May 10, 2016

Summary of Consolidated Financial Results
For the Fiscal Year Ended March 31, 2016 [Japan GAAP]
Company: Asunaro Aoki Construction Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange (First Section)
Stock code: 1865
URL: http://www.aaconst.co.jp/
Representative: Yasunobu Ueno, Representative Director and President
Contact: Haruyuki Kunitake, Managing officer and Chief of Administration H.q.
Email: koho@aaconst.co.jp
Date of Ordinary shareholders Meeting:June 16, 2016 (tentative)
Date of commencement of dividend payment:
June 17, 2016 (tentative)
Date of filing of securities report:
June 17, 2016 (tentative)
Supplementary explanatory documents:
Yes (for analysts)
Earnings presentation:
Yes (for analysts)(Yen in millions, rounded down, figures in parentheses indicate negative amounts or percentages)
1. Consolidated results of operations for the year ended March 2016 (April 1, 2015 – March 31, 2016)(1) Consolidated result of operations(Percentage figures represent year on year changes)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
10.0FY 3/2016
139,269
5,861
58.2
5,90059.1
3,855
35.9
FY 3/2015
126,560
5.2
3,705
69.7
3,709
58.5
2,837
76.8
Note: Comprehensive income: FY3/16: 3,993 million yen 28.0%
FY3/15: 3,121 million yen 87.2%
Earnings per share
Return on
Ordinary income to Operating income to(diluted)
equitytotal assets
net sales
Yen
Yen%%%
FY 3/2016
68.71
－
6.8
6.0
4.2
FY 3/2015
47.08
－
5.1
3.8
2.9
(Reference) Share of profit (loss) of entities accounted for using equity method: FY3/16: - million yen
FY3/15: - million yen(2) Consolidated financial position
Total assets
Net assets
Equity ratio
Net assets per share
Million yen
Million yen%
Yen
FY 3/2016
97,291
58,38060.0
1,039.93
FY 3/2015
97,92955,23056.4
983.83(Reference) Shareholders’ equity: FY3/16:58,357 million yen
FY3/15: 55,209 million yen
Earnings per share(3) Consolidated cash flow position
Net cash provided by(used in) operating
activities
Million yen
FY 3/2016(991)
FY 3/2015
4,452

Net cash provided by(used in) investingactivities
Million yen
(591)
(65)

Net cash provided by(used in) financing
activities
Million yen(950)(4,140)Cash and cash
equivalents at end ofperiod
Million yen
26,10628,6392. Dividends

FY 3/2015
FY 3/2016
FY 3/2017(Est.)End of1Q
Yen－－－Dividend per share
End of
End of
End of
2Q
3Q
FYYen
Yen
Yen
0.00
－
15.00
0.00
－
18.00
0.00

－

18.00

Annual
Yen
15.00
18.00
18.00

Total
Dividends(Annual)Million yen
841
1,010

Dividend
Dividend-topayout ratio
equity ratio(Consolidated) (Consolidated)%%
31.9
1.626.2
1.825.3

3. Consolidated forecast for the fiscal year ending March 31, 2017 (April 1, 2016 – March 31, 2017)(Percentage figures represent year on year changes)
Profit attributable to owners Net earnings
Net sales
Operating income
Ordinary incomeof parent
per share
Million yen%
Million yen%
Million yen%
Million yen%
YenFirst half
67,000
5.9
3,000
14.9
3,000
13.7
1,500
(16.1)
35.64
Full year
146,000
4.8
6,300
7.5
6,200
5.1
4,000
3.7
71.28

1

*Notes(1) Changes in significant subsidiaries (Changes of specific subsidiaries that accompanies scope change ofconsolidation): No(2) Changes in accounting principles and estimates, and retrospective restatement(a) Changes due to revision of accounting standards: Yes(b) Changes other than (a): No(c) Changes in accounting estimates: No(d) Retrospective restatement: No(3) Number of shares outstanding (ordinary shares)(a) Shares outstanding (including treasury stock)
As of March 31, 2016:
59,100,000
As of March 31, 2015:
59,100,000(b) Treasury shares
As of March 31, 2016:
2,983,756
As of March 31, 2015:
2,983,318(c) Average number of shares
Period ended March 31, 2016:
56,116,457
Period ended March 31, 2015:
60,273,614(Reference) Outline of non-consolidated results
1. Non-consolidated results of operations for the year ended March 2016 (April 1, 2015 – March 31, 2016)(1) Non-consolidated result of operations(Percentage figures represent year on year changes)
Net sales
Operating income
Ordinary income
Net income
Million yen%
Million yen%
Million yen%
Million yen%
19.5
FY3/1678,725
3,040
175.8
4,021
130.7
3,034
69.8
FY3/1565,878
5.5
1,102
193.5
1,743
75.8
1,787111.2
Net Income per share
FY3/16
FY3/15

