Results Briefing for Fiscal Year Ended
January 31, 2021

March 12, 2021

Ryoyo Electro Corporation
First Section, Tokyo Stock Exchange (Ticker Code: 8068)
https://www.ryoyo.co.jp/en/

Copyright 2021 © Ryoyo Electro Corporation

Introduction

Thanks to your support, the Ryoyo Groupcelebrated its

60th anniversary on February 27, 2021.

We would like to express our sincere gratitude once again

for the support and kindness of our business partners,
shareholders, and other stakeholders.

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Copyright 2021 © Ryoyo Electro Corporation

Overview of Fiscal Year
2021年1月期の概況
Ended
January 31, 2021

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Intentions at beginning of fiscal year and trends
through the year
➢ Though the impact of projects that concluded in the previous year remained, the fiscal year targets
were set at the beginning of the period without taking the impact of COVID-19 into account.
→ Net sales were lower than previous fiscal year since the first quarter of the fiscal year under review.
➢ From the second quarter, COVID-19 impact became clear in both semiconductors & devices and ICT.
Ryoyo also decided on a fundamental review of capital policy, and took the expense allocations for thispolicy into account.
→ Net sales and income forecasts were revised downward as of Aug. 31, 2020.
➢ The second half of the year saw COVID-19 impacts linger mainly in medical fields, and the pace ofrecovery has been slow.
→ Forecasts for operating income, ordinary income, and profit attributable to owners of parent wererevised downward as of Nov. 30, 2020.
➢ Despite the impact of COVID-19 on both semiconductors & devices and ICT & solutions, both net sales
and operating income exceeded the fiscal year ended January 2019.
(Billion yen)

FY2019/1* FY2020/1*

Initial Target

FY2021/1*
Aug. 31 Revision Nov. 26 Revision

Results

93.8

108.5

105.0

95.0

95.0

95.8

Semiconductors & devices

49.9

54.3

53.0

47.5

48.5

49.9

ICT & solutions

43.9

54.2

52.0

47.5

46.5

45.9

8,93

10.36

10.70

9.70

9.20

9.19

9.5%

9.5%

10.2%

10.2%

9.7%

9.6%

7,67

8.21

8.50

8.00

7.90

7.93

1,26

2.15

2.20

1.30

1.27

1.3%

2.0%

2.1%

1.70
1.8%

1.4%

1.3%

Net sales

Gross profit(%)
Selling, general andadministrative expenses
Operating income(%)* FY2019/1: Fiscal year ended January 2019, FY2020/1: Fiscal year
ended January 2020, FY2021/1: Fiscal year ended January 2021

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Copyright 2021 © Ryoyo Electro Corporation

Profit/Loss: Sales and income decreased year on year
➢ Sales fell significantly in the second quarter when the impact of COVID-19 became clear, and althoughsales improved in the third and fourth quarters, full-year performance was lower than the initial target.
➢ Although the annual gross profit margin increased by 0.1 point year on year, it began to decline slightly
in the third quarter due to changing composition of sales (increased proportion of semiconductors &devices sales).

➢ In the third quarter, costs for capital policy review, including repurchase of treasury stock, wereallocated. (Non-operating loss: ¥0.49 billion)(Billion yen)

FY2020/1

FY2021/1
Q3
Q4

Q2

108.5

25.0

20.6

24.0

26.1

95.8

-12.7

-11.7%

Semiconductors & devices

54.3

11.0

10.4

13.6

14.8

49.9

-4.5

-8.3%

ICT & solutions

54.2

14.0

10.2

10.4

11.3

45.9

-8.3

-15.2%-1.17-11.3%Net sales

Gross profit(%)
Selling, general andadministrative expenses
Operating income(%)
Ordinary income(%)
Profit attributable toowners of parent(%)

Full Year

YoY Change
%

Q1

10.36

2.52

2.14

2.13

2.41

9.19

9.5%

10.1%

10.4%

8.8%

9.2%

9.6%

8.21

2.01

1.91

2.02

1.98

7.93

-0.28

-3.4%

-0.89

-41.2%-1.28-58.6%-0.50-38.1%

2.15

0.51

0.23

0.10

0.42

1.27

2.0%

2.0%

1.1%

0.4%

1.6%

1.3%

2.19

0.53

0.31 -0.36

0.42

0.91

2.0%

2.1%

1.5%

–

1.6%

0.9%

1.30

0.37

0.37

0.81

1.2%

1.5%

0.21 -0.15
1.0%
–

1.4%

0.8%

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Copyright 2021 © Ryoyo Electro Corporation

