Consolidated Financial Results
for the FY2020
Ended March 31, 2021

―1―

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year ended March 31, 2021
During the fiscal year ended March 31, 2021, in the Japanese economy, the spread of COVID-19 had aprofound impact on economic activities, resulting in deteriorating corporate income and continued uncertainty
about the future. In addition, personal consumption of food, beverages, and accommodation dropped sharply,
resulting in a difficult business climate overall. In the construction industry, orders from the public sector
remained strong, while those from the private sector declined from the previous consolidated fiscal year due
to deteriorating business sentiment.
Under these circumstances, the Toda Group’s consolidated results were as follows.
Consolidated net sales decreased 2.2% year on year overall to ¥507.1 billion, mainly owing to a decrease in
net sales in the architectural construction business.
In terms of operating income, gross profit decreased by 7.8% year on year to ¥64.8 billion, mainly due to adecrease in profitable projects in the architectural construction business. Selling, general and administrative
expenses were ¥37.1 billion, an increase of 6.0% year on year, resulting in operating income of ¥27.6 billion,a decrease of 21.4% year on year.
Ordinary income decreased 20.7% year on year to ¥30.3 billion, with a solid contribution from interest
income and dividend income on investment securities and other factors.
Profit attributable to owners of parent decreased to ¥19.7 billion, a 23.6% decrease over the previous year,
in part 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.
The Group has changed its reporting segments effective from the consolidated fiscal year under review, andcomparisons and analyses with the previous consolidated fiscal year are based on the segment classifications
after the change. For details, please refer to “1. Overview of Reportable Segments” (available in Japaneseonly) under “(5) Notes to Consolidated Financial Statements” (Segment Information, etc.) in “3. Financial
Statements and Primary Notes.”Architectural Construction Business
The segment recorded net sales of ¥328.0 billion, down 9.5% year on year. Segment operating income cameto ¥9.1 billion, down 54.1%.
On a non-consolidated basis, overall orders received decreased 11.1% year on year to ¥280.4 billion, as
orders from the private sector decreased 19.4% year on year, despite an increase in orders from the public
sector of 34.6%.
Civil Engineering Business
The segment recorded net sales of ¥136.3 billion, up 16.5% year on year, and operating income of ¥14.1
billion, up 32.5%.
On a non-consolidated basis, overall orders received decreased 11.2% year on year to ¥135.1 billion asorders from the private sector decreased 22.3% year on year, despite an increase in orders from the public
sector of 2.7%.
Investment and Development Business
The segment recorded net sales of ¥13.0 billion, down 9.3% year on year, and operating income of ¥4.2
billion, up 6.9% year on year.
Domestic Group Companies Business
The segment recorded net sales of ¥55.8 billion, up 6.8% year on year, and operating income of ¥2.2 billion,―2―

up 12.8% year on year.
New BusinessNet sales from new business totaled ¥2.0 billion, up 4.1% year on year. The segment recorded an operating
loss of ¥1.0 billion, compared to the previous year’s ¥0.3 billion loss.
(2) Overview of Financial Position for the Fiscal Year ended March 31, 2020
Assets, liabilities, and net assets
AssetsTotal assets as of March 31, 2021, were ¥735.7 billion, up 16.0% or a ¥101.2 billion increase from the endof the previous fiscal year. The increase mainly reflects increases of ¥45.9 billion in notes receivable,accounts receivable from completed construction contracts and other, and ¥42.6 billion in investment
securities, despite a decrease of ¥11.4 billion in cash and deposits.
Liabilities
Total liabilities as of March 31, 2021, were ¥423.2 billion, up 17.2% or a ¥62.1 billion increase from theend of the previous fiscal year. The major contributors to this increase in liabilities were a ¥20.0 billion
increase in commercial papers and a ¥20.0 billion increase in bonds payable, despite a decrease of ¥5.0
billion in current portion of bonds.
Net assets
Total net assets as of March 31, 2021, were ¥312.5 billion, up 14.3% or a ¥39.0 billion increase from theend of the previous fiscal year, mainly due to the recording of ¥19.7 billion in profit attributable to ownersof parent. The equity capital ratio was 42.1%.
(3) Overview of Cash Flows for the Fiscal Year ended March 31, 2021
Cash and cash equivalents at the end of the fiscal year totaled ¥103.7 billion, ¥21.6 billion less than at theend of the previous fiscal year.
Cash Flows from Operating Activities
Net cash used in operating activities came to ¥21.1 billion, compared with net cash provided totaling ¥77.2
billion in the previous fiscal year. The main inflows included profit before income taxes of ¥29.3 billion
and a ¥8.9 billion increase in trade payables. The main outflows were a ¥46.2 billion increase in tradereceivables, a ¥4.0 billion increase in costs on real estate business, and income taxes paid of ¥9.0 billion.
Cash Flows from Investing Activities
Net cash used in investing activities was ¥30.8 billion, compared with the ¥21.7 billion used in the previous
fiscal year. The main inflow was ¥6.4 billion from sales and redemption of investment securities. The main
outflows were purchases of property, plant and equipment totaling ¥25.7 billion, purchases of investment
securities totaling ¥4.1 billion, and purchases of shares of affiliates accounted for using equity method
totaling ¥3.6 billion.
Cash Flows from Financing Activities
Net cash provided by financing activities totaled ¥31.2 billion, compared with net cash used totaling ¥26.6
billion in the previous fiscal year. The main inflows were ¥20.0 billion in proceeds from issuance ofcommercial papers totaling and ¥20.0 billion in proceeds from issuance of bonds. The main outflows were
¥6.6 billion in repayments of long-term borrowings and dividends paid totaling ¥7.9 billion.

