Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between
the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Nine Months Ended December 31, 2022
[Japanese GAAP]
February 13, 2023
Company name: TODA CORPORATION
Stock exchange listing: Tokyo
Code number: 1860
URL: https://www.toda.co.jp/
Representative: Seisuke Otani
President and Representative Director
Contact: Kaname Miwa
Corporate Officer General Manager,Financial&IR Div.
Phone: 03-3535-1357
Scheduled date of filing quarterly securities report: February 13, 2023
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2022 (April 01, 2022 to December 31, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Nine months ended
December 31, 2022
381,0726.8
4,558(72.6)
9,024(54.7)
8,370(37.9)
December 31, 2021
356,652
1.0
16,62015.2
19,92618.4
13,48419.9(Note) Comprehensive income:Nine months ended December 31, 2022:[ (54.3) %]\5,288 million
Nine months ended December 31, 2021:[ (64.0) %]\11,565 million
Basic earnings
per share
Nine months ended
December 31, 2022
December 31, 2021

Diluted earnings per
share
Yen

Yen

27.16
43.95

-

(2) Consolidated Financial Position
Total assets

Net assets

As ofDecember 31, 2022
795,964
319,503
March 31, 2022
761,199
319,042(Reference) Equity: As of December 31, 2022:\312,588 million
As of March 31, 2022:\316,574 million
Million yen

Million yen

Capital adequacy ratio
%

39.3
41.6

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2022

-

10.00

-

16.00

26.00

Fiscal year ending March 31, 2023

-

13.50

13.50

27.00

Year-end

Fiscal year ending March 31, 2023
(Forecast)

Total

No

(Note) Revision to the forecast for dividends announced most recently:

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023(April 01, 2022 to March 31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share%

Million yen%

Million yen%

Yen

Full year
540,000
7.7
12,600 (48.3)(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

16,700No(40.6)

14,700(20.8)

47.69(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

Yes* Notes:(1) Changes in significant subsidiaries during the nine months ended December 31, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):Yes
New １(Company name: PT Tatamulia Nusantara Indah)(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: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):December 31, 2022:
322,656,796 shares
March 31, 2022:
322,656,796 shares2) Total number of treasury shares at the end of the period:
December 31, 2022:
14,426,611 shares
March 31, 2022:
14,440,349 shares
3) Average number of shares during the period:
Nine months ended December 31, 2022: 308,222,129 shares
Nine months ended December 31, 2021: 306,815,769 shares*Notes:
These statements include Toda Corporation’s forecasts based on information currently available as of the announcement date,
which are subject to a number of risks and uncertainties. Therefore, the actual results of developments may differ from those presented
in these forward-looking statements due to the changes in various factors.

Consolidated Financial Results
for the Third Quarter
Ended December 31, 2022

―1―

1. Qualitative Information on Consolidated Financial Results for the Three Months Ended December 31,
2022(1) Explanation of Operating Results
During the nine months ended December 31, 2022, the Japanese economy saw an easing of restrictions due to
COVID-19 pandemic, and the normalization of social and economic activities were underway, centered aroundpersonal consumption. However, the outlook remains uncertain due to the factors such as Japanese yen's depreciation
as a result of global monetary tightening policies and the prolonged situation in Ukraine leading to inflation.
In the construction industry, orders received increased compared with the same period of the previous year, mainlyin the private sector, but the business environment remains challenging due to soaring prices of various commodities
and other factors.
The Toda Group announced in May 2022 the Medium-term Management Plan 2024 - Rolling Plan. While evolving
the value that we provide to customers in each of our core operations, namely, the architectural construction, civilengineering and strategic businesses, we position the New Toda Building project, overseas business and renewableenergy projects, such as the floating offshore wind power generation business, as priority management initiatives. By
making investments for future growth in these businesses, the Group has been strengthening its business portfolio.
During the period under review, the Group continued to invest in growth with the active involvement of top
management in order to achieve medium to long-term growth. To ensure our ROE (return on equity) target of 8%
over the medium to long term while promoting growth investments, the Group is also working to strengthen its
investment process by using indicators such as IRR (internal rate of return) and cost of capital to manage postinvestment profitability.
Under these circumstances, the Toda Group’s consolidated results for the period under review were as follows.
Consolidated net sales increased 6.8% year on year to ¥381.0 billion, mainly due to higher sales in the architectural
construction business, domestic group companies business, and overseas investment and development business, despite
lower sales in the civil engineering business.
Operating income increased in the overseas investment and development business compared with the same period of
the previous fiscal year, while the architectural construction business posted a provision for losses on construction
contracts for several projects due to the rise in prices of steel frames and other materials caused by changes in the market
environment. Gross profit was ¥34.7 billion, down 20.2% year on year. Selling, general and administrative expenses
were ¥30.2 billion, up 12.0% year on year. As a result, overall operating income was ¥4.5 billion, down 72.6% year
on year.
Ordinary income decreased 54.7% year on year to ¥9.0 billion, despite an increase in non-operating income year on
year due to dividend income from investment securities held and foreign exchange gains.
Profit for the quarter attributable to owners of the parent was ¥8.3 billion, down 37.9% year on year.
The results for each segment are as follows. Segment results are presented including intersegment sales andtransfers.
From the first quarter ended June 30, 2022, the Group has changed the way it presents its reportable segments, with
year-on-year comparisons and analysis now made using these changed segment classifications. For details, pleaserefer to “2. Consolidated Financial Statements (3) Notes to Quarterly Consolidated Financial Statements (Segment
Information, etc.) II Three months ended December 31, 2022, 3. Matters pertaining to changes in reportable segments,
etc.”
Architectural Construction Business
The segment recorded net sales of ¥236.3 billion (up 7.2% year on year), and the segment loss (operating loss) was¥3.5 billion (segment income was ¥6.9 billion in the same quarter of the previous year).
On a non-consolidated basis, orders received from domestic private sector construction increased 2.7% year on year,
while orders received from domestic public sector construction decreased 44.1% year on year, resulting in an overall
decrease of 9.4% year on year, to ¥169.2 billion.
Civil Engineering Business
The segment recorded net sales of ¥100.2 billion (down 6.2% year on year), and the segment income (operating
income) was ¥6.8 billion (down 1.4% year on year).

―2―

On a non-consolidated basis, overall orders received decreased 12.6% year on year to ¥82.6 billion, due to a 12.8%
decrease year on year in domestic public sector construction orders and a 9.5% decrease year on year in domestic
private sector orders.
Domestic Investment and Development Business
The segment recorded net sales of ¥14.0 billion (down 18.9% year on year), and the segment income (operating
income) of ¥800 million (down 74.7% year on year).
Domestic Group Companies Business
The segment recorded net sales of ¥33.4 billion (up 35.4% year on year), and the segment income (operating income)of ¥600 million (up 187.0% year on year).
Overseas Investment and Development Business
The segment recorded net sales of ¥15.4 billion (up 814.6% year on year), and the segment income (operating
income) of ¥1.1 billion (up 118.2% year on year).
Environment and Energy Business
The segment recorded net sales of ¥1 billion (up 151.9% year on year), and the segment loss (operating loss) of¥100 million (segment loss was ¥600 million in the same quarter of the previous year).
(2) Explanation of Financial Position
Assets, Liabilities and Net Assets
AssetsTotal assets as of December 31, 2022 were ¥795.9 billion (up 4.6% year on year), a ¥34.7 billion increase fromthe end of the previous fiscal year, despite decreases of ¥37.2 billion in cash and deposits and ¥12.4 billion in
investment securities, but increased ¥54.5 billion in notes receivable, accounts receivable from completed
construction contracts and other, ¥14.1 billion in construction in progress, and ¥10.5 billion in costs on
uncompleted construction contracts.
Liabilities
Total liabilities as of December 31, 2022 were ¥476.4 billion (up 7.8% year on year), a ¥34.3 billion increase
from the end of the previous fiscal year. The main contributors to this increase were decreases of ¥5.9 billion inincome taxes payable and ¥5.0 billion in bonds payable, and increases of ¥33.6 billion in long term loans payable,¥7.4 billion in advances received on uncompleted construction contracts, and ¥5.9 billion in short term loans
payable.
Net Assets
Total net assets as of December 31, 2022, were ¥319.5 billion (up 0.1% year on year), a ¥400 million increase
from the end of the previous fiscal year, and the shareholders' equity ratio was 39.3%. Although net unrealized
gains on available-for-sale securities decreased by ¥5.3 billion due to the sale of shares held and the decline inmarket values, this was mainly attributable to an increase in non-controlling interests of ¥4.4 billion resulting fromPT Tatamulia Nusantara Indah becoming a consolidated subsidiary, and an increase in foreign currency translation
adjustments of ¥2.5 billion due to the depreciation of the Japanese yen.
(3) Explanation of Consolidated Results Forecasts and Other Forward-looking Information
There are no changes to the consolidated results forecasts for the fiscal year ending March 31, 2023, which wereannounced on October 31, 2022.

