logistics and production facilities for Japanese, European, and U.S. companies, and continues to expand its business, recording its highest-ever sales in the fiscal year ended March 31, 2024. We will continue to contribute to the Philippines’ economic development by developing infrastructure and constructing private-sector facilities. Project operators have been selected for the offshore wind power construction business in many sea areas, and work is scheduled to begin in 2027. Planning for an operational start in 2027, Toyo Construction made a contract with Norway’s VARD in December 2023 to build a self-propelled, cable-laying vessel. In September 2024, representatives attended the keel-laying ceremony at the company’s facility in Romania and confirmed that construction was progressing smoothly. In October 2024, we made the decision to procure our own ROV trencher for burying subsea cables, using knowledge and technology underpinned by involvement in numerous marine construction projects and excellence in deepwater engineering.backdrop, we aim to expand business volume by further strengthening our organizational structure and sales system. In recent years, our construction work has also included ocean development facilities in the open seas. Our self-propelled, multipurpose vessel AUGUST EXPLORER has a proven track record, especially for the installation of fish reef blocks and tidal turbine facilities, and we plan to reinforce our presence in this area. In addition, we will respond to TOYO CONSTRUCTION I INTEGRATED REPORT 2024 Message from President & COOIn August 2024, construction successfully commenced on a large project under ReReC® (Renewal, Renovation, Conversion), a business initiative we have been promoting for some time. As a result, progress has exceeded the target set for the second year of the medium-term business plan. I am realizing that the engineering capabilities—planning proposals, structural technology, and construction technology—we have cultivated are beginning to yield results. We will continue to refine our engineering capabilities and expand domain activities to differentiate ourselves from the competition.In the overseas construction business, in September 2024, we received an order for a large-scale ODA project, a continuation of ongoing river improvement work in the Philippines, our most important base of operations overseas. Since entering this market in 1973, we have been involved in a variety of projects and acquired extensive construction experience that we take great pride in. Our local subsidiary, CCT CONSTRUCTORS CORPORATION (CCT), focuses primarily on The order environment for Japan’s construction industry is booming, presenting excellent opportunities in both the civil engineering and building construction businesses. This demand is expected to continue for the time being. In the domestic civil engineering business, we are actively involved in large-scale projects, including national initiatives, as a major player in marine construction. Extensive participation in such projects has allowed us to build a stable earnings base. Against this Working to achieve further business growth at home and abroad in fiscal 2025 and beyond18
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