Financial Statements
Balance Sheets (Consolidated)
(Millions of yen)
Assets
| 2022/3 | 2023/3 | 2024/3 | 2025/3 | 2026/3 | |
|---|---|---|---|---|---|
| Current assets | 18,702 | 19,093 | 19,523 | 20,219 | 18,911 |
| Cash and deposits | 4,445 | 5,532 | 4,647 | 5,732 | 5,662 |
| Notes and accounts receivable - trade, and contract assets | 9,518 | 8,939 | 8,566 | 7,224 | 6,770 |
| Electronically Recorded Monetary Claims Operating | 1,767 | 1,695 | 2,012 | 2,562 | 2,365 |
| Merchandise and furnished goods | 2,633 | 2,621 | 3,671 | 4,545 | 3,452 |
| Cost of uncompleted contracts | 19 | 119 | 90 | 49 | 46 |
| Raw materials and supplies | 10 | 8 | 7 | 5 | 5 |
| Others | 308 | 177 | 529 | 99 | 609 |
| Allowance for doubtful accounts | (0) | (0) | (0) | (0) | (0) |
| Noncurrent assets | 12,684 | 12,826 | 13,044 | 13,039 | 14,041 |
| Property, plant and equipment | 7,835 | 7,700 | 7,623 | 7,556 | 7,425 |
| Buildings and structures, net | 1,705 | 1,623 | 1,536 | 1,426 | 1,322 |
| Machinery, equipment and vehicles, net | 47 | 26 | 31 | 32 | 29 |
| Land | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 |
| Others | 82 | 49 | 55 | 97 | 72 |
| Intangible assets | 232 | 183 | 122 | 56 | 33 |
| Software | 177 | 183 | 122 | 54 | 30 |
| Software In Progress | 55 | - | - | - | - |
| Others | 0 | 0 | 0 | 2 | 2 |
| Investments and other assets | 4,616 | 4,943 | 5,298 | 5,426 | 6,582 |
| Investment securities | 3,308 | 3,479 | 3,967 | 4,218 | 4,975 |
| Retirement benefit asset | 42 | 35 | 30 | 11 | 10 |
| Deferred tax assets | 117 | 148 | 82 | 82 | - |
| Insurance fund | 982 | 1,126 | 1,071 | 967 | 870 |
| Others | 174 | 161 | 154 | 153 | 733 |
| Allowance for doubtful accounts | (7) | (7) | (7) | (7) | (7) |
| Total assets | 31,387 | 31,920 | 32,568 | 33,259 | 32,952 |
Liabilities
| 2022/3 | 2023/3 | 2024/3 | 2025/3 | 2026/3 | |
|---|---|---|---|---|---|
| Current liabilities | 8,622 | 8,667 | 8,244 | 8,518 | 6,853 |
| Notes and accounts payable-trade | 3,169 | 2,565 | 2,565 | 3,113 | 2,061 |
| Electronically Recorded Obligations Operating | 1,471 | 1,493 | 1,939 | 1,615 | 1,148 |
| Construction unpaid money | 544 | 199 | 178 | 212 | 258 |
| Short-term loans payable | 1,690 | 2,100 | 1,600 | 1,650 | 800 |
| Current portion of long-term loans payable | 440 | 490 | 521 | 190 | 379 |
| Income taxes payable | 420 | 597 | 408 | 507 | 544 |
| Contract liabilities | 123 | 139 | 268 | 56 | 413 |
| Provision for bonuses | 310 | 353 | 332 | 417 | 462 |
| Provision for loss on construction contracts | 3 | 121 | 8 | 27 | 16 |
| Others | 450 | 607 | 421 | 727 | 768 |
| Noncurrent liabilities | 3,607 | 3,152 | 2,872 | 2,878 | 2,666 |
| Long-term loans payable | 2,904 | 2,414 | 2,092 | 2,174 | 1,795 |
| Deferred tax liabilities | 355 | 312 | 368 | 336 | 405 |
| Provision for retirement benefits | 24 | 29 | 17 | - | - |
| Provision for directors" share-based compensation | 95 | 177 | 165 | 160 | 262 |
| Others | 227 | 219 | 227 | 207 | 202 |
| Total liabilities | 12,230 | 11,820 | 11,117 | 11,397 | 9,519 |
Net assets
| 2022/3 | 2023/3 | 2024/3 | 2025/3 | 2026/3 | |
|---|---|---|---|---|---|
| Shareholders" equity | 19,000 | 19,901 | 21,098 | 21,494 | 22,688 |
| Capital stock | 2,076 | 2,076 | 2,076 | 2,076 | 2,076 |
