October 25, 2022

For Immediate Release
Ryosan Company, Limited
Representative: Kazuhiko Inaba
Representative Director, President
Listing Code No.: 8140
Listing: Prime Market, Tokyo Stock Exchange
Inquiries: Norihiko Takahashi
Executive Officer
General Manager, Corporate Planning
Headquarters
TEL: +81-3-3862-3816

Notice Concerning Upward Revision of the Business Results Forecast and Dividend
Forecast and About Appropriation of Non-Operating Expenses
Ryosan Company, Limited (“the Company”) hereby announces that, in view of recent business results, theCompany has revised upward its forecasts of first-half and full-year business results as well as its dividend
forecast for consolidated fiscal year 2022 (April 1, 2022 to March 31, 2023), published on May 13, 2022, as
follows. Information on the appropriation of non-operating expenses is also provided.
1. Revision of Forecast of Business Results(1) Revision of Forecast of First-Half Business Results for the Consolidated Fiscal Year 2022
Net sales

OperatingincomeOrdinary
incomeMillion yen

Million yen

Million yen

Profitattributable toowners ofparent
Million yen

134,000

3,300

3,200

2,200

93.90

Revised forecast (B)167,000

9,000

6,500

4,400

187.81

Change (B-A)+33,000+5,700+3,300+2,200+24.6+172.7+103.1+100.0124,247

4,097

4,059

2,909

Previous forecast (A)Rate of change (%)
Reference: Business results for thefirst half of the previous fiscal year
(April 1, 2021 to September 30,2021)

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Basic earnings
per shareYen

124.17

(2) Revision of Forecast of Full-Year Business Results for the Consolidated Fiscal Year 2022
Net sales

OperatingincomeOrdinary
incomeMillion yen

Million yen

Million yen

Profitattributable toowners ofparent
Million yen

265,000

7,000

6,800

4,800

204.88

Revised forecast (B)300,000

13,00010,0007,000

298.79Change (B-A)+35,000+6,000+3,200+2,200

+13.2

+85.7

+47.1

+45.8

272,647

8,857

8,085

5,359

Previous forecast (A)Rate of change (%)
Reference: Business results for theprevious fiscal year (April 1, 2021
to March 31, 2022)

Basic earnings
per shareYen

228.75(3) Reason for Revision
In the business results for the first half of consolidated fiscal year 2022, the Company was able to multiply sales
in a wide range of fields, having secured sufficient products beforehand to cover market needs. A depreciating
yen also contributed to results. Net sales rose to 167 billion yen (an improvement of 24.6% over the previously
announced forecast). In operating income, swelling revenues and efforts to restrain selling, general andadministrative expenses powered this figure to 9 billion yen (upward revision of 172.7%). Ordinary income
more than doubled, to 6.5 billion yen (upward revision of 103.1%), despite appropriation of foreign-exchange
losses in non-operating expenses. Profit attributable to owners of parent doubled to 4.4 billion yen (upwardrevision of 100.0%).
Regarding the full-year forecast of business results, the Company anticipates a degree of continuing sales
expansion, despite worsening uncertainty over the macro environment. The forecast of net sales and all earnings
indicators are revised upward from the previously announced figures.
2. Revision of Dividend Forecast(1) Details of Revision of Dividend Forecast
End of 1Q
Previous forecast(Announced on May 13,2022)
Revised forecast
Dividends in current fiscal
year
Dividends in previous fiscal
year (April 1, 2021 to March31, 2022)

End of 2Q

Dividends per share
End of 3QYear-end

Annual

Yen

Yen

Yen

Yen

Yen－

50.00

－

50.00

100.00

－

75.00

－

75.00

150.00

50.00

－

70.00

120.00－－(2) Reason for Revision
The Company recognizes that returning earnings to shareholders is one of its most vital policies. Moreover, theCompany has a basic policy of striving to boost basic earnings per share and to aim for a consolidated dividend
payout ratio of 50%.
Guided by this policy, in the forecast of dividends at the end of the second quarter and end of the 2022
2fiscal year, the Company has decided to increase each of these dividends by ¥25, from the previous forecast of¥50 per share to ¥75 per share. As such, the annual dividend is forecast to increase to ¥150 per share.
3. Appropriation of Non-Operating Expenses
During the consolidated first half of the 2022 fiscal year, the Company will appropriate non-operating expenses(foreign-exchange losses) of 2.387 billion yen. This result occurred due to revaluation of foreign-currencydenominated assets and liabilities held by the Group as a response to exchange-rate risk in foreign-currencydenominated sales. This amount is current as of September 30, 2022 and is subject to change in light of futureexchange-rate trends.
Note: The forecast of business results and other forward-looking statements contained in this document are
based on information available to the Company at the time of writing and certain assumptions judged
by the Company to be reasonable. They do not constitute a promise of performance on the part of theCompany. Actual business results may differ significantly from these forecasts as a result of a wide
range of factors.

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