Factors for change from previous year
➢ Some factors for income decline, such as withdrawal from low-profit projects and cancellation of agency
contracts, were taken into account at the beginning of the fiscal year.
→ Impact: Net sales were down ¥8.7 billion, and operating income was down ¥4.3 billion➢ The impact of COVID-19 brought about widespread effects due to shortages of goods, clients’ lower
operating rates, sluggish final demand, and revisions to IT investment plans.
→ Impact: Net sales were down ¥10.8 billion, and operating income was down ¥0.83 billion＜ 売Net上Sales高＞＜Operating
営 業 利 Income
益＞(Billion yen)
（単位：億円）

-8.7

108.5

 Factors for decrease(already taken into account)

-0.83

-10.8

+0.36

2.15

+6.8


COVID-19
Other
Impactincrease/(estimated) decrease

FY2020/1

 Factors for decrease-0.43 (already taken into account)
COVID-19
Impact(estimated)

95.8

FY2021/1

FY2020/1

5


Other
increase/decrease

1.27

FY2021/1
Copyright 2021 © Ryoyo Electro Corporation

Semiconductors & devices
Annual net sales: ¥49.9 billion➢ Analog & power semiconductors: Sales of products for industrial machinery decreased due to heavy
impact of COVID-19.
➢ Logic semiconductors: There was large-scale growth for products for TVs, while there were declines insales of products for PCs and peripherals.
➢ Memory semiconductors: Sluggish sales in general centering on products for PC peripherals.

➢ RF & optical semiconductors: Fell short of initial expectations, but the launch of new products made apositive contribution.

Net Sales by ProductLogic
semiconductors

Analog & power
semiconductors
FY2021/1

8.8

24.0

-28.0%FY2020/1(Billion yen)
RF & optical
Memory semiconductors↓ LCDs Other electronic devices
semiconductors
3.7-33.6%

+9.5%

12.2

2.7

21.9

5.5

3.9

6.9

-17.9%+12.0%

2.4

49.9

-9.8%

4.8

7.6

54.3

Net Sales by Application
Communication

FY2021/1

5.2-27.1%FY2020/1

7.1

PCs &
Vehicleinstallation peripherals

Digital consumer
electronics
17.6+72.3%

10.2

2.1

10.2

-33.7%-39.0%

3.1

16.7

6

Industrials & others
14.8

49.9

-14.0%

17.2

54.3

Copyright 2021 © Ryoyo Electro Corporation

ICT & solutions
Annual net sales: ¥45.9 billion➢ PCs/Server/Network: The number of large-scale projects decreased year on year, and restraints on
investment due to the impact of COVID-19 continued, mainly in medical fields.
➢ I/O equipment: Display-related products recovered starting from the second half, reaching almost thesame level as the previous year, but the impact on printers of business that ended in the previous year
remains.
➢ Software: Performed favorably year on year in the first half, but fell into negative territory as the reaction
to special demand due to the end of support for Win7 diminished in the latter part of the second half.
➢ Embedded devices and others: Development of new contracts was sluggish due to the cancellation of
trade shows and other events; the impact was caused by lower volume and postpone in development
contracts in the factory automation and medical fields.

Net Sales by Product
PC/Server/Network

FY2021/1

FY2020/1(Billion yen)I/O equipment

9.6

5.9

-17.9%-17.3%

11.7

7.1

Embedded devices & others

Software

19.2

11.2

-18.8%

23.7

7

45.9

-4.2%

11.7

54.2

Copyright 2021 © Ryoyo Electro Corporation

Balance sheets & cash flows: Year-on-year comparison➢ Total assets and net assets decreased significantly due to the repurchase of treasury stock (see next
section) as part of capital policy.

Balance Sheets
78.1
Cash anddeposits

12.4

As of January 31,
2020

12.0

4.0

59.3
7.6

Trade
receivables

28.2
25.5

Inventory
assetsOther current
assetsNon-current
assets

12.6

11.3
6.7
3.4

62.1

1.3
23.7

As of
January 31, 2020

TradepayablesDebt
payable*Otherliabilities(Billion yen)

12.4

Cash flows fromoperating activities+3.00

Cash flows frominvesting activities+10.43

Cash flows fromfinancing activities -18.33

11.8
New consolidation,
etc.

38.0
2.6
11.9

Assets Liabilities
and netassetsCash Flows(Billion yen)

Assets Liabilities
and netassets+0.12

Net assets
As of January 31,
2021*0 at end of previous year
As ofJanuary 31, 2021
8

7.6

Copyright 2021 © Ryoyo Electro Corporation

Results of tender offer to repurchase treasury stock

Ryoyo implemented a repurchase of treasury stock based on afundamental review of capital policy in order to improve capital efficiency.

Number of shares
repurchased
Total repurchase amountand unit price

Repurchase period

Number of treasury stock
as of January 31, 2021

7,344,173 shares(Percentage of total number of issued shares: 27.40%)¥21,959,077,270¥2,990 per share

From September 1, 2020 to October 14, 2020
(Settlement date: November 6, 2020)
9,463,367 shares(Percentage of total number of issued shares: 35.31%)

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Copyright 2021 © Ryoyo Electro Corporation

Business Plan for Fiscal YearEnding January 31, 2022

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One-year postponement of the time frame for achieving
the goals of the three-year plan
➢ Postpone by one year the achievement of the final year targets — ¥110 billion in net sales and ¥3 billion
in operating income — of the three-year business plan which covers from fiscal year ended January
2020 to fiscal year ending January 2022.
➢ Aim to recover to ¥100 billion net sales and 2% operating margin in the next fiscal year ending January2022, and again strive to achieve ¥110 billion net sales and ¥3 billion operating income in fiscal year
ending January 2023.
➢ Also postpone by one year the achievement of ROE levels that exceed cost of capital stock that had
been expected at the time of acquisition of treasury stock (Forecast for fiscal year ending January
2023: 5.7%).
3.0(Billion yen)

2.15
1.26
0.25

Initial target

95.8

100.0

110.0

FY2021/1

FY2022/1(Target)FY2023/1(Target)1.27

OperatingincomeNet sales

2.0

92.2

93.8

FY2018/1

FY2019/1

108.5

FY2020/1

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Copyright 2021 © Ryoyo Electro Corporation

Profit/Loss: Aiming for ¥100 billion net sales and 2.0%
operating margin➢ Net sales: Against a backdrop of reduced COVID-19 impact and the launch of new products and newcontracts, semiconductors & devices are expected to remain mostly unchanged year on year, and ICT& solutions are expected to increase year on year.
➢ Gross profit margin forecasts to increase due to sales recovery and profitability improvement in ICT &solutions➢ Increase in ordinary income forecasts to expand year on year due to elimination of transient nonoperating expenses that had been allocated in fiscal year ended January 2021.
(Billion yen)

YoY Change

FY2021/1 Result

FY2022/1 Target

95.8

100.0

+4.2

+4.4%

Semiconductors & devices

49.9

50.0

+0.1

+0.3%

ICT & solutions

45.9

50.0

+4.1

+8.8%

9.19

10.10

+0.91

+9.9%

(%)

9.6%

10.1%

Selling, general and administrative expenses

7.93

8.10

+0.17

+2.2%

Operating income

1.27

2.00

+0.73

+57.9%

1.3%

2.0%

0.91

1.95

0.9%

2.0%

0.81

1.35

0.8%

1.4%

Net sales

Gross profit(%)
Ordinary income(%)
Profit attributable to owners of parent
(%)
12

%

+1.04 +115.4%+0.54+67.5%

Copyright 2021 © Ryoyo Electro Corporation

Semiconductors & devices:
Anticipate launch of new products and new demand➢ Ryoyo Electro has number of new products and services to be launched this fiscal year, including
products which will be newly added to lineup and products for capturing new demand.

We expect a year-on-year increase of approximately ¥3 billion
in sales of the following seven major products.
Product

Main application

Factors

Fingerprint recognition
moduleSmartphone

New addition to product lineup

Optical semiconductors

Consumer electronics, automobiles,
industrials

New addition to product lineup

Power Delivery products

Secondary power sources for PCs,
Smartphones, etc.

