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.

Consolidated Financial Results
for the Three Months Ended June 30, 2024
[Japanese GAAP]
August 9, 2024
Company name: TODA CORPORATION
Listing: Tokyo
Securities code: 1860
URL: https://www.toda.co.jp/
Representative: Seisuke Otani
President and Representative Director
Inquiries: Toshiyuki Kubodera
General Manager,Financial&IR Div.
Telephone: +81-3-3535-1357
Scheduled date to commence dividend payments: Preparation of supplementary material on financial results: None
Holding of financial results briefing: None
(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024 to June 30, 2024)(1) Consolidated Operating Results(Percentages indicate year-on-year changes.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Three months ended
June 30, 2024
111,788
(2.3)
(107)
2,455
(46.7)
3,717
93.5
June 30, 2023
114,391(0.5)
2,123(37.7)
4,610(23.7)
1,921(47.8)(Note) Comprehensive income:Three months ended June 30, 2024:¥7,387 million [(47.5) %]Three months ended June 30, 2023: ¥14,065 million [ 94.8%]
Basic earnings
per share
Three months ended
June 30, 2024
June 30, 2023

Diluted earnings per
share
Yen

Yen

12.23
6.20

-

(2) Consolidated Financial Position
Total assets
As ofJune 30, 2024
March 31, 2024
(Reference) Equity:

Millions of yen

Net assets

Capital adequacy ratio

Millions of yen%

870,351
357,075
872,060
355,524
As of June 30, 2024:¥349,701 million
As of March 31, 2024:¥348,519 million

40.2
40.0

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2024

-

14.00

-

14.00

28.00

Fiscal year ending March 31, 2025

14.50

-

14.50

29.00

Fiscal year ending March 31, 2025
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-end

Total

None

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025(April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Net sales
Millions ofyenOperating profit%

Millions ofyen%

Ordinary profit
Millions ofyen%Full year
600,000
14.8 30,000
67.5 35,500
39.3
None
(Note) Revision to the financial results forecast announced most recently:* Notes:(1) Significant changes in the scope of consolidation during the period:

Profit attributable Basic earnings per
to owners of parent
shareMillions of
yen

%

Yen

27,000

67.7

88.68

None

(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
2) Changes in accounting policies due to other reasons: None
3) Changes in accounting estimates: None
4) Restatement: None
(4) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2024: 322,656,796 shares
March 31, 2024: 322,656,796 shares
2) Number of treasury shares at the end of the period:
June 30, 2024:
19,615,254 shares
March 31, 2024: 18,176,306 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2024: 304,013,191 shares
Three months ended June 30, 2023: 309,926,207 shares(Note) The number of shares of treasury stock at the end of the period includes the Company's shares held by the BIP Trust for
directors' remuneration and the ESOP Trust for granting shares.
* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public
accountants or an audit firm: Yes (Discretionary)* Proper use of earnings forecasts, and other special matters
At the Board of Directors Meeting held on May 15, 2024, the Company has resolved the matters relating to acquisition of its own
shares, but the impact on "net income per share" in the consolidated earnings forecasts for the fiscal year ending March 31, 2025 has
not been taken into account.
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.

(Reference) Non-consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025
(April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Net sales

Full year

Operating profit

Ordinary profit

Basic earnings per
share

Net income

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

475,000

12.3

15,50019.8

18,6005.2

17,600

52.5

57.80

* Proper use of earnings forecasts, and other special matters
At the Board of Directors Meeting held on May 15, 2024, the Company has resolved the matters relating to acquisition of its own
shares, but the impact on "net income per share" in the non-consolidated earnings forecasts for the fiscal year ending March 31, 2025
has not been taken into account.
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 First Quarter
Ended June 30, 2024

