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 Year Ended March 31, 2024
(Based on Japanese GAAP)May 10, 2024
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
Division
Chief Financial Officer

Shigeki Hayashi

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 26, 2024
June 26, 2024

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

June 27, 2024
Yes

Holding of financial results meeting:

Yes

TEL

03-5778-1105(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2024
614,095(2.2)
34,121
4.8
36,922
9.3
20,058(9.8)
Year ended March 31, 2023
627,607
5.5
32,552(23.2)
33,771 (25.3)
22,233(19.9)
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
Yen
%
%
%
Year ended March 31, 2024
94.76
94.73
6.5
6.3
5.6
Year ended March 31, 2023
102.49102.457.3
6.1
5.2
Note: On April 1, 2024, EXEO Group, Inc. implemented a 2-for-1 common stock split. Earnings per share and diluted earnings per share were
calculated on the assumption that the stock split had been implemented at the beginning of the fiscal year ended March 31, 2023.
Earnings per share

Diluted earnings per
share(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen
Millions of yen%
Yen
As of March 31, 2024
591,637
319,05952.9
1,489.68
As of March 31, 2023
577,941
307,94152.5
1,416.11
Note: On April 1, 2024, EXEO Group, Inc. implemented a 2-for-1 common stock split. Net assets per share were calculated on the assumptionthat the stock split had been implemented at the beginning of the fiscal year ended March 31, 2023.
(3) Consolidated cash flows

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

Cash flows fromoperating activities
Millions of yen
41,902
5,483

Cash flows frominvesting activities
Millions of yen(13,591)(13,332)

1

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(30,555)
47,4303,298
50,204

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

51.00
60.00

–
–

51.00
60.00

102.00120.0010,997
12,655

49.8
63.3

3.7
4.1

–

31.00

–

31.00

62.00

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)

57.8

Note: On April 1, 2024, EXEO Group, Inc. implemented a 2-for-1 common stock split. For the fiscal years ended March 31, 2023 and 2024, theactual dividend amount before the stock split is shown. For the fiscal year ending March 31, 2025, the forecasted dividend amount after stock
split is shown.
3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
630,000
2.6
36,0005.5
36,340(1.6)
22,31011.2
107.22
Note: On April 1, 2024, EXEO Group, Inc. implemented a 2-for-1 common stock split. Earnings per share for the year ending March 31, 2025,
uses the number of shares after the stock split.
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) 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:

No
No

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

NoNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

213,624,838 shares As of March 31, 2023

219,624,838 shares

Number of treasury shares at the end of the period
As of March 31, 2024

3,470,328 shares As of March 31, 2023

5,518,182 shares

Average number of shares during the period
Year ended March 31, 2024
211,674,449 shares Year ended March 31, 2023
216,933,721 shares
Note: On April 1, 2024, EXEO Group, Inc. implemented a 2-for-1 common stock split. Number of issued shares (common shares) were
calculated on the assumption that the stock split had been implemented at the beginning of the fiscal year ended March 31, 2023.

2

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

As of March 31, 2024

AssetsCurrent assets
Cash and deposits

51,45348,249Notes receivable, accounts receivable from completed
construction contracts and other232,567

235,633

Securities
Costs on construction contracts in progress

263
53,877

053,421Other
Allowance for doubtful accounts

15,645(83)

10,637(95)

Total current assets

353,723

347,845

Buildings and structures, net
Machinery, vehicles, tools, furniture and fixtures, net

39,75019,12449,56524,517Land
Construction in progress

62,701
10,454

63,191
4,396

Non-current assets
Property, plant and equipment

Other, net

3,604

4,283

135,635

145,954

Goodwill
Other

15,112
7,995

13,872
8,795

Total intangible assets

23,10822,668Investments and other assets
Investment securities

32,81935,489Retirement benefit asset
Deferred tax assets

21,392
5,816

27,155
7,312

Other
Allowance for doubtful accounts

6,075
(630)

6,153
(941)

Total investments and other assets

65,47375,168224,217

243,791

577,941

591,637

Total property, plant and equipment
Intangible assets

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
and other75,03373,414

Short-term borrowings
Current portion of bonds payable

28,748–29,192
10,000

Income taxes payable
Advances received on construction contracts in progress

4,531
12,692

10,13812,594

Provision for bonuses
Provision for bonuses for directors (and other officers)

2,650
405

2,935
385

Provision for warranties for completed construction
Provision for loss on construction contracts

