Kajima : Financial Statements (April 1, 2017 - September 30, 2017)

Disclaimer: All financial information has been prepared in accordance with generally accepted accounting principles in Japan. This document is a partial English translation of the Japanese Financial Statements which are filed with Stock Exchanges in Japan on November 14, 2017. The Company provides this translation for your reference and convenience only without any warranty as to its accuracy. In case of any discrepancy between the translation and the Japanese original, the latter shall prevail.

For the second quarter of the fiscal year ending March 31, 2018 ("Q2/FY2017") (For the period from April 1, 2017 to September 30, 2017)

November 14, 2017

Company name : Kajima Corporation Stock exchange listings : Tokyo 1st section, Nagoya 1st section

Securities code : 1812 URL : https://www.kajima.co.jp/

Representative : Yoshikazu Oshimi, President and Representative Director

Inquiries : Hiroshi Unno, General Manager of Accounting Department, Treasury Division Tel. +81-(0)3-5544-1111 Dividend payable date (as planned) : December 4, 2017

Supplemental material on financial results : Available

1. Consolidated Financial Highlights

   *Amounts less than one million yen have been rounded down.

2. Financial Results % : Representing year-on-year change

   Revenues		Operating income		Ordinary income		Net income attributable to owners of the parent
   JPY mil	%	JPY mil	%	JPY mil	%	JPY mil	%
   Q2/FY2017 Q2/FY2016	822,731 813,217	1.2 3.8	76,832 73,766	4.2 129.8	84,333 76,482	10.3 108.1	64,371 50,911	26.4 122.1

   (Note) Comprehensive income (loss) Q2/FY2017

   69,358 JPY mil

   ( 442.7%) Q2/FY2016

   12,779 JPY mil

   ( 103.8%)

   Basic net income per share	Diluted net income per share
   JPY	JPY
   Q2/FY2017 Q2/FY2016	62.02 49.04	－ －

3. Financial Positions

4. Total assets	Total equity	Owners' equity ratio
   JPY mil	JPY mil	%
   As of September 30, 2017 As of March 31, 2017	1,938,480 1,992,822	608,357 552,552	31.2 27.5

   (Reference) Owners' equity (Total equity less noncontrolling interests)

5. Dividends

   As of September 30, 2017

   604,676 JPY mil

   As of March 31, 2017

   548,533 JPY mil

   Dividends per share
   End of Q1	End of Q2	End of Q3	Year-End	Total
   JPY	JPY	JPY	JPY	JPY
   FY2016 FY2017	－ －	7.00 10.00	－	13.00	20.00
   FY2017 (Forecast)	－	10.00	20.00

   (Note) Revisions to the dividend forecast most recently announced : None

6. Forecast of Consolidated Financial Results for the fiscal year ending March 31, 2018

7. % : Representing year-on-year change

   Revenues		Operating income		Ordinary income		Net income attributable to owners of the parent		Basic net income per share
   JPY mil	%	JPY mil	%	JPY mil	%	JPY mil	%	JPY
   Full-year	1,830,000	0.4	136,000	( 12.5)	150,000	( 8.2)	108,000	3.0	104.05

   (Note) Revisions to the financial forecast most recently announced : Applicable

   * Notes

8. Significant changes in the scope of consolidated subsidiaries : Applicable Newly consolidated : 1 company (Kajima Development Pte. Ltd.) Deconsolidated : 1 company (Kajima Europe U.K. Holding Ltd.)

9. Specific accounting treatments as to the quarterly financial statements : None

10. Changes in accounting policies and accounting estimates, retrospective restatements

11. Changes in accounting policies based on revisions of accounting standards : None

12. Changes in accounting policies other than "a" above : None

13. Changes in accounting estimates : None

14. Retrospective restatements : None

16. Number of issued and outstanding shares (common stock)

17. Number of issued and outstanding shares (including treasury stock)

    As of September 30, 2017

    1,057,312,022

    As of March 31, 2017

    1,057,312,022

18. Number of treasury stock

    As of September 30, 2017

    19,362,788

    As of March 31, 2017

    19,335,335

19. Average number of shares

20. Q2/FY2017

    1,037,965,390

    Q2/FY2016

    1,038,186,593

21. Forecast of nonconsolidated financial results for the fiscal year ending March 31, 2018

22. % : Representing year-on-year change

    Revenues		Operating income		Ordinary income		Net income		Basic net income per share
    JPY mil	%	JPY mil	%	JPY mil	%	JPY mil	%	JPY
    Full-year	1,150,000	( 4.5)	116,000	( 6.8)	125,000	( 2.7)	88,000	7.7	84.63

