Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Nine Months Ended December 31, 2022
[Japanese GAAP]
February 14, 2023
Company name:NIPPON CONCRETE INDUSTRIES CO., LTD.
Stock exchange listing: Tokyo
Code number:
5269
URL:
https://www.ncic.co.jp/
Representative:
TSUKAMOTO Hiroshi,
Representative Director and President
Contact:
SUGITA Yoshihiko,
Director and Executive Officer
Phone:
03-3452-1025
Scheduled date of filing quarterly securities report:
February 14, 2023
Scheduled date of commencing dividend payments:
Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session:
No(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2022 (April 01, 2022 to December 31, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Nine months ended
38,0939.4
230(78.3)
522(64.0)(71)
December 31, 2022
December 31, 2021
34,830(2.2)
1,062(48.3)
1,452(41.1)
1,190(16.1)(Note) Comprehensive income:Nine months ended December 31, 2022:¥(255) million [-%]Nine months ended December 31, 2021:¥
72 million [(96.2) %]Basic earnings
per share
Nine months ended
December 31, 2022
December 31, 2021

Diluted earnings per
share
Yen

Yen

(1.32)
21.15-(2) Consolidated Financial Position
Total assets
Million yen
As ofDecember 31, 2022
78,65775,003
March 31, 2022
(Reference) Equity: As of December 31, 2022:
As of March 31, 2022:

Net assets

Capital adequacy ratio

Million yen¥¥

37,916
38,67235,180 million
36,054 million

%

44.7
48.1

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2022

-

4.50

-

4.50

9.00

Fiscal year ending March 31, 2023

-

0.00

0.00

0.00

Year-end

Fiscal year ending March 31, 2023
(Forecast)(Note) Revision to the forecast for dividends announced most recently:
No(Note) Breakdown of the 3rd quarter dividend for the fiscal year ending March 31, 2023 :Commemorative dividend- yenSpecial dividend
- yen

Total

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023(April 01, 2022 to March 31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share%

Million yen%

Million yen%

Yen

51,0007.6
100 (91.9)
Full year(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

500(67.9)

20(97.7)

0.37

No* Notes:(1) Changes in significant subsidiaries during the nine months ended December 31, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):
No
New(Company name:
Exclusion:(Company name:(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:))
No(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):December 31, 2022:
57,777,432 shares
March 31, 2022:
57,777,432 shares2) Total number of treasury shares at the end of the period:
December 31, 2022:
3,483,945 shares
March 31, 2022:
2,644,746 shares
3) Average number of shares during the period:
Nine months ended December 31, 2022:
Nine months ended December 31, 2021:

54,434,682 shares
56,266,992 shares* Quarterly financial results are not required to be subjected to quarterly reviews.
* Explanation for appropriate use of financial forecasts and other special notes.
The forecasts given in this document are based on the current available information in the company and certain reasonableassumptions to the company. Actual results may differ from these forecasts by a variety of reasons.

Table of contents

1. Qualitative Information on Quarterly Financial Results for the Period under Review ····························· 2(1) Explanation of Business Results ························································································ 2(2) Explanation of Financial Position ······················································································ 4(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information ·········· 4
2. Quarterly Consolidated Financial Statements and Primary Notes ···················································· 5(1) Quarterly Consolidated Balance Sheets ··············································································· 5(2) Quarterly Consolidated Statements of Income and Comprehensive Income ····································· 7(3) Notes to Quarterly Consolidated Financial Statements······························································ 9(Notes on Going Concern Assumption) ················································································ 9(Notes in the Case of Significant Changes in the Amount of Shareholders’ Equity) ···························· 9(Changes in Accounting Policies) ····················································································· 9(Additional Information) ································································································· 10(Segment Information, etc.) ····························································································· 10(Matters Related to Revenue Recognition) ············································································ 11(Significant Events after Reporting Period) ··········································································· 11

11. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Business Results
In the nine months ended December 31, 2022, although the economic environment saw movement toward
recovery from the impact of the spread of COVID-19 infections, the outlook remained uncertain due to theprolonged situation in Ukraine and significant depreciation of the yen, in addition to repeated increases in energy,
raw material and logistics expenses.
Regarding the business environment in which the Group operates, expectations continued to rise for concrete
products that contribute to disaster prevention and mitigation, maintenance of social infrastructure, disasterrecovery, the shortening of construction periods and labor saving, as well as for the Company-developed
environmental technology for carbon capture and CCUS (carbon dioxide capture, utilization and storage)
products, and low-carbon type concrete products. On the other hand, conditions were severe, buffeted by therising prices of raw material and energy for concrete secondary products, and the time required to pass on theserising prices to sales prices.
In these circumstances, the Group has been working under our corporate philosophy: “We contribute to a safe,
secure, and affluent society through concrete,” and aiming to achieve sustained growth through the basic policyof our Medium-Term Management Plan, namely, to “Contribute to reinforcement of national resilience and theglobal environment by boosting competitiveness and expanding business through promotion of Groupmanagement.” Meanwhile, we are striving to secure profits by further responding to increases in raw material
and other prices by passing these on to selling prices and reducing expenses as measures to improve current
business performance.
Trends by business segment for the period under review are as follows.
1) Foundation Business
The demand for concrete piles across Japan during the nine months ended December 31, 2022 rose byapproximately 15% from a year earlier, while the Group also had a rebound in orders received and shipment
volume. Net sales were 20,213 million yen (up 41.1% year-on-year).
As for profit, segment income was 386 million yen (up 218.8% year-on-year) due to a significant improvementin plant utilization rates, despite time being required to pass on rising raw material prices to selling prices.
2) Concrete Secondary Product BusinessIn the Pole-related Business, which is part of the Concrete Secondary Product Business, concrete pole
shipments throughout Japan fell roughly 17% year-on-year. In this severe environment, shipments of poles formobile phone base stations declined substantially due to the impact of semiconductor shortages and other factors,
and net sales amounted to 10,132 million yen (down 20.0% year-on-year).
In the Civil Engineering Product Business, while sales of revetment wall repair products (soldier pile panels,
named “Oyagui-panel”) rose, there was a delay to the posting of inspection sales, although production was brisk
for RC segments intended for the Linear Chuo Shinkansen. Net sales were 7,531 million yen (down 0.9% yearon-year).
2

As a result, net sales in the Concrete Secondary Product Business amounted to 17,663 million yen (down 12.9%
year-on-year). As for profit, segment income was 962 million yen (down 55.4% year-on-year) on account of a
substantial decline in pole shipments in addition to the impact of rising raw material prices.
3) Real Estate and Solar Power Generation Business
The Company reported steady rental income, and generated and sold electricity for net sales that amounted to
215 million yen (down 5.6% year-on-year) and segment income was 134 million yen (up 1.2% year-on-year).
As a result of the above, the Group’s net sales for the nine months ended December 31, 2022 were 38,093
million yen (up 9.4% year-on-year), operating profit was 230 million yen (down 78.3% year-on-year), ordinary
profit was 522 million yen (down 64.0% year-on-year), and loss attributable to owners of parent from tax burdenof subsidiaries was 71 million yen (a profit attributable to owners of parent of 1,190 million in the same periodof the previous fiscal year).
As for future initiatives, first, as stated above, we will strive to further pass on costs to sales prices as a measure
to cope with rising raw material prices, and will also work to reduce costs to secure profits.
In the Foundation Business, we will focus on securing orders by incorporating our products into designs andendeavor to enhance plant utilization rates, while improving the profit margin on construction projects. We will
make steady efforts to expand sales of our unique piles with reduced environmental load (green-ONA pile) which
can reduce CO2 emissions derived from concrete by approximately 40% over the Company’s existing product.
The Pole-related Business will strive to capture demand for the replacement of existing poles, while also
making concerted efforts in the Pole Solutions Business, expanding the scope of orders to include pole
construction works. In addition, we will keep an eye on demand for poles for mobile phone base stations and will
work to develop sales in view of increased pole installation for 5G and 6G.
In the Civil Engineering Product Business, while steadily producing segments for the Linear Chuo Shinkansen,
and responding to increasing inquiries for revetment wall repair products (“Oyagui-panel”), we will alsoendeavor to increase sales of precast concrete walls and enter infrastructure maintenance markets to proactively
secure orders by means of reinforcement of our sales organization, such as inter-group cooperation and expansionof sales areas.
In the Environment Business, to meet the target of cutting CO2 emissions by approximately 6,000 tons
(equivalent to around 30% of the Group’s total emissions) in FY2023 set under the Medium-Term Management
Plan, besides the abovementioned green-ONA pile, we are moving forward with the development ofenvironment-friendly products, such as manufacturing poles and civil engineering products utilizing concretewith reduced environmental load, and working to expand production volume of such products as PAdeCS® and
Eco Tankaru®. Furthermore, we are also continuing efforts on pole recycling to contribute to the establishmentof a recycling-oriented society.
Looking ahead, the Group will continue to play a role in strengthening social infrastructure and contribute tosociety through offering technology and products to reduce environmental loads. In addition, we will utilize theGroup’s synergy effect to keep enhancing our corporate value through sustainable growth.

3(2) Explanation of Financial Position
The Group’s financial policies are to reduce total assets so as to improve ROA through measures such as earlycollection of accounts receivable, optimization of product inventories, and efficient capital investment strategies;
and to reduce interest-bearing debts by improving the efficiency of the Group’s funds and assets.
Total assets at the end of the third quarter of the fiscal year under review were 78,657 million yen, up 3,653
million yen from the end of the previous fiscal year.
Current assets were 36,505 million yen, up 4,536 million yen from the end of the previous fiscal year, and noncurrent assets were 42,151 million yen, down 882 million yen from the end of the previous fiscal year.
The increase in current assets was mainly due to increases in electronically recorded monetary claims –operating and merchandise and finished goods, and the decrease in non-current assets was mainly due to adecrease in property, plant and equipment on account of depreciation.
Total liabilities were 40,740 million yen, up 4,409 million yen from the end of the previous fiscal year.
Current liabilities were 26,588 million yen, up 3,699 million yen from the end of the previous fiscal year, andnon-current liabilities were 14,151 million yen, up 709 million yen from the end of the previous fiscal year.
The increase in current liabilities was mainly due to increases in notes and accounts payable – trade andelectronically recorded obligations - operating, while the increase in non-current liabilities was mainly due to anincrease in long-term borrowings.
Total net assets were 37,916 million yen, down 756 million yen from the end of the previous fiscal year.
The main factor was a decrease in retained earnings.
As a result of the above, the equity ratio came to 44.7%, down from 48.1% at the end of the previous
consolidated fiscal year.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
There is no change in the consolidated financial results forecast for the fiscal year ending March 31, 2023
announced on November 14, 2022.

4

2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Thousand yen)
As of March 31,2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Expenditure on contracts in process
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

5

As of December 31,2022

8,599,733

8,557,448

11,819,939

11,953,197

1,526,162

3,249,883

6,311,250
476,576
1,898,836
269,218
1,103,198(35,280)
31,969,634

8,180,177
613,566
2,294,643
365,118
1,325,209(33,403)36,505,841

17,237,062
9,638,185
26,875,248
444,132

17,237,062
9,311,094
26,548,156
433,10212,241,800
3,709,276(236,696)
15,714,380
43,033,760
75,003,395

12,023,031
3,281,760(134,813)
15,169,97842,151,238
78,657,079

(Thousand yen)
As of March 31,2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
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-for-salesecurities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

6

As of December 31,2022

4,983,962
7,792,309
4,000,000
2,389,054
203,887
752,0422,767,675
22,888,930

6,181,078
10,340,642
4,403,520
2,239,141
287,845
407,0612,729,612
26,588,900

80,0006,378,494
1,193,732
5,789,445
13,441,671
36,330,602

70,0007,056,344
1,225,356
5,799,824
14,151,525
40,740,426

5,111,583
3,894,910
19,181,307(818,520)
27,369,281

5,111,583
3,854,962
18,850,759(1,010,996)
26,806,308

3,547,540

3,331,233

5,312,368(147,543)(27,616)
8,684,749
2,618,762
38,672,793
75,003,395

5,312,368(183,519)(86,137)
8,373,945
2,736,399
37,916,653
78,657,079

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the nine months)(Thousand yen)
For the nine months
ended December 31,2021
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Loss on claims
Loss from suspension of plant operations assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on step acquisitions
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit (loss) attributable to owners of parent

