November 7, 2023

Company Name:
Representative:

Contact Person:

NISSO HOLDINGS Co., Ltd.
Ryuichi Shimizu,
Representative Director, President & CEO(Securities Code: 9332, TSE Prime Market)
Naoki Hayakawa,
Managing Director & CFO/
Head of Planning and Development(TEL. +81-45-514-4323)

Disclosure of Financial Results for Delisted Subsidiary (NISSO CORPORATION)NISSO HOLDINGS Co., Ltd. hereby announces the "Consolidated Financial Results for the First Six Months of FY
3/2024 (from April 1, 2023 to September 30, 2023)" regarding NISSO CORPORATION, which became a wholly owned
subsidiary on October 2, 2023, as shown in the attachment.

Consolidated Financial Results for the First Six Months of FY 3/2024 [Japanese GAAP]
November 7, 2023
Securities CodeNISSO HOLDINGS Co., Ltd. (for NISSO CORPORATION)
9332
ＵＲＬ https://www.nisso-hd.com

Representative(Title)Representative Director,
President & CEO

Contact Person(Title)Senior Managing Director & CFO （Name）Naoki Hayakawa ＴＥＬ +81-45-514-4323

Company Name

Scheduled date of filing
Quarterly Report

Stock Exchange Listing: Tokyo（Name）Ryuichi Shimizu

Scheduled date of－－payment of dividend

Preparation of supplementary materials
for quarterly financial results: Yes(Scheduled to be posted on the Company's website on November 7, 2023 (Tue.))

Holding of quarterly financial results(Scheduled to be held for institutional investors and analysts on November 9,

meeting: Yes

2023 (Thu.))（All amounts are rounded down to the nearest million yen）

1. Consolidated Financial Results for the First Six Months of the Fiscal Year Ending March 31, 2024
(April 1, 2023 – September 30, 2023)(1) Consolidated results of operations（Percentages represent year-on-year changes）
Net salesFirst six months ended

September 30, 2023
September 30, 2022
(Note) Comprehensive income

Operating profit

Ordinary profit
Million yen

Million yen％

Million yen％

47,381
43,162

9.8
17.6

965
510

89.2
(38.1)For the first six months ended September 30, 2023:
For the first six months ended September 30, 2022:

Net income per share

Diluted net income
per share

Yen

Yen

18.40
10.22

10.22

First six months ended

September 30, 2023
September 30, 2022

Profit attributableto owners of parent％

Million yen

％

998
71.5
582 (35.9)

625
347

80.1
(40.9)

631 Million yen ( 91.3%)
329 Million yen (-43.3%)(Note) "Diluted net income per share" for the first six months of FY 3/2024 is not listed because there are no dilutive
shares.

(2) Consolidated financial position
Total assets
As of

September 30, 2023
March 31, 2023
(Reference) Equity capital

Net assets

Equity ratio

Million yen

Million yen％

33,40330,092

14,894
14,80743.9
48.4

As of September 30, 2023:
As of March 31, 2023:

14,652 Million yen
14,568 Million yen

2. Dividends
Dividend per share
1Q-endFiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024
Fiscal year ending
March 31, 2024
(Forecast)

2Q-end3Q-endYear-end

Total

Yen

Yen

Yen

Yen

Yen

－

0.00

－

16.00

16.00

－

0.00
－

20.50

20.50

0.00

(Note) 1. Revisions to the most recently announced dividend forecast: None
2. The dividend forecast for FY 3/2024 is the forecast of NISSO HOLDINGS, Co., Ltd.

3. Consolidated Forecast for the Fiscal Year Ending March 31, 2024
(April 1, 20223 – March 31, 2024)（Percentages represent year-on-year changes）
Profit
Net income per
Net sales
Operating profit Ordinary profit attributable toshareowners of parent

Full year

Millionyen％

Millionyen％

Millionyen％

Million
yen

％

Yen

100,000

10.1

3,600

58.7

3,600

53.2

2,300

41.8

67.60

(Note) 1. Revisions to the most recently announced consolidated earnings forecast: None
2. The above consolidated performance forecast is the consolidated performance forecast for NISSO HOLDINGS Co., Ltd.
for FY 3/2024 (April 1, 2023 – March 31, 2024).