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

Table of Contents of Attachments
1. Qualitative Information on Financial Results for the Three Months Ended June 30, 2024..................................2(1) Overview of Operating Results for the Three Months Ended June 30, 2024 ..........................................................2(2) Explanation on Financial Condition ........................................................................................................................3(3) Explanation of Consolidated Financial Forecasts and Other Forward-Looking Statements...................................3
2. Quarterly Consolidated Financial Statements and Notes ........................................................................................4(1) Quarterly Consolidated Balance Sheets ..................................................................................................................4(2) Quarterly Consolidated Statements of Income and Comprehensive Income ..........................................................6(3) Notes to Quarterly Consolidated Financial Statements ...........................................................................................8
Notes to Changes in Accounting Policies ............................................................................................................8
Notes to Accounting Methods Specific to the Preparation of Quarterly Consolidated Financial Statements .....8
Notes to Segment Information, etc.......................................................................................................................8
Notes to Substantial Changes in the Amount of Shareholders’ Equity ................................................................9
Notes to Going Concern Assumption ...................................................................................................................9
Notes to Quarterly Consolidated Cash Flow Statements .....................................................................................93. (Reference) Non-consolidated Financial Statements ..............................................................................................10(1) (Reference) Quarterly Non-consolidated Balance Sheets .....................................................................................10(2) (Reference) Quarterly Non-consolidated Statements of Income...........................................................................12
4. Supplementary Information......................................................................................................................................13(1) Summary of Consolidated Results and Forecasts .................................................................................................13(2) Summary of Non-consolidated Results and Forecasts ..........................................................................................14(3) Orders Received, Net Sales and Balance Brought Forward (Non-consolidated) ..................................................15

1

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

1. Qualitative Information on Financial Results for the Three Months Ended June 30, 2024
(1) Overview of Operating Results for the Three Months Ended June 30, 2024
During the first quarter of the current consolidated fiscal year, the domestic economy showed recovery trend,with an improved employment and income environment and signs of a gradual pickup in the outlook.
In the construction industry, although orders from private-sector declined, mainly in the non-manufacturingsector, orders from public-sector remained strong, and total industry orders exceeded the same period of the previous
year. On the other hand, there are concerns that construction costs will continue to rise due to soaring construction
material prices and a tight labor force caused by the application of limits on overtime work.
In May 2022, the Group announced the “Medium-Term Management Plan 2024 - Rolling Plan”, and we arefurther enhancing the value we provide to customers in the core businesses of architectural construction, civilengineering, and strategy. As key management priorities, we have identified the construction of new TODA
BUILDING, overseas business and renewable energy business such as floating offshore wind power generation, andwe are making growth investments in these businesses to strengthen our business portfolio. During the first quarterof the current consolidated fiscal year, we continued to promote growth investments with the active involvement of
top management in order to realize medium to long-term growth. While promoting investment for growth, we arealso working to strengthen our investment process by setting ROIC (return on invested capital) at 5% or higher as amanagement indicator of profitability, with aim of achieving ROE (return on equity) of more 8% or higher over the
medium to long-term.
Under these circumstances, the Group’s performance for the first quarter of the consolidated fiscal year underreview was as follows:
Consolidated net sales decreased by 2.3% y-o-y to ¥111.7 billion, mainly due to lower sales in the Architectural
Construction Business, which has large scale projects that are expected to progress in the near future, and theDomestic Investment and Development Business.
As for operating income (loss), gross profit declined 7.8% y-o-y to ¥10.9 billion due to decreases in theArchitectural Construction Business, the Civil Engineering Business and the Domestic Investment and Development
Business. Selling, general and administrative (SG&A) expenses increased by 13.5% y-o-y to ¥11.0 billion, due tofactors such as higher personnel costs, resulting in an operating loss of ¥0.1 billion (operating income of ¥2.1 billion
in the same quarter of the previous fiscal year).
Although dividends received on investment securities held by the Company and other income were recorded as
non-operating income, ordinary income was ¥2.4 billion, down 46.7% y-o-y.
Quarterly net income attributable to owners of the parent increased by 93.5% y-o-y to ¥3.7 billion, due toextraordinary gains including gains on sales of investment securities.
Segment results, including intersegment sales or transfers, were as follows.
Please note that effective from the first quarter of the consolidated accounting period, the Group has changed themeasurement method of segment income or loss. For details, please refer to “2. Quarterly Consolidated Financial
Statements and Notes”, “(3) Notes to Quarterly Consolidated Financial Statements (Notes to Segment Information,etc.)”, “3. Matters related to changes in reporting segments, etc.”.
Architectural Construction BusinessNet sales were ¥78.5 billion (up 13.0% y-o-y), and the segment income (operating income) was ¥600 million (up170.7% y-o-y).
Orders received by the Company on a non-consolidated basis increased by 18.1% y-o-y for domestic privatesector construction, but public-sector construction decreased by 77.2% y-o-y, resulting in an overall decrease of¥74.0 billion, 11.2% lower than the same quarter of the previous fiscal year.