―3―

The Group’s cash flow indicators are as follows.
For years ended
March 31

2017

2018

2019

2020

2021

Equity ratio

41.7%

44.1%

39.9%

42.7%

42.1%

Equity ratio on amarket price basis

38.3%

42.3%

31.2%

30.9%

33.8%

Number of years
to redeem debt

1.2 years

3.9 years－

1.4 years－

Interest coverage－－
76.3 times
68.3 times
23.8 times
ratio
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
With regard to the future economic situation, although there are signs of recovery mainly in exports andemployment, the situation is expected to remain extremely severe due to unpredictable movements of COVID19. In the construction industry, there are concerns that private capital investment will contract, despite
expectations for increased investment in public works such as infrastructure enhancement. In addition, it isnecessary to pay attention to the impact on the progress of construction work and profitability due to factors
such as a slowdown in the supply of materials due to a decline in the function of the supply chain, and theimplementation of measures to prevent infection.
We forecast consolidated net sales of ¥515.0 billion (up 1.6% year on year), operating income of ¥23.6
billion (down 14.8%), ordinary income of ¥25.7 billion (down 15.4%), and profit attributable to owners ofparent of ¥16.9 billion (down 14.4%).
On a non-consolidated basis, we expect orders received to total ¥466.0 billion (up 8.6% year on year), net
sales of ¥461.0 billion (down 0.1%), operating income of ¥21.0 billion (down 16.6%), ordinary income of¥23.4 billion (down 16.6%), and profit of ¥15.7 billion (down 5.8%).
(5) Basic Policy on Profit Distribution and Dividends in the Fiscal Year ended March 31, 2021 and the
Fiscal Year ending March 31, 2022
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, 2021, the Company will pay an annual
dividend of ¥20 per share. The Company also plans to pay an annual dividend of ¥20 per share (including aninterim dividend of ¥10) for the fiscal year ending March 31, 2022.
At the 98th Ordinary General Meeting of Shareholders scheduled for June 29, 2021, the Company plans tosubmit a proposal to amend the Articles of Incorporation to allow the Company to pay interim dividends byresolution of the Board of Directors in order to enhance the opportunity for profit distribution to shareholders.

―4―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.

―5―

3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2020

As of March 31, 2021

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

106,453

95,037

163,440

209,347

20,064

10,100Real estate for sale
Costs on uncompleted construction contracts

10,052
16,48811,08011,010

Other inventories

3,949
17,502

8,031
29,788

Other
Allowance for doubtful accounts(1,110)(1,248)336,841

373,147

29,04640,552

3,209

6,119

83,92086,493

138
7,959

83
11,622

124,274

144,871

519

608

Other

7,976

8,876

Total intangible assets

8,495

9,484

Investment securities
Long-term loans receivable

157,659782

200,290
842

Net defined benefit asset
Deferred tax assets

1,223
731

1,966
637

Other
Allowance for doubtful accounts

4,635
(87)

4,744
(194)

