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 February 20, 2022
[Japanese GAAP]
March 31, 2022
Company name:
Nitori Holdings Co., Ltd.
Stock exchange listing: Tokyo,Sapporo
Code number:
9843
URL:
https://www.nitorihd.co.jp/
Representative:
Toshiyuki Shirai
President and Chief Operating Officer
Contact:
Masaomi Zenji
General Manager,Accounting and Finance Division
Phone:
03-6741-1204
Scheduled date of Annual General Meeting of Shareholders:
May 19, 2022
Scheduled date of commencing dividend payments:
April 28, 2022
Scheduled date of filing annual securities report:
May 20, 2022
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual financial results briefing session:
Yes (for institutional investors and analysts)(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Fiscal Year Ended February 20, 2022 (February 21, 2021 to February 20, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal year ended
February 20, 2022
811,58113.2
138,270
0.4
141,847
2.5
96,724
5.0
February 20, 2021
716,900
11.6
137,68728.1
138,426
26.4
92,11429.0(Note) Comprehensive income:Fiscal year ended February 20, 2022:¥
104,995 million [15.5%]
Fiscal year ended February 20, 2021:¥
90,944 million [29.1%]
Basic earnings per Diluted earnings per Rate of return on
share
share
equityYen
Fiscal year ended
February 20, 2022
856.71February 20, 2021
817.01(Reference) Equity in net income of affiliates:

Yen

Ordinary profit tototal assets ratio%

14.1
816.66
15.3
Fiscal year ended February 20, 2022:
Fiscal year ended February 20, 2021:

Operating profit to
net sales ratio

%

%

14.8
17.2
¥
¥

17.0
19.2
1,435 million
566 million(2) Consolidated Financial Position
Total assets
As ofFebruary 20, 2022
February 20, 2021
(Reference) Equity:

Net assets

Million yen

983,840
930,884
As of February 20, 2022:
As of February 20, 2021:

Capital adequacy ratio

Million yen

732,813685,392
732,813 million
642,096 million¥¥

Net assets per share

%

Yen

74.5
69.0

6,489.57
5,691.11(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
February 20, 2022
February 20, 2021

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Million yen

Million yen

Million yen

Million yen

85,565150,879(119,980)(195,985)

17,72930,309127,076
125,487―1―2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total
dividends

Total

Payoutratio(consolidated)

Dividends
to netassets(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Million yen%%

February 20, 2021

-

57.00

-

66.00

123.0013,907

15.1

2.3

February 20, 2022

-

70.00

-

70.00

140.0015,833

16.3

2.3

-

73.00

-

74.00

147.00Fiscal year ending
March 31, 2023

16.0

(Forecast)

3. Consolidated Financial Results Forecast for the Fiscal Year Ending February 20, 2023 (February 21, 2022 to March 31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable Basic earnings per
Net sales
Operating profit
Ordinary profit
to owners of parent
share
Six months ended August20, 2022
Full year

Million yen%

Million yen%

Million yen%

Million yen%

Yen

436,900

5.4

72,700(6.2)

73,700(6.8)

50,000(7.2)

442.78

963,600

18.7

150,600

8.9

153,000

7.9

104,000

7.5

920.99* 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:)(Company name:
Exclusion:)(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):February 20, 2022:
114,443,496 shares
February 20, 2021:
114,443,496 shares2) Total number of treasury shares at the end of the period:
February 20, 2022:
1,521,865 shares
February 20, 2021:
1,619,063 shares
3) Average number of shares during the period:
Fiscal Year ended February 20, 2022:
Fiscal Year ended February 20, 2021:

112,901,484 shares
112,745,933 shares―2―

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended February 20, 2022 (February 21, 2021 to February 20, 2022)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
February 20, 2022
February 20, 2021

Operating profit

Ordinary profit

Net income

Million yen%

Million yen%

Million yen%

Million yen%

59,54628,080

112.1
(7.7)

24,959(8,903)-39,5555,335

641.4(46.4)

37,387(1,562)-

Basic earnings per share Diluted earnings per share
Fiscal year ended
February 20, 2022
February 20, 2021

Yen

Yen

330.59(13.83)-(2) Non-consolidated Financial Position
Total assets
As ofFebruary 20, 2022
February 20, 2021
(Reference) Equity:

Net assets

Million yen

526,468
469,507
As of February 20, 2022:
As of February 20, 2021:

Capital adequacy ratio

Million yen¥¥

424,847
402,206
424,847 million
402,206 million

Net assets per share

%

Yen

80.7
85.7

3,756.41
3,557.30* Financial results reports are not subjected to reviews.
* Explanation for appropriate use of financial forecasts and other special notes
The forecasts given in this document are based on the current available information in the company and certain reasonableassumptions of the company. And we don’t commit to achieve these forecasting numbers. Actual results may differ from these
forecasts by a variety of reasons.

