Note: 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, the original shall prevail. The Company assumes
no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.

Consolidated Financial Statements for
the Three Months Ended June 30, 2024
[Japanese GAAP]
August 8, 2024
Company name: TAIHEI DENGYO KAISHA, LTD.
Stock exchange listing: Tokyo Stock Exchange
Code number: 1968
URL: https://www.taihei-dengyo.co.jp/
Representative: Jo Nojiri, Representative Director, President and Chief Executive Officer
Contact: Shinya Kusaka, Director and Managing Executive Officer/General Manager, General Affairs Administrative
Division
Phone: +81-3-5213-7211
Scheduled date of commencing dividend payments: Preparation of supplementary explanatory materials: No
Holding of financial results briefing: No(Amounts of less than one million yen are rounded down.)
1. Consolidated Results for the Three Months Ended June 30, 2024 (April 1, 2024 – June 30, 2024)(1) Consolidated Operating Results (Cumulative)(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Three months ended
Million yen%
Million yen%
Million yen%
Million yen%
June 30, 2024
30,08011.8
2,485 224.0
3,313 121.9
2,235
89.9
June 30, 2023
26,902(7.2)
767 (74.4)
1,492(62.1)
1,177(56.1)(Note) Comprehensive income: Three months ended June 30, 2024: 2,953 million yen [48.7%]
Three months ended June 30, 2023: 1,985 million yen [(26.9)%]
Basic earnings per share
Diluted earnings per share
Three months ended
Yen
Yen
June 30, 2024
112.56
June 30, 2023
61.87
(2) Consolidated Financial Position
Total assets
Million yen

As of June 30, 2024
156,287
As of March 31, 2024
153,023(Reference) Equity: As of June 30, 2024: 102,252 million yen
As of March 31, 2024: 99,212 million yen

Net assets

Equity-to-asset ratio

Million yen%

103,576
100,592

65.4
64.8

2. Cash Dividends
Annual dividends
1st quarter-end

2nd quarter-end

3rd quarter-end

Yen

Yen

Yen

Yen

Yen

-

135.00135.00-150.00150.00Year ended
March 31, 2024
Year ending
March 31, 2025
Year ending
March 31, 2025
(Forecast)(Note) Changes from the most recent dividends forecast: None

Year-end

Total

3. Forecast of Consolidated Results for the Fiscal Year Ending March 31, 2025
(April 1, 2024 - March 31, 2025)(% indicates changes from the previous corresponding period.)
Net sales
Million yen%

Operating profit

Ordinary profit

Million yen

Million yen%

Full year
139,000 7.5
13,500 34.3
(Note) Changes from the most recent results forecast: None

14,200

Profit attributable toowners of parent%

23.3

Million yen

9,500

Basic earnings
per share

%

13.2

Yen

490.30* Notes:(1) Significant changes in the scope of consolidation during the period: None
(2) Application of special accounting methods for preparing quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(4) Total number of shares issued and outstanding (common shares)
1) Number of shares issued and outstanding at the end of the period (including treasury shares):
June 30, 2024: 20,731,980 shares
March 31, 2024: 20,341,980 shares
2) Number of treasury shares at the end of the period:
June 30, 2024: 703,505 shares
March 31, 2024: 966,005 shares
3) Average number of shares during the period (cumulative from the beginning of the fiscal year):
June 30, 2024: 19,861,821 shares
June 30, 2023: 19,026,185 shares* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified
public accountants or an audit firm: Yes (voluntary)* Explanation of the proper use of performance forecast and other notes
The earnings forecast and other forward-looking statements herein are based on the information currently
available and certain assumptions deemed reasonable by the Company, and thus actual results may differ
significantly from these forecasts due to a wide range of factors.

TAIHEI DENGYO KAISHA, LTD. (1968)
Financial Results for the Three Months Ended June 30, 2024 [Japanese GAAP]

Table of Contents
1. Overview of Operating Results, etc....................................................................................................... 2(1) Overview of Operating Results for the Three Months Ended June 30,2024 ..................................... 2(2) Overview of Financial Position for the Three Months Ended June 30,2024 .................................... 3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information . 3
2. Quarterly Consolidated Financial Statements and Primary Notes ........................................................ 4(1) Quarterly Consolidated Balance Sheet .............................................................................................. 4(2) Quarterly Consolidated Statement of Income and Comprehensive Income...................................... 6(3) Notes to Quarterly Consolidated Financial Statements ..................................................................... 8(Changes in accounting policies) ................................................................................................. 8(Segment information, etc.) .......................................................................................................... 8(Notes in case of significant changes in shareholders’ equity) ................................................... 10(Notes on going concern assumption) ........................................................................................ 10(Notes to statement of cash flows) ............................................................................................. 10(Significant subsequent events) .................................................................................................. 10
3. Supplemental information ................................................................................................................... 10(1) Orders Received, Net Sales and Order Backlog by Segment .......................................................... 101

