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.

Non-consolidated Financial Results
for the Year Ended March 31, 2024
[Japanese GAAP]
April 26, 2024
Company name: KAWASAKI SETSUBI KOGYO CO., LTD.
Stock exchange listing: Nagoya
Code number: 1777
URL: https://www.kawasaki-sk.co.jp/
Representative: Katsushi Hiroe
President and Representative Director
Contact: Takashi Miwa
General Manager of Corporate Planning Department
Phone: +81-52-221-7700
Scheduled date of Annual General Meeting of Shareholders: June 27, 2024
Scheduled date of commencing dividend payments: June 28, 2024
Scheduled date of filing annual securities report: June 27, 2024
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual financial results briefing session: No(Amounts of less than one million yen are rounded down.)
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(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Ordinary profit

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

22,48220,8098.0(11.8)

1,333
1,040

28.1
(18.0)

1,354
1,074

26.0
(16.5)

845
707

19.6(16.9)

Basic earnings per Diluted earnings per Rate of return on
share
share
equityYen
Fiscal year ended
March 31, 2024
70.70
March 31, 2023
59.10(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio

%

7.5
6.6
Fiscal year ended March 31, 2024:
Fiscal year ended March 31, 2023:

Operating profit tonet sales ratio

%%

7.0
5.7¥
¥

5.9
5.0
- million- million(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

20,326
18,354As of March 31, 2024:
As of March 31, 2023:

Capital adequacy ratio

Millions of yen¥
¥11,630
10,951
11,630 million
10,951 million

Net assets per share%

Yen

57.2
59.7

972.09915.39(3) Non-consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Millions of yen

Millions of yen

Millions of yen

Millions of yen(586)
1,067

(52)
(48)

(427)
(358)

4,415
5,482

2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total
dividends

Total

Fiscal year endedYenYenYen

Yen

March 31, 2023

-

8.00

-

10.00

18.00

March 31, 2024

-

8.00

-

14.00

22.00

-

11.00

-

11.00

22.00

Dividends
to netassetsPayoutratio

Yen Millions of yen%%

215

30.5

2.0

263

31.1

2.3

Fiscal year ending
March 31, 2025

32.8(Forecast)(Note) Breakdown of the year-end dividend for the fiscal year ended March 31, 2024 :Special dividend
4.00 yen
3. Non-consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Net sales

Six months ending
September 30, 2024
Full year

Operating profit

Ordinary profit

Basic earnings pershare

Net income

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen

11,000

14.1

250

9.0

260

9.8

147(1.6)

12.29

25,50013.4

1,170(12.2)

1,190(12.1)

802(5.2)

67.03* Notes:(1) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(2) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2024:
12,000,000 shares
March 31, 2023:
12,000,000 shares
2) Number of treasury shares at the end of the period:
March 31, 2024:
35,827 shares
March 31, 2023:
35,827 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2024:
Fiscal Year ended March 31, 2023:11,964,173 shares
11,964,173 sharesNon-consolidated Financial Statements
Non-consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Electronically recorded monetary claims operating
Accounts receivable from completed construction
contracts
Costs on construction contracts in progress
Prepaid expenses
Advances paid
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, netMachinery and equipment
Accumulated depreciation
Machinery and equipment, net
VehiclesAccumulated depreciation
Vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, netLand
Leased assets
Accumulated depreciation
Leased assets, net
Total property, plant and equipment
Intangible assets
Leased assets
OtherTotal intangible assets

1

As of March 31, 2024

5,482
492

4,415
113

1,328

2,163

5,932

8,608

256
31
33
322
(82)
13,7972323682180(116)
15,717

3,972(2,436)
1,53690(67)
2244(34)
106(5)
169(48)20
1,592
204(147)56
3,240

3,979(2,512)
1,467
90(70)
20
44(35)
96(5)069(51)17
1,592
149(107)
41
3,149

421
1422

473
0474

(Millions of yen)
As of March 31, 2023
Investments and other assets
Investment securities
Investments in capital
Deferred tax assets
Membership
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

169
5532
89
121(25)893
4,557
18,3542

As of March 31, 2024

244
5540
87
131(25)9844,608
20,326

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes payable - trade
Electronically recorded obligations - operating
Accounts payable for construction contracts
Lease liabilities
Accounts payable - otherAccrued expenses
Income taxes payable
Advances received on construction contracts inprogress
Deposits received
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for warranties for completed
construction
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Lease liabilities
Provision for retirement benefits
Asset retirement obligations
OtherTotal non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Legal capital surplus
Total capital surplus
Retained earnings
Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

