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, 2021
(Based on Japanese GAAP)
November 15, 2021
Company name:

INFRONEER Holdings Inc. (for Maeda Corporation)

Stock exchange listing: Tokyo
Stock code:
5076
Representative:

Inquiries:

URL

https://www.infroneer.com

Representative Executive Officer andPresident

Kazunari Kibe

General Manager of Financial Strategy
Department, Management Innovation

Kazutaka Deguchi

TEL

03-5276-5156

Division, Maeda Corporation
Scheduled date to file Quarterly Securities Report:

November 15, 2021

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, 2021 (from April 1, 2021 to September 30, 2021)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2021
Six months ended September 30, 2020
(Note) Comprehensive income:Millions of yen
308,155
301,243

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
2.3
9,136 (47.7)
9,156 (52.1)
4,762 (53.1)
26.9
17,470(3.1)
19,112(7.4)
10,160 (36.1)

Six months ended September 30, 2021: ¥6,082 million [(68.2)%]
Six months ended September 30, 2020: ¥19,143 million [54.7%]
Earnings per share

Diluted earnings per share

Yen
25.34
54.87

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

Yen
–
–

(Notes) 1. In the fiscal year ended March 31, 2021, the Company finalized provisional accounting treatment for business combinations, etc., andfigures for the six months ended September 30, 2020, reflect the details of the finalization of the provisional accounting treatment.
2. The “Accounting Standard for Revenue Recognition” (Accounting Standards Board of Japan (ASBJ) Statement No. 29, March 31,2020), etc., has been applied from the beginning of the first quarter of the fiscal year ending March 31, 2022, and figures for the six
months ended September 30, 2021, are based on the application of this Accounting Standard, etc.
(2) Consolidated financial position
Total assets
As of September 30, 2021
As of March 31, 2021

Net assets

Millions of yen
905,665
928,889

Millions of yen
363,657
367,527

Equity ratio
%
29.5
29.1

(Reference) Equity: As of September 30, 2021: ¥267,603 million
As of March 31, 2020: ¥270,023 million(Note) The “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) , etc., has been applied from the beginningof the first quarter of the fiscal year ending March 31, 2022, and figures for the second quarter of the fiscal year ending March 31, 2022,
are based on the application of this Accounting Standard, etc.

1

2. Cash dividends
Annual dividends per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen
–
–

Yen
–
–

Yen
–

Yen
38.00

Total
Yen
38.00

Fiscal year ended March 31, 2021
Fiscal year ending March 31, 2022
Fiscal year ending March 31, 2022–––
(Forecast)(Notes) 1. Revision to the forecast of dividends announced most recently: No
2. The forecast of dividends for the fiscal year ending March 31, 2022, is the forecast of dividends of INFRONEER Holdings Inc.
Although the amounts are undetermined at this time, the dividend payout ratio is planned to be 30% or more in accordance with thereturns policy of the Medium Term Business Plan.
3. Forecast of consolidated financial results for the fiscal year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
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
710,000–
40,000–39,700–25,400–87.49(Notes) 1. Revision to the forecast of consolidated financial results announced most recently: No
2. The above is the forecast of consolidated financial results of INFRONEER Holdings Inc. for the fiscal year ending March 31, 2022
(from April 1, 2021 to March 31, 2022). Earnings per share was calculated based on the projected average number of shares during theperiod during the fiscal year ending March 31, 2022 on a consolidated basis.
* Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2021
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(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:
2) Changes in accounting policies due to other reasons:YesNo3) Changes in accounting estimates:
No4) Restatement of prior period financial statements:
No(Note) Please refer to “2. Quarterly Consolidated Financial Statements and Primary Notes (4) Notes to Quarterly Consolidated Financial
Statements (Changes in accounting policies)” on page 15 for details.
(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, 2021

194,447,713 shares As of March 31, 2021

194,608,482 shares

2) Number of treasury shares at the end of the period
As of September 30, 2021

5,348,097 shares As of March 31, 2021

7,348,884 shares

3) Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2021

187,941,728 shares Six months ended September 30, 2020

185,196,145 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 (0 shares at the end of the six months ended September 30, 2021, and92,000 shares at the end of the fiscal year ended March 31, 2021). 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 (34,086 shares at the end of the six months ended September 30,
2021, and 281,454 shares at the end of the fiscal year ended March 31, 2021).
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(657,500 shares at the end of the six months ended September 30, 2021, and 657,500 shares at the end of the fiscal year ended
March 31, 2021). 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 (657,500 shares at the end of the six months
ended September 30, 2021, and 657,500 shares at the end of the fiscal year ended March 31, 2021).
* These quarterly financial results are outside the scope of quarterly review by certified public accountants or audit corporations.

2* Explanation of the proper use of performance forecast and other notes The Company has established a holding company, INFRONEER Holdings Inc., with Maeda Road Construction Co., Ltd. and Maeda
Seisakusho Co., Ltd. by means of a joint share transfer on October 1, 2021.
 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
such statements. Actual results may differ significantly from those presented herein as a result of numerous factors.

3

(Reference) Forecast of non-consolidated financial results of Maeda Corporation for the fiscal year ending March 31, 2022 (from April 1, 2021 toMarch 31, 2022)
Percentages indicate year-on-year changes
Net sales

Full year

Millions of yen
386,000

Operating profit% Millions of yen
5.4
29,500Ordinary profit

Profit% Millions of yen% Millions of yen%(0.7)
36,600 (19.1)
27,000 (25.5)

Earnings per share
Yen
139.35(Note) Revision to the forecast of non-consolidated financial results announced most recently: Yes
Please refer to “1. Qualitative Information on Quarterly Financial Results (3) Explanation of Consolidated Financial Results Forecast andOther Forward-Looking Information” on page 8 for details.

* 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 suchstatements. Actual results may differ significantly from those presented herein as a result of numerous factors.

