Consolidated Financial Results
for the Three Months Ended March 31, 2024
[Japanese GAAP]May 13, 2024
Company Name:
Stock Code:
Representative:
Contact:

RYOBI LIMITED5851
URL https://www.ryobi-group.co.jp/(Title) President and CEO(Name)
Akira Urakami(Title) Corporate Officer(Name)
Hiromu Arihiro
Divisional Deputy General Manager ofCorporate Planning Division
General Manager of Finance Department
Scheduled date to submit the Quarterly Securities Report: May 13, 2024
Date of scheduled payment of dividend: –Availability of supplementary briefing material on quarterly results: Yes
Presentation Meeting: No

Stock exchange listing: Tokyo
Tel. +81-3-3501-0511(Rounded down to the nearest million yen)

1.
Consolidated Financial Results for the Three Months Ended March 31, 2024 (From January 1, 2024 to March 31, 2024)(1) Consolidated Results of Operations(% indicates changes from the corresponding period of the previous fiscal year.)Net sales

Three months ended March 31, 2024

Operating income

Net income
attributable toowners of parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

69,918

13.5

2,711

40.4

3,220

51.8

2,148

66.3

Three months ended March 31, 2023
61,6017.3
1,931 (29.3)
2,120 (32.8)(Note) Comprehensive income: Three months ended March 31, 2024: 9,957 million yen [200.9%]
Three months ended March 31, 2023: 3,309 million yen [(55.5%)]
Net income
per share

1,291 (39.7)

Diluted net income
per share
Yen

Yen

Three months ended March 31, 2024

66.38

–

Three months ended March 31, 2023

39.91

–

(2) Consolidated Financial Position
Total assets

Net assets

Millions of yen

Millions of yen%

324,984

169,09249.1

160,72147.5

As of March 31, 2024

As of December 31, 2023
318,839(Reference) Shareholders’ Equity: As of March 31, 2024: 159,541 million yen
As of December 31, 2023: 151,302 million yen
2.

Shareholders’ equity ratio

Dividends
Cash dividends per share
End of Q2
End of Q3
Year-end
Yen
Yen
Yen
35.00
–
45.00

End of Q1Yen––

FY December 2023
FY December 2024
FY December 2024 (Forecast)

40.00

–

40.00

Annual
Yen
80.00
80.00

(Note) Correction from the dividend forecast, which is published in the most recent: No

3.

Forecast of Consolidated Financial Results for the Fiscal Year Ending December 31, 2024
(From January 1, 2024 to December 31, 2024)(% indicates percentage changes as compared with the previous corresponding fiscal period and fiscal year, as applicable.)

Net salesFirst half
Full year

Operating income

Net income
attributable to ownersof parent

Ordinary income

Net income per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

150,000
305,000

15.5
7.9

5,600
13,000

15.5
6.4

5,500
12,800

(9.3)
(7.7)

4,000
9,000

(7.7)
(11.0)

123.58278.05(Note) Correction from the consolidated forecast, which is published in the most recent: No

*Notes(1) Significant changes of companies during the three months ended March 31, 2024 (changes in specific companies involving
changes in the scope of consolidation): Not applicable
New Company: –Excluded companies: –(2) Adoption of specific accounting treatments to the preparation of consolidated quarterly financial statements: Not applicable(3) Changes in accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policies due to the revision of accounting standards: Not applicable
2) Changes in accounting policies other than 1): Not applicable
3) Changes in accounting estimates: Not applicable4) Restatements: Not applicable(4) Shares issued (common stock)
1) Shares issued(including treasury stock)

As of March 31, 2024

32,646,143

As of December 31, 2023

32,646,143

2) Treasury stock

As of March 31, 2024

277,799

As of December 31, 2023

277,764

3) Average shares outstanding
during the period

Three months ended
March 31, 2024

32,368,362

Three months ended
March 31, 2023

32,368,519* These consolidated quarterly financial results are outside the scope of certified public accountant’s or audit firm’s quarterly review.
* Explanation for the appropriate use of performance forecasts and other special notes:
The statements regarding forecast of financial results in this report are based on the information that is available, as well as estimates, assumptions andprojections that are believed to be reasonable at the time of publication, and they are not meant to be a commitment by the Company. Regarding thenote for prerequisite and use of performance forecasts, please see “(3) Description of Forecasts of Consolidated Financial Results and Forward-looking
Information” under “1. Qualitative Information Concerning the Quarter” on page 3.

