Translation
Notice: This document is a 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.

Consolidated Financial Results
for the Six Months Ended September 30, 2022
(Based on Japanese GAAP)
November 11, 2022
Company name:

INFRONEER Holdings Inc.

Stock exchange listing: Tokyo
Stock code:
5076
Representative:

URL

https://www.infroneer.com

Representative Executive Officer andPresident

Kazunari Kibe

Inquiries:
General Manager of Financial Strategy
Scheduled date to file Quarterly Securities Report:

Kazutaka Deguchi
November 11, 2022

TEL

03-6380-8253

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

Holding of quarterly financial results meeting:Yes (for institutional investors and analysts)(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)
Net sales
Six months ended September 30, 2022
Six months ended September 30, 2021
(Note) Comprehensive income:Millions of yen
313,490–

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%–
14,693–
16,047–
13,292
–
–
–
–
–
–
–
–

Six months ended September 30, 2022: ¥13,071 million [–%]
Six months ended September 30, 2021: ¥– million [–%]
Earnings per share

Diluted earnings per share

Yen
50.65
–

Six months ended September 30, 2022
Six months ended September 30, 2021

Yen
–
–

(Note) The Company was established by joint share transfer on October 1, 2021; therefore, there are no year-on-year quarterly results.
(2) Consolidated financial position
Total assets
As of September 30, 2022
As of March 31, 2022

Net assets

Millions of yen
877,946926,432

Equity ratio

Millions of yen
354,334
355,865

%
39.3
37.4

(Reference) Equity: As of September 30, 2022: ¥344,971 million
As of March 31, 2022: ¥346,911 million
2. Cash dividends
Annual dividends per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen

Yen

Yen

Yen

0.00
0.00

–

40.00

40.00

–

40.00

40.00

Yen

Fiscal year ended March 31, 2022–
Fiscal year ending March 31, 2023–
Fiscal year ending March 31, 2023
(Forecast)(Note) Revision to the forecast of dividends announced most recently: No

1

Total

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
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
705,000
3.2
35,000 (6.6)
36,800 (3.3)
31,50018.0
121.50(Note) Revision to the forecast of consolidated financial results announced most recently: Yes* 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):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements: No(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
1) Changes in accounting policies due to revisions to accounting standards and other regulations:Yes2) Changes in accounting policies due to other reasons:3) Changes in accounting estimates:

NoNo4) Restatement of prior period financial statements:
No(Note) Please refer to “(Changes to accounting policies)” of “2. (4) Notes to Quarterly Consolidated Financial Statements” on page 12 fordetails.
(4) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2022

274,845,024 shares As of March 31, 2022

291,070,502 shares

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

14,094,016 shares As of March 31, 2022

26,694,723 shares

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

262,454,907 shares Six months ended September 30, 2021

– shares(Notes) 1. The Company’s shares held by the Stock Benefit Trust Disposition-type Employee Stock Ownership Plan Trust are included in
the number of treasury shares at the end of the period (3,668,500 shares at the end of the six months ended September 30, 2022,
and 4,221,300 shares at the end of the fiscal year ended March 31, 2022). The Company’s shares held by the Stock Benefit
Trust Disposition-type Employee Stock Ownership Plan Trust are included in the number of treasury shares deducted in thecalculation of the average number of shares during the period (3,958,600 shares at the end of the six months ended September
30, 2022, and 324,715 shares at the end of the fiscal year ended March 31, 2022).
2. The Company’s shares held by Board Benefit Trust (BBT) are included in the number of treasury shares at the end of the period(377,500 shares at the end of the six months ended September 30, 2022, and 657,500 shares at the end of the fiscal year ended
March 31, 2022). The Company’s shares held by Board Benefit Trust (BBT) are included in the number of treasury sharesdeducted in the calculation of the average number of shares during the period (577,500 shares at the end of the six months
ended September 30, 2022, and 657,500 shares at the end of the fiscal year ended March 31, 2022).
* These quarterly financial results are outside the scope of quarterly review by certified public accountants or audit corporations.
* Explanation of the proper use of performance forecast and other notes The above forecasts are based on assumptions in light of information available as of the date of announcement of this material and factors of
uncertainty that may possibly impact the future results of operation. These statements do not indicate that the Company pledges to realize
these forecasts. Actual results may differ significantly from those presented herein as a result of numerous factors.

