 7 9 7 0 6 8 6 6 7 2 7 2 8 330 9 946 9 970 12 031 13 762 13 901 15 115 16 000 15 861 17 000 YoY 49 4 19 4 0 2 20 7 14 4 1 0 8 7 5 9 4 9 7 2 6 1 6 8 7 1 7 0 6 3 5 6 5 9 5 9 5 9 6 1 8 186 9 812 9 912 12 089 13 784 13 892 15 092 16 000 15 943 17 000 YoY 49 2 19 9 1 0 22 0 14 0 0 8 8 6 6 0 5 6 6 6 6 0 6 7 7 1 7 1 6 3 5 6 5 9 5 9 6 0 6 1 4 379 4 876 5 466 6 495 6 912 7 509 8 161 8 600 8 725 9 400 YoY 46 1 11 3 12 1 18 8 6 4 8 6 8 7 5 4 6 9 7 7 3 2 3 3 3 9 3 8 3 1 3 0 3 2 3 2 3 3 3 4 FY02 08 FYO2 09 FY02 10 FYO2 11 FYO2 12 FY02 13 FY02 14 FY02 15 FY02 16 137 519 145 690 140 299 170 905 219 797 248 876 257 243 270 000 266 705 280 000 40 202 42 253 41 666 40 019 42 147 42 050 43 458 45 839 35 848 36 670 34 281 32 088 32 295 31 805 34 242 36 622 41 098 42 403 45 050 41 142 39 852 40 519 42 320 44 287 16 777 18 515 13 889 16 420 28 513 53 071 45 630 41 972 18 718 36 730 39 284 44 543 47 618 17 188 32 280 31 200 33 329 34 825 3 591 5 846 5 412 5
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