※

Notes
(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting inchanges in the scope of consolidation): None
Newly added: （Co. name）, Excluded: （Co. name）(2) Application of special accounting methods for the presentation of quarterly consolidated financial
statements: None
(3) Changes in accounting policies and accounting estimates, and restatements① Changes in accounting policies due to revisions in accounting standards, etc.:② Changes in accounting policies other than ① above:③ Changes in accounting estimates:④ Restatements:(4) Number of outstanding shares (Common stock)① Number of shares outstanding at
As of Sep.
the end of the period (including
30, 2023
treasury shares)②③

Number of treasury shares at theend of the period

As of Sep.

Average number of shares
outstanding during the period(Quarterly total)

First six

30, 2023

months ended
Sep. 30, 2023

34,024,720 Shares- Shares

As of Mar.
31, 2023
As of Mar.
31, 2023

None
None
None
None

34,353,200 Shares

328,480 SharesFirst six
34,024,720 Sharesmonths ended

33,989,011 SharesSep. 30, 2022※

The quarterly financial statement is not subject to the quarterly review procedures of certified public
accountants or auditing corporations※

Cautionary statement on the appropriate use of earning forecasts, and other special items（Notes on forward-looking statements, etc.）
・Earnings forecasts regarding future performance and other forward-looking statements in thismaterial are based on certain assumptions judged to be valid and on information that is currently
available to the Company, and do not represent promises by the Company that these figures will beachieved. In addition, actual results may differ significantly due to a variety of factors. For
prerequisite conditions, etc. regarding the earnings forecasts, please refer to "1. Qualitative
Information on Quarterly Financial Results, (4) Description of Future Forecast Information such as
Consolidated Forecasts, etc." on P. 5 of the attachments.
（Supplementary materials for quarterly financial results and method of obtaining content for quarterly
financial results meeting）
The Company is planning to hold a briefing session for institutional investors and analysts on
Thursday, November 9, 2023.
Quarterly financial results briefing materials to be used on that day will be posted on the Company's
website on the day of the announcement of financial results (Tuesday, November 7, 2023).

※

Submission of Quarterly Report
Since NISSO CORPORATION was delisted on September 28, 2023, it does not plan to submit a quarterly
report, and therefore, the scheduled date of submission is not listed.

（Reference）Summary of Non-consolidated Financial Results
Non-consolidated Financial Results for the First Six Months of the Fiscal Year Ending March 31, 2024
(April 1, 2023 – September 30, 2023)(1) Non-consolidated results of operations（Percentages represent year-on-year changes）
Net salesFirst six months ended

September 30, 2023
September 30, 2022

First six months ended

September 30, 2023
September 30, 2022

Operating profit

Ordinary profit

Million yen

Million yen

Million yen％

41,58338,875

7.0
14.4

921
66.0
554 (35.7)％

Net income per share

Diluted net income
per share

Yen

Yen

17.75
11.33

11.32

Quarterly net profit
％

938
49.5
627 (29.3)

Million yen

％

604
56.9
385 (32.6)(Note) "Diluted net income per share" for the first six months of FY 3/2024 is not listed because there are no dilutive
shares.

(2) Non-consolidated financial position
Total assets
As of

September 30, 2023
March 31, 2023
(Reference) Equity capital

Net assets

Equity ratio

Million yen

Million yen％

30,233
26,985

13,995
13,93546.3
51.6

As of September 30, 2023:

13,995 Million yen

As of March 31, 2023:

13,935 Million yen

○Contents of Attachments
１．Qualitative Information on Quarterly Financial Results ……………………………………………………

2（１）Description of Results of Operations ………………………………………………………………………

2（２）Description of Financial Position ……………………………………………………………………………

5（３）Description of Cash Flows ………………………………………………………………………………………

5（４）Description of Future Forecast Information such as Consolidated Forecasts, etc. ………………

5

２．Quarterly Consolidated Financial Statements and Notes ………………………………………………………

6（１）Quarterly Consolidated Balance Sheet ………………………………………………………………………

6（２）Quarterly Consolidated Statements of Income and Comprehensive Income ……………………………

7

Quarterly Consolidated Statement of Income
For the First Six Months ended September 30, 2023……………………………………………………

7

Quarterly Consolidated Statement of Comprehensive Income
For the First Six Months ended September 30, 2023……………………………………………………