Incorporating GIGA scale demand
Popularization of telework

Memory semiconductors

Communication devices, industrials

Expansion of commercial rights

Semiconductors forcommunications (1)Communication infrastructure

New addition to product lineup

Semiconductors forcommunications (2)Printers, wireless modules,
camerasExpansion of product lineup

LCD modules

POS, industrial-use terminal
devices

New addition to product lineup

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Copyright 2021 © Ryoyo Electro Corporation

ICT & solutions:Support services for implementing online eligibility verification
Online eligibility verification
From March 2021, hospitals and pharmacies will be able to confirm patients’ insurance coverage for
medical treatment at the reception desk using the IC chip of their My Number card or the code number of
their health insurance card. Online verification is designed to reduce medical reception workload.
Ryoyo’s Online Support Services for Implementing Eligibility Verification(The blue area in the figure below is the scope of our service.)

Offering a one-stop service including proposals for terminal devices that meet the requirements for online
eligibility verification, as well as on-site installation and maintenance services.
Eligibility verification terminal

FY2022/1 net sales
forecast: ¥2.1 billion(setup and configuration)
× Win10 IoT ×
PC (without OS)

Hospitals
Pharmacies

Apps and Drivers

Systemvendors

Router
Installation
Maintenance
Reception terminals and other system
repairs & improvements
Line
MHLW

Medical association, etc.

Card reader with face recognition

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Semiconductors & devices, ICT & solutions:Ryoyo’s Business for Realizing the GIGA School Concept
To realize the popularization of the GIGA* School Concept, the Ryoyo Group will
not only provide displays, Power Delivery products (secondary power adapters) andother hardware, but will also support the development of ICT environments in eachmunicipality.
*GIGA: Global and Innovation Gateway for All

Student terminal + secondary power adapter
Power cabinets
Systemvendors,etc.

Displays/projectors

Localgovernments
and schools

Communication networks

Integrated school administration support systems
Parents andstudents

Servers for learning and school work
Security
Digital materials and content
Instructors and supporters

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Semiconductors & devices
Annual net sales forecast: ¥50 billion➢ Although business for TVs, which experienced large-scale growth in the previous fiscal year ended
January 2021, will not be as high as in FY2021/1, it is expected to remain at a high level.
➢ Regarding shortage of semiconductor supplies, there is a general sense of tightness regardless of fieldor product, and concerns are expected to last through summer and fall.
➢ Electronic components are expected to increase significantly due to growth of products for smartphones
and GIGA school-related products.
Net Sales by ProductAnalog &power semiconductors
FY2022/1
6.2
TargetLogic semiconductors
22.3-29.3%FY2021/1
ResultFY2022/1
TargetFY2021/1
Result

4.3

-7.0%

8.8

Net Sales by Application

RF & opticalsemiconductors
Memory↓LCDs
semiconductors
3.5(Billion yen)
Other electronic
devices

4.7

9.0+17.5%+32.1% +20.4%

24.0

3.7

2.7

+30.6%

3.9

6.9

Communication

Digital consumer
electronics

Vehicleinstallation

6.3

17.2

1.3

12.0

13.2

+21.8%-2.5%-37.0%+17.8%-10.7%

5.2

17.6

2.1

10.2

14.8

16

PCs & peripherals

50.0

49.9

Industrials & others
50.0

49.9

Copyright 2021 © Ryoyo Electro Corporation

ICT & solutions
Annual net sales forecast: ¥50 billion➢ PC/Server/Network: Although the impact of COVID-19 is expected to continue for the time being, sales
are expected to grow substantially, especially for PCs, due to the launch of businesses related to online
eligibility verification.
➢ Corporate IT-related investment has been gradually recovering since the second half of fiscal year
ended January 2021. The medical field, which had a slow start, is finally showing signs of improvement.
➢ On the other hand, semiconductor supply shortages are bringing about a tight supply-demand situation
for some servers, monitors, and other products.
➢ Software is expected to remain affected by the diminished reaction to Win7 special demand until Q1,
but is expected to recover starting from Q2.

