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, 2008
May 15, 2008
Shin-Nihon Tatemono Co., Ltd.
Stock Exchange: JASDAQ
Code Number: 8893
URL: http://www.kksnt.co.jp/
Representative: Saburo Murakami, President and Chief Executive Officer
Attn.:
Yasuharu Suzuki, Senior Executive Director, Senior Executive Officer, Administrative Department Manager and
Finance Department Manager Tel: +81-3-6205-0705
Scheduled date of the ordinary general meeting of shareholders: June 26, 2008
Scheduled date for commencing payment of dividend: June 27, 2008
Scheduled date of submission of the annual securities report: June 27, 2008
(Note that all amounts have been rounded down to the nearest million yen.)
1. Consolidated Financial Results (April 1, 2007 through March 31, 2008)(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 yen%

Million yen%

Million yen%

82,217
73,200

12.3
37.1

5,110
6,548

(22.0)
98.4

3,977
4,602

(13.6)
98.0

2,017
2,253

(10.5)
86.7

Year ended March 31, 2008
Year ended March 31, 2007

Net income
per share(fully diluted)

Net income
per share
Yen

Yen

Year ended March 31, 2008
60.28
Year ended March 31, 2007
88.58
(Reference) Equity in net income of affiliates

Ratio ofordinary income
to total assets

Return on equity
%

60.26
85.75
Year ended March 31, 2008:
Year ended March 31, 2007:

10.1
16.8
― million yen― million yen

Net assets

Ratio of shareholders’equity to assets

Operating income
margin

%

%

4.4
6.0

6.2
8.9

(2) Consolidated Financial Position
Total assets
Million yen

Year ended March 31, 2008
Year ended March 31, 2007
(Reference) Shareholders’ equity:

Net assets per share

Million yen%

Yen

88,374
20,59090,427
19,403As of March 31, 2008:
As of March 31, 2007:

23.3
21.4

614.31578.92

20,556 million yen
19,371 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(1,473)(4,322)(84)444(2,097)15,804

14,47018,126

Year ended March 31, 2008
Year ended March 31, 2007
2. Dividends

―
―

Yen
20.00
20.00

Yen
20.00
20.00

Total amount ofdividends(annual)Million yen
669
669

―

20.00

20.00

―

Dividends per share(Record Date)

Interim period end
Yen

Year ended March 31, 2007
Year ended March 31, 2008
(Forecast) Year ending
March 31, 2009

Year end

Annual

%
22.6
33.2

Dividends onequity(consolidated)
%
3.9
3.4

37.6

―

Payout ratio(consolidated)

3. Forecast of Consolidated Financial Results (April 1, 2008 through March 31, 2009)(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%

Million yen

34,50085,800(21.6)
4.4

160
4,740

(96.7)
(7.2)

(160)
3,040

–1–

%

―
(23.6)

Million yen

(90)
1,780

%

―
(11.8)

Yen(2.69)
53.19

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: three companies
Exception: two companies(company name: Mistral 1 Silent Partnership (TK))(company name: SN Finance Silent Partnership (TK))(company name: Mistral 2 Silent Partnership (TK))(company name: SN Property Silent Partnership (TK))(company name: Mistral 3 Silent Partnership (TK))(2) Changes in Accounting Principles and Procedures and Representation Method, Etc. Regarding Preparation of Quarterly
Consolidated 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, 2008:
33,463,666 shares
As of March 31, 2007:
33,461,666 shares(ii) Total number of treasury stock as of the end of each period:
As of March 31, 2008:
566 shares
As of March 31, 2007:
566 shares(For reference) Outline of non-consolidated financial results
1. Non-consolidated financial results (April 1, 2007 through March 31, 2008)(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%

Million yen%

Million yen%

69,03772,538

(4.8)
36.6

4,850
6,126

(20.8)
90.6

4,314
4,364

(1.1)
90.1

2,032
2,237

(9.2)
75.5

Year ended March 31, 2008
Year ended March 31, 2007

Net income per share
Year ended March 31, 2008
Year ended March 31, 2007

Net income per share(fully diluted)

