TOBISHIMA
Integrated Report
2022
About this booklet
TOBISHIMA Group promotes sustainability transformation (SX) aiming at a fusion of enterprise sustainability and social sustainability through corporate management in consideration of ESG and SDGs, made possible by epochal DX-based production process reforms. In this process, we will capture medium-to-long-term risks and opportunities and aim at sustainable corporate value enhancement.
This report is intended to provide information on TOBISHIMA Group's current activities and prospects, which, we hope, will meet your expectations.
Philosophy of Corporate Foundation
Rita-Riko: Compassion and Self-Interest
"If you would pursue your interests, weigh first the interests of others, then put those before your own.
Draw on your own efforts and ideas to offset the sacrifices made for others.
Doing so creates prosperity on both sides and, ultimately, to the attainment of your own interests."
Management vision
- To Become a Company that Supports Future Industrial Promotion and Development -
Promoting corporate transformation from Tobishima Corporation to
TOBISHIMA to evolve into a New Business Contractor
Corporate Code of Conduct
CONTENTS
Introduction
The 139-year History of TOBISHIMA …………………… | 3 |
Financial/Non-financial Highlights …………………… | 5 |
Financial Summary for 11 years ……………………… | 7 |
Message from the President ………………………… | 9 |
TOBISHIMA's Value Creation Process ………………… 13
Strategy
TOBISHIMA Group's Management Vision and Medium-TermFive-Year Plan ………………………… 15
TOBISHIMA's DX Promotion………………………… 17
Civil Engineering and Construction Business ………… 19
Building Construction Business ……………………… 21
Growth Business ……………………………………… 23
Sustainability
Sustainability Management | ………………………… 25 |
Actions for the Environment | ………………………… 29 |
Climate Information Disclosure Based on TCFD Initiatives … 31 Securing Quality and Strengthening Technological Capabilities …………………………………………… 33
Initiatives for Safety Management …………………… 34
Realizing Workplaces that Deliver Job Satisfaction …… 35
Directors ……………………………………………… 37
TOBISHIMA × ANTARCTICA (Background photo by Kazuya Ono)
In the two-plus decades since 1994, we have participated in the Japanese Antarctic Research Expedition, a national Japanese project. Every year, we dispatch engineers to the National Institute of Polar Research to perform general construction and engineering work, including maintenance of facilities at Showa Station, Japan's permanent research base in the Antarctic, and general construction and civil engineering work, including installation, demolition, maintenance of power generation and sewage treatment facilities and other structures, infrastructure improvements, road construction, and heliport facility enhancements. We contribute to research activities by drawing on our accumulated engineering expertise, insight, and experience to complete the tasks necessary under severe conditions.
Editorial policy
Up to FY 2021, TOBISHIMA CORPORATION had issued Corporate Reports that integrate Company Information and an Environmental Report. From FY 2022 on, we will issue an Integrated Report for our shareholders, investors, and other stakeholders. The Integrated Report will facilitate understanding of our sustainable value creation efforts.
Please visit our website for more information on our past achievements and technologies.
Organizations covered in this Report
This report covers the business activities of TOBISHIMA CORPORATION and Group companies; certain portions address non- consolidated Company issues.
Period covered in this Report
April 2021 - March 2022
Certain portions of the Report address period before or after the above period.
Reference guidelines
Framework (International Integrated Reporting Council: IIRC) Guidance for Integrated Corporate Disclosure and Company- Investor Dialogues for Collaborative Value Creation (Ministry of- Contributing to society
- Promoting construction activities satisfying social requirements
- Creating and maintaining better environment
- Promoting harmony with society
- Compliance with basic social rules
- Complying with relevant laws and regulations
- Eliminating anti-social activities
- Developing business activities through fair competition
3. Awareness of responsibility as a construction company
- Making efforts to provide high-quality inexpensive construction products
- Establishing cooperative relationships with construction partners based on mutual understanding
- Improving technical prowess and quality
- Enhancing safety awareness
- Creating lively and worthy workplaces
Corporate Governance ……………………………… 39
Risk Management and Compliance | ………………… 40 |
Messages from Outside Directors | …………………… 41 |
Data Section
Explanation of Corporate Performance ……………… 43
Consolidated Financial Statements …………………… 44
Company Information ………………………………… 47
Stock Information …………………………………… 48
Economy, Trade, and Industry: METI)
Environmental Reporting Guidelines (Ministry of the Environment: MOE)
Discussions of prospects
Discussions of prospects and future events presented in this Report are based on information currently available to the Company and on certain premises deemed reasonable. For various reasons, actual performance and results may differ materially from projections.
