Ano Kaisha no Shikumi
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XEBIO

XEBIO HOLDINGS CO.,LTD.

Company highlights

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

Key figures

Period Apr 2025 to Mar 2026ConsolidatedJapanese GAAP

RevenueDisclosed ¥252.3B
Operating marginCalculated 0.9%
Net assets to total assetsCalculated 57.4%

Company profile

Securities code 8281 / EDINET code E03129 / Retail Trade / Fiscal year end March 31

郡山市朝日3丁目7番35号/Capital stock ¥15,935 million
Address, capital stock, fiscal year end and industry: the FSA’s EDINET code list.

Company details
諸橋友良 Representative
35 Consolidated subsidiaries

Tables scroll sideways

Disclosed data

Source: Annual Securities Report (Apr 2025 to Mar 2026) · filed 2026-06-25

Profitability ★☆☆☆☆position among all companies 0.9%
Growth (revenue, 4-year average) ★★☆☆☆position among all companies 3.1%
Capital efficiency ★☆☆☆☆position among all companies -1.8%

Business activities and revenue composition

Revenue and profit by business segment

Disclosed segments (business divisions used in reporting): one

Revenue and profit

XEBIO

Period Apr 2025 to Mar 2026Source Annual securities reports

Net sales and operating revenue ¥252.3B 100% Cost of sales ¥157.2B 62% Selling, general and administrative expenses ¥92.7B 37% Operating income ¥2.4B 1%
Amounts by account
GroupAccountAmountConsolidated / Non-consolidated
Selling, general and administrative expenses Salaries and allowances ¥27.2 billion Consolidated
Rent expenses ¥20.0 billion Consolidated
Depreciation ¥6.5 billion Consolidated
Advertising expenses ¥6.4 billion Consolidated
Provision for bonuses ¥1.2 billion Consolidated
Provision of allowance for doubtful accounts ¥0.2 billion Consolidated
Retirement benefit expenses ¥64.00 million Consolidated
Provision for directors' bonuses ¥21.00 million Consolidated
Profit by stage Gross profit (loss) ¥95.1 billion Consolidated
Ordinary income ¥4.7 billion Consolidated
Operating income ¥2.4 billion Consolidated
Net income ¥-2.2 billion Consolidated

XEBIO

Selling, general and administrative expenses

Period Apr 2025 to Mar 2026Source Annual securities reports

Salaries and allowances ¥27.2 billion (29.4%)29%Rent expenses ¥20.0 billion (21.5%)22%Depreciation ¥6.5 billion (7.0%)7%Advertising expenses ¥6.4 billion (6.9%)7%Provision for bonuses ¥1.2 billion (1.2%)Provision of allowance for doubtful accounts ¥0.2 billion (0.2%)Other (not itemized) ¥31.3 billion (33.8%)34%¥92.7B
  • Salaries and allowances ¥27.2 billion
  • Rent expenses ¥20.0 billion
  • Depreciation ¥6.5 billion
  • Advertising expenses ¥6.4 billion
  • Provision for bonuses ¥1.2 billion
  • Provision of allowance for doubtful accounts ¥0.2 billion
  • Other (not itemized) ¥31.3 billion

Performance, financial position and capital allocation

Finance
57.4% Net assets to total assets Industry median 45.6% FY ending 3/2026 · consolidated / calculated
-1.1% Return on assets (ROA)
¥2,845.71 Net assets per share
¥-1.6 billion Free cash flow
¥206.0 billion Total assets
¥83.00 million Goodwill (the part of the acquisition price above the net assets acquired)
Capital allocation
426.3% Cash conversion Industry median 121.9% FY ending 3/2026 · consolidated / calculated
0.5% Increase in working capital ★★★☆☆ position among all companies FY ending 3/2026 · consolidated / calculated
105.9% Property, plant and equipment purchases relative to depreciation ★★★☆☆ position among all companies FY ending 3/2026 · consolidated / calculated
17.7% Return to shareholders ★★☆☆☆ position among all companies FY ending 3/2026 · consolidated / calculated
-149.7% Extraordinary gains and losses relative to ordinary profit ★☆☆☆☆ position among all companies FY ending 3/2026 · consolidated / calculated
2.0% 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 ×1.31 from 2013 to 2026

XEBIO

Long-term revenue, profit and asset trends

Period 2013 to 2026Source Annual securities reportsDisclosed

Mark on the chart
252 168 84 0 2013 2015 2017 2019 2021 2023 2025 2026 Net sales and operating revenue Ordinary income 2015 Ordinary income (loss) as a share of revenue -3.3 points 252Latest value 2026 252¥ billion 252Highest in the period shown 2026 252¥ billion 193Lowest in the period shown 2013 193¥ billion ¥ billion

XEBIO

Recent performance trends

Source Annual securities reports

252 168 84 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 ¥223.3B ¥239.3B ¥242.4B ¥250.6B ¥252.3B
Year on year (%) +10.3% +7.2% +1.3% +3.4% +0.7%
Ordinary income (loss) ¥7.9B ¥9.2B ¥5.4B ¥7.6B ¥4.7B
Change from prior year +80.8% +17.7% -41.5% +40.9% -38.8%
Ordinary income (loss) as a share of Net sales 3.5% 3.9% 2.2% 3.0% 1.8%
Change (percentage points) +1.4 points +0.3 points -1.6 points +0.8 points -1.2 points

