This document has been translated from the Japanese original "Kessan Tanshin" disclosed at the Tokyo Stock Exchange on
May 14, 2024 and prepared for reference purpose only. In the event of any discrepancy between this translated document
and the Japanese original, the original shall prevail.

Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
〔Japanese GAAP〕
May 14, 2024
Company name : Kumagai Gumi Co., Ltd.
Stock exchange listings : Tokyo Stock Exchange, Prime Market
Securities code : 1861
URL : https://www.kumagaigumi.co.jp/
Representative : Shin Ueda, President
Contact : Kazunori Shimada, Joint General Manager, Administration Division,
Contact : General Manager, Administration Division, Accounting Department
Contact : Tel. 03-3235-8606
Date of general meeting of shareholders : June 27, 2024
Date of filing of securities report : June 27, 2024
Scheduled date of dividend payment : July 18, 2024
Supplemental materials for financial results : Yes
Presentation on financial results : Yes（Rounded down to the nearest million yen）

１．Consolidated Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 - March 31, 2024)（１） Consolidated Operating Results（Percentage figures are changes from the same period in the previous fiscal year）
Net sales of completed
Profit attributable toOperating profit
Ordinary profit
construction contracts
owners of parent
Million yen

FY2023
FY2022（Note） Comprehensive income％

Million yen％

443,193
9.8
12,64910.2
13,040
6.6
403,502(5.1)
11,483(49.5)
12,236(48.4)FY2023 17,845 million yen 78.3％ FY2022 10,007 million yen (34.5)％

％

8,316
7,973

4.3
(49.7)

Basic earnings per share

Million yen％

Yen

FY2023
192.36―FY2022179.64―（Reference） Investment profit (loss) on equity method FY2023 168 million yen

Ordinary profit to Operating profit tototal assets ratio
net sales ratio

Return on equity

Diluted earnings per share

Yen

Million yen

％

4.8
4.7
FY2022 146 million yen

％

％

3.1
3.3

2.9
2.8

（２） Consolidated Financial Position
Total assets

Net assets

Million yen

FY2023
FY2022（Reference） Owner's equity

Capital adequacy ratio

Million yen

467,232
376,650
FY2023 180,014 million yen

180,014
169,860
FY2022 169,860 million yen

Net assets per share
％

Yen

38.5
45.1

4,185.54
3,894.11（３） Consolidated cash flows
Cash flows fromoperating activities
FY2023
FY2022

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and equivalents,
end of period

Million yen

Million yen

Million yen

Million yen

16,971(18,826)(10,778)(8,458)22,319456

70,07340,974

２．Dividends
End of
1st quarter

Annual cash dividends per share
End of
End ofYear-end
2nd quarter3rd quarter

Yen

FY2022
FY2023
FY2024 （forecast）

―
―
―

Yen

―
―
―

Yen

―
―
―

Total
dividend
paid

Total

Payout ratio(consolidated)

Ratio ofdividends to
net assets(consolidated)

Yen

Yen

Million yen％％

130.00130.00130.00130.00130.00130.00

5,698
5,618

72.4
67.6
55.4

3.4
3.2

３．Forecast of Consolidated Operating Results for FY2024 (April 1, 2024 - March 31, 2025)（Percentage figures are changes from the same period in the previous fiscal year）

Net sales of completed
construction contracts
FY2024

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basic earnings
per share

Million yen％

Million yen％

Million yen％

Million yen％

Yen462,200

4.3

15,00018.6

15,40018.1

10,10021.4

234.84

※ Notes（1） Changes in significant subsidiaries during the period（Changes in specified subsidiaries that resulted in a change in the scope of consolidation） : None
（2） Changes in accounting policies, changes in accounting estimates, and retrospective restatements① Changes in accounting policies due to the revision of the accounting standards: None② Changes in accounting policies other than ①: None③ Changes in accounting estimates: None④ Retrospective restatements: None（3） Number of shares issued (common stock)① Number of shares issued at the end of the period (including own shares)② Number of treasury stocks at the end of the period③ Average number of shares outstanding during the period

FY2023
FY2023
FY202343,285,560
276,992
43,232,608

FY2022
FY2022
FY2022（Shares）
43,900,360
280,432
44,385,881（Reference） Summary of Nonconsolidated Financial Results
１．Nonconsolidated Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 - March 31, 2024)（１） Nonconsolidated Operating Results（Percentage figures are changes from the same period in the previous fiscal year）

Net sales of completed
construction contracts

Operating profit

Ordinary profit

ProfitMillion yen％

Million yen％

Million yen％

Million yen％

FY2023327,927

9.6

6,621

(17.7)

7,862(22.6)

5,309(24.1)FY2022

299,317

(9.6)

8,045

(54.7)

10,154(49.1)

6,996(49.0)

Basic earnings per share

Diluted earnings per share

Yen

Yen

FY2023122.52―

FY2022

157.26―（２） Nonconsolidated Financial Position
Total assets
FY2023
FY2022（Reference） Owner's equity

Net assets

Capital adequacy ratio

Net assets per share

Million yen

Million yen％

Yen382,906

139,56336.4

3,237.08

133,04943.7

3,042.88

304,522
FY2023 139,563 million yen

FY2022 133,049 million yen

２．Forecast of Nonconsolidated Operating Results for FY2024 (April 1, 2024 - March 31, 2025)（Percentage figures are changes from the same period in the previous fiscal year）

Net sales of completed
construction contracts
FY2024

Ordinary profit

Basic earnings per share

ProfitMillion yen％

Million yen％

Million yen％

Yen

345,000

5.2

11,000

39.9

7,600

43.1

176.28※ "Kessan Tanshin" is not subject to an audit by a certified public accountant or an audit corporation.
※ Explanation regarding the appropriate use of forecasts of operating results, and other specific comments
1. The financial forecast of operating results in this document are based on information available at present and logical assessments. Actual
results may be materially different from expectations due to a variety of factors.Refer to "1. Overview of Operating Results, etc.
; (4) Outlook for the fiscal year ending March 31, 2025" on page 5 of the Attachments for matters related to earnings forecasts.
2. The Company is to hold the presentation on financial results for analysts and institutional investors. The materials related to financial
results which will be used on the presentation will be posted on the Company's website as soon as possible after the presentation.

Contents

１．Overview of Operating Results, etc. ･･･････････････････････････････････････････････････････････････････････

2（１） Overview of operating results for the fiscal year ended March 31, 2024 ････････････････････････････････････

2（２） Overview of financial position for the fiscal year ended March 31, 2024 ･････････････････････････････････････ 4（３） Overview of cash flows for the fiscal year ended March 31, 2024 ･･････････････････････････････････････････

4（４） Outlook for the fiscal year ending March 31, 2025 ････････････････････････････････････････････････････････

5

２．Basic Policy for Selecting Accounting Standards ･･･････････････････････････････････････････････････････････ 8
３．Consolidated Financial Statements ････････････････････････････････････････････････････････････････････････ 9（１） Consolidated balance sheet ･････････････････････････････････････････････････････････････････････････････

