Consolidated Financial Results
for the Six Months Ended June 30, 2024
[Japanese GAAP]
August 7, 2024
Company Name:
Stock Code:
Representative:
Contact:

RYOBI LIMITED5851
URL https://www.ryobi-group.co.jp/(Title) President and CEO(Name)
Akira Urakami(Title) Corporate Officer(Name)
Hiromu Arihiro
Divisional Deputy General Manager ofCorporate Planning Division
General Manager of Finance Department
Scheduled date to submit Semi-annual Securities Report: August 7, 2024
Date of scheduled payment of dividend: September 2, 2024
Availability of supplementary briefing material on financial results: Yes
Presentation Meeting: Yes (for securities analysts and institutional investors)

Stock exchange listing: Tokyo
Tel. +81-3-3501-0511(Rounded down to the nearest million yen)

1.
Consolidated Financial Results for the Six Months Ended June 30, 2024 (From January 1, 2024 to June 30, 2024)(1) Consolidated Results of Operations(% indicates changes from the corresponding period of the previous fiscal year.)Net sales

Six months ended June 30, 2024

Operating income

Net income
attributable toowners of parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

144,638

11.4

5,192

7.1

6,686

10.2

4,772

10.2

6,066

96.2

4,331 139.7

Six months ended June 30, 2023
129,836 14.3
4,847 136.7(Note) Comprehensive income: Six months ended June 30, 2024: 18,820 million yen [50.7%]
Six months ended June 30, 2023: 12,488 million yen [(8.7%)]
Net income
per share

Diluted net income
per share
Yen

Yen

Six months ended June 30, 2024

147.45–Six months ended June 30, 2023

133.83–(2) Consolidated Financial Position
Total assets

Net assets
Millions of yen%

334,958

177,94650.3

160,72147.5

As of June 30, 2024

As of December 31, 2023
318,839(Reference) Shareholders’ Equity: As of June 30, 2024:
168,435 million yen
As of December 31, 2023: 151,302 million yen
2.

Shareholders’ equity ratio

Millions of yen

Dividends

FY December 2023
FY December 2024
FY December 2024 (Forecast)End of Q1
Yen––

Cash dividends per share
End of Q2
End of Q3
Year-end
Yen
Yen
Yen
35.00
–
45.00
42.50
–
42.50

(Note) Correction from the dividend forecast, which is published in the most recent: Yes

Annual
Yen
80.00
85.00

3.

Forecast of Consolidated Financial Results for the Fiscal Year Ending December 31, 2024
(From January 1, 2024 to December 31, 2024)(% indicates percentage changes from previous fiscal year.)Net sales

Full year

Operating income

Net income
attributable to ownersof parent

Ordinary income

Net income per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

305,000

7.9

13,0006.4

12,800

(7.7)

9,000

(11.0)

278.05(Note) Correction from the consolidated forecast, which is published in the most recent: No*Notes(1) Significant changes in the scope of consolidation during the six months ended June 30, 2024: Not applicable
New Company: –Excluded companies: –(2) Adoption of specific accounting treatments to the preparation of consolidated quarterly financial statements: Not applicable(3) Changes in accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policies due to the revision of accounting standards: Not applicable
2) Changes in accounting policies other than 1): Not applicable
3) Changes in accounting estimates: Not applicable4) Restatements: Not applicable(4) Shares issued (common stock)
1) Shares issued(including treasury stock)

As of June 30, 2024

32,646,143

As of December 31, 2023

32,646,143

2) Treasury stock

As of June 30, 2024

277,865

As of December 31, 2023

277,764

3) Average shares outstanding
during the period

Six months ended
June 30, 2024

32,368,349

Six months ended
June 30, 2023

32,368,510* These quarterly consolidated financial results are outside the scope of certified public accountant’s or audit firm’s quarterly review.
* Explanation for the appropriate use of performance forecasts and other special notes:
The statements regarding forecast of financial results in this report are based on the information that is available, as well as estimates, assumptions andprojections that are believed to be reasonable at the time of publication, and they are not meant to be a commitment by the Company. Regarding thenote for prerequisite and use of performance forecasts, please see “(3) Description of Forecasts of Consolidated Financial Results and Forward-looking
Information” under “1. Qualitative Information Concerning the Quarter” on page 3.

