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 Year Ended November 30, 2023
(Based on Japanese GAAP)
January 11, 2024
Company name:
NACHI-FUJIKOSHI CORP.
Stock exchange listing: Tokyo
Stock code:
6474
URL http://www.nachi-fujikoshi.co.jp/
Representative:
Director and President
Tsutomu Kurosawa
Director, Managing Corporate Officer andInquiries:
General Manager of Corporate PlanningTetsu Furusawa
Dept.
Scheduled date of ordinary general meeting of shareholders:February 27, 2024
Scheduled date to file Securities Report:
February 27, 2024
Scheduled date to commence dividend payments:
February 28, 2024
Preparation of supplementary material on financial results:
Yes
Holding of financial results meeting:Yes

TEL +81-(0)3-5568-5210(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended November 30, 2023 (from December 1, 2022 to November 30, 2023)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended November 30, 2023
265,464
2.9
11,873(30.3)
11,028(35.5)
6,469(47.1)
Year ended November 30, 2022
258,097
12.6
17,025
15.7
17,10018.3
12,23722.5
Note: Comprehensive income

Year ended November 30, 2023
Year ended November 30, 2022

¥17,526 million [(22.4)%]¥22,585 million [25.6%]
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassetssales
parent/equity
Yen
%
%
%
–
4.2
3.0
4.5
–
8.8
5.1
6.6

Diluted earnings per
share

Earnings per shareYen
276.92513.17

Year ended November 30, 2023
Year ended November 30, 2022

Reference: Share of profit (loss) of entities accounted for using equity method
Year ended November 30, 2023
¥4 million
Year ended November 30, 2022

¥28 million(2) Consolidated financial position
Total assets
As of November 30, 2023
As of November 30, 2022
Reference: Equity

Net assets

Millions of yen
370,324
357,457

As of November 30, 2023
As of November 30, 2022

Millions of yen
169,520
156,367

Equity ratio

Net assets per share
%
43.9
41.7

Yen
6,980.96
6,330.16¥162,715 million¥148,906 million(3) Consolidated cash flows

Year ended November 30, 2023
Year ended November 30, 2022

Cash flows fromoperating activities
Millions of yen
12,03011,212

Cash flows frominvesting activities
Millions of yen(17,774)(20,831)

1

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen
3,125
32,8242,113
34,754

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended November 30, 2022
Year ended November 30, 2023
Year ending November 30, 2024
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

0.00
0.00

–
–

110.00110.00110.00110.00

2,607
2,592

21.4
39.7

1.9
1.7

–

0.00

–

100.00100.0038.8

3. Forecast of consolidated financial results for the year ending November 30, 2024 (from December 1, 2023 to November 30, 2024)
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Six months ending
123,000(9.1)
4,000 (47.5)
3,500 (50.3)
2,500 (47.1)
107.26
May 31, 2024
Full year
250,000(5.8)
10,000 (15.8)
9,000 (18.4)
6,000
(7.3)
257.42
4. Notes(1) Changes in significant subsidiaries during the year ended November 30, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) 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:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:
Restatement of prior period financial statements:

No
No
No

(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of November 30, 2023

24,919,343 shares As of November 30, 2022

24,919,343 shares

Number of treasury shares at the end of the period
As of November 30, 2023

1,610,918 shares As of November 30, 2022

1,395,964 shares

23,362,470 shares Year ended November 30, 2022

23,847,206 shares

Average number of shares during the period
Year ended November 30, 2023

2

Reference: Summary of non-consolidated financial results
1. Non-consolidated financial results for the year ended November 30, 2023 (from December 1, 2022 to November 30, 2023)(1) Non-consolidated operating results
Percentages indicate year-on-year changes
Net salesYear ended November 30, 2023
Year ended November 30, 2022

Millions of yen
185,333
193,722

Operating profit% Millions of yen
(4.3)
5,578
13.6
11,420Ordinary profit% Millions of yen(51.2)
6,065
67.5
11,949Profit% Millions of yen(49.2)
4,645
87.5
9,287

%
(50.0)
101.5

Diluted earnings per
share
Yen
Yen
198.85–389.46–

Earnings per share
Year ended November 30, 2023
Year ended November 30, 2022
(2) Non-consolidated financial position
Total assets
As of November 30, 2023
As of November 30, 2022

Net assets

Millions of yen
259,176
260,177

Millions of yen
94,312
89,262Equity ratio

Net assets per share
%
36.4
34.3

Yen
4,046.30
3,794.64

Reference: Equity

As of November 30, 2023
¥94,312 million
As of November 30, 2022
¥89,262 million* Financial results reports are exempt from audit conducted by an audit corporation.
* Proper use of financial results forecasts, and other special matters(Caution concerning forward-looking statements)
The financial results forecasts shown in this document are based on data as of the announcement of this document. Actual earnings results may
differ from the forecast figures due to various inherent uncertainties.

