Results Briefing
for the Year ended March 31, 2024
May 22, 2024

TODA CORPORATION

1This material contains forward-looking statements regarding TODACORPORATION and the Group’s business plans, strategies, andearnings forecasts.
These statements are TODA CORPORATION’s forecasts based on
currently available information and may involve potential risks anduncertainties.
The actual results or developments may differ from the forwardlooking statements due to changes in various factors.

2

Today’s Program

１．Results Briefing

General Manager of Corporate Administration Group

Toshihiro Yamazaki

２．Progress of the Management Plan
President and Representative Director

Seisuke Otani

3

１．Results Briefing
General Manager ofCorporate Administration Group
Toshihiro Yamazaki
4

FY2023 Financial Highlights (Consolidated)

︓


︓


︓

Consolidated net sales¥522.4 bil (-4.5％ YoY)

Net sales decreased 4.5% YoY to ¥522.4
bil, mainly due to lower sales in thedomestic architectural construction andcivil engineering business.

(Billions of yen)

Consolidated net
sales
Gross profit

Operating income¥17.9 bil （+26.7％ YoY） Operating income
Operating income increased 26.7% YoY
to ¥17.9 bil. This was due to factors suchas improved profits on several projects inthe architectural construction businessfor which provision for loss had been
made in the previous consolidated fiscal
year.

Orders received(non-consolidated)¥500.7 bil （+17.4% YoY ）Orders received increased 17.4% to¥500.7 bil, mainly due to an increase indomestic private-sector construction
orders.

FY2022

FY2023

Change(YoY)

FY2024(Forecasts)

547.1

522.4

-4.5％

600.0

65.5

14.4％

79.0

57.3

(10.5%)(2.6%)(3.4%)

17.9

26.7％

30.0

Ordinary income

19.0

25.4

33.9％

35.5

Net income
attributable toowners of theparent

10.9

16.1

46.4％

27.0

3.5

4.8

-

8.1

426.7

500.7

17.4％

500.0

ROE
Orders received(non-consolidated)

14.1(12.6%)

5

[Consolidated] Results by Segment（Billions of yen）

FY2023

Architectural
Construction

Civil
Engineering

Domestic
Investment
andDevelopment

DomesticGroup
Companies

Net sales

325.5

119.9

23.2

53.7

6.5

7.5

3.9

(2.0)

(6.3)

FY2022

Architectural
Construction

Net sales
Operatingincome(loss)

Operatingincome(loss)(Profit margin)(Profit margin)

Overseas
Group
Companies

Environment
and Energy

Elimination

48.8

1.3

-50.3

522.4

1.9

1.4

-0.4

-3.0

17.9

(16.9)

(3.6)

(3.0)

(-)

Civil
Engineering

Domestic
Investment
andDevelopment

DomesticGroup
Companies

332.4

141.6

19.5

52.3

-1.4

11.0

3.3

(-)

(7.8)

(16.9)

Overseas
Group
Companies

Total

(3.4)

Environment
and Energy

Elimination

37.9

1.5

-38.2

547.1

1.9

1.9

0.0

-2.7

14.1

(3.8)

(5.1)

(3.2)

Total

(2.6)
6

Construction Business: Major Orders Received
Architectural
Construction

Civil
Engineering

Ordering Parties

Name of Works

Toranomon 1-chome East Area
Urban Redevelopment
Association

Construction of New Facility Building for Toranomon 1chome East Area Urban Redevelopment Project

MITSUBISHI ESTATE CO., LTD.

Dogenzaka 2-chome South Area Project New Construction
and Others

Izumo Murata ManufacturingCo., Ltd.

New Production Building Construction at Izumo Murata
Manufacturing Co., Ltd.

SENKO Group Holdings Co.,Ltd.

(Tentative name) SENKO Group Holdings Co., Ltd. Urawa
Daimon Distribution Center New Construction Work

Kushiro City

Kushiro City General Hospital New Tower Construction

Ibaraki Hanawa Wind LLC

Ibaraki Hanawa East and West Wind Farm Construction

Ministry of Land,
Infrastructure, Transport andTourism, Chubu Regional
Development Bureau

Reiwa 5 Shitara Dam Construction 1st Phase Work

Shunan City

Shunan City Tokuyama Central Purification Center
Reconstruction Project

Ministry of the Environment

Restoration of Temporary Storage Facilities under theJurisdiction of Hamadori Kita Branch Office from Reiwa 5 - 6
7

Construction Business: Major Carryover Works
Ordering Parties
Architectural
Construction

Civil
Engineering

Name of Works

St. Marianna University School of
Medicine

St. Marianna University School of Medicine Sugao
Campus Renewal Plan

Maishima Development SPC(Tentative name) DPL Osaka Maishima New Construction
Work

JAPANET HOLDINGS Co., Ltd.

