Infroneer Holdings Inc. · TSE:5076
Infroneer — FY2024 Q3 Earnings Presentation
51 slides from Infroneer's earnings presentation, Feb 12, 2025
Slide 1: FY2024 3rd Quarter Financial Presentation
INFRONEER Holdings FY2024 3rd Quarter Financial Presentation February 12, 2025
Slide 2: FY2024 3rd Quarter Financial Results Supplementary Material Index
FY2024 3rd Quarter Financial Results Supplementary Material INDEX 1. Management Environment Recognition = Appendix = 2. Financial Summary Segment Highlights 3. Capital Strategies & Return Policies / Results of 3Q 1. Building Construction FY24 and the FY’s Forecast 2. Civil Engineering 3. Infrastruct
Slide 3: Management Environment Recognition
１.Management Environment Recognition Our understanding and responses to the market environment, order environment, and material prices, etc. Market Our Segments Market Perception and Our Initiatives condition Condition Market condition : The level of investment in construction is rising. It is signi
Slide 4: Financial Summary
2. Financial Summary Company Segments Financial Highlights • Results at FY24 3Q showed that net sales increased, while profits decreased YoY. Looking at the full-year FY business profit, it is expected to decrease by 11 billion yen due to the postponement of the sales of renewable energy projects, r
Slide 5: Capital Strategies & Return Policies / Results of 3Q FY24 and the FY's Forecast
3-1. Capital Strategies & Return Policies / Results of 3Q FY24 and the FY’s Forecast Shareholder returns • A dividend of 60 yen per share (comprising an interim dividend of 30 yen and a year-end dividend of 30 yen) is planned to be paid (the dividend payout ratio is estimated at 47.4%). Cross-shareh
Slide 6: Status of Sales of Cross-Shareholdings
3-2. Status of Sales of Cross-Shareholdings FY24’s goal: To sell Maeda Corp.’s assets worth more than 25 billion yen Policy for sailing (to decrease the ratio of shareholding to net assets to 20% or less) cross- shareholdings Final goal: To sell all the cross-shareholdings owned by the entire INFRON
Slide 7: Trend of Performance Figures for INFRONEER Holdings
4-1 .Trend of Performance Figures for INFRONEER Holdings • Although operating profit and EBITDA slightly decreased, net profit increased compared to the previous fiscal year. Operating profit/Business profit Net income (Billion Yen) (Billion Yen) Operating profit/IFRS Business Profit Net income 3Q N
Slide 8: Year-over-year performance figures for INFRONEER Holdings
4-2.Year-over-year performance figures for INFRONEER Holdings • FY24 3Q results showed an increase in revenue and a decrease in profit compared to the same period last year. For the full year, due to the postponement of the sale of the renewable energy business, operating profit is expected to decre
Slide 9: Segment Performance Figures Year-on-Year
５.Segment Performance Figures Year-on-Year ※ （Billion Yen） FY23 FY24 Forecast FY23 FY24 YoY YoY Progress Result initial plan 3Q Revised difference 3Q Result 3Q Result ③ー① ① ② ③ ③ー② Net sales 570.1 604.4 34.3 71.7% 793.3 839.9 843.2 ※ 3.3 49.9 Building Construction 180.2 219.3 39.1 70.3% 273.7 293.3
Slide 10: Transition of Backlog, Order Intake and Profit Margin on Orders
６.Transition of Backlog, Order Intake and Profit Margin on Orders [Building Construction and Civil Engineering] • In the building construction segment, the 3Q’s orders remained steady, and its profit margin was maintained at a high level. The contract backlogs at the end of the fiscal year are expec
Slide 11: FY24 Main Factors for SG&A Increase/Decrease
7.FY24 Main Factors for SG&A Increase/Decrease • General and administrative expenses increased due to the full acquisition of Japan Wind Development. • Advertising and promotional expenses increased due to the signing of a partnership contract with B.LEAGUE. It aimed at contributing to regional revi
Slide 12: Major Factors of the Changes in the Consolidated Balance Sheet
8. Major Factors of the Changes in the Consolidated Balance Sheet Assets Liabilities and Equity （Billion Yen） （Billion Yen） 1,411 + 28 1,439 1,411 +28 1,439 (1,312) ※1 (+33) (1,344) ※1 Major Factor Major Factor - 40 - 54 Liabilities Current Short-term borrowings -211 442 ※2 Construction Contracts -1
