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 Year Ended March 31, 2021
[Japanese GAAP]May 20, 2021
Company name:NIPPON CONCRETE INDUSTRIES CO., LTD.
Stock exchange listing: Tokyo
Code number:
5269
URL:
https://www.ncic.co.jp/
Representative:
AMIYA Katsuhiko,Representative Director, Chairman and President
Contact:
IMAI Shoichi,
Director and Managing Executive Officer
Phone:
03-3452-1025
Scheduled date of Annual General Meeting of Shareholders:June 29, 2021
Scheduled date of commencing dividend payments:
June 15, 2021
Scheduled date of filing annual securities report:
June 30, 2021
Availability of supplementary briefing material on annual financial results:
Yes
Schedule of annual financial results briefing session:
Yes(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 01, 2020 to March 31, 2021)(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
Fiscal year ended
March 31, 2021
48,877
6.7
2,745
3,181
1,869
March 31, 2020
45,824
(8.3)
(86)
282
(88.2)(35)(Note) Comprehensive income:Fiscal year ended March 31, 2021:¥
2,196 million [-%]Fiscal year ended March 31, 2020:¥(1,056) million [-%]Basic earnings per Diluted earnings per Rate of return on
share
share
equityYen
Fiscal year ended
March 31, 2021
33.26
March 31, 2020
(0.62)(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio

%

5.1
(0.1)
Fiscal year ended March 31, 2021:
Fiscal year ended March 31, 2020:

Operating profit to
net sales ratio

%

%

4.4
0.4
¥
¥

5.6
(0.2)
274 million
273 million(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2021
March 31, 2020
(Reference) Equity:

Net assets

Million yen

Million yen

74,82370,214As of March 31, 2021:
As of March 31, 2020:

Capital adequacy ratio¥¥

39,38237,27937,537 million
35,538 million

Net assets per share

%

Yen

50.2
50.6

665.35632.93(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2021
March 31, 2020

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Million yen

Million yen

Million yen

Million yen

4,242
(500)

(1,525)(1,826)

966
416

8,804
5,121

2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total

Payoutratio

Total
dividends(consolidated)

Dividends
to netassets(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Million yen%%

March 31, 2020

-

2.00

-

0.00

2.00

113

-

0.3

March 31, 2021

-

2.50

-

6.50

9.00

509

27.1

1.4

-

4.50

-

4.50

9.00

Fiscal year ending
March 31, 2022

28.1

(Forecast)(Note) Breakdown of the year-end dividend for the fiscal year ended March 31, 2021 :Commemorative dividend- yenSpecial dividend- yen
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022 (April 01, 2021 to March 31, 2022)(% indicates changes from the previous corresponding period.)
Profit attributable Basic earnings per
Net sales
Operating profit
Ordinary profit
to owners of parent
share
Six months ended
September 30, 2021
Full year

Million yen%

Million yen%

Million yen%

Million yen%

Yen

26,00014.3

900(13.2)

1,200(12.3)

700

(6.3)

12.45

56,000

14.6

2,500

(8.9)

2,800

(12.0)

1,800

(3.7)

32.02

* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): No
New(Company name:)
Exclusion:(Company name:)(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2021:
57,777,432 shares
March 31, 2020:
57,777,432 shares2) Total number of treasury shares at the end of the period:
March 31, 2021:
1,359,228 shares
March 31, 2020:
1,628,882 shares
3) Average number of shares during the period:
Fiscal Year ended March 31, 2021:
Fiscal Year ended March 31, 2020:

56,206,366 shares
56,249,102 shares

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 01, 2020 to March 31, 2021)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2021
March 31, 2020

Operating profit

Ordinary profit

Net income

Million yen%

Million yen%

Million yen%

Million yen%

38,94036,4346.9(14.3)

2,274
273

732.9
(74.6)

2,22637(96.8)

1,464
(127)

-

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2021
March 31, 2020

Yen

Yen

25.90
(2.25)-(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2021
March 31, 2020
(Reference) Equity:

Net assets

Million yen

58,74155,850
As of March 31, 2021:
As of March 31, 2020:

Capital adequacy ratio

Million yen¥¥

27,48325,912
27,483 million
25,912 million

Net assets per share

%

Yen

46.8
46.4

486.10458.43* Financial results reports are not required to be subjected to 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. Overview of Business Results, etc. ·························································································· 2(1) Overview of Business Results for the Fiscal Year under Review ···················································· 2(2) Overview of Financial Position for the Fiscal Year under Review ·················································· 3(3) Overview of Cash Flows for the Fiscal Year under Review ·························································· 3(4) Basic Policy on Profit Distribution and Dividends for the Fiscal Year under Review and Next Fiscal Year ·· 4(5) Future Outlook ·············································································································· 5(6) Significant Events Relating to Going Concern Assumption, etc. ···················································· 6
2. Basic Approach to the Selection of Accounting Standards ······························································· 6
3. Consolidated Financial Statements and Primary Notes ··································································· 7(1) Consolidated Balance Sheets ······························································································ 7(2) Consolidated Statements of Income and Comprehensive Income ··················································· 9(3) Consolidated Statements of Changes in Net Assets ··································································· 11(4) Consolidated Statements of Cash Flows ··············································································· 13(5) Notes to Consolidated Financial Statements ·········································································· 15(Notes on Going Concern Assumption) ················································································ 15(Significant Accounting Policies for Preparation of Consolidated Financial Statements) ······················ 15(Additional Information) ································································································· 18(Segment Information, etc.) ····························································································· 18(Per Share Information) ·································································································· 21(Significant Events after Reporting Period) ··········································································· 21

