May 10,2023

IR Material:
Current Management Status of the Group
Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023

Company name:YAHAGI CONSTRUCTION CO., LTD.
Representative:
Mitsuhiro Takayanagi
President and Director( C o d en o . :

T o k y oo f

1 8 7 0,S t o c k

N a g o y al i s t e d

E x c h a n g e

S t o c ko n

P r i m ea n d

E x c h a n g e )S e c t i o n

P r e m i e r eo f

S e c t i o n

Headquarters:
3-19-7 Aoi, Higashi-ku, Nagoya City
Contact:
keiri@yahagi.co.jp

Contents①Overview of consolidated financial results for FY March 2023
Ⅰ. Consolidated profit and loss
1. Consolidated operating results
2. Comparison with financial forecasts
Ⅱ. Overall status by business
1. Building construction
2. Civil engineering
3. Real estate business

・・・
・・・

3
5

・・・ 7
・・・ 9
・・・ 11

Ⅲ. Consolidated financial position

・・・ 13

Ⅳ．Summary of orders received and carry forward to the next
fiscal year

・・・ 15②Consolidated financial forecasts for FY March 2024
Ⅴ. Forecasts for the next fiscal year
Ⅵ. Dividends③Reference information
Ⅶ. Reference information
1. Consolidated financial results(for the last 5 years) and forecasts
2. Status of consolidated subsidiaries
3. Orders received, net sales, and carryforward to the next fiscal year (consolidated)・・・ 17・・・ 22・・・ 24・・・ 25・・・ 26

Cover: YAHAGI CONSTRUCTION CO., LTD., Headquarters “Hiroba”
This is a space that employees can use freely to gather in a group, work over coffee, etc. while feeling thegreen and waterside nature, and where they can communicate with various other employees casually.
*This document has been translated from the Japanese original for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original,

-1-

the

original

shall

prevail.

© 2023 YAHAGI CONSTRUCTION CO.,LTD.

①Overview of consolidated financial
results for FY March 2023

-2-

© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅰ. Consolidated profit and loss
1. Consolidated operating results(Millions of Yen)

Year on year

FYE March
2021
ActualFYE March
2022
ActualFYE March2023
ActualIncrease/decrease

Change106,615

93,090111,11018,01919.4%

92,40678,993

94,265

15,271

19.3%

14,20814,096

16,845

2,748

19.5%

15,69914,935

16,590

1,655

11.1%

(14.7%)(16.0%)(14.9%)

11,68910,37910,822

442

4.3%

4,009

4,555

5,768

1,213

26.6%

8,336

8,765

9,377

612

7.0%

7,362

6,169

7,212

1,043

16.9%

(6.9%)(6.6%)(6.5%)

7,445

6,174

7,259

(Ordinary profit margin)(7.0%)(6.6%)(6.5%)

Profit attributable to owners ofparent

3,292

4,842

4,508

(Return on sales)(3.1%)(5.2%)(4.1%)Net sales
Net sales of completed
construction contracts
Net sales in real estatebusiness and other

Gross profit（Gross profit margin）
Gross profit on completed
construction contracts
Gross profit on real estatebusiness and other
Selling, general, andadministrative expenses

Operating profit(Operating profit margin)

Ordinary profit* Net sales marked a record high.

Net sales

YoY ￥18bn. (19.4％)（JPY mil）

106,615

93,090*111,110▲1.1pt1,084

2021.3Operating profit

YoY ￥1bn. (16.9％)
Operating profit margin▲0.1pt

6.9%

17.6%

7,362

▲0.1pt▲ 334

2022.32023.3（JPY mil）

6.6%

6.5%

6,169

7,212

2022.32023.3▲6.9%▲1.1pt＜Net sales＞
Construction business︓Net sales increased by ¥15.2 billion year on year
due to smooth progress in construction in both building construction andcivil engineering projects centered on large steel construction projects
Real estate business︓Net sales grew by ¥2.7 billion year on year due tobrisk sales of 2 new buildings in the condominiums for sale business, among
others.
Total︓Net sales increased by ¥18 billion year on year, resulting inrecord-high total net sales＜Profit＞
Construction business︓Profit only rose by ¥0.4 billion year on year due
to effects of some unprofitable large construction projects.
Real estate business︓Profit grew by ¥1.2 billion year on year mainly due
to progress in sales of industrial land in addition to a growth in sales ofcondominiums for sale
Total︓Although a profit increase was posted up to the ordinary profit level,
profit decreased by ¥0.3 billion due to the recording of extraordinary loss
associated with losses on valuation of securities held.

