[Cover page][Filed Documents]

Interim Report[Applicable Law]

Financial Instruments and Exchange Act Article 24-4-7 Paragraph 1[Filed to]

Director of the Kanto Finance Bureau[Filing date]November 13, 2013

[Quarterly accounting period]

Fiscal Year No. 70 first quarter (July 1, 2013 to September 30, 2013)[Company name]

Nippon Koei Kabushiki Gaisha[Company name in English]

Nippon Koei Co., Ltd.

[Title and name of Representative]

President Noriaki Hirose[Address of head office]4, Kojimachi 5-chome, Chiyoda-ku, Tokyo[Phone number]Tokyo (3238) 8040

[Name of office contact]

Finance & Accounting Manager Naoki Honjo[Contact address]

4, Kojimachi 5-chome, Chiyoda-ku, Tokyo[Phone number]Tokyo (3238) 8040

[Name of office contact]

Finance & Accounting Manager Naoki Honjo[Places available for public inspection]

Nippon Koei Co., Ltd. Nagoya Branch(17-14, Higashisakura 2-chome, Nagoya, Aichi )Nippon Koei Co., Ltd. Osaka Branch(2-5, Nishitenma 1-chome, Kita-ku, Osaka )Tokyo Stock Exchange, Inc.
(2-1 Nihombashi Kabutocho, Chuo-ku, Tokyo )Section 1 [Company Information]
No. 1 [Overview of Company Operations]
1 [Trends in major management indicators, etc.]
Interim
Previous
Consolidated Consolidated Fiscal
PeriodPeriodPeriodAccounting period

July 1, 2013 to
September 30,
2013

April 1, 2013 toJune 30, 2013

Sales

(Millions of yen)

7,563

6,896

Ordinary loss (△)(Millions of yen)

△2,468△ 3,156

Net loss (△)(Millions of yen)

△ 1,698△ 1,914Comprehensive income(Millions of yen)

△ 1,354△ 1,743

Net assets(Millions of yen)

42,161

43,671

Total assets(Millions of yen)

71,54471,450(Current) net loss (△) per share(Yen)△ 22.47△ 25.35

Net income per share after adjustment for dilution

(Yen)

-

-

(%)

58.6

60.8

Cash flow from operating activities(Millions of yen)

△ 6,780

14,356

Cash flow from investing activities(Millions of yen)

△ 186

△ 771

Cash flow from financing activities(Millions of yen)

1,217

△ 8,539

Cash and cash equivalents balance at September 30, 2013

(Millions of yen)

5,860

11,613

Capital-to-asset ratio(Note)
1. As these are interim consolidated financial statements, the trends in the major management
indicators of the filing Company are not reported.
2. The sales figure does not include consumption tax and etc.
3. Because the company had no stock dilution during the reporting period, "-" is displayed for the net
income per share after adjustment for dilution.
4. Due to the change in the fiscal year, Period No. 69 consisted of the three months starting April 1,2013 and ending June 30, 2013.
5. Due to the change in the fiscal year, there were no first quarter consolidated financial statements
prepared for Period No. 69. Along with this, any changes in the major management indicators andother factors during the prior first quarter consolidated term are not reported.

2[Nature of Business]
During the fiscal period under review, there were no significant changes to the nature of the business
operated by the Company Group (the Company and affiliates of the Company.)
Similarly, there were no changes for the major affiliates of the Company.

No. 2 [State of Business]
1[Business Risks]
During the fiscal period under review, there were no significant variations in financial position, results ofoperations and cash flow, nor significant changes to the "Business Risks" section as described in the
Annual Securities Report of previous fiscal year.

2[Contracts Significant to Operations]
During the fiscal period under review, there were no contracts significant for operations.

3[Analysis of financial position, results of operations and cash flows]
Items within the text that refer to future events are the Group's judgments as of the last day in the current
period under review.

