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, 2022
(Based on Japanese GAAP)
July 28, 2022
Nippon Seisen Co.,Ltd.
Company name:
Stock exchange listing: Tokyo
Stock code:
Representative:

5659
URL https://www.n-seisen.co.jp/
President and CEO
Motoshi Shinkai

Inquiries:
General Manager, Accounting Department
Scheduled date to file Quarterly Securities Report:

Shuichi Nagasawa
August 8, 2022

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

Holding of quarterly financial results meeting:

NoTEL

06-6222-5432(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022)(1) Consolidated operating results (cumulative)
Net sales
Three months ended June 30, 2022
Three months ended June 30, 2021Note: Comprehensive income

Millions of yen
12,217
10,641

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
14.8
1,632
31.8
1,689
30.1
1,176
28.3
29.8
1,239 122.5
1,298 117.4
916 120.0

Three months ended June 30, 2022
Three months ended June 30, 2021

¥1,505 million [61.3%]¥933 million [168.7%]

Earnings per share

Diluted earnings per share

Yen
191.79149.45Three months ended June 30, 2022
Three months ended June 30, 2021

Yen––(2) Consolidated financial position
Total assets
Millions of yen
52,585
51,230

As of June 30, 2022
As of March 31, 2022
Reference: Equity

Net assets

As of June 30, 2022
As of March 31, 2022

Equity ratio

Millions of yen
36,27735,452

%
68.0
68.2

¥35,746 million¥34,961 million

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
100.00

Yen–

Yen
110.00Yen
210.00105.00–105.00

210.00Year ending March 31, 2023 (Forecast)
Note: Revisions to the cash dividend forecasts most recently announced: No1Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales
Millions of yen
Six months ending
September 30, 2022
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

24,000

12.1

2,200

(7.7)

2,200(11.0)

1,540(11.5)

251.1048,5008.3

4,400(4.3)

4,400(4.3)

3,080(3.1)

502.20Note: Revisions to the earnings forecasts most recently announced: No
4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2022
(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:

YesNo

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, 2022

6,253,038 shares As of March 31, 2022

6,492,293 shares

120,070 shares As of March 31, 2022

359,255 shares

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

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

6,132,995 shares Three months ended June 30, 2021

6,133,229 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
* Explanation of proper use of financial results forecast, and other special matters(Caution concerning forward-looking statements)
The above forecasts of financial results are based on information currently available to the Company and on certain assumptions deemed to bereasonable. However, the Company makes no guarantee that these forecasts will be achieved. Consequently, actual business and other results
may differ substantially due to various factors.

2Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2022

As of June 30, 2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

15,6409,170

15,222
9,202

Electronically recorded monetary claims - operating
Merchandise and finished goods

840
2,354

934
2,738

Work in process
Raw materials and supplies

4,060
2,398

4,769
2,767

Other220259

34,68535,893

4,933

5,242

6,380
1,637

6,534
1,645

Leased assets, net
Construction in progress

23834

21
649

Other, net

614

609

14,423

14,703229

213

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land

Total property, plant and equipment
Intangible assets
Investments and other assets

1,892

1,775

Total non-current assets

16,545

16,692

51,23052,585

Notes and accounts payable - trade
Short-term borrowings

7,470
355

8,153
361

Income taxes payable
Provision for bonuses

1,086
723

499
369

Provision for bonuses for directors (and other officers)
Other

36
1,213

–
1,962

Total current liabilities

10,886

11,346

57

–

4,672

4,666

136
23136
157

Total assets
Liabilities
Current liabilities

Non-current liabilities
Provision for retirement benefits for directors (and otherofficers)
Retirement benefit liability
Provision for environmental measures
Other
Total non-current liabilities
Total liabilities

34,891

4,961

15,777

16,308(Millions of yen)
As of March 31, 2022

As of June 30, 2022

Net assets
Shareholders' equity
Share capital

5,000

5,000

Capital surplus
Retained earnings

5,442
25,006

5,442
24,941

Treasury shares

(849)

(284)

34,59835,099

15(1)

13(2)

Foreign currency translation adjustment
Remeasurements of defined benefit plans

453
(104)

730
(94)

Total accumulated other comprehensive income

363

646

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

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

4491

530

35,452

36,277

51,23052,585

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

Three months ended

June 30, 2021

June 30, 2022

Net sales
Cost of sales

10,641
8,589

12,217
9,706

Gross profit

2,052

2,511

Selling, general and administrative expenses

813

878

1,239

1,632

Interest income
Dividend income4620

Purchase discounts
Compensation income

513512Rental income
Foreign exchange gains

630

635

Reversal of provision for environmental measures
Other00–0Total non-operating income

6663

10

Compensation expenses
Loss on retirement of non-current assets

4140

Other

01

Total non-operating expenses

76

Operating profit
Non-operating income

Non-operating expenses
Interest expenses

Ordinary profit

1,298

1,689

Extraordinary income
Gain on sale of non-current assets

00

Total extraordinary income

00Profit before income taxes

1,299

1,689

Income taxes - current
Income taxes - deferred

286
84

381
114

Total income taxes

371

496

Profit927

1,193

Profit attributable to non-controlling interests

1016

Profit attributable to owners of parent

916

1,176

5

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

ProfitOther comprehensive income

Three months ended

Three months ended

June 30, 2021

June 30, 2022
927

1,193

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

30(1)
(0)

Foreign currency translation adjustmentRemeasurements of defined benefit plans, net of tax

(6)
9305
9Total other comprehensive income

6312

933

1,505

912

1,459

2046

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6