-3-

2021.3

Profit attributable to owners of parent

YoY ￥0.3bn. (6.9％)

Return on sales 5.2%

3.1%

4.1%
4,842

3,292

2021.3（JPY mil）

2022.34,508

2023.3© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅰ. Consolidated profit and loss
1. Consolidated operating results

Factors for increase or decrease in net sales/operating profit(vs results for FY March 2022)（JPY mil）

Net sales
YoY ￥18,019mil.

+14,029+1,242+2,748111,110

Real estatebusiness

FYE March2023
Actual

93,090FYE March
2022
ActualBuilding
construction

Civilengineering（JPY mil）

Operating profit+1,213

YoY ￥1,043mil.

6,169

FYE March
2022
Actual

▲612
7,212

+393

Building
construction

+49

Civil
engineering

Real estatebusiness-4-

Selling,
general, andadministrative
expensesFYE March2023
Actual© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅰ. Consolidated profit and loss
2. Comparison with financial forecasts＜Net sales＞
In the building construction business, net sales were ¥4.1 billion higher than forecast due tosmooth progress in construction.
＜Profit＞
In addition to a growth in construction in the building construction business, gross profit oncompleted construction contracts exceeded the forecast, supported by improvement in profit marginon each project, and sales of 2 new buildings in the condominiums for sale business were brisk in thereal estate business. Consequently, operating profit and ordinary profit also exceeded the forecast by¥1.2 billion. On the other hand, profit was ¥0.3 billion higher than forecast despite the recording ofextraordinary loss.

FYE March
2023
Forecast

FYE March2023
ActualIncrease/decreasevs forecasts(Millions of Yen)

Change107,000

111,1104,110103.8%Net sales of completed
construction contracts

90,30094,265

3,965

104.4%Net sales in real estatebusiness and other

16,70016,845145

100.9%

15,40016,5901,190

107.7%(14.4%)(14.9%)

Gross profit on completed construction
contracts

10,10010,822722

107.1%

Gross profit on real estate business andotherNet sales

Gross profit（Gross profit margin）

0.5pt

5,300

5,768

468

108.8%

Selling, general, andadministrative expenses

9,400

9,377

▲ 22

99.8%

Operating profit

6,000

7,212

1,212

120.2%(5.6%)(6.5%)

6,000

7,259

(5.6%)(6.5%)

Profit attributable to owners of parent

4,150

4,508

(Return on sales)(3.9%)(4.1%)(Operating profit margin)

Ordinary
profit(Ordinary profit margin)

-5-

0.9pt
1,259

121.0%
0.9pt

358

108.6%
0.2pt© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅰ. Consolidated profit and loss

2. Comparison with financial forecasts

Factors for increase or decrease in net sales/operating profit(vs year-beginning forecasts)（JPY mil）

Net salesvs forecast ￥4,110mil.

+3,829+136+145

111,110

Building
construction

Civilengineering

Real estatebusiness

FYE March2023
Actual

107,000

Year-beginning
forecast（JPY mil）

Operating profit

vs forecast ￥1,212mil.

+468
+362

+22

7,212

Selling,
general, andadministrative
expensesFYE March2023
Actual

+359

6,000

Year-beginning
forecast

Building
construction

Civilengineering

Real estatebusiness-6-© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅱ. Overall status by business
1. Building construction＜Orders received＞
Increased by ¥3.9 billion year on year as a result of winning orders for multiple large projects for logistics facilities,
commercial facilities, etc.
＜Net sales＞
Grew significantly by ¥14 billion year on year due to smooth progress in works for multiple large projects for which
orders were received mainly for construction of logistics facilities in the previous year.
＜Gross profit＞
Gross profit only rose by ¥0.4 billion year on year due to effects of some unprofitable large construction projects.
(Millions of Yen)FYE March
2021
ActualConsolidated orders received

FYE March
2022
ActualYear on year

FYE March2023
ActualIncrease/decrease

Change52,51560,07264,034

3,962

6.6%

Condominium construction works

10,13113,806

14,326520

3.8%

General construction works

42,384

46,21649,708

3,492

7.6%

58,63550,30064,32914,02927.9%

Condominium construction works

19,067

16,43011,444▲ 4,986▲30.3%

General construction works

39,56733,87052,88519,015

56.1%

Consolidated gross profit

5,929

4,669

5,062

393

8.4%

Consolidated gross profit margin

10.1%

9.3%

7.9%

Consolidated net sales▲1.4pt* General construction works include seismic retrofitting works.

