Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

May 10, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)

Company name: TOA ROAD CORPORATION
Listing:
Tokyo Stock Exchange
Securities code:
1882
URL:
https://www.toadoro.co.jp
Representative:
Kyouichi Morishita, Representative director, president
Inquiries:
Katsuo Tokura, Executive Officer, General Manager of Accounting Department
Telephone:+81-3-3405-1812
Scheduled date of annual general meeting of shareholders:June 27, 2024
Scheduled date to commence dividend payments:
June 28, 2024
Scheduled date to file annual securities report:
June 27, 2024
Preparation of supplementary material on financial results:
None
Holding of financial results briefing:
Yes (for institutional investors and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31,
2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

March 31, 2024

118,060

(0.6)

5,473

15.6

5,707

15.1

3,793

20.0

March 31, 2023

118,721

5.9

4,736

(14.1)

4,957(11.3)

3,160(14.9)

Note: Comprehensive income

For the fiscal year ended March 31, 2024:
For the fiscal year ended March 31, 2023:

Basic earnings
per share

Diluted earnings
per share¥4,995 million¥3,248 million

Return on equity[53.8%][(14.0)%]

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2024

79.94

-

7.2

6.3

4.6

March 31, 2023

66.73

-

6.3

5.8

4.0

Reference:

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2024:¥0 million
For the fiscal year ended March 31, 2023:¥1 million
On April 1, 2024, the Company conducted a 5-for-1 stock split of its common stock. Basic earnings per share is calculated on thepresumption that the stock split was conducted at the beginning of the fiscal year ended March 31, 2023.

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

March 31, 2024

92,89556,07558.8

1,162.69

March 31, 2023

87,18452,71158.9

1,080.46

Reference:

EquityAs of March 31, 2024:¥54,647 million
As of March 31, 2023:¥51,344 million
On April 1, 2024, the Company conducted a 5-for-1 stock split of its common stock. Net assets per share is calculated on thepresumption that the stock split was conducted at the beginning of the fiscal year ended March 31, 2023.

(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at end of
periodCash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2024

10,911(3,995)(2,693)

14,227

March 31, 2023

2,180

(2,971)(853)

10,004

2. Cash dividends
Annual dividends per share
First
SecondThird
quarter-end quarter-end quarter-end
Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecast)Fiscalyear-end

Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)

Total cash
dividends(Total)

Total

Yen

Yen

Yen

Yen

Yen Millions of yen

-

-

-

90.00

90.00

-

-

-

210.00210.00

-

-

-

42.00

42.00

%

%

855

27.0

1.7

1,974

52.5

3.7

50.6

On April 1, 2024, the Company conducted a 5-for-1 stock split of its common stock. Year-end dividends for the fiscal year ended
March 31, 2023 and the fiscal year ended March 31, 2024 are presented in actual value terms on a pre-split basis.

3. Consolidated financial result forecasts for the fiscal year ending March 31, 2025 (from April 1, 2024 toMarch 31, 2025)(Percentages indicate year-on-year changes.)
Net sales
Millions of yen

Operating profit% Millions of yen

First half

50,500 (0.6)

Full year

126,000

6.7% Millions of yen

540 (14.3)
6,000

Profit attributable toowners of parent

Ordinary profit

9.6% Millions of yen

550 (31.0)
6,100

6.9

Basic earnings
per share%Yen

280 (42.5)
3,900

2.8

5.96
82.98

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in change inscope of consolidation): None
Newly included: - companies (Company name)
Excluded:- companies (Company name)(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

52,200,230 shares

As of March 31, 2023

52,200,230 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

5,199,315 shares

As of March 31, 2023

4,679,080 shares

(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024

47,455,575 sharesFiscal year ended March 31, 2023

47,358,120 shares

On April 1, 2024, the Company conducted a 5-for-1 stock split of its common stock. The total number of issued shares atthe end of the period, the number of treasury shares at the end of the period, and the average number of shares outstanding
during the period are calculated on the presumption that the stock split was conducted at the beginning of the fiscal year
ended March 31, 2023.

