Edgar Filing: HONDA MOTOR CO LTD

FORM 6-K

No.1-7628

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF NOVEMBER 2015

COMMISSION FILE NUMBER: 1-07628

HONDA GIKEN KOGYO KABUSHIKI KAISHA

(Name of registrant)

HONDA MOTOR CO., LTD.

(Translation of registrant’s name into English)

1-1, Minami-Aoyama 2-chome, Minato-ku, Tokyo 107-8556, Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

Contents

Exhibit 1:

November 2, 2015 — Atlas Honda Ltd. (AHL), Honda’s motorcycle production and sales joint venture in Pakistan, announced plans to double the production capacity of its existing Sheikhupura Plant from the current 600,000 units to 1.2 million units during the next three years to accommodate the expected expansion of the motorcycle market in Pakistan.

Exhibit 2:

On November 4, 2015, Honda Motor Co., Ltd. (the “Company”) announced its consolidated financial results for the fiscal second quarter and fiscal first half year ended September 30, 2015.

Exhibit 3:

The Company revised its forecasts for consolidated financial results of the fiscal year ending March 31, 2016 and unconsolidated financial results of the fiscal year ending March 31, 2016 which were announced on April 28, 2015.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

HONDA GIKEN KOGYO KABUSHIKI KAISHA

(HONDA MOTOR CO., LTD.)

/s/ Shinji Suzuki

Shinji Suzuki

General Manager

Finance Division

Honda Motor Co., Ltd.

Date: November 5, 2015

Honda to Double Production Capacity at Motorcycle Plant in Pakistan

For details, please refer to the website of Honda Motor Co., Ltd.

http://www.hondanews.info/news/en/corporate/c151102eng

November 4, 2015

HONDA MOTOR CO., LTD. REPORTS

CONSOLIDATED FINANCIAL RESULTS

FOR THE FISCAL SECOND QUARTER AND FISCAL FIRST HALF YEAR ENDED SEPTEMBER 30, 2015

Tokyo, November 4, 2015 — Honda Motor Co., Ltd. today announced its consolidated financial results for the fiscal second quarter and fiscal first half year ended September 30, 2015.

Second Quarter Results

Honda’s consolidated profit for the period attributable to owners of the parent for the fiscal second quarter ended September 30, 2015 totaled JPY 127.7 billion (USD 1,065 million), an increase of 6.9% from the same period last year. Earnings per share attributable to owners of the parent for the quarter amounted to JPY 70.88 (USD 0.59), an increase of JPY 4.56 (USD 0.04) from JPY 66.32 for the corresponding period last year. One Honda American Depository Share represents one common share.

Consolidated sales revenue for the quarter amounted to JPY 3,621.2 billion (USD 30,187 million), an increase of 15.6% from the same period last year, due primarily to increased revenue in automobile, motorcycle, financial services and power product and other business operations, as well as favorable foreign currency translation effects.

Consolidated operating profit for the quarter amounted to JPY 164.8 billion (USD 1,374 million), a decrease of 2.5% from the same period last year, due primarily to increased SG&A expenses, including quality related expenses and unfavorable foreign currency effects, despite an increase in profit attributable to increased sales revenue and model mix, and continuing cost reduction efforts.

Share of profit of investments accounted for using the equity method for the quarter amounted to JPY 34.1 billion (USD 285 million), an increase of 567.4% from the corresponding period last year.

Consolidated profit before income taxes for the quarter totaled JPY 210.9 billion (USD 1,758 million), an increase of 10.7% from the same period last year.

- 1 -

Business Segment

Motorcycle Business

For the three months ended September 30, 2014 and 2015


	Unit (Thousands)
	Honda Group Unit Sales								Consolidated Unit Sales
	Three months ended Sep. 30, 2014		Three months ended Sep. 30, 2015		Change		%		Three months ended Sep. 30, 2014		Three months ended Sep. 30, 2015		Change		%
Motorcycle business		4,348		4,370		22		0.5		2,694		2,740		46		1.7
Japan		50		50		0		0.0		50		50		0		0.0
North America		68		75		7		10.3		68		75		7		10.3
Europe		46		48		2		4.3		46		48		2		4.3
Asia		3,815		3,851		36		0.9		2,161		2,221		60		2.8
Other Regions		369		346		- 23		- 6.2		369		346		- 23		- 6.2

With respect to Honda’s sales for the fiscal second quarter by business segment, in motorcycle business operations, sales revenue from sales to external customers increased 4.7%, to JPY 453.2 billion (USD 3,779 million) from the same period last year due mainly to increased consolidated unit sales and favorable foreign currency translation effects. Operating profit totaled JPY 49.0 billion (USD 409 million), an increase of 11.3% from the same period last year, due primarily to continuing cost reduction efforts and an increase in sales volume and model mix, despite unfavorable foreign currency effects.

Automobile Business

For the three months ended September 30, 2014 and 2015


	Unit (Thousands)
	Honda Group Unit Sales								Consolidated Unit Sales
	Three months ended Sep. 30, 2014		Three months ended Sep. 30, 2015		Change		%		Three months ended Sep. 30, 2014		Three months ended Sep. 30, 2015		Change		%
Automobile business		1,031		1,139		108		10.5		864		889		25		2.9
Japan		176		168		- 8		- 4.5		158		155		- 3		- 1.9
North America		434		473		39		9.0		434		473		39		9.0
Europe		44		42		- 2		- 4.5		44		42		- 2		- 4.5
Asia		310		395		85		27.4		161		158		- 3		- 1.9
Other Regions		67		61		- 6		- 9.0		67		61		- 6		- 9.0

Note: Honda Group Unit Sales is the total unit sales of completed products of Honda, its consolidated subsidiaries and its affiliates and joint ventures accounted for using the equity method. Consolidated Unit Sales is the total unit sales of completed products corresponding to consolidated sales revenue to external customers, which consists of unit sales of completed products of Honda and its consolidated subsidiaries. Certain sales of automobiles that are financed with residual value type auto loans by our Japanese finance subsidiaries and sold through our consolidated subsidiaries are accounted for as operating leases in conformity with IFRS and are not included in consolidated sales revenue to the external customers in our Automobile business. Accordingly, they are not included in Consolidated Unit Sales, but are included in Honda Group Unit Sales of our Automobile business.

