有価証券報告書 沿革 5 3 事業の内容 7 4 関係会社の状況 9 5 従業員の状況 12...
191
有価証券報告書 第111期 自 2016年1月1日 至 2016年12月31日 花王株式会社 東京都中央区日本橋茅場町一丁目14番10号 （Ｅ００８８３）
Transcript of 有価証券報告書 沿革 5 3 事業の内容 7 4 関係会社の状況 9 5 従業員の状況 12...
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111
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20161231
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2017321
111 201611 20161231
Kao Corporation
1410
03-3660-7111
1410
03-3660-7111
21
- 1 -
-
(1)
IFRS
110 111
201512 201612
1,474,550 1,457,610
166,038 183,430
105,196 126,551
93,011 93,284
680,996 679,842
1,311,064 1,338,309
1,358.03 1,379.37
209.82 253.43
209.53 253.18
51.9 50.8
16.1 18.6
29.8 21.9
181,672 184,307
(74,124) (88,639)
(20,773) (95,043)
309,922 303,026
32,282 33,195
[
][13,313] [13,325]
1111IFRS110IFRS
2
3
4
- 2 -
-
106 107 108 109 110 111
2012 201212 201312 201412 201512 201612
1,216,096 1,012,595 1,315,217 1,401,707 1,471,791 1,457,218
110,027 104,214 128,053 138,784 169,273 178,728
52,435 52,765 64,764 79,590 98,862 116,241
41,395 79,524 109,627 102,267 81,276 84,057
549,704 596,083 642,640 672,393 687,133 676,611
991,272 1,030,347 1,133,276 1,198,233 1,281,869 1,307,607
1,031.08 1,116.61 1,227.54 1,313.63 1,347.29 1,348.23
100.46 101.12 126.03 156.46 197.19 232.78
100.43 101.08 125.89 156.24 196.92 232.56
54.3 56.6 55.5 54.9 52.7 50.8
9.8 9.4 10.7 12.4 14.8 17.3
21.6 22.2 26.3 30.4 31.7 23.8
125,032 97,357 178,745 145,118 180,864 183,120
48,952 44,641 57,778 63,808 74,020 88,035
86,163 32,028 67,459 85,022 20,601 94,937
129,737 160,435 227,598 228,662 309,439 302,436
34,069 33,350 33,054 32,707 33,026 31,931
[
][3,216] [2,935] [3,394] [4,290] [4,919] [6,966]
11073201241
201212319
2106107
106
321 25913
411119321
- 3 -
-
(2)
106 107 108 109 110 111
2012 201212 201312 201412 201512 201612
724,531 567,402 768,565 831,107 881,593 897,846
93,148 81,563 111,650 119,051 140,069 149,057
54,030 54,555 74,591 77,274 99,713 107,824
85,424 85,424 85,424 85,424 85,424 85,424
526,213 526,213 516,000 504,000 504,000 504,000
564,095 586,537 600,797 595,739 642,377 655,379
933,596 956,792 985,839 1,051,543 1,131,277 1,170,286
1,077.51 1,120.29 1,169.58 1,185.71 1,277.83 1,326.41
60.00 62.00 64.00 70.00 80.00 94.00
[
][] [29.00] [31.00] [32.00] [34.00] [38.00] [46.00]
103.41 104.44 144.99 151.74 198.67 215.69
103.37 104.39 144.84 151.53 198.39 215.48
60.3 61.2 60.8 56.6 56.7 55.9
9.8 9.5 12.6 12.9 16.1 16.6
21.0 21.5 22.8 31.3 31.5 25.7
58.0 59.4 44.1 46.1 40.3 43.6
5,933 6,052 6,172 6,664 6,970 7,195
107201241201212319
- 4 -
-
1887 6
189010
192211
1925 5
1935 3
1940 5
1940 9
194412
194610
1949 5
12
1954 8
195712
1960 3 20033
1963 3
1964 9 Kao Industrial (Thailand) Co.,Ltd.
12 Kao (Taiwan) Corporation
1965 4
7 Kao (Singapore) Private Limited Kao Singapore Private Limited)
1967 8
1970 3
11 Sinor-Kao S.A.
197411
1975 3 Quimi-Kao S.A. de C.V.
12
1977 1 Pilipinas Kao,Inc.
1978 2
3
1979 5 Molins-Kao S.A.
1980 4
1984 4
1985 2 P.T. Dino Indonesia Industrial,Ltd. PT Kao Indonesia
9 9
10
1986 5 Didak Manufacturing Limited
10 Guhl Ikebana GmbH
1987 7 High Point Chemical Corporation
8 Sinor-Kao S.A.Molins-Kao S.A. Kao Corporation S.A.
1988 4 KAO (Southeast Asia) Pte.Ltd. Kao Singapore Private Limited
5 The Andrew Jergens Company Kao USA Inc.
7 Fatty Chemical (Malaysia) Sdn.Bhd.
1989 5 Goldwell AG Kao Germany GmbH
10 9
199210 Chemische Fabrik Chem-Y GmbH Kao Chemicals GmbH
1993 8
- 5 -
-
1999 3
4 8
8 Kao Chemicals Europe,S.L.
12 Kao Chemicals Americas Corporation
High Point Chemical Corporation
2002 3 Goldwell GmbH Kao Germany GmbHKMSKMS
Research, Inc.
6
9 The Andrew Jergens Company Kao USA Inc.
John Frieda Professional Hair Care, Inc.
2003 3
2004 7
10
2005 7 Kao Prestige Limited201511Molton
Brown Limited
2006 1
2007 4
2009 7 Kao Corporation GmbH Kao Manufacturing Germany GmbH
Reichardt International AG
2011 4
6 ETRC
2012 4
2014 4
2016 1
2016 9
- 6 -
-
1055
6
10 17
Kao (Taiwan) CorporationKao Industrial (Thailand) Co.,Ltd.
Kao Commercial (Thailand) Co.,Ltd.PT Kao Indonesia
Kao USA Inc.Kao Germany GmbH
Kao Manufacturing Germany GmbHMolton Brown Limited
41 55
1 4
Kao (Taiwan) Corporation
Pilipinas Kao,Inc.Kao Industrial (Thailand) Co.,Ltd.
Fatty ChemicalMalaysiaSdn. Bhd.Kao America Inc.
Kao Specialties Americas LLCKao Chemicals GmbH
Kao Chemicals Europe, S.L.Kao Corporation S.A.
14 24
6 7
Misamis Oriental Land Development Corporation
7 8
1
6 (1
2
3
- 7 -
-
- 8 -
-
(1
(2
20161231
10
100.0 - -
1 14
1,830
2
100.0
[100.0]
-
7,500 100.0 -
100
2
100.0
[100.0]
- - -
15
3
100.0
[66.5]
-
1
2,603,727
100.0
-
1
564,200
4
100.0
[15.0]
-
-
1
588,502
5
100.0
[100.0]
- - -
1
1,348,490
5
100.0
[100.0]
-
-
1
1,271,687
6
100.0
[100.0]
- - -
1
550,000
7
100.0
[10.0]
-
-
Kao (Taiwan)
Corporation
597,300
92.2 -
-
Pilipinas Kao, Inc.
73,835 100.0 -
-
Kao Industrial
(Thailand) Co.,Ltd.
2,000,000
100.0 -
-
- 9 -
-
Kao Commercial
(Thailand) Co.,Ltd.
2,000
8
100.0
[52.6]
- - -
Fatty Chemical
(Malaysia) Sdn.Bhd.
120,000
9
70.0
[70.0]
-
-
1
PT Kao Indonesia
1,064,706
72.2
-
Kao USA Inc.
1 100.0 -
-
Kao America Inc.
3,200
100.0 - - -
Kao Specialties
Americas LLC
1
10
100.0
[100.0]
-
-
Kao Germany GmbH
25,000 100.0 - - -
Kao Manufacturing Germany GmbH
13,000 100.0 -
-
Kao Chemicals GmbH
9,101
11
100.0
[100.0]
-
-
Molton Brown Limited
516 100.0 - - -
1
Kao Chemicals
Europe, S.L.
74,035
100.0 - - -
Kao Corporation S.A.