―3―

2. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)Previous Consolidated Fiscal Year Current Consolidated 3rd Quarter(As of March 31, 2022)(As of December 31, 2022)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

Other
Allowance for doubtful accounts

120,538
208,892
10,300
8,301
9,680
5,124
24,887(1,188)83,326
263,457
600
8,641
20,204
2,983
36,831(3,171)

Total current assets

386,536

412,873

47,91250,674

11,01912,34987,65259
15,294

89,866
138
29,411

161,938

182,441

701
11,255

1,611
10,666

11,956

12,278

Other
Allowance for doubtful accounts

192,650
817
2,129
677
4,585
(91)

180,230
796
1,628
737
5,062
(83)

Total investments and other assets

200,768

188,371374,663

383,090

761,199795,964

Short-term investment securities
Real estate for sale
Costs on uncompleted construction contracts
Other inventories

Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Machinery, vehicles, tools, furniture andfixtures, net
Land
Lease assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit assets
Deferred tax assets

Total noncurrent assets
Total assets―4―

(Millions of yen)Previous Consolidated Fiscal Year Current Consolidated 3rd Quarter(As of March 31, 2022)(As of December 31, 2022)
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Commercial papers-liabilities
Current portion of bonds payable

97,72859,96920,00015,1906,175

97,83965,91320,0005,170
193

28,36935,838

6,071

2,046

3,819

3,273

Other

2,666
38,465
20,6608,199
37,52818,904

Total current liabilities

299,116

294,90745,24538,991
22,690
6,124
239
240

50,20572,654
20,627
6,110
92
420

1,193

1,037

Other

21,8492,207
4,258

23,2542,228
4,921

Total noncurrent liabilities

Income taxes payable
Advances received on uncompleted
construction contracts
Provision for bonuses
Provision for warranties for completed
construction
Provision for loss on construction contracts
Deposits received

Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for directors’ retirement benefits
Provision for stock payments for directors
Provision for loss on liquidation ofsubsidiaries and affiliates
Net defined benefit liability
Asset retirement obligations

143,041

181,552

Total liabilities

442,157

476,460

Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock

23,001
26,457
199,155(8,462)

23,001
26,625
198,279(8,626)240,152

239,280

73,435

68,123

385
3,073
(391)
(81)

(4)
3,180
2,121
(112)

76,42173.307

2,467

6,915

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains on hedges
Revaluation reserve for land
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets―5―319,042

319,503761,199795,964(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Nine Months ended December 31, 2021 and 2022
Nine Months ended
December 31, 2021
(April 1 through Dec 31, 2021)(Millions of yen)
Nine Months ended
December 31, 2022
(April 1 through Dec 31, 2022)

333,874

360,223

22,77820,848356,652

381,072

295,981329,342

17,078

16,956

313,060

346,299

37,89330,880

5,699

3,892

43,592

34,772

Selling, general and administrative expenses

26,97230,214

Operating income

16,620

4,558

161
3,317

211
3,880

69

152

122
473

1,198
403

4,144

5,846

610
135
92

722
552
105

Net sales
Net sales of construction contracts
Net sales of investment development businessand other
Total net sales
Cost of sales
Cost of sales of construction contracts
Cost of sales of investment development
business and other6 Total cost of sales
Gross profit
Gross profit on construction contracts
Gross profit on investment development
business and otherTotal gross profit

Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using
equity method
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission fee
Other
Total non-operating expenses

838

1,380

19,926

9,024

Gain on step acquisitions
Gain on sales of investment securities
Other

1,665
495

1,908
3,963
369

Total extraordinary income

2,161

6,241

943
0

223
2,784
458

1,331

-

Ordinary income
Extraordinary income

Extraordinary loss
Loss on abandonment of noncurrent assets
Impairment loss
Loss on valuation of investment securities
Provision for loss on liquidation of subsidiaries
and affiliates
Other

129

209

Total extraordinary losses
Profit before income taxes and non-controllinginterests
Income taxes

2,405

3,676

19,682

11,589

6,281

3,212

Profit13,400

8,376

(84)

6

13,484

8,370

Profit (loss) attributable to non-controlling interests
Profit attributable to owners of the parent―6―

Consolidated Statements of Comprehensive Income
Nine Months ended December 31, 2021 and 2022

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income

Nine Months ended
December 31, 2021
(April 1 through Dec 31, 2021)
13,400(Millions of yen)
Nine Months ended
December 31, 2022
(April 1 through Dec 31, 2022)
8,376(3,026)(5,310)

62
830
49

(390)
3,166
61

249

(614)

(1,834)(3,087)

Comprehensive income

11,565

5,288

Comprehensive income attributable to
Owners of the parent
Non-controlling interests