Total investments and other assets

164,945

208,285

297,715362,642

634,557

735,789

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―6―

(Millions of yen)
As of March 31, 2020

As of March 31, 2021

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

105,305

114,000

44,49948,297

Commercial papers
Current portion of bonds

5,000

20,000-

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

7,374

8,525

30,022

27,779

6,409

6,957

4,410

3,641

3,200
28,6182,753
32,717

Other

18,22917,009Total current liabilities

253,070

281,681Bonds payable
Long-term loans payable

30,10032,201

50,10032,643

Deferred tax liabilities
Deferred tax liabilities for land revaluation

11,833
6,791

24,496
6,389

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

207
188

205
236

36

28

21,263

21,470Asset retirement obligations
Other

1,712
3,656

1,999
4,003

Total noncurrent liabilities

107,991

141,573

361,061

423,255

Shareholders’ equity
Capital stock

23,001

23,001

Capital surplus
Retained earnings

26,259176,564

26,259189,217

Noncurrent liabilities

Total liabilities
Net assets

Treasury stock(9,392)(9,388)

Total shareholders’ equity

216,433

229,089

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

51,954

79,474(13)

108

Revaluation reserve for land
Foreign currency translation adjustment

4,584
(805)

3,674
(2,174)Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests(1,292)(153)

54,42780,928

2,635

2,515

Total net assets

273,496

312,533

634,557

735,789

Total liabilities and net assets―7―

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Years ended March 31, 2020 and 2021
(Millions of yen)
Year ended March 31, 2021
(April 1, 2020 throughMarch 31, 2021)

Year ended March 31, 2020
(April 1, 2019 throughMarch 31, 2020)
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

498,509487,994

20,174

19,140518,683

507,134

435,039

430,693

13,30011,553448,340442,246

63,46957,300

6,874

7,586

70,34364,887

Selling, general and administrative expenses

35,10037,190Operating income

35,243

27,697

Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using
equity method
Dividend income of insurance
Other
Total non-operating income

212

220

3,562

3,129

-

31

238
829

257
872

4,843

4,511

Non-operating expenses
Interest expenses

1,016

965

Commission fee
Other

457
340

518
360

1,813

1,845

38,27230,363Gain on sales of noncurrent assets
Gain on sales of investment securities
Settlement received
Other

30
1,247

35
2,637

1,174
6

105

Total extraordinary income

Total non-operating expenses
Ordinary income
Extraordinary income

2,458

2,777

Extraordinary loss
Loss on abandonment of noncurrent assets

1,141

1,593

Impairment loss
Loss on sales of investment securities

299
39

1,021
424

Loss on valuation of investment securities
Other

234
71

481
243

Total extraordinary losses

1,785

3,764

Profit before income taxes

38,94529,376

Income taxes-current

13,384

10,112

Income taxes-deferred

(398)

(420)

12,986

9,692

Total income taxes―8―

ProfitYear ended March 31, 2020
(April 1, 2019 throughMarch 31, 2020)
25,958

Profit attributable to non-controlling interests
Profit attributable to owners of parent―9―(Millions of yen)
Year ended March 31, 2021
(April 1, 2020 throughMarch 31, 2021)
19,684112(51)

25,845

19,735

Consolidated Statements of Comprehensive Income
Years ended March 31, 2020 and 2021

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

Year ended March 31, 2020
(April 1, 2019 throughMarch 31, 2020)
25,958(Millions of yen)
Year ended March 31, 2021
(April 1, 2020 throughMarch 31, 2021)
19,684(15,377)

27,520

(41)

121

187
(270)

(1,527)
1,029

-

200

Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income(15,501)

27,344Comprehensive income

10,45647,028Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests

10,307

47,146

149

(118)

―10―

(3) Consolidated Statements of Changes in Net Assets

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

―11―

Year ended March 31, 2021 (April 1, 2020 through March 31, 2021)(Millions of yen)
Shareholders’ equity
Capital stock Capital surplus
Balance at beginning of period

23,001

26,259Total
Treasury stock shareholders’equity176,564(9,392)
216,433

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(7,993)(7,993)

19,735

19,735
5

5

(0)

(0)
-

(0)

(0)
909

909

-

(0)

12,652

4

12,65623,001

26,259189,217(9,388)229,089

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
income51,954
(13)
4,584
(805)
(1,292)54,4272,635 273,496

Changes during period
Dividends from surplus
Profit attributable to owners ofparentDisposal of treasury stock(7,993)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(0)27,520121(909)(1,369)1,138

26,501(120)

26,381

27,520121(909)(1,369)1,138

26,501(120)

39,037

Balance at end of period

79,474108

3,674(2,174)(153)

