Consolidated Financial Results
for the Fiscal Year Ended December 31, 2019
(Japanese GAAP)

February 13, 2020

Company Name: RYOBI LIMITED
Stock Code: 5851
(URL: https://www.ryobi-group.co.jp/)
Stock Exchange Listing: Tokyo
Representative: Akira Urakami, President and CEO
Contact: Hiromu Arihiro, Corporate Officer Divisional General Manager
Contact: Hiromu Arihiro, Corporate Planning Division General Manager Finance Department
Phone: +81-3-3501-0511
Scheduled date of Ordinary General Meeting of Shareholders: March 27, 2020
Scheduled date to commence dividend payments: March 30, 2020
Scheduled date to submit the Annual Securities Report: March 27, 2020
Financial Results Presentation Meeting : Yes (for financial analysts / investors)(Any amount less than one million is disregarded.)

1. Consolidated Financial Results for the Fiscal Year Ended December 31, 2019
(From January 1, 2019 to December 31, 2019)(1) Consolidated Results of Operations(% indicates changes from the previous fiscal year.)Net sales

Operating profit

Millions of yen%

Millions of yen

Profit attributable toowners of parent

Ordinary profit%

Millions of yen%

Millions of yen%

FY December 2019

220,519-

8,495-

8,734-4,913-

FY December 2018

216,187-

13,579-13,965-

8,588-(Note) Comprehensive income: Year ended December 31, 2019: 5,700 million yen [－%]
Year ended December 31, 2018: 3,172 million yen [－%]
Fully diluted profit
per share
Yen
YenProfit per share%

Ordinary profit
to total assets ratio%

Operating profit
to net sales ratio%

Return on equity

FY December 2019

151.79

-

4.1

3.3

3.9

FY December 2018

265.32

-

7.4

5.2

6.3

(Reference) Equity in earnings of affiliated companies: FY December 2019: 103 million yen(Reference) Equity in earnings of affiliated companies: FY December 2018: 42 million yen* With regard to the fiscal year ended December 31, 2018, which fall under the transitional period, the consolidated fiscal year of the Company and its
domestic consolidated companies was the nine-month period from April 1, 2018 to December 31, 2018. For overseas consolidated companies, theconsolidated fiscal period was the 12-month period from January 1, 2018 to December 31, 2018. For this reason, the report does not indicate year-on-year
percentage changes.

-1-(2) Consolidated Financial Position
Total assets

Shareholders'equity ratio

Net assets

Shareholders’equity per share

As of December 31, 2019

Millions of yen
263,179

Millions of yen
129,575

%
45.8

Yen
3,723.34

As of December 31, 2018268,982

125,52143.4

3,605.47(Reference) Shareholders' Equity: As of December 31, 2019: 120,520 million yen(Reference) Shareholders' Equity: As of December 31, 2018: 116,705 million yen(3) Consolidated Cash Flows
Cash and cash
equivalents
at end of period

Net cash provided by(used in) operating
activities

Net cash provided by(used in) investing
activities

Net cash provided by(used in) financing
activities

FY December 2019

Millions of yen
30,326

Millions of yen-26,278

Millions of yen-2,268Millions of yen
21,356FY December 2018

24,664-17,547-9,13919,632

2. Dividends
Cash dividends per share

Total dividends Payout ratio
Dividends to net
End of 1Q End of 2Q End of 3Q Year-end Annual paid(annual) (consolidated) assets (consolidated)
Yen
Yen
Yen
Yen
Yen
Millions of%%FY December 2018–35.00

–

35.00

70.00

2,26526.4

1.9

FY December 2019–35.00

–

35.00

70.00

2,265

46.1

1.9

FY December 2020
(Forecast)

–

35.00

–

35.00

70.00

55.3

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending December 31, 2020
(From January 1, 2020 to December 31, 2020)
Net sales

