Consolidated Financial Results
for the FY2021
Ended March 31, 2022

―1―

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Fiscal Year ended March 31, 2022
During the fiscal year ended March 31, 2022, the Japanese economy showed signs of recovery, mainly inconsumer spending and industrial production, even as severe conditions persisted due to the impact of anothersurge in COVID-19 infections. In the construction industry, while orders from the public sector declined, thosefrom the private sector increased over the previous consolidated fiscal year on a recovery in the willingness tomake capital investments.
Under these circumstances, the Toda Group’s consolidated results were as follows.
Consolidated net sales decreased 1.1% year on year overall to ¥501.5 billion, mainly owing to a decrease in
the Company’s architectural construction business, despite increases in the Company’s civil engineeringbusiness and investment and development business.
In terms of operating income, gross profit decreased by 3.4% year on year to ¥62.6 billion, mainly due lower
profit in the architectural construction business and civil engineering business. Selling, general andadministrative expenses were ¥38.2 billion, an increase of 3.0% year on year, due to increases in personnel
expenses and depreciation, resulting in operating income of ¥24.3 billion, a decrease of 12.0% year on year.
Ordinary income decreased 7.4% year on year to ¥28.1 billion, with a solid contribution from interest
income and dividend income on investment securities and other factors.
Profit for the year attributable to owners of the parent fell to ¥18.5 billion, a 6.0% decrease over the previous
year, in part due to a gain on sales of investment securities, despite the recording of a loss on abandonment of
noncurrent assets and other losses.
The application of the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March
31, 2020; hereinafter “Revenue Recognition Standard”) and other standards resulted in an increase of ¥3.0
billion in net sales.
The results for each segment are as follows.
Segment results are presented including intersegment sales and transfers.
Architectural Construction Business
The segment recorded net sales of ¥304.6 billion, down 7.1% year on year. Segment operating income cameto ¥7.8 billion, down 14.7%. Application of the Revenue Recognition Standard increased net sales by ¥8.2
billion.
On a non-consolidated basis, overall orders received increased 15.1% year on year to ¥322.8 billion, as
orders from the private sector in Japan rose 26.5% year on year, despite a decrease in orders from thedomestic public sector of 24.7%.
Civil Engineering Business
The segment recorded net sales of ¥147.9 billion, up 8.5% year on year, and operating income of ¥11.9
billion, a decrease of 15.6%. Application of the Revenue Recognition Standard decreased net sales by ¥91
million.
On a non-consolidated basis, overall orders received decreased 4.2% year on year to ¥129.4 billion asorders from the private sector in Japan decreased 35.0% year on year, despite an increase in orders fromJapan’s public sector of 19.8%.
Investment and Development Business
The segment recorded net sales of ¥21.4 billion, up 64.9% year on year, and operating income of ¥4.1 billion,
down 1.9% year on year. Application of the Revenue Recognition Standard decreased net sales by ¥12
million.
Domestic Group Companies Business
The segment recorded net sales of ¥45.1 billion, down 19.0% year on year, and operating income of ¥1.9
―2―

billion, down 16.3% year on year. Application of the Revenue Recognition Standard decreased net sales by¥13.0 billion, although the main item within this is intersegment sales.
New BusinessNet sales from new business totaled ¥2.9 billion, up 48.6% year on year. The segment recorded an operating
loss of ¥0.2 billion, compared to the previous year’s ¥1.0 billion segment loss.
(2) Overview of Financial Position for the Fiscal Year ended March 31, 2022
Assets, liabilities, and net assets
AssetsTotal assets as of March 31, 2022, were ¥761.1 billion, up 3.5%, or a ¥25.4 billion increase from the end of
the previous fiscal year. The increase mainly reflects an increase of ¥25.5 billion in cash and deposits andan increase of ¥7.3 billion in buildings and structures, combined, despite a decrease of ¥7.6 billion in
investment securities.
Liabilities
Total liabilities as of March 31, 2022, were ¥442.1 billion, up 4.5%, or a ¥18.9 billion increase from the endof the previous fiscal year. The major contributors to this increase in liabilities were increases in short-termloans payable, bonds payable, and long-term loans payable of ¥11.6 billion, ¥10.3 billion, and ¥6.3 billion,
respectively, despite decreases amounting to ¥16.2 billion in notes payable, accounts payable forconstruction contracts and other.
Net assets
Total net assets as of March 31, 2022, were ¥319.0 billion, up 2.1%, or a ¥6.5 billion increase from the endof the previous fiscal year, mainly due to the recording of ¥18.5 billion in profit for the year attributable toowners of the parent, despite a decrease of ¥6.0 billion in valuation difference on available-for-salesecurities. The equity capital ratio was 41.6%.
(3) Overview of Cash Flows for the Fiscal Year ended March 31, 2022
Cash and cash equivalents (hereinafter “cash”) at the end of the fiscal year totaled ¥129.3 billion, up ¥25.5
billion compared to the end of the previous fiscal year.
Cash Flows from Operating Activities
Net cash provided by operating activities came to ¥27.2 billion, compared with net cash used in the previous
fiscal year totaling ¥21.1 billion. The main inflows were depreciation and amortization of ¥4.7 billion anddecreased real estate for sale of ¥4.3 billion, and outflows were profit before income taxes and noncontrolling interests amounting to ¥28.2 billion and a decrease of notes and accounts payable – trade of¥16.2 billion.
Cash Flows from Investing Activities
Net cash used in investing activities was ¥20.4 billion, compared with the ¥30.8 billion used in the previous
fiscal year. The main inflow was ¥6.3 billion in proceeds from the sales and redemption of investment
securities. The main outflows were purchase of property, plant and equipment totaling ¥21.8 billion,
purchase of investment securities amounting to ¥3.3 billion, and purchase of intangible assets of ¥2.5 billion.
Cash Flows from Financing Activities
Net cash provided by financing activities totaled ¥18.3 billion, compared with net cash provided in theprevious fiscal year totaling ¥31.2 billion. The main inflows were ¥13.8 billion in net increase from shortterm loans payable, ¥10.0 billion in proceeds from issuance of bonds, and ¥3.8 billion in long-term loans
payable. The main outflow was ¥9.2 billion in cash dividends paid.

