INFRONEER Holdings

FY2022 Full-Year Financial Presentation

May 11, 2023

FY2022 Full-Year Financial Presentation Contents
1.

Points3.

Summary of Financial Results

2.
4.
5.
6.
7.

8.
9.

Transition of Results and Forecast
Segment Net Sales and Gross Profit

Transition of Contract Backlogs(Building Construction and Civil Engineering)
Strategies & Return Policies
FY22 Results and Forecast of Capital
Sales of Cross-shareholdings

Factors contributing to changes in the consolidated balance sheet
Major factor for increase/decrease in SG＆A

10. Capital strategies and share price performance

Segment Highlights
1.

Building Construction : Net sales and Gross Profit

3.

Building Construction :Types of Orders received

2.

4.

5.
6.
7.
8.

9.

Building Construction : Orders Received and Profit Margin of Orders
Received
Topics: Strengthening orders for large-scale redevelopment
projects and ZEB conversion building projects
Topic：Strengthening government construction initiatives byleveraging our technological capabilities and ability to makeproposals
Civil Engineering : Net sales and Gross Profit

Civil Engineering : Orders Received and Profit Margin of Orders
Received
Topics : “Orders received for long-distance tunnels whichshouldering expectations of community”

Infrastructure Management : Contribution to Consolidated profits

Infrastructure Management : Initiatives achievements of PPP due totransition to HD structure

10. Infrastructure Management : Major our infrastructure operations in
Japan

11．Infrastructure Management : Miura Public Sewerage (Eastern
Treatment District) Operation Project
12．Road Civil Engineering :Orders Received, Net Sales, andGross Profit

13．Road Civil Engineering :Net Sales and Gross Profit (Construction
business)

14．Road Civil Engineering :Net Sales and Gross Profit (Manufacturing
and Sales business)

15．Road Civil Engineering : Topics “Establishment of JAPAN BIO
FUEL Co., Ltd.”
16．Machinery : Net Sales and Gross Profit
17．Machinery : Net Sales and Gross Profit

18． Topics : Efforts to expand the market in the North American
marketAppendix
1.

IFRS Transition Schedule and Major Changes Associated withTransition
2. [Non-Consolidated] Maeda Corp.
FY22 3Q Results and Full-Year Forecast
3. [Consolidated] MAEDA ROAD
FY22 3Q Results and Full-Year Forecast
4. [Consolidated] MAEDA SEISAKUSHOFY22 3Q Results and Full-Year Forecast
5. INFRONEER Group’s FY22 Results and Full-Year Forecast
6. Segments
7. Business Model of Infrastructure Operations
8. Establishment of New Business Platform of Infrastructure
Operations
9.
Investment Case No. 1 of Income Fund(ICF)
10. Policy Trends
11. Difference between with “Contribution to profit” and “Segment
profit”
12. Selected as an “Excellent Integrated Reports” by the GPIF’s AssetManagers Entrusted with Domestic Equity Investment.

1１．Points① Summary of financial FY22 results（P.5-P.8）• In FY22, Net sales and Gross profits increased year-on-year.
• Record Net income for the full year. (ratio to Maeda Corp.[consolidated])② FY22 Results and FY23 Forecast of each segments （P.14-37）
Building Construction & Civil Engineering Segment （P.14-23）• Gross profit of Building Construction segment in FY22 exceeded FY21 in terms of profit amount and rate.
• Orders for Building Construction are 262.2billion yen, and Profit margin at 7.7%, a higher level than planned.
• Construction in FY23 is expected to increase in Net sales and Gross profit, with a record volume of contract
backlogs (JPY 439.5billion yen).
• Civil Engineering segments in FY22, year-on-year increase in both Net sales and Gross profit due to steadyprogress in major construction projects and the acquisition of design changes for completed projects.
• Civil Engineering segments in FY22, Profit margin on orders was 11.8%, increased 2.1% from the previous year.
• Civil Engineering segments in FY23, Profit margin expected to remain high for the full year, similar to theprevious year due to steady progress in profitable on backlogs of construction projects.

Infrastructure Management Segment （P.24-28）• In FY22, Significant increase in Net sales and Gross profit year-on-year due to sale of the renewableenergy projects.
• In FY23, full-year results expected to be at the same level as FY22 due to planned sale of therenewable energy business.
• Following Osaka City Industrial Water Concession, Miura City Public Sewerage Operation Project
has begun.
• Arena, large projects of water PPP open for public offering.
2

１． Points
Road Civil Engineering Segment （P.29-33）• Result of FY22, Net sales and Gross profits increased year-on-year due to the completion of large projects,
acquisition of design changes.
• FY23 has started with the high profit level of the previous 4Q intact, with a significant increase in Gross profit
expected from the previous year.
• In FY23, both the construction and manufacturing and sales business are expected to improve significantly yearon-year for the full year by paying attention to price fluctuations such as electricity, gas, etc., and appropriately
passing on increased material costs to the quoted prices.

Machinery Segment （P.34-37）• In FY22, Net sales and Gross profits increased year-on-year due to sales of in-house products such as crawler
cranes are steady strong.
• Demand remains strong in FY23 and Net sales and Gross profits are expected to increase for the full year.

③ Return Politics for shareholder （P.9）• Following the acquisition of JPY 20 billion yen of treasury stock in FY21, JPY 10 billion yen acquired in FY22.
(Announced on March 7, 2022)• Additional acquisition of treasury stock of JPY 10 billion yen will be acquired in FY23.(Announced on May 11,2023)• Interim dividend will be paid from FY23.

④ Cross-shareholdings （P.9-10）• In FY22, sales completed approximately JPY 21.4billion (FY22 target: JPY 20billion).
• As of the end of FY22, Cross-shareholdings accounted for 19.8% of net assets (FY24 target below 20%).

3

１． Points⑤ Stock benefits to group employee• Decided to introduce an incentive plan, “Employee Stock Ownership Plan (J-ESOP)” .(Announced on
May 11, 2023)
In addition to foster a sense of Group unity, and to motivate employees and improve the stock priceand the Group performance, payment of our stocks to all employees of the Company and its Groupsubsidiaries who meet certain requirements.

⑥ “TEKKON x Fantasy Sales Department” takes on the challenge of infrastructure management that
anticipates future citizen participation• INFRONEER Holdings has established a new company to provide new infrastructure management services thatutilise infrastructure data collected by TEKKON which a citizen-participatory infrastructure data collection app
developed by the Whole Earth Foundation (WEF), that anticipates future citizen participation. (Announced 9 May
2023)

4

２．Transition of Results and Forecast• Net profit for the current period is at its highest level ever.
• Operating profit and Added value are expected to exceed year-on-year.
(Billions of Yen)
60.0

Operating profit
Operating profit

40.0

Operating margin

46.3

50.0

35.9

37.5

34.0

(Billions of Yen)

30.0

44.9

40.5

30.0

6.0%

5.7%

20.0

FY18

(Billions of Yen)
100.0

FY19

FY20

FY22

FY23

69.1

71.8

70.1

48.8

0.0

Net income margine

35.9

23.3

30.0

26.7
5.1%

14.3

FY18

FY19

4.0%

FY20

FY21

FY22

FY23

Forecast 【IFRS】

Added ※
value

(Billions of Yen)

＝ Operating profit + Total labor costs + Depreciation + R&D costs＝ Business profit + Total labor costs + Depreciation + R&D costs
180.0
154.9
145.1 140.2 151.2
150.0
120.0
90.0

40.0

88.5

88.6

FY18

FY19

60.0

20.0
0.0

24.0

20.0

Forecast 【IFRS】＝ Operating profit + Depreciation＝Business profit ＋Depreciation（IFRS）
77.5

49.4

FY21

EBITDA

80.0
60.0

Net income

10.0

10.0
0.0

40.0

Net income

30.0

FY18

FY19

FY20

FY21

FY22

FY23

Forecast 【IFRS】※ See p.39 for key changes resulting from the transition to IFRS

0.0

FY20

FY21

FY22

FY23

Forecast 【IFRS】

5

３． Summary of Financial Results• FY22 results show an increase Net sales and Gross profit compared to FY21 due to thecompletion of large projects, acquiring further design changes, sale of the windfarms projects.
• From the FY23 full-year plan, IFRS will be applied and Net sales and Gross profit are expected toincrease compared to FY22.

