May 29, 2018

Consolidated Financial Review
for the First Quarter Ended April 30, 2018
［Japanese standards］（Consolidated)
Company name:
Headquarters address:
URL:
Stock exchange listing:Code number:Company representative:
Inquiries:

RYOYO ELECTRO CORPORATION
12-22 Tsukiji 1-chome, Chuo-ku, Tokyo 104-8408 Japan
http://www.ryoyo.co.jp
Tokyo Stock Exchange 1st Section
8068
Moritaka Nakamura, President
Kiyoshi Waki, Director and Senior Executive Officer
Tel: +81-3-3543-7710
E-mail: irmanager@ryoyo.co.jp
Due date of submitting of quarterly financial statement: June 8, 2018
Due date of starting delivery of dividends: Supplementary materials for the quarterly financial results: NoneInvestor conference for the quarterly financial results: NoneNote: Figures are rounded down to the nearest million yen.
１．Financial highlights for the first quarter ended April 30, 2018（2/1/2018-4/30/2018）（１）Consolidated operating results
Note: Percentages indicated changes from the same period of previous year.
Net sales
Millions of yen

Three months ended 4/30/18
Three months ended 4/30/17

22,67523,305

Note: Comprehensive income
Three months ended 4/30/18:
Three months ended 4/30/17:

(723)
(272)

％

Operating income

Ordinary income

Millions of yen

Millions of yen

441
325(2.7)(8.3)

million yen
million yen((％35.4(27.4)

Three months ended 4/30/18
Three months ended 4/30/17

314
218％

39.3(36.2)

－%)
－%)

Profit attributable to
Net income per shareowners of parent
Millions of yen

461
331

Fully diluted
net income per share％

Yen

Yen

43.7
(36.4)

12.83
8.93

12.78
8.89

（２）Consolidated financial position

Total assets

Net assets

Millions of yen

Millions of yen

77,516
78,111

62,94664,404(Reference) Equity
Year ended 4/30/18:
Year ended 1/31/18:

62,886 million yen
64,344 million yen

As of 4/30/18
As of 1/31/18

Equity ratio
％

81.1
82.4

1

Net assets per share
Yen

2,566.13
2,625.66

２．Dividends
Threemonths
ended(Base date)Year ended 1/31/18
Year ending 1/31/19

Sixmonths
ended

Yen

－－－

Year ending 1/31/19 (Estimate)Ninemonths
ended

Yen

Year
ended

Yen

30.00
－30.00－－－Total

Yen

30.00
－30.00Yen

60.00－60.00Note: Revision to dividend forecast for this period: None
３．Financial forecast for the year ending January 31,2019（2/1/2018-1/31/2019）
Note: Percentages indicated changes from the same period of previous year.
ProfitOperatingNet sales
Ordinary income
attributable toincome
owners of parent
Millions of yen ％Six months ending
7/31/18
Year ending
1/31/19

Millions of yen

Net income pershare％

Millions of yen ％Millions of yen ％Yen47,0002.1500 (27.5)600 (27.3)

400 (30.4)

16.32

93,0000.8

1,000 297.7

1,200 177.5

800 276.0

32.64

Note: Revisions to financial forecast for this period: None2

４．Others（1）Important changes in subsidiaries(Change on specific subsidiaries with changes in scope of consolidation): None
Newly added: －Excluded: －（2）Use of simplified accounting method and special accounting policy for the quarterly consolidated
financial reporting: None
（3）Changes in principles, procedures and method of presentation for the quarterly consolidated
financial statements① Changes in accounting policies: None
② Other changes: None
③ Changes in accounting estimate: None
④ Restatement of revisions: None
（4）Number of shares outstanding (common stock)① Number of shares of common stock issued as of:(Including treasury stock)April
30,2018: 26,800,000 shares
January 31,2018: 26,800,000 shares② Number of shares of treasury stock as of:April
30,2018: 2,293,804 shares
January 31,2018: 2,293,760 shares③ Average number of shares outstanding as of:April
30,2018: 24,506,237 shares
April
30,2017: 24,507,230 shares
Indication regarding the implementation status of the quarterly review procedure
This Financial Review is not subject to audit procedure under the Financial Instruments andExchange Act.
Caution on forecast for the year ending January 31,2019
Forecasts regarding future performance in these materials are based on information available tomanagement at the time this report was prepared. Actual results may differ significantly from thesestatements for a number of reasons.
※This financial review is only the translation of Japanese version.