11. Overview of Business Results, etc.
(1) Overview of Business Results for the Fiscal Year under Review
During the fiscal year under review (ended March 31, 2021), the Japanese economy, affected by the global
spread of COVID-19, initially recorded a significant drop in performance even more sharply than during theLehman Shock crisis. Although a trend toward improvement was subsequently seen, the recovery was only
moderate. Despite the start of vaccination, the outlook for the economy and consumption trends remained uncertain,
with still no end of the pandemic in sight.
Regarding the business environment in which the Company operated during the fiscal year under review,
demand for concrete piles declined slightly in the Kanto region but fell substantially in the Kansai region and therest of western Japan, resulting in a year-on-year decrease in demand on a nationwide basis. Shipments of concrete
poles stayed at a similar level to the previous fiscal year throughout Japan. However, the demand for poles formobile phone base stations was robust. In addition, continued growth was seen in demand for concrete productsthat contribute to the additional deployment of new base stations for 5G mobile phones or help prevent and mitigate
disasters and reinforce national resilience. Furthermore, following the government’s announcement of the Green
Growth Strategy through Achieving Carbon Neutrality in 2050, environmental technologies and recycled products
drew increasing attention.
Against this backdrop, during the fiscal year under review, which was the final year of our 2018 Medium-Term
Management Plan, we placed the highest priority on strengthening the foundation of the existing businesses in viewof the deficit in the previous fiscal year. Toward that end, we worked on reducing costs on a company-wide basiswith nothing-off-limits, dedicating itself to improving financial results as quickly as possible. Meanwhile, the fiscal
year under review was also a year in which we strived for further growth, in particular by forming a business andcapital alliance with Tenox Corporation, a company engaged in foundation works, and deciding to make Tohoku
Pole Co., Ltd. a subsidiary.
With regard to individual businesses, the Foundation Business focused on promoting sales activities tailored toregional characteristics and winning orders through putting our products into designs. In parallel, the businessendeavored to ensure the steady completion of construction projects by placing particular emphasis on the
management of large-scale sites. In the Concrete Secondary Product Business, the Pole-related Business enjoyedrobust shipments of poles for growing mobile phone base stations while at the same time working to regain themarket share, for example by modifying its supply system to adapt to changing market needs. The Civil
Engineering Product Business concentrated on the distribution and construction of our proprietary civil engineering
products, represented by precast concrete walls and earth bracing retaining walls, that contribute to preventing andmitigating disasters as well as to reinforcing national resilience.
As a result of the above, for the fiscal year under review, the Group’s net sales were 48,877 million yen (up6.7% year-on-year) as sales grew substantially in the Concrete Secondary Product Business despite a drop in sales
in the Foundation Business. In regard to profits, we increased production and shipments of concrete secondary
products, expanded civil engineering works and raised their profitability, focused on construction management in
the Foundation Business, and implemented thorough cost-cutting initiatives across the Group. As a result of these
efforts, the Group posted record-high profits: operating profit of 2,745 million yen (against operating loss of 86
million yen a year earlier), ordinary profit of 3,181 million yen (up 1,025.2% year-on-year), and profit attributableto owners of parent of 1,869 million yen (against loss attributable to owners of parent of 35 million yen a year
earlier).
An overview of each business for the fiscal year under review is as follows:
1) Foundation BusinessIn the concrete pile industry, the demand was sluggish and declined year-on-year nationwide. In thisclimate, the Company increased shipments and sales in the Kanto region but was affected by a significant fall in2demand in the western Japan. Consequently, net sales dropped to 24,319 million yen (down 7.2% year-on year).
Nevertheless, the segment achieved an income of 1,255 million yen (against segment loss of 68 million yen a
year earlier) through enhancement of the management of individual projects by measures such as ensuring
thorough construction management.
2) Concrete Secondary Product BusinessIn this segment, the Pole-related Business increased sales substantially while also regaining the market
share, recording net sales of 12,891 million yen (up 37.1% year-on-year). This was mainly owing to robust
shipments of poles for mobile phone base stations, the completion of large-scale ball stop net constructions for
sports facilities, and steady shipments of poles to Myanmar where a national project for achieving 100%
electrification is underway. In the Civil Engineering Product Business, although the production and shipment of
the RC segment were partly pushed back due to construction delays, net sales were 11,363 million yen (up14.6% year-on-year). This was driven by robust distribution and construction of precast concrete walls and othercivil engineering products contributing to reinforcing national resilience, primarily for large-scale projects, andsteady growth in sales at Group companies undertaking slope reinforcement works. As a result, the Concrete
Secondary Product Business recorded net sales of 24,255 million yen (up 25.5% year-on-year), and its segment
income was 3,092 million yen (up 112.5% year-on-year), propelled by the increased net sales and by a further
improvement in the profitability of the factories thanks to an increase in production of concrete poles andprecast concrete walls.
3) Real Estate and Solar Power Generation Business
The Real Estate Business reported steady rental income from nursing-care facilities and other property. The
Solar Power Generation Business also steadily generated and sold electricity, utilizing its two solar power plants
in Ibaraki Prefecture: NC Kanto Solar Power Plant in Koga City and NC Tagawa Solar Power Plant in ChikuseiCity. Consequently, the Real Estate and Solar Power Generation Business recorded net sales of 302 million yen(up 1.4% year-on-year) and segment income of 175 million yen (up 11.2% year-on-year).
(2) Overview of Financial Position for the Fiscal Year under Review
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 fiscal year under review were 74,823 million yen, up 4,609 million yen from theend of the previous fiscal year.
Current assets were 31,864 million yen, up 4,200 million yen from the end of the previous fiscal year, and noncurrent assets were 42,959 million yen, up 408 million yen from the end of the previous fiscal year.
The increase in current assets was mainly due to an increase in cash and deposits, and the increase in noncurrent assets was mainly due to an increase in the market value of investment securities.
Total liabilities were 35,441 million yen, up 2,506 million yen from the end of the previous fiscal year.
Current liabilities were 24,798 million yen, up 4,603 million yen from the end of the previous fiscal year, andnon-current liabilities were 10,643 million yen, down 2,096 million yen from the end of the previous fiscal year.
The increase in current liabilities was mainly due to an increase in short-term borrowings, and the decrease in
non-current liabilities was mainly due to a decrease in long-term borrowings.
Total net assets were 39,382 million yen, up 2,102 million yen from the end of the previous fiscal year.
It was mainly due to an increase in retained earnings.
As a result of the above, the equity ratio came to 50.2%.
(3) Overview of Cash Flows for the Fiscal Year under Review
Cash and cash and equivalents at the end of the fiscal year under review increased by 3,682 million yen year-3

