Consolidated Financial Results
For the Fiscal Year Ended March 31, 2013
(Based on Japanese GAAP)(Translation of Japanese Flash Report, Released on May 10, 2013)
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, Executive Vice-president(Phone: +81-3-5521-1301)*Amounts under one million yen have been rounded down.

1. Consolidated Performance in the Fiscal Year Ended March 31, 2013
(1) Operating results*Percentage figures shown under net 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)

Net Sales

Operating Income

Ordinary Income

FY ended March 31, 2013¥10,580 (52.8%)¥2,156 (150.5%)¥2,039 (155.1%)

FY ended March 31, 2012

¥6,923 (61.4%)¥861 (30.0%)¥799 (47.6%)Note)Comprehensive Income:FY Ended March,2013:¥2,484 million(167.7%)

FY Ended March,2012:¥927 million(155.4%)

Net Income

Net Income per Share(Yen)

Fully Diluted
Net Income per Share(Yen)

FY ended March 31, 2013

¥2,483 (167.7%)¥6,650.35¥6,650.21

FY ended March 31, 2012¥928 (155.4%)¥2,498.02¥2,497.91

Reference)Income on investments based on equity method: FY Ended March, 2013: ¥404 million
FY Ended March,2012: ¥- million(2) Financial Position (at end of the term)(Millions of yen, except for per share figures)

Total Assets

Net Assets

FY ended March 31, 2013

¥21,265¥14,561

FY ended March 31, 2012

¥11,247¥6,463

Reference) Equity at term-end:

FY ended March 31, 2013: ¥14,561 million

Equity Ratio(%)

Net Assets per Share
(Yen)

68.5%
57.5%

¥34,057.38¥17,399.10

FY ended March 31,2012 : ¥6,463 million(3) Cash Flows(Millions of yen)

Cash and Cash
Cash Flows from
Cash Flows from
Cash Flows from
Equivalents at
Operating Activities Investing Activities Financing Activities
Year-End¥(2,161)¥1,543¥(2,694)¥3,619FY Ended March, 2013
FY Ended March, 2012

¥743

¥3,8291¥(203)¥1,7402. Cash Dividends
Cash Dividends per Share(Yen)

1st quarter 2nd quarter 3rd quarter
Year end
periodperiodperiodAnnualtotal

Total
Dividends

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

FY Ended March, 2012

-

¥0.00

-

¥350.00¥350.00

¥130

14.0%

2.0%

FY Ended March, 2013

-

¥0.00

-

¥850.00¥850.00

¥363

12.8%

3.3%

FY Ended March, 2014
(Projections)

-

¥0.00

-

¥850.00¥850.00

14.0%

3. Projections for Consolidated Performance in the Fiscal Year Ending March 31, 2014
(From April 1, 2013 to March 31, 2014) *Percentage figures are indicated year-on year changes for those items.
Net Sales
-

-

-

-

-

¥16,000 (51.2%)¥2,950 (36.8%)¥2,800 (37.3%)¥2,600 (4.7%)¥6,081.08

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

Operating
Income4. Others(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting inchanges in scope of consolidation): None
Newly companies: —Excluded companies: —(2) Changes in accounting principles, procedures and presentation methods
1) Changes caused by revision of accounting standards: Yes
2) Changes other than those included in 1): None
3) Changes in accounting estimates: Yes
4) Restatement of corrections: None
(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, 2013: 427,555 shares
FY ended March 31, 2012: 371,495 shares
2) Number of treasury stock at the end of period:
FY ended March 31, 2013: － shares
FY ended March 31, 2012: － shares3) Weighted average number of shares for the period:
FY ended March 31, 2013: 373,495 shares
FY ended March 31, 2012: 371,495 shares

Reference: Overview of Non-consolidated Performance
1. Non-consolidated Performance in FY ended March 31, 2013 (from April 1, 2012 to March 31, 2013)(1) Operating Results*Percentage figures shown in the net 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)

Net Sales

Operating Income

Ordinary Income

Net Income

FY Ended March, 2013

¥9,621 (42.2%)¥2,028 (145.4%)¥1,910 (149.9%)¥2,434 (170.6%)

