Taisei : FY2023 Presentation materials

Financial Results

for FY2023

May 13, 2024

Financial summary

• In this FY2023, although net sales increased, each line-item profit decreased due to sluggish recovery of profits in Domestic Building Construction and the provision for loss on construction contracts recorded in several projects.
• In FY2024, net sales of Civil Engineering and Building Construction will be increase due to an increase in the initial backlog of projects for the fiscal year, and the profit margin in Building Construction improve. Profits are expected to increase due to these effects.

	FY2022	FY2023	YoY
	Result	Result	Change
New orders	1,810.4	1,962.4	152.0
Net sales	1,642.7	1,765.0	122.3
Gross profit	147.8	127.4	(20.4)
9.0%	7.2%	(1.8Pt)
Operating income	54.7	26.5	(28.2)
3.3%	1.5%	(1.8Pt)
Net income	47.1	40.3	(6.8)
attributable to
2.9%	2.3%	(0.6Pt)
owners of parent
Net income per	241.24	215.75	(25.49)
share (¥)
ROE	5.6%	4.6%	(1.0Pt)

¥bn

FY2024 YoY Forecast Change

1,910.0			(52.4)
1,990.0			225.0
206.0			78.6
10.4%			3.2Pt
87.0			60.5
4.4%			Pt2.9
65.0			24.7
3.3%			1.0Pt
355.08		*	139.33
6.9%	*	2.3Pt

* Net income per share and ROE of FY2024 forecast is described with consideration of the effect of share repurchase.

1

New orders	〔Consolidated〕

		Change from
	¥bn	the forecast*
2,500.0	372.4

		8.4%	1,962.4	(2.7%)	1,910.0
2,000.0	1,810.4	152.0		(52.4)
						Civil
1,500.0	531.5	150.7	682.2	(132.2)	550.0	Engineering
				Building
1,000.0
							Construction
1,152.5	(16.0)	1,136.5	83.5	1,220.0
500.0	Real Estate
								Development
								(and Other)
0.0	126.4	17.3	143.7	(3.7)	140.0
	FY2022 Result			FY2023 Result			FY2024 Forecast

Note: Percentages indicate year-on-year changes.

	* The forecast announced on February 2024.	2

Major new orders [Civil Engineering]	〔Non-consolidated〕
	Order	Project	Type of	Client		Industry
	receipt	construction
	period
	Q4	Construction work for shield tunnel of		Metropolitan Expressway Co.,	Enterprises of
	Road	central
	Nihonbashi district	Ltd
					government
	Q4	Construction work of Higashi-Kanto		Narita International Airport	Enterprises of
	Expressway underground passage and	Road	central
	Corporation
			other to extend the Runway B			government
	Q4	Construction work of a new station at	Railroad	Tokyo Metro Co., Ltd.	Transport
	Toyocho area, Yurakucho Line
			Construction Works of the Excite-				Cities, wards,
	Q2	Yokohama Ryugu-Bridge Sewer	Erosion control
	Yokohama City		towns, and
	Pipeline in the Kanagawa Treatment	& Flood control
					villages
			Area (Part 4)
	Q4	Construction work of Karikachi 1st		East Nippon Expressway	Enterprises of
	Road	central
	tunnel on Doto Expressway	Company Limited
					government
			： Public
			： Private
			： Overseas

*New orders (Domestic construction business) by type of construction and industry are described in the Supplementary data.

3

Major new orders [Building Construction] 〔Non-consolidated〕

Order	Project	Type of	Client	Industry
receipt	construction
period
4Q	Shinjuku Station West Exit Area		Odakyu Electric Railway Co., Ltd.,
Shop	Tokyo Metro Co., Ltd.,	Transport
Development Project
			TOKYU LAND CORPORATION
2Q	Construction work of Tono Supplier	Factory	SMC Corporation	Other
Park	machinery
3Q	Construction work of Haneda	Other	Japan Airport Terminal Co., Ltd.	Real estate
Airport Terminal 1 Northern Satellite
3Q	(Tentative name) New Building	Factory	Tokyo Electron Kyushu Ltd.	Other
Project of TKL	machinery
3Q	Construction work of Project-LOTUS	Factory	FUJIFILM Toyama Chemical	Chemicals
1st term	Co., Ltd.
		： Public
		： Private
		： Overseas

*New orders (Domestic construction business) by type of construction and industry are described in the Supplementary data.

