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, 2022
(Based on Japanese GAAP)May 12, 2022
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 24, 2022
Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 27, 2022
June 27, 2022

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, 2022 (from April 1, 2021 to March 31, 2022)(1) Consolidated operating results
Net salesYear ended March 31, 2022
Year ended March 31, 2021

Millions of yen
81,46580,815

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
%
0.8
5,214
(1.0)
5,017
0.2
3,522
2.9
(1.6)
5,266
4.1
5,004
5.5
3,422
(13.3)
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
–
5.6
4.5
6.4
–
5.7
4.6
6.5

Diluted earnings per
share

Yen
75.27
72.97

Year ended March 31, 2022
Year ended March 31, 2021
(2) Consolidated financial position

Total assets
As of March 31, 2022
As of March 31, 2021

Net assets

Equity ratio

Millions of yen
114,969
107,461

Millions of yen
64,132
61,566

Cash flows fromoperating activities
Millions of yen
840
11,975

Cash flows frominvesting activities
Millions of yen(2,484)(7,276)

Net assets per share
%
55.7
57.2

Yen
1,370.11
1,309.64(3) Consolidated cash flows

Year ended March 31, 2022
Year ended March 31, 2021

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
1,854
37,200(1,087)36,9902. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2021
Year ended March 31, 2022
Year ending March 31, 2023
(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

–
–

18.00
22.00

18.00
22.00

844
1,031

24.7
29.2

1.4
1.6

–

0.00

–

22.00

22.00

1

28.6

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales
Full year

Millions of yen
86,000Percentages 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
5.6
5,300
1.6
5,100
1.6
3,600
2.2
76.92

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2022
(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:

Yes
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, 2022

46,951,260 shares As of March 31, 2021

46,951,260 shares

Number of treasury shares at the end of the period
As of March 31, 2022

219,232 shares As of March 31, 2021

45,632 shares

Average number of shares during the period
Year ended March 31, 2022

46,798,383 shares Year ended March 31, 2021

2

46,905,653 shares

Consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2021

As of March 31, 2022

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

57,874,450

61,302,820

11,388,596

16,344,272

311,840

662,069

5,925,878
14,360,079

3,533,277
16,446,116

Costs on construction contracts in progress
Merchandise

131,391
3,837

15,284–

Short-term loans receivable
Accounts receivable - other

14,32093,9782,190
313,702

Other
Allowance for doubtful accounts

1,008,102(72,529)

1,036,435(75,060)

Total current assets

91,039,946

99,581,107

7,241,264(2,186,835)

7,278,113(2,225,039)

5,054,428

5,053,074

5,875,808
515,000

5,425,905
495,962

Accumulated depreciation(222,526)(256,421)

Leased assets, net

292,473

239,541

construction contracts and other
Electronically recorded monetary claims - operating
Real estate for sale
Costs on real estate business

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Land
Leased assets

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

460,487

422,545(285,548)(293,861)

174,938

128,683

11,397,649

10,847,204

60,56539,190Other

33,50735,025

Total intangible assets

94,07374,215

3,537,045
288,491

3,147,859
265,588

Deferred tax assets
Other571,574
671,859446,757
662,561

Allowance for doubtful accounts(138,980)(55,312)

Total investments and other assets

4,929,991

4,467,454

Investments and other assets
Investment securities
Long-term loans receivable

Total non-current assets
Total assets

3

16,421,714

15,388,874

107,461,660

114,969,982

(Thousands of yen)
As of March 31, 2021

As of March 31, 2022

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
and other
Electronically recorded obligations - operating

5,037,443

4,218,411

4,605,403

7,991,480

14,513,961
88,000

10,481,426
88,000

Lease liabilities
Income taxes payable

123,175
985,486

104,290700,062

Provision for bonuses
Provision for warranties for completed construction

455,121
174,904

523,157
203,624

Provision for loss on construction contracts
Provision for shareholder benefit program–
31,993

5,905
34,136

Advances received
Advances received on construction contracts in progress

262,278
434,464

571,628
706,691

Deposits received
Other

1,331,952
848,974

1,235,742
613,492

Total current liabilities

28,893,158

27,478,049

Short-term borrowings
Current portion of bonds payableNon-current liabilities
Bonds payable

400,000

312,000

13,890,208
226,684

20,975,474
155,680

590,970

–

3,102

2,460

–

20,964

1,744,039

1,662,796

146,737

229,994

17,001,742

23,359,370

45,894,900

50,837,420

Share capital
Capital surplus

10,111,411
427,432

10,111,411
425,478

Retained earnings
Treasury shares

50,698,293(25,395)

53,380,500(112,694)

