The Sixth Column

Two figures in the capital-expenditure row of the segment note in 株式会社荏原製作所's annual securities report are nearly the same size. One is ¥34,009 million (US$207.6 million), set against 精密・電子 — Precision and Electronics, in my rendering of the Japanese label — the largest of the five reportable segments by revenue. The other is ¥33,851 million (US$206.7 million), and it sits in the column headed その他, Other, which note 1 to the same table describes as the business segments not included in the reportable ones, 地域統括会社等 — regional headquarters companies and the like — among them. The external revenue attributed to that same column, in the same note, is ¥1,225 million (US$7.5 million), out of ¥958,285 million (US$5,850.3 million) for the group.

The document is the 有価証券報告書 for the 161st fiscal period, the year from 1 January to 31 December 2025, filed on EDINET on 23 March 2026 by an issuer listed on the Prime Market of the Tokyo Stock Exchange. The consolidated statements are prepared under IFRS Accounting Standards, presented in yen, with amounts truncated below one million. Revenue of ¥958,285 million produced operating profit of ¥113,802 million (US$694.8 million), profit before tax of ¥110,977 million (US$677.5 million), and profit attributable to owners of the parent of ¥76,633 million (US$467.8 million), against ¥866,668 million (US$5,291.0 million) and ¥71,401 million (US$435.9 million) the year before.

Before the accounting, the register. At 31 December 2025 the shares stood in 4,619,394 trading units of 100 shares each, with a further 259,785 shares held in lots smaller than one unit and listed separately from the table. Foreign corporations and other non-individual foreign holders held 2,416,919 units, or 52.32 per cent as printed; foreign individuals held 3,767 units, 0.08 per cent. Added together, 2,420,686 units, 52.40 per cent of the units in the table — a denominator that includes the 56,128 units of treasury shares the table's own note places inside the 個人その他 line.

The table those units sit in is the ordinance's, not the company's. 第三号様式, the form the annual securities report is drawn on, places 【所有者別状況】 fifth under 第４【提出会社の状況】１【株式等の状況】, and prints the columns and the rows without figures in them: 株主数（人）, 所有株式数（単元）and 所有株式の割合（％）, against 政府及び地方公共団体, 金融機関, 金融商品取引業者, その他の法人, 外国法人等 divided into 個人以外 and 個人, 個人その他, and 計, with a 単元未満株式の状況（株）field set outside the table. Its 記載上の注意 fixes the date: the record date for exercising voting rights at the general meeting, or, where that is difficult, the last day of the fiscal year. The ordinance's second form, whose 記載上の注意 the third form borrows for several of its sections, provides that the 単元未満株式の状況 field takes the total number of shares held in lots below one unit, and that where a most-recent-date statement is difficult the figure may be given as at the end of the most recent fiscal year or a similar point. 単元株式数 belongs to a different field again — the 内容 column, where the form asks for the content of the shares, the number of shares constituting one unit included.

The five businesses are organised by the market they face. 建築・産業 covers standard pumps — land, submersible, water supply — plus chillers and fans, with installation and maintenance. エネルギー covers custom pumps, compressors and turbines. インフラ covers custom pumps for agriculture, drainage and water and sewage, and tunnel ventilation fans. 環境 covers municipal and industrial waste incineration plants. 精密・電子 covers vacuum pumps, chemical mechanical polishing tools, plating equipment and exhaust gas treatment, with service.

The segment note itself carries six things for each of the five: revenue split into external, intersegment and total; segment profit or loss; depreciation and amortisation; impairment losses; capital expenditure; and investment in equity-method associates. Alongside them run an Other column, a total, an adjustment column and the consolidated amount. Segment assets and segment liabilities have no rows here, and the share of equity-method results is not split five ways; equity-method profit of ¥1,080 million (US$6.6 million) appears in the note as a consolidated figure rather than a row of five. Goodwill is carried by reportable segment in a different note: the impairment-test note heads its table 報告セグメント and places the ¥10,261 million (US$62.6 million) of goodwill at 31 December 2025 — the closing balance note 12 prints — in 建築・産業, ¥9,177 million (US$56.0 million) of it against the cash-generating unit the note names EBARA HG Holdings Inc.及びその子会社 and ¥1,083 million (US$6.6 million) against a residual その他 unit inside the same segment.

