Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Year Ended March 31, 2024
[Japanese GAAP]May 15, 2024
Company name: TODA CORPORATION
Stock exchange listing: Tokyo
Code number: 1860
URL: https://www.toda.co.jp/
Representative: Seisuke Otani
President and Representative Director
Contact: Toshiyuki Kubodera
General Manager,Financial&IR Div.
Phone: +81-3-3535-1357
Scheduled date of Annual General Meeting of Shareholders: June 26, 2024
Scheduled date of commencing dividend payments: June 27, 2024
Scheduled date of filing annual securities report: June 27, 2024
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual financial results briefing session: Yes(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
Fiscal year ended
March 31, 2024
522,434(4.5)
17,90826.7
25,48333.9
16,101
46.4
March 31, 2023
547,155
9.1
14,135(42.0)
19,039(32.3)
10,995(40.8)(Note) Comprehensive income:Fiscal year ended March 31, 2024: ¥45,934 million [ 411.1%]
Fiscal year ended March 31, 2023:¥8,987 million [ (38.3) %]Basic earnings per Diluted earnings per Rate of return on
share
share
equityOrdinary profit tototal assets ratio

Operating profit to
net sales ratio

Yen
Yen
%
%
Fiscal year ended
March 31, 2024
52.19
4.8
3.0
March 31, 2023
35.64
3.5
2.4
(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended March 31, 2024: \(68) million
Fiscal year ended March 31, 2023: ¥149 million

%

3.4
2.6

(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

872,060
815,556
As of March 31, 2024: ¥348,519 million
As of March 31, 2023: ¥317,254 million

Capital adequacy ratio

Net assets per share

Millions of yen%

Yen

355,524
323,26140.0
38.9

1,144.64
1,023.64(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

62,149(30,845)(48,854)(26,102)

1,035
22,534

113,11395,866

2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total
dividends

Total

Payoutratio(consolidated)

Dividends
to netassets(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

%

%

March 31, 2023

-

13.50

-

13.50

27.00

8,415

75.8

2.6

March 31, 2024

-

14.00

-

14.00

28.00

8,674

53.7

2.6

-

14.50

-

14.50

29.00

Yen Millions of yen

Fiscal year ending
March 31, 2025

33.1

(Forecast)
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Net sales

Full year

Operating profit

Profit attributable to Basic earnings perowners of parent
share

Ordinary profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

600,000

14.8

30,00067.5

35,50039.3

27,000

67.7

88.68

* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): Yes(Company name: Toda Asia Pacific Pte. Ltd. )New
１
Exclusion:(Company name: Construtora Toda do Brasil S/A )１(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2024: 322,656,796 shares
March 31, 2023: 322,656,796 shares
2) Number of treasury shares at the end of the period:
March 31, 2024: 18,176,306 shares
March 31, 2023: 12,730,496 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2024: 308,524,954 sharesFiscal Year ended March 31, 2023: 308,484,939 shares*Notes:The number of shares of treasury stock at the end of the period includes the Company's shares held by the BIP Trust for directors'
remuneration and the ESOP Trust for granting shares.

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Ordinary profit

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

423,132
465,451(9.1)
3.0

12,936
9,524

35.8(57.7)

17,68813,58930.2(47.7)

11,541
6,623

74.2(59.2)

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023

Yen

Yen

37.41
21.47

-

(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

Capital adequacy ratio

Millions of yen

785,986
744,689
As of March 31, 2024:¥309,394 million
As of March 31, 2023:¥291,281 million

309,394291,281

Net assets per share

%

Yen

39.4
39.1

1,016.14
939.84

2. Non-consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Net sales

Full year

Operating profit

Ordinary profit

Basic earnings per
share

Net income

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

475,000

12.3

15,50019.8

18,6005.2

17,600

52.5

57.80

*Notes:At the Board of Directors Meeting held on May 15, 2024, the Company has resolved the matters relating to acquisition of its own shares ,but the impact on "net income per share" in the consolidated and non-consolidated earnings forecasts for the fiscal year ending March
31, 2025 has not been taken into account.
These statements include Toda Corporation’s forecasts based on information currently available as of the announcement date,
which are subject to a number of risks and uncertainties. Therefore, the actual results of developments may differ from those presented
in these forward-looking statements due to the changes in various factors.

Consolidated Financial Results
for the Fiscal Year
Ended March 31, 2024

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Table of Contents of Attachments
1. Overview of Operating Results .................................................................................................................... 2(1) Overview of Operating Results for the Fiscal Year ended March 31, 2024............................................ 2(2) Overview of Financial Position for the Fiscal Year ended March 31, 2024 ........................................... 3(3) Overview of Cash Flows for the Fiscal Year ended March 31, 2024...................................................... 4(4) Future Outlook ........................................................................................................................................ 5(5) Basic Policy on Profit Distribution and Dividends in the Fiscal Year ended March 31, 2024 and the
Fiscal Year ending March 31, 2025 ........................................................................................................ 5
2. Basic Rational for Selection of Accounting Standards ............................................................................... 5
3. Consolidated Financial Statements and Major Notes ................................................................................ 6(1) Consolidated Balance Sheets .................................................................................................................. 6(2) Consolidated Statements of Income and Comprehensive Income .......................................................... 8(3) Consolidated Statements of Changes in Net Assets .............................................................................. 10(4) Consolidated Statements of Cash Flows ............................................................................................... 12(5) Notes to Consolidated Financial Statements ......................................................................................... 14
Notes on the Assumption as a Going Concern ................................................................................... 14
Significant Accounting Policies for Preparation of Consolidated Financial Statements ................... 14
Changes in Accounting Policies ......................................................................................................... 14
Changes in Accounting Estimates ...................................................................................................... 14
Consolidated Statements of Income ................................................................................................... 15
Segment Information.......................................................................................................................... 17
Per Share Information ........................................................................................................................ 19
Significant Subsequent Events ........................................................................................................... 20
4. Non-consolidated Financial Statements..................................................................................................... 22(1) Non-consolidated Balance Sheets ......................................................................................................... 22(2) Non-consolidated Statements of Income .............................................................................................. 25(3) Non-consolidated Statements of Changes in Net Assets....................................................................... 27
5. Miscellaneous ............................................................................................................................................... 29(1) Executive Personnel Changes (scheduled for June 26, 2024)............................................................... 29(2) Summary of Consolidated Results and Forecasts ................................................................................. 30(3) Summary of Non-consolidated Results and Forecasts .......................................................................... 31(4) Orders Received, Net Sales and Balance Brought Forward (Non-consolidated).................................. 32(5) Major Orders Received, Completed, and Work Carried Over for the Period under Review ................ 33

1

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

1. Overview of Operating Results(1) Overview of Operating Results for the Fiscal Year ended March 31, 2024

During the consolidated fiscal year under review, the domestic economy was on the road to recovery, withimproved employment and income conditions and expectations of a gradual recovery in the future.
In the construction industry, orders from both the public and private sectors increased, resulting in an increase
in total orders from the previous consolidated fiscal year. On the other hand, the price of construction materials
remained high, and the tight supply and demand for labor affected the increase in construction costs, leading toa challenging business environment.
In May 2022, the Group announced the “Medium-Term Management Plan 2024 - Rolling Plan” to promote
the evolution of value provided to customers in the core businesses of architectural construction, civilengineering, and strategy. In addition, the Company has identified the construction of new TODA BUILDING,
overseas business, and renewable energy business such as floating offshore wind power generation as key
management priorities, and is making growth investments in these businesses and strengthening its businessportfolio. During the period under review, the Company continued to invest in growth under the active
involvement of top management in order to achieve medium- to long-term growth. To achieve ROE (returnon equity) target of 8% or more in the medium- to long-term while promoting growth investments, the Company
has also set ROIC (return on invested capital) of 5% or more as a management indicator of profitability, and is
working to strengthen its investment process.
Under these circumstances, the Group’s consolidated results were as follows:
Consolidated net sales were ¥522.4 billion, down 4.5% from the previous consolidated fiscal year, due tolower sales in the Architectural Construction Business and the Civil Engineering Business as large-scale projects
did not proceed as expected, although sales in the Domestic Investment and Development Business increased
due to an increase in sales of real estate for sale and the Overseas Group Companies Business increased due tothe consolidation of PT Tatamulia Nusantara Indah and its seven subsidiaries in the previous consolidated fiscal
year.
Regarding operating income/loss, gross profit increased 14.4% compared to the previous consolidated fiscal
year to ¥65.5 billion, mainly due to the impact of the provision for loss on construction contracts on several
projects in the Architectural Construction Business in the previous consolidated fiscal year. Selling, generaland administrative expenses increased 10.4% compared to the previous consolidated fiscal year to ¥47.6 billion
due to an increase in personnel expenses and research and development costs among others, but operating
income rose 26.7% compared to the previous consolidated fiscal year to ¥17.9 billion.
Ordinary income was ¥25.4 billion, up 33.9% from the previous consolidated fiscal year, due to an increasein non-operating income, including interest income and foreign exchange gains resulting from the yen's
depreciation.
Net income attributable to owners of the parent was ¥16.1 billion, a 46.4% increase from the previous
consolidated fiscal year. The Environment and Energy Business recorded impairment losses and losses
expected to be incurred in the future, while a gain on sales of investment securities was recorded due to theproceeds from the sale of cross-shareholdings.
The results for each segment including intersegment sales and transfers were as follows.
The Group has changed its reportable segments from the current consolidated fiscal year, and comparisonsand analysis with the previous consolidated fiscal year are based on the segment classifications after the change.
For details, please refer to “1. Overview of Reportable Segments” under “3. Consolidated Financial Statements
and Major Notes (5) Notes to Consolidated Financial Statements - Segment Information”.

