April 25, 2025
Kinden Corporation
Contents
1. Summary of Financial Results
(1) Consolidated P1
(2) Non-Consolidated P2
2. Cash Flows (Consolidated) P3
3. Capital Investment (Consolidated) P3
4. Business Overview by Region (Domestic/Overseas) P4
5. Business Overview (Non-Consolidated)
(1) Construction Orders
Construction Orders by Customer P5
Construction Orders by Operation P5
Renewal Construction (Excluding Power Distribution Lining) P5
Construction Orders by Region P6 Construction Orders by Operation
(a) Power Distribution Lining P7
(b) Electrical (By Facility) P7
(c) Electrical (By Customer's Industry) P7
(d) Information & Communications Network P8
(e) Environmental Management Facilities (By Facility) P8
(f) Electric Power & Others P8
(2) Net Sales of Completed Construction Contracts
Sales of Completed Construction Contracts by Customer P9
Sales of Completed Construction Contracts by Operation P9
Renewal Construction (Excluding Power Distribution Lining) P9
Sales of Completed Construction Contracts by Region P10 Net Sales of Completed Construction Contracts by Operation
(a) Power Distribution Lining P11
(b) Electrical (By Facility) P11
(c) Electrical (By Customer's Industry) P11
(d) Information & Communications Network P12
(e) Environmental Management Facilities (By Facility) P12
(f) Electric Power & Others P12
(3) Contract Backlog by Operation at the End of Period P13
(4) Renewable Energy-related Construction P13
(5) Selling, General and Administrative Expenses P14
(6) Number of Employees P14
6. Shareholders
(1) Number of Shareholders by Type P15
(2) Major Shareholders P15
7. Shareholder Returns
(1) Dividends P16
(2) Acquisition of Treasury Stock P16
8. ROE P16
• The Company bases its forecasts on assumptions that are believed to be reasonable under information available at the time of the forecasts. Actual results may materially differ from these forecasts due to potential risks and uncertainties.
• Amounts less than one million were rounded down.
1. Summary of Financial Results
(1) Consolidated
Net sales of completed construction contracts FY2024
Gross profit on completed construction contracts
Gross profit margin
Selling, general and administrative expenses
Operating profit
Operating profit margin
Ordinary profit
Profit attributable to owners of parent
Profit per share (yen)
FY2025
(Millions of yen) Forecasts
Change
% Change FY2026 (Forecast)
Change
% Change
654,516 107,581 16.4%
64,903 42,677 6.5%
45,982 33,553
165.34
50,542 25,222 2.4
6,919 18,302 2.1
18,564 13,697
70.92
23.4% 146,000
10.7% 79,000
42.9% 67,000
40.4% 70,000
40.8% 52,000
- -
7.7% 730,000
24,941 3.5%
13,196 9.9%
1.2
- 7,176 10.0%
6,020 9.9%
0.6
-
5,453 8.4%
4,749 10.1% 27.02
Total assets
Total net assets
Equity ratio
Net assets per share (yen)
As of Mar. 31, 2024
As of Mar. 31, 2025
815,887 574,053
2,848.11
70.3%
Net Sales of Completed Construction Contracts
800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000
0
FY2022
FY2023
FY2024
FY2025
(Millions of yen)
609,132
654,516
705,058
730,000
566,794
FY2026
FY2022
FY2026
(Forecast)
(Millions of yen)
(Forecast)
Ordinary Profit
80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000
Ordninary margin 9.6%
10.0% 9.0% 8.0% 7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
00.0% FY2023
FY2024
FY2025
9.2%
7.1%
7.0%
6.6%
70,000
64,546
45,982
Operating Profit
Operating profit margin
80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
00.0% FY2023
FY2024
FY2025
9.2% 8.6%
6.5%
6.5%
6.1%
67,000
60,979
42,677
37,430
37,087
FY2022
FY2026
FY2022
FY2026
(Forecast)
(Millions of yen)
(Forecast)
(Millions of yen)
Profit Attributable to Owners of Parent
Net profit margin
80,000
10.0%
70,000
9.0%
