Consolidated Financial Results for FY 3/2024 〔Japanese GAAP〕
May 9, 2024
NISSO HOLDINGS Co., Ltd.
Stock Exchange Listing: Tokyo9332
ＵＲＬ https://www.nisso-hd.com
Representative Director, President &Representative(Title)（Name）Ryuichi Shimizu
CEO
Contact Person(Title)Managing Director & CFO（Name）Naoki Hayakawa ＴＥＬ +81-45-514-4323
Scheduled date of Annual
Scheduled date ofGeneral Meeting ofJune 26, 2024
June 27, 2024
payment of dividend
Shareholders
Scheduled date of filing
June 27, 2024
Annual Securities Report
Preparation of supplementarymaterials for financial results: (Scheduled to be posted on the Company's website on May 9, 2024 (Thursday))Yes
Holding of financial results(Scheduled to be held for institutional investors and analysts on May 13, 2024
meeting: Yes(Monday))Company
Securities Code（All amounts are rounded down to the nearest million yen）

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 - March 31, 2024)（Percentages represent year-on-year changes）(1) Consolidated results of operations
Net sales
Fiscal year ended
Mar. 31, 2024
Mar. 31, 2023

Operating profit%

Million yen
96,858－(Note) Comprehensive income

Million yen
3,058
－

－
－

%
－
－

Fiscal year ended Mar. 31, 2024:
Fiscal year ended Mar. 31, 2023:

Net income per share
Fiscal year ended
Mar. 31, 2024
Mar. 31, 2023

Profit attributable toowners of parent

Ordinary profit
Million yen
3,056
－

%
－
－

%

Million yen
1,952
－

－
－

2,101 Million yen (－%)－
Million yen (－%)
Ratio of ordinary
Ratio of
Return on equity profit on total operating profit
assetson net sales
Yen
%
%
%

Diluted net income per
share

Yen
57.85
－

(Reference) Equity in earnings of affiliates

－
－

13.2
－

Fiscal year ended Mar. 31, 2024:
Fiscal year ended Mar. 31, 2023:

9.9
－

3.2
－

-98 Million yen－ Million yen(Note) 1. Since the Company was established on October 2, 2023 through a single share transfer, there are no results for theprevious consolidated fiscal year.

2．"Diluted net income per share" for FY 3/2024 is not listed because there are no dilutive shares.
(2) Consolidated financial position
Total assets
As ofMar. 31, 2024
Mar. 31, 2023

Million yen
31,354－

Net assets
Million yen
15,333－Equity ratio

Net assets per share
%
48.0
－

Yen
467.99－(Reference) Equity capital

As of Mar. 31, 2024:
15,057 Million yen
As of Mar. 31, 2023:－
Million yen(Note) Since the Company was established on October 2, 2023 through a single share transfer, there are no results forthe previous consolidated fiscal year.
(3) Consolidated cash flows
Cash flows from operating Cash flows from investing Cash flows from financing Cash and cash equivalents
activities
activities
activities
at end of period
Million yen
Million yen
Million yen
Million yen
Fiscal year ended
3,230(1,289)(2,100)9,641Mar. 31, 2024－－－－
Mar. 31, 2023
(Note) Since the Company was established on October 2, 2023 through a single share transfer, there are no results forthe previous consolidated fiscal year.

2. Dividends
Dividend per share
1Q-end2Q-end3Q-endYear-end

Total

Fiscal year ended
Mar. 31, 2023
Mar. 31, 2024

Yen
－
－

Yen
－
－

Yen
－
－

Yen
－
20.50

Yen
－
20.50

Fiscal year ending
Mar. 31, 2025
(forecast)

－

－

－

22.00

22.00

Dividend payout Dividend on
equityratio(consolidated) (consolidated)
Million yen
%
%

Total
dividends

－
671

－
35.4

－
4.5

30.0

(Note) Since the Company was established on October 2, 2023 through a single share transfer, there are no results forthe corresponding quarter of the previous consolidated fiscal year or up to the second quarter.
3. Consolidated Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 – March 31, 2025)（Percentages represent year-on-year changes）
Net sales

Full year

Millionyen
106,000

Operating profit%
9.4

Millionyen
3,800

Profit attributableto owners of parent

Ordinary profit%

24.3

Million
yen
3,800

%
24.3

Millionyen
2,400

Net income per
share

%

Yen

22.9

73.25

※

Notes

（１）Changes in the significant subsidiaries during the period (changes in specified subsidiaries resulting inchanges in the scope of consolidation: None
(Note) Although not applicable to changes in specified subsidiaries, EYE'S Co., Ltd. has been included in the scopeof consolidation from the current consolidated fiscal year.