―3―

The Group’s cash flow indicators are as follows.
For years ended
March 31

2018

2019

2020

2021

2022

Equity ratio

44.1%

39.9%

42.7%

42.1%

41.6%

Equity ratio on
a market price
42.3%
31.2%
30.9%
33.8%
30.0%
basis
Number of
3.9 years
years to redeem
1.4 years
6.6 years－－
debt
Interest coverage
23.8 times
76.3 times
32.0 times
－
－
ratio
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
With regard to the future economic situation, although we anticipate a recovery, the situation is expected toremain uncertain due to trends concerning COVID-19, as well as with the geopolitical risks created byconditions in Ukraine. In the construction industry, public sector construction work remains firm and theprivate sector is trending toward recovery, although the impact of soaring construction material costs requires
close monitoring.
We forecast consolidated net sales of ¥520.0 billion (up 3.7% year on year), operating income of ¥20.5
billion (down 15.9%), ordinary income of ¥22.9 billion (down 18.5%), and profit for the year attributable toowners of the parent of ¥18.8 billion (up 1.3%).
On a non-consolidated basis, we expect orders received to total ¥472.0 billion (down 0.2% year on year),net sales of ¥459.0 billion (up 1.6%), operating income of ¥17.1 billion (down 24.1%), ordinary income of¥19.7 billion (down 24.2%), and profit of ¥16.9 billion (up 4.2%).
(5) Basic Policy on Profit Distribution and Dividends in the Fiscal Year ended March 31, 2022 and the
Fiscal Year ending March 31, 2023
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, the Company plans to pay a year-end dividend of ¥16 per share. As a result, thetotal dividend for the current fiscal year, including the interim dividend, will be ¥26 per share.
For the next fiscal year, we plan to pay a dividend of ¥27 (including an interim dividend of ¥13.5).
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.
―4―3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits

As of March 31, 2022

Other
Allowance for doubtful accounts

95,037
209,347
10,10011,08011,0108,031
29,788(1,248)120,538
208,892
10,300
8,301
9,680
5,124
24,887(1,188)

Total current assets

373,147

386,536

40,552

47,912

Notes and accounts receivable - trade
Short-term investment securities
Real estate for sale
Costs on uncompleted construction contracts
Other inventories

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

6,119

11,01986,493
83
11,62287,65259
15,294

Total property, plant and equipment

144,871

161,938

608
8,876

701
11,255

9,484

11,956

Other
Allowance for doubtful accounts

200,290
842
1,966
637
4,744
(194)

192,650
817
2,129
677
4,585
(91)

Total investments and other assets

208,285

200,768

362,642374,663735,789

761,199

Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit assets
Deferred tax assets

Total noncurrent assets
Total assets―5―

(Millions of yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts and other
Short-term loans payable
Commercial papers-liabilities
Current portion of bonds payable

As of March 31, 2022

114,000

97,72848,29720,0008,525

59,96920,00015,1906,175

27,77928,369

6,957

6,071

3,641

3,819

2,753
32,717
17,0092,666
38,465
20,660Total current liabilities

281,681299,116

Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities

50,10032,64324,49645,24538,991
22,690

6,389
205
236

6,124
239
240

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

Deferred tax liabilities for land revaluation
Provision for directors’ retirement benefits
Provision for stock payments for directors
Provision for loss on liquidation ofsubsidiaries and affiliates
Net defined benefit liability
Asset retirement obligations
Other

28

1,193

21,470
1,999
4,003

21,8492,207
4,258

Total noncurrent liabilities

141,573

143,041

423,255

442,157

Retained earnings
Treasury stock

23,001
26,259189,217(9,388)23,001
26,457
199,155(8,462)