Goodwill sits by reportable segment because a different standard puts it there. Under IAS 36, goodwill from a business combination is allocated to cash-generating units, and paragraph 80 caps a unit at the size of an operating segment as IFRS 8 defines one. Paragraph 129 then makes the reportable segment the addressee of impairment disclosure. So the segment enters the impairment note twice over — as the ceiling on the unit, and as the unit the disclosure is addressed to — while segment assets stay conditional in the standard the segments themselves come from.

IFRS 8 explains the shape. Paragraph 23 requires a measure of profit or loss for every reportable segment, then requires total assets and liabilities only if those amounts are regularly provided to the chief operating decision maker, a term the standard defines as a function rather than a job title — the function that allocates resources to the segments and assesses their performance. The specified amounts enumerated after that are conditional too, and not all on the same condition. Depreciation and amortisation sits in the list that turns on whether the amount is included in the measure of segment profit or loss the decision maker reviews, or is otherwise regularly provided to that function. Investment in equity-method associates and additions to non-current assets sit in a list conditioned instead on the measure of segment assets. Paragraph 28's reconciliations follow the same logic from the other end: the reconciliation of segment assets to entity assets is required if segment assets are reported in accordance with paragraph 23.

The regulator has drawn the same table. A disclosure example published by the Financial Services Agency on 31 March 2016, written in Japanese for filers using IFRS, restates paragraph 22's general information — the factors used to identify the reportable segments, the judgements made in applying the aggregation criteria, and the types of product and service from which each segment derives its revenues — and then restates paragraph 23's list: external revenue, revenue from transactions with other operating segments of the same entity, interest income, interest expense, depreciation and amortisation, material items of income and expense, the entity's share of the profit or loss of equity-method associates, tax, and material non-cash items other than depreciation and amortisation, all on the one condition, that the amount is included in the measure of segment profit or loss the chief operating decision maker reviews or is otherwise regularly provided to that function. Total assets and total liabilities it restates as reportable where those amounts are regularly provided to that function; the investment in equity-method associates and the additions to non-current assets, the latter net of financial instruments, deferred tax assets, net defined benefit assets and rights arising from insurance contracts, it restates on the segment-assets condition. Its model table, 表6-1, runs A セグメント, B セグメント, C セグメント, その他, 調整 and 連結計, and folds the paragraph 28 reconciliation into the table rather than setting it out separately; the rows it works through are external revenue, intersegment revenue, depreciation and amortisation, equity-method profit, impairment losses and the equity-method investment. Paragraph 27, restated alongside them, asks for the basis of accounting for transactions between reportable segments and for the nature of the differences between the segment measures and the entity's amounts where those are not apparent from the reconciliations.

What the note does give, in yen, is this. External revenue and segment profit: 建築・産業 ¥241,938 million (US$1,477.0 million) and ¥15,251 million (US$93.1 million); エネルギー ¥217,845 million (US$1,329.9 million) and ¥25,943 million (US$158.4 million); インフラ ¥57,143 million (US$348.9 million) and ¥4,680 million (US$28.6 million); 環境 ¥97,864 million (US$597.5 million) and ¥13,003 million (US$79.4 million); 精密・電子 ¥342,267 million (US$2,089.5 million) and ¥57,773 million (US$352.7 million). The five printed profits add to ¥116,650 million (US$712.1 million) against a printed five-segment subtotal of ¥116,652 million (US$712.2 million); Other is negative ¥2,294 million (US$14.0 million); the note's own subtotal and Other come to the printed ¥114,358 million (US$698.2 million) against consolidated operating profit of ¥113,802 million (US$694.8 million), and the note's adjustment column prints the difference between them, negative ¥556 million (US$3.4 million), which its note 2 describes as the elimination of intersegment transactions.

