May 14, 2021

Consolidated Earnings Report for Fiscal Year 2020, Ended March 31, 2021
[Japanese Standards]
Company name:Securities code:
Representative:

Ryosan Company, Limited
Stock listing: First Section, Tokyo Stock Exchange
8140
URL https://www.ryosan.co.jp/
Kazuhiko Inaba, Representative Director, President
Masahide Nishiura, Director, Senior Executive Officer,
Inquiries:
TEL: +81-3-3862-2591
General Manager, Finance and Accounting Headquarters
Scheduled date of the Annual General Meeting of Shareholders:June 25, 2021
Scheduled payment date of dividend:
June 9, 2021
Scheduled filing date of the Annual Securities Report:
June 28, 2021
Supplementary materials for the annual financial results:
Yes
Investor conference for the annual financial results:
Yes (for security analysts and institutional investors)(Millions of yen rounded down)

1. Consolidated results for the fiscal year ended March 31, 2021 (April 1, 2020 to March 31, 2021)(1) Consolidated operating results(% change compared with the same period of the previous fiscal year (YoY))
Profit attributable toOperating income
Ordinary income
owners of parent

Net sales
Millions of yen%

Millions of yen%

Fiscal Year 2020
219,884(3.3)
4,628
Fiscal Year 2019
227,297(9.0)
3,108(Note) Comprehensive income
Fiscal Year 2020: 6,081 million yen (－%),
Basic earnings
Diluted earnings perper share
share
Yen

48.9
(40.6)

Millions of yen

5,122
2,916

%

Millions of yen

75.6(26.6)

%

4,586
1,193

284.2
(19.3)

Fiscal Year 2019: (15) million yen (－%)
Ordinary income
Operating income
Return on equity
to net assets
to net sales%%

Fiscal Year 2020
195.78－
5.3
3.6
Fiscal Year 2019
50.96
－
1.4
2.1
(Reference) Equity in earnings (losses) of non-consolidated subsidiaries and affiliates:
Fiscal Year 2020: 23 million yen,
Fiscal Year 2019: (2) million yen

Yen

%

2.1
1.4

(2) Consolidated financial position
Total assets

Net assets tototal assets

Net assets

Millions of yen

Net assets
per share

Millions of yen%

Yen

89,60984,935

60.5
61.7

3,824.82
3,625.21

March 31, 2021
148,087
March 31, 2020
137,746(Reference) Shareholders equity:
March 31, 2021: 89,609 million yen,March 31, 2020: 84,935 million yen(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal Year 2020
Fiscal Year 2019

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at the end of the period

Millions of yen

Millions of yen

Millions of yen

Millions of yen(3,782)
17,994

1,029
(310)

(1,571)(7,475)

20,636
24,501

2. Dividends(Record date)Fiscal Year2019
Fiscal Year
2020
Fiscal Year
2021
(Forecast)End of
1Q

Dividends per share (Yen)End of
End of
End of
2Q
3Q
4Q

Annual(Millions of yen rounded down unless otherwise stated)
Dividends to net
Dividends
Payout ratio
assets ratio(Full fiscal year)(consolidated) %(consolidated) %

－

50.00

－

30.00

80.00

1,874

157.0

2.2

－

30.00

－

70.00

100.00

2,342

51.1

2.6

－

30.00

－

30.00

60.00

54.1

Fiscal Year 2019

Interim dividend breakdown: 50 yen (ordinary)Fiscal Year 2019Year-end dividend breakdown: 30 yen (ordinary)Fiscal Year 2020

Interim dividend breakdown: 30 yen (ordinary)Fiscal Year 2020

Year-end dividend breakdown: 30 yen (ordinary), 40 yen (special)

Fiscal Year 2021

Interim dividend breakdown (forecast): 30 yen (ordinary)Fiscal Year 2021

Year-end dividend breakdown (forecast): 30 yen (ordinary)

3. Forecast of results for the fiscal year ending March 31, 2022 (April 1, 2021 to March 31, 2022)(% figures for the full fiscal year represent year-on-year (YoY) increase or decrease,
while % figures for the interim period are the % change compared with the same period of the previous fiscal year (YoY).)
Basic earnings
Net sales
Operating income
Ordinary income
Profitper share
Millions of yen

Interim period
Full fiscal year

110,000
223,000% Millions of yen

13.2
1.4

1,600
3,700

%

Millions of yen

27.8(20.1)

1,700
3,700

%

Millions of yen

1.5(27.8)

1,200
2,600

%

Yen

(19.2)(43.3)

