ENGLISH TRANSLATIN OF JAPANESE-LANGUAGE DOCUMENT.
This document has been translated from the original Japanese as a guide for
non-Japanese investors. In all case, the Japanese-language original shall take precedence.

SUMMARY OF FINANCIAL STATEMENTS (Consolidated)
for the Fiscal Year Ended March 31, 2009
May 15, 2009
Shin-Nihon Tatemono Co., Ltd.
Stock Exchange: JASDAQ
Code Number: 8893
URL: http://www.kksnt.co.jp/Representative: Saburo Murakami, President and Chief Executive OfficerAttn.:Yasuharu Suzuki, Senior Executive Director, Senior Executive Officer and Administrative Department Manager
Tel: +81-3-6205-0705
Scheduled date of the ordinary general meeting of shareholders: June 25, 2009
Scheduled date of submission of the annual securities report: June 26, 2009
Scheduled date for commencing payment of dividend: ―(Note that all amounts have been rounded down to the nearest million yen.)
1. Consolidated Financial Results (April 1, 2008 through March 31, 2009)(1) Consolidated Results of Operations(Figures in percentages denote the year-on-year change)
Net sales
Operating income
Ordinary income
Net income
Million yen%

Million yen56,33782,217(31.5)
12.3(16,420)
5,110

Year ended March 31, 2009
Year ended March 31, 2008

Net income
per share(fully diluted)

Net income
per share
Yen―

Year ended March 31, 2009
(565.08)
Year ended March 31, 2008
60.28
(Reference) Equity in net income of affiliates%

Million yen―(22.0)(16,177)
3,977

Million yen(18,909)
2,017

Ratio ofordinary income
to total assets

Return on equity

Yen%―(13.6)%

60.26
Year ended March 31, 2009:
Year ended March 31, 2008:(175.7)
10.1― million yen― million yen%―(10.5)

Operating income
margin%%(26.6)
4.4(29.1)
6.2(2) Consolidated Financial Position
Total assets
Million yen

Year ended March 31, 2009
Year ended March 31, 2008
(Reference) Shareholders’ equity:

Ratio of shareholders’equity to assets

Net assets

Net assets per share

Million yen%

Yen

33,304971
88,374
20,590
As of March 31, 2009:
As of March 31, 2008:

2.9
23.3

29.02
614.31971 million yen
20,556 million yen(3) Consolidated Cash Flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of term

Million yen

Million yen

Million yen

Million yen

11,686(1,473)210(84)(24,042)(2,097)2,324
14,470Year ended March 31, 2009
Year ended March 31, 2008
2. Dividends(Record Date)

Year ended March 31, 2008
Year ended March 31, 2009
(Forecast) Year ending
March 31, 2010

End of the
1st quarter
Yen――

Dividends per share
InterimEnd of theYear end
period end 3rd quarter
Yen
Yen
Yen
0.00
―
20.00
0.00
―
0.00

―

0.00

―

0.00

AnnualYen
20.00
0.00

Total amountof dividends(annual)Million yen
669―

Payout ratio(consolidated)

―%
33.2

Dividends onequity(consolidated)
%
3.4
―

―

0.00

3. Forecast of Consolidated Financial Results (April 1, 2009 through March 31, 2010)(Figures in percentages denote the year-on-year change)
Net income
Net sales
Operating income
Ordinary income
Net income
per shareFirst half
AnnualMillion yen%

Million yen

20,10041,6000.9(26.2)

(440)
1,920

―
―%–1–

Million yen

(880)
840

――%

Million yen

(800)
800

―
―%

Yen

(23.91)
23.91

ENGLISH TRANSLATIN OF JAPANESE-LANGUAGE DOCUMENT.
This document has been translated from the original Japanese as a guide for
non-Japanese investors. In all case, the Japanese-language original shall take precedence.

4. Other(1) Important Changes in Subsidiaries During the Fiscal Period(Changes in specified subsidiaries resulting in change in scope of consolidation): Applicable
New: one company (company name: Shin-Nihon Residence Co., Ltd.)
Exception: one company (company name: Andromeda Special-Purpose Company)(2) Changes in Accounting Principles and Procedures and Representation Method, Etc. Regarding Preparation of QuarterlyConsolidated Financial Statements (Changes Presented as Changes in Important Items, Etc. That Are Used as Basic Materials for
Preparation of Quarterly Consolidated Financial Statements)(i) Changes due to amendment of accounting standards, etc.:
Applicable(ii) Changes other than (i):Not applicable(3) Number of Shares Outstanding (Common Stock)(i) Total number of shares outstanding (including treasury stock) as of the end of each period:
As of March 31, 2009:
33,463,666 shares
As of March 31, 2008:
33,463,666 shares(ii) Total number of treasury stock as of the end of each period:
As of March 31, 2009:652 shares
As of March 31, 2008:
566 shares(For reference) Outline of non-consolidated financial results
1. Non-consolidated financial results (April 1, 2008 through March 31, 2009)(1) Non-consolidated results of operations(Figures in percentages denote the year-on-year change)
Net sales
Operating income
Ordinary income
Net income
Million yen%

