Financial Statements

Last updated: May 25,2011

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Millions of yen

(Assets)		Mar-07	Mar-08	Mar-09	Mar-10	Mar-11
I Current assets
	1.Cash and bank deposit	2,057	9,577	8,954	9,601	10,270
	2.Notes and accounts receivable, trade	6,271	6,009	5,167	14,403	6,458
	3.Inventories	82,745	122,660	127,830	81,593	80,613
	4.Deferred tax assets	725	1,172	1,411	1,507	1,723
	5.Other current assets	3,053	10,617	5,084	18,100	14,699
	6.Less allowance for doubtful receivables	(1)	0	(1)	(6)	(2)
	Total current assets	94,853	150,037	148,447	125,200	113,762
II Noncurrent assets
	1.Property, plant and equipment
	(1) Buildings and structures	312,244	369,152	350,767	337,061	329,385
	(2) Machinery and vehicles	3,420	3,072	2,614	2,418	2,132
	(3) Land	101,723	333,183	378,620	395,698	400,206
	(4) Lease assets	-	330	241	160	203
	(5) Construction in progress	14,083	246	9,359	6,624	9,718
	(6) Other noncurrent assets	3,281	3,384	3,523	3,907	3,618
	Property, plant and equipment, net	434,753	709,370	745,127	745,870	745,265
	2.Intangible assets, net	1,703	1,817	3,338	3,416	4,969
	3.Investments and other assets
	(1) Investment securities	20,422	14,637	16,391	17,535	21,150
	(2) Long-term prepaid expenses	20,070	19,630	18,920	18,410	17,982
	(3) Deferred tax assets	3,301	97	50	332	373
	(4) Other assets	6,749	4,739	4,379	5,961	6,990
	(5) Less allowance for doubtful receivables	(5)	(5)	(3)	(0)	(0)
	Total investments and other assets	50,538	39,099	39,737	42,238	46,495
	Total noncurrent assets	486,995	750,287	788,202	791,525	796,729
Total assets		581,848	900,325	936,650	916,725	910,492

Millions of yen

(Liabilities)		Mar-07	Mar-08	Mar-09	Mar-10	Mar-11
I Current liabilities
	1.Notes and accounts payable, trade	21,714	28,139	9,052	6,287	8,083
	2.Short-term borrowings	7,842	-	25,798	-	-
	3.Current portion of finance lease obligations	-	195	179	130	101
	4.Current portion of long-term debt (payment within one year)	26,261	45,190	41,979	44,339	67,360
	5.Corporate bonds (must redeem within one year)	9,300	11,611	5,109	2,861	1,611
	6.Commercial paper	-	10,000	9,994	4,999	-
	7.Accrued income taxes	4,193	7,439	611	607	5,662
	8.Provision for Loss on Disaster	-	-	-	-	574
	9.Other current liabilities	26,845	24,830	24,046	25,747	21,428
	Total current liabilities	96,156	127,406	116,772	84,973	104,822
II Long-term liabilities
	1.Corporate bonds	32,992	88,563	107,185	115,318	123,704
	2.Long-term debt	216,673	296,482	331,003	329,163	295,102
	3.Finance lease obligations	-	364	257	157	196
	4.Deferred tax liabilities	-	56,973	60,403	70,854	68,644
	5.Accrued employees' retirement benefits	5,231	4,984	5,255	5,734	5,889
	6.Accrued directors' and corporate auditors' retirement benefits	203	45	67	88	121
	7.Deposits from tenants	105,230	108,792	97,857	92,434	88,081
	8.Negative goodwill	-	38,530	34,032	32,234	30,186
	9.Other long-term liabilities	191	212	220	226	2,957
	Total long-term liabilities	360,522	594,949	636,284	646,213	614,886
Total liabilities		456,679	722,356	753,056	731,187	719,709

