Consolidated Financial Results
for the FY2019
Ended March 31, 2020

―1―

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year ended March 31, 2020
During the fiscal year ended March 31, 2020, the Japanese economy continued to make a gradual recovery,
primarily in the employment and income environment. Business conditions have deteriorated rapidly however,
due to the spread of COVID-19 from early January, and it is necessary to remain alert to further downside risk
going forward. In the construction industry, although construction investment remains robust, the impact of
the COVID-19 epidemic on business activity is becoming gradually more apparent.
Under these circumstances, the Toda Group’s consolidated results were as follows.
Consolidated net sales increased 1.6% year on year overall to ¥518.6 billion, mainly owing to an increasein net sales in the investment and development business and other.
In terms of operating income and loss, gross profit increased 4.8% year on year to ¥70.3 billion, due mainly
to an increase in gross profit in the investment and development business and other. Although selling, generaland administrative expenses rose 7.7% year on year to ¥35.1 billion, consolidated operating income increased
2.1% year on year to ¥35.2 billion.
Ordinary income increased 2.1% year on year to ¥38.2 billion, with a solid contribution from interest income
and dividend income on investment securities and other factors.
Profit attributable to owners of parent increased to ¥25.8 billion, a 1.0% increase over the previous year, inpart due to a gain on sales of investment securities, despite the recording of a loss on abandonment of
noncurrent assets and other losses.
The results for each segment are as follows.
Domestic Architectural Construction Business
The segment recorded net sales of ¥348.6 billion, down 3.2% year on year. Segment operating income cameto ¥20.8 billion, down 18.3%.
On a non-consolidated basis, overall orders received decreased 17.5% year on year to ¥314.8 billion, as
orders from the private sector decreased 19.0% year on year.
Domestic Civil Engineering Business
The segment recorded net sales of ¥113.8 billion, up 13.5% year on year, and operating income of ¥10.6
billion, down 5.1%.
On a non-consolidated basis, overall orders received decreased 3.6% year on year to ¥150.2 billion.
Orders from the public sector decreased 42.9% year on year, despite an increase in orders from the private
sector of 170.9% year on year.
Investment and Development Business
The segment recorded net sales of ¥14.4 billion, up 34.1% year on year, and operating income of ¥3.9 billion,
up 111.8% year on year.
Domestic Group Companies Business
The segment recorded net sales of ¥52.2 billion, up 15.9% year on year, and operating income of ¥2.0 billion,
up 27.6% year on year.
New BusinessNet sales from new business totaled ¥0.3 billion, up 63.5% year on year. The segment recorded an operating
loss of ¥1.1 billion, compared to the previous year’s ¥0.8 billion loss.
―2―

Overseas BusinessNet sales from overseas business totaled ¥18.3 billion, up 3.1% year on year. The segment recorded an
operating loss of ¥0.02 billion, compared to the previous year’s ¥4.0 billion loss.
On a non-consolidated basis, overall orders received amounted to ¥2.5 billion.
(2) Overview of Financial Position for the Fiscal Year ended March 31, 2020
Assets, liabilities, and net assets
AssetsTotal assets as of March 31, 2020, were ¥634.5 billion, down 5.0% or a ¥33.1 billion decrease from the endof the previous fiscal year. The decrease mainly reflects decreases of ¥62.2 billion in notes receivable,accounts receivable from completed construction contracts and other and ¥20.9 billion in investment
securities, despite an increase of ¥20.0 billion in securities.
Liabilities
Total liabilities as of March 31, 2020, were ¥361.0 billion, down 9.4% or a ¥37.4 billion decrease from theend of the previous fiscal year. The major contributors to this decrease in liabilities were a ¥50.0 billion
decrease in commercial papers and a ¥13.9 billion decrease in notes payable, accounts payable forconstruction contracts and other, which were partially offset by an increase of ¥15.0 billion in short-termloans payable.
Net assets
Total net assets as of March 31, 2020, were ¥273.4 billion, up 1.6% or a ¥4.3 billion increase from the endof the previous fiscal year, mainly due to posting of ¥25.8 billion in profit attributable to owners of parent.
The equity capital ratio was 42.7%.
(3) Overview of Cash Flows for the Fiscal Year ended March 31, 2020
Cash and cash equivalents at the end of the fiscal year totaled ¥125.4 billion, ¥28.8 billion more than at theend of the previous fiscal year.
Cash Flows from Operating Activities
Net cash provided by operating activities came to ¥77.2 billion, compared with net cash used totaling ¥28.3
billion in the previous fiscal year. The main inflows included profit before income taxes of ¥38.9 billion
and a ¥62.3 billion decrease in notes and accounts receivable-trade. The main outflows were a ¥10.4 billion
decrease in notes and accounts payable-trade, and income taxes paid of ¥15.7 billion.
Cash Flows from Investing Activities
Net cash used in investing activities was ¥21.7 billion, compared with the ¥24.4 billion used in the previous
fiscal year. The main inflows were ¥0.3 billion in proceeds from sales of property, plant and equipment and¥4.9 billion from sales and redemption of investment securities. The main outflows were purchases ofproperty, plant and equipment totaling ¥19.0 billion, purchases of intangible assets totaling ¥1.3 billion andpurchases of investment securities totaling ¥5.2 billion.
Cash Flows from Financing Activities
Net cash used in financing activities totaled to ¥26.6 billion, compared with net cash provided totaling¥49.0 billion in the previous fiscal year. The main inflows were an increase in short-term borrowings of¥15.1 billion and ¥10.1 billion in proceeds from issuance of bonds. The main outflows were redemption ofcommercial papers totaling ¥50.0 billion and dividends paid totaling ¥6.1 billion.

