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TOSEI

TOSEI CORPORATION

Company highlights

The largest segment by revenue is Revitalization business, at 40.5% of the total.

Key figures

Period Dec 2024 to Nov 2025ConsolidatedIFRS

RevenueDisclosed ¥94.7B
Operating marginCalculated 23.6%
Net assets to total assetsCalculated 33.5%

Company profile

Securities code 8923 / EDINET code E04021 / Real Estate / Fiscal year end November 30

港区芝浦四丁目５番４号／Capital stock ¥6,624 million
Address, capital stock, fiscal year end and industry: the FSA’s EDINET code list.

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

Company details
山口 誠一郎 Representative

Tables scroll sideways

Disclosed data

Source: Annual Securities Report (Dec 2024 to Nov 2025) · filed 2026-02-25

Profitability ★★★★★position among all companies 23.6%
Growth (revenue, 4-year average) ★★★★☆position among all companies 11.3%
Capital efficiency ★★★★☆position among all companies 15.3%

Business activities and revenue composition

TOSEI

Revenue and profit by business segment

Period Dec 2024 to Nov 2025Source Annual securities reportsConsolidated・Disclosed

SalesProfit Revitalizat…Revitalization business Sales 40.5% 40% Profit 23.9% 24% Real estate…Real estate development business Sales 23.9% 24% Profit 21.7% 22% Real estate…Real estate leasing business Sales 9.5% 9% Profit 18.7% 19% Fund and co…Fund and consulting business Sales 9.4% 9% Profit 20.7% 21% Real estate…Real estate management Sales 9.4% 9% Profit 4.4% 4% HotelHotel Sales 7.4% 7% Profit 10.6% 11%
BusinessNet sales Operating income
This yearShareLast year This yearShareMarginLast year
Revitalization business ¥39.2 billion 40.5% ¥37.2 billion ¥6.3 billion 23.9% 16.2% ¥6.0 billion
Real estate development business ¥23.1 billion 23.9% ¥16.7 billion ¥5.7 billion 21.7% 24.8% ¥5.0 billion
Real estate leasing business ¥9.1 billion 9.5% ¥8.2 billion ¥4.9 billion 18.7% 54.0% ¥4.1 billion
Fund and consulting business ¥9.1 billion 9.4% ¥6.9 billion ¥5.5 billion 20.7% 60.1% ¥3.8 billion
Real estate management ¥9.1 billion 9.4% ¥8.6 billion ¥1.2 billion 4.4% 12.9% ¥1.0 billion
Hotel ¥7.2 billion 7.4% ¥6.3 billion ¥2.8 billion 10.6% 39.1% ¥2.2 billion
Total of the businesses ¥96.7 billion100.0% ¥26.4 billion 100.0%

Revenue and profit

Amounts by account
GroupAccountAmountConsolidated / Non-consolidated
Selling, general and administrative expenses Selling general and administrative expenses IFRS ¥17.7 billion Consolidated
Employee benefit expenses sgaifrs ¥9.3 billion Consolidated
Commission fees ¥2.7 billion Consolidated
Salaries and allowances ¥1.9 billion Parent only
Other ¥1.6 billion Consolidated
Taxes and dues ¥1.0 billion Consolidated
Provision for bonuses ¥0.7 billion Parent only
Depreciation and amortization ¥0.6 billion Consolidated
Depreciation ¥0.3 billion Parent only
Communication expenses ¥0.1 billion Consolidated
Traveling expenses and transportation expenses ¥97.94 million Consolidated
Retirement benefit expenses ¥95.86 million Parent only
Provision of allowance for doubtful accounts ¥2.36 million Parent only
Profit by stage Operating income ¥22.3 billion Consolidated
Gross profit (loss) ¥20.1 billion Parent only
Ordinary income ¥15.8 billion Parent only
Net income ¥14.8 billion Consolidated

TOSEI

Selling, general and administrative expenses

Period Dec 2024 to Nov 2025Source Annual securities reports

Selling general and administrative expenses IFRS ¥17.7 billion (51.7%)52%Employee benefit expenses sgaifrs ¥9.3 billion (27.3%)27%Commission fees ¥2.7 billion (7.8%)8%Salaries and allowances ¥1.9 billion (5.6%)Other ¥1.6 billion (4.6%)Taxes and dues ¥1.0 billion (3.0%)¥34.1B
  • Selling general and administrative expenses IFRS　¥17.7 billion
  • Employee benefit expenses sgaifrs　¥9.3 billion
  • Commission fees　¥2.7 billion
  • Salaries and allowances　¥1.9 billion
  • Other　¥1.6 billion
  • Taxes and dues　¥1.0 billion

Performance, financial position and capital allocation

Finance
33.5% Net assets to total assets Industry median 33.5% FY ending 11/2025 · consolidated / calculated
4.8% Return on assets (ROA)
¥952 Net assets per share
¥-5.2 billion Free cash flow
¥307.4 billion Total assets
¥1.4 billion Goodwill (the part of the acquisition price above the net assets acquired)
Capital allocation
-7.8% Cash conversion Industry median 36.4% FY ending 11/2025 · consolidated / calculated
23.7% Increase in working capital ★★★★★ position among all companies FY ending 11/2025 · consolidated / calculated

