Investor Relations

Financial Statements

Balance Sheets (Consolidated)

(Millions of yen)

Assets

  2016/3 2017/3 2018/3 2019/3 2020/3
Current assets 18,253 15,917 16,896 19,253 18,299
  Cash and deposits 3,059 2,768 4,249 3,315 4,280
  Notes and accounts receivable-trade 8,213 7,341 7,612 7,559 6,833
  Electronically Recorded Monetary Claims Operating - 1,074 1,317 1,647 1,704
  Completion construction account receivable 1,073 1,090 857 1,902 762
  Merchandise and furnished goods 4,003 2,348 1,343 2,956 2,498
  Cost of uncompleted contracts 1,571 1,017 1,350 1,504 2,091
  Raw materials and supplies 7 8 10 8 7
  Deferred tax assets 162 171 - - -
  Others 170 105 161 374 129
  Allowance for doubtful accounts (7) (8) (7) (13) (8)
Noncurrent assets 10,233 11,476 12,232 12,276 12,120
  Property, plant and equipment 7,718 7,941 8,145 8,147 8,058
   Buildings and structures, net 2,151 2,188 2,093 2,004 1,910
   Machinery, equipment and vehicles, net 31 119 86 59 55
   Land 5,470 5,575 5,887 6,006 6,006
   Others 66 57 78 76 85
  Intangible assets 102 50 30 117 226
   Software 76 49 28 35 23
   Software In Progress - - 1 81 203
   Goodwill 25 - - - -
   Others 0 0 0 0 0
  Investments and other assets 2,412 3,484 4,057 4,010 3,835
   Investment securities 1,676 2,658 3,110 3,071 2,831
   Deferred tax assets 28 2 4 72 143
   Insurance fund 494 636 770 688 686
   Others 227 199 180 186 181
   Allowance for doubtful accounts (13) (13) (8) (7) (7)
Total assets 28,486 27,393 29,129 31,529 30,420

Liabilities

  2016/3 2017/3 2018/3 2019/3 2020/3
Current liabilities 9,904 8,770 9,075 11,610 9,519
  Notes and accounts payable-trade 3,877 3,393 3,408 4,350 3,787
  Electronically Recorded Obligations Operating - 773 932 969 783
  Construction unpaid money 321 257 410 374 483
  Short-term loans payable 2,930 1,400 1,667 2,999 1,130
  Current portion of long-term loans payable 1,192 1,345 1,190 1,160 598
  Current portion of bonds 534 169 - - -
  Income taxes payable 348 468 435 511 467
  Advances received on uncompleted construction contracts - - - 433 1,157
  Provision for bonuses 193 277 287 337 328
  Others 507 685 743 473 783
Noncurrent liabilities 6,537 5,950 4,641 4,312 4,187
  Bonds 169 - - - -
  Long-term loans payable 5,444 5,146 3,991 3,647 3,534
  Deferred tax liabilities 483 410 266 303 305
  Provision for retirement benefits 247 206 118 85 60
  Provision for directors' share-based compensation - - 36 49 55
  Others 192 186 228 227 230
Total liabilities 16,441 14,720 13,717 15,922 13,707

Net assets

  2016/3 2017/3 2018/3 2019/3 2020/3
Shareholders' equity 11,937 12,454 15,411 15,374 16,657
  Capital stock 1,854 1,854 2,076 2,076 2,076
  Capital surplus 1,644 1,644 2,378 2,378 2,373
  Retained earnings 8,720 9,606 10,770 11,957 13,219
  Treasury stock (281) (650) (200) (1,037) (1,012)
Accumulated other comprehensive income 107 218 386 232 55
  Valuation differences on available-for-sale securities 105 218 386 236 56
  Deferred gains or losses on hedges 1 (0) (0) (4) (0)
Total net assets 12,045 12,672 15,411 15,607 16,713
Total liabilities and net assets 28,486 27,393 29,129 31,529 30,420

Statements of Income (Consolidated)

(Millions of yen)

  2016/3 2017/3 2018/3 2019/3 2020/3
Net sales 30,523 29,937 29,076 31,755 29,264
Cost of sales 25,192 24,594 23,273 25,640 23,297
Gross profit 5,330 5,343 5,803 6,115 5,967
Selling, general and administrative expenses 3,909 3,883 3,939 4,085 3,992
Operating income 1,421 1,459 1,863 2,029 1,974
Non-operating income 176 272 260 306 315
 Interest income 0 0 0 0 0
 Dividends income 27 26 26 36 37
 Rent income 40 43 42 40 41
 Money of insurance return - - - 10 33
 Equity in earnings of affiliates 74 165 166 196 178
 Others 34 37 24 22 24
Non-operating expenses 105 92 66 72 55
 Interest expenses 53 47 39 34 32
 Bond interest 10 5 - - -
 Share issuance cost - - 9 - -
 Insurance cancellation of a contract loss 16 3 4 27 17
 Others 25 37 12 9 5
Ordinary income 1,492 1,639 2,057 2,264 2,234
Extraordinary income 14 - - 75 210
 Gain on sales of noncurrent assets 0 - - 75 0
 Investment securities sale gain 14 - - - 180
 Insurance income - - - - 29
Extraordinary loss 0 181 0 9 32
 Loss on disaster - - - - 22
 Loss on sales of noncurrent assets 0 180 - - -
 Loss on retirement of noncurrent assets 0 0 0 0 0
 Investment securities sale loss - - - - 9
 Loss On Valuation Of Investment Securities - - - 8 -
 Business arrangement loss 0 - - - -
Income before income taxes 1,506 1,458 2,057 2,330 2,412
Income taxes-current 476 510 589 660 704
Income taxes-deferred 85 (110) (50) 38 10
Total income taxes 561 400 539 699 714
Income before minority interests 944 1,058 1,518 1,630 1,698
Minority interest - - - - -
Net income 944 1,058 1,518 1,630 1,698

