Nishimatsu Construction Co., Ltd.

Consolidated

Financial Results (abstract)

as of 31 Mar. 2000

Consolidated

Nishimatsu Construction Co., Ltd.

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

Net Sales	-	562,088	5,295,224
Income from Operations	-	20,369	191,889
Net Income	-	8,421	79,331


Per Share of Common Stock (In Yen)
Net Income	-	30.34 yen	0.286


*(2) Assets and Equity*

Total Assets	-	762,514	7,183,363
Total Shareholders' Equity	-	174,287	1,641,894
Equity/ Assets Ratio (%)	-	22.9%	22.9%
Shareholders' Equity per Share (In Yen)	-	627 yen	5.91


*(3) Cash Flows*

Cash flows from operating activities	-	23,534	221,705
Cash flows from investing activities	-	-22,766	-214,470
Cash flows from financing activities	-	-3,328	-31,352
Cash balance as of 31st March 2000	-	74,422	701,102

	Millions of Yen	Millions of Yen
*(4) Forecast for Fiscal Year 2000*	First Half of the Year	Whole Year

Net Sales	199,000	541,000
Ordinary Profit	4,200	20,500
Net Income	2,100	10,200

Note 1: Figures in US$ in this report are converted from yen at the rate of 106.15JPY=US$1.00, the rate prevailing on March 31, 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.