Slide 13: Capital Strategies and Trends in Stock Price
9.Capital Strategies and Trends in Stock Price • Aiming for corporate management where capital efficiency through implementation of capital strategies as well as achievement of performance targets is carefully considered. FY21 FY22 FY23 FY24 Dividend payout ratio Dividend payout ratio Dividend payou
Slide 14: Impact on Financial Indicators on Bond-type Class Shares
10. Impact on Financial Indicators on Bond-type Class Shares • Bond-type class shares are distinguished from common shares and are excluded from the net assets at the time of estimation of PBR. • ROE and EPS are calculated by deducting preferred dividends, so the profit attributable to common shareh
Slide 15: Appendix
Appendix 14
Slide 16: Segment Highlights
Segment Highlights Building Civil Infrastructure construction Engineering Management Maeda Corp. Maeda Corp. Maeda Corp. Infrastructure Road Civil Machinery Management Engineering MAEDA SEISAKUSHO Japan Wind Development MAEDA ROAD 15
Slide 17: Maeda Corp. Net Sales, Gross Profit, and Operating Profit
1-1.[ Maeda Corp. *Including Real Estate] Net Sales, Gross Profit, and Operating Profit • FY24 3Q Due to an abundance of construction projects in hand and steady progress in new construction orders, the company saw net sales and gross profits increase significantly compared to the same period last B
Slide 18: Maeda Corp. Orders Received and Profit Margin of Orders Received
1-2.[ Maeda Corp. *Including Real Estate] Orders Received and Profit Margin of Orders Received • FY24 3Q As of the third quarter, orders received reached a record high of 248.9 billion yen. Profit margins on Building order also maintained a high level. Constru ction • FY24 FY Target order amount of
Slide 19: Trend of Order Ratios by Building Use
1-3 . [Maeda Corp. Domestic] Trend of Order Ratios by Building Use • FY24 3Q “Condominium" and "warehouses/logistics facilities" continue to perform well following the 2nd Building quarter. Constru ction • FY24 FY The proportion of "warehouses and logistic facilities" is expected to increase due to
Slide 20: Segment Highlights
Segment Highlights Building Civil Infrastructure Construction Engineering Management Maeda Corp. Maeda Corp. Maeda Corp. Infrastructure Road Civil Machinery Management Engineering MAEDA SEISAKUSHO Japan Wind Development MAEDA ROAD 19
Slide 21: Maeda Corp. Net Sales, Gross Profit, and Operating Profit
2-1.[ Maeda Corp. ] Net Sales, Gross Profit, and Operating Profit • FY24 3Q Due to the acquisition of design changes for projects completing this fiscal year, both net sales of Building completed construction contracts and profits are on the rise. Constru ction • FY24 FY The company aims to further
Slide 22: Maeda Corp. Orders Received and Profit Margin of Orders Received
2-2 . [ Maeda Corp. ] Orders Received and Profit Margin of Orders Received • FY24 3Q Orders received from both public and private sectors were strong and increased compared to the previous quarter. Profit margins on order also exceeded the planned figure. Building Constru ction • FY24 FY Secured ord
Slide 23: Segment Highlights
Segment Highlights Building Civil Infrastructure Construction Engineering Management Maeda Corp. Maeda Corp. Maeda Corp. Infrastructure Road Civil Machinery Management Engineering MAEDA SEISAKUSHO Japan Wind Development MAEDA ROAD 22
Slide 24: Maeda Corp. Consolidated Contribution to Profit
3-1-1.[ Maeda Corp. Consolidated ] Regarding Contribution to Profit • FY24 3Q SPCs in operation, including Aichi Road, are performing well.(see P.25) Building Constru • FY24 FY As the sale of Ozu Biomass has been postponed until next fiscal year or later, the ction full-year profit contribution will
Slide 25: FY24 Full-Year Plan Breakdown
3-1-2.[ Maeda Corp. Consolidated ] FY24 Full-Year Plan Breakdown ②SPC Operating income of consolidated subsidiaries （ billion yen ） Contribution to profit Building Constru • Operating income of SPCs such ①Operating income of ction To other Segment as Aichi Road concession and Non-consolidated SPC 5.
