[Cover page][Document filed]Interim Report[Applicable Law]

Financial Instruments and Exchange Act Article 24-4-7 Paragraph 1[Filed to]

Director of the Kanto Financial Bureau[Filing date]

May 14, 2014

[Quarterly accounting period]

Fiscal Year No. 70 third quarter (January 1, 2014 to March 31, 2014)[Company name]

Nippon Koei Kabushiki Gaisha[Company name in English]

Nippon Koei Co., Ltd.

[Title and name of Representative]

President Noriaki Hirose[Address of head office]4, Kojimachi 5-chome, Chiyoda-ku, Tokyo[Phone number]Tokyo (3238) 8040

[Name of c office contact]

Finance & Accounting Manager Naoki Honjo[Contact address]

4, Kojimachi 5-chome, Chiyoda-ku, Tokyo[Phone number]Tokyo (3238) 8040

[Name of contact person]

Finance & Accounting Manager Naoki Honjo[Place available for public inspection]

Nippon Koei Co., Ltd. Nagoya Branch(17-14, Higashisakura 2-chome, Nagoya, Aichi)
Nippon Koei Co., Ltd. Osaka Branch(2-5, Nishitenma 1-chome, Kita-ku, Osaka)
Tokyo Stock Exchange, Inc.
(2-1 Nihombashi Kabutocho, Chuo-ku, Tokyo)

Section 1 [Company Information]
No. 1 [Overview of Company Operations]
1 [Trends in major management indicators, etc.]

PeriodAccounting period

Interim
Consolidated
PeriodPrevious
Consolidated
Fiscal Period

July 1, 2013 toMarch 31,2014

April 1, 2013
to June 30,
2013

Sales

(Millions of yen)

55,9396,896

Ordinary income or loss (△)(Millions of yen)

4,639

△ 3,156

Net income or loss (△)(Millions of yen)

2,454

△ 1,914Comprehensive income(Millions of yen)

2,973

△ 1,743

Net assets(Millions of yen)

46,544

43,671

Total assets(Millions of yen)

89,35471,450(Current) net income or loss (△) per share

(Yen)

32.44

△ 25.35

Net income per share after adjustment for dilution

(Yen)

-

-

(%)

51.8

60.8

Cash flow from operating activities(Millions of yen)

△ 15,278

14,356

Cash flow from investing activities(Millions of yen)

△ 1,044△ 771

Cash flow from financing activities(Millions of yen)

10,738△ 8,539

Cash and cash equivalents balance at March 31,2014(Millions of yen)

6,085

11,613

Capital-to-asset ratio

PeriodInterim consolidated fiscal period of Period No. 70

Accounting period

January 1, 2014 to March 31, 2014

Net income per share (△)

(Yen)

67.48

(Note)
1. As these are interim consolidated financial statements, the trends in the major management indicators of thefiling Company are not reported.
2. The sales figure does not include consumption tax and etc.
3. Because the company had no stock dilution during the reporting period, "-" is displayed for the net income pershare after adjustment for dilution.
4. Due to a change in the fiscal year, Period No. 69 consisted of the three months starting April 1, 2013 and ending
June 30, 2013.
5. Due to the change made in the fiscal year, there were no third quarter consolidated financial statements
prepared for Period No. 69. Along with this, any changes in the major management indicators and other factors
during the prior third quarter consolidated term are not reported.

2.

[Nature of business]

During t the fiscal period under review, there were no significant changes to the nature of the business
operated by the Company Group (the Company and affiliates of the Company.)
Similarly, there were no changes for the major affiliates of the Company.

No. 2 [State of Business]
1.

[Business Risks]
During the fiscal period under review, there were no significant variations in financial position, results ofoperations and cash flow, nor significant changes to the "Business Risks" section as described in the previous
fiscal year's Annual Securities Report.

2.

[Contracts Significant to Operations]
During the fiscal period under review, there were no contracts significant for operations.

3.

[Analysis of financial position, results of operations and cash flows]
Items within the text that refer to future events are the Group's judgments as of the last day in the current
interim consolidated fiscal period.

(1)

Analysis of Results of Operations
During the first nine months of the fiscal year (July 1, 2013 to March 31, 2014) Japan's economy remained
strong, supported partly by last-minute consumer spending ahead of the consumption tax hike in April 2014.
Corporate output also increased gently and the tone of economic recovery continued.