    (Note) Revisions to the financial forecast most recently announced : Applicable

    • These financial statements are outside the scope of quarterly review procedures.
    • Explanation regarding appropriate use of forecasts, and other notes

    The forecasts contained herein are based on information available as of the date of this announcement, and the actual results may differ materially from forecasts due to various factors.

    Consolidated Financial Statements
    (1) Consolidated Balance Sheet
    (JPY mil)
    As of March 31, 2017	As of September 30, 2017
    Assets
    Current assets
    Cash and deposits	374,093	368,904
    Notes and accounts receivable - trade	609,701	507,540
    Inventories - real estate for sale	58,038	65,851
    Inventories - construction projects in progress	92,273	103,006
    Inventories - development projects in progress	32,615	28,428
    Other inventories	16,409	19,045
    Other	123,168	141,299
    Allowance for doubtful accounts	(1,654)	(1,132)
    Total current assets	1,304,646	1,232,944
    Noncurrent assets
    Property and equipment	353,645	348,221
    Intangible assets	8,418	10,219
    Investments and other assets
    Investments in securities	264,755	282,174
    Other	71,180	73,476
    Allowance for doubtful accounts	(9,822)	(8,556)
    Total investments and other assets	326,112	347,095
    Total noncurrent assets	688,176	705,536
    Total assets	1,992,822	1,938,480

    (JPY mil)
    As of March 31, 2017	As of September 30, 2017
    Liabilities
    Current liabilities
    Notes and accounts payable - trade	517,834	461,086
    Short-term loans payable	89,270	89,826
    Commercial paper	75,000	－
    Current portion of bonds payable	20,000	20,000
    Advances received on construction projects in progress	210,429	229,171
    Provision	19,133	21,614
    Other	185,404	196,960
    Total current liabilities	1,117,072	1,018,660
    Long-term liabilities
    Bonds payable	60,000	50,000
    Long-term loans payable	128,656	126,332
    Liability for retirement benefits	56,064	56,829
    Other	78,475	78,301
    Total long-term liabilities	323,197	311,462
    Total liabilities	1,440,270	1,330,123
    Equity
    Shareholders' equity
    Common stock	81,447	81,447
    Capital surplus	45,304	45,304
    Retained earnings	319,834	370,818
    Treasury stock	(6,505)	(6,531)
    Total shareholders' equity	440,079	491,038
    Accumulated other comprehensive income (loss)
    Unrealized gain (loss) on available-for-sale securities	79,329	91,556
    Deferred gain (loss) on derivatives under hedge accounting	(409)	(306)
    Revaluation surplus of land	20,108	20,011
    Foreign currency translation adjustments	10,952	3,847
    Defined retirement benefit plans	(1,527)	(1,470)
    Total accumulated other comprehensive income (loss)	108,453	113,638
    Noncontrolling interests	4,018	3,680
    Total equity	552,552	608,357
    Total liabilities and equity	1,992,822	1,938,480

    (2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
    Consolidated Statement of Income
    (JPY mil)
    Q2/FY2016 (Apr 1, 2016 - Sep 30, 2016)	Q2/FY2017 (Apr 1, 2017 - Sep 30, 2017)
    Revenues
    Construction projects	733,648	736,635
    Real estate and other	79,568	86,096
    Total revenues	813,217	822,731
    Cost of revenues
    Construction projects	632,153	629,020
    Real estate and other	64,667	70,626
    Total cost of revenues	696,821	699,646
    Gross profit
    Construction projects	101,494	107,615
    Real estate and other	14,901	15,469
    Total gross profit	116,396	123,085
    Selling, general and administrative expenses	42,629	46,252
    Operating income	73,766	76,832
    Nonoperating income
    Dividends income	3,730	3,034
    Other	4,519	7,644
    Total nonoperating income	8,249	10,678
    Nonoperating expenses
    Interest expense	1,877	1,636
    Foreign currency exchange loss	1,729	715
    Other	1,927	825
    Total nonoperating expenses	5,533	3,177
    Ordinary income	76,482	84,333
    Extraordinary income
    Reversal of foreign currency translation adjustments	－	4,382
    Other	396	508
    Total extraordinary income	396	4,891
    Extraordinary losses
    Loss on disposals of noncurrent assets	108	165
    Loss on impairment of long-lived assets	－	54
    Other	75	44
    Total extraordinary losses	184	264
    Income before income taxes	76,694	88,960
    Income taxes - current	19,131	17,096
    Income taxes - deferred	6,413	7,494
    Total income taxes	25,544	24,590
    Net income	51,149	64,370
    Net income (loss) attributable to noncontrolling interests	238	(1)
    Net income attributable to owners of the parent	50,911	64,371