9（２） Consolidated statement of income and Consolidated statement of comprehensive income ･･･････････････････ 11（３） Consolidated statements of changes in equity ････････････････････････････････････････････････････････････ 13（４） Consolidated statements of cash flows ･･･････････････････････････････････････････････････････････････････ 15（５） Notes on the consolidated financial statements ･･･････････････････････････････････････････････････････････ 16（Notes related to the going concern assumption） ･････････････････････････････････････････････････････････ 16（Consolidated statement of changes in equity） ････････････････････････････････････････････････････････････ 16（Additional information） ･････････････････････････････････････････････････････････････････････････････････ 18（Segment Information） ･･････････････････････････････････････････････････････････････････････････････････ 19（Per share information） ･････････････････････････････････････････････････････････････････････････････････ 21（Significant subsequent events） ･････････････････････････････････････････････････････････････････････････ 21
４．Nonconsolidated Financial Statements ････････････････････････････････････････････････････････････････････ 22（１） Nonconsolidated balance sheet ･･････････････････････････････････････････････････････････････････････････ 22（２） Nonconsolidated statement of income ･･･････････････････････････････････････････････････････････････････ 24（３） Nonconsolidated statements of changes in equity ･････････････････････････････････････････････････････････ 25
５．Supplementary Information ･･･････････････････････････････････････････････････････････････････････････････ 27（１） Orders received, net sales and carried-forward （Nonconsolidated ） ････････････････････････････････････････ 27（２） Financial Highlights ･････････････････････････････････････････････････････････････････････････････････････ 28

11. Overview of Operating Results, etc.
(1) Overview of operating results for the fiscal year ended March 31, 2024
During the fiscal year ended March 31, 2024, the Japanese economy recovered gradually, with signs of recoveries
in investment in plant and equipment and consumer spending amid progress in normalization of economic activities
and improvements in the employment and income environments, among other factors, although uncertainties
remained due to global moves toward monetary tightening.
In the construction industry, housing construction investment slackened under the impact of rising construction
costs, and private sector construction investment also showed slow growth. Even so, the order environment was
firm overall due to the continued robustness of public investment on the back of the execution of related budgets.
In terms of profitability, however, difficult conditions remained, mainly due to higher material prices and laborcosts.
Under such operating conditions, the Kumagai Gumi Group continued to strive for sustainable growth by working
together as a team on The Kumagai Gumi Group Medium-Term Management Plan (FY2021-FY2023) - Proactive
Measures for Sustainable Growth-, which was formulated in May 2021 and sets (i) deepen the construction
business, (ii) accelerate the construction-related peripheral businesses, (iii) develop new business domains, and(iv) strengthen the management foundation as basic policies. In November 2021, the Group set a policy of a sharebuyback of around 10.0 billion yen in total in the period of the Medium-Term Management Plan (FY2021- FY2023)
to enhance shareholder returns and improve capital efficiency. Based on this policy, the Group acquired treasury
stock of approx. 2.0 billion yen in the current fiscal year, the final year of the plan. Following the share buyback,the total payout ratio in the fiscal year under review will be 91.6％.
The Group’s consolidated financial results for the fiscal year under review were as follows:- Net sales (completed contracts)
Net sales increased 39.6 billion yen (9.8%) year on year, to 443.1 billion yen due to the steady execution of theorder backlog.
- Gross profit (gross profit on completed contracts)
Gross profit increased 2.8 billion yen (8.6％) year on year, to 36.0 billion yen, reflecting increased net sales andan improved gross profit margin (gross profit margin on completed contracts).
- Operating profit
Operating profit increased 1.1 billion yen (10.2%) year on year, to 12.6 billion yen, reflecting an increase in grossprofit.
- Ordinary profit
Ordinary profit increased 0.8 billion yen (6.6%) year on year, to 13.0 billion yen, mainly reflecting an increase inoperating profit.
- Profit attributable to owners of parent
Profit attributable to owners of parent was 8.3 billion yen, up 0.3 billion yen (4.3%) because of income taxes of
4.2 billion yen and other adjustments.
Results by segment (before the elimination of intersegment transactions) are as follows.
(Civil engineering)
Net sales increased 11.3% year on year, to 100.1 billion yen, and operating profit increased 150.5％ year on
year, to 4.4 billion yen.
For orders received, please refer to (1) Orders received, net sales and carried-forward (Nonconsolidated) in 5.
Supplementary Information.

2

(Building construction)
Net sales increased 8.8% year on year, to 227.7 billion yen, and operating profit fell 66.0％ year on year, to 2.1
billion yen.
For orders received, please refer to (1) Orders received, net sales and carried-forward (Nonconsolidated) in 5.
Supplementary Information.
(Subsidiaries)
Net sales increased 9.5% year on year, to 125.2 billion yen, and operating profit increased 76.3％ year on year, to
5.9 billion yen.
Major contracts for which orders were received and completed contracts in the fiscal year under review are as
follows.
- Major contracts for which orders were received
Civil engineering
Nimaida wind power G.K.
Nimaida wind power plant construction work
West Nippon Expressway Company Limited
Improvement work on interchange between Yaginaka Interchange and Chiyokawa interchange on Kyoto Jukan
Expressway
West Nippon Expressway Company Limited
Seismic strengthening of Izumitanigawa Bridge and four other bridges on Tokushima Expressway
Republic of Indonesia
Jakarta Sewerage Development Project (Zone 1), Package 3
Building construction
Tokyu Land Corporation, Keikyu Corporation, The Dai-ichi Life Insurance Company, Limited
Kitanaka-dori North District B-1 block new construction project (tentative name)
Mitsui Fudosan Co., Ltd.
Anjo City Daito Town commercial facility new construction project (tentative name)
Sanda Ekimae C Block Chiku Shigaichi Saikaihatsu Kumiai
New construction of facilities and buildings in the Sanda Ekimae C Block District Type-1 Urban
Redevelopment Project
DOKKYO GAKUEN
Construction of Dokkyo Medical University General Education and Research Building (tentative name)Note: Orders for all of the above were received by the Company.

- Major completed contracts
Civil engineering
Ministry of the Environment
FY2017 project for construction work of soil storage facilities, etc. for temporary storage facilities (Okuma
Zone 3)Kita-Osaka Kyuko Railway Co.,Ltd.
Civil engineering work for Kita-Osaka Kyuko Line extension projectJapan Railway Construction, Transport and Technology Agency
Shin-Hokuriku Tunnel (Ogiri) on Hokuriku Shinkansen
Ministry of Land, Infrastructure, Transport and Tourism
FY2018 - FY2020 Kusaka River new spillway (spout side) construction

3Building construction
Mitsui Fudosan Residential Co., Ltd., Nomura Real Estate Development Co., Ltd., Mitsubishi Estate ResidenceCo., Ltd., ITOCHU Property Development, Ltd., Toho Jisho Co., Ltd., Fujimi-Jisyo Co., Ltd., Sodegaura Kogyo
Co., Ltd.
Makuhari Shin Toshin Wakaba residential district plan (B-3 block) (tentative name)NIPPON STEEL KOWA REAL ESTATE CO., LTD., Mitsubishi Estate Residence Co., Ltd.
Project to develop District A in front of Hazawa yokohama-kokudai Station (tentative name)Tokyo Joshi Gakuen, an educational corporation
Tokyo Joshi Gakuen Junior High and High School Building replacement project (tentative name)
Nomura Real Estate Development Co., Ltd., Hoosiers Corporation, JR West Real Estate & Development
Company
Kanazawa City Kitayasue 3-chome project (tentative name)Note: All of the above were completed by the Company.