Long-term changes in performance

Period 2012 to 2025Disclosed

Revenue ×3.91 from 2012 to 2025

TOSEI

Long-term revenue, profit and asset trends

Period 2012 to 2025Source Annual securities reportsDisclosed

Mark on the chart
95 63 32 0 2012 2014 2016 2018 2020 2022 2024 2025 Net sales and operating revenue Profit before tax 2013　Revenue (IFRS) year on year +44.9% 2014　Revenue (IFRS) year on year +42.5% 2015　Profit (loss) before tax (IFRS) as a share of revenue +4.7 points 2016　Profit (loss) before tax (IFRS) as a share of revenue +2.9 points 2019　Profit (loss) before tax (IFRS) as a share of revenue +3.4 points 2020　Profit (loss) before tax (IFRS) as a share of revenue -10.7 points 2021　Profit (loss) before tax (IFRS) as a share of revenue +7.5 points 95Latest value 2025 95¥ billion 95Highest in the period shown 2025 95¥ billion 24Lowest in the period shown 2012 24¥ billion ¥ billion

Recent performance trends

Year-on-year comparison

Period 2012 to 2025Disclosed

Item20212022202320242025
Revenue (IFRS) ¥61.7B ¥71.0B ¥79.4B ¥82.2B ¥94.7B
Year on year (%) -3.5% +14.9% +12.0% +3.5% +15.2%
Profit (loss) before tax (IFRS) ¥10.3B ¥12.8B ¥15.3B ¥17.4B ¥20.6B
Change from prior year +74.6% +23.8% +20.1% +13.4% +18.8%
Profit (loss) before tax (IFRS) as a share of Revenue (IFRS) 16.7% 18.0% 19.3% 21.1% 21.8%
Change (percentage points) +7.5 points◆ +1.3 points +1.3 points +1.9 points +0.7 points

Fiscal periods marked for changes

Earlier fiscal periods (4)
  • 2013Revenue (IFRS) year on year +44.9%
  • 2014Revenue (IFRS) year on year +42.5%
  • 2015Profit (loss) before tax (IFRS) as a share of revenue +4.7 points
  • 2016Profit (loss) before tax (IFRS) as a share of revenue +2.9 points
  • 2019Profit (loss) before tax (IFRS) as a share of revenue +3.4 points
  • 2020Profit (loss) before tax (IFRS) as a share of revenue -10.7 points
  • 2021Profit (loss) before tax (IFRS) as a share of revenue +7.5 points

TOSEI

Earnings and net assets per share over time

Unit yenSource Annual securities reports

152 101 51 0 4 years ago 3 years ago 2 years ago Last year This year Earnings per share yen 1,060 707 353 0 4 years ago 3 years ago 2 years ago Last year This year Net assets per share yen
Consolidated indicators (14 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Revenue (IFRS) ¥61.7 billion ¥71.0 billion ¥79.4 billion ¥82.2 billion ¥94.7 billion
Profit (loss) before tax (IFRS) ¥10.3 billion ¥12.8 billion ¥15.3 billion ¥17.4 billion ¥20.6 billion
Profit (loss) attributable to owners of parent (IFRS) ¥6.7 billion ¥8.6 billion ¥10.5 billion ¥12.0 billion ¥14.8 billion
Comprehensive income attributable to owners of parent (IFRS) ¥7.1 billion ¥8.8 billion ¥10.5 billion ¥11.5 billion ¥15.9 billion
Total assets (IFRS) ¥195.0 billion ¥211.0 billion ¥245.3 billion ¥276.8 billion ¥307.4 billion
Equity attributable to owners of parent per share (IFRS) 690.18 yen 764.82 yen 847.99 yen 933.74 yen 1,060.18 yen
Basic earnings (loss) per share (IFRS) 71.28 yen 90.83 yen 109.87 yen 123.72 yen 152.18 yen
Diluted earnings (loss) per share (IFRS) 71.18 yen 90.67 yen 106.66 yen 123.61 yen 151.88 yen
Ratio of equity attributable to owners of parent (IFRS) 33.8% 34.3% 33.4% 32.7% 33.4%
Return on equity attributable to owners of parent (IFRS) 10.8% 12.5% 13.6% 13.9% 15.3%
Net cash provided by (used in) operating activities (IFRS) ¥1.0 billion ¥-0.2 billion ¥5.7 billion ¥-13.0 billion ¥-1.7 billion
Net cash provided by (used in) investing activities (IFRS) ¥-15.4 billion ¥-9.1 billion ¥-16.1 billion ¥-5.6 billion ¥-3.5 billion
Net cash provided by (used in) financing activities (IFRS) ¥11.0 billion ¥7.5 billion ¥17.8 billion ¥14.3 billion ¥9.9 billion
Cash and cash equivalents (IFRS) ¥33.6 billion ¥31.8 billion ¥39.2 billion ¥34.9 billion ¥39.6 billion
Parent only indicators (14 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Net sales ¥47.5 billion ¥43.1 billion ¥46.5 billion ¥45.6 billion ¥56.8 billion
Ordinary income (loss) ¥9.7 billion ¥10.7 billion ¥10.9 billion ¥14.8 billion ¥15.8 billion
Net income (loss) ¥7.5 billion ¥8.7 billion ¥8.7 billion ¥11.7 billion ¥13.0 billion
Capital stock ¥6.6 billion ¥6.6 billion ¥6.6 billion ¥6.6 billion ¥6.6 billion
Total number of issued shares (common stock) 48,683,800 shares 48,683,800 shares 48,683,800 shares 48,683,800 shares 48,683,800 shares
Net assets ¥59.5 billion ¥65.9 billion ¥73.8 billion ¥82.0 billion ¥92.5 billion
Total assets ¥171.1 billion ¥189.9 billion ¥217.5 billion ¥245.0 billion ¥275.2 billion
Net assets per share 621.64 yen 696.5 yen 762.91 yen 845.48 yen 952 yen
Dividend per share 38 yen 51 yen 66 yen 79 yen 100 yen
Basic earnings (loss) per share 79.04 yen 91.67 yen 91.38 yen 121.25 yen 134.2 yen
Diluted earnings per share 78.93 yen 91.51 yen 91.2 yen 121.15 yen 133.93 yen
Equity-to-asset ratio 34.7% 34.7% 33.9% 33.4% 33.6%
Return on equity 13.4% 13.9% 12.5% 15.1% 14.9%
Payout ratio 24.0% 27.8% 36.1% 32.6% 37.3%

