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, 2022
[Japanese GAAP]May 13, 2022
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:
IMAI Shoichi,
Director and Managing Executive Officer
Phone:
03-3452-1025
Scheduled date of Annual General Meeting of Shareholders:June 29, 2022
Scheduled date of commencing dividend payments:
June 14, 2022
Scheduled date of filing annual securities report:
June 30, 2022
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, 2022 (April 01, 2021 to March 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
Fiscal year ended
March 31, 2022
47,376(3.1)
1,228(55.3)
1,553(51.2)
874(53.2)March 31, 2021
48,877
6.7
2,746
3,182
1,870
(Note) Comprehensive income:Fiscal year ended March 31, 2022:¥(497) million [-%]Fiscal year ended March 31, 2021:¥
2,197 million [-%]Basic earnings per Diluted earnings per Rate of return on
share
share
equityYen
Fiscal year ended
March 31, 2022
15.60
March 31, 2021
33.29
(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio

%

2.4
5.1
Fiscal year ended March 31, 2022:
Fiscal year ended March 31, 2021:

Operating profit to
net sales ratio

%

%

2.1
4.4
¥
¥

2.6
5.6
218 million
274 million(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2022
March 31, 2021
(Reference) Equity:

Net assets

Million yen

Million yen

75,33474,825
As of March 31, 2022:
As of March 31, 2021:

Capital adequacy ratio¥¥

38,65239,38436,033 million
37,539 million

Net assets per share

%

Yen

47.8
50.2

653.58665.37(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2022
March 31, 2021

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at the endof period

Million yen

Million yen

Million yen

Million yen

2,919
4,242

(3,590)(1,526)

491
966

8,599
8,804

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, 2021

-

2.50

-

6.50

9.00

509

27.0

1.4

March 31, 2022

-

4.50

-

4.50

9.00

505

57.7

1.4

-

3.50

-

3.50

7.00

Fiscal year ending
March 31, 2023

35.4

(Forecast)(Note) Breakdown of the year-end dividend for the fiscal year ended March 31, 2022 :Commemorative dividend- yenSpecial dividend- yen
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 Basic earnings per
Net sales
Operating profit
Ordinary profit
to owners of parent
share
Six months ended
September 30, 2022
Full year

Million yen%

Million yen%

Million yen%

Million yen%

Yen

26,800

26.9

660

172.0

920

72.4

530

(17.8)

9.45

56,000

18.2

1,650

34.4

1,900

22.3

1,110

26.9

19.79

* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): Yes
New
1(Company name: Tohoku Pole Co., Ltd.
)
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: Yes
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, 2022:
57,777,432 shares
March 31, 2021:
57,777,432 shares2) Total number of treasury shares at the end of the period:
March 31, 2022:
2,644,746 shares
March 31, 2021:
1,359,228 shares
3) Average number of shares during the period:
Fiscal Year ended March 31, 2022:
Fiscal Year ended March 31, 2021:

56,081,665 shares
56,206,366 shares

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 01, 2021 to March 31, 2022)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2022
March 31, 2021

Operating profit

Ordinary profit

Net income

Million yen%

Million yen%

Million yen%

Million yen%

32,73438,940(15.9)
6.9

1,193
2,289

(47.9)
738.6

1,041
2,241

(53.5)
-

601
1,495

(59.8)-

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2022
March 31, 2021

Yen

Yen

10.68
26.45

-

(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2022
March 31, 2021
(Reference) Equity:

Net assets

Million yen

58,31558,727
As of March 31, 2022:
As of March 31, 2021:

Capital adequacy ratio

Million yen¥¥

26,131
27,514
26,131 million
27,514 million

Net assets per share

%

Yen

44.8
46.9

471.37486.65* 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 ··············································································· 15(5) Notes to Consolidated Financial Statements ·········································································· 17(Notes on Going Concern Assumption) ················································································ 17(Significant Accounting Policies for Preparation of Consolidated Financial Statements) ······················ 17(Changes in Accounting Policies) ······················································································ 19(Significant Changes in Subsidiaries During the Fiscal Year Under Review) ···································· 20(Additional Information) ································································································· 20(Matters Related to Revenue Recognition) ············································································ 21(Segment Information, etc.) ····························································································· 21(Per Share Information) ·································································································· 24(Significant Events after Reporting Period) ··········································································· 24

