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, 2021
(Based on Japanese GAAP)
August 6, 2021
Company name:

NITTOC CONSTRUCTION CO., LTD.

Stock exchange listing: Tokyo
Stock code:
1929

URL

https://www.nittoc.co.jp

Representative:

President & Representative Director
Manager,

Yasuo Wada

Inquiries:

Accounting Department,Administration Division

Masakazu Itabashi

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

August 6, 2021–

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:

NoNoTEL

03-5645-5047(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2021 (from April 1, 2021 to June 30, 2021)(1) Consolidated operating results (cumulative)
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%Three months ended June 30, 2021
13,438(2.1)
313 (54.9)
337 (55.6)
214 (56.1)
Three months ended June 30, 2020
13,725
3.0
694
28.5
760
41.1
487
45.9
Note: Comprehensive income Three months ended June 30, 2021

¥193 million [(65.1)%]

Three months ended June 30, 2020

¥556 million [68.6%]

Earnings per share

Diluted earnings per share

Yen
5.13
11.68

Three months ended June 30, 2021
Three months ended June 30, 2020

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 current fiscal year, and each figure for the first three months of the fiscal
year ending March 31, 2022, is the figure after applying the accounting standard and relevant revised ASBJ regulations.
(2) Consolidated financial position
Total assets
Millions of yen47,668
51,971

As of June 30, 2021
As of March 31, 2021
Reference: EquityNet assets

As of June 30, 2021
As of March 31, 2021

Equity ratio

Millions of yen
27,92728,800Net assets per share%
58.2
55.1

Yen
665.37686.19¥27,751 million¥28,619 million

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 current fiscal year, and each figure for the first three months of the fiscalyear ending March 31, 2022, is the figure after applying the accounting standard and relevant revised ASBJ regulations.
2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen
––

Yen
8.00

Yen–

Yen
28.00

Yen
36.00

8.00

–

21.00

29.00

Year ending March 31, 2022 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No1Total

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Yen
Six months ending
30,000(2.5)
1,150 (43.8)
1,150 (44.7)
750 (44.8)
17.98
September 30, 2021
Full year
69,4002.1
4,460 (16.8)
4,450 (17.9)
2,930 (16.3)
70.25
Note: Revision of consolidated financial results forecast most recently announced: No4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2021
(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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

Restatement of prior period financial statements:

No(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, 2021

41,708,367 shares As of March 31, 2021

43,919,291 shares

Number of treasury shares at the end of the period
As of June 30, 2021

246 shares As of March 31, 2021

2,210,924 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2021

41,708,193 shares Three months ended June 30, 2020

41,709,683 shares

Note: The Company canceled 2,210,924 treasury shares on May 31, 2021, in accordance with a resolution passed at a meeting of the Board ofDirectors held on May 7, 2021.
* 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, 2021

As of June 30, 2021

AssetsCurrent assets
Cash and deposits

17,722

18,537

Notes receivable, accounts receivable from completed
construction contracts and other

19,666–

Notes receivable, accounts receivable from completed
construction contracts, contract assets and other–

14,763

Electronically recorded monetary claims - operating
Merchandise and finished goods

2,921
93,124
18

Real estate for sale
Costs on construction contracts in progress

01,359

0805

243
360

241491

Raw materials and suppliesOther
Allowance for doubtful accounts

(2)

(1)

42,282

37,980

1,645

1,641

1,133
2,638

1,091
2,578

13
166

10145

2

2

5,598

5,468

Intangible assets

445

638

Investments and other assets
Investment securities

974

939

Deferred tax assets
Other

2,127
602

2,104
587

Allowance for doubtful accounts

(59)

(50)

Total investments and other assets

3,644

3,581

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, vehicles, tools, furniture and fixtures, net
Land
Leased assets, netConstruction in progress
Other, net
Total property, plant and equipment

Total non-current assets
Total assets

39,6899,688

51,97147,668(Millions of yen)
As of March 31, 2021

As of June 30, 2021

Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts
and other

11,33910,200

Short-term borrowings
Advances received on construction contracts in progress

278
2,032

141
1,039

Lease obligations
Income taxes payable

31,274

2148

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

2428624193Provision for bonuses
Provision for bonuses for directors (and other officers)

1,501
36507
–

Other

2,156

3,181

Total current liabilities

18,931

15,438

5
4,162

3
4,227

71

71

Non-current liabilities
Lease obligations
Retirement benefit liability
Other
Total non-current liabilities

4,239

4,302

23,171

19,740Share capital
Capital surplus

6,052
2,022

6,052
1,753

Retained earnings
Treasury shares

21,419(1,057)

19,778(0)Total shareholders' equity

28,436

27,584312

287

Foreign currency translation adjustment
Remeasurements of defined benefit plans

(34)
(95)

(34)
(86)

Total accumulated other comprehensive income

183

166

180

176

28,80027,92751,97147,668

Total liabilities
Net assets
Shareholders' equity

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

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)Three months ended
June 30, 2020Three months ended
June 30, 2021

Net sales
Net sales of completed construction contracts
Sales in other businesses

13,607
117

13,38057

Total net sales

13,725

13,438

11,206

11,2509030

11,297

11,280Gross profit on completed construction contracts
Gross profit - other business

2,400
27

2,130
27

Total gross profit

2,428

2,157

1,733

1,844

694

313

Interest income
Dividend income

414

2
14

license income
Foreign exchange gains

346

66

Other

62

Total non-operating income

7532

Interest expenses
Guarantee commission

270
6

Other00

Total non-operating expenses

97

Cost of sales
Cost of sales of completed construction contracts
Cost of sales in other businesses
Total cost of sales
Gross profit

Selling, general and administrative expenses
Operating profit
Non-operating income

Non-operating expenses

Ordinary profit

760337Extraordinary income
Gain on sale of non-current assets–0Total extraordinary income–0–1Extraordinary losses
Loss on sale and retirement of non-current assets–

1Profit before income taxes

Total extraordinary losses

760335

Income taxes - current
Income taxes - deferred314(36)136(11)

Total income taxes

277

125

Profit482

210

Loss attributable to non-controlling interests

(4)

(3)

Profit attributable to owners of parent

487

214

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)Three months ended
June 30, 2020
ProfitThree months ended
June 30, 2021
482

210

Other comprehensive income
Valuation difference on available-for-sale securities

0(25)Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

629(0)8Total other comprehensive income
Comprehensive income

73(16)556

193538197

17(3)Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests6