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SKYLARK

SKYLARK HOLDINGS CO., LTD.

Company highlights

The annual dividend per share has risen for 2 consecutive years.

Key figures

Period Jan 2025 to Dec 2025ConsolidatedIFRS

RevenueDisclosed ¥457.8B
Operating marginCalculated 6.5%
Net assets to total assetsCalculated 36.2%

Company profile

Securities code 3197 / EDINET code E03515 / Retail Trade / Fiscal year end December 31

武蔵野市西久保1丁目25番8号/Capital stock ¥25,134 million
Address, capital stock, fiscal year end and industry: the FSA’s EDINET code list.

Official website: http://www.skylark.co.jp/
Official website: gBizINFO (Ministry of Economy, Trade and Industry).

Company details
金谷 実 Representative

Tables scroll sideways

Disclosed data

Source: Annual Securities Report (Jan 2025 to Dec 2025) · filed 2026-03-26

Profitability ★★★☆☆position among all companies 6.5%
Growth (revenue, 4-year average) ★★★★★position among all companies 14.7%
Capital efficiency ★★★☆☆position among all companies 9.3%

Business activities and revenue composition

Revenue and profit by business segment

Disclosed segments (business divisions used in reporting): one

Revenue and profit

Amounts by account
GroupAccountAmountConsolidated / Non-consolidated
Selling, general and administrative expenses Selling general and administrative expenses IFRS ¥272.1 billion Consolidated
Personnel expenses ¥145.4 billion Consolidated
Other ¥58.5 billion Consolidated
Depreciation and amortization ¥48.0 billion Consolidated
Utilities expenses ¥20.3 billion Consolidated
Amortization of goodwill ¥7.4 billion Parent only
Taxes and dues ¥1.6 billion Parent only
Entertainment expenses ¥1.5 billion Parent only
Salaries and allowances ¥0.5 billion Parent only
Provision for directors' bonuses ¥0.2 billion Parent only
Provision for shareholder benefit program ¥-66.00 million Parent only
Depreciation ¥29.00 million Parent only
Provision for bonuses ¥6.00 million Parent only
Profit by stage Operating income ¥30.0 billion Consolidated
Gross profit (loss) ¥21.5 billion Parent only
Net income ¥16.7 billion Consolidated
Ordinary income ¥2.4 billion Parent only

SKYLARK

Selling, general and administrative expenses

Period Jan 2025 to Dec 2025Source Annual securities reports

Selling general and administrative expenses IFRS ¥272.1 billion (49.3%)49%Personnel expenses ¥145.4 billion (26.4%)26%Other ¥58.5 billion (10.6%)11%Depreciation and amortization ¥48.0 billion (8.7%)9%Utilities expenses ¥20.3 billion (3.7%)Amortization of goodwill ¥7.4 billion (1.3%)¥551.7B
  • Selling general and administrative expenses IFRS ¥272.1 billion
  • Personnel expenses ¥145.4 billion
  • Other ¥58.5 billion
  • Depreciation and amortization ¥48.0 billion
  • Utilities expenses ¥20.3 billion
  • Amortization of goodwill ¥7.4 billion

Performance, financial position and capital allocation

Finance
36.2% Net assets to total assets Industry median 45.6% FY ending 12/2025 · consolidated / calculated
3.2% Return on assets (ROA)
¥340.93 Net assets per share
¥40.4 billion Free cash flow
¥518.5 billion Total assets
¥162.7 billion Goodwill (the part of the acquisition price above the net assets acquired)
Capital allocation
250.3% Cash conversion Industry median 121.9% FY ending 12/2025 · consolidated / calculated
0.6% Increase in working capital ★★★☆☆ position among all companies FY ending 12/2025 · consolidated / calculated
43.2% Property, plant and equipment purchases relative to depreciation ★★☆☆☆ position among all companies FY ending 12/2025 · consolidated / calculated
5.8% Return to shareholders ★☆☆☆☆ position among all companies FY ending 12/2025 · consolidated / calculated

Long-term changes in performance

Period 2012 to 2025Disclosed

Revenue ×1.39 from 2012 to 2025

SKYLARK

Long-term revenue, profit and asset trends

Period 2012 to 2025Source Annual securities reportsDisclosed

Mark on the chart
458 296 135 -26 2012 2014 2016 2018 2020 2022 2024 2025 Net sales and operating revenue Profit before tax 2015 Profit (loss) before tax (IFRS) as a share of revenue +2.1 points 2020 Revenue (IFRS) year on year -23.2%, Profit (loss) before tax (IFRS) as a share of revenue -13.6 points, Profit (loss) before tax (IFRS) profit to loss 2021 Profit (loss) before tax (IFRS) as a share of revenue +14.6 points, Profit (loss) before tax (IFRS) loss to profit 2022 Profit (loss) before tax (IFRS) as a share of revenue -8.1 points, Profit (loss) before tax (IFRS) profit to loss 2023 Profit (loss) before tax (IFRS) as a share of revenue +5.2 points, Profit (loss) before tax (IFRS) loss to profit 2024 Profit (loss) before tax (IFRS) as a share of revenue +2.9 points 458Latest value 2025 458¥ billion 458Highest in the period shown 2025 458¥ billion 265Lowest in the period shown 2021 265¥ billion ¥ billion