-7-© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅱ. Overall status by business
1. Building construction
Orders received
YoY ￥3.9bn. (6.6％)（JPY mil）

60,07252,51513,80664,034

Net sales
YoY ￥14bn. (27.9％)（JPY mil）

64,32958,635

14,32650,300gross profit margin

10.1%
16,430

9.3%
7.9%

5,929
42,384

46,21649,7084,669

52,88539,567（JPY mil）

11,44419,067

10,131Gross profit
YoY ￥0.4bn. (8.4％)

5,062

33,8702021.32022.32023.3■Condominium construction works■General construction works

2021.32022.32023.3■Condominium construction works■General construction works

Orders received ratio by use

Net sales ratio by use

2021.32022.32023.3●Major completed construction work

Condominium

Condominium
construction

construction
works 17.8％

works 22.4％

Generalconstruction

Generalconstruction

works

works

77.6%

82.2％

-8-

DPL Meiko Yatomi new construction project

Yatomi City, Aichi Pref.
Client: DH Yatomi Kaihatsu Tokutei Mokuteki Kaisha© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅱ. Overall status by business
2. Civil engineering＜Orders received＞
Overall orders received for civil engineering grew by ¥1.9 billion year on year with basically steady orders received forgovernmental projects and others.
＜Net sales＞
Increased by ¥1.2 billion year on year due to smooth progress in construction for governmental projects just like orders received.
＜Gross profit＞
Only rose by ¥0.04 billion year on year.
(Millions of Yen)FYE March
2021
ActualConsolidated orders received

FYE March
2022
ActualYear on year

FYE March2023
ActualIncrease/decrease

Change28,831

32,56734,485

1,918

5.9%

Governmental projects

12,11912,88615,083

2,197

17.0%

Private-sector works

12,980

15,481

15,190

▲ 291

▲1.9%

PW works

3,732

4,200

4,212

12

0.3%

33,771

28,69329,936

1,242

4.3%

Governmental projects

14,877

8,946

12,158

3,211

35.9%

Private-sector works

14,52015,41013,452▲ 1,958▲12.7%

PW works

4,372

4,336

4,325

▲ 11

▲0.3%

Consolidated gross profit

5,760

5,710

5,759

49

0.9%

Consolidated gross profit margin

17.1%

19.9%

19.2%

Consolidated net sales▲0.7pt* Private-sector works include civil engineering and track works for Nagoya Railroad.
* PW works: Works performed by “PAN Wall” method, a reinforced earth method for natural grounds whichis the Company’s unique technology-9-© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅱ. Overall status by business
2. Civil engineering
Orders received
YoY ￥1.9bn. (5.9％)（JPY mil）

32,56734,485Net sales
YoY ￥1.2bn. (4.3％)
33,771

15,083

12,98014,877

8,946

12,158

5,760

5,710

5,759

2021.32022.32023.3

15,19014,52015,41013,452

4,200

4,212

4,372

4,336

4,325

2021.32022.32023.3■Governmental works ■Private-sector works ■PW works

2021.32022.32023.3■Governmental works ■Private-sector works ■PW works

Orders received ratio by use

Net sales ratio by use

PW works

14.5％
Governmental

Governmental

works
sector works
44.1％●Major completed construction work

PW works

12.2％

Private-

19.2%

17.1%

15,481

3,732

19.9%

（JPY mil）

29,936

28,693
12,886gross profit margin（JPY mil）

28,831

12,119Gross profit
YoY ￥0.04bn. (0.9％)

43.7％

works
Private-40.6％

sector works
44.9％
FY2020 Route 247 Nishi Chita Doro Tokai JCT/H
Lamp Bridge Lower Part Project

Tokai City, Aichi Pref.
Client: Chubu Regional Bureau, Ministry of Land, Infrastructure
and Transport-10-© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅱ. Overall status by business
３. Real estate business＜Orders received＞
In the condominiums for sale business, revenue increased by ¥2.7 billion year on year largely due to brisk sales of 2
new buildings.
＜Net sales＞
In addition to the increase in revenue in the condominiums for sale business, gain on sale of industrial land in the realestate sales business also contributed to a year-on-year rise in profit by ¥1.2 billion.
＜Results of condominiums for sale＞
The number of delivered units increased by 43 units year on year since 2 new buildings were completed and delivered.
The number of contracted units also increased by 30 units year on year.
(Millions of Yen)FYE March
2021
ActualConsolidated net sales

FYE March
2022
ActualFYE March2023
ActualYear on year
Increase/decrease

Change14,20814,096

16,845

2,748

19.5%

10,039

7,292

9,315

2,023

27.7%

621

2,991

3,448

457

15.3%

3,547

3,813

4,082

269

7.1%

Consolidated gross profit

4,009

4,555

5,768

1,213

26.6%

Consolidated gross profit margin

28.2%

32.3%

34.2%

Condominiums for sale business

Real estate sales
Others1.9pt❏Results of condominiums for sale(Company’s share)

Number of delivered units

199

180

223

43

23.9%

Number of contracted units

130

194

224

30

15.5%

*Others include subsidiaries’ businesses, etc. that are not included in the leasing business, thedistribution business and the construction business.

