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 Six Months Ended September 30, 2021
[Japanese GAAP]
November 12, 2021
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 filing quarterly securities report:
November 12, 2021
Scheduled date of commencing dividend payments:
December 01, 2021
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session:
Yes(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Six Months Ended September 30, 2021 (April 01, 2021 to September 30, 2021)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Six months ended
September 30, 2021
21,116(7.2)
242(76.6)
533(61.0)
644(13.7)
22,753
(1.7)
1,037
1,368
747
September 30, 2020
(Note) Comprehensive income:Six months ended September 30, 2021:¥
129 million [(90.4) %]Six months ended September 30, 2020:¥
1,345 million [-%]Basic earnings
per share
Six months ended
September 30, 2021
September 30, 2020

Diluted earnings per
share
Yen

Yen

11.44
13.30

-

(2) Consolidated Financial Position
Total assets
Million yen
As ofSeptember 30, 2021
76,969March 31, 2021
74,825(Reference) Equity: As of September 30, 2021:
As of March 31, 2021:

Net assets

Capital adequacy ratio

Million yen¥¥

39,95839,38437,250 million
37,539 million

%

48.3
50.2

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2021

-

2.50

-

6.50

9.00

Fiscal year ending March 31, 2022

-

4.50
-

4.50

9.00

Fiscal year ending March 31, 2022
(Forecast)(Note) Revision to the forecast for dividends announced most recently:
No(Note) Breakdown of the 2nd quarter dividend for the fiscal year ending March 31, 2022 :Commemorative dividend- yenSpecial dividend- yenYear-endTotal

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022(April 01, 2021 to March 31, 2022)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share%

Million yen%

Million yen%

Yen

51,0004.3
1,600 (41.7)
Full year(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

1,800
Yes

(43.4)

1,450(22.5)

25.73* Notes:(1) Changes in significant subsidiaries during the six months ended September 30, 2021
(changes in specified subsidiaries resulting in changes in scope of consolidation):New
1(Company name: Tohoku Pole Co., Ltd.
Exclusion:(Company name:Yes(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:))
No(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
September 30, 2021:
57,777,432 shares
March 31, 2021:
57,777,432 shares2) Total number of treasury shares at the end of the period:
September 30, 2021:
1,667,916 shares
March 31, 2021:
1,359,228 shares
3) Average number of shares during the period:
Six months ended September 30, 2021:
Six months ended September 30, 2020:

56,334,482 shares
56,157,207 shares* Quarterly financial results are not required to be subjected to quarterly reviews.
* Explanation for appropriate use of financial forecasts and other special notes.
The forecasts given in this document are based on the current available information in the company and certain reasonableassumptions to the company. Actual results may differ from these forecasts by a variety of reasons.

Table of contents

1. Qualitative Information on Quarterly Financial Results for the Period under Review ····························· 2(1) Explanation of Business Results ························································································ 2(2) Explanation of Financial Position ······················································································ 4(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information ·········· 5
2. Quarterly Consolidated Financial Statements and Primary Notes ···················································· 6(1) Quarterly Consolidated Balance Sheets ··············································································· 6(2) Quarterly Consolidated Statements of Income and Comprehensive Income ····································· 8
Quarterly Consolidated Statements of Income ······································································· 8
Quarterly Consolidated Statements of Comprehensive Income ··················································· 9(3) Quarterly Consolidated Statements of Cash Flows ·································································· 10(4) Notes to Quarterly Consolidated Financial Statements ······························································ 12(Notes on Going Concern Assumption) ················································································ 12(Notes in the Case of Significant Changes in the Amount of Shareholders’ Equity) ···························· 12(Changes in Accounting Policies) ····················································································· 13(Significant Changes in Subsidiaries in the Six Months Ended September 30, 2021) ·························· 14(Additional Information) ································································································· 14(Segment Information, etc.) ····························································································· 15(Matters Related to Revenue Recognition) ············································································ 16(Significant Events after Reporting Period) ··········································································· 16

11. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Business Results
In the six months ended September 30, 2021, the Japanese economy was in a difficult situation due in part to theimpact of the COVID-19 pandemic. While economic activities are expected to pick up thanks in part to the global
vaccination campaign, due caution needs to be exercised against the growing downside risk of the economy
resulting from the spread of infection caused by the variants; the economic outlook is thus expected to remain
uncertain.
Regarding the business environment in which the Group operates, the demand for concrete piles across Japan
during the six months ended September 30, 2021 remained at the same level as in the same period of the previous
year. Whereas the shipments of concrete poles throughout Japan also remained flat compared to the same period of
the previous year, the demand for poles for mobile phone base stations remained robust, continuing from theprevious period. Furthermore, demand is growing for concrete products that contribute to the development of newbase stations for 5G mobile phones, as well as for concrete products that help prevent and mitigate disasters,
reinforce national resilience, and are used in disaster recovery (such as precast concrete walls, which are theCompany’s proprietary products). Demand for slope reinforcement works also remained strong. In addition, theenvironmental technology for carbon capture developed by the Company and CCUS (carbon dioxide capture,utilization and storage) 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 this 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 this year, the Company made Tohoku Pole Co., Ltd. a subsidiary as scheduled and has launched an initiative
to generate synergy.
Regarding the situation of the Group’s overall business, however, it was more challenging than initially expected.
Although the shipment of poles for mobile phone base stations continued to be robust and Free Kogyo Co., Ltd.,
which is mainly engaged in slope reinforcement works, performed well, sales fell below the initial forecast because
the recognition of sales in the RC segment for the Linear Chuo Shinkansen fell behind schedule, production andshipments in the Foundation Business were sluggish, and precast concrete walls were also affected by the delayed
start of construction.
As for the Group’s revenue, net sales for the six months ended September 30, 2021 were 21,116 million yen(down 7.2% year-on-year), operating profit was 242 million yen (down 76.6% year-on-year), ordinary profit was
533 million yen (down 61.0% year-on-year), and profit attributable to owners of parent was 644 million yen (down
13.7% year-on-year).
The impact of the COVID-19 pandemic on the Group has been insignificant so far.
Trends by business segment are as follows.
1) Foundation Business
The demand across Japan for concrete piles during the six months ended September 30, 2021 remained flatcompared to the same period of the previous year. However, net sales were 9,071 million yen (down 23.4% yearon-year) as a result of significant declines in production and shipments of piles due to a decrease in orders received
for large-scale projects, reflecting severe competition for orders.
As for the profit, a segment income of 59 million yen (down 88.7% year-on-year) was recorded, affected by a2

