May 28, 2015

Consolidated Financial Review
for the First Quarter Ended April 30, 2015
［Japanese standards］（Consolidated)
Company name:

RYOYO ELECTRO CORPORATION
Headquarters address:
12-22 Tsukiji 1-chome, Chuo-ku, Tokyo 104-8408 Japan
URL:
http://www.ryoyo.co.jp
Stock exchange listing:Tokyo Stock Exchange 1st Section
Code number:
8068
Company representative:
Takayoshi Oouchi, President
Inquiries:
Kiyoshi Waki, Senior Executive General Manager, Administration Headquaters
Tel: +81-3-3543-7710
E-mail: irmanager@ryoyo.co.jp
Due date of submitting of quarterly financial statement: June 11, 2015
Due date of starting delivery of dividends: Supplementary materials for the quarterly financial results: None
Investor conference for the quarterly financial results: None
Note: Figures are rounded down to the nearest million yen.
１．Financial highlights for the first quarter ended April 30, 2015（2/1/2015-4/30/2015）（１）Consolidated operating results
Note: Percentages indicated changes from the same period of previous year.
Net sales

Operating income

Ordinary income

Millions of yen％

Millions of yen ％Millions of yen ％Three months ended 4/30/15

29,9478.166153.0716

43.8

Three months ended 4/30/14

27,708

35.4

432

4.7

498

4.1

Note: Comprehensive income
Three months ended 4/30/15:

951 million yen (855.8%)

Three months ended 4/30/14:

99 million yen (-90.2%)

Net income

Net income per share

Fully diluted
net income per share

Millions of yen％

Yen

Yen

Three months ended 4/30/15

601

68.3

23.93

23.81

Three months ended 4/30/14

357

12.5

14.16

14.09（２）Consolidated financial position
Net assets pershare

Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen％Yen

As of 4/30/15

85,06965,67577.1

2,646.06

As of 1/31/15

82,93765,58379.0

2,595.83(Reference) Equity
Year ended

4/30/15:

65,602 million yen

Year ended

1/31/15:

65,511 million yen

1２．Dividends
Threemonthsended

Sixmonthsended

Ninemonths
ended

Yen

Yen

Yen

(Base date)Year ended

TotalYen

Yen

Year ended 1/31/1 5－

15.00

－

15.00

30.00

Year ending 1/31/1 6－－－－－

Year ending 1/31/16 (Estimate)

－

15.00

－

15.00

30.00

Note: Revision to dividend forecast for this period: None
３．Financial forecast for the year ending January 31,2016（2/1/2015-1/31/2016）
Note: Percentages indicated changes from the same period of previous year.
Net sales
Millions of yen％

OperatingincomeOrdinary income

Net income

Millions of yen ％Millions of yen ％Millions of yen

Net income pershare％

Yen

Six months ending
7/31/1558,500

8.4

1,100

28.0

1,300

20.0

850

13.7

33.83

Year ending
1/31/16

122,000

10.8

2,500

21.7

2,900

16.1

1,900

12.8

75.62

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 consolid atedfinancial reporting: None
（3）Changes in principles, procedures and method of presentation for the quarterly consolidated financial
statements① Changes in accounting policies: Yes② 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

30,2015: 28,200,000 shares

January 31,2015: 28,200,000 shares② Number of shares of treasury stock as of:April

30,2015: 3,407,470 shares

January 31,2015: 2,962,905 shares③ Average number of shares outstanding as of:April

30,2015: 25,125,200 shares

April
30,2014: 25,226,013 shares
Indication regarding the implementation status of the quarterly review procedure
The review procedure of the quarterly financial statement based on the Financial Instruments andExchange Act is not completed at the time of disclosure of this financial result.
Caution on forecast for the year ending January 31,2016
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 ofAs ofJanuary 31, 2015

April 30, 2015

AmountAmount（ Assets）
Current Assets
Cash and deposits

11,616

11,823

Notes and accounts
receivable-trade34,44632,600

Short-term investment securities

2,000

2,577

Merchandise and finished goods

14,482

17,053

214

241

2,438

3,680

(20)

(5)

65,177

67,971

Property, plant and equipment

196

186

Intangible assets

645

782

14,97913,901

798

1,031

1,141

1,195

(1)

(1)

16,917

16,127

Total noncurrent assets

17,75917,097

Total assets

82,93785,069Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets

Investments and other assets
Investment securities
Net defined benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets

4Consolidated Balance Sheets（Millions of yen）
As ofAs ofJanuary 31, 2015

April 30, 2015

AmountAmount（ Liabilities）
Current liabilities

12,753

14,896

573

287

32119

263

Other

1,356

1,248

Total current liabilities

14,806

16,699Net defined benefit liability

895

797

Deferred tax liabilities

948

1,134

Other703

762

2,547

2,694

17,353

19,393

Capital stock

13,672

13,672

Capital surplus

13,336

13,336

Retained earnings

38,81339,225

Treasury stock(3,270)(3,940)Total shareholders’ equity

62,551

62,292

1,843

2,265

Deferred gains or losses on hedges

(0)

(0)

Foreign currency translation adjustment

904826

Remeasurements of defined benefit plans

211

216

2,959

3,309

Subscription rights to shares

72

72

Total net assets

65,58365,675

Total liabilities and net assets

82,93785,069Notes and accounts payable-trade
Income taxes payable
Accrued consumption taxes
Provision for bonuses

Noncurrent liabilities

Total noncurrent liabilities
Total liabilities（Net assets）
Shareholders’ equity

Accumulated other comprehensive incomeValuation difference on
available-for-sale securities

Total accumulated other comprehensive
income5

Consolidated Statements of Income（Millions of yen）

Net sales
Cost of sales
Gross profit

Three months endedApril 30, 2014

Three months endedApril 30, 2015

AmountAmount27,70825,617
2,090

29,94727,559
2,387

(0)
610
125
34
88
38
762
1,658
432(14)
614
143
26
86
35
834
1,726
661

42
44
3－
9100

26
18
4
43
5
98

91
22
0
0
33
498－
0
31
0
10
43716

6
178
86

330－－
330－
－
584

101
101
944

237(10)227357357

344(0)
343
601
601

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
Dividends income
Purchase discounts
Gain on valuation of investment securities
Other
Total non-operating income
Non-operating expenses
Loss on valuation of securities
Sales discounts
Foreign exchange losses
Loss on abandonment of noncurrent assets
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Gain on bad debts recovered
Surrender value of insurance
Total extraordinary income
Extraordinary losses
Loss on sales of investment securities
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Net income6

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

Income before minority interests（Millions of yen）
Three months endedApril 30, 2014

Three months endedApril 30, 2015

AmountAmount357

601

Valuation difference on available-for-sale securities

(60)

422

Deferred gains or losses on hedges0(197)－(257)
990(77)
5349
951

99

951

－－

Other comprehensive income

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income(Details)
Comprehensive income attributable to ownersof the parent
Comprehensive income attributable tominority interests

7

Consolidated Sales by Product(Millions of yen)Three months ended

Three months endedApril 30, 2014

April 30, 2015

AmountComposition(%)

AmountIncrease(Decrease)

Composition(%)

Semiconductors/Devices

15,94857.6

19,463

65.0

3,514

ICT/Solutions

11,75942.4

10,48335.0(1,276)

Total

27,708100.0

29,947100.0

2,2388