Consolidated Financial Results
for the Three Months Ended March 31, 2020
(Japanese GAAP)May 14, 2020
Company Name: RYOBI LIMITED
Stock Code: 5851
(URL: http://www.ryobi-group.co.jp/)
Stock Exchange Listing: Tokyo
Representative: Akira Urakami, President and CEO
Contact: Hiromu Arihiro, Corporate Officer Divisional General Manager
Conta c Hiromu Arihiro, Corporate Planning Division General Manager Finance Department
Phone: +81-3-3501-0511
Scheduled date to submit the Quarterly Securities Report: May 14, 2020
Availability of supplementary briefing material on quarterly results : Yes
Presentation Meeting : Not Scheduled(Any amount less than one million is disregarded.)

1. Consolidated Financial Results for the Three Months Ended March 31, 2020
(From January 1, 2020 to March 31, 2020)(1) Consolidated Results of Operations(% indicates changes from the previous fiscal year.)Net sales

Operating profit

Millions of yen
Three months ended
March 31, 2020

46,208% Millions of yen
-22.0

248

Ordinary profit% Millions of yen
-93.2

225

% Millions of yen%-93.8

23-99.2-2,791-Three months ended
59,212
3,655
3,630
March 31, 2019
(Note) Comprehensive income: Three months ended March 31, 2020: -3,471 million yen [－%]
(Note) Comprehensive income: Three months ended March 31, 2019: 4,036 million yen [－%]
Fully diluted profit
per share

Profit per share
Yen
Three months ended
March 31, 2020

Profit attributable toowners of parent

0.73

Yen－

Three months ended
86.24－
March 31, 2019
* The Company changed its fiscal year-end from March 31 to December 31 as of the fiscal year ended December 31, 2018. The increasedecrease rates from the previous fiscal year were not presented because the period covered by three months ended March 31, 2019 (fromJanuary 1, 2019 to March 31, 2019) and the period covered by the three months ended June 30, 2018 (Domestic: from April 1,2018 toJune 30, 2018, Overseas: from January 1, 2018 to June 30, 2018), which would be used for comparison, are different.

(2) Consolidated Financial Position

As of March 31, 2020
As of December 31, 2019

Shareholders'equity ratio

Total assets

Net assets

Millions of yen
258,280

Millions of yen
124,911%44.9

263,179

129,575

45.8(Reference) Shareholders' Equity: As of March 31, 2020: 115,992 million yen(Reference) Shareholders' Equity: As of December 31, 2019: 120,520 million yen-1-2. Dividends
Cash dividends per share
End of 1Q
Yen–

FY December 2019

End of 2Q
Yen
35.00

End of 3Q
Yen–Year-end
Yen
35.00

AnnualYen
70.00–
FY December 2020
FY December 2020－－－－(Forecast)(Reference) Correction from the dividend forecast, which is published in the most recent: Yes* The Company makes the consolidated forecast undecided as below. Accordingly, the dividend forecast is undecided. Consolidated
earnings forecast will be announced when it becomes reasonably predictable.

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending December 31, 2020
(From January 1, 2020 to December 31, 2020)

Net sales

Operating profit

Ordinary profit%%

Profit attributableto owners of parent

Profit per share%

Yen

Millions of yen%

Millions of yen

First Half－－－－－－－－－

Full year－－－－－－－－－

Millions of yen

Millions of yen(Reference) Correction from the consolidated forcast, which is published in the most recent: Yes* At the moment, it is difficult to make a reasonable estimate because it is uncertain that the COVID-19 gets resolved. So, we change theconsolidated earnings forecast which was published on February 13, 2020 and make it undecided. We will pay close attention to the trend
and disclose the consolidated earnings forefcast when it becomes reasonably predictable.
＊Notes(1) Significant changes of companies during the fiscal year ended March 31, 2020 (changes in specific companies involving changes inthe scope of consolidation): Not applicable(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
As of March 31, 2020
(including treasury stock)

32,646,143

As of December 31, 2019

32,646,143

As of December 31, 2019277,173

2) Treasury stock

As of March 31, 2020277,173

3) Average shares
outstanding during theperiod

Three months ended
March 31, 2020

32,368,970

Three months ended
March 31, 2019

32,369,053* These consolidated quarterly financial results are outside the scope of the quarterly review.
* Explanation for the appropriate use of performance forecasts and other special notes:(Cautionary note on forward-looking statement)
The statements regarding forecast of financial results in this report are based on the information that is available, as well as estimates,
assumptions and projections that are believed to be reasonable at the time of publication, and they are not meant to be a commitment by
the Company. Therefore, there might be cases in which actual results differ from forecast values.

