Okumura : Brief Financial Report for the First Quarter of FY2024 NEW!

Consolidated Financial Statements

(For the First Quarter of FY2024)

Consolidated Balance Sheets

		(Millions of Yen)
	FY2023	Current First Quarter
	As of March 31, 2023	As of June 30, 2023
Assets
Current assets：
Cash and deposits	40,244	23,226
Notes receivable, accounts receivable from completed
construction contracts and other	132,454	125,764
Securities	10,000	25,000
Real estate for sale	959	880
Costs on construction contracts in progress	3,180	4,474
Costs on real estate investment, development business and
other	796	835
Work in process	1,230	1,352
Raw materials and supplies	744	597
Other	9,386	7,782
Allowance for doubtful accounts	(142)	(585)
Total current assets	198,855	189,328
Non-current assets：
Property, plant and equipment：
Land	34,667	35,043
Other, net	42,454	41,972
Total property, plant and equipment	77,122	77,015
Intangible assets：
Goodwill	378	371
Other	1,304	1,241
Total intangible assets	1,683	1,612
Investments and other assets：
Investment securities	54,913	61,637
Retirement benefit asset	4,435	4,418
Other	8,662	11,693
Allowance for doubtful accounts	(1,943)	(1,939)
Total investments and other assets	66,067	75,809
Total non-current assets	144,872	154,437
Total assets	343,727	343,765

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		(Millions of Yen)
	FY2023	Current First Quarter
	As of March 31, 2023	As of June 30, 2023
Liabilities
Current liabilities：
Notes payable, accounts payable for construction contracts
and other	50,268	45,266
Short-term borrowings	10,708	10,601
Income taxes payable	3,050	1,021
Advances received on construction contracts in progress	12,594	14,458
Provisions	4,005	1,681
Provision for loss on construction contracts	1,566	1,244
Asset retirement obligations	83	83
Other	46,771	49,820
Total current liabilities	129,048	124,179
Non-current liabilities：
Long-term borrowings	3,110	3,110
Non-recourse borrowings	26,003	24,632
Provisions	―	37
Asset retirement obligations	300	302
Other	12,050	15,348
Total non-current liabilities	41,463	43,430
Total liabilities	170,511	167,610
Net assets
Shareholders' equity：
Share capital	19,838	19,838
Capital surplus	26,240	26,433
Retained earnings	103,827	100,314
Treasury shares	(5,185)	(5,381)
Total shareholders' equity	144,720	141,205
Accumulated other comprehensive income：
Valuation difference on available-for-sale securities	24,801	29,545
Deferred gains or losses on hedges	1,829	2,840
Remeasurements of defined benefit plans	662	595
Total accumulated other comprehensive income	27,293	32,981
Non-controlling interests	1,201	1,968
Total net assets	173,215	176,155
Total liabilities and net assets	343,727	343,765

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Consolidated Statements of Income (Three-month Period Ended June 30)

	(Millions of Yen)
1Q / FY2023	1Q / FY2024
April 1, 2022 through	April 1, 2023 through
June 30, 2022	June 30, 2023

Net sales：
Net sales of completed construction contracts	48,941	60,234
Net sales of real estate investment, development business and
other	1,771	4,444
Total net sales	50,713	64,678
Cost of sales：
Cost of sales of completed construction contracts	43,779	54,117
Cost of real estate investment, development business and other	886	3,489
Total cost of sales	44,666	57,606
Gross profit：
Gross profit on completed construction contracts	5,161	6,116
Gross profit on real estate investment, development business
and other	885	955
Total gross profit	6,047	7,071
Selling, general and administrative expenses	4,721	5,670
Operating profit	1,326	1,401
Non-operating income：
Interest income	6	13
Dividend income	675	690
Foreign exchange gains	320	243
Other	97	57
Total non-operating income	1,099	1,004
Non-operating expenses：
Interest expenses	113	150
Other	6	6
Total non-operating expenses	120	157
Ordinary profit	2,305	2,248
Extraordinary income：
Gain on sale of non-current assets	18	318
Gain on sale of investment securities	444	910
Total extraordinary income	463	1,228
Extraordinary losses：
Loss on valuation of investment securities	18	―
Loss on retirement of non-current assets	4	0
Total extraordinary losses	22	0
Profit before income taxes	2,746	3,477
Income taxes - current	496	1,111
Income taxes - deferred	409	343
Total income taxes	906	1,454
Profit	1,839	2,022
Loss attributable to non-controlling interests	(154)	(243)
Profit attributable to owners of parent	1,994	2,265

