Taikisha : Financial Report for the Second Quarter of the Fiscal Year ending March 31, 2020

Financial Report for the Second Quarter of the Fiscal Year ending March 31, 2020

November 11, 2019

The following statements are an English translation of the original Japanese document.

(All financial information has been prepared in accordance with accounting principles generally accepted in Japan.)

Name of company… Taikisha Ltd.

Stock Exchange…… First Section of Tokyo Stock Exchange
Code………………	1979
Representative……	Koji Kato, President and Representative Director
Contact……………	Masanori Nakagawa, Director, Managing Corporate Officer, Administrative Management
	Headquarters Chief Executive
TEL………………	(03)5338 - 5052

URL……………… https://www.taikisha.co.jp/

Scheduled date to submit Quarterly report

：

November 14, 2019

Scheduled date to commence dividend payments

：

November 29, 2019

Supplemental materials prepared for financial results

：

Yes

Briefing session of financial results

：

Yes (for instituted investors and analysts)

(Round down to one million yen)

1. Consolidated Operating Performance (April 1, 2019 through September 30, 2019)

(1) Consolidated operating results (Cumulative)

(% indicates increase ratio over previous year)

Sales

Operating income

Ordinary income

Profit attributable

to owners of parent

Six months ended

million yen

%

million yen

%

million yen

%

million yen

%

September 30, 2019

104,973

6.2

7,560

122.6

7,679

98.1

5,371

490.2

September 30, 2018

98,879

(2.2)

3,396

6.3

3,877

8.4

910

(60.2)

(Note) Comprehensive

income

Six months

ended September 30, 2019

4,020 million yen

428.9 %

Six months ended September 30, 2018

760 million yen

(87.7) %

Profit attributable to

Profit attributable to

owners of parent per

owners of parent per

share

share (Diluted)

Six months ended

yen

yen

September 30, 2019

157.67

－

September 30, 2018

26.71

－

(2) Consolidated

financial position

Total assets

Net assets

Equity capital ratio

As of

million yen

million yen

%

September 30, 2019

210,378

112,557

51.4

March 31, 2019

223,080

113,649

48.8

(Note) Shareholders' Equity

As of September 30, 2019

108,120 million yen

2. Dividends

As of March 31, 2019

108,787 million yen

Dividend per share

1Q

2Q

3Q

Year End

Total

(annually)

Year ended

yen

yen

yen

yen

yen

March 31, 2019

－

25.00

－

66.00

91.00

March 31, 2020

－

30.00

Year ending March 31,

2020 (Forecast)

－

70.00

100.00

(Note) Revisions to forecast of dividends : None

3. Consolidated Earnings Forecast for Fiscal Year Ending March 31, 2020 (April 1, 2019 through March 31, 2020)

							(% indicates increase ratio over previous year)
							Profit attributable	Profit attributable
	Sales		Operating income	Ordinary income	to owners of parent
		to owners of parent
							per share
	million yen	%	million yen	%	million yen	%	million yen	%	yen
Full year	239,000	6.0	14,600	4.0	15,300	1.4	9,700	9.7	284.72

(Note) Revisions to forecast of earnings : None

- 1 -

4. Others

1. Changes in significant subsidiaries during the period

	(Changes in specified subsidiaries accompanying changes in scope of consolidation)	: None
(2)	Adoption of particular accounting treatments for quarterly consolidated financial statements	: None
(3)	Changes in accounting policies, changes in accounting estimates and restatements
	(i)	Changes in accounting policies due to revisions of accounting standards etc.	: None
	(ii)	Changes in accounting policies other than (i)	: None
	(iii)	Changes in accounting estimates	: None
	(iv)	Restatements	: None

1. Number of shares issued (common shares)
2. 1. Number of shares issued at end of period (including treasury shares)

As of September 30, 2019	35,082,009	shares
As of March 31, 2019	35,082,009	shares

1. Number of treasury shares at end of period

As of September 30, 2019	1,013,376	shares
As of March 31, 2019	1,013,293	shares

1. Average number of shares during the period

Six months ended September 30, 2019	34,068,697	shares
Six months ended September 30, 2018	34,068,974	shares

(Note) The Company has introduced the "Board Benefit Trust (BBT)" as its performance-linked and share-based compensation plan since second quarter of the fiscal year ending March 31, 2020 and its own shares remaining in the Trust are included as treasury shares. The number of trasury shares at the end of the term is 136,400 and average number of shares during the term is 38,971.

