Consolidated Financial Results
for the Six Months Ended June 30, 2023
[Japanese GAAP]
August 8, 2023
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 the Quarterly Securities Report: August 8, 2023
Date of scheduled payment of dividend: September 1, 2023
Availability of supplementary briefing material on quarterly 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, 2023 (From January 1, 2023 to June 30, 2023)(1) Consolidated Results of Operations(% indicates changes from the corresponding period of the previous fiscal year.)Net sales

Six months ended June 30, 2023

Operating income

Net income
attributable toowners of parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

129,836

14.3

4,847

136.7

6,066

96.2

4,331

139.7

3,091

–

1,807

700.6

Six months ended June 30, 2022
113,606
18.9
2,048
–
(Note) Comprehensive income: Six months ended June 30, 2023: 12,488 million yen [-8.7%]
Six months ended June 30, 2022: 13,676 million yen [126.3%]
Net income
per share

Diluted net income
per share
Yen

Yen

Six months ended June 30, 2023

133.83–Six months ended June 30, 2022

55.83

–

The change in ordinary income from the corresponding period of the previous fiscal year is indicated “-” because it was more than
1,000% in the six months ended June 30, 2022.
(2) Consolidated Financial Position
Total assets

Net assets

Millions of yen

Millions of yen%

311,392

155,38246.8

143,723

44.8

As of June 30, 2023

As of December 31, 2022
300,285(Reference) Shareholders’ Equity: As of June 30, 2023:
145,874 million yen
As of December 31, 2022: 134,460 million yen
2.

Shareholders’ equity ratio

Dividends

FY December 31, 2022
FY December 31, 2023
FY December 31, 2023 (Forecast)End of Q1
Yen––

Cash dividends per share
End of Q2
End of Q3
Year-end
Yen
Yen
Yen
20.00
–
25.00
35.00
–
35.00

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

Annual
Yen
45.00
70.00

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 from previous fiscal year.)Net sales
Millions of yen

Operating income%

Millions of yen

Net income
attributable to ownersof parent

Ordinary income%

Millions of yen%

Net income pershare

Millions of yen

%

Yen

8,400

75.6

259.51

Full year
270,000
8.2
10,50050.7
12,00054.0(Note) Correction from the consolidated forecast, which is published in the most recent: No*Notes(1) Significant changes of companies during the six months ended June 30, 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 June 30, 2023

32,646,143

2) Treasury stock

As of June 30, 2023

277,677

3) Average shares outstanding
during the period

Six months ended
June 30, 2023

32,368,510

As of December 31,
2022
As of December 31,
2022
Six months ended
June 30, 2022

32,646,143
277,580
32,368,687* 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)(Six months ended June 30, 2023) .............................................................................................................................................. 6(Quarterly Consolidated Statement of Comprehensive Income)(Six months ended June 30, 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 six months ended June 30, 2023

1

1. Qualitative information concerning the quarter(1) Description of business results
During the six months ended June 30, 2023 (January 1 - June 30, 2023), prospects in the business environment in which theGroup operates remained uncertain for various reasons, including the continuing conflict in Ukraine, the soaring cost of energy
and other resources, and price and exchange rate fluctuations attributable to tight monetary policies worldwide. Still, there weresome signs of improvement, including recovering domestic and international automotive production.
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 six months ended June 30, 2023 showed growth in sales and profits from the same period of the previous
fiscal year, as shown below.
Consolidated financial results

Net sales(Millions of yen)Six months ended
June 30, 2022
113,606

Six months ended
June 30, 2023
129,836

Increase/decrease
16,23014.3%

Operating income

2,048

1.8%

4,847

3.7%

2,799

136.7%

Ordinary income
Net income attributableto owners of parent

3,091

2.7%

6,066

4.7%

2,975

96.2%

1,807

1.6%

4,331

3.3%

2,524

139.7%

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 thanks to various factors, including recovery in automotive production alongside improvements
in semiconductor supply system. Growth in sales boosted profits, despite rising energy costs and 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 cut fixed costs, profits fell for various reasons, including rising procurement costs for
products produced overseas.
In the Printing Equipment business, sales were up YoY, while profit declined. Net sales increased in both the domestic andoverseas markets. Profits fell due to factors such as the impact of soaring raw material prices, despite efforts to improve
productivity and cut fixed costs.
(i) Net sales by segment

