Financial Statements
Balance Sheets (Consolidated)
(Millions of yen)
Assets
| 2019/3 | 2020/3 | 2021/3 | 2022/3 | 2023/3 | |
|---|---|---|---|---|---|
| Current assets | 18,847 | 17,989 | 18,761 | 18,702 | 19,093 |
| Cash and deposits | 3,315 | 4,280 | 4,677 | 4,445 | 5,532 |
| Notes and accounts receivable-trade | 7,559 | 6,833 | 6,510 | - | - |
| Notes and accounts receivable - trade, and contract assets | - | - | - | 9,518 | 8,939 |
| Electronically Recorded Monetary Claims Operating | 1,647 | 1,704 | 1,567 | 1,767 | 1,695 |
| Completion construction account receivable | 1,880 | 728 | 2,040 | - | - |
| Merchandise and furnished goods | 2,956 | 2,498 | 2,145 | 2,633 | 2,621 |
| Cost of uncompleted contracts | 1,106 | 1,805 | 1,698 | 19 | 119 |
| Raw materials and supplies | 8 | 7 | 7 | 10 | 8 |
| Others | 374 | 133 | 113 | 308 | 177 |
| Allowance for doubtful accounts | (0) | (0) | (0) | (0) | (0) |
| Noncurrent assets | 12,276 | 12,120 | 12,694 | 12,684 | 12,826 |
| Property, plant and equipment | 8,147 | 8,058 | 7,962 | 7,835 | 7,700 |
| Buildings and structures, net | 2,004 | 1,910 | 1,814 | 1,705 | 1,623 |
| Machinery, equipment and vehicles, net | 59 | 55 | 51 | 47 | 26 |
| Land | 6,006 | 6,006 | 6,000 | 6,000 | 6,000 |
| Others | 76 | 85 | 96 | 82 | 49 |
| Intangible assets | 117 | 226 | 264 | 232 | 183 |
| Software | 35 | 23 | 222 | 177 | 183 |
| Software In Progress | 81 | 203 | 41 | 55 | - |
| Others | 0 | 0 | 0 | 0 | 0 |
| Investments and other assets | 4,010 | 3,835 | 4,467 | 4,616 | 4,943 |
| Investment securities | 3,071 | 2,831 | 3,200 | 3,308 | 3,479 |
| Retirement benefit asset | - | - | 1 | 42 | 35 |
| Deferred tax assets | 72 | 143 | 176 | 117 | 148 |
| Insurance fund | 688 | 686 | 920 | 982 | 1,126 |
| Others | 186 | 181 | 176 | 174 | 161 |
| Allowance for doubtful accounts | (7) | (7) | (7) | (7) | (7) |
| Total assets | 31,124 | 30,110 | 31,455 | 31,387 | 31,920 |
Liabilities
| 2019/3 | 2020/3 | 2021/3 | 2022/3 | 2023/3 | |
|---|---|---|---|---|---|
| Current liabilities | 11,557 | 9,506 | 10,159 | 8,622 | 8,667 |
| Notes and accounts payable-trade | 4,350 | 3,787 | 3,282 | 3,169 | 2,565 |
| Electronically Recorded Obligations Operating | 969 | 783 | 676 | 1,471 | 1,493 |
| Construction unpaid money | 374 | 483 | 391 | 544 | 199 |
| Short-term loans payable | 2,999 | 1,130 | 1,830 | 1,690 | 2,100 |
| Current portion of long-term loans payable | 1,160 | 598 | 834 | 440 | 490 |
| Income taxes payable | 458 | 441 | 549 | 420 | 597 |
| Advances received on uncompleted construction contracts | - | 1,154 | 1,358 | - | - |
| Contract liabilities | - | - | - | 123 | 139 |
| Provision for bonuses | 344 | 340 | 325 | 310 | 353 |
| Provision for loss on construction contracts | - | - | 47 | 3 | 121 |
| Provision for special investigation expenses | - | - | 221 | - | - |
| Others | 900 | 786 | 643 | 450 | 607 |
| Noncurrent liabilities | 4,292 | 4,171 | 3,627 | 3,607 | 3,152 |
| Long-term loans payable | 3,647 | 3,534 | 2,992 | 2,904 | 2,414 |
| Deferred tax liabilities | 283 | 289 | 309 | 355 | 312 |
| Provision for retirement benefits | 85 | 60 | 30 | 24 | 29 |
| Provision for directors' share-based compensation | 49 | 55 | 75 | 95 | 177 |
| Others | 227 | 230 | 220 | 227 | 219 |
| Total liabilities | 15,850 | 13,677 | 13,787 | 12,230 | 11,820 |
Net assets
| 2019/3 | 2020/3 | 2021/3 | 2022/3 | 2023/3 | |
|---|---|---|---|---|---|
| Shareholders' equity | 15,041 | 16,376 | 17,465 | 19,000 | 19,901 |
