Brief Financial Report for the Fiscal Year Ended March 31, 2008
May 15, 2008
Listed company name: OKUMURA CORPORATION
Stock exchange listings: Tokyo and Osaka
Code number: 1833
URL: http://www.okumuragumi.co.jp/
Representative: President and representative director: Takanori Okumura
Contact: Administration division, Finance and accounting department, General manager: Atsushi Tanaka TEL: (06) 6621-1101
Scheduled date for the ordinary general meeting of shareholders: June 27, 2008
Scheduled date for start of distribution dividends: June 30, 2008
Scheduled date for filing of Securities report (Yuka shoken hokokusho): June 30, 2008
(Amounts less than one million yen have been omitted)
1. Consolidated financial results for the fiscal year ended March 31, 2008 (April 1, 2007 to March 31, 2008)(1) Consolidated operating results(% indicates changes from the previous fiscal year)
Net sales
Operating income (loss) Ordinary income (loss)
Net income (loss)
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
FY2008254,08911.6(14,617)―(13,134)―(32,475)―
FY2007

FY2008FY2007

227,769(15.6)Net income (loss)
per shareYen(162.32)
20.51

1,415

(63.6)Net income pershare (diluted)
Yen
―
―

2,710

(50.8)

4,123

Ordinary income(loss) to total assets
％
％
(3.5)
0.6

Return on equity(20.9)
2.3(0.9)

Operating income(loss) to net sale
％
(5.8)
0.6

(2) Consolidated financial position
Total assets

Net assets

Millions of yen
332,711415,647

Millions of yen
128,819
182,90338.7
43.6(3) Consolidated cash flows
Cash flows fromoperating activities
Millions of yen
FY2008(26,090)
FY2007(6,999)Cash flows frominvesting activities
Millions of yen
13,367
4,270

Cash flows fromfinancing activities
Millions of yen(5,383)(3,698)FY2008FY2007

Shareholders’ equity ratio

Net assets per share%

Yen
644.04905.75

Cash and cash equivalents
at end of year
Millions of yen
21,44539,637

2. Dividends
Cash dividends per share(Record date)Year-end

Total for the year

FY2007
FY2008FY2009 (Forecast)

Yen
20.00
9.00
9.00

20.00
9.00
9.00

Yen

Total cash dividends
for the year
Millions of yen
4,003
1,800
―

Dividend
payout ratio(Consolidated)
%
97.5
―
211.8

Ratio of dividends
to net assets(Consolidated)
%
2.2
1.2
―

Note: The year-end dividends for FY2007 consist of ordinary dividends of 10.00 yen and the 100th anniversary commemorative
dividends of 10.00 yen.
3. Forecast of consolidated operating results for FY2009 (April 1, 2008 to March 31, 2009)(% indicates changes from the corresponding period of the previous fiscal year)
Net income (loss)
Operating income
Ordinary income
Net income (loss)
Net sales
per share(loss)(loss)
Millions of yen

Year to the datethrough the 2nd
quarter
Full year%

Millions of yen%

87,070(3.1)(1,770)―242,860

(4.4)

590

―

Millions of yen－1－%

Millions of yen

%

Yen

(710)

―

(5,020)―(25.10)

2,130

―

850

―

4.25

4. Other(1) Changes in significant subsidiaries for FY2008 (Changes in scope of consolidation): Not applicable(2) Changes in accounting principles, procedures, presentation method, etc. for the consolidated financial statements (Items
indicated in “Changes in the basis of presenting consolidated financial statements”)
1) Changes due to the revision of the accounting standards: Applicable
2) Changes other than 1): Not applicable(3) Number of shares of common stock issued and outstanding
1) Number of shares issued at end of year (including treasury stock):
FY2008: 228,326,133 shares
FY2007: 228,326,133 shares
2) Number of treasury stock at end of year:
FY2008: 28,308,113 shares
FY2007: 28,165,388 shares(Reference) Summary of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2008 (April 1, 2007 to March 31, 2008)(1) Non-consolidated operating results(% indicates changes from the previous fiscal year)
Net sales
FY2008FY2007

Millions of yen%
249,84410.9
225,217(15.6)

Operating income (loss)

Ordinary income (loss)

Millions of yen(14,630)
1,534

Millions of yen(13,017)
2,844

Net income (loss) per share%―(48.9)

Millions of yen(32,514)
4,114

%
―
0.1

Net income per share(diluted)Yen
FY2008FY2007%―(61.2)Net income (loss)

