Consolidated Financial Results
for the Six Months Ended December 31, 2021
[IFRS]
February 10, 2022
Company name: Nippon Koei Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange
Code number: 1954
URL: https://www.n-koei.co.jp/english/
Representative: Hiroaki Shinya, Representative Director and President
Contact: Yasushi Hirusaki, Director General of Corporate Management Headquarters, Director
Phone: +81-3-3238-8040
Scheduled date of filing quarterly securities report: February 10, 2022
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: Yes (for investors and analysts)(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Six Months Ended December 31, 2021 (from July 1, 2021 to December 31,
2021)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
ProfitRevenue
Operating profit Profit before tax
Profitattributable toowners of parent
Six months ended
Million yen% Million yen% Million yen% Million yen% Million yen%
December 31, 2021
52,981 12.4
1,268
1,517
640
615
December 31, 2020
47,140(1,730)(2,005)(2,225)(2,055)
Basic earnings
per share
Six months ended
December 31, 2021
December 31, 2020

Yen
40.87
(135.96)

Diluted earnings
per shareYen
40.87(135.96)(2) Consolidated Financial Position
Total assets
As ofDecember 31, 2021
June 30, 2021

Million yen
170,565
156,137

Total equity
Million yen
72,32372,294Equityattributable toowners of parent
Million yen
70,75870,725

Ratio of equity
attributable toowners of parent tototal assets

%
41.5
45.3

2. Dividends
Annual dividends per share
1st
2nd
3rd
Fiscal yearquarter-end
quarter-end
quarter-end
end
Yen
Yen
Yen
Yen
Fiscal year ended June 30, 2021
75.00
Fiscal year ending June 30, 2022
Fiscal year ending June 30, 2022 (Forecast)
100.00(Note) Revision to the forecast for dividends announced most recently: None

1

Total
Yen
75.00
100.003. Consolidated Financial Results Forecast for the Fiscal Year Ending June 30, 2022 (July 1, 2021 to June 30, 2022)(% indicates changes from the previous corresponding period.)
Revenue

Profit attributable toowners of parent

Operating profit

Basic earnings
per shareYen
312.22Million yen% Million yen%
Million yen%
Full year
131,000 11.1
7,700
8.0
4,700
3.7
(Note) 1. Revision to the financial results forecast announced most recently: None
2. Given the growing repercussions of the novel coronavirus (COVID-19), this forecast was developed on theinformation available to the Company as of the date of publication of this document. Since the forecast may
change significantly depending on when the COVID-19 is contained and other variables, the Company will
disclose revised forecasts as soon as possible if any revisions become necessary based on its performanceoutlook.
* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting inchanges in scope of consolidation): None
New companies: None
Excluded companies: None
(2) Changes in accounting policies and changes in accounting estimates
1) Changes in accounting policies required by IFRS: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
(3) Total number of issued shares (ordinary shares)
1) Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2021:
15,060,314 shares
As of June 30, 2021:
15,048,568 shares2) Total number of treasury shares at the end of the period
As of December 31, 2021:
1,469 shares
As of June 30, 2021:
60 shares
3) Average number of shares during the period
Six months ended December 31, 2021 :
15,053,545 shares
Six months ended December 31, 2020 :
15,120,529 shares* These consolidated financial results are not subject to quarterly audit procedures by certified public accountants or
audit firms.
* Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements disclosed herein are based on information available to
the Company as of the date of publication of this document and are not intended as a promise by the Company thatthey will be achieved. Actual results, etc. may differ significantly due to a wide range of factors.

2

Table of Contents of Attachment
1. Qualitative Information on Quarterly Financial Results ............................................................................................. 2(1) Explanation of Operating Results .......................................................................................................................... 2(2) Explanation of Financial Position .......................................................................................................................... 3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Statements ....................... 4
2. Condensed Quarterly Consolidated Financial Statements and Primary Notes ............................................................ 5(1) Condensed Quarterly Consolidated Statement of Financial Position .................................................................... 5(2) Condensed Quarterly Consolidated Statements of Profit or Loss and Comprehensive Income ............................ 7(3) Condensed Quarterly Consolidated Statement of Changes in Equity.................................................................... 9(4) Condensed Quarterly Consolidated Statement of Cash Flows ............................................................................ 11(5) Primary Notes to Condensed Quarterly Consolidated Financial Statements ....................................................... 12(Notes on Going Concern Assumption) .............................................................................................................. 12(Notes on Significant Changes in Shareholders’ Equity) .................................................................................... 12(Segment Information, etc.)................................................................................................................................. 12(Significant Subsequent Events).......................................................................................................................... 16
3. Other Information ...................................................................................................................................................... 17(1) Status of Orders and Revenue.............................................................................................................................. 171

1. Qualitative Information on Quarterly Financial Results
The Group has been disclosing consolidated financial statements in accordance with International Financial
Reporting Standards (IFRS) since the end of the previous fiscal year, and the financial figures for the six months
ended December 31, 2020 are also reclassified to IFRS for comparison and analysis.