（Billions of Yen）

FY21
Results

FY22

RevisedResults

IFRS

FY23 Forecast

JGAAP

Net sales

682.9

Gross profit

91.6(13.4%)

92.1(13.1%)

98.1(13.8%)

102.8(13.8%)

103.0(13.9%)

SG&A

54.1

(7.9%)

57.1(8.1%)

57.6(8.1%)

59.3(8.0%)

64.7(8.7%)

Business profit
Operating profit

705.0

ー
37.5

709.6

ー
(5.5%)

35.0

745.0

ー
(5.0%)

740.0

ー

44.9

40.5

(5.7%)

44.9(6.0%)

38.3

Non-operating profit

4.1

4.6

4.3

ー

ー

Non operating expenses

3.5

2.8

3.0

ー

ー

ー

39.2

Ordinary profit

38.0(5.6%)

36.8(5.2%)

41.8(5.9%)

Extraordinary income

8.5

ー

12.5

ー

ー

Extraordinary losses

2.0

ー

2.4

ー

ー

Net Income

26.7(3.9%)

31.5(4.5%)

35.9(5.1%)

30.0(4.0%)

25.2(5.2%)(5.3%)(3.4%)

Equity

346.9

ー

352.7

ー

ー

ROE

8.7%

ー

10.3%

ー

ー

EPS

94.7JPY121.5JPY

138.4JPY

120.1JPY

100.9JPY※ See p.39 for key changes resulting from the transition to IFRS

6

４．Segment Net Sales and Gross Profit（Billions of Yen）

※

FY21

FY23

FY22

①Results②Revised③Results

682.9

705.0

Building Construction

216.1

Civil Engineering+/-(③－①)+/-(③-②)

709.6

26.7

4.6

228.4

215.5

-0.6

-12.9

142.6

147.0

152.0

9.4

Road Paving

232.8

236.0

243.7

Machinery

35.3

35.5

Infrastructure Operations

18.7

Others37.4

Gross profit

91.6(13.4%)

92.1(13.1%)

98.1

Building Construction

23.4(10.8%)

24.0 (10.5%)

Civil Engineering

26.0(18.3%)

Road Paving

22.5

Machinery

Net sales④Forecast (IFRS) +/-(④-③)
745.0

35.4

Building Construction

220.5

5.0

5.0

Civil Engineering

155.0

3.0

10.9

7.7

Road Paving

242.5

-1.2

37.3

2.0

1.8

Machinery

39.0

1.7

21.5

22.5

3.8

1.0

Infrastructure Operations

38.0

15.5

36.6

38.6

1.2

2.0

Others

50.0

11.4(13.8%)

6.5

6.0

Gross profit

102.8 (13.8%)

4.7

23.7

(11.0%)

0.3-0.3

Building Construction

25.0 (11.3%)

1.3

25.4 (17.3%)

28.5(18.8%)

2.5

3.1

Civil Engineering

27.0 (17.4%)-1.5(9.7%)

21.0(8.9%)

24.1(9.9%)

1.6

3.1

Road Paving

28.0 (11.5%)

3.9

7.4

(20.9%)

7.5 (21.2%)

7.8(20.8%)

0.4

0.2

Machinery

8.2 (21.0%)

0.4

Infrastructure Operations

7.6(40.6%)

10.0 (46.5%)

10.1(44.8%)

2.5

0.1

Infrastructure Operations

9.4 (24.7%)-0.7

Others4.8(12.7%)

4.2 (11.5%)

3.9(10.1%)

-0.9

-0.3

Others5.2 (10.4%)

1.3

37.5

(5.5%)

35.0(5.0%)

40.5(5.7%)

3.0

5.5

44.9

(6.0%)

4.4

Building Construction

9.2(4.2%)

8.8(3.9%)

8.9(4.1%)-0.3

0.1

Building Construction

8.0(3.6%)-0.9

Civil Engineering

15.2(10.6%)

14.1(9.6%)

17.0(11.2%)

1.8

2.9

Civil Engineering

13.7(8.8%)-3.3

Road Paving

3.3(1.4%)

1.3(0.6%)

3.9(1.6%)

0.6

2.6

Road Paving

12.5(5.2%)

8.6

Machinery

1.8(5.2%)

1.5(4.2%)

1.7(4.7%)-0.1

0.2

Machinery

1.8(4.6%)

0.1

Infrastructure Operations

6.1(32.6%)

8.0 (37.2%)

8.1(36.2%)

2.0

0.1

Infrastructure Operations

6.2 (16.3%)-1.9

Others1.9(5.1%)

1.3

0.8(2.2%)-1.1-0.5

Others2.7

1.9

Operating profit(3.6%)※ The Pavement segment includes amortization etc. of goodwill related to the TOB.
※Previous Segment：See p.44 for details on segments.
※ See p.39 for key changes resulting from the transition to IFRSNet sales

Business profit(5.4%)

7

５．Transition of Contract Backlogs (Building Construction and Civil Engineering)• Expect record-high contract backlogs in the building construction segment, and high profit margins on orders.
• Decreased contract backlogs in the civil engineering segment, but secured high profit margins on orders.
• Profit margin of orders received is thoroughly controlled due to secure profit at early phase of the projects (ex.
stable customers, securing design-build ratio and information of large projects) and negotiation for price increases.
Transition of contract backlogs（Billions of Yen）

（Billions of Yen）

500.0

Building Construction

439.5
394.6

400.0

300.0

200.0

301.1

303.1

321.6

OrdersProfit margine_results

300.0

238.0

352.5

FY19

FY20

FY21

FY22

FY23

（Billions of Yen）

261.9

262.2

0.0

6.9%

8.0%

7.7%

6.3%

6.5%

7.0%

7.0%

7.0%

FY19

FY20

FY21

FY22

FY23

200.0

323.5

Civil Engineering

309.5
292.0

300.0

294.5
278.5

267.0

150.0
100.0

156.4

10.0%

250.0
50.0
0.0
FY18

FY19

FY20

FY21

280.0

6.8%

（Billions of Yen）

350.0

200.0

246.8

Profit margine_forecast

20%

200.0
100.0

FY18

Transition of orders and profit margin

FY22

FY23

7.9%
FY19

163.6

12.6%

10%

0%

(Forecast)
25%
163.0

160.4
106.5

9.7%

15%

11.8%

9.0%

9.1%

9.5%

FY20

FY21

FY22

20%

10.0%

FY23

(Forecast)

10%
5%
0%

8

６． Strategies & Return Policies / FY22 Results and Forecast of Capital
Shareholder returns• 10 billion yen acquired in FY22 (Announced on March 7, 2022). Additional acquisition of treasury stock of JPY 10 billion yen will
be acquired in FY23.

Cross-shareholdings• Completion of sales of over 20 billion yen within FY22.
• Achieve 20% or less of “INFRONEER medium term Vision 2024” target by the end of FY23, two year ahead of schedule.

Medium-term Vision 2024
Capitalefficiency
Optimalcapitalstructure

Shareholder
returnsAsset
efficiency

FY22 Results

Notes

ROE

9.5％

10.3%

ー

Equity ratio

More than 30％

38.1%

ー

D/E ratio

Less than 0.6 times

0.4 timesー

Dividend payout
ratio

More than 30％

39.7%

Dividends per share is JPY 55 yen in FY 22.

Share buyback

More than
40.0 billion JPY

JPY 30 billion yen
acquired in FY21・22

More JPY 10 billion yen will be acquired in
FY23.

Total payout ratio

ー

69.5%

FY22
Dividend payout ratio 39.7％+Share buybacks 27.8%+Dividends for the Earth 2.0%
Interim dividend will be paid from FY23.