Divide profit by external revenue and you get 6.30, 11.91, 8.19, 13.29 and 16.88 per cent, in the order above, against 11.88 per cent for the group, all six computed here from the segment note's own figures. The last of them is the 11.9 per cent the plan section prints for 2025 against E-Plan2025's operating-margin target of 10 per cent or better; 11.88 and 11.9 are the same quotient, differently rounded. The same profit surfaces once more in the remuneration section, as ¥113.8 billion (US$694.7 million) against the ¥101.5 billion (US$619.7 million) that section prints as the 2025 consolidated operating-profit target for the short-term performance-linked award — the segment note's ¥113,802 million (US$694.8 million), rounded, and a tenth of a million dollars apart in translation. Each of the five ratios divides by external revenue, and the note prints external revenue, intersegment revenue and a total as three separate rows, while the standard's own definition of an operating segment takes in revenues and expenses from transactions with other components of the same entity. The plan section states its segment targets as floors — 20.0 per cent or more for 精密・電子, 14.5 or more for エネルギー, 9.0 or more for 建築・産業 and インフラ, 8.5 or more for 環境, all for 2028 — and prints its own 2025 figures in the column beside them: 16.9, 11.9, 6.3, 8.2 and 13.3 per cent, which are the five above rounded to the single decimal that table carries.

Now the second machine. Order intake, order backlog, research and development expense and cash flow do not appear in IFRS 8's enumerated disclosure lists — not in the profit-or-loss-conditioned list at paragraph 23, not in the segment-assets-conditioned list at paragraph 24 that carries equity-method investment and additions to non-current assets, not in the reconciliations at 28, and not in the entity-wide requirements at 32 to 34. Order intake and backlog appear in this filing anyway, by segment, in the Japanese business-conditions section, which runs its own tables: production performance, order performance, sales performance. Research and development appears in the research section of the same part of the filing — the group total of ¥23,233 million (US$141.8 million) at the head of it and the five segment amounts running a page or two behind. The consolidated notes carry the same group total at note 31, and not by segment. Cash flow appears consolidated and stays that way. Sales appear in both machines, which is what makes the next paragraph possible.

The second machine's rulebook is not IFRS 8 but the disclosure ordinance. 第三号様式 enumerates 第２【事業の状況】 as six items ending at ６【研究開発活動】, and 第３【設備の状況】 as three — １【設備投資等の概要】, ２【主要な設備の状況】, ３【設備の新設、除却等の計画】 — and its own 記載上の注意 then hands four of those sections to the ordinance's second form: ⑿ to 第二号様式's note (32), ⒁ to (34), ⒂ to (35), ⒄ to (37). The content arrives in the second form. Note (32), at ⒝ⅰ, requires the results of production, orders and sales to be stated in comparison with the same period of the previous year and 「セグメント情報に関連付けて」, tied to the segment information, with the nature of any significant movement in those results stated as well; ⒝ⅱ adds a statement where production capacity, the prices of principal raw materials, or the purchase and selling prices of principal goods have moved significantly, or where there is anything else to note about production, orders or sales. Note (34) requires the state of research and development activities and 研究開発費の金額, the amount of research and development expense, tied to the segment information in the same way. Note (27)ａ carries the definition that makes the tie work for a filer under IFRS: where the consolidated statements are prepared under 指定国際会計基準, the ordinance's 「セグメント情報」 is read as 「これに相当する情報」, the information corresponding to it, and the same note asks for the group's businesses to be explained systematically in relation to that information. The Japanese sections define no segments of their own. They borrow the ones the note draws.

