{"id":564,"date":"2018-01-13T20:53:30","date_gmt":"2018-01-13T11:53:30","guid":{"rendered":"http:\/\/beyondthefinance.com\/?p=564"},"modified":"2018-02-13T20:11:18","modified_gmt":"2018-02-13T11:11:18","slug":"nec%e3%81%ab%e3%82%88%e3%82%8b%e5%82%b5%e5%8b%99%e8%b6%85%e9%81%8e%e3%81%ae%e8%8b%b1%e5%9b%bdit%e3%82%b5%e3%83%bc%e3%83%93%e3%82%b9%e4%bc%9a%e7%a4%be%e3%81%aema%e3%81%ab%e3%81%a4%e3%81%84%e3%81%a6","status":"publish","type":"post","link":"https:\/\/beyondthefinance.com\/?p=564","title":{"rendered":"NEC\u306b\u3088\u308b\u50b5\u52d9\u8d85\u904e\u306e\u82f1\u56fdIT\u30b5\u30fc\u30d3\u30b9\u4f1a\u793e\u306eM&#038;A\u306f\u4fa1\u5024\u304c\u3042\u308b\u306e\u304b\u691c\u8a3c\u3057\u3066\u307f\u308b\u301c\u8ca1\u52d9\u5206\u6790\u7de8"},"content":{"rendered":"<p>\u4eca\u65e5\u306f\u4eca\u9031\u306e\u65e5\u7d4c\u306bNEC\u306b\u3088\u308b<br \/>\n\u82f1\u56fd\u3067\u306eM&amp;A\u5b9f\u65bd\u306e\u30cb\u30e5\u30fc\u30b9\u304c\u3042\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u3053\u308c\u306b\u3088\u3063\u3066\u3001<br \/>\nM&amp;A\u3067\u306e\u4fa1\u5024\u5275\u51fa\u304c<br \/>\n\u672c\u5f53\u306b\u53ef\u80fd\u306a\u306e\u304b\uff1f<br \/>\n\u3092\u307f\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<p>\u4eca\u56de\u306f\u3084\u305f\u3089<br \/>\n\u5c0f\u96e3\u3057\u304f\u8003\u3048\u308b\u306e\u3067\u306f\u306a\u304f\u3001<br \/>\n\u30b7\u30f3\u30d7\u30eb\u306b\u8ca1\u52d9\u5206\u6790\u3060\u3051\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<h1 style=\"text-align: center;\">\u8cb7\u53ce\u306e\u6982\u8981\u306f\uff1f<\/h1>\n<p>\u4f1a\u793e\u767a\u8868\u8cc7\u6599\u3067\u306f\u3053\u3093\u306a\u611f\u3058\u3067\u66f8\u3044\u3066\u3044\u308b\u7a0b\u5ea6\u3067\u3059\u3002<\/p>\n<blockquote><p>NEC\u306f\u3001\u6d77\u5916\u3067\u306e\u30bb\u30fc\u30d5\u30c6\u30a3\u4e8b\u696d\u62e1\u5927\u3092\u52a0\u901f\u3059\u308b\u305f\u3081\u3001<\/p>\n<p>\u82f1\u56fd\u306eIT\u30b5\u30fc\u30d3\u30b9\u4f01\u696dNorthgate Public Services Limited(\u672c\u793e\uff1a\u82f1\u56fdHertfordshire\u5ddeHemel Hempstead\u3001CEO\uff1aStephen Callaghan\u3001\u4ee5\u4e0b NPS)\u3092\u3001\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9Cinven\u304b\u30894\u51047,500\u4e07\u30dd\u30f3\u30c9(\u7d04713\u5104\u5186)\u3067\u8cb7\u53ce\u3057\u307e\u3059\u3002<\/p>\n<p>\u8cb7\u53ce\u5b8c\u4e86\u6642\u671f\u306f\u672c\u5e741\u6708\u672b\u3092\u4e88\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p>\u30b7\u30f3\u30d7\u30eb\u306b\u8003\u3048\u308b\u3068\u3001<br \/>\n713\u5104\u5186\u3092\u6255\u3063\u3066\u3001<br \/>\n\u58f2\u4e0a245\u5104\u5186(GBP163M)\u306e<\/p>\n<p>\u30a4\u30ae\u30ea\u30b9\u306eIT\u30b5\u30fc\u30d3\u30b9\u4f1a\u793e\u306e\u682a\u3092<br \/>\n\u8cb7\u3063\u305f\u3068\u3044\u3046<span style=\"font-size: 