2

○ Table of Contents

1. Qualitative Information on Quarterly Financial Results ............................................................................................. 4(1) Explanation of Operating Results ............................................................................................................................ 4(2) Explanation of Financial Position ............................................................................................................................ 5(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information ...................... 5
2. Quarterly Consolidated Financial Statements and Primary Notes .............................................................................. 6(1) Quarterly Consolidated Balance Sheets .................................................................................................................. 6(2) Quarterly Consolidated Statements of Income and Comprehensive Income .......................................................... 8(3) Quarterly Consolidated Statement of Cash Flows ................................................................................................ 10(4) Notes to Quarterly Consolidated Financial Statements ......................................................................................... 12(Notes on going concern assumption) ............................................................................................................. 12(Notes in the case of significant changes in amount of shareholders’ equity)................................................. 12(Changes in scope of consolidation and application of equity method) .......................................................... 12(Changes to accounting policies) .................................................................................................................... 12(Additional information) ................................................................................................................................. 12(Segment information) .................................................................................................................................... 14(Significant subsequent event) ........................................................................................................................ 14
3. Supplementary Information ....................................................................................................................................... 15(1) (Building Construction Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog .. 15(2) (Civil Engineering Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog ......... 15(3) (Road Civil Engineering Segment) Classified by Type: Orders Received, Net Sales and Backlog ..................... 16(4) Summary of Forecast of Consolidated Financial Results ..................................................................................... 17(Reference) Maeda Corporation: Supplementary Information ................................................................................... 183

1. Qualitative Information on Quarterly Financial Results
The Company was established on October 1, 2021, as a wholly-owning parent company of Maeda Corporation, Maeda
Road Construction Co., Ltd. and Maeda Seisakusho Co., Ltd. by means of a joint share transfer. Therefore, no comparison
with the six months ended September 30, 2021 has been done.

(1) Explanation of Operating Results
During the six months ended September 30, 2022, the Japanese economy generally and moderately recovered incorporate production activities, employment, and personal consumption, as moves toward normalization of economic andsocial activities gained momentum amid progress in the shift to a new phase coexisting with the novel coronavirus infection(COVID-19), despite persisting concerns about the economic downturn overseas putting downward pressure on theJapanese economy in the context of the prolonged situation in Ukraine and the continued monetary tightening across theglobe, among other situations.
In the construction industry, public investment and housing construction remained firm, and capital investment
showed signs of picking up on the back of improved corporate earnings and other factors.
Under these circumstances, with the objective of the entire group achieving sustained growth under the Company, theCompany will strive to be a “company trusted by all stakeholders” by determining to aim for the mid- to long-term stateof being an “integrated infrastructure service company” with one-stop style management from upstream to downstream of
infrastructure operations, establishing a “highly profitable and stable revenue base” without being influenced by external
factors, operating expeditiously and appropriately, such as by building an effective governance structure and promoting
digital transformation, and strengthening the ability to deal with social changes.
For the six months ended September 30, 2022, net sales were about ¥313.4 billion. For profit and loss, operating profit
was about ¥14.6 billion, ordinary profit was about ¥16.0 billion, and profit attributable to owners of parent was about ¥13.2
billion.
Performance results by business segment are as follows.
[Building Construction]
In the building construction business, net sales were about ¥86.9 billion and segment loss was about ¥0.2 billion.
[Civil Engineering]
In the civil engineering business, net sales were about ¥68.5 billion and segment profit was about ¥8.1 billion.
[Road Civil Engineering]
In the road civil engineering business, net sales were about ¥109.1 billion and segment loss was about ¥1.7
billion.
[Machinery]In the machinery business, net sales were about ¥16.3 billion and segment profit was around ¥0.6 billion.
[Infrastructure Management]
In the infrastructure management business, net sales were about ¥14.7 billion and segment profit was about ¥7.4
billion.
[Others]
In the others business segment, net sales were about ¥17.8 billion and segment profit was about ¥0.4 billion.