The two machines can be checked against each other, and the check passes. The sales-performance table gives 建築・産業 ¥241,938 million, エネルギー ¥217,845 million, インフラ ¥57,143 million, 環境 ¥97,864 million, 精密・電子 ¥342,267 million and Other ¥1,225 million — the same six figures as the note's external revenue column, which is what the table's own note says they should be, being stated at selling prices and after elimination of intersegment transactions. The gaps are inside each table rather than between them: the five add to ¥957,057 million (US$5,842.8 million) against a printed ¥957,059 million (US$5,842.9 million); the six add to ¥958,282 million (US$5,850.3 million) against ¥958,285 million (US$5,850.3 million); the geographic table's five regions add to ¥958,283 million (US$5,850.3 million) against the same ¥958,285 million. The consolidated statements are truncated below one million yen, and differences of this size are what truncation at that scale produces. In dollars at this rate, most of them are not visible at all.

The item the second machine adds that the first has no row for is backlog, and backlog is where the five businesses stop looking like one company. Order backlog at year-end: 建築・産業 ¥75,789 million (US$462.7 million); エネルギー ¥213,790 million (US$1,305.2 million); インフラ ¥83,453 million (US$509.5 million); 環境 ¥384,675 million (US$2,348.4 million); 精密・電子 ¥151,591 million (US$925.5 million). The five add to ¥909,298 million (US$5,551.3 million) against a printed subtotal of ¥909,300 million (US$5,551.3 million); with Other's ¥2,719 million (US$16.6 million) the printed total is ¥912,020 million (US$5,567.9 million). Divide each segment's backlog by the same segment's external revenue for the year and the coverage runs 0.31, 0.98, 1.46, 3.93 and 0.44 years, against 0.95 for the group on the two printed totals. 環境 is 10.2 per cent of external revenue and 42.2 per cent of backlog.

The revenue-recognition policy is written along the same seam. For products, all five segments recognise revenue mainly on delivery or acceptance. For construction contracts and maintenance contracts, 建築・産業, エネルギー, インフラ and 環境 recognise over time, with progress measured as actual cost over estimated total cost. 環境's contracts are incineration plants for municipalities and industry, and the year's order intake there was ¥135,392 million (US$826.6 million), up 89.1 per cent, which the filing attributes to four large orders for the 延命化 and 改修 — the life extension and refurbishment — of refuse-treatment facilities. The ¥384,675 million (US$2,348.4 million) of backlog carried at the year-end — 3.93 times the segment's ¥97,864 million of external revenue — is what a book that includes those four orders looks like when it is measured against one year of that revenue, part of which is recognised at a point in time and part over time.

The disclosure counterpart to a backlog table sits in IFRS 15 at paragraph 120: the transaction price allocated to performance obligations unsatisfied at the reporting date, with when the entity expects to recognise it, given in time bands or in words. Paragraph 121 lets that be left out for contracts originally expected to run a year or less. The order backlog the Japanese sections require is a different table on a different basis, and the two are not the same measure.

The production table measures something else again — output stated at selling prices and, per the note covering items ① to ③, after elimination of intersegment transactions — and it is not a substitute for either of the other two. Its 2025 figures are ¥235,367 million (US$1,436.9 million), ¥205,926 million (US$1,257.2 million), ¥52,728 million (US$321.9 million), ¥23,376 million (US$142.7 million) and ¥248,503 million (US$1,517.1 million); the five add to ¥765,900 million (US$4,675.8 million) against a printed subtotal of ¥765,902 million (US$4,675.8 million), and with Other's ¥218 million (US$1.3 million) the printed group total is ¥766,120 million (US$4,677.2 million), against sales of ¥958,285 million. For 環境 the production figure of ¥23,376 million (US$142.7 million) is printed in ① 生産実績, under a 生産高 column, and its ¥97,864 million (US$597.5 million) of sales in ③ 販売実績, under a 販売高 column, two tables under one shared note. The two count different things, output and sales, on the one basis the shared note states, and the tables read here carry no line that converts one into the other.

