April 30, 2021

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

Notice Concerning Revision of Business Results Forecast and Dividend Forecast
Ryosan Company, Limited (“the Company”) hereby announces that, in view of recent business results,
the Company has revised its forecast of full-year business results for the consolidated fiscal year 2020
(April 1, 2020 to March 31, 2021), published on January 26, 2021, and its dividend forecast, publishedon October 29, 2020, as follows.


Revision of Forecast of Business Results

Revision of Forecast of Full-Year Business Results for the Consolidated Fiscal Year 2020 (April 1,2020 to March 31, 2021)
Basic
Operating
Ordinary
Net sales
Profitearnings
incomeincomeper share
Million yen

Million yen

Million yen

Million yen

Yen

Previous forecast (A)215,000

3,600

4,500

3,500

149.39

Revised forecast (B)219,800

4,600

5,100

4,550

194.21

4,800

1,000

600

1,050

2.2

27.8

13.3

30.0

227,2973,108

2,9161,193

Change (B-A)
Rate of change (%)
Reference: Businessresults for theprevious fiscal year
(April 1, 2019 toMarch 31, 2020)

50.96

Reason for Revision
Due to a market recovery and a reduction in selling, general and administrative expenses, theCompany revised upward its forecast of full-year consolidated results for fiscal year 2020 as ofJanuary 26, 2021. In the fourth quarter of this year, these favorable conditions continued, especiallyin the automotive and consumer-business sectors.
Operating income improved as a result of a decline in inventory-related expenses, which1occurred due to such factors as rigorous inventory control and improvement of inventory turnoveramid strong demand and tight supply.
Although ordinary income was affected by rapid depreciation of the Japanese yen towards
the end of the consolidated fiscal year, additional sale of cross-shareholdings was appropriated asextraordinary income. As a result, the forecasts for business results have been once again adjusted
upward.
Revision of Dividend Forecast
Dividends per share

Previous forecast(Announcedon
October 29, 2020)
Revised forecast
Dividends in current
fiscal year

End of 1Q

End of 2Q

End of 3Q

Year-end

Annual

Yen

Yen

Yen

Yen

Yen－－－

30.00

60.00

－－－

70.00

100.00－

30.00－Dividends
inprevious fiscal year
－50.00
－
30.00
80.00
(April 1, 2019 toMarch 31, 2020)
Breakdown of dividends distributed at end of fiscal year 2020 (revised as currently forecast):
Ordinary dividend: 30 yen per share
Special dividend: 40 yen per share
Reason for Revision
The Company regards the return of earnings to shareholders as one of the most important elementsof management and is making every effort to increase basic earnings per share.
In tandem with the upward revision of the forecast of profit as stated above, the Company
forecasts distribution not only of an ordinary dividend of 30 yen per share but also a special dividendof 40 yen per share, for a total year-end dividend of 70 yen per share. As a result, the forecast ofannual dividend per share for fiscal year 2020 is 100 yen.

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