Yen(162.52)
20.47

―
―

(2) Non-consolidated financial position

FY2008FY2007

Total assets

Net assets

Millions of yen
328,082
412,258

Millions of yen
127,006
179,493

Shareholders’ equity ratio

Net assets per share%Yen
634.97896.7538.7
43.5

2. Forecast of non-consolidated operating results for FY2009 (April 1, 2008 to March 31, 2009)(% indicates changes from the corresponding period of the previous fiscal year)
Net income (loss)
Operating income
Ordinary income
Net income (loss)
Net sales
per share(loss)(loss)
Millions of yen

Year to the datethrough the 2nd
quarter
Full year% Millions of yen% Millions of yen% Millions of yen%

Yen

83,900(4.4)(1,800)

―

(800)

―

(5,085)―(25.42)

238,500

(4.5)

400

―

1,800

―

550

―

2.75

*Note to appropriate use of forecasts(Cautionary note concerning forward-looking statements)
Since the operating results forecasts and certain other statements contained in this report have been made based on information
currently available, actual results may differ from these forecasts due to various factors.

－2－

Consolidated Financial Statements
Consolidated Balance Sheets
FY2007
As of March 31, 2007
Item

Millions of yen

Composition
ratio (%)

FY2008
As of March 31, 2008
Millions of yen

Composition
ratio (%)

ChangeIncrease (Decrease)
Millions of yen

AssetsCurrent assets:
Cash and time deposits

45,523

10,668(34,854)

Trade notes and accounts receivable

70,63085,99815,367

Short-term investments

6,211

14,803

8,592

120,495

102,591(17,904)

Other inventories

9,046

13,781

4,735

Deferred income taxes

11,309―(11,309)

Other accounts receivable

26,246―(26,246)

Others

3,141

17,05813,917

Less: Allowance for doubtful accounts(3,844)(4,633)(789)

Total current assets

288,760

Accumulated costs of uncompleted
contracts

69.5

240,268

72.2(48,491)

Fixed assets:
Property and equipment:
Buildings

4,168

5,866

1,697

882

795

(87)

16,416

16,228

(188)

829

328

(501)

22,297

23,217

920

1,038

853

(184)

Investments in securities

96,944

63,325(33,619)

Long-term receivables

2,755

2,563

(191)

Others

3,890

2,643

(1,246)

(38)

(161)

(122)

Total investments and other assets

103,551

68,371(35,180)

Total fixed assets

126,886

30.5

92,442

27.8(34,444)415,647100

332,711

100(82,935)

Machinery and equipment
Land
Construction in progress
Total property and equipment
Intangible fixed assets
Investments and other assets:

Less: Allowance for doubtful accounts

Total assets－3－

FY2007
As of March 31, 2007
Item

Millions of yen

Composition
ratio (%)

FY2008
As of March 31, 2008
Millions of yen

Composition
ratio (%)

ChangeIncrease (Decrease)
Millions of yen

Liabilities
Current liabilities:
Trade notes and accounts payable

93,59586,914(6,681)

Short-term loans including current portionof long-term debt

12,197

10,995(1,202)

490

147

(342)

79,136

68,171(10,964)

Allowance for repairs

133

109

(23)

Allowance for warranty work on construction
projects

454

632

178

Allowance for bonuses

―

1,055

1,055

Allowance for construction loss

2,150

6,904

4,754

Others

19,672

9,506(10,166)

Accrued income taxes
Advances received on uncompleted contracts

Total current liabilities

207,83150.0

184,438

55.4(23,392)

Long-term liabilities:
Long-term debt

494

404

(90)

Deferred income taxes

17,875

11,908(5,966)

Accrued severance indemnities

6,528

5,525

(1,003)

Negative goodwill

―

1,417

1,417

Others

14

196

182

Total long-term liabilities

24,912

6.0

19,452

5.9(5,459)Total liabilities

232,74356.0

203,891

61.3(28,852)

Common stock

19,838

4.8

19,8386.0

0Additional paid-in capital

25,328

6.1

25,329

7.6

1

Retained earnings

115,032

27.7

78,553

23.6(36,479)

Less: Treasury stock, at cost

(12,171)(3.0)(12,260)

(3.7)

(89)

Total shareholders’ equity

148,02735.6

111,460

33.5(36,567)

33,2688.0

17,3595.2(15,909)33,2688.0

17,3595.2(15,909)

1,607

0.4

―

182,903

44.0

128,81938.7(54,083)

415,647100

332,711

100(82,935)

Net assets
Shareholders’ equity:

Valuation and translation adjustments:
Net unrealized holding gains on securities
Total valuation and translation adjustments
Minority interests
Total net assets
Total liabilities and net assets－4－(1,607)