Crossshareholdings/
Net assets rate

Less than 20％

19.8%

Sale of approx. 8.0 billion yen in progress at 4Q
FY22 3Q 22.6％➡FY22 4Q 19.8%

Sales of assets

Consider sale or integration of inefficient assets by examining the usage status of group-owned
assets.

9

７．Sales of Cross-Shareholdings• Completion JPY21.36 billion yen in FY22, achieving the target sale pf JPY 20 billion yen• At the end of FY22, the retention rate was 19.8%, achieving the 20% or less target at the beginningof the period.
• Continued to focus on capital efficiency from FY23 onwards and continue to sell Cross-shareholdings.
（Billions of Yen）
25.0
Target of FY22
20 billion yen

30.0%

27.6%
25.5%

22.6%

25.0%

19.8%

Profit on sales

20.0%
15.0

13.36
15.0%

10.0

8.55

7.99

10.0%

4.81

4.24

5.0

5.0%

0.570.57
0.0

1Q
current quarter

2Q

3Q

cumulative total

0.0%

4Q
(Forecast)
Cross-Shareholdings ratio

Target of FY23
20%

Cross-shareholdings ratio(Cross-shareholding amount/net assets)

20.0

21.36

10

８．Factors contributing to changes in the consolidated balance sheet
AssetsLiabilities and Net assets（Billions of Yen）

（Billions of Yen）

926.4
(816.7)※1

926.6(821.4) ※1+0.1(+4.3)

926.4

+ 0.1

Liabilities▲ 39.1Other Liabilities＋ 32.8+ 22.1

Decrease indue towith interest borrowings
collection of accounts※2
receivable
193.5

Major Factor

Current Assets
452.6

Costs onuncompleted
construction
contracts

474.7

＋15.3
cash equivalent
＋10.7

377.1

▲ 7.3

Property ,planSale of Renewable
Energy businessand equipment
▲5.5
Sale
of
Non163.6
business assets
Right to
▲2.9
operate the Intangible Assets

publicfacility
109.7

168.7
Investment

Liabilities
pertaining to rightto operate thepublic facility
Approx.108.4

156.3

▲ 9.6

159.1

Amortization of
goodwill
▲6.7

▲ 5.1

and other assets Sales of crossshareholdings
141.5
▲20.0

136.5

＋ 6.4

926.6
154.4

409.9
Liabilities
pertaining to rightto operate thepublic facility
Approx.104.3

Net Income
Right tooperate thepublic facility
105.1

FY21

FY22

2.9%
ROA
(3.3%)

3.9%
ROA(4.4%)Net Assets
355.9

FY21

＋35.9
Divided・Sharebuy-back▲22.9
Net unrealized
gains on securities
▲8.4

362.3

FY22

※1（ ）・・・Figures exclude Right to operate the public facility※２Liabilities with interest= short term debt, long term debt, non-recourse
borrowings (including current portion) and bonds.

11

９．Major factor for increase/decrease in SG＆A
Entertainment expenses・ Transport and communication transport costs• The COVID-19 calms down, expenses increased due to a renewed increase in operating activity.
Depreciation expense• Increase in depreciation expense due to aggressive investments in IT and DX investments suchas core systems（Billions of Yen）

Positive Factor

Negative
FactorEntertainment
expenses・Transport andcommunicationtransport costs【Factor】
Decrease due todepreciation of
R&D facility (ICI
Lab).

12

10．Capital strategies and share price performance•

ROE reached 10.3% at the end of FY22 due to the implementation of the capital strategy set
out in the “INFRONEER medium term Vision 2024” (p. 9) and the upswing in performance.

•

We continued implementation of the capital strategy and achievement of performancetargets to promote capital efficiency-conscious management.
FY21

Share price change ratio(Starting point⇒1 October 2021)

FY22
Dividend payout ratio 39.7%
Total payout ratio 69.5%

Dividend payout ratio 42.2%
Total payout ratio 111.2%
Share buy back20.0 billion JPY

INFRONEER Holdings
Established 1 OctoberROE (%)ROA (%)

Share buyback 10.0 billion JPY

ROE
INFRONEER Holdings

TOPIX
ROA

(Excluding consideration
for right to operate)

ROA
Mar.

Feb.

Jan.

Dec.

Nov.

Oct.

Sep.

Aug.

Jul.

Jun.

May

Apr.

Mar.

Feb.

Jan.

Dec.

Nov.

Oct.

13

Segment

Highlights

Building
Construction

Civil
Engineering

InfrastructureManagement

Road Civil
Engineering

Machinery

Others14

Include real estate business Building Construction
建築１．Net Sales, and Gross Profit ( Maeda Corp. Non-Consolidated )• FY22 FY
Both Gross profit and margin exceeded those of FY21.
• After FY23 We expect increase in sales and profit due to increase in volume of large-scale construction
projects started by the previous fiscal year. Gross profit is expected to reach a record high of
26 billion yen due to the completion of an abundance of large-scale handled construction projects.

Full Year※(Billions of Yen)
250

Net sales

Gross profit

Gross profit margin_forecast

Gross profit margin_result
25%

240
200

219

216

217

20%

150

15%

100

10.8%

10.0%
50

0

FY21

10.8%
10%

10.4%

24

23

22

FY20

11.0%

10.9%

10.4%

FY22

26

FY23
（forecast）

5%

0%※For this figure including the real estate business (Building Construction), the figure before FY21 is different from the figure in publication documents.
Net Sales and profit of major local subsidiaries are contained in “others” segment.

15

Include real estate business Building Construction
建築

２．Orders Received and Profit Margin of Orders Received ( Maeda Corp. Non-Consolidated )• FY22 FY

Both orders received and profit margin of orders received achieved the plan at the beginningof the period. In particular, the profit margin of orders received remained high at 7.7%.
• After FY23 In FY23, we have secured approximately 175 billion yen of highly accurate sales information
at the beginning of the period. Orders are expected to reach a record high of 280 billion, andwe will also secure profit margin of 7.0% on orders received.
Full Year※(Billions of Yen)
300

250

Orders Recieved（Private）

Orders Recieved（Public）

Profit margin of orders received（Forecast）

Profit margin of orders received（Result）

247

262

（Forecast
262 260）

8.0%

150

7.0%

6.5%
216

189

10%

7.7%

6.9%
200

280

7.0%

7.0%
205

230

57

50

FY22

FY23
（Forecast）

5%

100

50

0

73
31
FY20

FY21

※ For this figure including the real estate business (Building Construction), the figure before FY21 isdifferent from the figure in publication documents.

0%Building Construction

３．Types of Orders Received ( Maeda Corp. Non-Consolidated )• FY22 FY “Condominium”, which received orders for multiple redevelopment projects, and “Commercial Buildings/
Factory/Warehouse” applications drove overall orders.
• After FY23 Ratio of “Offices, Government Buildings” is expected to increase due to large office projects. We will also
focus on orders for large-scale logistics facilities and sports-related facilities. We continue to aim for stableorders, especially for redevelopment projects i.e. “Condominium".
【 】 indicate Profit margin on orders
100%

90%

20.3%
【6.2％】

18.0%【4.5％】

12.1%【5.6％】

22.8%【7.3％】

31.6%【7.4％】

80%
70%
60%

34.2%
【6.4％】

10.1%【8.7%】

41.1%【7.9%】

4.2%…

40.2%
【7.1%】

15.0%

35.0%

Offices,
Governmental
Buildings

Commercial
Buildings
Factories, Power Plants,
Warehouses
Logistics Facilities

50%
40%
30%
20%
10%
0%

14.7%
【7.2％】
12.5%【5.8％】
18.3%

40.0%【6.3％】

2.7%【8.8％】
16.5%

38.7%【7.4％】

7.2%【6.0％】
10.4%

22.1%【6.9%】

21.9%【8.0%】
4.7%

39.6%【7.8%】

30.0%

Condominium

9.9%【6.5%】

15.0%

6.1%

Educational
Research
Cultural Institutions

5.0%

Others

FY18
FY19
FY20
FY21
FY22
（通期実績） （通期実績） （通期実績） （通期実績） （通期実績）

FY23（Foreast）

17

４. Topics: Strengthening orders for large-scale redevelopment projects
and ZEB conversion building projects

建築
Building Construction

Construction of new facility building associated with the
Urban Redevelopment Project Type 1 in the Minami Takasago
District at the West Exit of Urawa Station

Tentative name : Arisawa Mfg. Co., Ltd.
New innovation center

While the area around Urawa Station has continued to develop as
an administrative and cultural center, it has suffered frominadequate urban infrastructure, including narrow streets andsubdivided land. In this context, this project aims to create a vibrant
and attractive urban space suitable as the gateway to theprefectural capital, and to construct a complex facility withcommercial facilities, offices, residences, and a plaza in front of thestation, all in one place, where people can relax and enjoy thebustle of the area.

