Consolidated Financial Results
for the FY2017
Ended March 31, 2018―1―

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year ended March 31, 2018
During the fiscal year ended March 31, 2018, the Japanese economy was on a gradual recovery course,
supported by an improving employment and income environment and a resultant rebound in personal
consumption and exports. In the construction industry, overall conditions remained unchanged from theprevious year, with orders from the private sector exceeding previous year levels, although orders from thepublic sector fell below previous year levels.
Under these circumstances, the Toda Group’s consolidated results were as follows.
Consolidated net sales increased 1.5% year on year to ¥429.0 billion, mainly owing to an increase in net
sales to external customers at the domestic Group companies and a progress in works in hand at overseas
subsidiaries.
In terms of operating income and loss, gross profit increased 14.0% year on year to ¥60.3 billion, as we
managed to boost profitability of the construction business through continuous efforts toward productivity
improvement. Meanwhile, while selling, general and administrative expenses rose 6.9% year on year to¥29.8 billion, consolidated operating income increased 21.9% year on year to ¥30.4 billion.
Ordinary income increased 21.5% year on year to ¥33.0 billion, with a solid contribution from interest
income and dividend income on investment securities and other factors.
Profit attributable to owners of parent decreased to ¥25.4 billion, a 39.5% decline over the previous year,
in part due to an increase in income taxes.
The results for each segment are as follows.
The Group has changed its reportable segments from the fiscal year ended March 31, 2018. Comparison
with and analysis of the previous year are based on segment classification after the change. For details,
please refer to “1. Overview of reportable segments” of “3. Consolidated Financial Statements,” “(5) Notes
to Consolidated Financial Statements” (Segment information, etc.).
Segment results include internal sales or transfers between segments.
Domestic Architectural Construction
The segment recorded net sales of ¥281.3 billion, down 4.2% year on year. Segment operating income
came to ¥17.8 billion, down 7.2%.
On a non-consolidated basis, overall orders received decreased 8.3% year on year to ¥325.9 billion, as
orders from the private sector decreased 5.3% year on year.
Domestic Civil Engineering
The segment recorded net sales of ¥109.3 billion, up 10.8% year on year, and operating income of ¥11.7
billion, up 176.9%.
On a non-consolidated basis, overall orders received decreased 3.2% year on year to ¥108.9 billion.
Orders from the private sector increased 34.9% year on year, boosted by orders for large projects, whileorders from the public sector decreased 8.4% year on year.
Investment and Development
The segment recorded net sales of ¥6.6 billion, up 7.2% year on year, and operating income of ¥1.5 billion,
up 3.7% year on year.
Domestic Group Companies
The segment recorded net sales of ¥33.8 billion, down 3.5% year on year, and operating income of ¥0.8
―2―

billion, down 38.7% year on year.
Other
Net sales from other totaled ¥14.0 billion, up 43.4% year on year. The segment recorded an operating lossof ¥1.5 billion, compared to the previous year’s ¥1.2 billion loss.
(2) Overview of Financial Position for the Fiscal Year ended March 31, 2018
Assets, liabilities, and net assets
AssetsTotal assets as of March 31, 2018, were ¥563.9 billion, up 5.1% or a ¥27.4 billion increase from the endof the previous fiscal year. The increase mainly reflects increases of ¥14.2 billion in cash and deposits and¥6.0 billion in investment securities, despite a decrease of ¥7.4 billion in costs on uncompleted
construction contracts.
Liabilities
Total liabilities as of March 31, 2018, were ¥314.6 billion, up 1.6% or a ¥4.9 billion increase from the endof the previous fiscal year. The major contributors to this increase in liabilities were a ¥10.0 billion
increase in bonds payable and a ¥9.7 billion increase in deferred tax liabilities, which were only partially
offset by a decrease of ¥11.8 billion in notes payable, accounts payable for construction contracts andother.
Net assets
Total net assets as of March 31, 2018, were ¥249.3 billion, up 9.9% or a ¥22.4 billion increase from theend of the previous fiscal year, mainly due to an increase of ¥3.4 billion in valuation difference on
available-for-sale securities as a result of the rising fair value of shares held and posting of ¥25.4 billion in
profit attributable to owners of parent. The equity capital ratio accordingly rose to 43.7%.
(3) Overview of Cash Flows for the Fiscal Year ended March 31, 2018
Cash and cash equivalents at the end of the fiscal year totaled ¥100.5 billion, ¥9.5 billion more than at theend of the previous fiscal year.
Cash Flows from Operating Activities
Net cash provided by operating activities came to ¥19.3 billion, compared with net cash provided totaling¥58.8 billion in the previous fiscal year. The main inflows from operating activities were ¥35.8 billion in
profit before income taxes and a ¥7.4 billion decrease in costs on uncompleted construction contracts.
Outflows included an ¥11.8 billion decrease in notes and accounts payable-trade and a ¥2.2 billion
increase in notes and accounts receivable-trade.
Cash Flows from Investing Activities
Net cash used in investing activities was ¥7.8 billion, compared with the ¥9.7 billion used in the previous
fiscal year. The main inflow was the ¥6.9 billion from sales and redemption of investment securities. The
main outflows were purchases of property, plant and equipment totaling ¥6.7 billion and purchases ofinvestment securities totaling ¥5.0 billion.
Cash Flows from Financing Activities
Net cash used in financing activities totaled to ¥2.0 billion, compared with ¥12.6 billion in net cash usedin the previous fiscal year. The main inflow was ¥10.0 billion from proceeds from issuance of bonds. The
main outflows were purchases of treasury stock totaling ¥2.5 billion and repayment of long-term loans
payable totaling ¥10.1 billion.

