May 12, 2015

Consolidated Earnings Report for Fiscal 2014, Ended March 31, 2015
[Japanese Standards] (Consolidated)
Company name:
Ryosan Company, Limited
Stock listing: First Section, Tokyo Stock Exchange
Securities code:
8140(URL http://www.ryosan.co.jp)
Representative:
Naoto Mimatsu, Representative Director and President
Inquiries:
Hidekazu Sano, Director and General Manager, Financing and Accounting Headquarters
TEL: 03-3862-2591
Scheduled date of the Annual General Meeting of Shareholders:June 26, 2015
Scheduled payment date of dividend:
June 10, 2015
Scheduled filing date of the Annual Securities Report:
June 29, 2015
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, 2015 (April 1, 2014 to March 31, 2015)(1) Consolidated operating results(% figures represent year-on-year increase or decrease)
Net sales

Operating income

Millions of yen%

Millions of yen

Ordinary income%

Net income

Millions of yen%

Millions of yen

Fiscal 2014
233,552
(2.0)
5,925
15.2
5,469
8.3
Fiscal 2013
238,399
15.4
5,144
40.0
5,052
22.9
(Note) Comprehensive income
FY2014: 6,792 million yen (33.9%)
FY2013: 5,074 million yen (8.2%)
Ordinary income
Net income
Net income per
Return on equity
to net assets
per shareshare after dilution
Yen

Yen

%

Fiscal 2014
101.80－
2.7
Fiscal 2013
101.86－
2.7(Reference) Equity in earnings (losses) of non-consolidated subsidiaries and affiliates:
FY2014 － million yen,
FY2013 － million yen

%

3,200
3,222

(0.7)
14.5

Operating income
to net sales

%

%

3.2
3.1

2.5
2.2

(2) Consolidated financial position
Total assets

Net assets tototal assets

Net assets

Millions of yen

March 31, 2015
168,865
March 31, 2014
169,247(Reference) Shareholders equity:
March 31, 2015: 121,852 million yen,

Net assets
per share

Millions of yen%

Yen

121,852
118,72972.2
70.2

3,928.52
3,773.51

March 31, 2014: 118,729 million yen(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal 2014
Fiscal 2013

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

11,687
1,504

990
(435)

(7,552)(2,285)55,90749,911

2. Dividends(Record date)Fiscal 2013
Fiscal 2014
Fiscal 2015
(Forecast)End of
1Q－－－

Dividends per share (Yen)End of
End of
End of
2Q
3Q
4Q
30.00
－
30.00
35.00
－
45.00
45.00

－

45.00

Annual
60.00
80.00
90.00

(Millions of yen rounded down unless otherwise stated)
Dividends to net
Dividends
Payout ratio
assets ratio(Full fiscal year)(consolidated) %(consolidated) %
1,887
58.9
1.6
2,497
78.6
2.1
73.5

3. Forecast of results for the fiscal year ending March 31, 2016 (April 1, 2015 to March 31, 2016)(% figures for the full fiscal year represent year-on-year increase or decrease,% figures for the interim period are the increase / (decrease) for the corresponding period of the previous fiscal year)
Net Income Attributable to
Net Income
Net Sales
Operating Income
Ordinary Income
Shareholders of Parental
per Share
Company
Millions of yen

Interim period
Full Fiscal Year

115,000
235,000% Millions of yen

(4.3)
0.6

2,700
5,700

%

Millions of yen

4.0
(3.8)

%

2,700
5,700

Millions of yen

11.0
4.2

1,800
3,800

%

Yen

27.9
18.7

58.03
122.51※ Notes(1) Transfer of major subsidiaries during term (transfer of specified subsidiaries in line with changes in the consolidated range): No
New:― (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: Yes
2) Changes in items of accounting principles other than 1) above: No
3) Changes in accounting estimate: No4) Restatement: No(Note) The above are subject to the provisions of Article 14-7 (cases where it is difficult to distinguish changes in accounting
principles from changes in accounting estimates) in “Regulation for Terminology, Forms and Preparation of Consolidated
Financial Statements”. For details, please refer to page 18 in appendix “5. Consolidated Financial Statements (5) Notes on
Consolidated Financial Statements (Changes in Accounting Principles)”. Financial results for the fiscal year ending March
31, 2015 are not the subject of an auditing procedure based on the Financial Instruments and Exchange Act, and at the
point in time when these financial results were disclosed, auditing procedures for consolidated financial statements are
ongoing.
(3) Number of shares issued and outstanding (common stock)
1. Total number of shares issued andoutstanding (including treasury stock)

March 31, 2015

31,500,000 shares

March 31, 2014

31,500,000 shares

March 31, 2015

482,500 shares

March 31, 2014

36,209 shares

March 31, 2015

31,439,465 shares

March 31, 2014

31,633,981 sharesat the period-end
2. Total number of treasury stock at
the 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, 2015 (April 1, 2014 to March 31, 2015)(1) Non-consolidated operating results(% figures represent year-on-year increase or decrease)
Net sales
Millions of yen

Fiscal 2014
Fiscal 2013

147,621
154,429

Operating income
%

(4.4)
6.5

Millions of yen

2,435
1,429

Ordinary income
%

70.4
13.1

Millions of yen

3,206
2,538

Net income
%

26.3
(8.3)

Millions of yen

1,808
1,514

%

19.4
(22.0)

Net income
per share
Fiscal 2014
Fiscal 2013

Net income pershare after dilution
Yen

Yen

57.53
47.87

－
－

(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, 2015
135,139
March 31, 2014
140,267(Reference) Shareholders equity:
March 31, 2015: 102,469 million yen,

102,469
103,62275.8
73.9

3,303.60
3,293.39

March 31, 2014:

103,622 million yen

Presentation concerning implementation status of auditing procedures
Financial results for the fiscal year ending March 31, 2015 are not the subject of an auditing procedure based on the
Financial Instruments and Exchange Act, and at the point in time when these financial results were disclosed, auditing
procedures for consolidated financial statements are ongoing.
Caution with respect to forward-looking statements:
1. The estimates referred in this report were made based on the information available as of the date of this release. The
Company does not promise the realization of the estimates in this report. The Actual results could significantly differ fromthe 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. Analysis of Operating Results and Financial
Position (1) Analysis of Operating Results for Fiscal 2014.”
2. We will host Security Analyst and Institutional Investor Conference on Wednesday, May 20, 2015. Presentationmaterials for results briefing for the conference will be posted on the company's homepage promptly after the conference.

