May 10, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
<Japanese GAAP>
Listed company:
SANKI ENGINEERING CO., LTD.
Listed stock exchange: Tokyo
Securities code:
1961
URL:
https://www.sanki.co.jp/
Representative:
Hirokazu Ishida, President and Representative Director
Contact:
Yoshio Kawabe, Director, Managing Executive Officer, General Manager of the Accounting
Division
TEL: +81-3-6367-7084
Scheduled date of annual general meeting of shareholders:June 21, 2024
Scheduled date to commence dividend payments:
June 24, 2024
Scheduled date to file annual securities report:
June 21, 2024
Preparation of explanatory materials for financial results: Yes
Holding of a briefing on financial results: Yes (for securities analysts and institutional investors)(Amounts of less than 1 million yen are truncated)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
(April 1, 2023 to March 31, 2024)(1) Consolidated operating results(% figures show year-on-year change)

Net sales

Operating profit

Fiscal year ended

Millions of yen

March 31, 2024

221,920

16.3

11,586

114.2

March 31, 2023

190,865

(1.2)

5,409

(40.6)(Note) Comprehensive income:% Millions of yen

Profit attributable toowners of parent

Ordinary profit% Millions of yen%

Millions of yen%

12,750

104.1

8,951

88.4

6,247

(36.4)

4,750(26.8)

Fiscal year ended March 31, 2024: ¥20,242 million [458.2%]
Fiscal year ended March 31, 2023: ¥3,626 million [(57.3%)]

Profit per share

Profit per
share – diluted

Return on equity

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2024

165.58165.02

9.2

6.8

5.2

March 31, 2023

85.80

85.50

5.1

3.5

2.8

Net assets

Shareholders’ equity
ratio(2) Consolidated financial position
Total assets
As of

Net assets per share

Millions of yen

Millions of yen%

Yen

March 31, 2024

202,161

104,62151.7

1,967.03

March 31, 2023

172,305

90,91352.6

1,666.36(Reference) Shareholders’ equity: As of March 31, 2024: ¥104,431 million

1

As of March 31, 2023: ¥90,714 million

(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2024

1,285

3,174

(6,069)23,500March 31, 2023

(10,584)(969)(8,327)

24,9492. Dividends
Annual dividends
Third
Fiscal yearquarter-end
end

Total cash
dividends(Total)Payout ratio(Consolidated)

Ratio ofdividends to
net assets(Consolidated)

%

%

First
quarter-end

Secondquarter-end

Fiscal year ended

Yen

Yen

Yen

Yen

March 31, 2023

－

35.00

－

40.00

75.00

4,132

87.4

4.5

March 31, 2024

－

35.00

－

50.00

85.00

4,560

51.3

4.7

Fiscal year
ending March
31, 2025(Forecast)

－

42.50

－

42.50

85.00

Total

Yen Millions of yen

51.3(Note) Breakdown of end-FY3/23 dividend: Ordinary dividend ¥35; Extraordinary dividend ¥5
Breakdown of end-FY3/24 dividend: Ordinary dividend ¥35; Extraordinary dividend ¥15

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2025
(April 1, 2024 to March 31, 2025)(% figures show year-on-year change for the full year)
Net sales
Millions of yen
Full year

225,000

Operating profit

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen% Millions of yen

1.4

7.9

2.0

12,5002

13,0008,800

Profitper share
%

Yen

(1.7)

165.75

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scopeof consolidation): None
New: (Company name:)
Excluded: (Company name:)(2) Changes in accounting policies and estimates, and retrospective restatements(i) Changes in accounting policies in accordance with revision of accounting standards: None(ii) Changes in accounting policies other than item (i) above: None(iii) Changes in accounting estimates: None(iv) Retrospective restatements: None
(3) Number of shares issued (common stock)(i) Number of shares outstanding at the end of the period (including treasury shares)
As of March 31, 2024

56,661,156 shares

As of March 31, 2023

58,161,156 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

3,570,395 shares

As of March 31, 2023

3,722,458 shares(iii) Average number of shares during period
Fiscal year ended March 31, 2024

54,061,299 sharesFiscal year ended March 31, 2023

55,366,998 shares(Reference) Summary of non-consolidated financial results
1. Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
(April 1, 2023 to March 31, 2024)(1) Non-consolidated operating results(% figures show year-on-year change)
Net sales
Fiscal year ended

Millions of yen

March 31, 2024

197,084

March 31, 2023

169,116

Operating profit

Ordinary profit

Profit% Millions of yen%

Millions of yen%

Millions of yen

%

16.5

8,767

149.7

11,266

100.3

8,430

74.5

(2.6)

3,510

(51.8)

5,624(41.8)

4,830(30.5)

Profit per
share – diluted

Profit per share
Fiscal year ended

Yen

Yen

March 31, 2024

155.94155.42

March 31, 2023

87.25

86.95

(2) Non-consolidated financial position
Total assets
As ofShareholders’ equity
ratio

Net assets

Net assets per share

Millions of yen

Millions of yen%

Yen

March 31, 2024

187,491

92,55949.3

1,739.84

March 31, 2023

157,705

81,57951.6

1,494.89(Reference) Shareholders’ equity: As of March 31, 2024: ¥92,369 million

3

As of March 31, 2023: ¥81,380 million

2. Forecast of Non-Consolidated Financial Results for the Fiscal Year Ending March 31, 2025
(April 1, 2024 to March 31, 2025)(% figures show year-on-year change for the full year)
Net sales
Millions of yen
Full year

205,000

Operating profit% Millions of yen
4.0

10,000Ordinary profit%

Millions of yen

14.1

12,500

Profitper share

Profit% Millions of yen
11.0

9,300

%

Yen

10.3

175.17* The summary of financial results is not subject to inspection by a certified public accountant or an audit corporation.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements such as earnings forecasts contained in these materials are based on the information
available at the time they were prepared, and the actual results could differ from forecasts depending on a variety offactors. For matters related to the above earnings forecasts, please see the accompanying materials on p. 5 “1. Overview
of operating results and others, (4) Outlook.”
Disclaimer: This is a Japanese-English translation of the summary of financial statements of the Company produced foryour convenience. Officially, only the Japanese version is assumed to be the summary of financial statements of theCompany. This summary does not constitute any guarantee and the Company will not compensate any losses and/or damage
stemming from actions taken based on these statements. In the case that there is any discrepancy between the Japanese andEnglish versions, the Japanese version is assumed to be correct.

