Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Three Months Ended June 30, 2023
[Japanese GAAP]
August 10, 2023
Company name: TODA CORPORATION
Stock exchange listing: Tokyo
Code number: 1860
URL: https://www.toda.co.jp/
Representative: Seisuke Otani
President and Representative Director
Contact:
Kaname Miwa Corporate Officer General Manager,Financial&IR Div.
Phone: +81-3-3535-1357
Scheduled date of filing quarterly securities report: August 10, 2023
Scheduled date of commencing dividend payments: －Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2023 (April 1, 2023 to June 30, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Three months ended
June 30, 2023
114,391(0.5)
2,123(37.7)
4,610(23.7)
1,921(47.8)
June 30, 2022
114,949
1.2
3,409
(6.2)
6,043
14.8
3,680
5.2
(Note) Comprehensive income:Three months ended June 30, 2023:¥14,065 million [ 94.8%]
Three months ended June 30, 2022:¥7,218 million [ 328.7%]
Basic earnings
per share
Three months ended
June 30, 2023
June 30, 2022

Diluted earnings per
share
Yen

Yen

6.20
11.94

-

(2) Consolidated Financial Position
Total assets
As ofJune 30, 2023
March 31, 2023
(Reference) Equity:

Millions of yen

Net assets
Millions of yen

746,093
815,556
As of June 30, 2023:¥326,778 million
As of March 31, 2023:¥317,254 million

333,114323,261

Capital adequacy ratio
%

43.8
38.9

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-

13.50

-

13.50

27.00

Fiscal year ending March 31, 2024

14.00

-

14.00

28.00

Fiscal year ending March 31, 2024
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-end

Total

No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Net sales
Millions ofyenOperating profit%

Millions ofyen%

Ordinary profit
Millions ofyenFull year
540,000(1.3) 16,000
13.2 19,500(Note) Revision to the financial results forecast announced most recently:
No

%

2.4

* Notes:(1) Changes in significant subsidiaries during the three months ended June 30, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):New－ (Company name: )Exclusion:
1 (Company name: Construtora Toda do Brasil S/A )Profit attributable Basic earnings per
to owners of parent
shareMillions ofyen

19,500

%

Yen

77.3

62.92

Yes

(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

Yes(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2023:
322,656,796 shares
March 31, 2023:
322,656,796 shares
2) Number of treasury shares at the end of the period:
June 30, 2023:
12,730,752 shares
March 31, 2023:
12,730,496 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2023: 309,926,207 shares
Three months ended June 30, 2022: 308,216,292 shares*Notes:
These statements include Toda Corporation’s forecasts based on information currently available as of the announcement date,
which are subject to a number of risks and uncertainties. Therefore, the actual results of developments may differ from those presented
in these forward-looking statements due to the changes in various factors.

Consolidated Financial Results
for the First Quarter
Ended June 30, 2023

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

Table of Contents of Attachments
1.Qualitative Information on Financial Results for the Three Months Ended June 30, 2023............................ 2(1) Overview of Operating Results for the Three Months Ended June 30, 2023 ......................................... 2(2) Explanation of Financial Condition ....................................................................................................... 3(3) Explanation of Consolidated Financial Forecasts and Other Forward-Looking Statements .................. 3
2.Quarterly Consolidated Financial Statements and Notes ............................................................................... 4(1) Quarterly Consolidated Balance Sheets .................................................................................................. 4(2) Consolidated Statements of Income and Comprehensive Income .......................................................... 6(3) Notes to Quarterly Consolidated Financial Statements ........................................................................... 8
Notes on Matters Related to Going Concern Assumption ..................................................................... 8
Notes in the Event of Significant Changes in Shareholders' Equity ...................................................... 8
Accounting Methods Specific to the Preparation of the Quarterly Consolidated Financial Statements 8
Segment Information, etc. ...................................................................................................................... 8
Significant Subsequent Events............................................................................................................. 10
3.(Reference) Non-consolidated Financial Statements .......................................................................................11(1) (Reference) Non-consolidated Balance Sheets .......................................................................................11(2) (Reference) Non-consolidated Statements of Income ........................................................................... 13
4.Supplementary Information ............................................................................................................................. 14(1) Summary of Consolidated Results and Forecasts ................................................................................. 14(2) Summary of Non-consolidated Results and Forecasts .......................................................................... 15(3) Orders Received, Net Sales and Balance Brought Forward (Non-consolidated).................................. 16