○Table of contents of the appendix
1. Analysis of Operating Results and Financial Position...................................................................................................................... 2(1) Analysis of Operating Results for Fiscal 2014 ...................................................................................................................... 2(2) Analysis of Financial Position .............................................................................................................................................. 3(3) Basic Policy Regarding the Allocation of Profits/Dividends for Fiscal 2014 and Fiscal 2015 .............................................. 5(4) Business Risks ...................................................................................................................................................................... 5
2. The Ryosan Group ........................................................................................................................................................................... 7
3. Management Policies ....................................................................................................................................................................... 9(1) Fundamental Management Policies ...................................................................................................................................... 9(2) Targeted Management Indicators .......................................................................................................................................... 9(3) Medium - and Long-term Management Strategies and Issues to be Addressed .................................................................... 9
4. Basic Approach to Selection of Accounting Standards .................................................................................................................... 10
5. Consolidated Financial Statements .................................................................................................................................................. 11(1) Consolidated Balance Sheets ................................................................................................................................................ 11(2) Consolidated Statements of Income and Consolidated Comprehensive Statements of Income ............................................ 13(Consolidated Statements of Income) ................................................................................................................................. 13(Consolidated Comprehensive Statements of Income) ....................................................................................................... 14(3) Consolidated Statements of Changes in Net Assets .............................................................................................................. 15(4) Consolidated Statements of Cash Flows ............................................................................................................................... 17(5) Notes on Consolidated Financial Statements ........................................................................................................................ 18(Notes Regarding Going Concern) ..................................................................................................................................... 18(Changes in Accounting Principles).................................................................................................................................... 18(Notes on Consolidated Balance Sheets) ............................................................................................................................ 18(Notes on Consolidated Statements of Income) .................................................................................................................. 19(Notes on Consolidated Comprehensive Statements of Income) ........................................................................................ 19(Tax-effect Accounting) ...................................................................................................................................................... 20(Segment Information)........................................................................................................................................................ 22(Per Share Information) ...................................................................................................................................................... 24(Important Subsequent Events) ........................................................................................................................................... 24
6. Other ................................................................................................................................................................................................ 25(1) New Orders ......................................................................................................................................................................... 25(2) Geographical Segment Information .................................................................................................................................... 25-1-

1. Analysis of Operating Results and Financial Position(1) Analysis of Operating Results for Fiscal 2014 (the Fiscal Year Ended March 31, 2015)(Operating Results for Fiscal 2014)
1) Overview
As to the global economy in this consolidated fiscal year (April 1, 2014 to March 31, 2015), the slow recovery
was continued in general, though it varied among nations. Among them, the U.S. economy showed a steady
performance due to the improvement of employment situation and consumer spending. In Europe, however, therecovery remained anemic due to stagnant economy. The economies in China and other emerging countries
continued to slow down, but maintained relatively higher growth rates than in developed countries. On the other
hand, the Japanese economy recovered slowly because of the factors such as reaction of to the rush demand before
consumption tax hike.
Within this economic environment, the electronics industry recorded a healthy growth in such fields as car
electronics and FA.
Under such circumstances, the Ryosan Group pursues changing business model and sustainable growth inresponse to structural changes in our operations while setting the pursuit of “innovation” and “growth” as ourbasic stance of management for fiscal year 2014 being the starting year for our 9th Medium-Term Management
Plan (fiscal years 2014 to2017). To implement this basic stance, we focused on our three basic strategies - Growth
Strategies, Segment Strategies, and Infrastructure Strategies.
As a result of the above, the Ryosan Group reported the net sales of 233,552 million yen (down 2.0% from theprevious corresponding period), operating income of 5,925 million yen (up 15.2%), ordinary income of 5,469
million yen (up 8.3%), and net income of 3,200 million yen (down 0.7%) for results for fiscal year under review.
2) Business Segment Informationa. Semiconductors
We sell memories, system LSIs and discrete semiconductors, and develop system LSIs. In this consolidated fiscal
year, sales including memories for smartphones decreased, with net sales of 151,243 million yen (down 6.4%
from the previous year) and yet an operating income of 3,481 million yen (up 8.7%).
b. Electronic Components
We sell display devices, power supplies and electromechanical components. In this consolidated fiscal year, sales
including mechanism parts for in-vehicle electrical equipment increased, with net sales of 62,916 million yen (up5.9% from the previous year), and operating income of 1,617 million yen (up 14.4%).
c. Electronic Equipment
We sell systems equipment and facilities equipment. In this consolidated fiscal year, sales including electronic
component manufacturing devices increased, with net sales of 19,392 million yen (up 10.8% from the previousyear), and operating income of 1,053 million yen (up 48.4%).
The aforementioned amounts do not include consumption and other taxes.
(Note) Effective from this consolidated accounting period, the Group has revised its business classification into
three segments - "Semiconductors", "Electronic Components", and "Electronic Equipment" - after transferring its
heat sink production business to Sankyo Tateyama as of September 1, 2014.

-2-

(Outlook for the Next Fiscal Period)
1) Projected Operating Results
Looking ahead, we forecast modest growth in the global economy, while most observers think that the economic
situation remains unpredictable due to factors such as increase of geopolitical risk and excessive liquidity. We
forecast steady growth in the electronics industry mainly car electronics, FA, and mobile devises such as
smartphones.
Against the backdrop of this forecasted operating environment, the Ryosan Group has positioned FY2015 as thesecond year of its 9th Medium-Term Management Plan (FY2014 to FY2017). We will steadily implement
initiatives such as rebuilding of our growth path and enhancement of capital efficiency, and will strive toimprove corporation value.
On this basis, operating forecasts for the fiscal year ending March 31, 2016 are as follows:

