Consolidated Financial Results
for the Nine Months Ended September 30, 2023
[Japanese GAAP]
November 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: November 9, 2023
Date of scheduled payment of dividend: Availability of supplementary briefing material on quarterly results: Yes
Presentation Meeting: No

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

1.
Consolidated Financial Results for the Nine Months Ended September 30, 2023 (From January 1, 2023 to September 30, 2023)(1) Consolidated Results of Operations(% indicates changes from the corresponding period of the previous fiscal year.)Net sales

Operating income

Net income
attributable toowners of parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

203,218

13.3

8,469

187.4

9,945

148.1

7,100

219.6

Nine months ended September 30, 2022
179,311
24.5
2,947
–
4,009
(Note) Comprehensive income: Nine months ended September 30, 2023: 18,689 million yen [18.3%]
Nine months ended September 30, 2022: 15,801 million yen [145.8%]

–

2,221

–

Nine months ended September 30, 2023

Net income
per share

Diluted net income
per share
Yen

Yen

Nine months ended September 30, 2023

219.37–

Nine months ended September 30, 2022

68.64

–

(2) Consolidated Financial Position
Total assets

Net assets

Millions of yen

Millions of yen%

321,764

160,36447.0

143,723

44.8

As of September 30, 2023

As of December 31, 2022
300,285(Reference) Shareholders’ Equity: As of September 30, 2023: 151,141 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 Nine months ended September 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)2) Treasury stock3) Average shares outstanding
during the period

As of September 30,
2023
As of September 30,
2023
Nine months ended
September 30, 2023

32,646,143
277,764
32,368,476

As of December 31,
2022
As of December 31,
2022
Nine months ended
September 30, 2022

32,646,143
277,580
32,368,665* 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)(Nine months ended September 30, 2023).................................................................................................................................. 6(Quarterly Consolidated Statement of Comprehensive Income)(Nine months ended September 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 nine months ended September 30, 2023

1

1. Qualitative information concerning the quarter(1) Description of business results
During the Nine months ended September 30, 2023 (January 1 - September 30, 2023), prospects in the business environment inwhich the Group operates remained uncertain for various reasons, including the continuing conflict in Ukraine, the soaring costof energy and other resources, and price and exchange rate fluctuations attributable to tight monetary policies worldwide. Still,there were some 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 nine months ended September 30, 2023 showed growth in sales and profits from the same period of theprevious fiscal year, as shown below.
Consolidated financial results

Net sales(Millions of yen)
Nine months ended
September 30, 2022
179,311

Nine months ended
September 30, 2023
203,218

Increase/Decrease
23,907

13.3%

Operating income

2,947

1.6%

8,469

4.2%

5,522

187.4%

Ordinary income
Net income attributableto owners of parent

4,009

2.2%

9,945

4.9%

5,936

148.1%

2,221

1.2%

7,100

3.5%

4,879

219.6%

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 and increasing in yen-based sales of overseas subsidiaries due to the weak yen. Growth in sales
boosted profits, despite rising energy costs, increasing labor 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)
Nine months ended
September 30, 2022
155,896
86.9%

Nine months ended
September 30, 2023
178,218
87.7%

Increase/Decrease
22,321

14.3%

Builders’ Hardware

7,359

4.1%

7,820

3.8%

460

6.3%

Printing Equipment

15,884

8.9%

17,020

8.4%

1,135

7.1%

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

Die Castings(Millions of yen)
Nine months ended
September 30, 2022
1,870
1.2%

Builders’ Hardware

187

2.5%

Printing Equipment

885

5.6%

Nine months ended
September 30, 2023
7,702
4.3%

Increase/Decrease
5,832

311.8%

148

1.9%

(38)

(20.6%)

630

3.7%

(254)

(28.8%)

Percentages indicate profit margin or rate of increase/decrease.

2(2) Description of financial position
Total assets at the end of the third quarter were up 21,479 million yen from the end of the previous consolidated fiscal year to
321,764 million yen. This was due mainly to increases of 6,174 million yen in inventories, 5,949 million yen in notes andaccounts receivable - trade and 4,234 million yen in property, plant and equipment, while cash and deposits decreased by 1,424
million yen.
Liabilities were up 4,837 million yen from the end of the previous consolidated fiscal year to 161,399 million yen. This was due
mainly to a increases of 1,774 million yen in notes and accounts payable – trade and 1,129 million yen in provision for bonuses.
Retirement benefit liability decreased by 315 million yen. The balance of interest-bearing debt not including discounts on notes
receivable and lease liabilities was 74,475 million yen.
Net assets were up 16,641 million yen from the end of the previous consolidated fiscal year to 160,364 million yen. Major
accounts showing increases over the same period included foreign currency translation adjustments (up 7,865 million yen) andretained earnings (up 5,158 million yen). Shareholders’ equity, the result of subtracting non-controlling interests from net assets,
was up 16,681 million yen from the end of the previous consolidated fiscal year to 151,141 million yen. As a result, the equity
ratio improved by 2.2 percentage points from the end of the previous consolidated fiscal year to 47.0%.
(Millions of yen)
As of December 31, 2022
Total assets
Shareholders’EquityInterest-bearing debt

