May 15, 2023

Consolidated Earnings Report for Fiscal Year 2022, Ended March 31, 2023
[Japanese Standards]
Company name:Securities code:
Representative:

Ryosan Company, Limited
Stock listing: Prime Market, Tokyo Stock Exchange
8140
URL https://www.ryosan.co.jp/
Kazuhiko Inaba, Representative Director, President
Hideo Yuasa, Executive Officer,
Inquiries:
TEL: +81-3-3862-2591
General Manager, Finance and Accounting Headquarters
Scheduled date of the Annual General Meeting of Shareholders:June 28, 2023
Scheduled payment date of dividend:
June 12, 2023
Scheduled filing date of the Annual Securities Report:
June 29, 2023
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, 2023 (April 1, 2022 to March 31, 2023)(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 2022
325,657
19.4
15,423Fiscal Year 2021
272,64724.0
8,857(Note) Comprehensive income
Fiscal Year 2022: 11,383 million yen (43.6%),
Basic earnings
Diluted earnings perper share
share
Yen

74.1
91.4

Millions of yen%

13,361
8,085

Millions of yen

65.3
57.8

%

9,224
5,359

72.1
16.8

Fiscal Year 2021: 7,927 million yen (30.3%)
Ordinary income
Operating income
Return on equity
to net assets
to net sales%%

Fiscal Year 2022
393.70－
9.3
7.1
Fiscal Year 2021
228.75－5.8
4.8(Reference) Equity in earnings (losses) of non-consolidated subsidiaries and affiliates:
Fiscal Year 2022: 61 million yen,
Fiscal Year 2021: (121) million yen

Yen

%

4.7
3.2

(2) Consolidated financial position
Total assets

Net assets tototal assets

Net assets

Millions of yen

Net assets
per share

Millions of yen%

Yen

102,731
94,72454.6
49.7

4,383.09
4,043.20

March 31, 2023
188,188
March 31, 2022
190,548(Reference) Shareholders equity:
March 31, 2023: 102,731 million yen,March 31, 2022: 94,724 million yen(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal Year 2022
Fiscal Year 2021

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

19,587(28,945)

(427)
894

(15,381)
18,951

16,752
12,016

2. Dividends(Record date)Fiscal Year
2021
Fiscal Year
2022
Fiscal Year
2023
(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

－

70.00

120.00

2,811

52.5

3.1

－

75.00

－

90.00

165.00

3,870

41.9

3.9

－

50.00

－

50.00

100.0046.9

3. Forecast of results for the fiscal year ending March 31, 2024 (April 1, 2023 to March 31, 2024)(% 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

135,000
270,000% Millions of yen(19.5)(17.1)

4,000
8,000

%

Millions of yen%

Millions of yen%

Yen(55.6)(48.1)

3,000
7,000

(54.5)(47.6)

2,000
5,000

(55.3)(45.8)

85.35
213.39* Notes(1) Transfer of major subsidiaries during term (transfer of specified subsidiaries in line with changes in the consolidated range): NoneNew:

― (Company name:)― (Company name:

Excluded:)(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, 2023

25,000,000 shares

March 31, 2022

25,000,000 shares

March 31, 2023

1,561,844 shares

March 31, 2022

1,571,817 shares

March 31, 2023

23,430,367 shares

March 31, 2022

23,428,371 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, 2023 (April 1, 2022 to March 31, 2023)(1) Non-consolidated operating results(% change compared with the same period of the previous fiscal year (YoY))
Net sales
Millions of yen

Fiscal Year 2022
Fiscal Year 2021%

190,816
170,645

11.8
23.3

Basic earnings
per share
Fiscal Year 2022
Fiscal Year 2021

Operating income
Millions of yen

Ordinary income
%

7,359
4,059

81.3
292.8

Millions of yen

7,660
5,535

Profit
%

38.4
36.8

Millions of yen

%

5,209
2,848

82.9
(25.6)

Diluted earnings per
share

Yen

Yen

222.34121.60－－(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, 2023
113,736
March 31, 2022
131,713(Reference) Shareholders equity:
March 31, 2023: 66,234 million yen,