18pt;\">\u3060\u3051<\/span>\u306e\u8a71\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3053\u308c\u304c713\u5104\u5186\u306e\u4fa1\u5024\u304c\u3042\u308b\u306e\u304b\uff1f<\/p>\n<p>\u3068\u3044\u3046\u3068\u3053\u308d\u304c\u30dd\u30a4\u30f3\u30c8\u3067\u3001<\/p>\n<p>\u3044\u3063\u305f\u3044\u3001\u3053\u306e\u4f1a\u793e\u3092\u8cb7\u3046\u3053\u3068\u3067\u3001<br \/>\n\u3069\u3093\u306a\u30ea\u30bf\u30fc\u30f3\u304c\u3042\u308b\u306e\u304b\uff1f<br \/>\n\u3068\u3044\u3046\u8a71\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u5f8c\u8ff0\u3057\u307e\u3059\u304c\u3001<\/p>\n<p>\u8cb7\u53ce\u30b9\u30ad\u30fc\u30e0\u306f\u3082\u3046\u5c11\u3057\u8907\u96d1\u3067\u3042\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3067\u3059\u3002<\/p>\n<p>\u304a\u305d\u3089\u304f\u3001\u65e2\u5b58\u682a\u4e3b\u3067\u3042\u308b\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304cLBO(Leveraged Buy Out)\u3057\u3066<\/p>\n<p>\u3053\u306e\u4f1a\u793e\u3092\u8cb7\u53ce\u3057\u305f\u305f\u3081\u3001\u8a72\u5f53\u4f1a\u793e\u306b\u501f\u5165\u91d1\u304c\u5927\u91cf\u306b\u6b8b\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u4eca\u56de\u306e\u58f2\u8cb7\u306b\u3088\u3063\u3066<\/p>\n<p>\u8cb7\u53ce\u30d5\u30a1\u30f3\u30c9\u304c\u53d7\u9818\u3059\u308b\u8cc7\u91d1713\u5104\u5186\u306f\u3001<\/p>\n<p>\u682a\u5f0f\u76f8\u5f53\u5206\u3068\u501f\u5165\u91d1\u76f8\u5f53\u5206\u306b\u5206\u304b\u308c\u3066\u3044\u3066\u3001<\/p>\n<p>\u4eca\u56de\u306e713\u5104\u5186\u306e\u3046\u3061\u3001<\/p>\n<p>\u76f8\u5f53\u984d\u306f\u501f\u5165\u91d1\u306e\u8fd4\u6e08\u306b\u56de\u3055\u308c\u308b\u306e\u3067\u306f\u306a\u3044\u304b<\/p>\n<p>\u3068\u601d\u308f\u308c\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<h1 style=\"text-align: center;\">\u307e\u305a\u306fPL\u3068CF\u304b\u3089\u8cb7\u53ce\u306e\u4fa1\u5024\u3092\u8003\u3048\u3066\u307f\u308b\u3068\u3001<\/h1>\n<p>&nbsp;<\/p>\n<p>\u307e\u305a\u3001\u4f1a\u793e\u767a\u8868\u306e\u30d7\u30ec\u30bc\u30f3\u8cc7\u6599\u3067\u306f\u3001<br \/>\n<span style=\"font-size: 18pt;\">\u58f2\u4e0a\u306b\u5bfe\u3059\u308bEBITDA\u7387\u304c21.5%<\/span>\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u3046\u3059\u308b\u3068\u3001<span style=\"font-size: 14pt;\">\uff15\uff14\u5104\u5186\u304f\u3089\u3044\u306eEBITDA<\/span>\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>EBITDA=Earnings Before Interest &amp; Tax &amp; Depreciation &amp; Amortization<br \/>\n\u8981\u306f\u5f53\u671f\u5229\u76ca\uff0b\u91d1\u5229\uff0b\u6cd5\u4eba\u7a0e\uff0b\u511f\u5374\u8cbb\uff1dEBITDA<br \/>\n\u3067\u3057\u3066\u3001\u30a4\u30e1\u30fc\u30b8\u7684\u306b\u306f\u30d3\u30b8\u30cd\u30b9\u9762\u3067\u751f\u307f\u51fa\u3055\u308c\u308b\u5b9f\u529b\u306f\u3069\u3046\u304b\u3092\u898b\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u3002<br \/>\n\u55b6\u696dCF\u306b\u8fd1\u3044\u304b\u306a\u3068\u3002\uff08\u6cd5\u4eba\u7a0e\u3084\u91d1\u5229\u3092\u306e\u305e\u3044\u305f\uff09<\/p>\n<p>&nbsp;<\/p>\n<p>\u6b21\u306b\u3001\u8cb7\u53ce\u5bfe\u8c61\u4f1a\u793e\u306eAnnual