May 13, 2022

Consolidated Earnings Report for Fiscal Year 2021, Ended March 31, 2022
[Japanese Standards]
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 date of the Annual General Meeting of Shareholders:June 24, 2022
Scheduled payment date of dividend:
June 8, 2022
Scheduled filing date of the Annual Securities Report:
June 27, 2022
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, 2022 (April 1, 2021 to March 31, 2022)(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 2021
272,647
24.0
8,857
Fiscal Year 2020
219,884(3.3)
4,628(Note) Comprehensive income
Fiscal Year 2021: 7,927 million yen (30.3%),
Basic earnings
Diluted earnings perper share
share
Yen

91.4
48.9

Millions of yen

%

8,085
5,122

Millions of yen

57.8
75.6

%

5,359
4,586

16.8
284.2

Fiscal Year 2020: 6,081 million yen (－%)
Ordinary income
Operating income
Return on equity
to net assets
to net sales%%

Fiscal Year 2021
228.75－5.8
4.8
Fiscal Year 2020
195.78－
5.3
3.6(Reference) Equity in earnings (losses) of non-consolidated subsidiaries and affiliates:
Fiscal Year 2021: (121) million yen,
Fiscal Year 2020: 23 million yen

Yen

%

3.2
2.1

(2) Consolidated financial position
Total assets

Net assets tototal assets

Net assets

Millions of yen

Net assets
per share

Millions of yen%

Yen

94,72489,60949.7
60.5

4,043.20
3,824.82

March 31, 2022
190,548
March 31, 2021
148,087(Reference) Shareholders equity:
March 31, 2022: 94,724 million yen,March 31, 2021: 89,609 million yen(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal Year 2021
Fiscal Year 2020

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(28,945)(3,782)894
1,029

18,951(1,571)

12,016
20,636

2. Dividends(Record date)Fiscal Year
2020
Fiscal Year
2021
Fiscal Year
2022
(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) %

－

30.00

－

70.00

100.00

2,342

51.1

2.6

－

50.00

－

70.00

120.00

2,811

52.5

3.1

－

50.00

－

50.00

100.0048.8

3. Forecast of results for the fiscal year ending March 31, 2023 (April 1, 2022 to March 31, 2023)(% 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).)
Basic earnings
Net sales
Operating income
Ordinary income
Profitper share
Millions of yen

Interim period
Full fiscal year

134,000
265,000% Millions of yen

7.8
(2.8)

3,300
7,000

%

Millions of yen(19.5)(21.0)

3,200
6,800

%

Millions of yen(21.2)(15.9)

2,200
4,800

%

Yen

24.4
(10.4)

93.90
204.88* 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: Yes
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, 2022

25,000,000 shares

March 31, 2021

25,000,000 shares

March 31, 2022

1,571,817 shares

March 31, 2021

1,571,434 shares

March 31, 2022

23,428,371 shares

March 31, 2021

23,428,846 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, 2022 (April 1, 2021 to March 31, 2022)(1) Non-consolidated operating results(% change compared with the same period of the previous fiscal year (YoY))
Net sales
Millions of yen

Fiscal Year 2021
Fiscal Year 2020%

170,645
138,435

23.3
(4.1)

Basic earnings
per share
Fiscal Year 2021
Fiscal Year 2020

Operating income
Millions of yen

Ordinary income
%

4,059
1,033

292.8
－

Millions of yen

5,535
4,045

Profit
%

36.8
388.9

Millions of yen

2,848
3,830

%

(25.6)－

Diluted earnings per
share

Yen

Yen

121.60163.49－－(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, 2022
131,713
March 31, 2021
104,674(Reference) Shareholders equity:
March 31, 2022: 64,214 million yen,

64,21464,44748.8
61.6

2,740.93
2,750.81

March 31, 2021: 64,447 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 4, “1. Summary ofOperating Results, etc. (4) Future Prospects.”

