# Nishi-Nippon Railroad 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186期(2025/04/01－2026/03/31) (S100YAAB)
> Page: https://vizora.meequs.com/en/company/nishi-nippon-railroad
> Retrieved: 2026-09-30T17:59:36.325Z

## Company

Nishi-Nippon Railroad, founded in 1908, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 19,505 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nishi-Nippon Railroad Co.,Ltd. |
| Ticker | 9031 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9031.T) |
| Listing | TSE Prime |
| Head office | 福岡市中央区天神一丁目11番1号 |
| Representative (per filing) | 代表取締役社長執行役員 林田 浩一 |
| Founded | Dec 1908 |
| Share capital | ¥26.2B |
| Employees (consolidated) | 19,505 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.nishitetsu.co.jp (https://www.nishitetsu.co.jp/) |
| Corporate number | 4290001009413 |
| EDINET | E04110 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns, Supermarkets, Private Railways, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YAAB, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.4 | 37 |
| Profitability | 62.8 | 39 |
| Cash conversion | 32.9 | 38 |
| Efficiency | 32.1 | 39 |
| Financial strength | 3.6 | 14 |

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 Nishi-Nippon Railroad's sales come from Logistics, with Real estate and Transportation making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +6.9% from the prior year, operating profit +13.3%.

## Company structure

- Segment revenue mix: Logistics 32.1%、Real estate 17.5%、Transportation 17.4%、Distribution 15.6%、Leisure and service 11.4%
- Revenue → net income: ¥474156000000 → ¥32859000000
- Net income → operating cash flow: ¥32859000000 → ¥38609000000（difference ¥5750000000）
- Main uses of operating cash flow: CapEx ¥38672000000 / dividends ¥3627000000 / buybacks ¥4066000000
- Change in cash: ¥-4670000000
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 | ¥474.2B |  |
| Operating income | ¥30.2B | Margin 6.4% |
| Net income | ¥32.2B | Margin 6.8% |
| Free cash flow | -¥63M |  |
| Largest business | Logistics | of segment revenue 32.1% |
| Employees (consolidated) | 19,505 |  |
| EPS | ¥361.7 |  |
| Diluted EPS | ¥361.19 |  |
| Book value per share | ¥2692.94 |  |
| Equity ratio | 34.6% |  |
| Shares outstanding | 79,360,000 |  |
| Treasury shares | 3,484,900 |  |
| Shareholders | 15,961 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 5.6% | Net cash -¥297.2B · Cash ÷ revenue 9.7% |
| Vs. industry median margin | +0.6 pp | Warehouses & Logistics Facilities |
| ROE | 14.1% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥346121000000 | ¥474156000000 | +37.0% |
| Operating income | ¥-9501000000 | ¥30210000000 | — |
| Operating margin | -2.7% | 6.4% | +9.1 pp |
| Employees | 19,204 people | 19,505 people | +1.6% |
| Cash and equivalents | ¥51045000000 | ¥45770000000 | -10.3% |

### 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 |
| --- | ---: |
| 運輸業 → 運輸業 | 16.9% |
| 不動産業 → 不動産業 | 17.3% |
| 流通業 → 流通業 | 15.6% |
| 流通業 → 事業再編・廃止 | 6.3% |
| 物流業 → 物流業 | 32.1% |
| レジャー・サービス業 → レジャー・サービス業 | 4.7% |
| その他 → その他 | 6.0% |
| その他 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 運輸業 | 0.5% |
| 新設・再編 → 不動産業 | 0.2% |
| 新設・再編 → 物流業 | 0.1% |
| 新設・再編 → レジャー・サービス業 | 6.7% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Logistics | 5 years | +6.5% | ¥152348000000 | 4.0% | 2 |
| Real estate | 5 years | +6.8% | ¥83029000000 | 14.0% | 2 |
| Transportation | 5 years | +7.1% | ¥82291000000 | 4.9% | 2 |
| Distribution | 5 years | -0.5% | ¥73877000000 | 0.9% | 2 |
| Leisure and service | 5 years | +27.2% | ¥54237000000 | 11.7% | 2 |
| Other | 5 years | +2.8% | ¥28371000000 | 9.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 474,156 | 100.0% | S100YAAB |
| SG&A | 32,702 | 6.9% | S100YAAB |
| Operating income | 30,210 | 6.4% | S100YAAB |
| Ordinary income | 37,220 | 7.8% | S100YAAB |
| Pretax income | 46,188 | 9.7% | S100YAAB |
| Income tax | 13,328 | 2.8% | S100YAAB |
| Net income | 32,859 | 6.9% | S100YAAB |
| Net income attributable to owners | 32,155 | 6.8% | S100YAAB |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 94 |
| Operating income | 6 |
| (Ref.) Net income | 7 |

