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 Japaneseoriginal shall prevail.

Consolidated Financial Results
for the Year Ended March 31, 2023
[Japanese GAAP]May 15, 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: 03-3535-1357
Scheduled date of Annual General Meeting of Shareholders: June 29, 2023
Scheduled date of commencing dividend payments: June 30, 2023
Scheduled date of filing annual securities report: June 30, 2023
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual financial results briefing session: Yes (for analysts and institutional investors)(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (April 01, 2022 to March 31, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal year ended
March 31, 2023
547,155
9.1
14,135(42.0)
19,039(32.3)
10,995(40.8)March 31, 2022
501,509(1.1)
24,385(12.0)
28,111(7.4)
18,560(6.0)(Note) Comprehensive income:Fiscal year ended March 31, 2023: ¥ 8,987 million [ (38.3) %]Fiscal year ended March 31, 2022: ¥ 14,559 million [ (69.0) %]Basic earnings per Diluted earnings per Rate of return on
share
share
equityOrdinary profit tototal assets ratio

Yen
Yen
%
Fiscal year ended
March 31, 2023
35.64
3.5
March 31, 2022
60.43
5.9
(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended March 31, 2023:
Fiscal year ended March 31, 2022:

Operating profit to
net sales ratio

%

%

2.4
3.8
¥ 149 million¥ 191 million

2.6
4.9

(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2023
March 31, 2022
(Reference) Equity:

Million yen

Net assets

Capital adequacy ratio

Net assets per share

Million yen%

Yen815,556
323,261
761,199
319,042
As of March 31, 2023:¥ 317,254 million
As of March 31, 2022:¥ 316,574 million

38.9
41.6

1,023.64
1,027.12(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2023
March 31, 2022

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Million yen

Million yen

Million yen

Million yen(30,845)
27,274(26,102)(20,433)

22,53418,306

95,866
129,301

2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total

Total
dividends

Payoutratio(consolidated)

Dividends
to netassets(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Million yen%%

March 31, 2022

-

10.00

-

16.00

26.00

8,017

43.0

2.6

March 31, 2023

-

13.50

-

13.50

27.00

8,415

75.8

2.6

-

14.00

-

14.00

28.00

Fiscal year ending
March 31, 2024

44.3

(Forecast)
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 01, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Net sales

Operating profit

Million yen

Full year

540,000% Million yen(1.3)

16,000% Million yen

13.2

Profit attributable to Basic earnings perowners of parent
share

Ordinary profit% Million yen

19,5002.4

19,500

%

Yen

77.3

62.92

* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): Yes
New
2(Company name: PT Tatamulia Nusantara Indah, TODA Energia 2 Ltda.
)(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2023:
322,656,796 shares
March 31, 2022:
322,656,796 shares
2) Number of treasury shares at the end of the period:
March 31, 2023:
12,730,496 shares
March 31, 2022:
14,440,349 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2023:
308,484,939 sharesFiscal Year ended March 31, 2022:
307,139,020 shares*Notes: The number of shares of treasury stock at the end of the period includes the Company's shares held by the BIP Trust for directors' remunerationand the ESOP Trust for granting shares.
(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (April 01, 2022 to March 31, 2023)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2023
March 31, 2022

Operating profit

Ordinary profit%

Million yen%

Million yen%

Million yen%

465,451
451,770

3.0
(2.1)

9,524
22,540(57.7)(10.5)

13,58925,995(47.7)(7.4)

6,623
16,215(59.2)(2.7)

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2023
March 31, 2022

Net income

Million yen

Yen

Yen

21.47
52.80

-

(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2023
March 31, 2022
(Reference) Equity:

Net assets

Million yen

Capital adequacy ratio

Net assets per share

Million yen%

Yen744,689
291,281
712,493
293,495
As of March 31, 2023: ¥ 291,281 million
As of March 31, 2022: ¥ 293,495 million

39.1
41.2

939.84952.24

2. Non-consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 01, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Net sales
Million yen

Full year

440,000

Operating profit% Million yen(5.5)

12,500Ordinary profit% Million yen

31.2

16,000

Basic earnings per
share

Net income% Million yen

17.7

18,200

%

Yen

174.8

58.72

*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 theseforward-looking statements due to the changes in various factors.

Consolidated Financial Results
for the FY2022
Ended March 31, 2023

1. Overview of Operating Results(1) Overview of Operating Results for the Fiscal Year ended March 31, 2023
During the consolidated fiscal year under review, the domestic economy showed signs of recovery as socioeconomic activities
normalized.

However, the situation continued to require close monitoring of exchange rate fluctuations and price trends due to global

monetary tightening policies and geopolitical risks.
In the construction industry, orders received were higher than in the previous fiscal year due to firm orders for both public-sector andprivate-sector construction, but earnings faced a difficult business environment due to soaring material prices and other factors.
In May 2022, the Group announced the “Medium-Term Management Plan 2024 Rolling Plan” to promote the evolution of value
provided to customers in the core businesses of architecture, civil engineering, and strategy.

In addition, the Company has identified theconstruction of new TODA BUILDING, overseas business, and renewable energy business such as floating offshore wind power generation
as key management priorities. During the consolidated fiscal year under review, the Company continued to promote growth investments
under the active involvement of top management in order to strengthen our business portfolio by making growth investments in thesebusinesses and to achieve further medium- to long-term growth. To achieve ROE target of 8% in the medium to long term while promoting
growth investments, we also worked to strengthen our investment process by applying IRR (internal rate of return), cost of capital, andother indicators to manage post-investment profitability.
Under these circumstances, the Group’s consolidated results were as follows:
Consolidated net sales increased 9.1% from the previous fiscal year to ¥547.1 billion, mainly due to an increase in net sales from theconstruction business, domestic group companies, and overseas investment and development business, despite a decrease in net sales fromthe civil engineering business and domestic investment and development business.
Operating income increased in the overseas investment and development business compared to the previous consolidated fiscal year,
but gross profit decreased 8.5% from the previous consolidated fiscal year to ¥57.3 billion due to the posting of allowances for construction
losses in several construction projects in the Architectural Construction Business as a result of rising prices of steel frames and othermaterials due to changes in market conditions. Selling, general and administrative expenses (SG&A) expenses increased 12.8% from theprevious fiscal year to ¥43.1 billion due to an increase in personnel expenses and amortization expenses, as well as an increase in expenses
due to the easing of restrictions on activities associated with the COVID-19.

As a result, operating income was ¥14.1 billion, a decreaseof 42.0% from the previous fiscal year.
Ordinary income decreased 32.3% from the previous consolidated fiscal year to ¥19.0 billion, despite an increase in non-operating
income due to dividend income from investment securities held and foreign exchange gains.
Net income attributable to owners of the parent increased compared to the previous fiscal year due to extraordinary gains, including
gain on step acquisitions and gain on sales of investment securities. However, the Environment & Energy business incurred an impairment
loss on fixed assets, and overall, net income amounted to ¥10.9 billion, down 40.8% from the previous consolidated fiscal year.

The results for each segment are as follows.

Segment results are presented including intersegment sales and transfers.

The Group has changed its reportable segments from the current consolidated fiscal year, and comparisons and analysis with theprevious consolidated fiscal year are based on the segment classifications after the change.

For details, please refer to “1. Overview ofReportable Segments” of “3. Consolidated Financial Statements (5) Notes to Consolidated Financial Statements”.

Architectural Construction BusinessNet sales were ¥343.8 billion (up 12.9% from the previous consolidated fiscal year), and the segment loss (operating loss) was ¥2.0
billion (segment income of ¥7.8 billion in the previous consolidated fiscal year).
Orders received by the Company on a non-consolidated basis decreased by 10.8% from the previous fiscal year for domestic public
work projects and by 10.8% from the previous fiscal year for domestic private-sector projects. As a result, total orders received were¥286.3 billion, down 11.3% from the previous fiscal year.

1

Civil Engineering BusinessNet sales were ¥141.6 billion (down 4.3% from the previous consolidated fiscal year), and segment income (operating income) was¥11.7 billion (down 1.0% from the previous consolidated fiscal year).
Orders received by the Company on a non-consolidated basis decreased 19.6% from the previous fiscal year in domestic private-sector
construction projects but increased 23.1% in domestic public-sector construction projects.

As a result, total orders received by theamounted to ¥140.3 billion, up 8.4% from the previous fiscal year.
Domestic Investment and Development BusinessNet sales were ¥19.5 billion (down 9.3% from the previous consolidated fiscal year), and segment income (operating income) was ¥3.2
billion (down 19.7% from the previous consolidated fiscal year).
Domestic Group Companies BusinessNet sales were ¥52.3 billion (up 15.9% from the previous consolidated fiscal year), and segment income (operating income) was ¥1.9
billion (up 3.0% from the previous consolidated fiscal year).
Overseas Investment and Development BusinessNet sales totaled ¥26.4 billion yen (¥2.2 billion yen in the previous fiscal year), and segment income (operating income) was ¥1.7
billion (up 146.8% from the previous fiscal year).
Environment & Energy BusinessNet sales were ¥1.5 billion (up 124.2% from the previous consolidated fiscal year), and segment income (operating income) was ¥0.1
billion (segment loss of ¥0.8 billion in the previous consolidated fiscal year).

(2) Overview of Financial Position for the Fiscal Year ended March 31, 2023
Assets, liabilities, and net assets
AssetsTotal assets at the end of the current fiscal year decreased by ¥23.6 billion in cash and deposits, ¥9.5 billion in short term investment
securities, and ¥7.5 billion in investment securities.

However, total assets at the end of the period amounted to ¥815.5 billion, up ¥54.3

billion (up 7.1%) from the end of the previous fiscal year, mainly due to increases of ¥73.9 billion in notes receivable, accounts receivablefrom completed construction contracts, ¥7.3 billion in real estate for sale, ¥6.3 billion in buildings and structures, and ¥10.4 billion inconstruction in progress.
Liabilities
Total liabilities at the end of the current fiscal year increased ¥50.1 billion (up 11.3%) from the end of the previous fiscal year to ¥492.2
billion yen, due mainly to increases of ¥13.5 billion in notes payable, accounts payable for construction contracts and other, ¥21.5 billion
in short-term loans, ¥6.7 billion in allowance for losses on construction contracts, and ¥35.7 billion in long-term loans while decreased by¥20.0 billion in commercial paper and ¥5.1 billion in bonds payable.
Net assets
Total net assets as of the end of the current consolidated fiscal year were ¥323.2 billion, an increase of ¥4.2 billion (up 1.3%) from theend of the previous consolidated fiscal year.

The main factors were a ¥9.1 billion yen decrease in retained earnings due to dividend

payouts, an increase of ¥3.5 billion in noncontrolling interests due to the consolidation of PT Tatamulia Nusantara Indah as a consolidated
subsidiary, and the recording of ¥10.9 billion in net income attributable to owners of the parent. The equity ratio was 38.9%.

(3) Overview of Cash Flows for the Fiscal Year ended March 31, 2023
Cash and cash equivalents (“cash”) at the end of the current fiscal year increased by ¥33.4 billion from the end of the previous fiscal
year to ¥95.8 billion.
Cash Flows from Operating Activities
Net cash used in operating activities came to ¥30.8 billion yen, compared with net cash provided in the previous corresponding
period totaling ¥27.2 billion.

Major factors included income before income taxes and minority interests of ¥17.8 billion, depreciation2

and amortization of ¥6.2 billion, an increase in notes and accounts payable-trade of ¥7.1 billion, as well as a ¥57.3 billion increase innotes and accounts receivable-trade.
Cash Flows from Investing Activities
Net cash used in investing activities was ¥26.1 billion (¥20.4 billion in the previous fiscal year).

While funds increased by ¥12.0

billion due to sales and redemption of investment securities, funds decreased by ¥35.8 billion due to acquisition of tangible fixed assets,¥2.6 billion due to acquisition of investment securities, and ¥1.3 billion due to acquisition of intangible fixed assets.
Cash Flows from Financing Activities
Net cash used in financing activities amounted to ¥22.5 billion (¥18.3 billion in the previous fiscal year).

