Brief Report on the Financial Statements for the Period Ending March, 2018
[Japanese Standard] (Consolidated)
Name of listed company:

May 10, 2018
Stock Exchange Listing:Tokyo Stock Exchange 1st section

DAI-DAN Co., Ltd.

Code No.:1980
URL: http://www.daidan.co.jp/
Representative of Company: Ichiro Fujisawa, Representative Director, President
Inquiries to be addressed to: Yasuo Kamei, Executive Corporate Officer, Head of General
Administration
Date scheduled for dividend
Date scheduled for ordinary shareholders
June 28, 2018
payment commencement:
general meeting convention:
Date scheduled for asset securities report
June 28, 2018
submission:
Creating supplements to the financial statement:
None
Holding a briefing sessions on the financial statement: Yes

Tel. (06) 6447 - 8003
June 29, 2018

(Amounts are indicated with figures less than 1 million yen discarded.)

1. Consolidated business results for the period ending March, 2018 (From April 1, 2017 to March 31, 2018)(1) Consolidated management performance(Percentage indications show increase or decrease from the previous period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Period ending
143,448
14.5
7,385
9.4
7,674
10.6
5,109
10.1
March 2018
Period ending
125,253
(9.5)
6,750
3.3
6,939
2.5
4,638
9.2
March 2017
(Note) Comprehensive income
Period ending March 2018
7,514 Million yen
72.3%
Period ending March 2017
4,362 Million yen
121.0%

Profit per share

Diluted profit per share

Total asset vs.
Net sales vs.
Ordinary profit Operating profit
ratio
ratio
%
%
%

Equity capitalvs. profit ratio

Yen
Sen
Yen
Sen
Period ending
229.198.4－
March 2018
Period ending
208.04
8.3－
March 2017
(Reference) Investment income or loss on equity method Period ending March 2018
Period ending March 2017

6.1

5.1

5.8

5.4

– Million yen– Million yen(Note) Because we had a stock merger of two common shares to one common share as of October 1, 2017, "Profit per share" is calculated assuming that thestock merger was executed at the beginning of the previous consolidated accounting year.

(2) Consolidated financial position
Total assets
Net assets
Equity capital ratio
Million yen
Million yen%
Period ending
131,326
64,417
48.9
March 2018
Period ending
118,454
58,004
48.8
March 2017
(Reference) Equity capital
Period ending March 2018
64,245 Million yen
Period ending March 201757,817 Million yen

Net assets per share
Yen
Sen
2,882.07
2,593.28(Note) Because we had a stock merger of two common shares to one common share as of October 1, 2017, "Net assets per share" is calculated
assuming that the stock merger was executed at the beginning of the previous consolidated accounting year.

(3) Consolidated cash flows
Cash flows fromoperating activities
Million yen
Period ending
3,320
March 2018
Period ending
5,395
March 2017

Cash flows frominvesting activities
Million yen

Cash flows from
Cash and equivalents atfinancing activities
end of period
Million yen
Million yen(315)(1,711)

27,858(1,442)(925)

26,5492. Dividends
End of firstquarter
Yen Sen

Period ending
March 2017
Period ending
March 2018
Period ending
March 2019
(Forecast)(Note 1)
(Note 2)

Annual dividends per share
End of second
End of third
Period end
quarterquarter
Yen SenYen SenYen SenThrough year
Yen

Net asset vs.
Total dividend Dividend trend
dividend ratio(through year) (consolidated)(consolidated)

Sen

Million yen

%

%

－

10.00

－

13.00

23.00

1,025

22.1

1.8

－

11.50

－

33.00

－

1,248

24.4

2.0

－

28.00

－

28.00

56.00

25.0

Breakdown of dividend at the end of the current period ending March 2017: ordinary dividend 10.00 yen and special dividend 3.00 yen
Breakdown of dividend at the end of the current period ending March 2018: ordinary dividend 23.00 yen and special dividend 10.00 yen
We had a stock merger of two common shares to one common share as of October 1, 2017. The dividends for the second quarter of the period ending
March 2018 and earlier periods indicate the actual dividend amount before the stock merger.

3. Estimate of consolidated performance for the period ending March 2019 (From April 1, 2018 to March 31, 2019)(Percentage indications show increase or decrease from the previous period for total period and from the same quarterof the previous year for the second quarter consolidated cumulative period.)