• Notice of status of implementation for quarterly review procedures
  This financial report is not subject to quarterly review procedures by certified public accountants or auditing firms.
• Explanation about the proper use of consolidated forecasts and other notes
  Data and forward-looking statements disclosed herein are based on current information as of today, and may change depending upon various factors. The data and assumptions do not mean guaranteeing accomplishment of goals and projections, and may be changed at any time without notice. Consequently, the Company ask you to use this information at your discretion based upon your own judgment and information you may obtain through other sources. The company will not be liable for any damages that result from the use of this information.

- 2 -

1 Consolidated Financial Statements

(1) Consolidated Balance Sheets

Millions of yen

		As of March 31, 2019	As of September 30,
		2019
Assets
Current assets
Cash and deposits	52,107	34,469
Notes receivable, accounts receivable from completed construction	104,705	103,658
contracts and other
Securities	1,000	2,800
Costs on uncompleted construction contracts	2,807	2,999
Raw materials and supplies	396	430
Other	8,379	14,063
Allowance for doubtful accounts	(428)	(214)
Total current assets	168,968	158,206
Non-current assets
Property, plant and equipment	10,333	10,191
Intangible assets
Goodwill	1,332	1,245
Other	3,318	3,143
Total intangible assets	4,650	4,388
Investments and other assets
Investment securities	29,378	27,677
Net defined benefit asset	5,912	5,825
Other	3,891	4,141
Allowance for doubtful accounts	(53)	(53)
Total investments and other assets	39,128	37,590
Total non-current assets	54,111	52,171
Total assets	223,080	210,378
Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts and other	55,835	49,350
Short-term loans payable	10,892	4,520
Income taxes payable	2,711	723
Advances received on uncompleted construction contracts	14,778	18,039
Provision for bonuses	－	2,865
Provision for warranties for completed construction	787	612
Provision for loss on construction contracts	407	344
Provision for directors' bonuses	154	20
Other	13,225	10,948
Total current liabilities	98,791	87,426
Non-current liabilities
Long-term loans payable	3,076	1,889
Provision for directors' retirement benefits	62	43
Provision for share-based remuneration for directors	－	20
Net defined benefit liability	1,370	1,589
Other	6,127	6,851
Total non-current liabilities	10,638	10,394
Total liabilities		109,430	97,821

- 3 -

Millions of yen

		As of March 31, 2019	As of September 30,
		2019
Net assets
Shareholders' equity
Capital stock	6,455	6,455
Capital surplus	7,244	5,042
Retained earnings	84,984	88,108
Treasury shares	(2,476)	(2,593)
Total shareholders' equity	96,208	97,012
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	11,842	10,756
Deferred gains or losses on hedges	(0)	0
Foreign currency translation adjustment	164	48
Accumulated remeasurements of defined benefit plans	572	301
Total accumulated other comprehensive income	12,578	11,108
Non-controlling interests	4,862	4,436
Total net assets	113,649	112,557
Total liabilities and net assets		223,080	210,378

- 4 -

1. Consolidated Income Statements and Consolidated Statements of Comprehensive Income Consolidated Income Statements

			Millions of yen
		Six months ended	Six months ended
		September 30, 2018	September 30, 2019
		Apr. 1, 2018 - Sep. 30, 2018	Apr. 1, 2019 - Sep. 30, 2019
Net sales of completed construction contracts	98,879	104,973
Cost of sales of completed construction contracts	85,346	87,195
Gross profit on completed construction contracts	13,533	17,778
Selling, general and administrative expenses	10,137	10,217
Operating income	3,396	7,560
Non-operating income
Interest income	157	158
Dividend income	317	319
Dividend income of insurance	189	25
Real estate rent	52	59
Reversal of allowance for doubtful accounts	0	0
Other	198	117
Total non-operating income	915	681
Non-operating expenses
Interest expenses	129	90
Rent expenses on real estates	10	11
Foreign exchange losses	116	268
Share of loss of entities accounted for using equity method	120	120
Other	57	70
Total non-operating expenses	434	561
Ordinary income	3,877	7,679
Extraordinary income
Gain on disposal of non-current assets	9	7
Total extraordinary income	9	7
Extraordinary losses
Loss on disposal of non-current assets	162	21
Impairment loss	116	0
Loss on sales of investment securities	－	0
Loss on valuation of investment securities	－	0
Amortization of goodwill	1,859	－
Total extraordinary losses	2,138	21
Profit before income taxes	1,748	7,665
Income taxes-current	1,556	1,014
Income taxes-deferred	(319)	1,045
Total income taxes	1,236	2,059
Profit	511	5,605
Profit (loss) attributable to non-controlling interests	(398)	234
Profit attributable to owners of parent		910	5,371

