November 9, 2023

N I S S O H O L D I N G S C o ., L t d .
Company Briefing & Financial Results Briefing
Materials for the First Six Months of FY 3/2024(for NISSO CORPORATION)

Making hardworking people, happy.

NISSO HOLDINGSTSE Prime Market Code:9332

NISSO HD's operating profit increased 89.2% year-on-year. The Automotive
Industry is in full swing as part shortages have been resolved.

Ryuichi Shimizu Representative Director, President & CEO

0

CONTENTS

１

About NISSO HOLDINGS

２First Six Months of FY 3/2024

３First Six Months of FY 3/2024

Overview of Activities of Main Operating Company (NISSO CORPORATION)

４

Financial Results by Segment

５

Future Prospects (FY 3/2024)

６

Shareholder Return Policy

７

Supplementary Materials

The Nisso Group's Business Results Summary

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

1

Mr. Ryuichi Shimizu (hereinafter, “Shimizu”): Hello everyone. Thank you verymuch for taking time out of your busy schedule today to attend our financial
results briefing for the second quarter of the fiscal year ending March 31, 2024.
I would also like to thank all of you who are watching the online presentation.
This is the first briefing since our transition to Holdings (“holding company”) on
October 2, so I would like to begin by touching on the reasons and objectives of
the transition to a holding company at the beginning of this presentation.
I will proceed according to the contents above.

1

１

About NISSO HOLDINGS

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved22

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

3First, I would like to talk about the Holdings. I will explain the new areas later.
We, the Nisso Group, aim to be a company that can continue to be chosen by themarket as a 100-year company for the future. At the same time, since we want toexpress our desire to create a corporate group with flexibility and speed, we havecoined the phrase, NISSO HOLDINGS has achieved our "52nd year of birth".

3

Aiming to be the Company of Choice
In October 2023, the Nisso Group established "NISSO HOLDINGS Co., Ltd.", taking a new
step forward as a pure holding company structure.
In order for the Nisso Group to achieve further growth, we believe that it is necessary toaccelerate decision-making, strategically and flexibly implement M&A and capital policies,
create the next core business opportunities, and optimize management resources.
While ensuring a seamless business management system for the entire Group, we will
ensure an environment in which each operating company can enhance their expertiseand focus on their areas of expertise, and we will engage in well-being management
such as "human development" and "workplace creation" based on the recognition that
Ryuichi Shimizu
Representative Director,
President & CEO

human resources are important capital that plays a central role in our business.
The Nisso Group will move forward together with you, always evolving into a company ofchoice.
Please look forward to it.

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

4

As a listed company, we have many stakeholders, but as a human resources
company, we aim to be the company of choice for our employees and workers. To
that end, we will thoroughly pursue what we should and want to be in order toachieve this goal as we transition to a holding company. In addition, we would liketo accelerate our progress and move forward by having companies withinsufficient human resources and expertise, join us.
Furthermore, although this includes my personal view opinion, I expect that ourexisting businesses, the three industries that we have been explaining for sometime, will actually reach a major turning point in 2027. In 2026 and 2027, major
projects such as semiconductor factories and EV battery factories will be in fullswing. We feel a sense of urgency, in a very positive sense, that if we are notproperly prepared by this time, we may not be able to succeed.

4Into New Territory

Welfare・nursing careEngineering

MONOZUKURI (manufacturing)

Administrative dispatching

People with disabilities

Elderly people

Developing new areas based on the people who have supported our business
Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

5

Next, about our new areas. For example, to put it a little pointedly, we haveinvested in Interstellar Technologies Inc., a company founded by Mr. Takafumi
Horie. As I will explain later, we hope to develop many people who can flourish inthis field in the future.
In addition to the existing semiconductor area, several big projects for advanced
semiconductor factories will be launched in 2027. Moreover, what we used to calltransportation equipment is now defined as advanced mobility business. Not only
conventional automobiles, but also, for example, flying cars, there are fields thatwill increasingly require new technologies and new ways of using them.
Furthermore, there is also the field of so-called robots, which may not be called
FA (factory automation) nowadays. Since we are a company with a large numberof people, we would like to actively enter the healthcare field.
Within each field, we would like to contribute to all industries with HR Tech as ourstrength. Specifically, we are creating a structure for training people who canflourish in various fields and enhancing the sophistication of the matching process.

5Transition to a Holding Company Structure■The business environment
and needs surrounding us arechanging at an unprecedented
rate.

Enhancement of corporate value
Further growth of the Nisso GroupNISSO
Business Transformation■We have started to address
various issues through theholding company structure.

Acceleration ofdecision-making
at eachoperatingcompany

Strategic・agile
M&A, capital andbusinessalliances

Creation of newservices that will
become the next
core

Optimization ofmanagement
resources

Furtherstrengthening ofgovernance

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

6

The diagram on the slide shows our approach. We are in an era where various
issues are scattered and changes are very rapid, so new issues are constantly
emerging. I believe that it is important to significantly increase the speed at whichthese issues can be resolved in order to survive as a company.

6

Overview of NISSO HOLDINGSNameNISSO HOLDINGS Co., Ltd.

Listing date

October 2, 2023

Listed exchangeTokyo Stock Exchange Prime Market

Securities code

9332

Business description

Business management of group companies, etc. engaged in manufacturing
dispatching・manufacturing contracting, general office dispatching・BPO, facility
nursing care・home-based nursing care, etc., and incidental or related operations,etc.

Date of establishment

October 2, 2023

Head office location

1-4-1 Shin Yokohama, Kohoku-ku, Yokohama, Kanagawa

Representative

Representative Director, President & CEO Ryuichi Shimizu

Capital2,016 Million JPY

Total number of shares
outstanding

34,024,720 (shares)

Fiscal year-end

March 31222-0033

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

7

Shown here is the overview of NISSO HOLDINGS. Please allow me to inform youthat the securities code has been changed from 6569 to 9332. Since there arepeople who have said that "NISSO COPRPORATION has been delisted", I havereiterated this explanation here.

