DATABOOK - 大成建設株式会社 · DATABOOK. 2020. Contents. 1. IMPORTANT NOTE: Readers should...

DATABOOK

2020

Contents

1

IMPORTANT NOTE:Readers should be aware that the information contained in this Data Book 2020 has not been audited or examined by the auditorof Taisei Corporation.

Page

Consolidated financial information

１． Consolidated financial summary 2

２． Consolidated balance sheets 3

３． Consolidated statements of income 6

４． Consolidated statements of cash flows 8

５． Segment information 10

Non-consolidated financial information

６． Non-consolidated financial summary 11

７． Non-consolidated balance sheets 12

８． Non-consolidated Statements of income 15

９． Amount of orders received

9-1.Amount of orders received 16

9-2.Breakdown of orders received by type 17

9-3.Breakdown of orders received by type of construction 18

9-4.Breakdown of orders received by industry 19

１０． Net sales 20

１１． Balance carried forward 21

１２． Gross margin ratio 22

2

Consolidated Financial Information

＊1 The Company conducted 1-for-5 consolidation of shares on October 1, 2017. Therefore, net assets per share and net income per share for the fiscal year ended 2017.3 reflects the impact of the consolidation of shares.

＊2 Because of “Partial Amendments to Accounting Standard for Tax Effect Accounting, etc.” (Statement No.28, February 16, 2018) applied from the beginning of the fiscal year ended 2019.3, total assets and equity ratio for the fiscal year ended2018.3 is index after retrospectively applying the accounting standards.

１．Consolidated financial summary

（Millions of yen、％）

2016.3 2017.3 2018.3 2019.3 2020.3

Amount of order received 1,671,061 1,655,035 1,743,497 1,693,859 1,680,051

Net sales 1,545,889 1,487,252 1,585,497 1,650,877 1,751,330

Operating income 117,468 140,822 181,859 153,323 167,755

Ordinary income 117,703 144,591 185,349 157,936 173,347

Net income 77,045 90,566 126,788 112,571 122,087

Net assets 521,277 570,813 669,019 722,390 753,915

Total assets 1,660,821 1,760,078 1,910,597 1,846,176 1,889,995

Net assets per share (yen) 442.67 2,483.01 2,975.02 3,302.86 3,550.03

Net income per share (yen) 65.85 392.87 561.36 511.90 573.14

Operating margin ratio 7.6 9.5 11.5 9.3 9.6

Equity ratio 31.2 32.3 34.9 39.0 39.7

Return of equity 15.3 16.7 20.5 16.2 16.6

Cash flows from operating activities 95,360 218,158 207,020 (71,028) 77,475

Cash flows from investing activities (25,070) 6,296 (11,852) (82,288) 33,260

Cash flows from financing activities (35,171) (60,061) (41,682) (96,197) (66,647)

Number of employees (person) 13,748 13,977 14,032 14,433 14,562

Interest-bearing debt 254,695 238,145 247,379 217,423 208,145

D/E ratio (times) 0.5 0.4 0.4 0.3 0.3

Research & development 10,998 11,164 11,608 12,471 13,564

Depreciation 5,991 6,267 7,049 7,855 9,885

Capital expenditure (Cash basis) 10,221 7,226 9,354 - -

Capital expenditure (Accrual basis) 9,850 8,853 9,133 49,006 20,635

＊1

＊1

＊2

＊2

3


＊ Deferred tax assets in current assets has been indicated as investments and other assets from the fiscal year ended 2018.3. Due to the effect of offsetting “deferred tax assets” and “deferred tax liabilities” by the same taxpayer, the total of deferred tax assets decreased by 20,227 million yen.

２．Consolidated balance sheets

（Millions of yen）

2016.3 2017.3 2018.3 2019.3 2020.3

Assets

Current assets

Cash and deposits 374,192 535,592 687,456 467,750 482,722

Notes receivable-trade and accounts receivable from completed construction contracts 443,635 420,131 441,630 542,009 615,037

Costs on uncompleted construction contracts 84,548 67,053 50,094 42,472 54,856

Real estate for sale and development projects in progress 107,771 102,742 86,207 96,749 105,487

Other inventories 4,008 3,462 2,757 3,804 3,096

Deferred tax assets 28,071 28,046 - - -

Other 70,429 66,842 59,514 47,772 37,988

Allowance for doubtful accounts (353) (297) (173) (121) (166)

Total current assets 1,112,304 1,223,572 1,327,486 1,200,436 1,299,022

Noncurrent assets

Property, plant and equipment

　Buildings and structures 124,110 123,478 136,975 152,138 146,673

　Machinery, vehicles, tools and fixtures 53,813 55,070 56,172 60,379 60,616

　Land 121,155 119,825 119,963 135,938 120,572

　Construction in progress 255 921 1,523 1,255 684

　Accumulated depreciation (121,806) (123,314) (126,237) (129,966) (124,147)