Net sales
Operating income
Ordinary income
Net income

Millions of yen
235,000
5,700
5,700
3,800

YoY change [%]Increase 0.6
Decrease 3.8
Increase 4.2
Increase 18.7

2) Estimates by Business Segment
a. Semiconductors
In this business, we expect a decrease in sales including memories for smartphones. Therefore, we areforecasting net sales of 140,000 million yen (down 7.4% from the previous year), and an operating income of
3,100 million yen (down 11.0%).
b. Electronic Components
In this business, we expect an increase in sales including liquid crystal for in-vehicle electrical equipment.
Therefore, we are forecasting net sales of 66,000 million yen (up 4.9% from the previous year), and an operating
income of 1,700 million yen (up 5.1%).
c. Electronic Equipment
In this business, we expect an increase in sales including system equipment for MFPs. Therefore, we areforecasting net sales of 29,000 million yen (up 49.5% from the previous year) , and an operating income of
1,300 million yen (up 23.5%).
(2) Analysis of Financial Position(Analysis of Assets, Liabilities, Net Assets and Cash Flows)
1) Status of Assets, Liabilities and Net Assets as of March 31, 2015a. Assets
Total assets decreased by 381 million yen compared with March 31, 2014 to 168,865 million yen. This was mainly
due to cash and deposits increasing by 5,994 million yen, which was offset by trade notes and accounts receivable
decreasing by 6,092 million yen.
b. Liabilities
Total liabilities decreased by 3,504 million yen compared with March 31, 2014 to 47,012 million yen. This was
mainly due to decreases of 2,720 million yen in trade accounts payable and 1,984 million yen in short-term loans
in foreign currency.
c. Net Assets
Net assets increased by 3,123 million yen compared with March 31, 2014 to 121,852 million yen. This was mainly-3-due to increases of 3,200 million yen in net income, 2,775 million yen in foreign currency translation adjustments
and 709 million yen in net unrealized gain on other marketable securities, while cash dividends paid came to 2,045
million yen and acquisition of treasury stock to 1,339 million yen. The ratio of net assets to total assets rose from
70.2% at the end of the previous fiscal year to 72.2% as of March 31, 2015.
2) Overview of Cash Flows
As of March 31, 2015, cash and cash equivalents had increased by 5,996 million yen, as compared with the level atthe end of the previous fiscal year, and came to 55,907 million yen.
a. Net cash provided by (used in) operating activities
Regarding cash flow from operating activities in this consolidated fiscal year, with income before income taxes
being 5,427 million yen, funds in total increased by 11,687 million yen. This is due to accounts receivable
decreasing by 8,600 million yen, which offset a decrease in accounts payable of 3,983 million yen. In the net cash
provided by (used in) operating activities in the previous consolidated fiscal year, there was an increase of funds
by 1,504 million yen.
b. Net cash provided by (used in) investing activities
Regarding cash flow from investing activities in this consolidated fiscal year, there was an increase of funds by
990 million yen due mainly to proceeds from transfer of heat sink production business by 1,200 million yen. In the
net cash provided by (used) in investing activities in the previous consolidated fiscal year, there was a decrease offunds by 435 million yen.
c. Net cash provided by (used in) financing activities
Regarding cash flow from financing activities in this consolidated fiscal year, with short-term loans payable,
dividend paid and acquisition of treasury stock being 4,012 million yen, 2,044 million yen and 1,339 million yen
respectively, funds in total decreased by 7,552 million yen. In the net cash provided by (used in) financing
activities in the previous consolidated fiscal year, there was a decrease of funds by 2,285 million yen.
(Reference) Trends in cash flow-related indicators
Fiscal 2010
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 2011

Fiscal 2012

Fiscal 2013

Fiscal 2014

72.0

69.2

72.9

70.2

72.2

42.2

33.3

36.6

40.5

54.2

_

_

0.7

10.4

1.2

_

_

96.4

9.5

67.2

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 stock.
*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 sheets. Interest expense represents interest paid as shown on the consolidated statements of cash flows.

-4-(3) Basic Policy Regarding the Allocation of Profits / Dividends for Fiscal 2014 and Fiscal 2015
【Basic Policy Regarding the Allocation of Profits】
Ryosan recognizes that the return of profits to shareholders is an important business priority. At the same time, theCompany works to increase net income per share.
Accordingly, Ryosan’s fundamental policy is to continue high dividend payout in profits returned to shareholders,
and the Company is targeting a consolidated dividend payout ratio of 50% or more. Furthermore, we plan toconstantly perform treasury stock buybacks at an annual basis of 1 million shares.
【Dividends for Fiscal 2014 and Fiscal 2015】
For the fiscal year ended March 31, 2015, Ryosan has declared a fiscal year-end ordinary dividend of ¥45 per share.
Together with the interim ordinary dividend, the Company will make an ordinary dividend payment for the full
fiscal year of ¥80 per share.
Ryosan is forecasting ordinary dividend payment of ¥90 per share in its full fiscal year for the fiscal year ending
March 31, 2016 (an interim ordinary dividend of ¥45 per share and a fiscal year-end ordinary dividend of ¥45 pershare).
(4) Business Risks
The Ryosan Group, its 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 Group’s management based on
information available as of the end of fiscal 2014 (March 31, 2015).
1) Sudden Changes in the Economic Environment
The Ryosan Group’s consolidated revenues are derived from the level of demand generated by customers of device
manufacturers. Against this backdrop, the Group’s performance is necessarily impacted by changes in economic
conditions in those countries and regions in which Ryosan’s principal clients operate. As a result, Ryosan’s performanceand its financial position can be expected to deteriorate in the event of economic downturn and a resulting slowdown indemand in its principal markets, such as Japan, Asia and other regions.
2) Contracts with Suppliers
The Ryosan Group has concluded agency agreements with several suppliers inside and outside Japan. We havemaintained good business relations with them, 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 business performance and financial status of Ryosan Group.
3) Exchange Rate Fluctuation
The Ryosan Group engages in the sale of 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 Company’s balance sheet date. In principle, appreciation of the yen against major
currencies impacts negatively on Ryosan’s performance, while a weak yen impacts favorably. As a result, Ryosan’s
consolidated operating results and financial position are subject to fluctuations in foreign exchange rates.
4) Overseas Business Risk
The Ryosan Group does not operate in Japan alone. It also operates overseas, mainly in Asia. As a result it is exposed to
the following risks. The materialization of any of the following risks could adversely affect the Ryosan Group’s 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 the Ryosan Group operatesc. Development of adverse political factors
d. Social unrest arising out of war, acts of terrorism and other developments5) Capital Market Volatility
As a part of its business activities the Ryosan Group holds shares in certain financial institutions, customers and suppliers,
and is therefore susceptible to stock price fluctuations. Ryosan does not, however, adopt specific methods as a hedge
against movements in stock prices. Accordingly, Ryosan’s performance and financial position are subject to substantial-5-changes in stock markets.

