# KPP GROUP HOLDINGS 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152期(2025/04/01－2026/03/31) (S100YHDZ)
> Page: https://vizora.meequs.com/en/company/kpp-group-holdings
> Retrieved: 2026-09-30T21:09:26.403Z

## Company

KPP Group Holdings, founded in 1924, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 6,024 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KPP GROUP HOLDINGS CO., LTD. |
| Ticker | 9274 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9274.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区明石町6番24号 |
| Representative (per filing) | 代表取締役社長 兼 CEO 坂田 保之 |
| Founded | Nov 1924 |
| Share capital | ¥4.72B |
| Employees (consolidated) | 6,024 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.kpp-gr.com (https://www.kpp-gr.com/) |
| Corporate number | 9010001048806 |
| EDINET | E02516 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YHDZ, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75.7 | 179 |
| Profitability | 25.1 | 185 |
| Cash conversion | 85.2 | 179 |
| Efficiency | 63 | 185 |
| Financial strength | 32.5 | 20 |

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 46% of KPP Group Holdings's sales come from Europe,Americas, with Northeast Asia and Asia Pacific making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -2.9% from the prior year, operating profit -25.6%.

## Company structure

- Segment revenue mix: Europe,Americas 46.0%、Northeast Asia 43.9%、Asia Pacific 9.9%、Leasing Renting Of Real Estate 0.2%
- Revenue → net income: ¥650368000000 → ¥5621000000
- Net income → operating cash flow: ¥5621000000 → ¥19814000000（difference ¥14193000000）
- Main uses of operating cash flow: CapEx ¥3543000000 / dividends ¥2397000000 / buybacks ¥2398000000
- Change in cash: ¥1314000000
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 | ¥650.4B |  |
| Operating income | ¥10.1B | Margin 1.5% |
| Net income | ¥5.62B | Margin 0.9% |
| Free cash flow | ¥16.3B |  |
| Largest business | Europe,Americas | of segment revenue 46.0% |
| Employees (consolidated) | 6,024 |  |
| EPS | ¥84.95 |  |
| Book value per share | ¥769.59 |  |
| Equity ratio | 23.9% |  |
| Shares outstanding | 67,244,000 |  |
| Treasury shares | 3,000,000 |  |
| Shareholders | 48,597 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 3.4% | Net cash -¥71.1B · Cash ÷ revenue 1.9% |
| Vs. industry median margin | -1.3 pp | Specialty Trading & Wholesale |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.5× net income
- FY2026, buybacks were 1.0× dividends
- FY2026, segment profit share differs by -27 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥430404000000 | ¥650368000000 | +51.1% |
| Operating income | ¥-9035000000 | ¥10075000000 | — |
| Operating margin | -2.1% | 1.5% | +3.6 pp |
| Employees | 5,530 people | 6,024 people | +8.9% |
| Cash and equivalents | ¥30543000000 | ¥12630000000 | -58.6% |

### 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 |
| --- | ---: |
| 国内拠点紙パルプ等卸売 → 事業再編・廃止 | 58.6% |
| 海外拠点紙パルプ等卸売 → 事業再編・廃止 | 41.1% |
| 不動産賃貸 → 不動産賃貸 | 0.2% |
| 不動産賃貸 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 北東アジア | 43.9% |
| 新設・再編 → 欧州／米州 | 46.0% |
| 新設・再編 → アジアパシフィック | 9.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Europe,Americas | 3 years | -0.5% | ¥298997000000 | 1.9% | 2 |
| Northeast Asia | 4 years | -0.2% | ¥285189000000 | 0.7% | 2 |
| Asia Pacific | 4 years | +13.9% | ¥64659000000 | 4.3% | 2 |
| Leasing Renting Of Real Estate | 5 years | +4.1% | ¥1521000000 | 41.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 650,368 | 100.0% | S100YHDZ |
| Cost of revenue | 520,325 | 80.0% | S100YHDZ |
| Gross profit | 130,042 | 20.0% | S100YHDZ |
| SG&A | 119,966 | 18.4% | S100YHDZ |
| Operating income | 10,075 | 1.5% | S100YHDZ |
| Ordinary income | 6,175 | 0.9% | S100YHDZ |
| Pretax income | 8,393 | 1.3% | S100YHDZ |
| Income tax | 2,771 | 0.4% | S100YHDZ |
| Net income | 5,621 | 0.9% | S100YHDZ |
| Net income attributable to owners | 5,618 | 0.9% | S100YHDZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 18 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 20.0% → Operating margin 1.5% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.9%; Core profit growth: -25.6%
Operating leverage (core profit growth ÷ revenue growth): 8.72×
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 | 670,042 | 650,368 | -19,674 | -2.9% |
| Gross profit | 129,116 | 130,042 | 926 | +0.7% |
| Operating income | 13,544 | 10,075 | -3,469 | -25.6% |
| Net income attributable to owners | 7,986 | 5,618 | -2,368 | -29.7% |
| Operating cash flow | 11,169 | 19,814 | 8,645 | +77.4% |
| Free cash flow | 6,396 | 16,271 | 9,875 | +154.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 381,397 | 1,850 | 0.5% | 1,232 | 4,905 | 2,828 | S100LTTL |
| FY ending Mar 2021 | 430,404 | -9,035 | -2.1% | 1,416 | -6,472 | -8,248 | S100OKSC |
| FY ending Mar 2022 | 563,414 | 9,379 | 1.7% | 7,497 | 4,821 | 1,639 | S100R8VM |
| FY ending Mar 2023 | 659,656 | 20,401 | 3.1% | 15,722 | 10,308 | 4,351 | S100TW1P |
| FY ending Mar 2024 | 644,435 | 15,819 | 2.5% | 10,613 | 19,817 | 15,670 | S100W4SL |
| FY ending Mar 2025 | 670,042 | 13,544 | 2.0% | 7,986 | 11,169 | 6,396 | S100YHDZ |
| FY ending Mar 2026 | 650,368 | 10,075 | 1.5% | 5,618 | 19,814 | 16,271 | S100YHDZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥108M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥932.6K |