TAIHEI DENGYO KAISHA, LTD. (1968)
Financial Results for the Three Months Ended June 30, 2024 [Japanese GAAP]

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Three Months Ended June 30,2024
During the three months ended June 30, 2024, the Japanese economy recovered moderately owing to an
improved employment and income environment and the effect of various government policies, as well as an
expansion in inbound tourism demand and other factors. However, the outlook continues to be uncertain given
global monetary tightening and rising prices on account of the weak yen.
Under these circumstances, for the three months ended June 30, 2024, the TDK Group recorded orders
received of 47,651 million yen (an increase of 85.7% YoY) and net sales of 30,080 million yen (an increase of
11.8% YoY) including 807 million yen (a decrease of 64.1%) for overseas works.
Regarding profits, operating profit amounted to 2,485 million yen (an increase of 224.0% YoY), ordinary
profit amounted to 3,313 million yen (an increase of 121.9% YoY), and profit attributable to owners of parent
amounted to 2,235 million yen (an increase of 89.9% YoY).
Performance results by business segment are as follows.
(Construction Segment)
Orders received amounted to 29,312 million yen (an increase of 316.7% YoY, composition ratio: 61.5%).
An increase in works for thermal power plants for business use resulted in an increase for the overall segment.
Net sales amounted to 9,659 million yen (an increase of 1.5% YoY, composition ratio: 32.1%). Despite adecrease in works for environmental preservation plants, works for thermal power plants for business use
increased, resulting in an increase for the overall segment. Segment profit amounted to 607 million yen (anincrease of 136.4% YoY).
(Maintenance and Renovation Segment)
Orders received amounted to 18,338 million yen (a decrease of 1.6% YoY, composition ratio: 38.5%).
Despite an increase in works for thermal power plants for business use, works for environmental preservation
plants decreased, resulting in a decrease for the overall segment.
Net sales amounted to 20,420 million yen (an increase of 17.5% YoY, composition ratio: 67.9%). Despite adecrease in works for thermal power plants for private use, works for thermal power plants for business use andworks for nuclear power plants increased, resulting in an increase for the overall segment. Segment profit
amounted to 3,150 million yen (an increase of 93.8% YoY).

2

TAIHEI DENGYO KAISHA, LTD. (1968)
Financial Results for the Three Months Ended June 30, 2024 [Japanese GAAP](2) Overview of Financial Position for the Three Months Ended June 30,2024(a) Assets
Current assets amounted to 108,982 million yen, up 2,150 million yen from the end of the previous fiscal
year. This was due mainly to increases of 5,435 million yen in cash and deposits and 3,905 million yen in costs
on construction contracts in progress, despite a decrease of 7,757 million yen in notes receivable, accounts
receivable from completed construction contracts, and contract assets.
Non-current assets amounted to 47,304 million yen, up 1,113 million yen from the end of the previous fiscal
year. This was due mainly to an increase of 1,089 million yen in investment securities.
(b) Liabilities
Current liabilities amounted to 39,048 million yen, down 68 million yen from the end of the previous fiscal
year. This was due mainly to decreases of 861 million yen in accounts payable for construction contracts and692 million yen in provision for bonuses, despite an increase of 1,332 million yen in contract liabilities.
Non-current liabilities amounted to 13,662 million yen, up 347 million yen from the end of the previous
fiscal year. This was due mainly to an increase of 522 million yen in deferred tax liabilities, despite a decreaseof 237 million yen in long-term borrowings.
(c) Net assets
Net assets amounted to 103,576 million yen, up 2,984 million yen from the end of the previous fiscal year.
This was due mainly to increases of 807 million yen in share capital and 1,460 million yen in capital surplus.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
There is no change to the consolidated financial results forecast for the full year from the forecast in the“Consolidated Financial Statements for the Fiscal Year Ended March 31, 2024” published on May 10, 2024.
Forward-looking statements, such as performance forecasts, made in this document are based on information
currently available to the Company and certain assumptions deemed reasonable, and actual results, etc. may
differ significantly due to various factors.

