Tokyo, August 8, 2017 SHIMIZU CORPORATION Consolidated Financial Report [Japanese GAAP] For the three months ended June 30, 2017

Transcription

1 Shares Listed: First section of the Tokyo Stock Exchange and Nagoya Stock Exchange Stock Code: 1803 URL: Representative: Kazuyuki Inoue, President and Director Inquiries: Michiho Yamaguchi, General Manager, Accounting Department TEL: Scheduled date to file quarterly securities report: August 9, 2017 Supplementary documents on quarterly financial results: Yes(in Japanese) Holding of financial results presentation: Yes(for analysts and institutional investors) 1. Consolidated Financial Highlights (Yen amounts have been rounded down to the nearest million) (1) Consolidated Results of Operations (Percentage figures are changes from the same period in the previous fiscal year) Three months ended June 30, 2017 Three months ended June 30, 2016 Three months ended June 30, 2017 Three months ended June 30, 2016 (2) Consolidated Financial Position As of March 31, ,688, , , % 2. Dividends Year ended March 31, 2017 Year ending March 31, 2018 Year ending March 31, 2018 (Forecast) This summarized English translation of the financial report was prepared for reference purposes only and is qualified in its entirety by the original Japanese KESSAN TANSHIN submitted to the Tokyo Stock Exchange. The financial information contained in this report is derived from our unaudited consolidated financial statements. In case of any discrepancy between this translation and the Japanese original, the latter shall prevail. Net Sales Net Income per share (Yen) Total Assets End of 1Q (Yen) Operating Income Diluted Net Income per share (Yen) Net Assets End of 2Q (Yen) End of 3Q (Yen) Ordinary Income 340,117 (3.9%) 26, % 28, ,841 (8.2%) 21, % 22, % Shareholders' Equity attributable to shareholders of the Corporation Year-End (Yen) (Note) Revision of the forecasts of cash dividends since the latest announcement: No * Year-End dividend of 21.00Yen for Year ended March 31, 2017 includes a special dividend of 16.00Yen. End of 2Q dividend and Year-End dividend of 10.00Yen for Year ending March 31, 2018(Forecast) each includes a special dividend of 3.00Yen. 3. Forecast of Consolidated Results of Operations for the Fiscal Year Ending March 2018(From April 1, 2017 to March 31, 2018) (Percentage figures are changes from the same period in the previous fiscal year) Net Income attributable to Net Sales Operating Income Ordinary Income shareholders of the Corporation Six months ending September 30, , % 46,000 (11.1%) 48,000 (7.2%) 34,000 (3.0%) Year ending March 31, ,600, % 96,500 (25.1%) 100,000 (23.8%) 69,000 (30.3%) (Note) Revision of the forecasts of consolidated results since the latest announcement: No Tokyo, August 8, 2017 SHIMIZU CORPORATION Consolidated Financial Report [Japanese GAAP] For the three months ended June 30, 2017 Net Income attributable to shareholders of the Corporation 27.9% 22, % 14, % Ratio of Shareholders' Equity attributable to shareholders of the Corporation As of June 30, ,666, , , % Total (Yen) Net Income per share(yen)

2 Explanatory Notes (1) Changes in major subsidiaries during the period : None (2) Adoption of accounting methods specific to the preparation of quarterly consolidated financial statements : Yes (3) Changes in accounting policies and in accounting estimates, and restatements 1Changes in accounting policies due to amendment of accounting standards : None 2Changes in accounting policies other than 1 above : None 3Changes in accounting estimates : None 4Restatements : None (4) Number of shares issued (Common stock) 1Number of issued shares at the end of the period (including treasury stock) of FY2017 ended June 30, ,514,613 FY2016 ended March 31, ,514,613 2Number of treasury stocks at the end of the period of FY2017 ended June 30, ,956,113 FY2016 ended March 31, ,949,498 3Average number of shares issued during the period of FY2017 ended June 30, ,561,558 of FY2016 ended June 30, ,583,000 This report is not subject to quarterly review procedures Explanation regarding appropriate use of forecasts, and other specific comments The forecast figures are based on the information that the Company is able to obtain at the present point. However, actual results may be different due to various factors, including, but not limited to, changes in the future economic conditions.