11,697
(131)

5,149
138

―7―

(3) Notes to Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)
Not applicable.
(Notes in Case of Significant Changes in Shareholders’ Equity)
Not applicable.
(Adoption of Special Accounting Methods for Preparing Quarterly Consolidated Financial Statements)

Calculation of tax
expensesNine months ended December 31, 2022
(April 1, 2022 through December 31, 2022)
In calculating tax expenses, the Company has made a reasonable estimate of theeffective tax rate, to which tax effect accounting has been applied to profit before
income taxes and non-controlling interests for the consolidated fiscal year, including
the third quarter ended December 31, 2022. We have then made our calculations bymultiplying profit before income taxes and non-controlling interests by thisestimated effective tax rate.

(Changes in Accounting Policies)(Implementation guidance on accounting standard for fair value measurement)
With the application of the Implementation Guidance on Accounting Standard for Fair Value Measurement (ASBJ
Guidance No. 31, June 17, 2021; hereinafter, the “Fair Value Measurement Standard Guidance”) effective from the
beginning of the first quarter ended June 30, 2022, the new accounting policies specified in the Fair Value
Measurement Standard Guidance will be prospectively applied in accordance with the transitional treatment
specified in Paragraph 27-2 of the Fair Value Measurement Standard Guidance. This change in accounting policies
shall have minimal impact on the quarterly consolidated financial statements.

―8―

(Segment Information, etc.)[Segment Information]
I Nine Months ended December 31, 2021 (April 1, 2021 through December 31, 2021)
1. Information on amounts of net sales and income (loss) by reportable segment
Reportable segment
Domestic
Domestic
Overseas
Architectural
Civil
Environment
Investment and Group Investment andConstruction Engineeringand Energy
Development Companies Development
Business
Business
Business
Business
Business
Business

Total(Millions of yen)Amountrecorded inquarterly
Adjustment
consolidated(Note 1)statements ofincome(Note 2)

Net sales
Net sales toexternalcustomers
Intersegment
sales andtransfers
Total
Segment
income (loss)

211,806

105,704

16,715

20,298

1,694

8,746

1,215

604

4,436

–

220,553

106,919

17,31924,735

6,946

6,991

3,384

235

434 356,652–

356,652

15,003(15,003)–1,694

434 371,656(15,003)356,652514(676) 17,396(776)

16,620–(Notes) 1. The adjustment amount of ¥(776) million for segment income (loss) is eliminations of intersegment transactions.
2. Segment income (loss) is adjusted with operating income in the quarterly consolidated statements of income.

2. Information on impairment loss of noncurrent assets and on goodwill, etc. by reportable segment(Significant changes in the amount of goodwill)In the "Domestic Group Companies Business" segment, the Company acquired shares of Showa Kensetsu
Corporation during the third quarter of the fiscal year, making it a consolidated subsidiary. The increase in goodwill
due to this event was ¥191 million for the period under review.
II Nine Months ended December 31, 2022 (April 1, 2022 through December 31, 2022)
1. Information on amounts of net sales and income (loss) by reportable segment
Reportable segment
Overseas
Domestic
Domestic
Architectural
Civil
Investment Environment
Investment and Group
Construction Engineeringandand Energy
Development Companies
Business
Business
Development BusinessBusiness
Business
Business

Total(Millions of yen)Amountrecorded inquarterly
Adjustment
consolidated(Note 1)statements ofincome(Note 2)

Net sales
Net sales toexternalcustomers
Intersegment
sales andtransfers
Total
Segment
income (loss)

229,713

94,687

13,43026,647

15,498

6,634

5,604

614

6,850

–

236,348

100,292

14,04533,497(3,582)

6,893

856

675

1,093 381,072–

381,072

19,704(19,704)–

15,4981,093 400,776(19,704)

381,072

1,122

(187)

(1,219)

4,558

–

5,777

(Notes) 1. The adjustment amount of ¥(1,219) million for segment income (loss) is eliminations of intersegment transactions.
2. Segment income (loss) is adjusted with operating income in the quarterly consolidated statements of income.

