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 Year Ended March 31, 2024
(Based on Japanese GAAP)May 9, 2024
Company name:YAHAGI CONSTRUCTION CO., LTD.

Stock exchange listing: Tokyo, Nagoya
Stock code:
1870
URL
Representative:
Inquiries:

https://www.yahagi.co.jp/

President and Director
Mitsuhiro Takayanagi
General Manager of Accounting Department Yoshiki Saguchi

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 27, 2024
June 27, 2024

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

June 6, 2024
Yes

Holding of financial results meeting:

Yes

TEL

052-935-2348(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
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%
Year ended March 31, 2024
119,824
7.8
9,514
31.9
9,588
32.1
6,462
43.4
Year ended March 31, 2023
111,110
19.4
7,212
16.9
7,259
17.6
4,508
(6.9)
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–
10.2
7.5
7.9
–
7.6
5.9
6.5

Diluted earnings pershare

Earnings per share
Yen
150.23104.83

Year ended March 31, 2024
Year ended March 31, 2023
(2) Consolidated financial position

Total assets
As of March 31, 2024
As of March 31, 2023

Net assets

Equity ratio

Millions of yen
126,000
129,987

Millions of yen
66,53860,431

Cash flows fromoperating activities
Millions of yen
10,235
4,152

Cash flows frominvesting activities
Millions of yen(1,181)(3,069)Net assets per share
%
52.8
46.5

Yen
1,546.39
1,405.10(3) Consolidated cash flows

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

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(11,857)
19,917(253)
22,721

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

––

19.00
30.00

––

24.0030.00

43.00
60.00

1,866
2,604

41.0
39.9

3.1
4.1

–

40.00

–

40.00

80.00

163.7

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Net sales
Millions of yen
Six months ending
September 30, 2024
Full year

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen

57,0009.3

900(39.5)

900(42.5)600(41.0)

13.95

140,000

16.8

8,200(13.8)

8,200(14.5)

5,400(16.4)

125.55

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) 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:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

Restatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

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 March 31, 2024

1,584,173 shares As of March 31, 2023

1,598,789 shares

43,017,532 shares Year ended March 31, 2023

43,004,282 shares

Average number of shares during the period
Year ended March 31, 20242

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

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable from completed

22,821

19,98742,42739,564

326

93

2,074
20,2393,251
21,016Merchandise and finished goods
Raw materials and supplies

26
626

6825

Other
Allowance for doubtful accounts

3,770(88)3,254(88)

Total current assets

92,22387,910

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

15,124
3,499

15,846
3,921

Land
Leased assets

19,84790

18,31778

Construction in progress
Accumulated depreciation

535(10,600)

163(11,180)

Total property, plant and equipment

28,497

27,148Intangible assets
Investments and other assets

805728Investment securities
Retirement benefit asset

5,174
247

5,202
248

Deferred tax assets
Other

2,047
1,039

3,792
1,017

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

10,213Total non-current assets
Total assets

337,763

38,090129,987

126,000

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Accounts payable for construction contracts

10,551

11,112

Electronically recorded obligations - operating
Short-term borrowings

8,145
28,100–14,100

Income taxes payable
Advances received on construction contracts in progress

1,058
4,604

4,663
8,853

Provision for warranties for completed construction
Provision for loss on construction contracts

447
53441
322

Provision for bonuses for directors (and other officers)
Other

69
3,814

85
4,128

Total current liabilities

56,84343,708Non-current liabilities
Long-term borrowings

3,800

8,300

221
5,178

221
3,680

371
88

449
136

Other

3,050

2,966

Total non-current liabilities

12,712

15,75369,556

59,461

Share capital
Capital surplus

6,808
7,244

6,808
7,244

Retained earnings
Treasury shares

51,896(886)

56,015(875)

Total shareholders' equity

65,062

69,192

1,484

2,326

Revaluation reserve for landRemeasurements of defined benefit plans(5,882)(232)(5,882)894

Total accumulated other comprehensive income(4,630)(2,661)–8

Deferred tax liabilities for land revaluation
Retirement benefit liability
Asset retirement obligations
Provision for share-based payments

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

Non-controlling interests
Total net assets
Total liabilities and net assets

460,431

66,538

129,987

126,000

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

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

94,265
16,84596,23023,594

Total net sales

111,110

119,824

Cost of sales
Cost of sales of completed construction contracts

83,44386,645

Cost of sales in real estate business and other

11,076

13,382

Total cost of sales

94,520100,027

Gross profit on completed construction contracts
Gross profit on real estate business and other

