Financial Statements
Balance Sheets (Consolidated)
(Millions of yen)
Assets
| 2020/3 | 2021/3 | 2022/3 | 2023/3 | 2024/3 | |
|---|---|---|---|---|---|
| Current assets | 17,989 | 18,761 | 18,702 | 19,093 | 19,523 |
| Cash and deposits | 4,280 | 4,677 | 4,445 | 5,532 | 4,647 |
| Notes and accounts receivable-trade | 6,833 | 6,510 | - | - | - |
| Notes and accounts receivable - trade, and contract assets | - | - | 9,518 | 8,939 | 8,566 |
| Electronically Recorded Monetary Claims Operating | 1,704 | 1,567 | 1,767 | 1,695 | 2,012 |
| Completion construction account receivable | 728 | 2,040 | - | - | - |
| Merchandise and furnished goods | 2,498 | 2,145 | 2,633 | 2,621 | 3,671 |
| Cost of uncompleted contracts | 1,805 | 1,698 | 19 | 119 | 90 |
| Raw materials and supplies | 7 | 7 | 10 | 8 | 7 |
| Others | 133 | 113 | 308 | 177 | 529 |
| Allowance for doubtful accounts | (0) | (0) | (0) | (0) | (0) |
| Noncurrent assets | 12,120 | 12,694 | 12,684 | 12,826 | 13,044 |
| Property, plant and equipment | 8,058 | 7,962 | 7,835 | 7,700 | 7,623 |
| Buildings and structures, net | 1,910 | 1,814 | 1,705 | 1,623 | 1,536 |
| Machinery, equipment and vehicles, net | 55 | 51 | 47 | 26 | 31 |
| Land | 6,006 | 6,000 | 6,000 | 6,000 | 6,000 |
| Others | 85 | 96 | 82 | 49 | 55 |
| Intangible assets | 226 | 264 | 232 | 183 | 122 |
| Software | 23 | 222 | 177 | 183 | 122 |
| Software In Progress | 203 | 41 | 55 | - | - |
| Others | 0 | 0 | 0 | 0 | 0 |
| Investments and other assets | 3,835 | 4,467 | 4,616 | 4,943 | 5,298 |
| Investment securities | 2,831 | 3,200 | 3,308 | 3,479 | 3,967 |
| Retirement benefit asset | - | 1 | 42 | 35 | 30 |
| Deferred tax assets | 143 | 176 | 117 | 148 | 82 |
| Insurance fund | 686 | 920 | 982 | 1,126 | 1,071 |
| Others | 181 | 176 | 174 | 161 | 154 |
| Allowance for doubtful accounts | (7) | (7) | (7) | (7) | (7) |
| Total assets | 30,110 | 31,455 | 31,387 | 31,920 | 32,568 |
Liabilities
| 2020/3 | 2021/3 | 2022/3 | 2023/3 | 2024/3 | |
|---|---|---|---|---|---|
| Current liabilities | 9,506 | 10,159 | 8,622 | 8,667 | 8,244 |
| Notes and accounts payable-trade | 3,787 | 3,282 | 3,169 | 2,565 | 2,565 |
| Electronically Recorded Obligations Operating | 783 | 676 | 1,471 | 1,493 | 1,939 |
| Construction unpaid money | 483 | 391 | 544 | 199 | 178 |
| Short-term loans payable | 1,130 | 1,830 | 1,690 | 2,100 | 1,600 |
| Current portion of long-term loans payable | 598 | 834 | 440 | 490 | 521 |
| Income taxes payable | 441 | 549 | 420 | 597 | 408 |
| Advances received on uncompleted construction contracts | 1,154 | 1,358 | - | - | - |
| Contract liabilities | - | - | 123 | 139 | 268 |
| Provision for bonuses | 340 | 325 | 310 | 353 | 332 |
| Provision for loss on construction contracts | - | 47 | 3 | 121 | 8 |
| Provision for special investigation expenses | - | 221 | - | - | - |
| Others | 786 | 643 | 450 | 607 | 421 |
| Noncurrent liabilities | 4,171 | 3,627 | 3,607 | 3,152 | 2,872 |
| Long-term loans payable | 3,534 | 2,992 | 2,904 | 2,414 | 2,092 |
| Deferred tax liabilities | 289 | 309 | 355 | 312 | 368 |
| Provision for retirement benefits | 60 | 30 | 24 | 29 | 17 |
| Provision for directors" share-based compensation | 55 | 75 | 95 | 177 | 165 |
| Others | 230 | 220 | 227 | 219 | 227 |
| Total liabilities | 13,677 | 13,787 | 12,230 | 11,820 | 11,117 |
Net assets
| 2020/3 | 2021/3 | 2022/3 | 2023/3 | 2024/3 | |
|---|---|---|---|---|---|
| Shareholders" equity | 16,376 | 17,465 | 19,000 | 19,901 | 21,098 |