○Table of contents of the appendix
1. Summary of Operating Results, etc.................................................................................................................................................. 2(1) Summary of Operating Results for Fiscal Year 2021 ............................................................................................................ 2(2) Summary of Financial Position for Fiscal Year 2021 ............................................................................................................ 2(3) Summary of Cash Flows for Fiscal Year 2021 ...................................................................................................................... 3(4) Future Prospects .................................................................................................................................................................... 4(5) Basic Policy Regarding the Allocation of Profits / Dividends for Fiscal Year 2021 and Fiscal Year 2022 ........................... 4
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 Accounting Principles).................................................................................................................................... 13(Segment Information)........................................................................................................................................................ 13(Per Share Information) ...................................................................................................................................................... 16
4. Other ................................................................................................................................................................................................ 17(1) New Orders ......................................................................................................................................................................... 17(2) Geographical Segment Information .................................................................................................................................... 17-1-

1. Summary of Operating Results, etc.
(1) Summary of Operating Results for Fiscal Year 2021
1) Overview
In the consolidated fiscal period under review (April 1, 2021 to March 31, 2022: Fiscal year 2021), positive
developments in the global economy were upstaged by fresh shocks. Progress in vaccination, along with theeffects of measures by various national governments and others, produced encouraging news that the COVID-19
pandemic was calming down. Unfortunately, sanctions on the Russian Federation for its military invasion of
Ukraine caused downward pressure on the global economy to spread in numerous ways. These included highprices for resources, galloping inflation, rapid rises in interest rates and progressive depreciation of the Japaneseyen.
Against this background of recovery in overseas economies, the Japanese economy showed signs of rebounding.
Exports rose, while capital investment and production activity in the manufacturing sector overall remained on asolid footing. However, factors such as the spread of the new omicron variant of COVID-19 and high prices forresources slowed the pace of recovery.
Under this macroeconomic environment, the electronics industry, Ryosan’s main field, enjoyed an overall trendof high levels of demand. Despite lingering shortages of semiconductors and electronic components, demand forautomotive electronic products recovered and sales of products for industrial machinery expanded.
In the consolidated business results for the period under review, net sales reached 272,647 million yen (up24.0% from the previous fiscal year). Sales broadened in a wide range of fields, particularly in products for the
automotive and industrial-machinery sectors, while acquisition of commercial rights in new businesses anddepreciation of the yen also contributed. Ryosan also enjoyed success in the foreign-affiliated semiconductorbusiness and in local businesses in China and Hong Kong, on which Ryosan had long been focused.
Benefiting from factors such as net sales growth and favorable sales of high-value-added products for industrial
machinery, operating income nearly doubled to 8,857 million yen (up 91.4%) and ordinary income surged to 8,085
million yen (up 57.8%).
Profit attributable to owners of parent grew to 5,359 million yen (up 16.8%). This rate of growth was lower thanin the previous fiscal year, when this item was boosted by extraordinary income such as income from sale ofinvestment securities.
The impact on business results of the application of the Accounting Standard for Revenue Recognition(Accounting Standards Board of Japan (ASBJ) Statement No. 29, March 31, 2020) of the Japanese generally
accepted accounting principles (J-GAAP) is negligible.
2) Business Segment Information
Ryosan has changed its classification of reporting segments, beginning in the consolidated fiscal year underreview. The comparisons with the previous consolidated fiscal year are based on the classification after the change.
For details, please refer to “Notice Concerning Changes in Reporting Segments,” published June 25, 2021.
a. Devices
Net sales rose to 240,831 million yen (up 25.5% from the previous fiscal year), paced by growing sales of
products for the automotive and industrial-machinery sectors and assisted by acquisition of commercial rights innew businesses. Operating income almost doubled to 7,582 million yen (up 86.8%), lifted by factors such asfavorable sales of high-value-added products.
b. Solutions
Sales in the automotive sector expanded over the previous fiscal year, and major projects for facility equipment
and communications contributed. Net sales improved to 31,816 million yen (up 13.6% from the previous fiscal
year), while operating income doubled to 1,421 million yen (up 98.3%).
(2) Summary of Financial Position for Fiscal Year 2021
1) Assets
Total assets increased by 42,261 million yen to 190,548 million yen compared with March 31, 2021. This ismainly because notes and accounts receivable–trade increased by 21,485 million yen and merchandise and finished-2-goods increased by 16,963 million yen, while cash and deposits decreased by 8,618 million yen.
2) Liabilities
Total liabilities increased by 37,346 million yen to 95,823 million yen compared with March 31, 2021. This ismainly because short-term loans payable increased by 19,528 million yen and accounts payable–trade increased by
9,992 million yen.
The impact on Ryosan’s financial condition of the application of the Accounting Standard for Revenue
Recognition is negligible.
(3) Summary of Cash Flows for Fiscal Year 2021
As of March 31, 2022, cash and cash equivalents decreased by 8,619 million yen compared with the end of theprevious fiscal year, to 12,016 million yen.
1) Net cash provided by (used in) operating activities
Regarding cash flow from operating activities in this consolidated fiscal year, funds in total decreased by 28,945
million yen. Notes and accounts receivable–trade, inventories, and accounts receivable–other increased by 18,937
million yen, 14,889 million yen, and 13,870 million yen, respectively, while profit before income taxes was 8,123
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 3,782 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 increased by 894
million yen due to proceeds from cancellation of insurance funds of 1,083 million yen. In the net cash provided by(used in) investing activities in the previous consolidated fiscal year, there was an increase of funds by 1,029
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 increased by 18,951
million yen. Short-term loans payable increased by 16,941 million yen and commercial papers increased by 4,999
million yen, despite cash dividends paid of 2,805 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 1,571 million yen.
(Reference) Trends in cash flow-related indicators
Fiscal Year2017
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 Year2018

