IR Information

Consolidated Financial Statements

Consolidated Balance Sheets

(Millions of yen)
　
  As of March 31, 2025 As of March 31, 2026
ASSETS
Current assets
Cash and deposits 24,468 25,740
Notes and operating accounts receivable-trade, and contract assets 6,439 6,048
Real estate for sale 16,414 25,431
Real estate for sale in process 43,324 39,281
Costs on uncompleted construction contracts 1 27
Raw materials and supplies 37 35
Advance payments-trade 297 343
Other 1,795 1,591
Allowance for doubtful accounts △0 △0
Total current assets 92,778 98,498
Non-current assets
Property, plant and equipment
Buildings and structures 7,478 9,023
Accumulated depreciation △2,104 △2,340
Buildings and structures, net 5,374 6,682
Land 5,509 6,243
Other 481 513
Accumulated depreciation △391 △427
Other, net 89 85
Total property, plant and equipment 10,973 13,011
Intangible assets 34 30
Investments and other assets
Investment securities 299 503
Deferred tax assets 519 795
Other 882 1,038
Allowance for doubtful accounts △8 △8
Total investments and other assets 1,691 2,328
Total non-current assets 12,699 15,370
Total assets 105,477 113,869
LIABILITIES
Current liabilities
Notes and accounts payable-trade 2,197 3,878
Current portion of long-term loans payable 6,500 3,350
Accounts payable-other 494 732
Income taxes payable 1,989 3,298
Accrued consumption taxes 191 288
Deposits received 2,979 3,077
Provision for bonuses 364 403
Other 1,123 1,237
Total current liabilities 15,841 16,266
Non-current liabilities
Long-term loans payable 11,730 11,400
Long-term accounts payable-other 833 827
Net defined benefit liabilities 815 791
Long-term lease and guarantee deposited 1,989 2,095
Long-term deposits received 90 107
Provision incurred from business combination 1,253 1,253
Total non-current liabilities 16,713 16,475
Total liabilities 32,555 32,742
NET ASSETS
Shareholders’ equity
Capital stock 2,774 2,774
Capital surplus 3,078 3,090
Retained earnings 68,074 76,186
Treasury stock △1,182 △1,169
Total shareholders’ equity 72,745 80,882
Accumulated other comprehensive income
Valuation difference on marketable securities 54 78
Remeasurements of defined benefit plans 122 166
Total accumulated other comprehensive income 176 245
Total net assets 72,922 81,127
Total liabilities and net assets 105,477 113,869

Consolidated Statement of Income

(Millions of yen)
  FY 2025 ended March 31, 2025 (Apr. 1, 2024 - Mar. 31, 2025) FY 2026 ended March 31, 2026 (Apr. 1, 2025 - Mar. 31, 2026)
Net sales 112,429 142,374
Cost of sales 91,785 115,507
Gross profit 20,644 26,866
Selling, general and administrative expenses
Advertising expenses 1,751 2,153
Salaries, allowances and bonuses 4,004 4,297
Provision for bonuses 331 368
Retirement benefit expenses 92 80
Other 4,975 5,563
Total selling, general and administrative expenses 11,155 12,464
Operating income 9,488 14,402
Non-operating income
Interest income 9 50
Dividend income 10 10
Penalty income 5 19
Subsidy income 8 1
Other 21 27
Total non-operating income 55 109
Non-operating expenses
Interest expenses 78 146
Other 6 8
Total non-operating expenses 85 155
Ordinary income 9,459 14,356
Income before income taxes 9,459 14,356
Income taxes-current 3,069 4,653
Income taxes-deferred △93 △308
Total income taxes 2,976 4,345
Net income 6,483 10,010
Net income attributable to shareholders of parental company 6,483 10,010

Consolidated Statement of Comprehensive Income

(Millions of yen)
  FY 2025 ended March 31, 2025 (Apr. 1, 2024 - Mar. 31, 2025) FY 2026 ended March 31, 2026 (Apr. 1, 2025 - Mar. 31, 2026)
Net income 6,483 10,010
Other comprehensive income
Valuation difference on marketable securities △54 24
Remeasurements of defined benefit plans, net of tax 74 44
Total of other comprehensive income 20 68
Comprehensive income 6,503 10,079
(Breakdown)
Comprehensive income attributable to shareholders of parental company 6,503 10,079
Comprehensive income attributable to non-controlling interests - -

Consolidated Statements of Cash Flows

(Millions of yen)
  FY 2025 ended March 31, 2025 (Apr. 1, 2024 - Mar. 31, 2025) FY 2026 ended March 31, 2026 (Apr. 1, 2025 - Mar. 31, 2026)
Cash flows from operating activities
Income before income taxes 9,459 14,356
Depreciation 358 373
Increase (decrease) in allowance for doubtful accounts △0 △0
Increase (decrease) in provision for bonuses 45 38
Increase (decrease) in net defined benefit liabilities 62 40
Interest and dividend income △20 △61
Interest expenses 78 146
Decrease (increase) in notes and accounts receivable-trade, and contract assets △972 391
Decrease (increase) in inventories △19,377 △7,103
Increase (decrease) in notes and accounts payable-trade △241 1,681
Decrease (increase) in advances payments 51 △46
Increase (decrease) in advances received 260 78
Increase (decrease) in lease and guarantee deposits received 92 105
Increase (decrease) in accrued consumption taxes △95 192
Other △223 52
Subtotal △10,519 10,246
Interest and dividend income received 20 61
Interest expenses paid △84 △148
Income taxes refund(paid) △3,296 △3,055
Net cash used in operating activities △13,880 7,103
Cash flows from investing activities
Purchase of property, plant and equipment △99 △277
Purchase of investment securities △11 △168
Decrease (increase) of time deposits 5,000 △3,000
Other 17 △6
Net cash provided by investing activities 4,906 △3,452
Cash flows from financing activities
Proceeds from long-term loans payable 12,830 4,020
Repayments of long-term loans payable △7,353 △7,500
Purchase of treasury stock △0 -
Cash dividends paid △1,635 △1,898
Net cash provided by financing activities 3,841 △5,378
Net increase (decrease) in cash and cash equivalents △5,132 △1,727
Cash and cash equivalents at the beginning of the period 29,550 24,418
Cash and cash equivalents at the end of the period 24,418 22,690
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