Slide 26: FY24 3Q Results and Full Year Plan of Major Group Companies (Infrastructure Management)
3-1-3. FY24 3Q Results and Full Year Plan of Major Group Companies (Infrastructure Management) Building Constru Maeda Corp. (Million yen) ction Consolidated Aichi Road Concession ※1 Miotsukushi Industrial Water Concession ※1 Miura City Public Sewerage Concession ※1 subsidiaries (Infrastructure FY23
Slide 27: Major Infrastructure Management Projects in Japan
3-1-4. Major Infrastructure Management Projects in Japan • Proven track record in various infrastructure services. • Implementing efficient integrated management leveraging the strengths of the private sector. Comprehensive Facilities Concessions PFI(Service Purchase Type) Management Contracting 9 p
Slide 28: Segment Highlights
Segment Highlights Building Civil Infrastructure Construction Engineering Management Maeda Corp. Maeda Corp. Maeda Corp. Infrastructure Road Civil Machinery Management Engineering MAEDA SEISAKUSHO Japan Wind Development MAEDA ROAD 27
Slide 29: Japan Wind Development, Revision of full-year plan
3-2-1. Japan Wind Development, Revision of full-year plan Sale of one project is planned within the 4th quarter, but the sale of three projects has been Building postponed until next fiscal year or later. Due to the reason, full-year gross profit and operating Constru ction profit have been revised
Slide 30: Transition of ongoing and developing projects by Japan Wind Development
3-2-2. The transition of ongoing and developing projects by Japan Wind Development. • Each project is being steadily developed by having acquired FIT/FIP. Building • As of FY24 3Q, the FIT/FIP-acquired projects have increased by approximately 370MW compared to FY21, and Constru ction efforts to enha
Slide 31: Projects Status by Japan Wind Development
3-2-3. Projects Status by Japan Wind Development • From development to operation, our group handles all phases of the wind power business. Building • Prioritizing coexistence with the community, we always promote development through constant dialogue Constru ction with local residents. Under operati
Slide 32: Segment Highlights
Segment Highlights Building Civil Infrastructure Construction Engineering Management Maeda Corp. Maeda Corp. Maeda Corp. Infrastructure Road Civil Machinery Management Engineering MAEDA SEISAKUSHO Japan Wind Development MAEDA ROAD 31
Slide 33: MAEDA ROAD Net Sales, Gross Profit, and Operating Profit
4-1.[ MAEDA ROAD Consolidated ] Net Sales, Gross Profit, and Operating Profit • FY24 3Q An increase in revenue and profit compared to the same period last year was achieved, Building primarily in the construction business, due to an abundance of carried-over projects. Constru ction • FY24 FY Through
Slide 34: MAEDA ROAD Construction Business: Orders, Net Sales, Profit
4-2. [MAEDA ROAD Consolidated Construction business] Orders Received, Net Sales, Gross Profit, and Operating Profit • FY24 3Q Due to a substantial backlog of carried-over projects and improved profit margins at the time of order, revenue and profit will increase compared to the same period last year
Slide 35: MAEDA ROAD Manufacturing and Sales Business
4-3.[MAEDA ROAD Consolidated Manufacturing and Sales Business] Net Sales, Gross Profit, and Operating Profit • FY24 3Q With progress in passing on costs and stabilization of raw material prices, we achieved Building increased revenue and profit compared to the same period last year. Constru ction •
Slide 36: Segment Highlights
Segment Highlights Building Civil Infrastructure Construction Engineering Management Maeda Corp. Maeda Corp. Maeda Corp. Infrastructure Road Civil Machinery Management Engineering MAEDA SEISAKUSHO Japan Wind Development MAEDA ROAD 35
Slide 37: MAEDA SEISAKUSHO Net Sales, Gross Profit, and Operating Profit
5-1. [ MAEDA SEISAKUSHO Consolidated] Net Sales, Gross Profit, and Operating Profit • FY24 3Q Sales of Komatsu products and our own products have remained strong, resulting in Building increased revenue and profit compared to the same period last year. Constru ction • FY24 FY The order situation is
Slide 38: MAEDA SEISAKUSHO Net Sales, Gross Profit, and Operating Profit by Business
5-2.[ MAEDA SEISAKUSHO Consolidated] Net Sales, Gross Profit, and Operating Profit※1 • FY24 3Q The sales of large Construction machines in Q1 have significantly driven the performance so far. In industrial and steel structure machinery, sales of our own products, particularly crawler cranes, Buildin
