Consolidated Financial Results
For the Fiscal Year Ended March 31, 2014
(Based on Japanese GAAP)(Translation of Japanese Flash Report, Released on May 9, 2014)
Company name: Sun Frontier Fudousan Co., Ltd.
Stock listing: Tokyo Stock Exchange 1st Section
Code number: 8934
URL: http://www.sunfrt.co.jp
Address: 14F, Toho Hibiya Building, 2-2, Yurakucho 1-chome, Chiyoda-ku, Tokyo 100-0006
Representative: Tomoaki Horiguchi, President
Inquiry: Seiichi Saito, Executive Vice-president(Phone: +81-3-5521-1301)*Amounts under one million yen have been rounded down.

1. Consolidated Performance in the Fiscal Year Ended March 31, 2014
(1) Operating results*Percentage figures shown under net sales, operating income, ordinary income, and net income columns indicate year-on-year changes for
those items.
(Millions of yen, except for per share figures)

Net Sales

Operating Income

Ordinary Income

FY ended March 31, 2014

¥17,772 (68.0%)¥4,531 (110.1%)¥4,341 (112.9%)

FY ended March 31, 2013¥10,580 (52.8%)¥2,156 (150.5%)¥2,039 (155.1%)

Note) Comprehensive Income:FY Ended March,2014: ¥4,021million(61.9%) FY Ended March,2013: ¥2,484 million(167.7%)

Net Income

Net Income per Share(Yen)

Fully Diluted
Net Income per Share(Yen)

FY ended March 31, 2014

¥4,020 (61.9%)¥94.03¥ －FY ended March 31, 2013

¥2,483 (167.7%)¥66.50¥66.50

Reference) Income on investments based on equity method: FY Ended March, 2014: ¥- million
FY Ended March,2013: ¥404 million(Note) The Company conducted a 1:100 stock split of common stocks as of October 1, 2013. The “Net Income per Share” and “Fully Diluted
Net Income per Share” are calculated assuming that the said stock split was conducted at the beginning of the previous consolidated FY.

(2) Financial Position (at end of the term)(Millions of yen, except for per share figures)

Total Assets

Net Assets

Equity Ratio(%)

Net Assets per Share(Yen)

FY ended March 31, 2014

¥33,910¥18,46953.7%¥426.13

FY ended March 31, 2013

¥21,265¥14,56168.5%¥340.57

Reference) Equity at term-end:
FY ended March 31, 2014: ¥18,219 million
FY ended March 31,2013 : ¥14,561 million(Note) The Company conducted a 1:100 stock split of common stocks as of October 1, 2013. The “Net Assets per Share” is calculated
assuming that the said stock split was conducted at the beginning of the previous consolidated FY.

(3) Cash Flows(Millions of yen)

FY Ended March, 2014¥(6,827)¥(1,338)¥7,573

Cash and Cash
Equivalents at
Year-End¥9,401FY Ended March, 2013¥(2,161)¥1,543¥6,991¥9,991

Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

1

Cash Flows from
Financing Activities

2. Cash Dividends
Cash Dividends per Share

(Yen)

Total
Dividends

Net asset
Payout ratio
dividend rate
(Consolidated)(Consolidated)

1st quarter
period2nd quarter
period3rd quarter
periodYear end

Annualtotal

FY Ended March, 2013

-

¥0.00

-

850.00850.00

363

12.8

3.3

FY Ended March, 2014

-

¥0.00

-

13.50

13.50

577

14.4

3.5

14.00

14.00

FY Ended March, 2015
¥0.00
(Projections)(Note) The Company conducted a 1:100 stock split on October 1, 2013.

(Millions of yen)

13.9

3. Projections for Consolidated Performance in the Fiscal Year Ending March 31, 2015
(From April 1, 2014 to March 31, 2015) *Percentage figures are indicated year-on year changes for those items.