Consolidated Statements of Income

Item
Net sales:
Completed construction
OthersTotal net sales
Cost of sales:
Completed construction
OthersTotal cost of sales
Gross profit:
Completed construction
OthersTotal gross profit
Selling, general and administrative
expenses
Operating income
Operating loss
Non-operating income:Interest income
Dividends
Amortization of negative goodwill
OthersTotal non-operating income
Non-operating expenses:
Interest expenses
Foreign exchange loss
Commitment fee
OthersTotal non-operating expenses
Ordinary income
Ordinary loss
Extraordinary gains:
Prior-year adjustment
Gain on sales of property andequipment
Reversal of allowance for doubtful
accounts
Gain on sales of investments insecurities
Total extraordinary gains
Extraordinary losses:
Prior-year adjustment
Loss on sales of property andequipment
Loss on disposal of property andequipment
Devaluation of investments insecurities
Loss on deduction of carrying amounts
of property and equipment
Loss on valuation of membership
Loss on violation of the antitrust laws
Total extraordinary losses
Income before income taxes andminority interests
Loss before income taxes andminority interests
Current income taxes
Refund of income taxes for prior periods
Deferred income taxes
Minority interests in loss of
consolidated subsidiaries
Net income
Net loss

FY2007

FY2008ChangeApril 1, 2006 to March 31, 2007

April 1, 2007 to March 31, 2008

Increase (Decrease)

Millions of yen
217,663
10,106
227,769

Composition
ratio (%)

Millions of yen

100

245,659
8,430
254,08989.6

241,176
5,926
247,102

19,393
4,325
23,719Composition
ratio (%)

Millions of yen

100

27,995(1,675)26,32097.3

42,906145
43,052

10.4

4,482
2,504
6,987

2.7

(14,911)(1,820)(16,732)

22,3039.8

21,605

8.5

(698)

1,415
―

0.6

―
14,617(5.8)(1,415)
14,617

0.7

144
(21)
(13)
146
255

198,270
5,780
204,050

421
963
13
208
1,605
213
―
―
97
310
2,710
―

0.7

0.1
1.2

565
941
―
354
1,861
216
104
42
13
378
―
13,134

0.1
(5.2)

3
104
42
(83)
67
(2,710)13,134

414

470

55

1,008

809

(198)

899

―

(899)

2,925

21

(2,904)

5,248

2.3

1,301

0.5

(3,947)

60

158

98

2

9

7

44

392

348

15

1,710

1,694

―

5

5

―
714
838

0.4

29
―
2,306

29
(714)
1,468

7,121

3.1

―

―

0.9

(7,121)14,140(5.6)

14,140

1.1

212
(199)
18,427

0.1
(0.1)
7.2

(237)
(199)
15,803

76

0.0

104

0.0

27

4,123
―

1.8

―
32,475(12.8)(4,123)32,475

449
―
2,623

－5－

0.2

Consolidated Statements of Changes in Net Assets
For FY2007 (April 1, 2006 to March 31, 2007)(Millions of yen)
Shareholders’ equity

Common stock
Balance—March 31, 2006

Additional
paid-in capital

19,838Retainedearnings

25,326

Treasury stock,at cost112,973

Total shareholders’equity(10,823)

147,315

Changes during the year:
Dividends from surplus (Note)
Bonuses for directors andstatutory auditors (Note)
Net income(2,022)(2,022)

(42)

(42)

4,123

4,123

Acquisition of treasury stock
Disposal of treasury stock
Total changes during the year
Balance—March 31, 2007

(1,351)(1,351)

3

5

1
－

1

2,058

(1,347)712

19,83825,328115,032(12,171)

148,027

Valuation and translation adjustments

Balance—March 31, 2006

Net unrealized
holding gains on
securities

Total valuation andtranslation
adjustments

Minority interests

Total net assets

36,37436,374

1,724

185,414

Changes during the year:
Dividends from surplus (Note)(2,022)

Bonuses for directors andstatutory auditors (Note)(42)

Net income

4,123

Acquisition of treasury stock(1,351)

Disposal of treasury stock5

Items other than changes inshareholders’ equity(3,105)(3,105)(117)(3,223)

Total changes during the year

(3,105)(3,105)(117)(2,510)

Balance—March 31, 2007

33,26833,268

1,607

182,903

Note: Appropriations of retained earnings which was approved by the ordinary general meeting of shareholders held in June 2006.

