Results Briefing for the First Half (Feb.–Jul.)of the Fiscal Year Ending January 31, 2022

August 31, 2021

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

Copyright 2021 © Ryoyo Electro Corporation

AgendaOutlook for the External Environment at the Beginningof the Fiscal Year and Intentions for the Annual Plan
Overview of the First Half of the Fiscal Year Ending
January 31, 2022
Business Plan for the Fiscal YearEnding January 31, 2022
Medium-Term Initiatives
Dividend and TSE Market Realignment1

Copyright 2021 © Ryoyo Electro Corporation

Introduction

Outlook for the External Environment at the Beginning of
the Fiscal Year and Intentions for the Annual Plan
➢ Overall market conditions are expected to recover compared to FY2020/1,
although COVID-19 effects are expected to continue to arise in some areas,among them corporate IT-related investment.
➢ In semiconductors & devices, although we expect a decrease in orders for TVs,
which had been strong in the previous fiscal year, a slight YoY increase isforecasted for the fiscal year due to the normalization of production activities andcontributions from new orders.
➢ The impact of semiconductor supply shortages is not factored into the initial plan.
➢ In ICT-related businesses, we will capture demand related to the Online Eligibility
Verification system using IC chips for the Individual Number Cards which will
start this fiscal year. In addition, the business environment is expected togradually improve toward the end of the fiscal year.
For the full-year plan for FY2022/1, Ryoyo aims to recover to¥100 billion net sales and 2.0% operating margin levels.
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Overview of the First Half of the
Fiscal Year Ending January 31, 2022

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Profit and loss
Net sales increased, driven by semiconductors & devices➢ Both sales and profits grew, partly due to recovery from COVID-19 impacts in the previous
fiscal year.
➢ In Q2, both sales and profits usually decrease compared to Q1 due to the seasonality of
ICT-related business, but Ryoyo secured profit increases in Q2 of this fiscal year. (Operating
income reached ¥0.49 billion in Q2 for the first time in 14 years, since FY2007/1)
FY2021/1
H1(Billion yen)

FY2022/1

YoY Change

Q1

Q2

H1

45.6

26.5

25.8

52.3

+6.6

+14.5%

Semiconductors & devices

21.4

13.5

14.9

28.4

+7.0

+32.6%ICT & solutions

24.2

13.0

10.9

23.9

-0.3

-1.4%

4.66

2.47

2.51

4.98

+0.32

+6.9%

(%)

10.2%

9.3%

9.7%

9.5%

Selling, general and administrative expenses

3.92

2.02

2.02

4.03

+0.11

+2.9%

Operating income

0.74

0.46

0.49

0.95

+0.21

+28.2%

1.6%

1.7%

1.9%

1.8%

0.84

0.54

0.59

1.13

+0.29

+34.0%

1.8%

2.0%

2.3%

2.2%

0.58

0.42

0.41

0.83

+0.25

+43.0%

1.3%

1.6%

1.6%

1.6%

Net sales

Gross profit(%)
Ordinary income(%)
Profit attributable to owners of parent(%)
FY2021/1: Fiscal year ended January 2021%

FY2022/1: Fiscal year ending January 2022

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Quarterly trends➢ Sales in Q2 of this fiscal year decreased compared to Q1, but increased significantly overthe same period last year. Operating income increased for the third consecutive quarter.
➢ In particular, operating income more than doubled YoY, and is approaching ¥0.5 billion for
the first time since the period from Q3 of FY2020/1 to Q1 FY2021/1, which benefited from
Win7 special demand.
Contributions from special demand COVID-19 impacts
due to the end of support for Win7 in full swing(Billion yen)

Operating
Income

0.62

0.44

0.59

0.51

0.51

Net Sales+25.1%

Operating income+114.7%

0.42

0.46

0.49

26.1

26.5

25.8

0.23
27.6

26.7

27.1

27.2

0.10
25.0

24.0
20.6

Net Sales

Q1

Q2
Q3
FY2020/1
FY2020/1

Q4

FY2020/1: Fiscal year ended January 2020
FY2022/1: Fiscal year ending January 2022

