Consolidated Financial Results
for the Fiscal Year Ended December 31, 2023
[Japanese GAAP]
February 13, 2024
Company Name:
Stock Code:
Representative:
Contact:

RYOBI LIMITED5851
URL https://www.ryobi-group.co.jp/(Title) President and CEO(Name)
Akira Urakami(Title) Corporate Officer(Name)
Hiromu Arihiro
Divisional Deputy General Manager ofCorporate Planning Division
General Manager of Finance Department
Scheduled date of Ordinary General Meeting of Shareholders: March 27, 2024
Scheduled date to submit the Annual Securities Report: March 27, 2024
Date of scheduled payment of dividend: March 28, 2024
Availability of supplementary briefing material on yearly results: Yes
Presentation Meeting: Yes (for securities analysts / institutional investors)

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

1.
Consolidated Financial Results for the Fiscal Year Ended December 31, 2023 (From January 1, 2023 to December 31, 2023)(1) Consolidated Results of Operations(% indicates changes from the previous fiscal year.)Net sales

Operating income

Net income
attributable to ownersof parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

282,693

13.3

12,21475.3

13,861

77.9

7,791

–

FY ended December 31, 2023

FY ended December 31, 2022
249,521 26.0
6,969–
(Note) Comprehensive income: FY ended December 31, 2023: 19,046 million yen [55.9%]
FY ended December 31, 2022: 12,215 million yen [99.2%]%

10,115 111.4
4,784

–

Diluted net
income per share

Return on equity

Ordinary income
to total assets
ratio

Operatingincometo net sales ratio

Yen

Yen

%

%

%

312.51

–

7.1

4.5

4.3

Net income
per share

FY ended December 31, 2023

Millions of yen

FY ended December 31, 2022
147.80–3.7
2.7(Reference) Equity in earnings of affiliated companies: FY ended December 31, 2023: 154 million yen
FY ended December 31, 2022: (225) million yen* As year-on-year percentage changes of ordinary income for FY ended December 31, 2022 would be more than 1,000%, it isindicated as “-”.

2.8

(2) Consolidated Financial Position
Shareholders’ equity
ratio

Shareholders' equity
per share

Millions of yen%

Yen

160,72147.5

4,674.39

As of December 31, 2022
300,285
143,723(Reference) Shareholders’ Equity: As of December 31, 2023: 151,302 million yen
As of December 31, 2022: 134,460 million yen

44.8

4,154.04

As of December 31, 2023

Total assets

Net assets

Millions of yen
318,839(3) Consolidated Cash FlowsNet cash provided by(used in) operating
activities

Net cash provided by(used in) investing
activities

Net cash provided by(used in) financing
activities

Cash and cash
equivalents
at end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

FY ended December 31, 2023

26,005(17,432)(8,593)

26,401

FY ended December 31, 2022

16,787(15,860)(2,856)26,099

2.

Dividends
Cash dividends per share
End of Q1 End of Q2 End of Q3 Year-end

Total
Dividends to
Payout ratio
dividends
net assets ratio(consolidated)
Annualpaid(annual)(consolidated)
Yen Millions of yen
%
%

Yen

Yen

Yen

Yen

FY December 2022

–

20.00

–

25.00

45.00

1,456

30.4

1.1

FY December 2023

–

35.00

–

45.00

80.00

2,589

25.6

1.8

FY December 2024
(Forecast)

–

40.00

–

40.00

80.00

3.

28.8

Forecast of Consolidated Financial Results for the Fiscal Year Ending December 31, 2024
(From January 1, 2024 to December 31, 2024)(% indicates percentage changes as compared with the previous corresponding fiscal period and fiscal year, as applicable.)

Net salesFirst half
Full year

Operating income

Net income
attributable to ownersof parent

Ordinary income

Net income per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

150,000
305,000

15.5
7.9

5,600
13,000

15.5
6.4

5,500
12,800

(9.3)
(7.7)

4,000
9,000

(7.7)
(11.0)

123.58278.05*Notes(1) Significant changes of companies during the Fiscal Year ended December 31, 2023 (changes in specific companies involving
changes in the scope of consolidation): Not applicable
New Company: –Excluded companies: –(2) Changes in accounting policies, changes in accounting estimates and restatements
1)
2)
3)
4)

Changes in accounting policies due to the revision of accounting standards: Applicable
Changes in accounting policies other than 1): Not applicable
Changes in accounting estimates: Not applicable
Restatements: Not applicable(Note) Please see “3. Consolidated financial statements and main notes (5)Main notes to the consolidated financial statements (Changes to accounting
policies)” on page 15.

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

As of December 31, 2023

32,646,143

As of December 31, 2022

32,646,143

2) Treasury stock

As of December 31, 2023

277,764

As of December 31, 2022

277,580

3) Average shares outstanding
during the period

FY December 31, 2023

32,368,452

FY December 31, 2022

32,368,647

(Reference) Summary of the Non-consolidated Financial Results
Overview of the Non-consolidated Financial Results for the Fiscal Year Ended December 31, 2023
(From January 1, 2023 to December 31, 2023)(1) Non-consolidated Results of Operations(% indicates changes from the corresponding period of the previous fiscal year.)Net sales

Operating income%

Millions of yen%

108,158

10.4

1,356 (17.5)

3,766 (45.1)

2,074 (59.5)

FY ended December 31, 2022

97,9475.9

1,643

6,864 223.7

5,125

–

Millions of yen

Net income

FY ended December 31, 2023

Net income per share

Millions of yen

Ordinary income%

Millions of yen%–

Fully diluted net
income per share

Yen

Yen

FY ended December 31, 2023

64.10

–

FY ended December 31, 2022

158.35–(2) Non-consolidated Financial Position
Shareholders’ equity
ratio

Shareholders' equity
per share

Total assets

Net assets

Millions of yen

Millions of yen%

Yen

176,967

79,03844.7

2,441.84

As of December 31, 2022
174,991
76,331(Reference) Shareholders’ Equity: As of December 31, 2023: 79,038 million yen
As of December 31, 2022: 76,331 million yen

43.6

2,358.19

As of December 31, 2023

* These consolidated financial results are outside the scope of audit.
* 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 “1. Status of business results, etc.
(1) Analysis of business results 3) Outlook for the next fiscal year (fiscal year ending December 2024)” on page 4.

