Kyoritsu Maintenance Co., Ltd.
(Securities Code:9616)

First Quarter Fiscal Year March 2009
Consolidated Earnings Results Update

August 20081

Kyoritsu Maintenance Consolidated Financial Data at a Glance
Consolidated Sales and YY Change
90,00035%

80,00030%

70,00025%
60,00050,00020%

40,00015%

30,00010%
20,0005%

10,0000%0
mn yen

3/99

3/00

3/01

3/02

3/03

3/04

3/05

3/06

3/07

3/08

3/09e

Consolidated Operating Income and YY Change
6,000

50%
40%

5,000

30%
4,000

20%

3,000

10%
0%

2,000

-10%
1,000

-20%

0
mn yen

-30%
3/98

3/99

3/00

3/01

3/02

3/03

3/04

3/05

3/06

3/07

3/08 3/09e

Consolidated Net Income and YY Change
3,000

70%
60%

2,500
50%
2,000

40%
30%

1,500
20%
1,000

10%
0%

500
-10%
0
mn yen

-20%
3/99

3/00

3/01

3/02

3/03

3/04

2

3/05

3/06

3/07

3/08

3/09e

120,000
100,000
80,00060,00040,00020,0000
3/ 98 3/ 99 3/ 00 3/ 01 3/ 02 3/ 03 3/ 04 3/ 05 3/ 06 3/ 07 3/ 08
total assets

net assets (shareholders' equity)

14%
12%
10%
8%
6%
4%
2%
0%
3/ 98

3/ 99

3/ 00

3/ 01

3/ 02

3/ 03

ROE

3/ 04
ROA

3

3/ 05

3/ 06

3/ 07

3/ 08

1st Quarter FY3/ 09
2,460, 10%

1,307, 5%

1,186, 5%
Dormitories
10,767, 45%
2,793, 12%

HotelsContracted Services
Food Service

5,580, 23%

Construction
Other

1,172, 6%

1st Quarter FY3/ 08

457, 2%
1,306, 6%
Dormitories
2,697, 13%
10,257, 51%

HotelsContracted Services
Food Service

4,351, 22%Construction
Other

4

Consolidated Income Statement
net sales
gross income
operating income
ordinary income
net income
Consolidated Balance Sheetcurrent assets
fixed assets
total assets
current liabilities
fixed liabilities
total liabilities
net assets (shareholders' equity)

3/99 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09e * 1Q3/08 1Q3/09
32,458 36,788 37,884 50,065 50,109 54,081 58,014 63,085 66,287 75,606 85,100 * 18,047 20,994
6,578 7,173 7,834 10,221 10,785 10,541 10,894 11,783 12,242 14,183 na * 3,982 4,318
2,465 2,369 2,828 3,908 4,149 4,004 4,407 4,611 3,745 4,492 5,260 * 1,570 1,688
2,203 2,281 2,643 3,580 3,885 4,060 4,411 4,824 3,787 4,167 4,600 * 1,430 1,508
850 907 1,147 1,822 2,039 2,138 2,343 2,011 2,413 2,740 2,790 * 850 705

15,336 19,900 23,793 18,100 22,138 22,122 23,254 23,350 24,901 19,967
25,695 29,867 40,478 47,768 49,497 55,715 62,336 74,681 85,562 95,728
41,144 49,880 64,327 65,867 71,647 77,865 85,620 98,047 110,507 115,738
20,921 19,731 28,513 27,031 31,610 29,374 31,585 44,039 37,342 44,119
10,946 16,977 22,064 23,761 23,146 29,433 33,077 28,316 46,068 44,079

na * 19,967 20,369
na * 95,728 98,113
na * 115,738 118,521
na * 44,119 51,347
na * 44,079 39,093

yy change
net sales
gross income
operating income
ordinary income
net income

3.6% 13.3% 3.0% 32.2% 0.1% 7.9% 7.3% 8.7% 5.1% 14.1% 12.6% *
6.3% 9.0% 9.2% 30.5% 5.5% -2.3% 3.3% 8.2% 3.9% 15.9% na *25.1% -3.9% 19.4% 38.2% 6.1% -3.5% 10.1% 4.6% -18.8% 19.9% 17.1% *
18.2% 3.5% 15.9% 35.4% 8.5% 4.5% 8.6% 9.4% -21.5% 10.0% 10.4% *64.6% 6.7% 26.5% 58.8% 11.9% 4.8% 9.6% -14.2% 20.0% 13.6% 1.8% *margins
gross margins
operating margins
ordinary margins
net margins