56,411
11
100.0
[100.0]
-
-
1
2
3 66.5
4 15.0
5
6 92.17.9
7 10.0
8 Kao Holdings (Thailand) Co.,Ltd.52.6
9 Kao Singapore Private Limited
10 Kao America Inc. Kao Chemicals Americas Corporation
11 Kao Chemicals Europe, S.L.
12
13 79105
- 10 -
-
14
10
(1 707,220
(2 10,597
(3 7,223
(4 7,577
(5 92,735
(3
20161231
200 40.0 -
550 20.8 -
-
35
(4
- 11 -
-
(1)
20161231
17,771 [7,044]
5,445 [2,468]
4,801 [3,419]
28,017 [12,931]
3,460 [210]
1,718 [184]
33,195 [13,325]
1
[ ]
2
3
(2)
20161231
7,195 41.4 18.1 7,984
1,757
1,759
993
4,509
1,077
1,609
7,195
1
2
3
(3)
UA
- 12 -
-
(1)
20161120161231IFRS
IFRS
1
%
201612 14,576 1,856 12.7 1,834 1,279 1,266 253.43
201512 14,746 1,673 11.3 1,660 1,060 1,052 209.82
(1.1)% 10.9% - 10.5% 20.7% 20.3% 20.8%
2%
1%
2016825
500
1.1%14,5763.2%
1,85618312.7%1,834174
1,279219
1253.43209.8243.6120.8%
EVANOPAT
148734
1
(13)
2
(46)
3
(79)
4
(1012)
115.31[119.15] 108.05[121.33] 102.38[122.23] 109.41[121.43]
127.15[134.43] 122.05[134.14] 114.24[135.91] 117.88[132.99]
17.63[ 19.11] 16.55[ 19.56] 15.36[ 19.41] 16.01[ 19.00]
[ ]
- 13 -
-
2015
12
2016
12
2015
12
2016
12
(%) (%)
6,086 6,016 (1.1) 2.9 379 511 132
2,817 2,731 (3.1) 1.3 334 259 (74)
3,353 3,452 2.9 4.7 661 781 120
12,256 12,198 (0.5) 3.0 1,374 1,551 177
2,885 2,738 (5.1) 2.5 286 297 11
15,141 14,936 (1.3) 2.9 1,660 1,848 188
(395) (360) - - 13 8 (5)
14,746 14,576 (1.1) 3.2 1,673 1,856 183
201512
201612
%
%
4,123 4,253 3.2 3.2
2,227 2,153 (3.3) (3.3)
2,888 3,023 4.7 4.7
9,238 9,430 2.1 2.1
1,827 1,808 (1.1) 13.0
897 801 (10.7) (0.5)
899 781 (13.1) (0.8)
(605) (622) - -
12,256 12,198 (0.5) 3.0
1,300 1,240 (4.6) (4.6)
1,058 1,038 (1.9) 12.4
482 446 (7.4) 7.8
648 594 (8.3) 2.4
(603) (580) - -
2,885 2,738 (5.1) 2.5
15,141 14,936 (1.3) 2.9
(395) (360) - -
14,746 14,576 (1.1) 3.2
- 14 -
-
2015
12
2016
12
2015
12
2016
12
(%) (%)
10,198 10,357 1.6 1.6 1,278 1,451 174
2,848 2,815 (1.1) 13.0 209 228 20
1,378 1,247 (9.6) 2.4 78 72 (6)
1,544 1,372 (11.1) 0.5 121 94 (27)
15,968 15,791 (1.1) 3.6 1,685 1,846 161
(1,222) (1,215) - - (11) 10 22
14,746 14,576 (1.1) 3.2 1,673 1,856 183
35.2%33.8%
36.6%
0.5%12,1983.0%
2.1%9,430
1.1%1,80813.0%
10.7%8010.5%
13.1%7810.8%
1,551177
1.1%6,0162.9%
2,5502.8%
20169
iPKANEBO
RMKKATEmedia
511132
- 15 -
-
3.1%2,7311.3%
E
20166
25974
2.9%3,4524.7%
NeoNeo
EX
IROKA
Jaz1
CLEAR
781120
5.1%2,7382.5%
29711
201667
- 16 -
-
(2)
69
3,030
1,843
886
957
950
2
(3)
78IFRS
19321
20151231
20161231
733,233 737,124
548,636 570,483
1,281,869 1,307,607
377,493 422,743
217,243 208,253
594,736 630,996
688,015 709,929
12,407 45,436
889 903
10,636 11,215
687,133 676,611
1,281,869 1,307,607
- 17 -
-
201511
20151231
201611
20161231
1,471,791 1,457,218
164,380 176,186
169,273 178,728
161,579 173,352
99,480 117,491
618 1,250
98,862 116,241
201511
20151231
201611
20161231
99,480 117,491
18,204 33,434
81,276 84,057
82,173 83,213
897 844
201511 20151231
653,950 4,281 944 13,218 672,393
27,931 27,931
626,019 4,281 944 13,218 644,462
61,996 16,688 55 2,582 42,671
688,015 12,407 889 10,636 687,133
201611 20161231
688,015 12,407 889 10,636 687,133
21,914 33,029 14 579 10,522
709,929 45,436 903 11,215 676,611
- 18 -
-
201511
20151231
201611
20161231
180,864 183,120
74,020 88,035
20,601 94,937
5,466 7,151
80,777 7,003
228,662 309,439
309,439 302,436
201511 20151231
(a)
18
02
(b)
26 24517
25 27326
3567
37
32,906
9,69227,931
155.701
1
21 25913
22 25913
7 25913
201441
39
582(4445(4)
574(4)
201611 20161231
(a)
52
01
- 19 -
-
(b)
(22 25913)39
IFRS
201511 20151231
39.
201611 20161231
IFRS12,716
IFRS
4,385
IFRS
IFRS
2,967
IFRS
5,334
201374
- 20 -
-
2017321
(1)
(2)
(3)
(4)
(5)
- 21 -
-
(6)
(7)
BCP
(8)
(9)
(10)
(11)
(12)
(13)
- 22 -
-
1
IOI Oleochemical Industries BerhadFatty Chemical
(Malaysia) Sdn. Bhd.
70.0
21988229
PT Rodamas PT Kao Indonesia 72.2 1994829
1
2 Kao Singapore Private Limited100
BSI
BSIBSI-
2,900
5463.7%
31iTPS
2
80KANEBO
2
UV
UV
eco
242
1:
2:
- 23 -
-
QOLQuality of Life
53
132
3:
Neo
CLEAR
81
91
(1)
1.1%14,5763.2%
1,85618312.7%1,834174
1,279219
1
- 24 -
-
(2)
201512
201612
13,111 13,383 272
6,191 6,468 278
6,920 6,915 (5)
51.9% 50.8% -
1 1,358.03 1,379.37 21.34
1,205 1,206 1
201512 201612
1,817 1,843 26
(741) (886) (145)
1,075 957 (119)
(208) (950) (743)
13,383272139
32869142
2786,468
1015719193
56,9151,279
500162
161451
51.9%50.8%
1,8431,834
511200174
72487
886116
74651
957
950500
451
69
3,030
- 25 -
-
89,673
20,057
41,658
16,012
77,727
11,860
86
89,673
1
2
3
- 26 -
-
(1)
20161231
()
()
()
()
()
()
()
)
16,353 17,581 810
(514)
7,152 41,896 1,684
[135]
4,818 819 376
(43)
951 6,964 1,755
[92]
9,843 12,391 932
(252)
1,318 24,484 309
[8]
5,719 8,251 7,726
(101)
723 22,419 264
[11]
9,089 17,404 2,063
(224)
6,766 35,322 1,245
[25]
3,983 4,535 6,392
(354)
2,268 17,178 274
[8]
1,211 1,620 6,290
(314)
500 9,621 122
[4]
5,751 5,784 1,032
(52)
3,061 15,628 -
[-]
)
11,145 4,883 -
(-)
[62]
1,770 17,798 381
[37]
314 267 2,903
(27)
4 3,488 -
[-]
345 635 1,529
(21)
12 2,521 -
[-]
- 27 -
-
()
()
()
()
()
()
()
337 337 1,931
(37)
7 2,612 -
[-]
2,881 452 2,810
(33)
14 6,157 -
[-]
(2)
20161231
()
()
()
()
()
()
()
8
(
)
1,889 14 5,336
(82)
[3]
3,961 11,200 5,021
[559]
(
)
- - -
(-)- - 310
[16]
(
)
11 - 4,642
(62)
- 4,653 3
[-]
8
(
)
215 - 50
(1)
7,021 7,286 5,892
[1,638]
(
)
- - -
(-)
[44]
- - 398
[106]
(
)
184 56 -
(-)
[27]
3 243 26
[5]
41
(
)
- 106 -
(-)
19 125 620
[4,852]
- 28 -
-
(3)
20161231
()
()
()
()
()
()
()
( )
1,314 3,158 -
(-)
[135]
410 4,882 307
[-]
( ) 2,102 3,300
-
(-)
[83]
159 5,561 53
[-]
( )
2,606 3,210 -
(-)
[70]
39 5,855 89
[-]
Kao (Taiwan)
Corporation
( )
507 2,107 127
(58)
804 3,545 245
[-]
Pilipinas
Kao,Inc.