Net sales
Second quarter
consolidated
cumulative period
Total period

Profit attributable
Profit per shareto owners of parent% Mil. yen%
Yen SenOperating profit

Ordinary profit

Mil. yen%Mil. yen%Mil. yen

67,500

(0.9)

3,000

(6.3)

3,000

(13.5)

2,000(12.9)

89.71

151,000

5.3

7,500

1.5

7,500

(2.3)

5,000

(2.1)

224.29(Reference) 1. Estimated net sales of construction contract orders (the second quarter consolidated cumulative period) 76,500 Million yen
2. Estimated net sales of construction contract orders (Total period) 148,000 Million yen* Annotations(1) Changes in key subsidiaries in the period (changes in specific subsidiaries requiring changes of consolidation
scope): None
(2) Changes in accounting policies, changes in accounting estimates, restatement
 Changes in accounting policies due to revision of accounting standards, etc.:
 Changes in accounting policies other than : Changes in accounting estimates:
 Restatement:(3) Number of issued shares (common stock) Number of issued shares at the end of
period (including treasury shares)
 Number of treasury shares at the endof period Average number of shares during theperiodPeriod ending
March 2018
Period ending
March 2018
Period ending
March 2018

None
None
None
None

Period ending
22,981,901 shares
March 2017
Period ending
686,636 shares
690,284 shares
March 2017
Period ending
22,293,010 shares
22,296,703 shares
March 2017

22,981,901 shares(Note) Because we had a stock merger of two common shares to one common share as of October 1, 2017, "Number of issued shares at the endof period," "Number of treasury shares at the end of period" and "Average numbers of shares in the period" are calculated assuming thatthe stock merger was executed at the beginning of the previous consolidated accounting year.

(Reference) Outline of individual performance
1. Individual business results the period ending March 2018 (From April 1, 2017 to March 31, 2018)(1) Individual management performance(percentage indications show increase or decrease from the previous period)
Net sales
Operating profit
Ordinary profit
ProfitPeriod ending
March 2018
Period ending
March 2017

Mil. yen%Mil. yen%Mil. yen%Mil. yen%

142,376

14.9

7,402

9.8

7,686

10.9

5,116

10.5

123,878

(9.6)

6,743

3.9

6,929

3.1

4,630

9.8

Profit per share
Yen

Period ending
March 2018
Period ending
March 2017

Diluted profit per share
Sen

Yen

Sen

229.49－207.67－(Note) Because we had a stock merger of two common shares to one common share as of October 1, 2017, "Profit per share" is calculated assuming that thestock merger was executed at the beginning of the previous fiscal year.

(2) Individual financial condition
Total assets

Equity capital ratio

Net assets per share

Million yen%

129,542

63,33648.9

2,841.29

118,127

57,86849.0

2,595.57

Period ending
March 2018
Period ending
March 2017

(Reference) Equity capital

Net assets

Million yen

Period ending March 2018
Period ending March 2017

Yen

Sen

63,336 million yen
57,868 million yen(Note) Because we had a stock merger of two common shares to one common share as of October 1, 2017, "Net assets per share" is calculated
assuming that the stock merger was executed at the beginning of the previous fiscal year.

2. Estimate of individual performance for the period ending March 2019 (From April 1, 2018 to March 31, 2019)(Percentage indications show increase or decrease from the previous period for total period and from thesame quarter of the previous year for the second quarter cumulative period.)Mil. yen%Mil. yen%Mil. yen%Mil. yen%

Profit per
share
Yen
Sen

Second quarter
cumulative period

67,000

(1.1)

3,000

(6.7)

3,000

(13.8)

2,000(13.1)

89.71

Total period

150,000

5.4

7,500

1.3

7,500

(2.4)

5,000

(2.3)

224.29Net sales

Operating profit

Ordinary profit

Profit(Reference) 1. Estimated net sales of construction contract orders (the second quarter consolidated cumulative period)76,000 million yen
2. Estimated net sales of construction contract orders (Total period)
147,000 million yen* Brief report on the financial statements is beyond the object of audit by CPA or an audit corporation.
* Explanation about adequate use of achievement forecasts and other noteworthy matters
The above forecasts are based on the information available at the time of preparation of this document and theassumption considered as reasonable.
Consequently, actual results differ materially from forecasts above due to changes in business results. For precautions
for use of the assumptions for the above forecasts and forecasts of business results, please refer to the section "1.
Summary of Operating Results (4) Future Foresight" on page 3.

