Shimizu : Consolidated Financial Report For the three months ended June 30, 2020

This summarized English translation of the financial report was prepared for reference purposes only and is qualified in its entirety by the original financial statements submitted to the Tokyo Stock Exchange. The financial information contained in this report is derived from our unaudited financial statements. In case of any discrepancy between this translation and the Japanese original, the latter shall prevail.

	Tokyo, July 31, 2020
	SHIMIZU CORPORATION
	Consolidated Financial Report [Japanese GAAP]
	For the three months ended June 30, 2020
Shares Listed:	First section of the Tokyo Stock Exchange and Nagoya Stock Exchange
Stock Code:	1803
URL:	https://www.shimz.co.jp/en/
Representative:	Kazuyuki Inoue, President and Director
Inquiries:	Michiho Yamaguchi, General Manager, Accounting Department
	TEL: [phone]

Scheduled date to file quarterly securities report:	August 3, 2020
Supplementary documents on quarterly financial results:	Yes (in Japanese)
Holding of financial results presentation:	Yes (for analysts and institutional investors)

1. Consolidated Financial Highlights

1. Consolidated Results of Operations

(Yen amounts have been rounded down to the nearest million)

(Percentage figures are changes from the same period in the previous fiscal year)

Net Sales

Operating Income

Ordinary Income

Net Income attributable to

shareholders of the

(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

Corporation (Millions of Yen)

Three months ended

314,239

(23.6%)

13,528

(51.3%)

17,557

(42.8%)

8,249

(66.0%)

June 30, 2020

Three months ended

411,126

15.1%

27,805

39.8%

30,668

37.4%

24,284

55.1%

June 30, 2019

Net Income

Diluted Net Income

per share (Yen)

per share (Yen)

Three months ended

10.81

10.81

June 30, 2020

Three months ended

30.95

30.95

June 30, 2019

(2) Consolidated Financial Position

Total Assets

Net Assets

Shareholders' Equity

Ratio of Shareholders' Equity

attributable to shareholders of

attributable to shareholders of

(Millions of Yen)

(Millions of Yen)

the Corporation (Millions of Yen)

the Corporation

As of June 30,

1,775,524

738,207

732,530

41.3%

2020

As of March 31,

1,904,934

736,412

730,479

38.3%

2020

2. Dividends

End of 1Q

End of 2Q

End of 3Q

Year-End

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

Year ended

－

18.00

－

20.00

38.00

March 31, 2020

Year ending

－

March 31, 2021

Year ending

12.00

－

12.00

24.00

March 31, 2021(Forecast)

(Note) Revision of the forecasts of cash dividends since the latest announcement: Yes

For further details, please refer to "Announcement of Operating Results Forecast and Dividends Forecast" announced on July 31, 2020.

End of 2Q dividend of 18.00Yen for Year ended March 31, 2020 includes a special dividend of 8.00Yen. Year-End dividend of 20.00Yen for Year ended March 31, 2020 includes a special dividend of 10.00Yen. End of 2Q dividend and Year-End dividend of 12.00Yen for Year ending March 31, 2021 (forecast) each includes a special dividend of 2.00Yen.

3. Forecast of Consolidated Results of Operations

for the Fiscal Year Ending March 2021 (From April 1, 2020 to March 31, 2021)

(Percentage figures are changes from the same period in the previous fiscal year)

	Net Sales	Operating Income	Ordinary Income	Net Income attributable to	Net Income
	shareholders of the
	(Millions of Yen)	(Millions of Yen)	(Millions of Yen)	per share (Yen)
	Corporation (Millions of Yen)
Year ending	1,485,000	(12.6%)	82,500	(38.4%)	84,000	(39.1%)	61,000	(38.4%)	79.96
March 31, 2021

(Note) Revision of the forecasts of consolidated results since the latest announcement: Yes

For further details, please refer to "Announcement of Operating Results Forecast and Dividends Forecast" announced on July 31, 2020.

Explanatory Notes

1. Changes in major subsidiaries during the period : None
2. Adoption of accounting methods specific to the preparation of quarterly consolidated financial statements : Yes
3. Changes in accounting policies and in accounting estimates, and restatements

① Changes in accounting policies due to amendment of accounting standards : None

②Changes in accounting policies other than ① above : None

③Changes in accounting estimates : None

④Restatements : None

(4) Number of shares issued (Common stock)

① Number of issued shares at the end of the period (including treasury stock)

First Quarter of FY2020	788,514,613	FY2019	788,514,613
ended June 30, 2020	ended March 31, 2020

②Number of treasury stocks at the end of the period

First Quarter of FY2020	25,658,514	FY2019	25,658,204
ended June 30, 2020	ended March 31, 2020

③Average number of shares issued during the period

First Quarter of FY2020	762,856,255	First Quarter of FY2019	784,549,865
ended June 30, 2020	ended June 30, 2019

This report is not subject to quarterly review procedures by certified public accountants or audit firms.

Explanation regarding appropriate use of forecasts, and other specific comments

The forecast figures are based on the information that the Company is able to obtain at the present point. However, actual results may be different due to various factors, including, but not limited to, changes in the future economic conditions.

