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YONDENKO

YONDENKO CORPORATION

Company highlights

The largest segment by revenue is Equipment work, at 95.9% of the total.

Key figures

Period Apr 2025 to Mar 2026ConsolidatedJapanese GAAP

RevenueDisclosed ¥99.4B
Operating marginCalculated 8.9%
Net assets to total assetsCalculated 68.5%

Company profile

Securities code 1939 / EDINET code E00181 / Construction / Fiscal year end March 31

高松市花ノ宮町２丁目３番９号／Capital stock ¥3,451 million
Address, capital stock, fiscal year end and industry: the FSA’s EDINET code list.

Company details
関谷 幸男 Representative
12/22/1948 Date of incorporation
15 Consolidated subsidiaries

Tables scroll sideways

Disclosed data

Source: Annual Securities Report (Apr 2025 to Mar 2026) · filed 2026-06-19

Profitability ★★★★☆position among all companies 8.9%
Growth (revenue, 4-year average) ★★☆☆☆position among all companies 1.8%
Capital efficiency ★★★★☆position among all companies 11.0%

Business activities and revenue composition

YONDENKO

Revenue and profit by business segment

Period Apr 2025 to Mar 2026Source Annual securities reportsConsolidated・Disclosed

SalesProfit Equipment w…Equipment work Sales 95.9% 96% Profit 85.8% 86% Photovoltai…Photovoltaic power generation Sales 2.3% 2% Profit 11.0% 11% LeasingLeasing Sales 1.8% 2% Profit 3.2% 3%
BusinessNet sales to external customers Operating income
This yearShareLast year This yearShareMarginLast year
Equipment work ¥93.9 billion 95.9% ¥100.8 billion ¥7.3 billion 85.8% 7.8% ¥6.9 billion
Photovoltaic power generation ¥2.3 billion 2.3% ¥2.1 billion ¥0.9 billion 11.0% 41.5% ¥0.8 billion
Leasing ¥1.8 billion 1.8% ¥1.6 billion ¥0.3 billion 3.2% 15.3% ¥0.3 billion
Total of the businesses ¥97.9 billion100.0% ¥8.5 billion 100.0%

Revenue and profit

YONDENKO

Period Apr 2025 to Mar 2026Source Annual securities reports

Net sales and operating revenue ¥99.4B　100% Cost of sales ¥80.9B　81% Selling, general and administrative expenses ¥9.8B　10% Operating income ¥8.8B　9%
Amounts by account
GroupAccountAmountConsolidated / Non-consolidated
Selling, general and administrative expenses Employee payrolls and allowances ¥4.4 billion Consolidated
Miscellaneous expenses ¥0.8 billion Parent only
Legal welfare expenses ¥0.7 billion Parent only
Education and training expenses ¥0.5 billion Parent only
Taxes and dues ¥0.4 billion Parent only
Depreciation ¥0.3 billion Parent only
Stationery expenses ¥0.3 billion Parent only
Welfare expenses ¥0.2 billion Parent only
Rents ¥0.2 billion Parent only
Directors' compensations ¥0.2 billion Parent only
Correspondence and transportation expenses ¥0.2 billion Parent only
Amortization of goodwill ¥95.00 million Consolidated
Advertising expenses ¥92.00 million Parent only
Power utilities expenses ¥90.00 million Parent only
Repair and maintenance ¥86.00 million Parent only
Investigation and research expenses ¥63.00 million Parent only
Entertainment expenses ¥54.00 million Parent only
Research and development expenses ¥49.00 million Consolidated
Retirement benefit expenses ¥22.00 million Consolidated
Donations ¥16.00 million Parent only
Insurance expenses ¥9.00 million Parent only
Operations consignment expenses ¥8.00 million Parent only
Provision of allowance for doubtful accounts ¥-0 Parent only
Profit by stage Gross profit (loss) ¥18.6 billion Consolidated
Ordinary income ¥9.3 billion Consolidated
Operating income ¥8.8 billion Consolidated
Net income ¥7.5 billion Consolidated

YONDENKO

Selling, general and administrative expenses

Period Apr 2025 to Mar 2026Source Annual securities reports

Employee payrolls and allowances ¥4.4 billion (45.3%)45%Miscellaneous expenses ¥0.8 billion (7.8%)8%Legal welfare expenses ¥0.7 billion (6.7%)7%Education and training expenses ¥0.5 billion (5.5%)Taxes and dues ¥0.4 billion (4.2%)Depreciation ¥0.3 billion (3.6%)Other (not itemized) ¥2.6 billion (27.0%)27%¥9.8B
  • Employee payrolls and allowances　¥4.4 billion
  • Miscellaneous expenses　¥0.8 billion
  • Legal welfare expenses　¥0.7 billion
  • Education and training expenses　¥0.5 billion
  • Taxes and dues　¥0.4 billion
  • Depreciation　¥0.3 billion
  • Other (not itemized)　¥2.6 billion

Performance, financial position and capital allocation

Finance
68.5% Net assets to total assets Industry median 56.5% FY ending 3/2026 · consolidated / calculated
7.2% Return on assets (ROA)
¥1,501.91 Net assets per share
¥5.0 billion Free cash flow
¥103.9 billion Total assets
¥0.3 billion Goodwill (the part of the acquisition price above the net assets acquired)
Capital allocation
45.3% Cash conversion Industry median 77.2% FY ending 3/2026 · consolidated / calculated
103.2% Property, plant and equipment purchases relative to depreciation ★★★☆☆ position among all companies FY ending 3/2026 · consolidated / calculated
79.0% Return to shareholders ★★★★★ position among all companies FY ending 3/2026 · consolidated / calculated
11.5% Extraordinary gains and losses relative to ordinary profit ★★★★☆ position among all companies FY ending 3/2026 · consolidated / calculated
18.3% Investment securities to net assets ★★★★☆ position among all companies FY ending 3/2026 · consolidated / calculated

Long-term changes in performance

Period 2013 to 2026Disclosed

Revenue ×1.46 from 2013 to 2026

YONDENKO

Long-term revenue, profit and asset trends

Period 2013 to 2026Source Annual securities reportsDisclosed

Mark on the chart
106 71 35 0 2013 2015 2017 2019 2021 2023 2025 2026 Net sales and operating revenue Ordinary income 99Latest value 2026 99¥ billion 106Highest in the period shown 2025 106¥ billion 68Lowest in the period shown 2013 68¥ billion ¥ billion

