[Delayed]Summary of Consolidated Financial Results for the Six Months Ended September 30, 2021 (Based on Japanese GAAP)

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 Six Months Ended September 30, 2021 (Based on Japanese GAAP)

				November 1, 2021
Company name:	NITTO KOHKI CO., LTD.
Stock exchange listing:	Tokyo
Stock code:	6151	URL https://www.nitto-kohki.co.jp
Representative:	Representative Director,President CEO	Akinobu Ogata
Inquiries:	Director,Executive Managing Officer, Chief	Kenji Mori	TEL [phone]
	Administrative Officer
Scheduled date to file Quarterly Securities Report:	November 5, 2021
Scheduled date to commence dividend payments:	December 2, 2021
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021)

(1) Consolidated operating results (cumulative)								Percentages indicate year-on-year changes
	Net sales				Operating profit	Ordinary profit		Profit attributable to
						owners of parent
	Millions of yen		%	Millions of yen	%	Millions of yen			%	Millions of yen		%
Six months ended September 30, 2021	12,343		17.5		1,705	111.2		1,715		93.5		1,211		95.3
Six months ended September 30, 2020	10,507	(23.9)		807	(64.8)		886		(61.6)		620		(61.4)
	Earnings per share		Diluted earnings per share
			Yen					Yen
Six months ended September 30, 2021			59.70					-
Six months ended September 30, 2020			30.33					-
(2) Consolidated financial position
	Total assets				Net assets	Equity ratio			Net assets per share
	Millions of yen			Millions of yen					%				Yen
As of September 30, 2021		63,947					55,583				86.9		2,739.19
As of March 31, 2021		61,721					54,502				88.3		2,685.92
2. Cash dividends
						Annual dividends per share
	1st quarter-end	2nd quarter-end		3rd quarter-end	Fiscal year-end	Total
	Yen				Yen			Yen				Yen			Yen
Year ended March 31, 2021		-			12.50			-				18.50			31.00
Year ending March 31, 2022		-			24.00
Year ending March 31, 2022 (Forecast)									-				16.50			40.50

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

Percentages indicate year-on-year changes

	Net sales		Operating profit	Ordinary profit	Profit attributable to	Earnings per share
		owners of parent
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
Full year	24,560	9.0	2,840	35.8	2,920	28.8	2,040	31.6	100.54

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4. Notes

1. Changes in significant subsidiaries during the six months ended September 30, 2021 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

Yes

(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:	Yes
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of September 30, 2021	21,803,295	shares	As of March 31, 2021	21,803,295	shares
Number of treasury shares at the end of the period
	As of September 30, 2021	1,514,528	shares	As of March 31, 2021	1,514,346	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Six months ended September 30, 2021	20,288,926	shares	Six months ended September 30, 2020	20,446,143	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2021	As of September 30, 2021
Assets
Current assets
Cash and deposits	26,004	27,123
Notes and accounts receivable - trade	3,898	4,338
Electronically recorded monetary claims - operating	2,203	2,252
Securities	5,199	4,099
Merchandise and finished goods	3,734	4,091
Work in process	308	370
Raw materials and supplies	2,248	2,475
Other	459	694
Allowance for doubtful accounts	(2)	(2)
Total current assets	44,054	45,444
Non-current assets
Property, plant and equipment
Buildings and structures	11,285	11,342
Accumulated depreciation	(6,230)	(6,383)
Buildings and structures, net	5,054	4,958
Machinery, equipment and vehicles	4,615	4,669
Accumulated depreciation	(3,270)	(3,467)
Machinery, equipment and vehicles, net	1,345	1,202
Tools, furniture and fixtures	7,336	7,355
Accumulated depreciation	(6,745)	(6,734)
Tools, furniture and fixtures, net	591	620
Land	3,665	3,669
Leased assets	2,034	2,793
Accumulated depreciation	(877)	(992)
Leased assets, net	1,156	1,800
Construction in progress	262	231
Total property, plant and equipment	12,076	12,483
Intangible assets
Other	1,051	1,385
Total intangible assets	1,051	1,385
Investments and other assets
Investment securities	3,118	3,168
Long-term loans receivable	37	34
Deferred tax assets	1,126	1,151
Other	273	294
Allowance for doubtful accounts	(15)	(15)
Total investments and other assets	4,539	4,633
Total non-current assets	17,667	18,502
Total assets		61,721	63,947

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			(Millions of yen)
		As of March 31, 2021	As of September 30, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade	866	990
Lease obligations	262	267
Income taxes payable	136	589
Provision for bonuses	551	591
Provision for bonuses for directors (and other officers)	30	13
Other	1,297	1,302
Total current liabilities	3,144	3,755
Non-current liabilities
Lease obligations	893	1,532
Retirement benefit liability	2,509	2,505
Provision for retirement benefits for directors (and other	333	108
officers)
Asset retirement obligations	10	33
Other	327	427
Total non-current liabilities	4,074	4,608
Total liabilities	7,219	8,363
Net assets
Shareholders' equity
Share capital	1,850	1,850
Capital surplus	1,924	1,924
Retained earnings	53,054	53,889
Treasury shares	(2,892)	(2,892)
Total shareholders' equity	53,935	54,771
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	807	832
Foreign currency translation adjustment	(204)	5
Remeasurements of defined benefit plans	(44)	(34)
Total accumulated other comprehensive income	559	803
Non-controlling interests	7	7
Total net assets	54,502	55,583
Total liabilities and net assets		61,721	63,947

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Millions of yen)
		Six months ended	Six months ended
		September 30, 2020	September 30, 2021
Net sales	10,507	12,343
Cost of sales	5,436	6,462
Gross profit	5,071	5,880
Selling, general and administrative expenses
Salaries and allowances	1,221	1,240
Provision for bonuses	278	308
Retirement benefit expenses	103	88
Provision for retirement benefits for directors (and other	44	14
officers)
Promotion expenses	247	69
Research and development expenses	397	450
Other	1,971	2,002
Total selling, general and administrative expenses	4,264	4,174
Operating profit	807	1,705
Non-operating income
Interest income	10	7
Dividend income	38	32
Subsidies for employment adjustment	60	1
Rental income from buildings	18	20
Other	34	31
Total non-operating income	161	93
Non-operating expenses
Interest expenses	2	13
Sales discounts	42	40
Foreign exchange losses	16	25
Other	21	4
Total non-operating expenses	82	83
Ordinary profit	886	1,715
Profit before income taxes	886	1,715
Income taxes	266	504
Profit	620	1,211
Profit attributable to non-controlling interests	0	0
Profit attributable to owners of parent		620	1,211

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