(2) Overview of financial position for the fiscal year ended March 31, 2024
Total assets increased 90.5 billion yen (24.0%) from the end of the previous fiscal year, to 467.2 billion yen.
Current assets increased 71.1 billion yen (23.9%) from the end of the previous fiscal year, to 369.4 billion yen.
Cash and deposits increased 29.0 billion yen mainly due to the issuance of commercial papers in addition to anincrease in notes receivable, accounts receivable from completed construction contracts and other associatedwith large construction projects on hand.
Non-current assets increased 19.3 billion yen (24.7%) from the end of the previous fiscal year, to 97.7 billion yen.
Investment securities increased 14.4 billion yen, chiefly because of rises in the market prices of shares held by
the Group and investment in the real estate development business in the United States.
Liabilities increased 80.4 billion yen (38.9%) from the end of the previous fiscal year, to 287.2 billion yen.
Current liabilities increased 72.5 billion yen (42.4%) from the end of the previous fiscal year, to 243.4 billion yen.
Trade payables including notes payable, accounts payable for construction contracts and other increased 17.1
billion yen and commercial papers increased 14.9 billion yen.
Non-current liabilities increased 7.8 billion yen (22.0%) from the end of the previous fiscal year, to 43.7 billion yen.
Long-term borrowings increased 8.1 billion yen.
Net assets increased 10.1 billion yen (6.0%) from the end of the previous fiscal year, to 180.0 billion yen. Valuationdifference on available-for-sale securities increased 8.9 billion yen. In addition, retained earnings increased 2.6
billion yen, despite a decrease of 5.6 billion yen attributable to dividends of surplus, which was more than offset
by posting of 8.3 billion yen in profit attributable to owners of parent. The capital adequacy ratio was 38.5%,
declining 6.6 pt from the end of the previous fiscal year.
(3) Overview of cash flows for the fiscal year ended March 31, 2024
Net cash provided by operating activities was 16.9 billion yen (net cash used of 18.8 billion yen in the previous
fiscal year), mainly reflecting the posting of 12.5 billion yen in profit before income taxes and an increase in trade
payables.
Net cash used in investing activities was 10.7 billion yen (8.4 billion yen in the previous fiscal year) due in part toan increase in loans receivable from subsidiaries and associates and investment in plant and equipment.
Net cash provided by financing activities was 22.3 billion yen (0.4 billion yen in the previous fiscal year), chiefly
reflecting issuance of commercial papers and increases in borrowings, including syndicated loans, partially offset
by dividends paid and purchase of treasury shares.
Cash and cash equivalents at end of period increased 29.0 billion yen from the end of the previous fiscal year,
to 70.0 billion yen, including an increase attributable to foreign currency translation.

4

(Reference) Cash flow-related indicators
FY202145.6%
33.0%

FY202245.1%
30.8%

FY2023
38.5%
38.4%

Capital adequacy ratio
Capital adequacy ratio based on market
valueInterest-bearing debt to cash flow ratio
1.5 years－
3.1 years
Interest coverage ratio
46.0 times－
44.6 times
Capital adequacy ratio: Owner’s equity / Total assets
Capital adequacy ratio based on market value: Market capitalization / Total assets
Interest-bearing debt to cash flow ratio: Interest-bearing debt / Operating cash flow
Interest coverage ratio: Operating cash flow / Interest expenses(Notes) 1. Each indicator is calculated based on consolidated financial data.
2. Market capitalization is the closing stock price at the end of the fiscal year multiplied by the numberof shares issued at the end of the period (own shares are not included).
3. Data on operating cash flow are from the consolidated statement of cash flows. Data on interest
expenses are from the consolidated statement of cash flows.
(4) Outlook for the fiscal year ending March 31, 2025
Going forward, the Japanese economy is expected to continue recovering modestly due to the effect of a rangeof government policies amid ongoing improvements in the employment and income environment. However, adownturn in overseas economies, including the impact of global monetary tightening and the concern over China's
economic outlook, exist as risks. Moreover, full attention needs to be paid to the impact on the economy ofgeopolitical problems, such as the Middle East situation.
In the construction industry, building investment by private-sector enterprises is expected to remain firm, partly
due to improvement of corporate earnings. Moreover, given that a budget on par with the year-ago level was
secured for fiscal 2024, public investment is likely to remain solid, reflecting systematic investment for theprevention and reduction of disasters, as well as the building of national resilience, amid growing concern overthe sustainability of foundations that support people's living and industrial development, given phenomena suchas intensifying and increasingly frequent natural disasters and decaying social infrastructure. Meanwhile, attention
should be paid to trends in risk factors, for example, high crude oil prices and rising construction material prices,that may cause a deterioration of profitability and a contraction of demand.
In this business environment, the Group formulated the Medium-Term Management Plan (FY2024-FY2026) whose
first fiscal year is FY2024. The new plan follows the long-term vision set out in the previous Medium-Term
Management Plan (FY2021-FY2023) and presents the Group's efforts to realize a society in which limited
resources are recycled and people, society, and nature continue to prosper. The Group has set consolidated
ordinary profit of 50.0 billion yen for FY2030, which was set as its future goal, once again as a goal to achieve by
FY2035 under the long-term vision. In addition, the Group set "A New Path toward Sustainable Growth" as theslogan for the plan and set consolidated ordinary profit of 30.0 billion yen as its numerical target for the periodof the plan, under the basic policies of (1) strengthening the construction business, (2) accelerating peripheralbusiness, and (3) enhancing the management base.

5The Kumagai Gumi Group Mid-term Management Plan（FY2024-2026）-A New Path toward Sustainable Growth（overview）■Business Strategy
Basic Policy-1 Strengthening construction business
Reinforce our core construction business and increase profitability.
Basic Policy-2 Accelerating peripheral businesses
Accelerate construction peripheral businesses positioned as growth areas and create solid sources of earnings.
Basic Policy-3 Enhancing management base
Further strengthen the foundation that supports management and increase business development efficiency.
■Financial Targets
Consolidated Sales
Consolidated Income
ROE
Equity Ratio
Dividend Payout Ratio：500 billion yen(FY2026 ending in March-27)：30 billion yen (FY2026 ending in March-27)：10％ or more (FY2026 ending in March-27)：Approx. 45% Striving to balance financial soundness and capital efficiency：Approx. 40% Our basic policy is to return profits in a reasonable and stable manner■Alliance with Sumitomo Forestry -Future Policy・In the medium- to large-scale wooden construction business, Kumagai Gumi aims to further increase orders byleveraging the knowledge and project proposal capabilities it has accumulated through its collaboration with
Sumitomo Forestry, as well as Sumitomo Forestry's brand power in wooden construction.
・We also aim to expand our business domain both by continuing to invest in overseas real estate development,
which is one of Sumitomo Forestry's fortes, and by considering participation in environmentally friendly realestate businesses in Japan.
■Reinforcement of the Management Base
Research and Technology ・Deepen construction technology and develop human resources to realize a
Development
prosperous society.
・Promote digital and robotic technologies geared toward advancing construction
capabilities.
・Develop environmentally friendly technologies that can help create a sustainable
society.
Human Resources
We will expand investment in human resources, which is the source ofsustainable growth and the core of our business activities, in order to maximize
the value of our human resources in terms of both quantity and quality, and tobuild a human capital base that contributes to the enhancement of our corporate
value.
Digital Transformation
Aim to improve operational efficiency, improve productivity, solve social issues,
Strategy
and create new value by developing digital experts, making business more datadriven, reinforcing digital infrastructure, updating new core systems, and utilizing
AI technology.

