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, 2023
[Japanese GAAP]
May 09, 2023
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
Executive Officer, General Manager, Accounting and Finance Division
Phone:
03-6741-1204
Scheduled date of Annual General Meeting of Shareholders: June 22, 2023
Scheduled date of commencing dividend payments:
June 05, 2023
Scheduled date of filing annual securities report:
June 23, 2023
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 March 31, 2023 (February 21, 2022 to March 31, 2023)(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
March 31, 2023
948,09416.8
140,0761.3
144,085
1.6
95,129(1.6)
February 20, 2022
811,58113.2
138,270
0.4
141,847
2.5
96,7245.0(Note) Comprehensive income:Fiscal year ended March 31, 2023:¥
99,881 million [(4.9) %]
Fiscal year ended February 20, 2022:¥
104,995 million [15.5%]
Basic earnings per Diluted earnings per Rate of return on
share
share
equityYen
Fiscal year ended
March 31, 2023
841.90February 20, 2022
856.71(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio

%

12.3
14.1
Fiscal year ended March 31, 2023:
Fiscal year ended February 20, 2022:

Operating profit to
net sales ratio

%

%

13.6
14.8
¥
¥

14.8
17.0
929 million
1,435 million(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2023
February 20, 2022
(Reference) Equity:

Net assets

Million yen

1,133,771
983,840
As of March 31, 2023:
As of February 20, 2022:

Capital adequacy ratio

Million yen

818,096
732,813
818,096 million
732,813 million¥¥

Net assets per share

%

Yen

72.2
74.5

7,239.04
6,489.57(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2023
February 20, 2022

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Million yen

Million yen

Million yen

Million yen

91,39885,565(132,538)(119,980)

36,903
17,729125,115
127,076―1―

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

Year-end

Total

Total
dividends

Payoutratio(consolidated)

Dividends
to netassets(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Million yen%%

February 20, 2022

-

70.00

-

70.00

140.0015,83316.3

2.3

March 31, 2023

-

73.00

-

73.00

146.0016,534

17.3

2.1

-

75.00

-

75.00

150.00Fiscal year ending
March 31, 2024

17.0

(Forecast)

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 01, 2023 to March 31, 2024)(% 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
September 30, 2023
Full year

Million yen%

Million yen%

Million yen%

Million yen%

Yen

440,200

4.0

64,100(7.2)

65,000(7.7)

44,500(13.5)

393.76

932,000(1.7)

145,100

3.6

147,000

2.0

100,000

5.1

884.86* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): No(Company name:New)
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: Yes
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, 2023:
114,443,496 shares
February 20, 2022:
114,443,496 shares
2) Number of treasury shares at the end of the period:
March 31, 2023:
1,431,761 shares
February 20, 2022:
1,521,865 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2023:
Fiscal Year ended February 20, 2022:

112,994,490 shares
112,901,484 shares―2―

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (February 21, 2022 to March 31, 2023)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2023
February 20, 2022

Operating profit

Ordinary profit

Net income

Million yen%

Million yen%

Million yen%

Million yen%

32,07859,546(46.1)
112.1(6,997)
24,959-8,983
39,555(77.3)
641.4

2,426
37,387(93.5)-

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2023
February 20, 2022

Yen

Yen

21.45
330.59-(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2023
February 20, 2022
(Reference) Equity:

Net assets

Million yen

595,267
526,468
As of March 31, 2023:
As of February 20, 2022:

Capital adequacy ratio

Million yen¥¥

416,523
424,847
416,523 million
424,847 million

Net assets per share

%

Yen

70.0
80.7

3,673.07
3,756.41* 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 to 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 20,2022

As of March 31,2023

AssetsCurrent assets
Cash and deposits

130,435

131,928

Notes and accounts receivable - trade
Merchandise and finished goods

39,20678,91757,408112,401

Work in process
Raw materials and supplies

428
6,593

479
7,496

Other
Allowance for doubtful accounts

22,794(8)

20,641(1)