Yen

Yen

60.75
87.99

60.73
85.18

(2) Non-consolidated financial position
Total assets

Ratio of shareholders’equity to assets

Net assets

Net assets per share

Million yen

Million yen%

Yen

81,15380,983

20,435
19,234As of March 31, 2008:
As of March 31, 2007:

25.2
23.8
20,435 million yen
19,234 million yen

610.69574.83

Year ended March 31, 2008
Year ended March 31, 2007
(Reference) Shareholders’ equity:

2. Forecast of non-consolidated financial results (April 1, 2008 through March 31, 2009)(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

29,00076,900(22.6)
11.4

(230)
4,430

%

―
(8.7)

Million yen

(470)
2,920

%

―
(32.3)

Million yen

(410)
1,530

%

―
(24.7)

Yen(12.25)
45.72(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–

Shin-Nihon Tatemono Co., Ltd. (8893) Summary of Financial Statements for the Fiscal Year Ended March 31, 2008

4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Thousand yen)
Year ended March 31, 2007

Category

Year ended March 31, 2008
% of
total

AmountChange% oftotalAmountAmountAssetsI. Current assets
1. Cash and deposits
2. Deposits in trust
3. Notes and accounts receivable trade
4. Real estate for sale
5. Real estate for sale in process
6. Deferred tax assets
7. Other
Allowance for doubtful accounts

18,480,841

14,677,370(3,803,471)―

236,890

236,890

208,217475,804

267,587

3,447,909

16,048,258

12,600,349

60,222,863

47,640,674(12,582,189)

545,489

1,330,686

785,196

3,531,970

4,492,416

960,446(6,707)

Total current assets

86,430,584(8,031)
95.6

84,894,069(1,323)96.1(1,536,514)

II. Noncurrent assets
1. Property, plant and equipment(1) Buildings and structures
Accumulated depreciation

1,112,354
569,496(2) Land(3) Other
Accumulated depreciation
Total property, plant andequipment
2. Intangible assets

971,089542,858

533,440

1,978,711
45,366
29,614

437,648(105,209)

1,171,741(806,969)

31,087

15,33557,42415,751

26,3372,537,321

2.8

1,640,477

1.8(896,844)

30,6780.0

69,9940.1

39,316

3. Investments and other assets(1) Investment securities(2) Long-term loans receivable

923,665

778,401(145,264)

685

266

(418)

(3) Deferred tax assets

94,636

76,345(18,291)(4) Other
Allowance for doubtful
accounts

413,375

918,295

504,919(3,494)(3,494)―

Total investments and other assets

1,428,868

1.6

1,769,813

2.0

340,945

Total noncurrent assets

3,996,868

4.4

3,480,286

3.9(516,582)

Total assets

90,427,453

100.0

88,374,356

100.0(2,053,097)–3–

Shin-Nihon Tatemono Co., Ltd. (8893) Summary of Financial Statements for the Fiscal Year Ended March 31, 2008

(Thousand yen)
Year ended March 31, 2007
Category

Year ended March 31, 2008
% of
total

AmountChange% oftotalAmountAmountLiabilities
I. Current liabilities
1. Notes and accounts payable trade
2. Short-term loans payable

11,833,307

11,959,532

126,225

32,359,930

26,606,828(5,753,102)

3. Current portion of bonds

828,000

50,000(778,000)

4. Income taxes payable

1,873,617

1,759,319(114,297)

5. Advances received

2,139,270

2,205,506

66,236

6. Deposits received

4,720,010

2,771,828(1,948,181)

947,238

874,961(72,277)

7. Other
Total current liabilities

54,701,374

60.5

46,227,976

52.3(8,473,397)

II. Noncurrent liabilities
1. Bonds payable
2. Long-term loans payable
3. Provision for retirement benefits
4. Provision for directors’ retirement
benefits
5. Other