on-year to 8,804 million yen.
1) Cash flows from operating activities
Funds provided by operating activities amounted to 4,242 million yen. This was chiefly because the factors
to increase funds, such as 3,121 million yen recorded as profit before income taxes and 1,720 million yen
recorded as depreciation, exceeded the factors to decrease funds including 850 million yen recorded as decreasein trade payables.
2) Cash flows from investing activities
Funds used in investing activities totaled 1,525 million yen. This was chiefly due to the factors to decrease
funds, such as 1,298 million yen recorded as purchase of property, plant and equipment and 217 million yen
recorded as purchase of shares of subsidiaries.
3) Cash flows from financing activities
Funds provided by financing activities totaled 966 million yen. This was chiefly because the factors toincrease funds, such as 2,100 million yen recorded as net increase in short-term borrowings and 313 million yen
recorded as proceeds from sale and leaseback transactions, exceeded the factors to decrease funds including
1,322 million yen recorded as net decrease in long-term borrowings.
(Reference) Trends in cash flow indicators
Fiscal year
Fiscal year
Fiscal year
Fiscal year
Fiscal year
ended
ended
ended
ended
ended
March 31, 2017 March 31, 2018 March 31, 2019 March 31, 2020 March 31, 2021

Equity ratio (%)

54.2

49.6

49.0

50.6

50.2

Market-value equity ratio (%)

32.2

35.0

20.3

21.4

31.1

Cash flow to interest-bearing
debt ratio (years)

3.3

3.1

3.0

(21.8)

2.8

Interest coverage ratio (times)

42.8

69.1

63.3

(10.3)

85.2

Equity ratio = Equity / Total assets
Market-value equity ratio = Market capitalization / Total assets
Cash flow to interest-bearing debt ratio = Interest-bearing debts / Cash flows
Interest coverage ratio = Cash flows / Interest payment(4) Basic Policy on Profit Distribution and Dividends for the Fiscal Year under Review and Next Fiscal Year
The Company recognizes the return of profit to shareholders as one of its key business policies to follow, inparallel with the reinforcement of its management base and enhancement of its corporate value.
As to the distribution of retained earnings, the Company has made it a rule to provide appropriate returns toshareholders by ensuring steady dividend payments as far as its financial results allow. At the same time, we
believe it is also in the long-term interests of shareholders to solidify our corporate foundation through research anddevelopment, production facility upgrades, and other measures. Therefore, we strive to secure an appropriate levelof internal reserves as well.
From these perspectives, in determining the distribution of retained earnings, we comprehensively take into
account a variety of factors, such as our consolidated financial results for the period concerned, profit trends, futurebusiness development, maintenance and enhancement of financial strength, and payout ratio. Additionally, when
determining the distribution of retained earnings at the end of each second quarter, we consider the first-halffinancial results and the full-year financial results forecast, among other elements.
In accordance with this dividend policy, we paid an interim dividend of 2.50 yen per share at the end of thesecond quarter of the fiscal year under review. Pursuant to the same policy, a decision has also been made to pay a4