 Contents of Information
1. Summary of Operating Results ............................................................................................................................ 2(1) Summary of Operating Results on the Current Accounting Year .................................................................. 2(2) Summary of Financial Conditions on the Current Accounting Year ............................................................. 2(3) Summary of Cash Flows on the Current Accounting Year ............................................................................ 3(4) Future Foresight ............................................................................................................................................ 3
2. Fundamental Philosophy for Selection of Accounting Standard.......................................................................... 3
3. Consolidated Financial Statements and Major Notes .......................................................................................... 4(1) Consolidated Balance Sheets ........................................................................................................................ 4(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income.................... 6(Consolidated Statements of Income) .......................................................................................................... 6(Consolidated Statements of Comprehensive Income) ................................................................................ 7(3) Consolidated Statements of Changes in Equity ............................................................................................ 8(4) Consolidated Statements of Cash Flows ..................................................................................................... 10(5) Notes to Consolidated Financial Statements ............................................................................................... 12(Notes to Going Concern Assumption) ...................................................................................................... 12(Segment Information) ............................................................................................................................... 12(Per-share Information) .............................................................................................................................. 12(Important Events Subsequent to Balance Sheet Date) .............................................................................. 12
4. Individual Financial Statements and Major Notes ............................................................................................. 13(1) Balance Sheets ............................................................................................................................................ 13(2) Statements of Income .................................................................................................................................. 16(3) Statements of Changes in Equity ................................................................................................................ 17(4) Notes to Individual Financial Statements.................................................................................................... 19(Notes to Going Concern Assumption) ...................................................................................................... 19
5. Others ................................................................................................................................................................. 19(1) Board Member Changes .............................................................................................................................. 19(2) Others .......................................................................................................................................................... 20–1–

1. Summary of Operating Results(1) Summary of Operating Results on the Current Accounting YearNet sales of construction contract orders received in the current consolidated accounting year increased by
3,328 million yen or 2.3% from the previous consolidated accounting year, resulting in 147,335 million yen.
Net sales of completed construction contracts increased by 18,194 million yen or 14.5% from the previous
consolidated accounting year, resulting in 143,448 million yen.
Gross profit on completed construction contracts increased by 997 million yen or 5.6% from the previous
consolidated accounting year, resulting in 18,786 million yen, due to the increase in the net sales of completed
construction contracts.
Operating profit increased by 635 million yen or 9.4% from the previous consolidated accounting year,
resulting in 7,385 million yen, due to the increase in the gross profit on completed construction contracts.
Ordinary profit increased by 734 million yen or 10.6% from the previous consolidated accounting year,
resulting in 7,674 million yen. This was because foreign exchange losses of 81 million yen that occurred in theprevious consolidated accounting year turned to foreign exchange gains of 14 million yen in the current
consolidated accounting year.
Profit attributable to owners of parent increased by 470 million yen or 10.1% from the previous consolidated
accounting year, resulting in 5,109 million yen, after posting the gain on sales of non-current assets of 57
million yen as an extraordinary income and the loss on retirement of non-current assets of 39 million yen as an
extraordinary loss, as well as deducting the income taxes - current, income taxes - deferred, and the loss
attributable to non-controlling interests.
(2) Summary of Financial Conditions on the Current Accounting Year
(Assets)
Current assets at the end of the current consolidated accounting year increased by 9,561 million yen or
10.9% from the end of the previous consolidated accounting year, resulting in 97,078 million yen. The main
factors for this are the increase of 3,439 million yen or 7.0% in notes receivable, accounts receivable fromcompleted construction contracts, the increase of 3,102 million yen or 37.8% in electronically recordedmonetary claims - operating, etc. Non-current assets increased by 3,309 million yen or 10.7% from the end of
the previous consolidated accounting year, resulting in 34,248 million yen. The main factors for this are theincrease of 2,028 million yen or 12.2% in investment securities, etc.
As a result, total assets increased by 12,871 million yen or 10.9% from the end of the previous consolidated
accounting year, resulting in 131,326 million yen.
(Liabilities)
Current liabilities at the end of the current consolidated accounting year increased by 6,183 million yen or
11.5% from the end of the previous consolidated accounting year, resulting in 59,889 million yen. The main
factors for this are the increase of 3,478 million yen or 21.2% in electronically recorded obligations operating, etc., surpassed the decrease of 1,295 million yen or 42.8% in advances received on uncompleted
construction contracts, etc. Non-current liabilities increased by 275 million yen or 4.1% from the end of theprevious consolidated accounting year, resulting in 7,020 million yen. The main factors for this are the increaseof 1,048 million yen or 34.4% in deferred tax liabilities, etc.
As a result, total liabilities increased by 6,459 million yen or 10.7% from the end of the previous
consolidated accounting year, resulting in 66,909 million yen.
(Net Assets)
Total net assets at the end of the current consolidated accounting year increased by 6,412 million yen or
11.1% from the end of the previous consolidated accounting year, resulting in 64,417 million yen. The main
factors for this are the increase of 4,017 million yen or 9.3% in retained earnings, etc.
As a result, the equity capital ratio resulted in 48.9% (48.8% at the end of the previous consolidated
accounting year).

