Note: This document has been translated from the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

Summary Financial Results for the Fiscal Year Ended March 31, 2024 [Japanese GAAP](Consolidated)
May 15, 2024
Company Name
Securities Code
Representative
Contact

ASAHI KOGYOSHA CO., LTD.
1975
(Title)President and Representative Director(Title)Director, Vice President, Executive
Officer, and General Manager of General
Affairs Division
Scheduled date of regular general meeting of shareholders
Scheduled date of commencement of payment of dividends
Scheduled date for securities report filing
Supplementary materials prepared on financial results:
Convening financial results briefing:

Exchange listed on
Tokyo Stock Exchange
URL
https://www.asahikogyosha.co.jp(Name)
Yasutomo Takasu(Name)
Michiya Kameda(TEL) 03-6452-8181
June 27, 2024
June 28, 2024
June 27, 2024
Yes
Yes
(Amounts rounded down to the nearest millions of yen.)

1. Consolidated Results for the Fiscal Year Ended March 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results(Percentages indicate rates of change from the previous year.)
Profit attributable toOperating income
Ordinary income
owners of parent

Net sales
Fiscal year ended March2024
Fiscal year ended March
2023(Note) Comprehensive income:million yen%

million yen%

million yen%

million yen%

91,676

14.4

4,568

69.3

4,896

56.6

3,712

49.6

80,171

16.5

2,697

17.9

3,127

20.5

2,480

33.3

4,564 million yen
1,754 million yen[160.2%][35.8%]

Fiscal year ended March 2024
Fiscal year ended March 2023

Net income pershare

Net income toshareholders
equityDiluted net
income per shareyen

Ordinary income
to assets

Operating income
to net sales

yen

%

%

%

–

10.0

6.0

5.0

–

7.1

4.1

3.4

Fiscal year ended March
144.352024
Fiscal year ended March
96.58
2023
(Reference) Gain/loss on equity method investments

Fiscal year ended March 2024
- million yen
Fiscal year ended March 2023
- million yen(Note) The shares of common stock were split at a ratio of 2 shares for 1 share on April 1, 2024. “Net income per share” was calculated
assuming that the stock split was conducted at the beginning of the previous consolidated fiscal year.

(2) Consolidated Financial Position
Total assets
Fiscal year ended March2024
Fiscal year ended March
2023(Reference) Shareholders’ equity

Shareholders’ equity
ratio

Net assets

Net assets per share

million yen

million yen%

yen

84,01238,75646.1

1,506.49

78,94135,38044.8

1,376.70

Fiscal year ended March 2024
38,756 million yen
Fiscal year ended March 2023
35,380 million yen(Note) The shares of common stock were split at a ratio of 2 shares for 1 share on April 1, 2024. “Net assets per share” was calculated
assuming that the stock split was conducted at the beginning of the previous consolidated fiscal year.

-1-(3) Consolidated cash flow
Cash flow fromoperating activities

Cash and cash
equivalents at end of
periodCash flow fromfinancing activities

million yen

million yen

million yen

million yen

2,010

-304

-1,293

17,979-34-481-1,34917,540Fiscal year ended
March 2024
Fiscal year ended
March 2023

2.

Cash flow frominvesting activities

Dividends
Annual dividends

Payout ratio(consolidated)

Ratio ofdividends to
net assets(consolidated)

End of Q1

End of Q2

End of Q3

End of Q4

yen

yen

yen

yen

yen

million yen

%

%

–

25.00

–

55.00

80.00

1,028

41.4

2.9

–

40.00

–

80.00

120.00

1,543

41.6

4.2

–

25.00

–

35.00

60.00

Fiscal year ended
March 2023
Fiscal year ended
March 2024
Fiscal year ending
March 2025 (forecast)

Total

Dividends(total)49.8(Notes) 1. Breakdown of dividends
End of Q2 for fiscal year ended March 2023
Fiscal year ended March 2023, year end
End of Q2 for fiscal year ended March 2024
Fiscal year ended March 2024, year end
End of Q2 for fiscal year ending March 2025 (forecast)Fiscal year ending March 2025, year end (forecast)Ordinary dividends: 25.00 yen
Ordinary dividends: 25.00 yen; Special dividends: 30.00 yen
Ordinary dividends: 40.00 yen
Ordinary dividends: 40.00 yen; Special dividends: 40.00 yen
Ordinary dividends: 25.00 yen
Ordinary dividends: 25.00 yen;
Commemorative dividends: 10.00 yen (100th anniversary)

2. The shares of common stock were split at a ratio of 2 shares for 1 share on April 1, 2024. The amounts for the fiscal year
ended March 2023 and the fiscal year ended March 2024 are the actual dividend amounts prior to the stock split. For the
fiscal year ending March 2025 (forecast), the amount of dividends after this stock split is shown.