This project is to construct an innovation center as a core base for
product development. Designed by Tetsuo Kobori & Associates, thecenter aims to be ZEB Ready through energy conservation thatmakes maximum use of nature and the potential of the land (snow,
light, wind, factory exhaust heat, etc.), and to develop products forthe next 100 years through a layout that encourages free and open
interaction as a center for open innovation. It is planned as aninnovation center that aims to develop products for the next 100
years.

Orderer ：Urawa Station West Exit Minami Takasago Area Urban
Redevelopment Association

Orderer：Arisawa Mfg. Co., Ltd.

Item

Condominium/Store/Office/Public utilities/Parking lot

Structure and
Scale

SRC・RC・S structure、27 floors
above ground and two below

Total Floor Space
PeriodItem

Research Facilities

Structure andScale

S・SRC structure、3rd of basement floor

９８，４５２㎡

Total Floor Space

５，９０３㎡

Jan 2023 - June 2026

PeriodNov 2022 - Sep 2024

18

４. Topic：Strengthening government construction initiatives byleveraging our technological capabilities and ability to make proposals

建築
Building Construction

Construction of Refuse Disposal Facility (Plant No. 6)
and Incidental Work

Tado area integrated elementary and junior high school
development projectThis project involves demolition of an existing plant and constructionof a new cleaning plant. Through energy-efficient design and the useof natural energy, the project aims to achieve ZEB Ready certification,
which is the most advanced certification for a cleaning plant. The
plant is located on an adjacent site where a factory is in operation, so
temporary facilities and flow lines will be planned so as not to affectthe operation of the plant. In addition, the use of some of theexisting structures will reduce industrial waste, making the projectenvironmentally friendly.

This is a DB project to develop an integrated elementary andjunior high school under the concept of "Connections to foster
children's learning and nurture their development. The project iscurrently under design, with construction scheduled to begin in
August 2024.

Orderer ：Higashi-Osaka Urban Cleaning Facilities Association

Orderer ：Kuwana City

Item

Refuse disposal plant

Item

Educational facility

Structureand ScaleS structure/1 below ground, 6 above ground

Structureand Scale

RC・S structure/3 above groundTotal Floor
Space

about １４，０００㎡

Total FloorSpace

１２，２９０㎡

PeriodFeb 2023 - Mar 2031

PeriodAug 2024 - Mar 2027

19

Segment

Highlights

Building
Construction

Civil
Engineering

InfrastructureManagement

Road Civil
Engineering

Machinery

Others20

Include real estate business5．Net Sales and Gross Profit ( Maeda Corp. Non-Consolidated )• FY22 FY

Civil EngineeringWith the steady progress in large-scale construction projects, as well as theacquisition of design changes for completed projects, there was a year-on-yearincrease in both Net sales and Gross profit.

• After FY23 We aim to further increase in Net sales and Gross profit by acquiring design changes.
Full Year※（Billions of yen）

200

150

149

Net sales

Gross profit

Gross profit_results

Gross profit margin_forecast

20.7%

17.9%
100

17.6%

18.4%

20%
17.4%

17.0%

15.6%

25%

155

151

141

30%

15%
10%

50

31

27

25

27

5%

0%
FY23
（Forecast）※ For this figure including the real estate business (Civil Engineering), the figure before FY21 is different from the figure in publication
documents.
0

FY20

FY21

FY22

21

Include real estate business

Civil Engineering

6．Orders Received and Profit Margin of Orders Received ( Maeda Corp. Non-Consolidated )• FY22 FY Orders received have been impacted by a decline in private orders, but the profit margin
on orders received has remained high.

• After FY23 We will continue to prioritize profitability in our bidding strategy and aim for further
improvement in both public and private sectore construction .
Full Year※（Billions of yen）
Orders received（Public）

Orders received（Private）

Profit margin of orders received（Forecast）

Profit margin of orders received（Results）

200

16%

163
150

12.6%
48

11.8%
97
9.7%

100

9.0%

163

160

9.0%

106
（Forecast 160）
9.5%

10.0%

39

12%

10%

8%

100

50

0

63

14%

115

63

67

FY20

FY21

FY22

※ For this figure including the real estate business (Civil Engineering), the figure before FY21 is different
from the figure in publication documents.

6%

FY23
(Forecast)

4%22

7．Topics : “Orders received for long-distance tunnels which shouldering expectations of community”
National Highway 5, Niki Town,
Niki construction work on the L side of the Shininaho Tunnel
Shininaho Tunnel

Road improvement
Tentative name :National Highway 473 Tsuki Tunnel
Tentative name : Kanda Tunnel

Kanda Tunnel
本坑断面

避難連絡坑（車道）

避難連絡坑（人道）The Kutchan-Yoichi Road is a general national motorway connecting
Kutchan Town to Yoichi Town.
・To reduced transport times from New Chitose Airport to the international
tourist destination Niseko area.
・To reliable transport a wide variety of agricultural and marine products
produced from the production space in Shiribeshi.
・To reduce the time required for rapid rescue.
・To reduce transport time to construction medical facilities

Civil Engineering

標準断面

Tsuki Tunnel

完成予想

General National Highway 473 is an important arterial road as an eastwest trunk axis in the Kitashiraku region. The project will eliminate
narrow and poorly aligned sections and avoid rockfall hazards, enablingsafe and smooth traffic. The effects of the wide-area linkage between
the Okumikawa and Enshu regions include. The project is also expected
to improve convenience of life, such as reducing the time required toreach medical institutions, etc.

Orderer： Hokkaido Regional Development Bureau
Otaru Development and Construction

Orderer：Aichi prefecture

Location

Yoichigun Nikichou, Hokkaido

Location

Kanda, Shitara-cho, Kitashitara-gun, Aichi

Project outline

Tunnel length L=1,724m
NATM method Innere Form 43.4 m2

Project outline

Construction
periodFeb 2023 - Oct 2026

Construction
periodTunnel length L=1,877m (Tsuki Tunnel)
480.4 m (Kanda Tunnel)
NATM method Internal cross-sectional area 58.7 m2
Mar 2022 - Mar 2027

23

Segment

Highlights

Building
Construction

Civil
Engineering

InfrastructureManagement

Road Civil
Engineering

Machinery

Others24

Infrastructure Management

8．Contribution to Consolidated Profits• Significant year-on-year increase in Net sales and Gross profits year-on-year due to sale of one wind power projectin FY22.
• One renewable energy project is scheduled to be sold in FY23, and the expected full-year amount is the same level
as in FY22.
• Operation of Miura City Public Sewerage Concession Started in April in FY23
• Full-year profit contribution is expected to be 10.7 billion yen, the same level as FY22
12 (Billions of Yen)

10

10

0.7

6

62
1.3

53
0.5

4
2
0
-2

3.8
1.1
FY18

4.8

0

FY19

52
1.2

4.3
-0.3

FY20

72
0.2
4

2.9
FY21

Recorded in the PL of the InfrastructureManagement segment

Profit Contribution

8

2.6

6.6

10.7
2.0
2.5

6.2

LegendContribution to other segments• O＆M ※1
• EPC ※2
• development and otherbusiness etc.

Operating profit of consolidated
subsidiaries(Recorded in InfrastructureManagement segments)• Revenue from renewableenergy sales• SPC consolidated profit related
to infrastructure operations, etc.

