Consolidated Financial Results
For the Fiscal Year Ended March 31, 2012
(Based on Japanese GAAP)(Translation of Japanese Flash Report, Released on May 10, 2012)
Company name: Sun Frontier Fudousan Co., Ltd.
Stock listing: Tokyo Stock Exchange 1st Section
Code number: 8934
URL: http://www.sunfrt.co.jp
Address: 14F, Toho Hibiya Building, 2-2, Yurakucho 1-chome, Chiyoda-ku, Tokyo 100-0006
Representative: Tomoaki Horiguchi, President
Inquiry: Seiichi Saito, Senior Managing Director(Phone: +81-3-5521-1301)*Amounts under one million yen have been rounded down.

1. Consolidated Performance in the Fiscal Year Ended March 31, 2012
(From April 1, 2011 to March 31, 2012)(1) Operating results*Percentage figures shown under in the sales, operating income, ordinary income, and net income columns indicate year-on yearchanges for those items.
(Millions of yen, except for per share figures)

Sales

Operating Income

Ordinary Income

FY Ended March, 2012

¥6,923 (61.4%)¥861 (30.0%)¥799 (47.6%)

FY Ended March, 2011

¥4,289 (-70.4%)¥662 (- %)¥541 (- %)Note) Comprehensive Income: FY Ended March, 2012:¥927 million (155.4%)

FY Ended March, 2011:¥363 million (-%)

Net Income per Share

Fully Diluted
Net Income per Share(Yen)

Net Income(Yen)

FY Ended March, 2012¥928 (155.4%)¥2,498.02¥2,497.91

FY Ended March, 2011¥363 (- %)¥977.97¥977.90

Reference) Income on investments based on equity method: FY Ended March, 2012: ¥- million
FY Ended March, 2011: ¥- million(2) Financial Position (at end of the term)(Millions of yen, except for per share figures)

Equity Ratio(%)

Net Assets per Share(Yen)

Total Assets

Net Assets

FY Ended March, 2012

¥11,247¥6,463

57.5%¥17,399.10

FY Ended March, 2011¥12,787¥5,55443.3%¥14,901.17

Reference) Equity at term-end:

FY Ended March, 2012: ¥6,463 million

FY Ended March, 2011: ¥5,535 million(3) Cash Flows(Millions of yen)

FY Ended March, 2012

¥743

¥3,829¥(2,694)

Cash and Cash
Equivalents at
Year-End¥3,619FY Ended March, 2011¥(722)¥(934)¥(203)¥1,740Cash Flows from
Cash Flows from
Cash Flows fromOperating Activities Investing Activities Financing Activities

12. Cash Dividends
Cash Dividends per Share
1st quarter 2nd quarter 3rd quarter
periodperiodperiod(Yen)

Year end

Annualtotal

Total
Dividends

Net asset
Payout ratio
dividend rate
(Consolidated)(Millions of yen)(Consolidated)

FY Ended March, 2011

-

¥0.00

-

¥0.00

¥0.00

-

-%

-%

FY Ended March, 2012

-

¥0.00

-

¥350.00¥350.00

¥130

14.0%

2.0%

FY Ended March, 2013
(Projections)

-

¥0.00

-

¥400.00¥400.00

15.6%

3. Projections for Consolidated Performance in the Year Ending March 31, 2013
(From April 1, 2012 to March 31, 2013) *Percentage figures are indicated year-on year changes for those items.

Net Sales

Operating Income

-

-

-

¥10,500 (51.7%)¥1,120 (30.1%)¥1,050 ( 31.3%)

1st Half of FY
Ended March, 2013

FY Ended March,
2013(Millions of yen, except for per share figures)
Net Income per
Ordinary Income
Net Income
Share¥950 (2.4%)¥2,557.23

4. Others(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): No
Newly companies: —Excluded companies: —(2) Changes in accounting principles, procedures and presentation methods
1) Changes caused by revision of accounting standards: No
2) Changes other than those included in 1): No
3) Changes in accounting estimates: No4) Restatement of corrections: No(3) Number of shares issued and outstanding (common shares)
1) Number of shares issued and outstanding at the end of the period (including treasury stock):
FY ended March 31, 2012: 371,495 shares
FY ended March 31, 2011: 371,495 shares
2) Number of treasury stock at the end of period:
FY ended March 31, 2012: － shares
FY ended March 31, 2011: － shares3) Weighted average number of shares for the period:
FY ended March 31, 2012: 371,495 shares
FY ended March 31, 2011: 371,495 shares