3

TAIHEI DENGYO KAISHA, LTD. (1968)
Financial Results for the Three Months Ended June 30, 2024 [Japanese GAAP]

2. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheet(Unit: ¥1 million)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts, andcontract assets
Electronically recorded monetary claims operating
Costs on construction contracts in progress
Raw materials and supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation andimpairment
Buildings and structures, net
Machinery and vehicles
Accumulated depreciation
Machinery and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation andimpairment
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Real estate for rent
Accumulated depreciation
Real estate for rent, net
Deferred tax assets
Long term-bank cash
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4

As of June 30, 2024

42,17347,60948,38940,632

3,524

2,940

10,20959
2,475
106,832

14,115
67
3,617
108,982

20,446

20,464(12,226)(12,357)

8,220
13,491(10,637)
2,854
2,765

8,106
13,564(10,721)
2,842
2,801

(2,494)(2,522)

270
9,135
685
(294)
390
22
20,892

279
9,146
745
(317)
428
44
20,847

236
236

254
254

16,676
280
4
6,300
(368)
5,932
37
352
2,051
(274)
25,06046,190153,023

17,766
291
0
6,301
(381)
5,919
16
372
2,119
(284)
26,20147,304
156,287

TAIHEI DENGYO KAISHA, LTD. (1968)
Financial Results for the Three Months Ended June 30, 2024 [Japanese GAAP](Unit: ¥1 million)
As of March 31, 2024
Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts
Electronically recorded obligations - operating
Current portion of bonds payable
Current portion of long-term borrowings
Lease liabilities
Income taxes payable
Contract liabilities
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
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
Retirement benefit liability
Provision for share awards for directors (andother officers)
Provision for retirement benefits for directors(and other officers)
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-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeShare acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

5

As of June 30, 2024

10,648

9,787

11,837
5,000
948
162
1,362
4,952
1,047

12,940
5,000
948
182
834
6,284
354

79

20

138

97

752
2,185
39,116793
1,804
39,048

8,631
250
142
3,850

8,394
297
664
3,869

202

202

44

35

194
13,31452,430199
13,662
52,7104,000
5,881
85,270(1,621)
93,5304,808
7,341
84,877(1,214)
95,812

6,222

6,970

(243)
(296)

(260)
(268)

5,682

6,440

17
1,361
100,592
153,0232
1,321
103,576
156,287

TAIHEI DENGYO KAISHA, LTD. (1968)
Financial Results for the Three Months Ended June 30, 2024 [Japanese GAAP](2) Quarterly Consolidated Statement of Income and Comprehensive Income
Three Months Ended June 30, 2023 and 2024
(Unit: ¥1 million)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using
equity method
Rental income from non-current assets
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rental expenses on non-current assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of investment securities
Other
Total extraordinary losses

For the three months ended
June 30, 2023
26,902
23,598
3,303
2,536
767

For the three months ended
June 30, 2024
30,08024,803
5,277
2,791
2,485

6
174

3
211

50

70

101
491
11
835

91
439
117
934

11
60
38
110
1,492

9
45
51
106
3,313

-

2
2

0
29
29

0
0
0

6

TAIHEI DENGYO KAISHA, LTD. (1968)
Financial Results for the Three Months Ended June 30, 2024 [Japanese GAAP](Unit: ¥1 million)

Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable toProfit attributable to owners of parent
Loss attributable to non-controlling interests
Other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

For the three months ended
June 30, 2023
1,463
(35)
368
332
1,130

For the three months ended
June 30, 2024
3,315
842
270
1,113
2,202

1,177
(46)

2,235
(33)

870

741

(42)

(18)

27

28

0

0

855
1,985

750
2,953

2,035

2,981

(49)

(28)

7

TAIHEI DENGYO KAISHA, LTD. (1968)
Financial Results for the Three Months Ended June 30, 2024 [Japanese GAAP](3) Notes to Quarterly Consolidated Financial Statements(Changes in accounting policies)(Application of Accounting Standard for Current Income Taxes)
The Accounting Standard for Current Income Taxes (Accounting Standards Board of Japan (ASBJ) Statement
No.27, October 28, 2022; hereinafter referred to as the “Revised Accounting Standard 2022”), etc. have been
adopted from the beginning of the first quarter ended June 30, 2024. The amendment to categories in whichcurrent income taxes should be recorded (taxes on other comprehensive income) follows the transitional
treatment prescribed in the proviso of paragraph 20-3 of the Revised Accounting Standard 2022 and thetransitional treatment prescribed in the proviso (2) of paragraph 65-2 of the Implementation Guidance on Tax
Effect Accounting (ASBJ Guidance No. 28, October 28, 2022; hereinafter referred to as the “Revised
Implementation Guidance 2022”). This change in accounting policies has no impact on the quarterly consolidated
financial statements.
For the amendment related to the revised accounting treatment for consolidated financial statements when
gains or losses on sale of shares in subsidiaries resulting from transactions between consolidated companies weredeferred for tax purposes, the Revised Implementation Guidance 2022 has been adopted from the beginning of
the first quarter ended June 30, 2024. This change in accounting policies was applied retrospectively. Hence, thequarterly consolidated financial statements for the same quarter of the prior fiscal year and the consolidated
financial statements for the prior fiscal year have been modified retrospectively. This change in accounting
policies has no impact on the quarterly consolidated financial statements for the same quarter of the prior fiscal
year and the consolidated financial statements for the prior fiscal year.
(Segment information, etc.)[Segment information]
I Three months from April 1, 2023 to June 30, 2023
１. Information on net sales and profit by reportable segment and information on the breakdown of income(Unit: ¥1 million)
Reportable segment
Total
Maintenance andConstruction Segment
Renovation Segment
Net sales
Goods transferred at a point in time

