Disclaimer: This financial information, a digest of Taisei Corporation's "Consolidated Financial Results for the Three Months Ended June 30, 2025" ("Kessan Tanshin") disclosed at the Tokyo Stock Exchange on August 8, 2025 was translated into English and presented solely for the convenience of non-Japanese speaking users. If there is any discrepancy between Japanese "Kessan Tanshin" and this document, Japanese "Kessan Tanshin" will prevail.
August 8, 2025
Listed company name: Taisei Corporation
Stock exchange listings: Tokyo Stock Exchange, Prime Market Nagoya Stock Exchange, Premier Market
Stock code: 1801
Location of headquarters: Tokyo, Japan
Website: https://www.taisei.co.jp/
Representative: Yoshiro Aikawa, President and Chief Executive Officer
Contact: Yuichi Nakano, General Manager of Accounting Department
TEL: 81-3-3348-1111 (from overseas)
Scheduled date for dividend payment: -
Supplementary materials for
financial summaries: Yes
Financial results briefing: Yes (for analysts and institutional investors)
-
Consolidated financial results for the three months ended June 30, 2025
(From April 1, 2025 to June 30, 2025)
Net sales
Operating income
Ordinary income
Net income attributable to owners of parent
%
%
%
%
FY2025 (First quarter-end)
As of June 30, 2025
440,339
(3.7)
39,287
109.1
41,145
46.4
29,501
26.3
FY2024 (First quarter-end) As of June 30, 2024
457,064
39.0
18,790
-
28,107
-
23,356
-
-
Operating results (cumulative total) (Millions of yen, rounded down) (Percentages indicate changes from the same period in the previous fiscal year.)
(Note) Comprehensive income:
FY2025 (First quarter-end)
32,991 million yen
-%
FY2024 (First quarter-end)
589 million yen
(97.5 %)
Net income per share
Diluted net income per share
yen
yen
FY2025 (First quarter-end) As of June 30, 2025
173.42
-
FY2024 (First quarter-end) As of June 30, 2024
126.73
-
-
Financial position (Millions of yen, rounded down)
Total assets
Net assets
Equity ratio
%
As of June 30, 2025
2,214,042
875,045
38.0
As of March 31, 2025
2,428,837
900,699
35.7
(Reference) Shareholders' equity: As of June 30, 2025 841,162 million yen
As of March 31, 2025 866,188 million yen
-
Operating results (cumulative total) (Millions of yen, rounded down) (Percentages indicate changes from the same period in the previous fiscal year.)
Dividends
Dividends per share (yen)
First quarter-end
Interim-end
Third quarter-end
Year-end
Total (Full year)
FY2024
-
65.00
-
145.00
210.00
FY2025
-
FY2025 (forecast)
75.00
-
75.00
150.00
(Note) Revisions of projected dividends most recently announced: None
-
Consolidated results forecast for the fiscal year ending March 31, 2026 (FY2025)
(From April 1, 2025 to March 31, 2026)
(Millions of yen, rounded down) (Percentages indicate the rate of change from the same period of the previous fiscal year)
Net sales
Operating income
Ordinary income
Net income attributable
to owners of parent
Net income
per share
%
%
%
%
yen
Full fiscal year
1,960,000
(9.0)
101,000
(15.9)
105,000
(21.9)
80,000
(35.4)
484.22
(Note) Revisions of consolidated forecasts most recently announced: None
*Notes
Changes in principal subsidiaries during the quarter under review
(Changes in specified subsidiaries accompanying changes in scope of consolidation): None
Adoption of specific accounting methods for the preparation of quarterly consolidated financial statements: Yes
(Note) For details, please refer to page 13 of the Attachments, "2. Quarterly Consolidated Financial Statements and Principal Notes
Notes to quarterly consolidated financial statement (Adoption of specific accounting methods for the preparation of quarterly consolidated financial statements)."
Changes in accounting principles, changes in accounting estimates and restatements
Changes in accounting principles due to revisions to accounting standards, etc.: None
Changes due to accounting principles other than (i): None
Changes in accounting estimates: None
Restatements: None
Number of shares outstanding (common stock)
Number of shares outstanding at the end of period (including treasury stock) As of June 30, 2025 183,166,472 shares
As of March 31, 2025 183,166,472 shares
Number of treasury stock at the end of period
As of June 30, 2025 15,744,608 shares
As of March 31, 2025 11,352,272 shares
Average number of shares during the period (quarterly cumulative total) FY2025 (First quarter-end) 170,113,184 shares
FY2024 (First quarter-end) 184,295,311 shares
(Note) The number of treasury stock at the end of the period and number of treasury stock excluded for calculating average number of shares during the period include the Company's shares held by the Board Benefit Trust (BBT).