Statements of Cash Flows (Consolidated)

(Millions of yen)

  2016/3 2017/3 2018/3 2019/3 2020/3
Net cash provided by (used in) operating activities          
 Income before income taxes 1,506 1,458 2,057 2,330 2,412
 Depreciation and amortization 207 212 222 192 186
 Amortization of goodwill 25 25 - - -
 Increase (decrease) in debt for retirement benefits (69) (41) (88) (33) (24)
 Increase (decrease) in provision for bonuses (14) 84 9 50 (9)
 Increase (decrease) in Business arrangement loss allowance reserve (103) - - - -
 Interest and dividends income (27) (26) (26) (36) (37)
 Interest expenses 64 52 40 34 32
 Investment profit and loss by the equity method (74) (165) (166) (196) (178)
 Insurance income - - - - (29)
 Loss on disaster - - - - 22
 Loss (gain) on sales and retirement of noncurrent assets (0) (181) 0 (74) 0
 Loss (gain) on sales of investment securities - - - - (170)
 Decrease (increase) in notes and accounts receivable-trade 631 (218) (282) (1,321) 1,808
 Decrease (increase) in inventories (475) 2,208 669 (1,763) (129)
 Decrease (increase) in account receivable - other (49) 12 (33) (4) 55
Decrease (increase) in unpaid consumption taxes (23) 35 (40) (150) 169
Decrease (increase) in Long-term prepaid expenses (38) 14 - - -
 Increase (decrease) in notes and accounts payable-trade (819) 225 327 942 (638)
 Increase (decrease) in account payable - other 5 17 19 3 124
 Increase (decrease) in accrued consumption taxes 38 199 (212) 18 164
  Increase (Decrease) In Advances Received - 32 149 (100) 18
 Increase (decrease) in Construction acceptance money 140 (74) 64 222 724
 Increase (decrease) in deposits 1 (1) 14 6 (14)
 Others (50) 33 78 4 (12)
 Subtotal 874 4,265 2,804 125 4,474
 Interest and dividends income received 34 32 37 47 48
 Interest expenses paid (62) (50) (39) (34) (32)
 Insurance income received - - - - 29
 Loss on disaster paid - - - - (17)
 Income taxes paid (762) (409) (627) (598) (731)
 Net cash provided by (used in) operating activities 82 3,837 2,174 (460) 3,770
Net cash provided by (used in) investing activities          
 Purchase of property, plant and equipment (145) (785) (351) (506) (60)
 Proceeds from sales of property, plant and equipment 0 202 - 401 0
 Purchase of intangible assets (13) (7) (0) (103) (123)
 Purchase of investment securities (2) - - - -
 Gain on redemption of investment securities 26 - - - 320
 Purchase of stocks of subsidiaries and affiliates - (659) - - -
 Purchase of insurance funds (121) (199) (222) (185) (209)
 Proceeds from maturity of insurance funds 341 54 86 252 230
 Others (3) 10 (35) (8) 1
 Net cash provided by (used in) investing activities 81 (1,385) (524) (147) 158
Net cash provided by (used in) financing activities          
 Net increase (decrease) in short-term loans payable (2,744) (1,530) 267 1,332 (1,869)
 Proceeds from long-term loans payable 4,100 2,320 50 870 497
 Repayment of long-term loans payable (1,047) (2,464) (1,360) (1,243) (1,173)
 Payment for redemption of bonds (594) (534) (169) - -
 Proceeds from issuance of common shares - - 445 - -
 Expenses by the merit of the treasury stock (32) (362) (0) (865) (52)
 The income by the disposal of a treasury stock 11 - 961 13 60
 Cash dividends paid (172) (172) (354) (443) (436)
 Others (0) - (9) 10 6
 Net cash provided by (used in) financing activities (478) (2,743) (168) (326) (2,965)
Effect of exchange rate change on cash and cash equivalents (1) (0) (0) 0 1
Net increase (decrease) in cash and cash equivalents (315) (290) 1,481 (934) 965
Cash and cash equivalents at beginning of period 3,374 3,059 2,768 4,249 3,315
Cash and cash equivalents at end of period 3,059 2,768 4,249 3,315 4,280

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