decline in plant utilization rates in addition to lower sales.
In this business, we are taking steps to improve plant utilization rates by focusing on securing orders such as largescale civil engineering projects in the Kanto region. While strengthening construction management to increase
profits, we are also working to sharpen competitiveness and improve customer satisfaction by promoting thedevelopment of technologies. Moreover, we developed our unique G (green)-ONA pile, which can reduce CO2
emissions 40% over our existing product through carbon capture and utilization, and are scheduled to launch it
next year as part of efforts to expand sales of environment-friendly piles.
2) Concrete Secondary Product BusinessIn the Pole-related Business, which is part of the Concrete Secondary Product Business, while the demand for
concrete poles across Japan remained flat, the Group’s shipment of poles for mobile phone base stations continued
to be robust, with net sales of 7,734 million yen (up 18.6% year-on-year).
In terms of the Civil Engineering Product Business, notwithstanding the robust performance of Free Kogyo, which
undertakes slope reinforcement works, net sales were 4,155 million yen (down 1.9% year-on-year) as sales of the
RC segment are to be recorded later than initially expected even though it has already started production for the
Linear Chuo Shinkansen, and because of many precast concrete wall projects starting in the second half of the
fiscal year under review, as well as affected by delays in the start of scheduled projects for construction works.
As a result, net sales for the Concrete Secondary Product Business were 11,890 million yen (up 10.5% year-onyear).
As for the profit, although we ensured a profit from the robust shipment of poles for mobile phone base stations
and Free Kogyo performed well, sales of high-margin civil engineering products were slow, with segment incomeof 1,026 million yen (down 16.5% year-on-year).
Regarding our ongoing efforts in each business, in the Pole-related Business, while responding to a steady numberof inquiries about COP (cap on poles), fit-in flange poles which enhance workability of construction, we areworking to expand the sales of poles for mobile phone base stations, including additional stations with a view to 5G
network rollouts. We are also strengthening our efforts to win orders including those for pole maintenance and theconstruction of poles to further boost our earnings.
In the Civil Engineering Product Business, we receive many inquiries about our precast concrete walls for faster
construction and less manpower and slope reinforcement works for flood control, following the increasing demand
for greater national resilience as well as preventing and mitigating disasters. Accordingly, we are working actively
to win orders with an enhanced sales structure including extended sales areas and proceeding with expanding sales
by incorporating our products into designs. In the Segment Business, as well as promoting steady production for the
Linear Chuo Shinkansen and striving to cut manufacturing costs, we are working to win orders for large-scale
projects such as construction of underground regulating reservoirs in urban areas.
3) Real Estate and Solar Power Generation BusinessIn the Real Estate and Solar Power Generation Business, net sales were 154 million yen (up 0.5% year-on-year)
and segment income was 95 million yen (up 6.2% year-on-year).
As for the Environment Business, to meet the target of cutting CO2 emissions by approx. 6,000 tons (equivalent toaround 30% of the Group’s total emissions) in FY2023 set under the Medium-Term Management Plan, besides theabovementioned G-ONA pile, we are vigorously promoting various initiatives, including a joint research projectwith leading general contractors to develop eco-friendly products and expand sales channels. Furthermore, we
address the Myanmar business properly while keeping a close watch on the local political situation.
In view of the current business environment and conditions described above, each of the Group’s businesses will
make proactive efforts to win orders and expand sales. At the same time, while adapting swiftly to changes in thebusiness environment, we will continue to reduce costs and focus on enhancing earning power.

3

The Group will continue to play a role in strengthening social infrastructure and contribute to society by offering
technology and product lines that reduce environmental impacts. In addition, we will continue our efforts toenhance corporate value through sustainable growth by exploiting Group synergy.
(Note) Net sales and other figures do not include consumption and other taxes.
(2) Explanation of Financial Position
The Group’s financial policies are to reduce total assets so as to improve ROA through measures such as earlycollection of accounts receivable, optimization of product inventories, and efficient capital investment strategies;
and to reduce interest-bearing debts by improving the efficiency of the Group’s funds and assets.
Total assets at the end of the second quarter of the fiscal year under review were 76,969 million yen, up 2,143
million yen from the end of the previous fiscal year.
Current assets were 32,157 million yen, up 292 million yen from the end of the previous fiscal year, and noncurrent assets were 44,811 million yen, up 1,851 million yen from the end of the previous fiscal year.
The increase in current assets was mainly due to an increase in merchandise and finished goods, and the increasein non-current assets was mainly due to the purchase of property, plant and equipment.
Total liabilities were 37,010 million yen, up 1,569 million yen from the end of the previous fiscal year.
Current liabilities were 26,802 million yen, up 2,004 million yen from the end of the previous fiscal year, andnon-current liabilities were 10,208 million yen, down 434 million yen from the end of the previous fiscal year.
The increase in current liabilities was mainly due to an increase in short-term borrowings, and the decrease in
non-current liabilities was mainly due to a decrease in long-term borrowings.
Total net assets were 39,958 million yen, up 574 million yen from the end of the previous fiscal year.
It was mainly due to an increase in retained earnings.
As a result of the above, the equity ratio was 48.3%, down from 50.2% at the end of the previous consolidated
fiscal year.
Analysis of Cash Flows
Cash and cash equivalents at the end of the six months ended September 30, 2021 amounted to 9,332 million
yen.
(Cash flows from operating activities)
Funds provided by operating activities amounted to 1,994 million yen (as compared to 2,860 million yen in
the same period last year). This was chiefly because the factors to increase funds, such as 1,100 million yen
recorded as profit before income taxes and 960 million yen recorded as depreciation, exceeded the factors todecrease funds, including 1,050 million yen recorded as decrease in trade payables.
(Cash flows from investing activities)
Funds used in investing activities totaled 2,702 million yen (as compared to 1,349 million yen in the same
period last year).
This was chiefly due to the factors to decrease funds, such as 2,097 million yen recorded as purchase ofshares of subsidiaries resulting in change in scope of consolidation, and 713 million yen recorded as purchaseof property, plant and equipment.
(Cash flows from financing activities)
Funds provided by financing activities totaled 1,334 million yen (as compared to 505 million yen in the same
period last year).
This was chiefly because the factors to increase funds, such as 2,900 million yen recorded as net increase in
short-term borrowings, exceeded the factors to decrease funds, including 1,058 million yen recorded as net
decrease in long-term borrowings.

