Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Year Ended March 31, 2024
[Japanese GAAP]May 13, 2024
Company name: NSW Inc.
Stock exchange listing: Tokyo
Code number: 9739
URL: https://www.nsw.co.jp/
Representative: Shoji Tada
President (Representative Director)
Contact: Yuzuru Suka
Executive Vice President Corporate Officer and Member of the Board
Phone: +81-3-3770-1111
Scheduled date of Annual General Meeting of Shareholders: June 24, 2024
Scheduled date of commencing dividend payments: June 25, 2024
Scheduled date of filing annual securities report: June 24, 2024
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual financial results briefing session: Yes(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
Fiscal year ended
March 31, 2024
50,299
8.9
5,862
8.8
5,940
9.2
4,287
4.8
March 31, 2023
46,188
6.3
5,387
9.5
5,442
8.3
4,090
17.9
(Note) Comprehensive income:Fiscal year ended March 31, 2024:¥
4,189 million [0.2%]
Fiscal year ended March 31, 2023:¥
4,181 million [19.7%]
Basic earnings per Diluted earnings per Rate of return on
share
share
equityYen
Fiscal year ended
March 31, 2024
287.77
March 31, 2023
274.54(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio

%

13.6
14.5
Fiscal year ended March 31, 2024:
Fiscal year ended March 31, 2023:

Operating profit to
net sales ratio

%

%

14.0
14.0
¥
¥

11.7
11.7
- million- million(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

Millions of yen

44,13840,663As of March 31, 2024:
As of March 31, 2023:

Capital adequacy ratio¥¥

33,17429,87833,174 million
29,878 million

Net assets per share

%

Yen

75.2
73.5

2,226.53
2,005.37(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

5,051
1,998

(8,703)(1,010)

(894)
(818)

10,812
15,352

2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total

Fiscal year ended

Yen

Yen

Yen

Yen

March 31, 2023

-

25.00

-

30.00

55.00

March 31, 2024

-

30.00

-

55.00

85.00

―

40.00

-

45.00

85.00

Total
dividends

Payoutratio(consolidated)

Yen Millions of yen

Dividends
to netassets(consolidated)

%

%

819

20.0

2.9

1,266

29.5

4.0

Fiscal year ending
March 31, 2025

30.3

(Forecast)(Note) Breakdown of the year-end dividend for the fiscal year ended March 31, 2024 :Commemorative dividend- yenSpecial dividend- yen
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings per
Net sales
Operating profit
Ordinary profit
owners of parent
share
Full year

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

52,000

3.4

6,000

2.3

6,050

1.8

4,175

(2.6)

280.21* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): No
New(Company name:)
Exclusion:(Company name:)(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2024:
14,900,000 shares
March 31, 2023:
14,900,000 shares
2) Number of treasury shares at the end of the period:
March 31, 2024:
586 shares
March 31, 2023:
537 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2024:
Fiscal Year ended March 31, 2023:

14,899,459 shares
14,899,463 shares

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Ordinary profit

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

48,08444,061

9.1
6.5

5,683
5,202

9.3
8.9

5,815
5,316

9.4
9.2

4,185
4,032

3.8
19.3

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023

Yen

Yen

280.90270.67-(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

42,96739,704As of March 31, 2024:
As of March 31, 2023:

Capital adequacy ratio

Millions of yen¥¥

32,471
29,261
32,471 million
29,261 million

Net assets per share

%

Yen

75.6
73.7

2,179.40
1,963.96※This Consolidated Financial Report is not subject to audit procedures by certified public accountants or auditing firm.
※The consolidated financial results forecasts are based on information currently available to The Company and on certain assumption
deemed to be reasonable. As a result of various facter that may arise in the future,actual results may deffer from the Company's
forecast.

Consolidated Financial Statements
Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade, and contract assets
Electronically recorded monetary claims operating
MerchandiseWork in process
Supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Tools, furniture and fixtures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Software
Software in progress
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets― 1 ―As of March 31, 2024

15,35228
12,376

18,812
12,821

285

270

918
1,278
1
427
30,669

1,256
647
1
430
(21)
34,218

2,038
297
3,861
7
6,205

1,893
339
3,493
8
5,735

40
92
148
20
301

34
209
58
20
322

158
1,705
1,635
(12)
3,486
9,993
40,663

758
1,482
1,634
(12)
3,862
9,920
44,138(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Accounts payable - trade
Income taxes payable
Accrued consumption taxes
Provision for bonuses
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Provision for retirement benefits for directors (andother officers)
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-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets― 2 ―As of March 31, 2024