4(2) Explanation of Financial Position
1) Assets, liabilities and net assets
Total assets as of September 30, 2022 were about ¥877.9 billion, down roughly ¥48.4 billion compared to the previous
fiscal year, mainly due to a decrease in notes receivable and accounts receivable from completed construction contracts.
Liabilities stood at around ¥523.6 billion, a decrease of about ¥46.9 billion compared to the previous fiscal year, mainly
due to a decrease in short-term borrowings. Net assets amounted to about ¥354.3 billion, down roughly ¥1.5 billion. As aresult of the above, equity, which is net assets minus non-controlling interests, amounted to about ¥344.9 billion, and theequity ratio increased from 37.4% in the previous fiscal year to 39.3%.
2) Cash flows
Net cash provided by operating activities in the six months ended September 30, 2022 was about ¥68.4 billion. Net
cash used in investing activities amounted to roughly ¥6.7 billion. Net cash used in financing activities amounted to around¥49.1 billion. As a result of the above, the balance of cash and cash equivalents at the end of the six months ended
September 30, 2022 increased by about ¥13.1 billion from the end of the previous fiscal year, to roughly ¥89.1 billion.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
Based on financial results for the six months ended September 30, 2022, the financial results forecast announced at
the time of the financial results announcement on May 13, 2022 was revised as follows.
1. Revision to forecast of the consolidated financial results
for the fiscal year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales

OperatingprofitOrdinary
profit(Millions of yen)
Profitattributable toowners ofparentEarnings
per share(Yen)

Previously announced
forecast (A)730,600

42,60043,50032,400123.26

Revised forecast (B)705,000

35,00036,80031,500121.50Difference (B-A)(25,600)(7,600)(6,700)

(900)

(3.5)

(17.8)(15.4)(2.8)

682,91237,48938,036

26,689

Increase/decrease (%)[Reference] Results forthe fiscal year ended
March 31, 2022

94.73

2. Reasons for the revision to the financial results forecast
Net sales are expected to surpass the result of the previous fiscal year in the building construction business and thecivil engineering business, but are projected to decrease by ¥25.6 billion from the previous forecast, mainly because
construction progress fell short of initial expectations.
Gross profit is expected to achieve a high profit margin on a par with the previous fiscal year in the building
construction business and the civil engineering business. Operating profit is projected to decrease by ¥7.6 billion. This ismainly because construction progress fell short of expectations in the building construction business, and profitability
deteriorated in the road civil engineering business due to soaring raw material prices, while operating profit in the civilengineering business is expected to exceed the previous forecast.
As a result of the foregoing, although we maintain the forecast of a new record-high profit, ordinary profit and profit
attributable to owners of parent are expected to decrease by ¥6.7 billion and ¥0.9 billion, respectively, compared to theprevious forecast.

5

2. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022

As of September 30, 2022

AssetsCurrent assets
Cash and deposits

78,03591,716

310,801

230,980

Securities
Real estate for sale

30
1,987

30
1,894

Merchandise and finished goods
Costs on construction contracts in progress

1,573
13,6981,754
26,413

Raw materials and supplies
Other

3,444
43,1493,736
43,318

(117)

(184)

452,602399,659

163,578

158,227

109,721

107,653

24,122

27,96919,891

16,525

Notes receivable, accounts receivable from completed
construction contracts and other

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Right to operate public facilities
Assets related to replacement investment to operate
public facilities
Goodwill
Other

14,98814,089Total intangible assets

168,724

166,237

Investment securities
Deferred tax assets

120,123840

116,630
1,063

Retirement benefit asset
Other

14,907
5,994

15,82820,646

Investments and other assets

Allowance for doubtful accounts

(402)

(374)

Total investments and other assets

141,464

153,794473,767

478,25862

27

926,432

877,946

Total non-current assets
Deferred assets
Total assets

6

(Millions of yen)
As of March 31, 2022

As of September 30, 2022

Liabilities
Current liabilities
Electronically recorded obligations - operating

6,933

20,641

110,997
84,49285,512
28,729Current portion of non-recourse loans
Current portion of bonds payable