Dividend history

Source: reporting company’s key figures, annual securities reports · 14 years (2012 to 2025)Parent-onlyDisclosed

5 periods Consecutive increases (own definition) through FY ending 11/2025
12 periods Consecutive periods with dividends (site definition) through FY ending 11/2025
+26.6% Dividend growth (year on year)
+39.4% Dividend growth (5-year annual rate)
Fiscal yearAnnual dividend per share Of which interimPayout ratio (as reported, parent only) Flag
FY ending 11/2025 ¥100 Could not be retrieved 37.3%
FY ending 11/2024 ¥79 Could not be retrieved 32.6%
FY ending 11/2023 ¥66 Could not be retrieved 36.1%
FY ending 11/2022 ¥51 Could not be retrieved 27.8%
FY ending 11/2021 ¥38 Could not be retrieved 24.0%
FY ending 11/2020 ¥19 Could not be retrieved 34.7%
FY ending 11/2019 ¥42 Could not be retrieved 27.7%
FY ending 11/2018 ¥30 Could not be retrieved 28.8%
FY ending 11/2017 ¥25 Could not be retrieved 22.1%
FY ending 11/2016 ¥22 Could not be retrieved 22.4%
FY ending 11/2015 ¥16 Could not be retrieved 19.8%
FY ending 11/2014 ¥12 Could not be retrieved 23.8%
FY ending 11/2013 ¥8 Could not be retrieved 22.5% Stock split or share consolidation noted
FY ending 11/2012 ¥600 Could not be retrieved 22.9%

TOSEI

Dividends per share over time

Unit yenSource Annual securities reports

100 67 33 0 4 years ago 3 years ago 2 years ago Last year This year Dividend per share yen

Shareholder composition

As of 2025-11-30Disclosed

Share ownership by holder category

24,468 Shareholders
27.53% Foreign holders (total) Industry median 3.47%
26.17% Individuals and others Industry median 48.70%

TOSEI

Unit %Source Annual securities reports

  • Financial institutions13.80%
  • Securities firms3.52%
  • Other corporations28.97%
  • Foreign holders (institutions)27.50%
  • Foreign holders (individuals)0.03%
  • Individuals and others26.17%

Major shareholders

RankShareholderShareholding ratioShares held
1 名古屋鉄道株式会社 15.46% 7,500,100
2 有限会社ゼウスキャピタル 12.37% 6,000,000
3 山口 誠一郎 11.12% 5,393,131
4 日本マスタートラスト信託銀行株式会社（信託口） 8.42% 4,083,400
5 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） 3.82% 1,855,521
6 株式会社日本カストディ銀行（信託口） 3.52% 1,709,300
7 きらぼしキャピタル東京Sparkle投資事業有限責任組合 2.06% 1,000,000
8 SMBC日興証券株式会社 1.55% 755,654
9 HOST-PLUS PTY LIMITED-HOSTPLUS POOLED SUPERANNUATION TRUST HOSKING PARTNERS LLP（常任代理人：シティバンク、エヌ・エイ東京支店） 1.54% 751,267
10 CACEIS BANK, LUXEMBOURG BRANCH / AIF CLIENTS ASSETS（常任代理人：香港上海銀行東京支店） 1.52% 740,800

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
¥0.3 billion Capital expenditure 0.3% of revenue (industry median 2.2%)
Fiscal year Capital expenditure
FY ending 11/2025 ¥0.3 billion
FY ending 11/2020 ¥3.7 billion

Revenue scale in the same industry

TOSEI

Source Annual securities reports of each company

Real Estate: 147 companies · revenue · largest first・each company’s latest fiscal year・Consolidated・Disclosed

Workforce information

Source: Annual Securities Report (Dec 2024 to Nov 2025)Parent-onlyDisclosed

302 Employees (parent only) Industry median 102
35.7 Average age Industry median 39.2
5.6 years Average length of service Industry median 6.3 years
¥9.44 million Average annual salary Industry median ¥7.07 million
People and organisation
108.2¥ million Sales per employee Industry median 122.0¥ million FY ending 11/2025 · consolidated / calculated
¥25.53 million Operating income per employee
72.0% Wage gap between men and women
4.9% Women in managerial positions
38.0% Share of female employees
100.0% Men taking childcare leave
Men 5.5 yrs
Women 5.7 yrs Average length of service by gender
Men 243
Women 104 Employees by gender
197 Average temporary staff

