Annual Report2018

2018
Annual Report
Leading to the Future with our

Technology of Protection
HEADQUARTERS
4F, 5F and 6F, Daiwa Higashi-Nihonbashi Bldg.,
3-10-6, Higashi-Nihonbashi, Chuo-ku, Tokyo 103-0004, Japan
TEL +81-3-5645-5050 FAX +81-3-5645-5051
Corporate Strategy Division
TEL +81-3-5645-5080 FAX +81-3-5645-5083
JAKARTA Representative Office

GENERALI TOWER G, 16/F
GRAND RUBINA BUSINESS PARK
at Rasuna Epicentrum
Jl. HR Rasuna Said, Jakarta 12940, Indonesia NITTOC CONSTRUCTION CO., LTD.
Leading to the Future with our Technology of Protection
MISSION CONTENT
With efficient 02 Advantage of NITTOC 25
management and 04 A Message from the President Overseas Deployment
comprehensive
technical capabilities 06 Formulation of the Medium-Term
Management Plan 2017
in foundation work,
we are the company
31 Environmental Responsibility
that provides safe 08
and secure society Disaster Prevention
and Environmental
and contributes Conservation 32
to countries. Landscape Conservation
Technology for Cultural
12 Properties
Urban Regeneration
33
Contribution to Society
16
Maintenance and
Renovation
35 Corporate Governance
36 Financial Highlights
20 Fairs Where We Plan
to Exhibit 38 Consolidated Financial
Statements
77 Corporate Overview and

21 Major Construction Methodsy
Our Award-Winning
78 Management Members
History
80 Corporate History
23
Domestic Construction
Projects
c ANNUAL REPORT 2016 ANNUAL REPORT 2016 01

Summary of the Fairs Where We Our Award-Winning Introduction of Domestic International Landscape Conservation Contribution to Corporate
Advantage For Our Business Plan to Exhibit History Construction Project International Overseas Deployment Technology of Financial Overview and Management Corporate
Medium-Term Our Award-Winning Introduction of Domestic About Overseas Business Overseas Cultural Property Society Corporate Major Construction
of Nittoc Stakeholders field Business Environmental Highlights Members History
Management Plan History Construction Projects Construction Deployment Contribution to Society Governance Methods
Advantage of
Since the establishment of Nittoc,

we have cultivated our unique expertise through our construction experience for more than half century.
NITTOC is a leading company in the field of foundation work in Japan.
Nowadays, we have different field of technique to respond to the needs of society,
“Disaster Prevention and Environmental Conservation”, “Urban Regeneration”,
and “Maintenance and Renovation”.
Our technology contributes safety and secure environment to the society.
3 Types of Business Field respond to Social Needs

We are holding 200 types of technology
and construction method
Urban
Regeneration
We must restructure in order to reborn a city
under the strong disaster.
It is not an easy project in the city which has
so many compressed buildings.
Even under the compress buildings situation,
Maintenance NITTOC have developed earthquake resistant,
and Renovation liquefaction prevention and existing pile

removal method to contribute the society.
NITTOC specializes in slope related technique which Disaster Prevention and
accumulates a brilliant achievement.
Today, in this aging social infrastructure century,
Environmental Conservation
we developed our own diagnostic techniques as well as Since Japan has geographical conditions that make it
repair method for the existing slopes, prone to being affected by natural disasters,
we also established a control system that can large scale disasters have become more frequent in recent years.
be coordinates in maintenance work totally. For this reason, in order to build a friendly, trusty and safe society in Japan,
In addition, we have developed special materials for long distance pumping, we have developed our slope protection method does not use concrete,
high strength and introduced in harsh environment, mountain area or using a method for spraying vegetative material base,
long distance tunnel for headrace channel. or greening method by using surplus soil left in the site,
based on the consideration of the disaster prevention environment.
In addition, NITTOC accumulates a brilliant achievement about Anchor Method,
that is necessary to slope disaster prevention.
02 ANNUAL REPORT 2018 ANNUAL REPORT 2018 03

For Stakeholders
A Message from
construction work company which excels in
disaster prevention, disaster restoration and repair/
the President
reinforcement.”
A major business of the Company is to engage in
works relating to safety of national land. The
NITTOC CONSTRUCTION CO., LTD. (“NITTOC” or Company therefore must pursue a comprehensive
the “Company”), was established in 1947 as a approach in a wide range of sectors, including not
firm which started out in construction work for only in providing customers with high-quality
dam foundations during its startup and has been works but also in ensuring safety management,
highly acclaimed by customers as an enterprise environmental conservation and compliance.
with strengths in sites appropriated for specialized Furthermore, its business targets include different
construction works such as “Maintenance and types of stakeholders including the users of
Renovation,” “Disaster Prevention and infrastructure, local residents living in areas
Environmental Conservation” and “Urban adjacent to its construction works, collaborating
Regeneration.” companies, investors and employees. It is
The Company started the “Medium-Term important for the Company to meet various
Management Plan 2017” (covering fiscal 2017 requests from society and the expectations of its
through fiscal 2019) effective from fiscal 2017. many stakeholders.
While the current robust construction market is The Company endeavors to fulfill its social
expected to continue for the three year of the responsibility as a company engaged in the
plan, the Company, at the same time, considers construction business, in an aim to uphold its
this period as a great opportunity to be a management philosophy of “a company that
significant turning point for the Japanese provides a safe and secure society and contributes
construction market from a long-term perspective. to countries,” “efficient management and
The Company therefore positions these three years comprehensive technical capabilities in foundation
as a transitional period during which infrastructure work,” and “to lead disaster prevention and
in Japan will shift from the phase of new environmental conservation as the expert of
construction to that of maintenance and renewal, foundation work accumulated by our reliable
Norihisa Nagai
a period in which growth foundations toward a technological ability.”
new era are to be established. The Company will Your cordial support of and cooperation with
President & Representative Director
strive for “Transformation into a specialized NITTOC is much appreciated.

Summary of the Medium-Term Management Plan
4. Basic Policy of the Medium-Term Management Plan 2017 (fiscal 2017)

Formulation of the Medium-Term Management Plan 2017
(fiscal 2017 through fiscal 2019) Unified Efforts
NITTOC announces that it resolved, at the Board of Directors meeting held on May 9, 2017, the Medium-Term Management
-Mission: -Vision:
Plan 2017 (fiscal 2017 through fiscal 2019), with fiscal 2017 (ending March 31, 2018) as the first fiscal year. A company that provides a safe and To lead disaster prevention and
In the past nine years, the Company formulated three medium-term management plans and positioned them as follows: secure society and contributes to countries environmental conservation as the expert of
“Step I: Creation of a Newborn NITTOC” (fiscal 2008 through fiscal 2010), “Step II: Establishment of Stable Management foundation work accumulated by our reliable
-Value:
Management technological ability
Foundations” (fiscal 2011 through fiscal 2013) and “Step III: Challenge for Growth” (fiscal 2014 through fiscal 2016). Specific
Efficient management and Philosophy
measures were launched at each stage and results exceeded the planned figures for major indicators such as equity ratio comprehensive technical
and ratio of operating income to net sales. capabilities in foundation work
While the Company expects the currently steady construction market environment to continue during the plan period, this Business Strategy
three-year period will be a significant turning point for the Japanese construction market from a long-term perspective.
Efficiently secure profits by raising customers’ confidence with our “outstanding technology” and
Positioning these three years as a “transitional period during which infrastructure in Japan will shift from the phase of “high quality construction,” which are well-adapted to the changing construction market.
new construction to that of maintenance and renewal, a period in which growth foundations toward a new era are to be
established,” we at NITTOC will strive to achieve the following goals with the unified efforts of both executives and regular Important Measures
employees.
Expand the foundation Expand the slope Reinforce education Improve the workplace Increase the number/volume
improvement business repair business and training environment of private-sector works
Purpose
Transformation into a specialized construction work company which excels in disaster prevention, disaster restoration and Corporate Culture Reforms
repair/reinforcement
Positioning of the three-year Medium-Term Management Plan
“Next Challenge”
Transitional period during which infrastructure in Japan will shift from the phase of new construction to that of maintenance
and renewal, a period in which growth foundations toward a new era are to be established
5. Important Measures
Important measures Objective Outline

1. Management Philosophy
Expand the foundation Achieve productivity improvement and conduct efficient management by expanding
Improve productivity and profitability
improvement business business in a field where rivals outclass NITTOC.
-Mission:
Expand the slope repair business Adapt to the construction market Establish slope repair technology, as well as develop and expand its market
A company that provides a safe and secure society and contributes to countries
Reinforce education and training
Develop human resources Nurture skilled engineers systematically as a work-dedicated company
-Value: for engineers
Efficient management and comprehensive technical capabilities in foundation work Improve the workplace
Review a work-life balance
Improve the workplace environment to establish sound mental and physical conditions
environment and prevent excessive work of employees
-Vision: Increase the number/volume of Increase orders received from Prevent a reduction in overall work volume and expand businesses by increasing the
To lead disaster prevention and environmental conservation as the expert of foundation work accumulated private-sector works private-sector works number of orders received from private-sector works
by our reliable technological ability

6. Managerial Goals 7. Performance Plans for
2. Management Policies Fiscal 2017 through Fiscal 2019
• Become the top company in the slope protection work
field (NITTOC ranked second in the industry in fiscal 2016 (Billions of yen)
1. Reinforce internal control (compliance and risk management)
performance.) Base item Fiscal 2017 Fiscal 2018 Fiscal 2019
2. Emphasize safety and a good workplace environment 1) Marketing • Achieve a 60% increase in orders received for foundation
goals improvement works (compared with fiscal 2016 results) Mid-Term Achievement Mid-Term Announcement Mid-Term
3. Secure volume of foundation works • Expand slope repair works
Orders received 61.2 64.8 60.7 62.0 61.1
4. Maintain profitability • Reinforce overseas construction projects (achieve ¥1.0 billion in net
sales of completed construction contracts by the end of fiscal 2019) Net sales 60.2 62.9 60.7 62.0 61.1
5. Cash flow-focused management
2) Business • Operating income: ¥3.0 billion or more Operating income 3.2 4.1 3.2 3.35 3.2
performance • Ratio of ordinary income to net sales: 5.0% or more
Ordinary income 3.2 4.1 3.1 3.32 3.2
3. Business Strategy 3) Financial
• Equity ratio: 50.0% or more (49.0% in fiscal 2016) Net income 2.2 2.7 2.1 2.23 2.2
• ROE: 9.0% or more
goals
• Cash flows: Positive figures ROE 9.9% 11.9% 9.1% 9.4% 9.2%
Efficiently secure profits by raising customers’ confidence with our “outstanding technology” and “high quality construction,” [Reference]
• Dividend payout ratio of 30% or more and total return ratio of
which are well-adapted to the changing construction market. 4) Target of
50% or more Shareholders’ equity 22.5 23.3 23.0 24.0 23.8
return to
• Total return ratio (total cash dividends + treasury shares
shareholders
purchased) Equity ratio 51.3% 48.1% 50.9% 53.7% 52.4%

Our Business field
Disaster Prevention and Nature Restoration via Recycling of Surplus Soil

Environmental Conservation
Construction Performance, Method, and Technology
Effectively Using Surplus Soil Nature Restoration Using Surface Soil with
Consideration to the Ecosystem (for greening
TSURU-KAME Soil Method especially around natural parks such as
Since Japan has geographical conditions that make it prone to being affected by natural disasters, national parks and quasi-national parks)
• Utilizes onsite surplus soil effectively.
large scale disasters have become more frequent in recent years. • Excels in long-term durability (comparison with the greening foundation
mainly consisting of bark compost).
NETIS No.CG-080004-V NNTD No.0374
For this reason, in order to build a friendly, trusty and safe society in Japan,
we have developed our slope protection method does not use concrete, Using Surface Soil Instead
using a method for spraying vegetative material base or greening method by using surplus soil left in the site, Growth Foundation for Plants Mainly of Seeds
based on the consideration of the disaster prevention environment. Consisting of Raw Chip Material Native Recovery Greening Method
In addition, NITTOC accumulates a brilliant achievement about Anchor method,
that is necessary for slope disaster prevention. Plant-Leading Spraying Method • Buried seeds in the surface soil of forests are mixed with the
vegetation base material.
• Uses the chip material, which derives from the secondarily processed • Greening construction is possible using a general-purpose mortar
fragments of felled trees, as a foundation material for greenings work spraying machine.
without being converted into compost.
• Enables greening via the natural intrusion of plants on the foundation
Chosen as a “Fiscal 2016 Runner-up Recommended Technology” that excels in erosion resistance. NNTD No.0280
Continuous fiber-reinforced soil work
(by the New Technology Utilization System Review Meeting,
Ministry of Land, Infrastructure, Transport and Tourism) (slope protection type)
Comparison of the Volume Utilized

Using Surface Soil and Raw
NNTD No.0370
Onsite Raw Wood Chip Material
Construction Technology Review and Certification Surplus Soil Chip
NEKKO Chip Method
Environment-Friendly Vegetation base
100m3 TSURU-KAME Soil Method • Uses primarily fragmented raw chip material.
Slope Protection Method material

spraying work Plant-Leading Spraying Method 100m3
• Constructs at high speeds using a specialized machine.
• Enables greening via the natural intrusion of plants on the
foundation that excels in erosion resistance.
Geofiber Method 40m3 NEKKO Chip Method 40m3
Sand from the left-side nozzle and
• Serves to decrease CO2 emissions as a substitute method for polyester continuous fiber from the 50m3 KAERUDO-Green Method 25m3
sprayed slope frames. right-side nozzle are injected by jet water
• Forms forest on slopes by enabling full-space greening. to form continuous fiber-reinforced soil. *In case of a sprayed depth of 5 cm for an area of 1,000 m2
• Has an abundant record of slope greening (More than 3,200 *Inclusive of loss
projects in Japan and 150 overseas)
Ground reinforcement or
plate-reinforced anchor work
NNTD No.0369
Continuous fiber-reinforced soil work
(retaining wall shape type)
Surface Soil-Based Growth
Continuous fiber-reinforced soil Foundation for Plants
Example of Construction:
KAERUDO-Green Method
Kiyomizu-dera Temple • Utilizes surface soil of forests economically.
• Recycles a wide variety of soils such as excavated soil, dredged
(Kyoto) soil and dehydrated cake.
The slope of the Kiyomizu-dera, a World Heritage

site, collapsed due to the heavy rain caused by
Typhoon Man-yi in September 2013.
In 2014 through 2015, the collapsed slope was Status of greenery when using the NEKKO Chip Method
reinforced by ground reinforcement work and
ground anchor work, and covered with reinforced
soil using the Geofiber Method. Since then, plants
have grown at the site and the beautiful
landscape full of greenery has returned. During the work Work completed One year after the work completion

Our Business field
NETIS No. SK-100011-VE Technology Promoted for Utilization
Ground Anchor Testing and Ground Anchor and Slope Frame

Tension Control System
Licos
• Displays and automatically stores data on load and displacement
magnitude in real-time.
• Tightens and firmly fixes several anchors simultaneously.
• Performs labor-saving via automatic control of jack operation. アタリ
Valve
unit
Hydraulic pump
PC
PC
Displacement
gauge
Data monitoring and Main body of the

data storage control unit Simultaneous tightening of multiple anchors Slope frames Ground anchors + Pressure receiving plates
Jack operation
NETIS No. TH-140015-A NETIS No. KT-120103-A

Nature Restoration at Places where Greening is Difficult
Plastic Pressure Receiving Tensile Strength Monitoring
Plate for Rock Bolts System for Installed Anchors
NNTD No. 0373 NETIS No. SK-100014-VE
NINJA Panel Aki-Mos
• Uses recycled plastic as material. • A load cell is attachable to an installed anchor. Greening of Mortar Shotcrete Recovering Greenery on Strongly
• Improves operating safety and construction
efficiency on slopes due to light weight.
• The attached load cell is exchangeable.
Surfaces and Bedrock Acidic Soil Slopes
• Available for full-surface greening. Dedicated jigs
• Ø634 and Ø911 mm models are added to
the lineup. Fiber Soil Greening Step Method SANDER Green Method
• Full-space greening by spraying the foundation materials for greening • Employs a simple method that mixes “Sander Powder,” which has a
Load cell Wireless work on a slope without soil in the form of wave-shaped steps neutralizing effect, and “Sander Bio,” an acid-resistant VA mycorrhizal
transmission fungus material, with the foundation material for greening work.
Sprayed
foundation Spore of VA Sander Bio
mycorrhizal fungus
Installed anchor Measurement dataacquisition system Hole for root system
Approximately 20 cm in depth
Creating horizontal parts for the development of a
*The technology was jointly developed by the Public Works Research Institute
root system
and eight private-sector companies.
Concave
portion: 5-7 cm Fungal hyphae entering
Dispersion of surface water
Average spraying the root of a plant
Convex thickness: 10 cm
portion: 13-15 cm
Ground Fungal hyphae of VA mycorrhizal fungus
Fiber Soil
Greening Step Method
Native Recovery
WinBLADE Geofiber Method Greening Method
Power Blender Expacker-N Method L-Spin Column
Method N-Jet Method Method Method
Solder Pile Panel Wall Method Splits Anchor Soldier Pile Panel Wall Method
Method (combined use with ground anchor)
Embankment
Buried tube Shaft Riprap layer Sander Green Method
Riprap Improved
layer soil
Ø1,200 mm Maximum depth Ø1,800–2,000 mm
Anchor Method by of 13 m
the EinBand Drill Ø65–
Small 350 mm Maximum diameter
Small Diameter Pile Method Diameter Building Anchor of improvement:
+ Pile Technology 5,000 mm
Ground Anchor Method