FY Ended March,
2015

Net Sales

Operating Income

Ordinary Income¥26,000 (46.3%)¥5,000 (10.3%)¥4,600 (6.0%)(Millions of yen, except for per share figures)
Net Income per
Net Income
Share¥4,300 (7.0%)¥100.57

4. Others(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in scope of
consolidation): None
Newly companies: —Excluded companies: —(2) Changes in accounting principles, procedures and presentation methods
1) Changes caused by revision of accounting standards: None
2) Changes other than those included in 1): None
3) Changes in accounting estimates: None
4) Restatement of corrections: None
(3) Number of shares issued and outstanding (common shares)
1) Number of shares issued and outstanding at the end of the period (including treasury stock):
FY ended March 31, 2014: 42,755,500 shares
FY ended March 31, 2013: 42,755,500 shares
2) Number of treasury stock at the end of period:
FY ended March 31, 2014: 100 shares
FY ended March 31, 2013: － shares3) Weighted average number of shares for the period:
FY ended March 31, 2014: 42,755,454 shares
FY ended March 31, 2013: 37,349,500 shares(Note) The Company conducted a 1:100 stock split of common stocks as of October 1, 2013. The number of shares issued and outstanding(common shares) is calculated assuming that the said stock split was conducted at the beginning of the previous consolidated FY.

Reference: Overview of Non-consolidated Performance
1. Non-consolidated Performance in FY ended March 31, 2014 (from April 1, 2013 to March 31, 2014)(1) Operating Results*Percentage figures shown in the net sales, operating income, ordinary income, and net income columns indicate year-on year changes
for those items.
(Millions of yen, except for per share figures)

Net Sales

Operating Income

FY Ended March, 2014

¥17,152 (78.3%)¥4,668 (130.2%)¥4,501 (135.6%)¥4,063 (66.9%)

FY Ended March, 2013

¥9,621 (42.2%)¥2,028 (145.4%)¥1,910 (149.9%)¥2,434 (170.6%)

2

Ordinary Income

Net Income

Net Income per Share (Yen)

Fully Diluted Net Income per Share (Yen)¥95.03-

FY Ended March, 2014

¥65.18¥65.18FY Ended March, 2013
(Note) The Company conducted a 1:100 stock split of common stocks as of October 1, 2013. The “Net Income per Share” and “Fully Diluted
Net Income per Share” are calculated assuming that the said stock split was conducted at the beginning of the previous consolidated FY.
(2) Financial Position(Millions of yen, except for per share figures)

Equity Ratio (%)

Net Assets per Share (Yen)

Total Assets

Net Assets

FY Ended March, 2014

¥32,065¥18,16456.6%¥424.84

FY Ended March, 2013

¥20,812¥14,46569.5%¥338.33

Reference: Equity at term-end: FY Ended March, 2014: ¥18,164 million
FY Ended March, 2013: ¥14,465 million(Note) The Company conducted a 1:100 stock split of common stocks as of October 1, 2013. The “Net Assets per Share” is calculated
assuming that the said stock split was conducted at the beginning of the previous consolidated FY.

※Indication of audit procedure implementation status
This financial results report is exempt from audit procedure based upon the Financial Instruments and Exchange Act. It is
under the audit procedure process at the time of disclosure of this report.

※Appropriate use of projections for performance, other notes
The projections for performance in this report contain forward-looking statements based on information available to theCompany at the date of publication, and on certain set assumptions that have been deemed reasonable. Actual earnings mayvary greatly in accordance with a wide range of factors. Refer to section 1. Analysis results of Operations and Financial
conditions (1) Analysis of the Results of Operations on page 5 for assumptions used for projections and the notes on the use of
the projections.

1. Analysis Results of Operations and Financial Conditions(1) Analysis of Results of Operations
In this consolidated fiscal year, the Japanese economy showed improvements in personal consumption and corporate
profits due to economic measures and drastic monetary easing by the Japanese government and the Bank of Japan, andsigns of economic recovery are becoming more evident.
In the real estate industry, the vacancy rates of office buildings in urban areas are improving, and rents are recovering. On
the other hand, the real estate investment market is thriving, as not only Japanese investors, but also overseas investors inAsia, etc. have injected new funds. Especially, the needs for investment in real estate in central Tokyo are growing rapidly,with the expectations toward the demand for infrastructure development for the Tokyo Olympic Games.
In these circumstances, the Group continued to seek solutions to the real estate issues that building owners face withproperty in central Tokyo, providing a one-stop service from negotiations to management, construction, rental andpurchases and sales. Through dealing with customers closely on an individual basis, we have been able to develop
multi-faceted revenue-generating opportunities. For example, by promptly introducing tenants to property owners withempty rooms on their hands, we have won client confidence, ensuring that these owners later turn to us for building
management and construction services. We have also maintained our relationship with purchasers of replanning properties
by taking care of their property management, with the result that the purchaser later uses our brokerage service when thetime comes to sell the property.