Index of attached documents
1. Status of Business Results, etc. ........................................................................................................................................................... 2(1) Analysis of Business Results ........................................................................................................................................................ 2(2) Overview of Financial Position for the Fiscal Year under Review ................................................................................................ 5(3) Basic Profit Allocation Policy, and Dividends for Current and New Fiscal Year .......................................................................... 7
2. Basic Policy for the Selection of Accounting Standards ..................................................................................................................... 7
3. Consolidated Financial Statements and Main Notes ........................................................................................................................... 8(1) Consolidated Balance Sheet .......................................................................................................................................................... 8(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ..................................................... 10(Consolidated Statement of Income) ........................................................................................................................................... 10(Consolidated Statement of Comprehensive Income) ................................................................................................................. 11(3) Consolidated Statements of Changes in Equity........................................................................................................................... 12(4) Consolidated Statement of Cash Flows ....................................................................................................................................... 14(5) Main Notes to the Consolidated Financial Statements ................................................................................................................ 15(Notes on the Going-concern Assumption) ................................................................................................................................. 15(Changes to Accounting Policies) ............................................................................................................................................... 15(Segment Information, etc.) ........................................................................................................................................................ 16(Per Share Information) .............................................................................................................................................................. 19(Important Subsequent Events) ................................................................................................................................................... 19
4. Non-consolidated Financial Statements and Main Note.................................................................................................................... 20(1) Balance Sheet .............................................................................................................................................................................. 20(2) Statement of Income ................................................................................................................................................................... 22(3) Statements of Changes in Equity ................................................................................................................................................ 23(Supplementary information) Supplementary materials for the financial results for the fiscal year ended December 31, 2023

1

1. Status of Business Results, etc.
(1) Analysis of Business Results

1) Business results for the current consolidated fiscal year (fiscal year ended December 2023)
In the consolidated fiscal year under review, the business environment in which the Group operates continued to improvemoderately, including recovering domestic and international automotive production. Nevertheless, prospects remain uncertain,
including the continuing conflict in Ukraine, the deteriorating situation in the Middle East, the soaring cost of energy and otherresources, and price and exchange rate fluctuations attributable to monetary policies worldwide.
Under these conditions, the Group actively promoted sales activities and made progress on various measures, including measuresintended to lower costs, improve productivity, and improve business efficiency.
Consequently, the financial results for the consolidated fiscal year under review showed growth in sales and profits from theprevious consolidated fiscal year, as shown below.
Consolidated financial results

Net sales(Millions of yen)
Results for the Fiscal Year
Ended December 31, 2022
249,521

Results for the Fiscal Year
Ended December 31, 2023
282,693

Increase/Decrease
33,172

13.3%

Operating income

6,969

2.8%

12,214

4.3%

5,244

75.3%

Ordinary income
Net income attributableto owners of parent

7,791

3.1%

13,861

4.9%

6,070

77.9%

4,784

1.9%

10,115

3.6%

5,331

111.4%

Percentages indicate profit margin or rate of increase/decrease.

22) Status by Business
Viewed by segment, both sales and profits in the Die Castings business were up from the previous consolidated fiscal year. Net
sales increased in both domestic and overseas markets thanks to various factors, including recovering domestic and overseas
automotive production alongside improvements in the semiconductor supply system and higher yen-based sales of overseas
subsidiaries due to the weak yen. Growth in sales and other factors boosted profits, despite rising energy costs and increasing
labor costs, among other factors.
In the Builders’ Hardware business, sales were up from the previous consolidated fiscal year, while profits declined. Net sales
increased in both domestic and overseas markets. Profits fell for various reasons, including rising procurement costs for products
produced overseas and increasing labor costs, despite the effect of higher sales.
In the Printing Equipment business, sales were up from the previous consolidated fiscal year, while profit declined. Net sales
increased in both domestic and overseas markets. Profits fell due to factors such as the impact of soaring raw material prices andincreasing labor costs despite efforts to improve productivity.
Net sales by segment

Die Castings(Millions of yen)
Results for the Fiscal Year
Ended December 31, 2022
215,726
86.5%

Results for the Fiscal Year
Ended December 31, 2023
247,551
87.6%

Increase/Decrease
31,825

14.8%

Builders’ Hardware

10,145

4.1%

10,823

3.8%

678

6.7%

Printing Equipment

23,417

9.4%

24,094

8.5%

677

2.9%

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

Die Castings(Millions of yen)
Results for the Fiscal Year
Ended December 31, 2022
5,232
2.4%

Results for the Fiscal Year
Ended December 31, 2023
10,916
4.4%

Increase/Decrease
5,684

108.6%

Builders’ Hardware

226

2.2%

172

1.6%

(54)

(24.1%)

Printing Equipment

1,506

6.4%

1,136

4.7%

(370)

(24.6%)

Percentages indicate profit margin or rate of increase/decrease.