Research and development is itemised the same way, in the research section rather than the note. The itemisation gives ¥5,505 million (US$33.6 million) under （建築・産業）, the first of the section's five headings, then ¥2,678 million (US$16.3 million) for エネルギー, ¥752 million (US$4.6 million) for インフラ, ¥2,287 million (US$14.0 million) for 環境 and ¥12,009 million (US$73.3 million) for 精密・電子. The five add to ¥23,231 million (US$141.8 million) against a printed group total of ¥23,233 million (US$141.8 million), a two-million difference of the same size as the ones inside the sales and production tables above. 精密・電子 is 51.7 per cent of the research spend. For anything measured against revenue the denominator has to be fetched from the other machine, because the research section prints none: on the segment note's figures, 精密・電子 is 35.7 per cent of external revenue, ¥342,267 million of ¥958,285 million, and its own research is 3.51 per cent of its own external revenue.

Which returns the question to the Other column. Capital expenditure by segment: ¥15,095 million (US$92.2 million), ¥14,535 million (US$88.7 million), ¥1,590 million (US$9.7 million), ¥2,106 million (US$12.9 million) and ¥34,009 million, which add to ¥67,335 million (US$411.1 million) against a printed five-segment subtotal of ¥67,338 million (US$411.1 million). Other is ¥33,851 million; subtotal and Other make ¥101,189 million (US$617.8 million), and an adjustment of negative ¥454 million (US$2.8 million) brings it to ¥100,735 million (US$615.0 million). Other is 33.6 per cent of that. It is 26.1 per cent of depreciation and amortisation. It is 0.13 per cent of external revenue, which is the measure the 75 per cent rule runs on, and on which the five reportable segments account for 99.87 per cent. The equipment section of the same filing prints the identical seven capital-expenditure figures, and one line more: the column's investment was centred on 情報設備・ソフトウエア, information equipment and software. The same section's table of planned new equipment carries the column at ¥16,000 million (US$97.7 million) for 情報インフラ設備、事務棟等, information infrastructure equipment and office buildings. A split of the ¥33,851 million by asset class, or by which of the companies inside the column spent it, sits in neither table, and outside IFRS 8's enumerated lists.

The caveat on that section is the ordinance's own wording. Note (35) requires the purpose, content and amount of capital investment to be explained in outline and tied to the segment information, and provides that investment in intangible fixed assets, long-term prepaid expenses and deferred assets may be taken in alongside tangible fixed assets where that is thought appropriate, provided the fact is made clear — which is the clause the equipment section's statement about intangibles answers to. The same note asks for the content and amount of any material retirement or sale of equipment, again tied to the segments. Note (37) governs the table beside it: where there is a plan for the material construction, expansion, renovation, retirement or sale of equipment, its content is to be stated in relation to the segment information, and the note enumerates what such a statement may carry — the name of the establishment, its location, the content of the equipment, the planned amount of investment as a total and as the part already paid, the method of financing, the expected months of commencement and completion, and the increase in capacity once complete. The 情報インフラ設備、事務棟等 line stands in that table, under that note.

The column can be followed across both machines, and everywhere except the investment rows it is small. In the business-conditions tables Other has production of ¥218 million, order intake of ¥3,808 million (US$23.2 million), backlog of ¥2,719 million and sales of ¥1,225 million. In the note it has a segment loss of ¥2,294 million, impairment of ¥303 million (US$1.8 million), depreciation and amortisation of ¥9,101 million (US$55.6 million) and the capital expenditure above. Depreciation and amortisation of ¥9,101 million (US$55.6 million) stands in the same column as external revenue of ¥1,225 million (US$7.5 million), on the note's other-items rows rather than its revenue rows. The column is 0.13 per cent of the revenue table and 33.6 per cent of the investment table, which is the only reason it is here at this length.

