Consolidated Financial Statements
as of March 31,2024

NIKKI CO.,LTD.

Consolidated Financial Statements（１）Consolidated Balance Sheets( in thousands of yen)
Prior Fiscal Year(As of March 31,2023)

Accounts

Ratio
(%)

Amounts

Current Fiscal Year(As of March 31,2024)
Amounts

Ratio(%)

Increase
Decrease(△)

AssetsCurrent assets
Cash and deposits

4,675,856

4,175,416△ 500,440

Accounts receivable-trade

1,737,785

1,597,892△ 139,892

187,488

154,662△ 32,826

Merchandise and finished goods

1,464,870

1,184,258△ 280,611

Work in process

1,144,6681,508,041

363,372

Raw materials and supplies

95,29489,948△ 5,346

Other450,775

333,042△ 117,732

Allowance for doubtful accounts△ 4,292△ 4,063

228

Electronically recorded monetary claims-operating

Total current assets

9,752,447

48.1

9,039,198

39.2△ 713,249

Noncurrent assets
Property, plant and equipment
Buildings and structures, net

6,460,564

8,476,882

2,016,318

Machinery, equipment and vehicles, net

600,6091,429,293

828,683Land

379,569

441,31061,740

Lease assets, net

82,15676,144△ 6,011

1,052,886134,520△ 918,366

239,566

219,187△ 20,379

Construction in progress
Other, net
Total property, plant and equipment

8,815,352

43.5

10,777,337

46.7

1,961,984

Intangible assets
Goodwill－

599,019599,019

Customer related assets－45,000

45,000Technology related assets－

185,250

185,250

Other

52,861

79,29826,436

Total intangible assets

52,861

0.3

908,5683.9

855,706

Investments and other assets
Investment securities
Long-term Deferred tax assets
Retirement benefit asset
Other
Total investments and other assets
Total noncurrent assets
Total assets

1,531,697

1,831,725

300,02757,02263,438

6,415－

177,125

177,125

67,555267,535

199,979

1,656,276

8.2

2,339,825

10.1

683,548

10,524,491

51.9

14,025,731

60.8

3,501,239

20,276,939 100.0

23,064,929

100.0

2,787,990

( in thousands of yen)
Current Fiscal Year(As of March 31,2023)
Accounts

Amounts

Ratio(%)

Current Fiscal Year(As of March 31,2024)
Ratio
(%)

Amounts

Increase
Decrease(△)

Liabilities
Current liabilities
Notes and accounts payable-trade399,017498,89499,877

Electronically recorded monetary debt-operating

401,670

512,120

110,4503,509,188

3,619,188

110,000

Lease obligations

10,13012,8202,689

Accurued expenses

139,212

165,660

26,448

Income taxes payable

14,314816,462

802,147

Provision for bonuses

144,922

149,561

4,638

3,450

－

△ 3,450

Notes payable - facilities

194,190

43,390△ 150,800

Other345,596

174,515△ 171,080

Short-term loans payable

Provision for head office transfer cost

Total current liabilities

5,161,691

25.5

5,992,612

26.0

830,921

Noncurrent liabilities
Long-term loans payable

3,858,554

3,549,366△ 309,188

Lease obligations

75,67370,629△ 5,044

Deferred tax liabilities

227,129427,608

200,479

Long-term lease deposited

515,71354,930△ 460,783

Net defined benefit liability

450,529

417,599△ 32,930

Other

157,926

156,376△ 1,550△ 609,016

Total noncurrent liabilities

5,285,525

26.1

4,676,509

Total liabilities

10,447,217

51.5

10,669,122

46.3

221,905

Net assets
Shareholders' equity
Capital stock

500,000

500,000－

Capital surplus

49,17549,175－Retained earnings

8,489,291

10,533,090

2,043,798

Treasury stock△ 327,669△ 307,771

19,898

Total shareholders' equity

8,710,797

43.0

10,774,494

46.7

2,063,697

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

804,325

974,521

170,196

Foreign currency translation adjustment

291,189

544,105

252,915

Remeasurements of defined benefit plans△ 504

75,93676,441

Total accumulated other comprehensive income

1,095,010

5.4

1,594,563

6.9

499,553

Minority Interests

23,9130.1

26,7490.12,835

Total net assets

9,829,721

48.5

12,395,807

53.7

2,566,085

Total liabilities and net assets

20,276,939 100.0

23,064,929 100.0

2,787,990

（２） Consolidated Statement of Income( in thousands of yen)