―9―2. Information on impairment loss of noncurrent assets and on goodwill, etc. by reportable segment(Significant impairment loss pertaining to noncurrent assets)
The recoverability of construction in progress in the "Environment and Energy Business" segment was examined,
considering future revenue and expenditure projections. As a result, the book value was reduced to the recoverable
amount, and the amount of the reduction was recorded as an impairment loss under extraordinary losses. The
amount of such impairment loss was ¥2,784 million for the nine months ended December 31, 2022.
(Significant changes in the amount of goodwill)In the “Overseas Investment and Development Business” segment, during the second quarter of the fiscal year,
the Company acquired additional shares of PT Tatamulia Nusantara Indah, an equity method affiliate, and made it aconsolidated subsidiary. The increase in goodwill due to this event was ¥1,112 million for the period under review.
3. Matters pertaining to changes in reportable segments, etc.
(Changes in segment classification)
From the first quarter ended June 30, 2022, the conventional five reportable segment classifications of“Architectural Construction Business”, “Civil Engineering Business”, “Investment and Development Business”,“Domestic Group Companies Business”, and “New Business” shall be changed to six segment classifications,
namely “Architectural Construction Business”, “Civil Engineering Business”, “Domestic Investment andDevelopment Business”, “Domestic Group Companies Business”, “Overseas Investment and Development
Business”, and “Environment and Energy Business”. These changes were made to align the reportable segmentclassifications with the classifications for the financial results targets in the Medium-term Management Plan 2024–
Rolling Plan and the classifications of the business reports in the monthly report materials presented at meetings ofthe Board of Directors.
The segment information presented for the nine months ended December 31, 2021 is based on the classifications
after these changes.

―10―3. (Reference) Non-consolidated Financial Statements(1) (Reference) Non-consolidated Balance Sheets(Millions of yen)Previous fiscal year
As of March 31, 2022

Current 3rd Quarter
As of December 31, 2022

107,668
194,292
10,000
5,250
8,629
4,729
22,974(1,154)57,824
234,207
5,064
12,916
1,571
37,875(1,476)352,390347,983

38,04937,407

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Short-term investment securities
Real estate for sale
Costs on uncompleted construction contracts
Other inventories
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Machinery, vehicles, tools, furniture andfixtures, net
Land
Lease assets, net
Construction in progress

2,656

2,318

77,16838
15,09274,87752
25,634

Total property, plant and equipment

133,005

140,290

Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Prepaid pension cost
Other
Allowance for doubtful accounts

10,833

10,205

209,192
1,770
2,012
3,381
(91)

210,113
1,689
1,500
3,147
(82)

Total investments and other assets

216,264

216,368

360,103366,864

712,493714,848

Total noncurrent assets
Total assets―11―

Previous fiscal year
As of March 31, 2022

(Millions of yen)
Current 3rd Quarter
As of December 31, 2022

91,531
55,471
20,00015,0005,767

82,60960,75320,0005,000-

26,77424,880

5,586

1,774

3,782

3,158

2,580
37,706
18,884

7,968
36,512
15,717

283,083

258,376

45,00036,52822,2796,124
20,353128
240

50,00070,15819,857
6,110
20,816
420

1,608

1,308

411
3,239

432
3,858

135,915

172,961

418,998

431,337

23,001

23,001

25,573
198

25,573370

25,771

25,944

5,750

5,750

50,000101,774
18,78050,000109,774
6,379

176,305

171,904

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Commercial paper
Current portion of bonds payable
Income taxes payable
Advances received on uncompleted
construction contracts
Provision for bonuses
Provision for warranties for completed
construction
Provision for loss on construction contracts
Deposits received
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits
Provision for directors’ retirement benefits
Provision for stock payments for directors
Provision for loss on business of subsidiaries
and affiliates
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for construction
General reserve
Retained earnings brought forward
Total retained earnings
Treasury stock(8,462)(8,626)

Total shareholders’ equity

216,617212,223

73,41968,111

385
3,073

(4)
3,180

76,87871,286

293,495

283,510

712,493714,848

Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Deferred gains on hedges
Revaluation reserve for land
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets―12―(2) (Reference) Non-consolidated Statements of Income

Nine Months ended
December 31, 2021
(April 1 through Dec 31, 2021)
Net sales
Net sales of construction contracts
Net sales of investment development businessand other
Total net sales
Cost of sales
Cost of sales of construction contracts
Cost of sales of investment development
business and otherTotal cost of sales
Gross profit
Gross profit on construction contracts
Gross profit on investment development businessand other
Total gross profit(Millions of yen)
Nine Months ended
December 31, 2022
(April 1 through Dec 31, 2022)

312,082

316,624

16,78913,557

328,871

330,182

276,467

290,591

12,283

11,346

288,751

301,938

35,614

26,032

4,505

2,211

40,12028,244

Selling, general and administrative expenses

23,27925,677

Operating income

16,8402,566

Non-operating income
Non-operating expenses

4,031
783

5,105
1,297

Ordinary income

20,0886,374

Extraordinary income
Extraordinary loss

1,777
3,148

4,708
4,051

Profit before income taxes

18,716

7,031

Income taxes

5,783

2,187

Profit12,933

4,844

―13―

4. Supplementary Information(1) Summary of Consolidated Results and Forecasts(Millions of yen)
Nine-month Period from April
FY2021 FY2022