FY Ended March, 2012

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

2

Net Income per Share (Yen) Fully Diluted Net Income per Share (Yen)FY Ended March, 2013

¥6,518.20¥6,518.06

FY Ended March, 2012

¥2,421.59¥2,421.48(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, 2013

¥20,812¥14,465

69.5%¥33,833.51

FY Ended March, 2012

¥10,862¥6,41559.1%¥17,269.88

Reference: Equity at term-end: FY Ended March, 2013: ¥14,465 million
FY Ended March, 2012: ¥6,415 million※Indication of audit procedure implementation status
This financial results report is exempt from audit procedure based upon the Financial Instruments andExchange 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 the Company 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.
Analysis results of Operations and Financial conditions (1) Analysis of the Results of Operations on page 3 forassumptions used for projections and the notes on the use of the projections.

1. Analysis results of Operations and Financial condisions(1) Analysis of Results of Operations
In this consolidated fiscal year, the Japanese economy was weakened due to the slowdown of the global economy, butsince the new government in the end of last year there have been signs of a correction to the high value of the yen andincreasing stock prices, bringing increasing hopes for an economic recovery after the turn of the year.
In the real estate industry, the supply of large office buildings that peaked in 2012 has settled down, putting a brake onvacancy rates and decreases in rent for the office building market in Tokyo. In the real estate investment market, there has
been clear signs of recovery for the market with an increase in real estate investment needs for the wealthy and active
trading, on the background of hopes that easing of monetary policy will lead to an influx of capital into real estate.
In this circumstance, the Group continued to improve approaches to building owners in central Tokyo. By responding
to a wide variety of issues building owners face with property, from rental negotiations to sales, construction andrevitalization, the Company worked on creating a range of business opportunities.

As a result, our operating results for the fiscal year ending March 2013 were as follows:sales of ¥10,580 million (up by 52.8% from the previous fiscal year), operating income of ¥2,156 million (up by
150.5%), and ordinary income of ¥2,039 million (up by 155.1%). Net income was ¥2,483 million (up by 167.7%).
Business performance by segment is as follows.
Real Estate Revitalization
In the replanning business, 10 buildings were sold. Because the scale of each building increased while the number ofbuildings sold was the same as the previous year, sales increased as compared to the previous year. Further, as we put
various ideas into the process of merchandizing the enticement of tenants and remodeling, etc., the buildings were
occupied quickly, and adding to this the backing from the real estate market conditions, the results were a great increase
in income.
In the rental building business, despite selling one of our rental buildings in September of last year, both sales andincome increased as compared to the previous year due to the increase in rental income from the replanning properties
undergoing merchandizing.
In real estate securitization business, in addition to the asset management fees from existing items, there wasinvestment distribution income from the sale of large scale properties that were handled as joint investment items.
Because of this, both sales and income increased a great deal as compared to the previous year.
As a result of the above activities, sales were ¥7,320 million (up 49.6% from the previous fiscal year) and segment
income was ¥2,172 million (up by 116.1%).
Real Estate Brokerage
In our sales brokerage business, we strengthened our efforts to take on property introductions from internal
3