2Reference: Overview of Non-consolidated Performance
1. Non-consolidated Performance in FY ended March 31, 2012 (from April 1, 2011 to March 31, 2012)(1) Operating Results*Percentage figures shown in the sales, operating income, ordinary income, and net income columns indicate year-on year changes
for those items.
(Millions of yen, except for per share figures)

Sales

Operating Income

Ordinary Income

Net Income

FY Ended March, 2012

¥6,766 (64.4%)¥826 (35.2%)¥764 (55.9%)¥899 (167.4%)

FY Ended March, 2011

¥4,115 (-71.3%)¥611 (¥490 (¥336 (Net Income per Share (Yen)

-%)

-%)

-%)

Fully Diluted Net Income per Share (Yen)FY Ended March, 2012

¥2,421.59¥2,421.48

FY Ended March, 2011¥904.45¥905.39(2) Financial Position(Millions of yen, except for per share figures)

Equity Ratio (%)

Net Assets per Share (Yen)

Total Assets

Net Assets

FY Ended March, 2012

¥10,862¥6,41559.1%¥17,269.88

FY Ended March, 2011¥12,607¥5,53443.8%¥14,848.38

Reference: Equity at term-end: FY Ended March, 2012: ¥6,415 million
FY Ended March, 2011: ¥5,516 million※Indication of audit procedure implementation status
This financial results report is exempt from audit procedure based upon the Financial Instruments and Exchange Act. It
is under the audit procedure process at the time of disclosure of this report.

※Appropriate use of projections for performance, other notes
The projections for performance in this report contain forward-looking statements based on information available to theCompany at the date of publication, and on certain set assumptions that have been deemed reasonable. Actual earnings
may vary greatly in accordance with a wide range of factors. Refer to section 1. Results of Operation (1) Analysis of theResults of Operations on page 5 for assumptions used for projections and the notes on the use of the projections

3

1. Results of Operations(1) Analysis of Results of Operations
In this consolidated fiscal year, the Japanese economy was sluggish at first in the wake of the Great East Japan
Earthquake, but is gently recovering, as production and consumption are picking up due to the restoration of
supply chains, etc. However, the anxiety over the downturn of the overseas economy due to the financial turmoil
in Europe and higher crude oil prices, etc. has not been dispelled. In the exchange market, yen’s appreciation
trend remains, and so the economic outlook is still uncertain.
In the office building rental market in the realty field, vacancy rate remains high and rents are decreasing,which indicate that the situation is severe. On the other hand, the real estate investment market shows a sign of
gradual recovery, as wealthy people’s needs for investments in urban real estate are growing and relatedtransactions are increasing.
In this circumstance, our group has conducted mainly the downstream and midstream businesses in the fields
of property management, brokerage for sale and rental, and realty, targeting office and commercial buildings incentral Tokyo. In the real estate revitalization business, we engaged in procuring and selling mainly small to
medium-sized property worth several hundred million yen, which is traded frequently in the market. On the other
hand, in the real estate service business, we have met the needs for sale, construction, and revitalization, etc.
arising out of the transactions of rental brokerage, etc. and created multifaceted business opportunities by
increasing the assets under management in the property management business, in order to expand our businesssustainably and stably. These efforts paid off, our business performance has been in the black for two terms in arow, and the resumption of dividend is expected in this consolidated fiscal year for the first time in 4 terms. We
carefully discussed the collectability of deferred tax assets, considering the future variation in our businessperformance, and decided to post deferred tax assets from the end of this consolidated fiscal year.
As a result, our operating results for the fiscal year ended March 2012 were as follows: sales of ¥6,923 million(up by 61.4% from the previous fiscal year), operating income of ¥861 million (up by 30.0%), and ordinary
income of ¥799 million (up by 47.6%). Net income was ¥928 million (up by 155.4%).
Business performance by segment is as follows.
Real Estate Revitalization
In the replanning business, we have concentrated on the procurement and sale of real estate while heedfully
grasping the bottoming out of the market. Especially, we researched the property for short-term projects in the 5urban wards, in which our company is competitive, and purchased 9 buildings. We also put various ideas into theprocess of merchandizing the enticement of tenants and remodeling, etc., made the buildings occupied soon, andsold the 9 buildings.
In the rental building business, we sold 4 rental buildings (and purchased 1 building) in May, in order toincrease competitive rental buildings and prepare the funds for buying new replanning property from a medium
to long-term viewpoint, and so the income from rents decreased from the previous year.
As a result of the above activities, sales were ¥4,892 million (up by 93.5% from the previous fiscal year) andsegment income was ¥1,005 million (up by 26.0%).
Real Estate Brokerage
In our sales brokerage business, we continued to strengthen our customer base through efforts such as
expanding trade opportunities with foreign investors, with Asia as our main focus.
Because of the recovery of the real estate investment market, etc., the number and amount of transactions
increased in the latter half of this fiscal year, and sales and profits increased from the previous year.
In the rental brokerage business, although the office rental market in the urban center of Tokyo is still stringent,through the "as-is office," cooperation with related projects such as supporting a comprehensive office relocation,and including peripheral business.
As a result of the above activities, sales were ¥1,138 million (up by 18.0% from the previous fiscal year) andsegment income was ¥919 million (up by 8.4%).

