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, 2024
[Japanese GAAP]
Company name:NIPPON CONCRETE INDUSTRIES CO., LTD.
Stock exchange listing: Tokyo
Code number:
5269
URL:
https://www.ncic.co.jp/
Representative:
TSUKAMOTO Hiroshi,
Contact:
SUGITA Yoshihiko,
Phone:+81-3-3452-1025
Scheduled date of Annual General Meeting of Shareholders:
Scheduled date of commencing dividend payments:
Scheduled date of filing annual securities report:
Availability of supplementary briefing material on annual financial results:
Schedule of annual financial results briefing session:

May 15, 2024

Representative Director and President
Director and Executive Officer
June 27, 2024
June 12, 2024
June 28, 2024
Yes
Yes

(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
Fiscal year ended
March 31, 2024
53,650
1.3
1,807
2,242
614
52,986
11.8
(228)
97
(93.8)(439)
March 31, 2023
(Note) Comprehensive income:Fiscal year ended March 31, 2024:¥
3,102 million [-%]Fiscal year ended March 31, 2023:¥(522) million [-%]Basic earnings per Diluted earnings per Rate of return on
share
share
equityYen
Fiscal year ended
March 31, 2024
11.31
March 31, 2023
(8.07)(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio

%

%

1.7
(1.2)
Fiscal year ended March 31, 2024:
Fiscal year ended March 31, 2023:

2.8
0.1
¥
¥

Operating profit to
net sales ratio
%

3.4
(0.4)
256 million
163 million(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

As of March 31, 2024:
As of March 31, 2023:

81,99577,063

Capital adequacy ratio

Millions of yen¥¥

40,39537,65837,506 million
34,949 million

%

45.7
45.4

(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Net assets per shareYen

690.70643.71

Cash and cash
equivalents at the endof period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

5,847
432

(1,364)(1,434)

(511)
(447)

11,1207,136

2. Dividends
Annual dividends

Fiscal year ended

1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Payoutratio

Total
dividends

Total(consolidated)

Dividends
to netassets(consolidated)

Yen

Yen

Yen

Yen

Yen Millions of yen%%

March 31, 2023

-

0.00

-

0.00

0.00

-

-

-

March 31, 2024

-

6.50

-

6.50

13.00

710

114.9

1.9

-

6.50

-

6.50

13.00

Fiscal year ending
March 31, 2025

44.1

(Forecast)(Note) Breakdown of the year-end dividend for the fiscal year ended March 31, 2024 :Commemorative dividend- yenSpecial dividend- yen
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% 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 ending
September 30, 2024
Full year

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

26,6000.6

700(45.0)

1,000(34.6)

600(25.8)

11.05

57,000

6.2

2,400

32.8

2,800

24.8

1,600

160.5

29.47

* 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: 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, 2024:
57,777,432 shares
March 31, 2023:
57,777,432 shares
2) Number of treasury shares at the end of the period:
March 31, 2024:
3,476,234 shares
March 31, 2023:
3,483,945 shares
3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2024:
Fiscal Year ended March 31, 2023:

54,296,313 shares
54,402,098 shares

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Millions of yen%

35,59536,048(1.3)
10.1

Millions of yen

Ordinary profit
%

1,873
348

Millions of yen

437.1(70.8)

648(735)

Net income%-

Millions of yen

%

(20)
(824)

-

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023

Yen

Yen

(0.37)(15.10)-(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Millions of yen

As of March 31, 2024:
As of March 31, 2023:

63,10961,555

Millions of yen¥¥

Capital adequacy ratio

25,77924,67525,779 million
24,675 million

%

40.8
40.1

Net assets per shareYen

473.73453.49

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 ·············································································································· 4(6) Significant Events Relating to Going Concern Assumption, etc. ···················································· 5
2. Basic Approach to the Selection of Accounting Standards ······························································· 5
3. Consolidated Financial Statements ·························································································· 6(1) Consolidated Balance Sheets ······························································································ 6(2) Consolidated Statements of Income and Comprehensive Income ··················································· 8(3) Consolidated Statements of Changes in Equity········································································10(4) Consolidated Statements of Cash Flows··············································································· 12(5) Notes to Consolidated Financial Statements ·········································································· 14(Notes on Going Concern Assumption) ················································································ 14(Significant Accounting Policies for Preparation of Consolidated Financial Statements) ······················ 14(Changes in Accounting Policies) ······················································································ 17(Additional Information) ································································································· 17(Matters Related to Revenue Recognition) ············································································ 18(Segment Information, etc.) ····························································································· 18(Per Share Information) ·································································································· 21(Significant Events after Reporting Period) ··········································································· 22

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, 2024), although the economic environment saw progressin the normalization of economic activity, and the economy showed signs of a gradual recovery, the outlook remained
uncertain due to an unstable international environment, depreciation of the yen, and an increase in raw material andlogistics expenses.
Regarding the business environment in which the Group operates, while attention was drawn to the Group’s
products, construction, and supply systems, which enable rapid recovery from disasters, expectations also remained
high for precast concrete products and construction technology that contribute to disaster prevention and mitigation,
maintenance of social infrastructure, the shortening of construction periods and labor saving, as well as for theCompany-developed technology for carbon capture and CCUS (carbon dioxide capture, utilization and storage)
products, and low-carbon type concrete products.
In these circumstances, due to the recording of losses and non-payment of dividends in the previous fiscal year,
the Group formulated a business improvement plan (announced on May 19, 2023) to realize a quick recovery inbusiness performance and resume dividends. The Group has been steadily implementing various initiatives such ascost reductions, increase in construction profitability, and the penetration of fair prices.
As a result, the Group’s net sales for the period under review were 53,650 million yen (up 1.3% year-on-year),
operating profit was 1,807 million yen (operating loss of 228 million yen in the same period of the previous fiscal
year), ordinary profit was 2,242 million yen (up 2,211.6% year-on-year), and profit attributable to owners of parent
was 614 million yen (loss attributable to owners of parent of 439 million yen in the same period of the previous fiscal
year).
Regarding the damage from ransomware infection which occurred on May 5, 2023, direct impact of the damage
on our production and sales was minimal as we made efforts to maintain and recover business activities. However,
we sincerely apologize to our shareholders and investors for the concern and inconvenience caused by a delay in theannouncement of the financial results from the first to third quarters.
As a result of efforts to eliminate delays, the situation has normalized from the announcement of the current
financial results.
An overview of each business for the fiscal year under review is as follows:
1) Foundation Business
The demand for concrete piles across Japan during the fiscal year under review decreased substantially froma year earlier, and the Group’s shipment volume declined, for net sales of 26,537 million yen (down 6.0% yearon-year).
As for profit, segment income was 1,228 million yen (up 138.3% year-on-year), owing to efforts to improve
construction profitability and to increase the penetration of fair prices, despite plant utilization rates that werelower than the Company’s estimation.
2) Concrete Secondary Product BusinessIn the Pole-related Business, which is part of the Concrete Secondary Product Business, concrete pole
shipments throughout Japan remained roughly at the same level from a year earlier. In this environment, theGroup’s shipment volume increased due to a share expansion, and negotiations were conducted with large volume
customers to review selling prices. As a result, net sales amounted to 14,814 million yen (up 13.5% year on-year).
In the Civil Engineering Product Business, production and inspection of RC segments intended for the Linear
Chuo Shinkansen remained brisk. In addition, large-scale precast concrete wall projects were completed andshipments of precast products for “Oyagui-panel” soldier pile panels progressed smoothly. As a result, net sales
were 11,996 million yen (up 5.1% year-on-year).
2