－6－

For FY2008 (April 1, 2007 to March 31, 2008)(Millions of yen)
Shareholders’ equity

Common stock
Balance—March 31, 2007

Additional
paid-in capital

19,838Retainedearnings

25,328Treasury stock,at cost115,032

Total shareholders’equity(12,171)

148,027

Changes during the year:
Dividends from surplus(4,003)(4,003)Net loss(32,475)(32,475)

Acquisition of treasury stock
Disposal of treasury stock
Total changes during the year
Balance—March 31, 2008

(92)

(92)

3

4

1
―

1

(36,479)(89)(36,567)

19,83825,32978,553(12,260)

111,460

Valuation and translation adjustments

Balance—March 31, 2007

Net unrealized
holding gains on
securities

Total valuation andtranslation
adjustments

Minority interests

Total net assets

33,26833,268

1,607

182,903

Changes during the year:
Dividends from surplus―(4,003)Net loss―(32,475)

Acquisition of treasury stock

―

(92)

Disposal of treasury stock―4

Items other than changes inshareholders’ equity(15,909)(15,909)(1,607)(17,516)

Total changes during the year

(15,909)(15,909)(1,607)(54,083)

Balance—March 31, 2008

17,35917,359―128,819－7－

Consolidated Statements of Cash Flows

Item

FY2007
April 1, 2006 to
March 31, 2007

FY2008
April 1, 2007 to
March 31, 2008

ChangeIncrease (Decrease)

Millions of yen

Millions of yen

Millions of yen

Cash flows from operating activities:
Income (loss) before income taxes and minority
interests

7,121(14,140)(21,261)

Depreciation

709

935

226

Amortization of negative goodwill

(13)

―

13

(Decrease) increase in allowance for doubtful
accounts

(899)

912

1,811

Decrease in accrued severance indemnities(1,348)(1,003)

344

Increase in allowance for bonuses

―

1,055

1,055

Increase in allowance for construction loss

205

4,754

4,548

(1,384)(1,507)

(122)

213

216

3

Gain on sales of property and equipment, net(1,005)

(799)

205

Gain on sales of investments in securities(2,925)

(21)

2,904

Devaluation of investments in securities

15

1,710

1,694

Loss on violation of the antitrust laws

706

―

(706)

13,712(15,367)(29,079)(6,513)

17,904

24,417(198)(4,735)(4,536)(5,362)

3,685

9,047

(9,353)(10,964)(1,610)Decrease in accrued consumption taxes

(721)

(910)

(189)

Bonuses paid to directors and statutory auditors

(42)

―

42

Other, net(686)(8,702)(8,016)

Subtotal(7,770)(26,978)(19,207)

Dividends and interest received

1,430

1,527

96

Interest paid

(212)

(216)

(4)

Income taxes paid

(447)

(422)

24

(6,999)(26,090)(19,090)

Dividends and interest income
Interest expenses

Decrease (increase) in trade notes and accounts
receivable(Increase) decrease in accumulated costs ofuncompleted contracts
Increase in other inventories(Decrease) increase in trade notes and accounts
payableDecrease in advances received on uncompleted
contracts

Net cash used in operating activities

－8－

Item

FY2007
April 1, 2006 to
March 31, 2007

FY2008
April 1, 2007 to
March 31, 2008

ChangeIncrease (Decrease)

Millions of yen

Millions of yen

Millions of yen

Cash flows from investing activities:
Net decrease in time deposits

791

9,860

9,068

Payments for purchases of securities(5,772)(1,070)4,701

Proceeds from sales of securities

9,947

4,927

(5,020)(2,879)(2,444)

435

1,031

1,015

(16)

Issuance of loans receivable

(390)

(158)

231

Collection of loans receivable

193

150

(43)

1,347

1,088

(258)

4,270

13,367

9,097

Net decrease in short-term loans(226)(1,193)(967)

Repayment of long-term debt

(95)

(98)

(2)

Payments for acquisition of treasury stock(1,351)

(92)

1,258

Proceeds from disposal of treasury stock

5

4

(0)

(2,021)(3,994)(1,972)

Dividends paid to minority shareholders

(8)

(8)

0

Net cash used in financing activities(3,698)(5,383)(1,684)

Effect of exchange rate changes on cash andcash equivalents

(18)

(86)

(67)

Net decrease in cash and cash equivalents(6,447)(18,192)(11,744)

Cash and cash equivalents at beginning of year

46,084

39,637(6,447)

Cash and cash equivalents at end of year

39,637

21,445(18,192)

Payments for purchases of tangible and intangible
fixed assets
Proceeds from sales of tangible and intangible fixed
assetsOther, net
Net cash provided by investing activities
Cash flows from financing activities:

Dividends paid

－9－

Non-consolidated Financial Statements
Non-consolidated Balance Sheets
FY2007
As of March 31, 2007
Item