yen
54.07
29.65

Diluted Net Incomeper shareyen-(2) Non-consolidated financial position
Total assets
Net assets
Million yen
Million yen
FY3/1664,58445,596
FY3/1565,59943,518(Reference) Shareholders’ equity: FY3/16: 45,596 million yen

Equity ratio
%
70.3
66.3
FY3/15: 43,518 million yen

Net assets per shareYen
812.53775.502. Non-consolidated forecast for the fiscal year ending March 31, 2017 (April 1, 2016 – March 31, 2017)(Percentage figures represent year on year changes)
Net earnings
Net sales
Operating income
Ordinary income
Net income
per share
Million yen%
Million yen%
Million yen%
Million yen%
YenFirst half
40,000
8.7
1,600
25.7
2,600
16.2
2,000
(14.1)
35.64
Full year
82,000
4.2
3,200
5.2
4,200
4.4
3,000(1.1)
53.46* Auditing of financial statements is not conducted to this Summary of Financial Results.
* Cautionary statement regarding forecasts and special notes(Note on forward looking statements)
Forward-looking statements in these materials are based on the information available to management at the time thisreport was prepared. Actual results may differ significantly from these statements for number of reasons.

2Index for Supplementary Information
1.

Consolidated Financial Statements(1)

Consolidated balance sheet..................................................................................................................

1(2)Consolidated statements of income and comprehensive income.........................................................

3(3)Consolidated statements of cash flow..................................................................................................

5

2.

3.

1

Non-consolidated Financial Statements

6(1)Non-consolidated balance sheet...........................................................................................................

6(2)Non-consolidated statements of income and comprehensive income..................................................

8

Orders received, net sales and Contract backlogs....................................................................................

103

1.

Consolidated Financial Statements and Major Notes(1)

Consolidated balance sheet(Million yen)
Fiscal year ended March
2015 (As of March 31, 2015)

Fiscal year ended March
2016 (As of March 31, 2016)

28,63926,10645,14551,089

2,493

1,320

55

94

661
5,381

1,862
1,850

597
1,174

1,044
1,953

ASSETS
Current assets
Cash and deposits
Notes receivable, accounts receivablefrom completed construction contracts
and other
Real estate for sale
Costs on uncompleted construction
contracts
Costs on real estate businessAccounts receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets

(190)

(299)

83,95785,022

1,276

830

492

719

Noncurrent assets
Tangible Assets
Buildings and structures, net
Machinery, vehicles, tools, furnitureand fixtures, net
Vessels, net

1,120

751

4,351
84

4,368
95-

139

7,325

6,904

221

186

Investments and other assets
Investment securities

3,811

3,591

Long-term loans receivable
Deferred tax assets

10606

8359

1,166
1,295

858
1,192

Land
Lease assets, net
Construction in progress
Total Tangible assets
Intangible assets

Long-term accounts receivable
OtherAllowance for doubtful accounts

(464)

(832)

Total investments and other assets

6,424

5,178

13,972

12,26997,92997,291

Total noncurrent assets
Total assets1

(Million yen)
Fiscal year ended March
2015 (As of March 31, 2015)

Fiscal year ended March
2016 (As of March 31, 2016)

19,995

18,583

732

1,291

6,475

5,520

575

552113－

1,071
4,533

1,604
2,298

Total current liabilities

33,49829,850Noncurrent liabilities
Deferred tax liabilities

288

215

99
8,328

75
8,262

LIABILITIESCurrent liabilities
Accounts payable for construction
contracts
Income taxes payable
Advances received on uncompleted
construction contracts
Provision for warranties for completedconstruction
Provision for loss on construction
contracts
Provision for bonuses
Other

Provision for special repairs of vessels
Retirement allowances
Other483

507

9,200

9,060

42,69938,910Capital stock
Capital surplus

5,000
23,766

5,000
23,766

Retained earnings
Treasury shares

28,440(1,920)31,454(1,921)