（２）Changes in accounting policies and accounting estimates, and restatements①②③④

Changes in accounting policies due to revisions in accounting standards, etc.：
Changes in accounting policies other than ① above：
Changes in accounting estimates：
Restatements：（３）Number of outstanding shares（Common stock）① Number of shares outstanding at the
As of Mar.
end of the period （including
31, 2024
treasury shares）② Number of treasury shares at the end
As of Mar.
of the period
31, 2024③ Average number of shares outstanding
during the period

34,024,720

Shares1,260,745

Shares

33,742,216

SharesFiscal year
ended Mar.
31, 2024

None
None
None
None

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

Shares－Shares－SharesFiscal year
ended Mar.
31, 2023(Note) 1. Since the Company was established on October 2, 2023, figures for the previous consolidated fiscal year are notlisted.
2．Since the Company was established through a single share transfer on October 2, 2023, the average number ofshares of common stock during the period from April 1, 2023 to October 1, 2023 prior to the establishment of theCompany is calculated using the average number of shares of NISSO CORPORATION during the period. The period from
October 2, 2023 to March 31, 2024 is calculated using the average number of shares of the Company during theperiod.

※※The current financial statement is not subject to audit procedures by certified public accountants or auditing
corporations.
Cautionary statement on the appropriate use of earnings forecasts, and other special items(Notes on forward-looking statements, etc.)
Earnings forecasts regarding future performance and other forward-looking statements in this material are based on
certain assumptions judged to be valid and on information that is currently available to the Company, and do not
represent promises by the Company that these figures will be achieved. In addition, actual results may differ
significantly due to a variety of factors. For prerequisite conditions and precautions regarding the usage of earnings
forecasts, please refer to “1. Overview of Operating Results, (4) Future Prospects” on P. 6 of the attachments.
(Supplementary materials for financial results and method of obtaining content for financial results briefing)
The Company is scheduled to hold a Financial Results Briefing for institutional investors and analyst on May 13, 2024
(Monday).
The materials to be used for the financial results briefing for FY 3/2024 are scheduled to be posted on the Company's
website on the date of announcement of the financial results (May 9, 2024 (Thursday)).

○Contents of Attachments
１．Overview of Operating Results ………………………………………………………………………………………
（１）Overview of Operating Results for the Current Fiscal Year ……………………………………………

2
2（２）Overview of Financial Position for the Current Fiscal Year …………………………………………
（３）Overview of Cash Flows for the Current Fiscal Year ……………………………………………………

5
6（４）Future Prospects …………………………………………………………………………………………………
（５）Basic Policy on Profit Distribution and Dividends for Current and Next Terms …………………

6
7

２．Basic Approach to the Selection of Accounting Standards ……………………………………………………
３．Consolidated Financial Statements and Notes ……………………………………………………………………

89（１）Consolidated Balance Sheet ……………………………………………………………………………………
（２）Consolidated Statements of Income and Comprehensive Income …………………………………………

9
11

Consolidated Statement of Income ……………………………………………………………………………
Consolidated Statement of Comprehensive Income …………………………………………………………

1112（３）Consolidated Statement of Changes in Equity ……………………………………………………………… 13（４）Consolidated Statement of Cash Flows ……………………………………………………………………… 14（５）Notes regarding Consolidated Financial Statements ……………………………………………………… 15（Notes regarding Going Concern Assumption） ……………………………………………………………… 15（Segment Information） ……………………………………………………………………………………………
（Per Share Information） …………………………………………………………………………………………