―3―Consolidated Financial Statements
Consolidated Balance Sheets(Million yen)
As of February 20,2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Right of use assets
Accumulated depreclation
Right of use assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Software
Software in progress
Leasehold interests in land
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Guarantee deposits
Leasehold deposits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets―4―

As of February 20,2022

158,577
37,806
7,791
76,133200
4,403
17,843(5)
302,750

130,435
39,20678,917428
6,593
22,794(8)
278,367

373,221(190,717)
182,503
13,811(10,188)
3,623
24,554(15,430)
9,124
271,613
4,384(2,189)2,194
6,015(2,342)
3,673
9,762
482,494

389,745(203,933)
185,812
18,371(11,790)
6,581
26,613(16,900)
9,713
339,1394,420(2,555)
1,865
6,741(2,900)3,841
13,527560,481

19,791
9,296
517
7,178
89
36,874

22,391
7,088
931
7,615
89
38,11625,727665
19,85828,945
18,63914,999(72)
108,765
628,134
930,884

26,585618
18,89028,987
17,495
14,369(72)
106,875
705,472
983,840

(Million yen)
As of February 20,2021

As of February 20,2022

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings

44,554
48,71539,76535,068

Lease obligations
Accounts payable - other

1,570
33,512

1,663
28,594

Income taxes payable
Provision for bonuses

30,351
5,120

20,330
4,482

Provision for point card certificates
Provision for shareholder benefit program

2,669
463

3,113
428

Other

39,38829,735

Total current liabilities

206,345

163,181Long-term borrowings
Lease obligations
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability

2,000
5,875

50,398
5,605

228

228

5,186

5,741

Asset retirement obligations
Other

14,91010,945

15,256
10,614Non-current liabilities

Total non-current liabilities

39,146

87,845245,492

251,027

Shareholders' equity
Share capital

13,37013,370Capital surplus
Retained earnings

26,255612,082

26,814
692,768

Total liabilities
Net assets

Treasury shares(8,971)(7,771)

Total shareholders' equity

642,737

725,181

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment

690

1,227

(1,122)

6,591

Remeasurements of defined benefit plans

(208)

(187)

(640)

7,631

Non-controlling interests

Total accumulated other comprehensive income

43,295-

Total net assets

685,392

732,813930,884

983,840

Total liabilities and net assets―5―Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)
For the fiscal year
ended February 20,2021

For the fiscal year
ended February 20,2022

Net sales
Cost of sales

716,900
305,109811,581385,684

Gross profit

411,791

425,897

Selling, general and administrative expenses

274,104

287,627

Operating profit

137,687

138,270

Interest income
Dividend income
Share of profit of entities accounted for using equity
methodSubsidy income

501
38

459
58

566

1,435

212

775

Vending machine income
Gain on sales of goods

253
187

365
209

Non-operating income

Other

603

1,112

2,363

4,417

Interest expenses
Commission expenses

294
1,000

387
-

Foreign exchange losses
Other

6
323

77
375

Total non-operating income
Non-operating expenses

Total non-operating expenses

1,624

840

138,426

141,847

5
-

301
499

Gain on reversal of share acquisition rights
Gain on cancellation of leasehold contracts

12
397

-

Reversal of provision for loss on cancellation

352-

Total extraordinary income

767

800

Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Reversal of provision for business restructuring

Extraordinary losses
Loss on sale and retirement of non-current assets

63

238

Impairment losses
Loss on change in equity

8,351
81

579
49

Total extraordinary losses

8,497

868

Profit before income taxes

130,696

141,779

Income taxes - current

42,431

43,616

Income taxes - deferred(3,848)

1,438

Total income taxes

38,58245,054

Profit92,11496,724

Profit attributable to owners of parent

92,11496,724―6―

Consolidated Statements of Comprehensive Income(Million yen)
For the fiscal year
ended February 20,2021
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―7―

For the fiscal year
ended February 20,2022

92,11496,724(60)(1,283)

536
7,713

173

21

(1,169)8,271

90,944

104,995

90,944

104,995

Consolidated Statements of Changes in Net Assets
For the fiscal year ended February 20,2021(Million yen)
Shareholders' equity
Share capital
Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodBalance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period13,370Capitalsurplus25,074Retainedearnings
532,471

Treasuryshares(10,875)

Total
shareholders'equity560,042(12,504)(12,504)

92,114

92,114

1,181

(21)

(21)

1,924

3,105

-

1,181

79,6101,903

82,694

13,37026,255612,082(8,971)

642,737

Accumulated other comprehensive income
Total
Valuation
Foreign
Remeasureme accumulateddifference on
currency
nts of defined
otheravailable-for- translation
benefit plans comprehensiv
sale securities adjustmente income