―3―

The Group's cash flow indicators are as follows.
For years ended
March 31
Equity ratio
Equity ratio on amarket price basis
Number of years
to redeem debt
Interest coverage
ratio

2014

2015

2016

2017

2018

29.1%

36.4%

31.9%

41.7%

43.7%

22.3%

31.4%

30.4%

38.3%

41.9%

5.4 years－－

1.2 years

3.9 years

14.1 times－－

68.3 times

23.8 times

Notes: Equity ratio = shareholders’ equity /total assets
Equity ratio on a market price basis = market capitalization / total assets
Number of years to redeem debt = 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 ofoutstanding shares at the end of the fiscal year excluding treasury stock.
*Cash flows from operating activities are used for cash flows.
*Interest-bearing debt is all of the liabilities recorded on the consolidated balance sheets for which the Company ispaying interest(4) Future Outlook
The Japanese economy is expected to remain in a moderate recovery mode, with both employment andincomes continuing to improve. Meanwhile, uncertainties in the overseas economy and the impacts offluctuations in the financial and capital markets will require attention. The construction industry expects tocontinue seeing a firm market environment but the outlook remains clouded by uncertainties, including
private-sector business sentiment and the possibility of construction costs being pushed up by a tight labormarket.
We forecast consolidated net sales of ¥514.0 billion (up 19.8% year on year), operating income of ¥31.0
billion (up 1.8%), ordinary income of ¥33.3 billion (up 0.8%), and profit attributable to owners of parent of¥22.3 billion (down 12.4%).
On a non-consolidated basis, we expect orders received to total ¥479.0 billion (up 6.6% year on year), net
sales of ¥478.0 billion (up 19.4%), operating income of ¥29.5 billion (up 1.9%), ordinary income of ¥31.7
billion (up 1.4%), and profit of ¥21.4 billion (down 12.4%).
(5) Basic Policy on Profit Distribution and Dividends in the Fiscal Year ended March 31, 2018 and the
Fiscal Year ending March 31, 2019
The Company's basic policy is to distribute profit based on business results and the business environment after
giving consideration to the provision of continuous and stable dividends to shareholders and the need to securesufficient retained earnings essential for improving the Company's competitiveness and its financial position.
In line with this basic policy, for the fiscal year ended March 31, 2018, the Company will pay an annual
dividend of ¥20 per share. The Company also plans to maintain the annual dividend at ¥20 per share for the
fiscal year ending March 31, 2019.

―4―

2. Basic Rational for Selection of Accounting Standards
The Toda Group intends to continue producing consolidated financial statements based on Japanese accounting
standards to enable comparisons of the Group’s consolidated statements from different fiscal years andcomparisons with other companies.
The Group also intends to make an appropriate response to the International Financial Reporting Standards(IFRS) based on considerations of the situation in Japan and abroad.

―5―

3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2017
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and other
Securities
Real estate for sale
Costs on uncompleted construction contracts
Other inventories
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Machinery, vehicles, tools, furniture andfixtures, net
Land
Lease assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets

As of March 31, 2018

66,38680,597133,206

135,438

24,7497,974
19,881
867
4,178
11,494(1,200)20,0297,400
12,4491,669
5,846
17,442(1,071)

267,538

279,802

14,135

17,067585

4,445

70,001102
4,300

71,67091
2,111

89,125

95,386

6,878

658
8,284

6,878

8,942

Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts

168,738
555
824
154
2,900
(131)

174,775
489
1,484
323
3,051
(262)

Total investments and other assets

173,041

179,862

269,044

284,191

536,582

563,994

Total noncurrent assets
Total assets―6―

(Millions of yen)
As of March 31, 2017
Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts and other
Short-term loans payable
Income taxes payable
Advances received on uncompleted
construction contracts
Provision for bonuses
Provision for warranties for completed
construction
Provision for loss on construction contracts
Deposits received
Other

As of March 31, 2018

100,366

88,49929,855
3,523

25,496
3,723

28,58029,657

6,754

7,371

4,089

4,089

3,289
17,933
27,661

444
23,32425,221

222,054

207,827

10,00030,421
13,302
7,272
144
60

20,00029,97923,023
7,272
170
120

188

104

22,084
1,095
3,061

21,872
1,089
3,139

87,633

106,772

Total liabilities

309,687

314,600

Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock

23,001
25,682
116,816(8,233)23,001
25,681
136,336(9,437)

157,267

175,582

Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for directors’ retirement benefits
Provision for share allocation to directors
Provision for loss on liquidation ofsubsidiaries and affiliates
Net defined benefit liability
Asset retirement obligations
Other
Total noncurrent liabilities

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests

63,513

66,969

1
5,676
(542)
(1,957)

(3)
5,676
(658)
(1,249)66,69170,734

2,937

3,078

Total net assets

226,895

249,394536,582

563,994

Total liabilities and net assets―7―

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Years ended March 31, 2017 and 2018Year ended March 31, 2017
(April 1, 2016 throughMarch 31, 2017)
Net sales
Net sales of completed construction contracts
Net sales of investment and development
business and otherTotal net sales
Cost of sales
Cost of sales of completed construction
contracts
Cost of sales on investment and development
business and otherTotal cost of sales
Gross profit
Gross profit on completed construction
contracts
Gross profit on investment and development
business and otherTotal gross profit(Millions of yen)
Year ended March 31, 2018
(April 1, 2017 throughMarch 31, 2018)409,238

414,177

13,483

14,848422,722429,026

359,694

358,408

10,085

10,276

369,779

368,684

49,54455,769

3,398

4,572

52,942

60,341

Selling, general and administrative expenses

27,94429,878Operating income

24,99830,463Non-operating income
Interest income
Dividend income
Dividend income of insurance
Other

329
2,482
261
258

318
2,755
240
334

Total non-operating income

3,332

3,649

875
194
63

823
109
142

1,133

1,075

Ordinary income

27,19733,037Extraordinary income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Other

4
2,329
117

24
2,991
268

2,451

3,284

323
913
48

452
35

Non-operating expenses
Interest expenses
Commission fee
Other
Total non-operating expenses

Total extraordinary income
Extraordinary loss
Loss on abandonment of noncurrent assets
Impairment loss
Other

1,286

488

Profit before income taxes

Total extraordinary losses

28,36235,834

Income taxes-current
Income taxes-deferred

4,470(18,369)

4,985
5,302

Total income taxes(13,898)

10,288

Profit42,261

25,545

Profit attributable to non-controlling interests
Profit attributable to owners of parent

―8―

169

90

42,09125,455

Consolidated Statements of Comprehensive Income
Years ended March 31, 2017 and 2018Year ended March 31, 2017
(April 1, 2016 throughMarch 31, 2017)42,261(Millions of yen)
Year ended March 31, 2018
(April 1, 2017 throughMarch 31, 2018)25,545

8,474

3,456

27
(24)
1,334

(5)
(53)
708

9,811

4,106

Comprehensive income

52,07329,652Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests

51,931

29,498

141

154

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total other comprehensive income―9―(3) Consolidated Statements of Changes in Net Assets
Year ended March 31, 2017 (April 1, 2016 through March 31, 2017)(Millions of yen)
Shareholders’ equity
Capital stock Capital surplus
Balance at beginning of period

23,001

Total
Treasury stock shareholders’equity76,825(8,236)
117,178

Retainedearnings

25,587

Changes during period
Dividends from surplus
Profit attributable to owners ofparentDisposal of treasury stock

Balance at beginning of period(3,070)42,09142,091(19)

Purchase of treasury stock
Transfer of loss on disposal oftreasury stock
Capital increase of consolidated
subsidiaries
Reversal of revaluation reserve
for landNet changes other thanshareholders’ equity
Total changes during period
Balance at end of period(3,070)

19

240

221

(238)

(238)

(19)

-

95

95
989

989

-

95

39,9902

40,08823,001

25,682

116,816(8,233)

157,267

Accumulated other comprehensive income
Valuation
Total
Nondifference on Deferred
Foreign Remeasurem
Revaluation
accumulated controlling Total net
gains orcurrency
availableents ofassetsreserve forothershareholders
losses ontranslation
fordefinedlandcomprehensi
hedgesadjustment benefit planssaleve incomesecurities
55,038
(25)
6,665
(545)
(3,292)
57,8402,398 177,417

Changes during period
Dividends from surplus
Profit attributable to owners ofparentDisposal of treasury stock(3,070)Purchase of treasury stock
Transfer of loss on disposal oftreasury stock
Capital increase of consolidated
subsidiaries
Reversal of revaluation reserve
for landNet changes other thanshareholders’ equity
Total changes during period

(238)

8,474

27

(989)

3

1,334

8,850

538

9,388

8,474

27

(989)

3

1,334

8,850

538

49,477

Balance at end of period

63,513

1

5,676

(542)

(1,957)

66,691

2,937

226,895

42,091
221

95
989

―10―

Year ended March 31, 2018 (April 1, 2017 through March 31, 2018)(Millions of yen)
Shareholders’ equity
Capital stock Capital surplus
Balance at beginning of period

23,001

Total
Treasury stock shareholders’equity116,816(8,233)
157,267

Retainedearnings

25,682

Changes during period
Dividends from surplus
Profit attributable to owners ofparentDisposal of treasury stock

Balance at beginning of period(4,612)25,45525,455(1,321)

Purchase of treasury stock
Transfer of loss on disposal oftreasury stock
Capital increase of consolidated
subsidiaries
Reversal of revaluation reserve
for landNet changes other thanshareholders’ equity
Total changes during period
Balance at end of period(4,612)

1,321

1,326

4

(2,530)(2,530)(1,321)

-

(0)

(0)
-

-

(0)

19,520(1,204)

18,31523,001

25,681

136,336(9,437)

175,582

Accumulated other comprehensive income
Valuation
Total
Nondifference on Deferred
Foreign Remeasurem
Revaluation
accumulated controlling Total net
gains orcurrency
availableents ofassetsreserve forothershareholders
losses ontranslation
fordefinedlandcomprehensi
hedgesadjustment benefit planssaleve incomesecurities
63,513
1
5,676
(542)
(1,957)
66,691
2,937 226,895

Changes during period
Dividends from surplus
Profit attributable to owners ofparentDisposal of treasury stock(4,612)

Purchase of treasury stock
Transfer of loss on disposal oftreasury stock
Capital increase of consolidated
subsidiaries
Reversal of revaluation reserve
for landNet changes other thanshareholders’ equity
Total changes during period(2,530)

3,455

(5)

-

(116)

708

4,042

140

4,183

3,455

(5)

-

(116)

708

4,042

140

22,499Balance at end of period

66,969

(3)

5,676

(658)

(1,249)70,734

3,078

249,394

25,455
4

(0)
-

―11―

(4) Consolidated Statements of Cash Flows

Year ended March 31, 2017
(April 1, 2016 throughMarch 31, 2017)58,874(Millions of yen)
Year ended March 31, 2018
(April 1, 2017 throughMarch 31, 2018)19,331

Net cash provided by (used in) investing activities(9,797)(7,812)

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(12,608)(2,015)(133)

35

36,336

9,539

Cash and cash equivalents at beginning of period

54,65090,986

Cash and cash equivalents at end of period

90,986

100,526

Net cash provided by (used in) operating activities―12―4. Non-consolidated Financial Statements(1) Non-consolidated Balance Sheets(Millions of yen)
As of March 31, 2017
AssetsCurrent assets
Cash and deposits
Notes receivable-trade
Electronically recorded monetary claims –operatingAccounts receivable from completed
construction contracts
Securities
Real estate for sale
Costs on uncompleted construction contracts
Costs on real estate business
Raw materials and supplies
Deferred tax assets
Accounts receivable-other

As of March 31, 2018

56,3291,427

66,782
1,181

707

1,093

125,251

127,01420,0497,971
18,153
145
340
4,001
2,553

20,0296,570
11,231
665
669
5,668
1,501

Advances paid
Other
Allowance for doubtful accounts

4,938
3,679
(1,322)

10,518
1,498(1,151)

Total current assets

244,228

253,273

Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation

32,841(21,769)

34,194(22,282)

Buildings, net

11,072

11,911

1,546(1,256)

1,618(1,303)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

289

315

6,700
(6,533)

6,708(6,428)

166

280

93
(93)

92
(92)

0

0

1,744
(1,441)

1,710(1,425)303

284

64,602320(219)

64,900297(217)

Lease assets, net

101

79

Construction in progress

1,187

635

Total property, plant and equipment

77,72278,408

4,865
1,004
979

5,075
1,302
1,894

6,849

8,273

Intangible assets
Leasehold right
Software
Other
Total intangible assets―13―

(Millions of yen)
As of March 31, 2017
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
Claims provable in bankruptcy, claims
provable in rehabilitation and other
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
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―14―

As of March 31, 2018

162,047
5,612

167,791
12,651

1,528

1,493

1
3

1
3

3

3

542

480

-

6

19

87

9

0

2,323
2,285
(310)

2,368
2,306
(262)

174,067

186,932

258,640

273,613502,868

526,887

4,276

2,227

31,782

17,25961,00623,393
51
3,222
3,194

63,83921,631
38
4,621
3,488

27,011

27,70816,036
6,437

21,534
7,058

4,018

4,001

3,276
6,740
14,914

418
7,787
8,774

205,362

190,389

(Millions of yen)
As of March 31, 2017
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 share allocation to directors
Provision for loss on business of subsidiaries
and affiliates
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities

As of March 31, 2018

10,00030,42151
14,306
7,272
19,97098
60

20,00029,87937
22,921
7,272
20,117
122
120

118

58

153
2,270

148
2,310

84,724

102,989

290,087

293,378

Net assets
Shareholders’ equity
Capital stock
Capital surplus
Legal capital surplus

23,001

23,001

25,57325,573

Total capital surplus

25,57325,573

5,750

5,750

15,00036,77445,75735,00056,77424,247103,282

121,772

Retained earnings
Legal retained earnings
Other retained earnings
Reserve for construction
General reserve
Retained earnings brought forward
Total retained earnings
Treasury stock(8,233)(9,437)

Total shareholders’ equity

143,624

160,90963,48066,926

(0)
5,676

(3)
5,676

69,156

72,599212,780

233,508

502,868

526,887

Valuation and translation adjustment
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land
Total valuation and translation adjustment
Total net assets
Total liabilities and net assets―15―

(2) Non-consolidated Statements of Income

Year ended March 31, 2017
(April 1, 2016 throughMarch 31, 2017)
Net sales
Net sales of completed construction contracts
Net sales of investment and development
business and otherTotal net sales
Cost of sales
Cost of sales of completed construction
contracts
Cost of sales on investment and development
business and otherTotal cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit on investment and development
business and otherTotal gross profit
Selling, general and administrative expenses
Directors’ compensations
Provision for stock payments for 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
Taxes and dues
Insurance expenses
Miscellaneous expenses
Total selling, general and administrative
expenses
Operating income―16―(Millions of yen)
Year ended March 31, 2018
(April 1, 2017 throughMarch 31, 2018)

392,442392,249

7,135

8,075

399,578

400,325

345,615

338,590

5,352

5,891

350,967

344,481

46,82753,659

1,783

2,184

48,61055,843

375
60
9,160
4,071
43
969
1,372
621
362
1,293
901
108
904
148
(516)
644
122
975
297
1,527
27
1,725

365
61
9,633
4,338
46
1,002
1,444
629
245
1,593
1,035
108
899
167
(4)
622
72
1,071
238
1,428
35
1,842

25,19926,87923,411

28,963

Year ended March 31, 2017
(April 1, 2016 throughMarch 31, 2017)(Millions of yen)
Year ended March 31, 2018
(April 1, 2017 throughMarch 31, 2018)

Non-operating income
Interest income
Interest on securities
Dividend income
Dividend income of insurance
Miscellaneous income

43
1
2,508
261
227

27
1
2,780
240
309

Total non-operating income

3,041

3,360

785
58
194
54

741
65
109
131

1,092

1,048

Ordinary income

25,361

31,275Extraordinary income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Other

2
2,329
117

12
2,991
233

2,449

3,237

279

452

912

-

Non-operating expenses
Interest expenses
Interest on bonds
Commission fee
Miscellaneous expenses
Total non-operating expenses

Total extraordinary income
Extraordinary loss
Loss on abandonment of noncurrent assets
Loss on valuation of stocks of subsidiaries andaffiliates
Other

47

34

1,240

486

Profit before income taxes

26,57034,026

Income taxes-current
Income taxes-deferred

3,908(18,438)

4,230
5,372

Total income taxes(14,530)

9,602

Profit41,10024,424

Total extraordinary losses―17―(3) Non-consolidated Statements of Changes in Net Assets
Year ended March 31, 2017 (April 1, 2016 through March 31, 2017)(Millions of yen)
Shareholders’ equity
Capital surplus

Balance at beginning of period

Retained earnings
Other retained earnings

Capital
stock

Legal
capitalsurplus

23,001

25,573

Other
capitalsurplus-

Total capitalsurplusLegalretainedearnings

25,573

5,750

Total
retainedearnings

Reserve for General
construction reserve

Retainedearnings
brought
forward-21,75864,283(15,000)(3,070)(3,070)41,10041,100

(19)

(19)

989

989

36,774

Changes during period
Provision of general reserve
Provision of reserve forconstruction

15,000

Dividends from surplus
ProfitDisposal of treasury stock
Purchase of treasury stock
Transfer of loss on disposalof treasury stock

(19)

(19)

19

19

Reversal of revaluation
reserve for land
Net changes other thanshareholders’ equity
Total changes during period
Balance at end of period

-

-

-

-

-

15,000-23,99938,99923,001

25,573-25,5735,750

15,00036,77445,757103,282

Shareholders’ equity
Treasurystock
Balance at beginning of period
Changes during period(8,236)

Valuation and translation adjustments

Valuation
Total
Deferred gains
Total valuation and Total net assets
difference on
Revaluation
or losses ontranslation
shareholders’available-for-salereserve for land
hedgesadjustments
equitysecurities
104,62255,014

(25)

6,665

61,654

166,276

Provision of general reserve--

Provision of reserve forconstruction--(3,070)41,100(3,070)

Dividends from surplus
Profit41,100

Disposal of treasury stock

240

221

221

Purchase of treasury stock

(238)

(238)

(238)

-

-

989

989

Transfer of loss on disposalof treasury stockReversal of revaluation
reserve for land
Net changes other thanshareholders’ equity
Total changes during period
Balance at end of period

8,465

25

2

39,001

8,465

25(8,233)

143,624

63,480

(0)

―18―

(989)

7,502

7,502

(989)

7,502

46,504

5,676

69,156

212,780

Year ended March 31, 2018 (April 1, 2017 through March 31, 2018)(Millions of yen)
Shareholders’ equity
Capital surplus

Balance at beginning of period

Retained earnings
Other retained earnings

Capital
stock

Legal
capitalsurplus

23,001

25,573

Other
capitalsurplus-

Total capitalsurplusLegalretainedearnings

25,573

5,750

Reserve for General
construction reserve
15,000Retainedearnings
brought
forward36,77445,75720,000(20,000)