Millions of yen

Composition
ratio (%)

FY2008
As of March 31, 2008
Millions of yen

Composition
ratio (%)

ChangeIncrease (Decrease)

Millions of yen

AssetsCurrent assets:
Cash and time deposits

45,485

10,493(34,991)

Trade notes receivable

14,453

7,325(7,128)Trade accounts receivable

54,61576,546

21,930

Short-term investments

6,211

14,803

8,592

953

1,572

618

120,393

102,529(17,863)

Payment for investments in real estate

4,166

6,782

2,615

Short-term receivables

7,117

8,434

1,317

Deferred income taxes

11,388―(11,388)

Other accounts receivable

26,59014,693(11,897)

Trust beneficiary rights

1,222

78

(1,144)

Others

1,849

2,161

311

Less: Allowance for doubtful accounts(4,055)(4,847)(792)

Total current assets

290,392

Real estate for sale
Accumulated costs of uncompleted contracts

70.4

240,57273.3(49,819)

Fixed assets:
Property and equipment:
Buildings

4,065

5,764

1,699

Machinery and vehicles

413

339

(74)

Tools, furniture and fixtures

395

374

(21)

11,951

11,768

(182)

822

277

(545)

17,64818,524

875

1,032

846

(186)

96,33162,800(33,530)

266

318

51

2,145

2,095

(49)

592

448

(143)

3,887

2,637

(1,250)

(38)

(161)

(122)

Total investments and other assets

103,184

68,139(35,045)

Total fixed assets

121,866

29.6

87,50926.7(34,356)

412,258100

328,082

100(84,176)Land
Construction in progress
Total property and equipment
Intangible fixed assets
Investments and other assets:
Investments in securities
Investments in subsidiaries and affiliates, at cost
Long-term receivables
Long-term loans to employees
OthersLess: Allowance for doubtful accounts

Total assets－10－

FY2007
As of March 31, 2007
Item

Millions of yen

Composition
ratio (%)

FY2008
As of March 31, 2008
Millions of yen

Composition
ratio (%)

ChangeIncrease (Decrease)

Millions of yen

Liabilities
Current liabilities:
Trade notes payable

11,021

11,221

199

81,50774,388(7,118)13,884

11,561(2,323)

3,186

822

(2,363)

465

115

(349)

Advances received on uncompleted contracts

79,086

68,137(10,949)

Deposit payable

13,693

6,349(7,344)

133

109

(23)

413

591

178

―

1,050

1,050

2,148

6,800

4,652

Trade accounts payable
Short-term loans including current portion of
long-term debt
Accrued expenses
Accrued income taxes

Allowance for repairs
Allowance for warranty work on construction
projects
Allowance for bonuses
Allowance for construction loss
OthersTotal current liabilities

2,414
207,955

Long-term liabilities:
Long-term debt

1,955
50.5

183,103

(458)
55.8

(24,851)

479

396

(82)

Deferred income taxes

17,786

11,856(5,929)Accrued severance indemnities

6,528

5,525

(1,003)

14

193

179

OthersTotal long-term liabilities

24,8096.0

17,972

5.5(6,836)

Total liabilities

232,76456.5

201,076

61.3(31,688)

Net assets
Shareholders’ equity:
Common stock

19,838

4.8

19,8386.0

0Additional paid-in capital:
25,322

25,3220

Other additional paid-in capital

Capital reserve

6

7

1

Total additional paid-in capital

25,328

6.1

25,3297.7

1

Retained earnings:
Earned reserve

4,959

4,959

0

59

35

(24)

2,494

3,004

510

340

185

(154)

100,500

101,400

900

Other retained earnings:
Extraordinary depreciation reserve
Reserve for accelerated depreciation
Special appropriation to the reserve foraccelerated depreciation
Reserve for various purposes
Retained earnings brought forward

4,916(32,833)(37,749)

Total other retained earnings

108,310

71,792(36,517)

Total retained earnings

113,270

27.5

76,752

23.4(36,517)

Less: Treasury stock, at cost

(12,171)(2.9)(12,260)

(3.7)

(89)

Total shareholders’ equity

146,266

35.5

109,660

33.4(36,605)

33,2278.0

17,345

5.3(15,881)

Valuation and translation adjustments:
Net unrealized holding gains on securities
Total valuation and translation adjustments

33,2278.0

17,345

5.3(15,881)

Total net assets

179,49343.5

127,006

38.7(52,487)

412,258100

328,082

100(84,176)

Total liabilities and net assets－11－Non-consolidated Statements of Income
FY2007

FY2008ChangeApril 1, 2006 to March 31, 2007

April 1, 2007 to March 31, 2008

Increase (Decrease)