(1) Analysis of Results of Operations
Japan's economy in the fiscal period under review (July 1, 2013 to September 30, 2013) saw, in addition to
the continuing increase in public investment due to the demand for recovery from the Great East Japan
Earthquake, steady consumer spending leading to higher business earnings and exports, indicating a solid
trend toward a gradual recovery. Within the domestic construction consultant operations, the operation
environment surrounding the Nippon Koei Group has, as aforementioned, steadily improved due to theincrease in public investment. Furthermore, the overseas construction consultant operations has alsosteadily improved due to high demand for infrastructure development business in developing countries
such as the Asia region. In the power engineering operations sluggish performance of power companies
continues. In addition, the budget for new capital investment and repairs has been cut back due to stringent
rationalization of management, contributing to the continuation of a difficult market.
Under such circumstances, the Group's results for the fiscal period under review were as follows: Orders
received totaled 23,267 million yen, sales totaled 7,563 million yen, operating losses totaled △ 2,452
million yen, ordinary losses totaled △ 2,468 million yen, and net loss totaled △ 1,698 million yen.
In addition, the total sales of 7,563 million yen in the fiscal period under review came to 10.1% of the
expected total sales of 75,000 million yen. This is because the Company's major clients, government
offices and companies such as power companies, request the bulk of their annual consultation services anddelivery of products near the end of March, resulting in a seasonal variation where the majority of sales areconcentrated near the end of March.
Furthermore, because expenses such as sales expenses and general administrative expenses are distributed
as evenly as possible throughout the year, the operating income, ordinary income, and net income arecalculated as losses.
It should also be noted that, during the 68th General Meeting of Shareholders held on June 27, 2013, it was
decided that part of the Articles of Incorporation would be revised, changing the fiscal year-end to June
30th instead of March 31st. Since, along with this, the prior consolidated accounting year is considered toconsist of the three months from April 1, 2013 to June 30, 2013 and the prior first quarter consolidated
financial statements were not prepared, no numerical comparison was made between the fiscal period
under review and the previous for analysis of business performance.
(Status by segment)[Domestic Consulting Operations]Orders received totaled 14,905 million yen. Sales totaled 2,303 million yen, and ordinary loss was △ 1,801
million yen.
[Overseas Consulting Operations]
Orders received totaled 5,524 million yen. Sales totaled 2,360 million yen, and ordinary loss totaled △ 621
million yen.
[Power Engineering Operations]
Orders received totaled 2,832 million yen. Sales totaled 2,530 million yen, and ordinary loss was △ 129
million yen.
[Real Estate Leasing Operations]
Sales from the real estate leasing business totaled 282 million yen. Ordinary income totaled 224 million
yen.
(2)

Analysis of financial position
As of the end of the fiscal period ended September 30, 2013, the financial position of the Company was asfollows:
Total assets was 71,544 million yen, higher by 93 million yen than that of the prior consolidated fiscal
year-end.
In assets, current assets totaled 36,295 million yen, lower by 191 million yen than that of the priorconsolidated fiscal year-end. Major factors in this decrease include a decrease of 5,741 million yen in cash
and deposits, a decrease of 1,345 million yen in notes and accounts receivable due to collection on
accounts receivable and an increase of 5,959 million yen in work-in-progress.
Fixed assets totaled 35,249 million yen, higher by 285 million yen than that of the prior consolidated fiscal
year-end. Major factors in this decrease include a decrease of 75 million yen in tangible fixed assets, adecrease of 77 million yen in intangible fixed assets and an increase of 493 million yen in investment
securities.
In liabilities, current liabilities totaled 21,551 million yen, higher by 2,174 million yen than that of the priorconsolidated fiscal year-end. Major factors in this increase include an increase of 306 million yen in notes
and accounts payable, an increase of 1,500 million yen in short-term debt, an increase of 2,603 million yen
in advances received, an increase of 883 million yen in bonus allowance and a decrease of 3,025 million
yen in accrued expenses payable, which is part of other current liabilities.
Fixed expenses totaled 7,831 million yen, lower by 571 million yen that that of the prior consolidated fiscal
year-end. Major factors in this decrease include a decrease of 65 million yen in long-term liabilities, adecrease of 107 million yen in accrued retirement benefits liability and a decrease of 373 million yen indeferred tax liability, which is part of other fixed expenses.
Net assets totaled 42,161 million yen, lower by 1,509 million yen than that of the prior consolidated fiscal
year-end. Major factors in this decrease include an increase of 1,698 million yen in net loss, an increase of
154 million yen in dividend payments and an increase of 282 million in unrealized gains on securities.
As a result, the capital-to-asset ratio was 58.6%, 2.2 percentage points lower than that for the priorconsolidated fiscal year-end.

