Consolidated Financial Results
for the Six Months Ended September 30, 2021
[Japanese GAAP]
November 15, 2021
Company name: INFRONEER Holdings Inc. (for Maeda Seisakusho Co., Ltd.)
Stock exchange listing: Tokyo Stock Exchange
Securities code: 5076
URL: https://www.infroneer.com
Representative: Kazunari Kibe, Representative Executive Officer and President
Contact: Shinichi Ushizawa, General Manager of Finance Department, Business Administration Division, Maeda
Seisakusho Co., Ltd.
Phone: +81-26-292-2222
Scheduled date of filing quarterly securities report: –Scheduled date of commencing dividend payments: –Availability of supplementary explanatory materials on quarterly financial results: Not Available
Schedule of quarterly financial results briefing session: Scheduled(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Six Months Ended September 30, 2021 (April 1, 2021 - September 30,
2021)(1) Consolidated Operating Results (cumulative)(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Six months ended
Million yen%
Million yen%
Million yen%
Million yen%
September 30, 2021
16,768 14.4
600
16.1
639
11.3
428
8.7
September 30, 2020
14,660 (17.3)
517 (19.9)
574 (15.5)
394 (11.9)(Note) Comprehensive income: Six months ended September 30, 2021: 126 million yen [(80.0)%]
Six months ended September 30, 2020: 634 million yen [67.6%]
Basic earnings
Diluted earnings
per shareper share
Six months ended
Yen
Yen
27.03
–
September 30, 2021
September 30, 2020
24.83–
(2) Consolidated Financial Position
Total assets

Net assets

Million yen

Equity ratio

Million yen%

30,001
As of September 30, 2021
13,94931,151
As of March 31, 2021
13,973(Reference) Equity: As of September 30, 2021: 13,949 million yen
As of March 31, 2021: 13,973 million yen

46.5
44.9

2. Dividends
Annual dividends per share
2nd
3rd
Year-endquarter-end
quarter-end

1stquarter-end
Fiscal year ended March 31, 2021
Fiscal year ending March 31, 2022
Fiscal year ending March 31, 2022
(Forecast)

Total

Yen

Yen

Yen

Yen

Yen

–
–

0.00
–

–

10.00

10.00

–

–

–

* Notes:(1) Changes in significant subsidiaries during the period under review: None
(Changes in specified subsidiaries resulting in changes in scope of consolidation):
Newly included: –, Excluded: –(2) Accounting methods adopted particularly for the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(4) Total 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, 2021:
15,821,648 shares
As of March 31, 2021:
16,100,000 shares2) Total number of treasury shares at the end of the period:
As of September 30, 2021:– shares
As of March 31, 2021:
226,953 shares
3) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year):Six months ended September 30, 2021:
15,867,369 shares
Six months ended September 30, 2020:
15,892,017 shares* These quarterly consolidated financial results are outside the scope of quarterly review by certified public
accountants or an audit firm.

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

Table of Contents - Attachments
1. Qualitative Information on Quarterly Financial Results .........................................................................2(1) Explanation of Operating Results .......................................................................................................2(2) Explanation of Financial Position .......................................................................................................3
2. Quarterly Consolidated Financial Statements and Principal Notes .........................................................4(1) Quarterly Consolidated Balance Sheets ..............................................................................................4(2) Quarterly Consolidated Statements of Income and Comprehensive Income ......................................6(3) Quarterly Consolidated Statements of Cash Flows .............................................................................8(4) Notes to Quarterly Consolidated Financial Statements .......................................................................9(Notes on going concern assumption) ............................................................................................9(Notes in case of significant changes in shareholders’ equity) .......................................................9(Changes in accounting policies)......................................................................................................9(Significant subsequent events) ....................................................................................................10(Segment information, etc.) ..........................................................................................................12