Fiscal Year2019

Fiscal Year
2020

Fiscal Year
2021

57.9

59.9

61.7

60.5

49.7

57.7

47.4

40.6

35.7

27.0

_

1.8

1.0

_

_

_

16.3

30.7

_

_

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) Future Prospects
1) Overview
To translate its Long-Term Vision for Ryosan, RS Innovation 2030, into concrete terms, Ryosan launched the11th Medium-Term Business Plan, covering the period from fiscal year 2021 to fiscal year 2023. Happily, in fiscal
year 2021, the first year of the Medium-Term Business Plan, Ryosan accomplished all of the Plan’s targets forfiscal year 2023, namely net sales of 263,000 million yen, gross profit of 21,300 million yen, operating income of
6,900 million yen and ROE of 5%.
Looking ahead to fiscal year 2022, Ryosan expects the effects of the COVID-19 pandemic to subside,
supporting continued growth, particularly in the automotive and industrial-machinery sectors. However, somemeasures have not yet shown any effect, while depressing factors such as geopolitical risks and market factors
linger. These conditions are expected to restrain the pace of growth. Accordingly, Ryosan has decided to leave its
management targets and a number of ongoing projects unchanged for the time being.
Ryosan will press ahead with implementation of the 11th Medium-Term Business Plan. Ryosan will continue todiversify its portfolio, by transforming sales channels and seeking out customers through acquisition of commercial
rights; deepen its engagement with local businesses in China and Hong Kong through cooperation with local
partners; harvest the rewards of prior investment in several lines of products and make new investments in new
products; invest to transform Ryosan’s line of business, including entry into new manufacturing and otherbusinesses, inspired by customer needs; raise the efficiency of existing businesses, using a wide range of digitaltechnologies; and reinforce the foundations, including overhaul of management information, education, risk
management and governance.
Ryosan’s forecast of consolidated business results for fiscal year 2022 is as follows.