Composition
ratio (%)

Composition
ratio (%)

Item

Millions of yen

Completed construction

217,665

246,495

28,829Real estate and other

7,552

3,348

(4,203)

Total net sales

225,217

Millions of yen

Millions of yen

Net sales:100

249,844100

24,626

Cost of sales:
Completed construction

198,234

241,932

43,697

Real estate and other

3,595

1,370

(2,225)

Total cost of sales

201,82989.6

243,302

97.4

41,472Gross profit:
Completed construction

19,4304,562(14,868)

Real estate and other

3,957

1,978

(1,978)

Total gross profit

23,387

10.4

6,541

2.6

(16,846)

Selling, general and administrative
expenses:
284

258

(25)

12,28910,647(1,642)

Provision for allowance for bonuses

―

585

585

Retirement benefits

850

768

(81)

Statutory welfare

1,466

1,451

(14)

Fringe benefit

367

328

(38)

Repair and maintenance

307

349

41

Office supplies

344

293

(51)

1,107

1,080

(26)

Utilities

144

149

5

Research

998

932

(65)

Adverting

225

182

(43)

Reversal of allowance for doubtful accounts

―

1,068

1,068

Entertainment

324

184

(140)

Donation

146

43

(102)

Rent

342

349

7

Depreciation

403

538

135

Tax and dues

493

372

(120)

Insurance

26

24

(2)

1,732

1,564

(168)

Directors’ remuneration
Employee salaryCommunication and transportation

Miscellaneous expenses
Total selling, general and administrative
expenses

21,853

9.7

21,172

Operating income

1,534

0.7

―

Operating loss

―

－12－

14,6308.5(680)(1,534)(5.9)

14,630Item

FY2007

FY2008ChangeApril 1, 2006 to March 31, 2007

April 1, 2007 to March 31, 2008

Increase (Decrease)

Millions of yen

Composition
ratio (%)

Millions of yen

Composition
ratio (%)

Millions of yen

Non-operating income:Interest income

262

453

191

Interest on marketable securities

213

269

56

Dividends

965

944

(21)

Others

197

360

162

Total non-operating income

1,638

0.7

2,028

0.9

389

Non-operating expenses:
Interest expenses

237

246

9

Foreign exchange loss

―

114

114

Commitment fee

―

42

42

Others

91

10

(80)
0.2

86

328

0.1

414

Ordinary income

2,844

1.3

―

Ordinary loss―

13,017

Prior-year adjustment

412

476

63

Gain on sales of property and equipment

978

792

(186)

Reversal of allowance for doubtful accounts

787

―

(787)

Gain on sales of investments in securities

2,925

21

(2,904)

Total non-operating expenses(2,844)(5.2)

13,017Extraordinary gains:

Total extraordinary gains

5,104

2.3

1,289

0.5

(3,814)Extraordinary losses:
Prior-year adjustment

59

158

99

Loss on sales of property and equipment

1

8

7

Loss on disposal of property and equipment

43

385

342

Devaluation of investments in securities

15

1,710

1,694

Loss on deduction of carrying amounts ofproperty and equipment

―

5

5

Loss on violation of membership

―

29

29

Loss on violation of the antitrust laws

714

―

(714)

Total extraordinary losses

835

0.4

2,298

Income before income taxes

7,113

3.2

―

Loss before income taxes―

Current income taxes

426

Refund of income taxes for prior periods―

0.2

14,026

170

0.1

(256)

(199)

(0.1)

(199)

7.4

15,945

1.2

18,518Net income

4,114

1.8

―

－13－

(7,113)
(5.6)

2,572

―

1,463

14,026

Deferred income taxes

Net loss

0.9

32,514(4,114)(13.0)

32,514

Non-consolidated Statements of Changes in Net Assets
For FY2007 (April 1, 2006 to March 31, 2007)(Millions of yen)
Shareholders’ equity
Additional paid-in capital

Common stock

19,838

Balance—March 31, 2006

Other additional
paid-in capital

Capital reserve
25,322

Total additional
paid-in capital
4

25,326

1

1

Changes during the year:
Disposal of treasury stock
Total changes during the year
Balance—March 31, 2007

―

―

1

1

19,83825,322

6

25,328

Shareholders’ equity
Retained earnings
Other retained earnings
Earnedreserve

Balance—March 31, 2006

4,959

Extraordinary
depreciation
reserve

112

Reserve foraccelerated
depreciation

Specialappropriation
to thereserve foraccelerated
depreciation

Reserve forvariouspurposes

3,076

178

98,700Retainedearnings
brought
forwardTotal
retainedearnings

TreasuryTotalstock, Shareholders’at costequity4,193

111,220(10,823) 145,562

3

(3)