–2–(3) Summary of Cash Flows on the Current Accounting Year
Cash and cash equivalents (hereinafter referred to as the "fund") in the current consolidated accounting year
increased by 1,308 million yen from the end of the previous consolidated accounting year, resulting in 27,858
million yen. The situations of each cash flows and their factors in the current consolidated accounting year are
as follows.
(Cash Flows from Operating Activities)
As a result of operating activities, the increased fund resulted in 3,320 million yen (increase of the fund by
5,395 million yen in the previous consolidated accounting year).
The main factors for this is that the increase factors of the fund such as the posting of profit before income
taxes and the increase in notes and accounts payable – trade surpassed the decrease factors of the funds such as
the increase in notes and accounts receivable – trade, etc.
(Cash Flows from Investing Activities)
As a result of investing activities, the decreased fund resulted in 315 million yen (decrease of the fund by
1,442 million yen in the previous consolidated accounting year).
Main factor for this is the purchase of property, plant and equipment.
(Cash Flows from Financing Activities)
As a result of financing activities, the decreased fund resulted in 1,711 million yen (decrease of the fund by
925 million yen in the previous consolidated accounting year).
Main factor for this is that the repayment of short- and long-term loans payable and dividends paid surpassed
proceeds from short- and long-term loans payable.
(Reference) Transition of cash flow-related indexes
Period ending Period ending Period ending Period ending Period ending
March 2014
March 2015
March 2016
March 2017
March 2018
Equity capital ratio
Equity capital ratio at market
value
Cash flow to interest-bearing
liability ratio
Interest coverage ratio

41.7%

46.9%

44.5%

48.8%

48.9%

21.8%

32.2%

27.1%

39.9%

39.8%

2.4 years

2.5 years

9.7 years

1.1 years

1.6 years

20.7 times

15.7 times

4.2 times

40.5 times

22.5 times

Equity capital ratio: Equity capital/Total assets
Equity capital ratio at market value: Aggregate market value of shares/Total assets
Cash flow to interest-bearing liability ratio: Interest-bearing liabilities/Operating cash flow
Interest coverage ratio: Operating cash flow/Interest payment* Indexes are all calculated by financial values on a consolidated basis.
* Aggregate market value of shares is calculated on the basis of the number of issued shares excluding treasury
shares.
* Operating cash flow uses cash flows from operating activities given in the Consolidated Statements of Cash
Flows.
* Interest-bearing liabilities cover all interest-paying liabilities of the liabilities given in the Consolidated
Balance Sheets.
Interest payment uses interest expenses paid given in the Consolidated Statements of Cash Flows.
(4) Future ForesightIn expectation of an increase in private capital investment due to improved corporate earnings, we forecast
that consolidated operating results of the next period will achieve net sales of construction contract orders
received of 148,000 million yen, net sales of completed construction contracts of 151,000 million yen,
Operating profit of 7,500 million yen, Ordinary profit of 7,500 million yen, and Profit attributable to owners ofparent of 5,000 million yen.

2. Fundamental Philosophy for Selection of Accounting Standard
The Company Group adopts Japanese accounting standards because of small business overseas and lessfinancing needs from overseas. Adoption of Japanese accounting standards secures comparability with othercompanies in the same business in Japan.
–3–3. Consolidated Financial Statements and Major Notes(1) Consolidated Balance Sheets
Previous Consolidated
Accounting Year(As of March 31, 2017)
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts
Electronically recorded monetary claims operating
Costs on uncompleted construction contracts
Raw materials and supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Net defined benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets–4–(Millions of yen)
Current Consolidated
Accounting Year(As of March 31, 2018)

26,57649,19827,88552,638

8,216

11,319

478
0
1,194
1,857
(6)
87,516

500
0
1,318
3,422
(7)
97,0786,229(3,057)
3,172
170
(136)
33
775
(476)
298
1,137
51
4,694
682

6,270
(3,190)
3,080
176
(99)
77
800
(561)
238
1,268
39
4,704
557

16,574
0
7,560
1,615
(188)
25,56230,938118,454

18,602
0
8,944
1,629
(191)
28,98634,248131,326

(Millions of yen)
Current Consolidated
Accounting Year(As of March 31, 2018)

Previous Consolidated
Accounting Year(As of March 31, 2017)
Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts
Electronically recorded obligations operating
Short-term loans payable
Income taxes payable
Advances received on uncompleted
construction contracts
Provision for warranties for completed
construction
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Deferred tax liabilities
Net defined benefit liability
Provision for foreign investment loss
Long-term accounts payable - other
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets–5–