Geography is disclosed in the same note, on the entity-wide basis, and the two geographic tables do not use the same set of labels. External revenue by customer location: 日本 ¥320,335 million (US$1,955.6 million), 中国 ¥181,178 million (US$1,106.1 million), アジアその他 ¥193,597 million (US$1,181.9 million), 北米 ¥116,627 million (US$712.0 million), その他 ¥146,546 million (US$894.7 million). Non-current assets by location: 日本 ¥204,148 million (US$1,246.3 million), 中国 ¥18,880 million (US$115.3 million), アジアその他 ¥18,830 million (US$115.0 million), 米国 ¥33,723 million (US$205.9 million), その他 ¥43,921 million (US$268.1 million), adding to ¥319,502 million (US$1,950.6 million) against a printed ¥319,505 million (US$1,950.6 million). The fourth column of the revenue table is 北米, which its note glosses as the United States and Canada; the fourth column of the asset table is 米国. Japan is 33.4 per cent of revenue and 63.9 per cent of the non-current assets as the note defines them, financial instruments, deferred tax assets and post-employment benefit assets excluded; China is 18.9 and 5.9. Paragraph 33's list runs to external revenue and non-current assets, and does not extend to profit, so the two tables above are the geographic arithmetic the standard produces.

The two geographic tables in the regulator's example do not share labels either. Its worked example prints external revenue as 日本, XX, YY, その他 and a total, and non-current assets as 日本, XX, ZZ, その他 and a total — the home country in both, a different foreign caption in each, and the two set out as two tables rather than one. What paragraph 33 asks for is a pair of totals on each side: revenue attributed to the entity's country of domicile and revenue attributed to all foreign countries in total, with the revenue attributed to an individual foreign country disclosed separately where it is material and the basis of attribution stated; then non-current assets located in the country of domicile and in all foreign countries in total, on the same materiality test, with financial instruments, deferred tax assets, post-employment benefit assets and rights arising from insurance contracts left out. Both limbs carry the exemption where the information is not available and the cost to develop it would be excessive. Which foreign countries are named separately therefore turns on materiality, and the two limbs are tested one at a time.

Two further entity-wide items are short. On customers, the major-customer requirement sets a 10 per cent threshold, above which the entity discloses the fact, the amount from each such customer and the segment reporting the revenue; the note states that no single external customer accounts for 10 per cent or more of revenue. The requirement as quoted is triggered when the threshold is met, and what the note prints is the absence, stated. On products and services, the product-and-service requirement asks for revenue from external customers by product or group of similar products; the clause that does not ask again sits not there but in the preamble to the entity-wide section, which provides that the information required by the product, geographical and major-customer paragraphs is to be given only where it is not already provided as part of the reportable segment information the standard requires. The note says the product and service categories are the same as the reportable segments, and omits the separate disclosure on that ground.

The carve-out and the customer test read the same way in the regulator's Japanese. The entity-wide information — products and services, geography, major customers — is stated there as required only where it is not already provided as part of the reportable segment information, which places the clause above all three rather than inside any one of them. On products and services the requirement is external revenue for each product and service, or each group of similar products and services, subject to the same not-available-and-excessive-cost exemption. On customers: where revenue from transactions with a single external customer is 10 per cent or more of the entity's revenue, the entity discloses that fact, the total amount of revenue from that customer, and the name of the segment or segments reporting that revenue. The customer's identity is not among the items asked for, and neither is a breakdown of that customer's revenue by segment. The Japanese side sets a threshold at the same height on a different base: 第二号様式's note (32), at ⒟, asks for sales by counterparty and each counterparty's share of total sales where there are principal customers, and permits counterparties below one-tenth of total sales to be left out.

Cash is consolidated only. Operating cash flow was ¥40,755 million (US$248.8 million) against ¥100,940 million (US$616.2 million) in 2024; investing was negative ¥91,232 million (US$557.0 million) against negative ¥48,554 million (US$296.4 million); financing was positive ¥16,836 million (US$102.8 million) against negative ¥31,915 million (US$194.8 million); year-end cash fell from ¥171,031 million (US$1,044.1 million) to ¥143,485 million (US$876.0 million). Inside the financing line sit ¥20,077 million (US$122.6 million) of treasury share purchases, and dividends of ¥27,718 million (US$169.2 million) to owners of the parent and ¥2,390 million (US$14.6 million) to non-controlling interests, ¥30,108 million (US$183.8 million) in the cash flow statement, where the statement of changes in equity prints a dividend total of ¥30,109 million (US$183.8 million). Add those three back to the financing total and the remaining financing components net to an inflow of ¥67,021 million (US$409.2 million), which is a subtraction performed here rather than a line the statement carries.