Contents

PERFORMANCE RESULTS･････････････････････････････････････････････ 2

PERFORMANCE FORECASTS･･････････････････････････････････････････ 3

BREAKDOWN OF SALES AND GROSS PROFIT (NONCONSOLIDATED)････ 4

CONSOLIDATED BALANCE SHEETS････････････････････････････････････ 5

CONSOLIDATED STATEMENTS OF INCOME･････････････････････････････ 7

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME･･････････ 8

NONCONSOLIDATED BALANCE SHEETS･･･････････････････････････････ 9

NONCONSOLIDATED STATEMENTS OF INCOME････････････････････････ 11

BREAKDOWN OF ORDERS (NONCONSOLIDATED)･･････････････････････ 12

ORDERS, SALES AND BACKLOG (NONCONSOLIDATED)････････････････ 13

ORDERS AND CONTRACTS FORECAST (NONCONSOLIDATED)･･････････ 14

- 1 -

PERFORMANCE RESULTS

(1) Consolidated

		Current			Previous			Increase
	First Quarter	First Quarter		(Decrease)
		From:Apr 1, 2020	〕		From:Apr 1, 2019	〕			Rate(%)
	〔To :Jun 30, 2020	〔To :Jun 30, 2019
Construction Contracts			271.5				344.4			(72.8)	(21.2)
Gross Profit		9.3%	25.2			10.7%	36.8			(11.6)	(31.6)
Real Estate and Other			42.6				66.6			(24.0)	(36.0)
Gross Profit		18.4%	7.8			17.4%	11.6			(3.7)	(32.3)
Net Sales			314.2				411.1			(96.8)	(23.6)
Gross Profit		10.5%	33.0			11.8%	48.4			(15.3)	(31.8)
S, G & A Expenses			19.5				20.6			(1.1)	(5.4)
Operating Income		4.3%	13.5			6.8%	27.8			(14.2)	(51.3)
Net Financial Revenue			2.1				2.5			(0.4)	(16.5)
Others			1.8				0.3			1.5	524.8
Ordinary Income		5.6%	17.5			7.5%	30.6			(13.1)	(42.8)
Special Gains (Losses)			(4.3)				6.3			(10.6)	－
Income Before Taxes			13.2				37.0			(23.7)	(64.2)
Income Taxes			5.0				12.9			(7.9)	(61.3)
Net Income Attributable to			(0.0)				(0.1)			0.1	－
Non-Controlling Interests
Net Income Attributable to			8.2
Shareholders of the		2.6%			5.9%	24.2			(16.0)	(66.0)
Corporation
(Consolidated)	Current First Quarter	Previous Fiscal Year		Increase(Decrease)
〔	Jun 30, 2020	〕	〔	Mar 31, 2020	〕			Rate(%)
Interest-bearing Debt	[		415.8	]			441.3			(25.4)	(5.8)
[Nonrecourse Borrowings and Bonds]		75.4	[		78.1	]	[	(2.6) ]	[ (3.4) ]
(2) Nonconsolidated
		Current			Previous			Increase
	First Quarter	First Quarter		(Decrease)
		From:Apr 1, 2020	〕		From:Apr 1, 2019	〕			Rate(%)
	〔To :Jun 30, 2020	〔To :Jun 30, 2019
Construction Contracts			245.3				312.2			(66.8)	(21.4)
[Architectural Construction]	[		194.0	]	[		237.4	]	[ (43.3) ]	[ (18.3) ]
[Civil Engineering]	[		51.2	]	[		74.7	]	[ (23.4) ]	[ (31.4) ]
Gross Profit		9.2%	22.6			10.6%	33.0			(10.3)	(31.3)
[Architectural Construction]	[	8.1%	15.8	]	[	9.1%	21.6	]	[	(5.7) ]	[ (26.8) ]
[Civil Engineering]	[	13.4%	6.8	]	[	15.3%	11.3	]	[	(4.5) ]	[ (39.8) ]
Real Estate and Other			18.2				17.9			0.3	1.7
Gross Profit		25.8%	4.7			36.6%	6.5			(1.8)	(28.4)
Net Sales			263.6				330.1			(66.5)	(20.1)
Gross Profit		10.4%	27.3			12.0%	39.5			(12.2)	(30.8)
S, G & A Expenses			15.5				16.3			(0.7)	(4.8)
Operating Income		4.5%	11.8			7.0%	23.2			(11.4)	(49.1)
Net Financial Revenue			5.5				6.4			(0.8)	(13.8)
Others			1.4				(0.3)			1.7	－
Ordinary Income		7.1%	18.8			8.9%	29.3			(10.5)	(36.0)
Special Gains (Losses)			(4.2)				6.3			(10.6)	－
Income Before Taxes			14.5				35.7			(21.2)	(59.3)
Income Taxes			4.3				11.3			(7.0)	(61.9)
Net Income		3.9%	10.2			7.4%	24.4			(14.1)	(58.1)
(Nonconsolidated)	Current First Quarter	Previous Fiscal Year		Increase(Decrease)
〔	Jun 30, 2020	〕	〔	Mar 31, 2020	〕			Rate(%)
Interest-bearing Debt			304.4				326.8			(22.3)	(6.9)

(Billions of Yen)