2

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

Civil Engineering BusinessNet sales were ¥29.5 billion (up 16.0% y-o-y), and segment income (operating income) was ¥1.0 billion (down
21.4% y-o-y).
Orders received by the Company on a non-consolidated basis decreased by 14.6% y-o-y for domestic privatesector construction and by 18.8% for domestic public-sector construction, resulting in an overall decrease of ¥13.7
billion, down 17.0% y-o-y.
Domestic Investment and Development BusinessNet sales were ¥1.5 billion (down 52.7% y-o-y), and segment loss (operating loss) was ¥69 million (segment
income of ¥500 million in the same quarter of the previous fiscal year).
Domestic Group Companies BusinessNet sales were ¥9.8 billion (down 1.3% y-o-y), and segment loss (operating loss) was ¥200 million (segment lossof ¥300 million in the same quarter of the previous fiscal year).
Overseas Group Companies BusinessNet sales were ¥11.0 billion (down 8.8% y-o-y), and segment income (operating income) was ¥71 million (down
89.3% y-o-y).
Environment & Energy BusinessNet sales were ¥200 million (down 35.3% y-o-y), and segment loss (operating loss) was ¥300 million (segment
loss of ¥18 million in the same quarter of the previous fiscal year).
(2)

Explanation on Financial Condition

Assets, liabilities, and net assets
AssetsTotal assets as of the end of the first quarter of the consolidated accounting period were ¥870.3 billion, a decreaseof ¥1.7 billion (down 0.2%) from the end of the previous consolidated accounting period, mainly due to increases of¥3.1 billion in costs on uncompleted construction contracts, ¥3.9 billion in investment securities, ¥13.9 billion inconstruction in progress, and a decrease of ¥22.3 billion in notes and accounts receivable from completed
construction contracts and other.
Liabilities
Total liabilities as of the end of the first quarter of the consolidated accounting period decreased by ¥3.2 billion
from the end of the previous consolidated accounting period to ¥513.2 billion (down 0.6%), mainly due to increasesof ¥6.8 billion in advances received on uncompleted construction contracts and ¥40.0 billion in commercial paper,and decreases of ¥17.2 billion in notes payable, accounts payable for construction contracts and other, and ¥31.1
billion in short-term loans payable.
Net assets
Net assets as of the end of the first quarter of the consolidated accounting period were ¥357.0 billion, an increaseof ¥1.5 billion (up 0.4%) from the end of the previous consolidated accounting period, mainly due to the recording of¥1.5 billion for the acquisition of treasury stock (a decrease in net assets), ¥0.9 billion for an increase in valuationdifference on available-for-sale securities resulting from the rise in market values of cross shareholdings, and ¥2.1
billion for an increase in foreign currency translation adjustments due to the depreciation of the yen. The equity ratio
was 40.2%.
(3) Explanation of Consolidated Financial Forecasts and Other Forward-Looking Statements
At this time, there are no changes to the consolidated earnings forecasts for the fiscal year ending March 31, 2025
from that announced on May 15, 2024.

3

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024

As of June 30, 2024

113,810
222,602600
35,89013,273103,160
200,235
599
38,081
16,447

12,05425,837(2,143)421,924

16,95929,222(2,035)
402,671

47,088
10,96147,141
11,05081,416354
70,492
210,31381,744399
84,440224,776

941
11,912
12,854834
11,842
12,676208,268
6,549
5,548
864
5,855
(118)
226,967
450,135
872,060

212,172
6,540
5,389
903
5,346
(124)
230,227
467,680
870,351

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 and fixtures, 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
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

4

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

(Millions of yen)
As of March 31, 2024 As of June 30, 2024
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
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 directors’ retirement benefits
Provision for stock payments for directors
Provision for loss on liquidation of subsidiaries andaffiliates
Provision for loss on environment and energy businessNet defined benefit liability
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains on hedges
Revaluation reserve for land
Foreign currency conversion adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

5

97,14079,873

74,103－30
7,695
38,142

42,97740,00010,0302,851
45,025

6,238
3,672
4,061
38,73225,659295,476

3,069
3,207
3,789
41,372
29,274
301,471

63,16589,272
31,546
5,831
109
676
13

53,15089,14832,038
5,831
99
754
12

821
22,0002,114
5,508
221,059
516,536－
22,221
2,117
6,429
211,805
513,276

23,001
26,786
208,849(12,599)
246,037

23,001
26,786208,268(14,134)
243,92292,805
424
2,741
3,152
3,357
102,481
7,004
355,524

