This document has been translated from the Japanese original "Kessan Tanshin" disclosed at the Tokyo Stock Exchange on
May 14, 2024 and prepared for reference purpose only. In the event of any discrepancy between this translated document
and the Japanese original, the original shall prevail.

Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
〔Japanese GAAP〕
May 14, 2024
Company name : Kumagai Gumi Co., Ltd.
Stock exchange listings : Tokyo Stock Exchange, Prime Market
Securities code : 1861
URL : https://www.kumagaigumi.co.jp/
Representative : Shin Ueda, President
Contact : Kazunori Shimada, Joint General Manager, Administration Division,
Contact : General Manager, Administration Division, Accounting Department
Contact : Tel. 03-3235-8606
Date of general meeting of shareholders : June 27, 2024
Date of filing of securities report : June 27, 2024
Scheduled date of dividend payment : July 18, 2024
Supplemental materials for financial results : Yes
Presentation on financial results : Yes（Rounded down to the nearest million yen）

１．Consolidated Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 - March 31, 2024)（１） Consolidated Operating Results（Percentage figures are changes from the same period in the previous fiscal year）
Net sales of completed
Profit attributable toOperating profit
Ordinary profit
construction contracts
owners of parent
Million yen

FY2023
FY2022（Note） Comprehensive income％

Million yen％

443,193
9.8
12,64910.2
13,040
6.6
403,502(5.1)
11,483(49.5)
12,236(48.4)FY2023 17,845 million yen 78.3％ FY2022 10,007 million yen (34.5)％

％

8,316
7,973

4.3
(49.7)

Basic earnings per share

Million yen％

Diluted earnings per share

Yen

Million yen

Yen

FY2023
192.36―FY2022179.64―（Reference） Investment profit (loss) on equity method FY2023 168 million yen

Ordinary profit to Operating profit tototal assets ratio
net sales ratio

Return on equity
％

4.8
4.7
FY2022 146 million yen

％

％

3.1
3.3

2.9
2.8

（２） Consolidated Financial Position
Total assets

Net assets

Million yen

FY2023
FY2022（Reference） Owner's equity

Capital adequacy ratio

Million yen

467,232
376,650
FY2023 180,014 million yen

180,014
169,860
FY2022 169,860 million yen

Net assets per share
％

Yen

38.5
45.1

4,185.54
3,894.11（３） Consolidated cash flows
Cash flows fromoperating activities
FY2023
FY2022

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and equivalents,
end of period

Million yen

Million yen

Million yen

Million yen

16,971(18,826)(10,778)(8,458)22,319456

70,07340,974

２．Dividends
End of
1st quarter

Annual cash dividends per share
End of
End ofYear-end
2nd quarter3rd quarter

Yen

FY2022
FY2023
FY2024 （forecast）

―
―
―

Yen

―
―
―

Yen

―
―
―

Total
dividend
paid

Total

Payout ratio(consolidated)

Ratio ofdividends to
net assets(consolidated)

Yen

Yen

Million yen％％

130.00130.00130.00130.00130.00130.00

5,698
5,618

72.4
67.6
55.4

3.4
3.2

３．Forecast of Consolidated Operating Results for FY2024 (April 1, 2024 - March 31, 2025)（Percentage figures are changes from the same period in the previous fiscal year）

Net sales of completed
construction contracts
FY2024

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basic earnings
per share

Million yen％

Million yen％

Million yen％

Million yen％

Yen462,200

4.3

15,00018.6

15,40018.1

10,10021.4

234.84

※ Notes（1） Changes in significant subsidiaries during the period（Changes in specified subsidiaries that resulted in a change in the scope of consolidation） : None
（2） Changes in accounting policies, changes in accounting estimates, and retrospective restatements① Changes in accounting policies due to the revision of the accounting standards: None② Changes in accounting policies other than ①: None③ Changes in accounting estimates: None④ Retrospective restatements: None（3） Number of shares issued (common stock)① Number of shares issued at the end of the period (including own shares)② Number of treasury stocks at the end of the period③ Average number of shares outstanding during the period