Nagasaki Stadium City Projects (II, III Sections)

Lam SPCESR OS1 Data Center New Construction Work

Ogawa Station West Exit Area
Urban Redevelopment Association

Ogawa Station West Exit Area Type 1 Urban
Redevelopment Project

Ministry of Land, Infrastructure,
Transport and Tourism, Kanto
Regional Development Bureau

Yokohama Shonan Road Tunnel WorkWest Nippon Expressway
Company Limited

Shin-Meishin Expressway Ujitawara Tunnel East Work

Central Nippon Expressway
Company Limited

Tokyo Outer Ring Road Main Line Tunnel (North Bound)
Tomei North WorkTokyo Metropolitan Government

Johoku Chuo Park Detention Pond (Phase 1) Work28[Non-consolidated] Carryover Works（Billions of yen）

738.5

718.6

3.6

0.5

263.6

279.2

818.9
Overseas

1.7The amount carried over to the next
fiscal year increased from the previous
fiscal year.

In the domestic construction business,both public and private sector
construction increased, resulting in¥88.6 bil increase from the previous
fiscal year.

In the domestic civil engineeringbusiness, public sector construction
decreased, but private sector
construction increased, resulting inincrease of ¥10.4 bil from the previous
fiscal year.

Civil
Engineering

289.7

471.2

438.8

Architectural
Construction

March 2022

March 2023

March 2024

527.5

9

１-1．Details of Financial Results

10Domestic Subsidiaries
Overseas Subsidiaries
Environment & Energy[Consolidated] Overview of TODA Group
Business

Domestic Subsidiaries
APEC Engineering Co., Ltd.

PT Tatamulia Nusantara Indah

Chiyoda Kenkou Co., Ltd.

Thai Toda Corporation Ltd.

Sato Kogyo Co., Ltd.
Showa Construction Co. , Ltd.

Toda Vietnam Co., Ltd.

Construction Toda Road Co., Ltd.

and 3 other companies

Real estate

Toda Bldg. Partners Co., Ltd.

and 11 other companies
Toda America, Inc.
PT Toda Group Indonesia

and 2 other companies

Toda Finance Co., Ltd.

OthersOverseas Subsidiaries

companies

22

companies

5companies

TODA Investimento do Brasil Ltda.

Toda Staff Service Co., Ltd.

TODA Energia do Brasil Ltda.

Towa Kanko Kaihatsu Co., Ltd.

TODA Energia 2 Ltda.

Goto Floating Wind Power LLC

Toda Asia Pacific Pte. Ltd.

Offshore Windfarm Construction Co., Ltd.
Toda Noubou Inc.

43

and 2 other companies

16companies

and 4 other companies

11[Consolidated] Balance Sheets
Assets815.5
Current
Assets431.5

Non-current
assets190.7
Investments
and otherassets193.2

March 2023

+56.5
-9.6


(Billions of yen)

Current
Assets
421.9

+32.4
+33.7

Investments
and otherassets226.9

March 2024

-9.6

Current Assets

872.0

Non-current
assets223.1

Major variable factors
Cash and deposits
Accounts receivable
Real estate for sale

+16.9
-60.2
+20.2

Non-current assets+32.4

Buildings and structures
Machinery, vehicles, tools,
furniture and fixtures
Land
Construction in progress



-7.1
-0.2
-5.7
＋44.7

Investments and otherassets+33.7

Investment securities
Long-term loans

+23.1
+5.7

Current ratio（March 2023

139.2%March 2024）

142.8％

12

[Consolidated] Balance Sheets
Liabilities and Net Assets
815.5
Current
liabilities
310.0

Non-current
liabilities
182.2
Net
assets
323.2

+56.5
-14.5

+38.7
+32.2



-14.5

Current liabilities(Billions of yen)

Notes and account payable-trade
Short-term loans payable
Corporate bonds redeemablewithin one year
Advances received on uncompleted
construction contracts

872.0
Current
liabilities
295.4

Non-current liabilities
Corporate bonds
Long-term loans payableNon-current
liabilities
221.0

Net assets

Net
assets355.5

March 2024

Equity ratio(March 2023

38.9%

-14.1
-7.4
-5.0
+4.7

+38.7
+12.9
+14.5

+32.2

Valuation difference on availablefor-sale securities
Net income attributable to ownersof the parentMarch 2023

Major variable factors

+20.0
+16.1

March 2024）

40.0％

13

[Non-consolidated] Cross-Shareholdings
161

160

Number of stocks
159(Billions of yen)

164.0
104.5

159.5
102.9

181.8

131.4

Valuation
Difference

59.5

56.5

50.4

Book
Value

March 2022

March 2023

March 2024

March 2025 (Forecasts)

The balance of cross-shareholdings
is being reduced to secure financing
for investments in growth.

At least ¥30 bil worth of crossshareholdings to be sold over three
years (FY2022 – FY2024)* Market value basis
Sales of cross-shareholdings stocks
Number ofSales value
stocks soldFY202112 stocks¥4.5 bil

FY202210 stocks¥11.5 bil

FY202314 stocks¥16.6 bil
14

[Consolidated] Interest-Bearing Liabilities（Billions of yen）

211.5

290.0



During FY2023, interestbearing liabilities increased by¥15.0 bil due to ¥7.4 bil
decrease in short-term loans
payable, while corporate bonds
and long-term loans increasedby ¥7.9 bil and ¥14.5 bil
respectively.



In FY2024, interest-bearing
liabilities are to be increased by¥63.5 bil, while the D/E ratio is
to be kept below 0.8x tomaintain financial soundness.