year-end dividend of 6.50 yen per share for the fiscal year under review, after comprehensively taking into accountthe financial results for the fiscal year under review and the business environment. This will bring the annual
dividend to 9 yen per share.
(5) Future Outlook
Looking ahead, the global economy is expected to see positive growth, albeit at paces that vary from industry toindustry depending on vaccination and other COVID-19 prevention measures. In Japan, too, while uncertainties
remain about when and how much the nation’s consumer spending, capital investment, job market, and othereconomic conditions will recover, corporate production activities are showing signs of recovery.
In the business environment surrounding the Group, demand for precast concrete products is expected to growalong with efforts being made to improve productivity such as reducing construction periods and labor saving,against the backdrop of work style reform and labor shortages at construction sites. In addition to new projects suchas establishment of base stations for 5G mobile phones, various other infrastructure projects are being anticipated,
including upgrades of existing utility poles and measures to prevent and mitigate disasters and reinforce national
resilience. We are confident that the Group’s products and services are able to meet those social needs.
On the other hand, we also take into consideration certain risks, such as a near-term decline in construction
demand caused by private-sector capital investment being cancelled or pushed back, depending on how theeconomy evolves going forward.
In this business environment, each of the Group’s businesses will make proactive efforts to win orders andexpand sales. At the same time, we will adapt swiftly to changes in the business environment, paying particularattention to a possible decline in demand for piles resulting from the review of future private sector investment inconstruction projects against the backdrop of impacts from the spread of COVID-19. We will also continue toreduce costs and focus on enhancing earning power.
With regard to individual businesses, the Foundation Business will focus on promoting sales activities tailored
to regional characteristics, strengthening design proposal capabilities, and making proactive efforts to win orders inview of factory capacity utilization, while emphasizing construction management to increase the profitability of
individual projects. The Pole-related Business will continue to ensure steady shipments to new mobile carriers thatmaintain strong demand. It will also work to expand sales of our proprietary COP (cap on poles), which are fit-inflange poles that enhance workability of construction, while making greater efforts to win orders for theconstruction and maintenance of poles and other projects with the aim of boosting profits further. In the Civil
Engineering Product Business, we will propose and expand the sales of precast concrete products—especially,
precast concrete walls and earth bracing retaining walls, which are our proprietary products and construction
techniques—in an effort to contribute to preventing and mitigating disasters and reinforcing national resilience. In
the Segment Business, we will steadily prepare for production relating to the Linear Chuo Shinkansen project,while focusing on active sales efforts to win orders for projects involving the construction of transportation
infrastructure using underground tunnels and projects related to flood control.
In research and development, we will concentrate on themes related to each business: for the Foundation
Business, the primary focus will be on developing piling methods to enhance the areas, capabilities, and quality of
our works as the key differentiation factor; for the Pole-related Business, further efforts will be made to develop
COP products; and for the Civil Engineering Product Business, we will focus on developing products that meetmarket needs.
In the Environment and Other Business, we will place emphasis on expanding sales channels for CCUS (carbon
dioxide capture, utilization, and storage) products—most notably, phosphorus adsorbents, solidification material,
and Eco Tankaru (CaCO3)—that are produced by recycling concrete sludge generated at concrete product factories
in Japan. We will also strive to make a greater contribution to the environment, in part by expanding our ConcreteSoundproofing Materials Business.
In the Global Business, in terms of the currently planned and proposed projects in Asian countries outside of5

Japan, we will closely monitor the local economic, political, and other conditions, and work to accurately capture
demand for infrastructure in each country. By doing so, we will raise the awareness of the NC brand worldwide,
make inroads in overseas markets where demand is strong, and globalize our businesses. As for the Myanmar
business, we will continue to monitor the fluid situation and address it appropriately.
Moreover, by making Tohoku Pole Co., Ltd. a subsidiary next fiscal year, we will boost the competitiveness ofthe Foundation, Pole, and Civil Engineering Product Businesses across eastern Japan including Hokkaido, in aneffort to further strengthen the Group’s growth platform.
As regards the next Medium-Term Management Plan, we are in the process of examining the outlook for theGroup’s businesses and its growth strategy, carefully forecasting future social conditions, business climates, and soforth. We are making preparations to publish and present the plan as soon as practicable.
Looking ahead, in keeping with our corporate philosophy “We contribute to a safe, secure, and affluent society
through concrete,” the Group will continue to play a role in building social infrastructure and contribute to society.
In addition, we will strive to meet our customer’s requirements for functionality, quality, and price, thereby raising
our corporate value and growing the Group further.
(6) Significant Events Relating to Going Concern Assumption, etc.
There is no relevant information.

2. Basic Approach to the Selection of Accounting Standards
The Group makes it a policy to prepare consolidated financial statements in compliance with Japanese
accounting standards for the time being, considering comparability between consolidated financial statements fordifferent reporting periods and comparability between reporting entities.
With respect to the adoption of International Financial Reporting Standards, we intend to consider various
situations in Japan and abroad and take appropriate steps.

63. Consolidated Financial Statements(1) Consolidated Balance Sheets(Thousand yen)
As of March 31,2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims operating
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
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

7

As of March 31,2021

5,121,583
9,461,890

8,804,311
11,965,519

3,055,142

2,521,131

4,895,644
2,503,513
1,118,301
1,511,443(3,800)27,663,720

4,608,488
1,610,450
1,367,942
1,023,371(36,522)
31,864,693

15,287,896(10,773,990)
4,513,905
25,684,634(22,717,103)
2,967,530
16,423,210
1,241,943
11,907,987(11,214,291)
693,695
25,840,286
328,811

15,623,450(11,053,747)
4,569,702
26,113,022(23,192,233)
2,920,789
16,453,797
285,546
12,633,113(11,296,374)
1,336,738
25,566,574
399,997

13,076,308
2,172,621
597,435
683,437(148,298)
16,381,503
42,550,600
70,214,321

13,781,673
2,110,288
562,287
779,509(241,129)
16,992,630
42,959,201
74,823,894

(Thousand yen)
As of March 31,2020
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of long-term borrowings
Current portion of bonds payable
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
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

8

As of March 31,2021

5,386,533
7,228,523
1,950,000
2,392,156
27,00088,507370,273

4,939,989
6,824,886
4,050,000
3,408,008
27,000936,707413,732

6,818

68,528122,420
2,622,497
20,194,729

128,400
4,000,869
24,798,122

31,5005,915,548
3,215,968
2,410,926
651,332
514,394
12,739,669
32,934,399

4,500
3,577,548
3,326,544
2,410,926
688,257
635,255
10,643,031
35,441,153

5,111,583
3,826,864
17,170,058(536,786)
25,571,720

5,111,583
3,850,779
18,899,241(443,433)
27,418,171

4,373,014

4,628,464

5,312,368(46,795)
328,060
9,966,648
1,741,553
37,279,921
70,214,321

5,312,368(42,229)
221,127
10,119,730
1,844,839
39,382,741
74,823,894

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousand yen)
For the fiscal year
ended March 31,2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
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
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
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
Restructuring cost of production base
Litigation expenses
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

