Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

Member, Financial Accounting Standards Foundation
The Announcement date: May 14, 2024 (14:00 JST)

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)
Company name:TOMOEGAWA CORPORATION (Former company name: TOMOEGAWA CO., LTD.)
Listing:
Tokyo Stock Exchange
Securities code:
3878
URL:
https://www.tomoegawa.co.jp/
Representative:
Yoshio Inoue, President and Representative Director, Group CEO
Inquiries:
Masaaki Yamaguchi, Director, Senior Managing Executive Officer, Group CFO
Telephone:+81-54-256-4319
Scheduled date of annual general meeting of shareholders:June 26, 2024
Scheduled date to commence dividend payments:
June 6, 2024
Scheduled date to file annual securities report:
June 26, 2024
Preparation of supplementary material on financial results:
None
Holding of financial results briefing:
Yes(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31,
2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Fiscal year ended

Millions of yen%

Millions of yen%

Millions of yen%

March 31, 2024

33,692

(1.4)

1,331

(35.1)

1,643

March 31, 2023

34,170

4.2

2,052

3.5

2,151

Note: Comprehensive income

For the fiscal year ended March 31, 2024:
For the fiscal year ended March 31, 2023:

Basic earnings
per share
Fiscal year ended

Diluted earnings
per share

Yen

Millions of yen%(23.6)

594(59.1)

(6.9)

1,451

(12.1)¥2,626 million¥2,202 million

Return on equity

Yen[19.3%][(4.5%)]

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

%

%

%

March 31, 2024

57.28

-

4.1

3.7

4.0

March 31, 2023

135.11

-

10.6

5.0

6.0

Reference:

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2024:¥311 million
For the fiscal year ended March 31, 2023:¥176 million(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

March 31, 2024

45,713

19,39632.2

1,417.49

March 31, 2023

42,94818,37032.7

1,251.36

Reference:

EquityAs of March 31, 2024:
As of March 31, 2023:¥14,700 million¥14,027 million%

Yen(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash and cash
equivalents at end of
periodCash flows fromfinancing activities

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2024

4,185

(1,741)(1,645)5,345

March 31, 2023

1,010

(54)

(1,566)4,282

2. Cash dividends
Annual dividends per share
First
SecondThird
quarter-end quarter-end quarter-end
Yen
Fiscal year ended

March 31, 2023
Fiscal year ended

March 31, 2024

Yen

Fiscalyear-end

Yen

Total

Yen

Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)

Total cash
dividends(Total)Yen Millions of yen

%

%

-

0.00

-

15.00

15.00

155

11.1

1.3

-

0.00

-

15.00

15.00

155

26.2

1.1

-

0.00

-

15.00

15.00

Fiscal year ending

March 31, 2025

15.6

(Forecast)

Note: The above "2. Cash dividends" shows dividends for common shares. For details of dividends for preferred shares (unlisted), therights of which are different from those of common shares issued by the Company, please refer to "Dividends for preferredshares" below.

3. Forecasts of Consolidated financial results for Fiscal Year 2025 (from April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Net sales
Millions of yen

Operating profit% Millions of yen

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen

Basicearnings
per share%

YenFirst Half

17,000

3.0

850

6.8

850

(14.7)

200(53.7)

19.28

Full year

35,000

3.9

2,200

65.3

2,200

33.9

1,000

68.3

96.42

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

10,389,406 shares

As of March 31, 2023

10,389,406 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

18,380 shares

As of March 31, 2023

18,354 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024

10,371,038 sharesFiscal year ended March 31, 2023

10,371,052 shares[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2023 (from April 1, 2023 to March
31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Fiscal year ended

Millions of yen

March 31, 2024
March 31, 2023

Operating profit%

Millions of yen

19,3470.7(249)

19,204

(0.4)

(245)

Basic earnings
per share

Ordinary profit%

ProfitMillions of yen%

Millions of yen

%

-

1,182

16.9

1,049

27.9

-

1,011

96.6

821

10.9

Diluted earnings
per share

Fiscal year ended

Yen

March 31, 2024

101.24-

March 31, 2023

74.36

-

Yen

(2) Non-consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

March 31, 2024

26,411

5,298

20.1

510.87

March 31, 2023

24,774

5,321

21.5

411.88Reference:

EquityAs of March 31, 2024:
As of March 31, 2023:%

Yen¥5,298 million¥5,321 million* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.

* Proper use of earnings forecasts, and other special matters
The forward-looking statements in this document, including earnings forecasts, are based on information
currently available to the Company and certain assumptions that the Company considers reasonable, and are notintended as a promise by the Company that they will be achieved. Actual results may differ materially due tovarious factors. For the assumptions used as the basis for the earnings forecasts and special remarks regarding
the use of the earnings forecasts, please refer to “Ⅰ. Overview of operating results, etc., 4. The Projection of FY
2025 and dividends payment” on page 8 (Attached Material).
Dividends for preferred shares
The breakdown of dividends per share related to Class A preferred shares that have different rights from commonshares is as follows:
Annual dividends per share

Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024

First quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year-end

Total

Yen

Yen

‐

‐

‐

50.00

50.00

‐

‐

‐

‐

‐

Note: As a result of the purchase and cancellation of all 1,000,000 unredeemed Class A preferred shares as of March 31, 2023 on
September 29, 2023 based on the resolution of the Board of Directors meeting held on September 11, 2023, no dividends will
be paid on the Class A preferred shares for the fiscal year ending March 2024.

