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Mirai Securities

Mirai Securities Co.,Ltd

Company highlights

The largest holder on the register is ミライホールディングズ㈱, at 25.9%.

Key figures

Period Apr 2025 to Mar 2026

RevenueDisclosed —
Operating marginCalculated Could not be retrieved
Net assets to total assetsCalculated 90.6%

Company profile

No securities code (not listed) / EDINET code E03802 / Securities and Commodity Futures / Fiscal year end March 31

港区西新橋三丁目４番２号／Capital stock ¥100 million
Address, capital stock, fiscal year end and industry: the FSA’s EDINET code list.

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Disclosed data

Source: Annual Securities Report (Apr 2025 to Mar 2026) · filed 2026-06-26

Profitability Could not be retrieved
Growth (revenue, 4-year average) ★★★★★position among all companies 19.6%
Capital efficiency ★☆☆☆☆position among all companies 2.9%

Business activities and revenue composition

Revenue and profit by business segment

Disclosed segments (business divisions used in reporting): one

Revenue and profit

Amounts by account
GroupAccountAmountConsolidated / Non-consolidated
Selling, general and administrative expenses Personnel expenses ¥49.80 million Parent only
Real estate expenses, selling, general and administrative expenses ¥11.72 million Parent only
Trading related expenses sgasec ¥6.80 million Parent only
Provision of allowance for doubtful accounts ¥5.83 million Parent only
Other ¥4.03 million Parent only
Office cost ¥1.97 million Parent only
Depreciation ¥0.39 million Parent only
Taxes and dues ¥0.19 million Parent only
Profit by stage Ordinary income ¥34.88 million Parent only
Operating income ¥34.76 million Parent only

Mirai Securities

Selling, general and administrative expenses

Period Apr 2025 to Mar 2026Source Annual securities reports

Personnel expenses ¥0.0 billion (62.1%)62%Real estate expenses, selling, general and administrative expenses ¥0.0 billion (14.6%)15%Trading related expenses sgasec ¥0.0 billion (8.5%)8%Provision of allowance for doubtful accounts ¥0.0 billion (7.3%)7%Other ¥0.0 billion (5.0%)Office cost ¥0.0 billion (2.5%)¥0.1B
  • Personnel expenses　¥0.0 billion
  • Real estate expenses, selling, general and administrative expenses　¥0.0 billion
  • Trading related expenses sgasec　¥0.0 billion
  • Provision of allowance for doubtful accounts　¥0.0 billion
  • Other　¥0.0 billion
  • Office cost　¥0.0 billion

Performance, financial position and capital allocation

Finance
90.6% Net assets to total assets Industry median 37.8% FY ending 3/2026 · consolidated / calculated
¥7,347.47 Net assets per share
¥0.3 billion Total assets

Long-term changes in performance

Period 2013 to 2026Disclosed

Revenue ×2.06 from 2013 to 2026

Mirai Securities

Long-term revenue, profit and asset trends

Period 2013 to 2026Source Annual securities reportsDisclosed

Mark on the chart
0 0 -0 -0 2013 2015 2017 2019 2021 2023 2025 2026 Net sales and operating revenue Ordinary income 2014　Operating revenue year on year +76.8%, Ordinary income (loss) as a share of revenue +201.7 points 2015　Operating revenue year on year +59.0%, Ordinary income (loss) as a share of revenue +107.8 points 2016　Operating revenue year on year +25.5%, Ordinary income (loss) as a share of revenue +15.8 points, Ordinary income (loss) loss to profit 2017　Ordinary income (loss) as a share of revenue -4.9 points, Ordinary income (loss) profit to loss 2018　Operating revenue year on year +24.5%, Ordinary income (loss) as a share of revenue +17.2 points, Ordinary income (loss) loss to profit 2019　Operating revenue year on year -49.5%, Ordinary income (loss) as a share of revenue -90.1 points, Ordinary income (loss) profit to loss 2020　Operating revenue year on year -57.5%, Ordinary income (loss) as a share of revenue -122.6 points 2022　Ordinary income (loss) as a share of revenue -14.8 points 2023　Operating revenue year on year +85.6%, Ordinary income (loss) as a share of revenue +57.9 points, Ordinary income (loss) loss to profit 2024　Operating revenue year on year -40.9%, Ordinary income (loss) as a share of revenue -44.3 points, Ordinary income (loss) profit to loss 2025　Ordinary income (loss) as a share of revenue -9.3 points 2026　Operating revenue year on year +84.4%, Ordinary income (loss) as a share of revenue +45.2 points, Ordinary income (loss) loss to profit 0Latest value 2026 0¥ billion 0Highest in the period shown 2018 0¥ billion 0Lowest in the period shown 2020 0¥ billion ¥ billion