The Nippon Koei Group's domestic consulting operations continued to enjoy favorable conditions, helped by anincrease in reconstruction efforts related to the Great East Japan Earthquake. Overseas consulting operations
also posted satisfactory performance, with healthy demand for infrastructure construction in developing
countries in Asia and elsewhere leading to some wins for large-scale projects. On the other hand, although theElectric Power Engineering operations began to expand outside electric power companies, the exhaustive costcutting efforts at electric power companies resulted in lower budgets for new capital expenditure and repair
works, leading to continued difficult conditions.

Against this backdrop, the Group's consolidated orders for the nine months to March 31, 2014 came to 67,330
million yen, consolidated sales were 55,939 million yen, operating income was 4,321 million yen, ordinary
income came in at 4,639 million yen and net income was 2,454 million yen.

In addition, consolidated sales of 55,939 million yen for the first nine months were equivalent to 74.6% ofmanagement's full-term forecast of 75,000 million yen.

It should be noted that at the 68th regular general meeting of shareholders held on June 27, 2013 the board
resolved to revise the articles of association such that the Company's financial year end changed from March 31
to June 30. Accordingly, the previous financial year was a three-month period running from April 1, 2013 toJune 30, 2013, consolidated accounts were not prepared and comparative figures for management performance
have not, therefore, been provided.
(Status by segment)[Domestic Consulting Operations]Orders received came to ¥31,959 million. Sales totaled 31,405 million yen and ordinary income reached 3,220
million yen.
[Overseas Consulting Operations]
Orders received were 25,777 million yen while sales reached 12,015 million yen and there was an ordinary lossof △ 490 million yen.
[Power Engineering Operations]
Orders received came to 9,584 million yen. Sales totaled 10,778 million yen and ordinary income was 1,368
million yen.
[Real Estate Leasing Operations]
Real Estate Leasing sales totaled 850 million yen. Ordinary income came to 641 million yen.
(2)

Analysis of financial position
As of the end of the fiscal period under review, total consolidated assets came to 89,354 million yen, an
increase of 17,903 million yen over the end of the previous fiscal year.
Current assets were 53,711 million yen, rising 17,224 million yen compared with the end of the previous fiscal
year. The main reason for this increase was a rise of 20,294 million yen in trade notes and accounts receivable,
which more than offset a decline of 5,494 million yen in cash and deposits.
Fixed assets at the end of the period were 35,642 million yen, an increase of 678 million yen compared with theend of the previous fiscal year. This was primarily due to an increase of 880 million yen in investment
securities.
On the liabilities side, current liabilities reached 34,524 million yen, an increase of 15,147 million yen
compared with the end of the previous fiscal year. This was mostly due to a rise of 3,708 million yen in tradenotes and accounts payable, an increase of 10,790 million yen in short-term borrowings and an expansion of
1,054 million yen in advances received.
Long term liabilities were 8,285 million yen, falling by 117 million yen compared with the end of the previous
fiscal year. The main factors in this were a decrease in long-term debt of 170 million yen, a 377 million yen fallin liabilities for retirement benefits, a decline of 126 million yen in long-term deposits received and a 214
million yen increase in deferred tax liabilities.
Equity (net assets) increased by 2,873 million yen over the end of the previous fiscal year to reach 46,544
million yen. This gain was composed primarily of net income of 2,454 million yen, dividend payments of 154
million yen and unrealized gains on other marketable securities of 364 million yen.
As a result of the above, the capital-to-asset ratio of 51.8% was 9.0 percentage points lower when comparedwith the end of the previous fiscal year.

(3)State of cash flows
With regard to cash flows from operating activities for the first nine months, income before taxes and minority
interests totaled 4,639 million yen but due to an increase of 20,291 million yen in trade notes and accounts
receivable there was a net outflow of 15,278 million yen.
There was a net outflow of cash from investing activities totaling 1,044 million yen due to the acquisition of
tangible fixed assets and investment securities.
Cash flows from financing activities rose by 10,738 million yen due to an increase in borrowings.
As a result of the above, the balance of cash and cash equivalents at the end of t the fiscal period under review
came to 6,085 million yen.
It should be noted that at the 68th regular general meeting of shareholders held on June 27, 2013 the board
resolved to revise the articles of association such that the Company's financial year end changed from March 31
to June 30. Accordingly, the previous financial year was a three-month period running from April 1, 2013 toJune 30, 2013, consolidated accounts were not prepared and comparative figures for the analysis of cash flows
have not, therefore, been provided.