Report\u306ePL\u3092\u898b\u3066\u307f\u307e\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-570\" src=\"https:\/\/beyondthefinance.com\/wp-content\/uploads\/2018\/01\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2018-01-12-7.52.36.png\" alt=\"\" width=\"652\" height=\"574\" \/>\u3053\u308c\u3001\u304b\u306a\u308a\u898b\u306b\u304f\u3044\u306e\u3067\u3001\u30a8\u30af\u30bb\u30eb\u3067\u307e\u3068\u3081\u3066\u307f\u307e\u3057\u305f\u3002<\/p>\n<p>\u3064\u3044\u3067\u306b\u5186\u63db\u7b97\u3082\u3057\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-577\" src=\"https:\/\/beyondthefinance.com\/wp-content\/uploads\/2018\/01\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2018-01-13-20.18.25.png\" alt=\"\" width=\"583\" height=\"375\" \/>\n<p>&nbsp;<\/p>\n<p>\u306a\u3093\u3068\u55b6\u696d\u5229\u76ca\u306f<span style=\"font-size: 24pt; color: #ff0000;\">6\u5104\u5186<\/span>\u306e\u8d64\u5b57\u3067\u3001<\/p>\n<p>\u5f53\u671f\u5229\u76ca\u306f62\u5104\u5186\u306e\u8d64\u5b57\u3067\u3059\u3002<\/p>\n<p>\u3081\u3061\u3083\u304f\u3061\u3083\u8ca1\u52d9\u72b6\u6cc1\u60aa\u3044\u4f1a\u793e\u3058\u3083\u3093\u304b\uff01\uff01<\/p>\n<p>\u305f\u3060\u3057\u3001OP\u304c\u8d64\u5b57\u3067\u306f\u3042\u308b\u3082\u306e\u306e\u3001<br \/>\n\u7279\u5225\u640d\u593112\u5104\u5186\uff08GBP8M\uff09\u304c\u55b6\u696d\u640d\u5931\u306b\u30d2\u30c3\u30c8\u3057\u3066\u3044\u308b<br \/>\n\u65e5\u672c\u57fa\u6e96\u3068\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u3092\u623b\u3059\u3068\u3001<br \/>\n\u55b6\u696d\u5229\u76ca\u306f6\u5104\u5186\u7a0b\u5ea6\uff08GBP3.8M)\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u5f53\u671f\u5229\u76ca\u304c\u5927\u5e45\u306b\u843d\u3061\u3066\u3044\u308b\u7406\u7531\u306f\u3001<br \/>\n\u501f\u5165\u91d1\u304c\u591a\u304f\u3001\u6bce\u5e74\u306e\u652f\u6255\u3044\u91d1\u5229\u304c<br \/>\n\u306a\u3093\u306860\u5104\u5186\uff08GBP40.1M)\u3082\u3042\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n<p>BS\u3092\u898b\u308b\u3068\u7d04600\u5104\u5186\uff08GBP390M)\u3082\u306e\u501f\u5165\u91d1\u304c\u3042\u308b\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3044\u3084\u30fc\u3001\u3053\u308c\u306f\u9593\u9055\u3044\u306a\u304f\u91d1\u306b\u56f0\u3063\u3066\u3044\u308b\u4f1a\u793e\u3067\u3059\u306d\u3002<\/p>\n<p>\u3053\u30f3\u306a\u3093\u3067\u672c\u5f53\u306bEBITDA\u7387\u304c21.5%\u3082\u3042\u308b\u306e\uff1f<\/p>\n<p>\u3068\u3044\u3046\u308f\u3051\u3067\u3059\u304c\u3001<\/p>\n<p>\u5f53\u671f\u640d\u593161\u5104\u5186\u306b<\/p>\n<p>\u511f\u5374\u8cbb47\u5104\u5186\u3001\u91d1\u5229\u8cbb\u752860\u5104\u5186\u3001\u7279\u5225\u9805\u76ee8\u5104\u5186\u3001\u6cd5\u4eba\u7a0e5\u5104\u5186\u3092\u8db3\u3057\u623b\u3059\u3068\u3001<\/p>\n<p>\u8abf\u6574\u5f8cEIBITDA\u306f57\u5104\u5186\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3046\u30fc\u3093\u3001\u4f1a\u793e\u767a\u8868\u306eEBITDA\u3068\u3060\u3044\u305f\u3044\u5408\u3063\u3066\u308b\u304b\u3002<\/p>\n<p>\u306a\u308b\u307b\u3069\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>EBITDA\u500d\u7387\u306b\u3059\u308b\u3068\u3044\u304f\u3089\u306b\u306a\u308b\u306e\u304b\uff1f<\/p>\n<p><span