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

Consolidated Financial Report [Japanese GAAP]
for the Nine Months Ended December 31, 2023
January 29, 2024
Kyudenko Corporation
Listing:
Tokyo Stock Exchange / Fukuoka Stock Exchange
1959
URL:
https://www.kyudenko.co.jp/
Kazuyuki Ishibashi, Executive Officer Representative President
Akira Shirouzu, Executive Officer,
Inquiries:
General Manager of Finance & Accounting Department
TEL:+81(0)-92-523-1239
Scheduled date to file quarterly securities report:
February 13, 2024
Scheduled date to commence dividend payments:－
Preparation of supplementary material on quarterly financial results : Yes
Holding of quarterly financial results briefing: None
Company name:Securities code:
Representative:(Yen amounts are rounded down to millions.)

1. Consolidated financial results for the nine months ended December 31, 2023
(From April 1, 2023 to December 31, 2023)(1) Consolidated operating results (cumulative)
Net sales
Nine months ended
December 31, 2023
Nine months ended
December 31, 2022
(Note) Comprehensive income(Percentages indicate year-on-year changes.)
Profit attributable toOrdinary income
owners of parent

Operating income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

315,067

25.4

23,22548.8

26,271

43.9

17,05014.9

251,255

4.1

15,612(6.5)

18,257(5.7)

14,844

7.8

Nine months ended December 31, 2023:
Nine months ended December 31, 2022:
Profit per share

Nine months ended December 31, 2023
Nine months ended December 31, 2022

¥20,679 million (22.4%)¥16,895 million (40.6%)
Diluted profit per share
Yen

Yen

240.87209.53－－(2) Consolidated financial position
Total assets
As of December 31, 2023
As of March 31, 2023
(Reference) Equity

Net assets

Equity ratio

Millions of yen

Millions of yen%

467,450
446,410275,042
263,017¥272,812 million¥260,841 million

58.4
58.4

As of December 31, 2023:
As of March 31, 2023:

2. Dividends
1st quarter-end
Yen

Annual dividends per share
2nd quarter-end 3rd quarter-end
Year-end
Yen

Total

Yen

Yen

Yen

Year ended March 31 2023
50.00
－
－
Year ending March 31 2024
55.00
－
－
Year ending March 31 2024
(Forecast)(Note) Revisions to the forecast of cash dividends most recently announced: None

60.00

110.0055.00

110.003. Forecast of consolidated financial results of operations for the fiscal year ending March 31, 2024
(From April 1, 2023 to March 31, 2024)(Percentages indicate change from corresponding period of the previous fiscal year.)
Profit attributable to
Net sales
Operating income Ordinary income
Profit per shareowners of parent% Millions of yen%

Yen

Full year
460,000 16.2
35,500 10.7
38,0007.2
26,500(Note) Revisions to the most recently announced consolidated earnings forecast: None

Millions of yen% Millions of yen% Millions of yen

0.6

374.43

*Notes(1) Changes in significant subsidiaries during the period: None
(Changes in specified subsidiaries resulting in the change in scope of consolidation)(2) Adoption of accounting treatment specific to the preparation of quarterly
consolidated financial statements: Yes(Note) For details, see “Adoption of accounting treatment specific to the preparation of quarterly consolidated financial
statements” on p.7 of the attached materials.

(3) 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
(4) Number of issued shares (common stock)(i) Total number of issued shares atNine months ended
the end of the period (including
December 31, 2023
treasury stock)(ii) Number of treasury stock at the Nine months ended
December 31, 2023
end of the period(iii) Average number of shares
Nine months ended
outstanding during the period
December 31, 2023
(cumulative from the beginningof the fiscal year)

70,864,961 shares

136,112 shares

70,787,075 sharesYear ended
March 31, 2023
Year ended
March 31, 2023
Nine months ended
December 31, 2022

70,864,961 shares

19,743 shares

70,845,465 shares(Note) Treasury stock figures include company shares remaining in the trust that administers the stock compensation
plan for officers (as of December 31, 2023, 116,000 shares).

* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants
or an audit corporation.
* Proper use of consolidated earnings forecasts and other special matters
Forward-looking statements such as the earnings outlook included in these materials are based on information available
to the company at the time of their compilation and on certain assumptions that have been determined to be reasonable.
They do not constitute any commitment on the part of the company to achieve specific results. In addition, actual
performance and other results may diverge significantly from forecasts for a variety of reasons. For precautionary
information about the conditions that comprise the assumptions underlying earnings forecasts and about the use of
earnings forecasts, see “Explanation of consolidated earnings forecasts and other forward-looking information” on p.2 of
the attached materials.