Mirai Securities

Recent performance trends

Source Annual securities reports

0 0 0 -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
Operating revenue ¥0.1B ¥0.1B ¥0.1B ¥0.1B ¥0.1B
Year on year (%) -13.0% +85.6%◆ -40.9%◆ +1.4% +84.4%◆
Ordinary income (loss) -¥0.0B ¥0.0B -¥0.0B -¥0.0B ¥0.0B
Change from prior year 3.64x loss to profit◆ profit to loss◆ 2.64x loss to profit◆
Ordinary income (loss) as a share of Operating revenue -19.4% 38.5% -5.8% -15.0% 30.2%
Change (percentage points) -14.8 points◆ +57.9 points◆ -44.3 points◆ -9.3 points◆ +45.2 points◆

Fiscal periods marked for changes

Earlier fiscal periods (9)
  • 2014Operating revenue year on year +76.8%, Ordinary income (loss) as a share of revenue +201.7 points
  • 2015Operating revenue year on year +59.0%, Ordinary income (loss) as a share of revenue +107.8 points
  • 2016Operating revenue year on year +25.5%, Ordinary income (loss) as a share of revenue +15.8 points, Ordinary income (loss) loss to profit
  • 2017Ordinary income (loss) as a share of revenue -4.9 points, Ordinary income (loss) profit to loss
  • 2018Operating revenue year on year +24.5%, Ordinary income (loss) as a share of revenue +17.2 points, Ordinary income (loss) loss to profit
  • 2019Operating revenue year on year -49.5%, Ordinary income (loss) as a share of revenue -90.1 points, Ordinary income (loss) profit to loss
  • 2020Operating revenue year on year -57.5%, Ordinary income (loss) as a share of revenue -122.6 points
  • 2022Ordinary income (loss) as a share of revenue -14.8 points
  • 2023Operating revenue year on year +85.6%, Ordinary income (loss) as a share of revenue +57.9 points, Ordinary income (loss) loss to profit
  • 2024Operating revenue year on year -40.9%, Ordinary income (loss) as a share of revenue -44.3 points, Ordinary income (loss) profit to loss
  • 2025Ordinary income (loss) as a share of revenue -9.3 points
  • 2026Operating revenue year on year +84.4%, Ordinary income (loss) as a share of revenue +45.2 points, Ordinary income (loss) loss to profit

Mirai Securities

Earnings and net assets per share over time

Unit yenSource Annual securities reports

1,395 877 359 -158 4 years ago 3 years ago 2 years ago Last year This year Earnings per share yen 7,347 4,898 2,449 0 4 years ago 3 years ago 2 years ago Last year This year Net assets per share yen

