Consolidated Financial Statements(For the Second Quarter of FY2019)
Consolidated Balance Sheets(Millions of yen)

FY2018Current Second Quarter

As of March 31, 2018

As of September 30, 2018

AssetsCurrent assets:
Cash and deposits
Notes receivable, accounts receivable from completed
construction contracts and other45,942

43,701

112,287

84,051

Securities

10,99925,000705

564

Costs on uncompleted construction contracts

5,547

4,857

Costs on real estate business

3,215

3,175

Work in process

865

1,875

Raw materials and supplies

4171

Other

11,652

6,933

Allowance for doubtful accounts(786)(599)

190,470

169,630Land

31,25031,183

Other, net

14,064

14,033

Total property, plant and equipment

45,31445,216280

280

Investment securities

74,75979,416

Net defined benefit asset

2,409

2,395

Other

2,690

2,650

Allowance for doubtful accounts(2,060)(2,011)

Total investments and other assets

77,79882,450123,393

127,946

313,863

297,577

Real estate for sale

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

Intangible assets
Investments and other assets:

Total non-current assets
Total assets-1-(Millions of yen)

FY2018Current Second Quarter

As of March 31, 2018

As of September 30, 2018

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

58,98541,298

Short-term loans payable

11,6599,499

Income taxes payable

2,707

1,442

Advances received on uncompleted construction contracts

16,013

19,847

Provision

4,940

3,256

Provision for loss on construction contracts

2,344

1,280

104

104

Other

33,10232,876

Total current liabilities

129,856

109,604

Long-term loans payable

3,141

5,134

Asset retirement obligations

6464

Other

13,077

15,362

Total non-current liabilities

16,283

20,560146,140

130,165

Capital stock

19,838

19,838

Capital surplus

25,33025,330Retained earnings

98,26596,626

Treasury shares(12,688)(14,380)

Total shareholders' equity

130,746

127,414

Valuation difference on available-for-sale securities

34,83838,010Remeasurements of defined benefit plans

2,138

1,987

Total accumulated other comprehensive income

36,97739,997

Total net assets

167,723

167,412

Total liabilities and net assets

313,863

297,577

Asset retirement obligations

Non-current liabilities:

Total liabilities
Net assets
Shareholders' equity:

Accumulated other comprehensive income:-2-Consolidated Statements of Income(Six-month Period Ended September 30)(Millions of yen)
2Q / FY2018

2Q / FY2019

April 1, 2017 throughSeptember 30, 2017

April 1, 2018 throughSeptember 30, 2018

Net sales:
Net sales of completed construction contracts

103,525

101,151

4,422

4,391

107,947

105,543

Cost of sales of completed construction contracts

88,783

88,162

Cost of sales on real estate business and other2,467

2,340

Total cost of sales

91,25190,503Gross profit on completed construction contracts

14,741

12,988Gross profit on real estate business and other

1,954

2,050

Total gross profit

16,69615,039Selling, general and administrative expenses

7,617

8,228

Operating profit

9,078

6,810

Interest income

36

19

Dividend income

656

691

Other

99354

Total non-operating income

791

1,066

Interest expenses

68

77

Other

1813

Total non-operating expenses

87

90

9,783

7,786

Gain on sales of non-current assets

4879

Gain on sales of investment securities

125―

Total extraordinary income

173

79

Loss on sales of non-current assets―42Other24

Total extraordinary losses

246

Profit before income taxes

9,953

7,819

Income taxes - current

1,006

1,239

Income taxes - deferred

(7)

890

Total income taxes

998

2,129

Profit

8,954

5,689

Profit attributable to owners of parent

8,954

5,689

Net sales of real estate business and otherTotal net sales
Cost of sales:

Gross profit:

Non-operating income:Non-operating expenses:

Ordinary profit
Extraordinary income:Extraordinary losses:-3-Consolidated Statements of Comprehensive Income(Six-month Period Ended September 30)

Profit(Millions of yen)

2Q / FY2018

2Q / FY2019

April 1, 2017 throughSeptember 30, 2017

April 1, 2018 throughSeptember 30, 2018

8,954

5,689

Valuation difference on available-for-sale securities

4,691

3,171

Remeasurements of defined benefit plans, net of tax

(57)

(151)

Total other comprehensive income

4,633

3,020

13,588

8,709

13,588

8,709――

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(Six-month Period Ended September 30)(Millions of yen)

2Q / FY2018

2Q / FY2019

April 1, 2017 throughSeptember 30, 2017

April 1, 2018 throughSeptember 30, 2018

Cash flows from operating activities:
Profit before income taxes

9,953

7,819

Depreciation

511

566

Increase (decrease) in allowance for doubtful accounts

29(203)

Decrease (increase) in net defined benefit asset

(34)

(141)

(1,272)(1,064)

(692)

(711)

Interest expenses6877

Loss (gain) on sales of non-current assets

(48)

(37)

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

(125)

―

Decrease (increase) in notes and accounts receivable trade(4,713)

28,235Decrease (increase) in costs on uncompleted construction
contracts

1,017

690

Decrease (increase) in other inventories

(798)