    Consolidated Statement of Comprehensive Income
    (JPY mil)
    Q2/FY2016 (Apr 1, 2016 - Sep 30, 2016)	Q2/FY2017 (Apr 1, 2017 - Sep 30, 2017)
    Net income	51,149	64,370
    Other comprehensive income (loss)
    Unrealized gain (loss) on available-for-sale securities	(15,184)	12,226
    Deferred gain (loss) on derivatives under hedge accounting	31	72
    Revaluation surplus of land	－	9
    Foreign currency translation adjustments	(22,861)	(6,542)
    Defined retirement benefit plans	108	24
    Share of other comprehensive income (loss) in unconsolidated subsidiaries and affiliates	(462)	(801)
    Total other comprehensive income (loss)	(38,369)	4,988
    Comprehensive income (loss)	12,779	69,358
    Total comprehensive income (loss) attributable to:
    Owners of the parent	12,946	69,662
    Noncontrolling interests	(166)	(304)

    (3) Consolidated Statement of Cash Flows
    (JPY mil)
    Q2/FY2016 (Apr 1, 2016 - Sep 30, 2016)	Q2/FY2017 (Apr 1, 2017 - Sep 30, 2017)
    Operating activities
    Income before income taxes	76,694	88,960
    Depreciation and amortization	8,980	9,355
    Loss on impairment of long-lived assets	－	54
    Increase (decrease) in allowance for doubtful accounts	(29)	(1,685)
    Increase (decrease) in provision	(22,423)	2,471
    Increase (decrease) in liability for retirement benefits	653	807
    Interest and dividends income	(4,889)	(4,290)
    Interest expense	1,877	1,636
    Foreign currency exchange loss (gain)	(799)	(880)
    Loss (gain) on sales or disposals of noncurrent assets - net	(26)	56
    Reversal of foreign currency translation adjustments	－	(4,382)
    Decrease (increase) in receivables	34,417	103,493
    Decrease (increase) in inventories - real estate for sale	1,604	1,087
    Decrease (increase) in inventories - construction projects in progress	(14,121)	(10,749)
    Decrease (increase) in inventories - development projects in progress	(7,412)	(6,365)
    Decrease (increase) in other inventories	(3,953)	(2,635)
    Increase (decrease) in payables	(32,123)	(55,717)
    Increase (decrease) in advances received	50,783	16,624
    Other - net	13,047	(9,387)
    Sub-total	102,279	128,451
    Interest and dividends income - received	5,552	4,763
    Interest expense - paid	(1,874)	(1,619)
    Income taxes - paid	(28,568)	(29,399)
    Net cash provided by (used in) operating activities	77,388	102,196
    Investing activities
    Decrease (increase) in time deposits excluding cash equivalents - net	(2,190)	1,680
    Payment for purchases of property and equipment	(10,560)	(6,014)
    Proceeds from sales of property and equipment	358	382
    Payment for purchases of intangible assets	(1,344)	(680)
    Payment for purchases of investment securities	(846)	(335)
    Proceeds from sales and redemption of investment securities	1,136	1,202
    Purchases of shares of subsidiaries resulting in change in scope of consolidation	－	(1,087)
    Disbursements for loans	(3,374)	(2,140)
    Proceeds from collection of loans	2,041	3,881
    Other - net	(2,000)	(2,144)
    Net cash provided by (used in) investing activities	(16,780)	(5,255)
    Financing activities
    Increase (decrease) in short-term loans - net	706	(872)
    Issuance (repayment) of commercial paper - net	(80,000)	(75,000)
    Proceeds from long-term loans	8,507	4,170
    Repayment of long-term loans	(2,670)	(3,661)
    Proceeds from issuance of bonds	20,000	10,000
    Redemption of bonds	(10,000)	(20,000)
    Repayment of finance lease obligations	(623)	(616)
    Cash dividends paid	(9,344)	(13,493)
    Other - net	463	(287)
    Net cash provided by (used in) financing activities	(72,960)	(99,760)
    Foreign currency translation adjustments on cash and cash equivalents	(6,802)	(735)
    Net increase (decrease) in cash and cash equivalents	(19,155)	(3,555)
    Cash and cash equivalents, beginning of period	234,811	367,473
    Increase (decrease) in cash and cash equivalents resulting from change in scope of consolidation	184	－
    Cash and cash equivalents, end of period	215,840	363,917

