July 31, 2023

First Quarter Earnings Report for Fiscal Year 2023, Ending March 31, 2024
[Japanese Standards] (Consolidated)
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 filing date of quarterly earnings report:
August 14, 2023
Scheduled payment date of dividend:―Supplementary materials for the quarterly financial results:
None
Investor conference for the quarterly financial results:
None(Millions of yen rounded down)

1. Consolidated results for the first quarter of fiscal year 2023 (April 1, 2023 to June 30, 2023)(1) Consolidated operating results (Cumulative)(% change compared with the same period of the previous fiscal year (YoY))
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

70,853

(2.5)

2,924

17.9

1,933

70.1

1,328

95.4

First Quarter, Fiscal Year 202272,650
18.5
2,481
(Note) Comprehensive income
First Quarter, Fiscal Year 2023: 4,128 million yen (16.6%)
First Quarter, Fiscal Year 2022: 3,540 million yen (146.8%)

14.6

1,136(48.8)

680(57.6)First Quarter, Fiscal Year 2023

Basic earnings per
share

Diluted earnings per
share

Yen

First Quarter, Fiscal Year 2023
First Quarter, Fiscal Year 2022

Yen

56.70
29.03

――(2) Consolidated financial position
Total assets

Net assets

Net assets to total assets

Millions of yen

Millions of yen%

195,830
188,188

104,753
102,73153.5
54.6

June 30, 2023March 31, 2023(Reference) Shareholders’ equity
June 30, 2023: 104,753 million yen
March 31, 2023: 102,731 million yen

Net assets per shareYen

4,468.96
4,383.09

2. Dividends
Dividends per share (Yen)End of 1Q
Yen

Fiscal Year 2022―
Fiscal Year 2023―
Fiscal Year 2023 (Forecast)(Note) Revision of dividend forecasts: None

End of 2Q

End of 3Q

Yen

Yen

End of 4Q

Annual
Yen

Yen

75.00

―

90.00

165.00

50.00

―

50.00

100.003. Forecast of results for the fiscal year 2023 (April 1, 2023 to March 31, 2024)
Net salesMillions of yen

Operating income(% figures represent year-on-year increase or decrease)
Basic earnings
Ordinary income
Profitper share% Millions of yen%

Millions of yen%

Millions of yen%

Yen

Interim period
135,000 (19.5)
4,000
Full fiscal year
270,000 (17.1)
8,000(Note) Revision of financial results forecasts: None

(55.6)(48.1)

3,0007,000(54.5)(47.6)

2,000
5,000(55.3)(45.8)

85.35
213.39* Notes(1) Transfer of major subsidiaries during the scope of consolidation of these three months ended June 30, 2023 (transfer of specifiedsubsidiaries in line with changes in the consolidated range): NoneNew:

－ (Company name:)

Excluded:－ (Company name:)(2) Application of accounting procedures specific to preparing quarterly financial statements: None
(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: None
2) Changes in items of accounting principles other than 1) above: None
3) Changes in accounting estimates: None
4) Restatements: None
(4) Number of shares issued and outstanding (common shares)
1. Total number of shares issued andoutstanding (including treasury shares) at theJune 30, 2023

25,000,000 shares

March 31, 2023

25,000,000 shares

June 30, 2023

1,559,725 shares

March 31, 2023

1,561,844 sharesperiod-end:
2. Total number of treasury shares at theperiod-end:
3. Average number of shares outstanding
during the period (Cumulative total for thequarterly consolidated period)First Quarter,
Fiscal Year 2023

23,438,152 sharesFirst Quarter,
Fiscal Year 2022

23,428,108 sharesThis quarterly consolidated earnings report is not subject to the quarterly review by certified public accountants or auditing
corporations.
Caution with respect to 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 2, "1. Qualitative Information Regarding this Quarterly Statement (3) Qualitative Information
Concerning Consolidated Forecast and Other Future Predictions."