Q1

Q2
Q3
FY2021/1
FY2021/1

Q4Q1Q2
FY2022/1
FY2022/1

FY2021/1: Fiscal year ended January 2021

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Semiconductors & devices
H1 net sales: ¥28.4 billion (+32.6% YoY)
➢ Although some customers are making production adjustments due to semiconductor supply
shortages, the current situation is supported by robust demand with no significant negative
impact.
➢ Logic semiconductors for TVs, which were expected to decline after peaking in Q3 of theprevious fiscal year, grew due to an increase in the number of customers. A recovery in sales
for PCs also led net sales to increase significantly YoY.
➢ Analog and power semiconductor sales were weak due to a lull in demand from the heavy
electric machinery sector.
(Billion yen)
RF & optical
Net Sales by Productsemiconductors
FY2022/1
H1

Analog & power
semiconductors

Logic semiconductors

3.2

15.9

-31.7%FY2021/1
H1

2.1 1.3 1.9+85.3%

4.7

8.6+19.0%FY2022/1
H1-14.5%FY2021/1
H1

Digital consumer electronics

Vehicleinstallation

12.6

1.1

2.3
2.7

+133.0%5.4

1.0-14.2%+1.3%+11.7%

4.9

FY2022/1: Fiscal year ending January 2022
FY2021/1: Fiscal year ended January 2021

Industrials & others

5.4

6.9

28.4

-6.3%

7.4
6

28.4

+32.4%

PCs &peripherals+10.4%

4.0

21.4

1.7 1.5 1.9 3.0

Net Sales by Application
Communication

Memory↓Other electronic
LCDs
semiconductors
devices

21.4
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Semiconductors & devices
Rochester business in focus amid semiconductor supply shortages
Amid the widespread impact of semiconductor supply shortages, demandis growing for Rochester Electronics, which supplies discontinued andcurrent products as a sales agent and manufacturer under authorizationfrom major semiconductor manufacturers.
Ryoyo has addressed the needs arising from discontinued products of original
semiconductor manufacturers and counterfeit chips by providing Rochester products.
Client manufacturers can use Rochester products to replace products that are difficult to
procure, thereby avoiding production line-down situations.
• Authorized by over 70 semiconductor manufacturers to provide 15 billion end-of-life (EOL) and active
semiconductor devices encompassing more than 200,000-part numbers.
Authorized
distribution• Build-to-order products
Manufactures devices using information transferred directly from the original component manufacturer (OCM).

• Design and product replication
Provides end products that are form, fit, and functional replacement guaranteed to the original semiconductor
manufacturer’s datasheet.

Replication• Provides a variety of manufacturing services, including design, wafer processing, testing, reliability,
and IP archiving.
Manufacturingservices

Note: Ryoyo has been awarded the Rochester Partner of the Year award for three consecutive years (FY2018-2020).

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ICT & solutions
H1 net sales: ¥23.9 billion (-1.4% YoY)
➢ Although software, which had remaining special demand for Win7 in Q1 of the previous
fiscal year, decreased, sales of all other items increased from the previous fiscal year.
➢ However, impacts from semiconductor supply shortages were felt in the procurement offinished ICT equipment, and the supply-demand situation was particularly tight for someproducts, including servers and displays.
➢ In I/O equipment, sales of medium and large displays (public displays) expanded, despite
the impact of the aforementioned factors, due in part to the contribution of large-scale deals.
➢ Stylez Corp, which joined the Group in Q2 of the previous fiscal year, made contributions
starting Q1 of the current fiscal year.
Net Sales by Product
PC/Server/Network
FY2022/1
H1

FY2021/1
H1(Billion yen)
SoftwareI/O equipment

Embedded devices & others

5.0

3.5

8.6

6.7

+2.2%

+27.9%-21.9%+22.2%

4.9

2.8

11.1

5.5

23.9

24.2

FY2022/1: Fiscal year ending January 2022 FY2021/1: Fiscal year ended January 2021

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ICT & solutions
Display business expanding with the addition of unique initiatives➢ The impact of semiconductor supply shortages can also beseen in the procurement of display products.
➢ However, inquiries for display products are brisk against the
backdrop of the proliferation of online systems and digitalization.
(Especially large displays)
Demand for large displays is increasing forweb conferencing and other applications.

➢ In addition to supplying display products, we have recently received several orders forlarge-scale projects by offering total solutions from arrangement of equipment to delivery
and installation.
Display manufacturers

Company

Peripheral equipment
manufacturers

External partners(Delivery, installation, etc.)