[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Ordinary profit

ProfitFiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

March 31, 2024

82,132

(1.5)

1,849

(7.4)

2,497

7.0

1,961

22.1

March 31, 2023

83,3401.9

1,998(35.4)

2,334(29.6)

1,606(32.5)

Basic earnings
per share

Diluted earnings
per share

Fiscal year ended

Yen

March 31, 2024

41.33

-

March 31, 2023

33.92

-

Yen

On April 1, 2024, the Company conducted a 5-for-1 stock split of its common stock. Basic earnings per share is calculated on thepresumption that the stock split was conducted at the beginning of the fiscal year ended March 31, 2023.

(2) Non-consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

March 31, 2024

72,30637,45251.8

796.84

March 31, 2023

70,99436,73851.7

773.10

Reference:

EquityAs of March 31, 2024:¥37,452 million
As of March 31, 2023:¥36,738 million
On April 1, 2024, the Company conducted a 5-for-1 stock split of its common stock. Net assets per share is calculated on thepresumption that the stock split was conducted at the beginning of the fiscal year ended March 31, 2023.

* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts and other special matters
1. Financial results forecasts and other forward-looking statements contained herein are based on informationthat is currently available and certain assumptions that the Company deemed to be reasonable, and theCompany does not guarantee their achievement. Actual results may differ significantly due to various
factors.
2. The Company plans to hold a financial results briefing session for institutional investors and analysts on
Tuesday, June 11, 2024. The video of the session and the presentation materials used on the day will be
posted on the Company’s website promptly after the event.

Table of Contents - Attachments
1. Overview of Operating Results, etc. ............................................................................................................... 2(1) Overview of Operating Results for the Fiscal Year under Review ............................................................. 2(2) Overview of Financial Position for the Fiscal Year under Review ............................................................ 3(3) Overview of Cash Flows for the Fiscal Year under Review ....................................................................... 4(4) Future Outlook ........................................................................................................................................... 4(5) Material Events Related to Going Concern Assumption, etc. .................................................................... 5
2. Basic Policy on Selection of Accounting Standards ....................................................................................... 5
3. Consolidated Financial Statements and Principal Notes ................................................................................ 6(1) Consolidated Balance Sheets ..................................................................................................................... 6(2) Consolidated Statements of Income and Comprehensive Income ............................................................. 8(3) Consolidated Statements of Changes in Equity ....................................................................................... 10(4) Consolidated Statements of Cash Flows .................................................................................................. 12(5) Notes to Consolidated Financial Statements ............................................................................................ 13(Notes on going concern assumption) ................................................................................................. 13(Changes in presentation) .................................................................................................................... 13(Segment information) ........................................................................................................................ 13(Per share information) ........................................................................................................................ 16(Significant subsequent events) ........................................................................................................... 17
4. Others ........................................................................................................................................................... 18
Overview of Production, Orders Received and Sales .......................................................................... 18

