Financial Results for the Fiscal Year Ended March 31, 2023 [Japanese GAAP](Consolidated Data)
May 15, 2023
Company Name: Nikko Co., Ltd.
Stock Exchange Listing: Tokyo Stock Exchange
Stock Code:6306
URL http://www.nikko-net.co.jp
Representative (Position) Representative Director and President (Name) Masaru Tsuji
Director and Vice President/General
For inquiries:(Position)(Name) Hiroshi Fujii Tel: +81-78-947-3141
Manager of Administrative Division
Scheduled date of Ordinary General
June 23, 2023
Scheduled date for cash dividends: June 26, 2023
Shareholders’ Meeting:
Scheduled date for filing the annual
June 26, 2023
securities report:
Full-year earnings supplementary explanatory materials:
Yes
Financial results briefing session:
Yes (for analysts)(Amounts rounded down to the nearest million yen)
1. Consolidated Performance for the Fiscal Year Ended March 31, 2023 (April 1, 2022 - March 31, 2023)(1) Consolidated Operating Results(% represents year-on-year change)
Net income attributable
Net sales
Operating income
Ordinary income
to owners of parent
million yen% million yen% million yen% million yen%
Fiscal year ended March 31, 2023
39,6652.1
1,028 (49.9)
1,255 (44.8)
1,020(38.1)
Fiscal year ended March 31, 2022
38,8462.6
2,053 (10.8)
2,274 (23.5)
1,649(20.8)
Note: Comprehensive income: Fiscal year ended March 31, 2023
667 million yen (-62.4%)
Fiscal year ended March 31, 2022
1,775 million yen (-38.5%)
Net income per
Diluted net
Return on equity Return on assets
share
income per share
yen
yen
%
%
Fiscal year ended March 31, 2023
26.67
3.2
2.4
－
Fiscal year ended March 31, 2022
43.16
5.2
4.5
－

Operatingmargin%2.6
5.3(2) Consolidated Financial Position
Total assets
Net assets
million yen
million yen
As of March 31, 2023
52,12731,604As of March 31, 2022
52,07932,05031,644 million yen(Reference) Capital: As of March 31, 2023:
As of March 31, 2022:
32,003 million yen

Equity ratio
%
60.7
61.5

Net assets per shareyen
826.73837.22(3) Consolidated Cash Flows
Cash flows fromoperating activities

Cash flows frominvesting activities

million yen(1,644)
2,224

million yen(1,226)(2,165)

Fiscal year ended March 31, 2023
Fiscal year ended March 31, 2022

Term-end balance of
cash and cash
equivalents
million yen
million yen
710
10,270(282)
12,389Cash flows fromfinancing activities

2. Dividends

End of
1Q

End of2Q

End of3Q

Year-end

yen
－
－

yen
15.00
15.00

yen
－
－

yen
15.00
15.00

Rate of
Dividend
total
Total
payoutdividends
dividendratio
to netTotal(total)(consolidat assets
ed)(consolid
ated)
yen million yen
%
%
30.00
1,146
69.5
3.6
30.00
1,147
112.5
3.6

－

15.00

－

15.00

30.00

Annual dividends

Fiscal year ended March 31, 2022
Fiscal year ended March 31, 2023
Fiscal year ending March 31, 2024
(forecasts)

-1-

95.7

3. Consolidated Performance Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023 - March 31, 2024)(Percentages indicate year-on-year changes from full fiscal year and first half of the previous fiscal year, respectively)
Net income attributable Net income
Net sales
Operating income
Ordinary income
to owners of parent
per share
million yen%
million yen% million yen%
million yen%yen
2Q (first half)
19,0001.3400
0.1400 (27.1)
200 (23.1)
5.23
Full year
44,000 10.9
1,900 84.8
1,900
51.3
1,200
17.6
31.36
*Notes(1) Changes in important subsidiaries during the period under review (changes in specific subsidiaries which involve
changes in the scope of consolidation): None
(2) Changes in accounting policy, changes in accounting estimates, and retrospective restatements(i) Changes in accounting policy arising from revision of accounting standards, etc.: Yes(ii) Changes in accounting policy other than those noted in (i) above: Yes(iii) Changes in accounting estimates: None(iv) Retrospective restatements: None
(Note) Please refer to (5) Notes to Consolidated Financial Statements (Changes in Accounting Policy) of 4.
Consolidated Financial Statements and Notes to the Statements on page 16 of Accompanying Material
for details.
(3) Shares issued (common stock)(i) Number of shares issued at end of
period (including treasury stock)(ii) Number of shares held in treasury at
end of period(iii) Average number of shares outstanding
during the period

As of March 31,
40,000,000
2023
shares
As of March 31,
1,723,305
2023
sharesFiscal year ended 38,261,001
March 31, 2023
shares

As of March 31,
40,000,000
2022
shares
As of March 31,
1,774,1352022
sharesFiscal year ended 38,215,523
March 31, 2022
shares*This report is exempt from audit procedures by certified public accountants or an auditing firm.

*

Explanation of the appropriate use of earnings forecasts, and other special notes(Cautionary statement with respect to forward-looking statements)
Any forecasts and forward-looking statements given herein are based on information available as of this report’s
publication and on certain assumptions that are deemed reasonable and these forecasts are not guarantees of future
performance.
Actual results may differ significantly from forecasts due to various factors.
For the assumptions underlying the forecasts herein and other notice on the use of earnings forecasts, please refer to(1) Overview of Operating Results for Fiscal Year Ended March 31, 2023 in 1. Overview of Operating Results, etc. on
page 2 in the accompanying materials.
(How to obtain the earnings supplementary explanatory materials and the date of the financial results briefing session)
The Company is scheduled to post the earnings supplementary explanatory materials on its website on Monday, May
15, 2023.
The Company has scheduled a financial results briefing session (live streaming) for securities analysts on Tuesday,June 13, 2023.

