-

-

1

5

5

2

1. Summary of Business Results, etc.
(1) Summary of Business Results for the Current Period
1) Business Results for the Current Period
During the period under review, the Japanese economy remained uncertain due to global monetary tightening
and soaring prices, while there were signs of a gradual recovery in domestic demand as a result of the return tonormalcy of economic activities and improvement in the employment environment.
With regard to the construction market, the civil engineering sector remained steady, supported by public
investment, and the architecture sector also remained solid on the back of high corporate earnings.
Under these circumstances, orders received during the period amounted to 145.70 billion yen (down 11.28 billion
yen year on year). As for earnings, net sales were flat year on year at 164.07 billion yen (down 890 million yen).
However operating profit and ordinary profit remained high at 15.94 billion yen (up 720 million yen) and 15.85 billion
yen (up 400 million yen), respectively, and net profit attributable to owners of parent company reached a record highof 11.85 billion yen (up 610 million yen) due to the recording of a gain on the sale of investment securities, etc.
Following is an overview by business sector.
(Bridge Business)
Looking at the domestic bridge business, while orders placed were sluggish due to the postponement of plans, theGroup performed well, winning several large orders for both new domestic bridge construction and maintenancework. As a result, orders received for the overall bridge business reached 86.24 billion yen (up 4.34 billion yen year
on year), largely achieving the fiscal year plan.
As for earnings, net sales reached a record high of 97.41 billion yen (up 10.39 billion yen), supported by anabundant backlog of orders, and operating profit was on par with the previous fiscal year at 8.81 billion yen (down
130 million yen).
(Engineering Business)
As for the engineering business, orders were sluggish in the engineered structure system, with capital investment
plans being postponed or reviewed many times due to rising construction costs and other factors. Orders for theentire business for the full year totaled 56.62 billion yen (down 14.76 billion yen year on year). Orders area forengineered structure system totaled approximately 0.59 million m2 (approximately 0.86 million m2 in the same
period of the previous year).
As for earnings, net sales for the entire business for the full year were 63.13 billion yen (down 9.80 billion yen). In
addition, operating profit reached a record high of 8.39 billion yen (up 1.61 billion yen) due to improved profitability
mainly in the engineered structure system business.
(Precision Equipment Business)
In the precision equipment business, orders received were sluggish at 2.84 billion yen (down 870 million yen year
on year) due to the severe demand environment in the precision equipment manufacturing business. As forearnings, due to a decrease in orders, net sales amounted to 2.94 billion yen (down 1.44 billion yen), and operating
profit remained at 100 million yen (down 520 million yen).
(Real Estate Business)
Regarding the real estate business, net sales were 590 million yen, almost the same as the previous period, andoperating profit was 380 million yen (up 10 million yen year on year), securing stable income and profit in the current
period.

3

Net sales, Order received and Backlog of orders (Consolidated)(100 million yen)
FY2022

FY2023(Apr 1,2022 – Mar31, 2023)

576

649

Maintenance

267

274

Overseas26

50

Subtotal

870

974

Engineered structure system

545

469

Civil engineering

101

87

and steel structure

8175

Subtotal

729

631

Precision equipment

35

21

Info. processing

8

7

Subtotal

43

29

6

5

1,649

1,640

New bridge construction

688

590

Maintenance

132

248

Overseas(1)23

Subtotal

818

862

Engineered structure system

526

384

Civil engineering

94

116

and steel structure

93

65

Subtotal

713

566

Precision equipment

28

21

Info. processing

8

7

BridgeNet sales

Engineering

PrecisionArchitecture, machinery

Equipment
Real Estate
Total

BridgeOrdersreceived

Engineering

PrecisionArchitecture, machinery

Equipment

Subtotal

37

28

1,569

1,457

New bridge construction

964

905

Maintenance

528

502

Overseas32

5

Subtotal

1,526

1,414

Engineered structure system

260

176

Civil engineering

300

330

and steel structure

55

45

Subtotal

617

552

Precision equipment

7

7

Info. processing

4

3

Subtotal

12

11

2,155

1,977

Total

BridgeBacklog ofordersEngineering

Precision
Equipment(Apr 1,2023 – Mar31, 2024)

New bridge construction

Architecture, machinery

Total(Note) Figures are rounded down to the nearest million yen.

4

Major contracts in the bridge businessClassification
ClientNew
East Nippon Expressway
construction
New
Central Nippon Expressway
construction
New
Kyushu Regional
construction Development Bureau
NewWest Nippon Expressway
construction

Yoro Kaizu Viaduct

MaintenanceKanmon Bridge Moji Side-spans’ Continuous Floor
FramingWest Nippon Expressway

Construction nameYashio Parking Area Ramp Bridge South

Nichinan Aburatsu Bridge
Izu-shichijo No. 2 viaduct and two other bridges

Major completed contracts in the bridge businessClassification
ClientConstruction name
Upgrading the bridge between the Chugoku-Ikeda
Maintenance West Nippon Expressway
and Takarazuka interchange (Part 2)
New
East Nippon Expressway
Ushiku Viaductconstruction
New
East Nippon Expressway
Sakai Viaductconstruction
Maintenance

East Nippon Expressway

Anogawa Bridge floor replacement

Maintenance

Metropolitan Expressway

Superstructure reinforcement 3-213

Location
SaitamaPrefecture
Gifu
Prefecture
MiyazakiPrefecture
Nara
Prefecture
Fukuoka
Prefecture

Location
Osaka
Prefecture
IbarakiPrefecture
IbarakiPrefecture
Gunma
Prefecture~
Niigata
Prefecture
Kanagawa
Prefecture2) Outlook for the future
In the bridge business, although orders for new bridges construction are expected to remain sluggish, we willcontinue to focus on improving technical proposals and construction results to increase our market share, and will
expand our business by strengthening the maintenance business. As for the engineered structure system business,while orders are sluggish with capital investment plans being postponed or reviewed many times due to rising
construction costs and other factors, inquiries remain steady. Therefore, we will work to restore the Company to its
original growth trajectory by strengthening direct sales to clients, in addition to initiatives for stores and offices andthe traditional builder sales, while ensuring to capture demand from supply chains returning to Japan and factories
and warehouses associated with the 2024 problem.
For the next fiscal year (April 1, 2024 to March 31, 2025), the bridge business is expected to remain firm,
supported by an abundant backlog of orders. In the engineered structure system business, we anticipate anincrease in sales due to the recovery of orders. However, we expect a decrease in profits due to the increase in
fixed costs and the completion of the effect of price increases. As for earnings for the full-year, we forecast net
sales of 170 billion yen, operating profit of 15.5 billion yen, ordinary profit of 15.4 billion yen, and net profit
attributable to owners of the parent company of 11.7 billion yen. Regarding the 6th medium-term management plan(fiscal years 2022 to 2024), which will be the final year, we are facing a challenging situation in achieving theperformance targets (sales of 187 billion yen, operating profit of 18.3 billion yen) due to the assumption ofsignificant growth in the engineering business based on the order backlog. However, we will continue to strive for
expanding orders and improving performance.
(2) Summary of Financial Position for the Current Period
1) Status of Assets, Liabilities and Net Assets
Total assets at the end of the current consolidated fiscal year increased 16.38 billion yen from the end of theprevious year to 210.84 billion yen. Current assets increased 12.9 billion yen to 146.25 billion yen, mainly due to anincrease in "notes receivable, accounts receivable from completed construction contracts and other.” Non-current
assets increased by 3.48 billion yen to 64.59 billion yen, mainly due to an increase in "investments and otherassets" resulting from rising stock prices, despite the sale of investment securities.

5Liabilities increased 6.01 billion yen from the end of the previous consolidated fiscal year to 82.82 billion yen.
This was mainly due to decreases in "notes payable, accounts payable for construction contracts, and other" and"short-term borrowings" and an increase in "long-term borrowings.”
Net assets increased 10.37 billion yen from the end of the previous consolidated fiscal year to 128.02 billion yen.
This was mainly due to the recording of "net profit attributable to owners of the parent company" and payment ofdividends. As a result, the equity ratio stood at 59.0%.
2) Status of Cash Flows
Cash and cash equivalents ("funds") at the end of the current consolidated fiscal year decreased by 150 million
yen from the end of the previous year to 24.98 billion yen.
The status of each cash flow and relevant factors during the current consolidated fiscal year are as follows.
(Cash flow from operating activities)
As a result of operating activities, funds used amounted to 1.63 billion yen (4.35 billion yen in the previous
consolidated fiscal year). This was mainly due to an increase in trade receivables: “notes receivable, accounts
receivable from completed construction contracts and other" resulting from an increase in net sales.
(Cash flow from investing activities)
As a result of investing activities, funds used amounted to 970 million yen (1.84 billion yen in the previous
consolidated fiscal year). This was mainly due to the purchase of property, plant, and equipment and intangible
assets.
(Cash flow from financing activities)
Net cash provided by financing activities amounted to 2.51 billion yen (7.85 billion yen in the previous
consolidated fiscal year). This was mainly due to proceeds from long-term borrowings.

Trends in the Group's cash flow indicators are shown below.
Fiscal period
Equity ratio
Market value-based
equity ratio
Ratio of interestbearing debt to cash
flow
Interest coverage ratio

FY2019FY2020

FY2021

FY2022

FY2023

58.6%

59.6%

62.5%

58.8%

59.0%

53.4%

49.8%

46.5%

45.5%

56.9%

1.3 years

85.0 years

0.6 years- years- years

138.1 times

1.9 times

236.7 times- times- times

Equity ratio: equity/total assets
Market value-based equity ratio: market capitalization/ total assets
Ratio of interest-bearing debt to cash flow: interest-bearing debt/cash flow from operating activities
Interest coverage ratio: cash flow from operating activities/interest payments
1. All calculations are based on consolidated financial figures.
2. Market capitalization is calculated by multiplying the closing stock price at the end of the fiscal year by
the total number of shares outstanding at the end of the fiscal year (after deducting treasury stock).
3. The figures for cash flow from operating activities are from the consolidated statement of cash flow.
Interest-bearing debt covers all liabilities on the consolidated balance sheet for which interest is paid. Forinterest payments, the amount of interest expenses paid in the consolidated statement of cash flows is
used.
4. The “ratio of interest-bearing debt to cash flow” and “interest coverage ratio” for FY 2022 and FY 2023 arenot shown because cash flow from operating activities was negative.

6

(3) Basic Policy for Profit Distribution and Dividends for the Current and Next Fiscal Years
The Company recognizes that the distribution of profits to shareholders is one of its most important measures,and its basic policy is to continue to pay progressive dividends comprehensively taking into consideration businessperformance and the capital needs associated with future business development. In the 6th Medium-Term
Management plan (FY2022-FY2024), the Company aims to maintain a dividend payout ratio of 30% or more and atrend of increasing dividends. For the next fiscal year, we plan to pay interim and year-end dividends of 55 yen per
share each, and to increase the annual dividend from 95 yen to 110 yen per share.