Net sales
Operating income
Ordinary income
Profit attributable to owners ofparentMillions of yen
265,000
7,000
6,800

YoY change [%]Decrease 2.8
Decrease 21.0
Decrease 15.9

4,800

Decrease 10.4

2) Estimates by Business Segment
a. Devices
The pace of demand growth is expected to slacken. Ryosan forecasts net sales of 233,000 million yen (down
3.3% from the previous fiscal year), and operating income of 6,600 million yen (down 13.0%).
b. Solutions
Large projects in communications will continue to contribute, as they did in the previous fiscal year, raising
net sales to 32,000 million yen (up 0.6% from the previous fiscal year). Ryosan forecasts a decline of operating
income to 1,000 million yen (down 29.7%), as changes in the product mix are expected to reduce gross profit
margin.
(5) Basic Policy Regarding the Allocation of Profits / Dividends for Fiscal Year 2021 and Fiscal Year 2022
Ryosan regards the return of earnings to shareholders as one of the most important elements of management andis making efforts to increase basic earnings per share. Ryosan's basic policy is to aim for consolidated dividend
payout ratio of around 50%.
In accordance with this basic policy, Ryosan expects to distribute a year-end dividend of 70 yen per share for the
consolidated fiscal year under review. With the inclusion of the interim dividend of 50 yen per share, the annual
dividend is forecast to be 120 yen per share. In the coming fiscal year, Ryosan forecasts an annual dividend of 100
yen per share.

-4-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, 2021
(As of March 31, 2021)

Fiscal Year Ended
March 31, 2022
(As of March 31, 2022)

ASSETS
Current assets
Cash and deposits

20,685

12,066

Notes and accounts receivable - trade

71,08892,574Merchandise and finished goods

35,672

52,636

28

11

4,571

18,721

Other

720

1,094

Allowance for doubtful accounts

(278)

(276)

132,488

176,827

Buildings and structures

6,773

6,413

Accumulated depreciation(4,060)(3,849)Buildings and structures, net

2,713

2,563

Land

5,299

5,178

Lease assets

1,261

1,303

Accumulated depreciation

(790)

(909)

Leased assets, net

471

394

Other

1,937

1,993

Accumulated depreciation(1,713)(1,792)

224

201

8,707

8,338

881

985

Investment securities

3,587

3,001

Deferred tax assets

330

295

Other

2,154

1,206

Allowance for doubtful accounts

(63)

(106)

Total investments and other assets

6,009

4,397

15,59813,720148,087

190,548

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, 2021
(As of March 31, 2021)

Fiscal Year Ended
March 31, 2022
(As of March 31, 2022)

LIABILITIESCurrent liabilities
Accounts payable - trade32,98442,976

Short-term loans payable

18,551

38,079Commercial papers

－

4,999

Lease obligations

226

224

Accounts payable - other

1,985

3,469

Accrued expenses

1,439

1,930

Income taxes payable

844

1,798

Other

205

391

56,236

93,869Lease obligations

285

202

Deferred tax liabilities

485

597

Net defined benefit liability

1,409

1,068

Asset retirement obligations

25

23

Other

33

62

2,240

1,953

58,477

95,823

Capital stock

17,69017,690Capital surplus

19,114

19,114Retained earnings

57,03959,586

Treasury shares(6,533)(6,534)

Total shareholders’ equity

87,31089,857

1,526

1,257

1

1

Foreign currency translation adjustment

824

3,634

Remeasurements of defined benefit plans

(52)

(25)

Total accumulated other comprehensive income

2,299

4,867

Total net assets

89,60994,724

Total liabilities and net assets

148,087

190,548

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-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
Share of profit of entities accounted for using equity method
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
Gain on sales of golf memberships
Compensation for customs duty
Total extraordinary income
Extraordinary losses
Impairment loss
Loss on valuation of investment securities
Loss on valuation of golf membership
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, 2021

Fiscal Year Ended Mar. 31, 2022

(Apr. 1, 2020 to Mar. 31, 2021)(Apr. 1, 2021 to Mar. 31, 2022)

219,884
200,852
19,031

272,647
247,741
24,906

1,089
112
408
4,199
1,325
450
969
596
5,249
14,403
4,628

1,362
20
583
4,404
1,598
445
1,036
611
5,984
16,049
8,857

43
67
23
341
37
53
161
728

31
71
－
－
34
52
104
294

199
－
－
34
234
5,122

184
121
674
86
1,066
8,085

59
662
4
367
1,093

0
57
1
－
59

－
－
1
1
6,214
1,270
356
1,627
4,586
4,586

19
1
－
21
8,123
2,516
248
2,764
5,359
5,359

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, 2021

Fiscal Year Ended Mar. 31, 2022

(Apr. 1, 2020 to Mar. 31, 2021)(Apr. 1, 2021 to Mar. 31, 2022)