【Attachment】

Contents of Attachment
Ⅰ．Overview of operating results, etc. ････････････････････････････････････････････････････

2

1. Overview of operating results for the fiscal year under review ･･･････････････････････････････

2(1) Review of operating results ･･･････････････････････････････････････････････････････

2

・Net sales and profit (loss) ･･･････････････････････････････････････････････････････

2

・Numbers by Quarter ･･･････････････････････････････････････････････････････････

2

・Observation of whole FY 2024 (April 2023 to March 2024) ･････････････････････････････

3(2) Consolidated operating results by segment ･･･････････････････････････････････････････

4

・Reportable segments figures ･････････････････････････････････････････････････････

4

・Overview of reportable segments ･････････････････････････････････････････････････

4

2. Overview of financial position for the fiscal year under review ･･･････････････････････････････

6

・Financial Position ･････････････････････････････････････････････････････････････

6

・Explanation regarding Financial Position ･･･････････････････････････････････････････

6

3. Review of cash flow position for the fiscal year under review ････････････････････････････････

7

・Cash Flow ･･･････････････････････････････････････････････････････････････････

7

・Explanation regarding Cash Flow ･････････････････････････････････････････････････

7

4. The Projection of FY 2025 and dividends payment ････････････････････････････････････････

8

Ⅱ．Basic rationale for selection of accounting standards ･････････････････････････････････････

9

Ⅲ．Consolidated financial statements and Major explanatory notes thereto ････････････････････････

10

1. Consolidated balance sheet ･･････････････････････････････････････････････････････････

10

2. Consolidated statements of income and consolidated statements of comprehensive income ･････････

12

3. Consolidated statements of changes in net assets ･･････････････････････････････････････････

14

4. Consolidated statements of cash flows ･････････････････････････････････････････････････

16

5. Notes to consolidated financial statements ･･････････････････････････････････････････････

17(Notes on Going Concern Assumption) ･････････････････････････････････････････････････

17(Segment Information) ･････････････････････････････････････････････････････････････

21(Per Share Information) ･････････････････････････････････････････････････････････････

21(Significant Subsequent Events) ･･････････････････････････････････････････････････････

21

p. 1

Ⅰ．Overview of operating results, etc.
Figures in Millions of yen, unless otherwise noted
1. Overview of operating results for the fiscal year under review(1) Review of operating results
・Net sales and profit (loss)
Net salesfrom April 1, 2023 through March 31, 2024
ProfitBasic
attributable
Operating
Ordinary
earnings
profitprofitto owners
per shareof parent

FY 2024 ended on March
31, 2024

33,692

1,331

1,643

594

57.28Yen

Converted into Millions of
US dollar (Note)

233.0

9.2

11.4

4.1

US$0.40

FY 2023 ended on March 31, 2023

34,170

2,052

2,151

1,451

135.11Yen

Change to FY 2024 from FY
2023

▲477

▲720

▲507

▲857

▲77.83Yen

Percent Change from FY 2023
numbers▲1.4%▲35.1%▲23.6%▲59.1%-

Initial forecasts for FY 2024
released on May 12, 2023

36,000

1,500

1,500

600

53.03Yen

Revised forecasts for FY2024
released on February 13, 2024

33,500

1,000

1,300

300

28.93Yen

Change from FY 2024 Initial
forecasts▲2,307

▲168

143

▲5

4.25YenChange from FY 2024 revised
forecasts on February 13, 2024

192

331

343

294

28.35Yen

Note: US dollar amounts are converted from Yen, for convenience only, at the rate of US$1.00 =¥144.59
・Numbers by Quarterp. 2

