Note: This document has been translated from a part of 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 9 2024

Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Under Japanese GAAP)
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:

SHINNIHON CORPORATIONTokyo Stock Exchange
1879
https://www.shinnihon-c.co.jp/
Katsushi Takami, Representative Director, President
Naeki Takahashi, Managing Executive Officer and General Manager, ManagementHeadquarters
Telephone:+81-43-213-1111
Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:
None
Holding of 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, 2024 (from April 1, 2024 to June 30,2024)(1) Consolidated operating results (cumulative)
Net sales
Three months ended(Percentages indicate year-on-year changes.)

Operating income

Net income attributableto owners of parent

Ordinary incomeMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

June 30, 2024

21,3474.5

1,900(13.2)

1,915(15.4)

1,315(15.1)

June 30, 2023

20,424

20.3

2,188

11.1

2,263

13.8

1,548

12.4

Note: Comprehensive income

For the three months ended June 30, 2024:
For the three months ended June 30, 2023:

Basic earnings
per share
Three months ended¥1,410 million¥1,573 million[(10.4)%][14.2%]

Diluted earnings
per shareYenYen

June 30, 2024

22.48

－

June 30, 2023

26.48－(2) Consolidated financial position
Total assets
As ofNet assets

Millions of yen

Equity-to-asset ratio

Millions of yen%

June 30, 2024

157,897

112,283

71.1

March 31, 2024

168,154

113,095

67.3

Reference:

EquityAs of June 30, 2024:
As of March 31, 2024:¥112,283 million¥113,095 million

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025－

Fiscal year-end

TotalYen

Yen

15.00

－

38.00

53.00

26.00

－

27.00

53.00－Fiscal year ending
March 31, 2025
(Forecast)

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

3. Forecast of Consolidated Results of Operations for the Fiscal Year Ending March 2025 (From April 1,2024 to March 31, 2025)
Net salesYear ending
March 31, 2025

Millions of yen

135,000(Percentages indicate year-on-year changes.)
BasicNet income
earnings
Ordinary income
attributable to owners
per shareof parent

Operating income% Millions of yen% Millions of yen% Millions of yen%Yen

1.1

0.7

0.2

0.1

210.2917,70017,700Note: Revision to the forecasts of consolidated results since the latest announcement: None12,300

* Notes(1) Significant changes in the scope of consolidation during the period: None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:None(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, 2024

61,360,720 shares

As of March 31, 2024

61,360,720 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2024

2,870,971 shares

As of March 31, 2024

2,870,971 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscalyear)
Three months ended June 30, 2024

58,489,749 sharesThree months ended June 30, 2023

58,489,877 shares* Review of the Japanese-language originals of the attached consolidated quarterly financial statements bycertified public accountants or an audit firm: None
* Proper use of earnings forecasts, and other special matters
The forward-looking statements in this document, including earnings forecasts, are based on information
currently available to the Company and certain assumptions that the Company considers reasonable, and are
not intended as a promise by the Company that they will be achieved. Actual results may differ materially due
to various factors.

Consolidated financial statements(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits

84,17367,283

12,421

16,786

Real estate for sale

9,476

6,756

Costs on construction contracts in progress

1,109

490

Development projects in progress

44,67150,254

Materials and supplies

54

67

Other493

632

Allowance for doubtful accounts

(32)

(35)

152,369

142,236

Buildings and structures

9,633

9,646

Machinery and equipment

283

283

Vehicles, Tools, furniture, and fixtures

431

451

6,816

6,816

9298

Accumulated depreciation(4,978)(5,053)

Total property, plant, and equipment

12,27812,242

133

169

Investment securities

1,220

1,349

Deferred tax assets

1,493

1,224

Other

669

681

Allowance for doubtful accounts

(9)

(5)

Total investments and other assets

3,373

3,249

15,785

15,661

168,154

157,897

Notes and accounts receivable
construction contracts and otheron

Total current assets

completedNon-current assets
Property, plant, and equipment

Land
Leased assets

Intangible assets
Investments and other assets

Total non-current assets
Total assets

(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable on construction
contracts and other

38,66333,509

Income taxes payable

4,350

955

4,206

3,482

1,799

3,132

Provision for bonuses

655

345

Provision for warranties for completed construction

249

314

Other

3,003

1,727

Total current liabilities

52,92943,466

215

220

1,119

1,114

Deferred tax liabilities

285

299

Other

507

512

2,128

2,147

55,05845,614

Share capital

3,665

3,665

Capital surplus

3,4403,440

Retained earnings

106,113105,206

Treasury share

(574)

(574)

112,644

111,736

Valuation difference on available-for-salesecurities

475

564

Remeasurements of defined benefit plans

(24)

(18)

Total accumulated other comprehensive income

451

546

113,095

112,283

168,154

157,897

Advances received on construction contracts inprogress
Advances received on development projects inprogress, real estate for sale and otherNon-current liabilities
Provision for retirement benefits for directors
Retirement benefits liability

Total non-current liabilities
Total liabilities
Net assetsShareholder's equity

Total shareholder's equity
Accumulated other comprehensive income

Total net assets
Total liabilities and net assets

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
From April 1, 2023
to June 30, 2023

From April 1, 2024
to June 30, 2024

Net sales
Net sales of completed construction contracts

17,566

16,916

Net sales in development business and other

2,858

4,431

Total net sales

20,424

21,347

Cost of sales of completed construction contracts

15,451

15,338Cost of sales in development business and other

1,885

3,124

Total cost of sales

17,337

18,463Gross profit on completed construction contracts

2,114

1,577

Gross profit on development business and other

972

1,307

3,087

2,884

899

984

2,188

1,900

Dividend income

1315

Gain on investment securities

60-

Other

32

Total non-operating income

7717Commission fee

22

Other

00

Total non-operating expense

22

Ordinary income

2,263

1,915

Profit before income taxes

2,263

1,915

Income taxes - current

400358

Income taxes - deferred313

241

Total income taxes

714600Net income

1,548

1,315

Net income attributable to owners of parent

1,548

1,315

Cost of sales

Gross profit

Total gross profit
Selling, general, and administrative expenses
Operating income
Non-operating income

Non-operating expense

Consolidated statement of comprehensive income(Millions of yen)
From April 1, 2023
to June 30, 2023
Net income

From April 1, 2024
to June 30, 2024

1,548

1,315

Valuation difference on available-for-sale securities

1889

Retirements of defined benefit plans, net of tax

56

Total other comprehensive income

2495

Comprehensive income attributable to:

1,573

1,410

1,573

1,410

--

Other comprehensive income

Owners of parent
Non-controlling interests