Disclaimer: This financial information, a digest of Taisei Corporation's "Consolidated Financial Results for the Six Months Ended September 30, 2022" ("Kessan Tanshin") disclosed at the Tokyo Stock Exchange on November 11, 2022 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.

November 11, 2022

Consolidated Financial Results for the Six Months Ended September 30, 2022

[Japanese GAAP]

Listed company name:

Taisei Corporation

Stock exchange listings:

Tokyo Stock Exchange, 1st Section

Nagoya Stock Exchange, 1st Section

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:

November 14, 2022

Scheduled date for dividend payment:

December 2, 2022

Supplementary materials for

quarterly financial summaries:

Yes

Quarterly financial results briefing:

Yes (for analysts and institutional investors)

1. Consolidated financial results for the six months ended September 30, 2022

(From April 1, 2022 to September 30, 2022)

(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

%

%

%

%

FY2022(Second quarter-end)

718,541

14.4

22,413

(9.4)

27,728

(2.1)

18,518

(5.5)

As of September 30, 2022

FY2021(Second quarter-end)

628,135

5.7

24,751

(44.2)

28,334

(40.1)

19,593

(36.1)

As of September 30, 2021

(Note) Comprehensive income:

FY2022(Second quarter-end)

21,350 million yen

3.2%

FY2021(Second quarter-end)

20,681 million yen

△30.7%

Net income per share

Diluted net income per share

yen

yen

FY2022(Second quarter-end)

93.20

―

As of September 30, 2022

FY2021(Second quarter-end)

95.58

―

As of September 30, 2021

(2) Financial position

(Millions of yen, rounded down)

Total assets

Net assets

Equity ratio

%

As of September 30, 2022

1,833,960

859,700

46.6

As of March 31, 2022

1,956,200

872,835

44.4

(Reference) Shareholders' equity:

As of September 30, 2022

855,036 million yen

As of March 31, 2022

868,886 million yen

1

2. Dividends

Dividends per share (yen)

First quarter-end

Interim-end

Third quarter-end

Year-end

Total (Full year)

FY2021

―

65.00

―

65.00

130.00

FY2022

―

65.00

FY2022(forecast)

―

65.00

130.00

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

3. Consolidated results forecast for the fiscal year ending March 31, 2023 (FY2022)

(From April 1, 2022 to March 31, 2023)

(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

1,770,000

14.7

97,000

1.0

100,000

(3.1)

67,000

(6.2)

343.33

(Note) Revisions of consolidated forecasts most recently announced: Yes

*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.:

Yes

(ii)

Changes due to accounting principles other than (i):

None

(iii)

Changes in accounting estimates:

None

(iv)

Restatements:

None

(4) Number of shares outstanding (common stock)

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

As of September 30, 2022

200,803,372 shares

As of March 31, 2022

200,803,372 shares

ii. Number of treasury stock at the end of period

As of September 30, 2022

5,681,367 shares

As of March 31, 2022

404,114 shares

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

FY2022 (Second quarter end)

198,693,123 shares

FY2021 (Second quarter end)

204,992,669 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 September 30, 2022 104,300 shares, As of March 31, 2022 104,300 shares, As of September 30, 2021 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 may be materially different from expectations due to a variety of factors.

2

Overview of Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2023

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

First half

Full fiscal year

Previous fiscal year

Current fiscal year

Previous fiscal year

Current fiscal year

(From April 1, 2021

(From April 1, 2022 to

(From April 1, 2021

to September 30,

(From April 1, 2022 to March 31, 2023)

September 30, 2022)

to March 31, 2022)

2021)

Result

Result

Result

Initial

Revised

Over previous

Over previous

Over initial

forecast

forecast

fiscal year

fiscal year

forecast

Amount of orders received

6,089

9,453

3,364

15,897

18,000

18,000

2,103

-

Civil engineering

1,812

3,034

1,222

4,472

5,100

5,100

628

-

Building construction

3,807

5,744

1,937

10,177

11,700

11,700

1,523

-

Real estate development

428

632

204

1,140

1,100

1,100

(40)

-

Other

42

43

1

108

100

100

(8)

-

Net sales

6,281

7,185

904

15,432

18,000

17,700

2,268

(300)

