Nitta : Summary of Financial Results for the first quarter 2024

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

August 4, 2023

Consolidated Financial Results

for the Three Months Ended June 30, 2023

(Under Japanese GAAP)

Company name:	Nitta Corporation
Listing:	Tokyo Stock Exchange
Securities code:	5186
URL:	https://www.nitta.co.jp
Representative:	Yasunori Ishikiriyama, President
Inquiries:	Koichi Kakegami, Director, Executive officer, and General Manager of Corporate Center
Telephone:	[phone]

Scheduled date to file quarterly securities report:	August 9, 2023
Scheduled date to commence dividend payments:	－
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing:	None

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2023 (April 1, 2023 - June 30, 2023)

(1) Consolidated operating results (cumulative)		(Percentages indicate year-on-year changes.)
	Net sales		Operating income	Ordinary income	Net income attributable
		to owners of parent
Three months ended	Millions of yen		%	Millions of yen	%	Millions of yen	%	Millions of yen	%
June 30, 2023	21,725		3.3	1,280	(12.7)	3,036	(10.9)	2,502	(8.4)
June 30, 2022	21,029		2.3	1,466	(2.3)	3,407	1.3	2,732	3.8

Note: Comprehensive income	For the three months ended June 30, 2023:	¥3,889 million	[-30.6%]
		For the three months ended June 30, 2022:	¥5,605 million	[32.3%]
		Net income		Diluted net income
		per share		per share
Three months ended			Yen		Yen
June 30, 2023			90.00	－
June 30, 2022			97.17	－

(2) Consolidated financial position

	Total assets	Net assets		Equity-to-asset ratio
As of	Millions of yen	Millions of yen		%
June 30, 2023	160,925	131,547		81.3
March 31, 2023	158,385	129,450		81.3
Reference: Equity	As of June 30, 2023:	¥130,803 million
	As of March 31, 2023:	¥128,754 million

2. Cash dividends

		Annual dividends per share
	First quarter-end	Second quarter-end		Third quarter-end		Fiscal year-end	Total
	Yen	Yen		Yen		Yen	Yen
Fiscal year ended	－	50.00		－		60.00	110.00
March 31, 2023
Fiscal year ending	－
March 31, 2024
Fiscal year ending
March 31, 2024		55.00		－		55.00	110.00
(Forecast)

Note: Revisions to the forecast of cash dividends announced most recently: None

3. Consolidated earnings forecast for the fiscal year ending March 31, 2024 (April 1, 2023 - March 31, 2024)

								Net income	Net income
	Net sales		Operating income	Ordinary income	attributable to
		per share
								owners of parent
	Millions of		%	Millions of	%	Millions of	%	Millions of	%	Yen
	yen			yen		yen		yen
First half of fiscal	43,000		(0.1)	2,400	(16.1)	5,900	(12.5)	4,900	(8.8)	174.84
year
Full-year	89,000		1.1	5,000	0.2	12,000	(7.0)	10,000	(7.9)	356.81
Note: Revisions to consolidated earnings forecast announced most recently: None

* Notes

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None

Newly included:	－	(Company name:	)
Excluded:	－	(Company name:	)

1. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
2. Changes in accounting policies, changes in accounting estimates, and restatement
3. 1. Changes in accounting policies due to revisions to accounting standards and other regulations: None
   2. Changes in accounting policies due to other reasons: None
   3. Changes in accounting estimates: None
   4. Restatement: None
4. Number of issued shares (common shares)
5. 1. Total number of issued shares at the end of the period (including treasury shares)

As of June 30, 2023

As of March 31, 2023

30,272,503 shares

30,272,503 shares

(ii) Number of treasury shares at the end of the period

As of June 30, 2023

As of March 31, 2023

2,456,253 shares

2,423,753 shares

1. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

Three months ended June 30, 2023

Three months ended June 30, 2022

27,811,140 shares

28,117,145 shares

• Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
• Explanation of appropriate use of business performance forecasts and other special items

The earnings forecasts in this document are based on the current information and certain assumptions that are considered reasonable, and actual results may greatly depending on various factors.

Quarterly Consolidated Financial Statements

1. Quarterly Consolidated Balance Sheet

(Millions of yen)

As of March 31,2023

As of June 30,2023

Assets

Current assets

Cash and deposits

Notes and accounts receivable - trade

Electronically recorded monetary claims -operating

Securities

Inventories

Other

Allowance for doubtful accounts

Total current assets

Non-current assets

Property, plant and equipment

Buildings and structures, net

Machinery, equipment and vehicles, net

Tools, furniture and fixtures, net

Land

Construction in progress

Other, net

Total property, plant and equipment

Intangible assets

33,648	33,376
18,357	18,333
9,765	9,347
5,499	5,499
14,119	14,957
2,706	2,537
△72	△40
84,024	84,012
13,262	13,668
5,647	5,534
927	986
3,747	3,846
1,158	491
1,210	1,219
25,952	25,746

		Goodwill	311	276
		Other	473	503
		Total intangible assets	784	780
	Investments and other assets
		Investment securities	45,069	47,807
		Long-term loans receivable	12	12
		Retirement benefit asset	1,181	1,228
		Deferred tax assets	727	722
		Other	637	621
		Allowance for doubtful accounts	△5	△5
		Total investments and other assets	47,623	50,386
	Total non-current assets	74,360	76,913
Total assets	158,385	160,925

							(Millions of yen)
						As of March 31,2023	As of June 30,2023
Liabilities
	Current liabilities
		Notes and accounts payable - trade		7,090	8,010
		Electronically recorded obligations - operating	8,807	7,576
		Income taxes payable		657	763
		Provision for bonuses	1,126	1,820
		Other		4,803	4,700
		Total current liabilities	22,484	22,871
	Non-current liabilities
		Long-term borrowings	540	540
		Deferred tax liabilities		1,753	1,882
		Retirement benefit liability	2,268	2,239
		Other		1,888	1,843
		Total non-current liabilities	6,450	6,506
	Total liabilities				28,935	29,378
Net assets
	Shareholders' equity
		Share capital	8,060	8,060
		Capital surplus		7,098	7,098
		Retained earnings	110,972	111,788
		Treasury shares		△5,608	△5,713
		Shareholders' equity	120,523	121,234
	Valuation and translation adjustments
		Valuation difference on available-for-sale securities	3,501	3,877
		Foreign currency translation adjustment		4,760	5,724
		Remeasurements of defined benefit plans	△31	△34
		Valuation and translation adjustments		8,230	9,568
	Non-controlling interests	696	743
	Total net assets				129,450	131,547
Total liabilities and net assets	158,385	160,925