Fiscal periods marked for changes

  • 2015Ordinary income (loss) as a share of revenue -3.3 points

XEBIO

Earnings and net assets per share over time

Unit yenSource Annual securities reports

122 64 6 -52 4 years ago 3 years ago 2 years ago Last year This year Earnings per share yen 2,917 1,944 972 0 4 years ago 3 years ago 2 years ago Last year This year Net assets per share yen

XEBIO

Return on equity over time

Unit %Source Annual securities reports

4 2 0 -2 4 years ago 3 years ago 2 years ago Last year This year Return on equity (ROE, %)
Consolidated indicators (15 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Net sales ¥223.3 billion ¥239.3 billion ¥242.4 billion ¥250.6 billion ¥252.3 billion
Ordinary income (loss) ¥7.9 billion ¥9.2 billion ¥5.4 billion ¥7.6 billion ¥4.7 billion
Net income (loss) attributable to owners of parent ¥3.8 billion ¥5.4 billion ¥2.6 billion ¥1.0 billion ¥-2.2 billion
Comprehensive income ¥4.1 billion ¥5.3 billion ¥3.5 billion ¥1.6 billion ¥-2.1 billion
Net assets ¥118.7 billion ¥122.6 billion ¥124.8 billion ¥122.1 billion ¥118.3 billion
Total assets ¥208.3 billion ¥211.3 billion ¥209.5 billion ¥204.0 billion ¥206.0 billion
Net assets per share 2,674.23 yen 2,760.04 yen 2,806.34 yen 2,916.65 yen 2,845.71 yen
Basic earnings (loss) per share 86.77 yen 122.09 yen 58.62 yen 22.61 yen -52.27 yen
Diluted earnings per share 86.44 yen 121.58 yen 58.31 yen 22.46 yen Could not be retrieved
Equity-to-asset ratio 56.8% 57.7% 59.2% 59.5% 57.2%
Return on equity 3.3% 4.5% 2.1% 0.8% -1.8%
Net cash provided by (used in) operating activities ¥2.2 billion ¥7.0 billion ¥4.3 billion ¥12.1 billion ¥9.7 billion
Net cash provided by (used in) investing activities ¥-5.2 billion ¥-5.5 billion ¥-8.0 billion ¥-9.6 billion ¥-11.3 billion
Net cash provided by (used in) financing activities ¥-2.1 billion ¥-7.9 billion ¥-4.1 billion ¥-7.5 billion ¥-3.3 billion
Cash and cash equivalents ¥39.9 billion ¥32.9 billion ¥24.9 billion ¥19.9 billion ¥15.8 billion
Parent only indicators (15 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Operating revenue ¥7.7 billion ¥10.1 billion ¥11.5 billion ¥10.3 billion ¥11.3 billion
Ordinary income (loss) ¥3.3 billion ¥4.5 billion ¥4.0 billion ¥2.4 billion ¥3.2 billion
Net income (loss) ¥3.5 billion ¥3.8 billion ¥3.2 billion ¥38.00 million ¥0.8 billion
Capital stock ¥15.9 billion ¥15.9 billion ¥15.9 billion ¥15.9 billion ¥15.9 billion
Total number of issued shares (common stock) 47,911,023 shares 47,911,023 shares 47,911,023 shares 47,911,023 shares 47,911,023 shares
Net assets ¥109.9 billion ¥112.4 billion ¥114.5 billion ¥110.4 billion ¥109.8 billion
Total assets ¥123.7 billion ¥122.7 billion ¥122.5 billion ¥118.5 billion ¥117.1 billion
Net assets per share 2,475.09 yen 2,534.21 yen 2,581.7 yen 2,644.8 yen 2,642.65 yen
Dividend per share 30 yen 30 yen 30 yen 32.5 yen 35 yen
Interim dividend per share 15 yen 15 yen 15 yen 15 yen 17.5 yen
Basic earnings (loss) per share 78.09 yen 85.97 yen 71.66 yen 0.88 yen 20.1 yen
Diluted earnings per share 77.79 yen 85.62 yen 71.28 yen 0.88 yen 19.96 yen
Equity-to-asset ratio 88.5% 91.3% 93.1% 92.9% 93.4%
Return on equity 3.2% 3.4% 2.8% 0.0% 0.8%
Payout ratio 38.4% 34.9% 41.9% 3,660.7% 174.1%

Dividend history

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

2 periods Consecutive increases (own definition) through FY ending 3/2026
14 periods Consecutive periods with dividends (site definition) through FY ending 3/2026
+7.7% Dividend growth (year on year)
+3.1% Dividend growth (5-year annual rate)
Fiscal yearAnnual dividend per share Of which interimPayout ratio (as reported, parent only) Flag
FY ending 3/2026 ¥35 ¥17.5 174.1%
FY ending 3/2025 ¥32.5 ¥15 3,660.7%
FY ending 3/2024 ¥30 ¥15 41.9%
FY ending 3/2023 ¥30 ¥15 34.9%
FY ending 3/2022 ¥30 ¥15 38.4%
FY ending 3/2021 ¥30 ¥15 53.1%
FY ending 3/2020 ¥32.5 ¥17.5 40.5%
FY ending 3/2019 ¥35 ¥17.5 68.4%
FY ending 3/2018 ¥35 ¥17.5 85.1%
FY ending 3/2017 ¥35 ¥17.5 85.0%
FY ending 3/2016 ¥35 ¥17.5 45.7%
FY ending 3/2015 ¥35 ¥17.5 91.6%
FY ending 3/2014 ¥35 ¥17.5 25.5%
FY ending 3/2013 ¥35 ¥17.5 25.7%

XEBIO

Dividends per share over time

Unit yenSource Annual securities reports

35 23 12 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

51,337 Shareholders
13.33% Foreign holders (total) Industry median 3.60%
38.35% Individuals and others Industry median 50.90%

XEBIO

Unit %Source Annual securities reports

  • Financial institutions8.25%
  • Securities firms1.31%
  • Other corporations38.76%
  • Foreign holders (institutions)13.29%
  • Foreign holders (individuals)0.04%
  • Individuals and others38.35%

Major shareholders

RankShareholderShareholding ratioShares held
1 有限会社サンビック 19.94% 8,252,000
2 公益財団法人諸橋近代美術館 10.87% 4,500,000
3 有限会社ティー・ティー・シー 9.96% 4,121,000
4 日本マスタートラスト信託銀行株式会社(信託口) 6.37% 2,634,000
5 諸 橋 輝 子 3.36% 1,392,000
6 諸 橋 友 良 2.84% 1,174,000
7 STATE STREET BANK AND TRUST COMPANY 505001(常任理事 株式会社みずほ銀行決済営業部) 2.66% 1,101,000
8 RHB合同会社 2.18% 900,000
9 四 家 千 佳 史 1.21% 500,000
10 ゼビオグループ従業員持株会 1.09% 452,000

Research and development expenses and capital expenditure

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

Not disclosed Research and development
¥10.4 billion Capital expenditure 4.1% of revenue (industry median 3.4%)
Fiscal year Capital expenditure
FY ending 3/2026 ¥10.4 billion
FY ending 3/2021 ¥6.0 billion

Revenue scale in the same industry

XEBIO

Source Annual securities reports of each company

Retail Trade: 343 companies · revenue · largest first・each company’s latest fiscal year・consolidated (parent-only where no consolidated figures)・Disclosed

  • 1 AEONFY Feb 2026 ¥10.7T
  • 2 Seven & iFY Feb 2026 ¥10.4T
  • 3 FAST RETAILINGFY Aug 2025 ¥3.4T
  • … 64 companies
  • 68 saizeriyaFY Aug 2025 ¥256.7B
  • 69 SeriaFY Mar 2026 ¥255.7B
  • 70 XEBIOThis companyFY Mar 2026 ¥252.3B
  • 71 SALAFY Nov 2025 ¥251.5B
  • 72 SAN-AFY Feb 2026 ¥245.5B
  • … 271 companies

Workforce information

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

6 Employees (parent only) Industry median 226
57.2 Average age Industry median 41.8
7.3 years Average length of service Industry median 10.9 years
¥8.68 million Average annual salary Industry median ¥5.46 million
People and organisation
103.2¥ million Sales per employee Industry median 59.6¥ million FY ending 3/2026 · consolidated / calculated
¥0.97 million Operating income per employee
5,629 Average temporary staff

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) ¥83.00 million
Non-audit fees (this year, total) Not applicable
Audit fees (this year, network firms) ¥12.00 million
Non-audit fees (this year, network firms) ¥3.00 million
Going concern note Cannot be determined
Accounting standard Japanese GAAP

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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) (29 items)

ItemValueConsolidated / Non-consolidated
Comprehensive income ¥-2.1 billion Consolidated
Net cash provided by (used in) operating activities ¥9.7 billion Consolidated
Net sales ¥252.3 billion Consolidated
Net cash provided by (used in) investing activities ¥-11.3 billion Consolidated
Cash and cash equivalents ¥15.8 billion Consolidated
Net assets ¥118.3 billion Consolidated
Ordinary income (loss) ¥4.7 billion Consolidated
Total assets ¥206.0 billion Consolidated
Return on equity -1.8% Consolidated
Equity-to-asset ratio 57.2% Consolidated
Net income (loss) attributable to owners of parent ¥-2.2 billion Consolidated
Net cash provided by (used in) financing activities ¥-3.3 billion Consolidated
Basic earnings (loss) per share -52.27 yen Consolidated
Net assets per share 2,845.71 yen Consolidated
Dividend per share 35 yen Parent only
Operating revenue ¥11.3 billion Parent only
Net income (loss) ¥0.8 billion Parent only
Diluted earnings per share 19.96 yen Parent only
Total number of issued shares (common stock) 47,911,023 shares Parent only
Net assets ¥109.8 billion Parent only
Ordinary income (loss) ¥3.2 billion Parent only
Total assets ¥117.1 billion Parent only
Return on equity 0.8% Parent only
Equity-to-asset ratio 93.4% Parent only
Capital stock ¥15.9 billion Parent only
Payout ratio 174.1% Parent only
Interim dividend per share 17.5 yen Parent only
Basic earnings (loss) per share 20.1 yen Parent only
Net assets per share 2,642.65 yen Parent only

