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

Summary of Consolidated Financial Results
for the Six Months Ended September 30, 2023
(Based on Japanese GAAP)
November 8, 2023
Company name:YAHAGI CONSTRUCTION CO., LTD.
Stock exchange listing: Tokyo, Nagoya
Stock code:
Representative:

1870
URL https://www.yahagi.co.jp/President and Director
Mitsuhiro Takayanagi

Inquiries:
General Manager of Accounting Department Yoshiki Saguchi
Scheduled date to file Quarterly Securities Report:
November 9, 2023
Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:

November 29, 2023
Yes

Holding of quarterly financial results meeting:

Yes

TEL

052-935-2348(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)(1) Consolidated operating results (cumulative)

Six months ended September 30, 2023
Six months ended September 30, 2022

Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
52,15825.7
1,487 (14.4)
1,564 (11.9)
1,017 (15.6)
41,495 (11.4)
1,738 (20.4)
1,775 (19.7)
1,206 (23.5)
Earnings per share

Diluted earnings per share

Yen
23.66
28.06

Six months ended September 30, 2023
Six months ended September 30, 2022

Yen––(2) Consolidated financial position
Total assets
As of September 30, 2023
As of March 31, 2023

Net assets

Millions of yen
132,451
129,987

Equity ratio

Millions of yen
60,97860,431

%
46.0
46.5

2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
19.00
30.00

Yen–

Yen
24.00

Yen
43.00

–

30.00

60.00

Year ending March 31, 2024 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
122,000
9.8
9,500
31.7
9,500
30.9
6,300
39.7
146.481

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoNo

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

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2023

44,607,457 shares As of March 31, 2023

44,607,457 shares

Number of treasury shares at the end of the period
As of September 30, 2023

1,585,844 shares As of March 31, 2023

1,598,789 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2023

43,012,983 shares Six months ended September 30, 2022

2

42,999,833 shares

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

As of September 30, 2023

AssetsCurrent assetsCash and deposits
Notes receivable, accounts receivable from completed

22,821

20,77142,42742,550

326

119

2,074
20,2393,921
22,314Merchandise and finished goods
Raw materials and supplies

26626

31637

Other
Allowance for doubtful accounts

3,770
(88)

3,604
(87)

Total current assets

92,22393,863

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

15,124
3,499

16,0103,796

Land
Leased assets

19,84790

20,10881

Construction in progress
Accumulated depreciation

535(10,600)

63(11,045)

Total property, plant and equipment

28,49729,014

Intangible assets
Investments and other assets

805

717

Investment securities
Retirement benefit asset

5,174
247

5,926
249

Deferred tax assets
Other

2,047
1,039

1,709
1,018

construction contracts and other
Electronically recorded monetary claims - operating
Costs on construction contracts in progress
Real estate for saleNon-current assets
Property, plant and equipment

Allowance for doubtful accounts

(48)

(48)

Total investments and other assets

8,460

8,855

Total non-current assets
Total assets

337,763

38,588

129,987

132,451(Millions of yen)
As of March 31, 2023

As of September 30, 2023

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
and other
Electronically recorded obligations - operating

10,551

8,669

8,145

9,073

Short-term borrowings
Income taxes payable

28,1001,058

31,800479

Advances received on construction contracts in progress
Provision for warranties for completed construction

4,604
447

5,059
445

Provision for loss on construction contracts
Provision for bonuses for directors (and other officers)

5369

134

Other

3,814

2,826

Total current liabilities

56,84358,390Long-term borrowings
Deferred tax liabilities for land revaluation

3,800
221

4,100
221

Retirement benefit liability
Asset retirement obligations

5,178
371

5,186
447

Provision for share-based payments
Other

88
3,050

104
3,022

Total non-current liabilities

12,712

13,082

69,556

71,472

Shareholders' equity
Share capital

6,808

6,808

Capital surplus
Retained earnings

7,244
51,896

7,244
51,872

Treasury shares

(886)

(876)

65,06265,0481,484(5,882)

2,011(5,882)

(232)

(209)

(4,630)(4,080)Non-current liabilities

Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for landRemeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

4–1060,431

60,978

129,987

132,451

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Six months ended

Six months ended

September 30, 2022

September 30, 2023

Net sales
Net sales of completed construction contracts

35,71545,728Net sales in real estate business and other

5,779

6,429

Total net sales

41,49552,158

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

31,712
3,787

41,1704,610

Total cost of sales

35,50045,781Gross profit
Gross profit on completed construction contracts

4,003

4,558

Gross profit on real estate business and other

1,992

1,819

Total gross profit5,995

6,377

Selling, general and administrative expenses

4,257

4,889

Operating profit

1,738

1,487

Non-operating income
Interest income

00

Dividend income
Other

5632

62
78

Total non-operating income

89

141

4260

103

Cost of sales

Non-operating expenses
Interest expenses
Other
Total non-operating expenses

5264

1,775

1,564–

3–

367

067

0

Profit before income taxes

1,707

1,568

Income taxes - current
Income taxes - deferred

545
(44)

455
95

Total income taxes

501

550

Profit

1,206

1,017

Profit attributable to owners of parent

1,206

1,017

Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2022

September 30, 2023

1,206

1,017

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

02527
23

Total other comprehensive income

3550

1,2091,568

1,209

1,568

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent

6

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Six months ended

Six months ended

September 30, 2022

September 30, 2023

1,707

1,568

Depreciation
Amortization of goodwill

459–502
40

Increase (decrease) in allowance for doubtful accounts
Interest and dividend income

(2)
(56)

(1)
(62)

Interest expenses
Loss (gain) on sale and retirement of property, plant and4260

670equipment
Decrease (increase) in trade receivables

4,11883

Decrease (increase) in inventories
Increase (decrease) in trade payables(2,393)2,501(3,937)
(953)

(724)

455

Increase (decrease) in advances received on construction
contracts in progress
Other, net

(20)

(905)

Subtotal

5,699(3,149)Interest and dividends received

56

62

Interest paid
Income taxes paid

(42)
(1,133)(61)(1,026)

Net cash provided by (used in) operating activities

4,580(4,174)

(592)

(865)

Cash flows from investing activities
Purchase of property, plant and equipment and intangible
assetsOther, net

648(586)(816)

Cash flows from financing activities
Proceeds from short-term borrowings

2,600

10,000

Repayments of short-term borrowings
Proceeds from long-term borrowings(7,000)–(6,000)600

Repayments of long-term borrowings
Net decrease (increase) in treasury shares

(100)
–

(600)
(0)

Dividends paid
Other, net

(911)
(9)

(1,041)(6)(5,420)2,951

Net cash provided by (used in) investing activities

Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents(1,426)(2,039)Cash and cash equivalents at beginning of period

21,891

22,721

Cash and cash equivalents at end of period

20,464

20,6817