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 Three Months Ended March 31, 2024
(Based on Japanese GAAP)
Company name:

Nittoseiko Co.,Ltd.

Stock exchange listing: Tokyo
Stock code:
5957
Representative:
Inquiries:

May 13, 2024

URL

https://www.nittoseiko.co.jp/President
Director,Accounting & Finance Division

Makoto Araga
Shinichi MatsumotoScheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

May 14, 2024–

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:

YesNo

TEL

(0773)42-3111(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended March 31, 2024 (from January 1, 2024 to March 31, 2024)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Three months ended March 31, 2024
10,717
(1.8)
655
(3.0)
711
(4.9)
472
7.4
Three months ended March 31, 2023
10,912
15.7
675
15.6
748
12.4
439
2.2
Earnings per share

Diluted earnings per share

Yen
12.93
11.90

Three months ended March 31, 2024
Three months ended March 31, 2023

Yen––(2) Consolidated financial position
Total assets

Net assets

Millions of yen
53,60353,344As of March 31, 2024
As of December 31, 2023

Equity ratio

Millions of yen
36,89036,402

%
61.1
60.7

2. Cash dividends
Annual dividends per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
9.00

Yen–

Yen
9.00

Yen
18.00

9.50

–

9.50

19.00

Year ended December 31, 2023
Year ending December 31, 2024
Year ending December 31, 2024 (Forecast)Total

3. Forecast of consolidated financial results for the year ending December 31, 2024 (from January 1, 2024 to December 31, 2024)
Net sales
Six months ending
June 30, 2024
Full yearMillions of yen

Percentages 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

23,000

2.5

1,500

15.5

1,600

8.4

1,000

19.9

27.36

48,200

7.7

3,300

26.2

3,500

23.4

2,100

21.1

57.46

1

4. Notes(1) Changes in significant subsidiaries during the three months ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:NoYes(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:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

39,985,017 shares As of December 31, 2023

39,985,017 shares

Number of treasury shares at the end of the period
As of March 31, 2024

3,438,761 shares As of December 31, 2023

3,438,383 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended March 31, 2024

36,546,515 shares Three months ended March 31, 2023

236,950,531 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Thousands of yen)
As of December 31, 2023

As of March 31, 2024

AssetsCurrent assetsCash and deposits

8,849,940

8,843,544

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

8,722,766
4,071,362

8,577,418
4,138,132

Merchandise and finished goods
Work in process

4,729,069
3,184,409

5,113,207
3,147,215

Raw materials and supplies
Accounts receivable - other

3,110,265
622,622

3,172,219
544,769

535,239(2,725)462,540(2,919)33,822,950

33,996,129

Buildings and structures, net
Machinery, equipment and vehicles, net

4,075,488
3,105,785

4,101,342
3,109,376

LandConstruction in progress

5,671,521
756,533

5,694,006
744,987

520,656

531,853

14,129,985

14,181,565

Software
Goodwill

361,332
392,569

357,134
376,867

Customer related assets
Technology related assets

36,875
183,750

35,400176,400

Other

25,22732,327

Total intangible assets

999,754

978,129

Investment securities
Deferred tax assets

1,161,896
663,219

1,241,377
630,047

Retirement benefit asset
Other

1,968,354
599,077

1,968,354
608,530(1,000)(1,000)Other
Allowance for doubtful accounts
Total current assets
Non-current assetsProperty, plant and equipment

Other, net
Total property, plant and equipment
Intangible assets

Investments and other assets

Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

4,391,547

4,447,310

19,521,287

19,607,005

53,344,237

53,603,135

(Thousands of yen)
As of December 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating

4,333,229
4,282,701

4,379,279
4,141,860

Short-term borrowings
Accounts payable - other

1,574,380
323,614

1,552,867
354,168

Income taxes payable
Provision for bonuses

558,472
263,123

278,677
523,219

Other

1,565,761

1,507,880

Total current liabilities

12,901,282

12,737,952

Long-term borrowings
Provision for directors' retirement benefits

358,469
159,236

325,820
143,637

Provision for share-based remuneration for directors (andother officers)