The main factors were a¥20.0 billion decrease in funds due to redemption of commercial paper, a ¥5.1 billion decrease due to bond redemption, and a ¥9.1 billion
decrease due to dividend payouts, as well as a ¥23.1 billion increase in short-term loans payable and a ¥33.6 billion increase in long-termloans payable.

Cash flow indicators are as follows.
Year ended March 31

2019

2020

2021

2022

2023

Equity ratio

39.9%

42.7%

42.1%

41.6%

38.9%

Equity ratio on a market price basis

31.2%

30.9%

33.8%

30.0%

26.3%

Years of debt redemption－

1.4 years－

6.6 years－

Interest coverage ratio－

76.3 times－

32.0 times－

Notes:
Equity ratio = shareholders’ equity / total assets
Equity ratio on a market price basis = market capitalization / total assets
Years of debt redemption = interest-bearing debt / cash flows
Interest coverage ratio = cash flows / interest payments* The indices are calculated based on consolidated financial figures.
* Market capitalization is calculated by multiplying the stock price at the end of the fiscal year by the number of outstanding shares at theend of the fiscal year excluding treasury stock.
* Cash flows from operating activities are used as cash flows.
* Interest-bearing debt is all of the liabilities recorded on the consolidated balance sheets for which the Company is paying interest.

(4) Future Outlook
Although there is a trend towards a gradual recovery in economic situation going forward, the outlook remains uncertain with respect
to price hikes and geopolitical risks amid continued tightening of global monetary policy and other factors.

In the construction industry,

construction work by the public sector is expected to remain firm and the private-sector construction is also expected to be solid, although
the trends in material costs require close monitoring.
We forecast consolidated net sales of ¥540 billion (down 1.3% year-on-year), operating income of ¥16 billion (up 13.2% year-on-year),ordinary income of ¥19.5 billion (up 2.4% year-on-year), and net income attributable to owners of the parent of ¥19.5 billion (up 77.3%
year-on-year).
On a non-consolidated basis, we expect orders received to total ¥480.0 billion (up 7.7% year-on-year), net sales of ¥440.0 billion (down
5.5% year-on-year), operating income of ¥12.5 billion (up 31.2% year-on-year), ordinary income of ¥16.0 billion (up 17.7% year-on-year),and net income of ¥18.2 billion (up 174.8% year-on-year).

3(5) Basic Policy on Profit Distribution and Dividends in the Fiscal Year ended March 31, 2023 and the Fiscal
Year ending March 31, 2024
The Company's basic policy is to return profits to valued shareholders in accordance with business performance and the businessenvironment, taking into consideration the implementation of continuous and stable dividends to shareholders and the securing of internal
reserves essential for strengthening the Company's competitiveness and financial position.
In line with this basic policy, the Company plans to pay a year-end dividend of ¥13.50 per share. As a result, the total dividend forthe fiscal year under review, including the interim dividend, shall be ¥27 per share.
For the next fiscal year, the Company plans to pay annual dividend of ¥28 per share (including an interim dividend of ¥14 per share).

2. Basic Rational for Selection of Accounting Standards
It is the Group's policy to prepare its consolidated financial statements in accordance with Japanese GAAP for the time being, taking
into consideration the periodicity and comparability of the consolidated financial statements.
We intend to adopt International Financial Reporting Standard (IFRS) in an appropriate manner, taking into consideration various
domestic and overseas circumstances.

43. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022

As of March 31, 2023

AssetsCurrent assets
Cash and deposits

120,538

96,840Notes and accounts receivable - trade

208,892

282,828

Short-term investment securities

10,300700

Real estate for sale

8,301

15,616

Costs on uncompleted construction contracts

9,680

12,102Other inventories

5,124

2,709

Other

24,88723,807

Allowance for doubtful accounts(1,188)(3,032)

Total current assets

386,536

431,573

47,912

54,24011,01911,25687,652

87,187

Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Machinery, vehicles, tools, furniture andfixtures, net
Land
Lease assets, net

59

205

Construction in progress

15,29425,785

Total property, plant and equipment

161,938

178,675

701

1,375

Other

11,255

10,689Total intangible assets

11,956

12,065

192,650

185,072

Long-term loans receivable

817

795

Net defined benefit assets

2,129

1,953

677

921

4,585

4,581

Allowance for doubtful accounts

(91)

(81)

Total investments and other assets

200,768

193,243374,663

384,983

761,199815,556

Intangible assets
Goodwill

Investments and other assets
Investment securities

Deferred tax assets
Other

Total noncurrent assets
Total assets

5

(Millions of yen)
As of March 31, 2022

As of March 31, 2023

Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts and other
Short-term loans payable

97,728111,283

59,96981,568Commercial papers-liabilities

20,000－Current portion of bonds payable

15,1905,050

Income taxes payable
Advances received on uncompleted
construction contracts

6,175

6,329

28,36933,408

6,071

5,115

3,819

3,305

Provision for loss on construction contracts

2,666

9,434

Deposits received

38,46536,486

Provision for bonuses
Provision for warranties for completed
construction

Other

20,66018,034

Total current liabilities

299,116

310,016

Bonds payable

45,24550,195Long-term loans payable

38,99174,724

Noncurrent liabilities

Deferred tax liabilities

22,69019,244

Deferred tax liabilities for land revaluation

6,124

6,069

Provision for directors’ retirement benefits

239

98

Provision for stock payments for directors

240

465

1,193

1,141

Net defined benefit liability

21,84922,932

Asset retirement obligations

2,207

2,242

Provision for loss on liquidation ofsubsidiaries and affiliates

Other
Total noncurrent liabilities
Total liabilities

4,258

5,165

143,041

182,278

442,157

492,295

Net assets
Shareholders’ equity
Capital stock

23,001

23,001

Capital surplus

26,457

26,786

Retained earnings

199,155

200,996

Treasury stock(8,462)(7,625)

Total shareholders’ equity

240,152

243,159

73,43572,790

Deferred gains on hedges

385

111

Revaluation reserve for land

3,073

3,087

Foreign currency conversion adjustments(391)(1,567)

Remeasurements of defined benefit plans

(81)

(327)

Total accumulated other comprehensive
income76,421

74,094

2,467

6,007

319,042

323,261

761,199815,556

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities

Non-controlling interests
Total net assets
Total liabilities and net assets

6

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Years ended March 31, 2022 and 2023
(Millions of yen)
Year ended March 31, 2022

Year ended March 31, 2023

(April 1, 2021 through(April 1, 2022 throughMarch 31, 2022)

March 31, 2023)

Net sales
Net sales of construction contracts
Net sales of investment development businessand other472,641

518,426

28,86828,729Total net sales

501,509547,155

Cost of sales of construction contracts
Cost of sales of investment development
business and other417,249

469,076

21,582

20,755

Total cost of sales

438,832

489,831

Gross profit on construction contracts
Gross profit on investment development
business and other55,392

49,349

7,285

7,973

Total gross profit

62,67757,323

Selling, general and administrative expenses

38,292

43,188Operating income

24,385

14,135

Cost of sales

Gross profit

Non-operating income
Interest income

210

413

Dividend income

3,464

4,017

Dividend income of insurance
Share of profit of entities accounted for using
equity method

276

238

191

149

Foreign exchange gain

151

1,046

Other

613

896

4,907

6,762

Interest expenses

861

1,042

Commission fee

186

637

Total non-operating income
Non-operating expenses

Other
Total non-operating expenses
Ordinary income

133

178

1,180

1,858

28,111

19,039-1,908

Extraordinary income
Gain on step acquisition
Gain on sales of noncurrent assets
Gain on sales of investment securities
Other
Total extraordinary income

24

28

3,127

8,083

595

378

3,747

10,399Extraordinary loss
Loss on abandonment of noncurrent assets
Impairment loss
Loss on valuation of investment securities
Provision for loss on liquidation of subsidiaries
and affiliates
Other

7

1,550

419

492

10,345

0

285

1,162

255

422

233

(Millions of yen)
Year ended March 31, 2022

Year ended March 31, 2023

(April 1, 2021 through(April 1, 2022 throughMarch 31, 2022)

March 31, 2023)
3,629

11,540

Profit before income taxes and non-controllinginterests

Total extraordinary losses

28,23017,897

Income taxes-current

9,271

10,352

Income taxes-deferred

490(3,661)

Total income taxes

9,761

6,690

Profit for the year

18,468

11,207(92)

211

18,56010,995

Loss attributable to non-controlling interests
Profit for the year attributable to owners of theparentConsolidated Statements of Comprehensive Income
Years ended March 31, 2021 and 2022
(Millions of yen)
Year ended March 31, 2022

Year ended March 31, 2023

(April 1, 2021 through(April 1, 2022 throughMarch 31, 2022)

March 31, 2023)

Profit for the year

18,468

11,207

Other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges(6,039)

(643)

277

(273)

Foreign currency conversion adjustment

1,349

(533)

Remeasurements of defined benefit plans
Share of other comprehensive income ofentities accounted for using equity method

88

(153)

414

(614)

(3,909)(2,219)14,5598,987

14,654

8,653

(95)

333

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to
Owners of the parent
Non-controlling interests8(3) Consolidated Statements of Changes in Net Assets
Year ended March 31, 2022 (April 1, 2021 through March 31, 2022)(Millions of yen)
Shareholders’ equity

Balance at beginning of period

Total
Treasury stock shareholders’equityRetainedearnings

Capital stock Capital surplus
23,001

26,259189,217(9,388)229,089

Dividends from surplus－－(9,223)－(9,223)

Profit for the year attributable toowners of the parent－－

18,560－18,560

Disposal of treasury stock

－

－

－

32

32

Purchase of treasury stock

－

－

－

Changes during period

Increase by share exchanges

198

Reversal of revaluation reserve
for landNet changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at end of period

(1)

(1)

894

1,093

－

－

600

－

600

－

－

－

－

－

－

198

9,938

925

11,06323,001

26,457

199,155(8,462)

240,152

Accumulated other comprehensive income
Valuation
Deferreddifference on
gains oravailablelosses on
for-salehedgessecurities
Balance at beginning of period

Total
NonForeign Remeasureaccumulated controlling
Revaluation
ments ofcurrency
otherreserve forinterests
definedconversion
comprehensive
land
adjustments benefit plansincomeTotal net
assets79,474108

3,674(2,174)(153)

80,9282,515

312,533

Dividends from surplus

－

－

－

－

－

－

－

(9,223)

Profit for the year attributable toowners of the parent

－

－

－

－

－

－

－

18,560

Disposal of treasury stock

－

－

－

－

－

－

－

32

Purchase of treasury stock

－

－

－

－

－

－

－

(1)

Changes during period

Increase by share exchanges
Reversal of revaluation reserve
for landNet changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at end of period

1,093
－

－

－

－

－

－

－

600

(6,039)

277

(600)

1,782

72

(4,507)(47)(4,554)(6,039)

277

(600)

1,782

72

(4,507)

(47)

6,508

73,435

385

3,073

(391)

(81)

76,421

2,467

319,0429

Year ended March 31, 2023 (April 1, 2022 through March 31, 2023)(Millions of yen)
Shareholders’ equity

Balance at beginning of period

Total
Treasury stock shareholders’equityRetainedearnings

Capital stock Capital surplus
23,001

26,457

199,155(8,462)

240,152

Dividends from surplus－－(9,139)－(9,139)Profit for the year attributable toowners of the parent－－

10,995－

10,995

Disposal of treasury stock

－

172

－

1,128

1,301

Purchase of treasury stock

－

－

－

(1,293)(1,293)

Increase by share exchanges

－

156

－

1,001

1,157

－

－

(14)

－

(14)

－

－

－

－

－

－

328

1,841

837

3,007

23,001

26,786200,996(7,625)

243,159

Changes during period

Reversal of revaluation reserve forland
Net changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at end of period

Accumulated other comprehensive income
Valuation
Deferreddifference on
gains oravailablelosses on
for-salehedgessecurities
Balance at beginning of period

Total
NonForeign Remeasureaccumulated controlling
Revaluation
ments ofcurrency
otherreserve forinterests
definedconversion
comprehensive
land
adjustments benefit plansincomeTotal net
assets73,435

