Highlights of Financial Statements
For the First Half of the Fiscal Year Ending March 31, 2010

November 20, 2009

CONTENTS

1. Interim Consolidated Statements of Income (Comparisons with the Previous Term)

1

2. Interim Consolidated Statements of Income (Comparisons with Forecasts)

2

3. Interim Consolidated Balance Sheets3

4. Interim Consolidated Cash Flows4

5. Other51. Interim Consolidated Statements of Income(Comparisons with the Previous Term)(Unit: ¥100 million)

Item

Performance in Performance
this term
previous term

Difference

Percentage
difference

Main reasons for increase/decrease 

1,227-109 1,095

-7.2% s Pressure on fixed expenses

Gross Profits132 s 'ROSS PROFIT MARGIN &ROM  TO  down 0.9 percentage points)

Selling, General and Administrative Expenses

110103-7

 s #UTTING PERSONNEL COSTS   #UTTING MISCELLANEOUS EXPENSES  

Operating Income

28-19 s /PERATING MARGIN &ROM  TO  DOWN  PERCENTAGE POINTS

Other Income

92-7 s )NTEREST AND DIVIDEND INCOME  

Other Expenses

000

30



Extraordinary Profit

110— s 2EVERSAL OF ALLOWANCE FOR DOUBTFUL RECEIVABLES  Extraordinary Loss220— s 3PECIAL PAYMENTS ON EMPLOYEES RETIREMENT BENEFITS  15-17 s .ET PROFIT MARGIN &ROM  TO  DOWN  PERCENTAGE POINTSNet Sales
Cost of Sales

Recurring Profit

Net Income-8.2% s .44 GROUP   .##   )4 SOLUTIONS   #ONSTRUCTION  s #OST OF SALES RATIO &ROM  TO  up 0.9 percentage points)

s !MORTIZATION OF NEGATIVE GOODWILL  —— s 2ECURRING PROFIT MARGIN &ROM  TO  DOWN  PERCENTAGE POINTSs 'AIN ON PAYBACK OF INSURANCE PAYMENTS  s 0ROVISION FOR ALLOWANCE FOR DOUBTFUL RECEIVABLES  

Note: Stated figures have been rounded down to the first full unit. Percentages of increase and decline, and profit ratios, are calculated on the basis of ¥1.0 million units. The figures represented are rounded up or down to one decimal place.

12. Interim Consolidated Statements of Income(Comparisons with Forecasts)(Unit: ¥100 million)
4ARGETS

Performance
this year

Difference

Percentage
difference

Main reasons for increase/decrease 1,227s .44 GROUP   .##   )4 SOLUTIONS   #ONSTRUCTION   1,095s #OST OF SALES RATIO &ROM  TO  UP  PERCENTAGE POINTSGross Profits

140132-8s 'ROSS PROFIT MARGIN &ROM  TO  DOWN  PERCENTAGE POINTS)

Selling, General and Administrative Expenses

114

103-11s #UTTING PERSONNEL COSTS   2EDUCTION OF EXPENSES AND DELAYED EXPENDITURES  

Operating Income28s /PERATING MARGIN &ROM  TO  UP  PERCENTAGE POINTSOther Income

2-1

Other Expenses

000—301Extraordinary Profit110——Extraordinary Loss

20——150



Item

Net Sales
Cost of Sales

Recurring Profit

Net Incomes A decline in interest income—s 2ECURRING PROFIT MARGIN &ROM  TO  UP  PERCENTAGE POINTSs .ET PROFIT MARGIN &ROM  TO  UP  PERCENTAGE POINTS

Note: Stated figures have been rounded down to the first full unit. Percentages of increase and decline, and profit ratios, are calculated on the basis of ¥1.0 million units. The figures represented are rounded up or down to one decimal place.

23. Interim Consolidated Balance Sheets
ASSETSLIABILITIES AND NET ASSETS(Unit: ¥100 million)(Unit: ¥100 million)

-244

-244

2,206

2,206

1,962

Current
Liabilities

614(-296)

Current Assets

1,454

s !CCOUNTS RECEIVABLETRADE-377

s !CCUMULATED COST OF
CONSTRUCTION IN PROGRESS+81

1,962(-213)
s !CCOUNTS PAYABLE4RADE-179s )NCOME TAXES PAYABLE

-34

401

1,158
Long-Term
Liabilities

74(-8)s !CCRUED SEVERANCE INDEMNITIES-5s /THER LONG TERM LIABILITIES-366(+51)
s 4ANGIBLE FIXED ASSETS(,AND )

Fixed Assets

752(-22)+45Net Assetss )NVESTMENTS AND OTHER ASSETS +10(increase in fair market value, etc.)s )NTANGIBLE FIXED ASSETS(amortization)-4

1,517803

s 4REASURY STOCK AT COST-29

s 2ETAINED EARNINGS AND OTHERS

+7

1,495

%QUITY RATIO
From 68.4% to 75.7%

As of March 31, 2009

As of September 30, 2009

As of March 31, 20093

As of September 30, 2009

4. Interim Consolidated Cash Flows5NIT c MILLION-57+116
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities
s !CQUISITION OF LAND AND BUILDINGSFOR CONSTRUCTION BASES ETC -49-8s #ONSTRUCTION VEHICLES AND TOOLSCash Flows fromFinancing Activities
s !CQUISITIONS OF TREASURY STOCKs #ASH DIVIDENDS PAID

s $ECREASE IN RECEIVABLESTRADE +367
s $ECREASE IN PAYABLESTRADE ETC -251

298

Cash and
Cash Equivalents
at End of Year

-42

-29
-13

315

+17

Cash and
Cash Equivalents
at End of Half Year
*Excluding time deposits
of approximately ¥1.2 billion(As of September 30, 2009)(As of March 31, 2009)4

5. Other
5-1. Stock-related Indicators

PER[ FY March 31, 2010 ](First Half)[ FY March 31, 2009 ]

ESP

PBR

BSP

Common Stock Price(Price/Earnings Ratio)(Primary Earnings per Share)(Price/Book Value Ratio)(Book Value per Share)

12.2 times (Forecast)¥80 (Forecast)

0.85 times¥1,160¥984 (September 30)

10.9 times¥75

0.7 times¥1,151¥824 (March 31)

5-2. Ratio of Foreign Shareholders
Record high

5-3. Provision for Loss on Construction Contracts

5-4. Booked Status of the Percent of Completion Method(Unit: ¥ million)(As of September 30, 2009)

564

33.6%

321

23.9%
20.4%

Eliminate unpr
ofitableprojects

Net Sales

Gross profits

12 projects¥1,803 million¥193 million

235
Number of projects

8 projects
4 projects

Sep. 2007

Sep. 2008

Sep. 2009

Sep. 2007

Sep. 2008

5Sep. 200939 projects