In automobile business operations, sales revenue from sales to external customers increased 15.7%, to JPY 2,621.6 billion (USD 21,854 million) from the same period last year due mainly to increased consolidated unit sales and favorable foreign currency translation effects. Operating profit totaled JPY 67.7 billion (USD 565 million), a decrease of 12.4% from the same period last year, due primarily to increased SG&A expenses, including quality related expenses and unfavorable foreign currency effects, despite an increase in sales volume and model mix and continuing cost reduction efforts.

- 2 -

Financial Services Business

Sales revenue from customers in the financial services business operations increased 28.7%, to JPY 462.0 billion (USD 3,851 million) from the same period last year due mainly to an increase in revenue from operating leases and sales of returned lease vehicles as well as favorable foreign currency translation effects. Operating profit increased 6.7% to JPY 51.8 billion (USD 432 million) from the same period last year due mainly to favorable foreign currency effects, despite increased SG&A expenses.

Power Product and Other Businesses

For the three months ended September 30, 2014 and 2015


	Unit (Thousands)
	Honda Group Unit Sales/Consolidated Unit Sales
	Three months ended Sep. 30, 2014		Three months ended Sep. 30, 2015		Change		%
Power product business		1,246		1,275		29		2.3
Japan		85		115		30		35.3
North America		496		532		36		7.3
Europe		185		174		- 11		- 5.9
Asia		378		346		- 32		- 8.5
Other Regions		102		108		6		5.9

Note: Honda Group Unit Sales is the total unit sales of completed products of Honda, its consolidated subsidiaries and its affiliates and joint ventures accounted for using the equity method. Consolidated Unit Sales is the total unit sales of completed products corresponding to consolidated sales revenue to external customers, which consists of unit sales of completed products of Honda and its consolidated subsidiaries. In power product business, there is no discrepancy between Honda Group Unit Sales and Consolidated Unit Sales for the three months ended September 30, 2014 and 2015, since no affiliates and joint ventures accounted for using the equity method were involved in the sale of Honda power products.

Sales revenue from sales to external customers in power product and other businesses increased 14.6%, to JPY 84.3 billion (USD 703 million) from the same period last year, due mainly to an increased revenue in other businesses and favorable foreign currency translation effects. Honda reported an operating loss of JPY 3.8 billion (USD 32 million), a decline of JPY 2.7 billion (USD 23 million) from the same period last year, due mainly to an increase in operating costs and expenses in other businesses.

- 3 -

Geographical Information

With respect to Honda’s sales for the fiscal second quarter by geographic segment, in Japan, sales revenue from domestic and export sales amounted to JPY 981.9 billion (USD 8,186 million), an increase of 1.6% from the same period last year due mainly to increased revenue in financial service business operations, despite decreased revenue in automobile business operations. Operating profit totaled JPY 26.1 billion (USD 218 million), a decrease of 58.5% from the same period last year, due mainly to a decrease in profit attributable to decreased sales revenue and model mix as well as increased SG&A expenses.

In North America, sales revenue increased by 26.3%, to JPY 2,096.1 billion (USD 17,474 million) from the same period last year due mainly to increased revenue in automobile business operations and favorable foreign currency translation effects. Operating profit totaled JPY 37.4 billion (USD 312 million), a decrease of 12.0% from the same period last year due mainly to increased SG&A expenses, including quality related expenses and unfavorable foreign currency effects, despite an increase in profit attributable to increased sales revenue and model mix.

In Europe, sales revenue increased by 4.8%, to JPY 188.9 billion (USD 1,575 million) from the same period last year due mainly to increased revenue in automobile business operations as well as favorable foreign currency translation effects. Operating profit totaled JPY 3.1 billion (USD 26 million), an increase of JPY 8.8 billion (USD 74 million) from the same period last year due mainly to an increase in profit attributable to increased sales revenue and model mix and continuing cost reduction efforts, despite unfavorable foreign currency effects.

In Asia, sales revenue increased by 12.3%, to JPY 881.4 billion (USD 7,348 million) from the same period last year mainly due to increased revenue in automobile and motorcycle business operations as well as favorable foreign currency translation effects. Operating profit increased by 40.7%, to JPY 86.0 billion (USD 717 million) from the same period last year due mainly to continuing cost reduction efforts, an increase in profit attributable to increased sales revenue and model mix, and favorable foreign currency effects, despite increased SG&A expenses.

In Other regions, which includes South America, the Middle/Near East, Africa and Oceania, sales revenue decreased by 11.3%, to JPY 210.5 billion (USD 1,755 million) from the same period last year mainly due to decreased revenue in motorcycle business operations as well as unfavorable foreign currency translation effects, despite increased revenue in automobile business operations. Operating profit totaled JPY 7.2 billion (USD 60 million), a decrease of 47.2% from the same period last year mainly due to unfavorable foreign currency effects, despite continuing cost reduction effort and an increase in profit attributable to increased sales revenue and model mix.

- 4 -

Explanatory note:

United States dollar amounts have been translated from yen solely for the convenience of the reader at the rate of JPY 119.96=USD 1, the mean of the telegraphic transfer selling exchange rate and the telegraphic transfer buying exchange rate prevailing on the Tokyo foreign exchange market on September 30, 2015.

- 5 -

First Half Year Results

Honda’s consolidated profit for the period attributable to owners of the parent for the fiscal half year ended September 30, 2015 totaled JPY 313.7 billion, an increase of 14.0% from the same period last year. Earnings per share attributable to owners of the parent for the fiscal first half year amounted to JPY 174.11, an increase of JPY 21.45 from JPY 152.66 for the corresponding period last year.

Consolidated sales revenue for the fiscal half year amounted to JPY 7,326.0 billion, an increase of 15.6% from the same period last year, due primarily to increased revenue in all business operations, as well as favorable foreign currency translation effects.

Consolidated operating profit for the fiscal half year amounted to JPY 404.1 billion, an increase of 7.9% from the same period last year, due primarily to an increase in profit attributable to increased sales revenue and model mix, and continuing cost reduction efforts, despite increased SG&A expenses, including quality related expenses.