93,741
795
2,741
5,299
3,200
105,779
7,373
357,075

872,060

870,351

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Three Months Ended June 30, 2023 and 2024

(Millions of yen)Three Months Ended Three Months Ended
June 30, 2023
June 30, 2024

Net sales
Net sales of construction contracts
Net sales of investment development business and otherTotal 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 business and otherTotal gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Foreign exchange gain
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission fee
Other
Total non-operating expenses
Ordinary Income
Extraordinary income
Gain on sales of investment securities
Other
Total extraordinary income
Extraordinary loss
Loss on abandonment of noncurrent assets
Provision for loss on liquidation of subsidiaries and affiliates
Other
Total extraordinary losses
Profit before income taxes and non-controlling interests
Total income taxes
Profit for the year
Loss attributable to non-controlling interests
Profit for the year attributable to owners of the parent

6(April 1 throughJune 30, 2023)(April 1 throughJune 30, 2024)

108,832
5,559
114,391

107,789
3,998
111,788

98,644
3,922
102,567

97,8793,002
100,882

10,188
1,636
11,824
9,701
2,123

9,910
996
10,906
11,013
(107)

455
1,899
396
124
2,875

420
2,137
296
267
3,121

314
40
34
388
4,610

420
40
96
558
2,455

614
19
634

3,926
27
3,954

4
1,419
7
1,431
3,813
1,781
2,031
110
1,921

9
－
6
16
6,393
2,514
3,878
161
3,717

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

Quarterly Consolidated Statements of Comprehensive Income
Three Months Ended June 30, 2023 and 2024

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency conversion adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of entities accounted
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to
Owners of the parent
Non-controlling interests

7(Millions of yen)Three Months Ended Three Months Ended
June 30, 2023
June 30, 2024
(April 1 through(April 1 throughJune 30, 2023)

June 30, 2024)

2,031

3,878

8,824
471
2,752
(16)
－
12,03314,065

947
310
2,353
(163)
60
3,508
7,387

13,743
321

7,015
372

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

(3) Notes to Quarterly Consolidated Financial Statements
Notes to Changes in Accounting Policies
Application of Accounting Standard for Corporate Tax, Inhabitant Tax and Enterprise Tax, etc.:
The Group applied the “Accounting Standard for Corporate, Inhabitant and Enterprise Taxes, etc.” (ASBJ
Statement No.27, October 28, 2022; Hereinafter referred to as the “Revised Accounting Standard 2022”) fromthe beginning of the first quarter of the consolidated accounting period.
The revision of accounting classification of current income taxes (taxation on other comprehensive
income) is in accordance with the transitional treatment stipulated in the proviso of Paragraph 20-3 of the
Revised 2022 Accounting Standard and Paragraph 65-2, Item 2 of the Implementation Guidance on Tax EffectAccounting (ASBJ Guidance No. 28, October 28, 2022; Hereinafter referred to as the "Revised Implementation
Guidance 2022”). There were no significant effects on the quarterly consolidated financial statements due to theapplication of the accounting policies.
As for the revision to review the treatment of gains or losses on sales arising from the sale of subsidiaries’
stocks and others between consolidated companies in the consolidated financial statements, in cases where thegains or losses on sales is deferred for tax purposes, the Group applied the Revised Implementation Guidance
2022 from the beginning of the first quarter of the consolidated accounting period. The application of theaccounting policies was applied retrospectively, and the quarterly consolidated financial statements andconsolidated financial statements of the previous accounting period were prepared retrospectively. There wereno significant effects on the quarterly consolidated financial statements and consolidated financial statements ofthe previous accounting period due to the application of the accounting policies.
Notes to Accounting Methods Specific to the Preparation of Quarterly Consolidated Financial Statements
Three Months Ended June 30, 2024
(April 1 through June 30, 2024)
Calculation Tax expenses were calculated by reasonably estimating the effective tax rate after applying tax
of taxeffect accounting to income before income taxes and minority interests for the consolidated
expensesaccounting period, including the first quarter under review, and multiplying quarterly income
before income taxes and minority interests by said estimated effective tax rate.
Notes to Segment Information, etc.
Segment information
I. For three months ended June 30, 2023 (April 1, 2023 through June 30, 2023)
1. Information on sales and income or loss by reporting segment
Reporting Segments
Domestic
Overseas Environment
Domestic
Investment
Architectural
Civil
Group
Group
and
and
Construction Engineering
Companies Development Energy
Development