Employees (7 items)

ItemValueConsolidated / Non-consolidated
Number of employees 2,446 people Consolidated
Number of employees 2,446 people Consolidated
Average length of service (years) 7.3 years Parent only
Average annual salary ¥8.68 million Parent only
Average age (years) 57.2 years old Parent only
Number of employees 6 people Parent only
Number of employees 6 people Parent only

Other disclosed items (4 items)

ItemValueConsolidated / Non-consolidated
Average number of temporary employees 5,629 people Consolidated
Average number of temporary employees 5,629 people Consolidated
Number of consolidated subsidiaries 35 companies Consolidated
Total return on the share price index 202.2% Parent only

Shares (16 items)

ItemValueConsolidated / Non-consolidated
Number of shares held 25,029,000 shares Consolidated
Total number of shares held treasury shares etc 6,529,100 shares Consolidated
Number of issues whose number of shares decreased shares not listed investment shares held for purposes other than pure investment reporting company 1 issues Consolidated
Number of issues whose number of shares decreased shares other than those not listed investment shares held for purposes other than pure investment reporting company 1 issues Consolidated
Total sale amount for decreased shares shares not listed investment shares held for purposes other than pure investment reporting company ¥0 Consolidated
Total sale amount for decreased shares shares other than those not listed investment shares held for purposes other than pure investment reporting company ¥5.00 million Consolidated
Number of shares 47,911,023 shares Consolidated
Shareholding ratio treasury shares etc 13.6% Consolidated
Shareholding ratio 60.5% Consolidated
Number of shares held in own name treasury shares etc 6,529,100 shares Consolidated
Number of voting rights 413,262 units Consolidated
Carrying amount on the balance sheet ¥0.1 billion Consolidated
Carrying amount on the balance sheet ¥1.6 billion Consolidated
Number of issues 5 issues Consolidated
Number of issues 7 issues Consolidated
Total shareholder return 122.8% Parent only

Property and facilities (1 items)

ItemValueConsolidated / Non-consolidated
Capital expenditures ¥10.4 billion Consolidated

Audit (7 items)

ItemValueConsolidated / Non-consolidated
Fees for audit and attestation services - reporting company ¥60.00 million Consolidated
Fees for audit and attestation services - total ¥12.00 million Consolidated
Fees for audit and attestation services - total ¥83.00 million Consolidated
Fees for audit and attestation services - consolidated subsidiaries ¥12.00 million Consolidated
Fees for audit and attestation services - consolidated subsidiaries ¥23.00 million Consolidated
Fees for non-audit services - total ¥3.00 million Consolidated
Non audit fees consolidated subsidiaries network firms ¥3.00 million Consolidated

Accounts unique to this company (16 items)

ItemValueConsolidated / Non-consolidated
Revenue ¥0.6 billion Consolidated
Revenue ¥34.00 million Consolidated
Revenue ¥-34.00 million Consolidated
Revenue ¥-43.00 million Consolidated
Change in average annual salary from the previous year 2.0% Parent only
Revenue ¥7.5 billion Parent only
Revenue ¥2.5 billion Parent only
Revenue ¥1.7 billion Parent only
Revenue ¥0.1 billion Parent only
Revenue ¥18.00 million Parent only
Revenue ¥21.00 million Parent only
Revenue ¥36.00 million Parent only
Revenue ¥2.4 billion Parent only
Revenue ¥2.0 billion Parent only
Revenue ¥1.3 billion Parent only
Revenue ¥9.1 billion Parent only

Balance sheet (154 items)

