May 10, 2022

To whom it may concern:
Company name:YAHAGI CONSTRUCTION CO., LTD.

Representative:

Mitsuhiro Takayanagi
President and Director(Code no.: 1870, listed on Prime Section of Tokyo Stock
Exchange and Premiere Section of Nagoya Stock Exchange)
Headquarters:
Contact:

3-19-7 Aoi, Higashi-ku, Nagoya-shi
keiri@yahagi.co.jp

IR Material: Current Management Status of the Group
Consolidated Financial Results for the Fiscal Year Ended March 31, 2022
The outline of the consolidated financial results and the current management status of the Group for the fiscal year ended
March 31, 2022 are shown below:○Contents

1
Ⅰ. Consolidated profit and loss……………………………………………………………………………………

3
Ⅱ. Overall status by business………………………………………………………………………………………

3
1. Building construction…………………………………………………………………………………………………

3
2. Civil engineering………………………………………………………………………………………………………

4
3. Real estate business……………………………………………………………………………………………………

5
Ⅲ. Consolidated financial position…………………………………………………………………………………

6
Ⅳ. Forecasts for the next fiscal year………………………………………………………………………………

6
Ⅴ. Dividends………………………………………………………………………………………………………

7
Ⅵ. Reference information…………………………………………………………………………………………

7
1. Consolidated financial results (for the last 5 years) and forecasts……………………………………………………

8
2. Status of consolidated subsidiaries……………………………………………………………………………………

9
3. Orders received, net sales, and carry forward to the next fiscal year (consolidated)…………………………………

10
4. Orders received, net sales, and carry forward to the next fiscal year (non-consolidated)……………………………

Ⅰ. Consolidated profit and loss
❏ Consolidated operating results(Millions of Yen)FYE March
2018

FYE March
2019

FYE March
2020

FYE March
2021

FYE March
2022

ActualActualActualActualActualYear on year
Increase/decrease

Change91,66892,754

90,129106,615

93,090▲ 13,524▲12.7%Net sales of completed
construction contracts

76,241

77,95873,881

92,40678,993▲ 13,412▲14.5%Net sales in real estatebusiness and other

15,427

14,796

16,247

14,20814,096

▲ 111

▲0.8%

15,915

16,50916,30015,69914,935

▲ 764

▲4.9%

(17.4%)(17.8%)(18.1%)(14.7%)(16.0%)

Gross profit on completed
construction contracts

10,997

11,73811,457

11,68910,379▲ 1,309▲11.2%

Gross profit on real estatebusiness and other

4,918

4,770

4,842

4,009

4,555

545

13.6%

Selling, general, andadministrative expenses

8,226

8,804

8,536

8,336

8,765

428

5.1%

Operating profit

7,689

7,705

7,764

7,362

6,169

▲ 1,193▲16.2%(8.4%)(8.3%)(8.6%)(6.9%)(6.6%)

7,714

7,747

7,829

7,445

6,174

(8.4%)(8.4%)(8.7%)(7.0%)(6.6%)

4,085

4,476

5,158

3,292

4,842

(4.5%)(4.8%)(5.7%)(3.1%)(5.2%)FYE March
2018

FYE March
2019

FYE March
2020

FYE March
2021

FYE March
2022

ActualActualActualActualActualNet sales

Gross profit(Gross profit margin)(Operating profit margin)

Ordinary profit(Ordinary profit margin)

Profit attributable to ownersof parent(Return on sales)

1.3pt▲0.3pt▲ 1,270▲17.1%▲0.4pt

1,549

47.1%
(2.1pt)❏ Summary of orders received(Millions of Yen)