    Segment Information

    Information about Revenues, Profit (Loss) and Other Items

    Q2/FY2017 (April 1, 2017 - September 30, 2017) (JPY mil)

    Civil Engineering	Building Construction	Real Estate Development and Other	Domestic Subsidiaries and Affiliates	Overseas Subsidiaries and Affiliates	Total	Reconciliations	Consolidated
    Revenues:	153,016	350,668	17,053	104,289	197,703	822,731	－	822,731
    Sales to external customers
    Intersegment sales or transfers	－	1,260	1,256	59,918	8	62,444	(62,444)	－
    Total	153,016	351,929	18,309	164,207	197,711	885,176	(62,444)	822,731
    Segment profit	32,142	34,193	1,970	5,524	1,971	75,803	1,029	76,832

    Nonconsolidated Financial Statements
    (1) Nonconsolidated Balance Sheet
    (JPY mil)
    As of March 31, 2017	As of September 30, 2017
    Assets
    Current assets
    Cash and deposits	259,764	234,409
    Notes and accounts receivable - trade	476,392	375,925
    Inventories - real estate for sale	32,034	31,544
    Inventories - construction projects in progress	74,426	82,405
    Inventories - development projects in progress	28,612	35,902
    Other	97,116	106,437
    Allowance for doubtful accounts	(53)	(76)
    Total current assets	968,293	866,547
    Noncurrent assets
    Property and equipment	218,892	216,599
    Intangible assets	4,333	4,317
    Investments and other assets
    Investments in securities	320,309	353,414
    Other	27,582	27,470
    Allowance for doubtful accounts	(9,712)	(9,688)
    Total investments and other assets	338,180	371,197
    Total noncurrent assets	561,406	592,114
    Total assets	1,529,699	1,458,662

    (JPY mil)
    As of March 31, 2017	As of September 30, 2017
    Liabilities
    Current liabilities
    Notes and accounts payable - trade	383,742	318,145
    Short-term loans payable	39,312	39,252
    Commercial paper	75,000	－
    Current portion of bonds payable	20,000	20,000
    Income taxes payable	27,616	15,603
    Advances received on construction projects in progress	189,700	199,424
    Provision for warranties for completed construction projects	4,550	4,428
    Provision for loss on construction projects in progress	13,640	16,370
    Other	133,690	153,894
    Total current liabilities	887,253	767,118
    Long-term liabilities
    Bonds payable	60,000	50,000
    Long-term loans payable	93,368	94,054
    Liability for retirement benefits	47,954	48,635
    Allowance for loss on investments in subsidiaries and affiliates	213	213
    Other	70,424	74,145
    Total long-term liabilities	271,960	267,048
    Total liabilities	1,159,214	1,034,166
    Equity
    Shareholders' equity
    Common stock	81,447	81,447
    Capital surplus	45,378	45,378
    Retained earnings	152,814	194,840
    Treasury stock	(5,974)	(6,000)
    Total shareholders' equity	273,666	315,665
    Valuation and translation adjustments
    Unrealized gain (loss) on available-for-sale securities	78,558	90,645
    Deferred gain (loss) on derivatives under hedge accounting	(168)	(148)
    Revaluation surplus of land	18,429	18,332
    Total valuation and translation adjustments	96,819	108,829
    Total equity	370,485	424,495
    Total liabilities and equity	1,529,699	1,458,662