-11-© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅱ. Overall status by business
３. Real estate businessNet sales
YoY ￥2.7bn. (19.5％)（JPY mil）

Gross profit
YoY ￥1.2bn. (26.6％)
gross profit margin

16,845
14,20832.3%

14,096

Number of contracted units
YoY 43units (23.9％)(Company’s share)（JPY mil）

199

34.2%

28.2%

223

180

9,315
10,039

621
3,547

7,292

5,768

2,991

3,448

3,813

4,082

2021.32022.32023.3■Condominiums for sale business ■Real estate sales ■Others

Net sales ratio by use

4,009

4,555

2021.32022.32023.32021.32022.32023.3●Major completed development properties

Others24.2％
Condominiums
Real estatesales

for sale business
55.3％

VENT VERTCHIKUSA THE
FIRST

20.5％

Higashi-ku, Nagoya City
Business operator:
YAHAGI REAL ESTATE
Co., Ltd.

-12-

Chunichi Sangyo Toyoake Logistics
Center Stage II Plan

Toyoake City, Aichi Pref.
Developers: Chunichi Sangyo Kabushiki Kaisha, and YAHAGICONSTRUCTION CO., LTD.

© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅲ. Consolidated financial position
Total assets︓Increased by ¥13.5 billion, mainly due to anincrease in trade receivables by ¥9.9 billion along with growth inworks completed in the building construction business, and rises
in real estate for sale by ¥0.3 billion and in property, plant andequipment by ¥1.2 billion as a result of investments in the realestate business.
Liabilities
︓Increased by ¥10.6 billion largely due to a rise in accounts
payable by ¥8.3 billion in relation to growth in works completed.
Net assets ︓Increased by ¥2.8 billion from the end of the previous
year, mainly due to the recording of profit.

❏Consolidated balance sheets

Fixed assets

22,011

22,821(Millions of Yen)

Changes809

Trade receivables

32,80842,753

9,945

Costs on construction
contracts in progress

2,534

2,074

▲ 460

Real estate for sale

19,884

20,239

355

Other

3,195

4,334

1,138

Total

80,43592,223

11,788Property, plant andequipment

27,27228,497

1,225

Intangible assets

390

805

415

Investments and otherassets

8,326

8,460

134

35,98837,763

1,775

116,423

129,987

13,563

Total

Total assets-13-

LiabilitiesFYE March
2022
ActualFYE March2023
ActualChangesAccounts payable

10,394

18,697

8,302

Short-termborrowings

25,40028,1002,700

Advances received
on construction
contracts in progress

4,780

4,604

▲ 175

Other

4,573

5,442

869

Total

45,14856,843

11,695Long-term
borrowings

5,000

3,800

▲ 1,200

Other

8,743

8,912

169

Total

13,743

12,712▲ 1,030

Total liabilities

58,891

69,556

10,664

Net assets

57,53260,431

2,899

116,423

129,987

13,563Current liabilities

Current assets

Cash and deposits

FYE March2023
ActualLong-term
liabilities

AssetsFYE March
2022
ActualTotal liabilities and net assets© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅲ. Consolidated financial position❏Key management indicators(Millions of Yen)FYE March2019 Actual

FYE March2020 Actual

FYE March
2021 Actual

FYE March2022 Actual

FYE March2023 Actual

Return on assets (ROA)

7.4%

7.3%

6.3%

5.0%

5.9%

Return on equity (ROE)

9.5%

10.2%

6.2%

8.6%

7.6%

¥103.15¥118.85¥75.86¥112.18¥104.83

Equity ratio

45.8%

48.6%

42.1%

49.4%

46.5%

Interest-bearing debt

23,737

26,05742,94030,40031,900Net interest-bearing debt（*）

9,670

12,281

20,848

8,388

9,079

Earnings per share (EPS)（*） Net interest-bearing debt = interest-bearing debt - cash and deposits❏Consolidated statements of cash flows
FYE March2019 Actual

FYE March2020 Actual(Millions of Yen)FYE March
2021 Actual

FYE March2022 Actual

FYE March2023 ActualCash flows from operating activities▲ 4,912631▲ 6,757

15,841

4,152

Cash flows from investing activities▲ 3,104▲ 1,640▲ 220▲ 1,549▲ 3,069

Cash flows from financing activities

7,756

918

15,356▲ 14,351

▲ 253

-14-

© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅳ. Summary of orders received and carry forward to the next fiscal year
Orders received︓Increased by ¥5.8 billion year on
year mainly due to orders received for multiple large
projects for both building construction and civilengineering.
Carry forward to the next fiscal year︓ Carry forward to
the next fiscal year, which contributes to net sales inand after the next fiscal year, also grew significantlyby ¥9.1 billion year on year due to a rise in orders
received.