Die Castings(Millions of yen)Six months ended
June 30, 2022
98,16086.4%

Builders’ Hardware

4,885

4.3%

Printing Equipment

10,4589.2%

Six months ended
June 30, 2023
113,566
87.5%

Increase/decrease
15,405

15.7%

5,213

4.0%

327

6.7%

10,961

8.4%

502

4.8%

Percentages indicate share of the total or rate of increase/decrease.
(ii) Operating income by segment(Millions of yen)Six months ended
June 30, 2022

Die Castings

Six months ended
June 30, 2023

Increase/decrease

1,184

1.2%

4,371

3.8%

3,187

269.2%

Builders’ Hardware

127

2.6%

104

Printing Equipment

744

7.1%

388

2.0%

(23)

(18.4%)

3.5%

(355)

(47.8%)

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 11,107 million yen from the end of the previous consolidated fiscal year to311,392 million yen. This was due mainly to increases of 4,660 million yen in inventories and 3,746 million yen in property,
plant and equipment, while cash and deposits decreased by 5,093 million yen.
Liabilities were down 551 million yen from the end of the previous consolidated fiscal year to 156,010 million yen. This wasdue mainly to a decrease of 3,956 million yen in notes and accounts payable - trade. Short- and long-term borrowings increased
by 1,815 million yen. The balance of interest-bearing debt not including discounts on notes receivable and lease liabilities was
76,173 million yen.
Net assets were up 11,659 million yen from the end of the previous consolidated fiscal year to 155,382 million yen. Major
accounts showing increases over the same period included foreign currency translation adjustments (up 5,428 million yen) andretained earnings (up 3,522 million yen). Shareholders’ equity, the result of subtracting non-controlling interests from net assets,
was up 11,414 million yen from the end of the previous consolidated fiscal year to 145,874 million yen. As a result, the equity
ratio improved by 2.0 percentage points from the end of the previous consolidated fiscal year to 46.8%.
(Millions of yen)
As of December 31, 2022
Total assets
Shareholders’EquityInterest-bearing debt

As of June 30, 2023

300,285

Increase/decrease

311,392

11,1073.7%

134,460

44.8%

145,874

46.8%

11,414

8.5%

74,35824.8%

76,173

24.5%

1,815

2.4%

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 21,006 million yen, down 5,093 million yen from theend of the previous consolidated fiscal year.
Cash flow provided by operating activities was 4,494 million yen, up 3,980 million yen from the same period in the previous
consolidated fiscal year. This increase was due mainly to 8,847 million yen in depreciation and 6,010 million yen in income
before income taxes. Factors including a decrease of 4,815 million yen in trade payables and an increase of 2,632 million yen in
inventories had negative effects on cash flow.
Cash flow used in investing activities was 8,375 million yen, up 669 million yen from the same quarter in the previous
consolidated fiscal year. This was due mainly to various expenditures, including 7,697 million yen on the purchase of property,
plant and equipment.
Cash flow used in financing activities was 1,633 million yen, up 2,039 million yen from the same quarter in the previous
consolidated fiscal year. This was due to various factors, including the payment of 810 million yen in dividends and a decreaseof 719 million yen in long- and short-term borrowings.
(Millions of yen)Six months ended
June 30, 2022
Cash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities

Six months ended
June 30, 2023

Increase/decrease

513

4,494

3,980

(7,705)(8,375)

(669)

405

(1,633)(2,039)(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
July 20, 2023 (in the announcement of revised forecasts of financial results).