33) Outlook for the next fiscal year (fiscal year ending December 2024)
Despite rising prices, the slowing Chinese economy, and events in Ukraine and in the Middle East, the Japanese economy isexpected to maintain a path of moderate recovery, thanks in part to improving employment and income and the effects of various
policies.
Based on these circumstances, we currently anticipate higher sales and operating income for the consolidated fiscal year ending
December 2024 than in the consolidated fiscal year under review, as shown below. However, due to smaller foreign exchange
gains, ordinary income and net income attributable to owners of parent are expected to decline.
The assumed exchange rates are 140 yen to the U.S. dollar, 180 yen to the British pound, 19.5 yen to the Chinese yuan, and 4.0
yen to the Thai baht.
Consolidated business forecast

Net sales(Millions of yen)
Results for the Fiscal Year
Ended December 31, 2023
282,693

Forecasts for the Fiscal YearEnding December 31, 2024
305,000

Increase/Decrease
22,306

7.9%

Operating income

12,2144.3%

13,000

4.3%

785

6.4%

Ordinary income
Net income attributableto owners of parent

13,861

4.9%

12,8004.2%(1,061)(7.7%)

10,115

3.6%

9,000

3.0%

(1,115)(11.0%)

Percentages indicate profit margin or rate of increase/decrease.
The outlook for full-year operating results by segment for the next consolidated fiscal year is as follows.
Sales in the Die Castings business are expected to increase both in Japan and overseas as automotive production continues torecover. Thanks to higher sales, despite the effects of higher labor costs and soaring energy prices, profits are also expected toincrease.
Sales in the Builders’ Hardware business are expected to increase both in Japan and overseas, and profits are expected to increase
due to higher sales.
Sales in the Printing Equipment business are expected to increase both in Japan and overseas; however, profits are expected to
decline due to soaring raw material costs and higher exhibition expenses.
Net sales by segment

Die Castings(Millions of yen)
Results for the Fiscal Year
Ended December 31, 2023
247,551
87.6%

Builders’ Hardware

10,823

3.8%

Printing Equipment

24,094

8.5%

Forecasts for the Fiscal YearEnding December 31, 2024
267,700
87.8%

Increase/Decrease
20,1488.1%

11,000

3.6%

176

1.6%

26,300

8.6%

2,205

9.2%

Percentages indicate share of the total or rate of increase/decrease.
Operating income by segment(Millions of yen)
Results for the Fiscal Year
Ended December 31, 2023

Die Castings

Forecasts for the Fiscal YearEnding December 31, 2024

Increase/Decrease

10,916

4.4%

12,200

4.6%

1,283

11.8%

Builders’ Hardware

172

1.6%

300

2.7%

127

74.3%

Printing Equipment

1,136

4.7%

500

1.9%

(636)

(56.0%)

Percentages indicate profit margin or rate of increase/decrease.

4(2) Overview of Financial Position for the Fiscal Year under Review

1) Asset, liabilities and net assets
Total assets at the end of the fiscal year under review were up 18,554 million yen from the end of the previous consolidated
fiscal year to 318,839 million yen. This was due mainly to increases of 5,961 million yen in notes and accounts receivable trade, 4,487 million yen in inventories and 4,355 million yen in investment securities.
Liabilities were up 1,556 million yen from the end of the previous consolidated fiscal year to 158,118 million yen. This was due
mainly to increases of 4,366 million yen in notes and accounts payable – trade and 2,123 million yen in deferred tax liabilities.
Long- and short-term borrowings decreased by 4,162 million yen. The balance of interest-bearing debt not including discounts
on notes receivable and lease liabilities was 70,195 million yen.
Net assets were up 16,997 million yen from the end of the previous consolidated fiscal year to 160,721 million yen. Major
accounts showing increases over the same period included retained earnings (up 8,173 million yen) and foreign currencytranslation adjustments (up 4,623 million yen). Shareholders’ equity, the result of subtracting non-controlling interests from net
assets, was up 16,842 million yen from the end of the previous consolidated fiscal year to 151,302 million yen. As a result, theshareholders’ equity ratio improved by 2.7 percentage points from the end of the previous consolidated fiscal year to 47.5%.
(Millions of yen)
As of December 31, 2022

As of December 31, 2023

Increase/Decrease

Total assets

300,285

Shareholders’ equity

134,46044.8%

151,30247.5%

16,842

12.5%

Interest-bearing debt

74,35824.8%

70,19522.0%(4,162)(5.6%)

318,839

18,554

6.2%

Percentages indicate percentage of total assets or rate of increase/decrease.

52) Cash flows
The balance of cash and cash equivalents at the end of the fiscal year under review stood at 26,401 million yen, up 301 million
yen from the end of the previous consolidated fiscal year.
Cash flow provided by operating activities was 26,005 million yen. This increase was due mainly to 18,489 million yen in
depreciation, 13,220 million yen in income before income taxes and 3,637 million yen in increase in trade payables. Factors
including an increase of 4,363 million yen in trade receivables had negative effects on cash flow.
Cash flow used in investing activities was 17,432 million yen. This was due mainly to various expenditures, including 16,322
million yen on the purchase of property, plant and equipment.
Cash flow used in financing activities was 8,593 million yen. This was due to various factors, including a decrease of 6,320
million yen in long- and short-term borrowings and the payment of 1,941 million yen in dividends.
(Millions of yen)

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

Results for the Fiscal Year
Ended December 31, 2022

Results for the Fiscal Year
Ended December 31, 2023

Increase/Decrease

16,78726,005

9,218(15,860)(17,432)(1,571)(2,856)(8,593)(5,737)

Results for the Fiscal Year
Ended December 31, 2022
44.8%

Results for the Fiscal Year
Ended December 31, 2023
47.5%

The trend in cash flow indicators is as follows.

