Outline of Consolidated Financial Results for the Year Ended March 31, 2021
May 14, 2021
Name of the listed company: NIPPON SHINYAKU CO., LTD.
Listing stock exchange: Tokyo
Code No.: 4516
URL https://www.nippon-shinyaku.co.jp/
Representative: Shigenobu Maekawa, President and Representative Director
Contact: Hideyuki Fujii, Department Manager and Finance & Accounting Dept.
Tel. +81-75-321-9114
Scheduled date for annual general meeting of shareholders: June 29, 2021
Scheduled start of payment: June 30, 2021
Scheduled date for submission of Securities Report: June 30, 2021
Supplementary material:
Yes
Financial result meeting:Yes (for institutional investors and securities analysts)* All amounts are rounded down to the nearest million yen.
1. Consolidated Results for the Year Ended March 31, 2021 (April 1, 2020 to March 31, 2021)(1) Operating results
Net sales

Operating income

Year ended March 31, 2021
121,885
4.5%
Year ended March 31, 2020
116,637
1.7%
Note: Comprehensive income
As of March 31, 2021: ¥22,982 million 41.5%

26,134
21,66820.6%
5.0%(¥ million)

Net income attributable
Ordinary income
to owners of the parent
26,76019.2%
20,70222.7%
22,442
4.2%
16,866
3.5%

As of March 31, 2020: ¥16,237 million 22.9%

Net income per share (¥)
Ordinary income toOperating income to
Return on equity
total assets
net sales
Basic
Diluted－Year ended March 31, 2021
307.37
13.5%
14.4%
21.4%
－Year ended March 31, 2020
250.42
12.0%
13.1%
18.6%
Notes: 1. Percentage figures for net sales, operating income, ordinary income and net income represent year-on-year comparisons.
2. Equity-method investments: not applicable(2) Financial position(¥ million)

Total assets
As of March 31, 2021
197,028
As of March 31, 2020
175,017
Note: Owners’ equity
As of March 31, 2021: ¥162,254 million

Net assets
162,543
145,760

Equity ratio
Net assets per share (¥)
82.4%
2,409.01
83.1%
2,160.11

As of March 31, 2020: ¥145,491 million(3) Cash flows

As of March 31, 2021
As of March 31, 2020(¥ million)
Cash flows fromoperating activities
21,38812,737

Cash flows frominvesting activities(1,564)(2,339)Cash flows from
Cash and cash
financing activities
equivalents at year-end(6,199)
57,883(5,660)44,298

2. Dividends

Year ended March 31, 2020

43.00

43.00

86.00

5,792

Dividends as apercentage ofnet assets(consolidated)
34.3%
4.1%

Year ended March 31, 2021

49.00

50.00

99.00

6,667

32.2%

Year ending
March 31, 2022(forecast)

51.00

52.00

103.00

Annual dividends per share (¥)
2nd quarter

Year-end

AnnualTotal dividends
Payout ratio(full term)(consolidated)(¥ million)

4.3%

33.0%

3. Business Forecast for the Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022)

Net sales

Operating income Ordinary income

First-half period
69,50020.2 18,000
Full term
135,000
10.8 28,000
Note: Percentage figures represent year-on-year comparisons.

61.6
7.1

- 1 -

18,20028,50061.86.5(¥ million)
Net income
Net income
attributable toattributable toowners of theowners of theparent
parent per share (¥)
13,00061.0
193.01
21,0001.4
311.79

4. Others(1) Changes in the scope of consolidation
Inclusion: None
Exclusion: None
Note: Changes in specified subsidiaries involved changes in the scope of consolidation(2) Changes in accounting policies and accounting estimates, and restatement
1. Changes in accounting policies arising from revision of accounting standards: None
2. Changes in arising from other factors: None
3. Changes in accounting estimates: None
4. Restatement: None
(3) Number of shares outstanding (ordinary shares)
Number of shares outstanding (including treasury stock)
As of March 31, 2021:
As of March 31, 2020:
Number of shares of treasury stock
As of March 31, 2021:

70,251,484 shares
70,251,484 shares
2,898,183 shares

As of March 31, 2020:
2,897,768 shares
Average number of shares outstanding (total for the consolidated period)
As of March 31, 2021:
As of March 31, 2020:

67,353,565 shares
67,353,951 shares

Note:
This summary of financial results is exempt from the audit procedures under the Financial Instruments and Exchange Act. At the timeof disclosure, published figures in this financial release have not been completed to an audit of financial statements based on theFinancial Instruments and Exchange Law.
The above forecasts are based on data available as of the date of release of this document as well as assumptions based on uncertain
factors, which might have a material effect on the Company’s performance in the future. Readers are advised that actual results may
differ substantially from the above forecasts due to various unforeseeable factors.

- 2 -5. Consolidated Financial Statement(1) Consolidated Balance Sheet(Millions of yen)
As of March 31, 2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable
Electronically recorded monetaryclaimsSecurities
Merchandise and finished goods
Semi-finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment andvehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures,net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Long-term prepaid expenses
Retirement benefit asset
Other
Total investments and other assets
Total non-current assets
Total assets

As of March 31, 2021

36,00540,947

47,77039,289575

508

11,10915,1794,244
374
10,0963,392(0)121,925

13,02918,292
6,050
890
10,2912,968(0)
139,090

27,792(18,673)
9,119
12,444(9,685)28,287(19,277)
9,010
12,811(10,019)

2,758

2,791

8,955
(7,653)

9,408(7,785)

1,301

1,622

7,459
305
20,944
546

7,430
451
21,306677

18,909
1,726
8,631
－
2,332
31,60053,091
175,017

22,113
1,518
9,390
6212,310
35,95457,937
197,028

(Millions of yen)
As of March 31, 2020
Liabilities
Current liabilities
Notes and accounts payable
Accounts payable
Accrued expenses
Income taxes payable
Accrued consumption taxes
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Deferred tax liabilities
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-forsale securities
Deferred gains or losses on hedges
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

As of March 31, 2021

11,213
5,730
1,498
2,081
338
2,994
1,108
24,965

9,543
8,131
1,367
6,679
582
3,096
2,114
31,514

9
3,956
324
4,290
29,256

－
2,646
324
2,970
34,485

5,174
4,445
132,886(2,473)140,032

5,174
4,445
147,391(2,476)
154,535

6,929

8,911

7

11(3)

(96)

(1,475)(1,107)

5,458

7,719

269
145,760
175,017288
162,543
197,028

(2) Consolidated Statements of Income(Millions of yen)
Fiscal year ended
March 31, 2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and allowances
Provision for bonuses
Retirement benefit expenses
Depreciation
Research and development expenses
Promotion expenses
Other
Total selling, general and administrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income
Gain on sale of investment securities
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Donations
Foreign exchange losses
Rental expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controllinginterests
Profit attributable to owners of parent

Fiscal year ended
March 31, 2021

116,637
53,15563,481

121,885
49,954
71,931

9,198
2,014
722
352
13,994
5,203
10,327

10,211
2,094
521
374
16,104
4,979
11,51041,81345,796

21,66826,134

17
557
458
277
－
288
1,599

21
510
470－
192
132
1,326

2
327
141
142
210
824
22,442

2
364－
140
193
701
26,760－－－22,442
4,732
821
5,553
16,888

62
1,936
1,998
28,759
8,821
(783)
8,038
20,72122

18

16,866

20,702

(Consolidated Statements of Comprehensive Income)(Millions of yen)
Fiscal year ended
March 31, 2020
ProfitOther comprehensive incomeValuation difference on available-forsale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans,
net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of parent
Comprehensive income attributable to noncontrolling interests

Fiscal year ended
March 31, 2021

16,88820,721(2,510)

1,982

12(3)

4(92)

1,851

367

(650)
16,237

2,261
22,982

16,21522,9632218

(3) Consolidated Statements of Changes in Net Assets(Millions of yen)
Shareholders' equity
Total