Current Fiscal Year
From April 1, 2022
To March 31,2023
Ratio
(%)

Current Fiscal Year
From April 1, 2023
To March 31,2024
Ratio
(%)

Net Sales

8,802,961

100.0

9,355,388

100.0

552,427

Cost of Sales

6,049,239

68.7

6,673,822

71.3

624,582

Gross Profit

2,753,722

31.3

2,681,566

28.7△ 72,155

Selling,general administrative
expenses

1,584,694

18.0

1,777,501

19.0

192,807

Operating Income

1,169,028

13.3

904,0649.7△ 264,963

Accounts

Increase
Decrease(△)

Non-operating income
Interest income

23,38135,86912,487

Dividends income

44,63347,6883,055

Royalty income

897

－

△ 897

Exchange gain

199,609343,454

143,845

Other

16,14021,006

4,865

Total non-operating income

284,6623.2

448,019

4.8

163,356

Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income

47,49372,76425,270329

941

611

47,8230.5

73,7060.8

25,882

1,405,866

16.0

1,278,377

13.7△ 127,489

Extraordinary income
Gain on sales of noncurrent
assetsGain on sales of investment
securities

359,141

1,660,038

1,300,896

58

－

△ 58

Penalty income－90,396

90,396

Gain on insurance claims－

15,653

15,653

Subsidy income

10,00037,292

27,292

Total extraordinary income

369,199

4.2

1,803,379

19.3

1,434,179

Extraordinary loss
Loss on sales and retirementof noncurrent assets

309,652

8,062△ 301,589

Environmental expenses

108,083

2,050△ 106,033

Provision for head officetransfer cost

3,450－△ 3,450

Head office transfer cost

166,647－△ 166,647

Loss on sale of golf clubmembership

－

2,614

2,614

Loss on disaster

－

2,282

2,282

Total extraordinary loss

587,833

6.7

15,0090.2△ 572,823

Income before income taxes

1,187,233

13.5

3,066,747

32.8

1,879,514

Income taxes-current

225,172915,690

690,518

Income taxes deferred

83,456△ 41,644△ 125,100

Total income taxes-current

308,628874,046

565,417

Income berofe minority interests

878,604

Minority interests in income
Net income

10.0

371
878,232

2,192,700

23.4

698
10.0

2,192,001

1,314,096
327

23.4

1,313,769

（３） Consolidated Statement of Comprehensive Income( in thousands of yen)

Current Fiscal Year
From April 1, 2022
To March 31,2023

Current Fiscal Year
From April 1, 2023
To March 31,2024

878,604

2,192,700

1,314,096

Valuation difference on available-forsale securities△ 18,644

170,196

188,840

Foreign currency translation adjustment

131,834

255,051

123,217

Remeasurements of defined benefitplans△ 45,417

76,441

121,858

Total Other comprehensive income

67,772501,689

433,917946,376

2,694,390

1,748,013

Comprehensive income attributable toowners of the parent

943,658

2,691,554

1,747,896

Comprehensive income attributable tominority insterests

2,717

2,835

117

Increase
Decrease(△)

Accounts
Income berofe minority interests
Other comprehensive income

Comprehensive income(Comprehensive income attributable to)（４）Consolidated Statement of Changes in Shareholders' Equity
Current fiscal year (April 1,2023 to March 31,2024)( in thousands of yen)
Shareholders' equity

Capital stock

Balance at beginning of current
periodCapital surplus

500,000

Retained earnings

Treasury shares

Total shareholders'equity

8,489,291△ 327,669

8,710,797

49,175

Changes of items during the period

Dividends paid

△ 147,485△ 147,485

Net income

2,192,001

2,192,001

Purchase of treasury shares

Disposal of treasury shares△ 718

19,89819,180Change in treasury shares ofparent arising from transactions
with non-controlling shareholders
Net changes of items other thanshareholders' equity
Total changes of items during theperiod－－2,043,798

19,8982,063,697

Balance at end of current period

500,000

49,175

10,533,090△ 307,771

10,774,494

Accumulated other comprehensive income

Balance at beginning of current
periodValuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