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

Net sales
Sales to－65,623
24,6383,080
8,651
12,068329 114,391
114,391
externalcustomers
Intersegment
sales and
－
－
3,928
851
112
1,283
46
6,223
(6,223)transfers
Total
69,55225,4903,193
9,935
12,114329 120,615(6,223)
114,391
Segment income
228
1,386
524
(362)
668
(18)
2,425
(302)
2,123
or (loss)
Note 1. “Segment income or (loss)” adjustment of (¥302) million refers to elimination of intersegment transactions.
Note 2. “Segment income or (loss)” is adjusted with operating income in the quarterly consolidated statements of income.

2. Information on impairment loss on fixed assets and goodwill, etc. by reporting segment
Not applicable.

8

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

II. For three months ended June 30, 2024 (April 1, 2024 through June 30, 2024)
1. Information on sales and income or loss by reporting segment
Reporting Segments
Domestic
Overseas Environment
Domestic
Investment
Architectural
Civil
Group
Group
and
and
Construction Engineering
Companies Companies
EnergyDevelopment

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

Net sales
Sales to－63,39526,803
1,389
8,997
10,995
206
111,788
externalcustomers
Intersegment
sales and
15,184
2,774
120
804
49
6
18,940 (18,940)
transfers
Total
78,58029,5781,509
9,802
11,045212 130,729 (18,940)
Segment income
617
1,090
(69)
(213)
71
(312)
1,184
(1,291)or (loss)
Note 1. “Segment income or (loss)” adjustment of (¥1,291) million refers to elimination of intersegment transactions.
Note 2. “Segment income or (loss)” is adjusted with operating loss in the quarterly consolidated statements of income.

111,788－
111,788(107)

2. Information on impairment loss on fixed assets and goodwill, etc. by reporting segment
Not applicable.
3. Matters related to changes in reporting segments, etc.
Change in measurement method of segment income (loss):
Effective from the first quarter of the consolidated accounting period, the Group has changed
the basis for reporting internal sales due to a change in the management method of real estate forown use.
The segment information for the first quarter of the previous fiscal year was prepared based on
the new method of measuring income or loss.
Notes to Substantial Changes in the Amount of Shareholders’ Equity:
The Company repurchased 1,436,700 shares of treasury stock in accordance with the resolution of
the Board of Directors Meeting held on May 15, 2024. As a result of this and other factors, treasury
stock increased by ¥1,534 million during the first quarter of the current fiscal year, resulting intreasury stock of ¥14,134 million at the end of the first quarter.
Notes to Going Concern Assumption:
Not applicable.
Notes to Quarterly Consolidated Cash Flow Statements:
Quarterly consolidated cash flow statements were not prepared for the first quarter of the consolidated
accounting period. Depreciation (which includes amortization of intangible fixed assets other than
goodwill) and amortization of goodwill for the first quarter were as follows.
Three Months Ended Three Months Ended
June 30, 2023
June 30, 2024
(April 1 throughJune 30, 2023)

Depreciation
Amortization of goodwill¥1,614 million¥109 million

9(April 1 throughJune 30, 2024)¥1,432 million¥133 million

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

3. (Reference) Non-consolidated Financial Statements(1) (Reference) Quarterly Non-consolidated Balance Sheets(Millions of yen)
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts, etc.
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
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Prepaid pension cost
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

10

As of March 31, 2024

As of June 30, 2024

77,809190,419

60,575
173,784

28,43819,041
11,274
24,125(1,144)349,964

30,411
21,634
16,52427,260(1,026)329,164

32,076
1,791

31,6081,694

68,751
195
46,826
149,640
9,672

68,751
205
59,156
161,416
9,530

246,313
24,123
2,361
4,128
(218)
276,707436,021785,986

250,200
26,913
2,346
3,530
(236)
282,754453,701
782,866

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

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 stock payments for directors
Provision for loss on business of subsidiaries and affiliates
Provision for loss on environment and energy business
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
Total shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Deferred gains on hedges
Revaluation reserve for land
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets
11

