May 14, 2019

Consolidated Earnings Report for Fiscal Year 2018, Ended March 31, 2019
[Japanese Standards]
Company name:Securities code:
Representative:

Ryosan Company, Limited
Stock listing: First Section, Tokyo Stock Exchange
8140
URL http://www.ryosan.co.jp
Hiroyuki Kurihara, Representative Director, President
Masahide Nishiura, Director, Senior Executive Officer,
Inquiries:
TEL: +81-3-3862-2591
General Manager, Finance and Accounting Headquarters
Scheduled date of the Annual General Meeting of Shareholders:June 25, 2019
Scheduled payment date of dividend:
June 7, 2019
Scheduled filing date of the Annual Securities Report:
June 26, 2019
Supplementary materials for the annual financial results:
Yes
Investor conference for the annual financial results:
Yes (for security analysts and institutional investors)(Millions of yen rounded down)

1. Consolidated results for the fiscal year ended March 31, 2019 (April 1, 2018 to March 31, 2019)(1) Consolidated operating results(% change compared with the same period of the previous fiscal year (YoY))
Profit attributable toOperating income
Ordinary income
owners of parent

Net sales
Millions of yen%

Millions of yen%

Fiscal Year 2018249,688(1.7)
5,236
Fiscal Year 2017
254,077
16.5
5,665(Note) Comprehensive income
Fiscal Year 2018: 1,494 million yen (-66.7%),
Basic earnings
Diluted earnings perper share
share
Yen

(7.6)
21.6

Millions of yen

3,974
6,396

%

Millions of yen(37.9)
32.3

1,480
4,481

%

(67.0)
33.1

Fiscal Year 2017: 4,488 million yen (33.9%)
Ordinary income
Operating income
Return on equity
to net assets
to net sales%%

Fiscal Year 2018
62.07
－
1.6
2.6
Fiscal Year 2017173.98－4.4
4.0(Reference) Equity in earnings (losses) of non-consolidated subsidiaries and affiliates:
Fiscal Year 2018: (194) million yen,
Fiscal Year 2017: － million yen

Yen

%

2.1
2.2

(2) Consolidated financial position
Total assets

Net assets tototal assets

Net assets

Millions of yen

Net assets
per share

Millions of yen%

Yen

87,861
94,33159.9
58.1

3,750.01
3,852.59

March 31, 2019
146,588
March 31, 2018
162,257(Reference) Shareholders equity:
March 31, 2019: 87,861 million yen,March 31, 2018: 94,331 million yen(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal Year 2018
Fiscal Year 2017

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at the end of the period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

13,052(19,268)

(423)
634

(11,530)(6,580)14,58013,471

2. Dividends(Record date)Fiscal Year2017
Fiscal Year2018
Fiscal Year2019
(Forecast)End of
1Q

Dividends per share (Yen)End of
End of
End of
2Q
3Q
4Q

Annual(Millions of yen rounded down unless otherwise stated)
Dividends to net
Dividends
Payout ratio
assets ratio(Full fiscal year)(consolidated) %(consolidated) %

－

75.00

－

75.00

150.00

3,694

86.2

3.9

－

75.00

－

75.00

150.00

3,522

241.6

3.9

－

50.00

－

50.00

100.00123.3

Fiscal Year 2017

Interim dividend breakdown: 50 yen (ordinary), 25 yen (special)

Fiscal Year 2017

Year-end dividend breakdown: 50 yen (ordinary), 25 yen (special)

Fiscal Year 2018

Interim dividend breakdown: 50 yen (ordinary), 25 yen (special)

Fiscal Year 2018

Year-end dividend breakdown: 50 yen (ordinary), 25 yen (special)

Fiscal Year 2019

Interim dividend breakdown (forecast): 50 yen (ordinary)Fiscal Year 2019Year-end dividend breakdown (forecast): 50 yen (ordinary)

3. Forecast of results for the fiscal year ending March 31, 2020 (April 1, 2019 to March 31, 2020)(% figures for the full fiscal year represent year-on-year (YoY) increase or decrease,
while % figures for the interim period are the % change compared with the same period of the previous fiscal year (YoY).)
Profit attributable to
Basic earnings
Net sales
Operating income
Ordinary income
owners of parent
per share
Millions of yen

Interim period
Full fiscal year

115,000
235,000% Millions of yen(10.8)
(5.9)

1,700
4,200

%

Millions of yen(41.3)(19.8)

1,400
3,600

%

Millions of yen(13.6)
(9.4)

1,000
1,900

%

Yen

(5.4)
28.4

42.68
81.09

* Notes(1) Transfer of major subsidiaries during term (transfer of specified subsidiaries in line with changes in the consolidated range): NoneNew:

― (Company name:)

