Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2024
(Based on Japanese GAAP)May 14, 2024
Company name:

WAKACHIKU CONSTRUCTION CO .,LTD.

Stock exchange listing: Tokyo
Stock code:
1888
Representative:
Inquiries:

URL

https://www.wakachiku.co.jp/

President and Representative Director
Director,Managing Executive Officer andGeneral Manager of Finance
Scheduled date of ordinary general meeting of shareholders:

Katsuhiko Karasuda
Yasusuke Hirata

TEL03-3492-0273

June 27, 2024

Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 28, 2024
June 6, 2024

Preparation of supplementary material on financial results:
Holding of financial results meeting:

Yes
Yes

(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating resultsNet sales
Year ended March 31, 2024
Year ended March 31, 2023

Millions of yen
94,91784,004

Earnings per share

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
13.0
6,976
11.9
7,699
17.6
5,092
(6.4)
(5.8)
6,236(8.8)
6,546(3.5)
5,442
14.9
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–
11.7
8.6
7.3
–
13.9
7.7
7.4Diluted earnings pershareYen
399.25426.78Year ended March 31, 2024
Year ended March 31, 2023
(2) Consolidated financial position

Total assets
As of March 31, 2024
As of March 31, 2023

Net assets

Equity ratio

Millions of yen
90,77588,326

Millions of yen
47,38442,694

Cash flows fromoperating activities
Millions of yen(3,964)
15,140Cash flows frominvesting activities
Millions of yen(3,606)(1,328)

Net assets per share%
50.6
46.8

Yen
3,600.65
3,240.62(3) Consolidated cash flows

Year ended March 31, 2024
Year ended March 31, 2023

Cash flows fromCash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(1,380)18,891(2,970)27,3192. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

YenYenMillions of yen%%––0.00
0.00––

100.00120.00100.00120.00

1,283
1,540

23.4
30.1

3.3
3.5

–

0.00

–

126.00126.00139.2

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Net sales
Full year

Millions of yen
98,800Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen
4.1
6,100 (12.6)
6,100 (20.8)
4,100 (19.5)
321.41

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

12,964,993 shares As of March 31, 2023

12,964,993 shares

Number of treasury shares at the end of the period
As of March 31, 2024

208,603 shares As of March 31, 2023

213,328 shares

12,755,788 shares Year ended March 31, 2023

12,751,759 shares

Average number of shares during the period
Year ended March 31, 20242

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable from completed

27,31918,89133,43438,528

2,938

2,988

Costs on construction contracts in progress
Costs on real estate business

801
1,183

291
1,161

Advances paid
Accounts receivable - other

1,907
3,063

1,484
6,576

924
(45)

488
(48)

71,52670,364

Buildings and structures
Machinery, vehicles, tools, furniture and fixtures

4,659
4,868

4,785
4,788

Vessels
Land

3,277
6,510

3,589
6,582

162
254

178
654

construction contracts and other
Real estate for sale

Other
Allowance for doubtful accountsTotal current assets
Non-current assets
Property, plant and equipment

Leased assets
Construction in progress
Accumulated depreciation(9,346)(9,538)

Total property, plant and equipment

10,387

11,040Intangible assets

366

389

Investments and other assets
Investment securities

3,380

5,559

Deferred tax assets
Retirement benefit asset

1,874
310

1,538
1,367

Other
Allowance for doubtful accounts

885
(404)

975
(459)

Total investments and other assets
Total non-current assets
Total assets

36,046

8,980

16,80020,411

88,326

90,775(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts

18,866

14,679

1,550

2,937

33
919

35
1,775

Advances received on uncompleted construction contracts
Deposits received

7,741
7,277

6,886
8,956

Provision for bonuses
Provision for warranties for completed construction

1,073
324

1,254
140

421
871

571
969

Total current liabilities

39,081

38,207

Non-current liabilities
Long-term borrowings

2,794

1,410

53
768

52
768

83
2,767

122
2,7498380and other
Short-term borrowings
Lease liabilities
Income taxes payable

Provision for loss on construction contracts
Other

Lease liabilities
Deferred tax liabilities for land revaluation
Provision for share awards
Retirement benefit liability
Other
Total non-current liabilities

6,551

5,183

45,632

43,391

Share capital
Capital surplus

11,374
2,948

11,374
2,948

Retained earnings
Treasury shares

24,235(337)

28,044(329)

Total shareholders' equity

38,22042,037

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive incomeValuation difference on available-for-sale securities

575

718

Revaluation reserve for landRemeasurements of defined benefit plans

1,706
819

1,706
1,468

Total accumulated other comprehensive income

3,102

3,893

Non-controlling interests

1,370

1,453

Total net assets

42,69447,38488,326

90,775

Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales
Net sales of completed construction contracts
Net sales in real estate business and other