Total shareholders' equity

61,211,742

63,804,696

Long-term borrowings
Lease liabilities
Provision for retirement benefits for directors (and otherofficers)
Provision for loss on guarantees
Provision for share awards for directors (and otherofficers)
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

222,660

226,354

Remeasurements of defined benefit plans(4,738)(2,665)

Total accumulated other comprehensive income

217,922

223,688

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

4137,095

104,176

61,566,759

64,132,561

107,461,660

114,969,982

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Thousands of yen)
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Net sales

80,815,338

81,465,366

Cost of sales

67,829,489

69,115,185

Gross profit

12,985,849

12,350,181

Advertising expenses
Commission expenses

264,283
243,070

267,544
275,120

Provision of allowance for doubtful accounts
Provision for shareholder benefit program

8,236
31,993

22,94034,136

Remuneration for directors (and other officers)
Salaries and allowances

402,300
2,637,351

396,7312,712,536

Bonuses
Provision for bonuses

321,283
330,204

403,061
402,114Retirement benefit expenses
Provision for retirement benefits for directors (and other482,167

117,498

246,220

6,270

158,910529,035

193,790519,315

Other

2,064,349

1,763,068

Total selling, general and administrative expenses

7,719,406

7,135,756

5,266,442

5,214,425

Selling, general and administrative expenses

officers)
Provision for share awards for directors (and other officers)

21,626

Depreciation
Taxes and dues

Operating profit
Non-operating income
Interest income

16,744

1,575

Dividend income
Penalty income

15,206
5,959

17,406
11,909

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

47,151523

30,774642

Reversal of provision for shareholder benefit program
Gain on sale of securities

8,323
28,905

Insurance return
An introduction fee

4,240
25,621

30,53536,128Other

44,842

48,907

Total non-operating income

160,290

215,109395,304
17,917

377,591
6,351

Non-operating expenses
Interest expenses
Commission expenses
Other
Total non-operating expenses
Ordinary profit

5

8,539

28,142421,761

412,084

5,004,971

5,017,449

(Thousands of yen)
Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

Extraordinary income
Gain on sale of non-current assets

92,455

305,640

Total extraordinary income

92,455

305,640Extraordinary losses
Loss on sale of non-current assets

68,91370,96093,967
65,144

13,680156,470

Loss on retirement of non-current assets
Loss on liquidation of subsidiaries and associates

228,026

241,110

Profit before income taxes

Total extraordinary losses

4,869,401

5,081,978

Income taxes - current

1,411,910

1,426,407

Income taxes - deferred

27,018121,227

Total income taxes

1,438,929

1,547,634

Profit3,430,472

3,534,344

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

6

7,510

11,6683,422,961

3,522,675

Consolidated statements of comprehensive income(Thousands of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

3,430,472

3,534,344

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

128,245
51,742

3,693–

Remeasurements of defined benefit plans, net of tax

43,9902,072

223,978

5,766

Comprehensive income

Total other comprehensive income

3,654,450

3,540,110

Comprehensive income attributable toComprehensive income attributable to owners of parent

3,646,963

3,528,441

7,487

11,668Comprehensive income attributable to non-controllinginterests

7

Consolidated statements of changes in equity
Fiscal year ended March 31, 2021
(Thousands of yen)
Shareholders' equity
Share capital
Balance at beginningof period

Capital surplus

Retained earnings

Total shareholders'equityTreasury shares

10,111,411

427,432

48,119,634(25,372)

58,633,106

10,111,411

427,432

48,119,634(25,372)

58,633,106

Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during period
Dividends ofsurplus(844,302)(844,302)

3,422,961

3,422,961

Effect of Change ofscope ofconsolidation
Profit attributable toowners of parent
Purchase oftreasury shares

(23)

(23)

Net changes in
items other thanshareholders' equity
Total changes during
periodBalance at end of
period––2,578,659(23)

2,578,635

10,111,411

427,432

50,698,293(25,395)

61,211,742

Accumulated other comprehensive income
Valuation difference
on available-for-salesecurities
Balance at beginningof period

Foreign currencytranslation
adjustment

Total accumulated
Remeasurements ofother comprehensive
defined benefit plansincomeNon-controllinginterests

Total net assets

94,391(51,742)(48,728)(6,079)129,71658,756,743

94,391(51,742)(48,728)(6,079)129,71658,756,743

Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during period
Dividends ofsurplus(844,302)

Effect of Change ofscope ofconsolidation–

Profit attributable toowners of parent

3,422,961

Purchase oftreasury shares(23)