4

Property Management
In the property management business, along with working to expand assets under contract, we made an effort
to prevent vacancies through close tenant support at properties under contract. We also focused on creating new
earnings opportunities, including appropriately proposing property improvements and restoration work with aview to increasing property values.
As a result of the above activities, sales were ¥454 million (up by 13.5% from the previous fiscal year) andsegment income was ¥331 million (up by 12.0%).
Other Businesses
In the construction planning field, we have worked on new businesses, such as the proposal for a seismic
remodeling, while offering the “comprehensive relocation planning” service for solving various problems
regarding office relocation, including layout proposal, interior design creation, and restoration to the originalstate.
In the delinquent rent guarantee business, we have cultivated latent needs of customers by proposing new
product plans, etc. and then the number of new guarantee transactions increased steadily.
As a result of the above activities, sales were ¥437 million (up by 10.5% from the previous fiscal year) andsegment income was ¥230 million (up by 36.9%).
Outlook for next year
The Japanese economy is expected to recover for a while because of the demand for restoration after the Great
East Japan Earthquake, etc., but the economic situation is unpredictable, as there are limitations in electricity
supply and the concerns over the downturn of the overseas economy, etc.
In the realty field, a lot of offices are estimated to be supplied in the urban center of Tokyo, and it is difficult toimprove the demand-supply balance soon, and so it will become more difficult to attract tenants. On the other
hand, in the real estate investment market, the levels of selling and purchase prices, which had been significantly
differed, have improved gradually, the number of transactions is increasing, and the active trading of small to
medium-sized property is expected in the next term.
In this situation, our group will offer the specialized services using high-quality real estate to meet customers’
needs, by improving the profitability of the realty service business, developing business structures that cantolerate market fluctuations, and improving quality and customer support.
In the real estate revitalization business, we will concentrate on the replanning business and handle mainly
small to medium-sized property, which is traded often in the market, under the policy of making buildings
occupied soon with clear exit strategies. As for medium to large-sized property, we will conduct businesses while
reducing the funding risk based on the joint investment with business partners, by utilizing the planning andrevitalization know-how we have nurtured in the replanning business.
In the brokerage business, we will strengthen the personnel and organizational systems and the partnershipwith building owners through thoroughgoing community-based activities. In addition, we will enrich the
networks with investors and wealthy people, and cultivate overseas investors mainly in Asia.
In the property management business, we will increase assets under management, improve the synergetic
effects with the building maintenance company, which became a 100% subsidiary of our company in January ofthis year, and expand our businesses. In the building maintenance business, we will concentrate on the high-place
works, including glass and outer wall cleaning, in which we are competitive, and enhance personnel development
in order to expand our business further.
As for the consolidated earnings forecast for the term ending March 2013, we estimate sales of 10,500 million
yen (51.7% increase from the previous term), operating income of 1,120 million yen (30.1% increase), ordinary
income of 1,050 million yen (31.3% increase), and current net income of 950 million yen (2.4% increase).