80,8903,114

91,876
3,040

Total net sales

84,004

94,917

Cost of sales
Cost of sales of completed construction contracts

69,131

78,670

Cost of sales in real estate business and other
Lose on valuation of realestate for sale

2,123
24

2,137
7

Total cost of sales

71,27980,814

11,758

13,206Gross profit
Gross profit on completed construction contracts
Gross profit on real estate business and other

966

896

12,725

14,103

Selling, general and administrative expenses

6,489

7,126

Operating profit

6,236

6,976

21161

65
434

77680

Total gross profit

Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other

36

54

Total non-operating income

558

973

Interest expenses
Commission for syndicated loans

159
73

137
70

Taxes and dues
Other

4
1030
11

Non-operating expenses

Total non-operating expenses

248

250

6,546

7,699

Gain on sale of non-current assets

14

6

Total extraordinary income

14615
216
7

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets
Impairment losses

18

23Profit before income taxes

Total extraordinary losses

6,541

7,682

Income taxes - current
Income taxes - deferred

1,884(899)

2,517(12)

984

2,505

5,557

5,177

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

5114

84

5,442

5,092

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
5,557

5,177

Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax

214(401)

142
648

Total other comprehensive income

(186)

790

5,370

5,967

5,255

5,883

114

84

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

11,374Retained earnings

2,948

Total shareholders'equity

Treasury shares

19,819(337)

33,805

Changes during periodDividends of surplus(1,026)(1,026)

Profit attributable to owners ofparent

5,442

5,442

Purchase of treasury shares

(0)

(0)

Disposal of treasury shares––

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

–

–

4,415

(0)

4,414

11,374

2,948

24,235(337)38,220

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Revaluation
reserve for landRemeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income

360

1,706

1,221

3,289

Non-controllinginterests

Total net assets

1,260

38,355

Changes during period
Dividends of surplus(1,026)

Profit attributable to owners ofparent

5,442

Purchase of treasury shares(0)

Disposal of treasury shares–

Net changes in items otherthan shareholders' equity

214–

(401)

(186)

110

(75)

Total changes during period

214–

(401)

(186)

110

4,338

Balance at end of period

575

1,706

819

3,102

1,370

42,694

7Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

11,374Retained earnings

2,948

Total shareholders'equityTreasury shares

24,235(337)38,220Changes during period
Dividends of surplus(1,283)(1,283)

Profit attributable to owners ofparent

5,092

5,092

Purchase of treasury shares

(0)

(0)

Disposal of treasury shares88

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

––

3,809

8

3,817

11,374

2,948

28,044(329)42,037

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities

Revaluation
reserve for landRemeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income

575

1,706

819

3,102

Non-controllinginterests

Total net assets

1,370

42,694

Changes during period
Dividends of surplus(1,283)

Profit attributable to owners ofparent

5,092

Purchase of treasury shares(0)

Disposal of treasury shares

8

Net changes in items otherthan shareholders' equity

142

Total changes during period

142

–648

790

82

4,690

Balance at end of period718

1,706

1,468

3,893

1,453

47,384

–

648

8790

82873

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
6,541

7,682

Depreciation
Impairment losses

721
2847
7

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability0(45)58(141)

Increase (decrease) in other provisions
Interest and dividend income(466)(86)

147(239)

Interest expenses
Syndicate loan charges

15973

137
70

Loss (gain) on sale and retirement of non-current assets
Decrease (increase) in trade receivables

1
6,095

9(5,094)

Decrease (increase) in costs on construction contracts inprogress

(858)

531

Decrease (increase) in real estate for sale
Increase (decrease) in trade payables

154
4,336(50)(4,187)

Increase (decrease) in advances received on umcompleted
construction contracts and other

1,961(854)Decrease (increase) in other assets
Increase (decrease) in other liabilities

254(714)(2,663)
1,880

Other, net(176)(359)

Subtotal

17,956(2,216)86

238

Interest paid
Income taxes paid

(153)
(2,749)(146)(1,839)Net cash provided by (used in) operating activities

15,140(3,964)(901)(1,463)35(295)16(1,974)

Interest and dividends received

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of investment securities
Other, net

(166)

(185)

(1,328)(3,606)

Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings(1,000)
510

1,050
585

Repayments of long-term borrowings
Purchase of treasury shares(1,348)(0)(1,631)(0)

Dividends paid
Dividends paid to non-controlling interests(1,021)(4)(1,277)
(2)

(31)
(73)

(34)
(70)

(2,970)(1,380)Net cash provided by (used in) investing activities
Cash flows from financing activities

Repayments of finance lease liabilities
Syndicate loan charges paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

78523

Net increase (decrease) in cash and cash equivalents

10,920(8,427)

Cash and cash equivalents at beginning of period

16,39927,319Cash and cash equivalents at end of period

27,31918,8919