Consolidated Financial Results
for the Three Months Ended March 31, 2023
[Japanese GAAP]May 11, 2023
Company Name:
Stock Code:
Representative:
Contact:

RYOBI LIMITED
5851 URL https://www.ryobi-group.co.jp/(Title) President and CEO(Name)(Title) Corporate Officer(Name)
Divisional Deputy General Manager ofCorporate Planning Division
General Manager of Finance Department
Scheduled date to submit the Quarterly Securities Report: May 11, 2023
Date of scheduled payment of dividend: Availability of supplementary briefing material on quarterly results: Yes
Presentation Meeting: No

Stock exhange listing: Tokyo
Akira Urakami
Hiromu Arihiro Tel. +81-3-3501-0511(Rounded down to the nearest million yen)

1.
Consolidated Financial Results for the Three Months Ended March 31, 2023 (January 1, 2023 to March 31, 2023)(1) Consolidated Results of Operations(% indicates changes from the corresponding period of the previous fiscal year.)Net sales

Three months ended March 31,2023

Operating income

Millions of yen%

Millions of yen%

61,6017.3

1,931(29.3)

Millions of yen%

Millions of yen%

2,120 (32.8)

1,291(39.7)

2,143

159.1

Three months ended March 31,2022
57,38419.0
2,733 327.2
3,153(Note) Comprehensive income: Three months ended March 31, 2023: 3,309 million yen [-55.5%]
Three months ended March 31, 2022: 7,435 million yen [15.6%]
Net income
per share

Net income
attributable toowners of parent

Ordinary income

203.8

Diluted net income
per share
Yen

Yen

Three months ended March 31,2023

39.91

-

Three months ended March 31,2022

66.21

-

(2) Consolidated Financial Position
Total assets

Net assets
Millions of yen%

294,711146,204

46.4

143,723

44.8

As of March 31,2023

As of December 31, 2022
300,285(Reference)Shareholders' Equity: As of March 31, 2023: 136,855 million yen
As of December 31, 2022: 134,460 million yen
2.

Shareholders’ equity ratio

Millions of yen

Dividends
Cash dividends per share
End of Q2
End of Q3
Year-end
Yen
Yen
Yen
20.00
25.00

End of Q1Yen-

FY December 31, 2022
FY December 31, 2023
FY December 31, 2023 (Forecast)

25.00

-

25.00

Annual
Yen
45.00
50.00

(Note) Correction from the dividend forecast, which is published in the most recent: No

3.

Forecast of Consolidated Financial Results for the Fiscal Year Ending December 31, 2023
(From January 1, 2023 to December 31, 2023)(% indicates percentage changes as compared with the previous corresponding fiscal period or fiscal year, as applicable.)

Net salesFirst half
Full year

Operating income

Net income
attributable to ownersof parent

Ordinary income

Net income pershare

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

129,000
266,000

13.6
6.6

2,500
7,500

22.1
7.6

2,400
7,400

(22.4)
(5.0)

1,700
5,500

(5.9)
15.0

52.52
169.92(Note) Correction from the consolidated forecast, which is published in the most recent: No

*Notes(1) Significant changes of companies during the three months ended March 31, 2023 (changes in specific companies involving
changes in the scope of consolidation): 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: Applicable
2) Changes in accounting policies other than 1): Not applicable
3) Changes in accounting estimates: Not applicable4) Restatements: Not applicable(Note) Please see “(4) Main notes to the quarterly consolidated financial statements (Changes to accounting policies)” under “2. Quarterly consolidated
financial statements and main notes” on page 9.

(4) Shares issued (common stock)
1) Shares issued (including
treasury stock)

As of March 31, 2023

32,646,143

As of December 31, 2022

32,646,143

2) Treasury stock

As of March 31, 2023

277,624

As of December 31, 2022

277,580

3) Average shares outstanding
during the period

Three months ended
March 31, 2023

32,368,519

Three months ended
March 31, 2022

32,368,700* These consolidated quarterly financial results are outside the scope of 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 and projections that are believed to be reasonable at the time of publication, and they are not meant to be a commitmentby the Company. Regarding the note for prerequisite and use of performance forecasts, please see “(3) Description of forecasts ofconsolidated 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 Income Statement and Quarterly Consolidated Statement of Comprehensive Income .............................. 6(Quarterly Consolidated Income Statement)(Three months ended March 31, 2023) ....................................................................................................................................... 6(Quarterly Consolidated Statement of Comprehensive Income)(Three months ended March 31, 2023) ....................................................................................................................................... 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(Changes to accounting policies) ..................................................................................................................................................... 9(Segment information, etc.) ........................................................................................................................................................... 10(Supplementary information) Supplementary materials for the financial results for the three months ended March 31, 2023