Operating profit

Ordinary profit%

Yen%First Half

103,900-7.3

1,900 -60.5

1,900-60.5

1,400 -62.0

43.25

Full year

213,300-3.3

6,000 -29.4

5,900-32.5

4,100 -16.6

126.66

Millions of yen%

Profit per share

Millions of yen

Millions of yen%

Profit attributableto owners of parent
Millions of yen＊Notes(1) Significant changes of companies during the fiscal year ended December 31, 2019 (changes in specific companies involving changes
in the scope of consolidation) : Not applicable
New companies : Not applicableExcluded companies : Not applicable(2) 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-2-(3) Shares issued (common stock)
1) Shares issued
As of December(including treasury stock)31, 2019
As of December
2) Treasury stock
31, 2019
3) Average shares
FY December
outstanding during the2019
period32,646,143
277,173
32,369,014

As of December
31, 2018
As of December
31, 2018

32,646,143
277,069

FY December
2018

32,369,082(Reference) Summary of the Non-consolidated Financial Results
Overview of the Non-consolidated Financial Results for the Fiscal Year Ended December 31, 2019
(From January 1, 2019 to December 31, 2019)(1) Non-consolidated Results of Operations
Net sales

Ordinary profit

Operating profit

ProfitFY December 2019

Millions of yen
98,582Millions of yen
67

Millions of yen
3,994

Millions of yen
3,975

FY December 201883,184

2,435

4,654

1,835

FY December 2019

Yen
122.83

Fully diluted profit
per shareYen–

FY December 2018

56.71

–

Profit per share* With regard to the fiscal year ended December 31, 2018, which fall under the transitional period, the fiscal year of the Company was the nine-month
period from April 1, 2018 to December 31, 2018. For this reason, the report does not indicate year-on-year percentage changes.

(2) Non-consolidated Financial Position

As of December 31, 2019

Millions of yen
160,338

Millions of yen
75,261%
46.9

Shareholders'equity per shareYen
2,325.11

As of December 31, 2018

158,960

73,28446.1

2,264.03

Total assets

Shareholders'equity ratio

Net assets(Reference) Shareholders' Equity: As of December 31, 2019: 75,261 million yen
As of December 31, 2018: 73,284 million yen* These consolidated quarterly financial results are outside the scope of the quarterly review.
* Explanation for the appropriate use of performance forecasts and other special notes: (Cautionary note on forward-looking statement)
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 commitment by theCompany. Therefore, there might be cases in which actual results differ from forecast values.

-3-Comparative Balance Sheets (Consolidated)(Millions of yen)
December 31, 2018

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
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Bond issuance cost
Total deferred assets
Total assets-4-December 31, 2019

20,79158,358770
17,04914,006
15,842
3,711(260)
130,269

22,51841,197768
17,006
13,853
14,294
2,951(47)
112,543

32,30546,821
18,2899,928
4,946
112,291

33,375
52,112
17,85012,692
5,576
121,607

3,504
3,504

3,716
3,716

17,726
1,732
3,069
401
(66)
22,862
138,658

18,217
3,736
1,781
1,608
(62)
25,280150,60454
54
268,9823131
263,179

Comparative Balance Sheets (Consolidated)(Millions of yen)
December 31, 2018

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Current portion of bonds
Current portion of long-term loans payable
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

45,196
24,774－7,481
772
762

35,67323,427
2,300
6,788
804
576

45
21,884
100,9171220,390
89,972

8,400
21,256
1,331
507
8,369
2,678
42,542
143,460

6,100
23,292
2,790
510
8,032
2,906
43,631
133,604

18,472
21,82074,831(346)
114,777

18,472
21,854
78,139(346)
118,120

5,127
808(1,530)(2,478)5,443
809(2,626)(1,226)

1,927
8,816
125,521268,982-5-

December 31, 2019

2,400
9,054
129,575
263,179

Comparative Statements of Income (Consolidated)(Millions of yen)

Nine-month transitional
fiscal period ended
December 31, 2018
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rent income
Dividend income of insurance
Share of profit of entities accounted for using
equity method
Usage income of trademark
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on abandonment of inventories
Foreign exchange losses
Depreciation
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on disposal of non-current assets
Gain on sales of investment securities
Gain on bargain purchaseTotal extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Impairment loss
Loss on valuation of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-6-

