Kajima : Summary of Financial Statements for the fiscal year ended March 31, 2021＜under Japanese GAAP＞

Disclaimer: All financial information has been prepared in accordance with generally accepted accounting principles in Japan. This document is a partial English translation of the Japanese Financial Statements which are filed with Stock Exchanges in Japan on May 14, 2021. The Company provides this translation for your reference and convenience only without any warranty as to its accuracy. In case of any discrepancy between the translation and the Japanese original, the latter shall prevail.

		May 14, 2021
Consolidated and Nonconsolidated Financial Statements
For the fiscal year ended March 31, 2021 ("FY2020")
Company name : Kajima Corporation	Stock exchange listings : Tokyo 1st section, Nagoya 1st section
Securities code : 1812	URL : https://www.kajima.co.jp/
Representative : Yoshikazu Oshimi, President and Representative Director
Inquiries : Sachihiko Mikami, General Manager of Accounting Department, Treasury Division	Tel. [phone]
Date of ordinary stockholders' meeting (as planned) : June 25, 2021	Dividend payable date (as planned) : June 28, 2021
Annual securities report filing date (as planned) : June 28, 2021
Supplemental material on financial results : Available

*Amounts less than one million yen have been rounded down.

1. Consolidated Financial Highlights
(1) Financial Results							% : Representing year-on-year change
	Revenues		Operating income	Ordinary income	Net income attributable to
		owners of the parent
	JPY mil		%	JPY mil	%	JPY mil	%	JPY mil	%
FY2020	1,907,176		( 5.2)	127,298	( 3.6)	139,729	( 4.7)	98,522	( 4.6)
FY2019	2,010,751		1.8	131,987	( 7.5)	146,645	( 10.0)	103,242	( 6.0)

(Note) Comprehensive income (loss)

FY2020

118,229 JPY mil 55.2%

FY2019

76,187 JPY mil

(32.4%)

Basic net income

Diluted net income

Ratio of net income to

Ordinary income to total

Operating income

per share

per share

owners' equity (ROE)

assets ratio

margin

JPY

JPY

%

%

%

FY2020

193.13

－

11.8

6.4

6.7

FY2019

200.99

－

13.4

6.9

6.6

(Reference) Equity in earnings of unconsolidated subsidiaries and affiliates

FY2020

3,527 JPY

mil

FY2019 1,490

JPY mil

(2) Financial Positions

Total assets

Total equity

Owners' equity ratio

Owners' equity per share

JPY mil

JPY mil

%

JPY

As of March 31, 2021

2,164,806

884,806

40.4

1,731.16

As of March 31, 2020

2,172,108

796,020

36.5

1,544.71

(Reference) Owners' equity (Total equity less noncontrolling interests)

As of March 31, 2021

874,839 JPY mil

As of March 31, 2020

791,786 JPY mil

(3) Cash Flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash equivalents

operating activities

investing activities

financing activities

at the end of the period

JPY mil

JPY mil

JPY mil

JPY mil

FY2020

153,097

( 65,434)

( 39,110)

300,991

FY2019

53,061

( 101,813)

( 10,866)

255,646

2. Dividends

Dividends per share

Total

Ratio of total

Payout ratio

amount of dividends

End of Q1

End of Q2

End of Q3

Year-end

Total

dividends paid

to owners' equity

JPY

JPY

JPY

JPY

JPY

JPY mil

%

%

FY2019

－

25.00

－

25.00

50.00

25,676

24.9

3.3

FY2020

－

25.00

－

29.00

54.00

27,526

28.0

3.3

FY2021

－

27.00

－

27.00

54.00

34.1

(Forecast)

3. Forecast of Consolidated Financial Results for the fiscal year ending March 31, 2022

% : Representing year-on-year change

Revenues

Operating income

Ordinary income

Net income attributable

Basic net income

to owners of the parent

per share

JPY mil

%

JPY mil

%

JPY mil

%

JPY mil

%

JPY

Full-year

2,010,000

5.4

104,000

( 18.3)

114,000

( 18.4)

80,000

( 18.8)

