May 13, 2019
Company

Takamatsu Construction Group Co.,Ltd.

Representative

Nobuhiko Yoshitake, President and Representative Director of
the Board
1762

Stock CodeContact

Hiroyuki Izutsu, Senior Director, Group Integration Division(TEL 06-6303-8101)

Mid-Term Plan "Create! 2022" (Fiscal year March 2020 through fiscal year March 2022)
We are pleased to announce that we have formulated our new three-year Mid-Term Plan "Create! 2022" which starts in April 2019 andends at March 2022..
In 2017, our Group started our previous Mid-Term Plan “TRY! NEXT CENTURY 2020” (originally planned to be April 2017 through March
2020), and after realizing our strong results of the fiscal year that ended March 2018, we decided to set our final goals of the Plan to berealized one year in advance, to be achieved in fiscal year ended March 2019.
Concerning our results of the fiscal year ended March 2019, although our orders and revenue marked a record high. However, ouroperating income was 12.4billion yen, short versus target of 15.0 billion yen.
The main reasons behind this shortfall were delays in construction caused by prolonged design period due to increased large size
non-condominium constructions of Takamatsu Corporation, as well as existence of decreased profitability projects of Asunaro Aoki Group.
Although planned period of the previous Mid-Term Plan still has one more year to go, due to our setting of final year goals one year inadvance, as well as because the new Presidents took office in Takamatsu Corporation and Asunaro Aoki Construction in April of 2018 andthere is a need to clarify long term vision under the new management, we decided to formulate a new Mid-Term Plan starting April 2019.
Concerning business environment during this new Mid-Term Plan period, we foresee current level of domestic construction investment tocontinue, as well as our target market segment of architecture demands concerning real estate utilization business in urban part of Tokyo,
Osaka and Nagoya to remain strong, as well as public civil engineering sectors to remain tight, backed by national land resiliencestrengthening projects and old infrastructure renewal projects.
Under these circumstances, Takamatsu Group will lead the growth of the Group through its real estate utilization business mainly bycapturing tight market demand of Tokyo Area, while Asunaro Aoki Group will work to improve profitability while achieving stable growth.
The Group as a whole will strive to achieve the goals of this Mid-Term Plan based on the “Five Creates”, that are; “Create High-growth”,
High profit Group”, “Create New Business Domain”, “Create Group Culture that Respects Diversity and Compliance”, “Create Synergy
Effect”, and “Create Value towards Economy, Society and Environment”.
To be more concrete, in order to stop the prolonged design period which was a factor behind the shortfall in revenue and profits of fiscal
year ended March 2019, we will strengthen our ability to respond to non-condominiums and large-scale properties by strengthening thecheck system and by improving technology, know-how and employee skills. At the same time, we will work to improve productivity andby-project profitability control in order to improve overall profitability. In addition, on April 1, 2019, Takamatsu Corporation, our corecompany of the Group, founded a new company, Takamatsu House Co., Ltd. as well as conducted M&A to welcome Tatsumi Planning Co.,
Ltd. into our Group. As such, we will strengthen M&A in the future, while creating synergies among Group operating companies.
Through these efforts, the Group will continue and develop a corporate culture that respects diversity as the foundation of these businessactivities.
Through the efforts of all of our executives and employees, for the fiscal year ending March 2022, we aim to achieve revenue of 300
billion yen and operating income of 18 billion yen, and further contribute to economy, society and the environment. We ask for theunderstanding and support of our shareholders and other stakeholders.
The plans, forecasts, and other forward-looking statements contained in this document are based on the Company's strategies, goals, assumptions as of the date of publication of thisdocument. Actual results may differ from the plans and forecasts contained in this document due to various factors.

Mid Term Plan to March 2022

Takamatsu Construction Group Co.,Ltd.
Securities Code ：1762

Forward-looking statements in this material is based on the information available to management at the time this report was
prepared. Actual results may differ significantly from this statement for number of reasons. In addition, this document isprepared as an information providing material to be used as a reference for investment decisions, and is not intended to ask
nor to request to purchase / sell our shares.