4,586

5,359

368
1
1,125

(269)
0
2,810

0

26

1,494
6,081

2,567
7,927

6,081

7,927

(3) Consolidated Statements of Changes in Net Assets
Fiscal Year Ended Mar. 31, 2021 (Apr. 1, 2020 to Mar. 31, 2021)(Millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning ofcurrent period
Changes of items during
periodCapital surplus

Retained earnings

Treasury shares

19,11453,857(6,532)

17,690

Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesNet changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
periodTotal
shareholders’equity84,130(1,405)(1,405)

4,586

4,586
(1)

(1)

－

－

3,181

(1)

3,179

17,69019,11457,039(6,533)87,310

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning ofcurrent period
Changes of items during
period

1,158

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

Remeasurementsof defined
benefit plans

Total
accumulated
othercomprehensive
income

(300)

(52)

805

0

Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesNet changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
periodTotal net
assets

84,935(1,405)
4,586
(1)
368

1

1,125

0

1,494

1,494

368

1

1,125

0

1,494

4,674

1,526

1

824

(52)

2,299

89,609- 10 -

Fiscal Year Ended Mar. 31, 2022 (Apr. 1, 2021 to Mar. 31, 2022)(Millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning ofcurrent period
Changes of items during
periodCapital surplus

Retained earnings

Treasury shares

19,11457,039(6,533)

17,690

Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesNet changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
periodTotal
shareholders’equity87,310(2,811)(2,811)

5,359

5,359
(0)

(0)

－

－

2,547

(0)

2,547

17,69019,11459,586(6,534)89,857

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning ofcurrent period
Changes of items during
period

1,526

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

Remeasurementsof defined
benefit plans

Total
accumulated
othercomprehensive
income

824

(52)

2,299

1

Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesNet changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of current
periodTotal net
assets89,609(2,811)
5,359
(0)
(269)

0

2,810

26

2,567

2,567

(269)

0

2,810

26

2,567

5,114

1,257

1

3,634

(25)

4,867

94,724- 11 -

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

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment loss
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 investment securities
Loss (gain) on sales of property, plant and equipment
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
Purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchases of investment securities
Proceeds from sales of investment securities
Decrease (increase) in time deposits
Proceeds from sales of membership
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
Increase (decrease) in commercial papers
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
Cash and cash equivalents at the end of the period- 12 -

Fiscal Year Ended Mar. 31, 2021

Fiscal Year Ended Mar. 31, 2022

(Apr. 1, 2020 to Mar. 31, 2021)(Apr. 1, 2021 to Mar. 31, 2022)

6,214
619
－
110
(236)
(111)
199

8,123
631
19
16
(362)
(103)
184

(23)

121

(662)
(59)
(99)
(16,330)
2,128
4,009
1,645
(214)
(2,809)
111
(207)
(877)
(3,782)

(57)
－
1,585
(18,937)(14,889)
8,435(13,870)
1,937(27,163)103(185)(1,699)(28,945)