(4)

Research &Development activities
The total research and development expenses for the fiscal period under review totaled 260 million yen. In
addition, there were no significant changes to the status of the research and development activities of the Groupin the fiscal period under review.

(5)

Challenges to be addressed pertaining to business and finance
There were no changes to existing challenges nor new challenges pertaining to business or operations in t the
fiscal period under review.
It should be noted that the Company has determined the basic policy (hereinafter referred to as "the Basic
Policy") pertaining to those who control decisions on the financial and business policies, as follows.
(1) Contents of Basic Policy
The Company believes that ultimately, since the Company's shares are publicly traded, whether to sell or not tosell the Company's stocks in response to large-scale purchases of the Company's stocks by a particular entity(hereinafter referred to as "Large-scale Purchases") should be left to the discretion of the Company's
shareholders.
However, the Company has business development operations related to public and public benefit ventures suchas construction consulting services, and is proud to be a company charged with the mission to serve the people
and the public good with a brand that is backed by a wide range of highly specialized knowledge, a vast well ofexperience and a history of high performance. The Company believes that this understanding and the deep trust
established with domestic and overseas clients, employees and affiliates are crucial to its operations and that theCompany cannot pursue higher corporate value or higher common benefits of the shareholders without theseassets.
Also, pertaining to Large-scale Purchases, the Company believes that those who partake in Large-scale
Purchases (hereinafter referred to as "Large-scale Purchasers") should provide necessary and sufficient
information related to the Large-scale Purchase beforehand so that for the Company's shareholders may makean informed decision.
(2) Overview of special measures contributing to the implementation of the Basic Policy
The Company has implemented the following measures as special measures to realize the Basic Policy
described in (1).

① Medium- and long-term vision of the GroupThe Group operates under the management philosophy of " Contributing to society through technology withsincerity ," and works to realize this philosophy with the slogan of "Challenging mind, Changing dynamics."
Under the slogan and this management philosophy, a long-term outlook on the business environment
surrounding the Group indicates that, while the recovery demand due to the Great East Japan Earthquake is
temporary, from a medium-term view, the Company should work to further its globalization since the overseas
demand for infrastructure development is expected to increase, fueled by the growth of developing countries
such as the Asian countries. Therefore, the Group will maintain the solid domestic technological foundation(construction consulting and engineering services) while putting its weight on its position in the continually
expanding infrastructure development market in developing countries, pursuing sustainable growth by
expanding the business mainly through overseas business headquarters and cultivating and shaping a newservice area.
In accordance with this long-term goal, the Group is working on the following main challenges, based on themedium-term management plan (April 2012 to June 2015.)(1) Maintenance of overseas business headquarters and implementation of multi-domestic operations(2) Reinforcement of existing service fields and expansion of service areas(3) Development of new business models and participation in the business operations(4) Ensuring work-life balance② Strengthening corporate governance system
In order to further enhance the corporate value of the Company and the Group, the Basic Policy is to work
toward effective corporate governance, promoting the reinforcement of the management structure's supervisory
function as well as assurance of transparency and establishment of a rapid business operation system. The
Company considers thorough legally compliant operation and risk management as an important measure, andworks to improve the effectiveness of the internal control system. Furthermore, the Company has an internal
audit system in place, supervising and auditing each executive officer through the board of directors and theboard of auditors.
(3) Overview of measures for the prevention of control by persons deemed inappropriate in light of the Basic
PolicyAs a measure to prevent the control of financial or business policies by persons inappropriate in light of the
Basic Policy as set forth in (1), the Company has set into place the "Response to Large-Scale Purchases of theCompany's Shares Policy" (hereinafter referred to as "Anti-takeover Measure.") The Anti-takeover Measurerequires that any Large-scale Purchasers who intended to take over 20% or above of the shareholder votes for aparticular shareholder group through a Large-scale Purchase of the Company's shares or other securities, orintend to perform a Large-scale Purchase of the Company's shares or other securities that will result in thisentity acquiring 20% or above of the shareholder votes for a particular shareholder group must (a) provide
necessary and sufficient information, including a Letter of Intent, to the Company's Board of Directors
beforehand and(b) begin the Large-scale Purchase after an evaluation period of a given length for the Company's Board of
Directors has passed.
The Company first implemented the Anti-takeover Measure following the May 2006 decision of the Board of
Directors. In June 2007, the Board of Directors decided to continue the Measure after modifications. Afterward,
shareholders decided that the Measure should continue with appropriate modifications in the 63rd General
Meeting of Shareholders in June 2008,the 66th General Meeting of Shareholders in June 2011 and the 69th
General Meeting of Shareholders in September 2013, respectively.
For details on the Anti-takeover Measure, please visit the Company's website (http://www.n-koei.co.jp/) toreview the Measure in its entirety.
(4) Decision and reasoning of the Board of Directors for the measures described in (2) and (3)The measure described in (2) follows the Basic Policy described in (1) and is considered to not lower

