What this is
A sales-proportional royalty at a constant rate is neutral to gross margin, so the test bounds CHANGES in rate, not its level: +4.7pp over year to February 2021-24 excludes a rising rate unless mix offsets it. The constraint text 'rose 46.5→51.2%' stops at year to February 2024.
The value
- Max new royalty if whole year to February 2025 drop were royalty: ¥34,929m
Some detail is too fine to show here; it is kept in the trainer’s notes.
Where it comes from
Our calculation from other figures in the trainer’s notes:
- FiledGross margin, year to February 202146.5%
- EstimatePocket cost of sales split gross against net, year to February 2025, TPC year to February 2025 (1 Mar 2024–28 Feb 2025)
Show the working
- GM 46.5, 48.0, 49.7, 51.2, 42.7, 43.3 → rate changes bounded, level not
Where it’s used
Related figures
Built from this one