3.

Forecast of Consolidated Results for the Fiscal Year Ending March 2025 (from April 1, 2024 to March 31, 2025)(Percentages indicate rates of change from the previous year.)
Net income
attributable to the Net income per
Operating income
Ordinary income
parent company’s
shareshareholders

Net sales
million yen%

million yen%

million yen%

million yen%

yen

Full year
92,5000.93,600 -21.2
3,800 -22.4
3,100 -16.5
120.50(Note) The shares of common stock were split at a ratio of 2 shares for 1 share on April 1, 2024. “Net income per share” in the forecast
for consolidated results for the fiscal year ending March 2025 takes into account the effect of this stock split.

* Notes(1)

Changes in significant subsidiaries during the period under review (changes in specified
subsidiaries involving changes in the scope of consolidation)(2) Changes in accounting policies or accounting estimates, restatements
1) Changes in accounting policies related to revision of accounting standards
2) Changes in accounting policies other than those under 1) above
3) Changes in accounting estimates
4) Restatements(3) Number of shares issued (common shares)
1)
Number of shares issued at the end of
Fiscal year ended
27,200,000
period (including treasury shares)
March 2024
shares2)
Number of treasury shares at the end of
Fiscal year ended
1,473,548
periodMarch 2024
shares3)
Average number of shares issued during
Fiscal year ended
25,718,104
the period
March 2024
shares

-2-

:

None

:
:
:
:

None
None
None
None

Fiscal year ended
March 2023
Fiscal year ended
March 2023
Fiscal year ended
March 2023

27,200,000
shares1,500,348
shares
25,687,075
shares(Note) The shares of common stock were split at a ratio of 2 shares for 1 share on April 1, 2024. Calculations of " Number ofshares issued at the end of period ", of " Number of treasury shares at the end of period," and of " Average number ofshares issued during the period " assume that this stock split took place at the beginning of the previous consolidated
fiscal year.

(Reference) Overview of nonconsolidated financial results
1. Nonconsolidated Results for the Fiscal Year Ended March 2024 (from April 1, 2023 to March 31, 2024)(1) Nonconsolidated Operating Results(Percentages indicate rates of change from the previous year.)
Operating income
Ordinary income
Net income

Net sales
Fiscal year ended March2024
Fiscal year ended March
2023

million yen%

million yen%

million yen%

million yen%

89,809

15.9

4,407

70.5

4,707

53.9

3,594

42.2

77,458

15.1

2,585

20.0

3,059

25.7

2,527

43.6

Net income per
share
Fiscal year ended March2024
Fiscal year ended March
2023

Diluted net
income per share

yen

yen

139.77

–

98.40

–

(Note) The shares of common stock were split at a ratio of 2 shares for 1 share on April 1, 2024. “Net income per share” was calculated
assuming that the stock split was conducted at the beginning of the previous nonconsolidated fiscal year.

(2) Nonconsolidated Financial Position
Total assets
Fiscal year ended March2024
Fiscal year ended March
2023(Reference) Shareholders’ equity

Shareholders’ equity
ratio

Net assets

Net assets per share

million yen

million yen%

yen

82,20938,06846.3

1,479.74

77,06335,03545.5

1,363.27

Fiscal year ended March 2024
38,068 million yen
Fiscal year ended March 2023
35,035 million yen(Note) The shares of common stock were split at a ratio of 2 shares for 1 share on April 1, 2024. “Net assets per share” was calculated
assuming that the stock split was conducted at the beginning of the previous nonconsolidated fiscal year.

2.

Forecast of Nonconsolidated Results for the Fiscal Year Ending March 2025 (from April 1, 2024 to March 31,
2025)(Percentages indicate rates of change from the previous year.)
Net income per
Operating income
Ordinary income
Net income
share

Net sales
million yen%

million yen%

million yen%

million yen%

yen

Full year
89,200-0.7
3,500 -20.6
3,700 -21.4
3,000 -16.5
116.61(Note) The shares of common stock were split at a ratio of 2 shares for 1 share on April 1, 2024. “Net income per share” in the forecast
for nonconsolidated results for the fiscal year ending March 2025 takes into account the effect of this stock split.
* Summary financial results are not subject to audits by a certified public accountant or audit firm.
* Explanation of appropriate use of operating results forecasts and other special notes
The forward-looking statements contained in this document, including forecasts of operating results, are based on information
available to the Company and certain assumptions deemed reasonable at the time. No guarantees are provided concerning theirachievement. Actual results may differ substantially for various reasons.