common benefits of the shareholders nor be intended to protect director positions because it promotes theCompany's corporate value and common benefits of the shareholders.
The measure aforementioned in (3) (Anti-takeover Measure) takes into consideration the following:(a) This measure satisfies the three principles of the "Guidance concerning anti-takeover measures toensure or improve corporate value and common benefit of the shareholders" announced on May 27,
2005 by the Ministry of Economy, Trade and Industry and the Ministry of Justice and also takes into
consideration the contents of the report "Ideal anti-takeover measures with consideration to modernchanges in the business environment" announced on June 30, 2008 by the Corporate Value Study
Group established by the Ministry of Economy, Trade and Industry. (b) This measure is intended toenable shareholders to make an informed decision on whether or not to accept a Large-scale
Purchase as well as prevent any evident intent to lower the Company's corporate value and thecommon benefit of the shareholders. (c) The Large-scale Purchase rules, defensive actions andrequirements of this measure are rational in light of the goal to ensure or improve the Company's
corporate value and the common benefit of the shareholders. (d) The Large-scale Purchase rules,
defensive actions and requirements of this measure are all precise and clear in their descriptions, andallow shareholders, investors and Large-scale Purchasers sufficient foresee ability in the procedure.
(e) This measure will be enacted only if shareholder approval is attained in the General Shareholders
Meeting. If necessary, the Board of Directors may convene a general shareholders confirmation of
intent meeting and confirm the will of the shareholders to enact or not enact the Anti-takeover
Measure. Further, the decision of whether to continue, discontinue or modify the Anti-takeover
Measure is dependent on the will of the shareholders as determined by decisions made in the generalshareholders meetings. (f) The conditions for the Anti-takeover Measure are defined objectively andclearly. In addition, the Company's Board of Directors will establish a special committee
independent of the Company's management and, after receiving consultation from the special
committee on the enactment of the Anti-takeover Measure under assumption of enactment of the
Measure, will take the special committee's advice into full consideration and determine whether or
not to enact the Measure. There is a sufficient system in place to guarantee the objectivity andrationality of the Board's decision. (g) The special committee is intended to allow for the Company
to receive input from independent external experts, expenses paid by the Company, so that thedecision made by the special committee is guaranteed to be as fair and objective as possible. (h) In
addition to discontinuation of the Anti-takeover Measure by decision of one of the Company's
general shareholders meetings, the Board of Directors, which is composed of directors chosen at oneof the Company's general shareholders meetings, may also decide to discontinue the Measure. The
Measure does not include a Dead Hand provision, and, in consideration of the term of a director
position in the Company being limited to one year, the Measure also does not include a Slow Hand
provision. Because of this, the Measure follows the Basic Policy described in (1), and will not lower
the common benefit of the shareholders nor is intended to protect the Company's officer positions.