1,194
–

1,116
10,000

Income taxes payable
Advances received on construction contracts in progress

10,89634,862

5,796
42,344

Provision for loss on construction contracts
Other provisions

836
10,132

497
9,414

Liabilities related to right to operate public facilities
Liabilities related to replacement investment to operate

4,555

4,650

1,016

564

Account payable for works in progress and other
Short-term borrowings

public facilities
Other

33,31933,693

Total current liabilities

299,236

242,961

Non-current liabilities
Bonds payable

45,00048,000Long-term borrowings
Non-recourse loans

52,851
9,947

62,312
4,222

Deferred tax liabilities
Retirement benefit liability

14,305
16,767

13,99916,995

Other provisions
Liabilities related to right to operate public facilities–
103,84356
101,894

Liabilities related to replacement investment to operate
public facilities

24,58829,032

Other

4,025

4,137

271,330

280,651

570,566

523,612

Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital

20,00020,000Capital surplus
Retained earnings

134,117
198,273

106,349
211,551

Treasury shares(24,342)(10,929)

Total shareholders’ equity

328,048

326,971

18,275
3

17,163
235

(95)
680

(285)
886

18,86318,000

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

7

8,953

9,362

355,865

354,334

926,432

877,946

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly consolidated statement of income
Six months ended September 30, 2022
(Millions of yen)Six months ended
September 30, 2022
Net sales
Net sales of completed construction contracts
Sales in other businesses

170,946
142,543

Total net sales

313,490

Cost of sales
Cost of sales of completed construction contracts

148,688

Cost of sales in other businesses

121,977

Total cost of sales

270,666

Gross profit
Gross profit on completed construction contracts
Gross profit - other business

22,25820,565

Total gross profit

42,824

Selling, general and administrative expenses

28,130Operating profit

14,693Non-operating income
Interest income

126

Dividend income
Foreign exchange gains

1,218
1,089

Share of profit of entities accounted for using equity method
Other

294
230

Total non-operating income

2,959

Non-operating expenses
Interest expenses

1,121

Other

484

Total non-operating expenses

1,606

Ordinary profit

16,047Extraordinary income
Gain on sale of non-current assets

60

Gain on sale of investment securities
Other

2,930
140

Total extraordinary income

3,131

Extraordinary losses
Loss on retirement of non-current assets

96

Loss on valuation of investment securities
Other

190
48

Total extraordinary losses

335

Profit before income taxes

18,843

Income taxes - current

5,009

Income taxes - deferred(79)

Total income taxes

4,930

Profit13,912

Profit attributable to non-controlling interests

620

Profit attributable to owners of parent

13,2928

Quarterly consolidated statement of comprehensive income
Six months ended September 30, 2022
(Millions of yen)Six months ended
September 30, 2022
Profit13,912Other comprehensive income
Valuation difference on available-for-sale securities(1,108)Deferred gains or losses on hedges
Foreign currency translation adjustment

238
(179)

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted

194
13

for using equity method
Total other comprehensive income(841)

Comprehensive income

13,071

Comprehensive income attributable toComprehensive income attributable to owners of parent

12,429Comprehensive income attributable to non-controllinginterests

641

9

(3) Quarterly Consolidated Statement of Cash Flows(Millions of yen)Six months ended
September 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation

18,843
12,277

Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts

3,366
39

Increase (decrease) in provision for loss on construction
contracts(338)

Increase (decrease) in retirement benefit liability
Interest and dividend income(500)(1,344)

Interest expenses
Foreign exchange losses (gains)

1,121
(495)

Share of loss (profit) of entities accounted for using equity
method(294)

Loss (gain) on sale of short-term and long-term investment
securities(2,930)Loss (gain) on valuation of short-term and long-term
investment securities

190

Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets

(60)
96

Decrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts in

79,728(12,714)progress
Decrease (increase) in inventories(394)

Decrease (increase) in consumption taxes refund receivable
Decrease (increase) in long-term prepaid expenses(7,215)(14,660)