8.0%
60,000
7.0%
50,000
6.0%
40,000
5.0%
30,000
4.0%
3.0%
20,000
2.0%
10,000
1.0%
00.0% FY2023
FY2024
FY2025
7.1%
6.7%
4.7%
5.1% 4.7%
52,000
47,250
26,366
28,722
33,553
1. Summary of Financial Results
(2) Non-Consolidated
Construction orders
Net sales of completed construction contracts
Gross profit on completed construction contracts
Gross profit margin
Selling, general and administrative expenses
Operating profit
Operating profit margin
Ordinary profit
Profit
Profit per share (yen)
(Millions of yen) Forecasts
560,416 559,954 87,662 15.7%
58,744 35,964 23,711 3.0
10.5% 590,000
(29,160) (4.7)%
53,139 34,523 6.2%
39,549 29,778
146.74
17,612 12,595
5,847 17,863 2.6
65.14
27.0% 123,500
11.0% 63,500
51.7% 60,000
44.5% 64,000
42.3% 50,000
- -
6.4% 610,000
14,081 2.4%
12,125 10.9%
1.5
-
4,512 7.7%
7,613 14.5%
1.0
- 6,838 12.0%
7,625 18.0% 41.28
Total assets
Total net assets
Equity ratio
Net assets per share (yen)
As of Mar. 31, 2024
As of Mar. 31, 2025
723,189 520,706
709,198 533,471
72.0%
75.2%
2,586.84
2,684.14
Construction Orders
700,000
600,000 500,000 400,000 300,000 200,000 100,000
0
FY2022
FY2023
FY2024
FY2025
(Millions of yen)
FY2026 (Forecast)
619,160
525,998
558,320
560,416
590,000
Operating Profit
Operating profit margin 9.8%
70,000 60,000 50,000 40,000 30,000 20,000 10,000
10.0% 9.0% 8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
00.0% FY2023
FY2024
FY2025
8.8%
7.1%
6.2%
6.2%
52,386
35,136
32,410
34,523
Net Sales of Completed Construction Contracts
700,000
600,000 500,000 400,000 300,000 200,000 100,000
0
FY2022
FY2023
FY2024
FY2025
(Millions of yen)
FY2026 (Forecast)
610,000
493,724
524,233
559,954
595,918
FY2022
FY2026
FY2026
(Millions of yen)
(Forecast)
(Forecast)
Profit
Net profit margin
60,000
9.0%
8.2%
8.0%
50,000
7.1%
7.0%
40,000
5.2%
5.3%
5.3%
6.0%
5.0%
30,000
4.0%
50,000
20,000
42,374
3.0%
25,824
27,672
29,778
2.0%
10,000
1.0%
00.0% FY2022
FY2023
FY2024
FY2025
(Millions of yen)
2. Cash Flows (Consolidated)
Profit before income taxes Depreciation
Decrease (increase) in trade receivable
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,net
Income taxes paid
Net cash provided by (used in) operating activities
Purchase of non-current assets
Purchase of shares of subsidiaries
Decrease (increase) in short-term and long-term investment securities
Other,net
Net cash provided by (used in) investing activities
Purchase of treasury stock
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 end of period
50,000
(10,000)
(20,000)
(30,000)
40,000
30,000
20,000
10,000
0
Net cash used in financing activities
Net cash provided by operating activities Net cash used in investing activities Net cash used in financing activities Net cash provided by operating activities Net cash used in investing activities
(Millions of yen)
FY2022
FY2023
3. Capital Investment (Consolidated)
Land
Buildings and structures Vehicles
Machinery, tools and fixtures Total
Note: Lease assets are included.
FY2022
Full year FY2023
39,444 6,684
42,709 6,804
2,009 (23,023)
(1,438)
7,562
(6,067)
(1,394)
(13,847)
956
8,533
9,713
(2,391)
(13,149)
32,952
(5,425) (28,710)
(4,550)
65
(67)
(9,977)
(4)
(7,480)
(769)
(8,254)
634
15,355
184,501
Net cash used in financing activities
FY2022
496 8.4% 2,235 37.7% 2,152 36.3% 1,050 17.7%
30,153
(Millions of yen) FY2024
FY2025
49,062 66,571
6,732 (17,725)
792
14,144 (27,360)
4,710 10,808
(4,064) (11,011)
(15,130) (17,978)
38,520
(27,522)
- 1,923 (606) (27,393)
-
6,710
(1,368)
(22,179)
(464) (7,302) (8,008)
(7,788) (1,087)
(8,458) (16,658)
(217)
(9,340) (15,978)
1,556 (5,024)
179,477
38,520
Net cash provided by operating activities Net cash used in investing activities
FY2024
FY2023