51.22
110.98* Notes(1) Transfer of major subsidiaries during term (transfer of specified subsidiaries in line with changes in the consolidated range): NoneNew:

― (Company name:)

Excluded:― (Company name:)(2) Changes in accounting principles, changes in accounting estimates, and restatements
1) Changes in accordance with revisions to accounting standards and related practices of accounting principles: None
2) Changes in items of accounting principles other than 1) above: None
3) Changes in accounting estimate: None
4) Restatement: None
(3) Number of shares issued and outstanding (common shares)
1. Total number of shares issued andoutstanding (including treasury

March 31, 2021

25,000,000 shares

March 31, 2020

25,000,000 shares

March 31, 2021

1,571,434 shares

March 31, 2020

1,570,850 shares

March 31, 2021

23,428,846 shares

March 31, 2020

23,429,459 sharesshares) at the period-end
2. Total number of treasury shares atthe period-end

3. Average number of shares
outstanding during the period(Reference) Overview of non-consolidated operating results
1. Non-consolidated results for the fiscal year ended March 31, 2021 (April 1, 2020 to March 31, 2021)(1) Non-consolidated operating results(% change compared with the same period of the previous fiscal year (YoY))
Net sales
Millions of yen

Fiscal Year 2020
Fiscal Year 2019%

138,435
144,381

(4.1)
(9.2)

Basic earnings
per share
Fiscal Year 2020
Fiscal Year 2019

Operating income
Millions of yen

1,033
(652)

Diluted earnings per
share

Yen

Yen

163.49(16.87)－－

Ordinary income%－－

Millions of yen

4,045
827

Profit%388.9(22.7)

Millions of yen

3,830
(395)

%

－
－

(2) Non-consolidated financial position
Total assets

Net assets tototal assets

Net assets

Net assets
per share

Millions of yen

Millions of yen%

Yen

March 31, 2021
104,674
March 31, 2020
100,038(Reference) Shareholders equity:
March 31, 2021: 64,447 million yen,

64,44761,65461.6
61.6

2,750.81
2,631.54

March 31, 2020: 61,654 million yen

This earnings report is not subject to audits of certified public accountants or auditing corporations.
Caution with respect to forward-looking statements(Note on forward-looking statements)
The estimates referred in this report are based on the information available as of the date of this release. Ryosan
Company Limited (Ryosan) does not promise the realization of the estimates in this report. The actual results may
significantly differ from the estimates due to a variety of factors. For details on the conditions that form the assumptions
used for earnings forecasts and notes on using earnings forecasts, please refer to appendix page 4, “1. Summary ofOperating Results, etc. (4) Future Prospects.”

○Table of contents of the appendix
1. Summary of Operating Results, etc.................................................................................................................................................. 2(1) Summary of Operating Results for Fiscal Year 2020 ............................................................................................................ 2(2) Summary of Financial Position for Fiscal Year 2020 ............................................................................................................ 2(3) Summary of Cash Flows for Fiscal Year 2020 ...................................................................................................................... 3(4) Future Prospects .................................................................................................................................................................... 4(5) Basic Policy Regarding the Allocation of Profits / Dividends for Fiscal Year 2020 and Fiscal Year 2021 ........................... 5
2. Basic Approach to Selection of Accounting Standards .................................................................................................................... 5
3. Consolidated Financial Statements and Main Notes ...................................................................................................................... 6(1) Consolidated Balance Sheet .................................................................................................................................................. 6(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ............................................... 8(Consolidated Statement of Income) .................................................................................................................................. 8(Consolidated Statement of Comprehensive Income) ......................................................................................................... 9(3) Consolidated Statements of Changes in Net Assets .............................................................................................................. 10(4) Consolidated Statements of Cash Flows ............................................................................................................................... 12(5) Notes on Consolidated Financial Statements ........................................................................................................................ 13(Notes Regarding Going Concern) ..................................................................................................................................... 13(Notes Regarding Substantial Changes in Shareholders’ Equity) ....................................................................................... 13(Segment Information)........................................................................................................................................................ 13(Per Share Information) ...................................................................................................................................................... 15(Important Subsequent Events) ........................................................................................................................................... 15
4. Other ................................................................................................................................................................................................ 16(1) New Orders ......................................................................................................................................................................... 16(2) Geographical Segment Information .................................................................................................................................... 16-1-