YONDENKO

Recent performance trends

Source Annual securities reports

106 71 35 0 4 years ago 3 years ago 2 years ago Last year This year Net sales and operating revenue Ordinary income ¥ billion

Year-on-year comparison

Period 2013 to 2026Disclosed

Item20222023202420252026
Net sales ¥92.6B ¥89.1B ¥92.1B ¥105.9B ¥99.4B
Year on year (%) +3.4% -3.8% +3.4% +14.9% -6.1%
Ordinary income (loss) ¥6.1B ¥5.6B ¥7.0B ¥8.5B ¥9.3B
Change from prior year +10.5% -9.4% +26.0% +21.7% +9.3%
Ordinary income (loss) as a share of Net sales 6.6% 6.2% 7.6% 8.1% 9.4%
Change (percentage points) +0.4 points -0.4 points +1.4 points +0.4 points +1.3 points

YONDENKO

Earnings and net assets per share over time

Unit yenSource Annual securities reports

241 160 80 0 4 years ago 3 years ago 2 years ago Last year This year Earnings per share yen 3,547 2,365 1,182 -0 4 years ago 3 years ago 2 years ago Last year This year Net assets per share yen

YONDENKO

Return on equity over time

Unit %Source Annual securities reports

11 7 4 0 4 years ago 3 years ago 2 years ago Last year This year Return on equity (ROE, %)
Consolidated indicators (14 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Net sales ¥92.6 billion ¥89.1 billion ¥92.1 billion ¥105.9 billion ¥99.4 billion
Ordinary income (loss) ¥6.1 billion ¥5.6 billion ¥7.0 billion ¥8.5 billion ¥9.3 billion
Net income (loss) attributable to owners of parent ¥3.8 billion ¥3.8 billion ¥4.6 billion ¥5.2 billion ¥7.5 billion
Comprehensive income ¥3.6 billion ¥3.3 billion ¥7.6 billion ¥5.7 billion ¥9.4 billion
Net assets ¥54.2 billion ¥55.9 billion ¥61.8 billion ¥64.9 billion ¥71.2 billion
Total assets ¥96.5 billion ¥97.1 billion ¥103.2 billion ¥99.6 billion ¥103.9 billion
Net assets per share 3,443.05 yen 3,547.3 yen 1,307.2 yen 1,370.87 yen 1,501.91 yen
Basic earnings (loss) per share 240.53 yen 239.24 yen 96.71 yen 109.46 yen 158.51 yen
Equity-to-asset ratio 56.1% 57.5% 59.8% 65.1% 68.4%
Return on equity 7.2% 6.8% 7.8% 8.2% 11.0%
Net cash provided by (used in) operating activities ¥9.9 billion ¥3.8 billion ¥6.0 billion ¥-0.5 billion ¥4.0 billion
Net cash provided by (used in) investing activities ¥-1.6 billion ¥0.1 billion ¥-0.6 billion ¥-1.2 billion ¥0.9 billion
Net cash provided by (used in) financing activities ¥-2.6 billion ¥-3.1 billion ¥-3.1 billion ¥-4.3 billion ¥-3.7 billion
Cash and cash equivalents ¥19.1 billion ¥19.9 billion ¥22.3 billion ¥16.3 billion ¥17.6 billion
Parent only indicators (14 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Net sales ¥78.0 billion ¥74.4 billion ¥77.2 billion ¥94.1 billion ¥84.1 billion
Ordinary income (loss) ¥4.8 billion ¥4.0 billion ¥5.0 billion ¥7.2 billion ¥7.1 billion
Net income (loss) ¥3.3 billion ¥3.1 billion ¥3.5 billion ¥4.8 billion ¥6.1 billion
Capital stock ¥3.5 billion ¥3.5 billion ¥3.5 billion ¥3.5 billion ¥3.5 billion
Total number of issued shares (common stock) 16,255,470 shares 16,255,470 shares 16,255,470 shares 48,766,410 shares 48,766,410 shares
Net assets ¥47.5 billion ¥48.6 billion ¥52.6 billion ¥54.5 billion ¥59.4 billion
Total assets ¥77.6 billion ¥79.1 billion ¥84.9 billion ¥82.5 billion ¥84.6 billion
Net assets per share 3,020.19 yen 3,087.44 yen 1,113.56 yen 1,153.48 yen 1,254.84 yen
Dividend per share 125 yen 90 yen 140 yen 125 yen 77 yen
Interim dividend per share 70 yen 45 yen 60 yen 90 yen 32 yen
Basic earnings (loss) per share 208.05 yen 194.17 yen 74.13 yen 100.74 yen 129.35 yen
Equity-to-asset ratio 61.1% 61.4% 62.0% 66.1% 70.2%
Return on equity 7.0% 6.4% 6.9% 8.9% 10.7%
Payout ratio 43.3% 46.4% 63.0% 64.5% 59.5%

Dividend history

Source: reporting company’s key figures, annual securities reports · 14 years (2013 to 2026)Parent-onlyDisclosed

0 periods Consecutive increases (own definition) through FY ending 3/2026
1 periods Consecutive periods with dividends (site definition) through FY ending 3/2026
No comparison with the previous year Dividend growth (year on year)
Fewer than six years Dividend growth (5-year annual rate)
Fiscal yearAnnual dividend per share Of which interimPayout ratio (as reported, parent only) Flag
FY ending 3/2026 ¥77 ¥32 59.5%
FY ending 3/2025 ¥125 ¥90 64.5% Stock split or share consolidation noted
FY ending 3/2024 ¥140 ¥60 63.0%
FY ending 3/2023 ¥90 ¥45 46.4%
FY ending 3/2022 ¥125 ¥70 43.3% Stock split or share consolidation noted
FY ending 3/2021 ¥100 ¥40 29.1%
FY ending 3/2020 ¥80 ¥40 37.5%
FY ending 3/2019 ¥80 ¥35 39.5%
FY ending 3/2018 ¥51 ¥6 29.2% Stock split or share consolidation noted
FY ending 3/2017 ¥13 ¥5 44.9%
FY ending 3/2016 ¥10 ¥5 28.3%
FY ending 3/2015 ¥10 ¥5 43.4%
FY ending 3/2014 ¥10 ¥5 74.9%
FY ending 3/2013 ¥10 ¥5 Could not be retrieved

