August 8, 2019

Summary of Consolidated Financial Results
For the First Quarter of Fiscal Year Ending March 31, 2020 [Japan GAAP] ("Q1/FY2019")
Company: Asunaro Aoki Construction Co., Ltd.
Stock exchange listing: Tokyo Stock Exchange (First Section)
Stock code: 1865
URL: https://www.aaconst.co.jp/
Representative: Yasushi Tsujii, Representative Director and President
Contact: Norihiko Fuwa, Officer and Deputy Chief of Administration H.q.
Contact: 03-5419-1011, Koho@aaconst.co.jp
Date of filing of quarterly securities report:
August 8, 2019
Date of commencement of dividend payment:
Supplementary explanatory documents:
NoEarnings presentation:
No(Yen in millions, rounded down, figures in parentheses indicate negative amounts or percentages)
1. Financial results for the first quarter of the fiscal year ending March 2020 (April 1, 2019 – June 30, 2019)(Percentage figures represent year on year changes)(1) Consolidated result of operations (year-to-date)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Million yen%
Million yen% Million yen%
Million yen%
6.3
1Q / FY 201935,797875
279.3
875
260.5425
1Q / FY 201833,6874.5
230(78.5)242(77.5)21(96.8)
Note: Comprehensive income:
1Q / FY 2019 : 317 million yen (65.2%) , 1Q / FY 2018 : 191 million yen (75.2%)
Earnings per share
Earnings per share(diluted)Yen
Yen
1Q / FY 2019
7.80－
1Q / FY 2018
0.40－
(2) Consolidated financial Position

Total assets
Million yen
108,828
110,263

As of June 30,2019
As of March 31,2019(Reference) Shareholders' equity
As of June 30, 2019: 66,383 million yen

Net assets
Million yen
66,414
67,409%61.061.1

As of March 31, 2019: 67,378 million yen

2. Dividends
End of1Q

Equity ratio

End of2Q
Yen
0.00

Dividend per share
End of3Q
Yen－End ofFYAnnual

Yen
Yen
Yen
FY 3/2019
－
24.00
24.00
FY 3/2020－
FY 3/2020 (Est.)
0.00
－
0.00
0.00
Note: Change in the estimation of divided from the latest announcement: Yes
For details of Dividends, please show “Notice Concerning Revision of Year-end Dividend Forecasts for the Year Ending
March 31, 2020 and Abolition of Shareholder Benefit Program” publication today.
3. Consolidated forecast for the fiscal year ending March 31, 2020 (April 1, 2019 – March 31, 2020)(Percentage figures represent year on year changes)
OrdersProfit attributable to Net earnings
Net sales
Operating income Ordinary income
received
owners of parent
per share
Million yen% Million yen% Million yen% Million yen% Million yen%Yen
Half year
72,000(8.8)
70,000 (0.9)
1,400 (25.)
1,400 (26.0)
800 (33.4)
14.67
Full year
161,000 (5.1)
155,000
1.7
7,200
7.4
7,200
8.3
4,800
17.3
88.01
Note: Change in the forecast from the latest announcement: No*Notes(1) Changes in significant subsidiaries (Changes of specific subsidiaries that accompanies scope change ofconsolidation): No(2) Use of accounting methods specifically for the preparation of the quarterly consolidated financial statements: No(3) Changes in accounting principles and estimates, and retrospective restatement(a) Changes due to revision of accounting standards: No(b) Changes other than (a): No(c) Changes in accounting estimates: No(d) Retrospective restatement: No(4) Number of shares outstanding (common stock)(a) Shares outstanding (including treasury shares)
As of June 30, 2019: 59,100,000
As of March 31, 2019: 59,100,000(b) Treasury shares
As of June 30, 2019: 4,557,748
As of March 31, 2019: 4,557,748(c) Average number of shares (quarterly consolidated cumulative period)
Period ended June 30, 2019: 54,542,256
Period ended June 30, 2018: 55,302,854* Auditing of financial statements is not conducted to this summary of financial results.
* Cautionary statement regarding forecasts and special notes(Note on forward looking statements)
Forward-looking statements in these materials are based on the information available to management at the time thisreport was prepared. Actual results may differ significantly from these statements for number of reasons.

2Index for Supplementary Information
1.

Quarterly Consolidated Financial Statements……………………………………………………………………

2(1) Quarterly consolidated balance sheet……………………………………………………………………………..

2(2) Quarterly consolidated statements of income and consolidated statements of comprehensive income…..

4

Quarterly consolidated statements of income…………………………………………………………………….

4

Quarterly consolidated statements of comprehensive income………………………………………………….

5(Reference) Non-consolidated Financial Statements

62.

3.

(1)

Quarterly Non-consolidated balance sheet..............................................................................................

6(2)Quarterly Non-consolidated statements of income and comprehensive income......................................

7

Orders received and net sales and Contract backlogs................................................................................

81.

