Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

August 10,2023

Summary of Consolidated Financial Results
for the Three Months Ended June 30, 2023
(Under Japanese GAAP)
Company name:
Nippon Beet Sugar Manufacturing Co., Ltd.
Listing:
Tokyo Stock Exchange
Securities code:
2108
URL:
https://www.nitten.co.jp/
Representative:
Shu Ishikuri, Representative Director and President
Inquiries:
Takahiro Kusano, General Manager of Legal Department
Telephone:+81-3-6414-5527
Scheduled date to file quarterly securities report:
August 10,2023
Scheduled date to commence dividend payments:―
Preparation of supplementary material on quarterly financial results: None
Holding of quarterly financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30,2023)(1) Consolidated operating results (cumulative)
Net sales
Three months ended(Percentages indicate year-on-year changes.)Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen

Millions of yen%

Millions of yen%

June 30, 2023

16,4557.1(318)―210(71.6)

118(75.9)

June 30, 2022

15,36617.8

502(37.2)

741(32.5)

492(35.7)

Note: Comprehensive income%For the three months ended June 30, 2023:¥1,616 million [474.2%]
For the three months ended June 30, 2022:¥281 million [―%]

Basic earnings
per share
Three months ended

Diluted earnings
per shareYenYen

June 30, 2023

8.91

―June 30, 2022

36.52

―

(2) Consolidated financial position
Total assets
As ofNet assets

Equity ratio

Net assets WorthMillions of yen

June 30, 2023

99,11568,83769.5

5,207.16

March 31, 2023

103,149

68,13466.1

5,102.17

Reference:

EquityAs of June 30, 2023:
As of March 31, 2023:¥68,837 million¥68,134 million%

Yen

Millions of yen

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024―

Fiscal year-endTotal

Yen

Yen――

50.00

50.00

―

―

50.00

50.00

―

Fiscal year ending
March 31, 2024
(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated Results Forecasts for Fiscal year ending March 31, 2024
(Percentages indicate year-on-year changes.)
Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basic earnings
per share

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen

Six months ending

33,0008.2

1,100(6.2)

1,500

5.2

1,000

1.9

74.88Fiscal year ending
March 31, 2024

70,000

7.7

1,600

6.2

2,200

10.4

1,500

19.0

112.33

Note: Revisions to the results forecasts most recently announced: None* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:
Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2023

15,325,642 shares

As of March 31, 2023

15,325,642 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2023

2,105,918 shares

As of March 31, 2023

1,971,718 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscalyear)
Three months ended June 30, 2023

13,301,753 shares

Three months ended June 30, 2022

13,481,485 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants
or an audit corporation.
* Proper use of earnings forecasts, and other special matters
Financial forecasts and other forward-looking statements herein are based on information available to theCompany and certain assumptions deemed reasonable as at the time of preparing this report. Actual results
may vary significantly from the forecasts due to a wide range of factors.

Nippon Beet Sugar Manufacturing Co.,Ltd.(2108)
Summary of Consolidated Financial Results for the Three Months Ended June 30,2023

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

As of June 30,2023

AssetsCurrent assets
Cash and deposits

4,589

4,629

Notes and accounts receivable - trade
Electronically recorded monetary claims operating
Securities

8,537

8,590

228

217

6,000

6,000

Merchandise and finished goods

29,667

20,436483

522

Raw materials and supplies

5,746

5,925

Other

1,808

4,875

(6)

(6)

57,054

51,189Buildings and structures, net

11,423

11,200

Other, net

12,987

12,901

Total property, plant and equipment

24,411

24,101

513

505

Investment securities

19,527

21,691Retirement benefit asset

1,481

1,486

Other

163

142

Allowance for doubtful accounts

(1)

(1)

Work in process

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Intangible assets
Investments and other assets

Total investments and other assetsTotal non-current assets
Total assets-1-21,169

23,31846,09447,925

103,149

99,115

Nippon Beet Sugar Manufacturing Co.,Ltd.(2108)
Summary of Consolidated Financial Results for the Three Months Ended June 30,2023(Millions of yen)
As of March 31,2023

As of June 30,2023

Liabilities
Current liabilities
Accounts payable - trade

1,180

2,107

Short-term borrowings

18,637

11,391

Income taxes payable

10069

Other

5,806

6,786

Total current liabilities

25,724

20,355

11996

Non-current liabilities
Long-term borrowings
Provision for retirement benefits fordirectors
Retirement benefit liability

1213

4,090

4,120

Other

5,068

5,692

Total non-current liabilities

9,290

9,922

35,01530,278

8,279

8,279

Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus

8,413

8,413

Retained earnings

45,521

44,971

Treasury shares(3,739)(3,985)

Total shareholders' equity

58,47357,679

9,182

10,687

(2)

6480

463

9,660

11,15868,134

68,837103,149

99,115

Accumulated other comprehensive income
Valuation difference on available-forsale securities
Deferred gains or losses on hedges
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeTotal net assets
Total liabilities and net assets-2-Nippon Beet Sugar Manufacturing Co.,Ltd.(2108)
Summary of Consolidated Financial Results for the Three Months Ended June 30,2023

Consolidated quarterly statements of income
Consolidated cumulative first quarter

Three months ended
June 30,2022(April 1,2022 toJune 30,2022)
15,366(Millions of yen)Three months ended
June 30,2023(April 1,2023 toJune 30,2023)
16,455

Cost of sales

11,52813,518Gross profit

3,837

2,937

2,555

2,429

779

826

3,335

3,256502(318)00

Dividend income
Share of profit of entities accounted forusing equity method
Other294545

882537

Total non-operating income

328590Interest expenses

3432

Loss on disposal of non-current assets

4621

Other

98

Net sales

Selling, general and administrative expenses
Selling expenses
General and administrative expenses
Total selling, general and administrative
expenses
Operating profit (loss)
Non-operating income
Interest income

Non-operating expenses

Total non-operating expenses

9061741

210

Gain on sale of investment securities

332

Subsidy income-385

Total extraordinary income

3417

139-3840-Ordinary profit
Extraordinary income

Extraordinary losses
Loss on disposal of non-current assets
Loss on tax purpose reduction entry of noncurrent assets
Other

13393

Profit before income taxes

Total extraordinary losses

731

234

Income taxes

239

115

Profit492

118

Profit attributable to owners of parent

492

118

-3-

Nippon Beet Sugar Manufacturing Co.,Ltd.(2108)
Summary of Consolidated Financial Results for the Three Months Ended June 30,2023

Segment Information
Information on sales and profit (loss) by each segment
Ⅰ Three months ended June 30,2022 (from April 1,2022 to June 30,2022)（Millions of yen）
Reportable segment
Sugar

Grocery

Agricultural
Real Estate
Materials

Feed

Other

Total

Sub-Total

Net sales
Customers

10,669

615

2,415

994

381

15,076289

15,366

59

6

4

4

31

105

459

564

10,728

621

2,419

999

412

15,181749

15,930

289

(3)

(130)

108

246

511

(51)

459

Inter-segment
Total
Segment profit(loss)

Ⅱ Three months ended June 30,2023 (from April 1,2023 to June 30,2023)（Millions of yen）
Reportable segment
Sugar

Grocery

Agricultural
Real Estate
Materials

Feed

Other

Total

Sub-Total

Net sales

11,755

664

2,646

746

368

16,180274

16,455

64

54－

31

105

439

545

Total

11,819

669

2,650

746

399

16,286714

17,001

Segment profit(loss)(71)

1(502)

36232

(302)

(57)

(359)

Customers
Inter-segment-4-