YONDENKO

Dividends per share over time

Unit yenSource Annual securities reports

140 93 47 0 4 years ago 3 years ago 2 years ago Last year This year Dividend per share yen

Shareholder composition

As of 2026-03-31Disclosed

Share ownership by holder category

12,826 Shareholders
8.60% Foreign holders (total) Industry median 7.37%
40.68% Individuals and others Industry median 40.72%

YONDENKO

Unit %Source Annual securities reports

  • Financial institutions12.92%
  • Securities firms1.08%
  • Other corporations36.72%
  • Foreign holders (institutions)8.60%
  • Foreign holders (individuals)0.00%
  • Individuals and others40.68%

Major shareholders

RankShareholderShareholding ratioShares held
1 四国電力株式会社高松市丸の内２番５号 31.69% 14,998,000
2 日本マスタートラスト信託銀行株式会社（信託口） 7.97% 3,770,000
3 四電工従業員持株会高松市花ノ宮町２丁目３番９号 5.49% 2,597,000
4 株式会社日本カストディ銀行（信託口） 2.28% 1,080,000
5 BBH BOSTON FOR NOMURA JAPAN SMALLER CAPITALIZATION FUND620065（常任代理人 株式会社みずほ銀行） 1.82% 860,000
6 日本生命保険相互会社 1.12% 528,000
7 DFA INTL SMALL CAP VALUE PORTFOLIO（常任代理人 シティバンク、エヌ・エイ東京支店） 0.98% 462,000
8 吉野川電線株式会社高松市小村町331 0.92% 435,000
9 光通信KK投資事業有限責任組合 0.82% 389,000
10 STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行） 0.71% 334,000

Research and development expenses and capital expenditure

Source: R&D and capital expenditure sections, annual securities reports · 2 years (2021 to 2026)Disclosed

¥56.00 million Research and development 0.1% of revenue (industry median 0.3%)
¥2.0 billion Capital expenditure 2.1% of revenue (industry median 1.8%)
Fiscal year Research and development Capital expenditure
FY ending 3/2026 ¥56.00 million ¥2.0 billion
FY ending 3/2021 ¥63.00 million ¥1.3 billion

Revenue scale in the same industry

YONDENKO

Source Annual securities reports of each company

Construction: 150 companies · revenue · largest first・each company’s latest fiscal year・Consolidated・Disclosed

Workforce information

Source: Annual Securities Report (Apr 2025 to Mar 2026)Parent-onlyDisclosed

2,206 Employees (parent only) Industry median 738
40.0 Average age Industry median 43.5
16.2 years Average length of service Industry median 15.7 years
¥7.74 million Average annual salary Industry median ¥8.02 million
People and organisation
36.9¥ million Sales per employee Industry median 69.2¥ million FY ending 3/2026 · consolidated / calculated
¥3.28 million Operating income per employee
72.3% Wage gap between men and women
3.4% Women in managerial positions
9.3% Share of female employees
55.0% Men taking childcare leave
Men 16.1 yrs
Women 17.3 yrs Average length of service by gender
10 / 296 Female managers

Administrative filings and published information

Workplace information filings

Filed 2026-06-25Disclosed

ItemValue
Employees 2,096
Average monthly overtime (statutory overtime plus work on statutory days off)
Scope: 正社員		 21.4 hours
Annual paid leave taken
Scope: その他		 68.5%
Childcare leave taken, men
Scope: 正社員		 55.2%
Childcare leave taken, women
Scope: 正社員		 100%
Share of managers who are women 3.4%

Audit and disclosure information

Annual securities report, year ended 2026-03-31Disclosed

ItemValue
Audit firm 有限責任監査法人トーマツ
Audit fees (this year, total) ¥40.00 million
Non-audit fees (this year, total) Not applicable
Non-audit fees (this year, network firms) ¥1.00 million
Going concern note Cannot be determined
Accounting standard Japanese GAAP

See the book series →

Sources and methodology

Retrieved disclosed figures

Accounts and values from the annual securities report, by section

Major management indicators (5 years) (28 items)

ItemValueConsolidated / Non-consolidated
Comprehensive income ¥9.4 billion Consolidated
Net cash provided by (used in) operating activities ¥4.0 billion Consolidated
Net sales ¥99.4 billion Consolidated
Net cash provided by (used in) investing activities ¥0.9 billion Consolidated
Cash and cash equivalents ¥17.6 billion Consolidated
Net assets ¥71.2 billion Consolidated
Ordinary income (loss) ¥9.3 billion Consolidated
Total assets ¥103.9 billion Consolidated
Return on equity 11.0% Consolidated
Equity-to-asset ratio 68.4% Consolidated
Net income (loss) attributable to owners of parent ¥7.5 billion Consolidated
Net cash provided by (used in) financing activities ¥-3.7 billion Consolidated
Basic earnings (loss) per share 158.51 yen Consolidated
Net assets per share 1,501.91 yen Consolidated
Dividend per share 77 yen Parent only
Net sales ¥84.1 billion Parent only
Net income (loss) ¥6.1 billion Parent only
Total number of issued shares (common stock) 48,766,410 shares Parent only
Net assets ¥59.4 billion Parent only
Ordinary income (loss) ¥7.1 billion Parent only
Total assets ¥84.6 billion Parent only
Return on equity 10.7% Parent only
Equity-to-asset ratio 70.2% Parent only
Capital stock ¥3.5 billion Parent only
Payout ratio 59.5% Parent only
Interim dividend per share 32 yen Parent only
Basic earnings (loss) per share 129.35 yen Parent only
Net assets per share 1,254.84 yen Parent only

Employees (11 items)

ItemValueConsolidated / Non-consolidated
Number of employees 2,693 people Consolidated
Number of employees 2,693 people Consolidated
Wage gap between men and women (all employees) 72.3% Parent only
Average length of service (years) 16.2 years Parent only
Average annual salary ¥7.74 million Parent only
Average age (years) 40 years old Parent only
Number of employees 2,206 people Parent only
Number of employees 2,206 people Parent only
Number of employees 2,206 people Parent only
Wage gap between men and women (regular employees) 82.9% Parent only
Wage gap between men and women (non-regular employees) 54.0% Parent only

Shares (14 items)