20.3% 19.5% 20.7% 20.4% 21.5% 19.5% 18.8% 18.7% 18.5% 18.8% na * 22.1% 20.6%
7.6% 6.4% 7.5% 7.8% 8.3% 7.4% 7.6% 7.3% 5.6% 5.9% 6.2% * 8.7% 8.0%
6.8% 6.2% 7.0% 7.2% 7.8% 7.5% 7.6% 7.6% 5.7% 5.5% 5.4% * 7.9% 7.2%
2.6% 2.5% 3.0% 3.6% 4.1% 4.0% 4.0% 3.2% 3.6% 3.6% 3.3% * 4.7% 3.4%other benchmarks
ROE
ROA
equity ratio
Units: million yen

9.2% 6.9% 8.3% 12.1% 12.1% 11.3% 11.3% 7.9% 8.9% 9.9%
2.1% 1.8% 1.8% 2.8% 2.8% 2.7% 2.7% 2.1% 2.2% 2.4%
22.6% 26.4% 21.4% 22.9% 23.5% 24.3% 24.3% 26.0% 24.5% 23.8%

5

na 16.3%
na 8.4%na 7.5%na 5.5%na -17.1%

na * 3.1% 2.5%
na * 0.7% 0.6%
na * 23.8% 23.7%

First Quarter of Fiscal Year March 2009 Consolidated Earnings Announcement
August 8, 2008
Tokyo Stock Exchange

Company Name: Kyoritsu Maintenance Co., Ltd.
Stock Code:9616
URL: http://www.kyoritsugroup.co.jp/
Director:
Mitsutaka Sato, President
Contact:
Takumi Ueda, Vice President
Tel: +81-3-5295-7778
Earnings Announcement Filing Date (anticipated):
August 14, 2008

1. First Quarter of Fiscal Year March 2009 Consolidated Earnings (From April 1, 2008 to June 30, 2008)(1) Consolidated Earnings
Net Sales
1Q FY3/09
1Q FY3/08

Operating Income％yy－Million yen

20,99418,047

1,688
1,570

15.4

EPS
1Q FY3/09
1Q FY3/08

Ordinary Income％yy－Million yen

Million yen

1,508
1,430

-15.8

Net Income

％yy
－

％yy
－

Million yen

705
850

-22.1

-13.4

Fully Diluted EPS
Yen

Yen

49.07
57.14

39.16
45.92

(2) Consolidated Financial Position
Total Assets

Net Assets

Net Asset Ratio

Book Value per Share

Million yen

Million yen％

Yen

118,521
115,738

28,081
27,53823.4
23.6

1,933.58
1,897.73

1Q FY3/09
FY3/08(Reference) Capital: 27,780 million yen in 1Q FY3/09, 27,266 million yen in FY3/08

2. Dividend Conditions
Registry Date

End 1QEnd Interim
Yen

FY3/08
FY3/09
FY3/09 (Projected)

Dividend Per ShareEnd 3QEnd Fiscal Year

－
－

Yen
18.00
―――

―――

19.00

Yen

Total

Yen
20.00

－
―――

Yen
38.00

―――

－

―――

19.00

38.00

(Note) Revisions to our dividend projections during the quarter: None
3. Fiscal Year March 2009 Earnings Projection (April 1, 2008 to March 31, 2009)
Net Sales
Million Yen

InterimFull Year

42,90085,100Operating
Income%yy－

12.6

Million Yen

Ordinary Income
%yy
－

3,310
5,260

17.1

(Note) Revisions to our earnings projections during the quarter:

Million Yen

2,870
4,600

%yy
－

10.4

Net Income
Million Yen

1,575
2,790

EPS
%yy
－

1.8

Yen

109.62
194.19None

4. Others(1)(2)

Important changes in our subsidiaries, including changes to the scope of our consolidation: None
Application of simple accounting procedures and other special accounting procedures in the creation of ourquarterly consolidated financial statements:
Yes(3) Changes in the accounting methods, procedures, display methods used in the creation of our consolidated financial
statements during the most recent quarter:① Changes accompanying revisions in accounting standards: Yes② Other changes: None
(4) Shares issued (Common stock)① Shares issued as of term end (including treasury stock): 15,125,582 shares at end 1Q FY3/09, 15,125,582