Photo: National Institute of Polar Research | Photo: National Institute of Polar Research |
Photo: National Institute of Polar Research
Photo: National Institute of Polar Research
1 TOBISHIMA Integrated Report 2022 | TOBISHIMA Integrated Report 2022 2 |
Introduction
The 139-year History of TOBISHIMA
The foundations of the TOBISHIMA Group date back to 1883, when it was contracted for the demolition of Fukui Castle. Since then, we've continued to grow and respond to social needs.
Drawing on the experience and capabilities accumulated over the past 139 years, TOBISHIMA will continue to evolve and boldly advance to create new value.
Urayama Dam (1997)
Located in Chichibu City, Saitama Prefecture, this is Japan's second-highest gravity dam. Utilizing the world longest layer construction method, the RCD method, the world's first one-meter lift, and belt conveyor technologies to transport raw stone, aggregate, and concrete materials for the first time in Japan, this challenging project applied several unprecedented technologies. The dam is now a familiar site open to the public.
Wacoal New Kyoto Building (2016)
Designed to serve as a new marketing base, the building with its external fins and other design features expresses tact, gentleness, refinement, and purity. Incorporating a toggle brace seismic damping structure, the building attained S rank class, signifying Superior quality by CASBEE.
Mega Solar Park (2020)
To make the most of renewable energy and to achieve carbon neutrality, we installed 122,000 solar panels on a vast 65 ha site developed as part of a mega solar power plant project with an output power of 45 MW in Miyagi Prefecture.
Introduction
Strategy
Demolition of Fukui Castle (1883)
Bunjiro Tobishima founded Tobishima-gumi, which was contracted to demolish Fukui Castle as its first job.
1905
Contracted to construct Kyoto Electric's Nakao power plant (Fukui Prefecture) as its first hydroelectric power plant project.
Echizen Electric Railway (1915)
Construction of Nakao power plant was completed, and the supply of power began, enabling plans for construction of the Echizen Electric Railway to commence. Undertook the construction work between Fukui and Ohno.
1916
Tobishima-gumi Corporation (representative director; Bunkichi Tobishima) founded with 100,000 yen in capital, with headquarters located in Toyoshimanaka- cho, Fukui City.
1940
Headquarters moved from Fukui City to Kudan, Kojimachi Ward, Tokyo.
1946
Tobishima-gumi applied for rehabilitation under the Corporate Reorganization Law and was dissolved.
Haneda Airfield (1931)
Contracted to execute reclamation work for Tokyo Airfield, Japan's first national airfield for aircraft on a 53-ha site. The airfield featured one runway measuring 300 meters in length and 15 meters in width.
1947
Tobishima Civil Engineering (representative director: Hitoshi Tobishima) was founded with 3 million yen in capital.
1960
Shares first traded over the counter on the Tokyo Stock Exchange.
1965
Company name changed to Tobishima Corporation to cast off the image of an exclusive focus on civil engineering.
1983
100th anniversary of the Company's founding Headquarters moved to new building (Sanban-cho, Tokyo).
Seikan Tunnel (1982)
This 53.8 km railway tunnel runs below the Tsugaru Strait, connecting Honshu (the Japanese mainland) and Hokkaido. Tobishima completed the 5.5 km Sanyoushi section on the Honshu side. Fraught with heavy technical challenges and constant flooding hazards, this project had significant consequences for integrating the nation and was selected as one of the 20 Selections of Japan's 20th Century Heritage.