As of September 30, 2023

300,285

321,764

Increase/Decrease
21,4797.2%

134,460

44.8%

151,14147.0%

16,681

12.4%

74,35824.8%

74,475

23.1%

117

0.2%

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 24,573 million yen, down 1,526 million yen from theend of the previous consolidated fiscal year.
Cash flow provided by operating activities was 14,930 million yen, up 10,724 million yen from the same period in the previous
consolidated fiscal year. This increase was due mainly to 13,365 million yen in depreciation and 9,867 million yen in income
before income taxes. Factors including an increase of 3,483 million yen in inventories and an increase of 3,413 million yen in
trade receivables had negative effects on cash flow.
Cash flow used in investing activities was 11,694 million yen, down 1,194 million yen from the same quarter in the previous
consolidated fiscal year. This was due mainly to various expenditures, including 10,859 million yen on the purchase of property,
plant and equipment.
Cash flow used in financing activities was 5,295 million yen, up 3,433 million yen from the same quarter in the previous
consolidated fiscal year. This was due to various factors, including a decrease of 3,102 million yen in long- and short-termborrowings and the payment of 1,938 million yen in dividends.
(Millions of yen)
Nine months ended
September 30, 2022
Cash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities

Nine months ended
September 30, 2023

Increase/Decrease

4,206

14,93010,724(12,889)(11,694)

1,194(1,862)(5,295)(3,433)(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

42023/9/30

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

25,91564,287650
21,465
18,346
21,8233,801(36)
156,253

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

33,916
61,05815,85011,121
6,247
128,193

2,803
2,803

2,692
2,692

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

19,67515,014(64)
34,624
165,511
321,764

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

2023/9/30

Liabilities
Current liabilities
Notes and accounts payable - trade46,54648,320

Short-term borrowings

39,94239,397

Current portion of long-term borrowings

6,545

11,099

Income taxes payable

879

1,045

Provision for bonuses

549

1,678

Provision for directors' bonuses

36

–

Other

20,19919,904

Total current liabilities

114,698

121,445

Long-term borrowings

27,86923,977Retirement benefit liability

7,183

6,868

Other

6,809

9,107

Total non-current liabilities

41,86339,953

156,561

161,399

Common stock

18,472

18,472

Additional paid in capital

21,892

22,291Retained earnings

76,11881,277

Treasury stock

(346)

(347)

116,136

121,693

5,649

8,674

811

811

Foreign currency translation adjustment

11,675

19,541Remeasurements of defined benefit plans

186

420

18,32329,448

9,263

9,223

143,723

160,364

300,285

321,764

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

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

Net sales

179,311203,218

Cost of sales

160,735

178,477

Gross profit

18,57524,741

Selling, general and administrative expenses

15,628

16,271

Operating income

2,947

8,469

Interest income

100

98

Dividend income

224

236

Non-operating income

Rental income

116

113

Foreign exchange gains

647

1,176

–

130

Usage income of trademark

260

335

Subsidy income

47

15

Other

595

612

1,992

2,720

Interest expenses

747

1,044

Share of loss of entities accounted for using equity
method23–

Depreciation

10

9

Other

148

189

Total non-operating expenses

929

1,244

4,009

9,945

Gain on disposal of non-current assets

17

47

Gain on sale of investment securities–

3

Total extraordinary income

17

50

144

90

Share of profit of entities accounted for using equity
methodTotal non-operating income
Non-operating expenses

Ordinary income
Extraordinary income

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

4–

Impairment loss–

38

Total extraordinary losses

148

128

Income before income taxes

3,878

9,867

Income taxes

1,384

2,431

Net income

2,493

7,436

271

335

2,221

7,100

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

6

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

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

2,493

7,436

(264)

3,151

–

0

Foreign currency translation adjustment

13,171

7,695

Remeasurements of defined benefit plans

103

235

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

297

170

13,307

11,25315,801

18,689Comprehensive income attributable to owners of parent

15,523

18,225Comprehensive income attributable to non-controllinginterests

277

463

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, 2022
to: September 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 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 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

8

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

3,878
13,658
–
(5)
701
(86)
(324)
747
(47)