1

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

1. Qualitative Information on Financial Results for the Three Months Ended June 30, 2023
(1) Overview of Operating Results for the Three Months Ended June 30, 2023
In the first quarter of the current consolidated fiscal year, the domestic economy showed a gradual recovery,
supported by an improved employment and income situation.
In the construction industry, orders for both public-sector and private-sector construction increased andexceeded those of the same period of the previous year. Meanwhile, construction material prices are leveling off,
but there are concerns about rising construction costs due to tight labor supply and demand.
In May 2022, the Group announced the “Medium-Term Management Plan 2024 Rolling Plan” to promote theevolution of value provided to customers in the core businesses of architectural construction, civil engineering, andstrategy. In addition, the Company has identified the construction of new TODA BUILDING, overseas business,and renewable energy business such as floating offshore wind power generation as key management priorities.
During the first quarter of the current consolidated fiscal year, the Company continued to invest in growth under
the active involvement of top management in order to achieve medium- to long-term growth. To achieve ROE(return on equity) target of 8% in the medium- to long-term while promoting growth investments, the Company has
also worked to strengthen its investment process by applying IRR (internal rate of return), cost of capital, and otherindicators to manage post-investment profitability.
Under these circumstances, the Group’s performance for the first quarter of the consolidated fiscal year underreview was as follows:
Consolidated net sales decreased 0.5% y-o-y to ¥114.3 billion, mainly due to lower sales in the Civil
Engineering Business and the Domestic Investment and Development Business, despite higher sales in theOverseas Group Companies Business as a result of the consolidation of PT Tatamulia Nusantara Indah and its
seven subsidiaries in the previous fiscal year.
Regarding operating income (loss), the consolidated subsidiaries mentioned above contributed to an increase ingross profit from the Overseas Group Companies Business. However, gross profit from the Architectural
Construction Business and the Civil Engineering Business decreased, resulting in gross profit of ¥12.2 billion,
down 6.2% y-o-y. Selling, general and administrative (SG&A) expenses increased 4.9% y-o-y to ¥10.1 billion,
resulting in operating income of ¥2.1 billion, down 37.7% y-o-y.
Although dividends received on investment securities held by the Company and other income were recorded as
non-operating income, ordinary income was ¥4.6 billion, down 23.7% y-o-y.
Net income attributable to owners of the parent was ¥1.9 billion, down 47.8% y-o-y, due to extraordinary gains,
including a gain on sales of investment securities, offset by extraordinary losses, including a loss on sales of stocks
of subsidiaries and affiliates.
The results for each segment are as follows. Segment results are presented including intersegment sales andtransfers.
The Group has changed its reporting segments from the first quarter of the current fiscal year, and comparisonsand analysis with the same quarter of the previous year are based on the segment classifications after the change.
For details, please refer to “3. Matters concerning changes in reporting segments, etc.” under “2. Quarterly
Consolidated Financial Statements and Notes (3) Notes to Quarterly Consolidated Financial Statements - Segment
Information, etc. II. For the three months ended June 30, 2023”.
Architectural Construction BusinessNet sales were ¥69.5 billion (up 8.2% y-o-y), and the segment income (operating income) was ¥200 million(down 45.2% y-o-y).
Orders received by the Company on a non-consolidated basis decreased by 5.0% y-o-y for domestic privatesector construction, but public-sector construction increased by 565.4% y-o-y, resulting in an overall increase of¥83.3 billion, 28.9% higher than the same quarter of the previous year.

2

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

Civil Engineering BusinessNet sales were ¥25.4 billion (down 21.3% y-o-y), and segment income (operating income) was ¥1.3 billion(down 49.8% y-o-y).
Orders received by the Company on a non-consolidated basis increased 74.9% y-o-y for domestic privatesector construction but decreased 49.7% for domestic public-sector construction, resulting in ¥16.5 billion, down
26.7% y-o-y.
Domestic Investment and Development BusinessNet sales were ¥3.2 billion (down 68.5% y-o-y), and segment income (operating income) was ¥500 million(down 27.3% y-o-y).
Domestic Group Companies BusinessNet sales were ¥9.9 billion (up 8.2% y-o-y), and segment loss (operating loss) was ¥300 million (segment
income of ¥100 million in the same quarter of the previous year).
Overseas Group Companies BusinessNet sales were ¥12.1 billion (up 334.0% y-o-y), and segment income (operating income) was ¥600 million (up340.9% y-o-y).
Environment & Energy BusinessNet sales were ¥300 million (down 8.1% y-o-y), and segment loss (operating loss) was ¥18 million (segment
loss of ¥100 million in the same quarter of the previous year).
(2)