| Capital stock | 2,076 | 2,076 | 2,076 | 2,076 | 2,076 |
| Capital surplus | 2,378 | 2,373 | 2,373 | 1,837 | 1,837 |
| Retained earnings | 11,624 | 12,938 | 14,027 | 15,269 | 16,689 |
| Treasury stock | (1,037) | (1,012) | (1,012) | (183) | (702) |
| Accumulated other comprehensive income | 232 | 55 | 203 | 156 | 199 |
| Valuation differences on available-for-sale securities | 236 | 56 | 190 | 166 | 201 |
| Deferred gains or losses on hedges | (4) | (0) | 12 | (10) | (2) |
| Total net assets | 15,273 | 16,432 | 17,668 | 19,156 | 20,100 |
| Total liabilities and net assets | 31,124 | 30,110 | 31,455 | 31,387 | 31,920 |
Statements of Income (Consolidated)
(Millions of yen)
| 2019/3 | 2020/3 | 2021/3 | 2022/3 | 2023/3 | |
|---|---|---|---|---|---|
| Net sales | 31,737 | 29,251 | 26,727 | 31,329 | 29,656 |
| Cost of sales | 25,593 | 23,181 | 20,688 | 24,808 | 22,650 |
| Gross profit | 6,144 | 6,069 | 6,039 | 6,520 | 7,006 |
| Selling, general and administrative expenses | 4,098 | 3,964 | 3,848 | 3,969 | 4,152 |
| Operating income | 2,046 | 2,105 | 2,190 | 2,551 | 2,853 |
| Non-operating income | 306 | 268 | 243 | 306 | 191 |
| Interest income | 36 | 37 | 26 | 26 | 31 |
| Equity in earnings of affiliates | 196 | 178 | 183 | 205 | 130 |
| Money of insurance return | - | 33 | 8 | 47 | - |
| Others | 33 | 19 | 25 | 26 | 29 |
| Non-operating expenses | 72 | 55 | 40 | 45 | 61 |
| Interest expenses | 34 | 32 | 28 | 26 | 24 |
| Insurance cancellation of a contract loss | 27 | 17 | 2 | 13 | 19 |
| Compensation for damage | - | - | - | - | 7 |
| Others | 9 | 5 | 9 | 4 | 9 |
| Ordinary income | 2,280 | 2,318 | 2,393 | 2,812 | 2,984 |
| Extraordinary income | 75 | 210 | - | 70 | - |
| Gain on sales of noncurrent assets | 75 | 0 | - | - | - |
| Investment securities sale gain | - | 180 | - | 70 | - |
| Insurance income | - | 29 | - | - | - |
| Extraordinary loss | 9 | 32 | 223 | 2 | 0 |
| Loss on disaster | - | 22 | - | - | - |
| Loss on sales of noncurrent assets | - | - | 1 | - | - |
| Loss on retirement of noncurrent assets | 0 | 0 | 0 | 0 | 0 |
| Investment securities sale loss | - | 9 | - | - | - |
| Loss On Valuation Of Investment Securities | 8 | - | - | 1 | - |
| Provision for special investigation expenses | - | - | 221 | - | - |
| Income before income taxes | 2,347 | 2,495 | 2,170 | 2,880 | 2,984 |
| Income taxes-current | 662 | 731 | 706 | 736 | 961 |
| Income taxes-deferred | 40 | 13 | (80) | 130 | (92) |
| Total income taxes | 703 | 745 | 626 | 866 | 869 |
| Income before minority interests | 1,643 | 1,750 | 1,544 | 2,014 | 2,114 |
| Minority interest | - | - | - | - | - |
| Net income | 1,643 | 1,750 | 1,544 | 2,014 | 2,114 |
Statements of Cash Flows (Consolidated)
(Millions of yen)
| 2019/3 | 2020/3 | 2021/3 | 2022/3 | 2023/3 | |
|---|---|---|---|---|---|
| Net cash provided by (used in) operating activities | |||||
| Income before income taxes | 2,347 | 2,495 | 2,170 | 2,880 | 2,984 |
| Depreciation and amortization | 192 | 186 | 244 | 249 | 240 |
| Special investigation expenses, etc. | - | - | 221 | - | - |
| Increase (decrease) in debt for retirement benefits | (33) | (24) | (30) | (5) | 5 |
| Increase (decrease) in provision for bonuses | 56 | (4) | (14) | (15) | 42 |
| Increase (decrease) in provision for loss on construction contracts | - | - | (15) | (43) | 117 |
| Interest and dividends income | (36) | (37) | (26) | (26) | (31) |