・Observation of whole FY 2024 (April 2023 to March 2024)
From the beginning of the current fiscal year (FY), the Company had assumed that costs would
increase due to the upfront burden of expenses associated with the launch of new products forsemiconductor manufacturing equipment, higher labor costs associated with improved compensation,and higher energy and material prices.
The Company planned to operating profit and ordinary profit of ¥1,500 million each, despite
lower profits, by absorbing as much as possible of these increases through price pass-on and increased
sales, mainly in the Toner Segment which accounts for more than 30% of consolidated net sales, and in
the functional non-woven fabrics business which launched new products in the previous FY. (See "Initial
forecasts for FY 2024 released on May 12, 2023" in the above table.)
However, due to the sluggish Chinese economy, the performance of the Toner Segment andthe functional non-woven fabrics businesses remained weak until the third quarter. On the other hand,the semiconductor and display-related businesses performed better than initially expected, and the
Security Media Segment, which continues to switch to new credit cards, expanded sales.
As a result of the above, net sales amounted to ¥33,692 million, down ¥477 million or ▲1.4%
from that of the previous FY, when the Toner Business was particularly strong.
In terms of profit, the effect of various cost increases was smaller than initially expected,
partially offset by an increase in income from prototype production and improvements in on-site
productivity. Price pass-on was also better than expected. In addition, the depreciation of the yen in
the second half of the current FY had a positive effect on profits. However, in addition to the decreasein net sales compared to the previous FY, production adjustments aimed at reducing inventories,
particularly in the Toner Segment, had a negative effect on profits. As a result, Operating profit was¥1,331 million, down ¥720 million or ▲35.1% from that of the previous FY.
Ordinary profit was ¥1,643 million, only down ¥507 million or ▲23.6% from that of the previous
FY, thanks to the continued contribution of equity earnings from an affiliated company that handles
processing of optical film used for displays, exceeding the original plan announced on May 12, 2023.
Profit attributable to owners of parent is ¥594 million, down ¥857 million or ▲59.1% from thatof the previous FY, due to the absence of extraordinary income from sales of closed fix asset recordedin the previous FY, a change in the customer product (Semiconductor manufacturing equipment)
targeted in the development of new electrostatic chucks in the fourth quarter (4Q), and a loss on disposalof equipment due to the consolidation of production and development bases, but it almost achieved theinitial plan.
As for the three months of 4Q, the improvement in the order environment was observed in apart of the Toner Segment, and a temporary increase in demand before price hikes in the semiconductor
and display-related business acted as a factor for higher sales. In addition, the positive effect of theyen depreciation and an increase in income from prototype production were also factors contributing to
the increase in profit.

p. 3

(2) Consolidated operating results by segment
・Reportable segments figures
FY 2024

FY 2023

Toner

Semiconductor
and Displayrelated

Functional Sheet

Security MediaNew Business
Development

Change to FY
2024
from FY 2023

Percent Change
from FY 2023
numbers

Net sales

13,531

11,719▲1,811▲13.4%

Operatingprofit2,093

815▲1,277▲61.0%Net sales

5,634

6,518

884

15.7%

Operatingprofit

186

608

422

226.9%Net sales

10,76910,7701

0.0%

Operatingprofit(loss)

▲72

▲42

30

-

Net sales

3,985

4,384

399

10.0%

Operatingprofit

224

439

214

95.6%

Net sales

54

67

13

25.2%

Operating
loss

▲499

▲608

▲108

-

・Overview of reportable segments< Toner >As for the Toner Segment, net sales were ¥11,719 million, down ¥1,811 million or ▲13.4%
from that of the previous FY, and Segment (operating) profit was ¥815 million, down ¥1,277 million or▲61.0% from that of the previous FY.
Despite an increase in overseas-related sales thanks to the depreciation of the yen, orders
received were sluggish due to the continued economic slump in China, and price competition withoverseas competitors expanded, resulting in a significant decrease in net sales, especially inmonochrome toner. Segment (operating) profit was significantly lower due to a significant decrease in
net sales, including those of overseas subsidiaries, as well as increased costs resulting from higher raw
material prices, and a decrease in production due to inventory adjustments.
< Semiconductor and Display-related >As for the Semiconductor and Display-related Segment, net sales were ¥6,518 million, up ¥884
million or +15.7% from that of the previous FY, and Segment (operating) profit was ¥608 million, up ¥422
million or +226.9% from that of the previous FY.
Sales of the Semiconductor Packaging Tape SBU remained strong, and orders for the Optical
Film SBU for processing film for displays, which were not initially anticipated, including those fromsubsidiaries, remained strong throughout the year, resulting in increased net sales.

Segment(operating) profit increased from the previous FY, despite an increase in new product development costs,
thanks to the effect of higher sales in the Optical Film SBU and compensation income from productp. 4

development activities and resulting prototypes, as well as an increase in the operating rate of coatingmachines, a key facility common to this segment.
< Functional Sheet >As for the Functional Sheet Segment, net sales were ¥10,770 million, up ¥1 million or +0.0%
from that of the previous FY, and Segment (operating) loss was ¥42 million (loss of ¥72 million in theprevious FY).
Although orders for the Functional Non-woven Fabrics SBU were sluggish due to the impact of
the slumping Chinese economy, net sales were at the same level as the previous FY thanks to theacquisition of projects and product price revisions in the overall business.

Segment (operating) loss

narrowed compared to the previous FY thanks to the reflection of cost increases in product prices, aswell as various cost reduction effects, although costs increased due to higher raw material prices.
< Security Media >As for the Security Media Segment, net sales were ¥4,384 million, up ¥399 million or +10.0%
from that of the previous FY, and Segment (operating) profit was ¥439 million, up ¥214 million or +95.6%
from that of the previous FY.
In addition to the shift to Combi credit cards with both contact and contactless usage,
passbooks and other products increased, as did orders for advertising printed materials.