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, 2022), the Japanese economy gradually recovered, despite
stagnant parts supply including semiconductor shortage and the price rises in crude oil and raw materials, while
strict COVID-19 regulations were eased as vaccination programs progressed. Still the outlook for the economy
remains uncertain, as there are concerns about further spread of COVID-19, significantly weak yen, the soaring
crude oil and raw material prices and situation in Ukraine.
Regarding the business environment in which the Company operated during the fiscal year under review, thenational demand for concrete piles remained at a similar level to the previous fiscal year. Shipments of concrete
poles also stayed at a similar level to the previous fiscal year throughout Japan. The demand for poles for mobile
phone base stations continued to be robust during the first half of the fiscal year, which was, however, slowed down
during the second half of the year. Demand for additional deployment of new base stations for 5G mobile phones
continued to be high. Also demand for concrete products that contribute to prevent and mitigate disasters, tomaintenance of social infrastructure and to disaster recovery as well as demand for slope reinforcement works
remained strong. Furthermore, environmental technology for carbon capture developed by the Company and its
usage (CCUS - carbon dioxide capture, utilization and storage) as well as low-carbon type concrete products
attracted growing attention.
In these circumstances, under the corporate philosophy: “We contribute to a safe, secure, and affluent society
through concrete,” the Group set a medium- to long-term vision under the 2021 Medium-Term Management Plan
formulated in August last year: “Protect social infrastructure and the global environment far into the future,” and a
medium-term policy: “Contribute to reinforcement of national resilience and the global environment by boosting
competitiveness and expanding business through promotion of Group management.” The Group has been working
on measures to achieve the target sales of 64,000 million yen and ordinary profit of 4,200 million yen in FY2023.
In July last year, the Company made Tohoku Pole Co., Ltd. a subsidiary and was working to strengthen Groupmanagement.
With regard to individual businesses, the Pole-related Business steadily enjoyed shipments of poles for mobile
phone base stations. In the Civil Engineering Product Business, Free Kogyo Co., Ltd., a specialist in slope
reinforcement work, showed a strong performance and contributed to the sales, with newly started RC segments
production for the Linear Chuo Shinkansen project. Though the Foundation Business seemed picking up withorders of civil engineering projects in the second half of the year, however, plant utilization rates declined
throughout the year by failures to receiving orders for large-scale projects due to increased competition. We could
not achieve the profit planned at the beginning of the fiscal year, partly influenced by the price rises in raw
materials and energy.
As a result of the above, for the fiscal year under review, the Group’s net sales were 47,376 million yen (down
3.1% year-on-year). The operating profit was 1,228 million yen (down 55.3% year-on-year) and the ordinary profit
was 1,553 million yen (down 51.2% year-on-year). Profit attributable to owners of parent was 874 million yen(down 53.2% year-on-year) as a result of impairment losses for non-current assets of the subsidiary in Myanmar.
The impact of the COVID-19 pandemic on the Group has been insignificant so far.
An overview of each business for the fiscal year under review is as follows:
1) Foundation Business
While the demand across Japan for concrete piles remained at a similar level to the previous fiscal year, theGroup had less orders for large-scale projects due to intensified order-taking competition, resulting in net salesof 18,995 million yen (down 21.9% year-on-year).