1. How Takamatsu Construction Group (TCG) Grew
1. Founded as “Takamatsu Gumi” in Osaka, grew mainly by constructing condominiums for rental purpose.
2. When earthquake hit Kansai Area in 1995, 108 condos built by Takamatsu Corporation were severely hit
by the earthquake. None were structurally damaged, resulting in accelerated revenue afterwards.
3. Conducted multiple M&As after 2000, enlarged revenue and business domain.
Grew as one of the rare construction companies in Japan that expanded through M&As.
4. After 2011, grew organically due to improved economy
5. Celebrated centenary in 2017
RevenueGroup
Companies

2019

100th

Anniversary!

2018 182007
1997 3
1917

20

14

249.7BJPY

245.1BJPY

171.8BJPY

41.8BJPY

Continued growth through organic measures

Accelerated growth through M&A

Grew mainly by constructing condominiums forrental purpose in Kansai Area.

Founded as “Takamatsu Gumi” in Osaka* Number of Group companies and revenue as of March 31 of the year (Consolidated).

1©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

1

2. TCG : Our Group Companies
1. As of March, 2019, Takamatsu Construction Group is comprised of 20 Group Companies, within which 10 are TakamatsuGroup Companies with Takamatsu Corporation, our founding company, as the core, 8 Asunaro Aoki Group companies
with Asunaro Aoki Construction, a mid-sized general contractor as the core, and Takamatsu Construction Company, theholding company positioned as the “Platform Company”, and TCG USA,Inc. （Nihon Owners Credit is not consolidated）.
2. For fiscal year ending March 2020 and onwards, the Group will be made up of 22 companies due to Takamatsu Houseand Tatsumi Planning joining our Group.

Takamatsu
Corporation

Asunaro Aoki
Construction(79.1%)
Parent company is the company
that touches the label of acompany. Ownership is 100% if
not specifically mentioned.

Takamatsu Construction GroupTCG USA

2©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

3. Summary of Previous Mid-Term Plan “TRY! NEXT CENTURY 2020”
1. TCG exceeded Mid-Term Plan targets for FY2018/3. Thus the final goal of the Mid-Term Plan was set one year inadvance, to be achieved in FY2019/3.
2. For FY2019/3, orders were strong (mainly Takamatsu Corp), and surpassed Mid-Term Plan by 25.2BJPY. On theother hand, revenue was short by 18.3BJPY due to prolonged period before construction (Takamastu Corp.).
Operating income was short by 2.6BJPY due to decreased profitability of Mirai Construction projects.
3. Nevertheless, TCG decided to formulate a new Mid Term Plan “Create! 2022” partially because the new Presidents
Op.Incometook office in Takamatsu Corporation and Asunaro Aoki Construction.

305.2
280.0

Orders / Revenue（ＢＪＰＹ）

280

Orders260.0 254.8

256.4

240
Takamatsu
96.0
Group
200

240.0 245.1

Revenue（ＢＪＰＹ）

268.0
249.7

268.0

Achieve
One Year
Ahead!

135.7
120.0

214.1

106.4
106.0

108.0

111.0
90.0

92.3

20

97.3

76.3

160
120
AsunaroAoki Group
80
40

Op.Income12.9(6.0%)
6.2
161.1

137.9

7.4

0

2017/3FY（Actual）

7.1
154.0
153.4
148.6
150.0

7.0

15.0

15.0

13.3 13.6(5.6%)

12.4(5.0%)
8.3

169.6
160.0

7.9
6.7

16

12

160.0

8

157.0
152.4

7.0

7.6

7.7

6.7

2018/3FY（Plan・Actual） 2019/3FY (Annual Plan ・Actual)「TRY! NEXT CENTURY 2020」

48.0

2020/3FY （Mid Term Plan）
1

Op.Income #s inside bars do not match with the total due to admin (TCG unconsolidated) costs. ©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

3

4. Our Market Environment Recognition towards March 2022 andNew Mid-Term Plan “Create! 2022”
Market environment does not allow optimistic views…
Positive Factors■ We foresee three consecutive years of domestic
construction investment exceeding 50 trillion yen level.
■ We foresee high level of household #s to be
maintained in Tokyo-Nagoya-Osaka Areas.
■ We foresee continued tight market for real estateutilization business of Tokyo-Nagoya-Osaka Areas.
We also foresee more growth of non-condominium
buildings in comparison to condominiums for rental
purpose.