4

[Attached Materials]

Index
1. Overview of operating results and others ............................................................................................................................... 2(1) Overview of operating results in the fiscal year under review ........................................................................................ 2(2) Overview of financial position in the fiscal year under review ....................................................................................... 3(3) Overview of cash flows in the fiscal year under review .................................................................................................. 4(4) Outlook ........................................................................................................................................................................... 5
2. Management policy, operating environment, and issues to be addressed ............................................................................. 5(1) Management policy ......................................................................................................................................................... 5(2) Operating environment and issues to be addressed ......................................................................................................... 6
3. Basic view on selection of accounting standards ................................................................................................................. 7
4. Consolidated financial statements and related notes .............................................................................................................. 8(1) Consolidated balance sheets .............................................................................................................................................. 8(2) Consolidated statements of income and comprehensive income ................................................................................... 10(3) Consolidated statement of changes in equity ................................................................................................................. 12(4) Consolidated statements of cash flows ............................................................................................................................ 14(5) Notes on consolidated financial statements ................................................................................................................... 15(Notes on premise of going concern) ............................................................................................................................... 15(Changes in presentation method) .................................................................................................................................. 15(Segment information, etc.) ............................................................................................................................................. 16(Per share information) .................................................................................................................................................. 18(Important post balance sheet events) ............................................................................................................................ 18
5. Reference information ........................................................................................................................................................ 19
Results reference information (YoY comparison) .......................................................................................................... 19

1

1. Overview of operating results and others(1) Overview of operating results in the fiscal year under review
During the consolidated fiscal year under review, the economic situation in Japan has remained unpredictable given continued global
tensions, rising prices due to ongoing depreciation of the yen, and other factors, although exit from the COVID-19 pandemic has
progressed, bringing about normalization of socioeconomic activity.
Construction investment increased significantly due notably to reshoring of manufacturing, demand in digital transformation, andlarge-scale redevelopment projects at major metropolises, maintaining a firm trend that was supported by rise in unit construction costand robust corporate demand for capital investment.
In anticipation of the application of regulations on maximum working hour limit to the construction industry from FY2024, efforts
are called for to further improve efficiency in order to respond to strong domestic demand for capital investment while facing challenges
such as rising labor costs and shortage of engineers.
In this environment, the Group strived to remain the enduring company of choice and achieve the aspiration of its long-term vision“Century 2025” as it commemorates its 100th anniversary in April 2025. To this end, the Group continued to work on Phase 1 initiatives
focused on improving quality and Phase 2 efforts to enhance reliability, while also implementing new measures, including Phase 3
initiatives to contribute to the sustainability of society, accelerate work-style reforms, and invest toward the next era.
As a result, the Group’s business performance in the consolidated fiscal year under review was as follows.
(Millions of yen)
FY2022

FY2023

YoY change

YoY change(%)

Main factors behind YoYchangeOrders received

228,554

232,396

3,842

1.7%

Balance carried forward

188,426

198,902

10,476

5.6%

Net sales

190,865

221,920

31,05416.3%

Gross profit

27,012

34,642

7,629

28.2%

14.2%

15.6%

1.4%

5,409

11,586

6,177

2.8%

5.2%

2.4%

6,247

12,750

6,503

3.3%

5.7%

2.4%

4,750

8,951

4,200

2.5%

4.0%

1.5%

Margin (%)
Operating profit
Margin (%)
Ordinary profit
Margin (%)
Profit attributable to ownersof parent
Margin (%)

As stated in the next
section, “Operating
results of major
segments”

114.2%
104.1%

88.4%(Note) Profit margins are the rate of return on net sales.
<Operating results of major segments>〇Facilities Construction BusinessThis business includes HVAC and Plumbing for Buildings, Industrial HVAC (centered on air-conditioning systems for factories),
Electrical Systems and Facility Systems businesses, etc.
While orders received decreased, net sales increased due largely to steady progress on projects that were carried forward fromFY2022. Segment profit increased as a result largely of higher net sales and overall improvement in construction profitability.
(Millions of yen)
FY2022

FY2023

YoY change

YoY change (%)

Orders received

194,809

183,606(11,203)(5.8%)Net sales

155,778

182,545

26,766

17.2%

5,497

11,876

6,378

116.0%

Segment profit

2

〇Machinery Systems BusinessThis business mainly includes conveyance systems and manufacturing and sales business related to transportation equipment.
Net sales increased due largely to progress on the projects that were carried forward from FY2022. Segment loss improved dueto the increase in net sales, but profitability was low.
(Millions of yen)
FY2022
Orders received

FY2023

YoY change

YoY change (%)

11,654

11,242(411)(3.5%)Net sales

7,661

10,591

2,930

38.3%

Segment loss

(1,055)

(946)

108

－

〇Environmental Systems BusinessThis business mainly includes operations related to water and sewage facilities and waste treatment facilities ordered bygovernment agencies.
Orders received increased with orders received for large-scale waste treatment facilities. Net sales and segment profit bothincreased.
(Millions of yen)
FY2022

FY2023

YoY change

YoY change (%)

Orders received

19,92935,383

15,454

77.5%

Net sales

25,20026,415

1,214

4.8%

805

979

173

21.6%

Segment profit〇Real Estate BusinessThis business mainly includes leasing operations for real estate holdings and building management.
Net sales and segment profit both increased due largely to increase in tenant rental income and decrease in repair work.
(Millions of yen)
FY2022

FY2023

YoY change

YoY change (%)

11

0.5%

Orders received

2,471

2,482

Net sales

2,471

2,482

11

0.5%

724

866

142

19.6%

Segment profit(2) Overview of financial position in the fiscal year under review(Millions of yen)

Current
assetsNon-current
assetsTotal assets
Current
liabilities
Non-current
liabilities
Total
liabilities
Total net
assets

End-FY2022

End-FY2023

YoY change

YoY change(%)

115,512

131,564

16,051

13.9%

56,79370,596

13,803

24.3%

172,305

202,161

29,85517.3%

69,64981,597

11,94717.2%

11,742

15,941

4,199

35.8%

81,392

97,53916,147

19.8%

90,913

104,621

13,7073

15.1%

Main factors behind YoY change
Accounts receivable from completed
construction contracts and other as wellas contract assets increased due togrowth in construction volume

Accounts payable for construction
contracts increased due to growth inconstruction volume, while deferred tax
liabilities increased due to rise inmarket value of investment securities
Retained earnings increased due to posting of profit attributable to owners ofparent, while valuation difference on
available-for-sale securities increased
due to rise in market value

(3) Overview of cash flows in the fiscal year under review(Millions of yen)
FY2022
Cash and cash equivalents at
beginning of period

FY2023

Reasons for cash flow changes in FY2023

44,77924,949Cash flows from operating activities(10,584)

1,285

Cash flows from investing activities

(969)

3,174

Cash flows from financing activities(8,327)(6,069)Effect of exchange rate changes oncash and cash equivalents, etc.