Segment(operating) profit increased compared to the previous FY thanks to the significant effect of increased net
sales.
< New Business Development >As for the New Business Development Segment, net sales were ¥67 million, up ¥13 million or+25.2% from that of the previous FY, and Segment (operating) loss was ¥608 million (loss of ¥499 million
in the previous FY).
The Company is mainly engaged in the development and net sales of iCas-related products,
and is particularly focused on the launch of new products for semiconductor manufacturing equipment.

p. 5

2. Overview of financial position for the fiscal year under review
・Financial Position

March 31, 2024
Net assets
per share

Total assets

Net assets

Equity-to-asset
ratio

45,713

19,396

32.2%

301.9

128.1

-

End of FY 2023, March
31, 2024

42,94818,37032.7%

1,251.36Yen

Change to FY 2024 fromFY 2023

2,765

1,025

▲0.5%

166.13Yen

End of FY 2024, March
31, 2024
Converted into Millions
of US dollar (Note)

1,417.49Yen
US$9.36

Note: US dollar amounts are converted from Yen, for convenience only, at the rate of US$1.00 =¥151.40・Explanation regarding Financial Position
Total assets amounted to ¥45,713 million at the end of the current FY, up ¥2,765 million fromthe end of the previous FY. Current assets totaled ¥22,600 million, up ¥1,062 million from the end of
the previous FY. This was mainly due to an increase in cash and deposits and notes and accounts
receivable as a result of the fact that the end of the current FY under review was a holiday for financial
institutions, and the effect of the yen's depreciation, despite inventory reductions, including production
adjustments, amid declining sales. Non-current assets totaled ¥23,113 million, an increase of ¥1,703
million from the end of the previous FY. This was mainly due to an increase in property, plant andequipment due to capital expenditures and an increase in value of investment securities by mark-tomarket valuation of holdings shares.
Total liabilities amounted to ¥26,317 million, up ¥1,740 million from the end of the previous FY.
Current liabilities totaled ¥18,405 million, up ¥2,326 million from the end of the previous FY. This was
mainly due to an increase in notes and accounts payable as a result of the fact that the end of the current
FY under review was a holiday for financial institutions, and short-term borrowings, despite a decreasein current portion of long-term borrowings. Non-current liabilities totaled ¥7,911 million, down ¥586
million from the end of the previous FY, mainly due to the repayment of long-term borrowings and adecrease in retirement benefit liability. Interest-bearing debt increased ¥122 million from the end of theprevious FY to ¥12,835 million.
Net assets amounted to ¥19,396 million, up ¥1,025 million from the end of the previous FY.
This was thanks to the recording of Profit attributable to owners of parent and increases in foreign
currency translation adjustments resulting from the depreciation of the yen against foreign currencies,
unrealized gains on available-for-sale securities and remeasurements of defined benefit plans, despitea decrease by ¥1,135 million in capital surplus resulting from the redemption of all Class A preferredshares in September 2023.
The Company is working to improve its financial soundness by redeemed all of its preferredshares, thereby reducing the burden of preferred dividend payments. Even after redemption, net asset
ratio has remained over 40%, maintaining a stable financial foundation.

p. 6

3. Review of cash flow position for the fiscal year under review
・Cash Flow

March 31, 2024
Cash flows fromoperatingactivities

Cash flows
from investing
activities

Cash flows
from financing
activities

Cash and cash
equivalents at
end of period

4,185(1,741)(1,645)

5,345

Converted into Millions
of US dollar (Note)

28.9(12.0)(11.4)

35.3

FY 2023 ended on
March 31, 2023

1,010

(54)

(1,566)

4,282

Change to FY 2024 fromFY 2023

3,174(1,686)

(78)

1,062

FY 2024 ended
March 31, 2024

onNote: US dollar amounts are converted from Yen, for convenience only, at the rate of US$1.00 =¥144.59 as for Cash flow and ¥151.40 as for Cash and cash equivalents at end of period
・Explanation regarding Cash Flow
Cash and cash equivalents (net cash) amounted to ¥5,345 million at the end of the current FY,
up ¥1,062 million from the end of the previous FY.
Net cash from operating activities for current FY was ¥4,185 million, up ¥3,174 million from theprevious FY. The main inflow factors were profit before income taxes of ¥1,363 million, depreciation(¥1,669 million) and an increase in trade payables (¥1,004 million), while the outflow factors included
share of profit of entities accounted for using equity method (¥311 million) and an increase in tradereceivables (¥211 million).
Net cash used in investing activities for current FY was ¥1,741 million, down ¥1,686 million
from the previous FY. The main outflow factors were the expenditure of property, plant and equipment(¥1,605 million), an increase of ¥720 million from the previous FY, and the absence of ¥580 million inproceeds from sales of the site of the US toner factory, which had been recorded in the previous FY.
Net cash used in financing activities for current FY was ¥1,645 million, down ¥78 million fromthe previous FY. The main inflow factors were net increase in short-term borrowings (¥1,595 million)
and proceed from long-term borrowings (¥1,050 million), while the outflow factors included repaymentsof long-term borrowings (¥2,497 million) and purchase of treasury shares by redemption of Class A
preferred shares (¥1,135 million).
[Reference] The trends in the Group’s cash flow indicators are shown below.
Equity-to-asset ratio (%)
Market-based equity-to-asset ratio(%)
Interest bearing debt to cash flow
ratio (annual)Interest coverage ratio (times)