### Margin funnel

Operating margin 6.4% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.9%; Core profit growth: +13.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.93×
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 | 443,495 | 474,156 | 30,661 | +6.9% |
| Operating income | 26,655 | 30,210 | 3,555 | +13.3% |
| Net income attributable to owners | 20,810 | 32,155 | 11,345 | +54.5% |
| Operating cash flow | 15,611 | 38,609 | 22,998 | +147.3% |
| Free cash flow | -67,641 | -63 | 67,578 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 389,446 | 16,411 | 4.2% | 6,678 | 18,207 | -28,967 | S100M1UU |
| FY ending Mar 2021 | 346,121 | -9,501 | -2.7% | -12,074 | -9,939 | -52,776 | S100PEEN |
| FY ending Mar 2022 | 427,159 | 10,451 | 2.4% | 9,873 | 30,591 | 4,692 | S100R8UE |
| FY ending Mar 2023 | 494,643 | 26,150 | 5.3% | 18,368 | 43,775 | 21,513 | S100TW7S |
| FY ending Mar 2024 | 411,649 | 25,877 | 6.3% | 24,723 | 62,213 | 6,165 | S100W6IJ |
| FY ending Mar 2025 | 443,495 | 26,655 | 6.0% | 20,810 | 15,611 | -67,641 | S100YAAB |
| FY ending Mar 2026 | 474,156 | 30,210 | 6.4% | 32,155 | 38,609 | -63 | S100YAAB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.3M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 18,576 | 18,456 | 18,687 | 18,956 | 19,505 |
| Average salary (parent company) | ¥5.4M | ¥5.7M | ¥6.1M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 45.8 years | 46.2 years | 46.4 years | 46.3 years | 46.3 years |
| Average tenure (parent company) | 17.9 years | 18.9 years | 18.6 years | 18.5 years | 18.0 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +6.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 82,291 | 17.4% | 4,055 | 4.9% |
| Real estate | 83,029 | 17.5% | 11,624 | 14.0% |
| Distribution | 73,877 | 15.6% | 670 | 0.9% |
| Logistics | 152,348 | 32.1% | 6,080 | 4.0% |
| Leisure and service | 54,237 | 11.4% | 6,371 | 11.7% |
| Other | 28,371 | 6.0% | 2,571 | 9.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 17.4% | 12.9% | -4.4 | 4.9% |
| Real estate | 17.5% | 37.1% | 19.5 | 14.0% |
| Distribution | 15.6% | 2.1% | -13.4 | 0.9% |
| Logistics | 32.1% | 19.4% | -12.7 | 4.0% |
| Leisure and service | 11.4% | 20.3% | 8.9 | 11.7% |
| Other | 6.0% | 8.2% | 2.2 | 9.1% |

Segment → industry: Real estate → Real Estate Development & Leasing / Leisure and service → Hotels & Inns / Distribution → Supermarkets / Transportation → Private Railways / Logistics → 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 | 38,609 | 8.1% | S100YAAB |
| Capital expenditure | 38,672 | 8.2% | S100YAAB |
| Free cash flow | -63 | -0.0% | 算出 |
| Investing cash flow | -30,337 | -6.4% | S100YAAB |
| Financing cash flow | -13,324 | -2.8% | S100YAAB |
| Dividends paid | 3,627 | 0.8% | S100YAAB |
| Share buyback | 4,066 | 0.9% | S100YAAB |
| Change in cash | -4,670 | -1.0% | S100YAAB |
| Cash and equivalents | 45,770 | 9.7% | S100YAAB |