Proposal

Arrangementof equipment
Delivery

Installation
Setting

SchoolRyoyo undertakes the entire project.
(Build and deliver as a system depending
on customers’ needs)

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Balance sheets & cash flows
Comparison with previous fiscal year-end (January 31, 2021)
Cash Flows

Balance Sheets(Billion yen)

59.3

62.9
9.5

Cash anddeposits

7.6

11.3

Inventory
assetsOther current
assetsNon-current
assets

25.5

11.8

3.4

38.0

2.5
11.9

12.7

Trade
payablesDebt
payable

9.2

6.7
Trade
receivables(Billion yen)

27.3

3.0

14.4

(Short/Long
term)

Other
liabilities

Net assets

As of January
31,
21.1末
2021
Cash flows from
営業ＣＦ
operatingactivities

7.6

-1.77

Cash flows from
投資ＣＦ
investing activities+2.38

Cash flows from
財務ＣＦ
financing activities+1.01

Exchange換算差額
gain/loss

+0.19

38.0
1.8

10.0

Assets
資産 Liabilities
負債and net純資産
assets21.1末As of January 31,

Assets
資産 Liabilities
負債and net純資産
assets21.7末As of July 31,

2021

2021

As of July 31,
21.7末
2021

10

9.5

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Business Plan for the Fiscal YearEnding January 31, 2022

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Profit and loss
No change from initial plans➢ No change from initial plans at this time, taking into account the uncertain outlook for themarket environment, including COVID-19 impacts and semiconductor supply shortage trends.
(Ryoyo aims for a recovery to ¥100 billion net sales and 2.0% operating margin levels.)➢ The net sales target breakdown has been revised based on conditions in the first half.
(Billion yen)

YoY Change

FY2021/1 Result

FY2022/1 Target

95.8

100.0

+4.2

+4.4%

Semiconductors & devices

49.9

52.5

+2.6

+5.3%

ICT & solutions

45.9

47.5

+1.6

+3.4%

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(%)%+1.04 +115.4%+0.54+67.5%FY2021/1: Fiscal year ended January 2021 FY2022/1: Fiscal year ending January 2022

(Should Ryoyo determine going forward that it is necessary to revise the performance
forecast, it will promptly be so announced.)
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Semiconductors & devices
Status of semiconductor supply shortages➢ Status and outlook at the beginning of the fiscal year
• Although there was a sense that supply was tightening in all sectors andproducts, there were no specific cases where customers’ manufacturing
operations were affected.
• Concerns are expected to continue at least from summer to autumn.
→ Since future trends and degree of impact were unclear, they were nottaken into account in the initial plan.

➢ Current situation and future expectations• The sense of tight supply has been increasing, and some customers aremaking production adjustments; meanwhile, robust demand is supporting
semiconductor business.
• The initial forecast has been pushed back, and impacts are expected in thenext fiscal year and beyond.
→ Although stable performance is expected for the time being, there is apossibility that actual demand for some products has been brought
forward due to the prolonged impacts, and the outlook remains uncertain.
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Semiconductors & devices
Annual net sales target: ¥52.5 billion (+5.3% YoY)
➢ Semiconductor supply shortages are causing a general tightness in all sectors andproducts; although concerns are forecasted to continue for the time being, net sales are
expected to remain firm.
➢ Business for TVs, which experienced large-scale growth in the previous fiscal year, is
expected to remain at a high level with the acquisition of new customers in the first half.
➢ Contributions are expected from new products, including products for smartphones and
GIGA School Concept products.
RF & optical(Billion yen)semiconductors
MemoryOther electronic↓
LCDs
semiconductors
devices

Net Sales by ProductAnalog & power
semiconductors
FY2022/1
6.2
TargetFY2021/1
Results

4.3 2.7 4.0

7.8+14.7%+17.5%+2.5%+1.9%+13.2%

8.8

24.0

3.7 2.7 3.9

6.9

Communication

FY2021/1
Results

27.5-29.3%Net Sales by Application
FY2022/1
TargetLogic
semiconductors

Digital consumer
electronics

5.0

22.0

-3.4%

+24.7%

5.2

17.6

VehiclePCs &installation peripherals

1.8-12.8%

2.1

10.5
+3.1%

10.2

52.5

49.9

Industrials & others

13.2

52.5

-10.7%

14.8

49.9

FY2022/1: Fiscal year ending January 2022 FY2021/1: Fiscal year ended January 2021

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ICT & solutions
Business related to online eligibility verification to expand in H2➢ Introduction of the online eligibility verification system,
which was originally scheduled for this March, hasbeen postponed to October.