1

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year under Review
In the fiscal year under review, the Japanese economy remained on a recovery trend, backed by social andeconomic activities regaining a greater degree of normalcy after COVID-19 was reclassified to a Class 5
infectious disease, improvement in the employment and income environment, and increasing demand fromforeign visitors to Japan. On the other hand, the economic outlook remains uncertain amid growing tension in
global affairs and spiking energy prices.
In the road construction industry where the Group operates its main businesses, government investments
in construction remained firm and private capital investments showed a recovery trend as corporate revenues
improved. However, the business environment remained challenging due to the increase in construction
material prices and personnel costs, in addition to the intensifying competition for contracts.
Under these circumstances, the Group promoted initiatives under the medium-term management plan (forthe period from FY2021 to FY2023) to enhance the collective strength of the Group as a whole.
As a result, for the fiscal year under review, the orders received amounted to ¥123,991 million (up 5.9%
year on year) and net sales were ¥118,060 million (down 0.6% year on year).
With regard to profit or loss, operating profit was ¥5,473 million (up 15.6% year on year), ordinary profit
was ¥5,707 million (up 15.1% year on year). Profit attributable to owners of parent was ¥3,793 million (up20.0% year on year).
The operating results by segment are as follows.
1) Construction
The orders received for the fiscal year under review amounted to ¥76,178 million (up 11.4% year onyear). Net sales of completed construction contracts were ¥70,247 million (up 0.3% year on year) and thebalance of orders carried forward was ¥34,990 million (up 20.4% year on year). With regard to profit,
segment profit was ¥3,468 million (up 5.2% year on year).
Major construction orders received
ClientConstruction Project Name

Place
(Prefecture)West Nippon Expressway
Company Limited

FY2023 Paving work for Sasebo Road in Ainoura district

NagasakiWest Nippon Expressway
Company Limited

FY2023 Pavement repair work in the administrative area of the
Osaka Expressway OfficeOsaka

FY2023 Extension and construction of the runway in Fukuoka
Airport (Second round)

Fukuoka

FY2024 Maintenance work in Kobe district

Hyogo

East Nippon Expressway
Company Limited

Pavement repair work for Do-o Expressway in the north district of
the Kitahiroshima administrative area

Hokkaido

Japan Freight Railway
Company

Construction work for new container platforms and other work forthe establishment of the Numazu Freight Station (Phase I)

Shizuoka

Ministry of Land, Infrastructure,
Transport and Tourism (ports
and airports)
West Nippon Expressway
Maintenance Kansai Company
Limited2

Major completed construction contracts
Construction Project Name

Place
(Prefecture)

Central Nippon Expressway
Company Limited

Pavement repair work for Hokuriku Expressway (special renewal
work, etc.) in the Kanazawa administrative area (FY2020) operated
by Joint Venture for Special Construction Work

Ishikawa

Central Nippon Expressway
Company Limited

Pavement construction work for Chuo Expressway in the
Matsumoto administrative area (FY2020)

NaganoChubu Co., Ltd.

Facility refurbishment work under the PFI project for Tottori
Prefecture

Tottori

Ministry of Land, Infrastructure,
Transport and Tourism

FY2022 Extension and construction of the runway in Fukuoka
Airport (Second round)

Fukuoka

Ministry of Land, Infrastructure,
Transport and Tourism

Pavement construction work in Kaizara district, Izumi Tunnel on
the Ohno Abrasaka Road

Fukui

Honshu-Shikoku Bridge
Expressway Company Limited

FY2022 Pavement repair work in the Kobe administrative area

Hyogo

Client2) Manufacturing and sales of construction materials, environmental business, and other businesses
Net sales for the fiscal year under review were ¥47,813 million (down 1.8% year on year). With regard
to profit, segment profit was ¥4,162 million (up 19.6% year on year).

(2) Overview of Financial Position for the Fiscal Year under Review
1) Assets
Total current assets amounted to ¥61,566 million, increasing by 3.6% from the end of the preceding
fiscal year. This was due mainly to an increase of ¥4,222 million in cash and deposits, an increase of ¥865
million in electronically recorded monetary claims - operating, and a decrease of ¥3,539 million in notes
receivable, accounts receivable from completed construction contracts and other.
Total non-current assets amounted to ¥31,329 million, increasing by 12.9% from the end of thepreceding fiscal year. This was due mainly to an increase of ¥1,745 million in property, plant and equipment
and an increase of ¥908 million in investment securities.
As a result, total assets amounted to ¥92,895 million, increasing by 6.6% from the end of the preceding
fiscal year.
2) Liabilities
Total current liabilities amounted to ¥32,487 million, increasing by 3.3% from the end of the preceding
fiscal year. This was due mainly to an increase of ¥4,659 million in notes payable, accounts payable forconstruction contracts and other, a decrease of ¥2,348 million in electronically recorded obligations operating, and a decrease of ¥1,436 million in short-term borrowings.
Total non-current liabilities amounted to ¥4,332 million, increasing by 43.8% from the end of thepreceding fiscal year. This was due mainly to an increase of ¥750 million in long-term borrowings.
As a result, total liabilities amounted to ¥36,820 million, increasing by 6.8% from the end of thepreceding fiscal year.
3) Net assets
Total net assets amounted to ¥56,075 million, increasing by 6.4% from the end of the preceding fiscal
year. This was due mainly to an increase of ¥2,947 million in retained earnings due to profit attributable toowners of parent.