6

■ESG Initiative Policy
Key Issues
Ｅ

Response to Climate Change
Risks
Promote Environmentally Friendly
BusinessＳ

Creating the well-being workplace
For all employees

Achievement of Sustainable
Communities

Ｇ

Enhancing of Corporate
Governance

Proactive Relationships with
Multi-stakeholders

Specific Issues
Accomplishment of carbon neutrality.
Further increase renewable energy business.
Accomplishment of zero emissions.
Boost wooden construction business.
Development of environmentally friendly technologies.
Accomplishment of Nature Positive.
Human capital management.
Handing down skills and technologies Promotion of DX.
Achieve work-life balance.
Promotion of diversity and inclusion.
Securing skilled workers in the construction industry.
Create an environment of wellness.
Occupational Health & Safety
Ensure quality and integrity in manufacturing Attractive
communities development.
Development of resilient social infrastructure.
Initiatives to solve social issues.
Initiatives for emergencies such as natural disasters.
Strengthening compliance.
Strengthening risk management.
Improvements of the effectiveness of the board of directors.
Respect for human rights.
Strengthening customer satisfaction.
Strengthening supply chain management.
Strengthening information disclosure.
Active dialogue with investors

It was revealed that the joint venture led by Kumagai Gumi that is involved in the construction of the Yotei Tunnel(Arishima), etc. on the Hokkaido Shinkansen line made false reports about the frequency of concrete quality
control tests in April 2023. We offer sincere apologies again to those involved, particularly the customer, for thegreat deal of trouble caused. After this issue was revealed, the Company launched a Task Force Committee
chaired by the President and investigated the cause, studied measures to prevent a recurrence, and investigated
the soundness of the subject concrete and the presence or absence of similar misconduct in other construction
projects, under the supervision, guidance and recommendations of the Legal Compliance Audit Committee, anorganization independent from management. As a result of these investigations, it was confirmed that there wasno problem in the soundness of concrete used for construction during the period covered by the false reports
and there was no problem in other construction projects. As a result of interviews made to clarify the cause, theCompany has confirmed that the issue was mainly attributable to the lack of compliance awareness, lack ofunderstanding of QC fundamentals, lack of willingness to provide reports, touch bases and seek advice amongpeople operating in facilities, lack of management capability and deficiencies in the QC system. Based on resultsof the analysis and scrutiny of these causes, the Company has set and is implementing measures to prevent
recurrence; that is, thorough implementation of education sessions for officers and employees, enhancement ofquality control systems, and understanding issues that occur in facilities.
Going back to the basics of manufacturing, the Company strengthened its recognition that reliable quality is thecore of trust. With this in mind, we will continue our efforts to prevent recurrence with an unwavering
determination to recover trust.

7

2. Basic Policy for Selecting Accounting Standards
The Group uses Japanese accounting standards because there is limited need for the Group to procure funds
from overseas.

8

３．Consolidated Financial Statements（１） Consolidated balance sheet(millions of yen）
FY2022

FY2023（As of March 31, 2023）（As of March 31, 2024）

AssetsCurrent assets
Cash and deposits

40,97770,073

Notes receivable, accounts receivable from completed
construction contracts and other

225,453

266,541

Costs on construction contracts in progress

10,4378,460

Accounts receivable - other

19,16922,117

Other

2,295

2,331

(56)

(64)

298,276

369,460

Buildings and structures

23,53024,271

Machinery, vehicles, tools, furniture and fixtures

19,124

19,471Land

17,053

17,897

Leased assets

936

811

Construction in progress

93

42

Accumulated depreciation(31,429)(32,691)

Total property, plant and equipment

29,30929,803

Intangible assets

1,478

1,592

34,131

48,586Long-term loans receivable

296

6,860

Long-term non-operating accounts receivable

101

101

Distressed receivables

25

30

Deferred tax assets

6,914

3,547

Other

6,277

7,447

Allowance for doubtful accounts

(160)

(196)

Total investments and other assets

47,586

66,376

Total non-current assets

78,374

97,771

Total assets

376,650

467,232

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Investments and other assets
Investment securities

9(millions of yen）
FY2022

FY2023（As of March 31, 2023）（As of March 31, 2024）

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
and other

83,341

100,457

Electronically recorded obligations - operating

27,107

29,158

Short-term borrowings

3,893

10,906

Commercial papers－

14,999

Income taxes payable

766

3,439

Advances received on construction contracts in progress

12,78923,130

Deposits received

26,04336,669Provision for warranties for completed construction

550

522

Provision for loss on construction contracts

994

3,820

4

－

Provision for bonuses

4,057

4,097

Other

11,372

16,260Total current liabilities

170,922

243,460

18,303

26,474

Provision for share awards

250

292

Retirement benefit liability

16,711

16,433601

556

Total non-current liabilities

35,86743,757

Total liabilities

206,789

287,218

Share capital

30,10830,108

Capital surplus

17,133

15,170Retained earnings

117,498

120,115

Treasury shares

(626)

(657)

164,113

164,737

4,512

13,437－3

Foreign currency translation adjustment

1,372

1,887

Remeasurements of defined benefit plans

(137)

(50)

Total accumulated other comprehensive income

5,747

15,276

Total net assets

169,860

180,014

Total liabilities and net assets

376,650

467,232

Provision for contingent loss

Non-current liabilities
Long-term borrowings

Other

Net assets
Shareholders' equity

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

10（２） Consolidated statement of income and Consolidated statement of comprehensive income
Consolidated statement of income(millions of yen）

Net sales of completed construction contracts
Cost of sales of completed construction contracts

FY2022

FY2023（Apr 1, 2022－Mar 31, 2023）
403,502（Apr 1, 2023－Mar 31, 2024）
443,193370,291

407,112Gross profit on completed construction contracts

33,211

36,080

Selling, general and administrative expenses

21,72823,430Operating profit

11,483

12,649Interest income

36

122

Dividend income

816

817

Non-operating income

Share of profit of entities accounted for using equity method

146

168

Foreign exchange gains

156

108

Other

194

159

Total non-operating income

1,349

1,376

Non-operating expenses
Interest expenses

208

379

Loss on sale of receivables

18

41

Commission for syndicated loans

213

273

Loss on investments in investment partnerships

94

122

Other

61

168

Total non-operating expenses

596

985

12,236

13,040Ordinary profit
Extraordinary income
Gain on sales of non-current assets

69Gain on sales of memberships

770Compensation for damage income

81

67

Other
Total extraordinary income

1

0

167

77

42

17

Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of shares of subsidiaries and associates－

46

Provision of allowance for doubtful accounts－

30

Compensation for damage

86

307

Loss on litigation

19

0

Expenses related to the anniversary project of subsidiary－77

Infectious disease related costs

42－

Additional taxes

155

－

Other

25

43

Total extraordinary losses

372

521

Profit before income taxes

12,03012,595

Income taxes - current

3,718

4,888

Income taxes - deferred

339

(608)

Total income taxes

4,057

4,279

Profit

7,973

8,316

Profit attributable to owners of parent

7,973

8,316

11

Consolidated statement of comprehensive income(millions of yen）
FY2022

FY2023（Apr 1, 2022－Mar 31, 2023）（Apr 1, 2023－Mar 31, 2024）

7,973

8,316

1,752

8,920

－

3

Foreign currency translation adjustment

290

514

Remeasurements of defined benefit plans, net of tax

(9)

87

Share of other comprehensive income of entities accounted for using
equity method

1

3

Total other comprehensive income

2,034

9,529

Comprehensive income

10,007

17,845

10,007

17,845－－

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

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests12（３） Consolidated statements of changes in equity
FY2022 （Apr 1, 2022－Mar 31, 2023）(millions of yen）
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

30,108Retained earnings

21,145

Total
shareholders'equityTreasury shares

114,967(631)

165,589

Changes during period
Dividends of surplus(5,442)(5,442)

