Operating Results Financial Position  In fiscal 2003 ended March 31, 2003, revenues from construc- tion contracts on a consolidated basis totaled ¥166,367 million (US$1,386 million), an increase of 17.7% from the previous year.  The cost of construction contracts increased by 14.0%, to ¥155,924 million (US$1,299 million). Selling, general and administrative expenses decreased by ¥932 million to ¥8,895 million (US$74 million) through the reduction of fixed expenses.  Other income consisting of reversal of allowance for doubtful accounts, equity in earnings of associated companies, and others decreased by ¥6,102 million, to ¥961 million (US$8 million). The decrease was mainly due to gain on discharge of liabilities posted in the previous year.  The income before taxes and minority interests was ¥2,509 mil- lion (US$21 million), up from ¥1,861 million (US$14 million) in the previous year, and the net profit per common share amounted to ¥10.8 (US$ 0.09).  During the year, the Company was awarded a total of ¥249,093 million (US$2,076 million) in contracts. International contracts accounted for ¥180,488 million (US$1,504 million) or 72.4% of the total with domestic contracts making up the remaining ¥68,605 million (US$572 million). The backlog of contracts as of March 31, 2003, stood at ¥316,167 million (US$2,635 million), with domestic contracts accounting for ¥83,604 million (US$697 million) of the total and international contracts for ¥232,562 million (US$1,938 million).  Net cash used in financing activities totaled ¥9,544 million (US$80 million) due primarily to ¥8,718 million (US$73 million) cash outflows for repayment of short-term debt.  Cash and cash equivalents, end of year, decreased by ¥3,737 mil- lion, to ¥34,940 million (US$291 million). Net cash used in investing activities amounted to ¥873 million (US$7 million). Disbursements for originating loans occupy substan- tial portion of it.  Net cash provided by operating activities totaled ¥6,939 million (US$58 million), comprising ¥2,000 million (US$17 million) in net profit and ¥2,793 million (US$23 million) provided by net changes in operating assets and liabilities, and ¥2,146 million (US18 million) by other factors, mainly composed of the equity in earnings of asso- ciated companies and income taxes paid.  Total shareholders' equity rose by ¥1,567 million, to ¥16,670 mil- lion (US$139 million). The shareholders' equity ratio was 13.9%. The accumulated deficit decreased by ¥2,020 million to ¥497 mil- lion (US$4 million). In an effort to decrease the deficit the Company refrained from paying cash dividends for fiscal 2003.  Total current liabilities decreased by ¥11,512 million, to ¥89,403 million (US$745 million), mainly because of decrease in short-term bank loans.  As of March 31 2003, total assets amounted to ¥120,297 million (US$1,002 million), ¥9,017 million lower than those of the previous year. This decrease was due mainly to a reduction in long-term receivables of ¥14,194 million to ¥9,918 million (US$83 million).  Cash Flows  26 Consolidated Financial Review