Excluded:― (Company name:)(2) Changes in accounting principles, changes in accounting estimates, and restatements
1) Changes in accordance with revisions to accounting standards and related practices of accounting principles: None
2) Changes in items of accounting principles other than 1) above: None
3) Changes in accounting estimate: None
4) Restatement: None
(3) Number of shares issued and outstanding (common shares)
1. Total number of shares issued andoutstanding (including treasury

March 31, 2019

25,000,000 shares

March 31, 2018

28,500,000 shares

March 31, 2019

1,570,290 shares

March 31, 2018

4,014,862 shares

March 31, 201923,845,762 shares

March 31, 201825,757,913 sharesshares) at the period-end
2. Total number of treasury shares atthe period-end

3. Average number of shares
outstanding during the period(Reference) Overview of non-consolidated operating results
1. Non-consolidated results for the fiscal year ended March 31, 2019 (April 1, 2018 to March 31, 2019)(1) Non-consolidated operating results(% change compared with the same period of the previous fiscal year (YoY))
Net sales
Millions of yen

Fiscal Year 2018
Fiscal Year 2017%

158,971
173,834

(8.6)
21.9

Basic earnings
per share
Fiscal Year 2018
Fiscal Year 2017

Operating income
Millions of yen

961
1,574

Diluted earnings per
share

Yen

Yen

(2.14)
111.87－－

Ordinary income%(39.0)
9.7

Millions of yen

1,070
3,816

Profit%(71.9)
28.6

Millions of yen

(50)
2,881

%

－
31.7

(2) Non-consolidated financial position
Total assets

Net assets tototal assets

Net assets

Net assets
per share

Millions of yen

Millions of yen%

Yen

March 31, 2019108,636
March 31, 2018
128,120(Reference) Shareholders equity:
March 31, 2019: 65,348 million yen,

65,34873,62960.2
57.5

2,789.14
3,007.12

March 31, 2018: 73,629 million yen

This earnings report is not subject to audits of certified public accountants or auditing corporations.
Caution with respect to forward-looking statements(Note on forward-looking statements)
The estimates referred in this report are based on the information available as of the date of this release. Ryosan Company
Limited (Ryosan) does not promise the realization of the estimates in this report. The actual results may significantly differ
from the estimates due to a variety of factors. For details on the conditions that form the assumptions used for earnings
forecasts and notes on using earnings forecasts, please refer to appendix page 5, “1. Summary of Operating Results, etc.
(6) Future Prospects.”

○Table of contents of the appendix
1. Summary of Operating Results, etc.................................................................................................................................................. 2(1) Summary of Operating Results for Fiscal Year 2018 ............................................................................................................ 2(2) Summary of Financial Position for Fiscal Year 2018 ............................................................................................................ 2(3) Summary of Cash Flows for Fiscal Year 2018 ...................................................................................................................... 3(4) Business Risks ...................................................................................................................................................................... 4(5) Basic Policy Regarding the Allocation of Profits / Dividends for Fiscal Year 2018 and Fiscal Year 2019 ........................... 5(6) Future Prospects .................................................................................................................................................................... 5
2. Basic Approach to Selection of Accounting Standards .................................................................................................................... 5
3. Consolidated Financial Statements and Main Notes ...................................................................................................................... 6(1) Consolidated Balance Sheet .................................................................................................................................................. 6(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ............................................... 8(Consolidated Statement of Income) .................................................................................................................................. 8(Consolidated Statement of Comprehensive Income) ......................................................................................................... 9(3) Consolidated Statements of Changes in Net Assets .............................................................................................................. 10(4) Consolidated Statements of Cash Flows ............................................................................................................................... 12(5) Notes on Consolidated Financial Statements ........................................................................................................................ 13(Notes Regarding Going Concern) ..................................................................................................................................... 13(Notes Regarding Substantial Changes in Shareholders’ Equity) ....................................................................................... 13(Changes in Presentation Methods) .................................................................................................................................... 13(Segment Information)........................................................................................................................................................ 13(Per Share Information) ...................................................................................................................................................... 15(Important Subsequent Events) ........................................................................................................................................... 15
4. Other ................................................................................................................................................................................................ 16(1) New Orders ......................................................................................................................................................................... 16(2) Geographical Segment Information .................................................................................................................................... 16-1-