(As of June 30, 2025: 98,400 shares, As of March 31, 2025: 98,400 shares, As of June 30, 2024: 99,400 shares)
This financial statement is exempt from auditing procedures.
Proper use of forecasts of financial results, and other special matters
The Company adopted a resolution, at a meeting of its Board of Directors held on November 7, 2024, that authorized repurchases of shares of its common stock pursuant to Article 156 of the Companies Act, as applied pursuant to Article 165, Paragraph 3 of the same act. As a result, the "net income per share" in the consolidated results forecast for the fiscal year ending March 31, 2026 takes into account the impact of the repurchases of shares.
Forward-looking statements in this document, including the forecasts of financial results, etc., are based on information currently
available to the Company and on certain assumptions that the Company deems reasonable and do not represent any promise by the Company. Actual results can be materially different from expectations due to a variety of factors.
For matters related to the forecasts of financial results, please refer to "1. Overview of Operating Results, etc. (3) Explanation of consolidated financial results forecast and other forward-looking information" on page 7 of the Attachments.
Overview of Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2026
(Unit: 100 million yen)
The first quarter
Full fiscal year
Previous fiscal year
(From Apr. 1, 2024 to
June 30, 2024)
Current fiscal year
(From Apr. 1, 2025
to June 30, 2025)
Previous fiscal year
(From Apr. 1, 2024 to
Mar. 31, 2025)
Current fiscal year
(From Apr. 1, 2025
to Mar. 31, 2026)
Result
Result
Over previous fiscal year
Result
Forecast
Over previous fiscal year
Amount of orders received
5,174
6,305
1,130
24,375
20,600
(3,775)
Civil engineering
2,152
1,068
(1,084)
7,002
5,800
(1,202)
Building construction
2,766
4,799
2,032
15,731
13,300
(2,431)
Real estate development
234
410
176
1,507
1,400
(107)
Other
20
26
6
134
100
(34)
Net sales
4,570
4,403
(167)
21,542
19,600
(1,942)
Civil engineering
1,279
1,416
136
6,306
6,100
(206)
Building construction
3,008
2,545
(463)
13,725
12,000
(1,725)
Real estate development
261
417
155
1,375
1,400
24
Other
20
24
4
134
100
(34)
Gross profit
%
9.4
15.4
6.0
10.7
11.6
0.9
430
678
247
2,311
2,270
(41)
%
16.0
23.6
7.6
19.4
16.6
(2.8)
Civil engineering
204
334
130
1,220
1,010
(210)
%
5.4
9.8
4.4
5.4
8.2
2.8
Building construction
162
250
87
744
980
235
%
21.9
20.8
(1.1)
22.8
18.6
(4.2)
Real estate development
57
86
29
313
260
(53)
%
30.5
25.2
(5.3)
23.9
20.0
(3.9)
Other
6
6
(0)
32
20
(12)
%
(5.3)
(6.5)
(1.2)
(5.2)
(6.4)
(1.2)
SG&A expenses
(242)
(285)
(42)
(1,109)
(1,260)
(150)
Operating income
%
4.1
8.9
4.8
5.6
5.2
(0.4)
187
392
204
1,201
1,010
(191)
Non-operating income (expenses)
93
18
(74)
143
40
(103)
(Net financial revenue)
22
18
(3)
49
14
(35)
Ordinary income
%
6.1
9.3
3.2
6.2
5.4
(0.8)
281
411
130
1,345
1,050
(295)
Extraordinary gains (losses)
51
41
(10)
437
170
(267)
Income before income taxes
%
7.3
10.3
3.0
8.3
6.2
(2.1)
332
452
119
1,782
1,220
(562)
Income taxes
(90)
(150)
(59)
(503)
(390)
113
Net income
%
5.3
6.9
1.6
5.9
4.2
(1.7)
242
302
60
1,279
830
(449)
Net income attributable to non-controlling interests
(8)
(7)
0
(41)
(30)
11
Net income attributable to owners of parent
%
5.1
6.7
1.6
5.7
4.1
(1.6)
233
295
61
1,238
800
(438)
The forecast for the current fiscal year shows the figures in earnings forecasts released on May 13, 2025.