(3) State of cash flows
For the cash flow of the fiscal period under review, cash flow from operating activities totaled to a net

outflow of 6,780 million yen due to factors including the increase of 2,468 million yen in net losses before
adjustment for taxes and etc. and the increase in inventory of 5,971 million yen.
Cash flows from investing activities totaled to a net outflow of 186 million yen due to factors including theacquisition of tangible fixed assets and investment securities.
Cash flow from financing activities totaled to a net inflow of 1,217 million yen due to factors including an
increase in short-term debts.
As a result, the balance for cash and cash equivalents as of the end of the fiscal period totaled 5,860 millionyen.
It should also be noted that in the 68th General Meeting of Shareholders held on June 27, 2013, it was
decided that part of the Articles of Incorporation would be revised, changing the fiscal year-end to June
30th from March 31st. Since, along with this, the prior consolidated fiscal year consists of the three months
from April 1, 2013 to June 30, 2013 and the prior first quarter consolidated financial statements have notbeen prepared, there are no numerical comparisons made with the prior first quarter consolidated term forcash flows.
(4) Research & Development activities
The total research and development expenses for the fiscal period under review totaled 95 million yen. In
addition, there were no significant changes to the status of the research and development activities of theGroup in the fiscal period.

(5) Challenges to be addressed pertaining to business and finance
There were no changes to existing challenges nor new challenges pertaining to business or operations in thecurrent interim consolidated term.
It should be noted that the Company has determined the basic policy (hereinafter referred to as "the Basic
Policy") pertaining to those who control decisions on the financial and business policies, as follows.
(1) Contents of Basic Policy
The Company believes that ultimately, since the Company's shares are publicly traded, whether to sell or
not to sell the Company's stocks in response to large-scale purchases of the Company's stocks by aparticular entity (hereinafter referred to as "Large-scale Purchases") should be left to the discretion of theCompany's shareholders.
However, the Company has business development operations related to public and public benefit ventures
such as construction consulting services, and is proud to be a company charged with the mission to serve
the people and the public good with a brand that is backed by a wide range of highly specialized
knowledge, a vast well of experience and a history of high performance. The Company believes that thisunderstanding and the deep trust established with domestic and overseas clients, employees and affiliates
are crucial to its operations and that the Company cannot pursue higher corporate value or higher common
benefits of the shareholders without these assets.
Also, pertaining to Large-scale Purchases, the Company believes that those who partake in Large-scale
Purchases (hereinafter referred to as "Large-scale Purchasers") should provide necessary and sufficient
information related to the Large-scale Purchase beforehand so that for the Company's shareholders may
make an informed decision.
(2) Overview of special measures contributing to the implementation of the Basic Policy
The Company has implemented the following measures as special measures to realize the Basic Policy
described in (1).
① Medium- and long-term vision of the GroupThe Group operates under the management philosophy of " Contributing to society through technology
with sincerity ," and works to realize this philosophy with the slogan of "Challenging mind, Changing
dynamics."
Under the slogan and this management philosophy, a long-term outlook on the business environment
surrounding the Group indicates that, while the recovery demand due to the Great East Japan Earthquake is
temporary, from a medium-term view, the Company should work to further its globalization since theoverseas demand for infrastructure development is expected to increase, fueled by the growth ofdeveloping countries such as the Asian countries. Therefore, the Group will maintain the solid domestic
technological foundation (construction consulting and engineering services) while putting its weight on its
position in the continually expanding infrastructure development market in developing countries, pursuingsustainable growth by expanding the business mainly through overseas business headquarters andcultivating and shaping a new service area.
In accordance with this long-term goal, the Group is working on the following main challenges, based on
the medium-term management plan (April 2012 to June 2015.)(1) Maintenance of overseas business headquarters and implementation of multi-domestic operations(2) Reinforcement of existing service fields and expansion of service areas(3) Development of new business models and participation in the business operations(4) Ensuring work-life balance② Strengthening corporate governance system
In order to further enhance the corporate value of the Company and the Group, the Basic Policy is to work
toward effective corporate governance, promoting the reinforcement of the management structure's
supervisory function as well as assurance of transparency and establishment of a rapid business operation
system. The Company considers thorough legally compliant operation and risk management as animportant measure, and works to improve the effectiveness of the internal control system. Furthermore, theCompany has an internal audit system in place, supervising and auditing each executive officer through theboard of directors and the board of auditors.
(3) Overview of measures for the prevention of control by persons deemed inappropriate in light of the Basic
PolicyAs a measure to prevent the control of financial or business policies by persons inappropriate in light of the
Basic Policy as set forth in (1), the Company has set into place the "Response to Large-Scale Purchases of
the Company's Shares Policy" (hereinafter referred to as "Anti-takeover Measure.") The Anti-takeover
Measure requires that any Large-scale Purchasers who intended to take over 20% or above of theshareholder votes for a particular shareholder group through a Large-scale Purchase of the Company's
shares or other securities, or intend to perform a Large-scale Purchase of the Company's shares or othersecurities that will result in this entity acquiring 20% or above of the shareholder votes for a particularshareholder group must (a) provide necessary and sufficient information, including a Letter of Intent, to theCompany's Board of Directors beforehand and(b) begin the Large-scale Purchase after an evaluation period of a given length for the Company's Board of
Directors has passed.
The Company first implemented the Anti-takeover Measure following the May 2006 decision of the Boardof Directors. In June 2007, the Board of Directors decided to continue the Measure after modifications.
Afterward, shareholders decided that the Measure should continue with appropriate modifications in
the 63rd General Meeting of Shareholders in June 2008,the 66th General Meeting of Shareholders in June
2011 and the 69th General Meeting of Shareholders in September 2013, respectively.
For details on the Anti-takeover Measure, please visit the Company's website (http://www.n-koei.co.jp/) toreview the Measure in its entirety.
(4) Decision and reasoning of the Board of Directors for the measures described in (2) and (3)The measure described in (2) follows the Basic Policy described in (1) and is considered to not lower