226.5

179.3
Long
84.2

95.1

124.9

-term
152.4

86.6

Short
-term
74.1

March 2022

March 2023

March 2024

March 2025
(Forecasts)

0.57x

0.67x

0.65x

D/E ratio* D/E ratio = Interest-bearing liabilities / Shareholders’ equity

15

[Consolidated] Provision for Loss on Construction Contracts
9.43 Overseas
Civil
Engineering
2.89

2.66
Civil
Engineering
2.19

Overseas
0.05

Architectural
Construction
6.47



0.05

-¥5.37 bil
4.06
Civil
Engineering
2.50

Provision for loss on
construction contracts-¥5.37 bil (YoY)

Major variable factor:
In the domestic
construction business,
provision for loss on
construction contracts
decreased as a result ofconstruction progress andimproved profits.

Architectural
Construction
1.55

Architectural
Construction
0.41

March 2022

（Billions of yen）

March 2023

March 2024

16

[Consolidated] Selling, General and Administrative Expenses


SG&A Ratio

9.1%
7.9%

8.2%
49.0

47.6

SG&A (¥bil)
43.1

36.7

March 2023

In addition to the above factors,
on consolidated basis, theexpenses increased by ¥4.4 bil due
to consolidation of TATA as aconsolidated subsidiary.

Consolidated

Consolidated

Nonconsolidated

38.9

March 2024

Nonconsolidated

40.0

March 2025

FY2023:On non-consolidated basis, theexpenses increased by ¥2.2 bil,mainly due to increase intechnology R&D and digitalization
costs.



FY2024:For both non-consolidated andconsolidated, SG&A expected toincrease due to continued
investments in human capital,technology R&D, and digitalization.

(Forecasts)
17

[Consolidated] Cashflow
Net increase (decrease) in cash and cash equivalents (Mar 2023 to Mar 2024) +17.2
Operating CF +62.1

Financial CF +1.0

Inv CF -48.8

+61.9
-8.7

-15.0

-4.3

+28.2

+14.8

+17.8

95.8

-55.0

payablefixed assets

-8.5

-11.6

IncomeCosts on real
Other
Investment
March before
tax
estate business
operatingsecurities
CF
2023
Other
Tangible
Accounts
Accounts
receivable（Billions of yen）

Borrowings/bondsInvestment
CF

-5.0

-0.3

Effect ofexchange ratechangesOtherfinancial CF

Acquisition ofown shares

Dividends
payments+2.9 113.1

March
2024
18

１-２．Earnings Forecasts

19

[Consolidated] FY2024 Earnings Forecasts（Billions of yen）

FY2023
Consolidated
net sales

FY2024
Forecasts

Change (YoY)

522.4

600.0

+14.8%+77.5

Operating income

17.9

30.0

+67.5%+12.0

Ordinary income

25.4

35.5

+39.3％+10.0

Net income
attributable toowners of parent

16.1

27.0

+67.7%+10.8

Orders received(non-consolidated)

500.7

500.0

-0.2%

-0.7
20

[Non-consolidated] FY2024 Earnings Forecasts
AmountProfit margin

475.0
55.5
50.0

11.7
11.5

29.8

9.8

[Domestic civil engineering]

19.9

15.4

[Overseas]

0.1

8.6

5.5

13.8

(¥bil）Net sales
Gross profit
Profit from construction business[Domestic architectural construction]

Profit from investment and development
business and others
Selling, general and administrative
expenses
Operating income
Ordinary income
Income taxes
Net income

40.0
15.5
18.6
7.5
17.6

(%)

3.3
3.9
3.7
21

[Non-consolidated] Earnings Forecasts for Construction Business
Orders Received forConstruction

700.0（Billions of yen）

500.7

2.6

Civil
Engineering

122.5

500.0

375.6

Mar 2024

359.0

400.4

400.0

1.4

200.0
100.0

Mar 2025(Forecasts)

600.0

500.0
300.0

Architectual
Construction

700.0（Billions of yen）

600.0

Overseas
3.0

138.0

Net Sales of Completed
Construction Contracts

0.0

435.0
129.4

Architectual
Construction

303.5

Mar 2024

Mar 2025

286.9

400.0

16.1

15.4
Total

11.5

300.0
200.0
100.0

(Forecasts)

Civil Engineering

500.0

Overseas
2.1

Civil
Engineering
112.0

Gross Profit Margin on
Completed Construction
Contracts(%)

0.0

Architectural
Construction
9.6

Mar 2024

11.5
9.8

Mar 2025(Forecasts)

22

2．Progress of the Management Plan
President and Representative Director
Seisuke Otani

23

Basic Policy of the Medium-term Business Plan - Rolling Plan

Realizing
Future Vision
CX150

Strengthening
the businessportfolio

Through the realization of Future
Vision CX150, we aim to provide
value that is truly recognized by all
stakeholders.