6) Liability for Retirement Benefits
Ryosan accounts for retirement benefit expenses and the liability for retirement benefits using certain assumptions andan expected rate of return applicable to the Group’s pension plan assets for actuarial projections. In the event that theactual obligation differs from the projected obligation or there is a change in the assumptions leading to the calculationof 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 andexpected rate of return applicable to the Group’s pension plan assets can impact its performance and financial position.
7) Natural Disaster
The suspension of sales due to facility damage or power or water supply shortages caused by such natural disasters as
earthquakes or typhoons or accidental disasters such as fire may adversely affect the business showings and financial
standings of the Group. Also, if partners are damaged and the purchase and sale of merchandise is interrupted, thebusiness showings of the Group may be adversely affected.

-6-2. The Ryosan GroupThe Ryosan Group comprises Ryosan Company, Limited (“Ryosan” or “the Company”) and 18 consolidated
subsidiaries.
Ryosan operates as a trading house that specializes in semiconductors, electronic components and electronicequipment, which it sells to manufacturers of electronic equipment and other customers both domestically andoverseas.
The Group’s organization chart is provided as follows.
Sale

Sale

Provision of
Merchandise

HONG KONG RYOSAN
LIMITED

Sale

Provision of
Merchandise
Provision of
Merchandise

Provision of
MerchandiseIntermediarysales
Gyronics Company, Limited

Provision ofservices

Provision ofservices

RINNOVENT COMPANY,
LIMITEDEC RYOSAN COMPANY,
LIMITEDIntermediarysalesIntermediarysales

Provision of
MerchandiseSale

DALIAN F.T.Z RYOSANINTERNATIONAL TRADING
CO., LTD.

Sale

SHEN LING
ELECTRONICS (SHENZHEN)
CO., LTD.

KOREA RYOSANCORPORATIONRYOTAI CORPORATION

Provision of
Merchandise
Provision of
Merchandise
Provision of
MerchandiseIntermediarysales

Provisionof services

Provisionof services
Sale

Sale

RYOSAN (THAILAND)
CO., LTD.

Sale

SINGAPORE RYOSANPRIVATE LIMITED

SaleIntermediary sales
Provision of
Merchandise

Provision of
Merchandise

Provision of
Merchandise

Provision of
Merchandise-7-

RYOSAN INDIA PRIVATELIMITEDRYOSAN IPC(MALAYSIA)
SDN. BHD.

Provisionof services

Sale

Sale
RYOSANUSA INC.

TECHNOLOGIESSaleRYOSAN EUROPE GMBH

Overseas Customers

Customers in Japan

Provision ofservices

Intermediary sales

Saxis Company, Limited

Intermediary sales

Intermediarysales

RYOSAN COMPANY, LIMITED

Provision ofservices

ZHONG LING
INTERNATIONAL TRADING(SHANGHAI) CO., LTD.

Notes:
1. RINNOVENT Company, Limited was established on April 1, 2014.
2. The liquidation of RYOSAN ENGINEERING (M) SDN. BHD. was resolved on July 14, 2014, and liquidation
procedures are in process.
3. The Company sold all shares of RYOSAN ENGINEERING (THAILAND) CO., LTD. and RYOSAN ELECTRONICS(FOSHAN) CO., LTD. to Sankyo Tateyama, Inc. on September 1, 2014.
4. RYOSAN INDIA PRIVATE LIMITED was established on October 1, 2014.
5. The liquidation of SHEN LING ELECTRONICS (SHENZHEN) CO., LTD. was resolved on April 20, 2015, andliquidation procedures are in process.

-8-3. Management Policies(1) Fundamental Management Policies
Since our establishment, we have always been highly conscious of the fact that the corporation is a public
institution. In addition, we now no longer see ourselves simply as a trading company, but as an electronic systems
coordinator, providing a vital link between our customers’ needs and electronics technology. We aim to achieve
consistent long-term growth by stressing this social consciousness and our new role as a systems coordinator.
Three functions are vital to fulfilling our ambition of becoming an electronics system coordinator—the Information
Function (supplying data), the Solutions Function (supplying technology), and the Distribution Function (supplying
logistics). By constantly enhancing these three functions, Ryosan will raise customer satisfaction and increase its
existence value.
(2) Targeted Management Indicators
The Ryosan Group has adopted net income per share and consolidated dividend payout ratio as key management
indicators. With the aim of securing financial soundness while at the same time pursuing further improvements in its
corporate value, the Group newly added ROE to these key management indicators. In particular, the Company seeks
to achieve up to 8% of ROE, with a first target set at 5% by the fiscal year ending March 31, 2018. In addition, theCompany seeks to achieve a consolidated dividend payout ratio of 50% or higher.
(3) Medium- and Long-Term Management Strategies and Issues to be Addressed
The Ryosan Group conducts business in the electronics industry, where the advance of ICT (information andcommunications technology) has spurred an increase in horizontal specialization alliances in which corporations
utilize each other’s strengths. Also, in fields where modularization is advancing, there is an increase in the entry ofcorporation from other industries and the Company forecasts that competition will grow even more intense in the
future. Furthermore, as globalization continues, we forecast that the Japanese market will continue its slow growth
and that a growing number of Japanese corporations will shift production overseas and engage in overseas
procurement. Moreover, customer needs are diversifying from individual components to modules and to
OEM/ODM.
In this management environment, the Ryosan Group recognizes that we must address the issues of “reconstructing
our business portfolio,” “expanding our corporate activities on a global scale,” and “revising our profit/financial
structure.” For that purpose, we have extended the duration of our 9th Medium-Term Management Plan announced
last year to be a 3-year period from FY2014 to FY2016, to a 4-year period from FY2014 to FY2017 and have set“innovation” and “growth” as basic stance of the plan. We shall pursue a business model shift which responds tochanges in our business structure and sustainable independent growth. To implement this basic stance, we will focus
on rebuilding our growth path and enhancing capital efficiency as follows.
With the aim of rebuilding our growth path, we will work on initiatives such as creation of new business models bystrengthening system solution capabilities, further promotion of multi-vendor support, and expansion of businessoverseas by strengthening global support. With the aim of enhancing capital efficiency, we will work on initiatives
such as aggressive investment targeting corporate growth and purchase of treasury stock. By implementing these
initiatives, we are confident that we will improve ROE while maintaining the financial base stable.
In addition, we will work on further strengthening our corporate governance and will increase the number of outside
directors to three while establishing authorities such as a Remuneration Advisory Committee and a Nomination
Advisory Committee following the General Shareholders’ Meeting to be held this year.
In any case, by advancing the 9th Medium-Term Management Plan, fostering the necessary management
environment and overcoming issues which need to be addressed, the Ryosan Group shall heighten the value of ourexistence, obtain compensation commensurate to that value, and improve our business performance. By doing so,
we shall respond to the expectations of our many stakeholders, including shareholders.

