# HIKARI TSUSHIN,INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/04/01－2026/03/31) (S100YN0V)
> Page: https://vizora.meequs.com/en/company/hikari-tsushin
> Retrieved: 2026-09-30T18:27:14.720Z

## Company

Hikari Tsushin, founded in 1988, is a company in Electric Power & Gas listed on TSE Prime. It has 4,012 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIKARI TSUSHIN, INC. |
| Ticker | 9435 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9435.T) |
| Listing | TSE Prime |
| Head office | 東京都豊島区西池袋一丁目4番10号 |
| Representative (per filing) | 代表取締役社長COO 和田 英明 |
| Founded | Feb 1988 |
| Share capital | ¥54.3B |
| Employees (consolidated) | 4,012 |
| Average salary (parent only) | ¥35.2M |
| Fiscal year end | March |
| Website | www.hikari.co.jp (https://www.hikari.co.jp/) |
| Corporate number | 9013301019047 |
| EDINET | E04948 |
| Industries (Vizora) | Electric Power & Gas, Broadband & ISPs, Telecom Carriers, Beverages & Dairy, Non-life Insurance, Consumer Finance, Software & SaaS, Electronics Retailers |

> Profile source: annual securities report (S100YN0V, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.7 | 42 |
| Profitability | 94.3 | 44 |
| Cash conversion | 8.3 | 42 |
| Efficiency | 5.7 | 44 |
| Financial strength | 65.8 | 19 |

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 43% of Hikari Tsushin's sales come from Electricity and gas, with Communication and Agency sales making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +11.1%.

## Company structure

- Segment revenue mix: Electricity and gas 43.5%、Communication 17.4%、Agency sales 13.4%、Beverage 11.6%、Finance 6.2%
- Revenue → net income: ¥734791000000 → ¥156229000000
- Net income → operating cash flow: ¥156229000000 → ¥57073000000（difference ¥-99156000000）
- Main uses of operating cash flow: CapEx ¥19399000000 / dividends ¥32141000000 / buybacks ¥6143000000
- Change in cash: ¥69580000000
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 | ¥734.8B |  |
| Operating income | ¥116.7B | Margin 15.9% |
| Net income | ¥151B | Margin 20.6% |
| Free cash flow | ¥37.7B |  |
| Largest business | Electricity and gas | of segment revenue 43.5% |
| Employees (consolidated) | 4,012 |  |
| EPS | ¥3440.12 |  |
| Diluted EPS | ¥3436.87 |  |
| Book value per share | ¥6983.61 |  |
| Equity ratio | 41.5% | Derived from disclosed figures |
| Shares outstanding | 43,989,642 |  |
| Treasury shares | 170,500 |  |
| Shareholders | 4,664 |  |
| Average salary (parent only) | ¥35.2M | Filing company only |
| Cash ratio | 18.9% | Net cash -¥548.6B · Cash ÷ revenue 73.5% |
| Vs. industry median margin | +8.9 pp | Electric Power & Gas |
| ROE | 14.4% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +109% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥559429000000 | ¥734791000000 | +31.3% |
| Operating income | ¥69257000000 | ¥116664000000 | +68.5% |
| Operating margin | 12.4% | 15.9% | +3.5 pp |
| Employees | 5,848 people | 4,012 people | -31.4% |
| Cash and equivalents | ¥324530000000 | ¥539854000000 | +66.3% |