7

2. Status of the Corporate GroupThe Company Group consists of 10 companies, which are the Company, six consolidated subsidiaries, one equity
method affiliate, and two non-consolidated subsidiaries not covered by the equity method. The Company’s basic role
as a holding company is to organically and efficiently oversee the Group companies, clarify the management autonomyof operating companies in their areas of responsibility, and coordinate among them to enhance management
coordination. The Group companies are primarily engaged in the design, manufacture, and on-site construction ofbridges and other steel structures, as well as related businesses.
The Company falls under the category of Specified Listed Company, etc. as stipulated in Article 49, Paragraph 2 of
the Cabinet Office Ordinance on Restrictions on Securities Transactions, etc. Therefore, the Company uses
consolidated figures for the judgment of minor criteria concerning material facts under insider trading regulations.
Following is a description of the Group's business and the positioning of the Company and its affiliates in relation to
said business.
Classification of the following four businesses is the same as the segment classifications listed in "4. Consolidated
financial statements and major notes: Notes regarding consolidated financial statements.”<Bridge Business>
Yokogawa Bridge Corp. is primarily engaged in the design, manufacture, and on-site construction of new
bridges and the maintenance and repair of existing bridges. Yokogawa NS Engineering Corp. and Narasaki
Seisakusyo Co., Ltd. are primarily engaged in the design, manufacture, and on-site construction of new bridges.
<Engineering Business>
Yokogawa System Buildings Corp. is engaged in the design, manufacture, and on-site construction ofengineered structures (yess buildings), the design, manufacture, and on-site construction of moveable building
systems (YMA), and on-site installation of solar power generation systems. Yokogawa NS Engineering Corp. is
engaged in the design and manufacture of tunnel segments and other underground structures, as well as thedesign and manufacture of offshore and port structures. Yokogawa Bridge Corp. is engaged in the constructionof steel framework and forge work for high-rise buildings, etc. and the manufacture and construction of
concrete products. Narasaki Seisakusyo Corp. is engaged in the water treatment business for construction
sludge, heavy metals, fishery-related wastewater, and industrial waste-related wastewater, etc., as part of its
environmental business.
<Precision Equipment Business>
Yokogawa Bridge Corp. is engaged in the production of high-precision frames for equipment used in the
production of LCD panels, OLED panels, and semiconductors as a precision equipment manufacturingbusiness, making full use of CAD/CAM technology, design technology, and analysis technology accumulated
over many years in the bridge business. Yokogawa Techno-Information Service Inc. is engaged in the softwaredevelopment and other information processing business for a wide range of fields.
<Real Estate Business>
The Company earns real estate income by leasing some real estate owned as logistics warehouses, etc. We
outsource the real estate properly management to Yokogawa New Life Corp. Yokogawa New Life Corp. isqualified to provide temporary staffing services and dispatches personnel inside and outside the Group.
Due to an absorption-type merger with the Company as the surviving company and Yokogawa New Life
Corp. as the absorbed company that took effect on April 1, 2024, real estate property management will betaken over by the Company.
The above matters are shown in the business chart on the next page.

8

[ Group Companies ]Leasing some real estate

Yokogawa Bridge Holdings Corp.
［Real Estate Business］

Businessmanagement
Design, manufacture, and on-site
construction of new bridges
Maintenance and repair of existingbridges
Precision equipment manufacturingbusiness
Construction of steel frameworks andforge work for high-rise buildings

Design, manufacture, and on-site
construction of system structures

Yokogawa Bridge Corp.
［Bridge Business］［Enginnering Business］［Precision Equipment Business］

Yokogawa System Buildings Corp.
［Enginnering Business］

Customer

Design, manufacture, and on-site
construction of new bridges
Design and manufacture of tunnel
segments
Design and manufacture of offshore andport structures

Design, manufacture, and on-site
construction of new bridges
Water treatment business

Software development
Information processing services

Yokogawa NS Engineering Corp.
［Bridge Business］［Enginnering Business］

Narasaki Seisakusyo Co.,Ltd［Bridge Business］［Enginnering Business］

Yokogawa Techno-Information
Service Inc.
［Precision equipment manufacturing business］

Real estate property management
Temporary staffing services

Consulting on inspection, maintenance, andrepair of existing bridges

Softwaredevelopment
Information
processing services

Real estate property
management
Temporary staffing services

Yokogawa New Life Corp.
［Real Estate Business］

YCE Corp.
［Bridge Business］

Consolidated subsidiaries
Equity method companies(Note) On April 1, 2024, an absorption-type merger was implemented with Yokogawa Bridge Holdings Corp.
as the surviving company and Yokogawa New Life Corp. as the absorbed company.

93. Basic Policy on Selection of Accounting Standards
The Group’s policy for the time being is to prepare its consolidated financial statements in accordance withJapanese GAAP, while considering the comparability of the consolidated financial statements from period toperiod and comparability between companies.
We intend to adopt International Financial Reporting Standard (IFRS) in an appropriate manner, taking into
consideration various domestic and overseas circumstances.