(224)
506
(110)
(15)
801
(48)
14
21
(134)
219
1,029

(124)
198
(244)
(15)
120
(1)
3
4
(128)
1,083
894

16
(179)
－
(1)
(1,406)(1,571)458(3,865)24,501
20,636

16,941
(182)
4,999
(0)
(2,805)
18,951479(8,619)20,636
12,016

(5) Notes on Consolidated Financial Statements(Notes Regarding Going Concern)
Not applicable.
(Notes Regarding Substantial Changes in Shareholders’ Equity)
Not applicable.
(Changes in Accounting Principles)(1) Accounting Standard for Revenue Recognition
Beginning in the consolidated fiscal year under review, Ryosan applies the Accounting Standard for Revenue
Recognition (Accounting Standards Board of Japan (ASBJ) Statement No. 29, March 31, 2020) of the Japanesegenerally accepted accounting principles (J-GAAP) (hereinafter referred to as “the Accounting Standard for
Revenue Recognition”). Under this standard, revenue is recognized when Ryosan transfers control of a promised
good or service to the customer, in the amount Ryosan expects to receive in exchange for said good or service.
In the past, a part of the amount paid to the customer was appropriated as cost of sales. With the adoption of
the Accounting Standard for Revenue Recognition, the accounting method is changed so that this amount is
subtracted from net sales.
In applying the Accounting Standard for Revenue Recognition, Ryosan follows the transitional handlingstipulated in the proviso in Paragraph 84 of the Accounting Standard for Revenue Recognition. The cumulative
financial effect of applying the new accounting principle retroactively to events before the beginning of theconsolidated fiscal year under review is added to or subtracted from the retained earnings at the beginning of theconsolidated fiscal year under review, and the new accounting principle is applied from the balance at the
beginning of the consolidated fiscal year under review onward.
As a result, the impact of the application of the Accounting Standard for Revenue Recognition on thefinancial statements for the consolidated fiscal year under review is negligible.
(2) Accounting Standard for Fair Value Measurement
Beginning in the consolidated fiscal year under review, Ryosan applies the Accounting Standard for Fair Value
Measurement (ASBJ Statement No. 30, July 4, 2019) of J-GAAP (hereinafter referred to as “the AccountingStandard for Fair Value Measurement”). In accordance with the transitional treatment defined in Paragraph 19 of the
Accounting Standard for Fair Value Measurement and Paragraph 44-2 of the Accounting Standard for Financial
Instruments (ASBJ Statement No. 10, July 4, 2019) of JAAP, Ryosan has decided to apply the new accounting
principle stipulated in the Accounting Standard for Fair Value Measurement going forward.
This change does not affect the consolidated financial statements for the consolidated fiscal year under review.
(Segment Information)
Segment Information
1. Overview of Reporting Segments
Ryosan’s reporting segments are made up of those created from financial information sorted by businesssegment and those evaluated by the President periodically.
Ryosan has set up its business headquarters at Ryosan's head office for each article of merchandise and product,
and Ryosan is expanding business activities by having each business headquarters formulate comprehensive
strategies for the products that they handle, for both within Japan and overseas.
Therefore, regarding the reporting segments for its business headquarters, Ryosan lists “Devices” “and“Electronic Solutions.”
The main products of each business segment are as follows:
Devices:
Semiconductors and electronic components
Solutions: IT devices and solutions(Items Related to Changes in Reporting Segments)
Beginning in the consolidated fiscal year under review, in tandem with the reorganization of its businessheadquarters, Ryosan has revised the classification of its business segments. The reporting segments are changed
from the previous Semiconductor Business, Electronic-component Business and Electronic-equipment Business to
Device Business and Solution Business.
Segment information regarding the previous consolidated fiscal year is prepared and listed in accordance withthe classifications after the change in reporting segments.

- 13 -

2. Information Concerning Sales and Income or Loss Amount by Reporting Segment
Consolidated fiscal year ended March 31, 2021
(April 1, 2020 to March 31, 2021)
Reporting Segment
Devices

Solutions(Millions of yen, figures less than ¥1 million have been omitted)
Amounts shown on
Adjusted amountconsolidated(Note 1)statement of income
Total(Note 2)

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

191,889

27,995

219,884―

219,884

―

―

―

―

―

191,889
4,058

27,995716

219,884
4,775

―
(146)

219,884
4,628

Notes:
1. The adjusted amount of minus 146 million yen represents corporate expenses (mainly general and administrative
expenses) which are not allocated to the reporting segments.
2. Segment income has been adjusted with operating income in the consolidated statement of income.
3. Segment assets are not shown in these reporting segments as they are not subject to the President’s performance
evaluation.