Total property, plant and equipment 177,528 175,982 188,397 219,745 204,400

Intangible assets 4,875 5,084 11,553 13,027 14,288

Investments and other assets

　Investment securities 321,320 309,014 337,382 367,626 317,621

　Net defined benefit assets 10,944 10,777 9,560 11,387 13,205

　Deferred tax assets 627 3,029 6,557 3,914 12,746

　Other 36,483 35,082 31,412 31,805 30,219

　Allowance for doubtful accounts (3,262) (2,464) (1,753) (1,768) (1,510)

Total investments and other assets 366,113 355,439 383,159 412,965 372,283

Total noncurrent assets 548,516 536,506 583,110 645,739 590,972

Total assets 1,660,821 1,760,078 1,910,597 1,846,176 1,889,995

＊

＊

4


＊ Deferred tax liabilities in current liabilities has been indicated as noncurrent liabilities from the fiscal year ended 2018.3. Due to the effect of offsetting “deferred tax assets” and “deferred tax liabilities” by the same taxpayer, the total of deferred tax liabilities decreased by 20,227 million yen.


2016.3 2017.3 2018.3 2019.3 2020.3

Liabilities

Current liabilities

Notes payable, accounts payable for construction contracts and other 442,758 424,493 509,576 507,335 491,569

Short-term loans payable 108,981 114,600 87,029 90,951 87,934

Short-term non-recourse loans 100 100 2,950 - 15

Current portion of bonds 10,000 10,000 10,000 - 10,000

Current portion of non-recourse bonds - - 500 - -

Lease obligations 259 269 273 315 240

Income taxes payable 23,633 31,138 30,843 18,981 31,955

Advances received on uncompleted construction contracts 160,172 175,689 148,515 99,745 121,645

Deposits received 120,205 171,132 182,142 155,030 146,539

Provision for warranties for completed construction 3,316 3,391 3,128 3,474 3,605

Provision for loss on construction contracts 22,117 15,666 9,393 2,761 2,269

Provision for loss on order received 43 14 3 - -

Provision for loss on Anti-Monopoly Act - - - 9,129 -

Other 36,190 40,497 38,270 37,065 61,662

Total current liabilities 927,777 986,994 1,022,625 924,791 957,437

Noncurrent liabilities

Bonds payable 40,000 30,000 40,000 40,000 30,000

Non-recourse bonds payable 500 500 - - -

Long-term loans payable 90,564 79,995 106,899 86,472 80,038

Long-term non-recourse loans payable 4,550 2,950 - - 158


Deferred tax liabilities 8,262 11,350 1,430 6,199 240

Deferred tax liabilities for land revaluation 4,188 4,184 3,285 3,285 3,280

Provision for directors' retirement benefits 411 431 391 416 436

Provision for loss on business of subsidiaries and affiliates 39 66 40 15 -

Provision for environmental measures 119 89 89 43 1

Provision for loss on Anti-Monopoly Act - 11,035 10,693 - -

Net defined benefit liability 43,926 41,262 35,787 42,021 45,044

Other 18,657 19,921 19,913 20,160 19,030

Total noncurrent liabilities 211,766 202,270 218,951 198,994 178,642

Total liabilities 1,139,544 1,189,264 1,241,577 1,123,785 1,136,080

＊

5



2016.3 2017.3 2018.3 2019.3 2020.3

Net assets

Shareholders' equity

Capital stock 122,742 122,742 122,742 122,742 122,742

Capital surplus 104,464 85,150 60,199 60,198 60,198

Retained earnings 210,720 278,613 382,462 465,127 556,304

Treasury stock (394) (1,110) (1,490) (37,503) (65,515)

Total shareholders' equity 437,533 485,395 563,913 610,565 673,729

Accumulated other comprehensive income

Valuation difference on available-for-sale securities 85,160 82,463 98,579 108,782 74,536

Deferred gain (loss) on hedges (213) (158) (115) (74) (43)

Revaluation reserve for land 176 772 (1,244) (1,244) 1,230

Foreign currency translation adjustment (2,158) (2,969) (3,057) (3,342) (3,164)

Remeasurements of defined benefit plans (2,623) 3,275 9,078 5,737 3,869

Total accumulated other comprehensive income 80,342 83,383 103,239 109,858 76,428

Minority interests 3,402 2,034 1,867 1,967 3,757

Total net assets 521,277 570,813 669,019 722,390 753,915

Total liabilities and net assets 1,660,821 1,760,078 1,910,597 1,846,176 1,889,995

6


３．Consolidated statements of income


2016.3 2017.3 2018.3 2019.3 2020.3

Net sales 1,545,889 1,487,252 1,585,497 1,650,877 1,751,330

Net sales of completed construction contracts 1,394,677 1,342,454 1,445,276 1,511,724 1,612,497

Net sales of development business and other 151,211 144,798 140,220 139,153 138,832

