Consolidated Financial Statements(For the fiscal year ended March 31, 2009)
Consolidated Balance Sheets(Millions of yen)

FY2008FY2009As of March 31, 2008

As of March 31, 2009

AssetsCurrent assets:
Cash and deposits

10,66818,318Notes receivable, accounts receivable from completed
construction contracts and other

85,99864,287

Short-term investment securities

14,803

14,621―

1,875

102,591

103,537

Costs on real estate business

―

9,380

Work in process

―

1,103

Raw materials and supplies―

146

Other inventories

13,781―

Other

17,05815,572

Allowance for doubtful accounts(4,633)(4,316)

Total current assets

240,268

224,527

Buildings and structures

15,266

15,577

Machinery, vehicles, tools, furniture and fixtures

8,004

6,285

Land

16,228

16,679Lease assets―

8Construction in progress

328

752

Accumulated depreciation(16,609)(15,182)

Total property, plant and equipment

23,217

24,121

853

727

Investment securities

63,32541,708Long-term loans receivable

2,563

2,515

Other

2,643

1,531

Allowance for doubtful accounts(161)(1,454)

Total investments and other assets

68,37144,30092,442

69,149332,711

293,677

Real estate for sale
Costs on uncompleted construction contracts

Noncurrent assets:
Property, plant and equipment:

Intangible assets
Investments and other assets:

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

FY2008FY2009As of March 31, 2008

As of March 31, 2009

Liabilities
Current liabilities:
Notes payable, accounts payable for construction
contracts and other86,914

75,238

Short-term loans payable

10,995

9,496

Lease obligations―1

Income taxes payable

147

240

68,171

60,769Provision for repairs

109

25

Provision for warranties for completed construction

632

456

Provision for bonuses

1,055

809

Provision for loss on construction contracts

6,904

5,132

Other

9,506

12,194

184,438

164,364

Long-term loans payable

404

259

Lease obligations―

6

Deferred tax liabilities

11,908

6,936

Provision for retirement benefits

5,525

5,638

Negative goodwill

1,417

1,134

196

181

19,452

14,157

203,891

178,521

Capital stock

19,838

19,838

Capital surplus

25,32925,327Retained earnings

78,55373,347

Treasury stock(12,260)(12,316)

Total shareholders’ equity

111,460106,197

Valuation difference on available-for-sale securities

17,3598,958

Total valuation and translation adjustments

17,3598,958

Total net assets

128,819

115,155

Total liabilities and net assets

332,711

293,677

Advances received on uncompleted construction
contracts

Total current liabilities
Noncurrent liabilities:

Other
Total noncurrent liabilities
Total liabilities

Net assets
Shareholders’ equity:

Valuation and translation adjustments:-2-Consolidated Statements of Income(Millions of yen)

Net sales:
Net sales of completed construction contracts
Net sales of real estate business and otherTotal net sales
Cost of sales:
Cost of sales of completed construction contracts
Cost of sales on real estate business and otherTotal cost of sales
Gross profit:
Gross profit on completed construction contracts
Gross profit on real estate business and otherTotal gross profit
Selling, general and administrative expenses
Operating income (loss)
Non-operating income:Interest income
Dividends income
Amortization of negative goodwill
Other
Total non-operating income
Non-operating expenses:
Interest expenses
Loss on valuation of securities
Foreign exchange losses
Commitment fee
OtherTotal non-operating expenses
Ordinary income (loss)
Extraordinary income:Gain on prior period adjustment
Gain on sales of noncurrent assets
Gain on sales of investment securities
Total extraordinary income
Extraordinary loss:
Loss on prior period adjustment
Loss on sales of noncurrent assets
Loss on sales of investment securities
Loss on valuation of investment securities
Loss on retirement of noncurrent assets
Loss on reduction of noncurrent assets
Loss on valuation of membership
Special extra retirement payments
Loss on development business cancellation and otherTotal extraordinary loss
Loss before income taxes and minority interests
Income taxes-current
Refund of income taxes for prior periods
Income taxes-deferred
Total income taxes
Minority interests in loss
Net loss-3-FY2008

FY2009April 1, 2007 throughMarch 31, 2008

April 1, 2008 throughMarch 31, 2009

245,659
8,430
254,089

214,835
12,137226,973

241,176
5,926
247,102

196,679
8,474
205,154

4,482
2,504
6,987
21,605(14,617)

18,156
3,662
21,81917,420
4,399

565
941
―
354
1,861

393
1,125
283
158
1,961

216―
1044213378(13,134)

192
63
129
―
69
454
5,906

470
809
21
1,301

810
431
685
1,927

158
9―
1,710
392
5
29
―
―
2,306
(14,140)212(199)
18,427
18,439(104)(32,475)

105
13
639
2,729
108
―
―
4,152
3,274
11,023(3,190)
120
―
95
215
―
(3,405)

Consolidated Statements of Cash Flows(Millions of yen)

FY2008FY2009April 1, 2007 throughMarch 31, 2008

April 1, 2008 throughMarch 31, 2009

Cash flows from operating activities:
Loss before income taxes and minority interests(14,140)(3,190)Depreciation and amortization935

943

Amortization of negative goodwill―(283)

Increase (decrease) in allowance for doubtful accounts

912

990

Increase (decrease) in provision for retirement benefits(1,003)

113

Increase (decrease) in provision for bonuses

1,055

(245)

Increase (decrease) in provision for loss on
construction contracts

4,754(1,771)

Interest and dividends income(1,507)(1,519)Interest expenses

216

192

Loss (gain) on sales of noncurrent assets

(799)