Consolidated fiscal year ended March 31, 2022
(April 1, 2021 to March 31, 2022)
Reporting Segment
Devices

Solutions(Millions of yen, figures less than ¥1 million have been omitted)
Amounts shown on
Adjusted amountconsolidated(Note 1)statement of income
Total(Note 2)

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

240,831

31,816272,647―

272,647

―

―

―

―

―

240,831
7,582

31,816
1,421

272,647
9,004

―
(147)

272,647
8,857

Notes:
1. The adjusted amount of minus 147 million yen represents corporate expenses (mainly general and administrative
expenses) which are not allocated to the reporting segments.
2. Segment income has been adjusted with operating income in the consolidated statement of income.
3. Segment assets are not shown in these reporting segments as they are not subject to the President’s performance
evaluation.

- 14 -

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, 2021
(April 1, 2020 to March 31, 2021)(Millions of yen)Japan
113,238
51.5

China
58,81326.7

Asia
37,157
16.9

Other
10,673
4.9

China
71,45426.2

Asia
47,77117.5

Other
11,7644.3

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

Consolidated
219,884
100.0

Consolidated fiscal year ended March 31, 2022
(April 1, 2021 to March 31, 2022)(Millions of yen)Japan
141,658
52.0

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

Consolidated
272,647
100.0(2) Property, plant and equipment
This information is not presented since the amount of property, plant and equipment in Japan constitutes morethan 90% of the total amount of property, plant and equipment on the consolidated balance sheet.

- 15 -

(Per Share Information)(Yen unless otherwise stated)
Fiscal Year 2020
(April 1, 2020 to March 31, 2021)

Item

Fiscal Year 2021
(April 1, 2021 to March 31, 2022)

Net assets per share
3,824.82
Basic earnings per share
195.78(Notes) 1. Information on diluted earnings per share is not presented because there are no latent shares.
2. Basis for calculation

4,043.20
228.75(1) Net assets per share(Millions of yen unless otherwise stated)
Item

Fiscal Year 2020
(As of March 31, 2021)

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 2021
(As of March 31, 2022)

89,609－(－)
89,60994,724－(－)
94,724

23,42823,428(2) Basic earnings per share(Millions of yen unless otherwise stated)
Fiscal Year 2020
Fiscal Year 2021
(April 1, 2020 to(April 1, 2021 toMarch 31, 2021)
March 31, 2022)

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)- 16 -

4,586
－

5,359
－

4,586

5,359

23,42823,428

4. Other(1) New Orders(Millions of yen, figures less than 1 million yen have been omitted)
Fiscal Year 2020

Fiscal Year 2021

(April 1, 2020 to March 31, 2021)(April 1, 2021 to March 31, 2022)

Devices

233,013

Solutions

29,229341,861
50,026

Total

262,242

391,887(2) Geographical Segment Information
Fiscal year 2020, the fiscal year ended March 31, 2021
(April 1, 2020 to March 31, 2021)(Millions of yen, figures less than ¥1 million have been omitted)
Eliminations
Japan
Asia
Other
Total
Consolidated
or corporate
Sales:
121,351
88,613
9,918(1) Sales to external customers(2) Internal sales or exchange
17,083225
21
between segments
Total
138,435
88,8399,940
Segment income
1,279
2,559
182
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, Korea and others
Other:
United States and others

219,884―

219,884

17,331(17,331)―237,215
4,021(17,331)607

219,884
4,628

Fiscal year 2021, the fiscal year ended March 31, 2022
(April 1, 2021 to March 31, 2022)(Millions of yen, figures less than ¥1 million have been omitted)
Eliminations
Consolidated
Japan
Asia
Other
Total
or corporate
Sales:
147,660
113,901
11,086(1) Sales to external customers(2) Internal sales or exchange
22,985
1,118
41
between segments
Total
170,645
115,019
11,127
Segment income
4,202
4,014
202
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, Korea and others
Other:
United States and others- 17 -

272,647―

272,647

24,144(24,144)―296,792
8,419(24,144)437

272,6478,857