- 5 -

Consolidated Statements of Comprehensive Income

		Millions of yen
	Six months ended	Six months ended
	September 30, 2018	September 30, 2019
	Apr. 1, 2018 - Sep. 30, 2018	Apr. 1, 2019 - Sep. 30, 2019
Profit	511	5,605
Other comprehensive income
Valuation difference on available-for-sale securities	1,137	(1,085)
Deferred gains or losses on hedges	25	1
Foreign currency translation adjustment	(1,111)	(211)
Remeasurements of defined benefit plans	219	(276)
Share of other comprehensive income of entities accounted for using equity	(22)	(13)
method
Total other comprehensive income	249	(1,585)
Comprehensive income	760	4,020
Comprehensive income attributable to :
Owners of parent	1,215	3,900
Non-controlling interests	(454)	119

- 6 -

(3) Consolidated Statements of Cash Flows

			Millions of yen
		Six months ended	Six months ended
		September 30, 2018	September 30, 2019
		Apr. 1, 2018 - Sep.30, 2018	Apr. 1, 2019 - Sep.30, 2019
Cash flows from operating activities
Profit before income taxes	1,748	7,665
Depreciation and amortization	932	1,046
Amortization of goodwill	1,954	46
Increase (decrease) in allowance for doubtful accounts	67	(213)
Increase (decrease) in provision for loss on construction contracts	143	(57)
Increase (decrease) in provision for directors' retirement benefits	(8)	(19)
Increase (decrease) in provision for share-based remuneration for directors	－	20
Increase (decrease) in net defined benefit asset and liability	(38)	(88)
Interest and dividends income	(475)	(478)
Interest expenses	129	90
Loss (gain) on disposal of non-current assets	153	13
Loss (gain) on sales of securities	－	0
Loss (gain) on valuation of securities	－	0
Decrease (increase) in notes and accounts receivable-trade	10,571	532
Decrease (increase) in inventories	(2,824)	(274)
Decrease (increase) in accounts receivable-other	(68)	210
Increase (decrease) in notes and accounts payable-trade	(10,335)	(6,048)
Increase (decrease) in advances received on uncompleted construction	895	3,655
contracts
Increase (decrease) in accrued consumption taxes	38	6
Increase (decrease) in deposits received	277	(37)
Increase (decrease) in accrued expenses	(395)	(573)
Other, net	(2,299)	(4,939)
Subtotal	467	559
Interest and dividends income received	475	478
Interest expenses paid	(128)	(86)
Income taxes paid	(3,896)	(3,055)
Net cash provided by (used in) operating activities		(3,083)	(2,104)