As a result, net sales in the Concrete Secondary Product Business amounted to 26,811 million yen (up 9.6%
year-on-year). As for profit, segment income was 2,032 million yen (up 207.9% year-on-year) due to successful
penetration of fair prices in the same way as the Foundation Business.
3) Real Estate and Solar Power Generation Business
The Company reported steady rental income, and generated and sold electricity for net sales that amounted
to 302 million yen (up 3.2% year-on-year) and segment income was 184 million yen (up 0.2% 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; andto 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 81,995 million yen, up 4,932 million yen from the endof the previous fiscal year.
Current assets were 36,417 million yen, up 1,858 million yen from the end of the previous fiscal year, and noncurrent assets were 45,578 million yen, up 3,074 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 non-current
assets was mainly due to an increase in investment securities.
Total liabilities were 41,599 million yen, up 2,195 million yen from the end of the previous fiscal year.
Current liabilities were 26,887 million yen, up 1,421 million yen from the end of the previous fiscal year, andnon-current liabilities were 14,711 million yen, up 773 million yen from the end of the previous fiscal year.
The increase in current liabilities was mainly due to an increase in income taxes payable, and the increase in noncurrent liabilities was mainly due to an increase in deferred tax liabilities.
Total net assets were 40,395 million yen, up 2,737 million yen from the end of the previous fiscal year.
This was mainly due to increases in valuation difference on available-for-sale securities.
As a result of the above, the equity ratio came to 45.7%.
(3) Overview of Cash Flows for the Fiscal Year under Review
Cash and cash equivalents at the end of the fiscal year under review increased by 3,984 million yen year-on-year
to 11,120 million yen.
1) Cash flows from operating activities
Funds provided by operating activities amounted to 5,847 million yen. This was chiefly because of factors
to increase funds, such as 2,278 million yen recorded as profit before income taxes and a 2,502 million yen
decrease in accounts receivable – trade and contract assets.
2) Cash flows from investing activities
Funds used in investing activities totaled 1,364 million yen. This was chiefly due to the factors to decrease
funds, such as 1,329 million yen recorded as purchase of property, plant and equipment.
3) Cash flows from financing activities
Funds used in financing activities totaled 511 million yen. This was chiefly because the factors to decrease
funds, such as 355 million yen recorded as dividends paid.
(Reference) Trends in cash flow indicators
Fiscal year
Fiscal year
Fiscal year
Fiscal year
Fiscal year
ended
ended
ended
ended
ended
March 31, 2020 March 31, 2021 March 31, 2022 March 31, 2023 March 31, 2024
Equity ratio (%)

50.6

50.2

3

48.1

45.4

45.7

Market-value equity ratio (%)

21.4

31.1

21.3

18.0

25.1

Cash flow to interest-bearing
debt ratio (years)(21.8)

2.8

4.5

32.1

130.1

Interest coverage ratio (times)(10.3)

85.2

55.1

6.90

81.9

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-half financial
results and the full-year financial results forecast, among other elements.
In accordance with this dividend policy, we paid an interim dividend of 6.50 yen per share at the end of the second
quarter of the current fiscal year. In accordance with the same policy, and after comprehensively considering thebusiness results for the period under review and the business environment, we have decided to pay a year-end
dividend of 6.5 yen per share, for an annual dividend of 13 yen per share, as forecasted at the beginning of the period.
(5) Future Outlook
With regard the future outlook, we expect that the conditions of the business environment in which the Group
operates will remain severe due to the on-going risks presented by an unstable international environment andincreases in energy, raw material and personnel expenses, in addition to the 2024 logistics problem and construction
start delays and extended construction periods and other issues in construction projects.
It was under such conditions that the Group announced the formulation of its new Medium-Term Management
Plan on May 15, 2024.
In this plan, we identify our medium- to long-term vision of “safeguarding future social infrastructure and theglobal environment,” in keeping with the previous plan, and the medium-term management policy of “creating newvalue and contributing to a sustainable society through Group transformation and sustainable growth” with the aimof bolstering existing businesses and expanding into growth fields by both “improving the profitability of corebusinesses” and “strengthening our management base for value-added creation.” This is the policy which will
empower our efforts to achieve sustainable growth.
In addition, by incorporating ESG and a policy of taking action to achieve management that is conscious of capital
cost and stock prices, we will push further forward in efforts to raise corporate value.
Please see the announcement materials for the specific content of the new Medium-Term Management Plan
(Japanese only).
In fiscal 2024, we plan to increase sales and profits by reinforcing our order-taking activities such as proposal4