Administrative filings and published information

Workplace information filings

Filed 2026-06-25Disclosed

ItemValue
Employees 347
Average monthly overtime (statutory overtime plus work on statutory days off)
Scope: 正社員		 23.4 hours
Annual paid leave taken (all employees) 65.5%
Childcare leave taken, men
Scope: 正社員		 100%
Childcare leave taken, women
Scope: 正社員		 100%
Share of managers who are women 4.9%

Greenhouse gas emissions

Reported to the government for fiscal 2023Disclosed

CategoryEmissions
特定事業所排出者5,857 t-CO2

Audit and disclosure information

Annual securities report, year ended 2025-11-30Disclosed

ItemValue
Audit firm 新創監査法人
Audit fees (this year, total) ¥74.50 million
Non-audit fees (this year, total) Not applicable
Going concern note Cannot be determined
Accounting standard IFRS

See the book series →

Sources and methodology

Retrieved disclosed figures

Accounts and values from the annual securities report, by section

Major management indicators (5 years) (28 items)

ItemValueConsolidated / Non-consolidated
Net cash provided by (used in) operating activities (IFRS) ¥-1.7 billion Consolidated
Basic earnings (loss) per share (IFRS) 152.18 yen Consolidated
Revenue (IFRS) ¥94.7 billion Consolidated
Diluted earnings (loss) per share (IFRS) 151.88 yen Consolidated
Profit (loss) attributable to owners of parent (IFRS) ¥14.8 billion Consolidated
Comprehensive income attributable to owners of parent (IFRS) ¥15.9 billion Consolidated
Net cash provided by (used in) investing activities (IFRS) ¥-3.5 billion Consolidated
Cash and cash equivalents (IFRS) ¥39.6 billion Consolidated
Profit (loss) before tax (IFRS) ¥20.6 billion Consolidated
Total assets (IFRS) ¥307.4 billion Consolidated
Return on equity attributable to owners of parent (IFRS) 15.3% Consolidated
Ratio of equity attributable to owners of parent (IFRS) 33.4% Consolidated
Net cash provided by (used in) financing activities (IFRS) ¥9.9 billion Consolidated
Equity attributable to owners of parent per share (IFRS) 1,060.18 yen Consolidated
Dividend per share 100 yen Parent only
Net sales ¥56.8 billion Parent only
Net income (loss) ¥13.0 billion Parent only
Diluted earnings per share 133.93 yen Parent only
Total number of issued shares (common stock) 48,683,800 shares Parent only
Net assets ¥92.5 billion Parent only
Ordinary income (loss) ¥15.8 billion Parent only
Total assets ¥275.2 billion Parent only
Return on equity 14.9% Parent only
Equity-to-asset ratio 33.6% Parent only
Capital stock ¥6.6 billion Parent only
Payout ratio 37.3% Parent only
Basic earnings (loss) per share 134.2 yen Parent only
Net assets per share 952 yen Parent only

Accounts unique to this company (23 items)

ItemValueConsolidated / Non-consolidated
Revenue ¥102.8 billion Consolidated
Revenue ¥1.1 billion Consolidated
Revenue ¥0.3 billion Consolidated
Revenue ¥-9.1 billion Consolidated
Revenue ¥0.3 billion Consolidated
Revenue ¥-8.22 million Consolidated
Revenue ¥-0.3 billion Consolidated
Revenue ¥57.33 million Consolidated
Revenue ¥116.2 billion Consolidated
Revenue ¥45.8 billion Consolidated
Revenue ¥-11.59 million Consolidated
Revenue ¥7.9 billion Consolidated
Revenue ¥1.1 billion Consolidated
Revenue ¥0.6 billion Consolidated
Revenue ¥0.2 billion Consolidated
Revenue ¥49.34 million Consolidated
Revenue 1.955 Parent only
Revenue ¥52.30 million Parent only
Revenue ¥2.92 million Parent only
Revenue ¥4.8 billion Parent only
Revenue ¥0.3 billion Parent only
Revenue ¥0.7 billion Parent only
Revenue ¥0.6 billion Parent only

Employees (11 items)

ItemValueConsolidated / Non-consolidated
Number of employees 875 people Consolidated
Number of employees 875 people Consolidated
Wage gap between men and women (all employees) 72.0% Parent only
Average length of service (years) 5.6 years Parent only
Average annual salary ¥9.44 million Parent only
Average age (years) 35.7 years old Parent only
Number of employees 302 people Parent only
Number of employees 302 people Parent only
Number of employees 302 people Parent only
Wage gap between men and women (regular employees) 73.5% Parent only
Wage gap between men and women (non-regular employees) 55.1% Parent only

Other disclosed items (5 items)

ItemValueConsolidated / Non-consolidated
Average number of temporary employees 197 people Consolidated
Average number of temporary employees 197 people Consolidated
Rate of male employees taking childcare leave (all employees) 100.0% Parent only
Total return on the share price index 217.2% Parent only
Ratio of female employees in managerial positions 4.9% Parent only

Shares (15 items)