3 Contents PERFORMANCE RESULTS 2 PERFORMANCE FORECASTS 3 CONSOLIDATED BALANCE SHEETS 5 CONSOLIDATED STATEMENTS OF INCOME 7 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 8 NONCONSOLIDATED BALANCE SHEETS 9 NONCONSOLIDATED STATEMENTS OF INCOME 11 BREAKDOWN OF ORDERS (NONCONSOLIDATED) 12 ORDERS, SALES AND BACKLOG (NONCONSOLIDATED) 13 ORDERS AND CONTRACTS FORECAST (NONCONSOLIDATED)

4 PERFORMANCE RESULTS (1) Consolidated (Billions of Yen) Construction Contracts (23.9) (7.5) 1, % % % Real Estate and Other % % % Net Sales (13.7) (3.9) 1, % % % S,G & A Expenses Operating Income 7.8% % % Net Financial Revenue Others 0.0 (1.5) Ordinary Income 8.4% % % Special Gains(Losses) Income Before Taxes Income Taxes Net Income Attributable to Non-Controlling Interests (0.0) (0.0) Net Income Attributable to Shareholders of the Corporation 6.6% % % (Consolidated) Interest-bearing Debt [Nonrecourse Borrowings and Bonds] Fiscal Year Jun 30, 2017 Mar 31, [ 61.6 ] [ 59.1 ] [ 2.5 ] [ 4.2 ] (2) Nonconsolidated (Billions of Yen) To :Jun 30, 2016 To :Jun 30, 2016 Forecast To :Mar 31, 2018 Forecast To :Mar 31, 2018 Progress (%) Progress (%) Construction Contracts (19.8) (6.9) 1,250.0 % 21.3 [Architectural Construction] [ ] [ ] [ (12.2) ] [ (5.7) ] [ ] [ 20.6 ] [Civil Engineering] [ 64.5 ] [ 72.1 ] [ (7.5) ] [ (10.5) ] [ ] [ 23.9 ] 12.8% % % [Architectural Construction] [ 14.2% 28.6 ] [ 11.2% 24.0 ] [ 4.5 ] [ 18.9 ] [ 11.1% ] [ 26.4 ] [Civil Engineering] [ 8.6% 5.5 ] [ 9.9% 7.1 ] [ (1.5) ] [ (22.3) ] [ 10.0% 27.0 ] [ 20.6 ] Real Estate and Other (0.6) (8.9) % % 1.9 (0.3) (19.5) 20.8% Net Sales (20.5) (7.0) 1, % % % S,G & A Expenses Operating Income 7.6% % % Net Financial Revenue Others (0.0) (1.6) Ordinary Income 9.4% % % Special Gains(Losses) 4.0 (0.0) Income Before Taxes Income Taxes Net Income 7.4% % % (Nonconsolidated) Interest-bearing Debt Fiscal Year Jun 30, 2017 Mar 31,

5 PERFORMANCE FORECASTS 1. Forecast for the fiscal year ending March 2018 (1) Consolidated (Billions of Yen) Fiscal Year Forecast To :Mar 31, 2018 Fiscal Year Result To :Mar 31, 2017 Construction Contracts 1, , % % (29.7) (15.9) Real Estate and Other % % 21.8 (2.8) (13.0) Net Sales 1, , % % (32.6) (15.6) S,G & A Expenses (0.2) (0.4) Operating Income 6.0% % (32.3) (25.1) Net Financial Revenue (0.8) (29.1) Others 1.5 (0.4) Ordinary Income 6.3% % (31.1) (23.8) Special Gains(Losses) (0.9) (15.3) Income Before Taxes (32.0) (23.4) Income Taxes (1.9) (5.1) Net Income Attributable to Non-Controlling Interests (0.1) (100.0) Net Income Attributable to Shareholders of the Corporation 4.3% % 98.9 (29.9) (30.3) Interest-bearing Debt Less than (2) Nonconsolidated (Billions of Yen) Fiscal Year Forecast To :Mar 31, 2018 Fiscal Year Result To :Mar 31, 2017 Construction Contracts 1, , [Architectural Construction] [ ] [ ] [ 23.6 ] [ 2.5 ] [Civil Engineering] [ ] [ ] [ (18.6) ] [ (6.5) ] 10.8% % (28.8) (17.5) [Architectural Construction] [ 11.1% ] [ 13.5% ] [ (20.1) ] [ (15.7) ] [Civil Engineering] [ 10.0% 27.0 ] [ 12.3% 35.6 ] [ (8.6) ] [ (24.2) ] Real Estate and Other % % Net Sales 1, , % % (25.0) (14.4) S,G & A Expenses Operating Income 6.5% % (25.2) (22.9) Net Financial Revenue (0.6) (11.7) Others 0.0 (1.0) Ordinary Income 6.8% % (24.8) (21.7) Special Gains(Losses) Income Before Taxes (22.0) (18.5) Income Taxes (1.9) (6.0) Net Income 5.0% % 86.0 (20.0) (23.3) Interest-bearing Debt Less than (*) Forecasts have not been changed from the anouncement made on May 11,

