# BELLUNA CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第50期(2025/04/01－2026/03/31) (S100YJ5M)
> Page: https://vizora.meequs.com/en/company/belluna
> Retrieved: 2026-09-30T19:49:40.453Z

## Company

Belluna, founded in 1977, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 3,844 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BELLUNA CO.,LTD. |
| Ticker | 9997 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9997.T) |
| Listing | TSE Prime |
| Head office | 埼玉県上尾市宮本町4番2号 |
| Representative (per filing) | 代表取締役社長 安野 清 |
| Founded | Jun 1977 |
| Share capital | ¥10.6B |
| Employees (consolidated) | 3,844 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.belluna.co.jp (https://www.belluna.co.jp/) |
| Corporate number | 5030001041663 |
| EDINET | E03229 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns, Catalog & TV Shopping, Cosmetics, HR & Staffing, Apparel, Business Process Outsourcing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YJ5M, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Catalog & TV Shopping (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 9 |
| Profitability | 75 | 10 |
| Cash conversion | 72.2 | 9 |
| Efficiency | 5 | 10 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 32% of Belluna's sales come from Apparel and miscellaneous goods business, with Property and Gourmand business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +38.6%.

## Company structure

- Segment revenue mix: Apparel and miscellaneous goods business 32.0%、Property 22.8%、Gourmand business 15.5%、Kimono related business 10.4%、Database utilization business 8.3%
- Revenue → net income: ¥218098000000 → ¥11470000000
- Net income → operating cash flow: ¥11470000000 → ¥18465000000（difference ¥6995000000）
- Main uses of operating cash flow: CapEx ¥33487000000 / dividends ¥2838000000 / buybacks ¥0
- Change in cash: ¥345000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥218.1B |  |
| Operating income | ¥16.5B | Margin 7.6% |
| Net income | ¥11.5B | Margin 5.3% |
| Free cash flow | -¥15B |  |
| Largest business | Apparel and miscellaneous goods business | of segment revenue 32.0% |
| Employees (consolidated) | 3,844 |  |
| EPS | ¥30.16 |  |
| Book value per share | ¥969.83 |  |
| Equity ratio | 44.5% |  |
| Shares outstanding | 97,244,000 |  |
| Treasury shares | 1,002,000 |  |
| Shareholders | 75,811 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 10.7% | Cash ÷ revenue 16.8% |
| Vs. industry median margin | +2.9 pp | Catalog & TV Shopping |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 39%
- FY2026, segment profit share differs by 27 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥206499000000 | ¥218098000000 | +5.6% |
| Operating income | ¥15734000000 | ¥16478000000 | +4.7% |
| Operating margin | 7.6% | 7.6% | -0.1 pp |
| Employees | 3,320 people | 3,844 people | +15.8% |
| Cash and equivalents | ¥30958000000 | ¥36558000000 | +18.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| プロパティ事業 → プロパティ事業 | 2.2% |
| 総合通販事業 → 事業再編・廃止 | 32.2% |
| 化粧品健康食品事業 → 化粧品健康食品事業 | 5.3% |
| 化粧品健康食品事業 → 事業再編・廃止 | 0.6% |
| 専門通販事業 → 事業再編・廃止 | 21.1% |
| グルメ事業 → グルメ事業 | 8.8% |
| 店舗販売事業 → 事業再編・廃止 | 7.9% |
| ナース関連事業 → ナース関連事業 | 5.2% |
| ソリューション事業 → 事業再編・廃止 | 3.4% |
| 呉服関連事業 → 呉服関連事業 | 7.0% |
| ファイナンス事業 → 事業再編・廃止 | 1.5% |
| データベース活用事業 → データベース活用事業 | 4.6% |
| 新設・再編 → プロパティ事業 | 20.6% |
| 新設・再編 → グルメ事業 | 6.6% |
| 新設・再編 → ナース関連事業 | 0.5% |
| 新設・再編 → 呉服関連事業 | 3.5% |
| 新設・再編 → アパレル・雑貨事業 | 32.0% |
| 新設・再編 → データベース活用事業 | 3.7% |

