# Nishimatsu Construction  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89期(2025/04/01－2026/03/31) (S100YEDU)
> Page: https://vizora.meequs.com/en/company/nishimatsu-construction
> Retrieved: 2026-09-30T19:50:57.343Z

## Company

Nishimatsu Construction, founded in 1929, is a company in Electric Power & Gas listed on TSE Prime. It has 3,442 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nishimatsu Construction Co., Ltd. |
| Ticker | 1820 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1820.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門一丁目17番1号 |
| Representative (per filing) | 代表取締役社長 細川雅一 |
| Founded | Dec 1929 |
| Share capital | ¥23.5B |
| Employees (consolidated) | 3,442 |
| Average salary (parent only) | ¥10.6M |
| Fiscal year end | March |
| Website | www.nishimatsu.co.jp (https://www.nishimatsu.co.jp/) |
| Corporate number | 8010401021454 |
| EDINET | E00060 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YEDU, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.5 | 84 |
| Profitability | 53.8 | 92 |
| Cash conversion | 25.8 | 91 |
| Efficiency | 9.2 | 92 |
| Financial strength | 10 | 15 |

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 55% of Nishimatsu Construction's sales come from Building construction, with Civil engineering and International Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +8.0% from the prior year, operating profit +32.9%.

## Company structure

- Segment revenue mix: Building construction 54.7%、Civil engineering 30.8%、International Business 8.0%、Asset Value-Added Business 6.3%、Regional Environmental Solutions Business 0.2%
- Revenue → net income: ¥396030000000 → ¥23852000000
- Net income → operating cash flow: ¥23852000000 → ¥3045000000（difference ¥-20807000000）
- Main uses of operating cash flow: CapEx ¥23350000000 / dividends ¥8749000000 / buybacks —
- Change in cash: ¥4869000000
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 | ¥396B |  |
| Operating income | ¥28B | Margin 7.1% |
| Net income | ¥24.1B | Margin 6.1% |
| Free cash flow | -¥20.3B |  |
| Largest business | Building construction | of segment revenue 54.7% |
| Employees (consolidated) | 3,442 |  |
| EPS | ¥618.86 |  |
| Book value per share | ¥4671.91 |  |
| Equity ratio | 28.4% |  |
| Shares outstanding | 41,791,000 |  |
| Treasury shares | 2,097,600 |  |
| Shareholders | 22,648 |  |
| Average salary (parent only) | ¥10.6M | Filing company only |
| Cash ratio | 7.0% | Net cash -¥135.6B · Cash ÷ revenue 12.2% |
| Vs. industry median margin | +0.2 pp | General Contractors |
| ROE | 14.5% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +27% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥336241000000 | ¥396030000000 | +17.8% |
| Operating income | ¥20950000000 | ¥28029000000 | +33.8% |
| Operating margin | 6.2% | 7.1% | +0.8 pp |
| Employees | 3,060 people | 3,442 people | +12.5% |
| Cash and equivalents | ¥43574000000 | ¥48266000000 | +10.8% |

### 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 |
| --- | ---: |
| 土木事業 → 土木事業 | 30.8% |
| 土木事業 → 事業再編・廃止 | 7.1% |
| 建築事業 → 建築事業 | 54.7% |
| 建築事業 → 事業再編・廃止 | 3.8% |
| 開発・不動産事業等 → 事業再編・廃止 | 3.6% |
| 新設・再編 → 国際事業 | 8.0% |
| 新設・再編 → アセットバリューアッド事業 | 6.3% |
| 新設・再編 → 地域環境ソリューション事業 | 0.2% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building construction | 5 years | +1.9% | ¥216729000000 | 6.4% | 2 |
| Civil engineering | 5 years | -0.9% | ¥121904000000 | 7.5% | 2 |
| International Business | 3 years | +10.4% | ¥31630000000 | -7.5% | 2 |
| Asset Value-Added Business | 3 years | -8.2% | ¥25016000000 | 30.9% | 2 |
| Regional Environmental Solutions Business | 3 years | +88.3% | ¥748000000 | -107.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 396,030 | 100.0% | S100YEDU |
| Cost of revenue | 341,746 | 86.3% | S100YEDU |
| Gross profit | 54,283 | 13.7% | S100YEDU |
| SG&A | 26,254 | 6.6% | S100YEDU |
| Operating income | 28,029 | 7.1% | S100YEDU |
| Ordinary income | 27,384 | 6.9% | S100YEDU |
| Pretax income | 33,986 | 8.6% | S100YEDU |
| Income tax | 10,133 | 2.6% | S100YEDU |
| Net income | 23,852 | 6.0% | S100YEDU |
| Net income attributable to owners | 24,066 | 6.1% | S100YEDU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 7 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 13.7% → Operating margin 7.1% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.0%; Core profit growth: +32.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.12×
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 | 366,811 | 396,030 | 29,219 | +8.0% |
| Gross profit | 44,108 | 54,283 | 10,175 | +23.1% |
| Operating income | 21,098 | 28,029 | 6,931 | +32.9% |
| Net income attributable to owners | 17,543 | 24,066 | 6,523 | +37.2% |
| Operating cash flow | 5,889 | 3,045 | -2,844 | -48.3% |
| Free cash flow | -18,159 | -20,305 | -2,146 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 391,621 | 25,313 | 6.5% | 18,721 | 14,120 | -10,636 | S100LR42 |
| FY ending Mar 2021 | 336,241 | 20,950 | 6.2% | 17,166 | 4,907 | -14,982 | S100OG1J |
| FY ending Mar 2022 | 323,754 | 23,540 | 7.3% | 15,103 | 41,243 | 11,410 | S100R536 |
| FY ending Mar 2023 | 339,757 | 12,615 | 3.7% | 9,648 | 34,747 | 8,704 | S100TRPW |
| FY ending Mar 2024 | 401,633 | 18,827 | 4.7% | 12,388 | 32,037 | 17,300 | S100WA0O |
| FY ending Mar 2025 | 366,811 | 21,098 | 5.8% | 17,543 | 5,889 | -18,159 | S100YEDU |
| FY ending Mar 2026 | 396,030 | 28,029 | 7.1% | 24,066 | 3,045 | -20,305 | S100YEDU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥115.1M |
| Operating income per employee (consolidated) | ¥8.1M |
| Net income per employee (consolidated) | ¥7M |

