Disclaimer: This document is an English translation of the original document in Japanese and has been
prepared solely for reference purposes. In the event of any discrepancy between this English
translation and the original in Japanese, the original shall prevail in all respects.

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
[Japanese GAAP]May 15, 2024
Company name: Tobishima Corporation
Stock exchange listing: Tokyo Stock Exchange
Code number: 1805
URL: https://www.tobishima.co.jp/
Representative: Masahiro Norikyo, President and Representative Director
Contact: Hisashi Takanashi, General Manager, Accounting Dept.
Phone: +81-3-6455-8306
Scheduled date of annual general meeting of shareholders: June 27, 2024
Scheduled date of commencing dividend payments: June 28, 2024
Scheduled date of filing annual securities report: June 28, 2024
Availability of supplementary explanatory materials on annual financial results: Available
Schedule of annual financial results briefing session: Not scheduled(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 - 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
Fiscal year ended
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
March 31, 2024
132,049
4.8
5,252 26.7
4,775 29.9
3,403 12.0
March 31, 2023
125,941
7.0
4,146 (9.4)
3,677 (12.7)
3,038
(5.6)
(Note) Comprehensive income: Fiscal year ended March 31, 2024: ¥4,215 million [49.8%]
Fiscal year ended March 31, 2023: ¥2,814 million [(13.2)%]
DilutedRatio ofRatio of
Basic earnings
Return on
earnings
ordinary profit operating profit
per share
equityper share
to total assets
to net sales
Fiscal year ended
%
%
%
Yen
Yen
7.2
3.4
4.0
March 31, 2024
177.86
–
6.8
3.0
3.3
March 31, 2023
158.81–(Reference) Share of profit (loss) of entities accounted for using equity method:
Fiscal year ended March 31, 2024: ¥(120) million
Fiscal year ended March 31, 2023: ¥(96) million(2) Consolidated Financial Position
Total assets
Millions of yen

Net assets
Millions of yen

As of March 31, 2024
150,869
As of March 31, 2023
128,055(Reference) Equity: As of March 31, 2024: ¥48,787million
As of March 31, 2023: ¥45,719 million

48,80345,730Net assets per
share

Equity ratio
%

Yen

32.3
35.7

2,549.14
2,389.71

(3) Consolidated Cash Flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at endof period

Millions of yen

Millions of yen

Millions of yen

Millions of yen(9,992)
6,332(1,441)(508)

14,912
1,446

23,67320,088

Fiscal year ended
March 31, 2024
March 31, 2023
2. Dividends

Annual dividends
1st quarter- 2nd quarter- 3rd quarterend
end
end
Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecast)Year-end

Total cash
dividends(Total)Total

Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–

–

–

60.00

60.00

1,153

37.8

2.6

–

–

–

70.00

70.00

1,345

39.4

2.8

–

–

–

70.00

70.00

43.2

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 March 31, 2025)(% indicates changes from the previous corresponding period.)
Profit attributable Basic earnings
Net sales
Operating profit
Ordinary profit
to owners of parent
per share
Full year

Millions of yen%

Millions of yen

135,000

2.2

5,500

% Millions of yen

4.7

4,900

%

Millions of yen

%

Yen

2.6

3,100

(8.9)

161.97* Notes:(1) Changes in significant subsidiaries during the period under review: None
(Changes in specified subsidiaries resulting in changes in scope of consolidation)
Newly included: – (), Excluded: – ()(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(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:
19,310,436 shares
March 31, 2023:
19,310,436 shares2) Total number of treasury shares at the end of the period:
March 31, 2024:
171,520 shares
March 31, 2023:
178,470 shares
3) Average number of shares during the period:
Fiscal year ended March 31, 2024:
19,136,861 sharesFiscal year ended March 31, 2023:
19,131,538 shares
Note: The number of treasury shares at the end of the period and the number of treasury shares deducted in thecalculation of the average number of shares during the period include the Company’s shares held by the
Board Benefit Trust (BBT).

Reference: Summary of Non-consolidated Financial Results(Amounts of less than one million yen are rounded down.)
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 - March 31,2024)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Operating profit
Ordinary profit
ProfitFiscal year ended
Millions of yen% Millions of yen%
Millions of yen% Millions of yen%
March 31, 2024
115,780 2.2
4,237 28.6
3,989 30.4
2,982 10.8
March 31, 2023
113,248 7.1
3,295 (13.9)
3,059 (13.7)
2,691 (1.3)

Fiscal year ended
March 31, 2024
March 31, 2023

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

155.87140.69––(2) Non-consolidated Financial Position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen%

Yen

133,161
45,538
As of March 31, 2024
As of March 31, 2023
114,526
43,383(Reference) Equity: As of March 31, 2024: ¥45,538 million
As of March 31, 2023: ¥43,383 million

34.2
37.9

2,379.36
2,267.57

Millions of yen

2. Non-consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 March 31, 2025)(% indicates changes from the previous corresponding period.)
Basic earnings
Net sales
Operating profit
Ordinary profit
Profitper share
Millions of yen

Full year

116,000% Millions of yen

0.2% Millions of yen

4,200 (0.9)

3,900% Millions of yen

(2.2)

%

Yen

2,500 (16.2)

130.62* These consolidated financial results are outside the scope of audit by certified public accountants or an audit
firm.
* Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currently available
to the Company as of the date of publication of this document. Actual results may differ from these forecasts due
to a wide range of factors.

Table of Contents―Attachments
1. Overview of Operating Results, etc. ............................................................................................................... 2(1) Overview of Operating Results for the Fiscal Year under Review ............................................................. 2(2) Overview of Financial Position for the Fiscal Year under Review............................................................. 2(3) Overview of Cash Flows for the Fiscal Year under Review ....................................................................... 2(4) Future Outlook ........................................................................................................................................... 3
2. Basic Policy on Selection of Accounting Standards ....................................................................................... 3
3. Consolidated Financial Statements and Principal Notes ................................................................................ 4(1) Consolidated Balance Sheets...................................................................................................................... 4(2) Consolidated Statements of Income and Comprehensive Income ............................................................. 6(3) Consolidated Statements of Changes in Equity.......................................................................................... 8(4) Consolidated Statements of Cash Flows .................................................................................................. 10(5) Notes to Consolidated Financial Statements ............................................................................................ 12(Notes on going concern assumption) ................................................................................................. 12(Additional information) ..................................................................................................................... 12(Notes to consolidated balance sheets) ............................................................................................... 12(Notes to consolidated statements of income) .................................................................................... 14(Segment information, etc.) ................................................................................................................ 16(Per share information) ....................................................................................................................... 19(Significant subsequent events) .......................................................................................................... 20
4. Non-consolidated Financial Statements........................................................................................................ 21(1) Non-consolidated Balance Sheets ............................................................................................................ 21(2) Non-consolidated Statements of Income .................................................................................................. 24(3) Non-consolidated Statements of Changes in Equity ................................................................................ 26
5. Orders, Sales and Balance Brought Forward (Non-consolidated) ................................................................ 28(1) Orders Received, Net Sales, and Balance Brought Forward .................................................................... 28(2) Orders Received, Completed Construction, and Work Carried Over ....................................................... 31(3) Orders Forecast ........................................................................................................................................ 31
6. Changes in Directors..................................................................................................................................... 32