Year on year
Increase/decrease

ChangeBuilding construction

57,16251,50459,72152,51560,072

7,556

14.4%

Civil engineering

29,251

33,77325,21828,831

32,567

3,736

13.0%

Total

86,41485,27784,93981,346

92,63911,293

13.9%❏ Summary of carry forward to the next fiscal year

(Millions of Yen)FYE March
2018

FYE March
2019

FYE March
2020

FYE March
2021

FYE March
2022

ActualActualActualActualActualYear on year
Increase/decrease

ChangeBuilding construction

40,02043,13058,58852,46962,064

9,594

18.3%

Civil engineering

31,09935,30830,90825,96728,263

2,295

8.8%

Total

71,11978,43989,49778,43790,327

11,89015.2%

1[Comparison with the results for the previous fiscal year](Net sales)
Construction business… Significant decrease(Factor)Real estate business

Incomplete work at the beginning of the current fiscal year decreased in both building
construction and civil engineering.
… Decrease(Factor)

Revenue from the condominiums for sale business decreased despite the sales of selfdeveloped real estate properties.
… Significant decrease

Total(Factor)

Revenues from construction and real estate businesses decreased.

(Profit)
Construction business… Decrease(Factor)Real estate business

The decrease in revenue in the construction business.
… Increase(Factor)

The sales of self-developed real estate properties contributed to profit.
…

Total(Factor)

Profit decreased at each stage of gross profit, operating profit and ordinary profit due to thesignificant decrease in revenue in the construction business.
Profit increased as extraordinary income was recognized in the current fiscal year although alarge amount of extraordinary loss was recognized in the previous fiscal year.

[Orders received and carry forward to the next fiscal year]
Orders received(Factor)Carry forward to thenext fiscal year

(Factor)… Increase
Orders received increased for multiple large projects in both building construction and civilengineering.
… Increase
The increase in orders received for the current fiscal year.

[Comparison with the financial forecasts](Reference) Consolidated financial forecasts and results for the fiscal year ended March 31, 2022 (from April 1,2021 to March 31, 2022)(Millions of Yen)

Net sales

Operating profit

Ordinary profit

Profit attributable toowners of parent

Initial financial forecasts (released on
May 10, 2021)

96,000

5,000

5,000

3,400

Revised financial forecasts (released on
February 4, 2022)

96,000

6,000

6,000

4,700

Actual

93,090

6,169

6,174

4,842

2

Ⅱ. Overall status by business
1. Building construction❏ Orders received, net sales, gross profit, etc.

(Millions of Yen)FYE March
2018

FYE March
2019

FYE March
2020

FYE March
2021

FYE March
2022

ActualActualActualActualActualYear on year
Increase/decrease

ChangeConsolidated orders received

57,16251,50459,72152,51560,072

7,556

14.4%

Consolidated net sales

52,082

48,39444,26358,63550,300▲ 8,334▲14.2%

Consolidated gross profit

6,477

6,325

6,360

5,929

4,669

▲ 1,259▲21.2%

Consolidated gross profit
margin

12.4%

13.1%

14.4%

10.1%

9.3%

(JPY mil)
57,16260,072

59,72152,51551,504Gross profit

Net sales

Orders received(JPY mil)

52,082▲0.8pt(JPY mil)
6,477

58,635

6,325

6,360

5,929

50,30048,39444,2632019.32020.32021.32021.32022.32019.32020.32021.34,669

2021.32022.32019.32020.32021.32021.32022.3

2. Civil engineering❏ Orders received, net sales, gross profit, etc.

(Millions of Yen)FYE March
2018

FYE March
2019

FYE March
2020

FYE March
2021

FYE March
2022

ActualActualActualActualActualYear on year
Increase/decrease

ChangeConsolidated orders received

29,251

33,77325,21828,831

32,567

3,736

13.0%

Consolidated net sales

24,15829,56429,61833,771

28,693▲ 5,077▲15.0%

Consolidated gross profit

4,520

5,412

5,097

5,760

5,710

▲ 50

▲0.9%

Consolidated gross profit
margin

18.7%

18.3%

17.2%

17.1%

19.9%

(JPY mil)Orders received
33,773(JPY mil)

25,2182018.32019.32020.3(JPY mil)