ItemValueConsolidated / Non-consolidated
Other ¥0.5 billion Consolidated
Other ¥0.7 billion Consolidated
Other ¥23.7 billion Consolidated
Other ¥17.2 billion Consolidated
Other ¥12.8 billion Consolidated
Other ¥2.2 billion Consolidated
Valuation difference on available-for-sale securities ¥0.8 billion Consolidated
Other, net ¥3.8 billion Consolidated
Goodwill ¥83.00 million Consolidated
Software ¥6.9 billion Consolidated
Reserve for loyalty awards credits ¥62.00 million Consolidated
Lease obligations ¥3.4 billion Consolidated
Lease assets ¥6.3 billion Consolidated
Lease assets, net ¥2.9 billion Consolidated
Retained earnings ¥93.8 billion Consolidated
Notes receivable - trade ¥1.00 million Consolidated
Notes and accounts receivable trade ¥16.6 billion Consolidated
Notes and accounts receivable trade ¥16.6 billion Consolidated
Merchandise ¥87.5 billion Consolidated
Operating loans ¥0.5 billion Consolidated
Non-current liabilities ¥14.6 billion Consolidated
Non-current assets ¥72.5 billion Consolidated
Land ¥14.8 billion Consolidated
Accounts receivable - trade ¥16.6 billion Consolidated
Contract liabilities ¥0.6 billion Consolidated
Guarantee deposits ¥0.9 billion Consolidated
Buildings and structures ¥53.5 billion Consolidated
Buildings and structures, net ¥13.3 billion Consolidated
Construction in progress ¥1.4 billion Consolidated
Provision for directors' bonuses ¥15.00 million Consolidated
Provision for directors' retirement benefits ¥59.00 million Consolidated
Investments and other assets ¥27.1 billion Consolidated
Real estate for investment ¥2.4 billion Consolidated
Real estate for investment net ¥1.8 billion Consolidated
Investment securities ¥2.3 billion Consolidated
Notes and accounts payable - trade ¥20.3 billion Consolidated
Lease deposits ¥14.5 billion Consolidated
Subscription rights to shares ¥0.4 billion Consolidated
Property, plant and equipment ¥36.2 billion Consolidated
Income taxes refund receivable ¥0.7 billion Consolidated
Income taxes payable ¥1.1 billion Consolidated
Shareholders' equity ¥116.1 billion Consolidated
Current liabilities ¥73.1 billion Consolidated
Current assets ¥133.5 billion Consolidated
Accumulated depreciation ¥-19.9 billion Consolidated
Accumulated depreciation ¥-3.4 billion Consolidated
Accumulated depreciation ¥-40.2 billion Consolidated
Accumulated depreciation ¥-0.6 billion Consolidated
Foreign currency translation adjustment ¥-0.3 billion Consolidated
Intangible assets ¥9.2 billion Consolidated
Cash and cash equivalents ¥15.8 billion Consolidated
Cash and deposits ¥15.8 billion Consolidated
Short-term loans payable ¥0.9 billion Consolidated
Net assets ¥118.3 billion Consolidated
Net assets ¥118.3 billion Consolidated
Total assets ¥206.0 billion Consolidated
Deferred tax assets ¥4.7 billion Consolidated
Treasury stock ¥-9.8 billion Consolidated
Valuation and translation adjustments ¥1.7 billion Consolidated
Liabilities ¥87.7 billion Consolidated
Liabilities and net assets ¥206.0 billion Consolidated
Allowance for doubtful accounts ¥-0.1 billion Consolidated
Allowance for doubtful accounts ¥-0.5 billion Consolidated
Capital surplus ¥16.1 billion Consolidated
Capital stock ¥15.9 billion Consolidated
Asset retirement obligations ¥8.1 billion Consolidated
Provision for bonuses ¥1.2 billion Consolidated
Remeasurements of defined benefit plans ¥1.2 billion Consolidated
Net defined benefit liability ¥0.8 billion Consolidated
Net defined benefit asset ¥2.4 billion Consolidated
Long-term loans payable ¥1.8 billion Consolidated
Long-term loans receivable ¥0 Consolidated
Electronically recorded obligations - operating ¥32.0 billion Consolidated
Non-controlling interests ¥0.2 billion Consolidated
Current portion of long-term loans payable ¥0.2 billion Consolidated
Other ¥0.1 billion Parent only
Other ¥0.1 billion Parent only