4

Net sales	〔Consolidated〕

		Change from
	¥bn	the forecast*
2,500.0	75.0

2,000.0					225.0	1,990.0
1,642.7	122.2	1,765.0	12.7%
	7.4%			550.0	Civil
		44.5
1,500.0	423.2			505.5		Engineering
82.3
1,000.0								Building
							Construction
1,092.7	24.6	1,117.3	182.7	1,300.0
500.0
							Real Estate
								Development
0.0	126.8	15.4	142.2	(2.2)	140.0	(and Other)
FY2022 Result			FY2023 Result			FY2024 Forecast

Note: Percentages indicate year-on-year changes.

	* The forecast announced on February 2024.	5

Gross profit

〔Consolidated〕

300.0

200.0

100.0

0.0

Change from the forecast*

¥bn(38.6)

(2.6pt)

							206.0
					78.6	10.4%
	147.8				3.2pt		Civil
	(20.4)	127.4			95.5	Engineering
	9.0%
		(1.8pt)			17.4%
				7.2%	5.2		Building
	72.7	17.6
		(0.5pt)			Construction
	17.2%	0.7pt	90.3
				85.5
	48.6	(45.6)	17.9%	82.5	Real Estate
	3.0	6.6%
	4.4%	(4.1pt)	6.3pt		Development
	26.5	0.3%	(9.1)	25.0
	7.6	34.1	(and Other)
	20.9%	3.1pt	24.0%	(6.1pt)	17.9%
	FY2022 Result			FY2023 Result			FY2024 Forecast

Note: Pt in blue ink indicate year-on-year changes.
* The forecast announced on February 2024. (Pt indicate the rate of changes from the forecast.)	6

〔Ref.〕 Gross margin of completed contracts	〔Non-consolidated〕

25.0	%
20.4	(0.6)	19.8
20.0	(0.4)	19.4
15.0
10.0	7.4			4.7	9.0
(3.1)
5.0		4.3
3.6				5.8
0.0			6.8
	(4.6)
	(1.0)
(5.0)
FY2022 Result		FY2023 Result	FY2024 Forecast

Overall Construction

Civil Engineering

Building Construction

7

SG&A Expenses

〔Consolidated〕

		Change from
		the forecast*
	¥bn	(1.1)
150.0		(0.3pt)

				18.1	119.0
			100.9	6.0%
	93.1	7.8	0.3pt
100.0	0.0pt	5.7%		36.0
5.7%		28.8	7.2
	24.8
	4.0

50.0	4.7	59.9	8.6	68.5
55.2

0.0	13.1	(0.9)	12.2	2.3	14.5
	FY2022 Result			FY2023 Result			FY2024 Forecast

Note: Pt in blue ink indicate year-on-year changes.

Civil Engineering

Building Construction

Real Estate

Development

(and Other)

	* The forecast announced on February 2024. (Pt indicate the rate of changes from the forecast.)	8

Operating income (over FY2022 result)	FY2023 Result
〔Consolidated〕

¥bn

150.0

100.0		Civil Engineering		26.5
54.7		1.5%
	13.6	Real Estate		Civil
50.0	3.3%		Development	61.5	Engineering
		(and Other)
	47.9		8.5		Building
	13.4			21.9
0.0			Construction
(6.6)	Building Construction
		(50.3)		(56.9)
(50.0)		Operating income (28.2) (Gross profit (20.4), SG&A (7.8))	Real Estate
		Development
	(51.6%)
				(and Other)

(100.0)

FY2022	FY2023
Result	Result

9