(1)

Quarterly Consolidated Financial Statements
Quarterly consolidated balance sheet(Million yen)
Fiscal year ended March2019(As of March 31, 2019)

First quarter ended
June 2019(As of June 30, 2019)ASSETS
Current assets
Cash and deposits
Notes receivable, accounts receivablefrom completed construction contracts
and other
Real estate for sale
Costs on uncompleted construction
contracts
Accounts receivable
Other

24,111

37,77362,59846,329

1,883

1,452

472

388

6,490
960

7,860
1,346

(101)

(84)

96,416

95,067

739

842

897

879

967

951

Land
Lease assets, net

3,618
120

3,618
111

Allowance for doubtful accounts
Total current assets
Noncurrent assets
Tangible Assets
Buildings and structures, net
Machinery, vehicles, tools, furnitureand fixtures, net
Vessels, net

Total Tangible assets

6,343

6,403

Intangible assets
Investments and other assets

371

370

Investment securities
Deferred tax assets

4,163
2,215

3,973
2,397

Other
Allowance for doubtful accounts

987
(233)

849
(223)

Total investments and other assets
Total noncurrent assets
Total assets

2

7,132

6,987

13,847

13,760110,263

108,828

(Million yen)
Fiscal year ended March2019(As of March 31, 2019)

Second quarter ended
June 2019(As of June 30, 2019)

LIABILITIESCurrent liabilities
Accounts payable for construction
contracts
Income taxes payable
Advances received on uncompleted
construction contracts
Provision for warranties for completed
construction
Provision for loss on construction
contracts
Provision for bonuses

20,871

17,750

847

358

6,890

9,818

94

105

79

64

1,580

2,277

Other

3,826

3,480

Total current liabilities

34,16133,854

215

215

8,001

7,901

75
400

62379

Noncurrent liabilities
Deferred tax liabilities for land
revaluation
Retirement allowances
Provision for special repairs of vessels
Other
Total noncurrent liabilities
Total liabilities

8,693

8,558

42,85442,413

NET ASSETS
Shareholders’ equity
Capital stock

5,000

5,000

Capital surplus
Retained earnings

23,766
41,597

23,766
40,714

Treasury shares(3,430)(3,430)Total shareholders’ equity

66,93366,049

728

594

48

48

(331)

(309)

444

333

Accumulated other comprehensive income
Valuation differences onavailable-for-sales securities
Revaluation reserve for landRemeasurements of retirement
allowance plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

330

3167,409

66,414110,263

108,828

(2) Quarterly consolidated statements of income and consolidated statements of comprehensive income
Quarterly consolidated statements of income
For the first Quarter of fiscal year ending March 31.2020 (April 1, 2019 – June 30, 2019)(Million yen)First Quarter ended June2018 (April 1, 2018June 30, 2018)
Net sales
Net sales of completed construction
contracts
Sales on real estate businessTotal net sales
Cost of sales
Cost of sales of completed construction
contracts
Cost of sales on real estate businessTotal cost of sales
Gross profit
Gross profit on completed construction
contracts
Gross profit-real estate businessTotal gross profit
Selling, general and administrative expenses

First Quarter ended June2019 (April 1, 2019June 30, 2019)33,39535,247292

549

33,68735,79730,88532,086279

504

31,16532,591

2,509

3,161

12

44

2,521

3,206

2,291

2,331

Operating income

230

875

Non-operating income
Interest income

32

32

Other

4

6

Total non-operating income

36

39

21

31

2

7

Non-operating expenses
Interest expense
Other
Total non-operating expensesOrdinary income (loss)
Extraordinary income
Gain on sales of non-current assets
Total extraordinary income
Extraordinary losses
Loss on litigation

2438242875

31311237

Other

032

Total extraordinary losses

1370

Income before income taxes

232806

Income taxes-current
Income taxes-deferred

213(0)

501(122)

Total income taxes

212

378

Net earnings
Profit (loss) attributable to non-controllinginterests
Profit (loss) attributable to owners of parent

19428(2)321425

4

Quarterly consolidated statements of comprehensive income
For the first Quarter of fiscal year ending March 31.2020 (April 1, 2019 – June 30, 2019)(Million yen)First Quarter ended June2018 (April 1, 2018June 30, 2018)

First Quarter ended June2019 (April 1, 2019June 30, 2019)

Quarterly net earnings
Other comprehensive income
Valuation difference on available-for-salesecurities
Remeasurements of retirement allowanceplans, net of tax
Total other comprehensive income

19428

141(133)

30

22172

(111)

Comprehensive income

191

317

194

34(2)

3

(This splits into…)
Comprehensive income attributable toowners of parent
Comprehensive income attributable tonon-controlling interests

52.