style=\"font-size: 18pt;\">700\u5104\u5186\/57\u5104\u5186\uff1d12\u500d<\/span><\/p>\n<p>\u306a\u308b\u307b\u3069\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3067\u306f\u3001<\/p>\n<p>\u672c\u6765\u7684\u306b\u6d41\u5165\u3057\u3066\u304f\u308b\u55b6\u696dCF\u304c\u3069\u308c\u304f\u3089\u3044\u304b\uff1f<\/p>\n<p>\u91d1\u5229\u30b3\u30b9\u30c8\u306f\u50b5\u52d9\u304c\u6d88\u3048\u3066\u306a\u304f\u306a\u308b\u3068\u3044\u3046\u524d\u63d0\u3067\u3001<\/p>\n<p>\u8abf\u6574\u5f8cEBITDA57\u5104\u5186\u306b\u6cd5\u4eba\u7a0e5\u5104\u5186\u3092\u5f15\u3044\u305f\u3082\u306e\u304c<\/p>\n<p>\u55b6\u696dCF\u76f8\u5f53\u3060\u3068\u3059\u308b\u306852\u5104\u5186\u3068\u306a\u308b\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3067\u3001\u3053\u3053\u306b\u6bce\u5e74\u3069\u306e\u7a0b\u5ea6\u306e\u6295\u8cc7\u304c\u5fc5\u8981\u306b\u306a\u308b\u306e\u304b\uff1f<\/p>\n<p>&nbsp;<\/p>\n<p>\u3053\u308c\u307e\u3067\u306e\u6295\u8cc7CF\u306e\u3046\u3061\u3001<\/p>\n<p>\u6bce\u5e7430\u5104\u5186(GBP20M\uff09\u304f\u3089\u3044\u304c<\/p>\n<p>Intangible\u3068Tangible\u306e\u6295\u8cc7\u3067<\/p>\n<p>\u30ad\u30e3\u30c3\u30b7\u30e5\u30a2\u30a6\u30c8\u3057\u3066\u3044\u308b\u306e\u3067\u3001<\/p>\n<p>\u55b6\u696dCF52\u5104\u5186 &#8211; \u6295\u8cc7CF 30\u5104\u5186\uff1dFCF22\u5104\u5186<\/p>\n<p>\u304f\u3089\u3044\u304c\u3001\u30b9\u30bf\u30f3\u30c9\u30a2\u30ed\u30fc\u30f3\u3067\u306e\u4fa1\u5024\u304b\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u73fe\u72b6\u7dad\u6301\u3067\u3042\u308c\u3070\u3001<\/p>\n<p>713\u5104\u5186\u309222\u5104\u5186\u3067\u5272\u308b\u3068<span style=\"font-size: 24pt; color: #ff0000;\">34\u5e74\u3067\u56de\u53ce<\/span>\u3067\u304d\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p>\u3068\u3044\u3046\u306e\u304c\u30b7\u30f3\u30d7\u30eb\u306a\u8003\u3048\u65b9\u306b\u306a\u308b\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3053\u308a\u3083\u30fc\u9577\u3044\u306d\u3002<\/p>\n<p>\u3084\u306f\u308a\u8cb7\u53ce\u306b\u3088\u3063\u3066\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u3092\u898b\u8fbc\u307e\u306a\u3044\u3068<\/p>\n<p>\u3068\u3066\u3082\u8cb7\u53ce\u306e\u4fa1\u5024\u304c\u306a\u3044\u30ec\u30d9\u30eb\u3068\u8a00\u3048\u308b\u3002<\/p>\n<h1><\/h1>\n<h1 style=\"text-align: center;\"><span style=\"font-size: 18pt;\">\u6b21\u306b\u3001BS\u3092\u30c1\u30a7\u30c3\u30af\u3057\u3066\u306e\u308c\u3093\u3092\u898b\u7a4d\u3082\u3063\u3066\u307f\u308b<\/span><\/h1>\n<p>\u4f1a\u793e\u767a\u8868\u8cc7\u6599\u306bBS\u30c7\u30fc\u30bf\u306f\u4e00\u5207\u8f09\u3063\u3066\u3044\u306a\u304b\u3063\u305f\u306e\u3067\u3001<\/p>\n<p>\u3053\u308c\u3082Annual