1. Summary of Operating Results, etc.
(1) Summary of Operating Results for Fiscal Year 2020
1) Overview
In the consolidated fiscal period under review (April 1, 2020 to March 31, 2021: Fiscal year 2020), the global
economy was dominated by the COVID-19 pandemic. In the first half of the fiscal year (H1), economic activity
was curtailed in efforts to restrain the spread of COVID-19, sending the global economy into a tailspin. Toward
the end of the term, it moved toward recovery, despite the effects of restrictions. However, with the exception ofChina, which managed to restrain the pandemic at an early stage, the economic recovery varied markedly byregion in accordance with the degree to which the pandemic was controlled.
The electronics industry, Ryosan’s main field, was equally impacted by the COVID-19 pandemic. Sales
remained solid throughout the period in the consumer market, fed by stay-at-home demand, while demand related
to capital investment in China was firm. In the automotive market, however, production and sale of automotive
electronic products dropped sharply in H1, though these figures staged a rapid recovery in the second half of the
fiscal year (H2) as demand tightened.
In the consolidated business results for the period under review, net sales were 219,884 million yen (down 3.3%
from the previous fiscal year), dragged down by the steep drop in H1.
Gross profit rose, as tight demand drove rapid inventory turnover and as Ryosan succeeded in enforcing strict
handling of inventory, shrinking related costs. Operating income also rose, to 4,628 million yen (up 48.9%) amid
the COVID-19 pandemic.
Ordinary income was 5,122 million yen (up 75.6%), lifted by factors such as foreign exchange gains fromrevaluation of foreign-currency-denominated liabilities and a reduction in interest expenses.
Profit attributable to owners of parent was 4,586 million yen (up 284.2%), buoyed by factors such as income
from sale of investment securities and a rebound from temporary expenses in the previous fiscal year.
2) Business Segment Informationa. Semiconductors
Ryosan sells system LSIs, discrete semiconductors and memory, and develops system LSIs on a contract basis.
Though sales exceeded the previous fiscal year’s figures in all businesses except the automotive business, theimpact of a drop in automotive sales in H1 was significant. Net sales were recorded at 131,853 million yen (down
3.2% from the previous fiscal year) during the consolidated fiscal year under review. Operating income was 2,031
million yen (up 74.7%), as gross profit benefited from reduced inventory-related expenses and selling, generaland administrative expenses eased.
b. Electronic Components
Ryosan sells electromechanical components, display devices and power supplies. In the consolidated fiscal
year under review, consumer sales and sales related to industrial equipment were firm throughout the period andthe automotive business recovered in H2. Net sales grew to 75,683 million yen (up 2.0% from the previous fiscal
year) and operating income improved to 2,557 million yen (up 19.4%).
c. Electronic Equipment
Ryosan sells systems equipment and facilities equipment. During the consolidated fiscal year under review,
major projects in the automotive sector slumped. Net sales in this segment were 12,346 million yen (down 27.1%
from the previous fiscal year) and operating income shrank to 186 million yen (down 51.4%).
(2) Summary of Financial Position for Fiscal Year 2020
1) Assets
Total assets increased by 10,340 million yen to 148,087 million yen compared with March 31, 2020. This ismainly because notes and accounts receivable–trade increased by 17,400 million yen, while cash and deposits
decreased by 3,861 million yen.
2) Liabilities-2-

Total liabilities increased by 5,666 million yen to 58,477 million yen compared with March 31, 2020. This ismainly because accounts payable–trade increased by 4,508 million yen.
3) Net Assets
Net assets increased by 4,674 million yen to 89,609 million yen compared with March 31, 2020. This is mainly
because profit attributable to owners of parent was 4,586 million yen, while payment of dividends amounted to1,405 million yen. The ratio of net assets to total assets fell from 61.7% at the end of the previous fiscal year to60.5% as of March 31, 2021.
(3) Summary of Cash Flows for Fiscal Year 2020
As of March 31, 2021, cash and cash equivalents decreased by 3,865 million yen compared with the end of theprevious fiscal year, to 20,636 million yen.
1) Net cash provided by (used in) operating activities
Regarding cash flow from operating activities in this consolidated fiscal year, funds in total decreased by 3,782
million yen. Profit before income taxes was 6,214 million yen, while notes and accounts payable–trade increased
by 4,009 million yen and notes and accounts receivable–trade rose by 16,330 million yen. In the net cash provided
by operating activities in the previous consolidated fiscal year, there was an increase of funds by 17,994 million
yen.
2) Net cash provided by (used in) investing activities
Regarding cash flow from investing activities in this consolidated fiscal year, funds in total increased by 1,029
million yen due to proceeds from sales of investment securities of 801 million yen. The net cash provided by (usedin) investing activities in the previous consolidated fiscal year decreased by 310 million yen.
3) Net cash provided by (used in) financing activities
Regarding cash flow from financing activities in this consolidated fiscal year, funds in total decreased by 1,571
million yen due to cash dividends paid of 1,406 million yen. The net cash provided by (used in) financing
activities in the previous consolidated fiscal year decreased by 7,475 million yen.
(Reference) Trends in cash flow-related indicators
Fiscal Year2016
Net assets to total assets (%)
Net assets to total assets (%)(Market capitalization basis)
Cash flow to Interest-bearing
Liabilities (Years)
Interest coverage ratio (Times)

