Financial Results for the Fiscal Year Ended March 31, 2022 [Japanese GAAP](Consolidated Data)

May 13, 2022
Stock Exchange Listing: Tokyo Stock Exchange
URL: http://www.nikko-net.co.jp
Masaru Tsuji

Company Name:
Stock Code:
Representative

Nikko Co., Ltd.
6306
Representative Director and President
Senior Managing Director/General
For inquiries:
Manager of Administrative Division
Scheduled date of Ordinary General
June 24, 2022
Shareholders’ Meeting:
Scheduled date for filing the annual
June 27, 2022
securities report:
Full-year earnings supplementary explanatory materials:
Financial results briefing session:

Hiroshi Fujii

TEL 078-947-3141

Scheduled date for cash dividends:

June 27, 2022

Yes
Yes (for analysts)(Amounts rounded down to the nearest million yen)
1. Consolidated Performance for the Fiscal Year Ended March 31, 2022 (April 1, 2021 - March 31, 2022)(1) Consolidated Operating Results(% represents year-on-year change)
Net income attributable
Net sales
Operating income
Ordinary income
to owners of parent
million yen % million yen% million yen% million yen%
Fiscal year ended March 31, 2022
38,846 2.6
2,053 (10.8)
2,274 (23.5)
1,649(20.8)
Fiscal year ended March 31, 2021
37,866 7.7
2,302
12.1
2,973
38.8
2,082
31.1
Note: Comprehensive income:Fiscal year ended March 31, 2022:1,782 million yen (-38.2%)
Fiscal year ended March 31, 2021:2,885 million yen(387.2%)

Net income per Diluted net income
share
per shareyen
yen
Fiscal year ended March 31, 2022
43.16－
Fiscal year ended March 31, 2021
54.31－
(2) Consolidated Financial Position
Total assets
Net assets
million yen
million yen
As of March 31, 2022
52,07932,050
As of March 31, 2021
48,69731,451(Reference) Capital: As of March 31, 2022: 32,003 million yen
As of March 31, 2021: 31,427 million yen

Return on
equity%5.2
6.8

Equity ratio

Return on
assets
%
4.5
6.3

%
61.5
64.5

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

million yen
2,224
2,784

million yen(2,165)(1,867)

million yen(282)(1,129)2. Dividends
Annual dividends
End of End of End of YearTotal
1Q
2Q
3Q
end
yen
yen
yen
yen
yen
Fiscal year ended March 31, 2021
－ 15.00－ 18.00 33.00
Fiscal year ended March 31, 2022
－ 15.00－ 15.00 30.00
Fiscal year ending March 31, 2023
(Forecasts)－ 15.00－ 15.00 30.00

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%
5.3
6.1

Net assets per shareyen
837.22823.01(3) Consolidated Cash Flows

Fiscal year ended March 31, 2022
Fiscal year ended March 31, 2021

OperatingmarginCash and cash
equivalents at endof yearmillion yen
12,38912,444Rate of total
Dividend
dividends to net
payout ratio
assets(consolidated)(consolidated)
million yen
%
%
1,260
60.5
4.1
1,146
69.5
3.6

Total dividend(total)71.7

3. Consolidated Performance Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 - March 31, 2023)(Percentages indicate year-on-year changes from full fiscal year and first half of the previous fiscal year, respectively)
Net income attributable to owners per share
Net sales
Operating income Ordinary incomeof parent
Net income
million yen % million yen% million yen%
million yen%yen
2Q (first half)
20,000 5.2
1,000
3.3
1,150
4.1
700
(19.3)
18.32
Full year
42,000 8.1
2,300 12.0
2,500
9.9
1,600
(3.0)
41.87
*Notes(1) Changes in important subsidiaries during the period under review (changes in specific subsidiaries which involve
changes in the scope of consolidation): None
(2) Changes in accounting policy, changes in accounting estimates, and retrospective restatements(i) Changes in accounting policy arising from revision of accounting standards, etc.: Yes(ii) Changes in accounting policy other than those noted in (i) above: None(iii) Changes in accounting estimates: None(iv) Retrospective restatements: None
(Note) Please refer to (5) Notes to Consolidated Financial Statements (Changes in Accounting Policy) of 4.
Consolidated Financial Statements and Notes to the Statements on page 16 of Accompanying Material
for details.
(3) Shares issued (common stock)(i) Number of shares issued at end of
period (including treasury stock)(ii) Number of shares held in treasury at
end of period(iii) Average number of shares outstanding
during the period

As of March 31,2022
As of March 31,2022
As of March 31,
2022

40,000,000
shares
1,774,135
shares38,215,523
shares

As of March 31,
2021
As of March 31,
2021
As of March 31,
2021

40,000,000
shares1,814,260
shares38,349,338
shares*This report is exempt from audit procedures by certified public accountants or an auditing firm.

*

Explanation of the appropriate use of earnings forecasts, and other special notes(Cautionary statement with respect to forward-looking statements)
Any forecasts and forward-looking statements given herein are based on information available as of this report’s
publication and on certain assumptions that are deemed reasonable and these forecasts are not guarantees of
future performance. Actual results may differ significantly from forecasts due to various factors. For the assumptions
underlying the forecasts herein and other notice on the use of earnings forecasts, please refer to (1) Overview ofOperating Results for Fiscal Year Ended March 31, 2022 in 1. Overview of Operating Results, etc. on page 2 in theaccompanying materials.
(How to obtain the earnings supplementary explanatory materials and the date of the financial results briefing
session)
The Company is scheduled to post the earnings supplementary explanatory materials on its website on Friday, May
13, 2022.
The Company has scheduled a financial results briefing session (live streaming) for securities analysts on Friday,
June 10, 2022.