20,051

21,996

16,384

19,862

3,880
1,143
3,028

4,026
1,880
1,733

76

69

254
8,887
53,705358
9,961
59,889

2,054
3,046
1,339
7
296
0
6,744
60,450

1,299
4,094
1,323
6
296
0
7,020
66,9094,479
4,809
43,290(678)
51,901

4,479
4,809
47,307(688)
55,908

6,344

7,798

13
(441)
5,916

24
514
8,337

186
58,004
118,454

171
64,417
131,326

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)Net sales of completed construction contracts
Cost of sales of completed construction contracts
Gross profit on completed construction contracts
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Real estate rent
Insurance fee
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Guarantee commission
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of golf club membership
Loss on disaster
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitLoss attributable to non-controlling interests
Profit attributable to owners of parent

Previous Consolidated
Accounting Year
(From April 1, 2016 to
March 31, 2017)
125,253
107,465
17,788
11,0386,750(Millions of yen)
Current Consolidated
Accounting Year
(From April 1, 2017 toMarch 31, 2018)
143,448
124,662
18,786
11,400
7,385

7
278
34
109
－
4
434

10
296
34
93
14
4
453

133
6
81
24
245
6,939

147
9
－
8
165
7,674

52
－
52

57
9
67

4
－
76
80
6,911
2,134
147
2,282
4,628
(10)
4,638

39
4
－
44
7,697
2,754
(140)
2,614
5,082
(26)
5,109

–6–

(Consolidated Statements of Comprehensive Income)

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

Previous Consolidated
Accounting Year
(From April 1, 2016 to
March 31, 2017)
4,628(Millions of yen)
Current Consolidated
Accounting Year
(From April 1, 2017 toMarch 31, 2018)
5,082

17

1,454

(12)
(271)
(266)
4,362

21
955
2,432
7,514

4,378

7,530

(16)

(15)

–7–

(3) Consolidated Statements of Changes in Equity
Previous Consolidated Accounting Year (From April 1, 2016 to March 31, 2017)(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning ofcurrent period
Changes of items
during period

Capital surplus

4,479

Retained earnings

Treasury shares

Total shareholders'equity39,588(674)

48,203

4,809

Dividends of surplus

(936)

(936)

Profit attributable toowners of parent

4,638

4,638

Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period

－

(4)

(4)

－

－

－

－

3,702

(4)

3,697

4,479

4,809

43,290(678)

51,901

Accumulated other comprehensive income
Valuation
Total
Remeasurements
difference on Foreign currency
accumulated Non-controlling Total net assets
of definedinterests
available-fortranslationotherbenefitsale
adjustment
comprehensive
plans
securities
incomeBalance at beginning ofcurrent period
Changes of items
during period

6,326

20

(169)

6,176

203

54,583

Dividends of surplus(936)

Profit attributable toowners of parent

4,638

Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period

(4)
－
17

(6)

(271)

(259)

(16)

(276)

17

(6)

(271)

(259)

(16)

3,421

6,344

13

(441)

5,916

186

58,004–8–

Current Consolidated Accounting Year (From April 1, 2017 to March 31, 2018)(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning ofcurrent period
Changes of items
during period

Capital surplus

4,479

Retained earnings

Treasury shares

Total shareholders'equity43,290(678)

51,901

4,809

Dividends of surplus(1,092)(1,092)

Profit attributable toowners of parent

5,109

5,109

Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period

0

(10)

(10)

0

0

－

0

4,017

(10)

4,006

4,479

4,809

47,307(688)

55,908

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements accumulated Non-controlling Total net assets
difference oninterests
translationof defined
otheravailable-foradjustment
benefit plans comprehensive
sale securities
incomeBalance at beginning ofcurrent period
Changes of items
during period

6,344

13

(441)

5,916

186

58,004

Dividends of surplus(1,092)

Profit attributable toowners of parent

5,109

Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period

(10)
0
1,454

10

955

2,421

(15)

2,405

1,454

10

955

2,421

(15)

6,412

7,798

24

514

8,337

171

64,417–9–

(4) Consolidated Statements of Cash Flows(Millions of yen)
Current Consolidated
Accounting Year
(From April 1, 2017 toMarch 31, 2018)

Previous Consolidated
Accounting Year
(From April 1, 2016 to
March 31, 2017)
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision forenvironmental measures
Interest and dividend income
Interest expenses
Increase (decrease) in allowance for foreign
investment loss
Loss (gain) on sales of investment securities
Loss (gain) on sales of non-current assets
Loss on retirement of non-current assets
Loss on valuation of golf club memberships
Decrease (increase) in notes and accounts
receivable - trade
Decrease (increase) in costs on uncompleted
construction contracts
Decrease (increase) in other current assets
Decrease (increase) in other non-current assets
Decrease (increase) in net defined benefit asset
Increase (decrease) in notes and accounts payable- tradeIncrease (decrease) in advances received on
uncompleted construction contracts
Increase (decrease) in other current liabilities
Increase (decrease) in other non-current liabilities
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating
activities– 10 –

