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 Six Months Ended September 30, 2022
[Japanese GAAP]
October 31, 2022
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
Senior Executive Corporate Officer and Member of the Board
Phone: 03-3770-1111
Scheduled date of filing quarterly securities report: November 14, 2022
Scheduled date of commencing dividend payments: December 02, 2022
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: Yes(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Six Months Ended September 30, 2022 (April 01, 2022 to September 30, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%Six months ended
September 30, 2022
21,127
2.8
2,248
4.0
2,283
4.4
1,528
2.4
September 30, 2021
20,548
15.8
2,161
23.9
2,187
24.2
1,493
33.6
(Note) Comprehensive income:Six months ended September 30, 2022:¥
1,544 million [2.8%]
Six months ended September 30, 2021:¥
1,501 million [33.9%]
Basic earnings
per share
Six months ended
September 30, 2022
September 30, 2021

Diluted earnings per
shareYen

Yen

102.57100.21-(2) Consolidated Financial Position
Total assets
As ofSeptember 30, 2022
36,709March 31, 2022
36,813(Reference) Equity: As of September 30, 2022:
As of March 31, 2022:

Net assets

Million yen

Capital adequacy ratio

Million yen¥¥

27,613
26,516
27,613 million
26,516 million

%

75.2
72.0

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2022

-20.00-30.0050.00

Fiscal year ending March 31, 2023

-25.00-25.0050.00

Fiscal year ending March 31, 2023
(Forecast)(Note) Revision to the forecast for dividends announced most recently:
No(Note) Breakdown of the 2nd quarter dividend for the fiscal year ending March 31, 2023 :Commemorative dividend- yenSpecial dividend- yenYear-endTotal

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023(April 01, 2022 to March 31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profitOrdinary profit
owners of parent
per share%

Million yen%

Million yen%

Yen

Full year
45,0003.6
5,000
1.6(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

5,040
No

0.3

3,450

(0.6)

231.55* Notes:(1) Changes in significant subsidiaries during the six months ended September 30, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name:
Exclusion:(Company name:No(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:))No(3) 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(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
September 30, 2022:
14,900,000 shares
March 31, 2022:
14,900,000 shares2) Total number of treasury shares at the end of the period:
September 30, 2022:
537 shares
March 31, 2022:
537 shares
3) Average number of shares during the period:
Six months ended September 30, 2022:
Six months ended September 30, 2021:

14,899,463 shares
14,899,532 shares※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 fromthe Company's forecast.

Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Million yen)
As of March 31,2022
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Electronically recorded monetary claims operating
MerchandiseWork in process
Supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Tools, furniture and fixtures, netLand
Other, net
Total property, plant and equipment
Intangible assets
Software
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 September 30,2022

15,17615
10,764

14,716
16
9,665

143

124

339
1,183
2
298
27,924

709
1,669
2
585
27,489

1,886
294
3,861
16
6,058

1,878
281
3,861
13
6,034

64
178
20
263

48
163
86
298

59
1,350
1,169
(12)
2,567
8,888
36,813

59
1,183
1,656
(12)
2,886
9,219
36,709(Million yen)
As of March 31,2022
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 September 30,2022

2,942
1,312
572
1,353
3
1,426
7,613

2,792
717
272
960
15
1,522
6,281

2

2

2,540
141
2,683
10,296

2,608
203
2,813
9,095

5,500
86
20,904(0)
26,4895,500
86
21,985(0)27,570303024(27)
27
26,51636,81338(25)
42
27,61336,709

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the six months)(Million yen)
For the six months
ended September 30,2021
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
OtherTotal selling, general and administrative expenses
Operating profit
Non-operating income
Foreign exchange gains
Dividend income of insurance
Other
Total non-operating income
Non-operating expenses
Loss on sale of receivables
Foreign exchange losses
Loss on cancellation of insurance policies
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
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 six months
ended September 30,2022

20,54816,608
3,939

21,127
16,954
4,173

70
95
768
33
151
57
163
75
361
1,778
2,161

75
100
790
35
151
67
132
111
460
1,924
2,248

325
28

88
17
35

0
2
0
2
2,187

0
0
1
2,283

1
10
0

0
0
2,189
711
(15)
696
1,493
1,493

2
2
2,280
585
166
752
1,528
1,528

Quarterly Consolidated Statements of Comprehensive Income (For the six months)(Million yen)
For the six months
ended September 30,2021
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― 4 ―For the six months
ended September 30,2022

1,493

1,528(0)7181,501(0)
14
1
15
1,544

1,501

1,544

Quarterly Consolidated Statements of Cash Flows(Million yen)
For the six months
ended September 30,2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for loss onconstruction contracts
Increase (decrease) in retirement benefit liability
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
Increase (decrease) in accrued consumption taxes
Other, net
SubtotalInterest and dividends received
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Payments of leasehold and guarantee deposits
Purchase of long-term prepaid expenses
Purchase of shares of subsidiaries resulting in change
in scope of consolidation
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Dividends paid
Other, net
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
Cash and cash equivalents at end of period― 5 ―For the six months
ended September 30,2022

2,189245
(87)

2,280
207
15(393)

(0)

11

59
0
845
(496)
134
16(102)(312)
2,489
0(594)
1,895

68
2
1,117(855)(203)
42(300)(178)
1,813
0(1,157)
657

(90)
(1)
(3)
(52)

(86)
(68)
(405)
(116)

(186)

-

18(316)

(7)
(686)

(297)
(0)
(297)

(446)
(446)

7

14

1,288
12,383
13,671(460)
15,176
14,716