(2) Analysis of Financial Positioni) Assets, liabilities and net assets
The current assets at the end of this consolidated fiscal year were 6,521 million yen, increasing 2,270 million
yen from the end of the previous consolidated fiscal year, as inventory assets decreased while cash and deposits,
5

securities, and deferred tax assets, etc. increased.
Cash and deposits was 3,912 million yen, increasing 1,796 million yen from the end of the previous
consolidated fiscal year, as there were an income of 743 million yen from the cash flow from operating activities,
an income of 3,829 million yen from the cash flow from investing activities, and an expense of 2,694 million yen
from the cash flow from financial activities, and the fixed deposit, whose deposit term is over 3 months,
decreased 82 million yen.
Inventory assets were 1,696 million yen, decreasing 106 million yen from the end of the previous consolidated
fiscal year, as they are composed of mainly the real estate for sale and sale in process in the replanning businessand property was sold.
Noncurrent assets were 4,726 million yen, decreasing 3,809 million yen from the end of the previous
consolidated fiscal year, as goodwill increased while property, plant and equipment decreased.
Total liabilities as of the end of this consolidated fiscal year were 4,784 million yen, decreasing 2,448 million
yen from the end of the previous consolidated fiscal year, as accounts payable-trade increased while short-termand long-term loans payable were repaid. Total net assets were 6,463 million yen, increasing 909 million yen
from the end of the previous consolidated fiscal year, because of net income of 928 million yen, etc.
Consequently, net assets per share were 17,399.10 yen.
Total assets as of the end of this consolidated fiscal year were 11,247 million yen, decreasing 1,539 million
yen from the end of the previous consolidated fiscal year.
ii) Cash flows
Cash and cash equivalents (hereinafter called “cash”) as of the end of this consolidated fiscal year were 3,619
million yen, increasing 1,878 million yen from the beginning of this consolidated fiscal year, as we paid 4,815
million yen for repaying long-term loans payable and 1,388 million yen for acquiring property, plant andequipment, etc. while we earned 5,413 million yen by selling property, plant and equipment and 2,830 million
yen through long-term loans payable, etc.
Each cash flow for this consolidated fiscal year and related factors are as follows:
Cash flow from operating activities
The cash obtained through operating activities was 743 million yen (previous term: expenditure of 722 millionyen). The major factors are an increase of 180 million yen in investment securities for sale, a decrease of 178
million yen in guarantee deposits received, income before income taxes and minority interests of 777 million yen,depreciation and amortization of 126 million yen, and a decrease of 113 million yen in accrued consumption tax,
etc.
Cash flow from investing activities
The cash obtained through investing activities was 3,829 million yen (previous term: expenditure of 934
million yen). The major factors are proceeds from sales of property, plant and equipment of 5,413 million yen,and proceeds from withdrawal of time deposits of 1,411 million yen, etc. although an expenditure of 1,388
million yen for purchase of property, plant and equipment, 1,172 million yen of payments into time deposits.
Cash flow from financing activities
The cash used for financing activities was 2,694 million yen (previous term: expenditure of 203 million yen).
The major factors are proceeds from long-term loans payable of 2,830 million yen, repayment of long-term loans
payable of 4,815 million yen, and net decrease in short-term loans payable of 600 million yen.

(3) Basic policy for profit allocation and the dividends for the current and next terms
Our company has the basic policy of returning profits to shareholders in a long-term, stable basis andenriching retained earnings to respond to the changes in the business environment flexibly.
The term-end dividend for the term ended March 2012 is 350 yen per share under the above mentioned policy.
This matter is to be discussed at the annual meeting of shareholders scheduled in June 2012.
The dividend for the next term ending March 2013 is to be 400 yen per share.

