Consolidated Financial Statements
Consolidated Balance Sheets
(Millions of yen)
| As of March 31, 2023 | As of March 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and deposits | 32,254 | 34,600 |
| Notes and operating accounts receivable-trade, and contract assets | 4,067 | 3,259 |
| Electronically recorded monetary claims-operating | - | 2,207 |
| Real estate for sale | 11,130 | 12,491 |
| Real estate for sale in process | 26,489 | 28,159 |
| Costs on uncompleted construction contracts | 1 | 4 |
| Raw materials and supplies | 37 | 28 |
| Advance payments-trade | 186 | 348 |
| Other | 2,430 | 1,631 |
| Allowance for doubtful accounts | △1 | △0 |
| Total current assets | 76,595 | 82,732 |
| Non-current assets | ||
| Property, plant and equipment | ||
| Buildings and structures | 7,235 | 7,359 |
| Accumulated depreciation | △1,634 | △1,879 |
| Buildings and structures, net | 5,601 | 5,480 |
| Land | 5,311 | 5,406 |
| Other | 507 | 458 |
| Accumulated depreciation | △330 | △358 |
| Other, net | 177 | 100 |
| Total property, plant and equipment | 11,089 | 10,987 |
| Intangible assets | 41 | 37 |
| Investments and other assets | ||
| Investment securities | 373 | 405 |
| Deferred tax assets | 250 | 438 |
| Other | 599 | 690 |
| Allowance for doubtful accounts | △9 | △9 |
| Total investments and other assets | 1,212 | 1,524 |
| Total non-current assets | 12,343 | 12,548 |
| Total assets | 88,938 | 95,281 |
| LIABILITIES | ||
| Current liabilities | ||
| Notes and accounts payable-trade | 1,473 | 2,473 |
| Current portion of long-term loans payable | 5,820 | 5,653 |
| Accounts payable-other | 513 | 731 |
| Income taxes payable | 1,273 | 2,069 |
| Accrued consumption taxes | 364 | 335 |
| Deposits received | 2,397 | 2,726 |
| Provision for bonuses | 266 | 318 |
| Other | 1,100 | 900 |
| Total current liabilities | 13,210 | 15,209 |
| Non-current liabilities | ||
| Long-term loans payable | 7,653 | 7,100 |
| Provision for directors’ retirement benefits | 864 | - |
| Long-term accounts payable-other | - | 833 |
| Net defined benefit liabilities | 859 | 862 |
| Long-term lease and guarantee deposited | 1,867 | 1,897 |
| Long-term deposits received | 82 | 80 |
| Provision incurred from business combination | 1,354 | 1,253 |
| Other | 23 | 11 |
| Total non-current liabilities | 12,705 | 12,039 |
| Total liabilities | 25,915 | 27,249 |
| NET ASSETS | ||
| Shareholders’ equity | ||
| Capital stock | 2,774 | 2,774 |
| Capital surplus | 3,054 | 3,066 |
| Retained earnings | 58,344 | 63,227 |
| Treasury stock | △1,211 | △1,193 |
| Total shareholders’ equity | 62,962 | 67,875 |
| Accumulated other comprehensive income | ||
| Valuation difference on marketable securities | 73 | 109 |
| Remeasurements of defined benefit plans | △12 | 47 |
| Total accumulated other comprehensive income | 60 | 156 |
| Total net assets | 63,022 | 68,031 |
| Total liabilities and net assets | 88,938 | 95,281 |
Consolidated Statement of Income
(Millions of yen)
| FY 2023 ended March 31, 2023 (Apr. 1, 2022 - Mar. 31, 2023) | FY 2024 ended March 31, 2024 (Apr. 1, 2023 - Mar. 31, 2024) | |
|---|---|---|
| Net sales | 84,688 | 100,405 |
| Cost of sales | 65,840 | 80,231 |
| Gross profit | 18,848 | 20,174 |
| Selling, general and administrative expenses | ||
| Advertising expenses | 1,721 | 1,512 |
| Salaries, allowances and bonuses | 3,557 | 3,815 |
| Provision for bonuses | 241 | 291 |
| Retirement benefit expenses | 112 | 111 |
| Provision for directors’ retirement benefits | 55 | 13 |
| Other | 4,909 | 4,997 |
| Total selling, general and administrative expenses | 10,597 | 10,742 |
| Operating income | 8,250 | 9,431 |
| Non-operating income | ||
| Interest income | 0 | 0 |
| Dividend income | 7 | 8 |
| Penalty income | 9 | 18 |
| Subsidy income | 13 | 3 |
| Other | 16 | 23 |
| Total non-operating income | 48 | 55 |
| Non-operating expenses | ||
| Interest expenses | 44 | 45 |
| Miscellaneous losses | 32 | - |
| Other | 2 | 6 |
| Total non-operating expenses | 79 | 52 |
| Ordinary income | 8,219 | 9,434 |
| Extraordinary income | ||
| Gain on negative goodwill | 29 | - |
| Total extraordinary income | 29 | - |
| Extraordinary losses | ||
| Loss on valuation of shares of subsidiaries and associates | - | 34 |
| Total extraordinary losses | - | 34 |
| Income before income taxes | 8,248 | 9,400 |
| Income taxes-current | 2,609 | 3,178 |
| Income taxes-deferred | 18 | △231 |
| Total income taxes | 2,627 | 2,947 |
| Net income | 5,621 | 6,453 |
| Net income attributable to shareholders of parental company | 5,621 | 6,453 |
Consolidated Statement of Comprehensive Income
(Millions of yen)
| FY 2023 ended March 31, 2023 (Apr. 1, 2022 - Mar. 31, 2023) | FY 2024 ended March 31, 2024 (Apr. 1, 2023 - Mar. 31, 2024) | |
|---|---|---|
| Net income | 5,621 | 6,453 |
| Other comprehensive income | ||
| Valuation difference on marketable securities | 38 | 36 |
| Remeasurements of defined benefit plans, net of tax | △15 | 59 |
| Total of other comprehensive income | 53 | 95 |
| Comprehensive income | 5,674 | 6,548 |
| (Breakdown) | ||
| Comprehensive income attributable to shareholders of parental company | 5,674 | 6,548 |
| Comprehensive income attributable to non-controlling interests | - | - |
Consolidated Statements of Cash Flows
(Millions of yen)
| FY 2023 ended March 31, 2023 (Apr. 1, 2022 - Mar. 31, 2023) | FY 2024 ended March 31, 2024 (Apr. 1, 2023 - Mar. 31, 2024) | |
|---|---|---|
| Cash flows from operating activities | ||
| Income before income taxes | 8,248 | 9,400 |
| Depreciation | 368 | 360 |
| Gain on negative goodwill | △29 | - |
| Increase (decrease) in allowance for doubtful accounts | △0 | △1 |
| Increase (decrease) in provision for bonuses | △12 | 52 |
| Increase (decrease) in provision for directors’ retirement benefits | 48 | △864 |
| Increase (decrease) in net defined benefit liabilities | 84 | 89 |
| Increase (decrease) in long-term accounts payable-other | - | 833 |
| Interest and dividend income | △8 | △9 |
| Interest expenses | 44 | 45 |
| Decrease (increase) in notes and accounts receivable-trade, and contract assets | △1,880 | △1,399 |
| Decrease (increase) in inventories | △7,718 | △3,303 |
| Increase (decrease) in notes and accounts payable-trade | 192 | 982 |
| Decrease (increase) in advances payments | △79 | △162 |
| Increase (decrease) in advances received | 202 | △285 |
| Increase (decrease) in lease and guarantee deposits received | 51 | 29 |
| Increase (decrease) in accrued consumption taxes | △1,424 | 511 |
| Other, net | 479 | 1,031 |
| Subtotal | △1,432 | 7,310 |
| Interest and dividend income received | 8 | 9 |
| Interest expenses paid | △46 | △44 |
| Income taxes paid | △3,064 | △2,603 |
| Net cash used in operating activities | △4,534 | 4,671 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | △39 | △48 |
| Purchase of investment securities | △12 | △13 |
| Decrease (increase) of time deposits | - | △5,000 |
| Proceeds from purchase of shares of subsidiaries resulting in change in scope of consolidation | 2,040 | - |
| Other, net | △54 | 26 |
| Net cash provided by (used in) investing activities | 1,933 | △5,036 |
| Cash flows from financing activities | ||
| Proceeds from long-term loans payable | 6,390 | 5,100 |
| Repayments of long-term loans payable | △5,559 | △5,820 |
| Purchase of treasury stock | - | △0 |
| Cash dividends paid | △1,568 | △1,568 |
| Net cash provided by (used in) financing activities | △738 | △2,289 |
| Net increase (decrease) in cash and cash equivalents | △3,339 | △2,653 |
| Cash and cash equivalents at the beginning of the period | 35,543 | 32,204 |
| Cash and cash equivalents at the end of the period | 32,204 | 29,550 |