Total shareholders’ equity

229,089

240,152

79,47473,435

108
3,674(2,174)
(153)

385
3,073
(391)
(81)

80,92876,421

Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains on hedges
Revaluation reserve for land
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

―6―

2,515

2,467

312,533

319,042735,789

761,199

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Years ended March 31, 2021 and 2022
(Millions of yen)
Year ended March 31, 2022
(April 1, 2021 throughMarch 31, 2022)

Year ended March 31, 2021
(April 1, 2020 throughMarch 31, 2021)
Net sales
Net sales of construction contracts
Net sales of investment development businessand other
Total net sales

487,994472,641

19,14028,868507,134

501,509430,693417,249

11,553

21,582442,246438,832

57,30055,392

7,586

7,285

64,88762,677

Selling, general and administrative expenses

37,19038,292

Operating income

27,697

24,385

220
3,129

210
3,464

31

191

257
872

276
764

4,511

4,907

965
518
360

861
186
133

1,845

1,180

30,363

28,111Gain on sales of noncurrent assets
Gain on sales of investment securities
Other

35
2,637
105

24
3,127
595

Total extraordinary income

2,777

3,747

1,593
1,021
424
481

1,550
492
12
0

-

1,162

243

409

3,764

3,629

29,37628,230

10,112
(420)

9,271
490

9,692

9,761

Cost of sales
Cost of sales of construction contracts
Cost of sales of investment development
business and otherTotal cost of sales
Gross profit
Gross profit on construction contracts
Gross profit on investment development
business and otherTotal gross profit

Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using
equity method
Dividend income of insurance
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission fee
Other
Total non-operating expenses
Ordinary income
Extraordinary income

Extraordinary loss
Loss on abandonment of noncurrent assets
Impairment loss
Loss on sales of investment securities
Loss on valuation of investment securities
Provision for loss on liquidation of subsidiaries
and affiliates
Other
Total extraordinary losses
Profit before income taxes and non-controllinginterests
Income taxes-current
Income taxes-deferred
Total income taxes―7―

Profit for the year

Year ended March 31, 2021
(April 1, 2020 throughMarch 31, 2021)
19,684(Millions of yen)
Year ended March 31, 2022
(April 1, 2021 throughMarch 31, 2022)
18,468(51)(92)

19,735

18,560Loss attributable to non-controlling interests
Profit for the year attributable to owners of theparent―8―

Consolidated Statements of Comprehensive Income
Years ended March 31, 2021 and 2022

Profit for the year
Other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income

Year ended March 31, 2021
(April 1, 2020 throughMarch 31, 2021)
19,684(Millions of yen)
Year ended March 31, 2022
(April 1, 2021 throughMarch 31, 2022)
18,46827,520(6,039)121(1,527)
1,029

277
1,349
88

200

414

27,344(3,909)Comprehensive income

47,02814,559Comprehensive income attributable to
Owners of the parent
Non-controlling interests

47,146(118)

14,654(95)―9―

(3) Consolidated Statements of Changes in Net Assets

Year ended March 31, 2021 (April 1, 2020 through March 31, 2021)(Millions of yen)
Shareholders’ equity
Capital stock Capital surplus
Balance at March 31, 2020

23,001

26,259Total
Treasury stock shareholders’equity176,564(9,392)
216,433

Retainedearnings

Changes during period
Dividends from surplus
Profit for the year attributable toowners of the parent
Disposal of treasury stock(7,993)(7,993)

19,735

19,735Purchase of treasury stock
Increase by share exchanges
Change in parent’s ownershipinterests arising from capitalincrease of consolidated
subsidiary
Reversal of revaluation reserve
for landNet changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at March 31,2021

Balance at March 31, 2020

5

5

(0)

(0)
-

(0)

(0)
909

909

-

(0)

12,652

4

12,65623,001

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

Accumulated other comprehensive income
Total
Valuation
NonForeign RemeasureDeferred
accumulated controlling
Revaluationdifference on
currency
ments ofgains orother
reserve foravailableinterests
translation
definedlosses oncomprehensive
land
for-saleadjustments benefit planshedgesincomesecurities
51,954
(13)
4,584
(805)
(1,292)54,4272,635

Total net
assets273,496

Changes during period
Dividends from surplus
Profit for the year attributable toowners of the parent
Disposal of treasury stock(7,993)
19,735
5Purchase of treasury stock(0)

Increase by share exchanges
Change in parent’s ownershipinterests arising from capitalincrease of consolidated
subsidiary
Reversal of revaluation reserve
for landNet changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at March 31,2021(0)909
27,520121(909)(1,369)1,138

26,501(120)

26,381

27,520121(909)(1,369)1,138

26,501(120)

39,037

79,474108

3,674(2,174)(153)

80,9282,515

312,533―10―

Year ended March 31, 2022 (April 1, 2021 through March 31, 2022)(Millions of yen)
Shareholders’ equity
Capital stock Capital surplus
Balance at March 31, 2021