Index of attached documents
1. Qualitative Information Concerning the Quarter................................................................................................................................. 2(1) Description of Business Results .................................................................................................................................................... 2(2) Description of Financial Position .................................................................................................................................................. 3(3) Description of Forecasts of Consolidated Financial Results and Forward-looking Information ................................................... 3
2. Quarterly Consolidated Financial Statements and Main Notes ........................................................................................................... 4(1) Quarterly Consolidated Balance Sheet.......................................................................................................................................... 4(2) Quarterly Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ....................................... 6(Quarterly Consolidated Statement of Income)(Three months ended March 31, 2024)....................................................................................................................................... 6(Quarterly Consolidated Statement of Comprehensive Income)(Three months ended March 31, 2024)....................................................................................................................................... 7(3) Quarterly Consolidated Statement of Cash Flows......................................................................................................................... 8(4) Main Notes to the Quarterly Consolidated Financial Statements .................................................................................................. 9(Notes on the Going-concern Assumption) ................................................................................................................................... 9(Notes on marked fluctuations in amounts of shareholders’ equity, if any) .................................................................................. 9(Segment Information, etc.) .......................................................................................................................................................... 9(Supplementary information) Supplementary materials for the financial results for the three months ended March 31, 2024

1

1. Qualitative Information Concerning the Quarter(1) Description of Business Results
During the three months ended March 31, 2024 (January 1 - March 31, 2024), the business environment in which the Group
operates continues to be uncertain for various reasons, including the continuing conflict in Ukraine, the deteriorating situationin the Middle East, remaining high energy prices, and fluctuation of price and exchange rate attributable to tight monetary
policies worldwide.
Under these conditions, the Group actively promoted sales activities and made progress on measures, including measuresintended to lower costs and improved productivity and business efficiency.
Consequently, the financial results for the three months ended March 31, 2024, showed growth in sales and profits compared tothe same period of the previous fiscal year.
Consolidated financial results

Net sales(Millions of yen)Three months ended
March 31, 2023
61,601Three months ended
March 31, 2024
69,918

Increase/Decrease
8,317

13.5%

Operating income

1,931

3.1%

2,711

3.9%

780

40.4%

Ordinary income
Net income attributableto owners of parent

2,120

3.4%

3,220

4.6%

1,099

51.8%

1,291

2.1%

2,148

3.1%

856

66.3%

Percentages indicate profit margin or rate of increase/decrease.

Viewed by segment, both sales and profits in the Die Castings business were up year on year (YoY). Net sales increased in both
domestic and overseas markets. Although some automotive manufacturers suspended production and shipments, sales increased
thanks to various factors, including recovering domestic and overseas automotive production and higher yen-based sales ofoverseas subsidiaries due to the weak yen. Growth in sales boosted profits, despite increasing labor costs, among other factors.
In the Builders’ Hardware business, both sales and profits declined YoY. Overseas sales increased but domestic sales decreased.
Despite efforts to improve productivity and reduce costs, profits decreased due to various factors, including rising procurement
costs for products manufactured overseas.
In the Printing Equipment business, both sales and profits grew YoY. Net sales overall remained strong from the previous year.
Domestic sales increased but overseas sales decreased. Growth in sales boosted profits, despite the impact of rising raw material
prices.
(i) Net sales by segment

Die Castings(Millions of yen)Three months ended
March 31, 2023
53,54986.9%

Builders’ Hardware

2,568

4.2%

Printing Equipment

5,450

8.8%

Three months ended
March 31, 2024
61,353
87.8%

Increase/Decrease
7,804

14.6%

2,535

3.6%

(32)

(1.3%)

5,991

8.6%

541

9.9%

Percentages indicate share of the total or rate of increase/decrease.
(ii) Operating income or loss by segment(Millions of yen)Three months ended
March 31, 2023
Die CastingsThree months ended
March 31, 2024

Increase/Decrease

1,588

3.0%

2,352

3.8%

764

48.1%

Builders’ Hardware

41

1.6%

(47)

(1.9%)(88)–

Printing Equipment

316

5.8%

421

7.0%

105

33.3%

Percentages indicate profit margin or rate of increase/decrease.