4

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
In view of the recent business trends, the Company revised its full-year consolidated financial results forecast
announced on May 20, 2021. For details, please refer to the “Notice regarding Revision of Full-Year Financial
Results Forecast (Appendix)” released today (November 12, 2021).

5

2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Thousand yen)
As of March 31,2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract
assetsSecurities
Electronically recorded monetary claims operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Expenditure on contracts in process
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

6

As of September 30,2021

8,804,311
11,965,519

8,332,410--

10,988,378-

1,000,000

2,521,131

1,768,828

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

6,428,367
447,136
1,567,586
359,997
1,295,289(30,599)
32,157,395

16,453,797
9,114,099
25,567,897
399,997

17,236,806
10,337,819
27,574,626
452,348

13,781,673
3,452,086(241,129)
16,992,630
42,960,524
74,825,217

13,355,806
3,664,305(235,442)
16,784,669
44,811,644
76,969,040

(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
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

7

As of September 30,2021

4,939,989
6,824,886
4,050,000
3,408,008
936,707610,661
4,027,869
24,798,122

5,274,893
7,025,058
7,000,000
3,117,838
329,742
647,054
3,407,638
26,802,224

4,500
3,577,548
688,257
6,372,725
10,643,031
35,441,153

1,000
2,809,204
1,185,156
6,213,302
10,208,663
37,010,888

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

5,111,583
3,894,568
19,202,964(533,165)
27,675,951

4,628,464

4,317,452

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

5,312,368(235,067)
179,740
9,574,493
2,707,707
39,958,152
76,969,040

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the six months)(Thousand yen)
For the six months
ended September 30,2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Loss from suspension of plant operations assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on step acquisitions
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Restructuring cost of production base
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

8

For the six months
ended September 30,2021

22,753,944
18,860,501
3,893,443
2,856,221
1,037,221

21,116,333
17,672,321
3,444,012
3,201,370
242,641

5,918
178,768

4,546
185,660

147,543

95,46670,669402,900

82,061
367,734

26,15545,896
72,051
1,368,070

26,43815,48434,874
76,796
533,579

895
895

299
164,036433,716
598,052

10,651
50,527
61,1791,307,786
393,739
70,940464,680
843,106
96,040747,065

4,803
26,741
31,544
1,100,087
337,237
59,918397,155
702,931
58,393644,538

Quarterly Consolidated Statements of Comprehensive Income (For the six months)(Thousand yen)
For the six months
ended September 30,2020
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

9

For the six months
ended September 30,2021

843,106

702,931482,71028,549(29,122)(302,125)(220,726)(41,386)