80,9282,515

312,533

19,735
5
(0)
909

―12―

(4) Consolidated Statements of Cash Flows
Year ended March 31, 2020
(April 1, 2019 throughMarch 31, 2020)
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment loss
Amortization of goodwill
Increase (decrease) in allowance for doubtful
accounts
Share of loss (profit) of entities accounted for using
equity method
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset(Millions of yen)
Year ended March 31, 2021
(April 1, 2020 throughMarch 31, 2021)

38,94529,376

2,994
299

3,834
1,021

171

86

(584)

246

-

(31)

(76)
190

378
571

(545)

(584)

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

234

431

(1,207)(2,212)

(30)

(34)

1,141

1,593

Interest and dividend income
Settlement received(3,774)(1,174)(3,349)-Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in costs on uncompleted
construction contracts
Decrease (increase) in real estate for sale

1,016
62,325965(46,220)

338

5,537

1,496

1,365

Decrease (increase) in costs on real estate business
Decrease (increase) in other current assets(1,962)(2,243)(4,092)(11,243)

Increase (decrease) in trade payables
Increase (decrease) in advances received on
uncompleted construction contracts
Increase (decrease) in other current liabilities
Other, net(10,457)

8,981

(145)

(2,140)

1,844
323

161
743

Subtotal

89,118(14,615)Interest and dividends received
Settlement package received

3,777
1,174

3,423
-

(1,012)(15,786)(953)(9,012)-

18

77,271(21,139)

Interest paid
Income taxes paid
Other, net
Net cash provided by (used in) operating activities―13―Year ended March 31, 2020
(April 1, 2019 throughMarch 31, 2020)(Millions of yen)
Year ended March 31, 2021
(April 1, 2020 throughMarch 31, 2021)

Cash flows from investing activities
Payments into time deposits

(90)

(399)

Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant andequipment
Payments for retirement of property, plant andequipment
Purchase of intangible assets(19,023)76(25,735)

348

35

(573)

(1,745)(1,309)(1,842)

Proceeds from subsidy received
Purchase of investment securities
Proceeds from sales and redemption of investment
securities
Loan advances

13(5,239)9(4,190)

4,980

6,465

(410)

(101)

Collection of loans receivable
Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Purchase of shares of affiliates accounted for using
equity method
Payments of leasehold and guarantee deposits
Other, net

62

42

(103)

(107)

-

(3,643)

(484)
68

(85)
370

(21,762)(30,852)

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

15,187(50,000)

1,224
20,000

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

11,246(6,822)

9,717(6,616)

Proceeds from issuance of bonds
Redemption of bonds

10,100-20,000(5,000)

Dividends paid
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
Other, net(6,140)(3)(7,993)
(2)

(201)

-

(1)
(49)

(0)
(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(26,685)

31,27931(978)28,854(21,690)

Cash and cash equivalents at beginning of period

96,564125,418

Cash and cash equivalents at end of period

125,418

103,727

Net cash provided by (used in) investing activities
Cash flows from financing activities―14―4. Non-consolidated Financial Statements(1) Non-consolidated Balance Sheets(Millions of yen)
As of March 31, 2020

As of March 31, 2021

AssetsCurrent assets
Cash and deposits
Notes receivable-trade
Electronically recorded monetary claims –operatingAccounts receivable from completed
construction contracts
Securities
Real estate for sale82,538
1,378

80,149
216

1,674

1,653

148,604

196,472

20,064
9,873

10,00011,076

Costs on uncompleted construction contracts
Costs on real estate business

13,592
3,012

9,322
7,095

Raw materials and supplies
Accounts receivable-other

531
1,413

567
1,659

Advances paid
Other

13,117
2,086

18,144
8,964

Allowance for doubtful accounts(1,057)(1,225)

Total current assets

296,830

344,096Noncurrent assets
Property, plant and equipment
Buildings

39,21548,033

Accumulated depreciation(16,676)(17,594)

Buildings, net

22,53830,4391,824(1,321)

2,066(1,371)

503

695

5,941
(5,136)

6,410(5,136)

805

1,274

85
(78)

90
(81)

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

7

8

1,858

2,020

(1,336)(1,527)522

492

73,86375,433

306
(234)

297
(249)

Lease assets, net

72

47

Construction in progress

6,244

9,634

104,557

118,027

Total property, plant and equipment
Intangible assets
Leasehold right

5,123

5,123

Software
Goodwill

2,071
-

2,038
450

749

1,685

7,945

9,298

Other
Total intangible assets―15―

(Millions of yen)
As of March 31, 2020
Investments and other assets
Investment securities