Index of attached documents
1. Qualitative Information Concerning the Quarter................................................................................................................................. 2(1) Description of Business Results .................................................................................................................................................... 2(2) Description of Financial Position .................................................................................................................................................. 3(3) Description of Forecasts of Consolidated Financial Results and Forward-looking Information ................................................... 3
2. Quarterly Consolidated Financial Statements and Main Notes ........................................................................................................... 4(1) Quarterly Consolidated Balance Sheet.......................................................................................................................................... 4(2) Quarterly Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ....................................... 6(Quarterly Consolidated Statement of Income)(Six months ended June 30, 2024) .............................................................................................................................................. 6(Quarterly Consolidated Statement of Comprehensive Income)(Six months ended June 30, 2024) .............................................................................................................................................. 7(3) Quarterly Consolidated Statement of Cash Flows......................................................................................................................... 8(4) Main Notes to the Quarterly Consolidated Financial Statements .................................................................................................. 9(Notes on the Going-concern Assumption) ................................................................................................................................... 9(Notes on marked fluctuations in amounts of shareholders’ equity, if any) .................................................................................. 9(Notes on Segment Information, etc.) ........................................................................................................................................... 9(Supplementary information) Supplementary materials for the financial results for the six months ended June 30, 2024

1

1. Qualitative Information Concerning the Quarter(1) Description of Business Results
During the six months ended June 30, 2024 (January 1 – June 30, 2024), the business environment in which the Group operates
continues to be uncertain for various reasons, including the continuing conflict in Ukraine, the deteriorating situation in the
Middle East, remaining high energy prices, and fluctuation of price and exchange rate attributable to tight monetary policies
worldwide.
Under these conditions, the Group actively promoted sales activities and made progress on measures, including measuresintended to lower costs and improved productivity and business efficiency.
Consequently, the financial results for the six months ended June 30, 2024, showed growth in sales and profits compared to thesame period of the previous fiscal year.
Consolidated financial results

Net sales(Millions of yen)Six months ended
June 30, 2023
129,836

Six months ended
June 30, 2024
144,638

Increase/Decrease
14,801

11.4%

Operating income

4,847

3.7%

5,192

3.6%

345

7.1%

Ordinary income
Net income attributableto owners of parent

6,066

4.7%

6,686

4.6%

619

10.2%

4,331

3.3%

4,772

3.3%

440

10.2%

Percentages indicate profit margin or rate of increase/decrease.

Viewed by segment, both sales and profits in the Die Castings business were up year on year (YoY). Net sales increased in both
domestic and overseas markets. Although some automotive manufacturers suspended production and shipments, sales increased
thanks to various factors, including recovering domestic and overseas automotive production and higher yen-based sales ofoverseas subsidiaries due to the weak yen. Growth in sales boosted profits, despite increasing labor costs, among other factors.
In the Builders’ Hardware business, sales were up YoY, while profits declined. Net sales increased in both the domestic andoverseas markets. Despite efforts to improve productivity and reduce costs, profits decreased due to various factors, including
rising procurement costs for products manufactured overseas.
In the Printing Equipment business, both sales and profits grew YoY. Net sales increased in both the domestic and overseas
markets. Profits were slightly higher due to growth in sales, despite the impact of rising raw material prices and other factors.
(i) Net sales by segment

Die Castings(Millions of yen)Six months ended
June 30, 2023
113,566
87.5%

Six months ended
June 30, 2024
127,175
87.9%

Increase/Decrease
13,60812.0%

Builders’ Hardware

5,213

4.0%

5,346

3.7%

132

2.5%

Printing Equipment

10,961

8.4%

12,010

8.3%

1,049

9.6%

Percentages indicate share of the total or rate of increase/decrease.
(ii) Operating income or loss by segment(Millions of yen)Six months ended
June 30, 2023
Die Castings

Six months ended
June 30, 2024

Increase/Decrease

4,371

3.8%

4,874

3.8%

503

11.5%

Builders’ Hardware

104

2.0%

(62)

(1.2%)(166)–

Printing Equipment

388

3.5%

397

3.3%

8

2.1%

Percentages indicate profit margin or rate of increase/decrease.

2(2) Description of Financial Position
Total assets at the end of the second quarter were up 16,118 million yen from the end of the previous consolidated fiscal year to334,958 million yen. This was due mainly to increases of 6,650 million yen in property, plant and equipment, 5,309 million yen
in investment securities and 4,239 million yen in inventories. On the other hand, notes and accounts receivable-trade decreased
by 4,228 million yen.
Liabilities were down 1,105 million yen from the end of the previous consolidated fiscal year to 157,012 million yen. This wasdue mainly to a decrease of 4,273 million yen in long-and short-term borrowings. On the other hand, other current liabilities
increased by 3,050 million yen. The balance of interest-bearing debt excluding discounts on notes receivable and lease liabilities
was 65,921 million yen.
Net assets were up 17,224 million yen from the end of the previous consolidated fiscal year to 177,946 million yen. Mainaccounts showing increases over the same period included foreign currency translation adjustments (up 10,285 million yen),valuation difference on available-for-sale securities (up 3,519 million yen) and retained earnings (up 3,316 million yen).
Shareholders’ equity, the result of subtracting non-controlling interests from net assets, was up 17,133 million yen from the endof the previous consolidated fiscal year to 168,435 million yen. As a result, the equity ratio improved by 2.8 percentage points
from the end of the previous consolidated fiscal year to 50.3%.
(Millions of yen)
As of December 31, 2023