common benefits of the shareholders nor be intended to protect director positions because it promotes theCompany's corporate value and common benefits of the shareholders.
The measure aforementioned in (3) (Anti-takeover Measure) takes into consideration the following: (a)This measure satisfies the three principles of the "Guidance concerning anti-takeover measures to ensure or
improve corporate value and common benefit of the shareholders" announced on May 27, 2005 by the
Ministry of Economy, Trade and Industry and the Ministry of Justice and also takes into consideration thecontents of the report "Ideal anti-takeover measures with consideration to modern changes in the businessenvironment" announced on June 30, 2008 by the Corporate Value Study Group established by the
Ministry of Economy, Trade and Industry. (b) This measure is intended to enable shareholders to make an
informed decision on whether or not to accept a Large-scale Purchase as well as prevent any evident intent
to lower the Company's corporate value and the common benefit of the shareholders. (c) The Large-scale
Purchase rules, defensive actions and requirements of this measure are rational in light of the goal to ensure
or improve the Company's corporate value and the common benefit of the shareholders. (d) The Largescale Purchase rules, defensive actions and requirements of this measure are all precise and clear in theirdescriptions, and allow shareholders, investors and Large-scale Purchasers sufficient foresee ability in theprocedure. (e) This measure will be enacted only if shareholder approval is attained in the General
Shareholders Meeting. If necessary, the Board of Directors may convene a general shareholders
confirmation of intent meeting and confirm the will of the shareholders to enact or not enact the Antitakeover Measure. Further, the decision of whether to continue, discontinue or modify the Anti-takeover
Measure is dependent on the will of the shareholders as determined by decisions made in the generalshareholders meetings. (f) The conditions for the Anti-takeover Measure are defined objectively and clearly.
In addition, the Company's Board of Directors will establish a special committee independent of theCompany's management and, after receiving consultation from the special committee on the enactment of
the Anti-takeover Measure under assumption of enactment of the Measure, will take the special
committee's advice into full consideration and determine whether or not to enact the Measure. There is asufficient system in place to guarantee the objectivity and rationality of the Board's decision. (g) The
special committee is intended to allow for the Company to receive input from independent external experts,
expenses paid by the Company, so that the decision made by the special committee is guaranteed to be as
fair and objective as possible. (h) In addition to discontinuation of the Anti-takeover Measure by decisionof one of the Company's general shareholders meetings, the Board of Directors, which is composed of
directors chosen at one of the Company's general shareholders meetings, may also decide to discontinue theMeasure. The Measure does not include a Dead Hand provision, and, in consideration of the term of adirector position in the Company being limited to one year, the Measure also does not include a Slow Hand
provision. Because of this, the Measure follows the Basic Policy described in (1), and will not lower thecommon benefit of the shareholders nor is intended to protect the Company's officer positions.

No. 3 [State of Filing Company]
1 [Status of Shares and etc.](1) [Total Number of Shares and Other Figures]① [Total Number of Shares]
Type

Total Number of Authorized Shares (shares)

Common stock

189,580,000

Total

189,580,000② [Shares Outstanding]
Listed financial
Number of shares
Number of shares instrument exchange oroutstanding as of end of outstanding as ofregistered Financial
interim fiscal periodfiling date
Instruments and(September 30, 2013) (November 13, 2013) Exchange Dealers
Association firm

Type

Common stock

86,656,510

86,656,510

Total

86,656,510

86,656,510

Tokyo Stock
Exchange 1st
SectionDetails

There are 1,000
shares in one unit.
--(2) [Status of share options and etc.]
Not applicable.

