Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023
[Japanese GAAP]May 9, 2023
Company name: SEIKITOKYU KOGYO CO., LTD.
Stock exchange listing: Tokyo Stock Exchange
Code number: 1898
URL: https://www.seikitokyu.co.jp
Representative: Yoshikazu Taira, Representative Director, President
Contact: Takanori Kawano, General Manager, Finance Department
Phone: +81-3-6770-4020
Scheduled date of general shareholders’ meeting: June 23, 2023
Scheduled date of commencing dividend payments: June 26, 2023
Scheduled date of filing securities report: June 23, 2023
Availability of supplementary explanatory materials on annual financial results: Unavailable
Schedule of annual financial results briefing session: Scheduled (for institutional investors and analysts)(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (April 1, 2022 to March 31, 2023)(1) Consolidated Operating Results(% indicates year-on-year changes)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Fiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
March 31, 2023
92,414
8.6
2,669 (39.6)
2,647 (39.3)
1,127 (65.9)
March 31, 2022
85,132(5.4)
4,418 (47.8)
4,358 (48.1)
3,304 (36.2)(Note) Comprehensive income: Fiscal year ended March 31, 2023: ¥1,049 million [(73.7)%]
Fiscal year ended March 31, 2022: ¥3,992 million [(33.6)%]
DilutedRatio ofRatio of
Basic earnings
Return on
earnings per
ordinary profit
operating profit
per share
equityshare
to total assets
to net sales
Fiscal year ended
Yen
Yen
%
%
%
30.73
–
2.8
3.4
2.9
March 31, 2023
March 31, 2022
84.81
–
8.1
5.5
5.2
(Reference) Equity in earnings of affiliated companies: Fiscal year ended March 31, 2023: ¥– million
Fiscal year ended March 31, 2022: ¥– million(2) Consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio

Net assets per share

Million yen%

Yen

78,762As of March 31, 2023
39,66078,295
As of March 31, 2022
40,497(Reference) Equity: As of March 31, 2023: ¥39,660 million
As of March 31, 2022: ¥40,497 million

50.4
51.7

1,088.13
1,082.33(3) Consolidated Cash Flows

Fiscal year ended
March 31, 2023
March 31, 2022

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Million yen

Million yen

Million yen

2,380
4,646

(5,028)(3,668)(2,022)(2,232)

Cash and cash
equivalents
at end of period

Million yen

8,173
12,814

2. Dividends
Annual dividends
2nd
3rd
Yearquarter- quarterend
end
end

1st
quarterend
Fiscal year ended
March 31, 2022
Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024
(Forecast)Total
dividends(annual)

Total

Payout ratio(consolidated)

Ratio ofdividends to
net assets(consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

–

0.00

–

30.00

30.00

1,122

35.4

2.9

–

0.00

–

30.00

30.00

1,093

97.6

2.8

–

45.00

–

45.00

90.00

100.9

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023 to March
31, 2024)(% indicates year-on-year changes)
Profit attributable to
Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per shareFirst half
Full year

Million yen

42,90093,300%2.4
1.0

Million yen

880
4,920

%

257.7
84.3

Million yen

840
4,820

%

241.5
82.1

Million yen

530
3,250

%

488.9
188.4

* Notes:(1) Changes in significant subsidiaries during the period under review(Changes in specified subsidiaries resulting in changes in scope of consolidation): No(2) 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(3) Number of shares issued (common shares)
1) Total number of shares issued at the end of the period (including treasury shares):
March 31, 2023:
37,424,507 shares
March 31, 2022:
40,414,407 shares2) Total number of treasury shares at the end of the period:
March 31, 2023:
976,478 shares
March 31, 2022:
2,996,909 shares
3) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year):Year ended March 31, 2023:
36,683,476 sharesYear ended March 31, 2022:
38,967,451 shares

Yen

14.54
89.17

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (April 1, 2022 - March 31,2023)(1) Non-consolidated Operating Results(% indicates year -on-year changes)
Net sales
Operating profit
Ordinary profit
ProfitYear ended
Million yen%
Million yen%
Million yen%
Million yen%
March 31, 2023
87,6768.0
2,436 (40.4)
2,400 (40.4)
1,028 (66.6)
March 31, 2022
81,168(4.2)
4,089 (48.8)
4,025 (49.4)
3,083 (35.6)