FY 2020
20.6

FY 202128.3

FY 202230.9

FY 202332.7

FY 2024
32.3

17.2

20.9

19.9

16.5

20.1

-

3.4

3.8

12.6

3.1

-

18.0

19.9

5.0

20.4

p. 7

Note: Equity-to-asset ratio: Equity / Total assets
Market-based equity-to-asset ratio: Market capitalization / Total assets
Interest bearing debt to cash flow ratio: Interest bearing debt / Operating cash flow
Interest coverage ratio: Operating cash flow / Interest* Each of these indicators are calculated from consolidated financial figures.
* Market capitalization is calculated by multiplying year-end closing price by year-end issued shares(excluding treasury shares).
* Cash flows from operating activities from the consolidated statements of cash flows are used for
operating cash flow.
* Interest bearing debts represent all debts on the consolidated balance sheet for which interest is
paid.
* Interest bearing debt to cash flow ratio and Interest coverage ratio for FY 2020 are not shown due
to negative operating cash flow.
4. The Projection of FY 2025 and dividends payment
・Forecast of Current Fiscal Year, which will end on March 31, 2025
Forecast released

Net sales

OperatingprofitFirst Half

17,000850

850Profitattributableto owners ofparent200

Full year

35,000

2,200

2,200

1,000

Ordinary
profitBasic earnings
per share
19.28Yen
96.42YenTOMOEGAWA Group has given top priority to achieving the goals set forth in the five-year 8th
Mid-Term Business Plan that started from FY 2022 and will end in FY 2026, and has been working tostrengthen its earnings base by transforming its business portfolio and promoting structural reforms.
In FY 2025, the fourth year of the 8th Mid-Term Business Plan, the Toner Segment has
shown signs of recovery since FY 2024 4Q, and the Company expects to see an increase in profits asinventory adjustments have slowed down. In the Functional Sheet Segment, the Company is making
progress in developing markets other than the Chinese market, and in the cellulose microfiber business(Trademark "Green Chip® CMF®"), which is a potential substitute for plastic-based materials, it isplanning to introduce new products for new applications.
With regard to the semiconductor and display-related business, although the effect of
temporary order wins in the display-related business during the current FY is expected to level off, arecovery in the semiconductor market is anticipated from the second half of FY 2025 with regard to thesemiconductor-related business. In addition, the Company has received numerous inquiries about its
new product for semiconductor manufacturing equipment, the "flexible thin layer heater", which received
the "Environmental Partners recognition" from Tokyo Electron Ltd. in December of the previous year,
and the Company will accelerate the early launch and lateral development of existing developed
products as a pillar of future growth reflecting the perspective of environmental contribution.

On theother hand, the investment in new electrostatic chucks, for which capital investment (totaling ¥900
million) was planned for mass production starting in FY 2025, has been suspended due to a change indevelopment policy, and its contribution to the Company's performance is expected to be delayed.
In the Security Media Segment, the Company expects continued demand for switching to
Combi cards, an increase in passbooks due to the customer order cycle, and an increase in advertising
printed materials thanks to the economic recovery.
p. 8

For FY 2025, the Company has set its full-year net sales forecasts at ¥35,000 million (up 3.9%
from that of FY 2024; down ¥3,000 million from ¥38,000 million in the revised 8th Mid-Term Business
Plan, which anticipated further market growth), assuming the above sales increase effects, penetrationof price pass-on, and the yen's depreciation by about ¥150 to US dollar in the first half of FY 2025.
The Company expects operating profit to be ¥2,200 million (up 65.3% from that of FY 2024),
and it will continue to aim to the level of the revised 8th Mid-Term Business Plan, thanks to the market
recovery in the Toner Segment and semiconductor mounting tape, contributions from new functional
non-woven products, company-wide efforts to pass on prices, and the yen's expected depreciation for
the foreseeable future. The Company expects the contribution of equity earnings from an affiliatedcompany that handles processing of optical film used for displays to decrease in the future, so it has set
ordinary profit at ¥2,200 million (up 33.9% from that of FY 2024). Profit attributable to owners of parent
is estimated at ¥1,000 million (up 68.3% from that of FY 2024).
The Company will make ¥15 per share dividend payment under the policy that honors steadyand continuous dividend payment.
For the final FY (FY 2026) of the revised 8th Mid-Term Business Plan, the Company willcontinue to aim operating profit of ¥3,500 million, taking into account the recovery and expansion ofmarket share in the Toner Segment, further growth in the semiconductor-related product market,
improvement of profit margins through continued price pass-on, improvement of the quality of business
management and business productivity through the use of DX, and the full-scale contribution of new
products mentioned above.
Ⅱ．Basic rationale for selection of accounting standards
TOMOEGAWA Group currently adopts Japanese accounting standards for its financial
reporting in view of comparability between fiscal years on financial statements and comparability withother companies. Regarding the adoption of International Financial Reporting Standards, the Groupwill respond appropriately in consideration of circumstances in and outside Japan.