15
15（Significant Subsequent Events） ……………………………………………………………………………… 15- 1 -１．Overview of Operating Results
NISSO HOLDINGS Co., Ltd. (hereinafter, the "Company") was established on October 2, 2023 as the wholly
owning parent company of NISSO CORPORATION through a single share transfer. However, since there has beenno substantial change in the scope of consolidation, items for which the comparisons are made with thecorresponding period of the previous consolidated fiscal year are those for the consolidated fiscal year
(FY 3/2023, from April 1, 2022 to March 31, 2023) of NISSO CORPORATION. In addition, the items that arecompared with the end of the previous consolidated fiscal year are compared with the end of theconsolidated FY 3/2023 (March 31, 2023) of NISSO CORPORATION.
Furthermore, the consolidated financial statements for the current consolidated fiscal year
(hereinafter, the "consolidated fiscal year under review") were prepared by taking over the consolidated
financial statements of NISSO CORPORATION, which became a wholly owned subsidiary through a single sharetransfer.
Moreover, Vector Shinwa Co., Ltd., a consolidated subsidiary of the Company, whose fiscal year-end waspreviously the last day of February, has changed its closing date to March 31. As a result, theconsolidated financial results for the consolidated fiscal year under review incorporate the financial
results of the consolidated subsidiaries from March 1, 2023 to March 31, 2024.
（１）Overview of Operating Results for the Current Fiscal Year
During the consolidated fiscal year under review, while Japan's economy was returning tonormalization, the economic conditions of other countries remained solid, and inflation accelerated
due in part to the rapid depreciation of the yen. On the other hand, the effects of global monetary
tightening, concerns about the future of the Chinese economy, and the situation in the Middle Eastpose risks that may amplify uncertainty about the future, and therefore, it is necessary to continue
to pay close attention to the effects of fluctuations in financial and capital markets.
In such a business environment, based on its mission of "Creating opportunities and hopes for people
to work", the Nisso Group (hereinafter, the "Group") is promoting initiatives "To transform into a
corporate group with high-growth potential" with the aim of providing services that can respond tosocial changes and changes in industrial structures, while creating workplaces where workers can feel
motivated and grow through Human Resources Solution Services that support the growth of companies andpeople.
The Group defines materiality (key issues) for the realization of its mission as "Creation of acomfortable workplace", "Responding to social changes and changes in industrial structures", and"Strengthening of governance". The Group aims to enhance corporate value by creating social value
through the promotion of digitization (digitalization), in addition to actively investing in humanresources, maximizing employee satisfaction and customer/client satisfaction, providing high valueadded services, and strengthening its management structures and internal controls.
The results of operations for the consolidated fiscal year under review are as follows: net sales
amounted to 96,858 million yen (up 6.6% year-on-year), operating profit amounted to 3,058 million yen(up 34.8% year-on-year), ordinary profit amounted to 3,056 million yen (up 30.1% year-on-year), andprofit attributable to owners of parent amounted to 1,952 million yen (up 20.3% year-on-year).
Net sales increased year-on-year due to growth in the number of enrolled staff of the Manufacturingrelated Human Resources Services, which are the Group's core services. In addition, in terms of
profits, there was an increase in personnel expenses due to an increase in the number of employees inorder to expand the business and strengthen the business foundation. However, as a result of absorbing
the increase in net sales, operating profit increased year-on-year.
Various initiatives during the consolidated fiscal year under review were as follows:(General Human Resources Services)
Net sales of the General Human Resources Services during the consolidated fiscal year under review
amounted to 93,813 million yen (up 6.8% year-on-year), and gross profit was 15,682 million yen (up10.1% year-on-year).
① Manufacturing・Production Human Resources Services
Manufacturing・Production Human Resources Services are mainly classified into manufacturing
dispatching and manufacturing contracting.