Overview of Non-consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2026
(Unit: 100 million yen)
The first quarter
Full fiscal year
Previous fiscal year
(From Apr. 1, 2024 to
June 30, 2024)
Current fiscal year
(From Apr. 1, 2025
to June 30, 2025)
Previous fiscal year
(From Apr. 1, 2024 to
Mar. 31, 2025)
Current fiscal year
(From Apr. 1, 2025
to Mar. 31, 2026)
Result
Result
Result
Forecast
Over previous fiscal year
Over previous fiscal year
Amount of orders received
3,724
4,846
1,121
18,912
15,200
(3,712)
Civil engineering
1,374
424
(949)
4,651
3,500
(1,151)
Domestic
1,328
411
(916)
4,650
3,100
(1,550)
Overseas
45
13
(32)
1
400
398
Building construction
2,312
4,366
2,053
13,774
11,400
(2,374)
Domestic
2,233
4,342
2,108
13,662
11,000
(2,662)
Overseas
78
23
(55)
111
400
288
Total
3,686
4,790
1,104
18,425
14,900
(3,525)
Real estate development
26
39
13
382
230
(152)
Other
12
16
3
104
70
(34)
Net sales
3,521
3,096
(425)
16,378
14,100
(2,278)
Civil engineering
786
894
108
4,037
3,800
(237)
Domestic
714
851
136
3,822
3,600
(222)
Overseas
72
43
(28)
214
200
(14)
Building construction
2,667
2,145
(521)
11,969
10,000
(1,969)
Domestic
2,592
2,088
(504)
11,704
9,500
(2,204)
Overseas
74
56
(17)
264
500
235
Total
3,453
3,040
(413)
16,007
13,800
(2,207)
Real estate development
55
39
(15)
266
230
(36)
Other
12
16
3
104
70
(34)
Gross profit
%
7.7
14.6
6.9
9.2
10.9
1.7
272
453
180
1,514
1,540
25
%
16.2
26.4
10.2
20.7
18.2
(2.5)
Civil engineering
127
235
108
835
690
(145)
%
4.6
9.1
4.5
4.4
7.3
2.9
Building construction
122
194
72
521
730
208
%
7.2
14.2
7.0
8.5
10.3
1.8
Total
249
430
181
1,356
1,420
63
%
34.3
45.1
10.8
49.8
47.8
(2.0)
Real estate development
19
17
(1)
132
110
(22)
%
30.6
27.2
(3.4)
23.9
14.3
(9.6)
Other
3
4
0
25
10
(15)
%
(4.2)
(6.0)
(1.8)
(4.3)
(5.9)
(1.6)
SG&A expenses
(148)
(186)
(37)
(711)
(830)
(118)
Operating income
%
3.5
8.6
5.1
4.9
5.0
0.1
123
266
143
802
710
(92)
Non-operating income (expenses)
36
31
(4)
68
30
(38)
(Net financial revenue)
27
36
8
71
50
(21)
Ordinary income
%
4.6
9.7
5.1
5.3
5.2
(0.1)
160
298
138
871
740
(131)
Extraordinary gains (losses)
50
40
(9)
437
170
(267)
Income before income taxes
%
6.0
11.0
5.0
8.0
6.5
(1.5)
211
339
128
1,308
910
(398)
Income taxes
(65)
(104)
(38)
(361)
(280)
81
Net income
%
4.1
7.6
3.5
5.8
4.5
(1.3)
145
235
89
947
630
(317)
The initial forecast shows the figures in earnings forecasts released on May 13, 2025.
Attachments - Contents
Overview of Operating Results, etc.
Overview of operating results for the three months ended June 30, 2025 7
Overview of financial position for the three months ended June 30, 2025 7
Explanation of consolidated financial results forecast and other forward-looking information 7
Policy related to cross-shareholdings 8
Quarterly Consolidated Financial Statements and Principal Notes
Quarterly consolidated balance sheet 9
Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income
First quarter of FY2025 (April 1, 2025 to June 30, 2025) 11
Notes to quarterly consolidated financial statement 13
(Reference) Quarterly Non-consolidated Financial Statements
(Summary) Quarterly non-consolidated balance sheet 16
(Summary) Quarterly non-consolidated statement of income
First quarter of FY2025 (April 1, 2025 to June 30, 2025) 18
Supplementary Information
(Non-consolidated) Amount of orders received, net sales and balance carried forward 19
-
Overview of Operating Results, etc.
-
Overview of operating results for the three months ended June 30, 2025
The Japanese economy has continued a moderate recovery trend, supported by a rebound in personal consumption and capital investment, as well as solid demand from inbound tourism. However, there is an increasing risk of downward pressure on the economy due to the impact of U.S. tariff policies and other factors.
In the construction market, overall construction investment has been steady due to a recovery in private investment and strong public investment. However, there are concerns that manufacturing companies in particular may curb domestic capital investment depending on U.S. policy trends, and therefore, the situation requires even closer monitoring of corporate capital investment trends. In addition, the labor supply-demand situation remains tight, and the management environment continues to be challenging.