Negative Factors■ Domestic construction investment will start to shrink after 2020,
which is our final year of Mid-Term Plan. Population decrease
will also accelerate.
■ Decrease of overall construction start-ups■ Prolonged time before start of construction in urban areas.
■ There is risk of rapid decline of market for condominiums forrental purpose due to interest rate hike.

Nevertheless, Takamatsu Construction Group will continue to grow with five pillars of "Create“!

Create Highgrowth, Highprofit Group

Create New
Business Domain

Create Group
Culture that
Respects Diversity
and Compliance

CreateSynergy
EffectCreate Value towards
Economy, Society andEnvironment

4©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

5-0. “Create！2022” : The Five “Creates”
1. Takamatsu Corporation continues to be the main engine to realize “High-growth”, while all Group companies
strive to realize “High profit”.
2. To realize the above, “Create Group Culture that Respects Diversity and Compliance” will be continued,
while maximizing “Creation of Synergy Effect” in the Group and “Create New Business Domain” mainly byconducting M&As.
3. Through the above, “Create Value towards Economy, Society and Environment” will be continued.
⇒To realize sustainable growth, quality of design, construction and maintenance after construction will
be secured, resulting in higher customer trust and satisfaction, leading into sharper competitive edge.

Create High-growth, High-profit Group
Create New
Business
DomainCreateSynergy
EffectCreate Group Culturethat Respects Diversity
and Compliance

Create Value towards Economy,
Society and Environment©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

5

5-1.

Create High-growth, High-profit Group

１０年
後Continue growth and achieve Group revenue of450BJPY (Excl.M&A)

Takamatsu Group

Asunaro Aoki Gr.

Yrs.Later

Real estate utilization business
260BJPY

Architecture & Civil Engi.
190BJPY

10

Continued growth is important mission.
TCG will sharpen competitivenessthrough quality and trust of design,
construction and maintenance.
Continue revenue growth of more than
6% per year, recapture operating marginof 6%, and be counted as one of the large
size contractors in 10 years.

(Rev. growth 6.1%/yr vs FY19/3)(FY29/3)

3

VisionAchieve Group revenue of 300BJPY, Op. Income 18BJPY(Rev. growth 6.3%/yr vs FY19/3, Op.Income 13.1%/yr vs FY19/3)

Revenue 140BJPY
Op.Income 11BJPY

Yrs.Later(FY22/3)

Need to Response to non-condo construction
improve… Respond to material scarcity

Productivity UP
By-project profit UP

What
Tight orders continue, further growth
Continues
in non-condominiums leading intois…
high growth of Takamatsu GroupFor Asunaro Aoki,
continue stable growthBusiness
Environment

Real estate utilization business inTokyo-Osaka-Nagoya Areas
continues to be tight.

Takamatsu Group

Revenue 160BJPY
Op.Income 8BJPY

・Continue high growth in central TokyoOsaka-Nagoya where demand remains
tight, with focus on non-condominiums.
・Need to note on…
①Smooth handling of non-condos②Avoid prolonged period before
construction

Asunaro Aoki Group

Domestic construction
market starts to shrink
after 2022

・Continue stable growth.
・Need to to raise profitability throughproductivity increase and by-project
profitability monitoring and control.
1

6©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

5-2.

Create New Business Domain

M&A

10
Yrs.Later(FY29/3)

3
Yrs.Later

Revenue・・・90BJPY/yr.
・M&A candidate search to be
conducted in wider fields
・Civil engineering, renewal,
PFI, PPP, productivity ⤴, etc.
・M&A candidate search to be
conducted in vicinity of
Takamatsu Corp’s business(FY22/3)’19/4→Tatsumi Planning Co.,Ltd.
’20/4→●●●

How?

・Plan to realize more than
one M&A per year, andinvest 50BJPY in 10 years

Why
Expand?

