A.D.Works Group Co (2982.T) Stock Price

A.D.Works Group Co Price

JPX·CLOSED
415.00JPY+8.00 (+1.95 %)
Market closed

Revenue has compounded at 16.6% per year over the past 10 years to 49.91 B JPY. Earnings per share have grown at 37.3% per year over the last 10 years. A.D.Works Group Co's net margin stands at 3.2%, up from 1.6% several years earlier. A.D.Works Group Co currently offers a dividend yield of about 2.41%. The payout ratio is around 30% of earnings. The dividend has grown at 39.8% per year over the past 10 years. The stock trades about 8% above its 52-week low.

A.D.Works Group Co stock price

Volume
Ex-Dividend
Details

Stock Price

How to Read This Chart

This chart tracks the historical stock price of A.D.Works Group Co over time. You can switch between daily, weekly, and monthly views and select custom time ranges — from a single day to the full available history. Use the toggle to view price changes in absolute currency terms or as a percentage change relative to the starting date.

Total Return vs. Price Return

The "Total Return" toggle includes reinvested dividends on top of the pure price movement. This is critical because dividends can account for a significant portion of long-term returns. Historically, roughly 40 % of the S&P 500's total return has come from dividends. Always compare total return when evaluating a stock's real performance against a benchmark.

Intraday Price Data

When viewing a one-day time frame, the chart displays real-time intraday price movements. This is useful for observing how A.D.Works Group Co stock reacts to market openings, earnings releases, or breaking news throughout the trading session.

What to Look For

Look for long-term trends (sustained upward or downward movements over months and years), support and resistance levels (price zones where the stock repeatedly bounces or reverses), and volatility (how much the price fluctuates day to day). Comparing A.D.Works Group Co's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.

