Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2024
(Japan GAAP)
January 31, 2024
Company name:

Nippon Light Metal Holdings Company, Ltd.

Stock exchange listing:Tokyo Stock Exchange

Code number:

5703

URL:

https://www.nikkeikinholdings.com/

Representative:

Ichiro OKAMOTO,

Contact:

Chizu ISHIKAWA,

Phone:+81-03-6810-7160

President & Chief Executive Officer
Public Relations and IR Director, Planning & Supervision
OfficeSubmission of quarterly financial results:

February 6, 2024

Expected date of dividends payment:-

Preparation of supplementary materials for quarterlyYesfinancial results:

Yes (for institutional investors and analysts)

Holding of a briefing on quarterly financial results:(Amounts less than one million yen are rounded off)
1. Consolidated Financial Results for Nine Months Ended December 31, 2023
(1) Consolidated Results of Operations (Accumulated Total)
Net sales(% figures show year-on-year changes)
Profit attributable toOrdinary profit
owners of parent

Operating profit

Nine months ended

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

December 31, 2023

387,7130.7

12,666149.6

13,330

124.8

5,489

35.6

December 31, 2022

385,050

6.8

5,075

(73.6)

5,931(69.6)

4,047(73.4)(Note) Comprehensive income:Nine months ended
December 31, 2023

Nine months ended December 31, 2023
Nine months ended December 31, 2022

Net profit per share(basic)December 31, 2022

¥9,422 million / 150.8%¥3,757 million / (77.7%)

Net profit per share(diluted)
Yen

Yen

88.62

－

65.36

－

(2) Consolidated Financial Position
Total assets
As of December 31, 2023
As of March 31, 2023
(Reference) Shareholders’ equity:

Net assets

Equity ratio

Millions of yen

Millions of yen%

534,563

228,50239.8

526,201

220,758

As of December 31, 2023
As of March 31, 2023

39.0

¥212,684 million¥205,475 million

2. Dividends

Annual dividends per share
End of second
quarter

End of firstquarterYen

End of third
quarter

Yen

Fiscal year ended―
40.00
March 31, 2023
Fiscal year ending―
10.00
March 31, 2024
Fiscal year ending
March 31, 2024
(forecasts)(Note) Revisions to dividend forecasts published most recently:

Year-end

Total

Yen

Yen

Yen

―

10.00

50.00

40.00

50.00

―

None

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2024
(April 1, 2023–March 31, 2024)(% figures show year-on-year changes)
Net sales

Operating profit

Ordinary profit

Millionsof yen%Millionsof yen%Millionsof yen%550,000

6.4

17,000125.5

16,00080.6(Note) Revisions to Forecast of Financial Results published most recently:

None

Fiscal year ending
March 31, 2024

Profitattributable toowners of parent
Millions%of yen7,500

4.1

Net profit
per shareYen
121.09

*Notes(1) Change in significant subsidiaries during the period(changes in specified subsidiaries affecting the scope of consolidation): None
Newly added: ― (Company name: ― )Excluded: ― (Company name: ― )(2) Application of particular accounts procedures to the preparation of quarterly consolidated financial statements:
None(3) Changes in accounting policies, changes in accounting estimates, and restatements(i) Changes in accounting policies due to revision of accounting standards: None(ii) Changes in accounting policies other than item (i) above: None(iii) Changes in accounting estimates: Yes(iv) Restatement: None
For details, please refer to “2. Notes on summary information (special notes) (3) Changes in accounting policies,changes in accounting estimates, and restatements” on p.5 of the attached documents.
(4) Number of shares outstanding (common stock)(i) Number of shares outstanding at end of period (including treasury stock)
As of December 31, 2023
61,993,750 shares
As of March 31, 2023
61,993,750 shares(ii) Number of treasury stock at end of period
As of December 31, 2023
50,627 shares
As of March 31, 2023
69,643 shares(iii) Average number of shares outstanding during the term
For the nine months ended December 31, 2023
61,936,014 shares
For the nine months ended December 31, 2022
61,915,568 shares* Quarterly financial results are not subject to auditing by a certified public accountant or an audit firm.
* Explanations concerning the appropriate use of financial forecasts and other special notes(Note of caution concerning forward-looking statements)
The forward-looking statements such as results forecasts included in this document are based on the information
available to the Company at the time of the announcement and on certain assumptions considered reasonable, and theCompany makes no representations as to their achievability. Actual results may differ materially from the forecast
depending on a range of factors. For the conditions on which the financial forecasts are based and notes of caution
concerning forward-looking statements, etc., please refer to “1. Qualitative Information on Quarterly Results (3)Explanation of forward-looking information, including consolidated earnings forecasts” on p.4 of the attacheddocuments.
* 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.