(
)
943 10,002 -
(-)
[448]
570 11,515 173
[1]
Kao
Industrial
(Thailand)
Co.,Ltd.
(
)
2,534 3,932 2,005
(324)
366 8,837 555
[-]
Fatty
Chemical
(Malaysia)
Sdn. Bhd.
(
)
1,170 1,728 -
(-)
[105]
248 3,146 230
[2]
PT Kao
Indonesia
(
)
1,099 5,145 -
(-)
[89]
167 6,411 649
[738]
PT Kao
Indonesia
(
)
4,885 6,906 -
(-)
[142]
118 11,909 407
[678]
PT Kao
Indonesia
Chemicals
(
)
4,573 3,797 -
(-)
[120]
144 8,514 221
[-]
- 29 -
-
()
()
()
()
()
()
()
Kao USA Inc.
(
)
1,931 1,819 32
(33)
1,100 4,882 625
[17]
Kao Chemicals
Americas
Corporation
(
)
1,903 2,937 177
(233)
346 5,363 164
[-]
Kao
Manufacturing
Germany GmbH
(
)
920 837430
(50)
[25]
271 2,458 181
[27]
Kao Chemicals
GmbH
(
)
1,588 989 143
(73)
302 3,022 177
[46]
Kao
Corporation
S.A.
(
)
1,397 456 378
(139)
214 2,445 125
[8]
Kao
Corporation
S.A.
(
)
767 264 116
(67)
207 1,354 66
[5]
1
2[ ]
3471
[ ]
4802
5
6
[ ]
[ ]
727
[ ]
85
9
1020[ ]
1115
[ ]
129
[ ]
13Pilipinas Kao,Inc.Misamis Oriental Land Development Corporation
7[ ]
14Fatty Chemical (Malaysia) Sdn. Bhd.5
[ ]
15PT Kao Indonesia38[ ]
16PT Kao Indonesia Chemicals29
[ ]
- 30 -
-
17Kao Chemicals Americas CorporationHigh Point Textile
Auxiliaries LLCKao Specialties Americas LLCKao America Inc.HPC Realty,Inc.
18. Kao Manufacturing Germany GmbH26
[ ]
- 31 -
-
1
80,000
45,000
13,000
22,000IT
80,000
1
2
3
4
- 32 -
-
20161231
1,000,000,000
1,000,000,000
(20161231)
(2017321)
504,000,000 495,000,000
100
504,000,000 495,000,000 -- --
2017222017319,000,000
20066292010726
20161231
2017228
7 2
- -
7,000 2,000
11
20127 1
2017630
1
1,750
875
- -
- -
2
111,74911
1
1,749
- 33 -
-
2
23618
1
1,000
1
11
1
17121
1
21
1
- 34 -
-
- 35 -
-
2010726
20161231
2017228
4 4
- -
4,000 4,000
11
20127 1
2017630
1
1,750
875
- -
- -
2
111,74911
11,749
220066292010726
2
- 36 -
-
20106292010726
20161231
2017228
103 87
- -
103,000 87,000
12,190
20129 1
2017831
1
2,190
1,095
- -
- -
2
1
2
23618
1
1,000
1
- 37 -
-
1
4530
1.051
1
17121
1
21
1
- 38 -
-
20066292011725
20161231
2017228
11 11
- -
11,000 11,000
11
20137 1
2018629
1
1,719
860
- -
- -
2
111,71811
1
1,718
2
23618
1
1,000
1
- 39 -
-
11
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- 40 -
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12 12
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12,000 12,000
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20137 1
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- 41 -
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20161231
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224 168
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224,000 168,000
12,254
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- -
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20161231
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18 18
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- 47 -
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270 PARK AVENUE, NEW YORK, NY 10017,
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20168262016102510,000,000 50,000,000,000
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8,858,700 49,999,546,500
1,141,300 453,500
11.4 0.0
- -
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3,732 21,354,244
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201731
- - - -
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266,000 1,096,089,000 79,000 425,099,000
594 2,549,571 45 242,145
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107 108 109 110 111
201212 201312 201412 201512 201612
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1
2107201241201212319
20167 8 9 10 11 12
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- 77 -
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11 1 8.3
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1960730
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2 34,800
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20134
20141
20143
4 -
195696
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198512
19876
199510
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20087
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5 -
- 80 -
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19531126
19764
19809
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20157
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3 4,000
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1 3
2 3
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3 201612202012
4 201312201712
5 201512201912
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2017337
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1
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20164BCG
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201612
4271
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- 86 -
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Intrinsics
20143
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IFRS
- 87 -
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7 4143 52
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4 112
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- 89 -
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17 19
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630
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56 8,093 74 10,349
533,636 2,962
5,000,000 2,665
212,270 1,000
1,364,343 621
266,328 498
567,292 268
47,933 221
338,207 167
130,000 127
159,237 102
351,120 87
169,371 78
102,330 77
66,097 73
90,955 60
41,534 55
52,807 51
- 91 -
-
66,000 48
153,022 40
25,918 40
24,000 35
144,771 35
20,504 27
42,926 25
8,385 24
9,059 24
CB2 44,000 20
6,210 19
33,000 18
6,200 16
1.201691
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- 92 -
-
533,636 2,376
5,000,000 1,675
190,270 913
1,364,343 533
271,065 449
567,292 280
47,933 214
338,207 182
130,000 150
351,120 84
102,330 74
16,937 71
41,534 61
52,807 49
24,000 46
144,771 30
9,059 25
50,223 22
34,000 9
30,000 6
2,400 6
11,000 6
14,000 5
5,000 2
- 93 -
-
1,000 2
100 0
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100 0
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95 22 95 11
66 - 61 -
161 22 156 11
Kao (Taiwan) CorporationPT Kao Indonesia(
Kao Corporation S.A.Kao Chemicals GmbHMolton Brown LimitedKao Germany GmbH
Kao USA Inc.Kao America Inc.Deloitte
Touche Tohmatsu Limited
Kao (Taiwan) CorporationPT Kao Indonesia(
Kao Corporation S.A.Kao Chemicals GmbHMolton Brown LimitedKao Germany GmbH
Kao USA Inc.Kao America Inc.Deloitte
Touche Tohmatsu Limited
IFRS
IFRS15
- 94 -
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(15128
93IFRS
(23859
127
1932120161120161231
20161120161231
IFRS