66,23464,21458.2
48.8

2,825.91
2,740.93

March 31, 2022: 64,214 million yen

Reason for difference in non-consolidated operating results between the fiscal year under review and the previous fiscal
year
Net sales for the fiscal year under review differed from those of the previous fiscal year as a result of a number offactors, including harvesting of prior investment products in accordance with the policy of the 11th Medium-TermBusiness Plan; growth in existing businesses; and depreciation of the 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 3, “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 2022 ............................................................................................................ 2(2) Summary of Financial Position for Fiscal Year 2022 ............................................................................................................ 2(3) Summary of Cash Flows for Fiscal Year 2022 ...................................................................................................................... 3(4) Future Prospects .................................................................................................................................................................... 3(5) Basic Policy Regarding the Allocation of Profits / Dividends for Fiscal Year 2022 and Fiscal Year 2023 ........................... 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
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 2022
1) Overview
During the consolidated fiscal period under review (April 1, 2022 to March 31, 2023: Fiscal year 2022), theslowdown in the global economy gripped with increasing strength. Although the impact of the COVID-19
pandemic eased, the protraction of the crisis between Russia and Ukraine spurred rising resource and energy prices,while China’s aggressive zero-COVID policy aggravated instability in supply chains. As inflation galloped,
particularly in the advanced countries of North America and Europe, fiscal tightening advanced.
Similar trends impacted the Japanese economy. Although moves toward recovery continued, particularly inpersonal consumption, loss of economic momentum overseas, supply restrictions and a steep drop in the value of
the Japanese yen continued to demand vigilance.
Uncertainty increased in the electronics industry, Ryosan’s main field. Demand for PCs fell, while demand forindustrial equipment was firm. A squeeze in supplies of semiconductors and electronic components continued to
impact production activities.
In defiance of the challenging macroeconomic background described above, Ryosan posted gains across theboard. Ryosan harvested previous product investments, exercising measures contained in the 11th Medium-TermBusiness Plan. Existing businesses also grew, and depreciation of the Japanese yen had an effect. In the
consolidated fiscal year under review, net sales grew to 325,657 million yen (up 19.4% from the previous fiscal
year). Operating income reached 15,423 million yen (up 74.1%), lifted by increased revenue, the weakening yen
and measures to rein in selling, general and administrative expenses. Ordinary income climbed to 13,361 million
yen (up 65.3%), despite appropriation of foreign exchange losses due to revaluation offoreign-currency-denominated liabilities. Profit attributable to owners of parent leapt to 9,224 million yen (up72.1%).
2) Business Segment Information
a. Devices
Net sales rose to 285,580 million yen (up 18.6% from the previous fiscal year), paced by sales growth focusedon consumer products and products for the industrial machinery sector. Operating income jumped 83.1% to13,881 million yen (up 83.1%), lifted by factors such as yen depreciation and price rises.
b. Solutions
Large projects for the communications sector and growth in sales of infrastructure-related products powered
net sales to 40,076 million (up 26.0% from the previous fiscal year). Operating income rose to 2,129 million yen(up 49.8%), lifted by increased sales of value-added products.
(2) Summary of Financial Position for Fiscal Year 2022
1) Assets
Total assets decreased by 2,360 million yen to 188,188 million yen compared with March 31, 2022. This ismainly because merchandise and finished goods decreased by 4,955 million yen and accounts receivable – otherdecreased by 4,376 million yen, while cash and deposits increased by 4,693 million yen and notes and accounts
receivable – trade increased by 2,541 million yen.
2) Liabilities
Total liabilities decreased by 10,366 million yen to 85,457 million yen compared with March 31, 2022. This ismainly because commercial papers decreased by 4,999 million yen, short-term loans payable decreased by 4,375
million yen and accounts payable – trade decreased by 2,976 million yen.

-2-

(3) Summary of Cash Flows for Fiscal Year 2022
As of March 31, 2023, cash and cash equivalents increased by 4,735 million yen compared with the end of theprevious fiscal year, to 16,752 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 19,587
million yen. Profit before income taxes was 13,362 million yen and inventories and accounts receivable – otherdecreased by 6,219 million yen and 5,289 million yen, respectively. In the net cash provided by (used in) operating
activities in the previous consolidated fiscal year, there was a decrease of funds by 28,945 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 427
million yen due to such factors as purchase of intangible assets. In the net cash provided by (used in) investing
activities in the previous consolidated fiscal year, there was an increase of funds by 894 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 15,381
million yen. Short-term loans payable and commercial papers decreased by 6,763 million yen and 4,999 million
yen, respectively, and cash dividends paid amounted to 3,387 million yen. In the net cash provided by (used in)financing activities in the previous consolidated fiscal year, there was an increase of funds by 18,951 million yen.
(Reference) Trends in cash flow-related indicators
Fiscal Year2018
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 Year2019