33,771
29,61829,564

28,831Gross profit

Net sales

32,56729,251

28,69324,1582021.32022.32018.3

2.8pt

5,412

5,760

5,710

2021.32022.3

5,097

4,520

2019.32020.332021.32022.32018.32019.32020.3

3. Real estate business❏ Net sales, gross profit, etc.

(Millions of Yen)FYE March
2018

FYE March
2019

FYE March
2020

FYE March
2021

FYE March
2022

ActualActualActualActualActualYear on year
Increase/decrease

ChangeConsolidated net sales

15,427

14,796

16,247

14,20814,096

▲ 111

▲0.8%

Consolidated gross profit

4,918

4,770

4,842

4,009

4,555

546

13.6%

Consolidated gross profit
margin

31.9%

32.2%

29.8%

28.2%

32.3%

Net sales(JPY mil)

15,4272018.3

14,7962019.3Gross profit(JPY mil)
4,918

16,2472020.3

14,20814,0962021.32022.3

4.1pt

4,842

4,770

4,555
4,009

2018.32019.32020.32021.32022.3❏ Results of condominiums for sale(Company’s share)

FYE March
2018

FYE March
2019

FYE March
2020

FYE March
2021

FYE March
2022

ActualActualActualActualActualYear on year
Increase/decrease

ChangeNumber of delivered units

269

293

198

199

180

▲ 19

▲9.5%

Number of contracted units

242

290

184

130

194

64

49.2%

4

Ⅲ. Consolidated financial position❏ Consolidated balance sheetsFYE March2022
Changes
Actual▲ 79

Cash and deposits

22,09122,011

Trade receivables

49,65232,808 ▲ 16,843

3,899

2,534

▲ 1,365

Real estate for sale

15,316

19,884

4,568

Other

4,309

3,195

▲ 1,113

Total

95,26880,435 ▲ 14,833

Property, plant andequipment

25,61327,272

1,658

Intangible assets

392

390

▲2

8,562

8,326

Total

34,56835,988

Total assets

129,837

116,423 ▲ 13,413

Fixed assets

Costs on construction
contracts in progress

Investments and otherassetsFYE March
2021
ActualFYE March
2022
ActualChangesAccounts payable

16,408

10,394▲ 6,014

Short-term borrowings

37,74025,400▲ 12,340

Advances received
on construction
contracts inprogress

3,716

4,780

1,063

Other

3,599

4,573

974

Total

61,464

Liabilities

Current liabilitiesFYE March
2021
Actual

45,148 ▲ 16,316

Long-term borrowings

5,200

5,000

▲ 200

Other

8,533

8,743

210

Total

13,733

13,74310▲ 236

Total liabilities

75,19758,891 ▲ 16,306

1,419

Net assets

54,63957,532

Total liabilities and net
assets129,837

116,423 ▲ 13,413

Long-term
liabilities

Current assets

Assets(Millions of Yen)

2,892

❏ Key management indicatorsFYE March FYE March FYE March2018 Actual 2019 Actual 2020 Actual

FYE March
2021 Actual

FYE March2022 Actual

Return on assets (ROA)

7.7%

7.4%

7.3%

6.3%

5.0%

Return on equity (ROE)

9.4%

9.5%

10.2%

6.2%

8.6%

Earnings per share (EPS)¥94.14¥103.15¥118.85¥75.86¥112.18

Equity ratio

43.7%

45.8%

48.6%

42.1%

49.4%

Interest-bearing debt

14,95723,737

26,05742,94030,400665

9,670

12,281

20,8488,388

Net interest-bearing debt (*)(*) Net interest-bearing debt = interest-bearing debt - cash and deposits[Comparison with the results for the previous fiscal year]
Total assets… Decreased by approximately ¥13.4 billion.

Current assets…

Fixed assets
Liabilities
Net assets

Decreased by approximately ¥14.8 billion as trade receivables decreased by approximately¥16.8 billion.
Increased by approximately ¥1.4 billion mainly due to the acquisition of profit-making real…
estate.
Decreased by approximately ¥16.3 billion mainly due to a progress in repayment for short…
term borrowings.
… Increased by approximately ¥2.8 billion mainly due to the recognition of profit.