385

3,073

(391)

(81)

76,421

2,467

319,042Dividends from surplus

－

－

－

－

－

－

－

(9,139)Profit for the year attributable toowners of the parent

－

－

－

－

－

－

－

10,995

Disposal of treasury stock

－

－

－

－

－

－

－

1,301

Purchase of treasury stock

－

－

－

－

－

－

－

(1,293)

Increase by share exchanges

－

－

－

－

－

－

－

1,157

Changes during period

Reversal of revaluation reserve forland
Net changes of items other thanshareholders’ equity
Total changes of items during theperiod

－

－

－

－

－

－

－

(14)

(645)

(273)

14

(1,175)(246)(2,327)

3,539

1,212

(645)

(273)

14

(1,175)(246)(2,327)

3,539

4,219

Balance at end of period

72,790111

3,087(1,567)(327)

74,094

6,007

323,26110

(4) Consolidated Statements of Cash Flows
Year ended March 31, 2022
(April 1, 2021 throughMarch 31, 2022)
Net cash provided by (used in) operating activities
Profit before income taxes and non-controllinginterests
Depreciation and amortization
Impairment loss
Amortization of goodwill
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in provision for loss on
liquidation of subsidiaries and affiliates
Increase (decrease) in net defined benefit liability
Decrease (increase) in net defined benefit asset
Increase (decrease) in other provision
Loss (gain) on valuation of investment securities
Loss (gain) on sales of investment securities
Loss (gain) on sales of property, plant andequipment
Loss on abandonment of noncurrent assets
Loss (gain) on step acquisition
Share of loss (profit) of entities accounted for using
equity method
Interest and dividend income
Interest expenses
Decrease (increase) in notes and accounts
receivable-trade
Decrease (increase) in costs on uncompleted
construction contracts
Decrease (increase) in real estate for sale
Decrease (increase) in costs on real estate business
Decrease (increase) in other current assets
Increase (decrease) in notes and accounts payabletrade
Increase (decrease) in advances received on
uncompleted construction contracts
Increase (decrease) in other current liabilities
Other, net(Millions of yen)
Year ended March 31, 2023
(April 1, 2022 throughMarch 31, 2023)

28,23017,897

4,765
492
104

6,296
10,345
340

(172)

164

1,164

(53)

148
(63)
(869)
0
(3,115)

52
436
5,335
285
(8,039)

(24)

101

1,550
-

419
(1,908)

(191)

(149)

(3,675)861(4,431)
1,042

1,625

(57,398)

1,435

2,644

4,304
1,136
6,025

2,640
2,543
2,114

(16,298)

7,129

658

(2,004)

7,877
(187)

(8,046)(1,691)

Subtotal

35,785(23,930)

Interest and dividend income received
Interest expenses paid
Income taxes paid
Other, net

3,681
(853)
(11,526)
186

4,433
(916)
(10,431)

Net cash provided by (used in) operating activities

27,274(30,845)

11－

Year ended March 31, 2022
(April 1, 2021 throughMarch 31, 2022)(Millions of yen)
Year ended March 31, 2023
(April 1, 2022 throughMarch 31, 2023)

－
69
100
(21,814)

(158)
552
300
(35,874)

80

1,688

(1,471)(389)(2,511)
2,900(1,344)

Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from sales and redemption of securities
Purchase of property, plant and equipment
Proceeds from sales of property, plant andequipment
Payments from retirement of property, plant andequipment
Purchase of intangible assets
Proceeds from subsidy income
Purchase of investment securities
Proceeds from sales and redemption of investment
securities
Payments of loans receivableCollection of loans receivable
Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Purchase of shares of equity method affiliate
Payments for lease and guarantee deposits
Other, net
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Increase (decrease) in commercial paper
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Cash dividends paid
Cash dividends paid to non-controlling interests
Payments for acquisition of shares of subsidiaries
not affecting the scope of consolidation
Purchase of treasury stock
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of current
periodCash and cash equivalents at the end of current period

12(3,357)－(2,649)6,321

12,053

(3)
28

(32)
20

(1,037)

(918)

(57)
(263)
582

－
(18)
667

(20,433)(26,102)13,809－12,920(9,037)
10,000(30)(9,223)(2)

23,184(20,000)
40,630(6,942)
10,000(15,190)(9,139)
(2)

(76)

－

(1)
(51)

(0)
(3)

18,306

22,534426

977

25,574(33,435)

103,727

129,301

129,301

95,866

(5) Notes to Consolidated Statements of Cash Flows
Notes on the Assumption as a Going Concern
Not applicable.

Basis of Preparation of Consolidated Financial Statements
Disclosure of important matters that serve as the basis for the preparation of consolidated financial statements was not provided because
there were no significant changes from those in the most recent Annual Securities Report (submitted on June 30, 2022), except for thefollowing items.

Matters related to the Scope of Consolidation
In the current consolidated fiscal year, PT Tatamulia Nusantara Indah and its seven subsidiaries, which became subsidiaries throughthe acquisition of additional shares, and the newly established TODA Energia 2 Ltda. are included in the scope of consolidation.

Changes in Accounting Policy(Guidance on Accounting Standard for Measurement of Fair Value)“The Guidance on Accounting Standard for Measurement of Fair Value” (Accounting Standards Board of Japan Guidance No. 31, June 17,2021; hereinafter referred to as the “Guidance”) is applied from the beginning of the current fiscal year.

The Company shall apply the

new accounting policy stipulated in Paragraph 27-2 of the Guidance on Accounting Standard for Fair Value Calculation in the future. The
effect of this change on the consolidated financial statements for the current fiscal year is immaterial.

Changes in Accounting Estimates
Not applicable.

Changes in Presentation Method(Notes to consolidated statements of income)“Foreign exchange gains”, which was included in “Other” under “Non-operating income” in the previous consolidated fiscal year, ispresented as a separate item in the current consolidated fiscal year because it exceeded 10/100 of the total amount of non-operating income.
The consolidated financial statements for the previous fiscal year have been reclassified to reflect this change in presentation.
As a result, ¥764 million presented as “Other” under “Non-operating income” in the consolidated statements of income for the previous
fiscal year has been reclassified as “Foreign exchange gains” of ¥151 million and “Other” of ¥613 million.

“Loss on sales of investment securities” under “Extraordinary loss”, which was independently presented in the previous consolidated
fiscal year, is now included in “Other” in the current consolidated fiscal year because it has become insignificant. To reflect this change
in presentation, the financial statements for the previous consolidated fiscal year have been reclassified.
As a result, “Loss on sales of investment securities” of ¥12 million and “Other” of ¥409 million, which were included in“Extraordinary loss” in the consolidated statement of income for the previous fiscal year, have been reclassified as “Other” of ¥422 million.

Additional Information(Performance-linked stock compensation plan for directors and executive officers)
1

Outline of the PlanAt the Board of Directors' meeting held on May 13, 2016 and the 93rd General Meeting of Shareholders held on June 29, 2016, theCompany resolved to introduce the “BIP Trust for Directors' Remuneration” (“BIP Trust”) and the “ESOP Trust for Stock Grant” (“ESOP
Trust”, and together with the “BIP Trust”, the “Plan”) for the Company's directors and executive officers (excluding outside directors and13

non-residents of Japan; hereinafter collectively referred to as the “Directors”), for the purpose of improving the Company's medium- tolong-term performance, enhancing corporate value, and raising awareness of shareholder-oriented management.
The Plan is an incentive scheme for the Directors and shares of the Company acquired through the Plan are distributed to the Directors
in proportion to the degree of achievement of performance targets for each fiscal year.
Subsequently the resolution was passed at the 99th General Meeting of Shareholders held on June 29, 2022 (the “General Meeting of
Shareholders”) to revise the Plan by increasing the ratio of stock compensation. After the revision, outside directors are also eligible fornon-performance-linked stock compensation.
In response to the above resolution, at the Board of Directors meeting held on August 10, 2022, the Company made an additional
contribution to the trust and acquired the Company's shares as follows.

＜Outline of additional contribution to the trust and acquisition of the Company’s shares>
Additional cash contributions and additional acquisition of shares were made within the limits of the maximum trust (¥1,400 million
in total for three fiscal years, including ¥15 million for outside directors) and the maximum number of shares to be acquired (800,000
shares, including 8,000 shares for outside directors, per year; 2,400,000 shares, including 25,800 shares for outside directors, for a threeyear period) as approved at the General Meeting of Shareholders.
(1) Date of the agreement to amend the trust:August 29, 2022

(2) Period of trust:August 29, 2022 - September 30, 2025

(3) Total amount of additional trust:¥1,292,401,800 (including trust fees and expenses)(Breakdown: ¥1,270,473,600 for BIP Trust, ¥21,928,200 for ESOP Trust)(4) Date of share acquisition:

September 1, 2022

(5) Number of additional shares to acquired:

1,897,800 shares(Breakdown: 1,865,600 shares for BIP Trust, 32,200 shares for ESOP Trust)(6) Method of share acquisition:

2

Acquisition through third-party allotment of treasury stock

The Company’s shares remaining in the trust
The Company's shares remaining in the trust are recorded as treasury stock under net assets at the book value (excluding incidental

expenses).

The book value and number of shares of such treasury stock at the end of previous fiscal year were ¥297 million and 584,633

shares for the BIP Trust and ¥76 million and 152,517 shares for the ESOP Trust respectively.

At the end of the fiscal year under review,

the book value and number of shares were ¥1,559 million and 2,435,810 shares for the BIP Trust and ¥98 million and 184,717 shares for
the ESOP Trust respectively.

Consolidated Balance Sheets
1

Accumulated depreciation of tangible fixed assets:

Accumulated depreciation of tangible fixed assets

2

Year ended

Year ended

March 31, 2022

March 31, 2023

¥34,650 million¥40,343 million

Reduction entry

The amount of reduction entry deducted from the acquisition cost of tangible fixed assets due to government subsidies, etc
and the breakdown are as follows:

Buildings and structures
Machinery, transportation equipment and tools, furniture andfixtures14

Year ended

Year ended

March 31, 2022

March 31, 2023

¥133 million¥133 million¥7,597 million¥7,597 million

Land¥ - million¥24 million

Construction in progress¥ - million¥22 million

Intangible fixed assets¥8 million¥8 million¥7,739 million¥7,785 million

Total

3

4

Investments in unconsolidated subsidiaries and affiliates included in investment securities:
Year ended

Year ended

March 31, 2022

March 31, 2023

Investment securities (stocks)¥4,841 million¥687 million

Investment securities (other)¥1,566 million¥1,228 million

Investments
The Company revaluated its business-use land in accordance with the “Law Concerning Revaluation of Land” (Law No. 34 enacted

on March 31, 1998) and recorded “Revaluation reserve for land” in net assets.
-

Revaluation Method:
The method is based on reasonable adjustments to the value registered in the land taxation ledger or the land taxation
supplemental ledger as stipulated in Article 2, Item 3 of the Enforcement Order for the Law Concerning Revaluation of Land
(Cabinet Order No. 119, promulgated on March 31, 1998).

-

Date of revaluation:

March 31, 2002-

The total market value of the revaluated land exceeded the book value after revaluation both at the end of the previous fiscal
year and at the end of the current fiscal year.

5

Pledged assets and secured liabilities(1) Assets pledged as collateral for loans by consolidated companies and secured debt are as follows:Year ended

Year ended

March 31, 2022

March 31, 2023

Buildings and structures¥25 million¥1,328 millionLand¥296 million¥1,030 million

Total¥321 million¥2,359 million

Secured liabilities for the above assets
Year ended

Year ended

March 31, 2022

March 31, 2023

Short-term loans payable¥9 million¥11 million

Corporate bonds redeemable within one year

¥90 million¥50 million

Corporate bonds¥245 million¥195 million¥ - million¥3 million¥344 million¥260 million

Long-term loans payable
Total

15

(2) The following assets are pledged as collateral (collateral reservation) for long-term liabilities of unconsolidated subsidiaries andaffiliates:
Year ended

Year ended

March 31, 2022

March 31, 2023

Investment securities¥435 million¥415 million

Long-term loans¥610 million¥597 million

Total¥1,046 million¥1,012 million

Long-term liabilities of unconsolidated subsidiaries and¥12,694 million¥18,545 million

affiliates

6

Contingent liabilities
The Company guarantees the following company's borrowings from financial institution.

