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, 2022
(Based on Japanese GAAP)May 13, 2022
Company name:

EXEO Group, Inc.

Stock exchange listing: Tokyo
Stock code:
1951
Representative:
Inquiries:

URL

https://www.exeo.co.jp/

President and CEO
Director and Managing Operating,General

Manager,Accounts & Finance Division
Scheduled date of ordinary general meeting of shareholders:

Tetsuya Funabashi
Hideo Higuchi

TEL

03-5778-1105

June 24, 2022

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

June 24, 2022
June 27, 2022

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

Yes
Yes

(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(1) Consolidated operating results
Net salesYear ended March 31, 2022
Year ended March 31, 2021

Operating profit

Millions of yen
594,840
573,339%
3.8
9.3

Millions of yen
42,38036,623

Earnings per share

Diluted earnings per
share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
250.479.4
8.7
7.1
217.05
8.8
8.2
6.4

Yen
250.64217.33

Year ended March 31, 2022
Year ended March 31, 2021

%
15.7
17.8

Percentages indicate year-on-year changes
Profit attributable toOrdinary profit
owners of parent
Millions of yen% Millions of yen%
45,21718.4
27,76614.8
38,18624.5
24,19255.0(2) Consolidated financial position
Total assets
As of March 31, 2022
As of March 31, 2021

Net assets

Equity ratio

Millions of yen
535,617491,574

Millions of yen
307,053
288,884

Cash flows fromoperating activities
Millions of yen
26,406
6,301

Cash flows frominvesting activities
Millions of yen(20,388)(9,249)Net assets per share
%
56.6
58.1

Yen
2,748.21
2,576.78(3) Consolidated cash flows

Year ended March 31, 2022
Year ended March 31, 2021

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
5,023
53,727(1,750)41,246

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

Year ended March 31, 2021
Year ended March 31, 2022
Year ending March 31, 2023
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

41.00
44.00

–
–

41.00
52.00

82.00
96.00

9,170
10,617

37.7
38.3

3.3
3.6

–

51.00

–

51.00

102.001

43.2

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
0.9
38,500(9.2)
39,400 (12.9)
25,600(7.8)
236.02

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2022
(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:

Yes
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, 2022

116,812,419 shares As of March 31, 2021

117,812,419 shares

Number of treasury shares at the end of the period
As of March 31, 2022

6,424,185 shares As of March 31, 2021

6,955,251 shares

110,780,579 shares Year ended March 31, 2021

111,316,723 shares

Average number of shares during the period
Year ended March 31, 20222

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2021

As of March 31, 2022

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

42,78554,860204,657

217,644910

750

43,564
8,388

46,194
7,279

(80)

(68)

300,227

326,660

38,39439,884

Machinery, vehicles, tools, furniture and fixtures, net
Land13,12859,84817,083
61,633

Construction in progress
Other, net

368
1,635

5,599
2,699

113,375

126,900

5,949

9,207

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

Total property, plant and equipment
Intangible assets
Goodwill
Other

4,229

4,538

Total intangible assets

10,17913,745Investment securities
Retirement benefit asset

37,707
21,641

34,27423,757

Deferred tax assets
Other

4,141
4,852

5,692
5,205

Investments and other assets

Allowance for doubtful accounts

(550)

(618)

Total investments and other assets

67,792

68,311

191,347

208,957

491,574

535,617

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2021

As of March 31, 2022

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts

74,89069,579

Short-term borrowings
Current portion of bonds payable

19,50910,00030,756–

Income taxes payable
Advances received on construction contracts in progress

6,766
8,080

10,706
9,404

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

4,990
472

2,632
475

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

148
1,384

452
1,104

Other

29,96732,652

Total current liabilities

156,212

157,764

Bonds payable
Long-term borrowings

20,000
6,837

30,00018,006

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

8,328

9,219

Non-current liabilities

officers)
Retirement benefit liability

648

762

7,963

9,548

Other

2,699

3,264

Total non-current liabilities

46,47770,800202,689

228,564

Share capital
Capital surplus

6,888
49,844

6,888
48,546

Retained earnings
Treasury shares

226,294(13,221)244,892(13,063)

