Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
Consolidated Financial Results for the Fiscal Year Ended March 31, 2025 [Under Japanese GAAP]
May 13, 2025
Company name: Oriental Shiraishi Corporation Listing: Tokyo Stock Exchange
Security code: 1786
URL: https://www.orsc.co.jp/english/ Representative: Tatsuya Ohno, President and CEO
Inquiries: Yukihiko Hashimoto, Director; General Manager, Administration Division Telephone: +81-3-6220-0630
Scheduled date of general shareholders' meeting: June 25, 2025 Scheduled date to commence dividend payments: June 26, 2025 Scheduled date of filing securities report: June 23, 2025 Preparation of supplementary material on financial results: None
Holding of financial results briefing: Yes (for investors and analysts)
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the fiscal year ended March 31, 2025 (from April 1, 2024 to March 31,
2025)
Consolidated operating results (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Fiscal year ended
Million yen
%
Million yen
%
Million yen
%
Million yen
%
March 31, 2025
64,553
(4.2)
5,434
(16.8)
5,556
(15.6)
3,715
(19.8)
March 31, 2024
67,382
9.6
6,533
25.3
6,580
21.2
4,632
18.1
(Note) Comprehensive income: Fiscal year ended March 31, 2025: ¥3,806 million [(29.9)%]
Fiscal year ended March 31, 2024: ¥5,429 million [38.8%]
Basic earnings per share
Diluted earnings per share
Return on equity
Ratio of ordinary profit to total assets
Ratio of operating profit to net sales
Fiscal year ended
Yen
Yen
%
%
%
March 31, 2025
28.07
-
7.3
7.4
8.4
March 31, 2024
35.70
-
10.1
9.4
9.7
(Reference) Equity in earnings of affiliated companies: Fiscal year ended March 31, 2025: ¥- million
Fiscal year ended March 31, 2024: ¥- million (Note) Diluted earnings per share are not indicated as there are no potential shares.
Consolidated financial position
Total assets
Net assets
Equity-to-asset
ratio
Net assets per share
As of
Million yen
Million yen
%
Yen
March 31, 2025
77,574
51,268
66.1
390.68
March 31, 2024
72,923
49,962
68.5
377.12
(Reference) Equity: As of March 31, 2025: ¥51,268 million
As of March 31, 2024: ¥49,962 million
Consolidated cash flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents
at end of period
Fiscal year ended
March 31, 2025
March 31, 2024
Million yen
7,803
5,273
Million yen
(5,211)
(996)
Million yen
(2,895)
1,999
Million yen
19,877
20,180
-
Cash dividends
Annual dividends per share
Total dividends (annual)
Payout ratio (consolidated)
Ratio of dividends to net assets (consolidated)
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Fiscal year ended March 31, 2024
Fiscal year ended March 31, 2025
Yen
Yen
Yen
Yen
Yen
Million yen
%
%
-
-
6.50
7.00
-
-
8.00
7.50
14.50
14.50
1,945
1,935
40.6
51.7
3.9
3.8
Fiscal year ending March 31, 2026
(forecast)
-
7.00
-
7.50
14.50
68.6
- Consolidated financial results forecast for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |
Full year | Million yen % 66,000 2.2 | Million yen % 4,300 (20.9) | Million yen % 4,300 (22.6) | Million yen % 2,800 (24.6) | Yen 21.15 |
Significant changes in the scope of consolidation during the fiscal year under review: Yes Newly included: 3 companies
(Company name: SAKAE DEVELOPMENT , Kikumasa Co., Ltd., Kikumasa Construction Co., Ltd.) Excluded: (Company name: )
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
Changes in accounting policies due to other reasons: None
Changes in accounting estimates: None
Restatement: None
Number of issued shares (common shares)
Total number of issued shares at the end of the year (including treasury shares): As of March 31, 2025 138,809,400 shares
As of March 31, 2024 138,809,400 shares
Number of treasury shares at the end of the year:
As of March 31, 2025 7,579,489 shares
As of March 31, 2024 6,323,033 shares
Average number of shares during the year:
Year ended March 31, 2025 132,370,934 shares
Year ended March 31, 2024 129,776,324 shares
These consolidated financial results are outside the scope of audit by certified public accountants or an audit firm.
Proper use of earnings forecasts, and other special matters
Financial results forecast and other forward-looking statements presented herein are based on the information the Company currently possesses and the assumptions it deems reasonable. Actual outcomes, etc. may diverge significantly from them due to wide-ranging factors.