―3―

The Group’s cash flow indicators are as follows.
For years ended
March 31
Equity ratio
Equity ratio on amarket price basis
Number of years
to redeem debt
Interest coverage
ratio

2016

2017

2018

2019

2020

31.9%

41.7%

44.1%

39.9%

42.7%

30.4%

38.3%

42.3%

31.2%

30.9%

－

1.2 years

3.9 years－

1.4 years－

68.3 times

23.8 times－

76.3 times

Notes: Equity ratio = shareholders’ equity /total assets
Equity ratio on a market price basis = market capitalization / total assets
Number of years to redeem debt = interest-bearing debt / cash flows
Interest coverage ratio = cash flows / interest payments*The indices are calculated based on consolidated financial figures.
* Market capitalization is calculated by multiplying the stock price at the end of the fiscal year by the number ofoutstanding shares at the end of the fiscal year excluding treasury stock.
*Cash flows from operating activities are used for cash flows.
*Interest-bearing debt is all of the liabilities recorded on the consolidated balance sheets for which the Company ispaying interest(4) Future Outlook
Extremely adverse economic conditions are expected to persist, due to the impact of the spread of COVID-19.
A contraction is anticipated in the construction industry, due to the clouded outlook for private sector capital
investment, despite expectations for investment in public works such as infrastructure enhancements. There
are additional concerns regarding the impact on construction progress and profitability of a tight labor market
resulting from changes in the employment environment, as well as the impact of factors such as a slowdown
in the supply of materials due to a decline in the function of the supply chain, and the implementation of
measures to prevent infection.
Moreover, the Company’s architectural construction division forecasts some degree of decline in orders
received, net sales and gross profit, as highly-profitable, large-scale construction works run their course, andin view of proprietary works on the Company’s new headquarters office building, in preparation for which
demolition works have already begun. Only a limited decline in orders received is expected in the Company’s
civil engineering division, given the works structure in response to the abundance of projects on hand.
In view of these circumstances, we forecast consolidated net sales of ¥497.0 billion (down 4.2% year onyear), operating income of ¥26.0 billion (down 26.2%), ordinary income of ¥28.5 billion (down 25.5%), andprofit attributable to owners of parent of ¥19.0 billion (down 26.5%).
On a non-consolidated basis, we expect orders received to total ¥430.0 billion (down 10.5% year on year),net sales of ¥445.0 billion (down 5.6%), operating income of ¥24.0 billion (down 26.3%), ordinary income of¥26.4 billion (down 25.1%), and profit of ¥18.0 billion (down 25.5%).
(5) Measures Aimed at Preventing Infection and Spread of COVID-19
The Toda Group put in place a group-wide system for responding to the spread of COVID-19, under theDisaster Response Headquarters, in the early stages of the epidemic. Moreover, in anticipation of the necessity
for a prolonged response, it established the COVID-19 Response Committee as a permanent body, with a viewto the practice and embedding of New Lifestyle. The Group promotes measures among its employees and―4―subcontractors to prevent infection and the spread of the disease, based on the polies of the Japanese
government, local governments and other related bodies.
(Progress so far)
The Toda Group launched its group-wide response aimed at preventing COVID-19 infection on February 19,
2020. In addition to basic anti-infection measures, it has implemented telecommuting from home, staggered
working hours, and measures to prevent infection at worksites.
Following the declaration on April 7 of a state of emergency based on Article 32 of the Act on Special
Measures for Pandemic Influenza and New Infectious Diseases Preparedness and Response (hereinafter the“declaration of a State of Emergency”), it strengthened group-wide response, expanding the scope of thegeneral telecommuting policy to include not only offices in the Tokyo metropolitan area, but all branches
across Japan.
Subsequently, in view of the increasingly serious situation, particularly in the Tokyo metropolitan area, theGroup implemented a general suspension of operations at worksites in the seven prefectures subject to thedeclaration of a State of Emergency, spanning the period of April 15 to May 6. (The scope was expanded to
the whole of Japan on April 17.)
From May 7, in view of the impact of the suspension of works on related parties such as clients andsubcontractors, with the expected need for a longer-term response, the Group established a policy ofrecommencing works wherever possible. This was done after implementing even more thorough measures toprevent infection, based on the Group’s proprietary guidelines. In cooperation with clients, subcontractors andothers as appropriate, the Group recommenced operations at each worksite as soon as the implementation of
the relevant measures was completed.
The declaration of a State of Emergency was lifted across all of Japan by May 25, but concerns remain
regarding the arrival of a second wave of infections, and a prolonged response is anticipated. In this context,
we expect the Group’s businesses to continue to face adverse conditions, with a deterioration in the orders
environment due to decline in business conditions worldwide, and a drop in profit from works due to factors
such as the increased cost of implementing countermeasures and postponement of construction schedules. The
Group will continue to work to ensure business continuity and minimize the impact on financial results,
through the thorough implementation of measures to prevent infection, both within the Group and elsewhere.
We will make a prompt announcement should any matters arise requiring disclosure.
(6) Basic Policy on Profit Distribution and Dividends in the Fiscal Year ended March 31, 2020 and the
Fiscal Year ending March 31, 2021
The Company’s basic policy is to distribute profit based on business results and the business environment after
giving consideration to the provision of continuous and stable dividends to shareholders and the need to securesufficient retained earnings essential for improving the Company’s competitiveness and its financial position.
In line with this basic policy, for the fiscal year ended March 31, 2020, the Company will pay an annual
dividend of ¥26 per share. The Company also plans to pay an annual dividend of ¥20 per share for the fiscal year
ending March 31, 2021.

―5―

2. Basic Rational for Selection of Accounting Standards
The Toda Group intends to continue producing consolidated financial statements based on Japanese accounting
standards to enable comparisons of the Group’s consolidated statements from different fiscal years andcomparisons with other companies.
The Group also intends to make an appropriate response to the International Financial Reporting Standards(IFRS) based on considerations of the situation in Japan and abroad.