Other ¥0.3 billion Parent only
Other ¥0.2 billion Parent only
Valuation difference on available-for-sale securities ¥0.8 billion Parent only
Other capital surplus ¥0.2 billion Parent only
Software ¥6.5 billion Parent only
Lease obligations ¥1.8 billion Parent only
Lease assets ¥3.2 billion Parent only
Lease assets, net ¥2.1 billion Parent only
Leasehold right ¥91.00 million Parent only
General reserve ¥72.0 billion Parent only
Retained earnings ¥86.2 billion Parent only
Legal retained earnings ¥0.8 billion Parent only
Unearned revenue ¥0.2 billion Parent only
Prepaid pension cost ¥11.00 million Parent only
Prepaid expenses ¥0.4 billion Parent only
Non-current liabilities ¥2.9 billion Parent only
Non-current assets ¥86.8 billion Parent only
Land ¥8.6 billion Parent only
Tools, furniture and fixtures ¥1.1 billion Parent only
Tools, furniture and fixtures ¥0.5 billion Parent only
Guarantee deposits ¥0 Parent only
Buildings ¥21.4 billion Parent only
Buildings, net ¥4.5 billion Parent only
Construction in progress ¥1.2 billion Parent only
Provision for directors' bonuses ¥15.00 million Parent only
Provision for directors' retirement benefits ¥59.00 million Parent only
Investments and other assets ¥63.2 billion Parent only
Real estate for investment ¥2.1 billion Parent only
Real estate for investment net ¥1.8 billion Parent only
Investment securities ¥1.7 billion Parent only
Lease deposits ¥1.3 billion Parent only
Subscription rights to shares ¥0.4 billion Parent only
Property, plant and equipment ¥17.1 billion Parent only
Accounts receivable - other ¥1.9 billion Parent only
Income taxes refund receivable ¥0.2 billion Parent only
Income taxes payable ¥8.00 million Parent only
Accounts payable - other ¥0.6 billion Parent only
Shareholders' equity ¥108.5 billion Parent only
Structures ¥1.3 billion Parent only
Structures, net ¥92.00 million Parent only
Current liabilities ¥4.4 billion Parent only
Current assets ¥30.2 billion Parent only
Accumulated depreciation ¥-1.1 billion Parent only
Accumulated depreciation ¥-0.6 billion Parent only
Accumulated depreciation ¥-16.9 billion Parent only
Accumulated depreciation ¥-0.3 billion Parent only
Accumulated depreciation ¥-1.2 billion Parent only
Accumulated depreciation ¥-11.00 million Parent only
Intangible assets ¥6.6 billion Parent only
Cash and deposits ¥2.0 billion Parent only
Net assets ¥109.8 billion Parent only
Net assets ¥109.8 billion Parent only
Total assets ¥117.1 billion Parent only
Deferred tax assets ¥2.4 billion Parent only
Retained earnings brought forward ¥13.3 billion Parent only
Treasury stock ¥-9.8 billion Parent only
Valuation and translation adjustments ¥0.8 billion Parent only
Liabilities ¥7.3 billion Parent only
Liabilities and net assets ¥117.1 billion Parent only
Allowance for doubtful accounts ¥-1.4 billion Parent only
Allowance for doubtful accounts ¥-2.00 million Parent only
Capital surplus ¥16.2 billion Parent only
Legal capital surplus ¥15.9 billion Parent only
Capital stock ¥15.9 billion Parent only
Asset retirement obligations ¥0.8 billion Parent only
Provision for bonuses ¥6.00 million Parent only
Vehicle and delivery equipment ¥16.00 million Parent only
Vehicles, net ¥5.00 million Parent only
Provision for retirement benefits ¥8.00 million Parent only
Long-term prepaid expenses ¥24.00 million Parent only
Long term guarantee deposited ¥0.1 billion Parent only
Investments in capital of subsidiaries and affiliates ¥5.00 million Parent only
Shares of subsidiaries and associates ¥50.6 billion Parent only
Affiliated company short-term loans payable ¥3.2 billion Parent only
Loans receivable to subsidiaries and affiliates ¥25.4 billion Parent only
Long-term loans receivable from subsidiaries and affiliates ¥6.7 billion Parent only
Telephone subscription right ¥0 Parent only