3

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of November 30, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets
Electronically recorded monetary claims - operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Income taxes refund receivable
Consumption taxes refund receivable
Other
Allowance for doubtful accounts

As of November 30, 2023

36,04260,3657,600
36,02914,641
26,248
453
1,882
4,287
(188)

34,61958,805
8,337
37,623
14,79927,707
1,708
1,195
4,859
(250)

187,363

189,406

Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets, net
Construction in progress
Other, net

31,321
71,782
9,941
2,704
5,416
2,341

33,457
72,573
10,228
4,273
4,271
2,815

Total property, plant and equipment

123,508

127,620

Intangible assets
Goodwill
Software
Software in progress
Other

–
1,194
1,546
756

–
890
2,639
141

Total intangible assets

Total current assets
Non-current assets
Property, plant and equipment

3,497

3,672

Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts

28,357
96
8,849
2,059
3,733
(8)

34,124
64
9,922
1,699
3,824
(9)

Total investments and other assets

43,08849,625170,094

180,917357,457

370,324

Total non-current assets
Total assets

4

(Millions of yen)
As of November 30, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Commercial papers
Current portion of long-term borrowings
Lease liabilities
Accrued expenses
Income taxes payable
Other

As of November 30, 2023

24,96730,09318,1525,000
22,971
816
9,300
3,025
10,74419,09426,021
23,063
10,00022,127
1,049
8,418
709
9,085

Total current liabilities

125,072

119,569

Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities

53,703
1,956
8,509

54,5783,339
11,555

24

29

476
9,533
1,814

561
9,317
1,852

Provision for retirement benefits for directors (and otherofficers)
Provision for share awards
Retirement benefit liability
Other76,01881,234

Total liabilities

Total non-current liabilities

201,090

200,804

Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

16,074
11,408
106,758(5,892)

16,074
11,408110,593(6,681)

128,349

131,395

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

13,616
7,891(951)

17,547
14,408(636)

Total accumulated other comprehensive income

20,55631,319

7,460

6,804

156,367

169,520

357,457

370,324

Total shareholders' equity
Accumulated other comprehensive income

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

5Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
November 30, 2022

Fiscal year ended
November 30, 2023

Net sales
Cost of sales

258,097
197,704

265,464
209,627

Gross profit

60,392

55,836

Selling, general and administrative expenses
Sales commission
Packing and transportation costs
Salaries and bonuses
Welfare expenses
Retirement benefit expenses
Travel, transportation and communication expenses
Rent expenses
Other

1,115
8,545
15,936
4,222
269
1,658
2,017
9,600

1,142
6,912
16,618
4,590
406
2,146
2,071
10,073

Total selling, general and administrative expenses

43,36643,962

Operating profit

17,025

11,873Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity method
Dividends income of group term insurance
Refund of social contributions for prior periods
Subsidy income
Other

140
662
1,126
28
373
–
453
154

247
862
163
4
396
228
205
561

2,940

2,668

978
126
520
419

1,431
120
509
419

819

1,032

Total non-operating income
Non-operating expenses
Interest expenses
Loss on sale of notes receivable - trade
Sales discounts
Group term insurance expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on liquidation of subsidiaries and associates
Gain on sale of shares of subsidiaries and associates
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Loss on retirement of non-current assets
Loss on valuation of investment securities
Total extraordinary losses

6

2,865

3,513

17,10011,028

18
–
332
–

14
9
–
22

350

46

1
50
98

1
59
14

150

75

(Millions of yen)
Fiscal year ended
November 30, 2022

Fiscal year ended
November 30, 2023

Profit before income taxes

17,301

10,999

Income taxes - current
Income taxes for prior periods
Income taxes - deferred

5,486
–
(337)

2,794
32
1,667

Total income taxes

5,148

4,493

Profit12,152

6,506

Profit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

7

(84)

37

12,237

6,469

Consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended
November 30, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted
for using equity method

Fiscal year ended
November 30, 2023

12,152

6,506

554
11,175(1,285)

3,970
6,708
315

(11)

25

10,432

11,019Comprehensive income

22,585

17,526Comprehensive income attributable toComprehensive income attributable to owners of parent

22,117

17,231

467

294

Total other comprehensive income

Comprehensive income attributable to non-controllinginterests

8

Consolidated statements of changes in shareholders’ equity
Fiscal year ended November 30, 2022
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning ofCapital surplus

16,074

periodRetained earnings

11,401

96,875

Cumulative effects ofchanges in accounting

Total shareholders'equityTreasury shares(4,924)