based sales and product installation work, along with streamlined construction and further penetration of fair pricing,
despite expected increases in costs for raw materials, labor, and logistics.
In addition, in April 2024 the Group welcomed Komatsu Seisakusyo Co., Ltd., the manufacture and sale offormwork for poles and piles, with the intent of creating synergy that will further reduce costs.
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 be committed
to utilizing the Group’s synergy effect and realizing further growth, and by intensifying our efforts on corporate
governance and sustainability, we are aiming to realize sustainable growth and enhance our corporate value to meetthe expectations of our stakeholders.
(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 for different
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.

53.Consolidated Financial Statements(1)Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Electronically recorded monetary claims operating
Accounts receivable - trade
Contract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
Costs on construction contracts in progress
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

6

As of March 31, 2024

7,136,254
2,184,668

11,120,707
1,827,350

2,851,162

2,925,147

9,360,306
2,290,762
6,662,602
616,733
1,851,977
548,749
1,080,338(24,300)
34,559,255

7,309,778
2,122,342
6,950,355
740,826
2,038,697
319,817
1,070,595(8,134)36,417,483

19,809,852(14,732,369)
5,077,483
33,444,158(30,747,747)
2,696,411
17,237,062
504,159
15,220,595(14,283,237)
937,357
26,452,474
596,533

19,988,110(15,043,989)
4,944,121
33,971,964(31,308,906)
2,663,058
17,237,062
677,761
15,037,395(14,271,308)
766,087
26,288,090
881,242

12,235,905
1,922,733
788,855644,444(136,987)
15,454,951
42,503,959
77,063,214

14,547,526
2,955,466
352,097684,666(130,861)
18,408,895
45,578,229
81,995,712

(Thousands of yen)
As of March 31, 2023
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

7

As of March 31, 2024

5,345,374
10,094,953
4,049,600
2,121,682
40,000308,412561,537

5,285,032
9,864,508
4,084,600
2,260,089
40,000945,725
618,073

15,617

77,27027,9702,901,088
25,466,236

22,2503,690,222
26,887,772

140,000
6,697,588
2,808,385
2,410,926
1,242,252
638,899
13,938,051
39,404,287

100,000
6,533,312
3,737,547
2,410,926
1,220,462
709,736
14,711,984
41,599,757

5,111,583
3,857,548
18,493,031(1,010,996)
26,451,166

5,111,583
3,858,899
18,752,806(1,009,783)
26,713,506

3,452,402

4,999,946

5,312,368(178,438)(88,161)8,498,170
2,709,590
37,658,927
77,063,214

5,312,368(138,068)
618,394
10,792,641
2,889,807
40,395,955
81,995,712

(2)Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousands of yen)
For the fiscal year
ended March 31, 2023
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
methodGain on sale of scraps
Other
Total non-operating income
Non-operating expenses
Loss on claims
Interest expenses
Arrangement fee
Loss from suspension of plantoperations assets
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
System failure response costs
Loss on sales of affiliates' stocks
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss)
Profit attributable to non-controlling interests
Profit (loss) attributable to owners of parent

8

For the fiscal year
ended March 31, 2024

52,986,076
46,545,904
6,440,172
6,668,825(228,653)

53,650,671
44,765,845
8,884,825
7,077,249
1,807,575

6,630
186,000

9,189
197,111

163,855

258,547

82,582160,062
599,133

72,571
149,901
687,32080,00063,658
16,666
22,136
90,987
273,449
97,03013,96471,43016,666
43,618106,233
251,913
2,242,981

18,31575,526
93,84130,096
93,732
123,828

33,103
33,103
157,768
531,856(39,881)
491,974(334,206)
104,990(439,196)

30,890
9,195
48,17588,261
2,278,549
1,134,277
372,758
1,507,036
771,513
157,239614,273

Consolidated Statements of Comprehensive Income(Thousands of yen)
For the fiscal year
ended March 31, 2023
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

9

For the fiscal year
ended March 31, 2024

(334,206)