7

For the nine months
ended December 31,2022

34,830,087
28,876,895
5,953,192
4,890,355
1,062,837

38,093,198
32,906,235
5,186,963
4,956,691
230,272

6,730
198,816

4,021
186,000

175,869

111,426

127,480
508,897

188,998
490,447

40,174
26,15052,789119,114
1,452,620

45,77180,00014,95657,036
197,765
522,954299
164,036433,716
598,052

18,315
18,3154,800
26,741
31,541
2,019,132
465,423
228,289
693,713
1,325,419
135,259
1,190,159

29,48629,486
511,784
333,272
118,879
452,151
59,632
131,352(71,720)

Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Thousand yen)
For the nine months
ended December 31,2021
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
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

8

For the nine months
ended December 31,2022

1,325,419

59,632(971,151)(220,054)(62,079)(210,636)(41,190)(58,631)170(4,536)(1,253,114)
72,304(314,994)(255,362)(32,370)(382,524)

104,675

127,161(3) Notes to Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)
There is no relevant information.
(Notes in the Case of Significant Changes in the Amount of Shareholders’ Equity)
For the nine months ended December 31, 2021
1. Dividends paid
Resolution
June 4, 2021
Board of Directors’MeetingNovember 12, 2021
Board of Directors’MeetingType ofsharesTotal amount ofdividends paid
(Thousand yen)

Dividend
per share(yen)

Commonshares368,280

6.50

Commonshares254,963

4.50 September 30, 2021 December 1, 2021

Record date

Effective date

Source ofdividends

March 31, 2021

June 15, 2021

Retainedearnings
Retainedearnings(Note) The total amount of dividends based on the resolution of the Board of Directors’ Meeting held on
November 12, 2021 includes dividend of 627 thousand yen for the Board Incentive Plan Trust (BIP) anddividend of 496 thousand yen for the Stock Granting Trust (J-ESOP).
2. Dividends with a record date in the nine months ended December 31, 2021 but with an effective date after the endof the period
There is no relevant information.
3. Significant changes in shareholders’ equity
There is no relevant information.
For the nine months ended December 31, 2022
1. Dividends paid
Resolution

Type ofsharesTotal amount ofdividends paid
(Thousand yen)

Dividend
per share(yen)

May 30, 2022
Board of Directors’Meeting

Commonshares

250,588

4.50

Record date

Effective date

Source ofdividends

March 31, 2022

June 14, 2022

Retainedearnings(Note) The total amount of dividends based on the resolution of the Board of Directors’ Meeting held on May 30,
2022 includes dividend of 627 thousand yen for the Board Incentive Plan Trust (BIP) and dividend of 496
thousand yen for the Stock Granting Trust (J-ESOP).
2. Dividends with a record date in the nine months ended December 31, 2022 but with an effective date after the endof the period
There is no relevant information.
3. Significant changes in shareholders’ equity
There is no relevant information.
(Changes in Accounting Policies)(Application of the Implementation Guidance on Accounting Standard for Fair Value Measurement)
Effective from the beginning of the first quarter of the fiscal year, the Company has applied the“Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No. 31, June17, 2021; hereinafter “Fair Value Measurement Guidance”), and will prospectively apply the new accounting
policies stipulated by the Fair Value Measurement Guidance in accordance with the transitional treatment
provided in Paragraph 27-2 of the Fair Value Measurement Guidance. There has been no impact on quarterly
consolidated financial statements.

9(Additional Information)(A transaction in which the Company’s shares are delivered to its employees, etc. through a trust)(1) Summary of the transaction
As for the Board Incentive Plan Trust (hereinafter referred to as the “BIP Trust”) and the Stock Granting
Trust (J-ESOP) (hereinafter referred to as the “J-ESOP Trust”) introduced in August 2015, the Company
resolved at the Board of Directors’ Meeting held on August 11, 2021 to continue the BIP Trust and the JESOP Trust for a new three-year period (from the fiscal year ended March 31, 2022 to the fiscal year ending
March 31, 2024) and reintroduced them by entering into an agreement to extend their terms, for the purposeof increasing motivation to improve the Company’s medium- to long-term performance and raisingawareness toward the contribution to an increase in shareholder value.
(2) The Company’s shares remaining in the trust
The Company’s shares remaining in the trust are recorded as treasury shares in net assets at their bookvalue (excluding incidental expenses) in the trust. The book value and the number of shares of the treasury
shares at the end of the third quarter of the fiscal year under review are 43,816 thousand yen and 136,995
shares for the BIP Trust, and 35,117 thousand yen and 107,785 shares for the J-ESOP Trust.
(Segment Information, etc.)[Segment Information]
I. For the nine months ended December 31, 2021
1. Information on net sales, income by reportable segment(Thousand yen)
Reportable segment