❏Orders received

Orders received
YoY ￥5.8bn. (6.3％)（JPY mil）

81,346

92,63998,520(Millions of Yen)

Year on year

FYE March
2021
ActualFYE March
2022
ActualFYE March2023
ActualIncrease/decrease

ChangeBuilding construction

52,51560,07264,034

3,962

6.6%

2021.3Civil engineering

28,831

32,56734,485

1,918

5.9%

Total

81,346

92,63998,520

5,880

6.3%

Carry forward to thenext fiscal year

❏Carry forward to the next fiscal year
FYE March
2021
ActualFYE March
2022
ActualBuilding construction

52,46962,064

Civil engineering

25,96728,263

Total

78,43790,327

Year on year
Increase/decrease

Change66,629

4,565

7.4%

32,812

4,549

16.1%

99,442

9,114

10.1%

(*)

*The results for FY March 2023 include the results of HOKUWACONSTRUCTION,INC. (¥4,860 million), which became a subsidiary as ofMarch 31, 2023.

-15-

2023.3

YoY ￥9.1bn. (10.1％)（JPY mil）(Millions of Yen)FYE March2023
Actual(*)

2022.378,4372021.390,3272022.399,4422023.3© 2023 YAHAGI CONSTRUCTION CO.,LTD.

②Consolidated financial forecasts for
FY March 2024

-16-

© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅴ. Forecasts for the next fiscal year
In forecasts for the fiscal year ending March 31, 2024 (full year), a record
high is expected at each profit level, with net sales of ¥122 billion, operating
profit of ¥9.5 billion, and profit of ¥6.3 billion.
＜Net sales＞
Construction business︓ Results are expected to exceed those in the previous year, as net sales of HOKUWA＜売上高＞
CONSTRUCTION,INC., which became a subsidiary, will be added.
︓e s・ s・︓・ S⾒R e a建
l e設
s t事
a t業
e busina l込
e みo f 。e x t r a o r d i n a r i l y l a r g e s e l f - d e v e l o p e d l a n d , w h i c h i s t h e C o m p a n y ’ s r e c o r d - s c a l e p r o j e c t ,i s s c不
h e動
d u産
l e事
d, 業
net ︓
s a・l e・ s・ ⾒aree
込 みx p。e c t e d t o b e s i g n i f i c a n t l y m o r e t h a n t h e r e s u l t i n t h e p r e v i o u s y e a r .
Total︓With a large increase in sales in the real estate business, overall net sales will exceed the result in the
合計
︓・・・⾒込み。
previous year, achieving a record high.
＜ P＜
r o利
f i t益＞＞Construction business︓Profit is expected to be lower than the result in the previous year due to a decline in profit
建設事業
︓・・・⾒込み。
margin stemming from many unprofitable works.
業u s i n︓e s・ s・︓・ P⾒R e a不
l e動
s t産
a t事
e b
r o込
f i tみi 。
s expected to significantly exceed the result in the previous year along with sale ofe x t r a合o r計
d i n a r i l y l a︓rge
l f -込d eみv e。l o p e d l a n d .
・ ・s ・e ⾒Total︓Due to robust growth in revenue, profit will also far exceed the result in the previous year at each profit
level, achieving a record high.

❏Full-year consolidated financial forecasts for the fiscal year ending March 31, 2024

(Millions of Yen)

Net sales

Net sales of completed
construction contracts
Net sales in real estatebusiness and other

Gross profit（Gross profit margin）
Gross profit on completed
construction contracts
Gross profit on real estatebusiness and other
Selling, general, andadministrative expenses

Operating profit(Operating profit margin)

Ordinary profit(Ordinary profit margin)
Profit attributable to owners of parent(Return on sales)Year on year（full year）

Six months ended
Sept. 30, 2022
Actual2023.9Interim forecast

Year on year（interim）

FYE March 2023
ActualFYE March 2024
Full-year forecasts

111,110122,000

10,8899.8%

41,49553,00011,504

27.7%

94,26598,700

4,434

4.7%

35,715

46,10010,38429.1%

16,84523,300

6,454

38.3%

5,779

6,900

1,120

19.4%

16,59019,700

3,109

18.7%

5,995

5,500

▲ 495

▲8.3%

(14.9%)(16.1%)

1.2pt(14.4%)(10.4%)

Increase/decrease

ChangeIncrease/decrease

Change▲4.0pt10,822

9,400▲ 1,422▲13.1%

4,003

3,300

▲ 703

▲17.6%

5,768

10,300

4,531

78.6%

1,992

2,200

207

10.4%

9,377

10,200

822

8.8%

4,257

5,000

742

17.4%

7,212

9,500

2,287

31.7%

1,738

500

▲ 1,238▲71.2%(6.5%)(7.8%)

1.3pt(4.2%)(0.9%)

7,259

9,500

(6.5%)(7.8%)

4,508

6,300

(4.1%)(5.2%)