280,000

330,000

50,00015,454,067

20,509,687

5,055,620

70,54979,815

9,265

332,433

352,183

19,750185,688284,605

98,917

Total noncurrent liabilities

16,322,738

18.0

21,556,291

24.4

5,233,553

Total liabilities

71,024,112

78.5

67,784,267

76.7(3,239,844)

Net assets
I. Shareholders’ equity
1. Capital stock

6,414,463

6,414,933

470

2. Capital surplus

6,328,437

6,328,905

468

3. Retained earnings

6,495,192

7,843,117

1,347,924

4. Treasury stock
Total shareholders’ equity
II. Valuation and translation
adjustments
1. Valuation difference on
available-for-sale securities
2. Deferred gains or losses onhedgesTotal valuation and translation
adjustments
III. Subscription rights to shares

(379)

―

(379)

19,237,714

21.3

20,586,576

23.3

1,348,862

162,223(155)(162,378)(28,760)(29,809)(1,049)133,4620.2(29,964)

0.0(163,427)

5,280

0.0

5,280

0.0

―

IV. Minority interests

26,8830.0

28,1950.0

1,312

Total net assets

19,403,340

21.5

20,590,088

23.3

1,186,747

Total liabilities and net assets

90,427,453

100.0

88,374,356

100.0(2,053,097)–4–

Shin-Nihon Tatemono Co., Ltd. (8893) Summary of Financial Statements for the Fiscal Year Ended March 31, 2008

(2) Consolidated Statements of Income
Category
Net sales
Cost of sales
Gross profit
III. Selling, general andadministrative expenses
1. Sales commission
2. Advertising expenses
3. Provision of allowance for
doubtful accounts
4. Directors' compensations
5. Salaries and allowances
6. Provision for directors'
retirement benefits
7. Depreciation
8. OtherOperating income
IV. Non-operating income
1. Interest income
2 Dividends income
3. Land and house rent received
4. Cancellation penalty
5. OtherV.
Non-operating expenses
1. Interest expenses
2. Bond issuance cost
3. Stock issuance cost
4. OtherOrdinary income
VI. Extraordinary income
1. Reversal of allowance for
doubtful accounts
2. Gain on sales of fixed assets
3. Gain on sales of investment
securities
4. Gain on sales of golf clubmemberships
VII. Extraordinary loss
1. Loss on sales of noncurrent
assets
2. Impairment loss
3. Loss on valuation of investment
securities
4. Loss on sales of subsidiaries’
stocks
5. Loss on sales of golf clubmemberships
Income before income taxes
Income taxes - current
Income taxes - deferred
Minority interests in income
Net income
I.
II.

(Thousand yen)

Year ended March 31, 2007
(From April 1, 2006 to March 31, 2007)
Percentage
Amount73,200,089
100.0
58,223,553
79.6
14,976,535
20.4

1,821,840
3,098,915

Year ended March 31, 2008
(From April 1, 2007 to March 31, 2008)
Percentage
Amount82,217,638
100.0
68,178,537
82.9
14,039,101
17.1

9,006

1,323
323,900
1,114,232

18,97622,994

8,037
13,198207,599
34,04829,911
1,757,130
195,766
166,339
118,8718,428,301
6,548,234

292,794

2,238,108
4,602,921

11.5
8.9

0.4

3.0
6.3

36,1402,078,614

28,48913,239470,166
242,952
40,511
1,674,392――
253,194

49,328

―

―

3,979

21,04348,4489,929

80,301

0.1

147,694――

15,84778,76045,345―2,039,780(31,478)

8,929,082
5,110,018

10.9
6.2

500,781(1,438,216)

795,359

1.0

502,564

1,927,587
3,977,790

2.4
4.8(310,520)(625,131)

52,4270.1(27,874)

85,4630.1(313,754)

3,944,754

4.8(339,250)

1,926,195
1,412
2,017,146

2.3
0.0
2.5

(82,107)(21,271)(235,872)

6,703

189,558

771

Amount
9,017,549
9,954,983(937,434)

1,841,909
3,509,967

259,460
1,194,124

31,242
1,994,734

Change399,2170.5

4,284,004

5.9

2,008,302
22,6832,253,018

–5–

2.8
0.0
3.1

―
2,586,591(660,396)

