Okumura : Brief Financial Report for the Third Quarter of FY2020

Consolidated Financial Statements

(For the Third Quarter of FY2020)

Consolidated Balance Sheets

		(Millions of Yen)
	FY2019	Current Third Quarter
	As of March 31, 2019	As of December 31, 2019
Assets
Current assets:
Cash and deposits	34,847	14,510
Notes receivable, accounts receivable from completed
construction contracts and other	101,041	122,402
Securities	17,000	7,000
Real estate for sale	991	648
Costs on construction contracts in progress	4,336	5,112
Costs on real estate business	2,736	2,981
Work in process	1,438	980
Raw materials and supplies	75	71
Other	7,974	10,801
Allowance for doubtful accounts	(700)	(763)
Total current assets	169,742	163,745
Non-current assets:
Property, plant and equipment:
Land	31,758	33,604
Other, net	17,320	24,739
Total property, plant and equipment	49,079	58,343
Intangible assets:
Goodwill	497	475
Other	439	598
Total intangible assets	937	1,073
Investments and other assets:
Investment securities	74,168	72,540
Retirement benefit asset	3,140	3,111
Other	2,631	2,551
Allowance for doubtful accounts	(2,009)	(1,984)
Total investments and other assets	77,930	76,219
Total non-current assets	127,947	135,636
Total assets	297,690	299,381

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		(Millions of Yen)
	FY2019	Current Third Quarter
	As of March 31, 2019	As of December 31, 2019
Liabilities
Current liabilities:
Notes payable, accounts payable for construction contracts
and other	43,337	38,605
Short-term borrowings	8,075	22,603
Income taxes payable	2,298	181
Advances received on construction contracts in progress	13,942	13,419
Provisions	4,225	2,284
Provision for loss on construction contracts	1,118	1,348
Asset retirement obligations	86	86
Other	34,936	37,981
Total current liabilities	108,020	116,512
Non-current liabilities:
Long-term borrowings	7,122	6,016
Asset retirement obligations	57	58
Other	14,089	14,370
Total non-current liabilities	21,269	20,446
Total liabilities	129,289	136,958
Net assets
Shareholders' equity:
Share capital	19,838	19,838
Capital surplus	25,330	25,243
Retained earnings	103,250	101,952
Treasury shares	(16,069)	(19,760)
Total shareholders' equity	132,349	127,274
Accumulated other comprehensive income:
Valuation difference on available-for-sale securities	34,414	33,713
Remeasurements of defined benefit plans	1,693	1,434
Total accumulated other comprehensive income	36,108	35,147
Non-controlling interests	(57)	―
Total net assets	168,400	162,422
Total liabilities and net assets	297,690	299,381

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Consolidated Statements of Income (Nine-month Period Ended December 31)

	(Millions of Yen)
3Q / FY2019	3Q / FY2020
April 1, 2018 through	April 1, 2019 through
December 31, 2018	December 31, 2019

Net sales:
Net sales of completed construction contracts	150,567	156,052
Net sales in real estate business and other	7,262	7,064
Total net sales	157,829	163,117
Cost of sales:
Cost of sales of completed construction contracts	131,035	140,289
Cost of sales in real estate business and other	4,187	4,015
Total cost of sales	135,223	144,304
Gross profit:
Gross profit on completed construction contracts	19,531	15,762
Gross profit on real estate business and other	3,075	3,049
Total gross profit	22,606	18,812
Selling, general and administrative expenses	12,462	12,102
Operating profit	10,144	6,710
Non-operating income:
Interest income	27	36
Dividend income	1,209	1,255
Other	350	233
Total non-operating income	1,588	1,525
Non-operating expenses:
Interest expenses	114	124
Other	51	42
Total non-operating expenses	165	167
Ordinary profit	11,567	8,068
Extraordinary income:
Gain on sales of investment securities	1,264	742
Other	80	0
Total extraordinary income	1,345	742
Extraordinary losses:
Loss on sales of non-current assets	42	3
Loss on valuation of investment securities	27	―
Loss on retirement of non-current assets	6	5
Total extraordinary losses	75	9
Profit before income taxes	12,836	8,801
Income taxes - current	2,232	2,117
Income taxes - deferred	1,324	518
Total income taxes	3,556	2,636
Profit	9,280	6,165
Loss attributable to non-controlling interests	―	(28)
Profit attributable to owners of parent	9,280	6,193