1. Summary of Operating Results, etc.
(1) Summary of Operating Results for Fiscal Year 2018
1) Overview
During the consolidated fiscal year under review, the global economy was unstable due to trade friction between
the U.S. and China, slowdown of the Chinese economy, and fluctuation in the stock market and foreign exchange
market. In the Japanese economy, there also remained a high level of uncertainty despite improvements in theemployment and income environment.
The electronics industry in which Ryosan conducts business was significantly affected by slowdown of theChinese economy and demand fell, particularly for industrial equipment. Furthermore, an increasing number ofcompanies in the industry had come to make selection and focus aimed at survival, and to pursue opportunities forbusiness alliances. Large-scale M&As and revisions of agent policies were also announced in the market.
In this business environment, for the consolidated fiscal year under review, Ryosan reported net sales of
249,688 million yen (down 1.7% from the previous fiscal year) and operating income of 5,236 million yen (down
7.6%), which were mainly due to slowdown of business for industrial equipment, ordinary income of 3,974
million yen (down 37.9%), which was mainly due to the effect of foreign currency liability revaluation, and profit
attributable to owners of parent of 1,480 million yen (down 67.0%), which was mainly due to payment of tariff
surcharges at Ryosan consolidated subsidiaries.
2) Business Segment Informationa. Semiconductors
Ryosan sells system LSIs, discrete semiconductors and memory, and develops system LSIs on a contract basis.
For the consolidated fiscal year under review, net sales were 150,112 million yen (up 3.0% from the previous
fiscal year) and operating income was 2,465 million yen (down 6.1%), mainly due to changes in the margin
policies of major suppliers and the effect of inventory revaluation.
b. Electronic Components
Ryosan sells electromechanical components, display devices and power supplies. For the consolidated fiscal
year under review, mainly due to slowdown of consumer businesses, net sales were 77,440 million yen (down
5.5% from the previous fiscal year), and operating income was 2,650 million yen (down 5.8%).
c. Electronic Equipment
Ryosan sells systems equipment and facilities equipment. In this consolidated fiscal year, due to factors suchas the end of large-scale business projects, net sales were 22,135 million yen (down 16.1% from the previous
fiscal year), and operating income was 382 million yen (down 37.0%).
(2) Summary of Financial Position for Fiscal Year 2018
1) Assets
Total assets decreased by 15,669 million yen to 146,588 million yen compared with March 31, 2018. This ismainly because notes and accounts receivable - trade and accounts receivable - other decreased by 13,429 million
yen and 2,627 million yen respectively.
2) Liabilities
Total liabilities decreased by 9,199 million yen to 58,726 million yen compared with March 31, 2018. This ismainly because accounts payable - trade and income taxes payable decreased by 6,595 million yen and 1,396
million yen respectively.
3) Net Assets
Net assets decreased by 6,469 million yen to 87,861 million yen compared with March 31, 2018. This is mainly
because profit attributable to owners of parent was 1,480 million yen, while payment of dividends and purchase oftreasury shares amounted to 3,601 million yen and 4,257 million yen respectively. The ratio of net assets to total
assets rose from 58.1% at the end of the previous fiscal year to 59.9% as of March 31, 2019.
-2-

(3) Summary of Cash Flows for Fiscal Year 2018
As of March 31, 2019, cash and cash equivalents increased by 1,108 million yen compared with the end of theprevious fiscal year, to 14,580 million yen.
1) Net cash provided by (used in) operating activities
Regarding cash flow from operating activities in this consolidated fiscal year, profit before income taxes was
2,702 million yen and funds in total increased by 13,052 million yen. This was because notes and accounts
receivable – trade decreased by 15,178 million yen, which offset a decrease in notes and accounts payable - tradeof 7,623 million yen. In the net cash provided by (used in) operating activities in the previous consolidated fiscal
year, there was a decrease of funds by 19,268 million yen.
2) Net cash provided by (used in) investing activities
Regarding cash flow from investing activities in this consolidated fiscal year, funds in total decreased by 423
million yen due to purchase of intangible assets of 232 million yen and purchase of shares of subsidiaries andassociates of 200 million yen. The net cash provided by investing activities in the previous consolidated fiscal year
increased by 634 million yen.
3) Net cash provided by (used in) financing activities
Regarding cash flow from financing activities in this consolidated fiscal year, funds in total decreased by 11,530
million yen due to purchase of treasury shares of 4,257 million yen and cash dividends paid of 3,599 million yen,in addition to a decrease in short-term loans payable of 3,508 million yen. The net cash provided by (used in)financing activities in the previous consolidated fiscal year decreased by 6,580 million yen.
(Reference) Trends in cash flow-related indicators
Fiscal Year2014
Net assets to total assets (%)
Net assets to total assets (%)(Market capitalization basis)
Cash flow to Interest-bearing
Liabilities (Years)
Interest coverage ratio (Times)

Fiscal Year
2015

Fiscal Year
2016

Fiscal Year2017

Fiscal Year
2018

72.2

73.5

67.8

57.9

59.9

54.2

52.8

58.2

57.7

47.4

1.2

2.3

_

_

1.8

67.2

34.5

_

_

16.3

Net assets to total assets: Net assets / Total assets
Net assets to total assets (Market capitalization basis): Market capitalization / Total assets
Cash flow to Interest-bearing liabilities: Interest-bearing liabilities / Cash flow
Interest coverage ratio: Cash flow / Interest expense*All indicators have been calculated from consolidated financial figures.
*Market capitalization was calculated based on the number of shares issued and outstanding less treasury shares.
*Cash flow refers to cash flows from operating activities as shown on the consolidated statements of cash flows.
*Interest-bearing liabilities comprise all debt on which interest was paid in the liabilities section of the consolidatedbalance sheet. Interest expense represents interest paid as shown on the consolidated statements of cash flows.