―6―

3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2019

As of March 31, 2020

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and other
Securities

97,450106,453

225,685

163,440-

20,064

Real estate for sale
Costs on uncompleted construction contracts

9,162
16,71910,052
16,488Other inventories

2,029
15,336

3,949
17,502

Other
Allowance for doubtful accounts(1,548)(1,110)364,835

336,841

18,95329,046

2,807

3,209

82,19983,920

52
5,420

138
7,959

109,434

124,274

589

519

Other

7,373

7,976

Total intangible assets

7,962

8,495

Investment securities
Long-term loans receivable

178,643434

157,659
782

Net defined benefit asset
Deferred tax assets

1,930
582

1,223
731

Other
Allowance for doubtful accounts

4,132
(234)

4,635
(87)

Total investments and other assets

185,489

164,945

302,886

297,715

667,722634,557

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
Goodwill

Investments and other assets

Total noncurrent assets
Total assets―7―

(Millions of yen)
As of March 31, 2019

As of March 31, 2020

Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts and other
Short-term loans payable

119,264

105,305

29,45144,499Commercial papers
Current portion of bonds

50,000-5,000

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

9,882

7,374

30,05930,022

6,596

6,409

4,390

4,410

3,601
26,355

3,200
28,618Other

14,227

18,229Total current liabilities

293,829

253,070

Bonds payable
Long-term loans payable

25,00027,57330,10032,201

Deferred tax liabilities
Deferred tax liabilities for land revaluation

18,424
7,235

11,833
6,791

Provision for directors’ retirement benefits
Provision for share allocation to directors
Provision for loss on liquidation ofsubsidiaries and affiliates
Net defined benefit liability

180
172

207
188

42

36

21,446

21,263

Asset retirement obligations
Other

1,183
3,441

1,712
3,656

Total noncurrent liabilities

104,699

107,991

398,529

361,061

Shareholders’ equity
Capital stock

23,001

23,001

Capital surplus
Retained earnings

25,743
155,875

26,259176,564

Noncurrent liabilities

Total liabilities
Net assets

Treasury stock(9,438)(9,392)

Total shareholders’ equity

195,182

216,433

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

67,33051,95428(13)

Revaluation reserve for land
Foreign currency translation adjustment

5,592
(955)

4,584
(805)

Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests(1,021)(1,292)70,97454,427

3,035

2,635

Total net assets

269,193

273,496667,722634,557

Total liabilities and net assets―8―(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Years ended March 31, 2019 and 2020
(Millions of yen)
Year ended March 31, 2020
(April 1, 2019 throughMarch 31, 2020)

Year ended March 31, 2019
(April 1, 2018 throughMarch 31, 2019)
Net sales
Net sales of completed construction contracts
Net sales of investment and development
business and otherTotal net sales
Cost of sales
Cost of sales of completed construction
contracts
Cost of sales on investment and development
business and otherTotal cost of sales
Gross profit
Gross profit on completed construction
contracts
Gross profit on investment and development
business and otherTotal gross profit

494,826

498,50915,61020,174510,436

518,683

431,931435,039

11,395

13,300443,327

448,340

62,89563,469

4,214

6,874

67,10970,343

Selling, general and administrative expenses

32,591

35,100Operating income

34,51835,243Non-operating income
Interest income

171

212

Dividend income
Dividend income of insurance

3,126
238

3,562
238

Other
Total non-operating income

493

829

4,030

4,843

Interest expenses
Commission fee

779
172

1,016
457

Other

104

340

Non-operating expenses

Total non-operating expenses
Ordinary income

1,055

1,813

37,49338,272

25

30

3,060
-

1,247
1,174

38

6

Extraordinary income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Settlement received
Other
Total extraordinary income

3,124

2,458

Extraordinary loss
Loss on abandonment of noncurrent assets

503

1,141

Impairment loss
Loss on valuation of investment securities

1,658
12

299
234

Other

102

111

2,276

1,785

Profit before income taxes

38,341

38,945

Income taxes-current
Income taxes-deferred

11,762784

13,384(398)

Total income taxes

12,546

12,986

Profit25,79425,958199

112

25,59525,845

Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent―9―Consolidated Statements of Comprehensive Income
Years ended March 31, 2019 and 2020

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

Year ended March 31, 2019
(April 1, 2018 throughMarch 31, 2019)25,794(Millions of yen)
Year ended March 31, 2020
(April 1, 2019 throughMarch 31, 2020)
25,958360(15,377)

31

(41)

(348)
227

187
(270)

Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total other comprehensive income

272(15,501)

Comprehensive income

26,066

10,456Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests

25,881

10,307

185

149

―10―

(3) Consolidated Statements of Changes in Net Assets

Year ended March 31, 2019 (April 1, 2018 through March 31, 2019)(Millions of yen)
Shareholders’ equity
Capital stock Capital surplus
Balance at beginning of period

23,001

25,681

Total
Treasury stock shareholders’equity136,336(9,437)
175,582

Retainedearnings

Changes during period
Dividends from surplus
Profit attributable to owners ofparentDisposal of treasury stock
Purchase of treasury stock
Transfer of loss on disposal oftreasury stock
Change in ownership interest ofparent due to transactions with
non-controlling interests
Capital increase of consolidated
subsidiaries
Reversal of revaluation reserve
for landNet changes other thanshareholders’ equity
Total changes during period
Balance at end of period(6,140)(6,140)25,59525,595
5

5

(5)

(5)
-

64

64

(2)

(2)
84

84

-

62

19,538(0)

19,60023,001

25,743

155,875(9,438)

195,182

Accumulated other comprehensive income

Balance at beginning of period

Valuation
Total
NonDeferred
Foreign Remeasuredifference on
Revaluation
accumulated controlling Total net
gains orcurrency
ments ofassetsavailablereserve forothershareholders
losses ontranslation
definedcomprehensive
for-salelandhedgesadjustment benefit planssecurities
income66,969
(3)
5,676
(658)
(1,249)70,734
3,078 249,394

Changes during period
Dividends from surplus
Profit attributable to owners ofparentDisposal of treasury stock(6,140)Purchase of treasury stock
Transfer of loss on disposal oftreasury stock
Change in ownership interest ofparent due to transactions with
non-controlling interests
Capital increase of consolidated
subsidiaries
Reversal of revaluation reserve
for landNet changes other thanshareholders’ equity
Total changes during period(5)Balance at end of period

25,595
5

64
(2)
84
361

31

(84)

(296)