Fiscal year ended
December 31, 2019

216,187
184,581
31,60518,026
13,579220,519
190,305
30,214
21,719
8,495

87
393
354
128

93
410
302
133

42
204
650
1,862

103
243
446
1,732

1,134
60
29
40
211
1,476
13,965

1,036
43
195
42
176
1,493
8,734

18
12
646
676

57
44－
101

184
2,109－
2,293
12,348
1,942
1,376
3,318
9,030
442
8,588

163
639
15
818
8,017
1,070
1,746
2,817
5,200
287
4,913

Comparative Statements of Comprehensive Income (Consolidated)(Millions of yen)
Nine-month transitional
fiscal period ended
December 31, 2018
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to noncontrolling interests

9,030

5,200

(2,013)70(2,900)337(0)(1,009)(1)(5,857)
3,172

(86)
500
5,700

2,887

5,386

284

314

(1,013)-7-

Fiscal year ended
December 31, 2019

1,258

Comparative Statements of Cash Flows (Consolidated)(Millions of yen)

Nine-month transitional
fiscal period ended
December 31, 2018
Cash flows from operating activities
Profit 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
Share of loss (profit) of entities accounted forusing equity method
Loss (gain) on disposal of non-current assets
Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities
Gain on bargain purchase
Decrease (increase) in notes and accounts
receivable - trade
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in notes and accounts
payable - trade
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant andequipment
Purchase of securities
Proceeds from sales of securities
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Payments for acquisition of businesses
Payments into time deposits
Proceeds from withdrawal of time deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans
payableProceeds from long-term loans payable
Repayments of long-term loans payable
Purchase of treasury shares
Cash dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

12,34812,531
2,109

8,017
15,370639

219(1,255)19(480)
1,134

(214)
(186)
(221)
(503)
1,036

(42)
165
(12)
－(646)

(103)
106
(44)
15－

4,545
(3,626)
186

16,210
1,661
514

(662)
1,857
(475)
27,917498(1,140)(2,610)24,664(9,477)(803)(375)
31,641539(1,018)(835)
30,326(15,608)(24,586)(1,058)－(1,223)
1,223
(877)
(17,547)－(1,192)(2,404)
2,404(742)(26,278)(5,339)5,734(7,245)(0)(2,260)(27)(9,139)(1,211)
8,819(7,424)(0)(2,265)(184)(2,268)10(680)
680
(42)
28

(278)
(2,299)21,931
19,632-8-

Fiscal year ended
December 31, 2019

214
(1,340)1,340(44)73(54)
1,724
19,632
21,356INDUSTRY SEGMENT INFORMATIONRYOBI LIMITEDSEGMENT INFORMATION(CONSOLIDATED)(Millions of yen)
(Apr. 1, 2018 - Dec. 31, 2018)
Builders'
hardwareDie castings

Printing
equipment

Other

Eliminations /corporate

Consolidated

216,187

Sales & Operating income
Net sales
Unaffiliated customer

188,403

7,885

19,704

193

-

106-

-

44(150)188,509

7,885

19,704237(150)

216,187

12,580

372

603

22

0

13,579Total Assets

207,661

10,3

24,9691,592

24,395

268,982

Depreciation

12,215

94

209

10-

12,531

Capital Expenditure

19,533

223

211

19-

19,987

Intersegment
Total
Operating income-Assets, Depreciation and Capital Expenditure(Millions of yen)(Jan. 1, 2019 - Dec. 31, 2019)
Die castings

Builders'
hardwarePrinting
equipment

OtherEliminations /corporate

Consolidated

185,938

10,712

23,661

207-

220,519

122--

55

(177)

186,060

10,712

23,661

263(177)

220,519

7,659

697

144

(5)

(0)

8,495

Total Assets

202,898

10,2

23,017

1,627

25,344

263,179

Depreciation

14,871

175

307

16-

15,370Capital Expenditure

24,322

363

137

14-

24,839

Sales & Operating income
Net sales
Unaffiliated customer
Intersegment
Total
Operating income-

Assets, Depreciation and Capital Expenditure* All amounts have been rounded down to the nearest million yen.

-9-