-3-(4) Business Risks
Ryosan, its business performance, share price, and financial position, are subject to a variety of potential risks,some of which are detailed briefly as follows.
Forward-looking statements contained in this section represent judgments of Ryosan’s management based on
information available as of the end of Fiscal Year 2018 (March 31, 2019).
1) Sudden Changes in the Economic Environment
Ryosan’s consolidated revenues are influenced by demand from the set makers who are its customers. This demand isnecessarily impacted by changes in economic conditions in those countries and regions in which Ryosan’s principal
clients operate. As a result, Ryosan’s consolidated performance and its financial position can be deteriorated in the eventof economic downturn and a resulting slowdown in demand in its principal markets, such as Japan, Asia and otherregions.
2) Contracts with Suppliers
Ryosan has concluded agency agreements with several suppliers inside and outside Japan. Ryosan has maintained
good business relations with these suppliers, but if it becomes difficult to continue these agreements due to therestructuring of suppliers’ businesses, including M&A etc., and the revision of sales channel strategies, this may cause
adverse effects on the consolidated business performance and financial status of Ryosan.
3) Exchange Rate Fluctuation
Ryosan sells products across a number of regions including Japan, Asia and other countries. In preparing consolidated
financial statements, sales, expenses, assets and liabilities, denominated in foreign currencies are translated into yen as of
the Ryosan’s balance sheet date. For these items, the value after conversion into yen may be affected by currency
exchange rates at conversion even if the value in local currencies does not change.
4) Overseas Business Risk
Ryosan does not operate in Japan alone. It also operates overseas, mainly in Asia. As a result, it is exposed to thefollowing risks. The materialization of any of the following risks could adversely affect Ryosan’s consolidated operating
results and its financial position.
a. Unforeseen changes in statutory and regulatory requirements and adverse changes in tax requirementsb. Inadequate and insufficient local infrastructure in the countries in which Ryosan operatesc. Development of adverse political factors
d. Social unrest as the result of war, acts of terrorism etc.
5) Capital Market Volatility
As a part of its business activities, Ryosan holds shares of certain financial institutions, customers and suppliers, and istherefore susceptible to stock price fluctuations. Ryosan does not, however, adopt specific methods as a hedge against
movements in stock prices. Accordingly, Ryosan’s consolidated performance and financial position are subject tosubstantial changes in stock markets.
6) Liability for Retirement Benefits
Ryosan calculates retirement benefit expenses and the liability for retirement benefits using certain assumptions andan expected rate of return applicable to Ryosan’s pension plan assets for actuarial projections. In the event that the actual
obligation differs from the projected obligation or there is a change in the assumptions leading to the calculation of the
projected obligation, the difference in retirement benefit expenses and the liability for retirement benefits are accrued
and amortized over a generally accepted period. As a result, any significant decline in the discount rate and expected rateof return applicable to Ryosan’s pension plan assets can impact its consolidated performance and financial position.
7) Natural Disaster
The consolidated business performance and financial position of Ryosan may be adversely affected by the suspensionof sales due to facility damage or power/water supply shortages that were caused by natural disasters such as
earthquakes or typhoons, or by accidental disasters such as fire. Also, if partners suffer damages and Ryosan cannot
purchase or sell merchandise to them, consolidated business performance may be adversely affected.

-4-(5) Basic Policy Regarding the Allocation of Profits / Dividends for Fiscal Year 2018 and Fiscal Year 20191) Basic Policy Regarding the Allocation of Profits
Ryosan recognizes that the return of profits to shareholders is an important business priority, and so is working
to increase basic earnings per share. Ryosan's fundamental policy aims for consolidated dividend payout ratio of
50% or more, so as to continue high dividend payout in profits returned to shareholders.
2) Dividends for Fiscal Year 2018 and Fiscal Year 2019
At the meeting of the Board of Directors held on May 14, 2019, a resolution was made to distribute the year-end
dividend for the consolidated fiscal year under review of 75 yen per share, consisting of an ordinary dividend of 50
yen per share and a special dividend of 25 yen per share. As a result, the annual dividend per share including theinterim dividend will be 150 yen.
Ryosan is forecasting ordinary dividend payment of 100 yen per share in its full fiscal year for the fiscal year
ending March 31, 2020.
(6) Future Prospects
1) Projected Operating Results
The business environment surrounding Ryosan suddenly worsened as the result of changes in margin policy withmain suppliers and a sudden slowdown of the Chinese economy. Ryosan views these changes in the businessenvironment as structural factors. Therefore, Ryosan has suspended the 10th Medium-Term Business Plan and areworking on measures to enhance profitability in the fiscal year ending March 31, 2020.
On this basis, operating forecasts for the fiscal year ending March 31, 2020 are as follows:

Net sales
Operating income
Ordinary income
Profit attributable to owners ofparentMillions of yen
235,000
4,200
3,600

YoY change [%]Decrease 5.9
Decrease 19.8
Decrease 9.4

1,900

Increase 28.4

2) Estimates by Business Segment
a. Semiconductors
In this business segment, it is expected that business will decrease for in-vehicle electrical equipment andindustrial equipment. Net sales are forecast to be 142,000 million yen (down 5.4% from the previous fiscal year)
and operating income is expected to decline to 2,250 million yen (down 8.7%).
b. Electronic Components
In this business segment, it is expected that the consumer business which was strong until the first half of theprevious fiscal year will fall back. Net sales are forecast to be 71,500 million yen (down 7.7% from the previous
fiscal year) and operating income is expected to decline to 1,900 million yen (down 28.3%).
c. Electronic Equipment
In this business segment, it is expected that results will be similar to the previous fiscal year. Net sales are
forecast to decrease to 21,500 million yen (down 2.9% from the previous fiscal year) and operating income isexpected to increase to 400 million yen (up 4.6%).

2. Basic Approach to Selection of Accounting Standards
For the time being, Ryosan will prepare its consolidated financial statements in accordance with Japanese GAAP,
out of consideration for issues such as comparability from period to period and comparability with other companies.
Ryosan will appropriately address matters regarding IFRS adoption, taking into account prevailing circumstances
in Japan and overseas.
-5-

3. Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheet(Millions of yen)
Fiscal Year Ended
March 31, 2018
(As of March 31, 2018)

Fiscal Year Ended
March 31, 2019
(As of March 31, 2019)ASSETS
Current assets
Cash and deposits

13,547

14,580Notes and accounts receivable - trade75,538

62,109Merchandise and finished goods

44,00944,6766

4

10,249

7,621

Other

242

373

Allowance for doubtful accounts

(42)

(34)

143,550

129,330

Buildings and structures

8,024

7,930

Accumulated depreciation(4,855)(4,839)Buildings and structures, net

3,168

3,090

Land

6,189

6,145

Lease assets

931

984

Accumulated depreciation

(354)

(432)

Leased assets, net

576

551

Other

2,404

2,536

Accumulated depreciation(2,248)(2,389)155

146

10,090

9,934

903

963

Investment securities

5,310

4,043

Deferred tax assets

296

205

Other

2,238

2,221

Allowance for doubtful accounts

(132)

(109)

Total investments and other assets

7,713

6,360

18,707

17,258162,257

146,588

Work in process
Accounts receivable - otherTotal current assets
Non-current assets
Property, plant and equipment

Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets

Total non-current assets
Total assets-6-

(Millions of yen)
Fiscal Year Ended
March 31, 2018
(As of March 31, 2018)

Fiscal Year Ended
March 31, 2019
(As of March 31, 2019)

LIABILITIESCurrent liabilities
Accounts payable - trade

36,35529,760

Short-term loans payable

23,95923,268164173

Accounts payable - other

1,714

1,172

Accrued expenses

1,362

1,348

Income taxes payable

1,598

201

183

260

65,33756,185

Lease obligations

475

439

Deferred tax liabilities

247

280

Net defined benefit liability

1,782

1,732

Asset retirement obligations

31

31

Other

52

57

2,589

2,541

67,92658,726

Capital stock

17,69017,690Capital surplus

19,114

19,114Retained earnings

72,74055,572

Treasury shares(17,215)(6,531)

Total shareholders’ equity

92,32985,846

1,923

1,546

Deferred gains or losses on hedges(0)0Foreign currency translation adjustment

52

495

Remeasurements of defined benefit plans

25

(26)

2,001

2,015

Total net assets

94,33187,861

Total liabilities and net assets

162,257

146,588

Lease obligations

Other
Total current liabilities
Non-current liabilities

Total non-current liabilities
Total liabilities
NET ASSETS
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

Total accumulated other comprehensive income-7-(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income(Consolidated Statement of Income)(Millions of yen)

Net sales
Cost of Sales
Gross Profit
Selling, general and administrative expenses
Packing and transportation expenses
Provision of allowance for doubtful accounts
Directors' compensations
Salaries and allowances
Bonuses
Retirement benefit expenses
Welfare expenses
Depreciation
Other
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Commission fee
Rent income
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Foreign exchange losses
Miscellaneous loss
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Total extraordinary income
Extraordinary losses
Impairment loss
Loss on valuation of investments in capital
Amortization of goodwill
Tariff cost
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent-8-