2

As for the profit, a segment income of 227 million yen (down 81.9% year-on-year) was recorded, affectedby a decline in plant utilization rates in addition to lower sales.
2) Concrete Secondary Product BusinessIn this segment, while the national demand of concrete poles stayed at the similar level as the previous
fiscal year, the Group’s Pole-related Business achieved net sales of 16,375 million yen (up 21.3% year-on-year)
as shipments of poles for mobile phone base stations exceeded those in the previous fiscal year, in addition to
the increased sales through the new consolidation with Tohoku Pole Co., Ltd.
In the Civil Engineering Product Business, in spite of some consequences of delayed orders for precast
concrete walls, Free Kogyo Co., Ltd., a specialist in slope reinforcement works, performed strongly, with salesof RC segments for the Linear Chuo Shinkansen, and the net sales of 11,694 million yen (up 2.9% year-on-year)
was achieved.
As a result, net sales for the Concrete Secondary Product Business were 28,069 million yen (up 13.6%
year-on-year).
As for the profit, although we ensured growth from pole shipments and Free Kogyo performed well, thesegment income was 2,551 million yen (down 17.5% year-on-year), affected by sluggish sales of civilengineering products such as precast concrete walls and soaring prices of raw materials.
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 311 million yen(up 2.9% year-on-year) and segment income of 182 million yen (up 3.9% 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 75,334 million yen, up 508 million yen from the endof the previous fiscal year.
Current assets were 32,299 million yen, up 435 million yen from the end of the previous fiscal year, and noncurrent assets were 43,034 million yen, up 73 million yen from the end of the previous fiscal year.
The increase in current assets was mainly due to an increase in amount of notes receivable - trade, accounts
receivable - trade and contract assets, and the increase in non-current assets was mainly due to acquisition of land.
Total liabilities were 36,681 million yen, up 1,240 million yen from the end of the previous fiscal year.
Current liabilities were 23,066 million yen, down 1,732 million yen from the end of the previous fiscal year,
and non-current liabilities were 13,615 million yen, up 2,972 million yen from the end of the previous fiscal year.
The decrease in current liabilities was mainly due to a decrease in current portion of long-term borrowings, andthe increase in non-current liabilities was mainly due to an increase in long-term borrowings.
Total net assets were 38,652 million yen, down 731 million yen from the end of the previous fiscal year.
It was mainly due to a decrease in valuation difference on available-for-sale securities.
As a result of the above, the equity ratio came to 47.8%.
(3) Overview of Cash Flows for the Fiscal Year under Review
Cash and cash equivalents at the end of the fiscal year under review decreased by 204 million yen year-on-year
to 8,599 million yen.
1) Cash flows from operating activities

3

Funds provided by operating activities amounted to 2,919 million yen. This was chiefly because the factors
to increase funds, such as 1,708 million yen recorded as profit before income taxes and 2,119 million yen
recorded as depreciation, exceeded the factors to decrease funds including 643 million yen recorded as decreasein trade payables.
2) Cash flows from investing activities
Funds used in investing activities totaled 3,590 million yen. This was chiefly due to the factors to decrease
funds, such as 1,605 million yen recorded as purchase of property, plant and equipment and 2,097 million and
117 thousand yen recorded as purchase of shares of subsidiaries resulting in change in scope of consolidation.
3) Cash flows from financing activities
Funds provided by financing activities totaled 491 million yen. This was chiefly because the factors toincrease funds, such as 5,200 million yen recorded as net increase in proceeds from long-term borrowings and
100 million yen recorded as proceeds from issuance of bonds, exceeded the factors to decrease funds including
3,418 million yen recorded as repayment of 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, 2018 March 31, 2019 March 31, 2020 March 31, 2021 March 31, 2022

Equity ratio (%)

49.6

49.0

50.6

50.2

47.8

Market-value equity ratio (%)

35.0

20.3

21.4

31.1

21.3

Cash flow to interest-bearing
debt ratio (years)

3.1

3.0

(21.8)

2.8

4.5

Interest coverage ratio (times)

69.1

63.3

(10.3)

