# Dai Nippon Printing 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132期(2025/04/01－2026/03/31) (S100YF74)
> Page: https://vizora.meequs.com/en/company/dai-nippon-printing
> Retrieved: 2026-09-30T21:06:55.988Z

## Company

Dai Nippon Printing, founded in 1975, is a company in Food Packaging listed on TSE Prime. It has 36,360 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Dai Nippon Printing Co.,Ltd. |
| Ticker | 7912 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7912.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区市谷加賀町一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 北島義斉 |
| Founded | Jul 1975 |
| Share capital | ¥114.5B |
| Employees (consolidated) | 36,360 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | www.dnp.co.jp (https://www.dnp.co.jp/) |
| Corporate number | 5011101012069 |
| EDINET | E00693 |
| Industries (Vizora) | Food Packaging, Business Process Outsourcing, Semiconductor Materials, Electronic Components, Printing, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YF74, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.4 | 23 |
| Profitability | 87.5 | 28 |
| Cash conversion | 6.3 | 24 |
| Efficiency | 23.2 | 28 |
| Financial strength | 50 | 5 |

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 49% of Dai Nippon Printing's sales come from Smart communication, with Life and Healthcare and Electronics making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit +7.9%.

## Company structure

- Segment revenue mix: Smart communication 49.5%、Life and Healthcare 33.9%、Electronics 16.6%
- Revenue → net income: ¥1512571000000 → ¥106784000000
- Net income → operating cash flow: ¥106784000000 → ¥40367000000（difference ¥-66417000000）
- Main uses of operating cash flow: CapEx ¥72983000000 / dividends ¥17877000000 / buybacks ¥50752000000
- Change in cash: ¥-7074000000
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 | ¥1.51T |  |
| Operating income | ¥101B | Margin 6.7% |
| Net income | ¥104B | Margin 6.9% |
| Free cash flow | -¥32.6B |  |
| Largest business | Smart communication | of segment revenue 49.5% |
| Employees (consolidated) | 36,360 |  |
| EPS | ¥184.44 |  |
| Diluted EPS | ¥235.45 |  |
| Book value per share | ¥1441.49 |  |
| Equity ratio | 58.5% |  |
| Shares outstanding | 439,480,000 |  |
| Treasury shares | 8,024,700 |  |
| Shareholders | 29,364 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 12.0% | Net cash -¥13.4B · Cash ÷ revenue 16.1% |
| Vs. industry median margin | +2.8 pp | Business Process Outsourcing |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.8× dividends
- FY2026, segment profit share differs by 23 points
- FY2026, employees -1% while operating income rose 8%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1335439000000 | ¥1512571000000 | +13.3% |
| Operating income | ¥49529000000 | ¥101039000000 | +104.0% |
| Operating margin | 3.7% | 6.7% | +3 pp |
| Employees | 37,062 people | 36,360 people | -1.9% |
| Cash and equivalents | ¥304223000000 | ¥243564000000 | -19.9% |