Shareholders’ equity ratio
Shareholders’ equity ratio based on market value

12.4%

27.0%

Ratio of interest-bearing debt to cash flows

4.4 years

2.7 years

Interest coverage ratio

16.6 times

21.7 times(Notes)Shareholders’ equity ratio : Shareholders’ equity / Total asset
Shareholders’ equity ratio based on market value : Market capitalization / Total assets
Ratio of interest-bearing debt to cash flows: Interest-bearing debt / Cash flows from Operating
activities
Interest coverage ratio : Cash flows from Operating activities / Interest paid
1. Each indicator is calculated based on consolidated figures.
2. Market capitalization is calculated as the closing stock price at the end of the term × the numberof shares issued (net of treasury stock) at the end of the term.
3. Interest-bearing debt covers debt recorded on the consolidated balance sheet on which interest is
paid (discounted notes receivable and lease obligations are excluded).
4. Operating cash flow is the cash flow from operating activities stated on the consolidated cash
flow statement.
5. Interest paid is the amount of interest paid stated on the consolidated statement of cash flows.

6(3) Basic Profit Allocation Policy, and Dividends for Current and New Fiscal Year
Our basic profit distribution policy is to maintain a stable return of profits to shareholders while securing funds for growthinvestment along with a medium- to long-term improvement in consolidated operating performance. In addition, we determine
profit distribution after considering various factors, using a dividend payout ratio of 30% as a guide, in addition to maintaining
stable dividends. Funds retained internally are used to strengthen our production and sales systems in response to changes in thebusiness environment, capital expenditures for growth, the development of new technologies and products, operationalrationalization, and other efforts to strengthen competitiveness and improve earnings power over the medium to long term.
Given various factors, including our performance in the period under review and our financial position based on the above policy,
the board of directors resolved at their meeting on February 13, 2024 to increase the most recent year-end dividend planned forthe fiscal year ended December 2023 of 35 yen by 10 yen to 45 yen per share, which is 20 yen higher than in the previous period,
and to submit this proposal to the general meeting of shareholders to be held on March 27, 2024. As a result, the annual dividend
including the 35 yen interim dividend will be 80 yen per share, 35 yen higher than in the previous period.
The planned dividend for the fiscal year ending December 2024 is 80 yen per share per annum (interim dividend of 40 yen andyear-end dividend of 40 yen).
Details of dividends from surplus (dividend increase)
Determined amountThe dividend forecast
published in the most recent(on August 8, 2023)

Previous period results(FY December 2022)

December 31, 2023

December 31, 2023

December 31, 2022

Dividend per share

45.00 yen

35.00 yen

25.00 yen

Total dividends paid(annual)1,456 million yen–

809 million yen

Effective date

March 28, 2024–

March 30, 2023

Dividend source

Retained earnings–

Retained earnings

Reference date

2. Basic Policy for the Selection of Accounting Standards
The Group’s policy is to prepare consolidated financial statements based on Japanese Accounting Standards with consideration
for inter-period and inter-company comparability.
Regarding the application of International Accounting Standards, our policy is to respond appropriately after taking into accountdomestic and overseas conditions.

73. Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheet(Unit: millions of yen)
December 31, 2022
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
Total assets

8

December 31, 2023

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

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

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

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

2,803
2,803

2,619
2,619

14,826
6,439
4,053
2,923
(63)
28,179154,943
300,285

19,182
8,235
4,445
4,325
(63)
36,125
162,193
318,839

(Unit: millions of yen)
December 31, 2022

December 31, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade46,54650,912

Short-term borrowings

39,942

36,625Current portion of long-term borrowings

6,545

9,553

Income taxes payable

879

1,300

Provision for bonuses

549

645

Provision for directors' bonuses

36

62

Other

20,19918,815

Total current liabilities

114,698

117,915

Long-term borrowings

27,86924,016

Deferred tax liabilities

3,242

5,366

Non-current liabilities

Deferred tax liabilities for land revaluation

510

510

Retirement benefit liability

7,183

7,044

Other

3,056

3,265

Total non-current liabilities

41,86340,202

156,561

158,118

Common stock

18,472

18,472

Additional paid in capital

21,892

22,294Retained earnings

76,11884,292

Treasury stock

(346)

(347)

116,136

124,711

5,649

8,394

811

811

Foreign currency translation adjustment

11,675

16,299Remeasurements of defined benefit plans

186

1,084

18,323

26,590

9,263

9,418

143,723

160,721300,285

318,839

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 assets

9(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income(Consolidated Statement of Income)(Unit: millions of yen)
from: January 1, 2022
to: December 31, 2022