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

42023/6/30

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

22,24660,939650
19,972
18,032
22,116
3,938(28)
147,867

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

33,24657,942
15,816
14,5406,160
127,706

2,803
2,803

2,751
2,751

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

18,48914,643(64)
33,068
163,525
311,392

(Unit: millions of yen)2022/12/31

2023/6/30

Liabilities
Current liabilities
Notes and accounts payable - trade46,54642,589

Short-term borrowings

39,94239,381

Current portion of long-term borrowings

6,545

8,841

Income taxes payable

879

827

Provision for bonuses

549

552

Provision for directors' bonuses

36

–

Other

20,19920,467

Total current liabilities

114,698

112,660

Long-term borrowings

27,86927,950Retirement benefit liability

7,183

6,857

Other

6,809

8,541

Total non-current liabilities

41,863

43,349156,561

156,010

Common stock

18,472

18,472

Additional paid in capital

21,892

21,895Retained earnings

76,11879,641

Treasury stock

(346)

(346)

116,136

119,662

5,649

7,953

811

811

Foreign currency translation adjustment

11,675

17,104Remeasurements of defined benefit plans

186

342

18,323

26,212

9,263

9,508

143,723

155,382

300,285

311,392

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)(Six months ended June 30, 2023)(Unit: million yen)
from: January 1, 2022
to: June 30, 2022

from: January 1, 2023
to: June 30, 2023

Net sales

113,606

129,836

Cost of sales

101,487

114,412Gross profit

12,11915,424

Selling, general and administrative expenses

10,070

10,577

Operating income

2,048

4,847

Interest income

68

62

Dividend income

221

233

Non-operating income

Rental income

77

77

Foreign exchange gains

674

1,074

Share of profit of entities accounted for using equity
method

14

101

Usage income of trademark

140

198

Subsidy income

40

14

Other

364

297

1,601

2,060

433

669

6

6

Other

118

165

Total non-operating expenses

558

840

3,091

6,066

Gain on disposal of non-current assets

1038

Gain on sale of investment securities–

3

Total extraordinary income

10

41

131

58

6

–

Total non-operating income
Non-operating expenses
Interest expenses
Depreciation

Ordinary income
Extraordinary income

Extraordinary losses
Loss on disposal of non-current assets
Loss on valuation of investment securities–

38

Total extraordinary losses

137

97

Income before income taxes

2,963

6,010

Income taxes

946

1,507

Net income

2,017

4,503

Impairment loss

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

6

210

171

1,807

4,331

(Quarterly Consolidated Statement of Comprehensive Income)(Six months ended June 30, 2023)(Unit: million yen)
from: January 1, 2022
to: June 30, 2022
Net income

from: January 1, 2023
to: June 30, 2023
2,017

4,503

150

2,398

–

0

11,1405,321

Remeasurements of defined benefit plans

68

157

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

299

107

11,6597,984

13,676

12,488Comprehensive income attributable to owners of parent

13,425

12,220Comprehensive income attributable to non-controllinginterests

251

267

Other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
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: June 30, 2022
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
SubtotalInterest and dividends received
Interest paid
Subsidies received
Income taxes refund (paid)
Net cash provided by operating activities
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
Redemption of bonds
Purchase of treasury stock
Dividends paid
Other, net
Net cash provided by 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 beginning of period
Cash and cash equivalents at end of period

8

from: January 1, 2023
to: June 30, 2023

2,963
8,972
–
(7)
14
(188)
(289)
433
(40)

6,010
8,847
38
(3)
3
(170)
(295)
669
(14)

(14)

(101)

6
121
(6,962)(3,412)(901)(1,062)
1,065
122
820
323
(437)
48
(241)
513

–
20
(656)
(2,632)(244)(4,815)
(98)
(744)
5,812
275
(613)
14
(994)
4,494

(7,961)
57
(650)
650
(2)
–
(1,214)1,214
200(7,705)(7,697)
167
(650)
650
(6)
4
(1,214)
1,214(842)(8,375)

3,088
9,423
(10,192)(1,500)
(0)
(325)
(89)
405

(2,158)4,032(2,593)
–
(0)
(810)
(103)
(1,633)951

420(5,835)27,38821,553(5,093)26,09921,006

(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 current fiscal year. Pursuant to the transitional treatment described in Paragraph 27-2 ofthe Fair Value Measurement Implementation Guidance, the new accounting policies stipulated therein will be applied forthe future. This change has had no impact on the quarterly consolidated financial statements for the quarter under review.