Recent performance trends

Year-on-year comparison

Period 2012 to 2025Disclosed

Item20212022202320242025
Revenue (IFRS) ¥264.6B ¥303.7B ¥354.8B ¥401.1B ¥457.8B
Year on year (%) -8.3% +14.8% +16.8% +13.0% +14.1%
Profit (loss) before tax (IFRS) ¥14.3B -¥8.2B ¥8.7B ¥21.5B ¥26.3B
Change from prior year loss to profit◆ profit to loss◆ loss to profit◆ +147.0% +22.4%
Profit (loss) before tax (IFRS) as a share of Revenue (IFRS) 5.4% -2.7% 2.4% 5.4% 5.7%
Change (percentage points) +14.6 points◆ -8.1 points◆ +5.2 points◆ +2.9 points◆ +0.4 points

Fiscal periods marked for changes

Earlier fiscal periods (3)
  • 2015Profit (loss) before tax (IFRS) as a share of revenue +2.1 points
  • 2020Revenue (IFRS) year on year -23.2%, Profit (loss) before tax (IFRS) as a share of revenue -13.6 points, Profit (loss) before tax (IFRS) profit to loss
  • 2021Profit (loss) before tax (IFRS) as a share of revenue +14.6 points, Profit (loss) before tax (IFRS) loss to profit
  • 2022Profit (loss) before tax (IFRS) as a share of revenue -8.1 points, Profit (loss) before tax (IFRS) profit to loss
  • 2023Profit (loss) before tax (IFRS) as a share of revenue +5.2 points, Profit (loss) before tax (IFRS) loss to profit
  • 2024Profit (loss) before tax (IFRS) as a share of revenue +2.9 points

SKYLARK

Earnings and net assets per share over time

Unit yenSource Annual securities reports

74 40 6 -28 4 years ago 3 years ago 2 years ago Last year This year Earnings per share yen 824 550 275 0 4 years ago 3 years ago 2 years ago Last year This year Net assets per share yen
Consolidated indicators (15 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Revenue (IFRS) ¥264.6 billion ¥303.7 billion ¥354.8 billion ¥401.1 billion ¥457.8 billion
Profit (loss) before tax (IFRS) ¥14.3 billion ¥-8.2 billion ¥8.7 billion ¥21.5 billion ¥26.3 billion
Profit (loss) attributable to owners of parent (IFRS) ¥8.7 billion ¥-6.4 billion ¥4.8 billion ¥14.0 billion ¥16.7 billion
Comprehensive income (IFRS) ¥9.5 billion ¥-5.7 billion ¥4.6 billion ¥14.4 billion ¥18.5 billion
Equity attributable to owners of parent (IFRS) ¥166.2 billion ¥157.7 billion ¥162.3 billion ¥173.4 billion ¥187.6 billion
Total assets (IFRS) ¥458.0 billion ¥424.8 billion ¥426.1 billion ¥470.9 billion ¥518.5 billion
Equity attributable to owners of parent per share (IFRS) 730.37 yen 693.22 yen 713.36 yen 762.07 yen 824.46 yen
Basic earnings (loss) per share (IFRS) 40.77 yen -28 yen 21.01 yen 61.38 yen 73.62 yen
Diluted earnings (loss) per share (IFRS) 40.77 yen -28 yen 21.01 yen 61.38 yen 73.62 yen
Ratio of equity attributable to owners of parent (IFRS) 36.3% 37.1% 38.1% 36.8% 36.2%
Return on equity attributable to owners of parent (IFRS) 6.2% -3.9% 3.0% 8.3% 9.3%
Net cash provided by (used in) operating activities (IFRS) ¥50.1 billion ¥45.7 billion ¥70.7 billion ¥67.9 billion ¥74.5 billion
Net cash provided by (used in) investing activities (IFRS) ¥-13.0 billion ¥-15.6 billion ¥-14.9 billion ¥-39.2 billion ¥-34.1 billion
Net cash provided by (used in) financing activities (IFRS) ¥-16.0 billion ¥-53.3 billion ¥-44.5 billion ¥-36.4 billion ¥-25.5 billion
Cash and cash equivalents (IFRS) ¥38.3 billion ¥15.3 billion ¥26.8 billion ¥19.2 billion ¥34.3 billion
Parent only indicators (15 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Net sales ¥158.6 billion ¥170.7 billion ¥193.0 billion ¥215.2 billion ¥231.1 billion
Ordinary income (loss) ¥-2.5 billion ¥-1.6 billion ¥2.0 billion ¥4.7 billion ¥2.4 billion
Net income (loss) ¥-6.3 billion ¥-6.9 billion ¥-1.9 billion ¥0.7 billion ¥-3.0 billion
Capital stock ¥25.1 billion ¥25.1 billion ¥25.1 billion ¥25.1 billion ¥25.1 billion
Total number of issued shares (common stock) 227,502,200 shares 227,502,200 shares 227,502,200 shares 227,502,200 shares 227,502,200 shares
Net assets ¥97.2 billion ¥88.6 billion ¥86.3 billion ¥84.1 billion ¥77.6 billion
Total assets ¥263.5 billion ¥236.3 billion ¥228.8 billion ¥235.3 billion ¥259.7 billion
Net assets per share 427.24 yen 389.31 yen 379.44 yen 369.73 yen 340.93 yen
Dividend per share 12 yen Could not be retrieved 7 yen 18.5 yen 22 yen
Interim dividend per share Could not be retrieved Could not be retrieved Could not be retrieved 7.5 yen 8 yen
Basic earnings (loss) per share -29.43 yen -30.14 yen -8.15 yen 3.21 yen -13.08 yen
Diluted earnings per share -29.43 yen -30.14 yen -8.15 yen 3.21 yen -13.08 yen
Equity-to-asset ratio 36.9% 37.5% 37.7% 35.7% 29.9%
Return on equity Could not be retrieved Could not be retrieved Could not be retrieved 0.9% Could not be retrieved
Payout ratio Could not be retrieved Could not be retrieved Could not be retrieved 576.3% Could not be retrieved