-9-4. Basic Approach to Selection of Accounting Standards
For the time being, the Ryosan Group will prepare its consolidated financial statements in accordance with Japanese
GAAP, out of consideration for issues such as comparability from period to period and with other companies in thesame industry.
The Ryosan Group will appropriately address matters regarding IFRS adoption, taking into account prevailingcircumstances in Japan and overseas.

- 10 -

5. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
Fiscal Year Ended
March 31, 2014
(As of March 31, 2014)

Fiscal Year Ended
March 31, 2015
(As of March 31, 2015)

ASSETS
Current assets
Cash and deposits

49,91355,907

Trade notes and accounts receivable

75,15369,061

Merchandise and finished goods

21,452

23,182Work in process

91

32

Raw materials and stored goods

190－

Accrued income

1,747

680

Deferred tax assets

271

290

Other current assets

213

179

Allowance for doubtful accounts

(126)

(50)

148,906

149,283

Buildings and structures

10,686

9,406

Accumulated depreciation(6,532)(5,586)

Buildings and structures (net)

4,154

3,820

Land

8,121

7,350

Lease assets

525

597

Accumulated depreciation

(197)

(302)

Lease assets (net)

327

295

Other fixed assets

4,536

2,424

Accumulated depreciation(3,969)(2,229)567

195

13,17011,661

1,026

1,009

Investment securities

4,024

5,014

Deferred tax assets

309

109

Other

1,828

1,944

Allowance for doubtful accounts

(19)

(157)

Total Investments and other assets

6,143

6,911

20,34019,581

169,247

168,865

Total current assets
Fixed assets
Property, plant and equipment

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

Total fixed assets
Total assets- 11 -

(Millions of yen)
Fiscal Year Ended
March 31, 2014
(As of March 31, 2014)

Fiscal Year Ended
March 31, 2015
(As of March 31, 2015)

LIABILITIESCurrent liabilities
Trade accounts payable

30,30827,588

Short-term bank loans

15,647

13,662

Lease obligations

122

126

Other payable

756

620

1,199

1,177

Accrued income taxes

220

1,179

Other current liabilities

47

127

Total current liabilities

48,30344,482248

207

Net defined benefit liability

1,844

1,811

Other long-term liabilities

121

511

Total long-term liabilities

2,213

2,530

50,51747,012

Common stock

17,69017,690Additional paid-in capital

19,114

19,114Retained earnings

80,91881,789Treasury stock(73)(1,413)

117,649

117,180

1,184

1,894

3

0

Foreign currency translation adjustments

(220)

2,555

Remeasurements of defined benefit plans

111

220

1,079

4,671

Total net assets

118,729

121,852

Total liabilities and net assets

169,247

168,865

Accrued expenses

Long-term liabilities
Lease obligations

Total liabilities
NET ASSETS
Shareholders' equity

Total shareholders’ equity
Other accumulated comprehensive incomes
Net unrealized gain on other marketable securities
Gain (loss) on deferred hedges

Total other accumulated comprehensive incomes- 12 -

(2) Consolidated Statements of Income and Consolidated Comprehensive Statements of Income(Consolidated Statements of Income)(Millions of yen)

Net sales
Cost of Sales
Gross Profit
Selling, general and administrative expenses
Packing and freight expenses
Provision of allowance for doubtful accounts
Directors’ remuneration
Employees' salaries and allowances
Bonuses
Retirement benefit expenses
Welfare expenses
Depreciation and amortization
OthersTotal selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Commission fee
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Foreign currency transaction loss
Miscellaneous expenses
Total non-operating expenses
Ordinary income
Extraordinary gains
Gain on sales of fixed assets
Gain on sales of investment securities
Gain on sales of golf memberships
Gain on transfer of businessTotal extraordinary gains
Extraordinary losses
Loss on sales of fixed asset
Impairment loss
Loss on valuation of golf membership
Total extraordinary losses
Income before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interest
Net income- 13 -

Fiscal Year Ended Mar. 31, 2014

Fiscal Year Ended Mar. 31, 2015

(Apr. 1, 2013 to Mar. 31, 2014)(Apr. 1, 2014 to Mar. 31, 2015)

238,399
219,794
18,605

233,552
214,033
19,519

789
119
430
4,062
1,070
362
890
693
5,041
13,460
5,144

834
87
469
3,946
1,087
402
941
575
5,248
13,594
5,925

39
54
168
166
428

50
59
79
205
395

165
333
22
520
5,052

169
643
37
851
5,469

4
10
30
－
44

7
－
－
53
61

－
－
4
4
5,093
1,110
760
1,870
3,222
3,222

3
89
10
103
5,427
1,807
419
2,227
3,200
3,200

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

Income before minority interest
Other comprehensive income
Net unrealized gain on other marketable securities
Gain (loss) on deferred hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive Incomes(Details)
Comprehensive incomes relating to shareholders of parental company- 14 -

Fiscal Year Ended Mar. 31, 2014

Fiscal Year Ended Mar. 31, 2015

(Apr. 1, 2013 to Mar. 31, 2014)(Apr. 1, 2014 to Mar. 31, 2015)

3,222

3,200

700
3
1,148

709
(2)
2,775

－

109

1,851
5,074

3,592
6,792

5,074

6,792

(3) Consolidated Statements of Changes in Net Assets
Fiscal Year Ended Mar. 31, 2014 (Apr. 1, 2013 to Mar. 31, 2014)(Millions of yen)
Shareholders’ equity
Common stock
Balance as of the beginningof the period
Cumulative effect ofchanges in accounting
principles
Balance as of the beginningof the period that reflects
changes in accounting
principles
Increase (decrease) during
the period
Dividends of surplus
Net income for theperiodAcquisition of treasury
stock
Retirement of treasury
stock
Change of scope of
consolidation
Net changes in items
excluding shareholders’equity during the period
Total increase (decrease)during the period
Balance as of the end of theperiodRetained earnings

Treasury stock

Total
shareholders’equity17,69019,114

84,590(3,789)117,606

17,69019,114

84,590(3,789)117,606(1,917)(1,917)