Profit attributable to ownersof parent

7,973

7,973

Purchase of treasury shares(4,014)(4,014)(0)

7

7(4,012)

4,012－

Disposal of treasury shares
Cancellation of treasury shares
Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period－(4,012)2,531

5(1,476)30,10817,133

117,498(626)

164,113

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

Foreign currencytranslation
adjustment

2,758

1,081

Total
accumulated othercomprehensive
incomeRemeasurementsof defined
benefit plans
(127)

3,712

Total
net assets

169,302

Changes during period
Dividends of surplus(5,442)

Profit attributable to ownersof parent

7,973

Purchase of treasury shares(4,014)

Disposal of treasury shares

7

Cancellation of treasury shares－

Net changes in items otherthan shareholders' equity

1,754

290

(9)

2,034

2,034

Total changes during period

1,754

290

(9)

2,034

558

Balance at end of period

4,512

1,372

(137)

5,747

169,860

13

FY2023 （Apr 1, 2023－Mar 31, 2024）(millions of yen）
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

30,108Retained earnings

17,133

Total
shareholders'equityTreasury shares

117,498(626)

164,113

Changes during period
Dividends of surplus(5,698)(5,698)

Profit attributable to ownersof parent

8,316

8,316
(2,027)(2,027)0

33

34(1,962)

1,962－

Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares
Net changes in items otherthan shareholders' equity－(1,962)

2,617

(30)

624

30,10815,170120,115(657)

164,737

Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Deferred gains orlosses on hedges

Foreign currencytranslation
adjustment

4,512

－

1,372

Total
Remeasurements
accumulated otherof definedcomprehensive
benefit plansincome
(137)

5,747

Total
net assets

169,860

Changes during period
Dividends of surplus(5,698)

Profit attributable to ownersof parent

8,316

Purchase of treasury shares(2,027)

Disposal of treasury shares

34

Cancellation of treasury shares－

Net changes in items otherthan shareholders' equity

8,924

3

514

87

9,529

9,529

Total changes during period

8,924

3

514

87

9,529

10,153

Balance at end of period

13,437

3

1,887

(50)

15,276

180,01414

（４） Consolidated statements of cash flows(millions of yen）
FY2022

FY2023（Apr 1, 2022－Mar 31, 2023）（Apr 1, 2023－Mar 31, 2024）

Profit before income taxes

12,03012,595

Depreciation

1,898

2,062

Cash flows from operating activities

Increase (decrease) in allowance for doubtful accounts

237

Increase (decrease) in provision for loss on construction contracts

144

2,825

Increase (decrease) in provision for contingent loss

(37)

(4)

Increase (decrease) in retirement benefit liability

81

(151)

(852)

(939)

Interest expenses

208

379

Foreign exchange losses (gains)

(128)

(39)

Share of loss (profit) of entities accounted forusing equity method

(146)

(168)

94

122

Interest and dividend income

Loss (gain) on investments in investment partnerships
Loss (gain) on sale of non-current assets

(6)

(9)

Loss on retirement of non-current assets

42

17

Decrease (increase) in trade receivables(20,421)(40,470)

Decrease (increase) in costs on construction contracts in progress

(206)

2,015

(2,092)

17,403(151)

10,258(1,407)(3,729)

Increase (decrease) in deposits received(358)

10,625

Other, net

(294)

5,196

Subtotal(11,602)

18,027859

915

Increase (decrease) in trade payables
Increase (decrease) in advances received on construction contracts
in progress
Decrease (increase) in accounts receivable - other

Interest and dividends received
Interest paid

(211)

(380)

Income taxes paid

(7,871)(1,590)Net cash provided by (used in) operating activities(18,826)

16,971(4,343)(2,239)Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment

199

9

Purchase of investment securities

(358)

(26)

Purchase of shares of subsidiaries and associates

(50)

(65)

(3,235)(1,508)(103)(6,607)Purchase of Investments in other securities of subsidiaries andassociates
Loan advances
Proceeds from collection of loans receivable

88

62

Other, net

(655)

(403)

Net cash provided by (used in) investing activities(8,458)(10,778)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings

300

2,120

Proceeds from long-term borrowings

10,15013,971

Repayments of long-term borrowings

(405)

(908)

Proceeds from issuance of commercial papers－

44,985

Redemption of commercial papers－(30,000)

Purchase of treasury shares(4,012)(2,025)

Dividends paid

(5,430)(5,697)

(144)

(125)

Net cash provided by (used in) financing activities

456

22,319Effect of exchange rate change on cash and cash equivalents

399

586

Other, net

Net increase (decrease) in cash and cash equivalents(26,429)

29,099Cash and cash equivalents at beginning of period

67,40440,97440,97470,073

Cash and cash equivalents at end of period15(5) Notes on the consolidated financial statements(Notes related to the going concern assumption)
Not applicable(Consolidated statement of changes in equity)
FY2022 (Apr 1, 2022-Mar 31, 2023)
1. Matters concerning the class and the number of shares issued and own shares(1) Matters related to the class and number of shares outstanding(thousands of shares)
Number of shares
Increase in shares Decrease in shares Number of sharesat the beginning ofat the end of thein the consolidated in the consolidated
the consolidated
Class of sharesconsolidated fiscal
fiscal year underfiscal year underfiscal year underyear under review
review
review
review
Common shares

45,411‒

1,511

43,900(Note) The decrease in outstanding common shares is a decrease of 1,511 thousand shares that resulted fromcancellation of own shares.
(2) Matters related to the class and number of own shares
Number of shares
Increase in sharesat the beginning ofin the consolidated
the consolidated
Class of sharesfiscal year underfiscal year underreview
review
277

Common shares(thousands of shares)
Decrease in sharesin the consolidated
fiscal year underreview

Number of sharesat the end of theconsolidated fiscal
year under review

1,513

280

1,516

(Notes) 1. The number of common shares at the beginning of the consolidated fiscal year under review and thatat the end of the consolidated fiscal year under review respectively include 115 thousand shares and
112 thousand shares of the Company’s shares held by the stock granting trust for officers.
2. The increase in common shares comprises 1,511 thousand shares reflecting the acquisition of own
shares based on a resolution of the Board of Directors, 4 thousand shares acquired by the Company
in response to request that it purchase odd-lot shares, 700 shares of the own shares (the Company’s
shares) acquired by equity-method affiliates which are attributable to the Company.
3. The decrease in common shares is a decrease of 1,511 thousand shares that resulted fromcancellation of own shares, 200 shares sold by the Company in response to claims to purchaseadditional odd-lot shares, and 1 thousand issued shares and 700 sold shares of the Company’s
shares held by the stock granting trust for officers.
2. Matters concerning dividends(1) Dividends paid
(Resolution)

Class ofsharesAnnual shareholders’meeting on June 29, 2022

CommonsharesTotal amount of
Dividends per
dividends (millions
share (yen)of yen)5,442

Record date

Effective date

120 March 31, 2022

June 30, 2022

(Note) The total amount of dividends includes the dividend of 13 million yen for the shares of the Company heldby the stock granting trust for officers.

