January 30, 2024

Third Quarter Earnings Report for Fiscal Year 2023, Ending March 31, 2024
[Japanese Standards] (Consolidated)
Company name:Securities code:
Representative:

Ryosan Company, Limited
Stock listing: Prime Market, Tokyo Stock Exchange
8140
URL https://www.ryosan.co.jp/
Kazuhiko Inaba, Representative Director, President
Hideo Yuasa, Executive Officer,
Inquiries:
TEL: +81-3-3862-2591
General Manager, Finance and Accounting Headquarters
Scheduled filing date of quarterly earnings report:
February 14, 2024
Scheduled payment date of dividend:―
Supplementary materials for the quarterly financial results:
None
Investor conference for the quarterly financial results:
None(Millions of yen rounded down)

1. Consolidated results for the first three quarters of fiscal year 2023 (April 1, 2023 to December 31, 2023)(1) Consolidated operating results (Cumulative)(% change compared with the same period of the previous fiscal year (YoY))
Profit attributable to
Net sales
Operating income
Ordinary income
owners of parent
Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

%

6,224

(37.5)

4,343(36.8)

9,962

54.5

6,868

47.0

First Three Quarters, Fiscal Year214,245(12.2)
7,908(32.2)
2023
First Three Quarters, Fiscal Year
243,971
26.1
11,671
76.2
2022(Note) Comprehensive income
First Three Quarters, Fiscal Year 2023: 6,813 million yen (20.1% negative)
First Three Quarters, Fiscal Year 2022: 8,531 million yen (61.4%)
Basic earnings per
share

Diluted earnings per
share

Yen

Yen

First Three Quarters, Fiscal Year
2023
First Three Quarters, Fiscal Year2022

185.32―

293.17―(2) Consolidated financial position
Total assets

Net assets

Net assets to total assets

Millions of yen

Millions of yen%

December 31, 2023
181,546
March 31, 2023
188,188(Reference) Shareholders’ equity
December 31, 2023: 105,880 million yen
March 31, 2023: 102,731 million yen

105,880
102,73158.3
54.6

Net assets per shareYen

4,517.31
4,383.09

2. Dividends
Dividends per share (Yen)End of 1Q
Yen

Fiscal Year 2022―
Fiscal Year 2023―
Fiscal Year 2023 (Forecast)(Note) Revision of dividend forecasts: None

End of 2Q

End of 3Q

Yen

75.00
60.00

Yen

―
―

End of 4Q

Annual
Yen

Yen

90.00

165.0090.00

150.00Fiscal Year 2022 Interim dividend breakdown: 75 yen (ordinary)Fiscal Year 2022 Year-end dividend breakdown: 90 yen (ordinary)Fiscal Year 2023 Interim dividend breakdown: 60 yen (ordinary)Fiscal Year 2023 Year-end dividend breakdown (forecast): 50 yen (ordinary), 40 yen (commemorative)

3. Forecast of results for the fiscal year 2023 (April 1, 2023 to March 31, 2024)
Net sales
Millions of yen(% figures represent year-on-year increase or decrease)
Basic
Ordinary income
Profitearnings per
share

Operating income%

Millions of yen

Full fiscal year
270,000 (17.1)(Note) Revision of financial results forecasts: None

8,000

%

Millions of yen%

Millions of yen%(48.1)

7,000(47.6)

5,000(45.8)

Yen

213.39* Notes(1) Transfer of major subsidiaries during the scope of consolidation of these nine months ended December 31, 2023 (transfer of specified
subsidiaries in line with changes in the consolidated range): NoneNew:

－ (Company name:)

Excluded:－ (Company name:)(2) Application of accounting procedures specific to preparing quarterly financial statements: None
(3) 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 estimates: None
4) Restatements: None
(4) Number of shares issued and outstanding (common shares)
1. Total number of shares issued andoutstanding (including treasury shares) at theperiod-end:

December 31,
2023

2. Total number of treasury shares at theDecember 31,

period-end:

2023

3. Average number of shares outstanding

First Threeduring the period (Cumulative total for the

Quarters, Fiscal

quarterly consolidated period)

Year 2023

25,000,000 shares

March 31, 2023

25,000,000 shares

1,561,135 shares

March 31, 2023

1,561,844 sharesFirst Three
23,440,200 shares

Quarters, Fiscal

23,429,257 sharesYear 2022

This quarterly consolidated earnings report is not subject to the quarterly review by certified public accountants or auditing
corporations.
Caution with respect to 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 2, "1. Qualitative Information Regarding this Quarterly Statement (3) Qualitative Information
Concerning Consolidated Forecast and Other Future Predictions."

○Table of contents of the appendix
1. Qualitative Information Regarding this Quarterly Statement ........................................................................................................... 2(1) Qualitative Information Concerning Consolidated Operating Results .................................................................................. 2(2) Qualitative Information Concerning Consolidated Financial Position .................................................................................. 2(3) Qualitative Information Concerning Consolidated Forecast and Other Future Predictions .................................................. 2
2. Consolidated Quarterly Financial Statements and Main Notes ........................................................................................................ 3(1) Consolidated Quarterly Balance Sheet .................................................................................................................................. 3(2) Consolidated Quarterly Statement of Income and Consolidated Quarterly Statement of Comprehensive Income ............... 5
Consolidated Quarterly Statement of Income
Scope of Consolidation of these First Three Quarters ............................................................................................ 5
Consolidated Quarterly Statement of Comprehensive Income
Scope of Consolidation of these First Three Quarters ............................................................................................ 6(3) Notes Regarding Consolidated Quarterly Financial Statements ............................................................................................ 7(Notes Regarding Going Concern) ........................................................................................................................................ 7(Notes Regarding Substantial Changes in Shareholders’ Equity).......................................................................................... 7(Segment Information) .......................................................................................................................................................... 7-1-

1. Qualitative Information Regarding this Quarterly Statement(1) Qualitative Information Concerning Consolidated Operating Results1) Overview
During the consolidated first three quarters of fiscal year 2023 (April 1 to December 31, 2023), uncertainty about
the outlook for the global economy persisted. Geopolitical risk intensified, monetary tightening continued andexchange-rate trends fluctuated, while prices of resources and materials rose.
The Japanese economy proceeded on a keynote of gradual recovery. Optimism was tempered, however, as acontinuing rise in the prices of goods and swings in financial and capital markets counseled caution.
Against this macroeconomic background, mixed conditions prevailed in the electronics industry, Ryosan’s main
field. Easing of supply shortages restored overall calm to supply chains that had become disorderly, but some fields,such as industrial equipment, remained in an adjustment phase on the global scene, amid a worldwide squeeze in IT
investment.
In the consolidated first three quarters under review, revenues declined from the same period of the previous fiscal
year, against the macroeconomic background described above and with the normalization of supply. Net sales fell to214,245 million yen (down 12.2% from the same period of the previous fiscal year). Operating income dropped to
7,908 million yen (down 32.2%) and ordinary income declined to 6,224 million yen (down 37.5%). Profit attributableto owners of parent shrank to 4,343 million yen (down 36.8%).
2) Business Segment Information
a. Devices
Against the macroeconomic background described above and with the easing of supply issues, revenues for the
consolidated first three quarters under review declined from the same period of the previous fiscal year. Net sales
decreased to 189,962 million yen (down 11.5% from the same period of the previous fiscal year) and operating
income retreated to 6,716 million yen (down 37.6%).
b. Solutions
In the consolidated first three quarters under review, although consumer sales were favorable, the wrap-up of large
projects in the communications sector had an impact. Net sales decreased to 24,283 million yen (down 17.2% fromthe same period of the previous fiscal year), while operating income declined to 1,287 million yen (down 17.4%).
(2) Qualitative Information Concerning Consolidated Financial Position
As of December 31, 2023, total assets decreased by 6,641 million yen compared with the end of the previous fiscal
year, to 181,546 million yen.
Also, net assets increased by 3,148 million yen compared with the end of the previous fiscal year, to 105,880
million yen, with the ratio of net assets to total assets being 58.3%.
(3) Qualitative Information Concerning Consolidated Forecast and Other Future Predictions
The forecast of consolidated business results is unchanged from the forecast published on May 15, 2023.