9

For the fiscal year
ended March 31,2021

45,824,175
40,030,762
5,793,413
5,879,797(86,383)

48,877,051
40,337,494
8,539,557
5,794,490
2,745,066

11,326
186,274

14,829193,074

273,965274,773

91,902563,470

122,920
605,597

49,035
145,342
194,378
282,708

50,805
118,843
169,649
3,181,015

31,01080,214111,2252,227
12,995
15,222

11,22825,625
17,214
139,134
100,000
293,203
100,730
146,170(168,047)(21,876)
122,607
157,613(35,006)

19,69854,912
74,6103,121,627
983,295
95,031
1,078,326
2,043,300
173,783
1,869,516

Consolidated Statements of Comprehensive Income(Thousand yen)
For the fiscal year
ended March 31,2020
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

10

For the fiscal year
ended March 31,2021

122,6072,043,300(919,435)
27,440(266,549)

230,046
4,566(106,933)(20,590)

25,403(1,179,135)(1,056,528)

153,082
2,196,382(1,209,084)

2,030,681

152,556

165,701

(3) Consolidated Statements of Changes in Net Assets
For the fiscal year ended March 31,2020(Thousand yen)
Shareholders' equity
Share capital Capital surplus
Balance at beginning of
periodChanges during period
Dividends of surplus
Change in ownershipinterest of parent due totransactions with
non-controlling interests
Profit (loss) attributableto owners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCapital increase of
consolidated
subsidiaries
Other
Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

5,111,583

3,768,036

Retainedearnings

TreasurysharesTotalshareholders'equity17,515,997(352,651)

26,042,966(310,932)(310,932)

52,872

52,872(35,006)(35,006)(188,921)(188,921)

10,742

10,742-

5,955(5,955)--58,827(345,938)(184,134)(471,245)

5,111,583

3,826,864

17,170,058(536,786)

25,571,720

Accumulated other comprehensive income
Valuation
Revaluationdifference on
reserve foravailable-for-salelandsecurities
Balance at beginning of
periodChanges during period
Dividends of surplus
Change in ownershipinterest of parent due totransactions with
non-controlling interests
Profit (loss) attributableto owners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCapital increase of
consolidated
subsidiaries
Other
Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

5,313,040

5,312,368

Foreigncurrencytranslation
adjustment(74,236)

Total
Remeasurements accumulated Non-controllinginterestsof definedotherbenefit plans comprehensive
income594,610

11,145,783

1,651,521

Total net
assets38,840,271(310,932)
52,872(35,006)(188,921)
10,742(940,026)-

27,440(266,549)(1,179,135)

90,032(1,089,103)(940,026)-

27,440(266,549)(1,179,135)

90,032(1,560,349)

4,373,014

5,312,368(46,795)

328,060

9,966,648

1,741,553

37,279,921

11For the fiscal year ended March 31,2021(Thousand yen)
Shareholders' equity
Share capital Capital surplus
Balance at beginning of
periodChanges during period
Dividends of surplus
Change in ownershipinterest of parent due totransactions with
non-controlling interests
Profit (loss) attributableto owners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCapital increase of
consolidated
subsidiaries
Other
Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

5,111,583

3,826,864

Retainedearnings

TreasurysharesTotalshareholders'equity17,170,058(536,786)

25,571,720(140,269)(140,269)

(67)

(67)
1,869,516

1,869,516-

25,69393,352(1,710)119,046(1,710)

(64)

(64)

-

23,915

1,729,183

93,352

1,846,451

5,111,583

3,850,779

18,899,241(443,433)

27,418,171

Accumulated other comprehensive income
Valuation
Revaluationdifference on
reserve foravailable-for-salelandsecurities
Balance at beginning of
periodChanges during period
Dividends of surplus
Change in ownershipinterest of parent due totransactions with
non-controlling interests
Profit (loss) attributableto owners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCapital increase of
consolidated
subsidiaries
Other
Net changes in items
other than shareholders'equityTotal changes during
periodBalance at end of period

4,373,014

5,312,368

Foreigncurrencytranslation
adjustment(46,795)

Total
Remeasurements accumulated Non-controllinginterestsof definedotherbenefit plans comprehensive
income328,060

9,966,648

1,741,553

Total net
assets37,279,921(140,269)(67)
1,869,516
119,046(1,710)(64)
255,449-

4,566(106,933)

153,082

103,286

256,368

255,449-

4,566(106,933)

153,082

103,286

2,102,819

4,628,464

5,312,368(42,229)

221,127

10,119,730

1,844,839

39,382,741

12

(4) Consolidated Statements of Cash Flows(Thousand yen)
For the fiscal year
ended March 31,2020
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for
directors (and other officers)
Increase (decrease) in provision for loss on
construction contracts
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset
Share of loss (profit) of entities accounted for using
equity method
Interest and dividend income
Interest expenses
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Loss (gain) on sale of investment securities
Restructuring cost of production base
Litigation expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in advances received
Increase (decrease) in trade payables
Decrease (increase) in accounts receivable - other
Increase (decrease) in accounts payable - other
Decrease (increase) in accounts receivable-liquidity
Decrease (increase) in other investments
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Restructuring cost of production base paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of investment securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of investment securities
Purchase of shares of subsidiaries
Other, net
Net cash provided by (used in) investing activities