(1) Explanation of Operating Results
During the six months ended December 31, 2021 (July 1, 2021 to December 31, 2021), the difficult economic
conditions in Japan caused by COVID-19 eased gradually. While Japan’s economy is expected to recover amid thenormalization of economic and social activities resulting from the effects of various policies and economic
improvements overseas, we still need to pay close attention to downside risks arising from supply restrictions andraw material price movements. We also need to be cautious about the effects of variants and other infections on the
global economy, fluctuations in financial and capital markets, etc.
With regard to the business environment surrounding Nippon Koei Co., Ltd. (the “Company”) and its subsidiaries(together, the “Group”), in the Consulting Business, the Japanese government is expected to maintain a high levelof budget mainly for national resilience (building a national land, region, and economic society that can minimize
damage and quickly recover in the event of a disaster). We expect to see acceleration of digital reform and growing
needs from management business. In international markets, there are risks related to impact on the progress of thebusiness as well as travel restrictions due to the spread of COVID-19. But strong demand is expected to continue
as high targets for orders received are set in the Japanese government's “Infrastructure System Overseas Promotion
Strategy 2025.” In the Urban & Spatial Development Business, there are strong needs for urban development
projects including reconstruction of the urban structure in Japan, Europe, and the United States, etc. and urban
infrastructure projects in developing countries. In the Energy Business, new opportunities have been created leading
to competition toward the realization of carbon neutrality in 2050 in Japan and there are growing needs forrenewable energy development and better efficiency of energy use worldwide.
The Group is taking steps to prevent COVID-19 with an active defense system to protect the lives and health of
employees and their families and to minimize the impact on customers. Our internal policy is to promote teleworkand other work style reforms, developing relevant infrastructure and various rules, and achieving a work-lifebalance and improving productivity.
Under such a market environment, we have drawn up the medium-term management plan “Building Resilience2024” to implement three resilience policies, and positioned the period from July 2021 to June 2024, which is firststep of the “NKG Global Strategy 2030,” as a transformation period to make the Group resilient.
As the first resilience policy, we reorganized the conventional five business operations into three domains(Consulting, Urban & Spatial Development, and Energy) to strengthen the business axis. As the second resilience
policy, we will aim to realize matrix management by transitioning to a holding company structure and preparing
and maintaining a regional management system. As the third resilience policy, we aim to strengthen technologicaldevelopment and human resource development toward the establishment of "NKG brand" and "NKG quality." Also,
we will promote “well-being management” (management that values employees, organizations, and society) as abasis for that.
As a result, the Group ended the six months of the current fiscal year with revenue having increased 12.4% year
on year to ¥52,981 million, due to the better progress of projects compared to the same period last year when theimpact of COVID-19 was still ongoing, although orders received decreased 3.4% year on year to ¥50,278 million.
Operating profit was ¥1,268 million (same period of previous fiscal year: operating loss of ¥1,730 million) andprofit attributable to owners of parent was ¥615 million (same period of previous fiscal year: loss attributable toowners of parent of ¥2,055 million due to impairment losses, etc.).
Revenue for the six months ended December 31, 2021 was ¥52,981 million, an achievement rate of 40.4% against
the revenue forecast of ¥131,000 million for the fiscal year ending June 30, 2022 (same period of previous fiscal
year: 40.1%).