Under these circumstances, the Group's operating results for the three months ended June 30, 2025 showed that net sales decreased 3.7% year on year to ¥440.3 billion due to a decrease in the building construction business, resulting in a progress rate of 22.5% the full-year forecast.
In terms of profits, gross profit increased 57.5% year on year to ¥67.8 billion (progress rate of 29.9%) due to a turnaround in profit margins in the civil engineering and building construction businesses. Although selling, general and administrative expenses increased 17.6% year on year to ¥28.5 billion (progress rate of 22.6%), operating income increased 109.1% year on year to ¥39.2 billion (progress rate of 38.9%). Ordinary income increased 46.4% year on year to ¥41.1 billion (progress rate of 39.2%) due to an increase in operating income, despite a deterioration in non-operating income (expenses) due in part to a decrease in investment gain on equity method. Net income attributable to owners of parent increased 26.3% year on year to ¥29.5 billion (progress rate of 36.9%) due to an increase in ordinary income, despite a deterioration in extraordinary gains (losses) mainly because of a decrease in gain on sales of investment securities.
Results by reportable segment are as follows (results by reportable segment include internal transactions between segments).
Civil engineering
Net sales increased 9.9% year on year to ¥148.4 billion due to increases in sales by the Company and its consolidated subsidiaries. Operating income increased 95.9% year on year to ¥247 billion due not only to larger revenue but to an increase in gross profit from construction business reflecting the turnaround in profit margins for the Company and its consolidated subsidiaries.
Building construction
Although net sales decreased 14.8% year on year to ¥260.8 billion due to a decrease in sales by the Company, operating income increased 180.0% year on year to ¥8.3 billion due to an increase in gross profit from construction business reflecting the turnaround in profit margins for the Company and its consolidated subsidiaries.
Real estate development
Net sales increased 58.4% year on year to ¥43.3 billion yen due to an increase in sales by the consolidated subsidiaries. Operating income increased 108.8% year on year to ¥6.3 billion due to an increase in gross profit from real estate development operations due not only to larger revenue but to the turnaround in profit margins for the Company and its consolidated subsidiaries.
Others
Net sales increased 13.7% year on year to ¥3.4 billion, and operating income increased 5.3% to ¥0.4 billion.
-
Overview of financial position for the three months ended June 30, 2025
Total assets decreased by 8.8% or ¥214.7 billion year on year to ¥2,214.0 billion due in part to a decrease in accounts receivable trade.
Total liabilities decreased by 12.4% or ¥189.1 billion year on year to ¥1,338.9 billion due in part to a decrease in accounts payable trade. The balance of interest-bearing debt for fund-raising purposes decreased by 7.9% or ¥25.0 billion year on year to
¥290.4 billion (of which non-recourse debt was ¥13.9 billion).
Net assets decreased by 2.8% or ¥25.6 billion year on year to ¥875.0 billion due in part to repurchases of treasury stock. In addition, the equity ratio increased by 2.3 points year on year to 38.0%.
-
Overview of operating results for the three months ended June 30, 2025
Explanation of consolidated financial results forecast and other forward-looking information
There are no changes to the full year consolidated results forecast announced on May 13, 2025.
- Policy related to cross-shareholdings
-
Quarterly Consolidated Financial Statements and Principal Notes
-
Quarterly consolidated balance sheet
(Millions of yen)
As of March 31, 2025
As of June 30, 2025
Assets
Current assets
Cash and time deposits
240,689
182,048
Notes and accounts receivable trade
939,160
775,765
Securities
60,000
65,000
Cost on uncompleted contracts
69,013
93,578
Real estate for sale and development projects in progress
188,677
184,553
Other inventories
6,992
9,026
Other current assets
95,518
67,761
Allowance for doubtful accounts
(353)
(307)
Total current assets
1,599,698
1,377,426
Fixed assets
Tangible fixed assets
246,745
247,757
Intangible fixed assets
27,538
27,617
Investments and other assets
Investment securities
428,326
438,382
Net defined benefit asset
58,171
57,794
Other fixed assets
70,512
67,168
Allowance for doubtful accounts
(2,155)
(2,103)
Total investments and other assets
554,854
561,241
Total fixed assets
829,139
836,616
Total assets
2,428,837
2,214,042
(Millions of yen)
As of March 31, 2025
As of June 30, 2025
Liabilities
Current liabilities
Notes and accounts payable trade
553,376
451,183
Short-term borrowings
115,212
101,552
Short-term non-recourse loans payable
208
208
Current portion of bonds payable
10,000
-
Advances received and progress billings on uncompleted contracts
