# West Japan Railway Company: 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39期(2025/04/01－2026/03/31) (S100YCFK)
> Page: https://vizora.meequs.com/en/company/west-japan-railway
> Retrieved: 2026-09-30T21:13:40.758Z

## Company

JR West, founded in 1949, is a company in Travel Agencies listed on TSE Prime. It has 47,225 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | West Japan Railway Company |
| Ticker | 9021 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9021.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区芝田二丁目4番24号 |
| Representative (per filing) | 代表取締役社長 倉坂 昇治 |
| Founded | Jun 1949 |
| Share capital | ¥226.1B |
| Employees (consolidated) | 47,225 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.westjr.co.jp (https://www.westjr.co.jp/) |
| Corporate number | 1120001059675 |
| EDINET | E04148 |
| Industries (Vizora) | Travel Agencies, Real Estate Development & Leasing, JR Railways, Convenience Stores |

> Profile source: annual securities report (S100YCFK, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: JR Railways (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.5 | 4 |
| Profitability | 12.5 | 4 |
| Cash conversion | 62.5 | 4 |
| Efficiency | 87.5 | 4 |
| Financial strength | 62.5 | 4 |

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 60% of JR West's sales come from Mobility, with Real estate and Logistics making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +8.1% from the prior year, operating profit +9.9%.

## Company structure

- Segment revenue mix: Mobility 59.9%、Real estate 15.5%、Logistics 12.6%、Travel and regional solutions 10.3%、Other 1.8%
- Revenue → net income: ¥1845840000000 → ¥133048000000
- Net income → operating cash flow: ¥133048000000 → ¥361634000000（difference ¥228586000000）
- Main uses of operating cash flow: CapEx ¥283139000000 / dividends ¥42818000000 / buybacks ¥50000000000
- Change in cash: ¥108019000000
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 | ¥1.85T |  |
| Operating income | ¥198.1B | Margin 10.7% |
| Net income | ¥127.5B | Margin 6.9% |
| Free cash flow | ¥78.5B |  |
| Largest business | Mobility | of segment revenue 59.9% |
| Employees (consolidated) | 47,225 |  |
| EPS | ¥184.21 |  |
| Book value per share | ¥1648.72 |  |
| Equity ratio | 30.3% |  |
| Shares outstanding | 455,561,300 |  |
| Treasury shares | 1,039,200 |  |
| Shareholders | 252,108 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 5.9% | Net cash -¥1.19T · Cash ÷ revenue 12.7% |
| Vs. industry median margin | -3.4 pp | JR Railways |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, buybacks were 1.2× dividends
- FY2026, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥920046000000 | ¥1845840000000 | +100.6% |
| Operating income | ¥-245507000000 | ¥198081000000 | — |
| Operating margin | -26.7% | 10.7% | +37.4 pp |
| Employees | 47,984 people | 47,225 people | -1.6% |
| Cash and equivalents | ¥210045000000 | ¥234860000000 | +11.8% |