- 2 -Net sales of the Manufacturing・Production Human Resources Services during the consolidated fiscal
year under review amounted to 76,862 million yen (up 5.2% year-on-year).
During the consolidated fiscal year under review, the number of enrolled manufacturing・production
staff in the service at the end of the consolidated fiscal year was 14,793 (up 207 year-on-year) in
response to the strong human resources needs of clients. In addition, as a result of efforts toimprove the workplace environment in order to create a comfortable workplace, the monthly turnoverrate remained at a low level of 3.9% (same level year-on-year). Furthermore, due to an increase in
the billing unit-costs of manufacturing staff, net sales per capita amounted to 433 thousand yen (up2.5% year-on-year).
② Engineering Human Resources Services
Engineering Human Resources Services are classified into the manufacturing area, IT-related
engineer dispatching, and SES (System Engineering Service).
Net sales of the Engineering Human Resources Services during the consolidated fiscal year underreview amounted to 9,080 million yen (up 5.3% year-on-year).
During the consolidated fiscal year under review, although production activities of clients in the
Semiconductor Industry (semiconductor manufacturing industry) were sluggish, they began to recover
toward the end of the fiscal year, and the number of enrolled engineers at the end of consolidated
the fiscal year amounted to 1,544 (up 27 year-on-year). In addition, due in part to the effects ofpromoting its unique "Human Resources Development Model" that utilizes education and training
facilities, the turnover rate per month has remained at a low level of 2.0% (which was at 2.1% in theprevious year). On the other hand, the average monthly net sales per capita were 505 thousand yen(down 13 thousand yen year-on-year).
③ Administrative Human Resources Services
Administrative Human Resources Services are classified into general office work dispatching and BPO(Business Process Outsourcing).
Net sales of the Administrative Human Resources Services during the consolidated fiscal year underreview amounted to 2,162 million yen (down 4.9% year-on-year).
During the consolidated fiscal year under review, although the Company promoted recruitment
activities centered on public relations and client attraction activities, due to sluggish growth in
the number of registrants as a result of intensifying competition for personnel in the employment
market, the number of enrolled administrative dispatched staff was 562 (down 43 year-on-year).
④ Other Human Resources Services
Other Human Resources Services are classified into human resources dispatching for senior employees
and light work contracting for people with disabilities.
Net sales of the Other Human Resources Services during the consolidated fiscal year under review
amounted to 5,708 million yen (up 49.6% year-on-year). Furthermore, since Nikon Nisso Prime
Corporation became a consolidated subsidiary from the second quarter (consolidated accounting period)of FY 3/2023, the rate of increase/decrease in net sales of this service has increased significantly.
In order to build a workplace model that enables senior employees to flourish, the Company isworking to develop and secure employment opportunities and build a structure that supports the active
participation of senior employees and allows them to continue working. The number of Prime employees(senior employees) during the consolidated fiscal year under review was 697.
In addition, in order to build a workplace model that enables employees with disabilities toflourish, the Company aims to coexist with local communities, including school officials, support
organizations, and the government, while promoting independent activities that make the most of eachindividual's characteristics, such as accepting contracts for light work from general companies,
rather than simply employing employees with disabilities in-house. The number of employees withdisabilities during the consolidated fiscal year under review was 227.
(Nursing Care・Welfare Services)
Nursing Care・Welfare Services are classified into facility nursing care and home-based nursingcare.
Net sales of the Nursing Care・Welfare Services during the consolidated fiscal year under review
amounted to 3,045 million yen (up 0.9% year-on-year), and gross profit was 332 million yen (up 7.9%
year-on-year).
During the consolidated fiscal year under review, the number of residents of nursing care- 3 -facilities was 381 (380 in the corresponding period of the previous fiscal year) as a result ofactivities aimed at attracting customers with the goal of contributing to society throughcompassionate nursing care rooted in the local community in facility nursing care, which is the coreof this service. In addition, with the aim of improving the quality of service while developing