| Capital surplus | 1,837 | 1,837 | 1,837 | 1,835 | 1,844 |
| Retained earnings | 15,269 | 16,689 | 17,835 | 18,226 | 19,783 |
| Treasury stock | (183) | (702) | (651) | (643) | (1,016) |
| Accumulated other comprehensive income | 156 | 199 | 352 | 367 | 745 |
| Valuation differences on available-for-sale securities | 166 | 201 | 349 | 377 | 727 |
| Deferred gains or losses on hedges | (10) | (2) | 3 | (9) | 17 |
| Total net assets | 19,156 | 20,100 | 21,450 | 21,861 | 23,433 |
| Total liabilities and net assets | 31,387 | 31,920 | 32,568 | 33,259 | 32,952 |
Statements of Income (Consolidated)
(Millions of yen)
| 2022/3 | 2023/3 | 2024/3 | 2025/3 | 2026/3 | |
|---|---|---|---|---|---|
| Net sales | 31,329 | 29,656 | 27,916 | 26,568 | 28,201 |
| Cost of sales | 24,808 | 22,650 | 21,295 | 19,715 | 20,608 |
| Gross profit | 6,520 | 7,006 | 6,620 | 6,853 | 7,592 |
| Selling, general and administrative expenses | 3,969 | 4,152 | 4,123 | 4,321 | 4,634 |
| Operating income | 2,551 | 2,853 | 2,497 | 2,532 | 2,958 |
| Non-operating income | 306 | 191 | 371 | 393 | 374 |
| Interest income | 26 | 31 | 40 | 39 | 58 |
| Equity in earnings of affiliates | 205 | 130 | 295 | 254 | 263 |
| Money of insurance return | 47 | - | 1 | 52 | - |
| Others | 26 | 29 | 34 | 46 | 53 |
| Non-operating expenses | 45 | 61 | 52 | 83 | 106 |
| Interest expenses | 26 | 24 | 21 | 27 | 37 |
| Insurance cancellation of a contract loss | 13 | 19 | 27 | 50 | 64 |
| Compensation for damage | - | 7 | - | - | - |
| Others | 4 | 8 | 4 | 5 | 4 |
| Ordinary income | 2,812 | 2,984 | 2,816 | 2,842 | 3,226 |
| Extraordinary income | 70 | - | 33 | 48 | 57 |
| Gain on sales of noncurrent assets | - | - | - | 0 | 1 |
| Investment securities sale gain | 70 | - | 33 | 46 | 56 |
| Others | - | - | - | 1 | - |
| Extraordinary loss | 2 | 0 | 7 | 0 | 1 |
| Loss on sales of noncurrent assets | - | - | - | 0 | - |
| Loss on retirement of noncurrent assets | 0 | 0 | 2 | - | 1 |
| Loss On Valuation Of Investment Securities | 1 | - | 4 | - | - |
| Income before income taxes | 2,880 | 2,984 | 2,842 | 2,890 | 3,282 |
| Income taxes-current | 736 | 961 | 793 | 850 | 927 |
| Income taxes-deferred | 130 | (92) | 50 | (39) | (23) |
| Total income taxes | 866 | 869 | 844 | 811 | 903 |
| Income before minority interests | 2,014 | 2,114 | 1,997 | 2,079 | 2,378 |
| Minority interest | - | - | - | - | - |
| Net income | 2,014 | 2,114 | 1,997 | 2,079 | 2,378 |
Statements of Cash Flows (Consolidated)
(Millions of yen)
| 2022/3 | 2023/3 | 2024/3 | 2025/3 | 2026/3 | |
|---|---|---|---|---|---|
| Net cash provided by (used in) operating activities | |||||
| Income before income taxes | 2,880 | 2,984 | 2,842 | 2,890 | 3,282 |
| Depreciation and amortization | 249 | 240 | 224 | 251 | 184 |
| Increase (decrease) in debt for retirement benefits | (5) | 5 | (11) | (17) | - |
| Increase (decrease) in provision for bonuses | (15) | 42 | (20) | 84 | 45 |
| Increase (decrease) in provision for loss on construction contracts | (43) | 117 | (113) | 19 | - |
| Interest and dividends income | (26) | (31) | (40) | (39) | (58) |
| Loss (gain) on cancellation of insurance policies | (33) | 19 | 26 | (2) | 64 |
