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.

May 8, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:

TOKYO ENERGY & SYSTEMS INC.
Tokyo Stock Exchange
1945
https://www.qtes.co.jp/enToshiaki Majima, President and Chief Executive Officer
Takahiko Kobayashi, Executive Officer, General Manager of Accounting and Finance
Division
Telephone:+81-3-6371-1947
Scheduled date of annual general meeting of shareholders:June 27, 2024
Scheduled date to commence dividend payments:
June 28, 2024
Scheduled date to file annual securities report:
June 27, 2024
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for institutional investors and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31,
2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

March 31, 2024

88,467

11.9

3,959

14.5

5,212

88.1

2,960

39.6

March 31, 2023

79,055

8.9

3,458

9.5

2,770

(15.0)

2,120

72.8

Note: Comprehensive income

For the fiscal year ended March 31, 2024:
For the fiscal year ended March 31, 2023:

Basic earnings
per share

Diluted earnings
per share¥4,789 million¥2,647 million

Return on equity[80.9%][341.6%]

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

Fiscal year ended

Yen

March 31, 2024

86.70

-

4.4

4.8

4.5

March 31, 2023

61.91

-

3.2

2.6

4.4

Reference:

Yen

%

%

%

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2024:¥- million
For the fiscal year ended March 31, 2023:¥- million(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

March 31, 2024

107,471

68,54863.8

2,047.26

March 31, 2023

108,51365,93861.1

1,934.43

Reference:

EquityAs of March 31, 2024:
As of March 31, 2023:¥68,548 million¥66,259 million%

Yen(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at end of
periodCash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2024

8,503

(5,126)(4,446)

12,158March 31, 2023

8,143

(3,119)(656)

13,175

2. Cash dividends
Annual dividends per share
First
SecondThird
quarter-end quarter-end quarter-end
Yen
Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecast)

Note:

Yen

Fiscalyear-end

Yen

Total cash
dividends(Total)

Total

Yen

Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)

Yen Millions of yen

%

%

-

20.00

-

20.00

40.00

1,370

64.6

2.1

-

20.00

-

25.00

45.00

1,522

51.9

2.3

-

26.00

-

26.00

52.00

58.0

Breakdown of the second-quarter-end dividend for the fiscal year ended March 31, 2023
Common dividend of ¥15.00, Commemorative dividend of ¥5.00
Breakdown of the fiscal-year-end dividend for the fiscal year ended March 31, 2023
Common dividend of ¥15.00, Special dividend of ¥5.00

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2025 (from April 1, 2024
to March 31, 2025)(Percentages indicate year-on-year changes.)
Net sales
Millions of yen

Full year

90,000Operating profit% Millions of yen

1.7

Profit attributableto owners of parent

Ordinary profit%

3,200 (19.2)

Millions of yen% Millions of yen

3,600 (30.9)

3,000

Basic earnings
per share

%

Yen

1.3

89.60

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in change inscope of consolidation): None
Tokyo Enesys Vietnam Co., Ltd. was established on May 7, 2024.
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

34,973,752 shares

As of March 31, 2023

37,261,752 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

1,490,807 shares

As of March 31, 2023

3,009,235 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024

34,144,070 sharesFiscal year ended March 31, 2023

34,247,167 shares[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Ordinary profit

ProfitFiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

March 31, 2024

84,756

6.4

3,759

(6.6)

5,115

48.8

2,832

1.7

March 31, 2023

79,692

2.8

4,022

32.5

3,437

6.9

2,786

117.0

Basic earnings
per share

Diluted earnings
per share

Fiscal year ended

Yen

March 31, 2024

82.96

-

March 31, 2023

81.36

-

Yen

(2) Non-consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

March 31, 2024

103,907

66,35563.9

1,981.76

March 31, 2023

105,292

64,22661.0

1,875.09

Reference:

EquityAs of March 31, 2024:
As of March 31, 2023:¥66,355 million¥64,226 million%

Yen2. Forecast of non-consolidated financial results for the fiscal year ending March 31, 2025 (from April 1,
2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Net sales
Millions of yen

Full year

Operating profit%

84,000 (0.9)

Millions of yen

Ordinary profit% Millions of yen

2,800 (25.5)

Basic earnings
per share

Profit% Millions of yen

3,300 (35.5)%

Yen

2,800 (1.2)

83.62* Financial result reports are exempt from audit conducted by certified public accountants or an audit corporation.
* Proper use of earnings forecasts and other special matters
The forward-looking statements in this document, including earnings forecasts, are based on information
currently available to the Company and certain assumptions that the Company considers reasonable, but they
are not intended to be a commitment by the Company. Actual results may differ significantly due to various
factors. Please refer to “1. Overview of Operating Results, etc. (1) Overview of Operating Results for the Fiscal
Year under Review” on page 2 of the attached materials for the assumptions of earnings forecasts.