FY2023
FY2023
FY202343,285,560
276,992
43,232,608

FY2022
FY2022
FY2022（Shares）
43,900,360
280,432
44,385,881（Reference） Summary of Nonconsolidated Financial Results
１．Nonconsolidated Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 - March 31, 2024)（１） Nonconsolidated Operating Results（Percentage figures are changes from the same period in the previous fiscal year）

Net sales of completed
construction contracts

Operating profit

Ordinary profit

ProfitMillion yen％

Million yen％

Million yen％

Million yen％

FY2023327,927

9.6

6,621

(17.7)

7,862(22.6)

5,309(24.1)FY2022

299,317

(9.6)

8,045

(54.7)

10,154(49.1)

6,996(49.0)

Basic earnings per share

Diluted earnings per share

Yen

Yen

FY2023122.52―

FY2022

157.26―（２） Nonconsolidated Financial Position
Total assets
FY2023
FY2022（Reference） Owner's equity

Net assets

Capital adequacy ratio

Net assets per share

Million yen

Million yen％

Yen382,906

139,56336.4

3,237.08

133,04943.7

3,042.88

304,522
FY2023 139,563 million yen

FY2022 133,049 million yen

２．Forecast of Nonconsolidated Operating Results for FY2024 (April 1, 2024 - March 31, 2025)（Percentage figures are changes from the same period in the previous fiscal year）

Net sales of completed
construction contracts
FY2024

Ordinary profit

Basic earnings per share

ProfitMillion yen％

Million yen％

Million yen％

Yen

345,000

5.2

11,000

39.9

7,600

43.1

176.28※ "Kessan Tanshin" is not subject to an audit by a certified public accountant or an audit corporation.
※ Explanation regarding the appropriate use of forecasts of operating results, and other specific comments
1. The financial forecast of operating results in this document are based on information available at present and logical assessments. Actual
results may be materially different from expectations due to a variety of factors.
2. The Company is to hold the presentation on financial results for analysts and institutional investors. The materials related to financial
results which will be used on the presentation will be posted on the Company's website as soon as possible after the presentation.

Contents
１．Consolidated Financial Statements ････････････････････････････････････････････････････････････････････････ 2（１） Consolidated balance sheet ･････････････････････････････････････････････････････････････････････････････

2（２） Consolidated statement of income and Consolidated statement of comprehensive income ･･･････････････････

4（３） Consolidated statements of changes in equity ････････････････････････････････････････････････････････････

6（４） Consolidated statements of cash flows ･･･････････････････････････････････････････････････････････････････ 8（５） Segment Information ･･･････････････････････････････････････････････････････････････････････････････････

9

２．Nonconsolidated Financial Statements ････････････････････････････････････････････････････････････････････ 10（１） Nonconsolidated balance sheet ･･････････････････････････････････････････････････････････････････････････ 10（２） Nonconsolidated statement of income ･･･････････････････････････････････････････････････････････････････ 12（３） Consolidated statements of changes in equity ････････････････････････････････････････････････････････････ 13
３．Supplementary Information ･･･････････････････････････････････････････････････････････････････････････････ 15（１） Orders received, net sales and carried-forward （Nonconsolidated） ････････････････････････････････････････ 15（２） Financial Highlights ･････････････････････････････････････････････････････････････････････････････････････ 16

1

１．Consolidated Financial Statements（１） Consolidated balance sheet(millions of yen）
FY2022

FY2023（As of March 31, 2023）（As of March 31, 2024）

AssetsCurrent assets
Cash and deposits

40,97770,073

Notes receivable, accounts receivable from completed
construction contracts and other

225,453

266,541

Costs on construction contracts in progress

10,4378,460

Accounts receivable - other

19,16922,117

Other

2,295

2,331

(56)

(64)

298,276

369,460

Buildings and structures

23,53024,271

Machinery, vehicles, tools, furniture and fixtures

19,124

19,471Land

17,053

17,897

Leased assets

936

811

Construction in progress

93

42

Accumulated depreciation(31,429)(32,691)