ItemValueConsolidated / Non-consolidated
Number of shares held 25,458,000 shares Consolidated
Total number of shares held treasury shares etc 1,431,700 shares Consolidated
Number of issues whose number of shares increased shares not listed investment shares held for purposes other than pure investment reporting company 1 issues Consolidated
Total acquisition cost for increased shares shares not listed investment shares held for purposes other than pure investment reporting company ¥0.1 billion Consolidated
Number of shares 48,766,410 shares Consolidated
Shareholding ratio treasury shares etc 2.9% Consolidated
Shareholding ratio 53.8% Consolidated
Number of shares held in own name treasury shares etc 1,431,700 shares Consolidated
Number of voting rights 471,858 units Consolidated
Carrying amount on the balance sheet ¥0.3 billion Consolidated
Carrying amount on the balance sheet ¥6.2 billion Consolidated
Number of issues 27 issues Consolidated
Number of issues 8 issues Consolidated
Total shareholder return 408.5% Parent only

Other disclosed items (7 items)

ItemValueConsolidated / Non-consolidated
Net sales to external customers ¥99.4 billion Consolidated
Depreciation ¥1.9 billion Consolidated
Number of consolidated subsidiaries 15 companies Consolidated
Rate of male employees taking childcare leave (all employees) 55.0% Parent only
Rate of male employees taking childcare leave (all employees) 84.0% Parent only
Total return on the share price index 202.2% Parent only
Ratio of female employees in managerial positions 3.4% Parent only

Research and development (1 items)

ItemValueConsolidated / Non-consolidated
Research and development expenses ¥56.00 million Consolidated

Property and facilities (1 items)

ItemValueConsolidated / Non-consolidated
Capital expenditures ¥2.0 billion Consolidated

Audit (4 items)

ItemValueConsolidated / Non-consolidated
Fees for audit and attestation services - reporting company ¥40.00 million Consolidated
Fees for audit and attestation services - total ¥40.00 million Consolidated
Fees for non-audit services - reporting company ¥1.00 million Consolidated
Fees for non-audit services - total ¥1.00 million Consolidated

Accounts unique to this company (4 items)

ItemValueConsolidated / Non-consolidated
Revenue ¥15.00 million Consolidated
Revenue ¥19.9 billion Consolidated
Change in average annual salary from the previous year 7.3% Parent only
Revenue ¥15.00 million Parent only

Balance sheet (142 items)

ItemValueConsolidated / Non-consolidated
Other ¥0.7 billion Consolidated
Other ¥0.7 billion Consolidated
Other ¥3.9 billion Consolidated
Other ¥2.2 billion Consolidated
Other ¥0.4 billion Consolidated
Other inventories ¥2.4 billion Consolidated
Valuation difference on available-for-sale securities ¥3.6 billion Consolidated
Goodwill ¥0.3 billion Consolidated
Goodwill ¥0.3 billion Consolidated
Investments in leases ¥3.7 billion Consolidated
Retained earnings ¥58.5 billion Consolidated
Raw materials and supplies ¥2.4 billion Consolidated
Notes receivable - trade ¥0.1 billion Consolidated
Notes receivable, accounts receivable from completed construction contracts and other ¥27.5 billion Consolidated
Non-current liabilities ¥8.0 billion Consolidated
Non-current assets ¥45.5 billion Consolidated
Land ¥11.4 billion Consolidated
Contract liabilities ¥2.5 billion Consolidated
Contract assets ¥7.5 billion Consolidated
Allowance for construction loss ¥0.1 billion Consolidated
Buildings and structures ¥19.0 billion Consolidated
Construction in progress ¥0.9 billion Consolidated
Provision for directors' retirement benefits ¥0.2 billion Consolidated
Investments and other assets ¥20.3 billion Consolidated
Investment securities ¥13.0 billion Consolidated
Notes payable accounts payable for construction contracts and other cns ¥12.3 billion Consolidated
Property, plant and equipment ¥24.5 billion Consolidated
Advances received on construction contracts in progress ¥2.5 billion Consolidated
Costs on uncompleted construction contracts ¥2.9 billion Consolidated
Income taxes payable ¥2.5 billion Consolidated
Shareholders' equity ¥65.7 billion Consolidated
Machinery, vehicles, tools, furniture and fixtures ¥23.1 billion Consolidated
Current liabilities ¥24.7 billion Consolidated
Current assets ¥58.4 billion Consolidated
Accumulated depreciation ¥-29.8 billion Consolidated
Intangible assets ¥0.7 billion Consolidated
Cash and cash equivalents ¥17.6 billion Consolidated
Cash and deposits ¥13.3 billion Consolidated
Short-term loans payable ¥0.5 billion Consolidated
Net assets ¥71.2 billion Consolidated
Net assets ¥71.2 billion Consolidated
Total assets ¥103.9 billion Consolidated
Deferred tax assets ¥0.6 billion Consolidated
Treasury stock ¥-0.6 billion Consolidated
Valuation and translation adjustments ¥5.4 billion Consolidated
Liabilities ¥32.7 billion Consolidated
Liabilities and net assets ¥103.9 billion Consolidated
Allowance for doubtful accounts ¥-48.00 million Consolidated
Allowance for doubtful accounts ¥-58.00 million Consolidated
Capital surplus ¥4.4 billion Consolidated
Capital stock ¥3.5 billion Consolidated
Remeasurements of defined benefit plans ¥1.7 billion Consolidated
Net defined benefit liability ¥2.5 billion Consolidated
Net defined benefit asset ¥6.0 billion Consolidated
Long-term loans payable ¥4.7 billion Consolidated
Long-term loans receivable ¥0.1 billion Consolidated
Deposits to subsidiaries and affiliates ¥5.0 billion Consolidated
Electronically recorded obligations - operating ¥0.2 billion Consolidated
Electronically recorded monetary claims - operating ¥1.5 billion Consolidated
Non-controlling interests ¥0.1 billion Consolidated
Current portion of bonds payable ¥80.00 million Consolidated
Current portion of long-term loans payable ¥2.7 billion Consolidated
Other ¥80.00 million Parent only
Other ¥0.4 billion Parent only
Other ¥3.00 million Parent only
Other ¥0.6 billion Parent only
Other ¥32.00 million Parent only
Valuation difference on available-for-sale securities ¥3.6 billion Parent only
Other capital surplus ¥0.1 billion Parent only
Software ¥85.00 million Parent only
Lease obligations ¥1.4 billion Parent only
Lease obligations ¥0.6 billion Parent only
Lease assets ¥3.6 billion Parent only
Lease assets, net ¥1.7 billion Parent only
Leasehold right ¥9.00 million Parent only
General reserve ¥29.7 billion Parent only
Retained earnings ¥48.6 billion Parent only
Legal retained earnings ¥0.9 billion Parent only
Prepaid pension cost ¥3.9 billion Parent only
Prepaid expenses ¥0.2 billion Parent only
Notes receivable - trade ¥0.1 billion Parent only
Non-current liabilities ¥4.3 billion Parent only
Non-current assets ¥42.0 billion Parent only
Reserve for advanced depreciation of noncurrent assets ¥0.4 billion Parent only
Land ¥10.2 billion Parent only
Accounts receivable from completed construction contracts ¥22.4 billion Parent only
Allowance for construction loss ¥42.00 million Parent only
Accounts payable for construction contracts ¥11.2 billion Parent only
Tools, furniture and fixtures ¥1.1 billion Parent only
Tools, furniture and fixtures ¥63.00 million Parent only
Buildings ¥14.8 billion Parent only
Buildings, net ¥4.3 billion Parent only
Construction in progress ¥1.3 billion Parent only
Long term loans receivable from employees ¥9.00 million Parent only
Investments and other assets ¥23.7 billion Parent only
Investment securities ¥11.6 billion Parent only
Property, plant and equipment ¥18.2 billion Parent only
Accounts receivable - other ¥1.1 billion Parent only
Advances received on construction contracts in progress ¥1.7 billion Parent only
Costs on uncompleted construction contracts ¥2.6 billion Parent only
Income taxes payable ¥1.9 billion Parent only
Accrued consumption taxes ¥1.2 billion Parent only
Accrued expenses ¥1.2 billion Parent only
Accounts payable - other ¥0.5 billion Parent only
Raw materials and supplies ¥2.3 billion Parent only
Shareholders' equity ¥55.8 billion Parent only
Structures ¥2.2 billion Parent only
Structures, net ¥0.4 billion Parent only
Machinery, equipment and vehicles ¥0.8 billion Parent only
Machinery, equipment and vehicles, net ¥0.1 billion Parent only
Current liabilities ¥20.9 billion Parent only
Current assets ¥42.6 billion Parent only
Accumulated depreciation ¥-1.9 billion Parent only
Accumulated depreciation ¥-1.0 billion Parent only
Accumulated depreciation ¥-10.5 billion Parent only
Accumulated depreciation ¥-1.8 billion Parent only
Accumulated depreciation ¥-0.6 billion Parent only
Intangible assets ¥0.1 billion Parent only
Cash and deposits ¥7.0 billion Parent only
Claims provable in bankruptcy claims provable in rehabilitation and other ¥1.00 million Parent only
Net assets ¥59.4 billion Parent only
Net assets ¥59.4 billion Parent only
Total assets ¥84.6 billion Parent only
Deferred tax assets ¥0.1 billion Parent only
Retained earnings brought forward ¥17.6 billion Parent only
Treasury stock ¥-0.6 billion Parent only
Valuation and translation adjustments ¥3.6 billion Parent only
Liabilities ¥25.2 billion Parent only
Liabilities and net assets ¥84.6 billion Parent only
Allowance for doubtful accounts ¥-47.00 million Parent only
Allowance for doubtful accounts ¥-4.00 million Parent only
Capital surplus ¥4.4 billion Parent only
Legal capital surplus ¥4.2 billion Parent only
Capital stock ¥3.5 billion Parent only
Provision for retirement benefits ¥2.8 billion Parent only
Long-term prepaid expenses ¥52.00 million Parent only
Shares of subsidiaries and associates ¥7.4 billion Parent only
Loans receivable to subsidiaries and affiliates ¥0.1 billion Parent only
Long-term loans receivable from subsidiaries and affiliates ¥0.3 billion Parent only
Deposits to subsidiaries and affiliates ¥5.0 billion Parent only
Electronically recorded monetary claims - operating ¥1.2 billion Parent only
Deposits received ¥2.6 billion Parent only