304
1,286

290
940

Other

33,44437,827

Total current liabilities

159,097

177,720

Bonds payable
Long-term borrowings

30,00053,63220,00043,193

Deferred tax liabilities
Provision for retirement benefits for directors (and other

10,815

14,496

Non-current liabilities

officers)
Retirement benefit liability

778

771

10,083

9,778

Other

5,591

6,617

110,901

94,857

269,999

272,577

Share capital
Capital surplus

6,888
28,912

6,888
22,091Retained earnings
Treasury shares

256,303(5,848)

264,552(4,534)

Total shareholders' equity

286,256

288,998

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

7,772

11,201

Foreign currency translation adjustment
Remeasurements of defined benefit plans

1,490
7,678

1,796
11,067

Total accumulated other comprehensive income

16,941

24,064

162
4,580

142
5,853

307,941

319,059

577,941

591,637

Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

Net sales
Cost of sales

627,607545,769

614,095
524,936

Gross profit

81,837

89,158Selling, general and administrative expenses

49,28555,037

Operating profit

32,552

34,121

80
797

227
771

1,050
501

2,731
479

730

1,555

3,160

5,765

640
22

797
585

Other

1,277

1,581

Total non-operating expenses

1,941

2,963

Ordinary profit

33,771

36,922Extraordinary income
Gain on sale of investment securities

1,962

3,450

Gain on sale of non-current assets
Gain on step acquisitions

1,133
562

–
–

Total extraordinary income

3,658

3,450

–

4,197

Non-operating income
Interest income
Dividend income
Foreign exchange gains
Rental income from land and buildings
Other
Total non-operating income
Non-operating expenses
Interest expenses
Provision of allowance for doubtful accounts

Extraordinary losses
Loss on valuation of inventories

–

4,197

Profit before income taxes

Total extraordinary losses

37,43036,176

Income taxes - current
Income taxes - deferred

12,1602,266

16,596(808)

Total income taxes

14,427

15,787

Profit23,003

20,388

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

5

769

329

22,23320,058

Consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitFiscal year ended
March 31, 2024

23,003

20,388Other comprehensive income
Valuation difference on available-for-sale securities

838

3,430

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

2,496(2,474)342
3,390

Total other comprehensive income
Comprehensive income

859

7,163

23,86327,552

23,06827,182794

369

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

6,888

Retained earnings

48,546244,892

Treasury shares(13,063)

Total shareholders'equity287,263

Changes during period
Dividends of surplus(11,278)(11,278)

Profit attributable to owners ofparent22,233

22,233Purchase of treasury shares(7,503)(7,503)

(2)

273

271

(14,445)

14,445–

Disposal of treasury shares
Cancellation of treasury shares
Change in scope of
consolidation–

Increase due to a decrease inconsolidated subsidiaries

432

Change in equity due toadditional acquisition of
consolidated subsidiary stock

432(3,346)

Change in ownership interest ofparent due to transactions with
non-controlling interests(3,346)23

Changes in liabilities for
written put options over noncontrolling interests

23(1,840)(1,840)Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period––(19,634)

11,411

7,215(1,007)

6,888

28,912

256,303(5,848)286,2567

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

6,937

Foreigncurrencytranslation
adjustment

Total accumulated
otherof defined benefit
comprehensive
plansincomeRemeasurements(985)

10,154

16,106

Shareacquisitionrights185

Non-controlling
Total net assetsinterests

3,497

307,053

Changes during period
Dividends of surplus(11,278)

Profit attributable to owners ofparent22,233Purchase of treasury shares(7,503)

Disposal of treasury shares

271

Cancellation of treasury shares–

Change in scope of
consolidation–

Increase due to a decrease inconsolidated subsidiaries

432

Change in equity due toadditional acquisition of
consolidated subsidiary stock(3,346)

Change in ownership interest ofparent due to transactions with
non-controlling interests

23

Changes in liabilities for
written put options over noncontrolling interests(1,840)Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

835

2,476

(2,476)

835

2,476

(2,476)

7,772

1,490

7,678

8

835

(23)

1,083

1,895

835

(23)

1,083

888

16,941

162

4,580

307,941

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

6,888

Retained earnings

28,912

256,303

Treasury shares(5,848)

Total shareholders'equity286,256

Changes during period
Dividends of surplus(11,810)(11,810)

Profit attributable to owners ofparent20,05820,058Purchase of treasury shares(6,003)(6,003)