As of March 31, 2024

(Millions of yen)
As of June 30, 2024

81,49868,588－－6,454
37,711
5,670
3,161
4,001
39,473
19,209265,769

67,55737,35340,00010,0002,064
44,315
2,245
2,807
3,752
41,31021,615
273,02163,00084,43527,658
5,831
21,716
676
4
2,825
300
4,374
210,822476,591

53,00083,941
28,196
5,831
21,896
754
4
1,583
303
5,203
200,715
473,737

23,001

23,001

25,573574
26,14725,573574
26,147

5,750

5,750

50,000109,774
11,542
177,067(12,599)
213,616

50,000109,774
11,591
177,116(14,134)
212,13192,651383
2,741
95,777309,394785,986

93,561694
2,741
96,997309,129
782,866

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

(2) (Reference) Quarterly Non-consolidated Statements of Income

Three Months Ended
June 30, 2023

Net sales
Net sales of construction contracts
Net sales of investment development
business and otherTotal 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
business and otherTotal gross profit
Selling, general and administrative
expenses
Operating income
Non-operating income
Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary loss
Profit before income taxes
Income taxes
Profit(April 1 through June 30, 2023)

12(Millions of yen)Three Months Ended
June 30, 2024

(April 1 through June 30, 2024)

90,266
3,125

90,201
1,446

93,392

91,647

82,1202,167

82,233909

84,288

83,143

8,145
957

7,967
536

9,103
7,666

8,504
8,735

1,437
2,668
390
3,715
620
265
4,070
1,250
2,820

(231)
3,013
430
2,352
3,949
9
6,292
1,945
4,347

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

4. Supplementary Information(1) Summary of Consolidated Results and Forecasts
Three months period
ended June 30, 2024
Y-o-Y
FY2023 FY2024(b) - (a)Rate of
ActualActualAmount change
(a)
(b)
(%)

(Millions of yen)
Full year
FY2023

FY2024

Actual(a)

Initialforecasts
(b)

Y-o-Y
(b) - (a)Rate ofAmount change(%)

Net sales

114,391

111,788(2,603)(2.3)

522,434

600,000

77,56514.8

Construction Business

90,262

90,199

(62)

(0.1)

400,466

435,000

34,533

8.6

Architectural
Construction

65,62363,395(2,228)(3.4)

287,954305,000

17,045

5.9

Civil Engineering

24,63826,803

2,165

8.8

112,511130,000

17,488

15.5

3,080

1,389

(1,690)(54.9)

22,42140,00017,578

78.4

8,651

8,997

345

4.0

49,52455,500

5,975

12.1

12,068

10,995(1,072)(8.9)

48,67368,00019,326

39.7

Environment and Energy

329

206

(122)

(37.3)

1,348

1,500

151

11.3

Gross profit

11,824

10,906

(918)

(7.8)

63,58779,00015,412

24.2

10.3 %

9.8 %

12.2 %

13.2 %

SG&A expenses

9,701

11,013

1,312

13.5

45,67949,0003,320

7.3

Operating income

2,123

(107)

(2,230)-17,90830,00012,091

67.5

Non-operating income

2,487

2,562

75

3.0

7,575

5,500

(2,075)(27.4)

Ordinary income

4,610

2,455

(2,155)(46.7)

25,48335,50010,01639.3

Extraordinary income

(797)

3,938

4,735

-

2,785

6,500

3,714

133.3

Profit before income taxes

3,813

6,393

2,579

67.6

28,26942,00013,730

48.6

Income taxes

1,781

2,514

733

41.1

11,45415,000

3,545

31.0

Net income

2,031

3,878

1,846

90.9

16,81527,000

10,184

60.6

110

161

50

46.1

713

-

(713)

-

1,921

3,717

1,795

93.5

16,10127,00010,898

67.7

Domestic Investment andDevelopment
Domestic Group
Companies
Overseas Group
Companies

Profit margin

Net income attributable tonon-controlling interests
Net income attributable toowners of the parent

Note: Net sales are based on business segment classifications, and internal transactions are eliminated.