Forecast Progress

〔From:Apr 1, 2020 〕 (%) To :Mar 31, 2021

1,320.0	20.6
11.2% 148.0	17.0

165.0 25.9

14.8% 24.5 32.1

1,485.0 21.2

	11.6%	172.5	19.2
		90.0	21.7
	5.6%	82.5		16.4

1.0 －

0.5 －

5.7% 84.0 20.9

5.0 －

89.0 14.9

1. －

1. －

4.1% 61.0 13.5

(Billions of Yen)

Forecast Progress

〔From:Apr 1, 2020 〕 (%) To :Mar 31, 2021

	1,200.0		20.4
[	955.0	]	[ 20.3	]

• 245.0 ] [ 20.9 ]

	10.6%	127.0		17.9
[	9.7%	93.0	]	[ 17.0	]
[	13.9%	34.0	]	[ 20.2	]

75.0 24.3

21.3% 16.0 29.4

1,275.0 20.7

	11.2%	143.0	19.1
		72.0	21.6
	5.6%	71.0		16.7

5.5 －

0.0 －

6.0% 76.5 24.6

1. －

1. 17.8

1. －

4.5% 57.5 17.8

- 2 -

PERFORMANCE FORECASTS

(1) Consolidated												(Billions of Yen)
			Current				Previous			Increase
	Fiscal Year Forecast		Fiscal Year Result			(Decrease)
		From:Apr 1, 2020			From:Apr 1, 2019					Rate(%)
		〔 To :Mar 31, 2021 〕			〔 To :Mar 31, 2020 〕
Construction Contracts			1,320.0				1,517.8			(197.8)			(13.0)
Gross Profit		11.2%	148.0			13.1%	198.7			(50.7)			(25.5)
Real Estate and Other			165.0				180.4			(15.4)			(8.5)
Gross Profit		14.8%	24.5			14.9%	26.9			(2.4)			(8.9)
Net Sales			1,485.0				1,698.2			(213.2)			(12.6)
Gross Profit		11.6%	172.5			13.3%	225.6			(53.1)			(23.6)
S, G & A Expenses			90.0				91.7			(1.7)			(1.9)
Operating Income		5.6%	82.5			7.9%	133.8			(51.3)			(38.4)
Net Financial Revenue			1.0				5.2			(4.2)			(81.0)
Others			0.5				(1.1)			1.6			－
Ordinary Income		5.7%	84.0			8.1%	137.9			(53.9)			(39.1)
Special Gains (Losses)			5.0				3.3			1.6			48.6
Income Before Taxes			89.0				141.3			(52.3)			(37.0)
Income Taxes			28.0				42.2			(14.2)			(33.7)
Net Income Attributable to			0.0				0.1			(0.1)			(100.0)
Non-Controlling Interests
Net Income Attributable to			61.0
Shareholders of the		4.1%			5.8%	98.9			(37.9)			(38.4)
Corporation
Interest-bearing Debt		Less than 530.0				441.3			88.6			20.1
(2) Nonconsolidated												(Billions of Yen)
			Current				Previous			Increase
	Fiscal Year Forecast		Fiscal Year Result			(Decrease)
		From:Apr 1, 2020			From:Apr 1, 2019					Rate(%)
		〔 To :Mar 31, 2021 〕			〔 To :Mar 31, 2020 〕
Construction Contracts			1,200.0				1,356.7			(156.7)			(11.6)
[Architectural Construction]	[		955.0	]	[		1,073.4	]	[	(118.4)	]	[	(11.0)	]
[Civil Engineering]	[		245.0	]	[		283.2	]	[	(38.2)	]	[	(13.5)	]
Gross Profit		10.6%	127.0			13.0%	176.1			(49.1)			(27.9)
[Architectural Construction]	[	9.7%	93.0	]	[	11.4%	122.4	]	[	(29.4)	]	[	(24.0)	]
[Civil Engineering]	[	13.9%	34.0	]	[	19.0%	53.7	]	[	(19.7)	]	[	(36.7)	]
Real Estate and Other			75.0				60.8			14.1			23.2
Gross Profit		21.3%	16.0			21.5%	13.0			2.9			22.2
Net Sales			1,275.0				1,417.6			(142.6)			(10.1)
Gross Profit		11.2%	143.0			13.4%	189.2			(46.2)			(24.4)
S, G & A Expenses			72.0				73.9			(1.9)			(2.7)
Operating Income		5.6%	71.0			8.1%	115.2			(44.2)			(38.4)
Net Financial Revenue			5.5				9.4			(3.9)			(41.6)
Others			0.0				(2.0)			2.0			－
Ordinary Income		6.0%	76.5			8.7%	122.6			(46.1)			(37.6)
Special Gains (Losses)			5.0				3.3			1.6			50.4
Income Before Taxes			81.5				126.0			(44.5)			(35.3)
Income Taxes			24.0				36.6			(12.6)			(34.5)
Net Income		4.5%	57.5			6.3%	89.3			(31.8)			(35.7)
Interest-bearing Debt		Less than 390.0				326.8			63.1			19.3

- 3 -

BREAKDOWN OF SALES AND GROSS PROFIT (NONCONSOLIDATED)