departments and financial institutions, etc. Due to the recovery of the real estate investment market, etc., the number andamount of transactions increased this fiscal year and sales and income increased from the previous year.
In the rental brokerage business, we focused our efforts on building owners. By cooperating with internal departments,
and putting our efforts into resolving the various concerns held by owners regarding building management, we worked
to increase fee income including peripheral business.
As a result of the above activities, sales were ¥1,412 million (up by 24% from the previous fiscal year) and segment
income was ¥1,242 million (up by 35.0%).
Property Management
In the property management business, we aimed to create business opportunities from taking on the sales,
construction, and revitalization needs arising from administrative tasks, and put our efforts in increasing the number ofrental properties. Also, adding to the increase in rental operations, we put our efforts into increasing the occupancy rateof rental properties as well as preventing vacancies by aiming to increase customer satisfaction through smooth tenantcommunications.
Regarding building maintenance business that is run by Yubi Co., Ltd. which we acquired at the end of the previous
fiscal year, we put our efforts into increasing the number of properties in cooperation with the existing business,particularly the property management business. Also, by focusing on high-rise cleaning business that is our expertise,
we saw an increase in profitability.
As a result, in the current fiscal year, the profits and losses of building maintenance business consolidated, and bycombining with this segment, sales and segment income expanded greatly.
As a result of the above activities, sales were ¥1,142 million (up by 151.1% from the previous fiscal year) andsegment income was ¥459 million (up by 38.4%).
Other Businesses
In the construction planning field, as a result of proactively engaging in taking on construction management ofbuilding improvements through cooperation with internal departments of real estate brokerage business, both sales andincome increased over the previous fiscal year.
In the delinquent rent guarantee business, adding to the existing service menu, we focused on digging up potential
needs of customers through proposing new product plans with the result of both sales and income transitioning tosteady.
As a result of the above activities, sales were ¥706 million (up by 61.6% from the previous fiscal year), and segment
income was ¥282 million (up by 22.2%).
Outlook for Next Year
Although there are concerns about the downside risk from international economy such as the European Debt Problem, it isanticipated that the Japanese economic conditions will slowly change for the better due to the effects of various politicalmeasures aimed at getting out of deflation from the new political administration that emerged at the end of last year.
In the realty field, having economic policies and drastic monetary easing measures from the government and Bank of Japanin the background, we expect further increase in activity in trade transactions from expected price increases, and the current
firm market environment is expected to continue. Even in the real estate rental market, we can see signs of reversal in thevacancy rate increase and rent decrease trends that lasted a long time due to negative effects in supply and demand, and weanticipate that this is heading toward recovery.
In this situation, our group will continue to strengthen our efforts into owners who have buildings in the heart of Tokyo. We
will widely scoop out the concerns related to real estate from building owners, and by taking on a variety of needs such as
management, trade, construction, and revitalization, that arise from rental brokerage transactions, we will put our strength intocreating versatile business opportunities. Further, by using the funds from the equity finance that was carried out in March ofthis year, we should aim to perfect even more services for customers, and will aim for further growth while putting our sights
on taking on new business, along with aiming to strengthen buying up of replanning properties.
In the real estate revitalization business, with the early high volume revitalization of small to medium-sized properties in thereplanning business as the main shaft, we will proactively put our efforts into items from the revitalization of medium-sizedproperties at a ¥1-2 billion level and joint investment style, using the funds from equity finance.
In the brokerage business, we will strengthen the personnel and organizational systems and strengthen partnerships withbuilding owners by taking care of resolving concerns from a customer viewpoint. In addition, we will enrich the networks
with investors and wealthy people, and cultivate overseas investors with Asia as the focus through working with our Taiwan
location that we opened in March of this year.
In the property management business, we will place it as the platform (foundation) of our operations and improve thesynergetic effects with brokerage business and building maintenance business while working to further increase the assets weare entrusted with, in order to expand our business further.
Through pursuing the various measures mentioned above, we will further grow business and improve results. As for the
consolidated earnings forecast for the term ending March 2014, we estimate sales of ¥16,000 million (51.2% increase),
operating income of ¥2,950 million (36.8% increase), ordinary income of ¥2,800 million (37.3% increase), and current net
income of ¥2,600 million (4.7% increase).