(1)

Quarterly non-consolidated Financial Statements
Quarterly non-consolidated balance sheet(Million yen)
Fiscal year ended March2019(As of March 31, 2019)

First quarter ended
June 2018(As of June 30, 2018)ASSETS
Current assets
Cash and deposits
Notes receivable, accounts receivablefrom completed construction contracts
and other
Real estate for sale
Costs on uncompleted construction
contracts
OtherAllowance for doubtful accounts

14,42624,21740,072

31,998

1,540

1,109

429

313

5,381
(44)

6,683
(36)

61,80664,2852,470

2,553Intangible assets
Investments and other assets

205

208

Investment securities
Other

10,090
1,525

9,910
1,566

(192)

(192)

Total current assets
Noncurrent assets
Tangible Assets

Allowance for doubtful accounts
Total investments and other assets

11,423

11,284

14,09914,04775,90578,332

11,152

10,200

266

67

5,057

7,555

2,911

3,965

Total current liabilities

19,387

21,789Noncurrent liabilities
Retirement allowances

4,558

4,449

175

174

Total noncurrent assets
Total assets
LIABILITIESCurrent liabilities
Accounts payable for constructioncontracts
Income taxes payable
Advances received on uncompletedconstruction contracts
Other

Other
Total noncurrent liabilities

4,734

4,624

24,121

26,413

Capital stock
Capital surplus

5,000
23,766

5,000
23,766

Retained earnings
Treasury shares

25,743(3,430)26,002(3,430)Total shareholders’ equity

51,07951,338

705

580

705

580

51,78451,91875,90578,332

Total liabilities
NET ASSETS
Shareholders’ equity

Valuation and translation adjustments
Valuation differences onavailable-for-sales securities
Total valuation and translation
adjustments
Total net assets
Total liabilities and net assets

6

(2) Quarterly Non-consolidated statements of income and comprehensive income
For the first Quarter of fiscal year ending March 31.2020 (April 1, 2019 – June 30, 2019)(Million yen)First Quarter ended June2018 (April 1, 2018June 30, 2018)
Net sales
Net sales of completed construction
contracts
Sales on real estate businessTotal net sales
Cost of sales
Cost of sales of completed construction
contracts
Cost of sales on real estate businessTotal cost of sales
Gross profit
Gross profit on completed construction
contracts
Gross profit-real estate businessTotal gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Dividend income
Other
Total non-operating income
Non-operating expenses
Interest expense
Other
Total non-operating expenses

First Quarter ended June2019 (April 1, 2019June 30, 2019)18,37822,709295

555

18,67323,265

17,06920,879276

501

17,346

21,381

1,309

1,830

18

53

1,327

1,884

1,268

1,279

58

604

1,569

1,215

3

3

1,572

1,219

1018

0

11020

1,620

1,802

937

Others027

Total Extraordinary losses

964

Income before income taxes

1,611

1,738

72

169

1,539

1,568

Ordinary income (loss)
Extraordinary losses
Loss on litigation

Total income taxes
Quarterly net earnings

73.

Orders received and net sales(1) Consolidated(Million yen, %)1Q / FY 2018

1Q / FY 2019

(Apr 1, 2018 - Jun 30, 2018)(Apr 1, 2019 - Jun 30, 2019)

AmountOrdersreceived

Net sales

Share

AmountShare

Architecture

12,321

36.0

7,664

19.0

Civil engineering

21,63563.1

32,162

79.6

Total construction

33,95799.1

39,826

98.6

Real estate

2920.9549

1.4

Total

34,249100.0

40,376100.0

Architecture

6,905

20.5

11,321

31.6

Civil engineering

26,49078.6

23,926

66.9

Total construction

33,39599.1

35,247

98.5

Real estate

292

0.9

549

1.5

Total

33,687100.0

35,797100.0(2) Non-consolidated(Million yen, %)1Q / FY 2018

1Q / FY 2019

(Apr 1, 2018 - Jun 30, 2018)
AmountShare(Apr 1, 2019 - Jun 30, 2019)
AmountShare

Architecture

Public4

1,657

construction

Private11,8105,407

Subtotal
Civilengineering

7,065

4,903

4,673

Private

3,431

7,495

8,335

40.8

12,169Public

4,908

6,330

Private15,242

12,903

Total
Real estate

57.8

PublicSubtotal
Orders Total
received construction

11,815

20,151

98.6

19,234

Public--Private

297

555

Total

35.7

61.5

97.2

297

1.4

555

2.8

Public

4,908

24.0

6,330

32.0

Private15,54076.0

13,45868.0

20,448100.0

19,789100.0

Architecture

6,541

35.0

10,62945.7

Civil engineering

11,83763.4

12,08051.9

Net sales Total construction

18,37898.4

22,709

97.6

295

1.6

555

2.4

Total

18,673100.0

23,265100.0

Architecture

50,82643.1

57,462

43.5

Civil engineering

67,17056.9

74,697

56.5

117,996100.0

132,159

100.0

2---

117,999

100.0

132,159

100.0

Total

Real estate

Contract
Total construction
backlogs
Real estate
Total

8

Disclaimer: All financial information has been prepared in accordance with generally accepted
accounting principles in Japan. This document is a partial English translation of the Japanese
Financial Statements which were filed with Stock Exchanges in Japan on August 6, 2019. TheCompany provides this translation for your reference and convenience only without anywarranty as to its accuracy. In case of any discrepancy between the translation and theJapanese original, the latter shall prevail9