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【企業力分析 】マクドナルド 数字で検証 危機感と経営計画の妥当性

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 今回は、日本マクドナルドホールディングス<2702>(以下、マクドナルドHD)を分析する。2014年夏の使用期限切れ鶏肉問題や15年の異物混入問題で厳しい経営状況と言われているが、どの程度厳しいのだろうか。
05~14年12月期までの10年間を分析してみた。キーワードは、危機のレベルの確認である。

 営業効率(もうかるか指標)、資本効率(株主評価指標)は急落、天井値から底値、まるで天国から地獄へ落ちたような悪化だ。生産効率(人の利用度)は、右肩上がりトレンド。直営店のFC店化を進めていた。人手のいる直営店が減り、従業員数が減る。当然、FC店への物販が増え、店舗売り上げは減少し、相殺して減収トレンド(09年以降)。減収より、従業員数減少が強いため改善したのだ。

 資産効率(資産の利用度)は、生産効率で説明した減収が響いて、悪化トレンドだ。流動性(短期資金繰り指標)は改善トレンド、安全性(長期資金繰り指標)は、ほぼ天井値。

 上記全てを加味したグラフ、企業力総合評価は、8年間積み上げてきた企業力を一瞬にして消し去り、この先、同じトレンドを続ければ、あと1年で破綻懸念領域という危機である。まったく予断を許さない。

 マクドナルドHDは4月16日にビジネス・リカバリー・プラン(16年度の数字は示さず、15年のプランを実行することで16年度黒字化すると記載)を発表した。内容の詳細は譲るとして、15年度予定決算数字概略は、売上高2000億円、営業損失250億円、経常損失310億円、当期損失380億円、220億円の借入金増加を見込んでいる。

 改善計画どおりであった場合、マクドナルドHDはどうなるのだろうか。キーワードは、経営計画の妥当性だ。

 まず、過去に食品不祥事を起こした雪印乳業を見てみよう。マクドナルドHDと同じく続けざまに2回、食中毒問題と牛肉偽装問題があった。

00~05年までの6年間の分析。(00年個別財務諸表、01年以降連結財務諸表)

「悪化」を読んでみる。01年は57P下落し、悪化成り行き倍率1年と、マクドナルドHDと同じ危機レベルだ(青矢印)。営業効率・資本効率も底値で両社同様。生産効率は、業種の特質で雪印乳業がよい評価である。資産効率は、両社青信号領域だ。流動性・安全性の財務体質は、マクドナルドHDが圧倒的によいと言える。

「改善」は、下表の01年以降の数字を読む。雪印乳業は、売上を1/4、総資産を1/3、従業員数を1/5にし、この大リストラが功を奏し売上高経常利益率は7.53%改善しV字回復を達成した。

