Nittoc Construction : Summary of Consolidated Financial Results for the Year Ended March 31,2021(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 Year Ended March 31, 2021

(Based on Japanese GAAP)

				May 7, 2021
Company name:	NITTOC CONSTRUCTION CO., LTD.
Stock exchange listing:	Tokyo
Stock code:	1929	URL https://www.nittoc.co.jp
Representative:	President & Representative Director	Yasuo Wada
Inquiries:	General Manager, Accounting Department,	Masakazu Itabashi	TEL [phone]
Administration Division
Scheduled date of ordinary general meeting of shareholders:	June 25, 2021
Scheduled date to file Securities Report:	June 25, 2021
Scheduled date to commence dividend payments:	June 28, 2021
Preparation of supplementary material on financial results:	No
Holding of financial results meeting:		No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)

(1) Consolidated operating results						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	%
Year ended March 31, 2021	67,955	3.7	5,358		9.3	5,419		11.1	3,500	7.4
Year ended March 31, 2020	65,516	3.6	4,903		23.5	4,880		21.9	3,258	19.7

Note: Comprehensive income Year ended March 31, 2021	¥3,752 million	[16.9%]
	Year ended March 31, 2020	¥3,209 million	[16.5%]
				Diluted earnings per	Profit attributable to	Ordinary profit/total	Operating profit/net
		Earnings per share	owners of
					share	parent/equity	assets		sales
			Yen		Yen		%		%	%
Year ended March 31, 2021		83.93		-		12.7		10.6	7.9
Year ended March 31, 2020		78.12		-		12.8		9.8	7.5
Reference: Share of profit (loss) of entities accounted for using equity method	Year ended March 31, 2021		¥- million
						Year ended March 31, 2020		¥- million
(2) Consolidated financial position
		Total assets	Net assets	Equity ratio	Net assets per share
			Millions of yen	Millions of yen		%		Yen
As of March 31, 2021			51,971		28,800		55.1		686.19
As of March 31, 2020			50,159		26,550		52.6		632.68
Reference: Equity	As of March 31, 2021		¥28,619 million
	As of March 31, 2020		¥26,388 million
(3) Consolidated cash flows
		Cash flows from	Cash flows from	Cash flows from	Cash and cash equivalents
		operating activities	investing activities	financing activities		at end of period
			Millions of yen	Millions of yen	Millions of yen		Millions of yen
Year ended March 31, 2021		1,426		(705)		(1,784)		17,722
Year ended March 31, 2020		7,357		(217)		(1,625)		18,713

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2. Cash dividends

		Annual dividends per share		Total cash	Dividend payout	Ratio of dividends
						to net assets
	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total	dividends (Total)	ratio (Consolidated)	(Consolidated)
	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
Year ended March 31, 2020	-	10.00	-	28.00	38.00	1,584	48.6	6.2
Year ended March 31, 2021	-	8.00	-	28.00	36.00	1,501	42.9	5.5
Year ending March 31, 2022	-	8.00	-	21.00	29.00		41.3
(Forecast)

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
Six months ending	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
30,000	(2.5)	1,150	(43.8)	1,150	(44.7)		750	(44.8)	17.98
September 30, 2021
Full year	69,400	2.1	4,460	(16.8)	4,450	(17.9)		2,930	(16.3)	70.25
4. Notes
(1) Changes in significant subsidiaries during the year ended March 31, 2021			No
(changes in specified subsidiaries resulting in the change in scope of consolidation):
(2) 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:	No
Changes in accounting policies due to other reasons:					No
Changes in accounting estimates:							No
Restatement of prior period financial statements:					No

(3) Number of issued shares (common shares)

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

	As of March 31, 2021	43,919,291	shares	As of March 31, 2020	43,919,291	shares
Number of treasury shares at the end of the period
	As of March 31, 2021	2,210,924	shares	As of March 31, 2020	2,209,511	shares
Average number of shares during the period
	Year ended March 31, 2021	41,709,182	shares	Year ended March 31, 2020	41,710,506	shares