7Topics■Newly established the Nisso Group’s"Sustainability Website" with enhanced
information posted
https://www.nisso-hd.com/en/sustainability/■Main operating company, NISSO CORPORATION
releases new commercial for recruitment site
https://www.nisso.co.jp/news/2794/(in Japanese only)■Kanagawa University, supported by the
Nisso Group, will participate in the main
Hakone Ekiden race for the first time in
2 years!
https://www.nisso.co.jp/column/2871/(in Japanese only)

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved「Source: Kanagawa University」

8

Here are three topics that I would like to introduce. First, as a member of asustainable society represented by the SDGs, we have established a new"Sustainability Website". We intend to actively engage in this in the future.
Second, especially in recent years, since the level of exposure has increased
dramatically, we have renewed the commercial for our own website. While thecontent of previous series was about "Let's reform the manufacturing field", in the
new series, we are asking "What kind of future lies beyond factories and beyond
MONOZUKURI (manufacturing)?“
Although there are many people in the image on the slide, many of these people
are actually non-Japanese. We created this commercial in order to convey our
message of diversification and internationalization.
Third, Kanagawa University, which we support, will participate in the Hakone
Ekiden race for the first time in 2 years. Last year, they missed out on thecompetition by approximately 20 seconds, so this was good news.

8

List of Group Companies

NISSO CORPORATION
Nisso Kosan (NISSO) Shin Yokohama
Bldg., 1-4-1 Shin Yokohama,
Kohoku-ku, Yokohama, Kanagawa▶Business description
Manufacturing-related Human
Resources Services (Manufacturing
dispatching・manufacturingcontracting, employment placement,
etc.)

Vector Shinwa Co., Ltd.
3-1 Ikehata, Chiryu City, Aichi▶Business description
General Human Resources Services
Business

Nisso Brain Co., Ltd.
Nisso Dai Ichi Building,28-26 Toyooka-chō,
Tsurumi-ku, Yokohama, Kanagawa▶Business description
Administrative Human Resources
Services

Nikon Nisso Prime Corporation
Shin-Yokohama 214 Bldg. 3F,
2-14-2 Shin-Yokohama,
Kohoku-ku, Yokohama, Kanagawa▶Business description
Human Resources Dispatching・
Recruitment, Human Resources
Sharing Business, Consignment/
Entrustment・Contracting Business
Planning, R&D, operation andsupport of structure development
and opportunity creation for seniors'
continued employment

Nisso Nifty Co., Ltd.
Nisso Kosan (NISSO) Shin Yokohama
Bldg., 1-4-1 Shin Yokohama,
Kohoku-ku, Yokohama, Kanagawa▶Business description

Nisso Pure Co., Ltd.
Nisso Kosan (NISSO) Shin Yokohama
Bldg., 1-4-1 Shin Yokohama,
Kohoku-ku, Yokohama, Kanagawa▶Business description

Facility Nursing Care Business, Home
Nursing Care Business

Light Work Contracting, Sale of Goods(NISSO CORPORATION’s
Special-purpose Subsidiary)

SHANGHAI NISSO HUMAN RESOURCES
Co., Ltd.

Leaf NxT Inc.

Rm. 508, 36-7 Building 7, 36 Xuelin Road,
Pudong New Area, Shanghai, China▶Business description
Recruitment
Human Resources Consulting

Honey Gotanda Dai 2 Bldg., 4F,
1-4-1 Higashi Gotanda, Shinagawa-ku,
Tokyo▶Business description
Human Resources Dispatching
Business, Development-type Qualified
Personnel Dispatching Business,
Recruitment Platform Business, Media
Direction Business, etc.

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

9Since our group companies remain the same as before, I will not provide an
explanation.

9

Appendix
Conversation with Economic Analyst Mariko Mabuchi
We introduce various contents related to the Nisso Group,
such as the aim of becoming a holding company, how wethink about the objects (colleagues) to be embodied in
our pursuit of our ideal form, our strategies for future
growth, and what kind of tailwinds are currently blowing.
Everyone, please take a look at our progress.

Economic analyst Mariko Mabuchi asks!
From NISSO CORPORATION to NISSO HOLDINGS (9332)
Acceleration of growth “to the next level”

https://www.nsjournal.jp/nsj_library/nisso-9332/(in Japanese only)
Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

10

Recently, I had a conversation with economic analyst Mariko Mabuchi, just after
our transition to a holdings company structure. I hope that you will take a look at
this video, as it will give you a hint to understand the aim of our transition toholding company.

10２

The Nisso Group's Business Results Summary(First Six Months of FY 3/2024)

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

11

I will now give an overview of the Nisso Group's business results summary for the
first six months of the fiscal year ending March 31, 2024.

11

The Nisso Group Business Results Summary
FY 3/2024 2Q Results●Net sales was the highest for 2Q since NISSO CORPORATION's listing●Operating profit increased by 89.2% year-on-year●The Automotive Industry resolved parts shortages and began full-scale production●The Semiconductor Industry was sluggish, and recovery was slower than expected●Engineers began preparations to respond to additional needs(Plans were made to significantly expand the Kumamoto training facility)●Nursing care・Welfare Services increased revenue and profits year-on-year
Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

12

The first and second points of the summary of the Group's business results are asshown in the slide. In the Automotive Industry (automobile manufacturing・EVrelated manufacturing industry), which is our field of expertise, parts shortages
are finally being resolved, and although it is not complete, it is recovering strongly
as power semiconductors and other parts are now available. On the other hand,
the recovery of memory and semiconductor manufacturing equipment in the
Semiconductor Industry (semiconductor manufacturing industry) has beensomewhat delayed.
Regarding engineers, we mentioned that we have begun preparations to respondto additional needs, which I will explain in more detail later. In addition, Nursing
Care・Welfare Services in the Other (Businesses) segment posted year-on-yearincreases in both revenue and profits.

12

FY 3/2024 2Q Consolidated Financial Results Highlights（Unit: Million yen）

PointsFY 3/23 2Q
Results

Operating profit increased by 89.2% YoY•

Net sales increased by 9.8% partly due
to an increase in the number of enrolled
staff and a recovery in operations in the
Automotive Industry.

•

Other Businesses (Nursing Care・Welfare
Services) increased revenue and profits
YoY.