### 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 |
| --- | ---: |
| 情報コミュニケーション → 事業再編・廃止 | 53.9% |
| 生活・産業 → 事業再編・廃止 | 27.5% |
| エレクトロニクス → エレクトロニクス | 14.8% |
| 飲料 → 事業再編・廃止 | 3.9% |
| 新設・再編 → スマートコミュニケーション | 49.5% |
| 新設・再編 → ライフ＆ヘルスケア | 33.9% |
| 新設・再編 → エレクトロニクス | 1.9% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Smart communication | 3 years | +1.4% | ¥748674000000 | 5.3% | 2 |
| Life and Healthcare | 3 years | +4.3% | ¥512092000000 | 7.3% | 2 |
| Electronics | 5 years | +5.0% | ¥251804000000 | 20.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,512,571 | 100.0% | S100YF74 |
| Cost of revenue | 1,146,587 | 75.8% | S100YF74 |
| Gross profit | 365,983 | 24.2% | S100YF74 |
| SG&A | 264,944 | 17.5% | S100YF74 |
| Operating income | 101,039 | 6.7% | S100YF74 |
| Ordinary income | 119,239 | 7.9% | S100YF74 |
| Pretax income | 155,585 | 10.3% | S100YF74 |
| Income tax | 48,800 | 3.2% | S100YF74 |
| Net income | 106,784 | 7.1% | S100YF74 |
| Net income attributable to owners | 103,959 | 6.9% | S100YF74 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 17 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 24.2% → Operating margin 6.7% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.8%; Core profit growth: +7.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.10×
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 | 1,457,609 | 1,512,571 | 54,962 | +3.8% |
| Gross profit | 338,278 | 365,983 | 27,705 | +8.2% |
| Operating income | 93,612 | 101,039 | 7,427 | +7.9% |
| Net income attributable to owners | 110,682 | 103,959 | -6,723 | -6.1% |
| Operating cash flow | 132,729 | 40,367 | -92,362 | -69.6% |
| Free cash flow | 59,847 | -32,616 | -92,463 | -154.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,401,894 | 56,274 | 4.0% | 69,497 | 93,937 | 44,230 | S100MF3N |
| FY ending Mar 2021 | 1,335,439 | 49,529 | 3.7% | 25,088 | 61,681 | -303 | S100ODSV |
| FY ending Mar 2022 | 1,344,147 | 66,788 | 5.0% | 97,182 | 82,028 | 16,208 | S100R1TC |
| FY ending Mar 2023 | 1,373,209 | 61,233 | 4.5% | 85,692 | 37,993 | -24,132 | S100TT53 |
| FY ending Mar 2024 | 1,424,822 | 75,450 | 5.3% | 110,929 | 72,553 | -2,200 | S100W0RF |
| FY ending Mar 2025 | 1,457,609 | 93,612 | 6.4% | 110,682 | 132,729 | 59,847 | S100YF74 |
| FY ending Mar 2026 | 1,512,571 | 101,039 | 6.7% | 103,959 | 40,367 | -32,616 | S100YF74 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.6M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 36,542 | 36,246 | 36,911 | 36,890 | 36,360 |
| Average salary (parent company) | ¥7.7M | ¥8M | ¥8M | ¥8.3M | ¥8.6M |
| Average age (parent company) | 43.2 years | 43.8 years | 44.2 years | 44.6 years | 44.8 years |
| Average tenure (parent company) | 19.4 years | 20.1 years | 20.3 years | 20.9 years | 20.7 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Smart communication | 748,674 | 49.5% | 40,002 | 5.3% |
| Life and Healthcare | 512,092 | 33.9% | 37,260 | 7.3% |
| Electronics | 251,804 | 16.6% | 50,702 | 20.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Smart communication | 49.5% | 31.3% | -18.2 | 5.3% |
| Life and Healthcare | 33.9% | 29.1% | -4.7 | 7.3% |
| Electronics | 16.6% | 39.6% | 23.0 | 20.1% |

Segment → industry: Life and Healthcare → Food Packaging / Smart communication → Business Process Outsourcing / Electronics → Semiconductor Materials / Electronics → Electronic Components / Smart communication → Printing / Life and Healthcare → Housing Equipment & Building Materials

## 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 | 40,367 | 2.7% | S100YF74 |
| Capital expenditure | 72,983 | 4.8% | S100YF74 |
| Free cash flow | -32,616 | -2.2% | 算出 |
| Investing cash flow | -73,641 | -4.9% | S100YF74 |
| Financing cash flow | 23,331 | 1.5% | S100YF74 |
| Dividends paid | 17,877 | 1.2% | S100YF74 |
| Share buyback | 50,752 | 3.4% | S100YF74 |
| Change in cash | -7,074 | -0.5% | S100YF74 |
| Cash and equivalents | 243,564 | 16.1% | S100YF74 |

## 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 | 293,361 | 258,329 | 234,569 | 250,633 | 243,564 | S100TT53, S100W0RF, S100YF74 |
| Total assets | 1,876,647 | 1,830,384 | 1,955,629 | 1,917,838 | 2,034,110 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Net assets | 1,148,413 | 1,148,245 | 1,236,687 | 1,208,778 | 1,267,106 | S100TT53, S100W0RF, S100YF74 |
| Share capital | 114,464 | 114,464 | 114,464 | 114,464 | 114,464 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Property, plant and equipment | 421,875 | 436,429 | 453,139 | 405,795 | 420,768 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Intangible assets excluding goodwill | 27,747 | 30,360 | 30,697 | 46,393 | 71,828 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Goodwill | 2,317 | 2,423 | 4,101 | 10,295 | 30,554 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Investment securities | 410,266 | 341,215 | 374,659 | 393,125 | 369,504 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Current assets | 804,813 | 802,995 | 799,318 | 824,692 | 859,436 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Current liabilities | 406,108 | 398,571 | 408,928 | 435,780 | 380,179 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Trade payables | 236,188 | 224,418 | 223,873 | 215,474 | 191,394 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Short-term borrowings | 33,990 | 30,301 | 38,261 | 31,747 | 32,963 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Long-term borrowings | 14,254 | 13,772 | 23,403 | 24,441 | 24,028 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Bonds | 102,500 | 100,000 | 100,000 | 100,000 | 200,000 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Interest-bearing debt | 150,744 | 144,073 | 161,664 | 156,188 | 256,991 | 算出 |
| Total liabilities | 728,233 | 682,139 | 718,941 | 709,059 | 767,004 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Non-controlling interests | 56,552 | 60,741 | 70,760 | 72,930 | 76,602 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Equity attributable to owners of parent | 866,667 | 909,064 | 915,215 | 948,481 | 983,970 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Retained earnings | 740,183 | 737,699 | 782,000 | 824,329 | 740,585 | S100R1TC, S100TT53, S100W0RF, S100YF74 |
| Treasury stock | -133,123 | -88,212 | -126,367 | -135,347 | -16,116 | S100R1TC, S100TT53, S100W0RF, S100YF74 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YF74 |
| Property, plant and equipment | 21% | S100YF74 |
| Intangibles and goodwill | 5% | S100YF74 |
| Investment securities | 18% | S100YF74 |
| Other assets | 44% | S100YF74 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YF74 |
| Interest-bearing debt | 13% | 算出 |
| Other liabilities | 16% | S100YF74 |
| Equity | 62% | S100YF74 |