・TCG grew through M&A・Currently studying
50 candidates / year

VisionOverseas
Revenue・・・10BJPY/yr
・ Expand business toother countries/regions
TCG USA・Complete business planand start profitablebusiness model
・‘17/10 Founded TCG USA
・Purchased 2 items in NY
・Studying business modeland focus area
・To study and test whether
Takamatsu model can beexported overseas

・Aggressively conduct M&A andoverseas expansion to further
accelerate growth. Aim toincrease revenue of 100BJPY/yr
10 years ahead, while adding
more “uniqueness” to the Group.
・Advance to wooden individual
residence with Takamatsu House
as the core.

M&A
・Search candidates mainly inthe vicinity of Takamatsu
Corp business domain.
・Also look into vertical andhorizontal expansion.
Overseas・Set up profitable businessmodel in New York, USA.
・Use the model and conduct
M&A for further expansion.
7©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

5-3.

Create Group Culture that Respects Diversity and Compliance
Diversity

Diversity among Group Companies
TCG will respect diversity, and expand
through M&A while accepting new
cultures in the future as well,
TCG has grown by individual Group
companies organically expanding theirbusiness domains, strengths andcorporate cultures.
TCG already owns corporate culture andevaluation system that respects diversity andindependence of Group companies withvaried foundations, growth and businessdomains.

TCG is one of the rare construction
companies in Japan that expanded
through multiple M&As.

Basic Thinking

Diversity
among
Employees
PromoteWork
Style
Innovation

TCG believes diversity is the is the foundationof growth, change and innovation. We will
optimize our Group strength while asking eachGroup companies to enhance their capability
and presence in their business domains.
At the same time, we will also respect thediversity of our employees, and aim to realize
the Group in which individual employee canfully project their varied individual strength.

PromoteWomen
Workforce

PromoteSeniorWorkforce

Compliance
One of our Management Credo is “torefuse to overly prioritize profitability, andnever use improper or fraudulent methods
nor seek speculative profits”. We havefaithfully kept this Credo for a long timeand sincerely believe this is the key tomaintain good relationship with ourcustomers for generations. We will livewith this Credo in the future throughemployee training and daily activities.

83©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

5-4.

Create Synergy Effect

Synergy
EffectMeasures & Examples

Revenue↗

■JV among Group Companies→Logistics Center (Takamatsu and Asunaro Aoki)■Joint sales activities (Takamatsu and Kongo Gumi)■Higher rate of renovation and administration of
Takamatsu-built condos(Takamatsu Estate and Takamatsu Techno Service)

Gross
Profit↗
Efficiency

↗
(Cost
↘)

Technology↗

■Integrated purchasing of materials■Share construction know-hows■Unify personnel policies (Recruiting,promotion and evaluation)■Promote personnel exchange■Integrate administration methods

1. In parallel with diversity andindependence, generation offurther synergy effect among
Group companies is very
important.
2. The current level of synergy
generation is far from sufficient.
3. To prepare for economical
downturn, measures listed in thechart will be conducted.
4. When integrating policies andprocedures, need to takecautious steps not to damage
professional realms andcharacters of each company.

■Collaborative research and result sharing at
TCG Institute of Technology at Tsukuba(Example: "TAS (Takamatsu Asunaro-Aoki Support) Method" forquick form-timbering removal, Long Span methods, etc.)

9©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

4

Create Value towards Economy, Society and Environment

5-5①

1. TCG will tackle seriously with SDGs to enable our long term growth.
2. Currently, 25% of our revenue is contributing to SDGs Goals.
3. TCG will strive to maintain and enlarge the ratio during “Create! 2022” period and onwards.
SDGs Contribution Revenue
Item
Contribution to Environment
Reservation① Promote renewable energy

E② Ecological materials and methods
Contribute to Sustainable Cities andCommunities① Present safe and long life residenceS② Sustain safe, comfortable & highquality living standard③ Succeed traditional architecture
culture④ Provide living support for seniorcitizens(Unit : Billion JPY)

Revenue

Definition
Civil engineering revenue directly linked torenewable energy
Construction revenue using ecological materials
and methods

Architectures with its strength exceeding
Buildings Standards Act by more than 15%
Large scale reform and maintenance ofcondominiums, etc.
Architecture of shrines and temples,
preservation of archaeological resources
Provide elderly housing with service

