Consolidated Financial Statements(For the fiscal year ended March 31, 2020)
Consolidated Balance Sheets(Millions of Yen)FY2019FY2020

As of March 31, 2019

As of March 31, 2020

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

34,847

26,179101,041

121,748

Securities

17,000

3,000

991

592

Costs on construction contracts in progress

4,336

5,410

Costs on real estate business

2,736

3,102

Work in process

1,438

1,096

75

66

Other

7,974

10,658

Allowance for doubtful accounts

(700)

(190)

169,742

171,664Buildings and structures, net

13,17014,865

Machinery, vehicles, tools, furniture and fixtures, net

1,188

1,578

Land

31,75833,6043

2

Construction in progress

2,958

9,505

Total property, plant and equipment

49,07959,556

Goodwill

497

467

Other

439

682

Total intangible assets

937

1,149

74,16857,429Long-term loans receivable

199

165

Retirement benefit asset

3,140

4,067

31

1

Other

2,400

2,865

Allowance for doubtful accounts(2,009)(1,980)Total investments and other assets

77,93062,548

127,947

123,254

297,690294,919Real estate for sale

Raw materials and supplies

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

Leased assets, net

Intangible assets：

Investments and other assets：
Investment securities

Deferred tax assets

Total non-current assets
Total assets-1-(Millions of Yen)FY2019FY2020

As of March 31, 2019

As of March 31, 2020

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

43,33743,944

8,075

8,946

2

1

Income taxes payable

2,298

1,938

Advances received on construction contracts in progress

13,942

12,598Deposits received

18,08022,983

715

667

3,450

3,289

59

44

1,118

1,127

86

87

Other

16,85317,360Total current liabilities

108,020

112,990

Long-term borrowings

7,122

6,015

Non-recourse borrowings

―

9,221

Lease obligations

1

1

14,041

10,215

Asset retirement obligations

57

58

Other

46

304

21,26925,817129,289

138,807

Share capital

19,838

19,838

Capital surplus

25,33026,248Retained earnings

103,250

105,554

Treasury shares(16,069)(19,761)

Total shareholders' equity

132,349

131,880

34,41423,233―46

Remeasurements of defined benefit plans

1,693

1,364

Total accumulated other comprehensive income

36,10824,644

(57)

(413)

Total net assets

168,400

156,111

Total liabilities and net assets

297,690294,919

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：

Deferred tax liabilities

Total non-current liabilities
Total liabilities
Net assetsShareholders' 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)FY2019FY2020April 1, 2018 throughMarch 31, 2019

April 1, 2019 throughMarch 31, 2020

Net sales：
Net sales of completed construction contracts

210,020

216,905

Net sales in real estate business and other

10,863

9,466

Total net sales

220,884

226,371

182,685

191,874

6,655

5,408

189,341

197,283

Gross profit on completed construction contracts27,335

25,031Gross profit on real estate business and other

4,207

4,057

Total gross profit

31,54329,088Selling, general and administrative expenses

17,826

17,571

Operating profit

13,716

11,516

Interest income

43

44

Dividend income

1,219

1,415

Reversal of allowance for doubtful accounts

105

539

Other229

310

1,598

2,309

Interest expenses

154

208

Foreign exchange losses

38―

Commission expenses

15288

Other

746

216

542

15,09813,283

1,420

980

194

0

1,615980

Loss on valuation of investment securities

28430

Loss on tax purpose reduction entry of non-current assets

―65

Other

127

28

Total extraordinary losses

155524

Profit before income taxes

16,55813,739

Income taxes - current

3,555

3,602

Income taxes - deferred

690

433

Total income taxes

4,245

4,035

Profit12,312

9,704

(1)

(91)

12,314

9,795

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

Non-operating income：

Total non-operating income
Non-operating expenses：

Total non-operating expenses
Ordinary profitExtraordinary income：Gain on sales of investment securities
Other
Total 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

FY2019FY2020April 1, 2018 throughMarch 31, 2019

April 1, 2019 throughMarch 31, 2020

12,312

9,704

(423)

(11,181)―92

Remeasurements of defined benefit plans, net of tax(445)(328)

Total other comprehensive income(869)(11,417)

11,443(1,713)

11,445(1,667)(1)(45)

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

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)FY2019FY2020April 1, 2018 throughMarch 31, 2019

April 1, 2019 throughMarch 31, 2020

Cash flows from operating activities:
Profit before income taxes

16,55813,739Depreciation

1,175

1,429

Amortization of goodwill

729

Loss on tax purpose reduction entry of non-current assets―65

Increase (decrease) in allowance for doubtful accounts

(105)

(539)

(1,167)(1,400)41(47)

(767)

(161)

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

11

(15)

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

9Interest and dividend income(1,263)(1,459)154

208(1,420)

(980)

28430

Decrease (increase) in trade receivables

11,245(20,707)

Decrease (increase) in costs on construction contracts inprogress

1,210(1,073)

Decrease (increase) in other inventories

(414)

384

Increase (decrease) in trade payables(11,381)705

Increase (decrease) in advances received on construction
contracts in progress(2,071)(1,343)