Fiscal Year Ended Mar. 31, 2018

Fiscal Year Ended Mar. 31, 2019

(Apr. 1, 2017 to Mar. 31, 2018)(Apr. 1, 2018 to Mar. 31, 2019)

254,077
233,732
20,344

249,688
229,036
20,651

983
(21)
424
4,084
1,254
402
997
596
5,954
14,678
5,665

1,083
(11)
425
4,498
1,349
447
1,039
530
6,051
15,414
5,236

36
74
919
6
31
121
1,189

27
85
－
－
49
166
328

390
－
－
69
459
6,396

717
194
655
23
1,590
3,974

66
31
97

0
44
45

27
0
－
－
27
6,465
2,170
(185)
1,984
4,481
4,481

－
4
436
876
1,317
2,702
922
299
1,222
1,480
1,480

(Consolidated Statement of Comprehensive Income)(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive Income(Comprehensive income attributable to)Comprehensive income attributable to owners of parent-9-

Fiscal Year Ended Mar. 31, 2018

Fiscal Year Ended Mar. 31, 2019

(Apr. 1, 2017 to Mar. 31, 2018)(Apr. 1, 2018 to Mar. 31, 2019)

4,481

1,480

382
(0)
(364)

(376)
0
443

(10)

(52)

7
4,488

14
1,494

4,488

1,494

(3) Consolidated Statements of Changes in Net Assets
Fiscal Year Ended Mar. 31, 2018 (Apr. 1, 2017 to Mar. 31, 2018)(Millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning ofcurrent period
Changes of items during
periodDividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesRetirement of treasury
sharesChange of scope of
consolidation
Net changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
periodCapital surplus

Retained earnings

Treasury shares

19,114

81,219(10,498)

17,690Total
shareholders’equity107,525(3,824)(3,824)

4,481

4,481
(15,852)(15,852)(9,134)

9,134

－

－

－

(8,478)(6,717)(15,195)

17,69019,11472,740(17,215)

92,329

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning ofcurrent period
Changes of items during
periodDividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesRetirement of treasury
sharesChange of scope of
consolidation
Net changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
period1,540

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

Remeasurementsof defined
benefit plans

Total
accumulated
othercomprehensive
income

416

36

1,993

(0)

Total net
assets109,519(3,824)
4,481(15,852)
－

382

(0)

(364)

(10)

7

7

382

(0)

(364)

(10)

7

(15,188)

1,923

(0)

52

25

2,001

94,331- 10 -

Fiscal Year Ended Mar. 31, 2019 (Apr. 1, 2018 to Mar. 31, 2019)(Millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning ofcurrent period
Changes of items during
periodDividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesRetirement of treasury
sharesChange of scope of
consolidation
Net changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
periodCapital surplus

Retained earnings

Treasury shares

19,11472,740(17,215)

17,690Total
shareholders’equity92,329(3,601)(3,601)

1,480

1,480

(14,941)(4,257)(4,257)

14,941

－

(104)

(104)

－

－

(17,168)

10,684(6,483)

17,69019,11455,572(6,531)85,846

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning ofcurrent period
Changes of items during
periodDividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesRetirement of treasury
sharesChange of scope of
consolidation
Net changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
period

1,923

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

Remeasurementsof defined
benefit plans

Total
accumulated
othercomprehensive
income

52

25

2,001

(0)

Total net
assets94,331(3,601)
1,480(4,257)
－
(104)
(376)

0

443

(52)

14

14

(376)

0

443

(52)

14

(6,469)

1,546

0

495

(26)

2,015

87,861- 11 -

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

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment loss
Amortization of goodwill
Tariff cost
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in net defined benefit liability
Interest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using equity
methodLoss (gain) on sales of property, plant and equipment
Loss (gain) on sales of investment securities
Other loss (gain)
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Decrease (increase) in accounts receivable - other
Increase (decrease) in other assets and liabilities
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Proceeds from withdrawal of restricted deposits
Purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of shares of subsidiaries and associates
Purchases of investment securities
Proceeds from sales of investment securities
Payments for investments in capital of subsidiaries andassociates
Payments for investments in capital
Collection of investments in capital
Collection of loans receivable
Proceeds from distribution of investment in partnerships
Purchase of insurance funds
Proceeds from cancellation of insurance funds
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Repayments of lease obligations
Purchase of treasury shares
Cash dividends paid
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 the beginning of the period
Increase in cash and cash equivalents from newly consolidated
subsidiary
Cash and cash equivalents at the end of the period- 12 -