10,822
5,768

9,584
10,212

Total gross profit

16,59019,797

Selling, general and administrative expenses

9,377

10,282

Operating profit

7,212

9,514

01010112

Gross profit

Non-operating income
Interest income
Dividend income
Other

49

98

Total non-operating income

151

211

Interest expenses
Miscellaneous expenses

85
18100
36

Total non-operating expenses

104

137

7,259

9,588

Gain on sale of investment securities
Other––

31

Total extraordinary income

–

5137

24501
240–
239

Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of investment securities
Impairment losses
Other–

1879

265

Profit before income taxes

6,379

9,328

Income taxes - current

2,104

5,480

Income taxes - deferred(233)(2,612)

Total income taxes

1,871

2,867

Profit4,508

6,460–

(1)

4,508

6,462

Total extraordinary losses

Profit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

5Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
4,5086,460

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

259
(142)

842
1,126

Total other comprehensive income

116

1,969

4,624

8,429

4,624

8,431

–

(1)

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

6,808

Retained earnings

7,244

Total shareholders'equityTreasury shares

49,124(897)

62,279Changes during period
Dividends of surplus(1,736)(1,736)

Profit attributable to ownersof parent

4,508

4,508

Purchase of treasury shares

(0)

(0)

Disposal of treasury shares

1010

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

––

2,771

10

2,782

6,808

7,244

51,896(886)

65,062

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning of period

1,224

Revaluation
reserve for landRemeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income(90)(4,747)(5,882)

Non-controllinginterests

Total net assets

57,532

Changes during period
Dividends of surplus(1,736)

Profit attributable to ownersof parent

4,508

Purchase of treasury shares(0)

Disposal of treasury shares

10

Net changes in items otherthan shareholders' equity

259

Total changes during period

259
1,484

Balance at end of period

(142)

116

116

–(142)

116

2,899(5,882)(232)(4,630)

7–60,431

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

6,808

Retained earnings

7,244

Total shareholders'equity

Treasury shares

51,896(886)

65,062

Changes during period
Dividends of surplus(2,343)(2,343)

Profit attributable to ownersof parent

6,462

6,462

Purchase of treasury shares

(0)

(0)

Disposal of treasury shares

1111

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

––

4,118

114,130

6,808

7,244

56,015(875)

69,192

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning of period

1,484

Revaluation
reserve for landRemeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income(232)(4,630)(5,882)

Non-controllinginterests

Total net assets–60,431

Changes during period
Dividends of surplus(2,343)

Profit attributable to ownersof parent

6,462

Purchase of treasury shares(0)

Disposal of treasury shares

11Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

842

1,126

1,969

8

1,977

842

–

1,126

1,969

8

6,107

2,326

(5,882)894(2,661)

866,5388

Consolidated statements of cash flows(Millions of yen)

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 bonuses for directors (andother officers)
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expensesImpairment losses
Loss (gain) on sale and retirement of property, plant andequipment
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in advances received on construction
contracts in progress
Increase (decrease) in accrued consumption taxes
Other, net

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
6,379
950
–09,328
1,058
81(0)

(1)

16106
(101)
85240

123
(112)
100
239

137

24–
501
(9,408)73
7,501(3)
–
3,095
293
(7,584)

(449)

4,248

250
15987
342

Subtotal

6,281

12,238Interest and dividends received
Interest paid
Income taxes paid

101
(86)
(2,144)112(95)(2,019)Net cash provided by (used in) operating activities

4,152

10,23520

30(2,682)(2,402)011(413)

––
6

1,179
0

(3,069)(1,181)

13,600(12,000)
–
(100)
(0)
(1,736)(17)

11,850(25,050)
5,900(2,200)(0)(2,343)
(13)

(253)

(11,857)

Cash flows from investing activities
Decrease (increase) in time deposits
Purchase of property, plant and equipment and intangible
assetsProceeds from sale of investment securities
Purchase of shares of subsidiaries resulting in change in scopeof consolidation
Proceeds from redemption of investment securities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Net decrease (increase) in treasury sharesDividends paid
Other, net
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents

829(2,803)

Cash and cash equivalents at beginning of period

21,891

22,721

Cash and cash equivalents at end of period

22,721

19,917

9