(Net assets)		Mar-07	Mar-08	Mar-09	Mar-10	Mar-11
I Shareholders' equity
	1.Common stock	48,760	48,760	48,760	48,760	48,760
	2.Capital surplus	34,109	34,109	34,109	34,109	34,109
	3.Retained earnings	41,925	53,392	65,103	67,270	72,628
	Total shareholders' equity	124,795	136,262	147,973	150,140	155,498
II Accumulated other comprehensive income
	1.Valuation difference on available-for-sale securities	296	133	176	113	257
	2.Foreign currency translation adjustment	-	-	-	(21)	(221)
	Total accumulated other comprehensive income	296	133	176	91	36
III Minority interests		77	41,573	35,443	35,305	35,248
Total Net assets (Minority interests included)		125,169	177,969	183,593	185,537	190,783
Total liabilities and Net assets		581,848	900,325	936,650	916,725	910,492

Last updated: May 25,2011

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(1)Consolidated Statements of Income

Millions of yen

		Mar-07	Mar-08	Mar-09	Mar-10	Mar-11
I Net sales		128,215	138,206	144,277	149,224	145,693
II Cost of sales		91,781	96,042	104,259	115,823	104,442
	Gross profit	36,433	42,163	40,017	33,401	41,251
III Selling, general and administrative expenses		11,342	13,445	14,773	17,271	16,926
	Operating income	25,091	28,718	25,244	16,129	24,324
IV Non-operating income
	1.Interest income	11	13	83	68	56
	2.Dividend income	44	31	46	27	36
	3.Contributions	39	112	92	3	103
	4.Gain on donation of noncurrent assets	32	67	33	4	0
	5.Amortization of negative goodwill	-	-	1,926	1,926	1,926
	6.Equity in earnings of affiliates	1,624	2,245	66	109	110
	7.Other non-operating income	97	331	124	424	279
	Total non-operating income	1,850	2,801	2,373	2,564	2,512
V Non-operating expense
	1.Interest expense	3,794	5,036	7,780	8,267	7,928
	2.Other non-operating expenses	208	287	332	210	353
	Total non-operating expense	4,003	5,323	8,113	8,477	8,282
Ordinary income		22,938	26,196	19,504	10,215	18,554
VI Extraordinary income
	1.Gain on sales of noncurrent assets	306	79	12,037	17,628	212
	2.Gain on disbursement of substitutional portion of the National Welfare Pension Plan	-	664	-	-	-
	3.Other extraordinary income	-	-	-	-	8
	Total extraordinary income	306	743	12,037	17,628	220
VII Extraordinary loss
	1.Loss on sales of noncurrent assets	0	5	1,136	1,377	8
	2.Loss on disposals of noncurrent assets	1,432	1,724	1,892	1,389	1,052
	3.Loss from the application of lease accounting standards	-	171	-	-	-
	4.Impairment loss	-	-	457	3,086	-
	5.Loss on adjustment for changes of accounting standard for asset retirement obligations	-	-	-	-	1,001
	6.Loss on disaster	-	-	-	-	585
	7.Other extraordinary losses	0	27	661	171	4
	Total extraordinary losses	1,432	1,929	4,147	6,025	2,652
Income before income taxes and minority interests		21,812	25,010	27,393	21,819	16,122
Income taxes (current)		7,929	11,600	6,547	4,247	7,996
Income taxes (deferred)		885	(1,348)	3,208	10,119	(2,565)
Income before minority interests		-	-	-	-	10,691
Minority interests		2	0	1,648	1,335	1,384
Net income		12,995	14,758	15,989	6,116	9,307

(2)Consolidated Statements of Comprehensive Income

Millions of yen

	Mar-07	Mar-08	Mar-09	Mar-10	Mar-11
Income before minority interests	-	-	-	-	10,691
Other comprehensive income	-	-	-	(84)	(33)
Comprehensive income	-	-	-	7,366	10,658