Fiscal Year
2020

Fiscal Year
2021

Fiscal Year
2022

59.9

61.7

60.5

49.7

54.6

47.4

40.6

35.7

27.0

40.9

1.8

1.0

_

_

1.7

16.3

30.7

_

_

16.4

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.
(4) Future Prospects
1) Overview
In terms of the global economy, Ryosan expects fiscal year 2023 to be marked by intensified geopolitical risk, acredit squeeze in various countries and continuing economic slowdown. In the electronics industry, Ryosan’s main
field, a downturn in market conditions is foreseen and the mood of uncertainty has intensified.
To translate its Long-Term Vision for Ryosan, RS Innovation 2030, into concrete terms, Ryosan launched the11th Medium-Term Business Plan, covering the period from fiscal year 2021 to fiscal year 2023. The coming fiscal
year constitutes the final year of this three-year plan. Ryosan will press ahead with implementation of initiatives
specified in the Plan. Ryosan will continue to diversify its portfolio, by transforming sales channels and seeking out
business opportunities in sales channels transferred as the result of commercial right acquisition; deepen its
engagement with local businesses in China and Hong Kong through cooperation with local partners; harvest the-3-rewards of prior investment in several lines of products and make new investments in new products; invest totransform Ryosan’s line of business, including entry into new manufacturing and other businesses, inspired bycustomer needs; raise the efficiency of existing businesses, using a wide range of digital technologies; and reinforce
its foundations, including through overhaul of management information, education, risk management andgovernance. Ryosan expects to achieve the targets specified for FY2023 in the 11th Medium-Term Business Plan
(net sales of 263,000 million yen, gross profit of 21,300 million yen, operating income of 6,900 million yen andreturn on equity (ROE) of 5%), in all categories of the Plan.
Ryosan’s forecast of consolidated business results for fiscal year 2023 is as follows.

Net sales
Operating income
Ordinary income
Profit attributable to owners ofparentMillions of yen
270,000
8,000
7,000

YoY change [%]Decrease 17.1
Decrease 48.1
Decrease 47.6

5,000

Decrease 45.8

2) Estimates by Business Segment
a. Devices
Factoring in a drop-off in the effects of yen depreciation and the impact of a downturn in market conditions,
Ryosan forecasts net sales of 230,000 million yen (down 19.5% from the previous fiscal year). Operating
income is forecast to decline to 7,000 million yen (down 49.6%).
b. Solutions
Although large projects in communications wrapped up in the previous fiscal year, Ryosan will take on new
business in electricity storage. Net sales are forecast to retreat to 40,000 million yen (down 0.2% from theprevious fiscal year). Ryosan forecasts a decline of operating income to 1,500 million yen (down 29.6%), aschanges in the product mix are expected to reduce gross profit margin.
3) Management integration with Ryoyo Electro
Ryosan and Ryoyo Electro Corporation (hereinafter “Ryoyo Electro”) have each been exploring andimplementing measures for further growth and development, including through alliances with other companies. As
that process evolved, beginning in the spring of 2022, the two companies began sharing and deepening theirunderstanding of each other’s current condition and intended direction, conducting repeated dialogue on thepossibilities for synergies between their operations. Ryosan and Ryoyo Electro reached the conclusion that, by
establishing an even more robust partnership that combines the strengths and advantages of each, they could create
and achieve new growth opportunities for both companies. With the aim of entering into even more detailed
discussions, in February and March 2023 Ryoyo Electro acquired a number of shares in Ryosan. Currently Ryoyo
Electro owns a 20.08% share of the voting rights in Ryosan.
Since Ryoyo Electro’s acquisition of its stake in Ryosan, Ryosan and Ryoyo Electro have been working hard torevitalize their partnership, conferring repeatedly to flesh out the details of a wide-ranging alliance and synergies
between their operations. In the process, the companies came to recognize the necessity of integrating management
in a spirit of equality, rather than continuing to operate individually, to maximize profitability and operating
efficiency. Ryosan and Ryoyo Electro therefore entered into the basic agreement today, May 15, 2023.
This integration represents a bold new framework. The two companies can now maximally leverage the cordial
relations they enjoy with customers as well as the products and solutions that comprise their management resources,
built up over a history of many years. In so doing, Ryosan and Ryoyo Electro will strive to increase corporate value
as a new core group among electronics trading companies in Japan.
The two companies consider the overlap between them in terms of product mix and customer base to be limited.
That being the case, they aim to build a business model that not only establishes a solid management base throughincreased scope of operations and improves productivity and management efficiency but also facilitates cross-sellingof shared products and the creation of new value. Ryosan and Ryoyo Electro aim to create a new image for theelectronics trading company, one that delivers solutions to the issues and concerns that confront customers and theentire market.
-4-(5) Basic Policy Regarding the Allocation of Profits / Dividends for Fiscal Year 2022 and Fiscal Year 2023
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 basic policy is to aim for consolidated dividend
payout ratio of around 50%.
In accordance with this basic policy, Ryosan expects to distribute a year-end dividend of 90 yen per share for the
consolidated fiscal year under review. With the inclusion of the interim dividend of 75 yen per share, the annual
dividend is forecast to be 165yen per share. In the coming fiscal year, Ryosan forecasts an annual dividend of 100
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, 2022
(As of March 31, 2022)

