TOYO CONSTRUCTION I INTEGRATED REPORT 2024but we expect the vessel to contribute significantly to consolidated performance when it goes into full-scale operation in fiscal 2027. Also, in response to the second takeover bid (TOB) by Yamauchi-No.10 Family Office (YFO), we quickly established a special committee comprising independent outside directors who considered the proposal in accordance with the Ministry of Economy, Trade and Industry’s “Guidelines for Corporate Takeovers,” announced in August 2023. Ultimately, the Board of Directors unanimously opposed the TOB. As a result, YFO announced the same month that it would withdraw its TOB proposal. YFO is our largest shareholder, holding approximately 30% of our shares. We are continuing to engage in dialogue with its representatives and will maintain this emphasis on dialogue while ensuring fairness vis-à-vis other shareholders.We expect the business environment to remain generally favorable in fiscal 2024. At the beginning of the fiscal year, we anticipated year-on-year improvement in sales and profit. But after the performance forecast was announced, the domestic civil engineering business experienced project delays, prompting management to revise the full-year sales forecast downward as of second-quarter reporting. No changes were made, however, to the initial forecast for operating profit, profit after tax, or annual dividends. For policy measures, we are directing particular efforts into responding to the “2024 Problem,” the upper limit on overtime work that went into effect in the construction industry in April 2024. For example, we have to make private-sector clients understand the regulatory challenges we are dealing with. Our goal is to secure appropriate time for construction work when an order is placed, presenting such factors as the need for eight days off per four weeks to keep overtime work within specified limits. We will submit bids that reflect the operational cost increase that tends to accompany longer construction periods. We are also promoting enhanced operational efficiency by using new technology such as DX and AI, as well as building on-site support systems. Regarding the offshore wind power construction business, we will launch a new division independent of the existing Civil Construction Division in April 2024 and strengthen capabilities, particularly for human resources.The business environment for the Toyo Construction Group should be extremely favorable in the short to medium term. In the public works sector, order volume should remain brisk, Shinya YoshidaRepresentative Director, Executive Chairperson & CEOSeeking steady growth in a changing environmentChanges in the business environment going forward13
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