### 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 |
| --- | ---: |
| 法人サービス → 事業再編・廃止 | 49.6% |
| 個人サービス → 事業再編・廃止 | 21.5% |
| 取次販売 → 取次販売 | 13.4% |
| 取次販売 → 事業再編・廃止 | 15.4% |
| 新設・再編 → 電気・ガス | 43.5% |
| 新設・再編 → 通信 | 17.4% |
| 新設・再編 → 飲料 | 11.6% |
| 新設・再編 → 保険 | 4.3% |
| 新設・再編 → 金融 | 6.2% |
| 新設・再編 → ソリューション | 3.7% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electricity and gas | 2 years | +23.5% | ¥319571000000 | 11.2% | 2 |
| Communication | 2 years | +3.5% | ¥127540000000 | 23.0% | 2 |
| Agency sales | 5 years | -9.4% | ¥98493000000 | 13.0% | 2 |
| Beverage | 2 years | +2.5% | ¥85314000000 | 11.4% | 2 |
| Finance | 2 years | +22.7% | ¥45526000000 | 48.5% | 2 |
| Insurance | 2 years | +14.9% | ¥31478000000 | 29.8% | 2 |
| Solution | 2 years | -3.1% | ¥26866000000 | 14.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 734,791 | 100.0% | S100YN0V |
| Cost of revenue | 370,835 | 50.5% | S100YN0V |
| Gross profit | 363,956 | 49.5% | S100YN0V |
| SG&A | 250,881 | 34.1% | S100YN0V |
| Operating income | 116,664 | 15.9% | S100YN0V |
| Pretax income | 199,081 | 27.1% | S100YN0V |
| Income tax | 42,852 | 5.8% | S100YN0V |
| Net income | 156,229 | 21.3% | S100YN0V |
| Net income attributable to owners | 151,014 | 20.6% | S100YN0V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 34 |
| Operating income | 16 |
| (Ref.) Net income | 21 |

### Margin funnel

Gross margin 49.5% → Operating margin 15.9% → Net margin 20.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +11.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.58×
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 | 686,553 | 734,791 | 48,238 | +7.0% |
| Gross profit | 343,298 | 363,956 | 20,658 | +6.0% |
| Operating income | 105,036 | 116,664 | 11,628 | +11.1% |
| Net income attributable to owners | 117,523 | 151,014 | 33,491 | +28.5% |
| Operating cash flow | 84,836 | 57,073 | -27,763 | -32.7% |
| Free cash flow | 63,283 | 37,674 | -25,609 | -40.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 428,913 | — | — | 39,034 | 17,100 | — | S100LVSN |
| FY ending Mar 2018 | 427,540 | — | — | 42,959 | 27,839 | — | S100ON60 |
| FY ending Mar 2019 | 484,386 | — | — | 49,547 | 63,280 | — | S100R7FW |
| FY ending Mar 2020 | 524,570 | 73,004 | 13.9% | 51,670 | 87,078 | 68,565 | S100LVSN |
| FY ending Mar 2021 | 559,429 | 69,257 | 12.4% | 54,614 | 58,121 | 42,802 | S100ON60 |
| FY ending Mar 2022 | 573,029 | 83,567 | 14.6% | 87,537 | 51,028 | 33,038 | S100R7FW |
| FY ending Mar 2023 | 643,984 | 86,615 | 13.4% | 91,345 | 54,804 | 36,457 | S100TXT6 |
| FY ending Mar 2024 | 601,948 | 94,546 | 15.7% | 122,225 | 130,200 | 111,917 | S100W9IT |
| FY ending Mar 2025 | 686,553 | 105,036 | 15.3% | 117,523 | 84,836 | 63,283 | S100YN0V |
| FY ending Mar 2026 | 734,791 | 116,664 | 15.9% | 151,014 | 57,073 | 37,674 | S100YN0V |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥183.1M |
| Operating income per employee (consolidated) | ¥29.1M |
| Net income per employee (consolidated) | ¥37.6M |

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) | 5,310 | 4,488 | 4,149 | 3,939 | 4,012 |
| Average salary (parent company) | ¥16.8M | ¥21M | ¥20.6M | ¥24.1M | ¥35.2M |
| Average age (parent company) | 43.7 years | 42.5 years | 52.8 years | 47.9 years | 49.0 years |
| Average tenure (parent company) | 5.0 years | 14.0 years | 14.9 years | 24.6 years | 21.7 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) +7.0%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electricity and gas | 319,571 | 43.5% | 35,848 | 11.2% |
| Communication | 127,540 | 17.4% | 29,383 | 23.0% |
| Beverage | 85,314 | 11.6% | 9,695 | 11.4% |
| Insurance | 31,478 | 4.3% | 9,368 | 29.8% |
| Finance | 45,526 | 6.2% | 22,086 | 48.5% |
| Solution | 26,866 | 3.7% | 3,790 | 14.1% |
| Agency sales | 98,493 | 13.4% | 12,799 | 13.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electricity and gas | 43.5% | 29.2% | -14.3 | 11.2% |
| Communication | 17.4% | 23.9% | 6.5 | 23.0% |
| Beverage | 11.6% | 7.9% | -3.7 | 11.4% |
| Insurance | 4.3% | 7.6% | 3.3 | 29.8% |
| Finance | 6.2% | 18.0% | 11.8 | 48.5% |
| Solution | 3.7% | 3.1% | -0.6 | 14.1% |
| Agency sales | 13.4% | 10.4% | -3.0 | 13.0% |