Civil engineering

1,738

1,741

3

4,146

4,600

4,600

454

-

Building construction

3,893

4,772

879

9,849

12,200

11,900

2,051

(300)

Real estate development

608

629

21

1,329

1,100

1,100

(229)

-

Other

42

43

1

108

100

100

(8)

-

Gross Profit

%

10.7

9.1

(1.6)

12.2

10.8

11.0

(1.2)

0.2

670

656

(14)

1,877

1,940

1,940

63

-

Civil engineering

%

12.5

12.1

(0.4)

17.2

16.1

16.1

(1.1)

-

217

210

(7)

714

740

740

26

-

Building construction

%

8.9

6.4

(2.5)

9.1

8.0

7.9

(1.2)

(0.1)

347

307

(40)

898

970

940

42

(30)

Real estate development

%

15.4

19.8

4.4

18.0

18.6

21.4

3.4

2.8

125

235

93

32

239

205

(4)

30

Other

%

29.7

33.3

3.6

24.1

25.0

25.0

0.9

-

13

14

1

26

25

25

(1)

-

SG&A expenses

%

(6.8)

(6.0)

0.8

(6.0)

(5.4)

(5.5)

0.5

(0.1)

(422)

(432)

(10)

(916)

(970)

(970)

(54)

-

Operating income

%

3.9

3.1

(0.8)

6.2

5.4

5.5

(0.7)

0.1

248

224

(24)

961

970

970

9

-

Non-operating income

41

59

18

84

60

60

(24)

-

Non-operating expenses

(6)

(6)

(0)

(13)

(30)

(30)

(17)

-

(Net financial revenue)

21

27

6

55

32

30

(25)

(2)

Ordinary income

%

4.5

3.9

(0.6)

6.7

5.6

5.6

(1.1)

-

283

277

(6)

1,032

1,000

1,000

(32)

-

Extraordinary income

6

5

(1)

18

-

10

(8)

10

Extraordinary loss

(1)

(6)

(5)

(15)

(10)

(20)

(5)

(10)

Income before income

%

4.6

3.8

(0.8)

6.7

5.5

5.6

(1.1)

0.1

taxes and minority

288

276

(12)

1,035

990

990

(45)

-

interests

Income taxes and others

(91)

(90)

1

(319)

(320)

(320)

(1)

-

Net income

%

3.1

2.6

(0.5)

4.6

3.7

3.8

(0.8)

0.1

197

186

(11)

716

670

670

(46)

-

Net income (loss) attributable

(1)

(1)

0

(2)

-

-

2

-

to non-controlling interests

Net income attributable to

%

3.1

2.6

(0.5)

4.6

3.7

3.8

(0.8)

0.1

owners of parent

196

185

(11)

714

670

670

(44)

-

* "Initial forecasts" refer to the earnings forecasts outlined on August 5, 2022.

3

Overview of Non-consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2023

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

First half

Full fiscal year

Previous fiscal year

Current fiscal year

Previous fiscal year

Current fiscal year

(From April 1, 2021

(From April 1, 2022 to

(From April 1, 2021

to September 30,

(From April 1, 2022 to March 31, 2023)

September 30, 2022)

to March 31, 2022)

2021)

Initial

Result

Result

Over previous

Result

Revised

Over previous

Over initial

forecast

fiscal year

forecast

fiscal year

forecast

Amount of orders received

4,654

7,685

3,031

12,588

14,300

14,300

1,712

-

Civil engineering

1,085

2,337

1,252

3,076

3,500

3,500

424

-

Domestic

1,013

1,713

700

2,936

3,100

3,100

164

-

Overseas

72

624

552

140

400

400

260

-

Building construction

3,491

5,277

1,786

9,264

10,600

10,600

1,336

-

Domestic

3,338

5,120

1,782

8,972

10,000

10,000

1,028

-

Overseas

153

157

4

292

600

600

308

-

Total

4,576

7,614

3,038

12,340

14,100

14,100

1,760

-

Real estate development

48

43

(5)

165

120

120

(45)

-

Other

30

28

(2)

83

80

80

(3)

-

Net sales

4,955

5,729

774

12,193

14,500

14,200

2,007

(300)