A.D.Works Group Co Stock Price History
DateA.D.Works Group Co Price
8/12/2026415.00 JPY
8/10/2026407.00 JPY
8/7/2026400.00 JPY
8/6/2026414.00 JPY
8/5/2026406.00 JPY
8/4/2026403.00 JPY
8/3/2026405.00 JPY
7/31/2026413.00 JPY
7/30/2026415.00 JPY
7/29/2026414.00 JPY
7/28/2026410.00 JPY
7/27/2026409.00 JPY
7/24/2026408.00 JPY
7/23/2026413.00 JPY
7/22/2026415.00 JPY
7/21/2026415.00 JPY
7/17/2026410.00 JPY
7/16/2026418.00 JPY
7/15/2026421.00 JPY
7/14/2026413.00 JPY
7/13/2026397.00 JPY
7/10/2026396.00 JPY
7/9/2026392.00 JPY
7/8/2026394.00 JPY
7/7/2026400.00 JPY
7/6/2026403.00 JPY
7/3/2026406.00 JPY
7/2/2026399.00 JPY
7/1/2026395.00 JPY
6/30/2026396.00 JPY
6/29/2026394.00 JPY
6/26/2026408.00 JPY
6/25/2026409.00 JPY
6/24/2026398.00 JPY
6/23/2026405.00 JPY
6/22/2026405.00 JPY
6/19/2026403.00 JPY
6/18/2026398.00 JPY
6/17/2026396.00 JPY
6/16/2026392.00 JPY
6/15/2026394.00 JPY
6/12/2026386.00 JPY
6/11/2026385.00 JPY
6/10/2026388.00 JPY
6/9/2026383.00 JPY
6/8/2026383.00 JPY
6/5/2026388.00 JPY
6/4/2026384.00 JPY
6/3/2026387.00 JPY
6/2/2026387.00 JPY
6/1/2026386.00 JPY
5/29/2026423.00 JPY
5/28/2026427.00 JPY
5/27/2026421.00 JPY
5/26/2026407.00 JPY
5/25/2026402.00 JPY
5/22/2026418.00 JPY
5/21/2026421.00 JPY
5/20/2026413.00 JPY
5/19/2026410.00 JPY
5/18/2026394.00 JPY
5/15/2026397.00 JPY
5/14/2026404.00 JPY
5/13/2026387.00 JPY
5/12/2026393.00 JPY
5/11/2026392.00 JPY
5/8/2026401.00 JPY
5/7/2026399.00 JPY
5/1/2026404.00 JPY
4/30/2026405.00 JPY
4/28/2026412.00 JPY
4/27/2026407.00 JPY
4/24/2026401.00 JPY
4/23/2026409.00 JPY
4/22/2026411.00 JPY
4/21/2026420.00 JPY
4/20/2026423.00 JPY
4/17/2026420.00 JPY
4/16/2026424.00 JPY
4/15/2026420.00 JPY
4/14/2026422.00 JPY
4/13/2026423.00 JPY
4/10/2026422.00 JPY
4/9/2026429.00 JPY
4/8/2026439.00 JPY
4/7/2026434.00 JPY
4/6/2026431.00 JPY
4/3/2026426.00 JPY
4/2/2026422.00 JPY
4/1/2026421.00 JPY
3/31/2026405.00 JPY
3/30/2026410.00 JPY
3/27/2026422.00 JPY
3/26/2026422.00 JPY
3/25/2026430.00 JPY
3/24/2026418.00 JPY
3/23/2026401.00 JPY
3/19/2026419.00 JPY
3/18/2026432.00 JPY
3/17/2026415.00 JPY
3/16/2026413.00 JPY
3/13/2026414.00 JPY
3/12/2026418.00 JPY
3/11/2026438.00 JPY
3/10/2026439.00 JPY
3/9/2026425.00 JPY
3/6/2026440.00 JPY
3/5/2026428.00 JPY
3/4/2026409.00 JPY
3/3/2026428.00 JPY
3/2/2026449.00 JPY
2/27/2026465.00 JPY
2/26/2026443.00 JPY
2/25/2026439.00 JPY
2/24/2026419.00 JPY
2/20/2026413.00 JPY
2/19/2026426.00 JPY
2/18/2026424.00 JPY
2/17/2026421.00 JPY
2/16/2026420.00 JPY
2/13/2026420.00 JPY
2/12/2026435.00 JPY
2/10/2026496.00 JPY
2/9/2026482.00 JPY
2/6/2026470.00 JPY
2/5/2026473.00 JPY
2/4/2026462.00 JPY
2/3/2026449.00 JPY
2/2/2026444.00 JPY
1/30/2026442.00 JPY
1/29/2026432.00 JPY
1/28/2026438.00 JPY
1/27/2026440.00 JPY
1/26/2026444.00 JPY
1/23/2026457.00 JPY
1/22/2026455.00 JPY
1/21/2026447.00 JPY
1/20/2026461.00 JPY
1/19/2026476.00 JPY
1/16/2026463.00 JPY
1/15/2026449.00 JPY
1/14/2026447.00 JPY
1/13/2026442.00 JPY
1/9/2026435.00 JPY
1/8/2026429.00 JPY
1/7/2026427.00 JPY
1/6/2026421.00 JPY
1/5/2026417.00 JPY
12/30/2025422.00 JPY
12/29/2025418.00 JPY
12/26/2025420.00 JPY
12/25/2025429.00 JPY
12/24/2025427.00 JPY
12/23/2025417.00 JPY
12/22/2025400.00 JPY
12/19/2025420.00 JPY
12/18/2025451.00 JPY
12/17/2025457.00 JPY
12/16/2025470.00 JPY
12/15/2025485.00 JPY
12/12/2025483.00 JPY
12/11/2025471.00 JPY
12/10/2025483.00 JPY
12/9/2025489.00 JPY
12/8/2025501.00 JPY
12/5/2025473.00 JPY
12/4/2025482.00 JPY
12/3/2025435.00 JPY
12/2/2025435.00 JPY
12/1/2025444.00 JPY
11/28/2025458.00 JPY
11/27/2025443.00 JPY
11/26/2025437.00 JPY
11/25/2025422.00 JPY
11/21/2025420.00 JPY
11/20/2025420.00 JPY
11/19/2025444.00 JPY
11/18/2025442.00 JPY
11/17/2025458.00 JPY
11/14/2025488.00 JPY
11/13/2025466.00 JPY
11/12/2025479.00 JPY
11/11/2025475.00 JPY
11/10/2025474.00 JPY
11/7/2025469.00 JPY
11/6/2025471.00 JPY
11/5/2025476.00 JPY
11/4/2025468.00 JPY
10/31/2025475.00 JPY
10/30/2025470.00 JPY
10/29/2025462.00 JPY
10/28/2025467.00 JPY
10/27/2025465.00 JPY
10/24/2025456.00 JPY
10/23/2025476.00 JPY
10/22/2025466.00 JPY
10/21/2025458.00 JPY
10/20/2025457.00 JPY
10/17/2025473.00 JPY
10/16/2025482.00 JPY
10/15/2025474.00 JPY
10/14/2025451.00 JPY
10/10/2025453.00 JPY
10/9/2025465.00 JPY
10/8/2025476.00 JPY
10/7/2025465.00 JPY
10/6/2025481.00 JPY
10/3/2025486.00 JPY
10/2/2025468.00 JPY
10/1/2025478.00 JPY
9/30/2025500.00 JPY
9/29/2025496.00 JPY
9/26/2025475.00 JPY
9/25/2025453.00 JPY
9/24/2025456.00 JPY
9/22/2025472.00 JPY
9/19/2025496.00 JPY
9/18/2025505.00 JPY
9/17/2025495.00 JPY
9/16/2025506.00 JPY
9/12/2025501.00 JPY
9/11/2025475.00 JPY
9/10/2025483.00 JPY
9/9/2025487.00 JPY
9/8/2025491.00 JPY
9/5/2025479.00 JPY
9/4/2025462.00 JPY
9/3/2025451.00 JPY
9/2/2025438.00 JPY
9/1/2025448.00 JPY
8/29/2025458.00 JPY
8/28/2025447.00 JPY
8/27/2025436.00 JPY
8/26/2025431.00 JPY
8/25/2025416.00 JPY
8/22/2025408.00 JPY
8/21/2025409.00 JPY
8/20/2025412.00 JPY
8/19/2025418.00 JPY
8/18/2025414.00 JPY
8/15/2025412.00 JPY
8/14/2025395.00 JPY
Access this data via the Eulerpool API