% of Total

FY 3/24 2Q
Results% of Total

Year-on-Year
Increase(Decrease)% Change

43,162100.0%

47,381100.0%

4,219

9.8%

Gross profit

6,587

15.3%

7,420

15.7%

832

12.6%

SG&A
expenses

6,077

14.1%

6,455

13.6%

377

6.2%

Operatingprofit

510

1.2%

965

2.0%

455

89.2%

Ordinary
profit

582

1.3%

998

2.1%

416

71.5%

Profitattributableto owners ofparent

347

0.8%

625

1.3%

278

80.1%

Net sales

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

13

Here are our consolidated financial results highlights. In particular, SG&A (selling,
general and administrative) expenses have increased compared to last year.
One of the reasons for this increase was the increase in the number of employees
working at NISSO CORPORATION, which is our core company, by more than 400.
In addition, due to the change in the majority ownership of Nikon Nisso Prime, agroup company, which took place in July of last year, its SG&A expenses for one
quarter have been incurred.

13

FY 3/2024 Quarterly Consolidated Financial Results（Unit: Million yen）

Net sales

Operating profit（Unit: Million yen）

Up 85.5% in 2Q
24,03824,00023,625 23,660 23,721

22,661

22,00020,282

1,000

888

900

869

800

20,572 20,501

680

700

20,00018,04518,649

582

600

18,000500
16,000

500

470
354

400
300

14,000

464

259

250

１Q

２Q ３Q ４Q
【FY 3/23】

200
12,00010,000

100

１Q

２Q

３Q

【FY 3/22】

４Q

１Q

２Q

３Q

【FY 3/23】

４Q

１Q

２Q

【FY 3/24】

01Q

２Q ３Q ４Q
【FY 3/22】

1Q ２Q【FY 3/24】

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

14

The trends in consolidated net sales and operating profit are shown in the graphson the slide.

14

FY 3/2024 2Q Main Operating Company (NISSO CORPORATION)
Financial Results Highlights
Net Sales（Unit: Million yen）

FY 3/23 2Q

Increased by 7.0% YoY
Net sales increased YoY, partly due to anincrease in the number of enrolled staff
and a recovery in operations in the
Automotive Industry.

Expenses・Profits
Operating profit increased by 66.0%• In the Automotive Industry, parts
shortages were resolved, operations
recovered, and gross profit increased by
10.2% YoY.
• The streamlining of recruitment costs
continued, and the SG&A ratio improvedby 0.3 percentage points YoY.

Results% of Total

FY 3/24 2Q
Results% of Total

Year-on-Year
Increase(Decrease)% Change

38,875100.0%

41,583100.0%

2,708

7.0%

Gross profit

6,137

15.8%

6,764

16.3%

627

10.2%

SG&A
expenses

5,582

14.4%

5,843

14.1%

261

4.7%

Operatingprofit

554

1.4%

921

2.2%

366

66.0%

Ordinary
profit

627

1.6%

938

2.3%

310

49.5%

Profit

385

1.0%

604

1.5%

219

56.9%

Net sales

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

15

Shown here are the (financial results) highlights of NISSO CORPORATION, thenon-consolidated operating company. The Automotive Industry was as I
mentioned earlier.
SG&A expenses increased by 261 million yen. This was due to the irregularoccurrence of personnel expenses of 150 million yen, including legal welfare
expenses, and outsourcing expenses of approximately 40 million yen for thetransition to a holding company.

15

FY 3/2024 Main Operating Company (NISSO CORPORATION)
Quarterly Financial Results（Unit: Million yen）

（Unit: Million yen）

Operating profit

Net sales

Up 60.5% in 2Q
22,00021,14720,754
19,916
19,028 18,958
18,68720,00018,00020,711

20,871

1,000
900

845

800

867

685

700

16,68417,296

566

600

16,000

500

482

400

14,000

453

467

380

300

263

291

１Q

２Q ３Q ４Q
【FY 3/23】

200

12,000100
10,000

1Q

２Q

３Q【FY 3/22】

４Q

１Q

２Q

３Q

【FY 3/23】

４Q

１Q

２Q

【FY 3/24】

01Q

２Q ３Q ４Q
【FY 3/22】

1Q ２Q【FY 3/24】

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

16

Shown here are the trends in the non-consolidated net sales and operating profit.
There is something I want to share with you first since institutional investors
always ask me questions. I'm often asked, "How was your performance in thefirst half?" or "How can you summarize it?", and I can honestly say that somethings were a little more difficult than we had expected.
Although the first quarter was favorable, some automobiles manufacturers shut
down operations in the second quarter due to typhoons and system problems.
The manufacturer with the longest stoppage shut down their operations for two
whole days.
Although we can receive compensation for this, it was only compensation for the
portion that we have pay to the workers involved, not for the lost opportunity for
us to earn profits. For this reason, the summary of the first half of the fiscal year
is that we wanted to but could not exceed 1 billion yen in operating profit.

16

３

Overview of Activities of Main Operating Company(NISSO CORPORATION)(First Six Months of FY 3/2024)

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

1717

FY 3/2024 2Q Financial Results Summary(NISSO CORPORATION)
Main Operating Company (NISSO CORPORATION) Financial Results Summary

Net Sales
Operating Profit

41,583 Million yen （+2,708 Million yen／ +7.0％ YoY）
921 Million yen （ +366 Million yen／+66.0％ YoY）

Main Operating Company (NISSO CORPORATION) Indicator Summary● Focused Industry Net Sales (YoY)
Focused Industries Total…＋5.9％● 2Q-end Number of Enrolled Staff

・Focused industry net sales, which are the sum of the Automotive,
Semiconductor, and Electronics Industries, increased by 5.9% YoY.

・The number of enrolled staff increased by 428 YoY.
・Enrollment increased steadily in the Automotive Industry. Enrollment in theElectronics Industry showed some signs of recovery.

16,158 staff(+428 staff YoY)
● Avg. Monthly Net Sales per Capita
428 Thousand yen(+10 Thousand yen YoY)

・Average monthly net sales per capita increased by 2.4% YoY, partly due to arecovery in operations in the Automotive Industry.

