Nishimatsu Construction Co., Ltd.

Consolidated

Financial Results (abstract)

as of 31 Mar. 2003

Consolidated

Nishimatsu Construction Co., Ltd.

	Millions of Yen	Millions of Yen	Thousands of U.S. Dollars
*(1) Result of Operations*	2002	2003	2003

Net Sales	516,544	506,009	4,209,728
Income from Operations	11,370	14,030	116,728
Net Income	-4,874	4,513	37,546


Per Share of Common Stock (In Yen)
Net Income	-17.54 yen	16.12 yen	0.134


*(2) Assets and Equity*

Total Assets	721,529	736,445	6,126,838
Total Shareholders' Equity	180,438	176,837	1,471,196
Equity/ Assets Ratio (%)	25.0%	24.0%	24.0%
Shareholders' Equity per Share (In Yen)	649.21 yen	636.62 yen	5.30


*(3) Cash Flows*

Cash flows from operating activities	8,840	470	3,914
Cash flows from investing activities	-18,034	-17,560	-146,095
Cash flows from financing activities	-5,093	27,716	230,583
Cash balance as of 31st March 2003	62,869	73,340	610,156

	Millions of Yen	Millions of Yen
*(4) Forecast for Fiscal Year 2003*	First Half of the Year	Whole Year

Net Sales	169,300	454,000
Ordinary Profit	2,800	15,800
Net Income	800	6,000

Note 1: Figures in US$ in this report are converted from yen at the rate of 120.20JPY=US$1.00, the rate prevailing on March 31, 2003, 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 five subsidiaries and seven 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.