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

Net sales

249,521282,693

Cost of sales

221,275

248,199

Gross profit

28,24534,494

Selling, general and administrative expenses

21,27622,280Operating income

6,969

12,214

Interest income

123

141

Dividend income

413

465

Rental income

156

152

Foreign exchange gains

321

893

Dividend income of insurance

41

147

Share of profit of entities accounted for using equity
method

–

154

342

417

Non-operating income

Usage income of trademark
Other
Total non-operating income

889

965

2,289

3,338

1,025

1,424

Non-operating expenses
Interest expenses
Loss on abandonment of inventories

44–

Depreciation

13

13

Share of loss of entities accounted for using equity
method

225

–

Other

156

252

1,466

1,690

7,791

13,861Gain on disposal of non-current assets

23

66

Gain on sale of investment securities–

3

Total extraordinary income

23

69

170

197

–

512

Total non-operating expenses
Ordinary income
Extraordinary income

Extraordinary losses
Loss on disposal of non-current assets
Impairment loss

4–

Loss on sale of investment securities

250–

Compensation expenses

430–

Total extraordinary losses

855

710

Income before income taxes

6,960

13,220

Income taxes – current

1,345

2,221

Income taxes – deferred

374

304

Total income taxes

1,720

2,525

Net income

5,240

10,695

Loss on valuation of investment securities

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

10

455

579

4,784

10,115

(Consolidated Statement of Comprehensive Income)(Unit: millions of yen)
from: January 1, 2022
to: December 31, 2022
Net income

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

5,240

10,695137

2,824

Other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land–0

Foreign currency translation adjustment

7,251

4,519

Remeasurements of defined benefit plans

(549)

902

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

136

103

Total other comprehensive income

6,975

8,350

12,21519,046Comprehensive income attributable to owners of parent

11,76918,383Comprehensive income attributable to non-controllinginterests

445

663

Comprehensive income
Comprehensive income attributable to11

(3) Consolidated Statements of Changes in Equity
Consolidated fiscal year ended December 31, 2022(January 1 – December 31, 2022)(Millions of yen)
Shareholders’ equity
Common stock
Balance at beginning of period
Cumulative impact of changes inaccounting policies
Balance at beginning of period
reflecting changes in accounting
policies
Changes during period

18,472

Balance at beginning of period
Cumulative impact of changes inaccounting policies
Balance at beginning of period
reflecting changes in accounting
policies
Changes during period
Dividends of surplus
Net income attributable toowners of parent
Purchase of treasury stock
Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Total shareholders’equity(346)
111,588

Treasury stock

718
18,472

Dividends of surplus
Net income attributable toowners of parent
Purchase of treasury stock
Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Additional paid
Retained earnings
in capital
21,87571,587

21,875718

72,305(346)

112,306

(971)

(971)

4,784

4,784
(0)

(0)

17

17

–

17

3,813

(0)

3,830

18,472

21,892

76,118(346)

116,136

Accumulated other comprehensive income
Total
Foreign
Valuation
Revaluation
accumulated
currency Remeasurements
difference onof defined
otherreserve foravailable-fortranslation benefit plans comprehensive
landsale securities
adjustment
income
5,503
811
4,288
734
11,337

Noncontrollinginterests

Total net
assets

8,790

131,717
718

5,503

811

4,288

734

11,337

8,790

132,435

(971)
4,784
(0)
17
146

–

7,387

(547)

6,985

472

7,458

146

–

7,387

(547)

6,985

472

11,288

5,649

811

11,675

186

18,323

9,263

143,72312

Consolidated fiscal year ended December 31, 2023(January 1 – December 31, 2023)(Millions of yen)

Common stock
Balance at beginning of period
Cumulative impact of changes inaccounting policies
Balance at beginning of period
reflecting changes in accounting
policies
Changes during period

18,472–
18,472

Dividends of surplus
Net income attributable toowners of parent
Purchase of treasury stock
Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Balance at beginning of period
Cumulative impact of changes inaccounting policies
Balance at beginning of period
reflecting changes in accounting
policies
Changes during period
Dividends of surplus
Net income attributable toowners of parent
Purchase of treasury stock
Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

Shareholders’ equity
Additional paid
Total shareholders’
Retained earnings Treasury stockin capital
equity21,892
76,118(346)
116,136

21,892

76,118(346)

116,136(1,942)(1,942)

10,115

10,115
(0)

(0)

401

401

–

401

8,173

(0)

8,574

18,472

22,29484,292(347)

124,711

Accumulated other comprehensive income
Total
Foreign
Valuation
Revaluation
accumulated
currency Remeasurements
difference onof defined
otherreserve foravailable-fortranslation benefit plans comprehensive
landsale securities
incomeadjustment
5,649
811
11,675
186
18,323

Noncontrollinginterests

Total net
assets9,263

143,723
–

5,649

811

11,675

186

18,323

9,263

143,723(1,942)
10,115
(0)
401
2,745

0

4,623

898

8,267

155

8,423

2,745

0

4,623

898

8,267

155

16,997

8,394

811

16,2991,084

26,5909,418

160,72113

(4) Consolidated Statement of Cash Flows(Unit: millions of yen)
from: January 1, 2022
to: December 31, 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

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

Loss (gain) on disposal of non-current assets
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
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

6,960
18,327
–
2
161
(319)
(537)
1,025
(66)
225
147
250
4
(12,038)(1,538)
(14)
4,074
1,038
246

13,22018,489
512
4
96
(195)
(606)
1,424
(77)
(154)
132
(3)
–
(4,363)(2,768)
(423)
3,637
451
(1,032)

Subtotal

17,94728,343

Interest and dividends received
Interest paid
Subsidies received
Income taxes refund (paid)

600(1,011)
86
(835)

553
(1,198)77(1,769)Net cash provided by operating activities

16,78726,005(16,879)76(1,300)
1,300
(11)
750
(2,404)
2,404
202(16,322)429(1,300)
1,300
(18)
4
(2,404)2,404(1,526)(15,860)(17,432)

2,039
11,110(13,365)(1,500)
(0)
(973)
(167)

(4,871)
5,320(6,768)–(0)(1,941)(332)(2,856)(8,593)640

322

Net increase (decrease) in cash and cash equivalents(1,289)301

Cash and cash equivalents at beginning of period

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

26,09926,401

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

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

14(5) Main Notes to the Consolidated Financial Statements(Notes on the Going-concern Assumption)
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 of the Fair Value
Measurement Implementation Guidance, the new accounting policies stipulated therein will be applied for the future. This change
has had no impact on the consolidated financial statements.