nursing care staff, the occupancy rate at the facilities continued to remain at a high level of 94.8%(94.5% in the corresponding period of the previous fiscal year).
(Progress of Initiatives for the Growth of the Group)
The Group develops human resources needed by industry through collaboration with clients and meetsthe needs of its clients by providing high value-added services, while expanding career advancement
opportunities linked to the development of employees. In addition, through cross-industry
collaborations, capital and business alliances, and the establishment of partnerships such as M&A,
the Group will expand opportunities for career changes tailored to the desires of its employees andenhance employee satisfaction.
Industry Strategy
In order to expand its business in the General Human Resources Services Business, the Group ispursuing an "Industry Strategy" that not only responds to the needs of individual clients, but also
proactively and speedily responds to the needs of each industry as the industrial structure changes
at an accelerated pace against the backdrop of technological innovation and environmental issues.
Net sales in the Industry Strategy area for the consolidated fiscal year under review were 62,683
million yen (up 5.2% year-on-year), accounting for 64.7% of consolidated net sales.
In the Automotive Industry (automobile manufacturing and EV-related manufacturing industries), theneed for human resources remained strong as parts shortages were resolved and production activities
recovered. On the other hand, due to the effects of production stoppages related to certification
irregularities, net sales in the Automotive Industry during the consolidated fiscal year under review
were 40,485 million yen (up 14.7% year-on-year).
In the Semiconductor Industry (semiconductor manufacturing industry), due to a decrease in thenumber of enrolled staff as a result of sluggish production activities during the period, net sales
in the Semiconductor Industry during the consolidated fiscal year under review were 12,377 million
yen (down 12.5% year-on-year).
Similarly, production activities in the Electronics Industry (electronic equipment manufacturingindustry) were sluggish, and the operating hours of manufacturing staff did not recover, and net
sales in the Electronics Industry during the consolidated fiscal year under review were 9,819 million
yen (down 3.2% year-on-year).
Human Resources Development Strategy
The Group has established and is promoting its unique "Human Resources Development Model".
Specifically, the Group has established educational and training facilities equipped with actual
equipment, such as semiconductor manufacturing equipment, and are working to produce human resources
who will be able to quickly acquire skills and establish themselves after being assigned to aworkplace by using educational programs developed in accordance with client needs. The Group hasreceived high praise from its clients for providing services using this advanced Off-JT.
During the consolidated fiscal year under review, a total of 19,468 staff in the General Human
Resources Services were trained, of which 1,370 were trained as engineers. In addition, a total of
1,571 people were trained in the Nursing Care・Welfare Services.
During this consolidated fiscal year under review, the Company opened the Nisso Technical Center
Kumamoto in April 2023 and participated in the Kyushu Semiconductor Human Resources Development
Consortium, etc., to promote the development of engineering human resources in order to contribute to
the expansion of semiconductor-related industries in the future from the perspective of "people".
In addition, education and training have also been expanded externally, mainly at training
facilities, and the total number of participants who underwent external employee training (entrusted)in the consolidated fiscal year under review was 187. The Company will continue to understand theneeds of its clients, customize the educational content it has cultivated so far, and continue its
business promotion system to resolve the problems of its clients.
In its Nursing Care・Welfare Services, the Company recognizes the importance of educating newly
hired nursing care staff and improving the quality of services in facility nursing care. In order toensure the quality of these services, the Company has established a system that allows it to conduct- 4 -not only OJT but also regular Off-JT.
Initiatives for Sustainability
In order to achieve its mission of "Creating opportunities and hopes for people to work ", the Group
recognizes the importance of contributing to society and the environment through investment in"people", which is the driving force behind the Group.