Explanation on Financial Condition

Assets, liabilities, and net assets
AssetsTotal assets at the end of the first quarter of the current fiscal year decreased ¥69.4 billion to ¥746.0 billion(down 8.5% y-o-y), mainly due to a decrease of ¥100.8 billion in notes and accounts receivable from completed
construction contracts and other, despite increases of ¥5.6 billion in real estate for sale, ¥5.4 billion in costs on
uncompleted construction contracts and ¥12.7 billion in investment securities.
Liabilities
Total liabilities at the end of the first quarter of the current fiscal year decreased ¥79.3 billion to ¥412.9 billion(down 16.1% y-o-y), mainly due to decreases of ¥37.1 billion in notes payable, accounts payable for construction
contracts and other and ¥49.7 in short-term loans payable, despite increases of ¥5.3 billion in advances received on
uncompleted contracts and ¥5.7 billion in deposits received.
Net assets
Total net assets at the end of the first quarter of the current fiscal year were ¥333.1 billion, an increase of ¥9.8
billion (up 3.0%) from the end of the previous consolidated fiscal year, mainly due to a ¥8.8 billion increase invaluation difference on available-for-sale securities resulting from the rise in market value of stock holdings. The
equity ratio was 43.8%(3) Explanation of Consolidated Financial Forecasts and Other Forward-Looking Statements
At this time, there are no changes to the consolidated earnings forecast for the fiscal year ending March 31,
2024 from that announced on May 15, 2023.

3

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023

As of June 30, 2023

96,840282,828700
15,616
12,102

100,610
181,963300
21,274
17,554

2,709
23,807(3,032)431,573

3,777
17,694(2,505)
340,669

54,240
11,25658,422
11,24387,187
205
25,785
178,675

87,881
226
29,273
187,047

1,375
10,68912,065

1,292
10,499
11,791

185,072
795
1,953
921
4,581
(81)
193,243
383,983
815,556

197,826
782
1,855
983
5,219
(82)
206,586
405,424
746,093

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Short-term investment securities
Real estate for sale
Costs on uncompleted construction
contracts
Other inventories
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Machinery, vehicles, tools,
furniture and fixtures, net
Land
Lease assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit assets
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

4

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

(Millions of yen)
As of March 31, 2023

As of June 30, 2023

111,283

74,097

81,5685,050
6,329
33,40831,8185,050
1,785
38,801

5,115
3,305

2,580
3,426

9,434
36,48618,034
310,016

7,951
42,21917,313225,045

50,19574,724
19,244
6,069
98
465
1,141

50,18076,842
23,297
6,069
96
527
15

22,932
2,242
5,165
182,278492,295

23,261
2,228
5,414
187,934
412,979

23,001
26,786200,996(7,625)
243,159

23,001
26,786
198,698(7,625)
240,861

72,79081,614111
3,087(1,567)(327)
74,094

583
3,087
957
(327)
85,916

6,007
323,261

6,336
333,114815,556

746,093

Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts and other
Short-term loans payable
Current portion of bonds payable
Income taxes payable
Advances received on uncompleted
construction contracts
Provision for bonuses
Provision for warranties for completed
construction
Provision for loss on construction contracts
Deposits received
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for directors’ retirement benefits
Provision for stock payments for directors
Provision for loss on liquidation ofsubsidiaries and affiliates
Net defined benefit liability
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains on hedges
Revaluation reserve for land
Foreign currency conversion adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

5

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Three Months Ended June 30, 2022 and 2023

Net sales
Net sales of construction contracts
Net sales of investment development business andTotal net sales
Cost of sales
Cost of sales of construction contracts
Cost of sales of investment development businessTotal cost of sales
Gross profit
Gross profit on construction contracts
Gross profit on investment development businessTotal gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using
Foreign exchange gain
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission fee
Other
Total non-operating expenses
Ordinary Income
Extraordinary income
Gain on sales of investment securities
Other
Total extraordinary income
Extraordinary loss
Impairment loss
Loss on abandonment of noncurrent assets
Loss on valuation of investment securities
Provision for loss on liquidation of subsidiaries
Other
Total extraordinary losses
Profit before income taxes and non-controlling
Total income taxes
Profit for the year
Loss attributable to non-controlling interests
Profit for the year attributable to owners of the parent

Three Months Ended
June 30, 2022
(April 1 throughJune 30, 2022)(Millions of yen)Three Months Ended
June 30, 2023
(April 1 throughJune 30, 2023)

