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 Six Months Ended September 30, 2021
(Based on Japanese GAAP)
November 5, 2021
NITTOC CONSTRUCTION CO., LTD.
Company name:
Stock exchange listing: Tokyo
Stock code:
Representative:

1929
URL https://www.nittoc.co.jp
President & Representative Director
Yasuo Wada

Inquiries:

Manager,Accounting Department,

Masakazu Itabashi

Administration Division
Scheduled date to file Quarterly Securities Report:

November 8, 2021

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:

November 30, 2021
No

Holding of quarterly financial results meeting:

NoTEL

03-5645-5047((Amounts less than one million yen are rounded down))
1. Consolidated financial results for the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2021
Six months ended September 30, 2020
Note: Comprehensive income

Millions of yen
29,811
30,767

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%(3.1)
1,374 (32.9)
1,416 (31.9)
938 (31.0)
7.9
2,047
11.6
2,081
13.4
1,358
13.6

Six months ended September 30, 2021

¥985 million [(30.4)%]

Six months ended September 30, 2020

¥1,416 million [13.7%]

Earnings per shareDiluted earnings per share

Yen22.49
32.57

Six months ended September 30, 2021
Six months ended September 30, 2020

Yen––

Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
revised ASBJ regulations from the beginning of the first quarter of the current fiscal year, and each figure for the first six months of the fiscal
year ending March 31, 2022, is the figure after applying the accounting standard and relevant revised ASBJ regulations.
(2) Consolidated financial positionTotal assets
Millions of yen
47,70551,971

As of September 30, 2021
As of March 31, 2021
Reference: Equity

Net assets

As of September 30, 2021
As of March 31, 2021

Equity ratio

Millions of yen
28,71928,800Net assets per share%
59.8
55.1

Yen
684.36686.19¥28,543 million¥28,619 million

Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
revised ASBJ regulations from the beginning of the first quarter of the current fiscal year, and each figure for the first six months of the fiscal
year ending March 31, 2022, is the figure after applying the accounting standard and relevant revised ASBJ regulations.
2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
8.00
8.00

Yen–

Yen
28.00

Yen
36.00

–

21.00

29.00

Year ending March 31, 2022 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No1Total3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Net sales
Full year

Millions of yen
69,400Percentages 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
2.1
4,460 (16.8)
4,450 (17.9)
2,930 (16.3)
70.25

Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2021(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(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 September 30, 2021

41,708,367 shares As of March 31, 2021

43,919,291 shares

Number of treasury shares at the end of the period
As of September 30, 2021

555 shares As of March 31, 2021

2,210,924 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2021

41,708,063 shares Six months ended September 30, 2020

41,709,531 shares

Note: The Company canceled 2,210,924 treasury shares on May 31, 2021, in accordance with a resolution passed at a meeting of theBoard of Directors held on May 7, 2021.
* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
* Proper use of forecasts of financial results, and other special matters
Financial results forecasts are based on information available to the Company at the time of release of this document. Actual financial results
may differ from the forecast figures due to various factors going forward.

2Quarterly consolidated financial statementsConsolidated balance sheets(Millions of yen)
As of March 31, 2021

As of September 30, 2021

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

17,722

18,22919,666––

16,497

2,921

2,327

9
0

20
0

1,359
243

510
263

360
(2)

561
(1)

42,28238,407

Buildings and structures, net
Machinery, vehicles, tools, furniture and fixtures, net

1,645
1,133

1,617
1,079

Land
Leased assets, net

2,638
13

2,578
4

166
2189
2

construction contracts and otherNotes receivable, accounts receivable from completedconstruction contracts and other and contract assets
Electronically recorded monetary claims - operating
Merchandise and finished goods
Real estate for sale
Costs on construction contracts in progress
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Construction in progress
Other, net

5,598

5,471

Intangible assets
Investments and other assets

Total property, plant and equipment

445

631

Investment securities
Deferred tax assets

974
2,127

1,013
1,794

OtherAllowance for doubtful accounts

602(59)430(44)

Total investments and other assets

3,644

3,194

9,689

9,297

51,97147,705

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2021

As of September 30, 2021

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
and other
Short-term borrowings