2

Business results for each segment are as follows: Due to the changes made to the reporting segment classification
effective from the first quarter of the fiscal year ending June 30, 2022, comparisons with the first six months of theprevious fiscal year are based on the figures that have been reclassified into the new segments. For details of thischange in reporting segments, please refer to "2. Condensed Quarterly Consolidated Financial Statements andPrimary Notes (5) Primary Notes to Condensed Quarterly Consolidated Financial Statements (Segment Information,etc.) 2. Changes in reportable segments".
[Consulting]In the Consulting Business, we improved the productivity through DX promotion and thoroughly carried out
revenue management, quality control, risk management and safety management. We also advanced and globally
deployed disaster prevention and mitigation technologies, expanded the transportation-related business, promoted
services contributing to decarbonization and deployed the management area on a full-scale basis.
As a result, orders received decreased 10.7% year on year to ¥35,209 million, while revenue increased 10.7% year
on year to ¥33,626 million and operating profit was ¥434 million (same period of previous fiscal year: operating
loss of ¥1,859 million due to impairment losses, etc.).
[Urban & Spatial Development]
In the Urban & Spatial Development Business, we promoted urban development and Smart City business,
responded to changes in the UK market and expanded our business in the Canadian market while making efforts to
expand our business in the Asian market through Group-wide collaboration.
As a result, this business achieved year-on-year performance growth compared to the same period of the previous
year when orders received were down and contract procedures were delayed due to the impacts of COVID-19, withorders received having increased 39.9% year on year to ¥8,791 million and revenue increased 16.9% year on yearto ¥10,426 million. However operating profit decreased 4.4% year on year to ¥769 million.
[Energy]In the Energy Business, we strengthened the production framework of electric power equipment, which is our
main force, developed new products, and formulated new projects in the power generation business such as
renewable energy. We formulated infrastructures for the battery storage business mainly in Europe as well as theaggregation business (a business that provides energy services through electricity market transactions, etc. byaggregating distributed energy sources) in Japan in the energy management business.
As a result, revenue increased 16.1% year on year to ¥8,565 million due to the steady progress of large-scale
projects, while orders received decreased 0.4% year on year to ¥6,247 million. Operating profit was ¥936 million(same period of previous fiscal year: operating loss of ¥70 million due to the provision for loss on construction
contracts, etc.).
(2) Explanation of Financial Position
Total assets at the end of the first six months of the fiscal year, amounted to ¥170,565 million, an increase of¥14,427 million from the end of the previous fiscal year. This was mainly due to a ¥12,744 million increase incontract assets.
Total liabilities were ¥98,241 million, an increase of ¥14,398 million from the end of the previous fiscal year. Thiswas mainly due to a ¥22,798 million increase in borrowings while a ¥5,003 million decrease in other current
liabilities.
Total equity was ¥72,323 million, an increase of ¥29 million from the end of the previous fiscal year. This was
mainly due to a ¥21 million increase in share capital and a ¥26 million increase in capital surplus.
As a result, ratio of equity attributable to owners of parent to total assets decreased 3.8 percentage points from theend of the previous fiscal year to 41.5%.

3

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Statements
The business performance of the Group in the consolidated second quarter under review generally progressed as
initially expected. As for the future outlook, the full-year earnings forecast for the fiscal year ending June 30, 2022
(from July 1, 2021 to June 30, 2022) remains unchanged from the forecast announced on August 13, 2021 taking
into account the trends of each segment, etc. although there are uncertainties such as the situation in the control of
COVID-19.

4

2. Condensed Quarterly Consolidated Financial Statements and Primary Notes(1) Condensed Quarterly Consolidated Statement of Financial Position(Millions of yen)

AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Contract assets
Other financial assets
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Right-of-use assets
Goodwill
Intangible assets
Investment property
Investments accounted for using equity method
Retirement benefit asset
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets

5

As of June 30, 2021

As of December 31, 2021

17,83821,18924,3271,315
3,900
68,57014,53920,10337,071
1,454
6,358
79,527

40,832
9,229
9,182
6,502
4,094
2,077
4,391
7,434
2,437
1,384
87,566
156,137

36,837
9,538
9,561
6,661
8,504
2,364
4,398
8,397
2,499
2,274
91,037
170,565

(Millions of yen)

Liabilities and equity
Liabilities
Current liabilities
Borrowings
Lease liabilities
Trade and other payables
Contract liabilities
Other financial liabilities
Income taxes payable
Provisions
Other current liabilities
Total current liabilities
Non-current liabilities
Borrowings
Lease liabilities
Other financial liabilities
Retirement benefit liability
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
EquityShare capital
Capital surplus
Treasury shares
Other components of equity
Retained earnings
Total equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity

6

As of June 30, 2021

As of December 31, 2021

8,320
2,678
9,076
10,645
3,005
2,228
818
12,11548,88931,859
2,675
6,652
9,478
2,826
775
1,254
7,111
62,63318,712
6,699
648
3,861
375
4,533
122
34,953
83,843

17,971
7,044
591
3,949
1,144
4,607
298
35,60898,241

7,480
6,428
(0)
2,820
53,99670,725
1,569
72,294
156,137

7,501
6,454
(4)
3,323
53,48370,758
1,565
72,323
170,565

(2) Condensed Quarterly Consolidated Statements of Profit or Loss and Comprehensive Income(Condensed Quarterly Consolidated Statement of Profit or Loss)

For the six months
ended December 31, 2020
(From July 1, 2020 to
December 31, 2020)
47,140(33,704)
13,435(13,099)(Millions of yen)
For the six months
ended December 31, 2021
(From July 1, 2021 to
December 31, 2021)
52,981(38,065)
14,915(14,129)

(92)

213

409
(2,382)(1,730)133(409)(2,005)(220)(2,225)

295
(27)
1,268
476
(226)
1,517
(877)
640

Profit (loss) attributable to
Owners of parent
Non-controlling interests
Profit (loss)(2,055)(170)(2,225)

615
25
640

Earnings (loss) per share
Basic earnings (loss) per share
Diluted earnings (loss) per share(135.96)(135.96)

40.87
40.87

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Share of profit (loss) of investments accounted
for using equity method
Other income
Other expenses
Operating profit (loss)
Finance income
Finance costs
Profit (loss) before tax
Income tax expense
Profit (loss)

7

(Condensed Quarterly Consolidated Statement of Comprehensive Income)

Profit (loss)
Other comprehensive income
Items that will not be reclassified to profit or loss
Equity financial assets measured at fair value through othercomprehensive income
Share of other comprehensive income of investments
accounted for using equity method
Total of items that will not be reclassified to profit or loss

For the six months
ended December 31, 2020
(From July 1, 2020 to
December 31, 2020)(2,225)(Millions of yen)
For the six months
ended December 31, 2021
(From July 1, 2021 to
December 31, 2021)
640

99

237

-

0

99

237

3
670

3
268

Items that may be reclassified to profit or loss
Cash flow hedges
Exchange differences on translation of foreign operations
Share of other comprehensive income of investments
accounted for using equity method
Total of items that may be reclassified to profit or loss
Other comprehensive income
Comprehensive income

0

19

674
773
(1,452)

291
528
1,169

Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income(1,249)(202)(1,452)

1,119
49
1,169

8

(3) Condensed Quarterly Consolidated Statements of Changes in Equity
For the Six Months Ended December 31, 2020 (From July 1, 2020 to December 31, 2020)(Millions of yen)
Equity attributable to owners of parent
Other components of equity

Share capital

Balance as of July 1, 2020

Capital surplus

Treasury shares

Exchangedifferences on
Cash flow hedges
translation offoreign operations

Equity financial
assets measured
at fair value
through othercomprehensive
income

7,458

6,498

(2,415)

(432)

(36)

Profit (loss)

-

-

-

-

-

-

Other comprehensive income

-

-

-

703

3

99

Total comprehensive income

471

-

-

-

703

3

99

Issuance of new shares

21

21

-

-

-

-

Change in scope of consolidation

-

-

-

-

-

-

Purchase of treasury shares

-

-

(0)

-

-

-

Disposal of treasury shares

-

(17)

247

-

-

-

Cancellation of treasury shares

-

-

-

-

-

-

Dividends

-

-

-

-

-

-

Purchase and disposal of non-controlling interests

-

(0)

-

(0)

-

-

Transfer to retained earnings
Total transactions with owners
Balance as of December 31, 2020

-

-

-

-

-

21

4

247

(0)

-

-

7,480

6,502

(2,168)

270

(33)

570

Equity attributable to owners of parent
Other components of equity
Remeasurementsof defined benefit
plans
Balance as of July 1, 2020

Retained earnings

Total

-

Non-controllinginterests

Total

Total

1

52,67564,2191,502

65,721(2,225)

Profit (loss)--(2,055)(2,055)(170)

Other comprehensive income

-

805

-

805

(32)

773

-

805

(2,055)(1,249)(202)(1,452)

-

-

-

43

-

43

Total comprehensive income
Issuance of new shares
Change in scope of consolidation

-

-

-

-

-

-

Purchase of treasury shares

-

-

-

(0)

-

(0)