6

2. Situation of our corporate group

Our group is composed of our company (Sun Frontier Fudousan Co., Ltd.) and 5 consolidated
subsidiaries, and conducts “the real estate revitalization business” and “the realty service business.”
The contents and segments of each business are as described in “4. Consolidated financial statements, (9)Notes regarding consolidated financial statements (segment information).” The results of the real estate
revitalization business, the brokerage business, and the property management business are to be disclosed.
3. Business Policy(1)Basic policy for business administration
Our group conducts businesses while setting the following corporate philosophy as the basic policy forbusiness administration.
(Corporate philosophy)“Our employees avoid consuming un-renewable resources wastefully and contribute to the sustainable
prosperity of humankind, animals, and plants, by improving knowledge, skills, and personalities throughtheir work in a passionate manner and devoting to the utilization and distribution of real estate stocks.”(2)Target management indicators
Our group aims to grow sustainably from a long-term viewpoint, and emphasizes capital-to-asset ratio
from the viewpoint of financial safety and recurring profit margin from the viewpoint of profitability andproductivity.
(3)Medium to long-term business strategies
Our group aims to become a reliable lifelong partner of our clients, by establishing a stable managementbase that is not swayed easily by economic and market situations and coping with any troubles related toreal estate of our clients, including building owners. To do so, we implement the following medium tolong-term strategies.
Firstly, we improve quality. In order to meet customers’ needs at high levels and satisfy them, we aim tooffer high-quality services and products. To do so, we develop personnel and fortify in-company systems
based on customer-oriented policies. In detail, we aim to brush up expertise in real estate practice anddevelop trustworthy, reliable personnel who can give hospitality. In addition, in order to offer higher-quality,
meticulous services, including the production of contracts and reports, we will enrich after-sales services,and strengthen in-company systems so as to win lifelong trust from the first contact.
Secondly, we hone our ability to attend to customers. In order to properly solve any troubles regarding
real estate, we will brush up our expertise as professionals, and develop systems for attending to eachcustomer. We will offer a variety of one-stop realty services by enriching the mid-stream to downstream
services in the fields of property management, building maintenance, sale/rental brokerage, and real estate,bring out the comprehensive ability of each related section, and developing businesses organically. These
efforts would lead to the improvement of the replanning business and the expansion of our businesses while
alleviating risks through the securing of stable procurement and sale routes and the cooperation withbusiness partners, etc.
Thirdly, we strengthen the base for business administration. We concentrate on reinforcing our customer
base and financial ground, and aim to become a corporation that can tolerate the fluctuations in the market.
To do so, we will fortify the sections of property management, building maintenance, sale and rental
brokerage, in which stable profits are expected. In addition, we will aim to increase the income from rents
by owning buildings for a long time in the rental building business and enrich our customer base throughthe property management business and the stock-type business, such as the delinquent rent guarantee
business.

7

(4)The issues to be handled
The realty market is estimated to shrink from the medium to long-term viewpoint, because the declining
birthrate and aging population are worsening rapidly and the number of office workers is decreasing due tothe decline in productive population, although the market is picking up gradually from the temporary
downturn. In this situation, our performance has been in the black for 2 consecutive terms, but in order tocontinue our business in a stable manner from the medium to long-term viewpoint, we need to improve therealty service business further, engage in the development of various products and exit strategies in thereplanning business, and increase our profitability further. To do so, we aim to polish organizational power
to cope with the changes in the business environment flexibly, cling to the business attitude of “evolving
ourselves and satisfying requests” from the viewpoint of customers, and offer high-quality realty services
that can meet the needs of customers.

8

4. Consolidated Financial Statements*Amounts under one thousand yen have been rounded down.

(1) Consolidated Balance Sheets(Thousands of yen）
As of March 31, 2011

As of March 31, 2012ASSETS
Current assets
Cash and deposits
Accounts receivable-trade
Operational investment securities
Real estate for sale

2,115,547

3,912,155

147,498

287,204-

180,000

787,243

57,143

Real estate for sale in process

1,015,584

1,633,325

Work in process construction

-

6,500

Supplies

600

-

-

166,669

Other

191,352

287,131

Allowance for doubtful accounts△6,583△8,5774,251,244

6,521,551

Buildings

5,097,622

2,176,800

Accumulated depreciation△399,889△275,890

Buildings, net

4,697,732

1,900,909

5,421

11,290△2,771△9,440

2,650

1,849

Deferred tax assets

Total current assets
Noncurrent assets
Property, plant and equipment

VehiclesAccumulated depreciation
Vehicles, net
Land3,192,919

1,936,846

Construction in progress

62,500-Other56,65264,693△46,847△54,885

9,804

9,808

7,965,607

3,849,414

Goodwill

31,875445,701

Other

14,305

5,542

Total intangible assets

46,180451,243

Investment securities

204,860

204,716

Deferred tax assets-

11,067

325,932

219,074

Allowance for doubtful accounts△6,351△9,107

Total investments and other assets

524,440

425,749

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

Investments and other assets

Other

Total noncurrent assets
Total assets

98,536,228

4,726,408

12,787,473

11,247,959

(Thousands of yen）
As of March 31, 2011

As of March 31, 2012

LIABILITIESCurrent liabilities
Accounts payable-trade102,674

Short-term loans payable

600,000-

Current portion of bonds

108,000

54,000Current portion of long-term loans payable

392,688234,907

Income taxes payable

39,51022,971

Provision for bonuses

39,36045,056

800

3,635

6,896

5,251

ConstructionWarrantyReserve
Provision for loss on guarantees for rent
Other
Total current liabilities

