Consolidated Balance Sheets

	FY2022 (2022/3)	FY2023 (2023/3)	FY2024 (2024/3)	FY2025 (2025/3)	FY2026 (2026/3)
Current assets
Cash and deposits	31,331	42,876	59,610	61,052	72,276
Trade receivables	112,568	120,067	103,386	102,271	131,139
Land and buildings for sale	166,331	193,607	269,789	368,708	471,402
Finished products and merchandise	2,372	2,897	3,586	3,915	3,435
Work in progress	2,131	2,461	2,922	3,557	4,439
Materials and supplies	5,464	5,790	6,486	6,553	6,660
Other	46,018	61,237	68,546	72,948	68,278
Allowance for doubtful receivables	(408)	(856)	(960)	(888)	(974)
Total current assets	365,811	428,082	513,368	618,119	756,658
Noncurrent assets
Property and equipment
Buildings and structures-net	646,407	633,990	631,352	664,350	661,400
Machinery，equipment and vehicles-net	60,314	57,804	60,323	67,512	77,914
Land	973,012	1,010,609	1,030,054	1,031,604	1,025,123
Construction in progress	218,215	252,908	260,688	274,564	292,964
Other	25,023	25,678	26,808	30,851	29,528
Total property and equipment	1,922,974	1,980,991	2,009,227	2,068,883	2,086,931
Intangible assets
Goodwill	9,655	7,334	-	-	-
Other	27,856	28,155	-	-	-
Total intangible assets	37,512	35,489	36,316	43,223	46,300
Investments and other assets
Investment securities	316,231	342,659	404,266	456,686	546,193
Deferred tax assets	7,218	7,272	7,510	6,388	6,443
Net defined benefit asset	18,505	18,590	27,184	27,451	39,317
Other	54,917	52,583	55,267	62,876	64,986
Allowance for doubtful receivables	(329)	(258)	(211)	(175)	(3,241)
Total Investments and other assets	396,544	420,846	494,017	553,227	653,699
Total noncurrent assets	2,357,030	2,437,328	2,539,561	2,665,334	2,786,931
Total assets	2,722,841	2,865,410	3,052,930	3,283,453	3,543,589

	FY2022 (2022/3)	FY2023 (2023/3)	FY2024 (2024/3)	FY2025 (2025/3)	FY2026 (2026/3)
Current liabilities
Trade payables	40,699	42,024	43,190	48,458	49,639
Accrued expenses	16,853	23,182	22,935	25,445	24,774
Short-term borrowings	145,737	187,982	189,854	169,367	227,317
Commercial Paper	50,000	10,000	-	-	-
Current portion of bonds	7,000	30,000	15,000	30,000	10,000
Lease obligations	3,834	4,251	4,130	4,031	3,362
Income taxes payable	6,380	10,029	15,290	20,328	19,029
Provision for bonuses	3,682	4,337	5,304	5,938	6,315
Other	152,471	187,877	211,287	232,430	252,292
Total current liabilities	426,659	499,684	506,992	536,001	592,732
Long-term liabilities
Long-term debt	649,476	634,613	705,773	774,025	879,747
Bonds	230,000	230,000	250,000	295,000	305,000
Lease obligations	9,916	9,503	9,402	10,351	9,131
Deferred tax liabilities	176,516	181,831	181,199	184,122	185,178
Deferred tax liabilities related to land revaluation	5,182	5,182	5,141	5,267	5,267
Net defined benefit liability	62,795	61,916	61,682	57,677	54,666
Long-term deferred contribution for construction	117,561	132,580	128,188	140,178	149,221
Other	129,369	129,156	134,117	148,369	161,299
Total long-term liabilities	1,380,818	1,384,785	1,475,505	1,614,992	1,749,511
Total liabilities	1,807,477	1,884,470	1,982,497	2,150,993	2,342,243

	FY2022 (2022/3)	FY2023 (2023/3)	FY2024 (2024/3)	FY2025 (2025/3)	FY2026 (2026/3)
Shareholder's equity
Common stock	99,474	99,474	99,474	99,474	99,474
Capital surplus	147,358	147,343	147,301	147,056	147,113
Retained earnings	645,212	680,040	735,430	782,720	835,619
Less treasury stock, at cost	(48,713)	(48,748)	(51,891)	(53,678)	(53,460)
Total shareholder's equity	843,332	878,110	930,315	975,572	1,028,747
Accumulated Other Comprehensive Income
Net unrealised holdings gains on securities	18,756	20,930	29,533	34,505	36,518
Net unrealised gains on hedging derivatives	7	(78)	329	(259)	371
Surplus from land revaluation	5,499	5,499	5,545	5,373	5,586
Foreign currency translation adjustments	435	908	5,805	11,391	14,480
Remeasurements of defined benefit plans	2,317	1,433	7,269	9,308	18,243
Accumulated Other Comprehensive Income	27,016	28,692	48,483	60,319	75,201
Non-controlling interests	45,014	74,137	91,634	96,568	97,396
Total net assets	915,363	980,940	1,070,432	1,132,460	1,201,345
Total liabilities and net assets	2,722,841	2,865,410	3,052,930	3,283,453	3,543,589

Assets

Liabilities

Net assets