Disposal of treasury shares

-

-

-

230

-

230

Cancellation of treasury shares

-

-

-

-

-

-

Dividends--(1,138)(1,138)(28)(1,166)

Purchase and disposal of non-controlling interests

-

(0)

-

(0)

118

118

Transfer to retained earnings

-

-

-

-

-

-

Total transactions with owners
Balance as of December 31, 2020-

(0)

(1,138)

(865)

90

(775)

-

807

49,481

62,103

1,389

63,4939

For the Six Months Ended December 31, 2021 (From July 1, 2021 to December 31, 2021)(Millions of yen)
Equity attributable to owners of parent
Other components of equity

Share capital

Balance as of July 1, 2021
Profit (loss)
Other comprehensive income

Capital surplus

Exchangedifferences on
Cash flow hedges
translation offoreign operations

Treasury shares

Equity financial
assets measured
at fair value
through othercomprehensive
income

7,480

6,428

(0)

1,982

(30)

867

-

-

-

-

-

-

-

-

-

264

3

237

-

-

-

264

3

237

Issuance of new shares

21

21

-

-

-

-

Change in scope of consolidation

-

-

-

-

-

-

Total comprehensive income

Purchase of treasury shares

-

-

(4)

-

-

-

Disposal of treasury shares

-

-

-

-

-

-

Cancellation of treasury shares

-

-

-

-

-

-

Dividends

-

-

-

-

-

-

Purchase and disposal of non-controlling interests

-

5

-

(1)

-

-

Transfer to retained earnings

-

-

-

-

-

-

21

26

(4)

(1)

-

-

7,501

6,454

(4)

2,245

(27)

1,104

Total transactions with owners
Balance as of December 31, 2021

Equity attributable to owners of parent
Other components of equity
Remeasurementsof defined benefit
plans
Balance as of July 1, 2021

Retained earnings

Total

Non-controllinginterests

Total

Total

-

2,820

53,99670,725

1,569

72,294

Profit (loss)

-

-

615

615

25

640

Other comprehensive income

0

504

-

504

23

528

0

504

615

1,119

49

1,169

Issuance of new shares

Total comprehensive income

-

-

-

42

-

42

Change in scope of consolidation

-

-

-

-

-

-

Purchase of treasury shares

-

-

-

(4)

-

(4)

Disposal of treasury shares

-

-

-

-

-

-

Cancellation of treasury shares

-

-

-

-

-

-

Dividends--(1,128)(1,128)(15)(1,143)(33)

Purchase and disposal of non-controlling interests

-

(1)

-

3

(37)

Transfer to retained earnings

(0)

(0)

0

-

-

-

(0)

(1)

(1,128)(1,087)(52)(1,140)-3,323

53,48370,758

1,565

72,323

Total transactions with owners
Balance as of December 31, 202110

(4) Condensed Quarterly Consolidated Statements of Cash Flows
For the six months
ended December 31, 2020
(From July 1, 2020 to
December 31, 2020)
Cash flows from operating activities
Profit (loss) before tax
Depreciation and amortization
Impairment losses
Loss (gain) on financial assets measured at fair value throughprofit or loss
Interest and dividend income
Interest expenses
Share of loss (profit) of investments accounted for using
equity method
Loss (gain) on derivatives
Decrease (increase) in trade and other receivables
Decrease (increase) in contract assets
Decrease (increase) in advance payments to suppliers
Decrease (increase) in insurance claims receivable
Increase (decrease) in trade and other payables
Increase (decrease) in contract liabilities
Increase (decrease) in consumption taxes payable
Increase (decrease) in deposits received
Increase (decrease) in accrued expenses
Increase (decrese) in bonus payable
Increase (decrease) in provisions
Other
Sub total
Dividends received
Interest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of other financial assets
Proceeds from sale and redemption of other financial assets
Payments for acquisition of subsidiaries
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Dividends paid
Other
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at end of period

11(Millions of yen)
For the six months
ended December 31, 2021
(From July 1, 2021 to
December 31, 2021)(2,005)
2,243
1,821

1,517
2,409
-

(45)

(62)

(158)
206

(230)
226

92

(213)

188
2,584
(10,985)(36)(1,400)
538
(178)
346
(688)
(698)
424
258
(7,490)
60
101
(220)
(1,316)(8,865)

(201)
1,555
(12,710)(1,066)(1,390)(2,499)(1,204)(3,405)(227)(1,951)
(711)
1,190
(63)
(19,040)
86
136
(223)
(2,363)(21,404)

(16)
127
(749)
(455)
(0)
1
(10)
(1,103)

(200)
275
(871)
(202)
(554)
71
(256)
(32)
(1,769)161,000(157,000)
15,000(3,208)(1,363)(1,144)
246
13,5303,561
15,472
116
19,151102,000(75,534)
1,777(5,657)(1,499)(1,145)(38)
19,902(3,272)
17,838(27)
14,539(5) Primary Notes to Condensed Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)
There is no relevant information.