Segment revenue source references: 18 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Apparel and miscellaneous goods business | 4 years | -8.4% | ¥68804000000 | -0.6% | 2 |
| Property | 5 years | +48.2% | ¥49106000000 | 17.4% | 2 |
| Gourmand business | 5 years | +4.2% | ¥33295000000 | 4.0% | 2 |
| Kimono related business | 5 years | +1.0% | ¥22467000000 | 6.1% | 2 |
| Database utilization business | 5 years | +4.9% | ¥17890000000 | 25.2% | 2 |
| Nurse related business | 5 years | -5.0% | ¥12304000000 | 5.3% | 2 |
| Cosmetics and health food business | 5 years | -8.9% | ¥11438000000 | 6.4% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 218,098 | 100.0% | S100YJ5M |
| Cost of revenue | 80,881 | 37.1% | S100YJ5M |
| Gross profit | 137,217 | 62.9% | S100YJ5M |
| SG&A | 120,739 | 55.4% | S100YJ5M |
| Operating income | 16,478 | 7.6% | S100YJ5M |
| Ordinary income | 16,274 | 7.5% | S100YJ5M |
| Pretax income | 16,671 | 7.6% | S100YJ5M |
| Income tax | 5,200 | 2.4% | S100YJ5M |
| Net income | 11,470 | 5.3% | S100YJ5M |
| Net income attributable to owners | 11,542 | 5.3% | S100YJ5M |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 55 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 62.9% → Operating margin 7.6% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +38.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.25×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 210,856 | 218,098 | 7,242 | +3.4% |
| Gross profit | 129,251 | 137,217 | 7,966 | +6.2% |
| Operating income | 11,887 | 16,478 | 4,591 | +38.6% |
| Net income attributable to owners | 8,797 | 11,542 | 2,745 | +31.2% |
| Operating cash flow | 9,689 | 18,465 | 8,776 | +90.6% |
| Free cash flow | -5,657 | -15,022 | -9,365 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 179,948 | 10,311 | 5.7% | 5,862 | 6,624 | -3,530 | S100LPOL |
| FY ending Mar 2021 | 206,499 | 15,734 | 7.6% | 11,036 | 20,772 | 12,536 | S100OL53 |
| FY ending Mar 2022 | 220,128 | 13,827 | 6.3% | 10,204 | 7,154 | -9,474 | S100R8Z2 |
| FY ending Mar 2023 | 212,376 | 11,217 | 5.3% | 7,417 | 8,241 | -21,764 | S100TVVL |
| FY ending Mar 2024 | 208,298 | 9,787 | 4.7% | 5,839 | 12,770 | -4,011 | S100W8DE |
| FY ending Mar 2025 | 210,856 | 11,887 | 5.6% | 8,797 | 9,689 | -5,657 | S100YJ5M |
| FY ending Mar 2026 | 218,098 | 16,478 | 7.6% | 11,542 | 18,465 | -15,022 | S100YJ5M |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.7M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,444 | 3,579 | 3,825 | 3,884 | 3,844 |
| Average salary (parent company) | ¥5.3M | — | — | ¥5.4M | ¥5.5M |
| Average age (parent company) | 37.5 years | 37.5 years | 36.6 years | 34.3 years | 36.5 years |
| Average tenure (parent company) | 12.0 years | 12.2 years | 11.5 years | 11.3 years | 12.3 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +3.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Property | 49,106 | 22.8% | 8,553 | 17.4% |
| Cosmetics and health food business | 11,438 | 5.3% | 735 | 6.4% |
| Gourmand business | 33,295 | 15.5% | 1,316 | 4.0% |
| Nurse related business | 12,304 | 5.7% | 651 | 5.3% |
| Kimono related business | 22,467 | 10.4% | 1,375 | 6.1% |
| Apparel and miscellaneous goods business | 68,804 | 32.0% | -408 | -0.6% |
| Database utilization business | 17,890 | 8.3% | 4,514 | 25.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Property | 22.8% | 49.9% | 27.1 | 17.4% |
| Cosmetics and health food business | 5.3% | 4.3% | -1.0 | 6.4% |
| Gourmand business | 15.5% | 7.7% | -7.8 | 4.0% |
| Nurse related business | 5.7% | 3.8% | -1.9 | 5.3% |
| Kimono related business | 10.4% | 8.0% | -2.4 | 6.1% |
| Apparel and miscellaneous goods business | 32.0% | — | — | -0.6% |
| Database utilization business | 8.3% | 26.3% | 18.0 | 25.2% |

Loss-making segment (excluded from profit shares): Apparel and miscellaneous goods business -408 JPY mn