102,326
12,623
114,949

108,832
5,559
114,391

91,016
10,826
101,843

98,173
3,922
102,095

11,309
1,797
13,106
9,696
3,409

10,6591,636
12,295
10,172
2,123

74
1,890
36
844
108
2,955

455
1,899
－
396
124
2,875

217
39
64
322
6,043

314
40
34
388
4,610

500
0
501

614
19
634

760
55
405
16
1,238
5,305
1,655
3,650
(29)
3,680

－
4
－
1,419
7
1,431
3,813
1,781
2,031
110
1,921

6

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

Consolidated Statements of Comprehensive Income
Three Months Ended June 30, 2022 and 2023

Profit for the year
Other comprehensive income
Valuation difference on available-for-sale
Deferred gains or losses on hedges
Foreign currency conversion adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of entities
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to
Owners of the parent
Non-controlling interests

Three Months Ended
June 30, 2022
(April 1 throughJune 30, 2022)
3,650(Millions of yen)Three Months Ended
June 30, 2023
(April 1 throughJune 30, 2023)
2,031

2,098
76
1,170
20
201
3,567
7,218

8,824
471
2,752
(16)
－
12,03314,065

7,166
51

13,743
321

7

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

(3) Notes to Quarterly Consolidated Financial Statements
Notes on Matters Related to Going Concern Assumption
Not applicable.
Notes in the Event of Significant Changes in Shareholders' Equity
Not applicable.
Accounting Methods Specific to the Preparation of Quarterly Consolidated Financial Statements
Three Months Ended June 30, 2023
(April 1 through June 30, 2023)
Calculation of tax Tax expenses are calculated by reasonably estimating the effective tax rate after
expenses
applying tax effect accounting to income before income taxes and minority interests
for the consolidated fiscal year, including the first quarter under review, andmultiplying quarterly income before income taxes and minority interests by said
estimated effective tax rate.
Segment Information, etc.
Segments information
I. For three months ended June 30, 2022 (April 1, 2022 through June 30, 2022)
1. Information on sales and income or loss by reporting segment
Reporting Segment
Domestic
Overseas Environment
Domestic
Investment
Architectural
Civil
Group
Group
and
and
Construction Engineering
Companies Development Energy
Development

Total(Millions of yen)Amountrecorded inquarterly
Adjustment
consolidated(Note 1)statements ofincome(Note 2)

Net sales
Sales to－61,35032,356
10,2107,916
2,758
358 114,949
114,949
externalcustomers
Intersegment
sales and
－
－
2,919
47
204
1,265
33
4,470
(4,470)transfers
Total
64,26932,404
10,4159,182
2,791
358 119,420(4,470)114,949
Segment income
416
2,760
721
165
151
(154)
4,061
(651)
3,409
or (loss)
Note 1. “Segment income or (loss)” adjustment of (¥651) million refers to elimination of intersegment transactions.
Note 2. “Segment income or (loss)” is adjusted with operating income in the quarterly consolidated statements of income.

2. Information on impairment loss on fixed assets and goodwill, etc. by reporting segment
Significant impairment loss on fixed assets:
As a result of examining the recoverability of construction in progress in the “Environment andEnergy” segment, the book value was reduced to the recoverable amount, and the amount of the
reduction was recorded as an impairment loss under extraordinary losses.
The amount of such impairment loss was ¥760 million for the first quarter of the previous fiscal
year.

8

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

II. For three months ended June 30, 2023 (April 1, 2023 through June 30, 2023)
1. Information on sales and income or loss by reporting segment
Reporting Segment
Domestic
Overseas Environment
Domestic
Investment
Architectural
Civil
Group
Group
and
and
Construction Engineering
Companies Companies
EnergyDevelopment

Total(Millions of yen)Amountrecorded inquarterly
Adjustment
consolidated(Note 1)statements ofincome(Note 2)

Net sales
Sales to－65,623
24,6383,080
8,651
12,068329 114,391
114,391
externalcustomers
Intersegment
sales and
－
－
3,928
851
204
1,283
46
6,314
(6,314)transfers
Total
69,55225,4903,285
9,935
12,114329 120,706(6,314)
114,391
Segment income
228
1,386
524
(362)
668
(18)
2,425
(302)
2,123
or (loss)
Note 1. “Segment income or (loss)” adjustment of (¥302) million refers to elimination of intersegment transactions.
Note 2. “Segment income or (loss)” is adjusted with operating income in the quarterly consolidated statements of income.