1

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year under Review
During the fiscal year ended March 31, 2024, the Japanese economy saw positive signs with further
normalization of socioeconomic activities following the end of the prolonged impact of the COVID-19
pandemic, along with factors such as the Nikkei Stock Average surpassing its pre-Heisei (late 1980s) bubble
peak; however, the economic recovery appeared to have stalled due to global circumstances including theprolonged situation in Ukraine and the Middle East and concerns over the Chinese economic outlook, as wellas other factors such as a further depreciation of the yen.
The domestic construction market remained relatively firm as construction investment showed an upward
trend compared to the previous year, despite continued increases in labor, materials and equipment prices.
Under these circumstances, for the fiscal year ended March 31, 2024, net sales were ¥132.0 billion (up 4.8%
year on year), operating profit was ¥5.2 billion (up 26.7% year on year), ordinary profit was ¥4.7 billion (up29.9% year on year), and profit attributable to owners of parent was ¥3.4 billion (up 12.0% year on year).
By reportable segment, in the Civil Engineering Business, owing mainly to steady progress made on
construction projects, net sales of completed construction contracts were ¥68.0 billion (up 3.7% year on year),and segment income was ¥5.4 billion (up 10.5% year on year). In the Building Construction Business, owing
mainly to steady progress made on construction projects, net sales of completed construction contracts were¥53.1 billion (up 2.6 % year on year), and segment income was ¥2.6 billion (up 87.6 % year on year). In theDevelopment Business, etc., net sales were ¥10.8 billion (up 27.3% year on year), and segment income was¥0.6 billion (up 31.7% year on year).
In addition, the Company’s non-consolidated business performance was as follows.
In terms of orders received, the Civil Engineering Business amounted to ¥54.7 billion (down 3.3% year onyear), and the Building Construction Business stood at ¥55.4 billion (up 18.5 % year on year). In addition tothis was ¥1.2 billion in the Development Business, etc., for total orders received of ¥111.3 billion.
Net sales of completed construction contracts amounted to ¥114.5 billion (up 2.1% year on year). In
addition to this was net sales in development business and other of ¥1.2 billion, for total net sales of ¥115.7
billion.
(2) Overview of Financial Position for the Fiscal Year under Review
In the consolidated balance sheets for the current fiscal year, assets increased by ¥22.8 billion from the end of
the previous fiscal year, mainly due to increases in cash and deposits, notes receivable, accounts receivablefrom completed construction contracts and other, other under current assets, and retirement benefit asset.
Liabilities increased by ¥19.7 billion, mainly due to increases in notes payable, accounts payable forconstruction contracts and other, deposits received, and borrowings, as well as a decline in other under current
liabilities. Net assets increased by ¥3.0 billion, mainly due to the posting of profit attributable to owners ofparent. Accordingly, total assets amounted to ¥150.8 billion.
Equity ratio was 32.3%, down 3.4 percentage points from the end of the previous fiscal year.
(3) Overview of Cash Flows for the Fiscal Year under Review
Net cash used by operating activities was ¥9.9 billion (net cash of ¥6.3 billion provided in the previous fiscal
year) mainly due to the posting of profit before income taxes, an increase in trade receivables, an increase in
consumption taxes refund receivable, an increase in trade payables, and an increase in deposits received, as
well as a decrease in real estate for sale and a decrease in accrued consumption taxes. Net cash used ininvesting activities was ¥1.4 billion (net cash of ¥0.5 billion used in the previous fiscal year) mainly due topurchase of property, plant and equipment. Net cash provided by financing activities amounted to ¥14.9 billion(net cash of ¥1.4 billion provided in the previous fiscal year) mainly due to net increase in short-termborrowings, proceeds from long-term borrowings, repayments of long-term borrowings, and dividends paid.
As a result, cash and cash equivalents at the end of the fiscal year under review increased by ¥3.5 billion to¥23.6 billion (up 17.8% year on year).

2(4) Future Outlook
In the outlook for the Japanese economy, concerns have arisen about the impact on the economy from factors
such as the unstable international situation caused by geopolitical risk and persistently high energy costs. With
regard to the domestic construction market, we anticipate continued strength supported by the promotion of
measures for national resilience on the back of responses to earthquakes and other natural disasters. However,
it is necessary to monitor the impact on companies’ willingness to invest from factors such as the rise inconstruction costs and the end of negative interest rates. In addition, addressing challenges related to theshortage of skilled workers and regulations on overtime work limits is required.
Under these conditions, we have newly formulated the Medium- to Long-Term Management Vision consistingof “Brand Narrative,” “Core Values,” and “Goals” in order to achieve sustainable growth and enhance corporate
value of the Group. With the vision as our flagship, we aim to evolve from our previous identity as a“Construction company that builds and maintains infrastructure with construction technology” to a“Construction company that creates and nurtures the construction industry through innovation.”

In light of the above, in the next fiscal year we project operating results of net sales of ¥135.0 billion, operating
profit of ¥5.5 billion, ordinary profit of ¥4.9 billion, and profit attributable to owners of parent of ¥3.1 billion.

2. Basic Policy on Selection of Accounting Standards
The Group’s policy is to prepare its consolidated financial statements in accordance with Japanese GAAP, forthe time being, taking into consideration the comparability of the consolidated financial statements from period
to period and the comparability among companies.
With regard to the adoption of International Financial Reporting Standards (IFRS), the Company willappropriately consider its policy in light of various conditions in Japan and overseas.

