The explanation will be basically on changes from the same period of previous fiscal year on consolidated basis.

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Bernadette Malone
5 years ago
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1 The explanation will be basically on changes from the same period of previous fiscal year on consolidated basis. 0

2 Taisei Corporation recorded the historical high level of gross profit in first quarter thus far. Each profit items from operating income decreased due to increase in SG&A and deterioration of non-operating income in connection with foreign exchange losses, and also, decrease in extraordinary income (loss) due to reactionary drop of gain on return of assets from retirement benefit trust, 4.0 billion yen, in previous fiscal year. 1

3 Civil engineering Domestic civil engineering increased but overall new orders decreased because of the effect of exchange rate in relation with continuous appreciation of yen in overseas civil engineering. The subsidiaries resulted in line with the previous fiscal year but overall consolidated new orders decreased. Building construction Domestic building construction decreased in reaction to several new orders of large scale projects in Tokyo metropolitan area in previous fiscal year. The subsidiaries also decreased which led to decrease in overall consolidated new orders. Real estate, etc. In line with previous fiscal year. The overall consolidated new orders increased due to increase in number of condo units sold in subsidiaries. 2

Civil engineering Overall net sales decreased because construction of large scale projects in hand of domestic civil engineering did not accelerate and also, because of the effect of exchange rate in

4 Civil engineering Overall net sales decreased because construction of large scale projects in hand of domestic civil engineering did not accelerate and also, because of the effect of exchange rate in relation with continuous appreciation of yen in overseas civil engineering. The subsidiaries also decreased which led to decrease in overall consolidated net sales. Building construction Overall net sales decreased because construction of large scale projects in hand of domestic building construction did not accelerate and also, because of decrease in balance at the beginning of this fiscal year in overseas building construction. Overall consolidated net sales decreased although net sales of subsidiaries increased because of increased balance at the beginning of this fiscal year. Real estate, etc. Overall net sales decreased in reaction to sales of condominium in previous fiscal year. Overall consolidated net sales decreased although net sales of subsidiaries increased due to increased number of condo units sold. 3

5 These are the major new orders of civil engineering. 4

6 These are the major new orders of building construction. 5

7 Civil engineering Overall gross profit declined because of decrease in net sales and deterioration of profit ratio due to reactionary decline of acquisition of additional works of domestic projects in previous fiscal year. The subsidiaries also declined which led to decline in overall consolidated gross profit. Building construction Overall gross profit improved in relation to reduction of unprofitable projects. The subsidiaries also increased which led to increase of overall consolidated gross profit. Real estate, etc. Overall gross profit declined due to decrease in net sales. Overall consolidated gross profit is in line with previous fiscal year because of increase in gross profit of subsidiaries due to increase in net sales. 6

8 Civil engineering Civil engineering gross margin ratio deteriorated in reaction to acquisition of additional works of domestic projects in previous fiscal year. Building construction Building construction gross margin ratio improved because of reduction of unprofitable projects. 7

9 Non-consolidated SG&A increased due to increase in personnel cost and size-based business tax. Consolidated The subsidiaries resulted in line with the previous fiscal year but overall consolidated SG&A increased. 8

10 Gross profit resulted in line with the previous year but operating income declined due to increase in SG&A. 9

In addition to decline of ordinary income, income before income taxes and minority interests also declined because although there was gain on sales of investment securities in extraordinary income

11 In addition to decline of ordinary income, income before income taxes and minority interests also declined because although there was gain on sales of investment securities in extraordinary income (loss), it decreased in reaction to gain on return of assets from retirement benefit trust in previous fiscal year. Net income attributable to owners of parent declined although the extent of decline of profit narrowed compared with that of income before income taxes and minority interests due to decreased income taxes and others and improvement of profit (loss) attributable to non-controlling interests. 10

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2. Dividends Dividends per share (yen) End of 1Q End of 2Q End of 3Q End of 4Q Total (Full year) FY FY FY2016 (full year

2. Dividends Dividends per share (yen) End of 1Q End of 2Q End of 3Q End of 4Q Total (Full year) FY FY FY2016 (full year Disclaimer: This financial information, a digest of Taisei Corporation's "Consolidated Financial Results for the Nine Months Ended December 31, 2016" ("Kessan Tanshin") disclosed at the Tokyo Stock Exchange