Sakuranosato Mega Power LLC

7Year ended

Year ended

March 31, 2022

March 31, 2023

¥169 million¥153 million

Commitment line agreements
The Company has entered into commitment line agreements to ensure the flexibility of working capital funding and to diversify

funding sources.
The following are unused lines of credit related to loan commitments as of the end of fiscal year:

The contract limit

Year ended

March 31, 2022

March 31, 2023

¥30,000 million

Balance of loans outstanding-

Difference

8Year ended¥30,000 million

million¥30,000 million-

million¥30,000 million

Costs on uncompleted construction contracts corresponding to allowance for loss on construction contracts
The allowance for costs on uncompleted construction contracts and the allowance for losses on construction contracts are presented

on both sides of the balance sheet, without offsetting.

Costs on uncompleted construction contracts

9

Year ended

Year ended

March 31, 2022

March 31, 2023

¥292 million¥890 million

Changes in purpose of holding assets

Previous fiscal year (March 31, 2022)
Some of the properties previously held as “Fixed assets” (“Buildings and structures” of ¥530 million and “Land” of ¥1,452 million)
were reclassified as “Real estate for sale” due to a change in the purpose of holding.
In addition, some of the properties held as “Real estate for sale” were reclassified as “Fixed assets” (“Land” of ¥510 million) due tochange in the purpose of holding.

Fiscal year under review (March 31, 2023)
Some of the properties previously held as “Fixed assets” (“Buildings and structures” of ¥1,819 million; “Machinery, vehicles, tools,
furniture and fixtures” of ¥3 million; “Land” of ¥8,051 million; and “Construction in progress” of ¥0 million) were reclassified as “Raelestate for sale” due to a change in the purpose of holding.

16

Consolidated Statements of Income
1

Provision for loss on construction contracts included in cost of completed construction is as follows:

Provision for loss on construction contracts included in cost ofYear ended

Year ended

March 31, 2022

March 31, 2023

(April 1, 2021 through(April 1, 2022 throughMarch 31, 2022)

March 31, 2023)¥1,513 million¥6,767 million

completed construction

2

Inventories at the end of the period are after devaluation of book value due to decline in profitability, and the following loss on valuationof inventories is included in cost of sales.
Year ended

Year ended

March 31, 2022

March 31, 2023

(April 1, 2021 through(April 1, 2022 throughMarch 31, 2022)

March 31, 2023)

Inventory write down included in cost of sales

3

4

16 million¥163 million

Major items and amounts of selling, general and administrative expenses are as follows:Year ended

Year ended

March 31, 2022

March 31, 2023

(April 1, 2021 through(April 1, 2022 throughMarch 31, 2022)

March 31, 2023)

Employees’ salaries and allowances¥13,481 million¥14,843 million

Provision for bonuses¥4,312 million¥3,558 million

Provision for retirement benefits¥988 million¥984 million

Allowance for doubtful accounts¥(175) million¥336 million

Total research and development expenses included in general and administrative expenses and manufacturing costs for the period underreview are as follows:

Research and development expenses included in general andYear ended

Year ended

March 31, 2022

March 31, 2023

(April 1, 2021 through(April 1, 2022 throughMarch 31, 2022)

March 31, 2023)¥2,801 million¥3,224 million

administrative expenses and manufacturing costs

5

Breakdown of gain on sales of fixed assets is as follows:Year ended

Year ended

March 31, 2022

March 31, 2023

(April 1, 2021 through(April 1, 2022 throughMarch 31, 2022)

March 31, 2023)

Buildings and structures¥8 million¥15 million

Land¥14million¥8 million

Others¥1 million¥4 million

17

Total6

7¥24 million¥28 million

Breakdown of loss on disposal of fixed assets is as follows:Year ended

Year ended

March 31, 2022

March 31, 2023

(April 1, 2021 through(April 1, 2022 throughMarch 31, 2022)

March 31, 2023)

Buildings and structures¥160 million¥0 million

Others¥20 million¥16 million

Demolition and removal costs¥1,369 million¥402 million

Total¥1,550 million¥419 million

Impairment losses
The Group recorded impairment losses on the following assets or asset groups. Effective from the current consolidated fiscal year,

the Group changed its reporting segments from the previous five segments of “Architectural Construction”, “Civil Engineering”,“Investment and Development”, “Domestic Group Companies”, and “New Business” to six segments of “Architectural Construction”,“Civil Engineering”, “Domestic Investment and Development”, “Domestic Group Companies”, “Overseas Investment and Development”,
and “Environment and Energy”. As a result of the change, impairment losses for the previous consolidated fiscal year are presented basedon the new classification.

Previous fiscal year (April 1, 2021 through March 31, 2022)
PurposeType

Location

Impairment losses

Business assets

Buildings and structures

Minato-ku, Tokyo¥104 million

Buildings and structures

Naruto-shi, Tokushima¥35 million

Construction in progress

Goto-shi, Nagasaki¥312 million

Buildings and structure

Kamakura-shi, Kanagawa¥39 million(Domestic Investment andDevelopment Business)
Business assets(Domestic Investment andDevelopment Business)
Business assets(Environment and Energy
Business)
Business assets(Corporate)(Note) Impairment losses other than the above were not considered material and therefore not provided.

Asset grouping method:
The Company grouped its own business assets by business location, and leased assets and idle assets by individual property, based on
the management accounting classification.

Background leading to the recognition of impairment loss:
The Company considered the recoverability in light of the decision to dismantle the assets it owns, the decline in profitability due tochanges in the business environment, and the outlook for future income and expenditures.

As a result, the book value of the above

asset group was reduced to the recoverable amount, and the amount of the decrease was recorded as an impairment loss under extraordinary
losses.

18

Calculation method of recoverable amount:
The Company determined that the value of assets that it decided to discontinue to be zero, and assets for lease whose profitability
declined to be measured at their net realizable value. The net realizable value is calculated by subtracting the estimated cost of disposal
from the estimated sales price. Assets not yet completed at the end of the current fiscal year are measured based on their future value inuse.

Fiscal year under review (April 1, 2022 through March 31, 2023)
PurposeType

Location

Impairment losses

Business assets

Buildings and structures

Matsudo-shi, Chiba¥46 million

Construction in progress

Goto-shi, Nagasaki¥9,534 million

Business assets

Machinery, transportation

Koto-ku, Tokyo¥288 million(Environment and Energy

equipment and tools, furniture

Business)

and fixtures, construction in

Goto-shi, Nagasaki¥476 million(Architectural Construction
Business)
Business assets(Environment and Energy
Business)

progress, and intangible fixed
assetsBusiness assets

Machinery, transportation(Environment and Energy

equipment and tools, furniture

Business

and fixtures(Note)(Note) An impairment loss recorded by the Company's consolidated subsidiary.

Asset grouping method:
The Group grouped its own business assets by business location, and leased assets and idle assets by individual property, based on the
management accounting classification.

Background leading to the recognition of impairment loss:
The Group considered the recoverability of its assets in light of its decision to dismantle and remove the assets it owns or inconsideration of future revenue and expenditure prospects. As a result, the book value of the above asset group was reduced to therecoverable amount, and the amount of decrease was recorded as an impairment loss under extraordinary losses.

Calculation method of recoverable amount:
The Group determined to dismantle and remove assets held by the Group, which assumed to be zero. For assets whose profitability is
expected to decline, the Group calculates the present value of future cash flows expected to be generated from the continued use andeventual disposal of the asset.

19

Consolidated Statements of Cash Flows1

Reconciliation of cash and cash equivalents at the end of the period to the accounts reported in the consolidated balance sheets is madeas follows:

2

Year ended

Year ended

March 31, 2022

March 31, 2023

(April 1, 2021 through(April 1, 2022 throughMarch 31, 2022)

March 31, 2023)

Cash and deposits¥120,538 million¥96,840 million

Fixed deposits with maturities longer than three months(¥1,236) million(¥973) million

Marketable securities (certificate deposits)¥10,000 million¥- million

Cash and cash equivalents¥129,301 million¥95,866 million

Major breakdown of assets and liabilities of newly consolidated companies as a result of stock acquisition
Previous consolidated fiscal year (April 1, 2021 to March 31, 2022)
Breakdown of assets and liabilities at the time of consolidation of a company that became a newly consolidated subsidiary due
to the share acquisition, and the relationship between the cost of the share acquisition and the expenditure (net amount) for theacquisition.
Showa Construction Co., Ltd.
Current assets¥2,437 million

Fixed assets¥2,063 million

Good will¥191 million

Current liabilities(¥1,213) million

Fixed liabilities(¥789) million

Acquisition cost of shares¥2,689 millionof which acquisition cost related to share exchanges(¥1,093) million

Cash and cash equivalents(¥558) million

Difference: Expenditures for acquisition¥1,037 million

Consolidated fiscal year under review (April 1, 2022 to March 31, 2023)
Breakdown of assets and liabilities at the time of consolidation of a company that became a newly consolidated subsidiary due
to the share acquisition, and the relationship between the cost of the share acquisition and the expenditure (net amount) for theacquisition.
PT Tatamulia Nusantara Indah
Current assets¥21,752 million

Fixed assets¥6,029 million

Good will¥1,112 million

Current liabilities(¥13,685) million

Fixed liabilities(¥1,155) million

Non-controlling interests(¥4,387) million

Acquisition cost of shares¥9,665 millionof which, equity method valuation up to the time control(¥3,863) million

acquired
Net gain on step acquisitions(¥1,908) million

Additional acquisition cost of shares¥3,893 million

Cash and cash equivalents(¥2,975) million

Difference: Expenditures for acquisition¥918 million

20

Business Combinations
Business combination through acquisition
Becoming a subsidiary through additional acquisition of shares
On September 12, 2022, the Company acquired an equity-method affiliate, PT Tatamulia Nusantara Indah (headquartered in the
Republic of Indonesia, hereinafter referred to as “TATA”), from existing shareholders and made it a consolidated subsidiary.
Since the capital of TATA is equivalent to more than 10/100 of the Company's capital, TATA is a specified subsidiary of theCompany.
1.

Outline of this Business Combination(1)

Name and business of the acquired company
Name of the acquired company: PT Tatamulia Nusantara Indah
Description of business: General construction business(2) Main reasons for the Business Combination
TATA is one of the leading companies in the construction industry in the Republic of Indonesia, a growing market.
In October 2020, the Company subscribed to a third-party allotment of new shares of TATA and made it an equity-method
affiliate of the Company.
As the Group has identified overseas business development as one of the key management priorities in the “MediumTerm Management Plan 2024 Rolling Plan”, we aim to establish a market position in growing country by strengthening
relationships with local capital.
(3) Date of the Business Combination
June 30, 2022 (deemed acquisition date)
September 12, 2022 (additional share acquisition date)(4) Legal form of the Business Combination
Acquisition of shares for cash consideration(5) Company names after the Business Combination
Unchanged.
(6) Ratio of voting rights acquired
Ratio of voting rights before acquisition:

40.01%

Ratio of voting rights additionally acquired: 26.99%
Ratio of voting rights after acquisition:

67.00%(7) Main basis for determining the acquisition
The Company acquired shares for cash consideration.

2.

Period of the acquired company's results included in the consolidated financial statements
As June 30, 2022 is the deemed acquisition date, the results from July 1, 2022 to December 31, 2022 are included.

Since

TATA was an equity-method affiliate of the Company, the portion of TATA's results from January 1, 2022, to June 30, 2022,
attributable to the Company, is reported as equity in earnings of affiliates.
TATA's fiscal year ends on December 31, which is three months different from the Company's consolidated fiscal year end
on March 31.

3.

Breakdown of acquisition cost by type of consideration
Market value of shares of the acquired company held prior to the additional acquisition on the¥5,772 million yen

date of business combination
Consideration for additional shares of the acquired company acquired on the date of business¥3,893 million yen

combination: cash
Acquisition cost

¥9,665 million yen

21

4.