Table of Contents - Attachments
1. Overview of Operating Results, etc. ............................................................................................................... 2(1) Overview of Operating Results for the Fiscal Year under Review ............................................................. 2(2) Overview of Financial Position for the Fiscal Year under Review ............................................................ 4(3) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years ........................ 5
2. Basic Policy on Selection of Accounting Standards ....................................................................................... 5
3. Consolidated Financial Statements and Principal Notes ................................................................................ 6(1) Consolidated Balance Sheets ..................................................................................................................... 6(2) Consolidated Statements of Income and Comprehensive Income ............................................................. 8(3) Consolidated Statements of Changes in Equity ....................................................................................... 10(4) Consolidated Statements of Cash Flows .................................................................................................. 12(5) Notes to Consolidated Financial Statements ............................................................................................ 13(Notes on going concern assumption) ................................................................................................. 13(Segment information, etc.) ................................................................................................................. 13(Per share information) ........................................................................................................................ 17(Significant subsequent events) ........................................................................................................... 17
4. Supplementary Information .......................................................................................................................... 18
Orders Received, Construction Completed, and Amount Carried Forward to the Next Period bySegment and Division ................................................................................................................... 18

1

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year under Review
1) Operating Results for the Fiscal Year under Review
Japan’s economy showed overall signs of recovery due to increased capital investment and improvements inthe labor market and personal income, driven by favorable corporate earnings. However, the economic outlook
remains uncertain because of continuing depreciation of the yen and price increases.
Given these circumstances, the Group worked diligently in various business areas to achieve its top-priority
goal of “enhancing corporate value by strengthening core businesses and further expanding into new businessareas” in FY2023, the final year of our medium-term management plan (FY2021–FY2023).
Specifically, in addition to our core business including the construction, inspection, and maintenance ofthermal, nuclear, and hydroelectric power plants, decommissioning-related work at the Fukushima Daiichi
Nuclear Power Plant, development of safety measures at nuclear power plants, and construction and upgradingof substations and large public facilities, we have made strategic advances in the business areas of constructionof solar power plants and biomass power plants, biomass power generation, and biomass fuel sales forrealizing a carbon-neutral society.
In addition, we have been working to grow our medium- and long-term orders and sales volume and to
generate profits. As a comprehensive engineering company that is active across the entire value chain of theenergy business, we have provided proposals for one-stop solutions to meet the decarbonization needs ofcustomers and various regions, and have been carrying out robust nationwide sales activities for projects
relating to decarbonization leading areas and regional resilience projects.
As a result, total orders received were ¥64,168 million (down 11.7% year-on-year), reflecting a decrease inconstruction work for biomass power plants and maintenance and repair work for thermal power plants, among
others, despite receiving orders for construction work for solar power plants, long-term service agreements(LTSA) for biomass power plants, electrical construction work for large public facilities, new substation
construction, and biomass fuel sales, as well as other orders.
Net sales were ¥88,467 million (up 11.9% year-on-year), driven by decommissioning-related work at the
Fukushima Daiichi Nuclear Power Plant, biomass power plant construction, and renovation work athydroelectric power plants, as well as income from sales of electricity generated by the Group’s own biomass
power plant, which began operating commercially in October of 2022.
The amount carried forward to the next period was ¥97,677 million (down 19.9% year-on-year).
As for profits, operating profit was ¥3,959 million (up 14.5% year-on-year) due to an increase in net sales
despite an increase in subcontracting costs in line with labor shortages. Ordinary profit was ¥5,212 million (up88.1% year-on-year) mainly due to the recording of a gain on valuation of derivatives related to forward
exchange contracts in order to reduce the risk of exchange rate fluctuations. Profit attributable to owners ofparent amounted to ¥2,960 million (up 39.6% year-on-year).
Business results by segment were as follows.
(Facilities Construction)
Total orders received were ¥58,545 million (down 16.6% year-on-year) due to decreases in the Electric Power
Division and the Nuclear Power Division. Net sales were ¥83,049 million (up 8.2% year-on-year) due toincreases in the Nuclear Power Division and the Energy and Industry Division.
Segment profit was ¥9,999 million (up 7.4% year-on-year).
(Other Businesses)
Total orders received were ¥5,622 million (up 103.5% year-on-year).
Net sales were ¥5,418 million (up 110.8% year-on-year).
Segment loss was ¥45 million (compared to ¥677 million for the previous fiscal year).
2

Reference: Names of divisions, etc. corresponding to the segments
Segment name

Division, etc.