Total property, plant and equipment

29,30929,803

Intangible assets

1,478

1,592

34,131

48,586Long-term loans receivable

296

6,860

Long-term non-operating accounts receivable

101

101

Distressed receivables

25

30

Deferred tax assets

6,914

3,547

Other

6,277

7,447

Allowance for doubtful accounts

(160)

(196)

Total investments and other assets

47,586

66,376

Total non-current assets

78,374

97,771

Total assets

376,650

467,232

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Investments and other assets
Investment securities2

(millions of yen）
FY2022

FY2023（As of March 31, 2023）（As of March 31, 2024）

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
and other

83,341

100,457

Electronically recorded obligations - operating

27,107

29,158

Short-term borrowings

3,893

10,906

Commercial papers－

14,999

Income taxes payable

766

3,439

Advances received on construction contracts in progress

12,78923,130

Deposits received

26,04336,669Provision for warranties for completed construction

550

522

Provision for loss on construction contracts

994

3,820

4

－

Provision for bonuses

4,057

4,097

Other

11,372

16,260Total current liabilities

170,922

243,460

18,303

26,474

Provision for share awards

250

292

Retirement benefit liability

16,711

16,433601

556

Total non-current liabilities

35,86743,757

Total liabilities

206,789

287,218

Share capital

30,10830,108

Capital surplus

17,133

15,170Retained earnings

117,498

120,115

Treasury shares

(626)

(657)

164,113

164,737

4,512

13,437－3

Foreign currency translation adjustment

1,372

1,887

Remeasurements of defined benefit plans

(137)

(50)

Total accumulated other comprehensive income

5,747

15,276

Total net assets

169,860

180,014

Total liabilities and net assets

376,650

467,232

Provision for contingent loss

Non-current liabilities
Long-term borrowings

Other

Net assets
Shareholders' equity

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges3（２） Consolidated statement of income and Consolidated statement of comprehensive income
Consolidated statement of income(millions of yen）

Net sales of completed construction contracts
Cost of sales of completed construction contracts

FY2022

FY2023（Apr 1, 2022－Mar 31, 2023）
403,502（Apr 1, 2023－Mar 31, 2024）
443,193370,291

407,112Gross profit on completed construction contracts

33,211

36,080

Selling, general and administrative expenses

21,72823,430Operating profit

11,483

12,649Interest income

36

122

Dividend income

816

817

Non-operating income

Share of profit of entities accounted for using equity method

146

168

Foreign exchange gains

156

108

Other

194

159

Total non-operating income

1,349

1,376

Non-operating expenses
Interest expenses

208

379

Loss on sale of receivables

18

41

Commission for syndicated loans

213

273

Loss on investments in investment partnerships

94

122

Other

61

168

Total non-operating expenses

596

985

12,236

13,040Ordinary profit
Extraordinary income
Gain on sales of non-current assets

69Gain on sales of memberships

770Compensation for damage income

81

67

Other
Total extraordinary income

1

0

167

77

42

17

Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of shares of subsidiaries and associates－

46

Provision of allowance for doubtful accounts－

30

Compensation for damage

86

307

Loss on litigation

19

0

Expenses related to the anniversary project of subsidiary－77

Infectious disease related costs

42－

Additional taxes

155

－

Other

25

43

Total extraordinary losses

372

521

Profit before income taxes

12,03012,595

Income taxes - current

3,718

4,888

Income taxes - deferred

339

(608)

Total income taxes

4,057

4,279

Profit

7,973

8,316

Profit attributable to owners of parent

7,973

8,316

4

Consolidated statement of comprehensive income(millions of yen）
FY2022

FY2023（Apr 1, 2022－Mar 31, 2023）（Apr 1, 2023－Mar 31, 2024）

7,973

8,316

1,752

8,920

－

3

Foreign currency translation adjustment

290

514

Remeasurements of defined benefit plans, net of tax

(9)

87

Share of other comprehensive income of entities accounted for using
equity method

1

3

Total other comprehensive income

2,034

9,529

Comprehensive income

10,007

17,845

10,007

17,845－－

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests5（３） Consolidated statements of changes in equity
FY2022 （Apr 1, 2022－Mar 31, 2023）(millions of yen）
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

