Consolidated Financial Statements(For the Second Quarter of FY2011)
Consolidated Balance Sheets(Millions of yen)

Current Second Quarter

FY2010

As of September 30, 2010

As of March 31, 2010

AssetsCurrent assets:
Cash and deposits

14,065

20,298Notes receivable, accounts receivable from completed
construction contracts and other

48,65363,092

Short-term investment securities

23,5008,056

Real estate for sale

10,18910,016

Costs on uncompleted construction contracts

58,80757,785

Costs on real estate business

4,029

4,552

Work in process

1,845

1,150

255

234

Other

9,071

11,555Allowance for doubtful accounts(2,944)(3,802)

Total current assets

167,474

172,940

26,251

24,137391

508

Investment securities

38,16142,749

Other

5,318

4,874

Allowance for doubtful accounts(3,336)(3,451)

Total investments and other assets

40,144

44,172

66,787

68,818234,261

241,758

Raw materials and supplies

Noncurrent assets:
Property, plant and equipment
Intangible assets
Investments and other assets:

Total noncurrent assets
Total assets-1-(Millions of yen)

Current Second Quarter

FY2010

As of September 30, 2010

As of March 31, 2010

Liabilities
Current liabilities:
Notes payable, accounts payable for construction
contracts and other

35,67340,145

Short-term loans payable

11,913

10,312

Income taxes payable

125

248

Advances received on uncompleted construction
contracts

44,66940,796

Provision

1,219

1,180

Provision for loss on construction contracts

5,273

5,751

72―

Other

10,566

13,042

Total current liabilities

109,513

111,477

191

229

5,221

5,784

Asset retirement obligations

56―

Negative goodwill

708

850

Other

6,726

7,947

Total noncurrent liabilities

12,904

14,812

122,418

126,290

Capital stock

19,838

19,838

Capital surplus

25,32725,327Retained earnings

71,232

72,200Treasury stock(12,337)(12,332)

Total shareholders’ equity

104,061

105,034

Valuation difference on available-for-sale securities

7,782

10,434

Total valuation and translation adjustments

7,782

10,434

Total net assets

111,843

115,468

Total liabilities and net assets

234,261

241,758

Asset retirement obligations

Noncurrent liabilities:
Long-term loans payable
Provision for retirement benefits

Total liabilities

Net assets
Shareholders’ equity:

Valuation and translation adjustments:-2-Consolidated Statements of Income(Six-month Period Ended September 30)(Millions of yen)
2Q / FY2010

2Q / FY2011

April 1, 2009 throughSeptember 30, 2009

April 1, 2010 throughSeptember 30, 2010

Net sales

69,397

66,230

Cost of sales

64,70058,635Gross profit

4,696

7,594

Selling, general and administrative expenses

7,216

7,022

Operating income (loss)(2,519)572

Interest income

148

122

Dividends income

447

471

Foreign exchange gains

427―

Amortization of negative goodwill

141

141

Other

184

185

1,349921Interest expenses

9295

Other

1238

Total non-operating expenses

105

133(1,275)

1,360

Gain on prior period adjustment

159

28

Gain on sales of noncurrent assets

20―

Gain on sales of investment securities

2032

Reversal of allowance for doubtful accounts

739

347

Total extraordinary income

939

408

Loss on prior period adjustment

417

54

Loss on retirement of noncurrent assets

69

2

Loss on sales of investment securities

1―

Loss on valuation of investment securities

669

711

Loss on adjustment for changes of accounting standard
for asset retirement obligations

―

111

1,158

879

(1,493)890

Income taxes-current

74

68

Income taxes-deferred2(8)Total income taxes

76

59

Income (loss) before minority interests―

830(1,570)830

Non-operating income:

Total non-operating income
Non-operating expenses:

Ordinary income (loss)
Extraordinary income:Extraordinary loss:

Total extraordinary losses
Income (loss) before income taxes and minority interests

Net income (loss)-3-

Consolidated Statements of Cash Flows(Six-month Period Ended September 30)(Millions of yen)
2Q / FY2010

2Q / FY2011

April 1, 2009 throughSeptember 30, 2009

April 1, 2010 throughSeptember 30, 2010

Cash flows from operating activities:
Income (loss) before income taxes and minority interests(1,493)890

Depreciation and amortization

458

475

Amortization of negative goodwill

(141)

(141)

Increase (decrease) in allowance for doubtful accounts

(739)

(347)

Increase (decrease) in provision for retirement benefits

67

(562)

Increase (decrease) in provision for loss on
construction contracts

913

(478)

Interest and dividends income

(596)

(594)

Interest expenses

9295

Loss (gain) on sales of noncurrent assets

(20)

―

Loss (gain) on sales of short-term and long term
investment securities

(19)

(32)

Loss (gain) on valuation of short-term and long term
investment securities

669

711

Loss on adjustment for changes of accounting standard
for asset retirement obligations―

111

Decrease (increase) in notes and accounts receivable-trade27,156

13,421

Decrease (increase) in costs on uncompleted construction
contracts(4,492)(1,022)

Decrease (increase) in other inventories(2,628)(366)

Increase (decrease) in notes and accounts payable-trade(28,586)(2,584)