Further, by mobilizing the set of expertise associated with each of our services, by putting ourselves in ourcustomer’s shoes to brainstorm new ideas, and by bringing our creativity into play to approach our projects in a
multi-dimensional way, we have pursued the real-estate revitalization with value-added chain.
We have accumulated the know-how and experience of revitalization of office buildings in five cities in Tokyo(Chiyoda, Chuo, Minato, Shinjuku, and Shibuya Cities), by combining additional values, including the abilities tograsp the trend of tenants, come up with ideas for optimizing purposes and enhancing the attractiveness of buildings,
and renew real estate while emphasizing “beauty and atmosphere,” based on our knowledge of local regions. In
addition, our procurement has increased steadily, as our efforts for solving the concerns of building owners helped us
procure real estate and our procurement routes were diversified by putting together the expertise of all employees.
As a result, our operating results for the fiscal year ended March 2014 were as follows:
Sales of ¥17,772 million (up by 68.0% from the previous fiscal year), operating income of ¥4,531 million (up by
110.1%), and ordinary income of ¥4,341 million (up by 112.9%). Net income was ¥4,020 million (up by 61.9%).
The performance of each segment is as follows. The business segment titled “Construction Planning Business” inthe category of “Others” was renamed “Construction Solution Business” in the first quarter of this consolidated fiscal
year in response to the change of the name for internal administration. We changed the name only, and segment
3

categories, etc. were not changed.
Real Estate Revitalization
As for the replanning business, we sold 19 buildings (in the previous term, we sold 10 buildings). Profit margin, too,
increased considerably, as the market conditions were favorable and we implemented various measures for attracting
tenants, repairing property, and commercializing them. Consequently, sales and profits increased significantly from theprevious term. We also concentrated on the procurement and commercialization of real estate to be sold from the nextterm.
As for the rental building business, sales and profits increased from the previous term, because the procurement ofreal estate worth 2-3 billion yen per building progressed and the income from the rents for revitalized real estate grew.
As a result of the above activities, sales were ¥14,321 million (up 95.7% from the previous fiscal year) and segment
income was ¥4,691 million (up by 115.9%).
Real Estate Brokerage
In our sales brokerage business, we have strengthened the measures for the real estate introduced by related
departments and financial institutions, etc. As real estate transactions became active, the number and scale oftransactions increased, and then sales and profits grew from the previous term.
In the rental brokerage business, we have concentrated on the businesses targeted at building owners. The sales andprofits of this segment were nearly equal to those in the previous term, but by cooperating with internal departments, we
helped building owners solve a variety of concerns about building management, and concentrated on introducing ourrevitalized real estate and commercial ones to tenants, contributing to the income of the entire group.
As a result of the above activities, sales were ¥1,620 million (up by 14.8% from the previous fiscal year) and segment
income was ¥1,267 million (up by 2.1%).
Property Management
In the property management business, we made efforts for increasing entrusted buildings in order to create business
opportunities for sale, purchase, construction, and renovation, etc. and have kept a high operation rate by improving thesatisfaction level of clients through the rental promotion based on our knowledge of local regions and the meticulous
services for tenants. In addition, in order to foster longer and deeper relationships with customers, we offered continuous
services in collaboration with related departments, including the management of the real estate purchased by clients in
the replanning and sales intermediary businesses. As a result, sales and profits increased from the previous term.
In the building maintenance business, we strived to improve our profit-earning capacity by refraining fromundertaking less profitable transactions and increasing projects in cooperation with especially the property management
section, in order to exert the synergetic effects with existing businesses. However, sales and profits decreased from theprevious term, partially due to the cancellation of large projects.
As a result of the above activities, sales were ¥1,099 million (down by 3.7% from the previous fiscal year) andsegment income was ¥473 million (up by 3.1%).
The goodwill of Yubi Co., Ltd., which became a consolidated subsidiary at the end of March 2012, was amortized atonce in the current term, as the loss on evaluation of shares of affiliated companies was posted in our company’s
non-consolidated financial statements, while considering the collectability of future profit-earning plans, etc. The loss
due to the one-time goodwill amortization is not included in the above segment profit.
Other Businesses
In the construction solution business, sales and profits were nearly equal to those in the previous term.
As for the delinquent rent guarantee business, we concentrated on the cultivation of latent customer needs by offering
existing services and proposing new product plans, etc. As a result, the number of transactions steadily increased, andsales and profits grew from the previous term.
As a result of the above activities, sales were ¥730 million (up by 3.4% from the previous fiscal year), and segment
income was ¥312 million (up by 10.8%).