| Interest expenses | 26 | 24 | 21 | 27 | 37 |
| Investment profit and loss by the equity method | (205) | (130) | (295) | (254) | (263) |
| Loss (gain) on sales and retirement of noncurrent assets | 1 | 0 | 2 | 0 | 0 |
| Loss (gain) on valuation of investment securities | 1 | - | 4 | - | - |
| Loss (gain) on sales of investment securities | (70) | - | (33) | (46) | (56) |
| Decrease (increase) in trade receivables and contract assets | (1,167) | 651 | 55 | 792 | 650 |
| Decrease (increase) in inventories | 1,188 | (87) | (1,019) | (832) | 1,097 |
| Decrease (increase) in account receivable - other | 17 | (27) | 25 | (2) | 2 |
| Decrease (increase) in consumption taxes refund receivable | - | 29 | (300) | 300 | (126) |
| Increase (decrease) in notes and accounts payable-trade | 835 | (926) | 414 | 257 | (1,473) |
| Increase (decrease) in account payable - other | (75) | (9) | (22) | 6 | (0) |
| Increase (decrease) in contract liabilities | (1,304) | 15 | 129 | (211) | 357 |
| Others | (267) | 331 | (154) | 269 | (746) |
| Subtotal | 1,984 | 3,251 | 1,734 | 3,494 | 2,997 |
| Interest and dividends income received | 36 | 41 | 49 | 51 | 68 |
| Interest expenses paid | (25) | (24) | (20) | (28) | (37) |
| Insurance income received | 11 | 4 | 4 | 11 | 0 |
| Compensation for damage paid | - | (7) | (0) | - | - |
| Payments of special investigation expenses, etc. | (221) | - | - | - | - |
| Income taxes refund(paid) | (898) | (726) | (1,049) | (684) | (892) |
| Net cash provided by (used in) operating activities | 886 | 2,538 | 717 | 2,844 | 2,136 |
| Net cash provided by (used in) investing activities | |||||
| Purchase of property, plant and equipment | (39) | (22) | (47) | (46) | (75) |
| Proceeds from sales of property, plant and equipment | - | - | - | - | 1 |
| Purchase of intangible assets | (26) | (17) | (10) | (5) | (0) |
| Gain on redemption of investment securities | 120 | - | 45 | 82 | 66 |
| Purchase of insurance funds | (276) | (338) | (264) | (246) | (222) |
| Proceeds from maturity of insurance funds | 215 | 176 | 298 | 357 | 260 |
| Others | (0) | (4) | 4 | 0 | (5) |
| Net cash provided by (used in) investing activities | (5) | (206) | 25 | 140 | 25 |
| Net cash provided by (used in) financing activities | |||||
| Net increase (decrease) in short-term loans payable | (140) | 410 | (500) | 50 | (850) |
| Proceeds from long-term loans payable | - | - | 200 | - | - |
| Repayment of long-term loans payable | (482) | (440) | (490) | (248) | (190) |
| Expenses by the merit of the treasury stock | - | (521) | (0) | (940) | (533) |
| The income by the disposal of a treasury stock | - | - | 28 | 26 | 169 |
| Cash dividends paid | (479) | (695) | (851) | (780) | (821) |
| Others | (11) | 0 | (13) | (6) | (6) |
| Net cash provided by (used in) financing activities | (1,113) | (1,245) | (1,626) | (1,899) | (2,232) |
| Effect of exchange rate change on cash and cash equivalents | 1 | (0) | 0 | (0) | 0 |
| Net increase (decrease) in cash and cash equivalents | (231) | 1,086 | (883) | 1,085 | (70) |
| Cash and cash equivalents at beginning of period | 4,675 | 4,443 | 5,530 | 4,647 | 5,732 |
| Cash and cash equivalents at end of period | 4,443 | 5,530 | 4,647 | 5,732 | 5,662 |
