Consolidated Financial Results
for the Six Months Ended September 30, 2021
[Japanese GAAP]
November 15, 2021
Company name: INFRONEER Holdings Inc. (for MAEDA ROAD CONSTRUCTION CO., LTD.)
Stock exchange listing: Tokyo Stock Exchange
Code number: 5076
URL: https://www.infroneer.com
Representative: Kazunari Kibe, Representative Executive Officer and President
Contact: Seiji Nishi, General Manager, Accounting & Finance Division, Administration Headquarters of MAEDA
ROAD CONSTRUCTION CO., LTD.
Phone: +81-3-5487-0020
Scheduled date of filing quarterly securities report:—
Scheduled date of commencing dividend payments:—
Availability of supplementary briefing material on quarterly financial results: Not available
Schedule of quarterly financial results briefing session: Scheduled (for institutional investors and analysts)(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 to 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
Million yen%

Million yen%

Million yen%

Million yen

Six months ended
106,4272.2
4,278 (54.4)
4,432 (54.4)
September 30, 2021
Six months ended
104,116
(4.2)
9,375
21.2
9,721
20.0
September 30, 2020
(Note) Comprehensive income: Six months ended September 30, 2021: ¥2,759 million [(66.2)%]
Six months ended September 30, 2020: ¥8,166 million [(23.8)%]

Six months ended
September 30, 2021
Six months ended
September 30, 2020

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

51.87

-

96.50

-

(2) Consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio

Million yen%

As of September 30, 2021
209,195
160,409
As of March 31, 2021
222,930
163,560(Reference) Equity: As of September 30, 2021: ¥159,088 million
As of March 31, 2021: ¥162,178 million

76.0
72.7

%

4,275

(46.2)

7,953(32.1)

2. Dividends
1stquarter-end
Fiscal year ended
March 31, 2021
Fiscal year ending
March 31, 2022

Annual dividends
2nd
3rd
Year-endquarter-end quarter-end

Total

Yen

Yen

Yen

Yen

Yen

-

-

-

70.00

70.00

-

-

* Notes:(1) Changes in significant subsidiaries during the six months ended September 30, 2021 (Changes in specified
subsidiaries resulting in changes in scope of consolidation): No(2) Application of accounting methods specific to quarterly consolidated financial statements: No(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: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
September 30, 2021: 82,419,092 shares
March 31, 2021: 89,159,453 shares2) Total number of treasury shares at the end of the period:
September 30, 2021: March 31, 2021: 6,740,228 shares
3) Average number of shares during the period (cumulative):
Six months ended September 30, 2021: 82,419,173 shares
Six months ended September 30, 2020: 82,419,879 shares* These quarterly consolidated financial results are outside of the scope of quarterly review by certified public
accountants or an audit firm.
* Explanation of the proper use of financial results forecast and other notes
On October 1, 2021, MAEDA ROAD CONSTRUCTION CO., LTD., Maeda Corporation, and MAEDA
SEISAKUSHO CO., LTD. established a holding company, INFRONEER Holdings Inc., through a joint sharetransfer.

Table of Contents
1. Qualitative Information on Financial Results for the Six Months Ended September 30, 2021............. 2(1) Explanation of Operating Results...................................................................................................... 2(2) Explanation of Financial Position ..................................................................................................... 3
2. Quarterly Consolidated Financial Statements and Primary 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 the Quarterly Consolidated Financial Statements ............................................................... 9(Notes on going concern assumption) .......................................................................................... 9(Notes on significant changes in shareholders’ equity) ................................................................ 9(Segment information) ............................................................................................................... 10(Material subsequent events) . ......................................................................................................11
3. Complementary Information ............................................................................................................... 12
Amount of Orders Received, Net Sales and Amount Carried Forward to Next Period by Business(Consolidated) .................................................................................................................................. 121