30,108Retained earnings

21,145

Total
shareholders'equityTreasury shares

114,967(631)

165,589

Changes during period
Dividends of surplus(5,442)(5,442)

Profit attributable to ownersof parent

7,973

7,973

Purchase of treasury shares(4,014)(4,014)(0)

7

7(4,012)

4,012－

Disposal of treasury shares
Cancellation of treasury shares
Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period－(4,012)2,531

5(1,476)30,10817,133

117,498(626)

164,113

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

Foreign currencytranslation
adjustment

2,758

1,081

Total
accumulated othercomprehensive
incomeRemeasurementsof defined
benefit plans
(127)

3,712

Total
net assets

169,302

Changes during period
Dividends of surplus(5,442)

Profit attributable to ownersof parent

7,973

Purchase of treasury shares(4,014)

Disposal of treasury shares

7

Cancellation of treasury shares－

Net changes in items otherthan shareholders' equity

1,754

290

(9)

2,034

2,034

Total changes during period

1,754

290

(9)

2,034

558

Balance at end of period

4,512

1,372

(137)

5,747

169,860

6

FY2023 （Apr 1, 2023－Mar 31, 2024）(millions of yen）
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

30,108Retained earnings

17,133

Total
shareholders'equityTreasury shares

117,498(626)

164,113

Changes during period
Dividends of surplus(5,698)(5,698)

Profit attributable to ownersof parent

8,316

8,316
(2,027)(2,027)0

33

34(1,962)

1,962－

Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares
Net changes in items otherthan shareholders' equity－(1,962)

2,617

(30)

624

30,10815,170120,115(657)

164,737

Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Deferred gains orlosses on hedges

Foreign currencytranslation
adjustment

4,512

－

1,372

Total
Remeasurements
accumulated otherof definedcomprehensive
benefit plansincome
(137)

5,747

Total
net assets

169,860

Changes during period
Dividends of surplus(5,698)

Profit attributable to ownersof parent

8,316

Purchase of treasury shares(2,027)

Disposal of treasury shares

34

Cancellation of treasury shares－

Net changes in items otherthan shareholders' equity

8,924

3

514

87

9,529

9,529

Total changes during period

8,924

3

514

87

9,529

10,153

Balance at end of period

13,437

3

1,887

(50)

15,276

180,0147

（４） Consolidated statements of cash flows(millions of yen）
FY2022

FY2023（Apr 1, 2022－Mar 31, 2023）（Apr 1, 2023－Mar 31, 2024）

Profit before income taxes

12,03012,595

Depreciation

1,898

2,062

Cash flows from operating activities

Increase (decrease) in allowance for doubtful accounts

237

Increase (decrease) in provision for loss on construction contracts

144

2,825

Increase (decrease) in provision for contingent loss

(37)

(4)

Increase (decrease) in retirement benefit liability

81

(151)

Interest and dividend income

(852)

(939)

Interest expenses

208

379

Foreign exchange losses (gains)

(128)

(39)

Share of loss (profit) of entities accounted forusing equity method

(146)

(168)

94

122

Loss (gain) on investments in investment partnerships
Loss (gain) on sale of non-current assets

(6)

(9)

Loss on retirement of non-current assets

42

17

Decrease (increase) in trade receivables(20,421)(40,470)

Decrease (increase) in costs on construction contracts in progress

(206)

2,015

Increase (decrease) in trade payables(2,092)

17,403

Increase (decrease) in advances received on construction contracts
in progress(151)

10,258Decrease (increase) in accounts receivable - other(1,407)(3,729)(358)

10,625

Increase (decrease) in deposits received
Other, net

(294)

5,196

Subtotal(11,602)

18,027859

915Interest and dividends received
Interest paid

(211)

(380)

Income taxes paid

(7,871)(1,590)Net cash provided by (used in) operating activities(18,826)

16,971(4,343)(2,239)Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment

199

9

Purchase of investment securities

(358)

(26)

Purchase of shares of subsidiaries and associates

(50)

(65)

(3,235)(1,508)(103)(6,607)88

62

Purchase of Investments in other securities of subsidiaries andassociates
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities

(655)

(403)

(8,458)(10,778)

Cash flows from financing activities
300

2,120

Proceeds from long-term borrowings

Net increase (decrease) in short-term borrowings

10,15013,971

Repayments of long-term borrowings

(405)

(908)

Proceeds from issuance of commercial papers－

44,985

Redemption of commercial papers－(30,000)

Purchase of treasury shares(4,012)(2,025)

Dividends paid

(5,430)(5,697)

Other, net

(144)

(125)

Net cash provided by (used in) financing activities

456

22,319Effect of exchange rate change on cash and cash equivalents

399

586

Net increase (decrease) in cash and cash equivalents(26,429)

29,099Cash and cash equivalents at beginning of period

67,40440,974

Cash and cash equivalents at end of period

40,97470,0738

（５） Segment Information
Reportable segment sales, profit or loss, assets, liabilities and other information and revenue breakdown information(millions of yen)
FY2022 （Apr 1, 2022－Mar 31, 2023）
Reportable segments
Ajustments(Note1)(Note2)

Amounts on
consolidated
financialstatement(Note3)Civil
engineering

Building
construction

Subsidiaries

89,936－89,936－89,936
1,795

209,160
216
209,3764
209,381
6,249

102,733
1,455
104,189
10,152
114,3423,401

401,831
1,671
403,502
10,157
413,660
11,447－－－(10,157)(10,157)36

401,831
1,671
403,502－403,502
11,483

270

628

934

1,834

(4)

1,830

Net Sales
Revenue from contracts with customers
Other revenue
Sales to customers
Intersegment sales and transfers
Total
Segment profit
OthersDepreciation

Total(Note1) The segment profit adjustment is for the elimination of intersegment transactions.
(Note2) The depreciation adjustment is for the write-off of unrealized gains.
(Note3) Segment profit is adjusted with operating profit recorded under the consolidated financial statement.
(Note4) Other revenue is a rental income based on the Accounting Standard for Lease Transactions (ASBJ statement No. 13 issued on
March 30, 2007).

FY2023 （Apr 1, 2023－Mar 31, 2024）(millions of yen)
Reportable segments

Net Sales
Revenue from contracts with customers
Other revenue
Sales to customers
Intersegment sales and transfers
Total
Segment profit
OthersDepreciation

Ajustments(Note1)(Note2)

Amounts on
consolidated
financialstatement(Note3)Civil
engineering

Building
construction

Subsidiaries

100,128－
100,128－
100,128
4,498

227,481315
227,7971
227,799
2,123

113,904
1,362
115,267
9,940
125,2075,998

441,5141,678
443,193
9,942
453,135
12,620－－－(9,942)(9,942)29

441,5141,678
443,193－443,193
12,649

366

786

862

2,015

(4)

2,011

Total

(Note1) The segment profit adjustment is for the elimination of intersegment transactions.
(Note2) The depreciation adjustment is for the write-off of unrealized gains.
(Note3) Segment profit is adjusted with operating profit recorded under the consolidated statement of income.
(Note4) Other revenue is a rental income based on the Accounting Standard for Lease Transactions (ASBJ statement No. 13 issued on
March 30, 2007).

9

２． Nonconsolidated Financial Statements（１） Nonconsolidated balance sheet(millions of yen）

AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable from completed construction contracts
Costs on construction contracts in progress
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
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
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Investments in other securities of subsidiaries and associates
Long-term loans receivable from employees
Long-term loans receivable from subsidiaries and associates
Long-term prepaid expenses
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

10

FY2022

FY2023（As of March 31, 2023）（As of March 31, 2024）

18,586662
190,477
9,174
17,9101,423(20)238,215

39,226
1,193
227,565
7,389
21,583
1,352(25)
298,284

13,273(7,810)5,463
1,245(1,044)200
3,146(2,365)
780
54
(47)
6
2,937
(2,554)382
14,096
188
(177)
11
20
20,962
1,378

13,846(8,189)5,657
1,255(1,063)191
3,070(2,587)
483
144
(82)
62
3,015
(2,645)370
14,93958(51)
6
25
21,736
1,409