11,33910,715278

141

Advances received on construction contracts in progress
Lease obligations

2,032
3528
0

Income taxes payable
Provision for warranties for completed construction

1,274
24266
23

Provision for loss on construction contracts
Provision for bonuses

286
1,501

154
1,015

Provision for bonuses for directors (and other officers)
Other

36
2,156

–
1,777

Total current liabilities

18,931

14,6225

2

Retirement benefit liability
Other

4,162
71

4,289
71

Total non-current liabilities

4,239

4,363

23,171

18,985

Shareholders' equity
Share capital

6,052

6,052

Capital surplus
Retained earnings

2,022
21,4191,753
20,502

Treasury shares(1,057)(0)

Total shareholders' equity

28,43628,308312(34)338(26)

Non-current liabilities
Lease obligations

Total liabilities
Net assets

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans

(95)

(76)

Total accumulated other comprehensive income

183

235

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

4180

176

28,80028,71951,97147,705

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)

Net sales
Net sales of completed construction contracts

Six months ended

Six months ended

September 30, 2020

September 30, 2021

30,61329,702

154

109

30,767

29,811

Cost of sales of completed construction contracts
Cost of sales in other businesses

24,987108

24,45659

Total cost of sales

25,09524,516

5,626

5,245

Sales in other businesses
Total net sales
Cost of sales

Gross profit
Gross profit on completed construction contracts
Gross profit - other business

4549

5,671

5,295

Selling, general and administrative expenses

3,623

3,920

Operating profit

2,047

1,374

Non-operating income
Interest income94

Dividend income
license income

17518
10Foreign exchange gains
Other

193521

Total non-operating income

5560

43142

113

Total gross profit

Non-operating expenses
Interest expenses
Guarantee commission
Other
Total non-operating expenses

2118

2,081

1,416

Gain on sale of non-current assets–

0Total extraordinary income–

0Loss on sale and retirement of non-current assets

32

Total extraordinary losses

32

Ordinary profit
Extraordinary income

Extraordinary losses

Profit before income taxes

2,078

1,414

Income taxes - current

507

212

Income taxes - deferred

215

271

Total income taxes

722

484

1,355

929

(3)

(8)

1,358

938

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

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2020

September 30, 2021

1,355

929

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

53525
12

Remeasurements of defined benefit plans, net of tax

21176155Comprehensive income

Total other comprehensive income

1,416

985

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,408

989

8(4)

Comprehensive income attributable to non-controllinginterests

6Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Six months ended

Six months ended

September 30, 2020

September 30, 2021

2,078

1,414

Depreciation
Increase (decrease) in allowance for doubtful accounts

185(4)

207(15)

Increase (decrease) in provision for warranties for completedconstruction

(2)

(0)

Increase (decrease) in provision for loss on construction
contracts

158

(85)

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

(619)
139

(485)
152

Interest and dividend income
Interest expenses

(27)
4(23)
3

Foreign exchange losses (gains)
Loss (gain) on sale of property, plant and equipment

(22)
–(4)
2

Loss on retirement of non-current assets
Decrease (increase) in trade receivables

3(17)04,350Decrease (increase) in costs on construction contracts inprogress(673)

18Decrease (increase) in other assets
Increase (decrease) in trade payables

(35)
(377)

(158)
(527)

Increase (decrease) in advances received on construction
contracts in progress

701(1,143)

Increase (decrease) in accrued consumption taxes
Increase (decrease) in other liabilities

(844)
74

78
(195)

Subtotal

721

3,588

Interest and dividends received
Interest paid

29(5)

23(4)

(1,186)(1,296)

(440)

2,311

Purchase of investment securities
Purchase of property, plant and equipment

(2)
(329)

(2)
(305)

Proceeds from sale of property, plant and equipment
Purchase of intangible assets–(18)

75(255)

Payments for asset retirement obligations
Proceeds from collection of loans receivable

–46

(9)
–

Payments of guarantee deposits
Proceeds from refund of guarantee deposits

(3)
3(11)
4

Other payments
Other proceeds

(40)
5(0)
2

Net cash provided by (used in) investing activities

(338)

(501)

Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities

7

(Millions of yen)Six months ended

Six months ended

September 30, 2020

September 30, 2021

Cash flows from financing activities
Repayments of long-term borrowings

(137)

(137)

Repayments of lease obligations
Purchase of treasury shares

(6)
(0)

(6)
(0)

Dividends paid

(1,162)(1,167)

Net cash provided by (used in) financing activities(1,306)(1,311)

Effect of exchange rate change on cash and cash equivalents

428

Net increase (decrease) in cash and cash equivalents(2,042)

507

Cash and cash equivalents at beginning of period

18,713

17,722

Cash and cash equivalents at end of period

16,671

18,2298