8（３）Quarterly Consolidated Statements of Cash Flows …………………………………………………………

9（４）Notes regarding Quarterly Consolidated Financial Statements ………………………………………… 10（Notes regarding the Going Concern Assumption） …………………………………………………………

10（Notes on Significant Changes in the Amount of Shareholders' Equity） ……………………………

10（Significant Subsequent Events）………………………………………………………………………………

10

- 1 -

１．Qualitative Information on Quarterly Financial Results（１）Description of Results of Operations
In the current consolidated cumulative second quarter (hereinafter, the "period under review"), in
order to achieve its mission of "Creating opportunities and hopes for people to work", the Nisso Group(hereinafter, the Group") has been promoting initiatives " To transform into a corporate group withhigh-growth potential" by providing Human Resources Solution Services that support the growth ofcompanies and people, aiming to create workplaces where workers can feel motivated and grow, and toprovide services that can respond to social changes and changes in industrial structures.
The Group defines materiality (key issues) for the realization of its mission as "Creation of acomfortable workplace", "Responding to social changes and changes in industrial structures", and"Strengthening of governance". The Group aims to enhance corporate value through the creation ofsocial value by promoting digitization (digitalization) and actively investing in human resources,
maximizing employee satisfaction and customer/client satisfaction, providing high value-added
services, and strengthening management structures and internal controls.
The results for the period under review are as follows:(Unit: Million yen)

Net sales
Operating profit
Ordinary profit
Profit attributable toowners of parent

FY 3/2023
Cons. cumulative 2nd Qtr.
(April 1, 2022 September 30, 2022)
Amount(YoY)
43,162(up
17.6%)
510(down 38.1%)
582(down 35.9%)
347(down 40.9%)

FY 3/2024
Cons. cumulative 2nd Qtr.
(April 1, 2023 September 30, 2023)
Amount(YoY)
47,381
(up
9.8%)
965
(up 89.2%)
998(up 71.5%)
625

(up

80.1%)The Company (NISSO CORPORATION)
At NISSO CORPORATION (hereinafter, "the Company"), the Group's main operating company, during theperiod under review, the number of enrolled manufacturing staff amounted to 16,158 (up 428 year-onyear) due to efforts to expand opportunities for recruitment interviews through a combination of real(in-person) and Web interviews, despite a decrease in production at some of its clients,
manufacturers.
In addition, the Company has adopted an industry strategy that not only meets the needs ofindividual clients, but also responds proactively and promptly to the needs of each industry as theindustrial structure changes at an accelerated pace against the backdrop of technological innovationand environmental issues. In particular, the Company is focusing on the Automotive Industry(automobile manufacturing and EV-related manufacturing industry), the Semiconductor Industry(semiconductor manufacturing industry), and the Electronics Industry (electronic equipment
manufacturing industry).
Under this strategy, in the Automotive Industry, net sales amounted to 19,359 million yen (up 17.5%
year-on-year) as a result of the resolution of the impact of the parts shortages and steady demandfor human resources. In the Semiconductor Industry, net sales amounted to 6,232 million yen (down
9.0% year-on-year) due decreased demand in the fields of manufacturing equipment and memory. In theElectronics Industry, demand for PCs and communications equipment did not recover, resulting in net
sales of 4,745 million yen (down 10.6% year-on-year).
With regard to human resources development, with the aim of providing high value-added services,
the Group promoted the development of human resources by utilizing 9 training facilities nationwide,
and a total of 9,702 people (down 1,236 people year-on-year) were trained, including manufacturing
staff and engineers.
As a result of promoting these initiatives, the average monthly net sales per capita was 428
thousand yen (up 10 thousand yen year-on-year), and the Company's net sales increased 7.0% year-onyear to 41,583 million yen.
In addition, in terms of profits, as a result of the increase in operating hours of manufacturing
staff and the increase in net sales due to the recovery of production activities in the Automotive
Industry, the Company's operating profit increased by 66.0% year-on-year to 921 million yen as aresult of efficient reduction of selling, general and administrative (SG&A) expenses.

