February 5, 2013

Third Quarter Consolidated Earnings Report for Fiscal 2012, Ending March 31, 2013
[Japanese Standards] (Consolidated)
Company name:Securities code:
Representative:
Inquiries:

Ryosan Company, Limited
Stock listing: First Section, Tokyo Stock Exchange
8140(URL http://www.ryosan.co.jp)
Naoto Mimatsu, Representative Director and President
Hidekazu Sano
Director and General Manager
Financing and Accounting Headquarters
TEL: +81-3-3862-2591
Scheduled filing date of quarterly earnings reportFebruary 14, 2013
Scheduled payment date of dividend:－Supplementary materials for the quarterly financial results:
NoInvestor conference for the quarterly financial results
No(Millions of yen rounded down)

1. Consolidated results for the first three quarters of fiscal 2012 (April 1, 2012 to December 31, 2012)(1) Consolidated operating results (Cumulative)(% figures represent year-on-year increase or decrease)
Net sales

Operating income
Millions of yen

Ordinary income

Millions of yen%First three quarters, Fiscal 2012%

155,926

(2.6)

2,772

14.9

First three quarters, Fiscal 2011

160,1191.5

2,411(49.9)

Net income

Millions of yen%

Millions of yen%

3,264

2.7

1,989

39.1

3,177(40.9)

1,429(56.7)(Note) Comprehensive income
First three quarters, Fiscal 2012: 2,618 million yen (540.4 %) First three quarters,Fiscal 2011: 408million yen (-79.9%)
Net income
Net income perper shareshare after dilution
First three quarters, Fiscal 2012
First three quarters, Fiscal 2011

Yen

Yen

59.44
41.87

－－(2) Consolidated financial position
Total assets

Net assets tototal assets

Net assets

Millions of yen

Millions of yen

Net assets
per share%

Yen

December 31, 2012
160,583
116,635
72.6
March 31, 2012
167,079
115,69169.2(Reference) Shareholders equity: December 31, 2012: 116,635 million yen, March 31, 2012: 115,691 million yen

3,485.38
3,457.13

2. Dividends
Dividends per share (Yen)(Record date)

End of 1Q

Fiscal 2011
Fiscal 2012
Fiscal 2012 (Forecast)(Note) Revision of dividend forecasts: No

End of 2Q

End of 3Q

20.00
30.00

－－

End of 4Q－－

Annual

20.00

40.00

30.00

60.00

3. Forecast of results for the fiscal year ending March 31, 2013 (April 1, 2012 to March 31, 2013)
Net sales
Millions of yen

Operating income%Millions of yen

Full Fiscal Year
215,000(1.3) 4,600(Note) Revision of financial results forecasts: No(% figures represent year-on-year increase or decrease)
Net income perOrdinary income
Net incomeshare%

Millions of yen%

Millions of yen%

31.0

5,400

20.6

3,500

84.3

Yen

104.59※ Notes(1) Transfer of major subsidiaries during the scope of consolidation of this quarter (transfer of specified subsidiaries in line withchanges in the consolidated range): No(2) Applying accounting procedures specific to preparing quarterly financial statements: No(3) 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: Yes
2. Changes in items of accounting principles other than 1. above: No
3. Changes in accounting estimate: No
4. Restatement of revisions: No(Note) For details, refer to page 3 in appendex"2. Items Regarding Summary Information (Notes) (3) Changes in Accounting
Policies, Changes in Accounting Estimates and Restatements”.
(4) Number of shares issued and outstanding (Common stock)
1. Total number of shares issued and outstanding (including treasury stock) as of the period-end:
December 31, 2012: 34,500,000 shares

March 31, 2012: 34,500,000 shares

2. Total number of treasury stock as of the period-end:
December 31, 2012: 1,035,675 shares

March 31, 2012: 1,035,425 shares

3. Average number of shares outstanding during the period (Cumulative total for the quarterly consolidated period)First three quarters, fiscal 2012: 33,464,471 sharesFirst three quarters, fiscal 2011: 34,153,234 shares