p. 9

Ⅲ．Consolidated financial statements and Major explanatory notes thereto
1. Consolidated balance sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Electronically recorded monetary claims operating
Accounts receivable - tradeFinished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets, net
Construction in progress
Afforestation tree
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

p. 10

As of March 31, 2024

4,353
511

5,417
524

726

855

5,320
6,837
61
2,310
1,430
△13
21,537

5,549
6,389
59
2,371
1,441
△9
22,600

4,475
3,628
5,398
637
347
632
412
15,533

4,520
3,839
5,398
510
381
632
623
15,906

38
223
129
391

30
258
119
408

5,012
138
－
408
△74
5,485
21,41042,948

5,878
124
490
305
△0
6,798
23,11345,713

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Retirement benefit liability
Provision for retirement benefits for
directors (and other officers)
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

p. 11

As of March 31, 2024

5,222
4,289
2,433
146
518
3,468
16,078

6,253
5,992
1,617
232
515
3,793
18,405

5,339
474
854
1,446

4,708
345
1,301
1,043

309

323

75
8,498
24,577189
7,911
26,317

2,122
2,033
8,197
△31
12,322

2,122
897
8,585
△31
11,574

241

575

492
971

962
1,587

1,705

3,125

4,342
18,37042,948

4,695
19,39645,713

2. Consolidated statements of income and consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Transportation costs
Salaries and allowances
Provision for bonuses
Retirement benefit expenses
Provision for retirement benefits for
directors (and other officers)
Depreciation
Research and development expenses
Other
Total selling, general and administrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted forusing equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Financial fee
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
Other
Total extraordinary losses
Profit before income taxes

p. 12

Fiscal year ended
March 31, 2024

34,17026,637
7,532

33,692
26,324
7,367

777
1,467
115
39

631
1,568
107
1

31

33

107
931
2,010

107
1,377
2,208

5,480

6,036

2,052

1,331

10
81
－

10
75
54

176

311

157
425

145
598

195
32
32
66
326
2,151

206
－
10
69
286
1,643

474
226
701

3
39
43

122
353
0
475
2,377

134
183
4
322
1,363

(Millions of yen)
Fiscal year ended
March 31, 2023
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable toProfit attributable to owners of parent
Profit attributable to non-controlling interests
Other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, netof taxTotal other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

p. 13

Fiscal year ended
March 31, 2024

568
△37
531
1,845

370
41
412
951

1,451
394

594
357

△24

464

126

594

255

616

356
2,202

1,675
2,626

1,760

2,014

441

612

3. Consolidated statements of changes in net assets
Previous fiscal year (From April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of
periodCapital surplus

2,122

Retained earnings

3,249

Total shareholders'equityTreasury shares

6,999

△288

12,083

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Changes by shareexchanges
Purchase of treasury
sharesCancellation of treasury
sharesNet changes in items
other than shareholders'equity

△253

△253

1,451

1,451

△84

△1,132

Total changes during period
Balance at end of period

257

172

△1,132△1,132

1,132

－

－

△1,216

1,197

257

238

2,122

2,033

8,197

△31

12,322

Accumulated other comprehensive income
Valuationdifferenceonavailablefor-salesecurities
Balanceperiodat

beginningof289

Foreigncurrencytranslation
adjustment

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensiv
e income

390

716

1,396

Noncontrollinginterests

4,136

Total net
assets17,616

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Changes by shareexchanges
Purchase of treasury
sharesCancellation of treasury
sharesNet changes in items
other than shareholders'equity

△253
1,451
172
△1,132
－
△47

102

255

309

205

515

Total changes during period

△47

102

255

309

205

753

Balance at end of period

241

492

971

1,705

4,342

18,370p. 14

Current fiscal year (From April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of
periodCapital surplus

2,122

Retained earnings

2,033

Total shareholders'equityTreasury shares

8,197

△31

12,322

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesCancellation of treasury
sharesNet changes in items
other than shareholders'equity

△205

△205

594

594

△1,135△1,135△1,135

1,135

－

△0

Total changes during period
Balance at end of period△0－△1,135

388

△0

△747

2,122

897

8,585

△31

11,574

Accumulated other comprehensive income
Valuationdifferenceonavailablefor-salesecurities
Balanceperiodat

beginningof241

Foreigncurrencytranslation
adjustment

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensiv
e income

492

971

1,705

Noncontrollinginterests

4,342

Total net
assets

18,370Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesCancellation of treasury
sharesNet changes in items
other than shareholders'equity△205
594△1,135
－
334