51

159

Cash and cash equivalents at end of
period24,94923,500Due to posting of profit before income taxes andan increase in trade payables that exceeded anincrease in trade receivables, among other items.
Mainly due to redemption of securities.
Mainly due to dividend payments and purchase oftreasury shares based on financial and capital
policies.

Trends in the Group’s cash flow indicators are shown below.
Fiscal year ended
March 31, 2021
Shareholders’ equity
ratio
Marked-to-market
equity ratio
Ratio of interest-bearing
liabilities to cash flow
Interest coverage ratio

Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

53.4%

51.2%

52.6%

51.7%

50.6%

45.4%

49.4%

59.9%

―

0.7 year―

9.6 years―

164.4X―

12.2X

Shareholders’ equity ratio: shareholders’ equity / total assets
Marked-to-market equity ratio: market capitalization / total assets
Ratio of interest-bearing liabilities to cash flow: interest-bearing liabilities / operating cash flow
Interest coverage ratio: operating cash flow / interest payment* All indicators have been calculated based on consolidated financial data.
* Market capitalization is calculated by multiplying the closing share price as of the end of the fiscal year by the
number of issued shares as of the end of the fiscal year.
* For operating cash flow, cash flow from operating activities in the consolidated cash flow statement has been used.
Interest-bearing liabilities include all liabilities declared in the consolidated balance sheet for which interest is paid.
For interest payment, the amount of interest paid according to the consolidated cash flow statement is used.
* The ratio of interest-bearing liabilities to cash flow and the interest coverage ratio have been omitted for the fiscal
years ended March 31, 2021 and 2023, because operating cash flows were in the negative.

4(4) Outlook
In FY2024, the Group will steadily execute the plan to be the “Company of Choice” and work toward achieving the financial
performance targets under the “Century 2025” Phase 3 medium-term management plan. Consolidated earnings forecasts are as follows.
FY2024 consolidated earnings forecasts(Reference) FY2023 consolidated results

Orders received¥210 billion¥232.3 billion

Net sales¥225 billion¥221.9 billion

Operating profit¥12.5 billion¥11.5 billion

Ordinary profit¥13.0 billion¥12.7 billion

Profit attributable toowners of parent¥8.8 billion¥8.9 billion

Note: Figures rounded down to the nearest hundred million yen.

2. Management policy, operating environment, and issues to be addressed(1) Management policy
The Group has formulated “Century 2025,” a long-term vision extending for 10 years until FY2025, which marks the 100th
anniversary of the Group’s foundation, consisting of the following three phases of the medium-term management plan through which
the Group seeks to become “the Company of Choice” for all stakeholders.
・“Century 2025” Phase 1 (FY2016–FY2018): 3-year period to enhance quality
・“Century 2025” Phase 2 (FY2019–FY2021): 3-year period to enhance reliability
・“Century 2025” Phase 3 (FY2022–FY2025): 4-year period to become “the Company of Choice”
The consolidated fiscal year under review is the second year of the medium-term management plan “Century 2025” Phase 3, theculmination of the Group’s long-term vision of becoming a “Company of Choice.” The outline of Phase 3 is as follows.

(i) Basic Policies
Realize our ambition of becoming a corporate group of choice and prepare the groundwork for the next era by implementing new
initiatives while continuing to work on the measures taken to achieve Phase 1 priority theme of “enhancing the quality of its technology
and human resources” and Phase 2 priority theme of “enhancing reliability,” for these to mature or evolve further.
(ii) Priority measures
・Continuation of Phase 1○ Strengthen Core Businesses○ Promote Growth Strategy○ Enhance the Sanki Brand

・Continuation of Phase 2○ Disclose Financial and Capital Policies○ Strengthen Information Dissemination Capabilities

・New initiatives○ Contribute to the Sustainability of Society○ Accelerate Work-Style Reforms(iii) Management targets
・Financial performance targets of the final fiscal year of Phase 3
FY2025Net sales
Gross profit margin
Ordinary profit¥220.0 billion
16.5%¥12.0 billion