Year ended
March 31, 2023
March 31, 2022

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

28.04
79.12

–
–

(2) Non-consolidated Financial Position
Total assets

Net assets

Million yen

As of March 31, 2023
77,397
As of March 31, 2022
76,773(Reference) Equity: As of March 31, 2023 ¥36,190 million
As of March 31, 2022 ¥37,041 million

Equity ratio

Net assets per share

Million yen%

Yen36,19037,04146.8
48.2

992.95989.94

2. Non-consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023 toMarch 31, 2024)(% indicates year-on-year changes)
Basic earnings
Net sales
Ordinary profit
Profitper shareFirst half
Full year

Million yen

40,60088,000%2.1
0.4

Million yen

770
4,400

%

272.0
83.3

Million yen

540
3,030

%

369.6
194.8

Yen

14.82
83.13

* These consolidated financial results are outside the scope of audit by certified public accountants or audit corporations.
* Explanation of the proper use of financial results forecast and other notes
1. Financial results forecasts are determined based on information currently available and may contain various
uncertain factors. Thus, actual results and outcomes may differ from these forecasts.
2. The Company is planning to hold a briefing session for institutional investors and analysts on Friday, June 2, 2023.
The briefing materials to be distributed at the session are scheduled to be promptly posted on the Company’s website
after the session is held.

Consolidated Financial Statements and Primary Notes(1) 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
Raw materials and supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, vehicles, tools, furniture andfixtures
Land
Construction in progress
Accumulated depreciation
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets

1

As of March 31, 2023

12,814

8,173

34,94238,829

459
401
2,871
51,489

228
331
2,430
49,992

9,824

11,85721,511

22,117

14,217763(21,464)
24,852250

14,897878(23,000)
26,750
239

290
947
464
1,703
26,80678,295

302
1,002
474
1,779
28,76978,762

(Million yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts and other
Short-term borrowings
Income taxes payable
Advances received on construction contracts inprogress
Provision for warranties for completed
construction
Provision for loss on construction contracts
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
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
Total net assets
Total liabilities and net assets

2

As of March 31, 2023

20,722

23,262

107
494

106
214

1,921

1,570

32

40

5
1,861
4,163
29,307

4
1,655
4,311
31,164

6,900
1,505
84
8,490
37,797

6,800
1,049
87
7,936
39,101

2,000
521
40,248(2,502)40,2662,000
500
37,810(803)
39,506

22

34

4
203
231
40,49778,295

(20)
139
153
39,66078,762

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)
For the fiscal year ended
March 31, 2022
Net sales
Net sales of completed construction contracts
Net sales of finished goods
Net sales on power business and otherTotal net sales
Cost of sales
Cost of sales of completed construction contracts
Cost of finished goods soldCost of sales on power business and otherTotal cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit - finished goods
Gross profit on power business and otherTotal gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income
Foreign exchange gains
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Guarantee commission
Syndicated loan origination fee
Commission for purchase of treasury shares
Miscellaneous expenses
Total non-operating expenses
Ordinary profit

3

For the fiscal year ended
March 31, 2023

69,69915,326
105
85,13274,70017,612
101
92,414

61,212
13,60286
74,901

66,616
16,90590
83,612

8,487
1,724
19
10,231
5,812
4,418

8,084
707
10
8,802
6,132
2,669

0
7
19
17
32
77

0
8
20
55
29
113

38
23
–
53
22
137
4,358

55
19
21
22
15
135
2,647

For the fiscal year ended
March 31, 2022
Extraordinary income
Gain on sale of non-current assets
Compensation income
Subsidy income
Reversal of provision for retirement benefits
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Expenses on dismantlement of non-current assets
Loss on sale of shares of subsidiaries andassociates
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

4

For the fiscal year ended
March 31, 2023

20
77
–
0
98

2
–
22
–
24

27
10
30

13
33
–

4

–

56
128
4,327
1,123
(100)
1,023
3,304
–
3,304

826
873
1,798
726
(55)
670
1,127
–
1,127

Consolidated Statements of Comprehensive Income(Million yen)

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

For the fiscal year ended
March 31, 2022
3,304

For the fiscal year ended
March 31, 2023
1,127

1

11

20

(25)

665

(64)

687
3,992

(77)
1,049

3,992

1,049

–

–

5

(3) Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(Million yen)
Shareholders’ equity
Share capital
Balance at beginning of period
Cumulative effects of changes inaccounting policies
Restated balance
Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Balance at beginning of period
Cumulative effects of changes inaccounting policies
Restated balance
Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Capital surplus