(3) [Exercise status of bonds with share options with the exercise price amendment and etc.]
Not applicable.

(4) [Details of the Rights Plan]
Not applicable.

(5) [Changes in the total shares outstanding, capital and etc.]
Date

Increase orof totaldecrease in total Balancesharessharesoutstanding
outstanding(shares)(shares)

September 30, 2013-

86,656,510

Increase or
Balance of
decrease in capital
Balance ofreserve
capital (millions capital reserve (millions
of(millions ofof yen)yen)
yen)

Increase or
decrease incapital(millions of
yen)
-

7,393

-

6,092

(6) [Status of Major Shareholders]Since this is the interim fiscal period, there is nothing to report on this matter.
(7) [Status of Votes]
Because the Company has been unable to confirm the detailed content of the register of shareholders, it isunable to present details of status of votes as of the end of the fiscal period under review. Instead of it theCompany provides information based on detail from the register of shareholders as of the previous
reference date (June 30, 2013)① [Shares outstanding]
As of June 30, 2013
Classification

Number of shares

Number of votes Content

Non-voting shares

-

-

-

Limited-voting shares (treasury stock, etc.)

-

-

-

Limited-voting shares (other)

-

-

-

(Treasury stock) common stock
11,085,000

1,803

-

Voting shares (other)

Common stock
74,185,000

74,185-Fractional shares

Common stock
1,386,510--

86,656,510

-

-

-

75,988-

Voting shares (treasury stock, etc.)

Total number of shares outstanding
Total shareholder votes(Note)
1. The aforementioned "Voting shares (treasury stock and etc.)" includes 9,282,000 shares of treasury
stock and 1,803,000 shares owned by The Master Trust Bank of Japan, Ltd. (Employee Stock
Ownership ESOP Trust.)
2. The common stocks in the aforementioned "Voting shares (other)" and "Fractional shares" include
1,000 shares (1 voting share) and 812 shares, respectively, under the name of Japan Securities
Depository Center, Inc.
3. The aforementioned "Fractional shares" are reported including the 421 shares of treasury shares
owned by the Company.
② [Treasury stock and etc.]
As of June 30, 2013

Name of owner

Address of owner(Treasury stock)
Nippon Koei Co., Ltd.

4 Kojimachi 5-chome,
Chiyoda-ku, Tokyo

Proportion of
Number of
Number of
number shares owned
shares owned shares owned Totalof shares
to shares
under others'
under own
outstanding
owned
name
names
(%)
-

Total

9,282,000

1,803,000

11,085,000

12.8

9,282,000

1,803,000

11,085,000

12.8(Note) Reasons to own shares under others' names
The Master Trust Bank of Japan, Ltd. ((Employee Stock Ownership ESOP Trust) 11-3 Hamamatsu-cho 2chome, Minato-ku, Tokyo ) owns shares as trust assets of the Employee Stock Ownership ESOP Trust Plan.

2 [Status of officers]
Not applicable.

No. 4 [Financial Section]
1. Preparation method for the interim consolidated financial statements(1) The Company's interim consolidated financial statements were prepared in accordance with theprovisions set forth in the Japanese Financial Instruments nad Exchange Act and its related accounting
regulations, and in accordance with accounting principles generally accepeted in Japan (“Japanese GAAP”),
which are different in certain respects as to application and disclosure requirements of International
Financial Reporting Standards.
Also, the interim consolidated statement of cash flows is prepared in accordance with Japanese GAAP
Article 5-2 Paragraph 2.
(2) In the 68th General Meeting of Shareholders held on June 27, 2013, it was decided that the Articles ofIncorporation would be revised, changing the fiscal year-end to June 30 from March 31. Since, along with
this, the previous consolidated fiscal year consists of the three months from April 1, 2013 to June 30, 2013
and the prior first quarter consolidated financial statements were not prepared, it is not reported.
2. Concerning audit certification
In accordance with the provisions of the Financial Instruments and Exchange Act Article 193-2 Paragraph
1, the Company has received the audit by Deloitte Touche Tohmatsu LLC for the interim consolidated
financial statements pertaining to the interim consolidated fiscal year from July 1, 2013 to September 30,
2013.