No. 3[State of filing company]

1 [Status of Shares and etc.](1) [Total number of shares and other figures]① [Total number of shares]
Type

Total Number of Authorized Shares (shares)

Common stock

189,580,000

Total

189,580,000② [Shares outstanding]Type
Number of shares
outstanding as of end ofinterim fiscal period(March 31, 2014)

Number of shares
outstanding as offiling date
(May 14, 2014)

Common stock

86,656,510

86,656,510

Total

86,656,510

86,656,510

Listed financial
instrument exchange orregistered Financial
Instruments andExchange Dealers
Association firm

Details

Tokyo Stock
Exchange 1st
Section

There are 1,000
shares in one unit.
-(2)[Status of share options and etc.]
Not applicable.

(3)[Exercise status of bonds with share options with the exercise price amendment and etc.]
Not applicable.

(4)[Details of the Rights Plan]
Not applicable.

(5)[Changes in the total shares outstanding, capital and etc.]

Date

March 31, 2014
(6)-

Increase or
Balance of total
Increase or
Balance ofIncrease or
Balance of
decrease in total
sharesdecrease in capital (millions decrease in capital reserve
sharesoutstanding capital (millionsof yen)capital reserve (millions ofoutstanding(shares)of yen)(millions ofyen)(shares)yen)-

86,656,510

-

7,393

[Status of major shareholders]Since this is the interim fiscal period, there is nothing to report on this matter.

-

6,092

(7)

[Status of votes]
Because the Company has been unable to confirm the detailed content of the register of shareholders it isunable to present details of voting rights as of the end of the fiscal period under review. Instead it provides
information based on detail from the register of shareholders as of the previous reference date (December 31,2013).
① [Shares outstanding]
As of December 31, 2013
Classification

Number of shares

Number of votes

Content

Non-voting shares

-

-

-

Limited-voting shares (treasury stock and etc.)

-

-

-

Limited-voting shares (other)

-

-

-

(Treasury stock) Common stock
10,958,000

1,553

-

Voting shares (other)

Common stock
74,470,000

74,470-Fractional shares

Common stock
1,228,510--

86,656,510

-

-

-

76,023-

Voting shares (treasury stock and etc.)

Total number of shares outstanding
Total shareholder votes(Note)
1 The aforementioned "Voting shares (treasury stock and etc.)" includes 9,405,000 shares of treasury stock and1,553,000 shares owned by The Master Trust Bank of Japan, Ltd. (Employee Stock Ownership ESOP Trust.)
2 The common stocks in the aforementioned "Voting shares (other)" and "Fractional shares" include 1,000
shares (1 voting share) and 812 shares respectively, under the name of Japan Securities Depository Center, Inc.
3 The aforementioned "Fractional shares" are reported including the 68 shares of treasury shares owned by theCompany.
② [Treasury stock and etc.]
As of December 31, 2013

Name of owner(Treasury stock)
Nippon Koei Co., Ltd.

Address of owner

4, Kojimachi 5-chome
Chiyoda-ku, Tokyo

Total

Number ofshares owned
under own
nameProportion of
Number ofsharesownedshares owned Total number of to shares
under others' shares owned outstanding
names
(%)

9,405,000

1,553,000

10,958,000

12.6

9,405,000

1,553,000

10,958,000

12.6(Note) Reasons to own shares under others' names
The Master Trust Bank of Japan, Ltd. ((Employee Stock Ownership ESOP Trust) T1-3, Hamamatsu-cho Minatoku 2-chome, Tokyo) owns shares as trust assets of the Employee Stock Ownership ESOP Trust Plan

2 [Status of officers]
Not applicable.

No. 4 [Financial Section]
1. Preparation method for the interim consolidated financial statements(1) The Company's interim consolidated financial statements were prepared in accordance with the provisions set
forth in the Japanese Financial Instruments nad Exchange Act and its related accounting regulations, and inaccordance with accounting principles generally accepeted in Japan (“Japanese GAAP”), which are different incertain respects as to application and disclosure requirements of International Financial Reporting Standards.
Also, the interim consolidated statement of cash flows is prepared in accordance with Japanese GAAP Article 5-2
Paragraph 2.
(2) In the 68th General Meeting of Shareholders held on June 27, 2013, it was decided that the Articles ofIncorporation would be revised, changing the fiscal year-end to June 30 from March 31. Since, along with this,the previous consolidated fiscal year consists of the three months from April 1, 2013 to June 30, 2013 and theprior first quarter consolidated financial statements were not prepared, it is not reported.