Indication regarding the implementation status of the quarterly review procedure
This first three quarters consolidated earnings report is not subject to the quarterly review process based on the Financial Instruments andExchange Act, and the quarterly review process for quarterly consolidated financial statements is ongoing at the time of the disclosure ofthis first three quarters consolidated earnings report.
Caution with respect to forward-looking statements:
The estimates referred in this report were made based on the information available as of the date of this release. The Company does notpromise the realization of the estimates in this report. The Actual results could significantly differ from the estimates due to a variety offactors. For details on the conditions that form the assumptions used for earnings forecasts and notes on using earnings forecasts, pleaserefer to appendix page 2, “1. Qualitative Information Regarding this Quarterly Statement (3) Qualitative Information and Other Matters
Concerning Consolidated Forecasts for the Fiscal Year Ending March 31, 2013”.

○Table of contents of the appendix
1. Qualitative Information Regarding this Quarterly Statement ........................................................................................................... 2(1) Qualitative Information and Other Matters Concerning Consolidated Operating Results for the First Three Quarters ofFiscal 2012 ............................................................................................................................................................................. 2(2) Qualitative Information and Other Matters Concerning Consolidated Financial Position for the End of the First ThreeQuarters of Fiscal 2012 ........................................................................................................................................................... 2(3) Qualitative Information and Other Matters Concerning Consolidated Forecasts for the Fiscal Year EndingMarch 31, 2013 ...................................................................................................................................................................... 2
2. Items Regarding Summary Information (Notes) .............................................................................................................................. 3(1) Transfer of Major Subsidiaries during the Scope of Consolidation of this Quarter ............................................................. 3(2) Applying Accounting Procedures Specific to Preparing Quarterly Financial Statements...................................................... 3(3) Changes in Accounting Policies, Changes in Accounting Estimates and Restatements ........................................................ 3
3. Consolidated Quarterly Financial Statements .................................................................................................................................. 4(1) Consolidated Quarterly Balance Sheets ................................................................................................................................ 4(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Comprehensive Statements of Income .......... 6Consolidated Quarterly Statements of Income
Scope of Consolidation of this First Three Quarters ...................................................................................................... 6Consolidated Quarterly Comprehensive Statements of Income
Scope of Consolidation of this First Three Quarters .................................................................................................... 7(3) Notes Regarding Going Concern ........................................................................................................................................ 8(4) Notes Regarding Substantial Changes in Shareholders’ Equity ............................................................................................ 8(5) Segment Information ............................................................................................................................................................ 8
4. Supplementary Information ............................................................................................................................................................. 9(1) Geographical Segment Information ...................................................................................................................................... 9(2) Overseas Sales ...................................................................................................................................................................... 10-1-1. Qualitative Information Regarding this Quarterly Statement(1) Qualitative Information and Other Matters Concerning Consolidated Operating Results for the First
Three Quarters of Fiscal 2012
1) Overview
In this first three quarters (April 1, 2012-December 31, 2012), the outlook for the global economy has been slow
due to the prolonged European sovereign debt crisis and the slowdown of emerging economies including China. Inaddition, the electronics industry, in which we are engaged, remained in a severe condition due to the sluggish
demand, even though the some products such as smartphones were strongly demanded.
Under these circumstances, the Ryosan Group has worked on “restructuring of the profit and financial structure”,“reform of the management system” and “Promotion of globalization” while setting “the Company address
renovation of management structure to survive in a changing external environment” as our basic stance ofmanagement for the fiscal year 2012.
As a result of the above, the Ryosan Group reported the net sales of 155,926 million yen (down 2.6% from thesame period the previous year), operating income of 2,772 million yen (up 14.9%), ordinary income of 3,264
million yen (up 2.7%), and net income of 1,989 million yen (up 39.1%) for results of the first three quarters underreview.
2) Business Segment Informationa. Semiconductors
We sell memories, system LSIs and discrete semiconductors, and develop system LSIs. In this consolidated firstthree quarters , sales of system LSIs for in-vehicle electrical components, smartphones, and digital cameras, etc.
increased, with net sales of 98,098 million yen (up 1.2% from the same period previous year) and operating
income of 2,301 million yen (up 37.9%).
b. Electronic Components
We sell display devices, power supplies and electromechanical components. In this consolidated first threequarters, sales of display devices for information terminals, etc. decreased, with net sales of 39,659 million yen(down 4.9% from the same period previous year) and operating income of 1,298 million yen (down 13.6%).
c. Electronic Equipment
We sell systems equipment and facilities equipment. In this consolidated first three quarters, sales of systemequipment for in-vehicle electrical components, etc. decreased, with net sales of 14,484 million yen (down 16.1%
from the same period previous year), but operating income came to 688 million yen (up 35.6%).
d. Ryosan Products
We produce and sell heat sinks (devices that dissipate the heat generated by semiconductors). In this consolidated
first three quarters, sales of heat sinks for FA equipment, etc. decreased, with net sales of 3,684 million yen (down
12.3% from the same period previous year) and operating income of 185 million yen (down 11.7%).
(2) Qualitative Information and Other Matters Concerning Consolidated Financial Position for the End of theFirst Three Quarters of Fiscal 2012
At the end of this first three quarters, total assets had decreased by 6,495 million yen, as compared with the level atthe end of the previous fiscal year, and came to 160,583 million yen.
Also, net assets increased by 944 million yen, as compared with the level at the end of the previous fiscal year, andcame to 116,635 million yen, with the ratio of net assets to total assets being 72.6%.