1

1. Qualitative information concerning the quarter(1) Description of business results
During the three months ended March 31, 2023 (January 1 - March 31, 2023), the business environment in which the Group
operates showed signs of gentle recovery, with social and economic activities normalizing alongside progress with measures tolive with COVID-19. Nevertheless, future prospects remained uncertain for various reasons, including circumstances in Ukraine,
the skyrocketing price of energy and other resources, and fluctuation of price exchange due to the influence of tight monetary
policies around the world.
Under these conditions, the Group actively promoted sales activities and made progress on measures, including measuresintended to lower costs; improved productivity; and improved business efficiency.
Financial results for the three months ended March 31, 2023, showed an increase in sales but lower profits compared to the same
period of the previous fiscal year.
Consolidated financial results

Net sales(Millions of yen)Three months ended
March 31, 2022
57,384Three months ended
March 31, 2023
61,601

Increase/decrease
4,216( 7.3%)

Operating income

2,733( 4.8%)

1,931( 3.1%)(802)(29.3%)

Ordinary income
Net income attributableto owners of parent

3,153( 5.5%)

2,120( 3.4%)(1,033)(32.8%)

2,143( 3.7%)

1,291( 2.1%)(851)(39.7%)

Percentages indicate profit margin or rate of increase/decrease.
Viewed by segment, sales in the Die Castings business were up year on year (YoY), while profits were down. Net sales increased
in both domestic and overseas markets. While production volumes (by weight) declined due to the effects of tight global supply
chain conditions on the automotive industry, sales increased thanks to various factors, including progress in offsetting rising raw
material (aluminum) prices to sale prices and increasing sales of overseas subsidiaries when converted to yen due to yen
devaluation. Profits decreased in the quarter under review due to the effects of a temporary decrease in the cost ratio in the same
period of the previous year, driven by factors including fluctuations in raw material prices.
In the Builders’ Hardware business, sales were up YoY, while profits declined. Net sales increased in both the domestic andoverseas markets. Profits decreased due to various factors, including rising procurement costs for products produced overseas.
In the Printing Equipment business, sales were up YoY, while profit declined. Net sales overall remained strong from the previous
year; overseas sales rose but domestic sales fell. Profits fell due to various factors, including the impact of skyrocketing raw
material prices.
(i) Net sales by segment

Die Castings(Millions of yen)Three months ended
March 31, 2022
49,490 ( 86.2%)

Builders’ Hardware

2,513( 4.4%)

Printing Equipment

5,350( 9.3%)

Three months ended
March 31, 2023
53,549 ( 86.9%)

Increase/decrease
4,059( 8.2%)

2,568( 4.2%)

55( 2.2%)

5,450( 8.8%)

99( 1.9%)

Percentages indicate share of the total or rate of increase/decrease.
(ii) Operating income by segment

Die Castings(Millions of yen)Three months ended
March 31, 2022
2,237 ( 4.5%)

Builders’ Hardware

103( 4.1%)

Printing Equipment407( 7.6%)

Three months ended
March 31, 2023
1,588 ( 3.0%)

Increase/decrease(649)(29.0%)

41( 1.6%)(62)(60.2%)

316( 5.8%)(90)(22.3%)

Percentages indicate profit margin or rate of increase/decrease.

2(2) Description of financial position
Total assets at the end of the quarter were down 5,573 million yen from the end of the previous consolidated fiscal year to294,711 million yen. This decline factor was due mainly to decreases of 5,698 million yen in cash and deposits and 3,207 million
yen in notes and accounts receivable - trade. On the other hand, inventories were increased 2,468 million yen from the end of
the previous consolidated fiscal year.
Liabilities were down 8,053 million yen from the end of the previous consolidated fiscal year to 148,507 million yen. This wasdue mainly to a decrease of 5,719 million yen in notes and accounts payable - trade. The balance of interest-bearing debt notincluding discounts on notes receivable and lease liabilities was 74,747 million yen.
Net assets were up 2,480 million yen from the end of the previous consolidated fiscal year to 146,204 million yen. Main accounts
showing increases included foreign currency translation adjustments, up 1,217 million yen over the same period. Shareholders’equity, the result of subtracting non-controlling interests from net assets, was up 2,395 million yen from the end of the previous
consolidated fiscal year to 136,855 million yen. As a result, the equity ratio improved by 1.6 percentage points from the end of
the previous consolidated fiscal year to 46.4%.
(Millions of yen)
As of December 31, 2022
Total assets
Shareholders’EquityInterest-bearing debt