Net Sales by Product
FY2022/1
Target

PC/Server/Network

I/O equipment

13.2

6.1

+37.1%FY2021/1
Result9.6

Software

18.8

+3.5%

5.9

Embedded devices& others

-2.3%

19.2

17

11.9

(Billion yen)

50.0

+6.5%

11.2

45.9

Copyright 2021 © Ryoyo Electro Corporation

Looking toward the
Next Three-Year Business Plan

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Copyright 2021 © Ryoyo Electro Corporation

Forging an image of a new trading company
A new trading company which is the best in customer satisfaction
The best in making added-value proposals with unique strengths in ICT and IoT/AI
Collaboration with partners who share our vision, values, and strategy
High profitability that is unprecedented in the electronics industry

FY2025/1
Preparatory Stage ‒ Reform Phase 1
Launch Management Reform Project
Face reality and identify root issues

Next thee-yearbusiness plan

→ Reform organization/HR systems,
enhance governance structure

FY2022/1→ Net sales: over ¥100 billion; operating
margin 2.0%

Reform Phase 2
Become a company that can deliver
self-sustained growth

FY2020/1

Strengthen structure and functions to
expand solutions businessBuild a business foundation that isresilient to changes in the businessenvironment and strengthen theinfrastructure that supports it

FY2018/1

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Priority measures for fiscal year ending January 2022
Current business environment for
semiconductor companies

Market structure

New challenges that surfacedwith the COVID-19 pandemic

Business structure➢ Sales composition depends
on clients’ sales trends andsupplier competitiveness➢ Functions provided
free of charge or at
low prices➢ Decreasing demand in Japanand limited development
outside Japan➢ Enhanced technicalresources increase
costs

A business foundation vulnerable
to environmental changes➢ Dependence on existing products andcustomers → Slow to develop new
business➢ Low productivity due to inefficiency andpartial optimization

A profit structure with low profitability

Priority measures for fiscal year ending January 2022
Promoting andexpanding existing
businesses

Bringing new
business models tofruition

Cultivating new
business drivers

Strengthening theinfrastructure that
supports thebusiness foundation

Building a business foundation that is resilient to changes in thebusiness environment
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Copyright 2021 © Ryoyo Electro Corporation

Building a business foundation that is resilient tochanges in the business environment
Promoting and expanding existing businesses⚫ Consolidate and share customer information as the basis for restructuring trading
functions⚫ Improve customer satisfaction by reviewing support system for area customers⚫ Further expand customers outside Japan and launch businesses using new products

Bringing new business models to fruition⚫ Reach out further upstream→ Proposing solutions to customers issues and needs as quickly as possible⚫ Accelerate scaling through horizontal deployment of success stories of "Only
Ryoyo" solutions

Cultivating new business drivers⚫ Launch IoT platform business for the manufacturing industry with Stylez Corp.
⚫ Consider service-focused business⚫ Accelerate collaborations with investment partners• Develop and release Edge IoT products that support 5G/Wi-Fi6• Deploy cloud services for secondary observation in medical fields, etc.
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Strengthening the infrastructure that supports thebusiness foundation➢ Advance internal projects for improving productivity
Improve the reproducibility of successes,
use teamwork to outperform competitors,
and organize sales team that will bechosen by the customers
Create sales models to raise
Sales
overall sales expertise
Management
MarketingSales skills

Improve work quality (accuracy andspeed) to maximize time value
Resolve sales and operations issues

Business
processes

productivity

Achieving No.1
customer satisfaction

Engagement

Realize a "work-anywhere"
environment and increase
frontline worker productivity

Digitaltransformation

Remotework

Long

Irregular

Complex

Short

Uniform

SimpleBuild a system foundation thatconnects all information to support
the rapid revolution of the basic
business cycle➢ Secure work style diversity to match life events, etc.

Standardization

Provide a common terminal
for all employees➢ Establish flexible new rules in line with the external
environment

Partnership

Integrate systems, facilitate
digitization and automation

Sharing Utilization

Visualize information andencourage communication➢ Heighten employee experience and improve
motivation by expanding self-management
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Further enhancing governance structure
Note: Items with * are to be officially determined via vote at
the General Meeting of Shareholders on April 28, 2021.