To strengthen the business portfolio, weare promoting growth investments suchas the new TODA BUILDING and thefloating offshore wind power generation
business.
24

Strategic ScenarioContinue to drive priority management businesses tocontribute to earnings in fiscal 2025 and beyondCore business

Fiscal year

(Architectural Construction,
Civil Engineering and Strategic
Business)

Phase1

Phase2

Access to sources of value

2022

2023

2024

Value reconstruction

150th
Anniversary- 2027- 20302031

Promoting Smart Innovation
Improving experience value (customer experience)

New building construction

Overseas business

Localizing operations andstrengthening alliances
TATA becomesa subsidiary

Stable growth, synergies

Wind Farm Construction
2.1MW x 8 units

Operations startfrom Jan 2026

Renewableenergybusiness

Priority Management
Businesses

New TODA
BUILDING

Floating
offshorewind power
generation
Floating
Complex

Phase3

Realization ofsociety of collaborative
creation

Completion

Monetization, technology andknow-how deployment

Realization ofsociety ofcollaborative
creation（CX150 ）Large-scale technology development, area expansion

Initiatives to realize floating complex

25Forecasts and Results
FY2022 FY2023
ActualActualFY2024
Forecasts

Medium-termManagement
Plan Target(May 17, 2022)

Consolidated net sales

547.1

522.4

Operating income

14.1

17.9

Operating margin

2.6

3.4

Capitalefficiency

Net income attributableto owners of the parent

600.0
30.0
5.0

10.9

16.1

27.0

26.0 ¥ bil

ROE

3.5

4.8

8.1

8.0 ％

Productivity

Labor productivity(non-consolidated)

11.71

12.84

13.1

15.0 ¥ mil

DOE

2.6

2.6

Total return ratio

76.5

84.9

2.7
51.7

2.5 ％
40.0 ％

Profitability

Shareholder
returns600.0 ¥ bil
33.0 ¥ bil
5.5 ％* Labor productivity = Added value (operating income + total personnel expenses) / Number of employees (average during
the period, including temporary workers, etc.)* DOE (dividend on equity ratio) = Total dividends / Shareholders’ equity* Total return ratio = Total amount returned to shareholders (total dividends + total share buybacks) / Net income
attributable to owners of the parent

26

Results by Segment
Consolidated net sales
Architectural Construction
Civil Engineering
Strategic

Investment and Development/
Green Transformation
Domestic Group Companies
GlobalTotal

Operating income

FY2023

ActualActual

Civil Engineering
Strategic

Investment and Development/
Green Transformation
Domestic Group Companies

Total

FY2024
Forecasts

Medium-termManagement Plan
Target

332.4
141.6

325.5
119.9

350.0
135.0

21.0

24.6

45.5

30.0 ¥bil

52.3
37.9
547.1

53.7
48.8
522.4

58.0
68.0
600.0

55.0 ¥bil
28.0 ¥bil
600.0 ¥bil

ActualArchitectural Construction

GlobalFY2022

ActualForecasts(Profit Margin)

-1.4
11.0

6.5
7.5

8.5
9.0

(2.4％)

3.3

3.4

1.9
1.9
14.1

1.9
1.4
17.9

350.0 ¥bil
145.0 ¥bil

Medium-termManagement Plan
Target (Profit Margin)(2.8％)(6.7％)

9.8
14.2

1.0

(2.1％)

0.0

(－)

2.5
11.0
30.0

(4.3％)

3.5
5.5
33.0

(6.4％)* Total consolidated net sales and operating income include inter-segment eliminations.

(16.2％)(5.0％)(9.8％)(19.6％)(5.5％)
27

Medium-term Management Plan Variance Analysis (Operating Income）
Global business drives overall revenue
Investments in human capital and technology development increased
Gross Profit

General Administrative Expenses•

GlobalIncreased material andlabor costs. Delay inthe progress of someconstruction works, etc.

Operatingincome

33.0

+2.5
-5.0

+8.0

Personnel
expenses-2.0

R&D cost,
surveyexpenses, etc.

GlobalConsolidation of TATA,
real estate business, etc.

Consolidation of
TATA,

Construction
business Investment
development/
green
transformation

Medium-termManagement
Plan Target(May 17, 2022)

Operatingincome-2.5+1.0
DomesticGroup
companies(¥bil)-1.5

Operating income -3.0 bil

30.0

-3.5

•

OthersDomestic Group
companies, etc.

FY2024
forecasts(May 15, 2024)•

Gross Profit

The construction businesshas been affected by theincrease in the cost of
materials and labor, as well
as by delays in the progressof some construction
projects.
Domestic and international
real estate development
projects contribute toincreased revenues.
Consolidation of TATA.

General Administrative
Expenses•

Increased costs for
personnel, R&D, surveys,
etc.
Cost increase due toconsolidation of TATA.