Dividend history

Source: reporting company’s key figures, annual securities reports · 11 years (2013 to 2025)Parent-onlyDisclosed

2 periods Consecutive increases (own definition) through FY ending 12/2025
3 periods Consecutive periods with dividends (site definition) through FY ending 12/2025
+18.9% 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 12/2025 ¥22 ¥8 Could not be retrieved
FY ending 12/2024 ¥18.5 ¥7.5 576.3%
FY ending 12/2023 ¥7 Could not be retrieved Could not be retrieved
FY 2022 Could not be retrieved Could not be retrieved Could not be retrieved
FY ending 12/2021 ¥12 Could not be retrieved Could not be retrieved
FY 2020 Could not be retrieved Could not be retrieved Could not be retrieved
FY ending 12/2019 ¥19 ¥9 86.3%
FY ending 12/2018 ¥38 ¥16 101.2%
FY ending 12/2017 ¥38 ¥16 82.1%
FY ending 12/2016 ¥38 ¥15 131.9%
FY ending 12/2015 ¥33 ¥11.8 94.8%
FY ending 12/2014 ¥13.52 Could not be retrieved Could not be retrieved Stock split or share consolidation noted
FY ending 12/2013 ¥14,621 Could not be retrieved Could not be retrieved

SKYLARK

Dividends per share over time

Unit yenSource Annual securities reports

22 15 7 0 4 years ago 3 years ago 2 years ago Last year This year Dividend per share yen

Shareholder composition

As of 2025-12-31Disclosed

Share ownership by holder category

448,046 Shareholders
14.89% Foreign holders (total) Industry median 3.60%
65.27% Individuals and others Industry median 50.90%

SKYLARK

Unit %Source Annual securities reports

  • Financial institutions14.62%
  • Securities firms1.01%
  • Other corporations4.21%
  • Foreign holders (institutions)14.81%
  • Foreign holders (individuals)0.08%
  • Individuals and others65.27%

Major shareholders

RankShareholderShareholding ratioShares held
1 日本マスタートラスト信託銀行株式会社(信託口) 11.7% 26,613,200
2 株式会社日本カストディ銀行(信託口) 2.08% 4,727,800
3 アサヒビール株式会社 1.5% 3,416,600
4 麒麟麦酒株式会社 1.47% 3,333,300
5 JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) 1.42% 3,237,356
6 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) 1.09% 2,478,724
7 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) 0.74% 1,691,026
8 JP MORGAN CHASE BANK 385864(常任代理人 株式会社みずほ銀行決済営業部) 0.73% 1,665,610
9 STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部) 0.72% 1,636,561
10 サントリー株式会社 0.7% 1,583,300

Research and development expenses and capital expenditure

Source: R&D and capital expenditure sections, annual securities reports · 2 years (2020 to 2025)Disclosed

Not disclosed Research and development
¥24.8 billion Capital expenditure 5.4% of revenue (industry median 3.4%)
Fiscal year Capital expenditure
FY ending 12/2025 ¥24.8 billion
FY ending 12/2020 ¥15.8 billion

Revenue scale in the same industry

SKYLARK

Source Annual securities reports of each company

Retail Trade: 343 companies · revenue · largest first・each company’s latest fiscal year・Consolidated・Disclosed

Workforce information

Source: Annual Securities Report (Jan 2025 to Dec 2025)Parent-onlyDisclosed

572 Employees (parent only) Industry median 226
47.5 Average age Industry median 41.8
19.6 years Average length of service Industry median 10.9 years
¥7.56 million Average annual salary Industry median ¥5.46 million
People and organisation
67.9¥ million Sales per employee Industry median 59.6¥ million FY ending 12/2025 · consolidated / calculated
¥4.44 million Operating income per employee
54.9% Wage gap between men and women
8.8% Women in managerial positions
34.6% Share of female employees
25.0% Men taking childcare leave
Men 18.9 yrs
Women 7.6 yrs
Average length of service by gender
40,615 Average temporary staff

Administrative filings and published information

Workplace information filings

Filed 2026-05-28Disclosed

ItemValue
Employees 108,735
Average monthly overtime (statutory overtime plus work on statutory days off)
Scope: 正社員
30.7 hours
Annual paid leave taken (all employees) 68%
Childcare leave taken, men
Scope: 正社員
29.3%
Childcare leave taken, women
Scope: 正社員
100%
Share of managers who are women 4.3%
Share of board members who are women 25%

Greenhouse gas emissions

Reported to the government for fiscal 2023Disclosed

CategoryEmissions
特定事業所排出者990,018 t-CO2
特定荷主19,415 t-CO2
Sites covered by the report4

Audit and disclosure information

Annual securities report, year ended 2025-12-31Disclosed

ItemValue
Audit firm 有限責任監査法人トーマツ
Audit fees (this year, total) ¥0.1 billion
Non-audit fees (this year, total) ¥7.00 million
Audit fees (this year, network firms) ¥3.00 million
Non-audit fees (this year, network firms) ¥3.00 million
Going concern note Cannot be determined
Accounting standard IFRS