Cost of sales 1,348,302 1,260,968 1,318,879 1,409,417 1,492,653

Cost of sales of completed construction contracts 1,226,706 1,148,961 1,209,960 1,298,683 1,384,184

Cost of sales of development business and other 121,596 112,007 108,919 110,734 108,469

Gross profit 197,586 226,284 266,618 241,459 258,677

Gross profit on completed construction contracts 167,971 193,493 235,316 213,041 228,313

Gross profit on development business and other 29,615 32,791 31,301 28,418 30,363

Selling, general and administrative expenses 80,118 85,461 84,758 88,136 90,921

Operateing income 117,468 140,822 181,859 153,323 167,755

Non-operating income 9,119 8,371 5,994 6,790 7,181

Interest income 630 545 626 468 495

Dividends income 3,020 3,368 3,706 4,057 4,726

Foreign exchange gains - 2,275 - - -

Share of profit of entities accounted for using equity method 4,448 1,378 1,003 1,283 1,069

Other 1,019 803 658 981 890

Non-operating expenses 8,884 4,602 2,505 2,178 1,589

Interest expenses 2,795 2,156 1,684 1,277 1,111

Foreign exchange losses 4,771 - - - -

Taxes and dues 726 758 12 445 222

Litigation settlement - 954 15 - -

Commission fee - - - 355 25

Other 589 734 793 99 230

Ordinary income 117,703 144,591 185,349 157,936 173,347

7



2016.3 2017.3 2018.3 2019.3 2020.3

Extraordinary income 4,303 3,528 1,090 3,722 4,811

Gain on sales of noncurrent assets 119 617 183 1,649 1,186

Gain on sales of investment securities 18 2,878 779 153 496

Gain on return of assets from retirement benefit trust 4,021 - - - -

Reversal of allowance for loss on Anti-Monopoly Act - - 116 1,564 3,043

Other 143 32 11 355 85

Extraordinary loss 4,210 12,929 4,142 881 3,374

Impairment loss 3,018 684 3,631 339 1,337

Loss on retirement of non-current assets - - - 188 78

Loss on valuation of investment securities - - - 91 1,502

Losses on related businesses - - - 167 -

Loss on Anti-Monopoly Act - 11,640 - - -

Other 1,192 604 511 94 456

Income before income taxes and minority interests 117,796 135,189 182,297 160,777 174,785

Income taxes-current 33,332 45,505 51,437 43,594 51,473

Income taxes-deferred 7,663 (712) 4,070 4,481 1,127

Total income taxes 40,995 44,793 55,508 48,075 52,600

Net income - 90,396 126,789 112,701 122,184

Profit (loss) attributable to non-controlling interests (244) (169) 1 129 96

Profit attributable to owners of parent 77,045 90,566 126,788 112,571 122,087

8


４．Consolidated statements of cash flows


2016.3 2017.3 2018.3 2019.3 2020.3

Net cash flow from operating activities

Income before income taxes and minority interests 117,796 135,189 182,297 160,777 174,785

Depreciation and amortization 5,991 6,267 7,049 7,855 9,885

Impairment loss 3,018 684 3,631 339 1,337

Increase (decrease) in allowance for doubtful accounts (1,238) (853) (836) (36) (212)

Increase (decrease) in provision for loss on construction contracts (19,119) (6,451) (6,272) (6,632) (491)

Increase (decrease) in net defined benefit liability (12,811) (2,662) (5,475) 6,234 3,020

Increase (decrease) in provision for loss on Anti-Monopoly Act - 11,035 (342) (1,564) (3,043)

Interest and dividends income (3,651) (3,913) (4,332) (4,526) (5,221)

Interest expenses 2,795 2,156 1,684 1,277 1,111

Foreign exchange losses (gains) 4,771 (2,275) 145 - -

Loss (gain) on valuation of short-term and long term investment securities 303 217 3 91 1,502

Loss (gain) on sales of short-term and long term investment securities - (2,786) (769) (122) (452)

Losses on related businesses - - - 167 -

Loss on valuation of real estate for sale and development projects in progress 2,042 1,371 279 - -

Loss (gain) on sales of non-current assets (66) (551) (34) (1,642) (1,185)

Loss on retirement of non-current assets - - - 188 78

Share of (profit) loss of entities accounted for using equity method (4,448) (1,378) (1,003) (1,283) (1,069)

Decrease (increase) in notes and accounts receivable-trade 47,085 23,431 (21,537) (99,706) (72,326)

Decrease (increase) in costs on uncompleted construction contracts (7,243) 17,490 16,948 7,641 (12,381)

Decrease (increase) in real estate for sale and development projects in progress (13,908) 3,090 (4,894) (10,238) (8,734)

Decrease (increase) in other inventories 100 - - (1,046) 1,854

Decrease (increase) in accounts receivable - other - - - 11,545 10,954

Decrease (increase) in other current assets 28,305 3,346 7,441 233 -

Decrease (increase) in net defined benefit assets 25,863 166 1,217 (1,822) (1,818)

