Consolidated Financial Statements(For the Second Quarter of FY2010)
Consolidated Balance Sheets(Millions of yen)

Current Second Quarter

FY2009As of September 30, 2009

As of March 31, 2009

AssetsCurrent assets:
Cash and deposits

11,19818,318Notes receivable, accounts receivable from completed
construction contracts and other37,13064,287

Short-term investment securities

16,616

14,621

Real estate for sale

3,753

1,875

108,030

103,537

Costs on real estate business

9,601

9,380

Work in process

1,581

1,103

197

146

Other

10,995

15,572

Allowance for doubtful accounts(3,568)(4,316)

Total current assets

195,538

224,527

24,48924,121

627

727

Investment securities

44,496

41,708

Other

2,779

4,046

Allowance for doubtful accounts(1,451)(1,454)

Total investments and other assets

45,82444,30070,942

69,149266,480

293,677

Costs on uncompleted construction contracts

Raw materials and supplies

Noncurrent assets:
Property, plant and equipment
Intangible assets
Investments and other assets:

Total noncurrent assets
Total assets-1-(Millions of yen)

Current Second Quarter

FY2009As of September 30, 2009

As of March 31, 2009

Liabilities
Current liabilities:
Notes payable, accounts payable for construction
contracts and other

40,72475,238

Short-term loans payable

13,016

9,496

Income taxes payable

136

240

Advances received on uncompleted construction
contracts

67,39360,769Provision

1,045

1,291

Provision for loss on construction contracts

6,046

5,132

Other

8,867

12,196137,231

164,364

248

259

5,706

5,638

992

1,134

Other

8,309

7,124

Total noncurrent liabilities

15,257

14,157

152,489

178,521

Capital stock

19,838

19,838

Capital surplus

25,32725,327Retained earnings

69,97873,347

Treasury stock(12,328)(12,316)

Total shareholders’ equity

102,816

106,197

Valuation difference on available-for-sale securities

11,175

8,958

Total valuation and translation adjustments

11,175

8,958

Total net assets

113,991

115,155

Total liabilities and net assets

266,480

293,677

Total current liabilities
Noncurrent liabilities:
Long-term loans payable
Provision for retirement benefits
Negative goodwill

Total liabilities

Net assets
Shareholders’ equity:

Valuation and translation adjustments:-2-Consolidated Statements of Income(Six-month Period Ended September 30)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income (loss)
Non-operating income:Interest income
Dividends income
Foreign exchange gains
Amortization of negative goodwill
Other
Total non-operating income
Non-operating expenses:
Interest expenses
Other
Total non-operating expenses
Ordinary income (loss)
Extraordinary income:Gain on prior period adjustment
Gain on sales of noncurrent assets
Gain on sales of investment securities
Reversal of allowance for doubtful accounts
Total extraordinary incomeExtraordinary loss:
Loss on prior period adjustment
Loss on sales of noncurrent assets
Loss on retirement of noncurrent assets
Loss on sales of investment securities
Loss on valuation of investment securities
Special extra retirement payments
Total extraordinary loss
Income (loss) before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Net income (loss)-3-(Millions of yen)
2Q / FY2009

2Q / FY2010

April 1, 2008 throughSeptember 30, 2008

April 1, 2009 throughSeptember 30, 2009

78,944
71,2397,704
8,677(972)

69,39764,7004,696
7,216(2,519)

224
783
―
141
141
1,291

148
447
427
141
184
1,349

84
16
100
217

92
12105(1,275)

298
409
0
394
1,103

159
20
20
739
939

26
587
500
1,040
4,166
5,825
(4,504)107
104
212(4,716)

417
―
69
1669
―
1,158(1,493)
74
276(1,570)

Consolidated Statements of Cash Flows(Six-month Period Ended September 30)(Millions of yen)
2Q / FY2009

2Q / FY2010

April 1, 2008 throughSeptember 30, 2008

April 1, 2009 throughSeptember 30, 2009

Cash flows from operating activities:
Income (loss) before income taxes and minority interests(4,504)(1,493)

Depreciation and amortization

458

458

Amortization of negative goodwill

(141)

(141)

Increase (decrease) in allowance for doubtful accounts

(404)

(739)

Increase (decrease) in provision for retirement benefits

(17)

67

Increase (decrease) in provision for loss on
construction contracts(1,882)913

Interest and dividends income(1,008)

(596)

84

92

Loss (gain) on sales of noncurrent assets

(404)

(20)

Loss (gain) on sales of short-term and long terminvestment securities

499

(19)

Loss (gain) on valuation of short-term and long term
investment securities

1,040

669

Special extra retirement payments

4,166

―

Decrease (increase) in notes and accounts receivable-trade

37,502

27,156

Decrease (increase) in costs on uncompleted construction
contracts(37,556)(4,492)(116)(2,628)

Increase (decrease) in notes and accounts payable-trade(1,694)(28,586)

Increase (decrease) in advances received on uncompleted
construction contracts

21,151

6,623

Increase (decrease) in accrued consumption taxes―(1,766)

Decrease(Increase) in consumption taxes refund
receivable(1,700)(290)