4(2) Analysis of Financial Positioni) Assets, Liabilities, and Net Assets
The current assets at the end of this consolidated fiscal year were ¥18,873 million, increasing ¥12,352 million from the endof the previous consolidated fiscal year, as cash and deposits, as well as inventory assets increased.
Cash and deposits were ¥11,008 million, increasing ¥7,096 million from the end of the previous consolidated fiscal year, as
there were expenditures of ¥2,161 million in the cash flow from operating activities, income of ¥1,543 million from the cash
flow from investing activities, and income of ¥6,991 million from the cash flow from financial activities, and the fixed deposit,
whose deposit term is over 3 months, increased ¥724 million.
Inventory assets were ¥6,425 million, increasing ¥4,728 million from the end of the previous consolidated fiscal year, as
they are mainly real estate for sale and sale in process in the replanning business and by focusing on promoting acquiringproperties.
Noncurrent assets were ¥2,391 million, decreasing ¥2,334 million from the end of the previous consolidated fiscal year, due
to a decrease in property, plant and equipment.
Total liabilities at the end of this consolidated fiscal year were ¥6,704 million, increasing ¥1,919 million from the end of theprevious consolidated fiscal year, as long-term loans payable and long-term guarantee deposited increased. Total net assets
were ¥14,561 million, increasing ¥8,097 million from the end of the previous consolidated fiscal year, as capital stock andsurplus increased from the capital increase, and as the current net income were ¥2,483 million.
Consequently, net assets per share were ¥34,057.38.
Total assets as of the end of this consolidated fiscal year were ¥21,265 million, increasing ¥10,017 million from the end of
the previous consolidated fiscal year.

ii) Cash Flow
Cash and cash equivalents (hereinafter called “cash”) as of the end of this consolidated fiscal year were ¥9,991 million,
increasing ¥6,371 million from the beginning of this consolidated fiscal year. This is mainly the result of inventory assets
increasing in value by ¥4,148 million, expenditures of ¥4,195 million to repayment of long-term loans payable, ¥5,525 million
of proceeds from long-term loans payable, ¥5,715 million of proceeds from issuance of common stock, and ¥2,315 million ofincome before income taxes and minority interests.
Each cash flow for this consolidated fiscal year and related factors are as follows:

Cash flow from operating activity
Cash used for operating activity were ¥2,161 million (previous term: income of ¥ 743 million). This was mainly because
inventory assets increased in value by ¥4,148 million and there was equity in earnings of affiliates of ¥404 million, although
there was an income before income taxes and minority interests of ¥2,315 million.
Cash flow from investing activity
The cash obtained through investing activities was ¥1,543 million (previous term: income of ¥3,829 million). This was
mainly due to ¥1,845 million of proceeds from sales of property, plant and equipment, and ¥520 million of proceeds fromsales of investment securities, although there was ¥875 million of payments into time deposits.
Cash flow from financing activity
Cash obtained from financing activity was ¥6,991 million (previous term: expenditures of ¥2,694 million). This was mainly
due to ¥5,525 million of proceeds from long-term loans and ¥5,715 million of proceeds from issuance of common stock,
although there was ¥4,195 million of repayment of long-term loans payable.

5

(Reference) Changes in Cash Flow Related Indices
FY Ended March
31, 2009
28.7

FY Ended March
31, 2010
38.7

FY Ended March
31, 2011
43.3

FY Ended March
31, 2012
57.5

FY Ended March
31, 2013
68.5

Equity ratio (%)
Equity ratio on market
23.2
33.5
25.8
57.8
246.9
price basis (%)
Debt repayment period
3.2
0.5
4.4
(years)Interest coverage ratio
11.1
31.1
7.9
(times)Equity ratio:
equity capital/total assets
Market value basis equity ratio:
total market value of stock/total assets
Debt repayment period:
interest-bearing debt/operating cash flow
Interest coverage ratio:
operating cash flow/interest payments(Note 1) Stock Market Capitalization is calculated as Term End Stock Closing Price x Number of Issued Shares at Term End.
(Note 2) Operating Cash Flow uses the cash flow from operating activity of the Consolidated Cash Flow Statement of
Accounts.
(Note 3) Interest Bearing Liabilities include all liabilities on which interest is being paid of the liabilities included on theConsolidated Balance Sheet. Further, regarding interest payments, the payment amount of interest from the Consolidated Cash
Flow Statement of Accounts is used.
(Note 4) For the Cash Flow to Interest Bearing Liabilities Ratio and Interest Coverage Ratio for Fiscal Years ended March 31,
2011 and March 31, 2013, they are not recorded because the operating cash flow is negative.