9,943
24,301
3,140
174
112
72
5,548
673
－
43,966
66,307
304,522

10,85336,289
4,525
154
6,569
62
2,274
747
(1)
61,476
84,622382,906

(millions of yen）

Liabilities
Current liabilities
Notes payable - trade
Electronically recorded obligations - operating
Accounts payable for construction contracts
Short-term borrowings
Commercial papers
Lease liabilities
Income taxes payable
Advances received on construction contracts in progress
Deposits received
Provision for warranties for completed construction
Provision for loss on construction contracts
Provision for bonuses
Deposits received from employees
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Provision for share awards
Provision for retirement benefits
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surpluses
Retained earnings
Legal 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-sale securities
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

11

FY2022

FY2023（As of March 31, 2023）（As of March 31, 2024）

1,920
23,17058,488
5,693
－
4
202
10,76324,135
518
964
2,746
3,075
6,883
138,567

1,225
28,20368,061
10,70614,9993
1,826
21,81634,896
465
3,787
2,718
3,089
10,481
202,280

18,3037
250
14,07842
221
32,904
171,472

26,474
4292
13,96664
260
41,062
243,342

30,10830,1087,000
10,133
17,133

7,000
8,170
15,170559

559

81,257
81,817(499)
128,560

80,86881,428(527)
126,179

4,489
－
4,489
133,049
304,522

13,381
3
13,384
139,563
382,906

（２） Nonconsolidated statement of income(millions of yen）

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
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 dues
Insurance expenses
Miscellaneous expenses
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission for syndicated loans
Loss on investments in investment partnerships
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of memberships
Compensation for damage income
Other
Total extraordinary income
Extraordinary losses
Compensation for damage
Loss on litigation
Infectious disease related costs
Additional taxes
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit12

FY2022

FY2023（Apr 1, 2022－Mar 31, 2023）
299,317274,760
24,557（Apr 1, 2023－Mar 31, 2024）
327,927
303,289
24,638

320
5,988
252
954
108
111
619
763
100
2,470
525
1
377
70
547
179
820
85
2,214
16,512
8,045

304
6,623
281
1,088
129
45
846
857
89
2,733
589
5
436
67
602
204
806
87
2,217
18,016
6,621

14
2,376
54
149
124
2,719

62
1,941
54
91
85
2,234

228
213
94
72
609
10,154

425
273
122
172
994
7,862

77
－
3
80

－
67
0
67

86
19
30
155
26
318
9,917
2,814
106
2,921
6,996

307
0
－
－
22
330
7,599
2,941
(651)
2,289
5,309

（３） Nonconsolidated statements of changes in equity
FY2022 （Apr 1, 2022－Mar 31, 2023）(millions of yen）
Shareholders' equity

Share
capitalBalance at beginning of period

Capital surplus

Retained earnings

Other
capitalsurplusOtherretainedearnings
Retainedearnings
brought
forwardLegalcapitalsurplus30,108Total
capitalsurplusLegalretainedearnings

16,767

4,378

21,145(9,767)

9,767

－

559

Total
retainedearnings

79,70380,263

Dividends of surplus(5,442)(5,442)

Profit

6,996

6,996

Changes during period
Transfer from legal capitalsurplus to other capital surplus

Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares

(0)

(0)

(4,012)(4,012)

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period－(9,767)

5,754(4,012)

－

1,554

1,554

30,1087,000

10,133

17,133559

81,257

81,817

Valuation and translation
adjustments

Shareholders' equity

Valuation
Total
Total
difference
Totalvaluation and net assets
shareholders' on availabletranslation
equityfor-saleadjustments
securities

TreasurysharesBalance at beginning of period(506)

131,011

2,738

2,738

133,749

Changes during period
Transfer from legal capitalsurplus to other capital surplus－－

Dividends of surplus(5,442)(5,442)

Profit

6,996

6,996

Purchase of treasury shares(4,012)(4,012)(4,012)

Disposal of treasury shares

7

7

7

4,012

－

－

Cancellation of treasury shares
Net changes in items other thanshareholders' equity

1,750

1,750

1,750

Total changes during period

7(2,451)

