Financial Report 2024 (From April 1, 2023 to March 31, 2024)

（Thousand of Yen）

As of March 31, 2023

As of March 31, 2024

Assets

Current assets

Cash and deposits

16,429,604

22,264,385

Notes and accounts receivable - trade, and contract assets

21,079,221

20,837,849

Electronically recorded monetary claims - operating

98,109

111,055

Work in process

1,340,285

1,759,280

Raw materials and supplies

2,689,108

3,290,577

Other

4,033,019

1,663,973

Allowance for doubtful accounts

△ 687,238

△ 874,508

Total current assets

44,982,110

49,052,614

Non-current assets

Property, plant and equipment

Buildings and structures

8,140,694

8,381,971

Accumulated depreciation

△ 3,156,075

△ 3,464,279

Buildings and structures, net

4,984,619

4,917,692

Machinery, equipment and vehicles

4,906,459

5,328,470

Accumulated depreciation

△ 3,995,764

△ 4,402,478

Machinery, equipment and vehicles, net

910,694

925,992

Land

4,271,651

4,301,137

Construction in progress

250,372

262,510

Other

2,013,945

3,070,641

Accumulated depreciation

△ 1,589,190

△ 2,134,442

Other, net

424,754

936,198

Total property, plant and equipment

10,842,093

11,343,531

Intangible assets

Goodwill

7,936,417

8,684,879

Other

1,441,502

1,513,643

Total intangible assets

9,377,919

10,198,523

Investments and other assets

Investment securities

5,802,723

8,455,956

Long-term loans receivable

19,896

16,318

Deferred tax assets

1,143,063

1,006,710

Other

907,150

958,797

Allowance for doubtful accounts

△ 462

△ 462

Total investments and other assets

7,872,370

10,437,321

Total non-current assets

28,092,383

31,979,375

Total assets

73,074,494

81,031,990

（Thousand of Yen）

As of March 31, 2023

As of March 31, 2024

Liabilities

Current liabilities

Notes and accounts payable - trade

3,478,728

3,582,623

Short-term loans payable

6,059,810

5,921,895

Current portion of long-term loans payable

1,165,887

6,177,287

Income taxes payable

560,497

307,716

Accrued consumption taxes

237,718

276,334

Contract liabilities

8,564,561

10,291,855

Provision for bonuses

588,120

586,180

Provision for directors' bonuses

33,816

23,682

Provision for loss on construction contracts

294,509

707,914

Other

2,397,165

2,342,064

Total current liabilities

23,380,814

30,217,554

Non-current liabilities

Long-term loans payable

10,846,493

4,720,506

Deferred tax liabilities

761,358

1,622,493

Net defined benefit liability

1,956,893

2,046,243

Other

91,214

524,758

Total non-current liabilities

13,655,959

8,914,001

Total liabilities

37,036,774

39,131,555

Net assets

Shareholders' equity

Capital stock

3,251,279

3,251,279

Capital surplus

2,451,864

2,456,267

Retained earnings

26,095,410

27,424,403

Treasury shares

△ 389,031

△ 372,572

Total shareholders' equity

31,409,522

32,759,377

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

1,853,269

3,706,306

Deferred gains or losses on hedges

△ 174

80,240

Foreign currency translation adjustment

2,482,987

4,743,478

Remeasurements of defined benefit plans

103,893

85,332

Total accumulated other comprehensive income

4,439,976

8,615,358

Share acquisition rights

188,221

202,462

Non-controlling interests

-

323,236

Total net assets

36,037,720

41,900,435

Total liabilities and net assets

73,074,494

81,031,990

（Thousand of Yen）

April 1, 2022 to

April 1, 2023 to

March 31, 2023

March 31, 2024

Net sales

40,683,716

52,307,054

Cost of sales

29,167,794

37,707,762

Gross profit

11,515,921

14,599,291

Selling, general and administrative expenses

9,508,628

11,436,497

Operating income

2,007,293

3,162,794

Non-operating income

Interest income

4,043

255,206

Dividend income

168,630

188,306

Dividend income of insurance

56,730

34,881

Rent income

37,675

38,622

Subsidy income

754,572

134,243

Other

24,014

72,855

Total non-operating income

1,045,667

724,116

Non-operating expenses

Interest expenses

249,423

212,588

Commission expenses

3,891

