Asanuma : Consolidated financial statements for the Fiscal Year Ended March 31 , 2024

Financial statements 1.Consolidated financial statements (1)Consolidated Balance Sheet

		(Millions of yen)
	As of March 31, 2023	As of March 31, 2024
Assets
Current assets
Cash and deposits	11,895	13,031
Notes receivable, accounts receivable
from completed construction contracts and	61,163	64,777
other
Costs on construction contracts in	1,335	1,476
progress
Other inventories	60	70
Accounts receivable - other	1,790	3,119
Other	488	860
Allowance for doubtful accounts	△13	△105
Total current assets	76,719	83,229
Non-current assets
Property, plant and equipment
Buildings and structures	6,859	6,474
Accumulated depreciation	△3,773	△3,601
Buildings and structures, net	3,086	2,873
Land	1,607	1,461
Other	2,494	2,353
Accumulated depreciation	△1,905	△1,813
Other, net	589	539
Total property, plant and equipment	5,283	4,874
Intangible assets
Goodwill	1,067	974
Other	2,064	2,000
Total intangible assets	3,131	2,975
Investments and other assets
Investment securities	4,732	6,513
Retirement benefit asset	1,220	1,839
Deferred tax assets	970	638
Other	1,492	1,697
Allowance for doubtful accounts	△515	△515
Total investments and other assets	7,900	10,172
Total non-current assets	16,315	18,022
Total assets	93,034	101,251

		(Millions of yen)
	As of March 31, 2023	As of March 31, 2024
Liabilities
Current liabilities
Accounts payable for construction	15,333	17,605
contracts
Short-term borrowings	1,460	6,460
Current portion of long-term borrowings	348	4,626
Current portion of bonds payable	－	1,040
Accounts payable - other	204	246
Income taxes payable	1,583	2,390
Advances received on construction	4,638	4,197
contracts in progress
Provision for warranties for completed	573	614
construction
Provision for loss on construction	38	319
contracts
Suspense receipt of consumption taxes	4,588	4,342
Other	6,421	3,339
Total current liabilities	35,190	45,181
Non-current liabilities
Bonds payable	1,640	600
Long-term borrowings	6,884	2,258
Deferred tax liabilities	213	211
Retirement benefit liability	4,292	4,168
Other	146	126
Total non-current liabilities	13,176	7,363
Total liabilities	48,367	52,545
Net assets
Shareholders' equity
Share capital	9,614	9,614
Capital surplus	2,186	2,202
Retained earnings	30,919	32,499
Treasury shares	△73	△64
Total shareholders' equity	42,646	44,251
Accumulated other comprehensive income
Valuation difference on available-for-	1,103	2,398
sale securities
Foreign currency translation adjustment	486	846
Remeasurements of defined benefit plans	△237	126
Total accumulated other comprehensive	1,352	3,371
income
Non-controlling interests	668	1,083
Total net assets	44,667	48,705
Total liabilities and net assets	93,034	101,251

(2)Consolidated Statement of Income

		(Millions of yen)
	Fiscal year ended	Fiscal year ended
	March 31, 2023	March 31, 2024
Net sales
Net sales of completed construction	141,758	149,415
contracts
Sales in other businesses	2,678	3,261
Total net sales	144,436	152,676
Cost of sales
Cost of sales of completed construction	127,416	136,254
contracts
Cost of sales in other businesses	1,880	2,273
Total cost of sales	129,296	138,527
Gross profit
Gross profit on completed construction	14,341	13,161
contracts
Gross profit - other business	797	988
Total gross profit	15,139	14,149
Selling, general and administrative expenses
Selling expenses	0	0
General and administrative expenses	9,447	10,091
Total selling, general and administrative	9,447	10,091
expenses
Operating profit	5,691	4,057
Non-operating income
Interest income	25	78
Dividend income	88	106
Share of profit of entities accounted for	3	3
using equity method
Foreign exchange gains	163	207
Subsidy income	57	10
late charges income	－	75
Other	151	148
Total non-operating income	488	631
Non-operating expenses
Interest expenses	105	131
Guarantee commission	42	38
Commission expenses	106	107
Provision of allowance for doubtful accounts	－	90
Other	7	14
Total non-operating expenses	262	382
Ordinary profit	5,918	4,306

		(Millions of yen)
	Fiscal year ended	Fiscal year ended
	March 31, 2023	March 31, 2024
Extraordinary income
Gain on sale of non-current assets	760	2,819
Other	0	0
Total extraordinary income	760	2,819
Extraordinary losses
Loss on sale of non-current assets	－	4
Loss on retirement of non-current assets	1	2
Impairment losses	145	84
Loss on valuation of investment securities	16	15
Loss on valuation of other investments	10	－
Loss on valuation of membership	－	6
Total extraordinary losses	173	113
Profit before income taxes	6,505	7,012
Income taxes - current	2,111	2,404
Income taxes - deferred	△12	△399
Total income taxes	2,099	2,004
Profit	4,406	5,007
Profit attributable to non-controlling	206	336
interests
Profit attributable to owners of parent	4,200	4,670

(3)Consolidated Statement of Comprehensive Income

		(Millions of yen)
	Fiscal year ended	Fiscal year ended
	March 31, 2023	March 31, 2024
Profit	4,406	5,007
Other comprehensive income
Valuation difference on available-for-sale	107	1,294
securities
Foreign currency translation adjustment	595	427
Remeasurements of defined benefit plans, net	△50	363
of tax
Total other comprehensive income	653	2,084
Comprehensive income	5,059	7,092
Comprehensive income attributable to
Comprehensive income attributable to owners	4,768	6,688
of parent
Comprehensive income attributable to non-	291	403
controlling interests