104. Consolidated Financial Statements and Principal Notes

11

12

13

14

15

16

17

18

Notes to Consolidated Financial Statements(Notes on going concern assumptions)Not applicable.
(Segment information, etc.)
1. Overview of reportable segments
The Group's reportable segments are the business units for which the Company is able to obtain respective financial
information separately in order for the Board of Directors to conduct periodic reviews to determine the allocation ofmanagement resources and evaluate business performance.
The Group is mainly engaged in the design, fabrication, and on-site construction of steel structures, which areclassified by products and services into the "Bridge Business," "Engineering Business," and "Precision Equipment
Business.” In addition, for the purpose of the Group's overall management, the Company's Board of Directors reviews
and confirms the formulation of medium-term management plans, annual profit-and-loss budgeting, and the analysis
of aggregated monthly profits and losses for the four businesses, including the Real Estate Business, which consistsof the leasing of real estate owned by the Group and temporary staffing services.
Therefore, the Group consists of segments by products and services, and the aforementioned four segments,
including the "Bridge Business," are considered reportable segments.
The respective products and services are as follows:
Bridge Business
Design, manufacture, and on-site construction of new bridges
Maintenance, repair and preservation of existing bridges
Design, manufacture, and on-site construction of steel structures, PC structures, and composite structures,
as businesses peripheral to the bridge businessEngineering Business
Design, manufacture, and on-site construction of engineered structures (product name: yess buildings)
Design and manufacture of tunnel segments and other underground structures
Design and manufacture of offshore and port structures
Design, manufacture, and on-site construction of moveable building systems (product name: YMA)
On-site construction of steel framework for high-rise buildings
Design, manufacture, and on-site construction of PC structures
On-site installation of solar power generation systems
Design, manufacture, and on-site installation of water treatment systems
Design, manufacture, and on-site construction of steel plate impervious systems
Precision Equipment Business
Structural analysis, design, can manufacturing, and precision machining of high-precision frames for LCD
panel manufacturing equipment, etc.
Other structural analysis, information processing and the development and sales of software
Real Estate Business
Real estate leasing and temporary staffing services19

2. Information on net sales and profit by reportable segment
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)(Unit: million yen)Amountrecorded ontheAdjustment
consolidated(Notes) 1.
financialstatement(Notes) 2.

Reportable segment
Precision
Engineering
Equipment
Business
Business

BridgeBusiness

Real EstateBusiness

Total

Net sales
Sales to external

87,01872,933

4,388

628

164,968-

164,968

-

-

-

-

-

-

-

Total

87,01872,933

4,388

628

164,968-

164,968

Segment profit

8,954

6,785

633

368

16,741(1,523)

15,218customers
Intersegment sales
or transfers(Notes) 1. Adjustment of segments profit(-1,523 million yen) are corporate expenses, etc., which mainly consist of

expenses related to the Company's administrative divisions, such as the General Affairs, Human
Resources, and Accounting Departments.
2. Segment profit is adjusted on operating profit on the consolidated statement of income.
Current consolidated fiscal year (from April 1, 2023 to March 31, 2024)(Unit: million yen)Amountrecorded ontheAdjustment
consolidated(Notes) 1.
financialstatement(Notes) 2.

Reportable segment
Precision
Engineering
Equipment
Business
Business

BridgeBusiness

Real EstateBusiness

Total

Net sales
Sales to external

97,411

63,1322,941

591

164,076-

164,076

-

-

-

-

-

-

-

Total

97,411

63,1322,941

591

164,076-

164,076

Segment profit

8,816

8,398

109

384

17,710(1,763)

15,946customers
Intersegment sales
or transfers(Notes) 1. Adjustment of segments profit (-1,763 million yen) are corporate expenses, etc., which mainly consist of
expenses related to the Company's administrative divisions, such as the General Affairs, Human
Resources, and Accounting Departments.
2. Segment profit is adjusted on operating profit on the consolidated statement of income.