1

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

1. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
During the six months ended September 30, 2021, the Japanese economy continued to experience ups anddowns due to strengthening and easing restrictions on activities caused by the COVID-19 pandemic, with
consumer spending also going down and up, repeatedly. The ups and downs of performance by industry werealso clear, and business sentiment remained polarized. While vaccination rates have increased and economic
activity is expected to pick up, the emergence of new variants continues to be a concern. The balance between
preventing the spread of COVID-19 and boosting economic activity is entering a new phase.
In the construction industry, the Group’s major customer, civil engineering-related work remained solid, in
preparation for disaster recovery works and national resilience. Meanwhile, there are growing concerns about
pressure on earnings due to soaring raw materials prices and rising labor costs caused by labor shortages. Partly
because it remains hard to tell when the COVID-19 pandemic will be brought under control, the outlook remains
uncertain.
Under such a business environment, the Group has responded flexibly to various changes in the environment
without being bound by conventions, to aim to ensure growth and profitability by proactively working on digitaltechnology and expanding its business domain. As a result, consolidated net sales for the six months ended
September 30, 2021 increased by 14.4% year on year to 16,768 million yen. On the profit side, the Company
posted 600 million yen in consolidated operating profit (up 16.1% year on year), 639 million yen in consolidated
ordinary profit (up 11.3% year on year), and 428 million yen in profit attributable to owners of parent (up 8.7%
year on year). As the Company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement
No. 29, March 31, 2020; hereinafter referred to as the “Revenue Recognition Accounting Standard”) and otherstandards, consolidated net sales increased by 81 million yen, and both consolidated operating profit andconsolidated ordinary profit increased by 18 million yen.
Overview of net sales by segment for the six months ended September 30, 2021, is as follows.
Construction Machinery-related Business
The construction machinery-related business posted net sales of 10,935 million yen, up 9.7% year on year.
Net sales of construction machinery-related merchandise increased by 17.3% year on year to 6,105 million
yen, net sales of construction machinery-related rental decreased by 3.4% year on year to 1,661 million yen, andnet sales of construction machinery-related services increased by 4.2% year on year to 3,168 million yen.
Industrial and Steel Structure Machinery-related Business
The industrial and steel structure machinery-related business posted net sales of 4,818 million yen, up 32.3%
year on year.
Net sales of industrial machinery-related products increased by 48.6% year on year to 2,894 million yen, andnet sales of industrial machinery-related merchandise decreased by 10.4% year on year to 495 million yen.
Net sales of steel structure machinery-related products increased by 14.2% year on year to 695 million yen,and net sales of industrial machinery-related - others increased by 37.4% year on year to 733 million yen.
As the Company has applied the Revenue Recognition Accounting Standard, etc., net sales increased by 81
million yen, and operating profit increased by 18 million yen.
Nursing Care Equipment-related Business
The nursing care equipment-related business posted net sales of 760 million yen, up 7.5% year on year.
Other Business
The other business posted net sales of 253 million yen, down 26.2% year on year.

2

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

(2) Explanation of Financial Position
Current assets as of September 30, 2021 decreased by 415 million yen from the end of the previous fiscal year
to 17,687 million yen. This was mainly due to a decrease in notes and accounts receivable - trade, and contract
assets despite an increase in cash and deposits.
Non-current assets decreased by 734 million yen from the end of the previous fiscal year to 12,313 million
yen. This was mainly due to a decrease in investment securities as a result of a drop in the market prices of shares
held.
As a result, total assets decreased by 1,150 million yen from the end of the previous fiscal year to 30,001
million yen.
Current liabilities as of September 30, 2021 decreased by 441 million yen from the end of the previous fiscal
year to 12,589 million yen. This was mainly due to a decrease in income taxes payable.
Non-current liabilities decreased by 685 million yen from the end of the previous fiscal year to 3,461 million
yen. This was mainly due to decreases in long-term borrowings (down 286 million yen) and lease obligations(down 263 million yen).
As a result, total liabilities decreased by 1,126 million yen from the end of the previous fiscal year to 16,051
million yen.
Total net assets as of September 30, 2021 decreased by 24 million yen from the end of the previous fiscal year
to 13,949 million yen. This was mainly due to a decrease in valuation difference on available-for-sale securities.
As the Company has applied the Revenue Recognition Accounting Standard, etc., net assets increased due to a
7 million yen increase in retained earnings at the beginning of the period.
As a result, the equity ratio as of September 30, 2021 stood at 46.5% (44.9% as of the end of the previous
fiscal year).
Status of cash flows
During the six months ended September 30, 2021, cash and cash equivalents amounted to 5,832 million yen(5,133 million yen as of the end of the previous fiscal year).
(Cash flows from operating activities)
During the six months ended September 30, 2021, net cash provided by operating activities was 1,488 million
yen (an inflow of 1,632 million yen in the same period of the previous fiscal year). This was mainly due to therecording of profit before income taxes of 638 million yen (568 million yen in the same period of the previous
fiscal year) and depreciation of 898 million yen (913 million yen in the same period of the previous fiscal year).
(Cash flows from investing activities)
During the six months ended September 30, 2021, net cash used in investing activities was 723 million yen(an outflow of 1,295 million yen in the same period of the previous fiscal year). This was mainly due to purchaseof property, plant and equipment, including assets for rent.
(Cash flows from financing activities)
During the six months ended September 30, 2021, net cash used in financing activities was 500 million yen(an outflow of 439 million yen in the same period of the previous fiscal year). This was mainly due to repaymentsof long-term borrowings.