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) | 3,106 | 3,201 | 3,301 | 3,065 | 3,442 |
| Average salary (parent company) | ¥8.3M | ¥8.6M | ¥8.3M | ¥9.8M | ¥10.6M |
| Average age (parent company) | 44.4 years | 44.7 years | 44.7 years | 44.0 years | 43.8 years |
| Average tenure (parent company) | 18.0 years | 18.3 years | 18.1 years | 19.2 years | 18.9 years |

Year over year: Employees (consolidated) +12.3% · Revenue (consolidated) +8.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering | 121,904 | 30.8% | 9,120 | 7.5% |
| Building construction | 216,729 | 54.7% | 13,790 | 6.4% |
| International Business | 31,630 | 8.0% | -2,363 | -7.5% |
| Asset Value-Added Business | 25,016 | 6.3% | 7,730 | 30.9% |
| Regional Environmental Solutions Business | 748 | 0.2% | -805 | -107.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Civil engineering | 30.8% | 29.8% | -1.0 | 7.5% |
| Building construction | 54.7% | 45.0% | -9.7 | 6.4% |
| International Business | 8.0% | — | — | -7.5% |
| Asset Value-Added Business | 6.3% | 25.2% | 18.9 | 30.9% |
| Regional Environmental Solutions Business | 0.2% | — | — | -107.6% |

Loss-making segment (excluded from profit shares): International Business -2,363 JPY mn

Loss-making segment (excluded from profit shares): Regional Environmental Solutions Business -805 JPY mn

Segment → industry: Regional Environmental Solutions Business → Electric Power & Gas / Asset Value-Added Business → Real Estate Development & Leasing / International Business → General Contractors / Building construction → General Contractors / Civil engineering → General Contractors

## 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 | 3,045 | 0.8% | S100YEDU |
| Capital expenditure | 23,350 | 5.9% | S100YEDU |
| Free cash flow | -20,305 | -5.1% | 算出 |
| Investing cash flow | -7,458 | -1.9% | S100YEDU |
| Financing cash flow | 7,982 | 2.0% | S100YEDU |
| Dividends paid | 8,749 | 2.2% | S100YEDU |
| Change in cash | 4,869 | 1.2% | S100YEDU |
| Cash and equivalents | 48,266 | 12.2% | S100YEDU |

## 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 | 47,121 | 53,726 | 56,532 | 43,403 | 48,266 | S100TRPW, S100WA0O, S100YEDU |
| Total assets | 477,613 | 513,623 | 579,624 | 592,046 | 686,012 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Net assets | 157,715 | 156,148 | 176,856 | 181,190 | 204,420 | S100TRPW, S100WA0O, S100YEDU |
| Share capital | 23,513 | 23,513 | 23,513 | 23,513 | 23,513 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Property, plant and equipment | 162,131 | 163,369 | 168,821 | 182,842 | 184,701 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Intangible assets excluding goodwill | 1,254 | 6,461 | 7,350 | 8,312 | 7,959 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Goodwill | 76 | 68 | 60 | 52 | 68 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Investment securities | 35,485 | 35,868 | 75,754 | 86,058 | 82,092 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Current assets | 262,292 | 290,744 | 311,985 | 299,147 | 390,966 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Current liabilities | 217,663 | 247,670 | 271,314 | 260,859 | 347,976 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Short-term borrowings | 43,039 | 59,239 | 49,929 | 42,848 | 65,858 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Long-term borrowings | — | 3,157 | 25,221 | 40,364 | 20,974 | S100TRPW, S100WA0O, S100YEDU |
| Bonds | 87,000 | 91,000 | 91,000 | 96,000 | 97,000 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Interest-bearing debt | — | 153,396 | 166,150 | 179,212 | 183,832 | 算出 |
| Total liabilities | 319,897 | 357,475 | 402,767 | 410,855 | 481,591 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Non-controlling interests | 6,387 | 7,306 | 8,037 | 9,047 | 9,519 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Equity attributable to owners of parent | 145,459 | 144,294 | 150,320 | 158,337 | 173,555 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Retained earnings | 158,485 | 157,326 | 163,358 | 122,249 | 137,422 | S100R536, S100TRPW, S100WA0O, S100YEDU |
| Treasury stock | -57,335 | -57,338 | -57,344 | -8,220 | -8,177 | S100R536, S100TRPW, S100WA0O, S100YEDU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YEDU |
| Property, plant and equipment | 27% | S100YEDU |
| Intangibles and goodwill | 1% | S100YEDU |
| Investment securities | 12% | S100YEDU |
| Other assets | 53% | S100YEDU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 27% | 算出 |
| Other liabilities | 43% | S100YEDU |
| Equity | 30% | S100YEDU |
| Other liabilities | 0% | S100YEDU |