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Accompanying Material – Table of Contents
1. Overview of Operating Results, etc.…………………………………………………………….………………………
(1) Overview of Operating Results for Fiscal Year Ended March 31, 2022…………………………………………
(2) Overview of Financial Conditions for Fiscal Year Ended March 31, 2022………………………………………
(3) Basic Policy Concerning Profit Distribution and Dividends for the Current Term and Next Term..……………
(4) Risks Associated with Business, etc.…………………………………………………………………………...……
2. Status of the Nikko Corporate Group…………………………………………………………………….………………
3. Basic Approach to the Selection of Accounting Standards……………………………………………………….……
4. Consolidated Financial Statements and Notes to the Statements……………………….……………………………
(1) Consolidated Balance Sheets…………………………………………………………………………………………
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income………………
Consolidated Statements of Income………………………………………………………………………………
Consolidated Statements of Comprehensive Income…………………………………..………………………
(3) Consolidated Statements of Changes in Equity………………………………………………………………..……
(4) Consolidated Statements of Cash Flows……………………………………………………………………..………
(5) Notes to Consolidated Financial Statements……………………………………………………...…………………
(Going Concern Assumption)…………………………………………………………………………………………
(Changes in Accounting Policy)………………………………………………………………………………………
(Change in the method of presentation)…………………………………….………………………………………
(Segment Information)…………………………………………………...……………………………………………
(Per Share Information)………………………………………………………………………………………………
(Significant Subsequent Events)……………………………………………….……………………………………
5. Other Information………………………………………………...…………………………………………………………

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2
2
3
5
5
7
8
9
9
11
11
12
13
15
16
16
16
16
17
20
21
22

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for Fiscal Year Ended March 31, 2022(i) Operating Results for Fiscal Year Ended March 31, 2022
During the fiscal year under review, the Japanese as well as global economies started off on the path towards
normalization even as COVID-19 infections repeatedly expanded and decreased. Price rises spread reflecting theincrease in resource and raw material costs, supply restrictions, and tight logistic conditions. While the U.S. and manyother countries, mindful of inflation, started active discussions on financial tightening such as raising interest rates,
Japan continued with monetary easing, and this difference in financial policy directions led to a continued weakeningof the yen. Furthermore, Russia’s invasion of Ukraine beginning in February started having significant impact on the
global economy such as the soaring prices of oil and natural gas.
Under such circumstances, in the fiscal year under review, which is the final year of the three-year Medium-Term
Management Plan, the Nikko Group posted consolidated net sales of 38,846 million yen (up 2.6% from a year earlier)and consolidated operating income of 2,053 million yen (down 10.8% from a year earlier). Consolidated ordinary
income totaled 2,274 million yen (down 23.5% from a year earlier) and net income attributable to owners of parent
came to 1,649 million yen (down 20.8% from a year earlier).
Compared with the targets of 38,000 million yen in consolidated net sales and 3,000 million yen in operating income
under the three-year Medium-Term Management Plan, the Group was able to achieve the net sales plan, while its
profit target was not met. With respect to the forecasts of 39,000 million yen in consolidated net sales and2,300 million yen in operating income for the fiscal year under review, both net sales and operating income fell shortof the forecasts, with net sales being slightly below the target.
While demand was strong in the Company’s mainstay Asphalt Plant-Related Business, there was a temporary
slowing in progress of projects, due to major road paving companies, who are its core customers, pushing forward
organizational restructuring, which had some impact on the sales and orders. Meanwhile, net sales in the Concrete
Plant-Related Business increased reflecting strong user demand for capital investment given the concrete price thatremained stable at a relatively high level. New businesses such as mobile plants and waterproof boards also
performed strongly. In terms of profits, gross profit margin came to a level similar to the previous fiscal year, as
reduction of outsourcing cost and improved productivity absorbed a large increase in costs of steel and other raw
materials. However, an increase in general administrative costs such as those for launching the business of the Thai
subsidiary and R&D expenses resulted in lower-than-forecast profits.
The Company has been steadily taking measures to achieve the five Long-term Basic Policies: (i) strengthen
revenue base in Japan (improve profitability by boosting product appeal by raising the level of all divisions of sales,
service, engineering, and manufacturing [profit margin of 10%]); (ii) establish overseas sales (As a manufacturer,
establish new overseas bases to spread Nikko products, which are the best in the world, in the ASEAN region(doubling overseas net sales to 9.0 billion yen from the current 4.5 billion yen); (iii) promote new businesses (incl.
M&As) (invest management resources in expansion of new businesses and nurture new pillar products in theindustrial and construction machinery fields [generating 10.0 billion yen in net sales from new businesses]); (iv) put
work-style reform into practice (boost operation efficiency and significantly improve labor productivity [to centralize
office work and utilize IoT and AI]); and (v) make ROE a KPI (aim to achieve a market capitalization of at least
50.0 billion yen and ROE of at least 8% and payout ratio 60% or more to enhance shareholder returns).
Overview of operating results by segment is as follows.
<Asphalt Plant-Related Business>
Net sales of the Asphalt Plant-Related Business declined 5.9% compared with a year earlier to 18,328 million yen
due to the impact of temporary slowdown in the progress of projects primarily in product sales. Order backlog also
was affected by the low progress in projects and fell 6.2% to 7,725 million yen.
<Concrete Plant-Related Business>
Net sales of the Concrete Plant-Related Business rose 17.7% compared with a year earlier to 10,839 million yen,
as sales of both products and maintenance services increased given strong user demand for capital investment.
Order backlog also grew significantly by 27.7% compared with a year earlier to 5,755 million yen.
<Environment- and Conveyor-Related Business>
Net sales of the Environment- and Conveyor-Related Business, which was relatively more affected by the spreadof COVID-19 infection, recovered and increased 26.3% compared with a year earlier to 3,018 million yen. Orderbacklog was almost unchanged at 631 million yen, which is down 0.8% compared with a year earlier.