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Consolidated Statements of Comprehensive Income

(Nine-month Period Ended December 31)

	(Millions of Yen)
3Q / FY2019	3Q / FY2020

	April 1, 2018 through	April 1, 2019 through
	December 31, 2018	December 31, 2019
Profit	9,280	6,165
Other comprehensive income:
Valuation difference on available-for-sale securities	(3,160)	(701)
Remeasurements of defined benefit plans, net of tax	(224)	(258)
Total other comprehensive income	(3,384)	(960)
Comprehensive income	5,895	5,205
Comprehensive income attributable to:
Comprehensive income attributable to owners of parent	5,895	5,233
Comprehensive income attributable to non-controlling interests	―	(28)

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Construction orders awarded

Net sales

Projects completed

Period-end backlog

Breakdown of Orders (Nonconsolidated)

			3Q / FY2019				3Q / FY2020
		April 1, 2018 through			April 1, 2019 through
		December 31, 2018			December 31, 2019
engineering			%	%			%	%
Domestic public sector	27,644	47.6		19,325	27.4
Domestic private sector	30,381	52.4	46.1	43,516	61.6	57.5
Overseas	1	0.0	7,765	11.0
Civil
Subtotal	58,027	100		70,608	100
Architectural construction	Domestic public sector	10,254	15.1		18,088	34.7
Domestic private sector	57,472	84.9	53.9	34,080	65.3	42.5
Overseas	－	－		－	－
Subtotal	67,726	100		52,168	100
	Domestic public sector	37,898	30.1		37,413	30.5
Total	Domestic private sector	87,853	69.9	100	77,597	63.2	100
Overseas	1	0.0	7,765	6.3
	Total	125,754	100		122,776	100
engineering
Domestic public sector	50,384	77.8	[43.0]	49,848	69.2	[46.2]
Domestic private sector	13,810	21.3		19,282	26.7
Overseas	579	0.9		2,941	4.1
Civil
Subtotal	64,773	100	41.9	72,072	100	45.0
Architectural construction	Domestic public sector	15,631	18.2	[57.0]	8,062	9.6	[53.8]
Domestic private sector	70,161	81.8		75,917	90.4
Overseas	－	－			－	－
Subtotal	85,793	100		83,979	100
	55.4	52.5
	Domestic public sector	66,015	43.8	[100]	57,911	37.1	[100]
Subtotal	Domestic private sector	83,971	55.8		95,200	61.0
Overseas	579	0.4		2,941	1.9
	Subtotal	150,567	100	97.3	156,052	100	97.5
Real estate business and other	4,223	2.7		3,937	2.5
	Total	154,791	100		159,990	100
engineering
Domestic public sector	98,259	61.9		94,283	51.7
Domestic private sector	51,992	32.8	59.7	74,995	41.1	57.6
Overseas	8,434	5.3	13,058	7.2
Civil
Subtotal	158,685	100		182,337	100
Architectural construction	Domestic public sector	14,556	13.6		32,967	24.6
Domestic private sector	92,778	86.4	40.3	101,057	75.4	42.4
Overseas	－	－		－	－
Subtotal	107,334	100		134,025	100
	Domestic public sector	112,815	42.4		127,251	40.2
Total	Domestic private sector	144,771	54.4	100	176,052	55.7	100
Overseas	8,434	3.2	13,058	4.1
	Total	266,020	100		316,363	100

(Millions of Yen) Change % Change

Increase Increase

(Decrease) (Decrease)

%

(8,318) (30.1)

13,135 43.2

7,763 －

12,580 21.7

7,833 76.4

(23,392) (40.7)

－ －

(15,558) (23.0)

1. (1.3)
   (10,256) (11.7)
   7,763 －

(2,977) (2.4)

1. (1.1)
   5,472 39.6
   2,361 407.3
   7,298 11.3

(7,569) (48.4)

5,755 8.2

－ －

(1,813) (2.1)

(8,104) (12.3)

11,228 13.4

2,361 407.3

5,485 3.6

1. (6.8)
   5,198 3.4

(3,975) (4.0)

23,002 44.2

4,624 54.8

23,651 14.9

18,411 126.5

8,279 8.9

－ －

26,690 24.9

14,435 12.8

31,281 21.6

4,624 54.8

50,342 18.9

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