5

Ⅳ. Forecasts for the next fiscal year

(Millions of Yen)FYE March 2022

FYE March 2023

Year on year

ActualFull-year forecasts

Increase/decrease

ChangeNet sales

93,090107,000

13,91014.9%

Operating profit

6,169

6,000

▲ 169

▲2.7%

(6.6%)(5.6%)

6,174

6,000

(6.6%)(5.6%)

4,842

4,150

(5.2%)(3.9%)(Operating profit margin)

Ordinary profit(Ordinary profit margin)

Profit attributable to owners ofparent(Return on sales)▲1.0pt

▲ 174

▲2.8%
▲1.0pt▲ 693▲14.3%▲1.3pt[Full-year consolidated financial forecasts for the fiscal year ending March 31, 2023]
The full-year forecasts of net sales, operating profit and profit for the fiscal year ending March 31, 2023 are ¥107.0
billion (highest ever), ¥6.0 billion and ¥4.15 billion, respectively.
(Net sales)
Construction business(Factor)Real estate business(Factor)… Significant increase
Carry forward work from the fiscal year ended March 31, 2022 will increase.
… Same level
The sale of large real estate properties is not expected although an increase in revenue is
expected in the condominiums for sale business.
… Significant increase

Total(Factor)

Revenue in the construction business is expected to increase significantly.

(Profit)
Construction business(Factor)Real estate business(Factor)… Decrease
Profit margin is expected to decline in spite of an expected revenue increasing effect.
… Increase
Revenue in the condominiums for sale business is expected to increase.
… Decrease

Total(Factor)Operating profit and ordinary profit are expected to be at the same level as those for thecurrent fiscal year.
Profit is expected to be below the result for the current fiscal year, for which an
extraordinary income was recognized.

Ⅴ. Dividends
FYE March2018 Actual

FYE March2019 Actual

FYE March2020 Actual

FYE March
2021 Actual

FYE March2022 Actual

FYE March2023 Forecast

Interim dividend

¥12

¥12

¥16

¥17

¥17

¥19

Year-end dividend

¥12

¥12

¥18

¥17

¥21

¥19

Annual dividends

¥24

¥28

(*) ¥34

¥34

¥38

¥38

20.4%

27.1%

28.6%

44.8%

33.9%

39.4%

Payout ratio (consolidate)(*) Including commemorative dividend of ¥4 for the 70th anniversary of foundation

6

Ⅵ. Reference information
1. Consolidated financial results (for the last 5 years) and forecasts(Millions of Yen)FYE March2018 Actual

FYE March2019 Actual

FYE March2020 Actual

FYE March
2021 Actual

FYE March2022 Actual

FYE March2023 Forecast

91,66892,754

90,129106,615

93,090107,000(2.7%)(1.2%)(▲2.8%)(18.3%)(▲12.7%)(14.9%)

7,689

7,705

7,764

7,362

6,169

6,000

(1.1%)(0.2%)(0.8%)(▲5.2%)(▲16.2%)(▲2.7%)

7,714

7,747

7,829

7,445

6,174

6,000

(0.8%)(0.4%)(1.1%)(▲4.9%)(▲17.1%)(▲2.8%)

4,085

4,476

5,158

3,292

4,842

4,150

(▲19.8%)(9.6%)(15.2%)(▲36.2%)(47.1%)(▲14.3%)

Net sales

Operating profit

Ordinary profit

Profit attributable to owners ofparentNote: Numbers in parentheses indicate percentage changes from the previous fiscal year.
<Reference>First year for which consolidated
FYE March 1991
financial statements were prepared
Highest records
Net salesFYE March 2021