Full Year

YoY (b)-(a)FY2021 FY2022

FY2022

VS. initial forecast(c)-(b)YoY(c)-(a)Actual(a)

Actual(b)

AmountPercentage(%)

Actual(a)

Initialforecast
May 13,2022 (b)Revisedforecast
Percentage
Percentage
AmountAmountOct. 31,(%)(%)
2022 (c)Net sales

356,652

381,072

24,4196.8

501,509

520,000

540,000

38,4907.7

20,0003.8

Construction business

317,510324,401

6,891

2.2

439,128451,000

455,000

15,871

3.6

4,000

0.9

Architectural construction

211,806

229,713

17,9078.5

293,168

321,000

325,000

31,831

10.9

4,000

1.2

Civil engineering

105,704

94,687(11,016)(10.4)

145,959

130,000

130,000(15,959)(10.9)--

Domestic investment
development business

16,715

13,430(3,284)(19.6)

20,68319,00018,500(2,183)(10.6)

(500)

(2.6)

Domestic Group companies business

20,29826,647

6,348

31.3

38,726

46,20043,500

4,773

12.3

(2,700)(5.8)

Overseas investment
development business

1,694

15,49813,804

814.6

2,283

2,600

21,50019,216841.4

18,900726.9

Environment and energy business

434

1,093

659

151.9

687

1,200

1,500

812

118.1

300

25.0

43,592

34,772(8,819)(20.2)

62,67763,00057,800(4,877)(7.8)(5,200)(8.3)

12.2 %

9.1 %

12.5 %

12.1 %

10.7 %

SG&A expenses

26,97230,214

3,241

12.0

38,29242,50045,200

6,907

18.0

2,700

6.4

Operating income

16,620

4,558(12,061)(72.6)

24,38520,50012,600(11,785)(48.3)(7,900)(38.5)

Non-operating income

3,306

4,466

1,159

35.1

3,726

2,400

4,100

373

10.0

1,700

70.8

Ordinary income

19,926

9,024(10,902)(54.7)

28,111

22,90016,700(11,411)(40.6)(6,200)(27.1)

Extraordinary income

(244)

2,564

2,808

-

118

5,000

5,900

5,781

-

900

18.0

Profit before income taxes

19,682

11,589(8,093)(41.1)

28,23027,90022,600(5,630)(19.9)(5,300)(19.0)

Income taxes

6,281

3,212

(3,069)(48.9)

9,761

9,100

7,700

(2,061)(21.1)(1,400)(15.4)

Profit13,4008,376(5,023)(37.5)

18,46818,80014,900(3,568)(19.3)(3,900)(20.7)

Profit attributable
to non-controlling interests

(84)

6

90

-

(92)

-

200

292

-

200

-

Profit attributableto owners of the parent

13,484

8,370(5,113)(37.9)

18,56018,80014,700(3,860)(20.8)(4,100)(21.8)

Gross profit
Profit margin

Note:

Net sales are based on business segment classifications and intercompany sales are eliminated.

―14―

(2) Summary of Non-consolidated Results and Forecasts(Millions of yen)
Nine-month Period from April
FY2021 FY2022
Actual(a)

Full Year

YoY (b)-(a)FY2021

FY2022

FY2022(%)

Actual(a)

Initialforecast
May 13,2022 (b)Revisedforecast
Oct. 31,2022 (c)VS. initial forecast(c)-(b)YoY (c)-(a)AmountPercentage(%)

AmountPercentage(%)

471,500(1,582)

(0.3)

(500)

(0.1)

453,000

453,000

703

0.2

-

-

320,893

332,000

332,000

11,106

3.5--(11.7)

128,618

117,000

119,500(9,118)

(7.1)

2,500

2.1

-

2,784

4,000

1,500

(1,284)(46.1)(2,500)(62.5)(19.2)

20,78619,00018,500(2,286)(11.0)

(500)

(2.6)

Actual(b)

AmountOrders received

298,025 265,422(32,602)(10.9)

473,082472,000

Construction business

281,236 251,864(29,371)(10.4)

452,296

Domestic architectural construction

184,805 169,009(15,795)(8.5)

Domestic civil engineering

94,033

83,037(10,996)

Overseas

2,396

(182)

(2,578)Investment development business andother

16,78913,557(3,231)