Statement of income (112 items)

ItemValueConsolidated / Non-consolidated
Other ¥0.1 billion Consolidated
Other ¥27.00 million Consolidated
Cost of other business sales ¥3.7 billion Consolidated
Sales on other business rev oa ¥5.6 billion Consolidated
Gross profit other business gp ¥1.9 billion Consolidated
Other comprehensive income ¥1.9 billion Consolidated
Valuation difference on available for sale securities net of tax ¥1.9 billion Consolidated
Amortization of goodwill ¥95.00 million Consolidated
Real estate rent ¥61.00 million Consolidated
Dividends from surplus ¥-3.2 billion Consolidated
Comprehensive income ¥9.4 billion Consolidated
Interest income ¥60.00 million Consolidated
Dividend income ¥0.3 billion Consolidated
Operating income ¥8.8 billion Consolidated
Operating income ¥8.8 billion Consolidated
Non-operating income ¥0.6 billion Consolidated
Non-operating expenses ¥70.00 million Consolidated
Net cash provided by (used in) operating activities ¥4.0 billion Consolidated
Loss on sale of non-current assets ¥0 Consolidated
Gain on sales of non-current assets ¥2.00 million Consolidated
Loss on retirement of non-current assets ¥15.00 million Consolidated
Cost of sales ¥80.9 billion Consolidated
Gross profit (loss) ¥18.6 billion Consolidated
Net sales ¥99.4 billion Consolidated
Net sales ¥99.4 billion Consolidated
Cost of sales of completed construction contracts cns ¥77.2 billion Consolidated
Gross profit on completed construction contracts cns ¥16.7 billion Consolidated
Net sales of completed construction contracts ¥93.9 billion Consolidated
Net income ¥7.5 billion Consolidated
Net income ¥7.5 billion Consolidated
Net income (loss) ¥7.5 billion Consolidated
Net income (loss) ¥7.5 billion Consolidated
Employee payrolls and allowances ¥4.4 billion Consolidated
Gain on sales of investment securities ¥1.1 billion Consolidated
Net cash provided by (used in) investing activities ¥0.9 billion Consolidated
Interest expenses ¥27.00 million Consolidated
Income taxes - current ¥2.7 billion Consolidated
Income taxes ¥2.9 billion Consolidated
Income taxes - deferred ¥0.2 billion Consolidated
Extraordinary income ¥1.1 billion Consolidated
Extraordinary loss ¥15.00 million Consolidated
Net increase (decrease) in cash and cash equivalents ¥1.3 billion Consolidated
Dividend income of life insurance ¥65.00 million Consolidated
Research and development expenses ¥49.00 million Consolidated
Income (loss) before income taxes ¥10.4 billion Consolidated
Income (loss) before income taxes ¥10.4 billion Consolidated
Ordinary income ¥9.3 billion Consolidated
Disposal of treasury stock ¥73.00 million Consolidated
Purchase of treasury stock ¥-0 Consolidated
Comprehensive income attributable to owners of parent ¥9.4 billion Consolidated
Net cash provided by (used in) financing activities ¥-3.7 billion Consolidated
Selling, general and administrative expenses ¥9.8 billion Consolidated
Remeasurements of defined benefit plans net of tax ¥5.00 million Consolidated
Retirement benefit expenses ¥22.00 million Consolidated
Comprehensive income attributable to non-controlling interests ¥31.00 million Consolidated
Net income (loss) attributable to non-controlling interests ¥31.00 million Consolidated
Other ¥75.00 million Parent only
Other ¥23.00 million Parent only
Real estate rent ¥75.00 million Parent only
Operations consignment expenses ¥8.00 million Parent only
Stationery expenses ¥0.3 billion Parent only
Entertainment expenses ¥54.00 million Parent only
Insurance expenses ¥9.00 million Parent only
Repair and maintenance ¥86.00 million Parent only
Cost of sales on side line business cns ¥1.0 billion Parent only
Net sales of side line business cns ¥1.6 billion Parent only
Gross profit on side line business cns ¥0.6 billion Parent only
Dividends from surplus ¥-3.2 billion Parent only
Power utilities expenses ¥90.00 million Parent only
Interest income ¥55.00 million Parent only
Dividend income ¥0.6 billion Parent only
Operating income ¥6.4 billion Parent only
Non-operating income ¥0.9 billion Parent only
Non-operating expenses ¥0.2 billion Parent only
Loss on retirement of non-current assets ¥6.00 million Parent only
Rents ¥0.2 billion Parent only
Cost of sales ¥69.5 billion Parent only
Gross profit (loss) ¥14.6 billion Parent only
Net sales ¥84.1 billion Parent only
Cost of sales of completed construction contracts cns ¥68.5 billion Parent only
Gross profit on completed construction contracts cns ¥14.0 billion Parent only
Net sales of completed construction contracts ¥82.4 billion Parent only
Donations ¥16.00 million Parent only
Advertising expenses ¥92.00 million Parent only
Net income (loss) ¥6.1 billion Parent only
Net income (loss) ¥6.1 billion Parent only
Directors' compensations ¥0.2 billion Parent only
Employee payrolls and allowances ¥3.9 billion Parent only
Interest expenses ¥0.1 billion Parent only
Education and training expenses ¥0.5 billion Parent only