Shin-Nihon Tatemono Co., Ltd. (8893) Summary of Financial Statements for the Fiscal Year Ended March 31, 2008

(3) Consolidated Statements of Changes in Net Assets
Year ended March 31, 2007 (from April 1, 2006 to March 31, 2007)(Thousand yen)
Shareholders’ equity

Capital stock
Balance as of March 31, 2006

Capital surplus

1,401,995

1,321,225

5,012,468

5,007,211

Retained earnings

Treasury stock

4,577,894

Total shareholders’equity(153)

7,300,962

Change during the fiscal year
Issuance of new shares

10,019,679

Dividends paid

(334,016)(334,016)

Net income

2,253,018

2,253,018

Purchase of treasury stock(226)

Decrease in retained earnings
resulting from exclusion ofsubsidiaries from consolidation(226)(1,705)(1,705)

Changes in items other thanshareholders’ equity during the
fiscal year
Total change during the fiscal year

5,012,468

5,007,211

1,917,297(226)

11,936,751

Balance as of March 31, 2007

6,414,463

6,328,437

6,495,192(379)

19,237,714

Minority
interests

Total net assets

Valuation and translation adjustments

Balance as of March 31, 2006

Valuationdifference on
available-forsale securities

Deferred gains
or losses onhedgesTotal valuationand translation
adjustments

Subscription
rights to shares

228,276―

228,276――

7,529,239

Change during the fiscal year
Issuance of new shares

10,019,679

Dividends paid

(334,016)

Net income

2,253,018

Purchase of treasury stock(226)

Decrease in retained earnings
resulting from exclusion ofsubsidiaries from consolidation(1,705)

Changes in items other thanshareholders’ equity during the
fiscal year

(66,053)(28,760)(94,813)5,280

26,883(62,649)

Total change during the fiscal year

(66,053)(28,760)(94,813)5,280

26,883

11,874,101

Balance as of March 31, 2007

162,223(28,760)

133,462

5,280

26,883

19,403,340–6–

Shin-Nihon Tatemono Co., Ltd. (8893) Summary of Financial Statements for the Fiscal Year Ended March 31, 2008

Year ended March 31, 2008 (from April 1, 2007 to March 31, 2008)(Thousand yen)
Shareholders’ equity

Capital stock
Balance as of March 31, 2007

Capital surplus

6,414,463

6,328,437

470

468

Retained earnings

Total shareholders’equityTreasury stock

6,495,192(379)

19,237,714

Change during the fiscal year
Issuance of new shares

938

Dividends paid

(669,222)(669,222)

Net income

2,017,146

2,017,146

Changes in items other thanshareholders’ equity during the
fiscal year
470

468

1,347,924―

1,348,862

6,414,933

6,328,905

7,843,117(379)

20,586,576

Minority
interests

Total net assets

Total change during the fiscal year
Balance as of March 31, 2008

Valuation and translation adjustments

Balance as of March 31, 2007

Valuationdifference on
available-forsale securities

Deferred gains
or losses onhedgesTotal valuationand translation
adjustments

Subscription
rights to shares

162,223(28,760)

133,462

5,280

26,883

19,403,340

Change during the fiscal year
Issuance of new shares

938

Dividends paid

(669,222)

Net income

2,017,146

Changes in items other thanshareholders’ equity during the
fiscal year

(162,378)(1,049)(163,427)

Total change during the fiscal year

(162,378)(1,049)(163,427)(155)(29,809)(29,964)

Balance as of March 31, 2008

–7–

1,312

(162,115)

―

1,312

1,186,747

5,280

28,195

20,590,088

Shin-Nihon Tatemono Co., Ltd. (8893) Summary of Financial Statements for the Fiscal Year Ended March 31, 2008