10,280 34.9% 16,007 54.3% 2,339 7.9% 853 2.9%
678 1,040 180,517
Net cash used in financing activities
FY2024
9,700 37.4% 13,532 52.1% 1,863 7.2% 857 3.3%
Net cash provided by operating activities
FY2025
FY2025
5,935
100.0%
29,480
100.0%
25,953
100.0% Net cash used in investing activities
(Millions of yen)
Increase (Decrease)
(6,068) 12,900
(10,977) 38,900
559 2,400
709 2,000
100.0% (15,777) FY2026 (Plan)
4. Business Overview by Region (Domestic/Overseas)
(Millions of yen)
Domestic
New orders | |||
Full year | Change | ||
FY2024 | FY2025 | Change | % Change |
Full year
New orders
Net sales Change
Full year
Change FY2024
FY2025
Change % Change FY2024
Kinden Corporation
553,822
614,523 | 591,028 |
614,523
60,701
11.0%
553,120
Domestic subsidiaries
Domestic subsidiaries related to Nishihara Engineering Company, Limited (2 companies)
39,726 43,768
Domestic subsidiaries related to electrical business (5 companies)
11,596 10,806
Domestic subsidiaries related to wind power generation business (2 companies)
2,995 2,524
Other domestic subsidiaries (4 companies)
14,981 16,727
Domestic subsidiaries total
69,300
(13 companies)
43,768 | 39,245 |
10,806 | 11,392 |
2,524 | 2,524 |
16,727 | 16,801 |
73,827 | 69,964 |
4,041 10.2%
(790) (6.8)% 10,510
(470) (15.7)% 2,995 1,745 11.7% 17,381
73,827
4,526
6.5%
63,473
Domestic Total 623,122 | 688,350 | 65,228 10.5% 616,593 | 660,992 | 44,399 7.2% |
[Kinden + Domestic subsidiaries] | ||||
Domestic ratio 91.0% 90.1% 92.1% 91.6% | ||||
Overseas
Kinden Corporation
Asia
Guam
3,960
Other areas
Kinden (Overseas) total
6,594 4,636
2,634 2,405 2,510
2,405
1,533
2,231
3,356
0
-
4,636
4,890
(1,728)
(43.7)% 4,323
0
0
(1,957)
(29.7)% 6,834
Overseas subsidiaries
(6 companies)
Asia
37,981 45,464
(2 companies)
Hawaii
16,947 25,306
Overseas subsidiaries total
54,929
(8 companies)
45,464 | 38,409 |
25,306 | 17,373 |
70,770 | 55,783 |
7,482 8,359
19.7% 32,124
49.3% 13,634
70,770
15,841
28.8%
Overseas Total Asia [Kinden (Overseas) + Overseas subsidiaries] Hawaii and 40,616 20,907 Guam Other areas 0 | 47,869 27,538 0 | 7,253 6,630
0 - | 39,943 20,730 - |
|
Total 61,523 | 75,407 | 13,884 22.6% 52,592 | 60,673 | 8,080 15.4% |
Overseas ratio 9.0% 9.9% 7.9% 8.4% | ||||
Kinden + Subsidiaries Total
684,646
(Before adjustment for inter-group transactions)
763,758
79,112
11.6%
669,186
Notes:
FY2025 | Change | % Change |
591,028 | 37,907 | 6.9% |
6,659 | 20.4% | |
11,392 | 882 | 8.4% |
2,524 | (470) | (15.7)% |
16,801 | (580) | (3.3)% |
69,964 | 6,491 | 10.2% |
1,533 | (976) | (38.9)% |
3,356 | (967) | (22.4)% |
- | ||
4,890 | (1,943) | (28.4)% |
38,409 | 6,285 | 19.6% |
17,373 | 3,739 | 27.4% |
10,024 | 21.9% | |
721,666 | 52,479 | 7.8% |
52,592 | ||
Asia | ||
Hawaii and | ||
Guam | ||
FY2024 |
1. Domestic subsidiaries related to Nishihara Engineering Company, Limited (Nishihara Engineering Co., Ltd., Nishihara Construction Co., Ltd.) Domestic subsidiaries related to electrical business (Kinden Tokyo Service Company, Incorporated, Kinden Chubu Service Company, Incorporated, Kinden Kansai Service Company, Incorporated, Kinden Nishinihon Service Company, Incorporated, Daito Denki Kouji Co., Ltd.)
Domestic subsidiaries related to wind power generation business (Shirama Wind Farm Co., Ltd., Shiratakiyama Wind Farm Co., Ltd.)
Other domestic subsidiaries (Kinden Services Company, Incorporated, Kinden Shoji Company, Limited, KINDENSPINET CORPORATION, FEN Co., Ltd.)
2. Overseas subsidiaries:
Asia (Kinden Vietnam Co., Ltd., Kinden (Thailand) Co., Ltd., P.T. Kinden Indonesia, Kinden Phils Corporation, Antelec Private Ltd., International Electro-Mechanical Services Co. (L.L.C.) Hawaii (US Kinden Corporation, Wasa Electrical Services, Inc.)