Details and amounts of major acquisition-related expenses
Advisory fees, etc.

5.

¥13 million

Difference between the acquisition cost of the acquired company and the total acquisition cost for each transaction that led tothe acquisition
Difference related to step acquisitions

6.

¥1,908 million

Amount of goodwill incurred, reason for incurrence, amortization method and amortization period(1) Amount of goodwill incurred¥1,112 million(2) Reason for the incurrence
Since the acquisition cost exceeded the net amount allocated to the assets received and liabilities assumed, the excess
amount was recorded as goodwill.
(3) Amortization method and period
Equal amortization over 3 years

7.

8.

Amounts of assets received and liabilities assumed on the date of business combination and their major breakdown
Current assets¥21,752 million

Fixed assets¥6,029 million

Total assets¥27,782 million

Current liabilities¥13,685 million

Fixed liabilities¥1,155 million

Total liabilities¥14,841million

Effect of the Business Combination on the consolidated statement of income for the current consolidated fiscal year assuming
the Business Combination had been completed on the first day of the consolidated fiscal year:
Net sales¥15,775 million yen

Operating income¥813 million yen

Method of calculating the estimated amountThe difference between the net sales and profit/loss information calculated as if the business combination had been completed
on the first day of the consolidated fiscal year and the net sales and profit/loss information in the consolidated statement ofincome for the current consolidated fiscal year is the estimated amount of impact.

Transaction under Common Control
Toda Bldg. Partners Co., Ltd. becomes a wholly owned subsidiary through a share exchange
At the Board of Directors' meeting held on December 27, 2022, the Company resolved to implement a share exchange in which
the Company becomes the wholly owning parent company and Toda Bldg. Partners Co. Ltd. (Head office: 3-4-10 Ariake, Koto-ku,
Tokyo; Representative Director: Yoshihiko Saito; hereinafter referred to as “Toda BP”), the Company’s consolidated subsidiary, as
its wholly owned subsidiary through a share exchange (hereinafter referred to as the “Share Exchange”), and concluded a shareexchange agreement with Toda BP on the same date.
The Share Exchange was implemented through a simplified share exchange procedure pursuant to Article 796, Paragraph 2 of
the Companies Act for the Company, and through a short-form share exchange procedure pursuant to Article 784, Paragraph 1 of the22Companies Act for Toda B.P, without obtaining approval by a resolution at a general meeting of shareholders of the respective
companies, and effected on February 28, 2023.
1.

Outline of the transaction(1) Name and the business of the company involved in the combination
Name of the combined company: Toda Bldg. Partners Co., Ltd.
Description of business: Building management business, construction business, etc.
(2) Date of the Business Combination
February 28, 2023 (effective date of the Share Exchange)(3) Legal form of the Business Combination
Acquisition of shares through share exchange with non-controlling shareholder(4) Company names after the Business Combination
Unchanged.
(5) Other matters relating to outline of the transaction
The Company decided to make Toda BP a wholly owned subsidiary in order to strengthen the unity of the Group andfurther enhance the Group's flexible management.

2.

Outline of accounting procedures implemented
In accordance with the “Accounting Standard for Business Combinations” and the “Guidance on Accounting Standard forBusiness Combinations and Accounting Standard for Business Divestitures, etc.”, the transaction was accounted for as atransaction with a noncontrolling shareholder among transactions under common control.

3.

Matters listed in the case of additional acquisition of shares of a subsidiary(1) Breakdown of acquisition cost by type of consideration
Consideration for acquisition - Market price of the Company’s common stock on the effective¥645 million yen

date of the Share Exchange (February 28, 2023)
Acquisition cost

¥645 million yen(2) Exchange ratio by type of shares, calculation method and number of shares delivered①

Exchange ratio by type of shares
The Company

Toda BP(Wholly owning parent(Wholly owned subsidiarycompany in share exchange)

company in share exchange)

1

673.27Company name

Allotment ratio for the Share Exchange(Share exchange ratio)(Note 1)

(Note 1) Rounded to two decimal places.
(Note 2) Shares of common stock of the Company were allotted and delivered for each share of common stock of Toda
BP at the abovementioned allotment ratio.

However, no shares were allocated for the 20,650 shares of Toda BP common

stock held by the Company as of the effective date of the Share Exchange (February 28, 2023).

The Company did notissue any new shares because all the shares delivered were allocated from the treasury stock held by the Company.
(Note 3) Toda BP did not issue any stock acquisition rights or bonds with stock acquisition rights in connection with the
Share Exchange.

②

Calculation method of the Share Exchange ratio
As the Company's common stock is listed on the Tokyo Stock Exchange Prime Market, the market price method
was used to calculate the value of the Company's shares.

November 30, 2022 was set as the calculation base date

for the market price method, and the closing price of the Company's common stock on the Tokyo Stock Exchange
Prime Market on the base date, the simple average closing price for the one-month period prior to the base date, thesimple average closing price for the three-month period prior to the base date, and the simple average closing price23

for the six-month period prior to the base date were used.
The results of each calculation were as follows.
Closing market price on the base date

¥732

Simple average of closing price for the last 1 month¥708

Simple average of closing price for the last 3 months¥730

Simple average of closing price for the last 6 months¥716

With respect to the value of Toda BP’s shares, in order to ensure fairness and appropriateness when considering theshare exchange ratio to be used in the Share Exchange, YAMADA Consulting Group Co., Ltd. was appointed as athird-party appraiser independent of the Company and Toda BP.
YAMADA Consulting Group Co., Ltd. did not adopt the market price method or the comparable listed company
method for the valuation of the common stock of Toda BP as it is unlisted and there were no comparable listedcompanies available.

Instead as the source of the stock's value was its ability to earn future earnings, the discounted

cash flow method (hereinafter referred to as the “DCF method”) was used to reflect the ability to earn earnings basedon future business activities in the valuation, rather than the adjusted book value net asset method.
The results of YAMADA Consulting Group’s calculation of Toda BP’s equity value per share based on the DCF
method are as follows.
Calculation result(yen/ share)
DCF method

431,136 – 539,909

The valuation range of the share exchange ratio, assuming that the value per share of common stock of the Company
was 1 based on the above calculation method, was as follows.
Calculation method adopted③

Calculation results of share exchange ratio

The Company

Toda BP

Market price method

DCF method

608.95– 737.58

Number of shares delivered
908,915 shares

4.

Matters related to changes in the Company's interest in transactions with noncontrolling shareholder(1)

Main reasons for changes in capital surplus
Acquisition of additional shares of a subsidiary(2)

Amount of capital surplus decreased due to transactions with noncontrolling shareholder¥87 million yen

Toda Road Co., Ltd. becomes a wholly owned subsidiary through a share exchange
At the Board of Directors' meeting held on December 27, 2022, the Company resolved to implement a share exchange in which
the Company becomes the wholly owning parent company and Toda Road Co. Ltd. (Head office: 2-13-6 Nihonbashi-Kakigaracho,
Chuo-ku, Tokyo; Representative Director: Koichi Kubota; hereinafter referred to as “Toda Road”), the Company’s consolidated
subsidiary, as its wholly owned subsidiary through a share exchange (hereinafter referred to as the “Share Exchange”), and concluded
a share exchange agreement with Toda Road on the same date.
The Share Exchange was implemented through a simplified share exchange procedure pursuant to Article 796, Paragraph 2 of
the Companies Act for the Company, without obtaining an approval of the general meeting of shareholders of the Company, and for
Toda Road, the implementation of the share exchange agreement was approved by a resolution at an extraordinary general meetingof shareholders of Toda Road held on January 19, 2023, and effected on February 28, 2023.

24

1. Outline of the transaction(1) Name and the business of the company involved in the combination
Name of the combined company: Toda Road Co., Ltd.
Description of business: Road paving and road construction business(2) Date of the Business Combination
February 28, 2023 (effective date of the Share Exchange)(3) Legal form of the Business Combination
Acquisition of shares through share exchange with non-controlling shareholder(4) Company names after the Business Combination
Unchanged.
(5) Other matters relating to outline of the transaction
The Company decided to make Toda Road a wholly owned subsidiary in order to strengthen the unity of the Groupand further enhance the Group's flexible management.
2. Outline of accounting procedures implemented
In accordance with the “Accounting Standard for Business Combinations” and the “Guidance on Accounting Standard forBusiness Combinations and Accounting Standard for Business Divestitures, etc.”, the transaction was accounted for as atransaction with a noncontrolling shareholder among transactions under common control.
3.

Matters listed in the case of additional acquisition of shares of a subsidiary(1) Breakdown of acquisition cost by type of consideration
Consideration for acquisition - Market price of the Company’s common stock on the effective¥559 million yen

date of the Share Exchange (February 28, 2023)
Acquisition cost¥559 million yen(2) Exchange ratio by type of shares, calculation method and number of shares delivered① Exchange ratio by type of shares
The Company

Toda Road(Wholly owning parent(Wholly owned subsidiarycompany in share exchange)

company in share exchange)1

220.61Company name

Allotment ratio for the Share Exchange(Share exchange ratio)(Note 1)

(Note 1) Rounded to two decimal places.
(Note 2) Shares of common stock of the Company were allotted and delivered for each share of common stock of Toda
Road at the abovementioned allotment ratio. However, no shares were allocated for the 20,430 shares of Toda Road
common stock held by the Company as of the effective date of the Share Exchange (February 28, 2023).

The Company

did not issue any new shares because all the shares delivered were allocated from the treasury stock held by the Company.
(Note 3) Toda Road did not issue any stock acquisition rights or bonds with stock acquisition rights in connection with
the Share Exchange.
②

Calculation method of the Share Exchange ratio
As the Company's common stock is listed on the Tokyo Stock Exchange Prime Market, the market price method
was used to calculate the value of the Company's shares.

November 30, 2022 was set as the calculation base date

for the market price method, and the closing price of the Company's common stock on the Tokyo Stock Exchange
Prime Market on the base date, the simple average closing price for the one-month period prior to the base date, thesimple average closing price for the three-month period prior to the base date, and the simple average closing pricefor the six-month period prior to the base date were used.
The results of each calculation were as follows.

25

Closing market price on the base date

¥732

Simple average of closing price for the last 1 month¥708

Simple average of closing price for the last 3 months¥730

Simple average of closing price for the last 6 months¥716

With respect to the value of Toda Road’s shares, in order to ensure fairness and appropriateness when considering
the share exchange ratio to be used in the Share Exchange, YAMADA Consulting Group Co., Ltd. was appointed asa third-party appraiser independent of the Company and Toda Road.
YAMADA Consulting Group Co., Ltd. did not adopt the market price method or the comparable listed company
method for the valuation of the common stock of Toda Road as it is unlisted and there were no comparable listedcompanies available.

Instead as the source of the stock's value was its ability to earn future earnings, the discounted

cash flow method (hereinafter referred to as the “DCF method”) was used to reflect the ability to earn earnings basedon future business activities in the valuation, rather than the adjusted book value net asset method.
The results of YAMADA Consulting Group’s calculation of Toda Road’s equity value per share based on the DCF
method are as follows.
Calculation result(yen/ share)
DCF method

147,625 – 170,333

The valuation range of the share exchange ratio, assuming that the value per share of common stock of the Company
was 1 based on the above calculation method, was as follows.
Calculation method adopted③

Calculation results of share exchange ratio

The Company

Toda Road

Market price method

DCF method208.51 - 232.70

Number of shares delivered
787,578 shares

4. Matters related to changes in the Company's interest in transactions with noncontrolling shareholder(1) Main reasons for changes in capital surplus
Acquisition of additional shares of a subsidiary(2) Amount of capital surplus increased due to transactions with noncontrolling shareholder¥44 million yen

Segment Information
Segments information:
1.

