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May 14, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)
Company name:TOKYO PRINTING INK MFG. CO., LTD.
Listing:
Tokyo Stock Exchange
Securities code:
4635
URL:
https://www.tokyoink.co.jp
Representative:
Satoshi Horikawa, Representative Director and President
Inquiries:
Shinji Nakamura, Executive Officer Head Of Administration Division General Manager Accounting & Finance Department
Telephone:+81-3-5902-7652
Scheduled date of annual general meeting of shareholders:June 26, 2024
Scheduled date to commence dividend payments:
June 27, 2024
Scheduled date to file annual securities report:
June 27, 2024
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (Scheduled to be held on May 30, 2024)(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 )(Percentages indicate year-on-year changes.)(1) Consolidated operating results
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Profit attributable to owners ofparentOrdinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

43,922

1.2

768

-

986

(79.4)

881(46.4)

43,406

4.8

(21)

-

4,783

432.6

1,645

126.7

Note: Comprehensive income For the fiscal year ended March 31, 2024: ¥ 2,342 million
For the fiscal year ended March 31, 2023: ¥ 1,890 million
Basic earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023

Diluted earnings per share[ 23.9 % ][ 177.1 % ]Ratio of ordinary profit tototal assets

Return on equity

Ratio of operating profit
to net sales

Yen

Yen

%

%

%

335.78

-

3.1

2.0

1.8

627.47

-

6.3

10.1

(0.1)

(2) Consolidated financial position
Total assets
As ofMarch 31, 2024
March 31, 2023

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

52,46629,39855.7

10,982.28

47,79727,265

56.7

10,333.05

Reference: Equity
As of March 31, 2024: ¥ 29,207 million
As of March 31, 2023: ¥ 27,093 million(3) Consolidated cash flows
Cash flows from operating
activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows from investing
activities

Cash flows from financing
activities

Cash and cash equivalents at endof period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

1,989(1,281)

(398)

3,734

(893)

2,461

(2,014)3,374

2. Cash dividends
Annual dividends per share
SecondThird
Fiscalquarter-end
quarter-end
year-endFirst
quarter-end
Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecast)

Total cash dividends(Total)Total

Ratio of dividends
to net assets(Consolidated)

Payout ratio(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

-

80.00

-

80.00

160.00

419

25.5

1.6

-

40.00

-

60.00

100.00

264

29.8

0.9

60.00

120.00

60.00

42.0

Note: Breakdown of dividends at the end of the second quarter of the fiscal year ending March 31, 2023 Ordinary dividend 40.00yen Special dividend 40.00yen
Note: Breakdown of year-end dividends for the fiscal year ending March 31, 2023 Ordinary dividend 40.00yen, special dividend 40.00yen
Note: Breakdown of annual dividends for the fiscal year ending March 31, 2024 Ordinary dividend 80.00 yen per share 100th anniversary commemorative dividend (year-end)
20.00 yen per share

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basic earnings per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

22,000

3.4

350

37.9

280

(43.9)

200(47.8)

76.19

46,000

4.7

1,200

56.1

1,050

6.4

750

(14.9)

285.73Six months ending
September 30, 2024
Fiscal year ending
March 31, 2025

* 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
As of March 31, 2023

2,725,758 shares
2,725,758 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024
As of March 31, 2023

66,266 shares
103,688 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024
Fiscal year ended March 31, 2023

2,624,885 shares
2,622,279 shares[Reference] Overview of non-consolidated financial results
1. Non-Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024 )(Percentages indicate year-on-year changes.)(1) Non-Consolidated operating results
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Ordinary profit

ProfitMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

42,782

1.4

486

-

826

(78.0)

767(63.8)

42,192

4.9

(120)

-

3,751

319.5

2,119

209.9

Basic earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023

Diluted earnings per share
Yen

Yen

292.42-808.11-(2) Non-Consolidated financial position
Total assets
As ofMarch 31, 2024
March 31, 2023

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

47,76525,922

54.3

9,747.24

44,156

24,66155.9

9,405.28

Reference: Equity
As of March 31, 2024: ¥ 25,922 million
As of March 31, 2023: ¥ 24,661 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, including forecasts of financial results, contained in these materials are based on information currently available to the Company and on
certain assumptions deemed to be reasonable. However, the Company makes no guarantee that these forecasts will be achieved. Actual results may differ significantly fromthe forecast figures due to various factors. Please refer to "1. Summary of Business Results, (4) Outlook" on page 7 of the attached document for the assumptions used inforecasting business results and precautions regarding the use of the forecast.
(Method of accessing supplementary material on financial results)
Supplementary materials for financial results are disclosed on TDnet on the same day.