(Notes on Significant Changes in Shareholders’ Equity)(Issuance of restricted stock compensation)
In accordance with the resolution of the Extraordinary Board of Directors Meeting held on September 29, 2021,
we issued new shares as restricted stock compensation for Directors on October 28, 2021. As a result, capital stockand capital reserve increased by ¥21 million, respectively, during the six months ended December 31, 2021.
Subsequently, share capital and capital surplus at the end of the first six months of the fiscal year were ¥7,501
million and ¥6,454 million, respectively.

(Segment Information, etc.)
1. Outline of reportable segments(1) Method of determination of reportable segments
Reportable segments of the Group are determined as segments whose separate financial information isaccessible from among the constituent units of the Group and are periodically used by the Board of Directors
to determine the allocation of management resources and to evaluate achievements.
The Group has business management divisions separated by type of products and services at the head office.
Each business management division formulates a comprehensive strategy based on the products and services
and engages in conducting business activities.
In line with the above, the Group is composed of segments divided by products and services, with eachbusiness management division serving as the foundation, and the three reportable segments are “Consulting”,“Urban & Spatial Development” and “Energy”.
(2) Types of products and services by reportable segment
The “Consulting” engages in business within and outside Japan such as site surveying, planning,
evaluation/assessment, designing, and construction management. It operates in the fields of rivers and water
resources, water and sewage, agricultural and rural development, dams and power generation, transportation(roads, railroads, ports and airports), urban and regional development, geology, disaster prevention, sandcontrol, environment, information systems, etc.
"Urban & Spatial Development” engages in the structuring, planning, design, and operation of urban andspatial development business.
The “Energy” engages in manufacturing and sale of electric power equipment and control devices as well asplanning, design, construction and construction management of mechanical, electrical and communication
facilities as well as the energy management business utilizing distributed energy resources.
2. Changes in reportable segments
From the first quarter of the fiscal year ending June 30, 2022, the Company has integrated the "Domestic
Consulting" and "International Consulting" segments into the "Consulting" segment, and the "PowerEngineering" and "Energy" segments into the "Energy" segment to strengthen the business axis, which is thefirst resilience policy in the medium-term management plan "Building Resilience 2024." In addition, "RealEstate Leasing" is included in "Others" as it is no longer a business segment. As a result of these changes, theprevious six segments of "Domestic Consulting," "International Consulting," "Power Engineering," "Urban &Spatial Development," "Energy," and "Real Estate Leasing" have been reclassified into three segments of"Consulting," "Urban & Spatial Development," and "Energy". Also, PT. CIKAENGAN TIRTA ENERGI, aconsolidated subsidiary of the Company, has been reclassified from the “Energy” segment to the “Consulting”

12segment since the first quarter of the fiscal year ending June 30, 2022 as a result of reviewing the groupmanagement framework.
Please note that segment information for the second quarter of the previous fiscal year ended June 30, 2021
is provided based on the new reporting segments.

13

3. Information about reportable segments
The internal intersegment revenue or transfers are based on the transaction price determined after pricenegotiations taking into consideration the market price, etc.
For the six months ended December 31, 2020 (from July 1, 2020 to December 31, 2020)(Millions of yen)
Reportable Segments
Consulting

Urban & Spatial
Development

EnergyTotal

Revenue
Revenue from external customers

30,363

8,918

7,379

46,662

Intersegment revenue and transfers

127

0

123

251

Total

30,490

8,919

7,503

46,913

Segment profit (loss)(1,859)804(70)(1,125)Adjustments(Note 2)

Consolidated

47,140-47,140Finance income
Finance costs
Profit (loss) before tax
Others(Note 1)

Total

Revenue
Revenue from external customers

477

Intersegment revenue and transfers

369

620

(620)

-

Total

847

47,760(620)

47,140

Segment profit (loss)(620)(1,745)15(1,730)Finance income

133

Finance costs(409)(2,005)

Profit (loss) before tax

Notes: 1. The category of “Others” includes revenues from constituent units that have not earned revenues or earn only incidental
revenues.
2. "Adjustments" is mainly elimination of transaction between segments.