- 2 -The results of operations by segment are as follows:（General Human Resources Services Business）(Unit: Million yen)
FY 3/2023
Cons. cumulative 2nd Qtr.
(April 1, 2022 September 30, 2022)
Amount(YoY)
Net sales
Manufacturing・Production
Human Resources Services
Engineering Human Resources
Services
Administrative Human Resources
Services
Other Human Resources
Services
Total
Segment profit

FY 3/2024
Cons. cumulative 2nd Qtr.
(April 1, 2023 September 30, 2023)
Amount(YoY)

35,334(up

12.4%)

37,707

(up

6.7%)

3,986

(up

56.6%)

4,317

(up

8.3%)

1,149

(down

4.0%)

1,076

(down

6.3%)

1,199

(up

5,362.8%)

2,757

(up

129.9%)

41,669
492

(up
(down

18.4%)
38.8%)

45,859
923

(up
(up

10.1%)
87.5%)(Note) Regarding net sales of Other Human Resources Services, net sales of Nikon Nisso Prime Corporation have been recorded
from the second quarter consolidated accounting period (hereinafter, the “second quarter”) of FY 3/2023.

Manufacturing・Production Human Resources Services (NISSO CORPORATION, Vector Shinwa Co., Ltd.)In the Manufacturing・Production Human Resources Services, the Group is mainly engaged in
manufacturing dispatching and manufacturing contracting, and by strengthening its service provisionsystem to clients and strengthening its sales activities aimed at increasing orders, it has
strengthened its "earning power".
During the period under review, the number of enrolled staff increased to 14,761 (up 361 year-onyear) in response to the steady human resources needs of the Automotive Industry. In addition, as aresult of efforts to enhance various educational curricula and strengthen communication in order tocreate a comfortable workplace, the turnover rate remained at a low level of 3.9% (an improvement of
0.1 percentage points year-on-year), and the average monthly net sales per capita was 428 thousandyen (up 15 thousand yen year-on-year).
Engineering Human Resources Services (NISSO CORPORATION, Vector Shinwa Co., Ltd.)In the Engineering Human Resources Services, the Group dispatches engineers mainly in the
manufacturing industry and provides SES (System Engineering Service), with the aim of expanding its
high value-added areas.
During the period under review, the number of enrolled engineers increased to 1,479 (up 53 year-onyear) and the turnover rate was at 2.2% (the same level as the previous fiscal year). On the other
hand, due to a decrease in operating hours as a result of a lack of recovery in demand for PCs andcommunications equipment, net sales per capita amounted to 485 thousand (down 39 thousand yen yearon-year).
Administrative Human Resources Services (Nisso Brain Co., Ltd.)In the Administrative Human Resources Services, the Group provides general office work dispatching
and BPO (Business Process Outsourcing), and is working to restructure services and develop new menus.
During the period under review, although the Group promoted recruitment activities centered on
public relations and customer attraction activities, due to sluggish growth in the number ofregistrants, the number of enrolled administrative dispatched staff amounted to 555 (down 43 year-onyear).
Other Human Resources Services (Nikon Nisso Prime Corporation, Nisso Pure Co., Ltd.)In Other Human Resources Services, the Group aims to build a business model that will enable older
employees and employees with disabilities to flourish.
In addition to enhancing its human resources dispatching business, Nikon Nisso Prime Corporation is
working to support the active participation of older employees, as well as developing, securing, and- 3 -building a structure for employment opportunities that will enable such employees to continue towork. The number of older employees employed during the period under review was 640.
Nisso Pure Co., Ltd., a special-purpose subsidiary of the Company, aims to create a workplaceenvironment where diverse human resources can flourish. Rather than simply hiring employees withdisabilities, the Group is promoting activities that take advantage of the characteristics of eachindividual, such as being entrusted with light work by external clients, and aiming to coexist withlocal communities, including school officials, support organizations, and the government. The numberof employees with disabilities during the period under review was 221.
（Other Businesses）(Unit: Million yen)
FY 3/2023
Cons. cumulative 2nd Qtr.
(April 1, 2022 September 30, 2022)
Amount(YoY)
Net sales
Nursing Care・Welfare Services
Segment profit

1,503
18

(up
0.6%)
(down 7.2%)

FY 3/2024
Cons. cumulative 2nd Qtr.
(April 1, 2023 September 30, 2023)
Amount
(YoY)
1,531
44

(up 1.9%)(up 137.4%)

Nursing Care・Welfare Services (Nisso Nifty Co., Ltd.)In the Nursing Care・Welfare Services, the Group provides facility nursing care and home-based
nursing care, and is working to restructure its provided services while developing new menus.
During the period under review, in the facility nursing care business, which is the mainstay ofthis service, by increasing business opportunities and working to increase the number of residents
through Web previews and other means, the number of residents increased to 378 (up 3 year-on-year),and the occupancy rates at the facilities was 94.0% (improved by 0.7 percentage points year-on-year),resulting in a 1.9% increase in revenue and a 137.4% increase in profit year-on-year.