4

○ Table of Contents
1. Qualitative Information on Quarterly Financial Results ............................................................................................. 6(1) Explanation of Operating Results ............................................................................................................................ 6(2) Explanation of Financial Position ............................................................................................................................ 8(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information ...................... 8
2. Quarterly Consolidated Financial Statements and Primary Notes .............................................................................. 9(1) Quarterly Consolidated Balance Sheets .................................................................................................................. 9(2) Quarterly Consolidated Statements of Income and Comprehensive Income ........................................................ 11(3) Quarterly Consolidated Statements of Cash Flows ............................................................................................... 13(4) Notes to Quarterly Consolidated Financial Statements ......................................................................................... 15(Notes on going concern assumption) ............................................................................................................. 15(Notes in the case of significant changes in amount of shareholders’ equity) ................................................. 15(Changes in accounting policies)..................................................................................................................... 15(Additional information) ................................................................................................................................. 16(Segment information) .................................................................................................................................... 18(Business combination) ................................................................................................................................... 19(Significant subsequent event) ........................................................................................................................ 20
3. Supplementary Information ....................................................................................................................................... 21(1) (Reference) Maeda Corporation Quarterly Non-Consolidated Balance Sheets .................................................... 21(2) (Reference) Maeda Corporation Quarterly Non-Consolidated Statements of Income ......................................... 23(3) Maeda Corporation Orders Received, Net Sales and Backlog (Non-Consolidated) ............................................. 24(4) Maeda Corporation Non-Consolidated Forecast of Orders Received for the Construction Business................... 25(5) Summary of Financial Result Forecast ................................................................................................................. 25

5

1. Qualitative Information on Quarterly Financial Results
INFRONEER Holdings Inc. was established on October 1, 2021, as a wholly-owning parent company by means of a
joint share transfer between Maeda Corporation, Maeda Road Construction Co., Ltd., and Maeda Seisakusho Co., Ltd.
Prior to the business integration, Maeda Road Construction Co., Ltd. and Maeda Seisakusho Co., Ltd. were consolidated
subsidiaries of Maeda Corporation, and as there has been no substantial change in the scope of consolidation of
INFRONEER Holdings Inc. due to the integration, the full-year consolidated business results for the fiscal year ending
March 31, 2022 of INFRONEER Holdings Inc. will be calculated based on the consolidated business results of the former
Maeda Corporation. Additionally, full-year forecasts for the fiscal year ending March 31, 2022 indicate full-year result
forecasts of INFRONEER Holdings Inc.

(1) Explanation of Operating Results
During the six months ended September 30, 2021, the Japanese economy continued to face difficult conditions ingeneral due to an uncertain future with regard to the end of the novel coronavirus infection (COVID-19), although it
continued to show signs of recovery owing to the promotion of vaccinations and the effects of various policies, despite
restrictions placed on many socioeconomic activities due to the effect of the prolonged spread of COVID-19 worldwide.
In the construction industry, public investment remained firm at high levels due to the execution of related budgets,and housing construction and capital investment also remained firm, showing some signs of recovery.
Under these circumstances, the Company has been working on the three key measures in the Medium Term Business
Plan “Maeda Change 1st Stage 2019-2021,” which ends in the current fiscal year: “ productivity reform” to build afoundation for productivity improvement in terms of added value, “ company-wide promotion of de-contracting businessactivities” to take on the challenge of moving forward to a new stage, and “ internal reform” to build a foundation fortransformation into a new corporate culture.
In addition, the Company conducted a business integration by means of a joint share transfer with Maeda Road
Construction Co., Ltd. and Maeda Seisakusho Co., Ltd. and became a wholly-owned subsidiary of INFRONEER Holdings
Inc. on October 1, 2021.
For the six months ended September 30, 2021, net sales increased by 2.3% year-on-year to about ¥308.1 billion. For
profit and loss, operating profit decreased by 47.7% year-on-year to about ¥9.1 billion, ordinary profit decreased by 52.1%
year-on-year to about ¥9.1 billion, and profit attributable to owners of parent decreased by 53.1% year-on-year to about¥4.7 billion.
The “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc., has been
applied from the beginning of the first quarter of the current fiscal year, and as a result, operating profit increased by ¥18
million, as net sales and cost of sales for the six months ended September 30, 2021, increased by ¥2,702 million and ¥2,684
million, respectively. Due to an increase of ¥90 million in non-operating income, ordinary profit and profit before income
taxes both increased by ¥108 million. In addition, the balance of retained earnings at the beginning of the current period
decreased by ¥177 million. Please refer to “2. Quarterly Consolidated Financial Statements and Primary Notes (4) Notes
to Quarterly Consolidated Financial Statements (Changes in accounting policies)” for details.
Performance results by business segment are as follows.
[Building Construction]
Net sales increased by 4.0% year-on-year to about ¥115.8 billion and segment profit decreased by 22.9% yearon-year to about ¥1.4 billion.
[Civil Engineering]
Net sales decreased by 14.7% year-on-year to about ¥60.9 billion and segment profit decreased by 55.3% yearon-year to about ¥4.3 billion.
[Road Civil Engineering]
Net sales increased by 11.1% year-on-year to about ¥105.4 billion and segment loss was about ¥0.0 billion (about¥3.3 billion of segment profit in the same period of the previous fiscal year).
[Manufacturing]
Net sales increased by 4.8% year-on-year to about ¥16.1 billion and segment profit increased by 59.4% year-onyear to about ¥0.8 billion.
[Infrastructure Management]
Net sales increased by 6.3% year-on-year to about ¥7.7 billion and segment profit decreased by 6.0% year-onyear to about ¥1.4 billion.
6

[Others]
Net sales increased by 147.9% year-on-year to about ¥1.9 billion and segment profit increased by 263.4% yearon-year to about ¥1.0 billion.