6,911
428

7,697
470

(0)

3

(15)

19

(2)

－

(286)
133

(306)
147

1

(0)

－
(52)
4
－

(9)
(57)
39
4

6,836

(6,541)

(93)

(21)

257
10
(106)

(1,565)(2)(42)(5,631)

5,423

233

(1,295)

(577)
(6)
8,043
286
(130)
(2,804)

1,174
－
5,135
306
(145)
(1,976)

5,395

3,320

(Millions of yen)
Current Consolidated
Accounting Year
(From April 1, 2017 toMarch 31, 2018)

Previous Consolidated
Accounting Year
(From April 1, 2016 to
March 31, 2017)
Cash flows from investing activities
Proceeds from withdrawal of time deposits
Payments into time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant andequipment
Payments for retirement of property, plant andequipment
Purchase of investment securities
Proceeds from sales and redemption of
investment securities
Payments of loans receivableCollection of loans receivable
Purchase of other non-current assets
Proceeds from sales of other non-current assets
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Purchase of treasury shares
Proceeds from sales of treasury shares
Cash dividends paid
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period– 11 –

27(27)(1,027)

27
(27)
(361)

26

64

－

(21)

(4)

(4)

0

81

－
1
(506)
67

(0)
1
(110)
35

(1,442)(315)

35,060(35,860)
3,000(2,184)
(4)
－
(936)

37,960(37,660)
1,250(2,159)(10)
0(1,092)(925)(1,711)

(14)

15

3,012
23,536
26,5491,308
26,54927,858(5) Notes to Consolidated Financial Statements(Notes to Going Concern Assumption)
None(Segment Information)
Descriptions are omitted since the Company Group is a single segment of equipment work business.
(Per-share Information)
Items

Previous Consolidated
Accounting Year
(From April 1, 2016 to
March 31, 2017)

Net assets per share
Profit per share

Current Consolidated
Accounting Year
(From April 1, 2017 toMarch 31, 2018)

2,593.28 yen

2,882.07 yen

208.04 yen

229.19 yen(Note) 1. Diluted profit per share is not stated as there are no potential shares.
2. The basis for calculating profit per share is as follows:
Previous Consolidated
Accounting Year
(From April 1, 2016 to
March 31, 2017)
Profit attributable to owners of parent
4,638(millions of yen)

Current Consolidated
Accounting Year
(From April 1, 2017 toMarch 31, 2018)
5,109

Amount not belonging to common stock(million yen)－－

Profit attributable to owners of parent
related to common stock (millions of yen)

4,638

5,109

Average number of common stock shares
22,296
22,293during the period (thousand shares)(Note) 3. Because we had a stock merger of two common shares to one common share as of October 1, 2017, "Netassets per share" and "Profit per share" are calculated assuming that the stock merger was executed at the
beginning of the previous consolidated accounting year.
(Important Events Subsequent to Balance Sheet Date)
None– 12 –

4. Individual Financial Statements and Major Notes(1) Balance Sheets(Millions of yen)Previous Fiscal Year(As of March 31, 2017)
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Electronically recorded monetary claims operating
Accounts receivable from completed
construction contracts
Costs on uncompleted construction contracts
Raw materials and supplies
Prepaid expenses
Advances paid
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
VehiclesAccumulated depreciation
Vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Software
Other
Total intangible assets– 13 –

Current Fiscal Year(As of March 31, 2018)25,786
1,733

27,166
2,758

8,216

11,31947,31349,627

484
0
12
897
1,192
934
(6)
86,565

436
0
10
1,342
1,315
2,058
(6)
96,028

6,061(2,935)
3,125
165
(120)
44
15
(11)
3
133
(103)
29
751
(455)
295
1,137
51
4,689

6,100
(3,062)
3,038
167
(126)
41
15
(12)
2
137
(63)
73
778
(542)
235
1,268
39
4,699

613
65
679

516
38
554

(Millions of yen)Previous Fiscal Year(As of March 31, 2017)
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Long-term loans receivable from
employees
Long-term loans receivable fromsubsidiaries and associates
Guarantee deposits
Long-term insurance premiums
Claims provable in bankruptcy, claims
provable in rehabilitation and otherPrepaid pension cost
Golf club membership
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes payable - trade
Electronically recorded obligations operating
Accounts payable for construction contracts
Short-term loans payable
Current portion of long-term loans payable
Accounts payable - otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received on uncompleted
construction contracts
Deposits received
Deposits received from employees
Provision for warranties for completed
construction
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Deferred tax liabilities
Provision for retirement benefits
Provision for foreign investment loss
Long-term accounts payable - other
Other
Total non-current liabilities
Total liabilities– 14 –

Current Fiscal Year(As of March 31, 2018)