- 4 -（２）Description of Financial Position（Assets）
Current assets at the end of the period under review amounted to 25,055 million yen, which was anincrease of 3,307 million yen from the end of the previous consolidated fiscal year. This was mainly
due to an increase of 2,669 million yen in cash and deposits.
Non-current assets at the end of the period under review amounted to 8,348 million yen, which was anincrease of 3 million yen from the end of the previous consolidated fiscal year. This was mainly due
to an increase of 89 million yen in "other" under the investments and other assets category.
As a result, total assets amounted to 33,403 million yen, which was an increase of 3,311 million yen
from the end of the previous consolidated fiscal year.
（Liabilities）
Current liabilities at the end of the period under review amounted to 15,652 million yen, which was
an increase of 3,465 million yen from the end of the previous consolidated fiscal year. This was
mainly due to an increase of 3,000 million yen in short-term loans payable and an increase of 564
million yen in accrued expenses.
Non-current liabilities at the end of the period under review amounted to 2,856 million yen, which
was a decrease of 240 million yen from the end of the previous consolidated fiscal year. This was
mainly due to a decrease of 245 million yen in long-term loans payable.
As a result, total liabilities amounted to 18,509 million yen, which was an increase of 3,224
million yen from the end of the previous consolidated fiscal year.
（Net assets）
Total net assets at the end of the period under review amounted to 14,894 million yen, which was anincrease of 86 million yen from the end of the previous consolidated fiscal year. This was mainly due
to the 625 million yen in profit attributable to owners of parent, and 544 million yen in dividends ofsurplus.
As a result, the equity ratio was at 43.9% (which was at 48.4% at the end of the previous
consolidated fiscal year).
（３）Description of Cash Flows
Cash and cash equivalents at the end of the current second quarter increased by 2,669 million yen
from the end of the previous consolidated fiscal year to 12,469 million yen.
The status of each cash flow for the period under review and their factors thereof are as follows:(Cash flows from operating activities)
Cash flows from operating activities amounted to proceeds of 673 million yen (compared to
expenditures of 96 million yen in the corresponding period of the previous fiscal year), as proceedsof 998 million yen in profit before income taxes, etc., absorbed expenditures such as an increase innotes and accounts receivable (trade) of 668 million yen.
(Cash flows from investing activities)
Cash flows from investing activities amounted to expenditures of 212 million yen (compared toproceeds of 113 million yen in the corresponding period of the previous fiscal year) due to
expenditures of 138 million yen for purchase of property, plant and equipment.
(Cash flows from financing activities)
Cash flows from financing activities amounted to proceeds of 2,208 million yen (compared to
expenditures of 863 million yen in the corresponding period of the previous fiscal year), as proceedsof 3,000 million yen in net increase (decrease) in short-term loans payable absorbed expenditures ascash dividends paid of 544 million yen.
（４）Description of Future Forecast Information such as Consolidated Forecasts, etc.
For NISSO HOLDINGS Co., Ltd.'s consolidated forecasts for FY 3/2024, please refer to the "Notice ofConsolidated Forecast, Dividend Forecast and Shareholder Benefits Program for the Fiscal Year Ending
March 31, 2024" announced on October 2, 2023.

- 5 -２．Quarterly Consolidated Financial Statements and Notes（１）Quarterly Consolidated Balance Sheet(Unit: Million yen)
FY 3/23(As of Mar. 31, 2023)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Short-term loans payable
Current portion of long-term loans payable
Accrued expenses
Income taxes payable
Contract liabilities
Provision for bonuses
Provision for directors' bonuses
Provision for shareholder benefit program
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets- 6 -2Q of FY 3/24
(As of Sep. 30, 2023)