3,478
1,020
373
1,374
1,727
7,974

3,396
745
498
1,488
13
1,916
8,058

2

2

2,602
204
2,809
10,784

2,720
184
2,906
10,9645,500
86
24,175(0)
29,7605,500
8627,568(1)
33,153

98

17

30
(10)
118
29,87840,66335(33)
20
33,174
44,138

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Millions of yen)
For the fiscal year
ended March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Remuneration for directors (and other officers)
Corporate officer' compensations
Salaries and bonuses
Retirement benefit expenses
Welfare expenses
Communication and transportation expenses
Outsourcing expenses
Rent expenses
Provision of allowance for doubtful accounts
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Foreign exchange gains
Dividend income of insurance
Subsidy income
Other
Total non-operating income
Non-operating expenses
Loss on sale of receivables
Loss On Disaster
Loss on cancellation of insurance policies
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
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent― 3 ―For the fiscal year
ended March 31, 2024

46,18836,785
9,403

50,29940,287
10,012

152
193
1,623
69
317
141
282
298
935
4,015
5,387

174
188
1,668
75
331
207
313
286
21
882
4,149
5,862

1
8
10
4
32
57

27
13
7
11
21
81

0
0
1
2
5,442

0
1
0
2
5,940

0
0

88
135
224

2
0
3
5,439
1,741
(392)
1,348
4,090
4,090

32
1
63
96
6,068
1,512
268
1,781
4,287
4,287

Consolidated Statements of Comprehensive Income(Millions of yen)
For the fiscal year
ended March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent― 4 ―For the fiscal year
ended March 31, 2024

4,090

4,287

68
6
17
91
4,181

(81)
5
(22)
(98)
4,189

4,181

4,189

Consolidated Statements of Changes in Equity
For the fiscal year ended March 31, 2023

SharecapitalBalance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period5,500(Millions of yen)
Accumulated other comprehensive
Shareholders' equity
incomeValuation
Total
Foreign Remeasurements
Total net
Total difference
accumulated
Capital Retained Treasury
currency of defined
assetsshareholders'onothersurplus earnings sharestranslation benefit
equity available-for-salecomprehensive
adjustment planssecurities
income86

20,904(0)

26,489

30

24

(27)

27

26,516

(819)

(819)

(819)

4,090

4,090

4,090

-

68

6

17

91

91

-

-

3,270

-

3,270

68

6

17

91

3,362

5,500

86

24,175(0)

29,760

98

30

(10)

118

29,878For the fiscal year ended March 31, 2024

SharecapitalBalance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period5,500(Millions of yen)
Accumulated other comprehensive
Shareholders' equity
incomeValuation
Total
Foreign Remeasurements
Total net
Total difference
accumulated
Capital Retained Treasury
currency of defined
assetsshareholders'onothersurplus earnings sharestranslation benefit
equity available-for-salecomprehensive
adjustment planssecurities
income86

24,175(0)

29,760

98

30

(10)

118

29,878

(893)

(893)

(893)

4,287

4,287

4,287

(0)

(0)

(0)

(81)

5

(22)

(98)

(98)

-

-

3,393

(0)

3,393

(81)

5

(22)

(98)

3,295

5,500

86

27,568(1)

33,153

17

35

(33)

20

33,174― 5 ―Consolidated Statements of Cash Flows(Millions of yen)
For the fiscal year
ended March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for loss on
construction contracts
Increase (decrease) in retirement benefit liability
Interest and dividend income
Loss (gain) on sale and valuation of investment
securities
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in advances received
Decrease/increase in consumption taxes payable
Decrease (increase) in prepaid expenses
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued expenses
Increase (decrease) in deposits received
Other, net
SubtotalInterest and dividends received
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Payments for asset retirement obligations
Purchase of investment securities
Proceeds from sale of investment securities
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee
deposits
Purchase of insurance funds
Purchase of long-term prepaid expenses
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Purchase of treasury shares
Dividends paid
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― 6 ―For the fiscal year
ended March 31, 2024

5,439
414
29
21

6,068
439
63
27
21
114

(3)

13

86
(1)

84
(27)

-

(135)

0
2
(1,765)
(674)
544
(65)
(199)
(36)
64
172
6
(14)
4,020
1
(2,024)
1,998

(87)
32
(399)
294
(73)
(105)
125
(21)
93
173
140
(5)
6,834
0
(1,783)
5,051

(344)
3
(101)
(4)
(405)

(8,100)
(290)
466
(109)
(26)
(732)
149
(26)

7

150

(11)
(159)
4
(1,010)(10)(175)(8,703)

(818)
(818)

(0)
(894)
(894)

6

5

175

(4,540)Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

15,176
15,352― 7 ―15,352
10,812