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Books that cover companies in the same industry

This company: not covered in the books below

Cover of “Kaisha no Shikumi: Raising Prices” Same industry: Retail Trade “Kaisha no Shikumi: Raising Prices” Reads the filings of restaurant, clothing and household goods chains for how price increases relate to customer numbers. Retail Trade companies in this book: saizeriya, FOOD & LIFE COMPANIES, FAST RETAILING and others (6 in all) “Ano Kaisha no Shikumi” series, Vol.2 — Kindle and paperback Find it on Amazon → Cover of “Kaisha no Shikumi: Earning Beyond the Till” Same industry: Retail Trade “Kaisha no Shikumi: Earning Beyond the Till” Reads the filings of supermarkets, department stores and drugstores for money received under headings other than product sales, such as finance and rent. Retail Trade companies in this book: AEON, TSURUHA, Takashimaya and others (5 in all) “Ano Kaisha no Shikumi” series, Vol.5 — Kindle and paperback Find it on Amazon →

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
Net cash provided by (used in) operating activities (IFRS) ¥74.5 billion Consolidated
Basic earnings (loss) per share (IFRS) 73.62 yen Consolidated
Revenue (IFRS) ¥457.8 billion Consolidated
Diluted earnings (loss) per share (IFRS) 73.62 yen Consolidated
Profit (loss) attributable to owners of parent (IFRS) ¥16.7 billion Consolidated
Comprehensive income (IFRS) ¥18.5 billion Consolidated
Net cash provided by (used in) investing activities (IFRS) ¥-34.1 billion Consolidated
Cash and cash equivalents (IFRS) ¥34.3 billion Consolidated
Profit (loss) before tax (IFRS) ¥26.3 billion Consolidated
Total assets (IFRS) ¥518.5 billion Consolidated
Equity attributable to owners of parent (IFRS) ¥187.6 billion Consolidated
Return on equity attributable to owners of parent (IFRS) 9.3% Consolidated
Ratio of equity attributable to owners of parent (IFRS) 36.2% Consolidated
Net cash provided by (used in) financing activities (IFRS) ¥-25.5 billion Consolidated
Equity attributable to owners of parent per share (IFRS) 824.46 yen Consolidated
Dividend per share 22 yen Parent only
Net sales ¥231.1 billion Parent only
Net income (loss) ¥-3.0 billion Parent only
Diluted earnings per share -13.08 yen Parent only
Total number of issued shares (common stock) 227,502,200 shares Parent only
Net assets ¥77.6 billion Parent only
Ordinary income (loss) ¥2.4 billion Parent only
Total assets ¥259.7 billion Parent only
Equity-to-asset ratio 29.9% Parent only
Capital stock ¥25.1 billion Parent only
Interim dividend per share 8 yen Parent only
Basic earnings (loss) per share -13.08 yen Parent only
Net assets per share 340.93 yen Parent only

Accounts unique to this company (20 items)

ItemValueConsolidated / Non-consolidated
Revenue ¥30.0 billion Consolidated
Revenue ¥-4.3 billion Consolidated
Revenue ¥1.8 billion Consolidated
Revenue ¥-2.00 million Consolidated
Revenue ¥0.2 billion Consolidated
Revenue ¥86.4 billion Consolidated
Revenue ¥-0.2 billion Consolidated
Revenue ¥0.1 billion Consolidated
Revenue ¥-1.6 billion Consolidated
Revenue ¥40.2 billion Consolidated
Revenue ¥-20.2 billion Consolidated
Revenue ¥0.4 billion Consolidated
Revenue ¥0.2 billion Consolidated
Revenue ¥22.00 million Parent only
Revenue ¥0.2 billion Parent only
Revenue ¥91.00 million Parent only
Revenue ¥1.6 billion Parent only
Revenue ¥12.00 million Parent only
Revenue ¥91.00 million Parent only
Revenue ¥0.1 billion Parent only

Employees (10 items)

ItemValueConsolidated / Non-consolidated
Number of employees 6,744 people Consolidated
Number of employees 6,744 people Consolidated
Wage gap between men and women (all employees) 54.9% Parent only
Average length of service (years) 19.6 years Parent only
Average annual salary ¥7.56 million Parent only
Average age (years) 47.5 years old Parent only
Number of employees 572 people Parent only
Number of employees 572 people Parent only
Wage gap between men and women (regular employees) 72.1% Parent only
Wage gap between men and women (non-regular employees) 106.8% Parent only

Other disclosed items (7 items)

ItemValueConsolidated / Non-consolidated
Average number of temporary employees 40,615 people Consolidated
Average number of temporary employees 40,615 people Consolidated
Rate of male employees taking childcare leave (all employees) 25.0% Parent only
Average number of temporary employees 2,376 people Parent only
Average number of temporary employees 2,376 people Parent only
Total return on the share price index 213.2% Parent only
Ratio of female employees in managerial positions 8.8% Parent only

Shares (10 items)

ItemValueConsolidated / Non-consolidated
Number of shares held 50,383,477 shares Consolidated
Total number of shares held treasury shares etc 100 shares Consolidated
Number of shares 227,502,200 shares Consolidated
Shareholding ratio treasury shares etc 0.0% Consolidated
Shareholding ratio 22.1% Consolidated
Number of shares held in own name treasury shares etc 100 shares Consolidated
Number of voting rights 2,273,397 units Consolidated
Carrying amount on the balance sheet ¥0.2 billion Consolidated
Number of issues 9 issues Consolidated
Total shareholder return 214.4% Parent only

