SANIX INCORPORATED

Consolidated Financial Summary
For the Fiscal Year ended March 31, 2015

The financial figures in this document are based on Japanese Accounting Standards and accompanying laws. Amounts are rounded off to 1
decimal place. This document is an English translation of the Japanese-language original.

May 13, 2015

Consolidated Financial Statements
For the Fiscal year ended March 31, 2015
SANIX INCORPORATED
Stock Listed:Tokyo Stock Exchange First Section, Osaka Stock Exchange First Section, Fukuoka Stock Exchange

Code No.:

4651

URL:

http://sanix.jp/index_e.htm

President and CEO:Shin-ichi MUNEMASA

Contact:

Kozo INOUE,

Director, Management Corporate Officer,
General Manager of Management and Planning Division

1. Consolidated Financial Highlights for the Year ended March 31, 2014
(April 1, 2014 to March 31, 2015)(1)

Consolidated Operating Results(Millions of Yen)
Fiscal Yearbetw een April 1 and March 31
FY2013% change

FY2014

84,221

94.2

95,62994.2

Operating Income．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．
4,508

141.0

(3,142)

141.0

Ordinary Income．．．．．．．．．．．．．．．．．．．．．

4,309

140.9

(3,439)140.9

Net Income．．．．．．．．．．．．．．．．．．．．．．．．．．．．

2,964

88.2

(4,966)88.2

Net Income per Share(￥)．．．．．．．．．．．．．．．．．．． ¥62.13-(¥103.98)-

Net Income per Share, Diluted(￥)．．．．．．．．．．．．．

-

-

-

-

Return on Equity．．．．．．．．．．．．．．．．．．．．．．．．

28.8%

-

-52.0%-

Ratio of Recurring Profit to Net Assets ．．．．．．．．．．．．．．．．．．．
10.2%

-

-6.6%

-

Ratio of Operating Income to Net Sales ．．．．．．．．．．．．．．．．．．．．．．
5.4%

-

-3.3%

-

(Reference) Comprehensive income．．．．．．．．

-(4,743)-

Net Sales．．．．．．．．．．．．．．．．．．．．．．．．

(2)

2,991

% change

Consolidated Financial Position(Millions of Yen)
As of March 31
FY2013

FY2014

Total Assets．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． 55,316
Net Assets．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． 11,827
Shareholders' Equity Ratio (%)．．．．．．．．．．．．．．．．．．．
21.3%
Net Assets per Share (￥)．．．．．．．．．．．．．．．．．．．．．．．．
247.17

49,120Note (1) Shareholders’ equity

(3)

7,331
14.9%
152.74

Fiscal Year ended March 31, 2015

7,302million yen

Fiscal Year ended March 31, 2014

11,798 million yen

Consolidated Financial Cash Flows(Millions of Yen)
Fiscal Yearfrom April 1 to March 31
FY2013

FY2014

Cash Flows from Operating Activities ．．．．．．．．．．．．．．．．．．．．．．．．

4,933(1,794)

Cash Flows from Investing Activities ．．．．．．．．．．．．．．．．．．

(3,271)(1,181)

Cash Flows from Financing Activities ．．．．．．．．．．．．．．．．．．．

2,433

647

Balance of Cash and Cash Equivalents at End of Period．．．．．．．．．．．．．7,645

5,329

2. Dividends
Fiscal Yearfrom April 1 to March 31
FY2013

FY2015(Forecast)

FY2014

Dividend per Share at the end of 1st Half (￥)．．．．．．．．．．．．．．．．．．．．．．．．
¥0.00
¥0.00
Dividend per Share at the end of the year (￥)．．．．．．．．．．．．．．．．．．．．．．．．
¥0.00
¥0.00
Annual dividend per Share (￥)．．．．．．．．．．．．．．．．．．．．．．．．
¥0.00
¥0.00
Total dividend．．．．．．．．．．．．．．．．．．．．．．．．．．．
Pay-out ratio (%)．．．．．．．．．．．．．．．．．．．．．．．．
Ratio of dividend to total capital (%)．．．．．．．．．．．．．．．．．．．．．．．．
-

¥0.00
¥0.00
¥0.00
-

3. Forecasts for Consolidated Business Results(For the fiscal year ending March 31, 2016)(Millions of Yen)FY2015First Half

% cahnge

Full Year% change

Net Sales．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．
35,298-19.8%

78,000-18.4%

Operating Income．．．．．．．．．．．．．．．．．．．．．．．．．．．．．
(280)

-

4,000

-

Ordinary Income．．．．．．．．．．．．．．．．．．．．．．．

(350)

-

3,820

-

Net Income．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．
(760)

-

2,820

-

Net Income per Share(￥)．．．．．．．．．．．．．．．．．．．．．．．．
(¥15.90)-¥58.99-4. Others(1) Changes in significant subsidiaries during FY2014: None
(2) Changes in accounting principles, procedures, and the presentationⅰ)Changes in accounting principles due to revisions to accounting standards: Yesⅱ)Changes other than shown in ⅰ) above: Noneⅲ)Changes in accounting estimates: Noneⅳ)Correction of prior period error: None
(3) Number of Shares Issued and Outstanding(Shares)
As of March 31
FY2013

FY2014

Number of shares issued and outstanding at period end．．．．．．．．．．．．．．．．．．．．．．．．
48,919,396
48,919,396
Number of treasury stocks at period end．．．．．．．．．．．．．．．．．．．．
1,186,243
1,113,143
Average Number of shares outstanding during the priod．．．．．．
47,714,474
47,763,330(Reference) Non-consolidated Financial Statement
1.Non-consolidated Highlights for the year ended March 31,2014(1)Non-consolidated Operating Results
Fiscal Yearbetw een April 1 and March 31
FY2013% change

FY2014% change

34,356

10.4

81,328

136.7

Operating Income．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．
868(48.3)(3,342)-

Ordinary Income．．．．．．．．．．．．．．．．．．．．．．．

927(43.5)(3,571)-Net Income．．．．．．．．．．．．．．．．．．．．．．．．．．．．

949(45.9)(3,272)-Net Income per Share(￥)．．．．．．．．．．．．．．．．．．． ¥19.90-(¥68.52)-

Net Income per Share, Diluted(￥)．．．．．．．．．．．．．

-

-

-

Net Sales．．．．．．．．．．．．．．．．．．．．．．．．

-

(2) Non-consolidated Financial Position
As of March 31

2.

