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

November 10, 2021

Company name:

Nittoseiko Co.,Ltd.

Stock exchange listing:

Tokyo

Stock code:

5957

URL

https://www.nittoseiko.co.jp/

Representative:

President

Masami Zaiki

Inquiries:

Director,Accounting & Finance Division

Shinichi Matsumoto

TEL

(0773)42-3111

Scheduled date to file Quarterly Securities Report:

November 12, 2021

Scheduled date to commence dividend payments:

-

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 nine months ended September 30, 2021 (from January 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

%

Nine months ended September 30, 2021

30,227

28.9

2,665

272.6

2,837

240.8

1,807

304.9

Nine months ended September 30, 2020

23,459

(8.0)

715

(62.9)

832

(59.8)

446

(67.7)

Earnings per share

Diluted earnings per share

Yen

Yen

Nine months ended September 30, 2021

48.98

-

Nine months ended September 30, 2020

12.13

-

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen

%

As of September 30, 2021

49,785

31,911

57.4

As of December 31, 2020

46,222

29,858

58.1

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 December 31, 2020

-

4.00

-

4.50

8.50

Year ending December 31, 2021

-

7.50

-

Year ending December 31, 2021 (Forecast)

7.50

15.00

3. Forecast of consolidated financial results for the year ending December 31, 2021 (from January 1, 2021 to December 31, 2021)

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

41,000

24.6

3,200

145.4

3,300

132.7

2,000

161.5

54.15

1

4. Notes

  1. Changes in significant subsidiaries during the nine 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

No

(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 September 30, 2021

39,985,017

shares

As of December 31, 2020

39,985,017

shares

Number of treasury shares at the end of the period

As of September 30, 2021

3,051,444

shares

As of December 31, 2020

3,166,909

shares

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

Nine months ended September 30, 2021

36,892,938

shares

Nine months ended September 30, 2020

36,802,723

shares

2

Quarterly consolidated financial statements

Consolidated balance sheets

(Thousands of yen)

As of December 31, 2020

As of September 30, 2021

Assets

Current assets

Cash and deposits

9,287,052

10,813,363

Notes and accounts receivable - trade

8,027,676

8,335,423

Electronically recorded monetary claims - operating

2,515,482

3,383,008

Securities

-

250,792

Merchandise and finished goods

2,503,691

3,156,195

Work in process

2,181,590

2,136,622

Raw materials and supplies

2,231,370

2,413,618

Accounts receivable - other

724,253

566,584

Other

239,134

501,234

Allowance for doubtful accounts

(5,722)

(7,370)

Total current assets

27,704,529

31,549,472

Non-current assets

Property, plant and equipment

Buildings and structures, net

3,618,797

3,990,869

Machinery, equipment and vehicles, net

2,334,199

2,637,876

Land

5,285,690

5,313,472

Construction in progress

1,208,096

599,035

Other, net

486,438

469,573

Total property, plant and equipment

12,933,221

13,010,827

Intangible assets

Software

406,178

403,070

Goodwill

647,406

580,005

Customer related assets

80,675

68,150

Technology related assets

271,950

249,900

Other

15,690

21,190

Total intangible assets

1,421,900

1,322,316

Investments and other assets

Investment securities

1,820,031

1,579,711

Deferred tax assets

828,006

769,290

Retirement benefit asset

884,154

922,947

Long-term time deposits

80,000

80,000

Other

551,433

552,075

Allowance for doubtful accounts

(1,000)

(1,000)

Total investments and other assets

4,162,626

3,903,025

Total non-current assets

18,517,748

18,236,170

Total assets

46,222,277

49,785,642

3

(Thousands of yen)

As of December 31, 2020

As of September 30, 2021

Liabilities

Current liabilities

Notes and accounts payable - trade

4,054,768

4,378,617

Electronically recorded obligations - operating

2,619,652

3,430,429

Short-term borrowings

2,847,302

2,579,394

Accounts payable - other

237,115

221,348

Income taxes payable

407,441

706,723

Provision for bonuses

182,064

563,675

Other

1,269,967

1,332,223

Total current liabilities

11,618,312

13,212,411

Non-current liabilities

Long-term borrowings

897,501

903,279

Provision for directors' retirement benefits

83,992

94,109

Provision for share-based remuneration for directors (and

40,488

51,513

other officers)

Deferred tax liabilities

437,701

408,360

Retirement benefit liability

2,681,596

2,641,118

Other

604,657

563,807

Total non-current liabilities

4,745,937

4,662,187

Total liabilities

16,364,250

17,874,599

Net assets

Shareholders' equity

Share capital

3,522,580

3,522,580

Capital surplus

2,637,467

2,674,360

Retained earnings

22,565,069

23,926,103

Treasury shares

(1,279,736)

(1,254,354)

Total shareholders' equity

27,445,380

28,868,690

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

86,514

114,252

Foreign currency translation adjustment

(597,824)

(340,873)

Remeasurements of defined benefit plans

(65,749)

(54,042)

Total accumulated other comprehensive income

(577,058)

(280,662)

Non-controlling interests

2,989,706

3,323,015

Total net assets

29,858,027

31,911,043

Total liabilities and net assets

46,222,277

49,785,642

4

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

Consolidated statements of income (cumulative)

(Thousands of yen)

Nine months ended

Nine months ended

September 30, 2020

September 30, 2021

Net sales

23,459,561

30,227,849

Cost of sales

18,073,969

22,421,949

Gross profit

5,385,591

7,805,899

Selling, general and administrative expenses

4,670,133

5,140,246

Operating profit

715,457

2,665,652

Non-operating income

Interest income

27,142

22,893

Dividend income

12,796

9,565

Rental income

70,530

69,524

Foreign exchange gains

-

31,492

Share of profit of entities accounted for using equity method

5,256

23,798

Other

188,318

124,227

Total non-operating income

304,045

281,502

Non-operating expenses

Interest expenses

18,798

16,497

Rental costs

58,794

62,537

Foreign exchange losses

48,985

-

Loss on valuation of securities

35,931

-

Other

24,452

30,648

Total non-operating expenses

186,961

109,683

Ordinary profit

832,541

2,837,471

Extraordinary income

Gain on sales of non-current assets

157

4,676

Gain on sales of investment securities

1,441

121,762

Total extraordinary income

1,598

126,439

Extraordinary losses

Loss on disposal of non-current assets

2,158

4,394

Loss on sales of investment securities

103

-

Total extraordinary losses

2,262

4,394

Profit before income taxes

831,877

2,959,516

Income taxes - current

279,260

886,134

Income taxes - deferred

38,110

17,629

Total income taxes

317,370

903,764

Profit

514,506

2,055,752

Profit attributable to non-controlling interests

68,170

248,581

Profit attributable to owners of parent

446,336

1,807,170

5

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Nitto Seiko Co. Ltd. published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 08:26:19 UTC.