(1) Performance Results											(Billions of Yen)
				Current				Previous
			First Quarter			First Quarter			Increase
				Result				Result
									(Decrease)
			From:Apr 1, 2020	〕	From:Apr 1, 2019
			〔 To	:Jun 30, 2020	〔 To	:Jun 30, 2019 〕
			Sales	Gross Profit	Sales	Gross Profit	Sales	Gross Profit
				Profit Rate				Profit Rate			Rate		Rate
				(%)					(%)				(%)		(%)
Construction business
	Architectural Construction
		Domestic	187.5	9.5%			17.7	228.6	9.4%		21.4	(41.1)	(18.0%)	(3.7)	(17.4%)
		Overseas	6.5	(29.2)			(1.9)	8.8	1.7		0.1	(2.2)	(25.7)	(2.0)	－
		Sub total	194.0	8.1			15.8	237.4	9.1		21.6	(43.3)	(18.3)	(5.7)	(26.8)
	Civil Engineering
		Domestic	45.9	14.4			6.6	68.3	15.7		10.7	(22.3)	(32.7)	(4.1)	(38.3)
		Overseas	5.3	4.1			0.2	6.3	10.0		0.6	(1.0)	(16.8)	(0.4)	(66.0)
		Sub total	51.2	13.4			6.8	74.7	15.3		11.3	(23.4)	(31.4)	(4.5)	(39.8)
		Domestic	233.5	10.4			24.3	296.9	10.9		32.2	(63.4)	(21.4)	(7.8)	(24.4)
		Overseas	11.8	(14.3)			(1.7)	15.2	5.1		0.7	(3.3)	(22.0)	(2.4)	－
		Total	245.3	9.2			22.6	312.2	10.6		33.0	(66.8)	(21.4)	(10.3)	(31.3)
Real Estate and Other	18.2	25.8			4.7	17.9	36.6		6.5	0.3	1.7	(1.8)	(28.4)
	Grand Total	263.6	10.4			27.3	330.1	12.0		39.5	(66.5)	(20.1)	(12.2)	(30.8)
(2) Performance Forecasts											(Billions of Yen)
				Current				Previous
			Fiscal Year			Fiscal Year			Increase
				Forecast				Result
									(Decrease)
			From:Apr 1, 2020	〕	From:Apr 1, 2019
			〔 To :Mar 31, 2021	〔 To :Mar 31, 2020 〕
			Sales	Gross Profit	Sales	Gross Profit	Sales	Gross Profit
				Profit Rate				Profit Rate			Rate		Rate
				(%)					(%)				(%)		(%)
Construction business
	Architectural Construction
		Domestic	920.0	10.8%			99.0	1,022.4	12.0%		122.9	(102.4)	(10.0%)	(23.9)	(19.5%)
		Overseas	35.0	(17.1)			(6.0)	50.9	(1.1)		(0.5)	(15.9)	(31.4)	(5.4)	－
		Sub total	955.0	9.7			93.0	1,073.4	11.4		122.4	(118.4)	(11.0)	(29.4)	(24.0)
	Civil Engineering
		Domestic	230.0	14.8			34.0	262.3	19.0		49.7	(32.3)	(12.3)	(15.7)	(31.6)
		Overseas	15.0	0.0			0.0	20.9	19.2		4.0	(5.9)	(28.4)	(4.0)	(100.0)
		Sub total	245.0	13.9			34.0	283.2	19.0		53.7	(38.2)	(13.5)	(19.7)	(36.7)
		Domestic	1,150.0	11.6		133.0	1,284.7	13.4		172.6	(134.7)	(10.5)	(39.6)	(23.0)
		Overseas	50.0	(12.0)			(6.0)	71.9	4.8		3.4	(21.9)	(30.5)	(9.4)	－
		Total	1,200.0	10.6		127.0	1,356.7	13.0		176.1	(156.7)	(11.6)	(49.1)	(27.9)
Real Estate and Other	75.0	21.3			16.0	60.8	21.5		13.0	14.1	23.2	2.9	22.2
	Grand Total	1,275.0	11.2		143.0	1,417.6	13.4		189.2	(142.6)	(10.1)	(46.2)	(24.4)

- 4 -

CONSOLIDATED BALANCE SHEETS

				(Millions of Yen)
		Current	Previous	Increase
		First Quarter	Fiscal Year
		(Decrease)
		[Jun 30, 2020]	[Mar 31, 2020]
(ASSETS)
Current Assets:
	Cash	162,992	351,722	(188,729)
	Notes and accounts receivable-trade	374,665	546,148	(171,483)
	Marketable securities (*)	196,020	1,020	195,000
	Real estate for sale	2,862	2,836	26
	Costs on uncompleted construction contracts	85,421	77,949	7,471
	Costs on uncompleted real estate	6,986	16,472	(9,486)
	development projects
	PFI projects and other inventories	46,852	47,883	(1,030)
	Other current assets	107,923	102,651	5,271
	Less: Allowance for doubtful accounts	(651)	(775)	123
	Total current assets	983,072	1,145,908	(162,836)
Non-Current Assets:
Tangible fixed assets:
	Buildings and structures	148,211	149,310	(1,099)
	Machinery, vehicles, tools, furniture and fixtures	19,429	20,011	(582)
	Land	219,216	207,472	11,744
	Construction in progress	39,827	31,645	8,181
	Total tangible fixed assets	426,684	408,440	18,244
Intangible fixed assets	13,979	12,091	1,888
Investments and other assets:
	Investment securities	333,247	319,598	13,649
	Other investments	20,494	20,852	(357)
	Less: Allowance for doubtful accounts	(1,954)	(1,957)	3
	Total investments and other assets	351,787	338,493	13,294
	Total non-current assets	792,452	759,025	33,427
Total assets	1,775,524	1,904,934	(129,409)