Share of profit of investments accounted for using the equity method for the fiscal half year amounted to JPY 72.5 billion, an increase of 75.3% from the corresponding period last year.

Consolidated profit before income taxes for the fiscal half year totaled JPY 493.2 billion, an increase of 13.6% from the same period last year.

- 6 -

Business Segment

Motorcycle Business

For the six months ended September 30, 2014 and 2015


	Unit (Thousands)
	Honda Group Unit Sales				Consolidated Unit Sales
	Six months ended Sep. 30, 2014	Six months ended Sep. 30, 2015	Change	%	Six months ended Sep. 30, 2014	Six months ended Sep. 30, 2015	Change	%
Motorcycle business	8,700	8,475	- 225	- 2.6	5,197	5,285	88	1.7
Japan	98	97	- 1	- 1.0	98	97	- 1	- 1.0
North America	129	150	21	16.3	129	150	21	16.3
Europe	106	114	8	7.5	106	114	8	7.5
Asia	7,577	7,422	- 155	- 2.0	4,074	4,232	158	3.9
Other Regions	790	692	- 98	- 12.4	790	692	- 98	- 12.4

With respect to Honda’s sales for the fiscal first half year by business segment, in motorcycle business operations, sales revenue from sales to external customers increased 7.8%, to JPY 925.9 billion from the same period last year due mainly to increased consolidated unit sales and favorable foreign currency translation effects. Operating profit totaled JPY 104.6 billion, an increase of 22.0% from the same period last year, due primarily to continuing cost reduction efforts and an increase in sales volume and model mix, despite increased SG&A expenses, and unfavorable foreign currency effects.

Automobile Business

For the six months ended September 30, 2014 and 2015


	Unit (Thousands)
	Honda Group Unit Sales				Consolidated Unit Sales
	Six months ended Sep. 30, 2014	Six months ended Sep. 30, 2015	Change	%	Six months ended Sep. 30, 2014	Six months ended Sep. 30, 2015	Change	%
Automobile business	2,124	2,286	162	7.6	1,760	1,777	17	1.0
Japan	378	315	- 63	- 16.7	353	290	- 63	- 17.8
North America	883	970	87	9.9	883	970	87	9.9
Europe	82	74	- 8	- 9.8	82	74	- 8	- 9.8
Asia	651	800	149	22.9	312	316	4	1.3
Other Regions	130	127	- 3	- 2.3	130	127	- 3	- 2.3

In automobile business operations, sales revenue from sales to external customers increased 15.0%, to JPY 5,297.5 billion from the same period last year due mainly to increased consolidated unit sales and favorable foreign currency translation effects. Operating profit totaled JPY 198.5 billion, an increase of 5.5% from the same period last year, due primarily to an increase in sales volume and model mix as well as continuing cost reduction efforts, despite increased SG&A expenses, including quality related expenses.

- 7 -

Financial Services Business

Sales revenue from customers in the financial services business operations increased 29.3%, to JPY 935.6 billion from the same period last year due mainly to an increase in revenue from operating leases and sales of returned lease vehicles as well as favorable foreign currency translation effects. Operating profit increased 6.2% to JPY 104.3 billion from the same period last year due mainly to favorable foreign currency effects, despite increased SG&A expenses.

Power Product and Other Businesses

For the six months ended September 30, 2014 and 2015


	Unit (Thousands)
	Honda Group Unit Sales/Consolidated Unit Sales
	Six months ended Sep. 30, 2014		Six months ended Sep. 30, 2015		Change		%
Power product business		2,823		2,833		10		0.4
Japan		153		200		47		30.7
North America		1,271		1,336		65		5.1
Europe		430		405		- 25		- 5.8
Asia		774		686		- 88		- 11.4
Other Regions		195		206		11		5.6

Note: Honda Group Unit Sales is the total unit sales of completed products of Honda, its consolidated subsidiaries and its affiliates and joint ventures accounted for using the equity method. Consolidated Unit Sales is the total unit sales of completed products corresponding to consolidated sales revenue to external customers, which consists of unit sales of completed products of Honda and its consolidated subsidiaries. In power product business, there is no discrepancy between Honda Group Unit Sales and Consolidated Unit Sales for the three months ended September 30, 2014 and 2015, since no affiliates and joint ventures accounted for using the equity method were involved in the sale of Honda power products.

Sales revenue from sales to external customers in power product and other businesses increased 10.3%, to JPY 166.8 billion from the same period last year, due mainly to increased sales revenue in other businesses as well as favorable foreign currency translation effects. Honda reported an operating loss of JPY 3.3 billion, a decrease of JPY 5.6 billion from the same period last year, due mainly to an increase in operating costs and expenses in other businesses.

- 8 -

Geographical Information

With respect to Honda’s sales for the fiscal first half year by geographic segment, in Japan, sales revenue from domestic and export sales amounted to JPY 1,898.5 billion, a decrease of 2.7% from the same period last year due mainly to decreased revenue in automobile business operations, despite increased revenue in financial service business operations. Operating profit totaled JPY 53.9 billion, a decrease of 57.1% from the same period last year, due mainly to a decrease in profit attributable to decreased sales revenue and model mix as well as increased SG&A expenses, including quality related expenses, despite favorable foreign currency effects.

In North America, sales revenue increased by 26.5%, to JPY 4,287.7 billion from the same period last year due mainly to increased revenue in automobile business operations and favorable foreign currency translation effects. Operating profit totaled JPY 146.4 billion, an increase of 34.1% from the same period last year due mainly to an increase in profit attributable to increased sales revenue and model mix, despite increased SG&A expenses, including quality related expenses and unfavorable foreign currency effects.

In Europe, sales revenue decreased by 3.5%, to JPY 359.7 billion from the same period last year due mainly to decreased revenue in automobile business operations. Operating profit totaled JPY 2.1 billion, an increase of JPY 6.1 billion from the same period last year due mainly to continuing cost reduction efforts, despite unfavorable foreign currency effects.

