May 14, 2020

Consolidated Earnings Report for Fiscal Year 2019, Ended March 31, 2020
[Japanese Standards]
Company name:Securities code:
Representative:

Ryosan Company, Limited
Stock listing: First Section, Tokyo Stock Exchange
8140
URL http://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 24, 2020
Scheduled payment date of dividend:
June 10, 2020
Scheduled filing date of the Annual Securities Report:
June 25, 2020
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, 2020 (April 1, 2019 to March 31, 2020)(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 2019
227,297(9.0)
3,108
Fiscal Year 2018249,688(1.7)
5,236(Note) Comprehensive income
Fiscal Year 2019: (15) million yen (－%),
Basic earnings
Diluted earnings perper share
share
Yen

(40.6)(7.6)

Millions of yen

2,916
3,974

%

Millions of yen(26.6)(37.9)

1,193
1,480

%

(19.3)(67.0)

Fiscal Year 2018: 1,494 million yen (-66.7%)
Ordinary income
Operating income
Return on equity
to net assets
to net sales%%

Fiscal Year 2019
50.96
－
1.4
2.1
Fiscal Year 2018
62.07
－
1.6
2.6
(Reference) Equity in earnings (losses) of non-consolidated subsidiaries and affiliates:
Fiscal Year 2019: (2) million yen,
Fiscal Year 2018: (194) million yen

Yen

%

1.4
2.1

(2) Consolidated financial position
Total assets

Net assets tototal assets

Net assets

Millions of yen

Net assets
per share

Millions of yen%

Yen

84,93587,861

61.7
59.9

3,625.21
3,750.01

March 31, 2020
137,746
March 31, 2019
146,588(Reference) Shareholders equity:
March 31, 2020: 84,935 million yen,March 31, 2019: 87,861 million yen(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal Year 2019
Fiscal Year 2018

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

17,994
13,052

(310)
(423)

(7,475)(11,530)

24,501
14,5802. Dividends(Record date)Fiscal Year2018
Fiscal Year2019
Fiscal Year
2020
(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) %

－

75.00

－

75.00

150.00

3,522

241.6

3.9

－

50.00

－

30.00

80.00

1,874

157.0

2.2

－

－

－

－

－

－

Fiscal Year 2018

Interim dividend breakdown: 50 yen (ordinary), 25 yen (special)

Fiscal Year 2018

Year-end dividend breakdown: 50 yen (ordinary), 25 yen (special)

Fiscal Year 2019

Interim dividend breakdown: 50 yen (ordinary)Fiscal Year 2019Year-end dividend breakdown: 30 yen (ordinary)
The dividend forecast for Fiscal Year 2020 is not yet decided at this point.

3. Forecast of results for the fiscal year ending March 31, 2021 (April 1, 2020 to March 31, 2021)
Ryosan expects the impact of the COVID-19 pandemic on business results to reach full force during Fiscal Year 2020.
However, because it is not possible to forecast the magnitude and duration of that impact at this point, Ryosan is not yet
able to provide a reasonable calculation of business results.
Accordingly, Ryosan has not yet decided the forecast of consolidated business results for Fiscal Year 2020. When it
becomes possible to disclose a reasonable forecast of business results, Ryosan will publish that information promptly.
* 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: Yes
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, 2020

25,000,000 shares

March 31, 2019

25,000,000 shares

March 31, 2020

1,570,850 shares

March 31, 2019

1,570,290 shares

March 31, 2020

23,429,459 shares

March 31, 201923,845,762 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, 2020 (April 1, 2019 to March 31, 2020)(1) Non-consolidated operating results(% change compared with the same period of the previous fiscal year (YoY))
Net sales
Millions of yen

Fiscal Year 2019
Fiscal Year 2018%

144,381
158,971

(9.2)
(8.6)

Basic earnings
per share
Fiscal Year 2019
Fiscal Year 2018

Operating income
Millions of yen

(652)
961

Diluted earnings per
share

Yen

Yen

(16.87)(2.14)－－

Ordinary income%－(39.0)

Millions of yen

827
1,070

Profit%(22.7)(71.9)

Millions of yen

(395)
(50)

%

－
－

(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, 2020
100,038
March 31, 2019108,636(Reference) Shareholders equity:
March 31, 2020: 61,654 million yen,

61,65465,34861.6
60.2

2,631.54
2,789.14

March 31, 2019: 65,348 million yen

This earnings report is not subject to audits of certified public accountants or auditing corporations.
Caution with respect to forward-looking statements
Ryosan expects the impact of the COVID-19 pandemic on business results to each full force during Fiscal Year 2020.
However, because it is not possible to forecast the magnitude and duration of that impact at this point, Ryosan is not yet
able to provide a reasonable calculation of business results.
Accordingly, Ryosan has not yet decided the forecast of consolidated business results for Fiscal Year 2020. When it
becomes possible to disclose a reasonable forecast of business results, Ryosan will publish that information promptly.

○Table of contents of the appendix
1. Summary of Operating Results, etc.................................................................................................................................................. 2(1) Summary of Operating Results for Fiscal Year 2019 ............................................................................................................ 2(2) Summary of Financial Position for Fiscal Year 2019 ............................................................................................................ 2(3) Summary of Cash Flows for Fiscal Year 2019 ...................................................................................................................... 3(4) Future Prospects .................................................................................................................................................................... 4(5) Basic Policy Regarding the Allocation of Profits / Dividends for Fiscal Year 2019 and Fiscal Year 2020 ........................... 4
2. Basic Approach to Selection of Accounting Standards .................................................................................................................... 4
3. Consolidated Financial Statements and Main Notes ...................................................................................................................... 5(1) Consolidated Balance Sheet .................................................................................................................................................. 5(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ............................................... 7(Consolidated Statement of Income) .................................................................................................................................. 7(Consolidated Statement of Comprehensive Income) ......................................................................................................... 8(3) Consolidated Statements of Changes in Net Assets .............................................................................................................. 9(4) Consolidated Statements of Cash Flows ............................................................................................................................... 11(5) Notes on Consolidated Financial Statements ........................................................................................................................ 12(Notes Regarding Going Concern) ..................................................................................................................................... 12(Notes Regarding Substantial Changes in Shareholders’ Equity) ....................................................................................... 12(Changes in Presentation Methods) .................................................................................................................................... 12(Segment Information)........................................................................................................................................................ 12(Per Share Information) ...................................................................................................................................................... 14(Important Subsequent Events) ........................................................................................................................................... 14
4. Other ................................................................................................................................................................................................ 15(1) New Orders ......................................................................................................................................................................... 15(2) Geographical Segment Information .................................................................................................................................... 15-1-

1. Summary of Operating Results, etc.
(1) Summary of Operating Results for Fiscal Year 20191) Overview
The consolidated fiscal period under review was marked by an episode of unusual economic difficulty. With theglobal economy already in a slowing trend amid factors such as trade friction between the United States and China,
the latter half of the fiscal year saw the outbreak of the COVID-19 pandemic, which grievously impacted
economic activity in every country worldwide. Aside from some difference in timing, Japan was no exception,
suffering a deep economic downturn.
The electronics industry, in which Ryosan is active, was similarly affected. In addition to declines in demand in
the industrial-equipment and automobile markets already in progress, the electronics industry was severely
impacted by the COVID-19 pandemic. These two factors combined to make Fiscal Year 2019 doubly trying forthis sector.
At the beginning of the fiscal year, the Ryosan suspended its 10th Medium-Term Business Plan and began workon counter measures for profitability enhancement. Ryosan strove to improve the structure of its business portfolio,
through such measures as withdrawal from non-profitable businesses, optimization of organizations, evaluation ofand concentration on key projects for Solution Business initiatives and optimization of headcounts.
Net sales were 227,297 million yen (down 9.0% from the previous fiscal year). Operating income was 3,108
million yen (down 40.6%), depressed by declining net sales and a fall in gross profit from the disposition of
immobile stock, carried out as part of counter measures for profitability enhancement. Ordinary income was 2,916
million yen (down 26.6%), despite the change from foreign-exchange loss in the previous fiscal year, caused byrevaluation of foreign-currency-denominated liabilities, to a marginal gain. Profit attributable to owners of parent
was 1,193 million yen (down 19.3%), due to such factors as impairment losses from domestic branch restructuring
and voluntary retirement. The impact of the COVID-19 pandemic can be said to have been limited.
2) Business Segment Informationa. Semiconductors
Ryosan sells system LSIs, discrete semiconductors and memory, and develops system LSIs on a contract basis.
During the consolidated fiscal year under review, net sales were 136,154 million yen (down 9.3% from theprevious fiscal year), restrained by such factors as a downturn in sales of industrial equipment and products forin-vehicle electrical equipment. Operating income was 1,162 million yen (down 52.9%), amid a decline in grossprofit from disposition of immobile stock.
b. Electronic Components
Ryosan sells electromechanical components, display devices and power supplies. For the consolidated fiscal
year under review, sales of value-added products for industrial equipment trended downward. As a result, net
sales fell to 74,208 million yen (down 4.2% from the previous fiscal year) and operating income dropped to 2,142
million yen (down 19.2%).
c. Electronic Equipment
Ryosan sells systems equipment and facilities equipment. During the consolidated fiscal year under review, net
sales in this segment amounted to 16,934 million yen (down 23.5% from the previous fiscal year), as major
projects for in-vehicle electrical equipment trended weakly. However, operating income edged up to 383 million
yen (up 0.2%) amid handling of high-value-added products.
(2) Summary of Financial Position for Fiscal Year 20191) Assets
Total assets decreased by 8,842 million yen to 137,746 million yen compared with March 31, 2019. This ismainly because cash and deposits increased by 9,921 million yen, while notes and accounts receivable - trade andmerchandise and finished goods decreased by 8,421 million yen and 7,435 million yen respectively.
2) Liabilities-2-

Total liabilities decreased by 5,916 million yen to 52,810 million yen compared with March 31, 2019. This ismainly because short-term loans payable and accounts payable - trade decreased by 5,109 million yen and 1,284
million yen respectively.
3) Net Assets
Net assets decreased by 2,926 million yen to 84,935 million yen compared with March 31, 2019. This is mainly
because profit attributable to owners of parent was 1,193 million yen, while payment of dividends amounted to
2,928 million yen. The ratio of net assets to total assets rose from 59.9% at the end of the previous fiscal year to
61.7% as of March 31, 2020.
(3) Summary of Cash Flows for Fiscal Year 2019
As of March 31, 2020, cash and cash equivalents increased by 9,921 million yen compared with the end of theprevious fiscal year, to 24,501 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 increased by 17,994
million yen. This increase resulted from profit before income taxes of 1,793 million yen, a decrease in notes andaccounts receivable – trade of 7,809 million yen, and a decrease in inventories of 6,791 million yen. In the net cash
provided by operating activities in the previous consolidated fiscal year, there was an increase of funds by 13,052
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 decreased by 310
million yen due to purchases of property, plant and equipment of 311 million yen. The net cash provided by (usedin) investing activities in the previous consolidated fiscal year decreased by 423 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 7,475
million yen due to cash dividends paid of 2,922 million yen, in addition to a decrease in short-term loans payableof 4,367 million yen. The net cash provided by (used in) financing activities in the previous consolidated fiscal
year decreased by 11,530 million yen.
(Reference) Trends in cash flow-related indicators
Fiscal Year2015
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 Year
2016

Fiscal Year2017

Fiscal Year2018

Fiscal Year
2019

73.5

67.8

57.9

59.9

61.7

52.8

58.2

57.7

47.4

40.6

2.3

_

_

1.8

1.0

34.5

_

_

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) Projected Operating Results
Ryosan expects the impact of the COVID-19 pandemic on business results to each full force during Fiscal Year
2020. However, because it is not possible to forecast the magnitude and duration of that impact at this point, Ryosanis not yet able to provide a reasonable calculation of business results.
Accordingly, Ryosan has not yet decided the forecast of consolidated business results for Fiscal Year 2020.
When it becomes possible to disclose a reasonable forecast of business results, Ryosan will publish that information
promptly.
(5) Basic Policy Regarding the Allocation of Profits / Dividends for Fiscal Year 2019 and Fiscal Year 2020
1) Basic Policy Regarding the Allocation of Profits
Ryosan recognizes that the return of profits to shareholders is an important business priority, and so is working
to increase basic earnings per share. Ryosan's fundamental policy aims for consolidated dividend payout ratio of
50% or more, so as to continue high dividend payout in profits returned to shareholders.
2) Dividends for Fiscal Year 2019 and Fiscal Year 2020
Ryosan plans to distribute an ordinary year-end dividend of 30 yen per share for the consolidated fiscal year
under review. For details, please refer to the “Notice Concerning Difference Between Forecast and Actual Fiscal
Year 2019 Consolidated Business Results and Dividends of Surplus,” published today. Including the interim
dividend, the total annual dividend distributed for Fiscal Year 2019 is 80 yen per share.
Ryosan has not yet determined the dividend for Fiscal Year 2020. This figure will be published later, along withthe forecast of business results.

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.

-4-

3. Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheet(Millions of yen)
Fiscal Year Ended
March 31, 2019
(As of March 31, 2019)

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

ASSETS
Current assets
Cash and deposits

14,58024,501

Notes and accounts receivable - trade62,10953,687

Merchandise and finished goods

44,67637,240

4

2

7,621

6,196

Other

373

322

Allowance for doubtful accounts

(34)

(152)

129,330

121,799

Buildings and structures

7,930

7,401

Accumulated depreciation(4,839)(4,675)

Buildings and structures, net

3,090

2,726

Land

6,145

5,758

Lease assets

984

1,173

Accumulated depreciation

(432)

(628)

Leased assets, net

551

545

Other

2,536

2,082

Accumulated depreciation(2,389)(1,840)

146

241

9,934

9,271

963

946

Investment securities

4,043

3,517

Deferred tax assets

205

340

Other

2,221

2,241

Allowance for doubtful accounts

(109)

(68)

Allowance for investment loss

－

(301)

6,360

5,729

17,25815,947

146,588

137,746

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 investments and other assets
Total non-current assets
Total assets-5-

(Millions of yen)
Fiscal Year Ended
March 31, 2019
(As of March 31, 2019)

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

LIABILITIESCurrent liabilities
Accounts payable - trade

29,76028,475

Short-term loans payable

23,26818,158173229

Accounts payable - other

1,172

2,005

Accrued expenses

1,348

1,228

Income taxes payable

201

454

Other

260

145

56,18550,697

Lease obligations

439

369

Deferred tax liabilities

280

38

Net defined benefit liability

1,732

1,622

Asset retirement obligations

31

30

Other

57

52

2,541

2,113

58,72652,810Capital stock

17,69017,690Capital surplus

19,114

19,114Retained earnings

55,57253,857

Treasury shares(6,531)(6,532)

Total shareholders’ equity

85,846

84,130

1,546

1,158

0

0

Foreign currency translation adjustment

495

(300)

Remeasurements of defined benefit plans

(26)

(52)

Total accumulated other comprehensive income

2,015

805

Total net assets

87,861

84,935

Total liabilities and net assets

146,588

137,746

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-6-(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
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
Foreign exchange losses
Miscellaneous loss
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Compensation for customs duty
Total extraordinary income
Extraordinary losses
Impairment loss
Loss on valuation of investment securities
Loss on valuation of investments in capital
Provision of allowance for investment loss
Loss on valuation of golf membership
Loss on sales of golf club memberships
Special retirement expenses
Amortization of goodwill
Customs duty
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent-7-

Fiscal Year Ended Mar. 31, 2019

Fiscal Year Ended Mar. 31, 2020

(Apr. 1, 2018 to Mar. 31, 2019)(Apr. 1, 2019 to Mar. 31, 2020)

249,688
229,036
20,651

227,297
209,539
17,757

1,083
(11)
425
4,498
1,349
447
1,039
530
6,051
15,414
5,236

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

27
85
－
49
166
328

67
77
67
56
159
428

717
194
655
23
1,590
3,974

577
2
－
40
620
2,916

0
44
－
45

1
－
187
189

－
－
4
－
－
－
－
436
876
1,317
2,702
922
299
1,222
1,480
1,480

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

(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-8-

Fiscal Year Ended Mar. 31, 2019

Fiscal Year Ended Mar. 31, 2020

(Apr. 1, 2018 to Mar. 31, 2019)(Apr. 1, 2019 to Mar. 31, 2020)

1,480

1,193

(376)
0
443

(388)
(0)
(796)

(52)

(25)

14
1,494

(1,209)
(15)

1,494

(15)

(3) Consolidated Statements of Changes in Net Assets
Fiscal Year Ended Mar. 31, 2019 (Apr. 1, 2018 to Mar. 31, 2019)(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
sharesRetirement of treasury
sharesChange of scope of
consolidation
Net changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
periodCapital surplus

Retained earnings

Treasury shares

19,11472,740(17,215)

17,690Total
shareholders’equity92,329(3,601)(3,601)

1,480

1,480

(14,941)(4,257)(4,257)

14,941

－

(104)

(104)

－

－

(17,168)

10,684(6,483)

17,69019,11455,572(6,531)85,846

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
sharesRetirement of treasury
sharesChange of scope of
consolidation
Net changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
period

1,923

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

Remeasurementsof defined
benefit plans

Total
accumulated
othercomprehensive
income

52

25

2,001

(0)

Total net
assets94,331(3,601)
1,480(4,257)
－
(104)
(376)

0

443

(52)

14

14

(376)

0

443

(52)

14

(6,469)

1,546

0

495

(26)

2,015

87,861-9-

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 -

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

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment loss
Amortization of goodwill
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
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
Proceeds from withdrawal of restricted deposits
Purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of shares of subsidiaries and associates
Purchases of investment securities
Proceeds from sales of investment securities
Proceeds from sales of membership
Payments for investments in capital
Collection of investments in capital
Collection of loans receivable
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
Increase in cash and cash equivalents from newly consolidated
subsidiary
Cash and cash equivalents at the end of the period- 11 -