Total current assets

278,367

330,353

Non-current assets
Property, plant and equipment
Buildings and structures

389,745422,887

Accumulated depreciation(203,933)(219,531)

Buildings and structures, net

185,812203,356

Machinery, equipment and vehicles

18,371

20,792

Accumulated depreciation(11,790)(13,978)

6,581

6,813

Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net

26,61329,773(16,900)(18,417)

9,713

11,356339,1394,420

377,009
4,414

Accumulated depreciation(2,555)(2,894)

Leased assets, net

1,865

1,519

6,741

15,333(2,900)(4,203)Land
Leased assets

Right of use assets
Accumulated depreciation

3,841

11,129Construction in progress

Right of use assets, net

13,52738,294

Total property, plant and equipment

560,481649,479

Goodwill
Software

22,391
7,088

19,6195,267

Software in progress
Leasehold interests in land

931
7,615

1,740
6,272

89

107

38,11633,005Investment securities
Long-term loans receivable

26,585618

39,089562

Guarantee deposits
Leasehold deposits

18,89028,987

16,89330,313

Deferred tax assets
Other

17,495
14,36921,765
12,379Intangible assets

Other
Total intangible assets
Investments and other assets

Allowance for doubtful accounts

(72)

(72)

Total investments and other assets

106,875

120,932

Total non-current assets
Total assets―4―705,472

803,417

983,840

1,133,771

(Million yen)
As of February 20,2022

As of March 31,2023

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

39,76535,06838,45983,068

Lease obligations
Accounts payable - other

1,663
28,594

1,602
24,058

Income taxes payable
Contract liabilities

20,330-28,351
23,774

Provision for bonuses
Provision for point card certificates

4,482
3,113

8,380
11

428
-

422
220

Other

29,735

13,419Total current liabilities

163,181

221,769

Long-term borrowings
Lease obligations
Provision for retirement benefits for directors(and other officers)
Retirement benefit liability

50,398
5,605

57,330
4,598

228

228

5,741

5,886

Asset retirement obligations
Other

15,256
10,614

14,80011,060

Provision for shareholder benefit program
Provision for loss on business liquidation

Non-current liabilities

Total non-current liabilities

87,84593,905251,027

315,674

Shareholders' equity
Share capital

13,37013,370Capital surplus
Retained earnings

26,814
692,768

30,711
771,743

Treasury shares(7,771)(10,111)

Total shareholders' equity

Total liabilities
Net assets

725,181805,714

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

1,227

1,769

-

(1,829)Foreign currency translation adjustment
Remeasurements of defined benefit plans

6,591
(187)

12,479(36)

Total accumulated other comprehensive income

7,631

12,382

Total net assets
Total liabilities and net assets―5―732,813

818,096

983,840

1,133,771

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)
For the fiscal year
ended February 20,2022

For the fiscal year
ended March 31,2023

Net sales
Cost of sales

811,581385,684

948,094
469,988

Gross profit

425,897478,106

Selling, general and administrative expenses

287,627

338,029

Operating profit

138,270

140,076

459
58

638
275

-

853

1,435

929

775
365

298
363

Gain on sales of goods
Other

209
1,112

303
1,097

Total non-operating income

4,417

4,760

387

401

77
375

349

Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity
methodSubsidy income
Vending machine income

Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses

840

751

141,847

144,085

Gain on sale of non-current assets
Reversal of provision for business restructuring

301
499

17
-

Total extraordinary income

800

17

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

238
579

139
4,769

Loss on change in equity
Provision for loss on business liquidation

49
-

61
218

Ordinary profit
Extraordinary income

Extraordinary losses

868

5,189

Profit before income taxes

Total extraordinary losses

141,779

138,913

Income taxes - current

43,61647,503

Income taxes - deferred

1,438(3,720)Total income taxes

45,05443,783

Profit96,724

95,129Profit attributable to owners of parent

96,724

95,129―6―

Consolidated Statements of Comprehensive Income(Million yen)
For the fiscal year
ended February 20,2022
ProfitOther comprehensive income