Architectural Construction BusinessNet sales were ¥325.5 billion (down 2.1% from the previous consolidated fiscal year), and the segment
income (operating income) was ¥6.5 billion (segment loss of ¥1.4 billion in the previous consolidated fiscal
year). The increase in segment income was mainly due to a reactionary increase in the provision for loss on
construction contracts recorded in the previous consolidated fiscal year and an improvement in the profitabilityof the construction projects.

2

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Orders received by the Company on a non-consolidated basis increased by 22.0% from the previous fiscal
year for domestic public work projects and by 32.8% from the previous fiscal year for domestic private-sector
projects. As a result, total orders received were ¥377.8 billion, up 31.9% from the previous fiscal year.
Civil Engineering BusinessNet sales were ¥119.9 billion (down 15.3% from the previous consolidated fiscal year), and segment income(operating income) was ¥7.5 billion (down 32.1% from the previous consolidated fiscal year). The main
reason for the decrease in net sales and segment income was that the large-scale construction projects did not
progress as expected.
Orders received by the Company on a non-consolidated basis increased 92.1% from the previous fiscal year
for domestic private-sector construction projects but decreased 43.6% for domestic public-sector construction
projects. As a result, total orders received amounted to ¥122.9 billion, down 12.4% from the previous fiscal
year.
Domestic Investment and Development BusinessNet sales were ¥23.2 billion (up 19.4% from the previous consolidated fiscal year), and segment income(operating income) was ¥3.9 billion (up 19.3% from the previous consolidated fiscal year). The main reason
for the difference is the increase in net sales due to the increase in sales of real estate for sale and the increase
in segment income due to the increase in real estate rental income.
Domestic Group Companies BusinessNet sales were ¥53.7 billion (up 2.6% from the previous consolidated fiscal year), and segment income(operating income) was ¥1.9 billion (down 2.8% from the previous consolidated fiscal year).
Overseas Group Companies BusinessNet sales totaled ¥48.8 billion yen (up 28.7% from the previous consolidated fiscal year), and segment
income (operating income) was ¥1.4 billion (down 23.0% from the previous consolidated fiscal year). The
main reason for the difference is the increase in net sales due to the consolidation of PT Tatamulia Nusantara
Indah and its seven subsidiaries in the previous consolidated fiscal year, and the decrease in segment income isdue to the recorded loss on valuation of real estate for sale.
Environment & Energy BusinessNet sales were ¥1.3 billion (down 10.9% from the previous consolidated fiscal year), and segment loss
(operating loss) was ¥0.4 billion (segment income of ¥48 million in the previous consolidated fiscal year). The
main reason for the difference is the decrease in net sales due to the decrease in electricity sales revenue, andthe recording of segment loss is due to the costs related to the floating offshore wind power generation businessand the onshore wind power generation business in Federative Republic of Brazil incurred in advance.

(2) Overview of Financial Position for the Fiscal Year ended March 31, 2024
Assets, liabilities, and net assets
Assets
The total assets at the end of the current consolidated fiscal year increased by ¥56.5 billion (up 6.9%) fromthe previous consolidated fiscal year to ¥872.0 billion. Notes receivable, accounts receivable from completed
construction contracts and other decreased by ¥60.2 billion while cash and deposits increased by ¥16.9 billion,
real estate for sale increased by ¥20.2 billion due to change in the purpose of asset ownership, construction inprogress increased by ¥44.7 billion due to the construction of new TODA BUILDING and the promotion of thefloating offshore wind power generation business and the onshore wind power generation business in Federative
Republic of Brazil, investment securities increased by ¥23.1 billion due to the rise in the market price of crossshareholdings, and long-term loans increased by ¥5.7 billion due to loans to affiliated companies.

3

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Liabilities
Total liabilities at the end of the current consolidated fiscal year increased by ¥24.2 billion (up 4.9%) fromthe end of the previous consolidated fiscal year to ¥516.5 billion. Notes payable, accounts payable forconstruction contracts and other decreased by ¥14.1 billion, and due to the progress and profitability
improvement of unprofitable construction projects accepted in the previous consolidated fiscal year or before,
provision for loss on construction contracts decreased by ¥5.3 billion, while advances received on uncompleted
construction contracts increased by ¥4.7 billion, interest-bearing debt increased by ¥15.0 billion due to financing
to promote growth investments etc., and deferred tax liabilities increased by ¥12.3 billion.
Net assets
Total net assets as of the end of the current consolidated fiscal year were ¥355.5 billion, an increase of ¥32.2
billion (up 10.0%) from the end of the previous consolidated fiscal year. The main factors include a recordingof ¥5.0 billion due to the acquisition of own shares (decrease in net assets) and a ¥8.5 billion decrease in retained
earnings due to the payment of dividends, offset by a ¥20.0 billion increase in valuation difference on availablefor-sale securities due to the increase in the market price of cross-shareholdings, a ¥4.7 billion increase in foreign
currency translation adjustment resulting from the yen's depreciation, and a ¥16.1 billion recording of net
income attributable to owners of the parent. The equity ratio was 40.0%.

(3) Overview of Cash Flows for the Fiscal Year ended March 31, 2024

Cash and cash equivalents (“cash”) at the end of the current consolidated fiscal year increased by ¥17.2
billion from the end of the previous consolidated fiscal year to ¥113.1 billion.
Cash Flows from Operating Activities
Net cash provided by operating totaled ¥62.1 billion (versus ¥30.8 billion used in the previous consolidated
fiscal year). The main factors were an increase of ¥8.7 billion in costs on real estate business due to theprogress of real estate development projects, a decrease of ¥15.0 billion in funds due to a decrease in accounts
payable, including accounts payable for construction contracts and others, ¥28.2 billion of net income before
income taxes, and a decrease of ¥61.9 billion in trade receivables due to the collection of receivables from largescale construction projects, etc., and an increase of ¥6.3 billion in funds due to dividends on cross-shareholdings.
Cash Flows from Investing Activities
Net cash used in investing activities was ¥48.8 billion (versus ¥26.1 billion used in the previous consolidated
fiscal year).
While funds increased by ¥17.8 billion due to the sales of cross-shareholding, funds decreasedby ¥55.0 billion due to acquisition of tangible fixed assets for the construction of new TODA BUILDING andthe promotion of the floating offshore wind power generation business and the onshore wind power generation
business in Federative Republic of Brazil, as well as ¥6.1 billion due to loans to affiliated companies.
Cash Flows from Financing Activities
Net cash provided by financing activities was ¥1.0 billion (versus ¥22.5 billion provided in the previous
consolidated fiscal year). The main factors were a decrease of ¥8.5 billion due to dividend payments, adecrease of ¥5.0 billion due to the acquisition of own shares, and a net increase of ¥14.8 billion in the difference
between financing and repayment to promote investment for growth.
Cash flow indicators are as follows.
Fiscal year ended March 31

2020

2021

2022

2023

2024

Equity ratio

42.7%

42.1%

41.6%

38.9%

40.0%

Equity ratio on a market price basis

30.9%

33.8%

30.0%

26.3%

35.7%

Years of debt redemption

1.4 years－

6.6 years－

3.7 years

Interest coverage ratio

76.3 times－

32.0 times－

47.8 times

4TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Notes:
Equity ratio = shareholders’ equity / total assets
Equity ratio on a market price basis = market capitalization / total assets
Years of debt redemption = interest-bearing debt / cash flows
Interest coverage ratio = cash flows / interest payments* The indices are calculated based on consolidated financial figures.
* Market capitalization is calculated by multiplying the stock price at the end of the fiscal year by the
number of outstanding shares at the end of the fiscal year excluding treasury stock.
* Cash flows from operating activities are used as cash flows.
* Interest-bearing debt is all of the liabilities recorded on the consolidated balance sheets for which theCompany is paying interest.

(4) Future Outlook

Although there is a trend towards a gradual recovery in economic situation going forward, the outlook
remains uncertain with respect to price hikes and geopolitical risks amid continued tightening of global
monetary policy and other factors.
In the construction industry, orders are expected to be strong in both the public and private sectors, butmaterial prices remain high and require continued attention.
Reflecting this outlook, the Group’s consolidated and non-consolidated earnings forecasts for the fiscal year
ending March 31, 2025, are as follows:
On a consolidated basis, we forecast net sales of ¥600.0 billion (up 14.8% year-on-year), operating incomeof ¥30.0 billion (up 67.5% year-on-year), ordinary income of ¥35.5 billion (up 39.3% year-on-year), and net
income attributable to owners of the parent of ¥27.0 billion (up 67.7% year-on-year).
On a non-consolidated basis, we forecast orders received to total ¥540.0 billion (up 3.2% year-on-year), net
sales of ¥475.0 billion (up 12.3% year-on-year), operating income of ¥15.5 billion (up 19.8% year-on-year),ordinary income of ¥18.6 billion (up 5.2% year-on-year), and net income of ¥17.6 billion (up 52.5% year-onyear).