Percentage

Net sales

328,871 330,182

1,310

0.4

451,770459,000

463,500

11,729

2.6

4,500

1.0

Construction business

312,082 316,624

4,542

1.5

430,983

440,000

445,000

14,016

3.3

5,000

1.1

Domestic architectural construction

205,135 219,599

14,463

7.1

282,412

307,500

312,500

30,087

10.7

5,000

1.6

Domestic civil engineering

104,460

95,502(8,957)(8.6)

144,821

129,700

129,700(15,121)(10.4)--

Overseas

2,485

1,522

(963)

(38.8)

3,749

2,800

2,800

(949)

(25.3)--

Investment development business andother

16,78913,557(3,231)(19.2)

20,78619,00018,500(2,286)(11.0)

(500)

(2.6)

Gross profit

40,12028,244(11,876)(29.6)

55,932

54,10047,600(8,332)(14.9)(6,500)(12.0)

12.2 %

8.6 %

12.4 %

11.8 %

10.3 %

35,614

26,03250,10348,80042,800(7,303)(14.6)(6,000)(12.3)

11.4 %

8.2 %

11.6 %

11.1 %

9.6 %

22,696

12,33030,01327,75021,800(8,213)(27.4)(5,950)(21.4)

1,736

9.1

100

0.5

(826)

(80.5)(150)(42.9)(1,028)(17.6)

(500)

(9.4)

Profit margin
Construction business

Domestic architectural construction

Domestic civil engineering
Overseas11.1 %

5.6 %

12,721

14,151

12.2 %

14.8 %

196(449)(9,582)(26.9)(10,365)(45.7)

1,429

11.2

(645)

-

7.9 % (29.5) %Investment development business and
other

4,505

2,211

26.8 %

16.3 %(2,294)

SG&A expenses

23,27925,677

2,398

Operating income

16,8402,566

Non-operating income

3,247

Ordinary income(50.9)

10.6 %

9.0 %

7.0 %

19,06320,70020,80013.2 %

16.0 %

16.0 %

1,026

350

200

27.4 %

12.5 %

7.1 %

5,828

5,300

4,800

28.0 %

27.9 %

25.9 %

10.3

33,39237,00038,300

4,907

14.7

1,300

3.5

(14,274)(84.8)

22,54017,1009,300(13,240)(58.7)(7,800)(45.6)

3,808

561

17.3

3,455

2,600

3,700

244

7.1

1,100

42.3

20,088

6,374(13,713)(68.3)

25,995

19,70013,000(12,995)(50.0)(6,700)(34.0)

Extraordinary income(1,371)

657

2,028

-

(1,460)

5,000

5,000

6,460

-

-

-

Profit before income taxes

18,716

7,031(11,684)(62.4)

24,53524,70018,000(6,535)(26.6)(6,700)(27.1)

Income taxes

5,783

2,187

(3,596)(62.2)

8,320

7,800

5,700

(2,620)(31.5)(2,100)(26.9)

Profit12,933

4,844(8,088)(62.5)

16,215

16,90012,300(3,915)(24.1)(4,600)(27.2)

Dividend per share (yen)

10.0

13.5

3.5

35.0

26.0

27.0

27.0

1.0

3.8

-

-

Note: These non-consolidated quarterly financial statements, exempt from the quarterly review by auditors for statutory disclosure, were prepared pursuant toOrdinance on Terminology, Forms, and Preparation Methods of Quarterly Financial Statements, etc.

―15―

(3) Orders Received, Net Sales and Balance Brought Forward (non-consolidated)
1) Orders Received
Business segment/Classification
I Construction business(a) Architectural construction
Domestic public sector
Domestic private sector
Overseas
Subtotal(b) Civil engineering
Domestic public sector
Domestic private sector
Overseas
Subtotal(c) Total (a)+(b)Domestic public sector
Domestic private sector
Overseas
Subtotal
II Domestic investment development
business
III Environment and energy business
IV Total (I + II + III)(Millions of yen)
Nine-month Period
From April 1, 2021
to Dec 31, 2021
AmountRatio (%)

Nine-month Period
From April 1, 2022
to Dec 31, 2022
AmountRatio (%)

ChangeAmountPercentage (%)

44,513140,291
1,879
186,684

14.9
47.1
0.6
62.6

24,868144,140212
169,221

9.4
54.3
0.1
63.8

(19,644)
3,849(1,666)(17,462)(44.1)
2.7(88.7)(9.4)

45,528275,364
1,935
322,828

9.6
58.2
0.4
68.2

62,70731,326517
94,551

21.0
10.5
0.2
31.7

54,692
28,344(394)
82,642

20.6
10.7
(0.1)
31.1

(8,014)(2,982)(912)(11,908)(12.8)(9.5)(12.6)