1. Consolidated Statements of Changes in Net Assets Previous fiscal year (From April 1,2022 to March 31,2023)

					(Millions of yen)
		Shareholders' equity
			Retained			Total
	Share capital	Capital surplus	Treasury shares	shareholders'
	earnings
					equity
Balance at beginning of	9,614	2,178	29,648		△27	41,415
period
Changes during period
Profit attributable to			4,200			4,200
owners of parent
Dividends of surplus			△2,929			△2,929
Purchase of treasury					△102	△102
shares
Restricted stock		7			55	63
payment
Net changes in items
other than						－
shareholders' equity
Total changes during	－	7	1,270		△46	1,231
period
Balance at end of period	9,614	2,186	30,919		△73	42,646
	Accumulated other comprehensive income
	Valuation				Total	Non-controlling
	Foreign currency	Remeasurements		accumulated	Total net assets
	difference on	translation	of defined		other	interests
	available-for-
	adjustment	benefit plans		comprehensive
	sale securities
				income
Balance at beginning of	996	△24	△187		784	673	42,873
period
Changes during period
Profit attributable to					－		4,200
owners of parent
Dividends of surplus					－		△2,929
Purchase of treasury					－		△102
shares
Restricted stock					－		63
payment
Net changes in items
other than	107	510	△50		568	△5	562
shareholders' equity
Total changes during	107	510	△50		568	△5	1,794
period
Balance at end of period	1,103	486	△237		1,352	668	44,667

1. Consolidated Statements of Changes in Net Assets Previous fiscal year (From April 1,2023 to March 31,2024)

				(Millions of yen)
		Shareholders' equity
			Retained		Total
	Share capital	Capital surplus	Treasury shares	shareholders'
	earnings
				equity
Balance at beginning of	9,614	2,186	30,919	△73	42,646
period
Changes during period
Profit attributable to			4,670		4,670
owners of parent
Dividends of surplus			△3,091		△3,091
Purchase of treasury				△162	△162
shares
Restricted stock		16		171	188
payment
Net changes in items
other than					－
shareholders' equity
Total changes during	－	16	1,579	9	1,605
period
Balance at end of period	9,614	2,202	32,499	△64	44,251
	Accumulated other comprehensive income
	Valuation			Total	Non-controlling
	Foreign currency	Remeasurements	accumulated	Total net assets
	difference on	translation	of defined	other	interests
	available-for-
	adjustment	benefit plans	comprehensive
	sale securities
			income
Balance at beginning of	1,103	486	△237	1,352	668	44,667
period
Changes during period
Profit attributable to				－		4,670
owners of parent
Dividends of surplus				－		△3,091
Purchase of treasury				－		△162
shares
Restricted stock				－		188
payment
Net changes in items
other than	1,294	360	363	2,018	414	2,432
shareholders' equity
Total changes during	1,294	360	363	2,018	414	4,038
period
Balance at end of period	2,398	846	126	3,371	1,083	48,705

(5)Consolidated Statement of Cash Flows

		(Millions of yen)
	Fiscal year ended	Fiscal year ended
	March 31, 2023	March 31, 2024
Cash flows from operating activities
Profit before income taxes	6,505	7,012
Depreciation	820	794
Impairment losses	145	84
Increase (decrease) in allowance for	△52	91
doubtful accounts
Increase (decrease) in provision for loss on	△60	280
construction contracts
Increase (decrease) in net defined benefit	△164	△221
asset and liability
Interest and dividend income	△113	△185
Interest expenses	105	131
Foreign exchange losses (gains)	△115	△151
Loss (gain) on sale of non-current assets	△760	△2,814
Loss on valuation of membership	－	6
Decrease (increase) in trade receivables	△5,966	△3,373
Decrease (increase) in costs on construction	866	△141
contracts in progress
Decrease (increase) in inventories	16	△10
Decrease (increase) in accounts receivable -	872	△1,327
other
Increase (decrease) in trade payables	△2,016	2,146
Loss (gain) on valuation of investment	16	15
securities
Increase (decrease) in accounts payable -	△22	49
other
Increase (decrease) in advances received on	170	△503
construction contracts in progress
Other, net	3,056	△3,522
Subtotal	3,301	△1,639
Interest and dividends received	113	232
Interest paid	△104	△131
Income taxes paid	△1,957	△1,630
Net cash provided by (used in) operating	1,354	△3,169
activities
Cash flows from investing activities
Proceeds from withdrawal of time deposits	196	98
Purchase of property, plant and equipment	△76	△134
Proceeds from sale of property, plant and	893	2,999
equipment
Purchase of intangible assets	△75	△294
Purchase of investment securities	△9	△9
Proceeds from sale and redemption of	18	15
investment securities
Payments of guarantee deposits	△40	△60
Proceeds from refund of guarantee deposits	35	32
Other, net	△8	2
Net cash provided by (used in) investing	934	2,649
activities

		(Millions of yen)
	Fiscal year ended	Fiscal year ended
	March 31, 2023	March 31, 2024
Cash flows from financing activities
Net increase (decrease) in short-term	△700	4,995
borrowings
Proceeds from long-term borrowings	700	－
Repayments of long-term borrowings	△346	△348
Net decrease (increase) in treasury shares	△102	△162
Dividends paid	△2,915	△3,074
Proceeds from share issuance to non-	－	10
controlling shareholders
Dividends paid to non-controlling interests	△296	△10
Net cash provided by (used in) financing	△3,661	1,410
activities
Effect of exchange rate change on cash and cash	271	344
equivalents
Net increase (decrease) in cash and cash	△1,101	1,234
equivalents
Cash and cash equivalents at beginning of	12,898	11,796
period
Cash and cash equivalents at end of period	11,796	13,031