(5) Basic Policy on Profit Distribution and Dividends in the Fiscal Year ended March 31, 2024
and the Fiscal Year ending March 31, 2025

The Company's basic policy is to return profits to valued shareholders in accordance with businessperformance and the business environment, taking into consideration the implementation of continuous andstable dividends to shareholders and the securing of internal reserves essential for strengthening the Company's
competitiveness and financial position.
In line with this basic policy, the Company plans to pay a year-end dividend of ¥14 per share. As a result,
the total dividend for the fiscal year under review, including the interim dividend, shall be ¥28 per share.
For the next fiscal year, the Company plans to pay annual dividend of ¥29 per share (including an interim
dividend of ¥14.50 per share).

2. Basic Rational for Selection of Accounting Standards
It is the Group's policy to prepare its consolidated financial statements in accordance with Japanese GAAP
for the time being, taking into consideration the periodicity and comparability of the consolidated financial
statements.
We intend to adopt International Financial Reporting Standard (IFRS) in an appropriate manner, taking into
consideration various domestic and overseas circumstances.

5

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

3. Consolidated Financial Statements and Major Notes(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Short-term investment securities
Real estate for sale
Costs on uncompleted construction
contracts
Other inventories
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Machinery, vehicles, tools,
furniture and fixtures, net
Land
Lease assets, net
Construction in progress
Total property, plant andequipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit assets
Deferred tax assets
Other
Allowance for doubtful
accounts
Total investments and otherassetsTotal noncurrent assets
Total assets

6

As of March 31, 2024

96,840282,828700
15,616

113,810
222,602600
35,89012,102

13,273

2,709
23,807(3,032)431,573

12,05425,837(2,143)421,924

54,24047,088

11,256

10,961

87,187
205
25,785

81,416354
70,492

178,675

210,313

1,375
10,68912,065941
11,912
12,854

185,072
795
1,953
921
4,581

208,268
6,549
5,548
864
5,855

(81)

(118)

193,243

226,967

383,983
815,556

450,135
872,060

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

As of March 31, 2023
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
Short-term loans payable
Bonds due within one year
Income taxes payable
Advances received on uncompleted construction
contracts
Provision for bonuses
Provision for warranties for completed
construction
Provision for loss on construction contracts
Deposits received
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for directors’ retirement benefits
Provision for stock payments for directors
Provision for loss on liquidation of subsidiaries
and affiliates
Provision for loss on environment and energy
business
Net defined benefit liability
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains on hedges
Revaluation reserve for land
Foreign currency conversion adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

7(Millions of yen)
As of March 31, 2024

111,283

97,14081,568
5,050
6,329

74,10330
7,695

33,40838,142

5,115

6,238

3,305

3,672

9,434
36,48618,034
310,016

4,061
38,73225,659295,476

50,19574,724
19,244
6,069
98
465

63,16589,272
31,546
5,831
109
676

1,141

13

－

821

22,932
2,242
5,165
182,278492,295

22,0002,114
5,508
221,059
516,536

23,001
26,786200,996(7,625)
243,159

23,001
26,786
208,849(12,599)
246,037

72,79092,805111
3,087(1,567)
(327)

424
2,741
3,152
3,357

74,094102,481

6,007
323,261
815,556

7,004
355,524
872,060

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

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

Fiscal Year ended

Net sales
Net sales of construction contracts
Net sales of investment development business and otherTotal net sales
Cost of sales
Cost of sales of construction contracts
Cost of sales of investment development business and otherTotal cost of sales
Gross profit
Gross profit on construction contracts
Gross profit on investment development business and otherTotal gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Dividend income of insurance
Share of profit of entities accounted for using equity method
Foreign exchange gain
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission fee
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on step acquisition
Gain on sales of investment securities
Other
Total extraordinary income
Extraordinary loss
Loss on abandonment of noncurrent assets
Impairment loss
Provision for loss on liquidation of subsidiaries and affiliates
Loss on sale of shares of subsidiaries and affiliates
Provision for loss on environment and energy business
Other
Total extraordinary losses
Income before income taxes and non-controlling interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income for the year
Loss attributable to non-controlling interests
Income for the year attributable to owners of the parent

8(Millions of yen)March 31, 2023
March 31, 2024

(April 1, 2022 throughMarch 31, 2023)(April 1, 2023 throughMarch 31, 2024)

518,426
28,729547,155

487,656
34,778522,434

469,076
20,755489,831430,847
26,003456,851

49,3497,973
57,323
43,18814,13556,8088,774
65,58347,675
17,908

413
4,017
238
149
1,046
896
6,762

2,211
4,182
238
－
1,996
929
9,558

1,042
637
178
1,858
19,039

1,349
258
374
1,983
25,483

1,908
8,083
406
10,399－10,258788
11,047419
10,345255－－
519
11,54017,897
10,352(3,661)
6,690
11,207211
10,995

578
5,185
－
1,419
821
256
8,261
28,26910,054
1,400
11,454
16,815713
16,101TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Consolidated Statements of Comprehensive Income
Fiscal Year ended
Net income
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency conversion adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to
Owners of the parent
Non-controlling interests

9(Millions of yen)March 31, 2023
March 31, 2024

(April 1, 2022 through (April 1, 2023 throughMarch 31, 2023)
March 31, 2024)

11,207

16,815

(643)
(273)
(533)
(153)

20,015
272
5,138
3,651

(614)

40

(2,219)8,987

29,11845,9348,653
333

44,834
1,099

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(3) Consolidated Statements of Changes in Net Assets

Year ended March 31, 2023 (April 1, 2022 through March 31, 2023)(Millions of yen)

Shareholders’ equity
Capitalstock
Balance at beginning of
periodChanges during period
Dividends from surplus
Net income attributable toowners of the parent
Disposal of treasury stock
Purchase of treasury stock
Increase by shareexchanges
Reversal of revaluation
reserve for land
Net changes of items otherthan shareholders’ equity
Total changes of items
during the period
Balance at end of period

Capitalsurplus

23,001Retainedearnings

26,457

199,155

Treasurystock(8,462)

Total
shareholders’equity240,152(9,139)(9,139)10,995

10,995172

1,128(1,293)

1,301(1,293)

156

1,001

1,157

(14)

(14)

－

328

1,841

837

3,007

23,001

26,786200,996(7,625)

243,159

Accumulated other comprehensive income

Balance at beginningof period
Changes during period
Dividends fromsurplus
Net income
attributable toowners of the parent
Disposal of treasury
stock
Purchase of treasury
stock
Increase by shareexchanges
Reversal ofrevaluation reserve
for landNet changes of items
other thanshareholders’ equity
Total changes of items
during the period
Balance at end of
periodValuation
Total
Nondifference Deferred
ReForeign Accumulated
accumulated controlling
gains or valuation currency
retirementon
otherinterests
benefitavailable- losses on reserve for conversion
comprehensive
hedgeslandadjustments adjustments
for-saleincomesecurities

73,435

385

3,073

(391)

(81)

76,421

2,467

Total net
assets319,042(9,139)10,995
1,301(1,293)
1,157
(14)

(645)

(273)

14

(1,175)(246)(2,327)

3,539

1,212

(645)

(273)

14

(1,175)(246)(2,327)

3,539

4,219

72,790111

3,087(1,567)(327)

74,094

6,007

323,26110

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Year ended March 31, 2024 (April 1, 2023 through March 31, 2024)(Millions of yen)

Shareholders’ equity
Capitalstock
Balance at beginning of
periodChanges during period
Dividends from surplus
Net income attributable toowners of the parent
Disposal of treasury stock
Purchase of treasury stock
Increase by shareexchanges
Reversal of revaluation
reserve for land
Net changes of items otherthan shareholders’ equity
Total changes during theperiodBalance at end of period

Capitalsurplus

23,001

26,786

Retainedearnings

Treasury
stock

Total
shareholders’equity200,996(7,625)

243,159(8,595)(8,595)

16,101

16,10139(5,014)39(5,014)
－

345

345

－

－

7,852

(4,974)

2,878

23,001

26,786

208,849(12,599)

246,037

Accumulated other comprehensive income

Balance at beginning of
periodChanges during period
Dividends fromsurplus
Net income
attributable to ownersof the parent
Disposal of treasury
stock
Purchase of treasury
stock
Increase by shareexchanges
Reversal of revaluation
reserve for land
Net changes of items
other thanshareholders’ equity
Total changes during theperiodBalance at end of period

Valuation
Total
Nondifference Deferred
ReForeign Accumulated
accumulated controllingongains or valuation
currency
retirement
otherinterests
available- losses on reserve for conversion
benefitcomprehensive
land
adjustments adjustments
for-salehedgesincomesecurities

72,790111

3,087(1,567)(327)

74,094

6,007

Total net
assets323,261(8,595)
16,10139(5,014)－345

20,015

312

(345)