1 [Interim Consolidated Financial Statements](1) [Interim Consolidated Balance Sheet](Units: Millions of yen)
Prior Consolidated
Fiscal Year
(June 30, 2013)

Current Interim
Fiscal Period(September 30, 2013)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable
Securities
Goods and products
Work in progress
Raw materials and supplies
Other
Allowance for bad debts
Total current assets

11,7578,594
4
41
11,805
169
4,294

6,016
7,249
41
17,765
180
5,068

△ 180
36,486△ 26
36,295

Fixed assets
Tangible fixed assets
Buildings and construction (net)Land
Other (net)Total tangible fixed assets

8,220
13,956952
23,128

8,124
13,956972
23,052Intangible fixed assets
Goodwill
Other
Total intangible fixed assets

541
584
1,125

464
583
1,048

8,584
2,302

9,078
2,396

△ 177
10,709△ 327
11,147

Total fixed assets

34,96335,249Total Assets

71,45071,544

Investments and other assets
Investment securities
Other
Allowance for bad debts
Total investments and other assets

Prior consolidated fiscal
Current interim
year
fiscal period(June 30, 2013)(September 30, 2013)

Liabilities
Current liabilities
Notes and accounts payable
Short-term debt
Current portion of long-term debt
Income taxes payable
Advances received
Accrued bonuses
Construction loss allowance
Disaster loss allowance
Business structure improvement allowance
Other
Total current liabilities

2,512
10
179
162
9,317
895
104
2
14
6,178
19,376

2,819
1,510
150
167
11,920
1,778
164
2
3,038
21,551Long-term debt
Provisions for directors' retirement benefits
Environmental measures allowance
Retirement benefit liability
Asset retirement obligation
Other
Total long-term liabilities

1,520
59
34
4,305
54
2,428
8,403

1,455
59
34
4,198
55
2,028
7,831

Total liabilities

27,77929,382

7,393
6,209
33,523

7,393
6,209
31,664△ 3,434
43,690△ 3,427
41,838

890

1,172
△ 196
△ 33
△ 865
76

Minority interest
Total equity

△ 186
△ 22
△ 963
△ 281
261
43,671

245
42,161

Total liabilities and equity

71,45071,544Long-term liabilities

Shareholders' equity
CapitalCapital reserves
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Unrealized gains on other securities
Deferred hedge gains or losses
Foreign currency translation adjustments
Cumulative adjustment to retirement benefits
Total accumulated other comprehensive income

(2) [Interim Consolidated Statement of Operations and Comprehensive Income](Units: Millions of yen)
Current interim
fiscal period

Sales
Cost of sales
Gross margin on sales
Sales and general administrative expenses(from July1, 2013 to
September 30, 2013)
7,563
6,369
1,193
3,645

Operating loss (△)
Non-operating income
Interest income
Dividend income
Other
Total non-operating income
Non-operating expenses
Interest expense
Currency exchange losses
Other
Total non-operating expenses△2,452

Ordinary loss (△)△2,468Net loss before taxes and other adjustments (△)
Corporate tax, corporate inhabitant tax and enterprise tax
Adjustments for corporate tax and etc.

△2,468134

Total corporate tax and etc.
Net loss before adjustment for minority gains or losses (△)
Minority losses (△)
Net loss (△)
Minority losses (△)

11
61
31
104
7
110
3
121

△890
△755
△1,713△15△1,698△15

Net loss before adjustment for minority gains or losses (△)
Other comprehensive income
Unrealized gains on other securities
Deferred hedge gains or losses△1,713Foreign currency translation adjustments
Adjustments to retirement benefits
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income for parent company shareholders