    (2) Nonconsolidated Statement of Income
    (JPY mil)
    Q2/FY2016 (Apr 1, 2016 - Sep 30, 2016)	Q2/FY2017 (Apr 1, 2017 - Sep 30, 2017)
    Revenues
    Construction projects	533,043	504,946
    Real estate and other	17,615	18,309
    Total revenues	550,658	523,256
    Cost of revenues
    Construction projects	447,975	413,335
    Real estate and other	14,634	15,250
    Total cost of revenues	462,610	428,585
    Gross profit
    Construction projects	85,067	91,611
    Real estate and other	2,980	3,059
    Total gross profit	88,047	94,670
    Selling, general and administrative expenses	24,875	26,363
    Operating income	63,172	68,307
    Nonoperating income	7,271	10,016
    Nonoperating expenses	3,617	2,013
    Ordinary income	66,826	76,309
    Extraordinary income	766	429
    Extraordinary losses	242	174
    Income before income taxes	67,350	76,564
    Income taxes	22,369	21,128
    Net income	44,980	55,435

    Financial Highlights Operating Results Consolidated

    Q2 / FY2016 (Apr 1, 2016 - Sep 30, 2016)		Q2 / FY2017 (Apr 1, 2017 - Sep 30, 2017)		Change		Q2 / FY2017 Forecast (announced on May 12, 2017)
    JPY bil	Ratio	JPY bil	Ratio	JPY bil	%	JPY bil	Ratio
    Revenues	813.2	822.7	9.5	1.2	840.0
    Construction Real estate and other	733.6 79.5	736.6 86.0	2.9 6.5	0.4 8.2	764.0 76.0
    Gross profit	116.3	14.3%	123.0	15.0%	6.6	5.7	95.0	11.3%
    Construction Real estate and other	101.4 14.9	13.8% 18.7%	107.6 15.4	14.6% 18.0%	6.1 0.5	6.0 3.8	81.5 13.5	10.7% 17.8%
    Selling, general and administrative expenses	42.6	46.2	3.6	8.5	45.0
    Operating income	73.7	9.1%	76.8	9.3%	3.0	4.2	50.0	6.0%
    Nonoperating income - net Financing	2.7 3.0	7.5 2.6	4.7 (0.3)	10.0 1.2
    Ordinary income	76.4	9.4%	84.3	10.3%	7.8	10.3	60.0	7.1%
    Extraordinary income - net	0.2	4.6	4.4	4.0
    Net income attributable to owners of the parent	50.9	6.3%	64.3	7.8%	13.4	26.4	43.0	5.1%
    Construction contract awards	968.9	759.3	(209.6)	(21.6)	730.0
    Domestic Overseas	895.7 73.1	604.8 154.4	(290.9) 81.3	(32.5) 111.2	530.0 200.0

    Nonconsolidated

    Q2 / FY2016 (Apr 1, 2016 - Sep 30, 2016)		Q2 / FY2017 (Apr 1, 2017 - Sep 30, 2017)		Change		Q2 / FY2017 Forecast (announced on May 12, 2017)
    JPY bil	Ratio	JPY bil	Ratio	JPY bil	%	JPY bil	Ratio
    Revenues		550.6	523.2	(27.4)	(5.0)	540.0
    Construction	533.0	504.9	(28.0)	(5.3)	525.0
    Civil engineering Building construction	130.6 402.4	153.0 351.9	22.4 (50.4)	17.2 (12.5)	175.0 350.0
    Real estate and other	17.6	18.3	0.6	3.9	15.0
    Gross profit		88.0	16.0%	94.6	18.1%	6.6	7.5	63.0	11.7%
    Construction	85.0	16.0%	91.6	18.1%	6.5	7.7	60.0	11.4%
    Civil engineering Building construction	24.8 60.2	19.0% 15.0%	41.3 50.3	27.0% 14.3%	16.4 (9.9)	66.4 (16.5)	24.0 36.0	13.7% 10.3%
    Real estate and other	2.9	16.9%	3.0	16.7%	0.0	2.7	3.0	20.0%
    Selling, general and administrative expenses		24.8	26.3	1.4	6.0	25.0
    Operating income		63.1	11.5%	68.3	13.1%	5.1	8.1	38.0	7.0%
    Nonoperating income - net Financing		3.6 3.7	8.0 6.2	4.3 2.4	8.0 2.7
    Ordinary income		66.8	12.1%	76.3	14.6%	9.4	14.2	46.0	8.5%
    Extraordinary income - net		0.5	0.2	(0.2)	(0.5)
    Net income		44.9	8.2%	55.4	10.6%	10.4	23.2	30.0	5.6%
    Contract awards		826.8	551.2	(275.6)	(33.3)	500.0
    Construction	802.2	525.6	(276.5)	(34.5)	480.0
    Civil engineering Building construction	228.1 574.0	143.2 382.4	(84.9) (191.6)	(37.2) (33.4)	130.0 350.0
    Real estate and other	24.6	25.5	0.9	3.8	20.0