4,719

3,684

28,386997

29,38420,015

312

(345)

4,719

3,684

28,386997

32,26292,805

424

2,741

3,152

3,357

102,481

7,004

355,524

11

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(4) Consolidated Statements of Cash FlowsNet cash provided by (used in) operating
activities
Net income before income taxes
Depreciation and amortization
Impairment loss
Amortization of goodwill
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in provision for loss on
liquidation of subsidiaries and affiliates
Increase (decrease) in net defined benefit
liability
Decrease (increase) in net defined benefit asset
Increase (decrease) in other provision
Loss (gain) on valuation of investment
securities
Loss (gain) on sales of investment securities
Loss (gain) on sale of shares of subsidiaries
and affiliates
Loss (gain) on sales of property, plant andequipment
Loss on abandonment of noncurrent assets
Loss (gain) on step acquisition
Share of loss (profit) of entities accounted forusing equity method
Interest and dividend income
Interest expenses
Decrease (increase) in notes and accounts
receivable-trade
Decrease (increase) in costs on uncompleted
construction contracts
Decrease (increase) in real estate for sale
Decrease (increase) in costs on real estatebusiness
Decrease (increase) in other current assets
Increase (decrease) in notes and accounts
payable-trade
Increase (decrease) in advances received on
uncompleted construction contracts
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating
activities(Millions of yen)
Year ended March 31, 2023 Year ended March 31, 2024
(April 1, 2022 through(April 1, 2023 throughMarch 31, 2023)
March 31, 2024)

12

17,897
6,296
10,345340

28,269
6,881
5,185
587

164

(981)

(53)

(1,128)

52

1,021

436
5,335

(221)
(2,817)285

97(8,039)(10,237)

－

1,419

101

(71)

419
(1,908)

578
－

(149)

68

(4,431)
1,042(6,393)
1,349(57,398)

61,936

2,644

(895)

2,640

658

2,543

(8,704)

2,114(1,396)

7,129(15,063)(2,004)

4,325(8,046)(1,691)(23,930)
4,433
(916)
(10,431)2,399(1,023)65,8436,365(1,300)(8,759)(30,845)

62,149TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Net cash provided by (used in) investing
activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from sales and redemption of
securities
Purchase of property, plant and equipment
Proceeds from sales of property, plant andequipment
Payments from retirement of property, plantand equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales and redemption of
investment securities
Payments of loans receivableCollection of loans receivable
Payments of leasehold and guarantee deposits
Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Proceeds from sales of shares of subsidiaries
resulting in change in scope of consolidation
Other, net
Net cash provided by (used in) investing
activities
Net cash provided by (used in) financing
activities
Net increase (decrease) in short-term loans
payableIncrease (decrease) in commercial paper
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Cash dividends paid
Cash dividends paid to non-controllinginterests
Purchase of treasury stock
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 the beginning ofcurrent period
Cash and cash equivalents at the end of current
period(Millions of yen)
Year ended March 31, 2023 Year ended March 31, 2024
(April 1, 2022 through(April 1, 2023 throughMarch 31, 2023)
March 31, 2024)

13

(158)
552

(669)
1,010

300

600

(35,874)(55,076)

1,688

161

(389)

(123)

(1,344)(2,649)(1,311)(2,484)

12,053

17,859

(32)
20
(18)

(6,178)
454
(305)

(918)

(1,438)－(1,067)

667

(283)

(26,102)(48,854)

23,184(17,158)(20,000)
40,630(6,942)
10,000(15,190)(9,139)－29,341(5,293)13,000(5,050)(8,595)

(2)

(108)

(0)
(3)

(5,014)(86)

22,534

1,035

977

2,917

(33,435)

17,247

129,301

95,866

95,866113,113TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(5) Notes to Consolidated Financial Statements
Notes on the Assumption as a Going Concern
Not applicable.
Significant Accounting Policies for Preparation of Consolidated Financial Statements
Disclosure of significant matters that serve as the basis for the preparation of the consolidated financial
statements has not been provided, as there have been no significant changes from those disclosed in the mostrecent Annual Securities Report (filed on June 30, 2023), except for the following items.
Matters related to the Scope of Consolidation
In the current consolidated fiscal year, the newly established Toda Asia Pacific Pte. Ltd., as well as Usina
Eolica Casqueira A Ltda. and Usina Eolica Casqueira B Ltda., which became subsidiaries through theacquisition of shares, have been included in the scope of consolidation. In addition, due to the transfer of allshares of Construtora Toda do Brasil S/A, which was a consolidated subsidiary, was deconsolidated.
Accounting Standards for Significant Provisions
Provision for loss on environment and energy business:
In order to provide for future losses related to the environmental and energy business, the estimated loss
amounts from ongoing projects for which losses are expected at the end of the consolidated fiscal year and canbe reasonably estimated have been recorded as “Provision for loss on environment and energy business” under
extraordinary loss.
Accounting for Retirement Benefits
Accounting policy for past service cost:
The amount was amortized on a straight-line basis over five years and recognized as an expense in therespective consolidated fiscal year in which it was incurred.
Changes in Accounting Policies
Not applicable.
Changes in Accounting Estimates
Not applicable.

14

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Consolidated Statements of Income
1 Provision for loss on construction contracts included in cost of completed construction:
Year ended
March 31, 2023
March 31, 2024
(April 1, 2022 through(April 1, 2023 throughMarch 31, 2023)
March 31, 2024)
Provision for loss on construction contracts¥6,767 million¥(5,373) million
included in cost of completed construction
2 The value of inventories at the end of the period is the amount after devaluation of book value due to decline
in profitability, and the following inventory valuation amounts is included in cost of sales:Year ended
March 31, 2023
March 31, 2024
(April 1, 2022 through(April 1, 2023 throughMarch 31, 2023)
March 31, 2024)
Loss on valuation of inventories included in cost
¥163 million¥4,387 millionof sales
3 Major items and amounts of selling, general and administrative expenses:
Year ended
March 31, 2023
(April 1, 2022 throughMarch 31, 2023)
Employees’ salaries and allowances¥14,668 million
Provision for bonuses¥3,558 million
Provision for retirement benefits¥984 million
Provision for share-based remuneration for¥233million
directors
Allowance for doubtful accounts¥336 million

March 31, 2024
(April 1, 2023 throughMarch 31, 2024)¥16,375 million¥4,462 million¥1,238 million¥250 million¥(356) million

4 Total research and development expenses included in general and administrative expenses andmanufacturing costs for the period under review:
Year ended
March 31, 2023
March 31, 2024
(April 1, 2022 through(April 1, 2023 throughMarch 31, 2023)
March 31, 2024)
Research and development expenses included¥3,224 million¥3,888 million
in general and administrative expenses andmanufacturing costs
5 Impairment losses
The Group has recorded impairment losses on the following assets or asset groups. Effective from thecurrent consolidated fiscal year, the Group has changed its reportable segments from the previous six segmentsof “Architectural Construction”, “Civil Engineering”, “Domestic Investment and Development”, “Domestic
Group Companies”, “Overseas Investment and Development”, and “Environment and Energy” to six segmentsof “Architectural Construction”, “Civil Engineering”, “Domestic Investment and Development”, “Domestic
Group Companies”, “Overseas Group Companies”, and “Environment and Energy”. As a result of the change,
impairment losses for the previous consolidated fiscal year are shown based on the new classification.
Previous consolidated fiscal year (April 1, 2022 through March 31, 2023)
PurposeType
Location
Business assets
Buildings and structures
Matsudo-shi,(Architectural Construction)
Chiba
Business assets
Construction in progress
Goto-shi,(Environment and Energy)
NagasakiBusiness assets
Machinery, transportation equipment Koto-ku, Tokyo(Environment and Energy)
and tools, furniture and fixtures,construction in progress, andintangible fixed assets
Business assets
Machinery, transportation equipment Goto-shi,(Environment and Energy)
and tools, furniture and fixtures
Nagasaki
15

Impairment losses¥46 million¥9,534 million¥288 million¥476 million(Note)

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(Note) An impairment loss recorded by the Company's consolidated subsidiary.
Asset grouping method:
In accordance with management accounting, the Group classifies its own business assets used for business
operations by office, and assets for lease and idle assets, etc., by individual property.
Background leading to the recognition of impairment losses:
The Group has reviewed the recoverability of its assets in light of its decision to dismantle and remove theassets it owns or in light of future income and expense prospects. As a result, the carrying amount of the abovegroup of assets has been reduced to its recoverable amount and the amount of the reduction has been recorded as
an impairment loss within extraordinary losses.
Calculation method of recoverable amount:
The value has been set to zero for assets that the Group has decided to dismantle and remove. For assets
whose profitability is expected to decline, the present value of the future cash flows expected to arise from thecontinued use and from the disposal after use is calculated at 2.250% for the Company and at 5.590% for the
consolidated subsidiary.
Current consolidated fiscal year (April 1, 2023 through March 31, 2024)
PurposeType
Location
Business assets
Buildings and structures, machinery, Kyoto-shi,(Domestic Group Companies) transportation equipment andKyototools/instruments, and landBusiness assets
Construction in progress
Goto-shi,(Environment and Energy)
NagasakiBusiness assets
Building and structures
Ageo-shi,(Corporate)
SaitamaBusiness assets
Buildings and structures, andOsaka-shi,(Corporate)
machinery, vehicles, tools, furniture
Osaka
and fixtures(Note) An impairment loss recorded by the Company's consolidated subsidiary.