FY March 19%

FY March 22

%

12.4

5%

16.2

5%

51.1 20%78.0 26%

63.5 25% 94.2 31%
249.7 100% 300.0 100%

Group Revenue Contributing to Environment Reservation and Society
TCG Total Revenue

5

10©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

5-5②

Create Value towards Economy, Society and Environment

4. Promotion of women workforce to be tackled by all TCG with the goal to raise female workforce ratio to 17%.
5. Work Style Innovation will also be tackled by all TCG, but goals will be set on “by-company” basis.
6. Strengthening governance will focus on “strategic review of internal audit” and “enhance training programs”

Item
S

15%

17%

② % of Female New Graduates Hired

25%

30%

Promote Work Style Innovation① Shut-down days target – Takamatsu Corp.
8 days in 4 weeks for 50% of sites② Shut-down days target – Asunaro Aoki
8 days in 4 weeks for 80% of sites
Strengthen Governance and Compliance① Strengthen management monitoringG

FY March 22

Promote Women Workforce① % of Female Workforce

ItemS

FY March 19② Increase transparency of management③ Improve ethical thinking
and sense of social mission

What to Tackle
・Promote usage of ICT equipments at sites
・Promote adoption of efficient construction procedure
・Gain understanding from clients to set construction terms
including targeted shut-down days
・Gain understanding and cooperation from our cooperatingcompanies①-1. Strengthen co-working with Board of Audit, Internal
Audit Team and CPA firms and and increase manpower②-1. Enhance information towards external board members
and auditors②-2. Enhance information providing meetings to outside
stakeholders③-1. Enhance training program contents and volume todirectors and senior employees.

5©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

11

6. Target Figures of New Mid-Term Plan "Create! 2022"
1. Orders : 350BJPY, 15% growth during 3 years. Takamastu Group to grow by 33% while little growth for Asunaro Aoki Group.
2. Revenue: 300BJPY, 20% growth during 3 years. Takamastu Group to grow by 44% while 5% growth for Asunaro Aoki Group.
3. Op. Income: 18BJPY, +45% during 3 years. Takamatsu Gr. to increase from 67→11BJPY, Asunaro Aoki Gr. 6.7→8.0BJPY.
4. Concerning FY 2020/3, order growth is set at a mild growth to 310BJPY due to abundant carryover orders, while revenue togrow by 8.1% to 270BJPY and op.income to grow by 6.9% to 13.3BJPY, and this is a MUST.

Op. Income

Orders/Revenue

4,000
400

（BJPY）

4.7%/year(15%/3yrs)

3,500
350
Orders

Revenue

OrdersTakamatsu
Group

249.7

Revenue(6.1%/year)

208.8
79.1

158.6

139.2

500
50
0

169.6

104

AsunaroAoki G3

4 /3FY5
6 /3FY
7
2017
2018

152.4

6.7
124

7.1
161.0 155.0

160.0

133

6.7

7.2

8 20199 /3FY 1011202012/3FY 13

5.8120162/3FY

11.0

170.0

5.1

20
15

13.3

12.4

Op.
Income18.0

13.1%/year(45%/3yrs)

Op.
Income(6.1%/year)

30
25

140.0
115.0

69.5

10.4

300.0

149.0

Op.Income

100
1,000

35
Revenue

180.0

1357
135.7

97.3

1,500
150

350.0

6.3%/year(20%/3yrs)

270.0(8.7%/year)

250 237.7
2,500
200
2,000

310.0

305.2

300
3,000

40
（BJPY）

Orders

10

180

5

8.0

14
202115/3FY

The portion of each figure that does not add up to the total is due to consolidated offsetting and headquarters expenses.