Facilities Construction

Green Energy Business Division, Energy and Industry Division, ElectricPower Division, Nuclear Power Division, Welding and Inspection
Engineering Center, Overseas Division

Other Businesses

Power generation business, real estate business, leasing and rental
business, insurance agency, manufacture and sale, wholesale2) Future Prospects
Although the upward trend in capital investment is expected to continue against the background of theincreasing expected growth rate, the Group expects the business environment to remain challenging as theenergy and infrastructure business in which the Group operates is exposed to destabilizing international
circumstances, exchange rate fluctuations, and increasing interest rates, among others.
On the other hand, we believe that, with the aim of achieving both a carbon-neutral economy and economic
growth, the enactment of the “GX (Green Transformation) Promotion Act” and the approval of the “GX
Decarbonization Power Supply Bill”, as well as the detailed road map that includes promoting energy-saving,making renewable energy the principal source of electricity, and utilizing nuclear power, present the Group
with an opportunity to expand its business domains. We also expect that the progress of specific tender
procedures for “Long-Term Decarbonized Power Supply Auctions” targeted at expanding decarbonized powersources, among other things, and additional measures taken in response to the power supply and demand
crunch will lead to greater capital investment in decarbonized power sources, including conversion of existing
thermal power plants to enable introduction of ammonia and hydrogen and construction of new LNG-fired,biomass, and solar power plants, and offshore wind farms.
In view of such situation, the Group has set a new vision for FY2030 of becoming a “Quality-first company
leading carbon neutrality capitalizing on the technological capabilities of each employee” and formulated the
FY2024 mid-term management plan (FY2024-FY2026). Focusing on strengthening human capital, the mostimportant element in realizing this vision, we have set the basic policy of “creating a strong and flexible Q’dwith people at the core.” Based on this basic policy, in order to achieve our goal for the final year (FY2026),
we will address the following key issues: “strengthen human capital by investing in human resources,” “refine‘Q’d’ so as to be chosen by customers,” and “strengthen ties with all people and organizations involved in ourcompany.”
In these circumstances, our forecast of consolidated financial results for the fiscal year ending March 31, 2025
is as follows:
Consolidated Earnings
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent¥90.0 billion¥3.2 billion¥3.6 billion¥3.0 billion3(2) Overview of Financial Position for the Fiscal Year under Review
1) Assets, liabilities, and net assets
The financial position of the Group fluctuates mainly due to notes and accounts receivable, inventories, notes
and accounts payable, and advances received on construction contracts in progress. Regarding fixed assets, theGroup owns land and buildings for business sites, company housing and dormitories for single employees, etc.
Other assets include biomass power generation facilities, solar power generation facilities, and construction
machinery and equipment.
a. Assets
Total assets amounted to ¥107,471 million at the end of the fiscal year under review, a decrease of ¥1,042
million from the end of the previous fiscal year. This was mainly due to a decrease in cash and deposits.
b. Liabilities
Total liabilities amounted to ¥38,923 million at the end of the fiscal year under review, a decrease of ¥3,651
million from the end of the previous fiscal year. This was mainly due to a decrease in contract liabilities, etc.
c. Net assets
Net assets amounted to ¥68,548 million at the end of the fiscal year under review, an increase of ¥2,609 million
from the end of the previous fiscal year. This was mainly due to an increase in valuation difference on
available-for-sale securities.
2) Cash flows
Cash and cash equivalents at the end of the fiscal year under review amounted to ¥12,158 million, a decreaseof ¥1,016 million from the end of the previous fiscal year.
The status of cash flows from operating, investing and financing activities and major contributing factors wereas follows.
(Cash Flows from Operating Activities)
Net cash provided by operating activities amounted to ¥8,503 million (net cash provided by operating activities
amounting to ¥8,143 million in the previous fiscal year). This was mainly due to an increase in accrued
consumption taxes.
(Cash Flows from Investing Activities)
Net cash provided by investing activities amounted to a decrease of ¥5,126 million (net cash used in investing
activities amounting to ¥3,119 million in the previous fiscal year). This was mainly due to purchase ofinvestment securities.
(Cash Flows from Financing Activities)
Net cash provided by financing activities amounted to a decrease of ¥4,446 million (net cash used in financing
activities amounting to ¥656 million in the previous fiscal year). This was mainly due to repayments of shortterm borrowings and dividends paid.