(4) Consolidated Statements of Cash Flows

Category
Net cash provided by (used in) operating activities
1. Income before income taxes
2. Depreciation
3. Impairment loss
4. Loss (gain) on sales and retirement of noncurrent assets
5. Increase (decrease) in provision for retirement benefits
6. Increase (decrease) in provision for directors'
retirement benefits
7 Interest and dividends income
8. Interest expenses
9. Bond issuance cost
10. Stock issuance cost
11. Decrease (increase) in notes and accounts receivable trade
12. Decrease (increase) in inventories
13. Decrease (increase) in advance payments
14. Increase (decrease) in notes and accounts payable trade
15. Increase (decrease) in advances received
16 Increase (decrease) in deposits received
17. Other
Sub-total
18. Interest and dividends received
19. Interest expenses paid
20. Income taxes paid
Net cash provided by (used in) operating activities
II. Net cash provided by (used in) investing activities
1. Decrease (increase) in time deposits
2. Purchases of property, plant and equipment
3. Proceeds from sales of property, plant and equipment
4. Purchases of investment securities
5. Proceeds from sales of investment securities
6. Proceeds from capital reduction of shares ofsubsidiaries
7. Purchase of investments in subsidiaries resulting inchange in scope of consolidation
8. Sale of investments in subsidiaries resulting in change
in scope of consolidation
9. Payments of short-term loans receivable
10. Collection of short-term loans receivable
11. Collection of long-term loans receivable
12 OtherNet cash provided by (used in) investing activities
III. Net cash provided by (used in) financing activities
1. Net increase (decrease) in short-term loans payable
2. Proceeds from long-term loans payable
3. Repayment of long-term loans payable
4. Proceeds from issuance of bonds
5. Redemption of bonds
6. Proceeds from issuance of bonds with subscription
rights to shares
7. Proceeds from issuance of common stock
8. Cash dividends paid
9. Proceeds from minority interests for additional shares
10. Other
Net cash provided by (used in) financing activities
IV. Net increase (decrease) in cash andcash equivalents
V. Cash and cash equivalents
at the beginning of period
VI. Cash and cash equivalents
at the end of period(Thousand yen)
Year ended March 31, 2007
(From April 1, 2006
to March 31, 2007)
AmountYear ended March 31, 2008
(From April 1, 2007
to March 31, 2008)
Amount

4,284,004
52,573
189,558
147,694(328)

3,944,754
61,535
―
2,724
9,265

ChangeAmountI.

–8–(339,250)
8,961(189,558)(144,970)
9,593(7,349)19,75027,100(21,236)
1,757,130
195,766
166,339(41,728)
1,674,392――(20,492)(82,737)(195,766)(166,339)

143,792(267,587)(411,379)(15,732,238)(574,886)

811,146(667,793)

16,543,385(92,907)3,531,906

126,225(3,405,681)

1,233,711
3,213,591(47,814)(1,467,782)
20,152(1,730,621)(1,144,202)(4,322,453)

66,236(1,948,181)(920,070)
2,870,668
32,413(1,677,803)(2,699,057)(1,473,778)(1,167,475)(5,161,773)(872,256)
4,338,451
12,261
52,817(1,554,855)
2,848,675(16,150)(32,878)
336,000(40,564)
157,650

75,550(231,769)
242,882(223,000)
62,68391,700(198,890)(93,117)(182,435)(94,967)

30,000―(30,000)(8,933)―8,933

65,608―(65,608)(68,000)
15,0001,088
6,146
444,966(1,211,500)
1,253,000
418(52,577)(84,312)(1,143,500)
1,238,000(669)(58,724)(529,279)

4,351,590
28,295,000(26,357,455)
494,760(316,000)(2,501,500)
28,948,000(27,143,982)
96,684(828,000)(6,853,090)
653,000(786,526)(398,075)(512,000)

5,809,473―(5,809,473)

3,853,340(334,016)
3,200
4,260
15,804,153

878(669,222)―(405)(2,097,546)(3,852,462)(335,206)(3,200)(4,665)(17,901,700)

11,926,666(3,655,637)(15,582,304)

6,199,774

18,126,441

11,926,666

18,126,441

14,470,804(3,655,637)