85.2

55.1

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 4.50 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 a
year-end dividend of 4.50 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.
4(5) Future Outlook
The economic outlook in Japan continues to be uncertain due to factors including the spreading trend of
COVID-19, depreciation of yen, price rise in crude oil and raw materials and concerns about the situation of
Ukraine. Under these circumstances, however, demands for eco- and human-friendly products and services that
contribute to solve social issues will be increasingly on the rise, against the backdrop of the need for prevention andmitigation of frequent natural disasters and global warming and need for automation and labor-saving to deal withmanpower shortage.
In the business environment surrounding the Group, demand for precast concrete products is expected to grow,contributing to reduction of construction periods and labor saving at construction sites. In addition to new projects
such as 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. On the other hand, we also take into consideration certain risks, such as 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, the Group is determined to go forward with its groupwide measures centered on
2021 Medium-Term Management Plan and the Basic Sustainability Policy. Each of the Group’s businesses will
make proactive efforts to win orders and expand sales, while we will adapt swiftly to changes in the businessenvironment, paying particular attention to demand trends of each product and service. We will also continue toreduce costs and focus on enhancing earning power.
With regard to individual businesses, the Foundation Business will make proactive efforts to win orders for largescale projects in view of improvement of plant utilization rates and aim at releasing our unique G (green)-ONA pile
this year, which can reduce CO2 emissions by approximately 40% over our existing product, as part of efforts to
expand sales of environment-friendly piles.
The Pole-related Business will continue to expand sales in view of installation of more poles for mobile phonebases along with infiltration of the next-generation 5 G telecommunication standard. The Business will also makeefforts to grasp demand for replacing long-term used utility poles and also to extend the scope of orders includingpole maintenance and pole construction works.
In the Civil Engineering Product Business, in an effort to contribute to preventing and mitigating disasters andmaintaining social infrastructure, we will proactively secure orders by means of reinforcement of sales organization,such as inter-group cooperation and expansion of sales areas, in consideration of entering infrastructure
maintenance markets.
In the Environment and Other 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 G-ONA pile, we are vigorously developing environment-friendly
products, such as poles and civil engineering products utilizing concrete with reduced environmental load.
Furthermore, we are also working on pole recycling and urban infrastructure redevelopment to contribute to theestablishment of a recycling-oriented society.
As for the Myanmar business, taking the country’s political and economic situations into account, we recorded
impairment of non-current assets of the subsidiary in Myanmar at the end of the fiscal year under review andcanceled the plan for new plant construction. At present, however, as a certain quantity of orders for poles hasrecovered and immediate new orders can be expected, we will continue business operation at the existing factory
while keeping a close watch on the local political situation.
In order to enhance our sustainability, we set up a committee which works on identification of materiality and5execution of various measures in accordance with the Basic Policy and detail of its activity will be communicatedin a timely manner.
As announced in December 2021, we are active in the sale of cross-shareholdings, with the aim of strengthening
our ESG investments and investments in growth areas.
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.
(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 31,2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes receivable - trade
Accounts receivable - trade
Contract assets
Electronically recorded monetary claims operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Costs on uncompleted construction contracts
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 31,2022

8,804,311
11,965,519-

8,599,733
2,360,569
8,419,996
1,369,614

2,521,131

1,526,162

4,608,488
387,742
1,367,942
1,222,707
1,023,371(36,522)
31,864,693

6,311,250
476,576
1,898,836
269,218
1,103,198(35,280)
32,299,875

15,623,450(11,053,747)
4,569,702
26,113,022(23,192,233)
2,920,789
16,453,797
285,546
12,634,436(11,296,374)
1,338,061
25,567,897
399,997

19,712,117(14,414,749)
5,297,368
33,120,637(30,102,713)
3,017,923
17,237,062
141,951
15,401,205(14,220,263)
1,180,942
26,875,248
444,132

13,781,673
2,110,288
562,287
779,509(241,129)
16,992,630
42,960,524
74,825,217

12,219,800
1,884,476
734,512
1,112,681(236,696)
15,714,773
43,034,154
75,334,029

(Thousand yen)
As of March 31,2021
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
Contract liabilities
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 31,2022

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

4,983,571
7,792,309
4,000,000
2,309,054
24,500380,745
203,887
586,357

68,52848,615

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

117,0702,619,909
23,066,019

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

80,0006,458,494
2,860,025
2,410,926
1,193,732
612,554
13,615,732
36,681,752

5,111,583
3,850,779
18,900,629(443,433)
27,419,559

5,111,583
3,895,125
19,160,519(818,520)
27,348,708

4,628,464

3,547,540

5,312,368(42,293)
221,127
10,119,665
1,844,839
39,384,064
74,825,217

5,312,368(147,543)(27,616)
8,684,749
2,618,819
38,652,277
75,334,029

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousand yen)
For the fiscal year
ended March 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
Loss From Suspension of Plantoperations assets
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on step acquisitions
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of investment securities
Impairment losses
Restructuring cost of production baseTotal extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

9

For the fiscal year
ended March 31,2022

48,877,051
40,327,401
8,549,650
5,803,260
2,746,389

47,376,648
39,580,268
7,796,380
6,568,327
1,228,052

14,829193,074

8,218
200,134

274,773

218,485

122,920
605,597

151,383
578,22150,805
118,843
169,649
3,182,338

32,79354,730165,003
252,526
1,553,747

2,227
12,995
15,222433,716
12,825
164,036
610,578

19,69854,912
74,6103,122,950
976,962
101,363
1,078,326
2,044,623
173,783
1,870,839

8,460
117,949
329,354455,764
1,708,562
633,725
120,847
754,573
953,988
79,291
874,697

