February 29, 2024

Consolidated Financial Review
for the Fourth Quarter Ended January 31, 2024
［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
https://www.ryoyo.co.jp
Tokyo Stock Exchange Prime Section
8068
Moritaka Nakamura, President & Chief Executive Officer
Masayuki Takahashi, Executive General Manager,Administration Headquaters
Tel: +81-3-3543-7711
E-mail: irmanager@ryoyo.co.jp
Due date of submitting of quarterly financial statement: March 12, 2024
Due date of starting delivery of dividends: Supplementary materials for the quarterly financial results: Yes
Investor conference for the quarterly financial results: NoneNote: Figures are rounded down to the nearest million yen.
１．Financial highlights for the fourth quarter ended January 31, 2024（2/1/2023-1/31/2024）（１）Consolidated operating results
Note: Percentages indicated changes from the same period of previous year.
Net sales

Operating profit

Ordinary profit

Millions of yen ％Millions of yen ％Millions of yen ％Twelve months ended 1/31/24
124,086－
3,876－
Year ended 1/31/23
129,91215.9
4,693 107.9
Note: Comprehensive income
Twelve months ended 1/31/24:
9,343
million yen ( － %)Year ended 1/31/23:
3,729
million yen (85.0%)

Profit attributable toowners of parent

Net income per share

Millions of yen ％

7,022
3,056

Twelve months ended 1/31/24
Year ended 1/31/23

－
63.1

8,423
4,477－
86.5

Fully diluted
net income per share

YenYen347.58151.46347.06151.23（２）Consolidated financial position

As of 1/31/24
As of 1/31/23(Reference) Equity
As of
As ofTotal assets

Net assets

Millions of yen

Millions of yen

96,511
88,40951,28944,725

1/31/24:
1/31/23:

Equity ratio

51,260 million yen
44,697 million yen

1

Net assets per share％

Yen

53.1
50.6

2,536.29
2,213.66

２．Dividends
Threemonthsended(Base date)Year ended 1/31/23
Year ending 3/31/24

Sixmonthsended

YenYear ending 3/31/24 (Estimate)Ninemonthsended

Yen－－－

Twelvemonths
ended

Yen

50.00
80.00－Year
ended

Yen－－－－－－

TotalYenYen

60.00－
100.00110.00－180.00Note: Revision to dividend forecast for this period: None
３．Financial forecast for the year ending March 31,2024（2/1/2023-3/31/2024）
Note: Percentages indicated changes from the same period of previous year.

Operatingprofit

Net salesYear ending
3/31/24

Ordinary profit

Profitattributable toowners of parent

Net income pershare

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen％

Yen

150,000－

4,600－

9,200－

7,180－

355.36

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 shares)① Number of shares of common shares issued as of:(Including treasury shares)
January 31,2024: 26,800,000 shares
January 31,2023: 26,800,000 shares② Number of shares of treasury shares:
January 31,2024: 6,589,227 shares
January 31,2023: 6,608,536 shares③ Average number of shares outstanding as of:January 31,2024: 20,204,957 shares
January 31,2023: 20,179,911 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 March 31,2024
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, 2023

As ofJanuary 31, 2024

AmountAmount（ Assets）
Current Assets
Cash and deposits

19,031

10,252

Notes and accounts receivable - trade, and contract assets

30,96628,400Electronically recorded monetary claims - operating

3,886

3,860

23,62319,093

174

326

1,502

1,315

(1)

(1)

79,18363,246

226

220

Goodwill

471

407

Other

361

690

Total intangible assets

832

1,097

5,308

7,319

Shares of subsidiaries and associates

97

21,728Deferred tax assets

110

78

Retirement benefit asset

1,589

1,645

Other

1,642

1,352

Allowance for doubtful accounts

(582)

(178)

Total investments and other assets

8,166

31,9459,225

33,264

88,40996,511

Merchandise
finished goods
Duedate ofandsubmittingof quarterly financial statement
Due
dateofstartingdeliveryof dividends
Work in process
Other: December 8, 2017
: -Supplementary materials for the quarterly financial results: None
Allowance for doubtful accounts: NoneTotal current assets
Non-current assets
Property, plant and equipment
Intangible assets