2(2) Description of Financial Position
Total assets at the end of the quarter were up 6,144 million yen from the end of the previous consolidated fiscal year to 324,984
million yen. This was due mainly to increases of 4,510 million yen in investment securities, 2,263 million yen in property, plantand equipment and 1,569 million yen in inventories. On the other hand, notes and accounts receivable-trade decreased by 2,356
million yen.
Liabilities were down 2,226 million yen from the end of the previous consolidated fiscal year to 155,891 million yen. This wasdue mainly to a decrease of 1,776 million yen in long-and short-term borrowings and 1,533 million yen in notes and accounts
payable-trade. On the other hand, provision for bonuses increased by 1,357 million yen. The balance of interest-bearing debt notincluding discounts on notes receivable and lease liabilities was 68,418 million yen.
Net assets were up 8,371 million yen from the end of the previous consolidated fiscal year to 169,092 million yen. Main accounts
showing increases over the same period included foreign currency translation adjustments (up 4,586 million yen) and valuationdifference on available-for-sale securities (up 2,904 million yen). Shareholders’ equity, the result of subtracting non-controllinginterests from net assets, was up 8,239 million yen from the end of the previous consolidated fiscal year to 159,541 million yen.
As a result, the equity ratio improved by 1.6 percentage points from the end of the previous consolidated fiscal year to 49.1%.
(Millions of yen)
As of December 31, 2023

As of March 31, 2024

Increase/Decrease

Total assets

318,839

Shareholders’ equity

151,30247.5%

159,541

49.1%

8,239

5.4%

Interest-bearing debt

70,19522.0%

68,41821.1%(1,776)(2.5%)

324,984

6,144

1.9%

Percentages indicate percentage of total assets or rate of increase/decrease.
(Cash flow)
The balance of cash and cash equivalents at the end of the quarter stood at 25,996 million yen, down 405 million yen from theend of the previous consolidated fiscal year.
Cash flow provided by operating activities was 7,650 million yen, up 7,819 million yen from the same quarter in the previous
consolidated fiscal year. This increase was due mainly to 4,711 million yen in depreciation, 3,200 million yen in income before
income taxes and 3,795 million yen in decrease in trade receivables. Factors including a decrease of 2,070 million yen in trade
payables had negative effects on cash flow.
Cash flow used in investing activities was 3,474 million yen, down 1,275 million yen from the same quarter in the previous
consolidated fiscal year. This was due mainly to various expenditures, including 3,391 million yen on the purchase of property,
plant and equipment.
Cash flow used in financing activities was 5,014 million yen, up 4,017 million yen from the same quarter in the previous
consolidated fiscal year. This was due to various factors, including a decrease of 3,436 million yen in long-and short-termborrowings and the payment of 1,396 million yen in dividends.
(Millions of yen)

Cash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities

Three months ended
March 31, 2023

Three months ended
March 31, 2024

Increase/Decrease

(169)

7,650

7,819

(4,750)(3,474)

1,275

(996)

(5,014)(4,017)(3) Description of Forecasts of Consolidated Financial Results and Forward-looking Information
Forecasts of consolidated financial results in the fiscal year ending December 31, 2024, remain unchanged from those announced
on February 13, 2024 (during the announcement of financial results for the fiscal year ended December 31, 2023).

3

2. Quarterly Consolidated Financial Statements and Main Notes(1) Quarterly Consolidated Balance Sheet(Unit: millions of yen)
December 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4March 31, 2024

27,64164,298650
21,47017,245
21,2334,144(37)
156,646

27,236
61,942650
21,19319,05921,2654,100(24)
155,423

33,88659,75015,242
8,406
6,162
123,447

34,13160,99815,302
9,306
5,971
125,711

2,619
2,619

2,572
2,572

19,182
17,006(63)
36,125
162,193
318,839

23,692
17,652(66)
41,277
169,560
324,984

(Unit: millions of yen)
December 31, 2023

March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade

50,912

49,378

Short-term borrowings

36,62536,187

Current portion of long-term borrowings

9,553

9,786

Income taxes payable

1,300

1,343

Provision for bonuses

645

2,003

Provision for directors’ bonuses

62

–

Other

18,815

17,074

Total current liabilities

117,915

115,774

Long-term borrowings

24,01622,444Retirement benefit liability

7,044

7,070

Other

9,141

10,602

Total non-current liabilities

40,202

40,117

158,118

155,891

Common stock

18,472

18,472

Additional paid in capital

22,294

22,294Retained earnings

84,292

84,984Non-current liabilities

Total liabilities
Net assets
Shareholders’ equity

Treasury stock
Total shareholders’ equity

(347)

(347)

124,711

125,403

8,394

11,299

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

811

811

Foreign currency translation adjustment

16,29920,886

Remeasurements of defined benefit plans

1,084

1,140

Total accumulated other comprehensive income

26,59034,138Non-controlling interests
Total net assets
Total liabilities and net assets