7(2) Explanation of Financial Position
1) Assets, liabilities and net assets
Total assets as of September 30, 2021, were about ¥905.6 billion, a decrease of about ¥23.2 billion compared to theprevious fiscal year, mainly due to a decrease in notes receivable, accounts receivable from completed construction
contracts and other. Liabilities decreased by about ¥19.3 billion to about ¥542.0 billion compared to the previous fiscal
year, mainly due to a decrease in account payable for works in progress and other. Net assets decreased about ¥3.8 billion
compared to the previous fiscal year to about ¥363.6 billion. As a result of the above, equity, which is net assets minus
non-controlling interests, amounted to about ¥267.6 billion, and equity ratio was 29.5%, up from 29.1% in the previous
fiscal year.
2) Cash flows
Cash flows from operating activities for the six months ended September 30, 2021, were about ¥(7.8) billion, mainly
due to a decrease in deposits received of about ¥16.3 billion. Cash flows from investing activities were about ¥(11.5) billion,
mainly due to the purchase of property, plant and equipment and intangible assets of about ¥8.7 billion. Cash flows fromfinancing activities were about ¥19.2 billion, due to about ¥41.9 billion in net increase in short-term borrowings. As a resultof the above, the balance of cash and cash equivalents as of September 30, 2021, decreased about ¥0.1 billion comparedto the previous fiscal year to about ¥98.8 billion.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
On October 1, 2021, through a joint share transfer with Maeda Road Construction Co., Ltd. and Maeda Seisakusho
Co., Ltd., the Company established INFRONEER Holdings Inc., which became the wholly-owning parent company of thethree companies. The following forecast is the full-year financial results forecast of INFRONEER Holdings Inc. announced
on November 15, 2021.
The fiscal year ending March 31, 2022 (from April 1, 2021 to March 31, 2022) INFRONEER Holdings Inc.
Forecast of consolidated financial results(Millions of yen)
Net sales
Full year

710,000

Operating profit

Ordinary profit

Profitattributable toowners of parent

40,00039,70025,400Earnings per share
(Yen)
87.49

Based on financial results for the six months ended September 30, 2021, the forecast of non-consolidated financial
results of Maeda Corporation for the fiscal year ending March 31, 2022 (from April 1, 2021 to March 31, 2022) announced
on May 14, 2021, was revised as follows.
The fiscal year ending March 31, 2022 (from April 1, 2021 to March 31, 2022) Maeda Corporation
Revision to forecast of non-consolidated financial results
Net sales(Millions of yen)
Earnings per share(Yen)

Operating profit

Ordinary profit

393,000

31,00033,40025,000129.20

Revised forecast (B)386,000

29,50036,60027,000139.35Difference (B-A)(7,000)(1,500)

3,200

2,000

(1.8)

(4.8)

9.6

8.0

366,086

29,72245,241

36,247

Previously announced
forecast (A)Increase/decrease (%)

Profit[Reference] Results for the
fiscal year ended
March 31, 2021

187.33

Although net sales and operating profit are expected to decrease by ¥7.0 billion and ¥1.5 billion, respectively,
compared to the previous forecast, ordinary profit is expected to increase by ¥3.2 billion, and profit is expected to increaseby ¥2.0 billion due to the sales of shares held for strategic purposes.

82. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2021

As of September 30, 2021

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable from completed
construction contracts and other
Securities

100,687

100,526

263,430

252,702

30

30

Real estate for sale
Merchandise and finished goods

2,371
1,597

1,987
1,426

Costs on construction contracts in progress
Raw materials and supplies

18,7292,602

15,633
2,894

Other
Allowance for doubtful accounts

43,895(153)

39,348(133)

Total current assets

433,190

414,416

165,558

164,753

Non-current assets
Property, plant and equipment
Intangible assets
Right to operate public facilities

114,424

112,087

Assets related to replacement investment to operate
public facilities

23,84523,327

Goodwill
Other

26,63915,69323,257
15,577

Total intangible assets

180,603174,250

Investments and other assets
Investment securities

131,063

132,821

Deferred tax assets
Retirement benefit asset

745
10,345787
11,861Other
Allowance for doubtful accounts

8,876(1,674)

8,212(1,523)

Total investments and other assets

149,357

152,159495,519

491,163

Total non-current assets
Deferred assets
Total assets

9

179

85

928,889

905,665

(Millions of yen)
As of March 31, 2021

As of September 30, 2021

Liabilities
Current liabilities
Electronically recorded obligations - operating

7,837

6,237

109,917
18,31597,37757,072Current portion of non-recourse loans
Current portion of bonds payable

1,381
5,000

1,375
–

Income taxes payable
Advances received on construction contracts in progress

11,95736,961

3,374
37,590

Provision for loss on construction contracts
Other provisions

629
9,662

665
9,471

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

4,501

4,528

4,819

3,873

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

public facilities
Other

56,13333,291

Total current liabilities

267,118

254,858

Non-current liabilities
Bonds payable

45,00045,000Non-recourse bonds
Long-term borrowings

20
64,16520
60,738

Non-recourse loans
Deferred tax liabilities

15,864
18,481

15,13918,539Retirement benefit liability
Other provisions

16,579504

16,63764

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

108,398

106,127

20,833

20,961

public facilities
Other

4,394

3,920

294,242

287,148561,361

542,007

Share capital
Capital surplus

28,46337,54928,46338,072Retained earnings
Treasury shares

178,526(2,833)

175,826(2,020)Total shareholders' equity

241,706

240,341

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

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

29,21827,898Deferred gains or losses on hedges
Foreign currency translation adjustment

(19)
2

(19)
(13)

Remeasurements of defined benefit plans

(883)

(603)

28,31727,261

Non-controlling interests

Total accumulated other comprehensive income

97,504

96,054

Total net assets

367,527

363,657

928,889

905,665

Total liabilities and net assets

10(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly consolidated statements of income
Six months ended September 30, 2020 and 2021
(Millions of yen)Six months ended

Six months ended

September 30, 2020

September 30, 2021

Net sales
Net sales of completed construction contracts
Sales in other businesses