Total
retainedearnings

103,282

Changes during period
Provision of general reserve
Provision of reserve forconstruction

20,000(20,000)-

Dividends from surplus(4,612)(4,612)

Profit24,424

24,424(1,321)(1,321)

Disposal of treasury stock(1,321)(1,321)

1,321

1,321

Purchase of treasury stock
Transfer of loss on disposalof treasury stockReversal of revaluation
reserve for land
Net changes other thanshareholders’ equity
Total changes during period
Balance at end of period

-

-

-

-

-

20,00020,000(21,510)

18,48923,001

25,573-25,5735,750

35,00056,77424,247

121,772

Shareholders’ equity
Treasurystock
Balance at beginning of period(8,233)

Valuation and translation adjustments

Valuation
Total
Deferred gains
Total valuation and Total net assets
difference on
Revaluation
or losses ontranslation
shareholders’available-for-salereserve for land
hedgesadjustments
equitysecurities
143,624

63,480(0)

5,676

69,156

212,780

Changes during period
Provision of general reserve--

Provision of reserve forconstruction--

Dividends from surplus(4,612)(4,612)

Profit24,424

24,424

Disposal of treasury stock

1,326

4

4

Purchase of treasury stock(2,530)(2,530)(2,530)Transfer of loss on disposalof treasury stock--Reversal of revaluation
reserve for land--

Net changes other thanshareholders’ equity

3,445

(3)

-

3,442

3,442

Total changes during period(1,204)

17,285

3,445

(3)

-

3,442

20,727

Balance at end of period(9,437)

160,90966,926(3)

5,676

72,599233,508―19―

5. Other(1) Summary of Consolidated Results and Forecasts(Millions of yen)Six-month Period from April

Full Year

FY2016FY2017FY2018FY2016FY2017FY2017

ActualActual(a)

Forecast(b)

AmountPercentage(%)

Actual(a)

Revisedforecast
Apr. 17,
2018

Actual(b)

AmountPercentage(%)

Forecast(c)

AmountPercentage(%)

Net sales

204,176

181,696

215,000

33,30318.3

422,722428,000

429,026

6,304

1.5

514,000

84,97319.8

Domestic
construction
business

189,379

166,535

193,000

26,464

15.9

390,314391,550

389,235-1,079-0.3

463,000

73,76419.0

145,447

120,236

143,000

22,76318.9

291,739

280,000

279,971-11,767-4.0

358,000

78,02827.9

43,932

46,29950,0003,700

8.0

98,575111,550

109,263

10,68810.8

105,000-4,263

-3.9

2,804

2,862

3,000

137

4.8

5,191

5,650

5,637

446

8.6

9,600

3,962

70.3

7,349

6,881

8,625

1,743

25.3

17,413

16,94020,092

2,678

15.4

20,500407

2.0

New business

39

56

75

18

33.3

143

160

192

48

34.1

200

7

4.1

Overseasbusiness

4,603

5,360

10,300

4,939

92.1

9,659

13,70013,867

4,208

43.6

20,700

6,832

49.3

Gross profit

25,03425,937

27,9001,962

7.6

52,94260,40060,341

7,398

14.0

62,300

1,958

3.2

Profit margin12.3 %

14.3 %

13.0 %

12.5 %

14.1 %

14.1 %

SG&A expenses

12,897

13,635

15,700

2,064

15.1

27,94429,90029,8781,934

6.9

31,3001,421

4.8

Operatingincome12,137

12,301

12,200-101-0.8

24,99830,50030,463

5,464

21.9

31,000536

1.8

Non-operating
income

985

1,262

1,000

-262

-20.8

2,199

2,500

2,574

375

17.1

2,300

-274

-10.7

Ordinary
income13,122

13,563

13,200-363-2.7

27,19733,00033,037

5,839

21.5

33,300262

0.8Extraordinary
income (loss)

(31)

1,463

-

-1,463

-

1,164

2,800

2,796

1,631

140.1

-

-2,796-

Profitbefore incometaxes

13,091

15,027

13,200-1,827-12.2

28,36235,80035,834

7,471

26.3

33,300-2,534-7.1

Income taxes

1,614

4,778

4,300

-478

-10.0

(13,898)

10,40010,28824,187-

11,000711

6.9Profit11,476

10,2498,900-1,349-13.2

42,261

25,40025,545-16,715-39.6

22,300-3,245

-12.7

19

0

-

-

-

169

-

90

-79

-46.6

-

-90

-

11,456

10,2488,900-1,348-13.2

42,091

25,40025,455-16,636-39.5

22,300-3,155-12.4

Architectural
construction
Civilengineering
Investment anddevelopment
business
Domestic Group
companies

Profit attributable
to non-controllinginterests
Profit attributableto owners ofparentYoY (b)-(a)YoY (b)-(a)FY2018YoY (c)-(b)12.1 %

Notes: 1. These statements include Toda Corporation’s forecasts based on information currently available as of the announcement date, which are subject to anumber of risks and uncertainties. Therefore, the actual results of developments may differ from those presented in these forward-looking statements due tothe changes in various factors.
2. Net sales are based on business segments and intercompany sales are eliminated.