16

(2) Dividends with a record date in the fiscal year under review but an effective date in the following fiscal year.
Dividends
Total amount of
Source ofClass ofper share
Record date
Effective datedividends (millions(Resolution)
dividends
shares(yen)of yen)Annual shareholders’meeting on June 29, 2023

Commonshares5,698

Retainedearnings

130 March 31, 2023 June 30, 2023

(Note) The total amount of dividends includes the dividend of 14 million yen for the shares of the Company heldby the stock granting trust for officers.
FY2023 (Apr 1, 2023-Mar 31, 2024)
1. Matters concerning the class and the number of shares issued and own shares(1) Matters related to the class and number of shares outstanding(thousands of shares)
Number of shares at
Number of shares at
Increase in shares in Decrease in shares inthe end of thethe beginning of thethe consolidated fiscal the consolidated fiscal
Class of sharesconsolidated fiscal
consolidated fiscal
year under review
year under review
year under review
year under review
Common shares

43,900‒614

43,285(Note) The decrease in outstanding common shares is a decrease of 614 thousand shares that resulted fromcancellation of own shares.
(2) Matters related to the class and number of own shares(thousands of shares)
Number of shares at
Number of shares at
Increase in shares in Decrease in shares inthe end of thethe beginning of thethe consolidated fiscal the consolidated fiscal
Class of sharesconsolidated fiscal
consolidated fiscal
year under review
year under review
year under review
year under review
Common shares

280

622

626

276

(Notes) 1. The number of common shares at the beginning of the consolidated fiscal year under review and thatat the end of the consolidated fiscal year under review respectively include 112 thousand shares and
101 thousand shares of the Company’s shares held by the stock granting trust for officers.
2. The increase in common shares comprises 614 thousand shares reflecting the acquisition of own
shares based on a resolution of the Board of Directors, 7 thousand shares acquired by the Company
in response to request that it purchase odd-lot shares, 500 shares of the own shares (the Company’s
shares) acquired by equity-method affiliates which are attributable to the Company.
3. The decrease in common shares is a decrease of 614 thousand shares that resulted from cancellationof own shares, 300 shares sold by the Company in response to claims to purchase additional oddlot shares, and 7 thousand issued shares and 3 thousand sold shares of the Company’s shares heldby the stock granting trust for officers.

172. Matters concerning dividends(1) Dividends paid
(Resolution)

Class ofsharesTotal amount of
Source ofdividends (millions
dividendsof yen)Annual shareholders’meeting on June 29, 2023

Commonshares5,698

Retainedearnings

Dividends
per share(yen)

Record date

Effective date

130 March 31, 2023 June 30, 2023

(Note) The total amount of dividends includes the dividend of 14 million yen for the shares of the Company heldby the stock granting trust for officers.
(2) Dividends with a record date in the fiscal year under review but an effective date in the following fiscal year.
Dividends
Total amount of
Source ofClass ofper share
Record date
Effective datedividends (millions(Resolution)
dividends
shares(yen)of yen)Annual shareholders’meeting on June 27, 2024

Commonshares5,618

Retainedearnings

130 March 31, 2024 June 27, 2024

(Note) The total amount of dividends includes the dividend of 13 million yen for the shares of the Company heldby the stock granting trust for officers.
(Additional information)(Stock compensation plan using a trust for directors and executive officers)
The Company has introduced a stock compensation plan using a trust (the “Plan”) to make a clearer link
between the compensation for its directors (excluding outside directors; the same applies hereinafter) and theshare value of the Company, to raise the awareness of directors of their contribution to improving theCompany’s medium- to long-term business performance and corporate value. The Company has also
introduced the same stock compensation plan for its executive officers.
1. Transaction overview
The Plan is a stock compensation plan where a trust (the “Trust”) established and paid for by the Company
acquires shares of the Company and delivers shares to each director and executive officer according to thenumber of points that the Company grants to each director and executive officer.
2. The Company’s shares remaining in the Trust
The Company’s shares remaining in the Trust are posted as treasury shares in the net assets section at thebook value in the Trust. As of the end of the consolidated fiscal year under review, the book value of the said
treasury shares was 299 million yen and the number of the said shares was 101,643.

18

(Segment information)(1) Overview of reportable segments
The reportable segments of the Company are units constituting the Company that are to be regularly examinedby the Board of Directors, etc. to determine the allocation of management resources and evaluate the businessresults, as their financial information is available separately from that of others.
The Company has divisions at head office, which are divided according to the type of construction project, andeach division conducts business activities in Japan and other countries under comprehensive strategies. In
addition, the Company gives directions and support for planning of comprehensive strategies by Group
companies. The Company’s business is thus divided into segments based on divisions and consolidated
subsidiaries, and the Company has three reportable segments of civil engineering, building construction, andsubsidiaries.
In the civil engineering segment, the Company engages in investigations, planning, design, construction,
supervision, and other general engineering management, etc. of civil engineering work, including forest
conservation, flood control, and work on railways and roads. In the building construction segment, the Company
engages in investigations, planning, design, construction, supervision, and other general engineering management,
etc. of construction work, including the construction of housing complexes, offices, government buildings,
factories, and power plants. Businesses in the segment of subsidiaries include construction, manufacturing andsales of construction materials and equipment, and the provision of construction technology products.
(2) Methods for calculating net sales, profit or loss, assets, liabilities, and other items in each reportable segment
The accounting method for reported business segments is generally the same as the details stated in the“Important basic matters for the preparation of consolidated financial statements” in the recent annual
securities report (submitted on June 29, 2023).
The profit figures stated in the reportable segments are based on operating profit. The intersegment revenues
and transfers are based on actual market prices or prices used in transactions between third parties. Assets
are not allocated to business segments but depreciation is allocated to them.
(3) Reportable segment sales, profit or loss, assets, liabilities and other information and revenue breakdown
information
FY2022 (Apr 1, 2022-Mar 31, 2023)(millions of yen)Amounts on
Reportable segments
Adjustments consolidated
financial(Note 1)
Civil
Building
Subsidiaries
Total
statements(Note 2)engineering construction(Note 3)
Net sales
Revenue fromcontracts withcustomers

89,936

209,160

102,733

401,831‒401,831

Other revenue

‒

216

1,455

1,671

‒

1,671

Sales to customers

89,936

209,376

104,189

403,502‒403,502

Intersegment sales
and transfers‒

4

10,152

10,157(10,157)‒

Total

89,936

209,381

114,342

413,660(10,157)

403,502

Segment profit

1,795

6,249

3,401

11,44736

11,483

270

628

934

1,834

(4)

1,830

OthersDepreciation

19

(Notes) 1. The segment profit adjustment is for the elimination of intersegment transactions.
2. The depreciation adjustment is for the write-off of unrealized gains.
3. Segment profit is adjusted with operating profit recorded under the consolidated financial statements.
4. Other revenue is a rental income based on the Accounting Standard for Lease Transactions (ASBJ
statement No. 13 issued on March 30, 2007).
FY2023 (Apr 1, 2023-Mar 31, 2024)
Reportable segments(millions of yen)Amounts on
Adjustments consolidated
financial(Note 1)statements(Note 2)
(Note 3)Civil
engineering

Building
construction

Subsidiaries

Total

Revenue fromcontracts withcustomers

100,128

227,481

113,904

441,514‒441,514

Other revenue

‒

315

1,362

1,678

‒

1,678

Sales to customers

100,128

227,797

115,267

443,193‒443,193

Intersegment sales
and transfers

‒

1

9,940

9,942

(9,942)‒

Total

100,128

227,799

125,207453,135(9,942)

443,193

Segment profit

4,498

2,123

5,998

12,62029

12,649

366

786

862

2,015

(4)

2,011

Net sales

OthersDepreciation(Notes) 1. The segment profit adjustment is for the elimination of intersegment transactions.
2. The depreciation adjustment is for the write-off of unrealized gains.
3. Segment profit is adjusted with operating profit recorded under the consolidated financial statements.
4. Other revenue is a rental income based on the Accounting Standard for Lease Transactions (ASBJ
statement No. 13 issued on March 30, 2007).