Increase (decrease) in trade payables
Increase (decrease) in advances received on construction(11,776)
7,481

contracts in progress
Increase (decrease) in deposits received

2,591

Other, net

4,428

Subtotal

77,438Interest and dividends received

1,760Interest paid
Income taxes paid

(833)
(9,929)Net cash provided by (used in) operating activities

68,436

Cash flows from investing activities
Purchase of property, plant and equipment and intangible(8,105)assetsPurchase of rights to operate public facilities(2,102)

Payments for replacement investment to operate public
facilities(726)

Proceeds from sale of property, plant and equipment andintangible assets

153

Purchase of investment securities
Proceeds from sale and redemption of investment securities

(38)
4,835

Purchase of shares of subsidiaries and associates
Loan advances

(48)
(36)

Proceeds from collection of loans receivable
Other, net

19
(661)

Net cash provided by (used in) investing activities(6,710)10

(Millions of yen)Six months ended
September 30, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings(57,310)Proceeds from long-term borrowings
Repayments of long-term borrowings

15,000(3,474)

Decrease in non-recourse payable
Proceeds from issuance of bonds(323)
12,937

Repayments of finance lease liabilities
Purchase of treasury shares(249)(4,695)

Dividends paid
Dividends paid to non-controlling interests(10,770)(252)

Other, net(33)

Net cash provided by (used in) financing activities(49,172)

Effect of exchange rate change on cash and cash equivalents

495

Net increase (decrease) in cash and cash equivalents

13,048Cash and cash equivalents at beginning of period

76,018

Increase in cash and cash equivalents resulting from inclusion ofsubsidiaries in consolidation

96

Cash and cash equivalents at end of period

89,16311

(4) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Notes in the case of significant changes in amount of shareholders’ equity)
Not applicable.
(Changes in scope of consolidation and application of equity method)
Significant changes in scope of consolidation
From the first quarter of the current fiscal year, the newly established MAEDA AMERICA Inc. and INFRONEER Digital
Solutions Inc., as well as Mio Tsukushi Industrial Water Concession Co., the importance of which increased, were includedin the scope of consolidation.
In the first quarter of the current fiscal year, Aoisangyo CO., Ltd, which was a consolidated subsidiary, was excluded fromthe scope of consolidation because it was dissolved in an absorption-type merger with a consolidated subsidiary AonokensetsuCO., LtdIn addition, in the first quarter of the current fiscal year, consolidated subsidiary Anonymous Association Happo Wind
Development, was excluded from the scope of consolidation due to the sale of the equity interest in the anonymous association
it held.
(Changes to accounting policies)
Application of Guidance on Accounting Standard for Fair Value Measurement, etc.
The “Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No. 31, June17, 2021; hereinafter the “Fair Value Measurement Guidance”) has been applied from April 1, 2022, and the new
accounting policies prescribed by the Fair Value Measurement Guidance will be prospectively applied in accordance withthe transitional treatment prescribed in Paragraph 27-2 of the Fair Value Measurement Guidance. The application of the
Fair Value Measurement Guidance has no effect on the quarterly consolidated financial statements.
(Additional information)
Transactions to offer the Company’s shares to employees, etc. through trust(1) Stock Benefit Trust Disposition-type Employee Stock Ownership Plan
The Company conducts transactions to offer the Company’s shares to the employee stock ownership plan through trust,with the aim of enhancing employees’ benefits and providing incentives for the Company and Group employees toincrease corporate value.
1. Descriptions of transactions
In March 2022, the Company introduced a “Stock Benefit Trust Disposition-type Employee Stock Ownership Plan”(hereinafter the “ESOP”).
To initiate the ESOP, the Company concluded the “Stock Benefit Trust (Disposition-type ESOP) Agreement”(hereinafter the trust established pursuant to the agreement shall be referred to as the “ESOP Trust”), whereby the Company
is to act as the administrator and the role of trustee is assigned to Mizuho Trust & Banking Co., Ltd. (hereinafter the“Trustee”). In addition, an agreement was concluded under which the Trustee is to re-entrust shares of the Company andother assets of the ESOP Trust to an account with ancillary trustee, Custody Bank of Japan, Ltd. (hereinafter the “Trust
Account E”). The Trust Account E acquires shares of the Company that the Maeda Corporation Employee Stock Holding
Partnership, the Maeda Road Employee Stock Holding Partnership, and the Maeda Seisakusho Employee Stock Holding
Partnership (hereinafter collectively the “Stock Holding Partnership”), is expected to obtain over five years after the trust
was set up, and periodically sells its holdings to the Stock Holding Partnership. If, by the time of the ESOP Trust’s
termination, gains equivalent to capital gains on sales of shares are accumulated within the ESOP Trust through sales ofCompany’s shares by the Trust Account E to the Stock Holding Partnership, then those gains will be distributed as residual
assets to Stock Holding Partnership enrollees that meet the requirements for eligible beneficiaries. Furthermore, toguarantee funds borrowed by the Trustee that enable the Trust Account E to acquire the Company’s shares, the Company
is to repay any such remaining borrowings pursuant to a guarantee agreement, in the event there are any remaining
borrowings equivalent to losses on sales of shares due to a downturn in the price of Company’s shares up until terminationof the ESOP Trust.