Decrease (increase) in investments, other assets and other 5,938 1,405 3,373 (251) -

Increase (decrease) in notes and accounts payable-trade (46,801) (18,138) 85,141 (3,127) (16,382)

Increase (decrease) in advances received on uncompleted construction contracts 22,460 15,540 (27,145) (48,947) 21,865

Increase (decrease) in deposits received (21,806) 50,936 11,011 (27,110) (8,607)

Increase (decrease) in accounts payable - other - - - - 22,866

Increase (decrease) in other current liabilities - 4,977 (2,566) - -

Ｏｔｈｅｒ (10,884) 13,721 9,930 (7,883) 404

Subtotal 124,493 252,018 254,942 (19,588) 117,739

Interest and dividends income received 4,434 8,139 4,792 4,971 5,966

Interest expenses paid (2,973) (2,338) (1,684) (1,283) (1,106)

Income taxes paid (30,594) (39,661) (51,031) (55,128) (39,038)

Anti-Monopoly Act paid (30,594) (39,661) (51,031) (55,128) (6,086)

Net cash provided by (used in) operating activities 95,360 218,158 207,020 (71,028) 77,475

9



2016.3 2017.3 2018.3 2019.3 2020.3

Net cash flow from investing activities

Decrease (increase) in time deposits (1,319) 1,652 705 (30,056) 30,166

Purchase of property, plant and equipment and intangible assets (10,221) (7,226) (9,354) (46,645) (12,991)

Proceeds from sales of property, plant and equipment and intangible assets 486 4,155 591 9,478 23,435

Purchase of short-term and long term investment securities (17,256) (2,097) (6,171) (17,362) (15,004)

Proceeds from sales of short-term and long term investment securities 2,811 9,912 2,040 2,116 14,789Purchase of shares of subsidiaries resulting in change in scope ofconsolidation

(7,113)

Other 429 (99) 336 179 (19)

Net cash flow from investing activities (25,070) 6,296 (11,852) (82,288) 33,260

Net cash flow from financing activities

Increase (decrease) in short-term loans payable (2,734) 17,075 (2,104) (9,380) (1,523)

Proceeds from long-term loans payable 31,100 32,950 44,850 12,600 23,100

Repayment of long-term loans payable (48,710) (54,975) (43,404) (19,725) (31,027)

Proceeds from long-term non-recourse loans payable 1,500 - - - 180

Repayment of long-term non-recourse loans payable (100) (1,600) (100) (2,950) (7)

Proceeds from issuance of bonds 9,956 - 19,968 - -

Redemption of bonds (15,000) (10,000) (10,000) (10,000) -

Redemption of non-recourse bonds payable - - - (500) -

Purchase of treasury shares - (20,031) (25,047) (36,013) (28,013)

Cash dividends paid (11,699) (22,031) (24,956) (29,906) (29,003)

Other 515 (1,449) (888) (322) (353)

Net cash flow from financing activities (35,171) (60,061) (41,682) (96,197) (66,647)

Effect of exchange rate change on cash and cash equivalents (2,310) (1,382) (926) (246) 243

Net increase (decrease) in cash and cash equivalents 32,807 163,010 152,559 (249,761) 44,332

Cash and cash equivalents at beginning of period 337,166 371,730 534,787 687,346 437,584Increase in cash and cash equivalents by newly consolidated and excluded subsidiaries 1,757 45 - - 737

Cash and cash equivalents at end of period 371,730 534,787 687,346 437,584 482,655

10


５．Segment Information


2016.3 2017.3 2018.3 2019.3 2020.3

Civil engineering

Net sales: 455,712 449,456 466,430 468,653 491,104

Customers 433,924 422,847 441,269 439,109 459,109Intersegment 21,787 26,608 25,161 29,543 31,994


Building construction

Net sales: 1,015,483 977,716 1,060,553 1,130,439 1,224,834

Customers 978,176 938,548 1,020,765 1,087,671 1,168,446Intersegment 37,306 39,167 39,787 42,767 56,388


Real estate

Net sales: 127,639 121,765 119,831 121,897 118,332



Subtotal

Net sales: 1,598,834 1,548,937 1,646,815 1,720,990 1,834,271

Customers 1,533,406 1,476,621 1,575,770 1,641,636 1,739,978Intersegment 65,427 72,315 71,044 79,353 94,292


Others

Net sales: 14,834 13,029 12,301 12,110 14,433


Operateing income 942 1,201 1,114 1,144 1,202

Total

Net sales: 1,613,668 1,561,967 1,659,116 1,733,100 1,848,704

Customers 1,545,889 1,487,252 1,585,497 1,650,877 1,751,330Intersegment 67,779 74,714 73,618 82,222 97,374


Adjustments

Net sales: (67,779) (74,714) (73,618) (82,222) (97,374)Intersegment (67,779) (74,714) (73,618) (82,222) (97,374)

Operateing income (25) (2,261) (138) (1,516) (72)

Consolidated

Net sales: 1,545,889 1,487,252 1,585,497 1,650,877 1,751,330

Customers 1,545,889 1,487,252 1,585,497 1,650,877 1,751,330


11

Non-consolidated Financial Information

＊1 The Company conducted 1-for-5 consolidation of shares on October 1, 2017. Therefore, net assets per share and net income per share for the fiscal year ended 2017.3 reflects the impact of the consolidation of shares.