ItemValueConsolidated / Non-consolidated
Total of dividends received equity securities other than those not listed investment equity securities held for pure investment reporting company ¥0.79 million Consolidated
Number of shares held 29,789,173 shares Consolidated
Total number of shares held treasury shares etc 199,000 shares Consolidated
Number of issues whose number of shares increased shares not listed investment shares held for purposes other than pure investment reporting company 1 issues Consolidated
Total acquisition cost for increased shares shares not listed investment shares held for purposes other than pure investment reporting company ¥5.19 million Consolidated
Number of shares 48,683,800 shares Consolidated
Shareholding ratio treasury shares etc 0.4% Consolidated
Shareholding ratio 61.4% Consolidated
Number of shares held in own name treasury shares etc 199,000 shares Consolidated
Number of voting rights 484,578 units Consolidated
Carrying amount on the balance sheet ¥6.39 million Consolidated
Book value equity securities other than those not listed investment equity securities held for pure investment reporting company ¥0.1 billion Consolidated
Number of issues 2 issues Consolidated
Number of issues 1 issues Consolidated
Total shareholder return 313.5% Parent only

Property and facilities (1 items)

ItemValueConsolidated / Non-consolidated
Capital expenditures ¥0.3 billion Consolidated

Audit (3 items)

ItemValueConsolidated / Non-consolidated
Fees for audit and attestation services - reporting company ¥50.00 million Consolidated
Fees for audit and attestation services - total ¥74.50 million Consolidated
Fees for audit and attestation services - consolidated subsidiaries ¥24.50 million Consolidated

Balance sheet (145 items)

ItemValueConsolidated / Non-consolidated
Other ¥3.5 billion Consolidated
Other ¥-1.3 billion Consolidated
Other ¥2.2 billion Consolidated
Other ¥1.89 million Consolidated
Other ¥1.89 million Consolidated
Other current assets caifrs ¥91.46 million Consolidated
Other components of equity IFRS ¥1.1 billion Consolidated
Other financial assets ¥11.1 billion Consolidated
Other non current assets ncaifrs ¥61.52 million Consolidated
Goodwill ¥1.4 billion Consolidated
Goodwill and intangible assets accumulated amortization and impairment losses IFRS ¥-0.3 billion Consolidated
Goodwill and intangible assets acquisition cost IFRS ¥1.8 billion Consolidated
Goodwill and intangible assets IFRS ¥1.5 billion Consolidated
Goodwill IFRS ¥1.4 billion Consolidated
Goodwill IFRS ¥1.4 billion Consolidated
Software ¥-0.3 billion Consolidated
Software ¥0.4 billion Consolidated
Software in progress ¥7.25 million Consolidated
Software in progress IFRS ¥7.25 million Consolidated
Software IFRS ¥80.82 million Consolidated
Real estate for sale in process ¥32.4 billion Consolidated
Retained earnings IFRS ¥87.9 billion Consolidated
Trade and other payables clifrs ¥9.9 billion Consolidated
Trade and other payables nclifrs ¥5.5 billion Consolidated
Trade and other receivables caifrs ¥10.2 billion Consolidated
Trade and other receivables ncaifrs ¥1.9 billion Consolidated
Land ¥17.3 billion Consolidated
Land ¥-9.09 million Consolidated
Land IFRS ¥17.3 billion Consolidated
Buildings and structures ¥17.3 billion Consolidated
Buildings and structures ¥-3.8 billion Consolidated
Buildings and structures IFRS ¥13.5 billion Consolidated
Provisions clifrs ¥1.8 billion Consolidated
Provisions nclifrs ¥86.78 million Consolidated
Investment property IFRS ¥38.5 billion Consolidated
Interest bearing liabilities clifrs ¥27.6 billion Consolidated
Interest bearing liabilities nclifrs ¥155.0 billion Consolidated
Property, plant and equipment ¥38.1 billion Consolidated
Property, plant and equipment ¥-5.1 billion Consolidated
Property plant and equipment IFRS ¥33.0 billion Consolidated
Property plant and equipment IFRS ¥33.0 billion Consolidated
Income taxes payable ¥3.6 billion Consolidated
Inventories ¥170.4 billion Consolidated
Inventories ¥170.4 billion Consolidated
Total current liabilities IFRS ¥42.9 billion Consolidated
Current assets IFRS ¥220.3 billion Consolidated
Intangible assets IFRS ¥89.95 million Consolidated
Cash and cash equivalents (IFRS) ¥39.6 billion Consolidated
Cash and cash equivalents (IFRS) ¥39.6 billion Consolidated
Net assets ¥102.8 billion Consolidated
Net assets ¥102.8 billion Consolidated
Total assets ¥307.4 billion Consolidated
Deferred tax liabilities IFRS ¥0.3 billion Consolidated
Deferred tax assets IFRS ¥1.1 billion Consolidated
Treasury shares IFRS ¥-0.2 billion Consolidated