23,001

26,259Total
Treasury stock shareholders’equity189,217(9,388)229,089

Retainedearnings

Changes during period
Dividends from surplus
Profit for the year attributable toowners of the parent
Disposal of treasury stock(9,223)(9,223)

18,56018,560Purchase of treasury stock
Increase by share exchanges
Change in parent’s ownershipinterests arising from capitalincrease of consolidated
subsidiary
Reversal of revaluation reserve
for landNet changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at March 31,2022

Balance at March 31, 2021

198

32

32

(1)

(1)

894

1,093
-

600

600

-

198

9,938

925

11,06323,001

26,457

199,155(8,462)

240,152

Accumulated other comprehensive income
Total
Valuation
NonDeferred
Foreign RemeasureRevaluation
accumulated controlling
difference on
gains orcurrency
ments ofreserve for
otheravailableinterests
losses ontranslation
definedlandcomprehensive
for-salehedgesadjustments benefit plansincomesecurities
79,474108
3,674(2,174)(153)
80,9282,515

Total net
assets

312,533

Changes during period
Dividends from surplus
Profit for the year attributable toowners of the parent
Disposal of treasury stock(9,223)
18,56032

Purchase of treasury stock
Increase by share exchanges
Change in parent’s ownershipinterests arising from capitalincrease of consolidated
subsidiary
Reversal of revaluation reserve
for landNet changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at March 31,2022

(1)
1,093
-

600
(6,039)

277

(600)

1,782

72

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

277

(600)

1,782

72

(4,507)

(47)

6,508

73,435

385

3,073

(391)

(81)

76,421

2,467

319,042―11―

(4) Consolidated Statements of Cash Flows
Year ended March 31, 2021
(April 1, 2020 throughMarch 31, 2021)
Net cash provided by (used in) operating activities
Profit before income taxes and non-controllinginterests
Depreciation and amortization
Impairment loss
Amortization of goodwill
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in provision for loss on
liquidation of subsidiaries and affiliates
Share of loss (profit) of entities accounted for using
equity method
Increase (decrease) in net defined benefit liability
Decrease (increase) in net defined benefit asset
Increase (decrease) in other provision
Loss (gain) on valuation of investment securities
Loss (gain) on sales of investment securities
Loss (gain) on sales of property, plant andequipment
Loss on abandonment of noncurrent assets
Interest and dividend income
Interest expenses
Decrease (increase) in notes and accounts
receivable-trade
Decrease (increase) in costs on uncompleted
construction contracts
Decrease (increase) in real estate for sale
Decrease (increase) in costs on real estate business
Decrease (increase) in other current assets
Increase (decrease) in notes and accounts payabletrade
Increase (decrease) in advances received on
uncompleted construction contracts
Increase (decrease) in other current liabilities
Other, net(Millions of yen)
Year ended March 31, 2022
(April 1, 2021 throughMarch 31, 2022)

29,37628,230

3,834
1,021
86

4,765
492
104

246

(172)

(8)

1,164

(31)

(191)

378
571
(576)
481
(2,212)

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

(34)

(24)

1,593
(3,349)965

1,550(3,675)861(46,220)

1,625

5,537

1,435

1,365
(4,092)(11,243)

4,304
1,136
6,025

8,981

(16,298)(2,140)

658

161
693

7,877
(187)

(14,615)

35,785Interest and dividend income received

3,423

3,681

Interest expenses paid
Income taxes paid
Other, net(953)(9,012)18(853)(11,526)
186

Net cash provided by (used in) operating activities(21,139)

27,274

Subtotal―12―

Year ended March 31, 2021
(April 1, 2020 throughMarch 31, 2021)(Millions of yen)
Year ended March 31, 2022
(April 1, 2021 throughMarch 31, 2022)

(399)
76
(25,735)

69
100(21,814)35

80(1,745)(1,471)(1,842)
9(4,190)(2,511)
2,900(3,357)

6,465

6,321

(101)

(3)

42

28

Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from sales and redemption of securities
Purchase of property, plant and equipment
Proceeds from sales of property, plant andequipment
Payments from retirement of property, plant andequipment
Purchase of intangible assets
Proceeds from subsidy income
Purchase of investment securities
Proceeds from sales and redemption of investment
securities
Payments of loans receivableCollection of loans receivable
Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Purchase of shares of equity method affiliate
Payments for lease and guarantee deposits
Other, net(107)(1,037)(3,643)
(85)
370

(57)
(263)
582

Net cash provided by (used in) investing activities(30,852)(20,433)

1,224
20,0009,717(6,616)20,000(5,000)(7,993)(2)

13,80912,920(9,037)
10,000(30)(9,223)
(2)

-

(76)

(0)
(49)

(1)
(51)

31,27918,306(978)426(21,690)