4

Outlook for Next Year
Although there are uncertainties due to the risk of the downturn of overseas economies, including the sluggishness of theChinese economy and the unstable financial situations of emerging countries, the Japanese economy is expected to keep
recovering, because of the effects of governmental financial policies for getting out of deflation, etc.
In the real estate industry, the prices of real estate increased due to the advanced effects of the drastic monetary easing of
the Japanese government and the Bank of Japan, etc. In this trend of rapid recovery, the needs for investment in real estate incentral Tokyo and actual users’ willingness to purchase were intense, and in the rental market, rents recovered due to theimprovement of the demand-supply balance. Accordingly, the performance of the realty business is estimated to be healthy inthe next term.
In these circumstances, our corporate group will strengthen our activities targeted at building owners, property holders, andwealthy people, grasp a broad range of troubles from the viewpoint of customers, and offer one-stop services including
brokerage, management, guarantee, construction, lease, sale, and purchase. As for “real estate revitalization” based on the
combination of expertise in each section, we operate the real estate revitalization business with additional values, while
brushing up the ability to come up with ideas from the viewpoint of customers, marshalling the technical skills of employees,
and upgrading additional values, with our knowledge of local regions.
As for the real estate revitalization business, we aim to develop products with high additional values based on the swift
renovation of small and medium-sized real estate with a high operation rate in our replanning business. We will also try toboost the income from rents, by engaging in the revitalization of property worth about 2 billion yen per building, in addition to
the swift renovation. Furthermore, we will develop products for a broad range of customers, by procuring small real estate,including stores on partitioned estate, and selling them soon, in order to meet various needs for investment of overseas
investors, etc.
In the brokerage business, we will strengthen the personnel and organizational systems and strengthen partnerships withbuilding owners by taking care of resolving concerns from a customer viewpoint. In addition, we will enrich the networks
with investors and wealthy people, and cultivate overseas investors with Asia as the focus through working with our Taiwan
location.
In the property management business, we will place it as the platform (foundation) of our operations and improve thesynergetic effects with brokerage business and building maintenance business while working to further increase the assets weare entrusted with, in order to expand our business further.
Through pursuing the various measures mentioned above, we will further grow business and improve results. As for the
consolidated earnings forecast for the term ending March 2015, we estimate sales of ¥26,000 million (46.3% increase),
operating income of ¥5,000 million (10.3% increase), ordinary income of ¥4,600 million (6.0% increase), and current net
income of ¥4,300 million (7.0% increase).
(2) Analysis of Financial Positioni) Assets, Liabilities, and Net Assets
The current assets at the end of this consolidated fiscal year were ¥31,446 million, increasing ¥12,572 million from the endof the previous consolidated fiscal year, as inventory assets increased.
Cash and deposits were ¥11,180 million, increasing ¥171 million from the end of the previous consolidated fiscal year, as
there were expenditures of ¥6,827 million in the cash flow from operating activities, expenditures of ¥1,338 million from the
cash flow from investing activities, and income of ¥7,573 million from the cash flow from financial activities, and the fixeddeposit, whose deposit term is over 3 months, increased ¥761 million.
Inventory assets were ¥18,729 million, increasing ¥12,304 million from the end of the previous consolidated fiscal year, as
they are mainly real estate for sale and sale in process in the replanning business and by focusing on promoting acquiringproperties.
Noncurrent assets were ¥2,464 million, increasing ¥72 million from the end of the previous consolidated fiscal year, due toan increase in property, plant and equipment.
Total liabilities at the end of this consolidated fiscal year were ¥15,440 million, increasing ¥8,736 million from the end of
the previous consolidated fiscal year, as long-term loans payable, bonds, and long-term guarantee deposited increased. Total
net assets were ¥18,469 million, increasing ¥3,908 million from the end of the previous consolidated fiscal year, as retained
earnings increased because net income were posted, and minority interest increased.
Consequently, net assets per share were ¥426.13.
Total assets as of the end of this consolidated fiscal year were ¥33,910 million, increasing ¥12,644 million from the end of
the previous consolidated fiscal year.
ii) Cash Flow
Cash and cash equivalents (hereinafter called “cash”) as of the end of this consolidated fiscal year were ¥9,401 million,
decreasing ¥589 million from the beginning of this consolidated fiscal year. This is mainly the result of inventory assets
increasing in value by ¥12,543 million and expenditures of ¥4,647 million to repayment of long-term loans payable, although
there were ¥10,970 million of proceeds from long-term loans payable, ¥4,002 million of income before income taxes andminority interests, and ¥1,159 million of proceeds from issuance of bonds.
Each cash flow for this consolidated fiscal year and related factors are as follows:
Cash flow from operating activity