6 2.Forecast for the six months ending September 2017 (1) Consolidated (Billions of Yen) Six months Forecast To :Sep 30, 2017 Six months Result To :Sep 30, 2016 Construction Contracts % % 79.2 (5.2) (6.6) Real Estate and Other % % Net Sales % % 87.9 (4.9) (5.6) S,G & A Expenses Operating Income 6.1% % 51.7 (5.7) (11.1) Net Financial Revenue (0.5) (37.2) Others 1.0 (1.5) Ordinary Income 6.3% % 51.7 (3.7) (7.2) Special Gains(Losses) Income Before Taxes Income Taxes Net Income Attributable to Non-Controlling Interests 0.0 (0.0) Net Income Attributable to Shareholders of the Corporation 4.5% % 35.0 (1.0) (3.0) (2) Nonconsolidated (Billions of Yen) Six months Forecast To :Sep 30, 2017 Six months Result To :Sep 30, 2016 Construction Contracts [Architectural Construction] [ ] [ ] [ 26.0 ] [ 5.9 ] [Civil Engineering] [ ] [ ] [ (17.2) ] [ (12.6) ] 10.8% % 70.0 (6.0) (8.7) [Architectural Construction] [ 11.2% 52.5 ] [ 12.2% 54.3 ] [ (1.8) ] [ (3.5) ] [Civil Engineering] [ 9.6% 11.5 ] [ 11.5% 15.7 ] [ (4.2) ] [ (26.8) ] Real Estate and Other % % Net Sales % % 73.5 (2.5) (3.5) S,G & A Expenses Operating Income 6.8% % 45.1 (3.1) (7.0) Net Financial Revenue (0.5) (12.4) Others 0.0 (1.8) Ordinary Income 7.4% % 47.8 (1.8) (3.8) Special Gains(Losses) Income Before Taxes Income Taxes Net Income 5.5% % (*) Forecasts have not been changed from the anouncement made on May 11,

7 CONSOLIDATED BALANCE SHEETS 連結 個別財務諸表の増減欄は, 表上計算によっています (ASSETS) Assets: Fiscal Year [Jun 30, 2017] [Mar 31, 2017] Cash 130, ,803 (42,468) Notes and accounts receivable-trade 363, ,049 (85,511) Marketable securities 223, ,000 80,150 Real estate for sale 31,248 39,479 (8,231) Costs on uncompleted construction contracts 88,561 76,851 11,710 Costs on uncompleted real estate development projects 27,181 29,613 (2,432) PFI projects and other inventories 48,832 52,033 (3,201) Other current assets 107,414 97,121 10,293 Less: Allowance for doubtful accounts (785) (861) 76 Total current assets 1,019,478 1,059,091 (39,613) Non- Assets: Tangible fixed assets: Buildings and structures 79,598 80,395 (797) Machinery, equipment and vehicles 14,848 15,220 (372) Land 147, , Construction in progress 5,496 4,368 1,128 Total tangible fixed assets 247, , Intangible fixed assets 4,623 4, Investments and other assets: Investment securities 378, ,902 18,385 Other investments 19,149 20,139 (990) Less: Allowance for doubtful accounts (2,133) (2,206) 73 Total investments and other assets 395, ,835 17,468 Total non-current assets 647, ,106 18,248 Total assets 1,666,833 1,688,197 (21,364) - 5 -