122. Company’s shares remaining in trust
The Company’s shares remaining in trust were recorded as treasury shares in the net assets section at the book value intrust (excluding the amount as ancillary expenses). At the end of the previous fiscal year, the book value and number ofshares of the relevant treasury shares were ¥4,501 million and 4,221 thousand shares, respectively. As of September 30,
2022, the book value and number of shares of the relevant treasury shares were ¥3,767 million and 3,668 thousand shares,
respectively.
3. Book value of borrowings recorded using the gross method
Borrowings at the end of the previous fiscal year amounted to ¥4,545 million and as of September 30, 2022 amounted
to ¥4,026 million.
(2) Board Benefit Trust (BBT)The Company’s consolidated subsidiary Maeda Corporation introduced a performance-based stock compensation plancalled “Board Benefit Trust” for directors (excluding outside directors) and executive officers (hereinafter collectively the“Directors”) of Maeda Corporation. On September 1, 2022, in place of the former performance-based stock compensation
plan for Directors, the Company introduced a new performance-based stock compensation plan called “Board Benefit
Trust” (hereinafter “BBT”) for directors (excluding outside directors) and executive officers of the Company (hereinafter,
directors and executive officers of the Company are collectively referred to as the “Eligible Directors”), in order to clarify
a linkage among the Eligible Directors’ rewards, the Company’s financial results, and the value of stock, and to enhancetheir motivation to contribute to the improvement of mid- to long-term business performance and the increase in corporate
value by making them share not only the benefits of higher share prices, but also the risks of lower share prices withshareholders.
Following the introduction of the new plan, the operating entity of the BBT was changed from Maeda Corporation to
the Company, with the trust assets transferred to the Company.
1. Descriptions of transactions
The BBT is a performance-based stock compensation plan under which the Company’s shares are acquired through atrust (hereinafter the trust that is established based on the BBT is referred to as the “Trust”), using money contributed by
the Company as the source of funds, and the Eligible Directors are provided with the Company’s shares and an amount ofmoney equivalent to the market value of the Company’s shares (hereinafter the “Company’s Shares, etc.”) through theTrust in accordance with the Regulations on Stock Benefits for Officers stipulated by the Company. The Eligible Directors
shall receive the Company’s Shares, etc. at a certain time after the end of each period of the Company’s Medium TermBusiness Plan (an initial applicable period and each three consecutive fiscal years following the initial applicable period),in principle.
2. The Company’s shares remaining in trust
The Company’s shares remaining in trust are recorded as treasury shares in the consolidated balance sheet at the bookvalue in trust (excluding the amount as ancillary expenses). At the end of the previous fiscal year, the book value andnumber of shares of the relevant treasury shares were ¥549 million and 657 thousand shares, respectively. As of September
30, 2022, the book value and number of shares of the relevant treasury shares were ¥303 million and 377 thousand shares,
respectively.