(3) Qualitative Information and Other Matters Concerning Consolidated Forecasts for the Fiscal Year Ending
March 31, 2013
Consolidated forecasts for the fiscal year ending March 31, 2013 remains the same as the forecasts announced on-2-October 31, 2012.

2. Items Regarding Summary Information (Notes)(1) Transfer of major subsidiaries during the scope of consolidation of this quarter
None(2) Applying accounting procedures specific to preparing quarterly financial statements
None(3) Changes in Accounting Policies, Changes in Accounting Estimates and Restatements(Change in depreciation method)
The Company changed to the depreciation method based on the amended Corporation Tax Act due toamendments to the Corporation Tax Act for tangible noncurrent assets acquired on and after April 1, 2012.
The influences of this change on profit and loss are minimal.

-3-3. Consolidated Quarterly Financial Statements(1) Consolidated Quarterly Balance Sheets(Millions of yen)
Fiscal Year Ended
March 31, 2012
(As of March 31, 2012)

Third Quarter of the Fiscal
Year Ending March 31, 2013
(As of December 31, 2012)ASSETS
Current assets
Cash and deposits

34,11437,235Trade notes and accounts receivable

81,12369,567

Securities－9,999Inventories

24,633

21,967

Accrued income

2,989

1,306

Deferred tax assets

276

149

Other current assets

1,109

369

Allowance for doubtful accounts

(93)

(78)

144,153

140,517

Buildings and structures (net)

4,461

4,300

Land

8,121

8,115

Lease assets (net)

221

294

Other fixed assets (net)

520

462

13,325

13,172930

949

Investment securities

3,084

2,999

Long-term deposits

3,000－

Deferred tax assets

958

993

Other2,719

3,086

Allowance for doubtful accounts(957)(1,024)

Allowance for loss on investments

(136)

(112)

Total Investments and other assets

8,669

5,943

22,92520,066167,079

160,583

Total current assets
Fixed assets
Property, plant and equipment

Total property, plant and equipment
Intangible fixed assets
Investments and other assets

Total fixed assets
Total assets-4-

(Millions of yen)
Fiscal Year Ended
March 31, 2012
(As of March 31, 2012)

Third Quarter of the Fiscal
Year Ending March 31, 2013
(As of December 31, 2012)

LIABILITIESCurrent liabilities
Trade accounts payable

33,54926,302

Short-term bank loans

11,85012,760

Lease obligations

112

136

Other payable

1,761

777

Accrued expenses

1,091

495

Accrued income taxes

338

314

Accrued bonuses－322

Other current liabilities

193

363

Total current liabilities

48,896

41,473

155

206

2,275

2,195

Other long-term liabilities

60

71

Total long-term liabilities

2,491

2,474

51,38843,947

Common stock

17,69017,690Additional paid-in capital19,114

19,114Retained earnings

83,44983,765

Treasury stock(1,806)(1,806)

Total shareholders’ equity

118,447

118,763

331

300

24

Foreign currency translation adjustments(3,090)(2,432)

Total other accumulated comprehensive incomes(2,756)(2,127)

Total net assets

115,691

116,635

Total liabilities and net assets

167,079

160,583

Long-term liabilities
Lease obligations
Employees’ retirement benefits

Total liabilities
NET ASSETS
Shareholder’s equity

Other accumulated comprehensive incomes
Net unrealized gain on other marketable securities
Gain (loss) on deferred hedges-5-(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Comprehensive Statements ofIncome(Consolidated Quarterly Statements of Income)(Scope of Consolidation of this First Three Quarters)(Millions of yen)First Three Quarters of the Fiscal
Year Ended March 31, 2012

First Three Quarters of the Fiscal
Year Ending March 31, 2013

(Apr. 1, 2011 to Dec.31, 2011)(Apr. 1, 2012 to Dec.31, 2012)

Net sales
Cost of Sales
Gross Profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend incomeGain on foreign exchange
Commission fee
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expense
Foreign currency transaction loss
Miscellaneous expenses
Total non-operating expenses
Ordinary income
Extraordinary gains
Gain on sales of noncurrent assets
Loss on sales of investment securities
Gain on reversal of allowance for doubtful accounts
Total extraordinary gains
Extraordinary losses
Loss on sales and disposal of property, plant and equipment
Impairment loss
Loss on valuation of investment securities
Provision of allowance for investment loss
Loss on valuation of golf club membership
Total extraordinary losses
Income before income taxes and minority interests
Income taxes
Income before Minority interest in income
Minority interests in income
Net income-6-160,119
147,758
12,361
9,949
2,411

155,926
143,419
12,507
9,734
2,772

68
147
103
412
173
904

57
106－
406
166
736

125－
14
139
3,177

136
88
20
244
3,264

0－
－
0

33
6
24
64

4－
138
20－
164
3,013
1,581
1,432
2
1,429

－
3
35－
1
39
3,289
1,300
1,989
－
1,989

(Consolidated Quarterly Comprehensive Statements of Income)(Scope of Consolidation of this First Three Quarters)(Millions of yen)First Three Quarters of the Fiscal
Year Ended March 31, 2012

First Three Quarters of the Fiscal
Year Ending March 31, 2013

(Apr. 1, 2011 to Dec.31, 2011)(Apr. 1, 2012 to Dec.31, 2012)

Income before Minority interest in income
Other comprehensive income
Net unrealized gain on other marketable securities
Gain (loss) on deferred hedges
Foreign currency translation adjustments
Total other comprehensive income
Comprehensive Incomes(Details)
Comprehensive incomes relating to shareholders ofparental company
Comprehensive incomes relating to minority shareholders

-7-

1,432

1.989

(170)
2(855)(31)2658(1,023)
408

629
2,618

418

2,618

(9)

－(3) Notes Regarding Going Concern
Not applicable.
(4) Notes Regarding Substantial Changes in Shareholders’ Equity
Not applicable.
(5) Segment Information
I. For the consolidated first three quarters of the fiscal year ended March 31, 2012
(April 1, 2011 to December 31, 2011)
1. Overview of our Reporting Segments
Information Concerning Sales and Income or Loss Amount by Reporting Segment(Millions of yen)