211,132
226,673
Provision for warranties on completed contracts
4,129
3,176
Provision for losses on construction contracts
102,678
95,816
Allowance for losses on orders received
31
23
Other current liabilities
296,155
227,017
Total current liabilities
1,292,924
1,105,651
Long-term liabilities
Straight bonds
50,000
50,000
Non-recourse bonds
100
100
Long-term borrowings
127,799
125,009
Long-term non-recourse loans payable
12,201
13,593
Retirement benefits for directors and corporate auditors
933
745
Provision for share-based remuneration for directors
348
327
Provision for loss on business of subsidiaries and associates
3,033
2,553
Net defined benefit liability
17,418
17,451
Other long-term liabilities
23,377
23,565
Total long-term liabilities
235,213
233,346
Total liabilities
1,528,137
1,338,997
Net assets
Shareholders' equity
Common stock
122,742
122,742
Capital surplus
30,461
30,461
Retained earnings
649,200
653,711
Treasury stock
(73,168)
(105,531)
Total shareholders' equity
729,234
701,384
Accumulated other comprehensive income
Unrealized gains on available-for-sale securities, net of taxes
87,254
95,440
Unrealized losses on hedging derivatives, net of taxes
4
(79)
Revaluation reserve for land
1,062
1,066
Foreign currency translation adjustments
8,040
4,016
Remeasurements of defined benefit plans
40,592
39,335
Total accumulated other comprehensive income
136,953
139,778
Non-controlling interests
34,511
33,882
Total net assets
900,699
875,045
Total liabilities and net assets
2,428,837
2,214,042
-
Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income
Quarterly consolidated statement of income
First quarter of FY2025 (April 1, 2025 to June 30, 2025)
(Millions of yen)
Quarterly consolidated statement of comprehensive income First quarter of FY2025 (April 1, 2025 to June 30, 2025)From April 1, 2024
to June 30, 2024
From April 1, 2025
to June 30, 2025
Net sales
Construction business
422,909
390,388
Development projects
34,155
49,951
Total net sales
457,064
440,339
Cost of sales
Construction business
386,450
332,538
Development projects
27,560
39,988
Total cost of sales
414,011
372,526
Gross profit
Construction business
36,458
57,850
Development projects
6,594
9,962
Total gross profit
43,053
67,813
Selling, general and administrative expenses
24,263
28,526
Operating income
18,790
39,287
Non-operating income
Interest income
332
344
Dividend income
2,354
2,204
Investment gain on equity method
6,847
468
Other non-operating income
1,290
220
Total non-operating income
10,825
3,238
Non-operating expenses
Interest expenses
447
658
Foreign exchange losses
-
348
Financing expenses
747
41
Other non-operating expenses
313
331
Total non-operating expenses
1,508
1,379
Ordinary income
28,107
41,145
Extraordinary gains
Gain on sales of investment securities
5,171
4,227
Other extraordinary gains
43
12
Total extraordinary gains
5,214
4,239
Extraordinary losses
Loss on retirement of fixed assets
23
42
Loss on sales of investment securities
0
67
Loss on valuation of investment securities
15
-
Other extraordinary losses
8
23
Total extraordinary losses
48
133
Income before income taxes
33,273
45,251
Income taxes
9,072
15,004
Net income
24,200
30,246
Net income attributable to non-controlling interests
844
745
Net income attributable to owners of parent
23,356
29,501
(Millions of yen)
From April 1, 2024
to June 30, 2024
From April 1, 2025
to June 30, 2025
Net income
24,200
30,246
Other comprehensive income
Unrealized gains on available-for-sale securities, net of taxes
(24,949)
8,363
Foreign currency translation adjustments
2,194
(1,964)
Remeasurements of defined benefit plans
(1,730)
(1,266)
Share of other comprehensive income of entities accounted for using equity method
874
(2,388)
Total other comprehensive income
(23,611)
2,744
Comprehensive income
589
32,991
Comprehensive income attributable to
Owners of parent
(378)
32,322
Non-controlling interests
968
668
-
Notes to quarterly consolidated financial statement
(Notes regarding going concern assumption)
Not applicable.
(Notes regarding substantial changes in the amount of shareholders' equity)
The Company, at the Board of Directors meeting held on November 7, 2024, resolved to repurchase its own shares under Article 156 of the Companies Act, as applied mutatis mutandis pursuant to paragraph 3, Article 165 thereof. As such, the Company acquired 4,392,300 shares of common stock for ¥32,361 million between April 1, 2025 and June 30, 2025 (on a trade basis) through purchases on the Tokyo Stock Exchange.
(Adoption of specific accounting methods for the preparation of quarterly consolidated financial statements) (Calculation of tax expenses)
Tax expenses are calculated by reasonably estimating the effective tax rate after applying tax-effect accounting to income before income taxes for the fiscal year, including the first quarter of the fiscal year ending March 31, 2026, and multiplying income before income taxes by said estimated effective tax rate.
