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 December 31, 2022

(Based on Japanese GAAP)

February 10, 2023

Company name:

Nicca Chemical Co., Ltd.

Stock exchange listing: Tokyo, Nagoya

Stock code:

4463

URL https://www.nicca.co.jp

Representative:

President and Representative

EMORI Yasumasa

Director, Member of the Board

Inquiries:

General manager of Administration Division SAWASAKI Shoya

TEL 0776-24-0213

Scheduled date of ordinary general meeting of shareholders:

March 28, 2023

Scheduled date to file Securities Report:

March 29, 2023

Scheduled date to commence dividend payments:

March 29, 2023

Preparation of supplementary material on financial results:

Yes

Holding of financial results meeting:

Yes

(for the press)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended December 31, 2022 (from January 1, 2022 to December 31, 2022)

(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 December 31, 2022

50,627

-

2,628

-

3,132

-

2,114

-

Year ended December 31, 2021

48,474

17.7

2,453

73.2

2,706

64.5

2,595

148.5

Earnings per share

Diluted earnings per

Profit attributable to

Ordinary profit/total

Operating profit/net

share

owners of

assets

sales

parent/equity

Yen

Yen

%

%

%

Year ended December 31, 2022

134.08

-

8.0

5.7

5.2

Year ended December 31, 2021

164.82

-

11.3

5.0

5.1

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen

As of December 31, 2022

56,122

30,392

49.8

1,771.74

As of December 31, 2021

54,533

27,323

45.9

1,589.37

(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 December 31, 2022

2,317

(885)

(1,962)

6,263

Year ended December 31, 2021

4,722

(994)

(5,024)

6,373

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 December 31, 2021

-

8.00

-

14.00

22.00

351

13.3

1.4

Year ended December 31, 2022

-

11.00

-

19.00

30.00

483

22.4

1.7

Year ending December 31, 2023

-

16.00

-

16.00

32.00

29.7

(Forecast)

1

3. Forecast of consolidated financial results for the year ending December 31, 2023 (from January 1, 2023 to December 31, 2023)

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

52,000

2.7

2,700

2.7

2,800

(10.6)

1,700

(19.6)

107.78

4. Notes

(1) Changes in significant subsidiaries during the year ended December 31, 2022

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:

Yes

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 December 31, 2022

17,710,000

shares

As of December 31, 2021

17,710,000

shares

Number of treasury shares at the end of the period

As of December 31, 2022

1,928,421

shares

As of December 31, 2021

1,948,421

shares

Average number of shares during the period

Year ended December 31, 2022

15,772,810

shares

Year ended December 31, 2021

15,749,890

shares

2

Consolidated financial statements

Consolidated balance sheets

(Millions of yen)

As of December 31, 2021

As of December 31, 2022

Assets

Current assets

Cash and deposits

7,659

7,052

Notes and accounts receivable - trade

9,618

-

Notes and accounts receivable - trade, and contract

-

10,435

assets

Merchandise and finished goods

4,895

6,093

Work in process

669

949

Raw materials and supplies

3,766

4,363

Other

952

962

Allowance for doubtful accounts

(0)

(1)

Total current assets

27,562

29,855

Non-current assets

Property, plant and equipment

Buildings and structures

26,509

27,396

Accumulated depreciation

(13,225)

(14,249)

Buildings and structures, net

13,283

13,147

Machinery, equipment and vehicles

19,901

20,835

Accumulated depreciation

(16,314)

(17,831)

Machinery, equipment and vehicles, net

3,587

3,004

Tools, furniture and fixtures

3,914

4,157

Accumulated depreciation

(3,314)

(3,459)

Tools, furniture and fixtures, net

599

697

Land

5,247

5,352

Leased assets

339

333

Accumulated depreciation

(172)

(213)

Leased assets, net

167

119

Construction in progress

392

90

Total property, plant and equipment

23,277

22,411

Intangible assets

Other

298

399

Total intangible assets

298

399

Investments and other assets

Investment securities

1,706

1,716

Investments in capital

2

2

Guarantee deposits

356

285

Deferred tax assets

980

1,022

Other

348

433

Allowance for doubtful accounts

(0)

(5)

Total investments and other assets

3,394

3,455

Total non-current assets

26,970

26,266

Total assets

54,533

56,122

3

(Millions of yen)

As of December 31, 2021

As of December 31, 2022

Liabilities

Current liabilities

Notes and accounts payable - trade

6,619

6,544

Short-term borrowings

5,662

5,168

Lease liabilities

48

44

Accounts payable - other

1,539

1,367

Income taxes payable

570

481

Accrued consumption taxes

142

158

Provision for bonuses

772

788

Provision for bonuses for directors (and other

35

17

officers)

Other

1,312

1,416

Total current liabilities

16,702

15,987

Non-current liabilities

Long-term borrowings

6,038

5,170

Lease liabilities

96

52

Long-term accounts payable - other

39

39

Retirement benefit liability

3,298

3,368

Provision for share-based compensation

115

160

Long-term deposits received

875

902

Other

42

49

Total non-current liabilities

10,506

9,742

Total liabilities

27,209

25,729

Net assets

Shareholders' equity

Share capital

2,898

2,898

Capital surplus

2,928

2,951

Retained earnings

19,284

21,006

Treasury shares

(1,444)

(1,449)

Total shareholders' equity

23,667

25,407

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

632

558

Foreign currency translation adjustment

1,002

2,194

Remeasurements of defined benefit plans

(251)

(199)

Total accumulated other comprehensive income

1,383

2,553

Non-controlling interests

2,272

2,432

Total net assets

27,323

30,392

Total liabilities and net assets

54,533

56,122

4

Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income

(Millions of yen)

Fiscal year ended

Fiscal year ended

December 31, 2021

December 31, 2022

Net sales

48,474

50,627

Cost of sales

32,431

34,456

Gross profit

16,043

16,171

Selling, general and administrative expenses

13,589

13,543

Operating profit

2,453

2,628

Non-operating income

Interest income

43

40

Dividend income

29

31

Share of profit of entities accounted for using equity method

27

41

Foreign exchange gains

109

208

Gain on forgiveness of debts

64

-

Miscellaneous income

211

292

Total non-operating income

485

614

Non-operating expenses

Interest expenses

43

35

Sales discounts

79

-

Swap Loss

7

41

Loss on cancellation of leases

20

14

Miscellaneous losses

80

19

Total non-operating expenses

232

110

Ordinary profit

2,706

3,132

Extraordinary income

Gain on sale of non-current assets

607

23

Gain on sale of investment securities

116

-

Subsidy income

-

124

Compensation income

92

-

Total extraordinary income

816

147

Extraordinary losses

Loss on retirement of non-current assets

10

2

Loss on sale of non-current assets

0

0

Loss on sale of investment securities

33

7

Loss on valuation of investment securities

18

-

Total extraordinary losses

61

11

Profit before income taxes

3,461

3,269

Income taxes - current

906

1,031

Income taxes - deferred

(168)

(24)

Total income taxes

738

1,007

Profit

2,723

2,262

Profit attributable to non-controlling interests

127

147

Profit attributable to owners of parent

2,595

2,114

5

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NICCA Chemical Co. Ltd. published this content on 10 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2023 02:45:05 UTC.