Million yen

48,48069,037(29.8)(4.8)(15,834)
4,850

Year ended March 31, 2009
Year ended March 31, 2008

Net income per share

Million yen(15,649)
4,314%―(1.1)

Million yen(18,838)
2,032%―(9.2)Net income per share(fully diluted)

YenYear ended March 31, 2009
Year ended March 31, 2008%―(20.8)

Yen―(562.95)
60.75

60.73

(2) Non-consolidated financial position
Total assets

Ratio of shareholders’equity to assets

Net assets

Net assets per share

Million yen

Million yen%

Yen

28,672
81,153921
20,435
As of March 31, 2009:
As of March 31, 2008:

3.2
25.2
921 million yen
20,435 million yen

27.54
610.69Year ended March 31, 2009
Year ended March 31, 2008
(Reference) Shareholders’ equity:

2. Forecast of non-consolidated financial results (April 1, 2009 through March 31, 2010)(Figures in percentages denote the year-on-year change)
Net income
Net sales
Operating income
Ordinary income
Net income
per shareFirst half
AnnualMillion yen%

Million yen

15,20033,0001.7(31.9)

30
1,860

――%

Million yen

(390)
840―
―%

Million yen

(500)
480―
―%

Yen

(14.94)
14.34(Cautionary note regarding use of the Forecast of Financial Results, and other special notations)
The forecasts herein are calculated based on information available to the Company as of the date of publication of this document aswell as assumptions made as of the date of publication that are dependent on uncertain factors that affect the Company’s future results.
Please note that actual results may differ materially from forecasts due to various factors.

–2–

4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Thousand yen)
Year ended March 31, 2009

Year ended March 31, 2008
AssetsCurrent assets
Cash and deposits

14,677,370

2,618,661

Deposits in trust

236,890

239,423

Notes and accounts receivable, trade475,804

87,259Real estate for sale

16,048,258

8,231,960

Real estate for sale in process

47,640,674

16,498,128

―

7,820

―

2,000,000

Uncompleted construction expenditure
Advance payments-trade
Deferred tax assets

1,330,686

78,820Other

4,492,416

1,147,833(8,031)(46,703)

84,894,069

30,863,205

Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures

971,089

800,665

Accumulated depreciation(533,440)(569,583)

Buildings and structures (net)437,648

231,082

Land1,171,741

960,444

Other

57,42439,713(26,337)(27,041)

Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets

31,087

12,671

1,640,477

1,204,197

69,99460,890778,401

312,981266―

Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets

76,345

11,090

Other

918,295

1,234,505

Allowance for doubtful accounts(3,494)(382,439)

Total investments and other assets

1,769,813

1,176,138

Total noncurrent assets
Total assets–3–

3,480,286

2,441,22688,374,356

33,304,431

Year ended March 31, 2008

(Thousand yen)
Year ended March 31, 2009

Liabilities
Current liabilities
Notes and accounts payable - trade11,959,532

5,971,866

Short-term loans payable

26,606,828

17,564,884

Current portion of bonds

150,000

130,000

Income taxes payable

1,759,319

14,699Advances received

2,205,506

869,268

Deposits received

2,771,828

156,277

Other
Total current liabilities

874,961

389,796

46,327,976

25,096,792

Noncurrent liabilities
Bonds payable
Long-term loans payable

230,000

100,000

20,509,687

6,328,009

Provision for retirement benefits

79,81562,080

Provision for directors’ retirement benefits

352,183

378,755

Other
Total noncurrent liabilities
Total liabilities

284,605

367,574

21,456,291

7,236,419

67,784,267

32,333,211

Net assets
Shareholders’ equity
Capital stock

6,414,933

6,414,933

Capital surplus

6,328,905

6,328,905

Retained earnings

7,843,117(11,735,367)

(379)

(385)

20,586,576

1,008,085

(155)

2,708

Treasury stock
Total shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(29,809)(39,574)