2,000

519

Retainedearnings

Treasury shares

38,767

(40)

(88)
2,000

519

1
521

(88)

38,678(40)

41,157(1,734)(1,734)

3,304

3,304

1

–
2,000

Total
shareholders’equity41,246

1,569
40,248(2,500)38(2,500)39(2,462)(2,502)(891)
40,266

Accumulated other comprehensive income
Valuation
Total accumulated
Foreign currency Remeasurements
difference onothertranslationof defined benefit
available-for-salecomprehensive
adjustment
plans
securities
income
21
(15)
(461)
(455)

Total net assets

40,790
(88)

21

(15)

(461)

(455)

40,701(1,734)3,304(2,500)
39

1

20

665

687

687

1
22

20
4

665
203

687
231

(203)
40,497

6

Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(Million yen)
Shareholders’ equity
Share capital
Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Balance at beginning of period
Changes during period
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Capital surplus

2,000

521

–
2,000

Retainedearnings
40,248Treasury shares(2,502)

Total
shareholders’equity40,266(1,122)(1,122)

1,127

1,127

(21)

(0)
(2,441)

(800)
36
2,462

(800)
35
–

(21)
500

(2,438)37,810

1,699
(803)

(759)
39,506

Accumulated other comprehensive income
Valuation
Total accumulated
Foreign currency Remeasurements
difference onothertranslationof defined benefit
available-for-salecomprehensive
adjustment
plans
securities
income
22
4
203
231

Total net assets

40,497(1,122)
1,127
(800)
35
–

11

(25)

(64)

(77)

(77)

11
34

(25)
(20)

(64)
139

(77)
153

(837)
39,6607

(4) Consolidated Statements of Cash Flows(Million yen)
For the fiscal year ended
March 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Loss (gain) on sale of property, plant and equipment
Loss on retirement of property, plant and equipment
Impairment losses
Expenses on dismantlement of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts inprogress
Increase (decrease) in trade payables
Increase (decrease) in advances received on construction
contracts in progress
Increase (decrease) in accrued consumption taxes
Decrease (increase) in accounts receivable - other
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Dismantling of property, plant and equipment
Proceeds from sale of shares of subsidiaries and associates
resulting in change in scope of consolidation
Other, net
Net cash provided by (used in) 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
Dividends paid
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

8

For the fiscal year ended
March 31, 2023

4,327
1,997
5
216
(575)
(8)
38
6
10
56
30
664

1,798
2,149
(12)
(206)
(615)
(8)
55
11
33
826
–
(3,874)

(138)

230

(1,023)

2,540

712

(350)

343
(166)
(215)
6,283
8
(34)
(1,611)
4,646

(124)
(153)
1,163
3,462
8
(54)
(1,036)2,380(3,516)122(185)(5,047)
71
–

8

–

(97)
(3,668)(52)(5,028)

(0)
2,000
–
(2,500)(1,731)(2,232)33(1,220)14,035
12,814

(1)
–
(100)
(799)
(1,120)(2,022)28(4,641)
12,814
8,173

(5) Notes to Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Segment information, etc.)
1. Overview of reportable segments
Reportable segments of the Group are components of the Group about each of which financial information isseparately available and that are regularly evaluated by the Board of Directors, etc. to decide the allocation ofmanagement resources and assess financial results.
The Group, primarily each business control division of the Company, formulates a comprehensive strategy forthe construction business and the pavement materials manufacturing and sales business and performs businessactivities.
Accordingly, the Group has the two reportable segments of the “construction business” and the “pavement
materials manufacturing and sales business.”
The “construction business” engages in businesses concerning pavement, civil engineering and otherconstruction work in general, and the “pavement materials manufacturing and sales business” in manufactureand sale of pavement materials such as asphalt mixtures.
2. Information on net sales and profit (loss) by reportable segment
For the fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(Million yen)
Reportable segment
Pavementmaterials
Construction
manufacturingbusinessand salesbusiness

Total

Others(Note 1)

Adjustments(Note 2)

Amountrecorded in
Consolidated
Statements ofIncome(Note 3)

Net sales(1) Net sales to outside
69,69915,32685,026
105–
85,132
customers(2) Inter-segmentinternal sales or–
12,832
12,832710(13,543)–transfers
Total
69,69928,15997,859816(13,543)
85,132
Segment profit (loss)
6,038
1,623
7,661
155
(3,398)4,418(Note 1) The segment “Others,” which is a business segment not included in the reportable segments, comprises real estatebusiness, etc.
(Note 2) A major item of the adjustments for the segment profit is general and administrative expenses for the administrative
divisions of the head office, etc. of ¥(3,385) million, which are not attributable to any business segment.
(Note 3) Segment profit (loss) is adjusted with operating profit on the Consolidated Statements of Income.