20

(Per share information)
FY2022(Apr 1, 2022-Mar 31, 2023)
Net assets per share

FY2023(Apr 1, 2023-Mar 31, 2024)
3,894.11 yen Net assets per share

Basic earnings per share

179.64 yen Basic earnings per share

4,185.54 yen
192.36 yen(Notes) 1. Diluted earnings per share is not stated because there are no dilutive shares.
2. In the calculation of net assets per share, the shares of the Company that are held by the stock
granting trust for officers are included in the own shares that are deducted from the total number ofshares issued and outstanding at the end of the fiscal year (112 thousand shares for the previous
consolidated fiscal year and 101 thousand shares for the consolidated fiscal year under review). They
are included in the own shares that are deducted in the calculation of the average number of shares
during the fiscal year, which is used in the calculation of basic earnings per share (113 thousand
shares in the previous fiscal year and 102 thousand shares in the fiscal year under review).
3. The basis of calculating basic earnings per share is as follows.
FY2022(Apr 1, 2022-Mar 31, 2023)

FY2023(Apr 1, 2023-Mar 31, 2024)

7,973

8,316

‒

‒

Profit attributable to owners of parent
concerning common shares (millions of yen)

7,973

8,316

Average number of common shares
outstanding during the period (thousand
shares)44,38543,232

Basic earnings per share
Profit attributable to owners of parent(millions of yen)Amount not attributable to commonshareholders (millions of yen)

(Significant subsequent events)
Not applicable21

４． Nonconsolidated Financial Statements（１） Nonconsolidated balance sheet(millions of yen）

AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable from completed construction contracts
Costs on construction contracts in progress
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
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
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Investments in other securities of subsidiaries and associates
Long-term loans receivable from employees
Long-term loans receivable from subsidiaries and associates
Long-term prepaid expenses
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

22

FY2022

FY2023（As of March 31, 2023）（As of March 31, 2024）

18,586662
190,477
9,174
17,9101,423(20)238,215

39,226
1,193
227,565
7,389
21,583
1,352(25)
298,284

13,273(7,810)5,463
1,245(1,044)200
3,146(2,365)
780
54
(47)
6
2,937
(2,554)382
14,096
188
(177)
11
20
20,962
1,378

13,846(8,189)5,657
1,255(1,063)191
3,070(2,587)
483
144
(82)
62
3,015
(2,645)370
14,93958(51)
6
25
21,736
1,409

9,943
24,301
3,140
174
112
72
5,548
673
－
43,966
66,307
304,522

10,85336,289
4,525
154
6,569
62
2,274
747
(1)
61,476
84,622382,906

(millions of yen）

Liabilities
Current liabilities
Notes payable - trade
Electronically recorded obligations - operating
Accounts payable for construction contracts
Short-term borrowings
Commercial papers
Lease liabilities
Income taxes payable
Advances received on construction contracts in progress
Deposits received
Provision for warranties for completed construction
Provision for loss on construction contracts
Provision for bonuses
Deposits received from employees
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Provision for share awards
Provision for retirement benefits
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surpluses
Retained earnings
Legal retained earnings
Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

23

FY2022

FY2023（As of March 31, 2023）（As of March 31, 2024）

1,920
23,17058,488
5,693
－
4
202
10,76324,135
518
964
2,746
3,075
6,883
138,567

1,225
28,20368,061
10,70614,9993
1,826
21,81634,896
465
3,787
2,718
3,089
10,481
202,280

18,3037
250
14,07842
221
32,904
171,472

26,474
4292
13,96664
260
41,062
243,342

30,10830,1087,000
10,133
17,133

7,000
8,170
15,170559

559

81,257
81,817(499)
128,560

80,86881,428(527)
126,179

4,489
－
4,489
133,049
304,522

13,381
3
13,384
139,563
382,906

（２） Nonconsolidated statement of income(millions of yen）

Net sales of completed construction contracts
Cost of sales of completed construction contracts
Gross profit on completed construction contracts
Selling, general and administrative expenses
Remuneration for directors (and other officers)
Employees' salaries and allowances
Retirement benefit expenses
Legal welfare expenses
Welfare expenses
Repair and maintenance expenses
Stationery expenses
Communication and transportation expenses
Power utilities expenses
Research study expenses
Advertising expenses
Provision of allowance for doubtful accounts
Entertainment expenses
Donations
Rent expenses on land and buildings
Depreciation
Taxes and dues
Insurance expenses
Miscellaneous expenses
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission for syndicated loans
Loss on investments in investment partnerships
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of memberships
Compensation for damage income
Other
Total extraordinary income
Extraordinary losses
Compensation for damage
Loss on litigation
Infectious disease related costs
Additional taxes
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit24

FY2022

FY2023（Apr 1, 2022－Mar 31, 2023）
299,317274,760
24,557（Apr 1, 2023－Mar 31, 2024）
327,927
303,289
24,638

320
5,988
252
954
108
111
619
763
100
2,470
525
1
377
70
547
179
820
85
2,214
16,512
8,045

304
6,623
281
1,088
129
45
846
857
89
2,733
589
5
436
67
602
204
806
87
2,217
18,016
6,621

14
2,376
54
149
124
2,719

62
1,941
54
91
85
2,234

228
213
94
72
609
10,154

425
273
122
172
994
7,862

77
－
3
80

－
67
0
67

86
19
30
155
26
318
9,917
2,814
106
2,921
6,996

307
0
－
－
22
330
7,599
2,941
(651)
2,289
5,309

（３） Nonconsolidated statements of changes in equity
FY2022 （Apr 1, 2022－Mar 31, 2023）(millions of yen）
Shareholders' equity

Share
capitalBalance at beginning of period

Capital surplus

Retained earnings

Other
capitalsurplusOtherretainedearnings
Retainedearnings
brought
forwardLegalcapitalsurplus30,108Total
capitalsurplusLegalretainedearnings

16,767

4,378

21,145(9,767)

9,767

－

559

Total
retainedearnings

79,70380,263

Dividends of surplus(5,442)(5,442)

Profit

6,996

6,996

Changes during period
Transfer from legal capitalsurplus to other capital surplus

Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares

(0)

(0)

(4,012)(4,012)

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period－(9,767)

5,754(4,012)

－

1,554

1,554

30,1087,000

10,133

17,133559

81,257

81,817

Valuation and translation
adjustments

Shareholders' equity

Valuation
Total
Total
Total
difference
valuation and net assets
shareholders' on availabletranslation
for-saleequityadjustments
securities

TreasurysharesBalance at beginning of period(506)

131,011

2,738

2,738

133,749

Changes during period
Transfer from legal capitalsurplus to other capital surplus－－

Dividends of surplus(5,442)(5,442)

Profit

6,996

6,996

Purchase of treasury shares(4,012)(4,012)(4,012)

Disposal of treasury shares

7

7

7

4,012

－

－

Cancellation of treasury shares
Net changes in items other thanshareholders' equity

1,750

1,750

1,750

Total changes during period

7(2,451)

1,750

1,750

(700)

Balance at end of period(499)

128,560

4,489

4,489

133,049

25

FY2023 （Apr 1, 2023－Mar 31, 2024）(millions of yen）
Shareholders' equity

Share
capitalBalance at beginning of period

Capital surplus

Retained earnings

Other
capitalsurplusOtherretainedearnings
Retainedearnings
brought
forwardLegalcapitalsurplus30,108