227

240

(42)

197

361

31

(84)

(296)

227

240

(42)

19,79867,330

28

5,592

(955)

(1,021)

70,974

3,035

269,193―11―

Year ended March 31, 2020 (April 1, 2019 through March 31, 2020)(Millions of yen)
Shareholders’ equity
Capital stock Capital surplus
Balance at beginning of period

23,001

25,743

Total
Treasury stock shareholders’equity155,875(9,438)
195,182

Retainedearnings

Changes during period
Dividends from surplus
Profit attributable to owners ofparentDisposal of treasury stock(6,140)25,84525,845(24)

Purchase of treasury stock
Transfer of loss on disposal oftreasury stock
Change in ownership interest ofparent due to transactions with
non-controlling interests
Capital increase of consolidated
subsidiaries
Reversal of revaluation reserve
for landNet changes other thanshareholders’ equity
Total changes during period
Balance at end of period(6,140)

24

267

243

(222)

(222)

(24)

-

515

515
1,008

1,008

-

515

20,68845

21,25023,001

26,259176,564(9,392)

216,433

Accumulated other comprehensive income

Balance at beginning of period

Valuation
Total
NonDeferred
Foreign Remeasuredifference on
Revaluation
accumulated controlling Total net
gains orcurrency
ments ofassetsavailablereserve forothershareholders
losses ontranslation
definedcomprehensive
for-salelandhedgesadjustment benefit planssecurities
income67,330
28
5,592
(955)
(1,021)
70,974
3,035 269,193

Changes during period
Dividends from surplus
Profit attributable to owners ofparentDisposal of treasury stock(6,140)Purchase of treasury stock
Transfer of loss on disposal oftreasury stock
Change in ownership interest ofparent due to transactions with
non-controlling interests
Capital increase of consolidated
subsidiaries
Reversal of revaluation reserve
for landNet changes other thanshareholders’ equity
Total changes during period(222)(15,376)(41)(1,008)

150

(270)

(16,547)(400)(16,947)(15,376)(41)(1,008)

150

(270)

(16,547)

(400)

4,303

Balance at end of period

51,954

(13)

4,584

(805)

(1,292)54,427

2,635

273,496

25,845
243

515
1,008

―12―

(4) Consolidated Statements of Cash Flows
Year ended March 31, 2019
(April 1, 2018 throughMarch 31, 2019)
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment loss
Amortization of goodwill
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset(Millions of yen)
Year ended March 31, 2020
(April 1, 2019 throughMarch 31, 2020)

38,341

38,945

2,178
1,658

2,994
299

169

171

459

(584)

(212)
(296)

(76)
190

2,467

(545)

Increase (decrease) in other provisions
Loss (gain) on valuation of short-term and longterm investment securities
Loss (gain) on sales of short-term and long-term
investment securities
Loss (gain) on sales of property, plant andequipment
Loss on abandonment of non-current assets

12

234

(3,059)(1,207)

(25)

(30)

503

1,141

Interest and dividend income
Settlement received(3,298)-(3,774)(1,174)

Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in costs on uncompleted
construction contracts
Decrease (increase) in real estate for sale
Decrease (increase) in other current assets

779(90,392)

1,016
62,325

617

338

160
1,352

1,496
(4,206)

Increase (decrease) in trade payables
Increase (decrease) in advances received on
uncompleted construction contracts
Increase (decrease) in other current liabilities
Other, net

25,753(10,457)(3,577)

(145)

934
183

1,844
323

Subtotal(25,288)

89,118Interest and dividends received
Settlement package received

3,304
-

3,777
1,174

Interest paid
Income taxes paid

(775)
(5,624)(1,012)(15,786)

Net cash provided by (used in) operating activities(28,384)

77,271―13―

Year ended March 31, 2019
(April 1, 2018 throughMarch 31, 2019)(Millions of yen)
Year ended March 31, 2020
(April 1, 2019 throughMarch 31, 2020)

Cash flows from investing activities
Payments into time deposits

(886)

(90)

Proceeds from withdrawal of time deposits
Proceeds from sales and redemption of securities

63
400

-

Purchase of property, plant and equipment
Proceeds from sales of property, plant andequipment
Payments for retirement of property, plant andequipment
Purchase of intangible assets
Proceeds from subsidy received(22,588)(19,023)

25

348

(418)

(573)

(883)
2,911

(1,309)13

Purchase of investment securities
Proceeds from sales and redemption of investment
securities
Loan advances
Collection of loans receivable(7,326)(5,239)

7,052

4,980

(4)
61

(410)
62

Payments of leasehold and guarantee deposits
Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Other, net

(594)

(484)

(2,141)

(103)

(145)

68

Net cash provided by (used in) investing activities(24,475)(21,762)

Net increase (decrease) in short-term borrowings
Increase (decrease) in commercial papers

1,520
50,00015,187(50,000)

Proceeds from long-term borrowings
Repayments of long-term borrowings

4,890(6,161)

11,246(6,822)

Proceeds from issuance of bonds
Dividends paid

5,000
(6,140)10,100(6,140)

Dividends paid to non-controlling interests
Payments from changes in ownership interests in
subsidiaries that do not result in change in scope of
consolidation
Purchase of treasury shares

(3)

(3)

-

(201)

(5)

(1)

Other, net

(50)

(49)

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

49,047(26,685)

(150)

31

(3,962)28,854

Cash and cash equivalents at beginning of period

100,526

96,564

Cash and cash equivalents at end of period

96,564125,418

Cash flows from financing activities―14―4. Non-consolidated Financial Statements(1) Non-consolidated Balance Sheets(Millions of yen)
As of March 31, 2019

As of March 31, 2020

AssetsCurrent assets
Cash and deposits
Notes receivable-trade
Electronically recorded monetary claims –operatingAccounts receivable from completed
construction contracts
Securities
Real estate for sale

78,048
4,592

82,538
1,378

231

1,674

208,060

148,604

8,270

20,064
9,873

13,994
1,121

13,592
3,012

516
977

531
1,413

Advances paid
Other

11,353
1,579

13,117
2,086

Allowance for doubtful accounts(1,653)(1,057)