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Accompanying Material – Table of Contents
1. Overview of Operating Results, etc. .....................................................................................................................
(1) Overview of Operating Results for Fiscal Year Ended March 31, 2023 ...........................................................
(2) Overview of Financial Conditions for Fiscal Year Ended March 31, 2023 ........................................................
(3) Basic Policy Concerning Profit Distribution and Dividends for the Current Term and Next Term .....................
(4) Risks Associated with Business, etc. ...............................................................................................................
2. Status of the Nikko Corporate Group ...................................................................................................................
3. Basic Approach to the Selection of Accounting Standards ...................................................................................
4. Consolidated Financial Statements and Notes to the Statements ........................................................................
(1) Consolidated Balance Sheets ..........................................................................................................................
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ......................
Consolidated Statements of Income ................................................................................................................
Consolidated Statements of Comprehensive Income ......................................................................................
(3) Consolidated Statements of Changes in Equity ...............................................................................................
(4) Consolidated Statements of Cash Flows .........................................................................................................
(5) Notes to Consolidated Financial Statements....................................................................................................
(Going Concern Assumption) ...........................................................................................................................
(Changes in Accounting Policy)........................................................................................................................
(Change in the method of presentation) ...........................................................................................................
(Segment Information) .....................................................................................................................................
(Per Share Information) ....................................................................................................................................
(Significant Subsequent Events) ......................................................................................................................
5. Other Information .................................................................................................................................................

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10
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14
16
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23

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for Fiscal Year Ended March 31, 2023
(i) Operating Results for Fiscal Year Ended March 31, 2023
During the fiscal year under review, the Japanese as well as global economies saw price increase caused by risingresource and raw material costs, supply constraints, and tight logistic conditions amid the process towards
normalization following the decline in COVID-19 infections. Adding to the turmoil was the surging oil and natural gas
prices caused by Russia’s invasion of Ukraine. Under such circumstances, the U.S. and other countries continued toraise interest rates to prevent inflation caused by the historic price increase, triggering concerns over economic
recession induced by inflation and interest rate hikes. At the same time, collapse of medium-sized banks such as
SVB in the U.S., the rescue of well-established Swiss bank Credit Suisse by UBS through acquisition and other suchturbulent developments raised worries of financial instability. Turning to Japan, it was a year with major fluctuationsin the foreign exchange market due to factors such as the historic depreciation of the yen resulting from thedifferences in its interest rate policy with that of the U.S. and Europe. Moreover, rising prices are also having asignificant impact on daily lives.
In March 2022, the Company announced the 2030 Vision “the top manufacturer of plant facilities and environmental
products underpinned by advanced technology and customers’ management partner through operation andmaintenance service,” which presents what Nikko Group aspires to be in 2030, as well as the new three-year MediumTerm Management Plan (FY 2022–FY 2024) starting in FY 2022. The Group positioned the new medium-term plan
period as the internal investment phase for building structures, processes, and systems towards the realization of
the 2030 Vision and plans to actively make investment for market introduction of new products and services andstrengthening the organizational capability required for achieving goals. Numerical goals, the Group aims for 50.0
billion yen in consolidated net sales and 3.0 billion yen in operating income (operating margin of 6.0%) in the final
fiscal year. Further, it positioned the period from 2025 to 2030 as the business expansion phase with improved
profitability in which the Group expects to succeed in full-fledged sales of environmentally friendly products for
decarbonization, business area expansion into the ASEAN region, actualizing the impact of introduction oftechnologies such as automation and remote operations, and review of production process. In the 2030 Vision, theGroup aims to achieve consolidated net sales of 60.0 billion yen and operating income of 6.0 billion yen (operating
margin of 10%) as well as 50.0 billion yen in market cap, which is part of the Long-term Basic Policy (10 years).
In the fiscal year under review, the Company’s operating results were affected by the rise in raw material prices,
etc. and the prolonged delivery time of supplies. Sales of the asphalt plant-related business greatly declined, as roadpavement companies, which are the Company’s main customers, are affected severely by the impact of the rising
crude oil price and are waiting for the right timing for replacement of facilities. The concrete plant-related businessperformed strongly as it has been relatively successful in passing on the price increases in raw materials to selling
prices in the ready-mixed concrete industry. The environment- and conveyor-related business was affected by adecline in the number of large-scale projects due to the prolonged delivery time of supplies and soaring material
prices. In the other business including temporary construction materials and hand tools, the water proof board
business was affected by delays in construction owing to rising prices of steel and other materials, while the mobile
plant business was influenced by the impact of the yen’s depreciation on import costs of mainstay products. Selling,
general and administrative expenses increased as a result of the R&D expenses and investments in human resources
made by the Company as part of the internal investment phase of the Medium-Term Management Plan.
Overseas, the business was initially affected by the impact of the lockdown in Shanghai following the increase in
COVID-19 infections in China. However, it performed strongly after the lockdown was lifted and both sales and profits
increased. In Thailand, a new plant started operation in March 2022, but it is taking longer to build up momentum, as
providing support from Japan had continued to be difficult due to the impact of COVID-19 infections. In January 2023,
the Company established the ASEAN Business Strategy Office, which is taking measures to actively promote andsupport the Thailand and ASEAN businesses from Japan.
As a result of these activities, the Nikko Group in the fiscal year under review posted consolidated net sales of
39,665 million yen (up 2.1% from a year earlier) and consolidated operating income of 1,028 million yen (down 49.9%
from a year earlier). Consolidated ordinary income totaled 1,255 million yen (down 44.8% from a year earlier) andnet income attributable to owners of parent came to 1,020 million yen (down 38.1% from a year earlier. The resultsof both net sales and profits fell short of the goals set forth by the Medium-Term Management Plan, which were
42,000 million yen for consolidated net sales and 2,300 million yen for consolidated operating income.