Impairment losses¥216 million(Note)¥4,545 million¥310 million¥112 million

Asset grouping method:
In accordance with management accounting, the Group classifies its own business assets used for business
operations by office, and assets for lease and idle assets, etc., by individual property.
Background leading to the recognition of impairment losses:
The Group has reviewed the recoverability of its assets, taking into account the decision to discontinue theuse of the assets due to the effective use of the assets, relocation of offices, etc. or future income and expense
prospects. As a result, the carrying amount of the above group of assets has been reduced to its recoverable
amount and the amount of the reduction has been recorded as an impairment loss within extraordinary losses.
Calculation method of recoverable amount:
The Group has set the value of assets abandoned due to decisions such as the effective use of assets, officerelocation, etc. to zero. For assets whose profitability is expected to decline, the present value of the future cash
flows expected to arise from their continued use and from their disposal after use is calculated at 2.250% for theCompany and at 6.0% for the consolidated subsidiary.

16

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Segment Information
Segment information:
1. Overview of reportable segments
The Group's reportable segments are components of the Company and its Group companies forwhich separate financial information is available and which are subject to periodic review by the Boardof Directors for the purpose of determining the allocation of management resources and evaluating
performance.
The Group has established the Building Construction Business Group, the Civil Engineering
Business Group, and the Strategic Business Promotion Group within the Company. The Building
Construction Business Group and the Civil Engineering Business Group formulate comprehensive
strategies for architectural construction and civil engineering businesses, including overseas activities,
and conduct business operations accordingly.
The Strategic Business Promotion Group is responsible for comprehensive strategic planning andbusiness activities related to the domestic investment and development, domestic Group companies,
overseas Group companies, and the environment and energy.
Effective from the current consolidated fiscal year, the Group has changed its reportable segmentsfrom the previous six segments of “Architectural Construction”, “Civil Engineering”, “Domestic
Investment and Development”, “Domestic Group Companies”, “Overseas Investment andDevelopment”, and “Environment and Energy” to six segments of “Architectural Construction”, “Civil
Engineering”, “Domestic Investment and Development”, “Domestic Group Companies”, “Overseas
Group Companies”, and “Environment and Energy”. The change was made to align the classificationof reportable segments with the classification of business performance targets in the “Medium-Term
Management Plan 2024 - Rolling Plan” and the classification of business reports in the monthly
reporting materials of the Board of Directors.
The "Segment Information" for the previous consolidated fiscal year has been prepared inaccordance with the classification method after the change.
An overview of each reportable segment is as follows:
Architectural
Contracting of building construction work and related businesses
Construction
undertaken by the Company.
Civil Engineering
Contracting of civil engineering work and related businesses undertaken by
the Company. Based on the new segmentation, the “segment information”
for the previous consolidated fiscal year is presented.
Domestic
Investment andDevelopment
Domestic Group
Companies

Businesses related to the Company's independent development, purchaseand sale, and leasing of real estate in Japan.

Overseas Group
Companies

Businesses conducted by the consolidated overseas subsidiaries, including
overseas construction contracting and related businesses, independent
development, sales and leasing of real estate.
Businesses related to power generation and sales of electricity conducted by
the Group.

Environment andEnergyBusinesses conducted by the consolidated domestic subsidiaries, includingarchitectural construction business, civil engineering business, real estatebusiness mainly for building management, hotel business, temporary
staffing business mainly within Group companies, and finance and leasing.

2. Calculations of net sales, income or loss, assets, liabilities and other items by reportable segments
The accounting method for the reportable business segments is generally the same as that describedin “Basis of Preparation of Consolidated Financial Statements”, and the results of the reportablesegments are based on operating income. Intersegment revenues and transfers are based on prevailingmarket prices. The segment assets are not disclosed because they are not allocated to the individual
business segment.
In accordance with the above change in classification, the method of allocating management fees,
etc. has been changed from the current consolidated fiscal year in order to more appropriately evaluate
the performance of each segment. The "Segment Information" for the previous consolidated fiscal
year was prepared on the basis of the new profit or loss measurement method.
17

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

3.

Information on sales, income or loss, assets, liabilities and other items by reportable segments
Previous consolidated fiscal year (April 1, 2022 through March 31, 2023)(Millions of yen)AmountReportable Segments
recorded in
AdjustDomestic
consolidated
Domestic
Overseasment
Architectural
Civil
Environment Total
Investment
Group
Group
financial
Construction Engineeringand Energy
and(Note 1)Companies Companies
statements
Development(Note 2)

Net sales
Sales to320,623 125,923
18,73142,49837,837
1,541 547,155
547,155－
externalcustomers
Intersegment
sales and
11,783
15,688
770
9,880
133
38,257 (38,257)－－
transfers
Total
332,406 141,611
19,502
52,37837,971
1,541 585,412 (38,257)
547,155
Segment
income or(1,487)
11,067
3,305
1,982
1,923
48
16,839 (2,704)
14,135(loss)
Note 1. “Segment income or (loss)” adjustment of (¥2,704) million refers to the elimination of intersegment
transactions.
Note 2. “Segment income or (loss)” has been adjusted by operating income in the consolidated financial statements.

Consolidated fiscal year under review (April 1, 2023 through March 31, 2024)
Reportable Segments
Domestic
Domestic
Investment
Architectural
Civil
Group
Construction EngineeringandCompanies
Development

Overseas
EnvironmentGroupand Energy
Companies

Total(Millions of yen)Amountrecorded in
Adjustconsolidated
ment
financial(Note 1)statements(Note 2)

Net sales
Sales to287,954 112,511
22,421
49,524
48,673
1,348 522,434
522,434－
externalcustomers
Intersegment
sales and
37,585
7,444
860
4,226
185
26
50,327 (50,327)－
transfers
Total
325,540 119,956
23,28253,75048,8581,374 572,762 (50,327)
522,434
Segment
income or
6,517
7,515
3,943
1,927
1,481
(445)
20,940 (3,032)
17,908(loss)
Note 1. “Segment income or (loss)” adjustment of (¥3,032) million refers to the elimination of intersegment
transactions.
Note 2. “Segment income or (loss)” has been adjusted by operating income in the consolidated financial statements.

Information regarding impairment losses on fixed assets by reportable segments:
Previous consolidated fiscal year (April 1, 2022 through March 31, 2023)
Reportable Segments

Impairment
lossesDomestic
Domestic
Architectural
Civil
Investment
Group
Construction EngineeringandCompanies
Development

46

－

－

－

18

(Millions of yen)

Corporate/
Overseas
Environment
EliminationGroupand Energy
Companies

Total

10,298

10,345－－TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Consolidated fiscal year under review (April 1, 2023 through March 31, 2024) (Millions of yen)
Reportable Segments
Domestic
Corporate/
Domestic
Overseas
Total
Architectural
Civil
Investment
Environment
Group
Group
Elimination
Construction Engineeringandand Energy
Impairment
lossesDevelopment－－

Companies

Companies

216

－

－

4,545

422

5,185

Per Share Information

Year ended
Year ended
March 31, 2023
March 31, 2024
(April 1, 2022 through (April 1, 2023 throughMarch 31, 2023)
March 31, 2024)
Net assets per share¥1,023.64¥1,144.64
Earnings per share¥35.64¥52.19Note 1. Earnings per share after adjustment for potential shares is not presented as there are no potentiallydilutive shares.
Note 2. The basis for calculating earnings per share is as follows:Year ended
Year ended
March 31, 2023
March 31, 2024
(April 1, 2022 through (April 1, 2023 throughMarch 31, 2023)
March 31, 2024)

Net income per share
Net income attributable to owners of the parent
10,995
16,101(millions of yen)Amount not attributable to common shareholders－－(millions of yen)
Net income attributable to shareholders of the parent
10,995
16,101company related to common stock (millions of yen)
Average number of shares of common stock
308,484,939
308,524,954
during the period (shares)
The shares of the Company held in the BIP Trust for Directors' remuneration and the ESOP Trust for share awards
are included in the treasury stock, which are deducted when calculating the average number of shares outstanding
during the fiscal year. (1,751,054 shares for the previous consolidated fiscal year and 2,585,000 shares for the
consolidated fiscal year under review.)
Note 3. The basis for calculation of net assets per share is as follows:Year ended
Year ended
March 31, 2023
March 31, 2024
(April 1, 2022 through (April 1, 2023 throughMarch 31, 2023)
March 31, 2024)
Total amount of assets (millions of yen)323,261355,524
Amount deducted from total amount of assets (millions
6,007
7,004
of yen)(of which, noncontrolling interest) (millions of yen)
(6,007)(7,004)
Net assets related to common stock at the end of the317,254348,519
period (millions of yen)
Number of shares of common stock used in the309,926,300
304,480,490
calculation of net assets per share (shares)
The Company's shares held in the BIP Trust for Directors' remuneration and the ESOP Trust for granting sharesare included in the treasury stock, which are deducted from the total number of shares issued and outstanding at
the end of the fiscal year. (2,620,527 shares for the previous consolidated fiscal year and 2,558,948 shares forthe consolidated fiscal year under review).