3. International Electro-Mechanical Services Co. (L.L.C.) changed its fiscal year end from March 31 to December 31 in FY2022.
4. As FEN Co., Ltd. became a consolidated subsidiary from July 2021, its results have been included from the second quarter of FY2022.
4
(1) Construction Orders
FY2022
Construction Orders by Customer
The Kansai Electric Power Company, Incorporated*
The Kansai Electric Power Group Others
FY2023
Comparison to FY2024
FY2024
FY2025
Change
% Change
(Millions of yen)
FY2026 (Forecast)
[Public offices (Reissued)] Total
74,405
82,079
22,534
18,009
429,058
458,231
[15,557]
[16,067]
525,998
558,320
* Includes Kansai Transmission and Distribution, Inc. from FY2021
Construction Orders by Operation
Power Distribution Lining Electrical
Information & Communications Network Environmental Management Facilities Electric Power & Others
[12,294] 560,416
84,416 85,054
16,226 17,534
459,773 516,571
[12,690] 103.2%
58,744 10.5% 590,000
56,798 12.4% 489,000
638 0.8%
1,307 8.1%
Total
68,019
73,485
72,957
326,958
364,940
368,922 421,762
60,710
55,747
44,715 43,810
43,965
47,843
52,097 49,618
26,344
16,304
21,723 25,585
525,998
558,320
560,416
Renewal Construction (Excluding Power Distribution Lining)
Electrical
Information & Communications Network Environmental Management Facilities Electric Power & Others
5,426 7.4% 75,000 52,839 14.3% 379,000
(904) (2.0)%
(2,479) (4.8)% 3,861 17.8%
58,744 10.5% 590,000
Total
142,849
23,839
180,102
7,637
5,776
146,684
186,727
22,109
9,506
8,426
153,994
10,618 11,066 191,640
15,960 20,966
34,449 22.4% 5,005 31.4% (749) (7.1)%
(4,880) 33,825
(44.1)%
17.7%
215,000
Construction Orders by Region
(Millions of yen)
Comparison to FY2024
FY2022
FY2023
FY2024
FY2025
Change
% Change
FY2026 (Forecast)
Excluding Power Distribution Lining
Hokkaido and Tohoku
25,064
29,728
26,790 29,572
Kanto and Tokyo metropolitan area Chubu
141,598
145,758
142,061 161,182
46,860
48,783
57,885 57,655
Kinki
185,553
201,868
202,635 228,556
Chugoku, Shikoku and Kyushu Overseas
51,257
50,838
51,491 59,173
7,644
7,858
6,594
Power Distribution Lining Total
68,019
73,485
72,957 78,384
525,998
558,320
560,416
2,781 10.4%
19,120 13.5%
(230) (0.4)%
25,920 12.8%
7,682 14.9%
(1,957) 5,426
(29.7)%
58,744
7.4% 10.5%
590,000
Construction Orders by Operation
(a) Power Distribution Lining
(Millions of yen)
Comparison to FY2024
FY2022
FY2023
FY2024
FY2025
Change
% Change
FY2026 (Forecast) The Kansai Electric Power Company, Incorporated
Other Power Distribution Lining Total
65,453 2,565 68,019
69,711 3,773 73,485
69,787 74,972
5,185
3,170 72,957
3,411 78,384
241 5,426
7.4% 7.6% 7.4%
72,000
3,000 75,000
Note:
"Other Power Distribution Lining" includes C.C.Box and Information Box, power distribution-related construction of The Kansai Electric Power Company, Incorporated, electric water heater installation, NTT telegraph pole installation, and others.