6

②
③

shares at end FY3/08
Treasury stock as of term end: 758,053 shares at end 1Q FY3/09, 757,865 shares at end FY3/08
Average shares issued during term: 14,367,636 shares at end 1Q FY3/09, 14,892,193 at end FY3/08

 Notes and explanations regarding the appropriate uses of our earnings projections
1) All projections provided within this document are based on the most accurate information available at the time ofthis writing. However our actual results may differ from our projections due to various unforeseen reasons.
2) From the current fiscal year we have applied the “accounting standards for quarterly financial statements”(Corporate Accounting Standard Number 12) and “application policies for the accounting standards relating toquarterly financial statements” (Corporate Accounting Standard Application Policy Number 14). Furthermore wehave created our quarterly consolidated financial statements in accordance with the “quarterly consolidated financial
statements regulations.”

7

Information Regarding Our Financial Statements
1. Information Regarding Our Consolidated Business Performance
During the first quarter of the current fiscal year the Japanese economy encountered difficulties stemming fromdeclining corporate profits and restrained capital investments on the back of continued high crude oil and other raw
material prices,and stagnant consumer demand due to the rise in food prices. Consequently we noted increasing

signs of a slowing in the economy.

Because of the seasonality of contracts in our main dormitory business where a large portion of contracts are signed
during April, our Group tends to see a concentration of sales during the first quarter of each fiscal year.

Furthermore

despite the fact that demand in our hotel (resort hotel) business tends to remain low in the first quarter (April to June)ahead of the peak summer vacation season, we saw brisk performance in each of our other businesses andconsequently sales rose by 2,947 million yen or 16.3% year-over-year to 20,994 million yen.

At the same time ouroperating and ordinary incomes grew by 7.5% year-over-year to 1,688 million yen and 5.5% year-over-year 1,508
million yen respectively despite preparatory costs associated with the opening of four new hotels.

At the same time

during the first quarter our net profits declined by 17.1% year-over-year to 705 million yen due to a year-over-yearincrease in taxes along with the implementation of “special accounting procedures used in the creation of consolidated
quarterly financial statements.”

Our business performance in each of our business segments is provided below.

(Dormitory Business)
In our dormitory business, we saw increased demand from students due to our efforts to cultivate relations with various
schools and from employees on the back of active hiring of younger works by Japanese corporations. This strong
demand enabled us to open 19 new dormitories during the first quarter, and we saw a 1,537 rise in the number ofresidents from the first quarter of the previous year to 27,860 residents contracted at the end of June. Consequently
we were able to record 5.0% and 2.2% year-over-year increases in both sales and operating income to 10,767 and
2,277 million yen respectively.

(Hotel Business)
In our hotel business, the nine hotels opened in the previous fiscal year combined with the three new Dormy Inn(business hotels) and one resort hotel opened during the current quarter to boost sales. With regards to profitability,
we saw steady improvements in each of our facilities but the preparatory costs associated with the opening of four new
hotels during the first quarter led us to see sales growth of 28.2% year-over-year to 5,580 million yen and an operating
loss of 429 million yen.

(Contracted Services Business)
Due to our successful efforts to promote synergies from our office and residential building management services we
saw growth in both sales and operating income of 3.6% and 14.2% year-over-year to 2,793 and 103 million yen
respectively.

8

(Food Service Business)
We saw continued difficult operating environment in our food service business.

However our persistent efforts tocontrol and reduce our variable costs and to restructure our earnings model allowed us to see a 9.2% year-over-yearincrease in sales to 1,186 million yen and an operating profit of 15 million yen, compared with operating losses seen in
the first quarter of the previous fiscal year.

(Construction Business)
The operating environment in our construction business worsened rapidly during the quarter under review due to thecontinued high prices of crude oil and other raw materials.

However we maintained our focus upon developing

dormitories and hotels and we saw a 437.2% year-over-year increase in sales to 2,460 million yen while we recorded a
39 million yen operating loss.

(Other Business)
Our other business is comprised of the wellness life (management of senior citizen housing), life service (catalog andrental sales), advertising agency, rental property brokerage, comprehensive human resources, and financing services.
In this segment we recorded sales and operating income growth of 11.6% and 78.3% year-over-year to 1,307 and 103
million yen respectively.