1. Marketable securities includes following amounts of negotiable certificate of deposits. As of Jun 30, 2020: 196,000 million yen
   As of Mar 31, 2020: 1,000 million yen

- 5 -

				(Millions of Yen)
		Current	Previous		Increase
		First Quarter	Fiscal Year
			(Decrease)
		[Jun 30, 2020]	[Mar 31, 2020]
(LIABILITIES)
Current Liabilities:
	Notes and accounts payable-trade	253,786	319,164		(65,378)
	Short-term borrowings	145,593	112,774		32,818
	Current portion of non-recourse borrowings	6,965	6,957		8
	Commercial papers	－	80,000		(80,000)
	Current portion of bonds payable	10,000	10,000		－
	Current portion of convertible bond-type bonds	30,008	30,016		(7)
	with subscription rights to shares
	Current portion of non-recourse bonds payable	2,865	2,764		100
	Advances received on uncompleted	105,413	101,390		4,022
	construction contracts
	Warranty reserve	3,731	3,932		(200)
	Reserve for expected losses on	5,141	6,071		(930)
	construction contracts in process
	Reserve for directors' bonuses	－	289		(289)
	Reserve for loss on anti-monopoly act	1,820	1,820		－
	Other current liabilities	148,766	196,372		(47,605)
	Total current liabilities	714,091	871,553		(157,461)
Non-Current Liabilities:
	Bonds payable	85,000	60,000		25,000
	Non-recourse bonds payable	22,918	23,235		(316)
	Long-term borrowings	69,812	70,360		(547)
	Non-recourse borrowings	42,718	45,207		(2,488)
	Net defined benefit liability	57,470	57,293		176
	Other non-current liabilities	45,305	40,872		4,433
	Total non-current liabilities	323,225	296,968		26,257
Total liabilities	1,037,317	1,168,521		(131,204)
(NET ASSETS)
Shareholders' Equity:
	Common stock, no par value	74,365	74,365		－
	Additional paid-in capital	43,116	43,116		－
	Retained earnings	503,838	510,873		(7,034)
	[Contingent Reserve]	[355,600]	[295,200]		[60,400]
	Less: Treasury stock, at cost	(21,613)	(21,613)		(0)
	Total shareholders' equity	599,706	606,741		(7,035)
	Accumulated Other Comprehensive Income:
	Net unrealized gain (loss) on other securities,	114,974	104,898		10,076
	net of taxes
	Deferred gain (loss) on hedging, net of taxes	(2)	(169)		166
	Revaluation reserve for land, net of taxes	25,864	25,864		－
	Foreign currency translation adjustments	(3,419)	(1,985)		(1,434)
	Remeasurements of defined benefit plans	(4,593)	(4,870)		277
	Total accumulated other comprehensive income	132,824	123,737		9,086
Non-controlling Interests	5,676	5,932		(256)
Total net assets	738,207	736,412		1,794
Total liabilities and net assets	1,775,524	1,904,934		(129,409)
(Reference)
Interest-bearing debt	415,882	441,315	(25,432)
[Nonrecourse borrowings and bonds]	[75,468]	[78,164]	[(2,696)]

- 6 -

CONSOLIDATED STATEMENTS OF INCOME

		(Millions of Yen)
Current	Previous	Increase
First Quarter	First Quarter

• From:Apr 1, 2020 〕〔 From:Apr 1, 2019 〕 (Decrease)
  To :Jun 30, 2020 To :Jun 30, 2019