33. Consolidated Financial Statements and Principal Notes(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and other
Real estate for sale
Costs on construction contracts in progress
Costs on development business and other inprogress
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, vehicles, tools, furniture and fixtures
Land
Leased assets
Construction in progress
Accumulated depreciation
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of March 31, 2024

20,32360,240

*1

*2
*3

2,321
2,297

5,980
100,615

18,436
3,863
7,834
136
104
(12,237)
18,138
949
4,442
2,179
*7 1,931
(200)
8,352
27,440128,055

4

76,324

*1

*2

9,452

*4

*6

24,074

*3

615
1,589
8,805

9,827
121,237*4

19,293
3,843
7,621
138
181
(12,785)
18,294
1,465

*5

4,762
3,382
*7 1,927
(200)
9,871
29,631150,869*6

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
Short-term borrowings
Advances received on construction contracts inprogress
Deposits received
Provision for warranties for completed construction
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for share awards for directors (and otherofficers)
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets*8

27,176*8

28,592*911,270*918,359

8,797

8,476

21,427518*10 598
4,407
74,19525,097208*10 191
2,911
83,838*11

5

As of March 31, 2024

7,373

*11

16,487

60

67

7

194

50
637
8,129
82,32557
1,420
18,228102,066

5,519
6,236
33,698(575)
44,8785,519
6,235
35,948(567)
47,135

644
20
176
841
10
45,730128,055

976
28
646
1,651
15
48,803150,869

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Millions of yen)
For the fiscal year
ended March 31, 2023
Net sales
Net sales of completed construction contracts
Net sales in development business and otherTotal net sales
Cost of sales
Cost of sales of completed construction contracts
Cost of sales in development business and otherTotal cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit on development business and otherTotal gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodCommission for syndicated loans
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Other
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Loss on valuation of investment securities
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the fiscal year
ended March 31, 2024

117,436
8,505*1 125,941*2

105,358
6,979
112,337*2

108,003
9,006
117,010

12,077
1,526
13,604*3 9,457
4,146

13,214
1,824
15,039*3 9,786
5,252

1
26
115
66
210

2
38
122
41
204

228

288

96

120

163
191
679
3,677

156
116
681
4,775

*4

*5
*6

128
0
129
53
75

－
6
135
3,671
607
24
632
3,038
0
3,038

6

121,218
10,830*1 132,049

*4

215
10
226

－
20
16
0
37
4,964
1,128
430
1,559
3,404
0
3,403
*6

Consolidated Statements of Comprehensive Income(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

For the fiscal year
ended March 31, 2023
3,038

For the fiscal year
ended March 31, 2024
3,404

13
14
(251)
(223)
2,814

332
9
469
811
4,215

2,813

4,214

1

1

7

(3) Consolidated Statements of Changes in Equity
For the fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentDisposal of treasury shares
Purchase of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentDisposal of treasury shares
Purchase of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Share capital

Capital surplus

5,519

6,237

Retainedearnings
31,621

(580)

(961)

(961)

3,038

3,038

(0)

(0)
6,236

－
5,519

Total
shareholders’equity42,797

Treasury shares

2,076
33,698

Accumulated other comprehensive income
Total
Valuation
Foreign
Remeasurements accumulateddifference on
currencyof defined benefit
otheravailable-fortranslationplanscomprehensive
sale securities adjustment
income
630
7
428
1,066

8
(3)

7
(3)

4
(575)

2,080
44,878

Noncontrollinginterests

Total net
assets8

43,872
(961)
3,038
7
(3)

13

12

(251)

(225)

1

(223)

13
644

12
20

(251)
176

(225)
841

1
10

1,857
45,7308For the fiscal year ended March 31, 2024
(Millions of yen)
Shareholders’ equity

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentDisposal of treasury shares
Purchase of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentDisposal of treasury shares
Purchase of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Share capital

Capital surplus

5,519

6,236

Retainedearnings
33,698(575)(1,153)(1,153)

3,403

3,403

(1)

(1)
6,235

－
5,519

Total
shareholders’equity44,878Treasury shares

2,249
35,948

Accumulated other comprehensive income
Total
Valuation
Foreign
Remeasurements accumulateddifference on
currencyof defined benefit
otheravailable-fortranslationplanscomprehensive
sale securities adjustment
income
644
20
176
841

11
(3)

10
(3)

8
(567)

2,257
47,135

Noncontrollinginterests

Total net
assets1045,730(1,153)
3,403
10
(3)

332

8

469

810

5

815

332
976

8
28

469
646

810
1,651

5
15

3,072
48,8039

(4) Consolidated Statements of Cash Flows(Millions of yen)
For the fiscal year
ended March 31, 2024

For the fiscal year
ended March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for warranties forcompleted construction
Increase (decrease) in provision for loss on construction
contracts
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Compensation for pneumoconiosis damages
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on investments in investment partnerships
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of property, plant and equipment
Decrease (increase) in trade receivables
Decrease (increase) in real estate for sale
Decrease (increase) in costs on construction contracts inprogress
Decrease (increase) in costs on development businessand other in progress
Decrease (increase) in consumption taxes refund
receivable
Decrease (increase) in accounts receivable - other
Decrease (increase) in other assets
Increase (decrease) in trade payables
Increase (decrease) in advances received on construction
contracts in progress
Increase (decrease) in advances received on development
business and other in progress
Increase (decrease) in deposits received
Increase (decrease) in accrued consumption taxes
Increase (decrease) in other liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Compensation for pneumoconiosis damages paid
Income taxes paid
Net cash provided by (used in) operating activities

10

3,671
941
127
(6)

4,964
992
95
－

101

(309)

432

(407)

7
(599)
(28)
228
(54)
－
(0)
－
(16)

7
(525)
(41)
288
(97)
2
(0)
16
0

96

120

(34)
(3,106)(1,706)(214)(15,914)
1,705

(119)

767

(2,745)646

938(3,525)

351
32
884

(257)
65
1,261

3,370

(320)

12

(281)

2,350
1,955
(63)
64
7,084
29
(236)
－
(544)
6,332

3,669
(1,857)139
31(8,979)
44
(283)
(35)
(738)
(9,992)

(Millions of yen)
For the fiscal year
ended March 31, 2024

For the fiscal year
ended March 31, 2023
Cash flows from investing activities
Proceeds from redemption of securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from distributions from investment partnerships
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Proceeds from purchase of shares of subsidiaries
resulting in change in scope of consolidation
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

11

33
(538)
635
(158)
(538)
9
117

－
(1,173)
476
(713)
(5)
28
15

－

(79)

－

6

(1)
6
(75)
(508)