Other profit

FY22

FY23
（Forecast）(Recorded in InfrastructureManagement segments)• profit on sales• Non-consolidated SPC stock
dividends, etc.

※1 O&M Operation and maintenance associated with infrastructure maintenance and management※1 EPC Lump-sum contracting for design, procurement, construction work, etc. associated with infrastructure operation projects

25Infrastructure Management

9．Initiatives achievements of PPP due to transition to HD structure• After the launch of HD, Maeda Corp., Maeda Road, MAEDA SEISAKUSHO,JM, and FBS have established asystem to promote sales in areas across the country in an integrated manner on a regional basis.
• The number of PPP projects, the municipal pipeline of PPP and the number of operations has expanded
rapidly over the past year.

■Concession
under operation
under construction

The number of operations

Before thelaunch of HD

The number of municipalities
with pipelines

Before thelaunch of HD

Before thelaunch of HD

The number of PPP projects; 5 cases; 1 cases■Comprehensive
private contracting■Comprehensive
private contracting
underoperation
under operation; 8 cases ; 5 cases
before the agreement ; 3 cases

26

10．Major our infrastructure operations in Japan
POINT



Infrastructure Management

Solid track record in a variety of infrastructure services

 Through comprehensive private contracting, we attempt to eliminate inefficiencies caused by
the stove-piped structure of municipalities and implement efficient collective management

27

InfrastructureManagement
Infrastructure
Operations

11．Miura Public Sewerage (Eastern Treatment District) Operation Project
POINT First sewerage concession in Japan which includes maintenance and renewal of all treatment plants,
pumping stations, and pipelines in one treatment district
 Solving common problems in small municipal sewerage through equipment downsizing and datadriven management
 We signed a contract with Miura City on December 28, 2022, and operations started in April 2023.

Order

Miura City

SPC

Miura Sewerage Consession Inc.

Component
companies

PeriodMaeda Corp.(49%) Toshiba Infrastructure Systems & Solutions
Corporation(20%) Kubota Corp.(20%)
NIHON SUIKO SEKKEI(10%) Water Agency(1%)

April 2023 to March 2043（20 years）• Eastern Ceptic Center（Proccecing capacity：8,050㎥ / day）

Scope

■Miura City Eastern Treatment Area

• Kaneda Relay Station• Pipelines（Total length：58 km ※main line：8.45 km）

Miura Kaigan
Station

Kaneda Relay Station（Relay Pumping
Station）

Misakiguchi
StationEastern Ceptic Center

Pipelines in the Eastern
Treatment Area

（Sewage Plant）• 14 manhole pumps• Management of public sewerage• Reconstruction（civil construction、electrical machinery、
pipelines）

Business• Maintenance management of treatment plant／pumping
Content
station／pipelines• Support for various planning（e.g. Sewerage Business
Plan）

Target Pipelines

Eastern Ceptic
CenterEasterm Treatment
Area

28

Segment

Highlights

Building
Construction

Civil
Engineering

InfrastructureManagement

Road Civil
Engineering

Machinery

Others29

Road Civil Engineering

12．Net Sales, and Gross Profit (MAEDA ROAD Consolidated)• FY22 FY• After FY23

Year-on-year increase in both Net sales and Gross profit.
We aim to improve profitability in both construction and manufacturing &sales business.
Full Year※

300.0
250.0
200.0
150.0

Net sales

Gross profit

0.0

248.7

235.6

234.6

Gross profit margin_result
25.0%
246.8
20.0%

14.2%

11.2%

100.0
50.0

Gross profit margin_forecast

33.3

FY20

15.0%
11.1%

10.3%

10.3%

9.5%

24.3

FY21

25.6

FY22

12.0%
10.0%

29.7

FY23

5.0%

0.0%

*The figures are same as Maeda Road (consolidated) in the past, and do not take into account the consolidation and elimination within the
INFRONEER Group.

30

Road Civil Engineering

13．Orders Received, Net Sales, and Gross Profit (MAEDA ROAD Consolidated Construction business)• FY22 FY

Net sales and Gross profit increased year-on-year due to stable orders and progressin passing on higher material costs to the quoted prices.
• After FY23 Appropriately pass on increase in labor and material costs to the quoted prices,
and aim for performance on par with FY22.
Orders Received ※1

Net sales and Gross profit※1(Billions of Yen)

(Billions of Yen)
PublicPrivate

200.0
180.0
160.0
140.0

165.6

162.1

21.8

12.8

※2

Others

Total

175.1

175.2

18.0

16.5

（Forecast 170.0）

200.0

Full Year

80.0
60.0

141.2

149.0

148.5
50.0

40.0

Gross profit margin_result

10.7%
10.8%

17.3

20.0
0.0

Gross profit margin_forecast

FY20

FY21

FY22

FY23

(Forecast)

162.1

25%

171.0

166.0
20%

150.0

100.0

136.0

Gross profit

160.5

120.0
100.0

Net sales

0.0

FY20

11.1%

9.8%

10%

9.7%
9.2%

8.6%

14.9

16.5

FY21

FY22

15%

18.4

FY23

5%
0%

(Forecast)*1 The figures are same as MAEDA ROAD (consolidated) in the past, and do not take into account the consolidation and elimination within the INFRONEER Group.
*2 Others: Orders which Subsidiaries got (mainly public construction) and elimination within segment transactions.

31Road Civil Engineering

14．Net Sales and Gross Profit (MAEDA ROAD Consolidated Manufacturing and Sales Business)• FY22 FYEliminated the gap between Increase in manufacturing cost and unit sales pricein the 3Q, but Net sales increased Gross profit decreased compared to FY21
• After FY23 In addition to main materials, pay attention to price fluctuations such as electricity, gas,
etc., maintain current sales prices and implement measures according to the situationin order to secure profit margins.
Full Year※(Billions of Yen)
Net sales

Gross profit

Gross profit margin_forecast

Gross profit margin_result

30%

100.0
80.0
60.0

73.5

21.5%

18.1%

40.0
20.0
0.0

72.9

FY20

25%
20%

14.4%
12.6%

15.8

80.8

77.1

9.2

FY21

11.6%
11.5%
8.9

FY22

15%
14.0%
11.3

FY23
(Forecast)

10%
5%
0%

*The figures are same as Maeda Road (consolidated) in the past, and do not take into account the consolidation and elimination within
the INFRONEER Group.

32

Road Civil Engineering

15. Topics “Establishment of JAPAN BIO FUEL Co., Ltd.” A new company was established as a subsidiary of Maeda Road to produce andsell "bio-heavy oil".
 Significant reduction in CO2 emissions by using "bio-heavy oil" in the
productions of asphalt mixture.
 The company earnings stability by selling of the bio-heavy oil produced.

POINT
Company nameJAPAN BIO FUEL Co., Ltd.

Capital stock

Completion of FactoryJun. 2023

10,000,000 yen

Start of businessAug. 2023

Location

Sera-gun, Hiroshima Pref.

Business details

Production and sales of biofuel oil

Founded

Sep. 2022【Sources】

Material

Manufacture【Biofuel oil production plant】
Operation : JAPAN BIO FUEL Co., Ltd.
Location: Sera-machi, Sera-gun,
Hiroshima, Japan【Maeda Road’s Asphalt Composite
Manufacturing Plant】

Vegetable oil mills, restaurants,
supermarkets, BDF production plants,
food factories, wastewater treatment
facilities, etc.

【Material】【Byproduct sales】

Oil slag, waste glycerin, fats and oils
from food processing plants, Waste
milk, oil recovered from wastewater
treatment facilities, etc.

【Amount of product manufactured】
Biofuel oil : 13,092 kl/year
By-products : Denitrification materials
and strippers 1,794KL/year
Fertilizer 1,622KL/year

Sells denitrification materials,
strippers, fertilizers, etc.

Approx.14% reduction in CO2 emitted
from the manufacturing process of composite materials.