Fiscal Year Ended Mar. 31, 2019

Fiscal Year Ended Mar. 31, 2020

(Apr. 1, 2018 to Mar. 31, 2019)(Apr. 1, 2019 to Mar. 31, 2020)

2,702
551
－
582
(29)
(45)
－
(112)
717

1,793
653
513
－
77
(91)
301
(144)
577

194

2

(44)
551
15,1781,290(7,623)
2,627(295)
16,244202(799)(2,594)
13,052

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

76
(107)
45
(232)
(200)
(60)
44
－
(2)
0
0
20
(123)
115
(423)

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

(3,508)(165)(4,257)(3,599)(11,530)(31)
1,066
13,471(4,367)(184)(1)(2,922)(7,475)(286)
9,921
14,58041－

14,58024,501

(5) Notes on Consolidated Financial Statements(Notes Regarding Going Concern)
Not applicable.
(Notes Regarding Substantial Changes in Shareholders’ Equity)
Not applicable.
(Changes in Presentation Methods)
Adoption of IFRS 16, “Leases”
In overseas consolidated subsidiaries that have adopted the International Financial Reporting Standards(IFRS), Ryosan adopts IFRS 16, “Leases” (published January 13, 2016; hereinafter “IFRS 16”) beginningwith the current fiscal year.
With the application of IFRS 16, in principle, all leases are recognized as the assets and liabilities of thelessee. In applying IFRS 16, Ryosan adopts the practice of recognizing the cumulative effect of application ofthis accounting standard on the starting date of application, in accordance with the transitional treatment.
The effect of application of this accounting standard on the consolidated financial statements is negligible.
(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, 2019
(April 1, 2018 to March 31, 2019)(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

150,11277,44022,135

249,688―249,688

―

―

―

―

―

―

150,1122,465

77,4402,650

22,135382

249,688
5,498

―
(262)

249,688
5,236

Total

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

Notes:
1. The adjusted amount of minus 262 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.

- 12 -

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.
(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, 2019
(April 1, 2018 to March 31, 2019)(Millions of yen)Japan
132,287
53.0

China
61,09024.5

Asia
46,565
18.6

Other
9,745
3.9

China
52,93023.3

Asia
43,34419.1

Other
10,712
4.7

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

Consolidated
249,688
100.0

Consolidated fiscal year ended March 31, 2020
(April 1, 2019 to March 31, 2020)(Millions of yen)Japan
120,309
52.9

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(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.

- 13 -

(Per Share Information)(Yen unless otherwise stated)
Fiscal Year 2018
(April 1, 2018 to March 31, 2019)

Item

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

Net assets per share
3,750.01
Basic earnings per share
62.07(Notes) 1. Information on diluted earnings per share is not presented because there are no latent shares.
2. Basis for calculation

3,625.21
50.96(1) Net assets per share(Millions of yen unless otherwise stated)
Item

Fiscal Year 2018
(As of March 31, 2019)

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 2019
(As of March 31, 2020)

87,861－(－)
87,861

84,935－(－)
84,93523,42923,429(2) Basic earnings per share(Millions of yen unless otherwise stated)
Fiscal Year 2018
Fiscal Year 2019
(April 1, 2018 to(April 1, 2019 toMarch 31, 2019)
March 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)(Important Subsequent Events)
Not applicable.

- 14 -

1,480
－

1,193
－

1,480

1,193

23,84523,429

4. Other(1) New Orders(Millions of yen, figures less than 1 million yen have been omitted)
Fiscal Year 2018

Fiscal Year 2019

(April 1, 2018 to March 31, 2019)(April 1, 2019 to March 31, 2020)

Semiconductors

150,441

Electronic components

76,536143,615
74,688

Electronic equipment

22,56818,948

Total

249,547

237,252(2) Geographical Segment Information
Fiscal Year 2018, the fiscal year ended March 31, 2019
(April 1, 2018 to March 31, 2019)(Millions of yen, figures less than ¥1 million have been omitted)
Eliminations
Japan
Asia
Other
Total
Consolidated
or corporate
Sales:
138,677
101,350
9,659(1) Sales to external customers(2) Internal sales or exchange
20,293402
0between segments
Total
158,971
101,752
9,660
Segment income
1,290
3,106
288
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

249,688―249,688

20,696(20,696)―

270,384
4,685(20,696)551

249,688
5,236

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)
Eliminations
Japan
Asia
Other
Total
Consolidated
or corporate
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- 15 -

227,297―

227,297

18,807(18,807)―

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

227,2973,108