- 7 -

			Millions of yen
		Six months ended	Six months ended
		September 30, 2018	September 30, 2019
		Apr. 1, 2018 - Sep.30, 2018	Apr. 1, 2019 - Sep.30, 2019
Cash flows from investing activities
Payments into time deposits	(2,023)	(1,490)
Proceeds from withdrawal of time deposits	3,794	2,741
Purchase of property, plant and equipment and intangible assets	(2,591)	(944)
Proceeds from sales of property, plant and equipment and intangible assets	16	3
Purchase of investment securities	(0)	(0)
Proceeds from sales of investment securities	3	0
Proceeds from redemption of investment securities	0	－
Contingent consideration payments for shares of subsidiaries	－	(132)
Payments of long-term loans receivable	(30)	(32)
Collection of long-term loans receivable	25	32
Purchase of insurance funds	(0)	(0)
Other, net	(22)	(15)
Net cash provided by (used in) investing activities	(827)	161
Cash flows from financing activities
Net increase (decrease) in short-term loans payable	5,356	(6,499)
Proceeds from long-term loans payable	1,840	2
Repayment of long-term loans payable	(586)	(792)
Repayments of lease obligations	(23)	(15)
Repayments to non-controlling shareholders	－	(134)
Net decrease (increase) in treasury shares	(0)	(0)
Cash dividends paid	(1,702)	(2,246)
Cash dividends paid to non-controlling interests	(361)	(438)
Purchase of shares of subsidiaries that do not result in change in scope of	(24)	(2,119)
consolidation
Net cash provided by (used in) financing activities	4,499	(12,245)
Effect of exchange rate change on cash and cash equivalents	(1,041)	(300)
Net increase (decrease) in cash and cash equivalents	(452)	(14,488)
Cash and cash equivalents at beginning of period	42,292	49,861
Cash and cash equivalents at end of period		41,840	35,372

- 8 -

(Additional information)

(Introduction of the Board Benefit Trust (BBT))

The Company has introduced the "Board Benefit Trust (BBT)" as its performance-linked and share-based compensation plan (hereinafter referred to as the"Plan") for the Company's Board Members (excluding Outside Board Members) (hereinafter referred to as the "Board Members"), starting from the second quarter, pursuant to the resolution of the 74th Ordinary General Shareholders' Meeting held on June 27, 2019.

The purpose of the Plan is to promote the motivation of Board Members in contributing to the improvement of business performance and corporate value over the medium to long term by making the linkage between their compensation and the Company's business performance and shareholder value even clearer and having Board Members share not only the benefits from higher stock prices, but also the risk of a drop in stock prices, with shareholders.

The gross method has been used for the accounting treatment under the Plan in accordance with "Practical Solution on Transactions of Delivering the Company's Own Stock to Employees, etc., through Trusts" (Practical Issues Task Force No. 30 of March 26, 2015).

(1) Overview of Transactions

The Plan is a scheme whereby money contributed by the Company is used as financial resources to acquire the Company's shares through a trust (the trust established under the Plan shall be hereinafter referred to as the "Trust"), and the Company's shares and money in the amount of monetary equivalence of the Company's shares measured at fair value (hereinafter referred to as "the Company's Shares, etc.") are provided to Board Members through the Trust in accordance with the "Share Benefit Regulations for Directors" stipulated by the Company.

The time when the Company's Shares, etc., are provided to Board Members shall be, in principle, the date of the retirement from the Company.

(2) The Company's Own Shares Remaining in the Trust

The Company recognizes its own shares remaining in the Trust as treasury shares under the category of net assets, using the carrying amount in the Trust (excluding the amount of ancillary expenses). The carrying amount of such treasury shares as of the end of the second quarter is 449 million yen, and the number of such shares is 136,400.

- 9 -

(Segment information)

Six months ended September 30, 2018 (April 1, 2018 - September 30, 2018) 1. Sales and profits or losses by reportable segments

						Millions of yen
		Reportable segments		Eliminations/	Amount recorded in
	Green Technology	Paint Finishing		Total	Corporate	the consolidated
	System Division	System Division			financial statements
Sales
Sales to customers	69,138	29,741		98,879	－	98,879
Intersegment	－	0		0	(0)	－
Total	69,138	29,742		98,880	(0)	98,879
Segment profit (loss)	6,516	(2,835)		3,681	196	3,877

(Note) 1. The amount of Eliminations/ Corporate is as follows:

Eliminations/ Corporate of Segment profit (loss) of 196 million yen includes non-allocatable common profits (net amount of common profit and loss) of 194 million yen and other adjustments of 2 million yen.

Non-allocatable common profit and loss are mainly general and administrative expenses and dividend income etc. those are not attributed to any reportable segments.

2. Segment profit (loss) is adjusted in the ordinary income of the consolidated income statement.

2. Impairment loss on non-current assets or goodwill etc. by reportable segment

In the Paint Finishing System Division, one-time amortization of goodwill related to Geico S.p.A. ("Geico") is recognized as extraordinary loss in the consolidated financial statements. In the second quarter of the consolidated fiscal year, the decrease in goodwill related to Geico due to the said amortization etc. is 1,859 million yen.