3(3) Overview of Cash Flows for the Fiscal Year under Review
Cash and cash equivalents (hereinafter referred to as “cash flow”) at the end of the fiscal year underreview totaled ¥14,227 million, increasing by ¥4,222 million from the end of the preceding fiscal year.
The status of cash flows and factors thereof by category for the fiscal year under review are as follows.
1) Cash Flows from Operating Activities
Cash flows from operating activities resulted in a net inflow of ¥10,911 million (a net inflow of ¥2,180
million in the preceding fiscal year). Major components included profit before income taxes of ¥5,680
million, depreciation of ¥2,194 million, income taxes paid of ¥1,762 million, a decrease in trade receivablesof ¥2,674 million, and an increase in trade payables of ¥1,946 million.
2) Cash Flows from Investing Activities
Cash flows from investing activities resulted in a net outflow of ¥3,995 million (a net outflow of ¥2,971
million in the preceding fiscal year). Major components included the purchase of property, plant andequipment of ¥4,085 million.
3) Cash Flows from Financing Activities
Cash flows from financing activities resulted in a net outflow of ¥2,693 million (a net outflow of ¥853
million in the preceding fiscal year). Major components included a net decrease in short-term borrowings of¥1,488 million, proceeds from long-term borrowings of ¥1,350 million, a purchase of treasury shares of¥1,002 million, and dividends paid of ¥855 million.

(4) Future Outlook
Regarding the economic environment going forward, global inflation is ongoing, leading to monetary
tightening policies accompanied by risks of exchange rate fluctuations. In addition, there are geopolitical risks.
It is necessary to monitor the impact of these factors on procurement costs, such as energy and material prices.
At the same time, while understanding that price pass-through would be necessary to respond to the wage
increase requested by the government and the increase in procurement costs, the Group expects theenvironment surrounding the Group to remain challenging amid continuously intensifying competition among
companies for contracts.
In light of the current environment, the Group has established the “TOA ROAD Vision 2030,” a vision for2030, which marks the 100th anniversary of the Company, and has been striving to implement the mediumterm plans to achieve goals. Continuing on from the previous medium-term management plan, the final year ofwhich was the preceding fiscal year, the Group has developed a new three-year medium-term management
plan with the target year of FY2026, dubbed the “TOA ROAD Sustainable Plan 2026,” and started to
implement it from the fiscal year under review. In this medium-term management plan, the Group has set up
the two main pillars of “shift to CSR-oriented management” and “establishment of a foundation for sustainablegrowth,” and will strive to pursue management that emphasizes capital cost more than ever.
Under the new medium-term management plan, our Construction division will seek diverse ways ofworking to promote reform of working practices by improving engagement with employees and utilizing
digital transformation (DX) technologies, with a recognition that the 2024 problem (new overtime regulations
enforcing an overtime cap for truck drivers came into effect), which is an urgent issue, is an opportunity fortransformation. The Asphalt Product Business division will make aggressive capital investment in shifting toenvironmentally-friendly production equipment. In addition, while trying to pass higher costs onto customers
via price hikes, the Group will actively propose materials that contribute to the environmental conservation tomunicipalities and promote community-based activities.
Regarding technology development (R&D strategies), the Group will propose surveying and assessment
methods that contribute to the operation of huge accumulation of road assets and promote pavement
construction methods with preventive maintenance functions, while maintaining the existing focus ontechnologies to extend the life and minimize the life cycle cost of road infrastructure. In addition, the Group4