158.31

* Notes

1. Significant changes in the scope of consolidated subsidiaries : None
2. Changes in accounting policies and accounting estimates, retrospective restatements a. Changes in accounting policies based on revisions of accounting standards : None b. Changes in accounting policies other than "a" above : None
   c. Changes in accounting estimates : None
   d. Retrospective restatements : None
3. Number of issued and outstanding shares (common stock)

a. Number of issued and outstanding shares (including treasury stock)
As of March 31, 2021		528,656,011			As of March 31, 2020			528,656,011
b. Number of treasury stock
As of March 31, 2021		23,308,096			As of March 31, 2020			16,077,858
c. Average number of shares
FY2020		510,144,178			FY2019			513,668,363
(Reference) Summary of Nonconsolidated Financial Statements
1. Nonconsolidated Financial Highlights
(1) Financial Results												% : Representing year-on-year change
		Revenues				Operating income	Ordinary income	Net income
		JPY mil		%		JPY mil		%	JPY mil		%	JPY mil		%
FY2020		1,189,562		( 8.8)	105,146		( 5.3)	114,285		( 5.2)	82,829		3.4
FY2019		1,305,057		1.9	111,044		( 7.7)	120,593		( 9.0)	80,136		( 17.5)
		Basic net income			Diluted net income
		per share				per share
		JPY				JPY
FY2020		162.06				－
FY2019		155.72				－
(2) Financial Positions
		Total assets				Total equity			Owners' equity ratio	Owners' equity per share
		JPY mil				JPY mil			%			JPY
As of March 31, 2021		1,558,909		638,435			41.0		1,261.00
As of March 31, 2020		1,593,643		563,176			35.3		1,096.69

(Reference) Owners' equity	As of March 31, 2021	638,435 JPY mil	As of March 31, 2020	563,176 JPY mil
2. Forecast of Nonconsolidated Financial Results for the fiscal year ending March 31, 2022
											% : Representing year-on-year change
		Revenues			Operating income	Ordinary income		Net income	Basic net income
					per share
		JPY mil		%		JPY mil	%	JPY mil	%		JPY mil	%	JPY
Full-year		1,250,000		5.1		84,500	( 19.6)	92,500	( 19.1)		66,000	( 20.3)	130.36

• These financial statements are outside the scope of audit procedures by certified public accountant or audit corporation.
• Explanation regarding appropriate use of forecasts, and other notes

The forecasts contained herein are based on information available as of the date of this announcement, and the actual results may differ materially from forecasts due to various factors.

Consolidated Financial Statements

(1) Consolidated Balance Sheet

		(JPY mil)
	As of March 31, 2020	As of March 31, 2021
Assets
Current assets
Cash and deposits	262,963	307,633
Notes and accounts receivable - trade	734,159	602,162
Marketable securities	110	325
Operational investments in securities	12,355	12,319
Inventories - real estate for sale	62,817	78,214
Inventories - construction projects in progress	63,540	54,938
Inventories - development projects in progress	74,692	103,505
Inventories - other	18,180	17,094
Other	121,300	87,729
Allowance for doubtful accounts	(855)	(980)
Total current assets	1,349,264	1,262,942
Noncurrent assets
Property and equipment
Buildings and structures - net	117,412	125,752
Machinery, vehicles, tools, furniture and fixtures - net	17,526	15,960
Land	223,651	232,311
Construction in progress	26,165	37,388
Other - net	6,292	6,542
Total property and equipment	391,049	417,955
Intangible assets	11,548	11,330
Investments and other assets
Investments in securities	309,623	350,351
Long-term loans receivable	50,012	62,953
Asset for retirement benefits	642	1,534
Deferred tax assets	18,635	8,032
Other	44,836	52,910
Allowance for doubtful accounts	(3,503)	(3,203)
Total investments and other assets	420,246	472,578
Total noncurrent assets	822,843	901,863
Total assets	2,172,108	2,164,806