182,849
118,393

176,851
131,304

Total net sales

301,243

308,155

158,499

157,069

Cost of sales
Cost of sales of completed construction contracts
Cost of sales in other businesses

101,542

115,484

Total cost of sales

260,042

272,553

Gross profit on completed construction contracts
Gross profit - other business

24,35016,85019,781
15,819Total gross profit

41,20135,601

Selling, general and administrative expenses

23,73026,464

Operating profit

17,470

9,136

73
3,222

128
1,235

–
–

76
0

Gross profit

Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity method
Other
Total non-operating income

192

233

3,488

1,674

1,284
16

1,236
–

79
465

–
418

1,846

1,654

19,112

9,156

Non-operating expenses
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using equity method
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets

31

85

Gain on sale of investment securities
Other

3,244
24

2,880
247

Total extraordinary income

3,300

3,213

Extraordinary losses
Loss on retirement of non-current assets

152

168

Loss on valuation of investment securities
Loss on disaster

270
–

–
83

Other

99

50

522

302

Profit before income taxes

Total extraordinary losses

21,89012,068

Income taxes - current
Income taxes - deferred

9,188(2,065)

4,081
692

Total income taxes

7,122

4,773

Profit

14,767

7,294

Profit attributable to non-controlling interests

4,606

2,531

Profit attributable to owners of parent

10,1604,762

11

Quarterly consolidated statements of comprehensive income
Six months ended September 30, 2020 and 2021

(Millions of yen)Six months ended
September 30, 2020

ProfitOther comprehensive income

Six months ended
September 30, 2021

14,767

7,294

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

4,096
(16)

(1,447)0Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

(0)
274

(34)
241

Share of other comprehensive income of entities accounted
for using equity method

21

27

4,376

(1,212)Comprehensive income

19,143

6,082

Comprehensive income attributable toComprehensive income attributable to owners of parent

14,704

3,706

4,439

2,375

Total other comprehensive income

Comprehensive income attributable to non-controllinginterests12(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2021

Cash flows from operating activities
Profit before income taxes
Depreciation

21,89011,44912,068
11,718

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

3,289
(83)

3,382
(171)

Increase (decrease) in provision for loss on construction
contracts

(94)

38

Increase (decrease) in retirement benefit liability
Interest and dividend income(1,069)(3,295)(1,064)(1,363)

Interest expenses
Foreign exchange losses (gains)

1,284
143

1,236
10

Share of loss (profit) of entities accounted for using equity
method79(0)Loss (gain) on sale of short-term and long-term investment
securities(3,202)(2,880)270–

Loss (gain) on sale of non-current assets
Decrease (increase) in trade receivables(31)
25,846(80)
16,361

Decrease (increase) in costs on construction contracts inprogress

1,927(3,189)Decrease (increase) in inventories
Decrease (increase) in consumption taxes refund receivable(987)(7,988)261(5,216)

Increase (decrease) in trade payables
Increase (decrease) in advances received on construction(23,335)(14,134)(4,871)

663

Loss (gain) on valuation of short-term and long-term
investment securities

contracts in progress
Increase (decrease) in deposits received(4,064)(16,359)

Other, net

(456)

2,311

Subtotal

16,701

3,591

Interest and dividends received

3,578

1,764

Interest paid
Income taxes paid

(1,246)(8,977)(918)(12,298)

Net cash provided by (used in) operating activities

10,055(7,861)

Cash flows from investing activities
Proceeds from sale of beneficial interests in trust

4,300

–

(9,225)(8,718)(2,053)(2,078)

(191)

(885)

Purchase of property, plant and equipment and intangible
assetsPurchase of rights to operate public facilities
Payments for replacement investment to operate public
facilities
Proceeds from sale of property, plant and equipment andintangible assets
Purchase of investment securities

90

109

(2,608)(4,266)

Proceeds from sale of investment securities
Purchase of shares of subsidiaries and associates

5,393
(275)

4,033
(417)

Loan advances
Proceeds from collection of loans receivable

(502)
346

(5)
122

Other, net

723

599

(4,002)(11,507)

Net cash provided by (used in) investing activities

13

(Millions of yen)Six months ended
September 30, 2020
Cash flows from financing activities
Net increase (decrease) in short-term borrowings

Six months ended
September 30, 2021

(21,600)

41,900

Repayments of long-term borrowings
Decrease in non-recourse payable(445)(1,025)(6,219)(731)

Proceeds from issuance of bonds
Redemption of bonds

19,888––(5,000)

Repayments of finance lease obligations
Purchase of treasury shares

(122)
(0)

(146)
(0)

Proceeds from sale of treasury shares
Dividends paid

509
(3,640)1,690(7,144)

Dividends paid to non-controlling interests
Proceeds from sale of shares of subsidiaries not resulting in(44,870)(5,222)–160

change in scope of consolidation
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

(61)

(33)

(51,367)

19,254(70)(16)

Net increase (decrease) in cash and cash equivalents(45,384)(130)