(11)
8
5
(1,441)－
6,444(3,996)
(961)
(40)
1,446

15,85012,721(12,483)(1,153)(21)
14,912

68

106

7,339
12,74920,0883,584
20,08823,673

(5) Notes to Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Additional information)(Summary of performance-linked share-based remuneration plan for directors)
1. Transaction summary
The Company introduced a performance-linked share-based remuneration plan, or BBT (“Board Benefit
Trust”), for directors (excluding outside directors) from fiscal 2019. The plan further clarifies the link between
remuneration of directors, the Company’s performance and prices of the Company’s shares for the purpose ofheightening awareness about the improvement in medium to long-term business performance and contribution
to increased corporate value from such performance by sharing not only the benefits of rising stock prices
between directors and the shareholders but also the risk of falling stock prices.
The Plan is a performance-linked share-based remuneration plan in which the trust will acquire theCompany’s shares using money contributed by the Company as the source of funds and directors are provided
with the Company’s shares and cash equivalent to the market value of the Company’ shares through the Trustin accordance with the performance-linked share-based remuneration system established by the Company. As ageneral rule, directors shall be entitled to receive the Company’s shares at the time of retirement.
2. Shares of the Company remaining in the Trust
The Company’s shares remaining in the trust are included as treasury shares in net assets based on the bookvalue of the trust (excluding the amount of incidental expenses). The book value of the concerned treasury
shares is ¥108 million with the number of shares of 96 thousand for the previous fiscal year, and ¥98 million
with the number of shares of 87 thousand for the current fiscal year.
(Notes to consolidated balance sheets)
1 *1: In notes receivable, accounts receivable from completed construction contracts and other, the amounts ofreceivables and contract assets arising from contracts with customers are as follows:
Previous fiscal year
(As of March 31, 2023)
Notes receivable, electronically recordedmonetary claims
Accounts receivable from completed
construction contracts and other¥1,096 million

Contract assets

2

Current fiscal year
(As of March 31, 2024)¥496 million

18,69820,26239,78255,511*6: In this figure, the amounts pertaining to non-consolidated subsidiaries are as follows:
Previous fiscal year
(As of March 31, 2023)

Current fiscal year
(As of March 31, 2024)

Investment securities (stock)¥393 million¥273 million(Amount of investments
in jointly controlled entities)

(393)

(273)

12

3

Assets pledged as collateral(1) The assets pledged as collateral are as follows:
Previous fiscal year
(As of March 31, 2023)*3*5

Costs on development businessand other in progress
Buildings and structures
Total

Current fiscal year
(As of March 31, 2024)¥7,039 million¥7,846 million

－
7,039

455
8,302

The debts related to the above collateral are as follows:*9 Short-term borrowings*11 Long-term borrowings
Total

Previous fiscal year
(As of March 31, 2023)¥471 million
5,960
6,431

Current fiscal year
(As of March 31, 2024)¥1,656 million
5,329
6,986

(2) The Company has pledged the following assets as collateral for guarantee money for operations:*4*6Marketable securities
Investment securities
Investments and other assets*7 “Other” (Long-term guaranteemoney)
Total
4

Previous fiscal year
(As of March 31, 2023)¥3 million
77

Current fiscal year
(As of March 31, 2024)¥6 million
64

207

210

288

281

*2, *10: With respect to construction contracts that are expected to result in losses, both the costs on construction
contracts in progress and the provision for loss on construction contracts have been presented in full without being
offset. Costs on construction contracts in progress related to provisions for loss on construction contracts are as
follows:
Previous fiscal year
Current fiscal year
(As of March 31, 2023)(As of March 31, 2024)¥51 million¥42 million

5 *9, *11: Syndicated term loan agreements
Previous fiscal year (as of March 31, 2023):
The Company has signed syndicated term loan agreements with financial institutions (total amount: ¥10,000
million), with the following restrictive financial covenants attached:(a) The Company must maintain the amount of net assets in the consolidated balance sheet at the end of each fiscal
year’s closing date more than 75% of the amount of net assets on the consolidated balance sheet as of the end of
the fiscal year ended March 2020, and more than 75% of the amount of net assets in the consolidated balance
sheet as of the end of the previous fiscal year;(b) The Company must maintain the amount of net assets in the non-consolidated balance sheet at the end of eachfiscal year’s closing date more than 75% of the amount of net assets on the non-consolidated balance sheet as ofthe end of the fiscal year ended March 2020, and more than 75% of the amount of net assets in the nonconsolidated balance sheet as of the end of the previous fiscal year;(c) The Company must avoid reporting ordinary loss in the consolidated statement of income presented at the end ofeach fiscal year for two consecutive years;(d) The Company must avoid reporting ordinary loss in the non-consolidated statement of income presented at theend of each fiscal year for two consecutive years.

13Current fiscal year (as of March 31, 2024):
The Company has signed syndicated term loan agreements with financial institutions (total amount: ¥10,000
million), with the following restrictive financial covenants attached:(a) The Company must maintain the amount of net assets in the consolidated balance sheet at the end of each fiscal
year’s closing date more than 75% of the amount of net assets on the consolidated balance sheet as of the end of
the fiscal year ended March 2023, and more than 75% of the amount of net assets in the consolidated balance
sheet as of the end of the previous fiscal year;(b) The Company must maintain the amount of net assets in the non-consolidated balance sheet at the end of eachfiscal year’s closing date more than 75% of the amount of net assets on the non-consolidated balance sheet as ofthe end of the fiscal year ended March 2023, and more than 75% of the amount of net assets in the nonconsolidated balance sheet as of the end of the previous fiscal year;(c) The Company must avoid reporting ordinary loss in the consolidated statement of income presented at the end ofeach fiscal year for two consecutive years;(d) The Company must avoid reporting ordinary loss in the non-consolidated statement of income presented at theend of each fiscal year for two consecutive years.
6 The Company has entered into commitment line agreements to make flexible and stable procurement of working
capital. Contract maximum amounts and borrowing execution balances at the end of consolidated fiscal years
are as follows:
Contract maximum amount
Borrowing execution balance
Deducted amountPrevious fiscal year
(As of March 31, 2023)¥10,000 million–
10,000Current fiscal year
(As of March 31, 2024)¥10,000 million–
10,0007 *9: The Company has entered into syndicated revolving line of credit agreements with 10 correspondent banks
for the purpose of flexible and stable procurement of working capital. The following table shows the maximum
contract amount and the balance of executed loans at the end of the previous fiscal year and at the end of thecurrent fiscal year.
Contract maximum amount
Borrowing execution balance
Deducted amountPrevious fiscal year
(As of March 31, 2023)¥15,000 million－
15,000Current fiscal year
(As of March 31, 2024)¥15,000 million
15,000－8 For the accounting method for bills and notes that mature on the last day of the fiscal year, those bills and notes
are processed as settled on the clearing date or the settlement date. Since the last day of the current fiscal year
was a bank holiday, the following bills and notes have been included in the balance at the end of the current fiscal
year.
Previous fiscal year
(As of March 31, 2023)*1 Electronically recorded monetary claims- operating*8 Notes payable - trade*8 Electronically recorded obligations- operating