65

295

361

(7,021)

7,021–

Disposal of treasury shares
Cancellation of treasury shares
Change in scope of
consolidation

257

257

Increase due to a decrease inconsolidated subsidiaries–

Change in equity due toadditional acquisition of
consolidated subsidiary stock

(122)

(122)

Change in ownership interest ofparent due to transactions with
non-controlling interests–

Changes in liabilities for
written put options over noncontrolling interests–

Net changes in items other thanshareholders' equity–

Total changes during period
Balance at end of period–(6,820)

8,248

1,313

2,741

6,888

22,091

264,552(4,534)

288,9989

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

7,772

1,490

Total accumulated
otherof defined benefit
comprehensive
plansincomeRemeasurements

7,678

16,941

Share
acquisitionrights162

Non-controlling
Total net assetsinterests

4,580

307,941

Changes during period
Dividends of surplus(11,810)

Profit attributable to owners ofparent20,058Purchase of treasury shares(6,003)

Disposal of treasury shares

361

Cancellation of treasury shares–

Change in scope of
consolidation

257

Increase due to a decrease inconsolidated subsidiaries–

Change in equity due toadditional acquisition of
consolidated subsidiary stock(122)

Change in ownership interest ofparent due to transactions with
non-controlling interests–

Changes in liabilities for
written put options over noncontrolling interests–

Net changes in items other thanshareholders' equity

3,428

305

3,389

7,123

(19)

1,272

8,376

Total changes during period

3,428

305

3,389

7,123

(19)

1,272

11,117

Balance at end of period

11,201

1,796

11,06724,064142

5,853

319,05910

Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Amortization of goodwill
Gain on bargain purchase
Loss (gain) on step acquisitions
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for warranties for completed
construction
Increase (decrease) in provision for loss on construction
contracts
Increase in Defined Benefit Asset or Liability
Interest and dividend income
Interest expenses
Loss (gain) on sale of non-current assets
Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts inprogress
Decrease (increase) in other assets
Increase (decrease) in trade payables
Increase (decrease) in advances received on construction
contracts in progress
Increase (decrease) in other liabilities
Other, net

Fiscal year ended
March 31, 2024

37,430
8,700
137
3,596
(91)
(562)
(26)
(59)

36,176
10,142
230
3,343
–
–
322
285

(154)

(14)

175

(345)

2,717
(877)
640
(1,067)(1,868)(7,121)(6,068)
(998)
797
(425)
(3,450)(2,192)(3,701)769(5,373)
1,613

4,334
(926)

513

(308)

(3,843)(4,895)

5,475
3,661

Subtotal

25,88250,806

Interest and dividends received
Interest paid
Income taxes paid

872
(628)
(20,643)

1,002
(460)
(9,446)

5,483

41,902(11,356)
2,429(2,381)(1,637)
5,199(17,338)
1,683(2,431)
(560)
5,758

975

–

(6,662)(1,483)

(356)

–

(67)
176
542
(195)

(34)
40
693
81

(13,332)(13,591)

Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from purchase of shares of subsidiaries resulting inchange in scope of consolidation
Purchase of shares of subsidiaries resulting in change in scopeof consolidation
Payments for sale of shares of subsidiaries resulting in change
in scope of consolidation
Loan advances
Proceeds from collection of loans receivable
Decrease (increase) in time deposits and other
Other, net
Net cash provided by (used in) investing activities

11

(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Redemption of bonds(3,897)(20)(11,412)–

Repayments of long-term borrowings
Proceeds from long-term borrowings(2,693)36,717(2,436)
3,603

Purchase of treasury shares
Proceeds from sale of treasury shares(7,503)22(6,003)
68

Dividends paid
Dividends paid to non-controlling interests(11,240)(421)(11,797)(304)

Purchase of shares of subsidiaries not resulting in change inscope of consolidation(6,206)(2)

Other, net(1,459)(2,269)Net cash provided by (used in) financing activities

3,298(30,555)

Effect of exchange rate change on cash and cash equivalents

1,705

(529)

Net increase (decrease) in cash and cash equivalents(2,845)(2,773)

Cash and cash equivalents at beginning of period

53,72750,204

(647)

–

(30)

–

50,20447,430

Increase in cash and cash equivalents due to share exchange
Increase in cash and cash equivalents resulting from merger withunconsolidated subsidiaries
Cash and cash equivalents at end of period12