Fiscal Year2017

Fiscal Year2018

Fiscal Year2019

Fiscal Year
2020

67.8

57.9

59.9

61.7

60.5

58.2

57.7

47.4

40.6

35.7

_

_

1.8

1.0

_

_

_

16.3

30.7

_

Net assets to total assets: Net assets / Total assets
Net assets to total assets (Market capitalization basis): Market capitalization / Total assets
Cash flow to Interest-bearing liabilities: Interest-bearing liabilities / Cash flow
Interest coverage ratio: Cash flow / Interest expense*All indicators have been calculated from consolidated financial figures.
*Market capitalization was calculated based on the number of shares issued and outstanding less treasury shares.
*Cash flow refers to cash flows from operating activities as shown on the consolidated statements of cash flows.
*Interest-bearing liabilities comprise all debt on which interest was paid in the liabilities section of the consolidatedbalance sheet. Interest expense represents interest paid as shown on the consolidated statements of cash flows.

-3-(4) Future Prospects
1) Overview
The recent COVID-19 pandemic presents opportunities as well as risks. It has already changed workstyles, as
workers and companies adopt telework strategies, and is expected to provide an opening for companies to accelerate
digitalization. The semiconductor and electronic-component fields are changing in this way in the short term. Overthe medium and long terms, expansion in the scope of use of AI and widening adoption of 5G technology are
expected to stoke demand.
Since Ryosan froze the 10th Medium-Term Business Plan in 2019, Ryosan has been implementing a slate ofmeasures to enhance operating efficiency. For example, as counter measures for profitability enhancement, Ryosanis withdrawing from non-profitable businesses and optimizing its organization. In view of the effects of thesestreamlining efforts, Ryosan is reducing personnel and assets, thereby reducing operating costs and bolstering thequality of its business portfolio.
In 2020, as the impact of the COVID-19 pandemic precluded Ryosan from compiling a new business plan,
Ryosan opted instead to announce a Long-Term Vision for Ryosan 10 years into the future. Called RS Innovation
2030, the new Long-Term Vision lists as its target state “creating confidence and the best fit for society in theelectronics domain.” RS Innovation 2030 names three axes for growth: business models, sales prospects (channels)
and products (networks).
It remains too soon to relax one’s guard with respect to the COVID-19 pandemic. Nonetheless, Ryosan hascompiled a growth strategy in the form of the 11th Medium-Term Business Plan. The Plan incorporates a number oftargets for profitability enhancement, aimed at realizing the Long-Term Vision.
This 11th Medium-Term Business Plan calls on Ryosan to diversify its portfolio, by transforming sales channels
and seeking out customers through acquisition of commercial rights; deepen its engagement with local businesses in
China and Hong Kong through cooperation with local affiliates; harvest the rewards of prior investment in several
lines of products and make new investments in new products; invest to transform Ryosan’s line of business,
including entry into new manufacturing and other businesses, inspired by customer needs; raise the efficiency of
existing businesses; and reinforce the foundations, including education, risk management, governance and overhaulof management information. Through the execution of the 11th Medium-Term Business Plan, Ryosan is pivoting
from its previous “defensive” mode with respect to improving profitability to an “offensive” mode in which Ryosantransforms the constitution of its businesses.
The management targets of the 11th Medium-Term Business Plan are net sales of 263,000 million yen, grossprofit of 21,300 million yen, operating income of 6,900 million yen and ROE of 5.0%, by the fiscal year ending
March 31, 2024 (fiscal year 2023).
The global economy in fiscal year 2021 will be greatly impacted by the continuing COVID-19 pandemic.
Ryosan expects uncertainty related to the pandemic to continue. In the electronics industry, the global shortage ofsemiconductors is worsening and is expected to impact production of final products, especially automobiles.
Ryosan will continue to place top priority on maintaining stable business operation.
Ryosan’s forecast of consolidated business results for fiscal year 2021 is as follows.