771,513(89,317)(35,372)(60,753)

1,553,122
46,222
719,792(2,986)

11,801(188,430)(522,637)

2,330,938
3,102,451(625,774)

2,908,744

103,137

193,707

(3)Consolidated Statements of Changes in Equity
For the fiscal year ended March 31, 2023
(Thousands of yen)
Shareholders' equity
Share capital Capital surplus
Balance at beginningof period
Changes during
periodDividends ofsurplus
Change inownership interestof parent due totransactions with
non-controllinginterests
Profit (loss)
attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period5,111,583

3,894,910

Retainedearnings

TreasurysharesTotalshareholders'equity19,181,307(818,520)

27,369,281(249,079)(249,079)

6,951

6,951

(439,196)(44,314)(439,196)(299,364)(299,364)

106,888

62,574-(37,362)(688,276)(192,476)(918,115)

5,111,583

3,857,548

18,493,031(1,010,996)

26,451,166

Accumulated other comprehensive income
Valuation
Revaluationdifference on
reserve foravailable-for-salelandsecurities
Balance at beginningof period
Changes during
periodDividends ofsurplus
Change inownership interestof parent due totransactions with
non-controllinginterests
Profit (loss)
attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period3,547,540

5,312,368

Foreigncurrencytranslation
adjustment(147,543)

Total
Remeasurements accumulated Non-controllinginterestsof definedotherbenefit plans comprehensive
income(27,616)

8,684,749

2,618,762

Total net
assets38,672,793(249,079)

6,951(439,196)(299,364)
62,574(95,137)-(30,894)(60,545)(186,578)

90,827(95,750)(95,137)-(30,894)(60,545)(186,578)

90,827(1,013,865)

3,452,402

5,312,368(178,438)(88,161)8,498,170

2,709,590

37,658,927

10For the fiscal year ended March 31, 2024
(Thousands of yen)
Shareholders' equity
Share capital Capital surplus
Balance at beginningof period
Changes during
periodDividends ofsurplus
Change inownership interestof parent due totransactions with
non-controllinginterests
Profit (loss)
attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period5,111,583

3,857,548

Retainedearnings

TreasurysharesTotalshareholders'equity18,493,031(1,010,996)

26,451,166(354,498)(354,498)

1,351

1,351

614,273614,273
(16)

(16)

1,230

1,230

-

1,351

259,775

1,213

262,340

5,111,583

3,858,899

18,752,806(1,009,783)

26,713,506

Accumulated other comprehensive income
Valuation
Revaluationdifference on
reserve foravailable-for-salelandsecurities
Balance at beginningof period
Changes during
periodDividends ofsurplus
Change inownership interestof parent due totransactions with
non-controllinginterests
Profit (loss)
attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period3,452,402

5,312,368

Foreigncurrencytranslation
adjustment(178,438)

Total
Remeasurements accumulated Non-controllinginterestsof definedotherbenefit plans comprehensive
income(88,161)8,498,170

2,709,590

Total net
assets37,658,927(354,498)

1,351

614,273(16)
1,230
1,547,544-

40,370706,555

2,294,470

180,2172,474,687

1,547,544-

40,370706,555

2,294,470

180,2172,737,028

4,999,946

5,312,368(138,068)

618,394

10,792,641

2,889,807

40,395,955

11

(4)Consolidated Statements of Cash Flows(Thousands of yen)
For the fiscal year
ended March 31, 2023
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
System failure response costs
Loss (gain) on sale of investment securities
Loss on sales of affiliates' stocks
Decrease (increase) in accounts receivable - trade, andcontract assets
Decrease (increase) in inventories
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 other investments
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
System failure response costs paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from sales of shares of associates
Other, net
Net cash provided by (used in) investing activities

12

For the fiscal year
ended March 31, 2024

157,768
1,859,940
56,928(110,689)(25,641)

2,278,549
1,886,122(22,291)
91,266(33,798)

25,693(89,100)(5,720)48,520(38,256)