3

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

2. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Thousand yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract
assetsInventories
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Assets for rent
Accumulated depreciation
Assets for rent, net
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Leasehold interests in land
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4

As of September 30, 2021

5,590,484
8,618,748

5,852,045––

7,841,064

3,633,819
235,498
66,417(41,652)
18,103,315

3,739,580
192,958
86,533(24,339)
17,687,842

17,553,281(13,767,509)
3,785,772
8,446,306(6,411,939)
2,034,367
2,547,956(2,017,686)
530,270
3,072,136
955,659(409,518)
546,140
1,070,340(793,052)
277,287
10,245,975

17,449,264(13,992,562)
3,456,701
8,684,426(6,502,993)
2,181,433
2,617,513(2,061,569)
555,9443,073,518
939,782(451,787)
487,995
976,189(769,120)
207,069
9,962,662

41,14853,478242
94,86841,14846,991
230
88,3692,553,013
47,077
169,266(62,046)
2,707,311
13,048,155
31,151,470

2,136,239
36,965
167,183(78,260)
2,262,127
12,313,159
30,001,002

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

(Thousand yen)
As of March 31, 2021
Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings
Lease obligations
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease obligations
Deferred tax liabilities
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net asset

5

As of September 30, 2021

6,551,461
4,121,029
135,202406,865
625,350

6,521,136
4,176,837
335,267
202,391
563,060

44,110–1,147,199
13,031,218

791,265
12,589,958

1,469,314
439,940
228,159
1,874,816
134,320
4,146,550
17,177,769

1,183,090
176,822
133,181
1,855,768
112,514
3,461,377
16,051,336

3,160,000
111,020
9,346,616(109,190)
12,508,446

3,160,000
100,000
9,526,466–
12,786,466

1,258,698
206,556
1,465,255
13,973,701
31,151,470

964,289
198,910
1,163,199
13,949,665
30,001,002

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Six Months Ended September 30, 2020 and 2021
(Thousand yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Rental income from real estate
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Loss on sale of notes receivable - trade
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent

For the six months
ended September 30, 2020
14,660,205
11,656,677
3,003,527
2,486,467
517,060

For the six months
ended September 30, 2021
16,768,554
13,478,228
3,290,325
2,690,154
600,170

8,385
37,274
5,777
10,75628,58690,7807,592
34,747–
10,94820,06773,356

17,841–
5,003
10,04532,891
574,950

15,092
7,864
4,936
5,911
33,805
639,721

6,064
264
6,329
568,621122,196
51,901
174,097394,524
394,524

1,124
422
1,546
638,174
170,495
38,712
209,207428,966
428,966

6

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

Quarterly Consolidated Statements of Comprehensive Income
Six Months Ended September 30, 2020 and 2021
(Thousand yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

For the six months
ended September 30, 2020
394,524

For the six months
ended September 30, 2021
428,966

238,782888
239,670
634,194(294,409)(7,646)(302,055)
126,910634,194

126,910––7

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

(3) Quarterly Consolidated Statements of Cash Flows(Thousand yen)
For the six months
ended September 30, 2020
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors(and other officers)
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss on retirement of property, plant and equipment
Decrease (increase) in trade receivables
Decrease (increase) in trade receivables and contract
assetsDecrease (increase) in inventories
Decrease (increase) in accounts receivable - other
Increase (decrease) in trade payables
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Increase (decrease) in accrued consumption taxes
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Repayments of finance lease obligations
Repayments of installment payables - property andequipment
Dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