For the fiscal year
ended March 31,2023

96,724

95,129Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

536
-

542
(1,829)Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

7,713
21

5,888
151

Total other comprehensive income
Comprehensive income

8,271

4,751

104,995

99,881

104,995

99,881

Comprehensive income attributable to
Owners of parent―7―

Consolidated Statements of Changes in Net Assets
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
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
NonValuation
Foreign
Remeasureme accumulated controlling
difference on
currency
nts of defined
otherinterests
available-for- translation
benefit plans comprehensiv
sale securities adjustmente income
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
period690(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―8―

For the fiscal year ended March 31,2023(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
period13,370CapitalsurplusRetainedearnings

26,814

692,768

Treasuryshares(7,771)

Total
shareholders'equity725,181(16,154)(16,154)

95,12995,1293,897(4,949)(4,949)

2,608

6,505

-

3,897

78,975(2,340)80,532

13,37030,711

771,743(10,111)805,714

Accumulated other comprehensive income
Total
Valuation
Foreign
Deferred gains
Remeasureme accumulateddifference on
currency
or losses on
nts of defined
otheravailable-fortranslation
hedgesbenefit plans comprehensiv
sale securities
adjustmente income
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
period

1,227

-

6,591

(187)

7,631

Total net
assets732,813(16,154)
95,129(4,949)6,505
542(1,829)

5,888

151

4,751

4,751

542

(1,829)

5,888

151

4,751

85,283

1,769(1,829)12,479(36)

12,382

818,096―9―

Consolidated Statements of Cash Flows(Million yen)
For the fiscal year
ended February 20,2022
Cash flows from operating activities
Profit before income taxes

For the fiscal year
ended March 31,2023

141,779

138,913

Depreciation
Impairment losses

23,785579

26,186
4,769

Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts

2,559
2

2,772
(7)

Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for point cardcertificatesInterest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Reversal of provision for business restructuring
Loss (gain) on sale and retirement of non-current
assetsLoss (gain) on change in equity
Increase (decrease) in provision for loss on businessliquidation
Decrease (increase) in trade receivables
Decrease (increase) in inventories(1,032)
540

3,874
255

422

(3,116)

(518)
387

(913)
401

(1,435)

(929)

(499)

-

(62)

122

49

61

-

218

2,294
(4,058)(39,324)(33,301)

Increase (decrease) in trade payables
Increase (decrease) in contract liability(9,185)-(414)
23,799

Increase (decrease) in accrued consumption taxes
Other, net(9,029)(2,309)

1,463
(628)

Subtotal

144,270

124,202

1,361

1,736

(403)
(61,562)(417)(40,043)

Interest and dividends received
Interest paid
Income taxes paid
Income taxes refund

1,899

5,919

Net cash provided by (used in) operating activities

85,56591,398―10―

(Million yen)
For the fiscal year
ended February 20,2022
Cash flows from investing activities
Payments into time deposits

For the fiscal year
ended March 31,2023(56)(5,789)30,185(101,520)

2,502(113,933)

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

1,918(1,642)17(2,471)(200)(11,989)

1

0

(857)

(546)

Proceeds from refund of guarantee deposits
Purchase of shares of subsidiaries

1,620(48,942)

2,010-

Payments of leasehold deposits
Proceeds from refund of leasehold deposits(1,082)599(2,681)
308

Guarantee deposits received
Refund of guarantee deposits received

(255)

12
(247)

Proceeds from deposits received
Repayments of deposits received

322
(142)

957
(147)

Purchase of long-term prepaid expenses
Proceeds from collection of loans receivable

(150)
220

(762)
202

-

18

(119,980)(132,538)

Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings(46,715)(18,534)

40,000(35,068)

Proceeds from long-term borrowings
Repayments of lease liabilities

100,000(1,651)50,000(1,961)

Purchase of treasury shares
Dividends paid

(9)(15,360)(2)(16,064)

17,72936,903

2,936

2,276

(13,748)(1,960)125,487

127,076

15,337-127,076

125,115

Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment

Other payments
Net cash provided by (used in) investing activities
Cash flows from financing activities

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
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―