1. Qualitative Information on Financial Results for the Six Months Ended September 30, 2021
(1) Explanation of Operating Results
During the six months ended September 30, 2021, in the environment surrounding MAEDA ROAD
CONSTRUCTION CO., LTD. (the “Company”) and its group companies (collectively, the “Group”), public
investment held firm at a high level, while corporate earnings and corporate capital investment, both of which
declined due to the impact of the novel coronavirus disease, are recovering. However, owing to the uncertain
outlook for raw material prices, such as soaring crude oil prices, the economic conditions continued to be harsh.
Amid this environment, the Group, in the construction business, made efforts to secure the amount ofreceived construction contracts, while in the manufacturing and sales business, strived to retain sales volume andmaintain profitability by conducting the recycling-oriented business on an ongoing basis through recycling of
construction waste, etc.
For the six months ended September 30, 2021, net sales amounted to ¥106,427 million, up 2.2% year on
year, and operating profit amounted to ¥4,278 million, down 54.4% year on year. Ordinary profit came to ¥4,432
million, down by 54.4% year on year, and profit attributable to owners of parent was ¥4,275 million, down 46.2%
year on year.
The Group is affected by seasonal factors, and of the net sales for a fiscal year, the second half weighs larger.
The results by segment are as follows:
Construction businessIn the construction business, the amount of received construction contracts for the six months ended
September 30, 2021 was ¥79,650 million, down 3.6% year on year, amount of completed construction contracts
was ¥73,500 million, up 3.3% year on year, and operating profit was ¥3,883 million, down 30.8% year on year.
Manufacturing and sales businessIn the manufacturing and sales business, net sales of asphalt mixture and other products for the six months
ended September 30, 2021 amounted to ¥32,647 million, down 0.1% year on year, while operating profit
amounted to ¥2,831 million, down 54.1% year on year.
Others
Net sales of other businesses for the six months ended September 30, 2021 amounted to ¥279 million, down
3.8% year on year, while operating profit amounted to ¥107 million, down 9.1% year on year.

2(2) Explanation of Financial Position(Assets)
Current assets decreased by ¥10,326 million compared to the end of the previous fiscal year to ¥91,308 million,
mainly due to a decrease in notes receivable, accounts receivable from completed construction contracts and otherresulting from collection.
Non-current assets decreased by ¥3,408 million compared to the end of the previous fiscal year to ¥117,887
million, mainly due to a decrease in investment securities resulting from sales.
As a result, total assets decreased by ¥13,735 million compared to the end of the previous fiscal year to ¥209,195
million.
(Liabilities)
Current liabilities decreased by ¥10,284 million compared to the end of the previous fiscal year to ¥41,406 million,
mainly due to a decrease in notes payable, accounts payable for construction contracts and other resulting frompayments, and decreases in income taxes payable and accrued consumption taxes resulting from tax payments.
Non-current liabilities decreased by ¥299 million compared to the end of the previous fiscal year to ¥7,379 million,
mainly due to a decrease in deferred tax liabilities.
As a result, total liabilities decreased by ¥10,584 million compared to the end of the previous fiscal year to ¥48,785
million.
(Net assets)
Total net assets decreased by ¥3,150 million compared to the end of the previous fiscal year to ¥160,409 million,
mainly due to a decrease in shareholders’ equity resulting from dividend payments and a decrease in valuationdifference on available-for-sale securities on account of the sale of investment securities.

32. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Million yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and other
Securities
Costs on construction contracts in progress
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery and vehicles, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Other
Total investments and other assets
Total non-current assets
Total assets

4

As of September 30, 2021

45,523

43,611

46,84936,631

30
7,754
1,564
(86)
101,635

30
9,944
1,169
(78)
91,30818,177
14,56956,203
2,128
91,079907

18,27814,49956,283
2,502
91,563789

19,3998,124
1,784
29,307
121,295
222,930

15,3218,502
1,709
25,534
117,887
209,195

(Million yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
Income taxes payable
Advances received on construction contracts inprogress
Provision for bonuses
Provisions
Other
Total current liabilities
Non-current liabilities
Retirement benefit liability
Provision for loss on Anti-Monopoly Act
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
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

5

As of September 30, 2021

28,102

24,192

4,554

1,944

4,767

5,837

3,443
361
10,462
51,691

3,554
393
5,484
41,406

4,489
64
3,125
7,678
59,370

4,585
64
2,729
7,379
48,785

19,35023,273125,821(10,043)
158,402

19,35023,145
114,389－
156,885

5,470
(161)
(1,532)
3,776
1,381
163,560
222,930

3,801
(162)
(1,436)2,202
1,321
160,409
209,195

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Six months ended September 30, 2021
(Million 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
Other
Total non-operating income
Non-operating expenses
Foreign exchange losses
Commission expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Other
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Loss on disaster
Other
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the six months
ended September 30, 2020
104,116
89,10615,0105,635
9,375

For the six months
ended September 30, 2021
106,427
96,174
10,252
5,974
4,278

2
393
－
85
481

0
353
15
77
446

38
33
62
134
9,721

－
209
83
292
4,432

40
1,981
29
2,050

71
2,087
164
2,324

133
－
71
205
11,566
3,530
8,036
82
7,953

141
83
24
249
6,506
2,174
4,332
57
4,275

6

Quarterly Consolidated Statements of Comprehensive Income
Six months ended September 30, 2021
(Million yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
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
8,036