Civil engineering

1,189

1,201

12

2,787

3,100

3,100

313

-

Domestic

1,124

1,144

20

2,661

2,950

2,970

309

20

Overseas

65

57

(8)

126

150

130

4

(20)

Building construction

3,504

4,446

942

8,973

11,200

10,900

1,927

(300)

Domestic

3,359

4,113

754

8,506

10,350

10,250

1,744

(100)

Overseas

145

333

188

467

850

650

183

(200)

Total

4,693

5,647

954

11,760

14,300

14,000

2,240

(300)

Real estate development

232

54

(178)

350

120

120

(230)

-

Other

30

28

(2)

83

80

80

(3)

-

Gross Profit

%

10.0

8.1

(1.9)

11.5

10.2

10.4

(1.1)

0.2

496

465

(31)

1,401

1,480

1,470

69

(10)

Civil engineering

%

14.1

14.5

0.4

20.2

18.1

18.1

(2.1)

-

168

174

6

563

560

560

(3)

-

Building construction

%

8.3

5.9

(2.4)

8.5

7.4

7.3

(1.2)

(0.1)

291

263

(28)

761

830

800

39

(30)

Total

%

9.8

7.7

(2.1)

11.3

9.7

9.7

(1.6)

-

459

437

(22)

1,324

1,390

1,360

36

(30)

Real estate development %

11.8

36.1

24.3

16.1

58.3

75.0

58.9

16.7

19

90

27

(8)

56

70

34

20

Other

%

31.6

31.3

(0.3)

24.9

25.0

25.0

0.1

-

10

9

(1)

21

20

20

(1)

-

SG&A expenses

%

(5.9)

(5.2)

0.7

(5.3)

(4.8)

(4.9)

0.4

(0.1)

(293)

(301)

(8)

(648)

(690)

(690)

(42)

-

Operating income

%

4.1

2.9

(1.2)

6.2

5.4

5.5

(0.7)

0.1

203

164

(39)

753

790

780

27

(10)

Non-operating income

36

66

30

76

50

70

(6)

20

Non-operating expenses

(4)

(5)

(1)

(10)

(20)

(30)

(20)

(10)

(Net financial revenue)

27

43

16

61

37

54

(7)

17

Ordinary income

%

4.7

3.9

(0.8)

6.7

5.7

5.8

(0.9)

0.1

235

225

(10)

819

820

820

1

-

Extraordinary income

5

4

(1)

20

-

10

(10)

10

Extraordinary loss

(2)

(7)

(5)

(12)

(10)

(20)

(8)

(10)

Income before income

%

4.8

3.9

(0.9)

6.8

5.6

5.7

(1.1)

0.1

taxes

238

222

(16)

827

810

810

(17)

-

Income taxes and others

(73)

(67)

6

(250)

(250)

(250)

(0)

-

Net income

%

3.3

2.7

(0.6)

4.7

3.9

3.9

(0.8)

-

165

155

(10)

577

560

560

(17)

-

  • "Initial forecasts" refer to the earnings forecasts outlined on August 5, 2022.
    4

Quarterly consolidated financial statements

(1) Quarterly consolidated balance sheet

(Millions of yen)

As of March 31, 2022

As of September 30, 2022

Assets

Current assets

Cash and deposits

499,113

322,871

Notes receivable, accounts receivable from completed

575,600

609,598

construction contracts and other

Costs on construction contracts in progress

47,443

80,554

Real estate for sale and development projects in progress

117,831

115,735

Other inventories

3,389

4,975

Other

53,079

35,027

Allowance for doubtful accounts

(100)

(150)

Total current assets

1,296,356

1,168,612

Non-current assets

Property, plant and equipment

207,435

208,151

Intangible assets

16,016

16,896

Investments and other assets

Investment securities

380,271

384,879

Retirement benefit asset

23,230

22,872

Other

34,759

34,662

Allowance for doubtful accounts

(1,869)

(2,116)

Total investments and other assets

436,391

440,299

Total non-current assets

659,844

665,347

Total assets

1,956,200

1,833,960

5

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Taisei Corporation published this content on 11 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2022 05:11:08 UTC.