Six months ended September 30, 2019 (April 1, 2019 - September 30, 2019) 1. Sales and profits or losses by reportable segments

						Millions of yen
		Reportable segments		Eliminations/	Amount recorded in
	Green Technology	Paint Finishing		Total	Corporate	the consolidated
	System Division	System Division			financial statements
Sales
Sales to customers	76,142	28,830		104,973	－	104,973
Intersegment	－	－		－	－	－
Total	76,142	28,830		104,973	－	104,973
Segment profit	7,473	528		8,001	(321)	7,679

(Note) 1. The amount of Eliminations/ Corporate is as follows:

Eliminations/ Corporate of Segment profit of minus 321 million yen includes non-allocatable common profits (net amount of common profit and loss) of minus 325 million yen and other adjustments of 4 million yen. Non-allocatable common profit and loss are mainly general and administrative expenses and dividend income etc. those are not attributed to any reportable segments.

2. Segment profit is adjusted in the ordinary income of the consolidated income statement.

2. Impairment loss on non-current assets or goodwill etc. by reportable segment

Not applicable.

- 10 -

2 Non-consolidated Financial Statements

(Non-consolidated Financial Statements have been prepared voluntarily in accordance with Ordinance on Quarterly Financial Statements, etc.)

(1) Balance Sheets (Non-consolidated)

Millions of yen

		As of March 31, 2019	As of September 30,
		2019
Assets
Current assets
Cash and deposits	22,008	10,421
Notes receivable, accounts receivable from completed construction	73,415	75,243
contracts and other
Securities	1,000	2,800
Costs on uncompleted construction contracts	328	892
Raw materials and supplies	157	189
Other	2,548	7,324
Allowance for doubtful accounts	(75)	(4)
Total current assets	99,382	96,868
Non-current assets
Property, plant and equipment	4,362	4,317
Intangible assets	2,428	2,154
Investments and other assets
Investment securities	28,734	27,168
Shares of subsidiaries and associates	9,423	10,504
Prepaid pension cost	5,044	5,210
Other	1,316	1,284
Allowance for doubtful accounts	(5)	(5)
Total investments and other assets	44,512	44,162
Total non-current assets	51,302	50,634
Total assets	150,685	147,502
Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts and other	36,683	35,171
Short-term loans payable	6,644	2,269
Income taxes payable	2,425	465
Advances received on uncompleted construction contracts	1,442	2,798
Provision for bonuses	－	2,835
Provision for warranties for completed construction	250	239
Provision for loss on construction contracts	133	50
Provision for directors' bonuses	140	20
Other	8,193	7,179
Total current liabilities	55,913	51,031
Non-current liabilities
Long-term loans payable	100	44
Provision for share-based remuneration for directors	－	20
Provision for retirement benefits	131	127
Other	3,856	4,600
Total non-current liabilities	4,087	4,792
Total liabilities		60,000	55,824

- 11 -

Millions of yen

		As of March 31, 2019	As of September 30,
		2019
Net assets
Shareholders' equity
Capital stock	6,455	6,455
Capital surplus	7,297	7,413
Retained earnings	67,566	69,645
Treasury shares	(2,476)	(2,593)
Total shareholders' equity	78,842	80,921
Valuation and translation adjustments
Valuation difference on available-for-sale securities	11,842	10,756
Deferred gains or losses on hedges	(0)	0
Total valuation and translation adjustments	11,841	10,757
Total net assets	90,684	91,678
Total liabilities and net assets		150,685	147,502

- 12 -

(2) Income Statements (Non-consolidated)

