Nishimatsu Construction Co., Ltd.

Consolidated

Financial Results (abstract)

as of 31 Mar. 2001

Consolidated

Nishimatsu Construction Co., Ltd.

	Millions of Yen	Millions of Yen	Thousands of U.S. Dollars
*(1) Result of Operations*	2000	2001	2001

Net Sales	562,088	529,392	4,272,736
Income from Operations	20,369	19,404	156,610
Net Income	8,421	6,202	50,056


Per Share of Common Stock (In Yen)
Net Income	30.34 yen	22.31 yen	0.180


*(2) Assets and Equity*

Total Assets	762,514	778,844	6,286,069
Total Shareholders' Equity	174,287	195,830	1,580,549
Equity/ Assets Ratio (%)	22.9%	25.1%	25.1%
Shareholders' Equity per Share (In Yen)	627 yen	705 yen	5.69


*(3) Cash Flows*

Cash flows from operating activities	23,534	41,076	331,525
Cash flows from investing activities	-22,766	-22,878	-184,649
Cash flows from financing activities	3,328	-16,042	-129,475
Cash balance as of 31st March 2000	74,422	76,741	619,379

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

Net Sales	202,000	526,000
Ordinary Profit	4,200	20,500
Net Income	900	7,500

Note 1: Figures in US$ in this report are converted from yen at the rate of 123.90JPY=US$1.00, the rate prevailing on March 31, 2001, 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 four 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.