other’s strengths to create a rock-solid operating foundation. Both of us possess unique knowledge. If we combine our respective capabilities, the result could produce new perspectives that will take the Toyo Construction Group on a successful trajectory into the future.In fiscal 2023, business volume trended favorably, fueled by solid public investment and continued recovery in private capital investment. Against this backdrop, Toyo Construction posted higher sales and profits year on year, on a consolidated basis, with particularly noticeable improved profits, as operating profit climbed 8% and profit attributable to owners of parent rose 17% over the initial forecast. The dividend also increased, to ¥74 per share, up ¥11 over earlier expectations. That said, we still encountered issues that required attention, namely, the rising cost of construction materials, higher labor costs, and the impact of a worker shortage, problems that we earnestly tackled.In the offshore wind power construction business, which we have tapped as a growth driver, we decided, after a thorough risk analysis, to focus on cable-laying. Taking the industry lead, we ordered a self-propelled, cable-laying vessel in December 2023. This investment is the largest we have ever committed to Toyo Construction embarked on fundamental corporate governance reforms in fiscal 2023. The process began with a streamlined relationship between the Board of Directors and the executive branch, based on a policy of separating the supervision and execution functions. This decision prompted changes to the management structure, notably, having an outside director serve as chairman of the Board of Directors, an outside director chair the Director Nomination & Compensation Committee, and the majority of directors be outside directors. I am pleased to note here that a woman was elected to the position of director for the first time in our corporate history. Through these reforms, we have created one of the most progressive corporate governance structures in the domestic construction industry.In fiscal 2024, we went a step further, shifting our focus to strengthening the governance system within the executive branch through various reforms. First, we introduced the concept of institutional decision-making and ended individual approval by the head of the executive branch. More precisely, the Executive Committee—the highest executive meeting body—transitioned from an advisory body to the president to a decision-making body and was restructured to allow it to discuss all important decision-making matters granted to the executive branch.In June 2024, Toyo Construction transitioned to a CEO- and COO-driven corporate structure, where the role of drafting and promoting Companywide strategies and strategic policies such as capital policy and M&A strategy is separate from the role of promoting specific businesses and projects based on these strategies. I fill the CEO position, where my many years in corporate planning and new business development at a general trading company and experience in the real estate sector can be put to advantageous use. Meanwhile, the president, who brings extensive knowledge of Group operations and has extensive experience in the construction industry, has taken the COO position. Together we draw on respective areas of expertise and share responsibilities, complementing each TOYO CONSTRUCTION I INTEGRATED REPORT 2024 Looking back on fiscal 2023 and noteworthy topicsChanges brought about through management restructuringMessage from Executive Chairperson & CEO12Our goal, underpinned by a forward-thinking corporate governance structure, is to turn the Toyo Construction Group into a corporate group able to grasp the changing times and boldly embrace challenges arising in the evolving environment.
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