5

9,418

9,550

160,721

169,092

318,839

324,984

(2) Quarterly Consolidated Statement of Income and Consolidated Statement of Comprehensive Income(Quarterly Consolidated Statement of Income)(Three months ended March 31, 2024)(Unit: millions of yen)
from: January 1, 2023
to: March 31, 2023

from: January 1, 2024
to: March 31, 2024

Net sales

61,601

69,918

Cost of sales

54,493

61,539Gross profit

7,107

8,379

Selling, general and administrative expenses

5,176

5,667

Operating income

1,931

2,711

28

49

Non-operating income
Interest income
Dividend income

22

Rental income

3736

Foreign exchange gains

202

491

Share of profit of entities accounted for using equity
method22

59

Usage income of trademark

123

170

Other

175

163

Total non-operating income

593

972

Non-operating expenses
Interest expenses

336

389

Depreciation

3

3

Other

64

70

Total non-operating expenses

404

463

2,120

3,220

Gain on disposal of non-current assets

35

2

Total extraordinary income

352

Loss on disposal of non-current assets

39

11

Loss on valuation of investment securities–

11

Impairment loss

38–

Total extraordinary losses

78

22

Income before income taxes

Ordinary income
Extraordinary income

Extraordinary losses

2,077

3,200

Income taxes

694

906

Net income

1,383

2,294

91

145

1,291

2,148

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

6

(Quarterly Consolidated Statement of Comprehensive Income)(Three months ended March 31, 2024)(Unit: millions of yen)
from: January 1, 2023
to: March 31, 2023
Net income

from: January 1, 2024
to: March 31, 2024
1,383

2,294

630

3,020

0

–

Foreign currency translation adjustment

1,172

4,474

Remeasurements of defined benefit plans

78

56

Share of other comprehensive income of entities
accounted for using equity method

45

112

1,926

7,663

3,309

9,957

Comprehensive income attributable to owners of parent

3,201

9,695

Comprehensive income attributable to non-controllinginterests

107

261

Other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to7(3) Quarterly Consolidated Statement of Cash Flows(Unit: millions of yen)
from: January 1, 2023
to: March 31, 2023
Cash flows from operating activities
Income before income taxes
Depreciation
Impairment loss
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Subsidy income
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on valuation of investment securities
Loss (gain) on disposal of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in trade payables
Increase (decrease) in other current liabilities
Other, net

from: January 1, 2024
to: March 31, 2024
2,077
4,428
38
(7)
1,019
89
(31)
336
(13)

3,200
4,711
–
(10)
1,357
102
(51)
389
(35)

(22)

(59)

–
4
3,595
(1,998)(117)(5,766)(2,650)
(261)

11
8
3,795
(158)
64
(2,070)(1,781)(623)

Subtotal

720

8,849

Interest and dividends received
Interest paid
Subsidies received
Income taxes paid

31
(354)
13
(580)

96
(491)
35
(840)

Net cash provided by (used in) operating activities

(169)

7,650

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of investment securities
Payments into time deposits
Proceeds from withdrawal of time deposits
Other, net(4,552)
93
(6)
(111)
15
(189)

(3,391)
17
(13)
(15)
15
(87)

(4,750)(3,474)

1,609(1,771)
(0)
(779)
(55)

(1,533)(1,903)(0)(1,396)
(181)

(996)

(5,014)120

433

Net cash used in investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Purchase of treasury stock
Dividends paid
Other, net
Net cash used in financing activities
Effect of exchange rate change on cash and cash equivalents

Net increase (decrease) in cash and cash equivalents(5,795)(405)

Cash and cash equivalents at beginning of period

26,09926,401

Cash and cash equivalents at end of period

20,30325,9968

(4) Main Notes to the Quarterly Consolidated Financial Statements(Notes on the Going-concern Assumption)
Not applicable(Notes on marked fluctuations in amounts of shareholders’ equity, if any)
Not applicable(Segment Information, etc.)[Segment Information]
Information regarding amounts of net sales, profits or losses by reportable segment in the three months ended March 31, 2023
(January 1 – March 31, 2023)(Millions of yen)
Adjustment(Note 2)

Amount on
consolidated
statement ofincome(Note 3)

Reporting segment

Net Sales
Sales unaffiliatedcustomers
Inter-segment sales ortransfers
Total
Segment income (loss)

Other(Note 1)

Total

Die
Castings

Builders’
HardwarePrinting
Equipment

53,549

2,568

5,450

61,56733

61,601–

61,601

13

–

–

13

1

15

(15)

–

53,562

2,568

5,450

61,581

34

61,616(15)

61,601

1,588

41

316

1,946

(14)

1,931

(0)