### 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 |
| --- | ---: |
| 運輸業 → 事業再編・廃止 | 48.3% |
| 流通業 → 流通業 | 11.2% |
| 不動産業 → 不動産業 | 14.5% |
| 建設事業 → 事業再編・廃止 | 5.4% |
| その他 → その他 | 1.8% |
| その他 → 事業再編・廃止 | 18.8% |
| 新設・再編 → モビリティ業 | 59.9% |
| 新設・再編 → 流通業 | 1.4% |
| 新設・再編 → 不動産業 | 0.9% |
| 新設・再編 → 旅行・地域ソリューション業 | 10.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobility | 3 years | +9.9% | ¥1105693000000 | 11.8% | 2 |
| Real estate | 5 years | +15.1% | ¥285762000000 | 16.2% | 2 |
| Logistics | 5 years | +16.4% | ¥232641000000 | 7.0% | 2 |
| Travel and regional solutions | 3 years | +5.1% | ¥189203000000 | 0.3% | 2 |
| Other | 5 years | -30.5% | ¥32539000000 | 16.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,845,840 | 100.0% | S100YCFK |
| SG&A | 264,236 | 14.3% | S100YCFK |
| Operating income | 198,081 | 10.7% | S100YCFK |
| Ordinary income | 183,682 | 10.0% | S100YCFK |
| Pretax income | 178,941 | 9.7% | S100YCFK |
| Income tax | 45,892 | 2.5% | S100YCFK |
| Net income | 133,048 | 7.2% | S100YCFK |
| Net income attributable to owners | 127,499 | 6.9% | S100YCFK |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 89 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Operating margin 10.7% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.1%; Core profit growth: +9.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.23×
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 | 1,707,944 | 1,845,840 | 137,896 | +8.1% |
| Operating income | 180,161 | 198,081 | 17,920 | +9.9% |
| Net income attributable to owners | 113,958 | 127,499 | 13,541 | +11.9% |
| Operating cash flow | 281,431 | 361,634 | 80,203 | +28.5% |
| Free cash flow | -1,814 | 78,495 | 80,309 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,508,201 | 160,628 | 10.7% | 89,380 | 240,152 | -25,000 | S100LO2J |
| FY ending Mar 2021 | 920,046 | -245,507 | -26.7% | -233,166 | -103,295 | -345,342 | S100OFLP |
| FY ending Mar 2022 | 1,031,103 | -119,091 | -11.5% | -113,198 | -86,468 | -326,948 | S100R4QG |
| FY ending Mar 2023 | 1,395,531 | 83,970 | 6.0% | 88,528 | 273,964 | 27,951 | S100TWJR |
| FY ending Mar 2024 | 1,635,023 | 179,748 | 11.0% | 98,761 | 318,314 | 68,962 | S100VYFN |
| FY ending Mar 2025 | 1,707,944 | 180,161 | 10.5% | 113,958 | 281,431 | -1,814 | S100YCFK |
| FY ending Mar 2026 | 1,845,840 | 198,081 | 10.7% | 127,499 | 361,634 | 78,495 | S100YCFK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.1M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 46,779 | 44,897 | 44,366 | 45,450 | 47,225 |
| Average salary (parent company) | ¥5.7M | ¥6M | ¥6.7M | ¥6.8M | ¥7.3M |
| Average age (parent company) | 38.1 years | 38.1 years | 37.7 years | 37.3 years | 37.4 years |
| Average tenure (parent company) | 14.9 years | 14.9 years | 14.3 years | 13.5 years | 13.7 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +8.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobility | 1,105,693 | 59.9% | 130,920 | 11.8% |
| Logistics | 232,641 | 12.6% | 16,264 | 7.0% |
| Real estate | 285,762 | 15.5% | 46,332 | 16.2% |
| Travel and regional solutions | 189,203 | 10.3% | 529 | 0.3% |
| Other | 32,539 | 1.8% | 5,410 | 16.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mobility | 59.9% | 65.6% | 5.7 | 11.8% |
| Logistics | 12.6% | 8.2% | -4.4 | 7.0% |
| Real estate | 15.5% | 23.2% | 7.7 | 16.2% |
| Travel and regional solutions | 10.3% | 0.3% | -10.0 | 0.3% |
| Other | 1.8% | 2.7% | 0.9 | 16.6% |

Segment → industry: Travel and regional solutions → Travel Agencies / Real estate → Real Estate Development & Leasing / Mobility → JR Railways / Logistics → Convenience Stores

## 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 | 361,634 | 19.6% | S100YCFK |
| Capital expenditure | 283,139 | 15.3% | S100YCFK |
| Free cash flow | 78,495 | 4.3% | 算出 |
| Investing cash flow | -253,690 | -13.7% | S100YCFK |
| Financing cash flow | 75 | 0.0% | S100YCFK |
| Dividends paid | 42,818 | 2.3% | S100YCFK |
| Share buyback | 50,000 | 2.7% | S100YCFK |
| Change in cash | 108,019 | 5.9% | S100YCFK |
| Cash and equivalents | 234,860 | 12.7% | S100YCFK |