8

For the six months
ended September 30, 2021

568,621913,356
264
918(36,130)

638,174
898,087422(1,099)(62,290)(43,450)(44,110)

17,282(45,660)
17,841
29
6,064
2,078,586(26,694)(42,339)
15,092
3,392
1,124
–

–

777,683(1,241,731)
216,288(422,227)(16,403)219,774(72,836)(89,231)2,071,357
45,659(17,727)(466,628)
1,632,660(105,213)
42,53979,335(9,507)(38,085)(183,800)(111,967)
1,830,743
42,338(15,002)(369,776)
1,488,302(1,270,654)(4,388)(7,391)(5,517)
5,472(13,317)(1,295,795)(721,102)(5,300)(4,629)(3,000)5,234
5,705(723,092)

338,359(464,858)(80,984)

150,430(380,846)(67,414)(73,061)(43,695)(158,748)(439,293)(29)(102,458)
5,235,861
5,133,403(158,730)(500,257)(3,392)
261,560
5,570,484
5,832,045

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

(4) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Notes in case of significant changes in shareholders’ equity)
Not applicable.
(Changes in accounting policies)
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29,
March 31, 2020; hereinafter referred to as the “Revenue Recognition Accounting Standard”) and other standards
since the beginning of the three months ended June 30, 2021, and recognizes revenue in the amount expected tobe received in exchange for promised goods or services at the time the control of those goods or services istransferred to customers. Sales of some individual custom-made products and construction contracts werepreviously recognized at a point in time; however, the Company has adopted a method where sales are recognizedover a certain period of time based on the degree of progress calculated using the cost-to-cost method.
The Company has applied the Revenue Recognition Accounting Standard, etc., in accordance with thetransitional treatment as provided for in the proviso of Paragraph 84 of the Revenue Recognition AccountingStandard. The cumulative effect of retroactively applying new accounting policies prior to the beginning of thethree months ended June 30, 2021, has been added to or deducted from retained earnings at the beginning of thethree months ended June 30, 2021, and new accounting policies have been applied to the balance from the
beginning of the said period. However, applying the method stipulated in Paragraph 86 of the Revenue
Recognition Accounting Standard, the Company does not retroactively apply the new accounting policies to thecontracts almost all of whose revenue was recognized in compliance with the conventional method before thebeginning of the three months ended June 30, 2021. In addition, applying the method prescribed in the note (1)for Paragraph 86 of the Revenue Recognition Accounting Standard, the Company accounts for contract changes
made prior to the beginning of the three months ended June 30, 2021, based on the contract terms after reflecting
all contract changes, and added or deducted their cumulative effect to or from retained earnings at the beginningof the three months ended June 30, 2021.
As a result, for the six months ended September 30, 2021, net sales increased by 81 million yen, cost of sales
increased by 63 million yen, and operating profit, ordinary profit, and profit before income taxes each increased
by 18 million yen. In addition, retained earnings at the beginning of the period increased by 7 million yen.
As a result of the application of the Revenue Recognition Accounting Standard, etc., “notes and accounts
receivable-trade,” stated under “current assets” in the consolidated balance sheets for the previous fiscal year, is
included in “notes and accounts receivable-trade, and contract assets” from the three months ended June 30,
2021. In addition, “decrease (increase) in trade receivables,” stated under “cash flows from operating activities”
in the quarterly consolidated statements of cash flows for the six months ended September 30, 2020, is included
in “decrease (increase) in trade receivables and contract assets” from the six months ended September 30, 2021.
The Company has made no reclassification for the previous fiscal year by using the new presentation method in
accordance with the transitional treatment as provided for in Paragraph 89-2 of the Revenue Recognition
Accounting Standard. Furthermore, the Company does not state information on the breakdown of revenue
generated from the contracts with customers for the six months ended September 30, 2020, in accordance withthe transitional treatment as provided for in Paragraph 28-15 of the “Accounting Standard for Quarterly Financial
Reporting” (ASBJ Statement No. 12, March 31, 2020).
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30,
July 4, 2019, hereinafter referred to as the “Fair Value Measurement Accounting Standard”) and othermeasurements since the beginning of the three months ended June 30, 2021, prospectively applying new
accounting policies defined in the Fair Value Measurement Accounting Standard, etc. in accordance with the9