Interest on securities ¥1.00 million Parent only
Income taxes - current ¥1.8 billion Parent only
Income taxes ¥2.1 billion Parent only
Income taxes - deferred ¥0.3 billion Parent only
Legal welfare expenses ¥0.7 billion Parent only
Depreciation ¥0.3 billion Parent only
Extraordinary income ¥1.1 billion Parent only
Extraordinary loss ¥6.00 million Parent only
Dividend income of life insurance ¥65.00 million Parent only
Welfare expenses ¥0.2 billion Parent only
Taxes and dues ¥0.4 billion Parent only
Income (loss) before income taxes ¥8.2 billion Parent only
Ordinary income ¥7.1 billion Parent only
Disposal of treasury stock ¥73.00 million Parent only
Purchase of treasury stock ¥-0 Parent only
Investigation and research expenses ¥63.00 million Parent only
Selling, general and administrative expenses ¥8.2 billion Parent only
Provision of allowance for doubtful accounts ¥-0 Parent only
Retirement benefit expenses ¥-1.00 million Parent only
Correspondence and transportation expenses ¥0.2 billion Parent only
Gain on sales of shares of subsidiaries and associates ¥1.1 billion Parent only
Miscellaneous expenses ¥0.8 billion Parent only

Statement of changes in equity (4 items)

ItemValueConsolidated / Non-consolidated
Total changes during the period ¥6.3 billion Consolidated
Net changes in items other than shareholders' equity ¥1.9 billion Consolidated
Total changes during the period ¥4.9 billion Parent only
Net changes in items other than shareholders' equity ¥1.8 billion Parent only

Statement of cash flows (38 items)

ItemValueConsolidated / Non-consolidated
Other ¥-0.6 billion Consolidated
Other ¥-41.00 million Consolidated
Other ¥52.00 million Consolidated
Decrease increase in other inventories ope cfcns ¥-0.1 billion Consolidated
Amortization of goodwill ¥95.00 million Consolidated
Decrease increase in lease investment assets ¥-0.2 billion Consolidated
Increase decrease in notes and accounts payable trade ¥-1.3 billion Consolidated
Interest expenses paid ¥-66.00 million Consolidated
Interest and dividends income received ¥0.3 billion Consolidated
Interest and dividend income ¥-0.3 billion Consolidated
Decrease increase in notes and accounts receivable trade ¥0.3 billion Consolidated
Subtotal ¥6.0 billion Consolidated
Increase (decrease) in provision for loss on construction contracts ¥-48.00 million Consolidated
Purchase of investment securities ¥-0.1 billion Consolidated
Proceeds from sales and redemption of investment securities ¥3.1 billion Consolidated
Loss (gain) on sales of long-term investment securities ¥-1.1 billion Consolidated
Purchase of property plant and equipment ¥-2.0 billion Consolidated
Proceeds from sales of property plant and equipment ¥3.00 million Consolidated
(Increase) decrease in accounts receivables other ¥-0.3 billion Consolidated
Increase (decrease) in advances received on uncompleted constructions contracts ¥0.5 billion Consolidated
Decrease (increase) in costs on construction contracts in progress ¥-0.8 billion Consolidated
Decrease in consumption taxes payable ¥-0.6 billion Consolidated
Increase/(decrease) in accounts payable - expenses ¥-0.7 billion Consolidated
Increase (decrease) in accounts payable-other ¥-0.2 billion Consolidated
Income taxes paid ¥-2.3 billion Consolidated
Depreciation ¥1.9 billion Consolidated
Purchase of intangible assets ¥-51.00 million Consolidated
Decrease/increase in short-term loans payable ¥0.4 billion Consolidated
Regarding purchase of treasury stock ¥-3.00 million Consolidated
Payments of loans receivable ¥-70.00 million Consolidated
Collection of loans receivable ¥0.2 billion Consolidated
Increase (decrease) in allowance for doubtful accounts ¥-72.00 million Consolidated
Increase (decrease) in net defined benefit liability ¥-13.00 million Consolidated
Inorease (decrease) in asset for retirement benefits ¥-0.8 billion Consolidated
Dividends ¥-3.2 billion Consolidated
Proceeds from long term loans payable ¥2.0 billion Consolidated
Repayment of long term loans payable ¥-3.0 billion Consolidated
Dividends paid to non-controlling interests ¥-3.00 million Consolidated
Basic indicators
ItemValueConsolidated / Non-consolidatedSource
Net cash provided by (used in) operating activities ¥4.0 billion ConsolidatedDisclosed
Dividend per share 77 Parent onlyDisclosed
Number of employees 2,693 ConsolidatedDisclosed
Net assets ¥71.2 billion ConsolidatedDisclosed
Net sales ¥99.4 billion ConsolidatedDisclosed
Operating income ¥8.8 billion ConsolidatedDisclosed
Ordinary income ¥9.3 billion ConsolidatedDisclosed
Net income ¥7.5 billion ConsolidatedDisclosed
Total assets ¥103.9 billion ConsolidatedDisclosed
Operating margin 8.9%ConsolidatedCalculated
Net margin 7.5%ConsolidatedCalculated
Sales per employee 36928333 yenConsolidatedCalculated
Total asset turnover 0.96 timesConsolidatedCalculated
Net assets to total assets 68.5%ConsolidatedCalculated
How to read the figures, and caveats