Online Eligibility Verification
Business Plan for FY2021/1
Some deliveries, mainlyof equipment, have been
pushed back.

➢ Impact on Ryoyo’s business: While the field survey
proceeded as planned in the first half, installation of someequipment was delayed to the second half. However,there was no change from the initial full-year forecast.

H1
H2
Initial Plan

H1
H2
Forecast

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

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ICT & solutions
Annual net sales target: ¥47.5 billion (+3.4% YoY)
➢ Corporate IT-related investment has been recovering since the second half of the previous
fiscal year. However, the tight supply-demand situation due to semiconductor supply
shortages will continue in the second half and beyond.
➢ The full-year forecast for business related to online eligibility verification remains
unchanged, and this business is expected to expand, mainly for PCs, in the second half andbeyond.
➢ Net sales target for software was lowered from the initial target due to a slower-thanexpected recovery from the diminished reaction to Win7 special demand.

Net Sales by ProductPC/server/network
FY2022/1
TargetI/O equipment

12.7+31.9%FY2021/1
Results(Billion yen)

9.6

6.1
+3.5%

5.9

FY2022/1: Fiscal year ending January 2022

Software

Embedded devices& others

16.8

11.9

-12.7%

+6.5%

19.2

11.2

47.5

45.9

FY2021/1: Fiscal year ended January 2021

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Medium-Term Initiatives

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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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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 regional 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⚫ Accelerate collaboration with Stylez Corp. with an eye to the launch of IoT
platform business⚫ Consider service-focused business⚫ Accelerate collaborations with external partners, including investment partners
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Strengthen efforts in HPC and supercomputers
Ryoyo promotes business in the HPC and supercomputer sector with one-stop shopping
functions, by partnering with XTREME-D Inc. which provides services and consulting related tohigh-performance computing (HPC) and cloud computing.
Technology
While needs for HPC use are
growing, there are few people
who can design supercomputers

Major user issues
in the HPC andsupercomputer sector

Cost
On-premise systems have highinitial investments, pay-per-use
systems are difficult to budget

Operation
Management
With public clouds, performance
Huge amounts of user data
deteriorates when using virtual
make operations management
environmentscomplicated
Build and provide infrastructure andservices that match customers’
uses and operational structures• A wide range of hardware procurement
capabilities from semiconductors to ICT
equipment• Existing business relationships withcustomers in the manufacturing industry
and other areas where AI use is growing• User interfaces that provide support
from on-premise to cloud environments• A group of professionals with advanced
consulting capabilities

Collaboration with XTREME-D Inc. has already led to incoming project orders,some of which are in progress. Ryoyo plans to further expand the collaboration.
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Accelerate collaboration with Stylez Corp. tosupport ANA project➢ After Stylez Corp. joined the Group in May 2020, Ryoyo made plans to collaborate in cloud
construction, maintenance and monitoring operations, virtual machine operations, contractdevelopment, and other projects to create synergies among existing businesses.
➢ As one of these projects, Ryoyo received an order from ANA to provide services for a taxi
cab dispatch system, which has been developed jointly with Stylez Corp.
→ Such projects were previously outsourced to an external partner, but are now
handled within the Group.
The Project for ANA
Solves key issues related to early morningand nighttime transportation of airport staff• In 2019, Ryoyo delivered a communication
tool to ANA for airport ground staff.
Chatbot

Business
Operational＋＋chatservice
Horizontal businessexpansion• Ryoyo developed a taxi dispatch system thatutilizes its services to improve the efficiencyof airport staff in getting to and from work.

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Transports
to/from airport
on timeIncreases rideshare rates

Reduces
waiting time

Lowersworkload on
car dispatch
coordination

Helps to improve airport staff satisfaction
and reduce airport operating costs
Copyright 2021 © Ryoyo Electro Corporation

Using wireless communication technology forremote management of COVID-19 vaccines
In line with its core business — 5G, low-power wide-area (LPWA), and other wirelesscommunications — Ryoyo has provided Hanawa Town, Fukushima Prefecture with a remotemanagement system for refrigerator storage of COVID-19 vaccines.