Total valuation and translation adjustments(29,964)(36,865)

5,280―

Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets–4–

28,195―

20,590,088

971,220

88,374,356

33,304,431

(2) Consolidated Statements of Income
Year ended March 31, 2008
(From April 1, 2007
to March 31, 2008)(Thousand yen)
Year ended March 31, 2009
(From April 1, 2008
to March 31, 2009)

Net sales

82,217,638

56,337,932

Cost of sales

68,178,537

65,337,119

Gross profit/loss

14,039,101(8,999,186)

Selling, general and administrative expenses
Sales commission

1,841,909

1,228,441

Advertising expenses

3,509,967

2,798,370

Provision of allowance for doubtful accounts

1,323

417,076

Directors' compensations

323,900

327,374

Salaries and allowances

1,114,232

983,803

Provision for directors' retirement benefits

22,99426,015

Depreciation

36,14034,3952,078,614

1,605,847

Other
Total selling, general and administrative expenses

8,929,082

7,421,324

5,110,018(16,420,511)

Interest income

28,48911,411Dividends income

13,2398,608

Land and house rent received

470,166

448,000

Penalty income

242,952

1,260,489

Other

40,511

132,326

Total non-operating income

795,359

1,860,835

1,674,392

1,236,541

253,194

381,705

Operating income/loss
Non-operating income

Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income/loss

1,927,587

1,618,246

3,977,790(16,177,922)

Extraordinary income
Gain on sales of noncurrent assets

3,979―

Gain on sales of investment securities

48,44828,780Gain on sales of golf club memberships

―

2,938

Gain on reversal of subscription rights to shares

―

5,280

52,42736,998

Total extraordinary income
Extraordinary loss
Loss on sales of noncurrent assets

6,703

3,534

―

24,018

Impairment loss―

493,969

Loss on sales of investment securities―

38,560Loss on disposals of noncurrent assets

Loss on valuation of investment securities
Loss on sales of golf club memberships

78,76074,353―40,194

Loss on project suspension―

789,479

Total extraordinary losses

85,463

1,464,111

Income/loss before income taxes

3,944,754(17,605,036)

Income taxes - current

2,586,591

21,169

Income taxes - deferred(660,396)

1,293,865

Total income taxes

1,926,195

1,315,034

1,412(10,847)

2,017,146(18,909,222)

Minority interests in income/loss
Net income/loss–5–(3) Consolidated Statements of Changes in Net Assets
Year ended March 31, 2008
(From April 1, 2007
to March 31, 2008)(Thousand yen)
Year ended March 31, 2009
(From April 1, 2008
to March 31, 2009)

6,414,463

6,414,933

470―

Shareholders’ equity
Capital stock
Balance at end of previous fiscal year
Change during the fiscal year
Issuance of new shares

470―

6,414,933

6,414,933

6,328,437

6,328,905

Issuance of new shares

468―

Total change during the fiscal year468―

6,328,905

6,328,905

6,495,192

7,843,117

Total change during the fiscal year
Balance at end of the fiscal year
Capital surplus
Balance at end of previous fiscal year
Change during the fiscal year

Balance at end of the fiscal year
Retained earnings
Balance at end of previous fiscal year
Change during the fiscal year
Dividends paid

(669,222)(669,262)

Net income/loss

2,017,146(18,909,222)

Total change during the fiscal year

1,347,924(19,578,484)

7,843,117(11,735,367)

(379)

(379)

Balance at end of the fiscal year
Treasury stock
Balance at end of previous fiscal year
Change during the fiscal year
Purchase of treasury stock―(6)

Total change during the fiscal year

―

(6)

(379)

(385)

19,237,714

20,586,576

Balance at end of the fiscal year
Total shareholders’ equity
Balance at end of previous fiscal year
Change during the fiscal year

938―

Dividends paid

(669,222)(669,262)

Net income/loss

2,017,146(18,909,222)

Issuance of new shares

Purchase of treasury stock
Total change during the fiscal year
Balance at end of the fiscal year

–6–―

(6)

1,348,862(19,578,491)

20,586,576

1,008,085

Year ended March 31, 2008
(From April 1, 2007
to March 31, 2008)(Thousand yen)
Year ended March 31, 2009
(From April 1, 2008
to March 31, 2009)

162,223(155)

Changes in items other than shareholders’ equity during the fiscal year

(162,378)

2,863

Total change during the fiscal year

(162,378)

2,863

(155)

2,708

(28,760)(29,809)

Changes in items other than shareholders’ equity during the fiscal year

(1,049)(9,764)