Net sales
Operating income
Ordinary income
Profit attributable to owners ofparentMillions of yen
223,000
3,700
3,700

YoY change [%]Increase 1.4
Decrease 20.1
Decrease 27.8

2,600

Decrease 43.3

2) Estimates by Business Segment
a. Semiconductors
In this business segment, Ryosan expects net sales to rise to 134,000 million yen (up 1.6% from the previous
fiscal year), paced by sales in the automotive sector. Operating income, on the other hand, is forecast to decline-4-

to 1,500 million yen (down 26.1%), amid swelling logistical costs and normalization of inventory-related
expenses.
b. Electronic Components
In this business segment, Ryosan forecasts net sales of 73,500 million yen (down 2.9% from the previous
fiscal year) and operating income of 2,300 million yen (down 10.1%), restrained by factors such as a reboundfrom favorable results in the consumer business in the previous fiscal year.
c. Electronic Equipment
In this business segment, net sales are forecast to increase to 15,500 million yen (up 25.5% from the previous
fiscal year) and operating income is anticipated to more than double to 400 million yen (up 114.5%). Major
projects in the communications sector are expected to contribute.
(5) Basic Policy Regarding the Allocation of Profits / Dividends for Fiscal Year 2020 and Fiscal Year 2021
Ryosan regards the return of earnings to shareholders as one of the most important elements of management andis making efforts to increase basic earnings per share. Ryosan's fundamental policy is to aim for consolidated
dividend payout ratio of around 50%.
In the year-end dividend for the consolidated fiscal year under review, Ryosan expects to distribute an ordinary
dividend of 30 yen per share plus a special dividend of 40 yen per share, for a total year-end dividend of 70 yen per
share. With the inclusion of the interim dividend of 30 yen per share, the annual dividend is forecast to be 100 yen
per share. In the coming fiscal year, Ryosan forecasts an annual dividend of 60 yen per share.

2. Basic Approach to Selection of Accounting Standards
For the time being, Ryosan will prepare its consolidated financial statements in accordance with Japanese GAAP,
out of consideration for issues such as comparability from period to period and comparability with other companies.
Ryosan will appropriately address matters regarding IFRS adoption, taking into account prevailing circumstances
in Japan and overseas.

-5-

3. Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheet(Millions of yen)
Fiscal Year Ended
March 31, 2020
(As of March 31, 2020)

Fiscal Year Ended
March 31, 2021
(As of March 31, 2021)

ASSETS
Current assets
Cash and deposits

24,501

20,685

Notes and accounts receivable - trade

53,68771,088Merchandise and finished goods

37,24035,672

2

28

6,196

4,571

Other

322

720

Allowance for doubtful accounts

(152)

(278)

121,799

132,488

Buildings and structures

7,401

6,773

Accumulated depreciation(4,675)(4,060)

Buildings and structures, net

2,726

2,713

Land

5,758

5,299

Lease assets

1,173

1,261

Accumulated depreciation

(628)

(790)

Leased assets, net

545

471

Other

2,082

1,937

Accumulated depreciation(1,840)(1,713)

241

224

9,271

8,707

946

881

Investment securities

3,517

3,587

Deferred tax assets

340

330

Other

2,241

2,154

Allowance for doubtful accounts

(68)

(63)

Allowance for investment loss

(301)

－

Total investments and other assets

5,729

6,009

15,947

15,598

137,746

148,087

Work in process
Accounts receivable - otherTotal current assets
Non-current assets
Property, plant and equipment

Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets

Total non-current assets
Total assets-6-

(Millions of yen)
Fiscal Year Ended
March 31, 2020
(As of March 31, 2020)

Fiscal Year Ended
March 31, 2021
(As of March 31, 2021)

LIABILITIESCurrent liabilities
Accounts payable - trade28,47532,984

Short-term loans payable

18,15818,551229

226

Accounts payable - other

2,005

1,985

Accrued expenses

1,228

1,439

Income taxes payable

454

844

Other

145

205

50,69756,236

Lease obligations

369

285

Deferred tax liabilities

38

485

Net defined benefit liability

1,622

1,409

Asset retirement obligations

30

25

Other

52

33

2,113

2,240

52,81058,477

Capital stock

17,69017,690Capital surplus

19,114

19,114Retained earnings

53,85757,039Treasury shares(6,532)(6,533)

Total shareholders’ equity

84,13087,310

1,158

1,526

0

1

Foreign currency translation adjustment

(300)