Shareacquisitionrights

Noncontrollinginterests

289

-

750

161

(382)

529

Total net
assets560,861(12,504)
92,114
(21)
3,105
(60)

(1,283)173(1,169)(289)

43,29541,836(60)(1,283)173(1,169)(289)

43,295124,531690(1,122)

(208)

(640)

-

43,295685,392―8―

For the fiscal year ended February 20,2022(Million yen)
Shareholders' equity
Share capital
Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesAdjustments due tochange in the fiscal
period ofconsolidated
subsidiaries
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
periodBalance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesAdjustments due tochange in the fiscal
period ofconsolidated
subsidiaries
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period13,370Capitalsurplus26,255Retainedearnings
612,082

Treasuryshares(8,971)

Total
shareholders'equity642,737(15,350)(15,350)

96,72496,724

558

(9)

(9)

1,209

1,768

(687)

(687)

-

558

80,686

1,200

82,444

13,37026,814

692,768(7,771)

725,181

Accumulated other comprehensive income
Total
Valuation
Foreign
Remeasureme accumulateddifference on
currency
nts of defined
otheravailable-for- translation
benefit plans comprehensiv
sale securities adjustmente income

Noncontrollinginterests

690(1,122)

(208)

(640)

43,295

Total net
assets685,392(15,350)
96,724
(9)
1,768

(687)

536

7,713

21

8,271

(43,295)(35,024)

536

7,713

21

8,271

(43,295)

47,420

1,227

6,591

(187)

7,631

-

732,813―9―

Consolidated Statements of Cash Flows(Million yen)
For the fiscal year
ended February 20,2021
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 retirement benefit liability
Increase (decrease) in provision for point cardcertificatesInterest and dividend income
Interest expenses
Commission expenses
Share of loss (profit) of entities accounted for using
equity method
Gain on cancellation of rental contracts
Reversal of provision for loss on cancellation

For the fiscal year
ended February 20,2022

130,696

141,779

17,831
8,351

23,785
579

-

2,559
2

701
389

(1,032)
540

591

422

(539)
294

(518)
387

1,000

-

(566)

(1,435)

(397)
(352)

-

-

(499)

Reversal of provision for business restructuring
Loss (gain) on sale and retirement of non-current
assetsLoss (gain) on change in equity
Decrease (increase) in trade receivables

58

(62)

81
(991)

49
2,294

Decrease (increase) in inventories
Increase (decrease) in trade payables

4,867
(99)

(4,058)(9,185)

Increase (decrease) in accrued consumption taxes
Other, net

6,486
16,173(9,029)(2,309)Subtotal

184,575

144,270

1,098
(262)

1,361
(403)

Income taxes paid
Income taxes refund(34,610)
79(61,562)
1,899

Net cash provided by (used in) operating activities

150,879

85,565Interest and dividends received
Interest paid

―10―

(Million yen)
For the fiscal year
ended February 20,2021
Cash flows from investing activities
Payments into time deposits

For the fiscal year
ended February 20,2022(15,267)(56)

Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment534(17,145)

30,185(101,520)

Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of short-term and long-term investment
securities
Proceeds from sale of short-term and long-term
investment securities
Payments of guarantee deposits

40(3,094)

1,918(1,642)

-

(200)

-

1

(1,289)(857)

Proceeds from refund of guarantee deposits
Purchase of shares of subsidiaries
Purchase of shares of subsidiaries resulting in change
in scope of consolidation
Payments of leasehold deposits

108
-

1,620
(48,942)(158,304)-(1,417)(1,082)

Proceeds from refund of leasehold deposits
Guarantee deposits received

421
40

599
-

Refund of guarantee deposits received
Proceeds from deposits received

66

(255)
322

Repayments of deposits received
Purchase of long-term prepaid expenses

(29)
(354)

(142)
(150)

Loan advances
Proceeds from collection of loans receivable

(339)
45

220

(195,985)(119,980)

Cash flows from financing activities
Proceeds from short-term borrowings

Net cash provided by (used in) investing activities

46,00049,000

Repayments of short-term borrowings
Repayments of long-term borrowings(30)(2,000)(95,715)(18,534)

Proceeds from long-term borrowings
Repayments of lease obligations(1,588)100,000(1,651)

Purchase of treasury shares
Dividends paid

(21)
(12,497)(9)(15,360)

Proceeds from exercise of employee share options
Payment of commission

1,447(1,000)-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

30,30917,729

(507)

2,936

Cash and cash equivalents at beginning of period
Increase/decrease in cash and cash equivalents due tochanges in the accounting period of consolidated
subsidiaries
Cash and cash equivalents at end of period―11―(15,304)(13,748)

140,791

125,487-

15,337

125,487

127,076