2. Information on impairment loss on fixed assets and goodwill, etc. by reporting segment
Not applicable.
3. Matters related to changes in reporting segments, etc.
Change in segment classification:
Effective from the first quarter of the current fiscal year, the Group has changed its reporting
segments from the previous six segments of “Architectural Construction”, “Civil Engineering”,“Domestic Investment and Development”, “Domestic Group Companies”, “Overseas Investment andDevelopment”, and “Environment and Energy” to six segments of “Architectural Construction”, “Civil
Engineering”, “Domestic Investment and Development”, “Domestic Group Companies”, “Overseas
Group Companies”, and “Environment and Energy”. The change was made to align the classificationof reporting segments with the classification of business performance targets reorganized as a result ofchanges in the organizational structure to promote priority management businesses set forth in the“Medium-Term Management Plan 2024 Rolling Plan” and the classification of business reports in themonthly report materials of the Board of Directors. The “Segment Information” for the first quarter ofthe previous fiscal year is presented based on the new segmentation.
Change in the method of measuring segment income (loss):
Effective from the first quarter of the current fiscal year, the Group has changed the allocation
method of administrative expenses, etc., in order to evaluate the performance of segments more
appropriately in accordance with the above change in segment classifications. The segment
information for the first quarter of the previous fiscal year has been prepared in accordance with the
new measurement method of income or loss.

9

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

Significant Subsequent Events
Establishment of significant subsidiary:
At the Board of Directors Meeting held on July 31, 2023, the Company has resolved to establish an
overseas subsidiary in the Republic of Singapore (the “New Company”) as below.
As a result of this investment, the capital of the New Company will correspond to more than 10/100
of the amount of capital of the Company, thus making it a specified subsidiary.
1. Purpose of the Establishment of the New Company
As one of the priority management businesses, the Company has been developing the overseas
business mainly in Southeast Asia, where economic growth is expected. The Company has decided
to establish an overseas subsidiary to oversee and manage its expanding business in the Asia andOceania region, in addition to the current local subsidiaries (countries of incorporation: the Kingdomof Thailand, the Socialist Republic of Vietnam and the Republic of Indonesia).
Centered on the New Company, the Company aims to further expand its business in the region by
optimizing human and other management resources and strengthening governance.
2. Outline of the New Company Established(1) Name(Tentative Name) Toda Asia Pacific Pte. Ltd.
(2) Address#22-02 Samsung Hub, 3 Church Street, Singapore 049483(scheduled)(3) Representative

Yoshiro Shima, Director(4) Scope of BusinessSupervision and management of local subsidiaries in the Asiaand Oceania region
58 million Singapore dollars (approx. ¥6,202 million)(5) Capital(6) Scheduled Date of
Establishment(7) Major Shareholders andShareholding Ratio(8) Relationship between
the Company and the
New Company

August 2023
TODA CORPORATIN 100%
CapitalRelationship
Personnel
RelationshipTransactional
Relationship

The New Company will be established
as a wholly owned subsidiary of theCompany.
1 executive officer and 2 employees of
the Company are scheduled to serve
concurrently as directors of the New
Company.
Not applicable.

Note: The conversion of capital etc. to Japanese yen is based on 1 SGD = 106.94 yen (as of the end of June 2023).

10

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

3. (Reference) Non-consolidated Financial Statements(1) (Reference) Non-consolidated Balance Sheets(Millions of yen)
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivablefrom completed construction contracts,
etc.
Real estate for sale
Costs on uncompleted construction
contracts
Other inventories
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Machinery, vehicles, tools, furnitureand fixtures, net
Land
Lease assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Prepaid pension cost
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

11

As of March 31, 2023

As of June 30, 2023

62,310253,226

66,921
154,887

8,295
13,457

13,722
18,3602,387
21,853(1,508)360,022

3,412
15,603(896)
272,011

43,332
2,149

44,4082,026

76,030101
19,359140,974
10,132

76,034103
21,733
144,305
9,906

216,598
11,847
2,138
3,120
(143)
233,561
384,667
744,689229,255
18,334
2,017
3,530
(182)
252,954407,166
679,178