-2-2. Consolidated Quarterly Financial Statements and Main Notes(1) Consolidated Quarterly Balance Sheet(Millions of yen)
Fiscal Year Ended
March 31, 2023
(As of March 31, 2023)

Third Quarter of the Fiscal
Year Ending March 31, 2024
(As of December 31, 2023)

ASSETS
Current assets
Cash and deposits

16,76018,444

Notes and accounts receivable – trade95,11580,768Inventories

47,697

48,523

Accounts receivable – other

14,345

16,292

Other

649

2,529

Allowance for doubtful accounts

(645)

(354)

173,923

166,203

Buildings and structures, net

2,539

2,492

Land

5,179

5,180

Leased assets, net

451

725

Other, net

193

245

8,364

8,645

1,059

1,073

Investment securities

3,474

4,113

Deferred tax assets

398

522

Other

1,069

1,046

Allowance for doubtful accounts

(100)

(56)

Total investments and other assets

4,842

5,624

14,265

15,343

188,188

181,546

Total current assets
Non-current assets
Property, plant and equipment

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

Total non-current assets
Total assets-3-

(Millions of yen)
Fiscal Year Ended
March 31, 2023
(As of March 31, 2023)

Third Quarter of the Fiscal
Year Ending March 31, 2024
(As of December 31, 2023)

LIABILITIESCurrent liabilities
Accounts payable – trade

39,99938,947

Short-term loans payable

33,70328,678157

198

Accounts payable – other

3,863

2,320

Accrued expenses

2,497

860

Income taxes payable

2,631

309

Provision for bonuses

-

752

483

803

83,336

72,869Lease obligations

318

584

Deferred tax liabilities

797

1,446

Net defined benefit liability

838

708

Asset retirement obligations

24

24

Other

142

33

2,120

2,796

85,45775,666

Capital stock

17,69017,690Capital surplus

19,114

19,114Retained earnings

65,35866,036

Treasury shares(6,458)(6,457)

Total shareholders’ equity

95,70596,384

1,443

1,869

1

3

Foreign currency translation adjustment

5,649

7,700

Remeasurements of defined benefit plans

(67)

(77)

Total accumulated other comprehensive income

7,026

9,495

Total net assets

102,731

105,880

Total liabilities and net assets

188,188

181,546

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
Deferred gains or losses on hedges-4-(2) Consolidated Quarterly Statement of Income and Consolidated Quarterly Statement of Comprehensive Income(Consolidated Quarterly Statement of Income)(Scope of Consolidation of these First Three Quarters)(Millions of yen)First Three Quarters of the
Fiscal Year Ended March 31,
2023

First Three Quarters of the
Fiscal Year Ending March 31,
2024(April 1, 2022 to Dec. 31, 2022)(April 1, 2023 to Dec. 31, 2023)

243,971219,650
24,32012,64911,671

214,245
194,611
19,633
11,725
7,908

23
73
58
145
36
170
509

47
83
93
0
35
102
363

749
1,435
32
2,217
9,962

1,297
736
13
2,047
6,224

0
0

55
55

9,963
3,094
6,868
6,868

0
0
6,279
1,935
4,343
4,343

Net sales
Cost of Sales
Gross Profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Commission fee
Rent income
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Miscellaneous loss
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Gain on change in equity
Total extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to owners of parent-5-

(Consolidated Quarterly Statement of Comprehensive Income)(Scope of Consolidation of these First Three Quarters)(Millions of yen)First Three Quarters of the
Fiscal Year Ended March 31,
2023