A.D.Works Group Co Revenue, EBIT, Net Income

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Revenue
EBIT
Net Income
Details
Date
Revenue
EBIT
Net Income
Jan 1, 2017
22.30 B JPY
1.21 B JPY
584.22 M JPY
Jan 1, 2018
24.86 B JPY
2.12 B JPY
663.86 M JPY
Jan 1, 2019
24.69 B JPY
1.29 B JPY
625.32 M JPY
Jan 1, 2020
16.84 B JPY
645.75 M JPY
264.99 M JPY
Jan 1, 2021
24.96 B JPY
933.34 M JPY
312.28 M JPY
Jan 1, 2022
27.86 B JPY
1.38 B JPY
527.19 M JPY
Jan 1, 2023
41.34 B JPY
2.40 B JPY
1.42 B JPY
Jan 1, 2024
49.91 B JPY
3.22 B JPY
1.61 B JPY

A.D.Works Group Co Income Statement, Balance Sheet, Cash Flow Statement

Last updated Aug 13, 2026, 8:41 PM
 
REVENUEB JPY
REVENUE GROWTH%
GROSS MARGIN%
GROSS INCOMEB JPY
EBITB JPY
EBIT MARGIN%
NET INCOMEB JPY
NET INCOME GROWTH%
DIV.JPY
DIV. GROWTH%
SHARESM
20142015201620172018201920202021202220232024
10.7415.7318.9722.3024.8624.6916.8424.9627.8641.3449.91
46.5620.5717.5511.49-0.70-31.7948.2211.6048.4120.72
23.5618.8519.3017.9321.4919.4918.6918.9519.3316.9817.30
2.532.973.664.005.344.813.154.735.397.028.64
0.760.871.041.212.121.290.650.931.382.403.22
7.075.515.485.448.515.233.833.744.945.816.44
0.330.430.540.580.660.630.260.310.531.421.61
27.9326.768.1513.53-5.73-57.7618.1868.91169.2613.46
10.007.007.007.000.357.002.985.267.008.0010.00
-30.00-95.001,900.00-57.4376.5133.0814.2925.00
240.36239.4023.943.273.4036.9039.5243.3946.5748.0448.69
Details

Income Statement Key Figures

Revenue and Revenue Growth

Revenue is the starting point of every income statement — it measures the total sales A.D.Works Group Co generates from its core business. Revenue growth (expressed as year-over-year percentage change) is one of the most important indicators of business momentum. Sustained growth above 10 % annually is generally considered strong, while declining revenue is a serious warning sign that demands investigation.