Kanagawa Science Park: KSP (1989)
Developed by Kanagawa Prefecture, Kawasaki City, and TOBISHIMA, this collection of facilities serves as an international center where R&D companies are incubated and developed, gather, and interact, and to formulate creative R&D movements. The project was recognized by various honors, including the BCS Special Prize and the Prize of the Society of Heating, Air-Conditioning, and Sanitary Engineers of Japan.
1993
Celebrated 110th anniversary of the Company's founding.
1994
Began dispatching engineers to the Japanese Antarctic Research Expedition.
Tokyo Bay Aqua-Line (1997)
Named the Apollo Project in Civil Engineering, this project was completed by integrating the cutting- edge technologies and knowhow available at the time; by developing and applying numerous new construction technologies/methods; and by overcoming the countless challenges posed by the natural conditions at the site, including the soft seabed, strong winds and tides, and earthquakes, as well as complications related to environmental concerns and measures to ensure the continuing safe passage of ships in Tokyo Bay.
Shizuoka Prefectural Fuji Swimming Pools (2001) With an external profile that recalls a giant waterdrop, this building contains swimming pools equipped with movable floors and walls that change depths and distances. The facility is open to the public, including children, adults, and the elderly, as a fully equipped sports center. In 2003, it served as the main venue for the Summer National Sports Festival held in Shizuoka Prefecture.
2003
Celebrated 120th anniversary of the Company's founding.
Surikamigawa Dam (2006)
This rock-filled dam with center core, one of the largest in the Tohoku region, supplies city water, including drinking water and water for other everyday uses to three cities and four towns, including Fukushima City. It also provides irrigation for rice paddies and agricultural land along the Surikami River and Abukuma River to support the thriving agriculture of this region.
2013
National Highway No. 45, Rikuzentakata Road (2018)
This 10 km limited highway was planned as a leading earthquake disaster reconstruction project. We constructed the 7.0 km section on the side of Rikuzentakata. Completion of the road will strongly help afflicted areas move forward with local reconstruction and is expected to play a major role in the development of local industries encompassing Iwate and Miyagi Prefectures.
2019
Formulated Medium-TermFive-Year Plan with the basic policy of establishing foundations for our status as a New Business Contractor.
Transformation
Period
(1991-2010)
Elevated Bridge for the Hokuriku Shinkansen Nanetsu Station (2021)
We constructed a 980-meter elevated bridge with Echizen-Takefu Station positioned in the middle as part of the Hokuriku Shinkansen extension project from Kanazawa to Tsuruga. The bridge is scheduled to be opened at the end of FY 2023. We are also currently engaged in separate construction work to build Echizen-Takefu Station.
Co-creation | |
Period | |
(2011-) | |
Civil Engineering | |
and Construction | Percentage |
Business | of sales: |
51.1% | |
Net sales | |
60.1billion yen | |
Building | |
Construction | Percentage |
Sustainability
Data Section
Bunkichi Tobishima, Founder
Bunkichi Tobishima, the founder instrumental to the subsequent success of Tobishima-gumi, was born in 1876, the first son of Bunjiro Tobishima. At 13, he became a key assistant to his father as a stone mason and gradually honed his skills. For a construction project in 1901, at a time when oxcarts were commonly used to transport earth and sand, he introduced handcarts, the latest invention at the time. This innovation reduced costs, halved construction times, and won high acclaim.
Work on building hydroelectric power stations added to his reputation. A swelling tide of hydroelectric power station construction boosted the Company to national prominence and earned it the reputation as leading company in water- related facility construction and civil engineering.
Bunkichi Tobishima's word set forth the following ideal: To benefit oneself, one must first make sacrifices that benefit others. Coupled with innovations, these sacrifices will be duly rewarded. These words may remind us of a more modern phrase: The customer's needs come first. His integrity and strong sense of responsibility for work won him an outstanding reputation and the trust of those who requested the services of his company. The company won a steady stream of orders to build electric power stations across the country.