20

(Per share information)
Previous consolidated fiscal year
(From April 1, 2022
to March 31, 2023)
Net assets per share
Basic earnings per share

Current consolidated fiscal year
(From April 1, 2023
to March 31, 2024)

2,794.45 yen

3,056.65 yen

273.36 yen

291.16 yen(Notes) 1. Diluted basic earnings per share is not indicated because no dilutive shares existed.
2. The Company's shares held as trust assets of the "Employee Shareholding Association Exclusive Trust" areincluded in treasury stock deducted in the calculation of the average number of shares outstanding during theperiod, for the purpose of calculating "basic earnings per share" (35 thousand shares in the previous
consolidated fiscal year; - thousand shares in the current consolidated fiscal year).
3. The Company's shares held as trust assets of the "Stock Granting Trust for Officers" are included in treasury
stock deducted from the number of shares issued and outstanding as of the end of the period, for the purposeof calculating "net assets per share" (241 thousand shares in the previous consolidated fiscal year; 241
thousand shares in the current consolidated fiscal year).
In addition, for the purpose of calculating “basic earnings per share”, these shares are included in treasury
stock deducted in the calculation of the average number of shares outstanding during the period (135 thousand
shares in the previous consolidated fiscal year; 241 thousand shares in the current consolidated fiscal year).
4. Basis for calculation of basic earnings per share is as follows.
Previous consolidated fiscal year
(From April 1, 2022
to March 31, 2023)

Current consolidated fiscal year
(From April 1, 2023
to March 31, 2024)

Profit attributable to owners of the parent
company

11,243

11,854--

11,243

11,854

41,13040,715(Million yen)Amount not attributable to common shareholders(Million yen)
Profit attributable to owners of the parent
company related to common stock (Million yen)
Average number of shares outstanding during
the period (thousands of shares)(Omission of disclosure)
Disclosure of notes other than the above has been omitted because the necessity in the summary of financial
results is not considered high.

21

(Significant subsequent events)
At a meeting of the Board of Directors held on April 22, 2024, the Company resolved to acquire additional sharesof Yokogawa NS Engineering Corp., a consolidated subsidiary, to make it a wholly owned subsidiary, and executeda share transfer agreement.
1. Outline of the transaction(1) Name of the acquiree and business overview
Name of the acquiree: Yokogawa NS Engineering Corp.
Business overview: design, manufacture, construction, maintenance, and construction supervision of steel
structures(2) Date of business combination
May 10, 2024 (Share acquisition date)(3) Legal form of the business combination
Acquisition of shares from non-controlling interests(4) Name of the combined entity following the transaction
No change.
(5) Other matters related to transaction overview
The additional shares acquired represent 40% of the voting rights, and Yokogawa NS Engineering Corp.
became a wholly owned subsidiary of the Company as a result of this transaction.
2. Overview of the implemented accounting processes
In accordance with the "Accounting Standard for Business Combinations" (ASBJ Statement No. 21,
January 16, 2019) and the “Implementation Guidance on Accounting Standard for Business Combinations
and Accounting Standard for Business Divestitures” (ASBJ Guidance No. 10, January 16, 2019), thetransaction was accounted for as a transaction with non-controlling interests among transactions undercommon control, etc.
3. Matters listed in the event of additional acquisition of subsidiary shares
Acquisition cost of the acquired company and breakdown by type of consideration
Consideration for acquisition

Cash anddeposits

Acquisition cost

2,877 million yen
2,877 million yen

4. Matters related to changes in ownership interest of the Company due to transactions with non-controllinginterests(1) Main reasons for changes in capital surplus
Additional acquisition of shares of a subsidiary(2) Amount of capital surplus increased by transactions with non-controlling interests
249 million yen

22

4. Other Information(1) Changes of Officers
Changes of officers were announced in the “Notice of Changes of Officers” on February 13, 2024.
(2)Net sales, Order received and Backlog of orders (Consolidated)

Net sales

Orders received

Backlog of orders(million yen)

FY2022

FY2023(Apr 1,2022 – Mar31, 2023)(Apr 1,2023 – Mar31, 2024)

ChangeBridge87,01897,411

10,393Engineering

72,933

63,132

Precision Equipment

4,388

2,941

(9,801)

Real Estate

628

591

Total

164,968

164,076

Bridge81,89586,245

4,349

Engineering

71,382

56,621

Precision Equipment

3,718

2,843

(14,761)

Total

156,996

145,709

Bridge152,607

141,440

Engineering

61,73455,223

Precision Equipment

1,200

1,102

Total

215,542

197,766(Note) Net sales exclude internal intersegment sales or transfers.

23(1,446)

(36)

(892)

(875)

(11,287)(11,166)(6,510)(97)(17,775)