○Table of contents of the appendix
1. Qualitative Information Regarding this Quarterly Statement ........................................................................................................... 2(1) Qualitative Information Concerning Consolidated Operating Results .................................................................................. 2(2) Qualitative Information Concerning Consolidated Financial Position .................................................................................. 2(3) Qualitative Information Concerning Consolidated Forecast and Other Future Predictions .................................................. 2
2. Consolidated Quarterly Financial Statements and Main Notes ........................................................................................................ 3(1) Consolidated Quarterly Balance Sheet .................................................................................................................................. 3(2) Consolidated Quarterly Statement of Income and Consolidated Quarterly Statement of Comprehensive Income ............... 5
Consolidated Quarterly Statement of Income
Scope of Consolidation of this First Quarter .............................................................................................................. 5
Consolidated Quarterly Statement of Comprehensive Income
Scope of Consolidation of this First Quarter .............................................................................................................. 6(3) Notes Regarding Consolidated Quarterly Financial Statements ............................................................................................ 7(Notes Regarding Going Concern) ........................................................................................................................................ 7(Notes Regarding Substantial Changes in Shareholders’ Equity).......................................................................................... 7(Segment Information) .......................................................................................................................................................... 7-1-1. Qualitative Information Regarding this Quarterly Statement(1) Qualitative Information Concerning Consolidated Operating Results1) Overview
In the consolidated first quarter of fiscal year 2023 (April 1 to June 30, 2023), concerns about prospects for theglobal economy persisted. Although restrictions on economic activity in connection with the COVID-19 pandemic
eased, geopolitical risks became protracted and monetary tightening continued.
Similar trends impacted conditions in the Japanese economy. Despite an overall trend of gradual recovery, factors
such as high energy and resource prices continued to compel close attention to downside risk.
Against this macroeconomic background, mixed conditions prevailed in the electronics industry, Ryosan’s main
field. Easing of supply shortages brought overall calm to supply chains that had become disorderly, but some fields,such as communications and industrial equipment, entered an adjustment phase.
In the first quarter, the macroeconomic background described above contributed to a decline in net sales to 70,853
million yen (down 2.5% from the same period of the previous fiscal year). However, operating income rose to 2,924
million yen (up 17.9%), aided by reductions in expenses, and ordinary income leapt to 1,933 million yen (up 70.1%),
as foreign exchange losses declined compared with the same period of the previous fiscal year, due to revaluation offoreign-currency-denominated liabilities. Profit attributable to owners of parent doubled, reaching 1,328 million yen(up 95.4%).
2) Business Segment Informationa. Devices
The fields of communications and industrial equipment entered an adjustment phase, but trends were firm inother areas, particularly in consumer and automotive products. Net sales edged down to 62,735 million yen (down
0.5% from the same period of the previous fiscal year). Operating income grew to 2,464 million yen (up 10.9%).
b. Solutions
Large projects for the communications sector drew to a close. Net sales contracted to 8,117 million yen (down
15.4% from the same period of the previous fiscal year), while operating income shrank to 379 million yen (down24.0%).
(2) Qualitative Information Concerning Consolidated Financial Position
As of June 30, 2023, total assets increased by 7,641 million yen compared with the end of the previous fiscal year,
to 195,830 million yen.
Also, net assets increased by 2,022 million yen compared with the end of the previous fiscal year, to 104,753
million yen, with the ratio of net assets to total assets being 53.5%.
(3) Qualitative Information Concerning Consolidated Forecast and Other Future Predictions
The forecast of consolidated business results is unchanged from the forecast published on May 15, 2023.

-2-2. Consolidated Quarterly Financial Statements and Main Notes(1) Consolidated Quarterly Balance Sheet(Millions of yen)
Fiscal Year Ended
March 31, 2023
(As of March 31, 2023)

First Quarter of the Fiscal
Year Ending March 31, 2024
(As of June 30, 2023)

ASSETS
Current assets
Cash and deposits

16,76018,146

Notes and accounts receivable – trade95,11593,371Inventories

47,69755,280Accounts receivable – other

14,345

14,107

Other

649

697

Allowance for doubtful accounts

(645)

(586)

173,923

181,016

Buildings and structures, net

2,539

2,518

Land5,179

5,181

Leased assets, net

451

423

Other, net

193

198

8,364

8,322

1,059

1,080

Investment securities

3,474

4,004

Deferred tax assets

398

421

Other

1,069

1,079

Allowance for doubtful accounts

(100)

(94)

Total investments and other assets

4,842

5,411

14,265

14,813

188,188

195,830

Total current assets
Non-current assets
Property, plant and equipment

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

Total non-current assets
Total assets-3-(Millions of yen)
Fiscal Year Ended
March 31, 2023
(As of March 31, 2023)

First Quarter of the Fiscal
Year Ending March 31, 2024
(As of June 30, 2023)

LIABILITIESCurrent liabilities
Accounts payable – trade

39,99944,431

Short-term loans payable

33,70332,876

Commercial papers

-

4,999

Lease obligations

157

149

Accounts payable – other

3,863

2,535

Accrued expenses

2,497

904

Income taxes payable

2,631

954

Provision for bonuses

-428

483

1,448

83,33688,728

Lease obligations

318

298

Deferred tax liabilities

797

1,088

Net defined benefit liability

838

787

Asset retirement obligations

2424

Other

142

149

2,120

2,348

85,457

91,076

Capital stock

17,69017,690Capital surplus

19,114

19,114Retained earnings

65,35864,576

Treasury shares(6,458)(6,453)

Total shareholders’ equity

95,70594,927

1,443

1,758

18

Foreign currency translation adjustment

5,649

8,130

Remeasurements of defined benefit plans

(67)

(70)

Total accumulated other comprehensive income

7,026

9,826

Total net assets

102,731

104,753

Total liabilities and net assets

188,188

195,830

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-4-(2) Consolidated Quarterly Statement of Income and Consolidated Quarterly Statement of Comprehensive Income(Consolidated Quarterly Statement of Income)(Scope of Consolidation of this First Quarter)(Millions of yen)First Quarter of the Fiscal Year
Ended March 31, 2023

