For the Fiscal Year Ended March 31, 2022

Annual Select® 2022

The Kodensha Co., Ltd.
5-11-10, Ginza, Chuo-ku, Tokyo(Securities Code: 1948)+81-3-3542-5111

Corporate Profile
We sincerely apologize for causing concern to our shareholders as a result of the two downward revisionsof our financial forecasts for the fiscal year ended March 31, 2022. The environment surrounding ourbusiness continues to be characterized by the VUCA (Volatility Uncertainty Complexity Ambiguity) era ofincreasing uncertainty against a backdrop of With the novel coronavirus disease (COVID-19), geopoliticalrisk, and other factors. In addition to steadily improving its current business performance, Kodensha aims
to achieve sustainable growth and improve corporate value, and as new initiatives, it has started to support
the improvement of electric power operations toward carbon neutrality and the operation of drones fortransporting materials and equipment in the power transmission business. In addition, we are also working
to strengthen our business and management foundations by reinforcing
governance through the transition to a company with an Audit &Supervisory Committee, launching on-site business support projects,
undertaking initiatives such as business collaboration across organizationalboundaries and business collaboration with other companies, and making
DX investments such as renovating our core operational systems. We willcontinue to “contribute to the realization of an affluent human society” as a
total engineering company that can meet the diverse needs of ourcustomers. We appreciate your continued support.

Hisanori Matsui
Representative Director,
President and Executive
Officer

I.

Summary of Selected Financial Data (Consolidated)

Net sales

139th term140th term

141st term

142nd term

143rd term

Fiscal year ended
March 31, 2018

Fiscal year ended
March 31, 2019

Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

33,98337,52735,65432,42429,159

1,715

2,826

2,600

1,311

535

1,152

1,961

1,737

885

310

1,141

1,816

1,389

1,503

273

14,922

16,524

17,557

18,664

18,54427,34029,80829,21629,23428,4608,379.53

9,279.41

9,856.75

10,483.18

10,415.87

649.12

1,105.66

979.42499.54175.44

–

–

–

–

–

54.4

55.2

59.8

63.6

64.9

8.0

12.5

10.2

4.9

1.7

5.7

4.3

4.2

10.2

26.7

2,577

2,232

(204)

2,854

(589)

(1,995)(1,502)750(2,958)

986

(289)

(191)

(446)

(417)

(534)

1,088

1,609

1,694

1,180

1,112

646

651

664

671

678

(Millions of yen)

Ordinary profit(Millions of yen)

Profit attributable to ownersof parent(Millions of yen)Comprehensive income(Millions of yen)

Net assets(Millions of yen)

Total assets(Millions of yen)

Net assets per share(Yen)

Basic earnings per share(Yen)

Diluted earnings per share(Yen)

Equity ratio(%)

Return on equity (ROE)(%)

Price earnings ratio (PER)(Times)Net cash provided by (usedin) operating activities(Millions of yen)

Net cash provided by (usedin) investing activities(Millions of yen)

Net cash provided by (usedin) financing activities(Millions of yen)

Cash and cash equivalents at
end of period(Millions of yen)

Number of employees(Persons)

Notes: 1. Diluted earnings per share is not presented because there were no potential shares.
2. Kodensha implemented a one-for-ten common share consolidation on October 1, 2017. Net assets per share and basic earnings
per share have been calculated on the assumption that this consolidation of shares was conducted at the beginning of the 139thterm.
3. Kodensha has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 30, 2018) and“Implementation Guidance on Accounting Standard for Revenue Recognition” (ASBJ Guidance No. 30, March 30, 2018) fromthe beginning of the 142nd term.
4. The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, released on March 31,2020) and “Implementation Guidance on Accounting Standard for Revenue Recognition (ASBJ Guidance No. 30, released on
March 26, 2021) from the beginning of the 143rd term.