Current fiscal year
(As of March 31, 2024)¥－ million¥2 million

－

21

－

37

(Notes to consolidated statements of income)
1 *1: Revenue from contracts with customers
Revenues are not separately presented for revenues arising from contracts with customers and other revenues.
The amount of revenue arising from contracts with customers is presented in “Notes (Segment information, etc.)”
to the consolidated financial statements.
14

2 *2: Liabilities for loss on construction contracts included in “Cost of sales of completed construction contracts”
are as follows:
Previous fiscal year
(from April 1, 2022 to March 31, 2023)

Current fiscal year
(from April 1, 2023 to March 31, 2024)¥480 million¥131 million

3 *3: Major expense items and amounts are as follows:
Previous fiscal year
(from April 1, 2022
to March 31, 2023)
Provision for share-based
remuneration for directors (and otherofficers)
Employee salaries
Retirement benefit costs
Provision for retirement benefits for
directors (and other officers)
Research and development expenses

Current fiscal year
(from April 1, 2023
to March 31, 2024)¥22 million¥22 million

3,799
58

3,859
61

5

4

994

900

4 *3: R&D expenses included in “Selling, general and administrative expenses” are as follows:
Previous fiscal year
(from April 1, 2022 to March 31, 2023)

Current fiscal year
(from April 1, 2023 to March 31, 2024)¥994 million¥900 million

5 *4: The breakdown of gain on sale of non-current assets is as follows:
Previous fiscal year
Current fiscal year
(from April 1, 2022 to March 31, 2023) (from April 1, 2023 to March 31, 2024)
Land
OthersTotal
6¥73 million
55
128¥201 million
14215*5: The breakdown of loss on sale of non-current assets is as follows:
Previous fiscal year
Current fiscal year
(from April 1, 2022 to March 31, 2023) (from April 1, 2023 to March 31, 2024)
Buildings
Total¥53 million
53¥– million–

7 *6: The breakdown of loss on retirement of non-current assets is as follows:
Previous fiscal year
Current fiscal year
(from April 1, 2022 to March 31, 2023) (from April 1, 2023 to March 31, 2024)
Buildings
Structures
OthersTotal¥74 million
0
1
75

15

¥14 million3220

(Segment information, etc.)[Segment information]
1. Overview of reportable segments
The reportable segments of the Group are constituent units of the Group for which separate financial information
can be obtained and regularly examined by the Board of Directors to determine the allocation of management
resources and evaluate business performance.
The Group is engaged in operations consisting primarily of businesses related to construction work in generalcentered on civil engineering and architecture, and additional general businesses related to real estate owned by
the Group.
The Group is therefore composed of segments related to these businesses, and reports on the following
segments: Civil Engineering Business, Building Construction Business and Development Business, etc.
The Civil Engineering Business involves performing civil engineering work and other contingent businesses
and the Building Construction Business involves performing construction work and other contingent businesses.
The Development Business, etc. involves real estate development, housing sales, real estate leasing, and otherbusinesses that do not belong to either the Civil Engineering Business or the Building Construction Business.
2. Methods of measurement for the amounts of sales, income/loss, assets, and other items for each reportablesegment
The accounting policies of each reportable segment are generally the same as those used in the preparation of
the consolidated financial statements.
Income reported for the segments are figures based on operating profit.
Figures for intersegment sales and transactions are based on current market values.
3. Information relating to net sales, profit and loss, assets, and other items by reportable segment and information
on disaggregation of revenue
Previous fiscal year (April 1, 2022 to March 31, 2023)(Millions of yen)
Civil
Engineering
Business

Building
Development
Construction
Business, etc.
Business

Total

Adjusted
amount(Note 1)

Consolidated(Note 2)

Net sales
Public sector

46,175

12,16739

58,382－58,382

Private sector

19,44939,643

7,427

66,520－66,520

Revenue from contracts
with customers

65,62551,8107,467

124,903－

124,903

－

－

1,038

1,038

－

1,038

65,62551,8108,505

125,941－

125,941

33

242

234

510

(510)

－

Total

65,65852,053

8,740

126,452(510)

125,941

Segment income

4,945

1,429

502

6,878

(2,731)

4,146

Segment assets

70,10829,20928,324

127,642413

128,055

Depreciation

259

157

523

941

－

941

Increase in property,
plant and equipment andintangible assets

341

282

170

794

－

794

Other revenue
Sales to third parties
Intersegment sales andtransactions

Other items

Notes 1. Amounts have been adjusted as follows:16

(1) Adjusted amount of ¥(2,731) million under “Segment income” includes ¥(23) million in elimination ofintersegment transactions and ¥(2,707) million in total corporate operating expenses that are not allocatedto the reportable segments. Total corporate operating expenses are selling, general and administrative
expenses not attributable to the reportable segments.
(2) Adjusted amount of ¥413 million under “Segment assets” includes ¥982 million in total corporate assetsthat are not allocated to the reportable segments and ¥(569) million in inter-segment eliminations. Total
corporate assets primarily comprise assets related to surplus operational funds (deposits) and assets related
to the administrative departments of the Group.
2. Adjustments have been made between “Segment income” and “Operating profit” in the consolidated
statements of income.
Current fiscal year (April 1, 2023 to March 31, 2024)(Millions of yen)
Civil
Engineering
Business

Building
Development
Construction
Business,
etc.
Business

Total

Adjusted
amount(Note 1)

Consolidated(Note 2)

Net sales
Public sector

48,176

11,42735

59,639－59,639

Private sector

19,88541,728

9,788

71,401－

71,401

Revenue from contracts
with customers

68,06253,155

9,823

131,041－

131,041

－

－

1,007

1,007

－

1,007

Sales to third parties
Intersegment sales andtransactions

68,06253,155

10,830132,049－

132,049

8

－

242

251

(251)

－

Total

68,07053,155

11,073132,300(251)

132,049

Segment income

5,466

2,680

662

8,809

(3,557)

5,252

Segment assets

87,01736,35427,090150,461407

150,869

289

174

528

992

－

992

－

－

273

273

－

273

540

439

943

1,924

－

1,924

Other revenue

Other items
Depreciation
Investments in equitymethod affiliates
Increase in property,
plant and equipment andintangible assets

Notes 1. Amounts have been adjusted as follows:(1) Adjusted amount of ¥(3,557) million under “Segment income” includes ¥8 million in elimination ofintersegment transactions and ¥(3,565) million in total corporate operating expenses that are not allocatedto the reportable segments. Total corporate operating expenses are selling, general and administrative
expenses not attributable to the reportable segments.
(2) Adjusted amount of ¥407 million under “Segment assets” includes ¥498 million in total corporate assetsthat are not allocated to the reportable segments and ¥(91) million in inter-segment eliminations. Total
corporate assets primarily comprise assets related to surplus operational funds (deposits) and assets related
to the administrative departments of the Group.
2. Adjustments have been made between “Segment income” and “Operating profit” in the consolidated
statements of income.