824

Remeasurements of defined benefit plans

(52)

(52)

Total accumulated other comprehensive income

805

2,299

Total net assets

84,93589,609Total liabilities and net assets

137,746

148,087

Lease obligations

Total current liabilities
Non-current liabilities

Total non-current liabilities
Total liabilities
NET ASSETS
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges-7-(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income(Consolidated Statement of Income)(Millions of yen)

Net sales
Cost of Sales
Gross Profit
Selling, general and administrative expenses
Packing and transportation expenses
Provision of allowance for doubtful accounts
Directors' compensations
Salaries and allowances
Bonuses
Retirement benefit expenses
Welfare expenses
Depreciation
Other
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Foreign exchange gains
Rent income
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Miscellaneous loss
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Gain on sales of golf memberships
Compensation for customs duty
Total extraordinary income
Extraordinary losses
Impairment loss
Loss on valuation of investment securities
Provision of allowance for investment loss
Loss on valuation of golf membership
Loss on sales of golf club memberships
Extra retirement payments
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent-8-

Fiscal Year Ended Mar. 31, 2020
(Apr. 1, 2019 to Mar. 31, 2020)

Fiscal Year Ended Mar. 31, 2021
(Apr. 1, 2020 to Mar. 31, 2021)

227,297
209,539
17,757

219,884
200,852
19,031

997
127
382
4,405
1,270
447
1,016
631
5,371
14,649
3,108

1,089
112
408
4,199
1,325
450
969
596
5,249
14,403
4,628

67
77
－
67
56
159
428

43
67
23
341
53
198
728

577
2
40
620
2,916

199
－
34
234
5,122

1
－
－
187
189

59
662
4
367
1,093

513
8
301
14
0
473
1,312
1,793
850
(250)
599
1,193
1,193

－
－
－
1
－
－
1
6,214
1,270
356
1,627
4,586
4,586

(Consolidated Statement of Comprehensive Income)(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive Income(Comprehensive income attributable to)Comprehensive income attributable to owners of parent-9-

Fiscal Year Ended Mar. 31, 2020
(Apr. 1, 2019 to Mar. 31, 2020)

Fiscal Year Ended Mar. 31, 2021
(Apr. 1, 2020 to Mar. 31, 2021)

1,193

4,586

(388)
(0)
(796)

368
1
1,125

(25)

0

(1,209)
(15)

1,494
6,081

(15)

6,081

(3) Consolidated Statements of Changes in Net Assets
Fiscal Year Ended Mar. 31, 2020 (Apr. 1, 2019 to Mar. 31, 2020)(Millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning ofcurrent period
Changes of items during
periodDividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesNet changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
periodCapital surplus

Retained earnings

Treasury shares

19,11455,572(6,531)

17,690Total
shareholders’equity85,846(2,928)(2,928)

1,193

1,193
(1)

(1)

19

19

－

－

(1,714)(1)(1,716)

17,69019,11453,857(6,532)

84,130

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning ofcurrent period
Changes of items during
periodDividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesNet changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
period

1,546

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

Remeasurementsof defined
benefit plans

Total
accumulated
othercomprehensive
income

495

(26)

2,015

0

Total net
assets

87,861(2,928)
1,193
(1)
(388)

(0)

(796)

(25)

(1,209)(1,189)

(388)

(0)

(796)

(25)

(1,209)(2,926)

1,158

0

(300)

(52)

805

84,935- 10 -

Fiscal Year Ended Mar. 31, 2021 (Apr. 1, 2020 to Mar. 31, 2021)(Millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning ofcurrent period
Changes of items during
periodDividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesNet changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
periodCapital surplus

Retained earnings

Treasury shares

19,11453,857(6,532)

17,690Total
shareholders’equity84,130(1,405)(1,405)

4,586

4,586
(1)

(1)

－

－

3,181

(1)

3,179

17,69019,11457,039(6,533)87,310

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning ofcurrent period
Changes of items during
periodDividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesNet changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
period

1,158

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

Remeasurementsof defined
benefit plans

Total
accumulated
othercomprehensive
income

(300)

(52)

805

0

Total net
assets

84,935(1,405)
4,586
(1)
368

1

1,125

0

1,494

1,494

368

1

1,125

0

1,494

4,674

1,526

1

824

(52)