Property and facilities (1 items)

ItemValueConsolidated / Non-consolidated
Capital expenditures ¥24.8 billion Consolidated

Audit (10 items)

ItemValueConsolidated / Non-consolidated
Fees for audit and attestation services - reporting company ¥0.1 billion Consolidated
Fees for audit and attestation services - total ¥3.00 million Consolidated
Fees for audit and attestation services - total ¥0.1 billion Consolidated
Fees for audit and attestation services - consolidated subsidiaries ¥3.00 million Consolidated
Fees for audit and attestation services - consolidated subsidiaries ¥9.00 million Consolidated
Fees for non-audit services - reporting company ¥1.00 million Consolidated
Fees for non-audit services - reporting company ¥7.00 million Consolidated
Fees for non-audit services - total ¥3.00 million Consolidated
Fees for non-audit services - total ¥7.00 million Consolidated
Non audit fees consolidated subsidiaries network firms ¥2.00 million Consolidated

Balance sheet (143 items)

ItemValueConsolidated / Non-consolidated
Other ¥-0.3 billion Consolidated
Other ¥0.4 billion Consolidated
Other ¥81.00 million Consolidated
Other current liabilities clifrs ¥20.9 billion Consolidated
Other current assets caifrs ¥1.8 billion Consolidated
Other intangible assets IFRS ¥20.0 billion Consolidated
Other intangible assets IFRS ¥20.0 billion Consolidated
Other components of equity IFRS ¥2.9 billion Consolidated
Other financial liabilities ¥29.5 billion Consolidated
Other financial liabilities ¥95.5 billion Consolidated
Other financial assets ¥74.00 million Consolidated
Other financial assets ¥24.7 billion Consolidated
Other non current liabilities nclifrs ¥1.1 billion Consolidated
Other non current assets ncaifrs ¥1.1 billion Consolidated
Goodwill ¥162.7 billion Consolidated
Goodwill IFRS ¥162.7 billion Consolidated
Goodwill IFRS ¥162.7 billion Consolidated
Software ¥-19.5 billion Consolidated
Software ¥24.9 billion Consolidated
Software IFRS ¥5.5 billion Consolidated
Work in process ¥1.1 billion Consolidated
Right-of-use assets, Acquisition cost (IFRS) ¥358.1 billion Consolidated
Right-of-use assets, Accumulated depreciation and impairment losses (IFRS) ¥-235.8 billion Consolidated
Right of use assets IFRS ¥122.3 billion Consolidated
Retained earnings IFRS ¥106.6 billion Consolidated
Raw materials ¥6.4 billion Consolidated
Merchandise and finished goods ¥0.3 billion Consolidated
Trademarks accumulated amortization and impairment losses IFRS ¥-0.4 billion Consolidated
Trademarks acquisition cost IFRS ¥14.9 billion Consolidated
Trademarks IFRS ¥14.5 billion Consolidated
Trade and other payables clifrs ¥33.9 billion Consolidated
Trade and other receivables caifrs ¥23.6 billion Consolidated
Land ¥12.9 billion Consolidated
Land ¥-0.9 billion Consolidated
Land IFRS ¥12.0 billion Consolidated
Tools, furniture and fixtures ¥31.4 billion Consolidated
Tools, furniture and fixtures ¥-25.4 billion Consolidated
Tools, furniture and fixtures ¥6.0 billion Consolidated
Buildings and structures ¥160.2 billion Consolidated
Buildings and structures ¥-84.0 billion Consolidated
Buildings and structures IFRS ¥76.2 billion Consolidated
Construction in progress ¥1.2 billion Consolidated
Construction in progress IFRS ¥1.2 billion Consolidated
Provisions clifrs ¥1.5 billion Consolidated
Provisions nclifrs ¥15.2 billion Consolidated
Property, plant and equipment ¥603.7 billion Consolidated
Property, plant and equipment ¥-373.5 billion Consolidated
Property plant and equipment IFRS ¥230.2 billion Consolidated
Property plant and equipment IFRS ¥230.2 billion Consolidated
Income taxes payable ¥5.2 billion Consolidated
Inventories ¥7.8 billion Consolidated
Inventories ¥7.8 billion Consolidated
Machinery, equipment and vehicles ¥40.0 billion Consolidated
Machinery, equipment and vehicles ¥-27.4 billion Consolidated
Machinery and vehicles IFRS ¥12.6 billion Consolidated
Total current liabilities IFRS ¥105.4 billion Consolidated
Current assets IFRS ¥67.6 billion Consolidated