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

10

For the fiscal year
ended March 31,2022

2,044,623

953,988

230,046
4,502(106,933)(1,081,911)(120,515)(246,558)

25,403(2,749)153,017
2,197,641(1,451,735)(497,747)

2,031,940(560,219)

165,701

62,472

(3) Consolidated Statements of Changes in Net Assets
For the fiscal year ended March 31,2021(Thousand yen)
Shareholders' equity
Share capital Capital surplus
Balance at beginningof period
Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during
periodDividends ofsurplus
Change inownership interestof parent due totransactions with
non-controllinginterests
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCapital increase of
consolidated
subsidiaries
Other
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period5,111,583

3,826,864

Retainedearnings

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

25,571,720-

5,111,583

3,826,864

17,170,058(536,786)(140,269)

25,571,720(140,269)

12,587

12,5871,870,839

1,870,839-

13,03893,352(1,710)106,391(1,710)--23,915

1,730,570

93,352

1,847,838

5,111,583

3,850,779

18,900,629(443,433)

27,419,559

11Accumulated other comprehensive income
Valuation
Revaluationdifference on
reserve foravailable-for-salelandsecurities
Balance at beginningof period
Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during
periodDividends ofsurplus
Change inownership interestof parent due totransactions with
non-controllinginterests
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCapital increase of
consolidated
subsidiaries
Other
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period4,373,014

5,312,368

Foreigncurrencytranslation
adjustment(46,795)

Total
NonRemeasurements accumulated controllingof defined
otherinterests
benefit plans comprehensive
income328,060

9,966,648

1,741,553

Total net
assets37,279,921-

4,373,014

5,312,368(46,795)

328,060

9,966,648

1,741,553

37,279,921(140,269)

12,5871,870,839
106,391(1,710)255,449-

4,502(106,933)

153,017103,286

256,303

255,449-

4,502(106,933)

153,017103,286

2,104,142

4,628,464

5,312,368(42,293)

221,127

10,119,665

1,844,839

39,384,064

12

For the fiscal year ended March 31,2022(Thousand yen)
Shareholders' equity
Share capital Capital surplus
Balance at beginningof period
Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during
periodDividends ofsurplus
Change inownership interestof parent due totransactions with
non-controllinginterests
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCapital increase of
consolidated
subsidiaries
Other
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period5,111,583

3,850,779

Retainedearnings

TreasurysharesTotalshareholders'equity18,900,629(443,433)

27,419,559

25,294
5,111,583

3,850,779

18,925,924

25,294(443,433)(641,389)

27,444,853(641,389)

44,34644,346874,697874,697(403,069)(403,069)

27,982

27,982
-

1,288

1,288

-

44,346

234,595(375,087)(96,145)

5,111,583

3,895,125

19,160,519(818,520)

27,348,708

13

Accumulated other comprehensive income
Valuation
Revaluationdifference on
reserve foravailable-for-salelandsecurities
Balance at beginningof period
Cumulative effects ofchanges in accounting
policies
Restated balance
Changes during
periodDividends ofsurplus
Change inownership interestof parent due totransactions with
non-controllinginterests
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesCapital increase of
consolidated
subsidiaries
Other
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period4,628,464

5,312,368

Foreigncurrencytranslation
adjustment(42,293)

Total
NonRemeasurements accumulated controllingof defined
otherinterests
benefit plans comprehensive
income221,127

10,119,665

1,844,839

Total net
assets39,384,064
25,294

4,628,464

5,312,368(42,293)

221,127

10,119,665

1,844,839

39,409,359(641,389)

44,346874,697(403,069)
27,982
1,288(1,080,923)-(105,250)(248,743)(1,434,916)

773,980(660,936)(1,080,923)-(105,250)(248,743)(1,434,916)

773,980(757,081)

3,547,540

5,312,368(147,543)(27,616)

8,684,749

2,618,819

38,652,277

14

(4) Consolidated Statements of Cash Flows(Thousand yen)
For the fiscal year
ended March 31,2021
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Impairment losses
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 step acquisitions
Loss (gain) on valuation of investment securities
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
Decrease (increase) in trade receivables
Decrease (increase) in notes and accounts receivable trade and contract assets
Decrease (increase) in inventories
Increase (decrease) in advances received
Increase (decrease) in trade payables
Increase (decrease) in dvance received and contractdebt
Decrease (increase) in accounts receivable - other
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued consumption taxes
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