(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 and enriching retained
earnings to respond to the changes in the business environment flexibly.
The term-end dividend for the term ended March 2013 is ¥850 per share under the above mentioned policy.
This matter is to be discussed at the annual meeting of shareholders scheduled in June 2013.
The dividend for the next term ending March 2014 is planned to be ¥850 per share.

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

(1) Consolidated Balance Sheets(Thousands of yen）
FY ended March 31, 2012
(As of March 31,2012)ASSETS
Current assets
Cash and deposits
Accounts receivable-trade
Operational investment securities
Real estate for sale
Real estate for sale in process
Work in process construction
Supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
VehiclesAccumulated depreciation
Vehicles, net
Land
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

3,912,155
287,204
180,000
57,143
1,633,325
6,500

7FY ended March 31, 2013
(As of March 31,2013)

11,008,528
324,426
589,712
5,834,510

166,669
287,131△8,577
6,521,551

916
481,722
640,490△6,347
18,873,960

2,176,800△275,890
1,900,909
11,290△9,4401,849
1,936,846
64,693△54,885
9,808
3,849,414

549,034△101,760
447,273
12,368△10,136
2,232
1,167,307
69,480△58,674
10,806
1,627,618

445,701
5,542
451,243

396,068
2,993
399,062204,716
11,067
219,074△9,107425,749
4,726,408
11,247,959

163,920
207,494△6,417364,997
2,391,678
21,265,638

(Thousands of yen）
FY ended March 31, 2012
(As of March 31, 2012)
LIABILITIESCurrent liabilities
Accounts payable-trade
Short-term loans payable
Current portion of bonds
Current portion of long-term loans payable
Income taxes payable
Provision for bonuses
Construction warranty reserve
Provision for loss on guarantees for rent
Provison for office transfer expenses
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Deferred tax liabilities
Other
Total noncurrent liabilities
Total liabilities
NET ASSETS
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

265,393
54,000234,907
22,97145,056
3,635
5,251
747,369
1,378,585
2,957,050
448,643
3,405,693
4,784,279

5,515,443
947,614
6,463,057
622
622
6,463,679
11,247,959

8FY ended March 31, 2013
(As of March 31,2013)

380,782
130,000
274,320
114,639
90,555
26,9552,700
3,140
823,943
1,847,036
4,246,860
30,646579,691
4,857,197
6,704,234

8,387,211
2,871,767
3,301,465
14,560,445
2,606△1,647959
14,561,404
21,265,638

(2) Consolidated Statements of Income and Consolidated Statements of comprehensive income
Consolidated Statements of Income(Thousands of yen）
FY ended March 31, 2012
(April 1,2011- March 31, 2012)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Interest on refund
Subsidy income
Commission fee
Compensation income
Gain on forfeiture of unclaimed dividends
Other
Total non-operating income
Non-operating expenses
Interest expenses
Finance costs
Stock issuance cost
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Gain on reversal of subscription rights to shares
Other
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Lump-sum paymants due to withdrawal from employees' pension fund
Provision for loss Office transfer expenses
Loss on derivatives cancellation
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Net income

FY ended March 31, 2013
(April 1,2012- March 31, 2013)

6,923,522
4,304,845
2,618,677
1,757,483
861,193

10,580,554
6,180,898
4,399,656
2,242,750
2,156,905

1,841
422
2,236

1,242
430
66
845
1,637

499
4,200
2,045
489
11,73464,7638,242
424
73,431
799,496
2,702
18,893
21,595207

41,5101,388
43,107
777,985
19,026△169,046△150,020
928,005
928,005

9

454
4,677
73,412
8,230
39,947632
122,2222,039,360
298,2732,800
301,07340
20,7873,140
934
24,9022,315,531
106,095△274,438△168,343
2,483,874
2,483,874

Consolidated Statements of comprehensive income(Thousands of yen）

Consolidated statements of comprehensive income
Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent

10

FY ended March 31, 2012
(April 1-December 31, 2012)

FY ended March 31, 2013
(April 1-December 31, 2013)

