Consolidated Financial Statements
Consolidated Balance Sheets
(Millions of yen)
| As of March 31, 2024 | As of March 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and deposits | 34,600 | 24,468 |
| Notes and operating accounts receivable-trade, and contract assets | 3,259 | 6,439 |
| Electronically recorded monetary claims-operating | 2,207 | - |
| Real estate for sale | 12,491 | 16,414 |
| Real estate for sale in process | 28,159 | 43,324 |
| Costs on uncompleted construction contracts | 4 | 1 |
| Raw materials and supplies | 28 | 37 |
| Advance payments-trade | 348 | 297 |
| Other | 1,631 | 1,795 |
| Allowance for doubtful accounts | △0 | △0 |
| Total current assets | 82,732 | 92,778 |
| Non-current assets | ||
| Property, plant and equipment | ||
| Buildings and structures | 7,359 | 7,478 |
| Accumulated depreciation | △1,879 | △2,104 |
| Buildings and structures, net | 5,480 | 5,374 |
| Land | 5,406 | 5,509 |
| Other | 458 | 481 |
| Accumulated depreciation | △358 | △391 |
| Other, net | 100 | 89 |
| Total property, plant and equipment | 10,987 | 10,973 |
| Intangible assets | 37 | 34 |
| Investments and other assets | ||
| Investment securities | 405 | 299 |
| Deferred tax assets | 438 | 519 |
| Other | 690 | 882 |
| Allowance for doubtful accounts | △9 | △8 |
| Total investments and other assets | 1,524 | 1,691 |
| Total non-current assets | 12,548 | 12,699 |
| Total assets | 95,281 | 105,477 |
| LIABILITIES | ||
| Current liabilities | ||
| Notes and accounts payable-trade | 2,473 | 2,197 |
| Current portion of long-term loans payable | 5,653 | 6,500 |
| Accounts payable-other | 731 | 494 |
| Income taxes payable | 2,069 | 1,989 |
| Accrued consumption taxes | 335 | 191 |
| Deposits received | 2,726 | 2,979 |
| Provision for bonuses | 318 | 364 |
| Other | 900 | 1,123 |
| Total current liabilities | 15,209 | 15,841 |
| Non-current liabilities | ||
| Long-term loans payable | 7,100 | 11,730 |
| Long-term accounts payable-other | 833 | 833 |
| Net defined benefit liabilities | 862 | 815 |
| Long-term lease and guarantee deposited | 1,897 | 1,989 |
| Long-term deposits received | 80 | 90 |
| Provision incurred from business combination | 1,253 | 1,253 |
| Other | 11 | - |
| Total non-current liabilities | 12,039 | 16,713 |
| Total liabilities | 27,249 | 32,555 |
| NET ASSETS | ||
| Shareholders’ equity | ||
| Capital stock | 2,774 | 2,774 |
| Capital surplus | 3,066 | 3,078 |
| Retained earnings | 63,227 | 68,074 |
| Treasury stock | △1,193 | △1,182 |
| Total shareholders’ equity | 67,875 | 72,745 |
| Accumulated other comprehensive income | ||
| Valuation difference on marketable securities | 109 | 54 |
| Remeasurements of defined benefit plans | 47 | 122 |
| Total accumulated other comprehensive income | 156 | 176 |
| Total net assets | 68,031 | 72,922 |
| Total liabilities and net assets | 95,281 | 105,477 |
Consolidated Statement of Income
(Millions of yen)
| FY 2024 ended March 31, 2024 (Apr. 1, 2023 - Mar. 31, 2024) | FY 2025 ended March 31, 2025 (Apr. 1, 2024 - Mar. 31, 2025) | |
|---|---|---|
| Net sales | 100,405 | 112,429 |
| Cost of sales | 80,231 | 91,785 |
| Gross profit | 20,174 | 20,644 |
| Selling, general and administrative expenses | ||
| Advertising expenses | 1,512 | 1,751 |
| Salaries, allowances and bonuses | 3,815 | 4,004 |
| Provision for bonuses | 291 | 331 |
| Retirement benefit expenses | 111 | 92 |
| Provision for directors’ retirement benefits | 13 | - |
| Other | 4,997 | 4,975 |
| Total selling, general and administrative expenses | 10,742 | 11,155 |
| Operating income | 9,431 | 9,488 |
| Non-operating income | ||
| Interest income | 0 | 9 |
| Dividend income | 8 | 10 |