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

18

Next is an explanation of the situation of NISSO CORPORATION. In particular, the3 focus industries showed a total growth of 5.9% year-on-year. The biggest factor
in the growth was the recovery of the automobiles.
Although the number of enrolled staff has increased by 428 year-on-year, thenormal speed is to increase the number of staff by more than 1,000 from theprevious year. The major factor that prevented us from doing so was because ofproblems in the automobile supply chain. Of course, since many of our clients are
the largest automobiles manufacturers, we were able to increase the number to acertain extent, but not as much as in previous years.
n addition, the Semiconductor Industry continued to stagnate, and the Electronics
Industry (electronic equipment manufacturing industry) was in a similar situation,
which was one of the reasons why the number of staff increased by just over 400,
when it should have increased by about 1,000.
Net sales per capita increased year-on-year. Although operations have notincreased so much, the increase in the unit-costs of orders was a big factor. From
now on, we recognize that it is extremely important to increase the number ofenrolled staff while increasing overall operations, and to steadily increase ouryear-on-year figures.

18

FY 3/2024 2Q Net Sales by Industry (NISSO CORPORATION)（Unit: Million yen）

Net Sales Composition Ratios

Electronics(Electronic equipment
manufacturing industry)

5,309（13.7％）

6,851(10.6％)(9.0％)（42.4％）＋17.5％

Operational
Trends

Personnel
TrendsDown
10.6% YoY

Sluggish but
some signsof partial
recoverySluggish but
partlyrecovered

Down
9.0% YoY

Manufacturing
equipment andsemiconductor
memory weresluggish・
power
semiconductors
were steadySluggishUp
17.5% YoY

Effects ofparts
shortages
wereresolved

Steady4,745（11.4％）

6,232（15.0％）

Semiconductor(Semiconductor
manufacturing industry)（17.6％）

16,474

Net
Sales

19,359（46.6％）

Automotive(Automobile manufacturing・
EV-related manufacturingindustry)※（ ）= % of NISSO CORPORATION net sales, Red = % of Year-on-Year growth

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

19

The left side of the slide shows the net sales composition ratio of each industry.
The graph shows that the Automotive Industry is leading the way, while the
Semiconductor Industry and Electronics Industry are lagging behind.
On the right are the industry trends for each industry. As I mentioned earlier, I
have the impression that the Semiconductor Industry has moved backwards by
one quarter.

19

Industry Trends ※NISSO CORPORATION's own forecasts

1
H

2
H

Automotive Industry(Automobile manufacturing・
EV-related manufacturing industry)

Semiconductor Industry(Semiconductor manufacturing industry)

Electronics Industry(Electronic equipment manufacturingindustry)

CapitalInvestment

Will gradually expand

Will expand

Will be flat

Production
Trends

Production growth will stall

Manufacturing equipment・memory will be sluggish
Power semiconductors will be strong

Will be sluggish in conjunction withsemiconductors

Operational
Trends

Impact of parts shortages willcontinue

Operations will be sluggish

Operations will be sluggish

Personnel
TrendsWill be steadyWill be sluggish

Will be sluggish

CapitalInvestment

Will expand

Will expand further

Will gradually expand

Production
TrendsWill be busy with parts shortages

Manufacturing equipment
recovery will be delayed
Memory will be sluggish

Will recover after semiconductors

Operational
TrendsOperations will fully recover

Manufacturing equipment
recovery will be delayed
Memory will be sluggish

Will recover after semiconductors

Personnel
TrendsWill be steadyWill be sluggish

Will gradually increase following
semiconductors

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

Originally, we expected the Semiconductor Industry to gradually recover in thesecond half of the year. However, since it continues to be sluggish, we feel that
we will probably see a recovery in the fourth quarter, in the new year.
On the other hand, in the Electronics Industry, although overtime hours were still
low, since the number of enrolled staff has started to increase, I believe it will
gradually recover from this point. With only half a year left, we are making efforts
during this fiscal year for the Automotive Industry to make up for the delay.

20

FY 3/2024 Quarterly Net Sales by Industry (NISSO CORPORATION)

Automotive

2,710（14.3％）

2,348

2,396

3,631

（17.9％）（17.0％）（15.5％）（14.5％）

9,335

9485

9,499

9,859

（44.1％）（45.7％）（45.9％）（47.2％）

３Q

４Q

１Q

２Q

（13.0％）

7,995

8,478

１Q

2350

（11.7％）（18.2％）（42.2％）（Unit: Million yen）

Electronics

2,598

3,220

（17.0％）

2,481

Semiconductor

3,776（42.6％）

２Q※（ ）= % of NISSO CORPORATION net sales【FY 3/23】（11.3％）

3518※Reference（11.3％）（11.5％）

3,024

3,208

【FY 3/24】

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

21

The graphs on the slide show the status of each industry by quarter. As you cansee, the Automotive Industry's net sales at the bottom have been consistently
rising.
Meanwhile, the Electronics Industry's net sales have remained flat since the fourth
quarter of last year. As for the Semiconductor Industry, we recognize that thesecond quarter was the bottom.

21

Average Monthly Net Sales per Capita (NISSO CORPORATION)●FY 3/2024 2Q YTD

Avg. monthly net sales per capita

428Thousand yen (+10 Thousand yen YoY)

●The average monthly net sales per capita increased YoY, partly due to a recovery of operations in the Automotive Industry.

（Unit: Thousand yen）

（Unit: Thousand yen）

Avg. Monthly Net Sales per Capita

Avg. Monthly Net Sales per Capita(Quarterly)

450

406

418

428

400

400

350

350

300

FY 3/22 2Q FY 3/23 2Q FY 3/24 2Q

440

450

409

406

１Q

２Q

423

421

３Q

４Q

424

428

427

428

４Q

１Q

２Q

411

300

１Q

【FY 3/22】

２Q

３Q【FY 3/23】【FY 3/24】

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

22

Let's take a look at the average monthly net sales per capita, which I touched ona little earlier. Looking at the graph on the left side of the slide, although it
certainly looks like there is growth, but you can see that growth is slowing down alittle at present.
The graph on the right shows the quarterly trends. Normally, although we had
hoped for a little more growth in the midst of a recovery, we were unable to do soin the second quarter.

22

Number of Enrolled Staff (NISSO CORPORATION)（Unit: # of Staff）

Number of Enrolled Staff at Quarter-end
Year-on-Year+428 staff (+2.7%)

15,73016,000Point

14,71515,00014,945

16,111 15,998 16,132 16,158

15,27014,225Highest enrollment since NISSOCORPORATION's listing renewed

14,000Although the Semiconductor Industry was
sluggish, the number of enrolled staff
increased due to strong demand for humanresources in the Automotive Industry.