＊2 The amount of dividends per share for the fiscal year ended 2018.3 is the total of the amount of interim-end dividends per share of ¥10 carried out before consolidation of shares presented above and the amount of year-end dividend of ¥75 reflects the impact on consolidation of shares.

＊3 Because of “Partial Amendments to Accounting Standard for Tax Effect Accounting, etc.” (Statement No.28, February 16, 2018) applied from the beginning of the fiscal year ended 2019.3, total assets and equity ratio for the fiscal year ended 2018.3 is index after retrospectively applying the accounting standards.

６．Non-consolidated financial summary

（Millions of yen、%）

2016.3 2017.3 2018.3 2019.3 2020.3

Amount of order received 1,351,810 1,348,221 1,417,554 1,336,596 1,339,685

Net sales 1,221,932 1,176,711 1,273,316 1,328,425 1,409,523


Ordinary income 91,778 126,638 161,134 137,817 146,553

Net income 59,202 91,087 112,125 96,102 100,195

Paid-in capital 122,742 122,742 122,742 122,742 122,742

Number of shares outstanding（1000stocks） 1,171,269 1,146,753 224,541 224,541 224,541

Net assets 436,838 483,064 560,921 601,523 611,144

Total assets 1,413,943 1,518,693 1,678,085 1,613,082 1,669,936

Net assets per share (yen) 373.40 2,108.82 2,501.31 2,757.75 2,892.16

Dividends per share（yen/full year） 16.00 20.00 85.00 130.00 130.00

Net income per share (yen) 50.60 395.13 496.44 437.01 470.37

Operating margin ratio 7.7 10.1 12.4 10.1 10.0

Equity ratio 30.9 31.8 33.4 37.3 36.6

Return of equity 13.9 19.8 21.5 16.5 16.5

Price earning ratio(times) 14.7 10.3 10.9 11.8 7.0

Dividends payout ratio 31.6 25.3 25.2 29.7 27.6

Number of employees(person) 8,072 8,415 8,501 8,490 8,507

Interest-bearing debt 178,095 164,975 174,308 159,403 162,953

＊1

＊1

＊3

＊2

＊3

12


＊ Deferred tax assets in current assets has been indicated as investments and other assets from the fiscal year ended 2018.3. Due to the effect of offsetting “deferred tax assets” and “deferred tax liabilities” by the same taxpayer, the total of deferred tax assets decreased by 21,920 million yen.

７．Non-consolidated balance sheets


2016.3 2017.3 2018.3 2019.3 2020.3

Assets

Current assets

Cash and deposits 322,199 486,206 639,063 426,771 448,378

Notes receivable-trade 7,554 19,771 7,983 7,261 15,675

Accounts receivable from completed construction contracts 367,089 329,705 368,412 454,972 513,402

Real estate for sale 51,484 43,260 19,777 20,582 25,391

Costs on uncompleted construction contracts 79,363 61,994 45,070 41,306 51,778

Development projects in progress 2,267 4,764 4,236 8,218 10,356

Deferred tax assets 24,991 25,001 - - -

Accounts receivable 59,801 - - - -

Other 9,338 64,668 57,263 47,568 38,617

Allowance for doubtful accounts (164) (170) (131) (99) (121)

Total current assets 923,926 1,035,202 1,141,676 1,006,582 1,103,479

Noncurrent assets

Property, plant and equipment

　Buildings 52,732 53,712 68,934 84,940 88,389

　Structures 2,673 2,672 2,978 3,399 3,516

　Machinery and equipment 8,316 9,038 9,425 9,976 10,123

　Vehicles 372 341 645 965 1,143

　Tools, furniture and fixtures 7,887 7,999 8,292 8,456 8,508

　Land 67,287 67,954 74,610 97,037 97,087

　Construction in progress 143 799 1,357 1,012 404

　Accumulated depreciation (49,300) (50,487) (53,416) (55,566) (58,009)

Total property, plant and equipment 90,111 92,029 112,825 150,219 151,161

Intangible assets 2,186 2,406 9,334 10,097 10,096

Investments and other assets

　Investment securities 285,676 277,849 305,114 335,845 279,472

　Stocks of subsidiaries and affiliates 77,885 78,255 77,790 78,236 87,220

　Investments in other securities of subsidiaries and affiliates 6,391 6,364 7,900 8,562 15,427　Current portion of long-term loans receivable from subsidiaries and affiliates 8,697 8,993 9,025 9,594 10,158

　Claims provable in bankruptcy, claims provable in rehabilitation and other 75 67 60 - -