(418)

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

(21)

(45)

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

1,710

2,792

Special extra retirement payments

―

4,152

Loss on development business cancellation and other―

3,274

Decrease (increase) in notes and accounts receivable-trade(15,367)

20,738Decrease (increase) in costs on uncompleted construction
contracts

17,904(946)

Decrease (increase) in other inventories(4,735)(1,858)

Increase (decrease) in notes and accounts payable-trade

3,685(11,550)

Increase (decrease) in advances received on uncompleted
construction contracts(10,964)(7,402)

(910)

1,766

Other, net(8,702)

2,191

Subtotal(26,978)7,924Interest and dividends income received

1,527

1,522

Interest expenses paid

(216)

(192)

Income taxes paid

(422)

(157)

Payments for special extra retirement payments―(4,153)

Net cash provided by (used in) operating activities(26,090)

4,943

Increase (decrease) in accrued consumption taxes-4-

(Millions of yen)

FY2008FY2009April 1, 2007 throughMarch 31, 2008

April 1, 2008 throughMarch 31, 2009

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

9,860

216

Purchase of short-term and long term investment
securities(1,070)(276)

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

4,927

9,353

Purchase of property, plant and equipment andintangible assets(2,444)(1,972)

Proceeds from sales of property, plant and equipment
and intangible assets

1,015

517

Payments of loans receivable

(158)

(288)

Collection of loans receivable

150

257

1,088

80

13,367

7,889(1,193)(1,318)

Repayment of long-term loans payable

(98)

(157)

Purchase of treasury stock

(92)

(71)

413(3,994)(1,803)

Cash dividends paid to minority shareholders(8)―

Other, net―(1)

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cashequivalents(5,383)(3,339)

(86)

(127)

Net increase (decrease) in cash and cash equivalents(18,192)

9,365

Cash and cash equivalents at beginning of period

39,637

21,445

Cash and cash equivalents at end of period

21,44530,811Other, net
Net cash provided by (used in) investment activities
Cash flows from financing activities:
Net increase (decrease) in short-term loans payable

Proceeds from sales of treasury stock
Cash dividends paid-5-Breakdown of Orders (Non-consolidated)(Millions of yen)
FY 2008

FY 2009

April 1, 2007 through March 31, 2008

April 1, 2008 through March 31, 2009

Civil engineering
Architecturalconstruction
Architecturalconstruction
Subtotal

Projects completed

Net sales

Civil engineering

Total

Construction orders awarded%
34,521

63.7

Domestic private sector

19,676

36.3

Overseas(4)(0.0)

Subtotal

54,193

Domestic public sector
Domestic private sector%
51,49972.920,44529.0(1,312)

(1.9)

100

70,631

9,973

8.2

110,921

91.8

Overseasーー

Subtotal

120,894

Domestic public sector
Domestic private sector%% Change
Increase(Decrease)%
16,978

49.2

768

3.9

(1,308)ー

100

16,43730.3

16,425

16.9

6,452

64.7

80,275

82.9(30,645)(27.6)

184

0.2

184

ー

100

96,886100(24,008)(19.9)

44,49425.4

67,925

40.6

23,43052.7

130,598

74.6

100,72060.1(29,877)(22.9)(4)(0.0)(1,128)(0.7)(1,124)ーTotal

175,088100

167,517100(7,570)(4.3)

Domestic public sector

45,81058.6

35,13042.8(10,680)(23.3)

Domestic private sector

23,22529.7

38,97647.4

15,751

67.8

Overseas

9,193

11.7

8,031

9.8

(1,162)(12.6)

Subtotal

78,230100

31.3

82,138

100

37.2

3,908

5.0

Domestic public sector

9,417

5.6

[68.3]

12,4149.3[61.9]

2,996

31.8

Domestic private sector

158,847

94.4

120,74390.6(38,104)(24.0)

Overseas

ー

ー

184

0.1

184

ー

Subtotal

168,264100

67.4 133,342

100

60.4(34,922)(20.8)

Domestic public sector

55,228

22.4

[100]

47,544

22.1

[100]

(7,683)(13.9)

Domestic private sector

182,07273.9

159,72074.1(22,352)(12.3)

Overseas

9,193

3.7

8,216

3.8

(977)

(10.6)

Subtotal

246,495

100

98.7 215,481

100(31,013)(12.6)

Overseas

31.0

69.0

100

[31.7]

42.2

57.8

100

[38.1]

97.6

3,348

1.3

5,279

2.4

1,930

57.6

Total

249,844100

220,760

100(29,083)(11.6)

Domestic public sector

86,85854.1

16,36918.8

Domestic private sector

48,47330.2(18,531)(38.2)

Overseas

25,26715.7(9,344)(37.0)

Subtotal

160,600

Domestic public sector
Domestic private sector

Architecturalconstruction

Civil engineering

Real estate business and other

Total

Period-end backlog

Domestic public sector%

ChangeIncrease(Decrease)103,22769.2

29,942

20.1

15,92210.7

100

149,093100(11,507)(7.2)

24,513

13.4

28,524

19.5

4,011

16.4

158,259

86.6

117,791

80.5(40,467)(25.6)

Overseasーーーーーー

Subtotal

182,772100

146,316100(36,455)(19.9)

Domestic public sector

111,371

32.4

131,75244.6

20,38018.3

Domestic private sector

206,733

60.2

147,734

50.0(58,999)(28.5)

Overseas

25,267

7.4

15,922

5.4(9,344)(37.0)

Total

343,372100

295,409100(47,963)(14.0)

-6-

46.8

53.2

100

50.5

49.5

100