13

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

(2) Summary of Non-consolidated Results and Forecasts(Millions of yen)Three months period
ended June 30, 2024
FY2023

FY2024

Actual(a)

Actual(b)

Full year

Y-o-Y(b)- (a)AmountRate ofchange(%)Y-o-Y(b) - (a)FY2023

FY2024

Actual(a)

Initialforecasts(b)

AmountRate ofchange(%)

Orders received

103,040

89,210(13,829)(13.4)

523,404

540,000

16,595

3.2

Construction Business

99,91487,764(12,150)(12.2)

500,765

500,000

(765)

(0.2)

83,32874,022(9,305)(11.2)

375,629

359,000(16,629)(4.4)

16,526

13,719(2,806)(17.0)

122,527

138,000

15,472

12.6

Overseas

60

21

(38)

(64.0)

2,608

3,000

391

15.0

Investment andDevelopment

3,125

1,446

(1,679)(53.7)

22,63840,00017,361

76.7

Net sales

93,392

91,647(1,744)(1.9)

423,132

475,000

51,867

12.3

Construction Business

90,266

90,201

(65)

(0.1)

400,493435,000

34,506

8.6

65,401

63,386(2,014)(3.1)

286,968

303,500

16,531

5.8

24,63826,8032,165

8.8

112,081

129,400

17,31815.5

Overseas

226

11

(215)

(95.1)

1,444

2,100

655

45.4

Investment andDevelopment

3,125

1,446

(1,679)(53.7)

22,63840,00017,361

76.7

Gross profit

9,103

8,504

(599)

(6.6)

49,88555,500

5,614

11.3

9.7 %

9.3 %

11.8 %

11.7 %
5,958

13.5

Domestic Architectural
Construction
Domestic
Civil Engineering

Domestic Architectural
Construction
Domestic
Civil Engineering

Profit margin

8,145

7,967

9.0 %

8.8 %

Domestic Architectural
Construction

4,559
7.0 %

4,538
7.2 %

(21)

Domestic
Civil Engineering

3,654

3,464

14.8 %

12.9 %(68)(34)(30.2%)(311.4%)

Construction Business

Overseas(178)

44,04150,00011.0 %

11.5 %(0.5)

25,9729.1 %29,850
9.8 %

3,877

14.9

(190)

(5.2)

17,494

19,970

2,475

14.1

15.6 %

15.4 %

34

-

574

180

(394)

(68.7)

39.8 %

8.6 %
(343)

(5.9)

Investment andDevelopment

957

536

30.6 %

37.1 %

SG&A expenses

7,666

8,735

1,069

Operating income

1,437

(231)

(1,668)Non-operating income

2,277

2,583

305

Ordinary income

3,715

2,352

Extraordinary income

355

Profit before income taxes

5,843

5,500

25.8 %

13.8 %

36,94840,0003,051

8.3

12,936

15,500

2,563

19.8

13.4

4,752

3,100

(1,652)(34.8)(1,363)(36.7)

17,68818,600

911

5.2

3,939

3,584

-

1,032

6,500

5,467

529.5

4,070

6,292

2,221

54.6

18,721

25,100

6,378

34.1

Income taxes

1,250

1,945

695

55.6

7,179

7,500

320

4.5

Net income

2,820

4,347

1,526

54.1

11,541

17,600

6,058

52.5

-

-

-

28.0

29.0

1.0

3.6

Dividend per share (yen)

(421)

(2.2)

(44.0)
13.9--

Note: The quarterly financial statements were prepared in accordance with the Regulations Concerning Financial Statements, etc.,
but not subject to review in the statutory disclosure.

14

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2024

(3) Orders Received, Net Sales and Balance Brought Forward (Non-consolidated)
1) Orders Received(Millions of yen)

Architectural
Construction
Civil
Engineering

Total

Construction Business

Three months period Three months periodBusiness segment/
From April 1, 2023
From April 1, 2024
Classification
to June 30, 2023
to June 30, 2024
Amount Ratio (%) Amount Ratio (%)
Domestic Public-Sector
25,595
24.8
5,847
6.6
Domestic Private-Sector
57,73356.0
68,175
76.4
Overseas
60
0.1
21
0.0
Total
83,38880.9
74,04483.0
Domestic Public-Sector
9,209
8.9
7,474
8.4
Domestic Private-Sector
7,316
7.1
6,245
7.0
Overseas
Total
16,52616.0
13,71915.4
Domestic Public-Sector
34,80533.8
13,322
14.9
Domestic Private-Sector
65,04963.1
74,42083.4
Overseas
60
0.1
21
0.0
Total
99,91497.0
87,764
98.4
3,097
3.0
1,431
1.6
Domestic Investment and Development
Environment and Energy
28
0.0
14
0.0
103,040
100.0
89,210100.0
Total