13

(Segment information)
I For the six months ended September 30, 2022 (April 1, 2022 to September 30, 2022)
1. Information on sales, profit or loss by reportable segment and decomposition of income(Millions of yen)

Adjustment(Note 2)

Amountrecorded inquarterly
consolidated
statement ofincome(Note 3)

Reportable Segment
Building
Civil
Road Civil
Machinery
Construction Engineering Engineering

InfrastructureManagement

Total

Other
(Note 1)Total

Net sales
Goods transferred at apoint in time
Goods transferred overtime
Income from contracts
with customers

3,404

439

85,50814,013

7,806

111,172

11,842

123,014－123,01482,541

68,113

23,52096－

174,271

6,011

180,283－

180,283

85,94568,553109,029

14,1097,806

285,443

17,853

303,297－

303,297

971

－

82

2,211

6,928

10,192－

10,192－

10,192

Net sales to outside
customers
Inter-segment net sales
or transfers

86,916

68,553

109,111

16,32014,734

295,636

17,853

313,490－

313,490

1,326

25

2,109

1,029

－

4,491

5,802

10,293(10,293)－

Total

88,243

68,578111,220

17,35014,734300,127

23,655

323,783(10,293)

313,490

Segment profit (loss)

(201)

8,129

(1,727)

600

7,498

14,298480

14,778(85)

14,693

Other income(Notes) 1. “Others” is the segment which is not included in reportable segments, namely businesses operated by somesubsidiaries
2. Adjustment of segment profit (loss) includes inter-segment transactions of ¥(85) million.
3. Adjustments are made to reconcile segment profit (loss) to operating profit reported on the quarterly consolidated
statement of income.
(Significant subsequent event)Not applicable.

143. Supplementary Information(1) (Building Construction Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog
1. Orders Received(Millions of yen)Six months ended
September 30, 2022%

AmountPublic Works

24,175

21.8%

Private Works

85,978

77.7%

Overseas

523

0.5%

Total

110,677

100.0%

2. Net Sales(Millions of yen)Six months ended
September 30, 2022%

AmountPublic Works

12,702

14.4%

Private Works

75,131

85.1%

Overseas

408

0.5%

Total

88,243100.0%

3. Backlog(Millions of yen)Six months ended
September 30, 2022%

AmountPublic Works

90,713

21.7%

Private Works

326,11078.1%

Overseas

474

0.1%

Total

417,298

100.0%(Note) Net sales are before adjustment and include inter-segment transactions.

(2) (Civil Engineering Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog
1. Orders Received(Millions of yen)Six months ended
September 30, 2022
Amount%Public Works

21,023

61.9%

Private Works

12,90638.0%

Overseas

54

0.2%

Total

33,985100.0%

2. Net Sales(Millions of yen)Six months ended
September 30, 2022%

AmountPublic Works

36,68054.1%

Private Works

31,20046.0%

Overseas(55)(0.1)%

Total

67,824100.0%

15

3. Backlog(Millions of yen)Six months ended
September 30, 2022%

AmountPublic Works

129,99744.9%

Private Works

158,970

54.9%

Overseas

671

0.2%

Total

289,639100.0%(Note) Net sales are before adjustment and include inter-segment transactions.

(3) (Road Civil Engineering Segment) Classified by Type: Orders Received, Net Sales and Backlog
1. Orders Received(Millions of yen)Six months ended
September 30, 2022%

AmountPavement
Construction
Civil Engineering
Works
Manufacturing/Sales
Other
Total

71,86859.5%

14,397

11.9%

34,156

28.3%

287

0.2%

120,710100.0%

2. Net Sales(Millions of yen)Six months ended
September 30, 2022%

AmountPavement

62,46756.2%

Civil EngineeringWorks

14,308

12.9%

Manufacturing/Sales

34,15630.7%

Construction

Other
Total

287

0.3%

111,220100.0%

3. Backlog(Millions of yen)Six months ended
September 30, 2022%

AmountPavement
Construction

55,55581.0%

Civil EngineeringWorks

12,98919.0%

Manufacturing/Sales

－

－

Other

－

－

68,545100.0%

Total(Note) Net sales are before adjustment and include inter-segment transactions.