4

(Reference) Cash Flow Indicator Trend
Fiscal year ended Fiscal year ended

Fiscal year ended Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

March 31, 2022

March 31, 2023

March 31, 2024

Equity-to-asset ratio (%)

73.4

72.4

62.8

61.1

63.8

Equity-to-asset ratio at

32.8

35.0

32.3

28.2

38.9

21.0

17.0

-

112.9

81.7

market value (%)
Ratio of interest-bearing debt
to cash flows (%)
Interest coverage ratio (times)
172.0
191.4
57.1
44.7
Note: Equity-to-asset ratio: Shareholders’ equity / Total assets
Equity-to-asset ratio at market value: Market capitalization / Total assets
Ratio of interest-bearing debt to cash flows: Interest-bearing debt / Cash flows
Interest coverage ratio: Cash flows / Interest expenses
1. The consolidated financial figures constitute the basis for calculating these indicators.
2. Market capitalization is calculated by multiplying the closing stock price at the end of the period by the total number ofissued shares at the end of the period (excluding treasury shares).
3. Cash flows used for calculation are cash flows from operating activities in the consolidated statements of cash flows.
Interest-bearing debt includes all debts recorded on the consolidated balance sheets on which interest is paid.
The amount of interest expenses is the amount of interest paid in the consolidated statements of cash flows.
4. The ratio of interest-bearing debt to cash flows and the interest coverage ratio are not indicated for the period in whichcash flows from operating activities were negative.

(3) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years
The Company’s policy on profit distribution is to maintain stable dividends from a medium- to long-term
perspective, and to aim for a gradual increase in dividend payments in line with profit growth, taking into
consideration such factors as financial performance, internal reserve, and preparation for future businessdevelopment. The Company intends to utilize internal reserve for implementation of various measures, such as
capital investment and business investment, to strengthen the management foundation and for future businessexpansion.
Based on the above policy and from the viewpoint of emphasizing the return of profits to shareholders, theCompany plans to pay a year-end dividend of ¥25 per share for the fiscal year under review, resulting in annual
dividends of ¥45 per share, including an interim dividend of ¥20 per share.
For the next fiscal year (fiscal year ending March 31, 2025), the Company plans to pay dividends of ¥52 pershare (an interim dividend of ¥26 and a year-end dividend of ¥26).

2. Basic Policy on Selection of Accounting Standards
Most of the Group’s stakeholders are shareholders in Japan, creditors, and business partners, and there is little needto raise funds from overseas. Therefore, for accounting standards, the Group applies Japanese GAAP.
.

53. Consolidated Financial Statements and Principal Notes(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and contract
assetsElectronically recorded monetary claims - operating
Securities
Costs on construction contracts in progress
Raw materials and supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery and vehicles, net
Tools, furniture and fixtures, net
Land
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Customer related assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

6

As of March 31, 2024

13,255

8,180

37,55436,820

27
1,677
1,824
7,400
61,740

495
4,116
1,436
792
3,876
55,719

11,098
8,677
625
8,348
4
87
28,841

10,696
8,119
559
8,463
6
498
28,343

233
1,964
758
2,956

161
1,562
720
2,444

11,078
1,000
2,643
270
(17)
14,975
46,773
108,513

16,882
1,970
1,717
413
(17)
20,96551,752
107,471

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Accrued consumption taxes
Contract liabilities
Provision for warranties for completed construction
Provision for loss on disaster
Provision for loss on construction contracts
Provision for loss compensation
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Retirement benefit liability
Asset retirement obligations
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-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