469

616

1,420

352

1,773

Total changes during period

334

469

616

1,420

352

1,025

Balance at end of period

575

962

1,587

3,125

4,695

19,396p. 15

4. Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase(decrease)inprovisionforretirement benefits for directors (and otherofficers)
Increase (decrease) in retirement benefit
liability
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted
for using equity method
Loss on retirement of non-current assets
Loss (gain) on sale of non-current assets
Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Other, net
Net cash provided by (used in) operating
activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Payments for retirement of property, plantand equipment
Proceeds from sale of property, plant andequipment
Proceeds from sale of investment securities
Other, net
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Net increase (decrease) in short-termborrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other, net
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 beginning of period
Cash and cash equivalents at end of periodp. 16

Fiscal year ended
March 31, 2024

2,377
1,619
353

1,363
1,669
183

22

13

△244

△80

△91
195

△86
206

△176

△311

122
△474
△226
603
△720
△1,125
△236
1,996
182
△200
△1,001
－
34

134
0
△39
△211
683
1,004
△56
4,474
147
△205
△581
307
41

1,010

4,185

△62
82
△885

△64
64
△1,605

△9

△127

580

4

302
△63

112
△125

△54

△1,741

1,465

1,595

750
△2,144△1,132
△253
△41
△210

1,050
△2,497△1,135
△204
△259
△193

△1,566△1,645

156

263

△454
4,737
4,282

1,062
4,282
5,345

5. Notes to consolidated financial statements(Notes on Going Concern Assumption)
None.
(Segment Information)
1. Reportable segments overview
The Company’s group reportable segments are constituent units of the Group for which
separate financial information is available. The Board of Directors and Representative
Director, President (CEO) periodically reviews these segments in order to determine allocationof management resources and evaluate business performance.
The Group classifies its businesses by product area into Toner Business, Semiconductor and
Display-related Business, Functional Sheet Business, Security Media Business and New Business
Developed based on similarities in product content and economic characteristics, etc., andformulates comprehensive domestic and overseas strategies and develops business activities.
Accordingly, the Group has five reportable segments: "Toner Segment", "Semiconductor and
Display-related Segment", "Functional Sheet Segment", "Security Media Segment" and "NewBusiness Development Segment".
Toner Business produces and sells Toner, while the Semiconductor and Display-related
Business produces and sells semiconductor packaging tape, semiconductor-related component andoptical film. Functional Sheet Business produces and sells functional non-woven fabric,coated paper-related products and papermaking-related products. Security Media Businessproduces, processes and sells securities, cards, forms and magnetic recording-related products,
as well as information processing-related business. In the New Business Development, theGroup develops and sells new products by integrating its basic and underlying technologies.
For better understanding of the Group's future vision and business development activities,
the Company has changed the name of its reportable segment from the former "Electronic
Materials Segment" to "Semiconductor and Display-related Segment" and from the former"Functional Paper Segment" to the "Functional Sheet Segment" effective from the current
consolidated fiscal year.
The segment information for the previous fiscal year is disclosed under the new reportablesegment name. However, there is no change in the method of classifying reportable segment.
2. Method of calculating net sales, profit (loss), assets, liabilities and other items byreportable segment
The accounting method for the reported business segments is in accordance with the accounting
policies used to prepare the consolidated financial statements.
Values for profit (loss) shown in reportable segments are based on operating profit.
Inter-segment revenues and transfers are based on prevailing market prices.

p. 17

3. Information concerning net sales and profit (loss) by reportable segment, and disaggregatedrevenue information

Previous fiscal year (From April 1, 2022 to March 31, 2023)(Millions of yen)

Toner

Reportable segments
SemicondNew
uctor
ReportabFunction Security Businessandleal Sheet Media Developm
Displaysegments
entrelated(Note 3)(Note 1)

Other

Amount in
Adjustme consolidated
nts
financialstatements(Note 2)Total

Net sales
Japan

2,078

3,312

9,764

3,985

54

19,195126

19,321－

19,321China (including
Hong Kong)

4,407

262

127

－

－

4,798

－

4,798

－

4,798

Other Asia

1,601

2,030

709

－

－

4,341

－

4,341

－

4,341

Europe

4,124

2

3

－

－

4,130

－

4,130

－

4,130

North America

966

26

164

－

－

1,156

－

1,156

－

1,156

Other

351

－

－

－

－

351

－

351

－

351

13,531

5,634

10,7693,985

54

33,974

126

34,100－34,100

－

－

－

－

－

－

69

69

－

69

13,531

5,634

10,7693,985

54

33,974

196

34,170－34,170

－

－

796

134

－

931

608

1,539

(1,539)－Net sales

13,531

5,634

11,5654,120

54

34,905804

35,710(1,539)34,170

Segment profit(loss)

2,093

186

(72)

224

(499)

1,931

84

2,016

36

2,052

Assets

10,517

5,728

10,7916,193

22

33,253200

33,453

9,494

42,948

513

446

355

208

－

1,524

30

1,555

64

1,619

14

－

－

－

－

14

－

14

－

14

281

313

376

98

－

1,069

13

1,082

140

1,223

Revenue fromcontracts withcustomers
Other revenue
Revenues fromexternalcustomers
Transactions
with othersegments