Attached materials ― Contents

1. Qualitative information related to this quarterly financial report ...................................................................................... 2(1)

Explanation of operating results ........................................................................................................................... 2(2)

Explanation of financial position ........................................................................................................................... 2(3)

Explanation of consolidated earnings forecasts and other forward-looking information ....................................... 2

2. Quarterly consolidated financial statements and principal notes .................................................................................... 3(1)

Quarterly consolidated balance sheet .................................................................................................................. 3(2)

Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income ... 5(3)

Notes on the quarterly consolidated financial statements..................................................................................... 7(Notes on the premise of a going concern)........................................................................................................... 7(Notes on noteworthy changes in shareholders’ equity) ....................................................................................... 7(Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements) .... 7

3. Reference ....................................................................................................................................................................... 8
Overview of non-consolidated results ................................................................................................................... 8
4. Supplemental information ............................................................................................................................................... 9(1)

Breakdown of consolidated results by business segment and customer .............................................................. 9(2)

Breakdown of non-consolidated results by business segment and customer..................................................... 10―1―

1. Qualitative information related to this quarterly financial report(1) Explanation of operating results
Order volume during the nine months ended December 31, 2023, fell 6.3% from the corresponding period of theprevious fiscal year to ¥339,433 million thanks to steady efforts to secure orders for targeted projects while paying
attention to construction capabilities. Although order volume declined from the corresponding period of the previous
fiscal year, we are planning for annual order volume on par with last fiscal year against the backdrop of a robust orderenvironment.
Net sales rose 25.4% from the corresponding period of the previous fiscal year to ¥315,067 million on growth in both
Kyushu and the Tokyo metropolitan region thanks to the large amount of construction-on-hand.
Operating income rose 48.8% from the corresponding period of the previous fiscal year to ¥23,225 million on growthin net sales reflecting progress on large projects. Ordinary income rose 43.9% from the corresponding period of theprevious fiscal year to ¥26,271 million due to factors including posting of non-operating income from an extraordinary
dividend from some non-listed shares held by the company.
Quarterly profit attributable to owners of parent rose 14.9% from the corresponding period of the previous fiscal yearto ¥17,050 million as factors including increased profit from revenue growth offset a significant decline in gain on salesof investment securities.
With regard to the Ukujima solar project, we are managing construction progress in an appropriate manner andworking earnestly to secure the understanding of stakeholders, including the fishery cooperative, while seeking
feedback and guidance from local government and other stakeholders, with a focus on operating entity UKUJIMAMIRAI ENERGY LLC.

(2) Explanation of financial position
Total assets rose ¥21,039 million (4.7%) from the end of the previous consolidated fiscal year to ¥467,450 million due
to factors including an increase in cash and deposits.
Total liabilities rose ¥9,014 million (4.9%) from the end of the previous consolidated fiscal year to ¥192,408 million due
to factors including an increase in advances received on uncompleted construction contracts.
Total net assets rose ¥12,024 million (4.6%) from the end of the previous consolidated fiscal year to ¥275,042 million
thanks to factors including the posting of quarterly profit attributable to owners of parent and an increase in the valuationdifference on available-for-sale securities offset payments of dividends.

(3) Explanation of consolidated earnings forecasts and other forward-looking information
There has been no change to the earnings forecast announced along with year-end financial results on April 28, 2023.

―2―2. Quarterly consolidated financial statements and principal notes(1) Quarterly consolidated balance sheet(Millions of yen)Previous fiscal year
As of March 31, 2023

Current 3rd Quarter
As of December 31, 2023

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and other
Costs of uncompleted construction contracts
Merchandise
Raw materials and supplies
Other
Allowance for doubtful accounts

67,534

93,400148,902

128,317

7,428
1,203

19,043
1,287

31,364
21,79033,887
19,814(3)(1)

278,220295,749

34,222

32,830Land
Other, net

29,914
17,60830,283
16,607

Total property and equipment

81,74579,721

Goodwill
Customer related assets

821
1,518

574
1,353

Other

1,938

2,547

Total intangible assets

4,278

4,475

Investment securities
Long-term loans receivable

64,49489

69,56122

Retirement benefit asset
Deferred tax assets

10,445
2,468

11,271
1,497

Other
Allowance for doubtful accounts

5,652
(985)