FY2013

FY2014

Total Assets．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． 43,181
Net Assets．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． 8,577
Shareholders' Equity Ratio (%)．．．．．．．．．．．．．．．．．．．
19.9%
Net Assets per Share (￥)．．．．．．．．．．．．．．．．．．．．．．．．
179.7042,327
5,631
13.3%
117.80

Forecasts for Non-consolidated Business Results
FY2015First Half

% cahnge

Full Year% change

Net Sales．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．
33,146
2.6%

73,289-9.9%

Ordinary Income．．．．．．．．．．．．．．．．．．．．．．．．． (578)

-

3,363

-

Net Income．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．
(899)

-

2,614

-

Net Income per Share(￥)．．．．．．．．．．．．．．．．．．．．．．．．
(¥18.81)-¥54.70-Indication of audit procedure implementation status
This earnings report is exempt from audit procedure based upon the Financial Instruments and Exchange Act. It is under theaudit procedure process at the time of disclosure of this report.
Note to ensure appropriate use of forecasts:
Forecasts in this document are based on assumptions, prospects and plans as of the date of this document. Actual results may
differ significantly from these forecasts, due to various factors affecting the Company’s business performance, such as change ineconomical conditions.

Index of the attachment

Ⅰ. Business Results
1. Earnings....................................…….……………........…………………………………………………………

2

2. Financial Condition.....................................………..…..….…….……………………………………………….

5

3. Basic Corporate Policy for Profit Distribution………..….……...…………..………………………………..…...

6

4. Business and Other Risks………………………………………………………………………………………..…

6

Ⅱ. Group Outline

8

Ⅲ. Management Policies
1. Fundamental Management Policies .................................................................….....…………….……….…

9

2. Target Management Indices ................…........................................….............…………………..……..…....

9

3. Medium- and Long- Term Business Strategies and Issues to Be Addressed ………...………………...…….

9

4. Challenges the Company Faces..........................................................…...…………………..…….…..…….

10

Ⅳ. Basic position regarding the choice of accounting standards

10

Ⅴ. Consolidated Financial Statements
1. Consolidated Balance Sheet………..……………………………………………..…………………….……..…

11

2. Consolidated Statement of Income and Comprehensive Income…………….………………………………

13

Consolidated Statement of Income……...………………………………………………………………………

13

Comprehensive Income…………………………………………………………………………………………..

14

3. Consolidated Statement of Changes in Net Assets……………………………….……………………………

15

4. Consolidated Cash Flow Statement………………………………………………….…………………………..

17

5. Note regarding assumption of a going concern…………………………………….…………………………..

18

6. Segment Information………………………………………………………………….…………………………...

19

Supplemental information …………………………………………………………….………………………..….

20

2

I. Business Results
1. Earnings(1) Current Fiscal Year Overview
In the consolidated fiscal year ended March 31, 2015, the Japanese economy experienced a backlash stemmingfrom the last-minute surge in demand ahead of the consumption tax hike. However, business conditions
continued along a modest recovery path, reflecting positive developments such as improved corporate earnings
and consumer spending.
Under such a business environment, our Group implemented an organizational reform, effective April 1, 2014,
to strengthen the business for commercial photovoltaic (PV) systems in the current consolidated fiscal year.
The Group established the West Japan SE Business Headquarters in the West Japan Region, which is its mainarea of operation, and the East Japan SE Business Headquarters in the East Japan Region. In addition, effective
June 1, 2014, the Company took over the commercial PV business from SANIX Engineering Incorporated, its
wholly owned subsidiary. As a result of this restructuring, the Company changed the name of this business to
the Solar Engineering (SE) Division, to which it transferred operations of the home-oriented PV systems thatwere originally handled by the Home Sanitation (HS) Division and the Establishment Sanitation (ES) Division.
In the business environment surrounding the PV systems business, the issue of grid connection capacity as
been a concern since September last year, which was the time when electric power companies halted their
response to applications for connection in conjunction with the Renewable Energy Feed-in Tariff Purchasing
Program. Business conditions have been increasingly difficult for the PV system business following an
institutional revision undertaken in January this year that included a change in the output rule.
As for sales for the current consolidated fiscal year, the SE Division posted revenue growth for PV systems
despite significant changes in the business environment. As a result, the sales of the whole Group stood at¥95,629 million (up 13.5% year on year).
In regards to profits, the Company registered an operating loss, reflecting the significant impact of electric
power companies’ decisions to suspend responses to grid connection applications, although the SE Divisionachieved an increase in revenue. Consequently, in terms of profitability, the Group as a whole posted an
operating loss of ¥3,142 million (operating profit of ¥4,508 million in the same period of the previous year)
and the ordinary loss of ¥3,439 million (ordinary income of ¥4,309 million in the same period of the previousyear). After reviewing the realizability of tax deferred assets, the Company also recorded a net loss of ¥4,966
million (net income of ¥2,964 million in the same period of the previous year), reflecting the recognition of theimpairment loss of ¥271 million on the consolidation and closures of stores and vehicle-related cancellations
as an extraordinary loss, as well as the reversal of deferred tax assets.
(Millions of yen)
Consolidated Operating Results