Statement of income (101 items)

ItemValueConsolidated / Non-consolidated
Other ¥0.5 billion Consolidated
Other ¥0.1 billion Consolidated
Other comprehensive income ¥0.3 billion Consolidated
Valuation difference on available for sale securities net of tax ¥0.2 billion Consolidated
Real estate rent ¥0.5 billion Consolidated
Rent expenses on real estates ¥0.3 billion Consolidated
Loss on business restructuring ¥0.3 billion Consolidated
Dividends from surplus ¥-1.5 billion Consolidated
Comprehensive income ¥-2.1 billion Consolidated
Insurance ¥31.00 million Consolidated
Interest income ¥33.00 million Consolidated
Settlement income ¥0.2 billion Consolidated
Dividend income ¥27.00 million Consolidated
Operating income ¥2.4 billion Consolidated
Non-operating income ¥3.4 billion Consolidated
Non-operating expenses ¥1.2 billion Consolidated
Net cash provided by (used in) operating activities ¥9.7 billion Consolidated
Loss on disposal of noncurrent assets ¥2.4 billion Consolidated
Gain on sales of non-current assets ¥23.00 million Consolidated
Loss on retirement of non-current assets ¥0.3 billion Consolidated
Cost of sales ¥157.2 billion Consolidated
Gross profit (loss) ¥95.1 billion Consolidated
Net sales ¥252.3 billion Consolidated
Advertising expenses ¥6.4 billion Consolidated
Net income ¥-2.2 billion Consolidated
Net income ¥-2.2 billion Consolidated
Net income (loss) ¥-2.4 billion Consolidated
Net income (loss) ¥-2.4 billion Consolidated
Provision for directors' bonuses ¥21.00 million Consolidated
Gain on sales of investment securities ¥4.00 million Consolidated
Loss on valuation of investment securities ¥0.8 billion Consolidated
Net cash provided by (used in) investing activities ¥-11.3 billion Consolidated
Interest expenses ¥0.1 billion Consolidated
Gain on reversal of share acquisition rights ¥39.00 million Consolidated
Fiduciary obligation fee ¥1.1 billion Consolidated
Income taxes - current ¥1.3 billion Consolidated
Income taxes ¥0.1 billion Consolidated
Income taxes - deferred ¥-1.2 billion Consolidated
Depreciation ¥6.5 billion Consolidated
Impairment loss ¥3.6 billion Consolidated
Loss on disaster ¥25.00 million Consolidated
Foreign exchange gains ¥1.2 billion Consolidated
Foreign currency translation adjustment net of tax ¥-0.6 billion Consolidated
Extraordinary income ¥0.4 billion Consolidated
Extraordinary loss ¥7.4 billion Consolidated
Effect of exchange rate change on cash and cash equivalents ¥0.9 billion Consolidated
Net increase (decrease) in cash and cash equivalents ¥-4.0 billion Consolidated
Income (loss) before income taxes ¥-2.3 billion Consolidated
Income (loss) before income taxes ¥-2.3 billion Consolidated
Ordinary income ¥4.7 billion Consolidated
Salaries and allowances ¥27.2 billion Consolidated
Disposal of treasury stock ¥0 Consolidated
Purchase of treasury stock ¥-0.3 billion Consolidated
Comprehensive income attributable to owners of parent ¥-1.8 billion Consolidated
Gain on bargain purchase ¥51.00 million Consolidated
Net cash provided by (used in) financing activities ¥-3.3 billion Consolidated
Selling, general and administrative expenses ¥92.7 billion Consolidated
Provision of allowance for doubtful accounts ¥0.2 billion Consolidated
Rent expenses ¥20.0 billion Consolidated
Loss on cancellation of rental contracts ¥50.00 million Consolidated
Gain on reversal of asset retirement obligation-EI ¥43.00 million Consolidated
Provision for bonuses ¥1.2 billion Consolidated
Remeasurements of defined benefit plans net of tax ¥0.7 billion Consolidated
Retirement benefit expenses ¥64.00 million Consolidated
Changes in equity of parent from transaction of non controlling interest ¥-5.00 million Consolidated
Comprehensive income attributable to non-controlling interests ¥-0.3 billion Consolidated
Net income (loss) attributable to non-controlling interests ¥-0.3 billion Consolidated
Other ¥10.00 million Parent only
Other ¥0 Parent only
Other ¥1.6 billion Parent only
Real estate rent ¥0.2 billion Parent only
Rent expenses on real estates ¥73.00 million Parent only
Dividends from surplus ¥-1.5 billion Parent only
Insurance ¥3.00 million Parent only
Interest income ¥0.5 billion Parent only
Dividend income ¥26.00 million Parent only
Operating income ¥2.2 billion Parent only
Operating revenue ¥11.3 billion Parent only
Non-operating income ¥1.2 billion Parent only
Non-operating expenses ¥0.1 billion Parent only
Loss on disposal of noncurrent assets ¥2.4 billion Parent only
Gain on sales of non-current assets ¥0 Parent only
Loss on retirement of non-current assets ¥40.00 million Parent only
Net income (loss) ¥0.8 billion Parent only
Net income (loss) ¥0.8 billion Parent only
Gain on sales of investment securities ¥4.00 million Parent only
Interest expenses ¥38.00 million Parent only
Gain on reversal of share acquisition rights ¥39.00 million Parent only
Income taxes - current ¥13.00 million Parent only
Income taxes ¥-0.1 billion Parent only
Income taxes - deferred ¥-0.1 billion Parent only
Loss on disaster ¥2.00 million Parent only
Foreign exchange gains ¥0.4 billion Parent only
Extraordinary income ¥47.00 million Parent only
Extraordinary loss ¥2.6 billion Parent only
Income (loss) before income taxes ¥0.7 billion Parent only
Ordinary income ¥3.2 billion Parent only
Disposal of treasury stock ¥0 Parent only
Purchase of treasury stock ¥-0.3 billion Parent only
Provision of allowance for doubtful accounts ¥0.2 billion Parent only
Dividends from subsidiaries and associates ¥1.3 billion Parent only