•

28

Non-financial Business Objectives
Quantitative evaluation indicators
E CO2 emissions Reduction rate （vs FY2020）

FY2022

FY2023

ActualActual/Forecasts-14.5 （-30.6）

Medium-termManagement Plan
Target (FY2024)-16.8 % or more

Scope 1+2 Basic unit (per 100 million yen）

13.6

（12.9）

11.2 t-CO2 or less

CO2 emissions Reduction rate （vs FY2020）
Scope 3 Category 1 basic unit (per ¥100 mil)

-0.8（＋8.7）-10.0 ％ or more

700.4 （660.1）

540.7 t-CO2 or lessCategory 11 basic unit (per sqm)

S Total accident frequency rate

Accident frequency date
G Labor productivity per hour

* FY23 Scope 1+2 is the full-year forecasts as of the end of December, and the basic unit is the actual
December data. FY23 Scope 3 is the full-year forecasts as of the end of September.
* Scope 1: Direct CO2 emissions from the use of diesel, etc.
Scope 2: Indirect CO2 emissions by power plants for use of purchased electricity/heat
Scope 3: Indirect emissions other than Scopes 1 and 2
Category 1: Emission at time of construction material manufacturing, Category 11: Emission during period
of operation of constructed buildings* Basic unit: Scopes 1 + 2: Emission per ¥100 million net sales
Category 1: Emission per ¥100 million transaction amount, Category 11: Emission per 1 sqm completed
gross floor area

2.9

（3.2）

3.5 t-CO2 or less

4.22

3.88

1.00 or less

0.40

0.44

0.10 or less

5,567

6,286

7,500 yen or more

* Total accident frequency rate = Total occupational accidents/total working hours (million hours)
Accident frequency rate = Number of occupational accidents requiring 4 or more days of leave / total
working hours (million hours)* Labor productivity per hour = Amount of added value (operating income + total personnel expenses)/ Number of employees / Average total working hour29

Understanding the Challenges and Direction of the Strategy
CoreBusinessesPriority
Management
BusinessesEnhancementof Corporate
Value









Ordering strategy that emphasizes brand value and profitability in thebusinessStrengthening the ability to manage costs and securing the labor force forfacility construction and other works
Dealing with the 2024 problem (application of upper limits on overtime work)
Restore confidence in quality, safety and process management in theconstruction industry
Create differentiated value by maximizing the value potential of the newheadquarters building
Expand business operations and strengthen governance in overseas
businesses, with a focus on Asia and Oceania
Promote technology development for the scale-up of floating offshore wind
power generation

Improve job satisfaction and engagement through employee well-being
Strengthen the supply chain by improving the ability to "bring together
partner companies”
Implement management that is conscious of cost of capital and shareholder
returns
30

Core Businesses31Construction
Business

Market Environment (Construction Investment)
Construction investment rises in nominal terms
but remains flat in real terms
Construction Investment（Nominal values)

Forecasts(Trillions of yen)

80
70
60
50

61.8 62.3
5.5
15.9

5.4
16.7

66.4 67.8 68.8
6.8
18.8

7.1
17.8

7.5
18.1

72.4 74.4
7.4
18.5

7.4
18.2

Construction Investment（Real terms)(Trillions of yen)
80

70
60
50

40

40

30

30

20

34.8

34.4

34.5

36.6

37.1

39.1

10
0
FY

40.6

20

5.7

5.7

6.4

6.3

6.1

7.3

8.2

18

19

20

21

22

23

24

58.6 57.7
5.2

5.0

15.0

15.4

61.5 59.9
6.3

6.3

17.3

15.7

Forecasts

57.4 58.8 59.7
6.3

6.1

6.0

15.3

15.2

14.9

Civil Engineering private sector
Civil Engineering public sector
Construction private sector
Construction public sector

33.0

32.0

32.1

32.3

30.7

31.7

32.2

5.4

5.3

5.9

5.6

5.1

5.9

6.5

FY 18

19

20

21

22

23

24

10
0

Source: Research Institute of Construction and Economy, "Outlook on Construction Investment Based on Construction Economy Model“ (April 2024)* Real values are based on the construction deflator on the basis of FY2015.

32

Construction
Business

Market Environment (Construction Investment)

Orders received by major construction companies are increasing
in both nominal and real terms
Trends in orders received

by major construction companies (Nominal)(Based on survey results from 92 of 140 corporate members of theJapan Federation of Construction Contractors)(Trillions of yen)
20

16.0
1.7
2.7

10
10.5

0
FY

14.3 14.6

15.0

1.8

1.7

1.6

2.4

3.2

2.7

16.2
1.6
3.1

Trends in orders received

by major construction companies (Real value estimate)(Estimate reflecting the Ministry of Land, Infrastructure, Transport and Tourism's
construction cost deflator (on the basis of FY2015)(Trillions of yen)
20

17.6
1.8

15.1

3.6

1.6

13.2 13.6 13.2 13.4

2.6

1.7

1.6

1.4

1.4

2.2

3.0

2.4

2.6

10
10.2

10.9

8.9

8.5

9.5

1.1

1.2

1.2

1.1

1.3

1.4

18

19

20

21

22

23

9.9

24

0
FY

14.3
1.4

Civil
Engineering private sector

2.9

8.2

7.9

8.4

8.4

8.9

1.0

1.1

1.1

1.0

1.0

1.1

18

19

20

21

22

23

Civil
Engineering public sector
Construction private sector
Construction public sector

24

Source: Prepared by TODA CORPORATION based on the Japan Construction Association Order Survey Results (by client) (released on April 26, 2024). However, the figures do not include thosefor the “Others” and “Overseas” client categories. * Real value estimate calculated by TODA CORPORATION based on the Ministry of Land, Infrastructure, Transport and Tourism's construction
cost deflator (on the basis of FY2015). For FY2023, the average value from April 2023 to February 2024 was used based on the construction cost deflator (by month).