However, in cases where the Company records loss before income taxes, the amount is multiplied by the statutory effective tax rate.
-
Segment Information
Reporting segment information (net sales and income (loss)) First quarter of FY2024 (April 1, 2024 - June 30, 2024)
(Millions of yen)
Reporting segments
Others (Note 1)
Total
Adjustments (Note 2)
Book value in quarterly consolidated statement of income (Note 3)
Civil engineering
Building construction
Real estate development
Subtotal
Net sales
Sales on third party customers
127,995
300,878
26,185
455,059
2,005
457,064
-
457,064
Intersegment transactions or transfers
7,020
5,342
1,174
13,537
1,010
14,548
(14,548)
-
Total
135,015
306,221
27,360
468,597
3,015
471,613
(14,548)
457,064
Segment operating income
12,613
2,988
3,059
18,661
397
19,058
(268)
18,790
Notes 1. Businesses that cannot be classified into the Company's reporting segments are shown as "Others."
This includes the incidental business of construction business such as cooperative research, technical service, and environmental measurement, and logistics business, and also, leisure-related business and other service business.
The adjustments of segment operating income of ¥(268) million includes elimination of intersegment transaction amounting to ¥(136) million and amortization of goodwill amounting to ¥(132) million.
Segment operating income is adjusted in accordance with operating income of the quarterly consolidated statement of income.
Reporting segment information (net sales and income (loss)) First quarter of FY2025 (April 1, 2025 - June 30, 2025)(Millions of yen)
Reporting segments
Others (Note 1)
Total
Adjustments (Note 2)
Book value in quarterly consolidated statement of income (Note 3)
Civil
engineering
Building
construction
Real estate
development
Subtotal
Net sales
Sales on third party customers
141,649
254,516
41,754
437,919
2,420
440,339
-
440,339
Intersegment transactions or transfers
6,759
6,355
1,582
14,696
1,009
15,705
(15,705)
-
Total
148,408
260,871
43,336
452,616
3,429
456,045
(15,705)
440,339
Segment operating income
24,710
8,366
6,387
39,464
418
39,883
(595)
39,287
Notes 1. Businesses that cannot be classified into the Company's reporting segments are shown as "Others."
This includes the incidental business of construction business such as cooperative research, technical service, and environmental measurement, and logistics business, and also, leisure-related business and other service business.
The adjustments of segment operating income of ¥(595) million includes elimination of intersegment transaction amounting to ¥(463) million and amortization of goodwill amounting to ¥(132) million.
Segment operating income is adjusted in accordance with operating income on quarterly consolidated statement of income.
- Notes on the Statements of Cash Flows
The Company does not prepare quarterly consolidated statements of cash flows for the three months ended June 30, 2025. Depreciation (including amortization of intangible assets aside from goodwill) and amortization of goodwill for the three months ended June 30, 2025 are as follows.
(Millions of yen)
From April 1, 2024
to June 30, 2024
From April 1, 2025
to June 30, 2025
Depreciation
3,827
3,812
Amortization of goodwill
132
132
-
Quarterly consolidated balance sheet
-
(Reference) Quarterly Non-consolidated Financial Statements
-
(Summary) Quarterly non-consolidated balance sheet
(Millions of yen)
As of March 31, 2025
As of June 30, 2025
Assets
Current assets
Cash and time deposits
147,069
103,715
Notes receivable, accounts receivable from completed construction contracts and other
755,966
630,592
Securities
60,000
65,000
Real estate for sale
32,672
33,142
Cost on uncompleted contracts
64,781
80,982
Cost on development projects in progress
11,690
13,673
Other current assets
83,788
61,191
Allowance for doubtful accounts
(115)
(69)
Total current assets
1,155,852
988,228
Fixed assets
Tangible fixed assets
165,424
167,890
Intangible fixed assets
15,337
15,640
Investments and other assets
Investment securities
540,611
549,635
Other fixed assets
78,612
74,511
Allowance for doubtful accounts
(7,199)
(7,148)
Total investments and other assets
612,024
616,998
Total fixed assets
792,787
800,529
Total assets
1,948,640
1,788,758
(Millions of yen)
As of March 31, 2025
As of June 30, 2025
Liabilities
Current liabilities