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<Other Businesses>
Net sales of the Other Businesses declined 2.0% compared with a year earlier to 6,660 million yen, as net salesof the mobile plants and waterproof boards increased but those of temporary construction materials declined. Orderbacklog rose significantly by 142.3% compared with a year earlier to 2,377 million yen. The order backlog includes
1,484 million yen in those of Ube Kohki Co., Ltd.
Net sales by business segment (comparison with the previous fiscal year)
Asphalt PlantConcrete PlantRelated
Related BusinessBusiness
Fiscal year
ended March

Net sales (mil. yen)

31, 2022

Share (%)

Fiscal year
ended March

Net sales (mil. yen)

31, 2021

Share (%)

Environment- andConveyor-Related
Business

Otherbusiness

Total

18,328

10,839

3,018

6,660

38,846

47.2

27.9

7.8

17.1

100

19,467

9,212

2,390

6,796

37,866

51.4

24.3

6.3

18.0

100

Note: 1. Net sales are rounded down to the nearest million yen.
2. Shares are rounded to the first decimal place.
(ii) Future outlook
In the Asphalt Plant-Related Business in Japan, while there was a temporary slowdown in progress of projects
apparently due to the impact of the organizational restructuring of major road paving companies, which are themain customers, replacement demand for plants manufactured in 1980s continues to plateau, and the demand for
the Asphalt Plant-Related Business in Japan continues to be strong similar to the Concrete Plant-Related Business.
Overseas, the sales subsidiary in Thailand has been making steady progress in sales activities primarily throughinfluential sales agents, although the start of full operation of the new plant of the Thai manufacturing subsidiary
was delayed until March 2022 due to lack of labor caused by the spread of COVID-19 infection and bad weather. In
China, active infrastructure investment is expected for the time being and demand for asphalt plants is expected tocontinue while there are concerns such as personnel costs and rising prices of raw materials, etc. resulting fromprice increases, and the impact of the recent lockdown related to COVID-19 countermeasures. The Company
expects that a market environment, where the Nikko Group can leverage the advanced technological capabilities it
has been developing in Japan will continue for the time being, given the tightening of environmental restrictions andpopularization of recycled mixture.
For the fiscal year ending March 31, 2023, the Company expects to achieve consolidated net sales of
42,000 million yen, operating income of 2,300 million yen, ordinary income of 2,500 million yen, and net income
attributable to owners of parent of 1,600 million yen.
(2) Overview of Financial Conditions for Fiscal Year Ended March 31, 2022
(i) Assets, Liabilities, and Net Assets
Total assets at the end of the fiscal year (March 31, 2022) amounted to 52,079 million yen, an increase of
3,381 million yen from the end of the previous fiscal year.
Current assets came to 34,127 million yen, increasing 1,746 million yen from the end of the last consolidated fiscal
year. Main factors contributing to the change are increases of 2,733 million yen in work in process and partly-finishedconstruction, 225 million yen in raw materials and supplies, and 116 million yen in electronically recorded monetaryclaims as well as decreases of 1,092 million yen in notes and accounts receivable-trade and 503 million yen inmerchandise and finished goods.
Noncurrent assets came to 17,951 million yen, up 1,635 million yen from the end of the previous consolidated fiscal
year. Factors contributing to the change include an increase of 1,387 million yen in buildings and structures, anincrease of 371 million yen in land, and an increase of 177 million yen in machinery, equipment and vehicles, and adecrease of 484 million yen in construction in progress.
Liabilities totaled 20,029 million yen, increasing 2,783 million yen from the end of the last consolidated fiscal year.
Factors contributing to the change include contract liabilities (advances received till the previous fiscal year) rising
1,472 million yen, long-term loans payable rising 1,279 million yen, notes and accounts payable-trade rising 540 million
yen, and retirement benefit-related liabilities rising 131 million yen as well as electronically recorded obligations
declining 146 million yen and accounts payable-other declining 100 million yen.

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Net assets came to 32,050 million yen, increasing 598 million yen from the end of the last consolidated fiscal year.
Factors contributing to the change include an increase from recording of 1,649 million yen in income attributable toowners of parent, an increase in foreign currency translation adjustment of 296 million yen, a decrease due to dividend
payment of 1,260 million yen and a decline of 139 million yen in valuation difference on available-for-sale securities.
As a result, equity ratio dropped to 61.5% from 64.5% at the end of the previous fiscal year.
(ii) Cash Flows
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2021

ChangeCash flow from operating activities (mil. yen)

2,224

2,784

(560)

Cash flow from investing activities (mil. yen)

(2,165)(1,867)(297)

Cash flows from financing activities (million yen)(282)

(1,129)847

Effect of exchange rate changes on cash and cash equivalents(million yen)

168

80

87

Net increase (decrease) in cash and cash equivalents (million yen)

(54)

(131)

77

Cash and cash equivalents at beginning of year (million yen)

12,444

12,575(131)

Cash and cash equivalents at end of year (million yen)

12,38912,444(54)

Cash provided by operating activities totaled 2,224 million yen (compared with 2,784 million yen in cash provided
by operating activities in the previous fiscal year). Major items in cash flow from operating activities include
2,599 million yen in net income before income taxes, 745 million yen in depreciation and amortization, 1,653 million
yen in decrease in notes and accounts receivable-trade, and 126 million yen in interest and dividends income
received as well as 325 million yen in gain on sales and valuation of investment securities, 1,583 million yen in
expenditure from an increase in inventories, 28 million yen in decrease in notes and accounts payable-trade, and
1,002 million yen in income taxes paid.
Cash used in investing activities totaled 2,165 million yen (compared with 1,867 million yen in cash used ininvesting activities in the previous fiscal year). Major items in cash flow from investing activities include 754 million
yen in proceeds from sales and redemption of investment securities as well as 1,697 million yen in purchase ofproperty, plant and equipment and intangible assets, 733 million yen in purchase of shares of subsidiaries resulting
in change in scope of consolidation.
Cash used in financing activities totaled 282 million yen (compared with 1,129 million yen in cash used in financing
activities in the previous fiscal year). Major items in cash flow from financing activities include 1,099 million yen inproceeds from long-term loans payable as well as 1,260 million yen in cash dividends paid.
As a result, consolidated cash and cash equivalents at the end of the fiscal year under review decreased by
54 million yen from the end of the previous fiscal year to 12,389 million yen.
Changes in cash flow-related indicators
Fiscal year ended
March 31, 2019
Equity ratio (%)
Return on equity based on market
value (%)
Cash flow to interest-bearing debt
(years)Interest coverage ratio (times)

Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

69.2

66.3

64.5

61.5

42.0

51.7

57.3

44.6

-

2.5

0.9

1.7

-

82.4

75.2

44.1

Notes: Return on equity: Total equity/Total assets
Return on equity based on market value: Market valuation/Total assets
Cash flow to interest-bearing debt: Interest-bearing debt/Operating cash flow
Interest coverage ratio: Operating cash flow/Interest expenses-6-*All indicators are calculated based on consolidated figures.
*Market valuation is calculated by multiplying the number of shares issued at end of period (excluding treasury
stock) with the closing stock price of the period.
Cash flows from operating activities in the Consolidated Statements of Cash Flows are used for operating
cash flow. Interest-bearing debt includes all liabilities recorded on the Consolidated Balance Sheets on whichinterest is paid. Interest paid in the Consolidated Statements of Cash Flows is used for Interest expenses.
(3) Basic Policy Concerning Profit Distribution and Dividends for the Current Term and Next Term
The Company identifies the return of profits to shareholders as an important management goal, and in principle,
pays dividends continuously by taking into account the business performance in the period. It is the Company’s basic
policy to strive to strengthen its management foundation and enhance corporate value to meet the shareholders’expectations and make decisions on return of profits from a comprehensive perspective including enhancement ofinternal reserves.
The Company expects to propose dividends of 15.00 yen per share at the 159th Ordinary General Shareholders’Meeting scheduled on June 24, 2022.
For the next fiscal year, the Company plans annual dividend of 30.00 yen per share (dividend payout ratio of
71.7%), consisting of interim and year-end dividends of 15.00 yen per share each.
(4) Risks Associated with Business, etc.
(i) Risks associated with the Asphalt Plant-Related Business in Japan<Risk of insufficient differentiation with competitors>
The asphalt plant market in Japan is an oligopoly where the Company and another competing company accountfor almost 100% of the market. The Company’s market share is more than 70% and its positioning as the top
manufacturer has not changed for years. The Company will pursue differentiation by developing new products that
contribute to realizing carbon-neutral society and CO2 reduction and through business model reform of themaintenance service business as well as the offering of remote and automated support to secure our position as theoverwhelming top manufacturer. However, there is a possibility that the appeal of this differentiation for customers
becomes weak if the Company is unable to engage in sufficient product development or if other companies develop
a meticulous maintenance system that compares favorably with the Company’s system.
<Risks of foreign manufacturers entering the Japanese market>
In recent years, no foreign manufacturer has entered the asphalt plant market in Japan, but Chinese and Korean
manufacturers have been gradually acquiring technical strengths and may be planning to enter the Japanese market.
While it would not be easy for foreign manufacturers to enter the Japanese market without sufficient maintenancestructures, there is a possibility that they would seriously consider entering the Japanese market when the growth intheir respective market has stalled. If foreign manufacturers join the Japanese market, the competition among
manufacturers may intensify.
<Risks of shrinking market due to reorganization of the road paving industry>
The organizational restructuring of major road paving companies has been gathering pace, which could lead toreorganization of the road paving industry in the future. If industrial reorganization results in further consolidation ofasphalt plants, the market may shrink.
(ii) Risk associated with Nikko’s technological innovation not catching up with the initiatives for reducing
environmental burden
Asphalt plants primarily use fossil fuels as energy source. About 1.5 million tons a year of CO2 is estimated to be
emitted in Japan for manufacturing asphalt mixture, and 70% of the emissions are thought to be from Nikkomanufactured plants based on the market share. In close collaboration with road pavement companies, who are
the customers, Nikko is working on early social implementation of technological innovations such as fuel efficiency
improvement and shifting of heat source at asphalt plants (carbon-neutral fuels, electrical heating, etc.),
improvement of transportation efficiency through innovation of mixture transportation method, collection of CO2
emitted by asphalt plants, and CO2 absorption using ready-mixed concrete. However, there is a possibility of ourtechnological innovation not keeping pace if the global movement of reducing environmental burden advances
faster than expected.

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(iii) Risks associated with the overseas business<Risks of intensifying competition in the high-end asphalt plant market in China>
The Company has secured a certain position in the high-end model category in the asphalt plant market in China
and has been steadily recording sales and profit every year. So far, the competitors in the high-end market are two
European companies in addition to one or two top Chinese manufacturers, and competition has been mild.
However, Chinese companies in general have been gaining technical strength and the competition may intensify ifmany Chinese manufacturers enter the high-end market in the future.
<Risks of failing to achieve sales plan in the ASEAN market>
As part of the growth strategy, we established a manufacturing subsidiary in Thailand in FY 2020 and invested
more than 1.0 billion yen in the factory. The premise of this investment is that we can stably sell asphalt plants every
year in Thailand and other ASEAN countries. However, if the Company’s plants do not gain enough support from
customers in the ASEAN countries including Thailand and the Company cannot sell the planned number of plants,
the manufacturing plant would record losses, running a risk of impairment of the plant.

(iv) Risks associated with reduction in budget for public investment
In the past, when political power shifted to the Democratic Party of Japan from the Liberal Democratic Party,“from concrete to people” became the former’s slogan and many of the Company’s customers began curbing capital
investment. As a result, our sales declined significantly. In the future, if a party that holds up a policy to reduce
public investment forms the government, our customers may shift to curb investment like they did during theprevious Democratic Party of Japan regime.
(v) Risk regarding securing of human resources to engage in on-site operations
With our business model, we carry out the entire process from plant manufacture to installation on site andoffering of maintenance service all in-house. In maintenance service, the Company has been promoting laborsaving in maintenance operations utilizing IoT, etc., but recently it is becoming more difficult to recruit humanresources to engage in on-site operations such as maintenance service workers and those engaging in construction
work given the labor shortage. If we are unable to hire the required number of on-site workers, it may become
difficult to maintain a competitive edge with our business model.
(vi) Risk associated with spread of COVID-19
As the country sees gradual recovery from the impact of the COVID-19 pandemic, the Japanese constructionindustry, in general, has not had any significant direct impact from the COVID-19 pandemic and has been
performing solidly, and we also expect minimal impact on the industry in the future. However, there remains the riskof the pandemic resurging with new strains, and there are countries and regions around the world including China
where the infection is spreading. Under such circumstances, if any of our employees get infected with COVID-19 or
is identified as a close contact, he or she must temporarily stay away from work. It may significantly affect delivery
to customers, as our products are designed according to the order and then manufactured, especially if an
employee in the engineering division gets infected and the designing operation has to stop for a certain period oftime.
Further, in overseas operations, if the spread of COVID-19 in countries where we have operations restricts social
activities, it may become difficult to carry out sales activities there. In particular, if the infection spreads in China,
Thailand, and Taiwan, where the Nikko Group has business bases, there is a possibility of direct impact.
(vii) Risk associated with rising prices of materials, etc.
As the global economy heads towards a recovery from the world-wide COVID-19 pandemic, and amid spreading
price increases caused by supply restrictions and the tight logistic situation, prices of fuels such as crude oil andnatural gas have risen drastically due to the Russia-Ukraine situation, accelerating price increases. The prices ofmaterials the Company purchases are also continuing to rise and its profitability may worsen if this situation
persists into the future.
(viii) Risk associated with the Russia-Ukraine situation
The Company has suspended transactions with Russia. In recent years, its transactions for Russia were limited
to parts worth several tens of millions of yen a year and the impact of the suspension of the transactions is
negligible. However, the rises in crude oil and other prices and the disruption in the global economy due to theimpact of the Russia-Ukraine situation may impact capital investment plans, etc. to customers of the Company.

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2. Status of the Nikko Corporate GroupThe Nikko corporate group consists of the Company and 12 subsidiaries. The principal business of Nikko Group is
manufacture and distribution of asphalt plants, concrete plants, and environment and conveyor machinery, and it is also
engaged in real estate leasing and sales of housing renovation, etc.
In the segment information by type of business, the asphalt plant business is classified as the Asphalt Plant-Related
Business, concrete plant business as the Concrete Plant-Related Business, the environment and conveyor business as
the Environment- and Conveyor-Related Business and the other business including temporary construction materials
and hand tools as the Other Business.
Category

Main products

Asphalt PlantRelated Business

Asphalt plants
Recycling plants
Mixture silos
Electronic control devices, plant management system

Concrete PlantRelated Business

Concrete plants
Compact concrete plants
Concrete pumps
Electronic control devices, plant management system
Concrete manufacturing plant facilities, etc.
Belt conveyors, conveyors for facilities, beverage container
recycling plants
Soil remediation plant, plastic recycling plant
Pipe scaffoldings, steel gangplanks, pipe supports
Temporary aluminum staircases
Shovels, spades
Small-sized concrete mixers, mortar mixers
Sluices, waterproof boards, crushers
Real estate leasing, construction machinery product leasing
Housing renovation
Industrial machinery, gas holders, solar LED

Environment- andConveyorRelated Business
Other business

The group organizational chart is shown in the following page.

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Main companies
Nikko Co., Ltd.
Nikko Electronics Co., Ltd.
Nikko Machinery Co., Ltd.
Nikko (Shanghai) Construction
Machinery Co., Ltd.
Nikko Asia (Thailand) Co., Ltd.
Nikko Nilkhosol Co.,Ltd.
Nikko Co., Ltd.
Nikko Electronics Co., Ltd.
Nikko Machinery Co., Ltd.
Nikko (Shanghai) Construction
Machinery Co., Ltd.
Nikko Co., Ltd.
Nikko Co., Ltd.
Nikko Machinery Co., Ltd.
Tombo Industry Co., Ltd.
Nikko Sec Co., Ltd.
Nikko Kosan Co., Ltd.
Maekawa Kogyosho Co., Ltd.
Maekawa Shanghai Qiankun
Machinery Co., Ltd.
Ube Kohki Co., Ltd.
Nikko Baumaschinen GmbH

3. Basic Approach to the Selection of Accounting Standards
The Nikko Group plans to continue applying the Japanese accounting standards for the time being taking into
consideration availability of periodical comparison of its consolidated financial statements and availability of comparison
among other companies.
It plans to respond appropriately to the application of the International Financial Reporting Standards (IFRS) by taking
into consideration the situation in Japan and overseas.

- 10 -

4. Consolidated Financial Statements and Notes to the Statements(1) Consolidated Balance Sheets(million yen)
As of March 31, 2021
AssetsCurrent assets
Cash and cash equivalents
Notes and accounts receivable-trade
Electronically recorded monetary claims
Merchandise and finished goods
Work in process
Raw materials and supplies
Other business
Allowance for doubtful accounts
Total current assets
Non-current assets
Property and equipment
Buildings and structures (net)
Machinery, equipment and vehicles (net)
Tools, furniture and fixtures (net)Land
Lease assets (net)Right-of-use assets (net)
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other businessTotal intangible assets
Investments and other assets
Investment securities
Investments in capital
Long-term loans receivable
Deferred tax assets
Other business
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets- 11 -

As of March 31, 2022

12,491
10,530
1,477
1,494
4,236
1,470
685
(5)
32,381

12,436
9,438
1,594
990
6,970
1,695
1,002
(0)
34,127

3,839
1,078
365
3,205
2
71
619
9,183

5,227
1,256
399
3,577
1
72
134
10,669

660
660

266
769
1,036

4,528
11
11
792
1,259
(131)
6,472
16,315
48,697

4,336
15
8
864
1,152
(131)
6,246
17,951
52,079(million yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable-trade
Electronically recorded obligations
Accounts payable-factoring
Short-term loans payable
Income taxes payable
Accounts payable-other
Advances received
Contract liabilities
Provision for bonuses
Provision for directors' bonuses
Provision for loss on order received
Other businessTotal current liabilities
Long-term liabilities
Long-term loans payable
Deferred tax liabilities
Provision for directors' retirement benefits
Retirement benefit-related liabilities
Other businessTotal noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Accumulated retirement benefit-related
adjustment
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets- 12 -

As of March 31, 2022

2,591
1,015
2,806
2,188
586
765
2,949
531
76
126
782
14,418

3,132
868
2,783
2,229
518
664
17
4,405
483
76
35
559
15,774

304
5
170
1,995
351
2,827
17,246

1,583
7
182
2,126
354
4,254
20,029

9,197
7,926
13,366(805)
29,685

9,197
7,925
13,755(784)
30,093

1,592

1,453

264

560

(114)

(104)

1,742

1,910

24
31,451
48,69746
32,05052,079(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Insurance income
Foreign exchange gains
Outsourcing service income
Other businessTotal non-operating income
Non-operating expenses
Interest expenses
Loss on disposal of noncurrent assets
Compensation for damage
Expenses for dismantling and removal
Other businessTotal non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Total extraordinary income
Extraordinary loss
Loss on sales of investment securities
Loss on valuation of investment securities
Total extraordinary loss
Net income before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Net income
Loss attributable to non-controlling interests
Net income attributable to owners of parent

Fiscal year ended March 31,
2021(from April 1, 2020 to March
31, 2021)
37,866
27,675
10,191
7,889
2,302(million yen)
Fiscal year ended March 31,
2022(from April 1, 2021 to March
31, 2022)
38,84628,346
10,500
8,447
2,053

2
546
30
56
49
114
800

2
123
77
49
82
335

37
12
64
15
129
2,973

50
0
14
24
25
114
2,274

152
152

326
326

69
10
79
3,045
1,057
(94)
963
2,082
2,082

0
0
2,599
944
40
985
1,614
(34)
1,649

- 13 -

(Consolidated Statements of Comprehensive Income)Net income
Other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Retirement benefit-related adjustment
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of
the parent
Comprehensive income attributable to noncontrolling interests(mil. yen)
Fiscal year ended March 31, Fiscal year ended March 31,
2021
2022
(from April 1, 2020 to March(from April 1, 2021 to March
31, 2021)
31, 2022)
2,082
1,614

- 14 -

473

(139)

209
120
802
2,885

296
10
167
1,782

2,884

1,817

1

(34)

(3) Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(million yen)
Shareholders' equity
Capital stock
Balance at beginningof term

9,197

Capital surplus

Retained earnings

7,918

12,632

Treasury stock(420)

Total shareholders’equity29,328Changes during term
Cash dividends
Net income
attributable toowners of parent
Purchase oftreasury stock
Disposal oftreasury stock
Change inownership interestof parent due totransactions with
non-controllinginterests
Net changes of
items other thanshareholders'equityTotal changes of
items during theperiodBalance at end ofterm(1,348)(1,348)

2,082

2,082

7

(400)

(400)

14

22

-

7

734

(385)

356

9,197

7,926

13,366(805)

29,685

Accumulated other comprehensive income

Balance at beginningof term

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Accumulated
retirement benefitrelated
adjustment

Total accumulated
othercomprehensive
incomeNon-controllinginterests

Total net assets

1,119

55

(235)

939

25

30,293

Changes during term
Cash dividends
Net income
attributable toowners of parent
Purchase oftreasury stock
Disposal oftreasury stock
Change inownership interestof parent due totransactions with
non-controllinginterests
Net changes of
items other thanshareholders'equityTotal changes of
items during theperiodBalance at end ofterm(1,348)
2,082
(400)
22

473

209

120

802

(1)

801

473

209

120

802

(1)

1,158

1,592

264

(114)

1,742

24

31,451- 15 -

Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(million yen)
Shareholders' equity
Capital stock
Balance at beginningof term

9,197

Capital surplus

Retained earnings

7,926

13,366

Treasury stock(805)

Total shareholders’equity29,685

Changes during term
Cash dividends
Net income
attributable toowners of parent
Purchase oftreasury stock
Disposal oftreasury stock
Change inownership interestof parent due totransactions with
non-controllinginterests
Net changes of
items other thanshareholders'equityTotal changes of
items during theperiodBalance at end ofterm(1,260)(1,260)

1,649

1,649

11

(0)

(0)

20

32

(12)

(12)

-

(1)

388

20

408

9,197

7,925

13,755(784)

30,093

Accumulated other comprehensive income

Balance at beginningof term

Valuationdifference on
available-for-salesecurities

Foreign currencytranslation
adjustment

Accumulated
retirement benefitrelated
adjustment

Total accumulated
othercomprehensive
incomeNon-controllinginterests

Total net assets

1,592

264

(114)

1,742

24

31,451

Changes during term
Cash dividends
Net income
attributable toowners of parent
Purchase oftreasury stock
Disposal oftreasury stock
Change inownership interestof parent due totransactions with
non-controllinginterests
Net changes of
items other thanshareholders'equityTotal changes of
items during theperiodBalance at end ofterm(1,260)
1,649
(0)
32

(12)

(139)

296

10

167

22

190

(139)

296

10

167

22

598

1,453

560

(104)

1,910

46

32,050- 16 -

(4) Consolidated Statements of Cash Flows

Cash flows from operating activities
Net income before income taxes
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit-related adjustment
Increase (decrease) in provision for directors' retirement benefits
Interest and dividends income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sales and valuation of investment securities
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Increase (decrease) in advances received
Increase (decrease) in contract liabilities
Other business
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Cash flows from operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of investment securities
Proceeds from sales and redemption of investment securities
Purchase of property, plant and equipment and intangible assets
Purchase of shares of subsidiaries resulting in change in scope of
consolidation
Payments for acquisition of businesses
Payments of loans receivableCollection of loans receivable
Other business
Cash flows from investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from sale of shares of subsidiaries not resulting in change inscope of consolidation
Purchase of treasury stock
Repayments of finance lease obligations
Cash dividends paid
Cash flows from financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

- 17 -(million yen)
Fiscal year ended Fiscal year ended
March 31, 2021
March 31, 2022
(from April 1, 2020 to (from April 1, 2021
March 31, 2021) to March 31, 2022)
3,045
677
(27)
80
24
(548)
37
(19)
(72)
(300)
(359)
(627)
1,281
187
3,377
548
(37)
(1,105)
2,784

2,599
745
14
(5)
71
(9)
(126)
50
(72)
(325)
1,653
(1,583)(28)
1,172(1,006)
3,150
126
(50)
(1,002)
2,224

(47)
47
(14)
579
(2,414)

(47)
47
(423)
754
(1,697)

-

(733)

(2)
2
(18)
(1,867)

(127)
(4)
7
60
(2,165)

550
140
(70)

(125)
1,099
(46)

-

51

(402)
(0)
(1,345)(1,129)80(131)
12,575
12,444(1,260)
(282)
168
(54)
12,444
12,389(5) Notes to Consolidated Financial Statements(Going Concern Assumption)
Not applicable(Changes in Accounting Policy)(Application of the Accounting Standard for Revenue Recognition)
The Company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March
31, 2020. ) and other standards from the beginning of the fiscal year under review. The Company now
recognizes revenue as the amount expected to be received in exchange for promised goods or services whencontrol of said goods or services is transferred to the customer.
The application of the said accounting standard does not affect the consolidated financial statements.
As the Company applied the Accounting Standard for Revenue Recognition, “advances received,” which wasrecorded as current liabilities in the consolidated balance sheet for the previous fiscal year, shall be included
under “contract liabilities” from the fiscal year under review. In accordance with the transitional treatmentprescribed by Article 89-2 of the Accounting Standard for Revenue Recognition, the Company did not reclassify
the figures for the previous fiscal year using the new description method.
(Application of the Accounting Standard for Fair Value Measurement)
The Company has applied the Accounting Standard for Fair Value Measurement (ASBJ Statement No. 30, July4, 2019 ) and other standards from the beginning of the fiscal year under review. In accordance with thetransitional treatments prescribed in Article 19 of the Accounting Standard for Fair Value Measurement andArticle 44-2 of the Accounting Standard for Financial Instruments (ASBJ Statement No. 10, July 4, 2019), theCompany plans to apply the new accounting policies prescribed in the Accounting Standard for Fair Value
Measurement and other standards through the future.
The application of the said accounting standard does not affect the consolidated financial statements.
(Change in the method of presentation)(Consolidated Statements of Income)From the current fiscal year, the Company independently records outsourcing service income, which used to be
included in other of non-operating income, as outsourcing service income accounted for more than 10% of thetotal amount of non-operating income. To reflect this change in the method of presentation, the Company has
reclassified the financial statements for the previous accounting period.
As a result, the 164 million yen of other in non-operating income in the balance sheet for the previous fiscal
year has been reclassified as 49 million yen in outsourcing service income and 114 million yen in other.

- 18 -

(Segment Information)[Segment Information]
1. Overview of reportable segment
The Company’s reportable segments are components of the Nikko Group about which separate financial information
is available. These segments are subject to periodic examinations to enable the Company’s Board of Directors to decide
how to allocate resources and assess performance.
The Company formulates comprehensive strategy for products and services in Japan and overseas and implements
business activities.
The Company, therefore, classifies its operations into three reportable segments of Asphalt Plant-Related Business,
Concrete Plant-Related Business and Environment- and Conveyor-Related Business.
The Asphalt Plant-Related Business produces asphalt mixing plants, recycling plants, etc. and provides maintenanceservices. The Concrete Plant-Related Business produces concrete batching plants, etc. and provides maintenanceservices. The Environment- and Conveyor-Related Business produces environmental and recycling plants, various typesof conveyor systems, etc.
2. Calculation of net sales, income/loss, assets, and other items by reportable segment
Accounting methods applied in the reportable business segments are roughly in accordance with the Significant
Matters Serving as a Basis for the Presentation of Consolidated Financial Statements.
Reportable segment income is based on operating income.
Intersegment sales or transfers are based on market price.
3. Net sales, income/loss, assets, and other items by reportable segment
Fiscal year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)
Reportable segment
Asphalt
Concrete
EnvironmentPlant-Related Plant-Related and ConveyorBusinessBusiness related Business(mil. yen)
Total

Other
business(note)Total

Net sales
Sales to outside customers
19,4679,212
2,390
31,0706,796 37,866Inter-segment sales and transfers
17
17
104
121
Total
19,4679,212
2,408
31,0886,900 37,988
Segment income
1,239
879
482
2,601
1,170
3,771
Segment assets
16,181
5,835
1,228
23,244
9,336 32,581
Other items
Depreciation and amortization
205
102
9
317
191
508
Amortization of goodwill
Increase (decrease) in tangible
1,571
460
47
2,078
461
2,540
and intangible assets
Note: Other is a business segment that is not included in reportable segments and includes temporary construction
material business, hand tool business, floodgate business, and crusher business.
Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)
Reportable segment
Asphalt
Concrete
EnvironmentPlant-Related Plant-Related and ConveyorBusinessBusiness related Business(mil. yen)
Total

Other
business(note)Total

Net sales
Sales to outside customers
18,328
10,8393,018
32,186
6,660 38,846
Inter-segment sales and transfers
4
4
262
266
Total
18,328
10,8393,023
32,191
6,922 39,113
Segment income
562
1,123
587
2,273
1,073
3,346
Segment assets
17,037
5,570
1,423
24,03012,708 36,739
Other items
Depreciation and amortization
228
132
13
375
199
575
Amortization of goodwill
14
14
14
Increase (decrease) in tangible
757
283
19
1,059
494
1,554
and intangible assets
Note: Other is a business segment that is not included in reportable segments and includes temporary construction
material business, hand tool business, floodgate business, and crusher business.

- 19 -

4. Difference between reportable segment total and consolidated financial statement amounts and main factors in the
difference (related to difference adjustment)(mil. yen)
Net sales
Reportable segment total
Net sales for Other
Elimination of intersegment transaction
Net sales in consolidated financial
statements

Fiscal year ended March 31, 2021 Fiscal year ended March 31, 2022
31,08832,191
6,900
6,922
(121)
(266)
37,866

38,846(mil. yen)

Earnings
Fiscal year ended March 31, 2021 Fiscal year ended March 31, 2022
Reportable segment total
2,601
2,273
Earnings for Other
1,170
1,073
Elimination of intersegment transaction－
Corporate expenses (note)(1,469)(1,293)Operating income in consolidated financial
2,302
2,053
statements
Note: Corporate expenses are expenses of planning and administrative divisions of the Company that are not
attributable to reportable segments.
(million yen)
AssetsFiscal year ended March 31, 2021 Fiscal year ended March 31, 2022
Reportable segment total
23,24424,030Assets in Other
9,336
12,708
Corporate assets (note)
16,116
15,340Total assets in consolidated financial
48,69752,079statements
Note: Assets in Other are assets that are not attributable to reportable segments, including surplus funds managed
by the Company, funds for long-term investment, and assets associated with administrative divisions.

Reportable segment
total
Other items

Fiscal
year
ended
March
31, 2021

Fiscal
year
ended
March
31, 2022

Other business
Fiscal
year
ended
March
31, 2021

Fiscal
year
ended
March
31, 2022(mil. yen)Amount in
Adjustment (note) consolidated financial
statements
FiscalFiscalFiscalFiscal
year
year
year
year
ended
ended
ended
ended
March
March
March
March
31, 2021 31, 2022 31, 2021 31, 2022

Depreciation and
317
375
191
199
168
170
677
745
amortization
Amortization of
14
14
goodwill
Increase (decrease) intangible and intangible
2,078
1,059
461
494
208
352
2,748
1,907
assetsNote: The adjustments for increase in property, plant and equipment and intangible assets are capital investment
related to the planning and administrative divisions of the Company.

- 20 -

[Related Information]
Fiscal year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)
1. Information by product and service
The categories of products and services are omitted as they are the same as the reportable segments.
2. Information by region(1) Net sales(mil. yen)
Japan

China
34,130

Other
3,509

Total
226

37,866(Note) Net sales are categorized by country or region based on the locations of the customers.
(2) Property and equipment
The amount of property and equipment located in Japan is omitted as it accounted for more than 90% of
the property and equipment on the balance sheet.
3. Information by major customer
Sales to outside customers are omitted because net sales to no customer account for 10% or more of
net sales on the consolidated statement of income.
Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)
1. Information by product and service
The categories of products and services are omitted as they are the same as the reportable segments.
2. Information by region(1) Net sales(mil. yen)
Japan

China
34,099

Other
3,670

Total
1,076

38,846(Note) Net sales are categorized by country or region based on the locations of the customers.
(2) Property and equipment(mil. yen)
Japan

China
9,147

Other
471

Total
1,049

10,6693. Information by major customer
Sales to outside customers are omitted because net sales to no customer account for 10% or more of
net sales on the consolidated statement of income.

- 21 -

[Information regarding impairment of non-current assets by reportable segment]
Fiscal year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)
Not applicable
Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)
Not applicable[Information regarding the amount of goodwill amortization and the balance of unamortized goodwill byreportable segment]
Fiscal year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)
Not applicable
Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)
Asphalt Plant Concrete Plant
EnvironmentOther
Corporate/-Related-Relatedand ConveyorTotal(note)
elimination
Business
Businessrelated Business
Amortization for
14
14
－
－
－
－
term
Balance at end
117
149
266
－
－
－
of term
Note: Other is a business segment that is not included in reportable segments and includes temporary construction
material business, hand tool business,floodgate business, and crusher business.

[Information regarding gain on bargain purchase by reportable segment]
Not applicable(Per Share Information)
Fiscal year ended March 31, 2021

Fiscal year ended March 31, 2022

(from April 1, 2020 to March 31, 2021)(from April 1, 2021 to March 31, 2022)

Net assets per share

823.01 yen

837.22 yen

Net income per share

54.31 yen

43.16 yen

Notes 1. Diluted net income per share is not described, as dilutive shares do not exist.
2. The calculation base for profit for the period per share is as follows:
Fiscal year ended March 31, 2021
(from April 1, 2020, to March 31,
2021)

Fiscal year ended March 31, 2022
(from April 1, 2021 to March 31,
2022)

Net income per share
Net income attributable to owners ofparent (in million yen)

2,082

1,649

Amount not attributable to common
stockholders (million yen)

－

－

2,082

1,649

38,349,338

38,215,523

Net income attributable to common stockof owners of parent (million yen)
Average number of shares outstanding
during the term (shares)- 22 -

(Significant Subsequent Events)
Not applicable- 23 -

5. Other Information(1) Changes in Officers(i)Changes in Representative Directors
Not applicable(ii) Changes in Other Officers-Directors to be promoted
Tomomi Nakayama, Managing Director, General Manager, Business Division, Manager, Business Planning
Department, and Manager, Asphalt Plant Sales Management Department(currently, Director, General Manager, Business Division, Manager, Business Planning Department, andManager, Asphalt Plant Sales Management Department)-Candidates for Directors
Shigeru Sadakari, Outside Audit & Supervisory Board Member (currently Outside Audit & Supervisory Board
Member, Nikko Co., Ltd.)-Candidates for new Audit & Supervisory Board Members
Koji Yoneda, Outside Audit & Supervisory Board Member (currently lawyer, Tamon Law Office)-Directors to retire
Noriaki Nagahara, Outside Director-Audit & Supervisory Board Member to retire
Shigeru Sadakari, Outside Audit & Supervisory Board Member-Executive Officers to be promoted
Takeshi Sone, Senior Executive Officer, Branch Manager of Kanto Branch, and Manager of Mobile Plant
Business Department(currently Executive Officer, Branch Manager of Kanto Branch, and Manager of Mobile Plant Business
Department)(iii) Expected date of changes
June 24, 2022
(2) Other
Not applicable- 24 -