Cash and cash equivalents (IFRS) ¥34.3 billion Consolidated
Cash and cash equivalents (IFRS) ¥34.3 billion Consolidated
Bonds and borrowings clifrs ¥14.3 billion Consolidated
Bonds and borrowings nclifrs ¥109.3 billion Consolidated
Net assets ¥187.6 billion Consolidated
Net assets ¥187.6 billion Consolidated
Total assets ¥518.5 billion Consolidated
Deferred tax liabilities IFRS ¥4.5 billion Consolidated
Deferred tax assets IFRS ¥12.2 billion Consolidated
Treasury shares IFRS ¥-0 Consolidated
Equity attributable to owners of parent (IFRS) ¥187.6 billion Consolidated
Liabilities and equity IFRS ¥518.5 billion Consolidated
Liabilities IFRS ¥331.0 billion Consolidated
Supplies ¥43.00 million Consolidated
Capital surplus IFRS ¥52.9 billion Consolidated
Share capital IFRS ¥25.1 billion Consolidated
Non current labilities IFRS ¥225.6 billion Consolidated
Non current assets IFRS ¥451.0 billion Consolidated
Other ¥0.5 billion Parent only
Other ¥7.4 billion Parent only
Other ¥1.1 billion Parent only
Other ¥70.00 million Parent only
Other ¥49.00 million Parent only
Other capital surplus ¥55.6 billion Parent only
Goodwill ¥44.3 billion Parent only
Software ¥5.0 billion Parent only
Reserve for loyalty awards credits ¥0.2 billion Parent only
Lease obligations ¥3.7 billion Parent only
Lease obligations ¥1.0 billion Parent only
Lease assets ¥0.4 billion Parent only
Lease assets, net ¥2.8 billion Parent only
Work in process ¥0.6 billion Parent only
Retained earnings ¥-4.1 billion Parent only
Prepaid expenses ¥2.8 billion Parent only
Raw materials and supplies ¥4.0 billion Parent only
Merchandise ¥2.00 million Parent only
Non-current liabilities ¥126.6 billion Parent only
Non-current assets ¥212.7 billion Parent only
Land ¥11.7 billion Parent only
Accounts receivable - trade ¥18.4 billion Parent only
Contract liabilities ¥0.4 billion Parent only
Tools, furniture and fixtures ¥3.1 billion Parent only
Buildings, net ¥58.5 billion Parent only
Construction in progress ¥1.0 billion Parent only
Provision for directors' bonuses ¥0.2 billion Parent only
Investments and other assets ¥72.5 billion Parent only
Investment securities ¥0.2 billion Parent only
Lease deposits ¥15.3 billion Parent only
Property, plant and equipment ¥90.4 billion Parent only
Accounts receivable - other ¥1.1 billion Parent only
Income taxes payable ¥2.0 billion Parent only
Accrued expenses ¥2.1 billion Parent only
Accounts payable - other ¥20.0 billion Parent only
Provision for shareholder benefit program ¥1.2 billion Parent only
Shareholders' equity ¥76.6 billion Parent only
Structures, net ¥5.4 billion Parent only
Machinery and equipment, net ¥7.9 billion Parent only
Current liabilities ¥55.5 billion Parent only
Current assets ¥47.0 billion Parent only
Intangible assets ¥49.8 billion Parent only
Cash and deposits ¥20.1 billion Parent only
Short-term loans payable ¥13.7 billion Parent only
Bonds payable ¥34.3 billion Parent only
Net assets ¥77.6 billion Parent only
Net assets ¥77.6 billion Parent only
Total assets ¥259.7 billion Parent only
Deferred gains or losses on hedges ¥1.0 billion Parent only
Deferred tax assets ¥5.7 billion Parent only
Retained earnings brought forward ¥-4.1 billion Parent only
Treasury stock ¥-0 Parent only
Valuation and translation adjustments ¥1.0 billion Parent only
Liabilities ¥182.1 billion Parent only
Liabilities and net assets ¥259.7 billion Parent only
Accounts payable - trade ¥12.2 billion Parent only
Allowance for doubtful accounts ¥-9.7 billion Parent only
Allowance for doubtful accounts ¥-40.00 million Parent only
Capital surplus ¥55.6 billion Parent only
Capital stock ¥25.1 billion Parent only
Asset retirement obligations ¥13.2 billion Parent only
Asset retirement obligations ¥0.1 billion Parent only
Provision for bonuses ¥0.3 billion Parent only
Vehicles, net ¥4.00 million Parent only
Long-term loans payable ¥74.8 billion Parent only
Long-term loans receivable ¥17.5 billion Parent only
Shares of subsidiaries and associates ¥36.1 billion Parent only
Deposits received ¥1.1 billion Parent only