928,005

2,483,874△36△36927,969

1,984△1,647337
2,484,212

927,969

2,484,212

(3) Consolidated Statements of Changes in Net Assets(Thousands of yen）

FY ended March 31, 2012
FY ended March 31, 2013
(April 1, 2011-March 31, 2012) (April 1,2012-March 31, 2013)
Shareholders' equity
Capital stock
Balance at the beginning of current period
Changes of items during the period
Issuance of new shares
Capital reduction
Total 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
Issuance of new shares
Capital reduction
Deficit disposition
Total 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
Dividends from surplus
Deficit disposition
Net income
Total changes of items during the period
Balance at the end of current period
Total shareholders' equity
Balance at the beginning of current period
Changes of items during the period
Issuance of new shares
Dividends from surplus
Capital reduction
Deficit disposition
Net income
Total changes of items during the period
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
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period
Foreign currency translation adjustment
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current 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
Total changes of items during the period
Balance at the end of current period

7,728,308

5,515,443
2,871,768△2,212,865△2,212,865
5,515,443

2,871,768
8,387,211

500,000
2,871,767
2,212,865△2,712,865△500,000△2,693,256

2,871,767
2,871,767
947,614△130,023

2,712,865
928,005
3,640,870
947,6142,483,874
2,353,851
3,301,465

5,535,052

6,463,057
5,743,536△130,023

928,005
928,005
6,463,057

2,483,874
8,097,387
14,560,445

658

622

△36
△36
622

1,984
1,984
2,606

△1,647△1,647△1,647

11

658

622

△36
△36
622

337
337
959

(Thousands of yen）
FY ended March 31, 2012
FY ended March 31, 2013
(April 1, 2011-March 31, 2012) (April 1, 2012-March 31, 2013)
Subscription rights to shares
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period
Total net assets
Balance at the beginning of current period
Changes of items during the period
Issuance of new shares
Dividends from surplus
Net income
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period

18,893△18,893△18,893125,554,603

6,463,679

928,005△18,929
909,076
6,463,679

5,743,536△130,023
2,483,874
337
8,097,724
14,561,404

(4) Consolidated Statements of Cash Flows(Thousands of yen）
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
Depreciation and amortization
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
Increase (decrease) in Provision for office transfer
Equity in (earnings) losses of affiliates
Loss (gain) on investments in silent partnership
Interest and dividends income
Interest expenses
Stock issuance cost
Loss (gain) on sales of noncurrent assets
Loss on retirement of noncurrent assets
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-trade
Increase (decrease) in accrued consumption taxes
Decrease (increase) in consumption taxes refund receivable
Increase (decrease) in guarantee deposits received
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Amount of payment by the derivative business cancellation of a contract
Income taxes (paid) refund
Net cash provided by (used in) operating activities

777,985
126,216
7,500△18,893
4,750
395
2,835
△1,645

3,152△2,26364,763△2,702207
41,510△2,32989,390△180,000△39,567
92,141
113,796△178,651
18,189916,781
2,266△93,607△41,510△40,269
743,660

13

FY ended March 31, 2013
(April 1,2012-March 31, 2013)

2,315,531
120,720
49,632△4,92045,49923,319△2,5513,140△404,620△1,67373,412
39,947△297,365
40
6,257△4,148,716
180,000△167,832△96,083△71,655
132,248
164,175△2,041,493
1,673△70,787△50,901△2,161,509

(Thousands of yen）
FY ended March 31, 2012
(April 1, 2011-March 31, 2012)
Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Refund of investment securities
Purchase of investments in subsidiaries resulting in change in scope of consolidation
Other, net
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Redemption of bonds
Proceeds from issuance of common stock
Cash dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

14△1,172,621
1,411,480△1,388,966
5,413,951△327△3,152△430,392△702
3,829,269△600,000
2,830,000△4,815,980△108,000△45△2,694,025
1,878,904
1,740,676
3,619,580

FY ended March 31, 2013
(April 1,2012-March 31, 2013)△875,280
157,459△28,789
1,845,902△1,150△71,500
520,000△3,207
1,543,433
130,000
5,525,000△4,195,778△54,000
5,715,892△129,540
6,991,574△1,647
6,371,852
3,619,580
9,991,433