Balance Sheets-2

(Millions of yen)

	As of May 31, 2024	As of May 31, 2025
Liabilities
Current liabilities
Accounts payable - trade	3,423	2,771
Short-term borrowings	9,263	6,043
Lease liabilities	342	311
Accounts payable - other	6,333	7,184
Accrued expenses	16,756	18,596
Income taxes payable	1,138	1,621
Accrued consumption taxes	3,033	3,484
Contract liabilities	2,111	3,162
Deposits received	56,374	38,741
Provision for bonuses	4,205	4,217
Provision for bonuses for directors (and other officers)	13	20
Asset retirement obligations	98	66
Other	793	1,506
Total current liabilities	103,889	87,728
Non-current liabilities
Bonds payable	2,630	2,100
Long-term borrowings	29,427	23,671
Lease liabilities	678	551
Provision for share awards for directors (and other officers)	418	253
Allowance for stock benefit for employee	281	278
Retirement benefit liability	2,407	2,359
Deferred tax liabilities	1,304	1,333
Asset retirement obligations	2,326	2,923
Other	3,048	2,703
Total non-current liabilities	42,523	36,175
Total liabilities	146,412	123,904
Net assets
Shareholders' equity
Share capital	5,000	5,000
Capital surplus	17,495	15,963
Retained earnings	127,465	115,788
Treasury shares	(2,685)	(2,577)
Total shareholders' equity	147,276	134,174
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	121	95
Foreign currency translation adjustment	604	530
Remeasurements of defined benefit plans	501	133
Total accumulated other comprehensive income	1,228	760
Share acquisition rights	2	2
Non-controlling interests	6,171	6,196
Total net assets	154,677	141,134
Total liabilities and net assets	301,090	265,038