Our Business field

Bit opens.
Urban Regeneration
Enlarge-diameter drilling
NNTD No.0371 with the opened bit. Casting of Piles in Narrow Spaces
Enlarged-Diameter-Type Anchor Small Diameter Pile Method
Construction Performance, Method, and Technology Firmly Fixable on Soft Ground • Offers a casting method for piles of less
m
than Ø350 mm.
Splits Anchor Method
0m
We must restructure in order to reborn a city under the strong disaster. It is not an easy project • Makes casting possible at narrow sites
Ø 80
(e.g., mountainous places, slopes and
in the city which has so many compressed buildings. • Achieves high pull-out resistance using a large-diameter anchor. indoor places).
• Offers an adjustable anchor length via high fixation even on soft ground. • Features a lineup of the anchor combination
Even under the compress buildings situation, NITTOC have developed earthquake resistant, Applications of the Splits Anchor
• Lines up enlarged-diameter-bit-recovery-type anchors. type in addition to the pile type.
liquefaction prevention and existing pile removal method to contribute the society. Splits Anchor Conventional Anchor Anchor
body
In case of a close site
boundary NNTD No.0365
Site boundary Site boundary
Japan’s Miniature-Class Drill Machine: Drill machine with the deepest Removal of Existing Piles:
SSB drilling capability in Japan Bearing Bearing
Re-Born Pile Method
stratum stratum
• Ultra-compact, double-tube drill machine that enables drilling at EinBand Drill In case of a deep
• Cuts and removes existing
underground piles and/or
narrow spaces bearing stratum structures with two cutting blades.
• Width for construction work (1.5 m) less than half of a conventional • Rotary Percussion Drill that Enables
• Uses a circumferential all-casing drill.
lightweight drill machine Large-Diameter and Deep Drilling.
• Makes secure backfilling possible.
• Drilling bores of Ø165 mm in diameter, which was impossible with • Features 3 times the torque and 2.5 times the feeding strength
lightweight drill machines compared to conventional trenchers.
• Achieves high-precision drilling on hard rocks and boulders.
Comparison of
Body Size Bearing Bearing
stratum stratum Diameter expansion bit
Cutting blade
EinBand Drill
Well Logging System Staple Building Foundation

Using Drilling Bore new ACE Method
1,000 mm 2,000 mm
SSB Ordinary drill machine DSS Ground Survey Technology • Maximum design strength of concrete: 60 N/mm2
4,86
• Maximum diameter of the bell pile unit (shaft diameter of 2.2 m).
0 mm
• Collects and records various data while bores are drilled and sectionalizes the
Ordinary trencher 2,380 mm
ground on a real-time basis.
• Compatible with Wassara AB’s water-powered down-the-hole hammers.
Building Anchor Technology
• Prevents lifting and/or falling
of buildings
• Acquired the certification of
Drill machine is operable even with a State of drilling operation The Building Center of Japan
clearance gap of only 1.5 m.
[Application]
DCS Method N-Jet Method Power Blender Method Expacker-N Method L-Spin Column
WinBLADE Method Method
Embankment
Buried tube Shaft Riprap layer
Improved soil
Maximum depth Ø1,800–2,000 mm
of 13 m New Sleeve
Ø800–1,600 mm
Ø1,200 mm Maximum diameter Grouting Method
of improvement: GI Column Method
2,000 mm Maximum diameter
of improvement: 5,000 mm

Our Business field
High Pressure Injection Mixing Method to Underground Diameter Expanding Foundation Improvement for Long NETIS No. KT-170026-A
Form Columnar or Fan-Like Improved Soil Type Soil-Mixing Improvement Method Permeation/Grouting Intervals Mechanical Mixing Method Combined
N-Jet Method WinBLADE Method New Sleeve Grouting Method
with High-Pressure Injection Using an
Enlarged Mixing Blade
• Enables the formation of columnar soil of Ø2,000–5,000 mm. • Avoids underground objects. • Realizes long permeation/grouting intervals using a hexagonal “polygon pipe.”
• Forms fan-like improved soil through oscillating rotation. • Enables vertical, horizontal and slanting operations. • Makes high-speed, high-quality improvement possible.
• Cutting width is increased by injecting jets from the 4-stepped nozzle • Achieves homogeneous soil improvement using a monitoring control system • Achieves low cost and a reduction in the construction period. L-Spin Column Method
(3-stepped for fan-like soil).
• Reduces the soil formation time due to the larger cutting width, decreasing Discharge Image Primary • Injects a hardening agent from the nozzle at the leading edge of an
the quantity consumed of hardening agent and slime volume grouting enlarged-diameter type mixing blade.
• Enables the wrapping construction method or the diagonal construction
Secondary method, which has been problematic for existing method.
↑ ↑ Oscillating • Improves the properties of soft ground below hard grounds by penetrating
Rotation rotation grouting
the hard ground.
Valve interval:
33 cm
Approx.
1m
Polygon
Control unit pipe
Diameter-expanding bit
Jet of Jet of Jet of Ø 1,200 mm
hardening hardening hardening
agent agent agent
Conventional Method
New Sleeve Grouting Method
(sleeve grouting method)
NNTD No.0368
High Capacity and Speedy High-Permeation, High-Strength, Fiscal 2011 Recommended Technology (by the New Technology Utilization System
Review Meeting, Ministry of Land, Infrastructure, Transport and Tourism)
Grouting Method Grouting Material
Slurry Shooting Type Mixing Method
Expacker-N Method MX Grout for Shallow- and Middle-Depth Layers
Particle Size Image
NETIS No. QS-100022-VE Building Technology Certification • Ensures a reliable permeation point. • Involves a turbid ground-grouting
• Offers speedy permeation and grouting for an extensive ground area. material of which a major ingredient Power Blender Method
Mechanical Mixing Method Suitable at • Applicable to a narrow operating area is blast-furnace slag.
• Features a lineup of “instantly MX grout • Involves a trencher-type
Narrow Spaces 2) Positioning of an 3) Filling of 4) Injection of 5) Completion coherent type” and “long-lasting (5 μm) mixing machine.
1) Boring external pipe for grouting geobags permanent grout of work coherent type” materials. • Makes improvement
External pipe Ordinary Portland up to 13 m in depth
GI Column Method for grouting Formation cement
available.
Injection
Geobags of a soil
packer Extremely Ultrafine (20 μm)
• Makes homogeneous,
• Single-axis (Max. 20 m) slurry mixing method
with Ø800–1,600 mm is available.
valve Geo filter-N
Cement Extremely ultrafine
particle cement
improved soil via vertical
mixing.
• Compact machine size that excels in Injection of (1.5 μm)
permanent • Applies to grouting for minor cracks.
maneuverability enables mixing of slurry at grout • Uses in diverse grouting methods are
narrow places. (The weight is approximately available.
30% compared to large machines for Casing
foundation improvement.)
• Control unit that enables a real-time display,
ensuring high-quality slurry mixing. NNTD No. 0375 Construction Technology Review and Certification
Opposite Direction Mixing-Type
Operational Management System for Earth Retaining Wall Method that Deep-Layer Mixing Method
Ultrahigh Pressure Injection Mixing Grouting Method Combines Soldier Piles
with Concrete Panels DCS Method
Method for Large-Diameter Foundation Three-P Oct • Attains a large columnar diameter of
Improvement • Makes pressure-controlled grouting possible.
Soldier Pile Panel Wall 2,000 mm
• Provides the pumping operation via a tablet terminal. Method (the Company’s track record).
SUPERJET Method
Rotational
• Achieves excellent direction of
internal
• Achieves concentrated management via a terminal PC. mixing power.
Rotational blades
• Makes widening road width or direction of
external
• Forms columnar, improved soil of a maximum diameter of Ø5,000 mm. recovery from a roadside collapse • Offers applicability blades
• Reduces the slime volume substantially (compared with previous methods) possible with small cutting volume. for hard ground.
• Achieves foundation improvement at high speed and high quality. • Provides optional self-supporting type
(wall height up to 4 m) and the
combined use with shoring (wall Discharge of cement milk
height up to 10 m).
Rock Bolt Works by SSB Mixing blade
Re-Born Pile Method
Solder Pile Panel Wall Method Soldier Pile Panel Wall Method
Splits Anchor Method (combined use with ground anchor)
Ø2.2 m
Riprap Splits Anchor Cutting blade

New ACE Method Method
layer Small Diameter
Pile Method
Anchor Method by +
Ø4.8 m Ø65–350 mm φ1000∼
the EinBand Drill Ground Anchor 1500mm
Small Diameter Building Anchor
Pile Method Technology
Our Business field
Maintenance and Renovation NNTD No. 0366
Aged Shotcrete Slope Diagnosis System

Method and Technology Slope Doctor
• Precisely diagnoses the soundness of aged shotcrete slopes through the combination of
NITTOC specializes in slope related technique which accumulates a brilliant achievement. several relevant surveys.
Today in this aging of social infrastructure century,

we developed our own diagnostic techniques as well as repair method for the existing slopes,
we also established a control system that can be coordinates in maintenance work totally.
In addition, we have developed special materials for long distance pumping,
Analysis method: thermal infrared radiation imaging method, flexural
high strength and introduced in heavy environment, oscillation method, coring method
(combined use depending on the site conditions)
mountain area or long distance tunnel for headrace channel.
NETUS No. OS-110014-VE Technology Promoted for Utilization NTD No. 1084
Life Elongation Technologies for Slope Structures
We divide slope structures into two constituent parts, or grounds and concrete structures, and propose appropriate countermeasure works
Repair/Reinforcement of Aged Shotcrete Slopes
depending on their respective soundness.
New ReSP Method
Displacement of joint Tilting
Joint opening
Void Example of Countermeasure Work Intending for Life Elongation • Keeps existing mortar shotcrete without shaving off existing shotcrete, contributing to reducing the volume of industrial waste, the construction period and the size of
Removal of loose portions of Structures the safety equipment.
Large crack with a depending on the state • Sprays organic-fiber-reinforced mortar shotcrete that excels in tenacity.
Flaking considerable opening of abnormality • Adheres the former and new shotcrete surfaces with shear bolts.
Step Grouting
Damage in crack
Deformation Pumping distance (hose is extendable vertically)
of frame
Swelling Shotcrete spraying machine: 100 m ± 45 m
Pump: 200 m ± 60 m
tion
, アタリ
Outflow of earth and ddi
sand sediments In a Surface coating
Cross-section (to restrict salt or
repair freezing damage)
Refer to the Draft of the Overall Inspection Manual [Part: Load slope work, earth work structures]
(Reference Material) issued in February 2013 by the Road Bureau, Ministry of Land, Infrastructure, Transport and Tourism.
Before the work
(We
Repair of concrete structures Reinforcement of grounds
athe
red
area
Soundness evaluation division Spraying Slope frame Pressure receiving plate
)
B Crack sealing work, Grouting work and Filling work
(So
m
(minor decline in 0c
und
x.5
soundness) Repair and reinforcement work of pro After the work
por
Ap
tion
shotcrete slopes (New ReSP Method)
C
)
Surface coating work
Existing shotcrete
Boulder
D Shotcrete Pressure Receiving Rock bolt work and Void filing work Kiro Fukeru Method
Plate Method (FSC panel) (Parfait Grout Method)
(remarkable decline in E Cross-section repair work Thickening work and Cross-section repair work (Frame Doctor)
soundness) HiSP Method
Ground anchor work + Pressure receiving plate work
Kiro Fukeru Method
Preventive maintenance Surface coating work and impregnation work (Frame Doctor)
New ReSP Method
FSC Panel
Parfait Grout Method
Slope Doctor

Our Business field
Reinforcing Slopes with Shotcrete Pressure Receiving Plates and Rock Bolts NETIS No. KT-090052-V NNTD No. 0372
Shotcrete Pressure Receiving Plate Method (FSC Panel) Filling Voids with High-Quality Plastic Grout
• Pressure receiving plates are formed by combining the fiber-reinforced mortar shotcrete and the reinforcing material. Parfait Grout Method
• As the pressure receiving plates are formed by shotcrete spraying, unevenness adjustment is no longer necessary.
• The layout space in between rock bolts is extendable up to 2 m. • Underwater-inseparable and plastic grout excels in pressure feeding.
• The technology was jointly developed with the Railway Technical Research Institute. • Features automatic control of the flow rate and pressure of the discharge volume of the base and plastic materials by the COGMA System.
• Offers four basic mixture variations and special mixtures depending on the pumping distance, desired strength and specific gravity.
Shotcrete portion with increased thickness

Shotcrete pressure
Plate thickness t = 110 Fiber-reinforced mortar;
receiving plate
Protrusion t = 40 thickness t = 70
(FSC panel)
Existing spraying
material
Max. 2,000
Pumping distance: Approximately up to
Pressure
bearing plate 2,000 m (differs
0
depending on the
1,00
Rock bolt
mixture variation)
1,000 Design strength: 1.5 – 24 N/mm2
grounered
d
Weath
Sound
d
groun
Max NETIS No. HR-140019-A NNTD No. 0364

. 2,0
00
Unit: mm
Mortar Shotcrete Possible to a Mortar Shotcrete at
Destination 1 km Elevated Places
Preventive Maintenance of Concrete Structures Kiro Fukeru Method HiSP Method
• Mortar shotcrete is possible at a rate of 18 N/mm2 or more to a destination • Makes shotcrete possible for a long distance and at elevated places using the
Frame Doctor Method 1km distant, using special materials. pumping shotcrete system (combined with air pumping)
• Stabilizes mortar quality via the automatic control of the flow rate of mortar • Ensures stable quality and high strength due to a low level of separation of
• Takes countermeasures for concrete structures such as sprayed slope frames and pressure receiving plates depending on the state of abnormality.
and hardening accelerator by the COGMA system. materials.
• Takes preventive maintenance countermeasures via the surface coating to restrict salt or freezing damage.
Work Flow
Shaving off
Pumping distance: 700 m in case of
deteriorated portions アタリ horizontal feed only,
Pumping distance: 1,000 m and 300 m in case the
(with a hose difference in elevation
Washing extension) between the hose and
Design strength: 18 N/mm2 or the pump is 160 m.
more Design strength: 18 N/mm2 or more
Grinding and rustproofing
of reinforcing bars
Boulder
Kiro Fukeru Method
Renovation of the cross-section
Surface coating HiSP Method
Kiro Fukeru Method
New ReSP Method

FSC Panel
Slope Doctor

Fairs Where We Plan to Exhibit Our Award-Winning History
Fiscal 2018: Schedule of Fairs Where We Plan to Exhibit The Company Received the Inventive Idea & Development Technology
We exhibit our technologies at various technology fairs sponsored by the Ministry of Land, Infrastructure, Transport and Tourism
Award at the 18th National Land Technology Development Award for
(MLIT), relevant academic societies, and other organizations. At present, we intend to present our technologies at such fairs listed the New ReSP Method (NETIS No. QS-110014-V; Promoted Utilization Technology)
below in the current fiscal year.
NITTOC considers various technology fairs and exhibitions as ideal venues to showcase its original technology. At such events, NITTOC’s New ReSP method was given the Inventive Idea & Development Technology Award at the 18th National Land
the Company can pitch directly to potential orderers, consultants and other interested parties and provide an opportunity for its Technology Development Award as “a method for repair/reinforcement of mortar shotcrete slopes,” and the Company was
engineering sales team to promote the adoption of its new construction methods and/or technologies. commended by the Minister of Land, Infrastructure, Transport and Tourism on July 26, 2016.
We invite you to visit these technology fairs to learn about the latest technological trends and other companies’ technologies from
the diverse exhibits presented in line with the respective fair themes.
Name of Construction
No. Period Venue Organizer Remarks
Technology Fair
In 2018
Yume Messe Miyagi Hall,

