Consolidated Financial Results (Japanese Accounting Standards)
for the First Half of Fiscal Year Ending March 31, 2020
November 8, 2019
Listings: Tokyo Stock Exchange
Listed Company nms Holdings Corporation (nms HD)
Securities code2162
URL http://www.n-ms.co.jp/
Representative(Title)
President and CEO(Name) Fumiaki Ono
Contact(Title)
General Manager, Corporate Division (Name) Toshiko Kono
Telephone 03-5333-1711
Scheduled Date of Filing Quarterly Securities Report:
November 9, 2019
Scheduled date of commencement of dividend payment:－Supplementary Documents for Quarterly Financial Results: Yes
Quarterly Financial Results Briefing:
Yes (for institutional investors and analysts)(Amounts in millions of yen rounded down to the nearest million yen)
1. Consolidated Financial Results for the First Half of Fiscal Year Ending March 31, 2020 (April 1, 2019 – September 30, 2019)(Percentages represent year-over-year changes)(1) Consolidated results of operations
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
1H FY03/2020

31,108

12.2

276

15.1

203(7.7)34(45.7)

1H FY03/2019

27,7192.9239(59.8)220(63.5)

62(89.0)

Note: Comprehensive income

1H FY03/2020(80) million yen

Net income per share(-%)

1H FY03/2019 (173) million yen

Diluted net incomeper share

1H FY03/2020

Yen
1.99

Yen
－

1H FY03/2019

3.66

3.65

(2) Consolidated financial position
Total assets

Net assets

Million yen
31,627
29,462

1H FY03/2020
FY03/2019
Reference: Shareholders’ equity

1H FY03/2020(-%)

Equity ratio

Million yen
5,573
5,744

5,562 million yen%
17.6
19.5

FY03/2019

5,734 million yen

2. Dividends
Dividend per share

FY03/2019
FY03/2020
FY03/2020(forecast)End of first quarterEnd of second quarter

Yen－－Yen
0. 00
0. 00

End of third quarter

Year-end

AnnualYen－

Yen
5. 00

Yen
5. 00

－

5. 00

5. 00

Note: Revision of the latest released dividend forecast: None

3. Consolidated forecasts for year ending March 2020 (April 1, 2019 to March 31, 2020)(% shows the year-on-year change)

Net sales
Million yen

Full year

72,000

Profit attributable toOperating income
Ordinary income
owners of parent% Million yen% Million yen% Million yen%
24.7

1,300

136.9

Note: Revision of the latest released business performance forecast: None－1 －

1,000

75.6

850

104.5

Net income pershare
Yen
49.53

* Notes(1) Changes in significant subsidiaries during the consolidated 1H (three months) under review
Yes(changes of specific subsidiaries in accordance with changes in the scope of consolidation):(2) Application of accounting procedures specific to creation of quarterly consolidated financial statements: Yes(3) Changes in accounting principles and changes or restatement of accounting estimates(i) Changes in accounting principles associated with revision of accounting standards, etc.:(ii) Changes in accounting principles other than (i):None(iii) Changes in accounting estimates:None(iv) Restatement:
None(4) Number of shares outstanding (common shares):(1) Number of shares outstanding at end ofperiod (including treasury shares)

None

1H FY03/2020

21,611,000shares FY03/2019

21,611,000shares(2) Number of treasury shares at end of period

1H FY03/2020

4,449,726shares FY03/2019

4,449,726shares(3) Average number of shares outstanding duringthe term

1H FY03/2020

17,161,274shares

17,161,274shares

1H FY03/2019* Statement relating to the execution status for audit proceduresThis quarterly financial summary falls outside the scope of the quarterly report review based on the stipulations of the Financial
Instruments and Exchange Act. The review procedures for the quarterly consolidated financial statements based on the stipulations ofthe said Act were conducted at the time when this quarterly financial summary was disclosed.

* Explanations and other special notes concerning the appropriate use of business performance forecasts(Notes concerning the forward-looking statements)
The results forecasts and forward-looking statements included in this document are based on information that the Company has
obtained and certain assumptions that the Company considers reasonable. The Company makes no guarantees with respect to theachievement of its results forecasts or forward-looking statements. Actual results might be significantly different from the forecasts
in the document, depending on various factors.

－2 －4. Consolidated financial statements(1) Consolidated balance sheet
FY03/2019(March 31,2019)

AssetsCurrent assetsCash and deposits
Notes and accounts receivable - tradeFinished goods
Work in process
Raw materials and supplies
OthersAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Land
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investment and other assets
Other
Allowance for doubtful accounts
Total investments and other accounts
Total non-current assets
Total assets
Liability
Current liability
Notes and accounts payable - trade
Short-term loans payable
Accounts payable - other
Income tax payable
Accrued consumption taxes
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Deferred tax liability
Non defined benefit liabilities
Other
Total non-current liabilities
Total liabilities

4,246,966
10,761,029
1,324,952
589,589
4,181,589
978,784(681)
22,082,231

4,101,582
11,288,700
1,365,337
507,595
4,201,911
1,067,360(10,582)
22,521,904

1,174,187
4,438,310
5,612,497

1,166,687
5,713,209
6,879,896

540,104
540,104

936,491
936,4911,233,958(6,119)1,227,838
7,380,441
29,462,672

1,295,808(6,119)1,289,688
9,106,077
31,627,982

4,486,367
13,073,800
1,914,296
193,065
269,845477,113
1,329,616
21,744,105

3,512,049
13,923,045
2,055,499
227,149424,669
613,540
1,153,177
21,909,131

1,212,540
140,636
263,325
357,093
1,973,595
23,717,701

1,637,006
161,045
273,885
2,073,531
4,145,469
26,054,600

FY03/2019(March 31,2019)

Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury sharesTotal shareholders’ equity
Other accumulated comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other accumulated comprehensive income
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets－ 3 －(Thousand yen)
1H FY03/2020(September 30,2019)(Thousand yen)
1H FY03/2020(September 30,2019)

500,690
527,182
6,118,794(909,838)
6,236,828

500,690
527,182
6,061,604(909,838)
6,179,638(51,807)(450,920)(502,728)
3,0567,813
5,744,970
29,462,672(53,078)(564,558)(617,636)
3,056
8,322
5,573,381
31,627,982

(2) Quarterly consolidated statements of income/quarterly consolidated statement of comprehensive income(Quarterly consolidated statements of income) (1H FY03/2020)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and bonuses
Provision for bonuses
Other
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Real estate rent

1H FY03/2019(From April 1, 2018
to September 30, 2018)
27,719,935
24,050,375
3,669,559(Thousand yen)
1H FY03/2020(From April 1, 2019
to September 30, 2019)
31,108,438
27,193,155
3,915,282

1,147,611
140,217
2,142,003
3,429,832
239,727

1,391,103
121,643
2,126,531
3,639,278
276,004

8,412
2,331
19,377
194,210－41,807
266,140

8,201
687
20,658－
127,500
48,416
205,464

88,933
129,525
15,021
3,988
48,394
285,863
220,003102,345
143,230
13,642
1,887
17,204
278,310203,157772
38,79439,566

3,622－
3,62214
48,113
48,127
211,442
146,105
65,336
2,468
62,867

1,809
－
1,809
204,970
170,749
34,221
65
34,155

Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Rent cost of real estate
Foreign withholding tax
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on disposal of property
Organization restructuring expenses
Total extraordinary losses
Income before income taxes
Income taxes
Net income/loss ( - )Profit attributable to owners of parent
Profit/Loss ( - ) attributable to owners of parent(1H FY03/2020)(Quarterly consolidated statement of comprehensive income)Net income/loss ( - )Other comprehensive income/loss ( - )Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income/loss ( - )Comprehensive income/loss ( - )Comprehensive income attributable toComprehensive income/loss ( - ) attributable to owners of parent
Comprehensive income/loss ( - ) attributable to non-controlling interests－4 －(Thousand yen)

1H FY03/2019(From April 1, 2018
to September 30, 2018)65,336

1H FY03/2020(From April 1, 2019
to September 30, 2019)34,221(48,794)(189,657)(238,451)(173,115)(1,271)(113,832)(115,103)(80,882)(175,983)
2,868(80,752)(129)

(3) Quarterly consolidated statement of cash flows(Thousand yen)

Cash flows from operating activities
Income before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in net defined benefit liability
Interest and dividend income
Subsidy income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sales of fixed assets
Loss (gain) on sales of stocks of investment securities
Business structure reform expenses
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in accounts receivable-other
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued expenses
Increase (decrease) in accrued consumption taxes
Increase (decrease) in deposits received
Increase (decrease) in Long-term accounts payable
Increase (decrease) in other non-current liabilities
OtherSubtotal
Interest and dividend income received
Proceeds from subsidy income
Interest expenses paid
Income taxes paid
Income taxes refund
Business structure reform expenses paid
Net cash provided by (used in) operating activities－ 5 －1H FY03/2019(From April 1, 2018
to September 30, 2018)

1H FY03/2020(From April 1, 2019
to September 30, 2019)

211,442396,377(1,147)
146,601(171,107)(10,744)－
88,933(6,099)(772)(38,794)
48,113(592,135)(24,339)(307,137)(367,408)
432,541(11,943)(533,568)(6,156)
100,938－
70,705(575,700)
4,213－(89,475)(428,170)
99,281(48,113)(1,037,965)

204,970
483,261
149
138,028
10,901(8,889)(127,500)
102,345(3,390)(3,622)－－(630,400)(84,992)
141,588(940,963)(261,471)(102,291)
233,644(69,196)386,924
1,312,979(51,158)
730,9158,102
65,500(102,606)(153,965)
8,659－
556,605(Thousand yen)

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Proceeds from sales of investment securities
Purchase of stocks of subsidiaries and affiliates

Payments for lease and guarantee deposits
Proceeds from collection of lease and guarantee deposits
Decrease (increase) in short-term loans receivable
Payments of long-term loans receivableCollection of long-term loans receivable
Payments for transfer of business
OtherNet cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Repayments of finance lease obligations
Repayments of installment payables
Purchase of investments in subsidiaries resulting in no change in scopeof consolidation
Purchase of investments in capital of subsidiaries resulting in no change inscope of consolidation
Proceeds from issuance of subscription rights to shares
Cash dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents from newly consolidated subsidiary
Cash and cash equivalents at end of period－6 －1H FY03/2019(From April 1, 2018
to September 30, 2018)

1H FY03/2020(From April 1, 2019
to September 30, 2019)(32,083)
44,208(1,510,544)
2,731(39,136)
78,703(10,192)(59,896)
40,611(126,854)(16,939)
16,765－(7,228)(1,619,857)(29,928)
23,699(952,048)
3,622(39,572)－－(17,261)
13,500(1,591)－－(845,433)
6,912(1,838,102)

1,957,897
1,292,500(300,411)(77,039)(21,860)

1,140,265
626,888(406,583)(78,992)(26,611)(247,929)－(7,080)－3,056(77,330)
2,521,801(129,479)(265,500)
4,449,109
30,371
4,213,980－(85,270)
1,169,695(60,234)(172,035)
4,195,496
20,696
4,044,157