Total shareholders’ equity

55,28658,299

636

491

43

48

(756)

(482)

(77)

57

Total noncurrent liabilities
Total liabilities
NET ASSETS
Shareholders’ equity

Accumulated other comprehensive income
Valuation differences onavailable-for-sales securities
Revaluation reserve for landRemeasurements of retirement
allowance plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

221

23

55,23058,38097,92997,291

(2) Consolidated statements of income and comprehensive income
Consolidated statements of income(Million yen)
Fiscal year ended March
2015 (April 1, 2014-March31, 2015)
Net sales
Net sales of completed construction
contracts
Sales on real estate business

Fiscal year ended March
2016 (April 1, 2015-March31, 2016)

125,007

Total net sales
Cost of sales
Cost of sales of completed construction
contracts
Cost of sales on real estate businessTotal cost of sales
Gross profit
Gross profit on completed construction
contracts
Gross profit-real estate businessTotal gross profit

136,401

1,553

2,867

126,560

139,269

114,191

122,201

1,373

2,622

115,565

124,824

10,815

14,200176

245

10,995

14,445

Selling, general and administrative expenses

7,289

8,583

Operating profit (loss)

3,705

5,861

Non-operating income
Interest income

19

2

41
45

68
57

Dividend income
Gain on bad debts recovered
Other

36

29

Total non-operating income

142

157

Interest expense
Other

108
30

105
13

Total non-operating expenses

139

119

3,709

5,900

Gain on sales of noncurrent assets
Reversal of loss on litigation

11-2210

Other00

Total extraordinary income

Non-operating expenses

Ordinary profit (loss)
Extraordinary income

1134

Extraordinary losses
Impairment loss

55628

Loss on disaster
Other49
11－
2

Total extraordinary losses

115

630

Profit (loss) before income taxes

3,604

5,304

Income taxes-current

1,046

1,650

Income taxes-deferred(281)(204)

Total income taxes
Profit (loss)
Profit (loss) attributable to non-controllinginterests
Profit (loss) attributable to owners of parent

3764

1,445

2,840

3,859

2

3

2,837

3,855

Consolidated statements of comprehensive income(Million yen)
Fiscal year ended March
2015 (April 1, 2014-March
31, 2015)
Profit (loss)
Other comprehensive income
Valuation difference on available-for-salesecurities
Revaluation reserve for landRemeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income(This splits into…)
Comprehensive income attributable toowners of parent
Comprehensive income attributable tonon-controlling interests

4

Fiscal year ended March
2016 (April 1, 2015-March
31, 2016)

2,840

3,859

314

(144)

16(49)

4274

281

134

3,212

3,993

3,118

3,990

23

(3) Consolidated statements of cash flow
Fiscal year ended March
2015 (April 1,2014-March 31, 2015)(Million yen)
Fiscal year ended March
2016 (April 1,2015-March 31, 2016)

3,604

5,304

552(124)610
478(35)(23)

78(113)

Increase (decrease) in provision for special repairs of vessels

25612533(24)

Increase (decrease) in net defined benefit liability
Interest and dividend income

6(60)

208(70)Interest expenses
Loss (gain) on sales of property, plant and equipment

108(8)

105(22)

Impairment loss
Decrease (increase) in notes and accounts receivablefrom completed construction
Decrease (increase) in long term accounts receivable

55628

1,068

(5,944)

Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for warranties forcompleted construction
Increase (decrease) in provision for loss on construction
contracts
Increase (decrease) in provision for bonuses

291

307

246
(370)

(67)
(1,412)

249

(955)

(1,813)

3,530

1,559

(2,855)

(351)

(15)

Subtotal

5,324

202

Interest and dividend income received
Interest expenses paid60(108)70(105)

Income taxes paid(824)(1,158)Cash flows from operating activities

4,452(991)

Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment

(194)
249

(1,409)886

Purchase of intangible assets
Purchase of investment securities

(112)
(10)

(65)
(9)

Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable
Increase (decrease) in advances received on
uncompleted construction contracts
Decrease (increase) in accounts receivable
Decrease/increase in consumption taxesreceivable/payable
Others, net

Cash flows from investing activities

Others, net

27(65)

(591)

(88)

(107)

(788)
(0)

(841)
(1)

Purchase of treasury shares(3,263)(0)Cash flows from financing activities

Cash flows from investing activities
Cash flows from financing activities
Repayments of lease obligations
Cash dividends paid
Dividends paid to non-controlling interests(4,140)(950)

Net increase (decrease) in cash and cash equivalents

245(2,533)

Cash and cash equivalents at the beginning of period

28,394

28,639Cash and cash equivalents at the end of period

28,63926,1065

2.

