No, I'm not confusing anything. What they're putting into growth are undeclared profits, that's a simple fact. When a business subtracts the cost of doing business from revenue, the remainder is profit, regardless of whether that profit is declared as such or whether it's put back into the business to grow it and thus avoid taxation. They could not "grow" if there weren't any profit left over after costs, just because you don't declare taxable profit doesn't mean you didn't have profits.