Investments and other assets
Investment securities

Total non-current assets
Total assets

4Consolidated Balance Sheets(Millions of yen)

As ofJanuary 31, 2023

As ofJanuary 31, 2024

AmountAmount（Liabilities）
Current liabilities
Notes and accounts payable - trade

13,366

12,784

Short-term borrowings

25,81727,699

Income taxes payable

1,423

274

Accrued consumption taxes

143

800

Provision for bonuses

857

719

Other

1,048

1,177

Total current liabilities

42,65743,456

Deferred tax liabilities

603

1,355

Retirement benefit liability

316

303

Other

106

107

1,026

1,765

43,68345,222

Share capital

13,672

13,672

Capital surplus

13,336

13,336

Retained earnings

32,00036,193

Treasury shares(17,068)(17,019)

Total shareholders' equity

41,94046,182

1,805

3,292

00

Foreign currency translation adjustment

1,124

1,951

Remeasurements of defined benefit plans

(173)

(166)

Total accumulated other comprehensive income

2,756

5,077

2828

Total net assets

44,72551,289Total liabilities and net assets

88,40996,511

Non-current liabilities

Total non-current liabilities
Total liabilities（Net assets）
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

Share acquisition rights

5Consolidated Statements of Income(Millions of yen)

Twelve months ended
January 31, 2024
Amount124,086
111,032
13,053

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses

66
3,519
629
198
408
149
4,205
9,177
3,876

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 profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Other
Total non-operating income

78
129
5,055
24
5,287

Non-operating expenses

379
279
080
739
8,423

Interest expenses
Foreign exchange losses
Loss on abandonment of non-current assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income

112233Gain on sales of investment securities
Reversal of allowance for doubtful accounts
Total extraordinary income
Extraordinary losses

251
251
8,206
1,019
164
1,183
7,022
7,022

Management Integration related expenses
Total extraordinary losses
Profit before income taxes
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(Consolidated Comprehensive Statement of Income)(Millions of yen)

Twelve months ended
January 31, 2024
Amount7,022

Profit attributable to owners of parent
Other comprehensive income

1,401

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(0)

Foreign currency translation adjustment414
8

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted for using equity method

495
2,320

Total other comprehensive income

9,343

Comprehensive income(Details)9,343

Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

7－Consolidated Statements of Cash Flows(Millions of yen)

Twelve months ended
January 31, 2024
AmountI. Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Share of loss (profit) of entities accounted for using equity method
Loss (gain) on sale and retirement of non-current assets
Share-based payment expenses
Loss (gain) on investments in investment partnerships
Foreign exchange losses (gains)
Increase (decrease) in provisions
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Management Integration related expenses
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Ⅱ . Cash flows from investing activities
Payments into time depositsProceeds from withdrawal of time deposits
Purchase of property, plant and equipment and intangible assets
Proceeds from sales of property, plant and equipment and intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of shares of subsidiaries and associates
Collection of loans receivable from subsidiaries and affiliates
Proceeds from distributions from investment partnerships
Purchase of insurance funds
Proceeds from cancellation of insurance funds
Other, net
Net cash provided by (used in) investing activities
Ⅲ . Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Dividends paid
Purchase of treasury shares
Repayments of lease obligations
Net cash provided by (used in) financing activities
Ⅳ . Effect of exchange rate change on cash and cash equivalents
Ⅴ . Net increase (decrease) in cash and cash equivalents
Ⅵ . Cash and cash equivalents at beginning of period
Ⅶ . Cash and cash equivalents at end of period

88,206190
64(5,055)
048
7(367)(158)
12(207)379(11)
3,179
4,708(779)656
251(412)
10,713922(385)(2,182)
9,068(1,381)
1,349(454)0(37)
17(16,798)
22
35(200)66
4(17,374)
293,243(291,632)(2,822)(1)(25)(1,239)734(8,812)
19,031
10,219

Consolidated Sales by Product(Millions of yen)

Twelve months ended
January 31, 2024
AmountComposition(%)

Semiconductors/Devices

73,837

59.5

ICT/Solutions

50,24840.5

124,086

100.0

Total

9