Cash and cash equivalents at beginning of period

121,912

98,976

Cash and cash equivalents at end of period

76,527

98,84514

(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 accounting policies)
Application of Accounting Standard for Revenue Recognition, etc.
The “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020; hereinafter the“Revenue Recognition Standard”), etc., has been applied from the beginning of the first quarter of the current fiscal year,
and revenue is recognized at the amount expected to be received in exchange for the promised goods or services whencontrol of the goods or services is transferred to the customer.
Previously, the Company Group applied the percentage-of-completion method for construction projects for which theoutcome of construction activity is deemed certain during the course of the activity, and the completed-contract method
for other projects. From the beginning of the first quarter of the current fiscal year, for construction projects for which thedegree of completion pertaining to the satisfaction of performance obligations can be reasonably estimated, the Company
Group recognizes revenue over a certain period of time as performance obligations are satisfied. The Company Group
primarily applies the input method based on the cost incurred as a method of estimating the degree of completion pertaining
to the satisfaction of performance obligations. Except for the initial stage of a contract, the Company Group recognizes
revenue using the cost recovery method for construction projects for which the degree of completion pertaining to thesatisfaction of performance obligations cannot be reasonably estimated but for which the Company Group expects torecover the costs incurred. For construction contracts with a very short period between the commencement date of thetransaction in the contract and the date when the performance obligations are expected to be fully satisfied, the Company
Group recognizes revenue when the performance obligations are fully satisfied.
For the application of the Revenue Recognition Standard, etc., the Company Group has followed the transitional
treatment prescribed in the proviso to Paragraph 84 of the Revenue Recognition Standard, and the cumulative effect ofretroactively applying the new accounting policies prior to the beginning of the first quarter of the current fiscal year has
been added to or deducted from retained earnings at the beginning of the first quarter of the current fiscal year, and the
new accounting policies have been applied from the balance at the beginning of said period. However, the Company Group
has applied the method prescribed in Paragraph 86 of the Revenue Recognition Standard and has not applied the new
accounting policies retrospectively to contracts for which almost all revenue amounts were recognized in accordance withthe previous treatment prior to the beginning of the first quarter of the current fiscal year. In addition, the Company Group
has applied the method prescribed in Paragraph 86, Subparagraph 1 of the Revenue Recognition Standard to account forcontract changes made prior to the beginning of the first quarter of the current fiscal year based on the contract terms afterreflecting all contract changes, and has added or subtracted its cumulative effect to retained earnings at the beginning of
the first quarter of the current fiscal year.
As a result, operating profit increased by ¥18 million, as net sales and cost of sales for the six months ended September
30, 2021, increased by ¥2,702 million and ¥2,684 million, respectively. Due to an increase of ¥90 million in non-operating
income, ordinary profit and profit before income taxes both increased by ¥108 million. In addition, the balance of retained
earnings at the beginning of the current period decreased by ¥177 million.
In accordance with the transitional treatment prescribed in Paragraph 28-15 of the “Accounting Standard for Quarterly
Financial Reporting” (ASBJ Statement No. 12, March 31, 2020), information on the breakdown of revenue from contracts
with customers for the six months ended September 30, 2020, is not presented.
Application of Accounting Standard for Fair Value Measurement, etc.
The “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019; hereinafter the “Fair
Value Accounting Standard”), etc., has been applied from the beginning of the first quarter of the current fiscal year, andthe new accounting policies prescribed by the Fair Value Accounting Standard, etc., will be prospectively applied inaccordance with the transitional treatment prescribed in Paragraph 19 of the Fair Value Accounting Standard and Paragraph44-2 of the “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019). The effect of theapplication of the Fair Value Accounting Standard, etc., on the quarterly consolidated financial statements is immaterial.

15

(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 throughtrust, with the aim of enhancing employees’ benefits and providing incentives for employees to increase the corporate
value of the Company.
1. Descriptions of transactions
In March 2019, 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 theCompany is to act as 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 theCompany and other assets of the ESOP Trust to an account with ancillary trustee, Trust & Custody Services Bank,
Ltd. (hereinafter the “Trust Account E”). The Trust Account E acquires shares of the Company that the Maeda
Corporation Employee Stock Holding Partnership (hereinafter the “Stock Holding Partnership”) is expected to obtainover three 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 of Company’s shares by the Trust Account E to the Stock Holding Partnership, thenthose gains will be distributed as residual assets to Stock Holding Partnership enrollees that meet the requirements for
eligible beneficiaries. Furthermore, to guarantee funds borrowed by the Trustee that enable the Trust Account E toacquire 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 downturnin the price of Company’s shares up until termination of the ESOP Trust. The ESOP Trust was terminated as of theend of the six months ended September 30, 2021.
2. Company’s shares remaining in trust
Although the Company’s shares remaining in trust were recorded as treasury shares in the part of net assets at thebook value in trust (excluding the amount as ancillary expenses), as all shares held by the trust were sold during thesix months ended September 30, 2021, there are no treasury shares remaining in the trust. The book value and numberof shares of the relevant treasury shares were ¥104 million and 92 thousand shares as of March 31, 2021.
3. Book value of borrowings recorded by using the gross method
There is no book value of borrowings recorded by using the gross method during the six months ended September
30, 2021. Related borrowings amounted to ¥351 million as of March 31, 2021.
(2) Board Benefit Trust (BBT)The Company conducts transactions to offer the Company’s shares to directors (excluding outside directors) and
executive officers (hereinafter collectively the “Directors”) through trust, in order to clarify a linkage among the
Directors’ rewards, the Company’s financial result, and the value of the Company’s stock, and to strengthen incentives
to the Directors aiming to increase the corporate value of the Company for the purposes of sharing values withstockholders.
1. Descriptions of transactions
The Company introduced a performance-based stock compensation plan called “Board Benefit Trust” (hereinafter
the “BBT”) by the resolution approved at the 74th general shareholders meeting held on June 21, 2019.
Under the BBT, in accordance with the Regulations on Stock Benefits for Officers (hereinafter the “Regulations”)
stipulated by the Company, points will be granted to the Directors according to the standards prescribed by theCompany based on the degree of achievement of business results, etc., and on a certain date immediately after the endof the Medium Term Business Plan period, the Company’s shares will be granted to the Directors who satisfy therequirements for the beneficiaries set forth in the Regulations (hereinafter the “Beneficiaries”) in proportion to thenumber of points granted to the Beneficiaries. However, if the Beneficiaries satisfy the requirements set forth in theRegulations, cash equivalent to the fair value of the Company’s shares will be provided for a certain percentage of thepoints.
2.

Company’s shares remaining in trust
The Company’s shares remaining in trust are recorded as treasury shares in the part of net assets at the book value
16

in trust (excluding the amount as ancillary expenses). The book value and number of shares of the relevant treasury
shares are ¥549 million and 657 thousand shares as of March 31, 2021, and September 30, 2021.
Accounting estimates concerning COVID-19
There are no significant changes in the assumptions regarding the impact of COVID-19 described in the additional
information section of the Annual Securities Report for the previous fiscal year.