FY2013

FY2014%Change

Difference

Net Sales

84,221

95,62913.5

11,408Operating Income

4,508(3,142)－(7,650)Ordinary Income

4,309(3,439)－(7,748)Net Income

2,964(4,966)－(7,930)3

Consolidated results of individual divisions for the year were as follows:a. Solar Engineering (SE) Division
The number of PV system installed rose in both the West Japan Region and East Japan Region. In thecurrent consolidated fiscal year, the Company strengthened its operating structure in the East Japan Region
by enhancing the network of stores that handle direct sales and direct installations. As a result, sales stoodat ¥72,247 million (up 27.6% year on year).
In terms of operating profit, the Company posted an operating loss of ¥2,291 million (operating incomeof ¥4,782 million in the same period of the previous year), reflecting a significant increase in the ratio of
fixed costs, such as personnel expenses, to sales. This operating loss was attributable to a heavy burden of
fixed costs. While the Company has been seeking to recruit more employees in order to expand its scale ofbusiness, it was unable to offset the rise in fixed cost with the increase in sales of 27.6% year on year. The
failure to offset this rise was mainly due to the effect of a drastic change in the business environment for PV
systems, such as the connection capacity issue of electric power utilities.
(Changes in the number of staff in the SE Division for reference:
1,048 on average in the period from April 2013 to March 2014, and 2,752 on average in the period from
April 2014 to March 2015)b. Environmental Resources Development (ERD) Division
The sales from plastic fuel, with increased acceptance volume of waste plastic, decreased by 14.5%
compared to the same period the previous year. With stable operation of TOMAKOMAI Power Plant, therevenues from electricity sales increased by 11.1% compared to the same period the previous year. The
sales from organic waste processing with increased acceptance volume increased by 10.4% compared tothe same period the previous year. As a result, the net sales of the division decreased by 8.2% to 14,735
million yen compared to the same period the previous year. The operating income decreased 28.9% to 970
million yen due to decrease in sales.
c. Home Sanitation (HS) Division
The HS Division focused on maintenance-related customer management such as termite control services
and floor/ceiling ventilation systems. As a result, net sales were ¥7,605 million (down 20.2% year onyear).The operating income increased by 60.0% to ¥1,634 million yen compared to the same period theprevious year.
d. Establishment Sanitation (ES) Division
The ES Division concentrated on sanitation maintenance-related customer management such as high-risebuilding and condominiums. As a result, net sales were ¥1,040 million yen (down 48.0% year on year).
So the division posted an operating loss of ¥48 million yen (compared to the operating loss of ¥62 million
yen in the same period of the previous year).

4(2) Prospect for Next YearThe outlook for the next fiscal year should factor in the revisions to the Renewable Energy Feed-in Tariff
Purchasing Program undertaken by the government in January 2015. These revisions include changes in the
output control rules and timing for determining the purchase price. According to the new rules, the output
power control for small capacity solar power generation facilities (below 50kW) does not apply to areas coveredby Tokyo Electric Power, Chubu Electric Power, and Kansai Electric Power. It is therefore necessary to devise
measures adapted to the circumstances of each electric company. The Company will then implement thenecessary measures when appropriate, giving every possible consideration to the market conditions of each
district.
The SE Division has been reinforcing organizations in areas with a large market, namely the Kanto, Kansai and
Chubu districts, while taking into account the proper placement of personnel in the Kyushu and Shikoku
districts. It has also been working to reduce its overall fixed costs. The Company believes these initiatives will
help it improve its revenue structure in the PV business. We also have decided that it is essential to intensify
our efforts and further streamline operations to deal with the business environment surrounding the PV systembusiness on a mid-tem basis. The Company announced its offer for voluntary resignation, and consolidated andclosed stores. Through these measures, the Company will reduce overall expenses and create a revenue
structure capable of addressing changes in the business environment. In terms of sales, the Division as a wholeprojects a decrease from the same period of the previous year, including a decrease in the West Japan Region,
although it forecasts an increase in the East Japan Region. In terms of profits, the Company expects to moveback into the black by improving profitability through the curtailment of overall expenses, which include
personnel costs.
The Environmental Resources Development (ERD) Division plans to invest in facilities to raise the quality andcalories of plastic fuel, thereby enhancing the fuel’s added value. This investment is expected to improve theoperation rate of the Tomakomai Power Plant and boost “electricity sales.” The Division predicts that the levelof sales will be equal to that one year ago. It also plans to conduct a biannual legal inspection as well as periodic
repairs of the Plant in the second quarter of the current fiscal year.
The HS Division performs the maintenance of facilities such as “termite prevention and removal facilities” and“underfloor ventilation systems” for existing customers. Sales are expected to decline slightly from the previous
period.
The ES Division, which mainly carries out maintenance of buildings and condominiums, expects sales todecrease.
In regards to the consolidated results for the next fiscal year, the Group forecasts sales of ¥78,000 million(down 18.4% year on year), operating income of ¥4,000 million (operating loss of ¥3,142 million in the same
period of the previous year), ordinary income of ¥3,820 million (ordinary loss of ¥3,439 million in the same
period of the previous year) and net income of ¥2,820 million (net loss of ¥4,966 million in the same period of
the previous year) in light of the aforementioned conditions.

5

2. Financial Condition(1) Assets, Liabilities and Net Assets
Total assets as of the end of the current fiscal year increased by 6,196 million yen to 49,120 million yen fromthe previous fiscal year. The total liabilities decreased by 1,699 million yen to 41,789 million yen from theprevious fiscal year. Net assets decreased by 4,469 million yen to 7,331 million yen from the previous fiscal
year. As a result, the capital-to-asset ratio was 14.9%.
<Assets>
Current assets decreased by 18.3% to 31,569 million yen from the end of the previous fiscal year, mainly
due to the increase in cash and deposits and accounts receivable by 14,848 million yen.
Fixed assets increased by 14.6% to 16,668 million yen from the end of the previous fiscal year, mainly due
to the increase in property, plant and equipment by capital expenditure in machines and equipment
together with buildings under installation by 1,855 million yen.
<Liabilities>
Current liabilities increased by 146.0% to 36,581 million yen from the end of the previous fiscal year,
mainly due to the increased notes payable and accounts payable by 14,654 million yen, short-termloans-payable by 1,662 million yen and income tax payable by 1,357 million yen.
Noncurrent liabilities increased by 25.9% to 6,907 million yen from the end of the previous fiscal year,
mainly due to the increased long-term borrowings by 875 million yen and lease obligations by 251 million
yen.
<Net Assets>
Net assets increased by 33.8% to 11,827 million yen from the previous fiscal year, mainly due to the current
net income of 2,964 million yen.
(2) Cash Flows
Cash and cash equivalents (hereinafter “the funds”) increased from the previous fiscal year by 5,656
million yen to 9,204 million yen at the end of the current fiscal year.
The cash flow and the factors in the current fiscal year were as follows:(Net cash provided by operating activities)
As for net cash provided by operating activities, spending rose by ¥1,794 million (income of ¥4,933 million in
the previous year).The key factor was the increase in inventory assets of ¥4,091 million, as well as therecognition of ¥3,710 million as a net loss before income tax, although notes and account receivable-tradedecreased by ¥7,405 million.
(Net cash provided by investing activities )In regards to net cash provided by investing activities, spending increased by ¥1,181 million (spending of¥3,271 million in the same period of the previous year). This increase was largely a reflection of ¥1,254 million
in expenditures for the tangible fixed assets that were acquired.
(Net cash provided by financing activities )In terms of net cash provided by financing activities, income was ¥647 million (income of ¥2,433 million in theprevious year). The key factor was the increase of ¥1,360 million in short-term loans payable, despite ¥1,026
million in expenditures for the repayment of long-term loans.