25,574125,418

103,727

103,727

129,301

Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Increase (decrease) in commercial paper
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Cash dividends paid
Cash dividends paid to non-controlling interests
Payments for acquisition of shares of subsidiaries
not affecting the scope of consolidation
Purchase of treasury stock
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of current
periodCash and cash equivalents at the end of current period―13―4. Non-consolidated Financial Statements(1) Non-consolidated Balance Sheets(Millions of yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes receivable-trade
Electronically recorded monetary claims –operatingAccounts receivable from completed
construction contracts
Short-term investment securities
Real estate for sale
Costs on uncompleted construction contracts
Costs on real estate business
Raw materials and supplies
Accounts receivable-other
Advanced paid
Other

As of March 31, 2022

80,149216

107,668
930

1,653

2,578

196,472

190,784

10,00011,076
9,322
7,095
567
1,659
18,144
8,964

10,000
5,250
8,629
4,044
685
1,373
17,945
3,656

Allowance for doubtful accounts(1,225)(1,154)

Total current assets

344,096352,390

Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation

48,033(17,594)

55,522(18,555)

Buildings, net

30,43936,9672,066(1,371)

2,295(1,213)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

695

1,082

6,410
(5,136)

7,065(4,855)

1,274

2,209

90
(81)

73
(68)

8

5

2,020
(1,527)2,077(1,635)492

441

75,433297(249)

77,168120(82)

Lease assets, net

4738

Construction in progress

9,634

15,092

118,027

133,005

Intangible assets
Leasehold right
SoftwareTotal property, plant and equipment

5,123
2,038

5,123
2,448

Goodwill
Other

450
1,685

381
2,879

Total intangible assets

9,298

10,833―14―

(Millions of yen)
As of March 31, 2021
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
Commercial paper
Current portion of bonds payable
Lease obligations
Accounts payable-other
Income taxes payable
Advances received on uncompleted
construction contracts
Deposits received
Provision for bonuses
Provision for warranties for completed
construction
Provision for loss on construction contracts
Deposits received from employees
Other
Total current liabilities―15―

As of March 31, 2022

186,874
21,542

178,983
28,643

2,387

1,566

23
102

3
103

10

5

1,803

1,661

0

-

356

259

109

3

1,906
2,891

2,012
3,114

(201)

(91)

217,807216,264

345,133

360,103689,230

712,493

2,781

2,156

21,04331,982

83,19343,75820,000
17
4,427
7,955

57,39255,471
20,00015,000
14
3,116
5,767

23,65026,77432,142
6,478

37,706
5,586

3,548

3,782

2,521
10,383
1,115

2,580
11,3404,413

263,017

283,083

(Millions of yen)
As of March 31, 2021
Noncurrent liabilities
Bonds payable
Long-term loans payable
Lease obligations
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits
Provision for directors’ retirement benefits
Provision for stock payments for directors
Provision for loss on business of subsidiaries
and affiliates
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for construction
General reserve
Retained earnings brought forward
Total retained earnings

As of March 31, 2022

50,00030,04336
24,251
6,389
20,219127236

45,00036,52828
22,2796,124
20,353
128
240

427

1,608

444
2,922

411
3,211

135,100

135,915

398,118

418,998

23,001

23,001

25,573-25,573
198

25,57325,771

5,750

5,750

50,00091,774
21,18750,000101,774
18,780168,712

176,305

Treasury stock(9,388)(8,462)

Total shareholders’ equity

207,899

216,617

79,43073,419

108
3,674

385
3,073

83,21376,878291,112

293,495

689,230

712,493

Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Deferred gains on hedges
Revaluation reserve for land
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets―16―

(2) Non-consolidated Statements of Income

Year ended March 31, 2021
(April 1, 2020 throughMarch 31, 2021)
Net sales
Net sales of construction contracts
Net sales of investment development businessand other
Total net sales
Cost of sales
Cost of sales of construction contracts
Cost of sales of investment development
business and otherTotal cost of sales
Gross profit
Gross profit on construction contracts
Gross profit on investment development
business and otherTotal gross profit
Selling, general and administrative expenses
Directors’ compensations
Provision for share allocation to directors
Employees’ salaries and allowances
Provision for bonuses
Provision for directors’ retirement benefits
Retirement benefit expenses
Legal welfare expenses
Welfare expenses
Repair and maintenance
Stationery expenses
Correspondence and transportation expenses
Power utilities expenses
Research study expenses
Advertising expenses
Provision of allowance for doubtful accounts
Entertainment expenses
Contribution
Rents
Depreciation
Amortization of goodwill
Taxes and dues
Insurance expenses
Miscellaneous expenses
Total selling, general and administrative
expenses
Operating income―17―(Millions of yen)
Year ended March 31, 2022
(April 1, 2021 throughMarch 31, 2022)

448,130

430,983

13,24920,786461,380

451,770

395,887

380,879

7,631

14,958403,519395,837

52,24250,103

5,618

5,828

57,86155,932440
53
10,970
4,255
99
1,250
1,693
724
235
1,968
763
84
2,438
324
293
499
197
1,886
545
69
2,201
35
1,637

480
36
11,440
4,141
108
913
1,757
706
191
1,577
912
88
2,278
297
(178)
608
194
2,047
1,760
69
1,543
36
2,380