Equity attributable to owners of parent (IFRS) ¥102.8 billion Consolidated
Liabilities and equity IFRS ¥307.4 billion Consolidated
Liabilities IFRS ¥204.6 billion Consolidated
Real estate for sale ¥138.0 billion Consolidated
Capital surplus IFRS ¥7.5 billion Consolidated
Share capital IFRS ¥6.6 billion Consolidated
Net defined benefit liability ¥0.8 billion Consolidated
Non controlling interests IFRS ¥31.09 million Consolidated
Non current labilities IFRS ¥161.7 billion Consolidated
Non current assets IFRS ¥87.2 billion Consolidated
Other ¥51.72 million Parent only
Other ¥5.0 billion Parent only
Other retained earnings ¥77.6 billion Parent only
Valuation difference on available-for-sale securities ¥0.9 billion Parent only
Other capital surplus ¥0.7 billion Parent only
Software ¥20.31 million Parent only
Lease obligations ¥24.69 million Parent only
Lease obligations ¥13.49 million Parent only
Lease assets, net ¥34.38 million Parent only
Real estate for sale in process ¥32.3 billion Parent only
Investments in capital ¥4.23 million Parent only
General reserve ¥15.00 million Parent only
Retained earnings ¥77.6 billion Parent only
Legal retained earnings ¥7.25 million Parent only
Unearned revenue ¥2.31 million Parent only
Advances received ¥2.3 billion Parent only
Prepaid expenses ¥0.5 billion Parent only
Advance payments trade ¥0.2 billion Parent only
Non-current liabilities ¥154.3 billion Parent only
Non-current assets ¥96.3 billion Parent only
Reserve for advanced depreciation of noncurrent assets ¥1.5 billion Parent only
Land ¥48.7 billion Parent only
Accounts receivable - trade ¥2.1 billion Parent only
Tools, furniture and fixtures ¥68.37 million Parent only
Buildings, net ¥18.9 billion Parent only
Construction in progress ¥2.50 million Parent only
Provision for management board incentive plan trust ¥45.37 million Parent only
Provision for directors' bonuses ¥50.32 million Parent only
Investments and other assets ¥28.4 billion Parent only
Investment securities ¥10.2 billion Parent only
Lease and guarantee deposits ¥1.4 billion Parent only
Subscription rights to shares ¥0.2 billion Parent only
Property, plant and equipment ¥67.9 billion Parent only
Accounts receivable - other ¥1.2 billion Parent only
Income taxes payable ¥1.3 billion Parent only
Accrued consumption taxes ¥71.76 million Parent only
Accrued expenses ¥0.2 billion Parent only
Accounts payable - other ¥1.0 billion Parent only
Shareholders' equity ¥91.3 billion Parent only
Structures, net ¥0.1 billion Parent only
Machinery and equipment, net ¥35.20 million Parent only
Current liabilities ¥28.3 billion Parent only
Current assets ¥178.8 billion Parent only
Intangible assets ¥22.20 million Parent only
Cash and deposits ¥22.2 billion Parent only
Short-term loans payable ¥3.6 billion Parent only
Claims provable in bankruptcy claims provable in rehabilitation and other ¥0.86 million Parent only
Net assets ¥92.5 billion Parent only
Net assets ¥92.5 billion Parent only
Total assets ¥275.2 billion Parent only
Deferred gains or losses on hedges ¥35.81 million Parent only
Deferred tax assets ¥2.15 million Parent only
Retained earnings brought forward ¥76.0 billion Parent only
Treasury stock ¥-0.2 billion Parent only
Valuation and translation adjustments ¥1.0 billion Parent only
Liabilities ¥182.7 billion Parent only
Liabilities and net assets ¥275.2 billion Parent only
Real estate for sale ¥115.1 billion Parent only
Supplies ¥17.49 million Parent only
Accounts payable - trade ¥1.6 billion Parent only
Allowance for doubtful accounts ¥-0.89 million Parent only
Allowance for doubtful accounts ¥-7.23 million Parent only
Capital surplus ¥7.4 billion Parent only
Legal capital surplus ¥6.7 billion Parent only
Capital stock ¥6.6 billion Parent only
Asset retirement obligations ¥7.97 million Parent only
Provision for bonuses ¥0.7 billion Parent only
Vehicles, net ¥9.09 million Parent only
Provision for retirement benefits ¥0.6 billion Parent only
Long-term loans payable ¥148.6 billion Parent only
Long term unearned revenue ¥10.02 million Parent only
Long-term prepaid expenses ¥0.3 billion Parent only
Long-term accounts receivable-other ¥0.1 billion Parent only
Long-term loans receivable ¥5.12 million Parent only
Shares of subsidiaries and associates ¥9.7 billion Parent only
Loans receivable to subsidiaries and affiliates ¥0.4 billion Parent only
Long-term loans receivable from subsidiaries and affiliates ¥6.4 billion Parent only
Telephone subscription right ¥1.89 million Parent only
Deposits received ¥0.7 billion Parent only
Current portion of long-term loans payable ¥16.7 billion Parent only