Gross Margin

Gross margin = (Revenue − Cost of Goods Sold) ÷ Revenue. It reveals what percentage of each dollar of revenue A.D.Works Group Co retains after direct production costs. High gross margins (above 50 %) are typical of asset-light businesses like software and brands, while capital-intensive industries like manufacturing often operate below 30 %. Compare A.D.Works Group Co's gross margin to industry peers and track it over time to spot improving or deteriorating pricing power.

EBIT and EBIT Margin

EBIT measures operating profit — what remains after subtracting all operating expenses (including R&D, sales, and administrative costs) from gross profit. The EBIT margin shows this as a percentage of revenue. Because it excludes interest and taxes, EBIT allows fair comparisons between companies with different debt levels and tax jurisdictions. A rising EBIT margin indicates improving operational efficiency.

Net Income and Earnings Per Share (EPS)

Net income is the company's final profit after all expenses, interest, and taxes. Dividing net income by the number of shares outstanding gives you EPS — the single most influential metric in stock valuation. Consistent EPS growth is the primary driver of long-term stock price appreciation. Always check whether EPS growth comes from genuine profit improvement or from share buybacks reducing the share count.

Shares Outstanding

The total number of shares A.D.Works Group Co has issued. A declining share count (through buybacks) boosts EPS and signals management confidence. A rising share count (through stock issuance) dilutes existing shareholders. Always monitor this number alongside EPS to get the full picture of per-share value creation.

Analyst Estimates

The projected figures represent consensus estimates from professional analysts. Compare these forecasts against A.D.Works Group Co's historical growth rates to assess whether expectations are realistic. A company that consistently beats consensus estimates tends to see its stock price rewarded over time, while repeated misses erode investor confidence.

A.D.Works Group Co stock margins

The A.D.Works Group Co margin analysis displays the gross margin, EBIT margin, as well as the profit margin of A.D.Works Group Co. The EBIT margin (EBIT/sales) indicates the percentage of sales that remains as operating profit. The profit margin shows the percentage of sales that remains for A.D.Works Group Co.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Gross margin
EBIT margin
Profit margin
Details
Date
Gross margin
EBIT margin
Profit margin
Jan 1, 2017
17.93 %
5.44 %
2.62 %
Jan 1, 2018
21.49 %
8.51 %
2.67 %
Jan 1, 2019
19.49 %
5.23 %
2.53 %
Jan 1, 2020
18.69 %
3.83 %
1.57 %
Jan 1, 2021
18.95 %
3.74 %
1.25 %
Jan 1, 2022
19.33 %
4.94 %
1.89 %
Jan 1, 2023
16.98 %
5.81 %
3.43 %
Jan 1, 2024
17.30 %
6.44 %
3.23 %

A.D.Works Group Co Stock Revenue, EBIT, Earnings per Share

The A.D.Works Group Co earnings per share therefore indicates how much revenue A.D.Works Group Co has generated per share in a given period. The earnings before interest and taxes per share shows how much of the operating profit corresponds to each share. The earnings per share indicates how much of the profit belongs to each share.
  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Revenue per Share
EBIT per share
Earnings per Share
Details
Date
Revenue per Share
EBIT per share
Earnings per Share
Jan 1, 2017
6,824.14 JPY
370.91 JPY
178.79 JPY
Jan 1, 2018
7,312.32 JPY
622.62 JPY
195.26 JPY
Jan 1, 2019
669.08 JPY
35.02 JPY
16.95 JPY
Jan 1, 2020
426.18 JPY
16.34 JPY
6.71 JPY
Jan 1, 2021
575.25 JPY
21.51 JPY
7.20 JPY
Jan 1, 2022
598.15 JPY
29.56 JPY
11.32 JPY
Jan 1, 2023
860.56 JPY
50.03 JPY
29.55 JPY
Jan 1, 2024
1,025.15 JPY
66.07 JPY
33.08 JPY

A.D.Works Group Co business model & stock analysis

A.D.Works Group Co Eulerpool Fair Value

Details

Fair Value Estimate

What Is Fair Value?

