Consolidated Financial Statements(For the fiscal year ended March 31, 2019)
Consolidated Balance Sheets(Millions of yen)

FY2018FY2019As of March 31, 2018

As of March 31, 2019

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

34,847112,287

101,041

Securities

10,99917,000705

991

Costs on uncompleted construction contracts

5,547

4,336

Costs on real estate business

3,215

2,736

Work in process

865

1,438

Raw materials and supplies

4175

Other

11,652

7,974

Allowance for doubtful accounts

(786)

(700)

190,470

169,742

13,07013,170962

1,188

31,25031,758

Leased assets, net

93Construction in progress

21

2,958

45,31449,079Goodwill―

497

Other

280

439

Total intangible assets

280

937

74,75974,168Long-term loans receivable

175

199

Retirement benefit asset

2,409

3,140

35

31

Other

2,479

2,400

Allowance for doubtful accounts(2,060)(2,009)Total investments and other assets

77,79877,930123,393

127,947

313,863

297,690

Real estate for sale

Total current assets
Non-current assets：
Property, plant and equipment：
Buildings and structures, net
Machinery, vehicles, tools, furniture and fixtures, net
Land

Total property, plant and equipment
Intangible assets

Investments and other assets：
Investment securities

Deferred tax assets

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

FY2018FY2019As of March 31, 2018

As of March 31, 2019

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

58,98543,337

11,6598,075

72

Income taxes payable

2,707

2,298

Advances received on uncompleted construction contracts

16,013

13,942

Deposits received

17,22618,080

674

715

4,217

3,450

48

59

2,344

1,118

104

86

Other

15,86816,853

Total current liabilities

129,856

108,020

3,141

7,122

3

1

13,02814,041

Asset retirement obligations

64

57

Other

46

46

16,283

21,269146,140

129,289

Capital stock

19,838

19,838

Capital surplus

25,33025,330Retained earnings

98,265103,250

Treasury shares(12,688)(16,069)

Total shareholders' equity

130,746

132,349

Valuation difference on available-for-sale securities

34,83834,414Remeasurements of defined benefit plans

2,138

1,693

Total accumulated other comprehensive income

36,977

36,108―(57)

Total net assets

167,723

168,400

Total liabilities and net assets

313,863

297,690

Short-term loans payable
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：
Long-term loans payable
Lease obligations
Deferred tax liabilities

Total non-current liabilities
Total liabilities
Net assetsShareholders' equity：

Accumulated other comprehensive income：Non-controlling interests-2-Consolidated Statements of Income(Millions of yen)
FY2018FY2019April 1, 2017 throughMarch 31, 2018

April 1, 2018 throughMarch 31, 2019

Net sales：
Net sales of completed construction contracts

213,135

210,020

Net sales of real estate business and other

10,791

10,863

Total net sales

223,927

220,884

Cost of sales of completed construction contracts

184,565

182,685

Cost of sales on real estate business and other

6,596

6,655

191,162

189,341

Gross profit on completed construction contracts

28,57027,335Gross profit on real estate business and other

4,194

4,207

Total gross profit

32,76531,543

Selling, general and administrative expenses

16,911

17,826

Operating profit

15,853

13,716

Interest income

66

43

Dividend income

1,139

1,219

413

334

1,619

1,598

Interest expenses

135

154

Foreign exchange losses

18

38

Other

44

23

Total non-operating expenses

197

216

17,27515,098Gain on sales of non-current assets

157

194

Gain on sales of investment securities

180

1,420

Total extraordinary income

338

1,615

Loss on sales of non-current assets

068

Loss on retirement of non-current assets

1859

Loss on valuation of investment securities

028

Total extraordinary losses

18155

Profit before income taxes

17,595

16,558

Income taxes - current

3,239

3,555

Income taxes - deferred

(807)

690

Total income taxes

2,431

4,245

Profit15,163

12,312―(1)

15,163

12,314

Cost of sales：

Total cost of sales
Gross profit：

Non-operating income：

Other
Total non-operating income
Non-operating expenses：

Ordinary profit
Extraordinary income：Extraordinary losses：

Loss attributable to non-controlling interests
Profit attributable to owners of parent-3-

Consolidated Statements of Comprehensive Income(Millions of yen)

Profit

FY2018FY2019April 1, 2017 throughMarch 31, 2018

April 1, 2018 throughMarch 31, 201915,163

12,312

Valuation difference on available-for-sale securities

6,092(423)

Remeasurements of defined benefit plans, net of tax

116(445)

6,208(869)21,372

11,443

21,372

11,445―(1)

Other comprehensive income:

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)

FY2018FY2019April 1, 2017 throughMarch 31, 2018

April 1, 2018 throughMarch 31, 2019

Cash flows from operating activities:
Profit before income taxes

17,595

16,558Depreciation

1,093

1,175

Amortization of goodwill―

7

Loss on retirement of non-current assets

1859

Increase (decrease) in allowance for doubtful accounts

(226)

(105)

Decrease (increase) in retirement benefit asset(87)(1,167)

Increase (decrease) in provision for warranties forcompleted construction

3541

(157)

(767)

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

14

11

Increase (decrease) in provision for loss on construction
contracts(1,022)(1,226)

Interest and dividend income(1,206)(1,263)

Interest expenses

135

154

Loss (gain) on sales of non-current assets

(157)

(126)