9,800
10,986965(5)21,747

12,46911,655935(5)25,055

1,795
2,670
195
4,660

1,767
2,670
221
4,659

868
645
1,514

817
612
1,430

2,197
(27)
2,169
8,344
30,092

2,286
(27)
2,258
8,348
33,403

490
6,119
555
245
1,395
104
3,276
12,187

3,000
490
6,683
510
242
1,459
10
8
3,245
15,652

2,019
583
495
3,097
15,284

1,773
660
422
2,856
18,5092,016
2,367
10,460(281)
14,5632,016
2,367
10,26014,6450
3
4
239
14,80730,0920
6
6
242
14,89433,403

（２）Quarterly Consolidated Statements of Income and Comprehensive Income（Quarterly Consolidated Statement of Income）（For the First Six Months ended September 30, 2023
(Unit: Million yen)First six months
of FY 3/23
(Apr. 1, 2022 –Sep. 30, 2022)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Subsidy income
House rent income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodRent expenses
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent- 7 -First six months
of FY 3/24
(Apr. 1, 2023 –Sep. 30, 2023)

43,162
36,574
6,587
6,077
510

47,381
39,961
7,420
6,455
965

1
0
87
20
26
134

1
28
20
19
69

5

4

29

2

9
17
62
582
582
330
(76)
253
328
(18)
347

10
18
35
998
998
396
(26)
370
628
2
625

（Quarterly Consolidated Statement of Comprehensive Income）（For the First Six Months ended September 30, 2023
(Unit: Million yen)First six months
of FY 3/23
(Apr. 1, 2022 –Sep. 30, 2022)

ProfitOther comprehensive income
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests- 8 -First six months
of FY 3/24
(Apr. 1, 2023 –Sep. 30, 2023)

328

628

1

2

(0)

(0)

1
329

2
631

348

628

(18)

2

（３）Quarterly Consolidated Statements of Cash Flows(Unit: Million yen)First six months
of FY 3/23
(Apr. 1, 2022 –Sep. 30, 2022)
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) in provision for directors'
bonuses
Increase (decrease) in provision for bonuses
Decrease (increase) in net defined benefit asset
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for shareholder
benefit program
Loss (gain) on sales of non-current assets
Interest and dividend income
Interest expenses
Share of (profit) loss of entities accounted forusing equity method
Decrease (increase) in notes and accounts receivable- tradeDecrease (increase) in lease and guarantee deposits
Increase (decrease) in accrued expenses
Increase (decrease) in accrued consumption taxes
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes refund
Income taxes paid
Cash flows from operating activities
Cash flows from investing activities
Purchase of securities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Proceeds from purchase of shares of subsidiaries
resulting in change in scope of consolidation
Other
Cash flows from investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Repayments of long-term loans payable
Repayments of lease obligations
Cash dividends paid
Cash flows from 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- 9 -First six months
of FY 3/24
(Apr. 1, 2023 –Sep. 30, 2023)
582
129
56

998
149
51

(0)

0

3

10

192
5
87

64
6
(23)

(57)

(95)

(1)
5

0
(1)
4

29

2

(767)

(668)

22
142
(442)
218
207
1
(5)
11
(312)
(96)

(17)
564
(577)
630
1,099
1
(4)
22
(445)
673

(60)
(43)
(10)

(138)
0
(49)

251

-

(24)
113

(24)
(212)

(245)
(6)
(611)
(863)