119,427

56

56

policies
Restated balance

16,074

11,401

96,931(4,924)

119,483

Changes during period
Dividends of surplus
Profit attributable toowners of parent(2,410)(2,410)12,237

12,237Purchase of treasury
shares
Disposal of treasury(0)

sharesPurchase of shares of
consolidated(1,672)(1,672)

704

704

7

7

subsidiaries
Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

–

7

9,826

(967)

8,866

16,074

11,408

106,758(5,892)

128,349

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning of
period13,079Foreign currencytranslation
adjustment

Remeasurements of Total accumulated Non-controllinginterests
defined benefit
other comprehensive
plans(2,737)

Total net assets

income334

10,676

8,107

138,211

Cumulative effects ofchanges in accounting
policies
Restated balance

56
13,079(2,737)334

10,676

8,107

138,267

Changes during period
Dividends of surplus(2,410)

Profit attributable toowners of parent

12,237Purchase of treasury(1,672)shares
Disposal of treasury
shares704

Purchase of shares of
consolidated
subsidiaries

7

Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

536

10,628(1,285)

9,880

(646)

9,233

536

10,628(1,285)

9,880

(646)

18,09913,616

7,891

(951)

20,556

7,460

156,367

9

Fiscal year ended November 30, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning ofCapital surplus

16,074

periodRetained earnings

11,408

Total shareholders'equityTreasury shares

106,758(5,892)

128,349

Changes during period
Dividends of surplus(2,607)(2,607)

Profit attributable toowners of parent

6,469

6,469

Purchase of treasury

(942)

(942)

126

126

(449)

(449)

(27)

476

449

shares
Disposal of treasury
shares(0)

Purchase of treasury
shares by stock
ownership plan trust
Disposal of treasury
shares by stock
ownership plan trust
Net changes in items
other than shareholders'equityTotal changes during

–

–

3,835

(789)

3,046

16,074

11,408110,593(6,681)

131,395

periodBalance at end of period

Accumulated other comprehensive income
Valuationdifference on
available-for-salesecurities
Balance at beginning of
period13,616

Foreign currency

Remeasurements ofTotal accumulated

Non-controllingtranslation
adjustment

defined benefit
plans

other comprehensive
incomeinterests

7,891

(951)

20,556

7,460

Total net assets

156,367

Changes during period
Dividends of surplus(2,607)

Profit attributable toowners of parent

6,469

Purchase of treasury(942)

shares
Disposal of treasury
shares

126

Purchase of treasury
shares by stock
ownership plan trust(449)

Disposal of treasury
shares by stock
ownership plan trust449

Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

3,930

6,516

315

10,762(656)

10,106

3,930

6,516

315

10,762(656)

13,152

17,547

14,408(636)

31,3196,804

169,520

10

Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
November 30, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using equity
methodGain on sales of property, plant and equipment
Loss on sales of property, plant and equipment

Fiscal year ended
November 30, 2023

17,301
18,302
83

10,99919,473
–

(3)

5

51
(310)
24
(803)
978

46
(156)
26
(1,109)
1,431

(28)

(4)

(18)
1

(14)
1

Loss on retirement of property, plant and equipment
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net

50–98(8,047)(15,071)
3,501
1,094

59
(9)
14
632
(32)
(11,159)(1,427)

Subtotal

17,205

18,777

Interest and dividends received
Interest paid
Income taxes paid
Income taxes refund

817
(958)
(5,950)98

1,085(1,356)(7,159)684

Net cash provided by (used in) operating activities

11,212

12,030(19,776)
17(1,236)
(44)
(7)
55

(16,387)
14(1,294)
(47)
(19)
51

–

460

160

(552)

(20,831)(17,774)

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Payments of loans receivable
Proceeds from collection of loans receivable
Proceeds from sale of shares of subsidiaries resulting inchange in scope of consolidation
Other, net
Net cash provided by (used in) investing activities

11

(Millions of yen)
Fiscal year ended
November 30, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Dividends paid
Dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting in change inscope of consolidation
Proceeds from sale of treasury shares
Purchase of treasury shares
Net cash provided by (used in) financing activities

Fiscal year ended
November 30, 2023

10,340–21,294(23,670)(1,001)(2,410)(1,297)

4,117
5,000
23,086(24,069)(1,129)(2,607)
(388)

(0)

–

531
(1,672)

58
(942)

2,113

3,125

Effect of exchange rate change on cash and cash equivalents

1,884

688

Net increase (decrease) in cash and cash equivalents(5,620)(1,929)Cash and cash equivalents at beginning of period

40,37434,754

Cash and cash equivalents at end of period

34,75432,82412