Total current assets

327,093

296,830

Costs on uncompleted construction contracts
Costs on real estate business
Raw materials and supplies
Accounts receivable-otherNoncurrent assets
Property, plant and equipment
Buildings

36,31339,215

Accumulated depreciation(22,726)(16,676)

Buildings, net

13,58722,538

1,677(1,344)

1,824(1,321)

333

503

6,282
(6,098)

5,941(5,136)

183

805

101
(88)

85
(78)

Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
VehiclesAccumulated depreciation
Vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Lease assets
Accumulated depreciation

12

7

2,268

1,858

(1,560)(1,336)707

522

75,25573,863

284
(232)

306
(234)

Lease assets, net

5272

Construction in progress

4,368

6,244

Total property, plant and equipment

94,500104,557

Intangible assets
Leasehold right

5,124

5,123

Software
Other

1,425
822

2,071
749

Total intangible assets

7,371

7,945

―15―

(Millions of yen)
As of March 31, 2019
Investments and other assets
Investment securities

As of March 31, 2020

170,262

149,484

Stocks of subsidiaries and affiliates
Investments in other securities ofsubsidiaries and affiliates
Investments in capital
Long-term loans receivable
Long-term loans receivable from
employees
Long-term loans receivable fromsubsidiaries and affiliates
Claims provable in bankruptcy, claims
provable in rehabilitation and other
Long-term prepaid expenses
Long-term non-operating accounts
receivable
Prepaid pension cost

18,78324,653

3,001

1,937

1
3

2
3

6

10

420

1,963

0

0

232

423

0

-

2,652

2,470

Other
Allowance for doubtful accounts

2,824

2,814

(234)

(95)

Total investments and other assets

197,955

183,667

299,827

296,169

626,920

593,000

2,449

1,644

23,81422,87087,59023,58673,79940,516

Commercial papers
Current portion of bonds

50,000-5,000

Lease obligations
Accounts payable-other

21
2,215

21
2,460

Income taxes payable
Advances received on uncompleted
construction contracts
Deposits received

9,289

6,293

26,124

26,58524,18426,756

6,105

5,850

Total noncurrent assets
Total assets
Liabilities
Current liabilities
Notes payable-trade
Electronically recorded obligations operating
Accounts payable for construction contracts
Short-term loans payable

Provision for bonuses
Provision for warranties for completed
construction
Provision for loss on construction contracts
Deposits received from employees

4,288

4,247

3,526
8,713

3,051
9,426

Other

1,763

5,485

273,672

234,009

Total current liabilities―16―

(Millions of yen)
As of March 31, 2019Noncurrent liabilities
Bonds payable

As of March 31, 2020

25,00030,000Long-term loans payable
Lease obligations

27,57327

32,05454

Deferred tax liabilities
Deferred tax liabilities for land revaluation

18,227
7,235

11,876
6,791

Provision for retirement benefits
Provision for directors’ retirement benefits

19,917
124

19,838125

Provision for share allocation to directors
Provision for loss on business of subsidiaries
and affiliates
Asset retirement obligations
Other

172

188

163

250

236
2,400

446
2,517

101,078

104,142374,750

338,152

23,001

23,001

Capital surplus
Legal capital surplus

25,57325,573

Total capital surplus

25,57325,573Retained earnings
Legal retained earnings

5,750

5,750

50,00050,00056,774
27,596

71,774
31,610140,121

159,135

Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock

Other retained earnings
Reserve for construction
General reserve
Retained earnings brought forward
Total retained earnings
Treasury stock(9,438)(9,392)

Total shareholders’ equity

179,257

198,31767,28951,957

29(11)

Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land

5,592

4,584

Total valuation and translation adjustments

72,91256,530252,170

254,848

626,920

593,000

Total net assets
Total liabilities and net assets―17―

(2) Non-consolidated Statements of Income

Year ended March 31, 2019
(April 1, 2018 throughMarch 31, 2019)
Net sales
Net sales of completed construction contracts
Net sales of investment and development
business and otherTotal net sales(Millions of yen)
Year ended March 31, 2020
(April 1, 2019 throughMarch 31, 2020)

458,657

458,550

9,427

12,865

468,084

471,416

399,925

399,938

6,951

7,995

406,876

407,933

58,731

58,612

2,476

4,870

61,20863,482

404
57

406
38

10,104
4,367

10,515
4,508

50
807

47
923

Legal welfare expenses
Welfare expenses

1,503
755

1,612
681

Repair and maintenance
Stationery expenses

225
1,891

407
2,059

Correspondence and transportation expenses
Power utilities expenses

1,062
109

1,089
120

Research study expenses
Advertising expenses

1,211
248

1,683
330

499
615

(251)
798

Contribution
Rents

85
1,401

172
1,821

Depreciation
Taxes and dues

242
1,655

420
1,698

29
1,663

34
1,791

28,99230,911

32,21532,571

Cost of sales
Cost of sales of completed construction
contracts
Cost of sales on investment and development
business and otherTotal cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit on investment and development
business and otherTotal gross profit
Selling, general and administrative expenses
Directors’ compensations
Provision for stock payments for directors
Employees’ salaries and allowances
Provision for bonuses
Provision for directors’ retirement benefits
Retirement benefit expenses

Provision of allowance for doubtful accounts
Entertainment expenses

Insurance expenses
Miscellaneous expenses
Total selling, general and administrative
expenses
Operating income―18―Year ended March 31, 2019
(April 1, 2018 throughMarch 31, 2019)(Millions of yen)
Year ended March 31, 2020
(April 1, 2019 throughMarch 31, 2020)

Non-operating income
Interest income

2344Interest on securities
Dividend income

0
3,106

0
3,528

Dividend income of insurance
Miscellaneous income

238
451

238
682

Total non-operating income

3,820

4,494

Non-operating expenses
Interest expenses

667

927

Interest on bonds
Commission fee

88
171

108
456

Miscellaneous expenses
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Settlement received
Other
Total extraordinary income
Extraordinary loss
Loss on abandonment of noncurrent assets
Impairment loss
Loss on valuation of investment securities
Loss on valuation of stocks of subsidiaries andaffiliates
Provision for loss on business of subsidiaries andassociates
Other
Total extraordinary losses