### 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 | 477,613 | 513,623 | 579,624 | 592,046 | 686,012 |
| Equity | 157,715 | 156,148 | 176,856 | 181,190 | 204,420 |
| Interest-bearing debt | — | 153,396 | 166,150 | 179,212 | 183,832 |
| Cash | 47,121 | 53,726 | 56,532 | 43,403 | 48,266 |

## 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) | 46.6% | S100YEDU |
| Fixed assets ÷ total assets | 26.9% | S100YEDU |
| Goodwill ÷ parent equity | 0.0% | S100YEDU |

Goodwill over 4 years: 76 → 68 JPY; total investing cash flow: -135,509 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) | 7.0% |
| Cash ÷ revenue | 12.2% |
| Net cash (cash − interest-bearing debt) | -¥135.6B |
| Net debt ÷ operating cash flow | 44.52× |
| Cash conversion (operating CF ÷ operating income) | 10.9% |
| Cash vs. profit gap | -21,021 JPY mn (of net income -87.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 244.9% |

## 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 | 4.7% | 0.68× | 3.2% | 3.28× | 10.4% | S100R536 |
| 2023 | 2.8% | 0.69× | 1.9% | 3.42× | 6.7% | S100TRPW |
| 2024 | 3.1% | 0.73× | 2.3% | 3.71× | 8.4% | S100WA0O |
| 2025 | 4.8% | 0.63× | 3.0% | 3.80× | 11.4% | S100YEDU |
| 2026 | 6.1% | 0.62× | 3.8% | 3.85× | 14.5% | S100YEDU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事株式会社 | Major shareholder | 21.9% | 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 | 11.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.4% | 2026-03-31 |
| 西松建設持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.3% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社日本カストディ銀行(年金信託口) | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口４) | Major shareholder | 1.1% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ５０５００１（常任代理人 株式会社みずほ銀行決裁営業部） | Major shareholder | 1.1% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１（常任代理人 株式会社みずほ銀行決裁営業部） | Major shareholder | 1.0% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥396B, up 8.0% from ¥366.8B.
- Operating income grew 32.9% from ¥21.1B to ¥28B, and net income grew 37.2% from ¥17.5B to ¥24.1B.
- Cash was weaker: operating cash flow fell 48.3% from ¥5.89B to ¥3.04B, and free cash flow stayed negative at -¥20.3B.

### Drivers

- Domestic civil and building projects generally progressed on schedule, lifting revenue
- In building construction, a profit improvement plan took hold and the company won design-change payments on large projects
- Selling investment securities produced a one-off gain that boosted net income
- The international business saw revenue drop and losses widen, due to delayed civil project starts and lost or delayed orders at a building subsidiary
- Operating cash flow shrank as unpaid construction receivables increased

### Risks

- On long projects, rising material and labor costs can cut into planned profit if they cannot be passed on in the contract price
- A shortage of engineers and subcontractors could hold back the business
- A weaker property market could delay planned sales of developed properties and hurt returns

Cited: Annual Securities Report, FY ending Mar 2026 (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, FY ending Mar 2026 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/04/01－2026/03/31) | S100YEDU | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEDU,, |
| 訂正有価証券報告書－第88期(2024/04/01－2025/03/31) | S100WA0O | 2025-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WA0O,, |
| 有価証券報告書－第87期(2023/04/01－2024/03/31) | S100TRPW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRPW,, |
| 有価証券報告書－第86期(2022/04/01－2023/03/31) | S100R536 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R536,, |
| 有価証券報告書－第85期(令和3年4月1日－令和4年3月31日) | S100OG1J | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG1J,, |
| 有価証券報告書－第84期(令和2年4月1日－令和3年3月31日) | S100LR42 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR42,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 伊藤忠 | Capital alliance | 資機材の共同調達・不動産事業などでの資本業務提携（伊藤忠が議決権22.00％） | S100YEDU |

## 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).