16,508289

18,536
289

3

2

44

44

649
144

656
144

27

29

8,025
595
93
(187)
26,19331,561
118,127

8,067
596
81
(190)
28,25833,513
129,542

2,718

2,956

16,384

19,862

17,174
1,900
1,980
629
3,323
1,142
841

18,824
2,200
1,826
688
3,683
1,870
－

3,019

1,666

3,323
714

4,778
739

75

69

254
10
53,492358
24
59,550

2,054
3,240
1,166
7
296
0
6,765
60,258

1,299
3,867
1,185
6
296
0
6,655
66,205

(Millions of yen)Previous Fiscal Year(As of March 31, 2017)
Net assets
Shareholders' equity
Capital stock
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surpluses
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for advanced depreciation of
non-current assets
General reserve
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets– 15 –

Current Fiscal Year(As of March 31, 2018)

4,479

4,479

4,716
93
4,809

4,716
93
4,809

1,119

1,119

51

48

29,72012,022
42,913(678)
51,52429,72016,04946,937(688)
55,538

6,344

7,798

6,344
57,868118,127

7,798
63,336
129,542(2) Statements of Income(Millions of yen)

Net sales of completed construction contracts
Cost of sales of completed construction contracts
Gross profit on completed construction contracts
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Real estate rent
Insurance fee
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Guarantee commission
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of golf club membership
Loss on disaster
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitPrevious Fiscal Year
(From April 1, 2016 to
March 31, 2017)
123,878
106,237
17,641
10,898
6,743

Current Fiscal Year
(From April 1, 2017 toMarch 31, 2018)
142,376
123,72118,654
11,252
7,402

5
278
34
109
－
3
432

8
296
34
93
14
2
450

132
6
82
24
246
6,929

147
9
－
8
165
7,686

52
－
52

57
9
67

4
－
76
80
6,900
2,125
145
2,270
4,630

39
4
－
44
7,709
2,733
(139)
2,593
5,116

– 16 –

(3) Statements of Changes in Equity
Previous Fiscal Year (From April 1, 2016 to March 31, 2017)(Millions of yen)
Shareholders' equity
Capital surplus

Retained earnings
Other retained earnings

Balance at beginning of current
periodCapital
stock

Legal
capitalsurplus

OthercapitalsurplusTotal
capitalsurplus

4,479

4,716

93

4,809

Reserve
Legalforretained advanced Generalearnings depreciati reserve
on of noncurrent
assets

1,119

55

Total
Retainedretainedearnings
brought earnings
forward29,7208,324

39,2203－

Dividends of surplus

(936)

(936)

Profit

4,630

4,630

Changes of items during period
Reversal of reserve(3)

Purchase of treasury shares
Disposal of treasury shares－－

Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period

－

－

－

－

－

(3)

－

3,697

3,693

4,479

4,716

93

4,809

1,119

51

29,72012,022

42,913

Shareholders' equity
Treasury shares
Balance at beginning of current
period(674)

Valuation and translation adjustments

Valuation
Total shareholders'difference on
equityavailable-for-salesecurities
47,835

6,326

Total valuationand translation
adjustments

Total net assets

6,326

54,161

Changes of items during period
Reversal of reserve－－

Dividends of surplus

(936)

(936)

Profit

4,630

4,630

Purchase of treasury shares

(4)

(4)

(4)

Disposal of treasury shares

－

－

－

Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period

17

17

17

(4)

3,689

17

17

3,707

(678)

51,524

6,344

6,344

57,868– 17 –

Current Fiscal Year (From April 1, 2017 to March 31, 2018)(Millions of yen)
Shareholders' equity
Capital surplus

Retained earnings
Other retained earnings
Reserve

Capital
stock

Legal
capitalsurplus

OthercapitalsurplusTotal
capitalsurplusLegalforretained advanced Generalearnings depreciati reserve
on of noncurrent
assetsBalance at beginning of current
period

4,479

4,716

93

4,809

1,119

51

Total
Retainedretainedearnings
brought earnings
forward29,72012,022

42,913

3－

Dividends of surplus(1,092)(1,092)

Profit

5,116

5,116

Changes of items during period
Reversal of reserve(3)

Purchase of treasury shares
Disposal of treasury shares

00

Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period

－

－

0

0

－

(3)

－

4,027

4,023

4,479

4,716

93

4,809

1,119

48

29,72016,04946,937

Shareholders' equity
Treasury shares
Balance at beginning of current
period(678)

Valuation and translation adjustments

Valuation
Total shareholders'difference on
equityavailable-for-salesecurities
51,524

6,344

Total valuationand translation
adjustments

Total net assets

6,344

57,868Changes of items during period
Reversal of reserve－－

Dividends of surplus(1,092)(1,092)