　Long-term prepaid expenses 434 397 267 198 289

　Prepaid pension cost - - - - 1,082

　Other 28,221 26,283 22,903 23,039 21,085

Allowance for doubtful accounts (9,662) (9,156) (8,813) (9,293) (9,537)

Total investments and other assets 397,719 389,055 414,248 446,182 405,198

Total noncurrent assets 490,017 483,491 536,409 606,500 566,456

Total assets 1,413,943 1,518,693 1,678,085 1,613,082 1,669,936

＊

13


＊ Deferred tax liabilities in current liabilities has been indicated as noncurrent liabilities from the fiscal year ended 2018.3. Due to the effect of offsetting “deferred tax assets” and “deferred tax liabilities” by the same taxpayer, the total of deferred tax liabilities decreased by 21,920 million yen.


2016.3 2017.3 2018.3 2019.3 2020.3

Liabilities

Current liabilities

Notes payable-trade 87,528 84,936 25,117 14,788 10,302

Electronically recorded obligations-operating - - 89,488 85,777 61,777

Accounts payable for construction contracts 293,948 283,917 337,861 363,599 369,754

Short-term loans payable 64,505 70,261 53,700 65,965 66,678

Current portion of bonds 10,000 10,000 10,000 - 10,000


Income taxes payable 21,490 28,833 29,084 16,282 29,009

Advances received on uncompleted construction contracts 149,157 166,471 136,271 90,358 110,986

Deposits received 155,192 210,814 248,156 204,813 226,429

Provision for warranties for completed construction 2,384 1,727 1,867 2,584 2,761

Provision for loss on construction contracts 21,347 14,968 8,558 1,815 2,039

Other 23,777 29,741 28,485 25,256 50,074

Total current liabilities 829,511 901,870 968,788 871,486 939,984

Noncurrent liabilities

Bonds payable 40,000 30,000 40,000 40,000 30,000

Long-term loans payable 63,590 54,714 70,608 53,438 56,274


Provision for retirement benefits 14,845 20,865 25,057 24,870 24,461

Deferred tax liabilities 22,239 20,575 4,626 13,688 171

Provision for loss on business of subsidiaries and affiliates 1,225 1,139 1,010 819 476

Provision for environmental measures 105 70 30 - -

Other 5,186 6,036 6,762 7,002 7,126

Total noncurrent liabilities 147,593 133,758 148,374 140,072 118,807

Total liabilities 977,105 1,035,629 1,117,163 1,011,559 1,058,791

＊

14



2016.3 2017.3 2018.3 2019.3 2020.3

Net assets

Shareholders' equity

Capital stock 122,742 122,742 122,742 122,742 122,742

Total capital surpluses 104,482 85,167 60,502 60,502 60,502

Legal capital surplus 66,832 30,686 30,686 30,686 30,686

Other capital surplus 37,650 54,481 29,816 29,816 29,816

Retained earnings

Other retained earnings

Reserve for advanced depreciation of noncurrent assets 1,414 1,414 1,414 1,414 1,414

General reserve 62,500 94,500 158,500 231,500 270,500

Retained earnings brought forward 63,193 100,249 123,417 116,613 148,805

Total retained earnings 127,107 196,163 283,331 349,527 420,719

Treasury stock (394) (1,110) (1,490) (37,503) (65,515)

Total shareholders' equity 353,937 402,962 465,086 495,268 538,448

Valuation and translation adjustments

Valuation difference on available-for-sale securities 82,900 80,101 95,842 106,253 72,694

Deferred gain (loss) on hedges - (0) (6) - 1

Total valuation and translation adjustments 82,900 80,101 95,835 106,254 72,695

Total net assets 436,838 483,064 560,921 601,523 611,144

Total liabilities and net assets 1,413,943 1,518,693 1,678,085 1,613,082 1,669,936

15


８．Non-consolidated statements of income


2016.3 2017.3 2018.3 2019.3 2020.3

Net sales 1,221,932 1,176,711 1,273,316 1,328,425 1,409,523

Net sales of construction contracts 1,192,876 1,152,697 1,252,133 1,307,089 1,387,028

Net sales of development business and other 29,056 24,013 21,182 21,335 22,494

Cost of sales 1,075,270 1,000,141 1,057,853 1,134,603 1,205,669

Cost of sales of completed construction contracts 1,049,772 984,570 1,043,343 1,120,749 1,190,594

Cost of sales on development business and other 25,498 15,570 14,510 13,853 15,074

Gross profit 146,662 176,569 215,462 193,821 203,854

Gross profit on completed construction contracts 143,104 168,127 208,790 186,340 196,433

Gross profit (loss) on development business and other 3,558 8,442 6,672 7,481 7,420