2,240
1,791

-17-

30.9%

1,775

500

1.3pt

(4.3%)(0.9%)

39.7%

1,206

300

1.1pt

(2.9%)(0.6%)▲3.3pt▲ 1,275▲71.8%▲3.4pt▲ 906▲75.1%▲2.3pt© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅴ. Forecasts for the next fiscal year
❏Consolidated forecasts for FY March 2024
Factors for increase or decrease in net sales /operating prof it(vs results in FY March 2023)（JPY mil）

Net sales
YoY ￥10,889mil.
+3,670+763

Building
construction

Civilengineering+6,454122,000

Real estatebusiness

FYE March
2024
Actual111,110FYE March2023
ActualOperating profit
YoY ￥2,287mil.

（JPY mil）+4,531

▲822
9,500

7,212

▲662

FYE March2023
ActualBuilding
construction

▲759
Civil
engineering-18-

Real estatebusiness

Selling,
general, andadministrative
expensesFYE March
2024
Actual© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅴ. Forecasts for the next fiscal year
❏Full-year consolidated financial forecasts for the fiscal year ending March 31, 2024
(By business)(Millions of Yen)FYE March 2023
ActualNet sales

Net sales of completed
construction contracts

Building construction
Civil engineering
Net sales in real estatebusiness and other

Gross profit

Gross profit on completed
construction contracts(Gross profit margin on completed
construction contracts)FYE March 2024
Full-year forecasts

Increase/decrease

Six months ended
Sept. 30, 2022
ActualChange2023.9Interim Forecast

Year on year（interim）
Increase/decrease

Change111,110122,000

10,8899.8%

41,49553,00011,504

27.7%

94,26598,700

4,434

4.7%

35,715

46,10010,38429.1%

64,32929,93668,00030,700

3,670
763

5.7%
2.6%

22,553
13,16232,70013,40010,146
237

45.0%
1.8%

16,84523,300

6,454

38.3%

5,779

6,900

1,120

19.4%

16,59019,700

3,109

18.7%

5,995

5,500

▲ 495

▲8.3%

10,822

9,400▲ 1,422▲13.1%

4,003

3,300

▲ 703

▲17.6%(11.5%)(9.5%)▲2.0pt(11.2%)(7.2%)

Building construction

5,062

4,400

(Profit margin on building
construction works)(7.9%)(6.5%)

Civil engineering

5,759

5,000

(Profit margin on civil engineering
works)(19.2%)(16.3%)

Gross profit on real estate business and
other

5,768

10,300(34.2%)(44.2%)(Gross profit margin on real estatebusiness, etc.)

Year on year（full year）

▲ 662
▲ 759

▲13.1%

1,670

1,600

▲1.4pt

(7.4%)(4.9%)▲13.2%

2,332

1,700

▲2.9pt(17.7%)(12.7%)

78.6%

1,992

2,200

10.0pt(34.5%)(31.9%)

4,531* Year-beginning works on hand: [FY March 2024] ¥99,442 million (+10.1% year on year) (FY March 2023: ¥90,327 million)
Breakdown of the above: Building construction: ¥66,629 million (+7.4% year on year), civil engineering: ¥32,812 million (+16.1% year on year)* Number of delivered units of condominiums for sale: 168 units in the full-year plan for FY March 2024 (result in FY March 2023: 223 units)❏Numerical targets in the mid-term
management plan
(FY2021 to FY 2025)◉Net sales:¥130.0 billion◉Operating profit︓
1,¥10.0 billion

122,000▲4.0pt▲ 70▲4.2%▲2.5pt▲ 632▲27.1%▲5.0pt207

10.4%▲2.6pt130,000 (Millions of Yen)

■Net sales■Operating profit

111,110
93,090

7,212

6,169

2023.32024.3（Actual）（Forecast）〜〜

2022.3（Actual）-19-

10,0009,500

2026.3（Target）© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅴ. Forecasts for the next fiscal year
❏Supplementary information●Factors for decrease in operating profit for the first half of FY March 2024 (Year on year)※In building construction, operating proﬁt(Prior period)for six months ending Sept. 2023 is expected(Current period)

35,715➡46,100(Prior period)

to fall below that of six months ended Sept.

(Current period)

2022 due to an expected decline in gross

11.2％➡7.2％(Prior period) (Current period)

4,257➡5,000(Prior period)

profit on completed construction contracts
from the effect of low profit likelihood forsome constructions.