―

―

(33)

33

―

―

507

(507)

―

―

(56)

56

―

―

178

―

―

(1,800)――(2,022)(2,022)(2,022)

(42)

(42)

(42)

4,114

4,114

4,114

Changes during the year:
Transfer to extraordinary
depreciation reserve (Note)
Reversal of extraordinary
depreciation reserve (Note)
Transfer to reserve foraccelerated depreciation (Note)
Reversal of reserve foraccelerated depreciation (Note)
Reversal of special appropriation
to the reserve for accelerated
depreciation (Note)
Transfer to reserve for various
purposes (Note)

(178)
1,800

Dividends from surplus (Note)
Bonuses for directors andstatutory auditors (Note)
Net income
Acquisition of treasury stock
Disposal of treasury stock
Transfer to extraordinary
depreciation reserve
Reversal of extraordinary
depreciation reserve
Transfer to reserve foraccelerated depreciation
Reversal of reserve foraccelerated depreciation
Transfer to special appropriation
to the reserve for accelerated
depreciation(1,351)(1,351)

3

5

5

(5)

―

―

(28)

28

―

―

123

(123)

―

―

(1,156)

1,156

―

―

(340)

―

―

340

Total changes during the year

―

(52)

(582)

162

1,800

722

2,049

Balance—March 31, 2007

4,959

59

2,494

340

100,500

4,916

113,270－14－(1,347)703(12,171) 146,266

(Millions of yen)
Valuation and translation adjustments
Net unrealized holding Total valuation andgains on securities translation adjustments
Balance—March 31, 2006

36,31436,314

Changes during the year:
Transfer to extraordinary
depreciation reserve (Note)
Reversal of extraordinary
depreciation reserve (Note)
Transfer to reserve foraccelerated depreciation (Note)
Reversal of reserve foraccelerated depreciation (Note)
Reversal of special appropriation
to the reserve for accelerated
depreciation (Note)
Transfer to reserve for various
purposes (Note)
Dividends from surplus (Note)
Bonuses for directors andstatutory auditors (Note)
Net income

181,877

―
―
―
―
―
―
(2,022)(42)
4,114

Acquisition of treasury stock(1,351)

Disposal of treasury stock
Transfer to extraordinary
depreciation reserve
Reversal of extraordinary
depreciation reserve
Transfer to reserve foraccelerated depreciation
Reversal of reserve foraccelerated depreciation
Transfer to special appropriation
to the reserve for accelerated
depreciation
Items other than changes inshareholders’ equity

Total net assets

5
―
―
―
―
―
(3,087)(3,087)(3,087)

Total changes during the year

(3,087)(3,087)(2,383)

Balance—March 31, 2007

33,22733,227

179,493

Note: Appropriations of retained earnings which was approved by the ordinary general meeting of shareholders held in June 2006.

－15－

For FY2008 (April 1, 2007 to March 31, 2008)(Millions of yen)
Shareholders’ equity
Additional paid-in capital

Common stock

19,838

Balance—March 31, 2007

Other additional
paid-in capital

Capital reserve
25,322

Total additional
paid-in capital
6

25,3281

1

Changes during the year:
Disposal of treasury stock
Total changes during the year
Balance—March 31, 2008

―

―

1

1

19,83825,322

725,329

Shareholders’ equity
Retained earnings
Other retained earnings
Earnedreserve

Extraordinary
depreciation
reserve

Reserve foraccelerated
depreciation

Specialappropriation
to thereserve foraccelerated
depreciation

59

2,494

340

Retainedearnings
brought
forwardTotal
retainedearnings

Total
Treasurystock, Shareholders’at costequityReserve forvariouspurposes

100,500

4,916

113,270(12,171) 146,266

900

(900)

―

―

Dividends from surplus(4,003)(4,003)(4,003)Net loss(32,514)(32,514)(32,514)

Balance—March 31, 2007

4,959

Changes during the year:
Transfer to reserve for various
purposesAcquisition of treasury stock

―

(92)

(92)

Disposal of treasury stock

―

3

4

Transfer to extraordinary
depreciation reserve
Reversal of extraordinary
depreciation reserve
Transfer to reserve foraccelerated depreciation
Reversal of reserve foraccelerated depreciation
Transfer to special appropriation
to the reserve for accelerated
depreciation
Reversal of special appropriation
to the reserve for accelerated
depreciation

0

(0)

―

―

(24)

24

―

―

558

(558)

―

―

(48)