Net changes in
items other thanshareholders' equity

128,268

51,742

43,990224,002

7,378

231,380

Total changes during
period128,268

51,742

43,990224,0027,378

2,810,016

Balance at end of
period222,660–(4,738)217,922137,095

61,566,759

8

Fiscal year ended March 31, 2022
(Thousands of yen)
Shareholders' equity
Share capital

Capital surplus

Retained earnings

Total shareholders'equityTreasury shares

Balance at beginningof period

10,111,411

427,432

50,698,293(25,395)

61,211,742

Cumulative effects ofchanges in accounting
policies

–

–

3,832

–

3,832

10,111,411

427,432

50,702,126(25,395)

61,215,575

Restated balance
Changes during period
Dividends ofsurplus(844,301)

Effect of Change ofscope ofconsolidation(844,301)(1,954)(1,954)

Profit attributable toowners of parent

3,522,675

3,522,675

Purchase oftreasury shares(87,298)(87,298)

Net changes in
items other thanshareholders' equity
Total changes during
periodBalance at end of
period–(1,954)

2,678,374(87,298)

2,589,121

10,111,411

425,478

53,380,500(112,694)

63,804,696

Accumulated other comprehensive income
Foreign currencytranslation
adjustment

Balance at beginningof period

222,660–(4,738)217,922137,095

61,566,759

Cumulative effects ofchanges in accounting
policies

–

–

–

–

–

3,832

222,660–(4,738)217,922137,095

61,570,592

Restated balance

Total accumulated
Remeasurements ofother comprehensive
defined benefit plansincomeNon-controllinginterests

Valuation difference
on available-for-salesecurities

Total net assets

Changes during period
Dividends ofsurplus(844,301)

Effect of Change ofscope ofconsolidation(1,954)

Profit attributable toowners of parent

3,522,675

Purchase oftreasury shares(87,298)

Net changes in
items other thanshareholders' equity

3,693

Total changes during
period3,693
226,354

Balance at end of
period

2,072

5,766

(32,918)(27,152)

–

2,072

5,766

(32,918)

2,561,968–(2,665)

223,688

104,176

64,132,561

9

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, 2021

March 31, 2022

4,869,401

5,081,978Depreciation
Increase (decrease) in allowance for doubtful accounts

341,243(33,614)356,150(8,779)

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

40,402
293,618

68,035(74,414)

Increase (decrease) in other provisions
Interest and dividend income

169,740(31,951)(533,878)(18,982)

Gain on maturity of insurance contract
Interest expenses(4,240)395,304(30,535)
377,591

Commission expenses
Loss on retirement of property, plant and equipment and17,917

6,351

93,967

13,680(23,541)(234,679)

65,144

156,470

Decrease (increase) in trade receivables
Decrease (increase) in inventories

140,234
10,535,625(5,296,942)
314,193

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

920,389(4,789,675)(300,176)
2,622,573(99,311)(266)

358,862
61,829intangible assets
Loss (gain) on sale of property, plant and equipment andintangible assets
Loss (gain) on liquidation of subsidiaries and associates

Increase (decrease) in other liabilities
Increase (decrease) in other non-current liabilities
Other, net(22,722)(61,791)

Subtotal

12,877,666

2,857,536

Income taxes refund

166,429

406

Income taxes paid
Interest and dividends received(729,462)
61,297(1,659,352)
19,197

Interest paid

(400,749)(377,641)

11,975,181

840,145

Net cash provided by (used in) operating activities

10(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
Payments for retirement of property. plant and equipment andintangible assets
Proceeds from maturity of insurance funds
Other payments
Other proceeds
Net cash provided by (used in) investing activities

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

(39,157,503)(41,304,503)

31,355,262
550,41238,086,409
499,048(526,046)(5,000)(232,714)
–

5,610

660

(114,067)(443,199)

644,894

918,975–(13,680)

27,02561,277(133,101)
76,168(77,038)
20,557(7,276,344)(2,484,208)

Cash flows from financing activities
Proceeds from short-term borrowings

13,747,027

15,201,497

Repayments of short-term borrowings
Proceeds from long-term borrowings(11,359,772)
12,407,700(18,063,541)
17,454,800

Repayments of long-term borrowings
Purchase of shares of subsidiaries not resulting in change in(14,800,994)(11,540,025)

scope of consolidation
Dividends paid–

(46,540)(844,231)(843,753)

Purchase of treasury shares
Repayments of lease liabilities(23)(131,279)(87,298)(126,447)

Redemption of bonds
Other payments(88,000)(17,917)(88,000)(6,351)(1,087,490)

1,854,337

Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents

3,611,346

210,275

Cash and cash equivalents at beginning of period

33,378,693

36,990,040

Cash and cash equivalents at end of period

36,990,040

37,200,316

11