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 Nine Months Ended December 31, 2023
(Based on Japanese GAAP)
February 8, 2024
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:

February 9, 2024

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 nine months ended December 31, 2023 (from April 1, 2023 to December 31, 2023)(1) Consolidated operating results (cumulative)
Net sales
Nine months ended December 31, 2023
Nine months ended December 31, 2022

Millions of yen
54,87453,904

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
1.8
3,601 (17.9)
3,630 (16.0)
2,444 (13.0)
12.3
4,384
32.9
4,323
28.8
2,810
26.0

Note: Comprehensive income Nine months ended December 31, 2023

¥2,896 million [(1.1)%]

Nine months ended December 31, 2022

¥2,927 million [25.9%]

Earnings per share

Diluted earnings per share

Yen
58.59
67.38

Nine months ended December 31, 2023
Nine months ended December 31, 2022

Yen––(2) Consolidated financial position
Total assets
Millions of yen
53,01352,809As of December 31, 2023
As of March 31, 2023
Reference: Equity

Net assets

Equity ratio

Millions of yen
33,08632,127

As of December 31, 2023

¥32,890 million

As of March 31, 2023

¥31,849 million

Net assets per share
%
62.0
60.3

Yen
788.20763.67

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-end

Yen––Yen
20.00
22.00

Yen––

Yen
25.00

Yen
45.00

25.00

47.00

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
Full year

Millions of yen
71,200Percentages 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
(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 nine months ended December 31, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(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:

No
No

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 December 31, 2023

41,731,951 shares As of March 31, 2023

41,708,367 shares

Number of treasury shares at the end of the period
As of December 31, 2023

3,293 shares As of March 31, 2023

2,817 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2023

41,719,296 shares Nine months ended December 31, 2022

41,706,629 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 December 31, 2023

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

19,457

16,783

18,395

19,075

3,462

4,126

Merchandise and finished goods
Real estate for sale

31028
0

Costs on construction contracts in progress
Raw materials and supplies

284
355496601

OtherAllowance for doubtful accounts

446
(2)

731
(2)

42,431

41,841

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

1,674
1,542

1,644
1,701

Land
Construction in progress

2,578
633

2,578
485

2

2

6,430

6,412

578

546

Investments and other assets
Investment securities

1,040

2,417

Deferred tax assets
Other

1,978
370

1,421
396

(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

4,213

10,377

11,17152,80953,013

(Millions of yen)
As of March 31, 2023

As of December 31, 2023

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
and other
Short-term borrowings

11,53912,964–

184

423
1,149

465
166

Provision for warranties for completed construction
Provision for loss on construction contracts

170
28

178
75

Provision for bonuses
Provision for bonuses for directors (and other officers)

1,138
39

331–

Other

2,070

1,576

Total current liabilities

16,55915,943

4,023
98

3,884
97

Advances received on construction contracts in progress
Income taxes payableNon-current liabilities
Retirement benefit liability
Other
Total non-current liabilities

4,122

3,982

20,681

19,926

Shareholders' equity
Share capital

6,052

6,064

Capital surplus
Retained earnings

1,753
23,918

1,765
24,402

Total liabilities
Net assets

Treasury shares

(2)

(2)

31,72232,229Valuation difference on available-for-sale securities
Foreign currency translation adjustment

138
17431
38

Remeasurements of defined benefit plans

(29)

190

Total accumulated other comprehensive income

126

660

278

196

32,12733,08652,80953,013

Total shareholders' equity
Accumulated other comprehensive income

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

4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

Nine months ended

Nine months ended

December 31, 2022

December 31, 2023

53,73754,769166

105

53,90454,874

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

43,40684

44,97059

Total cost of sales

43,49045,02910,331

9,798

Sales in other businesses
Total net sales
Cost of sales

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

82

46

10,413

9,845

Selling, general and administrative expenses

6,029

6,243

Operating profit

4,384

3,601

Non-operating income
Interest income

24

Dividend incomelicense income

81059
6

Foreign exchange gains
Other–
1049

Total non-operating income

3183

710

Guarantee commission
Foreign exchange losses

121433–

Commission for syndicated loans
Other

52
554

Total non-operating expenses

92

54

4,323

3,630

Gain on sale of non-current assets
Gain on sale of businesses

––

099

Total extraordinary income

–

99

142

142

Profit before income taxes

4,309

3,727

Income taxes - current
Income taxes - deferred

1,080
338

1,043
328

Total income taxes

1,419

1,372

Profit2,8902,355

Total gross profit

Non-operating expenses
Interest expenses

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses

Profit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

580(89)

2,810

2,444

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

ProfitOther comprehensive income

Nine months ended

Nine months ended

December 31, 2022

December 31, 2023

2,890

2,355

Valuation difference on available-for-sale securities
Foreign currency translation adjustment30(15)

292
32

Remeasurements of defined benefit plans, net of tax

22216

37541

Comprehensive income

Total other comprehensive income

2,927

2,896

Comprehensive income attributable toComprehensive income attributable to owners of parent

2,852

2,97875(81)Comprehensive income attributable to non-controllinginterests

6