5○ Invest toward the Next Era

・Targets for the Phase 3 period
FY2022–FY2025
Ordinary profit margin

5.0% or higher

Payout ratio

50% or higher

Dividend¥70 or more per share annually

Acquisition of treasury shares

About 5 million shares*

ROE

8.0% or higher

Growth investment

About ¥20 billion** Cumulative total for the planned period(2) Operating environment and issues to be addressedWith respect to operating environment, the Group recognizes that the environment is changing significantly in such aspects as
decarbonization, declining birth rate and aging population, work-style reform, and rapid progress of DX. To respond to these changes inthe environment, the Group will promote energy conservation and energy creation business, automation and labor-saving business, andthe “Smile Project,” which is the Group’s unique work-style reform aimed at creating a friendly work environment including eliminationof long working hours.
With respect to requests issued by the Tokyo Stock Exchange under “Action to Implement Management that is Conscious of Cost of
Capital and Stock Price,” the Board of Directors of the Company has analyzed and evaluated the current situation regarding balance
sheet profitability and market valuation.
While the target for ROE (return on equity) as set forth in “Century 2025” Phase 3 medium-term management plan is 8% or higher,
this target was achieved in FY2023 with ROE of 9.2%, which is higher than what we perceive to be the cost of shareholder equity (6%to 7%).
PBR (Price-to-Book Ratio) was greater than 1.0 in FY2023.
Going forward, the Company will promote initiatives that are conscious of appropriate allocation of management resources based on
the Board of Directors’ analysis and evaluation of the current situation.
Main initiatives in the consolidated fiscal year under review and future challenges are as follows.
(i) Group-wide initiatives(E) Resolving global environmental issues through business activities• Technological development and expanded sales of products that contribute to energy conservation to achieve a carbon-freesociety• Enhancement of our unique donations system “SANKI YOU ECO CONTRIBUTION”• Continued participation in the Ministry of Environment’s 30by30 Alliance for Biodiversity• Named to CDP’s Climate Change A List company (highest rating) for the second consecutive year
• Start of operation of solar PPA business for self-wheeling of electricity generated at own facilities• Recycling of used work uniforms into towels• Start of application process for obtaining SBT* accreditation* Science Based Targets (SBT) are targets certified by the Science Based Targets initiative (SBTi), an international initiative,
for reducing greenhouse gas emissions in line with the Paris Agreement goals to limit the global average temperature increase to 1.5 °C above pre-industrial levels.
(S) Proactive measures to promote work-style reforms, enhance communication, and support culture and sports• Continuation of unique work-style reforms under the “Smile Project”• Increase in starting salary for new graduates and employees’ salary levels• Establishment of Digital Reform Promotion Division and formulation of SANKI DX Vision – Transforming to an organization where all Group employees are “connected”• Certified by the Ministry of Economy, Trade and Industry as a DX-certified operator

6• Certified as a “Health & Productivity Management Outstanding Organization 2024 (Large Enterprise Category)” for thesecond consecutive year
• Visits to elementary schools to conduct classes on subjects such as everyday chemistry topics and environmental conservation
as an initiative for supporting the development of the next generation and contributing to local communities• Promotion of safety and health education for the diverse human resources by producing a safety and health handbook in six
languages(G) Continuing initiatives based on the Sanki Engineering Corporate Governance Guidelines• Achieve and maintain the higher level of governance required by the Tokyo Stock Exchange Prime Market• Start of operation of BCMS* in the 5 domestic subsidiaries* BCMS: Business Continuity Management System(ii) Initiatives in each business• Facilities Construction Business
Amid vigorous private-sector investment in large-scale urban redevelopment projects at major metropolises, in industrial
HVAC for facilities such as semiconductor and electric vehicle battery plants, and in data centers, the robust market helped us
secure a backlog of orders that exceeded the previous year’s level. At the same time, although lengthy equipment delivery times
have been improving, prices of materials and equipment and labor costs continue to rise, and shortage of engineers persists.
Moreover, as the trend toward larger projects continues, the longer project horizon of large-scale construction work entails difficulty in securing personnel in the event of process change and risks such as surges in labor costs and prices of materials andequipment. How to control the impact of these factors is an issue that we need to address.
• Machinery Systems Business
The need for automation and labor-saving solutions arising from the labor shortage that is partly attributable to the so-called“2024 problem” remains strong in both manufacturing and non-manufacturing industries. To capture this opportunity, we focusedon secondary battery, healthcare, pharmaceutical, and logistics fields where we see future growth potential. We will continue towork on expanding sales of new products targeting the logistics field that were launched last year by showcasing them at trade
exhibitions and other occasions.
• Environmental Systems Business
Public-sector investment in public infrastructure including water processing facilities and waste processing facilities has been
on a par with the previous year, but amid elevated need for energy conservation as we move toward a carbon-free society, we
have been working on expanding sales of products with advanced energy-saving features and making business proposals
primarily focused on reducing greenhouse gas emissions based on the DBO* method. Some products have been performing
favorably in overseas markets as well, and we will seek to expand the business by making capital investment both in Japan andabroad. Furthermore, we have proceeded to restructure the Group’s businesses and changed the trade name of Sanki Chemical
Engineering & Construction Co., Ltd. to Sanki Greentech Co., Ltd., and Sanki Kankyo Service Co., Ltd. to Sanki Acquatech Co.,
Ltd. These Group companies will enhance their respective expertise and grow as companies having a competitive advantage andoperating more efficiently.
* DBO (Design Build Operate): a method of engaging a single private contractor to undertake the entire task of designing,
construction, operation, and maintenance.
In order to realize its long-term vision and become “the Company of Choice,” the Group will proceed with development of newtechnologies and further strengthening of corporate governance, and strive to achieve its sustainable growth and enhancement ofcorporate value over the medium to long term based on full commitment to compliance, while continuing its efforts to build a corporate
structure that can respond flexibly to changes in the environment.

3. Basic view on selection of accounting standards
The Group prepares its consolidated financial statements in line with Japanese standards to enable a comparison of the statements
across fiscal periods and between companies. We plan to respond appropriately to the adoption of IFRS (International Financial ReportingStandards), taking into account conditions in Japan and overseas.

7

4. Consolidated financial statements and related notes(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits

24,94923,500

407

307

4,603

5,427

48,28655,803

23,84336,011

Securities

4,000

1,000

Costs on construction contracts in progress

2,801

2,541

Notes receivable - trade
Electronically recorded monetary claims operating
Accounts receivable from completed construction
contracts and other
Contract assets

Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets

711

841

5,908

6,133

－

(1)

115,512

131,564

Non-current assets
Property, plant and equipment
Buildings and structures

43,95544,432(34,672)(35,299)

9,283

9,133

2,111

2,258

(1,687)(1,771)

424

486

3,035

3,035

538

540

Accumulated depreciation

(266)

(264)

Leased assets, net

271

275

Accumulated depreciation
Buildings and structures, net
Machinery, vehicles, tools, furniture andfixturesAccumulated depreciation
Machinery, vehicles, tools, furniture andfixtures, net
Land
Lease assets

Construction in progress

22

36

13,037

12,966

Other

2,302

2,045

Total intangible assets

2,302

2,045

28,01040,539Total property, plant and equipment
Intangible assets

Investments and other assets
Investment securities
Long-term loans receivable

64

55

Retirement benefit asset

7,190

8,978

Leasehold and guarantee deposits

1,636

1,654

Insurance funds

1,011

636

Deferred tax assets

849

1,042

Other

3,026

3,019

Allowance for doubtful accounts

(337)

(341)

