Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Six Months Ended September 30, 2022
[Japanese GAAP]
November 08, 2022
Company name: TOKYU CONSTRUCTION CO., LTD.
Stock exchange listing: Tokyo Stock Exchage
Code number: 1720
URL: https://www.tokyu-cnst.co.jp/
Representative: Mitsuhiro Terada, Representative Director, President
Contact: Atsutomo Koike, General Manager, Finance Department
Phone: +81-3-5466-5061
Scheduled date of filing quarterly securities report: November 09, 2022
Scheduled date of commencing dividend payments: December 02, 2022
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: Yes(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Six Months Ended September 30, 2022 (April 01, 2022 to September 30, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%Six months ended
September 30, 2022
128,84215.4
166294(284)September 30, 2021
111,61417.0(7,152)(7,151)(7,668)(Note) Comprehensive income:Six months ended September 30, 2022:¥
1,223 million [-%]
Six months ended September 30, 2021:¥(8,048) million [-%]
Basic earnings
per share
Six months ended
September 30, 2022
September 30, 2021

Diluted earnings pershare
Yen

Yen

(2.72)(73.27)-(2) Consolidated Financial Position
Total assets
Million yen
As ofSeptember 30, 2022
233,047
March 31, 2022
237,811(Reference) Equity: As of September 30, 2022:
As of March 31, 2022:

Net assets

Capital adequacy ratio

Million yen¥¥

93,911
93,064
93,252 million
92,490 million

%

40.0
38.9

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Year-end

TotalYen

Yen

YenYenYen

Fiscal year ended March 31, 2022

-20.00

-5.00

25.00

Fiscal year ending March 31, 2023

-18.00-18.00

36.00

Fiscal year ending March 31, 2023
(Forecast)(Note) Revision to the forecast for dividends announced most recently:
No(Note) Breakdown of the 2nd quarter dividend for the fiscal year ending March 31, 2023 :Commemorative dividend- yenSpecial dividend- yen

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023(April 01, 2022 to March 31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share%

Million yen%

Million yen%

Yen

Full year
305,000
18.2
3,100(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

4,000
Yes-4,000-

38.11* Notes:(1) Changes in significant subsidiaries during the six months ended September 30, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name:
Exclusion:(Company name:No(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:))
No(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
September 30, 2022:
106,761,205 shares
March 31, 2022:
106,761,205 shares2) Total number of treasury shares at the end of the period:
September 30, 2022:
1,802,067 shares
March 31, 2022:
2,029,142 shares
3) Average number of shares during the period:
Six months ended September 30, 2022:
104,828,156 shares
Six months ended September 30, 2021:
104,660,137 shares
Note:The number of treasury shares at end of each period includes the shares of the company owned by BIP trust and Employee
Stock Ownership plan trust. BIP trust and Employee Stock Ownership plan trust are included in the number of treasury
shares deducted in the calculation of average number of shares outstanding during the period (Six months ended September30, 2022). BIP trust are included in the number of treasury shares deducted in the calculation of average number of shares
outstanding during the period (Six months ended September 30, 2021).
*

Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an auditcorporation.
* Explanation of the proper use of financial results forecast and other notes
The statements regarding forecast of financial results in this report are based on the information that is available to the Company,as well as certain assumptions that are deemed to be reasonable by management, and they are not meant to be a commitment by
the Company. Therefore, there might be cases in which actual results differ materially from forecast values due to various factors.

Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Million yen)
As of March 31,2022
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts and other
Costs on construction contracts in progress
Costs on real estate business
Real estate for sale
Raw materials and suppliesOther
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
Electronically recorded obligations - operating
Short-term borrowings
Income taxes payable
Advances received on construction contracts inprogress
Deposits received - real estate business
Provision for warranties for completedconstruction
Provision for loss on construction contracts
Provision for bonuses
Provision for losses on sales of shares ofsubsidiaries and associates
Deposits received
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Provision for share awards for directors (and otherofficers)
Provision for loss on real estate business and other
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities

As of September 30,2022

38,64847,229115,860

105,5676,981
2
3,801
53
8,695
(78)
173,963

6,541
31
5,350
61
5,468(74)
170,176

29,675
1,390

27,565
1,403

30,171
26
130
2,453
(0)
32,782
63,847
237,811

31,344
9
135
2,412
(0)
33,90262,871
233,047

48,69939,986

14,13197
1,651

15,89020,091
1,115

14,536

13,540

37

20

6,625

8,167

8,777
2,047

9,805
2,040

105

-

16,566
1,730
115,004

17,873
1,358
129,889

22,334
141

2,129
222

46

27

5,139
697
1,383
29,742
144,747

5,046
565
1,255
9,246
139,136(Million yen)
As of March 31,2022
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

As of September 30,2022

16,354
4,089
67,309(1,282)86,471

16,354
4,093
66,494(1,132)85,809

6,087

6,942

11(80)
6,018
57493,064
237,811

386
113
7,442
658
93,911
233,047

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the six months)(Million yen)
For the six months
ended September 30,2021
Net sales
Net sales of completed construction contracts
Net sales in real estate business and otherTotal net sales
Cost of sales
Cost of sales of completed construction contracts
Cost of sales in real estate business and otherTotal cost of sales
Gross profit
Gross profit (loss) on completed construction contracts
Gross profit on real estate business and otherTotal gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Loss on forward contracts
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of investment securities
Impairment losses
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Loss
Profit attributable to non-controlling interests
Loss attributable to owners of parent

For the six months
ended September 30,2022

110,452
1,162
111,614

127,499
1,342
128,842

110,507695
111,203119,711862
120,574

(55)
466
411
7,563
(7,152)

7,787
480
8,267
8,101
166

12
115
-

7117
322

195

24

103
426

48
521

78
283
63
425
(7,151)

65
139
188
393
294-

256
256

31
37
1988(7,240)
432(25)407(7,647)21(7,668)

47
47
502
1,068(362)706(203)81(284)

Quarterly Consolidated Statements of Comprehensive Income (For the six months)(Million yen)
For the six months
ended September 30,2021
Loss
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

For the six months
ended September 30,2022(7,647)

(203)

(611)
1376

806
146
181

122

292

(400)
(8,048)

1,427
1,223

(8,063)

1,139

1484

Quarterly Consolidated Statements of Cash Flows(Million yen)
For the six months
ended September 30,2021
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Impairment losses
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for warranties forcompleted construction
Increase (decrease) in provision for loss on
construction contracts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for loss on real estatebusiness and other
Increase in defined benefit asset or liability
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts
in progressDecrease (increase) in inventories
Decrease (increase) in accounts receivable - other
Decrease (increase) in advances paid
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Increase (decrease) in advances received on
construction contracts in progress
Increase (decrease) in deposits received
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment andintangible assetsPurchase of investment securities
Proceeds from sale of investment securities
Proceeds from sale of shares of subsidiaries resulting
in change in scope of consolidation
Other, net
Net cash provided by (used in) investing activities

For the six months
ended September 30,2022(7,240)
666
19
18
1502
619
47
23
(6)

1,582

1,541

6,232

1,027

(28)

(8)

(53)

(93)

(30)
(127)
78

(137)
(125)
65

(195)

(24)

37
12,167(256)
10,338(2,581)

465

(45)
3,586
1,444
(4,196)
(406)

(13)
3,585
239
(6,973)(485)

736(1,042)(3,329)
1,205
9,540
575
(89)
(92)
1,610
11,543

1,306(355)
10,244419(82)(1,602)
8,977

(541)

(297)

(656)
27(367)
570

-

84

(33)
(1,202)165

(Million yen)
For the six months
ended September 30,2021
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Net decrease (increase) in treasury shares
Dividends paid
Repayments of lease liabilities
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 beginning of period
Cash and cash equivalents at end of period

For the six months
ended September 30,2022(5,093)(44)
32(1,047)(50)(5)(6,208)

(11)
(198)
154
(530)
(62)
(2)
(651)

(27)

249

4,104
34,17338,278

8,581
38,64847,229