will take on the challenge of innovation, such as the development of materials that will help decarbonization,
pavement with a solar power generation function, and technology for wireless EV charging, while striving toachieve the 100th anniversary vision, “Only One Company always chosen by the society.”
By considering the steady implementation of measures based on these policies, the Group formulated thefinancial results forecasts for the year ending March 31, 2025 as follows: net sales of ¥126,000 million,
operating profit of ¥6,000 million, ordinary profit of ¥6,100 million, and profit attributable to owners of parentof ¥3,900 million.

(5) Material Events Related to Going Concern Assumption, etc.
Not applicable.

2. Basic Policy on Selection of Accounting Standards

The Group prepares its consolidated financial statements in accordance with the Japanese GAAP to maintaincomparability of the consolidated financial statements between companies. Regarding the International Financial
Reporting Standards (IFRS), the Group will appropriately determine its adoption while considering various
circumstances in Japan and overseas.

5

3. Consolidated Financial Statements and Principal Notes(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and other
Electronically recorded monetary claims - operating
Costs on construction contracts in progress
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
Land
Leased assets
Construction in progress
Other
Accumulated depreciation
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

6

As of March 31, 2024

10,004

14,22739,47335,934

2,430
1,842
972
350
1,493
2,926
(69)
59,427

3,296
2,201
1,125
447
1,668
2,739
(73)
61,566

13,456
27,51012,375
1,061
143
2,563
(35,770)
21,339346

13,941
28,43813,764
1,291
150
2,653
(37,155)
23,085
281

4,528
280
854
273
301
(165)
6,071
27,75787,184

5,437
317
1,612
381
328
(113)
7,962
31,32992,895

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Advances received on construction contracts inprogress
Provision for warranties for completed construction
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for landRemeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

7

As of March 31, 2024

16,517

21,176

6,265
2,036
1,097

3,916
600
1,112

1,399

1,044

27
190
3,927
31,460

24
169
4,444
32,487

150
745
1,044
449
54
569
3,012
34,472

900
1,244
1,041
439
55
650
4,332
36,8207,584
7,105
35,722(1,724)
48,6887,584
7,258
38,670(2,620)50,893

1,805
652
198
2,656
1,366
52,711
87,184

2,437
648
667
3,753
1,428
56,07592,895

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Millions of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Reversal of allowance for doubtful accounts
Other
Total non-operating income
Non-operating expenses
Interest expenses
Financial commission
Litigation expenses
Commission expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Other
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Impairment losses
Loss on valuation of shares of subsidiaries
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the fiscal year ended
March 31, 2023
118,721106,378
12,3437,607
4,736

For the fiscal year ended
March 31, 2024
118,060
104,576
13,483
8,009
5,473

5
177
117
300

5
178
35
98
317

21
22
4
30
79
4,957

13
15
29
12
12
83
5,707

92
14
107

47
6
54

0
87
90
10
188
4,875
1,684
(90)
1,593
3,281
121
3,160

0
77
0
2
81
5,680
1,889
(102)
1,787
3,893
100
3,793

8

Consolidated Statements of Comprehensive Income(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

For the fiscal year ended
March 31, 2023
3,281

For the fiscal year ended
March 31, 2024
3,893

15
(48)
(33)
3,248

632
469
1,102
4,995

3,127

4,895

121

100

9

(3) Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders’ equity

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Share capital

Capital surplus

7,584

6,986

Retainedearnings

Treasury shares

33,419(1,606)

Total
shareholders’equity46,383

(857)

(857)

