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, 2021 (Based on Japanese GAAP)

August 6, 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

Manager,

Inquiries:

Accounting Department,

Masakazu Itabashi

TEL 03-5645-5047

Administration Division

Scheduled date to file Quarterly Securities Report:

August 6, 2021

Scheduled date to commence dividend payments:

Preparation of supplementary material on quarterly financial results:

No

Holding of quarterly financial results meeting:

No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the three months ended June 30, 2021 (from April 1, 2021 to June 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

%

Three months ended June 30, 2021

13,438

(2.1)

313

(54.9)

337

(55.6)

214

(56.1)

Three months ended June 30, 2020

13,725

3.0

694

28.5

760

41.1

487

45.9

Note: Comprehensive income Three months ended June 30, 2021

¥193 million

[(65.1)%]

Three months ended June 30, 2020

¥556 million

[68.6%]

Earnings per share

Diluted earnings per share

Yen

Yen

Three months ended June 30, 2021

5.13

Three months ended June 30, 2020

11.68

Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant revised ASBJ regulations from the beginning of the first quarter of the current fiscal year, and each figure for the first three months of the fiscal year ending March 31, 2022, is the figure after applying the accounting standard and relevant revised ASBJ regulations.

(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, 2021

47,668

27,927

58.2

665.37

As of March 31, 2021

51,971

28,800

55.1

686.19

Reference: Equity

As of June 30, 2021

¥27,751

million

As of March 31, 2021

¥28,619

million

Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant revised ASBJ regulations from the beginning of the first quarter of the current fiscal year, and each figure for the first three months of the fiscal year ending March 31, 2022, is the figure after applying the accounting standard and relevant revised ASBJ regulations.

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, 2021

8.00

28.00

36.00

Year ending March 31, 2022

Year ending March 31, 2022 (Forecast)

8.00

21.00

29.00

Note: Revision of cash dividend forecast most recently announced: No

1

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

Note: Revision of consolidated financial results forecast most recently announced: No

4. Notes

(1) Changes in significant subsidiaries during the three months ended June 30, 2021

No

(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

(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:

Yes

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, 2021

41,708,367

shares

As of March 31, 2021

43,919,291

shares

Number of treasury shares at the end of the period

As of June 30, 2021

246

shares

As of March 31, 2021

2,210,924

shares

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

Three months ended June 30, 2021

41,708,193

shares

Three months ended June 30, 2020

41,709,683

shares

Note: The Company canceled 2,210,924 treasury shares on May 31, 2021, in accordance with a resolution passed at a meeting of the Board of Directors held on May 7, 2021.

  • Quarterly financial results reports are exempt from quarterly review 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.

2

Quarterly consolidated financial statements

Consolidated balance sheets

(Millions of yen)

As of March 31, 2021

As of June 30, 2021

Assets

Current assets

Cash and deposits

17,722

18,537

Notes receivable, accounts receivable from completed

19,666

construction contracts and other

Notes receivable, accounts receivable from completed

14,763

construction contracts, contract assets and other

Electronically recorded monetary claims – operating

2,921

3,124

Merchandise and finished goods

9

18

Real estate for sale

0

0

Costs on construction contracts in progress

1,359

805

Raw materials and supplies

243

241

Other

360

491

Allowance for doubtful accounts

(2)

(1)

Total current assets

42,282

37,980

Non-current assets

Property, plant and equipment

Buildings and structures, net

1,645

1,641

Machinery, vehicles, tools, furniture and fixtures, net

1,133

1,091

Land

2,638

2,578

Leased assets, net

13

10

Construction in progress

166

145

Other, net

2

2

Total property, plant and equipment

5,598

5,468

Intangible assets

445

638

Investments and other assets

Investment securities

974

939

Deferred tax assets

2,127

2,104

Other

602

587

Allowance for doubtful accounts

(59)

(50)

Total investments and other assets

3,644

3,581

Total non-current assets

9,689

9,688

Total assets

51,971

47,668

3

(Millions of yen)

As of March 31, 2021

As of June 30, 2021

Liabilities

Current liabilities

Notes payable, accounts payable for construction contracts

11,339

10,200

and other

Short-term borrowings

278

141

Advances received on construction contracts in progress

2,032

1,039

Lease obligations

3

2

Income taxes payable

1,274

148

Provision for warranties for completed construction

24

24

Provision for loss on construction contracts

286

193

Provision for bonuses

1,501

507

Provision for bonuses for directors (and other officers)

36

Other

2,156

3,181

Total current liabilities

18,931

15,438

Non-current liabilities

Lease obligations

5

3

Retirement benefit liability

4,162

4,227

Other

71

71

Total non-current liabilities

4,239

4,302

Total liabilities

23,171

19,740

Net assets

Shareholders’ equity

Share capital

6,052

6,052

Capital surplus

2,022

1,753

Retained earnings

21,419

19,778

Treasury shares

(1,057)

(0)

Total shareholders’ equity

28,436

27,584

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

312

287

Foreign currency translation adjustment

(34)

(34)

Remeasurements of defined benefit plans

(95)

(86)

Total accumulated other comprehensive income

183

166

Non-controlling interests

180

176

Total net assets

28,800

27,927

Total liabilities and net assets

51,971

47,668

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, 2020

June 30, 2021

Net sales

Net sales of completed construction contracts

13,607

13,380

Sales in other businesses

117

57

Total net sales

13,725

13,438

Cost of sales

Cost of sales of completed construction contracts

11,206

11,250

Cost of sales in other businesses

90

30

Total cost of sales

11,297

11,280

Gross profit

Gross profit on completed construction contracts

2,400

2,130

Gross profit – other business

27

27

Total gross profit

2,428

2,157

Selling, general and administrative expenses

1,733

1,844

Operating profit

694

313

Non-operating income

Interest income

4

2

Dividend income

14

14

license income

3

6

Foreign exchange gains

46

6

Other

6

2

Total non-operating income

75

32

Non-operating expenses

Interest expenses

2

0

Guarantee commission

7

6

Other

0

0

Total non-operating expenses

9

7

Ordinary profit

760

337

Extraordinary income

Gain on sale of non-current assets

0

Total extraordinary income

0

Extraordinary losses

Loss on sale and retirement of non-current assets

1

Total extraordinary losses

1

Profit before income taxes

760

335

Income taxes – current

314

136

Income taxes – deferred

(36)

(11)

Total income taxes

277

125

Profit

482

210

Loss attributable to non-controlling interests

(4)

(3)

Profit attributable to owners of parent

487

214

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Nittoc Construction Co. Ltd. published this content on 20 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2021 08:13:07 UTC.


Publicnow 2021

All news about NITTOC CONSTRUCTION CO., LTD.
Sales 2021 67 955 M
620 M
620 M
Net income 2021 3 500 M
31,9 M
31,9 M
Net cash 2021 17 436 M
159 M
159 M
P/E ratio 2021 9,89x
Yield 2021 4,34%
Capitalization 30 322 M
276 M
277 M
EV / Sales 2020 0,19x
EV / Sales 2021 0,25x
Nbr of Employees 995
Free-Float 31,4%
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