As of March 31, 2023

300,285294,711

Increase/decrease(5,573)(1.9%)

134,460( 44.8%)136,855( 46.4%)2,395( 1.8%)

74,358( 24.8%)74,747( 25.4%)388( 0.5%)

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 20,303 million yen, down 5,795 million yen from theend of the previous consolidated fiscal year.
Cash flow used in operating activities was 169 million yen, down 1,095 million yen from the same quarter in the previous
consolidated fiscal year. This was due mainly to an increase of 4,428 million yen in depreciation, while trade payables fell by
5,766 million yen.
Cash flow used in investing activities was 4,750 million yen, up 555 million yen from the same quarter in the previous
consolidated fiscal year. This was due mainly to various expenditures, including 4,552 million yen on the purchase of property,
plant and equipment.
Cash flow used in financing activities was 996 million yen, up 481 million yen from the same quarter in the previous consolidated
fiscal year. This was due to various factors, including the payment of 779 million yen in dividends and a decrease of 161 million
yen in long- and short-term borrowings.
(Millions of yen)Three months ended
March 31, 2022
Cash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities

Three months ended
March 31, 2023

Increase/decrease(1,265)

(169)

1,095

(4,194)(4,750)

(555)

(515)

(996)

(481)

(3) Description of forecasts of consolidated financial results and forward-looking information
Forecasts of consolidated financial results in the fiscal year ending December 31, 2023, remain unchanged from those announced
on February 13, 2023 (during the announcement of financial results for the fiscal year ended December 31, 2022).

3

2. Quarterly consolidated financial statements and main notes(1) Quarterly Consolidated Balance Sheet(Unit: millions of yen)2022/12/31
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

42023/3/31

27,33958,337650
18,104
16,82920,5263,586(32)145,341

21,641
55,129650
19,793
17,302
20,8323,716(24)
139,041

32,71656,196
15,77813,084
6,183
123,959

32,86056,64815,73812,3196,015
123,582

2,803
2,803

2,768
2,768

14,826
13,416(63)
28,179154,943
300,285

15,80913,573(63)
29,318
155,670
294,711(Unit: millions of yen)2022/12/31

2023/3/31

Liabilities
Current liabilities
Notes and accounts payable - trade46,54640,826

Short-term borrowings

39,942

41,971

Current portion of long-term borrowings

6,545

6,666

Income taxes payable

879

723

Provision for bonuses

549

1,569

Provision for directors' bonuses

36

－

Other

20,19916,133

Total current liabilities

114,698

107,890

Long-term borrowings

27,86926,109Retirement benefit liability

7,183

7,194

Other

6,809

7,313

Total non-current liabilities

41,86340,617

156,561

148,507

Common stock

18,472

18,472

Additional paid in capital

21,892

21,895Retained earnings

76,11876,601

Treasury stock

(346)

(346)

116,136

116,622

5,649

6,263

811

811

Foreign currency translation adjustment

11,675

12,893Remeasurements of defined benefit plans

186

264

18,323

20,233

9,263

9,348

143,723

146,204

300,285294,711

Non-current liabilities

Total liabilities
Net assets
Shareholders' equity

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land

Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets5(2) Quarterly Consolidated Income Statement and Quarterly Consolidated Statement of Comprehensive
Income(Quarterly Consolidated Income Statement)(Three months ended March 31, 2023)(Unit: million yen)
from: January 1, 2022
to: March 31, 2022

from: January 1, 2023
to: March 31, 2023

Net sales

57,38461,601

Cost of sales

49,68354,493Gross profit

7,701

7,107

Selling, general and administrative expenses

4,967

5,176

Operating income

2,733

1,931

Interest income

33

28

Dividend income

22

Rental income

38

37

Foreign exchange gains

333

202

Share of profit of entities accounted for using equity
method17

22

Usage income of trademark

75

123

Subsidy income

28

13

Other

183

161

Total non-operating income

714

593

220

336

Non-operating income

Non-operating expenses
Interest expenses
Depreciation

3

3

Other

69

64

Total non-operating expenses

293

404

3,153

2,120

Gain on disposal of non-current assets

035

Total extraordinary income

035

Ordinary income
Extraordinary income

Extraordinary losses
57

39

Impairment loss-

38

Total extraordinary losses

57

78

Income before income taxes

3,096

2,077

Income taxes

818

694

Net income

2,278

1,383

134

91

2,143

1,291

Loss on disposal of non-current assets

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

6

(Quarterly Consolidated Statement of Comprehensive Income)(Three months ended March 31, 2023)(Unit: million yen)
from: January 1, 2022
to: March 31, 2022
Net income