265,393

520,801

747,369

1,810,730

1,378,585

54,000-4,741,592

2,957,050

451-

626,094448,643

Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Other
Total noncurrent liabilities
Total liabilities

5,422,138

3,405,693

7,232,869

4,784,279

7,728,308

5,515,443

NET ASSETS
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Total shareholders' equity

500,000-△2,693,256

947,614

5,535,052

6,463,057

658

622

658

622

18,893-

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Total accumulated other comprehensive income
Subscription rights to shares
Total net assets

5,554,603

6,463,679

Total liabilities and net assets

12,787,473

11,247,959

10

(2) Consolidated Statements of Income and Consolidated Statements of comprehensive income
Consolidated Statements of Income(Thousands of yen）
FY ended March 31, 2011
(April 1,2010– March 31, 2011)

FY ended March 31, 2012
(April 1,2011– March 31, 2012)

Net sales

4,289,998

6,923,522

Cost of sales

2,022,515

4,304,845

Gross profit

2,267,482

2,618,677

Selling, general and administrative expenses

1,604,842

1,757,483

662,639

861,193

Interest income

1,802

1,841

Dividends income

436

422

Operating income
Non-operating income

Interest on refund

21

2,236

1,587

-

Compensation income

196

4,200

Gain on disposal of unpaid dividend

771

2,045

Other

862

989

5,678

11,734

125,691

64,763-8,242

Liquidated Damages Income

Total non-operating income
Non-operating expenses
Interest expenses
Finance costs
Other

870

424

126,562

73,431

541,755

799,496

Gain on sales of noncurrent assets

1,656

2,702

Reversal of allowance for doubtful accounts

3,634

-

Reversal of construction warranty reserve

4,552

-

Total non-operating expenses
Ordinary income
Extraordinary income

Gain on reversal of subscription rights to shares
Other
Total extraordinary income-

18,893933-

10,776

21,595

2,898

207

100

-

151,368--

41,510

3,291

-

-

1,388

Extraordinary loss
Loss on retirement of noncurrent assets
Loss on valuation of membership
Litigation settlement
Loss on derivatives cancellation
Loss on adjustment for changes of accounting standard
for asset retirement obligations
Other
Total extraordinary losses

157,658

43,107

Income before income taxes and minority interests

394,872

777,985

Income taxes-current

31,55919,026

Income taxes-deferred-△169,046

Total income taxes

31,559△150,020

Income before minority interests

363,313928,005

363,313928,005

Net income

11Consolidated Statements of comprehensive income(Thousands of yen）
FY ended March 31, 2011
(April 1,2010– March 31, 2011)

FY ended March 31, 2012
(April 1,2011– March 31, 2012)

Consolidated statements of comprehensive income
Income before minority interests

363,313928,005

Other comprehensive income
Valuation difference on available-for-sale securities

17

△36

Total other comprehensive income

17

△36

363,331927,969

363,331927,969

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent

12

(3) Consolidated Statements of Changes in Net Assets(Thousands of yen）
FY ended March 31, 2011
(April 1,2010– March 31, 2011)

FY ended March 31, 2012
(April 1,2011– March 31, 2012)

Shareholders' equity
Capital stock
Balance at the beginning of current period

7,728,308

7,728,308

Capital reduction-△2,212,865

Total changes of items during the period-△2,212,865

7,728,308

5,515,443

500,000

500,000

Capital reduction-

2,212,865

Deficit disposition-△2,712,865

Total changes of items during the period-△500,000

500,000-△3,056,570△2,693,256-

2,712,865

Changes of items during the period

Balance at the end of current period
Capital surplus
Balance at the beginning of current period
Changes of items during the period

Balance at the end of current period
Retained earnings
Balance at the beginning of current period
Changes of items during the period
Deficit disposition
Net income

363,313928,005

Total changes of items during the period

363,3133,640,870△2,693,256

947,614

5,171,738

5,535,052

363,313928,005

Balance at the end of current period
Total shareholders' equity
Balance at the beginning of current period
Changes of items during the period
Net income
Total changes of items during the period