-2-Comparative Balance Sheets (Consolidated)(Millions of yen)
December 31, 2019
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, netLand
Construction in progressOther, 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
Deferred assets
Bond issuance cost
Total deferred assets
Total assets-3-

March 31, 2020

22,51841,197768
17,006
13,853
14,294
2,951(47)
112,543

25,61939,541690
16,572
13,85014,1442,640(37)
113,022

33,375
52,112
17,85012,692
5,576
121,607

32,86250,865
17,817
14,666
5,441
121,653

3,716
3,716

3,752
3,752

18,2177,125(62)25,280150,604

12,3567,531(62)
19,825145,23131
31263,17925
25
258,280

Comparative Balance Sheets (Consolidated)(Millions of yen)
December 31, 2019
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of bonds
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses
Provision for bonuses for directors
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-4-March 31, 2020

35,67323,427
2,300
6,788
804
576
1220,39089,972

29,10023,696
2,600
3,669
528
1,725－
17,69079,012

6,100
23,292
8,032
6,206
43,631
133,604

5,800
35,748
8,018
4,788
54,355
133,368

18,472
21,854
78,139(346)
118,120

18,472
21,85477,029(346)
117,0105,443
809(2,626)(1,226)2,400
9,054
129,575
263,179

3,371
809(4,087)(1,112)(1,017)
8,918
124,911258,280

Comparative Statements of Income (Consolidated)(Millions of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rental income
Foreign exchange gains
Share of profit of entities accounted for using equity method
Usage income of trademark
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Depreciation
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on disposal of non-current assets
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Loss on valuation of investment securities
Loss on sales of shares of subsidiaries and associates
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-5-

Three months ended
March 31, 2019

Three months ended
March 31, 2020

59,21250,307
8,905
5,249
3,655

46,20841,140
5,068
4,819
248

24
2
88
25－
79
89
309

23
1
59
20
23
54
105
287

269
9
11
43
334
3,630

244－
956
311
225

1
1

0
0

49－－
49
3,582
706
2,875
84
2,791

1058
78
147
77
32
45
22
23

Comparative Statements of Comprehensive Income (Consolidated)(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-6-

Three months ended
March 31, 2019

Three months ended
March 31, 2020

2,87545203
1805
95(2,143)－(1,439)
114

56(49)

1,160
4,036(3,517)(3,471)

3,929(3,394)

107(76)

Comparative Statements of Cash Flows (Consolidated)(Millions of yen)

Cash flows from operating activities
Profit before income taxes
Depreciation
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
Share of loss (profit) of entities accounted for using equity
methodLoss (gain) on valuation of investment securities
Loss (gain) on sales of shares of subsidiaries andassociates
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
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of investment securities
Proceeds from sales of shares of subsidiaries andassociates
Payments for acquisition of businesses
Payments into time deposits
Proceeds from withdrawal of time deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period-7-

Three months ended
March 31, 2019

Three months ended
March 31, 2020

3,582
3,617
0
1,449
(159)
(26)
269

77
4,215
(10)
1,149
94(24)
244

9(23)

－58－

78

47
5,903
(529)
341
(2,234)(1,765)(141)
10,36426(271)
(538)
9,581

10
1,305
136
106(6,254)(2,499)(219)(1,554)24(237)(600)(2,367)(4,077)1(3)(6,061)
7(4)

－

2,630

(1,221)(15)
15(66)(5,367)－(15)
15(335)(3,763)

1,608－(1,070)(0)(1,093)
(21)
(577)

780
13,704(3,918)－(1,092)
(104)
9,369

126

(216)

3,763
19,632
23,395

3,022
21,356
24,379

Segment Information
Industry Segment Information(Three months ended March 31, 2019)(Millions of yen)
Die
Castings

Builders’
HardwarePrinting
Equipment

Other

Eliminations /Corporate

Consolidated

50,726

2,532

5,917

36-

59,212

29

-

-

5(35)

-

Total

50,755

2,532

5,917

41(35)

59,212

Operating income

3,433

125

109(12)

(0)

3,655

Net Sales:
Unaffiliated customers
Intersegment(Three months ended March 31, 2020)(Millions of yen)
Die
Castings

Builders’
HardwarePrinting
Equipment

Other

Eliminations /Corporate

Consolidated

39,186

2,517

4,470

35

-

46,208

17-

-

4(22)

-

39,203

2,517

4,470

40

(22)

46,208

217

228

(181)

(16)

0248

Net Sales:
Unaffiliated customers
Intersegment
Total
Operating income* All amounts have been rounded down to the nearest million yen.

-8-