13,856

13,00012,00011,00010,000

１Q

２Q

３Q

４Q

【FY 3/22】

１Q

２Q

３Q

【FY 3/23】

４Q

１Q

２Q

【FY 3/24】

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

23This page depicts the number of enrolled staff, the so-called top line. Although thenumber of enrolled staff increased by 428 year-on-year, it remained almost
unchanged from the third quarter of last year.
To explain the situation, at the beginning of this fiscal year, we increased thenumber of staff in the Automotive Industry by approximately 250, but the same
number of staff has decreased in the Semiconductor Industry. Since the numberof staff in the Electronics Industry increased slightly, resulting in almost no change.
At present, as automobile manufacturers are beginning to shift to a system of
increased production, one of our strategies going forward is to increase thenumber of staff at a considerable speed and continue to do so in the fourth
quarter or the next fiscal year.

23

Educational Achievements (NISSO CORPORATION)● FY 3/2024 2Q Educational achievements (total # of participants)

Points••※All employees

The overall number of participants
decreased YoY due to the impact ofsluggish production in the Electronics
Industry and the Semiconductor Industry.
Full-scale operation of the e-learning
system enabled real-time monitoring ofparticipant progress and understanding,and streamlined training.

(Unit: # of participants)

Classification

Training content

FY 3/23 2Q
YTD

FY 3/24 2Q
YTD

Year-on-Year
Comparison（Direct）
Engineer training

Manufacturing equipment maintenance・
manufacturing equipment technology
Mechanical design・production technology
Special education for industrial robots, etc.

1,211

776

64.1%

（Direct）
Other training

MONOZUKURI (manufacturing) education
Foreman education
Hazard simulation education, etc.

9,255

8,544

92.3%

Indirect training

Business manners
Career enhancement
Life planning
Semiconductor seminars, etc.

472

382

80.9%

10,938

9,702

88.7%

Total

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

24

Here are our educational achievements. As you can see from the graph on theslide, although there has not been much of a decrease until now, in particular,
there has been a significant decrease in engineering training. The reason for thisis the impact of sluggish production in the Electronics Industry and Semiconductor
Industry, as noted on the slide. In particular, the memory and manufacturing
equipment fields, which are heavily traded, have been extremely sluggish,
resulting in a decrease in the the number of target clients.
However, we did not sit idly by and watch this happen, and since the operational
status of the training rooms was low, especially in the Tohoku region, we decided
to create a e-learning system during this time. After creating and utilizing our own
e-learning system called “Start engineer”, we will start selling it to the generalmarket as well. I will explain more about this later.
We have begun preparations for the next fiscal year from the second half of thisfiscal year, and since there are some new developments in the memory-related
fields, including in Kumamoto, I believe that the educational achievements will
gradually improve.

24

４

Financial Results by Segment(First Six Months of FY 3/2024)

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

25

25

Net Sales by Segment (Services)
FY 3/2024 2Q
General Human Resources Services Business
40,00037,707(Unit: Million yen)

36,000FY 3/2024 2Q
Other Businesses
20,000(Unit: Million yen)

18,00032,00016,00028,00014,00024,00012,00020,00010,00016,0008,000

12,000

6,000

8,000

4,000

4,317

4,000

1,076

2,757

0

2,000

1,531

0

Manufacturing・Production

Engineering

Administrative

Other

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

Nursing Care・Welfare

26

Please refer to the slide for the results by segment.

26

Manufacturing・Production Human Resources Services(Unit: Million yen)In 2Q, manufacturing・production net sales
increased by 5.3% YoY, partly due to anincrease in the number of enrolled
manufacturing・production staff.

Number of Enrolled Manufacturing・Production Staff at Quarter-end(Quarterly)
16,000FY 3/23

20,00018,937 19,066

18,000FY 3/23

FY 3/24
14,761
18,69017,987

Number of Enrolled Staff(Unit: # of Staff)

Manufacturing・Production
Net Sales

Net Sales

14,11814,761

14,40014,677

FY 3/24
14,586

14,00017,346

16,00012,000The number of enrolled manufacturing・
production staff increased by 361 YoY.

14,00010,00012,00010,000

１Q

２Q

３Q

４Q

8,000

１Q

２Q

３Q

４Q

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

27This is about our Manufacturing・Production Human Resources Services. Net sales
increased by 5.3%, or 950 million yen year-on-year. However, as I mentioned
earlier, the number of enrolled manufacturing・production staff was almost
unchanged, so growth has slowed slightly. Although the number of enrolled
manufacturing・production staff increased by 361 year-on-year, it has increased
by 175 from the end of the previous fiscal year, which indicates that the pace ofincrease has slowed.

27

Manufacturing・Production Human Resources Services
Avg. Monthly Net Sales per Capita

Manufacturing・Production
Avg. Monthly Net Sales per Capita

Manufacturing・production net sales per capita
increased by 3.6% YoY.

450

407

427

413

428

FY 3/23

421(Unit: Thousand yen)422

FY 3/24

400

350

300

１Q

Turnover Rate

２Q

３Q

４Q
(Unit: %)Manufacturing・Production
Trend of Turnover Rate

The manufacturing・production turnover rate
improved by 0.1 percentage points YoY, andremained below 4%.

5

4

FY 3/23

3.8
3.7

4.0

FY 3/24

3.8

3.9

3Q

4Q

3.9

3

1Q

2Q

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

28

Shown here is the average monthly net sales per capita and turnover rate. Net
sales per capita increased by 15,000 year-on-year. I think this is a positive effectdue to the fact that automobile operations are returning to normal.
The turnover rate improved by 0.1 percentage points year-on-year, and remains
low. I believe this may be considered as an acceptable range.

28

Engineering Human Resources Services(Unit: Million yen)

Net Sales
In 2Q, engineering net sales decreased by 1.3%
YoY due to a decrease in net sales per capita,
despite an increase in the number of enrolled
engineers.
The YTD total increased by 8.3% YoY.