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Reference: Summary of non-consolidated financial results
1. Non-consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)
(1) Non-consolidated operating results										Percentages indicate year-on-year changes
			Net sales			Operating profit	Ordinary profit		Profit
		Millions of yen	%		Millions of yen		%	Millions of yen	%	Millions of yen	%
Year ended March 31, 2021		66,520	4.0			5,199		11.7	5,259	13.8	3,407	10.0
Year ended March 31, 2020		63,971	2.6			4,654		21.2	4,622	19.5	3,097	17.9
			Earnings per share	Diluted earnings per share
					Yen					Yen
Year ended March 31, 2021				81.70					-
Year ended March 31, 2020				74.26					-
(2) Non-consolidated financial position
			Total assets		Net assets		Equity ratio	Net assets per share
			Millions of yen			Millions of yen			%			Yen
As of March 31, 2021					51,036					28,350			55.5			679.74
As of March 31, 2020					49,513					26,321			53.2			631.06
Reference: Equity	As of March 31, 2021	¥28,350 million
	As of March 31, 2020	¥26,321 million
2. Forecast of non-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		Earnings per share
Six months ending	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen		%		Yen
29,000	(4.2)		1,100	(45.2)			1,100	(46.0)		700		(47.5)		16.78
September 30, 2021
Full year	66,500	(0.0)		4,260	(18.1)			4,250	(19.2)		2,830		(17.0)		67.85

• Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
• Proper use of forecasts of financial results, and other special matters

Financial results forecasts are based on information available to the Company at the time of release of this document. Actual financial results may differ from the forecast figures due to various factors going forward.

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Consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2020	As of March 31, 2021
Assets
Current assets
Cash and deposits	18,713	17,722
Notes receivable, accounts receivable from completed	17,317	19,666
construction contracts and other
Electronically recorded monetary claims - operating	2,435	2,921
Merchandise and finished goods	14	9
Real estate for sale	0	0
Costs on construction contracts in progress	1,850	1,359
Raw materials and supplies	161	243
Other	512	360
Allowance for doubtful accounts	(1)	(2)
Total current assets	41,003	42,282
Non-current assets
Property, plant and equipment
Buildings and structures, net	1,769	1,645
Machinery, vehicles, tools, furniture and fixtures, net	897	1,133
Land	2,652	2,638
Leased assets, net	24	13
Construction in progress	52	166
Other, net	2	2
Total property, plant and equipment	5,398	5,598
Intangible assets	440	445
Investments and other assets
Investment securities	791	974
Deferred tax assets	1,966	2,127
Other	622	602
Allowance for doubtful accounts	(63)	(59)
Total investments and other assets	3,316	3,644
Total non-current assets	9,155	9,689
Total assets		50,159	51,971

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			(Millions of yen)
		As of March 31, 2020	As of March 31, 2021
Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts	11,365	11,339
and other
Short-term borrowings	274	278
Advances received on construction contracts in progress	2,087	2,032
Lease obligations	12	3
Income taxes payable	1,189	1,274
Provision for warranties for completed construction	41	24
Provision for loss on construction contracts	1	286
Provision for bonuses	1,370	1,501
Provision for bonuses for directors (and other officers)	43	36
Other	2,830	2,156
Total current liabilities	19,214	18,931
Non-current liabilities
Long-term borrowings	278	-
Lease obligations	9	5
Retirement benefit liability	4,069	4,162
Other	37	71
Total non-current liabilities	4,394	4,239
Total liabilities	23,608	23,171
Net assets
Shareholders' equity
Share capital	6,052	6,052
Capital surplus	2,022	2,022
Retained earnings	19,420	21,419
Treasury shares	(1,056)	(1,057)
Total shareholders' equity	26,438	28,436
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	188	312
Foreign currency translation adjustment	(79)	(34)
Remeasurements of defined benefit plans	(158)	(95)
Total accumulated other comprehensive income	(49)	183
Non-controlling interests	161	180
Total net assets	26,550	28,800
Total liabilities and net assets		50,159	51,971

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