	Net Sales:
	Construction contracts			271,585			344,441	(72,856)
	Real estate development and other			42,654			66,684	(24,030)
	Total net sales			314,239			411,126		(96,886)
	Cost of Sales:
	Construction contracts			246,362			307,578	(61,215)
	Real estate development and other			34,790			55,062	(20,271)
	Total cost of sales			281,153			362,640	(81,487)
	Gross profit:
	Construction contracts	[9.3%]	25,222	[10.7%]	36,863	(11,640)
	Real estate development and other	[18.4%]	7,864	[17.4%]	11,622	(3,758)
	Total gross profit	10.5%	33,086	11.8%	48,485	(15,399)
	Selling, General and Administrative Expenses			19,557			20,680	(1,122)
	Operating income		4.3%	13,528		6.8%	27,805		(14,276)
	Non-Operating Income:
	Interest income			313			273	39
	Dividend income			2,540			2,818	(278)
	Foreign exchange gain			1,516			－	1,516
	Other non-operating income			702			835	(132)
	Total non-operating income			5,072			3,927	1,144
	Non-Operating Expenses:
	Interest expenses			716			531	184
	Foreign exchange loss			－			317	(317)
	Other non-operating expenses			328			215	113
	Total non-operating expenses			1,044			1,064	(20)
	Ordinary income		5.6%	17,557		7.5%	30,668		(13,111)
	Special Gains:
	Gain on sales of fixed assets			26			29	(3)
	Gain on sales of investment securities			110			6,901	(6,791)
	Total special gains			137			6,931	(6,794)
	Special Losses:
	Loss on sales of fixed assets			5			－	5
	Loss on sales of investment securities			1			－	1
	Loss on devaluation of investment securities			481			561	(80)
	Loss related to infectious diseases			3,954			－	3,954
	Total special losses			4,442			561	3,880
	Income before income taxes			13,251			37,038	(23,786)
	Income taxes			5,007			12,942	(7,934)
	Net income			8,244			24,095	(15,851)
	Loss attributable to non-controlling interests			(4)			(189)	184
	Net income attributable to		2.6%	8,249		5.9%	24,284		(16,035)
	shareholders of the Corporation
(Reference)
	Interest and dividend income			2,853			3,092		(239)
	Interest expenses			716			531		184
	Net financial revenue			2,137			2,560		(423)

- 7 -

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

						(Millions of Yen)
		Current			Previous			Increase
		First Quarter			First Quarter
		From:Apr 1, 2020			From:Apr 1, 2019	〕	(Decrease)
	〔 To :Jun 30, 2020	〕〔 To :Jun 30, 2019
Net income	8,244	24,095			(15,851)
Other comprehensive income:
Net unrealized gain (loss) on other	10,053	(17,439)			27,493
securities, net of taxes
Deferred gain (loss) on hedging,	166	(36)			202
net of taxes
Foreign currency translation adjustment	(1,797)	176			(1,973)
Remeasurements of defined benefit plans	273	198			75
Share of other comprehensive income
of associates accounted for using equity	120	26			94
method
Total other comprehensive income	8,818	(17,074)			25,893
Comprehensive income		17,062			7,020			10,041
Comprehensive income attributable to:
Shareholders of the Corporation	17,335	7,153			10,181
Non-controlling interests	(272)	(132)			(140)

- 8 -

NONCONSOLIDATED BALANCE SHEETS

				(Millions of Yen)
		Current	Previous		Increase
		First Quarter	Fiscal Year
			(Decrease)
		[Jun 30, 2020]	[Mar 31, 2020]
(ASSETS)
Current Assets:
	Cash	100,163	269,962		(169,798)
	Notes receivable and accounts receivable from	344,900	503,830		(158,929)
	completed construction contracts
	Marketable securities (*)	196,000	1,000		195,000
	Real estate for sale	0	0		(0)
	Costs on uncompleted construction contracts	79,818	73,805		6,012
	Costs on uncompleted real estate development	695	5,885		(5,190)
	projects
	Other current assets	102,221	96,479		5,742
	Less: Allowance for doubtful accounts	(596)	(713)		117
	Total current assets	823,203	950,249		(127,045)
Non-Current Assets:
Tangible fixed assets:
	Buildings and structures	122,866	123,343		(476)
	Machinery, vehicles, tools, furniture and fixtures	8,990	8,885		105
	Land	164,018	152,820		11,198
	Construction in progress	29,793	23,199		6,594
	Total tangible fixed assets
	325,669	308,248		17,420
Intangible fixed assets	8,578	6,567		2,010
Investments and other assets:
	Investment securities	341,073	327,528		13,545
	Other investments	13,387	13,910		(523)
	Less: Allowance for doubtful accounts	(2,075)	(2,075)		0
	Total investments and other assets
	352,385	339,362		13,022
	Total non-current assets	686,633	654,179		32,453
Total assets	1,509,837	1,604,429		(94,592)

1. Marketable securities includes following amounts of negotiable certificate of deposits. As of Jun 30, 2020: 196,000 million yen
   As of Mar 31, 2020: 1,000 million yen

- 9 -

				(Millions of Yen)
		Current	Previous		Increase
		First Quarter	Fiscal Year
			(Decrease)
		[Jun 30, 2020]	[Mar 31, 2020]
(LIABILITIES)
Current Liabilities:
	Notes payable and accounts payable for	218,201	269,070		(50,869)
	construction contracts
	Short-term borrowings	126,259	93,373		32,885
	Commercial papers	－	80,000		(80,000)
	Current portion of bonds payable	10,000	10,000		－
	Current portion of convertible bond-type bonds	30,008	30,016		(7)
	with subscription rights to shares
	Advances received on uncompleted	96,266	90,943		5,322
	construction contracts
	Warranty reserve	3,619	3,806		(187)
	Reserve for expected losses on	4,868	5,729		(861)
	construction contracts in process
	Reserve for directors' bonuses	－	289		(289)
	Reserve for loss on anti-monopoly act	1,820	1,820		－
	Other current liabilities	168,307	202,690		(34,382)
	Total current liabilities	659,350	787,738		(128,388)
Non-Current Liabilities:
	Bonds payable	85,000	60,000		25,000
	Long-term borrowings	53,169	53,436		(267)
	Reserve for employees' retirement benefits	44,716	44,476		240
	Other non-current liabilities	42,798	38,634		4,163
	Total non-current liabilities	225,684	196,547		29,136
Total liabilities	885,034	984,286		(99,251)
(NET ASSETS)
Shareholders' Equity:
	Common stock, no par value	74,365	74,365		－
	Additional paid-in capital	43,144	43,144		－
	Retained earnings	389,257	394,316		(5,059)
	[Contingent Reserve]	[355,600]	[295,200]		[60,400]
	Less: Treasury stock, at cost	(21,191)	(21,191)		(0)
	Total shareholders' equity	485,576	490,635		(5,059)
Valuation and Translation Adjustments:
	Net unrealized gain (loss) on other securities,	113,364	103,811		9,552
	net of taxes
	Deferred gain (loss) on hedging, net of taxes	(2)	(168)		166
	Revaluation reserve for land, net of taxes	25,864	25,864		－
	Total valuation and translation adjustments	139,226	129,507		9,719
Total net assets	624,802	620,143		4,659
Total liabilities and net assets	1,509,837	1,604,429		(94,592)
(Reference)
Interest-bearing debt	304,437	326,826	(22,388)

