Consolidated Financial Statements(For the fiscal year ended March 31, 2021)
Consolidated Balance Sheets(Millions of Yen)FY2020

FY2021

As of March 31, 2020

As of March 31, 2021

AssetsCurrent assets：
Cash and deposits
Notes receivable, accounts receivable from completed
construction contracts and other

26,17921,613

121,748

143,421

3,000

122

592

714

Costs on construction contracts in progress

5,410

4,873

Costs on real estate business

3,102

3,376

Work in process

1,096

895

66

81

Other

10,65812,148

Allowance for doubtful accounts

(190)

(153)

171,664

187,095

Buildings and structures, net

14,86515,759Machinery, vehicles, tools, furniture and fixtures, net

1,578

1,679

Land

33,60434,4052

1

Construction in progress

9,505

15,968

Total property, plant and equipment

59,556

67,814

Goodwill

467

437

Other

682

722

1,149

1,160

57,42967,342Long-term loans receivable

165

129

Retirement benefit asset

4,067

4,973

14

Other

2,865

2,453

Allowance for doubtful accounts(1,980)(1,968)

Total investments and other assets

62,54872,934

123,254

141,910

294,919

329,005

Securities
Real estate for sale

Raw materials and supplies

Total current assets
Non-current assets：
Property, plant and equipment：

Leased assets, net

Intangible assets：

Total intangible assets
Investments and other assets：
Investment securities

Deferred tax assets

Total non-current assets
Total assets-1-

(Millions of Yen)FY2020

FY2021

As of March 31, 2020

As of March 31, 2021

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

43,94447,038

8,946

7,459

10

Income taxes payable

1,938

4,522

Advances received on construction contracts in progress

12,59815,713

Deposits received

22,98324,562

667

462

3,289

3,301

44

51

1,127

863

87

83

Other

17,36020,122

Total current liabilities

112,990

124,181Long-term borrowings

6,015

7,113

Non-recourse borrowings

9,221

16,2281

1

10,215

12,430Asset retirement obligations

5888

Other

304

996

25,81736,859138,807

161,041

Share capital

19,838

19,838

Capital surplus

26,24826,240Retained earnings

105,554

95,460Treasury shares(19,761)(4,636)

Total shareholders' equity

131,880

136,90223,23330,95746(475)Remeasurements of defined benefit plans

1,364

1,752

Total accumulated other comprehensive income

24,64432,234(413)(1,173)

Total net assets

156,111

167,963

Total liabilities and net assets

294,919

329,005

Short-term borrowings
Lease obligations

Provision for warranties for completed construction
Provision for bonuses
Provision for bonuses for directors (and other officers)
Provision for loss on construction contracts
Asset retirement obligations

Non-current liabilities：

Lease obligations
Deferred tax liabilities

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity：

Accumulated other comprehensive income：
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

Non-controlling interests-2-Consolidated Statements of Income(Millions of Yen)FY2020

FY2021

April 1, 2019 throughMarch 31, 2020

April 1, 2020 throughMarch 31, 2021

Net sales：
Net sales of completed construction contracts

216,905

209,805

9,466

10,907226,371

220,712

191,874

182,729

5,408

6,502

197,283

189,232

Gross profit on completed construction contracts

25,031

27,075Gross profit on real estate business and other

4,057

4,404

Net sales in real estate business and otherTotal net sales
Cost of sales：
Cost of sales of completed construction contracts
Cost of sales in real estate business and otherTotal cost of sales
Gross profit：

29,08831,479Selling, general and administrative expenses

Total gross profit

17,571

18,599Operating profit

11,516

12,880Interest income

4432

Dividend income

1,415

1,180

Settlement received―

362

Gain on investments in investment partnerships―

258

Non-operating income：

Other849

479

2,309

2,313

Interest expenses

208

366

Commission expenses

288

47

Other

460

Total non-operating expenses

542

414

13,283

14,779

980

429

0

1980

430

Loss on valuation of investment securities

430

145

Loss on retirement of non-current assets

24

164

Loss on tax purpose reduction entry of non-current assets

65

―

Other

30

Total extraordinary losses

524

310

Profit before income taxes

13,73914,899

Income taxes - current

3,602

5,802

Income taxes - deferred

433

(550)

Total income taxes

4,035

5,251

Profit

9,704

9,648

Loss attributable to non-controlling interests

(91)

(637)

Profit attributable to owners of parent

9,795

10,285

Total non-operating income
Non-operating expenses：

Ordinary profit
Extraordinary income：Gain on sale of investment securities
Other
Total extraordinary income
Extraordinary losses：-3-

Consolidated Statements of Comprehensive Income(Millions of Yen)

ProfitFY2020

FY2021

April 1, 2019 throughMarch 31, 2020

April 1, 2020 throughMarch 31, 2021

9,704

9,648

(11,181)

7,723

92(1,042)

(328)

387

(11,417)

7,069(1,713)

16,717(1,667)

17,875(45)(1,158)Other comprehensive income:
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests-4-

Consolidated Statements of Cash Flows(Millions of Yen)FY2020

FY2021

April 1, 2019 throughMarch 31, 2020

April 1, 2020 throughMarch 31, 2021

Cash flows from operating activities:
Profit before income taxes13,739

14,899Depreciation

1,429

1,776

Amortization of goodwill

2929

Loss on retirement of non-current assets

24164

Loss on tax purpose reduction entry of non-current assets

65―

Increase (decrease) in allowance for doubtful accounts

(539)

(48)

(1,400)(347)

Increase (decrease) in provision for warranties forcompleted construction

(47)

(204)

Increase (decrease) in provision for bonuses

(161)

12

Increase (decrease) in provision for bonuses for directors(and other officers)

(15)

7

Increase (decrease) in provision for loss on construction
contracts9(264)(1,459)(1,212)

Interest expenses

208

366

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

(980)

(429)

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

430

145

Decrease (increase) in trade receivables(20,707)(21,673)

Decrease (increase) in costs on construction contracts inprogress(1,073)536

Decrease (increase) in other inventories

384

(210)

Increase (decrease) in trade payables

705

(776)

Increase (decrease) in advances received on construction
contracts in progress(1,343)

3,114

Increase (decrease) in deposits received

4,902

1,578

Other, net(3,050)

4,915

Subtotal(8,848)

2,379Interest and dividends received

1,458

1,211

Interest paid

(208)

(283)

(4,147)(3,284)(11,745)

23

Decrease (increase) in retirement benefit asset

Interest and dividend income

Income taxes refund (paid)

Net cash provided by (used in) operating activities-5-

(Millions of Yen)FY2020

FY2021

April 1, 2019 throughMarch 31, 2020

April 1, 2020 throughMarch 31, 2021

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

99523

Purchase of short-term and long-term investment
securities

(73)

(110)

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

1,957

1,081

Purchase of property, plant and equipment and intangible
assets(11,610)(10,506)

Proceeds from sale of property, plant and equipment andintangible assets

04

Loan advances

(215)

―

Proceeds from collection of loans receivable

287

150

0(104)(9,554)(8,963)

(158)

(424)

Proceeds from long-term borrowings

―

1,100

Repayments of long-term borrowings(10)(1,101)

Proceeds from non-recourse borrowings

9,221

7,070

Repayments of non-recourse borrowings

―

(63)

(3,691)(4)00(7,473)(5,249)369―

Proceeds from share issuance to non-controllingshareholders

447

398

Other, net

(2)

(1)

Net cash provided by (used in) financing activities(1,298)1,722

Effect of exchange rate change on cash and cash
equivalents

2388

Net increase (decrease) in cash and cash equivalents(22,575)(7,128)Cash and cash equivalents at beginning of period

49,83327,258Cash and cash equivalents at end of period

27,25820,129Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Net increase (decrease) in short-term borrowings

Purchase of treasury shares
Proceeds from sale of treasury shares
Dividends paid
Proceeds from sales of investments in capital ofsubsidiaries and associates without change in scope ofconsolidation-6-

Breakdown of Orders (Nonconsolidated)
FY2020April 1, 2019 throughMarch 31, 2020

Civil engineering
Architecturalconstruction
Architecturalconstruction
SubtotalProjects completedNet sales

Civil engineering

Total

Construction orders awarded%

30,94334.5

Domestic private sector

50,67956.5

Overseas

8,027

9.0

Subtotal

89,649Domestic public sector
Domestic private sector%

93,11872.6

34,125

26.6

987

0.8

100

128,230

38,372

29.7

90,84070.3

Overseas－－

Subtotal

129,212

Domestic public sector(Millions of Yen)
Change% Change
Increase
Increase(Decrease) (Decrease)%%62,175200.9(16,554)(32.7)(7,040)(87.7)

100

38,58143.0

32,70834.8(5,664)(14.8)

61,284

65.2(29,555)(32.5)－－－－

100

93,993100(35,219)(27.3)

69,31531.7

125,827

56.6

56,511

81.5

Domestic private sector

141,51964.6

95,41042.9(46,109)(32.6)

Overseas

8,027

3.7

987

0.5

(7,040)(87.7)

Total

218,862100

222,224

100

3,361

1.5

Domestic public sector

69,23969.1

66,40463.4(2,834)(4.1)

Domestic private sector

28,55228.5

36,501

34.9

7,948

27.8

Overseas

2,353

2.4

1,792

1.7

(561)

(23.8)

Subtotal

100,145100

45.0

104,698

100

48.5

4,552

4.5

Domestic public sector

12,25810.5[53.8]

23,712

22.6[50.1]

11,453

93.4

Domestic private sector

104,501

89.5

81,39477.4(23,106)(22.1)

Overseas－－－－－－

Subtotal

116,759100

52.5

105,106100

48.7(11,652)(10.0)

Domestic public sector

81,497

37.6

[100]

90,116

42.9

[100]

8,619

10.6

Domestic private sector

133,05461.3

117,895

56.2(15,158)(11.4)

Overseas

2,353

1.1

1,792

0.9(561)(23.8)

Subtotal

216,905100

209,805100(7,100)

(3.3)

41.0

59.0

100

[46.2]

97.5

57.7

42.3

100

[49.9]

97.2

5,521

2.5

5,977

2.8

455

8.3

Total

222,426100

215,782100(6,644)(3.0)

Domestic public sector

86,51049.9

26,71330.9

Domestic private sector

72,88842.1(2,375)(3.3)

Overseas

13,907

8.0

(805)

(5.8)

Subtotal

173,306

Domestic public sector
Domestic private sector

Architectural
construction

Civil engineering

Real estate business and other

Total

Period-end backlog

Domestic public sector%

FY2021
April 1, 2020 throughMarch 31, 2021

113,224

57.5

70,51235.8

13,1016.7

100

196,838

100

23,53213.649,056

27.5

58,052

34.7

8,996

18.3

129,233

72.5

109,123

65.3(20,109)(15.6)

Overseas－－－－－－

Subtotal

178,289

100

167,175

100(11,113)(6.2)

Domestic public sector

135,56738.6

171,277

47.1

35,71026.3

Domestic private sector

202,12157.5

179,635

49.3(22,485)(11.1)

Overseas

13,907

3.9

13,101

3.6(805)

(5.8)

Total

351,595

100

364,014100

12,418

3.5

-7-

49.3

50.7

100

54.1

45.9100