-4-Overview of operating results by segment is as follows.
<Asphalt Plant-Related Business>
Net sales of the asphalt plant-related business declined 5.4% compared with a year earlier to 17,341 million yen
being affected by the impact of rising crude oil price. Order backlog rose by 3.5% compared with a year earlier to7,998 million yen.
<Concrete Plant-Related Business>
Net sales of the concrete plant-related business rose 2.5% compared with a year earlier to 11,111 million yen, as
sales of both products and maintenance services increased given user demand for capital investment. Order backlog
also grew significantly by 6.1% compared with a year earlier to 6,105 million yen.
<Environment- and Conveyor-Related Business>
Net sales of the environment- and conveyor-related business declined 4.3% compared with a year earlier to 2,888
million yen due to a decline in the number of large-scale projects caused by prolonged delivery time of supplies andrises in material prices. Order backlog declined drastically by 71.2% compared with a year earlier to 182 million yen.
<Other Businesses>
Net sales of the other business increased 25.0% compared with a year earlier to 8,324 million yen, as net sales ofUbe Kohki Co., Ltd., which the Company acquired in March 2022, were added on a full-year basis. Order backlog
rose by 41.7% compared with a year earlier to 3,369 million yen.
Net sales by business segment (comparison with the previous fiscal year)
Environment- andConcrete
Asphalt PlantPlant-Related Conveyor-Related
RelatedBusiness
Business
Business
Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2022

Net sales (mil. yen)
Share (%)
Net sales (mil. yen)
Share (%)

Other
Business

Total

17,341

11,111

2,888

8,324

39,665

43.7

28.0

7.3

21.0

100

18,328

10,839

3,018

6,660

38,846

47.2

27.9

7.8

17.1

100

Note: 1. Net sales are rounded down to the nearest million yen.
2. Shares are rounded to the first decimal place.
(ii) Future outlook
Order backlog of the asphalt plant-related business in Japan has risen significantly given the situation where
replacement demand continues for the plants built in the 1980s as well as the considerable demand from
customers biding their time for replacement in light of the rising crude oil price. Rising raw material prices andpersonnel costs are being passed on to selling prices in a wide range of industries. In the road pavement industry
also, companies are expected to resume capital investment and increase replacement of facilities, which they had
been holding off, as the higher crude oil price gets reflected more on the selling price. Moreover, society’s interestin environmentally friendly products has been rising, reflecting the global requirements for decarbonization, anddemand for such products are likely to expand. The concrete plant-related business is also expected to perform
steadily thanks to continued strong demand and large-scale projects.
Since January 2023, the ASEAN Business Promotion Office has been providing active support from Japan to theThailand business to get the business off the ground and turn it profitable early on. In China, demand is expected to
expand after the COVID-19 pandemic.
For the fiscal year ending March 31, 2024, the Company expects to achieve consolidated net sales of 44,000
million yen, operating income of 1,900 million yen, ordinary income of 1,900 million yen, and net income attributableto owners of parent of 1,200 million yen.
(2) Overview of Financial Conditions for Fiscal Year Ended March 31, 2023
(i) Assets, Liabilities, and Net Assets
Total assets at the end of the fiscal year (March 31, 2023) amounted to 52,127 million yen, an increase of 48 million
yen from the end of the previous fiscal year.
Current assets came to 33,723 million yen, declining 404 million yen from the end of the previous fiscal year. Main
factors contributing to the change are increases of 194 million yen in notes receivable-trade, 639 million yen inelectronically recorded monetary claims, 804 million yen in merchandise and finished goods, and 453 million yen in-5-

work in process and partly-finished construction as well as decreases of 2,118 million yen in cash and cash equivalents
and 630 million yen in accounts receivable-trade.
Noncurrent assets came to 18,404 million yen, up 452 million yen from the end of the previous consolidated fiscal
year. Factors contributing to the change include an increase of 717 million yen in buildings and structures, an increaseof 301 million yen in land, a decrease of 135 million yen in goodwill, and a decrease of 848 million yen in investment
securities.
Liabilities totaled 20,523 million yen, increasing 494 million yen from the end of the last consolidated fiscal year. Main
factors contributing to the change are increases of 1,083 million yen in short-term loans and 865 million yen in longterm loans payable as well as decreases of 428 million yen in accounts payable-factoring, 253 million yen in income
taxes payable, and 691 million yen in contract liabilities.
Net assets came to 31,604 million yen, decreasing 446 million yen from the end of the previous fiscal year. Main
factors contributing to the change include an increase from recording of 1,020 million yen in income attributable toowners of parent, a decrease due to dividend payment of 1,147 million yen, and a decline of 275 million yen in valuationdifference on available-for-sale securities.
As a result, equity ratio fell to 60.7% from 61.5% at the end of the previous fiscal year.
(ii) Cash Flows
Fiscal year ended Fiscal year ended
March 31, 2023
March 31, 2022

ChangeCash flow from operating activities (million yen)

(1,644)

2,224(3,868)Cash flow from investing activities (million yen)

(1,226)(2,165)938

Cash flows from financing activities (million yen)

710

(282)

992

Effect of exchange rate changes on cash and cash
equivalents (million yen)

41

168

(126)

Net increase (decrease) in cash and cash equivalents(million yen)

(2,118)(54)(2,064)

Cash and cash equivalents at beginning of year (million yen)

12,38912,444(54)

Cash and cash equivalents at end of year (million yen)

10,27012,389(2,118)Cash used in operating activities totaled 1,644 million yen (compared with 2,224 million yen in cash provided byoperating activities in the previous fiscal year). Major items in cash flow from operating activities include 1,693 million
yen in net income before income taxes, 944 million yen in depreciation and amortization, 139 million yen in interestand dividends income received as well as 564 million yen in gain on sales and valuation of investment securities,
1,156 million yen in expenditure from an increase in inventories, 708 million yen in expenditure due to a decline incontract liabilities, and 997 million yen in income taxes paid.
Cash used in investing activities totaled 1,226 million yen (compared with 2,165 million yen in cash used ininvesting activities in the previous fiscal year). Major items in cash flow from investing activities include 1,002 million
yen in proceeds from sales and redemption of investment securities as well as 2,174 million yen in purchase ofproperty, plant and equipment and intangible assets.
Cash provided by financing activities totaled 710 million yen (compared with 282 million yen in cash used infinancing activities in the previous fiscal year). Major items in cash flow from financing activities include 1,991 million
yen in proceeds from short-term loans payable and 1,084 million yen in proceeds from long-term loans payable aswell as 1,147 million yen in cash dividends paid.
As a result, consolidated cash and cash equivalents at the end of the fiscal year under review decreased by 2,118
million yen from the end of the previous fiscal year to 10,270 million yen.