Engineering Net Sales(Unit: # of Engineers)

Number of Enrolled Engineers
at Quarter-end(Quarterly)
FY 3/23

2,500

2,345

2,174 2,1712,143
2,000

FY 3/24
2,295

2,000

FY 3/23

1,600

1,814

FY 3/24

1,800

1,470

1,400

1,479

1,542

1,517

1,426

1,239
1,200

1,500

1,000

Number of Enrolled Engineers

800

1,000

•

•

The number of enrolled engineers increased by
53 YoY. Although enrollment in semiconductor
equipment and memory were sluggish, it
increased slightly due to business partner
expansion.
Preparations for further human resources
development have started in order to respond to
the needs of each industry.

600
500

400
200

0

１Q

２Q

３Q

４Q

0

１Q

２Q

３Q

４Q

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

29This page is about our Engineering Human Resources Services. Net sales
decreased by 1.3% year-on-year, or about 28 million yen. This was due to thefact that operating hours in the Semiconductor Industry have remained very low,
and there was almost no overtime, especially for memory and semiconductor
equipment.

29

Engineering Human Resources Services
Avg. Monthly Net Sales per Capita(Unit: Thousand yen)

Engineering
Avg. Monthly Net Sales per Capita

Engineering net sales per capita decreased YoY
due to sluggish sales of semiconductor
equipment and memory.

FY 3/23

600
550
500

514

524

524

485

FY 3/24
518

485

450
400
350
300

１Q

Turnover Rate

２Q

３Q

４Q
(Unit: %)Engineering Trend of Turnover Rate

The engineering turnover rate remained at
the same level YoY.

3
2
1

FY 3/23

FY 3/24

2.3

2.2

2.3

2.2

2.1

2.1

1Q

2Q

3Q

4Q

0

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved30This page is about the status of average monthly net sales and turnover rate byquarter. The turnover rate has remained almost the same as last year, which is
not a problem. However, average monthly net sales per capita have decreased,
which I believe is due to the decrease in overtime work that I mentioned earlier.

30

Toward the Growth of Engineering Human Resources Services
Producing high value-added human resources through nationwide expansion of in-house training facilities
and industry-government-academia collaboration
Hokkaido Semiconductor
Human Resources Development
Promotion Council

Tomakomai Training Center(Tomakomai City, Hokkaido)

Nagano Prefectural Governor
Accredited Training School

Participation from August 2023

Nisso Technical Center Naka-Nihon(Okaya City, Nagano)Tohoku Semiconductor andElectronics Design Study Group

Toyota Training Center

Participation from November 2022

(Toyota City, Aichi)

Miyagi Prefectural Governor
Accredited Training School

Nisso Technical Center Kyushu

Nisso Technical Center Higashi-Nihon(Buzen City, Fukuoka)(Kurihara City, Miyagi)

Kyushu Semiconductor
Human Resources
Development Consortium

Ota Training Center(Ota City, Gunma)

Participation from April 2023

Nisso Techno Center
Kumamoto Prefectural Governor
Accredited Training School

Nisso Technical Center Kumamoto(Otsu-cho, Kumamoto)

Chugoku Regional
Semiconductor Industry
Promotion Council
Participation from November 2022

(Yokohama, Kanagawa)

Hamamatsu Training Center(Hamamatsu City, Shizuoka)

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

31

The slide shows a map of Japan showing our own training facilities, which are avery important training structures when expanding our business, and theconsortiums that we participate in in each region. As you can see, all of them aresemiconductor-based at the moment. We first participated in the consortium in
the Chugoku region, followed by Tohoku and Kyushu, and in August of this year,
we also participated in Hokkaido.
We are preparing for the opening of a training facility next April that will be 2.5
times larger than the Technical Center in Kyushu, which has been in operation
since April. We have high hopes for the future of the Kyushu area. When this iscompleted, the human resources development structure for the Semiconductorand Electronics Industries will take shape.
What we would like to focus on next is developing a base for human resources
development for batteries for EVs and hybrids, and participating in consortiums.
Although I cannot provide details at this time, we would like to establish training
facilities in consultation with representative battery manufacturers in each region
and participate in the consortium in the second half and next fiscal year.

31Administrative・Other Human Resources Services(Unit: Million yen)

Administrative Net Sales

Administrative Human Resources Services(Quarterly)

1,000

In 2Q, administrative net sales decreased by
5.6% YoY, partly due to a decrease in thenumber of enrolled administrative staff.

900

FY 3/23

800
700
600

586

FY 3/24

1000

562

544

531

566

563

700
600

553

598

555

627

605

３Q

４Q

300

200

200

100

100

１Q

２Q

３Q

Other Human Resources Services

0

４Q(Unit: Million yen)

(Quarterly)
1,800

1,408

1,500

1,348 1,298

FY 3/24

1,321

1,179

1,200

２Q

(Unit: # of Staff)

800

FY 3/23

１Q

Number of Enrolled Senior Staff・
Employees w/ Disabilities

Other Net Sales# of employees with disabilities

700# of senior employees

640

622

600
500
400

900

300

600

0

600

400

300

300

FY 3/24500

400

・Nikon Nisso Prime Corporation supports theactive participation of senior employees.
・The number of senior employees was 640.
・Nisso Pure Co., Ltd. has created a workplaceenvironment where diverse humanresources can flourish.
・The number of employees with disabilities
was 221.

FY 3/23

900
800

500

0

(Unit: # of Staff)

Number of Enrolled Administrative Staff
at Quarter-end

223

221

１Q

２Q

200

20

１Q

100

２Q

３Q

４Q

0

３Q

４Q

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

32

These graphs show the activities of the Administrative Human Resources Services,people with disabilities and older employees. In this era, AI is increasingly
replacing the operations of computing centers and call centers, which originally
had the largest number of administrative dispatched staff.
For the next fiscal year, we are considering hiring human resources with a little
more added value, or human resources from overseas, rather than for justgeneral office work. We plan to change the structure with such a policy. In the
future, we will also engage in diversity management so that people withdisabilities and older employees can flourish as we face an increasing labor
shortage.

32

Nursing Care・Welfare Services●Results of Nursing Care・Welfare Services

Points• The overall occupancy rate of nursing carefacilities remained stable at 94.0%.
• Net sales increased by 1.9% YoY. Operating
profit was at a surplus of 44 million yen.