32,67133,392

25,18922,540Year ended March 31, 2021
(April 1, 2020 throughMarch 31, 2021)(Millions of yen)
Year ended March 31, 2022
(April 1, 2021 throughMarch 31, 2022)

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

60
0
3,413
257
819

39
0
3,724
276
506

Total non-operating income

4,550

4,547

790
165
518
196

583
195
210
101

1,670

1,091

Ordinary income

28,06925,995Extraordinary income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Other

18
2,610
84

0
3,008
280

2,713

3,290

1,603
88
431

1,542
492
0

3,005

1,189

176

1,181

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
Impairment loss
Loss on valuation of investment securities
Loss on valuation of stocks of subsidiaries andaffiliates
Provision for loss on business of subsidiaries andaffiliates
Other
Total extraordinary losses
Profit before income taxes and non-controllinginterests
Income taxes-current
Income taxes-deferred

634

344

5,939

4,750

24,84324,535

8,987
(804)

7,966
353

Total income taxes

8,182

8,320

Profit for the year

16,66016,215―18―

(3) Non-consolidated Statements of Changes in Net Assets
Year ended March 31, 2021 (April 1, 2020 through March 31, 2021)(Millions of yen)
Shareholders’ equity
Capital surplus

Balance at March 31, 2020

Capital
stock

Legal
capitalsurplus

23,001

25,573

Other
capitalsurplus-Retained earnings
Other retained earnings

Total capitalsurplusLegalretainedearnings

25,573

5,750

Reserve for General
construction reserve
50,000Retainedearnings
brought
forwardTotal
retainedearnings

71,774

31,610159,135

20,000(20,000)-

Dividends from surplus(7,993)(7,993)

Profit for the year

16,66016,660909

909

Changes during period
Provision of general reserve

Disposal of treasury stock
Purchase of treasury stock
Increase by share exchanges
Reversal of revaluation
reserve for land
Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
Balance at March 31, 2021

-

-

-

-

-

-

20,000(10,422)

9,577

23,001

25,573-25,5735,750

50,00091,774

21,187

168,712

Shareholders’ equity
Treasurystock
Balance at March 31, 2020

(9,392)

Valuation and translation adjustments

Valuation
Total
Deferred gains
Total valuation and Total net assets
difference on
Revaluation
shareholders’or losses ontranslation
available-for-salereserve for land
equityhedgesadjustments
securities
198,317

51,957

(11)

4,584

56,530254,848

Changes during period
Provision of general reserve--

Dividends from surplus(7,993)(7,993)

Profit for the year

16,66016,660

Disposal of treasury stock

5

5

5

Purchase of treasury stock

(0)

(0)

(0)

-

-

909

909

Increase by share exchanges
Reversal of revaluation
reserve for land
Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
Balance at March 31, 2021

27,472

119(909)

26,682

26,682

4

9,581

27,472

119(909)

26,68236,263(9,388)207,899

79,430108

3,674

83,213291,112―19―

Year ended March 31, 2022 (April 1, 2021 through March 31, 2022)(Millions of yen)
Shareholders’ equity
Capital surplus

Balance at March 31, 2021

Capital
stock

Legal
capitalsurplus

23,001

25,573

Other
capitalsurplus-Retained earnings
Other retained earnings

Total capitalsurplusLegalretainedearnings

25,573

5,750

Reserve for General
construction reserve
50,000Retainedearnings
brought
forwardTotal
retainedearnings

91,774

21,187

168,712

10,000(10,000)-

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

Profit for the year

16,215

16,215600

600

Changes during period
Provision of general reserve

Disposal of treasury stock
Purchase of treasury stock
Increase by share exchanges

198

198

Reversal of revaluation
reserve for land
Net changes of items otherthan shareholders’ equity
Total changes of items during
the period
Balance at March 31, 2022

-

-

198

198

-

-

10,000(2,406)

7,593

23,001

25,573

198

25,771

5,750

50,000101,774

18,780176,305

Shareholders’ equity
Treasurystock
Balance at March 31, 2021

(9,388)Valuation and translation adjustments

Valuation
Total
Deferred gains
Total valuation and Total net assets
difference on
Revaluation
shareholders’or losses ontranslation
available-for-salereserve for land
equityhedgesadjustments
securities
207,899

79,430108

3,674

83,213291,112

Changes during period
Provision of general reserve
Dividends from surplus
Profit for the year--

(9,223)(9,223)

16,215

16,215

Disposal of treasury stock

32

32

32

Purchase of treasury stock

(1)

(1)

(1)

Increase by share exchanges

894

1,093

1,093

600

600

Reversal of revaluation
reserve for land
Net changes of items otherthan shareholders’ equity(6,011)

277

(600)

(6,334)(6,334)

Total changes of items during
the period

925

8,717

(6,011)

277

(600)

(6,334)

2,383

Balance at March 31, 2022

(8,462)

