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 Nine Months Ended December 31, 2022
(Based on Japanese GAAP)
February 3, 2023
NISSHIN GROUP HOLDINGS Company, Limited
Company name:
Stock exchange listing: Tokyo
Stock code:
Representative:

8881
URL https://www.nisshin-hd.co.jp/
Representative Director and President
Yukiyoshi TsutsumiInquiries:

Representative Director and Senior Managing
Hideki Kuroiwa
DirectorTEL

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

February 10, 2023–

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

03-5360-2016(for analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022)(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%
Nine months ended December 31, 2022
46,2160.5
297 (78.2)
85 (92.9)
69 (90.5)
Nine months ended December 31, 2021
45,981 (16.5)
1,364 (56.4)
1,213 (58.4)
731 (62.1)
Earnings per share

Diluted earnings per share

Yen
1.48
15.62

Nine months ended December 31, 2022
Nine months ended December 31, 2021

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
116,874
114,969

As of December 31, 2022
As of March 31, 2022

Equity ratio

Millions of yen
63,16864,132

Net assets per share
%
53.9
55.7

Yen
1,348.81
1,370.11

2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00
0.00

Yen––

Yen
22.00

Yen
22.00

22.00

22.00

Year ending March 31, 2023 (Forecast)Total

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
85,000Percentages 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
4.3
3,900 (25.2)
3,700 (26.3)
2,600 (26.2)
55.63

1

4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):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:
Changes in accounting policies due to other reasons:

Yes
No

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

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2022

46,951,260 shares As of March 31, 2022

46,951,260 shares

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

213,592 shares As of March 31, 2022

219,232 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2022

46,735,000 shares Nine months ended December 31, 2021

246,820,502 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of March 31, 2022

As of December 31, 2022

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

61,302,820

51,048,563

16,344,272

19,242,443

662,069

2,078,183

3,533,277
16,446,116

4,572,784
22,322,219

15,284
2,190

8,555
2,299

313,702
1,036,435

1,219,695
1,038,339(75,060)(68,578)

99,581,107

101,464,504

Property, plant and equipment
Intangible assets

10,847,204
74,215

10,712,293
84,989Investments and other assets

4,467,454

4,612,771

construction contracts and otherElectronically recorded monetary claims - operating
Real estate for sale
Costs on real estate business
Costs on construction contracts in progress
Short-term loans receivable
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Non-current assets

Total non-current assets

15,388,874

15,410,054

114,969,982

116,874,559

Notes payable, accounts payable for construction contracts
and other

4,218,411

5,223,722

Electronically recorded obligations - operating
Short-term borrowings

7,991,480
10,481,426

4,293,285
20,575,479

Current portion of bonds payable
Income taxes payable

88,000700,062

88,00062,337

Provisions
Provision for bonuses

523,157

170,391

203,624
5,905

206,339
35,972

Provision for shareholder benefit program
Other

34,1363,231,845–
4,146,070

Total current liabilities

27,478,049

34,801,597

312,000

268,000

20,975,474

16,523,822

2,460

26

20,96436,223

1,662,796

1,692,555

385,675

383,645

23,359,370

18,904,273

50,837,420

53,705,871

Total assets
Liabilities
Current liabilities

Provision for warranties for completed construction
Provision for loss on construction contracts

Non-current liabilities
Bonds payable
Long-term borrowings
Provisions
Provision for loss on guarantees
Provision for share awards for directors (and otherofficers)
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities3(Thousands of yen)
As of March 31, 2022

As of December 31, 2022

Net assets
Shareholders' equity
Share capital

10,111,411

10,111,411

Capital surplus
Retained earnings

425,478
53,380,500

425,478
52,420,249

Treasury shares(112,694)(109,853)

63,804,696

62,847,285

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

226,354(2,665)

193,633(666)

Total accumulated other comprehensive income

223,688

192,967

104,176

128,434

Total shareholders' equity
Accumulated other comprehensive income

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

464,132,561

63,168,687

114,969,982

116,874,559

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)
Nine months endedNine months ended

December 31, 2021

December 31, 2022

Net sales
Cost of sales

45,981,773
39,521,647

46,216,494
41,144,722

Gross profit

6,460,125

5,071,771

Selling, general and administrative expenses

5,095,882

4,773,966

Operating profit

1,364,243

297,805

Interest income
Dividend income

1,228
15,452

1,927
16,829Gain on sale of securities
Reversal of allowance for doubtful accounts

28,905
14,999–22,948

Reversal of provision for loss on guarantees
Reversal of allowance for Shareholder benefit

250
8,323

24534

Insurance return
Other20,123
64,956

5,990
63,406

Total non-operating income

154,238

111,661

Non-operating expenses
Interest expenses

276,718

314,728

Commission expenses
Other

3,824
24,449

3,855
5,156

Non-operating income

Total non-operating expenses

304,992

323,739

1,213,489

85,728Gain on sale of non-current assets
Gain on sale of investment securities

27,440–8,068
54,604

Total extraordinary income

27,44062,672

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets

13,680870

Loss on valuation of shares of subsidiaries and associates

120,165–

Total extraordinary losses

133,845

870

Profit before income taxes

1,107,084

147,529

Income taxes - current

231,079

119,470

Income taxes - deferred

149,575(55,388)

Total income taxes

380,654

64,081

Profit726,429

83,448

Profit (loss) attributable to non-controlling interests(5,349)14,258

Profit attributable to owners of parent

731,778

69,1895

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

ProfitOther comprehensive income

Nine months ended

Nine months ended

December 31, 2021December 31, 2022

726,429

83,448Valuation difference on available-for-sale securities
Remeasurements of defined benefit plans, net of tax(21,041)
3,553(32,720)
1,999

Total other comprehensive income(17,487)(30,721)708,941

52,726714,290

38,468(5,349)14,258Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6