1,931

Total

Notes:
1. The “Other” category consists of businesses not included in reporting segments, including the insurance agency and golf course
businesses.
2. Adjustments to segment income or loss include elimination of intersegment transactions, etc.
3. Segment income or loss matches operating income on the Quarterly Consolidated Statement of Income.
Information regarding amounts of net sales, profits or losses by reportable segment in the three months ended March 31, 2024
(January 1 – March 31, 2024)(Millions of yen)
Adjustment(Note 2)

Amount on
consolidated
statement ofincome(Note 3)

Reporting segment

Net Sales
Sales unaffiliatedcustomers
Inter-segment sales ortransfers
Total
Segment income (loss)

Other(Note 1)

Total

Die
Castings

Builders’
HardwarePrinting
Equipment

61,353

2,535

5,991

69,881

37

69,918–69,918

13

–

–

13

1

15

(15)

–

61,367

2,535

5,991

69,89539

69,934(15)

69,918

2,352

(47)

421

2,727

(15)

2,711

(0)

2,711

Total

Notes:
1. The “Other” category consists of businesses not included in reporting segments, including the insurance agency and golf course
businesses.
2. Adjustments to segment income or loss include elimination of intersegment transactions, etc.
3. Segment income or loss matches operating income on the Quarterly Consolidated Statement of Income.

9

Supplementary materials for the financial results
for the three months ended March 31, 2024

May 13, 2024
RYOBI LIMITED(Units: millions of yen, %)December 2023
First sixmonthsFirst threemonthsProfit margin

Profit marginFirst threemonthsFull year
Profit margin

Profit margin

Profit margin

1,931

3.1

4,847

3.7

12,214

4.3

2,711

3.9

5,600

3.7

13,000

4.3

Ordinary income

2,120

3.4

6,066

4.7

13,861

4.9

3,220

4.6

5,500

3.7

12,8004.2

Net income attributableto owners of parent

1,291

2.1

4,331

3.3

10,115

3.6

2,148

3.1

4,000

2.7

9,000

3.0

312.51 yen

150,000

Profit margin

Operating income

133.83 yen

69,918Full year(forecast)

61,60139.91 yen

282,693First six months(forecast)

Net sales

Net income per share

129,836

December 2024

66.38 yen

305,000

123.58 yen

278.05 yen

Net sales by segment
Share

Share

Share

Share

Share

Share

Die Castings

53,549 86.9 113,566 87.5 247,551 87.6

61,353 87.8 132,200 88.2 267,700 87.8

Builders’ Hardware

2,568

4.2

5,213

4.0

10,823

3.8

2,535

3.6

5,300

3.5

11,0003.6

Printing Equipment

5,450

8.8

10,961

8.4

24,094

8.5

5,991

8.6

12,5008.3

26,300

8.6

Domestic

28,093 45.6

57,478 44.3 124,786 44.1

29,891 42.8

64,900 43.3 132,300 43.4

Overseas

33,507 54.4

72,358 55.7 157,907 55.9

40,027 57.2

85,100 56.7 172,700 56.6

Operating income by segment
Profit margin

Die Castings

Profit margin

Profit margin

1,588

3.0

4,371

3.8

10,916

4.4

Builders’ Hardware

41

1.6

104

2.0

172

Printing Equipment

316

5.8

388

3.5

1,136

%

Total assets

294,711

Shareholders’ equity%

Profit margin

Profit margin

3.8

5,500

4.2

12,200

4.6

1.6(47) (1.9)

50

0.9

300

2.7

4.7

421

50

0.4

500

1.9

%

318,839

7.0
%

–

–

136,855 46.4 145,874 46.8 151,302 47.5 159,541 49.1––

Retained earnings

76,601 26.0

79,641 25.6

84,292 26.4

84,984 26.2––

Interest-bearing debt

74,747 25.4

76,173 24.5

70,195 22.0

68,418 21.1–

70,000Capital expenditure

2,929

7,506

13,896

3,183–

27,000Depreciation

4,428

8,847

18,4894,711–

19,000

(169)

4,494

26,005

7,650

–

–

(4,750)(8,375)(17,432)(3,474)

–

–

(996)

(1,633)(8,593)(5,014)–

Cash flow from operating
activities
Cash flow from investing
activities
Cash flow from financing
activities

311,392

Profit margin

2,352

324,984–(Unit: persons)

Number of employees at theend of the period

7,427

7,403

(Projected exchange rates starting from April 1, 2024)

7,497

7,488

USD/JPY
CNY/JPY

140
19.5

–

GBP/JPY
THB/JPY–180
4.0