Mirai Securities

Return on equity over time

Unit %Source Annual securities reports

20 12 5 -2 4 years ago 3 years ago 2 years ago Last year This year Return on equity (ROE, %)
Parent only indicators (16 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Operating revenue ¥56.38 million ¥0.1 billion ¥61.80 million ¥62.64 million ¥0.1 billion
Ordinary income (loss) ¥-10.93 million ¥40.27 million ¥-3.57 million ¥-9.42 million ¥34.88 million
Net income (loss) ¥11.31 million ¥52.43 million ¥6.29 million ¥-5.95 million ¥8.14 million
Capital stock ¥0.1 billion ¥0.1 billion ¥0.1 billion ¥0.1 billion ¥0.1 billion
Total number of issued shares (common stock) 38,500 shares 38,500 shares 38,500 shares 38,500 shares 38,500 shares
Net assets ¥0.2 billion ¥0.3 billion ¥0.3 billion ¥0.3 billion ¥0.3 billion
Total assets ¥0.2 billion ¥0.3 billion ¥0.3 billion ¥0.3 billion ¥0.3 billion
Net assets per share 5,733.6 yen 7,146.74 yen 7,311.22 yen 7,159.98 yen 7,347.47 yen
Dividend per share Could not be retrieved Could not be retrieved Could not be retrieved Could not be retrieved 100 yen
Basic earnings (loss) per share 301.04 yen 1,394.87 yen 167.27 yen -158.23 yen 216.59 yen
Equity-to-asset ratio 94.5% 91.5% 88.9% 91.3% 90.6%
Return on equity 5.2% 19.5% 2.3% -2.2% 2.9%
Payout ratio Could not be retrieved Could not be retrieved Could not be retrieved Could not be retrieved 46.2%
Net cash provided by (used in) operating activities ¥-15.95 million ¥55.78 million ¥-7.82 million ¥-45.31 million ¥56.79 million
Net cash provided by (used in) investing activities ¥12.00 million ¥10.34 million ¥12.00 million ¥7.50 million Could not be retrieved
Cash and cash equivalents ¥0.1 billion ¥0.2 billion ¥0.2 billion ¥0.1 billion ¥0.2 billion

Dividend history

Source: reporting company’s key figures, annual securities reports · 1 years (2026 to 2026)Parent-onlyDisclosed

0 periods Consecutive increases (own definition) through FY ending 3/2026
1 periods Consecutive periods with dividends (site definition) through FY ending 3/2026
No comparison with the previous year Dividend growth (year on year)
Fewer than six years Dividend growth (5-year annual rate)
Fiscal yearAnnual dividend per share Of which interimPayout ratio (as reported, parent only) Flag
FY ending 3/2026 ¥100 Could not be retrieved 46.2%

Shareholder composition

As of 2026-03-31Disclosed

Major shareholders

RankShareholderShareholding ratioShares held
1 ミライホールディングズ㈱ 25.89% 9,732
2 ビットウィン㈱ 21.39% 8,042
3 上島 健史 6.84% 2,573
4 ㈱共栄 5.1% 1,920
5 ㈱すかいらーくホールディングス 5.05% 1,901
6 ㈱ユニマットライフ 3.83% 1,443
7 加賀電子㈱ 3.19% 1,200
8 田端 優 2.29% 861
9 畑澤 昭範 1.44% 545
10 青山 美徳 1.17% 440

Revenue scale in the same industry

Revenue of this company: not retrieved (no comparison)

Workforce information

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

3 Employees (parent only) Industry median 121
Could not be retrieved Average age Industry median 43.5
Could not be retrieved Average length of service Industry median 12.0 years
Could not be retrieved Average annual salary Industry median ¥8.87 million
People and organisation
¥11.59 million Operating income per employee

Audit and disclosure information

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

ItemValue
Audit firm 公認会計士山口裕義事務所, 姜公認会計士事務所
Going concern note Cannot be determined
Accounting standard Japanese GAAP

See the book series →

Sources and methodology

Retrieved disclosed figures

Accounts and values from the annual securities report, by section

Major management indicators (5 years) (15 items)

ItemValueConsolidated / Non-consolidated
Dividend per share 100 yen Parent only
Operating revenue ¥0.1 billion Parent only
Net cash provided by (used in) operating activities ¥56.79 million Parent only
Net income (loss) ¥8.14 million Parent only
Cash and cash equivalents ¥0.2 billion Parent only
Total number of issued shares (common stock) 38,500 shares Parent only
Net assets ¥0.3 billion Parent only
Ordinary income (loss) ¥34.88 million Parent only
Total assets ¥0.3 billion Parent only
Return on equity 2.9% Parent only
Equity-to-asset ratio 90.6% Parent only
Capital stock ¥0.1 billion Parent only
Payout ratio 46.2% Parent only
Basic earnings (loss) per share 216.59 yen Parent only
Net assets per share 7,347.47 yen Parent only