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Changes in cash flow-related indicators
Fiscal year ended Fiscal year ended Fiscal year ended Fiscal year ended
March 31, 2020 March 31, 2021 March 31, 2022 March 31, 2023
Equity ratio (%)

66.3

64.5

61.5

60.7

Return on equity based on market value (%)

51.7

57.3

44.6

46.6

Cash flow to interest-bearing debt (years)

2.5

0.9

1.7

(3.5)

Interest coverage ratio (times)

82.4

75.2

44.1

(21.2)

Notes:

Return on equity: Total equity/Total assets
Return on equity based on market value: Market valuation/Total assets
Cash flow to interest-bearing debt: Interest-bearing debt/Operating cash flow
Interest coverage ratio: Operating cash flow/Interest expenses* All indicators are calculated based on consolidated figures.
* Market valuation is calculated by multiplying the number of shares issued at end of period (excluding treasury
stock) with the closing stock price of the period.
Cash flows from operating activities in the Consolidated Statements of Cash Flows are used for operating
cash flow. Interest-bearing debt includes all liabilities recorded on the Consolidated Balance Sheets on whichinterest is paid. Interest paid in the Consolidated Statements of Cash Flows is used for Interest expenses.

(3) Basic Policy Concerning Profit Distribution and Dividends for the Current Term and Next Term
The Company identifies the return of profits to shareholders as an important management goal, and in principle,
pays dividends continuously by taking into account the business performance in the period. It is the Company’s basic
policy to strive to strengthen its management foundation and enhance corporate value to meet the shareholders’expectations and make decisions on return of profits from a comprehensive perspective including enhancement ofinternal reserves.
The Company expects to propose dividends of 15.00 yen per share at the 160th Ordinary General Shareholders’Meeting scheduled on June 23, 2023.
For the next fiscal year, the Company plans annual dividend of 30.00 yen per share (dividend payout ratio of 95.7%),
consisting of interim and year-end dividends of 15.00 yen per share each.
(4) Risks Associated with Business, etc.
(i) Risks associated with the Asphalt Plant-Related Business in Japan<Risk of insufficient differentiation with competitors>
The asphalt plant market in Japan is an oligopoly where the Company and another competing company account foralmost 100% of the market. The Company’s market share is more than 70% and its positioning as the top
manufacturer has not changed for years. The Company will pursue differentiation by developing new products that
contribute to realizing carbon-neutral society and CO2 reduction and through business model reform of themaintenance service business as well as the offering of remote and automated support to secure our position as theoverwhelming top manufacturer. However, there is a possibility that the appeal of this differentiation for customers
becomes weak if the Company is unable to engage in sufficient product development or if other companies develop
a meticulous maintenance system that compares favorably with the Company’s system.
<Risks of foreign manufacturers entering the Japanese market>
In recent years, no foreign manufacturer has entered the asphalt plant market in Japan, but Chinese and Korean
manufacturers have been gradually acquiring technical strengths and may be planning to enter the Japanese market.
While it would not be easy for foreign manufacturers to enter the Japanese market without sufficient maintenancestructures, there is a possibility that they would seriously consider entering the Japanese market when the growth intheir respective market has stalled. If foreign manufacturers join the Japanese market, the competition among
manufacturers may intensify.
<Risks of shrinking market due to reorganization of the road paving industry>
The organizational restructuring of major road paving companies has been gathering pace, which could lead toreorganization of the road paving industry in the future. If industrial reorganization results in further consolidation ofasphalt plants, the market may shrink.

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(ii) Risk associated with Nikko’s technological innovation not catching up with the initiatives for reducing environmental
burdenAsphalt plants primarily use fossil fuels as energy source. About 1.3 million tons a year of CO2 is estimated to be
emitted in Japan for manufacturing asphalt mixture, and 70% of the emissions are thought to be from Nikkomanufactured plants based on the market share. In close collaboration with road pavement companies, who are
the customers, Nikko is working on early social implementation of technological innovations such as fuel efficiency
improvement and shifting of heat source at asphalt plants (carbon-neutral fuels, electrical heating, etc.),
improvement of transportation efficiency through innovation of mixture transportation method, collection of CO2
emitted by asphalt plants, and CO2 absorption using ready-mixed concrete. However, there is a possibility of ourtechnological innovation not keeping pace if the global movement of reducing environmental burden advances
faster than expected.
(iii) Risks associated with the overseas business<Risks of intensifying competition in the high-end asphalt plant market in China>
The Company has secured a certain position in the high-end model category in the asphalt plant market in China
and has been steadily recording sales and profit every year. So far, the competitors in the high-end market are two
European companies in addition to one or two top Chinese manufacturers, and competition has been mild.
However, Chinese companies in general have been gaining technical strength and the competition may intensify ifmany Chinese manufacturers enter the high-end market in the future.
<Risks of failing to achieve sales plan in the ASEAN market>
As part of the growth strategy, we established a manufacturing subsidiary in Thailand in FY 2020 and invested
more than 1.0 billion yen in the factory. The premise of this investment is that we can stably sell asphalt plants every
year in Thailand and other ASEAN countries. However, if the Company’s plants do not gain enough support from
customers in the ASEAN countries including Thailand and the Company cannot sell the planned number of plants,
the manufacturing plant would record losses, running a risk of impairment of the plant.
(iv) Risks associated with reduction in budget for public investment
In the past, when political power shifted to the Democratic Party of Japan from the Liberal Democratic Party, “fromconcrete to people” became the former’s slogan and many of the Company’s customers began curbing capital
investment. As a result, our sales declined significantly. In the future, if a party that holds up a policy to reduce
public investment forms the government, our customers may shift to curb investment like they did during theprevious Democratic Party of Japan regime.
(v) Risk regarding securing of human resources to engage in on-site operations
With our business model, we carry out the entire process from plant manufacture to installation on site and offeringof maintenance service all in-house. In maintenance service, the Company has been promoting labor saving inmaintenance operations utilizing IoT, etc., but recently it is becoming more difficult to recruit human resources toengage in on-site operations such as maintenance service workers and those engaging in construction work given
the labor shortage. If we are unable to hire the required number of on-site workers, it may become difficult tomaintain a competitive edge with our business model.
(vi) Risk associated with spread of COVID-19
The COVID-19 pandemic has been subsiding and its impact on daily lives has reduced. The Company expects
the impact of the pandemic to be minimal in the future. Nevertheless, there remains a risk of resurgence of thepandemic caused by variants, etc., and if the infection spreads on a large scale, it may affect the Company’sbusiness.
Further, in overseas operations, if the spread of COVID-19 in countries where we have operations restricts social
activities, it may become difficult to carry out production and sales activities there. In particular, if the infection
spreads in China, Thailand, and Taiwan, where the Nikko Group has business bases, there is a possibility of direct
impact.
(vii) Risk associated with rising prices of materials, etc.
In addition to demand expansion in anticipation of the waning of the COVID-19 pandemic, prices are rising globallyowing to the impact of Russia’s invasion of Ukraine. While there are some signs of a slowdown in price rises
following monetary tightening by the central banks, primarily in the U.S. and Europe as an inflation countermeasure,there still remain keen concern over rising prices and inflation. If this situation continues, prices of materials, etc. theCompany purchase also increase and the Company’s earnings may deteriorate. Further, the Company’s customers
may postpone or suspend their capital investment plans due to the impact of price increases, which may cause theCompany’s net sales to decline.