Total shareholders' equity

269,805

287,263

Total liabilities
Net assets
Shareholders' equity

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

6,451

6,937

Foreign currency translation adjustment
Remeasurements of defined benefit plans

(268)
9,665

(985)
10,154

Total accumulated other comprehensive income

15,848

16,106

262
2,968

185
3,497

288,884

307,053

491,574

535,617

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
March 31, 2021

Fiscal year ended
March 31, 2022

Net sales

573,339594,840

Cost of sales

497,474

510,517Gross profit

75,86584,323

Selling, general and administrative expenses

39,241

41,942

Operating profit

36,62342,380Non-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

25

36

1,111
483

810
1,875

424
815

452
1,160

2,861

4,335

148

226

Impairment loss
Loss on retirement of non-current assets

406
325

471
208

Other

418

592

Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on sale of investment securities
Loss on valuation of investment securities
Total extraordinary losses

1,297

1,498

38,18645,217

478

677

478

677

–

261

–

1,521

–

1,782

Profit before income taxes

38,665

44,112

Income taxes - current

14,261

16,430

Income taxes - deferred

73

(735)

Total income taxes

14,335

15,694

Profit24,33028,418

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

5

137

652

24,192

27,766

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022
24,33028,418Valuation difference on available-for-sale securities
Foreign currency translation adjustment

2,242
(466)

482
(745)

Remeasurements of defined benefit plans, net of tax

3,510

491

5,286

228

Comprehensive income

Total other comprehensive income

29,61728,647

Comprehensive income attributable toComprehensive income attributable to owners of parent

29,481

28,023135

623

Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

Retained earnings

Treasury shares

Total shareholders'equity6,888

49,604

211,195(11,795)

255,893

6,888

49,604

211,195(11,795)

255,893

Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during period
Dividends of surplus(9,093)(9,093)

Profit attributable to ownersof parent

24,192

24,192

Purchase of treasury shares
Disposal of treasury shares99(3,008)(3,008)327

426

Cancellation of treasury
shares–Changes in Stock exchange–

Transfer of treasury shares
via trust

1,255

Change in equity due toadditional acquisition of
consolidated subsidiary stock

140

1,255

140

Change in ownership interestof parent due to transactions
with non-controlling interests–

Net changes in items otherthan shareholders' equity–

Total changes during period
Balance at end of period–239

15,098(1,425)

13,912

6,888

49,844

226,294(13,221)269,805

7

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

Foreigncurrencytranslation
adjustment

Total
accumulatedof defined benefit
other
plans
comprehensive
incomeRemeasurements

ShareacquisitionrightsNon-controlling
Total net assetsinterests

4,210

193

6,156

10,559318

3,337

270,109

4,210

193

6,156

10,559318

3,337

270,109

Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during period
Dividends of surplus(9,093)

Profit attributable to ownersof parent

24,192

Purchase of treasury shares(3,008)

Disposal of treasury shares

426

Cancellation of treasury
shares–Changes in Stock exchange–

Transfer of treasury shares
via trust

1,255

Change in equity due toadditional acquisition of
consolidated subsidiary stock

140

Change in ownership interestof parent due to transactions
with non-controlling interests–

Net changes in items otherthan shareholders' equity

2,241

(461)

3,509

5,289

(56)

(369)

4,862

Total changes during period

2,241

(461)

3,509

5,289

(56)

(369)

18,775

Balance at end of period

6,451

(268)

9,665

15,848262

2,968

288,8848

Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

6,888

Retained earnings

49,844

Cumulative effects ofchanges in accounting
policies
Restated balance

226,294

Treasury shares(13,221)

273
6,888

49,844

226,567

Total shareholders'equity269,805273(13,221)270,078

Changes during period
Dividends of surplus(9,441)(9,441)

Profit attributable to ownersof parent

27,766

27,766

Purchase of treasury shares(5,004)(5,004)

