JGC : Summary-Consolidated Financial Statements

[Translation]

The following statements are an English-language translation of the original Japanese-language document for your reference purpose only. In the case that there is any discrepancy between the original Japanese version and this English version, the Japanese version shall prevail. (All financial information has been prepared in accordance with accounting principles generally accepted in Japan.)

Consolidated Financial Statements-Summary	May 12, 2021
(For the fiscal year ended March 31, 2021)
Name of listed company: JGC HOLDINGS CORPORATION	Stock exchange: Tokyo
Code number: 1963
Representative	Tel: [phone]
Title: Representative Director, Chairman of the Board & Chief Executive Officer (CEO)	URL: https://www.jgc.com
Name: Masayuki Sato
Contact
Title: General Manager, Group Finance & Accounting Department
Name: Shinichi Taguchi
Scheduled Date of Ordinary Annual General Meeting of Shareholders: June 29, 2021
Scheduled Date of Payment of Dividends: June 30, 2021

1. Consolidated Financial Results for FY2020 (April 1, 2020 - March 31, 2021)

(1) Consolidated financial results

Note: All amounts are rounded down to the nearest million yen. Percentage indicate changes from the previous term.

	Net sales	Operating income		Ordinary income	Profit attributable to
		owners of the parent
	(Millions of yen)	(%)	(Millions of yen)	(%)	(Millions of yen)		(%)	(Millions of yen)	(%)
Fiscal year ended March 31, 2021	433,970	(9.7)	22,880	13.1	25,506		14.0	5,141	24.9
Fiscal year ended March 31, 2020	480,809	(22.4)	20,234	(13.0)	22,367		(30.8)	4,117	(82.8)
Note: Comprehensive income (millions of yen):		FY2020: 29,925	(－%)				FY2019: (14,271)	(－%)
	Earnings per	Earnings per	Return on		Ordinary		Operating
		income/		income/
	share	share(diluted)	equity
		Total assets		Net sales
	(Yen)	(Yen)		(%)		(%)		(%)
Fiscal year ended March 31, 2021	20.37	－		1.3		3.7		5.3
Fiscal year ended March 31, 2020	16.32	－		1.0		3.2		4.2
Reference: Equity Gains (Losses) of Affiliated Companies (millions of yen):	FY2020:	2,187		FY2019: 3,875
(2) Consolidated financial position
	Total assets		Total net assets		Shareholders' equity	Total net assets per
			ratio		share
	(Millions of yen)		(Millions of yen)	(%)		(yen)
As of March 31, 2021		702,529			417,616				59.4		1,652.19
As of March 31, 2020		671,273			390,979				58.2		1,547.45
Reference: Shareholders' equity (millions of yen):		As of March 31, 2021 :	417,120				As of March 31, 2020 :	390,516
(3) Consolidated cash flows
	Cash flows from operating	Cash flows from investing		Cash flows from financing	Cash and cash equivalents
	activities		activities		activities	at end of period
	(Millions of yen)		(Millions of yen)		(Millions of yen)	(Millions of yen)
Fiscal year ended March 31, 2021		12,467			(13,520)				196		268,281
Fiscal year ended March 31, 2020		92,442			19,364				(7,699)		261,898
2. Dividends
										Total		Dividends/
										Payout ratio	shareholders'
		Annual dividends per share (Yen)				dividends
					(consolidated)	equity
										(annual)
											(consolidated)
	1Q term-end	2Q term-end	3Q term-end		Term-end		Annual	(Millions of yen)	(%)	(%)
Fiscal year ended March 31, 2020	－	－		－	12.00	12.00		3,028	73.5	0.8
Fiscal year ended March 31, 2021	－	－		－	12.00	12.00		3,029	58.9	0.8
Fiscal year ended March 31, 2022	－	－		－	15.00	15.00			29.1
(Forecast)

3. Earnings forecasts for FY2021 (April 1, 2021 - March 31, 2022)

Note: Percentage indicate changes from the previous term.

Net sales

Operating income

Ordinary income

Profit attributable to

owners of the parent

(Millions of yen)

(%)

(Millions of yen)

(%)

(Millions of yen)

(%)

(Millions of yen)

(%)

Full Year

470,000

－

16,000

－

19,000

－

13,000

－

Earnings

per share

(Yen)

Full Year

51.50

As the "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29), etc., has been applied since the beginning of the fiscal year ending March 31, 2022, the above forecast is based on the amounts resulting after the application of the provisions of this accounting standard, and the percentage change from the previous fiscal year is not stated.