15

For the fiscal year
ended March 31,2022

3,122,950
1,720,291
56,928125,552
46,031

1,708,562
2,119,312
329,354
56,928(5,674)
92,98165,003(19,913)

5,980

13,77636,925(91,454)(4,867)(151,171)(274,773)(218,485)(207,903)
50,805(2,227)
19,698(12,995)
54,912(2,067,349)(208,353)
54,730(433,716)
117,949(12,825)8,460(164,036)--

2,703,670

931,808
394,810(850,281)

97,518(643,588)-(805,868)

112,269(41,741)456,202
134,789(92,596)
12,857
3,706,495
246,722(49,775)(75,362)(54,912)469,486
4,242,654(202,226)
81,011(407,419)(291,658)
130,683
3,945,132
253,295(52,968)(1,225,934)
2,919,524

(Thousand yen)
For the fiscal year
ended March 31,2021
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
Purchase of shares of subsidiaries resulting in change
in scope of consolidation
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury shares
Proceeds from sale and leaseback transactions
Proceeds from sales of shares of parent held bysubsidiaries
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Dividends paid
Dividends paid to non-controlling interests
Repayments of lease liabilities
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

16

For the fiscal year
ended March 31,2022(93,557)(1,299,558)
2,354(28,045)(218,210)(1,605,267)
12,825(180,203)
276,146--(2,097,117)

110,805(1,526,211)

3,570(3,590,046)

2,100,000
1,000,000(2,322,148)(27,000)
313,413(100,000)
5,200,000(3,418,008)
100,000(27,500)(364,375)-

147,070--(121,501)(140,570)(9,263)(77,832)(17,500)
966,169(621,920)(34,358)(102,861)(17,500)
491,975

115(26,032)

3,682,728
5,121,583
8,804,311(204,578)
8,804,311
8,599,733

(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) Consolidated subsidiaries
 Number of consolidated subsidiaries: 20
 Names of consolidated subsidiaries:
NC East Japan Concrete Industries Co., Ltd.; NC Central Japan Concrete Industries Co., Ltd.; NC
Kanto Pile Manufacturing Co., Ltd.; NC West Japan Pile Manufacturing Co., Ltd.; NC Shikoku
Concrete Industries Co., Ltd.; NC Kyushu Co., Ltd.; NC Kaihara Pile Manufacturing Co., Ltd.; NC
Chubu Pile Manufacturing Co., Ltd.; NC Segment Co., Ltd.; NC Precon Co., Ltd.; Hokkaido Concrete
Industries Co., Ltd.; NC Steel Co., Ltd.; NC Nikkon Industries Co., Ltd.; NIPPON CONCRETE(Myanmar) Co., Ltd.; NC Kaihara Concrete Co., Ltd.; NC Koki Co., Ltd.; Free Kogyo Co., Ltd.;
Tohoku Pole Co., Ltd.; NC Management Service Co., Ltd. and NC Logistics Co., Ltd.
As the Company acquired shares in Tohoku Pole Co., Ltd., it is included in the scope of consolidationfrom the fiscal year under review.
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
the Company’s equity in the subsidiary), and so forth has a significant impact on the consolidated
financial statements.
3) 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.
4) 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.
5) Disclosure about fiscal years, etc. of consolidated subsidiaries
Of the consolidated subsidiaries, NIPPON CONCRETE (Myanmar) Co., Ltd. has September 30
as its balance sheet date. In the preparation of consolidated financial statements, the Company uses
financial statements based on provisional settlement of accounts implemented as of the consolidatedbalance sheet date. The balance sheet date of other consolidated subsidiaries, etc. is the same as theconsolidated balance sheet date.
2. Disclosure of accounting policies(1) Accounting policy for measuring significant assets