-1-II. Overview of Consolidated Business Results
The market environment surrounding the Company during the fiscal year ended March 31, 2022 was
expected to recover in earnest from the COVID-19 pandemic mainly due to the recovery of overseas
economies, the effects of the government initiatives to make national land highly resilient, and large-scale
development projects in the Tokyo metropolitan area, however, the environment was actually characterized
by a mixed picture of favorable and unfavorable conditions in each industry and sector, due to restrictions
on the supply of materials and parts and soaring raw material prices caused by the prolonged impact of thepandemic, as well as uncertainty about the future due to the situation in Ukraine and other factors.
Under these circumstances, the Company focused on enhancing its proposal and sales ability and costcompetitiveness in the electrical equipment engineering division (interior wiring, social infrastructure andpower transmission) and the product marketing division to improve gross profit margins on medium-scalerenovation projects and repair work, and actively worked to increase business opportunities throughcollaborative activities between divisions, as well as pursuing ZEB (net zero energy buildings) and energysaving systems business, for which the need has increased in recent years as an effort to realize adecarbonized society, that have been positioned as priority initiatives in the Company’s growth strategy
measures. However, the prolonged impact of the pandemic caused a series of postponements andcancellations of orders for small- and medium-scale renovation projects and repair work, which had been
anticipated, and restrictions on the supply of materials and parts had a negative impact on construction
schedules and product sales, making it difficult to secure the amount of sales anticipated at the beginning of
this fiscal year.
As a result, the Company’s business results for the fiscal year ended March 31, 2022, were net sales of¥29,159 million, operating profit of ¥417 million, ordinary profit of ¥535 million and profit attributable toowners of parent of ¥310 million. Although we have secured a level in line with our consolidated financial
forecasts that were announced on March 28, 2022, our results are lower compared with the previous fiscal
year.

-2-

III. Medium-Term Management Strategy and Target Indicators forManagement
The market environment surrounding the Company is expected to gradually recover due to the effects ofthe government initiatives to make national land highly resilient and large-scale projects in the Tokyo
metropolitan area, in addition to factoring in the so-called “With COVID-19” taking hold. At the same time,
there still remains a downside risk to profits due to restrictions on the supply of materials and parts andsoaring raw material prices caused by the prolonged impact of the pandemic, as well as the emergence of
uncertainties such as the situation in Ukraine that will significantly affect the international economies anddomestic economy, and therefore, it is expected that it will take some time for full-fledged economic
recovery, perhaps several years.
Against the backdrop of this business environment, we will continue to develop our business as acomprehensive facilities provider, focusing on both facilities construction and equipment sales, and achievesustainable growth through our efforts to realize advanced social infrastructure facilities. In the fiscal year
ended March 31, 2022, we fell short of our initial forecast in terms of orders, sales, and profit due to theprolonged COVID-19 pandemic, but for the fiscal year ending March 31, 2023, we forecast net sales of¥36,400 million and ordinary profit of ¥1,050 million, taking into account the increasing number of orders
for large-scale projects due to progress in order-taking activities and an increasing orders on hand coverage
ratio.
[Strengthening business platforms](1) Strengthening and expanding sales foundation
 Retain existing major customers and expand new customers by accurately grasping customer needs
and developing sales proposals throughout the entire lifecycle of “new construction, repair, andrenewal”
 Develop energy-saving proposals utilizing new technologies, such as ZEB Planner certification, andcollaborate with related companies through these proposals
 Expand business by evolving the business model from equipment sales to system solutions(2) Expanding business areas
 Wide range of services from “construction to equipment supply” through collaboration with
Mitsubishi Electric Group companies and cooperation between in-house divisions
 Expansion of business domain and proposal capabilities through business collaboration with othercompanies (one-stop proposals for air conditioning, refrigeration, and sanitation, etc.)
 Maintenance and expansion of renovation and renewal work through support (consulting) for
improvement of power operation of customers
 Engage in new business initiatives such as material and equipment transportation using drones[Strengthening business foundation](1) Strengthen human resources and construction ability (enhance on-site ability) In preparation for the application of the overtime cap from April 2024, secure and increase
construction workers as a prerequisite for business scale expansion (continue active new graduate
and mid-career hiring, business succession-type M&A, etc.)
 Increase corporate value by “improving employee engagement”
 Build company-wide on-site support functions (Increase productivity by improving on-site work
efficiency)
 Enhance construction ability including Group and affiliate companies (enhance fundamental
technologies across the Group) Nationwide and flexible personnel allocation through visualization of individual construction worker
abilities and construction capability data-3-