804,325

291,189

Remeasurementsof defined benefit
plans

△ 504

Total Accumulated
Minority interests
othercomprehensive
income1,095,010

23,913

Total net assets

9,829,721

Changes of items during the period

Dividends paid

△ 147,485

Net income

2,192,001

Purchase of treasury shares19,180

Disposal of treasury shares
Change in treasury shares ofparent arising from transactions
with non-controlling shareholders
Net changes of items other thanshareholders' equity

170,196

252,915

76,441

499,553

2,835

502,388

Total changes of items during theperiod

170,196

252,915

76,441

499,553

2,835

2,566,085

Balance at end of current period

974,521544,105

75,936

1,594,563

26,74912,395,807

（５）Consolidated Statements of Cash Flows( in thousands of yen)
Current Fiscal Year Current Fiscal Year
From April 1, 2022 From April 1, 2023To March 31,2023 To March 31,2024

Increase
Decrease(△)

Net cash provided by (used in) operating activities
Income before income taxes

1,187,233

3,066,747

1,879,514

Depreciation and amortization

545,035

673,903

128,867－

39,93439,934

Increase (decrease) in allowance for doubtful accounts△ 7,052

△ 228

6,824

Increase (decrease) in provision for bonuses△ 4,384

3,513

7,897

3,450

△ 3,450△ 6,900

Increase (decrease) in net defined benefit assets－△ 177,125△ 177,125

Increase (decrease) in net defined benefit liability△ 142,333△ 37,708

104,624

Interest and dividends income△ 68,014△ 83,557△ 15,543

47,49372,76425,270△ 58－58

Loss (gain) on sales and retirement of noncurrent assets△ 49,488△ 1,651,975△ 1,602,486

Exchange gain(loss)△ 1,613△ 31,288△ 29,674△ 127,630

301,272

428,903

4,527

97,53893,011

Decrease (increase) in ｌong-term loans payable△ 11,027

5,164

16,191

Decrease (increase) in other current assets△ 27,883

297,802

325,686

Increase (decrease) in notes and accounts payable-trade△ 109,4066,458

115,865

Increase (decrease) in other current liabilities

17,705△ 118,753△ 136,458

Other17,025△ 440,930△ 457,955

subtotal

1,273,577

2,020,083

746,506

68,01483,557

15,543

Interest expenses paid

△ 50,362△ 71,944△ 21,582

Income taxes paid

△ 489,716△ 227,893

261,822－

114,328

114,328

801,512

1,918,131

1,116,618

Amortization of goodwill

Increase (decrease) in provision for head office transfer cost

Interest expenses
Gain on sales of investment securities

Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories

Interest and dividends income received

Refund income taxes
Net cash provided by (used in) operating activities( in thousands of yen)
Current Fiscal Year Current Fiscal Year
From April 1, 2022 From April 1, 2023
To March 31,2023 To March 31,2024

Increase
Decrease(△)

Net cash provided by (used in) investing activities
Payments into time deposits△ 100,000△ 699,989△ 599,989

121,372

533,418

412,046

Purchase of investment securities－△ 180△ 180

Proceeds from sales of investment securities

1743,387

3,212

Purchase of property, plant and equipment△ 3,237,738△ 4,589,239△ 1,351,500

Proceeds from sales of property, plant and equipment

584,334

3,495,054

2,910,720

Purchase of intangible assets△ 2,280△ 7,800△ 5,519－△ 1,227,190△ 1,227,190

Other investment payment△ 35,485△ 15,768

19,717

Other investment income

581

55,411

54,829△ 2,669,042△ 2,452,896

216,145△ 8,230△ 11,237△ 3,006

Net increase (decrease) in short-term loans payable

1,000,000－△ 1,000,000

Proceeds from long-term loans payable

2,660,000－△ 2,660,000

Repayment of long-term loans payable△ 182,258△ 209,188△ 26,930

Purchase of treasury stock△ 147,200－147,200

Dividend payment△ 133,907△ 147,485△ 13,577

Net cash provided by (used in) financing
activities

3,188,403△ 367,910△ 3,556,314

117,870

158,635

40,764

1,438,744△ 744,040△ 2,182,785

4,575,856

3,831,815△ 744,040

Proceeds from withdrawal of time deposits

Purchase of shares of subsidiaries resulting in change inscope of consolidation

Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Repayments of lease obligations

Effect of exchange rate change on cash and cash equivalents
Increase and decrease in cash and cash equivalents
Increase in cash and cash equivalents resulting from change ofscope of consolidation
Cash and cash equivalents at the end of the period