109,081(126,215)(163,855)(258,547)(192,631)
63,658(18,315)
33,103(75,526)-(206,300)
71,430(30,096)
48,17530,890(93,732)
9,195(3,340,797)

2,502,281(724,181)2,807,701(369,634)(290,787)

41,190177,869(128,862)(45,250)(57,741)
363,091
229,726
616,983
210,260(62,831)(391,126)
59,092432,378

302,987
55,150105,386(73,371)(97,229)
6,120,154
239,330(69,867)(454,279)
42,570(30,890)
5,847,017(1,308,082)
18,315(242,571)(578)
98,279160(1,434,478)(1,329,330)
34,113(308,376)(685)
99,510140,40040(1,364,329)

(Thousands of yen)
For the fiscal year
ended March 31, 2023
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
Repayments of lease liabilities
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Repayments of construction assistance fund
Proceeds from sales of shares of parent held bysubsidiaries
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Net 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

13

For the fiscal year
ended March 31, 2024

49,6002,355,663(2,303,941)
100,000(24,500)(102,494)(299,364)(249,621)(13,555)(17,500)

35,0004,248,216(4,274,085)(40,000)(95,310)(355,280)(12,062)(17,500)

60,200-(1,876)(65)(447,390)(511,087)(13,988)

12,852(1,463,478)
8,599,733
7,136,254

3,984,452
7,136,254
11,120,707

(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.
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: 3Names 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
The balance sheet date of consolidated subsidiaries is the same as the consolidated balance sheet date.
2. Disclosure of accounting policies(1) Accounting policy for measuring significant assets
1) Securities
Available-for-sale securities
Excluding shares, etc. with no market value:
Stated at market value (The entire valuation difference is recognized directly in net assets, and thecost of securities sold is calculated using the moving-average method.)
Shares with no market value:
Stated at cost, using the moving average method.

142) Inventories
Merchandise, finished goods, raw materials, and supplies:
Stated at cost, mainly using the moving average method (write-downs due to decreased profitability).
Work in process and expenditure on contracts 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 attached tothem) acquired on or after April 1, 1998, and the facilities attached to buildings and structures acquiredon 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 thelease 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 performance-linked
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 performance-linked
compensation) to directors and other officers, a provision is recognized based on the estimated amountof payments for the fiscal year under review.
4) Provision for loss on construction contracts
To provide for losses on construction contracts pertaining to piles, poles, and civil engineering
products, a provision is recognized for the amount of the current fiscal year’s share of estimated losses
for uncompleted construction contracts at the end of the fiscal year under review when the estimated total
construction cost exceeds total construction revenues.
(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 benefit liability
and retirement benefit expenses are as follows:15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 for voluntary
resignations at the end of the fiscal year are recognized as retirement benefit obligations.
(5) Accounting policy for revenue and expenses
The details of the main performance obligations in the major businesses related to revenue from contracts
with the customers of the Company and those of its consolidated subsidiaries, and the timing at which theCompany typically satisfies these performance obligations (when it typically recognizes revenue) are as
follows:
1) Product sales
In terms of product sales for the Foundation Business and the Concrete Secondary Product Business,
the Company is engaged in the manufacture and selling of concrete piles, poles, and civil engineering
products. Our primary performance obligation in these transactions is the delivery of specified products
to customers based upon contracts with the same customers. Therefore, the typical timing (when the
Company typically recognizes revenue) at which such performance obligations are satisfied, whencontrol of the products is transferred to customers via delivery of the products and the performanceobligations are satisfied, is the point of delivery of the goods. However, for transactions within Japan, in
which the period comprising shipment of the product until the control of said merchandise or finishedproduct is transferred to the customer represents the typical timing, revenue is recognized at the point ofshipment of the product. Further, the Company receives consideration for such transactions generally
within one year of delivery of the product, which is not considered to include a significant financialcomponents.
2) Construction contract sales
In terms of construction contract sales for the Foundation Business and the Concrete Secondary
Product Business, the Company is engaged in contracted work related to the construction of concrete
piles, poles, and civil engineering products. Our primary performance obligation in these transactions is
the competition of the respective construction works, including the construction of pile foundations on
the land of the contractor based on the contract with the customer. With regard to these construction
contracts, as the customer assumes control over the asset as it is built over the course of the construction
work, the performance obligation is one in which its satisfaction is achieved over a set period of time.
Further, the degree of progress toward satisfaction of said performance obligations is measured by theratio of the construction cost actually incurred by the end of the fiscal year under review to the estimatedtotal construction cost, which we judge to be a faithful characterization with regard to the transfer ofcontrol to the customer. As such, we recognize revenue based on the ratio of the construction cost actually
incurred by the end of the fiscal year under review to the estimated total construction cost (hereinafterreferred to as, “revenue recognized based on the percentage-of-completion method”). However, due tothe fact that it is impossible to make reasonable estimates with regard to the degree of progress at the16