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

As of March 31, 202
Liabilities
Current liabilities
Notes and accounts payable - trade95,372
Short-term loans payable
77,001
Current portion of bonds payable
5,000
Income taxes payable
5,528
Advances received on uncompleted construction
27,555
contracts
Provision for bonuses
4,587
Provision for warranties for completed construction
3,128
Provision for loss on construction contracts
9,195
Deposits received
35,714Other
16,329Total current liabilities
279,412
Noncurrent liabilities
Bonds payable
50,000Long-term loans payable
72,486
Deferred tax liabilities
18,126
Deferred tax liabilities for land revaluation
6,069
Provision for retirement benefits
20,665
Provision for stock payments for directors
465
Provision for loss on business of subsidiaries and1,706
affiliates
Asset retirement obligations
446
Other
4,028
Total noncurrent liabilities
173,995
Total liabilities
453,408
Net assets
Shareholders’ equity
Capital stock
23,001
Capital surplus
Legal capital surplus
25,573
Other capital surplus
574
Total capital surplus
26,147Retained earnings
Legal retained earnings
5,750
Other retained earnings
Reserve for construction
50,000General reserve
109,774Retained earnings brought forward
8,250
Total retained earnings
173,775
Treasury stock(7,625)
Total shareholders’ equity
215,299
Valuation and translation adjustments
Valuation difference on available-for-sale securities
72,782
Deferred gains on hedges
111
Revaluation reserve for land
3,087
Total valuation and translation adjustments
75,981
Total net assets
291,281
Total liabilities and net assets
744,689
12(Millions of yen)
As of June 30, 2023
59,97427,0835,000
1,091
38,531
2,086
3,302
7,722
41,793
15,976
202,562
50,00072,23522,176
6,069
20,980
527
762
432
4,286
177,470
380,032
23,001
25,573574
26,1475,750
50,000109,774
6,851
172,376(7,625)
213,900
81,573583
3,087
85,245299,145
679,178

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

(2) (Reference) Non-consolidated Statements of Income

Three Months Ended
June 30, 2022

Net sales
Net sales of construction contracts
Net sales of investment development
business and otherTotal net sales
Cost of sales
Cost of sales of construction contracts
Cost of sales of investment
development business and otherTotal cost of sales
Gross profit
Gross profit on construction contracts
Gross profit on investment development
business and otherTotal gross profit
Selling, general and administrative
expenses
Operating income
Non-operating income
Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary loss
Profit before income taxes
Income taxes
Profit(April 1 through June 30, 2022)

13(Millions of yen)Three Months Ended
June 30, 2023

(April 1 through June 30, 2023)

93,708
10,246

90,266
3,125

103,954

93,392

83,5109,098

81,645
2,167

92,60983,813

10,198
1,147

8,620
957

11,345
8,394

9,578
8,140

2,950
2,629
301
5,278
550
1,239
4,589
1,428
3,161

1,437
2,668
390
3,715
620
265
4,070
1,250
2,820

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

4. Supplementary Information(1) Summary of Consolidated Results and Forecasts(Millions of yen)Three months period
ended June 30, 2023

Full year

Y-o-Y(b)-(a)Y-o-Y(b)-(a)FY2022

FY2023Per.
(%)

Actual(a)

Initialforecasts(b)

Amount

Per.
(%)

(558)

(0.5)

547,155

540,000(7,155)(1.3)

90,262(3,443)(3.7)

446,546

420,000(26,546)(5.9)

61,35065,623

4,273

7.0

320,623

290,000(30,623)(9.6)

32,356

24,638(7,717)(23.9)

125,923

130,000

4,076

3.2

10,2103,080(7,130)(69.8)

18,731

20,000

1,268

6.8

7,916

8,651

734

9.3

42,49846,000

3,501

8.2

2,758

12,068

9,310

337.6

37,83752,00014,162

37.4

358

329

(29)

(8.1)

1,541

2,000

458

29.7

13,106

12,295

(810)

(6.2)

57,32366,000

8,676

15.1

11.4 %

10.7 %

10.5 %

12.2 %

SG&A expenses

9,696

10,172475

4.9

43,18850,000

6,811

15.8

Operating income

3,409

2,123

(1,286)(37.7)

14,13516,000

1,864

13.2

Non-operating income

2,633

2,487

(145)

(5.5)

4,904

3,500

(1,404)(28.6)

Ordinary income

6,043

4,610

(1,432)(23.7)

19,03919,500460

2.4Extraordinary income

(737)

(797)

(59)

-

(1,141)

10,00011,141-

Profit before income taxes

5,305

3,813

(1,492)(28.1)

17,89729,50011,60264.8

Income taxes

1,655

1,781

126

7.6

6,690

10,000

3,309

49.5

Profit for the quarter

3,650

2,031

(1,618)(44.3)

11,207

19,500

8,292

74.0

Profit attributable tonon-controlling interests

(29)

110

140

-

211

-

(211)

-

Profit attributable toowners of the parent

3,680

1,921

(1,758)(47.8)

10,995

19,500

8,504

77.3

Net sales
Construction BusinessArchitectural
Construction
Civil
Engineering
Domestic Investment andDevelopment
Domestic Group
Companies
Overseas Group
Companies
Environment and Energy
Gross profit
Profit margin

FY2022

FY2023

Actual(a)

Actual(b)

Amount114,949

114,391

93,706

Note: Net sales are based on business segment classifications, and internal transactions are eliminated.