Operating profit

FYE March 2020

¥7,764 million

Ordinary profit

FYE March 2020

¥7,829 million

Profit attributable to ownersof parent

FYE March 2020

¥5,158 million

Net sales(JPY mil)
91,6682018.32019.393,09090,1292020.32021.32022.32023.3

7,747

7,829

millionOperating profit(JPY mil)
7,689

Ordinary profit(JPY mil)
7,714

107,000

106,61592,754¥106,615

2018.3

7,705

2019.3

7,764

2020.37,362

2021.3

5,158

6,174

4,085

6,000

6,000

2022.32023.3

Profit(JPY mil)

7,445

6,169

4,842

4,476

4,150

3,292

2018.32019.32020.32021.32022.32023.37

2018.32019.32020.32021.32022.32023.3

2. Status of consolidated subsidiaries

Name

Address

Share capital
Fiscal(Millions ofyear endyen)

Business description

Results forthe current
Net sales(Millions ofyen)

Higashi-ku, Nagoya

Condominiums for sale business, real estate
800 March development business, real estate leasing
business, real estate brokerage business

8,931

YAHAGI BUILDING AND
LIFE CO., LTD.

Higashi-ku, Nagoya

Apartment management business, real estate
management business, construction
business, signage business, property
400 March casualty insurance business, WOOD-PITA(a seismic retrofitting method using external
reinforcing for existing wooden detachedhouses) business

3,441

YAHAGI GREEN Co., Ltd.

Higashi-ku, Nagoya

100 March

Greenery business, golf course managementbusiness

2,743

Techno Support Co., Ltd.

Higashi-ku, Nagoya

PAN Wall (an earth reinforcement method
using panels and "soil nails" for slope
protection) business, PITA Column (a50 March seismic retrofitting method using external
reinforcing for existing buildings) business,
construction work, technologicaldevelopment, trial experience production

1,464

YAHAGI ROAD CO., LTD.

Toyota, Aichi

Paving business, civil engineering business,
300 March manufacture and sales of asphalt mixture,
recycling business

6,763

STYLE LINK CO., LTD.

Chuo-ku, Tokyo

50 March

Customer service business forcondominiums for sale

141

Nanshin Takamori
Development Co., Ltd.

Takamori-machi,
Shimoina-gun, Nagano

50 March Operation of golf courses (Takamori Country Club)

273

YAHAGI REAL ESTATE
Co., Ltd.

Notes:

1. YAHAGI REAL ESTATE Co., Ltd., YAHAGI BUILDING AND LIFE CO., LTD., YAHAGI GREEN Co., Ltd.,Techno Support Co., Ltd., YAHAGI ROAD CO., LTD., and STYLE LINK CO., LTD. (six companies in total)
are wholly owned subsidiary of YAHAGI CONSTRUCTION CO., LTD.
2. STYLE LINK CO., LTD., engaged in customer service business for condominiums for sale, and YAHAGIBUILDING AND LIFE CO., LTD. , engaged in apartment management business and other businesses, merged on
April 1, 2022, with YAHAGI BUILDING & LIFE Co., Ltd. as a surviving company and STYLE LINK CO.,LTD., as an absorbed company.

83. Orders received, net sales, and carry forward to the next fiscal year (consolidated)❏ Orders received(Millions of Yen)