from: January 1, 2023
to: March 31, 2023
2,278

1,383

Valuation difference on available-for-sale securities

76

630

Revaluation reserve for land

-

0

4,890

1,172

Remeasurements of defined benefit plans, net of tax

34

78

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

156

45

5,157

1,926

7,435

3,309

Comprehensive income attributable to owners of parent

7,313

3,201

Comprehensive income attributable to non-controllinginterests

121

107

Other comprehensive income

Foreign currency translation adjustment

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to7(3) Quarterly Consolidated Statement of Cash Flows(Unit: millions of yen)
from: January 1, 2022
to: March 31, 2022

from: January 1, 2023
to: March 31, 2023

Cash flows from operating activities
Income before income taxes

3,096

2,077

Depreciation

4,409

4,428

Impairment loss-

38

Increase (decrease) in allowance for doubtful accounts

(4)

(7)

Increase (decrease) in provision for bonuses

693

1,019

Increase (decrease) in retirement benefit liability

70

89Interest and dividend income

(36)

(31)

Interest expenses

220

336

Subsidy income

(28)

(13)

Share of loss (profit) of entities accounted for using
equity method

(17)

(22)

Loss (gain) on disposal of non-current assets

57

4

Decrease (increase) in trade receivables(7,066)

3,595

Decrease (increase) in inventories(767)(1,998)Decrease (increase) in other current assets

(889)

(117)

Increase (decrease) in trade payables(1,330)(5,766)242(2,650)

Other, net

298

(261)

Subtotal(1,051)

720

19

31

Increase (decrease) in other current liabilities

Interest and dividends received
Interest paid

(234)

(354)

Subsidies received

41

13

Income taxes paid

(39)

(580)

(1,265)(169)

Net cash used in operating activities
Cash flows from investing activities(4,243)(4,552)

Proceeds from sale of property, plant and equipment

43

93

Purchase of investment securities

(0)

(6)

Purchase of property, plant and equipment

Proceeds from sale of investment securities

2－

Payments into time deposits

(15)

(111)

Proceeds from withdrawal of time deposits

15

15

Other, net

3

(189)

(4,194)(4,750)Net cash used in investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings

2,008

1,609

Repayments of long-term borrowings(2,157)(1,771)

Purchase of treasury stock

(0)

(0)

Dividends paid

(313)

(779)

Other, net

(53)

(55)

Net cash used in financing activities

(515)

(996)

576

120

Net increase (decrease) in cash and cash equivalents(5,398)(5,795)

Cash and cash equivalents at beginning of period

27,38826,099Cash and cash equivalents at end of period

21,99020,303

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(Changes to accounting policies)(Application of the Implementation Guidance on Accounting Standard for Fair Value Measurement)
The Company has applied the Implementation Guidance on Accounting Standard for Fair Value Measurement (AccountingStandards Board of Japan Guidance No. 31, June 17, 2021; “Fair Value Measurement Implementation Guidance”
hereinafter) since the start of the quarter. Pursuant to the transitional treatment described in Paragraph 27-2 of the Fair Value
Measurement Implementation Guidance, the new accounting policies stipulated therein will be applied for the future. Thischange has had no impact on the quarterly consolidated financial statements for the quarter.

9

(Segment information, etc.)[Segment information]
Information on amounts of net sales and profit or loss by reporting segment in the three months ended March 31, 2022
(January 1 – March 31, 2022)(Unit: millions of yen)
Other
(Note 1)

Total

Adjustments(Note 2)

Amount on
consolidated
statement ofincome(Note 3)57,35430

57,384-

57,384

-

17

5

22

(22)

-

2,513

5,350

57,37135

57,407(22)

57,384

103

407

2,748

(15)

2,733

(0)

2,733

Reporting segment
Die
Castings

Builders’
HardwarePrinting
Equipment

Sales to unaffiliatedcustomers
Inter-segment sales ortransfers
Total

49,490

2,513

5,350

17

-

49,507

Segment income (loss)

2,237

Total

Net sales

Notes:
1. The “Other” category consists of businesses not included in reporting segments, including the insurance agency and golf course
businesses.
2. Adjustments to segment income or loss include elimination of intersegment transactions.
3. Segment income or loss matches operating income on the Quarterly Consolidated Income Statement.
Information on amounts of net sales and profit or loss by reporting segment in the three months ended March 31, 2023
(January 1 – March 31, 2023)(Unit: millions of yen)Amount on
Reporting segment
consolidated
Other
Adjustments
Totalstatement ofDie
Builders’Printing(Note 1)
(Note 2)
Total
incomeCastings
Hardware Equipment(Note 3)
Net sales
Sales to unaffiliatedcustomers
Inter-segment sales ortransfers
Total

53,549

2,568

5,450

61,56733

61,601－

61,601

13

-

-

13

1

15

(15)

－

53,562

2,568

5,450

61,581

34

61,616(15)

61,601

Segment income (loss)

1,588

41

316

1,946

(14)

1,931

(0)

1,931

Notes:
1. The “Other” category consists of businesses not included in reporting segments, including the insurance agency and golf course
businesses.
2. Adjustments to segment income or loss include elimination of intersegment transactions.
3. Segment income or loss matches operating income on the Quarterly Consolidated Income Statement.

10Supplementary materials for the financial results
for the three months ended March 31, 2023

May 11, 2023
RYOBI LIMITED(Units: millions of yen, %)December 2022
First threeFirst sixmonthsmonthsProfit margin

Profit margin

113,606

December 2023
First threemonthsFull year
Profit margin

Profit margin

Profit margin

129,000

Profit margin

57,384

Operating income

2,733

4.8

2,048

1.8

6,969

2.8

1,931

3.1

2,500

1.9

7,500

2.8

Ordinary income

3,153

5.5

3,091

2.7

7,791

3.1

2,120

3.4

2,400

1.9

7,400

2.8

Net income attributableto owners of parent

2,143

3.7

1,807

1.6

4,784

1.9

1,291

2.1

1,700

1.3

5,500

2.1

55.83 yen

61,601

Full year(forecast)

Net sales

Net income per share 66.21 yen

249,521First six months(forecast)

39.91 yen

147.80 yen

266,000

52.52 yen

169.92 yen

Net sales by segment
Share

Share

Share

Share

Share

Share

Die Castings

49,490 86.2

98,160 86.4 215,726 86.5

53,549 86.9 112,400 87.1 231,700 87.1

Builders’ Hardware

2,513

4.4

4,885

4.3

10,145

4.1

2,568

4.2

5,200

4.0

11,000

4.1

Printing Equipment

5,350

9.3

10,4589.2

23,417

9.4

5,450

8.8

11,4008.8

23,3008.8

Domestic

27,693 48.3

53,193 46.8 114,726 46.0

28,093 45.6

58,700 45.5 122,300 46.0

Overseas

29,690 51.7

60,412 53.2 134,794 54.0

33,507 54.4

70,300 54.5 143,700 54.0

Operating income by segment
Profit margin

Die Castings

Profit margin

Profit margin

Profit margin

Profit margin

Profit margin

2,237

4.5

1,184

1.2

5,232

2.4

1,588

3.0

2,000

1.8

6,500

2.8

Builders’ Hardware

103

4.1

127

2.6

226

2.2

41

1.6

100

1.9

300

2.7

Printing Equipment

407

7.6

744

7.1

1,506

6.4

316

5.8

400

3.5

700

3.0

%

Total assets%

301,572%

300,285%--

Shareholders' equity 130,639 45.0 136,754 45.3 134,460 44.8 136,855 46.4--

Retained earnings

74,124 25.6

73,789 24.5

76,118 25.3

76,601 26.0--

Interest-bearing debt

75,323 26.0

78,535 26.0

74,358 24.8

74,747 25.4-

70,000Capital expenditure

4,032

8,825

18,6462,929-

18,000Depreciation

4,409

8,972

18,327

4,428-

18,000(1,265)513

16,787

(169)

-

-

(4,194)(7,705)(15,860)(4,750)

-

-

(515)

405

(2,856)

(996)

-

-

Cash flow from operating
activities
Cash flow from investing
activities
Cash flow from financing
activities

290,089294,711(Unit: persons)
Number of employees atthe end of the period

7,293

7,266

(Projected exchange rates in first six months
ending June 30, 2023, and beyond)

7,375

7,427

USD/JPY
CNY/JPY

125
18.5

-

GBP/JPY
THB/JPY-155
3.6