3,222

3,222

(5,515)(1,800)(1,800)

5,515

－

539

539

－

－

(3,672)3,715

43

17,69019,11480,918(73)

117,649

Net unrealized
gain on othermarketablesecurities
Balance as of the
beginning of the period
Cumulative effect ofchanges in accounting
principles
Balance as of the
beginning of the periodthat reflects changes inaccounting principles
Increase (decrease) during
the period
Dividends of surplus
Net income for theperiodAcquisition of treasury
stock
Retirement of treasury
stock
Change of scope of
consolidation
Net changes in items
excluding shareholders’equity during the period
Total increase (decrease)during the period
Balance as of the end of
the period

Additional
paid-in capital

Other accumulated comprehensive incomes
Foreign
Gain (loss)
Remeasurements
currency
on deferredof definedtranslation
hedgesbenefit plansadjustments

Total otheraccumulatedcomprehensive
incomes

Total net
assets484

0(1,368)－(883)

116,722484

0(1,368)－(883)

116,722(1,917)
3,222(1,800)
－
539
700

3

1,148

111

1,963

1,963

700

3

1,148

111

1,963

2,006

1,184

3

(220)

111

1,079

118,729- 15 -

Fiscal Year Ended Mar. 31, 2015 (Apr. 1, 2014 to Mar. 31, 2015)(Millions of yen)
Shareholders’ equity
Common stock
Balance as of the beginningof the period
Cumulative effect ofchanges in accounting
principles
Balance as of the beginningof the period that reflects
changes in accounting
principles
Increase (decrease) during
the period
Dividends of surplus
Net income for theperiodAcquisition of treasury
stock
Retirement of treasury
stock
Change of scope of
consolidation
Net changes in items
excluding shareholders’equity during the period
Total increase (decrease)during the period
Balance as of the end of theperiod17,690Total
shareholders’equityRetained earnings

Treasury stock

80,918(73)

19,114(284)

17,69019,114

117,649(284)

80,634(73)

117,365(2,045)(2,045)

3,200

3,200
(1,339)(1,339)

－

－

1,155

(1,339)(184)

17,69019,114

81,789(1,413)

117,180

Net unrealized
gain on othermarketablesecurities
Balance as of the
beginning of the period
Cumulative effect ofchanges in accounting
principles
Balance as of the
beginning of the periodthat reflects changes inaccounting principles
Increase (decrease) during
the period
Dividends of surplus
Net income for theperiodAcquisition of treasury
stock
Retirement of treasury
stock
Change of scope of
consolidation
Net changes in items
excluding shareholders’equity during the period
Total increase (decrease)during the period
Balance as of the end of
the period

Additional
paid-in capital

1,184

Other accumulated comprehensive incomes
Foreign
Gain (loss)
Remeasurements
currency
on deferredof definedtranslation
hedgesbenefit plansadjustments
3

(220)

111

Total otheraccumulatedcomprehensive
incomes
1,079

Total net
assets118,729
(284)

1,184

3

(220)

111

1,079

118,444(2,045)3,200(1,339)

709

(2)

2,775

109

3,592

3,592

709

(2)

2,775

109

3,592

3,408

1,894

0

2,555

220

4,671

121,852- 16 -

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

Operating activities
Income before income taxes
Depreciation and amortization
Impairment loss
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in net defined benefit liability
Interest and dividend incomesInterest expenses
Loss (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
Increase (decrease) in other assets and liabilities
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by operating activities
Investing activities
Purchases of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchases of intangible fixed assets
Proceeds from transfer of business
Purchases of investment securities
Proceeds of sale of investment securities
Payments for investments in capital
Proceeds from sales of investments in capital
Payments of loans receivableCollection of loans receivable
Purchase of insurance funds
Proceeds from cancellation of insurance funds
Net cash provided by (used in) investing activities
Financing activities
Net increase (decrease) in short-term loans payable
Repayments of lease obligations
Purchase of treasury stock
Cash dividends paid
Net cash used in financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Increase in cash and cash equivalents of newly consolidated
subsidiaries
Cash and cash equivalents at the end of the period- 17 -

Fiscal Year Ended Mar. 31, 2014

Fiscal Year Ended Mar. 31, 2015

(Apr. 1, 2013 to Mar. 31, 2014)(Apr. 1, 2014 to Mar. 31, 2015)

5,093
835
－
(1,017)
(172)
(93)
165
(4)
(10)
598
(4,909)(1,515)
3,753
775
3,499
92
(159)
(1,928)
1,504

5,427
604
89
40
144
(110)
169
(7)
－
1,341
8,600
(411)
(3,983)700
12,606
107
(173)
(853)
11,687

(226)
6
(146)
－
(10)
16
(9)
41
－
0
(106)
－
(435)

(131)
100
(130)
1,200
－
－
(9)
2
(1)
76
(218)
100
990

1,597
(167)
(1,800)(1,915)(2,285)249(967)
50,463(4,012)(155)(1,339)(2,044)(7,552)871
5,996
49,911

415－

49,911

55,907

(5) Notes on Consolidated Financial Statements(Notes Regarding Going Concern)
Not applicable.

(Changes in Accounting Principles)
Implementation of Accounting Standards for Retirement Benefits
We have adopted “Accounting Standards for Retirement Benefits” (Corporate Accounting Standards No. 26 of
May 17, 2012, hereinafter referred to as “Retirement Benefits Accounting Standards”) and “Implementation
Guidance on Accounting Standard for Retirement Benefits” (Corporate Accounting Standards No. 25 of May 17,
2012, hereinafter referred to as “Implementation Guidance on Retirement Benefits”) from the consolidated
accounting period under review on provisions stipulated in the texts of the Section 35 of the Retirement Benefits
Accounting Standards and of the Section 67 of the Implementation Guidance on Retirement Benefits: we havereconsidered the accounting method for pension benefit obligations and service liability, and we have changed
our method of attributing projected retirement benefits from a fixed amount standard to a payment calculation
standard along with changing the method of discount determination to a method that uses single-weighted
average discount rate reflecting amounts for each estimated period for payment of retirement benefits and otherpayments.
To apply the Retirement Benefits Accounting Standards, we comply with the transitional handling stipulated in
the Section 37 of Retirement Benefits Accounting Standards, and effect of changes of accounting method for
retirement benefit obligations and service cost, financial effects are added to or subtracted from retained gains, atthe beginning of the consolidated accounting period under review.
As the result, net defined benefit liability increased by 441 million yen, while retained earnings decreased by 284
million yen, as of the beginning of the consolidated accounting period under review. There was only minor
impact on operating income, ordinary income and quarterly net income before income taxes during theconsolidated period under review.
(Notes on Consolidated Balance Sheets)(Millions of yen, figures less than ¥1 million have been omitted, unless otherwise stated)
As of March 31, 2014
1.