171) Securities
Available-for-sale securities
Excluding shares, etc. with no market value:
Stated at market value based on market prices, etc. at the fiscal year-end date. (The entire valuationdifference is recognized directly in net assets, and the cost of securities sold is calculated using themoving-average method.)
Securities with no market value:
Stated at cost, using the moving average method.
2) Inventories
Finished goods, raw materials, and supplies:
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) 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: 10 to 50 years
Machinery, equipment and vehicles: five 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 to18incur losses and for which the amount of losses can be reasonably estimated.
(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
In the calculation of retirement benefit liability, expected retirement benefits are attributed to theperiods 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 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.
(6) Accounting policy for goodwill
Goodwill is amortized evenly over five years, except for goodwill with immaterial value that is fully
amortized as incurred.
(7) 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.
(Changes in Accounting Policies)(Application of the Accounting Standard for Revenue Recognition, etc.)
Effective from the beginning of the fiscal year under review, the Company has applied the “AccountingStandard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020; hereinafter referred to as“Revenue Recognition Accounting Standard”), etc. and recognizes the amount expected to be received in
exchange for goods or services as revenue when the control of the promised goods or services has beentransferred to a customer.
Accordingly, regarding construction contracts, the Company previously recognized revenue based on thepercentage-of-completion method for contracts for which results are deemed certain in terms of the portion
completed by the end of the fiscal year under review. However, in the case of goods or services whose
control will be transferred to a customer over a period of time, the Company has changed the method andrecognizes revenue over a period of time in line with the satisfaction of performance obligations to transfer
goods or services to a customer. The degree of progress toward satisfaction of performance obligations ismeasured by the ratio of the construction cost actually incurred by the end of the fiscal year under review to19the estimated total construction cost. If it is not possible to reasonably estimate the degree of progress towardsatisfaction of performance obligations at the end of the fiscal year under review but it is probable that theconstruction cost incurred when the performance obligations are satisfied will be recovered, the Company
recognizes revenue based on the cost recovery method until it becomes possible to reasonably estimate thedegree of progress toward satisfaction of performance obligations. The Company applies alternative
treatment if the period from the time when a transaction is commenced to the point in time at which
performance obligations are expected to be fully satisfied is very short, and does not recognize revenue overa period of time but recognizes revenue at the point in time when the Company fully satisfies performanceobligations.
For application of the Revenue Recognition Accounting Standard, etc., the Company has followed thetransitional treatment, which is stipulated in the proviso of Paragraph 84 of the Revenue Recognition
Accounting Standard. Accordingly, the cumulative effect of retrospective application of the new accounting
policy before the beginning of the fiscal year under review has been added to or deducted from retained
earnings at the beginning of the fiscal year under review and thus the new accounting policy has been
applied from the beginning of the fiscal year under review.
As a result, net sales and cost of sales for the fiscal year under review decreased by 492,583 thousand yen
and 576,909 thousand yen, respectively, operating profit increased by 84,326 thousand yen, and ordinary
profit and profit before income taxes increased by 84,326 thousand yen, respectively. The beginning balanceof retained earnings increased by 25,294 thousand yen.
As a result of the application of the Revenue Recognition Accounting Standard, etc., “notes and accounts
receivable - trade,” which was presented under “current assets” in the consolidated balance sheet for theprevious fiscal year, has been included in “notes receivable - trade,” “accounts receivable - trade” and“contract assets” from the fiscal year under review. In accordance with the transitional treatment stipulated
in Paragraph 89-2 of the Revenue Recognition Accounting Standard, reclassification based on the newpresentation method has not been made for the previous fiscal year. Moreover, in accordance with thetransitional treatment stipulated in Paragraph 89-3 of the Revenue Recognition Accounting Standard,
information on the breakdown of revenue arising from contracts with customers for the previous fiscal year
is not presented.
(Application of the Accounting Standard for Fair Value Measurement, etc.)
Effective from the beginning of the fiscal year under review, the Company has applied the “AccountingStandard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019; hereinafter referred to as“Fair Value Measurement Accounting Standard”), etc. and has applied the new accounting policy establishedby the Fair Value Measurement Accounting Standard, etc. and will apply it in the future as well, in
accordance with the transitional treatment stipulated in Paragraph 19 of the Fair Value Measurement
Accounting Standard and Paragraph 44-2 of the “Accounting Standard for Financial Instruments” (ASBJ
Statement No. 10, July 4, 2019). There has been no impact on the quarterly consolidated financial statements.

(Significant Changes in Subsidiaries During the Fiscal Year Under Review)As the Company acquired shares in Tohoku Pole Co., Ltd. and made it a subsidiary on July 30, 2021, it isincluded in the scope of consolidation from the second quarter of the fiscal year under review.