Slide 39: Performance Figures
Performance Figures «7 INFRONEER Holdings Inc. 38
Slide 40: Maeda Corp. Non-Consolidated FY24 3Q Results and Full-Year Forecast
1. [Non-Consolidated] Maeda Corp. FY24 3Q Results and FY24 Full-Year Forecast (Excluding SPCs for infrastructure management segment) (Billion Yen) FY24 FY23 3Q Results FY24 3Q Results YoY FY24 Initial Plan Progress 3Q Revised Net Sales 306.7 321.5 14.8 458.4 491.3 65.4% Total 179.3 218.2 38.9 298.5
Slide 41: MAEDA ROAD FY24 3Q Results and Full-Year Forecast
2. [Consolidated] MAEDA ROAD FY24 3Q Results and FY24 Full-Year Forecast (Billion Yen) FY23 FY24 FY24 FY24 3Q YoY Progress 3Q Results 3Q Results Initial plan Revised Net sales 186.7 194.8 8.1 261.5 266.9 73.0% Construction Business 127.6 135.0 7.4 180.0 185.5 72.8% Manufacturing and Sales Business 5
Slide 42: MAEDA SEISAKUSHO FY24 3Q Results and Full-Year Forecast
3.[Consolidated] MAEDA SEISAKUSHO FY24 3Q Results and FY24 Full-Year Forecast (Billion Yen) FY23 FY24 FY24 FY24 3Q YoY Progress 3Q Results 3Q Results Initial plan Revised Net sales 31.2 32.9 1.8 42.0 78.4% Construction Machinery 18.3 19.0 0.7 23.7 80.3% Industrial Machinery and Steel Products 11.2 1
Slide 43: Japan Wind Development FY24 3Q Results and Full-Year Forecast
4 .[Consolidated] Japan Wind Development FY24 3Q Results and FY24 Full-Year Forecast (Billion Yen) FY23 FY24 FY24 FY24 3Q YoY Progress 3Q Results 3Q Results Initial plan Revised Net sales ー 3.8 ー 8.7 6.3 60.4% Development ー 1.4 ー 6.4 3.9 37.2% O&M ー 2.0 ー 2.0 2.0 102.7% Others ー 0.3 ー 0.4 0.4 77.5%
Slide 44: FY24 3Q Results and Full Year Forecast of Key INFRONEER Group Companies
5. FY24 3Q Results and FY24 Full Year Forecast of Key INFRONEER Group Companies • FY24 3Q Revenues increased and income decreased from the same period of Building the previous fiscal year. Constru ction • FY24 FY Expect to achieve the full-year plan in terms of sales and profit. Maeda Corp. (Million
Slide 45: Business Model of Infrastructure Management Segment
[Supplementary Material] Business Model of Infrastructure Management Segment • Infrastructure management segment is a business model that generates revenue at all stages (①～⑤) from upstream to downstream of infrastructure including sales. ⑤Sale → Sale Profit (+α) Fund, AM → Dividend Profit, AM Fee V
Slide 46: Differences between Contribution to profit and Segment profit
[Supplementary Material] Differences between “Contribution to profit” and “Segment profit” • ”Contribution to profit” is the substantive contribution amount in managerial accounting, calculated by summing up the construction gross profit, other income and operating income of individual consolidated
Slide 47: Refinancing of bridge loan for the consolidation of JWD as a subsidiary
[Supplementary Material] Refinancing of bridge loan for the consolidation of JWD as a subsidiary (Billion Yen) Green CBs Green CBs Green CBs Green CBs 60.0 60.0 60.0 60.0 Green bonds Green bonds Liabilities Short-term Short-term Short-term 24.0 24.0 borrowings borrowings borrowings 60.9 Short-term L
Slide 48: Issuing Sustainability Information
[Supplementary Material] Issuing Sustainability Information We have enhanced the INFRONEER WEB Sustainability Page and published the Integrated Report 2024 (English Version)！ INFRONEER WEB Sustainability Page Sustainability Page Integrated Report 2024 English Version We are also publishing informati
Slide 49: Selected for the A List in CDP Climate Change
[Supplementary Material] Selected for the A List in CDP “Climate Change” Selected for the first time for the highest-rated A List in CDP “Climate Change” category！ *Companies are evaluated on their initiatives on an eight-level scale of “A, A-, B, B-, C, C-, D, D-” (companies that do not disclose in
Slide 50: Basket Infra League (BI League) commenced
Basket Infra League (BI League) commenced News1 ~ A Fan and Citizen-Participatory Competition to Support and Energize Communities through Basketball and Infrastructure ~ In collaboration with B.LEAGUE, INFRONEER is hosting the inaugural season of the participatory competition 'Basket Infra League (B
Slide 51: Disclaimer
【Disclaimer】 • This financial presentation document is originally in Japanese and has been translated in English. Any texts, figures and descriptions etc. in Japanese document is the original and the English document is for reference purposes only. In case of any conflict or inconsistency between th