6

The Cash Flow Indicators:

Shareholders' equity ratio
Shareholders' equity ratio on a market
price basis
Interest-bearing liabillities ratio tocash flow
Interest coverage ratio(Note)Shareholder’s equity ratio:

FY2010FY2011FY2012FY2013

FY2014

34.7%

33.4%

30.2%

21.3%

14.9%

55.6%

53.3%

92.0%

99.2%

37.6%

136.73

5.34

3.24

1.96

-

0.29

7.36

13.30

25.71

-

Shareholder’s equity/Total assets

Share ratio on a market price basis:

Total market value of stock/Total assets

Interest-bearing liabilities ratio to cash flow: Operating cash flow/Interest payment
Interest coverage ratio :Operating cash flow/Interest payment

1. Each indicator is calculated based on consolidated financial results.
2. Total market value of stock is calculated by: closing price at the year-end x outstanding shares at the year-end.
3. The operating cash flow in this table is cash flow from operating activities reported on the consolidated cash flow
statement. Interest-bearing liabilities cover all liabilities reported on the consolidated balance sheet for which interestis paid.

Interest payment used in the calculation of the interest coverage ratio is the amount of interest expanse

reported on the consolidated cash flow statement.

3. Basic Shareholder Return Policy; Cash Dividends
As a basic corporate policy, the Company focuses on returning profit to our shareholders, based on thedividend on the equity ratio, together with the overall consideration of operational expansion and internal
reserves. Unfortunately, after considering the negative retained earnings in the net assets section, theCompany deeply regrets that it will not pay dividends for the current fiscal year. In addition, no dividends will
be paid for the next fiscal year as well. We will work to boost sales and build up internal reserves to generate
distributable profits in the net assets section, and then look to begin paying dividends again in the near
future.

4. Business and Other Risks
Major risks that may affect the operating results and business of the SANIX Group are described below.
Recognizing the possibility of these risks occurring, the SANIX Group endeavors to take proper measures toavert these risks and minimize any impacts in the event of occurrence.
Certain future-related statements included in this document are estimates made by the Company based on
the information available at the end of the current fiscal year.
(1) Risk of societal and institutional changes
In regards to the PV System business, going forward the Group expects the popularity of photovoltaic
power generation to continue to grow as a result of the implementation of the “Act on Special Measures
Concerning New Energy Use by Operators of Electric Utilities.” That said, the Company’s performance andfinancial situation may be affected if customers become less willing to make investments. There various
factors that may discourage investment, such as purchase prices that are subject to annual review underthe “Renewable Energy Feed-in Tariff Purchasing Program” and output controls imposed due to the stateof grid connection capacity at electric power companies.

7(2)Foreign exchange rate fluctuations
In the PV System business, the Group sources PV systems mostly from Chinese manufactures that have acompetitive advantage in terms of price. Modules are the materials that account for a major part of costsin the business. Therefore, the Group’s performance and financial situation may be affected, depending on
fluctuations in purchase prices stemming from the impact of exchange rates.
(3)Industrial accidents and natural disasters
Although we take all possible measures, if any unexpected, material accident during PV system installation,
or waste disposal operations, or unexpected disasters, such as climatic events, may impact the group’s
performance and financial state.
(4)Resource recycling power generation system
One of the factors for stable operation of the ERD Division is the maintenance or improvement in plastic
fuel quality at SANIX Energy’s TOMAKOMAI Power Plant. However, since plastic fuel originates from waste,
any inconsistency in the quality or properties that may affect the stable operation of the power plant may bedisadvantageous to the performance or financial state of the group.
(5)Power demand trend
The ERD Division may experience fluctuations in the electric power unit price at the electricity sales
business of SANIX Energy’s TOMAKOMAI Power Plant due to demand-supply fluctuations for seasonal
demand and the supply of electricity and the resumption of nuclear power plant operations. Decline of theelectric power unit price above projections may have an unprofitable impact on the group’s performanceand financial status.
(6)Statutory regulations
Main business lines of the Group, including the sale and installation of PV systems, the maintenance ofresidential houses, buildings and condominiums, the disposal of industrial wastes, and power generationand electricity sales are subject to statutory restrictions, such as the “Construction Business Act,” “Act on
Special Measures Concerning Procurement of Renewable Electric Energy by Operators of Electric Utilities,”“Act on Specified Commercial Transactions,” “Waste Disposal and Cleaning Act and relevant laws” and the“Electricity Business Act.” Any unintended infringement of the respective laws or regulations by the Group,
the revision or abolition of laws or regulations, or the enforcement of new laws or regulations may affect
the Group’s performance and financial situation.
(7) Outline of events and conditions that cast significant doubt on going concern assumptions
In the current consolidate fiscal year, the Group increased the number of employees significantly to expand thescale of the PV system business. However, with the increase in sales disappointingly small due to a major change
in the business environment, the PV system was burdened with high fixed costs, such as personnel costs, alongwith other costs. As a result, it posted an operating loss of ¥3,142 million and a net loss of ¥4,966 million.
Given these circumstances, the Company is affected by events and conditions that cast significant doubt on
going concern assumptions. It is moving forward with the following initiatives to overcome the challenges it now
faces.
In order to properly respond to rapid changes in the business environment in a timely fashion, the SE Division
has been reinforcing organizations in areas with a large market, namely the Kanto, Kansai and Chubu districts,
while taking into account the proper placement of personnel in the Kyushu and Shikoku districts. It has also
been working to improve its revenue structure through the reduction of overall fixed costs. For this reason, theDivision reduced the number of employees at the end of March 2015 by 795 from the end of September 2014.
We have also concluded that it is essential to intensify our efforts to further streamline operations to further
streamline operations to deal with the business environment surrounding the PV system business on a mid-tem
basis, and therefore decided to solicit the voluntary resignation of 600 persons and consolidate and close stores.
We believe these countermeasures will enable us to eliminate material uncertainties related to going concern
assumptions