Fiscal Year Ended Mar. 31, 2018

Fiscal Year Ended Mar. 31, 2019

(Apr. 1, 2017 to Mar. 31, 2018)(Apr. 1, 2018 to Mar. 31, 2019)

6,465
617
27
－
－
(21)
(108)
(110)
390

2,702
551
－
582
876
(29)
(45)
(112)
717

－

194

(66)
(31)
(809)
(7,243)(16,264)
1,972(3,251)387(18,046)
121
(387)
(955)
(19,268)

－
(44)
(325)
15,1781,290(7,623)
2,627(295)
16,244202(799)(2,594)
13,052

76
(130)
440
(64)
(276)
(45)
1,036

76
(107)
45
(232)
(200)
(60)
44

(288)

－

(11)
－
0
－
(104)
－
634

(2)
0
0
20
(123)
115
(423)

13,275(183)(15,852)(3,820)(6,580)(6)(25,221)
38,692(3,508)(165)(4,257)(3,599)(11,530)(31)
1,066
13,471－

41

13,471

14,580(5) Notes on Consolidated Financial Statements(Notes Regarding Going Concern)
Not applicable.
(Notes Regarding Substantial Changes in Shareholders’ Equity)
Based on a corporate resolution made at the Board Meeting on May 29, 2018, Ryosan retired 3,500,000
treasury shares on June 11, 2018. As a result, retained earnings and treasury shares in the consolidated fiscal
year under review both decreased by 14,941 million yen respectively.
(Changes in Presentation Methods)
Changes in Conjunction with Application of “Partial Revisions to ‘Accounting Standards for Tax-EffectAccounting’”“Partial Revisions to ‘Accounting Standards for Tax-Effect Accounting’” (Corporate Accounting Standard
No. 28, February 16, 2018; hereinafter, “Partial Revisions for Tax-Effect Accounting”) were applied from the
beginning of the consolidated fiscal year under review. Accordingly, Ryosan has changed to a method inwhich “deferred tax assets” is presented under “investments and other assets” and “deferred tax liabilities” ispresented under “non-current liabilities.” Ryosan also changed notes related to tax effect accounting.
As a result, in the consolidated balance sheets for the previous fiscal year, “deferred tax assets” under“current assets” decreased by 707 million yen and “deferred tax assets” under “investments and other assets”
increased by 98 million yen. Also, “Deferred tax liabilities” under “non-current liabilities” decreased by 608
million yen.
Also, deferred tax assets and deferred tax liabilities for the same taxable entity are presented as offsetting
each other. Total assets decreased by 608 million yen compared to before the changes.
(Segment Information)(a) Segment Information
1. Overview of Reporting Segments
Ryosan’s reporting segments are made up of those created from financial information sorted by business segment andthose evaluated by the President periodically.
Ryosan has set up its business headquarters at Ryosan's head office for each article of merchandise and product, andRyosan is expanding business activities by having each business headquarters formulate comprehensive strategies forthe products that they handle, for both within Japan and overseas.
Therefore, regarding the reporting segments for its business headquarters, Ryosan lists “Semiconductors,” “Electronic
components,” and “Electronic equipment.”
The main products of each business segment are as follows:
Semiconductors:
Memory, system LSIs, discrete semiconductors
Electronic components:
Display devices, power supplies, electromechanical components
Electronic equipment:
Systems equipment, facilities equipment
2. Information Concerning Sales and Income or Loss Amount by Reporting Segment
Consolidated fiscal year ended March 31, 2018
(April 1, 2017 to March 31, 2018)(Millions of yen, figures less than ¥1 million have been omitted)

Reporting Segment
Electronicequipment

Adjusted
amount(Note 1)

Amounts shownon consolidated
statement ofincome(Note 2)

Semiconductors

Electronic
components

145,708

81,984

26,384254,077―

254,077

―

―

―

―

―

―

145,708
2,625

81,984
2,812

26,384606

254,077
6,045

―
(379)

254,077
5,665

Total

Net sales
Sales to external customers
Internal sales or exchange
between segments
Total
Segment income (loss)

Notes:
1. The adjusted amount of minus 379 million yen represents corporate expenses (mainly general and administrative
expenses) which are not allocated to the reporting segment.
2. Segment income has been adjusted with operating income in the consolidated statement of income.
3. Segment asset is not shown in this reporting segment as it is not subject to President’s performance evaluation.