-3-

ASAHI KOGYOSHA CO., LTD. (1975) Summary Financial
Results for the Fiscal Year Ended March 31, 2024

3. Consolidated Financial Statements and Major Notes(1) Consolidated balance sheet(Million yen)Previous consolidated
fiscal year
(March 31, 2023)
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable from completed
construction contracts and other
Electronically recorded monetary claims - operating
Finished goods
Costs on construction contracts in progress
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant, and equipment
Buildings and structures
Machinery, vehicles, tools, furniture, and fixtures
Land
Leased assets
Construction in process
Accumulated depreciation
Total property, plant, and equipment

Current consolidated fiscal
year(March 31, 2024)

17,667

18,76630,29532,657

6,882
0
1,472
567
246
2,071
-1

9,070
–
1,223
1,017
258
864
-2

59,201

63,854

6,735
967
3,082
143
32
-4,640

6,748
978
3,082
304
92
-4,836

6,321

6,370

Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts

791

675

11,3051,331-911,846
1,274-9

Total investments and other assets

12,627

13,111

19,74020,15778,94184,012

Total non-current assets
Total assets-4-

ASAHI KOGYOSHA CO., LTD. (1975) Summary Financial
Results for the Fiscal Year Ended March 31, 2024

(Million yen)Previous consolidated
fiscal year
(March 31, 2023)
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts and other
Electronically recorded obligations - operating
Short-term borrowings
Lease liabilities
Income taxes payable
Advances received on construction contracts in progress
Provision for warranties for completed construction
Provision for loss on construction contracts
Other

Current consolidated fiscal
year(March 31, 2024)

20,02419,067

14,235
3,300
34
812
1,265
86
260
1,623

12,516
3,300
71
1,558
1,629
78
1,165
4,290

41,642

43,677

28
1,282
270
38
298

183
1,121
228
39
5

1,918

1,578

Total liabilities

43,56145,255

Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares

3,857
3,777
24,830
-672

3,857
3,798
27,321-660

31,792

34,316

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans

4,034
183
-630

4,662
233
-455

Total accumulated other comprehensive income

3,588

4,440

35,38038,75678,94184,012

Total current liabilities
Non-current liabilities
Lease liabilities
Retirement benefit liability
Long-term accounts payable - other
Asset retirement obligations
Deferred tax liabilities
Total non-current liabilities

Total shareholders’ equity

Total net assets
Total liabilities and net assets-5-

ASAHI KOGYOSHA CO., LTD. (1975) Summary Financial
Results for the Fiscal Year Ended March 31, 2024

(2) Consolidated statement of income and consolidated statement of comprehensive income(Consolidated statement of income)(Million yen)

Net sales
Net sales of completed construction contracts
Net sales of finished goods
Total net sales
Cost of sales
Cost of sales of completed construction contracts
Cost of finished goods soldTotal cost of sales
Gross profit
Gross profit on completed construction contracts
Gross profit - finished goods
Total gross profit
Selling, general and administrative expenses
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income from real estate
Insurance claim income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commitment fees
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of golf club membership
Gain on sale of investment securities
Gain on sale of businesses
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Loss on valuation of golf club membership
Loss on valuation of investment securities
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
ProfitProfit attributable to owners of parent-6-

Previous consolidated
fiscal year (April 1, 2022March 31, 2023)

Current consolidated fiscal
year (April 1, 2023- March
31, 2024)

75,1105,060
80,171

88,235
3,441
91,676

66,734
4,383
71,11776,644
3,379
80,023

8,376
677
9,053

11,59062
11,652

6,355
2,697

7,084
4,568

2
284
12
147
54
500

7
314
11
38
372

29
38
4
71
3,127

26
14
3
43
4,896

0
603
70
674

0
1
251
253

4
15
14
34
3,767
1,431
-145
1,286
2,480
2,480

1
4
9
0
16
5,133
2,062
-641
1,421
3,712
3,712

ASAHI KOGYOSHA CO., LTD. (1975) Summary Financial
Results for the Fiscal Year Ended March 31, 2024

(Consolidated statement of comprehensive income)(Million yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-7-

Previous consolidated
fiscal year (April 1, 2022 March 31, 2023)
2,480

Current consolidated fiscal
year (April 1, 2023 March 31, 2024)
3,712

-617
12
-121

627
49
175

-726

851

1,754

4,564

1,754

4,564

–

–

ASAHI KOGYOSHA CO., LTD. (1975) Summary Financial
Results for the Fiscal Year Ended March 31, 2024

(3) Consolidated statements of changes in equity
Previous consolidated fiscal year (April 1, 2022 - March 31, 2023)(Million yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