33

Construction
Business

Market Environment (Construction Cost)

Rising construction costs (materials, labor, equipment, etc.)
remain a concern
140

Construction Materials Price Index(Tokyo, based on 2015)

135

Construction

Unit labor cost for public works design(Nationwide, weighted average of all occupations)150
141.5 29,000
140

137.7
135.9

（April 2024）

130

Civil Engineering

120

125

Index based on 2015

130

(Yen)

111.7

23,600110

120

27,00023,00022,227

Rising for 12th consecutive year
100

115

90

110

25,00021,00018,632

19,000

80

105

70

17,000100

60

15,000

FY 18

19

20

21

22

Source: Construction Research Institute

23

24

FY

18

19

20

21

22

23

24

Source: Ministry of Land, Infrastructure, Transport and Tourism

34

Carryover Works (Architectural Construction)
FY2022Others 2.2
Stores 2.5
Others［¥14.6 bil］

3.3

Redevelopment［¥22.4 bil］
5.1

Others

Housing
8.4［¥37.0 bil］

Medical andwelfare facilities
12.4［¥54.3 bil］

CarryoverWorks

FY2023［¥3.7 bil］
Others 1.9
0.7Stores［¥15.3 bil］2.9
2.5
Housing
3.6
Accommodations
3.9
Warehouse anddistribution facilities
7.1
Offices and［¥37.6 bil］ Carryover
governmentbuildings
Works
Factories and41.4
power plants
9.9［¥219.2 bil］［¥52.4 bil］ （end of March 2024）

Redevelopment

Accommodations
4.0
Factories
and power
plants 7.9

Construction
Business

Offices andgovernmentbuildings
28.5［¥125.0 bil］

¥439.3 bil（end of March 2023）

Warehouse anddistribution facilities
Educational,
18.2
research andcultural facilities［¥80.0 bil］
16.0［¥70.1 bil］

¥529.2 bil

Medical andwelfare facilities
11.1［¥58.6 bil] Educational, research andcultural facilities
18.5［¥98.0 bil］

* In-house construction works (approx. ¥76.4 bil in FY2022, approx. ¥44.2 bil in FY2023) not included.
* Unit: %, [ ]: contract amountConstruction
Business

Carryover Works (Civil Engineering)
FY2023

FY2022
Erosion and flood Others 9.8
control 1.5

Others 8.3
Erosion and flood
control 2.8

Landdevelopment
5.5［¥15.3 bil］
Renewableenergy11.1［¥31.1 bil］

Carryover
Works

Roads
43.0
［¥120.1 bil］

¥279.2 bil

Water （end of March 2023 ）supply andsewageOthers
12.3
9.4
Railways［¥34.3bil］［¥26.1 bil］
16.8
Bridges andoverpasses
9.6［¥26.8 bil］［¥47.0 bil］
Shields
13.2［¥36.8 bil］

Tunnels
40.0［¥111.6 bil］

Landdevelopment
4.2［¥12.0 bil］

Carryover
Works

Roads
35.1
［¥101.5 bil］

Renewableenergy21.7［¥62.8 bil］ （end of March 2024）¥289.7 bil

Water supply
and sewage Railways
15.8
12.2
［¥35.3 bil］ ［¥45.7 bil］
Others8.9［¥25.8 bil］

* In-house construction works (approx. ¥8.9 bil in FY2022, approx. ¥13.2 bil in FY2023) not included.
* Unit: %, [ ]: contract amount

Bridges andoverpasses
8.9［¥25.7 bil］

Tunnels
33.8［¥97.8 bil］

Shields
11.5［¥33.2 bil］

Investment Plan
Implementing growth investments to enhance corporate value
over the medium to long term
FY2002 FY2023

FY2024

ActualActual

Plan

28.3

66.8

71.0

6.3

24.0

M&A

3.9

Human Capital

Real Estate
Development
Environment &Energy3 Year
Forecasts(FY2022-2024)

Medium-termManagement Plan
(FY2022 - 2024)

166.1

160.0 ¥bil

20.5

50.8

30.0 ¥bil

－

－

3.9

－ ¥bil0.9

1.0Technology
Development

1.0

2.9

3.0 ¥bil

2.7

9.5

4.0

16.2

20.0 ¥bil

Digitalization

2.3

2.5

3.0

7.8

9.0 ¥bil

Machinery, equipment, etc

0.5

0.7

5.0

6.2

3.0 ¥bil

Total

44.9

104.5

104.5

254.0

225.0 ¥bil

Investments
for GrowthIntangible
Assets* Figures are the sum of general and administrative expenses and capitalized assets.