Last updated: May 25,2011

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Millions of yen

		Mar-07	Mar-08	Mar-09	Mar-10	Mar-11
I Operating activities
	Income before income taxes and minority interests	21,812	25,010	27,393	21,819	16,122
	Depreciation and amortization	23,657	23,246	25,762	25,520	23,388
	Loss on adjustment for changes of accounting standard for asset retirement obligations	-	-	-	-	1,001
	Loss on disaster	-	-	-	-	585
	Amortization of negative goodwill	-	-	(1,926)	(1,926)	(1,926)
	Impairment loss	-	-	457	3,086	-
	Amortization of goodwill	-	-	-	128	141
	Increase (decrease) in allowance for doubtful receivables	0	(2)	0	2	(4)
	Increase (decrease) in accrued employees' retirement benefits	146	(246)	271	478	151
	Interest and dividends income	(55)	(44)	(129)	(95)	(93)
	Interest expense	3,794	5,036	7,780	8,267	7,928
	Equity in earnings of affiliates	(1,624)	(2,245)	(66)	(109)	(110)
	Gain on sales of noncurrent assets	(306)	(79)	(12,037)	(17,628)	(212)
	Loss on disposal of noncurrent assets	1,431	1,724	1,892	1,389	1,052
	Loss on sales of noncurrent assets	0	5	1,136	1,377	8
	Increase in lease investment asset	-	-	(488)	(1,311)	(595)
	Extraordinary loss from the application of the lease accounting standards	-	171	-	-	-
	Decrease (increase) in notes and accounts receivable, trade	(97)	262	842	(9,235)	8,122
	Amortization of bonds issuance costs	7	-	-	-	32
	Decrease (increase) in inventories	(42,281)	(39,933)	(12,822)	25,211	1,987
	Increase (decrease) in notes and accounts payable, trade	8,439	6,425	(19,086)	(2,664)	1,795
	Decrease in deposits from tenants	(9,514)	(483)	(8,586)	(5,547)	(5,708)
	Bonuses to directors and corporate auditors	(78)	-	-	-	-
	Others	1,598	(2,118)	(1,526)	(1,236)	(2,444)
	Sub-total	6,930	16,729	8,864	47,525	51,225
	Interest and dividends received	1,561	2,172	166	124	128
	Interest paid	(3,575)	(4,942)	(7,758)	(8,222)	(7,996)
	Income taxes paid	(9,992)	(8,257)	(13,363)	(4,258)	(2,940)
Net cash provided by operating activities		(5,076)	5,700	(12,091)	35,168	40,417
II Investing activities
	Purchases of property, plant and equipment	(43,117)	(74,892)	(66,225)	(22,231)	(24,533)
	Proceeds from sales of property, plant and equipment	1,068	5,753	19,629	30,667	1,470
	Purchases of investment securities	(6)	(214)	(952)	(1,023)	(3,739)
	Proceeds from sales of investment securities	125	-	-	-	308
	Proceeds from repayment of investment securities	8,950	2,372	-	537	350
	Purchase of securities of affiliates that involves changes in the scope of consolidation	-	(10,810)	-	-	(294)
	Additional purchase of preferred equity securities	-	-	(8,784)	-	-
	Others	(15)	(101)	(1,064)	(1,254)	(1,820)
Net cash used in investing activities		(32,995)	(77,893)	(57,397)	6,695	(28,257)
III Financing activities
	Net increase (decrease) in short-term borrowings	(26,657)	(7,842)	25,798	(25,798)	-
	Net increase (decrease) in commercial paper	-	10,000	(5)	(4,995)	(4,999)
	Proceeds from long-term borrowings	67,750	125,000	76,500	42,500	33,300
	Repayments of long-term borrowings	(32,457)	(26,261)	(45,190)	(41,979)	(44,339)
	Proceeds from issuance of corporate bonds	22,984	-	23,664	10,966	9,994
	Payments of redemption of bonds	(7,500)	(12,300)	(11,611)	(5,111)	(2,861)
	Payments of other long-term accounts payable	-	(60)	(21)	-	-
	Proceeds from issuance of new shares of common stock	-	0	-	-	-
	Cash dividends paid	(3,290)	(3,290)	(4,278)	(3,949)	(3,949)
	Cash dividends paid to minority shareholders	(5)	-	(1,794)	(1,473)	(1,433)
	Others	-	(206)	18	(186)	(352)
Net cash provided by financing activities		20,823	85,038	63,079	(30,028)	(14,641)
IV Effect of change in exchange rate on cash and cash equivalents		-	-	-	(19)	(11)
V Net increase (decrease) in cash and cash equivalents		(17,248)	12,846	(6,409)	11,816	(2,493)
VI Cash and cash equivalents at the beginning of the year		19,503	2,255	15,101	8,691	20,508
VII Cash and cash equivalents at the end of the year		2,255	15,101	8,691	20,508	18,015