17

[Related Information]
Previous fiscal year (from April 1, 2022 to March 31, 2023)
1. Information by product and service
Omitted since similar information is presented in Segment information.
2. Information by geographical representation(1) Net sales
Omitted since net sales in Japan account for more than 90% of net sales presented in the consolidated statements
of income.
(2) Property, plant and equipment
Omitted since the monetary value of property, plant and equipment located in Japan accounts for more than 90%of the monetary value of property, plant and equipment presented in the consolidated balance sheets.
3. Information by major client
Omitted since there are no external clients that account for 10% or more of net sales in the consolidated
statements of income.
Current fiscal year (from April 1, 2023 to March 31, 2024)
1. Information by product and service
Omitted since similar information is presented in Segment information.
2. Information by geographical representation(1) Net sales
Omitted since net sales in Japan account for more than 90% of net sales presented in the consolidated statements
of income.
(2) Property, plant and equipment
Omitted since the monetary value of property, plant and equipment located in Japan accounts for more than 90%of the monetary value of property, plant and equipment presented in the consolidated balance sheets.
3. Information by major client
Omitted since there are no external clients that account for 10% or more of net sales in the consolidated
statements of income.
[Information on Impairment Losses on Fixed Assets by Reportable Segment]
Previous fiscal year (from April 1, 2022 to March 31, 2023)
Not applicable.
Current fiscal year (from April 1, 2023 to March 31, 2024)
Not applicable.
[Information on Amortization of Goodwill and Balance of Unamortized Goodwill by Reportable Segment]
Previous fiscal year (from April 1, 2022 to March 31, 2023)(Millions of yen)
Civil
Engineering
Business

Building
Construction
Business

Development
Business, etc.

Total

Eliminations

Total

Amortization

44

0

82

127

－

127

Balance

－

－

190

190

－

190

18

Current fiscal year (from April 1, 2023 to March 31, 2024)(Millions of yen)
Civil Engineering
Business

Building
Construction
Business

Development
Business, etc.

Amortization

13

－

82

95

－

95

Balance

19

－

108

127

－

127

Total

Eliminations

Total[Information on Gain on Negative Goodwill by Reportable Segment]
Previous fiscal year (from April 1, 2022 to March 31, 2023)
Not applicable.
Current fiscal year (from April 1, 2023 to March 31, 2024)
Not applicable.
(Per share information)
Previous fiscal year
Current fiscal year
(from April 1, 2022 to March 31, 2023) (from April 1, 2023 to March 31, 2024)
Net assets per share
Basic earnings per share¥2,389.71¥2,549.14¥158.81¥177.86

Notes 1. Diluted earnings per share are not shown because there were no potentially dilutive shares outstanding
2. The basis for calculating basic earnings per share is as follows:
Previous fiscal year
(from April 1, 2022
to March 31, 2023)

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

Profit attributable to owners of parent(Millions of yen)

3,038

3,403

Amount not attributable to commonshareholders (Millions of yen)－－

Profit attributable to owners of parent
relating to common shares (Millions of yen)

3,038

3,403

Average number of common shares
outstanding during the period (Shares)

19,131

19,136

In order to calculate basic earnings per share for the period, the number of shares held by Board Benefit
Trust (BBT) are included in treasury shares, which are subtracted in calculating the average number ofcommon shares outstanding during the period.
The average number of treasury shares was 178 thousand during the previous fiscal year, and 173 thousand
during the current fiscal year. In these, the average number held by BBT was 98 thousand during theprevious fiscal year, and 90 thousand during the current fiscal year.

193. The basis of calculation for net assets per share is as follows:
Previous fiscal year
(As of March 31, 2023)

Current fiscal year
(As of March 31, 2024)

45,73048,803

Deduction from net assets (Millions of yen)

1015[Non-controlling interests (Millions of yen)]

[10]

[15]

45,71948,787

19,131

19,138

Total net assets (Millions of yen)

Term-end amount allocated to common shares(Millions of yen)
Number of common shares used to calculate net
assets per share (1,000 shares)

In order to calculate net assets per share at the end of the period, the number of shares held by Board Benefit
Trust (BBT) are included in treasury shares, which are subtracted from the number of outstanding common sharesat the end of the period.
The number of treasury shares at the end of the period was 178 thousand for the previous fiscal year, and 171
thousand for the current fiscal year. In these, the number held by BBT at the end of the period was 96 thousand
for the previous fiscal year, and 87 thousand for the current fiscal year.
(Significant subsequent events)
Not applicable.

204. Non-consolidated Financial Statements(1) Non-consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Electronically recorded monetary claims - operating
Accounts receivable from completed construction
contracts
Securities
Real estate for sale
Costs on construction contracts in progress
Other
Total current assets
Non-current 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
Leased assets
Accumulated depreciation
Leased assets, net
Total property, plant and equipment
Intangible assets

21

As of March 31, 2024

18,625
1,052

19,666258

57,78973,407

3
160
2,147
7,660
87,4396
185
1,347
10,115
104,987

15,320(7,843)
7,477
610
(324)
285
1,542
(983)
559
128
(92)
36
846
(737)
108
6,293
59
(38)
20
14,781
470

15,702(8,273)
7,428
563
(271)
291
1,306
(818)
487
135
(109)
25
873
(734)
138
6,039
50
(29)
20
14,432960

(Millions of yen)
As of March 31, 2023
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Investments in capital
Long-term loans receivable
Long-term loans receivable from employees
Distressed receivables
Long-term prepaid expenses
Prepaid pension costs
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes payable - trade
Electronically recorded obligations - operating
Accounts payable for construction contracts
Short-term borrowings
Lease liabilities
Income taxes payable
Advances received on construction contracts inprogress
Deposits received
Provision for warranties for completed construction
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Provision for share awards for directors (and otherofficers)
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities

22

As of March 31, 2024

4,018
4,423
203
157
9
0
115
1,925
1,184
(200)
11,83627,087
114,526

4,440
4,423
193
157
9
0
129
2,451
1,178
(200)
12,781
28,174133,161

349
7,559
17,296
10,202
11
266

243
6,418
18,722
15,203
9
563

8,545

7,949

21,407
527
598
3,245
70,00925,061
209
191
1,542
76,113556
11
178

10,352
14
755

60

67

63
263
1,133
71,14364
255
11,51087,623

(Millions of yen)
As of March 31, 2023
Net assets
Shareholders’ equity
Share capital
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

23

As of March 31, 2024

5,519

5,519

2,980
3,256
6,236

2,980
3,254
6,235

31,56331,563(575)
42,74333,39233,392(567)
44,580639
639
43,383
114,526

957
957
45,538133,161(2) Non-consolidated Statements of Income(Millions of yen)
For the fiscal year
ended March 31, 2023
Net sales
Net sales of completed construction contracts
Net sales in development business and otherTotal net sales
Cost of sales
Cost of sales of completed construction contracts
Cost of sales in development business and otherTotal cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit on development business and otherTotal gross profit
Selling, general and administrative expenses
Remuneration for directors (and other officers)
Provision for share awards for directors (and otherofficers)
Employees' salaries and allowances
Retirement benefit expenses
Legal welfare expenses
Welfare expenses
Repair and maintenance expenses
Stationery expenses
Communication and transportation expenses
Power utilities expenses
Research study expenses
Research and development expenses
Advertising expenses
Entertainment expenses
Donations
Rent expenses on land and buildings
Depreciation
Taxes and dues
Insurance expenses
Miscellaneous expenses
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Interest on securities
Dividend income
Foreign exchange gains
Other
Total non-operating income

24

For the fiscal year
ended March 31, 2024

112,194
1,053
113,248

114,557
1,223
115,780

101,394927
102,322

102,710
1,066
103,777

10,799125
10,925

11,846156
12,003

191

187

22

22

3,322
20
513
66
15
121
251
51
126
1,046
57
177
7
465
55
315
21
780
7,629
3,295

3,251
24
490
76
15
69
238
53
130
938
81
202
9
526
52
316
26
1,050
7,765
4,237

15
0
25
115
46
202

11
0
36
122
23
194

(Millions of yen)
For the fiscal year
ended March 31, 2023
Non-operating expenses
Interest expenses
Commission for syndicated loans
Compensation for damage
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Other
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Loss on valuation of investment securities
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit25

For the fiscal year
ended March 31, 2024

179
163
－
95
438
3,059

182
156
64
38
442
3,989

122
0
122

203
10
214

53
88
－
6
147
3,034
317
25
343
2,691

－
20
16
0
36
4,167
747
436
1,184
2,982

(3) Non-consolidated Statements of Changes in Equity
For the fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Capital surplus

Retained earnings
Other retained
earnings

Balance at beginning of period
Changes during period
Dividends of surplus
ProfitDisposal of treasury shares
Purchase of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Share capital

Legal capitalsurplus

Other capitalsurplus

Total capitalsurplus

5,519

2,980

3,257

6,237

－
5,519

－
2,980

Shareholders’ equity
TreasurysharesBalance at beginning of period
Changes during period
Dividends of surplus
ProfitDisposal of treasury shares
Purchase of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Totalshareholders’equity(580)

41,009

8
(3)

(961)
2,691
7
(3)

4
(575)

1,734
42,743

26

(0)

(0)

(0)
3,256

(0)
6,236

Valuation and translation
adjustments
Valuation
Total valuationdifference onand translation
available-foradjustments
sale securities
631
631

Retainedearnings
brought
forward
29,833Total
retainedearnings

29,833

(961)
2,691

(961)
2,691

1,730
31,563

1,730
31,563

Total net
assets41,641
(961)
2,691
7
(3)

8

8

8

8
639

8
639

1,742
43,383

For the fiscal year ended March 31, 2024
(Millions of yen)
Shareholders’ equity
Capital surplus

Retained earnings
Other retained
earnings

Balance at beginning of period
Changes during period
Dividends of surplus
ProfitDisposal of treasury shares
Purchase of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Share capital

Legal capitalsurplus

Other capitalsurplus

Total capitalsurplus

5,519

2,980

3,256

6,236

－
5,519

－
2,980

Shareholders’ equity
TreasurysharesBalance at beginning of period
Changes during period
Dividends of surplus
ProfitDisposal of treasury shares
Purchase of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Totalshareholders’equity(575)

42,74311(3)(1,153)
2,982
10
(3)

8
(567)

1,836
44,580

27

(1)

(1)

(1)
3,254

(1)
6,235

Valuation and translation
adjustments
Valuation
Total valuationdifference onand translation
available-foradjustments
sale securities
639
639

Retainedearnings
brought
forward31,563Total
retainedearnings

31,563(1,153)
2,982(1,153)
2,982

1,829
33,392

1,829
33,392

Total net
assets43,383(1,153)
2,982
10
(3)

318

318

318

318
957

318
957

2,155
45,538

5. Orders, Sales and Balance Brought Forward (Non-consolidated)(1) Orders Received, Net Sales, and Balance Brought Forward(a) Orders(Millions of yen)
For the fiscal year ended
March 31, 2023

For the fiscal year ended
March 31, 2024

AmountAmountChangesCategory

Domestic
public sector

Percentage

Percentage

AmountPercentagechanges

35,126

33.6 %

39,67835.6 %

4,552

13.0%

16,49415.8 %

14,12812.7 %(2,366)(14.3) %

4,978

4.8 %

920

0.8 %

(4,057)(81.5) %Total

56,59954.2 %

54,72749.1 %(1,872)(3.3) %

Domestic
public sector

14,80514.2 %

11,67010.5 %(3,135)(21.2) %31,22429.9 %

39,38935.4 %

8,164

26.1 %

730

0.7 %

4,345

3.9 %

3,614

494.6 %

46,76044.8 %

55,40549.8 %

8,644

18.5 %

49,93247.8 %

51,34946.1 %

1,417

2.8 %

47,71945.7 %

53,51748.1 %

5,798

12.2 %

Overseas

5,709

5.5 %

5,265

4.7 %

(443)

(7.8) %

Total

103,360

99.0 %

110,132

98.9 %

6,771

6.6 %

Development Business, etc.