Selling, general and administrative expenses 52,192 57,937 57,816 60,052 62,255


Non-operating income 5,411 11,811 5,359 5,907 6,187

Interest income 512 442 429 189 173

Interest on securities 13 3 2 8 2

Dividends income 4,269 8,796 4,591 4,954 5,573

Foreign exchange gains - 2,298 - - -

Other 615 270 336 755 437

Non-operating expenses 8,103 3,805 1,870 1,859 1,232

Interest expenses 1,555 1,124 885 797 698

Interest on bonds 452 379 333 186 171

Provision of allowance for doubtful accounts 22 - - - -

Foreign exchange losses 4,880 - - - -

Taxes and dues 726 758 12 445 222

Litigation settlement - 954 - - -

Commission fee - - - 355 25

Other 466 588 639 74 115

Ordinary income 91,778 126,638 161,134 137,817 146,553

Extraordinary income 4,108 2,948 739 197 1,036

Gain on sales of noncurrent assets 18 - - - -

Gain on sales of investment securities 9 2,875 716 144 462

Gain on liquidation of subsidiaries and associates - - - 38 539

Gain on return of assets from retirement benefit trust 4,021 - - - -

Other 59 73 23 13 34

Extraordinary loss 4,186 700 915 779 2,616

Impairment loss 2,065 - 297 163 -

Loss on sales of noncurrent assets - - - - -

Loss on retirement of non-current assets - 125 227 183 17

Loss on sales of investment securities - 90 20 - -

Loss on valuation of investment securities - 217 3 91 1,845

Loss on related businesses 1,654 204 232 258 360

Loss on withdrawal of golf club membership - - - - 309

Bad debts expenses 6 - - - -

Other 459 63 134 82 83

Income before income taxes 91,700 128,886 160,958 137,235 144,973

Income taxes-current 26,065 38,238 46,717 36,666 43,498

Income taxes-deferred 6,433 (439) 2,115 4,467 1,279

Total income taxes 32,498 37,799 48,833 41,133 44,778

Net income 59,202 91,087 112,125 96,102 100,195

16


９．Amount of orders received（Non-consolidated）

９－１．Amount of orders received


2016.3 2017.3 2018.3 2019.3 2020.3

Construction

Civil engineering 323,881 315,291 391,534 271,892 301,710

Domestic public 162,873 223,649 183,724 106,296 138,381

Domestic private 122,485 117,434 206,641 123,472 159,661

Domestic total 285,359 341,083 390,365 229,768 298,043

Overseas 38,522 (25,791) 1,168 42,123 3,667

Building construction 1,006,974 1,008,847 1,004,938 1,033,442 1,012,479

Domestic public 143,084 249,146 91,771 182,831 122,434


Domestic total 1,004,903 994,566 973,349 1,000,503 872,041

Overseas 2,071 14,281 31,588 32,939 140,438

Construction total 1,330,856 1,324,139 1,396,472 1,305,334 1,314,189

Domestic public 305,957 472,796 275,495 289,127 260,815

Domestic private 984,304 862,853 1,088,220 941,144 909,268

Domestic total 1,290,262 1,335,649 1,363,715 1,230,272 1,170,083

Overseas 40,594 (11,510) 32,757 75,062 144,106

Real estate 8,894 13,886 11,579 21,910 16,226

Other 12,059 10,195 9,502 9,352 9,268

Total 1,351,810 1,348,221 1,417,554 1,336,596 1,339,685

17



９－２．Breakdown of orders received by type


2016.3 2017.3 2018.3 2019.3 2020.3


Public 162,873 223,649 183,724 106,296 138,381

National 135,229 154,314 146,478 90,036 101,943

Regional 27,644 69,336 37,245 16,260 36,438

Private 122,485 117,434 206,641 123,472 159,661

Manufacturing 18,664 26,389 31,684 25,662 25,543

Non-manufacturing 103,822 91,045 174,958 97,810 134,119

Building construction 1,004,903 994,566 973,349 1,000,503 872,041

Public 143,084 249,146 91,771 182,831 122,434

National 73,693 167,680 18,803 111,229 40,980

Regional 69,391 81,467 72,968 71,602 81,454

Millitary, Foreign government 27 753 180 3 2,717

Private 861,791 744,667 881,398 817,668 746,889

Manufacturing 139,866 155,089 147,810 144,092 218,398


Domestic construction total 1,290,262 1,335,649 1,363,715 1,230,272 1,170,083

18



９－３．Breakdown of orders received by type of construction

(Millions of yen）

2016.3 2017.3 2018.3 2019.3 2020.3


Flood preventation 25,547 53,246 22,514 26,004 60,300

Railroad 37,073 23,237 87,280 47,483 53,785

Water supply 5,724 13,976 21,015 1,830 6,025

Land development 13,310 5,835 18,477 31,933 13,299

Port development 5,914 6,809 12,072 7,191 7,114