In Asia, sales revenue increased by 15.7%, to JPY 1,780.3 billion from the same period last year mainly due to increased revenue in automobile and motorcycle business operations as well as favorable foreign currency translation effects. Operating profit increased by 39.6%, to JPY 181.5 billion from the same period last year due mainly to an increase in profit attributable to increased sales revenue and model mix, continuing cost reduction efforts and favorable foreign currency effects, despite increased SG&A expenses.

In Other regions, which includes South America, the Middle/Near East, Africa and Oceania, sales revenue decreased by 5.5%, to JPY 451.1 billion from the same period last year mainly due to decreased revenue in motorcycle business operations as well as unfavorable foreign currency translation effects, despite increased revenue in automobile business operations. Operating profit totaled JPY 11.7 billion, a decrease of 47.2% from the same period last year mainly due to increased SG&A expenses as well as unfavorable foreign currency effects, despite continuing cost reduction efforts and an increase in profit attributable to increased sales revenue and model mix.

- 9 -

Consolidated Statements of Balance Sheets for the Fiscal First Half Ended September 30, 2015

Total assets decreased by JPY 103.5 billion, to JPY 18,322.2 billion from March 31, 2015, mainly due to a decrease in Receivables from financial services as well as foreign currency translation effects, despite an increase in Cash and cash equivalents and Equipment on operating lease. Total liabilities decreased by JPY 114.8 billion, to JPY 10,928.1 billion from March 31, 2015, mainly due to foreign currency translation effects, despite an increase in Financing liabilities. Total equity increased by JPY 11.3 billion, to JPY 7,394.1 billion from March 31, 2015 due mainly to increased Retained earnings attributable to increased Profit for the period, despite foreign currency translation effects.

- 10 -

Consolidated Statements of Cash Flow for the Fiscal First Half Ended September 30, 2015

Consolidated cash and cash equivalents on September 30, 2015 increased by JPY 171.8 billion from March 31, 2015, to JPY 1,643.6 billion. The reasons for the increases or decreases for each cash flow activity, when compared with the same period of the previous fiscal year, are as follows:

Cash flow from operating activities

Net cash provided by operating activities amounted to JPY 705.5 billion for the fiscal first half ended September 30, 2015. Cash inflows from operating activities increased by JPY 353.7 billion compared with the same period of the previous fiscal year due mainly to an increase in cash received from customers attributable to increased unit sales, despite increased payments for parts, raw materials and purchase of equipment on operating leases.

Cash flow from investing activities

Net cash used in investing activities amounted to JPY 428.5 billion. Cash outflows from investing activities increased by JPY 37.8 billion compared with the same period of the previous fiscal year, due mainly to an increase in payments for internally developed intangible assets.

Cash flow from financing activities

Net cash used in financing activities amounted to JPY 43.3 billion. Cash outflows from financing activities increased by JPY 60.5 billion compared with the same period of the previous fiscal year, due mainly to an increase in repayments of financing liabilities.

- 11 -

Forecasts for the Fiscal Year Ending March 31, 2016

In regard to the forecasts of the financial results for the fiscal year ending March 31, 2016, Honda projects consolidated results to be as shown below:

Fiscal year ending March 31, 2016


	Yen (billions)		Changes from FY 2015
Sales revenue		14,600.0		+ 9.5	%
Operating profit		685.0		+ 2.1	%
Profit before income taxes		805.0		- 0.2	%
Profit for the year attributable to owners of the parent		525.0		+ 3.1	%

	Yen
Earnings per share attributable to owners of the parent
Basic and diluted		291.30

Note: The forecasts are based on the assumption that the average exchange rates for the Japanese yen to the U.S. dollar will be JPY 118 for the full year ending March 31, 2016.

The reasons for the increases or decreases in the forecasts of the operating profit, and profit before income taxes for the fiscal year ending March 31, 2016 from the previous year are as follows.


	Yen (billions)
Revenue, model mix, etc.		+ 143.3
Cost reduction, the effect of raw material cost fluctuations, etc.		+ 92.0
SG&A expenses		- 82.0
R&D expenses		- 51.0
Currency effect		- 88.0

Operating profit compared with fiscal year 2015		+ 14.3

Share of profit of investments accounted for using the equity method		+ 38.9
Finance income and finance costs		- 54.5

Profit before income taxes compared with fiscal year 2015		- 1.2

- 12 -

Dividend per Share of Common Stock

The Board of Directors of Honda Motor Co., Ltd., at its meeting held on November 4, 2015, resolved to make the quarterly dividend JPY 22 per share of common stock, the record date of which is September 30, 2015. The total expected annual dividend per share of common stock for the fiscal year ending March 31, 2016, is JPY 88 per share.

This announcement contains “forward-looking statements” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based on management’s assumptions and beliefs taking into account information currently available to it. Therefore, please be advised that the actual results of the Company could differ materially from those described in these forward-looking statements as a result of numerous factors, including general economic conditions in the principal markets of the Company, its consolidated subsidiaries and its affiliates accounted for by the equity-method, and fluctuation of foreign exchange rates, as well as other factors detailed from time to time.

- 13 -

Consolidated Financial Summary

For the three months and six months ended September 30, 2014 and 2015

Financial Highlights

Yen (millions)

Three months
ended
Sep. 30, 2014

Three months
ended
Sep. 30, 2015

Six months
ended
Sep. 30, 2014

Six months
ended
Sep. 30, 2015

Sales revenue

3,131,935

3,621,277

6,338,678

7,326,039

Operating profit

168,997

164,842

374,504

404,128

Profit before income taxes

190,560

210,939

434,159

493,266

Profit for the period attributable to owners of the parent

119,530

127,751

275,134

313,788

Yen

Earnings per share attributable to owners of the parent

Basic and diluted

66.32

70.88

152.66

174.11

U.S. Dollar (millions)

Three months
ended
Sep. 30, 2015

Six months
ended
Sep. 30, 2015

Sales revenue

30,187

61,071

Operating profit

1,374

3,369

Profit before income taxes

1,758

4,112

Profit for the period attributable to owners of the parent

1,065

2,616

U.S. Dollar

Earnings per share attributable to owners of the parent

Basic and diluted

0.59

1.45

- 14 -

[1] Condensed Consolidated Statements of Financial Position


	Yen (millions)
	Mar. 31, 2015			Sep. 30, 2015
Assets
Current assets:
Cash and cash equivalents		1,471,730			1,643,627
Trade receivables		820,681			724,242
Receivables from financial services		2,098,951			1,990,240
Other financial assets		92,708			61,299
Inventories		1,498,312			1,371,274
Other current assets		313,758			271,287