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(viii) Risk associated with the Russia-Ukraine situation
The Company has suspended transactions with Russia. In the past, its transactions for Russia were limited toparts worth several tens of millions of yen a year and the impact of the suspension of the transactions is negligible.
However, the rises in crude oil and other prices and the disruption in the global economy due to the impact of theRussia-Ukraine situation may impact capital investment plans, etc. to customers of the Company.
(ix) Risk associated with the fluctuation of foreign exchange market
The Company imports mainstay products of the mobile plant business from Europe and sells them. While theCompany hedges risks related to foreign exchange fluctuations by purchasing foreign currencies in advance andusing forward exchange contracts for importing, it may be exposed to the risk of foreign exchange rate fluctuation if
it fails in such risk-hedges.

-9-

2. Status of the Nikko Corporate GroupThe Nikko corporate group consists of the Company and 11 subsidiaries. The principal business of Nikko Group is
manufacture and distribution of asphalt plants, concrete plants, and environment and conveyor machinery, and it is also
engaged in real estate leasing and sales of housing renovation, etc.
In the segment information by type of business, the asphalt plant business is classified as the Asphalt Plant-Related
Business, concrete plant business as the Concrete Plant-Related Business, the environment and conveyor business as
the Environment- and Conveyor-Related Business and the other business including temporary construction materials
and hand tools as the Other Business.
Category
Asphalt PlantRelated Business

Main products
Asphalt plants
Recycling plants
Mixture silos
Electronic control devices, plant management system

Concrete PlantRelated Business

Concrete plants
Compact concrete plants
Concrete pumps
Electronic control devices, plant management system
Concrete manufacturing plant facilities, etc.
Environment- and Belt conveyors, conveyors for facilities, beverage container
Conveyorrecycling plants
Related Business Soil remediation plant, plastic recycling plant
Other business
Pipe scaffoldings, steel gangplanks, pipe supports
Temporary aluminum staircases
Shovels, spades
Small-sized concrete mixers, mortar mixers
Sluices, waterproof boards, crushers
Real estate leasing, construction machinery product leasing
Housing renovation
Industrial machinery, gas holders, solar LED
The group organizational chart is shown in the following page.

- 10 -

Main companies
Nikko Co., Ltd.
Nikko Electronics Co., Ltd.
Nikko Machinery Co., Ltd.
Nikko (Shanghai) Construction
Machinery Co., Ltd.
Nikko Asia (Thailand) Co., Ltd.
Nikko Nilkhosol Co.,Ltd.
Nikko Co., Ltd.
Nikko Electronics Co., Ltd.
Nikko Machinery Co., Ltd.
Nikko (Shanghai) Construction
Machinery Co., Ltd.
Nikko Co., Ltd.

Nikko Co., Ltd.
Nikko Machinery Co., Ltd.
Tombo Industry Co., Ltd.
Nikko Sec Co., Ltd.
Nikko Kosan Co., Ltd.
Maekawa Kogyosho Co., Ltd.
Ube Kohki Co., Ltd.
Nikko Baumaschinen GmbH

3. Basic Approach to the Selection of Accounting Standards
The Nikko Group plans to continue applying the Japanese accounting standards for the time being taking into
consideration availability of periodical comparison of its consolidated financial statements and availability of comparison
among other companies.
It plans to respond appropriately to the application of the International Financial Reporting Standards (IFRS) by taking
into consideration the situation in Japan and overseas.

- 11 -

4. Consolidated Financial Statements and Notes to the Statements(1) Consolidated Balance Sheets(million yen)
As of March 31, 2022
AssetsCurrent assets
Cash and cash equivalents
Notes receivable-trade
Accounts receivable-trade
Electronically recorded monetary claims
Merchandise and finished goods
Work in process
Raw materials and supplies
Forward exchange contracts
Other business
Allowance for doubtful accounts
Total current assets
Non-current assets
Property and equipment
Buildings and structures (net)
Machinery, equipment and vehicles (net)
Tools, furniture and fixtures (net)Land
Lease assets (net)Right-of-use assets (net)
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other businessTotal intangible assets
Investments and other assets
Investment securities
Investments in capital
Long-term loans receivable
Deferred tax assets
Other business
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets- 12 -