Users can check temperature inside therefrigerator using smartphones or tablets
without opening or closing the door

Internet

Cloud

Visualization andrecord keeping
Internet

Photos provided by
Hanawa Town,
Fukushima Prefecture

Gateway
Temperature Sensor

Prevents loss of vaccines due to temperature control errors duringtransportation and storage, supporting municipalities and medical institutions
Note: A related article ran in the morning edition of the Nihon Keizai Shimbun on June 4, 2021.
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Procuring funds to accelerate future initiatives➢ Overview of the issuance of stock options
Fourth Round of Stock Options
Issuance method

Third-party allotment to Daiwa Securities Co. Ltd.

Option period

June 29, 2021 - June 29, 2023

Estimated amount to be raised¥6,730 million (approx. net proceeds)

Number of stock options

28,000 units

Overview
Number of shares to be issued 2,800,000 shares (10.4% of outstanding shares)*
Number of shares issued is calculated based on the total number of shares issued as of January 31, 2021, which is 26,800,000.

➢ Uses of funds procured
1. For implementing M&A and capital/business alliances→ To strengthen systems and functions to expand solution business that helps to solve ourcustomers’ issues and problems

2. For partial repayment of debt
→ To strengthen financial base in order to create capacity for growth investment for futurebusiness expansion
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Policy on M&A and capital/business alliances

Maximizing synergies
among businesses

Promoting and expanding
existing businesses
Effect spreads
on existing
businesses

Semiconductors
and Devices

ICT and
Solutions

Promoting and expanding
existing businesses
Effect spreads
on existing
businesses

New businessdrivers

Key areas of focus

Main functions tostrengthen

FA × 5G
Medical × AI
Manufacturing × HPC
IoT × Security
OthersDesign and development
System integration andnetwork integration
Consulting
MarketingOne-stop services

Provide the best solutions for ourcustomers’ issues and problems in a
faster and better manner thananyone else.

Strengthen structure and functions with an eye to M&A andcapital/business alliances
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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

Next thee-yearbusiness plan

➢ Launch Management Reform Project

FY2022/1➢ Face reality and identify root issues→ Reform organization/HR systems,
enhance governance structure

Reform Phase 2
FY2020/1

Become a company that can deliver selfsustained growth
Strengthen structure and functions to
expand solutions business

FY2018/1

25

Build a business foundation that is resilient
to changes in the business environmentand strengthen the infrastructure that
supports it
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Dividend and TSE Market Realignment

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No change in dividend plans; Prime Market selectedunder market reclassification➢ Dividend plan for the fiscal year ending January 2022 (No change from initial plans)
Based on implementation of Ryoyo’s dividend policy of 5.0% DOE, the Company plansto pay an annual dividend of 120 yen per share (60 yen per share at the end of Q2 andat the end of the fiscal year).
Dividend per Share (Yen)InterimYear-End

Full Year

Payout
DOE
Ratio

Forecast

–

60

120

157.4% 5.5%

Result

60

–

–

120

180

FY2022/1

60
FY2021/1

Result(Ordinary dividend: 60)(Ordinary dividend: 60)(Ordinary dividend: 120)
(Commemorative dividend: 60) (Commemorative dividend: 60)––

511.5% 7.6%

FY2022/1: Fiscal year ending January 2022 FY2021/1: Fiscal year ended January 2021

➢ Response to TSE Market Reclassification
According to the letter received from TSE on July 9, 2021, Ryoyo confirmed that itmeets the criteria for listing on the Prime Market, and resolved to select “Prime Market”
at the July 27th Board of Directors meeting.
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Summary
Overview of the first half
➢ Both sales and profits grew, partly due to recovery from COVID-19 impacts.
➢ Operating income increased for the third consecutive quarter, more than doublingcompared to the same period the previous year.

Annual forecast➢ No change from initial plans at this time, taking into account the uncertain outlook
for the market environment.
➢ Aiming for a recovery to ¥100 billion net sales and 2.0% operating margin levels.
Medium-term initiatives➢ Promote business that helps to solve our customers’ issues and problems.
➢ Next three-year business plan: Become a new trading company which is the bestin customer satisfaction.
Dividend plan
➢ Scheduled dividend for the current fiscal year remains as initially planned;
annual dividend: ¥120 per share.
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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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