Nitto Kohki : Summary of Consolidated Financial Results for the Three Months Ended June 30, 2022 (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 Three Months Ended June 30, 2022 (Based on Japanese GAAP)

					August 2, 2022
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,Senior Managing Executive Officer,	Kenji Mori	TEL [phone]
	Chief Administrative Officer
Scheduled date to file Quarterly Securities Report:	August 4, 2022
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	No
Holding of quarterly financial results meeting:	No	(for institutional investors and analysts)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022)

(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		%
Three months ended June 30, 2022	6,685		12.6		892	20.0		985		27.7		657		20.0
Three months ended June 30, 2021	5,938		16.0		744	95.2		771		86.2		547		84.0
	Earnings per share		Diluted earnings per share
			Yen					Yen
Three months ended June 30, 2022			32.40					-
Three months ended June 30, 2021			27.00					-
(2) Consolidated financial position
	Total assets				Net assets	Equity ratio		Net assets per share
	Millions of yen			Millions of yen				%				Yen
As of June 30, 2022		64,644					56,539				87.4		2,786.28
As of March 31, 2022		64,334					55,730				86.6		2,746.45
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, 2022		-			24.00			-			16.50			40.50
Year ending March 31, 2023		-
Year ending March 31, 2023 (Forecast)					24.00			-			26.00			50.00

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

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
13,755	11.4	1,785		4.6	1,809		5.4	1,218	0.6	60.03
September 30, 2022
Full year	27,560	9.0	3,620		7.9	3,660		4.1	2,510	30.2	123.71

1

4. Notes

1. Changes in significant subsidiaries during the three months ended June 30, 2022 (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:	No
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 June 30, 2022	21,803,295	shares	As of March 31, 2022	21,803,295	shares
Number of treasury shares at the end of the period
	As of June 30, 2022	1,514,396	shares	As of March 31, 2022	1,514,396	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Three months ended June 30, 2022	20,288,899	shares	Three months ended June 30, 2021	20,288,949	shares

2

Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2022	As of June 30, 2022
Assets
Current assets
Cash and deposits	26,298	26,448
Notes and accounts receivable - trade	4,070	4,399
Electronically recorded monetary claims - operating	2,802	2,687
Securities	5,499	5,000
Merchandise and finished goods	4,420	4,714
Work in process	272	380
Raw materials and supplies	2,695	2,865
Other	616	512
Allowance for doubtful accounts	(2)	(3)
Total current assets	46,675	47,007
Non-current assets
Property, plant and equipment
Buildings and structures	11,353	11,414
Accumulated depreciation	(6,522)	(6,627)
Buildings and structures, net	4,830	4,787
Machinery, equipment and vehicles	4,718	4,875
Accumulated depreciation	(3,576)	(3,724)
Machinery, equipment and vehicles, net	1,141	1,150
Tools, furniture and fixtures	7,430	7,486
Accumulated depreciation	(6,888)	(6,953)
Tools, furniture and fixtures, net	542	533
Land	3,313	3,323
Leased assets	2,581	2,572
Accumulated depreciation	(1,049)	(1,051)
Leased assets, net	1,531	1,521
Construction in progress	128	134
Total property, plant and equipment	11,487	11,450
Intangible assets
Other	1,546	1,541
Total intangible assets	1,546	1,541
Investments and other assets
Investment securities	3,070	3,103
Long-term loans receivable	32	30
Deferred tax assets	1,239	1,231
Other	300	296
Allowance for doubtful accounts	(15)	(15)
Total investments and other assets	4,625	4,645
Total non-current assets	17,659	17,637
Total assets		64,334	64,644

3

			(Millions of yen)
		As of March 31, 2022	As of June 30, 2022
Liabilities
Current liabilities
Accounts payable - trade	977	1,160
Lease liabilities	275	278
Income taxes payable	769	363
Provision for bonuses	585	293
Provision for bonuses for directors (and other officers)	30	9
Other	1,487	1,571
Total current liabilities	4,124	3,676
Non-current liabilities
Lease liabilities	1,460	1,440
Retirement benefit liability	2,491	2,449
Provision for retirement benefits for directors (and other	123	131
officers)
Asset retirement obligations	32	29
Other	372	376
Total non-current liabilities	4,479	4,428
Total liabilities	8,604	8,104
Net assets
Shareholders' equity
Share capital	1,850	1,850
Capital surplus	1,924	1,924
Retained earnings	54,119	54,441
Treasury shares	(2,892)	(2,892)
Total shareholders' equity	55,000	55,323
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	751	769
Foreign currency translation adjustment	71	531
Remeasurements of defined benefit plans	(101)	(93)
Total accumulated other comprehensive income	721	1,207
Non-controlling interests	7	8
Total net assets	55,730	56,539
Total liabilities and net assets		64,334	64,644

4

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

Consolidated statements of income (cumulative)

			(Millions of yen)
		Three months ended	Three months ended
		June 30, 2021	June 30, 2022
Net sales	5,938	6,685
Cost of sales	3,100	3,525
Gross profit	2,837	3,159
Selling, general and administrative expenses
Salaries and allowances	621	617
Provision for bonuses	144	158
Retirement benefit expenses	43	49
Provision for retirement benefits for directors (and other	7	8
officers)
Promotion expenses	41	41
Research and development expenses	215	260
Other	1,019	1,131
Total selling, general and administrative expenses	2,093	2,266
Operating profit	744	892
Non-operating income
Interest income	4	4
Dividend income	26	38
Foreign exchange gains	-	31
Subsidies for employment adjustment	0	-
Rental income from buildings	10	11
Other	14	17
Total non-operating income	56	102
Non-operating expenses
Interest expenses	3	8
Sales discounts	19	-
Foreign exchange losses	2	-
Other	3	1
Total non-operating expenses	28	10
Ordinary profit	771	985
Profit before income taxes	771	985
Income taxes	223	327
Profit	548	657
Profit attributable to non-controlling interests	0	0
Profit attributable to owners of parent		547	657

5