(2) Newly established Recruitment and Human Resource Development Department
 Maintain recruitment of new graduates (hire 20 new graduates every year and ensure appropriate
staffing assignments)
 Expand recruitment of currently unemployed recent graduates, referral hires and alumni hires (secure
personnel by diversifying recruitment methods)
 Restructuring of the training system by function and position level, and practical training at thetraining center(3) Strategic growth investment
 Continuous improvement of productivity through the ICT shift for construction sites and equipmentsales Thorough rationalization of indirect operations and promotion of operational reforms through theestablishment of a backbone system
 Visualization of possessed and insufficient technologies, and proactive efforts to introduce
insufficient technologies[Health management]
We are currently working on health management as one of the cornerstones of our management, and theCompany has been recognized as a “Certified Health & Productivity Management Outstanding Organization(Large Enterprise Category)” by the Ministry of Economy, Trade and Industry and the Nippon Kenko Kaigi
for two consecutive years since 2021. The health of our employees is of paramount importance in fulfilling
our corporate social responsibility. Realizing “a company and workplace where everyone is healthy,
comfortable, and rewarding to work in” will lead to better employee health, higher employee satisfactionand engagement, and increased corporate value. To this end, the Company appointed a Chief Health Officer(CHO) and we are taking measures such as maintaining 100% health checkups, mental health and stressmeasures, and company-paid high-cost medical insurance. Also, as an urgent issue, we are promoting
infection prevention measures, telework and flexible work hours to reduce the risk of infection, and support
for affected employees and their families in response to the COVID-19. In addition, in preparation for theovertime work limit regulations that will come into effect in April 2024, we are working to reduce overtime
work by promoting reforms in work styles and providing operational support.
[Management challenges]“Indicators for continual achievement” were initially set for the four-year period starting from April 2016
through fiscal 2019 as the period of activity and we began to develop various measures to strengthen ourmanagement structure. Then, in April 2018, we conducted an evaluation of the first step, re-set higher goals,
and formulated a Medium-Term Management Plan for the three-year period from 2019 to 2021, which wehave been working on. While we achieved our targets for profitability and financial soundness indicators forthe three-year period from 2016 to 2018, although growth indicators remained a challenge, the three-year
period from 2019 to 2021 was affected by the impact of the COVID-19 that emerged from the beginning of2020 (construction schedule delays as a result of cancellation and postponement of customers’ capital
investment plans and equipment delivery deadlines) and the impact of the sharp rise in raw materials prices,such as a decrease in profits, was significant, and we missed our targets for all indicators. In addition to theaforementioned market conditions, there are uncertainties such as the situation in Ukraine, and a full-fledged
economic recovery is not yet in sight, however, the basic policy of our new Medium-Term Management
Plan is to build a solid business foundation that will enable us to consistently achieve the “indicators forcontinual achievement” over the three-year period through 2024, and we will further deepen and acceleratemeasures to strengthen our business and management foundations that have been initiated and deployed todate. Also, in light of the uncertain business environment, we will evaluate the degree of achievement ofmanagement targets after every two years and revise them as necessary.

-4-IV. Introduction of Four Business Domains
Kodensha Solutions Linking Information, Energy, and Time

(1) Interior wiring business
Design and Installation of Critical Advanced Electrical
Facilities for Diverse and Various Buildings, such as Office
Buildings, and Energy Conservation Measures and Renewal of
Aging Facilities through Proposals and Facilities Inspections to
Meet Various Needs
As Kodensha works to maintain, develop and improve the safety and otheraspects of an advanced information society, and as more advanced and diverse
functionality is sought in electrical facilities in new building projects, a high level oftechnical capability and reliability is required in each step of planning, design, andinstallation. In the design and construction of office buildings, hospitals, factories, andpublic buildings and facilities, Kodensha will meet its customers’ demands byapplying its accumulated technical capabilities and knowledge of the latest facilities.

Shimokitazawa Area F-II / FIII Block Commercial
Facilities

Furthermore, Kodensha makes use of the engineering capabilities it hasdeveloped to date so that customers are able to extend the lives of buildings while
making effective use of them as assets. Kodensha provides solutions such as design
and installation of electrical infrastructure for buildings, as well as solutions forphysical deterioration, changes in needs, and equipment upgrades to moreenvironmental and energy-conserving electrical equipment, in order to support
building lifecycle management.