―20―

(2) Summary of Non-consolidated Results and Forecasts(Millions of yen)Six-month Period from April

Full Year

FY2016FY2017FY2018YoY (b)-(a)FY2016

ActualActual(a)

Forecast(b)

AmountPercentage(%)

Actual(a)

FY2017
Revisedforecast
Apr. 17, 2018

FY2017

YoY (b)-(a)FY2018Actual(b)

Forecast
Amount Percentage(%)(c)

YoY (c)-(b)Amount Percentage(%)

Orders received

207,512201,090

202,700

1,609

0.8

478,587452,700

449,522-29,064-6.1

479,000

29,477

6.6

Construction
business

204,677

198,193

200,000

1,806

0.9

471,451

447,000

441,447-30,004-6.4

470,000

28,552

6.5

166,615

156,513

149,000-7,513-4.8

355,320

350,000

325,900-29,419-8.3

358,000

32,0999.8

35,99740,61149,000

8,388

20.7

112,590

89,800108,933-3,656-3.2

108,000

-933

-0.9

Overseas

2,065

1,068

2,000

931

87.1

3,540

7,200

6,613

3,072

86.8

4,000

-2,613-39.5

Investment anddevelopment
business and other

2,834

2,896

2,700

-196

-6.8

7,135

5,700

8,075

939

13.2

9,000

924

11.4

192,929

170,582

198,700

28,11716.5

399,578

400,000

400,325746

0.2

478,000

77,67419.4

190,094

167,686

196,000

28,313

16.9

392,442

394,400

392,249

-193

-0.0

469,000

76,75019.6

145,448

120,237

143,000

22,762

18.9

291,744

280,000

279,982-11,761-4.0

358,000

78,01727.9

43,932

46,29850,0003,701

8.0

98,664

111,550

109,328

10,66310.8

105,000-4,328-4.0

Domesticarchitectural
construction
Domestic civilengineering

Net sales
Construction
business
Domesticarchitectural
construction
Domestic civilengineering
Overseas

713

1,149

3,000

1,850

160.9

2,033

2,850

2,938

904

44.5

6,000

3,061

104.2

Investment anddevelopment
business and other

2,834

2,896

2,700

-196

-6.8

7,135

5,600

8,075

939

13.2

9,000

924

11.4

Gross profit

23,402

24,20825,4001,191

4.9

48,61055,80055,843

7,233

14.9

57,5001,656

3.0Profit margin12.1 %

14.2 %

12.8 %

12.2 %

14.0 %

13.9 %

Construction
business

22,54023,07324,50046,82753,65053,6591,840

3.4

11.9 %

13.8 %

12.5 %

11.9 %

13.6 %

13.7 %

19,47915,932

18,90036,62735,87735,924

5,875

16.4

13.4 %

13.3 %

13.2 %

12.5 %

12.8 %

12.8 %

3,033

7,216

5,470

10,231

18,08418,046-4,611

-25.6

6.9 %

15.6 %

10.9 %

10.4 %

16.2 %

16.5 %

26

(74)

130

(31)

(311)

(310)

575

-

3.7 %

(6.5) %

4.3 %

862

1,134

900

-184

-8.4

30.4 %

39.2 %

33.3 %

SG&A expenses

11,534

12,26914,0001,730

Operating income

11,868

11,93911,400Non-operating
income874

1,163

Ordinary income

12,742

Domesticarchitectural
construction
Domestic
civil
engineering

Overseas

Investment anddevelopment
business and
other

1,426

2,967

-1,746

204

6.2

18.6

-24.2

-

(1.6) %
-234

-20.7

12.0 %
6,832

14.6

55,50011.8 %-703-1.9

41,80011.7 %

7,814

76.4

13,43512.8 %-279-(10.9) % (10.6) %

265
4.4 %

1,783

2,150

2,184

400

22.5

2,000

25.0 %

38.4 %

27.0 %

14.1

25,19926,90026,8791,680

6.7

28,000

1,120

4.2

-539

-4.5

23,411

28,90028,963

5,552

23.7

29,500

536

1.9

1,000

-163

-14.1

1,949

2,400

2,312

362

18.6

2,200

-112

-4.8

13,102

12,400-702-5.4

25,361

31,30031,275

5,914

23.3

31,700424

1.4

22.2 %

Extraordinary
income (loss)
Profit before income
taxes

(27)

1,462

-

-1,462

-

1,209

2,700

2,750

1,541

127.5

-

-2,750-12,714

14,565

12,400-2,165-14.9

26,57034,00034,026

7,456

28.1

31,700-2,326-6.8

Income taxes

1,463

4,545

4,000

-545

-12.0

(14,530)

9,600

9,602

24,132-

10,300697

7.3

Profit11,251

10,0208,400-1,620-16.2

41,10024,40024,424-16,676-40.6

21,400-3,024-12.4

Dividend per share
15.0
12.0
20.0
5.0
33.3
20.0
(yen)
Notes: 1. These non-consolidated financial statements, exempt from the quarterly review by auditors for statutory disclosure, were prepared pursuant to Ordinanceon Terminology, Forms, and Preparation Methods of Quarterly Financial Statements, etc.
2. These statements include Toda Corporation’s forecasts based on information currently available as of the announcement date, which are subject to anumber of risks and uncertainties. Therefore, the actual results of developments may differ from those presented in these forward-looking statements due tothe changes in various factors.