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C7gz9cOyuBonA2stpiNJkJkLljABLht4mAeFdWriPki+6kp4o2SW1qHv9v1TgXg+l7QiAk960pMGq3zn+hua4//m2Hmb/dZj5iFRQoJJl4bXY+WC65IwMMevx8xCfJSF8oQnPKE90mMmQEFV4EP1H/kIvfu0x7Sjd5/OHvTu09mD6XCf9lg+lO7Th3AdTHXSZY8eywNZab0nYnZAP0x1vmWP6QULRam1HjMLrlYyMObETin71BwSGWTLA9K3nm8yVSjZNFW/MCCwE044od2bWzBNgEXVo0ePHj1mDhPmKZooqwRQXTIHwybYzA+q8dznPjdnBA2Dlcf5aaVLD4O5SOUEXWDBqoBhDsoaa6zRHh2DoKqCuGW5LMkLXELmQMV8FRNWYzJrCaWelN/qCuyaMyQlXyaT+TMlJEnQtAV7u+C54gMypbRZJFNoW781Aby0ygXFzVeTdWXSLFeKeTfSzucTVuY8xR6jsTLnKfYYjeWZp9hjxWPSeYomZ8r2wdxjUyFCxlp5TNV5TL1rxYES0mMnSz93D/eyqY7g/qqtE4qSM+IdZCnFdSWiavx66603YbAzh+P62LyPSaLm3NTnbFHEwN/6HGGnWkJ9PDbPI/TMn5IaHccJUcf8La+Xkfnud787KwDenZVrTs4HP/jB/A49phfmdE21rSmFk1U7+cQnPpHpr1bwAL2pwGI6Rpf3g4uZMuSa2N7ylrcs5T3gtYnzqn6UMPG6/L3lkeYjrMgQ32gZrxImk8e5N77xjUtl+ZqAHuenohhQrF3XFQ+n6MW9vvjFL7ZHx6BcXJyzddHEQgBDxfcT/l3Qf9q3puUSijeUbVnOOS5h7qJ71UtPmQb1/e9/v90bU9K7VvYPdFa0QUjWggvoUC9SrmtGsu6xxx7t3nAI7BNq5eToUZAyrixWOUWEsFGey9yTLrDKWFhl1YxhIIgINyWSlnXytd+Y9xNllbqg7TbccMNc7SEsXJa3SiY6q1QiTESlJfreaH/VVHS8OoXzBbPRUmS160vtPGz9toB5UpaAMolfGv0wSK8nPHkZVNQIoH2Dn0JGaaKZGqilsijOp+pITLimNJnQrNoLgWkMmM+FuVBQQUYvTwNGr/wZoRwFr8HvVOUp15ab65biKaecklPnf//3fz/v89zss88+OXmINwqzi9R8ba0d1QdVug8datNYVgyP0ZbmKpZLjZXgLTKBXQnAMgykvdVTxduAEsyrpSC3flBJJqYRAIUYvZWlAue7pRjJXNpWWzNs9IU+Ccj4xLuVqMMjamhzq8qUYwWfN2E/6rwG0LmxZ8yE99J4ZWgwqBTgkPFrX5/HPMbaUuxceT8RU/P+979/fEsWW3P66adPOFauwDwKe+21V14pe6pYe+2188rb5bMSs2hWW221vPpzDauhp8ZvPvzhDy/1HYEk1PMq0okh5PsnS7hJDZT3bVafPu+889qrh8Pq3R//+MfbvW6kzs+rqydB1x5p8qrXiXnlvyW++c1vNolBTXhvqz8nhSSv9j5fkITCSlt5fypAR89//vNNTmu23Xbb9mg3knLTpMGTrz366KPbo0sjWZyZzq10nhS79mjTJAuxeetb35pXLw/o27e97W3NT3/60/bI0kBHRx11VF6p3Hi8+eabM50ah4FkNWa6hyOOOKLZYost8v8Bq6yj7xIrc+X9FY1kTeSV+JNF3B5pmk022SSv/g5PfepTm69+9av5/0ASWnll+iSUmsScm/vuu689MzYuk1DMK8J3wRhOykPz+te/Po/9gNXd8bXPfOYz7ZGmueSSS/IxfNHK8vq3RBKseXX4Eiti5f3ZiKSMNYceemim38BPfvKTJgnFJil/7ZEm0zRehxdvueWW7dGJOPLII5ukNLR7YzjggAOaP/uzP2v3xnDaaafl8ZkMnebUU09tjzZNMkZyfyWlprn00kubddZZp0lKVXt2DCNX3hdTJE1pNKyv2Lhl1H8sj9GGEhFMmmYvlsbdoe5kuXFDdoHFRCMun8WFwdoqrdkAdxILhEXadR5oIMobmSTLfaVeJQ3Pvs2isVNZT43mpwpG+R2sOhZfjbLUEVczC9HfEuU1AZqKShQmk/aYHrAklBfjXpssK1Yf8ZCwFkYtCCwpTFkzharLmDNNFZ2wVAJWMbdyhvqbw8B65VIyxliJLCBaNUsvaM890D2wULpcVH47X8DVzTJm6QbKMe9bE09r98bgGN7BWlH8u/TUsCRHtY9xzXPDS1C6vBUwxytZhgHTKngCkpDLVkhXoYr51BejwEPBjV3mRnS1tdJsrMAk4JbKYwkMa7P6OBkj9KaWq+cHXGdjnQpVKWX35Cc/uT3bjQlShAvA4Daxl+sPg0aA/jd/I/63YQBckV5mFLgTmc1M5HIrmUQJz5ecwwUZG9OWEJZEUwORm4w8irlpcAWdFZ3lasKU/B9bbYYPg/uoeFB+hxqDZWV574MAMCvmvI3bVY1Bf+OYLWmgeRDXHcyV1iUwe6wYiFcrhcUNPll2Mxc7JiehrBxsJbjtnHctZln2Jzqvf8dFWq8pV8Pv0FHExFQp4eqlhAXtqfHIDQvchxLExBGDvtyfu2q+gBtagfGA4tbcmup1AkXSFt9PUeCSxgS1BUFFiGLCzgvH4DdddTIpIXibZ1C8S0jwG+ZuNZ7Rgq18F/VaSyE6n4G2zVYI+kbvwnFyJrgxIcJY6FcYoFZmAhZH1pbRjjbtj4cHuNTJI+ENfVUqSgQh5VKtYoomWgmX9zBMEIrhYycoMA3VyA1K/9NMPcz/sSG6suhsF/h/xTXK39nq0kasNx/sA1UXEDcoN7XxxGlYssOY0ygMa3SYTGMMyFZF2OV3iBX6fSCEHB+5DrDpEMsG+RvHbAT+VJ7bY3pgCs9U25/11+WJUICYRSHRy8A0XiZLLJsMGIbxIHM6nkkhw2Re9rKXjdMeZkEpK0EBDfpCi9atmy8wfow3wOwsDyRuFUWpJWSIE8X3S9KjjJbzMvU35cV5Sj7ru7ZSeMYIQ9n2VlIhAMs42CiUNMKQiHfhFZAQuBAgUZO8MA4onWK++oLFjYYpHGQM5UQ8lZALAVpDMhyhGe1o01+ROCOuq9+POOKILFOMvzKuvuOOO2aeTTlkzDGexNN//OMft1d0oIwp3nvvvc1nP/vZ8f0vfelLTbLO8v/JzM3xrxLJQsq+9FFIgjX7lyfD+uuv3yTrqjnxxBNz3OSMM86YsH3gAx9oEqE2q6++eo4jBvj9kybY7nUjCdTm0Y9+dJM06c5NLEL8ZRQSk8rfceutt7ZHxpCs2Ob8889v95bEFJNW3x4ZDj5sbRrtHRDfTJp/uzf3MdtiioFzzjmned7zntfujYa4tdhHje233z7HKZLClmkJnek78WIQ87rgggvy/wHxrWc84xlNYtjtkYkQM0sDuN0bg7EoXlJCvFGsahjQ9Ktf/ep2bwxzOaYYELuVd5AYW3tkDPIFLr/88nZvDE984hObJPjavYnARx73uMctFVPU1ok1NslKyX0qTqxfo93EBnfeeef8f4m3vOUtOX7cBf0kP6JEUmrmZUwxkARi88pXvjLH20tcddVVE9rXGHnkIx+Z47c1xCW7YorkCiTh2zzpSU9qkoGW7/XYxz4281/xwxJoJlmquX+CfiJHZWRMkYuGJhrajhhaSHBmbxSaDfDvr6gSRaQ7l2N66axR8eWb+G8hS1MopKczwUn70jKjGZL8flceL0FbecxjHpMtza7NcjOTxZZkNZlvyRqYCkbFnwJd18h05CoeNa+zx+wBlx6tNw3ITEsR14iFV2W21e45+6yXYfTK/cSiKWOTtOOu7Oo0hvNfUwBYlzXKDMj5ABacTF6WATd4CfyptAp5vsT5WC7+F0/i3g7oG7+pvQVCLcZgrMtnfUHZrixMwCvCrV2D1cN1KIehhHfoctPOV6BXGaBi8eVSYMCiK9tXFq5wASuwhvYMl2tAf4U3xthDEyx69+Ip4YGracNSW/pPuUljlfdRTLMLS/uDWnAJSWHm9oNhA3hFwYfGoBdQt1glE1wcDpExl7lqvUdJxBgIXzL/f5d7C/xOXEE8pmtj2peDqYaCBpJfKAw1giktD+rBCBQCgXzf1GP6MdX+c13XtdzkkmGCltAZlxDlDcSVkoUwIe7MbWQwdwX8uU65RrmFMNIAQSucQTkMcOkF3SbLNAvGEt63FKxzHZgfV5o5nzXTA2GVss24PeP7MWmMsexDDNdv6n4Vzxdvjj7lgtNX3LdgKhr+RCEKiFvpCy5X81klJpagmE8Wv54voGzIlxBe6yr4QlEp21cOiThfGS8OUEAoNCVKupbYRvjGvRgt+onrOiCPxLhR35SMIUMYe138FzqlCE3MTcTvBLKBZlRbU+biiaWMgoE7LChdoiRMmoGEAfNNCDvPdY9hmhbtgJbM0hwGg2IYhml9IHbBry2TqivRB6HXv68H2TD4nvJasQwxVd/dY/qh34YJDZmdlMKAfp7MmwDilKUHgCfFWDIw/U+5EgtEq6w4gxTjCAtG3JqHRHZsqeSxVIxHiV7uYzOvKio2iddI5ohzNjTvufMFPEayxDHR8jtljwMFXnuU5/ShNsNTzIGWbBPntPvpp58+zlfMxy7nYgf0p34NYLz4gT6Le7FAJO4QlrKAtX2cs7GKpprQN9fh2/Ewih3lPtpA0kyXcaV9CdIS55xzzuCggw7K2dYs97ItCbRhc9br8QfGMuuU90Y2OJ4u87zOawnkyftWySA1WSkIjivzkEMOyQkyAYFi6bNltqnpEl6Yhko7koZbw0RJ2htiqSEzTKV4kE3HIqOV0bIIohA2NDcmtnczmVOQlDu0BOFiQAicS70uoYFpJtwgXfAdBkswmMBRRx2V24RWX2umOsV7RiZbTLdAENzK2iOSAmow272PicSYosCzYDH38MEHH5w7fj5BP5sWgynNJqBpHpEuujBwLrnkkvFKJWjEgFZ5aBRYbGiFolbCZO5w16DjAOuCVamAg7+8GtoKvXdpsoSzpDOgpJXvjklfdNFF7d7YmKrd/aZbSTBBa3MNrG0Zt7VyYrxEQYOynbWfsVmCwhHJgZQSrrSAZbVYN3UShqx8x1jrJTzH88C50jpBL8Z0gBuxzrjXx3hLlwdqLgMvlixpfJVCkMuTslcD3fIElrRsnwzYYostckapsRggcyK5qoY2p0AKdQUoTcZKFHwwRsidMNbwYM+OyftZKK79lDELCEPHBLgku/y7PrAsHUXYIQRxPW6fkggCBKzfdWWp0piDUG644YbsohgVA1Fdwv0Q0zBwPdbvzhoQqwv3bA1uFIKsTtVluWFu0Zgl3E9nlYMqgMEx1YdlrGkPFYIMWpV6pNN7N5rqMME9l8HdRVjUmZKzFcpFUaQwrKnGkJcHlD4WHqtRTGRlgKuJy4ny1WMJMGFTbyjC2mdlAJ8SG11Zfd+jGxRNcUjGXRaK1153ffPmN+6XNVbuGgKRcKzNWcDka6Hlhn5LQBIuywL+/PAXu2+X/zhAgPBF+8tE7nJRej/vUL87jWCyNHlCuxbcowS69/U8wqx0n3o/57SJduyCdo5vibYe9u7zAaxtiskw7W62gfWINgXml2f6z1SBbihQnoPObNMN38ZdWFuyCx3c1jw2wkUrawyyfPVDncDYY+XCuDO9hxHEy7PKTTff0txx+w+mHAfr0WNZIdNMVaKuiiuzEeJPlBSKzXSCUkRZ60r2mC6IsfHsiNX0WAJxKkrpMG/SdEA2rH4Y5fnqMf0wzhUD4KI1NvqV93tMO1St4G6erPpRj+mHGLhYN1dhj5mFeNkxxxwzIXejx8xAuEu8WThw6Mr7w1x/o7Ay3D/LgvLbfI9t1DvOtvefKmb7e49yi/dYudAPU8mi7TH9wI+m2xvRY3Jwl+OhPDfQOSVD9luZIQcydmRMgonsizqmP1gsWNZqxNgIJSnhat45ZhOD7BK4Bmuc8784nkwlyTtx3F9bibheXTvzXIIB+0jJHeaRybaTsWQzB6yG9zTniNYWiHett3he17lwgXWdL9+/3lwfqK9zruu33i+eZ/6W94/9Hj169OixfJiwniJBIthIkJlwLCNTbAVkDpqyIG1ZEV2b6RFxHiRUYM4Cx4cffniuymIeoyQcUxb47W0EnsVTy1RkE5Pdm1Dj28fgZWPKSJWUIu4SVXVkwPrreeb/uNZ5KdJS5gkMc1DMlVGb0vwlBQB8o7kqZcKHb7byhWfJPItJ16YR1FM74t3dx/81VMg39YRwjtp8Ae9UtlUJ7yrjkQJgYnB5b+/n++rnOW6CrL6yqkjU/lPjz/vNJohjUbTOmoMr72v7UExKSN4q+1P/hnJTJpyhZ31Vwu+Gzd1FX56pD8uJ6CVG0VI579Lva1oQw6IkztX1FGFYWwf0le8Ozb9EtC+MamMo27Lub5isrUOZha73FEucz+spDmtr46H2Vjivfbv4KriP+0HZ1u6FFuoxRlbEvfSB/YB9z4p7sBSHrqd4yy23NC984Qtz7UX/W0MsEWBeUy4JsOaOO+5o0sc06SZNEnh5Tatk/uffBqxXloRVXtvKmmLqyblfEl653pxapVtttVXzoQ99qP3FGNxbLVU1UJ2zBpr6od5DPUP1SdUkLGuPOqeGpDUOrZv29a9/Pa+VZf1H6+UlIZNrt6pvmAiwSZbiUjVO1TFUg+/OO+9sj4xBXUTvrT6l97Kpoaj+pBp6ccx2/fXX52tTp+XfWifMfmzqw3oHf8vjscU3qZHpO8tzSbloNt544wnHbNreFvD+vqOurzgbkBSlWVn7dCqwTltSdJqkcEzYynUNjQm0HufUrk0DNZ9Te7T8HfpOA6/5wQ9+kM8H0qDOtTz1tevUyjTOaqizu8suu7R7S2CcfuITn5jwLOuQxnsE5nrtU22t9mV8o/ULfXsgMbxcA/Mb3/hGe2QM2vfuu+/OfCB+i9d1tTF+iI/Edbb99tsv3xs8D88pz+MJZVu7Ngm88fOf+tSnJrwnzNfap9r6rrvuyt8X36+tH2hrzOJ3cdymVqm/SWHL52voD2tpxvXqUAevRctd4zPqDaMXvMe4cR/7aqlGbWKoa59OEIp+kKywzGw/97nP5YUZEZeixxaJtFhjFGdFAMkCaN74xjfm/YAGcU6jRCMcdNBBuaB3smryxyWLLj+rhN8hJEKG0CQIffi9996bG9T7IOCkneVj5XMIJUIHQ7ER5p6huLmPTVZKJnLvURZQ9ryDDz44LyI6Cp7jXV7zmtfkb3Zv+7Zou1HQ6DrKu4+CjlNgvIRi6AZ5DcJy0aJF7d4YfIdvjME7WzCXhaIixWg+Wf55M6DRaCwajAb23Xff5j3vec/4NYoTx6LVFLtSgaK4rb322lmxKUEJs0jw1Vdfna8zqPV7MG0M9ctf/nLziEc8orOI+SmnnJKLVJfPIjwOOeSQ9ooxzGWhqK3ReKmUaqMQLMbZNttswzTJY77EPffck9uNYhq/JVDxmlqxV0yaEh/X2Sib2g4o7RST8rxC0xbMBe9JSSIU47zrjeUS81Uoamvfph3j+8kVfFzb4P1x3MYAshi3vqiBlzHA9tlnn/Hx9Y53vGN8wW9KJ2MrzjGU3BMtwG677ZYVW2PDAtT6gUJT9nktFCfY+0xMdeMstZGsrVyVRYkkNQNNbFf+Lb3kuPuC6y7KvHElmMyuEgh3mYozzFOlergOlKjinlTpQEUO7s7UOPm3wG2YBEf+qwqOyhsmVMrQUpGAW5CJK0ZosqvUafdX9UAxcCXnlIBSpsmcI25S6e4qUShIK/1ZRZ6yqoRvdL6rEk/ANyoY7l24R6N0kX0b926UmRqGRAi5zVKn5TayqfZQp39z96Q+affGkIT/UsfA8Rq+Q3uI7fZYMeCCMXdXAQebyfzCCkFH6A0NiLHHNdaJ49YH48f1sXFbqpPp/xLogxtcFpxzaFzVJBWeIA30/AzjrMsVh8aM3/JZXH7oYb5AuAAfMt7jG1WFSkwtn1f7UpUp46h2wxlDxlu0r826saYK1WPJdarYxHU2/MQcT+hqa+64aGu8yj0VSIjz7uldFwJ8e93WeHu0dd12KtpceOGFOVelhtrByvsJy8X4IlPQAGh3obQ4J3zlnkJukARdHp9oRP+onWsMd42hwAShmKyeXLbIC6hCop4fIaXqinR6QkScUHzOACXYnAMxMQJM3Tk17vjKnTPYFUz24TKtVAnxkarZEJABAgPDkBargrnKNM4TZCZWeq/YNB6BZ9FViTOITwzU5Fu1DDUweD/lfTApm3hKme3lXb3fqMmz7inBSKUfjMl7WcHDflT/IeRGAXPSKWIH2sjm+9WqLAWewUzpECuNTZzUb8tjNsfqge87KCt17b8eyw+DC20r42Wj8JWxJMoNWhQjj2vEhssYRgmxa/H1rpii/i8ZtAFPaUMjBrtxg77L5wcIDAwEfQeNQIzP+QBjw2T3qFVK+dX2imwA3mS8Ysa1wqlUJN7hrzGlfSj5YkgRWwq4n3aLdrQliz0rOKBmqhrFZVvru2hr76nsXBQ68Vv0EIx6voPCiHfjjZQL7UPh62pr0I8EVl26E7SdceB+Mb4YafodtDFDJc4ZH3hggBJljOKN6p3KdWFcjcKEN1SqzeBKJmhm2DQvHclyI8wQEQGhJBsGTyMKKHZr8iNpTcuVmIN4lc4hWN3PfBx/lTdybdQ9BUyCREd4iO66667Lx72DeochPAgCVQc0rmvV03zJS16Ss2W9O0FI0AHipilY5NImcSYGEGhsxDwKnqOOnmcheo3s/9hGCdSAZ2gLzNV32wwqwjTeFXS0b1VVIzZWHw21PGajmBjgNTzLd/VYMSCk1MWNftNnsn3RGaB3xegJrbiGxa5MXA2K4bBKMug6rBHjjPdB8lnQKKaKDjGOLs8BzRcT4oUJGnHPcozOdUiY23vvvfP/rC6Kuf1YXYEgsuEldRtpQ8yaIGN9a59Yeb9OtlFqkWcp2tGGKUvIg2hrfRzn9Y8Fj4GCHu1OQeUlk0m/UAomRFsbI5IptY95sfqvVhYpEK7DV7uA3hlK5jnH+DI+IlEMf1ZwP84pBUo5ZM0DOURGuMbEfM+f1GIvY4qJAeQYhtihhA9xk8S0c0wtSfrsc00vNL6AbiKw/LeEhXgl5Yid8Ov7e+WVV45v/PoSYWrwQYsbJo0hxzItvrvhhhs26aObZA7n/20SXcQUwbt5r8suu6xJQjHHMMVkdtppp3wfMUXX+yabuGYZnzvyyCNzcsooWMRSXMa3d20WlJWINAzals98s802y0lIgWQx5CShRBTtkSbfxzeKWcYmOYCPvjxmE7NISkD7yyVISkuON84mzOWYIhozLgJoXswd7QD60N7GSEBs8Mwzz2z3lgANXHzxxUslXIBniCtutNFGOb6RGP04PZTPt2C2sTIM3i9oJDHmpRLL5nqiDSTFJMeKkkDrjOlrMzkJw+D32sdit/hRzccSc808KNrRZqFczyxRtnUSsDlnogT+KQ9BPLKkj4B+nI8xxQC6jbaW05GMoRxTLHHhhRfm8YJ3d0GsnjxJgrM90mTeJ/EJ6nbF55NRluOIAXzXeySDLC8srh/Fk4P33j8qpsh9yvRkgbAQwzVIW2W5qazvL+uNdE9E0f5yCZiz3K4kM3PVX1pXbFyQpbUWIPFptlyhrDoaHJcn6S5uyUSmAbA8vRcwi8X3FDnmZ/auNBRWo/u4p/d0nY3WRjMJhBtrlObgWTQcml7XxrILU74LNBaLXy5evHiC+6R8j0Dqj/w+LIbYvKP+KI/Z3Et/lfAdfh8rdvR48NB/XDgBVgK64vIBrkztXVrn6Ng1NbiS0IrzNfS941z/V1xxRZ6+wnOCfqcC7kI07v2CRmC+udITgx23vJJy0tnOXUgMOrvxjBnWvfZhhbifti+hz/VvtKNNu7L0AT3Ube0eZVu71vJSVioR/1pI3ptoa38na2vAt4bxUHknLPlaZkR7kkGlq5z8wVvLY3i41U/0gxAgj6I56ea2d2ECRWHwzF0D0c1NfiegfCBCQQiIUJxO3I/AM9BLCGQm7Ss/3LzGcrOWleB210D18T7GAsPcElyoiJ9Ll1AkiJOGkJk+8xy4Srgk+aO5UQwUiUIEqPvoEEKea5e7lxkt3hBwf65YyTTDYHAQ5gR919YVvyhx4403ZkFNsMV7j0IX0XTB4K7v5zu42PRLjxUD81UxtwDFy2APdw8XumMlDaC50i0OYoOEHPrtAjoXa+aORy+YhPijslNTgeQdY6SGd50vwGsou8YzvjRVgQjGsSWm8KcAxlorlmAM1seNtehTbV2vJg/R1uhBuEneABdtlxI0n4G/Wzc0FEfQBnWbkikEpUTGYcDD9TMZVCKMCryuTJQ0zoydMj5JPhCshDNlxTk5GcZpFyZQlU4PbYhgFJDkC7YCPl+sFxG/U8tSNpHz4h4laEYSAiImWW58y8lEzZOHSwjCEnA+hkZgUUjJCiZ8YwqyYO1LcgkrERCq93INAU4AiRv6YPfxfnzRH/vYx/JSTbJTTeYPGBSYG21f53QBoYfl3LV5/jDG451YsApi69wSYoxdCRNTBeZaClDv736+ZyFppdMNAsrgQX82gfr11ltvPGYkwYamS+mLa8K6L2Hc+K1lwkpgFBLG0LK+Q+PuQTHkGREjLJUf13fRDWGKecQ72Lx3ua7cXAdBxDqztBMtP76ztORB+9QMWNtQgPGU+B2vF4Yc7YtJi1cZ12K/cZ3N+AoFRVv7TXm+bGtjnmCQO1G+53yz2oehq63lpZRtDeSENXS7sk7JIcmXrDq5KJShuBc5FW1NbuD3cY4SQl5F9TXYaaedsteSsaY4C2+l9+vyWGbUk/f5Wy+99NI8r45/1iTl1772tTnelz4qxwjFUMz34A9Pwi7/FpI0z376ZIHlOTrmo5Sb4+Z9uYa/PZAEaZOsuOyDFn8zsVI80nWJOJuzzjor7zuerLP8N+Iy5ii6RrzSNeYQ8Q9DIsIcR+SDFssxfywmygc8k9960aJFS02oBvNbzMX03K7NRGzzC0toT++eOnOp5yXFIv/u7LPPznGjNJjaM02e2ybOOAppcObfm+gak/e9t/f3Hb5ntmEuxxS1p9iVGLctKVVLtTFaNHcqrjGfsL5mxx13XGruHCQG3qy55ppNsoIyvT7nOc/J9zDXNjHp9qolcG9x4xqeZ4J4vIOtix7mckxRvoLvUgCh/M6kSLRXjMGYxSNqJMslx6/id8an9g+Yk413aDN9VT4jWSQTci+M3/K8IiDR1oomPPOZz2w22GCDCdfEhPLAfI4pamsxxPh288Nrer7iiiuaV7ziFe3eRChEUc6BX7x48fi9kgI63tb+4i9xzhioId/EuAF9iD7K4g51THFglYwat99+exZgkkH22WeffMyESB8pWUBw+rDDDsvHSySLLhNdGeSsYeKta0pCJlgJWxBA9YzYPDOeG9v222+frwUfZNJneX0Iah8eAVkgvDCvLpx00kmZsGsIktfPLzfnbrvttvbqJTCplJJQQ3De7ygVNZKmM2khAckX8VyFEACReP/Zive+973jE597TAQFB2Ookz2mC3vttVeeKN1jaRB02mdlwRhWpavHzIJgZQSGUFzlu7fc2vz0Jz/OLkCmLdPX//5yQQw7Zku/z3+dK+E6mOpx/mbH3K/GqHMQ7+e9hu3Hu5bHSwx7Lxh1Dpb33ev3hK5jw1C/12TvOZPgvjbNR33WuQhtq29AX3a1cXlNV5930YI4pCIV3KTcQOC6QBcdjKKROBfoelfFNeQEWPF/rqFs4xJ1u042JktEO5pmhj658hybrC1HnZ/qe775zW/OSYJJyW2PzC8Ma+tAtGEXLUfbdrVp3RflubqNoaaHep+7XV+o5Z3XU/z2d64bX3k/4AE2P/LXDfyNF4X6xSCu6ToXiA8oXyp+Yys/cBSiIev3gni+c/EsqPdLxD3qc1N5n/JbAuU31Qhi6SKSYe8XcD7eNb5z2LvPFkiQQF+52G6PCQha6KKh6YB5kP3K+0sjxlWMqZUBiY36ocyT6LHyob8ViBH3FGvMq2Ss/ZS12tM9eqx4WDpM0pGEox4zCxaiRBVLvPWYWbAQWacvfelL2yM9ZgISrCSImu6Xq+60x3v0mDasLCuox+RYmZZQj9HQF12uwx4rF/qg5E9ZKNaDxEUKbAfMoVI3MGDeB82/C9dee202Q8Ff7hpuAsVgQfkq8aUuOGfe4VlnnbXUpgaqic3D5pZIy5bOXsJ8oauuuqrdGw3vZPrGZHCN9hgG7dYT+kQguF4ozg70fTG70PfFzKOWf0tZii4w50pyRIC/1dzEEDrm/C3qWHkfzBVUr9N8H5PoBa5NpPeXcFSlxrysLrz+9a/PBZc9u94UgTXfhKArYYLo+eefnwWwCfziV/bhsssuy0UAJoP3soLHRRdd1B4ZDlURmNldQOAKp2u/Xhvv0aNHj7mHCSvvm1yqWoPJjTLiSiiIawKllSFMgBesLyt9qL6hyo3KAarZmAAbE8xVkVAw2WRZVT122223XAjApEz7AQUBlETrqmIuU49AMhm2/I2Jm6qOyOIiVBWANaFalQPZRFbrIByHwXurrq8yjftPhhe96EW5vJSVP4ZBQQMVHUwgjUr5CxkUnW/N0ZX3pwoeCRmMgIbLQvFf+MIXsnclUBe8KEEBjGodigBQBEE1KYWRSxhrJkQrYO3+lNa6utKGG26Y4yWB+bDy/vKA9wbvMgm/VFiNTyXAIlmthLZEt8ZyCVVTlOKr29qydraAyeR+DyqFqahSwmRy/Em1rfkK/Fi1sii1VoLXjxEBeDp5MAwKvDDGQLuRFTWuueaabHBtsskmE4pWGH9kikIccN555+X9yPjmZbTPmBJTfOgBbzvwyEc9cqxCg1I63JeEigGGYKzGwGXIOiJAWI0sQIKNEHRDKd6IxLUq1lhNAjGoSmDQGtwIkiD18ZiH8wZsKeAEPLkxCT6WX7lxv26++eaZuKKqvao7qt+oUnD11VfnRpNEgDA1AAHvmOoiBDIrtqxMASrfc/GyhKeCM844Y3wtxWFQhkoHs6ansorGfAelBG1ZLWU+QmiBB8R4QLsq3BgTGAGXPzokNJ0TXlCRAw0aDwFp4SouqciEmbrWOFGSyvpvmALlz3EbxZWQNOB5QwhTZQsptnGNzVgsGbVnYAZKni0kEGDK6GGa+Fi0j3a1fmwtFPWRWs+8XHVJN4xceTHKftnWMkmDL6AFHjNVW5zDd5QEDMYM6EI/WP9vPkLNaG0VITXjAS1ra/SO56rYpH3QM1o3bmrg/a61AoZr8XFyo86gVo5TeT1LSEXlKIYReYX/MMzIMuVGleALoUgJZQRKQsv9U1a0CaQPyCvZq3BjVQmblSdUYFhttdVydRIT6B1XNSOgskoSGnkzwXzLLbdskpAdr7RhBfM4f+edd7a/WoJESLmSQVxTbkng5ooQKuMEVMXZe++9c2WY9G3jm3dKHdGsuuqq+V29p4oFSZjmlfMDSVA2ydrtXLVjGFRmSIyr3euGqjXuq7qO4gILHXO5os1kUP3JSitWFg9YmQXNQhp4uSJ/iTSgl6puY+wkITlh1RTVnVybLJv2yBKoGKJyyjHHHJP3FZ5Q5WgyzIdVMpYHSUGftFpUQNENxUvwkhe/+MXt0SVQ/EBxjmFQqcX5srqKFRoU2SgxXyva4NHov2wjqysl6y2f0xfaMAmx9myTVzSy4lANY2D//ffPBUACqqy97nWvm1CVxkpJBx10UK4wVvJnq85YiWPrrbfO15ikXxaOgbqizVI+g3QsW3WsHJKVSWlTi1H6cBrw2Q3GcnS8XK+NRkB7JdGZsLQmGpX073CVOudeNIMaivxaZ9A19eZZLLAypshipP1ZH40LguZgEibXLRcvbcC7+q018KyoUaaiM+25nWjYUwVrVr3TUeA2tqaaQual26zH/IOQwgYbbJAL0ZcIFx3aqjVa54yzErRomi4LJWAO47CkLfWAeXW430DdYBYmz4eN56THEqgHzDphSWifOjxUQkiGZZEY6YT+CPCglW0tQbCE/ASu0tpdWPf5fIU8D6EslnKAdYju8U68X0hF2CrgfBet8wSy7tU0DQhfqYFLVgS0OStTjWH9F3DPmAssWZOcmGwVoQlCkeslSeUcj/PSNbhKuVmHgXCyJAefL0bBhFUhgMnMrUlIOsc9S5jVQGx+55p64/Oti2oTUPzDXLaI3Md6vgxQ/uXS569xoth5QMNGg00FhCtXlMQcK3yPAtcu4bws9+8x9yCWTQEMSCgT77AaDFCM0L4VwY0pyhmFs15UldvGYsXoNGnR+Vqup2EruHDLY/IBzFsYQNjDxp1r0dUeSyAuy42tfS644ILcRl0Q8tGP4q54TI26rTH/MjtfLkHpnsaj9HcZ253PUGi7pluuVMIMxPsogAH9oj+MpRpCDMMWOIjwgxAZxdM4I8NKGeWeDDhtbzlCMfVkFbZnuzFBKPKtiun5qNBq+NxJa3CcACJ4bAinhg+kRcXG786fXh6jSXSBtuD+5bWxiQkixtL3TwiKkZgcLqbCSoxj3o1ViyARMCH5YEtb0cqt9CGOM5XpGz3mP1Tf32677fL/6O6MM87IK7DXyWK0Y3F0dCiYTyHrgjHoGteiW8K1VkSNEZZgMBkw0Cmb3sHGSsGISma9kEE5xagpzNrHMnIsPFntXdYgDDMCKD1lW/NgiQ9GW0ukkmwF+I9zsUrQQgCvBfkQK8VQDM0KCEOLxzBKPoq/s97xbV6XZYHniNnyBhpzEqIk9ZTJjfrcdRQcyZQUScpmnSRVYoJQFHhkcZXLIQlshssRYbmpQLWtnK9HAyM0TGugaQl2sqq8oMaxz1J0jpB1rYBpCc+kRbim3libNIZ4L2Amq+UoC5YbF0MRkBUcl3wjc0/jC/ISktZjLKH02DD3VA0uX+5YLmWaPqYVcy+7oCMI/6nev8fcBpo22NBbmdgSwBAMXi4cS0gRbF3AHNzHtQayaUa1281Y47UoXUqyol0bQPuSbEoX00KG8ajdA3iJPjn00EMzI10WWBYPDwgQitylhF8JoSSKCd605ZZbtkcXFrQ5wVe6UgMMJslMSquFkFwW8JZQQs2ZNx7IFMaTyll4fsA78Jrg32ZRUF64bgnqLiwVU2R+loNQfCwkPukqndugtZWL2TonVdkmjuYjaQvSbglSEpt25Rzr03Wl+wdoZVycrqk3ApiAKTU370mb1uA0BRYcAmSZAu1ZtqqYJG2lhjinjKdh8w5LEL60dma42CdNUwd0geZJMNMYy8Uue8xPEHTi0wZlLRANWjQaQBvih7VLyPjBQEt3HUulzFYMGI81I+e5EGessVDiWJNBu2pfbRrAS5anfViYk7X1ueeem911FPaFKhCNB4YBvl/DcQoJ44WlOAwMl2GWvLjvnnvumcNrPJxkin4mw2rZoh9Y7/qN1U7ptF5jF5YSijW4TIOQSGbWWBcIGK4IixK7jl+da0Hg0/9ewsr4ztHQXMt6LEFzYK3SulwXGyYgNskyLC0vrlTJNq5nIUpnF2wNjRDz0Th+1xXbo12zZCfTprlmxUe5YwOsZ64RHVEDwyOcKQ11HLTH/AILkdKF/mp6Bt6J0ipEGxhCPdBp01L/Y7oRoF/HSxj8pnmUMRmQ2i4WGZCKTjm04GqPMaWDq7sUXMIulOnJEudqYKzyLgK8Y8JGMeVIX+ANFOmFNvUF8FztQ3aUyTQBPFPb46cE5yiE4UJ+BBg/cjac45JmFJEnNmEL/WzubkA8X98QwMbeZMrQhMn7IH5nORuZpCw62hVrj2AJd6GgaA1mKevJw2wEoRcW9xBkNscKMfmgeBaJXa5Ezt0gWYd7gss0QBB7D6s0l1qFd9Lo4jO0cfdVZJf2wLK0ArZ3IJj5qzViXeEGQ1u8eHGOwcRE6RIsYu9Nq6mZHg1IbEcHl4kTkil0GvdWLxTn9+R9tIoOZTaXK81QiHgWzJEypoLmuf/RhPPcmxgI2ia8DGrzgONaCqDEMxms4SGhoFHI6qpQ5sWxVkNppMhy60VsK7BQJ+9rZ8yTgkJBxtO0P54SUIWL1yjmJeJnzpeuODAnW1tHKEdb4x/mO4I53MJLMh3xgQAPU5lsw8IhFObb5H2KHEEWxVCindA9jx33P1emb2cIBYyX8D6a2yx0h/a1N8+bxEXQ3uTLDjvskPdLiCvqB8ZZQBIOq9317oMXxRjkunW/oZP3gRQPi+/KK6/MH8FHyydr8AtsMjsJMBt3J5cRAYoQCBZabEzCJFQILVaiADV3JkLxHEIGYQLNQowRkzGdAWG51uaeLEhuVM8k6Gh3XEj8w7RADY8hiMmw/ghPREdrYG2KZ/ou7+l4QCNwUbEWae8hpLnECD2KAOFWZhgGdCzhSxOhKGgHGW2+7dhjj82afo/5PXkf/WKy3DaEWWyRLU1jJegMfsdZipSmoA3HWBMsSqslUC7RsuMSErh9ypCBjDtx7dpNSwtGy+Irfrv77rvnsVOD98ZYWmgWjDCQjHcMmUDUBtL4S8goZxBQgAGP4aGq29okfPwNc9XW6Lpk0O7ttwSx87ERiOX0nPk6eR+N46n4MsT3i+vi3SxIG6utbB/tFhYeBYX1je9qbzkloVzqI3KiC3g/uULYBYxD/J+gdn88nUCMCkOMrgmT9+uV99OAHJ9QmgZ6nlRZwoT0ZBmNbyZGjkKypPIEzMnwyU9+Mt9vFE4++eSlVsf3m6QFtHtNk6yR5t577833q2HSaLL62r2JMJE/Cf52b2wCrnv/7Gc/a48MR2I0+drUuLn4QI+JSNZ8kwiu3etRwkT6ZCm2e9MPk56T0tnu9Qgka6F55zvf2Zx33nntkelHEtITeE6PmUOyUpukFOX/V7nuhhub9/7tCeOBe1I+Yhm0KyZrxDVoP6yuEn7HghwG92LBlW6ELogbep4gKU2uBm2ZpPeXdUqbpqGzDP3vmN/TFDyLVlKa5sBiFbPxjBp+595M6dh3PW2HxjcKtAvt5nnay2+6vmGhQrkyNLRQEw6GwdhhudFQ0V4ZL58umFdnDHOh9lgCXihxWPO06zjudEEoST+UdTp7rHzwEIoLs/z1xSo33PTd5jP/+qmhGT49ejxYcHFzM4sD9FgCgpAyyI1EsVsZEBbgpuLG6rEElFoKba1ITyeEbPTDZJPJe0wvKKdijsKFXLWrcJ8+da0129M9eqx4REKS6Qk9ZhaLFi3K8RWxyh4zC54TuQcLMUN1tsHEfvkqCvU/pGn6lbh7TC+4s8M932NmoR8mC2X0WDngnRsVeuqxciBkRgby3MCk8xRBtk6dqTVVSEmX2rw8kAUmVjgZZClJo14e4c56sf5jQHq8jNmA+WfiPqMgU1d2bVeVEvFFcxbrOIUpJMrS1eDXLitvTIazzjorp4f36NGjx3wGOTLVCk0nnHDChELtZlGY4zsVTJinKG3evMJauIgHmatTp8GyMs0BNB9wGKQrC15ajX4YzCGMWqIhrd3bJGXp0FJqA45L3iHMJNMQNspbvepVr8obqDPJPSR9nRbgnpKEVL0v56+AhvJu0njNI7KJLThmeoXz7lWv80Vgcwm61txIsSHTSPz1DJOCpdQT6kxzHcRfHRC7kAYswG8KSny3uTLmb0pJLqEtzPUEbRDXE6L6S+qy4xDntOuw1OWVifk8T3GuYaHOU5yNmO3zFBkE5m2aLldPSwlQ7M1HNMewhmlBLGFJi/gw/mSKC8OjC3hkuYqRpEhtE6sY4Wf45bAwjBVLYg69IuH4L77OO4KvmvriGBCupjCBdyvnKU4Qik6GVeRDAuY+YWjBlEF2paxMk+zrlalLLGpXBOA7HwZFeqMyjOd6F5Alx9KKrDz/EwAai7BVscOcSB3j42kDJvMTRP5nQelQQXTZRQot+xaIKiQ6CsMmXM1jMhdGVquK67LRzP/CRBzTYbG6h8wx70wAql4Rcx+5RAhQ/mmE5L6EpufVWWY62Dnz2IAwN4fNvMiaCM2hMonVt2h3mbaEvsmo2sRSLebKEYiyZr2HdzKnbaaxkIUi4UN5KhPZ0LeBXa+UAWgcnaHbWAUA0Ea9xFkoepgFqKRCeY15dio8oT8KWmChC0Xj3UR7yU3mDCqG0AVjEu8KKM5Qe3AssYe2gWJeLjiAQeMdkVyGH1FcFScJLItQJFzMzytd33iBJB3L5JUw6V1N0dpNbh5sGDD4E/4XwEcVewj4LrRD2JmjrmQlWiuBHtGwueCStwL4kbYgF/AktMZyMzcRz8bLupbuwk/JgoB39HuCmbDzPDMHzPfE4/Sl94qqTeZDMyZi1oT5h95Nf2t3fJPc0i7mvkcJxZFCMWBglst4eFkNrVEDiKQusN0FhGUiJWY/FSiNRHiV6ekYvQ+oNQwfg7mo7qFhuDCjyKuOJFxYoIoKEMqEZwgvnWTSPeIhfDEgjaXjQHUSAtpfBGlAROm2EoLlarwGwSAIApWprxpJCEUd5t6sSfckZGkwBF0oFSxyrmoC33fodOei7RAMy1XaOE2IJasfDHDKiUo+wB2sc7XHbMBCFoqYiondlDbQp+hZ1Y1S8QSD2LqM2grzKIUiRc+gDRj4vAfo2xalxUxR0veYFAUXrSgyEVjIQhFDJFhUttL2GCxeYxyV5fW0P/5QFj/AQ/RdjEULDMT6fEDp5hHCc3h+KLzBfP02wiXlRP1lEYp4hcpaMdULv8b3lPYTPgrvECg9SMiVZf+8uwnweBGeiT/iHQEZ4ptvvnkWMsDDRJh4Zzxor732mlANjLCh5KtpXdIpUASU0OTxIkvQX1QFwtcJY20yzGIMKG6Arm3anZAk1LUrHmcMMApKK9V+KVgVw/Dd5WR+zzVOArVQ7FyoykdyIwbCKvHjAC1oKtAZNJqpgnZLIAcTARJehxBgPjBAG9BpfkNoabwAgUSAEVYYhMYsq9JgQBqTRsOKMzAcK0ETJwgRNkIKgkQI5nshRJYlxsNtCqrmhGAtgRjcL2KfNBoWgcLBUR5MO7Nkdbj7GAhlZ7JADQzfikgRsAodfh/fphA7Nzii7DHzQAuUlbIWYxcoNrRZgxizoTSVMEe3tETQHUtFzB5Ug0K/xgchiVbQWSkQFzLwLmOPADJ2wDjBbHmXSqHICIiyeQEWpetcTyBS8PCjqIBFoMR0DrxBRmkIQ1XAKM8PpnKN9yunNBHovFRW7ykFIuh3vI0C0AX0gd5KeqJk4z0hFIWmwruBb9kC2pEb0vPLdsOv8GlLqbGcgVGA93ke4wNd81zISGf5nXzyyfm6LqBndK89Xef7o2yhbyCTSoEI2lmYitwBa99SgsLDp61qZbTGBGmFSGiSTFYCxw1sGrn8HwgIjWAgl37gGiQyiV/XS2W5dTFuL0xQsKACGtVWdkCARaVDCQpSnjAPTYDrkBuEVo6IS6EodhoNzDy3oj8i942gUZWKc28Ez52lg4C1p5G9j3gjpifNXduIf4bwLIHACD3PJOS9J+2S5laCdeceCKF0VwNXiYQnpep8G8LwntxAtDIKAhcIl0ZZTqrHzAEzwXyi6AWGWrvRgTuI2xPD4WpDQ+hlGNQm5r0JYUvxRLvGj2egr+VZjme+AoMV8iiXMDIOjeEY8wFjm7VVwvgNiwij9b97htLBMgshpM/xK33OWuNRwzNWJPA1SlG9XBV4rjl38W48fGWiJJ6Fx5dgeZaCD/1Fu/iWAD4jLojn14qbNmJg1HyrBlo1P7NMcARhBkYIuQKUEwo/A4zVXhZdiWsCLHuekSgC413wRt43FmCUP3SO58r38ebVuSIwQShy0fjx4sWL84vHTbyABnCsfBnuA4x9lFBk6pLe5YKowNXQBdoZ4RxaCugcHV1bp1xM3E2Yg//VZEXk4i+EO20G4fhLyyMUJQZplDLphQBF6OIA0dEIgZYXFiDLMxAuWEKTUDaAEAuLVEd0CcUgMNfTxlibtUAEg422RQhjkGEJAG2VW8bzfQtNFBM0IFnCatQKbnONEKylJthjekC5G5adzNo3ZtAi4YU2xH55JcyHKoEhhftfEWrXjgI6KUMenkGbNn7RAIYy32pqPhjgH3hBWAmUYJ6kj370