Statement of income (96 items)

ItemValueConsolidated / Non-consolidated
Other ¥0.9 billion Consolidated
Other ¥0.8 billion Consolidated
Other ¥58.5 billion Consolidated
Net change in fair value of equity instruments designated as measured at fair value through other comprehensive income net of tax items that will not be reclassified to profit or loss ociifrs ¥16.00 million Consolidated
Financial assets measured at fair value through other comprehensive income ¥2.00 million Consolidated
Other comprehensive income IFRS ¥1.8 billion Consolidated
Other comprehensive income IFRS ¥1.8 billion Consolidated
Other income IFRS ¥2.00 million Consolidated
Other income IFRS ¥2.00 million Consolidated
Other operating income IFRS ¥2.0 billion Consolidated
Other operating income IFRS ¥2.0 billion Consolidated
Other operating expenses IFRS ¥5.0 billion Consolidated
Other operating expenses IFRS ¥5.0 billion Consolidated
Other expenses IFRS ¥0.2 billion Consolidated
Other expenses IFRS ¥0.2 billion Consolidated
Effective portion of cash flow hedges net of tax items that may be reclassified to profit or loss ociifrs ¥0.7 billion Consolidated
Personnel expenses ¥145.4 billion Consolidated
Insurance claim income IFRS ¥0.1 billion Consolidated
Interest income IFRS ¥46.00 million Consolidated
Compensation income IFRS ¥0.2 billion Consolidated
Operating income ¥30.0 billion Consolidated
Net cash provided by (used in) operating activities ¥74.5 billion Consolidated
Loss on retirement of fixed assets IFRS ¥1.8 billion Consolidated
Exchange differences on translation of foreign operations net of tax items that may be reclassified to profit or loss ociifrs ¥1.0 billion Consolidated
Basic earnings loss per share IFRS 73.62 yen Consolidated
Cost of sales IFRS ¥152.7 billion Consolidated
Gross profit IFRS ¥305.1 billion Consolidated
Net sales ¥457.8 billion Consolidated
Diluted earnings loss per share IFRS 73.62 yen Consolidated
Profit loss IFRS ¥16.7 billion Consolidated
Profit loss IFRS ¥16.7 billion Consolidated
Profit loss IFRS ¥16.7 billion Consolidated
Profit loss IFRS ¥16.7 billion Consolidated
Comprehensive income (IFRS) ¥18.5 billion Consolidated
Comprehensive income (IFRS) ¥18.5 billion Consolidated
Comprehensive income (IFRS) ¥18.5 billion Consolidated
Net income ¥16.7 billion Consolidated
Total transactions with owners IFRS ¥-4.3 billion Consolidated
Net cash provided by (used in) investing activities (IFRS) ¥-34.1 billion Consolidated
Interest expenses IFRS ¥3.5 billion Consolidated
Utilities expenses ¥20.3 billion Consolidated
Income tax expense IFRS ¥9.5 billion Consolidated
Depreciation and amortization ¥48.0 billion Consolidated
Reversal of impairment losses IFRS ¥0.2 billion Consolidated
Net increase decrease in cash and cash equivalents IFRS ¥15.2 billion Consolidated
Effect of exchange rate changes on cash and cash equivalents IFRS ¥0.2 billion Consolidated
Remeasurements of defined benefit plans net of tax items that will not be reclassified to profit or loss ociifrs ¥2.00 million Consolidated
Total of items that will not be reclassified to profit or loss ociifrs ¥18.00 million Consolidated
Total of items that may be reclassified to profit or loss ociifrs ¥1.8 billion Consolidated
Profit loss before tax IFRS ¥26.3 billion Consolidated
Profit loss before tax IFRS ¥26.3 billion Consolidated
Comprehensive income attributable to owners of parent IFRS ¥18.5 billion Consolidated
Net cash provided by (used in) financing activities (IFRS) ¥-25.5 billion Consolidated
Selling general and administrative expenses IFRS ¥272.1 billion Consolidated
Selling general and administrative expenses IFRS ¥272.1 billion Consolidated
Rental income IFRS ¥0.2 billion Consolidated
Dividendsofsurplus ¥-4.3 billion Consolidated
Impairment losses ¥2.4 billion Consolidated
Other ¥38.00 million Parent only
Other ¥0.2 billion Parent only
Other ¥4.00 million Parent only
Amortization of goodwill ¥7.4 billion Parent only
Entertainment expenses ¥1.5 billion Parent only
Dividends from surplus ¥-4.3 billion Parent only
Subsidy income ¥69.00 million Parent only
Interest and dividend income ¥1.0 billion Parent only
Guaranty money income ¥0.2 billion Parent only
Operating income ¥6.5 billion Parent only
Non-operating income ¥1.2 billion Parent only
Non-operating expenses ¥5.3 billion Parent only
Loss on retirement of non-current assets ¥0.6 billion Parent only
Cost of sales ¥209.6 billion Parent only
Gross profit (loss) ¥21.5 billion Parent only
Net sales ¥231.1 billion Parent only
Loss on valuation of shares of subsidiaries ¥11.00 million Parent only
Net income (loss) ¥-3.0 billion Parent only
Net income (loss) ¥-3.0 billion Parent only
Provision for directors' bonuses ¥0.2 billion Parent only
Interest expenses ¥1.1 billion Parent only
Provision for shareholder benefit program ¥-66.00 million Parent only
Income taxes - current ¥3.5 billion Parent only
Income taxes ¥3.9 billion Parent only
Income taxes - deferred ¥0.4 billion Parent only
Depreciation ¥29.00 million Parent only
Impairment loss ¥1.1 billion Parent only
Extraordinary income ¥0.3 billion Parent only
Extraordinary loss ¥1.8 billion Parent only
Interest on bonds ¥0.4 billion Parent only
Bond issuance cost ¥0.1 billion Parent only
Taxes and dues ¥1.6 billion Parent only
Income (loss) before income taxes ¥0.9 billion Parent only
Ordinary income ¥2.4 billion Parent only
Salaries and allowances ¥0.5 billion Parent only
Selling, general and administrative expenses ¥15.0 billion Parent only
Provision of allowance for doubtful accounts ¥1.9 billion Parent only
Provision for bonuses ¥6.00 million Parent only

Statement of cash flows (27 items)