3,160

3,160
(284)
166

93

(284)
260

25

7,584

25

119
7,105

2,302
35,722(117)(1,724)

Accumulated other comprehensive income
Total
Valuation
Revaluation Remeasurements accumulateddifference on
reserve for of defined benefit
otheravailable-forland
comprehensive
plans
sale securities
income
1,789
652
246
2,689

Noncontrollinginterests
1,392

2,304
48,688

Total net
assets50,466
(857)
3,160
(284)
260
25

15

-

(48)

(33)

(26)

(59)

15
1,805

652

(48)
198

(33)
2,656

(26)
1,366

2,245
52,71110

Fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ equity

Balance at beginning of period
Changes during period
Change in scope of consolidation
Dividends of surplus
Profit attributable to owners ofparentRevaluation reserve for land
Purchase of treasury shares
Disposal of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Balance at beginning of period
Changes during period
Change in scope of consolidation
Dividends of surplus
Profit attributable to owners ofparentRevaluation reserve for land
Purchase of treasury shares
Disposal of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Retainedearnings

Treasury shares

Total
shareholders’equity48,688

Share capital

Capital surplus

7,584

7,105

35,722

(5)

5
(855)

(855)

3,793

3,793

4
(896)

4
(896)
158

(896)
(2,620)2,205
50,893(1,724)

158

7,584

153
7,258

2,947
38,670

Accumulated other comprehensive income
Total
Valuation
Revaluation Remeasurements accumulateddifference on
reserve for of defined benefit
otheravailable-forland
comprehensive
plans
sale securities
income
1,805
652
198
2,656

Noncontrollinginterests
1,366

Total net
assets52,711
(855)
3,793
4
(896)
158

632

(4)

469

1,097

61

1,158

632
2,437

(4)
648

469
667

1,097
3,753

61
1,428

3,363
56,07511

(4) Consolidated Statements of Cash Flows(Millions of yen)
For the fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Impairment losses
Increase (decrease) in provision for loss on construction
contracts
Increase (decrease) for retirement benefits asset liability
Loss on retirement of non-current assets
Loss on valuation of shares of subsidiaries
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using equity
methodLoss (gain) on sale of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts inprogress
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Increase (decrease) in advances received on construction
contracts in progress
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of investment securities
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from sale of treasury shares
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

12

For the fiscal year ended
March 31, 2024

4,875
2,060
(24)
-

5,680
2,194
(48)
0

135

(21)

29
87
90
(182)
21

748
77
(183)
13

(1)

(0)

(92)
(2,224)

(46)
2,674

(442)

(358)

33
(560)
357

(424)
1,946
(279)

(514)

(355)

(65)
3,582
182
(22)
(1,563)2,180

885
12,504183(13)(1,762)
10,911(2,245)
102
(653)
(101)
3
(76)
(2,971)(4,085)
141
(7)
(36)
101
(108)
(3,995)

1,088
(816)
100
(284)
(857)
(16)
(67)
(853)
(1,644)
11,64910,004(1,488)1,350(548)(1,002)
(855)
(29)
(120)
(2,693)
4,222
10,004
14,227