(b) Electrical (By Facility)
(Millions of yen)
Comparison to FY2024
FY2022
FY2023
FY2024
FY2025
Change
% Change
FY2026 (Forecast) Office buildings
128,559
160,064
146,445 154,364
Commercial and entertainment facilities Healthcare facilities
35,050
37,565
36,543 32,069
16,951
11,164
23,181 13,351
Educational and cultural facilities Residences
21,554
23,385
19,669 31,635
2,422
1,812
2,550
Factories Logistics facilities Others
65,803
81,376
87,008 124,313
32,061
29,008
26,533 31,259
16,737
11,010
17,634 21,988
Interior constructions Total
7,819
9,550
9,355 11,082
326,958
364,940
368,922
7,918
5.4%
(4,473) (12.2)%
(9,830) (42.4)%
11,966
60.8%
(853) (33.5)%
37,304 42.9%
4,725 17.8%
4,354 24.7%
1,726 18.5%
52,839
14.3%
379,000
180,000 160,000
140,000 | |
120,000 | FY202 |
100,000 | 2 |
80,000 | FY202 |
60,000 | 3 |
40,000 | FY202 |
20,000 | 4 |
0 |
Office buildings Commercial and entertainment facilities Healthcare facilities
Educational and cultural facilities
Residences Factories Logistics facilities Others Interior constructions
(Millions of yen)
(c) Electrical (By Customer's Industry)
(Millions of yen)
Comparison to FY2024
FY2022
FY2023
FY2024
FY2025
Change
% Change
FY2026 (Forecast) Manufacturing
81,057
102,803
113,747 151,038
37,291 32.8%
Transport machines and equipment Electrical/precision machinery and instruments
10,680
16,671
20,608 27,685
7,076 34.3%
14,172
23,145
20,577 42,892
22,314 108.4%
Food Chemical Pharmaceutical Other manufacturing
8,030
6,271
11,571 10,491
(1,079) (9.3)%
9,265
8,470
10,211 10,432
221 2.2%
6,999
10,527
7,900 22,719
14,818 187.6%
31,909
37,715
42,878 36,817
(6,060)
(14.1)%
Service
47,099
57,688
58,695 62,109
3,414 5.8%
Real estate
44,447
57,833
41,696 55,923
14,226 34.1%
Transportation and communication Commerce
54,494
38,831
35,958 44,223
8,264 23.0%
17,882
18,495
15,293 14,303
(989) (6.5)%
Others Total
81,976
89,288
103,531 94,163
(9,368) (9.0)%
326,958
364,940
368,922
421,762
52,839
14.3%
379,000
160,000 140,000 120,000
100,000 | FY2022 |
80,000 | FY2023 |
60,000 | |
40,000 | FY2024 |
20,000 | FY2025 |
0 |
Manufacturing
Service
Real estate
(Millions of yen)
Transportation and communication
Commerce
Others
(d) Information & Communications Network
(Millions of yen)
Comparison to FY2024
FY2022
FY2023
FY2024
FY2025
Change
% Change
FY2026 (Forecast)
Total
Instrumentation LAN and others
Local area network total
Business communication networks by The Kansai Electric Power Company, Incorporated
Excluding The Kansai Electric Power Company, Incorporated
FTTH and others
Mobile phone and others CATV
Others
Broadband network total
4,125 6,573 10,699 1,691
15,132
18,337
11,690
50,010 60,710
3,158
7,043 7,777 14,821 1,985
16,561
40,926 55,747
13,969
3,929
4,480
14,485 3,129 1,321 33,893 44,715
10,821 16,486
13,334 13,113
4,867 5,954
1,621
(6,568)
(5,668)
5,664
3,110 2,554
(904)
(220)
(103)
(584)
8
(39.1)%
(44.2)%
(19.4)%
(1.7)%
(3.3)%
(2.0)%
63.9% 42.9% 52.3%
0.5%
(e) Environmental Management Facilities (By Facility)
Office buildings
Commercial and entertainment facilities Healthcare facilities
Educational and cultural facilities Residences
Factories Logistics facilities Others
FY2022
Comparison to FY2024
FY2023
(Millions of yen)
FY2024
FY2025
Change
% Change
FY2026 (Forecast)
Total
14,112
43,965
6,808
2,491
2,531
5,499
9,959
2,014
548
47,843
13,971
1,987
6,660
2,547
8,156
6,247
7,647
626
52,097
12,552
10,892 4,379
7,925
2,153
5,577
7,885 12,546
731
(5,438) (43.3)%
(673) (8.5)%
5,142 238.8%
(1,242) (22.3)%
(639) (87.3)%
4,661
59.1%
(1,469) (13.5)%
(2,818) (64.4)%
(2,479)
(4.8)%
57,000
(f) Electric Power & Others
Overhead power lining Underground power lining Power plants and substations* Others
FY2022
Comparison to FY2024
FY2023
(Millions of yen)
FY2024
FY2025
Change
% Change
FY2026 (Forecast)
Total
* Includes solar and wind power plants, etc.
The Kansai Electric Power Company,
Incorporated*
Others
* Includes Kansai Transmission and Distribution, Inc.
21,233
26,344
2,354
2,226
529
16,304
7,406
5,534
2,636
726
844 21,723 12,224 9,498
9,478 17,939
7,920 3,480
(4,846)
(628)
8,461
875
3,861
6,150 20,193
9,266 7,037
6,773 (5,451)
(61.2)%
(18.1)%
89.3% 103.7%
17.8% 32,000
(44.6)% 9,500
18,811
9,313
98.0%
22,500