8

II. Group Outline
The Group consists of the Company and 10 other consolidated subsidiaries. Its major business fields are
sales/installation of PV systems, environmental sanitary services for general households, environmental
sanitary services for corporations and recycling-based power generation.
The structure of each company in relation to the Group’s business fields is as follows:
1) SE Division
The Company engages in the sale and installation of the PV system for commercial use and residential use,
as well as in the wholesale of PV system equipment. In addition, effective June 1, 2014, it transferred the PV
systems business belonging to the Commercial PV Division from SANIX Engineering Incorporated to the WestJapan SE Business Headquarters and the East Japan SE Business Headquarters of the Company, andestablished a new segment named the SE Business Sector.
2) ERD Division
The Company sells plastic fuel to its consolidated subsidiary SANIX Energy Incorporated. SANIX Energy
generates and sells electricity by using plastic fuel, purchased from SANIX and Hokkaido SANIX Environment
Incorporated, SANIX’s consolidated subsidiary. K.K. C&R, SANIX’s consolidated subsidiary, disposes ofincinerator ash from SANIX Energy. K.K. HOKUHAI, SANIX ’s consolidated subsidiary, leases facilities to K.K.
C&R.
3) HS Division
The Company engages in environmental sanitation work for general households, specifically termite control,
repairing foundations, under-roof/floor ventilation systems.
4) ES Division
The Company offers corporate environmental sanitation services, specifically buildings and condominiums
plumbing installation and maintenance, and PV system installation for multi-dwelling business operators.
From March 2015, the division’s PV operations are scheduled to shift to the SE-East section.
PV modules sold and used for installation by our group have been partially sourced to our consolidated
subsidiary SHANRI (Shanghai) Energy Science and Technology Co., Ltd. Chemicals and business vehicles usedby our group have been sourced and leased from our consolidated subsidiary SUNAIM Incorporated.
Information system operation of our divisions has been outsourced to our consolidated subsidiary SANIX
Software Design Incorporated.

9III. Management Policies
1. Fundamental Business Management Policies
Since its foundation, we have been engaged in overall environmental sanitation management operations,conducting the environmental sanitation business for households, environmental sanitation for businessoffices, and the building maintenance business for buildings and condominiums facilities. In addition,
positioning it as the core business, we decided to concentrate our management resources on the commercial
PV business, in which rapid penetration can be expected along with the enforcement of the “Renewable
Energy Feed in Tariff Purchasing Program,” which started in July 2012. Therefore, the Company will enhance
its corporate value, and accelerate the shift to the power generation business through industrial waste
recycling and energy-related companies.

2. Target Management IndicesAs our group’s mid- and long-term management strategy, the Group will drive the PV business to establish its
position in the green energy field, while enhancing the business base together with the resource recycling
power generation business. The targeted management benchmark will be the operating income ratio thatprecisely captures the state of productivity in balance with costs. In the medium term, we will target an
operating margin of 10%.

3. Medium- and Long-Term Business Strategies and Issues to Be Addressed(1) SE Division
While the Division fundamentally relies on the Government’s renewable energy promotion policy, it needs to
respond to changes in the business environment, such as changes in systems and revisions to purchase prices. As
for the PV business, it will move forward with structural enhancements and expand its market share in in areas
with a large market, namely the Kanto, Kansai and Chubu districts. It will also raise the in-house manufacturing
ratio of PV-related equipment such as modules and power conditioners, thereby facilitating the lowering ofcosts.
(2) ERD Division
The division conducts the electricity sales business at TOMAKOMAI Power Plant, using plastic fuel accepted,
processed and produced at 14 plastic resource development plants across the country and Hokkaido SANIX
Environment. From 2016, when retail electricity is liberalized, TOMAKOMAI Power Plant will become a useful
power supply base. Addressing the coming opportunity to incorporate the new power demand brought by theretail electricity liberalization, we will be engaging in the power retail business with mid- and long-term
prospects.
(3) HS Division
The division will conduct detailed maintenance for existing customers, including termite control andunder-roof/floor ventilation systems. In addition, from the standpoint of consumer protection, compliancewill be thoroughly ensured.
(4) ES Division
The division will maintain existing customers of building facility maintenance and protection, including
plumbing installation and maintenance for buildings and condominiums.

10

4. Challenges the Company faces
In regards to future outlook, the Company expects to continue to navigating through a business environment
made difficult by the review of the Renewable Energy Feed-in Tariff Purchasing Program and the application of
new output control rules for solar power generation. That being said, we believe that it is important socially, as
well as from the perspective of protecting the environment, to facilitate the use of renewable energy andpromote resource recycling energy. In light of these circumstances, we are working to address the following
matters we have set out as management challenges:(1)Cost reduction of PV system components
Going forward, we anticipate that it will become increasingly important to have a cost advantage in the PV
business market. The manner in which we continue to adapt to the market trend is another important
challenge the Group must tackle.
The Group will seek to enhance its cost competitiveness by strengthening its ability to reduce the cost of suchmaterials, as modules and power conditioner components, and raising the ratio of manufacturing conductedin-house.
(2) Liberalization of retail electricity and the stable operation of the Tomakomai Power Plant
With the liberalization of retail electricity scheduled to be implemented in 2016, companies are working to
uncover business opportunities in the retail sales of electricity. The Group also considers the stable operation of
the Tomakomai Power Plant, which operates as a base load power plant, to be an important challenge inensuring that we can respond to the new electricity demand generated by this liberalization. We will seek toexpand the retail electricity business by improving the quality of plastic fuel and maintaining stable operation.
(3)Promotion of compliance
SANIX Group businesses are subject to statutory regulations, such as the “Installation Industry Act,” “Act on
Special Measures Concerning New Energy Use by Operators of Electric Utilities,” “Act on Specified Commercial
Transactions,” “ Waste Disposal and Public Cleaning Law and related laws,” and the “Electricity Business Act.”
In addition, in terms of consumer protection, it is important to enhance compliance. We will regularly conduct
training, while enhancing the moral and legal knowledge of employees to provide customers with excellent
services.
(4) Enhancement of safety and disaster-prevention measures
The creation of an accident- and disaster-free environment when working at height for PV system installation,and the operation of equipment and heavy machines at environmental resources development business plants
are important management challenges. While ensuring safe installation work and eliminating unsafe
environments and behavior in operations, we will strive to enhance the disaster prevention systems and takeevery possible measure to ensure safety management.