14

For the six months ended December 31, 2021 (from July 1, 2021 to December 31, 2021)(Millions of yen)
Reportable Segments
Consulting

Urban & Spatial
Development

EnergyTotal

Revenue
Revenue from external customers

33,626

10,426

8,565

52,617

Intersegment revenue and transfers

167

18

130

316

Total

33,794

10,444

8,695

52,933

Segment profit (loss)

434

769

936

2,140

Adjustments(Note 2)

Consolidated

52,981-

52,981

Finance income
Finance costs
Profit (loss) before tax
Others(Note 1)

Total

Revenue
Revenue from external customers

363

Intersegment revenue and transfers

314

630

(630)

-

Total

678

53,612(630)

52,981

Segment profit (loss)

(882)

1,257

10

1,268

Finance income

476

Finance costs(226)

Profit (loss) before tax

1,517

Notes: 1. The category of “Others” includes revenues from constituent units that have not earned revenues or earn only incidental
revenues.
2. "Adjustments" is mainly elimination of transaction between segments.

15

(Significant Subsequent Events)
There is no relevant information.

16

3. Other Information(1) Status of Orders and Revenue
By period_

Revenue 2

Revenue 1

Orders received

Category/Segment

39,43275.8

35,20970.0

97,76973.3

Urban & Spatial Development

6,281

12.1

8,791

17.5

21,457

16.1

Energy

6,270

12.0

6,247

12.4

13,991

10.5

Others

48

0.1

29

0.1

86

0.1

Total

52,033100.0

50,278100.0

133,304

100.0

Consulting

32,45868.8

35,69067.4

85,236

72.3

Urban & Spatial Development

8,097

17.2

10,02518.9

18,20915.5

Energy

6,106

13.0

6,901

13.0

13,548

11.5

Others

477

1.0

363

0.7

865

0.7

Total

47,140100.0

52,981

100.0

117,859

100.0

Consulting

30,363

64.4

33,626

63.4

80,09868.0

Urban & Spatial Development

8,918

18.9

10,426

19.7

20,274

17.2

Energy

7,379

15.7

8,565

16.2

16,621

14.1

Others

477

1.0

363

0.7

865

0.7

Total

47,140100.0

52,981

100.0

117,859

100.0

Category/Segment
Foreign exchange andother adjustments

For the fiscal year ended
June 30, 2021
AmountComposition(M illions of yen)(%)

Consulting

By period_

Outstanding Orders

For the six months ended
For the six months ended
December 31, 2020
December 31, 2021
AmountComposition
AmountComposition(M illions of yen)(%)
(M illions of yen)(%)

For the six months ended
For the six months ended
December 31, 2020
December 31, 2021
AmountComposition
AmountComposition(M illions of yen)(%)
(M illions of yen)(%)

For the fiscal year ended
June 30, 2021
AmountComposition(M illions of yen)(%)

Consulting(1,209)

(293)

931

Urban & Spatial Development

1,000

241

2,800

Energy--(0)

Others

-

-

-

Total

(208)

(52)

3,731

Consulting

130,487

77.1

137,41175.5

138,18675.0

Urban & Spatial Development

16,205

9.6

22,07612.1

23,068

12.5

Energy22,492

13.3

22,59312.4

22,994

12.5

Others

-

1

0.0

0

0.0

Total

169,185

182,082

100.0

184,250

100.0

100.0

Notes: 1. The above amounts are exclusive of consumption tax and other taxes.
2. The above amounts are for external customers, and do not include inter-segment transactions or transfers.
3. Revenue 1 is by segment which received orders. Revenue 2 is by segment which provided services.
4. Foreign exchange and other adjustments include those related to exchange differences and outstanding order revisions.
5. As disclosed in "2. Condensed Quarterly Consolidated Financial Statements and Primary Notes (5) Primary Notes toCondensed Quarterly Consolidated Financial Statements (Segment information, etc.)," the Group has changed its reportablesegments since the first quarter of the fiscal year ending June 30, 2022. The figures for the six months ended December 31,
2020 and for the fiscal year ended June 30, 2021 have been provided based on the new reporting segments.

17