As of June 30, 2024

Total assets

318,839

Shareholders’ equity

151,30247.5%

168,435

Interest-bearing debt

70,19522.0%

65,921

334,958

Increase/Decrease
16,118

5.1%

50.3%

17,133

11.3%

19.7%

(4,273)(6.1%)

Percentages indicate percentage of total assets or rate of increase/decrease.
(Cash flow)
The balance of cash and cash equivalents at the end of the quarter stood at 29,285 million yen, up 2,883 million yen from theend of the previous consolidated fiscal year.
Cash flow provided by operating activities was 17,814 million yen, up 13,319 million yen from the same quarter in the previous
consolidated fiscal year. This increase was due mainly to 9,521 million yen in depreciation, 7,202 million yen in decrease intrade receivables and 6,655 million yen in income before income taxes. Factors including a decrease of 2,745 million yen in
trade payables had negative effects on cash flow.
Cash flow used in investing activities was 6,687 million yen, down 1,687 million yen from the same quarter in the previous
consolidated fiscal year. This was due mainly to various expenditures, including 6,399 million yen on the purchase of property,
plant and equipment.
Cash flow used in financing activities was 9,259 million yen, up 7,626 million yen from the same quarter in the previous
consolidated fiscal year. This was due to various factors, including a decrease of 7,561 million yen in long-and short-termborrowings and the payment of 1,453 million yen in dividends.
(Millions of yen)

Cash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities

Six months ended
June 30, 2023

Six months ended
June 30, 2024

Increase/Decrease

4,494

17,814

13,319(8,375)(6,687)

1,687(1,633)(9,259)(7,626)(3) Description of Forecasts of Consolidated Financial Results and Forward-looking Information
Forecasts of consolidated financial results in the fiscal year ending December 31, 2024, remain unchanged from those announced
on February 13, 2024 (during the announcement of financial results for the fiscal year ended December 31, 2023).

3

2. Quarterly Consolidated Financial Statements and Main Notes(1) Quarterly Consolidated Balance Sheet(Unit: millions of yen)
December 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4June 30, 2024

27,64164,298650
21,47017,245
21,2334,144(37)
156,646

30,63560,070650
23,01818,937
22,233
3,919(22)
159,442

33,88659,75015,242
8,406
6,162
123,447

34,76264,231
15,3949,708
6,001
130,098

2,619
2,619

2,638
2,638

19,182
17,006(63)
36,125
162,193
318,839

24,491
18,355(67)
42,779175,516
334,958

(Unit: millions of yen)
December 31, 2023

June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade

50,91249,457

Short-term borrowings

36,62534,201

Current portion of long-term borrowings

9,553

8,167

Income taxes payable

1,300

982

Provision for bonuses

645

737

Provision for directors’ bonuses

62

–

Other

18,815

21,866

Total current liabilities

117,915

115,412Long-term borrowings

24,01623,552Retirement benefit liability

7,044

7,019

Non-current liabilities

Other

9,141

11,027

Total non-current liabilities

40,202

41,599158,118

157,012

Common stock

18,472

18,472

Additional paid in capital

22,294

22,339Retained earnings

84,29287,608

Total liabilities
Net assets
Shareholders’ equity

Treasury stock
Total shareholders’ equity

(347)

(347)

124,711

128,072

8,394

11,914

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land

811

812

Foreign currency translation adjustment

16,29926,584Remeasurements of defined benefit plans

1,084

1,051

Total accumulated other comprehensive income

26,59040,363

Non-controlling interests
Total net assets
Total liabilities and net assets

5

9,418

9,510

160,721

177,946

318,839

334,958

(2) Quarterly Consolidated Statement of Income and Consolidated Statement of Comprehensive Income(Quarterly Consolidated Statement of Income)(Six months ended June 30, 2024)(Unit: millions of yen)
from: January 1, 2023
to: June 30, 2023