7

As of March 31, 2024

8,859

8,400

2,508
2,368
1,093
983
6,070
190
1
2,260
1,043
2,758
28,139

1,741
992
998
5,830
1,855
743
0
1,682
4,011
26,256

6,821
8
5,930
847
826
14,43542,574

5,952
145
5,269
842
455
12,66638,9232,881
3,978
59,025(1,929)63,955

2,881
3,723
59,214(1,083)64,736

2,379
(75)
2,303
(320)
65,938
108,513

3,855
(43)
3,812
68,548
107,471(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Millions of yen)
For the fiscal year ended
March 31, 2023
Net sales
Net sales of completed construction contracts
Cost of sales
Cost of sales of completed construction contracts
Gross profit
Gross profit on completed construction contracts
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Gain on investments in silent partnerships
Gain on valuation of derivatives
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on valuation of derivatives
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Reversal of provision for loss compensation
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of shares of subsidiaries andassociates
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

8

For the fiscal year ended
March 31, 2024

79,05588,46769,75977,871

9,296
5,837
3,458

10,596
6,637
3,959

19
163
27
210

23
207
297
377
511
31
1,448

142
706
50
898
2,770

190
5
195
5,212

0
98
579
0
677

26
178
0
205

29

49

6

-

36
3,412
1,688
(254)
1,434
1,977
(143)
2,120

49
5,367
1,685
411
2,097
3,270
310
2,960

Consolidated Statements of Comprehensive Income(Millions of yen)
For the fiscal year ended
March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

9

For the fiscal year ended
March 31, 2024

1,977

3,270

575
95
670
2,647

1,476
42
1,518
4,789

2,809

4,468

(162)

320

(3) Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders’ equity

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Share capital

Capital surplus

2,881

3,972

Retainedearnings

Treasury shares

58,103(1,198)(1,198)

2,120

2,120

6

2,881

6
3,978

(1,941)

Total
shareholders’equity63,016921
59,025

Accumulated other comprehensive income
Total
Valuation
Foreignaccumulateddifference on
currency
otheravailable-fortranslation
comprehensive
sale securities
adjustment
income
1,804
(190)
1,614

(0)
11

(0)
17

11
(1,929)939
63,955

Non-controllinginterests

Total net assets(158)

64,472(1,198)
2,120
(0)
17

575

114

689

(162)

527

575
2,379

114
(75)

689
2,303

(162)
(320)

1,466
65,93810

Fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ equity

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Share capital

Capital surplus

2,881

3,978

2,881

6
(261)

(255)
3,723

Retainedearnings
59,025

Treasury shares(1,929)Total
shareholders’equity63,955(1,370)(1,370)

2,960

2,960

(1,400)

(827)
12
1,662

(827)
18
-

189
59,214846(1,083)780
64,736

Non-controllinginterests

Total net assets(320)

65,938

Accumulated other comprehensive income
Total
Valuation
Foreignaccumulateddifference on
currency
otheravailable-fortranslation
comprehensive
sale securities
adjustment
income
2,379
(75)
2,303

(1,370)
2,960
(827)
18
1,476

32

1,508

320

1,828

1,476
3,855

32
(43)

1,508
3,812

320
-

2,609
68,54811

(4) Consolidated Statements of Cash Flows(Millions of yen)
For the fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables and contract asset
Decrease (increase) in inventories
Increase (decrease) in contract liabilities
Decrease (increase) in costs on construction contracts inprogress
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for loss on construction
contracts
Increase (decrease) in provision for compensation losses
Loss (gain) on sale of investment securities
Loss on valuation of shares of subsidiaries and associates
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Other, net
SubtotalInterest and dividends received
Interest paid
Income from contribution to loss compensation received
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of securities
Purchase of property, plant and equipment
Purchase of investment securities
Proceeds from sale and redemption of securities
Proceeds from sale and redemption of investment
securities
Payments into time deposits
Proceeds from withdrawal of time deposits
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
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

12

For the fiscal year ended
March 31, 2024

3,412
1,681
71
(183)
142
4,644
(825)
1,477

5,367
2,058
71
(230)
190
273
1,042
(4,222)

(628)

262

(1,312)923(44)(1,234)
4,847
(662)

1,180

(579)

(579)
(98)
6
(0)
29
(1,475)
8,423
175
(142)
1,000
(1,319)6
8,143(1,043)
(178)
(26)
49
4,307
10,295213(190)(1,817)1
8,503(2,999)(3,949)
(307)
4,000

(935)
(3,593)
-

104

302

(20)
53
(3,119)60(959)(5,126)19,000(21,000)
3,000
(459)
(0)
(1,192)
(4)
(656)
(217)
4,149
9,025
13,175

11,821(13,200)
(868)
(827)
(1,365)(6)(4,446)52(1,016)
13,175
12,158(5) Notes to Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.