### 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 | 1,876,647 | 1,830,384 | 1,955,629 | 1,917,838 | 2,034,110 |
| Equity | 1,148,413 | 1,148,245 | 1,236,687 | 1,208,778 | 1,267,106 |
| Interest-bearing debt | 150,744 | 144,073 | 161,664 | 156,188 | 256,991 |
| Cash | 293,361 | 258,329 | 234,569 | 250,633 | 243,564 |

## 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) | 27.8% | S100YF74 |
| Fixed assets ÷ total assets | 20.7% | S100YF74 |
| Goodwill ÷ parent equity | 3.1% | S100YF74 |

Goodwill over 4 years: 2,317 → 30,554 JPY; total investing cash flow: -156,255 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) | 12.0% |
| Cash ÷ revenue | 16.1% |
| Net cash (cash − interest-bearing debt) | -¥13.4B |
| Net debt ÷ operating cash flow | 0.33× |
| Cash conversion (operating CF ÷ operating income) | 40.0% |
| Cash vs. profit gap | -63,592 JPY mn (of net income -61.2%) |
| Shareholder returns / net income | 66.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 182.4% |

## 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 | 7.2% | 0.72× | 5.2% | 2.17× | 11.2% | S100R1TC |
| 2023 | 6.2% | 0.74× | 4.6% | 2.09× | 9.7% | S100TT53 |
| 2024 | 7.8% | 0.75× | 5.9% | 2.08× | 12.2% | S100W0RF |
| 2025 | 7.6% | 0.75× | 5.7% | 2.08× | 11.9% | S100YF74 |
| 2026 | 6.9% | 0.77× | 5.3% | 2.05× | 10.8% | S100YF74 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 17.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.6% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５００１（常任代理人 株式会社みずほ銀行） | Major shareholder | 3.1% | 2026-03-31 |
| 自社従業員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.8% | 2026-03-31 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ（常任代理人 シティバンク） | Major shareholder | 1.4% | 2026-03-31 |
| ジェーピー モルガン チェース バンク ３８５７８１（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.51T, up 3.8% from ¥1.46T.
- Operating income climbed 7.9% from ¥93.6B to ¥101B, but net income slipped 6.1% from ¥110.7B to ¥104B.
- Operating cash flow dropped from ¥132.7B to ¥40.4B, and free cash flow turned negative at -¥32.6B.

### Drivers

- Smart communication earned more thanks to strong photo printing supplies, large outsourcing contracts, and restructuring of staff and fixed assets.
- Life and Healthcare grew on battery pouches for IT devices, solar cell encapsulants and medical packaging, with fixed-cost cuts also lifting profit.
- Electronics sold more but earned less, hit by currency moves and higher fixed costs from investment in photomasks.
- Net income fell mainly because gains from selling investment securities were smaller than a year earlier.

### Risks

- A cyberattack or data leak could damage trust and halt parts of the business.
- Geopolitical tension, natural disasters or shipping disruptions could hold up supplies of materials and parts.
- The company calls the outlook uncertain, citing policy moves in the US and elsewhere and swings in material and labor costs.

Cited: Annual securities report (132nd fiscal term) (Management's analysis of financial position, operating results and cash flows); Annual securities report (132nd fiscal term) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第132期(2025/04/01－2026/03/31) | S100YF74 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF74,, |
| 有価証券報告書－第131期(2024/04/01－2025/03/31) | S100W0RF | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0RF,, |
| 有価証券報告書－第130期(2023/04/01－2024/03/31) | S100TT53 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT53,, |
| 有価証券報告書－第129期(2022/04/01－2023/03/31) | S100R1TC | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1TC,, |
| 有価証券報告書－第128期(令和3年4月1日－令和4年3月31日) | S100ODSV | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODSV,, |
| 訂正有価証券報告書－第127期(令和2年4月1日－令和3年3月31日) | S100MF3N | 2021-09-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MF3N,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| BIPROGY | Alliance | クラウド・新プラットフォームサービス・マーケティング販売連携の業務提携 | S100YFCP |
| ザ コカ・コーラカンパニー及び日本コカ・コーラ株式会社 | Co-development | 連結子会社の北海道コカ・コーラボトリングが、北海道でのコカ・コーラ製品の製造・販売と商標使用の権利供与を受ける契約 | S100YF74 |

## 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).