As of March 31, 2023

12,436
2,163
7,275
1,594
990
6,970
1,695
1,002
(0)
34,127

10,317
2,357
6,645
2,233
1,794
7,423
1,657
14
1,279
(1)
33,723

5,227
1,256
399
3,577
1
72
134
10,669

5,945
1,292
405
3,878
0
81
236
11,839

266
769
1,036

130
889
1,020

4,336
15
8
864
1,152
(131)
6,246
17,951
52,079

3,488
7
14
981
1,183
(130)
5,544
18,404
52,127(million yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable-trade
Electronically recorded obligations
Accounts payable-factoring
Short-term loans payable
Income taxes payable
Accounts payable-other
Advances received
Contract liabilities
Provision for bonuses
Provision for directors' bonuses
Provision for loss on order received
Other businessTotal current liabilities
Long-term liabilities
Long-term loans payable
Deferred tax liabilities
Provision for directors' retirement benefits
Retirement benefit-related liabilities
Other businessTotal noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Accumulated retirement benefit-related
adjustment
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets- 13 -

As of March 31, 2023

3,132
868
2,783
2,229
518
664
17
4,405
483
76
35
559
15,774

3,012
858
2,355
3,312
265
644
17
3,713
417
76
172
492
15,338

1,583
7
182
2,126
354
4,254
20,029

2,449
0
235
2,166
333
5,184
20,523

9,197
7,925
13,755(784)
30,093

9,197
7,934
13,628(760)
29,999

1,453

1,177

560

582

(104)

(115)

1,910

1,644

46
32,05052,079(40)
31,604
52,127

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Foreign exchange gains
Outsourcing service income
Other businessTotal non-operating income
Non-operating expenses
Interest expenses
Loss on disposal of noncurrent assets
Compensation for damage
Expenses for dismantling and removal
Other businessTotal non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Total extraordinary income
Extraordinary loss
Loss due to the spread of COVID-19
Impairment loss
Loss on sales of investment securities
Total extraordinary loss
Net income before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Net income
Loss attributable to non-controlling interests
Net income attributable to owners of parent

Fiscal year ended March 31,
2022(from April 1, 2021
to March 31, 2022)
38,84628,346
10,5008,447
2,053(million yen)
Fiscal year ended March 31,
2023(from April 1, 2022
to March 31, 2023)
39,66529,348
10,317
9,288
1,028

2
123
77
49
82
335

2
104
158
64
330

50
0
14
24
25
114
2,274

77
6
18
102
1,255

326
326

564
564

0
0
2,599
944
40
985
1,614
(34)
1,649

23
104
127
1,693
745
6
751
941
(78)
1,020

- 14 -

(Consolidated Statements of Comprehensive Income)Net income
Other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Retirement benefit-related adjustment
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of
the parent
Comprehensive income attributable to noncontrolling interests(million yen)
Fiscal year ended March 31, Fiscal year ended March 31,
2022
2023
(from April 1, 2021
(from April 1, 2022
to March 31, 2022)
to March 31, 2023)
1,614
941

- 15 -

(139)

(275)

290
10
161
1,775

13
(11)
(273)
667

1,804

755

(28)

(87)

(3) Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(million yen)
Shareholders' equity
Capital stock
Balance at beginningof term

9,197

Capital surplus

Retained earnings

7,926

13,366

Treasury stock(805)

Total shareholders’equity29,685

Changes during term
Cash dividends
Net income
attributable toowners of parent
Purchase oftreasury stock
Disposal oftreasury stock
Change inownership interestof parent due totransactions with
non-controllinginterests
Net changes of
items other thanshareholders'equityTotal changes of
items during theperiodBalance at end ofterm(1,260)(1,260)

1,649

1,649

11

(0)

(0)

20

32

(12)

(12)

-

(1)

388

20

408

9,197

7,925

13,755(784)

30,093

Accumulated other comprehensive income

Balance at beginningof term

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Accumulated
retirement benefitrelated
adjustment

Total accumulated
othercomprehensive
incomeNon-controllinginterests

Total net assets

1,592

264

(114)

1,742

24

31,451

Changes during term
Cash dividends
Net income
attributable toowners of parent
Purchase oftreasury stock
Disposal oftreasury stock
Change inownership interestof parent due totransactions with
non-controllinginterests
Net changes of
items other thanshareholders'equityTotal changes of
items during theperiodBalance at end ofterm(1,260)
1,649
(0)
32

(12)

(139)

296

10

167

22

190

(139)

296

10

167

22

598

1,453

560

(104)

1,910

46

32,050- 16 -

Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(million yen)
Shareholders' equity
Capital stock
Balance at beginningof term

9,197

Capital surplus

Retained earnings

7,925

13,755

Treasury stock(784)

Total shareholders’equity30,093

Changes during term
Cash dividends
Net income
attributable toowners of parent
Purchase oftreasury stock
Disposal oftreasury stock
Change inownership interestof parent due totransactions with
non-controllinginterests
Net changes of
items other thanshareholders'equityTotal changes of
items during theperiodBalance at end ofterm(1,147)(1,147)

1,020

1,020

9

(0)

(0)

23

33

-

9

(127)

23

(93)

9,197

7,934

13,628(760)

29,999

Accumulated other comprehensive income

Balance at beginningof term

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Accumulated
retirement benefitrelated
adjustment

Total accumulated
othercomprehensive
incomeNon-controllinginterests

Total net assets

1,453

560

(104)

1,910

46

32,050Changes during term
Cash dividends
Net income
attributable toowners of parent
Purchase oftreasury stock
Disposal oftreasury stock
Change inownership interestof parent due totransactions with
non-controllinginterests
Net changes of
items other thanshareholders'equityTotal changes of
items during theperiodBalance at end ofterm(1,147)
1,020
(0)
33

(275)

21

(11)

(265)

(87)

(352)

(275)

21

(11)

(265)

(87)

(446)

1,177

582

(115)

1,644

(40)

31,604- 17 -

(4) Consolidated Statements of Cash Flows(million yen)
Fiscal year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)