Fiscal Year Ended
March 31, 2023
(As of March 31, 2023)

ASSETS
Current assets
Cash and deposits

12,066

16,760Notes and accounts receivable – trade

92,574

95,115Merchandise and finished goods

52,636

47,6801116

Accounts receivable – other

18,721

14,345

Other

1,094

649

Allowance for doubtful accounts

(276)

(645)

176,827

173,923

Buildings and structures

6,413

6,512

Accumulated depreciation(3,849)(3,973)

Buildings and structures, net

2,563

2,539

Land

5,178

5,179

Lease assets

1,303

1,304

Accumulated depreciation

(909)

(852)

Leased assets, net

394

451

Other

1,993

1,901

Accumulated depreciation(1,792)(1,707)

201

193

8,338

8,364

985

1,059

Investment securities

3,001

3,474

Deferred tax assets

295

398

Other

1,206

1,069

Allowance for doubtful accounts

(106)

(100)

Total investments and other assets

4,397

4,842

13,72014,265

190,548

188,188

Work in process

Total 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, 2022
(As of March 31, 2022)

Fiscal Year Ended
March 31, 2023
(As of March 31, 2023)

LIABILITIESCurrent liabilities
Accounts payable – trade42,97639,999

Short-term loans payable

38,07933,703

Commercial papers

4,999

－

Lease obligations

224

157

Accounts payable – other

3,469

3,863

Accrued expenses

1,930

2,497

Income taxes payable

1,798

2,631

391

483

93,86983,336

Lease obligations

202

318

Deferred tax liabilities

597

797

Net defined benefit liability

1,068

838

Asset retirement obligations

23

24

Other

62

142

1,953

2,120

95,82385,457

Capital stock

17,69017,690Capital surplus

19,114

19,114Retained earnings

59,58665,358Treasury shares(6,534)(6,458)

Total shareholders’ equity

89,857

95,705

1,257

1,443

1

1

Foreign currency translation adjustment

3,634

5,649

Remeasurements of defined benefit plans

(25)

(67)

Total accumulated other comprehensive income

4,867

7,026

Total net assets

94,724

102,731

Total liabilities and net assets

190,548

188,188

Other
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
Commission fee
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
Gain on sales of golf memberships
Total extraordinary income
Extraordinary losses
Impairment loss
Loss on valuation of investment securities
Loss on valuation of golf membership
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, 2022
(Apr. 1, 2021 to Mar. 31, 2022)

Fiscal Year Ended Mar. 31, 2023
(Apr. 1, 2022 to Mar. 31, 2023)

272,647
247,741
24,906

325,657
292,848
32,808

1,362
20
583
4,404
1,598
445
1,036
611
5,984
16,049
8,857

1,313
364
665
4,629
1,769
447
1,132
606
6,454
17,385
15,423

31
71
－
34
52
104
294

37
77
61
149
48
217
591

184
121
674
86
1,066
8,085

1,205
－
1,403
43
2,653
13,361

0
57
1
59

0
－
－
0

19
1
－
21
8,123
2,516
248
2,764
5,359
5,359

－
－
0
0
13,362
4,097
40
4,137
9,224
9,224

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, 2022
(Apr. 1, 2021 to Mar. 31, 2022)