Loss (gain) on sales of short-term and long-term
investment securities(180)(1,420)Loss (gain) on valuation of short-term and long-term
investment securities

028

Decrease (increase) in notes and accounts receivable trade(15,011)

11,245Decrease (increase) in costs on uncompleted construction
contracts

971

1,210

Decrease (increase) in other inventories

(584)

(414)

Increase (decrease) in notes and accounts payable - trade154(11,381)

Increase (decrease) in advances received on uncompleted
construction contracts

1,113(2,071)

Increase (decrease) in deposits received

5,661

854

Other, net

999

673

Subtotal

9,157

12,075Interest and dividend income received

1,205

1,262

Interest expenses paid

(135)

(154)

(1,792)(3,984)

8,435

9,198

Increase (decrease) in provision for bonuses

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

FY2018FY2019April 1, 2017 throughMarch 31, 2018

April 1, 2018 throughMarch 31, 2019

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

(806)

436

Purchase of short-term and long-term investment
securities

(169)

(273)

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

399

2,164

Purchase of property, plant and equipment and intangible
assets(3,435)(4,515)

Proceeds from sales of property, plant and equipment andintangible assets

166

286

Proceeds from purchase of shares of subsidiaries
resulting in change in scope of consolidation―

267

Payments of loans receivable(18)(1,749)Collection of loans receivable

24

29

Other, net

(11)

(10)

(3,851)(3,364)

Net increase (decrease) in short-term loans payable

2,571(3,754)

Proceeds from long-term loans payable

2,000

4,000

Repayments of long-term loans payable(4,016)

(20)

(35)

(3,381)

1―(6,559)(7,314)(13)(7)

Net cash provided by (used in) financing activities(6,052)(10,477)

Effect of exchange rate change on cash and cashequivalents

(3)

(9)

Net increase (decrease) in cash and cash equivalents(1,472)(4,653)

Cash and cash equivalents at beginning of period

55,95854,486

Cash and cash equivalents at end of period

54,486

49,833

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

Purchase of treasury shares
Proceeds from sales of treasury shares
Cash dividends paid
Other, net-6-Breakdown of Orders (Nonconsolidated)
FY2018
April 1, 2017 throughMarch 31, 2018

Architectural
construction
Subtotal

Net sales

Projects completed

Civil engineering

Total

Architectural
construction

Construction orders awarded

Civil engineering%
63.4

Domestic private sector

25,42930.8%%
75,00968.2

35,031

31.8

40.8%

%
22,702

43.4

9,601

37.8

40.9

Overseas

4,745

5.8

(16)

(0.0)

(4,761)－Subtotal

82,481100

110,024100

27,54333.4

Domestic public sector

15,25812.8

22,605

14.2

7,347

48.2

Domestic private sector

104,38487.2

136,19685.8

31,811

30.5

(1)

－

59.2

59.1

Overseas

10.0－－

Subtotal

119,644100

158,801

100

39,15732.7

Domestic public sector

67,565

33.4

97,61536.3

30,05044.5

Domestic private sector

129,81464.2

171,227

63.7

41,413

31.9

100

100

Overseas

4,746

2.4(16)(0.0)(4,762)－

Total

202,126100

268,826100

66,70033.0

Domestic public sector

60,88474.9

71,201

77.7

10,317

16.9

Domestic private sector

19,892

24.5

19,691

21.5

(201)

(1.0)

Overseas

452

0.6

762

0.8

309

68.3Subtotal

81,229100

37.2

91,654100

42.5

10,425

12.8

Domestic public sector

37,28928.3[61.9]

19,597

16.6[56.4](17,691)(47.4)

Domestic private sector

94,615

71.7

98,769

83.4

4,153

4.4

Overseas

1

0.0

－

－

(1)

－

Subtotal

131,906100

60.3

118,366100

54.9(13,539)(10.3)

Domestic public sector

98,173

46.1

[100]

90,798

43.2

[100]

(7,374)(7.5)

Domestic private sector

114,50753.7

118,460

56.4

3,952

3.5

Overseas

454

0.2

762

0.4

307

67.8

Subtotal

213,135100

210,021100(3,114)(1.5)[38.1]

97.5[43.6]

97.4

5,438

2.5

5,496

2.6

58

1.1

Total

218,573100

215,517100(3,056)(1.4)

Domestic public sector

120,998

73.1

3,808

3.1

Domestic private sector

35,421

21.4

15,34043.3

Architecturalconstruction

Civil engineering

Real estate business and other

Total

Period-end backlog

Domestic public sector

52,306(Millions of yen)
Change% Change
Increase
Increase(Decrease) (Decrease)

FY2019April 1, 2018 throughMarch 31, 2019

124,80767.9

50,761

27.6

56.9

52.6

Overseas

9,012

5.5

8,233

4.5(778)(8.6)

Subtotal

165,432100

183,802100

18,370

11.1

Domestic public sector

19,93315.9

22,941

13.8

3,008

15.1

Domestic private sector

105,467

84.1

142,894

86.2

37,427

35.5－－

Overseas－－

Subtotal

125,401

Domestic public sector
Domestic private sector

43.1

47.4

－

－

100

165,836

100

40,43532.2

140,93248.5

147,748

42.3

6,816

4.8

140,88848.4

193,65655.4

52,767

37.5

100

100

Overseas

9,012

3.1

8,233

2.3(778)

(8.6)

Total

290,833100

349,638100

58,805

20.2-7-