2,299

89,609- 11 -

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

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment loss
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in net defined benefit liability
Increase (decrease) in allowance for investment loss
Interest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using equity
methodLoss (gain) on sales of investment securities
Loss (gain) on sales of property, plant and equipment
Other loss (gain)
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Decrease (increase) in accounts receivable - other
Increase (decrease) in other assets and liabilities
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchases of investment securities
Proceeds from sales of investment securities
Decrease (increase) in time deposits
Proceeds from sales of membershipCollection of investments in capital
Proceeds from distribution of investment in partnerships
Purchase of insurance funds
Proceeds from cancellation of insurance funds
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Repayments of lease obligations
Purchase of treasury shares
Cash dividends paid
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 the beginning of the period
Cash and cash equivalents at the end of the period- 12 -

Fiscal Year Ended Mar. 31, 2020
(Apr. 1, 2019 to Mar. 31, 2020)

Fiscal Year Ended Mar. 31, 2021
(Apr. 1, 2020 to Mar. 31, 2021)

1,793
653
513
77
(91)
301
(144)
577

6,214
619
－
110
(236)
－
(111)
199

2

(23)

－
－
(504)
7,809
6,791
(898)
1,424
1,137
19,444145(585)(1,009)17,994

(662)
(59)
(99)
(16,330)
2,128
4,009
1,645
(214)
(2,809)
111
(207)
(877)
(3,782)

(311)
161
(215)
(15)
－
－
12
0
－
(131)
188
(310)

(224)
506
(110)
(15)
801
(48)
14
－
21
(134)
219
1,029

(4,367)(184)(1)(2,922)(7,475)(286)
9,921
14,58024,501

16
(179)
(1)
(1,406)(1,571)458(3,865)24,501
20,636

(5) Notes on Consolidated Financial Statements(Notes Regarding Going Concern)
Not applicable.
(Notes Regarding Substantial Changes in Shareholders’ Equity)
Not applicable.
(Segment Information)(a) Segment Information
1. Overview of Reporting Segments
Ryosan’s reporting segments are made up of those created from financial information sorted by business segment andthose evaluated by the President periodically.
Ryosan has set up its business headquarters at Ryosan's head office for each article of merchandise and product, andRyosan is expanding business activities by having each business headquarters formulate comprehensive strategies forthe products that they handle, for both within Japan and overseas.
Therefore, regarding the reporting segments for its business headquarters, Ryosan lists “Semiconductors,” “Electronic
components,” and “Electronic equipment.”
The main products of each business segment are as follows:
Semiconductors:
Memory, system LSIs, discrete semiconductors
Electronic components:
Display devices, power supplies, electromechanical components
Electronic equipment:
Systems equipment, facilities equipment
2. Information Concerning Sales and Income or Loss Amount by Reporting Segment
Consolidated fiscal year ended March 31, 2020
(April 1, 2019 to March 31, 2020)(Millions of yen, figures less than ¥1 million have been omitted)

Reporting Segment
Electronicequipment

Adjusted
amount(Note 1)

Amounts shownon consolidated
statement ofincome(Note 2)

Semiconductors

Electronic
components

136,154

74,20816,934

227,297―

227,297

―

―

―

―

―

―

136,154
1,162

74,2082,142

16,934383

227,297
3,688

―
(579)

227,297
3,108

Total

Net sales
Sales to external customers
Internal sales or exchange
between segments
Total
Segment income (loss)

Notes:
1. The adjusted amount of minus 579 million yen represents corporate expenses (mainly general and administrative
expenses) which are not allocated to the reporting segments.
2. Segment income has been adjusted with operating income in the consolidated statement of income.
3. Segment assets are not shown in these reporting segments as they are not subject to the President’s performance
evaluation.

- 13 -

Consolidated fiscal year ended March 31, 2021
(April 1, 2020 to March 31, 2021)(Millions of yen, figures less than ¥1 million have been omitted)

Reporting Segment
Electronicequipment

Adjusted
amount(Note 1)

Amounts shownon consolidated
statement ofincome(Note 2)

Semiconductors

Electronic
components

131,853

75,683

12,346

219,884―

219,884

―

―

―

―

―

―

131,853
2,031

75,683
2,557

12,346
186

219,884
4,775

―
(146)

219,884
4,628

Total

Net sales
Sales to external customers
Internal sales or exchange
between segments
Total
Segment income (loss)

Notes:
1. The adjusted amount of minus 146 million yen represents corporate expenses (mainly general and administrative
expenses) which are not allocated to the reporting segments.
2. Segment income has been adjusted with operating income in the consolidated statement of income.
3. Segment assets are not shown in these reporting segments as they are not subject to the President’s performance
evaluation.
(b) Related Information
1. Information on products and services
As in the Reporting Segment
2. Information by region(1) Sales
Consolidated fiscal year ended March 31, 2020
(April 1, 2019 to March 31, 2020)(Millions of yen)Japan
120,30952.9

China
52,93023.3

Asia
43,34419.1

Other
10,712
4.7

China
58,81326.7

Asia
37,157
16.9

Other
10,673
4.9

Net sales
Ratio to consolidated net sales (%)
Note:
Net sales are on the basis of customer location and classified by country or region.