FY 3/23 2Q

FY 3/24 2Q

Results
Net sales

Results

1,503

Year-on-Year
Increase(Decrease)

1,531% Change28

1.9％(Unit: # of residents)

Number of facility residents

Occupancy
入居率
rate

# of
入居者数
residents[Bldg.1-6] (capacity:402)
400（Unit: Million yen）

378

369

375

375

380

380

91.8%

93.3%

93.3%

94.5%

94.5%

94.0%

Jun'22-end

Sep'22-end

Dec'22-end

Mar'23-end

Jun'23-end

Sep'23-end

300
200
100
0

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

33This is the status of our Other Businesses, the Nursing Care・Welfare Services. The
overall occupancy rate for our nursing care facilities exceeds 94%. As a result of
the high occupancy rate, both revenue and profits increased, and we were able tofinish the first half with a surplus of 44 million yen.

33

Topics
Engineers seconded to Interstellar Technologies•••

NISSO CORPORATION, the main operating company of NISSO HOLDINGS, has seconded 1 R&D
engineer who is expected to flourish in the future, to Interstellar Technologies Inc. (IST), a
rocket venture company.。
The secondment period is 2 years.
At IST, he is responsible for testing in the mechanical and electrical・electronic areas, etc.

Exhibited at Manufacturing World's 2nd Industrial ODM/EMS Expo•••

With the aim of promoting the understanding of our business, we exhibited at the 26th
Manufacturing World Osaka and the Industrial ODM/EMS Expo exhibitions (October 4-6, 2023).
Approximately 550 people, mainly from technical (battery) manufacturers, visited our booth.
This was the second time we participated in the exhibition this year, following the Tokyo event,with the aim of expanding our high value-added areas.

Expanded the utilization of e-learning systems••

Content has been enhanced through in-house operation of an internally developed
e-learning system.
The system has been named "Start engineer", and we plan to start its sales to thegeneral public together our with business partners.

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved(In Japanese only)

34

Here, I would like to introduce 3 topics. First, regarding the space business which
I mentioned earlier, one person was seconded to Interstellar Technologies. He
originally worked at a construction machinery company and will now be
responsible for testing in the mechanical and electrical/electronic areas. From now
on, we would like to engage in personnel exchanges, and take on the challenge ofwhat kind of human resources we can send in order to develop human resources
who can flourish in this field.
Second, I mentioned that we exhibited at Tokyo Big Sight during our first quarter
financial results briefing, and we exhibited in Osaka in October. As a result, 550
people, from technical manufacturers, especially battery manufacturers, came tovisit.
Third, we will start sales of the e-learning system “Start engineer” to the generalpublic that I mentioned earlier. The special features are as noted on the slide. By
incorporating the expertise we have developed in real-life education into elearning, it can be used in a variety of ways, such as studying only the areas one
needs to study, or using it as a way to review to remember what one has studied
at our training facilities. I will continue to explain it from time to time, so I would
appreciate it if you could monitor it.

34

Toward the Realization of the Nisso Group Growth Cycle
Responding to Human
Resources Mobility- Rapid changes in the client environment -• Joint research with
MRI

Responding to
EVs and DX

Active industry-government-academia
collaboration• Tohoku Semiconductor andElectronics Design Study Group• Chugoku Regional
Semiconductor Industry
Promotion Council• Kyushu Semiconductor Human
Resources Development
Consortium• Hokkaido Semiconductor Human
Resources Development
Promotion Council

Acquisition of new points of contact

・Exhibition at Manufacturing
World Japan 2023
(Tokyo・Osaka)(Promotion of understanding of NISSO's business)

Collaboration with other industries• Capital and business alliancewith DOCTORS Co., Ltd.
• Investment and partnershipagreement with Interstellar
Technologies Inc.

Local
communities

Realizationof highlytransparent
dialogue

Administration

SS

Active industrygovernmentacademia
cooperation

Cross-industry
collaboration
Capital and businessalliances
M&A

Advanced humanresources development(Shareholders,etc.)

Development of semiconductor
human resources

Practice ofdiversity

CS•

Active support ofcareer advancement
・career changes tocreate job satisfaction•(Customers/
Clients)•

ES(Employees)
Compliancewith laws andregulations

Industry
Strategy

Improvement ofskillsdevelopment,
treatment
and work-styles

Strengthening of recruitment structures•

Kojo Kyujin Navi•engineer works

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

Miyagi Prefectural Governor
Accredited Training School

Nisso TC*
Higashi-Nihon

Nagano Prefectural Governor
Accredited Training School

Nisso TC
Naka-Nihon

Kumamoto Prefectural
Governor Accredited Training
SchoolNisso TC
Kumamoto

Other human resources
development facilities• 6 locations
nationwide

Streamlining of humanresources development• Development of
e-learning system(Consideration of sales to the generalpublic)*TC=Technical Center

35

The slide shows specific initiatives that are necessary to make a proper
contribution to workers, clients, and shareholders in order to realize the Group's
growth cycle. New aspects include our new addition to the semiconductor
consortium in Hokkaido and our exhibit at Manufacturing World Japan 2023.
Going forward, we will enhance this chart every quarter to show that we areformulating various strategies and taking measures to achieve growth, while
thinking about these things.

35

５

Future Prospects (FY 3/2024)

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

3636

FY 3/2024 Full-year Consolidated Forecasts
Although NISSO HOLDINGS' consolidated financial results have been calculated based on the full-year consolidated forecasts
announced by NISSO CORPORATION on May 11, 2023, taking into account the impact of the establishment of a holding
company, the disclosed figures remain unchanged.
■FY 3/2024 Full-year Consolidated Forecast (April 1, 2023 ～ March 31, 2024)
FY 3/23 Results
Results(Unit: Million yen)

FY 3/24 Forecast% of Total

Forecast

Year-on-Year% of Total

Increase(Decrease)% Change

90,827100.0%

100,000

100.0%

9,172

10.1%

Operating profit

2,268

2.5%

3,600

3.6%

1,331

58.7%

Ordinary profit

2,349

2.6%

3,600

3.6%

1,250

53.2%

Profit attributable toowners of parent

1,622

1.8%

2,300

2.3%

677

41.8%

Net sales

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

37

Here are our future prospects. For now, the full-year forecast announced on May
11 remains unchanged.
Although the Semiconductor Industry is behind by one quarter, we currently
believe that we can catch up in that field, considering the production plans thateach automobiles manufacturer and auto-parts supplier have in place. Therefore,
the year-end forecast remains unchanged.

