Financial Results - Nishimatsu Construction

Consolidated

Financial Results (abstract)

Interim Report for Six Months Ended 30th September 2000

as of 30 Sep. 2000

Consolidated

Nishimatsu Construction Co., Ltd.

	Millions of Yen	Millions of Yen	Thousands of U.S. Dollars
*(1) Result of Operations*	1999(Semi-Annual)	2000(Semi-Annual)	2000(Semi-Annual)

Net Sales	-	207,217	1,918,676
Income from Operations	-	3,892	36,037
Net Income	-	966	8,944


Per Share of Common Stock (In Yen)
Net Income	-	3.48 yen	0.032


*(2) Assets and Equity*

Total Assets	-	777,790	7,201,759
Total Shareholders' Equity	-	194,038	1,796,648
Equity/ Assets Ratio (%)	-	24.9%	24.9%
Shareholders' Equity per Share (In Yen)	-	698 yen	6.46


*(3) Cash Flows*

Cash flows from operating activities	-	19,500	180,556
Cash flows from investing activities	-	-9,503	-87,991
Cash flows from financing activities	-	-4,785	-44,306
Cash balance as of 30th September 2000	-	79,560	736,667

	Millions of Yen	Millions of Yen
*(4) Forecast for Fiscal Year 2001*	First Half of the Year	Whole Year

Net Sales	-	534,000
Ordinary Profit	-	20,500
Net Income	-	7,700

Note 1: Figures in US$ in this report are converted from yen at the rate of 108.00JPY=US$1.00, the rate prevailing on September 30, 2000, for the readers' convenience only.
Note 2: Net income per share of common stock is based upon the weighted average number of shares of common stock outstanding during each year.
Note 3: The company prepared the consolidated financial statements as of this fiscal year, not drawing any parallels between prior fiscal year's and this years' figures.
Note 4: Nishimatsu Construction Co., Ltd. has four subsidiaries and two affiliates, but only Shoei Real Estate Co., Ltd. is consolidated with the company. The others have been excluded because of the trival influence on total income and equity. Also, the equity method of accounting was not applied.