8 連結 個別財務諸表の増減欄は, 表上計算によっています Fiscal Year [Jun 30, 2017] [Mar 31, 2017] (LIABILITIES) Liabilities: Notes and accounts payable-trade 342, ,395 (47,812) Short-term borrowings 131, ,171 10,710 portion of non-recourse borrowings 6,654 7,197 (543) portion of bonds payable 15,000 15,000 - portion of non-recourse bonds payable Advances received on uncompleted construction contracts 105,367 93,530 11,837 Warranty reserve 2,865 3,037 (172) Reserve for expected losses on construction contracts in process 13,704 13, Reserve for directors bonuses (273) Other current liabilities 123, ,594 (23,375) Total current liabilities 742, ,868 (48,712) Non- Liabilities: Bonds payable 50,000 50,000 - Convertible bond-type bonds with subscription rights to shares 30,098 30,106 (8) Non-recourse bonds payable 14,720 14,940 (220) Long-term borrowings 63,313 64,600 (1,287) Non-recourse borrowings 39,381 36,335 3,046 Net defined benefit liability 59,511 59,915 (404) Other non-current liabilities 71,596 64,551 7,045 Total non-current liabilities 328, ,449 8,173 Total liabilities 1,070,778 1,111,318 (40,540) (NET ASSETS) Shareholders Equity: Common stock, no par value 74,365 74,365 - Additional paid-in capital 43,116 43,116 0 Retained earnings 312, ,128 5,936 [Contingent Reserve] [167,100] [101,300] [65,800] Less: Treasury stock, at cost (1,600) (1,592) (8) Total shareholders equity 427, ,017 5,929 (Reference) Interest-bearing debt Accumulated Other Comprehensive Income: Net unrealized gain (loss) on other securities, net of taxes 146, ,894 13,878 Deferred gain (loss) on hedging, net of taxes (64) (20) (44) Revaluation reserve for land, net of taxes 25,984 26,044 (60) Foreign currency translation adjustments (1,520) (638) (882) Remeasurements of defined benefit plans (8,114) (8,522) 408 Total accumulated other comprehensive income 163, ,756 13,301 Non-controlling Interests 5,051 5,105 (54) Total net assets 596, ,879 19,175 Total liabilities and net assets 1,666,833 1,688,197 (21,364) [Nonrecourse borrowings and bonds] 351, ,010 11,919 [ 61,636] [ 59,132] [ 2,504] - 6 -

9 CONSOLIDATED STATEMENTS OF INCOME Net Sales: Construction contracts Real estate development and other Total net sales Cost of Sales: Construction contracts Real estate development and other Total cost of sales Gross profit: Construction contracts Real estate development and other Total gross profit Selling, General and Administrative Expenses Non-Operating Expenses: Interest expenses Foreign exchange loss Other non-operating expenses Total non-operating expenses Special Losses: Loss on sales of fixed assets Total special losses Income before income taxes To :Jun 30, , ,594 (23,952) 44,474 34,247 10, , ,841 (13,724) 257, ,602 (27,188) 37,241 29,179 8, , ,781 (19,126) [12.9%] 38,228 [10.9%] 34,991 3,237 [16.3%] 7,233 [14.8%] 5,068 2, % 45, % 40,060 5,402 19,001 18, Operating income 7.8% 26, % 21,989 4,472 Non-Operating Income: Interest income (129) Dividend income 2,573 2, Foreign exchange gain Other non-operating income (225) Total non-operating income 3,287 3,387 (100) (160) - 1,822 (1,822) ,073 2,949 (1,876) Ordinary income 8.4% 28, % 22,428 6,247 Special Gains: Gain on sales of fixed assets 4, ,984 Total special gains 4, ,984-4 (4) - 4 (4) 32,774 22,539 10,235 Income taxes 10,434 8,012 2,422 Net income 22,340 14,527 7,813 Net income attributable to non-controlling interests (39) (51) 12 Net income attributable to shareholders of the Corporation 6.6% 22, % 14,578 7,801 (Reference) Interest and dividend income Interest expenses Net financial revenue 2,783 2, (160) 2,165 1,

10 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Net income 22,340 14,527 7,813 Other comprehensive income: To :Jun 30, 2016 Net unrealized gain (loss) on other securities, net of taxes Deferred gain (loss) on hedging, net of taxes 13,850 (25,463) 39,313 (44) (11) (33) Foreign currency translation adjustment (897) (1,946) 1,049 Remeasurements of defined benefit plans Share of other comprehensive income of associates accounted for using equity method (84) 40 (33) 73 Total other comprehensive income 13,354 (26,965) 40,319 Comprehensive income 35,694 (12,438) 48,132 Comprehensive income attributable to: Shareholders of the Corporation 35,741 (12,234) 47,975 Non-controlling interests (46) (203)