Fiscal Year Ended Mar. 31, 2023
(Apr. 1, 2022 to Mar. 31, 2023)

5,359

9,224

(269)
0
2,810

186
0
2,014

26

(42)

2,567
7,927

2,158
11,383

7,927

11,383

(3) Consolidated Statements of Changes in Net Assets
Fiscal Year Ended Mar. 31, 2022 (Apr. 1, 2021 to Mar. 31, 2022)(Millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning ofcurrent period
Changes of items during
periodCapital surplus

Retained earnings

Treasury shares

19,11457,039(6,533)

17,690

Dividends 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
periodTotal
shareholders’equity87,310(2,811)(2,811)

5,359

5,359
(0)

(0)

－

－

2,547

(0)

2,547

17,69019,11459,586(6,534)89,857

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning ofcurrent period
Changes of items during
period

1,526

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

Remeasurementsof defined
benefit plans

Total
accumulated
othercomprehensive
income

824

(52)

2,299

1

Dividends 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
periodTotal net
assets89,609(2,811)
5,359
(0)
(269)

0

2,810

26

2,567

2,567

(269)

0

2,810

26

2,567

5,114

1,257

1

3,634

(25)

4,867

94,724- 10 -

Fiscal Year Ended Mar. 31, 2023 (Apr. 1, 2022 to Mar. 31, 2023)(Millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning ofcurrent period
Changes of items during
periodCapital surplus

Retained earnings

Treasury shares

19,11459,586(6,534)

17,690

Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesPurchase of treasury
shares through a stock
issuance trust
Disposal of treasury
shares through a stock
issuance trust
Net changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
periodTotal
shareholders’equity89,857(3,399)(3,399)

9,224

9,224

(53)

(0)

(0)

117

63

(63)

(63)

23

23

－

－

5,771

76

5,847

17,69019,11465,358(6,458)95,705

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning ofcurrent period
Changes of items during
period1,257

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

Remeasurementsof defined
benefit plans

Total
accumulated
othercomprehensive
income

3,634

(25)

4,867

1

Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesPurchase of treasury
shares through a stock
issuance trust
Disposal of treasury
shares through a stock
issuance trust
Net changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
periodTotal net
assets

94,724(3,399)
9,224
(0)
63
(63)

23

186

0

2,014

(42)

2,158

2,158

186

0

2,014

(42)

2,158

8,006

1,443

1

5,649

(67)

7,026

102,731- 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
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
Purchase of shares of subsidiaries and associates
Purchases of investment securities
Proceeds from sales of investment securities
Decrease (increase) in time deposits
Proceeds from withdrawal of time deposits
Proceeds from sales of membership
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
Increase (decrease) in commercial papers
Purchase of treasury shares
Cash dividends paid
Proceeds from sale of treasury shares
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, 2022
(Apr. 1, 2021 to Mar. 31, 2022)

Fiscal Year Ended Mar. 31, 2023
(Apr. 1, 2022 to Mar. 31, 2023)

8,123
631
19
16
(362)
(103)
184

13,362
624
－
355
(238)
(115)
1,205

121

(61)

(57)
(0)
1,586
(18,937)(14,889)
8,435(13,870)
1,937(27,163)103(185)(1,699)(28,945)

－
(0)
1,869
(852)
6,219
(4,332)
5,289
734
24,059114(1,194)(3,392)
19,587

(124)
198
(244)
－
(15)
120
(1)
－
3
4
(128)
1,083
894

(62)
0
(225)
(175)
(15)
－
(8)
50
－
8
－
－
(427)

16,941
(182)
4,999
(0)
(2,805)－
18,951479(8,619)20,636
12,016(6,763)(226)(4,999)(68)(3,387)
63(15,381)957
4,735
12,016
16,752

(5) Notes on Consolidated Financial Statements(Notes Regarding Going Concern)
Not applicable.
(Notes Regarding Substantial Changes in Shareholders’ Equity)
Not applicable.
(Segment Information)
Segment Information
1. Overview of Reporting Segments
Ryosan’s reporting segments are made up of those created from financial information sorted by businesssegment and those evaluated by the President periodically.
Ryosan has set up its business headquarters at Ryosan's head office for each article of merchandise and product,
and Ryosan is expanding business activities by having each business headquarters formulate comprehensive
strategies for the products that they handle, for both within Japan and overseas.
Therefore, regarding the reporting segments for its business headquarters, Ryosan lists “Devices” “and“Solutions.”
The main products of each business segment are as follows:
Devices:
Semiconductors and electronic components
Solutions: IT devices and solutions
2. Information Concerning Sales and Income or Loss Amount by Reporting Segment
Consolidated fiscal year ended March 31, 2022
(April 1, 2021 to March 31, 2022)
Reporting Segment
Devices