Statement of income (101 items)

ItemValueConsolidated / Non-consolidated
Other ¥1.6 billion Consolidated
Other comprehensive income IFRS ¥1.2 billion Consolidated
Other comprehensive income IFRS ¥1.2 billion Consolidated
Other income IFRS ¥0.2 billion Consolidated
Other income IFRS ¥0.2 billion Consolidated
Other expenses IFRS ¥0.1 billion Consolidated
Other expenses IFRS ¥0.1 billion Consolidated
Effective portion of cash flow hedges net of tax items that may be reclassified to profit or loss ociifrs ¥6.67 million Consolidated
Interest income IFRS ¥0.2 billion Consolidated
Dividend income IFRS ¥0.5 billion Consolidated
Operating income ¥22.3 billion Consolidated
Operating income ¥22.3 billion Consolidated
Net cash provided by (used in) operating activities ¥-1.7 billion Consolidated
Gain on sale of fixed assets IFRS ¥7.42 million Consolidated
Exchange differences on translation of foreign operations net of tax items that may be reclassified to profit or loss ociifrs ¥14.65 million Consolidated
Basic earnings loss per share IFRS 152.18 yen Consolidated
Cost of sales IFRS ¥54.8 billion Consolidated
Cost of sales IFRS ¥54.8 billion Consolidated
Gross profit IFRS ¥39.9 billion Consolidated
Net sales ¥94.7 billion Consolidated
Net sales ¥94.7 billion Consolidated
Sales to external customers IFRS ¥94.7 billion Consolidated
Diluted earnings loss per share IFRS 151.88 yen Consolidated
Advertising expenses IFRS ¥0.4 billion Consolidated
Profit loss IFRS ¥14.8 billion Consolidated
Profit loss IFRS ¥14.8 billion Consolidated
Profit loss IFRS ¥14.8 billion Consolidated
Comprehensive income (IFRS) ¥16.0 billion Consolidated
Comprehensive income (IFRS) ¥16.0 billion Consolidated
Comprehensive income (IFRS) ¥16.0 billion Consolidated
Net income ¥14.8 billion Consolidated
Employee benefit expenses sgaifrs ¥9.3 billion Consolidated
Net cash provided by (used in) investing activities (IFRS) ¥-3.5 billion Consolidated
Interest expenses IFRS ¥2.4 billion Consolidated
Commission fees ¥2.7 billion Consolidated
Change in interests in subsidiaries ¥-0.3 billion Consolidated
Traveling expenses and transportation expenses ¥97.94 million Consolidated
Share-based payment transactions ¥0.2 billion Consolidated
Income tax expense IFRS ¥5.8 billion Consolidated
Depreciation and amortization ¥1.7 billion Consolidated
Depreciation and amortization ¥1.0 billion Consolidated
Depreciation and amortization ¥0.6 billion Consolidated
Net increase decrease in cash and cash equivalents before effect of exchange rate changes IFRS ¥4.7 billion Consolidated
Effect of exchange rate changes on cash and cash equivalents IFRS ¥13.78 million Consolidated
Remeasurements of defined benefit plans net of tax items that will not be reclassified to profit or loss ociifrs ¥33.28 million Consolidated
Taxes and dues ¥1.0 billion Consolidated
Total of items that will not be reclassified to profit or loss ociifrs ¥1.2 billion Consolidated
Total of items that may be reclassified to profit or loss ociifrs ¥21.32 million Consolidated
Profit loss before tax IFRS ¥20.6 billion Consolidated
Profit loss before tax IFRS ¥20.6 billion Consolidated
Profit loss before tax IFRS ¥20.6 billion Consolidated
Comprehensive income attributable to owners of parent IFRS ¥15.9 billion Consolidated
Net cash provided by (used in) financing activities (IFRS) ¥9.9 billion Consolidated
Selling general and administrative expenses IFRS ¥17.7 billion Consolidated
Selling general and administrative expenses IFRS ¥17.7 billion Consolidated
Provision for doubtful accounts IFRS ¥2.04 million Consolidated
Communication expenses ¥0.1 billion Consolidated
Dividendsofsurplus ¥-3.8 billion Consolidated
Finance income and expenses net IFRS ¥-1.7 billion Consolidated
Finance income IFRS ¥0.7 billion Consolidated
Finance income IFRS ¥0.7 billion Consolidated
Finance costs IFRS ¥2.4 billion Consolidated
Finance costs IFRS ¥2.4 billion Consolidated
Miscellaneous income IFRS ¥0.2 billion Consolidated
Miscellaneous losses IFRS ¥0.1 billion Consolidated
Profit loss attributable to non controlling interests IFRS ¥41.13 million Consolidated
Comprehensive income attributable to non controlling interests IFRS ¥41.13 million Consolidated
Dividends to non controlling interests ssifrs ¥-43.80 million Consolidated
Dividends from surplus ¥-3.8 billion Parent only
Interest income ¥0.3 billion Parent only
Dividend income ¥5.1 billion Parent only
Operating income ¥12.5 billion Parent only
Non-operating income ¥5.6 billion Parent only
Non-operating expenses ¥2.2 billion Parent only
Loss on sale of non-current assets ¥3.83 million Parent only
Gain on sales of non-current assets ¥0.32 million Parent only
Cost of sales ¥36.7 billion Parent only
Gross profit (loss) ¥20.1 billion Parent only
Net sales ¥56.8 billion Parent only
Net income (loss) ¥13.0 billion Parent only
Net income (loss) ¥13.0 billion Parent only
Interest expenses ¥2.2 billion Parent only
Income taxes - current ¥2.8 billion Parent only
Income taxes ¥2.7 billion Parent only
Income taxes - deferred ¥-0.1 billion Parent only
Depreciation ¥0.3 billion Parent only
Foreign exchange gains ¥9.21 million Parent only
Extraordinary income ¥0.32 million Parent only
Extraordinary loss ¥0.2 billion Parent only
Taxes and dues ¥0.9 billion Parent only
Income (loss) before income taxes ¥15.7 billion Parent only
Ordinary income ¥15.8 billion Parent only
Salaries and allowances ¥1.9 billion Parent only
Disposal of treasury stock ¥57.33 million Parent only
Selling, general and administrative expenses ¥7.6 billion Parent only
Provision of allowance for doubtful accounts ¥2.36 million Parent only
Provision for bonuses ¥0.7 billion Parent only
Retirement benefit expenses ¥95.86 million Parent only
Loss on valuation of shares of subsidiaries and associates ¥0.1 billion Parent only
Miscellaneous income ¥0.1 billion Parent only
Other ¥11.00 million Parent only

Statement of cash flows (27 items)