Non-consolidated Financial Statements and Major Notes(1)

Non-consolidated balance sheet(Million yen)
Fiscal year ended March2015 (As of March 31, 2015)

Fiscal year ended March
2016 (As of March 31, 2016)

Cash and deposits
Notes receivable-trade
Electronically recorded monetary claims- operating
Accounts receivable from completed
construction contracts
Real estate for sale
Costs on uncompleted construction
contracts
Costs on real estate business

15,787
169

14,104
0

2,198

300

24,74029,1291,605

617

1834661

1,862

Short-term loans receivable
Accounts receivable

400
1,726

783

Consumption taxes receivable
Deferred tax assets

405

921
513

Other
Allowance for doubtful accounts

337
(59)

337
(163)

47,99048,442

1,849

1,420

Accumulated depreciation

(961)

(965)

Buildings, net

887

454

ASSETS
Current assets

Total current assets
Noncurrent assets
Tangible Assets
Buildings

Structures

7474

Accumulated depreciation

(69)

(69)

Structures, net

54

Machinery and equipment

690

876

Accumulated depreciation

(615)

(665)

Machinery and equipment, net

75

210

VehiclesAccumulated depreciation

12(12)

12(12)

00278(222)

317(219)

Vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Lease assets, net
Total Tangible assets
Intangible assets

656

97

2,235
-

2,574
4-(0)

-

4

3,259

3,346

157

118

(Million yen)
Fiscal year ended March
2015 (As of March 31, 2015)

Fiscal year ended March
2016 (As of March 31, 2016)

Investments and other assets
Investment securities

3,043

2,856

Shares of subsidiaries and associates
Long-term loans receivable

8,885
98,8858Long-term prepaid expenses
Long-term accounts receivable

311
1,013

233
735

Lease and guarantee deposits
Deferred tax assets

669
505

674
212

Other
Allowance for doubtful accounts

53(299)40(698)

Total investments and other assets

14,19012,947

17,60816,41265,59964,854

9,496

8,431

49

0561

Accrued consumption taxes
Advances received on uncompleted
construction contracts
Deposits received
Provision for warranties for completed
construction
Provision for bonuses
Other2,223

-

3,801

3,563

618

794

55

60

507
761

863
233

Total current liabilities

17,511

14,508

Total noncurrent assets
Total assets
LIABILITIESCurrent liabilities
Accounts payable for construction
contracts
Lease obligations
Income taxes payableNoncurrent liabilities
Lease obligations-3

Provision for retirement benefits
Other

4,394
174

4,571
174

Total noncurrent liabilities

4,568

4,748

22,08019,257

Total liabilities
NET ASSETS
Shareholders’ equity
Capital stock

5,000

5,000

Capital surplus
Legal capital surplus

23,76623,766Total legal capital surplus

23,76623,766

Retained earnings
Legal retained earnings

500500

Other retained earnings
General reserve

14,50014,500

1,079

3,271

Retained earnings brought forward
Total Retained earnings

16,07918,271

Treasury shares
Total shareholders' equity(1,920)42,924(1,921)
45,116

593

479

593

479

43,51845,596

65,59964,854

Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

7

(2) Non-consolidated statements of income and comprehensive income
Non-consolidated statements of income(Million yen)
Fiscal year ended March
2015 (April 1, 2014-March
31, 2015)
Net sales
Net sales of completed construction
contracts
Sales on real estate businessTotal net sales
Cost of sales
Cost of sales of completed construction
contracts
Cost of sales on real estate business

Fiscal year ended March
2016 (April 1, 2015-March
31, 2016)

64,32775,824

1,551

2,901

65,87878,72559,78968,481

1,313

2,427

61,10270,909

4,537

7,342

238

474

4,776

7,816Directors' compensations
Employees' salaries and allowances

159
1,573

184
1,747

Provision for Bonuses and allowance
Retirement payments

181
158

328
157

Legal welfare expenses
Welfare expenses

319
39355
38

Repair and maintenance
Stationery expenses
Correspondence and transportation
expenses
Power utilities expenses
Research study expenses