9For the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(Million yen)
Reportable segment
Pavementmaterials
Construction
manufacturingbusinessand salesbusiness

Total

Others(Note 1)

Adjustments(Note 2)

Amountrecorded in
Consolidated
Statements ofIncome(Note 3)

Net sales(1) Net sales to outside
74,70017,612
92,313
101–
92,414
customers(2) Inter-segmentinternal sales or–
14,335
14,335795(15,130)–transfers
Total
74,70031,947
106,648896(15,130)
92,414
Segment profit (loss)
5,540
596
6,136
168
(3,635)2,669(Note 1) The segment “Others,” which is a business segment not included in the reportable segments, comprises power business,
etc.
(Note 2) A major item of the adjustments for the segment profit is general and administrative expenses for the administrative
divisions of the head office, etc. of ¥(3,610) million, which are not attributable to any business segment.
(Note 3) Segment profit (loss) is adjusted with operating profit on the Consolidated Statements of Income.

10(Per share information)

Net assets per share

For the fiscal year ended
March 31, 2022
¥1,082.33

For the fiscal year ended
March 31, 2023
¥1,088.13¥84.81¥30.73

Basic earnings per share(Notes) 1. Diluted earnings per share is not described because no potential share exists.
2. The basis for the calculation of the basic earnings per share is as follows.
For the fiscal year ended
For the fiscal year ended
March 31, 2022
March 31, 2023

Basic earnings per share
Profit attributable to owners of parent(Million yen)Amount not attributable to commonshareholders (Million yen)

3,304

1,127

–

–

Profit attributable to owners of parent
relating to common shares
3,304
1,127
(Million yen)
Average number of common shares
outstanding during the period
38,96736,683(Thousand shares)(Notes) 3. The basis for the calculation of the net assets per share is as follows.
For the fiscal year ended
For the fiscal year ended
March 31, 2022
March 31, 2023
Total amount of net assets (Million yen)

40,497

39,660

Balance of net assets relating to commonshares at end of period (Million yen)

40,497

39,660

Number of common shares used for the
calculation of net assets per share(Thousand shares)

37,41736,448(Significant subsequent events)
Not applicable.

11(6) Status of Manufacture, Orders and Sales(Million yen)Segment

Orders

Net sales

Carryforward

Construction
business

Asphalt pavement
Concrete pavement
Civil engineering, etc.
Total
Pavement materials manufacturing
and sales business
Power business, etc.
Total
Construction Asphalt pavementbusiness
Concrete pavement
Civil engineering, etc.
Total
Pavement materials manufacturing
and sales business
Power business, etc.
Total
Construction Asphalt pavementbusiness
Concrete pavement
Civil engineering, etc.
Total
Pavement materials manufacturing
and sales business
Power business, etc.
Total

For the fiscal year ended
March 31, 2022

For the fiscal year ended
March 31, 2023

Amount51,034682
15,70067,417

Share (%)
61.6
0.8
19.0
81.4

Amount52,778
1,485
20,28274,546

Share (%)
57.2
1.6
22.0
80.8

Year-onyearchangesAmount
1,744
803
4,581
7,128

15,326

18.5

17,612

19.1

2,286

105
82,85053,810640
15,24969,699

0.1
100.0
63.2
0.8
17.9
81.9

101
92,26056,557
1,075
17,06774,700

0.1
100.0
61.2
1.1
18.5
80.8

(4)
9,410
2,746
435
1,818
5,000

15,32618.0

17,612

19.1

2,286

105
85,132
26,195325
10,01736,538

0.1
100.0
71.7
0.9
27.4
100.0

101
92,414
22,417736
13,231
36,384

0.1
100.0
61.6
2.0
36.4
100.0

(4)
7,281
(3,778)
410
3,214
(154)

–

–

–

–

–

–
36,538–100.0–
36,384

–
100.0

–
(154)

12