Okumura : Brief Financial Report for the Fiscal Year Ended March 31,2023 NEW!

May 12, 2023 at 06:37 am EDT

Consolidated Financial Statements

(For the fiscal year ended March 31, 2023)

Consolidated Balance Sheets

		(Millions of Yen)
	FY2022	FY2023
	As of March 31, 2022	As of March 31, 2023
Assets
Current assets：
Cash and deposits	33,156	40,244
Notes receivable, accounts receivable from completed
construction contracts and other	142,296	132,454
Securities	―	10,000
Real estate for sale	1,081	959
Costs on construction contracts in progress	2,612	3,180
Costs on real estate investment, development business and
other	982	796
Work in process	696	1,230
Raw materials and supplies	92	744
Other	11,248	9,386
Allowance for doubtful accounts	(152)	(142)
Total current assets	192,014	198,855
Non-current assets：
Property, plant and equipment：
Buildings and structures, net	15,272	22,839
Machinery, vehicles, tools, furniture and fixtures, net	1,193	19,558
Land	34,666	34,667
Leased assets, net	2	6
Construction in progress	22,240	49
Total property, plant and equipment	73,376	77,122
Intangible assets：
Goodwill	408	378
Other	724	1,304
Total intangible assets	1,132	1,683
Investments and other assets：
Investment securities	56,629	54,913
Long-term loans receivable	116	103
Retirement benefit asset	5,076	4,435
Deferred tax assets	3	3
Other	5,954	8,555
Allowance for doubtful accounts	(1,956)	(1,943)
Total investments and other assets	65,825	66,067
Total non-current assets	140,334	144,872
Total assets	332,348	343,727

- 1 -

		(Millions of Yen)
	FY2022	FY2023
	As of March 31, 2022	As of March 31, 2023
Liabilities
Current liabilities：
Notes payable, accounts payable for construction contracts
and other	51,328	50,268
Short-term borrowings	9,480	10,708
Lease liabilities	0	1
Income taxes payable	1,656	3,050
Advances received on construction contracts in progress	11,536	12,594
Deposits received	25,610	20,061
Provision for warranties for completed construction	540	504
Provision for bonuses	3,771	3,462
Provision for bonuses for directors (and other officers)	43	37
Provision for loss on construction contracts	973	1,566
Asset retirement obligations	83	83
Suspense receipt of consumption taxes	18,050	17,938
Other	3,735	8,769
Total current liabilities	126,810	129,048
Non-current liabilities：
Long-term borrowings	5,112	3,110
Non-recourse borrowings	21,062	26,003
Lease liabilities	1	5
Deferred tax liabilities	11,658	11,998
Asset retirement obligations	90	300
Other	186	46
Total non-current liabilities	38,112	41,463
Total liabilities	164,923	170,511
Net assets
Shareholders' equity：
Share capital	19,838	19,838
Capital surplus	26,240	26,240
Retained earnings	101,710	103,827
Treasury shares	(8,061)	(5,185)
Total shareholders' equity	139,727	144,720
Accumulated other comprehensive income：
Valuation difference on available-for-sale securities	24,665	24,801
Deferred gains or losses on hedges	1,099	1,829
Remeasurements of defined benefit plans	1,465	662
Total accumulated other comprehensive income	27,229	27,293
Non-controlling interests	467	1,201
Total net assets	167,425	173,215
Total liabilities and net assets	332,348	343,727

- 2 -

Consolidated Statements of Income

		(Millions of Yen)
	FY2022	FY2023
	April 1, 2021 through	April 1, 2022 through
	March 31, 2022	March 31, 2023
Net sales：
Net sales of completed construction contracts	229,906	236,649
Net sales of real estate investment, development business and
other	12,552	12,793
Total net sales	242,458	249,442
Cost of sales：
Cost of sales of completed construction contracts	202,378	208,900
Cost of real estate investment, development business and
other	8,242	8,541
Total cost of sales	210,620	217,441
Gross profit：
Gross profit on completed construction contracts	27,528	27,748
Gross profit on real estate investment, development business and
other	4,309	4,252
Total gross profit	31,837	32,001
Selling, general and administrative expenses	19,190	20,153
Operating profit	12,647	11,847
Non-operating income：
Interest income	43	28
Dividend income	1,196	1,161
Other	568	482
Total non-operating income	1,808	1,672
Non-operating expenses：
Interest expenses	393	550
Other	50	60
Total non-operating expenses	443	611
Ordinary profit	14,012	12,908
Extraordinary income：
Gain on sale of investment securities	3,200	3,056
Other	0	18
Total extraordinary income	3,201	3,074
Extraordinary losses：
Loss on retirement of non-current assets	5	595
Other	6	51
Total extraordinary losses	11	647
Profit before income taxes	17,202	15,335
Income taxes - current	4,224	4,693
Income taxes - deferred	963	99
Total income taxes	5,188	4,792
Profit	12,013	10,542
Loss attributable to non-controlling interests	(528)	(718)
Profit attributable to owners of parent	12,541	11,261