EE Tohoku Executive
1 Jun. 6 (Wed.) and Jun. 7 (Thurs.) EE Tohoku ’18 Miyagi Sangyo Koryu MLIT-affiliated
Committee
Center
What is the National Land Technology
Development Award?
53rd Geotechnical
Japanese Geotechnical
2 Jul. 24 (Tue.) to Jul. 26 (Thurs.) Engineering Research Sunport Hall Takamatsu
Society
Academic experts The National Land Technology Development
Presentation Meeting
Award is aimed at publicly recognizing not
only tangible technologies in the
GEOTECHNICAL FORUM construction industry,
2018:
3 Sept. 26 (Wed.) to Sept. 28 (Fri.)
Soil Improvement
Tokyo Big Sight Fuji Sankei Business-i
Exhibition mainly presented by but also a wide variety of new technologies
Technology Expo. and WGs
Foundation Work including software products to enhance the
Engineering Expo. motivation for R&D among engineering
implementers as well as improve the level of
Kyushu Construction relevant construction technologies.
Kyushu Construction Fukuoka International
4 Oct. 9 (Tue.) and Oct. 10 (Wed.) Technology Forum Executive MLIT-affiliated The “Inventive Idea & Development
Technology Forum 2018 Congress Center
Committee
Technology Award” is a special category of
the National Land Technology Development
Chubu Regional Award to publicly recognize excellent
Development Bureau,
5
Oct. 17 (Wed.) and Oct. 18 Construction Technology Fukiage Hall, NAGOYA MLIT; Nagoya International
MLIT-affiliated
technologies developed from original
(Thurs.) Fair 2018 in Chubu TRADE & INDUSTRY CENTER Trade Fair Commission; and
Nagoya Industries Promotion and innovative ideas among technologies
Corporation originally developed by small to
medium-sized builders and/or specialized
Construction Fair Shikoku construction work operators.
6 Oct. 19 (Fri.) and Oct. 20 (Sat.) Sunport Hall Takamatsu Shikokukensetsu MLIT-affiliated
2018 in Takamatsu
Organizing Bodies:
The Nikkan Kensetsu
Oct. 24 (Wed.) and Oct. 25 Construction Technology
7 MyDome Osaka Kogyo Shinbun and Kinki MLIT-affiliated
(Thurs.) Expo 2018 Kinki Sponsor: Japan Institute of Country-ology
Construction Association
and Engineering
Coastal Development Institute of
EXPRESS HIGHWAY Technology
Nov. 28 (Wed.) and Nov. 29 West 3 and 4 halls, Tokyo Supporting Ministry of Land, Infrastructure,
8 Highway Techno Fair 2018 RESEARCH FOUNDATION OF NEXCO
(Thurs.) Big Sight
JAPAN organization: Transport and Tourism
Co-sponsors: Japan Construction Information
Center Foundation
Construction Technology Hiroshima-shi Secretariat, Construction Advanced Construction
9 Planned in November MLIT-affiliated
Forum 2018 in Hiroshima (undetermined) Technology Forum
Technology Center
Service Center of Port Engineering

Our Award-Winning History Introduction of Domestic Construction Projects (earthquake-proof works and others)
Geofiber Method was chosen as a

“Fiscal 2016 Runner-up Recommended Technology”
Domestic Construction Projects
(earthquake- and disaster-proof works)
by the New Technology Utilization System Review Meeting, NITTOC endeavors to contribute to establishing a safe, secure and affluent society by creating new technologies that meet
Ministry of Land, Infrastructure, Transport and Tourism. social needs in the fields of “Maintenance and Renovation,” “Disaster Prevention and Environmental Conservation” and “Urban
Regeneration.” We are confident that steady achievement of what we can do will contribute to reconstruction from earthquake
disasters, as well as to disaster-proof and disaster-reducing activities.
No. 1 Recommended Technology
(27 subjects)
No. 2 Runner-up Recommended 1. Initiatives for the Restoration and Reconstruction from the
Technology
(60 subjects) Great East Japan Earthquake
No. 3 Technology Promoted for
Evaluation Ogaki Dam Disaster Restoration (No. 4) Work of the Ukedogawa Special Disaster Restoration
(10 subjects) Business (Futaba-gun, Fukushima Prefecture)
Evaluation,
recommendation
and selection
Technology Promoted for Utilization
(469 subjects)
(NETIS-registered technologies:
approximately 3,600 subjects)
A Runner-up Recommended
Technology is highly rated, next to
Recommended Technologies and
above Technology Promoted for Before the work After completion
Utilization.
Kiyomizu-dera Temple (Kyoto) Following the vehement tremors of the Great East Japan Earthquake, several cracks occurred on the upper end of the Ogaki
Dam’s bank body and other places, bringing about substantial obstacles to the management and operation of the dam. NITTOC
undertook several restoration works on the collapsed bank body slopes. The Company employed fiber-reinforced mortar shotcrete
What is a Runner-up Recommended Technology? Advantages of the Runner-up Recommended Technology: work with reinforcing bars to complete the dam restoration.
Runner-up Recommended Technology refers to new - Being qualified for a Runner-up Recommended [Orderer: Tohoku Regional Agricultural Administration Office, Ministry of Agriculture, Forestry and Fisheries. Project Overview:
innovative technologies that have been qualified for Technology allows the technology to be positively
Fiber-reinforced mortar shotcrete work with reinforcing bars]
evaluated in the examination process if said technology
raising the technological level of public and other works is proposed in the “comprehensive evaluation and
and for which further development is expected in order bidding system.”
to be rated as a Recommended Technology. - In “constructor-proposal-type” bids, additional
points will be granted if the orderer judges
2. Disaster Restoration Work
it appropriate to do so.
National Route No. 274 Shimizu-Cho Improvement Work
(between Hidaka-cho, Saru-gun and Shimizu-cho, Kamikawa-gun, Hokkaido)
Reduced CO2 emissions
Utilization of eco-friendly resources Since cement is not used for continuous-fiber
This eco-friendly method takes into account the use reinforced soil, CO2 emissions which are unavoidable
of recycled plastic.
6 1 for cement production are controlled. In addition,
the reinforced soil does not deteriorate into
strong alkaline.
Adaptable for diversified building and
construction configurations Features of Excellent deformation resistance
5 2
The shotcrete construction method is compatible
for a variety of building and construction
configurations, especially at places where partial
the Geofiber As the material is flexible, slopes are less
susceptible to earthquakes,
collapse has occurred. Method without producing cracks.
Before the work
After completion
Excellent resistance to freezing Excellent greening and
and frozen soil 4 3 forest-forming power
Affected by Typhoon Lionrock, which hit Hokkaido in August 2016, more than five slopes of the Route No. 274 collapsed at the
Nissho Pass, resulting in the traffic closure of the entire route. NITTOC undertook the slope frame and ground reinforcement
Surface freezing and soil freezing can be minimized The root system of plants can grow and extend in
by use of a continuous fiber-reinforced soil layer in thick continuous fiber-reinforced soil, allowing for an works as slope protection work of the collapsed slopes aimed at restoration and reopening of the route.
cold regions. environment that can grow into a forest.
[Orderer: Obihiro Development and Construction Department, Hokkaido Regional Development Bureau, Ministry of Land,
Infrastructure, Transport and Tourism. Project Overview: Slope frame work and ground reinforcement work]

Introduction of Domestic Construction Projects (earthquake-proof works and others) About Overseas Construction
Initiatives for Restoration and Reconstruction from the 2016

Kumamoto Earthquakes Overseas Deployment
Aso Ohashi Area Slant Countermeasure Work (Aso-gun, Kumamoto Prefecture)
Before the work After completion
Damaged by the 2016 Kumamoto Earthquakes, a series of earthquakes for which the main shock occurred on April 16, 2016,
a large-scale collapse of slants occurred in the Aso Ohashi Area. NITTOC undertook the restoration work of the collapsed slants.
Specifically, the Company ensured firm placement of the slants, implemented planting treatment on the slant faces to prevent soil
erosion, and executed permanent countermeasure construction works including close-attachment-type stabilizing and
high-strength wire netting works for rock fall prevention.
[Orderer: Kumamoto Reconstruction Project Office, Kyushu Regional Development Bureau, Ministry of Land, Infrastructure,
Transport and Tourism. Project Overview: Planting treatment, close-attachment-type stabilizing wire netting work and
high-strength wire netting work]
Fiscal 2016 Disaster Restoration: Toshita Area External-Slant Countermeasure Work

(Aso-gun, Kumamoto Prefecture)
Overseas Deployment
The Republic of Indonesia has a population of over 240 million and continues to record high economic growth. However,
the social infrastructure is not sufficiently maintained or improved as presented by the everyday traffic congestion and the
frequent shortages of electricity.
As part of its growth strategy, the Company intends to acquire orders for infrastructure works in Indonesia because of its
high economic growth. Our overseas deployment will not be limited to Indonesia but will be extended to infrastructure
works in the growing Southeast Asia region.
About Overseas Construction Projects

Since the Jakarta Indonesia Representative Office was established
in 2012, we have made preparations to establish a subsidiary while
concurrently undertaking construction projects. Through a trial-and-
During the work During the work error process, we have achieved solid construction performance
Damaged by the 2016 Kumamoto Earthquakes in April 2016, the large-scale collapse of slants occurred, causing the traffic jointly with local staff and workers despite differences in customs
closure of National Route No. 57. NITTOC undertook the restoration and improvement work of the village road connecting Toshita and business practices between Japan and Indonesia. Aggressively
and Tochinoki as a bypass for the affected National Route No. 57. The Company conducted high-strength wire netting, rock bolt, engaged in the development of infrastructure in Indonesia, we will
lightweight concrete, void filling and sprayed slope frame works. further contribute to the improvement of infrastructure not only in
high-growth Indonesia but also throughout Southeast Asia
[Orderer: Kumamoto Reconstruction Project Office, Kyushu Regional Development Bureau, Ministry of Land, Infrastructure,
Construction of Jakarta Mass Rapid Transit Project
Transport and Tourism. Project Overview: High-strength wire netting work, rock bolt work and sprayed slope frame work
and so on]

International Business
Business Overseas Introduction of Overseas

Construction Projects
Public Relations Activity
Since the Jakarta Representative Office was established in Indonesia, we have accumulated a steady record of undertaking
In Indonesia, as NITTOC’s presence is still relatively new after having established a representative office, we need to make the construction projects through the establishment of a subsidiary.
Company well-known locally through various activities. We are therefore committed to active PR activities including presentations We would like to introduce some of the projects we have undertaken in Indonesia.
at academic societies, technology presentation meetings targeting domestic general contractors in Indonesia and so on.
Presentation of exhibits to the Indonesian Technology presentation targeting domestic

Rajamandala Hydroelectric Power Plant Construction
Society for Geotechnical Engineering general contractors in Indonesia
This project involved work at a hydroelectric
NITTOC presented at the technical exhibition booth of the NITTOC is actively providing Indonesian general contractors, power plant utilizing water of the Citarum
Indonesian Society for Geotechnical Engineering (ISGE) in etc., with presentation opportunities to educate them on River at Rajamandala, West Java, Indonesia.
November 2017. As NITTOC’s construction methods are still the Company’s outline and proprietary technologies. These The Company received an order from Hyundai
uncommon in Indonesia, many guests stopped at our booth. activities increasingly lead to inquiries that provide good Engineering Co., Ltd. and undertook the earth
results for actual orders received. retaining anchor work for a raceway, a drainage
channel and an effluent outlet.
Business proprietor: PT Rajamandala Electric Power

(Indonesia Power; Locally
incorporated company established
by Kansai Electric Power Co., Inc.)
Owner party: Hyundai Engineering Co., Ltd.
Description of the work: Temporally ground anchor work
Construction period: July 2017–January 2018
NITTOC’s booth at the ISGE Explaining the Power Blender Method to a booth visitor Scene of a presentation to Wijaya Karya (a leading general
contractor in Indonesia)
Communication Activity AYANA Komodo Resort, Waecicu Beach

This project involved work relative to a resort
We at NITTOC are active in participating in recreational activities to promote internal communications. In November 2017, all the
hotel development in Labuhanbajo on the west
Indonesian employees went on an overnight trip to a summer resort 60 km from Jakarta. All the participants had a wonderful
side of Flores Island. The Company proposed
time enjoying creative games and playing football.
countermeasure work for the slant located at
the back of the hotel and undertook the relevant
construction work.
アタリ
Orderer: PT Prima Pratama Citra

Description of the work: Slope frame work, permanent
anchor work, rock bolt work
Construction period: September 2017–April 2018

International Business Overseas Deployment
Jakarta Mass Rapid Transit Construction Project

This project involves work for Indonesia’s first
Overseas Deployment (subsidiary in Indonesia)
intra-city rapid transit railway under construction The Republic of Indonesia has a population of approximately 250 million and continues to record high economic growth.
in Jakarta. The Company undertook foundation However, the social infrastructure is not yet sufficiently maintained or improved as presented by the everyday traffic congestion.
improvement aimed at starting-up of a shield As part of its growth strategy, the Company intends to acquire orders for infrastructure works in Indonesia because of its high
machine and water shutoff for the arrival vertical economic growth. Our overseas deployment will not be limited to Indonesia but will be extended to infrastructure works in the
shaft. growing Southeast Asia region.
Established a Subsidiary in Indonesia Outline of the Joint Venture
Since the Jakarta Representative Office was Trade name PT NITTOC CONSTRUCTION INDONESIA
established in September 2012, we conducted
surveys and made preparations to establish Representative Yasunobu Okumiya
a locally incorporated company. Finally, the Location GENERALI TOWER G, 16/F
Company resolved to establish a joint venture GRAND RUBINA BUSINESS PARK
Business proprietor: PT Mass Rapid Transit Jakarta
Owner party: SMCC-HK, JO, SOWJ JO with PT PANCA DUTA PRAKARSA, which at Rasuna Epicentrum
Description of the work: Foundation improvement work Jl, HR Rasuna Said, Jakarta 12940, Indonesia
Construction period: June 2017–February 2018 will undertake the construction business in
Indonesia, and both companies entered into a Date of operational start April 2016
joint venture agreement in October 2015. PT
Description of business Construction business in Indonesia
Lumut Balai Geothermal Power Plant Construction NITTOC CONSTRUCTION INDONESIA started
Fiscal year-end March 31
operation in April 2016.
This project involved work at a geothermal power The Company will conduct order-receiving Capital IIndonesian Rupiah (IDR) 51,000 million
plant utilizing geothermal steam at Lumut Balai activity through PT NITTOC CONSTRUCTION (Approximately JPY 428 million)
on Sumatera Island. The Company proposed INDONESIA, the established consolidated Note: Calculated at an exchange rate of
slope protection work and undertook the relevant subsidiary, to obtain orders for specialized works 1 rupiah = 0.0083 yen
construction work. such as slope and ground improvement related Composition of NITTOC CONSTRUCTION CO., LTD.: 65%
to infrastructure in Indonesia. shareholders PT PANCA DUTA PRAKARSA: 35%
Staff members of NITTOC Jakarta

Representative Office and PT NITTOC
CONSTRUCTION INDONESIA
Business proprietor: PT Pertamina Geothermal Energy

Owner party: PT Multi Adverindo
Description of the work: Slope protection countermeasure
work for the neighboring area of
the switchyard.
Construction period: August 2017–December 2017
All the employees met for a recreation activity in recognition of their service and to
promote friendship among themselves at Santa Monica in Bogor in November 2017.
GENERALI TOWER:
The building which houses the new office.

Overseas Deployment Environmental
Feedback from Local Employees Working Globally
NITTOC strives to keep up with the international society through measures such as vocational training overseas, language
training, temporary transfer of employees to overseas construction sites and education of foreign engineers, mainly persons from
Environmental Responsibility
Indonesia.
We would like to introduce some of the employees working globally at NITTOC. Environmental environmental symbiosis society for earth biological including
humans.
Policy • Promote all activities about waste reduction,
increase recycling rate, resources saving, energy saving,
NITTOC has general power with that specializes in <Disaster ecosystem conservation, landscape conservation and
Prevention and Environmental Conservation>, <Urban environmental friendly products utilization.
Regeneration> and <Maintenance and Renovation>, • Comply with environment related laws and regulations,
listed in one of the management philosophy of contributing agreements, customer and industry requirements, actively fulfill
to the society. Technology Division establishes the followings social responsibility for environmental protection.
issue as our environmental policy based on our management • Education for personnel of Technology Division to improve
philosophy. environmental conservation awareness.
• Expose the implementation of environmental policy and
• Technology Division recognizes global environment environmental conservation activities as needed in order to
Tri Hidayahtulaily Faruq Candra Afda Riansyah Eris
conservation as one of the business activities. We are aim cooperate with customers and the community.
Affiliation : PT NITTOC CONSTRUCTION Affiliation : Jakarta Representative Office Affiliation : Jakarta Representative Office
INDONESIA Nationality : Indonesia Nationality : Indonesia to reduce the load of global environment by improving the
Nationality : Indonesia
environmental management system.
• Effective utilization of limited resources and reduce the load of
I joined NITTOC CONSTRUCTION I joined NITTOC CONSTRUCTION I joined NITTOC CONSTRUCTION in
environment to be a resource recycling society. We promote
in June 2016. My first impression in November 2014. In the 13 years November 2011. After graduating
from university, I engaged in a the research, development, design and study to construct an
immediately after joining NITTOC after graduating from university
jacking work project at a Japanese-
was, “I was able to join an extremely in 2001 before joining NITTOC, affiliated company. After joining
wonderful company.” Other staffs I engaged in the construction NITTOC, I received training in
Technology Division Environmental Management System Network
are really friendly and kind to new industry. My first project at NITTOC Japan for approximately three
employees. Having good people on was construction works at the slope years. I learned various things
the staff is an attractive aspect of that existed in Rancamaya and including the Japanese language, Technology Development Group
the management of a construction General Manager of Technology Division
NITTOC. ground anchor work. Operation and Management related to Research,
project and how to handle Business Development and Quality Control
I belong to the Accounting My current jobs are budget machinery.
Department, and my job is to planning for construction projects, In 2014, NITTOC’s full-scale
support finance, accounting and arrangement of materials and operation started in Indonesia at
about the same time that I returned Environmental Greening Work
tax-related duties. Through my daily equipment, personnel deployment Management Officer Laboratory
to Indonesia. Since then, I have
operational duties, which I feel and preparation of reports on undertaken construction projects at
are refreshing, I am learning many construction works. Although my various sites in Indonesia. My current Environmental Committee Saitama Laboratory
things. daily duties are challenging, it is jobs are mainly onsite management
In July 2018, I am scheduled to great fun to work for NITTOC. of construction projects, preparation Environment Committee Bureau
go to Japan to receive training. I There are no companies equipped of construction process charts and Technology Business Group
tables, arrangement of materials Operation and Management related to
appreciate NITTOC for providing with expertise like NITTOC in and equipment, negotiations with
such a great opportunity. Utilizing Indonesia. I really enjoy learning Design and Investigation Business
customers and reporting on the
what I will learn through the new technologies. progress of construction work.
training and my experience nurtured I believe my mission is to contribute Although it is challenging to
Resources Management Group
through daily operation, I would like to the development of Indonesia manage a whole construction site, I
feel that my work is truly rewarding. Operation and Management related to
to help NITTOC to become a bigger utilizing NITTOC’s technologies. To NITTOC has diverse kinds of Administration Business
company in Indonesia in the future. that end, I would like to continue technologies, and it is beneficial
to learn many things to become to learn everything. In the future, I
a specialist in the management of would like to become “the BEST” in
construction projects. the field of foundation improvement
in Indonesia.