1. If the plant's production capacity of bio-fuel oil [13,092 kl] is replaced to all plants using fuel oil, CO2 reduction ⇒ Approx. 36,000 t-CO2 /year.
2. CO2 emissions from all plants ⇒ approx. 250,000t-CO2/year (2021 actual)33

Segment

Highlights

Building
Construction

Civil
Engineering

InfrastructureManagement

Road Civil
Engineering

Machinery

Others34

Machinery

16．Net Sales and Gross Profit MAEDA SEISAKUSHO (Consolidated)• FY22 FY
Year-on-year increase in both Net sales and Gross profit.
• After FY23 Both Net sales and Gross profit are expected to exceed FY22.
Full Year(Billions of Yen)

Net sales

Gross profit

Gross profit margin_forecast

Gross profit margin_result
25%

48.0
40.0
32.0

20.9%

20.5%

20.3%

20.5%
20%

19.8%

20.4%

19.8%
15%

24.0
16.0
8.0
0.0

33.5
6.8

FY20

40.0

39.5

37.1
7.4

FY21

7.8

FY22

10%

8.2

FY23
(Forecast)

5%

0%

35

Machinery

17．Net Sales and Gross Profit※1 MAEDA SEISAKUSHO (Consolidated)• FY22 FY

In the Industrial machinery business, Sales of in-house products such as
crawler cranes are steady strong.
• After FY23 Industrial machinery products are steady growth, and performance is expected
to be on a par with FY22.

(Billions of Yen)

Construction Machinery※2(Billions of Yen)

Net sales

Gross profit

Gross profit margin_forecast

Gross profit margin_result
25%

30.0
25.0

Full Year

20.0

18.2%
17.4%

18.0%
17.2%

15.0
10.0
5.0
0.0

22.4
3.9

FY20

23.8
4.1

FY21

20%

17.4%
16.3%
16.1%

23.7
3.8

FY22

Industrial machinery &Steel Products※3

Net sales

Gross profit

Gross profit margin_forecast

Gross profit margin_result

16.0

21.1%

12.0

20.3%
18.8%

19.1%

15%

22.9
3.7

FY23

(Forecast)

5%
0%

4.0

0.0

8.9

FY20

20%

19.7%

13.6

11.2
1.9

21.0%

15%

8.0
10%

25%

21.1%

2.1

FY21

2.9

FY22

14.6

10%

3.1

FY23
(Forecast)

5%0%*1 The figures are only construction machinery, industrial machinery and steel products, etc. which are the main businesses in the Machinery segment.
*2 Mainly sales, service and rental of Komatsu Ltd. products.
*3 Mainly planning, product and sales of own products such as cranes.

36

18．Topics : Efforts to expand the market in the North American market

Machinery Expansion of dealer network targeting major urban areas.
 Expanded line-up of US-spec cranes.

POINT【Construction of the dealer to expand sales (track record and target cities)】

Sales in the Americas(units sold)

120
100

100

Established in 2022

80
60
40
20
0

43
25

FY22 Results

40

FY23 Target cities

24
FY21

【Expanded line-up of new model (US-spec cranes)】
FY22

Units sold_Forecast

FY23

・Launched in FY22

・Scheduled for launch in FY23

Units sold_Results

Largest construction machinery exhibitions in North America“CONEXPO-CON/AGG 2023”
2023.03.14~2023.03.18

Las Vegas

Acquisition of market share in the North American,
battery-powered cranes
and other new crane models (US-spec) are unveiled.
37

Appendix

38

１．IFRS Transition Schedule and Major Changes Associated with Transition
Accounting Standards
appliedConsolidated
Performance (Forecast)
Consolidated
Performance

1Q

2Q

FY23

3Q

JGAAP／IFRS
JGAAP

Accounting treatment of goodwill
JGAAP Amortization of goodwill
IFRS
No amortization of goodwill

IFRS

IFRS※

※Cumulative total for 1Q~4Q is disclosed at the time of 4Q results.

Key changes resulting from the transition to IFRS
1.

After FY24

4Q

Goodwill
amortization（annual）

～FY22
JGAAP

6.6

(Billions of yen)

FY23～
IFRS

0.0

Decrease JPY 6.6 billion in SG&A on P/L on an annual basis.

Goodwill amortization will be eliminated from FY23, and SG&A will be reduced by JPY 6.6 billion
on P/L. ※JPY 1.7 billion in depreciation of machinery arising from M&A remains.
2. Depreciation expense of tangible fixed assets
The depreciation method will be changed from declining balance method to straight-line
method. The assets that have already been acquired and were depreciated using the decliningbalance method will be retrospectively depreciated using the straight-line method for past fiscal
years. The impact on our P/L is expected to be limited.
3. Investment Securities
Under JGAAP, gains or losses on sales are recorded in P/L, whereas under IFRS, gains or losses
on sales are not recorded in P/L .
※ If Recognition of valuation differences in ‘comprehensive income (FVOCI)' is selected.

39

Maeda Corp.

２. [Non-Consolidated] Maeda Corp. FY22 Results and FY23 Full-Year Forecast(Billions of Yen)

FY21

FY22

①Results②Revised

FY23③Results+/-(③-①) +/-(③-②)④Forecast+/-(④-①)

365.8

383.9

375.9

10.1

△ 8.0

401.7

25.83

Total

216.8

228.3

215.4

△ 1.5

△ 12.9238.5

23.122

Domestic

216.7

227.4

214.5

△ 2.2

Overseas

0.1

0.9

0.9

0.7

Total

141.5

146.5

151.4

9.9

Domestic

140.9

146.3

151.3

10.4

Overseas

0.6

0.2

0.1

△ 0.5

Infrastructure Management

4.6

7.4

7.2

2.6

Real Estate

2.9

1.7

1.9

△ 1.0

Net Sales
Bulding

Construction
Civil

Engineering

Gross Profit
Bulding

Construction
Civil

Engineering

Total
Domestic
Overseas
Total
Domestic
Overseas

Infrastructure management

Real Estate
SG＆A

Operating profit
Ordinary profit
Net income

54.1
22.7
22.6
0.0

25.3
21.8
3.6
4.5
1.6
26.8
27.3
35.2
28.5

(14.8%)(10.5%)(10.4%)―(17.9%)(15.5%)―(99.0%)(55.4%)(7.3%)(7.5%)(9.6%)(7.8%)

56.3
23.2
23.1
0.1

(14.7%)(10.2%)(10.2%)(11.1%)

24.9(17.0%)
24.1(16.5%)
0.8 (353.4%)
7.4 (100.0%)
0.8(47.1%)
28.5(7.4%)
27.8(7.2%)
30.2(7.9%)
28.7(7.5%)

58.9
22.9
22.7
0.2

27.9
27.0
0.9
7.2
0.9
29.0
29.9
32.3
30.2

(15.7%)(10.6%)(10.6%)(21.0%)(18.4%)(17.9%)―(99.5%)(48.6%)(7.7%)(8.0%)(8.6%)(8.0%)

4.8
0.2
0.1
0.1

2.6
5.2
△ 2.7
2.7
△ 0.7
2.2
2.6
△ 2.9
1.7

△ 12.9
△ 0.0

4.9
5.0

△ 0.1

△ 0.2

0.2

2.6
△ 0.3
△ 0.4
0.1

3.0
3.0
0.1
△ 0.2
0.1
0.5
2.1
2.1
1.5

20.487

235.0

2.635

3.5

3.583

155.0

3.266

154.6

0.317

0.4

-0.524

6.7
1.5

59.7
25.3
25.0
0.3

(14.9%)(10.6%)(10.6%)(7.1%)

27.0 (17.4%)
27.1 (17.5%)-0.1 -(16.7%)
6.7 (100.0%)
0.8 (50.0%)
33.0(8.2%)
26.7(6.6%)
28.6(7.1%)
22.5(5.6%)-0.355

0.789
2.34
2.272
0.068

-0.9150.039-0.954-0.486-0.151
3.999-3.21-3.673-7.70640

MAEDA ROAD

３. [Consolidated] MAEDA ROAD FY22 Results and FY23 Full-Year Forecast(Billions of Yen)