    Financial Highlights - continued Forecast of Operating Results - Full-year Consolidated

    FY2016 Result (Apr 1, 2016 - Mar 31, 2017)		FY2017 Forecast (Apr 1, 2017 - Mar 31, 2018)		Change		FY2017 Forecast (announced on May 12, 2017)
    JPY bil	Ratio	JPY bil	Ratio	JPY bil	%	JPY bil	Ratio
    Revenues	1,821.8	1,830.0	8.1	0.4	1,830.0
    Construction Real estate and other	1,602.0 219.7	1,640.0 190.0	37.9 (29.7)	2.4 (13.5)	1,660.0 170.0
    Gross profit	247.0	13.6%	236.0	12.9%	(11.0)	(4.5)	200.0	10.9%
    Construction Real estate and other	205.0 42.0	12.8% 19.1%	203.5 32.5	12.4% 17.1%	(1.5) (9.5)	(0.7) (22.7)	168.5 31.5	10.2% 18.5%
    Selling, general and administrative expenses	91.6	100.0	8.3	9.1	94.0
    Operating income	155.3	8.5%	136.0	7.4%	(19.3)	(12.5)	106.0	5.8%
    Nonoperating income - net Financing	8.0 5.3	14.0 3.7	5.9 (1.6)	14.0 2.2
    Ordinary income	163.4	9.0%	150.0	8.2%	(13.4)	(8.2)	120.0	6.6%
    Extraordinary income - net	(1.2)	4.0	5.2	3.0
    Net income attributable to owners of the parent	104.8	5.8%	108.0	5.9%	3.1	3.0	82.0	4.5%
    Construction contract awards	1,728.3	1,610.0	(118.3)	(6.8)	1,640.0
    Domestic Overseas	1,452.1 276.1	1,220.0 390.0	(232.1) 113.8	(16.0) 41.2	1,210.0 430.0

    Nonconsolidated

    FY2016 Result (Apr 1, 2016 - Mar 31, 2017)		FY2017 Forecast (Apr 1, 2017 - Mar 31, 2018)		Change		FY2017 Forecast (announced on May 12, 2017)
    JPY bil	Ratio	JPY bil	Ratio	JPY bil	%	JPY bil	Ratio
    Revenues		1,203.8	1,150.0	(53.8)	(4.5)	1,140.0
    Construction	1,132.0	1,103.0	(29.0)	(2.6)	1,103.0
    Civil engineering Building construction	296.8 835.1	353.0 750.0	56.1 (85.1)	18.9 (10.2)	353.0 750.0
    Real estate and other	71.8	47.0	(24.8)	(34.6)	37.0
    Gross profit		178.2	14.8%	172.0	15.0%	(6.2)	(3.5)	133.0	11.7%
    Construction	166.1	14.7%	165.0	15.0%	(1.1)	(0.7)	126.0	11.4%
    Civil engineering Building construction	53.9 112.1	18.2% 13.4%	70.0 95.0	19.8% 12.7%	16.0 (17.1)	29.8 (15.3)	48.5 77.5	13.7% 10.3%
    Real estate and other	12.0	16.8%	7.0	14.9%	(5.0)	(42.1)	7.0	18.9%
    Selling, general and administrative expenses		53.7	56.0	2.2	4.3	53.0
    Operating income		124.4	10.3%	116.0	10.1%	(8.4)	(6.8)	80.0	7.0%
    Nonoperating income - net Financing		4.0 5.6	9.0 7.7	4.9 2.0	9.0 3.5
    Ordinary income		128.5	10.7%	125.0	10.9%	(3.5)	(2.7)	89.0	7.8%
    Extraordinary income - net		(0.9)	(1.0)	(0.0)	(1.0)
    Net income		81.7	6.8%	88.0	7.7%	6.2	7.7	60.0	5.3%
    Contract awards		1,349.9	1,140.0	(209.9)	(15.6)	1,130.0
    Construction	1,304.5	1,100.0	(204.5)	(15.7)	1,100.0
    Civil engineering Building construction	364.3 940.2	300.0 800.0	(64.3) (140.2)	(17.7) (14.9)	300.0 800.0
    Real estate and other	45.3	40.0	(5.3)	(11.9)	30.0