3

As of March 31, 2024184
1,024
2,632
164
49
284
117

105
1,188
3,071
198
17
297
362

819

957

98
500

190
558

16

16

12

12

28
5,931

241
7,218

348
1,056
45
20
1,471
7,402

351
1,058
46
20
1,476
8,695

1,581

1,581

395
395

395
395

8,954
8,954
(7)
10,923

9,585
9,585
(7)
11,5532876

2810,951
18,35476
11,63020,326

Non-consolidated Statements of Income(Millions of yen)
For the fiscal year
ended March 31, 2023
Net sales of completed construction contracts
Cost of sales of completed construction contracts
Gross profit on completed construction contracts
Selling, general and administrative expenses
Remuneration for directors (and other officers)
Employees' salaries and allowances
Provision for bonuses
Provision for bonuses for directors (and other officers)
Retirement benefit expenses
Legal welfare expenses
Welfare expenses
Repair and maintenance expenses
Stationery expenses
Communication and transportation expenses
Power utilities expenses
Research study expenses
Advertising expenses
Provision of allowance for doubtful accounts
Entertainment expenses
Donations
Rent expenses on land and buildings
Depreciation
Taxes and duesInsurance expenses
Miscellaneous expenses
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income from real estate
Gain on sale of non-current assets
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rental expenses on real estate
Stocks maintenance fee
OtherTotal non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes for prior periods
Income taxes - deferred
Total income taxes
Profit4For the fiscal year
ended March 31, 2024

20,80917,606
3,202

22,482
18,881
3,601

95
719
233
1639
189
39
39
83
86
24
11
20(14)
36
266
224
84
2
160
2,162
1,040

101
714
241
1640
184
43
45
77
89
22
8
18
33
45
2
65
249
106
2
158
2,267
1,333

0
6
46
8
11
73

0
6
46
4
57

125
5
5
39
1,074
1,074
342
25
367
707

125
5
2
36
1,354
1,354
483
59(34)
508
845

Non-consolidated Statements of Changes in Equity
For the fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Capital surplus

Retained earningsOther retained
earnings
Total retained
Legal capital surplus Total capital surplus
Retained earnings
earnings
brought forward

Share capital

Balance at beginningof period
Changes duringperiod
Dividends ofsurplus
ProfitNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end ofperiod

1,581

395

395

8,439

(191)

(191)

707

707

---

515

515

1,581

395

395

8,954

8,954

Shareholders' equity

Valuation and translation adjustments

Valuation difference Total valuation andTotal shareholders'on available-for-saletranslationequity
securities
adjustments

Treasury shares
Balance at beginningof period
Changes during
periodDividends ofsurplus
ProfitNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end ofperiod

8,439(7)10,40722

22

Total net assets

10,430(191)

(191)

707

707
555-

515

55521

(7)

10,92328

28

10,951

5

For the fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Capital surplus

Retained earnings
Other retainedearnings
Total retained
Legal capital surplus Total capital surplusRetained earnings
earnings
brought forward

Share capital

Balance at beginningof period
Changes during
periodDividends ofsurplusProfitNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period

1,581

395

395

8,954

(215)

(215)

845

845

-

--

630

630

1,581

395

395

9,585

9,585

Shareholders' equity

Valuation and translation adjustments

Valuation difference Total valuation andTotal shareholders'on available-for-saletranslation
equitysecurities
adjustments

Treasury shares
Balance at beginningof period
Changes duringperiod
Dividends ofsurplus
ProfitNet changes initems other thanshareholders' equity
Total changes
during period
Balance at end of
period8,954(7)10,92328

28

Total net assets

10,951(215)

(215)

845

845
47

47

47

-

630

47

47

678

(7)

11,55376

76

11,6306

Non-consolidated Statements of Cash Flows(Millions of yen)
For the fiscal year
ended March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses fordirectors (and other officers)
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for warranties forcompleted construction
Increase (decrease) in provision for loss on
construction contracts
Increase (decrease) in provision for retirement benefits
Interest and dividend income
Interest expenses
Loss (gain) on sale of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts
in progress
Increase (decrease) in trade payables
Increase (decrease) in advances received on
construction contracts in progress
Other, netSubtotal
Interest 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
Purchase of investment securities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Dividends paid
Repayments of lease liabilities
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

7

For the fiscal year
ended March 31, 2024

1,074
239
(17)

1,354
273
33

1-

657

0(0)

(40)

(28)

(1)
(6)
1(8)
1,024

1(6)
1(3,130)

523(550)

523

(26)

138

(96)
1,604
6(1)
(542)
1,067

476
(281)
6(1)
(310)
(586)

(69)
36(0)
(14)
(48)

(40)
(0)
(11)
(52)

(192)
(166)
(358)
659
4,822
5,482

(215)
(211)
(427)
(1,066)
5,482
4,415