14

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

(2) Summary of Non-consolidated Results and Forecasts(Millions of yen)Three months period
ended June 30, 2023

Full year

Y-o-Y(b)-(a)FY2022

FY2023

Actual(a)

Actual(b)

Orders received
Construction Business
Domestic Architectural
Construction
Domestic Civil
Engineering
Overseas
Investment andDevelopment

97,462103,040

5,578

87,21599,914

12,69964,62983,32818,69822,483

16,526102Y-o-Y(b)-(a)FY2022

FY2023

Actual(a)

Initialforecasts(b)

Amount

Per.
(%)

5.7

445,591

480,000

34,4087.7

14.6

426,702460,000

33,2977.8

28.9

286,144

339,000

52,85518.5(5,957)(26.5)

141,662

119,000(22,662)(16.0)

60(42)(41.1)(1,104)

2,000

3,104

-

10,246

3,125(7,120)(69.5)

18,88820,0001,111

5.9

Net sales
Construction Business
Domestic Architectural
Construction
Domestic Civil
Engineering
Overseas
Investment andDevelopment

103,954

93,392(10,562)(10.2)

465,451

440,000(25,451)(5.5)

93,70890,266(3,441)(3.7)

446,563420,000(26,563)(5.9)

61,04465,401

4,356

7.1

318,574

289,000(29,574)(9.3)

32,295

24,638(7,657)(23.7)

126,035

129,700

3,664

2.9

367

226

(141)

(38.3)

1,953

1,300

(653)

(33.5)

10,246

3,125(7,120)(69.5)

18,88820,0001,111

5.9

Gross profit
Profit margin

11,345

9,578(1,767)(15.6)

46,28053,500

7,219

15.6

10.9 %
10,19810.9 %
5,155
8.4 %
5,074
15.7 %(31)(8.7 %)
1,147
11.2 %
8,394

10.3 %
8,620
9.6 %
4,926
7.5 %
3,762
15.3 %(68)(30.1 %)
957
30.6 %
8,140(1,577)(15.5)

15.6

(4.4)

5,831

29.0

(1,311)(25.9)

(56)

(0.3)

(36)

-

565

-

(189)

(16.5)

878

15.6

(254)

(3.0)

12.2 %
47,00011.2 %
25,9509.0 %20,97016.2 %
80
6.2 %
6,500
32.5 %
41,000

6,340

(229)

9.9 %
40,6599.1 %20,1186.3 %21,02616.7 %(485)(24.9 %)
5,621
29.8 %
36,755

4,244

11.5

2,950

1,437

(1,513)(51.3)

9,524

12,500

2,975

31.2

2,327

2,277

(49)

(2.1)

4,064

3,500

(564)

(13.9)

5,278

3,715

(1,563)(29.6)

13,58916,000

2,410

17.7

(688)

355

1,044

-

(2,755)

10,00012,755

-

4,589

4,070

(519)

(11.3)

10,83326,00015,166

140.0

1,428

1,250

(178)

(12.5)

4,210

7,800

3,589

85.3

3,161

2,820

(341)

(10.8)

6,623

18,20011,576

174.8

-

-

-

-

27.0

28.0

1.0

3.7

Construction Business
Domestic Architectural
Construction
Domestic Civil
Engineering
Overseas
Investment andDevelopment
SG&A expenses
Operating income
Non-operating income
Ordinary income
Extraordinary income
Profit before income taxes
Income taxes
ProfitDividend per share (yen)AmountPer.
(%)

Note: The quarterly financial statements have been prepared in accordance with the rules for quarterly financial statements but
are not subject to review in the statutory disclosure.

15

TODA CORPORATION (1860)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

(3) Orders Received, Net Sales and Balance Brought Forward (Non-consolidated)
1) Orders Received
Business segment/
Classification
Architectural
Civil
Construction Engineering

Construction Business

Domestic Public
Domestic Private
Overseas
Total
Domestic Public
Domestic Private
Overseas
Total

Total

Domestic Public
Domestic Private
Overseas
Total
Domestic Inv and Development
Environment and Energy
Total

Three months period
From April 1, 2022
to June 30, 2022
AmountRatio (%)
3,846
3.9
60,78362.4
38
0.0
64,66866.4
18,301
18.8
4,182
4.3
63
0.1

Three months period
From April 1, 2023
to June 30, 2023
AmountRatio (%)
25,59524.8
57,73356.0
60
0.1
83,388
80.9
9,209
8.9
7,316
7.1
-