o+PCLiBUY3xROo1rEBIJAaTeLRepe4biQbHGgFlPBBAe4zeUVzylSxF6MMDn0Aw+icZK4Lk8TPFuQjeEDf4GIQiEjyIeyRuGNgNcnAS6dqBgMSycZ3iIYXOfojW0H/fD4xhTnh9Ao2FIlaCQuLaEWCOFPxQX36jt8G+yhiJYohTWPAAMEwoIgWsMeK7vdo4LWDuxNh3jiYzap0tBTDHdPI3BpkkPbdZdd938P9x6661NIpz8/zXXXNOkm+X/Ax/84AebpIW0e91IwrBJmm+7NxzJymlSBzTp5Ztk7i61pQ/N57fddtsmmeL5N0nbaS6++OLmIx/5SJOIrkmd3qSPbe6///4mWXjNt7/97SZpTPkbXJsGRT5W46677mouv/zyXMfV/ZP1m/9P1lpzzz33tFctDe+TmrBJTK7ZY489miSc8/Ek8HNbQlI0msSccg1Vz9luu+3ye0yGpCE1iaibNCjzflIWmtTRTRKE+V6+LxF7fu80GPM1+isRVZOUgnztmWeemY/PNJLgyO0zH6Gub7JAOje0oy+SktRe3eQ+22GHHXJfdeGWW27J9PLAAw+0R5ZGUkSbXXfdtbn++uvbI2NIymSu35iYWab5pNw2iTm3Z8ew55575nqrCxnGD771+c9/vj3SjZ///OfjfXn88cc3SRjk44lpN0mhzX0VePvb394sWrSo3Wtyvxv7yXpsTjnllObwww9vPv3pT7dnx5AsufE608uCpPxnHqWudGL87dEl8Nyk5Ld7TZMUgFzXNQns9sgY3Ce+b//992+S0G/PjME34DNJgGX+jG7QZVLamxNPPDH/LgnTcb6XhGGm3ZK2k3LWrL322rkedQl861nPela7N4ak9Ddbb711uzcRP/zhD3Mba/ukbDZvetObmmS0tGeXwDfttddeeYzAVltt1SRLMf/vG8mKGuTFeuut13zve9/L+xOEoo830KKhkyncJI02/580giZJ4vx/AHENG9yBZBU1hx56aLs3HO6dNOT8MV/5yleysPN/uY+oknRvkrXU/moMiFMDYz46soSGfvazn93uLQ0FvBEnYWx7/OMfnwVs7G+66abNOeec0169BIT9qaee2iSrrfna176WhaCBlrSn/LwQviEUvXOysjMhY5ae6Zttrt9oo43yX/v+P/DAA3Nnfetb38r3CWFXQ4H2rgLPBsUdd9zR7s0s5rNQXB6sueaa4/1aYypC8ayzzsoKWRcoQgcccEAuUI8J2vwfWOhCMRRTDH1ZcMYZZzSbb755/p/yTeksgWFj1CUOO+yw5rjjjsv9QVHBM8oFCZZXKFLE1lhjjXZvaiDEGBfDgE/jOV0gEPHmoElKfxQyZ0RR9IBQtB8COdqaAEwWbT4WwNM32GCDdm8MeDWeOwzvete78jtq1zDWAmga79RHq622WvOEJzwhG0irr756lmH+Z8Ak6z2PHdeGEKyF4oTJ+9wI3Jrh6kvnx5e4YXoKvpZgfpaJLw8GTOXUIDkjSuKMrCxxQlssAyVeVmYN8aszh7l9vbuV8Lk1FKDm7rRx7SZhkv8vU9MDXK/iOfzgNs8RJPc/PzXzXRJDiaQRZteIGILzAuzuz93AlVD64wNMee4ObjQuMq5ePnVzfGS3ci8LSjsm/sDlwb0QUzNkb3GHxnfFxhWgrerj3i0yvnrMHGQSl/FxcSjJN+GmXx74be3yC6B149Z45bri/nesx9jcYEl83H/CLsOgv+rFmbnq8CjQrvpRO5eo3YSSoeQh4E/cp9yKXKwrAtzAdVwwkAT+eDJRwPuG65h7ss4+xq/qGLbvE8KRn4B3Bv9HexEi0ibhxndcCEfioRCYZ+LJplCU9K5dJCzVYYfgmdraRg7Emozgf8+SbSv/o4S8DrxT2AnvFFc319y0Oi5y/5sHyQUuyce1w/IuJgjFErIaMXk3By9Zdzp0HSvhI6LRRkGD8DNDsg4zUfLLSzoguMRIakJEFNKnvRsmQLjI9OLHT5pd3jSkBBX/d00hcT+CLGkYeRO3FEj2PwFZZn8GDCodjyDKGCtBKR4hIyxp+/lYF/PTHhQKzyCADRjBfQkyjgmQxwAMJO0md6Q4Vbnxl0v5r4+7drKMxx7TDwqVeDfaRa8UHuMq6AMwmKBrf9HzMEhkEGcuqy4FDHhTdjA8SQnu5d61MrsQgTdoe+OW4q1d9IktEO3lWgplnLc5HkKDwBGTIijiPD5YjnWxRZmRYlv4ms35elwvK2JqhzyG+l7ewXsS/gyDeLczEu+TxCKWDXgpOonzNt9evr9YJYGIN/nOEKigHeJ3fhPCDF/TLqbV4UuSY0wTKq8XF6TIi1maRlYCHxO3TFZc3rSh2C94P8mS7iV3Y/HixflYQIwe75QYKVbstxLX8Hz5G/G//Av5JK5lDHVhgrTyEJ1HorqJIKzAKvhgDRAdbDMBMwLRGrE8FxtG0HXcVg5+v4+PpF1h6vFBOpsWYs6LTg94n0iEkfKrQ2Suug8Ly0bg+a3/CTsdU0Ijl1ad9w0NjDZjLlgdkLVYcmjqvqHsHNBBQbC0w3jnaF/HCFP/63QZVrSfaBeapff0f7yvNiHk6i0yTbvORbZsj5mDzDcV+A1yGrM0dMwi6APdSnIgOME4G8U4TS3A9NByDTRkHEkEoQyia94HnoSFDu3KaqHQmqdpKoU+kdykzcCcRco4j9Xxxx8/zpxtktcom8BbRVAYd3Ge4kGBDxA8BAn+hI9i1hLrHmwWKn4gGaX06AUYBDxE6AvfjHfzbBZUJCo6h1fGeRsBRZAEZKgSiARYKRCBQMaf/Y43LbxZAXP+WHkEl2vQK0Xf/+jSb7sSLXklVSWj8Nm0ubbTPzyABLt3925KahK+pTwA8y093/d2babCdZXjLJEn76/9lLHsIQOTW4EQkJlUZnt6uAHOlRnAvE3ydC1TWNZcDUyf8CrdngEfzFIC0zMIYvfzG9oagaPjSXTagWtuvfXWnCkamUuutcWcPWa7eTIBAgjjCYvPIChThp3X6DLJwORbBG5Cvu8jiAmeMl25hHmQXLx1tQcgBGVC0cq4S32L6xCJtta+hKPnsDAd957lO/vmsvJEDW4E7484Zyu8m0w1rpWFCC6zmONbWogBYYBSyHGvE2xdMA7RRln6MEC5Qk9lpQ4KZdA2cMHzaIzKGJ+v0A/Gc6nEUopD8TeOZHdHKTB8JqBNa+WYgGK5gbFaCg+WunuHlY5H6YeSjxCSMkTLoihTAd6BH9bQ985FZn28P+W4VpAp/ib/B3xzKPqAj+LZw/iedtKWXfTcBXw7jJto36mCMmL+ruzZoG3ygbxgoJQuVpn7BGOXvAEZrrwtxkBAW1BYZRCjhVVuvvW25jGPemRm2AYc5k1T5XIMiwkINkTgpgEuSy9pQwSh7ZbQqIiwluhQEpLf0hQ0mo1mV8KA92z3o8E4b7Nv8BMsNDeEgckEvLf3dBwIU0IuEJZiWGQEk/sGAfutc6FN1ijfu4bv1p6eQQDaDy3FvbWvZzmvfeJY+c7aJwR6F2LuTljMsxE0NHEEbpyFiJKe9S/mEEB7zjuOPlxn/MV+DbSBXpyv4bjfB62jJwjaBvFwbr1R9YrnI6Kd/S2hjXlkQNuV47Ic0xT0aNeAMRptbPyWPM5x945j+tQ9Sj5CQdYPy1J5Kt7Ru9T0UdKG/8Pj0PXurrMF6vfvet8SQdOeVdJzF7R5uCrL9p4qeDs8Ax8MWtYGBLfjpYKIf9tGvTf+X3474c44IyyzUPzO9Tc0e73m1VnoeHmN4cXrRoTokBIaTmNGhywLfGA0qOe6z6gGDiKtGYL3DkKJbxiGeN9h8A2+f1ij1pjsvet3LgfaVOC+JVOrEW0+6ptmGuH2Di2vx8yBEoWZ1y6xHisf3N36YVl5wkIDesXXax7XxasdI4tGoVYo8FjyT9iQYbVKuqEpAhMu6tFjRWIYUfdY+VhWpa/H9IEirx9GGQI9Vg4oJhSUVVZZZfD/ARscb1/xa9NlAAAAAElFTkSuQmCC" unselectable="on">