(5) Notes to Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Changes in presentation)
Since the amount of “electronically recorded monetary claims - operating,” which was included in “notes
receivable, accounts receivable from completed construction contracts and other” under “current assets” in thepreceding fiscal year, became material in terms of amount, it is separately presented as an independent accountstarting from the first quarter of the fiscal year under review. To reflect this change in presentation, certain
reclassifications have been made to the consolidated financial statements for the preceding fiscal year.
As a result, the amount presented in “notes receivable, accounts receivable from completed construction
contracts and other” under “current assets” in the consolidated balance sheets for the preceding fiscal year of¥41,904 million has been reclassified into the amount of “notes receivable, accounts receivable from completed
construction contracts and other” of ¥39,473 million and the amount of “electronically recorded monetaryclaims - operating” of ¥2,430 million.
(Segment information)
1. Overview of reportable segments
The Group’s reportable segments are the Group’s components for which separate financial information
can be obtained and which are subject to periodic reviews by the Board of Directors for deciding the allocationof management resources and evaluating business performance.
The Group carries out its business activities in the following businesses: “Construction,” which performs
pavement, civil engineering, and other construction work, as well as demolition of constructed structures; and“Asphalt Products, Environment and Other,” which manufactures and sells asphalt mixtures, asphalt emulsions
and other construction materials, and conducts intermediate processing of construction waste and surveying
and cleaning of contaminated soil.
Accordingly, the Group has two reportable segments: “Construction” and “Asphalt Products, Environment
and Other.”
2. Methods for calculating amounts of net sales, profit (loss), assets, liabilities, and other items by reportablesegment
The accounting methods for the reported business segments are largely the same as presented in“Significant Matters that Serve as the Basis for Consolidated Financial Statements.” Inter-segment net sales
and transfers are based on prevailing market prices.
Profit figures for reportable segments are based on operating profit.

13

3. Information on the amounts of net sales, profit (loss), assets, liabilities, and other items by reportable segment
For the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(Millions of yen)
Reportable segment
Asphalt Products,
Environment and Other

Construction
Net sales
Net sales to outside customers
Inter-segment net sales or transfers
Total
Segment profit
Segment assets
Other items
Depreciation
Investment in entities accounted forusing the equity method
Increase in property, plant andequipment and intangible assets

Total

70,04529
70,075
3,296
49,25848,675993
49,6693,481
36,977

118,721
1,023
119,745
6,778
86,235

580

1,236

1,817

-

79

79

1,144

1,595

2,739

For the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Millions of yen)
Reportable segment
Asphalt Products,
Environment and Other

Construction
Net sales
Net sales to outside customers
Inter-segment net sales or transfers
Total
Segment profit
Segment assets
Other items
Depreciation
Investment in entities accounted forusing the equity method
Increase in property, plant andequipment and intangible assets

Total

70,247
7
70,254
3,468
48,79447,813961
48,774
4,162
41,998118,060
968
119,029
7,631
90,792

526

1,426

1,952

-

80

80

457

3,430

3,887

14

4. Differences between the total amounts for reportable segments and the amounts in the consolidated financial
statements, and the main details of these differences (matters relating to difference adjustments)(Millions of yen)
For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

Reportable segments total

119,745

119,029

Elimination of inter-segment transactions(1,023)(968)

Net sales in the consolidated financial statements

118,721118,060

Net sales(Millions of yen)
For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

6,778

7,631

41

38

Corporate expenses (Note)(2,083)(2,195)

Operating profit in the consolidated financial
statements

4,736

5,473

ProfitReportable segments total
Elimination of inter-segment transactions(Note) Corporate expenses are mainly general and administrative expenses that are not attributable to the reportablesegments.

(Millions of yen)
Assets

As of March 31, 2023

As of March 31, 2024

Reportable segments total

86,23590,792Elimination of inter-segment receivables(9,957)(8,653)

Corporate assets (Note)

10,905

10,756

Total assets in the consolidated financial statements

87,184

92,895(Note) Corporate assets are mainly assets of the administrative division of the parent company that are not
attributable to the reportable segments.

(Millions of yen)Amount recorded in the
consolidated financial
Reportable segments total
Adjustment
statements
For the fiscal For the fiscal For the fiscal For the fiscal For the fiscal For the fiscal
year ended year ended year ended year ended year ended year ended
March 31, March 31, March 31, March 31, March 31, March 31,
2023
2024
2023
2024
2023
2024
Depreciation

1,817

1,952

243

241

2,060

2,194

Increase in property, plantand equipment andintangible assets

2,739

3,887

213

108

2,952

3,996

(Note) Adjustments for the increase in property, plant and equipment and intangible assets are the amount of capital
investment of the administrative division of the parent company.