1,053

1.0 %

1,223

1.1 %

169

16.1 %

Total

104,414100.0 %

111,355

100.0 %

6,941

6.6 %

Domestic
Civil
privatesectorEngineering
Overseas

Domestic
Construction
Building
privatesectorBusiness Construction
Overseas
Total

Total

Domestic
public sector
Domestic
private sector

28

(b) Net sales(Millions of yen)
For the fiscal year ended
March 31, 2023

For the fiscal year ended
March 31, 2024

AmountAmountChangesCategory

Domestic
public sector

Percentage

Percentage

AmountPercentagechanges

43,45638.4 %

42,09136.3 %(1,364)(3.1)%

18,26316.1 %

18,24115.8 %(21)(0.1) %

1,114

1.0 %

3,847

3.3 %

2,732

245.2 %

Total

62,83455.5 %

64,18055.4 %

1,346

2.1 %

Domestic
public sector

8,183

7.2 %

8,307

7.2 %

123

1.5 %

38,31333.9 %

39,82634.4 %

1,512

3.9 %

2,863

2.5 %

2,242

1.9 %

(620)

(21.7) %49,36043.6 %

50,37643.5 %

1,015

2.1 %

51,64045.6 %

50,39943.5 %(1,240)(2.4) %

56,57650.0 %

58,06750.2 %

1,491

2.6 %

Overseas

3,977

3.5 %

6,090

5.2 %

2,112

53.1 %

Total

112,19499.1 %

114,557

98.9 %

2,362

2.1 %

Development Business, etc.

1,053

0.9 %

1,223

1.1 %

169

16.1 %

Total

113,248100.0 %

115,780

100.0 %

2,532

2.2 %

Domestic
Civil
Engineering private sector
Overseas

Domestic
Construction
Building
privatesectorBusiness Construction
Overseas
Total

Total

Domestic
public sector
Domestic
private sector

29

(c) Balance Brought Forward(Millions of yen)
For the fiscal year ended
March 31, 2023

For the fiscal year ended
March 31, 2024

AmountAmountChangesCategory

Domestic
public sector
Domestic
Civil
privatesectorEngineering

AmountPercentagechanges31.6 %

61,48631.1 %(2,413)(3.8)%

51,35525.4 %

47,24123.9 %(4,113)(8.0) %

Overseas

21,31010.5 %

18,383

9.3 %(2,926)(13.7) %Total

136,56467.5 %

127,11164.3 %(9,453)(6.9) %

21,977

10.9 %

25,34012.8 %

3,363

15.3 %

41,52420.5 %

41,08720.8 %(437)(1.1) %

Overseas

2,110

1.1 %

4,213

2.1 %

2,102

99.6 %

Total

65,61232.5 %

70,64135.7 %

5,029

7.7 %

Domestic
public sector

85,87642.5 %

86,82643.9 %

950

1.1 %Domestic
private sector

92,87945.9 %

88,32944.7 %(4,550)(4.9) %

Overseas

23,42011.6 %

22,596

11.4 %(824)(3.5) %

Total

202,177

100.0 %

197,752

100.0 %

(4,424)(2.2) %

－

–%

－

–%

－

–%

202,177

100.0 %

197,752

100.0 %

(4,424)(2.2) %Development Business, etc.
Total

Percentage

63,899Domestic
public sector
Domestic
Construction
Building
privatesectorBusiness Construction

Total

Percentage

30(2) Orders Received, Completed Construction, and Work Carried Over
(Main orders received)
Client Name (Title Omitted)

Project Name

East Nippon Expressway Company
LimitedJapan Railway Construction,
Transport and Technology Agency
Tokyo Urban Planning andDevelopment Corporation

Tohoku Expressway, Isawa River Bridge Deck Replacement Construction
Shin-Yakumo (tentative name) Station Viaduct, Hokkaido Shinkansen
R5 Kitano Pumping Plant Development Construction

Tokushima City

New Construction of Tokushima City Crisis Management Center (tentative name)Chuo-Nittochi Co., Ltd.

(Tentative name) Kojimachi Kyodo Building Reconstruction Plan

(Main completed construction)
Client Name (Title Omitted)

Project Name

MLIT

R2 Hokusei BP Sakabe Tunnel Construction
Murakami Water Supply Facility Improvement (civil engineering and constructionwork) ProjectPrefectural Comprehensive Shooting Range (tentative name) Development Project,
Site Preparation and Development Work

Yachiyo City
Hyogo Prefecture
TOBISHIMA BRUNEI SDN.BHD.

New Construction of Financial Service Agency Building

Aki City

Construction of a New Government Building in Aki City

(Main work carried over)
Client Name (Title Omitted)

Project NameJapan Railway Construction,
Transport and Technology Agency
The Kansai Electric Power Company,
Incorporated
Tagawa District Water Supply
Corporation Team

Sasson Tunnel (Tomioka), Hokkaido Shinkansen
Major Civil Engineering Work for Waterproofing at Kasagi Power Station with ShinMaruyama Dam Project(Tentative name) Construction of the Shiratori Water Treatment Plant and Oura
Adjustment Pond (civil engineering and construction work)

Finese Co., Ltd.

Finese Co., Ltd., Head Office Logistics Center Construction Plan

Daiwa House Industry Co., Ltd.

(Tentative name) New Construction of Roygent Yokokawa 5-Chome PJ(3) Orders Forecast(Millions of yen)
Category

Fiscal year ended
March 31, 2024
Full-year Results

Fiscal year ending
March 31, 2025
Full-year Forecasts

Changes

54,72758,000

3,272

6.0%

Percentagechanges

Civil Engineering
Construction
Building Construction
Business
Total

55,40550,000(5,405)(9.8)%

110,132

108,000(2,132)(1.9)%Development Business, etc.

1,223

1,000

(223)

(18.2)%

Total

111,355

109,000(2,355)(2.1)%

31

6. Changes in Directors(1) Retiring Director (Planned) (as of June 27, 2024, planned)
Name
Takuji Arao

New Position

Current Position
Representative Director and Senior
Managing Executive Officer(in charge of quality)

Advisor(2) Candidate for Substitute Audit & Supervisory Board Member (as of June 27, 2024, planned)

Note:

Name

New Position

Current Position

Hirotaka Kobayashi

Audit & Supervisory Board Member―

Candidate for Substitute Audit & Supervisory Board Member, Hirotaka Kobayashi (attorney at law, Hikari
Sogoh Law Offices), is an Outside Audit & Supervisory Board Member.

32