6,048
(898)

Total current assets
Fixed assets
Property and equipment
Buildings and structures, net

Intangible assets

Investments and other assets

Total investments and other assets
Total fixed assets
Total assets―3―82,16687,503

168,189

171,700

446,410

467,450

(Millions of yen)Previous fiscal year
Current 3rd Quarter
As of March 31, 2023 As of December 31, 2023
Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts andotherElectronically recorded obligations
Short-term borrowings

69,83253,132

28,762
2,461

45,04828,947

Income taxes payable
Advances received on uncompleted construction contracts

5,984
26,5503,641
33,140

21

5,030
261

Provision for bonuses
Provision for loss on construction contracts
Other

8,077

8,491

Total current liabilities

141,691

177,693Long-term liabilities
Long-term borrowings

30,6043,275

Lease obligations
Provision for retirement benefits for directors (and other officers)

3,341
327

3,409
297

Retirement benefit liability
Provision for share-based payments

3,980
-

3,999
65

Other

3,448

3,667

Total long-term liabilities

41,702

14,714

183,393

192,408

Share capital
Capital surplus

12,561
13,046

12,561
13,064Retained earnings
Treasury stock, at cost

233,918(10)

242,857(492)

Total shareholders’ equity

259,516

267,992

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

2,428

5,267

Deferred gains or losses on hedges
Foreign currency translation adjustment

(16)
688

41
949

Retirement benefit liability adjustments(1,774)(1,438)

Total accumulated other comprehensive income

1,325

4,820

Non-controlling interests
Total net assets
Total liabilities and net assets

―4―

2,175

2,229

263,017275,042446,410

467,450

(2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive
incomeQuarterly consolidated statement of income
Third quarterly consolidated cumulative accounting period(Millions of yen)
Current 3rd Quarter(From April 1, 2023 to
December 31, 2023)

Previous 3rd Quarter(From April 1, 2022 to
December 31, 2022)
Net sales
Construction contracts
Other

240,090
11,164

303,972
11,095

Total net sales

251,255

315,067

208,434

264,354

Cost of sales
Construction contracts
Other

7,802

7,849

Total cost of sales

216,237

272,203

Gross profit
Construction contracts

31,656

39,618

Other

3,362

3,246

Total gross profit

35,01842,864

Selling, general and administrative expenses

19,406

19,639Operating income

15,612

23,225Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodGain on investments in partnerships
Rent income
Other

37

99

689

1,403

631

134

937
245

984
228

621

611

3,161

3,462

Interest expenses
Extra retirement payments

299
30

336
55

Transfer of allowance for doubtful accounts for affiliates
Settlement payments

17
87

-

Other

81

24

Total non-operating income
Non-operating expenses

Total non-operating expenses

516

416

18,257

26,271

177

36

Gain on sales of investment securities

4,247

177

Total extraordinary income

4,424

213

Ordinary income
Extraordinary income
Gain on sales of fixed assets

Extraordinary losses
Impairment losses-

258

Loss on disposal and sales of fixed assets
Loss on sales of investment securities

221
-

335
0

Loss on valuation of investment securities
Loss on liquidation of a subsidiary

52
74

142
-

Total extraordinary losses

349

736

Profit before income taxes

22,33325,748

Income taxes

7,504

8,605

Profit14,82917,143(15)

92

14,844

17,050

Profit (loss) attributable to non-controlling interests
Profit attributable to owners of parent―5―

Quarterly consolidated statement of comprehensive income
Third quarterly consolidated cumulative accounting period
Previous 3rd Quarter(From April 1, 2022 to
December 31, 2022)
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Retirement benefit liability adjustments
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income
Comprehensive income(Millions of yen)
Current 3rd Quarter(From April 1, 2023 to
December 31, 2023)

14,82917,143

627

2,819

733
364

302
336

340

77

2,066

3,535

16,895

20,67916,84549

20,545134(of which)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests―6―(3) Notes on the quarterly consolidated financial statements(Notes on the premise of a going concern)
None(Notes on noteworthy changes in shareholders’ equity)
None(Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements)
Calculation of tax expenses
Tax expenses have been calculated by making a reasonable estimate of the effective tax rate after the applicationof tax effect accounting to pre-tax income for the consolidated fiscal year that includes the third consolidated
quarterly accounting period and then applying the effective tax rate used in that estimate to the pre-tax quarterly
income.