Total investments and other assets

41,45355,58456,79370,596

172,305

202,161

Total non-current assets
Total assets

8

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Electronically recorded obligations - operating

1,667

3,447

Accounts payable for construction contracts

35,07440,992

Short-term borrowings

6,674

6,386

97

97

Lease liabilities
Income taxes payable

839

4,344

Contract liabilities

15,027

14,058Provision for bonuses

4,101

6,016

Provision for directors’ bonuses
Provision for warranties for completed construction
Provision for loss on construction contracts

224

283

1,405

436

32

1,077

Other

4,505

4,456

Total current liabilities

69,64981,597

1,400

2,374

Non-current liabilities
Long-term borrowings
Lease liabilities
Retirement benefit liability
Provision for loss on business of subsidiaries andassociates
Deferred tax liabilities

300

299

3,861

3,357

440

－

64

4,097

Other

5,675

5,813

Total non-current liabilities

11,742

15,941

81,392

97,539

Share capital

8,105

8,105

Capital surplus

4,189

4,192

Retained earnings

73,05175,769Treasury shares(5,335)(5,630)Total shareholders’ equity

80,011

82,436

10,583

19,646

Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

101

295

Remeasurements of defined benefit plans

17

2,051

10,702

21,994199

190

90,913

104,621

172,305

202,161

Total accumulated other comprehensive income
Share acquisition rights
Total net assets
Total liabilities and net assets

9(2) Consolidated statements of income and comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales
Net sales of completed construction contracts

188,258

Net sales in real estate business and otherTotal net sales

219,308

2,607

2,611

190,865

221,920

162,217

185,758

Cost of sales
Cost of sales of completed construction contracts
Cost of sales in real estate business and other

1,635

1,519

163,853

187,278

26,04033,550971

1,092

27,012

34,642

Employees’ salaries and allowances

7,915

7,761

Provision for bonuses

1,744

2,530

Provision for bonuses for directors (and other officers)

217

283

Retirement benefit expenses

467

454

Provision of allowance for doubtful accounts

－
879

3
1,150

Other

10,377

10,871

Total selling, general and administrative expenses

21,60323,055

5,409

11,586

Total cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit on real estate business and otherTotal gross profit
Selling, general and administrative expenses

Depreciation

Operating profit
Non-operating income
Interest income

1735

Dividend income

628

720

Insurance claim income

66

220

Surrender value of insurance policies

109

209

Waste disposal income

194

161

Other

189

262

1,205

1,610

Interest expenses

98

106

Construction repair expenses

13

86

Environmental expenses

－
255

183

Total non-operating income
Non-operating expenses

Other
Total non-operating expenses
Ordinary profit

10

70

367

446

6,247

12,750(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Extraordinary income
Gain on sale of non-current assets

22

Gain on sale of investment securities

1,027

Gain on liquidation of subsidiaries and associates

－
550

－

25

1,049

575

Loss on retirement of non-current assets

189

116

Loss on valuation of investment securities

31

52

Total extraordinary income
Extraordinary losses

Settlement payments

139－

Total extraordinary losses

360

168

Profit before income taxes

6,935

13,157

Income taxes - current

2,282

5,263

Income taxes - deferred(96)(1,057)

Total income taxes

2,185

4,206

Profit

4,750

8,951

4,750

8,951

－

－

(1,532)

9,063

5

－
193

(Breakdown)
Profit attributable to owners of parent
Profit attributable to non-controlling interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment

120

Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income

282

2,034

(1,124)

11,291

3,626

20,242

3,626

20,242－－(Breakdown)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests11

(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity

Balance at beginning of
periodShare capital

Capital surplus

8,105

4,181

Retainedearnings
75,097

Treasury shares

Total
shareholders’equity(5,243)82,140Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesTransfer of loss on
disposal of treasury
sharesCancellation oftreasury shares
Net changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of period(4,743)(4,743)

4,750

4,750

(28)
36

(2,347)(2,347)

239

211

(36)

－

(2,016)

2,016

－

－

8

(2,045)(91)(2,128)

8,105

4,189

73,051(5,335)80,011

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifference on
available-forsale securities

Deferred gains
or losses onhedgesForeigncurrencytranslation
adjustment

12,116

(5)

(19)

Total
Remeasurements
accumulatedof defined benefit
other
plans
comprehensive
income(265)

11,827

ShareacquisitionrightsTotal net assets

310

94,278Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesTransfer of loss on
disposal of treasury
sharesCancellation oftreasury shares
Net changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of period(4,743)4,750(2,347)211－－(1,532)

5

120

282

(1,124)(111)(1,235)(1,532)

5

120

282

(1,124)(111)(3,364)

10,583－101

17

10,702

199

90,91312

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders’ equity

Balance at beginning of
periodShare capital

Capital surplus

8,105

4,189

Retainedearnings
73,051

Treasury shares

Total
shareholders’equity(5,335)80,011

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesTransfer of loss on
disposal of treasury
sharesCancellation oftreasury shares
Net changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of period(4,083)(4,083)

8,951

8,951

2

(2,549)(2,549)

104

107
－

(2,149)

2,149

－

－

2

2,717

(295)

2,425

8,105

4,192

75,769(5,630)82,436

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifference on
available-forsale securities

Deferred gains
or losses onhedgesForeigncurrencytranslation
adjustment

10,583

－

101

Total
Remeasurements
accumulatedof defined benefit
other
plans
comprehensive
income17

10,702

ShareacquisitionrightsTotal net assets

199

90,913

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesTransfer of loss on
disposal of treasury
sharesCancellation oftreasury shares
Net changes in items
other thanshareholders’ equity
Total changes during
periodBalance at end of period(4,083)
8,951(2,549)
107
－
－
9,063

－

193

2,034

11,291(8)

11,282

9,063

－

193

2,034

11,291(8)