- 3 -

Consolidated Statements of Comprehensive Income

		(Millions of Yen)
	FY2022	FY2023
	April 1, 2021 through	April 1, 2022 through
	March 31, 2022	March 31, 2023
Profit	12,013	10,542
Other comprehensive income：
Valuation difference on available-for-sale securities	(6,291)	135
Deferred gains or losses on hedges	3,148	1,461
Remeasurements of defined benefit plans, net of tax	(287)	(802)
Total other comprehensive income	(3,430)	794
Comprehensive income	8,582	11,337
Comprehensive income attributable to：
Comprehensive income attributable to owners of parent	7,536	11,325
Comprehensive income attributable to non-controlling interests	1,046	11

- 4 -

Consolidated Statements of Cash Flows

		(Millions of Yen)
	FY2022	FY2023
	April 1, 2021 through	April 1, 2022 through
	March 31, 2022	March 31, 2023
Cash flows from operating activities：
Profit before income taxes	17,202	15,335
Depreciation	1,803	2,301
Amortization of goodwill	29	29
Loss on retirement of non-current assets	5	595
Increase (decrease) in allowance for doubtful accounts	(13)	(21)
Decrease (increase) in retirement benefit asset	(517)	(515)
Increase (decrease) in provision for warranties for
completed construction	77	(35)
Increase (decrease) in provision for bonuses	469	(308)
Increase (decrease) in provision for bonuses for directors
(and other officers)	(8)	(5)
Increase (decrease) in provision for loss on construction
contracts	110	592
Interest and dividend income	(1,240)	(1,189)
Interest expenses	393	550
Loss (gain) on sale of short-term and long-term
investment securities	(3,200)	(3,023)
Decrease (increase) in trade receivables	1,125	9,841
Decrease (increase) in costs on construction contracts in
progress	2,261	(568)
Decrease (increase) in other inventories	2,215	(878)
Increase (decrease) in trade payables	4,932	3,094
Increase (decrease) in advances received on construction
contracts in progress	(4,176)	1,057
Increase (decrease) in deposits received	1,048	(5,548)
Other, net	1,804	(830)
Subtotal	24,322	20,474
Interest and dividends received	1,239	1,189
Interest paid	(278)	(375)
Income taxes refund (paid)	(6,994)	(3,387)
Net cash provided by (used in) operating activities	18,289	17,900

- 5 -

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Okumura Corporation published this content on 12 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2023 10:36:14 UTC.

	1st Jan change	Capi.
OKUMURA CORPORATION	+5.76%	1.17B
VINCI	+2.68%	70.75B
LARSEN & TOUBRO LIMITED	-7.25%	53.96B
QUANTA SERVICES, INC.	+25.19%	39.55B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	+12.47%	31.18B
FERROVIAL SE	+5.57%	27.96B
CHINA RAILWAY GROUP LIMITED	+16.37%	20.94B
WSP GLOBAL INC.	+16.09%	19.65B
EMCOR GROUP, INC.	+77.45%	17.97B
CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED	+32.47%	17.38B

1st Jan change

Capi.

OKUMURA CORPORATION

+5.76%

1.17B

VINCI

+2.68%

70.75B

LARSEN & TOUBRO LIMITED

-7.25%

53.96B

QUANTA SERVICES, INC.

+25.19%

39.55B

CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED

+12.47%

31.18B

FERROVIAL SE

+5.57%

27.96B

CHINA RAILWAY GROUP LIMITED

+16.37%

20.94B

WSP GLOBAL INC.

+16.09%

19.65B

EMCOR GROUP, INC.

+77.45%

17.97B

CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED

+32.47%

17.38B

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
4,955 ^JPY	+0.20%		+1.23%	+5.76%

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Feb. 05	JGB yields track U.S. Treasury peers higher as Fed rate cut bets recede	RE

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Japan's 10-year bond yield jumps ahead of auctions	Dec. 01	RE
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JGB yields rise to multi-week highs as pay growth soars	23-07-07	RE
Okumura Corporation Reports Earnings Results for the Full Year Ended March 31, 2023	23-05-12	CI
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JGB yields fall after well-received 30-year note auction	22-11-10	RE

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