216,617

73,419385

3,073

76,878

293,495―20―

(2) Summary of Consolidated Results and Forecasts(Millions of yen)
Full YearFY2020

FY2021

FY2021

Actual (a)Forecast

Actual(b)

YoY(b)-(a)AmountFY2022

Percentage (%)

YoY(c)-(b)Forecast(c)

AmountPercentage (%)

Net sales

507,134

515,000

501,509-5,624-1.1

520,000

18,4903.7

Construction business

455,907453,000

439,128-16,778-3.7

451,000

11,871

2.7

Architectural
construction

322,808

313,000

293,168-29,640-9.2

321,000

27,831

9.5

Civil engineering

133,098

140,000

145,959

12,8619.7

130,000-15,959-10.9

Investment anddevelopment business

12,18421,00020,675

8,490

69.7

19,000-1,675-8.1

Domestic Group companies

37,03537,20038,723

1,687

4.6

46,200

7,476

19.3

New business

2,006

3,800

2,982

975

48.6

3,800

817

27.4

64,88761,50062,677-2,209-3.4

63,000322

0.5

12.8 %

11.9 %

12.5 %

SG&A expenses

37,19037,90038,292

1,102

3.0

42,500

4,207

11.0

Operating income

27,697

23,60024,385-3,312-12.0

20,500-3,885-15.9

Non-operating income

2,666

2,100

3,726

1,060

39.8

2,400

-1,326-35.6

Ordinary income

30,36325,70028,111-2,251-7.4

22,900-5,211-18.5

Extraordinary income

-987

-

118

1,105

-

5,000

4,881

-

Profit before income taxes

29,37625,70028,230-1,146-3.9

27,900-330-1.2

Income taxes

9,692

8,800

9,761

69

0.7

9,100

-661

-6.8

Profit19,684

16,90018,468-1,215-6.2

18,800

331

1.8

-51

-

-92

-

-

-

92

-

19,735

16,90018,560-1,175-6.0

18,800239

1.3

Gross profit
Profit margin

Profit attributable to noncontrolling interests
Profit for the year attributableto owners of the parent

12.1 %

Note: 1. Net sales are based on business segments and intercompany sales are eliminated.

―21―

(3) Summary of Non-consolidated Results and Forecasts(Millions of yen)
Full YearFY2020
Actual(a)

FY2021

FY2021

Forecast

Actual(b)

YoY (b)-(a)FY2022

Percentage(%)

AmountYoY (c)-(b)Forecast(c)

Percentage(%)

AmountOrders received

428,916

466,000

473,082

44,16610.3

472,000-1,082-0.2

Construction
business

415,666

445,000

452,296

36,6298.8453,000

703

0.2

278,128

317,000

320,893

42,76415.4

332,000

11,106

3.5

134,888

120,000

128,618-6,269-4.6

117,000-11,618-9.0

Domesticarchitectural
construction
Domestic civilengineering
Overseas

2,649

8,000

2,784

135

5.1

4,000

1,215

43.6

Investment
development businessand other

13,24921,00020,786

7,536

56.9

19,000-1,786-8.6

Net sales

461,380

461,000

451,770-9,610-2.1

459,000

7,229

1.6

Construction
business

448,130

440,000

430,983-17,146-3.8

440,000

9,016

2.1

313,718

297,700

282,412-31,305-10.0

307,500

25,0878.9

132,004

136,300

144,821

12,8179.7

129,700-15,121-10.4

Domesticarchitectural
construction
Domestic civilengineering
Overseas

2,407

6,000

3,749

1,341

55.7

2,800

-949

-25.3

Investment
development businessand other

13,24921,00020,786

7,536

56.9

19,000-1,786-8.6

Gross profit

57,86154,00055,932-1,928-3.3

54,100-1,832-3.3

12.5 %

11.7 %

12.4 %

52,24249,00050,103-1,303-2.6

11.7 %

11.1 %

11.6 %

30,947

27,87530,013-2,263

-7.5

9.9 %

9.4 %

10.6 %

19,566

20,90019,063

1,636

8.6

14.8 %

15.3 %

13.2 %

-676

-65.9

Profit margin
Construction
business
Domesticarchitectural
construction
Domestic civilengineering
Overseas
Investment
development
business and other

SG&A expenses
Operating income

11.8 %-2,138-4.1

48,80011.1 %-933-3.0

27,750
9.0 %

-503

-2.6

20,70016.0 %

1,728

225

1,026

71.8 %

3.8 %

27.4 %

-701

-40.6

350

5,618

5,000

5,828

209

3.7

5,300

-528

-9.1

42.4 %
32,671
25,18923.8 %
33,00021,00028.0 %
33,392
22,540720-2,6492.2-10.5

27.9 %
37,00017,1003,607-5,440

10.8-24.1

12.5 %

Non-operating income

2,879

2,400

3,455

575

20.0

2,600

-855

-24.8

Ordinary income
Extraordinary income
Profit before incometaxes

28,069-3,226

23,400-25,995-1,460-2,073
1,765

-7.4
-

19,7005,000-6,295
6,460

-24.2
-

24,843

23,40024,535-307-1.2

24,700164

0.7

Income taxes

8,182

7,700

8,320

137

1.7

7,800

-520

-6.3

ProfitDividend per share(yen)