His character and charisma attracted many capable partners, including Santaro Kumagai (founder of Kumagai Gumi) and Matabei Maeda (founder of Maeda Corporation), and generated the driving force behind Tobishima-gumi.
TOBISHIMA's foundations lie in the integrity, sincerity and good faith of these forerunners, qualities since handed down from generation to generation.
Growth
Period
(1920-1959)
Celebrated 130th anniversary of the Company's founding.
Development
Period
(1960-1990)
Business | of sales: |
Net sales | 37.7% |
44.4billion yen | |
Growth | Percentage |
Business | |
of sales: | |
Net sales | % |
13.2billion yen | 11.2 |
3 TOBISHIMA Integrated Report 2022 | ) |
Founding
Period
(1883-1919)
As of March 2022
TOBISHIMA Integrated Report 2022 4
Introduction
Financial/Non-financial Highlights
Financial
Non-financial(non-consolidated)
Introduction
Orders received/completed (non-consolidated)
116.0billion yen | 104.5billion yen |
■ ■ Orders received | ■ ■ Orders completed |
(Unit: 100 million yen) |
2,000 | |||||
1,500 | 1,506 | ||||
1,270 | 1,221 | 1,224 | 1,240 | ||
1,212 | 1,1601,045 | ||||
1,000 | 1,057 | 1,067 | |||
500 | |||||
0 | |||||
2017 | 2018 | 2019 | 2020 | 2021 (Fiscal Year) |
Net Sales (consolidated)
117.6billion yen
■ ■ Net sales (consolidated)
(Unit: 100 million yen)
1,500 | 1,311 | 1,288 | 1,348 | ||
1,172 | 1,176 | ||||
1,000 | |||||
500 | |||||
0 | |||||
2017 | 2018 | 2019 | 2020 | 2021 (Fiscal Year) |
Number of employees
1,450
■ ■ Number of employees
(Unit: persons)
2,000 | |||||
1,500 | 1,322 | 1,351 | 1,394 | 1,483 | 1,450 |
1,000 | |||||
500 | |||||
0 | |||||
2017 | 2018 | 2019 | 2020 | 2021 (Fiscal Year) |
Number of employees taking childcare leave
17
Number of employees taking childcare leave ■ ■ Male ■ ■ Female (Unit: persons)
20 | 17 | ||||
15 | 12 | 3 | |||
11 | |||||
10 | 8 | 5 | 8 | 4 | |
14 | |||||
4 | 2 | ||||
5 | |||||
7 | 6 | 7 | |||
4 | |||||
0 | |||||
2017 | 2018 | 2019 | 2020 | 2021 (Fiscal Year) |
Strategy
Operating profit/Operating profit ratio | Sales component ratio (consolidated) |
(consolidated) |
4.5billion yen | 3.9% | Growth business | Civil | ||||
13.2 | engineering | ||||||
■ ■ Operating profit | Operating profit ratio | and | |||||
(Unit: 100 million yen) | (%) | construction | |||||
100 | 10.0 | billion yen | business | ||||
82 | 78 | 11.2% | 60.1 | ||||
80 | 72 | 8.0 | |||||
6.3 | |||||||
5.8 | Building | ||||||
5.6 | |||||||
60 | 6.0 | construction | billion yen | ||||
39 | 45 | business | 51.1% | ||||
40 | 4.0 | ||||||
44.4 | |||||||
3.4 | 3.9 | ||||||
20 | 2.0 | ||||||
0 | 0 | billion yen | |||||
2017 | 2018 | 2019 | 2020 | 2021 (Fiscal Year) | 37.7% |
Rate of annual paid leave taken | Occupational accident rate | |||||||||||||||
53.2% | 0.52 | |||||||||||||||
Rate of annual paid leave taken | Occupational accident rate | |||||||||||||||