11 NONCONSOLIDATED BALANCE SHEETS (ASSETS) Assets: Fiscal Year [Jun 30, 2017] [Mar 31, 2017] Cash 63, ,060 (47,651) Notes recievable and accounts receivable from completed construction contracts 329, ,809 (78,185) Marketable securities 223, ,000 80,000 Real estate for sale 14,652 14,713 (61) Costs on uncompleted construction contracts 80,810 71,643 9,167 Other current assets 98,953 87,989 10,964 Less: Allowance for doubtful accounts (702) (766) 64 Total current assets 809, ,450 (25,702) Non- Assets: Tangible fixed assets: Buildings and structures 70,139 70,906 (767) Machinery, equipment and vehicles 4,920 4, Land 123, , Construction in progress 4,749 3,641 1,108 Total tangible fixed assets 202, , Intangible fixed assets 3,345 3, Investments and other assets: Investment securities 399, ,200 19,065 Other investments 15,373 15,661 (288) Less: Allowance for doubtful accounts (2,263) (2,264) 1 Total investments and other assets 412, ,597 18,778 Total non-current assets 618, ,240 19,415 Total assets 1,428,403 1,434,690 (6,287) - 9 -

12 (LIABILITIES) Fiscal Year [Jun 30, 2017] [Mar 31, 2017] Liabilities: Notes payable and accounts payable for construction contracts 303, ,768 (38,067) Short-term borrowings 102,566 91,856 10,710 portion of bonds payable 15,000 15,000 - Advances received on uncompleted construction contracts 86,323 77,322 9,001 Warranty reserve 2,789 2,863 (74) Reserve for expected losses on construction contracts in process 13,100 12, Reserve for directors bonuses (273) Other current liabilities 151, ,850 (11,670) Total current liabilities 674, ,282 (29,620) Non- Liabilities: Bonds payable 50,000 50,000 - Convertible bond-type bonds with subscription rights to shares 30,098 30,106 (8) Long-term borrowings 59,441 60,478 (1,037) Reserve for employees retirement benefits 43,095 42, Other non-current liabilities 71,825 64,977 6,848 Total non-current liabilities 254, ,528 5,934 Total liabilities 929, ,810 (23,686) (NET ASSETS) Shareholders Equity: Common stock, no par value 74,365 74,365 - Additional paid-in capital 43,144 43,144 0 Retained earnings 211, ,093 3,876 [Contingent Reserve] [167,100] [101,300] [65,800] Less: Treasury stock, at cost (1,178) (1,170) (8) Total shareholders equity 328, ,432 3,869 Valuation and Translation Adjustments: Net unrealized gain (loss) on other securities, net of taxes 145, ,418 13,584 Deferred gain (loss) on hedging, net of taxes (9) (15) 6 Revaluation reserve for land, net of taxes 25,984 26,044 (60) Total valuation and translation adjustments 170, ,446 13,531 Total net assets 499, ,879 17,399 Total liabilities and net assets 1,428,403 1,434,690 (6,287) (Reference) Interest-bearing debt 257, ,441 9,

13 NONCONSOLIDATED STATEMENTS OF INCOME Net Sales: Construction contracts Real estate development and other Total net sales Cost of Sales: Construction contracts Real estate development and other Total cost of sales Gross profit: Construction contracts Real estate development and other Total gross profit Selling, General and Administrative Expenses 266, ,041 (19,872) 7,101 7,798 (697) 273, ,839 (20,569) 231, ,828 (22,832) 5,537 5,856 (319) 237, ,685 (23,151) [12.8%] 34,172 [10.9%] 31,212 2,960 [22.0%] 1,563 [24.9%] 1,941 (378) 13.1% 35, % 33,154 2,582 14,871 14, Operating income 7.6% 20, % 19,052 1,813 Non-Operating Income: Interest income Dividend income Foreign exchange gain Other non-operating income Total non-operating income Non-Operating Expenses: Interest expenses Foreign exchange loss Other non-operating expenses Total non-operating expenses (143) 5,336 5, (137) 5,842 6,001 (159) (128) - 1,780 (1,780) ,717 (1,784) Ordinary income 9.4% 25, % 22,336 3,438 Special Gains: Gain on sales of fixed assets Gain on sales of investment securities Total special gains Special Losses: Loss on sales of fixed assets Total special losses Income before income taxes To :Jun 30, ,002-4,002 4, ,090-4 (4) - 4 (4) 29,864 22,332 7,532 Provision for income taxes 9,545 6,996 2,549 Net income 7.4% 20, % 15,336 4,983 (Reference) Interest and dividend income Interest expenses Net financial revenue 5,427 5,550 (123) (128) 4,919 4,