△12
97
358

Comprehensive income for minority shareholders

283
△10

△1,354△1,340△14

(3) [Interim Consolidated Statement of Cash Flows](Units: Millions of yen)
Current interim fiscal period(from July 1, 2013 to September 30, 2013)
Cash flow from operating activities
Net loss before taxes and other adjustments (△)
Depreciation and amortization
Amortization of goodwill
Lossor gain on sales of investment securities (△ indicates gain)
Increase or decrease in accrued bonuses (△ indicates decrease)
Increase or decrease in construction loss allowance (△ indicates decrease)
Increase or decrease in retirement benefit liability (△ indicates decrease)
Increase or decrease in business structure improvement allowance (△indicates decrease)
Interest and dividend income
Foreign exchange gainor loss (△ indicates gain)
Decrease or increase in accounts receivable (△ indicates increase)
Decrease or increase in inventories (△ indicates increase)
Decrease or increase in the amount of the adjustments to retirement benefits (△ indicates increase)
Increase or decrease in accounts payables (△ indicates decrease)
Increase or decrease in advances received (△ indicates decrease)
Increase or decrease in accrued consumption taxes and etc. (△ indicates increase)
Other
Subtotal
Receipts of interest and dividends
Interest paid
Corporate taxes and etc. paid
Cash flow from operating activities△2, 468
218
77
△12
887
59
△107
△14
△72
2
1,336
△5, 971
97
301
2,604
△17
△3, 329△ 6,408105△9△467△ 6,780

Cash flow from investing activities
Net decrease or increase in time deposits (△ indicates increase)
Outflow due to acquisition of tangible fixed assets
Outflow due to acquisition of intangible assets
Outflow due to acquisition of investment securities
Inflow from sales of investment securities
Inflow from collection of accounts receivable
Other inflow
Cash flow from investing activities

△23
△89
△45
△94
43
18
3
△ 186

Cash flows from financing activities
Net increase or decrease in short-term debt (△ indicates decrease)
Outflow due to payment of long-term debt
Outflow due to payment of lease obligations
Inflow from sale of treasury stock
Outflow due to acquisition of treasury stock
Payment of dividends
Cash dividends paid to minority shareholders
Cash flow from financing activities

1,500
△94
△10
43
△36
△181
△3
1,217

Translation differences for the cash and cash equivalents△3Increase or decrease in cash and cash equivalents (△ indicates decrease)
Beginning balance of cash and cash equivalents
Balance of cash and cash equivalents△ 5,752
11,6135,860

[Notes](Specific accounting method applied for preparing interim consolidated financial statements)(Deferral of cost variance)
In regard to cost variances that occurred as a result of seasonal variations in capacity utilization and etc., since thevariance is expected to be mostly resolved by the end of the cost accounting period, this cost variance is reported
as part of current liabilities.
(Related to Interim Consolidated Balance Sheet)
1 Contingent liabilities
The Company makes debt guarantees for employee loans from financial institutions.
Prior consolidated fiscalYear

Current interim fiscal period(June 30, 2013)(September 30, 2013)

Employee

104 million yen

98 million yen

2 Financial covenants
1,500 million yen of the short-term debt include financial covenants. If circumstances cause the Company
to be no longer able to comply with these covenants, the investor may require that this debt be immediately
repaid in full.
① The shareholders' equity indicated on the balance sheet (on both a consolidated and a non-consolidated
basis) must be maintained to be 75% or higher than that at the period-end immediately prior to thecurrent period-end or than that at the March 2011 period-end, whichever of the two is greater.
② The ordinary profit and loss indicated on the statement of operations (on both a consolidated and a nonconsolidated basis) must not be a loss for two consecutive periods.
(Related to Interim Consolidated Statement of Operations and Comprehensive Income)1 Seasonal variance in sales
Current interim fiscal period (from July 1, 2013 to September 30, 2013)
Due to the completion of orders ordinarily concentrated near the end of March, there is a seasonal variance to
the Group's net sales.
(Related to Interim Consolidated Statement of Cash Flows)
1 The relationship between the balance of cash and cash equivalents and the amounts listed per category in theInterim Consolidated Balance Sheet is as follows.

Cash and deposits

Current interim fiscal period(from July 1, 2013 to
September 30, 2013)
6,016 million yen

Time deposits whosedeposit periods exceed three months△ 66

Special deposits for ESOP trust△88

Cash and cash equivalents

5,860(Related to Shareholders' Equity and etc.)

Current interim fiscal period (from July 1, 2013 to September 30, 2013)
1. Dividends paid

Resolution

Types ofsharesAugust 20, 2013
Special Board of
Directors meeting

Commonstock

Total dividends Dividend per(millions of yen) share (yen) Reference date Effective Date

Dividend
funds

September 12,
2013

Retainedearnings

151

2.00 June 30, 2013

(Note) Total dividends excludes the 3 million yen worth of dividends paid to the ESOP Trust. This
exclusion is due to consideration of shares of the Company owned by the ESOP Trust as treasury stock in
the interim consolidated financial statements.
2. Dividends for which the reference date belongs to the current interim consolidated period, but the effective
date is after September 31, 2013.
Not applicable.