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) | 5,354 | 5,457 | 5,624 | 5,974 | 6,024 |
| Average salary (parent company) | ¥7.2M | ¥8.5M | ¥9.2M | ¥9.4M | ¥8.7M |
| Average age (parent company) | 42.7 years | 45.5 years | 46.1 years | 44.8 years | 46.5 years |
| Average tenure (parent company) | 17.9 years | 12.8 years | 12.0 years | 9.6 years | 9.3 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) -2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Northeast Asia | 285,189 | 43.9% | 1,872 | 0.7% |
| Europe,Americas | 298,997 | 46.0% | 5,818 | 1.9% |
| Asia Pacific | 64,659 | 9.9% | 2,807 | 4.3% |
| Leasing Renting Of Real Estate | 1,521 | 0.2% | 625 | 41.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Northeast Asia | 43.9% | 16.8% | -27.0 | 0.7% |
| Europe,Americas | 46.0% | 52.3% | 6.3 | 1.9% |
| Asia Pacific | 9.9% | 25.2% | 15.3 | 4.3% |
| Leasing Renting Of Real Estate | 0.2% | 5.6% | 5.4 | 41.1% |

Segment → industry: Leasing Renting Of Real Estate → Real Estate Development & Leasing / Asia Pacific → Specialty Trading & Wholesale / Europe,Americas → Specialty Trading & Wholesale / Northeast Asia → Specialty Trading & Wholesale

## 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 | 19,814 | 3.0% | S100YHDZ |
| Capital expenditure | 3,543 | 0.5% | S100YHDZ |
| Free cash flow | 16,271 | 2.5% | 算出 |
| Investing cash flow | -11,109 | -1.7% | S100YHDZ |
| Financing cash flow | -8,118 | -1.2% | S100YHDZ |
| Dividends paid | 2,397 | 0.4% | S100YHDZ |
| Share buyback | 2,398 | 0.4% | S100YHDZ |
| Change in cash | 1,314 | 0.2% | S100YHDZ |
| Cash and equivalents | 12,630 | 1.9% | S100YHDZ |

## 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 | 22,631 | 30,699 | 26,244 | 11,316 | 12,630 | S100TW1P, S100W4SL, S100YHDZ |
| Total assets | 290,707 | 330,662 | 344,562 | 352,035 | 374,708 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Net assets | 56,374 | 67,808 | 81,900 | 86,216 | 89,454 | S100TW1P, S100W4SL, S100YHDZ |
| Share capital | 4,723 | 4,723 | 4,723 | 4,723 | 4,723 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Property, plant and equipment | 34,196 | 37,063 | 41,692 | 52,651 | 63,191 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Intangible assets excluding goodwill | 9,248 | 13,896 | 18,670 | 29,870 | 37,155 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Goodwill | 4,508 | 5,330 | 6,958 | 11,374 | 14,917 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Investment securities | 17,028 | 17,971 | 23,139 | 19,603 | 19,293 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Current assets | 210,523 | 243,596 | 242,689 | 231,312 | 236,036 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Current liabilities | 170,164 | 207,947 | 198,235 | 194,130 | 210,145 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Trade payables | 90,743 | 93,570 | 95,368 | 91,881 | 92,036 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Short-term borrowings | 26,615 | 52,884 | 38,862 | 40,086 | 56,443 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Long-term borrowings | 42,622 | 21,425 | 15,167 | 12,701 | 7,298 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Bonds | — | 10,000 | 20,000 | 20,000 | 20,000 | S100TW1P, S100W4SL, S100YHDZ |
| Interest-bearing debt | — | 84,309 | 74,029 | 72,787 | 83,741 | 算出 |
| Total liabilities | 234,332 | 262,853 | 262,662 | 265,818 | 285,253 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Non-controlling interests | 82 | 77 | 88 | 94 | 16 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Equity attributable to owners of parent | 49,705 | 63,857 | 70,848 | 75,028 | 75,250 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Retained earnings | 38,225 | 52,629 | 61,631 | 67,733 | 70,954 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |
| Treasury stock | -535 | -788 | -2,799 | -650 | -3,575 | S100R8VM, S100TW1P, S100W4SL, S100YHDZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YHDZ |
| Property, plant and equipment | 17% | S100YHDZ |
| Intangibles and goodwill | 14% | S100YHDZ |
| Investment securities | 5% | S100YHDZ |
| Other assets | 61% | S100YHDZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 25% | S100YHDZ |
| Interest-bearing debt | 22% | 算出 |
| Other liabilities | 29% | S100YHDZ |
| Equity | 24% | S100YHDZ |
| Other liabilities | 0% | S100YHDZ |

