Disclaimer: This financial information, a digest of Taisei Corporation's "Consolidated Financial Results for the Three Months ended June 30, 2023" ("Kessan Tanshin") disclosed at the Tokyo Stock Exchange on August 7, 2023 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 7, 2023

Consolidated Financial Results for the Three Months Ended June 30, 2023

[Japanese GAAP]

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 submission

of quarterly report:

August 8, 2023

Scheduled date for dividend payment:

―

Supplementary materials for

quarterly financial summaries:

Yes

Quarterly financial results briefing:

Yes (for analysts and institutional investors)

1. Consolidated financial results for the Three Months ended June 30, 2023

(From April 1, 2023 to June 30, 2023)

(1) Operating results (cumulative total)

(Millions of yen, rounded down)

(Percentages indicate changes from the same period in the previous fiscal year.)

Net sales

Operating income

Ordinary income

Net income attributable

to owners of parent

FY2023(First quarter-end)As of June 30, 2023 FY2022(First quarter-end)As of June 30, 2022

%

%

%

%

328,914

(0.2)

(8,040)

-

(4,427)

-

(2,278)

-

329,537

16.3

6,080

79.5

9,630

63.8

6,387

47.1

(Note) Comprehensive income:

FY2023(First quarter-end)

23,468 million yen

279.9 %

FY2022(First quarter-end)

6,178 million yen

― %

Net income per share

Diluted net income per share

yen

yen

FY2023(First quarter-end)

(12.10)

―

As of June 30, 2023

FY2022(First quarter-end)

31.91

―

As of June 30, 2022

(2) Financial position

(Millions of yen, rounded down)

Total assets

Net assets

Equity ratio

%

As of June 30, 2023

1,952,870

841,849

42.9

As of March 31, 2023

2,016,717

833,944

41.1

(Reference) Shareholders' equity:

As of June 30, 2023

836,993 million yen

As of March 31, 2023

829,187 million yen

1

2. Dividends

Dividends per share (yen)

First

Interim-end

Third

Year-end

Total (Full year)

quarter-end

quarter-end

FY2022

―

65.00

―

65.00

130.00

FY2023

―

FY2023 (forecast)

65.00

―

65.00

130.00

(Note) Revisions of projected dividends most recently announced: None

3. Consolidated results forecast for the fiscal year ending March 31, 2024 (FY2023)

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

(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

Net income

to owners of parent

per share

%

%

%

%

yen

Full fiscal year

1,760,000

7.1

64,000

16.9

67,000

6.1

45,000

(4.5)

241.03

(Note) Revisions of consolidated forecasts most recently announced: None

*Notes

  1. Changes in principal subsidiaries during the quarter under review
    (Changes in specified subsidiaries accompanying changes in scope of consolidation): None
  2. Adoption of specific accounting methods for the preparation of quarterly consolidated financial statements: Yes
  3. Changes in accounting principles, changes in accounting estimates and restatements

(i)

Changes in accounting principles due to revisions to accounting standards, etc.:

None

(ii)

Changes due to accounting principles other than (i):

None

(iii)

Changes in accounting estimates:

None

(iv)

Restatements:

None

  1. Number of shares outstanding (common stock)
    1. Number of shares outstanding at the end of period (including treasury stock)

As of June 30, 2023

188,771,572 shares

As of March 31, 2023

188,771,572 shares

ii. Number of treasury stock at the end of period

As of June 30, 2023

1,112,072 shares

As of March 31, 2023

405,934 shares

iii. Average number of shares during the period (quarterly cumulative total)

FY2023 (First quarter-end)

188,273,650 shares

FY2022 (First quarter-end)

200,142,467 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, 2023 103,800 shares, As of March 31, 2023 104,300 shares, As of June 30, 2022 104,300 shares)

  • This Financial statement is exempt from auditing procedures.
  • Disclaimer regarding appropriate use of forecasts and related points of note

Earnings forecasts in this document are based on information available at present and logical assessments and do not represent any promise by the Company. Actual results can be materially different from expectations due to a variety of factors.