Other items
Depreciation
Amortization of
goodwill
Increase inproperty, plantand equipment
and intangible
assets
Notes:
1. The “Other” classification is for business segments not included in a reportable segment and includes
logistics services, etc.
2. Adjustments are as follows:(1) Segment profit (loss) in the above adjustment \36 million represents eliminations for inter-segment
transactions.
(2) Segment assets in the above adjustment ¥9,494 million represent company-wide assets. The main itemsof company-wide assets are surplus assets under management (cash and deposits), long-term investment
funds (investment securities, etc.), and assets, etc. related to administrative divisions.
(3) \64 million for adjustments for depreciation mainly consist of general management expenses that is
not attributed to each reportable segment.
p. 18

(4) \140 million for adjustments for the increase in property, plant and equipment and intangible assets
consist of capital expenditures mainly in company-wide common divisions at the Company.
3. Segment profit (loss) is adjusted with operating profit presented in the consolidated statements ofincome and consolidated statements of comprehensive income.

Current fiscal year (From April 1, 2023 to March 31, 2024)(Millions of yen)

Toner

Reportable segments
SemicondNew
uctor
ReportabFunction Security Businessandleal Sheet Media Developm
Displaysegments
entrelated(Note 3)(Note 1)

Other

Amount in
Adjustme consolidated
nts
financialstatements(Note 2)Total

Net sales
Japan

2,017

3,812

9,616

4,384

60

19,890161

20,051－

20,051

3,746

279

73

－

－

4,099

－

4,099

－

4,099

Other Asia

1,337

2,378

932

－

7

4,655

－

4,655

－

4,655

Europe

3,696

2

5

－

－

3,704

－

3,704

－

3,704

North America

659

46

143

－

－

849

－

849

－

849

Other

262

－

－

－

－

262

－

262

－

262

11,7196,518

10,7704,384

67

33,461

161

33,622－

33,622Other revenue

－

－

－

－

－

－

69

69

－

69

Revenues fromexternal

11,7196,518

10,7704,384

67

33,461

231

33,692－

33,692

－

－

1,367

92

－

1,459

628

2,087

(2,087)－

11,7196,518

12,1384,476

67

34,921859

35,780(2,087)

33,692

815

608

(42)

439

(608)

1,212

78

1,291

39

1,331

10,1896,218

10,7466,564

33

33,752

195

33,947

11,76545,713

Depreciation

538

472

348

183

－

1,524

39

1,582

87

1,669

Amortization of
goodwill

12

－

－

－

－

12

－

12

－

12

341

636

671

172

－

1,821

21

1,842

216

2,059

China (including
Hong Kong)

Revenue fromcontracts withcustomers

customers
Transactions
with othersegments
Net sales
Segment profit(loss)
AssetsOther items

Increase inproperty, plantand equipment
and intangible
assets
Notes:
1. The “Other” classification is for business segments not included in a reportable segment and includes
logistics services, etc.
2. Adjustments are as follows:(1) Segment profit (loss) in the above adjustment \39 million represents eliminations for inter-segment
transactions.

p. 19

(2) Segment assets in the above adjustments ¥11,765 million represent company-wide assets. The main
items of company-wide assets are surplus assets under management (cash and deposits), long-term
investment funds (investment securities, etc.), and assets, etc. related to administrative divisions.
(3) \87 million for adjustments for depreciation mainly consist of general management expenses that is
not attributed to each reportable segment.
(4) \216 million for adjustments for the increase in property, plant and equipment and intangible assets
consist of capital expenditures mainly in company-wide common divisions at the Company.
3. Segment profit (loss) is adjusted with operating profit presented in the consolidated statements ofincome and consolidated statements of comprehensive income.

p. 20

(Per Share Information)(Yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

1,251.36

1,417.49

135.11

57.28

Net assets per share
Basic earnings per share(Notes) 1. Because there was no potential shares, the amount for diluted earnings per share isomitted.
2. Basic earnings per share is calculated based on the following:
Fiscal year ended
March 31, 2023
Profit attributable to owners of parent(Millions of yen)Amount not attributable to commonshareholders (Millions of yen)
Of which: Dividends for preferredshares (Millions of yen)
Profit attributable to owners of parent
pertaining to common shares (Millions of

Fiscal year ended
March 31, 2024

1,451

594

50

-

50

-

1,401

594

10,371,052

10,371,038

yen)
Average number of common shares
outstanding during the fiscal year
(Shares)
3. Net assets per share is calculated based on the following:
As of March 31, 2023

As of March 31, 2024

Net assets (Millions of yen)

18,37019,396

Amount deducted from net assets(Millions of yen)

5,392

4,695

（4,342）（4,695）（1,000）

（-）

（50）

（-）

Of which: Non-controlling interests(Millions of yen)
Of which: Preferred shares paid-in
amount (Millions of yen)
Of which: Accrued cumulative dividendfor preferred shares (Millions of yen)
Net assets attributable to common sharesat the fiscal year-end (Millions of yen)

12,977

14,70010,371,052

10,371,026

Number of common shares outstanding at
the fiscal year-end used for the
calculation of net assets per share(Shares)(Significant Subsequent Events)
None.

p. 21