15

(Segment Information, etc.)[Segment Information]
1. Overview of reported segments
The Company's reported segments are the constituent units of the Company for which separate financial information isavailable. They are subject to periodic review by the board of directors to determine the allocation of the company’s resources
and to provide a management evaluation.
The Group consists of product-based segments, with Die Castings, Builders’ Hardware, and Printing Equipment representing
the three reported segments.
Die Castings consists of die-cast products and aluminum castings used as components for automobiles and other equipment.
Builders’ Hardware consists of door closers and other products.
Printing Equipment consists of offset-printing presses, printing peripheral equipment, and other products.
2. Method of calculating amounts of net sales, profits or losses, assets and other items by reportable segment
The earnings of the reported segments are operating profits. Intersegment sales or transfers are based on arm’s-length prices.
3. Information regarding amounts of net sales, profits or losses, assets and other items by reportable segment
Consolidated fiscal year ended December 31, 2022(January 1 – 31, 2022)(Millions of yen)
Adjustment(Note 2)

Amount on
consolidated
statement ofincome(Note 3)

Reporting segment

Net Sales
Sales unaffiliatedcustomers
Inter-segment sales ortransfers
Total

Other
(Note 1)

Total

Die
Castings

Builders’
HardwarePrinting
Equipment

215,726

10,14523,417249,288232

249,521–249,521

63

–

–

63

14

78

(78)

–

Total

215,789

10,14523,417249,351247

249,599(78)

249,521

Segment income

5,232

226

1,506

6,965

4

6,969

(0)

6,969

Segment assets

234,174

11,28323,028268,486228

268,71431,570300,285

Other items
Depreciation
17,881203
24118,3260
18,327–18,327
Amount invested
–
2,168
–
2,168
–
2,168
–
2,168
in equity-method
affiliates
Increase in tangible
18,307202
123
18,63312
18,646–
18,646
fixed assets andintangible fixed assets
Notes:
1. The “Other” category consists of businesses not included in reporting segments, including the insurance agency and golf course
businesses.
2. The adjustment amounts are as follows:(1) Adjustments to segment income include elimination of intersegment transactions, etc.
(2) Adjustments to segment assets are due to corporate assets and the elimination of intersegment transactions, etc.
3. Segment income matches operating income on the Consolidated Statement of Income.

16

Consolidated fiscal year ended December 31, 2023(January 1 – December 31, 2023)(Millions of yen)
Adjustment(Note 2)

Amount on
consolidated
statement ofincome(Note 3)

Reporting segment

Net Sales
Sales unaffiliatedcustomers
Inter-segment sales ortransfers
Total

Other
(Note 1)

Total

Die
Castings

Builders’
HardwarePrinting
Equipment

247,551

10,82324,094282,469223

282,693–282,693

51

–

–

51

16

67

(67)

–

247,603

10,82324,094

282,521239

282,761(67)

282,693

Total

Segment income

10,916172

1,136

12,224(10)

12,214(0)

12,214

Segment assets

246,865

11,99725,733

284,596247

284,844

33,995

318,839

Other items
Depreciation
18,031
213
244
18,4890
18,489–18,489Amount invested
–
2,459
–
2,459
–
2,459
–
2,459
in equity-method
affiliates
Increase in tangible
12,642181
1,040
13,86332
13,896–
13,896
fixed assets andintangible fixed assets
Notes:
1. The “Other” category consists of businesses not included in reporting segments, including the insurance agency and golf course
businesses.
2. The adjustment amounts are as follows:(1) Adjustments to segment income include elimination of intersegment transactions, etc.
(2) Adjustments to segment assets are due to corporate assets and the elimination of intersegment transactions, etc.
3. Segment income matches operating income on the Consolidated Statement of Income.

17

[Related Information]
Consolidated fiscal year ended December 31, 2022(January 1 – December 31, 2022)
1. Information by product and service
It is omitted here because similar information is disclosed in the segment information section.
2. Information by region(1) Net sales(Millions of yen)Japan

U.S.A.
114,726

China
36,951Others
45,002

Total
52,840249,521(Notes) Sales by region are based on the locations of customers and are classified by country or region.
(2) Tangible fixed assets(Millions of yen)Japan

U.S.A.
50,938Mexico18,633

China

10,821Others33,168

Total

10,398

123,959

Consolidated fiscal year ended December 31, 2023(January 1 – December 31, 2023)
1. Information by product and service
It is omitted here because similar information is disclosed in the segment information section.
2. Information by region(1) Net sales(Millions of yen)Japan

U.S.A.
124,786

China
50,178Others47,564

Total
60,163

282,693(Notes) Sales by region are based on the locations of customers and are classified by country or region.
(2) Tangible fixed assets(Millions of yen)Japan

U.S.A.
49,882

Mexico20,434

China

10,797

Others31,693

Total

10,639123,447[Information on impairment losses on fixed assets by reporting segment]
Consolidated fiscal year ended December 31, 2022(January 1 – December 31, 2022)
Not applicable.
Consolidated fiscal year ended December 31, 2023(January 1 – December 31, 2023)(Millions of yen)
Builders’
Hardware

Die Castings
Impairment loss–

Printing
Equipment

–

Other

–

18

Eliminations /Corporate

–

512

Total
512

(Per Share Information)

Net asset per share

Consolidated fiscal year ended
December 31, 2022
(January 1 – December 31, 2022)
4,154.04 yen

Consolidated fiscal year ended
December 31, 2023
(January 1 – December 31, 2023)
4,674.39 yen

147.80 yen

312.51 yen

Net income per share

Diluted net income per share–(Notes) 1. Diluted net income per share was omitted because there are no dilutive shares.
2. The basis for calculating net income per share is as follows.