9,867
13,365
38
4
1,129
(80)
(335)
1,044
(15)

23

(130)

4
126
(10,632)(3,092)
(701)
402
662
(32)
5,281
352
(788)
67
(706)
4,206

–
42
(3,413)(3,483)
(84)
749
(655)
(991)
17,052307(966)
15(1,477)
14,930(13,070)
68
(650)
650
(1)
–
(1,214)
1,214
114(12,889)(10,859)
214
(650)
650
(8)
4
(1,312)
1,214(948)(11,694)

2,183
11,023(12,495)(1,500)
(0)
(944)
(128)
(1,862)(2,627)4,130(4,606)–(0)(1,938)(253)(5,295)972

532(9,572)
27,38817,816(1,526)26,09924,573

(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.

9

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

Amount on
consolidated
statement ofincome(Note 3)

179,311–

179,311

12

56

(56)

–

179,184

182

179,367(56)

179,311

2,942

4

2,947

(0)

2,947

Reporting segment
Die
Castings

Other(Note 1)

Builders’
HardwarePrinting
Equipment

155,896

7,359

15,884

179,141

169

43

–

–

43

155,939

7,359

15,884

1,870

187

885

Total

Total

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

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 nine months ended September 30, 2023
(January 1 – September 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

178,218

7,820

17,020203,058160

203,218–

203,218

41

–

–

41

14

55

(55)

–

178,259

7,820

17,020203,100174

203,274(55)

203,218

7,702

148

630

8,481

(11)

8,470

(0)

8,469

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 nine months ended September 30, 2023

November 8, 2023
RYOBI LIMITED(Units: millions of yen, %)December 2021
First nine
Full year
monthsProfit margin

December 2022
First nine
Full year
monthsProfit margin

Profit margin

Profit margin

198,073

Operating income(1,588) (1.1)(1,524) (0.8)

2,947

1.6

6,969

2.8

8,469

4.2

10,5003.9

Ordinary income(494) (0.3)

4

0.0

4,009

2.2

7,791

3.1

9,945

4.9

12,0004.4

Net income attributableto owners of parent(477) (0.3)(4,397) (2.2)

2,221

1.2

4,784

1.9

7,100

3.5

8,400

3.1

(135.87) yen

68.64 yen

203,218

Profit margin

144,063(14.74) yen

249,521

Profit margin

Net sales

Net income per share

179,311

December 2023
First nine
Full year
months(forecast)

147.80 yen

270,000

219.37 yen

259.51 yen

Net sales by segment

Die Castings

123,567

Share

Share

Share

Share

Share

Share

85.8 169,898

85.8 155,896

86.9 215,726

86.5 178,218

87.7 235,700

87.3

Builders’ Hardware

6,909

4.8

9,574

4.8

7,359

4.1

10,145

4.1

7,820

3.8

11,000

4.1

Printing Equipment

13,4409.3

18,393

9.3

15,884

8.9

23,417

9.4

17,0208.4

23,300

8.6

Domestic

75,79952.6 103,649

52.3

82,26445.9 114,726

46.0

89,77344.2 119,000

44.1

Overseas

68,26447.4

94,424

47.7

97,04654.1 134,794

54.0 113,445

55.8 151,000

55.9

Operating income by segment

Die Castings

Profit margin

Profit margin(1,380) (1.1)(1,449) (0.9)

Builders’ Hardware

259

Printing Equipment(470) (3.5)

3.8

Profit margin

Profit margin

Profit margin

Profit margin

1,870

1.2

5,232

2.4

7,702

4.3

9,500

4.0

3.8

187

2.5

226

2.2

148

1.9

300

2.7

(417) (2.3)

885

5.6

1,506

6.4

630

3.7

700

3.0

362

%

%

%

%

%

–

Total assets

269,419

279,422

303,309300,285

321,764

Shareholders' equity

123,27845.8 122,926

44.0 138,213

45.6 134,460

44.8 151,141

47.0

–

Retained earnings

75,50828.0

71,587

25.6

73,55624.3

76,11825.3

81,277

25.3–

Interest-bearing debt

72,192

26.8

73,76926.4

77,371

25.5

74,35824.8

74,47523.1

70,000Capital expenditure

9,364

13,07013,277

18,646

10,401

18,000Depreciation

12,86917,24013,65818,327

13,36518,00010,851

14,9004,206

16,787

14,930–(9,204)(12,162)(12,889)(15,860)(11,694)–(2,431)(1,936)(1,862)(2,856)(5,295)–

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

7,248

7,243

(Projected exchange rates ending December 31, 2023)

7,352

7,375

7,533

–

USD/JPY
CNY/JPY

135
19.5

GBP/JPY
THB/JPY170
3.8