(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

20

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 ending 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
purpose of 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 fiscal year under review are 44,617 thousand yen and 139,497 shares for the BIP
Trust, and 35,940 thousand yen and 110,310 shares for the J-ESOP Trust.
(Matters Related to Revenue Recognition)
Information on the breakdown of revenue arising from contracts with customers
For the fiscal year under review (April 1, 2021 to March 31, 2022)(Thousand yen)Foundation
Business

Concrete
Secondary ProductBusiness

Product sales
9,420,940
24,724,587
Construction contract
9,543,267
3,330,667
sales
Other sales
14,743
14,686
Revenue from contracts
18,978,952
28,069,941
with customers
Other revenue (Note)
16,597－
Net sales to outside
18,995,549
28,069,941
customers(Note) Other revenue includes revenue from real estate leasing.

Real Estate andSolar Power
Generation
Business－

Total
34,145,528－

12,873,935

76,511

105,941

76,511

47,125,405

234,645251,243

311,157

47,376,648(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 otherconcrete secondary products and on the construction of poles and civil engineering products. The Real Estate21and 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 previous fiscal year ended March 31, 2021
Reportable segment
Concrete Real Estate andFoundation Secondary Solar PowerBusiness
Product
Generation
Business
Business
Net sales
Net sales to outside 24,319,048 24,255,707
customers
Inter-segment net sales
9,262－
or transfers
Total
24,328,310 24,255,707
Segment income

1,256,363

3,092,490

Segment assets

19,758,277 30,281,516

Total

302,296 48,877,051
－

9,262

302,296 48,886,314
175,408(Thousand yen)Amounts
recorded intheAdjustment consolidated(Note 1)
financialstatements(Note 2)
－ 48,877,051(9,262)－(9,262) 48,877,051

4,524,261 (1,777,872)

2,746,389

2,086,630 52,126,424 22,698,793 74,825,217

Other items
Depreciation
Amortization of
goodwill
Increase in property,
plant and equipment
and intangible assets

822,114775,223

72,705

1,670,043

50,2481,720,291－

56,928－56,928－56,928356,293

1,086,293－

1,442,586

168,142

1,610,728(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.

22

For the fiscal year ended March 31, 2022
Reportable segment
Concrete Real Estate andFoundation Secondary Solar PowerBusiness
Product
Generation
Business
Business
Net sales
Net sales to outside 18,995,549 28,069,941
customers
Inter-segment net sales
6,578－
or transfers
Total
19,002,128 28,069,941
Segment income
Segment assets

227,029

2,551,001

19,277,086 34,202,670

Total

311,157 47,376,648
－

6,578

311,157 47,383,227
182,578(Thousand yen)Amounts
recorded intheAdjustment consolidated(Note 1)
financialstatements(Note 2)
－ 47,376,648(6,578)－(6,578) 47,376,648

2,960,608 (1,732,556)

1,228,052

1,600,575 55,080,331 20,253,698 75,334,029

Other items
Depreciation
1,019,485
953,808
64,957 2,038,251
81,061 2,119,312
Amortization of
56,92856,92856,928－－－
goodwill
Impairment losses
66,441
262,912329,354329,354－－
Increase in property,
plant and equipment
568,448
942,1022,789 1,513,339
123,324 1,636,663
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.
4. Information on impairment losses of non-current assets and goodwill by reportable segment(Significant impairment losses pertaining to non-current assets)(1) 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 fiscal year under review was 26,741 thousandyen.
(2) In the Concrete Secondary Product Business segment, the Company reduced the book value of noncurrent assets in the Myanmar subsidiary to their recoverable value.
The amount of the said impairment loss reported during the fiscal year under review was 262,912
thousand yen.
(3) In the Foundation Business segment, the Company reduced the book value of assets in subsidiaries totheir recoverable value.
The amount of the said impairment loss reported during the fiscal year under review was 39,700 thousand
yen.

23

(Per Share Information)
For the fiscal year ended
March 31, 2021

For the fiscal year ended
March 31, 2022

Net assets per share (yen)665.37653.58

Basic earnings per share (yen)

33.29

15.60

Not presented as there
were no potential shares.

Not presented as there
were no 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, 2021

For the fiscal year ended
March 31, 2022

1,870,839

874,697－－

Profit attributable to owners of parent related tocommon shares (thousand yen)

1,870,839

874,697

Average number of common shares during theperiod (thousand shares)

56,20656,081

Profit attributable to owners of parent (thousandyen)
Amount not attributable to common shareholders(thousand yen)

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

24