IFRS
(1
(2IFRS
IFRSIFRS
- 95 -
-
201511
20151231
20161231
8,34 228,967 309,922 303,026
9,34 212,742 210,707 208,459
10 151,876 151,271 165,200
1,261 2,077 1,462
34 4,034 5,065 13,038
11 47,299 38,005 23,812
646,179 717,047 714,997
12 - 1,330 344
646,179 718,377 715,341
13 319,282 337,997 370,835
14 138,751 138,251 137,783
14 23,626 15,705 14,689
15 3,544 4,209 4,701
34 26,088 29,339 25,473
11,20 7,966 17,732 18,548
16 61,194 49,454 50,939
580,451 592,687 622,968
1,226,630 1,311,064 1,338,309
- 96 -
-
201511
20151231
20161231
19,34 193,460 206,760 216,893
17,34 21,422 339 30,289
28,283 32,184 32,621
18,34 5,765 6,929 8,164
21 33,360 16,772 11,370
22 123,916 125,422 131,112
406,206 388,406 430,449
17,34 80,188 120,207 90,357
20 77,895 75,706 94,773
18,34 12,813 11,817 11,666
21 5,296 17,704 13,809
5,411 4,919 5,264
16 433 318 528
182,036 230,671 216,397
588,242 619,077 646,846
23 85,424 85,424 85,424
23 109,561 108,659 107,648
23 (9,719) (8,202) (57,124)
23 7,601 (4,184) (21,821)
23 431,975 499,299 565,715
624,842 680,996 679,842
13,546 10,991 11,621
638,388 691,987 691,463
1,226,630 1,311,064 1,338,309
- 97 -
-
201511
20151231
201611
20161231
6,26 1,474,550 1,457,610
10,13,
14,20(658,865) (637,502)
815,685 820,108
13,14,
20,27(642,729) (633,368)
13,28 14,099 13,677
12,13,14,
20,29(19,737) (14,846)
6 167,318 185,571
6,20,30 1,416 1,389
6,20,30 (4,213) (5,424)
6,15 1,517 1,894
6 166,038 183,430
16 (60,086) (55,541)
105,952 127,889
105,196 126,551
756 1,338
105,952 127,889
1
1 31 209.82 253.43
1 31 209.53 253.18
- 98 -
-
201511
20151231
201611
20161231
105,952 127,889
32,34 1,795 (906)
32 (770) (16,111)
32 245 (72)
1,270 (17,089)
32 (15,064) (16,661)
32 12 -
32 (19) (10)
(15,071) (16,671)
(13,801) (33,760)
92,151 94,129
93,011 93,284
(860) 845
92,151 94,129
- 99 -
-
201511 20151231
201511 85,424 109,561 (9,719) 980 - (4) 6,625
- - - - - - -
- - - - (13,513) 1 2,041
- - - - (13,513) 1 2,041
23 - - 1,571 (231) - - -
23 - - (54) - - - -
33 - - - 225 - - -
25 - - - - - - -
- (902) - - - - -
- - - (72) - - (236)
- - - - - - -
- (902) 1,517 (78) - - (236)
20151231 85,424 108,659 (8,202) 902 (13,513) (3) 8,430
201511 - 7,601 431,975 624,842 13,546 638,388
- - 105,196 105,196 756 105,952
(714) (12,185) - (12,185) (1,616) (13,801)
(714) (12,185) 105,196 93,011 (860) 92,151
23 - (231) (375) 965 - 965
23 - - - (54) - (54)
33 - 225 - 225 - 225
25 - - (37,091) (37,091) (1,248) (38,339)
- - - (902) (334) (1,236)
714 406 (406) - - -
- - - - (113) (113)
714 400 (37,872) (36,857) (1,695) (38,552)
20151231 - (4,184) 499,299 680,996 10,991 691,987
- 100 -
-
201611 20161231
201611 85,424 108,659 (8,202) 902 (13,513) (3) 8,430
- - - - - - -
- - - - (16,248) 7 (970)
- - - - (16,248) 7 (970)
23 - - 1,099 (189) - - -
23 - - (50,021) - - - -
33 - - - 227 - - -
25 - - - - - - -
- (1,011) - - - - -
- - - (29) - - (435)
- - - - - - -
- (1,011) (48,922) 9 - - (435)
20161231 85,424 107,648 (57,124) 911 (29,761) 4 7,025
201611 - (4,184) 499,299 680,996 10,991 691,987
- - 126,551 126,551 1,338 127,889
(16,056) (33,267) - (33,267) (493) (33,760)
(16,056) (33,267) 126,551 93,284 845 94,129
23 - (189) (404) 506 - 506
23 - - - (50,021) - (50,021)
33 - 227 - 227 - 227
25 - - (44,139) (44,139) (955) (45,094)
- - - (1,011) 1,007 (4)
16,056 15,592 (15,592) - - -
- - - - (267) (267)
16,056 15,630 (60,135) (94,438) (215) (94,653)
20161231 - (21,821) 565,715 679,842 11,621 691,463
- 101 -
-
201511
20151231
201611
20161231
166,038 183,430
57,423 51,116
(1,266) (1,247)
1,528 1,484
(1,517) (1,894)
3,497 3,466
(4,882) (4,049)
(3,964) (17,450)
9,707 4,388
(997) 19,967
2,321 (7,175)
227,888 232,036
1,004 1,003
1,315 1,479
(1,462) (1,503)
(47,073) (48,708)
181,672 184,307
(2,669) (11,570)
1,355 3,703
(69,023) (74,637)
(5,598) (5,060)
- (3,659)
1,811 2,584
(74,124) (88,639)
(1,128) (44)
40,080 200
(20,068) (317)
(55) (50,021)
(37,137) (44,188)
(1,248) (955)
(1,217) 282
(20,773) (95,043)
86,775 625
8 228,967 309,922
(5,820) (7,521)
8 309,922 303,026
- 102 -
-
1
1231
6
2
(1IFRS
12
93IFRS
20161231IFRSIFRS
201511IFRSIFRS1
IFRS1
IFRS
39
IFRSIFRS1
20161231IFRS
(2
3
(3
(4IFRS
IFRS9200911
20147IFRS9
3
(1
- 103 -
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2050
20
(2
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IAS19
IFRS5
IFRS2
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- 104 -
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- 106 -
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- 111 -
-
(18
(19
4
(1
1314
14
(2
20
- 112 -
-
(3
20161
910
(4
21
(5
16
(6
34
IFRS1
39
- 113 -
-
(7
5
40
20161231
()
IFRS15
201811
201712
IFRS16 201911 201912
IFRS15
201712400
IFRS16
6
(1
4
4
10
- 114 -
-
(2
201511 20151231
1
608,617 281,672 335,308 1,225,597 248,953 1,474,550 - 1,474,550
2- - - - 39,517 39,517 (39,517) -
608,617 281,672 335,308 1,225,597 288,470 1,514,067 (39,517) 1,474,550
37,929 33,368 66,124 137,421 28,593 166,014 1,304 167,318
1,416
(4,213)
1,517
166,038
326,028 10,236 8,072 44,336 12,804 57,140 283 57,423
3 2,476 510 657 3,643 388 4,031 - 4,031
4 20,458 30,962 15,150 66,570 16,244 82,814 34 82,848
1 1,304
2
3 1213
14
4
- 115 -
-
201611 20161231
1
601,620 273,067 345,163 1,219,850 237,760 1,457,610 - 1,457,610
2- - - - 36,025 36,025 (36,025) -
601,620 273,067 345,163 1,219,850 273,785 1,493,635 (36,025) 1,457,610
51,086 25,948 78,099 155,133 29,683 184,816 755 185,571
1,389
(5,424)
1,894
183,430
318,399 12,930 7,876 39,205 11,650 50,855 261 51,116
3 43 26 40 109 - 109 - 109
4 20,135 41,752 16,050 77,937 11,877 89,814 86 89,900
1 755
2
3 1314
4
(3
201511 20151231
201611
20161231
956,033 964,904
249,335 251,284
96,565 103,346
134,080 120,782
102,865 93,148
135,102 120,640
1,474,550 1,457,610
- 116 -
-
201511
20151231
20161231
357,162 375,831 415,993
81,980 86,362 81,927
20,738 21,535 22,854
32,238 29,126 24,731
492,118 512,854 545,505
7
1
Collins InkjetSAMGAM
201671
100
2
3
3,715
3,715
4
1,496
913
2,409
377
232
609
5
1,915
6
- 117 -
-
8
201511
20151231
20161231
105,328 121,371 186,226
123,639 188,551 116,800
228,967 309,922 303,026
3
9
201511
20151231
20161231
205,674 206,966 205,099
8,372 5,049 4,546
(1,304) (1,308) (1,186)
212,742 210,707 208,459
10
201511
20151231
20161231
111,998 112,087 122,479
12,910 12,356 12,253
26,968 26,828 30,468
151,876 151,271 165,200
658,325
636,969
4,9824,534
- 118 -
-
11
201511
20151231
20161231
30,357 20,219 6,330
8,426 8,487 9,410
8,516 9,299 8,072
47,299 38,005 23,812
- 9,919 11,095
5,175 5,818 5,337
1,563 754 881
1,228 1,241 1,235
7,966 17,732 18,548
12
694
3
- 119 -
-
13
(1
201511 379,857 701,384 113,312 77,934 27,247 1,299,734
270 556 6,033 1 70,328 77,188