Consolidated balance sheet(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits

3,375

3,736

Notes receivable - trade

1,305

1,044

Electronically recorded monetary claims - operating

4,530

5,885

Accounts receivable - trade

9,798

10,210

Merchandise and finished goods

4,789

5,151

Work in process

2,090

2,038

Raw materials and supplies

2,614

2,673

Other

405

382

Allowance for doubtful accounts
Total current assets

(10)

(11)

28,89931,111

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation and impairment

17,786

18,040(12,209)(12,524)

Buildings and structures, net

5,577

5,515

Machinery, equipment and vehicles

23,43923,665

Accumulated depreciation and impairment(20,847)(20,699)

Machinery, equipment and vehicles, net

2,592

2,965

Tools, furniture and fixtures
Accumulated depreciation and impairment
Tools, furniture and fixtures, net
Land
Leased assets

2,563

2,723

(2,228)(2,322)

334

401

2,736

2,761

780

724

Accumulated depreciation and impairment

(666)

(606)

Leased assets, net

113

118

Construction in progress

693

436

12,04812,198

Other

536

745

Total intangible assets

536

745

Investment securities

4,071

4,986

Deferred tax assets

27

23

Retirement benefit asset

662

1,829

Other

1,601

1,622

Total property, plant and equipment
Intangible assets

Investments and other assets

Allowance for doubtful accounts

(51)

(51)

Total investments and other assets

6,312

8,410

18,897

21,35447,79752,466

Total non-current assets
Total assets

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade

9,713

11,128

Short-term borrowings

3,560

3,430

Current portion of long-term borrowings

1,192

1,065

70

61

Income taxes payable

21

167

Provision for bonuses

404

434

-

14

88

170

1,000

979

Lease liabilities

Provision for bonuses for directors (and other officers)
Accrued consumption taxes
Accrued expenses
Other
Total current liabilities

448

654

16,498

18,105

Non-current liabilities
Long-term borrowings

2,631

2,881

Lease liabilities

99

94

Deferred tax liabilities

806

1,517

Provision for retirement benefits for directors (and other officers)

223

223

Retirement benefit liability

82

98

Other

188

146

Total non-current liabilities

4,033

4,962

20,531

23,067

Share capital

3,246

3,246

Capital surplus

2,526

2,537

Retained earnings

20,52421,090Total liabilities
Net assets
Shareholders' equity

Treasury shares

(263)

(168)

Total shareholders' equity

26,033

26,705512

1,219

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

0-

Foreign currency translation adjustment

463

623

Remeasurements of defined benefit plans

85

658

1,060

2,501

Total accumulated other comprehensive income
Non-controlling interests

171

191

Total net assets

27,26529,398

Total liabilities and net assets

47,79752,466

Consolidated statement of income(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales

43,40643,922

Cost of sales

37,54437,431Gross profit

5,861

6,490

Salaries and allowances

1,523

1,412

Bonuses351

302

Welfare expenses

355

355

Depreciation

310

265

5

4

Selling, general and administrative expenses

Provision of allowance for doubtful accounts
Bad debt expenses

120

0Provision for bonuses

170

163

Retirement benefit expenses

29

49

Communication and transportation expenses

190

196

Packing and delivery expenses

1,207

1,207

Other

1,618

1,763

Total selling, general and administrative expenses

5,883

5,722

Operating profit (loss)

(21)

768

Non-operating income
Interest income

14

20

Dividend income

148

147

Gain on investments

4,584

-

Foreign exchange gains-

127

Reversal of allowance for doubtful accounts

1

-

Other

137

84

Total non-operating income

4,886

380

35

29

Commitment fees

4

5

Commission for syndicated loans

12-Foreign exchange losses

4-

Loss on investments in capital-

82

Commission expenses

-

30

Other

23

14

Total non-operating expenses

80

162

4,783

986

Non-operating expenses
Interest expenses

Ordinary profit

(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Extraordinary income
Gain on sale of non-current assets-

9Gain on sale of investment securities

50

277

Total extraordinary income

50

286

26

27

Extraordinary losses
Loss on sale and retirement of non-current assets
Impairment losses

1,908

-

Loss on disaster

-

99

Other

150

6

Total extraordinary losses

2,085

133

Profit before income taxes

2,749

1,139

Income taxes - current

1,061

88

Income taxes - deferred

20

150

Total income taxes

1,082

238

Profit

1,667

900

21

19

1,645

881

Profit attributable to non-controlling interests
Profit attributable to owners of parent