Other, net460(1,653)

Subtotal

15,932(6,445)Interest and dividends income received

1,010595Interest expenses paid

(84)

(92)

Income taxes (paid) refund

(90)

10

Payments for special extra retirement payments(4,072)―

Net cash provided by (used in) operating activities

12,695(5,932)

Interest expenses

Decrease (increase) in other inventories-4-

(Millions of yen)
2Q / FY2009

2Q / FY2010

April 1, 2008 throughSeptember 30, 2008

April 1, 2009 throughSeptember 30, 2009

Cash flows from investing activities:
Net decrease (increase) in time deposits

205

(230)

Purchase of short-term and long term investment
securities

(203)

(19)

Proceeds from sales and redemption of short-term andlong term investment securities

5,616

32

Purchase of property, plant and equipment andintangible assets

(827)

(829)

Proceeds from sales of property, plant and equipment
and intangible assets

432

25

Payments of loans receivable

(104)

(319)

Collection of loans receivable

195

120

Other, net

7875

5,391

(1,146)

Net increase (decrease) in short-term loans payable

902

3,565

Repayment of long-term loans payable

(129)

(12)

Purchase of treasury stock

(39)

(13)

71(1,792)(1,789)(0)(1)

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cashequivalents(1,051)

1,750

0

(21)

Net increase (decrease) in cash and cash equivalents

17,035(5,349)Cash and cash equivalents at beginning of period

21,44530,811

Cash and cash equivalents at end of period

38,481

25,461

Net cash provided by (used in) investing activities
Cash flows from financing activities:

Proceeds from sales of treasury stock
Cash dividends paid
Other, net-5-Breakdown of Orders (Non-consolidated)
2Q / FY2009
April 1, 2008 throughSeptember 30, 2008

Civil engineering
Architectural
construction
Architecturalconstruction
Subtotal

Projects completed

Net sales

Civil engineering

Total

Construction orders awarded%

39,587

84.8

Domestic private sector

7,038

15.1

Overseas590.1

Subtotal

46,685

Domestic public sector
Domestic private sector

%

7,108

36.6

12,52364.5(221)

(1.1)

100

19,4106,083

13.7

38,345

86.3

Overseasーー

Subtotal

44,429Domestic public sector
Domestic private sector%(Millions of yen)
Change% Change
Increase
Increase(Decrease) (Decrease)%(32,478)(82.0)

5,485

77.9

(281)

ー

100

(27,275)(58.4)

6,167

18.4

84

1.4

27,39081.6(10,955)(28.6)

70.0

7

ー

100

33,564100(10,864)(24.5)

45,67050.1

13,27625.1(32,394)(70.9)

45,38449.8

39,91375.3(5,470)(12.1)

59

0.1

(214)

(0.4)

(274)

ー

Total

91,114100

52,975100(38,139)(41.9)

Domestic public sector

4,109

20.6

21,60966.3

17,499425.8

Domestic private sector

12,522

62.7

8,406

25.8

(4,116)(32.9)

Overseas

3,330

16.7

2,555

7.9

(775)

(23.3)

Subtotal

19,963100

26.3

32,571100

47.4

12,60863.2

Domestic public sector

5,129

9.5

[73.1]

2,031

6.0[51.0](3,097)(60.4)

Domestic private sector

49,03390.5

31,90694.0(17,126)(34.9)

Overseas

ー

ー

70.0

7ー

Subtotal

54,163100

71.4

33,945100

49.3(20,217)(37.3)

Domestic public sector

9,238

12.5

[100]

23,640

35.5

[100]

14,401

155.9

Domestic private sector

61,55683.0

40,313

60.6(21,242)(34.5)

Overseas

3,330

4.5

2,562

3.9(768)(23.1)

Subtotal

74,126100

66,516100(7,609)(10.3)

Overseas

51.2

48.8

100

[26.9]

97.7

36.6

63.4

100

[49.0]

96.7

1,781

2.3

2,238

3.3

457

25.7

Total

75,907100

68,755100(7,151)(9.4)

Domestic public sector

122,336

65.3(33,609)(27.5)

Domestic private sector

42,98923.0(8,930)(20.8)

Overseas

21,99711.7(8,851)(40.2)

Subtotal

187,322

Domestic public sector
Domestic private sector

Architecturalconstruction

Civil engineering

Real estate business and other

Total

Period-end backlog

Domestic public sector%

2Q / FY2010
April 1, 2009 throughSeptember 30, 2009

88,72765.3

34,05825.0

13,1459.7

100

135,931100(51,390)(27.4)

25,46714.7

32,661

22.4

7,194

28.2

147,57185.3

113,275

77.6(34,296)(23.2)

Overseasーーーーーー

Subtotal

173,038100

145,936100(27,102)(15.7)

Domestic public sector

147,803

41.0121,388

43.1(26,415)(17.9)

Domestic private sector

190,560

52.9

147,33452.3(43,226)(22.7)

Overseas

21,997

6.1

13,145

4.6(8,851)(40.2)

Total

360,361100

281,868

100(78,493)(21.8)

-6-

52.0

48.0

100

48.2

51.8100