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 Six Months Ended September 30, 2023
(Based on Japanese GAAP)
November 9, 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:

November 10, 2023

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

November 30, 2023
Yes

Holding of quarterly financial results meeting:

Yes

TEL

03-5645-5047(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2023
Six months ended September 30, 2022
Note: Comprehensive income

Millions of yen
34,97732,752

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
6.8
1,566 (24.2)
1,630 (23.7)
1,100 (18.5)
9.9
2,067
50.4
2,137
50.9
1,349
43.8

Six months ended September 30, 2023
Six months ended September 30, 2022

¥1,511 million [0.6%]¥1,503 million [52.5%]

Earnings per share

Diluted earnings per share

Yen
26.37
32.35

Six months ended September 30, 2023
Six months ended September 30, 2022

Yen––(2) Consolidated financial position
Total assets
Millions of yen
53,25852,809As of September 30, 2023
As of March 31, 2023
Reference: Equity

Net assets

As of September 30, 2023
As of March 31, 2023

Equity ratio

Millions of yen
32,62032,127

Net assets per share
%60.8
60.3

Yen776.01
763.67¥32,381 million¥31,849 million

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: No

1Total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 six months ended September 30, 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 September 30, 2023

41,731,951 shares As of March 31, 202341,708,367 shares

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

3,213 shares As of March 31, 2023

2,817 shares

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

41,714,558 shares Six months ended September 30, 2022

41,706,795 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 mattersFinancial 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 September 30, 2023

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

19,457

18,604

18,395

17,911

3,462

3,584

Merchandise and finished goods
Real estate for sale310340

Costs on construction contracts in progress
Raw materials and supplies

284
355

515
723

Other
Allowance for doubtful accounts

446
(2)

696
(2)

42,43142,067

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

1,674
1,542

1,664
1,757

Land
Construction in progress

2,578
633

2,578
444

2

2

6,430

6,446

578

563

Investments and other assets
Investment securities

1,040

2,073

Deferred tax assets
Other

1,978
370

1,759
370

(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

33,368

4,181

10,377

11,19052,80953,258(Millions of yen)
As of March 31, 2023

As of September 30, 2023

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

11,53912,598423595

Income taxes payable
Provision for warranties for completed construction

1,149170

688
189

Provision for loss on construction contracts
Provision for bonuses

28
1,138

105
1,233

Provision for bonuses for directors (and other officers)
Other

39
2,070

–
1,167

Total current liabilities

16,55916,577

Non-current liabilities
Retirement benefit liability

4,023

3,955

Other

98

105

4,122

4,060

20,681

20,638

Share capital
Capital surplus

6,052
1,753

6,064
1,765

Retained earnings
Treasury shares

23,918(2)

23,976(2)

Total shareholders' equity

31,72231,803

Total non-current liabilities
Total liabilitiesNet assets
Shareholders' equity

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

138410Foreign currency translation adjustment
Remeasurements of defined benefit plans

17(29)

61107

Total accumulated other comprehensive income

126

578

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

4278

238

32,12732,62052,80953,258

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

Six months ended

Six months ended

September 30, 2022

September 30, 2023

32,63534,903116

73

32,752

34,977

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

26,541
61

29,11038

Total cost of sales

26,60329,148

6,094

5,792

Sales in other businesses
Total net sales
Cost of sales

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

5435

6,148

5,828

Selling, general and administrative expenses

4,081

4,261

Operating profit

2,067

1,566

Non-operating income
Interest income

23

Dividend income
license income

6728
5

Foreign exchange gains
Other64849
6

Total non-operating income

8893

618318
9

Total gross profit

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

1829

2,137

1,630

Gain on sale of businesses–99

Total extraordinary income–

99

Loss on retirement of non-current assets

20

Total extraordinary losses

20

Ordinary profit
Extraordinary income

Extraordinary losses

Profit before income taxes

2,134

1,729

Income taxes - current594

650

Income taxes - deferred

134

38

Total income taxes

729

688

1,405

1,040

55(59)

1,349

1,100

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

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

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2022

September 30, 2023

1,405

1,040

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

1370271
66

Remeasurements of defined benefit plans, net of tax1413398471

Comprehensive income

Total other comprehensive income

1,503

1,511

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,422

1,551

80

(39)

Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Six months ended

Six months ended

September 30, 2022

September 30, 2023

2,134

1,729

282
(9)

363
02

19

Increase (decrease) in provision for loss on construction
contracts

(161)

77

Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability

(37)
82

95
128

Increase (decrease) in provision for bonuses for directors (andother officers)

(33)

(39)

Interest and dividend income
Interest expenses

(8)
6(32)
1

Foreign exchange losses (gains)
Loss (gain) on sale of businesses

(59)
–(66)
(99)

Loss on retirement of non-current assets
Decrease (increase) in trade receivables

2
1,304

0382

Decrease (increase) in costs on construction contracts inprogress

(184)

(230)

261
(1,248)

(556)
1,065

96

171

Increase (decrease) in accrued consumption taxes
Increase (decrease) in other liabilities

(120)
(362)

22(708)Subtotal

1,949

2,322

8(3)

32
(1)

Income taxes paid

(592)

(1,162)

Net cash provided by (used in) operating activities

1,361

1,191

Purchase of investment securities
Purchase of property, plant and equipment

(3)
(343)

(641)
(467)

Purchase of intangible assets
Payments of guarantee deposits

(27)
(3)

(58)
(22)

Proceeds from refund of guarantee deposits
Proceeds from sale of businesses

6–

1099

Other payments
Other proceeds

(0)
10(0)
–(360)(1,080)Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for warranties for completed
construction

Decrease (increase) in other assets
Increase (decrease) in trade payables
Increase (decrease) in advances received on construction
contracts in progress

Interest and dividends received
Interest paid

Cash flows from investing activities

Net cash provided by (used in) investing activities

7

(Millions of yen)

Cash flows from financing activities
Proceeds from short-term borrowings

Six months endedSix months ended

September 30, 2022

September 30, 2023
182

–(0)
(1,332)(0)(1,042)(2)(5)

Net cash provided by (used in) financing activities(1,153)(1,048)

Effect of exchange rate change on cash and cash equivalents

92

84

Purchase of treasury shares
Dividends paid
Other payments

Net increase (decrease) in cash and cash equivalents

(60)

(852)

Cash and cash equivalents at beginning of period

20,723

19,457

Cash and cash equivalents at end of period

20,662

18,6048