Consolidated Financial Statements(For the fiscal year ended March 31, 2011)
Consolidated Balance Sheets(Millions of yen)

FY2010FY2011

As of March 31, 2010

As of March 31, 2011

AssetsCurrent assets:
Cash and deposits

20,29825,953

Notes receivable, accounts receivable from completed
construction contracts and other

63,092

84,612

Short-term investment securities

8,056

9,001

Real estate for sale

10,016

8,225

Costs on uncompleted construction contracts

57,78527,281

Costs on real estate business

4,552

3,018

Work in process

1,150808

234698Other

11,555

8,633

Allowance for doubtful accounts(3,802)(3,481)

Total current assets

172,940

164,751

Buildings and structures

16,161

17,331

Machinery, vehicles, tools, furniture and fixtures

5,514

5,431

Land

16,67917,965

Lease assets

26

40

Construction in progress

39

19

Accumulated depreciation(14,284)(14,841)

Total property, plant and equipment

24,13725,948508

269

Investment securities

42,74937,702Long-term loans receivable

1,333

1,086

Other

3,541

4,263

Allowance for doubtful accounts(3,451)(4,250)Total investments and other assets

44,17238,801

68,81865,019241,758

229,771

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)

FY2010FY2011

As of March 31, 2010

As of March 31, 2011

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

40,14546,803

Short-term loans payable

10,312

11,29058248

205

Advances received on uncompleted construction
contracts

40,79625,928Provision for warranties for completed construction407

347

Provision for bonuses

773

1,829

5,751

4,271

―

71

Other

13,036

12,783

Total current liabilities

111,477

103,541

Long-term loans payable

229

181

Lease obligations

1721

Deferred tax liabilities

7,805

6,242

Provision for retirement benefits

5,784

4,683

Asset retirement obligations―

52

Negative goodwill

850

567

Other

124

94

14,812

11,843

126,290

115,384

Capital stock

19,838

19,838

Capital surplus

25,32725,326

Retained earnings

72,20074,006

Treasury stock(12,332)(12,348)

Total shareholders’ equity

105,034

106,823

Valuation difference on available-for-sale securities

10,434

7,563

Total accumulated other comprehensive income

10,434

7,563

Total net assets

115,468

114,387

Total liabilities and net assets

241,758

229,771

Lease obligations
Income taxes payable

Provision for loss on construction contracts
Asset retirement obligations

Noncurrent liabilities:

Total noncurrent liabilities
Total liabilities

Net assets
Shareholders’ equity:

Accumulated other comprehensive income:-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 securitiesForeign exchange losses
Other
Total 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 fire accident
Provision of allowance for doubtful accounts
Loss on adjustment for changes of accounting
standard for asset retirement obligations
Total extraordinary loss
Income (loss) before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income (loss) before minority interests
Net income (loss)-3-FY2010

FY2011

April 1, 2009 throughMarch 31, 2010

April 1, 2010 throughMarch 31, 2011

187,949
10,544
198,493

182,640
9,976
192,617

174,602
7,979
182,581

166,077
7,262
173,340

13,346
2,565
15,911
15,047864

16,562
2,713
19,276
15,896
3,380

241
714
283
420
1,660

214736
283
202
1,437

197
60―
29
286
2,237

192
―
6559
317
4,500

333
961
435
1,731

179
0
43223

446
0
1
167
228―
1,353
1,022

180
0―
701
7
2―
―

―

111

3,220
747
136
(40)
96―
651

1,003
3,719
138
(23)
114
3,604
3,604

Consolidated Statements of Comprehensive Income(Millions of yen)

Income (loss) before minority interests
Other comprehensive income:
Valuation difference on available-for-sale securities
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable toowners of the parent
Comprehensive income attributable tominority interests-4-FY2010

FY2011

April 1, 2009 throughMarch 31, 2010

April 1, 2010 throughMarch 31, 2011

―

3,604

―
―
―

(2,871)(2,871)
733

―

733

―

―

Consolidated Statements of Cash Flows(Millions of yen)

FY2010FY2011

April 1, 2009 throughMarch 31, 2010

April 1, 2010 throughMarch 31, 2011

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

747

3,719

Depreciation and amortization

956

975

Amortization of negative goodwill

(283)

(283)

Increase (decrease) in allowance for doubtful accounts

1,528

1,467

Increase (decrease) in provision for retirement benefits

145(1,101)

Increase (decrease) in provision for bonuses

(36)

1,056

Increase (decrease) in provision for loss on
construction contracts

619(1,480)Interest and dividends income

(956)

(951)

Interest expenses

197

192

Loss (gain) on sales of noncurrent assets

(961)

(0)

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

(433)

(43)

Loss (gain) on valuation of short-term and long term
investment securities227701

1,353―

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

111

Decrease (increase) in notes and accounts receivable-trade(853)(23,642)

Decrease (increase) in costs on uncompleted construction
contracts

44,33730,504

Decrease (increase) in other inventories(3,447)

3,050

Increase (decrease) in notes and accounts payable-trade(29,976)

7,364

Increase (decrease) in advances received on uncompleted
construction contracts(19,972)(14,867)

Increase (decrease) in accrued consumption taxes(212)(1,408)Other, net

1,287

2,482

Subtotal(5,733)

7,847

Interest and dividends income received

955

951

Interest expenses paid

(197)

(192)

Income taxes (paid) refund

(40)

(110)

(5,016)

8,495

Loss on fire accident

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

(Millions of yen)

FY2010FY2011

April 1, 2009 throughMarch 31, 2010

April 1, 2010 throughMarch 31, 2011

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

1,539

235

Purchase of short-term and long term investment
securities

(98)

(112)

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

1,693

151

Purchase of property, plant and equipment andintangible assets(910)(2,397)

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

998

1

Payments of loans receivable

(504)

(203)

Collection of loans receivable

296

1,562

Other, net

108

29

3,123(733)

Net increase (decrease) in short-term loans payable

774

1,063

Repayment of long-term loans payable

(32)

(50)

Purchase of treasury stock

(17)

(17)

10(1,800)(1,798)(3)(7)

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cashequivalents(1,077)

(809)

(10)

(63)

Net increase (decrease) in cash and cash equivalents(2,979)6,889

Cash and cash equivalents at beginning of period

30,811

27,831

Cash and cash equivalents at end of period

27,831

34,720Net cash provided by (used in) investing activities
Cash flows from financing activities:

Proceeds from sales of treasury stock
Cash dividends paid
Other, net-6-Breakdown of Orders (Non-consolidated)(Millions of yen)
FY 2010

FY 2011

April 1, 2009 through March 31, 2010

April 1, 2010 through March 31, 2011

Civil engineering
Architectural
construction
Architectural
construction
Subtotal

Projects completed

Net sales

Civil engineering

Total

Construction orders awarded%
33,367

54.9

Domestic private sector

26,914

44.3

Overseas452

0.8

Subtotal

60,734

Domestic public sector
Domestic private sector%
25,50061.5

15,784

38.0

220

0.5

100

41,50527,49425.3

81,19974.7

Overseas

70.0

Subtotal

108,701

Domestic public sector
Domestic private sector%% Change
Increase(Decrease)%(7,867)(23.6)(11,129)(41.4)(232)(51.4)

100(19,229)(31.7)

11,81412.9(15,679)(57.0)

79,51987.1(1,680)

(2.1)

2

0.0

(4)

(65.9)

100

91,336100(17,364)(16.0)

60,86135.9

37,31528.1(23,546)(38.7)

108,11463.8

95,304

71.7(12,810)(11.8)

459

0.3

222

0.2

(237)

(51.6)

Total

169,436100

132,842100(36,593)(21.6)

Domestic public sector

53,01064.2

49,211

60.5(3,799)(7.2)

Domestic private sector

24,51729.725,191

31.0

674

2.7

Overseas

5,046

6.1

6,956

8.5

1,910

37.9

Subtotal

82,573100

41.4

81,359100

43.3(1,214)(1.5)

Domestic public sector

17,26015.4[57.6]

23,36423.1[55.5]

6,103

35.4

Domestic private sector

94,74084.6

77,91476.9(16,825)(17.8)

Overseas70.0

20.0(4)(65.9)

Subtotal

112,008

100

56.1

101,281100

53.9(10,726)(9.6)

Domestic public sector

70,271

36.1

[100]

72,575

39.7

[100]

2,304

3.3

Domestic private sector

119,257

61.3

103,10556.5(16,151)(13.5)

Overseas

5,053

2.6

6,959

3.8

1,905

37.7

Subtotal

194,582100

182,640

100(11,941)(6.1)

Overseas

35.8

64.2

100

[42.4]

97.5

31.2

68.8

100

[44.5]

97.2

4,979

2.5

5,328

2.8

348

7.0

Total

199,561100

187,969100(11,592)(5.8)

Domestic public sector

83,585

65.7(23,710)(28.4)

Domestic private sector

32,33925.4(9,406)(29.1)

Overseas

11,3298.9(6,736)(59.5)

Subtotal

127,254

Domestic public sector
Domestic private sector

Architectural
construction

Civil engineering

Real estate business and other

Total

Period-end backlog

Domestic public sector%

ChangeIncrease(Decrease)59,874

68.5

22,933

26.2

4,592

5.3

100

87,400100(39,853)(31.3)

38,75827.1

27,20820.4(11,549)(29.8)

104,25172.9

105,856

79.6

1,604

1.5

Overseas－－－－－－

Subtotal

143,009100

133,064

100(9,944)(7.0)

Domestic public sector

122,34345.3

87,082

39.5(35,260)(28.8)

Domestic private sector

136,591

50.5

128,789

58.4(7,801)(5.7)

Overseas

11,3294.2

4,5922.1(6,736)(59.5)

Total

270,263100

220,465100(49,798)(18.4)

-7-

47.1

52.9

100

39.6

60.4100