Landscape Conservation Technology of Cultural Property Contribution to Society
Aiming to be a company trusted by society, NITTOC is promoting various social contribution activities, of which the major activities
Landscape Conservation Technology for are outlined below.
Cultural Properties Kyushu Branch: Cooperated in Restoration Work of a Forest Road Damaged by
Typhoon Talim (Kagoshima, October 2017)
Our landscape conservation technology helps to restore the landscape while protecting the security of valuable cultural properties
and historical sites. Typhoon Talim, which hit the Satsuma Peninsula in Kagoshima
Prefecture on September 17, 2017, caused damage at various
locations including Kyushu and Shikoku. NITTOC employees of the
Kiyomizu-dera Temple (Kyoto) branch, working on a project in Tarumizu-shi, Kagoshima, at that
The slope of the Kiyomizu-dera, a World Heritage site, collapsed due to the heavy rain caused by Typhoon Man-yi in time, cooperated with a request from a government administrative
September 2013. agency to help restore a nearby forest road that was blocked by
In 2014 through 2015, the collapsed slope was reinforced by ground reinforcement work and ground anchor work, a fallen tree due to the typhoon. Because it was not possible to
and covered with reinforced soil using the Geofiber Method. Plants will grow at the site and the beautiful landscape full of bring in a crane from outside the area, the branch offered the use
greenery will return soon. of its crawler crane, which was being used on a construction site,
to assist with the restoration work.
Tokyo Branch: Onsite Meeting to Explain to Community Residents About a

Government-Designated Historic Site Preservation Project (Saitama, October 2017)
Regarding the project to preserve Minuma Tsusenbori (a lock-type

canal opened in 1731) in Saitama-shi, a meeting sponsored by the
Saitama City Board of Education was held to explain to community
residents about the history of Minuma Tsusenbori, a government-
designated historic site, and the details of the maintenance work
Slope seen from the stage of Kiyomizu-dera Temple Slope under the Koyasu-no-tou, a National Important Cultural Property project, for which the Tokyo Branch of NITTOC was in charge of
the slope protection works. At the meeting, we explained about
the Geofiber Method for the greening of the entire slope area.
Kiyomizu-dera Temple (Kyoto) Kashima Jingu Shrine (Ibaraki)
Utsunomiya Castle Site Park is maintained as an important The slope of Kashima Jingu Shrine located in Kashima-shi,
basis for the revitalization of central downtown areas of the Ibaraki, collapsed due to the mudslides caused by Typhoon
city and urban disaster prevention, with partial restoration of Wipha in October 2013. The Geofiber Method was adopted
the former Utsunomiya Castle, which is faithful to historical for the restoration work of the collapsed slope.
facts, as a main feature. The restoration work was completed without fouling the
The Geofiber Method was adopted for the restoration of the Mitarashi Pond, located at the side of the slope, because no Hokuriku Branch: ECHIGO Tanada Supporter (Niigata, May through November 2017)
earthworks, and the beautiful green earthworks now have cement was used.
been maintained for 10 years since the restoration work was The ECHIGO Tanada Supporter (“Tanada” is a terrace paddy field)
Before the work
completed. is a group established by prefectural government employees of the
Department of Agricultural Land, Niigata, to protect the landscape
Before the work
and topographical functions of terrace paddy fields jointly with
local residents. Identifying with the group’s purpose, volunteer
employees of the branch cooperated in mowing and cleanup
activities at several terrace paddy fields in Niigata Prefecture, as
they did last year. A cumulative 25 volunteers participated 13
times in such activities from May to November 2017.
1) Matsuzawa Area of Murakami-shi: Maintenance around irrigation

Activity ponds, etc. ..........................................................................3 times
content: 2) Tokamachi-shi: Mowing .......................................................3 times
After the work After the work 3) Tainai-shi, Kashiwazaki-shi, Sado-shi, etc.: Mowing ..............7 times

Contribution to Society Corporate Governance
Osaka Branch: Repainting of Playground Equipment in a Kids’ Park

(Kochi, March 2018)
In Kannoura, Toyo-cho, Aki-gun, Kochi Prefecture, NITTOC

Corporate Governance
employees of the branch worked on the Funakura Bridge repair
I. Basic Policy on Corporate Governance
work. During the works, to show appreciation to people around
the project site for their understanding and cooperation on a daily The Company attaches great importance to the interests of all stakeholders supporting its corporate activities and recognizes
basis, the employees volunteered to perform maintenance on the importance of corporate ethics that comply not only with various legal norms but also with decency and common sense.
the playground equipment at the kids’ park in Kannoura, Toyo- At the same time, the Company’s basic policy on corporate governance is determined to be the establishment of a corporate
cho, which included the project site. Specifically, they repainted organization that can contribute to the development of social infrastructure by raising transparency and the soundness of
the playground equipment, including a swing, a slope and iron management through efforts such as sustainable, corporate development; the acquisition of social credibility; and the elimination
bars for exercise and surrounding fences, and replaced the old of illegal payoffs to antisocial groups.
and visible rusted chains of the swing with new ones. Observing
children delightfully playing with the renovated equipment, Reason for Adopting the Corporate Governance System
NITTOC employees of the branch were happy with the modest
Based on the aforementioned basic policy on corporate governance, we have adopted the corporate governance system
appreciation they showed the community.
described below with the aim of thorough risk management and compliance and improved internal control with regard to swift
responses to changes in the business environment, as well as to the decision making, execution and supervision of business
Hiroshima Branch: Sabo Facility Inspection Activities Conducted by the Sabo Frontier operations.
Foundation in Yamaguchi Prefecture (Yamaguchi, November 2017)
Summary of Our Corporate Governance System
NITTOC employees of the Hiroshima Branch participated this year, NITTOC’s corporate governance system
as they did last year, in Sabo facility inspection activities, which are
conducted annually by the Sabo Frontier Foundation to prevent
Other affiliated company:
sediment disaster. In cooperation with the Sabo Section, Civil Customers ASO CORPORATION
Engineering Department, Yamaguchi Prefectural Government,
NITTOC employees of the branch conducted inspection activities Sales of Undertaking Undertaking Undertaking
merchandise construction construction construction
at sediment disaster-prone locations in Yamaguchi Prefecture such and materials,
Non-life
as areas with a sharp slope and landslide prevention-designated insurance agency Consolidated subsidiary:
areas as well as the Sabo facilities. Yamaguchi Earth Consolidated
This year, like last year, each group of three to four persons, Consolidated Engineering Co., Ltd. subsidiary:
subsidiary: PT NITTOC Undertaking
including the prefectural civil engineering staff and the Sabo Consolidated subsidiary: CONSTRUCTION construction
Midori Industries Co., Ltd.
Frontier Foundation’s associates, inspected five to six locations of Sales of Shimane Earth INDONESIA
the Sabo dam in Yamaguchi Prefecture. Such inspection activities merchandise Engineering Co., Ltd.
and materials,
included checking for significant changes in condition at the Non-life
insurance agency Undertaking Undertaking Undertaking
previously inspected checkpoints. construction construction construction
Tohoku Branch: Road Cleanup Activities (Aomori, October 2017) NITTOC CONSTRUCTION CO., LTD.
Construction business
Together with employees of THE GEOFIBER SOCIETY member
companies in Aomori Prefecture, NITTOC employees of the Tohoku
Branch conducted cleanup activities covering an approximately II. Status of Development of the Internal Control System
7-kilometer area between Asahiyama and Kareizawa on
Prefectural Route No. 27 (Aomori-Namioka). On the cleanup day, To raise the confidence of society and its corporate value, the Company addresses the “reinforcement of internal control
20 employees of NITTOC’s Aomori Sales Office joined employees (compliance and risk management)” as the most important management task. The Company considers the management are
of THE GEOFIBER SOCIETY member companies in the cleanup responsible for establishment of the system for ensuring appropriate business operations, and has stipulated the “Basic Policy on
activities and picked up roadside garbage. Plenty of garbage an Internal Control System.”
was collected along the 7-kilometer stretch of road as shown in The “Basic Policy for Establishing an Internal Control System” refers to the overall commitment regarding such establishment of
the photo. The activity concluded with a memorial photo of the an internal control system by the Management Strategy Division, whereas the Audit Department is in charge of monitoring the
participants with the bags of garbage they collected. NITTOC status of the development and operational status of internal controls.
believes that its branch made a modest contribution to the local To establish the system for ensuring appropriate financial reporting and monitor such financial reporting, the Internal Control
cleanup. Department is formed under the Management Strategy Division.
The “Basic Policy on an Internal Control System” is regularly reviewed by the Corporate Planning Department,
Management Strategy Division, and revised by resolution of the Board of Directors, as required.

Financial Highlights Net sales Operating income∙Ratio to Net Sales Ordinary income∙Ratio to Net Sales
Special Civil Engineering General Civil Engineering Operating income Ratio to Net Sales Ordinary income Ratio to Net Sales
Others
(Millions of yen) (Millions of yen) (%) (Millions of yen) (%)

80,000 5,000 6.9% 7.0 4,000 4,119 7.0
Financial Highlights 6.0%

6.3%
6.5%
6.4%
3,905
6.0%
6.2%
6.5%
4,198 6.0 6.0

4,100 3,555
3,431
Thousands of 62,943 4,000
Millions of yen 60,703 5.3%
U.S. dollars 5.1%
60,000 57,264 57,638 57,174 3,000
3,583
3,465 5.0 5.0
2,904
2014 2015 2016 2017 2018 2018
3,035
3,000
Net sales ¥57,264 ¥60,703 ¥57,638 ¥57,174 ¥62,943 $592,461 4.0 4.0
40,000 2,000
Ordinary income 2,904 3,905 3,431 3,555 4,119 38,771
3.0 3.0
2,000
Profit attributable to owners of parent 1,663 1,664 2,110 2,342 2,688 25,304
2.0 2.0
Comprehensive income 1,715 1,694 1,894 2,458 2,668 25,116 20,000 1,000
1,000
Net assets 16,370 18,116 19,781 21,813 23,256 218,908
1.0 1.0
Total assets 41,047 42,306 40,385 44,225 48,142 453,148

0 0 0 0 0
Net cash provided by (used in) 1,011 2,435 (630) 2,501 (301) (2,837) 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
operating activities
Net cash provided by (used in)

(189) (277) (1,209) (393) (867) (8,166) Net income∙Ratio to Net Sales Interest-bearing debt Total net assets∙Equity Ratio
investing activities
Net income Ratio to Net Sales Total net assets Equity Ratio
Net cash provided by (used in) (678) (775) (1,592) (393) (144) (1,364)
financing activities
(Millions of yen) (%) (Millions of yen) (Millions of yen) (%)
Cash and cash equivalents 4,000 7.0 4,000 25,000 48.6% 49.0% 48.1% 50
12,277 13,698 12,681 14,462 13,114 123,444
at end of period
42.8% 21,813 23,256

6.0
39.9%
20,000 19,781 40
Pipe jacking Others
Private sector 6.5% 1.6% 3,000
5.0
3,000 18,116
15.8% 16,370
Ground 4.2%
improvement 4.1% 15,000 30
20.8% 3.7%
2,342
2,668
4.0
2,000 2,000
Public-Private 2,110
2.9% 2.7%
proportion 3.0 1,600
Share by work type 10,000 20
(ratios in net sales 1,663
of completed (in net sales) 1,664
1,200
construction contracts) Slope
2.0 1,100
Maintenance protection
1,000 1,000
Government
and
and
renovation 43.0% 5,000 10
public sector
14.6 %
84.2% Pile foundation Dam Grouting
1.0
6.9% 6.7% 0 0 0
0 0
0 0
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017