Consolidated fiscal year ended
December 31, 2022
(January 1 – December 31, 2022)
Net income attributable to owners ofparent (million yen)Amount not attributable to commonshareholders (million yen)
Net income attributable to owners ofparent in relation to common shares(million yen)
Average number of shares during the
fiscal year (thousand shares)(Important Subsequent Events)
Not applicable.

19–

Consolidated fiscal year ended
December 31, 2023
(January 1 – December 31, 2023)

4,784

10,115

–

–

4,784

10,11532,36832,368

4. Non-consolidated Financial Statements and Main Note
(1) Balance Sheet(Unit: millions of yen)
December 31, 2022
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Electronically recorded monetary claims operating
Accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Accounts receivable - other
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Structures
Machinery and equipment
VehiclesTools, furniture and fixtures
Land
Construction in progress
Other
Total property, plant and equipment
Intangible assets
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Investments in capital of subsidiaries andassociates
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

20

December 31, 2023

13,926426

11,326
423

3,500

3,342

27,831
650
4,227
6,674
2,536
5,560
10,990769(3,070)74,022

29,310
650
4,647
6,665
2,802
6,599
10,437834(4,517)
72,521

9,225
633
7,350
50
3,223
11,8433,140
035,467

10,676
779
6,540
56
2,762
11,192
3,019–
35,027

1,274
127
1,402

1,058
114
1,172

10,971
17,78914,68017,87529,041

29,0417,339(1,043)64,098100,968
174,991

7,744(1,096)
68,245
104,445
176,967

(Unit: millions of yen)
December 31, 2022
Liabilities
Current liabilities
Electronically recorded obligations - operating
Accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Accounts payable - otherAccrued expenses
Income taxes payable
Provision for bonuses
Provision for board member’s bonuses
Deposits received from employees
Electronically recorded obligations-facilities
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for retirement benefits
Deferred tax liabilities
Provision for loss on guarantees
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Common stock
Additional paid in capital
Legal capital surplus
Other capital surplus
Total additional paid in capital
Retained earnings
Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury stock
Total shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

21

December 31, 2023

13,071
16,462
27,380
2,955
4,651
1,199
535
287
36
1,604
1,062
199
69,446

13,694
18,39524,980
6,055
4,266
1,167
270
348
62
1,589
281
495
71,60822,604
5,421
1,152
–
34
29,212
98,65917,648
5,183
2,961
492
33
26,32097,92818,472

18,472

11,617
10,052
21,66911,617
10,052
21,66931,16931,169(346)
70,96431,30231,302(347)
71,096

5,366

7,941

5,366
76,331
174,991

7,941
79,038
176,967(2) Statement of Income(Unit: millions of yen)
from: January 1, 2022
to: December 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Rental income
Outsourcing service income
Foreign exchange gains
Reversal of provision for loss guarantees
Other
Total non-operating income
Non-operating expenses
Interest expenses
Depreciation
Loss on abandonment of inventories
Provision of allowance for doubtful accounts
Provision for loss on guarantees
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on disposal of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Impairment loss
Loss on valuation of investment securities
Loss on sale of investment securities
Compensation expenses
Total extraordinary losses
Net income before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Net income

22

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

97,947
84,106
13,84012,196
1,643

108,158
93,915
14,242
12,885
1,356

133
3,467
440
244
229
1,874
882
7,273

353
2,011
440
250
976
–
895
4,929

321
142
12
1,502
–
73
2,052
6,864

316
142
–
1,499
492
67
2,519
3,766

0
–
0

46
3
49

27
–
4
250
430
711
6,153
698
329
1,028
5,125

18
512
–
–
–
531
3,285
520
689
1,210
2,074

(3) Statements of Changes in Equity
Non-consolidated fiscal year ended December 31, 2022(January 1 – December 31, 2022)(Millions of yen)
Shareholders’ equity
Additional paid in capital

Balance at beginning of period

Cumulative impact ofchanges in accounting
policies
Balance at beginning of
period reflecting changes inaccounting policies
Changes during period

Commonstock

Legalcapitalsurplus

Othercapitalsurplus18,472

11,617

10,052

18,472

11,617Retained earnings

Other retained
Total
earnings
additional
Retainedearnings
paid inbrought
capitalforward

10,052

21,66921,669Total
retainedearnings

26,431

26,431584

584

27,01527,015

Total
Treasuryshareholders’stockequity(346)

66,226584(346)

66,810

Dividends of surplus

(971)

(971)

(971)

Net income

5,125

5,125

5,125

Purchase of treasury stock

(0)

(0)

Net changes in items otherthan shareholders’ equity
Total changes during period

–

–

–

–

4,154

4,154

(0)

4,154

Balance at end of period

18,472

11,617

10,052

21,66931,16931,169(346)

