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 Three Months Ended June 30, 2023
[Japanese GAAP]
November 6, 2023
Company name:NIPPON CONCRETE INDUSTRIES CO., LTD.
Stock exchange listing: Tokyo
Code number:
5269
URL:
https://www.ncic.co.jp/
Representative:
TSUKAMOTO Hiroshi,
Representative Director and President
Contact:
SUGITA Yoshihiko,
Director and Executive Officer
Phone:+81-3-3452-1025
Scheduled date of filing quarterly securities report:
November 6, 2023
Scheduled date of commencing dividend payments:
Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session:
No(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2023 (April 1, 2023 to June 30, 2023)(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%
Three months ended
June 30, 2023
12,644
20.3
436
638
307.7
344
10,511
18.1
(79)
156
(24.1)
11(89.2)
June 30, 2022
(Note) Comprehensive income:Three months ended June 30, 2023:¥
1,328 million [457.0%]
Three months ended June 30, 2022:¥
238 million [-%]Basic earnings
per share
Three months ended
June 30, 2023
June 30, 2022

Diluted earnings per
share
Yen

Yen

6.35
0.20

-

(2) Consolidated Financial Position
Total assets
As ofJune 30, 2023
March 31, 2023
(Reference) Equity:

Millions of yen

Net assets
Millions of yen

77,37477,063As of June 30, 2023:
As of March 31, 2023:

Capital adequacy ratio¥¥

38,97437,65836,234 million
34,949 million

%

46.8
45.4

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-

0.00

-

0.00

0.00

Fiscal year ending March 31, 2024

-

6.50

13.00

Fiscal year ending March 31, 2024
6.50
(Forecast)(Note) Revision to the forecast for dividends announced most recently:
No(Note) Breakdown of the 1st quarter dividend for the fiscal year ending March 31, 2024 :Commemorative dividend- yenSpecial dividend- yenYear-endTotal

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable Basic earnings
Net sales
Operating profit
Ordinary profit
to owners of parent
per share
Millions of yen% Millions of yen% Millions of yen

Six months ending
27,0009.7
650September 30, 2023
Full year
55,0003.8
1,300(Note) Revision to the financial results forecast announced most recently:% Millions of yen

%

Yen

800

119.8

400

707.8

7.13

1,600
No

-

800

-

14.26

* Notes:(1) Changes in significant subsidiaries during the three months ended June 30, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name:
Exclusion:(Company name:No(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):
June 30, 2023:
57,777,432 shares
March 31, 2023:
57,777,432 shares
2) Number of treasury shares at the end of the period:
June 30, 2023:
3,483,209 shares
March 31, 2023:
3,483,945 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2023:
Three months ended June 30, 2022:

54,293,671 shares
54,647,630 shares* Quarterly financial results are not required to be subjected to quarterly reviews.
* Explanation for appropriate use of financial forecasts and other special notes.
The forecasts given in this document are based on the current available information in the company and certain reasonableassumptions to the company. Actual results may differ from these forecasts by a variety of reasons.

Table of contents

1. Qualitative Information on Quarterly Financial Results for the Period under Review ····························· 2(1) Explanation of Business Results ························································································ 2(2) Explanation of Financial Position ······················································································ 4(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information ·········· 4
2. Quarterly Consolidated Financial Statements and Primary Notes ···················································· 5(1) Quarterly Consolidated Balance Sheets ··············································································· 5(2) Quarterly Consolidated Statements of Income and Comprehensive Income ····································· 7(3) Notes to Quarterly Consolidated Financial Statements······························································ 9(Notes on Going Concern Assumption) ················································································ 9(Notes in the Case of Significant Changes in the Amount of Shareholders’ Equity) ···························· 9(Changes in Accounting Policies) ····················································································· 9(Additional Information) ································································································· 9(Segment Information, etc.) ····························································································· 10(Matters Related to Revenue Recognition) ············································································ 11(Significant Events after Reporting Period) ··········································································· 11
3. Other ··························································································································· 12
Significant Events Relating to Going Concern Assumption, etc. ····················································· 12

11. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Business Results
In the three months ended June 30, 2023, although the economic environment saw movement toward thenormalization of economic activity including relaxing regulations designed to prevent the spread of COVID-19
infections, such as the legal status of COVID-19 being downgraded to Class 5, the outlook remained uncertain
due to an increase in raw material and logistics expenses caused by the prolonged situation in Ukraine anddepreciation of the yen.
Regarding the business environment in which the Group operates, expectations remained high for concrete
products that contribute to disaster prevention and mitigation, maintenance of social infrastructure, disasterrecovery, the shortening of construction periods and labor saving, as well as for the Company-developed
technology for carbon capture and CCUS (carbon dioxide capture, utilization and storage) products, and lowcarbon 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, and has been implementing initiatives such as the penetration offair prices in accordance with rises in the raw material prices, sales expansion, and cost reductions.
As a result, the Group’s net sales for the period under review were 12,644 million yen (up 20.3% year-on-year),
operating profit was 436 million yen (operating loss of 79 million yen in the same period of the previous fiscal
year), ordinary profit was 638 million yen (up 307.7% year-on-year), and profit attributable to owners of parent
was 344 million yen (up 2,976.7% year-on-year).
Regarding the damage from ransomware infection which occurred on May 5, 2023, although direct impact ofthe damage on our production and sales was minimal owing to efforts to maintain and recover business activities,
we sincerely apologize to our shareholders and investors for the concern and inconvenience caused by a delay inthe announcement of the financial results.
In addition, we expect to apply for an extension to the deadline for the announcement of financial results forthe six months ended September 30, 2023. An interim dividend, which has previously been paid in early
December, is scheduled to be paid in late December as of present.
An overview of each business for the period under review is as follows.
1) Foundation Business
The demand for concrete piles across Japan during the three months ended June 30, 2023 decreased from ayear earlier, and the Group’s shipment volume was lower than estimated. Nevertheless, as a result of theCompany’s efforts to increase unit prices in orders received, net sales were 6,241 million yen (up 13.5% yearon-year).
Segment income was 109 million yen (segment loss of 70 million yen in the same period of the previous fiscal
year) due to improved penetration of fair prices despite a plant utilization rates that were slightly lower than the
Company’s estimation.

2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 also remained flat. However, as a result of negotiations conducted with large-volume
customers to review selling prices, net sales amounted to 3,789 million yen (up 27.4% year-on-year).
In the Civil Engineering Product Business, in addition to shipments of precast products such as precast concrete
walls and “Oyagui-panel” soldier pile panel, production of RC segments intended for the Linear Chuo
Shinkansen remained brisk. Net sales were 2,548 million yen (up 30.1% year-on-year).
As a result, net sales in the Concrete Secondary Product Business amounted to 6,337 million yen (up 28.5%
year-on-year).
Segment income was 569 million yen (up 76.0% year-on-year) due to successful penetration of fair prices inthe 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
65 million yen (down 17.8% year-on-year) and segment income was 38 million yen (down 25.4% year-on-year).
We expect that the conditions of the business environment in which the Group operates will remain severe
owing to the on-going risks presented by an unstable international environment, price increases, and an
intensification of labor shortage. However, the Group will further promote the following initiatives in accordancewith the business improvement plan and strive to realize a further recovery in business performance and resume
dividends.


Universal cost reductions without any sacred cows (taking inventory of businesses, organizational reviews,
etc.)



Manufacturing cost reductions (reviews of factory production systems and manufacturing cost, andoptimizing production efficiency)Troubleshooting-cost reductions (more robust quality control for manufacturing and construction)

Sales expansion for poles and precast concrete walls

Penetration of fair prices in accordance with rises in the raw material prices



Improve collaboration between manufacturing and sales to help build a highly profitable structure acrossthe entire GroupThe Group issued its first integrated report on July 31, 2023 to facilitate the understanding of the Group’s
sustainability and other initiatives. We will continually strive to make proactive disclosure of non-financial
information.
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 becommitted 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

3

value to meet the expectations of our stakeholders.
(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 first quarter of the fiscal year under review were 77,374 million yen, up 311
million yen from the end of the previous fiscal year.
Current assets were 33,510 million yen, down 1,048 million yen from the end of the previous fiscal year, andnon-current assets were 43,863 million yen, up 1,359 million yen from the end of the previous fiscal year.
The decrease in current assets was mainly due to decreases in notes and accounts receivable - trade, and contract
assets, and the increase in non-current assets was mainly due to an increase in investment securities.
Total liabilities were 38,399 million yen, down 1,004 million yen from the end of the previous fiscal year.
Current liabilities were 24,585 million yen, down 880 million yen from the end of the previous fiscal year, andnon-current liabilities were 13,814 million yen, down 123 million yen from the end of the previous fiscal year.
The decrease in current liabilities was mainly due to a decrease in electronically recorded obligations –operating, and the decrease in non-current liabilities was mainly due to a decrease in long-term borrowings.
Total net assets were 38,974 million yen, up 1,315million yen from the end of the previous fiscal year.
It was mainly due to an increase in valuation difference on available-for-sale securities.
As a result of the above, the equity ratio came to 46.8%, up from 45.4% at the end of the previous consolidated
fiscal year.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
There is no change in the consolidated financial results forecast for the fiscal year ending March 31, 2024
announced on May 19, 2023.

4

2. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Costs on construction contracts in progress
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

5

As of June 30, 2023

7,136,254

7,256,961

13,835,737

11,198,177

2,851,162

3,846,588

6,662,602
616,733
1,851,977
548,749
1,080,338(24,300)
34,559,255

7,167,595
752,745
1,979,604
377,845936,201(4,800)33,510,920

17,237,062
9,215,411
26,452,474
596,533

17,237,062
9,276,018
26,513,081
636,662

12,235,905
3,356,033(136,987)
15,454,951
42,503,959
77,063,214

13,587,326
3,264,882(138,511)
16,713,698
43,863,442
77,374,362

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

6

As of June 30, 2023

5,345,374
10,094,953
4,049,600
2,121,682
308,412605,124
2,941,088
25,466,236

5,262,646
8,959,560
4,263,000
2,087,536
201,979
422,336
3,388,235
24,585,295

140,000
6,697,588
1,242,252
5,858,211
13,938,051
39,404,287

140,000
6,209,183
1,236,511
6,228,488
13,814,182
38,399,478

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

5,111,583
3,857,759
18,837,574(1,010,761)
26,796,155

3,452,402

4,363,456

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

5,312,368(153,635)(84,086)
9,438,103
2,740,625
38,974,884
77,374,362

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Thousands of yen)
For the three months
ended June 30, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Loss on claims
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 retirement of non-current assets
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

7

For the three months
ended June 30, 2023

10,511,629
8,962,250
1,549,379
1,629,268(79,888)

12,644,131
10,488,255
2,155,875
1,719,664
436,211759
161,294

1,373
174,408

34,20871,43876,823
273,085

42,732289,952

14,343
22,251
36,594
156,601

17,496
13,96428,75327,55587,769638,394

1,465
1,465

1,817
93,732
95,5496,717
6,717
151,350
40,371
85,591
125,963
25,38614,188
11,19825,728
6,098
31,826702,117
233,91291,791
325,703376,41431,871
344,543

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Thousands of yen)
For the three months
ended June 30, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

8

For the three months
ended June 30, 2023

25,386

376,414224,697
24,079(32,100)

912,236
28,3987,329(3,528)4,187

213,146
238,533

952,151
1,328,566

222,650

1,284,475

15,88244,090(3) Notes to Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)
There is no relevant information.
(Notes in the Case of Significant Changes in the Amount of Shareholders’ Equity)
For the three months ended June 30, 2022
1. Dividends paid
Resolution

Type ofsharesTotal amount ofdividends paid
(Thousand yen)

Dividend
per share(yen)

May 30, 2022
Board of Directors’Meeting

Commonshares

250,588

4.50

Record date

Effective date

Source ofdividends

March 31, 2022

June 14, 2022

Retainedearnings(Note) The total amount of dividends based on the resolution of the Board of Directors’ Meeting held on May 30,
2022 includes dividend of 627 thousand yen for the Board Incentive Plan Trust (BIP) and dividend of 496
thousand yen for the Stock Granting Trust (J-ESOP).
2. Dividends with a record date in the three months ended June 30, 2022 but with an effective date after the end of
the period
There is no relevant information.
For the three months ended June 30, 2023
1. Dividends paid
There is no relevant information due to non-payment of dividends.
2. Dividends with a record date in the three months ended June 30, 2023 but with an effective date after the end of
the period
There is no relevant information.
(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 first quarter 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 quarterly 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 JESOP Trust for a new three-year period (from the fiscal year ending March 31, 2022 to the fiscal year
ending March 31, 2024) and reintroduced them by entering into an agreement to extend their terms, for the
purpose of increasing motivation to improve the Company’s medium- to long-term performance and raisingawareness toward the contribution to an increase in shareholder value.
(2) The Company’s shares remaining in the trust
The Company’s shares remaining in the trust are recorded as treasury shares in net assets at their bookvalue (excluding incidental expenses) in the trust. The book value and the number of shares of the treasury
9

shares at the end of the first quarter of the fiscal year under review are 43,581 thousand yen and 136,259
shares for the BIP Trust, and 35,117 thousand yen and 107,785 shares for the J-ESOP Trust.
(Segment Information, etc.)[Segment Information]
I. For the three months ended June 30, 2022
1. Information on net sales and income or loss by reportable segment(Thousand yen)
Reportable segment

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

Concrete
Secondary
Product Business

Real Estate andSolar Power
Generation
Business

5,501,235

4,931,194

79,19910,511,629–

10,511,629

809

–

–

809

(809)

–

Total

5,502,044

4,931,194

79,19910,512,438(809)

10,511,629

Segment income (loss)(70,920)

323,527

51,133

303,741(383,629)(79,888)

Foundation
Business

Total

Net sales
Net sales to outside
customers
Inter-segment net sales
or transfers(Notes) 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. Segment income (loss) is adjusted to the operating loss 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.

10II. For the three months ended June 30, 2023
1. Information on net sales and income by reportable segment(Thousand yen)
Reportable segment

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

Concrete
Secondary
Product Business

Real Estate andSolar Power
Generation
Business

6,241,231

6,337,791

65,10812,644,131–

12,644,131

139

–

–

139

(139)

–

Total

6,241,371

6,337,791

65,10812,644,271(139)

12,644,131

Segment income

109,628

569,343

38,136717,108(280,897)

436,211

Foundation
Business

Total

Net sales
Net sales to outside
customers
Inter-segment net sales
or transfers(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.
(Matters Related to Revenue Recognition)
Information on the breakdown of revenue arising from contracts with customers
For the three months ended June 30, 2022
Foundation
Business(Thousand yen)Concrete
Secondary ProductBusiness
4,347,032

Product sales
1,311,524
Construction contract
4,183,124
582,312
sales
Other sales
3,128
1,849
Revenue from contracts
5,497,778
4,931,194
with customers
Other revenue (Note)
3,456–
Net sales to outside
5,501,235
4,931,194
customers(Note) Other revenue includes revenue from real estate leasing.

Real Estate andSolar Power
Generation Business

Total
–

5,658,557–

4,765,437

20,77625,754

20,776

10,449,749

58,423

61,88079,19910,511,629

For the three months ended June 30, 2023
Foundation
Business(Thousand yen)Concrete
Secondary ProductBusiness
5,196,330

Product sales
745,147
Construction contract
5,492,859
1,139,201
sales
Other sales
2,585
2,258
Revenue from contracts
6,240,592
6,337,791
with customers
Other revenue (Note)639–
Net sales to outside
6,241,231
6,337,791
customers(Note) Other revenue includes revenue from real estate leasing.

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

11

Real Estate andSolar Power
Generation Business

Total
–

5,941,478–

6,632,061

17,71922,563

17,71912,596,104

47,38848,027

65,10812,644,131

3. Other
Significant Events Relating to Going Concern Assumption, etc.
There is no relevant information.

12