37

６

Shareholder Return Policy

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

38

38

Shareholder Return Policy
Basic Policy

Dividend and Payout Ratio

NISSO CORPORATION considers the redistributionof profits to shareholders and the enhancement ofcorporate value as key management issues. In
addition, by setting the consolidated dividend
payout ratio of 30% or more as a general standard,
NISSO's basic policy is to continue to steadily
redistribute profits to all of our shareholders.

(Unit: Yen)

Dividend (left axis)

25.00

Payout ratio (right axis)

100%
90%

20.50 yen

20.10 yen
20.00

(Unit: %)80%

18.00 yen
16.00 yen

70%

15.00

FY 3/2024 Dividend Forecast

60%

42.7%

NISSO CORPORATION expects to pay a dividend of
20.50 yen per share (consolidated dividend payout
ratio of 30.3%).
In addition, the Shareholder Benefits Program willcontinue.

10.00

50%

36.0%

33.5%

40%

30.3%

30%
5.00

20%
10%

0.00

FY 3/2021

FY 3/2022

FY 3/2023

0%

FY 3/2024(Forecast)※The dividend for FY 3/2021 includes a commemorative dividend of 5.00 yen for the 50th Anniversary of
NISSO CORPORATION's founding.
※Until FY 3/2023, the ﬁgures for NISSO CORPORATION before the holding company structure are presented.

39

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

39

Shown here is our shareholder return policy. I will omit the basic policy since it isexplained every time, but we plan to pay a dividend of 20.50 yen per share forthis fiscal year.
Going forward, we would like to steadily increase dividends with a payout ratio of
30% or more while further increasing earnings. I am finally relieved that thedividends, which had been declining year by year, has now started to rise steadily.
All of us will be committed to our business to ensure that the dividends don’t
decline again.

39

７

Supplementary Materials

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved4040Consolidated Balance Sheet

Current assets
Cash and deposits
Accounts receivable - tradeNon-current assets
Property, plant and equipment
Intangible assets
Investments and other assets(Unit: Million yen, %)Mar. 2023-end

Sep. 2023-end

AmountAmount% of Total% of Total

21,747

72.3

25,05575.0

Increase(Decrease)

9,800

32.6

12,46937.3

10,98636.5

11,65534.9

668 in operation in the manufacturing-related

8,344

27.7

8,348

25.0

4,660

15.5

4,659

13.9

3 receivable (trade)" of current assets and(1) "accrued expenses" of current liabilities

1,514

5.0

1,430

4.3

(83)

human resources services, etc., "accounts

2,169

7.2

2,258

6.8

100.0

33,403

100.0

3,311

12,18740.5

15,652

46.9

3,465

－

－

3,000

9.0

3,000

6,119

20.3

6,683

20.0

1,395

4.6

1,459

4.4

3,097

10.3

2,856

8.6

2,019

6.7

1,773

5.3

Shareholders' equity

15,284
14,56350.8
48.4

18,50914,64555.4
43.8

Non-controlling interests
Total net assets

239

0.8

242

0.7

2

14,80749.2

14,894

44.6

86

Current liabilities
Short-term loans payable
Accrued expenses
Provision for bonuses
Non-current liabilities
Long-term loans payable
Total liabilities

Total liabilities and net assets①Increase due to expansion of the

3,307 number of staff in operation
Due to the expansion of the number of staff
2,669

30,092

Total assets

Point

increased.

89 ②Procurement of funds

As a result of new borrowings, "cash anddeposits" of current assets and "short-termloans payable" of current liabilities increased.

564 ③Overall

As a result of the above, total assets

64 increased by 11.0%, total liabilities increased(240) by 21.1%, and total net assets increased by(245) 0.6%, resulting in an equity ratio of 43.9%
compared to the end of the previous fiscal

3,224 year.
81

30,092100.0
33,403100.0
3,311
Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

41

Here are the supplementary materials. First is the consolidated balance sheet.

41Consolidated Statements of Cash Flows(Unit: Million yen)

FY 3/23
2Q YTDFY 3/24
2Q YTD

AmountAmountCash flows from operating activities

(96)

673

Cash flows from investing activities

113

(212)

Point
Increase(Decrease)770①Cash flows from operating activities
Proceeds amounted to 673 million yen, as
proceeds of 998 million yen in profit before
income taxes, etc., absorbed expenditures suchas an increase in notes and accounts receivable(trade) of 668 million yen.

②Cash flows from investing activities
Expenditures amounted to 212 million yen
due to expenditures of 138 million yen for(326) purchase of property, plant and equipment, etc.
③ Cash flows from financing activities
Proceeds amounted to 2,208 million yen, as
proceeds of 3,000 million yen in net increase
3,071(decrease) in short-term loans payable
absorbed expenditures as cash dividends paidof 544 million yen.

Cash flows from financing activities

(863)

2,208

Net increase (decrease) in cash andcash equivalents

(846)

2,669

Cash and cash equivalents at
beginning of period

8,773

9,800

1,026

Cash and cash equivalents at end of
period7,927

12,469

4,542

3,515

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

42

Here are the consolidated statements of cash flows. I hope you will take a look at
it at your own convenience.

This concludes my explanation. Thank you very much for your undivided attention.

42

Making hardworking people, happy.

NISSO HOLDINGSThe forward-looking statements and performance forecasts contained in this document are forecasts
determined by NISSO HOLDINGS based on information available at the time of preparation, and include
potential risks and uncertainties. Therefore, please be aware that the actual results may differ greatly
from the forward-looking statements described due to changes in various factors.

〈For future IR-related inquiries〉

IR Division, NISSO HOLDINGS Co., Ltd.
TEL

045-777-7630

E-mailir@nisso-ir.com

URL

https://www.nisso-hd.com

Copyright ⓒ 2023 NISSO HOLDINGS Co., Ltd. All Rights Reserved

43