363,313928,005

5,535,052

6,463,057

640

658

Net changes of items other than shareholders' equity

17

△36

Total changes of items during the period

17

△36

Balance at the end of current period

658

622

640

658

17

△36

Total changes of items during the period

17

△36

Balance at the end of current period

658

622

Balance at the end of current period
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the beginning of current period
Changes of items during the period

Total accumulated other comprehensive income
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders' equity

13

(Thousands of yen）
FY ended March 31, 2011
(April 1,2010– March 31, 2011)

FY ended March 31, 2012
(April 1,2011– March 31, 2012)

Subscription rights to shares
Balance at the beginning of current period

12,431

18,893

6,462△18,893

Total changes of items during the period

6,462△18,893

Balance at the end of current period

18,893-

5,184,810

5,554,603

Changes of items during the period
Net changes of items other than shareholders' equity

Total net assets
Balance at the beginning of current period
Changes of items during the period
Net income
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period

14363,313928,005

6,479△18,929369,793909,076

5,554,603

6,463,679

(4) Consolidated Statements of Cash Flows(Thousands of yen）
FY ended March 31, 2011
(April 1,2010– March 31, 2011)

FY ended March 31, 2012
(April 1,2011– March 31, 2012)

Net cash provided by (used in) operating activities
Income before income taxes and minority interests

394,872

777,985

Depreciation and amortization

221,232

126,216

5,625

7,500

6,462

△18,893△2,708

4,750

Amortization of goodwill
Increase (decrease) in stock acquisition
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in construction warranty reserve
Increase (decrease) in provision for loss on guarantees for rent

3,101

395

△5,3002,835

515△1,645

Increase (decrease) in Provision for office transfer△2,014-

Loss (gain) on investments in silent partnership△156,309

3,152Interest and dividends income△2,239△2,263

Interest expenses

125,691

64,763

Loss (gain) on sales of noncurrent assets△1,656△2,702

Loss on retirement of noncurrent assets

2,898

207

Litigation settlement
Loss on derivatives cancellation
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Decrease (increase) in investment securities for sale
Increase (decrease) in notes and accounts payable-trade151,368--

41,510△14,297△2,329△1,046,764

89,390-△180,000

38,345△39,567

Increase (decrease) in accrued consumption taxes△61,548

92,141

Decrease (increase) in consumption taxes refund receivable△113,796

113,796

25,008△178,651

Increase (decrease) in guarantee deposits received
Other, net△12,794

18,189Subtotal△444,307

916,781Interest and dividends income received

2,239

2,266

Interest expenses paid

△125,173△93,607

Litigation settlement paid

△151,368-

Amount of payment by the derivative business cancellation of a contract
Income taxes (paid) refund
Net cash provided by (used in) operating activities

15-△41,510△4,199△40,269△722,810

743,660

(Thousands of yen）
FY ended March 31, 2011
(April 1,2010– March 31, 2011)

FY ended March 31, 2012
(April 1,2011– March 31, 2012)

Net cash provided by (used in) investing activities
Payments into time deposits△84,352△1,172,621

Proceeds from withdrawal of time deposits

48,0001,411,480

Purchase of property, plant and equipment△99,094△1,388,966

Proceeds from sales of property, plant and equipment

6,345

5,413,951

Purchase of intangible assets△37,998△327

Purchase of investment securities△929,729△3,152

Proceeds from withdrawal of investments in silent partnership
Purchase of investments in subsidiaries resulting in change
in scope of consolidation

172,972--△430,392

Payments for guarantee deposits△17,477

-

7,037

-

Proceeds from collection of guarantee deposits
Other, net

△112

△702

△934,408

3,829,269

Net increase (decrease) in short-term loans payable△331,000△600,000

Proceeds from long-term loans payable

1,000,000

2,830,000

Repayment of long-term loans payable△764,688△4,815,980

Redemption of bonds△108,000△108,000

Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities

Cash dividends paid

△287

△45

△203,975△2,694,025

Net increase (decrease) in cash and cash equivalents△1,861,194

1,878,904

Cash and cash equivalents at beginning of period

3,601,870

1,740,676

Cash and cash equivalents at end of period

1,740,676

3,619,580

Net cash provided by (used in) financing activities16