Fiscal year ended
March 31, 2022
(from April 1, 2021
to March 31, 2022)
Cash flows from operating activities
Net income before income taxes
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit-related
adjustment
Increase (decrease) in provision for directors'
retirement benefits
Interest and dividends income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sales and valuation of investment
securities
Decrease (increase) in notes and accounts receivabletrade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payabletrade
Impairment loss
Increase (decrease) in contract liabilities
Other business
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Cash flows from operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of investment securities
Proceeds from sales and redemption of investment
securities
Purchase of property, plant and equipment andintangible assets
Purchase of shares of subsidiaries resulting in change
in scope of consolidation
Payments for acquisition of businesses
Payments of loans receivableCollection of loans receivable
Other business
Cash flows from investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from sale of shares of subsidiaries not
resulting in change in scope of consolidation
Purchase of treasury stock
Repayments of finance lease obligations
Cash dividends paid
Cash flows from financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

- 18 -

2,599
745
14
(5)

1,693
944
46
(0)

71

22

(9)

52

(126)
50
(72)

(107)
77
(15)

(325)

(564)

1,653

(196)

(1,583)(1,156)

(28)

(204)

1,172
(1,006)
3,150
126
(50)
(1,002)
2,224

104
(708)
(696)
(709)
139
(77)
(997)
(1,644)

(47)
47
(423)

(47)
47
(22)

754

1,002

(1,697)(2,174)

(733)

-

(127)
(4)
7
60
(2,165)

(10)
5
(26)
(1,226)

(125)
1,099
(46)

968
1,084
(187)

51

-

(1,260)
(282)

(0)
(7)
(1,147)
710

168

41

(54)
12,444
12,389(2,118)12,38910,270(5) Notes to Consolidated Financial Statements(Going Concern Assumption)
Not applicable(Changes in Accounting Policy)(Application of Implementation Guidance on Accounting Standard for Fair Value Measurement)
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value Measurement”(ASBJ Guidance No. 31, June 17, 2021; hereinafter “Fair Value Measurement Guidance”) from the beginning of
the fiscal year under review. In accordance with the transitional treatments prescribed in Article 27-2 of the Fair
Value Measurement Guidance, the Company plans to apply the new accounting policies prescribed in the Fair
Value Measurement through the future. The application of the said accounting standard does not affect theconsolidated financial statements.
(Changes in Method of Evaluating Inventories)
The Company had mainly adopted the cost method based on the first-in first-out method for evaluating
inventories. However, it changed to the cost method based on specific identification method for finished goods,
merchandise, and work in process and the cost method based on periodic average method for raw materials andsupplies starting from the fiscal year ended March 31, 2023. This change in the evaluation method, which took
advantage of the changes being made to the core system, is aimed at more appropriately evaluating inventories
and calculating periodic profit or loss. The Company did not account for the change in the evaluation method
retrospectively, as its impact is expected to be negligible.
(Change in the method of presentation)
Not applicable- 19 -

(Segment Information)[Segment Information]
1. Overview of reportable segment
The Company’s reportable segments are components of the Nikko Group about which separate financial information isavailable. These segments are subject to periodic examinations to enable the Company’s Board of Directors to decide
how to allocate resources and assess performance.
The Company formulates comprehensive strategy for products and services in Japan and overseas and implements
business activities.
The Company, therefore, classifies its operations into three reportable segments of Asphalt Plant-Related Business,
Concrete Plant-Related Business and Environment- and Conveyor-Related Business.
The Asphalt Plant-Related Business produces asphalt mixing plants, recycling plants, etc. and provides maintenanceservices. The Concrete Plant-Related Business produces concrete batching plants, etc. and provides maintenanceservices. The Environment- and Conveyor-Related Business produces environmental and recycling plants, various typesof conveyor systems, etc.
2. Calculation of net sales, income/loss, assets, and other items by reportable segment
Accounting methods applied in the reportable business segments are roughly in accordance with the Significant
Matters Serving as a Basis for the Presentation of Consolidated Financial Statements.
Reportable segment income is based on operating income.
Intersegment sales or transfers are based on market price.
3. Net sales, income/loss, assets, and other items by reportable segment
Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(million yen)
Reportable segment
Asphalt
Concrete
EnvironmentPlant-Related Plant-Related and ConveyorBusinessBusiness Related Business

Total

Other
business(note)Net sales
Sales to outside customers
18,328
10,8393,018
32,1866,660
Inter-segment sales and transfers
4
4
262
Total
18,328
10,8393,023
32,191
6,922
Segment income
562
1,123
587
2,273
1,073
Segment assets
17,037
5,570
1,423
24,03012,708Other items
Depreciation and amortization
228
132
13
375
199
Amortization of goodwill
14
14
Increase (decrease) in tangible
757
283
19
1,059
494
and intangible assets
Note: Other is a business segment that is not included in reportable segments and includes temporary
construction material business, hand tool business, floodgate business, and crusher business.

Total

38,846266
39,113
3,346
36,739
575
14
1,554

Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(million yen)
Reportable segment
Asphalt
Concrete
EnvironmentPlant-Related Plant-Related and ConveyorBusinessBusiness Related Business

Total

Other
business(note)Net sales
Sales to outside customers
17,341
11,111
2,888
31,3408,324Inter-segment sales and transfers
8
8
250
Total
17,341
11,111
2,896
31,3498,574
Segment income
49
1,017
522
1,589
1,044
Segment assets
16,934
6,507
1,815
25,257
13,297
Other items
Depreciation and amortization
250
144
14
409
275
Amortization of goodwill
27
27
18
Impairment loss
104
104
Increase (decrease) in tangible
461
192
1
655
1,181
and intangible assets
Note: Other is a business segment that is not included in reportable segments and includes temporary
construction material business, hand tool business, floodgate business, and crusher business.