As of March 31, 2021

149,484

186,874

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

24,653

21,542

1,937

2,387

2
3

23
102

10

10

1,963

1,803

0

0

423

356

-

109

2,470

1,906

Other
Allowance for doubtful accounts

2,814

2,891

(95)

(201)

Total investments and other assets

183,667

217,807

296,169

345,133

593,000

689,230

1,644

2,781

22,87021,04373,79940,516

83,19343,758Commercial papers
Current portion of bonds

5,000

20,000-

Lease obligations
Accounts payable-other

21
2,460

17
4,427

Income taxes payable
Advances received on uncompleted
construction contracts
Deposits received

6,293

7,955

26,58523,65026,75632,142

5,850

6,478

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

4,247

3,548

3,051
9,426

2,521
10,383

Other

5,485

1,115

234,009

263,017

Total current liabilities―16―

(Millions of yen)
As of March 31, 2020
Noncurrent liabilities
Bonds payable

As of March 31, 2021

30,00050,000Long-term loans payable
Lease obligations

32,05454

30,04336

Deferred tax liabilities
Deferred tax liabilities for land revaluation

11,876
6,791

24,251
6,389

Provision for retirement benefits
Provision for directors’ retirement benefits

19,838125

20,219127

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

188

236

250

427

446
2,517

444
2,922

104,142

135,100

338,152

398,118

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

50,00050,00071,774
31,61091,774
21,187

159,135

168,712

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(9,392)(9,388)

Total shareholders’ equity

198,317

207,899

51,95779,430(11)

108

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

4,584

3,674

Total valuation and translation adjustments

56,53083,213

Total net assets
Total liabilities and net assets―17―

254,848

291,112593,000

689,230

(2) Non-consolidated Statements of Income

Year ended March 31, 2020
(April 1, 2019 throughMarch 31, 2020)
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, 2021
(April 1, 2020 throughMarch 31, 2021)

458,550

448,130

12,865

13,249471,416

461,380

399,938

395,887

7,995

7,631

407,933

403,519

58,612

52,242

4,870

5,618

63,482

57,861

406
38

440
53

10,515
4,508

10,970
4,255

47
923

99
1,250

Legal welfare expenses
Welfare expenses

1,612
681

1,693
724

Repair and maintenance
Stationery expenses

407
2,059

235
1,968

Correspondence and transportation expenses
Power utilities expenses

1,089
120

763
84

Research study expenses
Advertising expenses

1,683
330

2,438
324

Provision of allowance for doubtful accounts
Entertainment expenses

(251)
798

293
499

Contribution
Rents

172
1,821

197
1,886

420
-

545
69

1,698
34

2,201
35

1,791

1,637

30,911

32,671

32,571

25,189

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

Depreciation
Amortization of goodwill
Taxes and dues
Insurance expenses
Miscellaneous expenses
Total selling, general and administrative
expenses
Operating income―18―

(Millions of yen)
Year ended March 31, 2021
(April 1, 2020 throughMarch 31, 2021)

Year ended March 31, 2020
(April 1, 2019 throughMarch 31, 2020)
Non-operating income
Interest income

4460Interest on securities
Dividend income

0
3,528

0
3,413

Dividend income of insurance
Miscellaneous income

238
682

257
819

Total non-operating income

4,494

4,550

Non-operating expenses
Interest expenses

927

790

Interest on bonds
Commission fee

108
456

165
518

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

310

196

1,802

1,670

35,262

28,069

11

18

1,246
1,174

2,610
-

4

84

2,437

2,713

1,133

1,603

299
232

88
431

76

3,005

87

176

104

634

1,933

5,939

Profit before income taxes

35,766

24,843

Income taxes-current

11,762

8,987

Income taxes-deferred

(166)

(804)

Total income taxes

11,595

8,182

Profit24,17016,660―19―

(3) Non-consolidated Statements of Changes in Net Assets
Year ended March 31, 2020 (April 1, 2019 through March 31, 2020)(Millions of yen)
Shareholders’ equity
Capital surplus

Balance at beginning of period

Capital
stock

Legal
capitalsurplus

23,001

25,573

Other
capitalsurplus-Retained earnings
Other retained earnings

Total capitalsurplusLegalretainedearnings

25,573

5,750

Reserve for General
construction reserve
50,000Retainedearnings
brought
forward56,774

27,59615,000(15,000)

Total
retainedearnings

140,121

Changes during period
Provision of general reserve
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--

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―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

