Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results

for the Three Months Ended June 30, 2023

[Japanese GAAP]

August 10, 2023

Company name: TODA CORPORATION

Stock exchange listing: Tokyo

Code number:

1860

URL: https://www.toda.co.jp/

Representative:

Seisuke Otani

President and Representative Director

Contact:

Kaname Miwa

Corporate Officer

General Manager,Financial&IR Div.

Phone: +81-3-3535-1357

Scheduled date of filing quarterly securities report: August 10, 2023

Scheduled date of commencing dividend payments: －

Availability of supplementary briefing material on quarterly financial results: No

Schedule of quarterly financial results briefing session: No

(Amounts of less than one million yen are rounded down.)

1. Consolidated Financial Results for the Three Months Ended June 30, 2023 (April 1, 2023 to June 30, 2023)

(1) Consolidated Operating Results

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Three months ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

June 30, 2023

114,391

(0.5)

2,123

(37.7)

4,610

(23.7)

1,921

(47.8)

June 30, 2022

114,949

1.2

3,409

(6.2)

6,043

14.8

3,680

5.2

(Note) Comprehensive income:

Three months ended June 30, 2023:

¥14,065million

[

94.8%]

Three months ended June 30, 2022:

¥7,218million

[328.7%]

Basic earnings

Diluted earnings per

per share

share

Three months ended

Yen

Yen

June 30, 2023

6.20

-

June 30, 2022

11.94

-

(2) Consolidated Financial Position

Total assets

Net assets

Capital adequacy ratio

As of

Millions of yen

Millions of yen

%

June 30, 2023

746,093

333,114

43.8

March 31, 2023

815,556

323,261

38.9

(Reference) Equity: As of

June 30, 2023:

¥326,778million

As of

March 31, 2023:

¥317,254million

2. Dividends

Annual dividends

1st

2nd

3rd

Year-end

Total

quarter-end

quarter-end

quarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-

13.50

-

13.50

27.00

Fiscal year ending March 31, 2024

-

Fiscal year ending March 31, 2024

14.00

-

14.00

28.00

(Forecast)

(Note) Revision to the forecast for dividends announced most recently:

No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024)

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable

Basic earnings per

to owners of parent

share

Millions of

Millions of

Millions of

Millions of

yen

%

yen

%

yen

%

yen

%

Yen

Full year

540,000

(1.3)

16,000

13.2

19,500

2.4

19,500

77.3

62.92

(Note) Revision to the financial results forecast announced most recently:

No

* Notes:

(1) Changes in significant subsidiaries during the three months ended June 30, 2023

(changes in specified subsidiaries resulting in changes in scope of consolidation):

Yes

New

－ (Company name: )

Exclusion:

1 (Company name: Construtora Toda do Brasil S/A

)

(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

Yes

  1. Changes in accounting policies, changes in accounting estimates and retrospective restatement
    1. Changes in accounting policies due to the revision of accounting standards: No
    2. Changes in accounting policies other than 1) above: No
    3. Changes in accounting estimates: No
    4. Retrospective restatement: No
  3. Total number of issued shares (common shares)
    1. Total number of issued shares at the end of the period (including treasury shares):

June 30, 2023:

322,656,796

shares

March 31, 2023:

322,656,796

shares

2) Number of treasury shares at the end of the period:

June 30, 2023:

12,730,752

shares

March 31, 2023:

12,730,496

shares

  1. Average number of shares outstanding during the period: Three months ended June 30, 2023: 309,926,207 shares Three months ended June 30, 2022: 308,216,292 shares

*Notes:

These statements include Toda Corporation's forecasts based on information currently available as of the announcement date,

which are subject to a number of risks and uncertainties. Therefore, the actual results of developments may differ from those presented in these forward-looking statements due to the changes in various factors.