1,750

1,750

(700)

Balance at end of period(499)

128,560

4,489

4,489

133,049

13

FY2023 （Apr 1, 2023－Mar 31, 2024）(millions of yen）
Shareholders' equity

Share
capitalBalance at beginning of period

Capital surplus

Retained earnings

Other
capitalsurplusOtherretainedearnings
Retainedearnings
brought
forwardLegalcapitalsurplus30,108

7,000

Total
capitalsurplus10,133Legalretainedearnings

17,133559

Total
retainedearnings

81,257

81,817

Dividends of surplus(5,698)(5,698)

Profit

5,309

5,309

Changes during period

Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares00(1,962)(1,962)

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period－－(1,962)(1,962)

－

(389)

(389)

30,108

7,000

8,170

15,170559

80,86881,428

Shareholders' equity

TreasurysharesBalance at beginning of period(499)

Valuation and translation adjustments

Valuation
Total
difference
shareholders' on availableequity
for-salesecurities

128,560

4,489

Total
Total
valuation and net assets
translation
adjustments

Deferred
gains orlosses onhedges－4,489

133,049

Changes during period
Dividends of surplus(5,698)(5,698)

Profit

5,309

5,309

Purchase of treasury shares(2,025)(2,025)(2,025)

Disposal of treasury shares

33

34

34

1,962

－

－

Cancellation of treasury shares
Net changes in items other thanshareholders' equity

8,891

3

8,894

8,894

Total changes during period(28)(2,380)

8,891

3

8,894

6,514

Balance at end of period(527)

126,179

13,381

3

13,384

139,56314

３． Supplementary Information（１） Orders received, net sales and carried-forward （Nonconsolidated）(millions of yen)
FY2022
Apr 1, 2022－Mar 31, 2023

FY2023
Apr 1, 2023－Mar 31, 2024

Composition
ratio ％

AmountChangeComposition
ratio ％

AmountAmount％Public64,94018.6

47,455

12.6(17,485)(26.9)

Private36,333

10.4

44,750

11.9

8,416

23.2

Domestic

101,273

29.0

92,20524.5(9,068)(9.0)

Overseas－－

14,2203.8

14,220－Civil engineering

101,273

29.0

106,425

28.3

5,151

5.1

Public34,67410.0

27,400

7.3(7,273)(21.0)

Private212,575

61.0

241,736

64.4

29,16013.7

Domestic

247,249

71.0

269,136

71.7

21,887

8.9

Overseas

123

0.0

26

0.0

(96)

(78.4)

Building construction

247,373

71.0

269,163

71.7

21,790

8.8

Public99,61428.6

74,855

19.9(24,758)(24.9)

Private248,908

71.4

286,486

76.3

37,577

15.1

Domestic

348,523100.0

361,34296.2

12,818

3.7

Overseas123

0.0

14,246

3.8

14,123－

348,647100

375,589

100

26,942

7.7

Orders received-Total
Public41,502

13.9

54,743

16.7

13,24031.9

Private48,43416.2

44,702

13.6(3,731)

(7.7)
10.6

Domestic

89,93630.1

99,445

30.3

9,508

Overseas

－

－

683

0.2

683

－

Civil engineering

89,93630.1

100,128

30.5

10,191

11.3

Public19,004

6.3

28,133

8.6

9,129

48.0

Private189,04963.2

199,269

60.8

10,2205.4

Domestic

208,053

69.5

227,403

69.4

19,3499.3

Overseas

1,327

0.4

395

0.1

(931)

(70.2)

209,38169.9

227,799

69.5

18,4188.8

Building construction
Public60,50620.2

82,87625.3

22,36937.0

Private237,483

79.4

243,972

74.4

6,488

2.7

Domestic

297,99099.6

326,84899.7

28,858

9.7

Overseas

1,327

0.4

1,078

0.3

(248)

(18.7)Net sales-Total

299,317100

327,927100

28,6099.6(8.9)

Public81,645

15.3

74,35712.8(7,287)

Private113,463

21.2

113,511

19.5

47

0.0

Domestic

195,109

36.5

187,869

32.3(7,239)(3.7)