16

(4) Summary of Forecast of Consolidated Financial Results(Millions of yen)Six months ended
September 30, 2022
Results for thecurrent period
Net sales

Fiscal year ending March 31, 2023
Full-year forecast

Progress

YoYchange313,490705,000

22,087

44.5%

Building Construction

86,916228,400

12,29738.1%

Civil Engineering

68,553147,000

4,360

46.6%

Road Civil Engineering

109,111

236,000

3,232

46.2%

Machinery

16,32035,500177

46.0%

Infrastructure Management

14,73421,500

2,826

68.5%

Other

17,85336,600

(807)

48.8%

42,824

92,100

489

13.7%

13.1%

(0.4)%

7,382

24,000

596

8.5%

10.5%

(0.3)%

13,68725,400

(636)

20.0%

17.3%

(1.0)%

8,122

21,000(1,462)

7.4%

8.9%

(0.8)%

3,360

7,500

132

20.6%

21.1%

0.3%

8,586

10,000

2,416

58.3%

46.5%

5.9%

1,684

4,200

(556)

9.4%

11.5%

(1.2)%

Selling, general and administrative expenses

28,13057,100

2,979

49.3%

Operating profit

14,69335,000(2,489)42.0%

Ordinary profit

16,04736,800(1,236)

43.6%

Profit attributable to owners of parent

13,29231,500

4,810

42.2%

Gross profit

Building Construction

Civil Engineering

Road Civil Engineering

Machinery

Infrastructure Management

Other(Note) Percentages in the lower row of gross profit indicate profit margin.

17

46.5%

30.8%

53.9%

38.7%

44.8%

85.9%

40.1%

(Reference) Maeda Corporation: Supplementary Information
1) Summary of non-consolidated financial results forecast(Millions of yen)
Fiscal year ending
March 31, 2023

Six months ended September 30, 2022
Results for theprevious period

Results for thecurrent period

165,342

163,082(2,260)383,900

18,12742.5%

Construction Total

162,776

155,097(7,679)374,800

16,477

41.4%

Building
Construction
Civil
Engineering
InfrastructureManagement

101,258

87,272(13,986)

228,300

11,45738.2%

61,51867,824

6,306

146,500

5,019

46.3%

566

7,013

6,447

7,400

2,819

94.8%

1,999

971

(1,028)1,700(1,168)57.1%

20,02527,506

7,481

56,300

2,163

12.1%

16.9%

4.8%

14.7%

(0.1)%

18,297

20,037

1,739

48,100

88

11.2%

12.9%

1.7%

12.8%

(0.6)%

8,795

6,981

(1,813)23,200

537

8.7%

8.0%

(0.7)%

10.2%(0.3)%

9,501

13,055

3,553

24,900

(449)

15.4%

19.2%

3.8%

17.0%

(0.9)%

565

7,008

6,443

7,400

2,863

99.8%

99.9%

0.1%

100.0%

1.0%

1,162

460

(701)

800

(789)

58.1%

47.4%

(10.7)%

47.1%(8.3)%

Selling, general and administrative
expenses

13,62014,217596

28,500

1,683

49.9%

Operating profit

6,404

13,2896,884

27,800479

47.8%

Ordinary profit

13,527

15,5282,001

30,200(4,994)

51.4%

Profit12,77814,491

1,712

28,700187

50.5%

Net sales

Real Estate
Gross profit

Construction Total
Building
Construction
Civil
Engineering
InfrastructureManagement
Real Estate

Progress

Full-year forecast
YoY change

YoY change(Note) The percentages in the lower row of Gross profit indicate the profit margin.
2) Non-consolidated forecast of orders received for the construction business(Millions of yen)
Fiscal year ending

Six months ended

March 31, 2023

September 30, 2022

Full-year forecast

YoY change

Results for thecurrent period

Progress

Building Construction

260,000(0.1)%

109,703

42.2%

Civil Engineering

160,000(0.2)%

33,985

21.2%

Total

420,000(0.1)%

143,688

34.2%

18

48.9%

41.7%

30.1%

52.4%

94.7%

57.6%