Report\u304b\u3089\u629c\u7c8b\u3057\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-569\" src=\"https:\/\/beyondthefinance.com\/wp-content\/uploads\/2018\/01\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2018-01-12-7.52.11.png\" alt=\"\" width=\"631\" height=\"666\" \/>\n<p>\u3053\u308c\u307e\u305f\u3054\u3061\u3083\u3054\u3061\u3083\u3057\u3066\u3044\u308b\u306e\u3067\u3001<\/p>\n<p>\u30a8\u30af\u30bb\u30eb\u3067\u307e\u3068\u3081\u306a\u304a\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3067\u3001<\/p>\n<p>\u304a\u304a\u3001<span style=\"font-size: 18pt; color: #ff0000;\">146\u5104\u5186\u3082\u306e\u50b5\u52d9\u8d85\u904e\uff01<\/span><\/p>\n<p><span style=\"font-size: 12pt;\">\u306e\u308c\u3093846\u5104\u5186\uff1d\u8cb7\u53ce\u91d1\u984d700\u5104 &#8211; \u50b5\u52d9\u8d85\u904e\u984d\u25b3146\u5104\u5186<\/span><\/p>\n<p>\u3068\u306a\u308b\u3002<\/p>\n<p>(PPA\u306f\u306e\u308c\u3093\u3068\u540c\u7b49\u3068\u3057\u3066\u7701\u7565\u3057\u307e\u3059\uff09<\/p>\n<p>&nbsp;<\/p>\n<p>\u3057\u304b\u3057\u3001NEC\u306e\u5f79\u54e1\u306f\u4f1a\u898b\u3067\u4e0b\u8a18\u306e\u3088\u3046\u306b\u8a00\u3063\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002<\/p>\n<p>\u300c<span style=\"font-size: 12pt; color: #ff0000;\">\u4eca\u56de\u306e\u8cb7\u53ce\u306b\u3088\u308a\u3001NEC\u306e\u8cb7\u53ce\u8cc7\u91d1\u3067\u50b5\u52d9\u304c\u5287\u7684\u306b\u6e1b\u5c11\u3002\u50b5\u52d9\u8d85\u904e\u304b\u3089\u8131\u3059\u308b\u898b\u8fbc\u307f\u3060<\/span>\u300d<\/p>\n<p>\u3053\u306e\u767a\u8a00\u306f\u91cd\u8981\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>713\u5104\u5186\u306b\u3088\u3063\u3066\u682a\u5f0f\u306e\u53d6\u5f97\u304c\u767a\u751f\u3059\u308b\u3068\u540c\u6642\u306b\u3001<\/p>\n<p>\u8cb7\u53ce\u5148\u304b\u3089\u501f\u308a\u305f\u501f\u5165\u91d1\u3092\u30c1\u30e3\u30e9\u306b\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u306a\u306e\u3060\u308d\u3046\u3002<\/p>\n<p>\u305d\u308c\u304c\u8cb7\u53ce\u30b9\u30ad\u30fc\u30e0\u306b\u7d44\u307f\u8fbc\u307e\u308c\u3066\u3044\u308b\u3068\u601d\u308f\u308c\u307e\u3059\u3002<\/p>\n<p>\u4eee\u306b\u5168\u984d\u3060\u3068\u3059\u308b\u3068584\u5104\u5186\u304c\u30c1\u30e3\u30e9\u306b\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 12pt;\">\u306e\u308c\u3093262\u5104\u5186\uff1d\u8cb7\u53ce\u91d1\u984d700\u5104 &#8211; \u50b5\u52d9\u8d85\u904e\u984d\u25b3146\u5104\u5186 &#8211; \u501f\u5165\u91d1\u89e3\u6d88584\u5104\u5186<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u306e\u308c\u3093\u767a\u751f\u984d\u3082\u5909\u308f\u3063\u3066\u304f\u308b\u304b\u3089\u306d\u3002<\/p>\n<p>\u3053\u3093\u306a\u306b\u5de8\u984d\u306e\u306e\u308c\u3093\u304c\u672c\u5f53\u306b\u56de\u53ce\u3067\u304d\u308b\u306e\u3060\u308d\u3046\u304b\uff1f<\/p>\n<p>\u3053\u308c\u3082\u7d50\u5c40\u306f\u5272\u5f15\u5f8c\u306e\u73fe\u5728\u4fa1\u5024\u3067\u56de\u53ce\u3067\u304d\u308b\u306e\u304b\uff1f<\/p>\n<p>\u3068\u3044\u3046\u8003\u3048\u65b9\u306b\u306a\u308b\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u305d\u308c\u3068\u3082\u3046\u4e00\u3064\u6c17\u