Consolidated Financial Statements Millions of yen
2017 2018
Thousands of
U.S.Dollars(*)
2018
Liabilities
Current liabilities
1. [Consolidated Financial Statements, etc.] Notes payable, accounts payable for construction
11,133 *6 12,691 119,463
contracts and other
(1) [Consolidated Financial Statements]
Short-term loans payable － 274 2,579
1) [Consolidated Balance Sheets]
Advances received on uncompleted construction
March 31, 2017 and 2018 3,277 1,169 11,009
contracts
Lease obligations 18 20 190
Thousands of
Millions of yen U.S.Dollars(*) Income taxes payable 1,035 788 7,426
2017 2018 2018 Provision for warranties for completed
25 8 77
Assets construction
Current assets Provision for loss on construction contracts *4 39 *4 32 306
Cash and deposits 123,444 Provision for bonuses 714 870 8,195
14,462 13,114
Notes receivable, accounts receivable from Provision for directors’ bonuses － 26 245
16,974 *6 21,220 199,739 Other 38,403
completed construction contracts and other 2,041 4,079
Electronically recorded monetary claims－ Total current liabilities 18,285 19,962 187,896
2,196 *6 3,462 32,593
operating
Non-current liabilities
Merchandise and finished goods 25 26 247
Long-term loans payable － 826 7,774
Real estate for sale 0 0 0
Lease obligations 49 37 351
Costs on uncompleted construction contracts *4 2,223 *4 1,473 13,866
Net defined benefit liability 4,022 4,017 37,818
Raw materials and supplies 142 129 1,222
Other 53 42 399
Deferred tax assets 481 523 4,930
Total non-current liabilities 4,126 4,923 46,344
Other 670 513 4,836
Total liabilities 22,412 24,885 234,240
Allowance for doubtful accounts (15) (7) (69)
Net assets
Total current assets 37,161 40,457 380,812
Shareholders’ equity
Non-current assets
Capital stock 6,052 6,052 56,969
Property, plant and equipment
Capital surplus 2,022 2,022 19,034
Buildings and structures, net *1 910 *1 820 7,721 Retained earnings 14,144 16,109 151,634
Treasury shares (552) (1,054) (9,924)
Machinery, vehicles, tools, furniture and
*1 484 *1 640 6,027 Total shareholders’ equity 217,714
fixtures, net 21,666 23,130
Land 2,787 2,663 25,072 Accumulated other comprehensive income
Leased assets, net *1 68 *1 58 545 Valuation difference on available-for-sale
264 305 2,872
Construction in progress 14 386 3,635 securities
Foreign currency translation adjustment (9) (29) (280)
Other, net *3 2 *3 2 19
Remeasurements of defined benefit plans (254) (265) (2,495)
Total property, plant and equipment 4,268 4,570 43,022
Total accumulated other comprehensive income 0 10 97
Intangible assets 289 438 4,130
Investments and other assets Non-controlling interests 146 116 1,096
Investment securities 838 950 8,948 Total net assets 21,813 23,256 218,908
Deferred tax assets 1,157 1,132 10,656 Total liabilities and net assets 44,225 48,142 453,148
Other 531 674 6,344
Allowance for doubtful accounts (21) (81) (764) *Refer to the note “Significant Items on Basis for Preparation of Consolidated Financial Statements.”
Total investments and other assets 2,505 2,675 25,184
Total non-current assets 7,063 7,685 72,336
Total assets 44,225 48,142 453,148
*Refer to the note “Significant Items on Basis for Preparation of Consolidated Financial Statements.”
－ 2 －
2) [Consolidated Statements of Income and Consolidated Statements of Comprehensive Income] [Consolidated Statements of Comprehensive Income]
[Consolidated Statements of Income] Fiscal Years Ended March 31, 2017 and 2018
Fiscal Years Ended March 31, 2017 and 2018 Thousands of
Millions of yen U.S.Dollars(*)
Thousands of
2017 2018 2018
Millions of yen U.S.Dollars(*)
2017 2018 2018 Profit 2,340 2,669 25,126
Net sales Other comprehensive income
Net sales of completed construction contracts 57,010 62,845 591,540 Valuation difference on available-for-sale securities 93 40 378
Sales on other business 163 97 921 Foreign currency translation adjustment (5) (30) （290）
Total net sales 57,174 62,943 592,461 Remeasurements of defined benefit plans, net of tax 29 (10) （97）
Cost of sales Total other comprehensive income *1 118 *1 (1) （9）
Cost of sales of completed construction contracts *1 47,277 *1 52,321 492,486 Comprehensive income 2,458 2,668 25,116
Cost of sales on other business 53 29 275 Comprehensive income attributable to
Total cost of sales 47,331 52,351 492,762 Comprehensive income attributable to owners of
2,462 2,698 25,396
parent
Gross profit Comprehensive income attributable to non-
controlling interests (4) (29) （279）
Gross profit on completed construction contracts 9,733 10,523 99,053
Gross profit - other business 110 68 645
Total gross profit 9,843 10,591 99,698 *Refer to the note “Significant Items on Basis for Preparation of Consolidated Financial Statements.”
Selling, general and administrative expenses *2,3 6,259 *2,3 6,491 61,104
Operating income 3,583 4,100 38,594
Non-operating income
Interest income 7 7 70
Dividend income 20 25 237
Patent income 19 33 318
Other 11 12 121
Total non-operating income 59 79 748
Non-operating expenses
Interest expenses 8 16 150
Guarantee commission 33 18 173
Foreign exchange losses － 20 192
Commission for syndicate loan 35 5 50
Other 10 0 3
Total non-operating expenses 87 60 571
Ordinary income 3,555 4,119 38,771
Extraordinary income
Gain on sales of non-current assets *4 0 *4 1 16
Total extraordinary income 0 1 16
Extraordinary losses
Loss on retirement of non-current assets *5 13 *5 89 841
Impairment loss － *6 131 1,240
Total extraordinary losses 13 221 2,082
Profit before income taxes 3,542 3,899 36,706
Income taxes - current 1,268 1,259 11,858
Income taxes - deferred (66) (29) （279）
Total income taxes 1,202 1,230 11,579
Profit 2,340 2,669 25,126
Loss attributable to non-controlling interests (2) (18) （178）
Profit attributable to owners of parent 2,342 2,688 25,304
－ 3 －－ 4 －
3) [Consolidated Statements of Changes in Net Assets] Fiscal year ended March 31, 2018 (from April 1, 2017 to March 31, 2018)
(Millions of yen)
Fiscal year ended March 31, 2017 (from April 1, 2016 to March 31, 2017) Shareholders’ equity
(Millions of yen) Total shareholders’
Capital stock Capital surplus Retained earnings Treasury shares
equity
Shareholders’ equity
Balance at beginning of current
Total shareholders’ 6,052 2,022 14,144 (552) 21,666
Capital stock Capital surplus Retained earnings Treasury shares period
equity
Changes of items during period
6,052 2,022 12,228 (552) 19,750
period
Dividends of surplus (723) (723)
Profit attributable to owners of
2,688 2,688
parent
Dividends of surplus (425) (425)
Purchase of treasury shares (501) (501)
2,342 2,342
parent
Disposal of treasury shares 0 0 0
Purchase of treasury shares (0) (0)
Net changes of items other
Disposal of treasury shares 0 0 0 than shareholders’ equity
Total changes of items during
Net changes of items other － 0 1,964 (501) 1,463
period
than shareholders’ equity
Balance at end of current period 6,052 2,022 16,109 (1,054) 23,130
－ 0 1,916 (0) 1,916
period
Balance at end of current period 6,052 2,022 14,144 (552) 21,666
Accumulated other comprehensive income
Total
Valuation Foreign Non-controlling
Accumulated other comprehensive income Remeasurements accumulated Total net assets
difference on currency interests
of defined other
available-for- translation
Total benefit plans comprehensive
Valuation Foreign Non-controlling sale securities adjustment
Remeasurements accumulated Total net assets income
difference on currency interests
of defined other
available-for- translation Balance at beginning of current
benefit plans comprehensive 264 (9) (254) 0 146 21,813
sale securities adjustment period
income
Balance at beginning of current Changes of items during period
171 (6) (284) (119) 150 19,781
period
Dividends of surplus (723)
2,688
parent
Dividends of surplus (425)
Purchase of treasury shares (501)
2,342
parent
Disposal of treasury shares 0
Purchase of treasury shares (0)
Net changes of items other
40 (20) (10) 9 (29) (19)
Disposal of treasury shares 0
Net changes of items other 40 (20) (10) 9 (29) 1,443
93 (3) 29 119 (4) 115 period
Balance at end of current period 305 (29) (265) 10 116 23,256
93 (3) 29 119 (4) 2,031
period
Balance at end of current period 264 (9) (254) 0 146 21,813
－ 6 －
－ 5 －
Fiscal year ended March 31, 2018 (from April 1, 2017 to March 31, 2018) 4) [Consolidated Statements of Cash Flows]
(Thousands of U.S.Dollars(*)) Fiscal Years Ended March 31, 2017 and 2018
Shareholders’ equity Thousands of
Capital stock Capital surplus Retained earnings Treasury shares
Total shareholders’ Millions of yen U.S.Dollars(*)
equity 2017 2018 2018
period
56,969 19,034 133,140 （5,204） 203,941 Cash flows from operating activities
Changes of items during period Profit before income taxes 3,542 3,899 36,706
Depreciation 284 269 2,533
Dividends of surplus （6,811）（6,811）
Increase (decrease) in allowance for doubtful accounts 0 55 524
25,304 25,304 Increase (decrease) in provision for warranties for
parent (80) (16) (158)
completed construction
Purchase of treasury shares （4,720）（4,720） Increase (decrease) in provision for loss on
(100) (7) (68)
Disposal of treasury shares 0 0 0
construction contracts
Increase (decrease) in provision for bonuses 159 155 1,467
Net changes of items other Increase (decrease) in provision for directors’ bonuses 245
－ 26
Increase (decrease) in net defined benefit liability 44 (19) (184)
－ 0 18,493 (4,719) 13,773
period Loss (gain) on sales of property, plant and equipment (0) (1) (16)
Balance at end of current period 56,969 19,034 151,634 (9,924) 217,714 Loss on retirement of non-current assets 13 89 841
Interest and dividend income (28) (32) (308)
Accumulated other comprehensive income
Interest expenses 8 16 150
Foreign exchange losses (gains) (1) 16 159
Total
Valuation Foreign Impairment loss 1,240
difference on currency
Remeasurements accumulated Non-controlling Total net assets － 131
of defined other interests Decrease (increase) in notes and accounts receivable -
available-for- translation (52,245)
benefit plans comprehensive
trade (1,711) (5,550)
sale securities adjustment
income
Decrease (increase) in costs on uncompleted
(558) 750 7,062
2,494 (91) (2,397) 5 1,376 205,322 construction contracts
period
Decrease (increase) in other assets 334 34 326
Changes of items during period Increase (decrease) in notes and accounts payable -
555 1,532 14,426
trade
Dividends of surplus (6,811) Increase (decrease) in advances received on
Profit attributable to owners of uncompleted construction contracts 767 (2,107) （19,841）
25,304
parent Increase (decrease) in accrued consumption taxes 17,532
(513) 1,862
Purchase of treasury shares (4,720)
Increase (decrease) in other liabilities 328 1 11
Disposal of treasury shares 0 Subtotal 3,047 1,105 10,406
Net changes of items other Interest and dividend income received 28 32 305
378 (189) (97) 92 (279) (187)
Total changes of items during Interest expenses paid (8) (16) （150）
378 (189) (97) 92 (279) 13,585
period Income taxes paid (566) (1,423) （13,398）
Balance at end of current period 2,872 (280) (2,495) 97 1,096 218,908
Net cash provided by (used in) operating activities 2,501 (301) （2,837）
Cash flows from investing activities
Purchase of investment securities (38) (54) （508）
Purchase of property, plant and equipment (218) (542) （5,109）
Proceeds from sales of property, plant and equipment 23 1 16
Payments for retirement of property, plant and
equipment (4) (52) （493）
Purchase of intangible assets (68) (231) （2,176）
Payments of loans receivable (109) －－
Collection of loans receivable 2 13 125
Payments for guarantee deposits (10) (13) （129）
Proceeds from collection of guarantee deposits 27 9 90
Other, net 1 1 17
Net cash provided by (used in) investing activities (393) (867) （8,166）
－ 7 －
－ 8 －
Thousands of 【Notes】
Millions of yen U.S.Dollars(*) (Basis of Presenting Consolidated Financial Statements)
2017 2018 2018
The accompanying consolidated financial statements have been prepared from the accounts maintained by
Cash flows from financing activities
NITTOC CONSTRUCTION CO., LTD. (the “Company”) and its consolidated subsidiaries (collectively, the
Proceeds from long-term loans payable － 1,100 10,353
“Group”) in accordance with the provisions set forth in the Financial Instruments and Exchange Law and its
Proceeds from share issuance to non-controlling
shareholders 130 －－ related accounting regulations, and in conformity with accounting principles and practices generally accepted in
Repayments of lease obligations (27) (21) （199） Japan, which are different in certain respects as to the application and disclosure requirements of International
Proceeds from disposal of treasury shares 0 0 0 Financial Reporting Standards.
Purchase of treasury shares (0) (501) （4,720） The consolidated financial statements are stated in Japanese yen, the currency of the country in which the
Cash dividends paid (424) (722) （6,799） Company is incorporated and mainly operates. The translation of Japanese yen amounts into U.S. dollar amounts
Net cash provided by (used in) financing activities (321) (144) （1,364） is included solely for the convenience of readers outside Japan and has been made at the rate of ¥106.24 to
Effect of exchange rate change on cash and cash US$1.00, the approximate rate of exchange on March 31, 2018. Such translation should not be construed as a
(4) (33) （317）
equivalents representation that the Japanese yen amounts could be converted into U.S. dollars at that or any other rate.
Net increase (decrease) in cash and cash equivalents 1,780 (1,347) （12,685）
Cash and cash equivalents at beginning of period 12,681 14,462 136,130 (Going-Concern Assumption)
Cash and cash equivalents at end of period *1 14,462 *1 13,114 123,444 Not applicable
*Refer to the note “Significant Items on Basis for Preparation of Consolidated Financial Statements.” (Significant Items on Basis for Preparation of Consolidated Financial Statements)
1. Scope of Consolidation
Number of consolidated subsidiaries: 4
Midori Industries Co., Ltd.
Yamaguchi Earth Engineering Co., Ltd.
Shimane Earth Engineering Co., Ltd.
PT NITTOC CONSTRUCTION INDONESIA
2. Application of the Equity Method

Not applicable
3. Fiscal Years, etc. of Consolidated Subsidiaries

The year-end date of the fiscal year of the consolidated subsidiaries is March 31, which is the same as the
consolidated balance sheet date.
4. Accounting Policies
(1) Valuation standard and valuation method for significant assets
1) Securities
・ Held-to-maturity debt securities
Amortized cost method (by the straight-line method)
・ Available-for-sale securities
Securities with market quotations:
Valued at fair market value as of the consolidated fiscal year-end date (All changes in valuation difference
are included directly in net assets. Cost of securities sold is determined by the moving-average method).
Securities without market quotations:
Valued at cost based on the moving-average method.
2) Inventories
・ Merchandise
Stated at cost using the first-in first-out method (The figures shown in the consolidated balance sheets have
been calculated by writing down the book value based on the decline in profitability.)
・ Real estate for sale
Stated at cost using the specific identification method (The figures shown in the consolidated balance sheets
have been calculated by writing down the book value based on the decline in profitability.)
・ Costs on uncompleted construction contracts
Stated at cost using the specific identification method
・ Raw materials and supplies
Stated at cost using the first-in first-out method (The figures shown in the consolidated balance sheets have
－ 9 － been calculated by writing down the book value based on the decline in profitability.)
－ 10 －
(2) Depreciation methods of major depreciable assets Monetary receivables and payables denominated in foreign currencies are translated into Japanese yen at the spot
1) Property, plant and equipment (excluding leased assets): The declining-balance method is applied. exchange rates on the consolidated fiscal year-end date, and differences arising from such translation are charged
However, the straight-line method is adopted for buildings acquired on or after April 1, 1998, as well as facilities to income.
attached to buildings and structures acquired on or after April 1, 2016, and for machinery equipment. The useful The asset and liability accounts of the overseas subsidiaries are translated into Japanese yen at the spot exchange
lives and the residual value are based on standards in accordance with methods stipulated in the Corporation rates as of the consolidated fiscal year-end date. The revenue and expense accounts of the overseas subsidiaries
Tax Act. are translated into Japanese yen based on the average exchange rate during the consolidated fiscal year under
2) Intangible assets (excluding leased assets): The straight-line method is applied. review, and differences arising from such translation are included in “Foreign currency translation adjustment”
The useful lives are based on standards in accordance with methods stipulated in the Corporation Tax Act. and “Non-controlling interests” as separate components of “Net assets.”
Computer software for internal use is amortized by the straight-line method over the estimated internal useful
life (five years).
3) Leased assets (7) Recognition standards for significant revenues and expenses
The same depreciation method as that applied to non-current assets owned by the Company is adopted for leased Recognition standards for net sales of completed construction contracts and cost of sales of completed
assets of finance lease transactions where ownership of leased assets is transferred to the lessee. construction contracts
The straight-line method, in which the lease period is utilized as the useful life assuming the residual value is 1) Works for which the outcome of the construction activity is deemed certain with regard to the portion of
zero, is adopted for the leased assets of finance lease transactions without transfer of ownership. construction in progress by the end of the consolidated fiscal year under review
The percentage-of-completion method has been applied to such works (the degree of completion of construction
(3) Accounting procedure for deferred assets is estimated by the cost-to-cost method).
Deferred organization expenses and business commencement expenses are fully charged to income as incurred. 2) Other works
The completed-contract method has been applied.
(4) Recognition standards for significant reserves
1) Allowance for doubtful accounts Net sales of completed construction contracts, to which the percentage-of-completion method was applied, were
The allowance for doubtful accounts is recorded at an amount of estimated uncollectible receivables based on ¥44,391 million ($417,840 thousand) for the consolidated fiscal year under review.
past bad debt experience for general receivables, and by individually considering the collectibility for certain
doubtful receivables including loans with potential default to prepare for possible loan losses including notes (8) Scope of cash and cash equivalents in the consolidated statements of cash flows
and accounts receivable - trade and loans receivable. Cash and cash equivalents in the consolidated statements of cash flows comprise cash on hand, bank deposits
2) Provision for warranties for completed construction available for withdrawal on demand and readily convertible short-term investments with maturities of three
The provision for warranties for completed construction is recorded at an amount based on the estimated months or less, which are exposed to minor risk of fluctuation in value.
compensation amount regarding the net sales of completed construction contracts for the consolidated fiscal
year under review to prepare for expenses such as warranty against defects relative to completed construction (9) Other items of significance concerning the preparation of consolidated financial statements
works. 1) Accounting procedure for consumption taxes and others
3) Provision for loss on construction contracts Transactions subject to consumption tax and local consumption tax are recorded at amounts exclusive of the
The provision for loss on construction contracts is recorded at an estimated loss amount regarding construction consumption taxes.
works on hand at the end of the consolidated fiscal year under review for which loss is expected, and for which 2) Application of consolidated tax return system
the amount can be reasonably estimated, to prepare for possible losses from construction contracts that the The consolidated tax return system is applied.
Group has received orders thereof.
4) Provision for bonuses
The provision for bonuses is recorded at an amount of possible disbursement corresponding to the consolidated
fiscal year under review based on the estimated amount to provide for bonuses to employees.
5) Provision for directors’ bonuses
The provision for directors’ bonuses is recorded at an amount of possible disbursement corresponding to the
consolidated fiscal year under review based on the estimated amount to provide for bonuses to eligible directors.
(5) Accounting procedure for retirement benefits

