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 Six Months Ended September 30, 2022
(Based on Japanese GAAP)
November 11, 2022
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
Operating Officer
General Manager of Accounts & Finance

Shigeki Hayashi

Division
Chief Financial Officer

TEL

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

November 11, 2022
November 29, 2022

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

Yes
Yes

03-5778-1105(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)(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%Six months ended September 30, 2022
265,1851.68,550 (49.8)
11,542 (35.7)
6,610 (40.8)
Six months ended September 30, 2021
260,93916.0
17,02852.0
17,95846.7
11,166
49.8
Earnings per share

Diluted earnings per share

Yen
60.48
100.72Six months ended September 30, 2022
Six months ended September 30, 2021

Yen
60.46
100.64(2) Consolidated financial position
Total assets

Net assets

Millions of yen
520,854535,617

As of September 30, 2022
As of March 31, 2022

Equity ratio

Millions of yen
305,266
307,053

Net assets per share
%
57.7
56.6

Yen
2,765.47
2,748.21

2. Cash dividends
Annual dividends per share

Year ended March 31, 2022
Year ending March 31, 2023

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
44.00
51.00

Yen–

Yen
52.00

Yen
96.00

–

51.00

102.00Year ending March 31, 2023 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales
Full year

Millions of yen
600,000

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
0.938,500(9.2)
39,400 (12.9)
25,600(7.8)
236.02

1

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):Yes(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:

Yes
No

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 September 30, 2022

116,812,419 shares As of March 31, 2022

116,812,419 shares

Number of treasury shares at the end of the period
As of September 30, 2022

8,220,402 shares As of March 31, 2022

6,424,185 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2022

109,303,504 shares Six months ended September 30, 2021

2110,868,095 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2022

As of September 30, 2022

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

54,86051,222

217,644

167,560

750

270

46,194
7,279

68,010
11,487

(68)

(132)

326,660

298,419

39,88440,781Land
Other, net

61,63325,382

61,831
28,911

Total property, plant and equipment

126,900

131,524

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

Intangible assets
Goodwill

9,207

16,294

Other

4,538

7,347

Total intangible assets

13,74523,642

Other
Allowance for doubtful accounts

68,929(618)

67,917(650)

Total investments and other assets

68,311

67,267208,957

222,434

535,617

520,854

Investments and other assets

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2022

As of September 30, 2022

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

69,57953,55630,75632,727

Income taxes payable
Advances received on construction contracts in progress

10,7069,404

3,390
15,184

Provisions
Other

4,679
32,636

4,682
22,715

Total current liabilities

157,764

132,257

Non-current liabilities
Bonds payable

30,00030,000Long-term borrowings
Provisions

18,006762

29,363724

Retirement benefit liability
Other

9,548
12,483

9,831
13,411

Total non-current liabilities
Total liabilities

70,80083,330228,564

215,587

Net assets
Shareholders' equity
Share capital

6,888

6,888

Capital surplus
Retained earnings

48,546244,892

45,524
245,887

Treasury shares(13,063)(16,923)

Total shareholders' equity

287,263

281,376

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

6,937
(985)

7,995
1,812

Remeasurements of defined benefit plans

10,154

9,122

Total accumulated other comprehensive income

16,106

18,931

Accumulated other comprehensive income

Share acquisition rights

185

163

Non-controlling interests

3,497

4,794

307,053

305,266

535,617

520,854

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)Six months ended

Six months ended

September 30, 2021

September 30, 2022

Net sales
Cost of sales

260,939
224,523265,185
233,473

Gross profit

36,41531,712

Selling, general and administrative expenses

19,387

23,161

Operating profit

17,0288,550Interest income
Dividend income

12468

27448

Foreign exchange gains
Other–
948

2,101
1,120

1,430

3,698

83

223

417

483

Non-operating income

Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on step acquisitions
Total extraordinary income

500

706

17,958

11,542–

467

–

467

Profit before income taxes

17,95812,009

Income taxes

6,572

5,137

Profit11,386

6,871

219

260

11,166

6,610

Profit attributable to non-controlling interests
Profit attributable to owners of parent5

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

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2021

September 30, 2022

11,386

6,871

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

1,152382

1,057
2,890

Remeasurements of defined benefit plans, net of tax(305)(1,031)

1,230

2,916

Comprehensive income

Total other comprehensive income

12,616

9,787

Comprehensive income attributable toComprehensive income attributable to owners of parent

12,392

9,435

224

352

Comprehensive income attributable to non-controllinginterests

6