(5,464) (21,628) (7,449) (1,228) (24) (35,793)
25,689 46,784 5,126 345 (77,944) -
(486) - (1) (3,710) - (4,197)
(5,502) (11,298) (1,500) (362) (409) (19,071)
(370) (185) 118 - (464) (901)
20151231 393,994 715,613 115,639 72,980 18,734 1,316,960
313 245 4,490 36 79,781 84,865
272 175 31 126 14 618
(5,355) (29,108) (7,642) (97) (13) (42,215)
24,591 39,877 9,055 384 (73,907) -
(585) (22) (7) (216) - (830)
(4,410) (10,069) (1,860) (194) (64) (16,597)
79 86 (94) (1) (57) 13
20161231 408,899 716,797 119,612 73,018 24,488 1,342,814
201511 277,771 604,104 89,346 9,231 - 980,452
1 11,765 21,393 10,074 - - 43,232
2 154 117 27 3,039 - 3,337
2 (196) - - - - (196)
(4,841) (20,677) (7,200) (96) - (32,814)
(336) - (1) (1,853) - (2,190)
(2,978) (8,458) (1,216) - - (12,652)
(96) (198) 88 - - (206)
20151231 281,243 596,281 91,118 10,321 - 978,963
1 11,934 22,448 10,396 - - 44,778
2 13 - - 96 - 109
2 (0) - (1) - - (1)
(4,990) (28,415) (7,264) (1) - (40,670)
(497) (22) (7) - - (526)
(2,220) (7,024) (1,392) - - (10,636)
(23) (66) 51 - - (38)
20161231 285,460 583,202 92,901 10,416 - 971,979
1
2
- 120 -
-
201511 102,086 97,280 23,966 68,703 27,247 319,282
20151231 112,751 119,332 24,521 62,659 18,734 337,997
20161231 123,439 133,595 26,711 62,602 24,488 370,835
(2
201511 6,472 125 6,597
20151231 5,441 83 5,524
20161231 4,060 54 4,114
(3
3,337109
3,337
3,039
3
(4
37
- 121 -
-
14
(1
201511 138,751 24,031 133,526 5,317 162,874
- 199 - 5,432 5,631
- (4,736) (3) (23) (4,762)
- 5,666 - (5,046) 620
(500) (316) - (104) (420)
- (20) - (15) (35)
20151231 138,251 24,824 133,523 5,561 163,908
- 85 - 4,948 5,033
1,915 4 - 316 320
- (2,629) (133,523) (361) (136,513)
- 5,122 - (5,115) 7
(2,383) (246) - (164) (410)
- 124 - (22) 102
20161231 137,783 27,284 - 5,163 32,447
201511 - 14,037 122,222 2,989 139,248
- 4,143 9,977 71 14,191
- (4,732) (3) - (4,735)
- (359) - (98) (457)
- (44) - - (44)
20151231 - 13,045 132,196 2,962 148,203
- 4,650 1,327 361 6,338
- (2,626) (133,523) (346) (136,495)
- (225) - (135) (360)
- 71 - 1 72
20161231 - 14,915 - 2,843 17,758
- 122 -
-
201511 138,751 9,994 11,304 2,328 23,626
20151231 138,251 11,779 1,327 2,599 15,705
20161231 137,783 12,369 - 2,320 14,689
(2
201511
20151231
20161231
138,751 138,251 135,618
119,400 119,400 119,400
14,270 13,771 11,327
5,081 5,080 4,891
- - 2,165
138,751 138,251 137,783
(3
4
4
0WACC7.4
8.98.7
1.8
2.8
(4
(5
37
- 123 -
-
15
201511
20151231
20161231
3,544 4,209 4,701
201511
20151231
201611
20161231
1,517 1,894
226 (82)
1,743 1,812
16
(1
201511 20151231
201511
2015
1231
21,459 (1,582) - (307) 19,570
26,424 (3,212) (482) (22) 22,708
14,089 (725) - (324) 13,040
4,990 (3,562) - (43) 1,385
20,428 (3,053) (6) 370 17,739
87,390 (12,134) (488) (326) 74,442
7,758 (203) - 404 7,959
1,676 (1,703) - 26 (1)
3,381 - 405 (137) 3,649
12,500 96 - (206) 12,390
1,314 (115) - 110 1,309
26,629 (1,925) 405 197 25,306
60,761 (10,209) (893) (523) 49,136
- 124 -
-
201611 20161231
201611
2016
1231
19,570 (1,292) - 38 18,316
22,708 (1,024) 6,298 (135) 27,847
13,040 (889) - (224) 11,927
1,385 (135) - (10) 1,240
17,739 (1,696) - (202) 15,841
74,442 (5,036) 6,298 (533) 75,171
7,959 92 - (106) 7,945
(1) 1 - - -
3,649 - (663) (222) 2,764
12,390 340 - - 12,730
1,309 45 - (33) 1,321
25,306 478 (663) (361) 24,760
49,136 (5,514) 6,961 (172) 50,411
201511
20151231
20161231
61,194 49,454 50,939
433 318 528
60,761 49,136 50,411
201511
20151231
20161231
46,367 39,784 35,274
12,904 22,049 21,091
59,271 61,833 56,365
201511
20151231
20161231
1 5,968 3,902 10,974
2 8,025 10,370 4,132
3 7,353 4,630 5,551
4 5,198 6,400 7,320
5 19,823 14,482 7,297
46,367 39,784 35,274
25,76714,49612,385
- 125 -
-
(2
201511
20151231
201611
20161231
49,877 50,027
10,209 5,514
60,086 55,541
3,838
2,698
(3
201511
20151231
201611
20161231
35.64 33.06
(2.68) (3.00)
(2.44) (2.06)
1.94 0.32
2.31 1.47
1.42 0.49
36.19 30.28
201511 20151231
279
2722015331201541
35.6420161
133.0620171
132.26
201611 20161231
2815
28132016329201641
32.26201711201811
30.86201911
30.62
- 126 -
-
17
201511
20151231
20161231
1
1,357 267 220 0.95 -
1
20,065 72 30,069 0.29 -
30,285 70,282 40,410 0.132019
2023
2 49,903 49,925 49,947 - -
101,610 120,546 120,646
21,422 339 30,289
80,188 120,207 90,357
101,610 120,546 120,646
1
2
201511
20151231
20161231
3
2013
61424,958 24,970 24,982 0.39
2018
620
4
2013
61424,945 24,955 24,965 0.62
2020
619
49,903 49,925 49,947
- 127 -
-
18
(1
2015
11
20151231
2016
1231
2015
11
2015
1231
2016
1231
1 1,050 968 884 989 917 842
15 3,306 3,008 2,622 3,153 2,888 2,532
5 1,786 1,125 634 1,748 1,106 626
6,142 5,101 4,140 5,890 4,911 4,000
(252) (190) (140) - - -
5,890 4,911 4,000 5,890 4,911 4,000
(2
201511
20151231
20161231
1 10,291 8,649 8,808
15 18,030 16,889 16,660
5 10,156 8,815 7,627
38,477 34,353 33,095
201511 20151231
201611
20161231
11,590 9,858
- 128 -
-
19
201511
20151231
20161231
130,264 134,278 130,348
63,196 72,482 86,545
193,460 206,760 216,893
20
(1
201511
20151231
20161231
332,385 331,494 355,579
(255,541) (256,828) (261,857)
76,844 74,666 93,722
0 - -
76,844 74,666 93,722
77,895 75,706 94,773
(1,051) (1,040) (1,051)
76,844 74,666 93,722
- 129 -
-
201511
20151231
201611
20161231
332,385 331,494
1 9,110 8,784
2 3,679 3,619
4,614 (2,374)
(5,013) 28,545
(468) (1,245)
3 (11,148) (10,964)
(1,665) (2,280)
331,494 355,579
1
2
3 15.7
16.117.3
201511
20151231
201611
20161231
255,541 256,828
2,665 2,692
(1,155) 2,517
10,483 10,768
(10,140) (9,752)
(566) (1,196)
256,828 261,857
8,972
- 130 -
-
201511
20151231
20161231
7,776 35,793 43,569 7,211 46,838 54,049 7,723 51,195 58,918
- 22,118 22,118 - 23,801 23,801 - 24,704 24,704
7,776 13,675 21,451 7,211 23,037 30,248 7,723 26,491 34,214
6,083 189,992 196,075 5,779 181,072 186,851 7,489 180,216 187,705
- 169,917 169,917 - 122,107 122,107 - 116,734 116,734
6,083 20,075 26,158 5,779 58,965 64,744 7,489 63,482 70,971
2,164 13,733 15,897 2,248 13,680 15,928 237 14,997 15,234
16,023 239,518 255,541 15,238 241,590 256,828 15,449 246,408 261,857
201511
20151231
20161231
1.2 1.3 0.8
201511
20151231
20161231
0.5 (21,944) (21,946) (25,807)
0.5 23,306 23,706 26,774
3,707
3,551
- 131 -
-
(2
254,287
258,225
21
201611 23,447 4,022 2,083 4,924 34,476
- 260 4,749 2,030 7,039
8 68 - - 76
(9,601) (87) (2,751) (3,210) (15,649)
(144) - (9) (452) (605)
- (21) (107) (30) (158)
20161231 13,710 4,242 3,965 3,262 25,179
(1
201374
9,143
(2
1
(3
1
(4
22
201511
20151231
20161231
96,227 100,651 104,425
13,077 10,249 8,655
5,775 5,974 6,199
8,837 8,548 11,833
123,916 125,422 131,112
- 132 -
-
23
(1
201511 20151231
201611
20161231
1,000,000,000 1,000,000,000
504,000,000 504,000,000
- -
504,000,000 504,000,000
(2
21