Total current assets		6,296,140			6,061,969

Non-current assets:
Investments accounted for using the equity method		614,975			668,247
Receivables from financial services		3,584,654			3,428,550
Other financial assets		350,579			338,593
Equipment on operating leases		3,335,367			3,632,015
Property, plant and equipment		3,189,511			3,115,430
Intangible assets		759,535			796,357
Deferred tax assets		138,069			123,064
Other non-current assets		157,007			158,044

Total non-current assets		12,129,697			12,260,300

Total assets		18,425,837			18,322,269

Liabilities and Equity
Current liabilities:
Trade payables		1,157,738			992,165
Financing liabilities		2,833,563			2,667,772
Accrued expenses		377,372			358,751
Other financial liabilities		109,715			100,073
Income taxes payable		53,654			87,826
Provisions		294,281			369,569
Other current liabilities		474,731			471,933

Total current liabilities		5,301,054			5,048,089

Non-current liabilities:
Financing liabilities		3,926,276			4,134,023
Other financial liabilities		61,147			51,318
Retirement benefit liabilities		592,724			598,856
Provisions		182,661			160,831
Deferred tax liabilities		744,410			704,611
Other non-current liabilities		234,744			230,416

Total non-current liabilities		5,741,962			5,880,055

Total liabilities		11,043,016			10,928,144

Equity:
Common stock		86,067			86,067
Capital surplus		171,118			171,118
Treasury stock		(26,165	)		(26,172	)
Retained earnings		6,083,573			6,317,809
Other components of equity		794,034			590,589

Equity attributable to owners of the parent		7,108,627			7,139,411
Non-controlling interests		274,194			254,714

Total equity		7,382,821			7,394,125

Total liabilities and equity		18,425,837			18,322,269

- 15 -

[2] Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income

Condensed Consolidated Statements of Income

For the three months ended September 30, 2014 and 2015


	Yen (millions)
	Three months ended Sep. 30, 2014			Three months ended Sep. 30, 2015
Sales revenue		3,131,935			3,621,277

Operating costs and expenses:
Cost of sales		(2,440,476	)		(2,828,705	)
Selling, general and administrative		(368,169	)		(479,067	)
Research and development		(154,293	)		(148,663	)

Total operating costs and expenses		(2,962,938	)		(3,456,435	)

Operating profit		168,997			164,842

Share of profit of investments accounted for using the equity method		5,124			34,199

Finance income and finance costs:
Interest income		6,222			6,302
Interest expense		(4,820	)		(4,307	)
Other, net		15,037			9,903

Total finance income and finance costs		16,439			11,898

Profit before income taxes		190,560			210,939
Income tax expense		(58,430	)		(68,598	)

Profit for the year		132,130			142,341

Profit for the period attributable to:
Owners of the parent		119,530			127,751
Non-controlling interests		12,600			14,590

	Yen
Earnings per share attributable to owners of the parent
Basic and diluted		66.32			70.88

- 16 -

Condensed Consolidated Statements of Comprehensive Income

For the three months ended September 30, 2014 and 2015


	Yen (millions)
	Three months ended Sep. 30, 2014		Three months ended Sep. 30, 2015
Profit for the period		132,130		142,341

Other comprehensive income, net of tax:
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans		326		—
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		2,067		(15,206	)
Share of other comprehensive income of investments accounted for using the equity method		1,699		(2,557	)
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations		259,209		(278,654	)
Share of other comprehensive income of investments accounted for using the equity method		19,574		(16,120	)

Total other comprehensive income, net of tax		282,875		(312,537	)

Comprehensive income for the period		415,005		(170,196	)

Comprehensive income for the period attributable to:
Owners of the parent		388,034		(165,942	)
Non-controlling interests		26,971		(4,254	)

- 17 -

Condensed Consolidated Statements of Income

For the six months ended September 30, 2014 and 2015


	Yen (millions)
	Six months ended Sep. 30, 2014			Six months ended Sep. 30, 2015
Sales revenue		6,338,678			7,326,039

Operating costs and expenses:
Cost of sales		(4,942,088	)		(5,714,351	)
Selling, general and administrative		(730,577	)		(913,555	)
Research and development		(291,509	)		(294,005	)

Total operating costs and expenses		(5,964,174	)		(6,921,911	)

Operating profit		374,504			404,128

Share of profit of investments accounted for using the equity method		41,362			72,514

Finance income and finance costs:
Interest income		12,377			14,094
Interest expense		(9,558	)		(9,132	)
Other, net		15,474			11,662

Total finance income and finance costs		18,293			16,624

Profit before income taxes		434,159			493,266
Income tax expense		(134,946	)		(147,049	)

Profit for the year		299,213			346,217

Profit for the period attributable to:
Owners of the parent		275,134			313,788
Non-controlling interests		24,079			32,429

	Yen
Earnings per share attributable to owners of the parent
Basic and diluted		152.66			174.11

- 18 -

Condensed Consolidated Statements of Comprehensive Income

For the six months ended September 30, 2014 and 2015


	Yen (millions)
	Six months ended Sep. 30, 2014			Six months ended Sep. 30, 2015
Profit for the period		299,213			346,217

Other comprehensive income, net of tax:
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans		(6,591	)		—
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		10,953			(12,628	)
Share of other comprehensive income of investments accounted for using the equity method		1,055			(2,193	)
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations		221,077			(199,042	)
Share of other comprehensive income of investments accounted for using the equity method		18,499			(8,404	)

Total other comprehensive income, net of tax		244,993			(222,267	)

Comprehensive income for the period		544,206			123,950

Comprehensive income for the period attributable to:
Owners of the parent		509,884			110,091
Non-controlling interests		34,322			13,859