78

310

1,006

1,802

35,02935,262

25

11

3,060
-

1,246
1,174

59

4

3,146

2,437

503

1,133

1,503
11

299
232

82

76

157

87

99

104

2,358

1,933

Profit before income taxes

35,81735,766

Income taxes-current

10,571

11,762

Income taxes-deferred

841

(166)

Total income taxes

11,412

11,595

Profit24,40524,170―19―

(3) Non-consolidated Statements of Changes in Net Assets
Year ended March 31, 2019 (April 1, 2018 through March 31, 2019)(Millions of yen)
Shareholders’ equity
Capital surplus

Balance at beginning of period

Retained earnings
Other retained earnings

Capital
stock

Legal
capitalsurplus

23,001

25,573

Other
capitalsurplus-

Total capitalsurplusLegalretainedearnings

25,573

5,750

Reserve for General
construction reserve
35,00056,774Retainedearnings
brought
forwardTotal
retainedearnings

24,247

121,772(15,000)-

Dividends from surplus(6,140)(6,140)

Profit24,40524,40584

84

Changes during period
Provision of general reserve
Provision of reserve forconstruction

15,000

Disposal of treasury stock
Purchase of treasury stock
Transfer of loss on disposalof treasury stockReversal of revaluation
reserve for land
Net changes other thanshareholders’ equity
Total changes during period
Balance at end of period

-

-

-

-

-

15,000-3,348

18,34823,001

25,573-25,5735,750

50,00056,774

27,596140,121

Shareholders’ equity
Treasurystock
Balance at beginning of period(9,437)

Valuation and translation adjustments

Valuation
Total
Deferred gains
Total valuation and Total net assets
difference on
Revaluation
shareholders’or losses ontranslation
reserve for landavailable-for-sale
equityhedgesadjustments
securities
160,90966,926(3)

5,676

72,599233,508

Changes during period
Provision of general reserve--

Provision of reserve forconstruction--

Dividends from surplus(6,140)(6,140)

Profit24,40524,405

Disposal of treasury stock

5

5

5

Purchase of treasury stock

(5)

(5)

(5)

Transfer of loss on disposalof treasury stock--Reversal of revaluation
reserve for land84

84

Net changes other thanshareholders’ equity
Total changes during period
Balance at end of period

363

33

(84)

312

312

(0)

18,348

363

33

(84)

312

18,661(9,438)179,257

67,28929

5,592

72,912

252,170―20―

Year ended March 31, 2020 (April 1, 2019 through March 31, 2020)(Millions of yen)
Shareholders’ equity
Capital surplus

Balance at beginning of period

Retained earnings
Other retained earnings

Capital
stock

Legal
capitalsurplus

23,001

25,573

Other
capitalsurplus-

Total capitalsurplusLegalretainedearnings

25,573

5,750

Reserve for General
construction reserve
50,000Retainedearnings
brought
forwardTotal
retainedearnings

56,774

27,596140,121

15,000(15,000)-

Changes during period
Provision of general reserve
Provision of reserve forconstruction-

Dividends from surplus(6,140)(6,140)

Profit24,17024,170

(24)

(24)

1,008

1,008

Disposal of treasury stock

(24)

(24)

24

24

Purchase of treasury stock
Transfer of loss on disposalof treasury stockReversal of revaluation
reserve for land
Net changes other thanshareholders’ equity
Total changes during period
Balance at end of period

-

-

-

-

-

-

15,0004,014

19,01423,001

25,573-25,5735,750

50,00071,774

31,610159,135

Shareholders’ equity
Treasurystock
Balance at beginning of period(9,438)Valuation and translation adjustments

Valuation
Total
Deferred gains
Total valuation and Total net assets
difference on
Revaluation
shareholders’or losses ontranslation
reserve for landavailable-for-sale
equityhedgesadjustments
securities
179,257

67,28929

5,592

72,912

252,170

Changes during period
Provision of general reserve--

Provision of reserve forconstruction--

Dividends from surplus(6,140)(6,140)

Profit24,17024,170

Disposal of treasury stock

267

243

243

Purchase of treasury stock

(222)

(222)

(222)

-

-

1,008

1,008

Transfer of loss on disposalof treasury stockReversal of revaluation
reserve for land
Net changes other thanshareholders’ equity
Total changes during period
Balance at end of period(15,332)(41)(1,008)(16,381)(16,381)45

19,059(15,332)(41)(1,008)(16,381)

2,678(9,392)

198,317

51,957

(11)

4,584

56,530254,848―21―

5. Other(1) Summary of Consolidated Results and Forecasts(Millions of yen)Six-month Period from April
FY2018FY2019FY2020

ActualActual(a)

Forecast(b)

AmountNet sales

203,046

235,365

223,000

Domestic
construction
business

183,331

208,842

Architectural
141,022
construction

Full Year

YoY (b)-(a)FY2018FY2019FY2019YoY (b)-(a)FY2020Percentage(%)

Actual(a)

Revisedforecast
Feb. 13,2020

Actual(b)

Amount-12,365-5.3

510,436

509,500

518,683

8,247

1.6

197,500-11,342-5.4

454,039444,000

453,364-674

159,953

144,000-15,953-10.0

355,045

337,000

341,104

42,30848,88853,5004,611

9.4

98,993

107,000

2,627

3,537

2,400

-1,137

-32.2

9,786

9,016

12,527

13,850

1,322

10.6

New business

66

55

50

-5

Overseasbusiness

8,005

10,4029,200

Gross profit

25,213

31,46927,400

Profit margin12.3 %

13.4 %

12.3 %

SG&A expenses

14,90815,925

17,2001,274Operatingincome10,304

15,544

10,200Non-operating
income

1,558

1,367

Ordinary
income11,862Extraordinary
incomePercentage Forecast(c)(%)