Capital
stock

Legal
capitalsurplus

23,001

25,573

Other
capitalsurplus-Retained earnings
Other retained earnings

Total capitalsurplusLegalretainedearnings

25,573

5,750

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

71,774

31,610159,135

20,000(20,000)-

Dividends from surplus(7,993)(7,993)

Profit16,66016,660909

909

Changes during period
Provision of general reserve

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

-

-

-

-

-

-

20,000(10,422)

9,577

23,001

25,573-25,5735,750

50,00091,774

21,187

168,712

Shareholders’ equity
Treasurystock
Balance at beginning of period(9,392)

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
198,317

51,957

(11)

4,584

56,530254,848

Changes during period
Provision of general reserve
Dividends from surplus--(7,993)(7,993)

16,66016,660

Disposal of treasury stock

5

5

5

Purchase of treasury stock

(0)

(0)

(0)

-

-

909

909

ProfitTransfer 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

27,472

119(909)

26,682

26,682

4

9,581

27,472

119(909)

26,68236,263(9,388)207,899

79,430108

3,674

83,213291,112―21―

(1) Summary of Consolidated Results and Forecasts(Millions of yen)Six-month Period from April
FY2019FY2020

FY2021

Full Year

YoY (b)-(a)FY2019FY2020

FY2020YoY (b)-(a)Actual(b)

AmountFY2021

ActualActual(a)

Forecast(b)

AmountPercentage(%)

Actual(a)

Revisedforecast
Nov. 13,
2020

Net sales

235,365

214,514230,000

15,485

7.2

518,683

492,000

507,134-11,549-2.2

Construction
business

218,480

197,364

202,500

5,135

2.6

470,144439,300

455,907-14,236

Architectural
167,903
construction

138,787

136,500-2,287-1.6

354,685

309,300

322,808

50,57758,57666,000

7,423

12.7

115,459

130,000

3,537

2,526

12,000

9,473

374.9

13,48012,527

13,67814,000

321

2.3

819

944

1,500

555

58.7

1,104

4.8

Civil
engineering
Investment anddevelopment
business
Domestic Group
companies
New business

Gross profit

31,46923,19524,300

Profit margin12.3 %

10.8 %

10.6 %

SG&A expenses

15,92517,08917,300210Operatingincome15,544

6,105

7,000

Non-operating
income

1,367

1,314

Ordinary
income16,911

Extraordinary
incomePercentage Forecast(c)(%)

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

515,000

7,865

1.6

-3.0

453,000-2,907-0.6-31,876-9.0

313,000-9,808-3.0

133,098

17,63915.3

140,000

6,901

5.2

11,50012,184-1,296-9.6

21,000

8,815

72.4

33,131

38,10037,035

3,904

11.8

37,200

164

0.4

1,927

3,100

2,006

79

4.1

3,800

1,793

89.4

-5,455-7.8

61,500-3,387-5.2

70,343

61,10064,887

13.6 %

12.4 %

12.8 %

1.2

35,10037,00037,1902,089

6.0

37,900

709

1.9

894

14.6

35,243

24,10027,697-7,545-21.4

23,600-4,097

-14.8

800

-514

-39.1

3,029

2,800

2,666

-363

-12.0

2,100

-566

-21.2

7,419

7,800

380

5.1

38,272

26,90030,363-7,908-20.7

25,700-4,663

-15.4

1,282

-550

-

550

-

672

-1,300-987-1,659

-

-

987

-

Profitbefore income
taxes

18,194

6,869

7,800

930

13.5

38,94525,60029,376-9,568-24.6

25,700-3,676-12.5

Income taxes

5,841

2,422

2,600

177

7.3

12,986

8,500

9,692

-3,294

-25.4

8,800

-892

-9.2

Profit12,353

4,446

5,200

753

16.9

25,958

17,10019,684-6,274-24.2

16,900-2,784

-14.1

66

1

-

-1

-

112

-

-51

-164

-

-

-51

-

12,286

4,444

5,200

755

17.0

25,845

17,10019,735-6,109-23.6

16,900-2,835-14.4

Profit attributable
to non-controllinginterests
Profit attributableto owners ofparent11.9 %

Notes: 1. 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 to the changes 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
FY2019FY2020

FY2021

Full Year

YoY (b)-(a)FY2019FY2020YoY (b)-(a)FY2021

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

466,000

37,0838.6-11.1

445,000

29,333

7.1-36,703-11.7

317,000

38,87114.0

134,888-15,321-10.2

120,000-14,888-11.0

ActualActual(a)