15

(Per share information)
Net assets per share

For the fiscal year
ended March 31, 2023
¥1,080.46

For the fiscal year
ended March 31, 2024
¥1,162.68¥66.73¥79.94

Basic earnings per share(Notes) 1.
2.

3.

Diluted earnings per share is not presented since there were no diluted shares.
On April 1, 2024, the Company conducted a 5-for-1 stock split of its common stock. Net assets per
share and basic earnings per share are calculated on the presumption that the stock split was conductedat the beginning of the fiscal year ended March 31, 2023.
The basis for the calculation(1) The basis for the calculation of net assets per share is as follows.

For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

52,711

56,07551,34454,647

1,366

1,428

52,20052,200

4,679

5,199

47,52147,000(2) The basis for the calculation of basic earnings per share is as follows.
For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

Total amount of net assets in the consolidatedbalance sheets (Millions of yen)Amount of net assets relating to commonshares (Millions of yen)
Major component of the difference (Millionsof yen)Non-controlling interests
Number common shares issued (Thousand
shares)Number of common shares that are treasury
shares (Thousand shares)
Number of common shares used in thecalculation of net assets per share (Thousand
shares)Profit attributable to owners of parent(Millions of yen)

3,160

3,793

Amount not attributable to commonshareholders (Millions of yen)--

Profit attributable to owners of parent relating
to common shares (Millions of yen)

3,160

3,793

Average number of common shares
outstanding during the period (Thousand
shares)47,35847,45516

(Significant subsequent events)[Retirement of treasury shares]
At the Board of Directors meeting held on April 2, 2024, the Company resolved on matters regarding theretirement of treasury shares in accordance with the provision of Article 178 of the Companies Act and conducted
the retirement of treasury shares as follows.
1. Reason for retirement of treasury shares
The objective aims to improve shareholder returns and capital efficiency.
2. Content concerning matters for retirement of treasury shares(1) Class of shares retired
Common stock of the Company(2) Total number of shares retired
805,500 shares(The number of all shares acquired based on the resolution at the Board of Directors meeting held on
June 29, 2023)(3) Number of issued shares after retirement
51,394,730 shares(4) Date of retirement
April 30, 2024
(Note) On April 1, 2024, the Company conducted a 5-for-1 stock split of its common stock. The numbers ofshares presented above are recalculated on a post-split basis.

17

4. Others
Overview of Production, Orders Received and Sales
Orders received, sales and balance of orders carried forward by business
For the fiscal year
ended March 31, 2023

Orders received

Balance of orders
brought forward

Category

Amount(Millions of yen)

Composition(%)

Amount(Millions of yen)

Composition(%)

Pavement construction

19,87864.6

17,286

59.5

Civil engineering

10,87035.4

11,772

40.5

Total

30,748100.0

29,059

100.0

-

-

-

-

Total

30,748100.0

29,059100.0

Pavement construction

54,472

46.5

59,034

47.6

Civil engineering

13,883

11.9

17,143

13.8

Total

68,356

58.4

76,17861.4

Asphalt Products, Environment andOther

48,67541.6

47,813

38.6

Total

117,032

100.0

123,991

100.0

Pavement construction

57,06448.1

54,653

46.3

Civil engineering

12,981

10.9

15,593

13.2

Total

70,04559.0

70,247

59.5

Asphalt Products, Environment andOther

48,67541.0

47,813

40.5

Total

118,721100.0

118,060

100.0

Pavement construction

17,286

59.5

21,667

61.9

Civil engineering

11,77240.5

13,322

38.1

Total

29,059100.0

34,990

100.0

-

-

-

-

29,059100.0

34,990100.0

Construction

Asphalt Products, Environment and
Other

Construction

Net sales

Construction

Balance of orders
carried forward

For the fiscal year
ended March 31, 2024

Construction

Asphalt Products, Environment and
Other
Total

18