| Loss (gain) on cancellation of insurance policies | - | - | (6) | (33) | 19 |
| Interest expenses | 34 | 32 | 28 | 26 | 24 |
| Investment profit and loss by the equity method | (196) | (178) | (183) | (205) | (130) |
| Loss (gain) on sales and retirement of noncurrent assets | (74) | 0 | 1 | 1 | 0 |
| Loss (gain) on valuation of investment securities | - | - | - | 1 | - |
| Loss (gain) on sales of investment securities | - | (170) | - | (70) | - |
| Decrease (increase) in notes and accounts receivable-trade | (1,321) | 1,821 | (852) | - | - |
| Decrease (increase) in trade receivables and contract assets | - | - | - | (1,167) | 651 |
| Decrease (increase) in inventories | (1,795) | (240) | 522 | 1,188 | (87) |
| Decrease (increase) in account receivable - other | (4) | 55 | 2 | 17 | (27) |
| Increase (decrease) in notes and accounts payable-trade | 942 | (638) | (705) | 835 | (926) |
| Increase (decrease) in account payable - other | 1 | 128 | (133) | (75) | (9) |
| Increase (Decrease) In Advances Received | (100) | 18 | (47) | - | - |
| Increase (decrease) in Construction acceptance money | 241 | 725 | 203 | - | - |
| Increase (decrease) in contract liabilities | - | - | - | (1,304) | 15 |
| Others | (129) | 305 | 122 | (267) | 360 |
| Subtotal | 125 | 4,476 | 1,502 | 1,984 | 3,251 |
| Interest and dividends income received | 47 | 48 | 37 | 36 | 41 |
| Interest expenses paid | (34) | (32) | (28) | (25) | (24) |
| Insurance income received | - | 29 | 6 | 11 | 4 |
| Compensation for damage paid | - | - | - | - | (7) |
| Payments of special investigation expenses, etc. | - | - | - | (221) | - | Loss on disaster paid | - | (17) | - | - | - |
| Income taxes paid | (598) | (731) | (630) | (898) | (726) |
| Net cash provided by (used in) operating activities | (460) | 3,773 | 887 | 886 | 2,538 |
| Net cash provided by (used in) investing activities | |||||
| Purchase of property, plant and equipment | △506 | △60 | △100 | △39 | △22 |
| Proceeds from sales of property, plant and equipment | 401 | 0 | 5 | - | - |
| Purchase of intangible assets | (103) | (123) | (93) | (26) | (17) |
| Gain on redemption of investment securities | - | 320 | - | 120 | - |
| Purchase of insurance funds | (185) | (209) | (262) | (276) | (338) |
| Proceeds from maturity of insurance funds | 252 | 230 | 36 | 215 | 176 |
| Others | (8) | 1 | (1) | (0) | (4) |
| Net cash provided by (used in) investing activities | (147) | 158 | (415) | (5) | (206) |
| Net cash provided by (used in) financing activities | |||||
| Net increase (decrease) in short-term loans payable | 1,332 | (1,869) | 700 | (140) | 410 |
| Proceeds from long-term loans payable | 870 | 497 | 300 | - | - |
| Repayment of long-term loans payable | (1,243) | (1,173) | (605) | (482) | (440) |
| Expenses by the merit of the treasury stock | (865) | (52) | (0) | - | (521) |
| The income by the disposal of a treasury stock | 13 | 60 | - | - | - |
| Cash dividends paid | (443) | (436) | (455) | (479) | (695) |
| Others | 10 | 6 | (12) | (11) | 0 |
| Net cash provided by (used in) financing activities | (326) | (2,965) | (73) | (1,113) | (1,245) |
| Effect of exchange rate change on cash and cash equivalents | 0 | (1) | (0) | 1 | (0) |
| Net increase (decrease) in cash and cash equivalents | (934) | 965 | 397 | (231) | 1,086 |
| Cash and cash equivalents at beginning of period | 4,247 | 3,313 | 4,278 | 4,675 | 4,443 |
| Cash and cash equivalents at end of period | 3,313 | 4,278 | 4,675 | 4,443 | 5,530 |