    Supplementary Information: Contract Awards, Revenues and Contract Backlogs (Nonconsolidated)

23. Breakdown of Contract Awards (Nonconsolidated)

    		Q2 / FY2016 (Apr 1, 2016 - Sep 30, 2016)		Q2 / FY2017 (Apr 1, 2017 - Sep 30, 2017)		Change
    		JPY mil	Proportion	JPY mil	Proportion	JPY mil	%
    Civil engineering		186,938	22.6%	76,992	13.9%	(109,945)	(58.8)
    Domestic - Public
    Domestic - Private		68,045	8.2%	64,789	11.8%	(3,255)	(4.8)
    Overseas		(26,869)	(3.2%)	1,426	0.3%	28,295	－
    Sub-total	228,113	27.6%	143,209	26.0%	(84,904)	(37.2)
    Building construction		56,605	6.8%	19,035	3.5%	(37,569)	(66.4)
    Domestic - Public
    Domestic - Private		517,485	62.6%	363,394	65.9%	(154,091)	(29.8)
    Overseas		－	－	－	－	－	－
    Sub-total	574,091	69.4%	382,430	69.4%	(191,661)	(33.4)
    Construction total		243,543	29.4%	96,028	17.4%	(147,514)	(60.6)
    Domestic - Public
    Domestic - Private		585,531	70.8%	428,184	77.7%	(157,346)	(26.9)
    Overseas		(26,869)	(3.2%)	1,426	0.3%	28,295	－
    Sub-total	802,205	97.0%	525,639	95.4%	(276,565)	(34.5)
    Real estate and other		24,657	3.0%	25,582	4.6%	925	3.8
    Grand total		826,862	100.0%	551,221	100.0%	(275,640)	(33.3)

    FY2016 (Apr 1, 2016 - Mar 31, 2017)
    JPY mil	Proportion
    273,550	20.3%
    116,472	8.6%
    (25,711)	(1.9%)
    364,311	27.0%
    101,054	7.4%
    839,219	62.2%
    －	－
    940,273	69.6%
    374,604	27.7%
    955,692	70.8%
    (25,711)	(1.9%)
    1,304,585	96.6%
    45,379	3.4%
    1,349,965	100.0%

24. Forecast of Contract Awards (Nonconsolidated)

    FY2016 Result (Apr 1, 2016 - Mar 31, 2017)		FY2017 Forecast (Apr 1, 2017 - Mar 31, 2018)		Change
    JPY bil	Proportion	JPY bil	Proportion	JPY bil	%
    Civil engineering		390.0	28.9%	295.0	25.9%	(95.0)	(24.4)
    Domestic
    Overseas		(25.7)	(1.9%)	5.0	0.4%	30.7	－
    Sub-total	364.3	27.0%	300.0	26.3%	(64.3)	(17.7)
    Building construction		940.2	69.6%	800.0	70.2%	(140.2)	(14.9)
    Domestic
    Overseas		0.0	0.0%	0.0	0.0%	0.0	－
    Sub-total	940.2	69.6%	800.0	70.2%	(140.2)	(14.9)
    Construction total		1,330.2	98.5%	1,095.0	96.1%	(235.2)	(17.7)
    Domestic
    Overseas		(25.7)	(1.9%)	5.0	0.4%	30.7	－
    Sub-total	1,304.5	96.6%	1,100.0	96.5%	(204.5)	(15.7)
    Real estate and other		45.3	3.4%	40.0	3.5%	(5.3)	(11.9)
    Grand total		1,349.9	100.0%	1,140.0	100.0%	(209.9)	(15.6)