17

(Segment information)(Segment information)
I. For the six months ended September 30, 2020 (from April 1, 2020 to September 30, 2020)
1. Information on net sales and profit (loss) by reportable segment(Millions of yen)

Reportable segment

Net sales
Net sales tooutsidecustomers
Inter-segment net
sales or transfers
Total
Segment profit(loss)

InfraManufac- structure
turing Management

Total

Adjustment(Note 2)

Amountrecorded inquarterly
consolidated
statements
of income(Note 3)801 301,243–

301,2432,818(2,818)–303,242819 304,062(2,818)301,243

17,139279

52

17,470

Building
Construction

Civil
Engineering

Road
Civil
Engineering

111,383

71,466

94,901

15,444

7,245

300,441

423

79

1,076

1,221

–

2,801

111,806

71,545

95,978

16,666

7,245

1,907

9,818

3,379

503

1,530

Total

Others(Note 1)

17

17,418(Notes) 1. “Others” is the segment which is not included in reportable segments, namely the real estate business.
2. Adjustment of segment profit includes inter-segment transactions of ¥52 million.
3. Adjustments are made to reconcile segment profit to operating profit reported on the quarterly consolidated
statements of income.
4. In accordance with the significant revision of the initial allocation of acquisition cost described in the “Note(Business combination),” figures after the revision are shown.

II. For the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021)
1. Information on net sales and profit (loss) by reportable segment and income breakdown(Millions of yen)

Reportable segment

Net sales
Goods transferred ata point in time
Goods transferredover time
Income fromcontracts withcustomers
Other income
Net sales to outside
customers
Inter-segment net
sales or transfers
Total
Segment profit(loss)

InfraRoad
Manufac- structure
Civil Engituring Manageneering
ment

Amountrecorded inquarterly
Adjustconsolment
idated(Note 2) statements
of income(Note 3)

Total

Others(Note 1)

Total

7,672

117,859

1,147

119,006–

119,006

2,489–

186,382–

186,382–

186,382

105,339

14,378

7,672

304,241

1,147

305,389–

305,389

–

82

1,812

31

1,926

839

2,766

–

2,766

115,874

60,977

105,422

16,191

7,704

306,168

1,986

308,155–

308,155

907

45

1,004

2,900

–

4,858

12

4,870

(4,870)–116,781

61,022

106,427

19,091

7,704

311,026

1,999

313,026(4,870)308,155

1,471

4,393

(76)

802

1,438

8,029

1,014

9,043

93

9,136

Building
Construction

Civil
Engineering

15,476549

82,27011,889100,397

60,42723,068115,874

60,977–(Notes) 1. “Others” is the segment which is not included in reportable segments, namely the real estate business.
2. Adjustment of segment profit (loss) includes inter-segment transactions of ¥93 million.
3. Adjustments are made to reconcile segment profit (loss) to operating profit reported on the quarterly consolidated
statements of income.

18

(Business combination)
Finalization of provisional accounting treatment associated with business combination and significant revision of initial
allocation of acquisition cost in comparative information
Regarding the business combination between the Company and Maeda Road Construction Co., Ltd. on March 19, 2020,
although the Company applied a provisional accounting treatment for the fiscal year ended March 31, 2020, the Company
finalized it for the fiscal year ended March 31, 2021.
Associated with this confirmation of the provisional accounting treatment, a consequential revision is reflected in theinitial allocation of acquisition cost included in the quarterly consolidated financial statements for the six months ended
September 30, 2021.
As a result, operating profit, ordinary profit, and profit before income taxes in the quarterly consolidated statements ofincome for the six months ended September 30, 2020 all increased by ¥27 million, and profit attributable to owners ofparent increased by ¥1,026 million.

19

(Significant subsequent event)
Establishment of a holding company through joint share transfer
On October 1, 2021, the Company, Maeda Road Construction Co., Ltd. (hereinafter “Maeda Road”) and Maeda
Seisakusho Co., Ltd. (hereinafter “Maeda Seisakusho”; the Company, Maeda Road, and Maeda Seisakusho will becollectively referred to as the “Three Companies”) conducted a business integration (hereinafter the “Business
Integration”) by establishing INFRONEER Holdings Inc. (hereinafter the “Holding Company”), which became thewholly-owning parent company of the Three Companies, through a joint share transfer (hereinafter the “Share Transfer”).
1. Purpose of the Share Transfer
In order for the entire group to work together to achieve sustainable growth in the face of significant changes in thebusiness environment in the future, we believe it is essential for the Three Companies to work more closely together thanever before, and to maximize synergies for the entire group by building a solid management base that can respond tochanges in the business environment and optimally allocating management resources. We firmly believe that carrying out
group strategies in an integrated manner by transitioning to a holding company structure through the Business Integration
will contribute to the enhancement of the corporate value of the Three Companies and the group as a whole.
2. Overview of the Share Transfer(1) Method of the Share Transfer
The method of the Share Transfer was a joint share transfer where the Three Companies became wholly owned
subsidiaries resulting from the Share Transfer and the joint holding company became the wholly-owning parent company.
(2) Details of allocation of shares in the Share Transfer (share transfer ratio)
The Company
Maeda Road
Maeda Seisakusho
Share transfer ratio
1.00
2.28
0.58
(Note 1) Share allocation ratio
1.00 share of common stock of the Holding Company was allotted for each share of common stock of the Company,
2.28 shares of common stock of the Holding Company were allotted for each share of common stock of Maeda Road, and0.58 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 unit of shares of the Holding Company is 100 shares.
(Note 3) Number of new shares to be delivered by the Holding Company
Common stock: 391,539,797 shares(3) Outline of the company to be established through the Share Transfer
Name
INFRONEER Holdings Inc.
Location
2-10-2, Fujimi, Chiyoda-ku, Tokyo
Name and Titles of
Kazunari Kibe, Representative Executive Officer and President
representative
Provision of a full range of infrastructure services, including planningand proposal, design, construction, and operation and maintenance ofinfrastructure, as well as management of subsidiaries engaged in
Business description
construction (civil engineering and building), road civil engineering,and manufacturing and sales of construction machinery under its
control and the group, and all other businesses associated or related
thereto.
Share capital¥20,000 million
Fiscal year end
March 31
(4) Outline of accounting treatment in connection with the Share Transfer
The Share Transfer falls under “common control transactions, etc.” in the “Accounting Standard for Business
Combinations” (ASBJ Statement No. 21, January 16, 2019).