Road 80,712 93,114 86,645 60,414 81,496

Electirc power line 6,683 3,554 5,059 1,909 7,273

Others 110,396 141,312 137,303 53,006 68,751

Building construction 1,004,903 994,566 973,349 1,000,503 872,041

Office 417,252 276,587 322,521 401,991 247,428

Accomodation 3,130 97,047 62,813 47,433 45,230

Shop 56,670 69,675 42,855 47,651 30,232

Factory&Power plant 126,950 147,049 149,660 123,802 167,546

Warehouse 50,958 28,622 70,209 49,902 34,445

Housing 55,912 69,075 40,216 20,227 95,611

Educational facility 79,551 35,724 26,112 113,189 71,211

Medical&Welfare 101,639 26,426 19,921 63,124 21,114

Amusement 35,572 165,204 67,148 46,073 64,103

Others 77,269 79,157 171,896 87,111 95,122

Domestic construction total 1,290,262 1,335,649 1,363,715 1,230,272 1,170,083

19



９－４．Breakdown of orders received by industry (Domestic private)

(Millions of yen）

2016.3 2017.3 2018.3 2019.3 2020.3

Manufacturing 158,530 181,478 179,495 169,753 243,941

Textiles 1,446 2,645 1,977 414 334

Chemicals 49,430 46,592 50,162 58,507 80,368

Iron and steel 3,441 5,073 6,694 4,499 5,138

Electrical marchinery 46,223 36,075 25,961 18,636 56,969

Transportal merchinery 11,164 20,859 8,616 23,724 8,926

Other merchinery 8,552 25,124 23,380 31,739 42,489

Foods 18,413 21,020 40,608 17,136 10,421

Other 19,861 24,089 22,097 15,095 39,296


Agriculture and fishery 1,467 571 193 338 65

Mining and construction 24,367 (13,052) 1,407 9,029 4,151

Electric and gas 77,598 96,010 104,068 55,407 107,202

Transport 66,864 37,911 217,834 101,241 108,784

Information and communication 8,604 7,088 10,851 11,261 6,703

Commerce 28,235 28,693 51,864 48,630 21,970

Finance and insuarance 32,862 38,694 79,136 45,981 45,677

Real estate 269,294 208,584 355,243 254,894 194,518

Service 308,311 267,004 82,487 238,771 168,362

Other 8,147 9,121 5,466 5,839 5,178

Domestic private total 984,276 862,101 1,088,042 941,141 906,511

20


１０．Net sales（Non-consolidated）


2016.3 2017.3 2018.3 2019.3 2020.3

Construction


Domestic public 207,798 186,725 162,746 162,902 166,616


Domestic total 293,123 297,994 298,585 301,938 312,998

Overseas 20,202 14,544 19,332 17,214 8,381

Building construction 879,551 840,159 934,215 987,937 1,065,649

Domestic public 118,363 116,786 164,054 187,278 172,443


Domestic total 870,520 819,061 927,698 984,088 1,052,299

Overseas 9,031 21,098 6,517 3,849 13,350


Domestic public 326,162 303,512 326,800 350,181 339,060

Domestic private 837,479 813,542 899,482 935,844 1,026,237

Domestic total 1,163,642 1,117,054 1,226,283 1,286,026 1,365,297

Overseas 29,234 35,643 25,850 21,063 21,731

Real estate 16,996 13,817 11,680 11,983 13,226

Other 12,059 10,195 9,502 9,352 9,268

Total 1,221,932 1,176,711 1,273,316 1,328,425 1,409,523

21


１１．Balance carried forward（Non-consolidated）


2016.3 2017.3 2018.3 2019.3 2020.3

Construction


Domestic public 308,042 344,966 365,944 309,337 281,101


Domestic total 524,917 568,006 659,788 587,619 572,663

Overseas 85,085 44,749 26,584 51,493 46,780

Building construction 1,356,907 1,525,596 1,596,318 1,641,823 1,588,653

Domestic public 277,995 410,355 338,072 333,625 283,616

Domestic private 1,069,206 1,112,351 1,230,286 1,251,148 1,120,899

Domestic total 1,347,202 1,522,707 1,568,359 1,584,774 1,404,515

Overseas 9,705 2,889 27,959 57,049 184,138


Domestic public 586,038 755,321 704,017 642,963 564,718

Domestic private 1,286,081 1,335,392 1,524,130 1,529,429 1,412,460

Domestic total 1,872,119 2,090,714 2,228,147 2,172,392 1,977,179

Overseas 94,791 47,638 54,544 108,543 230,918

Real estate 297 366 265 10,192 13,192

Total 1,967,208 2,138,718 2,282,956 2,291,127 2,221,289

22


１２．Gross margin ratio（Non-consolidated）

（％）

2016.3 2017.3 2018.3 2019.3 2020.3

Construction 7.5 12.0 14.6 16.7 14.2

Civil engineering 10.3 16.3 18.9 23.7 23.5

Building construction 6.4 10.5 13.0 14.3 11.3

Real estate 23.4 13.9 50.6 45.0 43.5

Other 5.4 10.0 14.3 14.8 18.0

Gross margin ratio 7.8 12.0 15.0 16.9 14.5

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