9(Segment information, etc.)[Segment information]
Information on amounts of net sales and profit or loss by reporting segment in the six months ended June 30, 2022
(January 1 – June 30, 2022)(Unit: millions of yen)
Adjustments(Note 2)

Amount on
consolidated
statement ofincome(Note 3)

113,606–

113,606

3

29

(29)

–

113,531104

113,635(29)

113,606

2,056

(8)

2,048

(0)

2,048

Reporting segment
Die
Castings

Other(Note 1)

Builders’
HardwarePrinting
Equipment

98,1604,885

10,458113,505

101

25

–

–

25

98,186

4,885

10,458

1,184

127

744

Total

Total

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

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 six months ended June 30, 2023
(January 1 – June 30, 2023)
Reporting segment
Die
Castings

Other(Note 1)

Total

(Unit: millions of yen)Amount on
consolidated
Adjustments
statement of(Note 2)income(Note 3)

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

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

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 six months ended June 30, 2023

August 8, 2023
RYOBI LIMITED(Units: millions of yen, %)December 2021
First six months
Full year
Profit margin

December 2022
First six months
Full year

Profit margin

Profit margin

113,606

December 2023
First six months
Full year(forecast)Profit margin

249,521

Profit margin

129,836

Profit margin

Net sales

95,567

198,073

270,000

Operating income(621) (0.7)(1,524) (0.8)

2,048

1.8

6,969

2.8

4,847

3.7

10,5003.9

Ordinary income

101

0.1

4

0.0

3,091

2.7

7,791

3.1

6,066

4.7

12,0004.4

Net income attributableto owners of parent

225

0.2

(4,397) (2.2)

1,807

1.6

4,784

1.9

4,331

3.3

8,400

3.1

Net income per share

6.97 yen(135.87) yen

55.83 yen

147.80 yen

133.83 yen

259.51 yen

Net sales by segment
Share

Share

Share

Share

Share

Share

Die Castings

82,14086.0 169,898

85.8

98,16086.4 215,726

86.5 113,566

87.5 235,700

87.3

Builders’ Hardware

4,520

4.7

9,574

4.8

4,885

4.3

10,145

4.1

5,213

4.0

11,000

4.1

Printing Equipment

8,817

9.2

18,393

9.3

10,4589.2

23,417

9.4

10,961

8.4

23,300

8.6

Domestic

51,25153.6 103,649

52.3

53,19346.8 114,726

46.0

57,47844.3 119,000

44.1

Overseas44,31546.4

94,42447.7

60,412

53.2 134,794

54.0

72,35855.7 151,000

55.9

Operating income by segment
Profit margin

Profit margin

Die Castings(369) (0.5)(1,449) (0.9)

Builders’ Hardware

233

Printing Equipment(488) (5.5)

Profit margin

Profit margin

Profit margin

1,184

1.2

5,232

2.4

4,371

3.8

9,500

4.0

3.8

127

2.6

226

2.2

104

2.0

300

2.7

(417) (2.3)

744

7.1

1,506

6.4

388

3.5

700

3.0

362

5.2

Profit margin

%

%

%

%

%

－

Total assets

270,051

279,422

301,572

300,285

311,392

Shareholders' equity

123,21045.6 122,926

44.0 136,754

45.3 134,460

44.8 145,874

46.8

－

Retained earnings

76,53428.3

71,587

25.6

73,78924.5

76,11825.3

79,641

25.6－

Interest-bearing debt

73,54727.2

73,76926.4

78,53526.0

74,35824.8

76,17324.5

70,000Capital expenditure

6,031

13,0708,825

18,646

7,506

18,000Depreciation

8,475

17,2408,972

18,327

8,847

18,000

11,133

14,900513

16,787

4,494－(6,878)(12,162)(7,705)(15,860)(8,375)－(767)(1,936)405(2,856)(1,633)－

Cash flow from operating
activities
Cash flow from investing
activities
Cash flow from financing
activities(Unit: persons)
Number of employees at theend of the period

7,340(Projected exchange rates in first nine months
ending September 30, 2023, and beyond)

7,243

7,266

7,375

7,403

－

USD/JPY
CNY/JPY

135
19.5

GBP/JPY
THB/JPY170
3.8