Category
Building
constructionFYE March 2021

FYE March 2022

ActualActualConstruction

Increase/decrease

ChangePublic

▲7

0

7

－

Private52,52360,072

7,549

14.4%

52,51560,072

7,556

14.4%

Total
Civil
engineeringYear on year

Public12,1198,704▲ 3,414▲28.2%

Private

16,711

23,863

7,151

42.8%

28,831

32,567

3,736

13.0%

Public12,111

8,704▲ 3,407▲28.1%

Private69,23583,935

14,70021.2%

81,346

92,63911,293

13.9%

Total

Total

❏ Net sales(Millions of Yen)FYE March 2021

CategoryFYE March 2022

ActualYear on year

ActualIncrease/decrease

ChangePublic－00－Private58,63550,300▲ 8,335▲14.2%

58,63550,300▲ 8,334▲14.2%

Public14,877

8,946▲ 5,930▲39.9%

Private18,893

19,747853

4.5%

33,771

28,693▲ 5,077▲15.0%

Public14,877

8,946▲ 5,930▲39.9%

Private77,52870,047▲ 7,481▲9.7%

92,40678,993▲ 13,412▲14.5%

Real estate business and other

14,20814,096

▲ 111

▲0.8%

Total

106,615

93,090▲ 13,524▲12.7%

Building
construction

Construction

Total
Civil
engineering
Total

Subtotal❏ Carry forward to the next fiscal year
Category
Building
construction

PublicPrivateConstruction

Total
Civil
engineering

FYE March 2022

ActualActual－9,318

Private

16,64925,967

Public9,318

Private69,119

Increase/decrease－

52,469PublicYear on year

(62,241)
62,064(62,241)
62,064(9,076)
8,677(20,765)
19,585(29,841)
28,263(9,076)
8,677(83,007)
81,650(92,083)
90,32752,469

Total

Total

(Millions of Yen)FYE March 2021

78,437

Change
－

－

9,594

18.3%

9,594

18.3%

▲ 640

▲6.9%

2,936

17.6%

2,295

8.8%

▲ 640

▲6.9%

12,53018.1%

11,89015.2%(Note) Amounts reflecting projects whose implementation plans were changed or cancelled due to changes in economic situations and otherreasons (orders received for them amounting to ¥1,180 million) and effects of changes in accounting standards (¥575 million) werededucted from the carry forward to the next fiscal year. Numbers in parentheses denote amounts before deduction.

94. Orders received, net sales, and carry forward to the next fiscal year (non-consolidated)❏ Orders received(Millions of Yen)

Category
Building
constructionFYE March 2021

FYE March 2022

ActualActualConstruction

Increase/decrease

ChangePublic

▲7

0

7

－

Private54,691

65,627

10,93620.0%

54,68365,627

10,943

20.0%

Total
Civil
engineeringYear on year

Public

8,240

5,070

▲ 3,169▲38.5%

Private14,11518,502

4,386

31.1%

22,35523,573

1,217

5.4%

Public

8,232

5,070

▲ 3,161▲38.4%

Private68,807

84,12915,322

22.3%

77,03989,20012,161

15.8%

Total

Total

❏ Net sales(Millions of Yen)

Category
Building
constructionFYE March 2021

FYE March 2022

ActualActualYear on year
Increase/decrease

ChangePublic－00－Private62,54653,549▲ 8,997▲14.4%

62,54653,549▲ 8,996▲14.4%

Public11,101

5,356▲ 5,745▲51.7%

Private15,33815,320

▲ 18

▲0.1%

26,44020,676▲ 5,763▲21.8%

Public11,101

5,356▲ 5,745▲51.7%

Private77,88568,869▲ 9,015▲11.6%

88,98774,226▲ 14,760▲16.6%

Real estate business and other

1,156

3,456

2,300

199.0%

Total

90,143

77,683▲ 12,460▲13.8%

Construction

Total
Civil
engineering
Total

Subtotal❏ Carry forward to the next fiscal year
Category
Building
construction

PublicPrivateConstruction

Total
Civil
engineering

FYE March 2022

ActualActual－7,834

Private15,783
23,617

Public7,834

Private71,038

Increase/decrease－

55,255

PublicYear on year

(67,332)
67,155(67,332)
67,155(7,548)7,150(18,965)
17,785(26,514)
24,936(7,548)7,150(86,298)
84,941(93,847)
92,091

55,255

Total

Total

(Millions of Yen)FYE March 2021

78,872

Change－－11,90021.5%

11,900

21.5%

▲ 684

▲8.7%

2,002

12.7%

1,318

5.6%

▲ 684

▲8.7%

13,902

19.6%

13,21816.8%(Note) Amounts reflecting projects whose implementation plans were changed or cancelled due to changes in economic situations and otherreasons (orders received for them amounting to ¥1,180 million) and effects of changes in accounting standards (¥575 million) werededucted from the carry forward to the next fiscal year. Numbers in parentheses denote amounts before deduction.

End

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