### 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 | 290,707 | 330,662 | 344,562 | 352,035 | 374,708 |
| Equity | 56,374 | 67,808 | 81,900 | 86,216 | 89,454 |
| Interest-bearing debt | — | 84,309 | 74,029 | 72,787 | 83,741 |
| Cash | 22,631 | 30,699 | 26,244 | 11,316 | 12,630 |

## 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) | 9.7% | S100YHDZ |
| Fixed assets ÷ total assets | 16.9% | S100YHDZ |
| Goodwill ÷ parent equity | 19.8% | S100YHDZ |

Goodwill over 4 years: 4,508 → 14,917 JPY; total investing cash flow: -44,469 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) | 3.4% |
| Cash ÷ revenue | 1.9% |
| Net cash (cash − interest-bearing debt) | -¥71.1B |
| Net debt ÷ operating cash flow | 3.59× |
| Cash conversion (operating CF ÷ operating income) | 196.7% |
| Cash vs. profit gap | 14,196 JPY mn (of net income 252.7%) |
| Shareholder returns / net income | 85.4% |
| Shareholder returns / FCF | 29.5% |
| Shareholder payments — dividends / net income | 42.7% |
| Shareholder payments — dividends / FCF | 14.7% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 56.1% |

## 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 | 1.3% | 1.94× | 2.6% | 5.85× | 15.1% | S100R8VM |
| 2023 | 2.4% | 2.12× | 5.1% | 5.47× | 27.7% | S100TW1P |
| 2024 | 1.6% | 1.91× | 3.1% | 5.01× | 15.8% | S100W4SL |
| 2025 | 1.2% | 1.92× | 2.3% | 4.78× | 10.9% | S100YHDZ |
| 2026 | 0.9% | 1.79× | 1.5% | 4.84× | 7.5% | S100YHDZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 王子ホールディングス株式会社 | Major shareholder | 15.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（その他信託口） | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（りそな銀行再信託分・北越コーポレーション株式会社退職給付信託口） | Major shareholder | 3.6% | 2026-03-31 |
| KPPグループホールディングス従業員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 野村 絢（常任代理人三田証券株式会社） | Major shareholder | 3.3% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ(常任代理人インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 3.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（役員報酬ＢＩＰ信託口・７６２６２口） | Major shareholder | 3.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（投資信託口） | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | 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 came in at ¥650.4B, down from ¥670B (-2.9%).
- Gross profit held roughly flat at ¥130B (+0.7%), yet operating income dropped to ¥10.1B (-25.6%) and net income to ¥5.62B (-29.7%).
- Cash told a better story: operating cash flow reached ¥19.8B (+77.4%) and free cash flow ¥16.3B (+154.4%).

### Drivers

- Demand for graphic paper (printing and office paper) fell around the world, and prices dropped in places such as Europe and China, so the paper business sold and earned less
- Visual communication grew, helped by steady demand and by companies acquired through M&A
- Packaging grew on strong retail and food-related demand in Asia Pacific, plus businesses bought the year before
- The jump in operating cash flow came mainly from lower trade receivables

### Risks

- Goodwill from acquisitions could be written down if the purchased businesses underperform
- The group relies heavily on the Oji and Nippon Paper groups for paper and board, so supply disruptions there would hurt
- Most sales are overseas and converted into yen, so a stronger yen reduces reported profit

Cited: Annual Securities Report (152nd term) (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 (152nd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第152期(2025/04/01－2026/03/31) | S100YHDZ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHDZ,, |
| 有価証券報告書－第151期(2024/04/01－2025/03/31) | S100W4SL | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4SL,, |
| 有価証券報告書－第150期(2023/04/01－2024/03/31) | S100TW1P | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW1P,, |
| 有価証券報告書－第149期(2022/04/01－2023/03/31) | S100R8VM | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8VM,, |
| 有価証券報告書－第148期(令和3年4月1日－令和4年3月31日) | S100OKSC | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKSC,, |
| 有価証券報告書－第147期(令和2年4月1日－令和3年3月31日) | S100LTTL | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTTL,, |

## 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).