92. Information Regarding Our Consolidated Financial Position
As of the end of the first quarter of the current fiscal year, our total consolidated assets rose by 2,783 million yen fromthe end of the previous fiscal year to 118,521 million yen. The main factors behind this increase were increases ininvestments in new facilities and tangible fixed assets.
Total liabilities at the end of the first quarter rose by 2,240 million yen from the end of the previous fiscal year to90,440 million yen. The main reason for this increase was a rise in fixed liabilities.
Our net assets increased by 542 million yen from the end of the previous fiscal year to 28,081 million yen at the end of
the first quarter under review.

We attribute this increase to a rise in retained earnings.

Consequently our equity ratio declined by 0.2% points to 23.4%.
(Cash Flow Conditions)
During the first quarter under review our cash and equivalents rose by 1,335 million yen from the end of the previous
fiscal year to 9,397 million yen.
In our operating activities we saw an increase in our net outflow to 2,084 million yen during the quarter under review,
a 1,206 million yen decline from the net outflow seen during the first quarter of the previous fiscal year. The main
factor behind this outflow was a decline in prepayments from contracts in our dormitory business during the firstquarter.
In our investing activities we saw a net outflow of 3,178 million yen, down by 1,739 million yen from the net outflow
recorded during the first quarter of the last fiscal year.

The main reason for this outflow was a rise in tangible fixed

assets due to acquisitions in our dormitory and hotel businesses.
In our financing activities we saw an increase in our net inflow to 6,599 million yen, a 75 million yen decline from thenet inflow recorded during the first quarter of the previous fiscal year. We attribute this inflow to increases in debt
needed for capital investments associated with the expansion in our business.

3. Information Regarding Our Consolidated Earnings Projections
With regards to our interim and full year earnings projections in the fiscal year to March 2009, we maintain ouroutstanding projections which were originally announced on May 16, 2008.

4. Others(1) Changes in material subsidiaries during the period (Changes in consolidation scope resulting from changes in
consolidated subsidiaries)
Not applicable.
(2)

Application of simplified accounting methodologies and/or quarterly financial reporting standards in the

preparation of quarterly financial statements:(1) Simplified Accounting Methodologies
101) Calculation of Provision for Doubtful Accounts
The prior fiscal year end effective loss reserve ratio was utilized at the current quarter end as it wasdetermined there were no significant changes in the loss reserve ratio.
2) Inventories valuation methodology
A partial physical inventory, comprised of material items and sampling, was utilized for the valuation of
inventories at the current quarter end. A complete physical inventory was taken at the end of the priorfiscal year.
We have provided reserves for inventories where we have clear evidence that carrying value exceeds
estimated net realizable value.
3) Depreciation methodology for fixed assets
For Fixed Assets where depreciation is calculated by accelerated methods, the annual expense is
proportionately allocated to the quarter.
4) Deferred tax asset and liability calculation
Deferred tax asset recoverability assessment in the current quarter is based on the prior fiscal year’s businessoutlook, tax planning strategies and other factors if it is determined there has been no significant changes tothe overall business environment since the end of the prior fiscal year.
(2) Quarterly financial reporting standards in the preparation of quarterly financial statements
Provision for taxes
The provision for taxes is based upon applying the estimated effective tax rate for the current fiscal year,
including the current quarter, to income before income taxes. Adjustments to income taxes are included in
the provision for taxes.
(3) Changes in the preparation of quarterly financial statements
1) Commencing at the beginning of the current fiscal year, our financial statements have been prepared inaccordance with Accounting Standards Board of Japan (ASBJ) Statement No. 12, “Accounting Standard for
Quarterly Financial Reporting,” and its implementation guidance – ASJB Guidance No. 14, “Guidance on
Accounting Standard for Quarterly Financial Reporting
2) Material changes in Asset Valuation Standards and Methodologies
Inventories
We adopted ASBJ Statement No. 9, “Accounting Standard for Measurement of Inventories,” issued on July 5,
2006, at the beginning of the current fiscal year which requires inventory to be valued at the lower of cost or
market.

Previously, inventories were valued at cost.

The impact of this change was to reduce income before

income taxes by 24 million yen. The adoption of this change did not have an impact on segment reporting.

11

(4) Additional Information
At the end of the first quarter, we have identified construction-in-progress where it is likely that we will incur aloss. Thus, we have recorded a loss reserve of 28 million yen.
As a result, our cost of goods sold increased by 28 million yen, while our operating income, ordinary income,and income before income taxes declined by 28 million yen.
Impact on segment information is recorded in the applicable section immediately below:
Commencing at the beginning of the current fiscal year, our financial statements have been prepared inaccordance with Accounting Standards Board of Japan (ASBJ) Statement No. 12, “Accounting Standard for
Quarterly Financial Reporting,” and its Implementation Guidance - ASBJ Guidance No. 14, “Guidance on
Accounting Standard for Quarterly Financial Reporting.”