(3
201511 20151231
201611
20161231
1 2,921,992 2,541,816
2 9,340 8,862,432
3 (389,516) (266,594)
1 2,541,816 11,137,654
1
556,492
2 9,340
8,862,432
8,858,7003,732
3 389,516
389,000516
266,594
266,000594
(4
33
- 133 -
-
(5
101
41
24
EVA
EVA
EVANOPAT
148734
EVANOPATEVA
- 134 -
-
25
201511 20151231
1
2015325
10918,039 36 20141231 2015326
2015728
19,052 38 2015630 201591
201532510918,059
201572819,073
201611 20161231
1
2016325
11021,061 42 20151231 2016328
2016728
23,077 46 2016630 201691
201632511021,085
201672823,103
201511 20151231
1
2016325
11021,085 42 20151231 2016328
201611 20161231
1
2017321
11123,684 48 20161231 2017322
26
201511 20151231
201611
20161231
1,473,956 1,456,950
594 660
1,474,550 1,457,610
- 135 -
-
27
201511 20151231
201611
20161231
60,737 58,168
94,745 97,437
79,910 83,161
191,392 191,122
11,695 11,236
13,957 6,173
52,699 54,567
137,594 131,504
642,729 633,368
28
201511 20151231
201611
20161231
8,885 8,300
829 1,022
4,385 4,355
14,099 13,677
29
201511 20151231
201611
20161231
8,159 7,454
3,910 3,817
4,031 109
1,961 -
- 1,776
1,676 1,690
19,737 14,846
1213
- 136 -
-
30
201511
20151231
201611
20161231
1,048 1,012
21 26
46 9
135 205
37 21
129 116
1,416 1,389
201511
20151231
201611
20161231
1 1,633 2,859
2
1,528 1,484
1,035 953
17 128
4,213 5,424
1
2
- 137 -
-
311
(11
201511
20151231
201611
20161231
105,196 126,551
- -
1
105,196 126,551
501,352 499,355
1 209.82 253.43
(21
201511
20151231
201611
20161231
1
105,196 126,551
- -
1
105,196 126,551
501,352 499,355
701 483
502,053 499,838
1 209.53 253.18
1
- 138 -
-
32
201511 20151231
2,200 - 2,200 (405) 1,795
(288) - (288) (482) (770)
332 - 332 (87) 245
2,244 - 2,244 (974) 1,270
(14,236) (828) (15,064) - (15,064)
18 - 18 (6) 12
(26) 1 (25) 6 (19)
(14,244) (827) (15,071) - (15,071)
(12,000) (827) (12,827) (974) (13,801)
- 139 -
-
201611 20161231
(1,569) - (1,569) 663 (906)
(22,409) - (22,409) 6,298 (16,111)
(128) - (128) 56 (72)
(24,106) - (24,106) 7,017 (17,089)
(16,661) - (16,661) - (16,661)
(7) - (7) (3) (10)
(16,668) - (16,668) (3) (16,671)
(40,774) - (40,774) 7,014 (33,760)
33
(1
2
2715
201212
2915
- 140 -
-
(2
201511 20151231
201611
20161231
1,343,000 2,100 846,000 1,654
40,000 1 40,000 1
(389,000) 2,473 (266,000) 1,886
(148,000) 3,100 (71,000) 2,355
846,000 1,654 549,000 1,331
766,000 1,827 469,000 1,558
1
5,4435,821
2
20151231
20161231
1 231,000 4.1 1 222,000 4.0
2,1902,355 615,000 1.8 2,1902,254 327,000 1.4
846,000 2.4 549,000 2.4
(3
2015
2016
5,630 5,681
5,871 5,956
1 1
21.458 25.723
3.5 3.5
1.192 1.343
0.018 (0.235)
(4
225227
- 141 -
-
34
(1
201511
20151231
20161231
8 181,323 240,363 268,126
9212,742 210,707 208,459
13,140 14,319 22,404
8 47,644 69,559 34,900
656 2,240 791
2,853 2,858 2,888
13,473 14,987 12,428
471,831 555,033 549,996
228,967 309,922 303,026
212,742 210,707 208,459
4,034 5,065 13,038
445,743 525,694 524,523
26,088 29,339 25,473
471,831 555,033 549,996
201511
2,801
2,540
1,043
784
571
491
473
422
386
364
- 142 -
-
20151231
3,568
2,665
1,000
831
766
728
621
468
418
353
20161231
2,863
1,675
913
863
835
687
533
502
462
359
201511 20151231
201611
20161231
690 1,036
367 658
236
435
- 143 -
-
201511
20151231
20161231
19193,460 206,760 216,893
17 101,610 120,546 120,646
17,492 17,919 19,057
1,086 827 773
313,648 346,052 357,369
193,460 206,760 216,893
21,422 339 30,289
5,765 6,929 8,164
220,647 214,028 255,346
80,188 120,207 90,357
12,813 11,817 11,666
93,001 132,024 102,023
313,648 346,052 357,369
10,561
11,98613,2750.14
(2
- 144 -
-
201511
20151231
20161231
1
()
1
()
1
()
- - - 16,824 9,729 (83) 16,308 7,280 60
54 - 1 76 - (0) 74 - 3
3,053 3,053 (67) 4,578 3,379 110 1,065 - (1)
55 - (1) 43 - 1 151 - (6)
808 808 (114) 778 778 (100) 701 701 (52)
2,279 2,279 (602) 2,279 2,279 (417) 2,279 2,279 (158)
34.(4
20151231
1,598 1,354 4,183
20161231
2,210 707 5,342
10
- 145 -
-
201511 20151231
201611
20161231
(160) (221)
(135) (71)
(418) (534)
10,47611,7758,956
- 146 -
-
6,1056,2716,413
20151231
201511 205,186 488 205,674
5,749 (104) 5,645
(146) 146 -
(4,295) (58) (4,353)
20151231 206,494 472 206,966
201511 775 475 1,250
236 126 362
(115) (35) (150)
(46) (49) (95)
(7) 7 -
(40) (59) (99)
20151231 803 465 1,268
- 147 -
-
20161231
201611 206,494 472 206,966
2,472 (36) 2,436
28 (28) -
(4,258) (45) (4,303)
20161231 204,736 363 205,099
201611 803 465 1,268
217 18 235
(85) (28) (113)
(72) (36) (108)
(6) 6 -
(76) (43) (119)
20161231 781 382 1,163
201511
30 30 60 90
197,825 4,853 1,142 511 1,343 205,674
356 26 43 39 786 1,250
0.2 0.5 3.8 7.6 58.6 0.6
20151231
30 30 60 90
196,783 6,795 1,414 504 1,470 206,966
245 89 28 34 872 1,268
0.1 1.3 2.0 6.6 59.3 0.6
- 148 -
-
20161231
30 30 60 90
197,543 4,315 1,248 553 1,440 205,099
256 82 30 60 735 1,163
0.1 1.9 2.4 10.9 51.0 0.6
201511
11
22
33
44
55
193,460 193,460 193,460 - - - - -
101,610 101,707 21,422 63 30,061 25,058 37 25,066
5,890 6,142 1,050 967 880 780 679 1,786
6,105 6,105 - - - - - 6,105
1,007 1,007 338 - - 669 - -
79 79 79 - - - - -
308,151 308,500 216,349 1,030 30,941 26,507 716 32,957
20151231
11
22
33
44
55
206,760 206,760 206,732 28 - - - -
120,546 120,621 339 30,070 25,067 40,046 25,038 61
4,911 5,101 968 882 782 683 661 1,125
6,271 6,271 - - - - - 6,271
790 790 54 54 515 58 109 -
37 37 - 25 12 - - -
339,315 339,580 208,093 31,059 26,376 40,787 25,808 7,457
- 149 -
-
20161231
11
22
33
44
55
216,893 216,893 216,869 24 - - - -
120,646 120,699 30,289 25,066 40,045 25,038 235 26
4,000 4,140 884 779 684 667 492 634
6,413 6,413 - - - - - 6,413
758 758 337 159 - - 262 -
15 15 7 8 - - - -
348,725 348,918 248,386 26,036 40,729 25,705 989 7,073
(3
34.(2
201511
20151231
20161231
1
()
1
()
1
()
20,000 - (18) - - - - - -
0.53 TIBOR0.05
- 150 -
-
201511 20151231
(18) 18 - -
201611 20161231
(4
3
1
21
3
1
3
- 151 -
-
123
201511
1 2 3
- 47,644 - 47,644
- 656 - 656
- 2,853 - 2,853
10,476 - 2,997 13,473
10,476 51,153 2,997 64,626
- 1,086 - 1,086
- 1,086 - 1,086
20151231
1 2 3
- 69,559 - 69,559
- 2,240 - 2,240
- 2,858 - 2,858
11,775 - 3,212 14,987
11,775 74,657 3,212 89,644
- 827 - 827
- 827 - 827
- 152 -
-
20161231
1 2 3
- 34,900 - 34,900
- 791 - 791
- 2,888 - 2,888
8,956 - 3,472 12,428
8,956 38,579 3,472 51,007
- 773 - 773
- 773 - 773
3
201511 20151231
201611
20161231
2,997 3,212
290 231
- 30
(73) -
(2) (1)
3,212 3,472
3
- 153 -
-
201511
1 2 3
49,903 - 50,910 - 50,910
51,707 - 51,935 - 51,935
20151231
1 2 3
49,925 - 50,650 - 50,650
70,621 - 70,933 - 70,933
20161231
1 2 3
49,947 - 50,548 - 50,548
70,699 - 71,084 - 71,084
- 154 -
-
35
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Kao (Taiwan) Corporation
92.2
Pilipinas Kao, Inc. 100.0
Kao Industrial (Thailand) Co.,Ltd.