13

For the fiscal year
ended March 31,2021

100,730
1,656,898
56,928(11,426)(30,959)

3,121,627
1,720,291
56,928125,552
46,031(8,715)65,003(182,469)

5,980

12,276(137,917)

36,925(91,454)(273,965)(274,773)(197,601)
49,035(19,782)
25,625(80,214)139,134
100,000
2,169,894
247,480(104,120)(3,546,965)(106,395)(42,962)
31,44954,343(211,042)(310,738)
207,112(48,662)(293,296)(54,887)(500,473)(207,903)
50,805(2,227)
13,913(12,995)
54,912(2,067,349)
931,808(850,281)
581,756
14,305
134,789(92,596)344,973
3,706,022
246,722(49,775)(75,362)(54,912)469,486
4,242,181(1,637,716)
31,020(23,735)
86,863(283,163)240(1,826,491)(93,557)(1,298,235)
2,354(28,045)(217,060)
108,805(1,525,738)

(Thousand yen)
For the fiscal year
ended March 31,2020
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Redemption of bonds
Proceeds from sale and leaseback transactions
Proceeds from sale of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Repayments of lease obligations
Repayments of construction assistance fundNet cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

14

For the fiscal year
ended March 31,2021(115,400)
3,413,556(2,449,712)(27,000)(311,594)(10,376)(65,734)(17,500)
416,238

2,100,000
1,000,000(2,322,148)(27,000)
313,413147,070(140,570)(9,263)(77,832)(17,500)
966,169

361

115(1,910,364)
7,031,948
5,121,583

3,682,728
5,121,583
8,804,311

(5) Notes to Consolidated Financial Statements(Notes on Going Concern Assumption)
There is no relevant information.

(Significant Accounting Policies for Preparation of Consolidated Financial Statements)
1. Disclosure of scope of consolidation(1) Number of consolidated subsidiaries: 19
Names of consolidated subsidiaries:
NC Koki Co., Ltd.; NC Nikkon Industries Co., Ltd.; NC Management Service Co., Ltd.; NC WestJapan Pile Manufacturing Co., Ltd.; NC Steel Co., Ltd.; NC Logistics Co., Ltd.; NC Segment Co., Ltd.;NC Kaihara Pile Manufacturing Co., Ltd.; NC Shikoku Concrete Industries Co., Ltd.; NC Kanto Pile
Manufacturing Co., Ltd.; NC Kaihara Concrete Co., Ltd.; NC East Japan Concrete Industries Co., Ltd.;NC Central Japan Concrete Industries Co., Ltd.; NC Precon Co., Ltd.; NC Chubu Pile ManufacturingCo., Ltd.; NC Kyushu Co., Ltd.; Free Kogyo Co., Ltd., NIPPON CONCRETE (Myanmar) Co., Ltd.;and Hokkaido Concrete Industries Co., Ltd.
(2) Name of major unconsolidated subsidiary:
NC Union Kosan Co., Ltd.
Reasons for exclusion from scope of consolidation:
This unconsolidated subsidiary is small in size and none of its total assets, net sales, profit (amountcorresponding to the Company’s equity in the subsidiary), retained earnings (amount corresponding to theCompany’s equity in the subsidiary), and so forth has a significant impact on the consolidated financial
statements.
2. Disclosure about application of equity method(1) Number of associates accounted for using equity method: threeNames of major entities accounted for using equity method:
Kyushu Kouatsu Concrete Industries Co. Ltd. and Chugoku Kouatsu Concrete Industries Co. Ltd.
(2) Names of major unconsolidated subsidiaries and associates not accounted for using equity method:
NC Union Kosan Co., Ltd. and Nihonkai Concrete Industries Co. Ltd.
Reasons for not being accounted for using equity method:
Each of the companies not accounted for using the equity method has only an insignificant impact on
the Company’s profit or loss, retained earnings, and other items, and is generally immaterial. Therefore,
they are excluded from the application of the equity method.
3. Disclosure about fiscal years, etc. of consolidated subsidiaries
Of the consolidated subsidiaries, NIPPON CONCRETE (Myanmar) Co., Ltd. has September 30 as itsbalance sheet date. In the preparation of consolidated financial statements, the Company uses financial
statements based on provisional settlement of accounts implemented as of the consolidated balance sheet date.
The balance sheet date of other consolidated subsidiaries, etc. is the same as the consolidated balance sheet
date.
4. Disclosure of accounting policies(1) Accounting policy for measuring significant assets
1) Inventories
Finished goods, raw materials, and supplies:

15

Stated at cost, mainly using the moving average method (write-downs due to decreased
profitability).
Work in process:Stated at cost, mainly using the identified cost method.
2) Securities
Available-for-sale securitiesThose with market value:
Stated at market value based on market prices, etc. on the balance sheet date. (The entire
valuation difference is recognized directly in net assets, and the cost of securities sold is
calculated using the moving-average method.)3) Derivatives
Stated at market value.
(2) Accounting policy for depreciation of significant assets
1) Property, plant and equipment (excluding leased assets)
Depreciated mainly using the declining-balance method.
However, the straight-line method is used to depreciate the buildings (excluding facilities attachedto them) acquired on or after April 1, 1998, and the facilities attached to buildings and structuresacquired on or after April 1, 2016.
The useful lives of major assets are as follows:
Buildings and structures: 15 to 50 years
Machinery, equipment and vehicles: six to nine years
2) Intangible assets (excluding leased assets)
Amortized using the straight-line method.
Software for internal use is amortized based on the usable period within the Company (five years).
3) Leased assets
Leased assets related to finance lease transactions not involving the transfer of ownership:
Depreciated using the straight-line method, based on the assumption that the useful life equals
the lease term and the residual value equals zero.
(3) Accounting policy for significant provisions
1) Allowance for doubtful accounts
To provide for losses from bad debts, an allowance is recognized in the amount estimated to beuncollectible, using the loan loss ratio for general accounts receivable, while examining collectability
on an individual basis for specific accounts receivable such as doubtful accounts receivable.
2) Provision for bonuses
To prepare for the payment of bonuses (including a performance-linked portion of performancelinked compensation) to employees, a provision is recognized based on the estimated amount of
payments attributable to the fiscal year under review.
3) Provision for bonuses for directors (and other officers)
To prepare for the payment of salaries (including a performance-linked portion of performancelinked compensation) to directors and other officers, a provision is recognized based on the estimatedamount of payments for the fiscal year under review.
4) Provision for loss on construction contracts
To provide for losses on construction contracts, a provision is recognized in the amount of estimatedlosses for uncompleted construction contracts at the end of fiscal year under review that are likely toincur losses and for which the amount of losses can be reasonably estimated.

16

(4) Accounting policy for retirement benefits
To provide for the payment of retirement benefits to employees, the amount of retirement benefit
obligations minus plan assets is recognized as retirement benefit liability, based on the estimated amounts at
the end of the fiscal year under review. The methods of accounting for provision for retirement benefits andretirement benefit expenses are as follows:
1) Method of attributing expected retirement benefits to periods
To provide for the payment of retirement benefits to employees, in the calculation of retirement
benefit liability, expected retirement benefits are attributed to the periods up to the end of the fiscal year
under review using the benefit formula basis.
2) Method of expensing actuarial gains and losses and past service cost
Past service cost is expensed using the straight-line method over a fixed number of years (10 years)
within the employees’ average remaining service period at incurrence.
Actuarial gains and losses are expensed in an amount prorated using the straight-line method over a
fixed number of years (10 years) within the employees’ average remaining service period at incurrence,from the fiscal year following the fiscal year of incurrence.
3) Application of the simplified method for small businesses
In the calculation of retirement benefit liability and retirement benefit expenses, some consolidated
subsidiaries apply a simplified method in which the necessary retirement benefit provisions forvoluntary resignations at the end of the fiscal year are recognized as retirement benefit obligations.
(5) Accounting policy for recognition of significant revenues and expenses
Accounting policy for recognition of construction sales and costs:
The percentage-of-completion method is applied to construction contracts recognized to holdcertainty of outcomes for the portion completed by the end of the fiscal year under review (the rate ofprogress is estimated using the cost-to-cost method), while the completed-contract method is applied tothe other construction contracts.
(6) Accounting policy for translation of significant foreign currency denominated assets or liabilities into yen
Monetary claims and debts denominated in foreign currency are translated into yen at the spot exchange
rate on the balance sheet date, with translated amounts recognized in profit or loss.
(7) Accounting policy for significant hedging
1) Method of hedge accounting
Deferred hedge accounting is applied in principle. However, exceptional treatment is applied tointerest rate swaps that meet the requirements for such treatment.
2) Hedging instrument and hedged item
(Hedging instrument) (Hedged item)
Interest rate swaps ······· Variable-rate borrowings in which, should interest rates rise in the future,interest expenses will increase3) Hedging policy
Interest rate swaps are used for the purpose of hedging the risk of interest rate fluctuation.
4) Method of assessing hedge effectivenessIn principle, hedge effectiveness is assessed from the inception of the hedge to the point at which
effectiveness is assessed, by comparing the cumulative changes in the market value or cash flows of thehedged item with the cumulative changes in the market value or cash flows of the hedging instrument.
However, in cases where exceptional treatment is applied, the assessment of effectiveness is omitted.
(8) Accounting policy for goodwill

17

Goodwill is amortized evenly over five years, except for goodwill with immaterial value that is fully
amortized as incurred.
(9) Scope of funds in consolidated statement of cash flows
Funds (cash and cash equivalents) in the consolidated statements of cash flows consist of cash on hand,demand deposits, and liquid short-term investments bearing a very low risk of value fluctuation withmaturities not exceeding three months from the acquisition date.
(10) Other significant information for preparation of consolidated financial statements
Accounting policy for consumption taxes:
Consumption tax and local consumption tax are accounted for using the tax exclusion method.

(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 9, 2018 to continue the BIP Trust and the JESOP Trust for a new three-year period (from August 9, 2018 to August 31, 2021) and reintroduced them byentering into an agreement to extend their terms, for the purpose of increasing motivation to improve theCompany’s medium- to long-term performance and raising awareness toward the contribution to an increasein 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 fiscal year under review were 23,875 thousand yen and 56,413 shares for the BIP
Trust, and 25,106 thousand yen and 63,651 shares for the J-ESOP Trust.