3,000
(245)
(2)
(544)
2,208

-

-

(846)
8,773
7,927

2,669
9,800
12,469

（４）Notes regarding Quarterly Consolidated Financial Statements（Notes regarding the Going Concern Assumption）
Not applicable.
（Notes on Significant Changes in the Amount of Shareholders' Equity）
Not applicable.
（Significant Subsequent Events）（Transition to a Pure Holding Company Structure through a Single Share Transfer）
At the Board of Directors’ Meeting held on May 18, 2023 and the General Meeting of Shareholders
held on June 28, 2023, the Company resolved to establish a pure holding company (wholly owningparent company), "NISSO HOLDINGS Co., Ltd." (hereinafter, the "Holding Company") through a single
share transfer (hereinafter, the "Share Transfer"), with the Company as a wholly owned subsidiary inthe share transfer, with an effective date of October 2, 2023, and the Holding Company wasestablished on October 2, 2023.
1. Background and purpose
Since its founding in 1971, the Nisso Group (hereinafter, the "Group") has been aiming toprovide high-quality services that enable continuous growth as a company that "Creates
opportunities and hopes for people to work" as its mission based on its founding philosophy of"Nurturing and Bringing Out the Best in People".
With technological innovation and globalization, the needs of clients and workers arediversifying, and the business environment surrounding the Group is changing rapidly, such as the
progress of Society 5.0.
Under these circumstances, as the Group aims for further growth, it will strengthen its
corporate governance structure and its compliance risk management systems that are specialized ineach field by highly specialized operating companies while ensuring appropriate systems for theentire Group, and will expedite decision-making at each operating company in order to respond to
the rapidly changing market environment. Therefore, the Group has decided to shift to a pureholding company structure as the optimal system for this purpose.
Through this, the Group will aim for further business expansion and sustainable growth.
In addition, the Holding Company will be established as a company with an Audit and Supervisory
Committee to further strengthen and enhance its corporate governance structure, including
strengthening the supervisory function of the Board of Directors and the audit function of the
Audit and Supervisory Committee.
Furthermore, as a result of the Share Transfer, the Company became a wholly owned subsidiary of
the Holding Company, and therefore, although the Company's shares was delisted, the Holding
Company plans was listed on the Prime Market of the Tokyo Stock Exchange, Inc. (hereinafter, the"Tokyo Stock Exchange"). The listing date was October 2, 2023, which was the date of registrationof establishment of the Holding Company (effective date of share transfer).
2.

Summary of the Share Transfer(1) Schedule of share transfer
Record date for Ordinary General Meeting of Shareholders

March 31, 2023

Board of Directors' Meeting for approval of share transfer planMay 18, 2023

Ordinary General Meeting of Shareholders for approval of sharetransfer plan

June 28, 2023

Date of delisting of the NISSO CORPORATIONS's shares

September 28, 2023

Date of registration of establishment of Holding Company(effective date)

October 2, 2023

Date of listing of shares of Holding Company

October 2, 2023

(2) Method of share transfer
This is a single share transfer in which the Company is a wholly owned subsidiary and theHolding Company is the wholly owning parent company established by the share transfer.

- 10 -

(3) Details of allotment related to the share transfer (Share transfer ratio)
NISSO HOLDINGS Co., Ltd.
(Wholly owning parent company

NISSO CORPORATION(Wholly owned subsidiary throughestablished through share transfer)share transfer)

11Company nameSharetransfer
ratio①Share transfer ratio
Shareholders of the Company who were listed or recorded in the Company's register ofshareholders immediately prior to the time when the Share Transfer became effective was allotted
1 share of common stock of the holding company established for each share of common stock heldby such shareholders.
②Number of shares per share unit
The Holding Company adopted a share unit system in which the number of shares per share unit
is 100.
③Basis for calculation of share transfer ratio
The Share Transfer established 1 wholly owning parent company through a single share transferof the Company, and since there was no change in the shareholder composition of the Company andthe shareholder composition of the Holding Company at the time of the Share Transfer, 1 share ofcommon stock of the Holding Company was allotted for 1 share of common stock of the Company heldby the shareholders of the Company, with the primary purpose of not causing disadvantage to theshareholders of the Company.
④Results, method and basis of calculation by a third-party organization
For the reason described in ③ above, the share transfer ratio was not calculated by a thirdparty organization.
⑤Number of new shares to be delivered through the Share Transfer
Common stock 34,024,720 shares
Furthermore, all of the treasury shares held by the Company (328,480 shares) at the time ofthe effective date of the Share Transfer have been cancelled.
(4) Handling of share acquisition rights and bonds with share acquisition rights in connection with
the Share Transfer
The Company has not issued share acquisition rights or bonds with share acquisition rights.
(5) Matters related to the listing of the Holding Company
The Company has applied for new listing (technical listing) of shares of the newly established
Holding Company on the Prime Market of the Tokyo Stock Exchange, and the new listing was made on
October 2, 2023. In addition, the Company became a wholly owned subsidiary of the Holding
Company through the Share Transfer and was delisted from the Prime Market of the Tokyo Stock
Exchange on September 28, 2023, prior to the listing of the Holding Company.

- 11 -

3.