Statement of changes in equity (4 items)

ItemValueConsolidated / Non-consolidated
Total changes during the period ¥-3.8 billion Consolidated
Net changes in items other than shareholders' equity ¥66.00 million Consolidated
Total changes during the period ¥-0.7 billion Parent only
Net changes in items other than shareholders' equity ¥0.2 billion Parent only

Statement of cash flows (58 items)

ItemValueConsolidated / Non-consolidated
Other ¥0.2 billion Consolidated
Other ¥-0.3 billion Consolidated
Other ¥0 Consolidated
Amortization of goodwill ¥24.00 million Consolidated
Increase decrease in provision for point card certificates ¥-67.00 million Consolidated
Repayments of lease obligations ¥-1.0 billion Consolidated
Loss on business restructuring ¥0.3 billion Consolidated
Payments for transfer of business2 ¥-0.6 billion Consolidated
Increase decrease in notes and accounts payable trade ¥6.0 billion Consolidated
Proceeds from insurance income ¥31.00 million Consolidated
Interest expenses paid ¥-0.1 billion Consolidated
Interest and dividends income received ¥60.00 million Consolidated
Insurance ¥-31.00 million Consolidated
Interest and dividend income ¥-60.00 million Consolidated
Settlement income ¥-0.2 billion Consolidated
Settlement package received ¥0.2 billion Consolidated
Decrease increase in operating loans receivable ¥0.2 billion Consolidated
Loss (gain) on disposal of non-current assets ¥2.4 billion Consolidated
Gain on sales of non-current assets ¥-23.00 million Consolidated
Loss on retirement of non-current assets ¥0.3 billion Consolidated
Decrease increase in notes and accounts receivable trade ¥4.0 billion Consolidated
Increase (decrease) in contract liabilities ¥4.00 million Consolidated
Subtotal ¥12.5 billion Consolidated
Payments for investments in real estates ¥-0.2 billion Consolidated
Proceeds from sales of investment securities ¥5.00 million Consolidated
Loss (gain) on sales of long-term investment securities ¥-4.00 million Consolidated
Valuation gains (losses) on investment securities ¥0.8 billion Consolidated
Interest expenses ¥0.1 billion Consolidated
Proceeds from collection of lease and guarantee deposits ¥0.6 billion Consolidated
Payments for lease and guarantee deposits ¥-0.6 billion Consolidated
Gain on reversal of share acquisition rights ¥-39.00 million Consolidated
Purchase of property plant and equipment ¥-7.4 billion Consolidated
Proceeds from sales of property plant and equipment ¥0.1 billion Consolidated
Payments for retirement of property, plant and equipment ¥-16.00 million Consolidated
Decrease in consumption taxes payable ¥-1.3 billion Consolidated
Increase (decrease) in accounts payable-other ¥-2.7 billion Consolidated
Decrease (increase) in inventories ¥-5.2 billion Consolidated
Income taxes paid ¥-3.1 billion Consolidated
Income taxes refund ¥54.00 million Consolidated
Depreciation ¥6.9 billion Consolidated
Impairment loss ¥3.6 billion Consolidated
Loss due disaster-OpeCF ¥25.00 million Consolidated
Purchase of intangible assets ¥-2.4 billion Consolidated
Decrease/increase in short-term loans payable ¥0.4 billion Consolidated
Regarding purchase of treasury stock ¥-0.3 billion Consolidated
Gain on bargain purchase ¥-51.00 million Consolidated
Increase (decrease) in allowance for doubtful accounts ¥-83.00 million Consolidated
Loss on cancellation of rental contracts ¥50.00 million Consolidated
Increase (decrease) in provision for bonuses ¥-58.00 million Consolidated
Increase (decrease) in net defined benefit liability ¥1.00 million Consolidated
Inorease (decrease) in asset for retirement benefits ¥-50.00 million Consolidated
Payments for acquisition in subsidiaries resulting in change in scope of consolidation ¥-18.00 million Consolidated
Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation ¥-5.00 million Consolidated
Dividends ¥-1.5 billion Consolidated
Repayment of long term loans payable ¥-1.0 billion Consolidated
Purchase of long-term prepaid expenses ¥-0.5 billion Consolidated
Proceeds from guarantee deposits received ¥48.00 million Consolidated
Repayments of guarantee deposits received ¥-28.00 million Consolidated
Basic indicators
ItemValueConsolidated / Non-consolidatedSource
Net cash provided by (used in) operating activities ¥9.7 billion ConsolidatedDisclosed
Dividend per share 35 Parent onlyDisclosed
Number of employees 2,446 ConsolidatedDisclosed
Net assets ¥118.3 billion ConsolidatedDisclosed
Net sales ¥252.3 billion ConsolidatedDisclosed
Operating income ¥2.4 billion ConsolidatedDisclosed
Operating revenue ¥11.3 billion Parent onlyDisclosed
Ordinary income ¥4.7 billion ConsolidatedDisclosed
Net income ¥-2.2 billion ConsolidatedDisclosed
Total assets ¥206.0 billion ConsolidatedDisclosed
Operating margin 0.9%ConsolidatedCalculated
Net margin -0.9%ConsolidatedCalculated
Sales per employee 103160670 yenConsolidatedCalculated
Total asset turnover 1.22 timesConsolidatedCalculated
Net assets to total assets 57.4%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 0.9% Operating income ÷ net sales  = ¥2.4 billion ÷ ¥252.3 billion
    Operating income ÷ net sales. The denominator is Net sales (Consolidated, Japanese GAAP).
  • Net margin -0.9% Net income ÷ net sales  = ¥-2.2 billion ÷ ¥252.3 billion
    Net income ÷ net sales. The denominator is Net sales (Consolidated, Japanese GAAP).
  • Sales per employee 103,160,670 yen Sales or operating revenue ÷ employees  = ¥252.3 billion ÷ 2,446 people
    Sales or operating revenue ÷ employees. The denominator is Number of employees (Consolidated, Japanese GAAP).
  • Total asset turnover 1.22 times Sales or operating revenue ÷ total assets  = ¥252.3 billion ÷ ¥206.0 billion
    Sales or operating revenue ÷ total assets. The denominator is Total assets (Consolidated, Japanese GAAP).
  • Net assets to total assets 57.4% Net assets ÷ total assets  = ¥118.3 billion ÷ ¥206.0 billion
    Net assets ÷ total assets. The denominator is Total assets (Consolidated, Japanese GAAP).

Company details

  • Representative Representative Director, gBizINFO
  • Consolidated subsidiaries Annual Securities Report

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
  • Increase in working capital (increase in trade receivables + increase in inventories) ÷ net sales (or operating revenue)。Trade receivables down ¥4.0 billion + inventories up ¥5.2 billion, over net sales ¥252.3 billion
  • Property, plant and equipment purchases relative to depreciation Purchase of property, plant and equipment ÷ depreciation。Purchase of property, plant and equipment ¥7.4 billion, over depreciation ¥6.9 billion
  • Return to shareholders (dividends paid + purchase of treasury stock) ÷ net cash provided by operating activities。Dividends paid ¥1.5 billion + purchase of treasury stock ¥0.3 billion, over operating cash flow ¥9.7 billion
  • Extraordinary gains and losses relative to ordinary profit (extraordinary income − extraordinary loss) ÷ ordinary income。Extraordinary income ¥0.4 billion − extraordinary loss ¥7.4 billion, over ordinary income ¥4.7 billion
  • Investment securities to net assets Investment securities ÷ net assets。Investment securities ¥2.3 billion, over net assets ¥118.3 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.

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: 2,446 (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
  • Average temporary staff Consolidated, average headcount other than regular employees

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 XEBIO HOLDINGS CO.,LTD. on EDINET, the FSA’s disclosure system (free to read)
Corporate number: 1380001005620 / 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