Accounts unique to this company (6 items)

ItemValueConsolidated / Non-consolidated
Revenue ¥0.1 billion Parent only
Revenue ¥0.1 billion Parent only
Revenue 0.0137 Parent only
Revenue 10.4 Parent only
Revenue ¥25.40 million Parent only
Revenue ¥-7.57 million Parent only

Employees (1 items)

ItemValueConsolidated / Non-consolidated
Number of employees 3 people Parent only

Shares (2 items)

ItemValueConsolidated / Non-consolidated
Number of shares held 28,657 shares Consolidated
Shareholding ratio 76.2% Consolidated

Balance sheet (45 items)

ItemValueConsolidated / Non-consolidated
Other ¥0.52 million Parent only
Other ¥2.73 million Parent only
Valuation difference on available-for-sale securities ¥2.41 million Parent only
Other capital surplus ¥0.3 billion Parent only
Retained earnings ¥-21.93 million Parent only
Unearned revenue ¥2.63 million Parent only
Prepaid expenses ¥1.40 million Parent only
Operational investment securities ¥26.56 million Parent only
Equipment, net ¥0.43 million Parent only
Non-current liabilities ¥1.22 million Parent only
Non-current assets ¥44.01 million Parent only
Land ¥12.20 million Parent only
Guarantee deposits ¥7.42 million Parent only
Investments and other assets ¥31.38 million Parent only
Investment securities ¥2.58 million Parent only
Property, plant and equipment ¥12.63 million Parent only
Accrued income ¥8.77 million Parent only
Income taxes payable ¥0.29 million Parent only
Accrued consumption taxes ¥6.05 million Parent only
Accrued expenses ¥0.40 million Parent only
Shareholders' equity ¥0.3 billion Parent only
Current liabilities ¥27.38 million Parent only
Current assets ¥0.3 billion Parent only
Reserves under the special laws1 ¥1,000 Parent only
Cash and cash equivalents ¥0.2 billion Parent only
Cash and deposits ¥0.2 billion Parent only
Net assets ¥0.3 billion Parent only
Net assets ¥0.3 billion Parent only
Total assets ¥0.3 billion Parent only
Deferred tax liabilities ¥1.22 million Parent only
Retained earnings brought forward ¥-21.93 million Parent only
Treasury stock ¥-57.46 million Parent only
Valuation and translation adjustments ¥2.41 million Parent only
Liabilities ¥28.60 million Parent only
Liabilities and net assets ¥0.3 billion Parent only
Allowance for doubtful accounts ¥-0.2 billion Parent only
Allowance for doubtful accounts ¥-5.83 million Parent only
Capital surplus ¥0.3 billion Parent only
Capital stock ¥0.1 billion Parent only
Reserve for financial instruments transaction liabilities ¥1,000 Parent only
Long-term accounts receivable-other ¥0.1 billion Parent only
Long-term loans receivable ¥87.49 million Parent only
Deposits received ¥17.48 million Parent only
Cash segregated as deposits ¥25.00 million Parent only
Cash segregated as deposits for customers casec ¥25.00 million Parent only

Statement of income (33 items)

