CONSOLIDATED FINANCIAL STATEMENTS
together withREPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
as of March 31,2024

KUMAGAI GUMI CO., LTD.
TOKYO, JAPANConsolidated Balance Sheet
March 31, 2024
(JPY million)(US$ thousand)Cash and deposits¥ 70,073$ 464,060

Notes receivable, accounts receivable from completed
construction contracts and other266,541

1,765,172

Costs on construction contracts in progress

8,460

56,026

Accounts receivable - other

22,117

146,470

Other

2,331

15,437

AssetsCurrent assets

Allowance for doubtful accounts

(64)

(424)

369,460

2,446,755

Buildings and structures

24,271

160,735

Machinery, vehicles, tools, furniture and fixtures

19,471

128,947Land

17,897

118,523

Leased assets

811

5,371

Construction in progress

42278

Accumulated depreciation(32,691)(216,497)

Total property, plant and equipment

29,803

197,371

Intangible assets

1,592

10,543

Investment securities

48,586

321,762

Long-term loans receivable

6,860

45,430Long-term non-operating accounts receivable

101

669

Distressed receivables

30

199

Deferred tax assets

3,547

23,490

Other

7,447

49,318

Allowance for doubtful accounts(196)(1,298)

Total investments and other assets

66,376

439,576

Total non-current assets

97,771

647,490¥ 467,232$ 3,094,252

Total current assets
Non-current assets
Property, plant and equipment

Investments and other assets

Total assets

(JPY million)(US$ thousand)¥ 100,457$ 665,278

Electronically recorded obligations - operating

29,158

193,099

Short-term borrowings

10,90672,225

Commercial papers

14,99999,331

Income taxes payable

3,439

22,775

Advances received on construction contracts in progress

23,130153,179

Deposits received

36,669242,841

522

3,457

Provision for loss on construction contracts

3,820

25,298Provision for bonuses

4,097

27,132Other

16,260107,682

Total current liabilities

243,460

1,612,318

26,474

175,325

Provision for share awards

292

1,934

Retirement benefit liability

16,433

108,828

556

3,682

43,757289,781

287,218

1,902,106

Share capital

30,108199,391

Capital surplus

15,170100,464Retained earnings

120,115

795,464(657)(4,351)

164,737

1,090,974

13,43788,987320

Foreign currency translation adjustment

1,887

12,497

Remeasurements of defined benefit plans

(50)

(331)

15,276

101,166

Total net assets

180,014

1,192,146

Total liabilities and net assets

467,232$ 3,094,252

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
and otherProvision for warranties for completed construction

Non-current liabilities
Long-term borrowings

Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

Total accumulated other comprehensive income

Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
For the year ended March 31, 2024

Consolidated Statement of Income(JPY million)(US$ thousand)¥ 443,193$ 2,935,053

Cost of sales of completed construction contracts

407,1122,696,106Gross profit on completed construction contracts

36,080238,940

Selling, general and administrative expenses

23,430155,166

Operating profit

12,64983,768Interest income

122808Dividend income

817

5,411

Share of profit of entities accounted for using equity method

168

1,113

Foreign exchange gains

108715

Other

159

1,053

1,376

9,113

379

2,510

Net sales of completed construction contracts

Non-operating income

Total non-operating income
Non-operating expenses
Interest expenses
Loss on sale of receivables

41272

Commission for syndicated loans

273

1,808

Loss on investments in investment partnerships

122808

Other

168

1,113

Total non-operating expenses

985

6,523

13,04086,358960

Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Gain on sales of memberships

00

Compensation for damage income

67444

Other

00

Total extraordinary income

77510

Loss on retirement of non-current assets

17113

Loss on valuation of shares of subsidiaries and associates

46305

Provision of allowance for doubtful accounts

30

199

Compensation for damage

307

2,033

Loss on litigation

00

Expenses related to the anniversary project of subsidiary

77510

Other

43285

Total extraordinary losses

521

3,450

Profit before income taxes

12,59583,411

Income taxes - current

4,888

32,371

Income taxes - deferred(608)(4,026)