Solutions(Millions of yen, figures less than ¥1 million have been omitted)
Amounts shown on
Adjusted amountconsolidated(Note 1)statement of income
Total(Note 2)

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

240,831

31,816272,647―

272,647

―

―

―

―

―

240,831
7,582

31,816
1,421

272,647
9,004

―
(147)

272,647
8,857

Notes:
1. The adjusted amount of minus 147 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.

Consolidated fiscal year ended March 31, 2023
(April 1, 2022 to March 31, 2023)
Reporting Segment
Devices

Solutions(Millions of yen, figures less than ¥1 million have been omitted)
Amounts shown on
Adjusted amountconsolidated(Note 1)statement of income
Total(Note 2)

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

285,580

40,076

325,657―

325,657

―

―

―

―

―

285,580
13,881

40,0762,129

325,657
16,010―(587)

325,657
15,423

Notes:
1. The adjusted amount of minus 587 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 -

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, 2022
(April 1, 2021 to March 31, 2022)(Millions of yen)Japan
141,658
52.0

China
71,45426.2

Asia
47,77117.5

Other
11,7644.3

China
84,902
26.1

Asia
62,09819.1

Other
11,343
3.5

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

Consolidated
272,647
100.0

Consolidated fiscal year ended March 31, 2023
(April 1, 2022 to March 31, 2023)(Millions of yen)Japan
167,312
51.4

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

Consolidated
325,657
100.0(2) Property, plant and equipment
This information is not presented since the amount of property, plant and equipment in Japan constitutes morethan 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 2021
(April 1, 2021 to March 31, 2022)

Fiscal Year 2022
(April 1, 2022 to March 31, 2023)

Net assets per share
Basic earnings per share

4,043.20
228.75

4,383.09
393.70(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 2021
(As of March 31, 2022)

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 2022
(As of March 31, 2023)

94,724－(－)
94,724

102,731－(－)
102,731

23,42823,438(2) Basic earnings per share(Millions of yen unless otherwise stated)
Fiscal Year 2021
(April 1, 2021 toMarch 31, 2022)

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)- 15 -

Fiscal Year 2022
(April 1, 2022 toMarch 31, 2023)
5,359
－

9,224
－

5,359

9,224

23,42823,4304. Other(1) New Orders(Millions of yen, figures less than 1 million yen have been omitted)
Fiscal Year 2021
(April 1, 2021 to March 31, 2022)

Fiscal Year 2022
(April 1, 2022 to March 31, 2023)

Devices

341,861

Solutions

50,026277,958
52,902

Total

391,887

330,860(2) Geographical Segment Information
Fiscal year 2021, the fiscal year ended March 31, 2022
(April 1, 2021 to March 31, 2022)(Millions of yen, figures less than ¥1 million have been omitted)
Japan

Asia

Other

Sales:
147,660
113,901
11,086(1) Sales to external customers(2) Internal sales or exchange
22,985
1,118
41
between segments
Total
170,645
115,019
11,127
Segment income
4,202
4,014
202
Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions covered:Asia:
Hong Kong, China, Thailand and others
Other:
United States and others

Total

Eliminations
Consolidated
or corporate

272,647―

272,647

24,144(24,144)―296,792
8,419(24,144)437

272,647
8,857

Fiscal year 2022, the fiscal year ended March 31, 2023
(April 1, 2022 to March 31, 2023)(Millions of yen, figures less than ¥1 million have been omitted)
Japan

Asia

Other

Sales:(1) Sales to external customers
170,293
144,408
10,954(2) Internal sales or exchange
20,522546
71
between segments
Total
190,816
144,955
11,026
Segment income
7,359
6,901
574
Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions covered:Asia:
Hong Kong, China, Thailand and others
Other:
United States and others- 16 -

Total

Eliminations
Consolidated
or corporate

325,657―

325,657

21,140(21,140)―

346,798
14,835(21,140)587

325,657
15,423