Segment → industry: Electricity and gas → Electric Power & Gas / Communication → Broadband & ISPs / Communication → Telecom Carriers / Beverage → Beverages & Dairy / Insurance → Non-life Insurance / Finance → Consumer Finance / Solution → Software & SaaS / Agency sales → Electronics Retailers

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 57,073 | 7.8% | S100YN0V |
| Capital expenditure | 19,399 | 2.6% | S100YN0V |
| Free cash flow | 37,674 | 5.1% | 算出 |
| Investing cash flow | -104,100 | -14.2% | S100YN0V |
| Financing cash flow | 104,685 | 14.2% | S100YN0V |
| Dividends paid | 32,141 | 4.4% | S100YN0V |
| Share buyback | 6,143 | 0.8% | S100YN0V |
| Change in cash | 69,580 | 9.5% | S100YN0V |
| Cash and equivalents | 539,854 | 73.5% | S100YN0V |

## 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 | 338,249 | 389,366 | 494,850 | 470,273 | 539,854 | S100TXT6, S100W9IT, S100YN0V |
| Total assets | 1,451,310 | 1,691,949 | 2,078,956 | 2,371,026 | 2,853,866 | S100R7FW, S100TXT6, S100W9IT, S100YN0V |
| Net assets | 499,377 | 598,311 | 819,249 | 943,569 | 1,217,650 | S100TXT6, S100W9IT, S100YN0V |
| Share capital | 54,259 | 54,259 | 54,259 | 54,259 | 54,259 | S100R7FW, S100TXT6, S100W9IT, S100YN0V |
| Property, plant and equipment | 25,459 | 28,303 | 32,943 | 38,975 | 41,744 | S100R7FW, S100TXT6, S100W9IT, S100YN0V |
| Goodwill | 27,432 | 19,357 | 17,510 | 18,798 | 18,395 | S100R7FW, S100TXT6, S100W9IT, S100YN0V |
| Current assets | 629,000 | 727,839 | 840,810 | 848,880 | 1,019,640 | S100R7FW, S100TXT6, S100W9IT, S100YN0V |
| Interest-bearing debt | 612,620 | 721,775 | 822,493 | 934,320 | 1,088,472 | S100R7FW, S100TXT6, S100W9IT, S100YN0V |
| Total liabilities | 951,932 | 1,093,637 | 1,259,707 | 1,427,456 | 1,636,216 | S100R7FW, S100TXT6, S100W9IT, S100YN0V |
| Equity attributable to owners of parent | 468,677 | 571,009 | 790,478 | 914,768 | 1,185,668 | S100R7FW, S100TXT6, S100W9IT, S100YN0V |
| Retained earnings | 419,109 | 520,879 | 748,760 | 863,716 | 1,108,757 | S100R7FW, S100TXT6, S100W9IT, S100YN0V |
| Treasury stock | -6,508 | -5,792 | -18,365 | -10,864 | -6,215 | S100R7FW, S100TXT6, S100W9IT, S100YN0V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YN0V |
| Property, plant and equipment | 1% | S100YN0V |
| Intangibles and goodwill | 1% | — |
| Other assets | 79% | S100YN0V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 38% | S100YN0V |
| Other liabilities | 19% | S100YN0V |
| Equity | 43% | S100YN0V |

### 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 | 1,451,310 | 1,691,949 | 2,078,956 | 2,371,026 | 2,853,866 |
| Equity | 499,377 | 598,311 | 819,249 | 943,569 | 1,217,650 |
| Interest-bearing debt | 612,620 | 721,775 | 822,493 | 934,320 | 1,088,472 |
| Cash | 338,249 | 389,366 | 494,850 | 470,273 | 539,854 |