1383

792

127

143

24
225

20284

13

22(19)

584

15
4

19
3RentsDepreciation

285
60

321
59

Taxes and dues
Insurance expenses

132
3

171
4271

229

3,673

4,775

Total cost of sales
Gross profit
Gross profit (loss) on completedconstruction contracts
Gross profit (loss) on real estate businessTotal gross profit
Selling, general and administrative expenses

Advertising expenses
Provision of allowance for doubtful
accounts
Entertainment expenses
Contribution

Miscellaneous expenses
Total Selling, general and administrative
expenses
Operating income

1,102

3,040

Non-operating income
Interest income

123

Dividend income
Other

677
41996
53

Total non-operating income

730

1,053

Non-operating expenses
Interest expense

5960

Other30

12Total non-operating expenses

9072

1,743

4,021

Ordinary income (loss)

8(Million yen)
Fiscal year ended March
2015 (April 1, 2014-March31, 2015)
Extraordinary income
Gain on sales of non-current assets

Fiscal year ended March
2016 (April 1, 2015-March31, 2016)
414

Other0-Total extraordinary income

414

Loss on litigation
Impairment loss

33-－
69

Other

00

Extraordinary losses

Total extraordinary losses

33

70

Income before income taxes

1,713

3,965

Income taxes-current
Income taxes-deferred

1,534(227)

674
257

Total income taxes
Net income

9(73)

931

1,787

3,034

3.

Orders received, net sales and Contract backlogs(1) Consolidated(Million yen, %)Fiscal year ended March 2015

Fiscal year ended March 2016

(April 1,2014 - March 31,2015)(April 1,2015 - March 31,2016)

AmountOrdersreceived

Share

AmountShare

Architecture
construction
Civil engineering

43,20627.5

47,38629.9

112,400

71.5

108,334

68.3

Total construction

155,606

99.0

155,720

98.2

Real estate

1,553

1.0

2,867

1.8

Total

157,160

100.0

158,588

100.0

Architecture

33,17826.2

39,233

28.2

Civil engineering

91,82872.6

97,168

69.7

Total construction

125,00798.8

136,401

97.9

Real estate

1,553

1.2

2,867

2.1

Total

126,560

100.0

139,269

100.0

Net sales(2) Non-consolidated(Million yen, %)Fiscal year ended March 2015

Fiscal year ended March 2016

(April 1,2014 - March 31,2015)(April 1,2015 - March 31,2016)

AmountArchitecture
construction

Share

AmountShare

Public22,106

18,792

Private19,511

26,572

Subtotal

41,61748.7

45,365

Civil

Public29,621

36,420engineering

Private12,70911,763

Subtotal
Total
received construction
Orders42,331

49.5

48,184

Public51,72755,213

Private32,221

38,336

Total

83,94898.293,549

Public--Private

1,551

2,901

47.0

50.0

97.0

Real estate
Total

1,551

1.8

2,901

Public51,72755,213

Private33,772

41,2373.0

Total
85,50010

100.0

96,450100.0

(Million yen, %)Fiscal year ended March 2015 Fiscal year ended March 2016
(April 1,2014 - March 31,2015) (April 1,2015 - March 31,2016)
AmountArchitecture

AmountShare

11,387

16,861

Private20,256

20,376

Subtotal
PublicCivil
engineering Private
Subtotal

31,64348.0

37,237

23,05325,561

9,629

13,02432,683

49.6

38,586

Public34,44142,423construction Private

29,88533,401Total
Net sales

Share

PublicTotal

64,32797.6

75,824

Public--Private

1,551

2,901

47.3

49.0

96.3

Real estate
Total

1,551

2.4

2,901

Public34,44142,423

Private31,43736,302

3.7

Total

Construction
BusinessContract
backlogs

65,878100.0

78,725100.0

Architecture

37,65344.4

45,78044.7

Civil
engineering

47,07955.6

56,67655.3

84,732100.0

102,457

100.0

----

84,732100.0

102,457

100.0

Subtotal
Real estate
Total

Disclaimer: All financial information has been prepared in accordance with generally accepted
accounting principles in Japan. This document is a partial English translation of the Japanese
Financial Statements which were filed with Stock Exchanges in Japan on May 10, 2016. The
Company provides this translation for your reference and convenience only without any
warranty as to its accuracy. In case of any discrepancy between the translation and theJapanese original, the latter shall prevail11