Year ended March 31,2020

Share capital

Capital surplus

Retained earnings

Treasury sharesshareholders'equity

Balance at beginning of

5,174

period4,445

121,677(2,469)128,827

Changes during period
Dividends of surplus
Profit attributable toowners of parent(5,657)(5,657)

16,866

16,866

Purchase of treasury
shares(3)(3)

Net changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of period－－

11,209(3)

11,205

5,174

4,445

132,886(2,473)140,032

Accumulated other comprehensive income
Valuationdifferenc
e onavailable-for-salesecuritie

Foreign
Deferred
gains ortranslati

losses onon

hedgesadjustmen
tsBalance at beginning of
period9,440

currency(5)0Remeasureme
nts ofdefinedbenefitplans(3,326)

Total
accumulatNon-ed othercontrollingcompreheninterests

Total net
assetssiveincome
6,109

253

135,190

Changes during period
Dividends of surplus(5,657)

Profit attributable to

16,866owners of parent
Purchase of treasury(3)

sharesNet changes in items
other than(2,510)

12(3)

1,851

(650)

16(634)(2,510)

12(3)

1,851

(650)

16

10,570

6,929

7(3)

(1,475)

5,458

269

145,760

shareholders' equity
Total changes during
periodBalance at end of period

(Millions of yen)
Shareholders' equity
Total

Year ended March 31,
2021

Share capital

Capital surplus

Retained earnings

Treasury sharesshareholders'equity

Balance at beginning of

5,174

period4,445

132,886(2,473)140,032

Changes during period
Dividends of surplus
Profit attributable toowners of parent(6,196)(6,196)

20,702

20,702

Purchase of treasury
shares(3)(3)

Net changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of period－－

14,505(3)

14,502

5,174

4,445

147,391(2,476)

154,535

Accumulated other comprehensive income
Valuationdifferenc
e onavailable-for-salesecuritie

Foreign
Deferred
gains ortranslati

losses ononhedgesadjustmen
tsBalance at beginning of
period6,929

currency

7(3)

Remeasureme
nts ofdefinedbenefitplans(1,475)

Total
accumulatNon-ed othercontrollingcompreheninterests

Total net
assetssiveincome
5,458

269

145,760

Changes during period
Dividends of surplus(6,196)

Profit attributable to20,702

owners of parent
Purchase of treasury(3)

sharesNet changes in items
other than

1,982

4(92)

367

2,261

18

2,280

1,982

4(92)

367

2,261

18

16,7828,911

11(96)

7,719

288

162,543

shareholders' equity
Total changes during
periodBalance at end of period(1,107)

(4) Consolidated Statements of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2020
Cash flows from operating activities
Profit before income taxesDepreciation
Increase (decrease) in provisions
Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit
liability
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Increase (decrease) in other current liabilities
Foreign exchange losses (gains)
Loss (gain) on sale of property, plant andequipment
Loss (gain) on sale of investment securities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating
activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of securities
Proceeds from redemption of securities
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant andequipment
Purchase of long-term prepaid expenses
Other, net
Net cash provided by (used in) investingactivities
Cash flows from financing activities
Dividends paid
Purchase of treasury shares
Other, net
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

Fiscal year ended
March 31, 2021

22,442
3,468
64－

28,7593,550
101(1,858)(1,222)

457

(574)
2
5,033
(10,521)(703)
3,227(887)(1,685)68(531)
2
1,724(5,629)306(1,669)
261
1,523
(52)

(3)

(62)

(277)
(31)
18,400574(2)(6,235)(1,936)
214
25,162532(2)(4,304)

12,737

21,388(582)
762(2,000)
1,520
(62)
1,340
(1,817)(662)
582(2,000)2,010(1,102)
2,542(2,168)117

195(1,315)
(301)

(694)
(266)

(2,339)(1,564)(5,651)(3)(5)(6,196)(3)－(5,660)(6,199)

(72)

(40)

4,665

13,584

39,632
44,29844,29857,883