 

            マクドナルドHDのビジネス・リカバリー・プラン数値を分析してみた。
企業力総合評価はさらに悪化して、63.16Pとなり傾きが緩やかになったものの、いまだに悪化成り行き倍率1年である。悪化成り行き倍率1年とは、「このままの経営状況を続ければあと1年で破綻懸念へ行くほど企業力を下げた。だから対策をとって下さい」という警告である。しかし、このプランは63.16Pしか獲得できず、このままでは警告どおり(?)≒破綻懸念となってしまう。

 下表に会社が明示したビジネス・リカバリー・プランの数値のみを表示する。雪印乳業の数字と見比べてみよう。16年度の改善を予想できるだろうか?

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" unselectable="on">

<まとめ>
①危機のレベル、捕捉できているのか。②経営計画の妥当性、検証できているのか(他社事例研究が有用)。この苦難を乗り越え日本人に愛されるハンバーガーチェーンになることを期待する。

文:株式会社SPLENDID21 代表取締役社長 山本純子

山本 純子

岐阜県出身、奈良女子大学卒業。経営分析専門会社を経営。企業に対し、多変量解析を使った経営分析を研修、分析報告サービスも行っている。関西学院大学大学院経営戦略研究科で財務分析講座の教壇に立ち、後進の育成に努める。
会社概要はこちらから https://www.sp-2.com

トップコンサルタントの計数力

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【著名会計事務所に聞くM&Aの現場】企業価値の計り方(第2回)

【著名会計事務所に聞くM&Aの現場】企業価値の計り方(第2回)

2015/12/11

M&Aでは企業価値評価が鍵になるが、日本企業の大多数を占める中小企業の評価はどのようにするのか。幅広い知見を持つ髙野総合会計事務所のシニアパートナーで公認会計士・税理士の小宮孝之氏に聞いた。