13,707

19,646

－

295

2,051

21,994

190

104,62113

(4) Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss on retirement of non-current assets
Office relocation expenses
Increase (decrease) in provision for loss on businessof subsidiaries and associates
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for loss on
construction contracts
Interest and dividend income
Interest expenses
Loss (gain) on sale of property, plant and equipment
Loss (gain) on sale of investment securities
Loss on valuation of investment securities
Gain on liquidation of subsidiaries and associates
Decrease (increase) in trade receivables and contract
assetsDecrease (increase) in costs on construction contracts
in progress
Increase (decrease) in trade payables
Increase (decrease) in contract liabilities
Increase (decrease) in other current liabilities
Settlement payments
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Office relocation costs paid
Settlement paid
Cash flows from operating activities
Cash flows from investing activities
Purchase of securities
Proceeds from redemption of securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Payments for retirement of property, plant andequipment
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from liquidation of subsidiaries andassociates
Proceeds from collection of loans receivable
Purchase of intangible assets
Subsidies received
Proceeds from maturity of insurance funds
Other
Cash flows from investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Proceeds from exercise of share options
Repayments of lease liabilities
Dividends paid
Cash flows from financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

14

Fiscal year ended
March 31, 2024
6,935
1,511
189
65

13,157
1,919
116
24

－

(440)

(26)
(42)
799

3
1,915
636

23

1,044

(645)
98
(22)
(1,027)
31
－

(755)
106
0
(541)
52
(25)

(10,328)(20,326)125

274(3,793)263(2,160)139
1,142(6,720)645(98)(4,213)
7
(65)
(139)
(10,584)

7,671
(983)
43
－
(1,522)
2,373
755
(105)
(1,897)
188
(28)
－
1,285

(21,000)
21,000(1,007)76(14,000)
17,000(1,337)
0

(178)

(101)

(273)
1,503

(8)
872

－

178

12
(1,185)
20
555
(491)
(969)

24
(222)
20
735
13
3,174

258
1,750
(3,140)(2,347)0(105)(4,743)(8,327)

(656)
2,000
(670)
(2,549)0(109)(4,083)(6,069)51

159(19,829)
44,77924,949(1,449)24,94923,500(5) Notes on consolidated financial statements(Notes on premise of going concern)
Not applicable(Changes in presentation method)(Consolidated statements of income and comprehensive income)(1) “Insurance claim income” and “Surrender value of insurance policies”, which were included in “Other” under non-operating
income in the previous consolidated fiscal year, are presented separately from the consolidated fiscal year under review because
their financial materiality within total non-operating income has increased. The consolidated financial statements for the previous fiscal year have been reclassified to reflect this change in presentation.
As a result, ¥365 million presented as “Other” under non-operating income in the consolidated statements of income andcomprehensive income for the previous consolidated fiscal year is reclassified as “Insurance claim income” ¥66 million, “Surrender value of insurance policies” ¥109 million, and “Other” ¥189 million.
(2) “Office relocation expenses”, which was presented separately under non-operating expenses in the previous consolidated fiscal
year, is included in “Other” from the consolidated fiscal year under review because its financial materiality within total nonoperating expenses has decreased. “Construction repair expenses,” which was included in “Other” under non-operating expenses in the previous consolidated fiscal year, is separately presented from the consolidated fiscal year under review because
its financial materiality within total non-operating expenses has increased. The consolidated financial statements for the previous fiscal year have been reclassified to reflect these changes in presentation.
As a result, ¥65 million presented as “Office relation expenses” and ¥203 million presented as “Other” under non-operating
expenses in the consolidated statements of income and comprehensive income for the previous consolidated fiscal year are
reclassified as “Construction repair expenses” ¥13 million and “Other” ¥255 million.

15

(Segment information, etc.)[Segment information]
1. Overview of reportable segments
The Group’s reportable segments are components of the Group for which separate financial information is available, and which
are subject to periodic review by the chief management decision-making body to determine the allocation of management
resources and evaluate performance.
The Group uses a divisional organizational structure for the company, and each consolidated subsidiary develops its businessin cooperation with the company’s divisional organizational structure within a reportable segment.
Accordingly, the Group is composed of the following four segments based on the organizational structure of the company: theFacilities Construction Business, which is engaged in a wide-range of business related to facilities construction works; theMachinery Systems Business, which is engaged in business related to industrial equipment such as FA systems, distribution
systems, and conveyors; the Environmental Systems Business, which is engaged in business related to environmental facilities
such as water and sewage treatment facilities; and the Real Estate Business, which is engaged in real estate leasing andmanagement.
2. Methods of calculating the amounts of sales, profit (loss), and other items by reportable segment
Methods of accounting procedures for reportable business segments are generally the same as those used in the preparation of
consolidated financial statements. The profit of each reportable segment is an amount based on ordinary profit. Intersegment
sales and transfers are based on prevailing market prices.
Segment assets and liabilities are not listed because they are not taken into consideration when deciding the allocation ofmanagement resources and evaluating business performance.
3. Information on net sales, profit (loss), and other items by reportable segment
Fiscal year ended March 31, 2023
(Millions of yen)
Reportable segments
Facilities Machinery
Construction Systems
Business
Business

Environmental
Systems
BusinessReal
EstateBusiness

Total

Other
(Notes) 1

Total

Adjustments(Notes) 2

Value onconsolidated
financialstatements(Notes) 3

Net sales
Net sales to externalcustomers
Intersegment sales ortransfers

155,423

7,658

25,176

2,468

190,727

138

190,865－

190,865

355

2

24

2

384

417

802

(802)

－

Total

155,778

7,661

25,2002,471

191,111556

191,667(802)

190,865

5,497(1,055)

805

724

5,972

(11)

5,961

285

6,247

Segment profit (loss)
Other items

Depreciation
805
209
127
424
1,567
0
1,567
(56)
1,511
Interest income
5
0
2
8
0
8
8
17
－
Interest expenses
42
0
0
42
42
56
98
－
－
Extraordinary income
22
0
22
22
1,027
1,049
－
－
－
Extraordinary losses
253
6
8
91
360
360
360
－
－
(Notes) 1. The “Other” category is a business segment that is not included in the reportable segments, and includes the leasing
business, insurance agency business, etc.
2. Adjustment amountThe adjustment amount of ¥285 million to segment profit/loss includes company-wide loss not allocated to eachreportable segment of ¥370 million, the reversal amount of the interest burden allocated to each segment within thecompany of ¥317 million, and an adjustment amount of ¥338 million due to the recording of loss on retirement of fixed
assets and loss on valuation of investment securities, etc. attributable to each segment as an extraordinary profit/loss. Notethat general and administrative expenses, etc. that are not attributable to each segment are the main source of companywide profit/loss.
3. Segment profit or loss is adjusted with ordinary profit in the consolidated financial statements.