[Attached documents]
Index
1.Qualitative Information on Quarterly Results ................................................................................................................2(1)Explanation of consolidated operating results position...........................................................................................2(2)Explanation of consolidated financial position .......................................................................................................4(3)Explanation of forward-looking information, including consolidated earnings forecasts ......................................4
2.Notes on Summary Information (Special Notes) ...........................................................................................................5(1)Change in significant subsidiaries during the period ................................................................................................5(2)Application of accounting method specific to preparation of quarterly consolidated financial statement ...............5(3) Changes in accounting policies, changes in accounting estimates, and restatements .............................................5
3.Quarterly Consolidated Financial Statements and Important Notes ...............................................................................6(1)Quarterly consolidated balance sheets ....................................................................................................................6(2)Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income ...8
Quarterly consolidated statements of income (April 1, 2023 – December 31, 2023) .............................................8
Quarterly consolidated statements of comprehensive income (April 1, 2023 – December 31, 2023) ...................9(3)Notes regarding the quarterly consolidated financial statements ...........................................................................10(Notes on premise of going concern) ...................................................................................................................10(Notes on significant changes in the amount of shareholders’ equity)...................................................................10(Segment information, etc.) .................................................................................................................................10

1

1. Qualitative Information on Quarterly Results(1) Explanation of consolidated operating results position
During the first nine months of the current consolidated fiscal year, automobile production picked up and othereconomic activities in Japan proceeded to normalize. However, the outlook is still uncertain, given the global
instability, such as the prolonged conflict in Ukraine and worsening conditions in the Middle East, as well as concerns
about China’s economic stagnation, among other factors.
The Group’s panel system division continues to be a strong performer despite the ongoing impact of semiconductorrelated demand corrections and the slowdown in automobile-related demand in China. In addition, domestic
production for auto-related products picked up, sales increased on strong demand in the U.S., and recovered in thetruck body business amid the normalization of truck chassis supply. This resulted in higher net sales than in the same
period of the previous fiscal year. On the profit side, despite lower profit of the aluminum sheet and extrusions
segment compared to the same period of the previous fiscal year, the aluminum foil, powder and paste segment aswell as the fabricated products and others segment posted higher profit than in the same period of the previous fiscal
year, with the higher profit in the latter segment attributable to continued strong performance in the panel system
division and a recovery in the truck body business. As a result, operating profit, ordinary profit, and profit attributableto owners of parent increased compared to the same period of the previous fiscal year.
Consolidated Results of Operations
Nine months ended
December 31, 2023
Net sales
387,713
Operating profit
12,666
Ordinary profit
13,330
Profit attributable
5,489
to owners of parent(Millions of yen)
Nine months ended
December 31, 2022
385,050
5,075
5,931
4,047

Earnings by segment

YoY

2,663
7,591
7,399

0.7%
149.6%
124.8%

1,442

35.6%

(Millions of yen)
Operating profit(over previous fiscal year)

Net sales(over previous fiscal year)

Segments

ChangeAluminum ingot
and chemicals

114,510(3,274)(2.8%)

8,827

290

3.4%

Aluminum sheet
and extrusions

72,329(9,840)(12.0%)

(745)

(531)

(248.1%)Fabricated products
and others

121,300

12,901

11.9%

2,132

3,928

–

Aluminum foil,
powder and paste

79,574

2,876

3.7%

5,379

4,014

294.1%

Elimination andcompany-wide

–

–

–

(2,927)(110)–

387,713

2,663

0.7%

12,666

7,591

149.6%Total

An overview of each business segment is provided below.
<Aluminum ingot and chemicals>
In the aluminum chemical division, net sales were lower than in the same period of the previous fiscal year due tosignificant impact of decreased sales of products for refractories and ceramics among the mainstay aluminumhydroxide and alumina-related products. On the profitability side, the moderation of soaring raw material and fuelprices and other factors, in addition to the effect of sales price revisions, resulted in higher profits compared to thesame period of the previous year.