IV. Basic position regarding the choice of accounting standards.
The Group will use the Japanese standards for the time being. Our policy is to take proper steps toward theadoption of the International Financial Reporting Standards, while giving due consideration to the circumstances
in Japan and other countries.

11

V. Consolidated financial Statements
1. Consolidated Balance Sheet(Millions of Yen)
As of March 31
FY2013

FY2014

Assets:Current Assets:
Ca s h a nd depos i ts
Notes a nd a ccounts recei va bl e-tra de
Mercha ndi s e a nd fi ni s hed goods
Work i n proces s -cons tructi on
Ra w ma teri a l s a nd s uppl i es
Deferred ta x a s s ets
Other
Al l owa nce for doubtful a ccounts
Tota l Current As s ets :9,237
22,205
113
584
5,447
597
1,089
(624)
38,6487,026
14,800
504
1,738
8,043
17
677
(1,237)31,5699,601(7,710)1,890
12,316(11,046)
1,270
9,179
1,061
(345)
716
905
1,018
(799)
218
14,181

9,712(7,179)2,533
12,710(11,069)
1,640
9,399
1,236
(551)
685
609
1,075
(844)
231
15,099

513
59
572

401
143
545

339
722
312
998
(458)
1,914
16,66855,316

450
742
66
1,110
(462)
1,906
17,551
49,120

Fixed Assets:
Property, Pl a nt a nd Equi pment:
Bui l di ngs a nd s tructures , net
Les s : Accumul a ted Depreci a ti on
Bui l di ngs a nd Structures (net of depreci a ti on)
Ma chi nery, equi pment a nd vehi cl es , net
Les s : Accumul a ted Depreci a ti on
Ma chi nery, Equi pment a nd Vehi cl es (net of depreci a ti on)
La nd
Lea s e a s s ets , net
Les s : Accumul a ted Depreci a ti on
Lea s ed As s ets (net)Cons tructi on i n progres s
Other
Les s : Accumul a ted Depreci a ti on
Other, net
Tota l Property, Pl a nt a nd Equi pment:
Inta ngi bl e Fi xed As s ets :Goodwi l l
Other, net
Tota l Property, Pl a nt a nd Equi pment:
Inves tments a nd Other As s ets :Inves tment s ecuri ti es
Lea s e a nd gua ra ntee depos i ts
Deferred ta x a s s ets
Other
Al l owa nce for doubtful a ccounts
Tota l Inves tments a nd Other As s ets :Tota l Fi xed As s ets :Total Assets:12(Millions of Yen)
As of March 31
FY2013

FY2014

Liabilities:
Current Liabilities:
Notes a nd a ccounts pa ya bl e-tra deShort-term l oa ns pa ya bl e
Current porti on of l ong-term l oa ns pa ya bl e
Accounts pa ya bl e-otherAccrued expens es
Accrued i ncome ta xes
Lea s e obl i ga ti ons
Accured cons umpti on ta xes
Al l owa nce for res ource-recycl i ng expens es
OtherTota l Current Li a bi l i ti es :20,114
5,000
948
4,836
1,813
1,720
198
719
32
1,198
36,581

18,537
6,360
1,056
4,408
2,000
208
231
1,245
31
1,479
35,560

30
3,695
523
－
49
181
1,534
429
463
6,907
43,489

10
3,045
481
80
46
170
1,490
477
425
6,229
41,78914,041
4(768)(1,581)
11,695

14,041
4(5,588)(1,481)
6,976

91
44
(33)
102
29
11,82755,316

171
184
(30)
325
29
7,331
49,120Non-Current Liabilities:
Bonds pa ya bl eLong-term l oa ns pa ya bl e
Lea s e obl i ga ti ons
Deferred ta x l i a bi l i ti esLong-term l ea s e depos i ted
Provi s i on for di rectors ' reti rement benefi ts
Li a bi l i ty Rel a ted to Reti rement Benefi ts
Provi s i on for di s pos a l s i te cl os i ng expens es
OtherTota l Non-Current Li a bi l i ti es :Total Liabilities:
Net Assets:
Shareholders' Equity:
Ca pi ta l s tock
Ca pi ta l s urpl usReta i ned ea rni ngs
Trea s ury s tockTota l Sha rehol ders ' Equi ty:

Valuation and translation adjustments:
Va l ua ti on di fference on a va i l a bl e-for-s a l e s ecuri ti es
Forei gn currency tra ns l a ti on a djus tment
Adjus tment for Reti rement Benefi ts (Cumul a ti ve)
Tota l Va l ua ti on a nd tra ns l a ti on a djus tments :Minority Interests:
Total Net Assets:
Total Liabilities and Net Assets:

13

2. Consolidated Statement of Income and Comprehensive Income(Consolidated Statement of Income)(Millions of Yen)

Net s a l es
Cos t of s a l es
Gros s profi t
Sel l i ng, genera l a nd a dmi ni s tra ti ve expens es
Sa l es commi s s i on
Adverti s i ng expens es
Provi s i on of a l l owa nce for doubtful a ccounts
Sa l a ri es a nd Bonus es
Reti rement benefi t expens es
Provi s i on for di rectors ' reti rement benefi ts
Lega l wel fa re expens es
Rent expens es
Depreci a ti on
OthersTota l s el l i ng, genera l a nd a dmi ni s tra ti ve expens es
Opera ti ng i ncome (l os s )Non-opera ti ng i ncome:Interes t i ncome
Di vi dends i ncome
La nd a nd hous e rent revenue
Subs i dy i ncome
Other
Tota l non-opera ti ng i ncome
Non-opera ti ng expens es :Interes t expens es
Rent expens es
Forei gn excha nge l os s es
OtherTota l non-opera ti ng expens es
Ordi na ry i ncome (l os s )Extra ordi na ry l os s :Los s on ca ncel l a ti on of l ea s e contra cts
Impa i rment l os s
Tota l extra ordi na ry l os s
Income (l os s ) before i ncome ta xes a nd mi nori ty i nteres ts
Income ta xes -current
Income ta xes -deferred
Tota l i ncome ta xes
Income before mi nori ty i nteres ts
Mi nori ty i nteres ts i n i ncome
Net i ncome (l os s )from April 1 to March 31
FY2013
FY2014
84,221
95,62962,80076,721
21,421
18,907
947
1,967
497
6,969
146
1
837
914
194
4,435
16,912
4,508