16

Fiscal year ended March 31, 2024
(Millions of yen)
Reportable segments
Facilities Machinery
Construction Systems
Business
Business

Environmental
Systems
BusinessReal
EstateBusiness

Total

Other
(Notes) 1

Total

Adjustments(Notes) 2

Value onconsolidated
financialstatements(Notes) 3

Net sales
Net sales to externalcustomers
Intersegment sales ortransfers

182,356

10,586

26,373

2,476

221,793

126

221,920－

221,920

188

5

41

5

241

506

747

(747)

－

Total

182,545

10,591

26,415

2,482

222,035

632

222,668(747)

221,920

Segment profit (loss)

11,876

(946)

979

866

12,775(6)

12,769(18)

12,750

Other items
Depreciation
1,144
246
163
428
1,981
0
1,982
(62)
1,919
Interest income
5
0
22
27
0
27
7
35
－
Interest expenses
509
57
0
567
567
(461)
106
－
－
Extraordinary income
25
25
25
550
575
－
－
－
－
Extraordinary losses
61
6
7
39
116
116
52
168
－
(Notes) 1. The “Other” category is a business segment that is not included in the reportable segments, and includes the leasing
business, insurance agency business, etc.
2. Adjustment amountThe negative ¥18 million adjustment to segment profit/loss includes ¥650 million of company-wide loss not allocated to
the reportable segments, ¥519 million of reversal of the interest burden allocated to each segment within the company, and¥111 million of adjustment due to the recording of loss on retirement of fixed assets and other items attributable to eachsegment as extraordinary income/loss. Note that general and administrative expenses, etc. that are not attributable to eachsegment are the main source of company-wide profit/loss.
3. Segment profit or loss is adjusted with ordinary profit in the consolidated financial statements.
[Related information]
FY2022 (April 1, 2022 to March 31, 2023) and FY2023 (April 1, 2023 to March 31, 2024)
1. Information by product and service
Information by product and service is omitted because similar information is provided in “segment information.”
2. Information by region(1) Net sales
This information is omitted because sales to external customers in Japan account for over 90% of sales on the consolidated
statements of income and comprehensive income.
(2) Property, plant and equipment
This information is omitted because the amount of property, plant and equipment located in Japan exceeds 90% of theamount of property, plant and equipment on the consolidated balance sheet.
3. Information on main customers
This information is omitted because within sales to external customers, no specific customer accounts for over 10% of sales
on the consolidated statements of income and comprehensive income.

17

[Information related to impairment losses on non-current assets by reportable segment]
FY2022 (April 1, 2022 to March 31, 2023) and FY2023 (April 1, 2023 to March 31, 2024)
Not applicable[Information on amortization and unamortized balance of goodwill by reportable segment]
FY2022 (April 1, 2022 to March 31, 2023) and FY2023 (April 1, 2023 to March 31, 2024)
Not applicable[Information on negative goodwill gains by reportable segment]
FY2022 (April 1, 2022 to March 31, 2023) and FY2023 (April 1, 2023 to March 31, 2024)
Not applicable(Per share information)
Fiscal year ended March 31, Fiscal year ended March 31,
2023
2024
Net assets per share¥1,666.36¥1,967.03

Profit per share¥85.80¥165.58

Profit per share – diluted¥85.50¥165.02(Note) The basis for calculating profit per share and diluted profit per share is as follows.
Fiscal year ended March 31, Fiscal year ended March 31,
2023
2024
Profit per share
Profit attributable to owners of parent
Amount not attributable to commonshareholders
Profit attributable to owners of parent
pertaining to common shares
Average number of common shares outstanding
in fiscal year
Profit per share – diluted
Adjustment of profit attributable to owners ofparent(Millions of yen)

4,750

8,951

(Millions of yen)－－

(Millions of yen)

4,750

8,951

(Thousands ofshares)55,36654,061(Millions of yen)

－

－

191

182

(191)

(182)

(Thousands ofshares)(Of which, stock options utilizing stock acquisition rights)(Thousands of shares)
Increase in common shares

Overview of issuable shares not included in the calculation ofdiluted profit per share because they have no dilutive effect(Important post balance sheet events)
Not applicable18――――――――――――――――――――

5. Reference information
Results reference information (YoY comparison)(1) Summary of consolidated statements of income
April 1, 2022 toMarch 31, 2023
Net sales of completed
construction contracts
Net sales in real estate business andotherNet sales
Cost of sales of completed
construction contracts
Cost of sales in real estate businessand other
Cost of sales
Gross profit on completed
construction contracts
Gross profit on real estate businessand other
Gross profit(Millions of yen, %)YoY change
YoY change(%)

April 1, 2023 toMarch 31, 2024

188,258

219,308

31,050

16.5

2,607

2,611

4

0.2

190,865

221,920

31,054

16.3

162,217

185,758

23,540

14.5

1,635

1,519

(115)

(7.1)

163,853

187,278

23,425

14.3

26,04033,550

7,509

28.8

971

1,092

120

12.4

27,012

34,642

7,629

28.2

Selling, general and administrative expenses

21,60323,055

1,452

6.7

Operating profit

5,409

11,586

6,177

114.2

Non-operating income

1,205

1,610

404

33.6

Non-operating expenses

367

446

78

21.3

Ordinary profit

6,247

12,750

6,503

104.1

Extraordinary income

1,049

575

(473)

(45.1)

Extraordinary losses

360

168

(191)

(53.2)

Profit before income taxes

6,935

13,157

6,221

89.7

Profit attributable to owners of parent

4,750

8,951

4,200

88.4

(2) Summary of non-consolidated statements of income
April 1, 2022 toMarch 31, 2023
Net sales of completed
construction contracts
Net sales in real estate business andotherNet sales
Cost of sales of completed
construction contracts
Cost of sales in real estate businessand other
Cost of sales
Gross profit on completed
construction contracts
Gross profit on real estate businessand other
Gross profit(Millions of yen, %)YoY change
YoY change(%)

April 1, 2023 toMarch 31, 2024

166,644

194,604

27,959

16.8

2,471

2,479

8

0.3

169,116

197,084

27,96716.5

144,381

166,005

21,624

15.0

1,627

1,507

(119)