16 2022
17 /3FY18「Create！ 2022」

12©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

7. FY March 2020 and New Mid-Term Plan "Create! 2022"
1. Aggressive recruiting of new graduates will continue to lead into continuous growth.
2. Operating income per employee will remain at the same level in FY March 2020 vs last year, but will turnaroundafterwards and be back at previous high level in FY March 2022 (final year of Mid Term Plan).
3. ROE for FY March 2020 will also remain last year’s level, but aims to reach 9.0% in FY March 2022.
4. Dividend payout ratio hiked to 29.7% from the previous target of 25% in FY 2019/3.
This 30% level will be maintained in future years.
2017/3

2018/3

2019/32020/32022/3

ActualActualActualTargetTargetChangevs 19/3

Item

Personnel
Productivity

Number of employees

Headcount

3,372

3,577

3,915

4,200

4,800

22.6%

New graduates hired

Headcount

161

178

238

218

256

7.6%

MJPY

3.8

3.8

3.2

3.2

3.8

18.0%

%

7.0

8.1

6.9

6.9

9.0

+2.1p

JPY

183

223

202

210

310

53.5%

Dividend payout ratio

%

23.5

25.1

29.7

30.0

30.0

Dividend per share

JPY

43

56

60

63

93

Op. income per employee
ROE

Efficiency

Net earnings per share(excluding treasury stock)

Return55.0%

13©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

8．Takamatsu Construction Group : Mid to Long Term Growth Image

Numberof Group

AsunaroAoki
Construction

Takamatsu
Corporation

Companies

22

Contribution

Revenue

249.7
BJPY

Current

Takamatsu Construction GroupTCG USA

SDGs
Revenue

63.5
BJPY

(25%)

3 yrs
Later

24?

10 yrs
later

30?

300.0

94.2
BJPY

BJPY

(31%)

550.0

192.5

BJPY

BJPY

(35%)
14

©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

9. Takamatsu Construction Group : 3 Years and 10 Years Later
Group
Companies

2029 30?

Revenue

550.0BJPY

Continue Growth to generate
550BJPY Group Revenue「Create！2022」
2022 24?
2020 222019

100th 201818

Anniversary!

2007
1997 3
1917

20

14

300.0BJPY ・Create High-growth, High-profit Group

270.0BJPY

・Create New Business Domain
・Create Group Culture that Respects Diversity and Compliance
・Create Synergy Effect・Create Value towards Economy, Society and Environment

249.7BJPY
245.1BJPY

Continued growth through organic measures

171.8BJPY Accelerated growth through M&A

41.8BJPY

Grew mainly by constructing condominiums forrental purpose in Kansai Area.

Founded as “Takamatsu Gumi” in Osaka* Number of Group companies and revenue as of March 31 of the year (Consolidated).

1©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

15

10. Japan’s Domestic Construction Investment and TCG
1. We expect current level of domestic construction investment to continue until FY 2022/3.
2. TCG will continue its pace of growth since start of Abenomics and continue to uplift market share.
3. Takamatsu Corporation will seek further growth, while Asunaro Aoki focuses on profitability increase
under stable growth.
Share figures
400 4,000
凡例

350

3,500
70
受注Revenue
売上Const.
Orders
Inv.
建設
高
高 投資

60
300 3,000

TCG売上ｼｪｱ(対建設投資)
Share TCG (Sales / Const. Inv.)(vs const.
investment)

青木あすなろ売上ｼｪｱ(対建設投資)
Share, Asunaro Aoki Unconsolidated (Sales /Const. Inv.)

0.6%

Share, Takamatsu Unconsolidated (Sales / Const. Inv.)
髙松建設売上ｼｪｱ(対建設投資)
0.5%

50
250 2,500

200

0.4%

2,000
40
0.3%

30
150 1,500
0.2%
20
100 1,000

50

0.1%

500
10

0

1/3期
4/3期 2005
5/3期 2006
6/3期 2007
7/3期 2008
8/3期 20099/3期 10/3期11/3期12/3期13/3期14/3期15/3期16/3期17/3期18/3期19/3期20/3期21/3期22/3期
2001 2/3期
2002 3/3期
2003 20042010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
01/3期02/3期03/3期04/3期05/3期06/3期07/3期08/3期09/3期10/3期11/3期12/3期13/3期14/3期15/3期16/3期17/3期18/3期19/3期20/3期21/3期22/3期↑↑
受注高
Orders 建設投資
Domestic
売上高
Sales （兆円）
Construction（億円）(BJPY)
Investment(TJPY)

0.0%↑

Start of
Abenomics

Mid Term Plan

「Create！2022」

FY対建設投資ending inシェア
Marchof thewritten year

©2019 TAKAMATSU CONSTRUCTION GROUP CO., LTD.

16