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		(JPY mil)
	As of March 31, 2020	As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade	520,653	445,589
Short-term loans payable	151,459	143,416
Commercial paper	45,000	－
Current portion of bonds payable	－	10,000
Income taxes payable	30,597	27,623
Advances received on construction projects in progress	162,087	146,103
Advances received on development projects in progress, real estate for	13,553	12,170
sale and other
Provision for warranties for completed construction projects	12,824	13,465
Provision for loss on construction projects in progress	12,515	14,119
Provision for directors' bonuses	153	142
Other	176,565	177,448
Total current liabilities	1,125,410	990,080
Long-term liabilities
Bonds payable	50,000	40,000
Long-term loans payable	80,425	123,616
Deferred tax liabilities	605	989
Deferred tax liabilities on revaluation surplus of land	19,859	20,689
Liability for retirement benefits	62,100	62,575
Equity loss in excess of investments in and loans to unconsolidated	1,205	1,205
subsidiaries and affiliates
Other	36,482	40,844
Total long-term liabilities	250,678	289,919
Total liabilities	1,376,088	1,280,000
Equity
Shareholders' equity
Common stock	81,447	81,447
Capital surplus	43,367	43,271
Retained earnings	583,303	654,128
Treasury stock	(16,420)	(26,172)
Total shareholders' equity	691,697	752,675
Accumulated other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale securities	84,212	112,242
Deferred gain (loss) on derivatives under hedge accounting	(239)	(659)
Revaluation surplus of land	19,435	21,498
Foreign currency translation adjustments	(1,400)	(10,352)
Defined retirement benefit plans	(1,918)	(565)
Total accumulated other comprehensive income (loss)	100,089	122,163
Noncontrolling interests	4,233	9,967
Total equity	796,020	884,806
Total liabilities and equity	2,172,108	2,164,806

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1. Consolidated Statement of Income and Consolidated Statement of Comprehensive Income Consolidated Statement of Income

		(JPY mil)
	FY2019	FY2020
	(Apr 1, 2019 -	(Apr 1, 2020 -
	Mar 31, 2020)	Mar 31, 2021)
Revenues
Construction projects	1,791,118	1,673,594
Real estate and other	219,633	233,582
Total revenues	2,010,751	1,907,176
Cost of revenues
Construction projects	1,584,538	1,477,579
Real estate and other	178,091	188,179
Total cost of revenues	1,762,630	1,665,759
Gross profit
Construction projects	206,579	196,014
Real estate and other	41,541	45,402
Total gross profit	248,121	241,417
Selling, general and administrative expenses	116,134	114,118
Operating income	131,987	127,298
Nonoperating income

Interest income

Dividends income

Equity in earnings of unconsolidated subsidiaries and affiliates Equity in earnings of partnership

Other

Total nonoperating income

Nonoperating expenses

Interest expense

Provision for doubtful accounts

Loss on investments in silent partnership

Other

Total nonoperating expenses

Ordinary income

Extraordinary income

Gain on sales of noncurrent assets

Gain on sales of investment securities

Valuation gain on investment securities

Reversal of provision for loss on Anti-Monopoly Act

Reversal of foreign currency translation adjustments Total extraordinary income

Extraordinary losses

Loss on sales of noncurrent assets

Loss on disposals of noncurrent assets

Loss on reduction of noncurrent assets

Loss on sales of investment securities

Valuation loss on investment securities

Loss on impairment of long-lived assets

4,312	4,504
7,122	6,253
1,490	3,527
5,038	1,627
3,806	3,057
21,769	18,969
3,502	2,657
－	210
911	911
2,696	2,759
7,110	6,538
146,645	139,729
640	2,375
855	8,129
321	9
2,900	－
1,135	－
5,854	10,514
3	6
1,073	293
12	－
59	17
1,674	3,699
14	946

Litigation settlement	28	33
Total extraordinary losses	2,866	4,997
Income before income taxes	149,634	145,247
Income taxes - current	49,669	47,459
Income taxes - deferred	(3,821)	(979)
Total income taxes	45,847	46,479
Net income	103,786	98,767
Net income attributable to noncontrolling interests	544	245
Net income attributable to owners of the parent	103,242	98,522

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