YoY (c)-(b)AmountPercentage(%)

497,000-21,683

-4.2

-0.1

429,400-23,964-5.3-13,941-3.9

308,000-33,104-9.7

112,259

13,26613.4

121,400

9,140

8.1

13,40013,546

3,759

38.4

10,900-2,646-19.5

28,61532,40033,131

4,515

15.8

37,200

4,068

12.3

-9.1

212

300

345

133

63.1

500

154

44.6

-1,202-11.6

17,782

19,40018,295512

2.9

19,000704

3.8-4,069-12.967,10967,20070,3433,233

4.8

63,600-6,743-9.6

13.1 %

13.2 %

13.6 %

8.0

32,59135,50035,1002,509

7.7

37,600

2,499

7.1-5,344-34.4

34,51831,70035,243724

2.1

26,000-9,243

-26.2

1,100

-267

-19.5

2,975

2,600

3,029

54

1.8

2,500

-529

-17.5

16,911

11,300-5,611-33.2

37,49334,30038,272778

2.1

28,500-9,772

-25.5

571

1,282

-

-1,282

-

847

1,400

672

-175

-20.7

-

-672

-

Profitbefore incometaxes

12,434

18,194

11,300-6,894-37.9

38,34135,70038,945603

1.6

28,500-10,445-26.8

Income taxes

4,028

5,841

3,800

-2,041-34.9

12,546

11,70012,986

439

3.5

9,500

-3,486-26.8

Profit8,405

12,3537,500-4,853-39.3

25,79424,00025,958163

0.6

19,000-6,958

-26.8

143

66

-

-66

-

199

-

112

-86

-43.4

-

-112

-

8,262

12,286

7,500-4,786-39.0

25,59524,00025,845250

1.0

19,000-6,845

-26.5

Civil
engineering
Investment anddevelopment
business
Domestic Group
companies

Profit attributable
to noncontrollinginterests
Profit attributableto owners ofparent12.8 %

Notes: 1. These statements include Toda Corporation’s forecasts based on information currently available as of the announcement date, which are subject to a numberof risks and uncertainties. Therefore, the actual results of developments may differ from those presented in these forward-looking statements due to thechanges in various factors.
2. Net sales are based on business segments and intercompany sales are eliminated.

―22―

(2) Summary of Non-consolidated Results and Forecasts(Millions of yen)Six-month Period from April

Full Year

FY2018FY2019FY2020YoY (b)-(a)FY2018ActualActual(a)

Forecast(b)

AmountPercentage(%)

Actual(a)

FY2019FY2019
RevisedActualforecast(b)
Feb. 13, 2020

YoY (b)-(a)YoY (c)-(b)FY2020

Forecast
Amount Percentage(%)(c)

AmountPercentage(%)

Orders received

272,855

183,889

162,000-21,889-11.9

549,233

465,100

480,475-68,758-12.5

430,000-50,475-10.5

Construction
business

270,428

181,056

160,000-21,056-11.6

539,806

452,500

467,609-72,196-13.4

420,000-47,609-10.2

179,095

118,210

108,500-9,710-8.2

381,711

310,000

314,831-66,879-17.5

297,000-17,831-5.7

89,43760,56847,500-13,068-21.6

155,877

140,000

150,209-5,668-3.6

113,300-36,909-24.6

Overseas

1,896

2,278

4,000

1,721

75.6

2,217

2,500

2,568

350

15.8

9,700

7,131

277.6

Investment anddevelopment
business and other

2,426

2,832

2,000

-832

-29.4

9,427

12,60012,865

3,438

36.5

10,000-2,865-22.3

187,345

214,361

202,000-12,361-5.8

468,084

462,600

471,416

3,331

0.7

445,000-26,416-5.6

184,919

211,528200,000-11,528-5.5

458,657

450,000

458,550

-106

-0.0

435,000-23,550-5.1

141,030

159,857

144,000-15,857-9.9

355,064

337,000

341,030-14,033-4.0

308,000-33,030-9.7

42,40048,99953,5004,500

9.2

99,042

107,000

112,353

13,31013.4

121,400

9,046

8.1

Domesticarchitectural
construction
Domestic civilengineering

Net sales
Construction
business
Domesticarchitectural
construction
Domestic civilengineering
Overseas