533
1,353
618
10,341
200
1,259
1,296
252
6,194
22,049(3,142)

13
7
74
30
82
208

54
8
68
55
92
278

188
2
104
111
406
4,309

225
2
272
74
575
(3,439)

4,309
1,891
(546)
1,344
2,965
0
2,964

－
271
271
3,710
399
857
1,256
(4,967)(0)(4,966)

14(Comprehensive Income)(Millions of Yen)
from April 1 to March 31
FY2013
Income before mi nori ty i nteres ts

FY20142,965(4,967)

13

80

12

139

Other comprehens i ve i ncome
Sha re of other comprehens i ve i ncome of a s s oci a tes
a ccounted for us i ng equi ty method
Forei gn currency tra ns l a ti on a djus tment
Reti rement benefi t a djus tment
Tota l other comprehens i ve i ncome
Comprehens i ve i ncome

-

3

25

223

2,991

(4,743)

2,990(4,743)0(0)Comprehens i ve i ncome a ttri buta bl e toComprehens i ve i ncome a ttri buta bl e to pa rent compa ny
Comprehens i ve i ncome a ttri buta bl e to mi nori ty i nteres ts

15

3. Consolidated Statements of Changes in Net Assets(Millions of Yen)
from Apri l 1 to Ma rch 31
FY2013

FY2014

Shareholders' Equity
Ca pi ta l s tock:
Ba l a nce a t the end of previ ous peri od

14,041

14,041a fter cha nges i n a ccounti ng pri nci pl es

14,041

14,041

Cha nges of i tems duri ng the peri od
Tota l cha nges of i tems duri ng the peri od
Ba l a nce a t the end of current peri od―――

14,041

14,041

Ca pi ta l s urpl us :Ba l a nce a t the end of previ ous peri od―

4a fter cha nges i n a ccounti ng pri nci pl es―

4

Di s pos a l of trea s ury s tock4

Cha nges of i tems duri ng the peri od
Tota l cha nges of i tems duri ng the peri od

4―

Ba l a nce a t the end of current peri od

4

4(3,733)(3,733)

(768)
(662)

Net i ncome
Tota l cha nges of i tems duri ng the peri od

2,964
2,964

(4,966)(4,966)Ba l a nce a t the end of current peri od(768)(5,588)(1,610)(1,610)(1,581)(1,581)

(0)
29

(0)
100

Reta i ned ea rni ngs :Ba l a nce a t the end of previ ous peri od
a fter cha nges i n a ccounti ng pri nci pl es
Cha nges of i tems duri ng the peri od

Trea s ury Stock:
Ba l a nce a t the end of previ ous peri od
a fter cha nges i n a ccounti ng pri nci pl es
Cha nges of i tems duri ng the peri od
Purcha s e of trea s ury s tock
Di s pos a l of trea s ury s tockTota l cha nges of i tems duri ng the peri od

28

100

Ba l a nce a t the end of current peri od
Tota l Sha rehol ders ' Equi ty:(1,581)(1,481)Ba l a nce a t the end of previ ous peri od

8,697

11,695a fter cha nges i n a ccounti ng pri nci pl es

8,697

11,841

Cha nges of i tems duri ng the peri od
Net i ncome

2,964(4,996)

Purcha s e of trea s ury s tock
Di s pos a l of trea s ury s tockTota l cha nges of i tems duri ng the peri od
Ba l a nce a t the end of current peri od

(0)

(0)

34
2,998
11,695100(4,865)
6,976

16(Millions of Yen)
from Apri l 1 to Ma rch 31
FY2013

FY2014

Valuation and Translation Adjustments:
Va l ua ti on di fference on a va i l a bl e- for-s a l e s ecuri ti es
Ba l a nce a t the end of previ ous peri od
a fter cha nges i n a ccounti ng pronci pl es

78
78

91
91

13

80

Cha nges of i tems duri ng the peri od
Net cha nges of i tems other tha n s ha rehol ders ' equi ty
Tota l cha nges of i tems duri ng the peri od

1380

Ba l a nce a t the end of current peri od
Forei gn currency tra ns l a ti on a djus tment

91

171

Ba l a nce a t the end of previ ous peri od
a fter cha nges i n a ccounti ng pronci pl es

32
32

44
44

Cha nges of i tems duri ng the peri od
Net cha nges of i tems other tha n s ha rehol ders ' equi ty

―
12

139

12

139

Ba l a nce a t the end of current peri od
Reti rement benefi ts a djus tment

44

184

Ba l a nce a t the end of previ ous peri od
a fter cha nges i n a ccounti ng pronci pl es

―
―

(33)
(33)

(33)

3

Tota l cha nges of i tems duri ng the peri od

Cha nges of i tems duri ng the peri od
Net cha nges of i tems other tha n s ha rehol ders ' equi ty
Tota l cha nges of i tems duri ng the peri od

(33)

3

Ba l a nce a t the end of current peri od

(33)

(30)

110
110

102
102

(8)

223

(8)

223

102

325

Ba l a nce a t the end of previ ous peri od

29

29

a fter cha nges i n a ccounti ng pronci pl es
Cha nges of i tems duri ng the peri od

29

29

Net cha nges of i tems other tha n s ha rehol ders ' equi ty
Tota l cha nges of i tems duri ng the peri od

0
0

(0)
(0)

Ba l a nce a t the end of current peri od

29

29

8,837
8,837

11,827
11,973

2,964
(0)
34
(7)
2,990
11,827(4,996)(0)100
223(4,642)
7,331

Tota l Va l ua ti on a nd Tra ns l a ti on Adjus tments :Ba l a nce a t the end of previ ous peri od
a fter cha nges i n a ccounti ng pronci pl es
Cha nges of i tems duri ng the peri od
Net cha nges of i tems other tha n s ha rehol ders ' equi ty
Tota l cha nges of i tems duri ng the peri od
Ba l a nce a t the end of current peri od
Minority Interests:

Total Net Assets:
Ba l a nce a t the end of previ ous peri od
a fter cha nges i n a ccounti ng pronci pl es
Cha nges of i tems duri ng the peri od
Net i ncome
Purcha s e of trea s ury s tock
Di s pos a l of trea s ury s tock
Net cha nges of i tems other tha n owners ' equi ty
Tota l cha nges of i tems duri ng the peri od
Ba l a nce a t the end of current peri od