- 10 -

NONCONSOLIDATED STATEMENTS OF INCOME

		(Millions of Yen)
Current	Previous	Increase
First Quarter	First Quarter

• From:Apr 1, 2020 〕〔 From:Apr 1, 2019 〕 (Decrease)
  To :Jun 30, 2020 To :Jun 30, 2019

	Net Sales:
	Construction contracts			245,379			312,209	(66,830)
	Real estate development and other			18,250			17,940	309
	Total net sales			263,629			330,150	(66,520)
	Cost of Sales:
	Construction contracts			222,705			279,199	(56,493)
	Real estate development and other			13,546			11,366	2,179
	Total cost of sales			236,251			290,565	(54,314)
	Gross profit:
	Construction contracts	[9.2%]	22,673	[10.6%]	33,010	(10,336)
	Real estate development and other	[25.8%]	4,704	[36.6%]	6,573	(1,869)
	Total gross profit	10.4%	27,377	12.0%	39,584	(12,206)
	Selling, General and Administrative Expenses			15,551			16,343	(792)
	Operating income		4.5%	11,826		7.0%	23,240		(11,414)
	Non-Operating Income:
	Interest income			139			107	31
	Dividend income			5,838			6,733	(895)
	Foreign exchange gain			1,426			－	1,426
	Other non-operating income			297			200	96
	Total non-operating income			7,701			7,041	659
	Non-Operating Expenses:
	Interest expenses			407			380	26
	Foreign exchange loss			－			322	(322)
	Other non-operating expenses			304			202	102
	Total non-operating expenses			711			904	(193)
	Ordinary income		7.1%	18,815		8.9%	29,377		(10,561)
	Special Gains:
	Gain on sales of fixed assets			－			29	(29)
	Gain on sales of investment securities			105			6,901	(6,796)
	Total special gains			105			6,931	(6,826)
	Special Losses:
	Loss on sales of investment securities			1			－	1
	Loss on devaluation of investment securities			481			561	(80)
	Loss related to infectious diseases			3,898			－	3,898
	Total special losses			4,380			561	3,818
	Income before income taxes			14,540			35,747	(21,206)
	Provision for income taxes			4,316			11,335	(7,019)
	Net income		3.9%	10,224		7.4%	24,412		(14,187)
(Reference)
	Interest and dividend income			5,977			6,841		(863)
	Interest expenses			407			380		26
	Net financial revenue			5,569			6,460		(890)

- 11 -

BREAKDOWN OF ORDERS (NONCONSOLIDATED)

												(Millions of Yen)
			Current		Previous
			First Quarter		First Quarter	Increase		Current
			Result		Result			Fiscal Year
					(Decrease)			Progress
			From:Apr 1, 2020		From:Apr 1, 2019		Forecast
			〔 To :Jun 30, 2020 〕〔 To :Jun 30, 2019 〕				From:Apr 1, 2020		(%)
											〔To :Mar 31, 2021〕
				Proportion			Proportion		Rate
				(%)				(%)		(%)
Construction business (orders)
	Architectural Construction
		Domestic	127,375	71.8	143,110		84.1	(15,734)	(11.0)		840,000		15.2
		Overseas	7,537	4.3	(190)		(0.1)	7,727	－		15,000		50.3
		Sub total	134,913	76.1		142,919		84.0	(8,006)	(5.6)		855,000		15.8
	Civil Engineering
		Domestic	37,910	21.4	24,321		14.3	13,588	55.9		220,000		17.2
		Overseas	4,451	2.5	2,840		1.7	1,610	56.7		25,000		17.8
		Sub total	42,361	23.9		27,162		16.0	15,198	56.0		245,000		17.3
		Domestic	165,285	93.2	167,431		98.4	(2,145)	(1.3)		1,060,000		15.6
		Overseas	11,989	6.8	2,650		1.6	9,338	352.3		40,000		30.0
		Total	177,275	100		170,082		100	7,192	4.2		1,100,000		16.1
Real Estate and Other	7,091			4,921			2,169	44.1		70,000		10.1
		Grand Total	184,366			175,004			9,362	5.3		1,170,000		15.8
(Reference: Overseas Construction Orders)								(Millions of Yen)
			Current		Previous	Increase		Current
			First Quarter		First Quarter		Fiscal Year
				(Decrease)			Progress
			Result		Result			Forecast
									(%)
			From:Apr 1, 2020		From:Apr 1, 2019		Rate		From:Apr 1, 2020
			〔 To :Jun 30, 2020 〕〔 To :Jun 30, 2019 〕		(%)		〔To :Mar 31, 2021〕
Shimizu Corporation		11,989				2,650	9,338	352.3		40,000		30.0
Subsidiaries		3,818				6,945	(3,126)	(45.0)		35,000		10.9
		Total		15,807				9,595	6,211	64.7		75,000		21.1