Reportable Segment
Adjustedamount(Note) 1

Consolidated
quarterly
incomestatement
amount (Note) 2

Semiconductors

Electronic
components

Electronicequipment

Ryosanproducts

Total

96,97041,687

17,2604,201

160,119―

160,119

―

―――

―

―

―

96,9701,669

41,687
1,502

17,260
507

4,201
210

160,119
3,890―(1,478)160,119
2,411

Sales and operating income
Sales:
Sales to external
Customers
Internal sales between
segments, or exchange
Total
Segment income (loss)(Notes)1. The adjustment of -1,478 million yen to segment earnings represents corporate expenses that are not allocated to eachreportable segment.
2. Segment income has been adjusted with operating income in consolidated quarterly statements of income.

II. For the consolidated first three quarters of the fiscal year ending March 31, 2013
(April 1, 2012 to December 31, 2012)
Information Concerning Sales and Income or Loss Amount by Reporting Segment(Millions of yen)

Reportable Segment
Adjusted
amount(Note) 1

Consolidated
quarterly
incomestatement
amount (Note) 2

Semiconductors

Electronic
components

Electronicequipment

Ryosanproducts

Total

98,09839,65914,484

3,684

155,926―

155,926―――――――98,098
2,301

39,6591,298

14,484
688

3,684
185

155,926
4,474―(1,702)

155,926
2,772

Sales and operating income
Sales:
Sales to external
Customers
Internal sales between
segments, or exchange
TotalSegment income (loss)(Notes)1. The adjustment of -1,702 million yen to segment earnings represents corporate expenses that are not allocated to eachreportable segment.
2. Segment income has been adjusted with operating income in consolidated quarterly statements of income.

-8-4. Supplementary Information(1) Geographical Segment Information
Fiscal 2011, first three quarters of the fiscal year ended March 31, 2012
(April 1, 2011 to December 31, 2011)(Millions of yen)Japan
I Sales and operating income
Sales:(1) Sales to external
Customers(2)Internal sales between
segments, or exchange
Total
Segment income

Asia

Total

Eliminations
or corporate

Consolidated

112,261

47,858160,119―

160,119

5,947

1,119

7,067

(7,067)―

118,209
1,463

48,978718

167,187
2,182(7,067)229

160,119
2,411

Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions:
Asia: Hong Kong, China, Taiwan, Thailand, Singapore and others

Fiscal 2012, first three quarters of the fiscal year ending March 31, 2013
(April 1, 2012 to December 31, 2012)(Millions of yen)JapanI Sales and operating income
Sales:(1) Sales to external
Customers(2)Internal sales between
segments, or exchange
Total
Segment income

Asia

Total

Eliminations
or corporate

Consolidated

106,525

49,400155,926―

155,926

3,751

372

4,124

(4,124)―110,277
1,288

49,772
1,309

160,050
2,597(4,124)
174

155,926
2,772

Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions:
Asia: Hong Kong, China, Taiwan, Thailand, Singapore and others-9-(2) Overseas Sales
Fiscal 2011, first three quarters of the fiscal year ended March 31, 2012
(April 1, 2011 to December 31, 2011)
Asia
51,330―32.1

Overseas sales
Consolidated net sales
Ratio of overseas sales to consolidated net sales (%)(Millions of yen)Total
51,330160,11932.1

Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions:
Asia: China, Hong Kong, Korea, and Thailand and others
3. Overseas sales represent the total of export sales of the parent company and sales of its consolidated subsidiaries outside Japan(excluding intra-group sales).

Fiscal 2012, first three quarters of the fiscal year ending March 31, 2013
(April 1, 2012 to December 31, 2012)
Asia
55,808―35.8

Overseas sales
Consolidated net sales
Ratio of overseas sales to consolidated net sales (%)(Millions of yen)
Total55,808
155,926
35.8

Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions:
Asia: China, Hong Kong, Korea, and Thailand and others
3. Overseas sales represent the total of export sales of the parent company and sales of its consolidated subsidiaries outside Japan(excluding intra-group sales).

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