Maeda : Summary of Consolidated Financial Results for the Year Ended March 31, 2021 (Based on Japanese GAAP)

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results

for the Year Ended March 31, 2021

(Based on Japanese GAAP)

May 14, 2021

Company name:

Maeda Corporation

Stock exchange listing:

Tokyo

Stock code:

1824

URL

https://www.maeda.co.jp/

Representative:

President and Representative Director

Soji Maeda

General Manager of Financial Strategy

Inquiries:

Department, Management Innovation

Kazutaka Deguchi

TEL [phone]

Division

Scheduled date of ordinary general meeting of shareholders:

June 23, 2021

Scheduled date to file Securities Report:

June 23, 2021

Scheduled date to commence dividend payments:

June 24, 2021

Preparation of supplementary material on financial results:

Yes

Holding of financial results meeting:

Yes

(for institutional investors and analysts)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)

(1) Consolidated operating results

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Year ended March 31, 2021

678,059

39.0

46,343

36.1

45,665

24.8

23,275

62.3

Year ended March 31, 2020

487,856

(0.9)

34,045

(5.3)

36,597

(4.6)

14,342

(40.1)

Earnings per share

Diluted earnings per

Profit attributable to

Ordinary profit/total

Operating profit/net

share

owners of

assets

sales

parent/equity

Yen

Yen

%

%

%

Year ended March 31, 2021

125.27

-

9.3

4.9

6.8

Year ended March 31, 2020

77.24

-

6.1

4.4

7.0

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen

As of March 31, 2021

928,889

367,527

29.1

1,441.97

As of March 31, 2020

942,925

358,587

24.2

1,236.32

(3) Consolidated cash flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash equivalents

operating activities

investing activities

financing activities

at end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Year ended March 31, 2021

59,772

(13,981)

(75,954)

98,976

Year ended March 31, 2020

32,370

(38,550)

71,667

121,912

2. Cash dividends

Annual dividends per share

Total cash

Dividend payout

Ratio of dividends

to net assets

dividends (Total)

ratio (Consolidated)

1st quarter-end

2nd quarter-end

3rd quarter-end Fiscal year-end

Total

(Consolidated)

Yen

Yen

Yen

Yen

Yen Millions of yen

%

%

Year ended March 31, 2020 Year ended March 31, 2021

Year ending March 31, 2022 (Forecast)

-		-		-	20.00	20.00	3,888	25.9	1.6
-		-		-	38.00	38.00	7,389	30.3	2.8
-		-		-		38.00		38.00		30.0

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3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

Percentages indicate year-on-year changes

Net sales

Operating profit

Ordinary profit

Profit attributable to

Earnings per share

owners of parent

Millions of yen

%

Millions of yen

%

Millions of yen

% Millions of yen

%

Yen

Full year

714,400

5.4

46,700

0.8

46,000

0.7

23,500

1.0

126.48

4. Notes

(1) Changes in significant subsidiaries during the year ended March 31, 2021

No

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

(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements

Changes in accounting policies due to revisions to accounting standards and other regulations:

No

Changes in accounting policies due to other reasons:

No

Changes in accounting estimates:

No

Restatement of prior period financial statements:

No

(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
	As of March 31, 2021	194,608,482	shares	As of March 31, 2020	194,608,482	shares
Number of treasury shares at the end of the period
	As of March 31, 2021	7,348,884	shares	As of March 31, 2020	9,871,873	shares
Average number of shares during the period
	Year ended March 31, 2021	185,804,170	shares	Year ended March 31, 2020	185,692,655	shares

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Consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2020	As of March 31, 2021
Assets
Current assets
Cash and deposits	119,198	100,687
Notes receivable, accounts receivable from completed	256,492	263,430
construction contracts and other
Securities	3,330	30
Real estate for sale	1,987	2,371
Merchandise and finished goods	969	1,597
Costs on construction contracts in progress	25,495	18,729
Raw materials and supplies	2,186	2,602
Other	46,078	43,895
Allowance for doubtful accounts	(136)	(153)
Total current assets	455,601	433,190
Non-current assets
Property, plant and equipment
Buildings and structures	98,977	102,848
Machinery, vehicles, tools, furniture and fixtures	162,240	171,175
Land	76,815	82,458
Leased assets	1,563	1,535
Construction in progress	1,244	1,447
Accumulated depreciation	(181,251)	(193,906)
Total property, plant and equipment	159,589	165,558
Intangible assets
Right to operate public facilities	118,933	114,424
Assets related to replacement investment to operate	24,613	23,845
public facilities
Goodwill	32,898	26,639
Other	14,907	15,693
Total intangible assets	191,352	180,603
Investments and other assets
Investment securities	120,147	131,063
Long-term loans receivable	5,488	2,562
Distressed receivables	310	232
Deferred tax assets	702	745
Retirement benefit asset	6,284	10,345
Other	7,176	6,082
Allowance for doubtful accounts	(4,114)	(1,674)
Total investments and other assets	135,995	149,357
Total non-current assets	486,937	495,519
Deferred assets	386	179
Total assets		942,925	928,889

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			(Millions of yen)
		As of March 31, 2020	As of March 31, 2021
Liabilities
Current liabilities
Electronically recorded obligations - operating	10,328	7,837
Account payable for works in progress and other	108,410	109,917
Short-term borrowings	106,880	18,315
Current portion of non-recourse loans	1,616	1,381
Current portion of bonds payable	-	5,000
Lease obligations	244	187
Accounts payable - other	10,975	11,088
Income taxes payable	7,187	11,957
Advances received on construction contracts in progress	39,338	36,961
Provision for repairs	447	300
Provision for bonuses	7,268	7,874
Provision for bonuses for directors (and other officers)	241	266
Provision for warranties for completed construction	1,269	1,221
Provision for loss on construction contracts	310	629
Liabilities related to right to operate public facilities	4,449	4,501
Liabilities related to replacement investment to operate	3,443	4,819
public facilities
Other	37,268	44,858
Total current liabilities	339,682	267,118
Non-current liabilities
Bonds payable	30,000	45,000
Non-recourse bonds	20	20
Long-term borrowings	22,217	64,165
Non-recourse loans	17,482	15,864
Lease obligations	753	673
Deferred tax liabilities	13,786	18,481
Retirement benefit liability	21,422	16,579
Provision for share awards	102	228
Provision for loss on guarantees	212	212
Provision for loss on Anti-Monopoly Act	64	64
Liabilities related to right to operate public facilities	112,900	108,398
Liabilities related to replacement investment to operate	22,479	20,833
public facilities
Other	3,214	3,721
Total non-current liabilities	244,655	294,242
Total liabilities		584,337	561,361

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			(Millions of yen)
		As of March 31, 2020	As of March 31, 2021
Net assets
Shareholders' equity
Share capital	28,463	28,463
Capital surplus	36,680	37,549
Retained earnings	158,907	178,526
Treasury shares	(4,097)	(2,833)
Total shareholders' equity	219,954	241,706
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	15,336	29,218
Deferred gains or losses on hedges	(16)	(19)
Foreign currency translation adjustment	(0)	2
Remeasurements of defined benefit plans	(6,880)	(883)
Total accumulated other comprehensive income	8,439	28,317
Non-controlling interests	130,193	97,504
Total net assets	358,587	367,527
Total liabilities and net assets		942,925	928,889

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