5Cash used for operating activity were ¥6,827 million (previous term: expenditures of ¥ 2,161 million). This was mainly
because inventory assets increased in value by ¥12,543 million, although there were an income before income taxes andminority interests of ¥4,002 million, increase in guarantee deposits of ¥477 million, and amortization of goodwill of ¥386
million.
Cash flow from investing activity
The cash used for investing activities was ¥1,338 million (previous term: income of ¥1,543 million). This was mainly due to¥2,583 million of payments into time deposits and ¥571 million in purchase of property, plant and equipment, although therewas ¥2,062 million of proceeds from refunds of fixed deposits
Cash flow from financing activity
Cash obtained from financing activity was ¥7,573 million (previous term: income of ¥6,991 million). This was mainly due
to ¥10,970 million of proceeds from long-term loans and ¥1,159 million of proceeds from issuance of bonds, although therewas ¥4,647 million of repayment of long-term loans payable.
(Reference) Changes in Cash Flow Related Indices
FY Ended March
31, 2010
38.7

FY Ended March
31, 2011
43.3

FY Ended March
31, 2012
57.5

FY Ended March
31, 2013
68.5

FY Ended March
31, 2014
53.7

Equity ratio (%)
Equity ratio on market
33.5
25.8
57.8
246.9
179.5
price basis (%)
Debt repayment period
0.5
4.4(years)Interest coverage ratio
31.1
7.9(times)Equity ratio:
equity capital/total assets
Market value basis equity ratio:
total market value of stock/total assets
Debt repayment period:
interest-bearing debt/operating cash flow
Interest coverage ratio:
operating cash flow/interest payments(Note 1) Stock Market Capitalization is calculated as Term End Stock Closing Price x Number of Issued Shares at Term End.
(Note 2) Operating Cash Flow uses the cash flow from operating activity of the Consolidated Cash Flow Statement of
Accounts.
(Note 3) Interest Bearing Liabilities include all liabilities on which interest is being paid of the liabilities included on theConsolidated Balance Sheet. Further, regarding interest payments, the payment amount of interest from the Consolidated Cash
Flow Statement of Accounts is used.
(Note 4) For the Cash Flow to Interest Bearing Liabilities Ratio and Interest Coverage Ratio for Fiscal Years ended March 31,
2011, March 31, 2013 and March 31, 2014, they are not recorded because the operating cash flow is negative.
(3) Basic Policy for Profit Allocation and the Dividends for the Current and Next Terms
Our company has the basic policy of returning profits to shareholders in a long-term, stable basis and enriching retained
earnings to respond to the changes in the business environment flexibly.
The term-end dividend for the term ended March 2014 is ¥13.5 per share under the above mentioned policy.
This matter is to be discussed at the annual meeting of shareholders scheduled in June 2014.
The dividend for the next term ending March 2015 is planned to be ¥14.0 per share.

62. Consolidated Financial Statements*Amounts under one thousand yen have been rounded down.

(1) Consolidated Balance Sheets(Thousands of yen）
FY ended March 31, 2013(as of March 31, 2013)ASSETS
Current assets
Cash and deposits
Accounts receivable-trade
Real estate for sale
Real estate for sale in process
Supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Land
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

7

FY ended March 31, 2014(as of March 31, 2014)

11,008,528
324,426
589,712
5,834,510
916
481,722
640,490△6,347
18,873,960

11,180,325
285,2313,213,910
15,515,223
791
748,356
515,005△12,425
31,446,419

549,034△101,760
447,273
1,167,307
81,849△68,810
13,038
1,627,618

1,047,527△128,223
919,303
1,232,679
83,717△70,918
12,7992,164,782

396,068
2,993
399,062

9,375
2,331
11,706

163,920－
207,494△6,417364,997
2,391,678
21,265,638

77,9689,575
205,383△5,402
287,524
2,464,013
33,910,433

(Thousands of yen）
FY ended March 31, 2013(as of March 31, 2013)
LIABILITIESCurrent liabilities
Accounts payable-trade
Short-term loans payable
Current portion of bonds
Current portion of long-term loans payable
Income taxes payable
Provision for bonuses
Construction warranty reserve
Provision for loss on guarantees for rent
Provison for office transfer expenses
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

