Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2022
(Based on Japanese GAAP)May 9, 2022
Company name:NICHIDEN Corporation

Stock exchange listing: Tokyo
Stock code:
9902

URL

https://www.nichiden.com/

Representative:

Representative Director and President
Executive Officer

Inquiries:

Director and Managing Executive Officer
Atsushi SangawaAdministration Department general manager

Toshikazu Fuke

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 24, 2022
June 27, 2022

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

June 27, 2022
Yes

Holding of financial results meeting:

Yes

TEL06-7637-7000(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2022
123,964
20.6
5,502
39.5
6,082
45.6
4,245
49.4
Year ended March 31, 2021
102,751(8.5)
3,943(23.5)
4,176(22.4)
2,841(18.1)

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–5.2
5.24.4–3.6
3.9
3.8

Diluted earnings pershareYen
135.2090.48

Year ended March 31, 2022
Year ended March 31, 2021
(2) Consolidated financial position

Total assets
As of March 31, 2022
As of March 31, 2021

Net assets

Equity ratio

Millions of yen
120,560
112,024

Millions of yen
83,30780,314

Cash flows fromoperating activities
Millions of yen
3,068
3,607

Cash flows frominvesting activities
Millions of yen(3,770)(6,576)

Net assets per share%
69.1
71.7

Yen
2,652.83
2,557.49(3) Consolidated cash flows

Year ended March 31, 2022
Year ended March 31, 2021

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(1,715)
15,652(1,902)
17,967

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2021
Year ended March 31, 2022
Year ending March 31, 2023
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

TotalYenYenYen

YenYenMillions of yen%%

––

0.00
0.00

–
–

40.00
65.00

40.00
65.00

1,256
2,041

44.2
48.1

1.6
2.5

–

0.00

–

50.00

50.00

1

47.9

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales
Millions of yen
Six months ending
September 30, 2022
Full year

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%
Yen

61,8404.52,120(11.2)

2,350(11.7)

1,620(14.5)

51.59

127,000

2.4

4,480(18.6)

4,850(20.3)

3,280(22.7)

104.45

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2022
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

Restatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2022

31,886,000 shares As of March 31, 2021

31,886,000 shares

Number of treasury shares at the end of the period
As of March 31, 2022

482,542 shares As of March 31, 2021

482,514 shares

31,403,469 shares Year ended March 31, 2021

31,403,486 shares

Average number of shares during the period
Year ended March 31, 2022

2Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2021

As of March 31, 2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade18,43923,105

16,142
–

–
–

5,491
17,902Contract assets
Electronically recorded monetary claims - operating–
11,802622
16,274

Securities
Merchandise and finished goods

8,502
8,808

11,406
13,004Work in process
Raw materials and supplies

520

21
25

Other
Allowance for doubtful accounts

805
(10)

618
(12)

71,47881,496

9,969(5,494)

9,665(5,395)

Buildings and structures, net

4,474

4,270

Machinery, equipment and vehicles
Accumulated depreciation

50(44)

1,493
(186)

Notes receivable - trade
Accounts receivable - trade

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

Machinery, equipment and vehicles, net

5

1,307

6,111
7,691

7,065
7,717

Accumulated depreciation(1,888)(2,361)

Land
Leased assets
Leased assets, net

5,803

5,356

Construction in progress

639

695

Other
Accumulated depreciation

958
(675)

906(678)

Other, net

282

228

17,31618,923

1,499

1,060

Total intangible assets

1,499

1,060

Investments and other assets
Investment securities

20,241

17,620

33
47

29
26

Other
Allowance for doubtful accounts

1,407(0)

1,404
(0)

Total investments and other assets

21,72919,07940,54539,063112,024

120,560

Total property, plant and equipment
Intangible assets
Other

Long-term loans receivable
Deferred tax assets

Total non-current assets
Total assets3

(Millions of yen)
As of March 31, 2021

As of March 31, 2022Liabilities
Current liabilities
Notes and accounts payable - trade

10,434

12,176

9,524
488

12,265
437

Income taxes payable
Contract liabilities

534–

1,395
385

Provision for bonuses
Other

414
913

514
1,798

Total current liabilities

22,31028,974

6,324

5,312

2,248
87

2,096
84

Electronically recorded obligations - operating
Lease liabilities

Non-current liabilities
Lease liabilities
Deferred tax liabilities
Retirement benefit liability
Other

738

784

9,398

8,277

31,70937,252

Share capital
Capital surplus

5,368
7,283

5,368
7,283

Retained earnings
Treasury shares

62,544(672)

65,533(672)

Total shareholders' equity

74,52377,512

5,789

5,682

1112

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

4

5,790

5,795

80,314

83,307

112,024

120,560

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Net sales

102,751

123,964

Cost of sales

88,188105,966

Gross profit

14,563

17,998Selling, general and administrative expenses

10,61912,495

Operating profit

3,943

5,502

Non-operating income
Dividend income

160

173

Purchase discounts
Foreign exchange gains

291
17347
119

Other

116

149

Total non-operating income

585

790

Interest expenses
Sales discounts

51
260

178–

Other

41

31

Non-operating expenses

Total non-operating expensesOrdinary profit
Extraordinary losses
Loss on sale of shares of subsidiaries and associates
Total extraordinary losses

352

210

4,176

6,082

19–

19–

Profit before income taxes

4,156

6,082

Income taxes - current
Income taxes - deferred

1,233
81

1,918
(81)

Total income taxes

1,315

1,837

Profit

2,841

4,245

Profit attributable to owners of parent

2,841

4,245

5Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022
2,841

4,245Valuation difference on available-for-sale securities
Foreign currency translation adjustment

2,1849(106)110

Total other comprehensive income

2,193

4

5,035

4,249

5,035

4,249

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders' equity

Share capital

Balance at beginningof period

5,368

CapitalsurplusRetainedearnings

7,283

61,116

Accumulated other comprehensive income
Valuation
Total
difference onshareholders' available-forequity
sale
securities

Treasuryshares(672)

73,095

3,605

Foreigncurrencytranslation
adjustment
(8)

Total
accumulated
otherTotal net
assetscomprehensive
income3,597

76,692

Changes during period
Dividends ofsurplus(1,413)(1,413)(1,413)

Profit attributable toowners of parent

2,841

2,841

2,841

Net changes in
items other thanshareholders' equity
Total changes during
periodBalance at end of
period

2,184

9

2,193

2,193

–

–

1,428

–

1,428

2,184

9

2,193

3,621

5,368

7,283

62,544(672)

74,523

5,789

1

5,790

80,314

Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders' equity

Share capital

Balance at beginningof period

5,368

CapitalsurplusRetainedearnings

7,283

62,544

Accumulated other comprehensive income

Treasuryshares(672)

Valuation
Total
difference onshareholders' available-forequity
salesecurities
74,523

5,789

Foreigncurrencytranslation
adjustment
1

Total
accumulated
otherTotal net
assetscomprehensive
income5,790

80,314

Changes during period
Dividends ofsurplus(1,256)(1,256)(1,256)

Profit attributable toowners of parent

4,245

4,245

4,245(0)(0)

Purchase oftreasury shares(0)

Net changes in
items other thanshareholders' equity
Total changes during
periodBalance at end ofperiod

(106)

110

44––

2,989

(0)

2,989

(106)

110

4

2,993

5,368

7,283

65,533(672)

77,512

5,682

112

5,795

83,307

7

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022
4,156

6,082

1,150191,551–

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses

0(81)

1100

Increase (decrease) in retirement benefit liability
Interest and dividend income5(213)(3)(231)

Interest expenses
Decrease (increase) in trade receivables

51(609)178(5,020)Decrease (increase) in inventories
Decrease (increase) in other assets

763
(429)

(4,150)824

Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes

(244)
(467)

4,134
1,089

Increase (decrease) in other liabilities
Other, net

719
(0)

(407)
(47)

4,818

4,104

222
(51)

255
(178)

Income taxes paid

(1,383)(1,112)

Net cash provided by (used in) operating activities

3,607

3,068

Payments into time deposits
Proceeds from withdrawal of time deposits

(64)
51

(34)
16

Purchase of securities
Purchase of property, plant and equipment(2,000)(874)(2,000)(3,078)0(172)–(258)(3,509)–(1,633)
3,202

Proceeds from sale of shares of subsidiaries
Loan advances

5(1)

–
(1)

Proceeds from collection of loans receivable
Other payments

119(172)

7(15)

40

24(6,576)(3,770)

(270)
(219)

(460)
–

Purchase of treasury shares
Dividends paid–
(1,412)(0)(1,255)

Net cash provided by (used in) financing activities(1,902)(1,715)

Depreciation
Loss (gain) on sale of shares of subsidiaries and associates

SubtotalInterest and dividends received
Interest paid

Cash flows from investing activities

Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale and redemption of investment securities

Other proceeds
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of lease liabilities
Purchase of shares of subsidiaries

Effect of exchange rate change on cash and cash equivalents

24102

Net increase (decrease) in cash and cash equivalents(4,846)(2,315)

Cash and cash equivalents at beginning of period

22,814

17,967

Cash and cash equivalents at end of period

17,967

15,6528