1) Method of allocating the projected retirement benefits to periods
In calculating the projected benefit obligation, the benefit formula basis is used to allocate the projected
retirement benefits to periods up to the end of the consolidated fiscal year under review.
2) Amortization method for actuarial gains/losses and prior service cost
Actuarial gains or losses are amortized for the pro-rata amount computed by the straight-line method over a
certain period (10 years) within the average remaining service period of employees at the time of recognition,
commencing from the consolidated fiscal year following the recognition.
The prior service cost is amortized by the straight-line method over a certain period (10 years) within the average
remaining service period of employees at the time of recognition, commencing from the consolidated fiscal year
following the recognition.
3) Adoption of the simplified method for small and medium-sized entities
For the calculation of net defined benefit liability and retirement benefit expenses, the consolidated subsidiaries
of the Company have adopted the simplified method, according to which the amount of payables for voluntary
retirement of all employees at the end of the period is treated as projected benefit obligation.
(6) Translation of significant assets and liabilities denominated in foreign currencies into Japanese yen
－ 11 －
－ 12 －
(¥87) million ¥17 million $163 thousand
*2 Major expense items of selling, general and administrative expenses and their amounts were as follows:
Thousands of
Fiscal year ended March 31 Millions of yen U.S.Dollars
2017 2018 2018
(Consolidated Balance Sheets) date. The for
Provision following notes,
directors’ etc., matured at the－
bonuses end of the fiscal year are26included in the balance as the last
245day of
*1 Accumulated depreciation of property, plant and equipment the fiscal year under
Employees’ salaries and review fell on a bank holiday.
2,685 2,666 25,100
As of March 31 allowances
As offor
Provision March 31
bonuses 289 348 3,277
2017 2018 2018
Retirement benefit2017 expenses 270 2018 253 2018 2,387
¥6,644 million ¥6,605 million $62,172 thousand Provision of allowance for － million
Notes receivable 0 ¥18255 million $1,716524thousand
doubtful accounts
Electronically
2 Contingent liabilities recorded monetary － million ¥34 million $321 thousand
(1) The Company guarantees loans payable for the purchase of its properties for sale. *3 claims－operating
Research and development expenses included in general and administrative expenses
As of March 31 Notes payable － million ¥475 million $4,474 thousand
Fiscal year ended March 31
2017 2018 2018
2017 2018 2018
5 properties ¥8 million 4 properties ¥5 million $53 thousand
¥201 million ¥169 million $1,593 thousand
(2) The Company guarantees housing funds, the loans payable of its employees borrowed from banks, in
accordance with the Housing Loan Financing Rules. *4 The breakdown of gain on sales of non-current assets was as follows:
As of March 31 Fiscal year ended March 31
2017 2018 2018 2017 2018 2018
¥15 million ¥7 million $72 thousand Machinery, vehicles, tools,
¥0 million ¥1 million $16 thousand
furniture and fixtures
*3 Reduction entry
The amount of reduction entry, which is subtracted from the acquisition prices of property, plant and equipment *5 The breakdown of loss on retirement of non-current assets was as follows:
due to acceptance of a state subsidy, and the breakdown thereof were as follows: Thousands of
As of March 31 Millions of yen U.S.Dollars
2017 2018 2018
2017 2018 2018
Buildings and structures 11 89 841
Other ¥2 million ¥2 million $19 thousand Machinery, vehicles, tools,
0 0 0
furniture and fixtures
*4 Presentation of inventories and provision for loss on construction contracts Intangible assets 1 －－
Total 13 89 841
Fiscal year ended March 31, 2017 (As of March 31, 2017)
Both the costs on uncompleted construction contracts and the provision for loss on construction contracts, which *6 Impairment loss
are related to construction contracts that are expected to generate losses, are presented without offsetting each
other. Fiscal year ended March 31, 2017 (From April 1, 2016 to March 31, 2017)
Of the costs on uncompleted construction contracts relating to construction contracts that are expected to generate Not applicable
losses, the amount corresponding to the provision for loss on construction contracts is ¥28 million.
Fiscal year ended March 31, 2018 (From April 1, 2017 to March 31, 2018)
Fiscal year ended March 31, 2018 (As of March 31, 2018) For the fiscal year ended March 31, 2018, the Company reported impairment loss for the following asset group.
Both the costs on uncompleted construction contracts and the provision for loss on construction contracts, which
are related to construction contracts that are expected to generate losses, are presented without offsetting each
other. Impairment loss
Of the costs on uncompleted construction contracts relating to construction contracts that are expected to generate Use Type Location Thousands of
losses, the amount corresponding to the provision for loss on construction contracts is ¥23 million ($219 Millions of yen
U.S.Dollars
thousand).
Buildings and
Assets planned Takamatsu-shi,
5 Commitment line agreements structures, land, and 131 1,240
to be sold Kagawa
The Company has entered into commitment line agreements with our four banks to facilitate efficient fund intangible assets
procurement of working capital.
The unused balance of the borrowings relative to the commitment line agreements as of March 31 was as follows:
－ 15 －
Thousands of
2017 2018 2018
Total amount of the
2,200 2,200 20,707
commitment line
Balance of executed
－－ -
loans
Unused balance 2,200 2,200 20,707
*6 Notes, etc., matured at the end of the fiscal year under review were settled as of the clearance date or settlement
－ 13 －
－ 14 －
(Grouping method) (Consolidated Statements of Comprehensive Income)
The Company has, in principle, grouped business-use assets by department/branch which are the minimum *1 Amounts of reclassification and the tax-effect equivalent in relation to “Other comprehensive income”
profit-reporting unit and grouped shared assets such as the head office by the entire business as a profit- Thousands of
reporting unit. Meanwhile, the Company has separately grouped individual assets such as assets planned to be Fiscal year ended March 31 Millions of yen U.S.Dollars
sold and idle assets 2017 2018 2018
Valuation difference on available-for-
(Breakdown of impairment loss recognized) sale securities
Accrued in the fiscal year 134 57 545
Millions of yen Thousands of Amount of reclassification －－
U.S.Dollars
Before tax-effect adjustment 134 57 545
Building and structures 7 69
Land 124 1,170 Amount of tax-effect equivalent (41) (17) (167)
Intangible assets 0 0 Valuation difference on available-
93 40 378
Total 131 1,240 for-sale securities
(Background) Foreign currency translation

The Company, at its Board of Directors meeting, resolved to sell said non-current assets. Consequently, the adjustment
Company reported an impairment loss because the value of said assets became lower than their recoverable Accrued in the fiscal year (5) (30) (290)
amounts. Foreign currency translation
(5) (30) (290)
adjustment
(Calculation method of recoverable amounts)
Recoverable amounts for assets planned to be sold are measured by using the net selling price, and the net
Remeasurements of defined benefit
selling prices are determined based on their selling prices, etc., under the relevant respective contracts.
plans
Accrued in the fiscal year 0 (54) (515)
Amount of reclassification 36 39 375
Before tax-effect adjustment 36 (14) (140)
Amount of tax-effect equivalent (6) 4 42
Remeasurements of defined
29 (10) (97)
benefit plans, net of tax
Total other comprehensive
118 (1) (9)
income
－ 16 －－ 17 －
(Consolidated Statements of Changes in Net Assets) Notes:
1. The increase in number of treasury shares represents the acquisition of the Company’s own shares
Fiscal year ended March 31, 2017 (From April 1, 2016 to March 31, 2017) pursuant to resolution at the Board of Directors meeting held on May 19, 2017, and the increase from
1. Class and total number of issued shares and of treasury shares the purchase of less-than-one-unit shares.
Fiscal year ended March 31, Number of shares at Increase in number Decrease in number Number of shares at 2. The decrease in number of treasury shares represents the decrease due to sales of the Company’s own
2017 the beginning of shares of shares the end shares in response to the request for additional purchase of less-than-one-unit shares by shareholders.
Issued shares 2. Dividends

(1) Amount of dividends paid
Common shares 43,919,291 －－ 43,919,291
Class of Source of Dividend
Resolution Total dividends Record date Effective date
Total 43,919,291 －－ 43,919,291 shares dividends per share
Treasury shares Annual

¥723 million
Shareholders’ Common Retained
Common shares 1,351,404 1,508 150 1,352,762 ($6,811 thousand) ¥17.00 March 31, 2017 June 26, 2017
Meeting on shares earnings
June 23, 2017
Total 1,351,404 1,508 150 1,352,762
Notes:
1. The increase in number of treasury shares represents the increase from the purchase of less-than-one- (2) Dividends for which the record date is during the consolidated fiscal year under review but for which
unit shares. the effective date is after the end of the consolidated fiscal year under review
2. The decrease in number of treasury shares represents the decrease due to sales of the Company’s own Class of Source of Dividend
shares in response to the request for additional purchase of less-than-one-unit shares by shareholders. shares dividends per share
Annual
2. Dividends ¥1,001 million
Shareholders’ Common Retained
(1) Amount of dividends paid ($9,422 thousand) ¥24.00 March 31, 2018 June 25, 2018
Class of Source of Dividend June 22, 2018
shares dividends per share
Annual
Shareholders’ Common ¥425 million Retained (Consolidated Statements of Cash Flows)
¥10.00 March 31, 2016 June 27, 2016 *1 A reconciliation of the balance of cash and cash equivalents in the consolidated statements of cash flows to cash
June 24, 2016 and deposits included in the consolidated balance sheets
(2) Dividends for which the record date is during the consolidated fiscal year under review but for which Thousands of
the effective date is after the end of the consolidated fiscal year under review Fiscal year ended March 31 Millions of yen U.S.Dollars
Class of Source of Dividend 2017 2018 2018
shares dividends per share Cash and deposits 14,462 13,114 123,444
Annual Cash and cash equivalents 14,462 13,114 123,444
Shareholders’ Common ¥723 million Retained
¥17.00 March 31, 2017 June 26, 2017
June 23, 2017 (Lease Transactions)
(Lessee)
Fiscal year ended March 31, 2018 (From April 1, 2017 to March 31, 2018) Finance lease transactions that transfer ownership
1. Class and total number of issued shares and of treasury shares 1. Details of leased assets
Property, plant and equipment
Fiscal year ended March 31, Number of shares at Increase in number Decrease in number Number of shares at
Consist of machinery and equipment.
2018 the beginning of shares of shares the end
2. Depreciation method of leased assets
Issued shares As described in the “(Significant Items on Basis for Preparation of Consolidated Financial Statements)
4. Accounting Policies (2) Depreciation methods of major depreciable assets.”
Common shares 43,919,291 －－ 43,919,291
Finance lease transactions that do not transfer ownership
Total 43,919,291 －－ 43,919,291 1. Details of leased assets
Treasury shares Property, plant and equipment
Consist mainly of machinery and equipment.
Common shares 1,352,762 854,228 9 2,206,981 2. Depreciation method of leased assets
As described in the “(Significant Items on Basis for Preparation of Consolidated Financial Statements)
Total 1,352,762 854,228 9 2,206,981 4. Accounting Policies (2) Depreciation methods of major depreciable assets.”
－ 18 －－ 19 －
(Financial Instruments) 2. Market Values of Financial Instruments
Fiscal year ended March 31, 2017 (From April 1, 2016 to March 31, 2017) The carrying value in the consolidated balance sheets, the market value and the difference thereof as of March
1. Status of Financial Instruments 31, 2017, were as follows.
(1) Policies on financial instruments Financial instruments for which it is deemed extremely difficult to measure the market value are not included in
The Group holds a policy to procure working capital, which is necessary to pursue business purposes, in the the table below. (Refer to Note 2.)
form of borrowings from banks and invests temporary surplus funds in short-term deposits, etc. The Group (Millions of yen)
utilizes derivatives within the limit of actual demand and not for speculative purposes. In the consolidated Carrying value
fiscal year under review, no derivative transactions were utilized. in the consolidated Market value Difference
balance sheets
(2) Description of financial instruments and related risks (1) Cash and deposits 14,462 14,462 －
Notes receivable, accounts receivable from completed construction contracts, electronically recorded
(2) Notes receivable, accounts
monetary claims－operating and other, which are trade receivables, are exposed to the credit risk of the
receivable from completed
respective counterparties. Investment securities are mainly stocks of companies with which the Company
construction contracts,
holds business relationships, and are exposed to market price fluctuation risk. 19,171 19,171 －
electronically recorded
Notes payable, accounts payable for construction contracts and other, which are trade payables, generally
monetary claims－operating
entail the concentrated due date for payments and are exposed to liquidity risk.
and other
(3) Risk management system for financial instruments (3) Investment securities
1) Management of credit risk (default risk of the counterparties) Available-for-sale securities 692 692 －
The Group regularly monitors notes receivable, accounts receivable from completed construction
contracts, electronically recorded monetary claims－operating and other regarding main counterparties at Total assets 34,326 34,326 －
the relevant departments/sections in accordance with the Credit Exposure Management Rules and the (1) Notes payable, accounts
Credit Management Manual. In addition to the management of credit balances by counterparty, the Group payable for construction 11,133 11,133 －
works to early grasp and reduce recovery concerns due to the aggravation of financial positions at the contracts and other
counterparties. Total liabilities 11,133 11,133 －
2) Management of market risk (market price fluctuation risk)
The Group regularly checks the current market value of shares included in the category of investment Derivative transactions －－－
securities and makes efforts to comprehend the financial positions of the issuers (counterparties) and
continuously reviews the holding status of such investment securities by taking into account market Notes:
conditions and the relationship with the respective counterparties. 1. Calculation method of the market value of financial instruments, as well as securities and derivative
3) Management of liquidity risk (the risk of non-repayment on the due date) relating to fund procurement transactions
At the Group, the Accounting Department prepares and renews the cash-flow plan based on the reports Assets
from the respective departments/sections. The department also manages liquidity risk with measures such (1) Cash and deposits and (2) Notes receivable, accounts receivable from completed construction contracts,
as the maintenance of liquidity on hand and entering into commitment line agreements with our banks. electronically recorded monetary claims－operating and other
As these instruments are settled within a short term and their market values and book values are
similar, their book values are assumed as their market values.
(3) Investment securities
The market value of investment securities is based on the prices listed at stock exchanges.
For details of securities by holding purpose, please refer to the notes titled “Securities.”
Liabilities
(1) Notes payable, accounts payable for construction contracts and other
As these instruments are settled within a short term and their market values and book values are
Derivative transactions
The Group conducts no derivative transactions.
2. Financial instruments for which it is deemed extremely difficult to measure the market value
Carrying value in the consolidated balance sheets
Classification
(Millions of yen)
Available-for-sale securities
145
(unlisted stocks)
The above securities are not included in “(3) Investment securities” because they have no market
prices and it is deemed extremely difficult to measure their market values.
－ 20 －－ 21 －
3. Redemption schedules for monetary receivables and securities with maturity dates after the consolidated as the maintenance of liquidity on hand and entering into commitment line agreements with our banks.
balance sheet date (March 31, 2017)
(Millions of yen) 2. Market Values of Financial Instruments
Over one year Over five years The carrying value in the consolidated balance sheets, the market value and the difference thereof as of March
Within 31, 2018, were as follows.
and within five and within 10 Over 10 years
one year Financial instruments for which it is deemed extremely difficult to measure the market value are not included in
years years
the table below. (Refer to Note 2.)
Cash and deposits 14,462 －－－
Notes receivable, (Millions of yen)
accounts receivable from Carrying value
completed construction in the consolidated Market value Difference
contracts, electronically 19,171 －－－ balance sheets
recorded monetary (1) Cash and deposits 13,114 13,114 －
claims－operating and (2) Notes receivable, accounts
other receivable from completed
Investment securities construction contracts,
electronically recorded 24,683 24,683 －
Available-for-sale monetary claims－operating
securities with －－－－ and other
maturity dates
(3) Investment securities
Total 33,633 －－－ Available-for-sale securities 804 804 －
Total assets 38,602 38,602 －
4. The repayment schedules for lease obligations are shown in the “Schedule of Loans Payable,” a (1) Notes payable, accounts
consolidated supplementary statement. payable for construction 12,691 12,691 －
contracts and other
Fiscal year ended March 31, 2018 (From April 1, 2017 to March 31, 2018) (2) Short-term loans payable 274 274 －
1. Status of Financial Instruments
(3) Long-term loans payable 826 826 －
(1) Policies on financial instruments
The Group holds a policy to procure working capital, which is necessary to pursue business purposes, in the Total liabilities 13,791 13,791 －
form of borrowings from banks and invests temporary surplus funds in short-term deposits, etc. The Group
utilizes derivatives within the limit of actual demand and not for speculative purposes. In the consolidated Derivative transactions －－－
fiscal year under review, no derivative transactions were utilized.
(2) Description of financial instruments and related risks

Notes receivable, accounts receivable from completed construction contracts and other, and electronically
recorded monetary claims－operating, which are trade receivables, are exposed to the credit risk of the
respective counterparties. Investment securities are mainly stocks of companies with which the Company
holds business relationships, and are exposed to market price fluctuation risk.
Notes payable, accounts payable for construction contracts and other, which are trade payables, generally
entail the concentrated due date for payments and are exposed to liquidity risk. Borrowings as funds for
capital investments are exposed to market price fluctuation risk (interest rate risk) and liquidity risk.
(3) Risk management system for financial instruments

1) Management of credit risk (default risk of the counterparties)
The Group regularly monitors notes receivable, accounts receivable from completed construction
contracts and other, and electronically recorded monetary claims － operating regarding main
counterparties at the relevant departments/sections in accordance with the Credit Exposure Management
Rules and the Credit Management Manual. In addition to the management of credit balances by
counterparty, the Group works to early grasp and reduce recovery concerns due to the aggravation of
financial positions at the counterparties.
2) Management of market risk (market price fluctuation risk)
The Group regularly checks the current market value of shares included in the category of investment
securities and makes efforts to comprehend the financial positions of the issuers (counterparties) and
continuously reviews the holding status of such investment securities by taking into account market
conditions and the relationship with the respective counterparties.
3) Management of liquidity risk (the risk of non-repayment on the due date) relating to fund procurement
At the Group, the Accounting Department prepares and renews the cash-flow plan based on the reports
from the respective departments/sections. The department also manages liquidity risk with measures such
－ 22 －－ 23 －
(Thousands of U.S.Dollars) 2. Financial instruments for which it is deemed extremely difficult to measure the market value
Carrying value
in the consolidated Market value Difference Classification Carrying value in the consolidated balance sheets
balance sheets Available-for-sale securities
(1) Cash and deposits ¥145 million $1,371 thousand
123,444 123,444 － (unlisted stocks)
(2) Notes receivable, accounts The above securities are not included in “(3) Investment securities” because they have no market
receivable from completed prices and it is deemed extremely difficult to measure their market values.
construction contracts,
electronically recorded 232,333 232,333 － 3. Redemption schedules for monetary receivables and securities with maturity dates after the consolidated
monetary claims－operating balance sheet date (March 31, 2018)
and other (Millions of yen)
Over one year Over five years
(3) Investment securities Within
7,577 7,577 and within five and within 10 Over 10 years
Available-for-sale securities － one year
years years
Total assets 363,355 363,355 － Cash and deposits 13,114 －－－
(1) Notes payable, accounts Notes receivable,
payable for construction 119,463 119,463 － accounts receivable from
contracts and other completed construction
(2) Short-term loans payable 2,579 2,579 － contracts, electronically 24,683 －－－
(3) Long-term loans payable 7,774 7,774 － recorded monetary
claims－operating and
Total liabilities 129,817 129,817 － other
Derivative transactions －－－ Investment securities
Notes: Available-for-sale
1. Calculation method of the market value of financial instruments, as well as securities and derivative securities with －－－－
transactions maturity dates
Assets Total 37,797 －－－
(1) Cash and deposits and (2) Notes receivable, accounts receivable from completed construction contracts
and other, and electronically recorded monetary claims－operating (Thousands of U.S.Dollars)
As these instruments are settled within a short term and their market values and book values are Over one year Over five years
similar, their book values are assumed as their market values. Within
and within five and within 10 Over 10 years
(3) Investment securities one year
years years
The market value of investment securities is based on the prices listed at stock exchanges.
For details of securities by holding purpose, please refer to the notes titled “Securities.” Cash and deposits 123,444 －－－
Notes receivable,
Liabilities accounts receivable from
(1) Notes payable, accounts payable for construction contracts and other completed construction
As these instruments are settled within a short term and their market values and book values are contracts, electronically 232,333 －－－
similar, their book values are assumed as their market values. recorded monetary
(2) Short-term loans payable claims－operating and
As these instruments are settled within a short term and their market values and book values are other
(3) Long-term loans payable Investment securities
As these instruments were determined with reference to fixed interest rates and the credit standing of
the Company has not changed much following similar new borrowings. Accordingly, as their market Available-for-sale
values and book values are considered to be similar, their book values are assumed as their market securities with －－－－
values. maturity dates
Derivative transactions Total 355,778 －－－
The Group conducts no derivative transactions.
4. The repayment schedules for loans payable and lease obligations are shown in the “Schedule of Loans
Payable,” a consolidated supplementary statement.
－ 24 －－ 25 －
(Securities) 3. Available-for-sale securities sold during the consolidated fiscal year under review (From April 1, 2016 to
Fiscal year ended March 31, 2017 (As of March 31, 2017) March 31, 2017)
1. Held-to-maturity debt securities (As of March 31, 2017) Not applicable
Not applicable
Fiscal year ended March 31, 2018 (As of March 31, 2018)
2. Available-for-sale securities (As of March 31, 2017) 1. Held-to-maturity debt securities (As of March 31, 2018)
(Millions of yen) Not applicable
Carrying value in the
Acquisition cost Difference 2. Available-for-sale securities (As of March 31, 2018)
consolidated balance
sheets (Millions of yen)
(1) Securities with carrying Carrying value in the
Acquisition cost Difference
value in the consolidated consolidated balance
balance sheets exceeding sheets
acquisition cost (1) Securities with carrying
Shares value in the consolidated
690 308 382
balance sheets exceeding
Bonds acquisition cost
National government Shares 801 361 440
bonds, local －－－
government bonds, etc. Bonds
Corporate bonds －－－ National government
Other －－－ government bonds, etc.
Other －－－ Corporate bonds －－－