7,000

Total
capitalsurplus10,133Legalretainedearnings

17,133559

Total
retainedearnings

81,257

81,817

Dividends of surplus(5,698)(5,698)

Profit

5,309

5,309

Changes during period

Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares00(1,962)(1,962)

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period－－(1,962)(1,962)

－

(389)

(389)

30,108

7,000

8,170

15,170559

80,86881,428

Shareholders' equity

TreasurysharesBalance at beginning of period(499)

Valuation and translation adjustments

Valuation
Total
difference
shareholders' on availableequity
for-salesecurities

128,560

4,489

Total
Total
valuation and net assets
translation
adjustments

Deferred
gains orlosses onhedges－4,489

133,049

Changes during period
Dividends of surplus(5,698)(5,698)

Profit

5,309

5,309

Purchase of treasury shares(2,025)(2,025)(2,025)

Disposal of treasury shares

33

34

34

1,962

－

－

Cancellation of treasury shares
Net changes in items other thanshareholders' equity

8,891

3

8,894

8,894

Total changes during period(28)(2,380)

8,891

3

8,894

6,514

Balance at end of period(527)

126,179

13,381

3

13,384

139,563

26

５． Supplementary Information（１） Orders received, net sales and carried-forward （Nonconsolidated）(millions of yen)
FY2022
Apr 1, 2022－Mar 31, 2023
Composition
ratio ％

AmountPublicFY2023
Apr 1, 2023－Mar 31, 2024

64,940ChangeComposition
ratio ％

Amount18.6

47,455

12.6

Amount％(17,485)(26.9)

Private36,333

10.4

44,750

11.9

8,416

23.2

Domestic

101,273

29.0

92,20524.5(9,068)(9.0)

Overseas－－

14,2203.8

14,220－Civil engineering

101,273

29.0

106,425

28.3

5,151

5.1

Public34,67410.0

27,400

7.3(7,273)(21.0)

Private212,575

61.0

241,736

64.4

29,16013.7

Domestic

247,249

71.0

269,136

71.7

21,887

8.9

Overseas
Building construction

123

0.0

26

0.0

(96)

(78.4)

247,373

71.0

269,163

71.7

21,790

8.8

Public99,61428.6

74,855

19.9(24,758)(24.9)

Private248,908

71.4

286,486

76.3

37,577

15.1

Domestic

348,523100.0

361,34296.2

12,818

3.7

Overseas
Orders received-Total

123

0.0

14,246

3.8

14,123－

348,647100

375,589

100

26,942

7.7
31.9

Public41,502

13.9

54,743

16.7

13,240Private48,43416.2

44,702

13.6(3,731)(7.7)

Domestic

89,93630.1

99,445

30.3

9,508

10.6

Overseas

－

－

683

0.2

683

－

Civil engineering

89,93630.1

100,128

30.5

10,191

11.3

Public19,004

6.3

28,133

8.6

9,129

48.0

Private189,04963.2

199,269

60.8

10,2205.4

Domestic

208,053

69.5

227,403

69.4

19,3499.3

Overseas

1,327

0.4

395

0.1

(931)

(70.2)

209,38169.9

227,799

69.5

18,4188.8

Building construction
Public60,50620.2

82,87625.3

22,36937.0

Private237,483

79.4

243,972

74.4

6,488

2.7

Domestic

297,99099.6

326,84899.7

28,858

9.7

Overseas

1,327

0.4

1,078

0.3

(248)

(18.7)Net sales-Total

299,317100

327,927100

28,6099.6

Public81,645

15.3

74,35712.8(7,287)(8.9)

Private113,463

21.2

113,511

19.5

47

0.0

Domestic

195,109

36.5

187,869

32.3(7,239)(3.7)

Overseas－－

13,401

2.3

13,401－

Civil engineering

195,10936.5

201,270

34.6

6,161

3.2

Public56,658

10.6

55,925

9.6

(732)

(1.3)

Private282,75152.9

325,21755.8

42,46615.0

Domestic

339,40963.5

381,14265.4

41,733

12.3

Overseas

323

0.0

－

－

(323)

(100.0)339,73363.5

381,14265.4

41,40912.2

138,30325.9

130,283

22.4(8,020)(5.8)

Building construction
PublicPrivate396,21474.1

438,72975.3

42,514

10.7

Domestic

534,518100.0

569,012

97.7

34,493

6.5

Overseas323

0.0

13,401

2.3

13,077－534,842100

582,413100

47,571

8.9

Carried-forward-Total(Note) The carried-forward amount of overseas work has been translated at the closing rate.
FY2022 : Increased by 55 million yen

FY2023 : Decreased by 89 million yen(Note) 2.Applying Accounting Standard for Revenue Recognition, etc., the amount of domestic public works of civil engineering carried27

（２） Financial Highlights(100 millions of yen)

Consolidated（Operating Results）
A

B

FY2022

FY2023C

B-A％

Net sales
Gross profit

C-B

FY2024（Forecasts）

％

4,035

4,432

397

9.8

4,622

190

4.3

332

361

29

8.6

395

34

9.5

8.2%

8.1%

(0.1)%

8.5%

0.4%（Ratio）

SG&A expenses

217

234

17

Operating profit

115

126

12

（Ratio）

2.8%

2.9%

Non-operating income - net

8

4

122

130

8

Ordinary profit

245

11

150

24

0.1%

3.2%

0.3%

(4)

4

0

6.6

154

24

(1)

3

4.7

153

27

52

9

4.3

101

18

Extraordinary income - net

(2)

(4)

(2)

Profit before income taxes

120

126

6

Income taxes and others

41

43

2

Profit attributable to owners of parent

80

83

3

10.2

18.6

18.1

21.5
21.4

Nonconsolidated（Operating Results）
A

B

C

B-A

FY2023

FY2022％C-B

FY2024（Forecasts）％

Civil engineering

1,013

922

(91)

1,000

78

Building construction

2,472

2,691

219

2,400

(291)

Domestic

3,485

3,613

128

3,400

(213)

Overseas

1

142

141

80

(62)

Orders received

3,486

3,756

269

3,480

(276)

Civil engineering

7.7

899

994

95

1,000

6

2,081

2,274

193

2,400

126

Domestic

2,980

3,268

289

3,400

132

Overseas

13

11

(2)

50

39

2,993

3,279

286

3,450

171

Building construction

Net sales

9.6

Civil engineering

85

123

38

110

(13)

(Ratio)

9.4%

12.4%

3.0%

11.0%

(1.4)%

Building construction

160

122

(38)

170

48

7.7%

5.4%

(2.3)%

7.1%

1.7%

244

245

1

280

35

8.2%

7.5%

(0.7)%

8.2%

0.7%

1

1

0

4

3

8.7%

11.4%

2.7%

246

246

1

8.2%

7.5%

(0.7)%

SG&A expenses

165

180

15

Operating profit

80

66

(14)

(Ratio)Domestic(Ratio)Overseas(Ratio)Gross profit（Ratio）

0.3(17.7)

8.0%(3.4)%

284

38

8.2%

0.7%

188

8

96

30

（Ratio）

2.7%

2.0%

(0.7)%

2.8%

0.8%

Non-operating income - net

21

12

(9)

14

2

Ordinary profit

102

79

(23)

(22.6)

110

31

0

3

(23.4)

110

34

34

11

(24.1)

76

23

Extraordinary income - net

(2)

(3)

(0)

Profit before income taxes

99

76

(23)

Income taxes and others

29

23

(6)

Profit

70

53

(17)

28

(7.3)

5.2

15.3

45.0

39.9

44.7
43.1