| Penalty income | 18 | 5 |
| Subsidy income | 3 | 8 |
| Other | 23 | 21 |
| Total non-operating income | 55 | 55 |
| Non-operating expenses | ||
| Interest expenses | 45 | 78 |
| Other | 6 | 6 |
| Total non-operating expenses | 52 | 85 |
| Ordinary income | 9,434 | 9,459 |
| Extraordinary losses | ||
| Loss on valuation of shares of subsidiaries and associates | 34 | - |
| Total extraordinary losses | 34 | - |
| Income before income taxes | 9,400 | 9,459 |
| Income taxes-current | 3,178 | 3,069 |
| Income taxes-deferred | △231 | △93 |
| Total income taxes | 2,947 | 2,976 |
| Net income | 6,453 | 6,483 |
| Net income attributable to shareholders of parental company | 6,453 | 6,483 |
Consolidated Statement of Comprehensive Income
(Millions of yen)
| FY 2024 ended March 31, 2024 (Apr. 1, 2023 - Mar. 31, 2024) | FY 2025 ended March 31, 2025 (Apr. 1, 2024 - Mar. 31, 2025) | |
|---|---|---|
| Net income | 6,453 | 6,483 |
| Other comprehensive income | ||
| Valuation difference on marketable securities | 36 | △54 |
| Remeasurements of defined benefit plans, net of tax | 59 | 74 |
| Total of other comprehensive income | 95 | 20 |
| Comprehensive income | 6,548 | 6,503 |
| (Breakdown) | ||
| Comprehensive income attributable to shareholders of parental company | 6,548 | 6,503 |
| Comprehensive income attributable to non-controlling interests | - | - |
Consolidated Statements of Cash Flows
(Millions of yen)
| FY 2024 ended March 31, 2024 (Apr. 1, 2023 - Mar. 31, 2024) | FY 2025 ended March 31, 2025 (Apr. 1, 2024 - Mar. 31, 2025) | |
|---|---|---|
| Cash flows from operating activities | ||
| Income before income taxes | 9,400 | 9,459 |
| Depreciation | 360 | 358 |
| Increase (decrease) in allowance for doubtful accounts | △1 | △0 |
| Increase (decrease) in provision for bonuses | 52 | 45 |
| Increase (decrease) in provision for directors’ retirement benefits | △864 | - |
| Increase (decrease) in net defined benefit liabilities | 89 | 62 |
| Increase (decrease) in long-term accounts payable-other | 833 | - |
| Interest and dividend income | △9 | △20 |
| Interest expenses | 45 | 78 |
| Decrease (increase) in notes and accounts receivable-trade, and contract assets | △1,399 | △972 |
| Decrease (increase) in inventories | △3,303 | △19,377 |
| Increase (decrease) in notes and accounts payable-trade | 982 | △241 |
| Decrease (increase) in advances payments | △162 | 51 |
| Increase (decrease) in advances received | △285 | 260 |
| Increase (decrease) in lease and guarantee deposits received | 29 | 92 |
| Increase (decrease) in accrued consumption taxes | 511 | △95 |
| Other, net | 1,031 | △223 |
| Subtotal | 7,310 | △10,519 |
| Interest and dividend income received | 9 | 20 |
| Interest expenses paid | △44 | △84 |
| Income taxes paid | △2,603 | △3,296 |
| Net cash used in operating activities | 4,671 | △13,880 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | △48 | △99 |
| Purchase of investment securities | △13 | △11 |
| Decrease (increase) of time deposits | △5,000 | 5,000 |
| Other, net | 26 | 17 |
| Net cash provided by (used in) investing activities | △5,036 | 4,906 |
| Cash flows from financing activities | ||
| Proceeds from long-term loans payable | 5,100 | 12,830 |
| Repayments of long-term loans payable | △5,820 | △7,353 |
| Purchase of treasury stock | △0 | △0 |
| Cash dividends paid | △1,568 | △1,635 |
| Net cash provided by (used in) financing activities | △2,289 | 3,841 |
| Net increase (decrease) in cash and cash equivalents | △2,653 | △5,132 |
| Cash and cash equivalents at the beginning of the period | 32,204 | 29,550 |
| Cash and cash equivalents at the end of the period | 29,550 | 24,418 |