(1) Consolidated Balance Sheets | ||
(Million yen) | ||
As of March 31, 2024 | As of March 31, 2025 | |
Assets | ||
Current assets | ||
Cash and deposits | 20,230 | 20,206 |
Notes receivable, accounts receivable from completed construction contracts and other | 30,845 | 29,497 |
Costs on construction contracts in progress | 1,408 | 2,749 |
Raw materials and supplies | 343 | 650 |
Advances paid | 1,542 | 1,739 |
Income taxes refund receivable | - | 24 |
Consumption taxes refund receivable | 2,043 | 172 |
Other | 618 | 776 |
Allowance for doubtful accounts | (2) | (2) |
Total current assets | 57,029 | 55,812 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 1,765 | 2,066 |
Machinery and equipment, net | 2,427 | 3,249 |
Land | 5,189 | 5,516 |
Construction in progress | 691 | 1,576 |
Other, net | 241 | 306 |
Total property, plant and equipment | 10,314 | 12,715 |
Intangible assets | ||
Goodwill | 991 | 3,201 |
Software | 341 | 187 |
Other | 7 | 19 |
Total intangible assets | 1,340 | 3,408 |
Investments and other assets | ||
Investment securities | 3,666 | 3,955 |
Investments in capital | 15 | 788 |
Shares of subsidiaries and associates | - | 212 |
Retirement benefit asset | 38 | 32 |
Deferred tax assets | 199 | 300 |
Other | 363 | 386 |
Allowance for doubtful accounts | (44) | (39) |
Total investments and other assets | 4,239 | 5,637 |
Total non-current assets | 15,894 | 21,761 |
Total assets | 72,923 | 77,574 |
(Million yen)
As of March 31, 2024 As of March 31, 2025
Liabilities
Current liabilities | ||
Notes payable, accounts payable for construction 11,493 9,849 contracts | ||
Short-term borrowings | 600 | - |
Current portion of long-term borrowings | 373 | 392 |
Accounts payable - other | 736 | 1,480 |
Income taxes payable | 889 | 1,134 |
Accrued consumption taxes | 123 | 1,546 |
Advances received on construction contracts in 1,896 2,734 progress | ||
Deposits received | 573 | 976 |
Provision for bonuses | 20 | 23 |
Provision for loss on construction contracts | 111 | 210 |
Provision for warranties for completed construction | 39 | 25 |
Other | 469 | 365 |
Total current liabilities | 17,326 | 18,739 |
Non-current liabilities | ||
Long-term borrowings | 2,538 | 2,824 |
Provision for share-based payments | 159 | 224 |
Provision for special repairs | 5 | 2 |
Retirement benefit liability | 2,350 | 2,607 |
Long-term accounts payable - other | - | 1,345 |
Deferred tax liabilities | 391 | 486 |
Other | 187 | 74 |
Total non-current liabilities | 5,633 | 7,565 |
Total liabilities | 22,960 | 26,305 |
Net assets | ||
Shareholders' equity | ||
Share capital | 5,000 | 5,000 |
Capital surplus | 2,072 | 2,072 |
Retained earnings | 42,538 | 44,241 |
Treasury shares | (709) | (1,197) |
Total shareholders' equity | 48,901 | 50,116 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 918 | 1,090 |
Remeasurements of defined benefit plans | 143 | 61 |
Total accumulated other comprehensive income | 1,061 | 1,152 |
Total net assets | 49,962 | 51,268 |
Total liabilities and net assets | 72,923 | 77,574 |
Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
(Million yen)
For the fiscal year ended
March 31, 2024
For the fiscal year ended March 31, 2025
Net sales
Net sales of completed construction contracts
67,382
64,553
Cost of sales
Cost of sales of completed construction contracts
54,767
52,893
Gross profit
Gross profit on completed construction contracts
12,614
11,660
Selling, general and administrative expenses
6,080
6,225
Operating profit
6,533
5,434
Non-operating income
Interest income
5
7
Dividend income
76
98
Patent royalties
79
45
Gain on sale of scraps
37
18
Other
47
55
Total non-operating income
247
226
Non-operating expenses
Interest expenses
15
19
Advances received deposits
52
23
Commission expenses
76
20
Loss on investments in investment partnership
12
17
Other
42
21
Total non-operating expenses
200
103
Ordinary profit
6,580
5,556
Extraordinary income
Gain on sale of non-current assets
14
-
Other
0
1
Total extraordinary income
15
1
Extraordinary losses
Loss on retirement of non-current assets
12
38
Total extraordinary losses
12
38
Profit before income taxes
6,582
5,519
Income taxes - current
1,840
1,864
Income taxes - deferred
108
(61)
Total income taxes
1,949
1,803
Profit
4,632
3,715
Profit attributable to non-controlling interests
-
-
Profit attributable to owners of parent
4,632
3,715
Consolidated Statements of Comprehensive Income
(Million yen)
For the fiscal year ended
March 31, 2024
For the fiscal year ended March 31, 2025
Profit
4,632
3,715
Other comprehensive income
Valuation difference on available-for-sale securities
423
172
Remeasurements of defined benefit plans, net of tax
372 (82)
Total other comprehensive income
796 90
Comprehensive income
5,429 3,806
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 5,429 3,806
Comprehensive income attributable to non-controlling interests
-
-
Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)
(Million yen)
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total
shareholders' equity
Balance at beginning of period
1,000
453
40,354
(456)
41,352
Changes during period
Issuance of new shares
4,000
1,366
5,366
Dividends of surplus
(2,449)