- 19 -

[3] Condensed Consolidated Statements of Changes in Equity

As of and for the six months ended September 30, 2014


	Yen (millions)
	Equity attributable to owners of the parent																Non-controlling interests			Total equity
	Common stock		Capital surplus		Treasury stock			Retained earnings			Other components of equity			Total			Non-controlling interests			Total equity
Balance as of April 1, 2014		86,067		171,117		(26,149	)		5,831,140			273,359			6,335,534			223,394			6,558,928

Comprehensive income for the period
Profit for the period									275,134						275,134			24,079			299,213
Other comprehensive income, net of tax												234,750			234,750			10,243			244,993

Total comprehensive income for the period									275,134			234,750			509,884			34,322			544,206
Reclassification to retained earnings									(6,522	)		6,522			—						—
Transactions with owners and other
Dividends paid									(79,300	)					(79,300	)		(15,395	)		(94,695	)
Purchases of treasury stock						(8	)								(8	)					(8	)
Disposal of treasury stock						1									1						1
Equity transactions and others																		(2,924	)		(2,924	)

Total transactions with owners and other						(7	)		(79,300	)					(79,307	)		(18,319	)		(97,626	)

Balance as of September 30, 2014		86,067		171,117		(26,156	)		6,020,452			514,631			6,766,111			239,397			7,005,508

As of and for the six months ended September 30, 2015
	Yen (millions)
	Equity attributable to owners of the parent																Non-controlling interests			Total equity
	Common stock		Capital surplus		Treasury stock			Retained earnings			Other components of equity			Total			Non-controlling interests			Total equity
Balance as of April 1, 2015		86,067		171,118		(26,165	)		6,083,573			794,034			7,108,627			274,194			7,382,821

Comprehensive income for the period
Profit for the period									313,788						313,788			32,429			346,217
Other comprehensive income, net of tax												(203,697	)		(203,697	)		(18,570	)		(222,267	)

Total comprehensive income for the period									313,788			(203,697	)		110,091			13,859			123,950
Reclassification to retained earnings									(252	)		252			—						—
Transactions with owners and other
Dividends paid									(79,300	)					(79,300	)		(30,739	)		(110,039	)
Purchases of treasury stock						(7	)								(7	)					(7	)
Disposal of treasury stock
Equity transactions and others																		(2,600	)		(2,600	)

Total transactions with owners and other						(7	)		(79,300	)					(79,307	)		(33,339	)		(112,646	)

Balance as of September 30, 2015		86,067		171,118		(26,172	)		6,317,809			590,589			7,139,411			254,714			7,394,125

- 20 -

[4] Consolidated Statements of Cash Flows


	Yen (millions)
	Six months ended Sep. 30, 2014			Six months ended Sep. 30, 2015
Cash flows from operating activities:
Profit before income taxes		434,159			493,266
Depreciation, amortization and impairment losses excluding equipment on operating leases		294,624			326,092
Share of profit of investments accounted for using the equity method		(41,362	)		(72,514	)
Finance income and finance costs, net		(13,618	)		2,707
Interest income and interest costs from financial services, net		(85,958	)		(80,846	)
Changes in assets and liabilities
Trade receivables		26,932			36,657
Inventories		(21,176	)		78,041
Trade payables		(46,835	)		(35,541	)
Accrued expenses		(23,152	)		(25,100	)
Provisions and retirement benefit liabilities		4,113			66,212
Receivables from financial services		106,890			200,799
Equipment on operating leases		(268,788	)		(320,178	)
Other assets and liabilities		13,002			(11,828	)
Other, net		(7,813	)		(3,164	)
Dividends received		29,973			53,091
Interest received		113,457			120,247
Interest paid		(45,951	)		(45,943	)
Income taxes paid, net of refunds		(116,722	)		(76,484	)

Net cash provided by (used in) operating activities		351,775			705,514

Cash flows from investing activities:
Payments for additions to property, plant and equipment		(313,708	)		(314,887	)
Payments for additions to and internally developed intangible assets		(94,599	)		(115,462	)
Proceeds from sales of property, plant and equipment and intangible assets		16,673			14,406
Payments for acquisitions of other financial assets		(45,581	)		(74,024	)
Proceeds from sales and redemptions of other financial assets		46,626			63,100
Other, net		(126	)		(1,656	)

Net cash provided by (used in) investing activities		(390,715	)		(428,523	)

Cash flows from financing activities:
Proceeds from short-term financing liabilities		4,017,079			4,239,202
Repayments of short-term financing liabilities		(3,846,338	)		(4,541,807	)
Proceeds from long-term financing liabilities		607,999			1,056,529
Repayments of long-term financing liabilities		(641,597	)		(662,588	)
Dividends paid to owners of the parent		(79,300	)		(79,300	)
Dividends paid to non-controlling interests		(15,933	)		(30,722	)
Purchases and sales of treasury stock, net		(7	)		(7	)
Other, net		(24,730	)		(24,677	)

Net cash provided by (used in) financing activities		17,173			(43,370	)
Effect of exchange rate changes on cash and cash equivalents		40,723			(61,724	)

Net change in cash and cash equivalents		18,956			171,897
Cash and cash equivalents at beginning of year		1,193,584			1,471,730

Cash and cash equivalents at end of period		1,212,540			1,643,627

- 21 -

[5] Assumptions for Going Concern

None

- 22 -

[6] Segment Information

Honda has four reportable segments: Motorcycle business, Automobile business, Financial services business and Power product and other businesses, which are based on Honda’s organizational structure and characteristics of products and services. Operating segments are defined as components of Honda for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The accounting policies used for these reportable segments are consistent with the accounting policies used in Company’s condensed consolidated financial statements.