| Capital stock | 2,076 | 2,076 | 2,076 | 2,076 | 2,076 |
| Capital surplus | 2,373 | 2,373 | 1,837 | 1,837 | 1,837 |
| Retained earnings | 12,938 | 14,027 | 15,269 | 16,689 | 17,835 |
| Treasury stock | (1,012) | (1,012) | (183) | (702) | (651) |
| Accumulated other comprehensive income | 55 | 203 | 156 | 199 | 352 |
| Valuation differences on available-for-sale securities | 56 | 190 | 166 | 201 | 349 |
| Deferred gains or losses on hedges | (0) | 12 | (10) | (2) | 3 |
| Total net assets | 16,432 | 17,668 | 19,156 | 20,100 | 21,450 |
| Total liabilities and net assets | 30,110 | 31,455 | 31,387 | 31,920 | 32,568 |
Statements of Income (Consolidated)
(Millions of yen)
| 2020/3 | 2021/3 | 2022/3 | 2023/3 | 2024/3 | |
|---|---|---|---|---|---|
| Net sales | 29,251 | 26,727 | 31,329 | 29,656 | 27,916 |
| Cost of sales | 23,181 | 20,688 | 24,808 | 22,650 | 21,295 |
| Gross profit | 6,069 | 6,039 | 6,520 | 7,006 | 6,620 |
| Selling, general and administrative expenses | 3,964 | 3,848 | 3,969 | 4,152 | 4,123 |
| Operating income | 2,105 | 2,190 | 2,551 | 2,853 | 2,497 |
| Non-operating income | 268 | 243 | 306 | 191 | 371 |
| Interest income | 37 | 26 | 26 | 31 | 40 |
| Equity in earnings of affiliates | 178 | 183 | 205 | 130 | 295 |
| Money of insurance return | 33 | 8 | 47 | - | - |
| Others | 19 | 25 | 26 | 29 | 35 |
| Non-operating expenses | 55 | 40 | 45 | 61 | 52 |
| Interest expenses | 32 | 28 | 26 | 24 | 21 |
| Insurance cancellation of a contract loss | 17 | 2 | 13 | 19 | 27 |
| Compensation for damage | - | - | - | 7 | - |
| Others | 5 | 9 | 4 | 8 | 4 |
| Ordinary income | 2,318 | 2,393 | 2,812 | 2,984 | 2,816 |
| Extraordinary income | 210 | - | 70 | - | 33 |
| Gain on sales of noncurrent assets | 0 | - | - | - | - |
| Investment securities sale gain | 180 | - | 70 | - | 33 |
| Insurance income | 29 | - | - | - | - |
| Extraordinary loss | 32 | 223 | 2 | 0 | 7 |
| Loss on disaster | 22 | - | - | - | - |
| Loss on sales of noncurrent assets | - | 1 | - | - | - |
| Loss on retirement of noncurrent assets | 0 | 0 | 0 | 0 | 2 |
| Investment securities sale loss | 9 | - | - | - | - |
| Loss On Valuation Of Investment Securities | - | - | 1 | - | 4 |
| Provision for special investigation expenses | - | 221 | - | - | - |
| Income before income taxes | 2,495 | 2,170 | 2,880 | 2,984 | 2,842 |
| Income taxes-current | 731 | 706 | 736 | 961 | 793 |
| Income taxes-deferred | 13 | (80) | 130 | (92) | 50 |
| Total income taxes | 745 | 626 | 866 | 869 | 844 |
| Income before minority interests | 1,750 | 1,544 | 2,014 | 2,114 | 1,997 |
| Minority interest | - | - | - | - | - |
| Net income | 1,750 | 1,544 | 2,014 | 2,114 | 1,997 |
Statements of Cash Flows (Consolidated)
(Millions of yen)
| 2020/3 | 2021/3 | 2022/3 | 2023/3 | 2024/3 | |
|---|---|---|---|---|---|
| Net cash provided by (used in) operating activities | |||||
| Income before income taxes | 2,495 | 2,170 | 2,880 | 2,984 | 2,842 |
| Depreciation and amortization | 186 | 244 | 249 | 240 | 224 |
| Special investigation expenses, etc. | - | 221 | - | - | - |
| Increase (decrease) in debt for retirement benefits | (24) | (30) | (5) | 5 | (11) |
| Increase (decrease) in provision for bonuses | (4) | (14) | (15) | 42 | (20) |
| Increase (decrease) in provision for loss on construction contracts | - | (15) | (43) | 117 | (113) |
| Interest and dividends income | (37) | (26) | (26) | (31) | (40) |
| Loss (gain) on cancellation of insurance policies | - | (6) | (33) | 19 | 26 |