2. Concerning audit certification
In accordance with the provisions of the Financial Instruments and Exchange Act Article 193-2 Paragraph 1, theCompany has received the audit by Deloitte Touche Tohmatsu LLC for the interim consolidated financial
statements pertaining to the interim consolidated fiscal year from July 1, 2013 to December 31, 2013.

1 [Interim Consolidated Financial Statements](1) [Interim Consolidated Balance Sheet](Units: Millions of yen)
Prior Consolidated
Fiscal Year
(June 30, 2013)

Current Interim
Fiscal Period(March 31, 2014)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable
Securities
Goods and products
Work in progress
Raw materials and supplies
Other
Allowance for bad debts
Total current assets

11,7578,594
4
41
11,805
169
4,294

6,262
28,88841
15,092
234
3,246

△ 180
36,486△ 55
53,711

Fixed assets
Tangible fixed assets
Buildings and construction (net)Land
Other (net)Total tangible fixed assets

8,220
13,956952
23,128

7,922
13,956
1,353
23,231Intangible fixed assets
Goodwill
Other
Total intangible fixed assets

541
584
1,125

309
558
868

Investments and other assets
Investment securities
Other

8,584
2,302

9,464
2,417

△ 177
10,709△ 339
11,542

Total fixed assets

34,96335,642

Total Assets

71,45089,354

Allowance for bad debts
Total investments and other assets

(Units: Millions of yen)
Current Interim
Fiscal Period(March 31, 2014)

Prior Consolidated
Fiscal Year
(June 30,2013)
Liabilities
Current liabilities
Notes and accounts payable
Short-term debt
Current portion of long-term debt
Income taxes payable
Advances received
Accrued bonuses
Construction loss allowance
Disaster loss allowance
Business structure improvement allowance
Other
Total current liabilities

2,512
10
179
162
9,317
895
104
2
14
6,178
19,376

6,221
10,800130560
10,371
1,825
144
4,470
34,524Long-term debt
Provisions for directors' retirement benefits
Environmental measures allowance
Retirement benefit liability
Asset retirement obligation
Other
Total long-term liabilities

1,520
59
34
4,305
54
2,428
8,403

1,690
59
34
3,928
53
2,520
8,285

Total liabilities

27,77942,8097,393
6,209
33,5237,393
6,209
35,823△3,434
43,690△ 3,379
46,046Long-term liabilities

Shareholders' equity
CapitalCapital reserves
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Unrealized gains on other securities
Deferred hedge gains or losses

890

1,255

△ 186

△ 262

Foreign currency translation adjustments

△ 22

△6

Cumulative adjustment to retirement benefits△ 963

Total accumulated other comprehensive
Total equity

△ 281
261
43,671

△ 737
247
250
46,544

Total liabilities and equity

71,45089,354i Minority interest(2) [Interim Consolidated Statement of Income and Comprehensive Income](Units: Millions of yen)
Current Interim
Fiscal Period(from July 1, 2013 toMarch 31, 2014)
Sales
Cost of sales
Gross margin on sales
Sales and general administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Other
Total non-operating income
Non-operating expenses
Interest expense
Other
Total non-operating expenses
Ordinary income
Income before income taxes and minority interests
Corporate tax, corporate inhabitant tax and enterprise tax
Adjustments for corporate tax and etc.
Total corporate tax and etc.
Net income before minority interests

55,93940,654
15,285
10,964
4,321

Minority losses (△)
Net income

△ 12
2,454

Minority losses (△)
Net income before minority interests
Other comprehensive income
Unrealized gains on other securities
Deferred loss on derivatives under hedge accounting

△ 12
2,442

Foreign currency translation adjustments
Adjustments to retirement benefits
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income for parent company shareholders
Comprehensive income for minority shareholders

37
194
153
386
35
33
68
4,639
4,639
793
1,403
2,196
2,442

367
△ 76
15
225
531
2,973
2,983
10

(3)

[Interim Consolidated Statement of Cash Flows](Units: Millions of yen)
Current Interim Fiscal Period
July 1, 2013 to March 31, 2014