70,964

Balance at beginning of period

Cumulative impact ofchanges in accounting
policies
Balance at beginning of
period reflecting changes inaccounting policies
Changes during period

Valuation and translation adjustments
Valuation difference on
Total valuation andavailable-for-saletranslation adjustments
securities
5,202
5,202

Total net assets
71,429
584

5,202

5,202

72,013

Dividends of surplus(971)

Net income

5,125
(0)

Purchase of treasury stock
Net changes in items otherthan shareholders’ equity

163

163

163

Total changes during period

163

163

4,317

Balance at end of period

5,366

5,366

76,33123

Non-consolidated fiscal year ended December 31, 2023(January 1 – December 31, 2023)(Millions of yen)
Shareholders’ equity
Additional paid in capital

Balance at beginning of period

Cumulative impact ofchanges in accounting
policies
Balance at beginning of
period reflecting changes inaccounting policies
Changes during period

Retained earnings

Other retained
Total
earnings
additional
Retainedearnings
paid inbrought
capitalforwardCommonstock

Legalcapitalsurplus

Othercapitalsurplus18,472

11,617

10,052

21,66931,169Total
retainedearnings

Treasury
stock

Total
shareholders’equity31,169(346)

70,964–

18,472

11,617

10,052

21,66931,16931,169(346)

Dividends of surplus(1,942)(1,942)(1,942)

Net income
Purchase of treasury
stock

2,074

2,074

2,074
(0)

70,964(0)

Net changes in items otherthan shareholders’ equity
Total changes during period

–

–

–

–

132

132

(0)

132

Balance at end of period

18,472

11,617

10,052

21,66931,30231,302(347)

71,096

Balance at beginning of period

Cumulative impact ofchanges in accounting
policies
Balance at beginning of
period reflecting changes inaccounting policies
Changes during period

Valuation and translation adjustments
Valuation difference on
Total valuation andavailable-for-saletranslation adjustments
securities
5,366
5,366

Total net assets

76,331
–

5,366

5,366

76,331Dividends of surplus(1,942)

Net income

2,074
(0)

Purchase of treasury stock
Net changes in items otherthan shareholders’ equity

2,575

2,575

2,575

Total changes during period

2,575

2,575

2,707

Balance at end of period

7,941

7,941

79,03824

Supplementary materials for the financial results
for the fiscal year ended December 31, 2023

February 13, 2024
RYOBI LIMITED(Units: millions of yen, %)'20/12'21/12

Profit margin'22/12

Profit margin'23/12

Profit margin

249,521'24/12 (Forecast)First half

Profit margin282,693

Profit margin

170,973

198,073

Operating income(1,789) (1.0)(1,524) (0.8)

6,969

2.8

12,2144.3

13,000

4.3

5,600

3.7

Ordinary income(35) (0.0)

4

0.0

7,791

3.1

13,861

4.9

12,800

4.2

5,500

3.7

Net income attributableto owners of parent(697) (0.4)(4,397) (2.2)

4,784

1.9

10,115

3.6

9,000

3.0

4,000

2.7

Net income per share(21.54) yen(135.87) yen

147.80 yen

312.51 yen

Return on equity(0.6)%(3.7)%

3.7%

Ordinary income to total
asset ratio(0.0)%

0.0%

145,869

305,000

Profit margin

Net sales

150,000

278.05 yen

123.58 yen

7.1%

－

－

2.7%

4.5%

－

－

Share

Share

Share

Share

Share

Share

85.3 169,898

85.8 215,726

86.5 247,551

87.6 267,700

87.8 132,200

88.2

Net sales by segment

Die Castings
Builders’ Hardware

9,406

5.5

9,574

4.8

10,145

4.1

10,8233.8

11,000

3.6

5,300

3.5

Printing Equipment

15,513

9.1

18,393

9.3

23,417

9.4

24,0948.5

26,3008.6

12,5008.3

Domestic

91,08853.3 103,649

52.3 114,726

46.0 124,786

44.1 132,300

43.4

64,90043.3

Overseas

79,884

46.7

94,42447.7 134,794

54.0 157,907

55.9 172,700

56.6

85,10056.7

Operating income by segment

Die Castings

Profit margin

Profit margin(1,612) (1.1)(1,449) (0.9)

Profit margin

10,916

4.4

12,200

4.6

5,500

4.2

3.8

226

2.2

172

1.6

300

2.7

50

0.9

1,506

6.4

1,136

4.7

500

1.9

50

0.4

Printing Equipment(944) (6.1)(417) (2.3)

%

%

%

%

–

–

47.5

–

–

84,292

26.4––

70,19522.0

70,000–13,89627,000–18,32718,48919,000–14,90016,78726,005––(17,567)(12,162)(15,860)(17,432)

–

–

9,718

(1,936)(2,856)(8,593)–

Total assets

258,660

279,422300,285

318,839

Shareholders’ equity

117,14745.3 122,926

44.0 134,460

44.8 151,302

Retained earnings

76,30929.5

71,587

25.6

76,11825.3

Interest-bearing debt

72,47528.0

73,76926.4

74,35824.8

Capital expenditure

17,392

13,07018,646

Depreciation

16,402

17,24011,795

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

Profit margin

2.4

799

362

Profit margin

5,232

Builders’ Hardware

8.5

Profit margin–(Unit: persons)

Number of employees at theend of the period

7,396

Assumed exchange rates for FY2024

7,243

7,375

7,497

–

–

USD/JPY
CNY/JPY

140
19.5

GBP/JPY
THB/JPY180
4.0