Fair value is an estimate of what a stock is truly "worth" based on its financial fundamentals, independent of the current market price. If the calculated fair value is above the current share price, the stock may be undervalued — and vice versa. This chart shows three different fair value approaches so you can cross-check them against each other.

Earnings-Based Fair Value

Calculated by multiplying the current earnings per share (EPS) by the average historical P/E ratio over a selected multi-year period. The smoothing over several years filters out temporary spikes or dips. If this fair value exceeds the market price, it suggests the stock is cheap relative to its earning power.

Example: Fair Value (Earnings) 2022 = EPS 2022 × Average P/E 2019–2021

Revenue-Based Fair Value

Derived by multiplying revenue per share by the average historical price-to-sales ratio. This method is particularly useful for companies with volatile or temporarily depressed earnings, as revenue tends to be more stable than profits. It answers: "At what price has the market historically valued each dollar of this company's sales?"

Example: Fair Value (Revenue) 2022 = Revenue per Share 2022 × Average P/S 2019–2021

Dividend-Based Fair Value

Calculated by dividing the dividend per share by the average historical dividend yield. This approach is most relevant for mature, consistently dividend-paying companies. If the resulting fair value is higher than the current price, it implies the stock offers a better yield than its historical average.

Example: Fair Value (Dividend) 2022 = Dividend per Share 2022 ÷ Average Yield 2019–2021

How to Use This Chart

When all three fair value lines converge above the current price, it strengthens the case that the stock is undervalued. When they diverge, investigate why — it may indicate a structural shift in margins, payout policy, or growth rate. The forward estimates on the right extend the analysis using projected fundamentals, helping you assess whether the current price already reflects future growth expectations.

A.D.Works Group Co historical P/E ratio, EBIT multiple, and P/S ratio

A.D.Works Group Co annual returns

Details

Annual Return

What This Chart Shows

This chart breaks down 's total annual return into two components: price return (gains or losses from stock price movement) and dividend return (income received from dividend payments). Together, they represent the total return an investor would have earned in each calendar year.

Price Return

Price return measures the percentage change in 's stock price from January 1st to December 31st of each year. Positive bars indicate the stock appreciated; negative bars show a decline. This is the component most investors focus on, but it tells only part of the story — especially for dividend-paying stocks.

Dividend Return

Dividend return represents the income generated from dividends paid during the year, expressed as a percentage of the starting stock price. While it may seem small in any single year (typically 1–4 % for established companies), dividends compound significantly over decades and have historically contributed roughly 40 % of total stock market returns.

What to Look For

Examine how many years showed positive vs. negative returns to gauge consistency. A stock with mostly positive years and small drawdowns suggests lower risk. Also compare 's annual returns to a benchmark index — consistently outperforming the market is a hallmark of a strong investment. Pay attention to the worst years: understanding downside risk is just as important as chasing upside potential.

A.D.Works Group Co shares outstanding

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Number of stocks
Details
Date
Number of stocks
Jan 1, 2017
3.27 M Stocks
Jan 1, 2018
3.40 M Stocks
Jan 1, 2019
36.90 M Stocks
Jan 1, 2020
39.52 M Stocks
Jan 1, 2021
43.39 M Stocks
Jan 1, 2022
46.57 M Stocks
Jan 1, 2023
48.04 M Stocks
Jan 1, 2024
48.69 M Stocks

A.D.Works Group Co stock splits

In A.D.Works Group Co's history, there have been no stock splits.

A.D.Works Group Co Dividend History

18 years of dividend payments · 7 consecutive increases

YearAnnual DividendYoY ChangePayments
202516.00JPY 60.0%
Jun 27, 20256.00JPY 9.1%1/2
Dec 29, 202510.00JPY 66.7%2/2
202410.00JPY 25.0%
20238.00JPY 77.8%
20224.50JPY 28.6%
20213.50JPY 17.4%
20202.98JPY 49.0%
20192.00JPY 471.4%
20180.35JPY 82.5%
20172.00JPY 471.4%
20160.35JPY 0.0%

A.D.Works Group Co dividend payout ratio

  • 3 Years

  • 5 Years

  • 10 Years

  • 25 Years

  • Max

Payout ratio
Details
Date
Payout ratio
Jan 1, 2017
11.19 %
Jan 1, 2018
1.79 %
Jan 1, 2019
118.01 %
Jan 1, 2020
91.41 %
Jan 1, 2021
48.63 %
Jan 1, 2022
39.75 %
Jan 1, 2023
27.07 %
Jan 1, 2024
30.23 %
Price targets and forecasts for A.D.Works Group Co are not yet available.