100.0
Kao Commercial (Thailand) Co.,Ltd.
100.0
Fatty Chemical (Malaysia) Sdn.Bhd. 70.0
PT Kao Indonesia
72.2
Kao USA Inc. 100.0
Kao America Inc.
100.0
Kao Specialties Americas LLC 100.0
Kao Germany GmbH 100.0
Kao Manufacturing Germany GmbH 100.0
- 155 -
-
Kao Chemicals GmbH 100.0
Molton Brown Limited 100.0
Kao Chemicals Europe, S.L. 100.0
Kao Corporation S.A. 100.0
36
(1
(2
201511 20151231
201611
20161231
951 1,131
50 39
225 227
1,226 1,397
37
201511
20151231
20161231
19,958 23,130 27,100
625 689 1,306
20,583 23,819 28,406
38
201722178
20161120161231
9,000,000
48,429
201731
- 156 -
-
39
IFRS
20151231IFRS
201511
IFRSIFRSIFRS
IFRS1IFRS
IFRS1
(1
IFRS1IFRS3IFRS3
IFRS3
IFRS
IAS21
(2
IFRS1
(3
IFRS1
(4
IFRS1IFRS
IFRS9IFRS
IFRS9
IFRS1
IFRS1
IFRS
IFRS
IFRS
- 157 -
-
IFRS201511
IFRS IFRS
107,412 121,251 304 228,967 (13),(14)
204,060 7,279 1,290 113 212,742 (14)
110,639 (110,639) (13)
157,787 (2,892) 1,161 (4,180) 151,876 (1),(14)
6,832 (6,832)
20,232 (20,232) (13)
1,023 238 1,261 (14)
4,130 (96) 4,034 (13),(14)
36,420 10,428 (33) 484 47,299 (13),(14)
(1,648) 1,648
641,734 5,164 2,864 (3,583) 646,179
307,615 10,432 2,119 (884) 319,282 (2),(13),(14)
139,941 (1,190) 138,751 (3)
15,145 (15,145)
12,844 (12,844)
27,965 7 (4,346) 23,626 (4),(14)
20,984 (20,984)
9,264 (5,505) (215) 3,544 (14)
1,432 (1,432)
17,281 (17,281) (13)
9,692 (9,692)
23,916 424 1,748 26,088 (5),(13),(14)
11,612 4,982 44 (8,672) 7,966 (9),(14)
20,630 20,232 1,189 19,143 61,194 (6),(13),(14)
(677) 677
556,499 20,090 (1,722) 5,584 580,451
1,198,233 25,254 1,142 2,001 1,226,630
- 158 -
-
IFRS IFRS
129,711 65,491 (1,742) 193,460 (14)
1,137 (1,137)
1
20,013 (20,013)
21,150 272 21,422 (14)
66,230 (66,230)
94,666 (94,666)
28,108 112 63 28,283 (14)
8,220 (8,220) (13)
10,122 (4,375) 18 5,765 (13),(14)
35,962 (2) (2,600) 33,360 (7),(13),(14)
32,451 81,754 4,210 5,501 123,916 (8),(13),(14)
380,536 24,325 (1,574) 2,919 406,206
50,000 (50,000)
30,083 (30,083)
80,083 202 (97) 80,188 (14)
42,414 798 763 33,920 77,895 (9),(14)
11,877 936 12,813 (13),(14)
4,447 370 479 5,296 (13),(14)
22,807 (19,614) 108 2,110 5,411 (10),(13),(14)
3,421 (2,988) 433 (6),(13)
145,304 929 2,379 33,424 182,036
525,840 25,254 805 36,343 588,242
85,424 85,424
109,561 109,561
(9,719) (9,719)
5,507 (5,507)
8 (8)
(4,853) 4,853
3,619 (3,619)
944 (944)
5,225 (302) 2,678 7,601 (11),(14)
468,684 151 (36,860) 431,975 (12),(14)
624,842
13,218 488 (160) 13,546 (14)
672,393 337 (34,342) 638,388
1,198,233 25,254 1,142 2,001 1,226,630
- 159 -
-
IFRS201511
(1
IFRS
(2
1,851848
1,003
3
(3
IFRS
(4
IFRS
(5
IFRS
(6
IFRS
(7
IFRS
(8
IFRS
- 160 -
-
(9
IFRS
IFRS
201526
24517
25 27326
372015
IFRS
(10
IFRS
(11
IFRS1
201511
4,853
(5
1,120
(9
3,318
(12
201511
(4,180)
(884)
(1,190)
(4,346)
2,600
(5,501)
(36,366)
(2,110)
(4,853)
402
(56,428)
19,414
154
(36,860)
- 161 -
-
(13
IFRS
3IFRS
3
IFRS
IFRS
IFRS
IFRS
IFRS
(14
IFRS
- 162 -
-
20151231
IFRS IFRS
125,159 184,279 484 309,922 (11),(12)
205,603 3,921 1,147 36 210,707 (12)
158,651 (158,651) (11)
158,134 (2,953) 814 (4,724) 151,271 (1),(12)
7,048 (7,048)
20,763 (20,763) (11)
1,899 178 2,077 (12)
5,301 (236) 5,065 (11),(12)
59,501 (21,971) 15 460 38,005 (11),(12)
(1,626) 1,626
733,233 (14,360) 2,402 (4,228) 717,047
1,330 1,330 (11)
733,233 (13,030) 2,402 (4,228) 718,377
327,730 9,299 1,865 (897) 337,997 (2),(11),(12)
127,099 11,152 138,251 (3)
1,791 (1,791)
14,832 (14,832)
16,602 2 (899) 15,705 (4),(12)
22,331 (22,331)
9,384 (4,956) (219) 4,209 (12)
1,171 (1,171)
17,583 (17,583) (11)
1,027 (1,027)
26,862 440 2,037 29,339 (5),(11),(12)
11,860 5,846 61 (35) 17,732 (12)
23,896 20,763 995 3,800 49,454 (6),(11),(12)
(684) 684
548,636 30,705 (1,593) 14,939 592,687
1,281,869 17,675 809 10,711 1,311,064
- 163 -
-
IFRS IFRS
133,728 74,741 (1,709) 206,760 (12)
47 (47)
1
15 (15)
62 277 339 (12)
76,078 (76,078)
99,033 (99,033)
32,073 111 32,184 (12)
2,891 (2,891) (11)
11,335 (4,406) 6,929 (11),(12)
16,712 60 16,772 (11)
33,628 82,225 3,920 5,649 125,422 (7),(11),(12)
377,493 7,011 (1,807) 5,709 388,406
50,000 (50,000)
70,060 (70,060)
120,060 222 (75) 120,207 (12)
74,178 804 724 75,706 (12)
2,474 (2,474) (11)
11,093 724 11,817 (11),(12)
16,880 365 459 17,704 (11),(12)
20,531 (17,790) 83 2,095 4,919 (8),(11),(12)
2,151 (1,833) 318 (6),(11)
217,243 10,664 2,118 646 230,671
594,736 17,675 311 6,355 619,077
85,424 85,424
108,659 108,659
(8,202) (8,202)
7,063 (7,063)
(3) 3
(19,315) 19,315
(152) 152
889 (889)
(11,518) (218) 7,552 (4,184) (9),(12)
502,134 246 (3,081) 499,299 (10),(12)
680,996
10,636 470 (115) 10,991 (12)
687,133 498 4,356 691,987
1,281,869 17,675 809 10,711 1,311,064
- 164 -
-
20151231
(1
IFRS
(2
1,003
1,851
848
3
(3
IFRS
IFRS
(4
IFRS
(5
IFRS
(6
IFRS
(7
IFRS
(8
IFRS
(9
IFRS1
201511
IFRS
6,070
(5
1,368
- 165 -
-
(10
20151231
(4,724)
(897)
11,687
(899)
(5,649)
(220)
(2,095)
(6,070)
(33)
(8,900)
5,755
64
(3,081)
(11
IFRS
3IFRS
3
IFRS
IFRS
IFRS
IFRS
IFRS
(12
IFRS
- 166 -
-
201511 20151231
IFRS IFRS
1,471,791 2,759 1,474,550 (6)
(658,221) (647) 198 (195) (658,865) (2),(6)
813,570 (647) 2,957 (195) 815,685
(649,190) (3,882) (2,234) 12,577 (642,729) (1),(2),(6)
4,403 9,758 (62) 14,099 (4),(6)
(9,627) (8,824) (1,286) (19,737) (4),(6)
164,380 (9,753) 1,657 11,034 167,318
1,788 3 (375) 1,416 (4),(6)
2,508 (85) (6,636) (4,213)(1),(2),(4),
(6)
2,656 (1,113) (26) 1,517 (4),(6)
7,600 (7,600) (4)
(2,707) 2,707 (4)
1,561 (1,561) (4)
(9,255) 9,255 (4)
161,579 462 3,997 166,038
(62,099) (596) 2,609 (60,086) (3),(6)
99,480 (134) 6,606 105,952
98,862 (182) 6,516 105,196
618 48 90 756
98,862 (98,862)
- 167 -
-
IFRS IFRS
