Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Three Months Ended June 30, 2023
(Based on Japanese GAAP)
August 10, 2023
Company name:
EXEO Group, Inc.
Stock exchange listing: Tokyo
Stock code:
Representative:

Inquiries:

1951
URL https://www.exeo.co.jp/President and CEO
Tetsuya Funabashi
Director and Operating Officer
General Manager of Accounts & Finance

Shigeki Hayashi

Division
Chief Financial Officer

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

August 10, 2023–

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:

Yes
No

TEL

03-5778-1105(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Three months ended June 30, 2023
124,3822.9
2,494 (32.9)
4,711 (17.7)
2,615 (10.2)
Three months ended June 30, 2022
120,883
0.5
3,716 (55.6)
5,728 (35.8)
2,912 (47.3)
Earnings per share

Diluted earnings per share

Yen
24.55
26.56

Three months ended June 30, 2023
Three months ended June 30, 2022

Yen24.54
26.54(2) Consolidated financial positionTotal assets

Net assets

Millions of yen
527,774
577,941

As of June 30, 2023
As of March 31, 2023

Equity ratio

Millions of yen
304,182
307,941

Net assets per share%
56.6
52.5

Yen
2,817.56
2,832.22

2. Cash dividends
Annual dividends per share

Year ended March 31, 2023
Year ending March 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
51.00

Yen–

Yen
51.00

Yen
102.0060.00–60.00120.00Year ending March 31, 2024 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Net sales
Full year

Millions of yen
630,000

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen
0.4
34,0004.4
34,9003.3
23,6006.1
223.871

4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2023

109,812,419 shares As of March 31, 2023

109,812,419 shares

Number of treasury shares at the end of the period
As of June 30, 2023

3,719,281 shares As of March 31, 2023

2,759,091 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2023

106,542,880 shares Three months ended June 30, 2022

2109,661,131 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of June 30, 2023

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable from completed
construction contracts and other
Securities
Costs on construction contracts in progress
Other
Allowance for doubtful accounts

51,45347,031

232,567

167,614263

123

53,877
15,64565,882
15,234(83)(80)

353,723

295,805

39,75039,298Land
Other, net

62,70133,182

63,154
38,636

Total property, plant and equipment

135,635

141,089

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net

Intangible assets
Goodwill

15,112

14,686

Other

7,995

7,969

Total intangible assets

23,10822,656

Other
Allowance for doubtful accounts

66,104(630)

69,144(920)

Total investments and other assets

65,473

68,223

224,217

231,969

577,941

527,774

Investments and other assets

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2023

As of June 30, 2023

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
and other
Short-term borrowings

75,03350,10628,748

9,118

Income taxes payable
Advances received on construction contracts in progress

4,531
12,692

1,697
15,508Provisions
Other

4,647
33,444

3,158
31,408

Total current liabilities

159,097

110,997

Non-current liabilities
Bonds payable

30,00030,000Long-term borrowings
Provisions

53,632778

54,354696

Retirement benefit liability
Other

10,083
16,407

10,30017,242

Total non-current liabilities

110,901

112,595

269,999

223,592

Total liabilities
Net assets
Shareholders' equity
Share capital

6,888

6,888

Capital surplus
Retained earnings

28,912
256,303

29,102
253,459

Treasury shares(5,848)(8,329)Total shareholders' equity

286,256

281,121

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

7,772
1,490

9,163
639

Remeasurements of defined benefit plans

7,678

7,998

Total accumulated other comprehensive income

16,941

17,801

Accumulated other comprehensive income

Share acquisition rights

162

151

Non-controlling interests

4,580

5,107

307,941

304,182

577,941

527,774

Total net assets
Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Three months ended

Three months ended

June 30, 2022

June 30, 2023

Net sales
Cost of sales

120,883
105,518

124,382
108,084

Gross profit

15,365

16,297

Selling, general and administrative expenses

11,64813,803Operating profit

3,716

2,494

17397

30
354

Foreign exchange gains
Other

1,063
865

1,676
492

Total non-operating income

2,343

2,553

104

203

227

132

Non-operating income
Interest income
Dividend income

Non-operating expenses
Interest expenses
Other332

336

Ordinary profit

Total non-operating expenses

5,728

4,711

Profit before income taxes

5,728

4,711

Income taxes

2,720

2,038

Profit

3,007

2,672

Profit attributable to non-controlling interests
Profit attributable to owners of parent

595

56

2,912

2,615

Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Three months ended

Three months ended

June 30, 2022

June 30, 2023
3,007

2,672

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

1,644
(130)

1,391
(862)

Remeasurements of defined benefit plans, net of tax(958)

320555849

Comprehensive income

Total other comprehensive income

3,562

3,522

Comprehensive income attributable toComprehensive income attributable to owners of parent

3,455

3,475

10747

Comprehensive income attributable to non-controllinginterests

6