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 Year Ended March 31, 2024
(Based on Japanese GAAP)May 10, 2024
Company name:

NISSHIN GROUP HOLDINGS Company, Limited

Stock exchange listing: Tokyo
Stock code:
8881

URL

https://www.nisshin-hd.co.jp/

Representative:

Representative Director and President
Yukiyoshi Tsutsumi
Representative Director and Senior Managing
Inquiries:
Hideki Kuroiwa
Director
Scheduled date of ordinary general meeting of shareholders:June 26, 2024
Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 27, 2024
June 27, 2024

Preparation of supplementary material on financial results:
Holding of financial results meeting:

Yes
Yes

TEL

03-5360-2016(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
Net salesYear ended March 31, 2024
Year ended March 31, 2023

Millions of yen
81,02382,348

Earnings per share

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
(1.6)
3,579
(14.7)
3,279(19.1)
2,163(21.7)
1.1
4,194(19.6)
4,055(19.2)
2,763(21.6)
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
–
3.3
2.7
4.4
–
4.3
3.4
5.1

Diluted earnings per
share

Yen
46.28
59.12

Year ended March 31, 2024
Year ended March 31, 2023
(2) Consolidated financial position

Total assets
As of March 31, 2024
As of March 31, 2023

Net assets

Equity ratio

Millions of yen
122,054
120,933

Millions of yen
67,48765,808Cash flows fromoperating activities
Millions of yen
(848)
789

Cash flows frominvesting activities
Millions of yen(1,200)(541)

Net assets per share
%
55.1
54.3

Yen
1,438.98
1,406.12(3) Consolidated cash flows

Year ended March 31, 2024
Year ended March 31, 2023

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(1,053)33,001(1,344)
36,103

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

0.00
0.00

–
–

22.00
23.00

22.00
23.00

1,031
1,078

37.2
49.7

1.6
1.6

–

0.00

–

23.00

23.00

1

48.9

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Net sales
Full year

Millions of yen
82,000Percentages 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
1.2
3,700
3.4
3,400
3.7
2,200
1.7
47.06

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) 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:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

46,951,260 shares As of March 31, 2023

46,951,260 shares

Number of treasury shares at the end of the period
As of March 31, 2024

204,412 shares As of March 31, 2023

213,592 shares

46,742,998 shares Year ended March 31, 2023

46,735,667 shares

Average number of shares during the period
Year ended March 31, 20242

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

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

60,943,865

57,920,385

14,259,955

14,254,492

3,659,462

1,644,796

8,477,186
16,557,175

7,561,606
21,511,774

6,278
2,259

5,868
16,951

Accounts receivable - otherOther

579,908
948,327

1,450,367
868,679

Allowance for doubtful accounts(81,552)(82,836)

105,352,867

105,152,085

construction contracts and other
Electronically recorded monetary claims - operating
Real estate for sale
Costs on real estate business
Costs on construction contracts in progress
Short-term loans receivable

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

7,234,768

7,763,840

Accumulated depreciation(2,402,395)(2,570,290)

Buildings and structures, net

4,832,372

5,193,550

Land

5,407,934

5,664,305

Leased assets
Accumulated depreciation

610,477(292,173)

668,962(323,808)

318,304

345,154522,801(305,387)

403,453(323,284)

217,41480,168

10,776,025

11,283,178

Leased assets
Other

35,013116,353

34,959287,502

Total intangible assets

151,366

322,461

Investments and other assets
Investment securities

Leased assets, net
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets

3,521,592

4,160,948

Long-term loans receivable
Deferred tax assets

279,746
396,594446,875
245,229

Other
Allowance for doubtful accounts

503,537(48,682)

592,125(148,082)

Total investments and other assets
Total non-current assets
Total assets

3

4,652,789

5,297,096

15,580,181

16,902,737

120,933,049

122,054,822

(Thousands of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts

4,571,634

4,664,578

and other
Electronically recorded obligations - operating

11,725,230

8,524,632

Short-term borrowings
Current portion of bonds payable

16,676,315
72,00011,794,437
20,000

Lease liabilities
Income taxes payable

124,505
559,685

123,413444,245

Provision for bonuses
Provision for warranties for completed construction

551,804
223,664

496,508
124,021

Provision for loss on construction contracts
Provision for shareholder benefit program

5,769
45,5784,944
51,306

Advances received
Advances received on construction contracts in progress

292,389475,737

350,638
458,541

Deposits received
Other

1,249,319
1,011,792

1,294,698
773,444

Total current liabilities

37,585,426

29,125,410

Non-current liabilities
Bonds payable

240,000

220,000

15,087,137
207,520

22,918,988
229,338

42,314

59,384Retirement benefit liability
Other

1,707,217
255,261

1,771,659
242,923

Total non-current liabilities

17,539,451

25,442,293

55,124,877

54,567,703

Shareholders' equity
Share capital

10,111,411

10,111,411

Capital surplus
Retained earnings

427,262
55,111,615

428,50256,256,556

Treasury shares(109,853)(105,239)