Notes and accounts payable trade
479,148
378,117
Short-term borrowings
79,752
80,952
Current portion of bonds payable
10,000
-
Advances received and progress billings on uncompleted contracts
174,578
193,758
Deposit received
268,204
268,366
Provision for warranties on completed contracts
3,236
2,353
Provision for losses on construction contracts
102,279
95,423
Other current liabilities
75,357
43,157
Total current liabilities
1,192,555
1,062,128
Long-term liabilities
Straight bonds
50,000
50,000
Long-term borrowings
94,699
92,599
Provision for retirement benefits
13,092
11,533
Provision for share-based remuneration for directors
72
79
Other long-term liabilities
4,737
4,733
Total long-term liabilities
162,602
158,946
Total liabilities
1,355,158
1,221,074
Net assets
Shareholders' equity
Common stock
122,742
122,742
Capital surplus
30,686
30,686
Additional paid-in-capital
30,686
30,686
Retained earnings
427,989
426,569
Other retained earnings
427,989
426,569
Reserve for tax deferment on replacement of fixed assets
1,395
1,395
Reserve for purchase of specified shares
250
250
Other reserve
319,500
226,500
Retained earnings carried forward
106,843
198,423
Treasury stock
(72,966)
(105,329)
Total shareholders' equity
508,451
474,669
Accumulated gains from valuation
Unrealized gains on available-for-sale securities, net of taxes
85,030
93,014
Total accumulated gains from valuation
85,030
93,014
Total net assets
593,481
567,683
Total liabilities and net assets
1,948,640
1,788,758
- (Summary) Quarterly non-consolidated statement of income First quarter of FY2025 (April 1, 2025 to June 30, 2025)
(Millions of yen)
From April 1, 2024
to June 30, 2024
From April 1, 2025
to June 30, 2025
Net sales
Construction business
345,394
304,003
Development projects
6,785
5,604
Total net sales
352,179
309,607
Cost of sales
Construction business
320,417
260,909
Development projects
4,501
3,369
Total cost of sales
324,919
264,279
Gross profit
Construction business
24,976
43,093
Development projects
2,283
2,234
Total gross profit
27,260
45,327
Selling, general and administrative expenses
14,886
18,638
Operating income
12,373
26,689
Non-operating income
4,189
4,393
Non-operating expenses
508
1,204
Ordinary income
16,053
29,877
Extraordinary gains
5,081
4,207
Extraordinary losses
25
124
Income before income taxes
21,110
33,961
Income taxes
6,579
10,449
Net income
14,530
23,511
(Reference) Net income per share FY2025 (First quarter-end): 138.19 yen
FY2024 (First quarter-end): 78.84 yen
(Notes)
The Company's quarterly non-consolidated financial statements are prepared in accordance with the "Ordinance on the Terminology, Forms, and Preparation Methods of Quarterly Financial Statements, etc." and the "Construction Industry Law's enforcement regulations."
Classifications of categories are noted in summary.
-
(Summary) Quarterly non-consolidated balance sheet
- Supplementary Information
-
(Non-consolidated) Amount of orders received, net sales and balance carried forward
-
Amount of orders received
(Millions of yen)
First quarter of FY2024
April 1, 2024 to
June 30, 2024
First quarter of FY2025
April 1, 2025 to
June 30, 2025
Change over previous year
Rate of change
FY2024 (Full year)
April 1, 2024 to
March 31, 2025
(Note)
%
(Note)
%
%
(Note)
%
Civil engineering (1)
Domestic public sector
115,088
30.9
14,558
3.0
(100,530)
(87.3)
328,529
17.4
Domestic private sector
17,736
4.8
26,575
5.5
8,838
49.8
136,481
7.2
Overseas
4,575
1.2
1,302
0.3
(3,272)
(71.5)
117
0.0
Total
137,400
36.9
42,436
8.8
(94,963)
(69.1)
465,127
24.6
Building construction (2)
Domestic public sector
11,308
3.1
42,765
8.8
31,457
278.2
140,196
7.4
Domestic private sector
212,022
56.9
391,464
80.8
179,441
84.6
1,226,030
64.8
Overseas
7,880
2.1
2,380
0.5
(5,500)
(69.8)
11,185
0.6
Total
231,211
62.1
436,610
90.1
205,398
88.8
1,377,412
72.8
Total (1) + (2)
Domestic public sector
126,396
34.0
57,324
11.8
(69,072)
(54.6)
468,726
24.8
Domestic private sector
229,758
61.7
418,039
86.3
188,280
81.9
1,362,511
72.0
Overseas
12,456
3.3
3,682
0.8
(8,773)
(70.4)
11,302
0.6
Subtotal
368,611
99.0
479,047
98.9
110,435
30.0
1,842,540
97.4
Real estate development
2,607
0.7
3,972
0.8
1,364
52.3
38,224
2.0
Other
1,237
0.3
1,631
0.3
393
31.8
10,491
0.6
Total
372,457
100.0
484,651
100.0
112,193
30.1
1,891,256
100.0
Note: The percentages indicate the proportion.