First Three Quarters of the
Fiscal Year Ending March 31,
2024(April 1, 2022 to Dec. 31, 2022)(April 1, 2023 to Dec. 31, 2023)

6,868

4,343

55
0
1,612
(5)
1,662
8,531

426
2
2,050
(9)
2,469
6,813

8,531

6,813

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-6-

(3) Notes Regarding Consolidated Quarterly Financial Statements(Notes Regarding Going Concern)
None(Notes Regarding Substantial Changes in Shareholders’ Equity)
None(Segment Information)
I. Information Concerning Sales and Income or Loss Amount by Reporting Segment
Consolidated First Three Quarters of the Fiscal Year Ended March 31, 2023
(April 1, 2022 to December 31, 2022)(Millions of yen)
Reporting Segment

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

Total

Adjusted amount(Note 1)

Amounts shown on
consolidated quarterly
statement of income (Note 2)

Devices

Solutions

214,625

29,345

243,971―

243,971

―

―

―

―

―

214,625
10,771

29,345
1,557

243,971
12,329―(658)

243,971
11,671(Notes)1. The adjusted amount of minus 658 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 consolidated quarterly statement of income.

Consolidated First Three Quarters of the Fiscal Year Ending March 31, 2024
(April 1, 2023 to December 31, 2023)(Millions of yen)
Reporting Segment

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

Adjusted amount(Note 1)

Amounts shown on
consolidated quarterly
statement of income (Note 2)

214,245－

214,245

―

―

―

―

24,283
1,287

214,245
8,003

―
(94)

214,245
7,908

Devices

Solutions

189,962

24,283―
189,962
6,716

Total

(Notes)1. The adjusted amount of minus 94 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 consolidated quarterly statement of income.

-7-II. Information Concerning Sales and Income or Loss Amount by Sales Destination
Fiscal year 2022, first three quarters of the fiscal year ended March 31, 2023
(April 1, 2022 to December 31, 2022)(Millions of yen)

Japan

Asia

125,745

110,315

7,909

15,681479

49

141,4276,251

110,795
4,610

7,959
369

Eliminations
or corporate

Consolidated

243,971―

243,971

16,211(16,211)―260,182
11,231(16,211)439

243,971
11,671

Other

Total

Net sales
Sales to external customers
Internal sales or exchange between
segments
Total
Segment income(Notes)1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions covered:
Asia: Hong Kong, China, Thailand, etc.
Other: United States, etc.

Fiscal year 2023, first three quarters of the fiscal year ending March 31, 2024
(April 1, 2023 to December 31, 2023)(Millions of yen)

Eliminations
or corporate

Consolidated

214,245―

214,24546

12,679(12,679)

―

7,732
178

226,924
7,568(12,679)340

214,245
7,908

Japan

Asia

Other

115,901

90,657

7,685

12,076556

127,978
4,090

91,214
3,299

Total

Net sales
Sales to external customers
Internal sales or exchange between
segments
Total
Segment income(Notes)1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions covered:
Asia: Hong Kong, China, Thailand, etc.
Other: United States, etc.

III. Information Concerning Sales by Region
Fiscal year 2022, first three quarters of the fiscal year ended March 31, 2023
(April 1, 2022 to December 31, 2022)(Millions of yen)Japan
Net sales
Ratio to consolidated net sales (%)

China

124,12850.9

65,78927.0

Asia45,807
18.8

Other
8,245
3.4

Consolidated
243,971
100.0(Note) Net sales are on the basis of customer location and classified by country or region.

Fiscal year 2023, first three quarters of the fiscal year ending March 31, 2024
(April 1, 2023 to December 31, 2023)(Millions of yen)Japan
Net sales
Ratio to consolidated net sales (%)

China

109,33151.0

54,08725.2

Asia
42,80620.0(Note) Net sales are on the basis of customer location and classified by country or region.

-8-

Other
8,019
3.7

Consolidated
214,245100.0