(%) | 0.94 | |||||||||||||||
60 | 51.9 | 53.2 | 1.00 | |||||||||||||
47.3 | ||||||||||||||||
0.71 | ||||||||||||||||
37.2 | 0.80 | |||||||||||||||
40 | 0.57 | |||||||||||||||
30.2 | 0.52 | |||||||||||||||
0.60 | 0.39 | |||||||||||||||
20 | 0.40 | |||||||||||||||
0.20 | ||||||||||||||||
0 | 0 | |||||||||||||||
2021 (Fiscal Year) | 2021 (Fiscal Year) | |||||||||||||||
2017 | 2018 | 2019 | 2020 | 2017 | 2018 | 2019 | 2020 |
Sustainability
Data Section
Net assets/Capital adequacy ratio (consolidated) | ROE (consolidated)/Dividend payout ratio |
43.8billion yen 38.3% | (non-consolidated) |
7.5% 35.1% |
■ ■ Net assets | Capital adequacy ratio | ROE | Dividend payout ratio | ||||||||
(Unit: 100 million yen) | (%) | (%) | |||||||||
500 | 415 | 438 | 50.0 | 60.0 | |||||||
394 | 43.3 | ||||||||||
364 | |||||||||||
400 | 317 | 40.0 | |||||||||
35.1 | |||||||||||
38.3 | 40.0 | ||||||||||
300 | 33.2 | 32.4 | 34.2 | 30.0 | |||||||
31.2 | |||||||||||
20.9 | 21.5 | ||||||||||
19.9 | |||||||||||
200 | 20.0 | ||||||||||
20.0 | |||||||||||
7.5 | |||||||||||
100 | 10.0 | 12.2 | 14.9 | 13.5 | 6.1 | ||||||
0 | 0 | 0 | |||||||||
2017 | 2018 | 2019 | 2020 | 2021 (Fiscal Year) | 2017 | 2018 | 2019 | 2020 | 2021 (Fiscal Year) |
Workplace CO2 emissions
31,548t-CO2 | 27.2t-CO2/100 million yen | |||
■ ■ Volume emitted | Specific consumption | |||
(t-CO2) | (t-CO2/100 million yen) | |||||
50,000 | 42,038 | 43,823 | 50.0 | |||
40,000 | 31,548 | 40.0 | ||||
34.7 | 26,174 | 29,748 | ||||
30,000 | 30.0 | |||||
20,000 | 29.1 | 24.8 | 27.2 | 20.0 | ||
24.0 | ||||||
10,000 | 10.0 | |||||
0 | 0 | |||||
2017 | 2018 | 2019 | 2020 | 2021 (Fiscal Year) |
Construction waste treatment results
80.300t
■ ■ Construction waste treatment results
(1,000 t)
200 | |||||
162.7 | 150.4 | 161.7 | |||
150 | 134.9 | ||||
100 | 80.3 | ||||
50 | |||||
0 | |||||
2017 | 2018 | 2019 | 2020 | 2021 (Fiscal Year) |
5 TOBISHIMA Integrated Report 2022 | TOBISHIMA Integrated Report 2022 6 |
Introduction
Financial Summary for 11 years
FY 2011 | FY2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 |
Business management results
Introduction
Orders received
Net sales
Operating profit
Ordinary income
Current net income attributable to shareholders of a parent company
(million yen)
(million yen)
(million yen)
(million yen)
(million yen)
105,980 | 106,111 | 123,173 | 139,371 | 112,848 | 134,652 | 122,065 | 154,556 | 110,772 | 128,228 | 120,647 |
105,621 | 111,865 | 109,227 | 118,652 | 120,710 | 117,807 | 131,121 | 128,866 | 134,859 | 117,295 | 117,665 |
1,331 | 1,373 | 1,716 | 3,287 | 6,662 | 5,477 | 8,252 | 7,220 | 7,848 | 3,995 | 4,575 |
508 | 570 | 1,007 | 2,684 | 6,059 | 5,048 | 7,797 | 7,019 | 7,382 | 3,673 | 4,212 |
307 | 442 | 860 | 2,449 | 6,115 | 4,383 | 6,024 | 5,071 | 5,109 | 2,451 | 3,219 |
Strategy