ItemValueConsolidated / Non-consolidated
Other ¥0.02 million Parent only
Other ¥4.03 million Parent only
Other fees received orsec ¥0.1 billion Parent only
Net trading income orsec ¥1.83 million Parent only
Real estate expenses, selling, general and administrative expenses ¥11.72 million Parent only
Office cost ¥1.97 million Parent only
Personnel expenses ¥49.80 million Parent only
Trading related expenses sgasec ¥6.80 million Parent only
Commission received ¥0.1 billion Parent only
Interest income ¥0.10 million Parent only
Operating income ¥34.76 million Parent only
Operating revenue ¥0.1 billion Parent only
Non-operating income ¥0.13 million Parent only
Net cash provided by (used in) operating activities ¥56.79 million Parent only
Net income (loss) ¥8.14 million Parent only
Net income (loss) ¥8.14 million Parent only
Loss on valuation of securities elsec ¥5.08 million Parent only
Income taxes - current ¥0.29 million Parent only
Depreciation ¥0.39 million Parent only
Extraordinary income ¥0 Parent only
Extraordinary loss ¥26.45 million Parent only
Net increase (decrease) in cash and cash equivalents ¥56.79 million Parent only
Taxes and dues ¥0.19 million Parent only
Income (loss) before income taxes ¥8.43 million Parent only
Income (loss) before income taxes ¥8.43 million Parent only
Net operating revenue ¥0.1 billion Parent only
Ordinary income ¥34.88 million Parent only
Selling, general and administrative expenses ¥80.74 million Parent only
Provision of allowance for doubtful accounts ¥21.37 million Parent only
Provision of allowance for doubtful accounts ¥5.83 million Parent only
Financial revenue ¥0.40 million Parent only
Reversal of reserve for financial products transaction liabilities eisec ¥0 Parent only
Provision of reserve for financial products transaction liabilities elsec ¥1,000 Parent only

Statement of changes in equity (2 items)

ItemValueConsolidated / Non-consolidated
Total changes during the period ¥7.05 million Parent only
Net changes in items other than shareholders' equity ¥-1.09 million Parent only

Statement of cash flows (13 items)

ItemValueConsolidated / Non-consolidated
Other ¥-3.01 million Parent only
Interest and dividends income received ¥0.10 million Parent only
Increase (decrease) in deferred revenue ¥0 Parent only
Decrease (increase) in prepaid expenses ¥-0.01 million Parent only
Interest and dividend income ¥-0.10 million Parent only
Decrease increase in investment securities for sale ¥-4.78 million Parent only
Subtotal ¥56.98 million Parent only
Decrease in consumption taxes payable ¥4.26 million Parent only
Increase/(decrease) in accounts payable - expenses ¥-0.38 million Parent only
Income taxes paid ¥-0.29 million Parent only
Depreciation ¥0.39 million Parent only
Increase (decrease) in allowance for doubtful accounts ¥27.20 million Parent only
Increase (decrease) in deposits ¥-0.43 million Parent only
Basic indicators
ItemValueConsolidated / Non-consolidatedSource
Net cash provided by (used in) operating activities ¥56.79 million Parent onlyDisclosed
Dividend per share 100 Parent onlyDisclosed
Number of employees 3 Parent onlyDisclosed
Net assets ¥0.3 billion Parent onlyDisclosed
Operating income ¥34.76 million Parent onlyDisclosed
Ordinary income ¥34.88 million Parent onlyDisclosed
Total assets ¥0.3 billion Parent onlyDisclosed
Operating margin Not disclosedNot applicableNot calculated (a required value is not disclosed)
Net margin Not disclosedNot applicableNot calculated (a required value is not disclosed)
Sales per employee Not disclosedNot applicableNot calculated (a required value is not disclosed)
Total asset turnover Not disclosedNot applicableNot calculated (a required value is not disclosed)
Net assets to total assets 90.6%Parent onlyCalculated
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

  • Net assets to total assets 90.6%　Net assets ÷ total assets 　＝ ¥0.3 billion ÷ ¥0.3 billion
    Net assets ÷ total assets. The denominator is Total assets (Parent only, Japanese GAAP).

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
  • Net assets per share　Parent only
  • Total assets　Parent only

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.

Major shareholders

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

Workforce information

  • All four: the reporting company (parent-only), as disclosed in the employee section of the annual securities report. Industry median: the middle value among companies in Securities and Commodity Futures that disclose the item (industries with at least 5 companies only).

People and organisation

  • Operating income per employee　Operating income ÷ 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 Mirai Securities Co.,Ltd on EDINET, the FSA’s disclosure system (free to read)
Corporate number: 7010001058567 / 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