89,52139,096849
129,467

18.9
8.3
0.2
27.4

107,220
171,6182,396
281,236

36.0
57.6
0.8
94.4

79,561
172,485(182)
251,864

30.0
65.0
(0.1)
94.9

(27,659)
866(2,578)(29,371)(25.8)
0.5(10.4)

135,050
314,460
2,784
452,296

28.5
66.5
0.6
95.6

16,742

5.6

13,4595.1(3,282)(19.6)

20,7244.4

46
298,025

0.0
100.0

98
265,422

0.0
100.0

51
(32,602)110.8(10.9)

62
473,0820.0
100.02) Net Sales
Business segment/Classification
I Construction business(a) Architectural construction
Domestic public sector
Domestic private sector
Overseas
Subtotal(b) Civil engineering
Domestic public sector
Domestic private sector
Overseas
Subtotal(c) Total (a)+(b)Domestic public sector
Domestic private sector
Overseas
Subtotal
II Domestic investment development
business
III Environment and energy business
IV Total (I + II + III)

Previous Fiscal Year
(From April 1, 2021
to March 31, 2022)
AmountRatio (%)

(Millions of yen)
Nine-month Period
From April 1, 2021
to Dec 31, 2021
AmountRatio (%)

Nine-month Period
From April 1, 2022
to Dec 31, 2022
AmountRatio (%)

ChangeAmountPercentage (%)

Previous Fiscal Year
(From April 1, 2021
to March 31, 2022)
AmountRatio (%)

26,198
178,937808
205,944

8.0
54.4
0.2
62.6

42,068
177,531
1,655
221,254

12.7
53.8
0.5
67.0

15,869(1,406)846
15,310

60.6
(0.8)
104.7
7.4

38,510243,902
1,755
284,168

8.5
54.0
0.4
62.9

62,89541,564
1,676
106,137

19.1
12.6
0.5
32.3

62,79532,707(133)
95,369

19.0
9.9
0.0
28.9

(100)
(8,857)(1,810)(10,768)(0.2)(21.3)(108.0)(10.1)

83,92260,898
1,993
146,815

18.6
13.5
0.4
32.5

89,094
220,502
2,485
312,082

27.1
67.0
0.8
94.9

104,863
210,238
1,522
316,624

31.8
63.7
0.5
95.9

15,769(10,263)
(963)
4,542

17.7
(4.7)
(38.8)
1.5

122,433
304,800
3,749
430,983

27.1
67.5
0.8
95.4

16,742

5.1

13,4594.1(3,282)(19.6)

20,7244.6

46
328,871

0.0
100.0

98
330,182

0.0
100.0

51
1,310

110.8
0.4

62
451,770

0.0
100.0

―16―

3) Balance Brought Forward
Business segment/Classification
I Construction business(a) Architectural construction
Domestic public sector
Domestic private sector
Overseas
Subtotal(b) Civil engineering
Domestic public sector
Domestic private sector
Overseas
Subtotal(c) Total (a)+(b)Domestic public sector
Domestic private sector
Overseas
Subtotal
II Domestic investment development
business
III Environment and energy business
IV Total (I + II + III)(Millions of yen)
FY2021 3Q(As of Dec 31, 2021)
AmountRatio (%)

FY2022 3Q(As of Dec 31, 2022)
AmountRatio (%)

ChangeAmountPercentage (%)

Previous Fiscal Year(As of March 31, 2022)
AmountRatio (%)

112,056
300,403
3,282
415,742

16.3
43.8
0.5
60.6

83,559337,120949
421,629

12.4
50.0
0.1
62.6

(28,496)
36,717(2,333)
5,887(25.4)
12.2(71.1)
1.4

100,758
370,5112,392
473,662

13.6
50.2
0.3
64.1

171,066
98,354
1,200
270,621

24.9
14.3
0.2
39.4

169,872
81,306954
252,133

25.2
12.1
0.1
37.4

(1,193)(17,048)(246)(18,488)(0.7)(17.3)(20.5)(6.8)

176,854
86,7901,215
264,859

23.9
11.8
0.2
35.9

283,122398,757
4,483
686,363

41.2
58.1
0.7
100.0

253,432
418,426
1,903
673,762

37.6
62.1
0.3
100.0

(29,690)
19,669(2,579)(12,600)(10.5)
4.9(57.5)(1.8)

277,613457,301
3,607
738,522

37.6
61.9
0.5
100.0

-

-

-

-

-

-

-

-

686,363100.0

673,762100.0(12,600)(1.8)

738,522100.0―17―