17

4. Consolidated Cash Flow Statement(Millions of Yen)

From April 1 to March 31
FY2013

Net Cash Provided by (Used in) Operating Activities:
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Impairment loss
Increase/ Decrease in reserve for retirement benefits
Increase/ Decrease in reserve for directors' retirement benefits
Increase/ Decrease in provision for bonuses
Increase in allowance for resource-recycling expenses
Increase/decrease in allowance for doubtful accounts
Increase/Decrease in liabilities in retirement
Interest and dividends income
Interest expenses
Increase/ Decrease in notes and accounts receivable-trade
Increase/ Decrease in inventories
Increase/ Decrease in other current assets
Decrease in notes and accounts payable-trade
Increase/ Decrease in consumption tax refund receivable
Increase/ Decrease in other current liabilities
Other
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Income taxes refund
Net cash provided by operating activities:
Net Cash Provided by (Used in) Investment 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
Proceeds from sales of investment securities
Payments for lease and guarantee deposits
Collection of lease and guarantee deposits
Other
Net cash provided by investing activities:

FY2014

4,309(3,710)

547

887

112

112

－

271

(1,419)

－

1

(10)

135

(184)

20

(1)

500

616

1,482

125

(21)

(62)

188

225

(14,848)

7,405(3,229)(4,091)

(537)

647

14,665(1,922)

469

526

2,915

(241)

348

(303)

5,639

289

20

69

(191)

(230)

(536)

(1,929)

1

6

4,933

(1,794)(2,477)(3,058)

913

3,200

(1,686)(1,254)

18

0

－
(1)

(32)
－

－

－

(83)

(111)

43
1

60
13

(3,271)(1,181)

18(Millions of Yen)
From April 1 to March 31
FY2013
FY2014

Net Cash Provided by (Used in) Financing Activities:
Increa s e (decrea s e) i n s hort-term l oa ns pa ya bl e
Proceeds from l ong-term l oa ns pa ya bl e
Repa yment of l ong-term l oa ns pa ya bl e
Redemption of bonds
Repa yments of fi na nce l ea s e obl i ga tions
Other
Net ca s h provi ded by fi na nci ng a ctivi ties :Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of peiod
Cash and cash equivalents at the end of period

1,662
1,870
(894)
(20)
(186)
2
2,433
2
4,097
3,547
7,645

1,360
485
(1,026)
(20)
(221)
68
647
13
2,315
9,204
5,329

5. Note regarding assumption of a going concern
There is no events or situations that arouse serious doubt regarding the assumption of a going concern.

19

6. Segment Information
Segment Information by Type of BusinessPrior consolidated fiscal year (From April 1, 2013 to March 31, 2014)(Millions of Yen)
Segments

SE

HS

ES

ERD

Total

Elimination

Consolidated

or Group
Sales:
Sales to customers . . . . . . . . . . . . . . . . . . . . 56,637

9,534

1,999

16,051

84,221－

84,221

Internal sales among segments
and transfer accounts. . . . . . . . . . . . . . . . . . . . . . .－
...

－

－

－

－

－

－

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .56,637. . . . . . . . . . . .9,534
.

1,999

16,051

84,221－

84,221

Operating income(loss) . . . . . . . . . . . . . . . . .4,782
....

1,021

(62)

1,364

7,106

(2,598)

4,508

Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28,823. . . . . . . . . . . .1,377
....

1,482

11,96943,653

11,66355,316

Depreciation expenses . . . . . . . . . . . . . . . . . . . . .89. . . . . . . . . . .37. . . . . . . . . . . .8.

251

387

159

547

Amortization of goodw ill . . . . . . . . . . . . . . . . . . . . .－. . . . . . . . . . .－. . . . . . . . . . .－
..

112

112

－

112

Capital expenditures. . . . . . . . . . . . . . . . . . . . . . 680. . . . . . . . . . . 181. . . . . . . . . . . . 21

972

1,856

158

2,014

Others:Consolidated fiscal year (From April 1, 2014 to March 31, 2015)(Millions of Yen)
Segments

SE

HS

ES

ERD

Total

Elimination Consolidated
or Group

Sales:
Sales to customers . . . . . . . . . . . . . . . . . . . . 72,247

7,605

1,040

14,735

95,629－95,629Internal sales among segments
and transfer accounts. . . . . . . . . . . . . . . . . . . . . . .－
...

－

－

－

－

－

－

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72,247. . . . . . . . . . . .7,605
.

1,040

14,735

95,629－95,629Operating income(loss) . . . . . . . . . . . . . . . . (2,291)
.....

1,634

(48)

970

264

(3,406)(3,412)

Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26,901. . . . . . . . . . . . . 974
...

716

12,18040,772

8,347

49,120Depreciation expenses . . . . . . . . . . . . . . . . . . . .290
. . . . . . . . . . . .19. . . . . . . . . . . .9.

489

808

78

887

Amortization of goodw ill . . . . . . . . . . . . . . . . . . . . .－. . . . . . . . . . .－. . . . . . . . . . .－
..

112

112

－

112

Capital expenditures. . . . . . . . . . . . . . . . . . . . .1,139. . . . . . . . . . . . . 34........... 5

656

1,836

351

2,188

Others:20

Supplemental information
Net Sales by Division(Millions of Yen)
from April 1 to March 31
FY2013

Changes

FY2014

Commercial PV system

47,396

67,697

20,300wholesale of PV components

9,172

4,451

(4,720)

68

98

30

Solar Engineering Total:

56,637

72,247

15,610Termite Eradication Service

3,264

2,783

(481)

Under-Roof/Floor Ventilation System

1,641

1,078

(562)

930

549

(381)

Other

3,696

3,193

(503)

Home Sanitation Division Total:

9,534

7,605

(1,929)Anti-rust equipment installation

476

104

(347)

Repair of building water-works
Waterproofing of building

807
195

459
85

Other

519

390

(109)
(128)
(958)

Establishment Sanitation Division Total:

1,999

1,040

(1,568)

Plastic fuel

9,103

7,534

(1,568)Industrial waste (Organic Waste Water Recycle)

3,416

3,795

379

Generation of electricity

1,847

1,635

(211)

Final disposal
Other

628
1,056

619
1,150

(9)
94

Environmental Resources Development Division Total:

16,051

14,735(1,315)

Total Net Sales:

84,221

95,62911,407othersFoundation Repairing/Home Reinforcement System