Cash flow from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Loss or gain on sales of investment securities ( indicates gain)
Changes in the provision for doubtful accounts ( indicates decrease)
Increase or decrease in accrued bonuses ( indicates decrease)
Increase or decrease in construction loss allowance ( indicates decrease)
Increase or decrease in retirement benefit liability ( indicates decrease)
Increase or decrease in business structure improvement allowance ( indicates decrease)
Interest and dividend income
Interest expense
Foreign exchange gain or loss ( indicates gain)
Decrease or increase in accounts receivable ( indicates increase)
Decrease or increase in inventories ( indicates increase)
Decrease or increase in the amount of the adjustments to retirement benefits ( indicates increase)
Increase or decrease in accounts payables ( indicates decrease)
Increase or decrease in advances received ( indicates decrease)
Increase or decrease in accrued consumption taxes and etc. ( indicates increase)
Other
Subtotal
Receipts of interest and dividends
Interest paid
Corporate taxes and etc. paid
Cash flow from operating activities
Cash flow from investing activities
Net decrease or increase in time deposits ( indicates increase)
Outflow due to acquisition of tangible fixed assets
Outflow due to acquisition of intangible assets
Outflow due to acquisition of investment securities
Inflow from sales of investment securities
Long-term loans madeCollection of long-term loans
Other inflow
Cash flow from investing activities
Cash flows from financing activities
Net increase or decrease in short-term debt ( indicates decrease)
Inflow from long-term debt
Outflow due to payment of long-term debt
Outflow due to payment of lease obligations
Inflow from sale of treasury stock
Outflow due to acquisition of treasury stock
Payment of dividends
Cash dividends paid to minority shareholders
Cash flow from financing activities
Translation differences for the cash and cash equivalents
Increase or decrease in cash and cash equivalents ( indicates decrease)
Beginning balance of cash and cash equivalents
Cash and cash equivalents, end of period

4,639
677
231
47
37
934
39
377
14
232
35
36
20,291
3,352
225
3,690
1,054
1,112
3,105
14,780266
36
729
15,278

26
605
101
929
655
135
94
2
1,044
10,790
300
179
31
105
50
193
3
10,73857
5,527
11,6136,085

[Notes](Specific accounting method applied for preparing interim consolidated financial statements)(Deferral of cost variance)
In regard to cost variances that occurred as a result of seasonal variations in capacity utilization etc., since the varianceis expected to be mostly resolved by the end of the cost accounting period, this cost variance is reported as part ofcurrent liabilities.
(Related toInterim Consolidated Balance Sheet)
1 Contingent liabilities
The Company supplies debt guarantees for employee loans from financial institutions.
Prior consolidated fiscal

Current interim fiscal period

Year (June 30, 2013)(March 31, 2014)

Employee

104 million yen

87 million yen(Related to Interim Statement of Consolidated Income and Comprehensive Income)1 Seasonal variation in sales
Current interim fiscal period (from July 1, 2013 to March 31, 2014)
Due to the completion of orders ordinarily concentrated near the end of March, there is a seasonal variance to theGroup's net sales.
(Related to Interim Consolidated Statement of Cash Flows)
1 The relationship between the balance of cash and cash equivalents and the amounts listed per category in the Interim
Consolidated Balance Sheet is as follows.
Current interim fiscal period(from July 1, 2013 toMarch 31, 2014)
6,262 million yen

Cash and deposits
Time deposits whosedeposit periods exceed three months△ 74

Special deposits for ESOP trust△ 102

Cash and cash equivalents

6,085(Related to Shareholders' Equity and etc.)
Current interim fiscal period (from July 1, 2013 to March 31, 2014)
1. Dividends paid
Resolution

Types ofsharesAugust 20, 2013
Special Board of
Directors meeting

Commonstock

Total dividends Dividend per(millions of yen) share (yen) Reference date Effective Date

Dividend
funds

September 12,
2013

Retainedearnings

151

2.00 June 30, 2013

(Note) Total dividends excludes the 3 million yen worth of dividends paid to the ESOP Trust. This exclusion isdue to consideration of shares of the Company owned by the ESOP Trust as treasury stock in the interim
consolidated financial statements.
2 Dividends for which the reference date belongs to the current interim consolidated period, but the effective
date is after March 31, 2014.
Not applicable.