19

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Significant Subsequent Events
A second-tier subsidiary through stock acquisition:
On May 15, 2024, Toda Asia Pacific Pte. Ltd. (headquartered in the Republic of Singapore) acquired theshares of Coherent Hotel Ltd. (headquartered in New Zealand, hereinafter “Coherent”), a company engaged in
the hotel business, pursuant to a shareholder subscription agreement, and Coherent has become a second-tier
subsidiary of the Company. As a result of the capital increase, the capital of Coherent corresponds to morethan 10/100 of the amount of capital of the Company, thus making it a specified subsidiary.
1. Outline of the business combination(1) Name and business of the acquired company
Name: Coherent Hotel Ltd.
Description of business: Hotel business(2) Main reasons for the business combination
As one of the priority management businesses, the Group has been developing the overseas
business, and has positioned the Asia and Oceania region as a cornerstone of its business. The
Company aims to secure a stable revenue base in the region by expanding the business in New
Zealand, a developed country that is expected to continue to grow in the future.
(3) Date of the business combination
May 15, 2024
(4) Legal form of the business combination
Acquisition of shares for cash consideration(5) Company name after the business combination
Unchanged.
(6) Ratio of voting rights acquired
51.00%
2. Breakdown of the acquisition cost by type of consideration
Consideration for acquisitionCash
60 million NZD (approximately ¥5,496 million)
Acquisition cost
60 million NZD (approximately ¥5,496 million)
Note: The conversion to Japanese yen is based on 1NZD = ¥90.5 (as of the end of March 2024).
3. Details and amount of major expenses related to the acquisition
Not confirmed at this time.
4. Amount of goodwill occurred, cause for occurrence, amortization method, and amortization period
Not confirmed at this time.
5. Amount of assets accepted and liabilities assumed on the date of the business combination, and major
breakdown thereof
Not confirmed at this time.

20

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Acquisition of own shares:
At the Board of Directors Meeting held on May 15, 2024, the Company has resolved the matters relating toacquisition of its own shares in accordance with Article 156 of the Companies Act, applied by replacing terms
pursuant to the provisions of Article 165, paragraph 3 of said Act.
1. The reason for acquisition of own shares
To enhance shareholder returns and implement flexible capital policy.
2. Details of matters relating to the acquisition(1) Type of shares to be acquired:(2) Total number of shares to beacquired:
(3)
(4)
(5)

Total amount of acquisition:
Acquisition period:
Acquisition method:

The Company’s common stock
7,000,000 shares (upper limit)(Equivalent to 2.3% of total number of sharesissued excluding own shares)
5,000,000,000 yen (upper limit)
May 16, 2024 through December 31, 2024
Market purchases on the Tokyo Stock Exchange

21

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

4. Non-consolidated Financial Statements(1) Non-consolidated Balance Sheets(Millions of yen)Previous fiscal year Fiscal year under review
As of March 31, 2023 As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Notes receivable-trade
Electronically recorded monetary claims –operatingAccounts receivable from completed
construction contracts
Real estate for sale
Costs on uncompleted construction contracts
Costs on real estate business
Raw materials and supplies
Accounts receivable-other
Advanced paid
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
VehiclesAccumulated depreciation
Vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Lease assets
Accumulated depreciation
Lease assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Leasehold right
Software
Goodwill
Other
Total intangible assets

22

62,310118

77,809
2,628

1,030

1,735

252,077

186,056

8,295
13,457
1,525
861
1,878
17,6902,284(1,508)360,022

28,43819,041
10,242
1,031
2,063
17,753
4,308(1,144)349,964

60,011(18,163)
41,847
2,442
(957)
1,485
7,234
(5,438)
1,795
89
(73)
16
2,071
(1,733)337
76,030146(44)
101
19,359140,974

46,361(15,859)
30,502
2,578(1,003)
1,574
6,314(4,885)
1,428
74
(68)
5
2,097
(1,740)357
68,751259(64)
195
46,826
149,640

5,123
4,309
311
387
10,132

5,123
3,747
242
558
9,672

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(Millions of yen)Previous fiscal year Fiscal year under review
As of March 31, 2023 As of March 31, 2024
Investments and other assets
Investment securities
Stocks of subsidiaries and affiliates
Investments in other securities ofsubsidiaries and affiliates
Investments in capital
Long-term loans receivable
Long-term loans receivable from
employees
Long-term loans receivable fromsubsidiaries and affiliates
Long-term prepaid expenses
Long-term non-operating accounts
receivable
Prepaid pension cost
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets
Liabilities
Current liabilities
Notes payable-trade
Electronically recorded obligations operating
Accounts payable for construction contracts
Short-term loans payable
Current portion of bonds payable
Lease obligations
Accounts payable-other
Income taxes payable
Advances received on uncompleted
construction contracts
Deposits received
Provision for bonuses
Provision for warranties for completed
construction
Provision for loss on construction contracts
Deposits received from employees
Other
Total current liabilities

23

175,786
39,583

199,297
45,990

1,228

1,025

3
103

2
103

1

1

11,74224,019

159

1,048

3

20

2,138
2,953
(143)
233,561
384,667
744,689

2,361
3,056
(218)
276,707436,021785,986

2,016

847

24,55925,994

68,79677,001
5,000
19
3,440
5,528

54,65568,588
－
32
3,990
6,454

27,55537,71135,714
4,587

39,473
5,670

3,128

3,161

9,195
11,605
1,263
279,412

4,001
11,472
3,714
265,769

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(Millions of yen)Previous fiscal year Fiscal year under review
As of March 31, 2023 As of March 31, 2024
Noncurrent liabilities
Bonds payable
Long-term loans payable
Lease obligations
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits
Provision for stock payments for directors
Provision for loss on business of subsidiaries
and affiliates
Provision for loss of environment and energy
business
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for construction
General reserve
Retained earnings brought forward
Total retained earnings
Treasury stock
Total shareholders’ equity
Valuation and conversion adjustments
Valuation difference on available-for-salesecurities
Deferred gains on hedges
Revaluation reserve for land
Total valuation and conversion
adjustments
Total net assets
Total liabilities and net assets

24

50,00072,48691
18,126
6,069
20,665465

63,00084,435
182
27,658
5,831
21,716
676

1,706

4

－

2,825

446
3,936
173,995
453,408

300
4,191
210,822476,591

23,001

23,001

25,573574
26,14725,573574
26,147

5,750

5,750

50,000109,774
8,250
173,775(7,625)215,299

50,000109,774
11,542
177,067(12,599)
213,616

72,782

92,651

111
3,087

383
2,741

75,981

95,777291,281744,689309,394785,986

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(2) Non-consolidated Statements of Income

Net sales
Net sales of construction contracts
Net sales of investment development businessand other
Total net sales
Cost of sales
Cost of sales of construction contracts
Cost of sales of investment development
business and otherTotal cost of sales
Gross profit
Gross profit on construction contracts
Gross profit on investment development
business and otherTotal gross profit
Selling, general and administrative expenses
Directors’ compensations
Provision for share allocation to directors
Employees’ salaries and allowances
Provision for bonuses
Retirement benefit expenses
Legal welfare expenses
Welfare expenses
Repair and maintenance
Stationery expenses
Correspondence and transportation expenses
Power utilities expenses
Research study expenses
Advertising expenses
Provision of allowance for doubtful accounts
Entertainment expenses
Contribution
Rents
Depreciation
Amortization of goodwill
Taxes and dues
Insurance expenses
Miscellaneous expenses
Total selling, general and administrative
expenses
Operating income(Millions of yen)
Year ended March 31, 2023 Year ended March 31, 2024
(April 1, 2022 through(April 1, 2023 throughMarch 31, 2023)
March 31, 2024)25

446,563

400,493

18,88822,638465,451

423,132

405,903354,440

13,267

16,794

419,170

371,235

40,65946,053

5,621

5,843

46,28051,896302
233
11,923
3,269
996
1,888
706
197
1,864
1,111
103
3,495
302
360
954
108
2,071
2,178
69
2,459
41
2,117

304
250
12,658
4,236
1,126
1,975
726
164
2,006
1,252
109
4,159
723
(365)
1,109
87
2,218
2,169
69
1,806
40
2,128

36,75538,9609,524

12,936TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Non-operating income
Interest income
Interest on securities
Dividend income
Dividend income of insurance
Foreign exchange gain
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Interest on bonds
Commission fee
Miscellaneous expenses
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Other
Total extraordinary income
Extraordinary loss
Loss on abandonment of noncurrent assets
Impairment loss
Loss on valuation of investment securities
Loss on valuation of stocks of subsidiaries andaffiliates
Provision for loss on business of subsidiaries
and affiliates
Provision for loss on environment and energy
business
Other
Total extraordinary losses
Profit before income taxes and non-controllinginterests
Income taxes-current
Income taxes-deferred
Total income taxes
Profit for the year

(Millions of yen)
Year ended March 31, 2023 Year ended March 31, 2024
(April 1, 2022 through(April 1, 2023 throughMarch 31, 2023)
March 31, 2024)