Overseas－－

13,401

2.3

13,401－

Civil engineering

195,10936.5

201,270

34.6

6,161

3.2

Public56,658

10.6

55,925

9.6

(732)

(1.3)

Private282,75152.9

325,21755.8

42,46615.0

Domestic

339,40963.5

381,14265.4

41,733

12.3

Overseas
Building construction

323

0.0

－

－

(323)

(100.0)339,73363.5

381,14265.4

41,40912.2

Public138,30325.9

130,283

22.4(8,020)(5.8)

Private396,21474.1

438,72975.3

42,514

10.7

Domestic

534,518100.0

569,012

97.7

34,493

6.5

Overseas
Carried-forward-Total

323

0.0

13,401

2.3

13,077－534,842100

582,413100

47,571

8.9(Note) The carried-forward amount of overseas work has been translated at the closing rate.
FY2022 : Increased by 55 million yen

FY2023 : Decreased by 89 million yen(Note) 2.Applying Accounting Standard for Revenue Recognition, etc., the amount of domestic public works of civil engineering carried(Note) 1.forward in the previous fiscal year has decreased by 123 million yen at the beginning of the current fiscal year.
15

（２） Financial Highlights(100 millions of yen)

Consolidated（Operating Results）
A

B

FY2022

FY2023C

B-A％

Net sales
Gross profit

C-B

FY2024（Forecasts）

％

4,035

4,432

397

9.8

4,622

190

4.3

332

361

29

8.6

395

34

9.5

8.2%

8.1%

(0.1)%

8.5%

0.4%（Ratio）

SG&A expenses

217

234

17

Operating profit

115

126

12

（Ratio）

2.8%

2.9%

Non-operating income - net

8

4

122

130

8

Ordinary profit

245

11

150

24

0.1%

3.2%

0.3%

(4)

4

0

6.6

154

24

(1)

3

4.7

153

27

52

9

4.3

101

18

Extraordinary income - net

(2)

(4)

(2)

Profit before income taxes

120

126

6

Income taxes and others

41

43

2

Profit attributable to owners of parent

80

83

3

10.2

18.6

18.1

21.5
21.4

Nonconsolidated（Operating Results）
A

B

C

B-A

FY2023

FY2022％C-B

FY2024（Forecasts）％

Civil engineering

1,013

922

(91)

1,000

78

Building construction

2,472

2,691

219

2,400

(291)

Domestic

3,485

3,613

128

3,400

(213)

Overseas

1

142

141

80

(62)

Orders received

3,486

3,756

269

3,480

(276)

Civil engineering

7.7

899

994

95

1,000

6

2,081

2,274

193

2,400

126

Domestic

2,980

3,268

289

3,400

132

Overseas

13

11

(2)

50

39

2,993

3,279

286

3,450

171

Building construction

Net sales

9.6

Civil engineering

85

123

38

110

(13)

(Ratio)

9.4%

12.4%

3.0%

11.0%

(1.4)%

Building construction

160

122

(38)

170

48

7.7%

5.4%

(2.3)%

7.1%

1.7%

244

245

1

280

35

8.2%

7.5%

(0.7)%

8.2%

0.7%

1

1

0

4

3

8.7%

11.4%

2.7%

246

246

1

8.2%

7.5%

(0.7)%

SG&A expenses

165

180

15

Operating profit

80

66

(14)

(Ratio)Domestic(Ratio)Overseas(Ratio)Gross profit（Ratio）

0.3(17.7)

8.0%(3.4)%

284

38

8.2%

0.7%

188

8

96

30

（Ratio）

2.7%

2.0%

(0.7)%

2.8%

0.8%

Non-operating income - net

21

12

(9)

14

2

Ordinary profit

102

79

(23)

(22.6)

110

31

0

3

(23.4)

110

34

34

11

(24.1)

76

23

Extraordinary income - net

(2)

(3)

(0)

Profit before income taxes

99

76

(23)

Income taxes and others

29

23

(6)

Profit

70

53

(17)

16

(7.3)

5.2

15.3

45.0

39.9

44.7
43.1