Principal products and services, and functions of each segment are as follows:


Segment	Principal products and services	Functions
Motorcycle Business	Motorcycles, all-terrain vehicles (ATVs) and relevant parts	Research & Development, Manufacturing, and Sales and related services

Automobile Business	Automobiles and relevant parts	Research & Development, Manufacturing, and Sales and related services

Financial Services Business	Financial services	Retail loan and lease related to Honda products, and Others

Power Product and Other Businesses	Power products and relevant parts, and others	Research & Development, Manufacturing Sales and related services, and Others

1. Segment information based on products and services

For the three months ended September 30, 2014


	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product and Other Businesses			Segment Total		Reconciling Items			Consolidated
Sales revenue:
External customers		432,777		2,266,514		359,056		73,588			3,131,935		—			3,131,935
Intersegment		—		39,404		2,953		5,280			47,637		(47,637	)		—

Total		432,777		2,305,918		362,009		78,868			3,179,572		(47,637	)		3,131,935

Segment profit (loss)		44,091		77,395		48,599		(1,088	)		168,997		—			168,997

For the three months ended September 30, 2015

	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product and Other Businesses			Segment Total		Reconciling Items			Consolidated
Sales revenue:
External customers		453,291		2,621,653		462,006		84,327			3,621,277		—			3,621,277
Intersegment		—		33,899		3,179		3,971			41,049		(41,049	)		—

Total		453,291		2,655,552		465,185		88,298			3,662,326		(41,049	)		3,621,277

Segment profit (loss)		49,068		67,773		51,867		(3,866	)		164,842		—			164,842

- 23 -

As of and for the six months ended September 30, 2014


	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product and Other Businesses			Segment Total		Reconciling Items			Consolidated
Sales revenue:
External customers		859,252		4,604,728		723,462		151,236			6,338,678		—			6,338,678
Intersegment		—		58,467		5,502		10,922			74,891		(74,891	)		—

Total		859,252		4,663,195		728,964		162,158			6,413,569		(74,891	)		6,338,678

Segment profit (loss)		85,757		188,234		98,225		2,288			374,504		—			374,504

Segment assets		1,356,057		7,099,827		8,643,687		335,090			17,434,661		(494,740	)		16,939,921
Depreciation and amortization		33,405		251,530		216,428		5,960			507,323		—			507,323
Capital expenditures		30,806		355,429		800,181		4,744			1,191,160		—			1,191,160
As of and for the six months ended September 30, 2015

	Yen (millions)
	Motorcycle Business		Automobile Business		Financial Services Business		Power Product and Other Businesses			Segment Total		Reconciling Items			Consolidated
Sales revenue:
External customers		925,994		5,297,540		935,678		166,827			7,326,039		—			7,326,039
Intersegment		—		64,086		6,368		9,669			80,123		(80,123	)		—

Total		925,994		5,361,626		942,046		176,496			7,406,162		(80,123	)		7,326,039

Segment profit (loss)		104,638		198,527		104,309		(3,346	)		404,128		—			404,128

Segment assets		1,356,427		7,478,846		9,377,731		343,048			18,556,052		(233,783	)		18,322,269
Depreciation and amortization		36,356		281,526		301,048		6,575			625,505		—			625,505
Capital expenditures		32,976		360,776		1,030,924		6,356			1,431,032		—			1,431,032

Explanatory notes:

1.	Intersegment sales revenues are generally made at values that approximate arm’s-length prices.

Unallocated corporate assets, included in reconciling items, amounted to JPY 289,228 million as of September 30, 2014 and JPY 430,679 million as of September 30, 2015 respectively, which consist primarily of cash and cash equivalents and financial assets measured at fair value through other comprehensive income.

- 24 -

In addition to the disclosure required by IFRS, Honda provides the following supplemental information in order to provide financial statements users with useful information:

2. Supplemental geographical information based on the location of the Company and its subsidiaries

For the three months ended September 30, 2014


	Yen (millions)
	Japan		North America		Europe			Asia		Other Regions		Total		Reconciling Items			Consolidated
Sales revenue:
External customers		504,835		1,584,271		164,987			641,596		236,246		3,131,935		—			3,131,935
Inter-geographic areas		461,615		75,495		15,338			143,403		1,178		697,029		(697,029	)		—

Total		966,450		1,659,766		180,325			784,999		237,424		3,828,964		(697,029	)		3,131,935

Operating profit (loss)		63,012		42,587		(5,735	)		61,104		13,672		174,640		(5,643	)		168,997


For the three months ended September 30, 2015

	Yen (millions)
	Japan		North America		Europe			Asia		Other Regions		Total		Reconciling Items			Consolidated
Sales revenue:
External customers		525,761		2,000,518		166,132			719,479		209,387		3,621,277		—			3,621,277
Inter-geographic areas		456,234		95,634		22,807			161,977		1,196		737,848		(737,848	)		—

Total		981,995		2,096,152		188,939			881,456		210,583		4,359,125		(737,848	)		3,621,277

Operating profit (loss)		26,161		37,466		3,135			86,003		7,213		159,978		4,864			164,842

- 25 -

As of and for the six months ended September 30, 2014


	Yen (millions)
	Japan		North America		Europe			Asia		Other Regions		Total		Reconciling Items			Consolidated
Sales revenue:
External customers		1,049,517		3,214,185		337,242			1,261,861		475,873		6,338,678		—			6,338,678
Inter-geographic areas		902,564		174,673		35,688			276,802		1,823		1,391,550		(1,391,550	)		—

Total		1,952,081		3,388,858		372,930			1,538,663		477,696		7,730,228		(1,391,550	)		6,338,678

Operating profit (loss)		125,862		109,255		(3,945	)		130,093		22,209		383,474		(8,970	)		374,504

Assets		3,989,531		9,463,807		626,232			2,232,441		767,870		17,079,881		(139,960	)		16,939,921
Non-current assets other than financial instruments and deferred tax assets		2,101,119		3,564,177		132,426			666,003		202,035		6,665,760		—			6,665,760
As of and for the six months ended September 30, 2015
	Yen (millions)
	Japan		North America		Europe			Asia		Other Regions		Total		Reconciling Items			Consolidated
Sales revenue:
External customers		988,830		4,105,050		318,139			1,464,644		449,376		7,326,039		—			7,326,039
Inter-geographic areas		909,724		182,718		41,611			315,743		1,810		1,451,606		(1,451,606	)		—

Total		1,898,554		4,287,768		359,750			1,780,387		451,186		8,777,645		(1,451,606	)		7,326,039

Operating profit (loss)		53,971		146,489		2,179			181,573		11,717		395,929		8,199			404,128

