support project in the first quarter of 2019 is more difficult and varied than the previous year which effected higher cost than the first quarter of 2018 6. Cost of goods sold (E-Commerce) Cost of goods
was more difficult and varied than the previous year which effected higher cost. Therefore, the proportion of cost decreasing is less than the proportion of revenue decreasing. 6. Cost of goods sold
for equity crowdfunding. Furthermore, in the case of ICOs, imposing the aggregate limit would not be an effective investor protection mechanism. This is because it would be very difficult to enforce and
new clients in the COVID- 19 situation is quite difficult. The managements and team brainstorm for strategy how to propose work that is suitable for the COVID-19 situation as the alternatives to the
from poor timing and end up buying and selling at the wrong times. /Timing the market is too difficult. “It is a losing strategy” gChasing (short term) past performance has been a basic investment
that are difficult to detect. For example, (1) fraudulent transactions through a subsidiary located overseas that has obscure business objectives and is hard to inspect, (2) trading transactions and
focus on use of proceeds. Such commitments can be expressed through Sustainability- Linked Bonds, as well as through dedicated issuer strategies and disclosures as recommended by the Climate Transition
Injuries compared to 2019 as a renewed focus on safety including a dedicated fulltime safety officer is having an impact. Revenue was similar to a year ago as a weaker than expected sugar season was
and future project plans – Renewable energy, clean transportation + energy efficiency, sustainable water and wastewater management • Financing and refinancing • Set up dedicated green bond working group
analysis and decisions. 20 Dedicated ESG team & Investment team: An ESG team conducts the ESG analysis, which the investment teams integrate into overall investment analysis and decisions. Pros Cons ESG