14 BREAKDOWN OF ORDERS (NONCONSOLIDATED) Result Proportion (%) Fiscal Year Forecast To :Mar 31, 2018 Progress (%) Fiscal Year Result To :Mar 31, 2017 Proportion (%) Construction business (orders) Architectural Construction Domestic 199, ,070, ,082, Overseas 85, , , Sub total 284, ,145, ,112, Civil Engineering Domestic 80, , , Overseas 2, , Sub total 82, , , Domestic 279, ,300, ,394, Overseas 87, , , Total 367, ,400, ,424, Real Estate and Other Grand Total 7,101 55, , ,560 1,455, ,485,061 (Reference: Overseas Construction Orders) Result Fiscal Year Forecast To :Mar 31, 2018 Progress (%) Fiscal Year Result To :Mar 31, 2017 Shimizu Corporation 87, , ,842 Subsidiaries 8,410 45, ,702 Total 96, , ,

15 ORDERS, SALES AND BACKLOG (NONCONSOLIDATED) for the three months ended June 30, 2016 and 2017 (1) Construction orders awarded and contracts To :Jun 30, 2016 Architectural Construction Domestic 199, ,154 5, Overseas 85,340 3,213 82,127 - Sub total 284, ,368 87, Civil Engineering Domestic 80,105 61,702 18, Overseas 2,423 (3,931) 6,354 - Sub total 82,529 57,771 24, Construction business (orders) 367, , , Real estate development and other (contracts) 7,101 4,057 3, Total 374, , , (2) Net sales To :Jun 30, 2016 Architectural Construction Domestic 193, ,120 (8,803) (4.4) Overseas 8,295 11,776 (3,481) (29.6) Sub total 201, ,897 (12,284) (5.7) Civil Engineering Domestic 56,350 62,732 (6,382) (10.2) Overseas 8,205 9,412 (1,207) (12.8) Sub total 64,556 72,144 (7,588) (10.5) Construction business 266, ,041 (19,872) (6.9) Real estate development and other 7,101 7,798 (697) (8.9) Total 273, ,839 (20,569) (7.0) (3) Backlog [ Jun 30, 2017 ] [ Jun 30, 2016 ] Architectural Construction Domestic 1,014, , , Overseas 116,523 49,436 67, Sub total 1,131, , , Civil Engineering Domestic 471, ,165 76, Overseas 34,349 55,390 (21,041) (38.0) Sub total 505, ,555 55, Construction business 1,637,318 1,325, , Real estate development and other 40,694 22,765 17, Total 1,678,012 1,348, ,

16 ORDERS AND CONTRACTS FORECAST (NONCONSOLIDATED) for the fiscal year ending March 2018 (1) For the fiscal year ending March 2018 Billions of Yen Fiscal Year Forecast To :Mar 31, 2018 Fiscal Year Result To :Mar 31, 2017 Architectural Construction Domestic 1, ,082.9 (12.9) (1.2) Overseas Sub total 1, , Civil Engineering Domestic (81.5) (26.2) Overseas Sub total (56.6) (18.2) Construction business (orders) 1, ,424.3 (24.3) (1.7) Real estate development and other (contracts) (5.7) (9.4) Total 1, ,485.0 (30.0) (2.0) (*) Forecasts have not been changed from the anouncement made on May 11, (2) For the six months ending September 2017 Billions of Yen Six months Forecast To :Sep 30, 2017 Six months Result To :Sep 30, 2016 Architectural Construction Domestic Overseas Sub total Civil Engineering Domestic (54.6) (33.2) Overseas 10.0 (3.7) Sub total (40.9) (25.4) Construction business (orders) Real estate development and other (contracts) Total (*) Forecasts have not been changed from the anouncement made on May 11,