12

5.

Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheet(Units:End 1Q FY3/09(June 30, 2008)

Million Yen)

End FY3/08(March 31, 2008)

AssetsCurrent assets
Cash and deposits

10,5309,193

Notes, accounts receivable

2,422

2,973

Real estate for sale inventories

1,646

1,768

Uncompleted construction payment

1,231

978

Other

4,577

5,100

Doubtful account reserves

- 38

- 46

20,36919,967

Buildings, structures

29,051

25,218Land

23,34522,563

Others15,95919,030Total tangible fixed assets

68,357

66,812Others

2,994

2,910

Total intangible fixed assets

2,994

2,910

Investment securities

7,142

6,879

Guaranteed deposits

7,176

6,974

Security deposits

6,556

6,453

Others

6,000

5,808

Doubtful accounts reserves

- 115

- 110

Total investments, other assets

26,761

26,005

98,113

95,72839

41

118,521

115,738

Total current assets
Fixed assets
Tangible fixed assets

Intangible fixed assets

Investment, other assets

Total fixed assets
Deferred assets
Total assets

13

(Units:
End 1Q FY3/09(June 30, 2008)

Million Yen)

End FY3/08(March 31, 2008)

Liabilities
Current liabilities
Notes, accounts payable

2,086

3,093

Short term debt

32,322

20,235

Unpaid taxes

752

1,035

9,097

11,972

Bonus reserves

349

1,072

Director bonus reserves

38

167

Completed construction guarantee reserves

27

24

Construction loss reserves

28－

Others

6,645

6,517

Total current liabilities

51,347

44,119Bonds

14,581

14,731Long term debt

16,062

20,773Retirement benefit reserves

1,095

1,058

Director retirement reserves

384

403

Others

6,968

7,113

Total fixed liabilities

39,09344,07990,44088,199

Capital

5,136

5,136

Capital reserves

5,943

5,943

Retained earnings

18,84018,422

Treasury stock- 1,467- 1,466

Total shareholders’ equity

28,45328,036

Other marketable security valuation gains

- 672

- 770

Total valuation, translation gains

- 672

- 770

Minority holdings

300

272

Total net assets

28,081

27,538

Total liabilities, net assets

118,521

115,738

Deposits

Fixed liabilities

Total liabilities
Net assets
Shareholders’ equity

Valuation, translation gains

14

(2) Quarterly Consolidated Income Statement(First Quarter Consolidated Income Statement)(Units:Million Yen)

1Q FY3/09(From April 1, 2008 to June30, 2008)
Net sales

20,994CGS

16,675Gross income

4,318

SG&A

2,629

Operating income

1,688

Non-operating income
Interest income

24

Dividend income

19

Deposit redemption income

22

Others45

Total non-operating income

112

Non-operating expense
Interest payment

210

Other

82

Total non-operating expense

292

Ordinary income

1,508

Extraordinary income
Extraordinary income adjustment from previous term

7

Other

1

Total extraordinary income

9

Extraordinary loss
Marketable securities valuation loss

7

Inventories valuation loss

24

Total extraordinary loss

32

Net income before taxes

1,486

Corporate and other taxes

737

Minority shareholding profit

44

Net income

705

15

(3) Quarterly Consolidated Cash Flow Statement(Units:Million Yen)

1Q FY3/09(From April 1, 2008 to June30, 2008)
Cash flows from operating activities
Net income before taxes other adjustments

1,486

Depreciation, amortization

855

Change in bonus reserves- 723

Change in director bonus reserves- 129Interest, dividends received- 44Interest payment

210

Change in receivables

551

Change in accounts due

540

Change in accounts payable- 1,222

Change in unpaid accounts

1,525

Change in prepayments received- 2,882

Change in deposits

- 895

Other

- 139

Subtotal- 867

Interest, dividends received

49
- 205

Interest payments
Corporate, tax returns

5

Corporate tax- 1,065

Cash flows from operating activities- 2,084

Cash flows from investing activities
Acquisition of marketable securities- 203

Acquisition of tangible fixed assets- 2,545

Deposits paid

- 268

Others- 161- 3,178

Cash flows from investing activities
Cash flows from financing activities
Increase in short term debt