1,488

2,672

2,500

-172

-6.5

4,550

6,000

5,167

616

13.5

5,600

432

8.4

Investment anddevelopment
business and other

2,426

2,832

2,000

-832

-29.4

9,427

12,60012,865

3,438

36.5

10,000-2,865-22.3

Gross profit

22,81228,54424,500-4,044-14.2

61,20861,00063,482

2,274

3.7

57,000-6,482-10.2

Profit margin12.2 %

13.3 %

12.1 %

13.1 %

13.2 %

13.5 %

Construction
business

21,87527,56623,80058,731

56,40058,612-6,112-10.4

11.8 %

13.0 %

11.9 %

12.8 %

12.5 %

12.8 %

15,936

21,101

16,95044,41239,70040,386-7,536-18.7

11.3 %

13.2 %

11.8 %

12.5 %

11.8 %

11.8 %

6,428

6,092

6,750

17,521

16,10017,478

1,921

11.0

15.2 %

12.4 %

12.6 %

17.7 %

15.0 %

15.6 %

-490

371

100

-3,202

600

747

-497

-66.5

-32.9 %

13.9 %

4.0 %-70.4 %

10.0 %

14.5 %

937

977

700

2,476

4,600

4,870

-370

-7.6

38.6 %

34.5 %

35.0 %

26.3 %

36.5 %

37.9 %

SG&A expenses

13,411

14,10415,000895

6.3

28,99231,30030,911

1,918

6.6

33,0002,088

6.8

Operating income

9,401

14,4399,500-4,939-34.2

32,21529,70032,571355

1.1

24,000-8,571-26.3

Non-operating
income

1,476

1,252

1,100

-152

-12.2

2,814

2,400

2,691

-122

-4.4

2,400

-291

-10.8

Ordinary income

10,877

15,691

10,600-5,091-32.4

35,02932,10035,262233

0.7

26,400-8,862-25.1

Extraordinary
incomeProfit before income
taxes

572

1,271

-

-1,271

-

788

1,400

504

-283

-36.0

-

-504

-

11,44916,963

10,600-6,363-37.5

35,81733,50035,766-50-0.1

26,400-9,366-26.2

Income taxes

3,640

5,360

3,400

-1,960-36.6

11,412

10,60011,595

183

1.6

8,400

-3,195-27.6

Profit7,809

11,603

7,200-4,403-38.0

24,40522,90024,170-234-1.0

18,000-6,170-25.5

Domesticarchitectural
construction
Domestic
civil
engineering

Overseas
Investment anddevelopment
business andother-3,766-4,151

657

-271

-277

-13.7

-19.7

10.8

-73.1

-28.4

12.8 %-119-0.2

52,50012.1 %-4,026-9.1

32,85010.7 %-43-0.2

19,40016.0 %

3,949

-

250
4.5 %

2,393

96.7

4,500
45.0 %

Dividend per share
20.0
22.0
26.0
6.0
30.0
20.0
-6.0
-23.1
(yen)
Notes: 1. These non-consolidated financial statements, exempt from the quarterly review by auditors for statutory disclosure, were prepared pursuant to Ordinance on
Terminology, Forms, and Preparation Methods of Quarterly Financial Statements, etc.
2. These statements include Toda Corporation’s forecasts based on information currently available as of the announcement date, which are subject to anumber of risks and uncertainties. Therefore, the actual results of developments may differ from those presented in these forward-looking statements due tothe changes in various factors.

―23―

(3) Orders Received, Net Sales and Balance Brought Forward (non-consolidated)
1) Orders Received
Business segment/Classification
I Construction business(A) Domestic construction
business(a) Architectural construction
Public sector
Private sector
Subtotal(b) Civil engineering
Public sector
Private sector
Subtotal(c) Total (a)+(b)Public sector
Private sector
Subtotal(B) Overseas business(C) Total (A)+(B)
II Investment and development
business
III New business
IV Total (I + II + III)(Millions of yen)
FY2018From Apr. 1, 2018
to Mar. 31, 2019
AmountRatio (%)

FY2019From Apr. 1, 2019
to Mar. 31, 2020
AmountRatio (%)

ChangeAmountPercentage (%)

48,593
333,117
381,711

8.8
60.7
69.5

44,931
269,900
314,831

9.4
56.2
65.5

-3,662-63,217-66,879

-7.5
-19.0
-17.5

127,276
28,601
155,877

23.2
5.2
28.4

72,72377,485150,209

15.1
16.1
31.3

-54,552
48,884-5,668

-42.9
170.9
-3.6

175,869
361,718
537,5882,217
539,806

32.0
65.9
97.9
0.4
98.3

117,655
347,385
465,040
2,568
467,609

24.5
72.3
96.8
0.5
97.3

-58,214-14,333-72,547350-72,196

-33.1
-4.0
-13.5
15.8
-13.4

9,378

1.7

12,764

2.7

3,386

36.1

49
549,233

0.0
100.0

101
480,475

0.0
100.0

51
-68,758

105.0
-12.5

2) Net Sales
Business segment/Classification
I Construction business(A) Domestic construction
business(a) Architectural construction
Public sector
Private sector
Subtotal(b) Civil engineering
Public sector
Private sector
Subtotal(c) Total (a)+(b)Public sector
Private sector
Subtotal(B) Overseas business(C) Total (A)+(B)
II Investment and development
business
III New business
IV Total (I + II + III)(Millions of yen)
FY2018From Apr. 1, 2018
to Mar. 31, 2019
AmountRatio (%)

FY2019From Apr. 1, 2019
to Mar. 31, 2020
AmountRatio (%)

ChangeAmountPercentage (%)

32,300322,763355,064

6.9
69.0
75.9

34,187
306,842
341,030

7.3
65.1
72.3

1,886
-15,920-14,033

5.8
-4.9
-4.0

80,41018,632
99,042

17.2
4.0
21.2

86,69925,653112,353

18.4
5.4
23.8

6,289
7,021
13,310

7.8
37.7
13.4

112,711
341,395
454,106
4,550
458,657

24.1
72.9
97.0
1.0
98.0

120,887
332,496453,383
5,167
458,550

25.6
70.5
96.2
1.1
97.3

8,176
-8,899
-723
616
-106

7.3
-2.6
-0.2
13.5
0.0

9,378

2.0

12,764

2.7

3,386

36.1

49
468,084

0.0
100.0

101
471,416

0.0
100.0

51
3,331

105.0
0.7

―24―

3) Balance Brought Forward
Business segment/Classification
I Construction business(A) Domestic construction
business(a) Architectural construction
Public sector
Private sector
Subtotal(b) Civil engineering
Public sector
Private sector
Subtotal(c) Total (a)+(b)Public sector
Private sector
Subtotal(B) Overseas business(C) Total (A)+(B)
II Investment and development
business
III New business
IV Total (I + II + III)(Millions of yen)
FY2018(As of March 31, 2019)
AmountRatio (%)

FY2019(As of March 31, 2020)
AmountRatio (%)

ChangeAmountPercentage (%)

45,347450,653
496,000

6.1
60.7
66.8

73,037396,765
469,802

9.7
52.8
62.5

27,689-53,888-26,198

61.1
-12.0
-5.3

208,764
30,489239,253

28.1
4.1
32.2

189,41187,698277,109

25.2
11.7
36.9

-19,352
57,20837,856

-9.3
187.6
15.8

254,111481,142735,2546,928
742,183

34.2
64.8
99.1
0.9
100.0

262,448
484,463
746,9124,330
751,242

34.9
64.5
99.4
0.6
100.0

8,336
3,320
11,657-2,598
9,058

3.3
0.7
1.6
-37.5
1.2

-

-

-

-

-

-

742,183100.0

751,242

100.0

9,058

1.2

―25―