2

In the ingot division, the sales volume of the mainstay secondary alloy for automobiles increased due to a recovery
in automobile production in Japan, and overseas sales remained strong in the U.S. and Thailand. As a result, although
net sales were lower than in the same period of the previous fiscal year due to a decline in sales prices reflecting thealuminum ingot market conditions, operating profit exceeded the previous year’s level.
As a result of the above, net sales of the aluminum ingot and chemicals in the first nine months of the current
consolidated fiscal year decreased by 3,274 million yen (2.8%) year on year, from 117,784 million yen to 114,510
million yen. Operating profit increased by 290 million yen (3.4%) year on year, from 8,537 million yen to 8,827
million yen.
<Aluminum sheet and extrusions>
In the sheet product division, sales of thick sheets for semiconductor manufacturing equipment continued to besluggish and were also affected by a decline in sales prices reflecting the aluminum ingot market conditions. As aresult, net sales were below the previous fiscal year’s level. On the profit side, despite the effect of sales price revisions,operating profit was lower than in the same period of the previous year.
In the extruded product division, although recovery in sales of products for truck bodies and domestic automobiles isongoing, net sales fell over the same period of the previous fiscal year due to sluggish sales of products forsemiconductor manufacturing equipment and a slowdown in sales of automobile-related products in China, among
other factors. On the profitability side, operating profit decreased over the same period of the previous fiscal year due
to the sales impact and the time required to stabilize mass production operations at the new plant in the U.S.
As a result of the above, net sales in the aluminum sheet and extrusion products segment for the first nine months ofthe current consolidated fiscal year decreased by 9,840 million yen (12.0%) year on year, from 82,169 million yen to72,329 million yen. An operating loss of 745 million yen was recorded, representing a downward change of 531
million yen from the 214 million yen loss recorded in the same period of the previous fiscal year.
<Fabricated products and others>
In the transport-related division, net sales in the truck body business exceeded the previous fiscal year’s level thanks
to a recovery in sales resulting from increased production amid the normalization of truck chassis supply. On the
profitability side, operating profit improved compared with the same period of the previous fiscal year due to theeffect of sales price revisions in addition to the recovery in sales.
In the panel system division, the freezing and refrigeration field saw strong sales of large projects, mainly for foodfactories and low-temperature distribution warehouses. Strong demand for clean rooms for semiconductor-related
manufacturers supported increased sales in the clean room field. As a result, net sales and operating profit in thedivision as a whole increased over the same period of the previous fiscal year.
As a result of the above, net sales in the fabricated products and others segment increased by 12,901 million yen(11.9%) to 121,300 million yen in the first nine months of the current consolidated fiscal year, compared to 108,399
million yen in the same period of the previous fiscal year. An operating profit of 2,132 million yen was recorded,
representing an improvement of 3,928 million yen from the operating loss of 1,796 million yen recorded in the same
period of the previous fiscal year.
<Aluminum foil, powder and paste>
In the aluminum foil division, sales of foils for automobile lithium-ion battery exteriors remained at the same level as
the previous fiscal year, and sales of processed foil for medical product packaging increased due to sales pricerevisions. As a result, net sales for the division overall exceeded the previous fiscal year’s level.
In the powder and paste division, sales of powder products for heat dissipation, such as aluminum powder forelectronic materials and aluminum nitride, remained at the same level as the same period of the previous fiscal year,
despite the impact of demand corrections related to semiconductors. In addition, sales of paste products for mainstay
automobile paints increased mainly in overseas markets as a result of the recovery in automobile production. As aresult, net sales for the division overall exceeded the previous fiscal year’s level.