（New TODA BLDG: 60.0）37Capital Allocation
Medium-termManagement Plan

（FY2022 – FY2024 Cumulative）
Interest-bearing
debt increased
D/E Ratio

0.8
or below
0.8倍
以下

Sales of
Cross-shareholdings

Income taxes etc
Investment Plan

¥225.0 bil¥30.0 bil +Growthinvestments¥190.0 bil

Sales of assets

Intangible assets¥32.0 bil

¥67.0 bil

Adjusted
operating income¥80.0 +

Machinery &Equipment etc.
¥3.0 bilShareholder returns(Dividends/Share buyback)Cash generation Cash allocation

Forecasts（FY2022 – FY2024 Cumulative）
Interest-bearing
debt increased
Sales of
Cross-shareholdings¥45.0 bil

Sales of assets¥80.0 bil

Adjusted
operating income

Income taxes etc
Investment Plan

¥254.0 bil
Growthinvestments¥220.8 bil

Intangible assets¥26.9 bil
Machinery &Equipment etc.
¥6.2 bil¥74.0 bilShareholder returns

Cash generation

Cash allocation* Adjusted operating income takes into account income from real estate for sale, depreciation expense, etc.

(Dividends/Share buyback)38

Investments for Growth
Expansion of investment scale in realestate development businessAmount Invested and Recovered (by fiscal year)
M&A
Environment & energy
Real estate development

38.5
6.3

28.3

3.9

90.8

91.5

24.0

20.5
Incl. 25.0 for New TODA
BUILDING and 22.0 for
real estate sales business

Major investment plans for FY2024
Spa facility (under construction)¥bilIncl. 26.0 for New TODA
BUILDING and 32.0 for
real estate sales business

71.0

66.8

Joso Project

Incl. 9.0 for New TODA
BUILDING

-15.1

-14.8
-48.0

FY2022
Actual(Investment) (Recovery)

Net investment 23.4

FY2023
Actual(Investment) (Recovery)

Net investment 76.0

FY2024
Plan(Investment) (Recovery)

Net investment 43.5

(Tentative name) Okinawa
Urasoe Project* Net investment = Amount invested – Amount recovered* Planned investment amounts as of May 22, 2024

39

Investment in Intangible Assets
Initiatives to improve productivity through technology R&D anddigitalization
Major Technology R&D Projects in FY2023 (press releases)
Intangible asset
investment(by fiscal year）
13.0

Digitalization
Technology R&D

5.9

8.0
3.0

Shieldingsteel plate

Linac
equipment

Cutting shielding steel
plate

Linac Room* “Muscat H-Method®”: A method developed to reduce the environmental impact of building demolition(using hydrogen and oxygen)“Suisui C&T Method®” applied to highway deck replacement work
Conventional
method4.0

2.7

FY2022［Actual］

Reinforced concrete

¥bil

2.3

0.9

Dismantling andremoval of slab
shielding steel plates

Human capital

2.5

9.5

Expanded application of the “Muscat H Method®” to demolition work forradiation facilities

Suisui C&T
method

既投資額
1.0

FY2023［Actual］

1.0

Mamachi River Bridge
deck replacement work

Comparison of
allocation width

Fitting work

Motar filling

Precast PC deck construction

FY2024［Plan］

Figures are the sum of general and administrative expenses andcapitalized expenses.

Yubarigawa River Bridge deck replacement work40

Priority Management Businesses- New TODA BUILDING- Overseas Business- Renewable Energy Business (Offshore Wind Power Generation)41

Priority
Management
Projects

New TODA BUILDING

Expanding the value potential of TODA BUILDING
in various directions
Grand Opening scheduled
for November 2024

TODA BUILDING×

Town planning

Area management

Art & Culture

Art business

DisasterPrevention and
Mitigation

Core-wall seismic isolation structure(seismic resistant performance)
BCP, DCP

Environmental
EnergyEnvironmental
performance, ZEB

Smartification

Digitalization, smart buildings,
suggestions for workstyle reforms

Construction
Technology

Automated construction, safe andlabor-saving construction

42

New TODA BUILDING

12F West side (office)molded ceiling installation

Panoramic view of construction site
(May 2, 2024)

8F Conference rooms
boarded up

14F Southwest sidepriority construction area

6F Lobby cafe area steel
staircase installation
43

Deployment of construction technologies in new TODA BUILDING
Upper deckworking floor

Movable fall
protection

Shorter
construction
periodLifting long objects in tight spaces（”Gian”, Hoisted load turncontrolling device)

Safety
安全性向上
improvement

Telescopic
beam

Labor-saving

Suspension
landing

Electric chain
block

Hoisting machine room
機械室ユニットの揚重状況(Technology
when the main elevator is（本設EVの工事中利用技術）
under construction)

Various technologies
combined in the constructionof the new TODA BUILDING

Material receiving by means ofAutomated Guided Vehicles (AGV)（Vertical/horizontal automated guided system)

44

Conceptual Drawings of “TODA Museum” (tentative name)* These are finished images from the planning stage. They may differ from the actual completion.