Other －－－
Subtotal 690 308 382
(2) Securities with carrying Other －－－
value in the consolidated
Subtotal 801 361 440
balance sheets not
exceeding acquisition (2) Securities with carrying
cost value in the consolidated
Shares 2 2 (0) balance sheets not
exceeding acquisition
Bonds cost
National government Shares 3 3 (0)
government bonds, etc. Bonds
Corporate bonds －－－ National government
Other －－－ government bonds, etc.
Other －－－ Corporate bonds －－－

Other －－－
Subtotal 2 2 (0)
Other －－－
Total 692 311 381
Subtotal 3 3 (0)
Note: Shares for which it is deemed extremely difficult to measure the market value
Total 804 365 439
Carrying value in the consolidated balance sheets
Classification
(Millions of yen)
Note: Shares for which it is deemed extremely difficult to measure the market value
145
(unlisted stocks) Carrying value in the consolidated balance sheets
Classification
Millions of yen Thousands of U.S.Dollars
145 1,371
(unlisted stocks)
－ 26 －－ 27 －
(Thousands of U.S.Dollars) (Retirement Benefits)
Carrying value in the 1. Outline of adopted employee retirement benefit plans
Acquisition cost Difference The Company and its consolidated subsidiaries have adopted unfunded retirement benefit plans to provide for
consolidated balance
sheets retirement benefits for their employees. Half of the retirement benefit plans are defined benefit plans and the
(1) Securities with carrying remaining portion are defined contribution plans.
value in the consolidated The defined benefit plans are lump-sum severance payment plans to provide retirement benefits by means of a
balance sheets exceeding point scheme based on service period.
acquisition cost In the defined contribution plans, the contribution is clearly sectionalized by individual and the pension benefit
amount is determined based on the total of the contributions and the return on plan assets thereof.
Shares 7,542 3,399 4,142
In addition to the above, the Company and its consolidated subsidiaries are affiliated with the multiemployer
Bonds plans of the Employees’ Pension Fund. As the rational computation of plan assets cannot be ensured for the
multiemployer pension plans, accounting is processed in a similar manner as that for the defined contribution
National government
plans.
At the consolidated subsidiaries, net defined benefit liability and retirement benefit expenses are calculated by
government bonds, etc.
the simplified method. They are included in the following relevant items because of their immateriality in the
Corporate bonds －－－ consolidated financial statements.
Other －－－
2. Defined benefit plans
Other －－－ (1) Reconciliation of the beginning/ending balance of projected benefit obligations
Thousands of
Subtotal 7,542 3,399 4,142 Fiscal year ended March 31 Millions of yen U.S.Dollars
(2) Securities with carrying 2017 2018 2018
value in the consolidated Beginning balance of projected
4,013 4,022 37,862
balance sheets not benefit obligations
exceeding acquisition Service cost 250 245 2,309
cost Interest cost 13 18 172
Shares 34 37 (2) Accrued amount of actuarial
0 54 515
differences
Bonds Retirement benefits paid (256) (323) (3,041)
National government Ending balance of projected
4,022 4,017 37,818
bonds, local －－－ benefit obligations
government bonds, etc.
(2) Reconciliation of the beginning/ending balance of plan assets
Corporate bonds －－－
Other －－－ Not applicable
Other －－－ Fiscal year ended March 31, 2018 (From April 1, 2017 to March 31, 2018)
Not applicable
Subtotal 34 37 (2)
Total 7,577 3,436 4,140 (3) Reconciliation of the ending balance of projected benefit obligations and plan assets, and the net defined
benefit liability and the net defined benefit asset in the consolidated balance sheets
3. Available-for-sale securities sold during the consolidated fiscal year under review (From April 1, 2017 to Thousands of
March 31, 2018) As of March 31 Millions of yen U.S.Dollars
Not applicable 2017 2018 2018
Projected benefit obligations
(Derivative Transactions) 4,022 4,017 37,818
under unfunded plans
Net carrying value in the
1. Derivatives for which hedge accounting is not applied
consolidated balance sheets of 4,022 4,017 37,818
Not applicable as no derivative transactions are utilized.
relevant liabilities and assets
2. Derivatives for which hedge accounting is applied Net defined benefit liability 4,022 4,017 37,818
Net carrying value in the
Fiscal year ended March 31, 2018 (From April 1, 2017 to March 31, 2018) consolidated balance sheets of 4,022 4,017 37,818
1. Derivatives for which hedge accounting is not applied relevant liabilities and assets
2. Derivatives for which hedge accounting is applied

－ 29 －
－ 28 －
(4) Retirement benefit expenses and the breakdown of the amounts thereof 4. Multiemployer plans
Thousands of The amount to be contributed under the multiemployer plans of the Japan SOGO Employees’ Pension Fund
Millions of yen U.S.Dollars (former Japan Geotechnical Consultants Employees’ Pension Fund), of which the accounting is processed in the
same manner as that for the defined contribution plans, was ¥205 million for the fiscal year ended March 31,
2017 2018 2018
2017, and ¥151 million ($1,428 thousand) for the fiscal year ended March 31, 2018. The Japan Geotechnical
Service cost 250 245 2,309 Consultants Employees’ Pension Fund, with which the Company was affiliated, returned the substitutional part
Interest cost 13 18 172 of the Employees’ Pension Fund, and the Fund was transferred to the Japan SOGO Employees’ Pension Fund,
Amortization of actuarial an employees’ pension fund with a defined benefit pension plan. The returned amount of ¥51,311
45 48 456
differences million($482,975 thousand) was paid to the authorities before April 13, 2017. The above return of the
Amortization of prior service substitutional part of the Employees’ Pension Fund had no impact on profit and loss in the Consolidated
(8) (8) (81)
cost Statements of Income.
Retirement benefit expenses
relative to the defined benefit 300 303 2,857 (1) Most recent plan assets reserved under the multiemployer plans
plans Thousands of
(5) Remeasurements of defined benefit plans 2017 2018 2018
The breakdown of items (before deducting tax-effect amounts) reported under remeasurements of defined Plan assets 72,443 18,678 175,809
benefit plans is as follows: Total of the actuarial liability
Thousands of based on the pension financing
Fiscal year ended March 31 Millions of yen U.S.Dollars 72,826 15,237 143,420
calculation and the minimum
2017 2018 2018 liability reserves
Prior service cost (8) (8) (81) Net amount (382) 3,440 32,379
Actuarial differences 45 (6) (58)
Total 36 (14) (140) (2) Ratio of the Group’s contribution to the multiemployer plans relative to the contributions to the overall
retirement benefit plans
(6) Remeasurements of defined benefit plans (accumulated) Fiscal year ended March 31, 2017: 14.17% (As of March 31, 2016)
The breakdown of items (before deducting tax-effect amounts) reported under remeasurements of defined Fiscal year ended March 31, 2018: 14.67% (As of March 31, 2017)
benefit plans (accumulated) is as follows:
Thousands of (3) Supplementary explanation
As of March 31 Millions of yen U.S.Dollars The major factors of the net amount in Item (1) above were the balance of the prior service liability
2017 2018 2018 (¥4,016 million for the fiscal year ended March 31, 2017, and ¥1,857 million ($17,479 thousand) for the
Unrecognized prior service cost 41 32 307 fiscal year ended March 31, 2018) and the general reserve (¥3,633 million for the fiscal year ended March
Unrecognized actuarial 31, 2017, and ¥5,297 million ($49,858 thousand) for the fiscal year ended March 31, 2018), based on the
(414) (420) (3,960) pension financing calculation.
differences
Total (373) (388) (3,653) The amortization method for the prior service liability under the multiemployer plans is the principal and
interest equal amortization with a 20-year amortization period. The Group amortized the special
(7) Matters regarding plan assets contribution (¥106 million for the fiscal year ended March 31, 2017, and ¥52 million ($497 thousand) for
Fiscal year ended March 31, 2017 (From April 1, 2016 to March 31, 2017) the fiscal year ended March 31, 2018), which may be appropriated for said amortization, in the
Not applicable consolidated financial statements.
The ratios in Item (2) above do not agree with the Group’s actual ratios of contributions.
Not applicable
(Stock Options)
(8) Matters regarding the basis for actuarial calculations Not applicable
Major basis for actuarial calculations (presented in weighted average figures)
As of March 31 2017 2018
Discount rate 0.46% 0.40%
3. Defined contribution plans

The amount to be contributed by the Company and its consolidated subsidiaries under the defined contribution
plans was ¥156 million for the fiscal year ended March 31, 2017, and ¥157 million ($1,483 thousand) for the
fiscal year ended March 31, 2018.
－ 30 －－ 31 －
(Tax-Effect Accounting) 2. The breakdown of items causing the difference between the effective statutory tax rate and the effective income
1. Breakdown of significant components that caused deferred tax assets and liabilities tax rate after the adoption of tax-effect accounting
Thousands of Fiscal year ended March 31

2017 2018
(%) (%)
2017 2018 2018
Effective statutory tax rate 30.9 30.9
Deferred tax assets
(Reconciliation)
Loss carried forward 8 5 48
Non-deductible expenses such as entertainment
Real estate for sale 4 4 43 0.7 0.6
expenses
Accrued enterprise tax 73 53 503 Per capita inhabitant tax 3.4 3.2
Provision for bonuses 254 308 2,902 Exclusion from revenues such as dividend
Allowance for doubtful accounts 11 8 81 (0.1) (0.0)
income
Provision for warranties for 7 2 Valuation reserve 0.3 (0.1)
23
completed construction Special deduction of income tax (1.9) (2.5)
Provision for loss on construction Other
12 9 93 0.6 (0.5)
contracts
Effective income tax rate after the adoption of
Non-current assets (Impairment 33.9 31.6
21 61 574 tax-effect accounting
loss)
Defined contribution pension
4 3 37
benefits payable
(Asset Retirement Obligation)
Net defined benefit liability 1,236 1,234 11,615
End of fiscal year ended March 31, 2017 (As of March 31, 2017)
Unrealized gains 39 37 351 This information is omitted due to its immateriality.
Asset retirement obligation 12 13 125
Other 153 115 1,090 End of fiscal year ended March 31, 2018 (As of March 31, 2018)
Subtotal of deferred tax assets 1,839 1,858 17,490 This information is omitted due to its immateriality.
Valuation reserve (83) (67) (635)
Total of deferred tax assets 1,756 1,790 16,854 (Segment Information, etc.)
Deferred tax liabilities [Segment Information]
Valuation difference on available-
(116) (134) (1,267) The reportable segments of the Group are the components of the Company and its consolidated subsidiaries, for
for-sale securities
which separate financial information is available, and which are subject to regular reviews and evaluation by the
Total of deferred tax liabilities (116) (134) (1,267) Board of Directors in deciding the allocation of management resources and in assessing business performance.
Net deferred tax assets 1,639 1,655 15,586 The Group’s operations consist of the construction business as well as several other business activities such as
sales of merchandise and materials, and insurance agency. As these businesses are insignificant in terms of
Note: Net deferred tax assets for the fiscal year ended March 31, 2017 and for the fiscal year ended March information for disclosure and the sole reportable segment of the Group is the “Construction business,” segment
31, 2018, are included in the following account items in the consolidated balance sheets. information for these businesses is omitted.
Thousands of The reportable segments of the Group are the components of the Company and its consolidated subsidiaries, for
As of March 31 Millions of yen U.S.Dollars which separate financial information is available, and which are subject to regular reviews and evaluation by the
2017 2018 2018 Board of Directors in deciding the allocation of management resources and in assessing business performance.
Current assets—Deferred tax assets 481 523 4,930 The Group’s operations consist of the construction business as well as several other business activities such as
Non-current assets—Deferred tax assets 1,157 1,132 10,656 sales of merchandise and materials, and insurance agency. As these businesses are insignificant in terms of
information for disclosure and the sole reportable segment of the Group is the “Construction business,” segment
information for these businesses is omitted.
[Related Information]
1. Information by product and service
This information is omitted as net sales to outside customers in the classification of sole product/service exceed
90% of the net sales on the consolidated statements of income.
2. Information by geographic region

(1) Net sales
This information is omitted as net sales to outside customers in Japan exceed 90% of the net sales on the
consolidated statements of income.
(2) Property, plant and equipment

This information is omitted as the amount of property, plant and equipment located in Japan exceeds 90% of
－ 32 －－ 33 －
the amount of property, plant and equipment on the consolidated balance sheets. the amount of property, plant and equipment on the consolidated balance sheets.
3. Information by major customer 3. Information by major customer

This information is omitted as there are no specific outside customers to whom net sales account for 10% or more This information is omitted as there are no specific outside customers to whom net sales account for 10% or more
of the net sales on the consolidated statements of income. of the net sales on the consolidated statements of income.
Fiscal year ended March 31, 2018 (From April 1, 2017 to March 31, 2018) Fiscal year ended March 31, 2018 (From April 1, 2017 to March 31, 2018)
1. Information by product and service 1. Information by product and service
This information is omitted as net sales to outside customers in the classification of sole product/service exceed This information is omitted as net sales to outside customers in the classification of sole product/service exceed
90% of the net sales on the consolidated statements of income. 90% of the net sales on the consolidated statements of income.
2. Information by geographic region 2. Information by geographic region

(1) Net sales (1) Net sales
This information is omitted as net sales to outside customers in Japan exceed 90% of the net sales on the This information is omitted as net sales to outside customers in Japan exceed 90% of the net sales on the
consolidated statements of income. consolidated statements of income.
(2) Property, plant and equipment (2) Property, plant and equipment
This information is omitted as the amount of property, plant and equipment located in Japan exceeds 90% of This information is omitted as the amount of property, plant and equipment located in Japan exceeds 90% of
the amount of property, plant and equipment on the consolidated balance sheets. the amount of property, plant and equipment on the consolidated balance sheets.
3. Information by major customer 3. Information by major customer

This information is omitted as there are no specific outside customers to whom net sales account for 10% or more This information is omitted as there are no specific outside customers to whom net sales account for 10% or more
of the net sales on the consolidated statements of income. of the net sales on the consolidated statements of income.
[Information on Impairment Loss of Non-Current Assets by Reportable Segment] [Information on Impairment Loss of Non-Current Assets by Reportable Segment]
The information is omitted as the reportable segment is solely the construction business. The information is omitted as the reportable segment is solely the construction business.
The information is omitted as the reportable segment is solely the construction business. The information is omitted as the reportable segment is solely the construction business.
[Information on Amortized Amount and Unamortized Balance of Goodwill by Reportable Segment] [Information on Amortized Amount and Unamortized Balance of Goodwill by Reportable Segment]
Not applicable Not applicable
[Information on Gain on Bargain Purchase by Reportable Segment] [Information on Gain on Bargain Purchase by Reportable Segment]
【Related Party Information】【Related Party Information】