(2,449)
Profit attributable to owners of
parent
4,632
4,632
Purchase of treasury shares
(306)
(306)
Disposal of treasury shares
252
52
305
Net changes in items other than
shareholders' equity
Total changes during period
4,000
1,619
2,183
(253)
7,548
Balance at end of period
5,000
2,072
42,538
(709)
48,901
Accumulated other comprehensive income
Total net assets
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans
Total accumulated other
comprehensive income
Balance at beginning of period
494
(228)
265
41,617
Changes during period
Issuance of new shares
5,366
Dividends of surplus
(2,449)
Profit attributable to owners of parent
4,632
Purchase of treasury shares
(306)
Disposal of treasury shares
305
Net changes in items other than shareholders' equity
423
372
796
796
Total changes during period
423
372
796
8,345
Balance at end of period
918
143
1,061
49,962
Fiscal year ended March 31, 2025 (from April 1, 2024 to March 31, 2025)
(Million yen)
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total
shareholders' equity
Balance at beginning of period
5,000
2,072
42,538
(709)
48,901
Changes during period
Issuance of new shares
-
Dividends of surplus
(2,012)
(2,012)
Profit attributable to owners of
parent
3,715
3,715
Purchase of treasury shares
(500)
(500)
Disposal of treasury shares
12
12
Net changes in items other than
shareholders' equity
Total changes during period
-
-
1,703
(487)
1,215
Balance at end of period
5,000
2,072
44,241
(1,197)
50,116
Accumulated other comprehensive income
Total net assets
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans
Total accumulated other
comprehensive income
Balance at beginning of period
918
143
1,061
49,962
Changes during period
Issuance of new shares
-
Dividends of surplus
(2,012)
Profit attributable to owners of parent
3,715
Purchase of treasury shares
(500)
Disposal of treasury shares
12
Net changes in items other than shareholders' equity
172
(82)
90
90
Total changes during period
172
(82)
90
1,305
Balance at end of period
1,090
61
1,152
51,268
(4) Consolidated Statements of Cash Flows
(Million yen)
For the fiscal year ended March 31, 2024
For the fiscal year ended March 31, 2025
Cash flows from operating activities
Profit before income taxes
6,582
5,519
Depreciation
1,496
1,360
Amortization of goodwill
141
141
Increase (decrease) in retirement benefit liability
103
110
Increase (decrease) in allowance for doubtful accounts
2
(8)
Increase (decrease) in provision for bonuses
5
(3)
Increase (decrease) in provision for warranties for
completed construction
(10)
(14)
Increase (decrease) in provision for loss on construction (217) 99
contracts
Decrease (increase) in distressed receivables
(6)
-
Interest and dividend income
(81)
(105)
Interest expenses
15
19
Commission expenses
76
20
Insurance claim income
(0)
-
Loss (gain) on sale of non-current assets
(14)
-
Loss on retirement of non-current assets
12
11
Decrease (increase) in trade receivables
3,005
861
Decrease (increase) in inventories
(598)
(369)
Increase (decrease) in trade payables
1,332
(1,945)
Decrease (increase) in advances paid
(449)
(196)
Increase (decrease) in accounts payable - other
(291)
105
Decrease (increase) in consumption taxes refund receivable
(1,913)
1,943
Increase (decrease) in accrued consumption taxes
(1,985)
1,421
Increase (decrease) in deposits received
(62)
394
Other, net
224
17
Subtotal
7,367
9,384
Interest and dividends received
89
113
Interest paid
(16)
(19)
Proceeds from insurance income
0
-
Income taxes paid
(2,166)
(1,674)
Net cash provided by (used in) operating activities
5,273
7,803
Cash flows from investing activities
Purchase of property, plant and equipment
(1,530)
(2,388)
Proceeds from sale of property, plant and equipment
14
-
Purchase of intangible assets
(23)
(57)
Purchase of investment securities
(10)
(95)
Proceeds from sale of investment securities
-
2
Payments into time deposits
(686)
(50)
Proceeds from withdrawal of time deposits
1,322
100
Purchase of shares of subsidiaries resulting in change in
scope of consolidation
-
(2,768)
Other, net
(82)
45
Net cash provided by (used in) investing activities
(996)
(5,211)
(Million yen)
*Supplementary informationFor the fiscal year ended
For the fiscal year ended
March 31, 2024
March 31, 2025
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
(300)
(600)
Proceeds from long-term borrowings
300
600
Repayments of long-term borrowings
(588)
(373)
Proceeds from issuance of shares
5,113
-
Commission fee paid
(76)
(14)
Dividends paid
(2,446)
(2,006)
Proceeds from disposal of treasury shares
305
-
Purchase of treasury shares
(306)
(500)
Other, net
(1)
(1)
Net cash provided by (used in) financing activities
1,999
(2,895)
Net increase (decrease) in cash and cash equivalents
6,277
(302)
Cash and cash equivalents at beginning of period
13,903
20,180
Cash and cash equivalents at end of period
20,180
19,877
Executive Personnel Changes
Change of Representative Directors No change.
Changes of Other Directors and Executive Officers
①New Candidate for Director serving as Audit and Supervisory Committee Member Akira Nagasawa
②Retiring Audit and Supervisory Committee Member(Scheduled for June 25, 2025) Masaaki Takeda