Amounts recordedin the quarterly
Adjustment
consolidated(Note 1)statements ofincome (Note 2)

Concrete
Secondary
Product Business

Real Estate andSolar Power
Generation
Business

14,330,611

20,271,102

228,373

34,830,087－

34,830,087

5,481

－

－

5,481

(5,481)－

Total

14,336,093

20,271,102

228,373

34,835,569(5,481)

34,830,087

Segment income

121,183

2,159,689

132,927

2,413,799(1,350,962)

1,062,837

Foundation
Business

Total

Net sales
Net sales to outside
customers
Inter-segment net sales
or transfers(Notes) The adjustments are as follows:
1. The adjustment for segment income is corporate expenses. Corporate expenses mainly include generaland administrative expenses, not attributed to reportable segments.
2. Segment income is adjusted to the operating profit in the quarterly consolidated statements of income.
2. Information on impairment losses of non-current assets and goodwill by reportable segment(Significant impairment losses pertaining to non-current assets)
In the Foundation Business segment, the Company reduced the book value of assets held for sale to theirrecoverable value. The amount of the said impairment loss reported during the nine months ended December 31,
2021 was 26,741 thousand yen.

10II. For the nine months ended December 31, 2022
1. Information on net sales and income by reportable segment(Thousand yen)
Reportable segment

Amounts recordedin the quarterly
Adjustment
consolidated(Note 1)statements ofincome (Note 2)

Concrete
Secondary
Product Business

Real Estate andSolar Power
Generation
Business

20,213,958

17,663,571

215,668

38,093,198－

38,093,198

1,516

－

－

1,516

(1,516)－

Total

20,215,474

17,663,571

215,668

38,094,714(1,516)38,093,198

Segment income

386,279

962,984

134,531

1,483,796(1,253,523)

230,272

Foundation
Business

Total

Net sales
Net sales to outside
customers
Inter-segment net sales
or transfers(Notes) The adjustments are as follows:
1. The adjustment for segment income is corporate expenses. Corporate expenses mainly include generaland administrative expenses, not attributed to reportable segments.
2. Segment income is adjusted to the operating profit in the quarterly consolidated statements of income.
2. Information on impairment losses of non-current assets and goodwill by reportable segment
There is no relevant information.
(Matters Related to Revenue Recognition)
Information on the breakdown of revenue arising from contracts with customers
For the nine months ended December 31, 2021
Foundation
Business(Thousand yen)Concrete
Secondary ProductBusiness
18,216,405

Product sales
2,153,087
Construction contract
12,152,143
2,044,897
sales
Other sales
10,070
9,798
Revenue from contracts
14,315,300
20,271,102
with customers
Other revenue (Note)－
15,311
Net sales to outside
14,330,611
20,271,102
customers(Note) Other revenue includes revenue from real estate leasing.

Real Estate andSolar Power
Generation Business－

20,369,492－

14,197,040

57,70577,57457,70534,644,107

170,668

185,980

228,373

34,830,087

For the nine months ended December 31, 2022
Foundation
Business

Total(Thousand yen)Concrete
Secondary ProductBusiness
15,560,467

Product sales
3,895,745
Construction contract
16,304,454
2,096,872
sales
Other sales
7,749
6,231
Revenue from contracts
20,207,949
17,663,571
with customers
Other revenue (Note)
6,008－
Net sales to outside
20,213,958
17,663,571
customers(Note) Other revenue includes revenue from real estate leasing.

(Significant Events after Reporting Period)
There is no relevant information.
11

Real Estate andSolar Power
Generation Business－

Total
19,456,213－

18,401,326

39,82553,80739,82537,911,347

175,842

181,851

215,668

38,093,198