ChangeAmount Ratio (%)(19,747)(77.2)
10,44218.1(38)(64.0)(9,344)(11.2)(1,735)(18.8)(1,071)(14.6)(2,806)(17.0)(21,483)(61.7)
9,370
14.4
(38)
(64.0)(12,150)(12.2)(1,666)(53.8)(13)(46.7)(13,829)(13.4)

2) Net Sales

Previous fiscal year
From April 1, 2023
to March 31, 2024
Amount Ratio (%)
49,5389.5
326,091
62.3
2,178
0.4
377,808
72.2
62,15711.9
60,36911.5
430
0.1
122,957
23.5
111,695
21.3
386,461
73.8
2,608
0.5
500,765
95.7
22,5744.3
63
0.0
523,404100.0(Millions of yen)

Architectural
Construction
Civil
Engineering

Total

Construction Business

Three months period Three months periodBusiness segment/
From April 1, 2023
From April 1, 2024
Classification
to June 30, 2023
to June 30, 2024
Amount Ratio (%) Amount Ratio (%)
Domestic Public-Sector
7,731
8.3
12,051
13.1
Domestic Private-Sector
57,66961.7
51,33456.0
Overseas
226
0.2
11
0.0
Total
65,62870.3
63,397
69.2
Domestic Public-Sector
18,32019.6
21,751
23.7
Domestic Private-Sector
6,317
6.8
5,052
5.5
Overseas
Total
24,63826.4
26,80329.2
Domestic Public-Sector
26,05227.9
33,80336.9
Domestic Private-Sector
63,98668.5
56,387
61.5
Overseas
226
0.2
11
0.0
Total
90,266
96.7
90,201
98.4
3,097
3.3
1,431
1.6
Domestic Investment and Development
Environment and Energy
28
0.0
14
0.0
93,392100.0
91,647100.0
Total

ChangeAmount Ratio (%)
4,319
55.9
(6,334)(11.0)(215)(95.1)(2,230)
(3.4)
3,430
18.7
(1,265)(20.0)
2,165
8.8
7,750
29.7
(7,599)(11.9)(215)(95.1)(65)(0.1)(1,666)(53.8)(13)(46.7)(1,744)(1.9)3) Balance Brought Forward

Previous fiscal year
From April 1, 2023
to March 31, 2024
Amount Ratio (%)
41,567
9.8
245,400
58.0
1,013
0.2
287,98168.1
83,085
19.6
28,9966.9
430
0.1
112,51126.6
124,652
29.5
274,397
64.8
1,444
0.3
400,493
94.6
22,5745.3
63
0.0
423,132
100.0(Millions of yen)

Architectural
Construction
Civil
Engineering

Total

Construction Business

FY2023 Q1
FY2024 Q1
Business segment/
As of June 30, 2023 As of June 30, 2024
Classification
Amount Ratio (%) Amount Ratio (%)
Domestic Public-Sector
98,571
13.5
82,475
10.1
Domestic Private-Sector
358,19649.2
455,66355.8
0.2
Overseas
382
0.1
1,724
66.1
Total
457,15062.8
539,863
Domestic Public-Sector
194,295
26.7
172,759
21.2
Domestic Private-Sector
76,864
10.6
103,874
12.7
Overseas
33.9
Total
271,160
37.2
276,634
Domestic Public-Sector
292,86640.2
255,234
31.3
Domestic Private-Sector
435,06159.7
559,538
68.5
Overseas
382
0.1
1,724
0.2
Total
728,310100.0
816,497
100.0
Domestic Investment and Development
Environment and Energy
728,310100.0
816,497
100.0
Total

15

ChangeAs of March 31, 2024

Amount Ratio (%)(16,096)(16.3)
97,467
27.2
1,341
350.4
82,712
18.1(21,535)(11.1)
27,009
35.1
5,473
2.0
(37,631)(12.8)
124,476
28.6
1,341
350.4
88,18612.1
88,186
12.1

Amount Ratio (%)
88,67810.8
438,823
53.6
1,714
0.2
529,21664.6
182,47822.3
107,23913.1
289,71835.4
271,15733.1
546,063
66.7
1,714
0.2
818,934
100.0
818,934100.0