(Segment information, etc.)
1. Overview of reportable segments
The Company’s reportable segments are components of the Company for which separate financial information
is available and which are periodically reviewed by the Board of Directors for the purpose of deciding theallocation of management resources and evaluating financial results.
The Group’s main business is design and construction of electric power-related facilities, general electricalfacilities, etc., and “Facilities Construction” is the reportable segment.
“Facilities Construction” includes construction and maintenance of thermal, nuclear, hydroelectric,
cogeneration, solar and biomass power generation facilities, as well as design and construction of substation,
general electric, information and communication, and air conditioning facilities.
2. Calculation method of the amounts of net sales, profit or loss, assets and other items by reportable segment
The accounting treatment method used for the reported business segment is generally the same as that used in
the preparation of the consolidated financial statements, except for valuation of inventories.
Inventories are valued at the amount before devaluation of book value based on decline in profitability. Profitof the reportable segment is based on operating profit. Inter-segment revenues and transfers are based onprevailing market prices.

13

3. Information on net sales, profit or loss, assets and other items by reportable segment and breakdown of revenue
For the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(Millions of yen)
Reportable segment
Other Businesses

Total

Facilities Construction
Net sales
Net sales to outside customers

76,7402,570

79,311

Inter-segment net sales or transfers

3,678

3,134

6,812

Total

80,4195,704

86,123

Green Energy Business Division

6,481

-

6,481

Energy and Industry Division

15,106-

15,106

Electric Power Division

38,478-38,478

Nuclear Power Division

20,248-20,248

103

5,704

5,808

80,4195,704

86,123A point in time

15,253

5,685

20,939Over time

65,16518

65,184

Total

80,4195,704

86,123

Segment profit (loss)

9,309

(677)

8,632

381

772

1,153

Net sales (by Division)

Other
Total
Timing of transfer of goods or services

Other items
Depreciation

Notes: 1. “Other Businesses” is a business segment not included in the reportable segments and includes power generation, realestate, leasing and rental, insurance agency, manufacture and sale, and wholesale.
2. The amount of revenue generated from sources other than contracts with customers is not material.
3. Segment assets and segment liabilities are not allocated to business segments.

14

For the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Millions of yen)
Reportable segment
Other Businesses

Total

Facilities Construction
Net sales
Net sales to outside customers

83,0495,418

88,467

Inter-segment net sales or transfers

2,550

3,201

5,751

Total

85,5998,619

94,219

Green Energy Business Division

5,852

-

5,852

Energy and Industry Division

18,122-

18,122

Electric Power Division

36,233-36,233

Nuclear Power Division

24,961-

24,961

429

8,619

9,049

85,5998,619

94,219A point in time

12,073

8,619

20,693

Over time

73,525-73,525

Total

85,5998,619

94,219Segment profit (loss)

9,999

(45)

9,954

367

1,196

1,563

Net sales (by Division)

Other
Total
Timing of transfer of goods or services

Other items
Depreciation

Notes: 1. “Other Businesses” is a business segment not included in the reportable segments and includes power generation, realestate, leasing and rental, insurance agency, manufacture and sale, and wholesale.
2. The amount of revenue generated from sources other than contracts with customers is not material.
3. Segment assets and segment liabilities are not allocated to business segments.

4. Difference between reportable segment total and consolidated financial statement amounts, and main detailsof differences (matters related to adjustment of difference)(Millions of yen)
Net sales

Fiscal year ended March 31, Fiscal year ended March 31,
2023
2024

Reportable segment total

80,41985,599Net sales in the “Other Businesses” segment

5,704

8,619

Inter-segment eliminations(6,812)(5,751)Other adjustments

(255)

0

Net sales in consolidated financial statements

79,05588,46715

(Millions of yen)
Profit (loss)

Fiscal year ended March 31, Fiscal year ended March 31,
2023
2024

Reportable segment total

9,309

9,999

(Loss) in the “Other Businesses” segment

(677)

(45)

Inter-segment eliminations

64

37

Amortization of goodwill

(71)

(71)

Corporate expenses(4,184)(4,692)Other adjustments(981)(1,267)

Operating profit in consolidated financial statements

3,458

3,959

Note: Corporate expenses are mainly general and administrative expenses that do not belong to any reportable segment.