2

Overview of Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2024

(Unit: 100 million yen; amounts less than 100 million yen are rounded to the nearest 100 million yen (partially adjusted for fractions))

The first quarter

Full fiscal year

Previous fiscal year

Current fiscal year

Previous fiscal year

Current fiscal year

(From Apr. 1, 2022 to

(From Apr. 1, 2023

(From Apr. 1, 2022 to

(From Apr. 1, 2023

Jun. 30, 2022)

to Jun. 30, 2023)

Mar. 31, 2023)

to Mar. 31, 2024)

Result

Result

Result

Forecast

Over previous

Over previous

fiscal year

fiscal year

Amount of orders received

4,256

2,980

(1,276)

18,104

17,800

(304)

Civil engineering

1,292

1,112

(180)

5,315

4,800

(515)

Building construction

2,632

1,634

(998)

11,525

11,700

175

Real estate development

313

207

(106)

1,149

1,200

51

Other

19

27

8

115

100

(15)

Net sales

3,295

3,289

(6)

16,427

17,600

1,173

Civil engineering

846

940

94

4,232

4,800

568

Building construction

2,122

2,126

4

10,927

11,500

573

Real estate development

308

196

(112)

1,153

1,200

47

Other

19

27

8

115

100

(15)

Gross profit

%

8.3

4.5

(3.8)

9.0

9.4

0.4

274

147

(127)

1,478

1,660

182

%

12.5

15.2

2.7

17.2

16.7

(0.5)

Civil engineering

106

143

37

727

800

73

%

5.0

(2.0)

(7.0)

4.4

4.9

0.5

Building construction

106

(43)

(149)

486

565

79

%

18.1

20.6

2.5

20.5

22.5

2.0

Real estate development

55

40

(15)

236

270

34

%

35.5

26.0

(9.5)

24.9

25.0

0.1

Other

7

7

0

29

25

(4)

%

(6.5)

(6.9)

(0.4)

(5.7)

(5.8)

(0.1)

SG&A expenses

(213)

(227)

(14)

(931)

(1,020)

(89)

Operating income

%

1.8

(2.4)

(4.2)

3.3

3.6

0.3

61

(80)

(141)

547

640

93

Non-operating income (expenses)

35

36

1

84

30

(54)

(Net financial revenue)

18

20

2

50

36

(14)

Ordinary income

%

2.9

(1.3)

(4.2)

3.8

3.8

-

96

(44)

(140)

631

670

39

Extraordinary income (loss)

(2)

13

15

50

(10)

(60)

Income before income taxes

%

2.9

(0.9)

(3.8)

4.1

3.8

(0.3)

and minority interests

94

(31)

(125)

681

660

(21)

Income taxes and others

(30)

9

39

(207)

(210)

(3)

Net income

%

1.9

(0.7)

(2.6)

2.9

2.6

(0.3)

64

(22)

(86)

474

450

(24)

Net income (loss) attributable to

(0)

(1)

(1)

(3)

-

3

non-controlling interests

Net income attributable to

%

1.9

(0.7)

(2.6)

2.9

2.6

(0.3)

owners of parent

64

(23)

(87)

450

471

(21)

* Forecasts for the current fiscal year under review are the figures released on May 12, 2023.

3

Overview of Non-consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2024

(Unit: 100 million yen; amounts less than 100 million yen are rounded to the nearest 100 million yen (partially adjusted for fractions))

The first quarter

Full fiscal year

Previous fiscal year

Current fiscal year

Previous fiscal year

Current fiscal year

(From Apr. 1, 2022 to

(From Apr. 1, 2023

(From Apr. 1, 2022 to

(From Apr. 1, 2023

Jun. 30, 2022)

to Jun. 30, 2023)

Mar. 31, 2023)

to Mar. 31, 2024)

Result

Result

Result

Forecast

Over previous

Over previous

fiscal year

fiscal year

Amount of orders received

3,297

2,231

(1,066)