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitFiscal year ended
March 31, 2024
1,667

900

Valuation difference on available-for-sale securities

31

707

Deferred gains or losses on hedges

0(0)Foreign currency translation adjustment

414

161

Remeasurements of defined benefit plans, net of tax

(222)

572

Total other comprehensive income

223

1,441

Comprehensive income

1,890

2,342

1,867

2,322

23

20

Other comprehensive income

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

Consolidated statement of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity

Balance at beginningof period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of
periodRetainedearnings

Share capital

Capital surplus

3,246

2,526

19,193

Treasury shares

Total shareholders'equity(262)

24,703

(314)

(314)

1,645

1,645
(1)

(1)

-

-

1,330

(1)

1,329

3,246

2,526

20,524(263)

26,033

Accumulated other comprehensive income

Balance at
beginning of period
Dividends ofsurplusProfit attributableto owners ofparentPurchase oftreasury shares
Disposal oftreasury shares
Net changes in
items other thanshareholders'equityTotal changes
during period
Balance at end of
periodValuationdifference on
available-forsale securities

Deferred gains
or losses onhedges481-

Foreigncurrencytranslation
adjustment

Remeasurements ofdefined benefit plans

50

307

Total accumulated Non-controlling
Total net assets
otherinterests
comprehensive
income839

147

25,690
(314)
1,645
(1)

31

0

412

(222)

221

23

245

31

0

412

(222)

221

23

1,574

512

0

463

85

1,060

171

27,265

Consolidated statement of changes in equity
Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity

Balance at beginningof period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesNet changes in items
other thanshareholders' equity
Total changes during
periodBalance at end of
periodShare capital

Capital surplus

3,246

2,526

Retainedearnings
20,524

Treasury shares

Total shareholders'equity(263)

26,033

(314)

(314)

881

881

10

(0)

(0)

96

106

-

10

566

95

672

3,246

2,537

21,090(168)

26,705

Accumulated other comprehensive income

Balance at
beginning of period
Dividends ofsurplusProfit attributableto owners ofparentPurchase oftreasury shares
Disposal oftreasury shares
Net changes in
items other thanshareholders'equityTotal changes
during period
Balance at end of
periodValuationdifference on
available-forsale securities

Deferred gains
or losses onhedges5120Foreigncurrencytranslation
adjustment
463

Remeasurements ofdefined benefit plans

85

Total accumulated Non-controlling
Total net assets
otherinterests
comprehensive
income1,060

171

27,265
(314)
881
(0)
106

707

(0)

160

572

1,440

20

1,460

707

(0)

160

572

1,440

20

2,133

1,219

-

623

658

2,501

191

29,398

Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Cash flows from operating activities
Profit before income taxes

2,749

1,139

Depreciation

1,499

1,328

Impairment losses

1,908

-

4

1

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability

116

Decrease (increase) in retirement benefit asset

(407)

(340)

Interest and dividend income

(163)

(168)

Interest expenses

35

29

Loss on retirement of property, plant and equipment

26

20

Loss (gain) on sale of property, plant and equipment
Loss (gain) on sale of investment securities
Loss (gain) on investments in capitalGain on investments

-

(2)

(50)

(277)

-

82

(4,584)--99

Decrease (increase) in trade receivables(919)(1,420)Decrease (increase) in inventories

(697)

(357)

Increase (decrease) in trade payables

652

1,408

Other, net

125

262

Subtotal

179

1,821

Interest and dividends received

163

168

Loss on disaster

Interest paid

(38)

(30)

Income taxes paid

(1,199)30

Net cash provided by (used in) operating activities

(893)

1,989

(0)

(0)

(1,225)(1,261)

-

32

(43)

(320)

-

(50)

Proceeds from sale of investment securities

89

404

Proceeds from share of gain on investments

3,668

25

Other, net

(27)

(112)

Net cash provided by (used in) investing activities

2,461(1,281)

Cash flows from investing activities
Payments into time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities

Cash flows from financing activities
Net increase (decrease) in short-term borrowings

(60)

(130)

Proceeds from long-term borrowings

-

1,370

Repayments of long-term borrowings(1,549)(1,247)

Repayments of finance lease liabilities

(89)

(76)

Dividends paid

(314)

(314)

Purchase of treasury shares
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

(1)

(0)

(2,014)

(398)

198

51

Net increase (decrease) in cash and cash equivalents

(248)

360

Cash and cash equivalents at beginning of period

3,622

3,374

Cash and cash equivalents at end of period

3,374

3,734