(2) Social infrastructure business
From cutting-edge large-scale plant engineering tocommunication network building

Minato-ku Toranomon
4-chome Project

Kodensha delivers total engineering solutions focused on electric power andinstrumentation equipment used in large-scale social infrastructure facilities, such as
power plants and substations or water treatment facilities, and such other facilities as
expressway traffic control centers and large-scale video billboards. We have an
extensive track record in the field of control and management systems incorporating
the latest electronics technologies.
Sakura Technology
Innovation Center(3) Power transmission businessHighly public business specialized in installation, renovation,and maintenance, etc. of transmission line facilities that
contribute to stable supplies of electricity
Kodensha supports the stable supply of electric power, an important public need,by providing a wide range of services to electric power companies, including
installation of transmission lines and related land surveys, facility maintenance patrol
and repairs, and other civil engineering. Over the years, Kodensha’s successful
completion of numerous high-quality transmission line installations has enabled thecompany to establish a strong reputation for technological excellence with customers.
To fulfill our mission of supporting society through the stable supply of electricity, weconstantly seek to enhance our technological abilities in order to conduct our
installation work in a more efficient and less-costly manner and extend the useful lifeof the infrastructure installed.

-5-

TEPCO Power Grid, Incorporated
Obari Hasuda Power Line(4) Sales business
Using the strength of our cooperation with the construction
division, contribute to the world of industry through our sales
operations as a technology-oriented trading company andmember of the Mitsubishi Electric Corporation Group
Kodensha has been involved in sales since the very beginning of its history as asales agent of Mitsubishi Electric’s products, which dates back to 1926. Kodensha’s
diverse product line includes FA and control equipment, HVAC systems, building
facilities equipment, and industrial electromechanical equipment, which are sold in
close cooperation with the construction division. Amid rapid changes intechnological innovation, our lineup includes a large number of cutting-edge AI andIoT products that are adapted to a highly sophisticated information age.
Furthermore, we not only sell components, but also systems that lead to solutions,and make sales proposals that meet various customer needs, such as increasing
productivity, conserving energy, enhancing security and improving quality.

Multi-split air conditioner
for offices

New Initiatives■

Support for improvement of electric power operations toward carbon neutrality

In the course of our electrical maintenance work at customer plants, we are constantly in close contact withthe various power supply conditions, understand the structure of a stable power infrastructure, and amid being
involved in solving problems, we provide detailed analysis of power consumption data from all angles, including“the correlation of daily peak power with average temperatures (environmental data),” “annual and daily time
period power consumption by use,” and “average power consumption linked to PV by time period,” etc., shareissues with users in terms of reliability, aging, and power usage of infrastructure facilities, and promote theprovision of services that support power improvement and further promote energy conservation and BCP of
facilities.
■

Introduction of drones for transporting materials and equipment in powertransmission business

The Company has jointly developed a drone for transporting materials andequipment for power transmission line construction work, mainly in mountainous areas,
with a drone manufacturer, and we have put the drones into current operation in order toreduce the burden of cargo loading and unloading work, improve safety, and reduce costs
by increasing efficiency. We are working to establish and expand the application of thistransport technology that can reduce the time required to transport materials andequipment by hand from approximately 40 minutes to only 2 minutes.

Jointly developed model TK40

Replacing the Koto Liaison
Line Insulator■Model used: TK40

-6-

V. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and otherNotes receivable - trade
Electronically recorded monetary claims - operating
Accounts receivable from completed construction
contracts
Accounts receivable - trade
Contract assets
Costs on construction contracts in progress
Merchandise
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, vehicles, tools, furniture and fixtures,net
Land
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-7-

As of March 31, 2022

1,541

1,594

12,187

–

–
–

480
2,697

–

4,873

–
–
41
205
6,475
428
(3)
20,875

1,585
2,397
49
469
8,057
532
(3)
22,734

688

674

73

57

528
1,291
263

528
1,261
624

1,020
3,000
1,969
384
462
(32)
6,804
8,359
29,234

988
–
2,060
362
459
(31)
3,840
5,725
28,460(Millions of yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
Electronically recorded obligations - operating
Accounts payable for construction contracts
Accounts payable - trade
Short-term borrowings
Lease liabilities
Income taxes payable
Advances received on construction contracts inprogress
Contract liabilities
Provision for bonuses
Provision for warranties for completed construction
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Lease liabilities
Retirement benefit liability
Provision for retirement benefits for directors (andother 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-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-8-