- 20 -

Total

39,665258
39,924
2,633
38,555
684
46
104
1,836

4. Difference between reportable segment total and consolidated financial statement amounts and main factors in the
difference (related to difference adjustment)(million yen)
Net sales
Reportable segment total
Net sales for Other
Elimination of intersegment transaction
Net sales in consolidated financial
statements

Fiscal year ended March 31, 2022 Fiscal year ended March 31, 2023
32,191
31,349
6,922
8,574
(266)
(258)
38,846

39,665(million yen)
Earnings
Fiscal year ended March 31, 2022 Fiscal year ended March 31, 2023
Reportable segment total
2,273
1,589
Earnings for Other
1,073
1,044
Elimination of intersegment transaction
Corporate expenses (note)(1,293)(1,605)
Operating income in consolidated financial
2,053
1,028
statements
Note: Corporate expenses are expenses of planning and administrative divisions of the Company that are not
attributable to reportable segments.
(million yen)
AssetsFiscal year ended March 31, 2022 Fiscal year ended March 31, 2023
Reportable segment total
24,03025,257
Assets in Other
12,70813,297
Corporate assets (note)
15,34013,571
Total assets in consolidated financial
52,07952,127statements
Note: Assets in Other are assets that are not attributable to reportable segments, including surplus funds managed
by the Company, funds for long-term investment, and assets associated with administrative divisions.

Reportable segment
total
Other items

Fiscal
year
ended
March
31, 2022

Fiscal
year
ended
March
31, 2023

Other business
Fiscal
year
ended
March
31, 2022

Fiscal
year
ended
March
31, 2023

Adjustment (note)
Fiscal
year
ended
March
31, 2022

Fiscal
year
ended
March
31, 2023(million yen)Amount inconsolidated financial
statements
FiscalFiscal
year
year
ended
ended
March
March
31, 2022 31, 2023

Depreciation and
375
409
199
275
170
259
745
944
amortization
Amortization of
14
27
18
14
46
goodwill
Impairment loss
104
104
Increase (decrease) intangible and intangible
1,059
655
494
1,181
352
378
1,907
2,214
assetsNote: The adjustments for increase in property, plant and equipment and intangible assets are capital investment
related to the planning and administrative divisions of the Company.

- 21 -

[Related Information]
Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)
1. Information by product and service
The categories of products and services are omitted as they are the same as the reportable segments.
2. Information by region(1) Net sales(million yen)
Japan

China
34,099Other business
3,670

Total

1,076

38,846(Note) Net sales are categorized by country or region based on the locations of the customers.
(2) Property and equipment(million yen)
Japan

China

Other business

9,147

471

Total

1,049

10,6693. Information by major customer
Sales to outside customers are omitted because net sales to no customer account for 10% or more of
net sales on the consolidated statement of income.
Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
1. Information by product and service
The categories of products and services are omitted as they are the same as the reportable segments.
2. Information by region(1) Net sales(million yen)
Japan

China
34,061Other business
4,829

Total
775

39,665(Note) Net sales are categorized by country or region based on the locations of the customers.
(2) Property and equipment(million yen)
Japan

China
10,048Other business
471

1,319

Total
11,8393. Information by major customer
Sales to outside customers are omitted because net sales to no customer account for 10% or more of
net sales on the consolidated statement of income.

- 22 -

[Information regarding impairment of non-current assets by reportable segment]
Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)
Not applicable
Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
The Company has omitted description of impairment loss in this section, as it has disclosed the same
information in Segment Information.
[Information regarding the amount of goodwill amortization and the balance of unamortized goodwill byreportable segment]
Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(million yen)Concrete
EnvironmentAsphalt Plant
Corporate/
Plant
and Conveyor- Other-Related
Total(note) elimination-Related
RelatedBusiness
Business
Business
Amortization for term
14
14
－
－
－
－
Balance at end of term
117
149
266
－
－
－
Note: Other is a business segment that is not included in reportable segments and includes temporary
construction material business, hand tool business, floodgate business, and crusher business.
Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
Concrete
EnvironmentAsphalt Plant
Plant
and Conveyor- Other-Related-Related
Related(note)
Business
Business
Business
Amortization for term
27
18

(million yen)
Corporate/elimination

Total

-

46

Balance at end of term
130
130
Note: Other is a business segment that is not included in reportable segments and includes temporary
construction material business, hand tool business, floodgate business, and crusher business.

[Information regarding gain on bargain purchase by reportable segment]
Not applicable(Per Share Information)
Fiscal year ended March 31, 2022
(from April 1, 2021 to March 31, 2022)

Fiscal year ended March 31, 2023
(from April 1, 2022 to March 31, 2023)

Net assets per share

837.22 yen

826.73 yen

Net income per share

43.16 yen

26.67 yen

Notes 1. Diluted net income per share is not described, as dilutive shares do not exist.
2. The calculation base for profit for the period per share is as follows:

Fiscal year ended March 31, 2022
Fiscal year ended March 31, 2023
(from April 1, 2021 to March 31, 2022) (from April 1, 2022 to March 31, 2023)
Net income per share
Net income attributable to owners ofparent (in million yen)

1,649

1,020

Amount not attributable to common
stockholders (million yen)－－

Net income attributable to common
stock of owners of parent (million yen)

1,649

1,020

Average number of shares outstanding
during the term (shares)

38,215,523

38,261,001- 23 -

(Significant Subsequent Events)
Not applicable- 24 -

5. Other Information(1) Changes in Officers(i) Changes in Representative Directors
Not applicable(ii) Changes in Other Officers- Candidates for Directors
Takeshi Sone, Director, Manager of Service Planning Department and Mobile Plant Business Department,
Business Division(currently Senior Executive Officer, Manager of Service Planning Department and Mobile Plant Business
Department, Business Division)
Koichi Kawakami, Director, Deputy General Manager, Administrative Division, Manager, Corporate Planning
Department, CEO Office, and DX Business Team Leader (CDO)(currently Executive Officer, Deputy General Manager, Administrative Division, Manager, Corporate Planning
Department, CEO Office, and DX Business Team Leader [CDO])- Directors to retire
Director Minoru Tanaka
Outside Director Tsutomu Yuasa- Executive Officers to be promoted
Kazuhiro Yamada, Senior Executive Officer, Deputy General Manager of Manufacturing Division, Manager ofHead Office Factory, and General Manager of Manufacturing Technology Office(currently Executive Officer, Deputy General Manager of Manufacturing Division, Manager of Head Office
Factory, and General Manager of Manufacturing Technology Office)- Executive Officers to retire
Masao Natori, Senior Executive Officer(iii) Expected date of changes
June 23, 2023
(2) Other
Not applicable- 25 -