8,833

Repayment of long term debt

- 1,456

Payment for bond redeemed- 460

Dividend payment- 303

Dividend payment to minority shareholders- 16
2

Others16Cash flows from financing activities

6,599

Translation gains for cash and equivalents－

Net change in cash and equivalents

1,335

Cash and equivalents at term start

8,061

Cash and equivalents at term end

9,397

17

(4) Comments concerning assumptions regarding going concern
Not applicable(5) Segment Informationa. Information Regarding Our Various Business Segments
First Quarter of Fiscal Year March 2009 (From April 1, 2008 to June 30, 2008)(Units:Contracted
Dormitories

HotelsMillion yen)Company
Food Service Construction Other

Total

Services

Consolidated
Wide

Sales
(1) External sales

10,741

5,532

1,977

640

1,175

927

20,994－20,994(2) Internal sales

25

48

816

545

1,285

380

3,101

(3,101)－

Total

10,767

5,580

2,793

1,186

2,460 1,307

24,095(3,101)

20,994

Operating income

2,277

- 429

103

15

- 39

2,031

(342)

1,688

103

(Note) Additional information
As noted in our the “4. Others” section of “Information Regarding Our Financial Statements”, because we identified
some construction orders upon which we could possibly incur a loss, we have revalued these orders and raised ourconstruction loss reserves by 28 million yen.

Consequently our operating income declined by 28 million yen due tothis booking of construction order loss reserve.

b. Regional Sales Information
During the first quarter of the current fiscal year (From April 1, 2008 to June 30, 2008) we did not have any overseas
subsidiaries or offices and therefore we do not report any regional sales information.

c. Overseas Sales
During the first quarter of the current fiscal year (From April 1, 2008 to June 30, 2008) we did not have any overseas
sales.

(6) Significant Changes in Our Shareholders Equity
We do not note any significant changes.

18

(Reference Information)
Financial Information from the First Quarter of the Previous Fiscal Year
(1) First Quarter Consolidated Income Statement Summary

Items

First Quarter FY3/08
From April 1, 2007
to June 30, 2007
Million Yen

INet sales

18,047

II

CGS

14,064Gross income

3,982

III SG&A
Operating income

2,412
1,570

IV Non-operating income
Interest received

15

Dividend received

33

Others76

Total non-operating income

125

V Non-operating expense
Interest payment

177

Other

87

Total non-operating expense

265

Ordinary income

1,430

VI

Extraordinary income

54

VII

Extraordinary expense―

Net income before taxes

1,484

Corporate, resident, other taxes

636

Minority shareholding loss

-2

Net income

850

19

(2) First Quarter Consolidated Cash Flow Statement SummaryFirst Quarter FY3/08
From April 1, 2007
to June 30, 2007
Items

Million Yen

I Cash flow from operating activities
Net income before taxes and other adjustments

1,484

Depreciation, amortization

641

Change in bonus reserves

476

Change in director bonus reserves

27Interest, dividends received- 49Interest payment

177

Change in receivables

554

Change in accounts due

503

Change in accounts payable- 1,179

Change in prepayment received- 2,338

Change in deposits

- 729

Other

- 500

Subtotal- 930

Interest, dividends received

121Interest payment- 182

Corporate tax payment- 2,299

Cash flows from operating activities- 3,291

II Cash flows from investing activities
Acquisition of marketable securities- 1,051

Acquisition of tangible fixed assets- 3,379

Other

- 486

Cash flows from investing activities- 4,917

III Cash flows from financing activities
Change in short term debt

8,060

Repayment of long term debt

- 1,421

Payment for bond redemption- 460

Dividend payment- 247

Dividend payment to minority shareholder- 14

Others758

Cash flows from financing activities

6,674

IV Translation gains from cash and equivalents―

V Net change in cash and equivalents- 1,534

VI Cash and equivalents at term start

13,721

VII Cash and equivalents at term end

12,18620

(3) Segment Informationa. Information Regarding Our Business Segments
First Quarter of the Previous Fiscal Year (April 1, 2007 to June 30, 2007)
Contracted

Food

Dormitories Hotels

Company
Construction Other

Services

Services

Total

Consolidated
Wide

Sales
(1) External sales

10,216

4,338

1,924

666

111

788

18,047－18,047(2) Internal sales

40

13

772

639

346

383

2,196

(2,196)－

10,257

4,351

2,697

1,306

457 1,172

20,243(2,196)

18,047

2,228

- 355

90

- 23

- 49

1,948

(378)

1,570

Total
Operating income

2158