65,540,436

66,691,230

Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans

186,235(7,791)

571,063
5,924

Total accumulated other comprehensive income

178,444576,987

89,290218,900

65,808,171

67,487,118

120,933,049

122,054,822

Long-term borrowings
Lease liabilities
Provision for share awards for directors (and otherofficers)

Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales

82,348,045

81,023,654

Cost of sales

71,446,665

70,401,625

Gross profit

10,901,379

10,622,028

Advertising expenses
Commission expenses

271,087
215,854249,506
234,802

Provision of allowance for doubtful accounts
Provision for shareholder benefit program

27,68545,578115,198
50,270

Remuneration for directors (and other officers)
Salaries and allowances

329,840
2,541,093

304,3212,622,910

Bonuses
Provision for bonuses

328,337
430,007345,042386,275

Retirement benefit expenses
Provision for share awards for directors (and other officers)

115,898
25,416125,641
23,902

Depreciation
Taxes and dues

155,258
455,359

167,243
545,410

Other

1,765,179

1,871,686

Total selling, general and administrative expenses

6,706,598

7,042,213

4,194,780

3,579,815

Non-operating income
Interest income

2,264

8,222

Dividend income
Penalty income

18,92330,65018,89823,165

Reversal of allowance for doubtful accounts
Reversal of provision for loss on guarantees

28,55451

13,427–534–

Selling, general and administrative expenses

Operating profit

Reversal of provision for shareholder benefit program
Gain on reversal of share awards for directors (and otherofficers)
Insurance return492–

150,607

6,014

An introduction fee
Other30,32642,857

33,202
52,429Total non-operating income

305,263

155,359

Non-operating expenses
Interest expenses

426,711

408,725

Commission expenses
Other

10,122
7,457

31,722
15,352

Total non-operating expenses
Ordinary profit

5444,291

455,801

4,055,753

3,279,373

(Thousands of yen)

Extraordinary income
Gain on sale of non-current assets

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
9,058

11,307

Gain on sale of investment securities

54,604

1,499

Total extraordinary income

63,662

12,807

Loss on sale of non-current assets
Loss on retirement of non-current assets

–
870

1,992
218

Loss on valuation of investment securities
Other

19,99978––

Total extraordinary losses

20,9492,211

Profit before income taxes

4,098,466

3,289,970

Income taxes - current

1,250,758

1,053,807

Income taxes - deferred

65,26473,174

Total income taxes

1,316,022

1,126,981

Profit2,782,443

2,162,988

Extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent

6

19,407(442)

2,763,036

2,163,431

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

2,782,443

2,162,988

Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax(40,118)(5,125)

388,679
14,635

Total other comprehensive income(45,243)

403,3142,737,199

2,566,303

2,717,792

2,566,746

19,407(442)

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

7

Consolidated statements of changes in equity
Fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginningof period

Capital surplus

Retained earnings

Total shareholders'equityTreasury shares

10,111,411

425,478

53,380,500(112,694)

63,804,696

Dividends ofsurplus––(1,031,921)–(1,031,921)

Change inownership interestof parent due totransactions with
non-controllinginterests

–

1,784

–

–

1,784

Capital increase of
consolidated
subsidiaries

–

–

–

–

–

Change in scope of
consolidation

–

–

–

–

–

Profit attributable toowners of parent––

2,763,036–

2,763,036

Purchase oftreasury shares

–

–

–

(26)

(26)

Disposal of treasury
shares

–

–

–

2,866

2,866

Net changes in
items other thanshareholders' equity

–

–

–

–

–

Total changes during
period–1,784

1,731,114

2,840

1,735,739

10,111,411

427,262

55,111,615(109,853)

65,540,436

Changes during period

Balance at end of
period8

Accumulated other comprehensive income
Foreign currencytranslation
adjustment

226,354–(2,665)

223,688

104,176

64,132,561

Dividends ofsurplus

–

–

–

–

–

(1,031,921)

Change inownership interestof parent due totransactions with
non-controllinginterests

–

–

–

–

(34,292)(32,508)

Capital increase of
consolidated
subsidiaries

–

–

–

–

–

–

Change in scope of
consolidation

–

–

–

–

–

–

Profit attributable toowners of parent

–

–

–

–

–

2,763,036

Purchase oftreasury shares

–

–

–

–

–

(26)

Disposal of treasury
shares

–

–

–

–

–

2,866

Net changes in
items other thanshareholders' equity(40,118)–(5,125)(45,243)

19,407(25,836)

Total changes during
period(40,118)–(5,125)(45,243)(14,885)

1,675,609

Balance at end of
period186,235–(7,791)

178,444

89,29065,808,171

Balance at beginningof period

Total accumulated
Remeasurements ofother comprehensive
defined benefit plansincomeNon-controllinginterests

Valuation difference
on available-for-salesecurities

Total net assets

Changes during period9Fiscal year ended March 31, 2024
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginningof period