FY21

FY22

FY23

①Results②Revised③Results

Net sales

235.6

239.0

248.7

13.1

9.7

246.8

△ 1.9

Construction Business

162.1

165.2

171.0

8.8

5.8

166.0

△ 5.0

Manufacturing and Sales Business

72.9

73.8

77.1

4.2

3.3

80.8

3.7

Others

0.6

0.0

0.6

0.0

0.6

0.0

△ 0.6

Gross profit

24.3(10.3%)

22.7(9.5%)

25.6(10.3%)

1.4

2.9

29.7

(12.0%)

4.1

Construction Business

14.9(9.2%)

14.2(8.6%)

16.5(9.7%)

1.6

2.3

18.4

(11.1%)

1.9

Manufacturing and Sales Business

9.1(12.5%)

8.5(11.5%)

8.9(11.6%)

△ 0.2

0.4

11.3

(14.0%)

2.4

Others0.2(39.0%)

0.0

-

0.2

(34.6%)

△ 0.0

0.2

0.0

SG&A

12.6

(5.3%)

13.5(5.6%)

14.2(5.7%)

1.6

0.7

15.7

(6.4%)

1.5

Operating profit

11.7(5.0%)

9.2(3.8%)

11.5(4.6%)

△ 0.2

2.3

14.0

(5.7%)

2.5

Ordinary profit

12.2(5.2%)

9.6(4.0%)

11.9(4.8%)

△ 0.2

2.3

14.0

(5.7%)

2.1

Net income

9.6(4.1%)

7.7(3.2%)

9.4(3.8%)

△ 0.2

1.7

9.2

(3.7%)△ 0.2+/-(③-①) +/-(③-②)④Forecast+/-(④-③)

△ 0.2

41

MAEDA SEISAKUSHO

４． [Consolidated] MAEDA SEISAKUSHO FY22 Results and FY23 Full-Year Forecast(Billions of Yen)

FY21

FY22

FY23

①Results②Forecast③Results

Net sales

37.1

37.2

39.5

2.3

2.3

40.0

Construction Machinery

23.8

21.9

23.7

△ 0.1

1.8

22.9

Industrial Machinery and Steel Products

11.2

13.1

13.6

2.4

0.5

14.6

Care products and Others

2.2

2.2

2.2

0.0

△ 0.0

2.4

Gross profit

7.4(19.8%)

7.6(20.3%)

7.8(19.8%)

0.5

0.3

8.2 (20.5%)

Construction machinery

4.1(17.2%)

3.8(17.4%)

3.8(16.1%)

△ 0.3

0.0

3.7 (16.3%)

Industrial Machinery and Steel Products

2.1(18.8%)

2.6(19.7%)

2.9(21.1%)

0.8

0.3

3.1 (21.0%)

Care products and others

1.2(52.7%)

1.2(53.0%)

1.2(52.1%)

△ 0.0

△ 0.0

SG&A

5.6

(15.1%)

6.0(16.1%)

6.1(15.5%)

0.5

0.1

6.4 (16.0%)

Operating profit

1.8(4.8%)

1.6(4.2%)

1.7(4.4%)

△ 0.0

0.2

1.8

(4.5%)

Ordinary profit

1.9(5.0%)

1.7(4.5%)

1.8(4.6%)

△ 0.0

0.2

1.9

(4.8%)Net income

1.2(3.2%)

1.1(3.0%)

1.5(3.8%)

0.3

0.4

1.3

(3.3%)+/-(③-①) +/-(③-②)④Forecast

1.4

42

５．INFRONEER Group’s FY22 Results and FY23 Full-Year Forecast(Millions of Yen)
Consolidated
subsidiaries

FY21

FBS
FY22

FY23

Results

Results

Forecast

FY21

Fujimi Koken
FY22

FY23

Results

Results

Forecast

FY21

JM
FY22

FY23

Results

Results

Forecast

Net sales

20,97915,85518,080

7,383

8,848

12,34021,00521,96723,000Operating profit

1,043

426

500

281

192

260

528

493

600

Ordinary profit

1,085

443

513

1,826

216

281

548

514

620

Net income

720

262

308

1,406

311

218

388

343

342

Aichi Road Concession

Miotsukushi Industrial Concession

Miura City Public Sewerage Concession

FY21

FY22

FY23

FY21

FY22

FY23

FY21

FY22

FY23

Results

Results

Forecast

Results

Results

Forecast

Results

Results

Forecast

Net sales

13,445.0

14,272.0

15,857.0

ー

1,338.0

1,341.0ーー2Operating profit

3,080.0

2,473.0

2,433.0

ー

198.0

53.0

ー

ー

1

Ordinary profit

1,752.0

1,274.0

1,287.0

ー

185.0

41.0

ー

ー

1

Net income

1,612.0

1,163.0

1,179.0

ー

122.0

27.0

ー

ー

0

Consolidated
subsidiaries

Toyo Construction

Hikarigaoka Corporation

FY21

FY22

FY23

FY21

FY22

FY23

Results

Results

Forecast

Results

Results

Forecast

136,571

149,926

188,200

3,617

3,986

3,730

Operating profit

8,464

7,823

8,600

495

753

530

Ordinary profit

8,227

7,341

8,400

2,972

1,841

1,600

Net income

5,424

4,869

5,600

2,400

1,417

1,100

Equity method
affiliates
Net sales43Re-posting of FY22 3Q material

６．Segments• Segments of INFRONEER Holdings and Maeda Corp. will be changed.
• There will be no major changes in results due to the change in segments.
NEW Segment of INFRONEER Holdings

FORMER Segment of Maeda Corp.

Building
Construction

MK Building Construction
MK Real Estate (Building Construction)

Building
Construction

MK Building Construction
JM
Thai Maeda Corporation Limited
FBS Building Construction

Civil
Engineering

MK Civil Engineering
MK Real Estate (Civil Engineering)

Civil Engineering

MK Civil Engineering
FBS Civil Engineering

Road Civil
Engineering

MD (Consolidated)

Road Paving

MD (Consolidated)

Machinery

MS (Consolidated)

Manufacturing

MS (Consolidated)Fujimi Koken

InfrastructureManagement

MK Infrastructure Operations
Other subsidiaries

Infrastructure
Operations

MK Infrastructure Operations
Other subsidiaries

OthersJM
Thai Maeda Corporation Limited
FBS
Fujimi Koken

OthersMK Real Estate

44

Infrastructure Management

７．Business Model of Infrastructure Operations

Re-posting of FY22 3Q material• Infrastructure operations is business that gain profits on every steps from upstream todownstream of infrastructure management.

⑤Sale(+α) Fund, AM

Value up!!

④O&M
③EPC
②Investment① Development→Profit on sale→

Dividend, AM Fee→O&M fee→Construction revenue

Sale of Happo
Windfarms Projectto Infrastructure
Fund (Details p.47)→Dividend→Profit on development• Profits can be obtained from 5 stages of infrastructure operations• We can capitalize our know-how of construction in development, EPC andO&M stages.
45

Re-posting of FY22 3Q material

InfrastructureManagement
Infrastructure
Operations

８．Establishment of New Business Platform of Infrastructure Operations• We built a new business platform including two types of infrastructure funds, the Asset Creation Fund
Series(“ACF”) and the Income Fund Series (“ICF”) with TOKYU CORPORATION, Global Infrastructure Management(INFRONEER and TOKYU each own 50% of the company) , Sumitomo Mitsui Finance and Leasing Company,
Limited（SMFL）, and Mitsubishi UFJ Trust and Banking.
• We aim to further develop business and promote the development of the domestic infrastructure capital market
in infrastructure business areas that have been attracting attention in recent years, such as PPP and environmental
energy fields.

