IR Meeting Materials
March 2024

TODA CORPORATION

1Consolidated Financial Forecasts
for the Fiscal Year Ending March 31, 2024
 Consolidated Net Sales¥521.0 bil (-4.8％ YoY)

︓ The Company expects consolidated net sales todecrease by 4.8% y-o-y to ¥521.0 bil, partly because
the progress of large-scale construction projects has
not met expectations and partly because theconstruction of the new TODA BUILDING has
depressed external sales in the domestic
construction business.

(Billions of yen)

Consolidatednet sales
Gross profit

Attributable to Owners of the Parent¥13.6 bil（+23.7％ YoY ）︓ Although extraordinary losses were recorded in theGoto City Offshore Wind Power Generation Project,
net profit is expected to increase by 23.7% y-o-y to¥13.6 bil due to improved profits in theFY2023
Forecasts

381.0

352.7

-7.4%

521.0

41.2

18.7％

63.5

34.7

(9.1%)

4.5(11.7%)

7.7

70.8％

15.5

Ordinaryincome

9.0

15.0

66.5%

21.3

Net profit
attributable toowners of theparent

8.3

6.6

-20.9%

13.6

Ordersreceived(nonconsolidated)

251.8

303.1

20.4%

510.0

︓ The Company expects operating income to increaseby 9.7% y-o-y to ¥15.5 bil due to improved profits
from construction projects in the construction
business for which a provision for construction
losses was made, and the effect of an overseas
affiliate that became a subsidiary in the previous
fiscal year.

 Net Profit

Change(YoY)(2.2%)

Operatingincome（+9.7％ YoY）

Apr-Dec
FY2023(1.2%)

 Operating Income¥15.5 bilApr-Dec
FY20222

[Non-consolidated] Cross-Shareholdings

159

Number of stocks
162
160(Billions of yen)

163.9159.5

176.6



The balance of cross-shareholdings
is being reduced to secure funds forinvestments in growth.

At least ¥30 bil worth of crossshareholdings to be sold over threeyears (FY2022 – FY2024)* Market value basis
Sales of cross-shareholdings stocks

104.5

102.9

121.1

Number ofstocks sold

Sales value

Mar 2022

12 stocks¥4.5 bil

Mar 2023

10 stocks¥11.5 bilFeb 2024

14 stocks¥16.6 bil

Valuation
Difference

59.4

56.7

55.5

BookValue

Mar 2022

Mar 2023

Dec 2023

Mar 2024(Forecasts)

3

Shareholder Return Shareholder Return Policy
To distribute profit based on business results and the business environment
after giving consideration to the provision of continuous and stable dividends toshareholders and the need to secure sufficient retained earnings essential for
improving the Company’s competitiveness and its financial position.

 Dividend Forecasts
With a view to “maintaining a dividend on equity (DOE) ratio of 2.5% ormore”, the Company plans to pay a dividend of ¥28 per share (including aninterim dividend of ¥14 per share) for the fiscal year ending March 31, 2024.

Shareholder
Return Policy

FY2022
ActualFY2023ForecastsDOE

2.5％ or more

2.7％

2.7％

Total ReturnRatio

40.0％ or more

76.5％

100.3％4

Private REIT and Asset Management Business Initiatives


Private REIT to be launched in July 2025 with target AUM of ¥100 bil in 10 years.
Properties such as office, logistics, residential, hotels, leasehold, etc. are being consideredfor inclusion.
Private placement funds:
January 2023
Purchase property

Counterparts
Sell property

Private REIT: FY2025
Purchase property

Counterparts
Sell property

TODA
CORPORATION
Asset ManagementBusinessInvestment advisoryand brokerage

TODACORPORATION

Renewal andredevelopment ofproperties

100% owned
Newly established
AM company
Asset Management
Business

Sell property
Sales proceeds/ gains
AM fees

Privateplacement funds
TC11,12,…

Purchase of olderproperties
Gains/ ancillary revenues
AM fees
AM agreement

Investors
Dividends

AM agreement

Sell property

Investment

Sale of properties at the time of theestablishment of the private REIT

Private REIT
(Investmentcorporation)
To be establishedin January 2025

Investment

Investors
Dividends
5- Investment management- Real estate brokerage- Discretionary transaction agent

To be established inApril 2024

5

Investment for Growth¥190 bil of growth investment planned in the Medium-term Management Plan
Planned investment(FY22-FY24)
Investment/Investment Recovery(by fiscal year)

M&A

other than new TODA BUILDING(¥bil)

103.0
26.0

Net Investment 86.0

Agri-Science Valley Joso
Construction of spa facility in progress(Joso City, Ibaraki Prefecture)

Operation scheduled for FY24

Environment & energy
Real estate development
3.9

77.0

38.5

Exterior view of “Joso Project Spa Facility” (tentative name)

6.3

Net Investment 23.3

Commenced development ofmulti-tenant logistics warehouse

28.3(Urasoe City, Okinawa Prefecture)(¥9.0bil for New TODA BLDG ）(¥30.0bil for New TODA BLDG ）

-15.1

-17.0

-0.1

Investment-15.2
Recovery

FY22 Actual* FY22 Actual updated with finalized figures.

Investment

Operation scheduled for Jan 2025

-17.0
Recovery

FY23 Plan* Net investment =Investment amount – Collected amount6

Non-financial Business Objectives
Quantitative evaluation indicators

EReduction rate (vs FY2020）
CO2 emissions※ Projected at the end of Sept
Scope 1&2 Basic unit (per 100 mil yen）

GFY23FY24Actual

Forecasts(Actual)Targets

-14.5

-33.5

-16.8 %

13.6

13.0

11.2 t-CO2

-0.8

8.7

-10.0 ％

700.4

660.1

540.7 t-CO2

2.9

3.2

3.5 t-CO2

Total accident frequency rate

4.22

4.23

1.00

Accident frequency date

0.40

0.30

0.10

5,567

6,150

7,500 yen

※ Results at the end of Sept

S

FY22

CO2 emissions
Scope 3Reduction rate（vs FY2020）※ Projected at the end of Sept

Category 11 basic unit (per sqm)

Category 1 basic unit (per 100 mil yen)※Results at the end of Sept

※Results at the end of Sept

Labor productivity per hour

Scope 1: Direct CO2 emissions from the use of diesel, etc.
Scope 2: Indirect CO2 emissions by power plants for use of purchased electricity/heat
Scope 3: Indirect emissions other than Scopes 1 and 2
Category 1: Emission at time of construction material manufacturing, Category 11: Emission during period of operationof constructed buildings

Basic unit: Scopes 1 + 2: Emission per ¥100 million net sales
Category 1: Emission per ¥100 million transaction amount, Category 11: Emission per 1 sqm completed gross floor area
Total accident frequency rate = Total occupational accidents/total working hours (million hours)
Accident frequency rate = Number of occupational accidents requiring 4 or more days of leave / total working hours (million hours)
Labor productivity per hour = Amount of added value (operating income + total human resources expenses) / Number of employees /Average total working hour78