Overview of reporting segments
The Group's reporting segments are components of the Company and its group companies for which separate financial
information is available and that are subject to periodic review by the Board of Directors to determine the allocation ofmanagement resources and evaluate their performance.
The Group has the Building Construction Business Group, Civil Engineering Business Group, and Strategic Business
Promotion Group; and Building Construction Business Group and Civil Engineering Business Group are responsible fordeveloping comprehensive strategies for the construction business and civil engineering business, including overseas business,
respectively.
Strategic Business Promotion Group is responsible for comprehensive strategic planning and business activities related tothe domestic investment and development business, domestic group companies business, overseas investment and development

26

business, and the environment and energy business.
Effective from the current consolidated fiscal year, the Group changed its reporting segments from the previous fivesegments of “Architectural Construction”, “Civil Engineering”, “Investment and Development”, “Domestic Group
Companies”, and “New Business” to six segments of “Architectural Construction”, “Civil Engineering”, “Domestic Investment
and Development”, “Domestic Group Companies”, “Overseas Investment and Development”, and “Environment and Energy”.
The changes were made to align the classification of reportable segments with the classification of business performance targets
in the “Medium-Term Management Plan 2024 Rolling Plan” and the classification of business reports in the monthly reportmaterials of the Board of Directors.
The segment information for the previous consolidated fiscal year is presented based on the new segmentation.
An overview of each reporting segment is as follows:
Architectural Construction

Contracting of building construction work and related business conductedby the Group.

Civil Engineering

Contracting of civil engineering work and related business conducted by theCompany.

Domestic Investment and Development

Businesses related to the Company's independent development, purchaseand sale, and leasing of real estate in Japan.

Domestic Group Companies

Business conducted by domestic consolidated subsidiaries includingarchitectural construction business, civil engineering business, real estatebusiness mainly for building management, hotel business, temporary
staffing service business mainly within the Group companies, and financeand leasing business.

Overseas Investment and Development

Businesses related to the independent development, sale and purchase, andleasing of real estate overseas conducted by overseas consolidated
subsidiaries, and construction business conducted by an overseas
consolidated subsidiary in the Republic of Indonesia.

Environment and Energy

Businesses related to power generation and sales of electricity conducted by
the Group.

2.

Calculations of net sales, income or loss, assets, liabilities and other items by reporting segments
The accounting method for the reporting business segments is generally the same as that described in “Basis of presenting
consolidated financial statements”, and the income of the reporting segments is based on operating income.

Intersegment

revenues and transfers are based on prevailing market prices. The segment assets are not disclosed because they are notallocated to each business segment.

27

3.

Information on sales, income or loss, assets, liabilities and other items by reporting segment
Previous fiscal year (April 1, 2021 through March 31, 2022)(Millions of yen)

Reporting Segment

Net sales
Sales to external
Customers
Intersegment
sales andtransfers
Total
Segment incomeor (loss)
Miscellaneous
Depreciation
andAmortization

Amountrecorded inconsolidated
financialstatements(Note 2)

DomesticGroup
Companies

Overseas
Investment
andDevelopment

Environment
and Energy

Total

Adjustment(Note 1)

20,68338,726

2,283

687

501,509－

501,509

1,996
147,956

810
21,494

6,480
45,2072,283

687

20,744522,254(20,744)(20,744)－
501,509

7,823

11,912

4,057

1,913

705

(897)

25,513(1,128)24,385

1,767

476

1,334

240

460

486

4,765

－

4,765

Architectural
Construction

Civil
Engineering

293,168

145,959

11,456
304,624

Domestic
Investment andDevelopment

Note 1. "Segment income or (loss)" adjustment of (¥1,128) million refers to elimination of intersegment transactions.
Note 2. “Segment income or (loss)" is adjusted for operating income in the consolidated financial statements.
Fiscal year under review (April 1, 2022 through March 31, 2023)(Millions of yen)

Reporting Segment

Amountrecorded inconsolidated
financialstatements(Note 2)

Architectural
Construction

Civil
Engineering

Domestic
Investment
andDevelopment

DomesticGroup
Companies

Overseas
Investment
andDevelopment

Environment
and Energy

332,875

125,103

18,73142,49826,404

1,541

547,155－

547,155

10,989343,865

16,507
141,611770
19,502

9,880
52,37826,404

1,541

38,148585,304(38,148)(38,148)－547,155(2,043)

11,789

3,257

1,971

1,740

124

16,839(2,704)

14,135

2,260

712

1,541

263

839

679

6,296

－

6,296

Net sales
Sales toexternalcustomers
Intersegment
sales andtransfers
Total
Segment
income or(loss)
Miscellaneous
Depreciation
andAmortization

Total

Adjustment(Note 1)

Note 1. "Segment income or (loss)" adjustment of (¥2,704) million refers to elimination of intersegment transactions.
Note 2. “Segment income or (loss)" is adjusted for operating income in the consolidated financial statements.

【Related information】

Previous fiscal year (April 1, 2021 through March 31, 2022)
1. Information by product and service
This information is not provided because the same information is disclosed in the segment information.

2. Information by region(1)

Net sales

This information is not provided because sales to external customers in Japan accounts for more than 90% of the net sales in
the consolidated statements of income.
(2)

Tangible fixed assets

28This information is not provided because the amount of tangible fixed assets located in Japan exceeds 90% of the amount oftangible fixed assets on the consolidated balance sheets.

3. Information by major customer
This information is not provided because there is no customer that accounts for 10% or more of the net sales in the
consolidated statements of income.

Fiscal year under review (April 1, 2022 through March 31, 2023)
1. Information by product and service
This information is not provided because the same information is disclosed in the segment information.

2. Information by region(1)

Net sales

This information is not provided because sales to external customers in Japan accounts for more than 90% of the net sales in
the consolidated statements of income.
(2)

Tangible fixed assets(Millions of yen)

Japan

USA

BrazilSouth East Asia

OthersTotal

160,633

9,334

3,824

4,881

1

178,675

3. Information by major customer
This information is not provided because there is no customer that accounts for 10% or more of the net sales in the
consolidated statements of income.

【Information on impairment loss on fixed assets by reporting segment】

Previous fiscal year (April 1, 2021 through March 31, 2022)
Reporting Segment
Architectural
Construction

Impairment
loss

－-

(Millions of yen)

Civil
Engineering

Domestic
Investment andDevelopment

DomesticGroup
Companies

Overseas
Investment
andDevelopment

Environment
and Energy

－

140

0

-

312

Corporate/
Elimination

Total

39

492

(Note) The amount of “Corporate/Elimination” is the impairment loss related to corporate assets that does not belong to any
segment.

Fiscal year under review (April 1, 2022 through March 31, 2023)
Reporting Segment
Architectural
Construction

Impairment
loss

46

(Millions of yen)

Civil
Engineering

Domestic
Investment andDevelopment

DomesticGroup
Companies

Overseas
Investment
andDevelopment

Environment
and Energy

－

－

－

-

10,298

Corporate/
Elimination

－

Total

10,345(Note) The amount of "Corporate/Elimination" is the impairment loss related to corporate assets that does not belong to any
segment.

29

【Information on amortization of goodwill and unamortized balance by reporting segment】

Previous fiscal year (April 1, 2021 through March 31, 2022)
Reporting Segment
Architectural

Civil

Construction

Engineering

Amortization
for the fiscal
year
Balance at endof fiscal year

(Millions of yen)Overseas

Domestic

Domestic

Investment andGroup

Development

Companies

Investment

Environment

andand Energy

Corporate/
Elimination

Total

Development

-

-

69

9

-

25

-

104

-

-

381

182

-

137

-

701

(Note) During the previous consolidated fiscal year, the Company acquired shares of Showa Construction and made ita consolidated company for the purpose of further business growth of the domestic group companies businesses. As a result,goodwill of ¥191 million was recorded in the “Domestic Group Companies” segment.
Fiscal year under review (April 1, 2022 through March 31, 2023)
Reporting Segment
Architectural

Civil

Construction

Engineering

Amortization
for the fiscal
year
Balance at endof fiscal year

(Millions of yen)Domestic

Domestic

Investment andGroup

Development

Companies

Overseas
Investment

Environment

andand Energy

Corporate/
Elimination

Total

Development

-

-

69

70

168

32

-

340

-

-

311

111

813

138

-

1,375

(Note) During the consolidated fiscal year under review, the Company acquired additional shares of PT Tatamulia Nusantara Indahand made it a consolidated subsidiary with the aim of establishing a market position in growing country by strengthening
relationships with local capital. As a result, goodwill of ¥1,112 million was recorded in the “Overseas Investment andDevelopment” segment.

【Information on gain from negative goodwill by reporting segment】

Previous fiscal year (April 1, 2021 through March 31, 2022)
Not applicable.

Fiscal year under review (April 1, 2022 through March 31, 2023)
Not applicable.

Per Share Information
Year ended

Year ended

March 31, 2022

March 31, 2023

(April 1, 2021 through(April 1, 2022 throughMarch 31, 2022)

March 31, 2023)

Net assets per share¥1,027.12¥1,023.64

Net income per share¥60.43¥35.64Note 1. Diluted net income per share is not shown as there are no latent shares.
Note 2. The basis for calculating net income per share is as follows:30

Year ended

Year ended

March 31, 2022

March 31, 2023

(April 1, 2021 through(April 1, 2022 throughMarch 31, 2022)

March 31, 2023)

Net income per share
Net income attributable to owners of the parent

18,56010,995－－

18,56010,995

307,139,020

308,484,939(millions of yen)Amount not attributable to common shareholders(millions of yen)
Net income attributable to shareholders of the parent
company related to common stock (millions of yen)
Average number of shares of common stockduring the period (shares)

The Company's shares held in the BIP Trust for Directors' remuneration and the ESOP Trust for granting shares are included in thetreasury stock, which are deducted when calculating the average number of shares outstanding during the fiscal year.

(765,608

shares for the previous consolidated fiscal year and 1,751,054 shares for the consolidated fiscal year under review).

Note 3. The basis for calculation of net assets per share is as follows:Year ended

Year ended

March 31, 2022

March 31, 2023

(April 1, 2021 through(April 1, 2022 throughMarch 31, 2022)

March 31, 2023)

Total net assets (millions of yen)

319,042

323,261

Amount deducted from total net assets (millions of yen)

2,467

6,007

(of which noncontrolling interest) (millions of yen)

(2,467)(6,007)

316,574

317,254308,216,447

309,926,300

Net assets related to common stock at the end of the period(millions of yen)
Number of shares of common stock used in the calculation of
net assets per share (shares)

The Company's shares held in the BIP Trust for Directors' remuneration and the ESOP Trust for granting shares are included in thetreasury stock, which are deducted from the total number of shares issued and outstanding at the end of the fiscal year.
shares for the previous consolidated fiscal year and 2,620,527 shares for the consolidated fiscal year under review).

Significant Subsequent Events
Not applicable.