20

3. Supplementary Information(1) (Reference) Maeda Corporation Quarterly Non-Consolidated Balance Sheets(Millions of yen)
As of March 31, 2021

As of September 30, 2021

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable from completed
construction contracts and other
Real estate for sale

34,34532,948199,139

200,725

2,371

1,987

11,40438,181

5,912
37,345

(99)

(261)

285,342

278,657

Property, plant and equipment
Intangible assets

46,845
7,504

46,534
7,957

Investments and other assets
Investment securities

Costs on construction contracts in progress
Other
Allowance for doubtful accounts
Total current assets
Non-current assets

211,400

213,430

Other
Allowance for doubtful accounts

4,557
(214)

4,822
(214)

Total investments and other assets

215,743

218,038

270,093272,529555,436

551,186

Total non-current assets
Total assets

21

(Millions of yen)
As of March 31, 2021

As of September 30, 2021

Liabilities
Current liabilities
Electronically recorded obligations - operating

7,933

6,385

Account payable for works in progress
Short-term borrowings

72,266
14,28064,07253,720Current portion of bonds payable
Income taxes payable

5,000
6,660

–
806

Advances received on construction contracts in progress
Provision for loss on construction contracts

30,850406

28,363395

Other provisions
Other

5,145
52,0994,935
31,250Total current liabilities

194,641

189,928

Non-current liabilities
Bonds payable

45,00045,000Long-term borrowings
Deferred tax liabilities

62,711
8,489

59,5608,423

Provision for retirement benefits
Other provisions

8,725
440

8,779
–

Other

2,152

2,103

127,518

123,866

322,159

313,794

Shareholders' equity
Share capital

28,46328,463

Capital surplus
Retained earnings

36,587
141,340

36,587
146,402

(799)

(549)

205,591

210,904

Valuation difference on available-for-sale securities

27,68526,487

Total valuation and translation adjustments

27,68526,487233,276

237,392

555,436

551,186

Total non-current liabilities
Total liabilities
Net assets

Treasury shares
Total shareholders' equity
Valuation and translation adjustments

Total net assets
Total liabilities and net assets(Note) The quarterly non-consolidated balance sheets are prepared in accordance with the Regulation on Quarterly Financial Statements andpresented in accordance with the Regulation for Enforcement of the Construction Business Act, but are not subject to review understatutory disclosure.

22

(2) (Reference) Maeda Corporation Quarterly Non-Consolidated Statements of Income(Millions of yen)Six months ended
September 30, 2020
Net sales
Net sales of completed construction contracts

Six months ended
September 30, 2021

168,689

Sales in other businesses

162,776

1,401

2,565

170,091

165,342

Cost of sales of completed construction contracts
Cost of sales in other businesses

145,384443

144,479
838

Total cost of sales

145,827

145,317

23,305

18,297957

1,727

24,26320,025

Selling, general and administrative expenses

12,001

13,620Operating profit

12,261

6,404

Total net sales
Cost of sales

Gross profit
Gross profit on completed construction contracts
Gross profit - other businessTotal gross profit

Non-operating income
Interest income

197

121

16,688
–

7,534
71

68

137

16,954

7,863

Interest expenses
Foreign exchange losses

560
10

552
–

Other

204

187

Total non-operating expenses

775

740

28,44013,527

Gain on sale of non-current assets
Gain on sale of investment securities

14
1,565

13
1,791

Gain on extinguishment of tie-in shares
Other

1,686
2

–
73

Total extraordinary income

3,269

1,879

Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of investment securities
Loss on support to subsidiaries and associates
Other
Total extraordinary losses
Profit before income taxes

24

36

270
239

–
163

2

5

536

205

31,173

15,202

Income taxes

6,536

2,424

Profit24,636

12,778(Note) The quarterly non-consolidated statements of income are prepared in accordance with the Regulation on Quarterly Financial Statements
and presented in accordance with the Regulation for Enforcement of the Construction Business Act, but are not subject to review understatutory disclosure.

23

(3) Maeda Corporation Orders Received, Net Sales and Backlog (Non-Consolidated)
1. Orders Received(Millions of yen)Six months ended
September 30, 2020

Public Works
Private Works
Overseas
Building Construction
Public Works
Private Works
Overseas
Civil Engineering
Public Works
Private Works
Overseas
Construction Total
Infrastructure Management
Real Estate
Total

Amount19,99058,75336
78,78133,03718,062
29
51,13053,02876,81566
129,911582
831
131,325

%
15.2
44.7
0.0
60.0
25.2
13.8
0.0
38.9
40.4
58.5
0.1
98.9
0.4
0.6
100.0

Six months ended
September 30, 2021
Amount62,424
61,96022
124,407
20,192
27,735239
48,166
82,616
89,695262
172,574
566
2,013
175,154

%
35.6
35.4
0.0
71.0
11.5
15.8
0.1
27.5
47.2
51.2
0.1
98.5
0.3
1.1
100.0

2. Net Sales

Amount11,85885,324461
97,64444,24826,289507
71,045
56,106111,613969
168,689582
819
170,091

%
7.0
50.2
0.3
57.4
26.0
15.5
0.3
41.8
33.0
65.6
0.6
99.2
0.3
0.5
100.0

Six months ended
September 30, 2021
Amount16,35684,8992
101,258
35,73425,550233
61,51852,091
110,449
235
162,776
566
1,999
165,342