## 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 | 319,596 | 289,893 | 233,218 | 125,371 | 234,860 | S100TWJR, S100VYFN, S100YCFK |
| Total assets | 3,702,421 | 3,735,507 | 3,780,073 | 3,752,359 | 3,986,721 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Net assets | 1,074,211 | 1,144,309 | 1,227,111 | 1,280,165 | 1,337,206 | S100TWJR, S100VYFN, S100YCFK |
| Share capital | 226,136 | 226,136 | 226,136 | 226,136 | 226,136 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Trade receivables | 42,579 | 43,886 | 58,437 | 58,144 | 63,346 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Inventories | 145,884 | 153,234 | 160,631 | 181,157 | 205,549 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Property, plant and equipment | 2,609,781 | 2,581,205 | 2,633,423 | 2,713,223 | 2,778,600 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Intangible assets excluding goodwill | 31,268 | 49,254 | 46,490 | 50,623 | 48,520 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Investment securities | 97,520 | 101,980 | 127,931 | 138,844 | 157,192 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Current assets | 718,048 | 716,532 | 700,963 | 617,309 | 803,751 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Current liabilities | 575,898 | 658,464 | 710,175 | 698,552 | 777,268 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Trade payables | 57,134 | 66,020 | 59,894 | 63,861 | 67,289 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Short-term borrowings | 14,229 | 17,483 | 19,298 | 17,543 | 19,228 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Long-term borrowings | 578,435 | 557,482 | 519,855 | 498,375 | 594,171 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Bonds | 949,990 | 859,992 | 799,994 | 789,996 | 809,998 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Interest-bearing debt | 1,542,654 | 1,434,957 | 1,339,147 | 1,305,914 | 1,423,397 | 算出 |
| Total liabilities | 2,628,209 | 2,591,198 | 2,552,961 | 2,472,194 | 2,649,514 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Non-controlling interests | 105,272 | 109,832 | 119,064 | 123,511 | 129,500 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Equity attributable to owners of parent | 971,341 | 1,034,772 | 1,103,433 | 1,129,650 | 1,163,589 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Retained earnings | 561,874 | 626,108 | 694,619 | 720,754 | 754,734 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |
| Treasury stock | -482 | -1,378 | -1,262 | -1,271 | -1,186 | S100R4QG, S100TWJR, S100VYFN, S100YCFK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YCFK |
| Receivables | 2% | S100YCFK |
| Inventories | 5% | S100YCFK |
| Property, plant and equipment | 70% | S100YCFK |
| Intangibles and goodwill | 1% | S100YCFK |
| Investment securities | 4% | S100YCFK |
| Other assets | 12% | S100YCFK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YCFK |
| Interest-bearing debt | 36% | 算出 |
| Other liabilities | 29% | S100YCFK |
| Equity | 33% | S100YCFK |
| Other liabilities | 0% | S100YCFK |

### 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 | 3,702,421 | 3,735,507 | 3,780,073 | 3,752,359 | 3,986,721 |
| Equity | 1,074,211 | 1,144,309 | 1,227,111 | 1,280,165 | 1,337,206 |
| Interest-bearing debt | 1,542,654 | 1,434,957 | 1,339,147 | 1,305,914 | 1,423,397 |
| Cash | 319,596 | 289,893 | 233,218 | 125,371 | 234,860 |

## 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) | 150.5% | S100YCFK |
| Fixed assets ÷ total assets | 69.7% | S100YCFK |
| Goodwill ÷ parent equity | — | —, S100YCFK |

### 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) | 5.9% |
| Cash ÷ revenue | 12.7% |
| Net cash (cash − interest-bearing debt) | -¥1.19T |
| Net debt ÷ operating cash flow | 3.29× |
| Cash conversion (operating CF ÷ operating income) | 182.6% |
| Cash vs. profit gap | 234,135 JPY mn (of net income 183.6%) |
| Shareholder returns / net income | 72.8% |
| Shareholder returns / FCF | 118.2% |
| Shareholder payments — dividends / net income | 33.6% |
| Shareholder payments — dividends / FCF | 54.5% |
| CapEx intensity (capex ÷ revenue) | 15.3% |
| Investing CF relative to operating CF | 70.2% |

## 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 | — | —× | -3.1% | —× | — | S100R4QG |
| 2023 | 6.3% | 0.38× | 2.4% | 3.71× | 8.8% | S100TWJR |
| 2024 | 6.0% | 0.44× | 2.6% | 3.51× | 9.2% | S100VYFN |
| 2025 | 6.7% | 0.45× | 3.0% | 3.37× | 10.2% | S100YCFK |
| 2026 | 6.9% | 0.48× | 3.3% | 3.37× | 11.1% | S100YCFK |

## 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 | 14.3% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505301 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| JR西日本社員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.85T, up 8.1% from ¥1.71T.
- Operating income grew 9.9% to ¥198.1B and net income grew 11.9% to ¥127.5B, so profit rose faster than sales.
- Operating cash flow climbed 28.5% to ¥361.6B, and free cash flow turned positive at ¥78.5B after a negative prior year.

### Drivers

- Expo 2025 Osaka, Kansai and foreign visitors boosted ridership, and domestic travel held up after the Expo closed
- New developments around Osaka and Hiroshima stations helped its shopping centers and hotels, and it sold and leased more property
- Costs also rose, driven by higher wages and labor rates, more repair work and Expo-related spending

### Risks

- The company names population decline and aging as its biggest risk: fewer riders over time and a harder time hiring staff
- If inflation and rising interest rates persist and fares cannot be raised to match, profits could be squeezed
- Earthquakes and heavy rain can damage its network, and earthquake-proofing work such as on the Sanyo Shinkansen requires heavy spending

Cited: Annual Securities Report, 39th fiscal year (Apr 2025 – 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, 39th fiscal year (Apr 2025 – Mar 2026) (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) | S100YCFK | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCFK,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100VYFN | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYFN,, |
| 訂正有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TWJR | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWJR,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100R4QG | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4QG,, |
| 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) | S100OFLP | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFLP,, |
| 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) | S100LO2J | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO2J,, |

## 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).