end of the fiscal year under review due to the lack of reliable information for estimating total construction
costs, etc., if it is probable that the construction cost incurred when the performance obligations are
satisfied will be recovered, the Company will recognize revenue using the actual construction costs up
until it becomes possible to reasonably estimate the degree of progress toward satisfaction of said
performance obligations (hereinafter referred to as, “revenue recognized based on the cost recovery
method”).
For construction contracts in which the period from the time when a transaction is commenced to theperiod the construction is complete is very short, the Company applies alternative treatment, and does
not recognize revenue over a period of time but recognizes revenue at the point in time when theconstruction is complete (hereinafter referred to as, “revenue recognized based on the completion
method”.)
The considerations for these construction contract transactions are received in stages according to thegeneral degree of progress and in accordance with the terms of the contract.
Further the main item under “Other revenue” recorded in Net Sales includes revenue from real estateleasing, the revenue from which is recognized based on time elapsed.
(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 goodwill
Goodwill is amortized evenly over five years, except for goodwill with immaterial value that is fully
amortized as incurred.
(8) 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 with maturities
not exceeding three months from the acquisition date.
(Changes in Accounting Policies)(Application of Practical Solution on the Accounting for and Disclosure of the issuance and holding ofElectronically Recorded Transferable Rights That Must Be Indicated on Securities, etc.)
Effective from the beginning of the fiscal year under review, the Company has applied the “Practical Solution
on the Accounting for and Disclosure of the issuance and holding of Electronically Recorded Transferable Rights
That Must Be Indicated on Securities, etc.” (ASBJ PITF No. 43, August 26, 2022).
There has been no impact on the consolidated financial statements.
(Additional Information)(A transaction in which the Company’s shares are delivered to its employees, etc. through a trust)(1) Summary of the transaction
As for the Board Incentive Plan Trust (hereinafter referred to as the “BIP Trust”) and the Stock Granting
Trust (J-ESOP) (hereinafter referred to as the “J-ESOP Trust”) introduced in August 2015, the Company
resolved at the Board of Directors’ Meeting held on August 11, 2021 to continue the BIP Trust and the J-ESOP
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 ofincreasing motivation to improve the Company’s medium- to long-term performance and raising awarenesstoward the contribution to an increase in shareholder value.

17(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. For the BIP Trust, the book value and the number of treasury
shares at the end of the previous fiscal year were 43,816 thousand yen and 136,995 shares, and at the end of
the fiscal year under review, 42,973 thousand yen and 134,359 shares, and for the J-ESOP Trust, 35,117
thousand yen and 107,785 shares at the end of the previous fiscal year, and 34,730 thousand yen and 106,597
shares at the end of the fiscal year under review.
(Matters Related to Revenue Recognition)
Information on the breakdown of revenue arising from contracts with customers
For the previous fiscal year ended March 31, 2023
Foundation
Business

Concrete
Secondary ProductBusiness

Product sales
4,529,468
21,694,442
Construction contract
23,683,384
2,753,882
sales
Other sales
13,15012,238
Revenue from contracts
28,226,003
24,460,563
with customers
Other revenue (Note)
6,926―
Net sales to outside
28,232,929
24,460,563
customers(Note) Other revenue includes revenue from real estate leasing.