ItemValueConsolidated / Non-consolidated
Other ¥-0.4 billion Consolidated
Other ¥-0.8 billion Consolidated
Repayments of lease obligations ¥-37.4 billion Consolidated
Interest paid ope cfifrs ¥-3.0 billion Consolidated
Interest and dividends received ope cfifrs ¥40.00 million Consolidated
Interest income ¥-46.00 million Consolidated
Increase (decrease) in trade and other payables ¥0.8 billion Consolidated
Decrease (increase) in trade and other receivables ¥-2.7 billion Consolidated
Payments for acquisition of subsidiaries inv cfifrs ¥-8.8 billion Consolidated
Subtotal ¥83.7 billion Consolidated
Interest expenses ¥3.5 billion Consolidated
Proceeds from collection of leasehold deposits and guarantee deposits inv cfifrs ¥0.6 billion Consolidated
Payments for leasehold deposits and guarantee deposits inv cfifrs ¥-0.7 billion Consolidated
Purchase of property plant and equipment inv cfifrs ¥-22.6 billion Consolidated
Proceeds from sale of property plant and equipment inv cfifrs ¥4.00 million Consolidated
Decrease (increase) in inventories ¥-17.00 million Consolidated
Income taxes paid ope cfifrs ¥-6.2 billion Consolidated
Income taxes refund ope cfifrs ¥8.00 million Consolidated
Depreciation and amortization ¥52.2 billion Consolidated
Impairment losses reversal of impairment losses ope cfifrs ¥2.4 billion Consolidated
Purchase of intangible assets inv cfifrs ¥-2.2 billion Consolidated
Proceeds from short term borrowings fin cfifrs ¥24.5 billion Consolidated
Repayments of short term borrowings fin cfifrs ¥-24.5 billion Consolidated
Proceeds from issuance of bonds fin cfifrs ¥14.2 billion Consolidated
Dividends ¥-4.3 billion Consolidated
Proceeds from long term borrowings fin cfifrs ¥35.6 billion Consolidated
Repayments of long term borrowings fin cfifrs ¥-32.0 billion Consolidated

Statement of changes in equity (2 items)

ItemValueConsolidated / Non-consolidated
Total changes during the period ¥-6.6 billion Parent only
Net changes in items other than shareholders' equity ¥0.7 billion Parent only
Basic indicators
ItemValueConsolidated / Non-consolidatedSource
Net cash provided by (used in) operating activities ¥74.5 billion ConsolidatedDisclosed
Dividend per share 22 Parent onlyDisclosed
Number of employees 6,744 ConsolidatedDisclosed
Net assets ¥187.6 billion ConsolidatedDisclosed
Net sales ¥457.8 billion ConsolidatedDisclosed
Operating income ¥30.0 billion ConsolidatedDisclosed
Ordinary income ¥2.4 billion Parent onlyDisclosed
Net income ¥16.7 billion ConsolidatedDisclosed
Total assets ¥518.5 billion ConsolidatedDisclosed
Operating margin 6.5%ConsolidatedCalculated
Net margin 3.7%ConsolidatedCalculated
Sales per employee 67881673 yenConsolidatedCalculated
Total asset turnover 0.88 timesConsolidatedCalculated
Net assets to total assets 36.2%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 6.5% Operating income ÷ net sales  = ¥30.0 billion ÷ ¥457.8 billion
    Operating income ÷ net sales. The denominator is Net sales (Consolidated, IFRS).
  • Net margin 3.7% Net income ÷ net sales  = ¥16.7 billion ÷ ¥457.8 billion
    Net income ÷ net sales. The denominator is Net sales (Consolidated, IFRS).
  • Sales per employee 67,881,673 yen Sales or operating revenue ÷ employees  = ¥457.8 billion ÷ 6,744 people
    Sales or operating revenue ÷ employees. The denominator is Number of employees (Consolidated, Japanese GAAP).
  • Total asset turnover 0.88 times Sales or operating revenue ÷ total assets  = ¥457.8 billion ÷ ¥518.5 billion
    Sales or operating revenue ÷ total assets. The denominator is Total assets (Consolidated, IFRS).
  • Net assets to total assets 36.2% Net assets ÷ total assets  = ¥187.6 billion ÷ ¥518.5 billion
    Net assets ÷ total assets. The denominator is Total assets (Consolidated, IFRS).

Company details

  • Representative 代表取締役社長COO, gBizINFO

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 Parent only
  • 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) 87% 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
  • Increase in working capital (increase in trade receivables + increase in inventories) ÷ net sales (or operating revenue)。Trade receivables up ¥2.7 billion + inventories up ¥17.00 million, over net sales ¥457.8 billion
  • Property, plant and equipment purchases relative to depreciation Purchase of property, plant and equipment ÷ depreciation。Purchase of property, plant and equipment ¥22.6 billion, over depreciation ¥52.2 billion
  • Return to shareholders (dividends paid + purchase of treasury stock) ÷ net cash provided by operating activities。Dividends paid ¥4.3 billion (no treasury stock purchase disclosed), over operating cash flow ¥74.5 billion

Long-term changes in performance

  • Revenue Disclosed value for 2025 ÷ disclosed value for 2012

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

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 1 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 Retail Trade 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 Retail Trade 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: 6,744 (a different scope, kept apart from the four above). Industry median: the middle value among companies in Retail Trade 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
  • Average temporary staff Consolidated, average headcount other than regular employees

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

Greenhouse gas emissions

  • Categories count different things; not added together Source: processed from the Ministry of the Environment’s greenhouse gas calculation, reporting and disclosure system (EEGS). Companies required to report only Ministry of the Environment (EEGS)

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 SKYLARK HOLDINGS CO., LTD. on EDINET, the FSA’s disclosure system (free to read)
Corporate number: 2010001138365 / Accounting standard: IFRS

  • 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