(7.3)

146,008

167,51321,50414.7

22,26328,599

6,335

28.5

844

971

127

15.1

23,10829,570

6,462

28.0

Selling, general and administrative expenses

19,59720,803

1,205

6.2

Operating profit

3,510

8,767

5,256

149.7

Non-operating income

2,497

2,962

465

18.6

Non-operating expenses

383

464

80

21.1

Ordinary profit

5,624

11,266

5,641

100.3

Extraordinary income

1,049

550

(499)

(47.6)

Extraordinary losses

360

167

(192)

(53.5)

Profit before income taxes

6,313

11,648

5,335

84.5

Profit

4,830

8,430

3,599

74.5

19

(3) Segment orders, sales, and balance carried forward (consolidated)(Millions of yen)
FY2022Category

April 1, 2022 toMarch 31, 2023

FY2023
April 1, 2023 toMarch 31, 2024

Share
85

Machinery Systems

11,654

Environmental
Systems
Subtotal

11,242

5

(411)

(3.5)

19,929935,38315

15,454

77.5

31,583

14

46,62620

15,042

47.6

226,39399

230,233

99

3,839

1.7

Real Estate Business

2,471

1

2,482

1

11

0.5

Other

542

0

634

0

92

17.0

Adjustments

(853)

(0)

(953)

(0)

(100)

－

228,554100

232,396

100

3,842

1.7

Facilities Construction

155,77882

182,54582

26,766

17.2

Machinery Systems

7,661

4

10,591

5

2,930

38.3

Environmental
Systems

25,20013

26,415

12

1,214

4.8

Subtotal

32,861

17

37,007

17

4,145

12.6

188,640

99

219,552

99

30,912

16.4

Real Estate Business

2,471

1

2,482

1

11

0.5

Other

556

0

632

0

76

13.8

Adjustments

(802)

(0)

(747)

(0)

54

－

190,865100

221,920100

31,054

16.3

Facilities Construction

143,923

76

144,985

73

1,061

0.7

Machinery Systems

6,872

4

7,523

4

650

9.5

Environmental
Systems

37,71020

46,678

23

8,968

23.8

Subtotal

44,58224

54,201

27

9,619

21.6

188,506100

199,186

100

10,680

5.7

Real Estate Business

－

－

－

－

－

－

Other

56

0

58

0

1

3.5

Adjustments

(136)

(0)

(342)

(0)

(206)

－

188,426

100

198,902100

10,476

5.6

Overseas orders (% of total orders)

3,021

1.3%

3,245

1.4%

223

7.4

%

Overseas sales (% of total sales)

3,488

1.8%

3,675

1.7%

187

5.4

%

Equipment construction
business
Plant
equipment

Net sales

Total

Total equipment
construction business

Equipment construction
business
Plant
equipment

Balance carried forward

Total

Total equipment
construction business

Total

%

%

Note: Internal transactions in each segment are eliminated by the adjustment amount.

20

%

(5.8)

5

Total equipment
construction business%(11,203)79

Equipment construction
business
Plant
equipment

194,809

YoY change(%)

183,606

Orders received

Facilities Construction

Share

YoY change

%

%

%

%

%

(4) Division orders, sales, and balance carried forward (non-consolidated)(Millions of yen)
FY2022

Facilities Construction

33 %46,62423 %(23,363)(33.4) %Industrial HVAC

75,54836

87,60543

12,057

16.0

Electrical Systems

28,37014

25,36912(3,001)(10.6)

Facility Systems

12,560

6

13,668

7

1,108

8.8

Subtotal

186,46689

173,26785(13,198)(7.1)

Machinery Systems

10,853

5

10,244

5

(609)

(5.6)

Environmental Systems

9,471

5

17,591

9

8,120

85.7

Subtotal

20,325

10

27,836

14

7,510

37.0

206,791

99

201,104

99(5,687)(2.8)

Real Estate Business

2,471

1

2,479

1

8

0.3

Total

(5,679)

(2.7)

432

0.8

209,263100

203,583

100

Facilities Construction

HVAC and Plumbing for
Buildings

54,76332 %55,19528 %Industrial HVAC

56,15933

76,264

39

20,105

35.8

Electrical Systems

25,51515

27,314

14

1,798

7.0

Facility Systems

10,986

7

13,911

7

2,925

26.6

Subtotal

147,42387

172,68588

25,262

17.1

Plant
equipment

Machinery Systems

6,979

4

9,803

5

2,823

40.5

Environmental Systems

12,241

8

12,115

6

(126)

(1.0)

Subtotal

19,221

12

21,918

11

2,697

14.0

166,64499

194,604

99

27,95916.8

Real Estate Business

2,471

1

2,479

1

8

0.3

Total

169,116100

197,084

100

27,967

16.5

Facilities Construction

Equipment construction business

Share

YoY change(%)

69,987

HVAC and Plumbing for
Buildings

64,86838 %

56,29632 %(8,571)(13.2) %Industrial HVAC

50,59430

61,93635

11,341

22.4

Electrical Systems

20,84912

18,904

11(1,944)(9.3)

Facility Systems

4,406

2

4,163

2

(243)

(5.5)

Subtotal

140,718

82

141,301

80

582

0.4

Machinery Systems

6,657

4

7,098

4

440

6.6

Environmental Systems

23,37714

28,854

16

5,476

23.4

Subtotal

30,03518

35,952

20

5,917

19.7

170,754100

177,253

100

6,499

3.8

－

－

－

－

－

－

170,754100

177,253

100

6,499

3.8

Total equipment construction
business

Equipment construction business

Share

YoY change

Plant
equipment

Net sales

FY2023
April 1, 2023 toMarch 31, 2024

HVAC and Plumbing for
Buildings

Total equipment construction
business

Balance carried forward

April 1, 2022 toMarch 31, 2023

Plant
equipment

Equipment construction business

Orders received

Category

Total equipment construction
business
Real Estate Business
Total

Overseas orders for construction contracts(% of total orders)
Overseas sales of completed construction
contracts (% of total sales)

%

32

0.0%

57

0.0%

25

76.4

85

0.1%

42

0.0%

(42)

(49.7) %21%