Nitto Denko : Financial Summary

Preliminary
Summary of Consolidated Financial Statements of Fiscal 2021
(12 Months Ended March 31, 2022 (IFRS Basis))
Listed company name:	Nitto Denko Corporation
Stock exchange listing:	Tokyo Stock Exchange, Prime Market
Code Number:

6988

Company Representative: Contact Person:

Hideo Takasaki, President

URLhttps://www.nitto.com/Date: April 26, 2022

Phone:

Yasuhiro Iseyama, Executive Vice President, Director of Corporate Accounting & Finance Division [phone]

Date of the general shareholders' meeting	June 17, 2022
Estimated starting date of dividend paying	June 20, 2022
Filing date of financial statements	June 17, 2022

Preparation of supplementary explanatory materials: Yes

Holding of quarterly earnings release conference:Yes (for investment analysts and institutional investors)

(All monetary values noted herein are rounded down to the nearest million yen)

1. Consolidated financial results of Fiscal 2021 (April 1, 2021 through March 31, 2022)

(1) Operating results

(% of change from same period in the previous year)

Revenue

Operating income

Income before income taxes

Net income

Net income attributable to owners of the parent company

Total comprehensive income

Fiscal 2021 Fiscal 2020

Millions of yen 853,448 761,321

% 12.1 2.7

Millions of yen 132,260 93,809

% 41.0 34.5

Millions of yen 132,378 93,320

% 41.9 35.2

Millions of yen 97,234 70,308

% 38.3 48.9

Millions of yen 97,132 70,235

% 38.3 48.9

Millions of yen 136,323 89,796

% 51.8 154.0

Basic earnings per share	Diluted earnings per share	Return on equity attributable to owners of the parent company	Net income to total assets	Operating income to revenue
Fiscal 2021 Fiscal 2020	Yen 656.31 472.71	Yen 656.00 472.39	% 12.6 10.0	% 12.8 9.9	% 15.5 12.3

(Reference) Equity in earnings of affiliates: (Fiscal 2021) 42 million yen (Fiscal 2020) 25 million yen

(2) Financial position

Total assets	Total equity	Equity attributable to owners of the parent company	Ratio of equity attributable to owners of the parent company to total assets	Equity attributable to owners of the parent company per share
March 31, 2022 March 31, 2021	Millions of yen 1,094,469 965,901	Millions of yen 822,105 716,686	Millions of yen 821,192 715,868	% 75.0 74.1	Yen 5,548.09 4,838.07

(3) Cash flows

Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at the end of period
Fiscal 2021 Fiscal 2020	Millions of yen 144,489 116,309	Millions of yen -57,594 -57,538	Millions of yen -36,639 -68,297	Millions of yen 362,046 300,888

2. Dividends

Dividends per share	Dividends total (Annual)	Dividend payout ratio (Consolidated)	Dividends to equity attributable to owners of the parent company (Consolidated)
1Q	2Q	3Q	Year-end	Annual
March, 2021 March, 2022	Yen - -	Yen 100.00 110.00	Yen - -	Yen 100.00 110.00	Yen 200.00 220.00	Millions of yen 29,593 32,561	% 42.3 33.5	% 4.3 4.2
(Forecast) March, 2023	-	120.00	-	120.00	240.00	35.5

3. Forecast of Fiscal 2022 (April 1, 2022 through March 31, 2023)

(% of change from same period in the previous year)

Revenue	Operating income	Income before income taxes	Net income	Net income attributable to owners of the parent company	Basic earnings per share
First half Annual	Millions of yen 440,000 880,000	% 3.3 3.1	Millions of yen 75,000 140,000	% 3.0 5.9	Millions of yen 75,000 140,000	% 3.2 5.8	Millions of yen 53,000 100,000	% 1.6 2.8	Millions of yen 53,000 100,000	% 1.7 3.0	Yen 358.08 675.61

- Others

• (1) Changes in significant subsidiaries during this fiscal year: No

• (2) Changes in accounting policies applied and changes in accounting estimates

  • 1. Changes in accounting policies required by IFRS: No

  • 2. Changes in accounting policies other than the above: No

  • 3. Changes in accounting estimates: No

• (3) Number of shares outstanding (Common stock)

  • 1. Number of shares outstanding at the end of the period (including treasury stock)

March, 2022: 149,758,428

March, 2021: 149,758,428

• 2. Number of treasury stock at the end of the period

  March, 2022: 1,744,778

  March, 2021: 1,792,681

• 3. Average number of outstanding shares during the period (cumulative from the beginning of the period)Fiscal 2021: 147,996,116

Fiscal 2020: 148,580,010

(Reference) Non-consolidated financial results of Fiscal 2021 (April 1, 2021 through March 31, 2022)

(1) Operating results

(% of change from previous year)

Net sales	Operating income	Ordinary income	Net income
Fiscal 2021 Fiscal 2020	Millions of yen 517,458 481,473	% 7.5 2.3	Millions of yen 67,868 51,919	% 30.7 22.4	Millions of yen 85,963 69,522	% 23.6 17.1	Millions of yen 65,815 51,855	% 26.9 12.5

Net income per share - Basic	Net income per share - Diluted
Fiscal 2021 Fiscal 2020	Yen 444.71 349.01	Yen 444.50 348.77

(2) Financial position

Total assets	Net assets	Shareholders' equity to total assets	Net assets per share
March 31, 2022 March 31, 2021	Millions of yen 729,581 681,499	Millions of yen 487,646 454,160	% 66.8 66.6	Yen 3,292.16 3,066.03

(Reference) Shareholders' equity: (March 31, 2022) 487,285 million yen (March 31, 2021) 453,667 million yen

- This summary is not subject to audit procedures by Certified Public Accountants or audit firm.

- Explanations for adequate utilization of the forecast and other special matters

The forward-looking statements shown in this report, including the forecast, are prepared based on information available to the Company and on certain assumptions deemed reasonable as of the issuing date of the report. Consequently, the statements herein do not constitute promises regarding actual results by the Company. Actual results may differ materially from forecasted figures due to various unknown factors.

(Reference) Segment Information

Industrial Tape

Operating income

Information Fine Materials

Flexible Printed Circuits

Optronics

Total

Operating income

Revenue

Life Science

Operating income

Revenue

Others

Operating income

Revenue

Corporate/Elimination

Operating income

Revenue

Total

Operating income

Revenue	Y-o-Y (%)
Revenue	297,080	330,427	111.2
27,311	39,283	143.8
372,822	363,699	97.6
56,063	95,852	171.0
428,886	459,552	107.2
80,727	96,599	119.7
29,855	51,958	174.0
-3,011	9,790	-
23,266	27,698	119.0
-7,496	-9,964	-
-17,767	-16,188	-
-3,722	-3,449	-
761,321	853,448	112.1
93,809	132,260	141.0

(Yen in Millions)
Fiscal 2020	Fiscal 2021
(April 1, 2020	(April 1, 2021
through March 31, 2021)	through March 31, 2022)
Revenue

(Note) Previously, Industrial Tape was divided into Functional Base Products and Transportation. However, as a result of changes in the management structure that have been made during the fiscal year 2021, Functional Base Products and Transportation have been integrated and described as Industrial Tape. Such changes have also been reflected in the figures for the fiscal year ended March 31, 2021.

4. Consolidated Financial Statements

(1) Consolidated statements of financial position

March 31, 2021

(Assets)

Current assets

(Yen in Millions)March 31, 2022

Cash and cash equivalents	300,888	362,046
Trade and other receivables	182,939	206,084
Inventories	107,668	128,318
Other financial assets	1,399	4,939
Other current assets	17,121	21,349
Total current assets	610,017	722,738
Non-current assets
Property, plant and equipment	270,813	286,949
Right-of-use assets	14,979	13,681
Goodwill	4,593	4,809
Intangible assets	13,620	13,707
Investments accounted for using equity method	392	547
Financial assets	10,856	12,131
Deferred tax assets	25,951	24,131
Other non-current assets	14,676	15,772
Total non-current assets	355,884	371,730
Total assets	965,901	1,094,469