3

Consolidated Balance Sheets(Millions of yen)

As ofJanuary 31, 2018

As ofApril 30, 2018

AmountAmount（Assets）
Current Assets
Cash and deposits
Notes and accounts receivable-trade
Due date of submitting of quarterly financial statement
DueSecurities
date of starting delivery of dividends

14,04012,50025,912

25,686: December 8, 2017649
: -65010,857

12,457

497

521

1,378

1,584

(2)

(2)

53,33253,397

Property, plant and equipment

163

199

Intangible assets

454

422

Investment securities

21,93021,063Net defined benefit asset

1,458

1,489

Other

1,152

1,311

Allowance for doubtful accounts

(381)

(368)

24,16023,496

24,77824,11878,111

77,516Merchandise and finished goods
Supplementary materials for the quarterly financial results: None
Deferred tax assets: NoneOtherAllowance for doubtful accounts
Total current assets
Noncurrent assets

Investments and other assets

Total investments and other assets
Total noncurrent assets
Total assets

4Consolidated Balance Sheets(Millions of yen)

As ofJanuary 31, 2018

As ofApril 30, 2018

AmountAmount（Liabilities）
Current liabilities

9,653

10,417

Income taxes payable

419

200

Accrued consumption taxes

87

7

Provision for bonuses

205

366

Other716

1,048

11,082

12,039

790

790

1,429

1,189

405

550

2,624

2,530

13,706

14,570Capital stock

13,672

13,672

Capital surplus

13,336

13,336

Retained earnings

36,28735,866

Treasury shares(2,707)(2,707)

Total shareholders' equity

60,58860,167

3,013

2,447

Deferred gains or losses on hedges

(0)

(0)

Foreign currency translation adjustment

430

(35)

Remeasurements of defined benefit plans

313

307

3,756

2,718

59

59

Total net assets

64,40462,946

Total liabilities and net assets

78,111

77,516

Notes and accounts payable-trade

Total current liabilities
Noncurrent liabilities
Net defined benefit liability
Deferred tax liabilities
Other
Total noncurrent liabilities
Total liabilities（Net assets）
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

Total accumulated other comprehensive income
Subscription rights to shares

5Consolidated Statements of Income(Millions of yen)

Net sales
Cost of sales
Gross profit

Three months endedApril 30, 2017

Three months endedApril 30, 2018

AmountAmount23,305
21,2402,065

22,675
20,425
2,250

(2)
595
176
29
85
63
789
1,739
325

(3)
621
183
188950
847
1,808
441

13
102
531

2311211480
1901325331
331
169(57)
112
218
218

3181
4028
461
461
157(10)
147
314
314

Selling, general and administrative expenses
Provision of allowance for doubtful accounts
Salaries and bonuses
Provision for bonuses
Retirement benefit expenses
Rent expenses
Depreciation
Other
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Purchase discounts
Other
Total non-operating income
Non-operating expenses
Sales discounts
Foreign exchange losses
Loss on abandonment of noncurrent assets
Commission fee
Other
Total non-operating expenses
Ordinary income
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
ProfitProfit attributable to owners of parent

6

Consolidated Statements of Income and Consolidated Comprehensive Statements of Income(Millions of yen)(Consolidated Comprehensive Statement of Income)

Profit attributable to owners of parent

Three months endedApril 30, 2017

Three months endedApril 30, 2018

AmountAmount

218

314

(243)

(566)

(0)

0(247)

(465)

0(6)

(490)

(1,037)

(272)

(723)

(272)(723)－－

Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income(Details)
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

7

Consolidated Sales by Product(Millions of yen)Three months endedApril 30, 2017

Three months endedApril 30, 2018

AmountAmountComposition(%)

Increase(Decrease)

Composition(%)

Semiconductors/Devices

12,021

51.6

11,644

51.4

(376)

ICT/Solutions

11,28448.4

11,030

48.6

(253)

Total

23,305100.0

22,675100.0(630)8