from: January 1, 2024
to: June 30, 2024

Net sales

129,836

144,638

Cost of sales

114,412

127,618

Gross profit

15,424

17,020

Selling, general and administrative expenses

10,577

11,828Operating income

4,847

5,192

Interest income

62

102

Dividend income

233

282

Rental income

77

71

1,074

1,198

101

165

Usage income of trademark

198

249

Other

312

319

2,060

2,389

669

779

6

4

Other

165

111

Total non-operating expenses

840

895

6,066

6,686

Gain on disposal of non-current assets

38

10Gain on sale of investment securities

30

Total extraordinary income

41

10Loss on disposal of non-current assets

58

30

Loss on valuation of investment securities–

11

Impairment loss

38–

Total extraordinary losses

97

41

Income before income taxes

6,010

6,655

Income taxes

1,507

1,720

Net income

4,503

4,934

171

161

4,331

4,772

Non-operating income

Foreign exchange gains
Share of profit of entities accounted for using equity
methodTotal non-operating income
Non-operating expenses
Interest expenses
Depreciation

Ordinary income
Extraordinary income

Extraordinary losses

Net income attributable to non-controlling interests
Net income attributable to owners of parent

6

(Quarterly Consolidated Statement of Comprehensive Income)(Six months ended June 30, 2024)(Unit: millions of yen)
from: January 1, 2023
to: June 30, 2023
Net income

from: January 1, 2024
to: June 30, 2024
4,503

4,934

2,398

3,633

0

0

Foreign currency translation adjustment

5,321

10,022Remeasurements of defined benefit plans

157

(33)

Share of other comprehensive income of entities
accounted for using equity method

107

262

7,984

13,885

12,48818,820Comprehensive income attributable to owners of parent

12,22018,544Comprehensive income attributable to non-controllinginterests

267

275

Other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to7(3) Quarterly Consolidated Statement of Cash Flows(Unit: millions of yen)
from: January 1, 2023
to: June 30, 2023
Cash flows from operating activities
Income before income taxes
Depreciation
Impairment loss
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Subsidy income
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on valuation of investment securities
Loss (gain) on disposal of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in trade payables
Increase (decrease) in other current liabilities
Other, net

from: January 1, 2024
to: June 30, 2024
6,010
8,847
38
(3)
3
(170)
(295)
669
(14)

6,655
9,521
–
(12)
91
(33)
(385)
779
(36)

(101)

(165)

–
20
(656)
(2,632)(244)(4,815)
(98)
(744)

11
19
7,202
(1,165)330(2,745)858(1,010)Subtotal

5,812

19,915Interest and dividends received
Interest paid
Subsidies received
Income taxes refund (paid)

275
(613)
14
(994)

736
(919)
36
(1,953)

Net cash provided by operating activities

4,494

17,814(7,697)
167
(650)
650
(6)
4
(1,214)
1,214
(842)

(6,399)
26
(650)
650
(3)
0
(1,319)
1,214
(206)

(8,375)(6,687)(2,158)4,032(2,593)
(0)
(810)
(103)

(4,598)1,800(4,762)(0)(1,453)(245)(1,633)(9,259)Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of securities
Proceeds from sale of securities
Purchase of investment securities
Proceeds from sale of investment securities
Payments into time deposits
Proceeds from withdrawal of time deposits
Other, net
Net cash used in investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury stock
Dividends paid
Other, net
Net cash used in financing activities

420

1,016

Net increase (decrease) in cash and cash equivalents(5,093)

2,883

Cash and cash equivalents at beginning of period

26,09926,401

Cash and cash equivalents at end of period

21,00629,285

Effect of exchange rate change on cash and cash equivalents8(4) Main Notes to the Quarterly Consolidated Financial Statements(Notes on the Going-concern Assumption)
Not applicable(Notes on marked fluctuations in amounts of shareholders’ equity, if any)
Not applicable(Notes on Segment Information, etc.)[Segment Information]
Information regarding amounts of net sales, profits or losses by reportable segment in the six months ended June 30, 2023
(January 1 – June 30, 2023)(Millions of yen)
Adjustment(Note 2)

Amount on
consolidated
statement ofincome(Note 3)

Reporting segment

Net Sales
Sales unaffiliatedcustomers
Inter-segment sales ortransfers
Total
Segment income (loss)

Other(Note 1)

Total

Die
Castings

Builders’
HardwarePrinting
Equipment

113,566

5,213

10,961

129,741

95

129,836–

129,836

25

–

–

25

2

28

(28)

–

113,592

5,213

10,961

129,767

98

129,865(28)

129,836

4,371

104

388

4,864

(16)

4,847

(0)