ChangeAmount21,748(3,050)21
18,720(9,091)
3,134(63)

Ratio (%)
565.4
(5.0)
55.6
28.9
(49.7)
74.9‐

22,54623.1

16,52616.0(6,020)(26.7)

140,335

31.5

22,14764,965
102
87,215
10,21530
97,462

22.7
66.7
0.1
89.5
10.5
0.0
100.0

34,80565,04960
99,9143,097
28
103,040

33.8
63.1
0.1
97.0
3.0
0.0
100.0

12,65783(42)
12,699(7,117)
(2)
5,578

57.2
0.1
(41.1)
14.6(69.7)(9.2)
5.7

150,846
276,960(1,104)
426,702
18,771
116
445,591

33.9
62.2
(0.2)
95.8
4.2
0.0
100.0

2) Net Sales
Business segment/
Classification
Civil
ArchitecturalEngineerin
Total
ConstructiongConstruction Business

Domestic Public
Domestic Private
Overseas
Total

Domestic Public
Domestic Private
Overseas
Total
Domestic Public
Domestic Private
Overseas
Total
Domestic Inv and Development
Environment and Energy
Total(Millions of yen)Three months period
From April 1, 2022
to June 30, 2022
AmountRatio (%)
10,79410.450,250
48.3
307
0.3

Three months period
From April 1, 2023
to June 30, 2023
AmountRatio (%)
7,731
8.3
57,669
61.7
226
0.2

ChangeAmount(3,062)
7,418(80)

Ratio (%)
(28.4)
14.8(26.2)

Civil
Architectural
Construction Engineerin

Construction Business

Domestic Public
Domestic Private
Overseas
Total

Total

Domestic Public
Domestic Private
Overseas
Total
Domestic Public
Domestic Private
Overseas
Total
Domestic Inv and Development
Environment and Energy
Total

Previous fiscal year
From April 1, 2022
to March 31, 2023
AmountRatio (%)
60,65913.0
257,914
55.4
2,065
0.4

61,35259.0

65,628

70.3

4,275

7.0

320,639

68.9

21,387
10,90760
32,35632,182
61,158367
93,708
10,21530
103,954

20.6
10.5
0.1
31.1
31.0
58.8
0.4
90.1
9.8
0.0
100.0

18,3206,317
24,63826,052
63,986
226
90,2663,097
28
93,392

19.6
6.8
26.4
27.9
68.5
0.2
96.7
3.3
0.0
100.0

(3,067)(4,590)(60)(7,717)(6,129)2,828(141)(3,441)(7,117)(2)(10,562)(14.3)(42.1)(23.9)(19.0)
4.6(38.3)(3.7)(69.7)(9.2)(10.2)

84,80741,228(112)
125,923
145,466
299,1421,953
446,563
18,771
116
465,451

18.2
8.9
(0.0)
27.1
31.3
64.3
0.4
95.9
4.0
0.0
100.0

3) Balance Brought Forward
Business segment/
Classification(Millions of yen)Previous fiscal year
From April 1, 2022
to March 31, 2023
AmountRatio (%)
40,6089.1
245,535
55.1
222
0.0
286,36764.3
110,237
24.7
31,425
7.1(1,327)(0.3)(Millions of yen)

FY2022 1Q
As of June 30, 2022
AmountRatio (%)
93,811
12.8
381,044
52.1
2,123
0.3

FY2023 1Q
As of June 30, 2023
AmountRatio (%)
98,571
13.5
358,196
49.2
382
0.1

As of March 31, 2022

ChangeAmount4,760(22,847)(1,741)

Ratio (%)
5.1
(6.0)
(82.0)

Amount
80,707358,132
549

Ratio (%)
11.2
49.8
0.1

476,97965.2

457,150

62.8(19,828)(4.2)

439,390

61.1

173,767
80,064
1,218
255,050
267,578
461,108
3,342
732,029732,029

23.7
10.9
0.2
34.8
36.6
63.0
0.5
100.0
100.0

194,295
76,864271,160
292,866
435,061382
728,310728,310

26.7
10.6
37.2
40.2
59.7
0.1
100.0
100.0

20,527(3,199)(1,218)
16,10925,287(26,047)(2,959)(3,719)(3,719)

11.8
(4.0)
6.3
9.5
(5.6)
(88.5)(0.5)(0.5)

203,405
75,866279,272
284,113433,998549
718,662
718,662

28.3
10.6
38.9
39.5
60.4
0.1
100.0
100.0

16