(Segment Information)[Segment Information]
Current interim consolidated term (from July 1, 2013 to March 31, 2014)
1. Information about sales and the profit or loss by reporting segment(Units: Millions of yen)
Reporting segment

Domestic Overseas
Power
Consultant Consultant Engineering
Operations Operations Operations

Real
EstateTotal
Leasing
Operations

Other

Total

Calculated
amount instatement of
Adjustconsolidated
ments
profit and loss
andcomprehensive
incomeNet sales
31,40512,015

10,778

271

-

152

Total

31,677

12,015

Segment
profitorloss ( )

3,220

△ 490

External
saleInternal
sales ortransfers
betweensegments

850 55,049

889

55,939-55,939

517

6

524

△ 524

-

10,931

943 55,567

896

56,463△ 524

55,939

1,368

641

△ 85

4,654

△ 15

4,639

93

4,739

(Note) Those classified as "Other" are units that have not resulted in profit or whose profits are incidental by nature.
2. The variance and main contents of the variance between the total profit or loss and calculated amount for interim
statement of consolidated income and comprehensive income (matters related to reconciliation)(Units: Millions of yen)
ProfitAmountOther loss

4,739
△ 85

Elimination of intersegment transactions△ 15

Ordinary income from statement of interim consolidated income or comprehensive income

4,639

Total reporting segment

(Per share data)
The basis for the calculation and net income per share is as follows.
Item

Current InterimFiscal Period(from July 1, 2013 to March 31, 2014)

Net income per share

32.44 yen

(Basis for calculation)
Net income (Millions of yen)Amount not reflected in common stock (Millions of yen)
Net income related to common stock (Millions of yen)
Average number of shares of common stock during period (shares)

2,454
2,454
75,655,499(Note).
1
Interim net profit per share after adjustment for share dilution is not reported since there was no share dilution
2

The average number of common stock shares during the period used in the calculation of interim net loss per
share (△) does not include the treasury stock owned by the ESOP trust.

(Significant subsequent events)
Not applicable.
2 [Other]
Not applicable.

Section 2 [Information about the surety company and etc. of the filing company]
Not applicable.

(TRANSLATION)
INDEPENDENT ACCOUNTANT’S REVIEW REPORTMay 9, 2014
To the Board of Directors of Nippon Koei Co., Ltd.:

Deloitte Touche Tohmatsu LLC
Designated Unlimited Liability Partner,
Engagement Partner,
Certified Public Accountant:

Yasuyuki Onaka

Designated Unlimited Liability Partner,
Engagement Partner,
Certified Public Accountant:
Junichi Uchida

Pursuant to the first paragraph of Article 193-2 of the Financial Instruments and Exchange Act, we havereviewed the Interim Consolidated Financial Statements included in the Finacial Section, namely, theinterim consolidated balance sheet of Nippon Koei Co., Ltd. (the “Company”) and its consolidated
subsidiaries as of March 31, 2014, and tnterim Consolidated Statement of Operations and Comprehensive
Income and the Interim Consolidated Statement of Cash Flows then ended, and the related notes.
Management’s Responsibility for the Interim Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these interim consolidated financial
statements in accordance with accounting principles for interim consolidated financial statements generally
accepted in Japan, and for such internal control as management determines is necessary to enable thepreparation of interim consolidated financial statements that are free from material misstatement, whether
due to fraud or error.
Accountant’s Responsibility
Our responsibility is to express a conclusion on these interim consolidated financial statements based on ourreview. We conducted our review in accordance with quarterly review standards generally accepted in Japan.
A review consists primarily of making inquiries, primarily of management and persons responsible forfinancial and accounting matters, and applying analytical procedures and other quarterly review procedures.
A review is substantially less in scope than an audit conducted in accordance with auditing standards
generally accepted in Japan.
We believe that we have obtained the evidence to provide a basis for our conclusion.
Accountant’s Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim consolidated
financial statements referred to above do not present fairly, in all material respects, the consolidated financial
position of the Company and its consolidated subsidiaries as of March 14, 2014, and the consolidated results

of their operations and their cash flows then ended in accordance with accounting principles for interim
consolidated financial statements generally accepted in Japan.
Interest
Our firm and the engagement partners do not have any interest in the Company for which disclosure isrequired under the provisions of the Certified Public Accountants Act.

The above represents a translation, for convenience only, of the original report issued in the Japanese
language.