―7―

3. Reference
Overview of non-consolidated results(Yen amounts are rounded down to millions.)
Non-consolidated financial results for the nine months ended December 31, 2023
(From April 1, 2023 to December 31, 2023)(1) Non-consolidated operating results (cumulative)(Percentages indicate year-on-year changes.)

Net sales
Nine months ended
December 31, 2023
Nine months ended
December 31, 2022

Operating income

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

274,824

29.5

18,672

49.7

21,89648.6

14,3599.6

212,288

1.1

12,469(5.9)

14,737(3.8)

13,096

18.4

Profit per share
Nine months ended
December 31, 2023
Nine months ended
December 31, 2022

ProfitDiluted profit
per share

Yen

Yen

202.80－184.82－(2) Non-consolidated financial position
Total assets
As of December 31, 2023
As of March 31, 2023

Net assets

Equity ratio

Millions of yen

Millions of yen%

419,912395,807

222,963
214,457

53.1
54.2(Note) This overview of non-consolidated operating results is provided for reference purposes only and as such does not
fall within the scope of review of legally mandated disclosures.

―8―4. Supplemental information(1) Breakdown of consolidated results by business segment and customer(i)

Net sales
Accounting periodBusiness segment
Power distribution line work

Nine months ended
December 31, 2022
(April 2022 to December 2022)
AmountAs percent of(millions of yen)total
32,337
12.9

Nine months ended
December 31, 2023
(April 2023 to December 2023)
AmountAs percent of(millions of yen)
total
34,188
10.9

Increase(Decrease)
Amount(millions of yen)
1,850

Rate (%)
5.7

Electrical work

120,859

48.1

162,972

51.7

42,11234.8

HVAC and sanitary facility work
Total, facilities construction
business
Other businesses

86,89334.6

106,81233.9

19,91822.9

240,09095.6

303,972

96.5

63,881

26.6

(69)

(0.6)

Total

251,255

63,812

25.4

11,1644.4
100

11,095315,067

3.5
100(ii) Construction orders
Accounting periodBusiness segment
Power distribution line work

Nine months ended
December 31, 2022
(April 2022 to December 2022)
AmountAs percent of(millions of yen)
total
33,0699.1

Nine months ended
December 31, 2023
(April 2023 to December 2023)
AmountAs percent of(millions of yen)
total
35,634
10.5

Increase(Decrease)
Amount(millions of yen)
2,564

Rate (%)
7.8

Electrical work

195,76154,0

174,301

51.3(21,459)(11.0)

HVAC and sanitary facility work

133,52136.9

129,497

38.2(4,023)

(3.0)

Total

362,352(22,918)

(6.3)

100

339,433

100(iii) Construction contract balance at end of period
Accounting periodBusiness segment
Power distribution line work

As of December 31, 2022

As of December 31, 2023

AmountAs percent of(millions of yen)
total
1,979
0.4

AmountAs percent of(millions of yen)
total
4,475
0.9

Increase(Decrease)
AmountRate (%)(millions of yen)
2,495
126.1

Electrical work

359,91067.9

334,340

66.4(25,570)(7.1)

HVAC and sanitary facility work

168,02031.7

164,446

32.7(3,573)

(2.1)

Total

529,910(26,648)

(5.0)

100

503,262

100(iv) Construction sales by customer
Accounting period
Customer
Kyushu Electric Power Group*

Nine months ended
December 31, 2022
(April 2022 to December 2022)
AmountAs percent of(millions of yen)total
32,273
13.4

General customers

207,817

Total

240,09086.6
100

Nine months ended
December 31, 2023
(April 2023 to December 2023)
AmountAs percent of(millions of yen)
total
34,533
11.4
269,439
303,972

Increase(Decrease)
Amount(millions of yen)
2,259

88.6
100

Rate (%)
7.0

61,622

29.7

63,881

26.6(v) Construction orders by customer
Accounting period
Customer
Kyushu Electric Power Group*

Nine months ended
December 31, 2022
(April 2022 to December 2022)
AmountAs percent of(millions of yen)
total
33,031
9.1

