50 Consolidated Eleven-year Summary 52 Management Discussion and Analysis 56 Business Risks 58 Consolidated Balance Sheets 60 Consolidated Statements of Operations 61 Consolidated Statements of Changes in Equity 62 Consolidated Statements of Cash Flows 63 Notes to Consolidated Financial Statements 84 Independent Auditors’ Report 85 Number of Marketing Bases 86 Results of Operations and Financial Positions  of Major Subsidiaries 88 Consolidated Subsidiaries and Equity Method Affiliates Financial  Information JS Group Corporation Annual Report 2010 49