Co-creation Area
Future Zone (360-degree cylindrical theater)

Solution Zone (15m wide Dynamic Vision)）

Welcome Zone

45

Overseas Business (expansion of the business portfolio with theentry into the Oceania region)

Coherent Hotel Ltd., a hotel company in NZ, consolidated into the Group
Kamana Lakehouse(Existing Hotel)

Expected finished image ofthe residence-type building(infinity pool)

Expected finished image of theresidence-type building(exterior)

Expected finished image of theresidence-type building(lobby area)

Singapore-based
subsidiary (TAP)
acquired a majority
stake in Coherent by
subscribing to a thirdparty allotment of
capital(May 2024)

Plans are in place forthe construction of a
new residence-type
building within the hotel
properties operated by
Coherent

Company Overview
Company Name: Coherent Hotel Ltd.
Location:
New Zealand(Auckland)Business:
Hotel business
Established:
2016

46

Renewable Energy Business (offshore wind power generation)
Continue to make steady progress as a front runnerin the offshore wind power business
Phase1
2022

2023

2024

 Offshore Wind Power

Generation Project(floating type) off thecoast of Goto City

* A consortium of six companies
represented by the TODA CORPORATION(ENEOS Corporation, OSAKA GAS CO.,LTD., INPEX CORPORATION, THE KANSAIELECTRIC POWER CO., INC., CHUBU
Electric Power Co., Inc. )Phase3150 thanniversary- 2027- 20302031

January 2026 (scheduled)Wind Farm Construction
2.1MW x 8 units

Start ofoperation

September 2025 (scheduled) Self-Elevating

Crane modification
work

Platform(SEP) vessel* Jointly owned by 6 companies: TODACORPORATION, Kumagai Gumi Co., Ltd.,NISHIMATSU CONSTRUCTION CO.,LTD.,
WAKACHIKU CONSTRUCTION CO.,LTD.,
IWATA CHIZAKI INC., YOSHIDA-GUMI Inc.

Phase2

Scheduled to becompleted in March 2025
Start ofservice

Modifying used SEP-equipped crane to handle 1,300 tons lifting
capacity for the assembly of large-scale wind turbines (over 15 MW).
(For both fixed-type and floating type)Self-Elevating Platform(SEP) vessel

47

Enhancing Corporate Value48

ROE Improvement

PBR ＝ ROE × PER* Total assets and equity forecasts for FY2024 are based on FY2023 actuals.

Achieve ROE in excess of cost of equity to increase corporate value（recognized at approximately 7-8%）

Pursuit of Growth and Earning Power
Growth strategies andstrategic investments
Business portfolio

Net profit
marginFY23 actual

3.1％

Improve ROE

Utilizing real estate private
placement funds

Sales of cross-shareholdings
ROIC by businessTotal Assets
Turnover

Retaining credit rating

FY23 actual

0.62times

9.6%

Financial
Leverage

FY23 actual

2.50times

Return on Equity
Yearly Chart(Forecasts)

FY24 forecast

8.1%

0.71times

Medium-termManagement Plan Target

Consolidated sales/ Total assets (Average of the beginning and end of the fiscal year)

Optimal Capital Structure
Utilization of interestbearing debt

４.5％

Net income attributable to owners of the parent/ Consolidated sales

Improvement of Capital Efficiency

ROE

FY24 forecasts

PriceBook-value
Ratio

ROE of 8.0% or higher

FY24 forecast

6.8%

2.53times

Latest PBR

0.97

4.8%

5.9%

Total Assets (at end of the fiscal year)/ Shareholders’ equity (at end of the fiscal year)

Higher PER

As of theannouncement offinancial results on
May 15, 2024

Stable and sustainable returns to shareholders

Dialogue with stakeholders (IR activities)

PBR

3.5%
19

20

21

22

23

(FY)

24

49

Shareholder Returns
Shareholder return policy based on stable dividends
and flexible share buybacks
300

76.5%

250
200

84.9%

80.0%

Total return
ratio

43.2%

40%
150

Share buybacks
100 Total dividends (annual)

4.9
8.6

() indicatesdividend per share （¥26）

（¥27）

（¥28）

FY2021

FY2022

FY2023

2.6％

2.7％

2.6％

0

DOE

8.0

(51.7%)(¥ bil)8.4

50Medium-term Management Plan Target for FY2024

5.0(Upper limit)

 DOE (Dividend on Equity): 2.5％ or more

60.0%

 Total Rerun Ratio: 40％ or more

40.0%

(Reference) Recent share buybacks
20.0%

Acquisition period: November 14, 2023 through March 26, 2024
(delivery basis)（¥29）(Forecasts）

FY20240.0%
 Total number of shares acquired: 5,492,400 shares Total amount of acquisition: ¥4,999,930,060-20.0%(2.7％)* Shares acquired through purchase requests for shares less than one unit not included.
Dividend forecasts for FY2024 is as of May 22, 2024.

Share buyback program
to continue in FY 202450

Launch of New Medium-term Management Plan
FY2022

New Medium-term Management Plan
to be announced in May 2025
FY2025

FY2027150th anniversary ofCompany foundation(2031）

Medium-termManagement Plan

Value

Medium-termManagement Plan
2024 – Rolling Plan
（2022-2024）

New Medium-termManagement Plan
to be announced in
May 2025

Maximizing the brand value of
new TODA BUILDING

Technology development for large-scale floating offshore
wind power generation
Further develop global business

FutureVision
CX150

Phase1
Access to sources of value（- 2024）

Phase2
Value reconstruction（2025 - 2027）

Phase3
Towards a society ofcollaborative creation（2028 -2030）

Realization of a society of collaborative creation as a gatekeeper of value5152