(Segment Information, etc.)[Segment Information]
1. Overview of reportable segments(1) Method of determining reportable segments
The Company’s reportable segments are constituent units of the Group for which separate financial
statements are available, and which are subject to regular review by the Board of Directors for the purpose ofdetermining the allocation of management resources and assessing business performance.
The Company is organized based on the three business units of Foundation Business, Concrete
Secondary Product Business, and Real Estate and Solar Power Generation Business, each of which
formulates comprehensive strategies and engages in business activities.
Accordingly, the Company classifies its operations into three reportable segments: Foundation Business,
Concrete Secondary Product Business, and Real Estate and Solar Power Generation Business.
(2) Types of products and services belonging to each reportable segment
The Foundation Business segment manufactures and sells piles, as well as performing piling and soil
stabilization works. The Concrete Secondary Product Business segment focuses primarily on the
manufacture, sale, and commissioned testing and research of poles, civil engineering products, and other18

concrete secondary products and on the construction of poles and civil engineering products. The Real Estateand Solar Power Generation Business segment engages in renting real estate and generating electricity fromsolar energy.
2. Method of calculating net sales, income or loss, assets, and other items by reportable segment
Accounting policies for reportable segments are generally the same as those described in “Significant
Accounting Policies for Preparation of Consolidated Financial Statements” above.
Income for each reportable segment is based on operating profit, and inter-segment revenues and transfers
are based on market prices.
3. Information on net sales, income or loss, assets, and other items by reportable segment
For the fiscal year ended March 31, 2020

Foundation
Business
Net sales
Net sales to outside
customers
Inter-segment net
sales or transfers
Total

Segment income (loss)
Segment assets

Reportable segment
Real Estate
Concreteand Solar
SecondaryPower
Product
Generation
Business
Business

Total(Thousand yen)Amounts
recorded in the
Adjustment consolidated(Note 1)
financialstatements(Note 2)

26,205,228

19,320,773

298,173

45,824,175—

45,824,175

5,291

—

—

5,291

(5,291)—

26,210,520

19,320,773

298,173

45,829,467(5,291)45,824,175(68,465)

1,455,162

157,726

1,544,423(1,630,807)(86,383)

23,043,447

25,069,018

2,156,351

50,268,817

19,945,503

70,214,321

961,983

548,848

81,706

1,592,538

64,3601,656,898

Other items
Depreciation

Amortization of——
56,92856,928—56,928
goodwill
Increase in property,
plant and equipment
1,137,567
480,897—
1,618,465
47,397
1,665,863
and intangible assets(Notes)1. The adjustments are as follows:(1) The adjustment for segment income or loss mainly includes corporate expenses. Corporate expenses
mainly include general and administrative expenses, not attributed to reportable segments.
(2) The adjustment for segment assets principally represents corporate assets. Corporate assets mainly
include assets not attributed to reportable segments, such as funds on hand to prepare for the settlementof accounts (cash and deposits), funds for long-term investment (investment securities), and assets
related to administrative divisions.
(3) The adjustment for depreciation represents depreciation of corporate assets not allocated to reportablesegments.
(4) The adjustment for increase in property, plant and equipment and intangible assets pertains to corporate
assets not allocated to reportable segments.
2. Segment income or loss is adjusted to the operating loss in the consolidated statement of income.

19For the fiscal year ended March 31, 2021

Foundation
Business
Net sales
Net sales to outside
customers
Inter-segment net
sales or transfers
Total

Reportable segment
Real Estate
Concreteand Solar
SecondaryPower
Product
Generation
Business
Business

Total(Thousand yen)Amounts
recorded in the
Adjustment consolidated(Note 1)
financialstatements(Note 2)

24,319,048

24,255,707

302,296

48,877,051—

48,877,051

9,262

—

—

9,262

(9,262)—

24,328,310

24,255,707

302,296

48,886,314(9,262)

48,877,051

Segment income

1,255,039

3,092,490

175,408

4,522,938(1,777,872)

2,745,066

Segment assets

19,756,954

30,281,516

2,086,630

52,125,101

22,698,793

74,823,894

822,114775,223

72,705

1,670,043

50,2481,720,291

Other items
Depreciation

Amortization of——
56,92856,928—56,928
goodwill
Increase in property,
plant and equipment
354,970
1,086,293—
1,441,263
168,142
1,609,405
and intangible assets(Notes)1. The adjustments are as follows:(1) The adjustment for segment income mainly includes corporate expenses. Corporate expenses mainly
include general and administrative expenses, not attributed to reportable segments.
(2) The adjustment for segment assets principally represents corporate assets. Corporate assets mainly
include assets not attributed to reportable segments, such as funds on hand to prepare for the settlementof accounts (cash and deposits), funds for long-term investment (investment securities), and assets
related to administrative divisions.
(3) The adjustment for depreciation represents depreciation of corporate assets not allocated to reportablesegments.
(4) The adjustment for increase in property, plant and equipment and intangible assets pertains to corporate
assets not allocated to reportable segments.
2. Segment income is adjusted to the operating profit in the consolidated statement of income.

20

(Per Share Information)
For the fiscal year ended
March 31, 2020

For the fiscal year ended
March 31, 2021

Net assets per share (yen)632.93665.35

Basic earnings (loss) per share (yen)(0.62)

33.26

Not presented as there wereno potential shares.

Not presented as there wereno potential shares.

Diluted earnings per share

Note: Basic earnings (loss) per share was computed based on the figures below.
For the fiscal year ended
March 31, 2020

For the fiscal year ended
March 31, 2021

Profit (loss) attributable to owners ofparent (thousand yen)

(35,006)

1,869,516

Amount not attributable to commonshareholders (thousand yen)——

Profit (loss) attributable to owners ofparent related to common shares(thousand yen)

(35,006)

1,869,516

Average number of common shares
during the period (thousand shares)

56,24956,206(Significant Events after Reporting Period)
There is no relevant information.

21