Chairperson of theBoard of Directors

Outside Director (remains unchanged since 2019)% of outside officers*

Current: 7 outside officers
among 14 officers (50%)

New: 7 outside officers
among 12 directors (53.8%)⇨

Insideofficer

OutsideofficerNo. of directors

64

No. of auditors

1

3

⇨

Insideofficer

Outsideofficer

4

4

1

3

Term of Directors*

Current: 2 years ⇨ New: 1 year

Number of Directors*

Current： No more than 15 ⇨ New：No more than 10

Other

Introduction of delegated executive officer system(from Feb. 1, 2021)
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Dividend Plan

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Copyright 2021 © Ryoyo Electro Corporation

Dividend plans for the fiscal years ending January
2021 and 2022
➢ Scheduled dividend for the fiscal year ended January 31, 2021 remains as initially planned;
annual dividend: ¥180 per share (year-end dividend: ¥120 per share).
➢ Regarding the dividend plan for next fiscal year ending January 2022, which will be the final
year of the three-year business plan, the Company plans to maintain dividends, aiming tomaintain the current return policy of “DOE: 5.0%.”

Dividend per Share (Yen)InterimYear-End

Full YearFY2022/1 Forecast

60

60

120

‒

120

180

Forecast
FY2021/1
ResultFY2020/1

Result60(Ordinary dividend: 60)

40(Ordinary dividend: 60)(Ordinary dividend: 120)
(Commemorative dividend: 60) (Commemorative dividend: 60)

PayoutRatio

DOE

154.1% 5.5%
511.5% 7.6%
‒

‒

‒

‒

40

80

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Copyright 2021 © Ryoyo Electro Corporation

150.8% 3.2%

Summary➢ Thanks to your support, the Ryoyo Group celebrated its 60th anniversary.
➢ Results for the fiscal year ended January 2021 fell short of the initial targets,partly due to the impact of COVID-19, but Ryoyo Electro secured an operating
profit level on par with the fiscal year ended January 2019, with gradual recovery
in the third and fourth quarters.
➢ Large-scale repurchase of treasury stock was carried out as part of capital policy.
➢ For the fiscal year ending January 2022, Ryoyo Electro is postponing its initial
three-year business plan targets by one year. The new targets for the fiscal year
ending January 2022 are to recover to ¥100 billion net sales and 2.0% operating
margin.
➢ Ryoyo Electro has positioned efforts to build a business foundation that is resilient
to changes in the business environment as a priority measure for the fiscal year
ending January 2022, and it aims to realize the vision of “A new trading company
which is the best in customer satisfaction” in the three years starting from thefiscal year ending January 2023.

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Copyright 2021 © Ryoyo Electro Corporation

Donation to Cancer Institute Hospital of JFCR
Ryoyo Group’s new contributions to the medical field
The Ryoyo Group will contribute to the solution of problems in the
medical community and the realization of a sustainable society.

Ryoyo Electro

Cancer Institute Hospital*•Active introduction of state-of-the-art
medical devices•¥5 million (AI Medical Center)
donation•Providing personalized medical carebased on medical condition, andrecommending less physicallydemanding tests and treatments•Providing IT systems that are easy touse by medical professionals

In agreement •Further strengthening initiatives forthe medical field*Cancer Institute Hospital, Japanese Foundation for Cancer
Research (JFCR): One of the top private oncology institutionsin Japan in terms of number of surgeries

Major Initiatives in the Medical Field to Date
• Investment in AI Medical Service, Inc.
• Provision of support services for implementing
online eligibility verification

Right: Dr. Masahiko Oguchi, Deputy Hospital Director andChief of AI Medical Center, Cancer Institute Hospitalof JFCR• Contracts for servers for medical institutions

Left: Moritaka Nakamura, President, Ryoyo Electro Co.

• Deployment of meeting minutes creation
system using speech recognition

Note: This photo was taken after implementing measures toprevent COVID-19 infection.

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Copyright 2021 © Ryoyo Electro Corporation

About this report

Note
The business results and forecasts for the future contained in this presentation
are based on certain assumptions deemed reasonable at the time of release.
Actual results may differ from the original forecasts due to economic conditionsand various other factors.

Contact
Public Relations Dept., Corporate Planning Div.
Ryoyo Electro Corporation
Tel: +81-3-3546-6331
E-mail: irmanager@ryoyo.co.jp

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Copyright 2020 © Ryoyo Electro Corporation