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

transitional treatment as provided for in Paragraph 19 of the Fair Value Measurement Accounting Standard andin Paragraph 44-2 of the “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4,2019). This application has no impact on the Company’s quarterly consolidated financial statements.
(Significant subsequent events)[Business integration by establishing a joint holding company]
The Company, Maeda Corporation, and Maeda Road Construction Co., Ltd. (hereinafter referred to as“Maeda Road”; these three companies hereinafter collectively referred to as the “Three Companies”)
established INFRONEER Holdings Inc. as a wholly-owning parent company of the Three Companies(hereinafter referred to as the “Holding Company”) through a joint share transfer (hereinafter referred to as the“Share Transfer”) to integrate the businesses on October 1, 2021 (hereinafter referred to as the “Business
Integration”).
1. Purpose of the Share Transfer
As the business environment changes significantly in the future, in order to achieve lasting growththroughout the Group together, we believe that it is essential to maximize the synergy effect as the wholeGroup, with the Three Companies enhancing their coordination more than ever, building a solid managementfoundation that can respond to changes in the environment, and optimally allocating the management
resources, among other initiatives. We are confident that implementing the Group’s strategy in a unified
manner through the transition to a holding company structure in the Business Integration will contribute toimproving the corporate value of the Three Companies as well as the whole Group.
2. Overview of the Share Transfer(1) Method of the Share Transfer
The Share Transfer is a joint share transfer in which the Three Companies become wholly-owned
subsidiaries resulting from a share transfer and the joint holding company becomes a wholly-owning parent
company.
(2) Contents of the allotment pertaining to the Share Transfer (share transfer ratio)
Maeda Corporation

Maeda Road

the Company

1.00

2.28

0.58

Share transfer ratio
Notes:
1. Allotment ratio of shares:

The shares were issued and allocated at ratios of 1.00 common shares of the Holding Company for one
common share of Maeda Corporation, 2.28 common shares of the Holding Company for one common shareof Maeda Road, and 0.58 common shares of the Holding Company for one common share of the Company.
2. Number of shares per unit of the Holding Company is 100 shares.
3. Total number of new shares issued by the Holding Company:
391,539,797 common shares
10

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

(3) Overview of the newly established company by the Share Transfer
Name
INFRONEER Holdings Inc.
Location
2-10-2 Fujimi, Chiyoda-ku, Tokyo
Name and title of
Kazunari Kibe, Representative Executive Officer and President
the representative
Provision of all sorts of infrastructure services from planning andproposal to design, construction, and operation & maintenance ofinfrastructures, as well as management and control of the group andBusiness categorysubsidiaries operating the construction business (civil engineeringand architecture), paving and manufacturing & sales of construction
machinery, and all businesses incidental or related thereto.
Capital
20,000 million yen
Fiscal year end
March 31

11

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

(Segment information, etc.)[Segment information]
I. For the six months ended September 30, 2020 (from April 1, 2020 to September 30, 2020)
1. Information on amounts of net sales and profit (loss) by reportable segment(Thousand yen)
Reportable segments
Industrial
Construction and Steel Nursing Care
Machinery- Structure Equipmentrelated
Machineryrelated
BusinessrelatedBusiness
Business
Net sales
Net sales to externalcustomers
Inter-segment sales ortransfers
Total
Segment profit (loss)

Others(Note 1)

Total

9,965,277

3,643,358

707,775

14,316,411

23,462

210,61651

234,129

9,988,739
750,480

3,853,974
46,894

707,826
101,241

14,550,540
898,617

Total

Amountrecorded in
Quarterly
Adjustment
Consolidated(Note 2)
Statements ofIncome(Note 3)

343,794 14,660,205－

14,660,205

444,832(444,832)－

554,497 15,105,037(30,773)
867,843(444,832)(350,782)

14,660,205
517,060

210,702(Notes) 1. “Others” refer to business segments not included in the reportable segments, which include planning andsales of products in new fields, automobile sales, insurance agency business, and manufacturing andsales of cylinders, etc.
2. Adjustment in segment profit (loss) of (350,782) thousand yen includes an adjustment of (3,475)
thousand yen due to elimination of intra-company transactions and (347,307) thousand yen for corporate
expenses not allocated to reportable segments. Corporate expenses consist mainly of general andadministrative expenses and test and research costs that are not attributable to any reportable segments.
3. Segment profit (loss) is adjusted with the operating profit stated in the quarterly consolidated statements
of income.