3

In the daily necessities division, in consumer products, sales of house-care products increased and sales price revisionof aluminum foil had a positive effect. In addition, sales of packaging products rose thanks to strong demand forfrozen food products and sales price revisions. As a result, net sales for the division overall exceeded the previous
fiscal year’s level.
As a result of the above, net sales of the aluminum foil, powder and paste segments in the first nine months of thecurrent consolidated fiscal year increased by 2,876 million yen (3.7%) year on year, from 76,698 million yen to 79,574
million yen. On the profit side, the effect of sales price revisions to address soaring raw material and fuel prices, inaddition to strong sales, resulted in an operating profit of 5,379 million yen, an increase of 4,014 million yen (294.1%)
from 1,365 million yen in the same period of the previous fiscal year.
(2) Explanation of consolidated financial position
Status of assets, liabilities, and net assets
As of the end of the first nine months of the current consolidated fiscal year, total assets increased by 8,362 million
yen compared to the end of the previous consolidated fiscal year to 534,563 million yen due to an increase ininventories and other assets, among other factors. Liabilities increased by 618 million yen compared to the end of theprevious consolidated fiscal year to 306,061 million yen due to an increase in notes and accounts payable – trade
attributable to trade payables and other factors. Net assets increased by 7,744 million yen compared to the end of theprevious consolidated fiscal year to 228,502 million yen due to an increase in retained earnings from the recording of
profit attributable to owners of the parent and other factors. The equity ratio rose from 39.0% at the end of the previous
consolidated fiscal year to 39.8%.
(3) Explanation of forward-looking information, including consolidated earnings forecasts
With regard to the forecasts for the fourth quarter, we expect continued strong performance in the panel system
division and recovery trends in the truck-related business. However, given the ongoing uncertainty about the outlook
for semiconductor-related demand recovery and automotive-related trends in China, among other factors, we havenot changed our consolidated earnings forecasts for the fiscal year ending March 31, 2024, released on May 15, 2023.
(Note) The forward-looking statements such as results forecasts included in this document are based on theinformation available to the Company at the time of the announcement and on certain assumptions consideredreasonable. Actual results may differ materially from the forecasts depending on a range of factors.

42. Notes on Summary Information (Special Notes)(1) Change in significant subsidiaries during the periodNone(2) Application of accounting method specific to preparation of quarterly consolidated financial statements
None(3) Changes in accounting policies, changes in accounting estimates, and restatements
Changes in accounting estimates(Provision for environmental measures)
The Group sets out several realistic and feasible plans (i.e., removal methods and destinations) to remove the amountof sediment as specified in the Amehata Dam sediment control master plan. In addition, the Group makes a reasonableestimate of costs for sediment removal, construction of in-river routes used to transport the sediment and site
preparation work if the work is performed at the removal destination, as well as other incidental costs. These costs
are recorded as “provision for environmental measures” in the quarterly consolidated balance sheets.
During the first half of the current consolidated fiscal year, it was determined necessary to implement additional
processes for sediment removal in accordance with the progress of the Amehata Dam sediment control master plan,among others. Accordingly, we have revised the estimate for the provision for environmental measures. As a result,
we recorded an extraordinary loss of 1,796 million yen as an expense for environmental measures, resulting in adecrease of the same amount in profit before income taxes in the first nine months of the current consolidated fiscal
year.

5

3. Quarterly Consolidated Financial Statements and Important Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade,and contract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles,net
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

6

As of December 31, 2023

31,30530,679150,709

154,51744,576
20,71529,332
16,062(366)
292,333

43,21825,572
32,102
15,398(327)
301,159

58,83958,55047,48846,426

5,873
55,046
7,003
174,249

5,929
55,1608,402
174,467

1,771
10,392
12,163

1,436
9,875
11,311

48,009(553)
47,456
233,868
526,201

48,173(547)
47,626
233,404
534,563(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
Provision for environmental measures
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-forsale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

7

As of December 31, 2023

68,53993,157
1,025
33,758
196,479

74,524
89,471
2,631
33,042
199,668

801
69,612
18,571
12,693
7,287
108,964
305,443

851
67,03819,222
12,0097,273
106,393
306,061

46,52519,087130,938(95)
196,455

46,52519,008135,188(70)
200,651

3,535

4,874

(39)
145

(7)
145

5,826

7,516

(447)