19,837(9,095)501,975
1,345,081(573,333)
129,598

1,246,764

99,36698,31730,231

(3) Quarterly Consolidated Statements of Cash Flows(Thousand yen)
For the six months
ended September 30,2020
Cash flows from operating activities
Profit 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 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 trade payables
Increase (decrease) in advances received
Increase (decrease) in dvance received and contractdebt
Decrease (increase) in accounts receivable - other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in accounts payable - other
Decrease (increase) in accounts receivable-liquidity
Decrease (increase) in other investments
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Restructuring cost of production base paid
Net cash provided by (used in) operating activities

10

For the six months
ended September 30,2021

1,307,786
732,219
28,464
131,644(769)

1,100,087
960,684
26,741
28,464(11,610)91,866

26,674(15,150)(50,090)(115,860)

9,868(37,317)(33,148)(69,080)(147,543)(95,466)(184,686)
26,155(895)
10,651
50,527796(190,207)
26,438(433,716)
(299)
4,803
(164,036)--

3,602,671(257,956)(364,159)
656,611

228,593(1,050,585)--(214,320)(101,362)
54,122
253,413
134,789335,613(283,890)
2,330,669
223,505(28,114)(84,316)
469,486(50,527)
2,860,703

74,992(558,416)(136,835)
20,697(417,257)
2,660,051
235,148(28,530)(872,513)
1,994,155

(Thousand yen)
For the six months
ended September 30,2020
Cash flows from investing activities
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of shares of subsidiaries
Proceeds from collection of long-term loans receivable
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
Redemption of bonds
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Repayments of lease obligations
Proceeds from sale and leaseback transactions
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

11

For the six months
ended September 30,2021(280)(1,116,362)
1,150(17,448)(217,060)
120

(333)
276,146(713,805)
300(171,518)--(2,097,117)(1,349,880)

3,721(2,702,607)

1,449,000
100,000(1,221,794)(13,500)(9,263)(23,359)
224,170

2,900,000
100,000(1,158,614)(13,500)(59,557)(367,498)(10,916)(52,237)--(3,365)505,253

1,334,310

14,939(97,760)

2,031,016
5,121,583
7,152,599

528,098
8,804,311
9,332,410

(4) Notes to Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)
There is no relevant information.
(Notes in the Case of Significant Changes in the Amount of Shareholders’ Equity)
For the six months ended September 30, 2020
1. Dividends paid
There is no relevant information.
2. Dividends with a record date in the six months ended September 30, 2020 but with an effective date after the endof the period
Resolution

Types ofsharesTotal amount ofdividends paid
(Thousand yen)

November 12, 2020
Board of Directors’Meeting

Commonshares141,646

Dividend
per share
(Yen)
2.50

Record date

Effective date

Source ofdividends

September 30,
2020

December 1,
2020

Retainedearnings(Note) The total amount of dividends based on the resolution of the Board of Directors’ Meeting held on
November 12, 2020 includes dividends of 141 thousand yen for the Board Incentive Plan Trust (BIP)
and dividends of 159 thousand yen for the Stock Granting Trust (J-ESOP).
3. Significant changes in shareholders’ equity
There is no relevant information.
For the six months ended September 30, 2021
1. Dividends paid
Resolution

Types ofsharesTotal amount ofdividends paid
(Thousand yen)

June 4, 2021
Board of Directors’Meeting

Commonshares368,280

Dividend
per share(Yen)

Effective date

Source ofdividends

6.50 March 31, 2021 June 15, 2021

Retainedearnings

Record date

(Note) The total amount of dividends based on the resolution of the Board of Directors’ Meeting held on June 4,2021 includes dividends of 366 thousand yen for the Board Incentive Plan Trust (BIP) and dividends of
413 thousand yen for the Stock Granting Trust (J-ESOP).
2. Dividends with a record date in the six months ended September 30, 2021 but with an effective date after the endof the period
Resolution

Types ofsharesTotal amount ofdividends paid
(Thousand yen)

November 12, 2021
Board of Directors’Meeting

Commonshares254,963

Dividend
per share
(Yen)
4.50

Record date

Effective date

Source ofdividends

September 30,
2021

December 1,
2021

Retainedearnings(Note) The total amount of dividends based on the resolution of the Board of Directors’ Meeting held on
November 12, 2021 includes dividends of 627 thousand yen for the Board Incentive Plan Trust (BIP)
and dividends of 496 thousand yen for the Stock Granting Trust (J-ESOP).
3. Significant changes in shareholders’ equity
There is no relevant information.

12

(Changes in Accounting Policies)(Application of the Accounting Standard for Revenue Recognition, etc.)
Effective from the beginning of the first quarter of the fiscal year under review, the Company has applied the“Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020; hereinafterreferred to as “Revenue Recognition Accounting Standard”), etc. and recognizes the amount expected to bereceived in exchange for goods or services as revenue when the control of the promised goods or services has
been transferred 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 quarterly period 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 quarterly period under review
to 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 quarterly period 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 performanceobligations are expected to be fully satisfied is very short, and does not recognize revenue over a period of time
but recognizes revenue at the point in time when the Company fully satisfies performance obligations.
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 first quarter of the fiscal year under review has been added to or deductedfrom retained earnings at the beginning of the first quarter of the fiscal year under review and thus the new
accounting policy has been applied from the beginning of the first quarter of the fiscal year under review.
As a result, net sales and cost of sales for the six months ended September 30, 2021 decreased 88,512
thousand yen and 129,362 thousand yen, respectively, operating profit increased 40,849 thousand yen, andordinary profit and profit before income taxes increased 40,849 thousand yen, respectively. The beginningbalance of retained earnings increased 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 and accounts receivable - trade, and contract assets” fromthe first quarter of 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 28-15 of the “Accounting Standard for Quarterly Financial
Reporting” (ASBJ Statement No. 12, March 31, 2020), information on the breakdown of revenue arisingfrom contracts with customers for the six months ended September 30, 2020 is not presented.
(Application of the Accounting Standard for Fair Value Measurement, etc.)
Effective from the beginning of the first quarter of the fiscal year under review, the Company has appliedthe “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019; hereinafterreferred to as “Fair Value Measurement Accounting Standard”), etc. and has applied the new accounting
policyestablished by 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 Measurement13

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 in the Six Months Ended September 30, 2021)
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
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 fiscal 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 toextend their terms, for the purpose of increasing motivation to improve the Company’s medium- to longterm performance and raising awareness 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 thetreasury shares at the end of the second quarter 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.

14

(Segment Information, etc.)[Segment Information]
I. For the six months ended September 30, 2020
1. Information on net sales and income by reportable segment

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

Segment income

Reportable segment
Real Estate
Concreteand Solar
SecondaryPower
Product
Generation
Business
Business

Total

Adjustment(Note 1)(Thousand yen)Amounts
recorded in thequarterly
consolidated
statements ofincome(Note 2)

11,839,394

10,760,584

153,966

22,753,944–

22,753,944

7,276

–

–

7,276

(7,276)–

11,846,670

10,760,584

153,966

22,761,221(7,276)22,753,944

522,9091,229,342

89,8691,842,120(804,898)

1,037,221(Notes) 1. The adjustment for segment income mainly includes corporate expenses. Corporate expenses mainly
include general and administrative expenses, not attributed to reportable segments.
2. Segment income is adjusted to the operating profit in the quarterly consolidated statements of income.
2. Information on impairment losses of non-current assets and goodwill by reportable segment
There is no relevant information.
II. For the six months ended September 30, 2021
1. Information on net sales and income by reportable segment

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

Segment income

Reportable segment
Real Estate
Concreteand Solar
SecondaryPower
Product
Generation
Business
Business

Total

Adjustment(Note 1)(Thousand yen)Amounts
recorded in thequarterly
consolidated
statements ofincome(Note 2)

9,071,121

11,890,491

154,719

21,116,333–

21,116,333

4,955

–

–

4,955

(4,955)–

9,076,077

11,890,491

154,719

21,121,288(4,955)

21,116,333

59,196

1,026,103

95,473

1,180,773(938,131)

242,641(Notes) 1. The adjustment for segment income mainly includes corporate expenses. Corporate expenses mainly
include general and administrative expenses, not attributed to reportable segments.
2. Segment income is adjusted to the operating profit in the quarterly consolidated statements of income.
2. Information on impairment losses of non-current assets and goodwill by reportable segment(Significant impairment losses pertaining to non-current assets)
In the Foundation Business segment, the Company reduced the book value of assets held for sale to theirrecoverable value. The amount of the said impairment loss reported during the six months ended September 30,
2021 was 26,741 thousand yen.

15

(Matters Related to Revenue Recognition)
Information on the breakdown of revenue arising from contracts with customers
For the six months ended September 30, 2021 (April 1, 2021 to September 30, 2021)
Foundation
Business

Concrete
Secondary ProductBusiness

Product sales
1,151,241
10,799,651
Construction contract
7,901,617
1,085,478
sales
Other sales
8,187
5,361
Revenue from contracts
9,061,046
11,890,491
with customers
Other revenue (Note)
10,075–Net sales to outside
11,890,491
9,071,121
customers(Note) Other revenue includes revenue from real estate leasing.
(Significant Events after Reporting Period)
There is no relevant information.

16(Thousand yen)

Real Estate andSolar Power
Generation
Business

Total–

11,950,892–

8,987,095

41,20954,75941,20920,992,747

113,510

123,585

154,719

21,116,333

(Appendix)

November 12, 2021

Company name:
Representative:
Contact:

NIPPON CONCRETE INDUSTRIES CO., LTD.
TSUKAMOTO Hiroshi,
Representative Director and President(Code: 5269, TSE 1st Section)
IMAI Shoichi,
Director and Managing Executive Officer(Phone: 03-3452-1025)

Notice regarding Revision of Full-year Financial Results Forecast
Based on its recent business performance, NIPPON CONCRETE INDUSTRIES CO., LTD. (the “Company”)
has revised its consolidated financial results forecast for the fiscal year ending May 31, 2022 announced on March
20, 2021.

1. Revision to the Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022
(April 1, 2021 to March 31, 2022)
Operating
Ordinary
ProfitNet sales
Basic earnings
profitprofitattributable to(Millionper share(Million(Millionowners of parent
yen)
(Yen)
yen)
yen)
(Million yen)Previously announced
56,000
2,500
2,800
1,800
32.02
forecasts (A)Revised forecasts (B)51,000
1,600
1,800
1,450
25.73
Difference (B - A)
(1,000)(350)(5,000)(900)
Increase (Decrease) ratio (%)(8.9)(36.0)(35.7)(19.4)For ref.:Results for previous year
48,877
2,746
3,182
1,870
33.29
(FY ended March 31, 2021)
Reasons for the revision
Due to the fact that net sales for the first half were below the forecast at the beginning of the period as
disclosed today, net sales for the full year are also expected to fall below the initial forecast. Meanwhile, for thesecond half, net sales are expected to be generally in line with the initial forecast.
In terms of profit, in addition to the decline in profit for the first half, we assume the impact of rising raw
material prices for the second half, and therefore expect profit to decline also for the full year.
The year-end dividend is planned to be 4.5 yen per share as previously forecast.
(Note) The forecasts given in this document are based on the information currently available in the Company andcertain assumptions deemed reasonable by the Company, which means that no commitment is made by theCompany as to the fulfillment of such forecasts. Actual results may differ from these forecasts for a varietyof reasons.