(859)

Increase (decrease) in notes and accounts payable - trade(4,439)(12,788)

Increase (decrease) in advances received on uncompleted
construction contracts(1,065)

3,834

Other, net

2,180(1,696)

Subtotal572

23,721

Interest and dividend income received

692

710

Interest expenses paid

(68)

(77)

(1,120)(2,480)75

21,874

Increase (decrease) in provision for loss on construction
contracts
Interest and dividend income

Income taxes (paid) refund
Net cash provided by (used in) operating activities-5-

(Millions of yen)

2Q / FY2018

2Q / FY2019

April 1, 2017 throughSeptember 30, 2017

April 1, 2018 throughSeptember 30, 2018

Cash flows from investing activities:
Net decrease (increase) in time deposits(8,799)(612)

Purchase of short-term and long-term investment
securities(3,155)(23,155)

262

90

Purchase of property, plant and equipment and intangible
assets(2,208)(1,065)

Proceeds from sales of property, plant and equipment andintangible assets

64

149

Payments of loans receivable

(6)

(1)

Collection of loans receivable

8

12

Other, net

(1)

(8)

(13,835)(24,591)

2,607(2,164)

Proceeds from long-term loans payable

―

2,000

Repayments of long-term loans payable(2,005)(8)(18)(1,692)

1―(6,545)(7,299)(7)(4)

Net cash provided by (used in) financing activities(5,968)(9,168)

Effect of exchange rate change on cash and cash
equivalents

24

Net increase (decrease) in cash and cash equivalents(19,725)(11,881)

Cash and cash equivalents at beginning of period

55,95854,486

Cash and cash equivalents at end of period

36,23342,605

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

Net cash provided by (used in) investing activities
Cash flows from financing activities:
Net increase (decrease) in short-term loans payable

Purchase of treasury shares
Proceeds from sales of treasury shares
Cash dividends paid
Other, net-6-

Breakdown of Orders (Nonconsolidated)
2Q / FY2018
April 1, 2017 throughSeptember 30, 2017

Civil engineering
Architecturalconstruction
Architectural
construction
Subtotal

Projects completed

Net sales

Civil engineering

Total

Construction orders awarded%

19,41565.3

Domestic private sector

10,331

34.7

Overseas

70.0

Subtotal

29,754

Domestic public sector
Domestic private sector%

19,79545.3

23,898

54.7

10.0

100

43,695

9,992

26.2

28,084

73.8

Overseas－－

Subtotal

38,077

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

%

380

2.0

13,566131.3(6)(83.6)

100

13,940

46.9

5,475

14.3

(4,516)(45.2)

32,787

85.7

4,702

16.7

－

－

－

－

100

38,263

100

186

0.5

29,40843.4

25,27130.8(4,136)(14.1)

38,41656.6

56,685

69.2

18,269

47.6

70.0

1

0.0

(6)

(83.6)

Total

67,831

100

81,959100

14,127

20.8

Domestic public sector

30,43076.4

32,59878.3

2,1677.1

Domestic private sector

8,947

22.5

8,616

20.7(331)(3.7)

Overseas

451

1.1

394

1.0(56)(12.6)

Subtotal

39,829100

37.6

41,609

100

40.0

1,779

4.5

Domestic public sector

19,86631.2[61.5]

11,86419.9[58.9](8,001)(40.3)

Domestic private sector

43,82968.8

47,677

80.1

3,848

8.8

Overseas－－－－－－

Subtotal

63,695100

60.1

59,542100

57.3(4,153)(6.5)

Domestic public sector

50,297

48.6

[100]

44,463

44.0

[100]

(5,833)(11.6)

Domestic private sector

52,77651.0

56,294

55.6

3,517

6.7

Overseas

451

0.4

394

0.4(56)(12.6)

Subtotal

103,525

100

101,151100(2,373)(2.3)

Overseas

43.9

56.1

100

[38.5]

97.7

53.3

46.7

100

[41.1]

97.3

2,396

2.3

2,810

2.7

413

17.3

Total

105,921100

103,962100(1,959)(1.9)

Domestic public sector

118,56176.9(10,365)(8.7)

Domestic private sector

31,26820.3

19,43562.2

Overseas

4,276

2.8

4,342

101.6

Subtotal

154,105

Domestic public sector
Domestic private sector

Architectural
constructionCivil engineering

Real estate business and otherTotal

Period-end backlog

Domestic public sector%

2Q / FY2019
April 1, 2018 throughSeptember 30, 2018

108,19664.6

50,703

30.3

8,619

5.1

100

167,518100

13,413

8.7

32,09028.6

13,54413.0(18,545)(57.8)

79,953

71.4

90,57787.0

10,623

13.3

Overseas－－－－－－

Subtotal

112,044100

104,122100(7,922)(7.1)

Domestic public sector

150,65156.6

121,74144.8(28,910)(19.2)

Domestic private sector

111,22141.8

141,28052.0

30,05827.0Overseas

4,276

1.6

8,619

3.2

4,342

101.6

Total

266,149100

271,640

100

5,491

2.1

-7-

57.9

42.1

100

61.7

38.3100