Consolidated
227,297
100.0

Consolidated fiscal year ended March 31, 2021
(April 1, 2020 to March 31, 2021)(Millions of yen)Japan
113,238
51.5

Net sales
Ratio to consolidated net sales (%)
Note:
Net sales are on the basis of customer location and classified by country or region.

Consolidated
219,884
100.0(2) Property, plant and equipment
This information is not presented since the amount of property, plant and equipment in Japan constitutes more than
90% of the total amount of property, plant and equipment on the consolidated balance sheet.

- 14 -

(Per Share Information)(Yen unless otherwise stated)
Item

Fiscal Year 2019
(April 1, 2019 to March 31, 2020)

Fiscal Year 2020
(April 1, 2020 to March 31, 2021)

Net assets per share
Basic earnings per share

3,625.21
50.96

3,824.82
195.78(Notes) 1. Information on diluted earnings per share is not presented because there are no latent shares.
2. Basis for calculation(1) Net assets per share(Millions of yen unless otherwise stated)
Item

Fiscal Year 2019
(As of March 31, 2020)

Total of net assets
Amount to be deducted from the total of net assets(Of which non-controlling interests)
Closing net assets relating to common shares
Number of common shares as of end of term used in
the calculation of net assets per share (thousand shares)

Fiscal Year 2020
(As of March 31, 2021)

84,935－(－)
84,93589,609－(－)
89,60923,42923,428(2) Basic earnings per share(Millions of yen unless otherwise stated)
Fiscal Year 2019
(April 1, 2019 toMarch 31, 2020)

Item
Basic earnings per share
Profit attributable to owners of parent
Amount not attributable to common shareholders
Profit attributable to owners of parent relating tocommon shares
Average number of common shares outstanding
during the term (thousand shares)

Fiscal Year 2020
(April 1, 2020 toMarch 31, 2021)
1,193
－

4,586
－

1,193

4,586

23,42923,428(Important Subsequent Events)
Conversion of Consolidated Subsidiaries into Dormant Companies
At the Board Meeting held on April 27, 2021, Ryosan resolved to make SAXIS Co., Ltd., a consolidated
subsidiary of Ryosan, a dormant company effective June 25, 2021 and to transfer the operations of SAXIS to Ryosan.

- 15 -

4. Other(1) New Orders(Millions of yen, figures less than 1 million yen have been omitted)
Fiscal Year 2019
(April 1, 2019 to March 31, 2020)

Fiscal Year 2020
(April 1, 2020 to March 31, 2021)

Semiconductors

143,615

162,492

Electronic components

74,68883,956

Electronic equipment

18,94815,793

Total

237,252

262,242(2) Geographical Segment Information
Fiscal year 2019, the fiscal year ended March 31, 2020
(April 1, 2019 to March 31, 2020)(Millions of yen, figures less than ¥1 million have been omitted)
Japan

Asia

Other

Sales:
125,850
90,967
10,479(1) Sales to external customers(2) Internal sales or exchange
18,531259
17
between segments
Total
144,381
91,226
10,496
Segment income
(202)
2,357
367
Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions covered:Asia:
Hong Kong, Thailand, China, Korea and others
Other:
United States and others

Total

Eliminations
Consolidated
or corporate

227,297―

227,297

18,807(18,807)―

246,104
2,521(18,807)586

227,297
3,108

Fiscal year 2020, the fiscal year ended March 31, 2021
(April 1, 2020 to March 31, 2021)(Millions of yen, figures less than ¥1 million have been omitted)
Japan

Asia

Other

Sales:
121,351
88,613
9,918(1) Sales to external customers(2) Internal sales or exchange
17,083225
21
between segments
Total
138,435
88,8399,940
Segment income
1,279
2,559
182
Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions covered:Asia:
Hong Kong, Thailand, China, Korea and others
Other:
United States and others- 16 -

Total

Eliminations
Consolidated
or corporate

219,884―

219,884

17,331(17,331)―237,215
4,021(17,331)607

219,8844,628