－ 34 －－ 34 －
(Per-Share Information) 5)【Consolidated Supplementary Statements】
【Schedule of Bonds Payable】
Fiscal year ended March 31 2017 2018
Not applicable
Net assets per share ¥509.02 ¥554.76 $5.22
【Schedule of Loans Payable】
Basic earnings per share ¥55.03 ¥64.13 $0.60
Diluted earnings per share Diluted earnings per share is Diluted earnings per share is not disclosed Beginning balance of the Ending balance of the
not disclosed as no potential as no potential shares exist. fiscal year ended fiscal year ended Average
shares exist. March 31, 2018 March 31, 2018 Repayment
Classification interest rate
deadline
(%)
Note: The basis for calculation of “Basic earnings per share” is as follows: Millions Thousands of Millions Thousands of
of yen U.S.Dollars of yen U.S.Dollars
Thousands of
Fiscal year ended March 31 Millions of yen U.S.Dollars Short-term loans payable －－－－－－
2017 2018 2018 Current portion of long-
Basic earnings per share －－ 274 2,579 0.25 －
term loans payable
Profit attributable to owners of Current portion of lease
2,342 2,688 25,304 18 171 20 190 －－
parent obligations
Amounts not attributable to Long-term loans payable
－－－
common shareholders (excluding the current
－－ 826 7,774 0.25 2019–2021
Profit attributable to owners of portion of long-term loans
parent regarding common 2,342 2,688 25,304 payable)
shares Lease obligations
Average number (excluding the current
49 470 37 351 － 2019–2022
of common (Thousands portion of lease
42,567 41,921
shares during the of shares) obligations)
fiscal year Other interest-bearing debt －－－－－－
Total 68 642 1,157 10,895 －－

(Significant Subsequent Events) Notes:
Not applicable 1. The “Average interest rate” for lease obligations is not stated because the amount of lease obligations
before subtracting the amount equivalent to interest, which is included in the total lease payment, is
reported on the consolidated balance sheets.
2. The repayment schedules within five years after the consolidated balance sheet date for long-term loans
payable (excluding the current portion of long-term loans payable) are as follows:
Over one year and Over two years Over three years Over four years
Classification within two years and within three and within four and within five
years years years
Long-term loans payable
274 274 278 －
(Millions of yen)
Over one year and Over two years Over three years Over four years
Classification within two years and within three and within four and within five
years years years
Long-term loans payable
(Thousands of 2,579 2,579 2,616 －
U.S.Dollars)
－ 35 －－ 36 －
3. The repayment schedules within five years after the consolidated balance sheet date for lease obligations (2)【Other】
(excluding the current portion of lease obligations) are as follows: Quarterly data for the fiscal year ended March 31, 2018
Over one year and Over two years Over three years Over four years Six months Nine months Fiscal year ended
Three months
Classification within two years and within three and within four and within five (From April 1, 2017 (From April 1, 2017 March 31, 2018
Cumulative periods (From April 1, 2017
years years years to September 30, to December 31, (From April 1, 2017
to June 30, 2017)
Lease obligations 2017) 2017) to March 31, 2018)
15 12 9 0
(Millions of yen) Net sales (Millions of yen) 11,001 26,064 43,590 62,943
Over one year and Over two years Over three years Over four years Profit before income taxes
38 1,044 2,568 3,899
Classification within two years and within three and within four and within five (Millions of yen)
years years years Profit attributable to owners
Lease obligations of parent 11 690 1,704 2,688
(Thousands of 147 113 87 1 (Millions of yen)
U.S.Dollars) Basic earnings per share
0.27 16.39 40.60 64.13
(Yen)
【Schedule of Asset Retirement Obligation】
This information is omitted due to its immateriality. Second quarter Third quarter Fourth quarter
First quarter
(From July 1, 2017 (From October 1, (From January 1,
Accounting periods (From April 1, 2017
to September 30, 2017 to December 2018 to March 31,
to June 30, 2017)
2017) 31, 2017) 2018)
Quarterly basic earnings
0.27 16.26 24.31 23.58
per share (Yen)
－ 37 －－ 38 －
Corporate Overview and Major Construction Methods
Trade Name NITTOC CORPORATION CO., LTD.

Headquarters 4F, 5F and 6F, Daiwa Higashi-Nihonbashi Bldg., 3-10-6, Higashi-Nihonbashi, Chuo-ku, Tokyo 103-0004, Japan
Established on December 17, 1947
Total number of issued shares:43,919,291
Capital Paid-in capital: ¥6,052 million
Tokyo Stock Exchange: Listed on the First Section
Technical staff: 901 persons
Number of
Administrative staff: 259 persons
Employees
Total: 1,160 persons
(Consolidated)
Note: The number of employees includes 327 regular workers who are subject to fixed-term employment contracts.
Comprehensive construction business
Description of
· Civil engineering and foundation
Business
· Environmental and geological consulting
Specified Construction Business—License No. (Specified-28) 211, issued by the Minister of Land, Infrastructure, Transport and
License
Tourism
Civil engineering works, Slope protection works, Landslide protection works, Revegetation works, Ground improvement works,
Business Lines
Grouting, Piling, Sewage maintenance and renovation, Construction consulting and other
Asahikawa / Hakodate / Doto / Aomori / Morioka / Sanriku / Akita / Yamagata / Fukushima / Gunma / Utsunomiya / Mito /
Chiba / Saitama / Yokohama / Nagano / Sado / Joetsu / Kanazawa / Fukui / Toyama / Gifu / Mie / Shizuoka / Keiji / Kobe / Nara
Sales Offices
/ Takamatsu / Matsuyama / Kochi / Tottori / Matsue / Okayama / Yamaguchi / Nagasaki / Saga / Oita / Kumamoto / Miyazaki /
Kagoshima / Okinawa
Midori Industries Co.,Ltd
3-10-6, Higashi-Nihonbashi,Chuo-ku, Tokyo 103-0004 Japan
Shimane Earth Engineering Co.,Ltd
124-1, Higashi-Asahi-Cho, Matsue-Shi, Shimane 690-0001 Japan
Subsidiaries Yamaguchi Earth Engineering Co.,Ltd
2-3-13, Hirano,Yamaguchi-Shi,Yamaguchi,753-0015 Japan
PT NITTOC CONSTRUCTION INDONESIA
GENERALI TOWER GRAND RUBINA BUSINESS PARK at Rasuna Epicentrum 16 G Floor,
Kawasan Rasuna Epicentrum Jl. HR Rasuna Said, Jakarta 12940, Indonesia
Technical Staff
Administrative Staff Total 1160
Staffing
Professional Engineer 51
(Qualification
Registered 1st Class Civil Engineer 650
Holders)
Registered 2nd Class Civil Engineer 688
(Persons)
Registered 1st and 2nd Class Architect 10
Registered Surveyor and Assistant-Surveyor 305
Major Construction Methods
Urban Regeneration Field

WinBLADE Method Underground diameter expanding type soil-mixing improvement method that enables horizontal and
slanting operations
Expacker-N Method Liquefaction countermeasure method that enables high capacity and speedy grouting
Power Blender Method Mixing method for shallow- and middle-depth layers using a trencher-type mixing machine
EinBand Drill Japan’s biggest-class rotary percussion drill that enables deep drilling up to 100 m in depth
Re-Born Pile Method A construction method to cut horizontally and remove existing piles and/or underground structures
Maintenance and Renovation Field

New ReSP Method Repair and/or reinforce aged, shotcrete slopes without shaving off existing shotcrete
Slope Doctor Technology to diagnose the soundness of aged shotcrete slopes
Kiro Fukeru Method Mortar shotcrete at a rate of 18 N/mm2 for long-distance (1 km) pressure feeding
Parfait Grout Method Filling of underwater inseparable and plastic grout by electronic control
HiSP Method Pumping shotcrete system combined with air to ensure mortar shotcrete at elevated places via feeding for a
long distance
Disaster Prevention and Environmental Conservation Field

Geofiber Method Protection of slopes and the environment by forming the reinforced soil using sand and fibers
Nekko Chip Method Surplus soil and raw chip material from felled trees are processed as foundation materials for greening work
Kaerudo-Green Method Recycled use of a wide variety of soils such as the surface soil of forests and dehydrated cake for the
greening of slopes
Plant-Leading Spraying Method The undecomposed chip material, which derives from the secondarily processed fragments of felled trees, is
used as a foundation material for greening work
Fiber Soil Greening Step Method Fiber soil is sprayed on the slope without soil in the form of steps

Management Members
MANAGEMENT MEMBERS
Chairman and Representative Director

1 Tamotsu Nakamori
President and Representative Director

2 Norihisa Nagai
Directors
3 Yasunobu Okumiya
Directors
4 Akira Sakoda
Directors
5 Hiroshi Yamada
Directors
6 Kengo Nakamuta
Directors
7 Masayuki Wada
Directors
8 Iwao Aso
Directors
9 Masayuki Watanabe
Directors
10 Katsuo Nakamura
Standing Corporate Auditors

11 Nobuo Matsumoto
Standing Corporate Auditors

12 Masayuki Isono
Corporate Auditors
13 Atsushi Ono
13 11 9 7 5 4 6 8 10 12
3 2 1

Corporate History 2017

Kumamoto Earthquakes Disaster Restoration Work
2017
Construction of Kawamata Dam (2017)
In 1938, the construction of Uryu Dai-ichi Dam, a huge water In 1983, the Company listed its stock on the Second Section of the 2016 March
reservoir with pondage of 240 million cubic meters, commenced at Tokyo Stock Exchange, followed by the subsequent listing on the Kumamoto Earthquakes Disaster Restoration Work Established PT NITTOC CONSTRUCTION INDONESIA (consolidated subsidiary).
the foot of Mt. Taisetsu in Hokkaido. The dam was a gravity-type First Section in 1985.
concrete structure of 45.5 m in height. To lead the project to a 2015 December
successful completion, extraordinary efforts were exercised for the
Headquarters relocated from Ginza, Chuo-ku, Tokyo, to Higashi-Nihonbashi, Chuo-ku, Tokyo.
disposal of the breccia-conglomerate at the site of the foundation.
NITTOC’ s original technologies accumulated to date originated 2015 September
from this dam construction project.
Sold the Akashi-cho Suboffice Building
2010 September
Established in 1947, the Company took the initiative in leading the Liquidated Dome Construction Industry Co., Ltd.
dam foundation works as the initial work type for its inaugural era (unconsolidated subsidiary)
Mt. Fuji Osawa Collapse Countermeasure
National Route No. 30 Works of the Ministry of Construction
during Japan’ s heyday of constructing dam power stations
associated with the development of power sources. In particular,
Mukaiyama-minami Work of the
Honshu-Shikoku Bridge Authority
(Shizuoka Prefecture) 2008 March Construction of
Kawamata Dam (2017)
(Kagawa Prefecture) Closed Tsukuba Laboratory.
NITTOC’ s technology, which boasted the collective strength
deriving from the united efforts of civil engineers and geologists, Bannnosu Elevated Bridge 2003 November 2013 December
Substructure Work of the
Liquidated Japan Public K.K. (consolidated subsidiary).
was highly appraised from various quarters. Consequently, the Honshu-Shikoku Bridge Authority Established Yamaguchi Earth Engineering
(Kagawa Prefecture) Co., Ltd. (currently a consolidated subsidiary)
Company undertook most of the foundation works of domestic
2001 March
large-scale dams including Kansai Electric Power’ s Kurobe 4th
Dam (the so-called Kuro-yon dam). Liquidated NITTOC Real Estate Co., Ltd.
2009 March
Moreover, the Company proactively addressed various projects 1990 May Liquidated High-Tech Lease Co., Ltd. (consolidated subsidiary).
regarding the Shinkansen, expressways, building foundations and

so on with the aim of becoming a comprehensive foundation
Established Dome Construction Industry Co., Ltd. (unconsolidated subsidiary)
2004 October
company that appropriately adapts itself to eras of technological 1985 October Established Shimane Earth Engineering Co., Ltd.
(currently a consolidated subsidiary).
innovation. Established High-Tech Lease Co., Ltd. (consolidated subsidiary).
2003 March
1985 June 1990 June Registered for examination of ISO9000 approval for
With the change of the company name (to the current name) in Completed Akashicho Suboffice Building. the whole corporation.
Construction of the common-use building (Ginza Showa-dori Building) of the Headquarters was completed.
1972 fueling momentum, the Company endeavored to expand its
operations over a variety of civil engineering fields such as dam, 1985 April 1986 March
river, road, water supply, sewage and land development and has Completed Tsukuba Laboratory.
Established NITTOC Real Estate Co., Ltd.
achieved outstanding results in these fields.
1983 December 1985 September

Listed on the First Section of the Tokyo Stock Exchange.
Listed on the Second Section of the Tokyo Stock Exchange.
1979 December 1983 October

Acquired the License No. (1) 3193 for the building lots
Established Midori Industries Co., Ltd. and buildings transaction business, issued by the
(currently a consolidated subsidiary) Minister of Construction.
1972 May 1972 October Ishiki Chuo-Danchi Land Reclamation Work of the
Trade name changed to NITTOC CONSTRUCTION CO., LTD. Ise Land Rezoning Association (Kagoshima-shi)
Acquired the License No. (Specified-47) 211,
1965 March issued by the Minister of Construction.
1963 February Headquarters relocated to In 2007, the Company celebrated its 60th
Established Japan Public K.K. Chuo-ku, Tokyo.
1962 December National Route No. 28 Yasuhira Work of the Honshu-Shikoku
Bridge Authority (Awaji Island, Hyogo Prefecture)
anniversary. In addition, the Company
established in 2016 PT NITTOC
Ogitsu Work of Joban Expressway,
Japan Highway Public Corp. (Ibaraki Prefecture) 1961 December For the purpose of changing the par value of
Nippon Tokushu Doboku Kogyo’s shares, CONSTRUCTION INDONESIA, a
Nippon Tokushu Doboku Kogyo K.K.
Headquarters relocated to
Chiyoda-ku, Tokyo. 1959 December merged Hikari Shokai K.K., which was established
in December 1947, by changing the latter’s trade
consolidated subsidiary, in Indonesia.
NITTOC intends to further contribute to
1957 January Trade name changed to Nippon Tokushu Doboku Kogyo K.K. name and business.
society as a comprehensive construction
Headquarters relocated to Minato-ku, Tokyo. 1953 April company that features original expertise
and strength in basic technology not only in
The Company was established in Sapporo, Hokkaido, Japan but also overseas.
as Yachiyo Chika Kogyo K.K., Arakawa River Hirakata Embankment Disaster Restoration Work
of which the major purposes were geological survey of the Ministry of Construction (Saitama Prefecture)
and foundation work.

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2018

Leading to the Future with our

JAKARTA Representative Office

77 Corporate Overview and

c ANNUAL REPORT 2016 ANNUAL REPORT 2016 01

Since the establishment of Nittoc,

3 Types of Business Field respond to Social Needs

and Renovation liquefaction prevention and existing pile

02 ANNUAL REPORT 2018 ANNUAL REPORT 2018 03

04 ANNUAL REPORT 2018 ANNUAL REPORT 2018 05

Summary of the Medium-Term Management Plan

4. Basic Policy of the Medium-Term Management Plan 2017 (fiscal 2017)

Positioning of the three-year Medium-Term Management Plan

Important measures Objective Outline

by our reliable technological ability

06 ANNUAL REPORT 2018 ANNUAL REPORT 2018 07

Our Business field

Disaster Prevention and Nature Restoration via Recycling of Surplus Soil

Comparison of the Volume Utilized

Slope Protection Method material

The slope of the Kiyomizu-dera, a World Heritage

08 ANNUAL REPORT 2018 ANNUAL REPORT 2018 09

Our Business field

NETIS No. SK-100011-VE Technology Promoted for Utilization

Ground Anchor Testing and Ground Anchor and Slope Frame

Data monitoring and Main body of the

NETIS No. TH-140015-A NETIS No. KT-120103-A

10 ANNUAL REPORT 2018 ANNUAL REPORT 2018 11

Our Business field

Well Logging System Staple Building Foundation

Buried tube Shaft Riprap layer

12 ANNUAL REPORT 2018 ANNUAL REPORT 2018 13

Our Business field

Riprap Splits Anchor Cutting blade

Our Business field

Maintenance and Renovation NNTD No. 0366

Aged Shotcrete Slope Diagnosis System

Today in this aging of social infrastructure century,

Parfait Grout Method

16 ANNUAL REPORT 2018 ANNUAL REPORT 2018 17

Our Business field

Shotcrete portion with increased thickness

Max NETIS No. HR-140019-A NNTD No. 0364

Surface coating HiSP Method

Kiro Fukeru Method

New ReSP Method

Parfait Grout Method

18 ANNUAL REPORT 2018 ANNUAL REPORT 2018 19

Fairs Where We Plan to Exhibit Our Award-Winning History

Yume Messe Miyagi Hall,

20 ANNUAL REPORT 2018 ANNUAL REPORT 2018 21

Geofiber Method was chosen as a

22 ANNUAL REPORT 2018 ANNUAL REPORT 2018 23

Initiatives for Restoration and Reconstruction from the 2016

Before the work After completion

Fiscal 2016 Disaster Restoration: Toshita Area External-Slant Countermeasure Work

About Overseas Construction Projects

24 ANNUAL REPORT 2018 ANNUAL REPORT 2018 25

Business Overseas Introduction of Overseas

1) Matsuzawa Area of Murakami-shi: Maintenance around irrigation

Other －－－ Corporate bonds －－－

Other －－－ Corporate bonds －－－

【Related Party Information】【Related Party Information】

Total 68 642 1,157 10,895 －－