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, 2022
(Based on Japanese GAAP)
November 4, 2022
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, 2022

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

November 30, 2022
Yes

Holding of quarterly financial results meeting:

Yes

TEL

03-5645-5047(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2022
Six months ended September 30, 2021
Note: Comprehensive income

Millions of yen
32,75229,811

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
9.9
2,067
50.4
2,137
50.9
1,349
43.8
–
1,374–
1,416–
938–

Six months ended September 30, 2022

¥1,503 million [52.5%]

Six months ended September 30, 2021

¥985 million [–%]

Earnings per share

Diluted earnings per share

Yen32.35
22.49

Six months ended September 30, 2022
Six months ended September 30, 2021

Yen––

Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
revised ASBJ regulations from the beginning of the first quarter of the previous fiscal year, and each figure for the first six months of thefiscal year ended March 31, 2022, is the figure after applying the accounting standard and relevant revised ASBJ regulations. The
percentage of year-on-year change is not shown.
(2) Consolidated financial position
Total assets
As of September 30, 2022
As of March 31, 2022
Reference: Equity

Net assets

Millions of yen
50,10551,712Equity ratio

Millions of yen
30,77830,610

As of September 30, 2022

¥30,509 million

As of March 31, 2022

¥30,422 million

Net assets per share
%
60.9
58.8

Yen
731.53729.42

2. Cash dividends
Annual dividends per share

Year ended March 31, 2022
Year ending March 31, 2023

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
8.00
20.00

Yen–

Yen
32.00

Yen40.00–25.0045.00

Year ending March 31, 2023 (Forecast)
Notes: 1. Revision of cash dividend forecast most recently announced: No
2. Breakdown of fiscal year–end dividends for the fiscal year ending March 31, 2023 (forecast):
Ordinary dividend of ¥20.00, and commemorative dividend of ¥5.00
1Total3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales
Full year

Millions of yen
68,500Percentages 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
3.7
4,600
1.7
4,550(1.6)
3,050(8.4)
73.13

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, 2022
(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:

Yes
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, 2022

41,708,367 shares As of March 31, 2022

41,708,367 shares

Number of treasury shares at the end of the period
As of September 30, 2022

1,845 shares As of March 31, 2022

1,321 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2022

41,706,795 shares Six months ended September 30, 2021

41,708,063 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, 2022

As of September 30, 2022

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

20,723

20,662

17,934

16,771

2,563

2,537

Merchandise and finished goods
Real estate for sale250220Costs on construction contracts in progress
Raw materials and supplies

301285

486
262

Other
Allowance for doubtful accounts

693
(2)

418
(1)

42,526

41,160

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

1,639
1,314

1,613
1,219

Land
Leased assets, net

2,578
0

2,578
–

253
2

302
2

5,787

5,715

Intangible assets
Investments and other assets

607

574

Investment securities
Deferred tax assets

417
2,003

439
1,856

Other
Allowance for doubtful accounts

403
(32)

383
(24)

Total investments and other assets

2,791

2,655

construction contracts and other
Electronically recorded monetary claims - operating

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

Construction in progress
Other, net
Total property, plant and equipment

Total non-current assets
Total assets

39,185

8,945

51,71250,105

(Millions of yen)
As of March 31, 2022

As of September 30, 2022

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

11,921

10,690–190

Advances received on construction contracts in progress
Lease liabilities

5930695
2

Income taxes payable
Provision for warranties for completed construction

555
25647
27

Provision for loss on construction contracts
Provision for bonuses

168
1,150

6
1,112

Provision for bonuses for directors (and other officers)
Other

33
2,341

–
1,583

Total current liabilities

16,79014,957

4–

Retirement benefit liability
Other

4,209
97

4,271
97

Total non-current liabilities

4,311

4,368

21,101

19,326

Shareholders' equity
Share capital

6,052

6,052

Capital surplus
Retained earnings

1,753
22,5601,753
22,575(0)(1)

30,36530,379Valuation difference on available-for-sale securities
Foreign currency translation adjustment

112
3125
49

Remeasurements of defined benefit plans

(58)

(44)

Total accumulated other comprehensive income

56

130

Non-current liabilities
Lease liabilities

Total liabilities
Net assets

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

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

4188

269

30,61030,77851,71250,105

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, 2021

September 30, 2022

29,702

32,635

109

116

29,81132,752

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

24,45659

26,541
61

Total cost of sales

24,516

26,603

5,245

6,094

Sales in other businesses
Total net sales
Cost of sales

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

4954

5,295

6,148

Selling, general and administrative expenses3,920

4,081

Operating profit

1,374

2,067

Non-operating income
Interest income

42

Dividend income
license income

181067

Foreign exchange gains
Other

52164
8

Total non-operating income

60

88

3

61138
3

Total gross profit

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

1818

1,416

2,137

Gain on sale of non-current assets

0–

Total extraordinary income

0–

Loss on sale and retirement of non-current assets

22

Total extraordinary losses

22

Ordinary profit
Extraordinary incomeExtraordinary losses

Profit before income taxes

1,414

2,134

Income taxes - current

212

594

Income taxes - deferred

271

134

Total income taxes

484

729

Profit929

1,405

Profit (loss) attributable to non-controlling interests

(8)

55

Profit attributable to owners of parent

938

1,349

5

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

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2021

September 30, 2022
929

1,405

Valuation difference on available-for-sale securities
Foreign currency translation adjustment25121370

Remeasurements of defined benefit plans, net of tax

17145598

Comprehensive income

Total other comprehensive income

985

1,503

Comprehensive income attributable toComprehensive income attributable to owners of parent

989

1,422(4)80Comprehensive 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, 2021

September 30, 2022

1,414

2,134

Depreciation
Increase (decrease) in allowance for doubtful accounts

207(15)282(9)

Increase (decrease) in provision for warranties for completedconstruction(0)2Increase (decrease) in provision for loss on construction
contracts

(85)

(161)

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

(485)
152

(37)
82

Interest and dividend income
Interest expenses

(23)
3(8)
6

Foreign exchange losses (gains)
Loss (gain) on sale of property, plant and equipment

(4)
2(59)
–

0
4,350

21,30418(184)

(158)
(527)

261
(1,248)(1,143)

96

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

78(195)

(120)
(395)

Subtotal

3,588

1,949

23(4)

8(3)

Income taxes paid

(1,296)(592)

Net cash provided by (used in) operating activities

2,311

1,361

Purchase of investment securities
Purchase of property, plant and equipment

(2)
(305)

(3)
(343)

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

75(255)–(27)

Payments for asset retirement obligations
Payments of guarantee deposits

(9)
(11)

–(3)

Proceeds from refund of guarantee deposits
Other payments

4(0)

6(0)

Loss on retirement of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in costs on construction contracts inprogress
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

Other proceeds
Net cash provided by (used in) investing activities

7210(501)(360)

(Millions of yen)Six months ended

Six months ended

September 30, 2021

September 30, 2022

Cash flows from financing activities
Proceeds from short-term borrowings–182

Repayments of long-term borrowings
Repayments of lease liabilities

(137)
(6)

–
(2)

Purchase of treasury shares
Dividends paid

(0)
(1,167)(0)(1,332)

Net cash provided by (used in) financing activities(1,311)(1,153)

Effect of exchange rate change on cash and cash equivalents

892

Net increase (decrease) in cash and cash equivalents

507

(60)

Cash and cash equivalents at beginning of period

17,722

20,723Cash and cash equivalents at end of period

18,22920,6628