Profit

5,116

5,116

Purchase of treasury shares

(10)

(10)

(10)

Disposal of treasury shares

0

0

0

Net changes of items other thanshareholders' equity

1,454

1,454

1,454

Total changes of items during period

(10)

4,013

1,454

1,454

5,467

Balance at end of current period(688)

55,538

7,798

7,798

63,336– 18 –

(4) Notes to Individual Financial Statements(Notes to Going Concern Assumption)
None

5. Others(1) Board Member Changes
1) Changes in Representative Directors
None2) Change in Other Board Members• Nominees as new director
Director, Executive Corporate Officer, Head of General Administration, and Overseas General Manager
Yasuo Kamei (present Executive Corporate Officer, Head of General Administration, and Overseas
General Manager)
3) Scheduled Date of Appointment
June 28, 2018– 19 –

Net sales of uncompleted
construction contracts

Net sales of completed
construction contracts

Net sales of construction
contract orders received(2) Others
Divisional net sales of construction contract orders received, completed construction contracts, and uncompleted
construction contracts (consolidated)(Millions of yen)Previous Consolidated
Current Consolidated
Accounting year
Accounting Year
Increase(From April 1, 2016 to(From April 1, 2017 to(Decrease)
March 31, 2017)
March 31, 2018)
Component
Component
AmountRatio %
AmountAmountratio %
ratio %
Electrical equipment
28,93320.1
22,735
15.4(6,197)(21.4)
installations
Air-conditioning
84,106
58.4
92,093
62.5
7,986
9.5
installations
Plumbing
30,96721.5
32,506
22.1
1,538
5.0
Total

144,007100.0

147,335

100.0

3,328

2.3

(Renovations)

74,31351.6

71,74848.7(2,565)(3.5)(Overseas
operations)Electrical equipment
installations
Air-conditioning
installations

4,246

3.0

4,695

3.2

448

10.6

25,92620.7

25,996

18.1

69

0.3

72,50157.9

85,92659.9

13,425

18.5

Plumbing

26,82521.4

31,525

22.0

4,699

17.5

Total

125,253

100.0

143,448100.0

18,194

14.5(Renovations)

71,35557.0

77,074

53.7

5,718

8.0

(Overseas
operations)Electrical equipment
installations
Air-conditioning
installations

4,560

3.6

5,233

3.6

672

14.8

17,43215.0

14,171

11.8(3,260)(18.7)

70,98560.9

77,152

64.1

6,167

8.7

Plumbing

28,06324.1

29,044

24.1

980

3.5

Total

116,480

100.0

120,368

100.0

3,887

3.3

(Renovations)

28,61824.6

23,293

19.4(5,325)(18.6)(Overseas
operations)

2,628

2.3

2,090

1.7

(538)

(20.5)– 20 –

Net sales of uncompleted
construction contracts

Net sales of completed
construction contracts

Net sales of construction
contract orders received

Divisional net sales of construction contract orders received, completed construction contracts, and uncompleted
construction contracts (individual)(Millions of yen)Previous Fiscal Year
Current Fiscal Year
Increase(From April 1, 2016 to(From April 1, 2017 to(Decrease)
March 31, 2017)
March 31, 2018)
Component
Component
AmountAmountAmountRatio %
ratio %
ratio %
Electrical equipment
28,70020.1
22,505
15.4(6,194)(21.6)
installations
Air-conditioning
83,486
58.5
91,217
62.5
7,731
9.3
installations
Plumbing
30,61421.4
32,208
22.1
1,594
5.2
Total

142,801

100.0

145,932

100.0

3,130

2.2

(Renovations)73,10051.2

70,33348.2(2,767)(3.8)(Overseas
operations)Electrical equipment
installations
Air-conditioning
installations

3,747

2.6

4,065

2.8

317

8.5

25,63020.7

25,801

18.1

170

0.7

71,86058.0

85,18859.8

13,328

18.5

Plumbing

26,38721.3

31,385

22.1

4,998

18.9

Total

123,878

100.0

142,376

100.0

18,497

14.9(Renovations)

69,96556.5

75,990

53.4

6,024

8.6

(Overseas
operations)Electrical equipment
installations
Air-conditioning
installations

3,963

3.2

4,802

3.4

838

21.2

17,401

15.0

14,106

11.8(3,295)(18.9)

70,87460.9

76,903

64.1

6,028

8.5

Plumbing

28,03324.1

28,856

24.1

822

2.9

Total

116,309100.0

119,865

100.0

3,556

3.1

(Renovations)28,45324.5

22,79619.0(5,656)(19.9)(Overseas
operations)

2,563

2.2

1,826

1.5

(737)

(28.8)– 21 –