48

―

―

185

(185)

―

―

(340)

340

―

―

Total changes during the year

―

(24)

510

(154)

900

(37,749)(36,517)

Balance—March 31, 2008

4,959

35

3,004

185

101,400(32,833)

76,752－16－(89)(36,605)(12,260) 109,660

(Millions of yen)
Valuation and translation adjustments
Net unrealized holding Total valuation andgains on securities translation adjustments
33,227

179,493―――(4,003)Net loss―(32,514)Acquisition of treasury stock

―

(92)

Disposal of treasury stock
Transfer to extraordinary
depreciation reserve
Reversal of extraordinary
depreciation reserve
Transfer to reserve foraccelerated depreciation
Reversal of reserve foraccelerated depreciation
Transfer to special appropriation
to the reserve for accelerated
depreciation
Reversal of special appropriation
to the reserve for accelerated
depreciation
Items other than changes inshareholders’ equity

―

4

―

―

―

―

―

―

―

―

―

―

―

―

(15,881)(15,881)(15,881)

Total changes during the year

(15,881)(15,881)(52,487)

Balance—March 31, 2008

17,345

17,345127,006

Balance—March 31, 2007

33,227

Total net assets

Changes during the year:
Transfer to reserve for various
purposesDividends from surplus－17－

Breakdown of Orders (Non-consolidated)(Millions of yen)

Civil engineering
construction

Architectural

Domestic private sector

30,24634.2%%

34,521

63.7

19,67636.3% Change
Increase(Decrease)%(1,806)(5.0)(10,569)(34.9)

31.0

Overseas

21,821

24.7

(4)

(0.0)

(21,825)－

Subtotal

88,395100

54,193

100(34,201)(38.7)

Domestic public sector

13,448

8.6

9,973

8.2

(3,475)(25.8)

Domestic private sector

143,03191.4

110,92191.8(32,110)(22.4)

Subtotal

156,480

100

120,894100(35,585)(22.7)

Domestic public sector

49,77620.3

44,49425.4(5,282)(10.6)

Domestic private sector

173,27770.8

130,598

74.6(42,679)(24.6)

63.9

69.0

100

21,821

8.9

(4)

(0.0)

(21,825)－

Total

244,876100

175,088

100(69,787)(28.5)

Domestic public sector

58,37962.5

45,81058.6(12,568)(21.5)

Domestic private sector

35,08437.5

23,225

29.7(11,859)(33.8)

Overseas

－

－

9,193

11.7

9,193

－

Subtotal

93,464100

41.5

78,230100

31.3(15,233)(16.3)

Domestic public sector

15,404

12.4[57.1]

9,417

5.6[68.3](5,987)(38.9)

Domestic private sector

108,79687.6

158,847

94.4

50,051

46.0

Subtotal

124,200100

55.1

168,264100

67.4

44,06335.5

Domestic public sector

73,784

33.9

[100]

55,228

22.4

[100]

(18,555)(25.1)

Domestic private sector

143,88166.1

182,072

73.9

38,191

26.5

Overseas

－

－

9,193

3.7

9,193

－

Subtotal

217,665100

246,495

100

28,82913.2

Real estate and other

7,552

3.4

3,348

1.3

(4,203)(55.7)

Total

225,217100

249,844100

24,626

10.9(11,289)(11.5)(3,548)(6.8)

Civil engineering

Overseas

Subtotal
construction

Civil engineering
Architectural

Total

41.1

100

Architectural
construction

Projects completed

Net sales
Year-end backlog%

36,327

36.1

Total

Construction orders awarded%
Domestic public sector

ChangeIncrease(Decrease)

FY2008
April 1, 2007 to March 31, 2008

FY2007
April 1, 2006 to March 31, 2007

Domestic public sector

98,14853.1

Domestic private sector

52,02228.2[42.9]

96.6

86,85854.1

48,47330.2

44.5[31.7]

98.7

46.8

Overseas

34,46518.7

25,26715.7(9,198)(26.7)

Subtotal

184,636

100

160,600

100(24,036)(13.0)

Domestic public sector

23,957

10.4

24,513

13.4

555

2.3

Domestic private sector

206,18589.6

158,259

86.6(47,926)(23.2)

Subtotal

230,143100

182,772100(47,370)(20.6)

Domestic public sector

122,105

29.4

111,371

32.4(10,733)(8.8)

Domestic private sector

258,208

62.3

206,733

60.2(51,474)(19.9)

55.5

100

53.2

100

Overseas

34,465

8.3

25,267

7.4(9,198)(26.7)

Total

414,779100

343,372100(71,406)(17.2)－18－