4,928

Foreign exchange losses

38,660

62,790

Other

3,292

2,251

Total non-operating expenses

295,268

282,560

Ordinary income

2,757,692

3,604,351

Extraordinary income

Gain on sales of non-current assets

-

4,984

Total extraordinary income

-

4,984

Extraordinary losses

Loss on abandonment of non-current assets

-

17,506

Total extraordinary losses

-

17,506

Income before income taxes

2,757,692

3,591,829

Income taxes - current

1,099,721

1,370,500

Income taxes - deferred

△ 46,279

131,667

Total income taxes

1,053,442

1,502,168

Net income

1,704,249

2,089,661

Net income attributable to non-controlling interests

-

17,601

Net income attributable to owners of parent

1,704,249

2,072,059

（Thousand of Yen）

April 1, 2022 to

April 1, 2023 to

March 31, 2023

March 31, 2024

Cash flows from operating activities

Profit before income taxes

2,757,692

3,591,829

Depreciation

1,099,245

1,162,561

Amortization of goodwill

802,363

906,267

Increase (decrease) in provision for bonuses

71,268

△ 1,940

Increase (decrease) in provision for loss on construction contracts

145,635

387,653

Increase (decrease) in net defined benefit liability

△ 176,919

62,603

Increase (decrease) in provision for directors' bonuses

1,104

△ 10,134

Increase (decrease) in allowance for doubtful accounts

△ 264,768

△ 55,290

Interest and dividend income

△ 172,674

△ 443,513

Interest expenses

249,423

212,588

Loss (gain) on sales of investment securities

△ 390

-

Loss (gain) on sales of non-current assets

△ 1,907

△ 4,984

Loss on abandonment of non-current assets

0

17,506

Decrease (increase) in notes and accounts receivable-trade and contract assets

△ 1,148,690

2,935,603

Decrease (increase) in inventories

△ 945,110

△ 752,969

Increase (decrease) in notes and accounts payable - trade

1,218,354

△ 758,175

Increase (decrease) in contract liabilities

1,794,054

896,807

Increase (decrease) in accrued consumption taxes

△ 68,286

38,616

Decrease (increase) in consumption taxes refund receivable

△ 462,118

347,173

Decrease (increase) in other assets

△ 270,239

1,590,889

Increase (decrease) in other liabilities

△ 46,429

△ 315,006

Other, net

113,450

171,127

Subtotal

4,695,058

9,979,212

Interest and dividend income received

172,674

339,044

Interest expenses paid

△ 221,643

△ 241,310

Income taxes paid

△ 2,101,265

△ 538,950

Net cash provided by (used in) operating activities

2,544,823

9,537,996

Cash flows from investing activities

Payments into time deposits

△ 33,207

△ 20,000

Proceeds from withdrawal of time deposits

33,207

20,000

Proceeds from sales and redemption of investment securities

875

-

Purchase of shares of subsidiaries resulting in change in scope of consolidation

-

△ 1,413,509

Purchase of property, plant and equipment

△ 734,848

△ 658,391

Proceeds from sales of property, plant and equipment

8,776

4,984

Purchase of intangible assets

△ 81,122

△ 336,737

Payments of loans receivable

△ 9,520

△ 4,300

Collection of loans receivable

16,250

44,226

Other, net

33,541

△ 43,539

Net cash provided by (used in) investing activities

△ 766,047

△ 2,407,267

Cash flows from financing activities

Net increase (decrease) in short-term loans payable

1,900,000

△ 238,235

Proceeds from long-term loans payable

100,000

-

Repayments of long-term loans payable

△ 1,387,645

△ 1,177,287

Repayments of lease obligations

△ 59,053

△ 34,452

Proceeds from exercise of share options

55

33

Purchase of treasury shares

△ 323

△ 223

Dividends paid to non-controlling interests

-

△ 3,244

Cash dividends paid

△ 648,931

△ 742,678

Net cash provided by (used in) financing activities

△ 95,898

△ 2,196,087

Effect of exchange rate change on cash and cash equivalents

521,428

900,139

Net increase (decrease) in cash and cash equivalents

2,204,306

5,834,780

Cash and cash equivalents at beginning of period

14,192,091

16,396,397

Cash and cash equivalents at end of period

16,396,397

22,231,178