(Current period)

1,992➡2,200

Gross profit on completed
construction contracts ▲703
O p e r a t i n g
E f f e c t o f g r o w t h
p r o f i t i n 1 s t
i n r e v e n u e f r o m
h a l f o f F Y M a r . c o m p l e t e d
2 0 2 3c o n s t r u c t i o n
c o n t r a c t s i n 1 s t
h a l fE f f e c t o f
d e c r e a s e d
p r o f i t m a r g i n
o f c o m p l e t e d
c o n s t r u c t i o n
c o n t r a c t s i n
1 s t h a l f o f F Y
M a r . 2 0 2 3

S & G A i n
1 s t h a l f

G r o s sp r o f i t o f
r e a l e s t a t e
i n 1 s t h a l f

O p e r a t i n g p r o f i t
i n 1 s t h a l f o f
F Y M a r . 2 0 2 4● Factors for increase in profit for the second half of FY March 2024 (from the first half of FY March 2024)(1st half) (2nd half)
5,000➡5,200※Strong growth in operating proﬁt for the ﬁscal
year ending March 31 2024 is expected in the(1st half) (2nd half)
2,200➡8,100

second six months of the fiscal year, forecasting¥0.5 billion for the first six months and ¥9.0
billion for the second six months, due to thecompany’s sales projections for land for its own
development in the second six-month period at
a scale larger than anything the Company has(1st half) (2nd half)
3,300➡6,100

O p e r a t i n g
p r o f i t i n 1 s t
h a l f o f F Y M a r .
2 0 2 4G r o s s p r o f i t o f
c o m p l e t e d
c o n s t r u c t i o n
c o n t r a c t s i n
2 n d h a l fpreviously done. Operating profit of ¥9.5 billion
is expected for the full year.

G r o s s p r o f i t o f
r e a l e s t a t e i n
2 n d h a l f

S & G A i n
2 n d h a l f-20-

O p e r a t i n g p r o f i t
i n 2 n d h a l f o f
F Y M a r . 2 0 2 4© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅴ. Forecasts for the next fiscal year
❏Supplementary information●As for the percentage of each section in gross profit on sales for FY March
2024, the percentage of the real estate section rose significantly on atemporary basis, partly due to contribution of the sale of self-developed
l a n d , w h ic h i s t h e C o m p a ny ’s r e c o r d - s c a l e p r o j e c t .
FY March 2023: Percentage in grossprofit on sales of ¥16.6 billion

Civil
engineering
5,759（34.7％）FY March 2024: Percentage in grossprofit on sales of ¥19.7 billion

Civil
engineering
5,000Real estatebusiness
5,768（25.4％）（34.8％）

Real estatebusiness
10,300

Building
construction
4,400

Building
construction
5,062（52.3％）（22.3％）（30.5％）-21-© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅵ. Dividends
For FYE March 2023, the Company will pay a year-end dividend of ¥24 pershare, an increase of ¥5 from the initial forecast of ¥19 per share. Combinedwith the interim dividend of ¥19, annual dividends will be ¥43 per share.
For FYE March 2024, the Company plans to vastly increase that amount by ¥17
and pay annual dividends of ¥60 per share.
FYE March2019 Actual

FYE March2020 Actual

FYE March
2021 Actual

FYE March2022 Actual

FYE March2023 Actual

FYE March2024 Forecast

Interim dividend

¥12

¥16

¥17

¥17

¥19

¥30

Year-end dividend

¥16

¥18

¥17

¥21

¥24

¥30

Annual dividends¥28（*）¥34

¥34

¥38

¥43

¥60

27.1%

28.6%

44.8%

33.9%

41.0%

41.0%

Payout ratio (consolidate)（*） Including commemorative dividend of ¥4 for the 70th anniversary of foundation❏ Tr e n d s i n a n n u a l d i v i d e n d s p e r s h a r e
44.8%
33.9%

Payout ratio
配当性向
21.5%

25.5%

20.5%

20.4%

18

22

24

2015.32016.32017.3

24

41.0%

28.6%

27.1%

34

28

34

38

41.0%

45.0%

60

35.0%

43

25.0%
15.0%
5.0%

2018.32019.32020.3-22-2021.32022.32023.32024.32024.3予(Forecast)-5.0%© 2023 YAHAGI CONSTRUCTION CO.,LTD.

③Reference information-23-© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅶ. Reference information
1. Consolidated financial results(for the last 5 years) and forecasts
FYE March2019 Actual
Net salesFYE March2020 Actual

FYE March
2021 Actual(Millions of Yen)FYE March2022 Actual

FYE March2023 Actual

FYE March2024 Forecast

92,754

90,129106,615

93,090111,110122,000(1.2%)(▲2.8%)(18.3%)(▲12.7%)(19.4%)(9.8%)

7,705

7,764

7,362

6,169

7,212

9,500

(0.2%)(0.8%)(▲5.2%)(▲16.2%)(16.9%)(31.7%)

7,747

7,829

7,445

6,174

7,259

9,500

(Year-on-year percentage change)(0.4%)(1.1%)(▲4.9%)(▲17.1%)(17.6%)(30.9%)