Assets		4,127,849		10,564,347		639,202			2,431,728		584,145		18,347,271		(25,002	)		18,322,269
Non-current assets other than financial instruments and deferred tax assets		2,329,318		4,369,043		112,638			723,554		167,293		7,701,846		—			7,701,846

Explanatory notes:

1.	Major countries or regions in each geographic area:


North America		United States, Canada, Mexico
Europe		United Kingdom, Germany, France, Belgium, Russia
Asia		Thailand, Indonesia, China, India, Vietnam
Other Regions		Brazil, Australia

2.	Sales revenues between geographic areas are generally made at values that approximate arm’s-length prices.

- 26 -

[7] Other

1. Loss related to airbag inflators

Honda provides warranty programs with regard to the product recalls and SIC (Safety Improvement Campaign) related to airbag inflators. Honda recognizes a provision for specific warranty costs when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. There is a possibility that Honda will need to recognize additional provisions when new evidence related to product recalls arise, however, it is not possible for Honda to reasonably estimate the amount and timing of potential future losses as of the date of this report.

In North America, various class actions related to the above mentioned product recalls and SIC have been filed against Honda since October 2014. The plaintiffs have claimed for properly functioning airbag inflators, compensation of economic losses including for incurred costs and the decline in the value of vehicles, as well as punitive damages. Most of the cases in the United States were transferred to the United States District Court for the Southern District of Florida and consolidated into a multi-district litigation.

Regarding the above matter, Honda did not recognize a provision for loss contingencies because the conditions for a provision have not been met as of the date of this report. Also, it is not possible for Honda to reasonably estimate the amount and timing of potential future losses as of the date of this report because there is uncertainty regarding the period when these lawsuits will be concluded.

2. Transfer pricing tax refund

In May 2015, the lawsuit related to transfer pricing involving the Company’s foreign transactions with certain Brazilian subsidiaries was concluded, and it was ruled that the Company shall receive a tax refund plus interest in Japan. As a result, income tax expense decreased by JPY 19,145 million for the six months ended September 30, 2015

3. Impairment loss on investments in affiliates

For the six months ended September 30, 2014, the Company recognized impairment losses of JPY 17,365 million on certain investments accounted for using the equity method because there is objective evidence of impairment from declines in quoted market values. The impairment losses are included in share of profit of investments accounted for using the equity method in the consolidated statement of income. For the six months ended September 30, 2015, the Company did not recognize any significant impairment losses.

- 27 -

[Translation]

November 4, 2015


To:		Shareholders of Honda Motor Co., Ltd.
From:		Honda Motor Co., Ltd.
		1-1, Minami-Aoyama 2-chome,
		Minato-ku, Tokyo, 107-8556
		Takahiro Hachigo
		President and Representative Director

Notice Concerning Revision of Forecasts for

Consolidated and Unconsolidated Financial Results of the Fiscal Year Ending March 31, 2016

Honda Motor Co., Ltd. (the “Company”) revised its forecasts for consolidated financial results of the fiscal year ending March 31, 2016 and unconsolidated financial results of the fiscal year ending March 31, 2016 which were announced on April 28, 2015.

Particulars

Revision of Forecasts for Consolidated Financial Results of the Fiscal Year Ending March 31, 2016


	Sales revenue (Million Yen)		Operating profit (Million Yen)		Profit before income taxes (Million Yen)		Profit for the year attributable to owners of the parent (Million Yen)		Basic earnings per share attributable to owners of the parent (Yen)
Forecast previously announced on April 28, 2015 (A)		14,500,000		685,000		805,000		525,000		291.30
Forecast revised on November 4, 2015 (B)		14,600,000		685,000		805,000		525,000		291.30
Change (B-A)		100,000		0		0		0		—
Percentage change (%)		0.7		0.0		0.0		0.0		—
(Reference) Results of the fiscal year ended March 31, 2015		13,328,099		670,603		806,237		509,435		282.66

Revision of Forecasts for Unconsolidated Financial Results of the Fiscal Year Ending March 31, 2016


	Net sales (Million Yen)		Operating income (Million Yen)		Ordinary income (Million Yen)		Net income (Million Yen)		Net income per common share (Yen)
Forecast previously announced on April 28, 2015 (A)		3,500,000		70,000		325,000		255,000		141.49
Forecast revised on November 4, 2015 (B)		3,400,000		10,000		240,000		190,000		105.42
Change (B-A)		- 100,000		- 60,000		- 85,000		- 65,000		—
Percentage change (%)		- 2.9		- 85.7		- 26.2		- 25.5		—
(Reference) Results of the fiscal year ended March 31, 2015		3,331,187		96,343		347,632		264,686		146.86

Reason for Revision of Forecasts for Consolidated Financial Results of the Fiscal Year Ending March 31, 2016

Due mainly to favorable foreign currency translation effects, despite an expected decrease in unit sales caused by changes in the business environment surrounding the Company, the Company has upwardly revised its forecast for sales revenue of the fiscal year ending March 31, 2016 which was announced on April 28, 2015. The Company has not changed its forecasts for operating profit, profit before income taxes, or profit for the year attributable to owners of the parent of the fiscal year ending March 31, 2016 which were announced on April 28, 2015.

Reason for Revision of Forecasts for Unconsolidated Financial Results of the Fiscal Year Ending March 31, 2016

Due mainly to decreased unit sales caused by changes in the business environment surrounding the Company and decreased dividend income from affiliated companies, the Company has downwardly revised its forecasts for unconsolidated net sales, operating income, ordinary income and net income of the fiscal year ending March 31, 2016 which were announced on April 28, 2015.

*	Basic earnings per share attributable to owners of the parent is calculated based on profit for the year attributable to owners of the parent.

These forecasts for consolidated and unconsolidated financial results of the Company are based on management’s assumptions and beliefs taking into account information currently available to it. Therefore, please be advised that the actual results of the Company could differ materially from those described in these forward-looking statements as a result of numerous factors, including general economic conditions in the principal markets of the Company, its consolidated subsidiaries and its affiliates accounted for by the equity-method, and fluctuation of foreign exchange rates, as well as other factors detailed from time to time.

For more details, please refer to the Company’s investor relations website (URL http://world.honda.com/investors/).

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents