Nitto Denko : Quarterly Financial Summary

Date: July 26, 2023

Preliminary

Summary of Consolidated Financial Statements

for the First Quarter Ended June 30, 2023 (IFRS Basis)

Listed company name:	Nitto Denko Corporation
Stock exchange listing:	Tokyo Stock Exchange, Prime Market
Code Number:	6988	URL	https://www.nitto.com/
Company Representative: Hideo Takasaki, President
Contact Person:	Yasuhiro Iseyama, Senior Executive Vice President, Director of Corporate Accounting & Finance Division
Phone:	[phone]

Filing date of quarterly financial statements: Estimated starting date of dividend paying: Preparation of supplementary explanatory materials: Holding of quarterly earnings release conference:

July 28, 2023

-

Yes

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 the first quarter ended June 30, 2023 (April 1, 2023 through June 30, 2023)
(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

First quarter ended June 30, 2023 First quarter ended June 30, 2022

Millions of yen

208,455

216,368

Millions

%

of yen

-3.7

22,411

6.2 38,520

%

-41.8

29.6

Millions of yen

22,176

38,674

%

-42.7

30.5

Millions	%	Millions	%	Millions	%
of yen	of yen	of yen
15,191	-42.6	15,168	-42.6	49,140	-19.7
26,458	26.8	26,439	26.8	61,159	169.2

	Basic earnings per share	Diluted earnings per share
	Yen	Yen
First quarter ended	105.52	105.48
June 30, 2023
First quarter ended	178.63	178.55
June 30, 2022

(2) Financial position

Total assets

Total equity

Equity attributable to owners	Ratio of equity attributable to
owners of the parent company
of the parent company
to total assets

June 30, 2023 March 31, 2023

Millions of yen 1,160,748 1,153,647

Millions of yen 906,729 903,194

Millions of yen 905,750 902,211

%

78.0

78.2

2. Dividends

					Dividends per share
		1Q		2Q	3Q	Year-end	Annual
			Yen	Yen	Yen	Yen	Yen
March, 2023		-	120.00	-	120.00	240.00
March, 2024		-
March, 2024 (Forecast)			130.00	-	130.00	260.00

(Note) Revision of dividend forecast in the current quarter: No

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3. Forecast for fiscal year ending March 31, 2024 (April 1, 2023 through March 31, 2024)

(% 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

	Millions	%	Millions	%	Millions	%	Millions	%	Millions	%
	of yen	of yen	of yen	of yen	of yen
First half	440,000	-9.3	62,000	-32.8	62,000	-32.6	44,000	-30.6	44,000	-30.6
Annual	935,000	0.6	150,000	1.9	150,000	2.2	110,000	0.7	110,000	0.8

(Note) Revision of consolidated forecast in the current quarter: No

• Others
• 1. Changes in significant subsidiaries during the first quarter ended June 30, 2023: No
  2. Changes in accounting policies applied and changes in accounting estimates
  3. 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
  4. Number of shares outstanding (Common stock)
  5. 1. Number of shares outstanding at the end of the period (including treasury stock)

	June 30, 2023:	149,758,428	March 31, 2023: 149,758,428
2.	Number of treasury stock at the end of the period
	June 30, 2023:	6,829,454	March 31, 2023: 3,840,554
3.	Average number of outstanding shares during the period (cumulative from the beginning of the period)
	April-June 2023: 143,748,140	April-June 2022: 148,013,617

Yen

301.54

753.85

• These quarterly financial results are not subject to quarterly review 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.

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(Reference) Segment Information					(Yen in Millions)
				First quarter ended June 30, 2022		First quarter ended June 30, 2023
				(April 1, 2022		(April 1, 2023
				through June 30, 2022)		through June 30, 2023)
				Revenue		Revenue			Y-o-Y (%)
Industrial Tape	Revenue		81,445		80,693			99.1
Operating income		8,328		7,457			89.5
		Information Fine Materials	84,804	86,645	102.2
Optronics	Circuit Materials		26,627		17,718			66.5
Total	111,432	104,363	93.7
		Operating income	25,134	20,032	79.7
		Life Science	17,945	9,140	50.9
		Membrane	7,840	8,294	105.8
Human Life	Personal Care Materials		2,194		11,843			539.7
		Total		27,979		29,278			104.6
		Operating income		5,043		-2,937			-
Others	Revenue		2		3			187.0
Operating income		-868		-1,284			-
Adjustment	Revenue		-4,491		-5,884			-
Operating income	882	-856	-
Total	Revenue		216,368		208,455			96.3
Operating income	38,520	22,411	58.2

(Note) Some changes have been made to reporting segments from FY2023. The personal care components business of Mondi, acquired in the first quarter of FY2022, was newly established as "Personal Care Materials" in the "Human Life" in second quarter of FY2022. The name of "Flexible Printed Circuits" has been changed to "Circuit Materials" and the plastic optical cable business has been transferred from "Others" to "Circuit Materials" of "Optronics". In addition, Certain related businesses have been transferred from "Personal Care Materials" of "Human Life" to "Industrial Tape" and Certain business included in "Adjustment" has been transferred to "Others". Such changes have also been reflected in the figures for the first quarter ended June 30, 2022.

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(Reference) Segment Information (annual forecast)			(Yen in Millions)
				Forecasts of fiscal year ending March 31, 2024
				Revenue		Y-o-Y (%)
Industrial Tape	Revenue		338,000		97.9
Operating income		37,500		137.0
		Information Fine Materials	367,500	99.9
Optronics	Circuit Materials		110,500		96.4
Total	478,000	99.1
		Operating income	123,500	96.9
		Life Science	51,500	95.8
		Membrane	31,500	94.7
Human Life	Personal Care Materials		57,000		144.6
		Total		140,000		110.7
		Operating income		2,500		705.6
Others	Revenue		-		-
Operating income		-5,500		-
Adjustment	Revenue		-21,000		-
Operating income	-8,000	-
Total	Revenue		935,000		100.6
Operating income	150,000	101.9

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2. Quarterly Consolidated Financial Statements

(1) Quarterly consolidated statements of financial position

			(Yen in Millions)
	March 31, 2023		June 30, 2023
(Assets)
Current assets
Cash and cash equivalents	329,966	288,321
Trade and other receivables	178,388	196,577
Inventories	141,101	143,404
Other financial assets	2,141	2,350
Other current assets	20,358		28,410
Subtotal	671,956	659,065
Assets held for sale	5,232	-
Total current assets	677,189	659,065
Non-current assets
Property, plant and equipment	333,103	350,324
Right-of-use assets	12,959	14,605
Goodwill	58,822	63,527
Intangible assets	21,469	21,411
Investments accounted for using equity method	2,140	2,174
Financial assets	8,860	9,463
Deferred tax assets	23,420	24,568
Other non-current assets	15,682		15,608
Total non-current assets	476,457	501,682
Total assets	1,153,647	1,160,748

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