Terms

  • Consolidated: the parent company together with the subsidiaries it consolidates
  • Parent-only: the single company that filed the annual securities report
  • Calculated: a disclosed figure put through the formula shown
  • Not disclosed: no such value in the filing (not treated as zero)
  • Not retrieved: a value this page could not extract, including values in the filing that could not be matched. The same item may appear in another table
  • Segment: a business division the company uses in its disclosures
  • Industry median: the middle value among companies in the same industry that disclose the item
  • ★: position when every company is lined up by value (not a judgement of the company)See the formulas
  • Source: document name, period covered, filing date and where it was obtained
  • Tables scroll sideways

Key figures

  • Operating margin 8.9%　Operating income ÷ net sales 　＝ ¥8.8 billion ÷ ¥99.4 billion
    Operating income ÷ net sales. The denominator is Net sales (Consolidated, Japanese GAAP).
  • Net margin 7.5%　Net income ÷ net sales 　＝ ¥7.5 billion ÷ ¥99.4 billion
    Net income ÷ net sales. The denominator is Net sales (Consolidated, Japanese GAAP).
  • Sales per employee 36,928,333 yen　Sales or operating revenue ÷ employees 　＝ ¥99.4 billion ÷ 2,693 people
    Sales or operating revenue ÷ employees. The denominator is Number of employees (Consolidated, Japanese GAAP).
  • Total asset turnover 0.96 times　Sales or operating revenue ÷ total assets 　＝ ¥99.4 billion ÷ ¥103.9 billion
    Sales or operating revenue ÷ total assets. The denominator is Total assets (Consolidated, Japanese GAAP).
  • Net assets to total assets 68.5%　Net assets ÷ total assets 　＝ ¥71.2 billion ÷ ¥103.9 billion
    Net assets ÷ total assets. The denominator is Total assets (Consolidated, Japanese GAAP).

Company details

  • Representative　代表取締役 社長, gBizINFO
  • Date of incorporation　gBizINFO · 77 years since incorporation
  • Consolidated subsidiaries　Annual Securities Report

Revenue and profit by business segment

  • Source: segment information, Annual Securities Report (Apr 2025 to Mar 2026) · Consolidated · Net sales to external customers · filed 2026-06-19
  • Share: against the total of Net sales to external customers disclosed by business (100%). Adjustments, corporate, eliminations and “other” left out as they are not businesses (so no match with company-wide Net sales to external customers). Margin: calculated against the Net sales to external customers on the same row“報告セグメント計” in the segment information of the annual securities report: ¥97.9 billion. Gap against this table’s total (the part not listed as a business, such as “other”) within 1%The account may differ from “Revenue” at the top of this page

Amounts by account

  • Totals and their component lines together; consolidated and parent-only figures mixed (right-hand column)

Selling, general and administrative expenses

  • Breakdown of selling, general and administrative expenses (costs of selling and running the company). Cost of sales not included
  • Each item: already inside the SG&A total (not added to it)

Finance

  • Net assets to total assets　Net assets ÷ total assets
  • Return on assets (ROA)　Net income ÷ total assets (consolidated)
  • Net assets per share　Consolidated
  • Free cash flow　Free cash flow: operating cash flow (cash generated by the business) plus investing cash flow (asset purchases, disposals and other investments), consolidated
  • Total assets　Consolidated
  • Goodwill (the part of the acquisition price above the net assets acquired)　0% of net assets (consolidated)

Capital allocation

  • ★: position when all companies are sorted by value and cut into fifths (a position, not a rating). The five items with ★: only where both numerator and denominator are available on a consolidated basisSee the formulas
  • Cash conversion　Net cash provided by (used in) operating activities ÷ operating income
  • Property, plant and equipment purchases relative to depreciation　Purchase of property, plant and equipment ÷ depreciation。Purchase of property, plant and equipment ¥2.0 billion, over depreciation ¥1.9 billion
  • Return to shareholders　(dividends paid + purchase of treasury stock) ÷ net cash provided by operating activities。Dividends paid ¥3.2 billion + purchase of treasury stock ¥3.00 million, over operating cash flow ¥4.0 billion
  • Extraordinary gains and losses relative to ordinary profit　(extraordinary income − extraordinary loss) ÷ ordinary income。Extraordinary income ¥1.1 billion − extraordinary loss ¥15.00 million, over ordinary income ¥9.3 billion
  • Investment securities to net assets　Investment securities ÷ net assets。Investment securities ¥13.0 billion, over net assets ¥71.2 billion