As of March 31, 2022

7,359

–

–
–
–
680
19
214

2,567
3,515
1,022
560
19
37

275

–

–
568
5
202
778
10,105

132
504
3
230
834
9,427

39
96

29
116

157

42

171
464
10,570

299
488
9,915

1,520
1,070
15,739(63)
18,267

1,520
1,070
15,660(65)
18,185

104
76
135
317
80
18,66429,234

81
219
(27)
274
85
18,54428,460(2) Consolidated Statements of Income andConsolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
Fiscal year ended
March 31, 2021
Net sales
Net sales of completed construction contracts
Net sales of goods
Total net sales
Cost of sales
Cost of sales of completed construction contracts
Cost of goods soldTotal cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit - merchandise
Total gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income from buildings
Gain on sale of investment securities
Dividend income of insurance
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rental expenses
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-9-

Fiscal year ended
March 31, 2022

24,3938,031
32,424

21,6107,549
29,15919,722
6,892
26,615

17,883
6,475
24,359

4,670
1,139
5,809
4,586
1,223

3,726
1,073
4,799
4,382
417

16
31
97
20
11
12
189

23
33
104
–
12
9
183

7
39
54
101
1,311
1,311
561
(142)
418
892
6
885

7
42
15
65
535
535
114
104
218
316
5
310

(Consolidated Statements of Comprehensive Income)(Millions of yen)
Fiscal year ended
March 31, 2021
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 10 -

Fiscal year ended
March 31, 2022
892

316

30
10
570
610
1,503

(23)
143
(162)
(43)
273

1,496

267

6

5

(3) Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders’ equity

Balance at beginning of period

Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity

1,520

1,070

15,244(59)

17,775

Changes during period
Dividends of surplus

(390)

(390)

Profit attributable to ownersof parent

885

885

Purchase of treasury shares

(3)

(3)

Disposal of treasury shares––

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

–

–

495

(3)

491

1,520

1,070

15,739(63)

18,267

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

74

Foreign currencytranslation
adjustment

Remeasurementsof defined benefit
plans

65

(434)

Total
accumulated othercomprehensive
income(293)

Non-controllinginterests

76

Total net assets

17,557

Changes during period
Dividends of surplus(390)

Profit attributable to ownersof parent

885

Purchase of treasury shares(3)

Disposal of treasury shares–

Net changes in items otherthan shareholders’ equity

30

10

570

610

4

615

Total changes during period

30

10

570

610

4

1,107

Balance at end of period

104

76

135

317

80

18,664- 11 -

Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders’ equity

Balance at beginning of period

Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders’equity

1,520

1,070

15,739(63)

18,267

Changes during period
Dividends of surplus

(390)

(390)

Profit attributable to ownersof parent

310

310

Purchase of treasury shares

(2)

(2)

Disposal of treasury shares––

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

–

–

(79)

(2)

(81)

1,520

1,070

15,660(65)

18,185

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

104

Foreign currencytranslation
adjustment

Remeasurementsof defined benefit
plans

76

135

Total
accumulated othercomprehensive
income317

Non-controllinginterests

80

Total net assets

18,664

Changes during period
Dividends of surplus(390)

Profit attributable to ownersof parent

310

Purchase of treasury shares(2)

Disposal of treasury shares–

Net changes in items otherthan shareholders’ equity

(23)

143

(162)

(43)

4

(38)

Total changes during period

(23)

143

(162)

(43)

4

(120)

Balance at end of period

81

219

(27)

274

85

18,544- 12 -

(4) Consolidated Statements of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss (gain) on sale of investment securities
Increase (decrease) in provision for loss on construction
contracts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset
Interest and dividend income
Insurance claim income
Interest expenses
Decrease (increase) in trade receivables and contract
assetsDecrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts inprogress
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in contract liabilities
Increase (decrease) in advances received on
construction contracts in progress
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in accrued consumption taxes
Decrease (increase) in other current assets
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Proceeds from insurance income
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Net decrease (increase) in time deposits
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of investment securities
Long-term loan advances
Proceeds from collection of long-term loans receivable
Net decrease (increase) in short-term loans receivable
Other payments
Other proceeds
Net cash provided by (used in) investing activities- 13 -

Fiscal year ended
March 31, 2022

1,311
106
(20)

535
109
–

144

27

(3)
36
194
(47)
(11)
7

(64)
(257)
(49)
(57)
(12)
7

–

187

2,021

–

105

(7)