＜ACF Fund＞
Business Area 1 ：Commercialization and deal making ofdomestic infrastructure business
LP investment

MUTB

cooperation

TOKYU＜ICF Fund＞

INFRONEER

Commercialization andfinancial contribution

GP investment

Domestic infrastructure capital market<fund management needs of institutional investors in infrastructure business area>

・Obtaining stable cash flow
・Ability of fund managers and operators to operate and increase thevalue of their businesses
・Appropriate governance and compliance
GP investment Operational
Opportunities

investment
Commercialization

Business Area 2

Required funds

Financial
contribution<Demand for deal making & financing in infrastructure business>
・Flexible and mobile financing needs（such as developing,
publicly solicited and tendered project）
・Opportunities that require time to commercialize and stabilize
cash flow
・Opportunities that require assistance in developing rules andschemes

LP investment

MUTB
Other institutional
investors<financing needs from in infrastructure project personnel and owners>
・Business continuity, operational capacity and responsibility
・Peace of mind and stable long-term holdings
・Ability to provide funding and cost of capital

From the press release dated July 5,2022 『Establishment of a New Infrastructure Business Platform』

46

InfrastructureManagement
Infrastructure
Operations

９． Investment Case No. 1 of Income Fund（ICF）••

Re-posting of FY22 3Q material

Global Infrastructure Management and SMFL MIRAI Partners Company, Limited formed
Income Fund (ICF), an infrastructure fund that invests in infrastructure projects, etc. incollaboration with domestic institutional investors.
It invests Happo Windfarm Project as the first investment project.

LP investment

GP investment

ICF

インフラ・ファンド
Income Fundinvestment

Other institutional
investors

sale
Jun.2022

Happo Windfarms Project
Happo
Happo
Town

Town

Akita
Akita
Pref.Pref.

47

Infrastructure Management

10．Policy Trends

Re-posting of FY22 3Q material

ー Act on Promotion of Private Finance Initiative (Act No.117 of July 30, 1999) published by the Cabinet Office

The Kishida Cabinet positions PPP/PFI as the core of a New Form of Capitalism.
•

Act on Promotion of Private Finance Initiative sets project scale targets, priority areas,
and an action plan for promoting PPP/PFI.

（It’s decided by the Council for the Promotion of Private Finance Initiative under the PFI Law,
and announced by the PPP/PFI Promotion Office, Cabinet Office）•

It is updated annually based on progress, issue follow-up, etc.

•

This year was the timing for updating the business scale target, andthe new business scale* target was set.

 The business scale target was much larger than assumed when INFRONEER Mediumterm Vision 2024 was formulated (FY2021).
FY2011FY2013business scale*
Revision of PFI law(start of concession) targetto

FY2022

FY2022

to

FY203121 trillion yen
NEWbusiness scale*
30 trillion yen
target（Cumulative total 51 trillion yen）

* It should be noted that the business scale in this case refers to the total revenue during the contract period of the private operator
expected from the projects contracted during this period, and not the annual sales.

Re-posting of FY22 3Q material

Infrastructure Management
インフラ運営

11．Difference between with “Contribution to profit” and “Segment profit”• ”Contribution to profit” is the actual contribution for managerial accounting purposes, which is the sum of construction Gross profit,
other income, and operating income of individual consolidated subsidiaries. This is in consideration of the fact that the profit
presentation points on the consolidated basis differ depending on the investment ratio and sale scheme.
• “Segment profit (Infrastructure management)" in the consolidated financial statements is operating profit for financial accounting
purposes after eliminating construction profit and other items included in contribution to profit and common administrative expenses,
but before non-operating/extraordinary items.

Correspondence tosegment profit

Gross profit on
construction of Aichi
Road Concession/Happo Wind Power(Financial Accounting Arrangements)
consolidation elimination ＊Construction profit of Maeda Corp. isunrealized profit in proportion to its（recorded in otherinvestment ratio. Profit will be recognized
segments）
over time at the time of operation and sale.

）managerial accounting

Segment Profit(Infrastructure Management)(financial accounting)（Contribution to profit

個別業績貢献Contribution to other（他セグメント計上）
segments• O＆M /development(O＆M/EPC• EPC
andother business etc.)• 開発等事業 等(Project Examples）

・Aichi Road Concession
・Miotsukushi Industrial Water
Operating profit ofConcession
Operating profit ofconsolidated subsidiaries
consolidated subsidiaries ・Ozu Biomass(Consolidated profit of SPCs
(Consolidated profit of SPCs
＊Investment
profit(investmentin
on infrastructure
on infrastructure（インフラ運営に係る
anonymous association, equity, etc.) frommanagement)
management)
Maeda Corp. to consolidated subsidiaries is
SPC連結利益）

連結子会社の営業利益

not included in the contribution to profit
because it overlaps with operating profit.

Other profit
その他収益(profit on sales/Non（売却益、非連結
consolidated SPC stock
dividends, etc.)
SPC株式配当等）

Other profit
Profit on sale of equity interest(Profit on sales of anonymousin anonymous association inassociation)
Happo Wind Power△SG&A

stock dividend of
SIAC/AICEC

Non-operating income/loss ＊Deduct common expenses, etc. of Maeda's head office(Equity method investment ＊Net income of affiliated companies
gain)

Profit on sale of equity
interest in Kai Solar LCC

Extraordinary income/loss stocks or power generation equipment (It depends(Profit on sales of fixed assets) on the development process and buyer preferences）※Contribution to profit does not take into account SG&A such ascommon expenses at the Maeda head office.

＊When the subject of the sale is a fixed asset such as

49

12．Selected as an “Excellent Integrated Reports” by the GPIF’s Asset Managers
Entrusted with Domestic Equity Investment.
We were selected by the GPIF’s (Government Pension Investment Fund)
Asset Managers Entrusted with Domestic Equity Investment
as an “Excellent Integrated Reports ” and ” Most-improved Integrated Reports ”
In October 2022, we published our first Integrated Report, which were selected as both an ‘Excellent Integrated
Reports’ and a ‘Most-improved Integrated Reports‘.
We will continue to strive to improve engagement with our shareholders, investors and other stakeholders throughappropriate information disclosure and active dialogue to further enhance our corporate value.

List of companies selected as Excellent Integrated Reports' (in order of securities code).
Source：https://www.gpif.go.jp/en/investment/excellent.most-improved-integrated-reports_2023_03.pdf

50

News１

It was introduced again on the YouTube channel "Mariko
Mabuchi’s Stock Club" in November last year!!

Socially responsible investment!
Why focus on PPP and PFI?
-INFRONEER initiatives explainedThe four participants discussed the future of theinfrastructure investment market, including our
initiatives.

YouTubeYouTube URL ：https://www.youtube.com/watch?v=LTrNl2QrRbQNews 2

INFRONEER Holdings
Official Facebook & Instagram

We are sending out information via SNS withdesire to let many people know about
INFRONEER HD. takes on the challenge of the
future of infrastructure.
Please follow and like! on our Facebook andInstagram pages!

Facebook

Instagram

Facebook : https://www.facebook.com/infroneer.hd/
Instagram : https://www.instagram.com/infroneer.hd/

News 3Kibe-log～Back number～

In order to inform all stakeholders about what
INFRONEER HD. is thinking and what kind ofsociety it aims to achieve, President Kibe willcommunicate what he is thinking.
Kibe-log

Vol.5 : Non-recourse loans that are not true non-recourse loans hinder
infrastructure investment
Vol.6 : The challenge of a Ghana toll road concession
Vol.7 : INFRONEER’S VIEW OF ”DX”
Vol.8 : The “Availability Payment Method” is needed for infrastructure in Japan

Kibe-log ：https://www.infroneer.com/topics/tag/16.html

【Disclaimer】• This financial presentation document is made in Japanese and translated in English. Any texts, figuresand descriptions etc. in Japanese document is the original and the English document is for reference
purposes. If there is any conflict or inconsistency between these two documents, the Japanese
documents shall prevail.
• The figures in this document are based on Financial results on May 11, 2023, and rounded to the
Nearest 100 million yen.
• All financial information has been prepared in accordance with generally accepted accounting principal
In Japan.
• While every attempt has been made to accuracy of information, forecast contained in this documents
Are based on the judgements made with information available as on May 11, 2023, and are subject torisks and uncertainties that may cause the actual results to vary.

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