26

62
0
4,459
238
498
508
5,767

324
－
4,915
238
122
751
6,353

730
229
637
104
1,702
13,589

884
239
245
230
1,600
17,688

0
8,058
438
8,497

6
10,22232
10,261

419
9,868
284

77
4,969
97

345

721

135

－

－

2,825

199
11,253536
9,228

10,83318,721

8,089(3,878)
4,210
6,623

6,827
352
7,179
11,541TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(3) Non-consolidated Statements of Changes in Net Assets
Year ended March 31, 2023 (April 1, 2022 through March 31, 2023)(Millions of yen)

Shareholders’ equity
Capital surplus

Balance at beginning of
periodChanges during period
Provision of generalreserve
Dividends from surplus
Profit for the year
Disposal of treasury
stock
Purchase of treasury
stock
Increase by shareexchanges
Reversal of revaluation
reserve for land
Net changes of items
other than shareholders’equityTotal changes of items
during the period
Balance at end of period

Capital
stock

Legal
capitalsurplus

23,001

25,573Retained earnings

Other retained earnings
Total
Total
Legal
Retained retained
capital retained Reserve for General earnings earnings
surplus earnings construction reserve brought
forwardOther
capitalsurplus198 25,771

5,750

50,000 101,774

18,780 176,305

8,000

－

－

23,001

25,573

172

172

203

203

375

375

－

574 26,147

5,750

－

8,000

(8,000)－(9,139)(9,139)

6,623

6,623

(14)

(14)

(10,530)(2,530)50,000 109,774

8,250 173,775

Shareholders’ equity

Valuation and conversion adjustments
Valuationdifference Deferred
Total
Total net
Total
Revaluation
Treasury
valuation and assets
ongains orshareholders’reserve forconversion
stock
available- losses on
equitylandhedgesadjustments
for-salesecurities
Balance at beginning of period(8,462)
216,617
73,419385
3,073
76,878
293,495
Changes during period
Provision of general reserve－－

Dividends from surplus(9,139)(9,139)Profit for the year

6,623

6,623

Disposal of treasury stock

1,128

1,301

1,301

Purchase of treasury stock(1,293)(1,293)(1,293)

Increase by share exchanges
Reversal of revaluation
reserve for land
Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
Balance at end of period

1,001

1,204

1,204

(14)

(14)
(636)

(273)

14

(896)

(896)

837

(1,317)

(636)

(273)

14

(896)

(2,214)(7,625)215,299

72,782111

3,087

75,981

291,28127

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Year ended March 31, 2024 (April 1, 2023 through March 31, 2024)(Millions of yen)

Shareholders’ equity
Capital surplus

Retained earnings

Capital
stock

Legal
capitalsurplus

OthercapitalsurplusTotal
capitalsurplus

23,001

25,573574

26,147

Balance at beginning of
periodChanges during period
Provision of generalreserve
Dividends fromsurplusProfit for the year
Disposal of treasury
stock
Purchase of treasury
stock
Increase by shareexchanges
Reversal of revaluation
reserve for land
Net changes of items
other thanshareholders’ equity
Total changes of items
during the period
Balance at end of period

Other retained earnings
Total
Legal
Retained retained
retained Reserve for General earnings earnings
earnings construction reserve brought
forward
5,750

50,000109,774

8,250

173,775

－

－

－

－

－

－

－

－

23,001

25,573574

26,1475,750

50,000109,774(8,595)(8,595)

11,541

11,541

345

345

3,292

3,292

11,542 177,067

Shareholders’ equity

Valuation and conversion adjustments
Valuation
Total
difference Deferred
Total
Revaluation valuation Total net
Treasuryongains orassetsshareholders
reserve for
and
stock
available- losses on’ equity
land
conversion
for-sale hedges
adjustments
securities
Balance at beginning of period(7,625)215,299

72,782111

3,087

75,981

291,281

Changes during period
Provision of general reserve－－

Dividends from surplus(8,595)(8,595)

Profit for the year

11,541

11,541

Disposal of treasury stock

39

39

39

Purchase of treasury stock(5,014)(5,014)(5,014)

－

－

345

345

Increase by share exchanges
Reversal of revaluation
reserve for land
Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
Balance at end of period

19,869272(345)

19,795

19,795(4,974)(1,682)

19,869272(345)

19,795

18,113(12,599)

213,616

92,651383

2,741

95,777309,39428

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

5. Miscellaneous(1) Executive Personnel Changes (scheduled for June 26, 2024)
Retiring member of the Board
Shunsuke Amiya, Director
Note: Mr Shunsuke Amiya is an outside director.
Retiring Audit & Supervisory Board members
Keiichiro Maruyama, Audit & Supervisory Board Member
Fumio Sato, Audit & Supervisory Board Member
Note: Both Mr Keiichiro Maruyama and Mr Fumio Sato are outside Audit & Supervisory Board members.
Candidate for newly appointed substitute Audit & Supervisory Board member
Naoki Umikawa, Substitute Audit & Supervisory Board Member(Managing Partner, Musashisogo Law Office)29

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(2) Summary of Consolidated Results and Forecasts(Millions of yen)

Full year
FY2022

FY2023

FY2023

Actual(a)

Revisedforecasts
Feb 13, 2024

Actual(b)Y-o-Y(b)-(a)Difference

FY2024Y-o-Y(c)-(b)Rate ofchange (%)

Forecasts(c)

Difference

Rate ofchange (%)

Net sales

547,155

521,000

522,434(24,720)(4.5)

600,000

77,56514.8

Construction Business

446,546

400,000

400,466(46,079)(10.3)

435,000

34,533

8.6

Architectural
Construction

320,623

285,000

287,954(32,668)(10.2)

305,000

17,045

5.9

Civil Engineering

125,923

115,000

112,511(13,411)(10.7)

130,000

17,48815.5

18,731

20,00022,421

3,690

19.7

40,00017,57878.4

42,49849,50049,524

7,026

16.5

55,500

5,975

12.1

37,837

50,10048,673

10,83528.6

68,00019,326

39.7

Environment and Energy

1,541

1,400

1,348

(193)

(12.6)

1,500

151

11.3

Gross profit

57,32363,50065,583

8,260

14.4

79,00013,416

20.5

10.5 %

12.2 %

12.6 %

SG&A expenses

43,18848,00047,675

4,486

10.4

49,0001,324

2.8Operating income

14,135

15,50017,908

3,773

26.7

30,00012,091

67.5

Non-operating income

4,904

5,800

7,575

2,671

54.5

5,500

(2,075)(27.4)

Ordinary income

19,03921,30025,483

6,444

33.9

35,50010,01639.3

Extraordinary income(1,141)

2,800

2,785

3,927

-

6,500

3,714

133.3

Profit before income taxes

17,897

24,10028,26910,371

57.9

42,00013,730

48.6

Income taxes

6,690

9,900

11,454

4,763

71.2

15,000

3,545

31.0

Net income

11,207

14,20016,815

5,608

50.0

27,000

10,184

60.6

Net income attributable tonon-controlling interests

211

600

713

501

236.7

-

(713)

-

Net income attributable toowners of the parent

10,995

13,600

16,101

5,106

46.4

27,00010,898

67.7

Domestic Investment andDevelopment
Domestic Group
Companies
Overseas Group
Companies

Profit margin13.2 %

Note: Net sales are based in business segments and intercompany sales are eliminated.

30

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(3) Summary of Non-consolidated Results and Forecasts(Millions of yen)
Full year

FY2022

FY2023

FY2023

Actual(a)

Revisedforecasts
Feb 13, 2024

Actual(b)Y-o-Y(b)-(a)FY2024Y-o-Y(c)-(b)Difference

Rate ofchange (%)

Forecasts(c)

Difference

Rate ofchange (%)

Orders received

445,591

530,000

523,404

77,813

17.5

540,000

16,595

3.2

Construction Business

426,702510,000

500,765

74,06317.4

500,000

(765)

(0.2)

286,144

388,000

375,629

89,48531.3

359,000(16,629)(4.4)

141,662

119,000

122,527(19,135)(13.5)

138,000

15,472

12.6

Overseas(1,104)

3,000

2,608

3,713

-

3,000

391

15.0

Investment and Development

18,88820,00022,638

3,749

19.9

40,00017,361

76.7

Net sales

465,451

420,000

423,132(42,319)(9.1)

475,000

51,867

12.3

Construction Business

446,563

400,000

400,493(46,069)(10.3)

435,000

34,506

8.6

318,574

284,000

286,968(31,605)(9.9)

303,500

16,531

5.8

126,035

115,000

112,081(13,954)(11.1)

129,400

17,31815.5

Overseas

1,953

1,000

1,444

(509)

(26.1)

2,100

655

45.4

Investment and Development

18,88820,00022,638

3,749

19.9

40,00017,361

76.7

Gross profit

46,28051,50051,896

5,616

12.1

55,500

3,603

6.9

9.9 %

12.3 %

12.3%

40,65945,00046,053

3,946

8.6

9.1 %

11.3 %

11.5%

Domestic Architectural
Construction

20,1186.3 %25,9509.1 %27,426
9.6%

7,308

36.3

29,850
9.8 %

2,423

8.8

Domestic
Civil Engineering

21,02619,00018,051(2,974)(14.1)