8

FY ended March 31, 2014(as of March 31, 2014)

380,782
130,000
274,320
114,639
90,555
26,9552,700
3,140
823,943
1,847,036

411,085
347,500
17,014642,360
266,448
87,49934,8006,561
1,210,179
3,023,449

4,246,860
30,646579,691
4,857,197
6,704,234

1,157,986
10,201,660
306
1,057,505
12,417,457
15,440,906

8,387,211
2,871,767
3,301,465
14,560,445

8,387,211
2,871,767
6,958,425△121
18,217,283

2,606△1,647959
14,561,404
21,265,638

1,749
493
2,242
250,000
18,469,526
33,910,433

(2) Consolidated Statements of Income and Consolidated Statements of comprehensive income
Consolidated Statements of Income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Interest on refund
Subsidy income
Commission fee
Other
Total non-operating income
Non-operating expenses
Interest expenses
Finance costs
Stock issuance cost
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Gain on reversal of subscription rights to shares
Other
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
amortization of goodwill
Lump-sum paymants due to withdrawal from employees' pension fund
Provision for loss Office transfer expenses
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Minority interests in loss
Net income

9

FY ended March 31, 2013
(April 1,2012-March 31, 2013)
10,580,554
6,180,898
4,399,656
2,242,750
2,156,905(Thousands of yen）
FY ended March 31, 2014
(April 1,2013-March 31, 2014)
17,772,333
10,542,797
7,229,536
2,698,160
4,531,375

1,242
430
66
845
1,637
454
4,677

3,893
470
1,977
2,800
396
3,114
12,65273,412
8,230
39,947632
122,2222,039,360

144,11736,9101,434
20,012
202,474
4,341,553

298,27379

2,800
301,07379

40
20,7873,140
934
24,9022,315,531
106,095△274,438△ 168,343
2,483,874
2,483,874

286
337,061
1,796
339,144
4,002,488
288,281△306,075△ 17,793
4,020,281△ 100
4,020,381

Consolidated Statements of comprehensive income

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

FY ended March 31, 2013
(April 1,2012-March 31, 2013)
2,483,874(Thousands of yen）
FY ended March 31, 2014
(April 1,2013-March 31, 2014)
4,020,281

1,984△1,647337
2,484,212

△857
2,140
1,282
4,021,564

2,484,212-

4,021,664△100

10

(3) Consolidated Statements of Cash FlowsFY ended March 31, 2013
(April 1,2012-March 31, 2013)
Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in construction warranty reserve
Increase (decrease) in provision for loss on guarantees for rent
Increase (decrease) in Provision for office transfer
Equity in (earnings) losses of affiliates
Interest and dividends income
Interest expenses
Stock issuance cost
Loss (gain) on sales of noncurrent assets
Loss on retirement of noncurrent assets
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Decrease (increase) in investment securities for sale
Increase (decrease) in notes and accounts payable-trade
Increase (decrease) in accrued consumption taxes
Decrease (increase) in consumption taxes refund receivable
Increase (decrease) in guarantee deposits received
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities

2,315,531
120,720
49,632△4,92045,49923,319△2,5513,140△404,620△1,67373,412
39,947△297,365
40
6,257△4,148,716
180,000△167,832△96,083△71,655
132,248
164,175△ 2,041,493
1,673△70,787△50,901△ 2,161,509

11(Thousands of yen）
FY ended March 31, 2014
(April 1,2013-March 31, 2014)
4,002,488
273,261
386,693
5,063△3,055
7,845
3,861△2,381△4,364
144,117
1,434
△79
286
185,874△12,543,734
327,359△4,456△86,521477,814267,654△ 6,560,839
4,365△144,438△126,668△ 6,827,582

FY ended March 31, 2013
(April 1,2012-March 31, 2013)
Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Refund of investment securities
Net decrease (increase) in restricted cash
Other, net
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Proceeds from issuance of common stock
Cash dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

12(Thousands of yen）
FY ended March 31, 2014
(April 1,2013-March 31, 2014)△875,280
157,459△28,789
1,845,902△1,150△71,500
520,000△3,207
1,543,433△2,583,886
2,062,492△571,112142△159△240,235△5,387△ 1,338,145

130,000
5,525,000△4,195,778△54,000
5,715,892△129,540
6,991,574△1,647
6,371,852
3,619,580
9,991,433

217,500
10,970,000△4,647,160
1,159,174△361,475△13,071
7,573,633
2,261△589,832
9,991,433
9,401,600