(Segment Information.)[Segment Information]
Current interim consolidated term (from July 1, 2013 to September 30, 2013)
1. Information about sales and the profit or loss by reporting segment
Reporting segments
Domestic
Consultant
Operations
Sales
External sales

Other

2,303

2,360

2,530

282

7,476

86

7,563

-

7,563

74

-

44

31

149

0

150

△ 150

-

2,377

2,360

2,574

313

7,626

87

7,713

△ 150

7,563

△ 1,801

△ 621

△ 129

224 △ 2,328 △ 138 △ 2,466△2△ 2,468

Internal sales
or transfers
betweensegments
Total
Segment
profit or loss(△)

Power Real Estate
Overseas
Consultant Engineering Leasing
Total
Operations Operations Operations(Units: Millions of yen)Calculated amount instatement ofconsolidated
Total Adjustments profit andloss andcomprehensi
ve income(Note) Those classified as "Other" are units that have not resulted in profit or whose profits are incidental
by nature.
2. The variance and main contents of the variance between the total profit or loss and calculated amount forinterim statement of consolidated operations and comprehensive income (matters related to reconciliation)
Profit(Units: Millions of yen)AmountTotal reporting segments△ 2,328

Other profit or loss (△)△ 138

Elimination of intersegment transactions
Ordinary gain or loss from interim statement of consolidated operations and comprehensive
income(△)△2△ 2,468(Per share data)
Net interim loss per share (△) and its basis for calculation are as follows.

Item

Current Imterim Consolidated period(from July 2013 to September 30, 2013)

Net loss per share (△)△ 22.47 yen(Basis for calculation)
Net loss (△) (Millions of yen)

△ 1,698

Amount not reflected in common stock (millions of yen)-

Net loss reflected in common stock (△) (millions of yen)

△ 1,698

Average number of shares of common stock during period (shares)

75,584,970(Note)
1. Interim net profit per share after adjustment for share dilution is not reported since there was no sharedilution.
2. The average number of common stock shares during the period used in the calculation of interim net
loss per share (△) does not include the treasury stock owned by the ESOP trust.

(Significant subsequent events)
Not applicable.

2 [Other]
Not applicable.
Section 2 [Information about the surety company and etc. of the filing company]

Not applicable.

(TRANSLATION)
INDEPENDENT ACCOUNTANT’S REVIEW REPORT

November 8, 2013
To the Board of Directors of Nippon Koei Co., Ltd.:

Deloitte Touche Tohmatsu LLC
Designated Unlimited Liability Partner,
Engagement Partner,
Certified Public Accountant:

Yasuyuki

Onaka

Designated Unlimited Liability Partner,
Engagement Partner,
Certified Public Accountant:

Junichi

UchidaPursuant to the first paragraph of Article 193-2 of the Financial Instruments and Exchange Act, we havereviewed the Interim Consolidated Financial Statements included in the Finacial Section, namely, theInterim Consolidated Balance Sheet of Nippon Koei Co., Ltd. (the “Company”) and its consolidated
subsidiaries as of September 30, 2013, and the Interim Consolidated Statement of Operations andComprehensive Income and the Interim Consolidated Statement of Cash Flows for the three-month period
then ended, and the related notes.
Management’s Responsibility for the Interim Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these interim consolidated financial
statements in accordance with accounting principles for interim consolidated financial statements generally
accepted in Japan, and for such internal control as management determines is necessary to enable thepreparation of interim consolidated financial statements that are free from material misstatement, whether
due to fraud or error.
Accountant’s Responsibility
Our responsibility is to express a conclusion on these interim consolidated financial statements based on
our review. We conducted our review in accordance with quarterly review standards generally accepted inJapan.
A review consists primarily of making inquiries, primarily of management and persons responsible forfinancial and accounting matters, and applying analytical procedures and other quarterly review procedures.
A review is substantially less in scope than an audit conducted in accordance with auditing standards
generally accepted in Japan.
We believe that we have obtained the evidence to provide a basis for our conclusion.
Accountant’s Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim
consolidated financial statements referred to above do not present fairly, in all material respects, theconsolidated financial position of the Company and its consolidated subsidiaries as of September 30, 2013,
and the consolidated results of their operations and their cash flows for the three-month period then endedin accordance with accounting principles for interim consolidated financial statements generally accepted inJapan.
Interest
Our firm and the engagement partners do not have any interest in the Company for which disclosure isrequired under the provisions of the Certified Public Accountants Act.

The above represents a translation, for convenience only, of the original report issued in the Japanese
language.