19,970

1,918

10.6

16.7 %

16.5 %

16.1%

(394)

(68.7)

(343)

(5.9)

Domestic Architectural
Construction
Domestic
Civil Engineering

Domestic Architectural
Construction
Domestic
Civil Engineering

Profit margin
Construction Business

Overseas
Investment and Development

(485)

50

574

(24.9 %)

5.0 %

39.8 %

5,621

6,500

5,843

11.7 %
5,393

13.3

50,00011.5 %

15.4 %
1,060

-

180
8.6 %

222

4.0

5,500

29.8 %

32.5 %

25.8%

SG&A expenses

36,75539,00038,9602,204

6.0

40,0001,039

2.7

Operating income

9,524

12,50012,936

3,411

35.8

15,500

2,563

19.8

Non-operating income

4,064

4,500

4,752

687

16.9

3,100

(1,652)(34.8)

Ordinary income

13,58917,00017,688

4,099

30.2

18,600911

5.2

Extraordinary income(2,755)

1,600

1,032

3,787

-

6,500

5,467

529.5

Profit before income taxes

10,83318,60018,721

7,887

72.8

25,100

6,378

34.1

Income taxes

4,210

6,900

7,179

2,969

70.5

7,500

320

4.5

Net income

6,623

11,700

11,541

4,917

74.2

17,600

6,058

52.5

Dividend per share (yen)

27.0

28.0

28.0

1.0

3.7

29.0

1.0

3.6

31

13.8 %

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(4) Orders Received, Net Sales and Balance Brought Forward (Non-consolidated)
1) Orders Receive

Business segment/
Classification

Architectural
Construction
Civil
Engineering

Total

Construction Business

Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Investment andEnvironment and Energy
Total

FY2022
From April 1, 2022
to March 31, 2023
AmountRatio (%)
40,6089.1
245,535
55.1
222
0.0
286,36764.3
110,237
24.7
31,425
7.1(1,327)(0.3)
140,33531.5
150,84633.9
276,960
62.2(1,104)(0.2)
426,702
95.8
18,7714.2
116
0.0
445,591
100.0

FY2023
From April 1, 2023
to March 31, 2024
AmountRatio (%)
49,5389.5
326,091
62.3
2,178
0.4
377,808
72.2
62,15711.9
60,36911.5
430
0.1
122,957
23.5
111,695
21.3
386,461
73.8
2,608
0.5
500,765
95.7
22,5744.3
63
0.0
523,404
100.0

FY2022
From April 1, 2022
to March 31, 2023
AmountRatio (%)
60,65913.0
257,914
55.4
2,065
0.4
320,63968.9
84,80718.2
41,228
8.9
(112)
(0.0)
125,923
27.1
145,466
31.3
299,142
64.3
1,953
0.4
446,563
95.9
18,7714.0
116
0.0
465,451
100.0

FY2023
From April 1, 2023
to March 31, 2024
AmountRatio (%)
9.8
41,567
245,400
58.0
1,013
0.2
68.1
287,981
83,085
19.6
28,9966.9
430
0.1
112,51126.6
124,652
29.5
274,397
64.8
0.3
1,444
400,493
94.6
22,5745.3
63
0.0
423,132
100.0(Millions of yen)
ChangeAmount8,929
80,555
1,955
91,441(48,080)
28,944
1,757(17,377)(39,150)
109,500
3,713
74,0633,802(53)
77,813

Ratio (%)
22.0
32.8
878.0
31.9
(43.6)
92.1(12.4)(26.0)
39.5
17.4
20.3
(45.4)
17.5

2) Net Sales
Business segment/
Classification
Architectural
Construction
Civil
Engineering

Total

Construction Business

Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Investment andEnvironment and Energy
Total(Millions of yen)
ChangeAmount(19,092)(12,513)(1,052)(32,657)(1,722)(12,231)542(13,411)(20,814)(24,745)(509)(46,069)3,802(53)(42,319)

Ratio (%)
(31.5)(4.9)(50.9)(10.2)(2.0)(29.7)(10.7)(14.3)(8.3)(26.1)(10.3)
20.3(45.4)(9.1)

3) Balance Brought Forward
Business segment/
Classification
Architectural
Construction
Civil
Engineering

Total

Construction Business

Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Public-Sector
Domestic Private-Sector
Overseas
Total
Domestic Investment andEnvironment and Energy
Total

FY2022
FY2023As of March 31, 2023 As of March 31, 2024
AmountRatio (%)
AmountRatio (%)
80,70711.2
88,67810.8
358,13249.8
438,823
53.6
549
0.1
1,714
0.2
439,39061.1
529,21664.6
203,405
28.3
182,478
22.3
75,86610.6
107,23913.1
279,272
38.9
289,71835.4
284,11339.5
271,157
33.1
433,998
60.4
546,063
66.7
549
0.1
1,714
0.2
718,662100.0
818,934
100.0
718,662100.0
818,934
100.0

32(Millions of yen)
ChangeAmountRatio (%)
7,970
9.9
80,690
22.5
1,164
211.9
89,826
20.4(20,927)(10.3)
31,37341.4
10,445
3.7(12,956)(4.6)
112,064
25.8
1,164
211.9
100,272
14.0
100,272
14.0

TODA CORPORATION (1860)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(5) Major Orders Received, Completed, and Work Carried Over for the Period under Review

1. Orders Received
Ordering Parties
Toranomon 1-chome East Area Urban
Redevelopment Association
MITSUBISHI ESTATE CO., LTD.
Izumo Murata Manufacturing Co., Ltd.
SENKO Group Holdings Co., Ltd.

Kushiro City
Digital Tokyo 2 SPC
Ibaraki Hanawa Wind LLC
Ministry of Land, Infrastructure,
Transport and Tourism, Chubu Regional
Development Bureau
Shunan City
Ministry of the Environment
2. Completed Construction
Ordering Parties
Shibuya Station Sakuragaoka Exit District
Redevelopment Association
Toyo University
Digital Tokyo 2 SPC
Yasuda Real Estate Co., Ltd.
Nagareyama Sogo Kaihatsu N SPCNIPPON STEEL KOWA REAL ESTATE
CO.,LTD.
Atsugi City Morinosato East Land
Readjustment Association
Dohoku Furyoku LLC

Name of Work
Construction of New Facility Building for Toranomon 1-chome East
Area Urban Redevelopment Project
Dogenzaka 2-chome South Area Project New Construction and Others
New Production Building Construction at Izumo Murata
Manufacturing Co., Ltd.
(Tentative name) SENKO Group Holdings Co., Ltd. Urawa Daimon
Distribution Center New Construction Work
Kushiro City General Hospital New Tower Construction(Tentative name) NRT14 New Construction Work
Ibaraki Hanawa East and West Wind Farm Construction
Reiwa 5 Shitara Dam Construction 1st Phase Work
Shunan City Tokuyama Central Purification Center Reconstruction
Project
Restoration of Temporary Storage Facilities under the Jurisdiction of
Hamadori Kita Branch Office from Reiwa 5 - 6Name of Work
Shibuya Station Sakuragaoka Exit Construction Work Associated withType 1 Urban Revitalization Project
Akabanedai Campus New Building Construction Work (Site C)(Tentative name) NRT12 New Construction Work
Former Kyoto City Shokuryu Elementary School Site Utilization Plan
GLP ALFALINK Nagareyama 4 Project(Tentative name) Nishi-Azabu Roppongi Dori Building Reconstruction
Plan and Others
Atsugi City Morinosato East District Infrastructure Improvement
Construction
North Hokkaido Wind Power Generation Project Kawaminami Wind
Farm Construction Work
Kan-Etsu Expressway Higashi-Matsuyama Construction
Hoshida Station North District Land Readjustment Project

East Japan Expressway Co., Ltd.
Katano City Hoshida Station North Land
Readjustment Association
3. Work Carried Over
Ordering Parties
Name of Work
St. Marianna University School of
St. Marianna University School of Medicine Sugao Campus Renewal
Medicine
Plan
Maishima Development SPC(Tentative name) DPL Osaka Maishima New Construction WorkJAPANET HOLDINGS Co., Ltd.
Nagasaki Stadium City Projects (II, III Sections)
Lam SPCESR OS1 Data Center New Construction Work
Ogawa Station West Exit Area Urban
Ogawa Station West Exit Area Type 1 Urban Redevelopment Project
Redevelopment Association
Izumiotsu City Hospital(Tentative name) New Izumiotsu City Hospital Development Project
Ministry of Land, Infrastructure,
Yokohama Shonan Road Tunnel Work
Transport and Tourism, Kanto Regional
Development BureauWest Nippon Expressway Company Ltd.
Shin-Meishin Expressway Ujitawara Tunnel East Work
Central Nippon Expressway Company
Tokyo Outer Ring Road Main Line Tunnel (North Bound) Tomei North
Ltd.
Work
Tokyo Metropolitan Government
Johoku Chuo Park Detention Pond (Phase 1) Work2
Completed construction and carried over works are presented on a delivery basis.
33