Capital surplus

Retained earnings

Total shareholders'equityTreasury shares

10,111,411

427,262

55,111,615(109,853)

65,540,436

Dividends ofsurplus––(1,031,920)–(1,031,920)

Change inownership interestof parent due totransactions with
non-controllinginterests

–

–

–

–

–

Capital increase of
consolidated
subsidiaries

–

1,239

–

–

1,239

Change in scope of
consolidation––

13,429–13,429Profit attributable toowners of parent––

2,163,431–

2,163,431

Purchase oftreasury shares

–

–

–

(62)

(62)

Disposal of treasury
shares

–

–

–

4,676

4,676

Net changes in
items other thanshareholders' equity

–

–

–

–

–

Total changes during
period–1,239

1,144,940

4,614

1,150,794

10,111,411

428,50256,256,556(105,239)

66,691,230

Changes during period

Balance at end of
period10

Accumulated other comprehensive income
Foreign currencytranslation
adjustment

186,235–(7,791)

178,444

89,29065,808,171

Dividends ofsurplus

–

–

–

–

–

(1,031,920)

Change inownership interestof parent due totransactions with
non-controllinginterests

–

–

–

–

–

–

Capital increase of
consolidated
subsidiaries

–

–

–

–

–

1,239

Change in scope of
consolidation

–

–

–

–

–

13,429Profit attributable toowners of parent

–

–

–

–

–

2,163,431

Purchase oftreasury shares

–

–

–

–

–

(62)

Disposal of treasury
shares

–

–

–

–

–

4,676

Net changes in
items other thanshareholders' equity

384,827–

13,715398,543

129,609528,153

Total changes during
period384,827–

13,715398,543

129,609

1,678,947

Balance at end of
period

571,063–5,924

576,987

218,900

67,487,118

Balance at beginningof period

Total accumulated
Remeasurements ofother comprehensive
defined benefit plansincomeNon-controllinginterests

Valuation difference
on available-for-salesecurities

Total net assets

Changes during period

11Consolidated statements of cash flows(Thousands of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

4,098,466

3,289,970

Depreciation
Increase (decrease) in allowance for doubtful accounts

332,100(25)

348,756
100,684

Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability

28,647
46,569(55,295)
75,671

Increase (decrease) in other provisions
Interest and dividend income

50,235(21,188)(77,670)(27,120)

Gain on maturity of insurance contract
Interest expenses(150,607)
426,711(6,014)
408,725

10,122
19,99931,722–

Loss on retirement of property, plant and equipment andintangible assets

870

218

Loss (gain) on sale of property, plant and equipment andintangible assets(9,058)(9,315)Decrease (increase) in trade receivables
Decrease (increase) in inventories(913,076)(5,069,185)

2,020,129(1,331,314)

Decrease (increase) in other assets
Increase (decrease) in trade payables

2,286
4,086,973(926,641)(3,107,654)

Increase (decrease) in other liabilities
Increase (decrease) in other non-current liabilities(129,120)(1,848)(182,284)(46,996)

Commission expenses
Loss (gain) on valuation of investment securities

Other, net(12,719)

98,721

Subtotal

2,796,153

604,292

Income taxes refund

3,372

213,434(1,614,265)
21,214(1,303,877)
27,097

Interest paid

(416,655)(388,962)

Net cash provided by (used in) operating activities

789,818(848,015)

Income taxes paid
Interest and dividends received12(Thousands of yen)

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from sale and redemption of investment securities
Purchase of investment securities
Loan advances
Proceeds from collection of loans receivable
Purchase of property, plant and equipment and intangible
assetsProceeds from sale of property, plant and equipment andintangible assets
Proceeds from maturity of insurance funds
Other paymentspurchase of other securities in an other associated company
resulting in change in scope of consolidation
Other proceeds
Net cash provided by (used in) investing activities

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

(41,632,503)(40,736,000)

40,895,007
395,979

40,657,000
1,500(380,030)(500)(309,218)(131,000)

588

725

(179,824)(243,097)

80,871

58,810331,880

33,427(81,024)(104,700)–(451,775)

27,92423,799(541,630)(1,200,528)

Cash flows from financing activities
Proceeds from short-term borrowings

20,943,909

12,781,810

Repayments of short-term borrowings
Proceeds from long-term borrowings(18,953,430)
12,847,700(13,014,360)
15,926,850

Repayments of long-term borrowings
Purchase of shares of subsidiaries not resulting in change in(14,531,627)(15,464,327)(406,119)–

scope of consolidation
Dividends paid

(1,031,207)(1,033,016)

Purchase of treasury shares
Repayments of lease liabilities(26)(115,714)(62)(147,112)

Redemption of bonds
Other payments(88,000)(10,122)(72,000)(31,722)(1,344,638)(1,053,941)

Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents(1,096,450)(3,102,485)

Cash and cash equivalents at beginning of period

37,200,316

36,103,865

Cash and cash equivalents at end of period

36,103,865

33,001,380

13