Forecast(b)

AmountPercentage(%)

Orders received

183,889

171,638

167,000-4,638-2.7

480,475

428,500

428,916-51,558-10.7

Construction
business

181,056

169,101

155,000-14,101-8.3

467,609417,000

415,666-51,943

118,210122,075

104,000-18,075-14.8

314,831

285,000

278,128

60,56846,84950,0003,150

6.7

150,209

120,000

Domesticarchitectural
construction
Domestic civilengineering

Actual(a)

FY2020

RevisedActualforecast(b)
Nov. 13, 2020

AmountPercentage Forecast(%)(c)

Overseas

2,278

176

1,000

823

467.8

2,568

12,000

2,649

81

3.2

8,000

5,350

201.9

Investment anddevelopment businessand other

2,832

2,537

12,000

9,462

373.0

12,865

11,50013,249384

3.0

21,000

7,750

58.5

Net sales

214,361

196,323

208,000

11,676

5.9

471,416

441,500

461,380-10,036-2.1

461,000

-380

-0.1

Construction
business

211,528

193,786

196,000

2,213

1.1

458,550

430,000

448,130-10,420-2.3

440,000-8,130-1.8

159,857

134,692

129,200-5,492-4.1

341,030

299,700

313,718-27,312-8.0

297,700-16,018-5.1

48,99958,22265,000

6,777

11.6

112,353

127,300

132,004

19,651

17.5

136,300

4,295

3.3

Domesticarchitectural
construction
Domestic civilengineering
Overseas

2,672

872

1,800

927

106.4

5,167

3,000

2,407

-2,759

-53.4

6,000

3,592

149.2

Investment anddevelopment businessand other

2,832

2,537

12,000

9,462

373.0

12,865

11,50013,249384

3.0

21,000

7,750

58.5

Gross profit

28,544

20,262

21,200937

4.6

63,48254,00057,861-5,621-8.9

54,000-3,861-6.7

13.3 %

10.3 %

10.2 %

13.5 %

12.2 %

12.5 %

27,566

19,422

19,00058,61249,50052,242-3,242-6.2

13.0 %

10.0 %

9.7 %

12.8 %

11.5 %

11.7 %

21,101

13,04011,96040,38630,00030,947-3,072-9.9

13.2 %

9.7 %

9.3 %

11.8 %

10.0 %

9.9 %

6,092

6,389

7,000

17,47819,50019,5661,333

6.8

12.4 %

11.0 %

10.8 %

371
13.9 %-7-0.8 %

977

Profit margin
Construction
business
Domesticarchitectural
construction
Domestic civilengineering-422-1,080

-2.2

-8.3

610

9.6

15.6 %

15.3%

14.8 %

40
2.2 %

47

-

747
14.5 %

0
0.0 %

840

2,200

1,359

161.8

4,870

34.5 %
14,104
14,43933.1 %
15,1025,160

18.3 %
15,000
6,200

-102
1,039

-0.7
20.1

1,252
15,691
1,271

1,582
6,743
-640

1,100
7,300
-

-482
556
640

16,963

6,102

7,300

Income taxes

5,360

1,955

ProfitDividend per share(yen)

11,603

4,147

-

-

Overseas
Investment anddevelopment
business and other

SG&A expenses
Operating income
Non-operating income
Ordinary income
Extraordinary income
Profit before income
taxes

11.7 %-6,370-10.9

49,00011.1 %-9,439-23.4

27,875
9.4 %

2,087

11.9

20,9001,728
71.8 %

980

131.3

225
3.8 %

-1,503

-87.0

4,500

5,618

748

15.4

5,000

-618

-11.0

37.9 %
30,911
32,571

39.1 %
32,20021,80042.4 %
32,671
25,1891,759-7,381

5.7-22.7

23.8 %
33,00021,000328-4,189

1.0
-16.6

-30.5
8.3
-

2,691
35,262504

2,700
24,500-1,3002,879
28,069-3,226

188-7,193-3,730

7.0
-20.4
-

2,400
23,400--479-4,669
3,226

-16.7
-16.6
-

1,197

19.6

35,76623,20024,843-10,923-30.5

23,400-1,443

-5.8

2,200

245

-12.5

11,595

7,400

8,182

-3,412

-29.4

7,700

-482

-5.9

5,100

952

23.0

24,17015,80016,660-7,510-31.1

15,700

-960

-5.8

10.0

10.0

-

26.0

20.0

20.0

-6.0

-23.1

20.0

-

-

15.3 %

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 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.