In promoting activities related to sustainability, the Group aims to achieve sustainable businessgrowth based on the "Sustainability Policy" formulated in October 2021, and also aims to realize asustainable society by having established policies on human rights, labor, the environment, health andsafety, and ethics.
The Group defines "human resources development" and "diversity" as the most important factors inaiming for sustainable growth of its business. From the perspective of enhancing the value of its
business, the Group will improve the ratio of highly skilled human resources by developing humanresources who can take on the challenge of all possibilities in all fields. In addition, the Group aims
to create a workplace where all employees can have dreams and a sense of fulfillment, and build aworkplace where diverse human resources can flourish. From the perspective of risk management, theGroup recognizes the importance of activities such as respect for human rights, the environment・
climate change, safety and health, compliance, and local environmental conservation, and is promoting
initiatives aimed at reducing various risks and contributing to society.
For more information on the Group's sustainability-related activities, please refer to the"Sustainability Report 2023".
Japanese: https://www.nisso-hd.com/sustainability/
English: https://www.nisso-hd.com/en/sustainability/
Financial Strategy
The Company will closely monitor its own capital costs (cost of equity and weighted average cost ofcapital (WACC)) and strives to pursue earning power and improve capital efficiency based on return on
equity (ROE) and return on invested capital (ROIC) as key management indicators. In addition, theCompany will strive to enhance corporate value by realizing a structure in which ROIC exceeds the costof capital (weighted average cost of capital (WACC)) in a stable manner. Furthermore, in the consolidated
fiscal year under review, ROIC exceeded the cost of capital (weighted average cost of capital (WACC)).
（２）Overview of Financial Position for the Current Fiscal Year
（Assets）
Current assets at the end of the consolidated fiscal year under review amounted to 21,899 million
yen, which was an increase of 151 million yen from the end of the previous consolidated fiscal year.
This was mainly due to a decrease of 159 million yen in cash and deposits, while notes and accounts
receivable (trade) increased by 366 million yen.
Non-current assets at the end of the consolidated fiscal year under review amounted to 9,455 million
yen, which was an increase of 1,110 million yen from the end of the previous consolidated fiscal year.
This was mainly due to increases of 164 million yen in goodwill, 217 million yen in investment
securities, and 192 million yen in net defined benefit asset.
As a result, total assets amounted to 31,354 million yen, which was an increase of 1,261 million yen
from the end of the previous consolidated fiscal year.
（Liabilities）
Current liabilities at the end of the consolidated fiscal year under review amounted to 13,360
million yen, which was an increase of 1,172 million yen from the end of the previous consolidated
fiscal year. This was mainly due to an increase of 434 million yen in accrued expenses and an increaseof 240 million yen in income taxes payable.
Non-current liabilities at the end of the consolidated fiscal year under review amounted to 2,660
million yen, which was a decrease of 436 million yen from the end of the previous consolidated fiscal
year. This was mainly due to a decrease of 468 million yen in long-term loans payable.
As a result, total liabilities amounted to 16,021 million yen, which was an increase of 736 million
yen from the end of the previous consolidated fiscal year.
（Net assets）
Total net assets at the end of the consolidated fiscal year under review amounted to 15,333 million
yen, which was an increase of 525 million yen from the end of the previous consolidated fiscal year.
This was mainly due to the recording of 1,952 million yen in profit attributable to owners of parent,- 5 -544 million yen in dividends of surplus, and 1,062 million yen in purchase of treasury shares.
As a result, the equity ratio was 48.0% (which was at 48.4% at the end of the previous consolidated
fiscal year).
（３）Overview of Cash Flows for the Current Fiscal Year
Cash flows for the consolidated fiscal year under review were as follows: Cash flows from operating
activities resulted in proceeds of 3,230 million yen, cash flows from investing activities resulted in
expenditures of 1,289 million yen, and cash flows from financing activities resulted in expenditures of
2,100 million yen.
As a result, cash and cash equivalents for the consolidated fiscal year under review