First Quarter of the Fiscal YearEnding March 31, 2024

(April 1, 2022 to June 30, 2022)(April 1, 2023 to June 30, 2023)

Net sales
Cost of Sales
Gross Profit
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
Foreign exchange losses
Miscellaneous loss

72,65066,013
6,636
4,155
2,481

70,85364,240
6,612
3,687
2,924

6
37
43
19
1236
154

1340
78
1140
186

125
1,373
1398772
6

Total non-operating expensesOrdinary income
Extraordinary income
Gain on sales of non-current assets
Total extraordinary income
Profit before income taxes
Income taxes
ProfitProfit attributable to owners of parent

1,500
1,136

1,177
1,933

00
1,136
456
680
680

1,933
604
1,328
1,328-5-

(Consolidated Quarterly Statement of Comprehensive Income)(Scope of Consolidation of this First Quarter)(Millions of yen)First Quarter of the Fiscal Year
Ended March 31, 2023

First Quarter of the Fiscal YearEnding March 31, 2024

(April 1, 2022 to June 30, 2022)(April 1, 2023 to June 30, 2023)680

1,328(12)
(1)
2,877
(3)
2,860
3,540

314
7
2,480(3)
2,799
4,128

3,540

4,128

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-6-

(3) Notes Regarding Consolidated Quarterly Financial Statements(Notes Regarding Going Concern)
None(Notes Regarding Substantial Changes in Shareholders’ Equity)
None(Segment Information)
I. Information Concerning Sales and Income or Loss Amount by Reporting Segment
Consolidated First Quarter of the Fiscal Year Ended March 31, 2023
(April 1, 2022 to June 30, 2022)(Millions of yen)
Reporting Segment

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

Total

Adjusted amount(Note 1)

Amounts shown on
consolidated quarterly
statement of income (Note 2)

DevicesSolutions

63,0509,599

72,650―72,650―――――63,0502,222

9,599498

72,6502,721―(239)

72,6502,481(Notes)1. The adjusted amount of minus 239 million yen represents corporate expenses (mainly general and administrative expenses)
which are not allocated to the reporting segment.
2. Segment income has been adjusted with operating income in consolidated quarterly statement of income.

Consolidated First Quarter of the Fiscal Year Ending March 31, 2024
(April 1, 2023 to June 30, 2023)(Millions of yen)
Reporting Segment

Net sales
Sales to external customers
Internal sales or exchange
between segments
TotalSegment incomeAdjusted amount(Note 1)

Amounts shown on
consolidated quarterly
statement of income (Note 2)

70,853―70,853

―

―

―

―

8,117
379

70,8532,844―
80

70,853
2,924

Devices

Solutions

62,735

8,117―
62,735
2,464

Total(Notes)
1. The adjusted amount of 80 million yen represents corporate expenses (mainly general and administrative expenses) which
are not allocated to the reporting segment.
2. Segment income has been adjusted with operating income in consolidated quarterly statement of income.

-7-II. Information Concerning Sales and Income or Loss Amount by Sales Destination
Fiscal year 2022, first quarter of the fiscal year ended March 31, 2023
(April 1, 2022 to June 30, 2022)(Millions of yen)

Japan

Asia

Other

38,12132,098

2,429

5,030

321

19

43,152
1,186

32,420
1,063

2,449
132

Eliminations
or corporate

Consolidated

72,650―72,6505,372(5,372)―78,022
2,382(5,372)
98

72,650
2,481

Total

Net sales
Sales to external customers
Internal sales or exchange between
segments
Total
Segment income(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, etc.
Other: United States, etc.

Fiscal year 2023, first quarter of the fiscal year ending March 31, 2024
(April 1, 2023 to June 30, 2023)(Millions of yen)

Eliminations
or corporate

Consolidated

70,853―70,85319

4,045(4,045)

―

2,752
85

74,8982,780(4,045)
144

70,853
2,924

Japan

Asia

Other

40,54427,575

2,733

3,956

68

44,501
1,545

27,644
1,149

Total

Net sales
Sales to external customers
Internal sales or exchange between
segments
TotalSegment income(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, etc.
Other: United States, etc.

III. Information Concerning Sales by Region
Fiscal year 2022, first quarter of the fiscal year ended March 31, 2023
(April 1, 2022 to June 30, 2022)(Millions of yen)Japan
Net sales
Ratio to consolidated net sales (%)

China

38,24652.6

17,82824.5

Asia
14,034
19.3

Other2,540
3.5

Consolidated
72,650100.0(Note) Net sales are on the basis of customer location and classified by country or region.

Fiscal year 2023, first quarter of the fiscal year ending March 31, 2024
(April 1, 2023 to June 30, 2023)(Millions of yen)JapanNet sales
Ratio to consolidated net sales (%)

China

38,161
53.9

16,61923.5

Asia
13,29718.8(Note) Net sales are on the basis of customer location and classified by country or region.

-8-Other
2,775
3.9

Consolidated
70,853100.0