ItemValueConsolidated / Non-consolidated
Other ¥-21.09 million Consolidated
Other ¥0.2 billion Consolidated
Purchase of other financial assets inv cfifrs ¥-0.8 billion Consolidated
Repayments of lease obligations ¥-0.4 billion Consolidated
Interest paid fin cfifrs ¥-2.6 billion Consolidated
Interest and dividends received ope cfifrs ¥0.7 billion Consolidated
Interest and dividend income ¥-0.7 billion Consolidated
Increase (decrease) in trade and other payables ¥1.9 billion Consolidated
Decrease (increase) in trade and other receivables ¥0.7 billion Consolidated
Proceeds from withdrawal of time deposits inv cfifrs ¥3.00 million Consolidated
Payments into time deposits inv cfifrs ¥-52.47 million Consolidated
Subtotal ¥3.9 billion Consolidated
Purchase of investment property inv cfifrs ¥-0.1 billion Consolidated
Interest expenses ¥2.4 billion Consolidated
Purchase of property plant and equipment inv cfifrs ¥-0.2 billion Consolidated
Decrease (increase) in inventories ¥-23.1 billion Consolidated
Income taxes paid ope cfifrs ¥-6.6 billion Consolidated
Income taxes refund ope cfifrs ¥0.2 billion Consolidated
Depreciation ¥1.7 billion Consolidated
Purchase of intangible assets inv cfifrs ¥-32.43 million Consolidated
Decrease/increase in short-term loans payable ¥1.5 billion Consolidated
Redemption of bonds fin cfifrs ¥-11.36 million Consolidated
Collection of loans receivable inv cfifrs ¥6.5 billion Consolidated
Dividends ¥-3.8 billion Consolidated
Proceeds from long term borrowings fin cfifrs ¥59.7 billion Consolidated
Repayments of long term borrowings fin cfifrs ¥-44.1 billion Consolidated
Dividends paid to non controlling interests fin cfifrs ¥-18.34 million Consolidated

Statement of changes in equity (2 items)

ItemValueConsolidated / Non-consolidated
Total changes during the period ¥10.5 billion Parent only
Net changes in items other than shareholders' equity ¥1.3 billion Parent only
Basic indicators
ItemValueConsolidated / Non-consolidatedSource
Net cash provided by (used in) operating activities ¥-1.7 billion ConsolidatedDisclosed
Dividend per share 100 Parent onlyDisclosed
Number of employees 875 ConsolidatedDisclosed
Net assets ¥102.8 billion ConsolidatedDisclosed
Net sales ¥94.7 billion ConsolidatedDisclosed
Operating income ¥22.3 billion ConsolidatedDisclosed
Ordinary income ¥15.8 billion Parent onlyDisclosed
Net income ¥14.8 billion ConsolidatedDisclosed
Total assets ¥307.4 billion ConsolidatedDisclosed
Operating margin 23.6%ConsolidatedCalculated
Net margin 15.6%ConsolidatedCalculated
Sales per employee 108215965 yenConsolidatedCalculated
Total asset turnover 0.31 timesConsolidatedCalculated
Net assets to total assets 33.5%ConsolidatedCalculated
How to read the figures, and caveats

Terms

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

Key figures

  • Operating margin 23.6%　Operating income ÷ net sales 　＝ ¥22.3 billion ÷ ¥94.7 billion
    Operating income ÷ net sales. The denominator is Net sales (Consolidated, IFRS).
  • Net margin 15.6%　Net income ÷ net sales 　＝ ¥14.8 billion ÷ ¥94.7 billion
    Net income ÷ net sales. The denominator is Net sales (Consolidated, IFRS).
  • Sales per employee 108,215,965 yen　Sales or operating revenue ÷ employees 　＝ ¥94.7 billion ÷ 875 people
    Sales or operating revenue ÷ employees. The denominator is Number of employees (Consolidated, Japanese GAAP).
  • Total asset turnover 0.31 times　Sales or operating revenue ÷ total assets 　＝ ¥94.7 billion ÷ ¥307.4 billion
    Sales or operating revenue ÷ total assets. The denominator is Total assets (Consolidated, IFRS).
  • Net assets to total assets 33.5%　Net assets ÷ total assets 　＝ ¥102.8 billion ÷ ¥307.4 billion
    Net assets ÷ total assets. The denominator is Total assets (Consolidated, IFRS).

Company details

  • Representative　President, Representative Director, gBizINFO

Revenue and profit by business segment

  • Source: segment information, Annual Securities Report (Dec 2024 to Nov 2025) · Consolidated · Net sales · filed 2026-02-25
  • Share: against the total of Net sales disclosed by business (100%). Adjustments, corporate, eliminations and “other” left out as they are not businesses (so no match with company-wide Net sales). Margin: calculated against the Net sales on the same rowThe account may differ from “Revenue” at the top of this page

Amounts by account

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

Selling, general and administrative expenses

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

Finance

  • Net assets to total assets　Net assets ÷ total assets
  • Return on assets (ROA)　Net income ÷ total assets (consolidated)
  • Net assets per share　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)　1% 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 ¥0.7 billion + inventories up ¥23.1 billion, over net sales ¥94.7 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 Real Estate 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 Real Estate 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: 875 (a different scope, kept apart from the four above). Industry median: the middle value among companies in Real Estate 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 その他
  • Employees by gender　gBizINFO
  • 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

  • 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 TOSEI CORPORATION on EDINET, the FSA’s disclosure system (free to read)
Corporate number: 8010401064940 / 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