Disposal of treasury shares

63

317

380

Cancellation of treasury
shares(1,958)

1,958

–

533

1,722

2,256

1,164

1,164

Changes in Stock exchange
Transfer of treasury shares
via trust
Change in equity due toadditional acquisition of
consolidated subsidiary stock

(90)

(90)

Change in ownership interestof parent due to transactions
with non-controlling interests

154

154

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period––(1,297)18,325

157

17,185

6,888

48,546244,892(13,063)

287,2639

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

6,451

Foreigncurrencytranslation
adjustment

Total
accumulatedof defined benefit
other
plans
comprehensive
incomeRemeasurements

(268)

9,665

15,848

Shareacquisitionrights262

Non-controlling
Total net assetsinterests

2,968

Cumulative effects ofchanges in accounting
policies
Restated balance

288,884
273

6,451

(268)

9,665

15,848262

2,968

289,158

Changes during period
Dividends of surplus(9,441)

Profit attributable to ownersof parent

27,766

Purchase of treasury shares(5,004)

Disposal of treasury shares

380

Cancellation of treasury
shares–Changes in Stock exchange

2,256Transfer of treasury shares
via trust

1,164

Change in equity due toadditional acquisition of
consolidated subsidiary stock(90)

Change in ownership interestof parent due to transactions
with non-controlling interests

154

Net changes in items otherthan shareholders' equity

485

(717)

489

257

(76)

528

709

Total changes during period

485

(717)

489

257

(76)

528

17,895

6,937

(985)

10,154

16,106185

3,497

307,053

Balance at end of period

10Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022
38,665

44,112

Depreciation
Impairment losses

6,789
406

7,414
471

Amortization of goodwill
Gain on bargain purchase

1,864
(33)

1,955
(31)

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses

102
406

(152)
(2,361)

Increase (decrease) in provision for warranties for completed
construction

17

303

Increase (decrease) in provision for loss on construction
contracts(1,226)(334)

Increase in Defined Benefit Asset or Liability
Interest and dividend income(191)(1,137)(1,255)(846)Interest expenses
Loss (gain) on sale of non-current assets

148
1

226
(15)

Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables(473)(37,381)

(416)
5,361

(960)

(12,324)

Decrease (increase) in other assets
Increase (decrease) in trade payables

711
14,548880(7,793)

Increase (decrease) in advances received on construction
contracts in progress(1,935)

183

Increase (decrease) in other liabilities
Other, net

1,529
429

2,265
(772)

Subtotal

22,28236,871

Interest and dividends received
Interest paid

1,137
(164)

846
(202)

(16,953)(11,108)

6,301

26,406

Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment(8,841)
90(17,950)
880

Purchase of intangible assets
Purchase of investment securities(1,321)(1,039)(2,221)(1,133)

Proceeds from sale of investment securities
Proceeds from purchase of shares of subsidiaries resulting in

1,827

4,776

–

72

(77)

(4,891)

(20)

–

(161)

(403)

61
(0)

38
803

Decrease (increase) in costs on construction contracts inprogress

Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities

change 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

234

(359)

(9,249)(20,388)

(Millions of yen)

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

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022
11,021

10,865––

10,000(10,000)

Repayments of long-term borrowings
Proceeds from long-term borrowings(3,207)2,129(3,724)
12,558Purchase of treasury shares
Proceeds from sale of treasury shares(3,008)161(5,004)72

Transfer of treasury shares via trust
Dividends paid

1,255
(9,044)

1,164(9,446)

(381)

(168)

(105)

(4)

(570)

(1,289)(1,750)

5,023

Proceeds from issuance of bonds
Redemption of bonds

Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting in change inscope of consolidation
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

(67)

590

Net increase (decrease) in cash and cash equivalents(4,766)

11,632

Cash and cash equivalents at beginning of period

46,012

41,246–848

41,24653,727

Increase in cash and cash equivalents due to share exchange
Cash and cash equivalents at end of period12