14,725

14,200

(525)

Civil engineering

865

740

(125)

3,956

3,300

(656)

Domestic

816

677

(139)

3,528

3,100

(428)

Overseas

49

63

14

428

200

(228)

Building construction

2,398

1,452

(946)

10,514

10,600

86

Domestic

2,282

1,117

(1,165)

10,847

10,000

(847)

Overseas

116

335

219

(333)

600

933

Total

3,263

2,192

(1,071)

14,470

13,900

(570)

Real estate development

21

27

6

168

230

62

Other

13

12

(1)

87

70

(17)

Net sales

2,618

2,679

61

13,256

14,200

944

Civil engineering

597

700

103

2,939

3,400

461

Domestic

564

650

86

2,824

3,200

376

Overseas

33

50

17

115

200

85

Building construction

1,987

1,943

(44)

10,050

10,500

450

Domestic

1,829

1,857

28

9,500

10,200

700

Overseas

158

86

(72)

550

300

(250)

Total

2,584

2,643

59

12,989

13,900

911

Real estate development

21

24

3

180

230

50

Other

13

12

(1)

87

70

(17)

Gross profit

%

7.7

3.1

(4.6)

8.1

8.2

0.1

201

84

(117)

1,077

1,170

93

%

16.3

18.2

1.9

20.4

18.5

(1.9)

Civil engineering

97

127

30

601

630

29

%

4.5

(3.0)

(7.5)

3.6

3.9

0.3

Building construction

90

(57)

(147)

358

410

52

%

7.2

2.6

(4.6)

7.4

7.5

0.1

Total

187

70

(117)

959

1,040

81

%

42.7

42.9

0.2

53.9

47.8

(6.1)

Real estate development

9

10

1

97

110

13

%

34.9

35.8

0.9

23.7

28.6

4.9

Other

5

4

(1)

21

20

(1)

%

(5.6)

(6.1)

(0.5)

(5.0)

(5.1)

(0.1)

SG&A expenses

(147)

(163)

(16)

(660)

(730)

(70)

Operating income

%

2.1

(3.0)

(5.1)

3.1

3.1

-

54

(79)

(133)

417

440

23

Non-operating income (expenses)

30

32

2

80

30

(50)

(Net financial revenue)

18

20

2

71

37

(34)

Ordinary income

%

3.2

(1.7)

(4.9)

3.7

3.3

(0.4)

84

(47)

(131)

497

470

(27)

Extraordinary income (loss)

(3)

10

13

10

(10)

(20)

Income before income taxes

%

3.1

(1.4)

(4.5)

3.8

3.2

(0.6)

81

(37)

(118)

507

460

(47)

Income taxes and others

(25)

12

37

(137)

(140)

(3)

Net income

%

2.2

(0.9)

(3.1)

2.8

2.3

(0.5)

56

(25)

(81)

370

320

(50)

* Forecasts for the current fiscal year under review are the figures released on May 12, 2023.

4

Quarterly consolidated financial statements

(1) Quarterly consolidated balance sheet

(Millions of yen)

As of March 31, 2023

As of June 30, 2023

Assets

Current assets

Cash and deposits

415,950

359,216

Notes receivable, accounts receivable from completed

688,768

599,415

construction contracts and other

Costs on construction contracts in progress

67,658

87,890

Real estate for sale and development projects in progress

131,439

144,993

Other inventories

4,003

4,546

Other

45,847

48,084

Allowance for doubtful accounts

(182)

(110)

Total current assets

1,353,485

1,244,035

Non-current assets

Property, plant and equipment

213,349

214,217

Intangible assets

17,581

18,132

Investments and other assets

Investment securities

386,906

433,621

Retirement benefit asset

10,875

10,814

Other

36,489

34,145

Allowance for doubtful accounts

(1,969)

(2,096)

Total investments and other assets

432,300

476,485

Total non-current assets

663,232

708,835

Total assets

2,016,717

1,952,870

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Taisei Corporation published this content on 07 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2023 05:25:09 UTC.