3,857

Retained earnings

3,760

23,120Total shareholders'equityTreasury shares-691

30,046

Changes during period
Dividends of surplus

-770

-770

Profit attributable to ownersof parent

2,480

2,480

Purchase of treasury shares
Disposal of treasury shares

17

-0

-0

19

36

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

–

17

1,710

18

1,746

3,857

3,777

24,830-672

31,792

Accumulated other comprehensive income
Valuation difference
on available-for-salesecurities
Balance at beginning of period

4,652

Foreign currency
Remeasurements oftranslation adjustment defined benefit plans
170

-509

Total accumulated
other comprehensive
income4,314

Total net assets

34,360Changes during period
Dividends of surplus-770

Profit attributable to ownersof parent

2,480

Purchase of treasury shares-0

Disposal of treasury shares

36

Net changes in items otherthan shareholders' equity

-617

12

-121

-726

-726

Total changes during period

-617

12

-121

-726

1,020

Balance at end of period

4,034

183

-630

3,588

35,380-8-ASAHI KOGYOSHA CO., LTD. (1975) Summary Financial
Results for the Fiscal Year Ended March 31, 2024

Current consolidated fiscal year (April 1, 2023 - March 31, 2024)(Million yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

3,857

Retained earnings

3,777

24,830Total shareholders'equityTreasury shares-672

31,792

Changes during period
Dividends of surplus-1,221-1,221

Profit attributable to ownersof parent

3,712

3,712

Disposal of treasury shares

20

12

32

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

–

20

2,491

12

2,523

3,857

3,798

27,321-660

34,316

Accumulated other comprehensive income
Valuation difference
on available-for-salesecurities
Balance at beginning of period

4,034

Foreign currency
Remeasurements oftranslation adjustment defined benefit plans
183

-630

Total accumulated
other comprehensive
income3,588

Total net assets

35,380Changes during period
Dividends of surplus-1,221

Profit attributable to ownersof parent

3,712

Disposal of treasury shares

32

Net changes in items otherthan shareholders' equity

627

49

175

851

851

Total changes during period

627

49

175

851

3,375

4,662

233

-455

4,440

38,756

Balance at end of period-9-

ASAHI KOGYOSHA CO., LTD. (1975) Summary Financial
Results for the Fiscal Year Ended March 31, 2024

(4) Consolidated statement of cash flows(Million yen)

Cash flow from operating activities
Profit before income taxes
Depreciation
Impairment losses
Loss (gain) on valuation of investment securities
Loss on valuation of golf club membership
Loss (gain) on sale of businesses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for loss on construction
contracts
Increase (decrease) in retirement benefit liability
Increase (decrease) in long-term accounts payable - other
Interest and dividend income
Insurance claim income
Interest expense
Foreign exchange losses(gain)
Loss (gain) on disposal of non-current assets
Loss (gain) on sale of investment securities
Loss (gain) on sale of golf club membership
Decrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts inprogress
Increase (decrease) in trade payable
Increase (decrease) in advance received on construction
contracts in progress
Decrease (increase) in consumption taxes refund receivable
Increase (decrease) in accrued consumption taxes
Other,net
SubtotalInterest and dividends received
Interest paid
Income taxes refund(paid)
Net cash provided by (used in) operating activities
Cash flow from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Other,net
Net cash provided by (used in) investing activities- 10 -

Previous consolidated
fiscal year (April 1, 2022 March 31, 2023)

Current consolidated fiscal
year (April 1, 2023 March 31, 2024)

3,767
578
14
15
-70
-4

5,133
610
0
9
4
–
1

-121

905

128
-41
-287
-147
29
-6
3
-603
-7,542

91
-42
-321
–
26
-4
1
-251
-1
-4,550

-630

-212

7,168

-2,678

-671

363

-300
-15
20
1,283
287
-27
-1,578
-34

1,099
1,932
957
3,074
321
-26
-1,358
2,010

-401
401
-1,294
80
-56
-6
690
105
-481

-1,704
1,054
-151
0
-135
-6
610
28
-304

ASAHI KOGYOSHA CO., LTD. (1975) Summary Financial
Results for the Fiscal Year Ended March 31, 2024

(Million yen)

Cash flow from financing activities
Net increase (decrease) in short-term borrowings
Purchase of treasury shares
Dividends paid
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- 11 -

Previous consolidated
fiscal year (April 1, 2022 March 31, 2023)

Current consolidated fiscal
year (April 1, 2023 March 31, 2024)

-500
-0
-770
-78
-1,34916-1,84919,39017,540––-1,221-72-1,29326
439
17,54017,979