Increase (decrease) in deposits received

854

4,902

Other, net

605(3,026)

Subtotal

12,075(8,848)Interest and dividends received

1,262

1,458

Interest paid

(154)

(208)

(3,984)(4,147)

9,198(11,745)

Decrease (increase) in retirement benefit asset
Increase (decrease) in provision for warranties forcompleted construction
Increase (decrease) in provision for bonuses

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

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

(Millions of Yen)FY2019FY2020April 1, 2018 throughMarch 31, 2019

April 1, 2019 throughMarch 31, 2020

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

436

99

Purchase of short-term and long-term investment
securities(273)(73)

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

2,164

1,957

Purchase of property, plant and equipment and intangible
assets(4,515)(11,610)

286

0267

―

(1,749)(215)

Collection of loans receivable

29287

Other, net(10)0(3,364)(9,554)

Net increase (decrease) in short-term borrowings(3,754)(158)

Proceeds from long-term borrowings

4,000

―

Repayments of long-term borrowings

(20)

(10)

Proceeds from non-recourse borrowings

―

9,221

(3,381)(3,691)―0(7,314)(7,473)―369Proceeds from share issuance to non-controllingshareholders―447

Other, net

(7)

(2)

Net cash provided by (used in) financing activities(10,477)(1,298)

Effect of exchange rate change on cash and cashequivalents

(9)

23

Net increase (decrease) in cash and cash equivalents(4,653)(22,575)

Cash and cash equivalents at beginning of period

54,486

49,833

Cash and cash equivalents at end of period

49,83327,258Proceeds from sales of property, plant and equipment andintangible assets
Proceeds from purchase of Investments in capital ofsubsidiaries and associates resulting in change in scope ofconsolidation
Loan advances

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

Purchase of treasury shares
Proceeds from sales 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)
FY2019April 1, 2018 throughMarch 31, 2019

Civil engineering
Architectural
construction
Architecturalconstruction
SubtotalProjects completedNet sales

Civil engineering

Total

Construction orders awarded%

68.2

Domestic private sector

35,031

31.8

Overseas

(16)

(0.0)

Subtotal

110,024

Domestic public sector
Domestic private sector%%

30,94334.5

50,679

56.5

8,027

9.0

100

89,64922,60514.2

136,196

85.8

Overseas－－

Subtotal

158,801

Domestic public sector
Domestic private sector%(Millions of Yen)
Change% Change
Increase
Increase(Decrease) (Decrease)%(44,066)(58.7)

15,647

44.7

8,043

－

100

(20,374)(18.5)

38,372

29.7

15,766

69.7

90,84070.3(45,356)(33.3)－－－－

100

129,212100(29,589)(18.6)

97,61536.3

69,31531.7(28,299)(29.0)

171,227

63.7

141,51964.6(29,708)(17.4)

(16)

(0.0)

8,027

3.7

8,043

－

Total

268,826100

218,862100(49,964)(18.6)

Domestic public sector

71,201

77.7

69,23969.1(1,961)(2.8)

Domestic private sector

19,691

21.5

28,552

28.5

8,861

45.0

Overseas

762

0.8

2,353

2.4

1,591

208.9

Subtotal

91,654100

42.5

100,145

100

45.0

8,491

9.3

Domestic public sector

19,597

16.6[56.4]

12,25810.5[53.8](7,339)(37.5)

Domestic private sector

98,76983.4

104,501

89.5

5,732

5.8

Overseas－－－－－－

Subtotal

118,366100

54.9

116,759

100

52.5(1,606)(1.4)

Domestic public sector

90,798

43.2

[100]

81,497

37.6

[100]

(9,301)(10.2)

Domestic private sector

118,460

56.4

133,054

61.3

14,593

12.3

Overseas

762

0.4

2,353

1.1

1,591

208.9

Subtotal

210,021100

216,905

100

6,884

3.3

Overseas

40.9

59.1

100

[43.6]

97.4

41.0

59.0

100

[46.2]

97.5

5,496

2.6

5,521

2.5240.5

Total

215,517100

222,426

100

6,909

3.2

Domestic public sector

124,80767.9(38,296)(30.7)

Domestic private sector

50,761

27.6

22,126

43.6

Overseas

8,233

4.5

5,673

68.9

Subtotal

183,802

Domestic public sector
Domestic private sector

Architectural
construction

Civil engineering

Real estate business and other

Total

Period-end backlog

Domestic public sector

75,009FY2020April 1, 2019 throughMarch 31, 2020

86,51049.9

72,88842.1

13,9078.0

100

173,306100(10,495)(5.7)

22,941

13.8

49,05627.5

26,114113.8

142,89486.2

129,233

72.5(13,661)(9.6)

Overseas－－－－－－

Subtotal

165,836100

178,289

100

12,452

7.5

Domestic public sector

147,74842.3

135,567

38.6(12,181)(8.2)

Domestic private sector

193,65655.4

202,121

57.5

8,465

4.4

Overseas

8,233

2.3

13,907

3.9

5,673

68.9

Total

349,638100

351,595

100

1,956

0.6

-7-

52.6

47.4

100

49.3

50.7100