31(737,150

4. Non-consolidated Financial Statements(1) Non-consolidated Balance Sheets(Millions of yen)Previous fiscal year
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes receivable-trade
Electronically recorded monetary claims –operatingAccounts receivable from completed
construction contracts
Short-term investment securities

Fiscal year under review
As of March 31, 2023

107,668930

62,310
118

2,578

1,030

190,784

252,077

10,000Real estate for sale
Costs on uncompleted construction contracts
Costs on real estate business
Raw materials and supplies
Accounts receivable-other
Advanced paid
Other
Allowance for doubtful accounts

5,250
8,629
4,044
685
1,373
17,945
3,656(1,154)－
8,295
13,457
1,525
861
1,878
17,6902,284(1,508)

Total current assets

352,390360,022

Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation

55,522(18,555)

60,011(18,163)

Buildings, net

36,967

41,847

2,295(1,213)

2,442
(957)

1,082

1,485

7,065
(4,855)

7,234(5,438)

2,209

1,795

73
(68)

89
(73)

5

16

2,077
(1,635)2,071(1,733)Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
VehiclesAccumulated depreciation
Vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Lease assets
Accumulated depreciation
Lease assets, net

441

337

77,168120(82)

76,030
146
(44)

38

101

Construction in progress

15,092

19,359Total property, plant and equipment

133,005

140,974

5,123
2,448
381
2,879

5,123
4,309
311
387

10,833

10,132Intangible assets
Leasehold right
Software
Goodwill
Other
Total intangible assets

32

(Millions of yen)Previous fiscal year
As of March 31, 2022
Investments and other assets
Investment securities
Stocks of subsidiaries and affiliates
Investments in other securities ofsubsidiaries and affiliates
Investments in capital
Long-term loans receivable
Long-term loans receivable from
employees
Long-term loans receivable fromsubsidiaries and affiliates
Long-term prepaid expenses
Long-term non-operating accounts
receivable
Prepaid pension cost
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets
Liabilities
Current liabilities
Notes payable-trade
Electronically recorded obligations operating
Accounts payable for construction contracts
Short-term loans payable
Commercial paper
Current portion of bonds payable
Lease obligations
Accounts payable-other
Income taxes payable
Advances received on uncompleted
construction contracts
Deposits received
Provision for bonuses
Provision for warranties for completed
construction
Provision for loss on construction contracts
Deposits received from employees
Other
Total current liabilities

33

Fiscal year under review
As of March 31, 2023

178,983
28,643

175,786
39,583

1,566

1,228

3
103

3
103

5

1

1,661

11,742

259

159

3

3

2,012
3,114
(91)

2,138
2,953
(143)

216,264

233,561

360,103384,667

712,493744,689

2,156

2,016

31,982

24,55957,39255,471
20,00015,000
14
3,116
5,767

68,79677,001

26,77427,55537,706
5,586

35,714
4,587

3,782

3,128

2,580
11,3404,413

9,195
11,605
1,263

283,083

279,412

－
5,000
19
3,440
5,528

(Millions of yen)Previous fiscal year
As of March 31, 2022
Noncurrent liabilities
Bonds payable
Long-term loans payable
Lease obligations
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits
Provision for directors’ retirement benefits
Provision for stock payments for directors
Provision for loss on business of subsidiaries
and affiliates
Asset retirement obligations
Other

Fiscal year under review
As of March 31, 2023

45,00036,52828
22,2796,124
20,353128
240

50,00072,48691
18,126
6,069
20,665

1,608

1,706

411
3,211

446
3,936

135,915

173,995

418,998

453,408

23,001

23,001

Legal capital surplus
Other capital surplus

25,573
198

25,573574

Total capital surplus

25,771

26,147

5,750

5,750

50,000101,774
18,78050,000109,774
8,250

176,305

173,775

Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus

Retained earnings
Legal retained earnings
Other retained earnings
Reserve for construction
General reserve
Retained earnings brought forward
Total retained earnings－
465

Treasury stock(8,462)(7,625)

Total shareholders’ equity

216,617215,299

73,41972,782

385
3,073

111
3,087

76,87875,981

293,495

291,281

712,493744,689

Valuation and conversion adjustments
Valuation difference on available-for-salesecurities
Deferred gains on hedges
Revaluation reserve for land
Total valuation and conversion adjustments
Total net assets
Total liabilities and net assets

34

(2) Non-consolidated Statements of Income
Year ended March 31, 2022
(April 1, 2021 throughMarch 31, 2022)
Net sales
Net sales of construction contracts
Net sales of investment development businessand other
Total 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(Millions of yen)
Year ended March 31, 2023
(April 1, 2022 throughMarch 31, 2023)

430,983

446,563

20,786

18,888451,770

465,451

380,879

405,903

14,95813,267395,837

419,170

50,10340,659

5,828

5,621

55,932

46,280

480
36

302
233

11,440
4,141
108
913
1,757
706
191
1,577
912
88
2,278
297
(178)
608
194
2,047
1,760
69
1,543

11,923
3,269

36
2,380

41
2,117

33,39236,75522,5409,524

Selling, general and administrative expenses
Directors’ compensations
Provision for share allocation to directors
Employees’ salaries and allowances
Provision for bonuses
Provision for directors’ retirement benefits
Retirement benefit expenses
Legal welfare expenses
Welfare expenses
Repair and maintenance
Stationery expenses
Correspondence and transportation expenses
Power utilities expenses
Research study expenses
Advertising expenses
Provision of allowance for doubtful accounts
Entertainment expenses
Contribution
Rents
Depreciation
Amortization of goodwill
Taxes and dues
Insurance expenses
Miscellaneous expenses
Total selling, general and administrative
expenses
Operating income

35

－
996
1,888
706
197
1,864
1,111
103
3,495
302
360
954
108
2,071
2,178
69
2,459

Year ended March 31, 2022
(April 1, 2021 throughMarch 31, 2022)
Non-operating income
Interest income
Interest on securities
Dividend income
Dividend income of insurance
Foreign exchange gain
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Interest on bonds
Commission fee
Miscellaneous expenses
Total non-operating expenses
Ordinary income(Millions of yen)
Year ended March 31, 2023
(April 1, 2022 throughMarch 31, 2023)

39
0
3,724
276
-

62
0
4,459
238
498

506

508

4,547

5,767

583
195
210
101

730
229
637
104

1,091

1,702

25,995

13,589

0
3,008

0
8,058

280

438

3,290

8,497

1,542
492
0

419
9,868
284

1,189

345

1,181

135

Extraordinary income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Other
Total extraordinary income
Extraordinary loss
Loss on abandonment of noncurrent assets
Impairment loss
Loss on valuation of investment securities
Loss on valuation of stocks of subsidiaries andaffiliates
Provision for loss on business of subsidiaries andaffiliates
Other

344

199

4,750

11,25324,535

10,833

7,966
353

8,089
(3,878)

Total income taxes

8,320

4,210

Profit for the year

16,215

6,623

Total extraordinary losses
Profit before income taxes and non-controllinginterests
Income taxes-current
Income taxes-deferred36

(3) Non-consolidated Statements of Changes in Net Assets
Year ended March 31, 2022 (April 1, 2021 through March 31, 2022)(Millions of yen)
Shareholders’ equity
Capital surplus

Retained earnings
Other retained earnings
Total
Legal
Retained retained
retained Reserve for General earnings earnings
earnings construction reserve brought
forwardCapital
stock

Legal
capitalsurplus

OthercapitalsurplusTotal
capitalsurplus

23,001

25,573－25,5735,750

50,000

Provision of generalreserve

－

－

－

－

－

－

Dividends from surplus

－

－

－

－

－

－

Profit for the year

－

－

－

－

－

Disposal of treasury stock

－

－

－

－

－

－

－

－

－

－

Balance at beginning of
period91,774

21,187 168,712

Changes during period

Purchase of treasury
stock
Increase by shareexchanges
Reversal of revaluation
reserve for land
Net changes of items
other than shareholders’equityTotal changes of items
during the period
Balance at end of period

10,000 (10,000)－－(9,223)(9,223)－－

16,215

16,215

－

－

－

－

－

－

－

－

－

－

－

198

198

－

－

－

－

－

－

－

－

－

－

－

600

600

－

－

－

－

－

－

－

－

－

－

－

198

198

－

－

10,000(2,406)

7,593

23,001

25,573

198

25,771

5,750

50,000101,774

18,780 176,305

Shareholders’ equity

Valuation and conversion adjustments

Valuation
Total
difference on
Treasuryshareholders’available-forstock
equitysale securities
Balance at beginning of
periodDeferred
gains orlosses onhedges

Revaluation
reserve forland

Total valuationand conversion
adjustments

Total net
assets(9,388)207,899

79,430108

3,674

83,213291,112

Provision of generalreserve

－

－

－

－

－

－

－

Dividends from surplus－(9,223)

－

－

－

－

(9,223)

Profit for the year－

16,215－－－－

16,215

Disposal of treasury stock

32

32

－

－

－

－

32

(1)

(1)

－

－

－

－

(1)

894

1,093

－

－

－

－

1,093

－

600

－

－

－

－

600

－

－

(6,011)

277

(600)

(6,334)(6,334)

925

8,717

(6,011)

277

(600)

(6,334)2,383(8,462)

216,617

73,419385

3,073

76,878

293,495

Changes during period

Purchase of treasury
stock
Increase by shareexchanges
Reversal of revaluation
reserve for land
Net changes of items
other than shareholders’equityTotal changes of items
during the period
Balance at end of period

37Year ended March 31, 2023 (April 1, 2022 through March 31, 2023)(Millions of yen)
Shareholders’ equity
Capital surplus

Retained earnings
Other retained earnings
Total
Legal
Retained retained
retained Reserve for General earnings earnings
earnings construction reserve brought
forwardCapital
stock

Legal
capitalsurplus

OthercapitalsurplusTotal
capitalsurplus

23,001

25,573

198

25,771

5,750

Provision of generalreserve

－

－

－

－

－

－

8,000

(8,000)－

Dividends from surplus

－

－

－

－

－

－

－

(9,139)(9,139)Profit for the year

－

－

－

－

－

－

－

6,623

6,623

Disposal of treasury stock

－

－

172

172

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

203

203

－

－

－

－

－

－

－

－

－

－

－

－

(14)

(14)

－

－

－

－

－

－

－

－

－

－

－

375

375

－

－

8,000

(10,530) (2,530)

23,001

25,573574

26,1475,750

50,000 109,774

8,250 173,775

Balance at beginning of
period50,000 101,774

18,780 176,305

Changes during period

Purchase of treasury
stock
Increase by shareexchanges
Reversal of revaluation
reserve for land
Net changes of items
other than shareholders’equityTotal changes of items
during the period
Balance at end of period

Shareholders’ equity

Valuation and conversion adjustments

Valuation
Total
difference on
Treasuryshareholders’available-forstock
equitysale securities
Balance at beginning of
periodDeferred
gains orlosses onhedges

Revaluation
reserve forland

Total valuationand conversion
adjustments

Total net
assets(8,462)

216,617

73,419385

3,073

76,878

293,495

Provision of generalreserve

－

－

－

－

－

－

－

Dividends from surplus－(9,139)

－

－

－

－

(9,139)Changes during period

Profit for the year
Disposal of treasury stock
Purchase of treasury
stock
Increase by shareexchanges
Reversal of revaluation
reserve for land
Net changes of items
other than shareholders’equityTotal changes of items
during the period
Balance at end of period

－

6,623

－

－

－

－

6,623

1,128

1,301

－

－

－

－

1,301

(1,293)(1,293)

－

－

－

－

(1,293)

1,001

1,204

－

－

－

－

1,204

－

(14)

－

－

－

－

(14)

－

－

(636)

(273)

14

(896)

(896)

837

(1,317)

(636)

(273)

14

(896)

(2,214)(7,625)215,299

72,782111

3,087

75,981

291,28138

5. Miscellaneous(1) Summary of Consolidated Results and Forecasts(Millions of yen)
Full YearNet sales

FY2021

FY2022

FY2022

YoY (b)-(a)FY2023

YoY (c) - (b)Actual (a)Forecast

Actual (b)Difference

Rate ofchange (%)

Forecast (c)Difference

Rate ofchange (%)

501,509

540,000

547,155

45,6459.1

540,000(7,155)(1.3)

Construction business

439,128455,000

457,979

18,8504.3

430,000(27,979)(6.1)

Architectural construction

293,168

325,000

332,875

39,70613.5

300,000(32,875)(9.9)

Civil engineering

145,959

130,000

125,103(20,855)(14.3)

130,000

4,896

3.9

Domestic investment anddevelopment

20,68318,50018,731(1,951)(9.4)

20,000

1,268

6.8

Domestic group companies

38,72643,50042,4983,771

9.7

46,0003,501

8.2

Overseas investment anddevelopment

2,283

21,50026,404

24,120-42,00015,595

59.1

Environment and energy

687

1,500

1,541

854

124.2

2,000

458

29.7

Gross profit

62,67757,80057,323(5,354)(8.5)

66,000

8,676

15.1

12.5 %

10.7 %

10.5 %

SG&A expenses

38,29245,20043,188

4,895

12.8

50,000

6,811

15.8

Operating income

24,385

12,60014,135(10,250)(42.0)

16,000

1,864

13.2

Non-operating income

3,726

4,100

4,904

1,177

31.6

3,500

(1,404)(28.6)

Ordinary income

28,111

16,70019,039(9,072)(32.3)

19,500460

2.4Extraordinary income

118

5,900

(1,141)(1,259)-10,00011,141-

Profit before income taxes

28,23022,60017,897(10,332)(36.6)

29,50011,60264.8

Income taxes

9,761

7,700

6,690

(3,071)(31.5)

10,000

3,309

49.5

Profit18,46814,900

11,207(7,261)(39.3)

19,500

8,292

74.0

Profit attributable to non-controllinginterests

(92)

200

211

-

-

-

(211)

-

Profit for the year attributable toowners of the parent

18,56014,70010,995(7,565)(40.8)

19,500

8,504

77.3

Profit margin12.2 %

Note: Net sales are based in business segments and intercompany sales are eliminated.