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Consolidated Statements of Comprehensive Income

(Three-month Period Ended June 30)

	(Millions of Yen)
1Q / FY2023	1Q / FY2024
April 1, 2022 through	April 1, 2023 through
June 30, 2022	June 30, 2023

Profit	1,839	2,022
Other comprehensive income：
Valuation difference on available-for-sale securities	983	4,744
Deferred gains or losses on hedges	2,131	2,021
Remeasurements of defined benefit plans, net of tax	(97)	(66)
Total other comprehensive income	3,017	6,698
Comprehensive income	4,857	8,721
Comprehensive income attributable to：
Comprehensive income attributable to owners of parent	3,945	7,953
Comprehensive income attributable to non-controlling interests	911	767

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Breakdown of Orders (Nonconsolidated)

Construction orders awarded

Net sales

Construction business

Period-end backlog

			1Q / FY2023
		April 1, 2022 through
		June 30, 2022
engineering			%
Domestic public sector	3,893	45.2
	Domestic private sector	4,521	52.5
Civil	Overseas	193	2.3
Subtotal	8,608	100
Architectural construction	Domestic public sector	818	8.3
Domestic private sector	10,059	102.6
	Overseas	(1,072)	(10.9)
	Subtotal	9,805	100
	Domestic public sector	4,712	25.6
Total	Domestic private sector	14,581	79.2
Overseas	(879)	(4.8)
	Total	18,413	100
engineering	Domestic public sector	14,451	72.9
Domestic private sector	4,577	23.1
Civil	Overseas	801	4.0
Subtotal	19,830	100
Architectural construction	Domestic public sector	6,424	22.1
Domestic private sector	22,425	77.0
	Overseas	260	0.9
	Subtotal	29,111	100
Subtotal	Domestic public sector	20,876	42.6
Overseas	1,062	2.2
	Domestic private sector	27,003	55.2
	Subtotal	48,941	100
Real estate investment,	1,268	2.5
development business and other
	Total	50,210	100
engineering	Domestic public sector	108,106	57.1
Domestic private sector	66,236	35.0
Civil	Overseas	14,904	7.9
Subtotal	189,246	100
Architectural construction	Domestic public sector	45,440	33.6
Domestic private sector	89,644	66.4
	Overseas	－	－
	Subtotal	135,084	100
	Domestic public sector	153,546	47.3
Total	Domestic private sector	155,880	48.1
Overseas	14,904	4.6
	Total	324,331	100

				(Millions of Yen)
	1Q / FY2024		Change	% Change
	April 1, 2023 through		Increase	Increase
	June 30, 2023		(Decrease)	(Decrease)
%		%	%		%
	15,640	45.9		11,746	301.7
46.8	6,803	19.9	32.3	2,282	50.5
11,658	34.2	11,465	－
	34,103	100		25,494	296.1
	3,056	4.3		2,237	273.6
53.2	68,464	95.7	67.7	58,404	580.6
－	－	1,072	－
	71,520	100		61,715	629.4
	18,696	17.7		13,984	296.8
100	75,268	71.3	100	60,686	416.2
11,658	11.0	12,538	－
	105,623	100		87,209	473.6
[40.5]	14,776	64.1	[38.3]	325	2.3
	6,515	28.3		1,937	42.3
	1,759	7.6		958	119.5
39.5	23,051	100	37.4	3,220	16.2
[59.5]	5,067	13.6	[61.7]	(1,357)	(21.1)
	32,114	86.4		9,689	43.2
	－	－		(260)	－
58.0	37,182	100	60.4	8,071	27.7
[100]	19,844	33.0	[100]	(1,032)	(4.9)
	38,630	64.1		11,627	43.1
	1,759	2.9		697	65.6
97.5	60,234	100	97.8	11,292	23.1
	1,335	2.2		66	5.3
	61,569	100		11,358	22.6
	102,854	50.9		(5,252)	(4.9)
58.3	66,758	33.0	45.6	522	0.8
32,490	16.1	17,586	118.0
	202,103	100		12,856	6.8
	43,992	18.2		(1,447)	(3.2)
41.7	197,421	81.8	54.4	107,776	120.2
－	－	－	－
	241,413	100		106,328	78.7
	146,846	33.1		(6,700)	(4.4)
100	264,179	59.6	100	108,298	69.5
32,490	7.3	17,586	118.0
	443,516	100		119,185	36.7

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