-
Net sales
(Millions of yen)
First quarter of FY2024
April 1, 2024 to
June 30, 2024
First quarter of FY2025
April 1, 2025 to
June 30, 2025
Change over previous year
Rate of change
FY2024 (Full year)
April 1, 2024 to
March 31, 2025
(Note)
%
(Note)
%
%
(Note)
%
Civil engineering (1)
Domestic public sector
53,198
15.1
61,879
20.0
8,680
16.3
270,553
16.5
Domestic private sector
18,246
5.2
23,237
7.5
4,990
27.4
111,688
6.8
Overseas
7,221
2.1
4,356
1.4
(2,864)
(39.7)
21,488
1.3
Total
78,666
22.4
89,473
28.9
10,806
13.7
403,730
24.6
Building construction (2)
Domestic public sector
45,236
12.8
24,445
7.9
(20,790)
(46.0)
160,925
9.8
Domestic private sector
214,044
60.8
184,422
59.6
(29,621)
(13.8)
1,009,559
61.7
Overseas
7,447
2.1
5,661
1.8
(1,785)
(24.0)
26,489
1.6
Total
266,727
75.7
214,529
69.3
(52,197)
(19.6)
1,196,974
73.1
Total (1) + (2)
Domestic public sector
98,434
27.9
86,325
27.9
(12,109)
(12.3)
431,478
26.3
Domestic private sector
232,290
66.0
207,659
67.1
(24,631)
(10.6)
1,121,248
68.5
Overseas
14,668
4.2
10,017
3.2
(4,650)
(31.7)
47,977
2.9
Subtotal
345,394
98.1
304,003
98.2
(41,391)
(12.0)
1,600,704
97.7
Real estate development
5,547
1.6
3,972
1.3
(1,575)
(28.4)
26,627
1.6
Other
1,237
0.3
1,631
0.5
393
31.8
10,491
0.7
Total
352,179
100.0
309,607
100.0
(42,572)
(12.1)
1,637,823
100.0
Note: The percentages indicate the proportion.
- Balance carried forward
-
Amount of orders received
(Millions of yen)
First quarter of FY2024 As of June 30, 2024 | First quarter of FY2025 As of June 30, 2025 | Change over previous year | Rate of change | FY2024 (Full year) As of March 31, 2025 | |||||
(Note) | % | (Note) | % | % | (Note) | % | |||
Civil engineering (1) | |||||||||
Domestic public sector | 639,270 | 22.9 | 588,035 | 18.4 | (51,234) | (8.0) | 635,356 | 21.0 | |
Domestic private sector | 300,845 | 10.8 | 329,485 | 10.3 | 28,640 | 9.5 | 326,147 | 10.8 | |
Overseas | 80,522 | 2.9 | 58,744 | 1.8 | (21,778) | (27.0) | 61,797 | 2.0 | |
Total | 1,020,638 | 36.6 | 976,265 | 30.5 | (44,372) | (4.3) | 1,023,301 | 33.8 | |
Building construction (2) | |||||||||
Domestic public sector | 271,511 | 9.7 | 303,030 | 9.5 | 31,519 | 11.6 | 284,710 | 9.4 | |
Domestic private sector | 1,414,677 | 50.6 | 1,840,212 | 57.5 | 425,534 | 30.1 | 1,633,170 | 53.9 | |
Overseas | 87,049 | 3.1 | 68,030 | 2.1 | (19,018) | (21.8) | 71,312 | 2.4 | |
Total | 1,773,238 | 63.4 | 2,211,273 | 69.1 | 438,035 | 24.7 | 1,989,193 | 65.7 | |
Total (1) + (2) | |||||||||
Domestic public sector | 910,781 | 32.6 | 891,066 | 27.9 | (19,715) | (2.2) | 920,067 | 30.4 | |
Domestic private sector | 1,715,522 | 61.4 | 2,169,697 | 67.8 | 454,174 | 26.5 | 1,959,317 | 64.7 | |
Overseas | 167,572 | 6.0 | 126,775 | 3.9 | (40,797) | (24.3) | 133,109 | 4.4 | |
Subtotal | 2,793,876 | 100.0 | 3,187,538 | 99.6 | 393,662 | 14.1 | 3,012,494 | 99.5 | |
Real estate development | - | - | 14,536 | 0.4 | 14,536 | - | 14,536 | 0.5 | |
Other | - | - | - | - | - | - | - | - | |
Total | 2,793,876 | 100.0 | 3,202,075 | 100.0 | 408,199 | 14.6 | 3,027,031 | 100.0 | |
Note: The percentages indicate the proportion.