A.D.Works Group Co shareholder structure

% Name
1.72830%
Dimensional Fund Advisors, L.P.
Dimensional Fund Advisors, L.P.
0.78995%
DFA Australia Ltd.
DFA Australia Ltd.
0.28221%
Dimensional Fund Advisors, Ltd.
Dimensional Fund Advisors, Ltd.
0.07723%
American Century Investment Management, Inc.
American Century Investment Management, Inc.

A.D.Works Group Co Beneficial Ownership Filings (SEC 13D/G)

Free Float
70.9%
Float Shares
-
Shares Outstanding
-

A.D.Works Group Co Executives and Management Board

14 members · avg. age 61 · 14 % women

Management

HT

Mr. Hideo Tanaka (71)

President, Chief Executive Officer, Chairman and President of Subsidiary, Director · since 2020

KH

Mr. Katsutoshi Hosoya (58)

Chief Financial Officer, Senior Managing Director, President of Subsidiaries · since 2016

KK

Mr. Koji Kaneko (58)

Senior Managing Director · since 2019

HM

Mr. Hideharu Matsumoto (63)

Senior Managing Director · since 2021

TS

Mr. Toshiya Suzuki (58)

Senior Managing Director · since 2020

HY

Mr. Haruyasu Yamashita

Executive Officer, Manager of Finance Division, Director · since 2024

Board of Directors

TM

Mr. Taizo Murotani

Director

SA

Ms. Sachiko Awai (66)

Independent Director

AK

Ms. Ai Koike (37)

Independent Director

MS

Mr. Mamoru Sekiyama (73)

Independent Director

HT

Mr. Hisashi Tanaami (69)

Independent Director

A.D.Works Group Co Supply Chain

A.D.Works Group Co Supply Chain

Correlation: how closely stock prices move together

Same directionNo relationOpposite
1 companies
#NameTrend
1
Mitsubishi UFJ Financial Group
Supplier·Customer·Banks·JP
0.79
0.33
0.59
-0.57
-0.67
-0.55

Frequently asked questions about A.D.Works Group Co

Converted at the current exchange rate, the A.D.Works Group Co share trades at 2.26 EUR (415.00 JPY).

No history available for A.D.Works Group Co.

The revenue cannot currently be calculated for A.D.Works Group Co.

The profit cannot currently be calculated for A.D.Works Group Co.

The P/E ratio cannot be calculated for A.D.Works Group Co at the moment.

The P/S cannot be calculated for A.D.Works Group Co currently.

The Eulerpool Quality Score for A.D.Works Group Co is 5/10.

The ISIN of A.D.Works Group Co is JP3160560003. The ISIN (International Securities Identification Number) is a globally unique identifier for securities.

The ticker of A.D.Works Group Co is 2982.T. The ticker symbol is used to trade A.D.Works Group Co shares on the stock exchange.

Over the past 12 months, A.D.Works Group Co paid a dividend of 10.00 JPY . This corresponds to a dividend yield of about 2.41 %. For the coming 12 months, A.D.Works Group Co is expected to pay a dividend of 9.00 JPY.

The current dividend yield of A.D.Works Group Co is 2.41 %.

A.D.Works Group Co pays a dividend, distributed in the months of , , , .

A.D.Works Group Co paid dividends every year for the past 18 years.

For the upcoming 12 months, dividends amounting to 9.00 JPY are expected. This corresponds to a dividend yield of 2.17 %.

A.D.Works Group Co is assigned to the 'Real Estate' sector.

To receive the latest dividend of A.D.Works Group Co from amounting to 10 JPY, you needed to have the stock in your portfolio before the ex-date on .

The last dividend was paid out on .

In the year 2025, A.D.Works Group Co distributed 8 JPY as dividends.

The dividends of A.D.Works Group Co are distributed in JPY.