Accumulated depreciation of property, plant and10,668equipment
2.

As of March 31, 2015

8,080

Non-consolidated subsidiary and affiliated company
shares and other3.

- Investment securities (shares)0－- Other (equity)

－

－

107

120

31,500,000 common shares

31,500,000 common shares

36,209 common shares

482,500 common shares

Assets pledged as collateral- Investment securities

4.

Number of shares issued and outstanding
Number of treasury stock held by the Company- 18 -

(Notes on Consolidated Statements of Income)1.

Fiscal 2013

Fiscal 2014

(April 1, 2013 to March 31, 2014)(April 1, 2014 to March 31, 2015)

Research and development expenditure included in

657

selling, general and administrative expenses
2.

3.

712

Breakdown of gain on sales of fixed assets- Land－1- Other

4

5

Total

4

7

Breakdown of loss on sales of fixed asset- Land－2- Other

－

1

Total

－

3

(Notes on Consolidated Comprehensive Statements of Income)
Adjustments from recycling and tax effects in other comprehensive income
Fiscal 2013

Fiscal 2014

(April 1, 2013 to March 31, 2014)(April 1, 2014 to March 31, 2015)

Increase (decrease) during the period

799

1,000

Adjustments from recycling

(12)

－

Before tax effects adjustments

787

1,000

Tax effect

(87)

(290)

Net unrealized gain on other marketable securities

700

709

Increase (decrease) during the period

5(4)Before tax effects adjustments

5(4)

Tax effect(1)

1

Gain (loss) on deferred hedges

3(2)

Increase (decrease) during the period

1,148

2,775

Before tax effects adjustments

1,148

2,775

Foreign currency translation adjustments

1,148

2,775

Increase (decrease) during the period－

153

Before tax effects adjustments－

153

Tax effect

－

(43)

Net unrealized gain on other marketable securities:

Gain (loss) on deferred hedges:

Foreign currency translation adjustments:

Remeasurements of defined benefit plans:Remeasurements of defined benefit plans－

109

Total other comprehensive Income

1,851

3,592

- 19 -(Tax-effect Accounting)
1. Breakdown of major causes of occurrence in deferred tax assets and deferred tax liabilities(Millions of yen unless otherwise stated)
Fiscal 2013

Fiscal 2014

(As of March 31, 2014)(As of March 31, 2015)

Deferred tax assets
Loss on valuation of inventories
Amortization of software and other
Investment securities
Golf membership rights
Accrued bonuses
Net defined benefit liability
Allowance for doubtful accounts

Loss brought forward of subsidiaries
Other
Sub-total deferred tax assets
Valuation reserve
Total deferred tax assets
Deferred tax liabilities
Net unrealized gain on other marketablesecurities
Consolidated retained earnings
Other
Total deferred tax liabilities
Net deferred tax assets

167
31
261
98
214
670
2
125
255
1,827
(517)
1,310

160
17
60
90
199
645
－
127
285
1,586
(319)
1,267

(356)

(645)

(293)
(102)
(752)
557

(484)
(140)
(1,270)(3)

Net deferred tax assets are included in the following items of the Company’s consolidated balance sheet.
(Millions of yen unless otherwise stated)
Fiscal 2013

Fiscal 2014

(As of March 31, 2014)(As of March 31, 2015)

Current assets － Deferred tax assets
Fixed assets － Deferred tax assets
Long-term liabilities － Other long-term liabilities

271
309
(22)

- 20 -

290
109
(403)

2. Breakdown of major differences between the statutory tax rate and the effective tax rate after adoption oftax-effect accounting

Effective tax rate
(Adjustment)
Items not included in calculations of losses(e.g. entertainment expenses)
Items not included in gross profits (e.g. dividends)
Equal percent residential tax
Downward revision of year-end deferred tax assets
due to change in tax rate
Foreign withholding taxes

Fiscal 2013

Fiscal 2014

(As of March 31, 2014)(As of March 31, 2015)

Information on the difference
between the statutory tax rate
and the effective tax rate is notpresented for the fiscal year
since the difference between
the statutory tax rate and theeffective tax rate was less than
5/100 and therefore considered
immaterial.

Change in valuation allowance
Effects of consolidated revision
Difference in corporate tax rates from foreign

(%)
35.6
1.7
(0.2)
0.7
1.8
0.6
2.1
1.0
(6.3)

subsidiaries

3.5
0.5

Consolidated retained earnings
Other
Contribution percentage of corporate and other41.0

taxes after ax effect accounting is applied

3. Adjustment for amounts of deferred tax assets and deferred tax liabilities due to changes in the corporate tax rate
Pursuant to the promulgation on March 31, 2015 of “Partial Amendment of the Income Tax Act, etc.” (Act No. 9 of
2015), the corporate tax rate will be reduced from the consolidated fiscal year beginning on or after April 1, 2015.
As a result, the effective statutory tax rates, which are used to measure deferred tax assets and deferred tax
liabilities, will be reduced to 33.1% from 35.6% for temporary differences that are expected to be reversed in the
consolidated fiscal year started on April 1, 2015, and to 32.3% for temporary differences that are expected to bereversed in the consolidated fiscal year which will start on April 1, 2016.
The changes in effective statutory tax rates led to a 21 million yen decrease in deferred tax assets (after deducting
deferred tax liabilities), a 98 million yen increase in income taxes-deferred, 65 million yen increase in net
unrealized gain on other marketable securities, and 10 million yen increase in remeasurements of defined benefit
plans.