- 13 -

Consolidated fiscal year ended March 31, 2019
(April 1, 2018 to March 31, 2019)(Millions of yen, figures less than ¥1 million have been omitted)

Reporting Segment
Electronicequipment

Adjusted
amount(Note 1)

Amounts shownon consolidated
statement ofincome(Note 2)

Semiconductors

Electronic
components

150,11277,44022,135

249,688―249,688

―

―

―

―

―

―

150,1122,465

77,4402,650

22,135382

249,688
5,498

―
(262)

249,688
5,236

Total

Net sales
Sales to external customers
Internal sales or exchange
between segments
Total
Segment income (loss)

Notes:
1. The adjusted amount of minus 262 million yen represents corporate expenses (mainly general and administrative
expenses) which are not allocated to the reporting segment.
2. Segment income has been adjusted with operating income in the consolidated statement of income.
3. Segment asset is not shown in this reporting segment as it is not subject to President’s performance evaluation.
(b) Related Information
1. Information on products and services
As in the Reporting Segment
2. Information by region(1) Sales
Consolidated fiscal year ended March 31, 2018
(April 1, 2017 to March 31, 2018)(Millions of yen)Japan
144,423
56.8

China
57,37222.6

Asia
43,254
17.0

Other
9,026
3.6

China
61,09024.5

Asia
46,565
18.6

Other
9,745
3.9

Net sales
Ratio to consolidated net sales (%)
Note:
Net sales are on the basis of customer location and classified by country or region.

Consolidated
254,077100.0

Consolidated fiscal year ended March 31, 2019
(April 1, 2018 to March 31, 2019)(Millions of yen)Japan
132,287
53.0

Net sales
Ratio to consolidated net sales (%)
Note:
Net sales are on the basis of customer location and classified by country or region.

Consolidated
249,688
100.0(2) Property, plant and equipment
This information is not presented since the amount of property, plant and equipment in Japan constitutes more than
90% of the total amount of property, plant and equipment on the consolidated balance sheet.

- 14 -

(Per Share Information)(Yen unless otherwise stated)
Fiscal Year 2017
(April 1, 2017 to March 31, 2018)

Item

Fiscal Year 2018
(April 1, 2018 to March 31, 2019)

Net assets per share
3,852.59
Basic earnings per share
173.98(Notes) 1. Information on diluted earnings per share is not presented because there are no latent shares.
2. Basis for calculation

3,750.01
62.07(1) Net assets per share(Millions of yen unless otherwise stated)
Item

Fiscal Year 2017
(As of March 31, 2018)

Total of net assets
Amount to be deducted from the total of net assets(Of which non-controlling interests)
Closing net assets relating to common shares
Number of common shares as of end of term used in
the calculation of net assets per share (thousand shares)

Fiscal Year 2018
(As of March 31, 2019)94,331－(－)
94,33187,861－(－)
87,861

24,48523,429(2) Basic earnings per share(Millions of yen unless otherwise stated)
Fiscal Year 2017
Fiscal Year 2018
(April 1, 2017 to(April 1, 2018 toMarch 31, 2018)
March 31, 2019)

Item
Basic earnings per share
Profit attributable to owners of parent
Amount not attributable to common shareholders
Profit attributable to owners of parent relating tocommon shares
Average number of common shares outstanding
during the term (thousand shares)(Important Subsequent Events)
Not applicable.

- 15 -

4,481
－

1,480
－

4,481

1,480

25,757

23,845

4. Other(1) New Orders(Millions of yen, figures less than 1 million yen have been omitted)
Fiscal Year 2017

Fiscal Year 2018

(April 1, 2017 to March 31, 2018)(April 1, 2018 to March 31, 2019)

Semiconductors

152,512

Electronic components

87,341

150,441
76,536

Electronic equipment

29,01722,568

Total

268,871249,547(2) Geographical Segment Information
Fiscal Year 2017, the fiscal year ended March 31, 2018
(April 1, 2017 to March 31, 2018)(Millions of yen, figures less than ¥1 million have been omitted)
Eliminations
Japan
Asia
Other
Total
Consolidated
or corporate
Sales:
155,142
90,025
8,909(1) Sales to external customers(2) Internal sales or exchange
18,691158
5
between segments
Total
173,834
90,183
8,915
Segment income
1,897
3,096
265
Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions covered:Asia:
Hong Kong, Thailand, China, Korea and others
Other:
United States and others

254,077―

254,077

18,856(18,856)―

272,933
5,259(18,856)406

254,077
5,665

Fiscal Year 2018, the fiscal year ended March 31, 2019
(April 1, 2018 to March 31, 2019)(Millions of yen, figures less than ¥1 million have been omitted)
Eliminations
Japan
Asia
Other
Total
Consolidated
or corporate
Sales:
138,677
101,350
9,659(1) Sales to external customers(2) Internal sales or exchange
20,293402
0between segments
Total
158,971
101,752
9,660
Segment income
1,290
3,106
288
Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions covered:Asia:
Hong Kong, Thailand, China, Korea and others
Other:
United States and others- 16 -

249,688―249,688

20,696(20,696)―

270,384
4,685(20,696)551

249,6885,236