93,303101,037

584,378
1,869,882

598,208
1,784,385

974,885

1,021,098

Non-current liabilities

Deferred tax liabilities
Retirement benefit liabilityOther
Total non-current liabilities

4,040,155

3,974,187

16,941,438

16,712,140

Share capital
Capital surplus

3,522,580
2,767,848

3,522,580
2,767,848

Retained earnings
Treasury shares

26,632,568(1,562,112)

26,769,731(1,562,332)

Total shareholders' equity

31,360,884

31,497,827

114,013

157,233

456,875
472,214650,241464,217

Total liabilities
Net assets
Shareholders' equity

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

1,043,103

1,271,692

Non-controlling interests

Total accumulated other comprehensive income

3,998,810

4,121,475

Total net assets

36,402,799

36,890,995

53,344,237

53,603,135

Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Thousands of yen)Three months ended
March 31, 2023

Three months ended
March 31, 2024

Net sales

10,912,224

10,717,854

Cost of sales

8,394,303

8,205,383

Gross profit

2,517,920

2,512,471

Selling, general and administrative expenses

1,841,936

1,856,471

Operating profit

675,983

655,999

Non-operating income
Interest income

5,738

8,012

Dividend income
Rental income

480
22,736478
21,880Foreign exchange gains
Share of profit of entities accounted for using equity method

24,543
11,861

37,413
9,529

Other

60,452

41,744

Total non-operating income

125,813

119,058

Interest expenses
Rental costs

4,036
18,4604,471
24,118Other

31,272

34,957

Total non-operating expenses

53,77063,547748,026711,511

Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sales of non-current assets－6,203Gain on sales of investment securities

91－

Total extraordinary income

91

6,203

Loss on disposal of non-current assets

15,052

1,047

Total extraordinary losses

15,052

1,047

Profit before income taxes

733,066

716,667

Income taxes - current

245,235

189,537

Extraordinary losses

Income taxes - deferred(11,514)

26,344

Total income taxes

233,720

215,882

Profit499,345

500,784

Profit attributable to non-controlling interests

59,62128,349

Profit attributable to owners of parent

439,723

472,435

5Consolidated statements of comprehensive income (cumulative)(Thousands of yen)Three months ended
March 31, 2023
ProfitThree months ended
March 31, 2024

499,345

500,784

Other comprehensive income
Valuation difference on available-for-sale securities

30,90247,649Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

175,661(5,974)

287,941(7,997)

220

(396)

200,810327,197

700,156

827,982595,941

701,023

104,214

126,958

Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

(Segment Information)
1．Three Months Ended March 31, 2023 (From January 1, 2023 to March 31, 2023)
Information concerning net sales and profit or loss by reporting segment(Thousands of yen)

Reportable segments

Consolidated

Fastener

Assembly
MachineControlSystem

Net sales
Sales to externalcustomers
Intersegment salesand transfers

7,980,590

1,593,063

1,328,246

10,324

10,912,224

10,912,224－－－－－－

Total

7,980,590

1,593,063

1,328,246

10,324

10,912,224

10,912,224

Segment profit (loss)

410,436

256,538

30,847(21,838)

675,983

675,983

Medical

Total

Notes: Segment profit is adjusted for operating income reported in the consolidated statements of income.

2．Three Months Ended March 31, 2024 (From January 1, 2024 to March 31, 2024)
Information concerning net sales and profit or loss by reporting segment(Thousands of yen)
Reportable segments

Consolidated

FastenerAssembly
MachineControl
SystemNet sales
Sales to externalcustomers
Intersegment sales
and transfers

7,716,616

1,320,842

1,680,288

108

10,717,854

10,717,854

－

－－－－

－

Total

7,716,616

1,320,842

1,680,288

108

10,717,854

10,717,854

Segment profit (loss)

328,402

154,110

205,797(32,310)

655,999

655,999

Medical

Total

Notes: Segment profit is adjusted for operating income reported in the consolidated statements of income.

7