| Interest expenses | 32 | 28 | 26 | 24 | 21 |
| Investment profit and loss by the equity method | (178) | (183) | (205) | (130) | (295) |
| Loss (gain) on sales and retirement of noncurrent assets | 0 | 1 | 1 | 0 | 2 |
| Loss (gain) on valuation of investment securities | - | - | 1 | - | 4 |
| Loss (gain) on sales of investment securities | (170) | - | (70) | - | (33) |
| Decrease (increase) in notes and accounts receivable-trade | 1,821 | (852) | - | - | - |
| Decrease (increase) in trade receivables and contract assets | - | - | (1,167) | 651 | 55 |
| Decrease (increase) in inventories | (240) | 522 | 1,188 | (87) | (1,019) |
| Decrease (increase) in account receivable - other | 55 | 2 | 17 | (27) | 25 |
| Decrease (increase) in consumption taxes refund receivable | - | - | - | 29 | (300) |
| Increase (decrease) in notes and accounts payable-trade | (638) | (705) | 835 | (926) | 414 |
| Increase (decrease) in account payable - other | 128 | (133) | (75) | (9) | (22) |
| Increase (Decrease) In Advances Received | 18 | (47) | - | - | - |
| Increase (decrease) in Construction acceptance money | 725 | 203 | - | - | - |
| Increase (decrease) in contract liabilities | - | - | (1,304) | 15 | 129 |
| Others | 305 | 122 | (267) | 331 | (154) |
| Subtotal | 4,476 | 1,502 | 1,984 | 3,251 | 1,734 |
| Interest and dividends income received | 48 | 37 | 36 | 41 | 49 |
| Interest expenses paid | (32) | (28) | (25) | (24) | (20) |
| Insurance income received | 29 | 6 | 11 | 4 | 4 |
| Compensation for damage paid | - | - | - | (7) | (0) |
| Payments of special investigation expenses, etc. | - | - | (221) | - | - |
| Loss on disaster paid | (17) | - | - | - | - |
| Income taxes paid | (731) | (630) | (898) | (726) | (1,049) |
| Net cash provided by (used in) operating activities | 3,773 | 887 | 886 | 2,538 | 717 |
| Net cash provided by (used in) investing activities | |||||
| Purchase of property, plant and equipment | (60) | (100) | (39) | (22) | (47) |
| Proceeds from sales of property, plant and equipment | 0 | 5 | - | - | - |
| Purchase of intangible assets | (123) | (93) | (26) | (17) | (10) |
| Gain on redemption of investment securities | 320 | - | 120 | - | 45 |
| Purchase of insurance funds | (209) | (262) | (276) | (338) | (264) |
| Proceeds from maturity of insurance funds | 230 | 36 | 215 | 176 | 298 |
| Others | 1 | (1) | (0) | (4) | 2 |
| Net cash provided by (used in) investing activities | 158 | (415) | (5) | (206) | 23 |
| Net cash provided by (used in) financing activities | |||||
| Net increase (decrease) in short-term loans payable | (1,869) | 700 | (140) | 410 | (500) |
| Proceeds from long-term loans payable | 497 | 300 | - | - | 200 |
| Repayment of long-term loans payable | (1,173) | (605) | (482) | (440) | (490) |
| Expenses by the merit of the treasury stock | (52) | (0) | - | (521) | (0) |
| The income by the disposal of a treasury stock | 60 | - | - | - | 28 |
| Cash dividends paid | (436) | (455) | (479) | (695) | (851) |
| Others | 6 | (12) | (11) | 0 | (13) |
| Net cash provided by (used in) financing activities | (2,965) | (73) | (1,113) | (1,245) | (1,626) |
| Effect of exchange rate change on cash and cash equivalents | (1) | (0) | 1 | (0) | 0 |
| Net increase (decrease) in cash and cash equivalents | 965 | 397 | (231) | 1,086 | (885) |
| Cash and cash equivalents at beginning of period | 3,313 | 4,278 | 4,675 | 4,443 | 5,530 |
| Cash and cash equivalents at end of period | 4,278 | 4,675 | 4,443 | 5,530 | 4,645 |