99,480 (134) 6,606 105,952
1,310 0 485 1,795 (6)
(3,712) 6 2,936 (770) (5),(6)
167 78 245 (6)
1,270
(15,793) (213) 942 (15,064) (6)
12 12
(9) (167) 150 7 (19) (6)
(15,071)
(18,204) 21 4,382 (13,801)
81,276 (113) 10,988 92,151
- 168 -
-
201511 20151231
(1
IFRS
3,863
IFRS
IFRS
1,152
IFRS
12,879
IFRS
3,329
IFRS
1,710
(2
IFRS
4,529
IFRS
5,558
IFRSIFRS1
201511
1,064
(3
IFRS
(4
IFRS
IFRS
- 169 -
-
(5
IFRS
IFRS
(6
IFRS
201511 20151231
IFRS
40
2017314
- 170 -
-
1 2 3
335,092 699,529 1,055,089 1,457,610
32,927 77,149 126,970 183,430
20,801 50,004 86,357 126,551
1
41.47 99.69 172.25 253.43
1 2 3 4
1
41.47 58.22 72.58 81.46
- 171 -
-
()
(20151231)
(20161231)
39,626 108,067
73,696 73,386
158,651 81,900
46,346 47,384
8,957 8,974
17,205 18,866
3,588 4,310
8,464 8,353
64,707 70,389
1,298 1,024
419,942 420,605
54,381 68,588
12,025 12,826
61,672 77,699
131 127
6,686 8,644
49,575 49,803
3,120 2,567
13,499 19,780
201,089 240,034
402 346
24 24
1,822 143
24 27
11,653 12,020
2,151 1,999
16,076 14,559
10,349 8,093
381,318 388,939
56,767 56,767
19,878 16,476
472 530
20,924 19,701
5,661 5,916
1,199 1,334
494,170 495,088
711,335 749,681
1,131,277 1,170,286
- 172 -
-
()
(20151231)
(20161231)
113,668 107,701
1 - 30,000
509 509
42,800 54,530
54,941 56,585
26,049 27,763
89,770 107,304
5,277 6,800
333,014 391,192
50,000 50,000
70,000 40,000
2,335 1,826
28,917 27,058
2,992 3,226
1,642 1,605
155,886 123,715
488,900 514,907
85,424 85,424
108,889 108,889
108,889 108,889
14,117 14,117
20 9
6,541 6,654
305,500 305,500
123,699 186,825
449,877 513,105
8,019 56,941
636,171 650,477
5,317 3,999
5,317 3,999
889 903
642,377 655,379
1,131,277 1,170,286
- 173 -
-
()
( 201511
20151231)
( 201611
20161231)
881,593 897,846
432,090 433,387
449,503 464,459
, 333,840 , 336,513
115,663 127,946
377 466
105 29
23,711 20,798
2,307 2,415
26,500 23,708
422 392
253 253
1,090 1,792
329 160
2,094 2,597
140,069 149,057
4 25
308 375
0 0
63 28
2,740 -
- 0
3,115 428
2,649 3,225
1,186 -
10 4
3,845 3,229
139,339 146,256
31,587 36,338
8,039 2,094
39,626 38,432
99,713 107,824
- 174 -
-
201511 20151231
()
85,424 108,889 108,889 14,117 30 6,262 305,500 79,785 405,694
18,008 18,008
85,424 108,889 108,889 14,117 30 6,262 305,500 61,777 387,686
37,132 37,132
11 11 -
1 1 -
46 46 -
325 325 -
99,713 99,713
390 390
- - - - 10 279 - 61,922 62,191
85,424 108,889 108,889 14,117 20 6,541 305,500 123,699 449,877
9,536 590,471 4,324 4,324 944 595,739
18,008 18,008
9,536 572,463 4,324 4,324 944 577,731
37,132 37,132
- -
- -
- -
- -
99,713 99,713
54 54 54
1,571 1,181 1,181
993 993 55 938
1,517 63,708 993 993 55 64,646
8,019 636,171 5,317 5,317 889 642,377
- 175 -
-
201611 20161231
()
85,424 108,889 108,889 14,117 20 6,541 305,500 123,699 449,877
44,188 44,188
11 11 -
0 0 -
5 5 -
47 47 -
155 155 -
107,824 107,824
408 408
- - - - 11 113 - 63,126 63,228
85,424 108,889 108,889 14,117 9 6,654 305,500 186,825 513,105
8,019 636,171 5,317 5,317 889 642,377
44,188 44,188
- -
- -
- -
- -
- -
107,824 107,824
50,021 50,021 50,021
1,099 691 691
1,318 1,318 14 1,304
48,922 14,306 1,318 1,318 14 13,002
56,941 650,477 3,999 3,999 903 655,379
- 176 -
-
1
(1
(2
(3
2
3
(1
(2
(3
4
5
(1
(2
15
10
6
7
(1
(2
(3
- 177 -
-
20161
910
3,282
1
20151231
20161231
102 98
35 35
1,097 1,073
68 71
1,302 1,277
2
20151231
20161231
80,025 81,129
103,866 123,571
3
20151231
20161231
52 33
1
- 2,209
- 178 -
-
1
201511
20151231
201611
20161231
796,874 815,012
72,220 75,027
220,008 222,933
25,303 95,805
2
1
201511
20151231
201611
20161231
125,411 127,614
20,997 20,570
49,944 53,555
23,151 24,141
10,343 10,871
5,093 5,320
2
201511
20151231
201611
20161231
11,241 9,786
16,204 5,068
45,161 48,149
3,342 3,956
3
201511
20151231
201611
20161231
1 23
- 0
3 2
4 25
4
201511
20151231
201611
20161231
1,804 2,280
845 945
2,649 3,225
388,939
381,318
- 179 -
-
1
(20151231)
(20161231)
16,460 15,342
9,356 8,301
3,080 2,535
1,420 1,621
3,326 3,160
10,334 8,878
6,035 7,268
50,011 47,105
14,729 14,092
35,282 33,013
2,472 1,713
3,116 2,938
306 308
5,894 4,959
29,388 28,054
2
20151231
20161231
35.64
5.89
2.90
0.05
2.18
0.64
28.44
33.06
4.54
3.18
0.08
1.02
0.16
26.28
3
2815
28132016329201641
32.26201711201811
30.86201911
30.62
- 180 -
-
201611
1
201611
2
21 25913
10 25913
201722178
20161120161231
9,000,000
48,429
201731
- 181 -
-
221,606 21,929 3,580 6,372 239,955 171,367
69,747 2,365 1,609 1,425 70,503 57,677
524,356 29,096 20,884 12,215 532,568 454,869
2,311 58 211 60 2,158 2,031
58,229 5,865 2,141 3,786 61,953 53,309
49,575 384 156 - 49,803 -
7,690 - - 553 7,690 5,123
13,499 65,119 58,838 - 19,780 -
947,013 124,816 87,419 24,411 984,410 744,376
913 346 164 402 1,095 749
24 - - - 24 -
134,159 6 133,682 1,684 483 340
50 11 6 8 55 28
21,023 4,706 2,263 4,338 23,466 11,446
2,188 4,600 4,750 3 2,038 39
158,357 9,669 140,865 6,435 27,161 12,602
1
2
4,003
3,857
11,014
13,415
3
4,649
891
133,680
2,497 204 343 2,358
- 182 -
-
- 183 -
-
111231
3
1231
6301231
1 100
41
41
http://www.kao.com/jp/corp_ir/investors.html
1
2
(1)1892
(2)1661
(3)
(4)
- 184 -
-
2471
(1)
201511
110 20151231
2016325
(2)
2016325
(3)
111 201611
1 2016331
111 201641
2 2016630
111 201671
3 2016930
2016512
201689
2016119
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111 201611
1 2016331
201685
(5) 2454
19292
2016328
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2016427
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2016527
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201691 2016930
2016101 20161031
201699
20161011
20161110
(9) 2016325
2016328
2016512
201685
201689
2016119
- 185 -
-
- 186 -