Two pairs of numbers in that neighbourhood are counted differently and should not be netted. Capital expenditure of ¥100,735 million (US$615.0 million) is stated to include intangibles; the segment amounts that sum to ¥101,189 million (US$617.8 million) are stated to include intersegment transactions, and the note's negative ¥454 million (US$2.8 million) adjustment takes them out to reach it. The cash flow statement's 有形固定資産及び無形資産の取得による支出 — payments for the acquisition of property, plant and equipment and intangible assets — is ¥92,214 million (US$563.0 million), ¥8,521 million (US$52.0 million) apart. Both captions take in intangibles and both are net of intersegment transactions; what stands between them is an investment measure beside a payments measure. Depreciation and amortisation of ¥34,804 million (US$212.5 million) is the cash flow statement's caption and the segment note's consolidated amount; the movement table for owned property, plant and equipment shows depreciation of ¥19,395 million (US$118.4 million), a narrower caption by ¥15,409 million (US$94.1 million). Then the note's own depreciation row: the printed five-segment subtotal of ¥25,773 million (US$157.3 million) and Other's ¥9,101 million make ¥34,874 million (US$212.9 million), ¥70 million (US$0.4 million) more than the consolidated ¥34,804 million. The note prints an adjustment against that row too, negative ¥69 million (US$0.4 million), and its note 3 describes the adjustments across the other-items block — capital expenditure's negative ¥454 million among them — as the elimination of intersegment transactions; the ¥1 million between the resulting ¥34,805 million (US$212.5 million) and the consolidated ¥34,804 million is truncation. The five printed depreciation figures themselves add to ¥25,770 million (US$157.3 million), three below their own subtotal.

So the drawing gets made twice, by two rulebooks, and the sheets line up where they overlap. The note's external revenue column and the sales table print the same six figures; the two-to-three million yen gaps are inside each table, between its components and its own printed total. Backlog, order intake and production arrive by segment from the business-conditions tables, research by segment from the research section a few pages on; profit, impairment, capital expenditure, depreciation and investment in equity-method associates arrive by segment from the note. Segment assets and liabilities arrive by segment from neither — the note's rows stop at the six items above, and the standard asks for them only where the decision maker is regularly given them. And the column that is 0.13 per cent of the revenue carries a third of the capital expenditure, in both of the tables that print it, at the same figure.

On the currency. Every yen amount above is converted at ¥163.8 = US$1, the rate on 24 July 2026, applied uniformly to all periods regardless of when the amount arose, so the dollar figures are a reading aid and not a translation the company performed. Dollar figures are rounded to one decimal place of a million, so a yen amount that carries more significant figures than that arrives in dollars with fewer, and two yen amounts a few million apart can print as the same dollar figure; the yen amounts are as printed. The consolidated financial statements state, in the note on the basis of preparation, that they are drawn up under IFRS Accounting Standards, presented in yen, with amounts truncated below one million; truncation at that scale can account for the cases above where components add to a few million less than the total printed beside them, and where a difference runs wider than truncation reaches — the negative ¥69 million on depreciation, the negative ¥454 million on capital expenditure — the note names each of them as an adjustment. That truncation statement belongs to the consolidated statements; the production, order, sales and research tables in the Japanese business sections carry notes of their own, and no single rounding rule is assumed across all of them here. At this rate a difference of two or three million yen converts to less than a tenth of a million dollars, which is why several of them disappear in the dollar column. Ratios, percentages and multiples are computed on the yen figures and carry no conversion.