306b\u306a\u308b\u306e\u306f\u3001<\/p>\n<p>\u30ce\u30fc\u30b9\u30b2\u30fc\u30c8\u81ea\u4f53\u304c\u62b1\u3048\u3066\u3044\u308b\u306e\u308c\u3093\u3067\u3042\u308b\u3002<\/p>\n<p>\u3053\u308c\u304c\u3001351\u5104\u5186\u3082\u3042\u308b\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u4e00\u4f53\u3001\u3053\u306e\u306e\u308c\u3093\u306f\u3044\u3064\u767a\u751f\u3057\u305f\u306e\u3060\u308d\u3046\u304b\uff1f<\/p>\n<p>Notes\u306b\u6e1b\u640d\u30c6\u30b9\u30c8\u3092\u3084\u3063\u305f\u304c\u554f\u984c\u306a\u3057\u3060\u3063\u305f\u3002<\/p>\n<p>\u3068\u3001<\/p>\n<p>Annual Report\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u304c\u3001<\/p>\n<p>\u3053\u3093\u306a\u306b\u5927\u304d\u3044\u306e\u308c\u3093\u304c<\/p>\n<p>\u73fe\u72b6\u306eOP\u30ec\u30d9\u30eb\u3067\u56de\u53ce\u3067\u304d\u308b\u3068\u306a\u308b\u306f\u305a\u304c\u306a\u304f\u3001<\/p>\n<p>\u5c06\u6765\u6210\u9577\u7387\u3092\u5927\u304d\u304f\u3057\u3066\u3044\u308b\u3082\u306e\u3068\u60f3\u5b9a\u3055\u308c\u308b\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>\u3044\u3084\u30fc\u3001\u91cd\u305f\u3044\u8cc7\u7523\u3070\u304b\u308a\u304c\u5897\u3048\u3066\u3057\u307e\u3046M&amp;A\u3060\u306a\u3068<\/p>\n<p>\u601d\u3044\u307e\u3059\u304c\u3001\u679c\u305f\u3057\u3066\u56de\u53ce\u3067\u304d\u308b\u306e\u304b\uff1f<\/p>\n<p>\u8cb7\u53ce\u306e\u52b9\u679c\u3068\u30ea\u30b9\u30af\u306b\u3064\u3044\u3066\u306f<\/p>\n<p>\u6b21\u56de\u306b\u898b\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3053\u3053\u306bM&amp;A\u306e\u809d\u304c\u3042\u308a\u3001\u4fa1\u5024\u5275\u51fa\u304c\u3067\u304d\u308c\u3070\u3001\u5229\u76ca\u6539\u5584\u304c\u3067\u304d\u3066<\/p>\n<p>\u8cb7\u53ce\u306e\u52b9\u679c\u304c\u51fa\u3066\u304f\u308b\u308f\u3051\u3067\u3059\u304c\u3001<\/p>\n<p>\u307b\u3068\u3093\u3069\u306eM&amp;A\u306f\u305d\u306e\u3088\u3046\u306a\u52b9\u679c\u3092\u51fa\u305b\u305a\u306b\u7d42\u308f\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3068\u3044\u3046\u308f\u3051\u3067\u3001<\/p>\n<p>\u4eca\u65e5\u306f\u7d42\u308f\u308a\u3067\u3059\u3002<br \/>\n<span style=\"font-size: 10pt;\">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;<\/span><\/p>\n<p><span style=\"font-size: 10pt;\">\u50d5\u306f\u5927\u5b66\u5352\u696d\u3057\u3066\u304b\u3089\u3082 \u30d7\u30e9\u30d7\u30e9\u3068\u30cb\u30fc\u30c8\u3092\u3057\u3066\u307e\u3057\u305f\u3002<\/span><\/p>\n<p><span style=\"font-size: 10pt;\">\u3067\u3059\u304c\u3001\u305d\u306e\u5f8cUSCPA\u3092\u53d6\u5f97\u3057\u305f\u308a\u8ee2\u8077\u6d3b\u52d5\u3092\u3057\u3066<\/span><\/p>\n<p><span style=\"font-size: 10pt;\">\u4eca\u3067\u306f\u4e00\u90e8\u4e0a\u5834\u4f01\u696d\u3067\u6c7a\u7b97\u306a\u3069\u306f\u3084\u3089\u305a\u306b\u8907\u6570\u306e\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3092\u56de\u3057\u305f\u308a\u3001\u6d77\u5916\u51fa\u5f35\u306b\u3044\u304d\u307e\u304f\u308b\u306a\u3069\u3057\u3066\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-size: 