1,308

12,20913,518

Goods transferred over time

8,212

5,172

13,384

Revenue from contracts with customers

9,521

17,381

26,902

Net sales to outside customers

9,521

17,381

26,902

256

1,625

1,882

Segment profit

8

TAIHEI DENGYO KAISHA, LTD. (1968)
Financial Results for the Three Months Ended June 30, 2024 [Japanese GAAP]

2. Differences between the total amount of profits for reportable segments and the amount recorded in thequarterly consolidated statement of income and comprehensive income, and main details of such differences(matters relating to reconciliation)(Unit: ¥1 million)
Profits

Amounts
1,882

Total amount for reportable segments(1,115)
Corporate expenses (Note)
Operating profit in quarterly consolidated statement767
of income and comprehensive income(Note) Corporate expenses are general and administrative expenses and common expenses which do not belong to
any reportable segments.

II Three months from April 1, 2024 to June 30, 2024
１. Information on net sales and profit by reportable segment and information on the breakdown of income(Unit: ¥1 million)
Reportable segment
Total
Maintenance andConstruction Segment
Renovation Segment
Net sales
Goods transferred at a point in time

1,325

12,08913,415

Goods transferred over time

8,334

8,330

16,665

Revenue from contracts with customers

9,659

20,42030,080Net sales to outside customers

9,659

20,42030,080

607

3,150

3,757

Segment profit

2. Differences between the total amount of profits of reportable segments and the amount recorded in thequarterly consolidated statement of income and comprehensive income, and main details of such differences(matters relating to reconciliation)(Unit: ¥1 million)
Profits

Amounts

Total amount for reportable segments

3,757(1,272)
Corporate expenses (Note)
Operating profit in quarterly consolidated statement
2,485
of income and comprehensive income(Note) Corporate expenses are general and administrative expenses and common expenses which do not belong to
any reportable segments.

9

TAIHEI DENGYO KAISHA, LTD. (1968)
Financial Results for the Three Months Ended June 30, 2024 [Japanese GAAP](Notes in case of significant changes in shareholders’ equity)
The Company issued new shares and disposed of treasury stock by exercising the first series of stock acquisitionrights during the first quarter of the current fiscal year, resulting in increases of 807 million yen in capital stockand 1,460 million yen in capital surplus, respectively and a decrease of 399 million yen in treasury stock.
As a result, capital stock, capital surplus, and treasury stock amounted to 4,808 million yen, 7,341 million yen,and 1,214 million yen, respectively, at the end of the first quarter of the current fiscal year.
(Notes on going concern assumption)
Not applicable.
(Notes to statement of cash flows)
Quarterly consolidated statement of cash flows has not been prepared for the first quarter of the current fiscal
year. Depreciation and amortization (including amortization related to intangible assets) for the first quarter of the
fiscal year under review are as follows.
Three months from
April 1, 2023 to June 30, 2023
Depreciation

410 million yen

Three months from
April 1, 2024 to June 30, 2024
367million yen(Significant subsequent events)
Not applicable.
3. Supplemental information(1) Orders Received, Net Sales and Order Backlog by Segment

Orderbacklog

Net sales

Ordersreceived

Segment(Notes)Three months from
April 1, 2023 to June 30, 2023
AmountComposition(¥ million)
ratio (%)
7,033
27.4

Three months from
April 1, 2024 to June 30, 2024
AmountComposition(¥ million)
ratio (%)
29,312
61.5

Increase(decrease)
Amount(¥ million)
22,279Construction Segment
Maintenance and18,631
72.6
18,33838.5(293)
Renovation Segment
Total
25,665100.0
47,651
100.0
21,985Construction Segment
9,521
35.4
9,659
32.1
138
Maintenance and17,381
64.6
20,42067.9
3,039
Renovation Segment
Total
26,902100.0
30,080100.0
3,177
Construction Segment
52,832
58.8
70,321
61.0
17,489Maintenance and36,98441.2
44,92439.0
7,939
Renovation Segment
Total
89,816100.0
115,246
100.0
25,429
1. Construction Segment includes businesses such as installation and reconstruction works, etc., for thermal power plants,
nuclear power plants, iron and steel-related plants, environmental preservation plants and chemical plants, etc., electricand instrumentation work, and insulation and painting works incidental to these facilities, as well as demolition anddecommissioning, etc., of various plants and facilities.
2. Maintenance and Renovation Segment includes businesses such as periodic inspection, daily maintenance, renovation,etc., for the various plants and facilities mentioned above as well as operation of the power plants.

10