(495)

9,020

12,033

15,283
220,758
526,201

15,818228,502534,563(2) Quarterly Consolidated Statements of Income andQuarterly Consolidated Statements of Comprehensive Income
Quarterly Consolidated Statements of Income(April 1, 2023 – December 31, 2023)(Millions of yen)
Nine months ended
December 31, 2022

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Share of profit of entities accounted forusing equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary losses
Environmental expenses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controllinginterests
Profit attributable to owners of parent

8

Nine months ended
December 31, 2023

385,050
327,844
57,20652,131
5,075

387,713322,392
65,321
52,655
12,666

1,648

990

3,539
5,187

2,798
3,788

961
3,370
4,331
5,931

997
2,127
3,124
13,330

－
－
5,931
1,255
1,952
3,207
2,724

1,796
1,796
11,534
3,480
1,995
5,475
6,059

(1,323)

570

4,047

5,489

Quarterly Consolidated Statements of Comprehensive Income(April 1, 2023 – December 31, 2023)(Millions of yen)

Nine months ended
December 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans,
net of tax
Share of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toowners of parent
Comprehensive income attributable tonon-controlling interests

9

Nine months ended
December 31, 2023

2,724

6,059

536

1,347

(316)
263

30
1,285

(169)

(39)

719

740

1,033
3,757

3,363
9,422

4,897

8,502

(1,140)920

(3) Notes regarding the quarterly consolidated financial statements(Notes on premise of going concern)
Not applicable(Notes on significant changes in the amount of shareholders’ equity)
Not applicable(Segment information, etc.)
I. First Nine Months of the Fiscal Year Ended March 31, 2023 (April 1, 2022 to December 31, 2022)
1. Information on net sales and profit (loss) by reporting segment(Millions of yen)
Reporting segments
Quarterly
Adjust- consolidated
Aluminum Aluminum Fabricated Aluminum
ments*1
profit/loss
ingot andsheet and products and foil, powder,Total
posted*2chemicals extrusions
othersand paste
Net sales
Net sales to external－
117,784
82,169108,399
76,698385,050
385,050
customers
Intersegment sales－
45,98619,157
10,723296
76,162(76,162)
or transfers
Total
163,770
101,326
119,122
76,994461,212(76,162)
385,050
Segment profit (loss)
8,537
(214)
(1,796)1,365
7,892(2,817)
5,075
Notes:*1 The 2,817 million yen negative adjustment to segment profit (loss) represents corporate expenses and mainlycomprises expenses related to General Affairs, HR, Accounting, and other head office administration
departments of the Company and Nippon Light Metal Company, Ltd.
*2 Segment profit is adjusted with operating profit on the quarterly consolidated statements of income.
2. Information related to impairment loss of noncurrent assets and goodwill by reporting segment:
Not applicable
II. First Nine Months of the Fiscal Year Ending March 31, 2024 (April 1, 2023 to December 31, 2023)
1. Information on net sales and profit (loss) by reporting segment(Millions of yen)
Reporting segments
Quarterly
Adjust- consolidated
Aluminum Aluminum Fabricated Aluminum
ments*1
profit/loss
ingot andsheet and products and foil, powder,Total
posted*2chemicals extrusions
othersand paste
Net sales
Net sales to external－
114,51072,329121,300
79,574
387,713387,713customers
Intersegment sales－
38,127
21,355
11,055271
70,808(70,808)
or transfers
Total
152,637
93,684132,355
79,845458,521(70,808)
387,713
Segment profit (loss)
8,827
(745)
2,132
5,379
15,593(2,927)
12,666
Notes:*1 The 2,927 million yen negative adjustment to segment profit (loss) represents corporate expenses and mainlycomprises expenses related to General Affairs, HR, Accounting, and other head office administration
departments of the Company and Nippon Light Metal Company, Ltd.
*2 Segment profit (loss) is adjusted with operating profit on the quarterly consolidated statements of income.

10

2. Information related to impairment loss of noncurrent assets and goodwill by reporting segment:
Not applicable11