Overview of the Company Involved in the Share Transfer(Wholly owned subsidiary through share transfer)(1) Company nameNISSO CORPORATION(2) Location

1-4-1 Shin Yokohama, Kohoku-ku, Yokohama, Kanagawa(3) Representative

Representative Director, President & CEO Ryuichi Shimizu(4) Business description

Manufacturing-related Human Resources Services Business(5) Capital

2,016 Million JPY (As of March 31, 2023)(6) Date of establishment

February 3, 1971

(7) Total number of shares
outstanding

34,353,200 shares (As of March 31, 2023)(8) Fiscal year-end

March 31(9) Major shareholders andshareholding ratio

NS Holdings Co., Ltd.

40.90%The Master Trust Bank of Japan, Ltd.
(Trust Account)

7.94%

Custody Bank of Japan, Ltd.
(Trust Account)

7.33%

Tadao Shimizu

3.01%

Chikako Shimizu

2.86%

NOMURA PB NOMINEES LIMITED OMNUBUS-MARGIN（CASHPB)

1.49%

Shoichi Iwashige

1.27%

NISSO CORPORATION

1.27%

Employee Shareholding Association
STATE STREET BANK AND TRUST COMPANY 505103

0.90%

MSIP CLIENT SECURITIES

0.78%(10) Consolidated operating results and consolidated financial position for the last three years(Unit: Million yen)
Fiscal year-end

FY 3/2021

FY 3/2022

FY 3/2023

Net assets

12,763

13,55914,807

Total assets

21,631

27,46230,092

Net assets per share (Yen)

357.90399.01435.20Net sales

68,21377,54990,827

Operating profit

2,599

2,087

2,268

Ordinary profit

2,949

2,369

2,349

1,592

1,696

1,622

Net income per share (Yen)

47.08

49.94

47.71

Dividend per share (Yen)

20.10

18.00

16.00

Profit attributable to owners ofparent(Note)

4.

1.

The total number of shares outstanding includes 328,480 treasury shares.

2.

The shareholding ratio is calculated after deducting treasury shares (328,480 shares).

Overview of the Company to be Newly Established through the Share Transfer(Wholly owning parent company established through share transfer・Holding Company)(1) Company nameNISSO HOLDINGS Co., Ltd.

(2) Location

1-4-1 Shin Yokohama, Kohoku-ku, Yokohama, Kanagawa(3) Representative

Representative Director, President & CEO(4) Business description

Business management of group companies and related operations(5) Capital

2,016 Million JPY(6) Date of establishment

October 2, 2023

(7) Fiscal year-end

March 31

(8) Net assets*TBD(9) Total assets*TBD

Ryuichi Shimizu*TBD=To be determined- 12 -

5.

Overview of Accounting Treatment

Since it falls under the category of "transactions under common control" in corporate accounting,there is no impact on profit and loss.
Furthermore, no goodwill is expected to arise from the Share Transfer.
6.

Future Prospects

Following the Share Transfer, the Company became a wholly owned subsidiary of the Holding Company.
As a result, the Company's business results will now be reflected in the consolidated financial
results of the Holding Company, which is the wholly owning parent company.
Furthermore, the impact of the Share Transfer on business performance will be minor.
（Acquisition of Treasury Shares）
At the Board of Directors’ Meeting held on November 7, 2023, NISSO HOLDINGS Co., Ltd. (hereinafter,"NISSO HOLDINGS") the parent company of the Company, resolved matters related to the acquisition oftreasury shares pursuant to the provisions of Article 156 of the Companies Act as read and applied
pursuant to the provisions Article 165, paragraph 3 of the same Act, as follows.
1.

Reason for Acquisition of Treasury Shares
In order to achieve sustainable growth, NISSO HOLDINGS strives to enhance its corporate value by
conducting management with an emphasis all stakeholders.
NISSO HOLDINGS has decided to acquire its treasury shares in order to enable NISSO HOLDINGS to
flexibly implement capital policies in response to changes in the business environment.

2.

Details of Matters Related to the Acquisition(1) Type of shares to be acquired
Common stock(2) Total number of shares to be acquired
1,300,000 shares (upper limit)(3.82% of the total number of shares outstanding (issued shares, excluding treasury shares))(3) Total value of shares acquired
1,100 million JPY (upper limit)(4) Acquisition period
November 8, 2023~March 31, 2024
(5) Acquisition method
Market purchase by the Tokyo Stock Exchange- 13 -