			Millions of yen
		Six months ended	Six months ended
		September 30, 2018	September 30, 2019
		Apr. 1, 2018 - Sep. 30, 2018	Apr. 1, 2019 - Sep. 30, 2019
Net sales of completed construction contracts	57,346	64,864
Cost of sales of completed construction contracts	47,207	53,360
Gross profit on completed construction contracts	10,138	11,504
Selling, general and administrative expenses	6,126	6,365
Operating income	4,011	5,138
Non-operating income
Interest income	0	0
Dividends income	796	589
Real estate rent	84	82
Technical advisory fee	737	608
Reversal of allowance for doubtful accounts	0	0
Other	199	63
Total non-operating income	1,819	1,345
Non-operating expenses
Interest expenses	9	14
Rent expenses on real estates	23	24
Foreign exchange losses	4	291
Other	46	56
Total non-operating expenses	84	387
Ordinary income	5,746	6,096
Extraordinary loss
Loss on disposal of non-current assets	161	16
Impairment loss	116	0
Loss on valuation of investment securities	－	0
Loss on valuation of shares of subsidiaries and associates	2,788	－
Total extraordinary losses	3,066	16
Income before income taxes	2,679	6,079
Income taxes-current	1,042	529
Income taxes-deferred	512	1,223
Total income taxes	1,554	1,752
Profit		1,125	4,327

- 13 -

(Supplementary information)

1. Statement for orders-received during this period, net sales of completed construction contracts during this period, and construction carried forward by division (consolidated)

																Millions of yen
				Six months ended			Six months ended
				September 30, 2018			September 30, 2019			Increase (decrease)
				(Apr. 1, 2018 - Sep. 30, 2018)			(Apr. 1, 2019 -Sep. 30, 2019)
				Amounts			%			Amounts			%			Amounts			%
Orders-received
	Green Technology System Division
		Building HVAC		25,259			21.3			23,577			19.9			(1,682)			(6.7)
		Industrial HVAC		63,224			53.3			55,023			46.5			(8,201)			(13.0)
		Total		88,484			74.6			78,601			66.4			(9,883)			(11.2)
		[Overseas]	[	18,851	]	[	15.9	]	[	18,954	]	[	16.0	]	[	103	]	[	0.5	]
	Paint Finishing System Division		30,048			25.4			39,847			33.6			9,799			32.6
		[Overseas]	[	24,004	]	[	20.3	]	[	32,873	]	[	27.8	]	[	8,869	]	[	36.9	]
	Total		118,532			100.0			118,449			100.0			(83)			(0.1)
		[Overseas]	[	42,856	]	[	36.2	]	[	51,827	]	[	43.8	]	[	8,971	]	[	20.9	]
Net sales of completed construction
contracts
	Green Technology System Division
		Building HVAC		19,060			19.3			25,112			23.9			6,052			31.8
		Industrial HVAC		50,077			50.6			51,030			48.6			953			1.9
		Total		69,138			69.9			76,142			72.5			7,004			10.1
		[Overseas]	[	18,731	]	[	19.0	]	[	17,621	]	[	16.8	]	[	(1,110) ]	[	(5.9) ]
	Paint Finishing System Division		29,741			30.1			28,830			27.5			(911)			(3.1)
		[Overseas]	[	25,052	]	[	25.3	]	[	23,080	]	[	22.0	]	[	(1,972) ]	[	(7.9) ]
	Total		98,879			100.0			104,973			100.0			6,094			6.2
		[Overseas]	[	43,783	]	[	44.3	]	[	40,701	]	[	38.8	]	[	(3,082) ]	[	(7.0) ]
Construction carried forward
	Green Technology System Division
		Building HVAC		58,438			32.6			51,277			27.4			(7,161)			(12.3)
		Industrial HVAC		64,040			35.8			63,647			34.0			(393)			(0.6)
		Total		122,478			68.4			114,925			61.4			(7,553)			(6.2)
		[Overseas]	[	23,346	]	[	13.0	]	[	25,239	]	[	13.5	]	[	1,893	]	[	8.1	]
	Paint Finishing System Division		56,560			31.6			72,367			38.6			15,807			27.9
		[Overseas]	[	50,274	]	[	28.1	]	[	64,255	]	[	34.3	]	[	13,981	]	[	27.8	]
	Total		179,039			100.0			187,293			100.0			8,254			4.6
		[Overseas]	[	73,621	]	[	41.1	]	[	89,495	]	[	47.8	]	[	15,874	]	[	21.6	]

(Note) 1.The amounts of orders received, net sales of completed construction contracts, and carried forward are the transacted amount with external customers.