―21―

-

(3) Orders Received, Net Sales and Balance Brought Forward (non-consolidated)
1) Orders Received
Business segment/Classification
I Construction business(A) Domestic construction
business(a) Architectural construction
Public sector
Private sector
Subtotal(b) Civil engineering
Public sector
Private sector
Subtotal(c) Total (a)+(b)Public sector
Private sector
Subtotal(B) Overseas business(C) Total (A)+(B)
II Investment and development
business
III New business
IV Total (I + II + III)(Millions of yen)
FY2016
From Apr. 1, 2016
to Mar. 31, 2017
AmountRatio (%)

FY2017
From Apr. 1, 2017
to Mar. 31, 2018
AmountRatio (%)

ChangeAmountPercentage (%)

40,516
314,803355,320

8.5
65.8
74.2

27,774
298,125
325,900

6.2
66.3
72.5

-12,742-16,677-29,419

-31.4
-5.3
-8.3

99,152
13,438112,590

20.7
2.8
23.5

90,802
18,131
108,933

20.2
4.0
24.2

-8,350
4,693-3,656

-8.4
34.9
-3.2

139,669
328,241
467,9103,540
471,451

29.2
68.6
97.8
0.7
98.5

118,576
316,257
434,833
6,613
441,447

26.4
70.4
96.7
1.5
98.2

-21,092-11,984-33,076
3,072-30,004

-15.1
-3.7
-7.1
86.8
-6.4

5,251

1.1

5,669

1.3

417

8.0

1,884
478,587

0.4
100.0

2,406
449,522

0.5
100.0

522
-29,06427.7-6.12) Net Sales
Business segment/Classification
I Construction business(A) Domestic construction
business(a) Architectural construction
Public sector
Private sector
Subtotal(b) Civil engineering
Public sector
Private sector
Subtotal(c) Total (a)+(b)Public sector
Private sector
Subtotal(B) Overseas business(C) Total (A)+(B)
II Investment and development
business
III New business
IV Total (I + II + III)(Millions of yen)
FY2016
From Apr. 1, 2016
to Mar. 31, 2017
AmountRatio (%)

FY2017
From Apr. 1, 2017
to Mar. 31, 2018
AmountRatio (%)

ChangeAmountPercentage (%)

49,284242,459
291,744

12.3
60.7
73.0

37,576242,406
279,982

9.4
60.6
69.9

-11,708-52-11,761

-23.8
0.0
-4.0

86,475
12,18998,664

21.6
3.1
24.7

96,25813,070109,328

24.0
3.3
27.3

9,783
880
10,663

11.3
7.2
10.8

135,759
254,649
390,409
2,033
392,442

34.0
63.7
97.7
0.5
98.2

133,834
255,476
389,3112,938
392,249

33.5
63.8
97.3
0.7
98.0

-1,925827-1,098
904
-193

-1.4
0.3
-0.3
44.5
0.0

5,251

1.3

5,669

1.4

417

8.0

1,884
399,578

0.5
100.0

2,406
400,325

0.6
100.0

522
746

27.7
0.2

―22―

3) Balance Brought Forward
Business segment/Classification
I Construction business(A) Domestic construction
business(a) Architectural construction
Public sector
Private sector
Subtotal(b) Civil engineering
Public sector
Private sector
Subtotal(c) Total (a)+(b)Public sector
Private sector
Subtotal(B) Overseas business(C) Total (A)+(B)
II Investment and development
business
III New business
IV Total (I + II + III)(Millions of yen)
FY2016(As of March 31, 2017)
AmountRatio (%)

FY2017(As of March 31, 2018)
AmountRatio (%)

ChangeAmountPercentage (%)

51,333372,103
423,436

8.4
60.8
69.2

41,531
427,822469,353

6.3
64.7
71.0

-9,801
55,71945,917

-19.1
15.0
10.8

162,242
20,570182,813

26.5
3.4
29.9

157,056
25,362
182,418

23.8
3.8
27.6

-5,186
4,791
-394

-3.2
23.3
-0.2

213,575
392,673
606,249
5,586
611,836

34.9
64.2
99.1
0.9
100.0

198,587
453,184
651,772
9,261
661,034

30.0
68.6
98.6
1.4
100.0

-14,988
60,51045,522
3,675
49,197

-7.0
15.4
7.5
65.8
8.0

-

-

-

-

-

-

611,836100.0

661,034

100.0

49,1978.0―23―