Segment → industry: Property → Real Estate Development & Leasing / Property → Hotels & Inns / Cosmetics and health food business → Catalog & TV Shopping / Cosmetics and health food business → Cosmetics / Gourmand business → Catalog & TV Shopping / Nurse related business → Catalog & TV Shopping / Nurse related business → HR & Staffing / Kimono related business → Apparel / Apparel and miscellaneous goods business → Catalog & TV Shopping / Database utilization business → Business Process Outsourcing / Database utilization business → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 18,465 | 8.5% | S100YJ5M |
| Capital expenditure | 33,487 | 15.4% | S100YJ5M |
| Free cash flow | -15,022 | -6.9% | 算出 |
| Investing cash flow | -32,288 | -14.8% | S100YJ5M |
| Financing cash flow | 13,907 | 6.4% | S100YJ5M |
| Dividends paid | 2,838 | 1.3% | S100YJ5M |
| Share buyback | 0 | 0.0% | S100YJ5M |
| Change in cash | 345 | 0.2% | S100YJ5M |
| Cash and equivalents | 36,558 | 16.8% | S100YJ5M |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 29,569 | 31,828 | 37,245 | 36,213 | 36,558 | S100TVVL, S100W8DE, S100YJ5M |
| Total assets | 254,178 | 285,592 | 300,691 | 312,462 | 340,137 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Net assets | 119,044 | 126,436 | 136,182 | 141,656 | 151,454 | S100TVVL, S100W8DE, S100YJ5M |
| Share capital | 10,612 | 10,612 | 10,612 | 10,612 | 10,612 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Property, plant and equipment | 103,342 | 129,495 | 136,909 | 145,954 | 172,843 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Intangible assets excluding goodwill | 10,278 | 10,574 | 10,893 | 11,820 | 10,566 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Goodwill | 1,979 | 1,487 | 1,044 | 2,682 | 2,064 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Investment securities | 13,637 | 14,371 | 14,614 | 14,576 | 16,231 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Current assets | 118,133 | 122,664 | 129,961 | 131,443 | 131,458 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Current liabilities | 64,904 | 64,587 | 59,206 | 61,616 | 53,332 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Trade payables | 22,303 | 13,723 | 10,934 | 9,601 | 8,281 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Short-term borrowings | 12,909 | 20,326 | 13,090 | 24,849 | 18,655 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Long-term borrowings | 60,642 | 85,462 | 98,563 | 102,853 | 127,178 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Bonds | 5,000 | 5,020 | 5 | — | — | S100R8Z2, S100TVVL, S100W8DE |
| Interest-bearing debt | 78,551 | 110,808 | 111,658 | — | — | 算出 |
| Total liabilities | 135,134 | 159,155 | 164,509 | 170,805 | 188,683 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Non-controlling interests | 775 | 940 | 990 | 342 | 111 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Equity attributable to owners of parent | 124,228 | 129,765 | 133,652 | 140,149 | 148,868 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Retained earnings | 103,131 | 108,663 | 112,545 | 118,956 | 127,659 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |
| Treasury stock | -467 | -462 | -455 | -794 | -782 | S100R8Z2, S100TVVL, S100W8DE, S100YJ5M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YJ5M |
| Property, plant and equipment | 51% | S100YJ5M |
| Intangibles and goodwill | 3% | S100YJ5M |
| Investment securities | 5% | S100YJ5M |
| Other assets | 30% | S100YJ5M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YJ5M |
| Other liabilities | 53% | S100YJ5M |
| Equity | 45% | S100YJ5M |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 254,178 | 285,592 | 300,691 | 312,462 | 340,137 |
| Equity | 119,044 | 126,436 | 136,182 | 141,656 | 151,454 |
| Interest-bearing debt | 78,551 | 110,808 | 111,658 | — | — |
| Cash | 29,569 | 31,828 | 37,245 | 36,213 | 36,558 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 79.3% | S100YJ5M |
| Fixed assets ÷ total assets | 50.8% | S100YJ5M |
| Goodwill ÷ parent equity | 1.4% | S100YJ5M |

Goodwill over 4 years: 1,979 → 2,064 JPY; total investing cash flow: -111,440 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 10.7% |
| Cash ÷ revenue | 16.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.1% |
| Cash vs. profit gap | 6,923 JPY mn (of net income 60.0%) |
| Shareholder returns / net income | 24.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.4% |
| Investing CF relative to operating CF | 174.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.6% | 0.87× | 4.0% | 2.05× | 8.2% | S100R8Z2 |
| 2023 | 3.5% | 0.79× | 2.7% | 2.13× | 5.8% | S100TVVL |
| 2024 | 2.8% | 0.71× | 2.0% | 2.23× | 4.4% | S100W8DE |
| 2025 | 4.2% | 0.69× | 2.9% | 2.24× | 6.4% | S100YJ5M |
| 2026 | 5.3% | 0.67× | 3.5% | 2.26× | 8.0% | S100YJ5M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フレンドステージ | Major shareholder | 43.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.1% | 2026-03-31 |
| 安 野 清 | Major shareholder | 3.0% | 2026-03-31 |
| 安 野 公 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 野村信託銀行株式会社（退職給付信託三菱ＵＦＪ銀行口） | Major shareholder | 2.0% | 2026-03-31 |
| ベルーナ共栄会 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 1.2% | 2026-03-31 |
| ベルーナ従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/04/01－2026/03/31) | S100YJ5M | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ5M,, |
| 有価証券報告書－第49期(2024/04/01－2025/03/31) | S100W8DE | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8DE,, |
| 有価証券報告書－第48期(2023/04/01－2024/03/31) | S100TVVL | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVVL,, |
| 有価証券報告書－第47期(2022/04/01－2023/03/31) | S100R8Z2 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8Z2,, |
| 有価証券報告書－第46期(令和3年4月1日－令和4年3月31日) | S100OL53 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL53,, |
| 有価証券報告書－第45期(令和2年4月1日－令和3年3月31日) | S100LPOL | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPOL,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).