%
9.9
51.3
0.0
61.2
21.6
15.5
0.1
37.2
31.5
66.8
0.1
98.4
0.3
1.2
100.0

3. Backlog

%
212.3
5.5
(38.4)
57.9(38.9)
53.6
704.5
(5.8)
55.8
16.8
294.0
32.8
(2.8)
142.1
33.4

Increase (Decrease)
Amount
4,498
(425)
(459)
3,614
(8,513)(739)(274)(9,527)(4,014)(1,164)(734)(5,912)(16)
1,180(4,748)

%
37.9
(0.5)
(99.5)
3.7(19.2)(2.8)(54.1)(13.4)(7.2)(1.0)(75.7)
(3.5)
(2.8)
144.1
(2.8)

(Millions of yen)Six months ended
September 30, 2020

Public Works
Private Works
Overseas
Building Construction
Public Works
Private Works
Overseas
Civil Engineering
Public Works
Private Works
Overseas
Construction Total
Infrastructure Management
Real Estate
Total

Amount42,4333,207(14)45,626(12,845)
9,672
210(2,963)29,587
12,879195
42,663(16)
1,181
43,829(Millions of yen)Six months ended
September 30, 2020

Public Works
Private Works
Overseas
Building Construction
Public Works
Private Works
Overseas
Civil Engineering
Public Works
Private Works
Overseas
Construction Total
Infrastructure Management
Real Estate
Total

Increase (Decrease)

Amount53,925
248,83128
302,785
120,637
152,919
1,066
274,622
174,562
401,750
1,094
577,407－314
577,722

%
9.3
43.1
0.0
52.4
20.9
26.5
0.2
47.5
30.2
69.5
0.2
99.9
–
0.1
100.0

Six months ended
September 30, 2021
Amount90,106284,27232
374,410
144,348
146,186673
291,207234,454430,458705
665,618–314
665,932

24

%
13.5
42.7
0.0
56.2
21.7
22.0
0.1
43.7
35.2
64.6
0.1
100.0
–
0.0
100.0

Increase (Decrease)
Amount36,18035,441
3
71,62523,711(6,733)(392)
16,58559,891
28,707(388)
88,210–(0)88,210

%
67.1
14.2
13.4
23.7
19.7
(4.4)
(36.8)
6.0
34.3
7.1(35.5)
15.3
–
(0.1)
15.3

(4) Maeda Corporation Non-Consolidated Forecast of Orders Received for the Construction Business(Millions of yen)
Fiscal year ending
March 31, 2022
Full-year forecast

Six months ended
September 30, 2021
Results for the current%

periodProgress (%)

Building Construction

260,000

6.0

124,407

47.8

Civil Engineering

160,000(2.2)

48,166

30.1

Total

420,000

2.7

172,574

41.1(Note) Percentages indicate year-on-year changes.

(5) Summary of Financial Result Forecast
The fiscal year ending March 31, 2022
Summary of Maeda Corporation non-consolidated financial results forecast(Millions of yen)Six months ended

Fiscal year ending

September 30, 2021
Results for the
Results for thepreviouscurrent period YoY Change
periodMarch 31, 2022
Full-year
forecast

YoY Change

Progress

170,091

165,342(4,748)386,000

19,91342.8%

168,689

162,776(5,912)375,750

12,711

43.3%

97,644

101,258

3,614

226,400

12,00644.7%

71,04561,518(9,527)

149,350

705

41.2%

582

566

(16)

7,500

6,076

7.6%

819

1,999

1,180

2,750

1,125

72.7%

24,26320,025(4,238)56,000

2,329

14.3%

12.1%

(2.2)%

14.5%(0.2)%

23,305

18,297(5,008)47,020(4,506)

13.8%

11.2%

(2.6)%

12.5%(1.7)%

Building

8,743

8,795

51

24,2503,418

Construction

9.0%

8.7%

(0.3)%

10.7%

1.0%

Civil

14,561

9,501(5,059)22,770(7,924)

Engineering

20.5%

15.4%

(5.1)%

15.2%(5.4)%

569

565

(3)

7,500

6,090

97.7%

99.8%

2.1%

100.0%

1.0%

388

1,162

773

1,480

744

47.5%

58.1%

10.6%

53.8%

8.6%

Selling, general andadministrative expenses

12,001

13,6201,618

26,500

2,552

51.4%

Operating profit

12,261

6,404(5,857)29,500

(222)

21.7%

Ordinary profit

28,44013,527(14,912)36,600(8,641)

37.0%

Profit24,636

12,778(11,858)

27,000(9,247)47.3%

Net sales
Construction Total
Building
Construction
Civil
Engineering
InfrastructureManagement
Real Estate
Gross profit

Construction Total

InfrastructureManagement
Real Estate(Note) Percentages indicate ratio of gross profit to net sales.

25

35.8%

38.9%

36.3%

41.7%

7.5%

78.5%

(Reference) Summary of Forecast of Consolidated Financial Results of INFRONEER Holdings Inc. for the Fiscal YearEnding March 31, 2022
(Millions of yen)
Fiscal year ending March
31, 2022 (Forecast)
Net sales

710,000

Building Construction

227,200

Civil Engineering

150,300

Road Civil Engineering

238,000

Machinery

33,700Infrastructure Management

23,000Other

37,80095,600Gross profit

13.5%
24,900

Building Construction

11.0%
23,500Civil Engineering

15.6%
24,900Road Civil Engineering

10.5%
7,400

Machinery

22.0%

Infrastructure Management

10,300
44.8%
4,600

Other

12.2%

Selling, general and administrative
expenses

55,600Operating profit

40,000Ordinary profit

39,700

Profit attributable to owners of parent

25,400(Note) Percentages indicate ratio of gross profit to net sales.
(Note) The above segment information is for the period from October 1, 2021.

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