Total change during the fiscal year

(1,049)(9,764)(29,809)(39,574)

133,462(29,964)

Changes in items other than shareholders’ equity during the fiscal year

(163,427)(6,901)

Total change during the fiscal year

(163,427)(6,901)(29,964)(36,865)

5,280

5,280

―

(5,280)

Valuation and translation adjustments
Valuation difference on available-for-sale securities
Balance at end of previous fiscal year
Change during the fiscal year

Balance at end of the fiscal year
Deferred gains or losses on hedges
Balance at end of previous fiscal year
Change during the fiscal year

Balance at end of the fiscal year
Total valuation and translation adjustments
Balance at end of previous fiscal year
Change during the fiscal year

Balance at end of the fiscal year
Subscription rights to shares
Balance at end of previous fiscal year
Change during the fiscal year
Changes in items other than shareholders’ equity during the fiscal year
Total change during the fiscal year
Balance at end of the fiscal year―

(5,280)5,280―

26,88328,195

1,312(28,195)

Minority interests
Balance at end of previous fiscal year
Change during the fiscal year
Changes in items other than shareholders’ equity during the fiscal year
Total change during the fiscal year
Balance at end of the fiscal year

1,312(28,195)

28,195―

19,403,340

20,590,088

Total net assets
Balance at end of previous fiscal year
Change during the fiscal year
938―

Dividends paid

(669,222)(669,262)

Net income/loss

2,017,146(18,909,222)

Issuance of new shares

Purchase of treasury stock
Changes in items other than shareholders’ equity during the fiscal year
Total change during the fiscal year
Balance at end of the fiscal year

–7–―

(6)

(162,115)(40,376)

1,186,747(19,618,868)

20,590,088

971,220

(4) Consolidated Statements of Cash Flows
Year ended March 31, 2008
(From April 1, 2007
to March 31, 2008)(Thousand yen)
Year ended March 31, 2009
(From April 1, 2008
to March 31, 2009)

3,944,754(17,605,036)

Net cash provided by (used in) operating activities
Income/loss before income taxes
Depreciation
Impairment loss
Loss (gain) on sales and retirement of noncurrent assets

61,535

68,953―493,969

2,724

27,553

Increase (decrease) in allowance for doubtful accounts―

417,616

Increase (decrease) in provision for retirement benefits

9,265(17,735)

Increase (decrease) in provision for directors' retirement benefits

19,75026,572

Interest and dividends income(41,728)(20,019)

Interest expenses

1,674,392

1,236,541

Decrease (increase) in notes and accounts receivable - trade(267,587)

388,545

Decrease (increase) in inventories

811,146

38,951,023

Decrease (increase) in advance payments(667,793)

1,030,447

Increase (decrease) in notes and accounts payable - trade126,225(5,987,666)

Increase (decrease) in advances received

66,236(1,336,237)

Increase (decrease) in deposits received(1,948,181)(2,615,551)

Other(920,070)(377,834)

Sub-total

2,870,668

14,681,142

Interest and dividends received

32,413

11,318Interest expenses paid

(1,677,803)(1,239,731)

Income taxes paid

(2,699,057)(1,766,273)

Net cash provided by (used in) operating activities(1,473,778)

11,686,455

Net cash provided by (used in) investing activities
Decrease (increase) in time deposits

75,550(90,218)

Purchases of property, plant and equipment(231,769)(10,626)

Proceeds from sales of property, plant and equipment

242,882

1,219

Purchases of investment securities(223,000)―

62,683369,019

Payments of short-term loans receivable(1,211,500)(80,000)

Collection of short-term loans receivable

1,253,000

1,500

Proceeds from sales of investment securities

Collection of long-term loans receivable

418

266

Other(52,577)

18,878Net cash provided by (used in) investing activities(84,312)210,039

Net increase (decrease) in short-term loans payable(2,501,500)(5,193,920)

Proceeds from long-term loans payable

28,948,000

5,131,000

Repayment of long-term loans payable(27,143,982)(23,160,702)

Net cash provided by (used in) financing activities

Proceeds from issuance of bonds
Redemption of bonds
Proceeds from issuance of common stock
Cash dividends paid
Other96,684―(828,000)(150,000)878―(669,222)(669,262)

(405)

(6)

(2,097,546)(24,042,890)(3,655,637)(12,146,394)

Cash and cash equivalents at the beginning of period

18,126,441

14,470,804

Cash and cash equivalents at the end of period

14,470,804

2,324,409

Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents–8–