What this is
The Irish subsidiary's 2025 revenue in yen: about ¥1.05–1.06bn, some 28 times below a ¥30bn level that would have mattered for the size of TPC's Western business.
How it’s built
- Revenue of €6,186,079 was converted at a 2025 average of ¥169.83–172.01 per euro.
- The lower rate uses actual monthly rates for April–December 2025 instead of a full-year average that includes early 2026.
What we assumed
- A calendar-2025 euro rate of ¥169.83–172.01.The company's year is calendar 2025; any rate from ¥150 to ¥185 still leaves revenue far below ¥30bn.
Sanity check
¥30bn ÷ ¥1.06bn is about 28: Ireland cannot hold a large slice of the group's unexplained revenue.
Where it comes from
Our calculation from other figures in the trainer’s notes:
- ReportedEur jpy calendar year average proxy, 2022-2025
- ReportedRevenue jpy bn, FY2022-FY2025 (years to 31 Dec)
- FiledFy2025 revenue against q09 30bn falsifier, FY2025 (12m to 31 December 2025)
- ReportedEur jpy ttm monthly average apr2025 mar2026, Apr 2025-Mar 2026 (Asmodee year to year-end 2026)
- EstimateAsia excluding korea entities fill and asian card effect, TPC year to February 2026
Show the working
- EURJPY 2025 band: 170 to 172
- AprDec2025 actual mean: 172
- Revenue EUR: 6,186,079
- Revenue: ¥1.05–1.06bn
- Q09 threshold: ¥30bn
- Ratio to 30bn: 0.035 to 0.036
- Apr-Dec 2025 mean of months = 171.89
- CY2025 = 0.25x163.64 + 0.75x171.89 = 169.83
- 6,186,079x169.83 = 1.051bn
- 6,186,079x172.01 = 1.064bn
- /30 = 0.0350-0.0355
- 30/x = 28.2-28.6x
- /151.7 = 0.69-0.70%