## 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) | 5.7% | S100YN0V |
| Fixed assets ÷ total assets | 1.5% | S100YN0V |
| Goodwill ÷ parent equity | 1.6% | S100YN0V |

Goodwill over 4 years: 27,432 → 18,395 JPY; total investing cash flow: -551,408 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) | 18.9% |
| Cash ÷ revenue | 73.5% |
| Net cash (cash − interest-bearing debt) | -¥548.6B |
| Net debt ÷ operating cash flow | 9.61× |
| Cash conversion (operating CF ÷ operating income) | 48.9% |
| Cash vs. profit gap | -93,941 JPY mn (of net income -62.2%) |
| Shareholder returns / net income | 25.4% |
| Shareholder returns / FCF | 101.6% |
| Shareholder payments — dividends / net income | 21.3% |
| Shareholder payments — dividends / FCF | 85.3% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| 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 | 15.3% | 0.39× | 6.0% | 3.10× | 18.7% | S100R7FW |
| 2023 | 14.2% | 0.41× | 5.8% | 3.02× | 17.6% | S100TXT6 |
| 2024 | 20.3% | 0.32× | 6.5% | 2.77× | 18.0% | S100W9IT |
| 2025 | 17.1% | 0.31× | 5.3% | 2.61× | 13.8% | S100YN0V |
| 2026 | 20.6% | 0.28× | 5.8% | 2.49× | 14.4% | S100YN0V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社光パワー | Major shareholder | 29.1% | 2026-03-31 |
| 野村信託銀行株式会社(信託口2052286) | Major shareholder | 10.3% | 2026-03-31 |
| 株式会社鹿児島東インド会社 | Major shareholder | 7.5% | 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 | 6.0% | 2026-03-31 |
| 合同会社光パワー本家 | Major shareholder | 5.4% | 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 |
| 重田 康光 | Major shareholder | 2.7% | 2026-03-31 |
| 玉村 剛史 | Major shareholder | 2.4% | 2026-03-31 |
| THE CHASE MANHATTAN BANK N. A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人）株式会社みずほ銀行 | Major shareholder | 2.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人）株式会社みずほ銀行 | Major shareholder | 1.4% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥734.8B, up 7.0% from ¥686.6B a year earlier.
- Profit grew faster than sales: operating income rose 11.1% to ¥116.7B, and net income rose 28.5% to ¥151B.
- Cash moved the other way. Operating cash flow fell 32.7% to ¥57.1B, and free cash flow dropped to ¥37.7B.

### Drivers

- More customers signed up for the group's own services, which lifted recurring monthly profit.
- Pretax income got a boost from financial income tied to a stronger dollar and from higher earnings at equity-method affiliates.
- Agency sales revenue shrank after a subsidiary was sold the year before, but a one-time gain from selling another subsidiary's shares this year pushed its operating income up.

### Risks

- Most of the electricity it sells is bought on the market, so costs swing with fuel prices and exchange rates.
- More cancellations or system failures could make it harder to earn back the commissions paid to sales agents.
- Its holdings of stocks and foreign-currency assets could lose value if rates, currencies, or share prices move against it.

Cited: Annual Securities Report, 39th fiscal year (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 39th fiscal year (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YN0V | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YN0V,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100W9IT | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9IT,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TXT6 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXT6,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100R7FW | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7FW,, |
| 訂正有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100ON60 | 2022-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ON60,, |
| 有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LVSN | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVSN,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| KDDI | Alliance | 子会社ジェイ・コミュニケーションが KDDI の移動電話サービスの加入受付・端末販売を行う代理店契約 | S100YN0V |
| ソフトバンク | Alliance | 子会社テレコムサービス・メンバーズモバイルがソフトバンクの移動電話サービスの加入受付・端末販売を行う代理店契約 | S100YN0V |
| SBIインシュアランスグループ | Capital alliance | 両グループの経営資源を使った保険商品販売での協業を目的とする資本業務提携 | S100YDWS |

## 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).