Long-term changes in performance

  • Revenue　Disclosed value for 2026 ÷ disclosed value for 2013

Year-on-year comparison

  • Year on year: calculated only where the item, reporting range and accounting standard match and the periods are consecutive
  • Comparison basis not confirmed: periods with a change of accounting standard or reporting range, a moved fiscal year end, or an unconfirmed period
  • ◆: a period where revenue moved 20% or more from the prior year, profit as a share of revenue moved 2.0 percentage points or more, or profit or loss changed sign. Item used named in the table and list. Not a ranking of companies

Earnings and net assets per share over time

  • Earnings per share = net profit ÷ shares; net assets per share = net assets ÷ shares. Disclosed values from the key financial indicators of the annual securities report. No share prices used

Return on equity over time

  • Return on equity (ROE): net profit as a proportion of equity. For Japanese companies, the disclosed value in the key financial indicators of the annual securities report (decimals converted to percentages)

Dividend history

  • Payout ratio: dividends as a proportion of net profit. Dividend amounts and payout ratios: the reporting company’s parent-only disclosed values (as written in the annual securities report, not recalculated from consolidated profit). Consecutive increases: years in a row, from the latest backwards, in which the annual dividend per share rose. Consecutive years with a dividend: years in a row with an annual dividend per share above zero. Both this site’s own count (not the criteria of any published index). A year with no disclosure not read as zero; counting stops there. Range limited to the years listed above. Flagged 3 years: a note about a stock split or share consolidation, or a period other than 12 months. No calculation across those years, as the dividend per share may rest on a different share base.

Share ownership by holder category

  • Source: ownership table, annual securities report. Percentages as disclosed, calculated on trading units (some companies do not total exactly 100%). Foreign holders (total): institutions and individuals combined. “Individuals and others”: a register category (not necessarily the share actually held by individuals). Industry median: the middle value among companies in Construction that disclose the item (industries with at least 5 companies only).

Major shareholders

  • Source: major shareholders table, annual securities report. Trust bank holdings as written (whose trust is not disclosed)

Research and development expenses and capital expenditure

  • Research and development: total in the R&D section of the annual securities report. Capital expenditure: this year’s actual spending in the capital expenditure overview (not a plan). Years: only those available in the annual securities reports on hand (one to four per company); no row for other years. Share of revenue: divided by consolidated revenue in the same annual securities report. Industry median: the middle value among companies in Construction that disclose the item (industries with at least 5 companies only).

Revenue scale in the same industry

  • Revenue (disclosed values) of companies in the same industry, using the same grouping as the industry pages. Only the top three and the two companies either side of this one. Bar length relative to the largest company (100). An order of size, not a ranking of quality

Workforce information

  • All four: the reporting company (parent-only), as disclosed in the employee section of the annual securities report. Employees across the consolidated group: 2,693 (a different scope, kept apart from the four above). Industry median: the middle value among companies in Construction that disclose the item (industries with at least 5 companies only).

People and organisation

  • Sales per employee　Net sales (or operating revenue) ÷ employees
  • Operating income per employee　Operating income ÷ employees
  • Wage gap between men and women　Women's pay with men's pay set to 100, reporting company
  • Women in managerial positions　Reporting company (parent only)
  • Share of female employees　gBizINFO, covering 正社員
  • Men taking childcare leave　Reporting company (parent only)
  • Average length of service by gender　gBizINFO, covering 正社員
  • Female managers　gBizINFO: 10 women among 296 managers

Workplace information filings

  • Source: processed from Shokuba-labo, the workplace information site of the Ministry of Health, Labour and Welfare. Items the company filed only Shokuba-labo

Audit and disclosure information

  • Whether there is a going concern note (the accounting assumption that a company will continue operating), and audit information
  • Audit firm, audit fees, going concern note and accounting standard: facts written in the latest annual securities report and the audit report filed with it (not a judgement of the company). Going concern note: “note” when the note text is present, “not applicable” when the report states nothing to report, “cannot be determined” when neither appears. Note text not reproduced. Amended filings not shown (annual securities reports only)

Data sources and calculation methods

Primary source: the annual securities report of YONDENKO CORPORATION on EDINET, the FSA’s disclosure system (free to read)
Corporate number: 7470001004244 / Accounting standard: Japanese GAAP

  • Amounts: machine transcription of EDINET XBRL (no manual re-keying). Long narrative notes are text and not in the account list. Identifiers: machine transcription of the EDINET code list (retrieved 2026-08-22)
  • ★: position of the value calculated from disclosed figures among the 4,240 companies on this site, on a five-step scale. Not a judgement of the company. No forecasts usedThe formulas and how they are counted
  • No rank: net assets as a share of total assets, cash conversion and revenue per employee (size alone does not show quality). Industry median shown for comparison. Cash conversion of 100%: operating cash flow equal to operating profit
  • Profit-and-loss chart: only where “sales − cost of sales − SG&A = operating income” holds between disclosed values. Cost breakdown: the six largest SG&A items
  • Trend charts: key financial indicators of the annual securities report. Amounts in billions of yen (dividend per share in yen). Long-run chart joins reports filed in different years (newer report for overlapping years). Some items stop part-way after a change of accounting standard. A stock split changes the weight of one share. Consolidated and parent-only in separate tables
  • Revenue scale in the same industry: bars of revenue (disclosed values) of companies in the same industry grouping as the industry pages, largest first. Only the top three and the two companies either side of this one. Each company’s latest fiscal year. An order of size, not a ranking of quality or an investment view
  • Share prices: not published (no data source allows redistribution). No share-price-based indicators (such as the price earnings ratio) and no extension of past growth into the future
  • Average age, average length of service and average annual salary: the reporting company alone (the parent). At a holding company, a small head-office staff. Payout ratio (basic facts): dividend per share ÷ consolidated earnings per share, calculated here (the payout ratio in the annual securities report is the reporting company’s figure, on a different basis). Representative and founding date: gBizINFO (Ministry of Economy, Trade and Industry), some companies only
  • “Retrieved disclosed figures”: every value readable as a number from the annual securities report. Company-wide values only (no segment or other breakdowns)
  • Segment table: machine transcription of the segment information in the annual securities report. Business names as labelled by the company in its XBRL. No table where segment sales differ from the disclosed total by more than 1%. Adjustments, corporate, eliminations and “other” left out of the table and the share denominator, as they are not businesses
  • Breakdowns of amounts, not diagrams of how the business works. Who pays whom, and for what, is not in the disclosed figures; no lines drawn from guesswork