Segment information (Net sales) | ||||||||||||
Civil engineering and construction business | (million yen) | 61,823 | 60,538 | 54,780 | 64,577 | 67,591 | 66,957 | 73,641 | 79,216 | 77,624 | 65,784 | 63,175 |
Building construction business | (million yen) | 42,766 | 50,356 | 53,321 | 53,172 | 52,103 | 49,554 | 55,868 | 47,769 | 50,088 | 45,629 | 47,338 |
Development business, etc. | (million yen) | 1,031 | 970 | 1,125 | 902 | 1,014 | 1,294 | 1,610 | 1,880 | 7,146 | 5,882 | 7,150 |
Financial position | ||||||||||||
Total assets | (million yen) | 84,695 | 96,120 | 85,864 | 91,594 | 91,455 | 98,125 | 101,908 | 109,586 | 121,804 | 121,598 | 114,632 |
Net assets | (million yen) | 11,312 | 11,995 | 13,065 | 16,508 | 21,962 | 25,894 | 31,770 | 36,410 | 39,473 | 41,586 | 43,872 |
Interest-bearing liabilities | (million yen) | 16,411 | 17,107 | 12,205 | 13,600 | 10,000 | 10,000 | 10,247 | 10,524 | 19,897 | 20,192 | 16,194 |
Cash flow | ||||||||||||
Operating cash flow | (million yen) | △483 | 6,485 | 2,613 | 2,663 | 4,259 | 11,335 | 989 | 4,164 | △2,679 | 4,173 | △6,187 |
Investing cash flow | (million yen) | △680 | △351 | △254 | 1,248 | △794 | △791 | △4,473 | △1,233 | △1,602 | △1,175 | △1,772 |
Financial cash flow | (million yen) | △954 | 683 | △4,920 | 1,372 | △3,627 | △452 | △318 | △721 | 4,362 | △846 | △4,561 |
The ending balances of cash and cash equivalents | (million yen) | 4,982 | 11,859 | 9,346 | 14,764 | 14,532 | 24,606 | 20,785 | 23,013 | 23,050 | 25,235 | 12,749 |
Per share information | ||||||||||||
Current net income per share | (yen) | 2.44 | 3.53 | 6.68 | 18.10 | 36.59 | 22.77 | 312.95 | 263.47 | 266.39 | 128.15 | 168.30 |
Net assets per share | (yen) | △50.18 | △41.98 | △18.81 | 31.15 | 114.04 | 134.48 | 1,649.80 | 1,891.96 | 2,062.77 | 2,173.26 | 2,293.14 |
Dividend | (yen) | ― | ― | ― | ― | 2.0 | 3.0 | 4.0 | 50.0 | 50.0 | 50.0 | 50.0 |
Dividend payout ratio | (%) | ― | ― | ― | ― | 5.9 | 13.2 | 12.2 | 21.5 | 19.9 | 43.3 | 35.1 |
Financial indicators | ||||||||||||
Capital adequacy ratio | (%) | 13.4 | 12.5 | 15.2 | 18.0 | 24.0 | 26.4 | 31.2 | 33.2 | 32.4 | 34.2 | 38.3 |
Debt to equity ratio | (times) | 1.5 | 1.4 | 0.9 | 0.8 | 0.5 | 0.4 | 0.3 | 0.3 | 0.5 | 0.5 | 0.4 |
ROE | (%) | 2.8 | 3.8 | 6.9 | 16.5 | 31.8 | 18.3 | 20.9 | 14.9 | 13.5 | 6.1 | 7.5 |
(Note) As of October 1, 2018, we undertook a reverse stock split for one share for every ten common shares. "Net assets per share" and "current net income per share" are calculated as if the reverse stock split had taken place at the beginning of FY 2018.
Sustainability
Data Section
7 TOBISHIMA Integrated Report 2022 | TOBISHIMA Integrated Report 2022 8 |
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Tobishima Corporation published this content on 27 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 January 2023 07:17:06 UTC.