1. In the previous consolidated cumulative second quarter, there is no difference between net sales of completed construction contracts and total sales in the segment information by the Green Technology System Division.
   There is 0 million yen difference between net sales of completed construction contracts of 29,741 million yen and total sales of 29,742 million yen in the segment information by the Paint Finishing System Division.
   Above differences are due to intersegment sales.
2. In the consolidated cumulative second quarter, there is no difference between net sales of completed construction contracts and total sales in the segment information by the Green Technology System Division. And, there is no difference between net sales of completed construction contracts and total sales in the segment information by the Paint Finishing System Division.
3. • 14 -

2. Statement for orders-received during this period, net sales of completed construction contracts during this period, and construction carried forward by division (Non-consolidated)

																Millions of yen
				Six months ended			Six months ended
				September 30, 2018			September 30, 2019			Increase (decrease)
				(Apr. 1, 2018 - Sep. 30, 2018)			(Apr. 1, 2019 -Sep. 30, 2019)
				Amounts			%			Amounts			%			Amounts			%
Orders-received
	Green Technology System Division
		Building HVAC		23,374			29.0			21,900			33.5			(1,474)			(6.3)
		Industrial HVAC		44,398			55.2			36,382			55.7			(8,016)			(18.1)
		Total		67,773			84.2			58,282			89.2			(9,491)			(14.0)
		[Overseas]	[	58	]	[	0.1	]	[	367	]	[	0.6	]	[	309	]	[	532.8	]
	Paint Finishing System Division		12,750			15.8			7,082			10.8			(5,668)			(44.5)
		[Overseas]	[	7,657	]	[	9.5	]	[	2,329	]	[	3.6	]	[	(5,328)	]	[	(69.6)	]
	Total		80,523			100.0			65,365			100.0			(15,158)			(18.8)
		[Overseas]	[	7,716	]	[	9.6	]	[	2,696	]	[	4.2	]	[	(5,020)	]	[	(65.1)	]
Net sales of completed construction
contracts
	Green Technology System Division
		Building HVAC		17,883			31.2			23,828			36.7			5,945			33.2
		Industrial HVAC		31,336			54.6			33,426			51.5			2,090			6.7
		Total		49,219			85.8			57,255			88.2			8,036			16.3
		[Overseas]	[	45	]	[	0.1	]	[	64	]	[	0.1	]	[	19	]	[	42.2	]
	Paint Finishing System Division		8,126			14.2			7,609			11.8			(517)			(6.4)
		[Overseas]	[	4,536	]	[	7.9	]	[	3,234	]	[	5.0	]	[	(1,302)	]	[	(28.7)	]
	Total		57,346			100.0			64,864			100.0			7,518			13.1
		[Overseas]	[	4,581	]	[	8.0	]	[	3,299	]	[	5.1	]	[	(1,282)	]	[	(28.0)	]
Construction carried forward
	Green Technology System Division
		Building HVAC		57,229			51.2			50,210			50.9			(7,019)			(12.3)
		Industrial HVAC		40,716			36.5			38,700			39.3			(2,016)			(5.0)
		Total		97,945			87.7			88,911			90.2			(9,034)			(9.2)
		[Overseas]	[	34	]	[	0.0	]	[	309	]	[	0.3	]	[	275	]	[	808.8	]
	Paint Finishing System Division		13,696			12.3			9,672			9.8			(4,024)			(29.4)
		[Overseas]	[	7,906	]	[	7.1	]	[	3,592	]	[	3.6	]	[	(4,314)	]	[	(54.6)	]
	Total		111,642			100.0			98,583			100.0			(13,059)			(11.7)
		[Overseas]	[	7,940	]	[	7.1	]	[	3,901	]	[	3.9	]	[	(4,039)	]	[	(50.9)	]

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3. Sales by regions

Six months ended September 30, 2018 (April 1, 2018 - September 30, 2018)

							Millions of yen
	North	Southeast Asia	East Asia
Japan					India	Other	Total
America	Thailand	Other Southeast	China	Other East
			Asia		Asia
55,095	8,068	12,477	8,156	4,884	713	3,873	5,609	98,879

Six months ended September 30, 2019 (April 1, 2019 - September 30, 2019)

							Millions of yen
	North	Southeast Asia	East Asia
Japan					India	Other	Total
America	Thailand	Other Southeast	China	Other East
			Asia		Asia
64,271	6,261	8,657	10,273	5,615	408	4,858	4,627	104,973

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