2. Information on impairment loss on non-current assets or goodwill, etc. by reportable segment(Thousand yen)
Reportable segments
Construction
Industrial and SteelNursing Care
Machinery-related Structure Machinery- Equipment-related
Businessrelated BusinessBusiness
Impairment loss

－

－

－

12

Total

－

OthersCorporate/elimination

Total

－

264

264

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

II. For the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021)
1. Information on amounts of net sales and profit (loss) and information on breakdown of revenue by reportablesegment(Thousand yen)
Reportable segments
Industrial
Construction and Steel Nursing Care
Machinery- Structure Equipmentrelated
Machineryrelated
BusinessrelatedBusiness
Business
Net sales
Merchandise andfinished goods
Services
Rental (Note 4)
Others
Total
Goods transferred at apoint in time
Goods transferredover time (Note 4)
Total
Net sales to externalcustomers
Inter-segment sales ortransfers
Total
Segment profit (loss)

Others(Note 1)

Total

Total

Amountrecorded in
Quarterly
Adjustment
Consolidated(Note 2)
Statements ofIncome(Note 3)

6,105,280

4,085,545

16,344

10,207,171

200,273 10,407,444－

10,407,444

3,168,314
1,661,636－
10,935,232

583,114150,300－
4,818,961－
726,320
17,972760,637

3,751,428
2,538,258
17,972
16,514,830

15,047 3,766,476－ 2,538,258
38,40356,375
253,723 16,768,554

－
－
－
－

3,766,476
2,538,258
56,375
16,768,554

9,273,595

4,587,274

34,317

13,895,186

253,723 14,148,909－

14,148,909

1,661,636

231,686

726,320

2,619,644

2,619,644－

2,619,644

10,935,232

4,818,961

760,637

16,514,830

253,723 16,768,554－

16,768,554

10,935,232

4,818,961

760,637

16,514,830

253,723 16,768,554－

16,768,554

40,912

770,790－811,702(1,056,054)－

10,976,144
785,604

5,589,751
152,814760,637
133,291

17,326,533
1,071,711

498,074 17,824,608 (1,056,054)(17,648) 1,054,062(453,891)

16,768,554
600,170－

244,351

1,056,054(Notes) 1. “Others” refer to business segments not included in the reportable segments, which include planning andsales of products in new fields, and manufacturing and sales of cylinders, etc.
2. Adjustment in segment profit (loss) of (453,891) thousand yen includes an adjustment of (166,648)
thousand yen due to elimination of intra-company transactions and (287,243) thousand yen for corporate
expenses not allocated to reportable segments. Corporate expenses consist mainly of general andadministrative expenses and test and research costs that are not attributable to any reportable segments.
3. Segment profit (loss) is adjusted with the operating profit stated in the quarterly consolidated statements
of income.
4. Revenue generated from other sources other than revenue generated from the contracts with customers
is included. The Company has applied the “Accounting Standard for Lease Transactions” (ASBJ
Statement No. 13) to rental sales.

2. Information on impairment loss on non-current assets or goodwill, etc. by reportable segment(Thousand yen)
Reportable segments
Construction
Industrial and SteelNursing Care
Machinery-related Structure Machinery- Equipment-related
Businessrelated BusinessBusiness
Impairment loss

－

－

－

13

Total

－

OthersCorporate/elimination

Total

－

422

422

INFRONEER Holdings Inc. (Maeda Seisakusho Co., Ltd.) (5076)
Consolidated Financial Results for the Six Months Ended September 30, 2021

3. Notes relating to changes in reportable segments, etc.
The Company has applied the Revenue Recognition Accounting Standard, etc. and changed the way of accounting
methods for revenue recognition since the beginning of the three months ended June 30, 2021, as described above
in “Changes in accounting policies.” Therefore, the Company has similarly changed the method of measuring
segment profit or loss.
As a result, net sales and segment profit in the industrial and steel structure machinery-related business for the six
months ended September 30, 2021, increased by 81 million yen and 18 million yen, respectively, compared with theconventional method.

14