Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Based on Japanese GAAP)
August 9, 2024
NITTOC CONSTRUCTION CO., LTD.
Company name:
Stock exchange listing: Tokyo
Stock code:
Representative:

1929
URL https://www.nittoc.co.jp
President & Representative Director
Yasuo Wada

Inquiries:

Manager,
Accounting Department,Masakazu Itabashi

Administration Division
Scheduled date to commence dividend payments:–Preparation of supplementary material on financial results:
Holding of financial results meeting:

NoNo

TEL

03-5645-5047(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Three months ended June 30, 2024
13,990 (13.2)
(109)
–(50)
–(63)
–
Three months ended June 30, 2023
16,12011.7
256 (25.9)
325 (25.3)
176 (29.0)
Note: Comprehensive income

Three months ended June 30, 2024

¥90 million [(81.1)%]

Three months ended June 30, 2023

¥480 million [45.8%]

Earnings per share

Diluted earnings per share

Yen(1.51)
4.23

Three months ended June 30, 2024
Three months ended June 30, 2023

Yen––(2) Consolidated financial position
Total assets
As of June 30, 2024
As of March 31, 2024
Reference: Equity

Net assets

Millions of yen
52,47354,425Equity ratio

Millions of yen
33,08534,037

As of June 30, 2024

¥32,928 million

As of March 31, 2024

¥33,858 million

Net assets per share%
62.8
62.2

Yen
789.13811.402. Cash dividends
Annual dividends per share

Year ended March 31, 2024
Year ending March 31, 2025

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
22.00

Yen–

Yen
25.00

Yen
47.00

22.00

–26.0048.00

Year ending March 31, 2025 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No1Total3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Net sales
Millions of yen
Six months ending
September 30, 2024
Full year

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen

32,300(7.7)

1,500(4.3)

1,500(8.0)

1,100(0.0)

26.36

73,000

1.6

5,400

23.9

5,400

22.8

3,600

17.4

86.27

Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Significant changes in the scope of consolidation during the three months ended June 30, 2024:

No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

41,731,951 shares As of March 31, 2024

41,731,951 shares

Number of treasury shares at the end of the period
As of June 30, 2024

3,954 shares As of March 31, 2024

3,732 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2024

41,728,057 shares Three months ended June 30, 2023

41,705,353 shares* Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or anaudit corporation: No* Proper use of forecasts of financial results, and other special matters
Financial results forecasts are based on information available to the Company at the time of release of this document. Actual financial results
may differ from the forecast figures due to various factors going forward.

2

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable from completed

19,644

21,571

17,992

13,546

2,979

2,521

Merchandise and finished goods
Real estate for sale290420Costs on construction contracts in progress
Raw materials and supplies

235
698

377
741

Other
Allowance for doubtful accounts

641
–851
(1)

42,22239,650

Buildings and structures, net
Machinery, vehicles, tools, furniture and fixtures, net

1,632
1,731

1,621
1,760

Land
Construction in progress

2,578
654

2,578
638

2

2

6,598

6,599

557

538

Investments and other assets
Investment securities

3,119

3,658

Deferred tax assets
Other

1,555
393

1,664
383

(21)

(21)

construction contracts and other
Electronically recorded monetary claims - operating

Total current assets
Non-current assets
Property, plant and equipment

Other, net
Total property, plant and equipment
Intangible assets

Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

5,046

5,684

12,202

12,82254,42552,473

(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
and other
Income taxes payable

12,133

10,410658

189

Advances received on construction contracts in progress
Provision for warranties for completed construction

980
172

1,470
172

Provision for loss on construction contracts
Provision for bonuses

248
845

206
691

Provision for bonuses for directors (and other officers)
Other35
1,349–2,219

Total current liabilities

16,422

15,361

Non-current liabilities
Retirement benefit liability

3,866

3,928

Other

98

98

3,964

4,026

20,387

19,387

Share capital
Capital surplus

6,064
1,765

6,064
1,765

Retained earnings
Treasury shares

25,024(3)

23,918(3)

Total shareholders' equity

32,85031,744

709

880

56
241

66
237

1,007

1,184

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustmentRemeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

4179

156

34,03733,08554,42552,473

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)

Net sales
Net sales of completed construction contracts

Three months ended

Three months ended

June 30, 2023

June 30, 2024
16,07013,94749

42

16,12013,990

Cost of sales of completed construction contractsCost of sales in other businesses

13,72422

11,81531

Total cost of sales

13,747

11,847

2,345

2,132

Sales in other businesses
Total net sales
Cost of sales

Gross profit
Gross profit on completed construction contracts
Gross profit - other businessTotal gross profit
Selling, general and administrative expenses

2710

2,373

2,143

2,116

2,252

Operating profit (loss)

256(109)

Non-operating income
Interest income

20

Dividend income
license income

22347
1

Foreign exchange gains
Other51313
5

Total non-operating income

836801

112

71Non-operating expenses
Interest expenses
Guarantee commission
Other
Total non-operating expenses

1410325(50)

Gain on sale of non-current assets–

1

Total extraordinary income–

1

Ordinary profit (loss)
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets

00

Total extraordinary losses

00

Profit (loss) before income taxes

325(49)

Income taxes - current

319

224

Income taxes - deferred

(135)

(182)

Total income taxes

183

42

Profit (loss)

141(91)

Loss attributable to non-controlling interests

(34)

(28)

Profit (loss) attributable to owners of parent

176

(63)

5

Consolidated statements of comprehensive income (cumulative)(Millions of yen)

Profit (loss)
Other comprehensive income

Three months ended

Three months ended

June 30, 2023

June 30, 2024
141(91)

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

138
67

171
14

Remeasurements of defined benefit plans, net of tax

133

(3)

Total other comprehensive income

339

182

Comprehensive income

480

90

Comprehensive income attributable toComprehensive income attributable to owners of parent495

114(15)(23)

Comprehensive income attributable to non-controllinginterests

6