decreased by 159

million yen to 9,641 million yen compared to the balance at the beginning of the current period.
The status and contributing factors of cash flows from operating, investing and financing activities
in the consolidated fiscal year under review are as follows:（Cash flows from operating activities）
Cash flows from operating activities amounted to proceeds of 3,230 million yen (compared to proceedsof 2,285 million yen in the previous consolidated fiscal year), as a result of proceeds of 3,056
million yen in profit before income taxes, which absorbed expenditures such as an increase in income
taxes paid of 865 million yen.
（Cash flows from investing activities）
Cash flows from investing activities amounted to expenditures of 1,289 million yen (compared to
expenditures of 146 million yen in the previous consolidated fiscal year), due expenditures such as
300 million yen in purchase of securities, and 650 million yen in the purchase of property, plant andequipment.
（Cash flows from financing activities）
Cash flows from financing activities amounted to expenditures of 2,100 million yen (compared to
expenditures of 1,112 million yen in the previous consolidated fiscal year), due to expenditures such
as 1,062 million yen in purchase of treasury shares and 544 million yen in cash dividends paid.
（４）Future Prospects
With regard to future prospects, although there are concerns about global monetary tightening and thesituation in the Middle East, Japan's domestic economy is expected to recover moderately.
In the Automotive Industry (automobile manufacturing and EV-related manufacturing industries) which is
the Group's focus industry, the effects of production and shipment stoppages at some manufacturers are
expected to gradually dissolve, and production activities are expected to become busier toward the second
half of fiscal 2024. In addition, in the Semiconductor Industry (semiconductor manufacturing industry),
further increases in digital demand is expected, and production activities at manufacturers ofsemiconductor manufacturing equipment and memory are expected to become busy in the second half of fiscal
2024. In the Electronics Industry (electronic equipment manufacturing industry), which is highly linked
to the semiconductor manufacturing industry, it is expected that production activities will recover inthe same manner.
Under such a business environment, the Company will promote its "Industry Strategy" to realize
sustainable business growth by deepening the quality and content of services provided in its core business,
the General Human Resources Services.
The Group will continue to co-create with clients in the field of human resources development while
conducting research on business areas that will be required in the future, with the aim of responding toissues such as the sophistication of production activities by manufacturers, the diversification of humanresources needs, and the chronic shortage of human resources throughout the manufacturing industry. In
addition, the Company will actively promote the development of high value-added human resources bycombining the Group's unique "Human Resources Development Model" with occupations such as semiconductor
and storage battery manufacturing, preservation and maintenance, which the Group positions as areas of
expansion. In collaboration with the public and private sectors, the Company will provide reskilling
opportunities for human resources working in other industries and occupations, and will also develop humanresources who can handle mass production related to semiconductors. In the future, in light of the
expanding needs, the Company will also proceed with the further expansion of the "Nisso Technical Center
Kumamoto ". Furthermore, in March 2024, the Company opened the "Nisso EV Technical Center Kansai", an
educational and training facility specializing in human resources development for the storage battery- 6 -industry.
In the Nursing Care・Welfare Services, the Group will continue to improve the quality of the services
provided at "Sweetpea", nursing care facilities such as fee-based nursing homes for the elderly locatedin 6 locations throughout Yokohama, and promote the provision of nursing care services that customers canchoose from. In addition, the Group will continue to make efforts to improve its management structure bypromoting operational efficiency.
Through these activities, the Group will realize sustainable business growth while co-creating with its
stakeholders.
Based on the above, the Company expects full-year consolidated results for the fiscal year ending March
31, 2025, as follows: net sales of 106,000 million yen (up 9.4% year-on-year), operating profit of 3,800
million yen (up 24.3% year-on-year), ordinary profit of 3,800 million yen (up 24.3% year-on-year), andprofit attributable to owners of parent of 2,400 million yen (up 22.9% year-on-year).
※The above forecasts are based on information available as of the date of release of this document, andactual results may differ from forecasts due to various factors in the future.
（５）Basic Policy on Profit Distribution and Dividends for Current and Next Terms
The Company considers the redistribution of profits to shareholders and the enhancement of corporate
value as key management issues, taking into consideration the balance between securing funds for growthinvestments and strengthening the corporate structure that can respond to changes in the businessenvironment. In addition, by setting the consolidated dividend payout ratio of 30% or more as a generalstandard, the Company's basic policy is to continue to steadily redistribute profits to all of its
shareholders.
Furthermore, although the Company considers the year-end dividends as a general principle, theArticles of Incorporation stipulate that it is possible to distribute dividends of surplus twice a year
as interim dividends and year-end dividends in order to enhance the redistribution of profits toshareholders. As the decision-making body, the Board of Directors is determined to make it possible toflexibly carry out the payment of interim dividends while taking into consideration performance trends
and other factors.
In accordance with the above policy, the dividend for the fiscal year ended March 31, 2024 isscheduled to be a payment of 20.50 yen per share (consolidated dividend payout ratio of 35.4%).
In addition, for the fiscal year ending March 31, 2025, the Company expects to pay a dividend of 22.00
yen per share (consolidated dividend payout ratio of 30.0%).

- 7 -２．Basic Approach to the Selection of Accounting Standards
Since many of the stakeholders are domestic shareholders, creditors, business partners, etc., and due tothe lack of funding from overseas, the Group has applied generally accepted accounting principles inJapan.

- 8 -３．Consolidated Financial Statements and Notes（１）Consolidated Balance Sheet(Unit: Million yen)
FY 3/24（As of Mar. 31, 2024）
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Prepaid expenses
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Land
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Lease and guarantee deposits
Deferred tax assets
Net defined benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

9,641
11,238736
288(5)21,8995,536(3,678)
1,857
2,771
950
(507)
442
5,072
1,033
577
1,611
561
678
930
270
349
(18)
2,771
9,455
31,354- 9 -(Unit: Million yen)
FY 3/24（As of Mar. 31, 2024）
Liabilities
Current liabilities
Current portion of long-term loans
payableAccrued expenses
Income taxes payable
Accrued consumption taxes
Contract liabilities
Provision for bonuses
Provision for shareholder benefit program
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Deferred tax liabilities
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

512
6,553
795
1,860
212
1,479
121
1,823
13,360
1,550
136
713
260
2,660
16,021

2,016
2,367
11,587(1,031)
14,939118
118
275
15,33331,354- 10 -

（２）Consolidated Statements of Income and Comprehensive Income（Consolidated Statement of Income）(Unit: Million yen)
FY 3/24(Apr. 1, 2023 –Mar. 31, 2024)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Subsidy income
House rent income
Penalty income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted forusing equity method
Rent expenses
Other
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controllinginterests
Profit attributable to owners of parent