16,66015,70016,215-444-2.7

16,900

684

4.2

20.0

20.0

26.0

6.0

30.0

27.0

1.0

3.8

―22―

(4) Orders Received, Net Sales and Balance Brought Forward (non-consolidated)
1)

Orders Received

Business segment/Classification
I Construction business(a) Architectural construction
Domestic public sector
Domestic private sector
Overseas
Subtotal(b) Civil engineering
Domestic public sector
Domestic private sector
Overseas
Subtotal(c) Total (a)+(b)Domestic public sector
Domestic private sector
Overseas
Subtotal
II Investment development
business
III New business
IV Total (I + II + III)(Millions of yen)
FY2020(As of March 31, 2021)
AmountRatio (%)

FY2021(As of March 31, 2022)
AmountRatio (%)

ChangeAmountPercentage (%)

60,457
217,670
2,338
280,466

14.1
50.7
0.5
65.4

45,528275,364
1,935
322,828

9.6
58.2
0.4
68.2

- 14,928
57,693- 402
42,361- 24.726.5- 17.2
15.1

74,71760,170311
135,199

17.4
14.0
0.1
31.5

89,52139,096849
129,467

18.9
8.3
0.2
27.4

14,804- 21,074537- 5,73219.8- 35.0172.6- 4.2

135,174
277,8412,649
415,666

31.5
64.8
0.6
96.9

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

28.5
66.5
0.6
95.6

- 124
36,619135
36,629

- 0.1
13.2
5.1
8.8

12,2192.8

20,716

4.4

8,496

69.5

1,030
428,916

0.2
100.0

70
473,082

0.0
100.0

- 959
44,166- 93.2
10.3

2) Net Sales
Business segment/Classification
I Construction business(a) Architectural construction
Domestic public sector
Domestic private sector
Overseas
Subtotal(b) Civil engineering
Domestic public sector
Domestic private sector
Overseas
Subtotal(c) Total (a)+(b)Domestic public sector
Domestic private sector
Overseas
Subtotal
II Investment development
business
III New business
IV Total (I + II + III)(Millions of yen)
FY2020(As of March 31, 2021)
AmountRatio (%)

FY2021(As of March 31, 2022)
AmountRatio (%)

ChangeAmountPercentage (%)

39,753273,964408
314,126

8.6
59.4
0.1
68.1

38,510243,902
1,755
284,168

8.5
54.0
0.4
62.9

- 1,242- 30,062
1,347- 29,958- 3.1- 11.0330.1- 9.5

92,872
39,131
1,999
134,003

20.1
8.5
0.4
29.0

83,92260,898
1,993
146,815

18.6
13.5
0.4
32.5

- 8,950
21,767-5
12,811

- 9.6
55.6
- 0.3
9.6

132,626
313,096
2,407
448,130

28.7
67.9
0.5
97.1

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

27.1
67.5
0.8
95.4

- 10,192- 8,295
1,341- 17,146

- 7.7
- 2.6
55.7
- 3.8

12,2192.6

20,716

4.6

8,496

69.5

1,030
461,380

0.2
100.0

70
451,770

0.0
100.0

- 959
- 9,610- 93.2- 2.1―23―3) Balance Brought Forward
Business segment/Classification
I Construction business(a) Architectural construction
Domestic public sector
Domestic private sector
Overseas
Subtotal(b) Civil engineering
Domestic public sector
Domestic private sector
Overseas
Subtotal(c) Total (a)+(b)Domestic public sector
Domestic private sector
Overseas
Subtotal
II Investment development
business
III New business
IV Total (I + II + III)(Millions of yen)
FY2020(As of March 31, 2021)
AmountRatio (%)

FY2021(As of March 31, 2022)
AmountRatio (%)

ChangeAmountPercentage (%)

93,741
339,0482,212
435,002

13.1
47.3
0.3
60.7

100,758
370,5112,392
473,662

13.6
50.2
0.3
64.1

7,017
31,462
180
38,660

7.5
9.3
8.1
8.9

171,256
108,5912,359
282,207

23.9
15.1
0.3
39.3

176,854
86,7901,215
264,859

23.9
11.8
0.2
35.9

5,597
- 21,800- 1,144- 17,347

3.3- 20.1- 48.5- 6.1

264,997447,640
4,572
717,209

36.9
62.4
0.6
100.0

277,613457,301
3,607
738,522

37.6
61.9
0.5
100.0

12,615
9,661- 964
21,312

4.8
2.2
-21.1
3.0

-

-

-

-

-

-

717,209

100.0

738,522100.0

21,3123.0

Note: The effect of applying the “Accounting Standard for Revenue Recognition” and other standards was added to or deducted from the balance brought
forward for the previous fiscal year.

―24―