―23―

(3) Orders Received, Net Sales and Balance Brought Forward (non-consolidated)
1) Orders Received
Business segment/Classification
I Construction business(a) Architectural construction
Public sector
Private sector
Overseas
Subtotal(b) Civil engineering
Public sector
Private sector
Overseas
Subtotal(c) Total (a)+(b)Public sector
Private sector
Overseas
Subtotal
II Investment and development
business
III New business
IV Total (I + II + III)(Millions of yen)
FY2019From Apr. 1, 2019
to Mar. 31, 2020
AmountRatio (%)

FY2020From Apr. 1, 2020
to Mar. 31, 2021
AmountRatio (%)

44,931
269,900
486
315,318

9.4
56.2
0.1
65.6

60,457
217,670
2,338
280,466

14.1
50.7
0.5
65.4

72,72377,4852,081
152,291

15.1
16.1
0.4
31.7

74,71760,170311
135,199

17.4
14.0
0.1
31.5

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

24.5
72.3
0.5
97.3

135,174
277,8412,649
415,666

31.5
64.8
0.6
96.9

12,764

2.7

12,2192.8

101480,475

0.0
100.0

1,030
428,9160.2
100.02) Net Sales
Business segment/Classification
I Construction business(a) Architectural construction
Public sector
Private sector
Overseas
Subtotal(b) Civil engineering
Public sector
Private sector
Overseas
Subtotal(c) Total (a)+(b)Public sector
Private sector
Overseas
Subtotal
II Investment and development
business
III New business
IV Total (I + II + III)FY2019From Apr. 1, 2019
to Mar. 31, 2020
AmountRatio (%)

FY2020From Apr. 1, 2020
to Mar. 31, 2021
AmountRatio (%)

34,187
306,842
1,967
342,998

7.3
65.1
0.4
72.8

39,753273,964408
314,126

8.6
59.4
0.1
68.1

86,69925,653
3,199
115,552

18.4
5.4
0.7
24.5

92,872
39,131
1,999
134,003

20.1
8.5
0.4
29.0

120,887
332,496
5,167
458,550

25.6
70.5
1.1
97.3

132,626
313,096
2,407
448,130

28.7
67.9
0.5
97.1

12,764

2.7

12,2192.6

101471,416

0.0
100.0

1,030
461,380

0.2
100.0

―24―

ChangeAmountPercentage (%)

15,526-52,229
1,851-34,851

34.6
-19.4
380.4
-11.1

17,519-69,54481-51,943
-544

14.9
-20.0
3.2
-11.1

928
-51,558

915.9
-10.7

1,993
-17,314-1,770-17,091

2.7
-22.3
-85.0
-11.2

-4.3

(Millions of yen)

ChangeAmount5,565-32,877-1,559-28,871

Percentage (%)

16.3
-10.7
-79.3
-8.4

6,173
13,477-1,19918,451

7.1
52.5- 37.5
16.0

11,738-19,399- 2,759-10,420

9.7
-5.8
-53.4
-2.3

928
-10,036

915.9
-2.1

-544

-4.3

3) Balance Brought Forward
Business segment/Classification
I Construction business(a) Architectural construction
Public sector
Private sector
Overseas
Subtotal(b) Civil engineering
Public sector
Private sector
Overseas
Subtotal(c) Total (a)+(b)Public sector
Private sector
Overseas
Subtotal
II Investment and development
business
III New business
IV Total (I + II + III)(Millions of yen)
FY2019(As of March 31, 2020)
AmountRatio (%)

FY2020(As of March 31, 2021)
AmountRatio (%)

ChangeAmount73,037396,765282
470,084

9.7
52.8
0.0
62.6

93,741
340,471
2,212
436,424

13.0
47.4
0.3
60.7

189,41187,6984,047
281,157

25.2
11.7
0.5
37.4

171,256
108,7372,359
282,353

23.8
15.1
0.3
39.3

262,448
484,4634,330
751,242

34.9
64.5
0.6
100.0

264,997449,208
4,572
718,778

36.9
62.5
0.6
100.0

-

-

-

-

751,242100.0

718,778

100.0

―25―

Percentage (%)

20,703-56,2931,930-33,659

28.3
-14.2
683.2
- 7.2

2,548
-35,254242-32,463

1.0
-7.3
5.6
-4.3

-32,463- 4.3-18,155
21,039-1,688
1,195

-

-9.6
24.0
-41.7
0.4

-