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4. Others
(1) Changes in scope of consolidated important subsidiaries
(increase)	None	(decrease)	None
(2) Changes of accounting principles, procedures and presentation
(a) Changes due to revisions of accounting standards:	None
(b) Changes other than the above (a):		None
(c) Changes in accounting estimates:		None
(d) Restatement:			None

1. Number of shares outstanding

1. Number of shares outstanding at term-end (including treasury stock):

As of March 31, 2021	:	259,214,827	As of March 31, 2020	:	259,110,861
(b) Number of treasury stock at term-end:
As of March 31,	2021	:	6,749,173	As of March 31,	2020	:	6,748,713
(c) Average number of shares outstanding during the period:
Fiscal year ended March 31,	2021	:	252,425,976	Fiscal year ended March 31,	2020	:	252,341,461

1. This document is unaudited by certificated public accountants or audit firms.
2. The forecasts given above are based on information available at the time of compilation and are inherently subject to a variety of risks and uncertainties.
   Actual results may vary significantly from forecasts due to factors including, but not limited to, changes in the economic or business environment and exchange rate fluctuations.
3. Forecasts based on : 107.00 yen/US$ 1.00

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Consolidated Balance Sheets

	As of March 31,	As of March 31,
	2021	2020
	(Millions of yen)	(Millions of yen)
ASSETS
Current assets
Cash and deposits	268,281	261,898
Notes receivable, accounts receivable from completed	143,064	145,276
construction contracts and other
Costs on uncompleted construction contracts	20,848	22,989
Merchandise and finished goods	5,592	5,366
Work in process	2,651	2,636
Raw materials and supplies	3,874	3,687
Short-term loans receivable	446	437
Accounts receivable	97,097	84,073
Other	6,678	11,748
Allowance for doubtful accounts	(176)	(158)
Total current assets	548,359	537,955
Non-current assets
Property, plant and equipment
Buildings and structures	61,504	59,852
Machinery, vehicles, tools, furniture and fixtures	60,190	59,255
Land	18,552	18,581
Leased assets	1,056	770
Construction in progress	17,835	910
Other	4,259	4,422
Accumulated depreciation	(96,744)	(93,997)
Total property, plant and equipment	66,654	49,794
Intangible assets
Software	4,830	4,869
Other	2,036	5,312
Total intangible assets	6,867	10,181
Investments and other assets
Investment securities	54,199	44,807
Long-term loans receivable	7,952	8,026
Net defined benefit asset	859	569
Deferred tax assets	15,532	21,713
Other	15,034	11,241
Allowance for doubtful accounts	(12,929)	(13,016)
Total investments and other assets	80,648	73,341
Total non-current assets	154,170	133,317
Total assets	702,529	671,273

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	As of March 31,	As of March 31,
	2021	2020
	(Millions of yen)	(Millions of yen)
LIABILITIES
Current liabilities
Notes payable, accounts payable for construction contracts and	41,777	68,239
other
Short-term loans payable	588	227
Current portion of bonds payable	－	20,000
Income taxes payable	1,263	1,955
Advances received on uncompleted construction contracts	100,707	83,227
Provision for bonuses	6,385	6,203
Provision for directors' bonuses	61	77
Provision for loss on construction contracts	3,590	11,109
Provision for warranties for completed construction contracts	1,317	976
Other	41,362	36,369
Total current liabilities	197,055	228,386
Non-current liabilities
Bonds payable	50,000	30,000
Long-term loans payable	16,783	347
Net defined benefit liability	15,325	16,718
Provision for directors' retirement benefits	219	253
Deferred tax liabilities	1,049	959
Deferred tax liabilities for land revaluation	1,014	1,014
Other	3,463	2,614
Total non-current liabilities	87,857	51,907
Total liabilities	284,912	280,293
NET ASSETS
Shareholders' equity
Capital stock	23,611	23,554
Capital surplus	25,709	25,653
Retained earnings	380,402	375,641
Treasury shares	(6,739)	(6,739)
Total shareholders' equity	422,983	418,109
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	5,571	2,205
Deferred gains or losses on hedges	248	(1,004)
Revaluation reserve for land	(10,891)	(10,891)
Foreign currency translation adjustment	(358)	(16,491)
Remeasurements of defined benefit plans	(432)	(1,411)
Total accumulated other comprehensive income	(5,862)	(27,592)
Non-controlling interests	495	463
Total net assets	417,616	390,979
Total liabilities and net assets	702,529	671,273

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Consolidated Statements of Income

	Fiscal year ended	Fiscal year ended
	March 31, 2021	March 31, 2020
	(Apr. 1, 2020 -	(Apr. 1, 2019 -
	Mar. 31, 2021)	Mar. 31, 2020)
	(Millions of yen)	(Millions of yen)
Net sales	433,970	480,809
Cost of sales	390,188	437,460
Gross profit	43,782	43,349
Selling, general and administrative expenses	20,901	23,114
Operating income	22,880	20,234
Non-operating income
Interest income	1,320	3,865
Dividend income	897	2,659
Share of profit of entities accounted for using equity method	2,187	3,875
Other	783	671
Total non-operating income	5,189	11,072
Non-operating expenses
Interest expenses	180	186
Foreign exchange losses	2,058	5,228
Other	324	3,523
Total non-operating expenses	2,563	8,939
Ordinary income	25,506	22,367
Extraordinary income
Gain on sales of investment securities	1,844	5,649
Other	24	2,293
Total extraordinary income	1,868	7,943
Extraordinary loss
Impairment loss	2,911	－
Loss on valuation of investment securities	1,357	865
Loss on sales of shares of subsidiaries and associates	－	3,211
Other	662	290
Total extraordinary loss	4,930	4,367
Profit before income taxes	22,444	25,943
Income taxes
Income taxes - current	13,974	16,091
Income taxes - deffered	3,261	5,593
Total income taxes	17,235	21,685
Profit	5,208	4,258
Profit attributable to non-controlling interests	67	140
Profit attributable to owners of the parent	5,141	4,117

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