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 Three Months Ended June 30, 2023
(Based on Japanese GAAP)
August 7, 2023
NITTOC CONSTRUCTION CO., LTD.
Company name:
Stock exchange listing: Tokyo
Stock code:
Representative:

1929
URL https://www.nittoc.co.jp
President & Representative Director
Yasuo Wada

Inquiries:

Manager,
Accounting Department,Masakazu Itabashi

Administration Division
Scheduled date to file Quarterly Securities Report:

August 8, 2023

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–No

Holding of quarterly financial results meeting:

NoTEL

03-5645-5047(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)(1) Consolidated operating results (cumulative)
Net sales
Three months ended June 30, 2023
Three months ended June 30, 2022
Note: Comprehensive income

Millions of yen
16,12014,431

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
11.7
256 (25.9)
325 (25.3)
176 (29.0)
7.4
345
10.4
436
29.2
248
16.2

Three months ended June 30, 2023

¥480 million [45.8%]

Three months ended June 30, 2022

¥329 million [70.0%]

Earnings per share

Diluted earnings per share
Yen
4.23
5.96

Three months ended June 30, 2023Three months ended June 30, 2022

Yen––(2) Consolidated financial position
Total assets
Millions of yen
51,14252,809As of June 30, 2023
As of March 31, 2023
Reference: Equity

Net assets

Equity ratio

Millions of yen
31,564
32,127

As of June 30, 2023

¥31,301 million

As of March 31, 2023

¥31,849 million

Net assets per share
%
61.2
60.3

Yen
750.55763.67

2. Cash dividends
Annual dividends per share

Year ended March 31, 2023
Year ending March 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-endYen––Yen
20.00

Yen–

Yen
25.00

Yen
45.00

22.00

–25.0047.00

Year ending March 31, 2024 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No1Total

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Net sales
Millions of yen
Six months ending
September 30, 2023
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

33,0000.8

2,050(0.9)

2,050(4.1)

1,350

0.1

32.37

71,200(2.4)

5,030

(7.7)

5,050(7.6)

3,350(5.0)

80.33

Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) 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:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2023

41,708,367 shares As of March 31, 2023

41,708,367 shares

Number of treasury shares at the end of the period
As of June 30, 2023

3,113 shares As of March 31, 2023

2,817 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2023

41,705,353 shares Three months ended June 30, 2022

41,706,945 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
* Proper use of forecasts of financial results, and other special matters
Financial results forecasts are based on information available to the Company at the time of release of this document. Actual financial results
may differ from the forecast figures due to various factors going forward.

2

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of June 30, 2023

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable from completed

19,457

20,601

18,39515,083

3,462

3,286

Merchandise and finished goods
Real estate for sale310350Costs on construction contracts in progress
Raw materials and supplies

284355309
316

OtherAllowance for doubtful accounts

446
(2)

571
(1)

42,43140,202

Buildings and structures, net
Machinery, vehicles, tools, furniture and fixtures, net

1,674
1,542

1,669
1,754

Land
Construction in progress

2,578
633

2,578
462

2

2

6,430

6,465

578

576

Investments and other assets
Investment securities

1,040

1,561

Deferred tax assets
Other

1,978
370

1,991
365

(21)

(21)

construction contracts and other
Electronically recorded monetary claims - operating

Total current assets
Non-current assets
Property, plant and equipment

Other, net
Total property, plant and equipment
Intangible assets

Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

3,368

3,896

10,377

10,93952,80951,142

(Millions of yen)
As of March 31, 2023

As of June 30, 2023

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
and otherAdvances received on construction contracts in progress

11,53910,961

423

648

Income taxes payable
Provision for warranties for completed construction

1,149
170

319
170

Provision for loss on construction contracts
Provision for bonuses

281,138

182
610

Provision for bonuses for directors (and other officers)
Other39
2,070

–
2,692

Total current liabilities

16,55915,586

Non-current liabilities
Retirement benefit liability

4,023

3,883

Other98

106

4,122

3,990

20,681

19,577

Share capital
Capital surplus

6,052
1,753

6,052
1,753

Retained earnings
Treasury shares

23,918(2)

23,052(2)

Total shareholders' equity

31,72230,855

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

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

138277

Foreign currency translation adjustment
Remeasurements of defined benefit plans

17(29)

61
107

Total accumulated other comprehensive income

126

446

Non-controlling interests
Total net assets
Total liabilities and net assets

4278

263

32,12731,56452,80951,142

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)

Net sales
Net sales of completed construction contracts

Three months ended

Three months ended

June 30, 2022

June 30, 2023
14,37816,07052

49

14,431

16,120

Cost of sales of completed construction contracts
Cost of sales in other businesses

12,09327

13,72422

Total cost of sales

12,121

13,747

2,285

2,345

Sales in other businesses
Total net sales
Cost of sales

Gross profit
Gross profit on completed construction contracts
Gross profit - other business

24

27

2,310

2,373

1,964

2,116

345

256

Non-operating income
Interest income

12

Dividend income
license income2522
3

Foreign exchange gains
Other82351
3

Total non-operating income

95830040

112

Total gross profit
Selling, general and administrative expenses
Operating profit

Non-operating expenses
Interest expenses
Guarantee commission
Other
Total non-operating expenses
Ordinary profit

514436325

10Extraordinary losses
Loss on retirement of non-current assets

10

Profit before income taxes

Total extraordinary losses

434

325

Income taxes - current

160

319

Income taxes - deferred4(135)

Total income taxes

164

183

Profit269

141

Profit (loss) attributable to non-controlling interests

21(34)

Profit attributable to owners of parent2481765Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Three months ended

Three months ended

June 30, 2022

June 30, 2023
269

141

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

546

138
67

Remeasurements of defined benefit plans, net of tax

7133

59339

Comprehensive income

Total other comprehensive income

329

480

Comprehensive income attributable toComprehensive income attributable to owners of parent292

495

37(15)

Comprehensive income attributable to non-controllinginterests

6