Real Estate andSolar Power
Generation
Business―(Thousand yen)Total
26,223,910―

26,437,266

58,182

83,571

58,182

52,744,748

234,400

241,327

292,583

52,986,076

For the fiscal year ended March 31, 2024
Foundation
Business

Concrete
Secondary ProductBusiness

Product sales
3,192,914
23,891,901
Construction contract
23,325,612
2,917,266
sales
Other sales
14,133
2,258
Revenue from contracts
26,532,660
26,811,426
with customers
Other revenue (Note)
4,575―
Net sales to outside
26,537,236
26,811,426
customers(Note) Other revenue includes revenue from real estate leasing.

Real Estate andSolar Power
Generation
Business―(Thousand yen)
Total
27,084,816―

26,242,878

60,00076,39260,00053,404,087

242,007

246,583

302,008

53,650,671(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

18

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 other concrete secondary
products and on the construction of poles and civil engineering products. The Real Estate and Solar Power
Generation Business segment engages in renting real estate and generating electricity from solar 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.

19

3. Information on net sales, income or loss, assets, and other items by reportable segment
For the previous fiscal year ended March 31, 2023
Reportable segment
Concrete Real Estate andFoundation Secondary Solar PowerBusiness
Generation
Product
Business
Business
Net sales
Net sales to outside 28,232,929 24,460,563
customers
Inter-segment net sales
1,596―
or transfers
Total
28,234,525 24,460,563
Segment income (loss)
Segment assets

515,730

660,246

25,265,513 29,144,774

Total

292,583 52,986,076
―

1,596

292,583 52,987,672
184,086

1,360,063(Thousand yen)Amounts
recorded intheAdjustment consolidated(Note 1)
financialstatements(Note 2)
― 52,986,076(1,596)―(1,596) 52,986,076(1,588,716)(228,653)

1,989,007 56,399,294 20,663,920 77,063,214

Other items
Depreciation

833,587

888,825

56,5391,778,952

80,987

1,859,940

Amortization of―
56,928―56,928―56,928
goodwill
Increase in property,
plant and equipment and594,840
785,250
31,6291,411,720
351,741 1,763,461
intangible assets(Notes)1. The adjustments are as follows:(1) The adjustment for segment income (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 (loss) is adjusted to the operating profit in the consolidated statement of income.

20

For the fiscal year ended March 31, 2024
Reportable segment
Concrete Real Estate andFoundation Secondary Solar PowerBusiness
Generation
Product
Business
Business
Net sales
Net sales to outside 26,537,236 26,811,426
customers
Inter-segment net sales
3,052―
or transfers
Total
26,540,288 26,811,426
Segment income

1,228,802

Segment assets

23,054,292 31,276,272

Total(Thousand yen)Amounts
recorded intheAdjustment consolidated(Note 1)
financialstatements(Note 2)

302,008 53,650,671
―

3,052

302,008 53,653,723

2,032,787

184,384

3,445,975― 53,650,671(3,052)―(3,052) 53,650,671(1,638,399)

1,807,575

1,518,641 55,849,206 26,146,506 81,995,712

Other items
Depreciation

748,554

980,361

55,134

1,784,049

102,072

1,886,122

Increase in property,
plant and equipment and813,919
911,643
10,870 1,736,432
552,366 2,288,799
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
For the previous fiscal year ended March 31, 2023
There is no relevant information.
For the fiscal year ended March 31, 2024
There is no relevant information.

(Per Share Information)

For the fiscal year ended
March 31, 2023

For the fiscal year ended
March 31, 2024

643.71690.70(8.07)

11.31

Net assets per share (yen)Basic earnings (loss) per share (yen)(Notes)
1. Diluted earnings per share is not presented in the above as there were no potential shares.

212. Basic earnings (loss) per share was computed based on the figures below.
For the fiscal year ended
March 31, 2023

For the fiscal year ended
March 31, 2024

(439,196)

614,273――

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

(439,196)

614,273

Average number of common shares during theperiod (thousand shares)

54,40254,296

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

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

22