Consolidated Financial Results

for the First Quarter

Ended June 30, 2023

TODA CORPORATION (1860)

Consolidated Financial Results for the First Quarter Ended June 30, 2023

Table of Contents of Attachments

1.Qualitative Information on Financial Results for the Three Months Ended June 30, 2023

2

(1)

Overview of Operating Results for the Three Months Ended June 30, 2023

2

(2)

Explanation of Financial Condition

3

(3)

Explanation of Consolidated Financial Forecasts and Other Forward-Looking Statements

3

2.Quarterly Consolidated Financial Statements and Notes

4

(1) Quarterly Consolidated Balance Sheets

4

(2) Consolidated Statements of Income and Comprehensive Income

6

(3) Notes to Quarterly Consolidated Financial Statements

8

Notes on Matters Related to Going Concern Assumption

8

Notes in the Event of Significant Changes in Shareholders' Equity

8

Accounting Methods Specific to the Preparation of the Quarterly Consolidated Financial Statements 8

Segment Information, etc

8

Significant Subsequent Events

10

3.(Reference) Non-consolidatedFinancial Statements

11

(1) (Reference) Non-consolidated Balance Sheets

11

(2) (Reference) Non-consolidated Statements of Income

13

4.Supplementary Information

14

(1)

Summary of Consolidated Results and Forecasts

14

(2)

Summary of Non-consolidatedResults and Forecasts

15

(3)

Orders Received, Net Sales and Balance Brought Forward (Non-consolidated)

16

1

TODA CORPORATION (1860)

Consolidated Financial Results for the First Quarter Ended June 30, 2023

1. Qualitative Information on Financial Results for the Three Months Ended June 30, 2023

(1) Overview of Operating Results for the Three Months Ended June 30, 2023

In the first quarter of the current consolidated fiscal year, the domestic economy showed a gradual recovery, supported by an improved employment and income situation.

In the construction industry, orders for both public-sector and private-sector construction increased and exceeded those of the same period of the previous year. Meanwhile, construction material prices are leveling off, but there are concerns about rising construction costs due to tight labor supply and demand.

In May 2022, the Group announced the "Medium-Term Management Plan 2024 Rolling Plan" to promote the evolution of value provided to customers in the core businesses of architectural construction, civil engineering, and strategy. In addition, the Company has identified the construction of new TODA BUILDING, overseas business, and renewable energy business such as floating offshore wind power generation as key management priorities. During the first quarter of the current consolidated fiscal year, the Company continued to invest in growth under the active involvement of top management in order to achieve medium- to long-term growth. To achieve ROE (return on equity) target of 8% in the medium- to long-term while promoting growth investments, the Company has also worked to strengthen its investment process by applying IRR (internal rate of return), cost of capital, and other indicators to manage post-investment profitability.

Under these circumstances, the Group's performance for the first quarter of the consolidated fiscal year under review was as follows:

Consolidated net sales decreased 0.5% y-o-y to ¥114.3 billion, mainly due to lower sales in the Civil Engineering Business and the Domestic Investment and Development Business, despite higher sales in the Overseas Group Companies Business as a result of the consolidation of PT Tatamulia Nusantara Indah and its seven subsidiaries in the previous fiscal year.

Regarding operating income (loss), the consolidated subsidiaries mentioned above contributed to an increase in gross profit from the Overseas Group Companies Business. However, gross profit from the Architectural Construction Business and the Civil Engineering Business decreased, resulting in gross profit of ¥12.2 billion, down 6.2% y-o-y. Selling, general and administrative (SG&A) expenses increased 4.9% y-o-y to ¥10.1 billion, resulting in operating income of ¥2.1 billion, down 37.7% y-o-y.

Although dividends received on investment securities held by the Company and other income were recorded as non-operating income, ordinary income was ¥4.6 billion, down 23.7% y-o-y.

Net income attributable to owners of the parent was ¥1.9 billion, down 47.8% y-o-y, due to extraordinary gains, including a gain on sales of investment securities, offset by extraordinary losses, including a loss on sales of stocks of subsidiaries and affiliates.

The results for each segment are as follows. Segment results are presented including intersegment sales and transfers.

The Group has changed its reporting segments from the first quarter of the current fiscal year, and comparisons and analysis with the same quarter of the previous year are based on the segment classifications after the change. For details, please refer to "3. Matters concerning changes in reporting segments, etc." under "2. Quarterly Consolidated Financial Statements and Notes (3) Notes to Quarterly Consolidated Financial Statements - Segment Information, etc. II. For the three months ended June 30, 2023".

Architectural Construction Business

Net sales were ¥69.5 billion (up 8.2% y-o-y), and the segment income (operating income) was ¥200 million (down 45.2% y-o-y).

Orders received by the Company on a non-consolidated basis decreased by 5.0% y-o-y for domestic private- sector construction, but public-sector construction increased by 565.4% y-o-y, resulting in an overall increase of ¥83.3 billion, 28.9% higher than the same quarter of the previous year.

2

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TODA Corporation published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 02:44:08 UTC.