For the six months
ended September 30, 2021
4,332

(118)
30
218
130
8,166

(1,668)(0)
95(1,573)
2,759

8,084

2,701

82

57

7

(3) Quarterly Consolidated Statements of Cash Flows(Million yen)
For the six months
ended September 30, 2020
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset
Interest and dividend income
Foreign exchange losses (gains)
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts inprogress
Increase (decrease) in trade payables
Increase (decrease) in advances received on construction
contracts in progress
Other, net
SubtotalInterest and dividends received
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Proceeds from redemption of beneficial interests in trust
Purchase of investment securities
Proceeds from sale and redemption of investment
securities
Payments into time deposits
Proceeds from withdrawal of time deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Dividends paid
Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Other, net
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
Increase in cash and cash equivalents resulting from
inclusion of subsidiaries in consolidation
Cash and cash equivalents at end of period

8

For the six months
ended September 30, 2021

11,566
3,773
(11)
103
127
(55)
(395)
38
(40)
133
(1,939)12,915

6,506
4,120
(7)
111
115
(260)
(354)
(15)
(71)
141
(2,087)
10,223(2,933)(2,190)(5,723)(3,910)

2,342

1,069

(2,056)
17,844396(4,621)
13,619(4,109)9,280
354(4,254)5,380(4,800)
64
4,300
(28)

(5,081)
97
－
(8)

4,006

3,775

(994)
1,393
2
3,943

(1,021)873(163)(1,529)(61,815)(369)(5,773)
(70)

－

(70)

(1)
(62,185)(5)(44,628)
80,669(0)(5,914)3(2,059)44,32410－

36,05042,265

(4) Notes to the Quarterly Consolidated Financial Statements(Notes on going concern assumption)
There is no relevant information.
(Notes on significant changes in shareholders’ equity)
For the six months ended September 30, 2020 (From April 1, 2020 to September 30, 2020)
At the Extraordinary General Meeting of Shareholders held by the Company on April 14, 2020, the agenda
item regarding payment of dividends from surplus with the record date of March 6, 2020 (the “Special Dividend”)
was approved as originally proposed. As a result, retained earnings decreased by ¥53,573 million for the six
months ended September 30, 2020, and retained earnings as of September 30, 2020 amounted to ¥117,025 million.
Details of the Special Dividend are as follows.
Total amount ofClass of
Resolution
dividend
shares(Million yen)
April 14, 2020
Extraordinary
Common53,573General Meeting ofstock
Shareholders

Dividends
per share(Yen)

Recorddate

Effective
date

Source ofdividends

650

March 6,2020

May 12,2020

Retainedearnings

For the six months ended September 30, 2021 (From April 1, 2021 to September 30, 2021)
There is no relevant information.

9

(Segment information)[Segment information]

For the six months ended September 30, 2020 (From April 1, 2020 to September 30, 2020)
Information on net sales and income (loss) by reportable segment(Million yen)
Reportable segment
Construction
business

Manufacturing
and salesbusiness

Total

Other
(Note 1)

Total

Amount recordedin Quarterly
Adjustment
Consolidated
Statements of(Note 2)
Income(Note 3)

Net sales
Net sales to outside
71,15332,673103,826
289
104,116
104,116－
customers
Inter-segment net sales or33
14,12614,159528
14,688(14,688)－transfers
71,186
46,799117,986
818
118,805(14,688)
104,116
Total
5,611
6,171
11,783
117
11,901(2,526)
9,375
Segment income(Notes)1. “Other” incorporates operations not included in reportable segments, including leasing, insurance agency andconsultancy services, etc.
2. The adjustment for segment income of ¥(2,526) million includes elimination of inter-segment transactions of¥(29) million and corporate expenses not allocated to each reportable segment of ¥(2,496) million. Corporate
expenses are general and administrative expenses that are not attributable to reportable segments.
3. Segment income is adjusted to the operating profit in the quarterly consolidated statements of income.

For the six months ended September 30, 2021 (From April 1, 2021 to September 30, 2021)
Information on net sales and income (loss) by reportable segment(Million yen)
Reportable segment
Construction
business

Manufacturing
and salesbusiness

Total

Other
(Note 1)

Total

Amount recordedin Quarterly
Adjustment
Consolidated
Statements of(Note 2)
Income(Note 3)

Net sales
Net sales to outside
73,50032,647106,148279
106,427
106,427－
customers
Inter-segment net sales or56
15,30815,364603
15,968(15,968)－transfers
73,55747,955
121,512882
122,395(15,968)
106,427
Total
3,883
2,831
6,715
107
6,822
(2,544)
4,278
Segment income(Notes)1. “Other” incorporates operations not included in reportable segments, including leasing, insurance agency andconsultancy services, etc.
2. The adjustment for segment income of ¥(2,544) million includes elimination of inter-segment transactions of¥(26) million and corporate expenses not allocated to each reportable segment of ¥(2,518) million. Corporate
expenses are general and administrative expenses that are not attributable to reportable segments.
3. Segment income is adjusted to the operating profit in the quarterly consolidated statements of income.
10(Material subsequent events)(Establishment of a holding company through a joint share transfer)
The Company, Maeda Corporation (hereinafter “Maeda Corporation”) and MAEDA SEISAKUSHO CO.,LTD. (hereinafter “Maeda Seisakusho”; and the Company, Maeda Corporation, and Maeda Seisakusho shallbe collectively referred to as the “Three Companies”), have on October 1, 2021 established INFRONEER
Holdings Inc. (the “Holding Company”), which will become the wholly owning parent company of the Three
Companies through a joint share transfer (the “Share Transfer”), and the Three Companies conducted abusiness integration (the “Business Integration”).
1. Purpose of the Share Transfer
We believe that in order to unify the whole Group and achieve continuous growth in a businessenvironment that will be subject to significant future changes, it is essential to maximize our synergies asa group, such as by further strengthening coordination among the Three Companies, creating a strong
management base capable of responding to changes in the environment, and appropriately allocating
management resources. It is our firm belief that transitioning to a holding company structure through theBusiness Integration to execute a unified group strategy will serve to heighten value not only of the Three
Companies, but for the Group as a whole.
2. Outline of the Share Transfer(1) Method of the Share Transfer
It will be a joint share transfer with the Three Companies becoming wholly owned subsidiaries, andthe Holding Company becoming the wholly owning parent company.
(2) Details of allotment in the Share Transfer (share transfer ratio)
Maeda Corporation
The Company
Maeda Seisakusho
Share Transfer Ratio
1.00
2.28
0.58
(Note 1) Share allotment ratio
One share of common stock of the Holding Company was allotted for each share of common
stock of Maeda Corporation, 2.28 shares of common stock of the Holding Company were allottedfor each share of common stock of the Company, and 0.58 shares of common stock of the Holding
Company were allotted for each share of common stock of Maeda Seisakusho.
(Note 2) The number of shares constituting one share unit of the Holding Company will be 100 shares ofstock.
(Note 3) The number of new shares delivered by the Holding Company
Common stock: 391,539,797 shares(3) Overview of the new company established through 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
representative
Content of business
Infrastructure services ranging from infrastructure business planning anddesign to construction, operation, maintenance and management as well as
management of, and operation of associated or related businesses of,
subsidiaries and other group companies engaging in general construction
services (both civil engineering and building construction), paving
services, and manufacturing and sales of construction machinery
Capital¥20,000 million
Fiscal year end
March 3111

3. Complementary Information
Amount of Orders Received, Net Sales and Amount Carried Forward to Next Period by Business (Consolidated)(Million Yen; %)For the six months
ended September 30,
2020
AmountCompositionrate

For the six months
ended September 30,
2021
AmountYear-on-year change(Reference)
For the fiscal year
ended March 31, 2021

Composition
rate

AmountChangerate

AmountComposition
rate

Construction
business
Orders received

Pavement works

68,03258.8

64,732

57.5(3,299)(4.8)

133,941

55.9

Civil engineering
works

14,62912.7

14,917

13.3

287

2.0

31,64013.2

Subtotal

82,662

71.5

79,65070.8(3,012)(3.6)

165,582

69.1

32,67328.3

32,647

29.0

(25)

(0.1)

73,523

30.7

289

0.2

279

0.2

(10)

(3.8)

574

0.2

Total

115,625

100.0

112,576

100.0(3,048)(2.6)

239,680

100.0

Pavement works

59,61857.2

59,699

56.1

81

0.1

133,385

56.8

Civil engineering
works

11,535

11.1

13,801

13.0

2,265

19.6

27,129

11.6

Subtotal

71,15368.3

73,500

69.1

2,346

3.3

160,51468.4

32,67331.4

32,647

30.7

(25)

(0.1)

73,523

31.3

289

0.3

279

0.2

(10)

(3.8)

574

0.3

Total

104,116100.0

106,427

100.0

2,310

2.2

234,612100.0

Pavement works

54,53683.2

51,711

79.2(2,824)(5.2)

46,678

78.9

Civil engineering
works

11,03316.8

13,566

20.8

2,533

23.0

12,45021.1

Subtotal

Manufacturing and sales
business
OthersConstruction
business

Net sales

Manufacturing and sales
business
OthersConstruction
businessAmount carried forward to
next period

65,569100.0

65,278

100.0

(291)

(0.4)

59,128100.0

Manufacturing and sales
business

－

－

－

－

－

－

－

－

Others

－

－

－

－

－

－

－

－

65,569100.0

65,278

100.0

(291)

(0.4)

59,128

100.0

Total

(Note) Amounts of less than one million yen are rounded down.

12