96,85880,84316,014
12,956
3,058
3
0
69
39
23
32
168
11
98
20
39
169
3,056
3,056
1,252
(183)
1,068
1,988
35
1,952

- 11 -

（Consolidated Statement of Comprehensive Income）(Unit: Million yen)
FY 3/24(Apr. 1, 2023 –Mar. 31, 2024)
ProfitOther comprehensive income
Remeasurements of defined benefit plans, netof taxShare of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests

1,988
114
(0)
113
2,101
2,065
35

- 12 -

（３）Consolidated Statement of Changes in Equity
FY 3/24 (Apr. 1, 2023 - Mar. 31, 2024)(Unit: Million yen)
Shareholders' equity
Capital stock
Balance at beginning ofcurrent period
Changes of items during
periodCapital surplus

2,016

Retained earnings

2,367

10,460Treasury shares(281)

Total shareholders'equity14,563

Dividends of surplus

(544)

(544)

Profit attributable toowners of parent

1,952

1,952

Purchase of treasury
shares(1,062)(1,062)

Disposal of treasury
shares

(0)

30

30

Retirement of treasury
shares

(281)

281

-

Transfer to capitalsurplus from retained
earnings
Net changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
period

281

(281)

-

-

(0)

1,126

(750)

375

2,016

2,367

11,587(1,031)

14,939

Accumulated other comprehensive income

Balance at beginning ofcurrent period
Changes of items during
periodForeign currencytranslation
adjustment

Remeasurements ofdefined benefit
plans

Total accumulated
othercomprehensive
income034Non-controllinginterests

239

Total net assets

14,807

Dividends of surplus

-

(544)

Profit attributable toowners of parent

-

1,952

Purchase of treasury
shares-(1,062)

Disposal of treasury
shares-30

Retirement of treasury
shares----Transfer to capitalsurplus from retained
earnings
Net changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
period

(0)

114

113

35

149

(0)

114

113

35

525

-

118

118

275

15,333- 13 -

（４）Consolidated Statement of Cash Flows(Unit: Million yen)
FY 3/24(Apr. 1, 2023 –Mar. 31, 2024)
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Decrease (increase) in net defined benefit asset
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for shareholder
benefit program
Interest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using
equity method
Decrease (increase) in notes and accounts receivable trade
Decrease (increase) in lease and guarantee deposits
Increase (decrease) in accrued expenses
Increase (decrease) in accrued consumption taxes
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes refund
Income taxes paid
Cash flows from operating activities
Cash flows from investing activities
Purchase of securities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of shares of subsidiaries resulting in change
in scope of consolidation
Other
Cash flows from investing activities
Cash flows from financing activities
Repayments of long-term loans payable
Purchase of treasury shares
Cash dividends paid
Other
Cash flows from financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 14 -

3,056
306
102
(8)
71
(18)
23
17
(3)
11
98
(75)
(26)
436
(261)
351
4,081
3
(11)
22
(865)
3,230
(300)
(650)
(66)
(247)
(24)
(1,289)(490)(1,062)(544)(2)(2,100)
(159)
9,800
9,641

（５）Notes regarding Consolidated Financial Statements（Notes regarding Going Concern Assumption）
Not applicable.
（Segment Information）
FY 3/24 (Apr. 1, 2023 - Mar. 31, 2024)
The Group omits segment information due to the high proportion of "General Human Resources
Services" in all segments and the lack of importance as disclosure information.
（Per Share Information）
FY 3/24(Apr. 1, 2023 –Mar. 31, 2024)
Net assets per share

467.99Net income per share

57.85(Note)

1.

Diluted net income per share is not stated because there are no diluted shares.

2.

The basis for the calculation of net income per share is as follows:
FY 3/24(Apr. 1, 2023 –Mar. 31, 2024)

Net income per share
Profit attributable to owners of parent

1,952（Million yen）
Amount not attributable to common-shareholders（Million yen）
Profit attributable to owners of parent
related to common shares（Million yen）

1,952

Average number of shares of common stockduring the period（Shares）

33,742,216（Significant Subsequent Events）
Not applicable.

- 15 -