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Operating Results
In fiscal 2008, ended March 31, 2009, management drew on the corporate slogan of "Aiming Higher: In Pursuit of the EXEO Way" to solidify KYOWA EXEO's operating foundations and boost corporate value. In the ENGINEERING-SOLUTIONS segment, we marketed aggressively and beefed up our sales and engineering centers nationwide. We broadened our capabilities in upstream areas like planning and development and downstream in operations and maintenance while streamlining real-time on-site management.
   SYSTEM-SOLUTIONS segment initiatives included adding value, focusing resources in particularly competitive fields, expanding our business, and cultivating new customers. We took advantage of internal systems improvements that we made in the previous term to enhance operational efficiency while generating synergies by sharing real estate and people and supporting training. We harnessed our monitoring systems to boost earnings management.
   While orders received during the term were down 3.9%, to ¥286,234 million, net sales increased 0.1%, to ¥288,017 million. Operating income advanced 15.1%, to ¥18,872 million. Ordinary income rose 13.3%, to ¥19,489 million. Net income fell 12.1%, to ¥9,389 million, however, largely because we posted a loss on valuation of investment securities.

Financial Position
At the close of the term, total assets were ¥179,555 million, up ¥2,600 million, or 1.5%, from a year earlier. The main changes were a ¥11,099 million increase in marketable securities included in cash and cash equivalents and a combined ¥8,804 million decline in notes receivable and accounts receivable from completed construction contracts.
   Total liabilities dropped ¥3,705 million, or 4.6%, to ¥77,677 million. This reflected an aggregate ¥4,725 million decrease in notes payable and accounts payable for construction contracts, against which income taxes payable were up ¥2,105 million.
   Total net assets climbed ¥6,305 million, or 6.6%, to ¥101,878 million, the principal factor being a ¥7,161 million increase in retained earnings.