    FY2017 Forecast (announced on May 12, 2017)
    JPY bil	Proportion
    295.0 5.0	26.1% 0.4%
    300.0	26.5%
    800.0 0.0	70.8% 0.0%
    800.0	70.8%
    1,095.0 5.0	96.9% 0.4%
    1,100.0	97.3%
    30.0	2.7%
    1,130.0	100.0%

25. Breakdown of Revenues (Nonconsolidated)

    		Q2 / FY2016 (Apr 1, 2016 - Sep 30, 2016)		Q2 / FY2017 (Apr 1, 2017 - Sep 30, 2017)		Change
    		JPY mil	Proportion	JPY mil	Proportion	JPY mil	%
    Civil engineering		77,571	14.1%	85,296	16.3%	7,724	10.0
    Domestic - Public
    Domestic - Private		54,954	10.0%	45,130	8.6%	(9,823)	(17.9)
    Overseas		(1,910)	(0.4%)	22,590	4.3%	24,500	－
    Sub-total	130,615	23.7%	153,016	29.2%	22,401	17.2
    Building construction		53,249	9.7%	51,402	9.8%	(1,847)	(3.5)
    Domestic - Public
    Domestic - Private		349,177	63.4%	300,527	57.5%	(48,650)	(13.9)
    Overseas		－	－	－	－	－	－
    Sub-total	402,427	73.1%	351,929	67.3%	(50,498)	(12.5)
    Construction total		130,821	23.8%	136,698	26.1%	5,877	4.5
    Domestic - Public
    Domestic - Private		404,132	73.4%	345,657	66.1%	(58,474)	(14.5)
    Overseas		(1,910)	(0.4%)	22,590	4.3%	24,500	－
    Sub-total	533,043	96.8%	504,946	96.5%	(28,096)	(5.3)
    Real estate and other		17,615	3.2%	18,309	3.5%	694	3.9
    Grand total		550,658	100.0%	523,256	100.0%	(27,402)	(5.0)

    FY2016 (Apr 1, 2016 - Mar 31, 2017)
    JPY mil	Proportion
    179,449	14.9%
    116,646	9.7%
    761	0.0%
    296,857	24.6%
    105,959	8.8%
    729,190	60.6%
    －	－
    835,149	69.4%
    285,409	23.7%
    845,836	70.3%
    761	0.0%
    1,132,007	94.0%
    71,838	6.0%
    1,203,845	100.0%

26. Breakdown of Contract Backlogs (Nonconsolidated)

As of		September 30, 2016		September 30, 2017		Change
		JPY mil	Proportion	JPY mil	Proportion	JPY mil	%
Civil engineering		451,936	24.5%	428,367	24.5%	(23,568)	(5.2)
Domestic - Public
Domestic - Private		138,320	7.5%	144,715	8.3%	6,394	4.6
Overseas		27,971	1.5%	5,293	0.3%	(22,677)	(81.1)
Sub-total	618,228	33.5%	578,377	33.1%	(39,851)	(6.4)
Building construction		160,723	8.7%	120,096	6.9%	(40,627)	(25.3)
Domestic - Public
Domestic - Private		1,001,974	54.2%	1,006,563	57.7%	4,588	0.5
Overseas		－	－	－	－	－	－
Sub-total	1,162,698	62.9%	1,126,659	64.6%	(36,038)	(3.1)
Construction total		612,659	33.2%	548,463	31.4%	(64,196)	(10.5)
Domestic - Public
Domestic - Private		1,140,295	61.7%	1,151,278	66.0%	10,983	1.0
Overseas		27,971	1.5%	5,293	0.3%	(22,677)	(81.1)
Sub-total	1,780,927	96.4%	1,705,036	97.7%	(75,890)	(4.3)
Real estate and other		66,659	3.6%	40,431	2.3%	(26,227)	(39.3)
Grand total		1,847,586	100.0%	1,745,468	100.0%	(102,118)	(5.5)

March 31, 2017
JPY mil	Proportion
436,670	25.4%
125,056	7.3%
26,457	1.6%
588,184	34.3%
152,462	8.9%
943,696	54.9%
－	－
1,096,158	63.8%
589,133	34.3%
1,068,752	62.2%
26,457	1.6%
1,684,343	98.1%
33,159	1.9%
1,717,502	100.0%