Total income taxes

4,279

28,338

Profit8,316

55,073¥ 8,316$ 55,073

Extraordinary losses

Profit attributable to owners of parent

Consolidated Statement of Comprehensive Income(JPY million)¥ 8,316(US$ thousand)$ 55,073

8,920

59,073320

Foreign currency translation adjustment

514

3,404

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income

87576

320

9,529

63,106¥ 17,845$ 118,179

17,845

118,179－－Profit
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

Consolidated Statement of Cash Flows
For the year ended March 31, 2024
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for loss on construction contracts
Increase (decrease) in provision for contingent loss
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using equity method
Loss (gain) on investments in investment partnerships
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts in progress
Increase (decrease) in trade payables
Increase (decrease) in advances received on construction
contracts in progress
Decrease (increase) in accounts receivable - other
Increase (decrease) in deposits received
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
Purchase of shares of subsidiaries and associates
Purchase of investments in other securities of subsidiaries and associates
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 issuance of commercial papers
Redemption of commercial papers
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period(JPY million)(US$ thousand)¥ 12,595
2,06237
2,825(4)(151)(939)
379
(39)
(168)
122
(9)
17(40,470)
2,015
17,403$ 83,411
13,656245
18,709(26)(1,000)(6,219)2,510(258)(1,113)
808
(60)
113
(268,013)
13,344
115,252

10,25867,934(3,729)10,625
5,196
18,027915(380)(1,590)16,971(24,695)
70,36434,411
119,384
6,060(2,517)(10,530)
112,391(2,239)9(26)(65)(1,508)(6,607)62(403)(10,778)(14,828)
60
(172)
(430)
(9,987)(43,755)411(2,669)(71,377)

2,120
13,971(908)
44,985(30,000)(2,025)(5,697)(125)
22,319586
29,09940,974¥ 70,073

14,04092,523(6,013)297,914(198,675)(13,411)(37,728)(828)
147,808
3,881
192,709271,351$ 464,060

Notes to the Consolidated Financial Statements（１） Financial reporting framework
The accompanying consolidated financial statements have been prepared only for the purpose ofsubmission to the parties concerned.
The accounting principles generally accepted in Japan have been applied in preparation of the financial
statements and the presentation of the financial statements and notes to the financial statements havebeen prepared to satisfy the requirement of the parties concerned.

（２）Consolidation
The Company applies the control or influence standard for determining the criteria of subsidiaries
and affiliates included within the scope of consolidation.
The consolidated financial statements include the accounts of the Company, seven of its consolidated
subsidiaries and three of its affiliates accounted for applying the equity method as at and for the year
ended March 31, 2024.
The subsidiaries which are consolidated with the Company are listed below:
Company Name

Fiscal Year-End

GAEART Co., Ltd.

31 Mar. 2024

Technos Co., Ltd.

31 Mar. 2024

K&E Co., Ltd.

31 Mar. 2024

Techno-Space Creates Co., Ltd.

31 Mar. 2024

FATEC Co., Ltd.

31 Mar. 2024

Technical Support Co., Ltd.

31 Mar. 2024

Taiwan Kumagai Co., Ltd.

31 Dec. 2023

All significant intercompany accounts and transactions are eliminated in consolidation. Investments
in unconsolidated subsidiaries and affiliates that are not accounted for applying the equity method arestated at cost.
The Company consolidates such subsidiaries' financial statements as of each subsidiary's most recentyear-end. Unusual significant transactions occurring between subsidiaries' year-ends and the Company's
are adjusted on consolidation.

（３）United states dollar amounts
The United States dollar amounts included in the accompanying consolidated financial statements arepresented solely for convenience and are stated, as a matter of arithmetical computation only, at therate of JPY151=US$1, which was the approximate exchange rate at March 31, 2024, and rounded to
the nearest US$ thousand from JPY million.
These translations should not be construed as representations that the Japanese yen amounts havebeen, could have been or could in the future be converted into United States dollars at that rate.