- 12 -

ORDERS, SALES AND BACKLOG (NONCONSOLIDATED) for the three months ended June 30, 2019 and 2020

(1) Construction orders awarded and contracts					(Millions of Yen)
				Current			Previous		Increase
			First Quarter		First Quarter		(Decrease)
			From:Apr 1, 2020		From:Apr 1, 2019
					Rate(%)
		〔 To	:Jun 30, 2020 〕〔 To	:Jun 30, 2019 〕
Architectural Construction	Domestic		127,375			143,110		(15,734)	(11.0)
	Overseas		7,537			(190)		7,727	－
	Sub total			134,913			142,919		(8,006)	(5.6)
Civil Engineering	Domestic		37,910			24,321		13,588	55.9
	Overseas		4,451			2,840		1,610	56.7
	Sub total			42,361			27,162		15,198	56.0
Construction business (orders)			177,275			170,082		7,192	4.2
Real estate development and other (contracts)			7,091			4,921		2,169	44.1
Total				184,366			175,004		9,362	5.3
(2) Net sales									(Millions of Yen)
				Current			Previous		Increase
			First Quarter		First Quarter		(Decrease)
			From:Apr 1, 2020		From:Apr 1, 2019
					Rate(%)
		〔 To	:Jun 30, 2020 〕〔 To	:Jun 30, 2019 〕
Architectural Construction	Domestic		187,523			228,635		(41,112)	(18.0)
	Overseas		6,570			8,845		(2,274)	(25.7)
	Sub total			194,094			237,481		(43,386)	(18.3)
Civil Engineering	Domestic		45,979			68,352		(22,373)	(32.7)
	Overseas		5,304			6,374		(1,070)	(16.8)
	Sub total			51,284			74,727		(23,443)	(31.4)
Construction business				245,379			312,209		(66,830)	(21.4)
Real estate development and other			18,250			17,940		309	1.7
Total				263,629			330,150		(66,520)	(20.1)
(3) Backlog									(Millions of Yen)
				Current			Previous		Increase
			First Quarter		First Quarter		(Decrease)
			[ Jun 30, 2020 ]		[ Jun 30, 2019 ]			Rate(%)
Architectural Construction	Domestic			1,249,753			1,392,200		(142,447)	(10.2)
	Overseas			106,932			94,767		12,164	12.8
	Sub total			1,356,685			1,486,968		(130,283)	(8.8)
Civil Engineering	Domestic			345,596			384,396		(38,800)	(10.1)
	Overseas			128,234			47,061		81,172	172.5
	Sub total			473,830			431,458		42,372	9.8
Construction business				1,830,516			1,918,427		(87,910)	(4.6)
Real estate development and other			85,492			64,899		20,592	31.7
Total				1,916,008			1,983,326		(67,317)	(3.4)

- 13 -

ORDERS AND CONTRACTS FORECAST (NONCONSOLIDATED) for the fiscal year ending March 2021

(Billions of Yen)

			Current		Previous		Increase
			Fiscal Year Forecast		Fiscal Year Result		(Decrease)
			From:Apr 1, 2020		From:Apr 1, 2019
					Rate(%)
		〔 To :Mar 31, 2021 〕〔 To :Mar 31, 2020 〕
Architectural Construction	Domestic	840.0	854.6		(14.6)	(1.7)
	Overseas	15.0	53.1		(38.1)	(71.8)
	Sub total		855.0		907.7		(52.7)	(5.8)
Civil Engineering	Domestic	220.0	187.5		32.4	17.3
	Overseas	25.0	99.4		(74.4)	(74.9)
	Sub total		245.0		286.9		(41.9)	(14.6)
Construction business (orders)		1,100.0		1,194.7		(94.7)	(7.9)
Real estate development and other (contracts)		70.0		79.6		(9.6)	(12.1)
Total			1,170.0		1,274.4		(104.4)	(8.2)
(Reference: Overseas Construction Orders)						(Billions of Yen)
			Current		Previous		Increase
			Fiscal Year Forecast		Fiscal Year Result		(Decrease)
			From:Apr 1, 2020		From:Apr 1, 2019			Rate(%)
		〔 To :Mar 31, 2021 〕〔 To :Mar 31, 2020 〕
Shimizu Corporation		40.0	152.5		(112.5)	(73.8)
Subsidiaries		35.0	33.9		1.0	3.1
Total			75.0		186.5		(111.5)	(59.8)

- 14 -