Profit attributable to ownersof parent

4,476

5,158

3,292

4,842

4,508

6,300

(Year-on-year percentage change)(9.6%)(15.2%)(▲36.2%)(47.1%)(▲6.9%)(39.7%)(Year-on-year percentage change)

Operating profit(Year-on-year percentage change)

Ordinary profit❏＜Reference＞
First year for which consolidated financial
statements were preparedFYE March 1991

Highest records
Net salesFYE March 2023

111,110

millionOperating profit

FYE March 2020

7,764

millionOrdinary profit

FYE March 2020

7,829

millionProfit attributable toowners of parent

FYE March 2020

5,158

million-24-© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅶ. Reference information
2. Status of consolidated subsidiaries
Name

Address

Fiscalyear end

Share capital(Millions of yen)

Business description

Results for the current
fiscal year

Net sales(Millions of yen)

YAHAGI REAL ESTATE Co., Ltd.Higashi-ku, Nagoya

800

March

Condominiums for sale business, real estate development
business, real estate leasing business, real estate brokeragebusiness

11,1284,286

YAHAGI BUILDING AND LIFE
CO., LTD.

Higashi-ku, Nagoya

400

March

Apartment management business, real estate managementbusiness, construction business, signage business, property
casualty insurance business, WOOD-PITA (a seismic
retrofitting method using external reinforcing for existingwooden detached houses) business,Customer service
business for condominiums for sale

YAHAGI GREEN Co., Ltd.

Higashi-ku, Nagoya

100

March

Greenery business, golf course management business

3,148

1,691

7,203

Techno Support Co., Ltd.

Higashi-ku, Nagoya

50

March

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

YAHAGI ROAD CO., LTD.

Toyota, Aichi

300

March

Paving business, civil engineering business, manufactureand sales of asphalt mixture, recycling business

Nanshin Takamori
Development Co., Ltd.

Takamori-machi, Shimoina-gun,
Nagano50

March

Operation of golf courses (Takamori Country Club)HOKUWA CONSTRUCTION,INC.

Shimogyo-ku,
Kyoto

85

March

Construction business

288（6,640）(*) 1. All the above companies are wholly-owned subsidiaries of YAHAGI CONSTRUCTION CO., LTD. (For Nanshin Takamori Development Co., Ltd., there are indirect holdings at 69%).
2. The Company acquired all the shares in HOKUWA CONSTRUCTION,INC. as of March 31, 2023, and made the said company its subsidiary. Operating results of the said company for the current period
are not included in the consolidated net sales.

-25-© 2023 YAHAGI CONSTRUCTION CO.,LTD.

Ⅶ. Reference information
3.

Orders received, net sales, and carryforward to the next fiscal year (consolidated)(Millions of Yen)

Category

Net sales

Carry forward to the next fiscal year

Year on year
FYE March FYE March
2022
2023
Increase
ActualActualChange/decrease

Year on year
FYE March FYE March
2022
2023
Increase
ActualActualChange/decrease

Year on year
FYE March FYE March
2022
2023
Increase
ActualActualChange/decrease
28

28

－

27.9%

62,064 (*) 66,601

4,537

7.3%

14,02927.9%62,064 (*) 66,629

4,565

7.4%

12,158

3,211

35.9%

9,940

12,865

2,924

29.4%

19,747

17,777▲ 1,969▲10.0%

18,323

19,947

1,624

8.9%

5.9%

28,69329,936

1,242

4.3%

28,26332,812

4,549

16.1%

6,407

73.6%

8,946

12,158

3,211

35.9%

9,940

12,893

2,953

29.7%

83,408

▲ 527

▲0.6%

70,047

82,106

12,05917.2%

80,387 (*) 86,549

6,161

7.7%

98,520

5,880

6.3%

78,993

94,265

15,271

19.3%

90,327 (*) 99,442

9,114

10.1%

Real estate business and other

14,096

16,845

2,748

19.5%

Total

93,090111,11018,01919.4%

Building
construction

Public

0

28

28

－

0

－

－

－

Private60,07264,006

3,933

6.5%

50,30064,32914,02960,07264,034

3,962

6.6%

50,30064,329Public

8,704

15,083

6,379

73.3%

8,946

Private23,863

19,402▲ 4,460▲18.7%

32,56734,485

1,918

Public

8,704

15,111

Private83,935
92,639Total

Construction

Orders received

Civil
engineering

Total

Subtotal－* Carry forward to the next fiscal year (results in the fiscal year ended March 31, 2023) includes the
portion of HOKUWA CONSTRUCTION,INC. (¥4,860million), which became a subsidiary as of March 31,
2023.

-26-

© 2023 YAHAGI CONSTRUCTION CO.,LTD.

To Be Continued
YAHAGI ENGINEERING