(Millions of yen)
Reportable segment
total
Other items

Depreciation

Other Businesses

Adjustments

Consolidated
financial statement
amountFiscal year Fiscal year Fiscal year Fiscal year Fiscal year Fiscal year Fiscal year Fiscal year
ended
ended
ended
ended
ended
ended
ended
ended
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2023
2024
2023
2024
2023
2024
2023
2024

381

367

772

16

1,196

527

494

1,681

2,058

(Per share information)

Net assets per share

For the fiscal year
ended March 31, 2023
¥1,934.43

For the fiscal year
ended March 31, 2024
¥2,047.26¥61.91¥86.70

Basic earnings per shareNotes

1. Diluted earnings per share is not presented because no dilutive shares exist.
2. The basis for calculation of net assets per share is as follows:
For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

Total net assets (Millions of yen)

65,93868,548Amount to be deducted from total net assets (Millions of
yen)

(320)

-

[of which noncontrolling interest] (Millions of yen)[(320)][-]Net assets at end of period pertaining to shares ofcommon stock (Millions of yen)
Number of shares of common stock at end of period used
for calculation of net assets per share (Shares)

66,25968,54834,252,517

33,482,945

3. The basis for calculation of basic earnings per share is as follows:

Profit attributable to owners of parent (Millions of yen)Amount not attributable to common shareholders(Millions of yen)
Profit attributable to owners of parent relating tocommon shares (Millions of yen)
Average number of common shares outstanding during
the period (Shares)(Significant subsequent events)
Not applicable.

17

For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

2,120

2,960

-

-

2,120

2,960

34,247,167

34,144,070

4. Supplementary Information
Orders Received, Construction Completed, and Amount Carried Forward to the Next Period by Segment andDivision
Segment / Division

Fiscal year ended MarchFiscal year ended March
Year-on-year increase
31, 2023
31, 2024(decrease)
AmountRatio
AmountRatio
AmountChange(Millions of yen)(%)
(Millions of yen)(%)
(Millions of yen)(%)

Orders Received

Green Energy Business Division

6,137

8.5

8,317

13.0

2,179

35.5

Energy and Industry Division

14,43619.9

17,281

26.9

2,845

19.7

Electric Power Division

36,28049.9

19,92231.0(16,357)(45.1)

Nuclear Power Division

12,96617.8

12,864

20.0

(101)

(0.8)

381

0.5

159

0.2

(221)

(58.1)

Facilities Construction

70,201

96.6

58,545

91.1(11,656)(16.6)

Other Businesses

2,762

3.8

5,622

8.8

2,859

103.5

72,964100.4

64,16899.9(8,796)(12.1)

(255)

(0.4)

0

0.1

256

-

Total

72,708100.0

64,168100.0(8,540)(11.7)

Green Energy Business Division

2,840

3.5

3,364

3.7

523

18.4

Energy and Industry Division

15,10619.1

18,122

20.5

3,015

20.0

Electric Power Division

38,47848.7

36,23341.0(2,245)(5.8)

Nuclear Power Division

20,24825.6

24,961

28.2

4,712

23.3

65

0.1

367

0.4

301

457.6

Facilities Construction

76,74097.0

83,049

93.8

6,308

8.2

Other Businesses

2,570

3.3

5,418

6.1

2,847

110.8

79,311

100.3

88,467

99.9

9,156

11.5

(255)

(0.3)

0

0.1

256

-

Total

79,055100.0

88,467

100.0

9,412

11.9

Green Energy Business Division

4,807

3.9

9,760

10.0

4,952

103.0

Energy and Industry Division

20,12916.5

19,289

19.7

(840)

(4.2)

Electric Power Division

69,13956.7

52,82854.1(16,310)(23.6)

Nuclear Power Division

27,031

22.2

14,93315.3(12,097)(44.8)

360

0.3

153

0.2

(207)

(57.5)

121,468

99.6

96,965

99.3(24,503)(20.2)

507

0.4

712

0.7

204

40.3

121,976

100.0

97,677100.0(24,299)(19.9)

-

-

-

-

-

-

121,976

100.0

97,677100.0(24,299)(19.9)

Other

Segment total
Adjustments

Construction Completed

Other

Segment total
Adjustments

Amount Carried Forward to the Next Period

Other
Facilities Construction
Other Businesses
Segment total
Adjustments
Total18