- 21 -

(Segment Information)(a) Segment Information
1. Overview of our Reporting Segments
Ryosan Group’s reporting segments are created from financial information sorted by business segment, and the Chief
Executive Officer periodically conducts performance evaluations.
Ryosan Group has set up business headquarters at our head office for each merchandises and products, and we expand
our business activities by having each business headquarters formulate comprehensive strategies for the products thatthey handle, for both within Japan and overseas.
Therefore, with our business headquarters serving as our foundation, Ryosan Group has three reporting segments:“Semiconductors”, “Electronic components” and “Electronic equipment”.
Main products of each business segment are as follows:
Semiconductors:
Memories, 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
For the consolidated fiscal year ended March 31, 2014
(April 1, 2013 to March 31, 2014)(Millions of yen, figures less than ¥1 million have been omitted)

Reporting Segment
Electronicequipment

Adjusted
amountConsolidated
incomestatement
amountSemiconductors

Electronic
components

161,51259,38817,497238,399―

238,399

―

―

―

―

―

―

161,5123,204

59,383
1,414

17,497709

23,839
5,327

―
(182)

238,399
5,144

Total

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

Notes:
1. The adjustment of -182 million yen to segment income represents corporate expenses that are not allocated to eachreporting segment. Corporate expenses mainly refer to general and administrative expenses not belonging to any reporting
segments.
2. Segment income has been adjusted with operating income in consolidated statements of income.
3. Segment asset is not shown in this reporting segment as it is not subject to CEO’s performance evaluation.
For the consolidated fiscal year ended March 31, 2015
(April 1, 2014 to March 31, 2015)(Millions of yen, figures less than ¥1 million have been omitted)

Reporting Segment
Electronicequipment

Adjusted
amountConsolidated
incomestatement
amountSemiconductors

Electronic
components

151,243

62,916

19,392

233,552―

233,552

―

―

―

―

―

―

151,243
3,481

62,916
1,617

19,392
1,053

233,552
6,152

―
(226)

233,552
5,925

Total

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

Notes:
1. The adjustment of -226 million yen to segment income represents corporate expenses that are not allocated to eachreporting segment. Corporate expenses mainly refer to general and administrative expenses not belonging to any reporting
segments.
2. Segment income has been adjusted with operating income in consolidated statements of income.
3. Segment asset is not shown in this reporting segment as it is not subject to CEO’s performance evaluation.

- 22 -

3. Notes on Changes in Reporting Segments
Previously, the Group’s business was divided into the following four reportable segments – “Semiconductors”, “Electronic
Components”, “Electronic Equipment”, and “Ryosan Products”. However, effective from this consolidated accounting
period, the Group has revised its business classification into three segments – “Semiconductors”, “Electronic Components”,
and “Electronic Equipment” - after transferring its heat sink production business to Sankyo Tateyama, Inc. as of September
1, 2014.
In this regard, the segment information for the previous consolidated accounting period, is prepared and disclosed pursuant
to the reporting segment classification subsequent to the change described above.
(b) Related Information
1. Information on products and services
As in the Reporting Segment
2. Information by region(1) Sales
For the consolidated fiscal year ended March 31, 2014
(April 1, 2013 to March 31, 2014)(Millions of yen)Japan
124,682

Asia

Other

105,810
7,906
Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions:Asia:
China, Korea, Hong Kong, Thailand and others
Other:
United States and others

Total
238,399

For the consolidated fiscal year ended March 31, 2015
(April 1, 2014 to March 31, 2015)(Millions of yen)Japan
125,878

Asia

Other

99,336
8,337
Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions:Asia:
China, Thailand, Korea, Hong Kong and others
Other:
United States and others

Total
233,552(2) Property, plant and equipment
This information is not presented as 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.

- 23 -

3. Information on each important customer
For the consolidated fiscal year ended March 31, 2014
(April 1, 2013 to March 31, 2014)(Millions of yen)

Customer NameNet Sales

Mitsubishi Electric Corporation

18,345

Related Segments
Semiconductors, Electronic
Components

For the consolidated fiscal year ended March 31, 2015
(April 1, 2014 to March 31, 2015)(Millions of yen)

Customer Name
Mitsubishi Electric Corporation

Net Sales
18,822

Related Segments
Semiconductors, Electronic
Components(Per Share Information)(Yen unless otherwise stated)
Fiscal 2013

Fiscal 2014

(April 1, 2013 to March 31, 2014)(April 1, 2014 to March 31, 2015)

1. Net assets per share

3,773.51

3,928.52

2. Net income per share

101.86101.80Note: Net income per share for the fiscal years ended March 31, 2014 and March 31, 2015 are calculated on thefollowing basis:(Millions of yen unless otherwise stated)
Fiscal 2013

Fiscal 2014

(April 1, 2013 to March 31, 2014)(April 1, 2014 to March 31, 2015)

Net income

3,222

3,200

Net income applicable to common stock

3,222

3,200

Average number of shares for the period

31,633 thousand shares

31,439 thousand shares(Important Subsequent Events)
Not applicable.

- 24 -

6. Other(1) New Orders(Millions of yen, figures less than 1 million yen have been omitted)
Fiscal 2013

Fiscal 2014

(April 1, 2013 to March 31, 2014)(April 1, 2014 to March 31, 2015)

Semiconductors

166,971

150,698

Electronic components

62,07563,633

Electronic equipment

20,422

20,441

Total

249,469

234,773(2) Geographical Segment Information
Fiscal 2013, the fiscal year ended March 31, 2014
(April 1, 2013 to March 31, 2014)
Japan(Millions of yen, figures less than ¥1 million have been omitted)
Eliminations
Asia
Other
Total
Consolidated
or corporate

Sales:
145,946
85,7006,753(1) Sales to external customers(2) Internal sales or exchange
8,483
412
1
between segments
Total
154,429
86,112
6,754
Segment income
1,703
2,545
230
Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions:
Asia:
Hong Kong, China, Thailand, Korea and others
Other:
United States and others

238,399―

238,399

8,897(8,897)―247,297
4,480(8,897)664

238,399
5,144

Fiscal 2014, the fiscal year ended March 31, 2015
(April 1, 2014 to March 31, 2015)
Japan(Millions of yen, figures less than ¥1 million have been omitted)
Eliminations
Consolidated
Asia
Other
Total
or corporate

Sales:
138,207
88,133
7,212(1) Sales to external customers(2) Internal sales or exchange
9,414
248
―
between segments
Total
147,62188,381
7,212
Segment income
2,704
2,451
213
Notes:
1. Country and regional segments are classified on the basis of geographic proximity.
2. Principal countries and regions:
Asia:
Hong Kong, Thailand, China, Korea and others
Other:
United States and others- 25 -

233,552―

233,552

9,662(9,662)―

243,214
5,369(9,662)556

233,5525,925