General customers

329,321

Total

362,35290.9
100

Nine months ended
December 31, 2023
(April 2023 to December 2023)
AmountAs percent of(millions of yen)
total
37,00910.9302,423
339,433

Increase(Decrease)
Amount(millions of yen)
3,978

89.1
100

Rate (%)
12.0(26,897)(8.2)(22,918)(6.3)(vi) Full-year sales and construction order volume forecast for the fiscal year ending March 2024
Business segment
Power distribution line work
Electrical work
HVAC and sanitary facility work
Total, facilities construction business
Other businesses
Total

Sales (millions of yen)
49,000250,000
147,000
446,000
14,000460,000

Construction order volume (millions of yen)
49,000244,000
148,000
441,000*Kyushu Electric Power Group: Kyushu Electric Power Co., Inc., Kyushu Electric Power Transmission and Distribution Co., Inc., and Kyuden T&D
Service Co., Inc.

―9―

(2) Breakdown of non-consolidated results by business segment and customer(i)

Net sales
Accounting periodBusiness segment
Power distribution line work

Nine months ended
December 31, 2022
(April 2022 to December 2022)
AmountAs percent of(millions of yen)
total
30,914
14.6

Electrical work

108,252

51.0

HVAC and sanitary facility work

69,420Sub total

208,587

Other businesses

3,700

Total

212,288

Nine months ended
December 31, 2023
(April 2023 to December 2023)
AmountAs percent of(millions of yen)total
32,773
11.9

Increase(Decrease)
Amount(millions of yen)
1,858

Rate (%)
6.0

151,467

55.1

43,21439.9

32.7

86,905

31.6

17,484

25.2

98.3

271,146

98.6

62,558

30.0

(22)

(0.6)

62,536

29.5

1.7

3,678

100

274,824

1.4
100(ii) Construction orders
Accounting periodBusiness segment
Power distribution line work

Nine months ended
December 31, 2022
(April 2022 to December 2022)
AmountAs percent of(millions of yen)
total
31,505
10.1

Nine months ended
December 31, 2023
(April 2023 to December 2023)
AmountAs percent of(millions of yen)total
33,808
11.4

Increase(Decrease)
Amount(millions of yen)
2,302

Rate (%)
7.3

Electrical work

177,34256.7

158,72953.4(18,613)(10.5)

HVAC and sanitary facility work

103,591

33.2

104,450

35.2

858

0.8

Total

312,440(15,452)

(4.9)

100

296,988

100(iii) Construction contract balance at end of period
Accounting periodBusiness segment
Power distribution line work

As of December 31, 2022

As of December 31, 2023

AmountAs percent of(millions of yen)
total
1,051
0.2

AmountAs percent of(millions of yen)
total
3,363
0.7

Electrical work344,614

HVAC and sanitary facility work

136,520

Total

482,18771.5

317,51128.3

134,254100

455,129

69.8
29.5
100

Increase(Decrease)
Amount(millions of yen)
2,311

Rate (%)
219.8(27,103)(7.9)(2,265)(1.7)(27,057)(5.6)(iv) Construction sales by customer
Accounting period
Customer
Kyushu Electric Power Group*

Nine months ended
December 31, 2022
(April 2022 to December 2022)
AmountAs percent of(millions of yen)total
31,254
15.0

General customers

177,333

Total

208,587

Nine months ended
December 31, 2023
(April 2023 to December 2023)
AmountAs percent of(millions of yen)
total
33,47612.3

85.0

237,669100

271,146

87.7
100

Increase(Decrease)
Amount(millions of yen)
2,222

Rate (%)
7.1

60,33634.0

62,55830.0(v) Construction orders by customer
Accounting period
Customer
Kyushu Electric Power Group*

Nine months ended
December 31, 2022
(April 2022 to December 2022)
AmountAs percent of(millions of yen)total
31,908
10.2

General customers

280,531

Total

312,440

Nine months ended
December 31, 2023
(April 2023 to December 2023)
AmountAs percent of(millions of yen)
total
35,618
12.0

89.8
100

261,369
296,98888.0
100

Increase(Decrease)
Amount(millions of yen)
3,709

Rate (%)
11.6(19,161)(6.8)(15,452)(4.9)*Kyushu Electric Power Group: Kyushu Electric Power Co., Inc., Kyushu Electric Power Transmission and Distribution Co., Inc., and Kyuden T&D
Service Co., Inc.

―10―