4,847

Total

Notes:
1. The “Other” category consists of businesses excluded in reporting segments, including the insurance agency and golf course
businesses.
2. Adjustments to segment income or loss include elimination of intersegment transactions, etc.
3. Segment income or loss matches operating income on the Quarterly Consolidated Statement of Income.
Information regarding amounts of net sales, profits or losses by reportable segment in the six months ended June 30, 2024
(January 1 – June 30, 2024)(Millions of yen)
Adjustment(Note 2)

Amount on
consolidated
statement ofincome(Note 3)

Reporting segment

Net Sales
Sales unaffiliatedcustomers
Inter-segment sales ortransfers
Total
Segment income (loss)

Other(Note 1)

Total

Die
Castings

Builders’
HardwarePrinting
Equipment

127,175

5,346

12,010144,532

106

144,638–

144,638

29

–

–

29

3

32

(32)

–

127,204

5,346

12,010144,561

109

144,671(32)

144,638

4,874

(62)

397

5,209

(17)

5,192

(0)

5,192

Total

Notes:
1. The “Other” category consists of businesses excluded in reporting segments, including the insurance agency and golf course
businesses.
2. Adjustments to segment income or loss include elimination of intersegment transactions, etc.
3. Segment income or loss matches operating income on the Quarterly Consolidated Statement of Income.

9

Supplementary materials for the financial results
for the six months ended June 30, 2024

August 7, 2024
RYOBI LIMITED(Units: millions of yen, %)December 2022
First six months
Full year

Profit margin

Net sales

113,606

December 2023
First six months
Full year

Profit margin

249,521

Profit margin

December 2024
First six months
Full year(forecast)Profit margin

129,836

282,693

Profit margin

144,638

Profit margin

305,000

Operating income

2,048

1.8

6,969

2.8

4,847

3.7 12,214

4.3

5,192

3.6

13,000

4.3

Ordinary income

3,091

2.7

7,791

3.1

6,066

4.7 13,861

4.9

6,686

4.6

12,8004.2

Net income attributableto owners of parent

1,807

1.6

4,784

1.9

4,331

3.3 10,115

3.6

4,772

3.3

9,000

3.0

Net income per share 55.83 yen

147.80 yen

133.83 yen

312.51 yen

147.45 yen

278.05 yen

Net sales by segment
Share

Share

Share

Share

Share

Share

Die Castings

98,16086.4 215,726

86.5 113,566

87.5 247,551

87.6 127,175

87.9 267,700

87.8

Builders’ Hardware

4,885

4.3

10,1454.1

5,213

4.0 10,823

3.8

5,346

3.7

11,0003.6

Printing Equipment

10,4589.2

23,417

9.4

10,961

8.4 24,094

8.5

12,0108.3

26,300

8.6

Domestic

53,19346.8 114,726

46.0

57,47844.3 124,786

44.1

59,49941.1 125,200

41.0

Overseas60,412

53.2 134,794

54.0

72,35855.7 157,907

55.9

85,13958.9 179,800

59.0

Operating income by segment
Profit margin

Die Castings

Profit margin

Profit margin

Profit margin

Profit margin

Profit margin

1,184

1.2

5,232

2.4

4,371

3.8

10,916

4.4

4,874

3.8

12,200

4.6

Builders’ Hardware

127

2.6

226

2.2

104

2.0

172

1.6

(62) (1.2)

300

2.7

Printing Equipment

744

7.1

1,506

6.4

388

3.5

1,136

4.7

397

500

1.9

%

%

%

3.3

%

%

–

Total assets

301,572

300,285

311,392

318,839

334,958

Shareholders’ equity

136,75445.3 134,460

44.8 145,874

46.8 151,302

47.5 168,435

50.3

–

Retained earnings

73,78924.5

76,11825.3

79,641

25.6 84,292

26.4

87,60826.2–

Interest-bearing debt

78,53526.0

74,35824.8

76,17324.5 70,195

22.0

65,921

19.7

70,000Capital expenditure

8,825

18,646

7,506

13,896

7,861

24,000Depreciation

8,972

18,327

8,847

18,4899,521

19,000513

16,787

4,494

26,005

17,814–(7,705)(15,860)(8,375)(17,432)(6,687)–405(2,856)(1,633)(8,593)(9,259)Cash flow from operating
activities
Cash flow from investing
activities
Cash flow from financing
activities–(Unit: persons)

Number of employees atthe end of the period

7,266

7,375

(Projected exchange rates starting from July 1, 2024)

7,403

7,497

7,519

–

USD/JPY
CNY/JPY

145
20.5

GBP/JPY
THB/JPY

190
4.0