39

(2) Summary of Non-consolidated Results and Forecasts(Millions of yen)
Full year
FY2021
Actual (a)FY2022
Forecast

FY2022

YoY (b)-(a)Actual (b)Difference

FY2023

YoY (c)-(b)Rate of
Forecast (c)change (%)

Difference

Rate ofchange (%)

Orders received

473,082

471,500

445,591(27,491)(5.8)

480,000

34,408

7.7

Construction Business

452,296453,000

426,702(25,593)(5.7)

460,000

33,297

7.8

Domestic Architectural
Construction

320,893

332,000

286,144(34,748)(10.8)

339,000

52,855

18.5

Domestic Civil Engineering

128,618

119,500

141,662

13,04410.1

119,000(22,662)(16.0)

Overseas

2,784

1,500

(1,104)(3,889)

-

2,000

3,104

-

20,786

18,50018,888(1,898)(9.1)

20,0001,111

5.9

451,770

463,500

465,451

13,6813.0

440,000(25,451)(5.5)

Construction Business

430,983445,000

446,563

15,5793.6

420,000(26,563)(5.9)

Domestic Architectural
Construction

282,412

312,500

318,574

36,161

12.8

289,000(29,574)(9.3)

Domestic Civil Engineering

144,821

129,700

126,035(18,785)(13.0)

129,700

3,664

2.9

Overseas

3,749

2,800

1,953

(1,795)(47.9)

1,300

△653

(33.5)

20,786

18,50018,888(1,898)(9.1)

20,0001,111

5.9(9,651)(17.3)

53,500

7,219

15.6

6,340

15.6

5,831

29.0

(56)

(0.3)

565

-

878

15.6

Investment and Development
Business and Others
Net sales

Investment and Development
Business and Others
Gross profit
Profit margin
Construction Business
Domestic Architectural
Construction
Domestic Civil Engineering

Overseas
Investment and Development
Business and Others

55,93247,60046,28012.4 %

10.3 %

9.9 %50,10342,80040,65911.6 %

9.6 %

9.1 %

30,01321,80020,11810.6 %

7.0 %

6.3 %

19,06320,80021,02613.2 %

16.0 %

16.7 %

1,026

200

(485)

27.4 %

7.1 %(24.9%)

12.2 %(9,444)(18.9)(9,895)(33.0)

47,00011.2 %
25,950
9.0 %

1,963

10.3

(1,512)-

20,97016.2 %
80
6.2 %

5,828

4,800

5,621

28.0 %

25.9 %

29.8 %

SG&A expenses

33,39238,30036,755

3,363

10.1

41,000

4,244

11.5

Operating income

22,540

9,300

9,524

(13,015)(57.7)

12,500

2,975

31.2

Non-operating income

3,455

3,700

4,064

609

17.6

3,500

(564)

(13.9)

Ordinary income

25,99513,00013,589(12,406)(47.7)

16,000

2,410

17.7

Extraordinary income(1,460)5,000(2,755)(1,295)-

10,00012,755-

Profit before income taxes

24,53518,00010,833(13,701)(55.8)

26,00015,166140.0

Income taxes

8,320

5,700

4,210

(4,109)(49.4)

7,800

3,589

85.3

Profit16,21512,3006,623(9,591)(59.2)

18,20011,576

174.8

Dividend per share (yen)

26.0

27.0

27.0

1.0

3.8

28.0

1.0

3.7

40

(207)

(3.6)

6,500
32.5 %

(3) Orders Received, Net Sales and Balance Brought Forward (Non-Consolidated)
1)

Orders Received

Businesssegment/Classification
I Construction Business(a) Architectural
Construction
Domestic public sector
Domestic private sector
Overseas
Subtotal(b) Civil Engineering
Domestic public sector
Domestic private sector
Overseas
Subtotal(c) Total (a)+(b)Domestic public sector
Domestic private sector
Overseas
Subtotal
II Domestic Investment andDevelopment Business
III Environment and Energy
Business
IV Total (I + II + III)(Millions of yen)
FY2021(As of March 31, 2022)

FY2022(As of March 31, 2023)

AmountAmountRatio (%)

ChangeRatio (%)

Difference

Rate of change(%)

45,528275,364
1,935
322,828

9.6
58.2
0.4
68.2

40,608245,535
222
286,367

9.1
55.1
0.0
64.3

(4,920)(29,828)(1,712)(36,461)(10.8)(10.8)(88.5)(11.3)

89,52139,096849
129,467

18.9
8.3
0.2
27.4

110,237
31,425(1,327)140,335

24.7
7.1
(0.3)
31.5

20,716(7,671)(2,176)
10,867

23.1(19.6)
8.4

135,050
314,460
2,784
452,296

28.5
66.5
0.6
95.6

150,846
276,960(1,104)
426,702

33.9
62.2
(0.2)
95.8

15,796(37,499)(3,889)(25,593)

11.7(11.9)(5.7)

20,724

4.4

18,771

4.2(1,952)

(9.4)

62

0.0

116

0.0

54

88.0

473,082100.0

445,591

100.0(27,491)(5.8)2) Net Sales
Businesssegment/Classification
I Construction Business(a) Architectural
Construction
Domestic public sector
Domestic private sector
Overseas
Subtotal(b) Civil Engineering
Domestic public sector
Domestic private sector
Overseas
Subtotal(c) Total (a)+(b)Domestic public sector
Domestic private sector
Overseas
Subtotal
II Domestic Investment andDevelopment Business
III Environment and Energy
Business
IV Total (I + II + III)(Millions of yen)
FY2021(As of March 31, 2022)

FY2022(As of March 31, 2023)

AmountAmountRatio (%)

ChangeRatio (%)

Difference

Rate of change(%)

38,510243,902
1,755
284,168

8.5
54.0
0.4
62.9

60,659257,914
2,065
320,639

13.0
55.4
0.4
68.9

22,14814,012310
36,471

57.5
5.7
17.7
12.8

83,92260,898
1,993
146,815

18.6
13.5
0.4
32.5

84,80741,228(112)
125,923

18.2
8.9
(0.0)
27.1

885
(19,670)(2,106)(20,891)1.1(32.3)(14.2)

122,433
304,800
3,749
430,983

27.1
67.5
0.8
95.4

145,466
299,1421,953
446,563

31.3
64.3
0.4
95.9

23,033(5,658)(1,795)
15,57918.8(1.9)(47.9)
3.6

20,724

4.6

18,771

4.0(1,944)

(9.4)

62

0.0

116

0.0

46

65.7

451,770

100.0

465,451

100.0

13,681

3.0

413) Balance Brought Forward
Businesssegment/Classification
I Construction Business(a) Architectural
Construction
Domestic public sector
Domestic private sector
Overseas
Subtotal(b) Civil Engineering
Domestic public sector
Domestic private sector
Overseas
Subtotal(c) Total (a)+(b)Domestic public sector
Domestic private sector
Overseas
Subtotal
II Domestic Investment andDevelopment Business
III Environment and Energy
Business
IV Total (I + II + III)(Millions of yen)
FY2021(As of March 31, 2022)

FY2022(As of March 31, 2023)

AmountAmountRatio (%)

ChangeRatio (%)

Difference

Rate of change(%)

100,758
370,5112,392
473,662

13.6
50.2
0.3
64.1

80,707358,132
549
439,390

11.2
49.8
0.1
61.1

(20,051)(12,378)(1,843)(34,272)(19.9)(3.3)(77.0)(7.2)

176,854
86,7901,215
264,859

23.9
11.8
0.2
35.9

203,405
75,866279,272

28.3
10.6
－
38.9

26,551(10,924)(1,215)
14,41215.0(12.6)－
5.4

277,613457,301
3,607
738,522

37.6
61.9
0.5
100.0

284,113433,998549
718,662

39.5
60.4
0.1
100.0

6,500
(23,302)(3,058)(19,860)

2.3(5.1)(84.8)
(2.7)

-

-

-

-

-

-

-

-

-

-

-

-

738,522100.0

718,662100.0(19,860)

(2.7)

42

(4) Major Orders Received, Completed and Work Carried Over for the Period under Review
1.

Orders Received

Ordering Parties
Maishima Development SPC
Lam SPCSun Rise Inzai 4 SPC
National Printing Bureau

Name of Work
(Tentative name) DPL Osaka Maishima Construction Work
(Tentative name) ESR Nanko Data Center Construction Work
(Tentative name) Sun Rise Inzai 4 DC Construction WorkOji Plant New Business Building Construction Work and OtherWorks
Meiwa High School Building and Other Construction
Work
Fukuoka Reizou New Construction of New East Refrigerated
Warehouse
Hakamakoshi Tunnel Construction on Tokai-Hokuriku
Expressway (4-lane)
Iwaki Umaageyama Wind Power Plant
Hiroshima Kure Road Yoshiura Tunnel Construction
Shin-Meishin Expressway Kirigataki Bridge and Other One
Bridge Widening Work (PC Upper Work)

Aichi Prefecture
Fukuoka Reizou Co., Ltd.
Central Nippon Expressway Company Limited
JR-EAST Energy Development Co., Ltd.
West Nippon Expressway Co., Ltd.
Central Nippon Expressway Company Limited

2.

Completed Construction
Ordering Parties
Kisosaki SPC
Yokohama Shinko Partners Co., Ltd.

Name of WorkESR Yatomi Kisosaki Distribution Center Plan
Yokohama District Government Office Complex Building(Tentative name) Development Project
Takashimaya South Area Type 1 Urban Redevelopment Facility
and Building Construction Work
Mitsui Fudosan Logistics Park Yatomi Kisosaki New
Construction(Tentative name) DPL Sapporo Rail Gate Construction WorkSAGA Sunrise Park Arena New Construction
Sotetsu-Tokyu Direct Line, Tsunashima Tunnel
Shichinohe-Towada Wind Power Generation Project
Construction of Water Treatment Facilities for the North Systemof the Western Treatment Plant (Civil Engineering)Tohoku Expressway Yoshihara Bridge (locking piers) Seismic
Reinforcement Work

Takashimaya South Area Redevelopment Project
Mitsui Fudosan Co., Ltd.
Sapporo Cargo Facility Development SPC
Saga Prefecture
Japan Railway Construction, Transport and Technology Agency
JRE Hachimandake
Kobe City
East Japan Expressway

3.

Work Carried Over

Ordering Parties
Shibuya Station Sakuragaoka Exit District Redevelopment
Association
St. Marianna University School of Medicine

Name of Work
Shibuya Station Sakuragaoka Exit District Urban Area (Re-)
Existing Building Removal New Construction
St. Marianna University School of Medicine Sugao Campus
Renewal Plan
Nagasaki Stadium City Project (II, III section) Work Area
Akabanedai Campus New Building Construction Work (Site C)(Tentative name) New Izumiotsu City Hospital Development
Project(Tentative name) NRT12 New Construction
Yokohama Shonan Road Tunnel WorkJAPANET HOLDINGS Co., Ltd.
Toyo University
Izumiotsu City Hospital
Digital Tokyo 2 SPC
Ministry of Land, Infrastructure, Transport and Tourism, Kanto
Regional Development BureauWest Nippon Expressway Company Limited
Central Nippon Expressway Company Limited

Shin-Meishin Expressway Ujihara Tunnel East WorkTokyo Outer Ring Road Main Line Tunnel (North Bound) Tomei
North Work
Johoku Chuo Park Detention Pond (Phase 1) Work 2

Tokyo Metropolitan Government

Completed construction and carried over works are presented on a delivery basis.

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