## 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 | 70,612 | 72,559 | 68,745 | 50,441 | 45,770 | S100TW7S, S100W6IJ, S100YAAB |
| Total assets | 734,500 | 685,795 | 727,002 | 782,126 | 820,851 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Net assets | 179,084 | 201,881 | 235,839 | 256,039 | 293,044 | S100TW7S, S100W6IJ, S100YAAB |
| Share capital | 26,157 | 26,157 | 26,157 | 26,157 | 26,157 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Property, plant and equipment | 437,890 | 373,207 | 416,088 | 457,627 | 467,636 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Intangible assets excluding goodwill | 4,026 | 3,844 | 3,968 | 4,577 | 10,207 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Goodwill | 429 | 321 | 305 | 298 | 3,986 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Investment securities | 47,523 | 56,163 | 68,547 | 64,666 | 77,894 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Current assets | 211,422 | 219,742 | 208,778 | 217,683 | 220,184 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Current liabilities | 198,394 | 144,426 | 170,833 | 157,105 | 163,463 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Trade payables | 39,119 | 43,561 | 65,018 | 55,460 | 44,677 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Short-term borrowings | 48,898 | 49,163 | 47,161 | 48,064 | 44,773 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Long-term borrowings | 146,895 | 133,711 | 114,677 | 143,096 | 151,213 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Bonds | 152,000 | 145,000 | 145,000 | 167,000 | 147,000 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Interest-bearing debt | 347,793 | 327,874 | 306,838 | 358,160 | 342,986 | 算出 |
| Total liabilities | 555,416 | 483,913 | 491,163 | 526,086 | 527,806 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Non-controlling interests | 6,085 | 6,763 | 6,542 | 6,774 | 8,958 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Equity attributable to owners of parent | 164,918 | 180,794 | 201,659 | 216,414 | 240,941 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Retained earnings | 127,430 | 143,194 | 164,941 | 182,591 | 211,091 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |
| Treasury stock | -1,278 | -1,166 | -1,576 | -4,471 | -8,436 | S100R8UE, S100TW7S, S100W6IJ, S100YAAB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YAAB |
| Property, plant and equipment | 57% | S100YAAB |
| Intangibles and goodwill | 2% | S100YAAB |
| Investment securities | 9% | S100YAAB |
| Other assets | 26% | S100YAAB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YAAB |
| Interest-bearing debt | 42% | 算出 |
| Other liabilities | 17% | S100YAAB |
| Equity | 36% | S100YAAB |
| Other liabilities | 0% | S100YAAB |

### 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 | 734,500 | 685,795 | 727,002 | 782,126 | 820,851 |
| Equity | 179,084 | 201,881 | 235,839 | 256,039 | 293,044 |
| Interest-bearing debt | 347,793 | 327,874 | 306,838 | 358,160 | 342,986 |
| Cash | 70,612 | 72,559 | 68,745 | 50,441 | 45,770 |

## 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) | 98.6% | S100YAAB |
| Fixed assets ÷ total assets | 57.0% | S100YAAB |
| Goodwill ÷ parent equity | 1.7% | S100YAAB |

Goodwill over 4 years: 429 → 3,986 JPY; total investing cash flow: -181,855 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) | 5.6% |
| Cash ÷ revenue | 9.7% |
| Net cash (cash − interest-bearing debt) | -¥297.2B |
| Net debt ÷ operating cash flow | 7.70× |
| Cash conversion (operating CF ÷ operating income) | 127.8% |
| Cash vs. profit gap | 6,454 JPY mn (of net income 20.1%) |
| Shareholder returns / net income | 23.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 78.6% |

## 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 | 2.3% | 0.58× | 1.3% | 4.45× | 6.0% | S100R8UE |
| 2023 | 3.7% | 0.70× | 2.6% | 4.11× | 10.6% | S100TW7S |
| 2024 | 6.0% | 0.58× | 3.5% | 3.69× | 12.9% | S100W6IJ |
| 2025 | 4.7% | 0.59× | 2.8% | 3.61× | 10.0% | S100YAAB |
| 2026 | 6.8% | 0.59× | 4.0% | 3.50× | 14.1% | S100YAAB |

## 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 | 8.9% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 | Major shareholder | 1.3% | 2026-03-31 |
| 第一生命保険株式会社 | 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 ¥474.2B, up +6.9% from ¥443.5B.
- Operating income rose +13.3% to ¥30.2B. Net income attributable to owners jumped +54.5% to ¥32.2B, helped by gains from selling property interests and shareholdings outside the core business.
- Operating cash flow grew +147.3% to ¥38.6B, and free cash flow went from -¥67.6B to -¥63M, close to break-even.

### Drivers

- Buying the Hinomaru group, an agricultural supplies wholesaler, added sales to the Other segment
- The ONE FUKUOKA BLDG. opened in Tenjin, Fukuoka, lifting rental income
- Gross profit grew in international freight and condominium sales; net income also got a boost from selling trust beneficiary rights in real estate and cross-held shares

### Risks

- Sharp swings in land, material or fuel prices could push costs away from plans
- Rapid interest rate moves could make funding harder and lower the prices it gets when selling property
- Staff shortages and pay raises are lifting labor costs; they already cut profit in the transportation segment

Cited: Annual securities report (186th fiscal 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 (186th fiscal term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第186期(2025/04/01－2026/03/31) | S100YAAB | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAAB,, |
| 有価証券報告書－第185期(2024/04/01－2025/03/31) | S100W6IJ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6IJ,, |
| 有価証券報告書－第184期(2023/04/01－2024/03/31) | S100TW7S | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW7S,, |
| 有価証券報告書－第183期(2022/04/01－2023/03/31) | S100R8UE | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8UE,, |
| 訂正有価証券報告書－第182期(令和3年4月1日－令和4年3月31日) | S100PEEN | 2022-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PEEN,, |
| 訂正有価証券報告書－第181期(令和2年4月1日－令和3年3月31日) | S100M1UU | 2021-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M1UU,, |

## 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).