86
(625)
–

(264)
(322)
(150)

(651)

–

207

2

249
407
11
(4)
3,525
47
(7)
11
(722)
2,854

23
124
(16)
38
(145)
57
(7)
12
(506)
(589)

123
(35)
(201)
113
(6,200)
3,100
149
(50)
41
(2,958)

(68)
(29)
(359)
–
(3,200)
3,200
1,448
(35)
30
986

(Millions of yen)
Fiscal year ended
March 31, 2021
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Net decrease (increase) in 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- 14 -

Fiscal year ended
March 31, 2022

–
(3)
(390)
(23)
(417)

(120)
(2)
(390)
(22)
(534)

6

70

(514)
1,694
1,180

(67)
1,180
1,112

VI. Corporate Data
Basic Information (as of March 31, 2022)
Trade name:
Established:
Listed market:
Listed:Business year:
Capital stock:
Number of employees:
Head office:Telephone:Overseas consolidated subsidiaries:

The Kodensha Co., Ltd.
June 25, 1917
The Standard Market of Tokyo Stock Exchange(Securities Code: 1948)
July 1962
From April 1 to March 31 of the following year
1,520 million yen
678 persons (Consolidated)
5-11-10, Ginza, Chuo-ku, Tokyo
+81-3-3542-5111
KODENSHA Engineering & Construction (Beijing)Co., Ltd.
KODENSHA Property Management (Beijing) Co.,Ltd.

Directors and Corporate Auditors (as of June 24, 2022)
Representative Director, President and Executive

Hisanori Matsui

Officer
Representative Director, Vice President andYuji Kajikawa

Executive Officer
Representative Director and Senior Managing

Tsutomu Yamazaki

Executive Officer
Director and Managing Executive Officer

Katsuhide Yamana

Director and Managing Executive Officer

Ryuichi Takemura

Director

Junichi Kato

Director

Yoshio Murata

Director

Hideyuki Kitajima

Director (Standing Audit and Supervisory

Yuichi Kobayashi

Committee Member)
Director (Audit and Supervisory Committee

Tetsuya Azuma

Member)Director (Audit and Supervisory Committee

Masako Tomotsune

Member)Notes: 1. As a result of the resolution to amend the Articles of Incorporation at the Ordinary General Meeting of
Shareholders held on June 25, 2020, the Company transitioned to a company with an Audit and Supervisory
Committee on the same date.
2. Directors Junichi Kato and Yoshio Murata are Outside Directors of the Company.
3. Directors Tetsuya Azuma and Masako Tomotsune are Outside Directors who are Audit and Supervisory
Committee Members of the Company.

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Stock Status (as of March 31, 2022)
Total number of shares authorized:
Total number of shares issued:
Number of shareholders:

4,000,000 shares
1,794,000 shares
1,519

Major shareholders

897
68
58
23
23
23

Share-holding ratio(excluding treasury
shares) (%)
50.6
3.8
3.3
1.3
1.3
1.3

22

1.3

17

1.0

14

0.8

Number of shares held(Thousands)

Shareholder name
Mitsubishi Electric Corporation
Kodensha Employee Stock Ownership Plan
Mitsubishi Estate Co., Ltd.
Negurosu Denko Co., Ltd.
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
MSIP CLIENT SECURITIES(Standing proxy: Morgan Stanley MUFG
Securities Co., Ltd.)The Master Trust Bank of Japan, Ltd.
(Trust Account)
DBS BANK LTD. 700152(Standing proxy: Mizuho Bank, Ltd.)

Notes: 1. In addition to the above, Kodensha holds 21 thousand shares (1.2%) as treasury shares.
2. Of the above shares of The Master Trust Bank of Japan, Ltd., 17 thousand shares are related to trust
operations. Of these shares, 17 thousand shares are in a pension trust.

* Annual Select is an English-language disclosure format developed by ZAIHON, INC. to increase the level of convenience of investors outside Japan based on Japanese-language
statutory disclosure material, timely disclosure material prescribed by securities exchanges and voluntarily disclosed IR material. Annual Select is a registered trademark of
ZAIHON, INC. Reproduction or copying without prior permission is prohibited.
* While every best effort has been made to provide a translation meeting the quality standards required of professionals, the Company does not guarantee it is 100% accurate.
Therefore, please verify the original Japanese text for any final judgments made based on this information.

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