Increase (decrease) in advances received on uncompleted
construction contracts

6,623

3,873

Increase (decrease) in accrued consumption taxes(1,766)(1,553)

Decrease (increase) in consumption taxes refund
receivable(290)(1,143)

Other, net(1,653)(846)

Subtotal(6,445)9,904Interest and dividends income received

595

594

Interest expenses paid

(92)

(95)

Income taxes (paid) refund

10(82)(5,932)

10,321

Net cash provided by (used in) operating activities-4-(Millions of yen)
2Q / FY20102Q / FY2011

April 1, 2009 throughSeptember 30, 2009

April 1, 2010 throughSeptember 30, 2010

Cash flows from investing activities:
Net decrease (increase) in time deposits

(230)

211

Purchase of short-term and long term investment
securities

(19)

(6)

Proceeds from sales and redemption of short-term andlong term investment securities

32137

(829)

(2,339)25―

Payments of loans receivable

(319)

(158)

Collection of loans receivable

120

1,499

Other, net

75

1(1,146)(655)

Net increase (decrease) in short-term loans payable

3,565

1,668Repayment of long-term loans payable

(12)

(11)

Purchase of treasury stock

(13)

(5)

10

(1,789)(1,788)(1)(3)

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents

1,750

(140)

(21)

(47)

Net increase (decrease) in cash and cash equivalents(5,349)9,478

Cash and cash equivalents at beginning of period

30,811

27,831

Cash and cash equivalents at end of period

25,46137,309Purchase of property, plant and equipment andintangible assets
Proceeds from sales of property, plant and equipment
and intangible assets

Net cash provided by (used in) investing activities
Cash flows from financing activities:

Proceeds from sales of treasury stock
Cash dividends paid
Other, net-5-Breakdown of Orders (Non-consolidated)
2Q / FY2010
April 1, 2009 throughSeptember 30, 2009

Civil engineering
Architecturalconstruction
Architecturalconstruction
Subtotal

Projects completed

Net sales

Civil engineering

Total

Construction orders awarded%

7,108

36.6

Domestic private sector

12,523

64.5

Overseas(221)(1.1)

Subtotal

19,410

Domestic public sector
Domestic private sector%

11,477

68.3

5,905

35.1(579)

(3.4)

100

16,804

6,167

18.4

27,39081.6

Overseas

70.0

Subtotal

33,564

Domestic public sector%(Millions of yen)
Change% Change
Increase
Increase(Decrease) (Decrease)

%

4,369

61.5

(6,617)(52.8)

(357)

－100

(2,606)(13.4)

2,292

8.8(3,875)(62.8)

23,74091.2(3,649)(13.3)

20.0(4)(65.9)

100

26,035100(7,529)(22.4)

13,27625.1

13,770

32.1

493

3.7

Domestic private sector

39,91375.3

29,64669.2(10,267)(25.7)

Overseas

(214)

(0.4)

(577)

(1.3)

(362)

－Total

52,975100

42,839100(10,136)(19.1)

Domestic public sector

21,60966.3

11,53749.4(10,071)(46.6)

Domestic private sector

8,406

25.8

10,908

46.7

2,501

29.8

Overseas

2,555

7.9

906

3.9

(1,649)(64.5)

Subtotal

32,571

100

47.4

23,351100

35.9(9,219)(28.3)

Domestic public sector

2,031

6.0

[51.0]

8,033

20.4

[62.8]

6,001

295.4

Domestic private sector

31,90694.0

31,352

79.6

(554)

(1.7)

Overseas70.0

20.0(4)(65.9)

Subtotal

33,945100

49.3

39,388

100

60.6

5,443

16.0

Domestic public sector

23,640

35.5

[100]

19,570

31.2

[100]

(4,069)(17.2)

Domestic private sector

40,31360.6

42,261

67.4

1,947

4.8

Overseas

2,562

3.9

908

1.4

(1,653)(64.5)

Subtotal

66,516100

62,740100(3,776)

(5.7)

36.6

63.4

100

[49.0]

96.7

39.2

60.8

100

[37.2]

96.5

2,238

3.3

2,267

3.5

28

1.3

Total

68,755100

65,007100(3,747)(5.5)

Domestic public sector

88,72765.3(5,201)(5.9)

Domestic private sector

34,05825.0(6,721)(19.7)

Overseas

13,1459.7(3,302)(25.1)

Subtotal

135,931

Domestic public sector
Domestic private sector

Architectural
construction

Civil engineering

Real estate business and other

Total

Period-end backlog

Domestic public sector%

2Q / FY2011
April 1, 2010 throughSeptember 30, 2010

83,525

69.2

27,337

22.6

9,843

8.2

100

120,706100(15,225)(11.2)

32,661

22.4

33,017

25.5

355

1.1

113,275

77.6

96,63974.5(16,635)(14.7)

Overseas－－－－－－

Subtotal

145,936100

129,656100(16,280)(11.2)

Domestic public sector

121,38843.1

116,54246.6(4,845)(4.0)

Domestic private sector

147,33452.3

123,976

49.5(23,357)(15.9)

Overseas

13,145

4.6

9,843

3.9

(3,302)(25.1)

Total

281,868100

250,362100(31,505)(11.2)

-6-

48.2

51.8

100

48.2

51.8100