10pt;\">\u5e74\u53ce\u30821000\u4e07\u3092\u8d85\u3048\u307e\u3057\u305f\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 10pt;\">\u4eca\u5f8c\u306f\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u30b9\u30ad\u30eb\u3068\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30b9\u30ad\u30eb\u3092\u6b66\u5668\u306b\u3057\u3066\u3001<\/span><\/p>\n<p><span style=\"font-size: 10pt;\">CFO\u306b\u306a\u308d\u3046\u3068\u65e5\u3005\u8272\u3005\u3068\u5b66\u3073\u3001\u884c\u52d5\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 10pt;\">\u3053\u306e\u30d6\u30ed\u30b0\u306e\u30b3\u30f3\u30bb\u30d7\u30c8\u306f\u3001 <a href=\"https:\/\/beyondthefinance.com\/?p=440\">&#8220;Beyond The Finance&#8221;<\/a> \u3068\u3044\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-size: 10pt;\">\u306a\u3093\u3060\u305d\u308a\u3083\u3063\u3066\u304b\u3093\u3058\u3067\u3059\u3088\u306d\u3002<\/span><\/p>\n<p><span style=\"font-size: 10pt;\">\u3082\u3046\u3061\u3087\u3063\u3068\u8a73\u3057\u304f\u307f\u3066\u3084\u308d\u3046\u304b\u306a\u3068\u601d\u3046\u65b9\u306f<a href=\"https:\/\/beyondthefinance.com\/?p=440\">\u3053\u3061\u3089<\/a>\u304b\u3089\u8aad\u3093\u3067\u304f\u3060\u3055\u3044\u3002<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4eca\u65e5\u306f\u4eca\u9031\u306e\u65e5\u7d4c\u306bNEC\u306b\u3088\u308b \u82f1\u56fd\u3067\u306eMamp;A\u5b9f\u65bd\u306e\u30cb\u30e5\u30fc\u30b9\u304c\u3042\u308a\u307e\u3057\u305f\u3002 \u3053\u308c\u306b\u3088\u3063\u3066\u3001 Mamp;A\u3067\u306e\u4fa1\u5024\u5275\u51fa\u304c \u672c\u5f53\u306b\u53ef\u80fd\u306a\u306e\u304b\uff1f \u3092\u307f\u3066\u3044\u304d\u307e\u3059\u3002 \u4eca\u56de\u306f\u3084\u305f\u3089 \u5c0f\u96e3\u3057\u304f\u8003\u3048\u308b\u306e\u3067\u306f\u306a\u304f\u3001 \u30b7\u30f3\u30d7\u30eb\u306b<\/p>\n","protected":false},"author":1,"featured_media":797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/beyondthefinance.com\/index.php?rest_route=\/wp\/v2\/posts\/564"}],"collection":[{"href":"https:\/\/beyondthefinance.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beyondthefinance.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beyondthefinance.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/beyondthefinance.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=564"}],"version-history":[{"count":17,"href":"https:\/\/beyondthefinance.com\/index.php?rest_route=\/wp\/v2\/posts\/564\/revisions"}],"predecessor-version":[{"id":796,"href":"https:\/\/beyondthefinance.com\/index.php?rest_route=\/wp\/v2\/posts\/564\/revisions\/796"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beyondthefinance.com\/index.php?rest_route=\/wp\/v2\/media\/797"}],"wp:attachment":[{"href":"https:\/\/beyondthefinance.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beyondthefinance.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beyondthefinance.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}