Business Results for the Fiscal Year Ended
March 31, 2024
(April 1, 2023 – March 31, 2024)
May 17, 2024

Copyright © Toyo Gosei Co., Ltd. All rights reserved.

Thanks to the 70th Anniversary of the Company’s Founding• On September 27, 2024, we will celebrate our 70th anniversary.
• We would like to express our sincere gratitude to all those involved who have supported our business growth to date.

~70th Anniversary Logo~

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2

Contents

1. Business Results for FY 2023
2. Forecasts for FY2024
3. Future Outlook

Copyright © Toyo Gosei Co., Ltd. All rights reserved.

3

Financial Results for FY2023•••

Sales were 31.95 billion yen (YoY down 6%) due to sluggish demand for semiconductors and inventory adjustmentsin the supply chain.
Operating profit was 3.51 billion yen (YoY down 29%) due to efforts to reduce costs in response to demandconditions amid sluggish demand.
Compared to business forecasts, sales were +3%, operating profit +35%, and net profit +50%, which were revised
upwards.

(Million yen)

FY2022
Results

FY2023Results

YoY
Change%FY2023
Forecasts

Comparison with
Forecasts

ChangeYoY

Net sales

34,156

31,956△ 2,200△6%

31,000+956+3%Operating profit

4,968

3,512

△ 1,456

△29%

2,600

+912

+35%

Ordinary profit

5,122

3,393

△ 1,728

△34%

2,500

+893

+36%

Profit

3,827

2,396

△ 1,430

△37%

1,600

+796

+50%

EPS

¥482

¥301

FX Rate (USD)¥133/$¥144/$
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4

Variance Analysis: Operating profit (Year-on-Year)••Due to a 2.2 billion yen decrease in sales (mainly in the first half) from the previous year, higher fuel and electricity costs, andcontinued investment in production capacity expansion, the full-year cost increase plan was revised and restrained to anincrease of 2.5 billion yen from the initial plan to 1.0 billion yen at the interim closing, to 0.88 billion yen in real terms.
In addition, the impact of yen depreciation, inventory valuation gains, and a recovery in demand contributed to an improvementof 1.45 billion yen in operating profit compared to the initial plan of a 2.6 billion yen decrease in operating profit YoY, resulting
in an operating income of 3.51 billion yen.

(Billion yen)

4.96

+0.24
FX

FY2022 Result
Operating profit+0.2(1.01)

Inventory Impact(operation and
Decrease in Sales
valuation)(0.88)
Increase inproduction costs
such as fuel,electricity, andpersonnel※Investments to increase
production capacity areprogressing according to the
mid-term plan.

3.51

(29%)
(¥1.45 billion)

FY2023 Result
Operating profit

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5

Variance Analysis: Operating profit (Comparison with Forecast)••

Operating income exceeded the forecast of 2.6 billion yen by 910 million yen (increase 35%) to 3.51 billion yen.
Increase factors: Recovery of demand from the second half of the year +0.48 billion yen, impact of yen
depreciation/gain on inventory valuation +0.33 billion yen, cost reductions in response to declining demand +0.1
billion yen.
(Billion yen)

+0.48
2.6

+0.13
FX

FY2023 Forecast
Operating profit+0.2
Increase in sales
Inventory Impact(operation andvaluation)+0.1
Decrease inproduction costs
such as fuel,electricity, andpersonnel

3.51
+35%
+¥0.91 billion※Investments to increase
production capacity areprogressing according to the
mid-term plan.

FY2023 Result
Operating profit

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Quarterly Sales Trends• Demand bottomed out in 2Q and reversed.
Demand is on a gradual recovery trend from the second half of the year.
Quarterly Sales Trends

increasing trendof demand(Million yen)

10,000

8,861

Bottom out
8,000
6,000
4,000
2,000
0
1Q

2Q

3Q

FY2021

4Q

1Q

2Q

3Q

FY2022

4Q

1Q

2Q

3Q

4Q

FY2023Copyright © Toyo Gosei Co., Ltd. All rights reserved.

7

Semiannual Sales and Operating Profit Trends••

Both sales and profits recovered from the second half of the year onward.
Sales increased 12% and operating profit increased 71% compared to the first half.
Absorbed the cost of production capacity expansion and maintained profit level.
Semiannual Sales and Operating Profit Trends+12%+¥1,846 million(Million yen)

20,000Net sales

Operating profit

17,43416,00017,553

15,055

2,852
2,369

4,000

3,000
+71%
+¥917 million

12,000

8,000

5,000

16,901

16,603

15,710(Million yen)

2,254

2,214

2,115

4,000

2,000

1,000

1,297

0

0
1H

2H
FY2021

1H

2H
FY2022

1H

2H
FY2023Copyright © Toyo Gosei Co., Ltd. All rights reserved.

8

Photosensitive Materials Segment(Million yen)
25,000Net sales & Operating profit
Net sales
Operating profit

20,00015,976

20,57420,854

3,297

3,306

(Million yen)
5,000

19,39014,217

15,0004,000(YoY down 7%)

3,000

•
•

2,156
10,000

1,565

1,823

Net sales: ¥19,390 million

2,000

•
5,000

1,000

0

0
FY2019(Million yen)
12,000

FY2020

10,481

FY2021

10,373

FY2022

FY2023+9%+¥794 million
10,092(Million yen)
2,400

9,298

9,000

1,800

1,905

6,000

1,400

1,359
+71%
797 +¥562 million

3,000

In the first half, sales declined due to the sluggish electronic device market.
Demand for display materials remained at a certain level despite
softness in large panel production, especially in China.
In the second half of the year, sales recovered mainly in materials
for advanced semiconductors.
Increase of 9% compared to the first half.

0

1,200

600

Operating profit: ¥2,156 million(YoY down 35%)

• Profit decreased in the first half due to lower sales.
• In the second half of the year, profit increased by 71% compared to thefirst half due to recovery in demand.
• Production capacity expansion continues in preparation for future
demand growth.

0
1H

2H
FY2022

1H

2H
FY2023Copyright © Toyo Gosei Co., Ltd. All rights reserved.

9

Chemicals Segment
Net sales & Operating profit(Million yen)
15,000Net sales
Operating profit
11,187
10,23812,56913,301(Million yen)
2,400

1,661

10,000

1,355

1,326

1,600

1,115
618

5,000

800

0
FY2019(Million yen)
8,000

FY2020

FY2021

7,072

6,000

0
FY2022
FY2023(Million yen)
+18%
1,200
+¥1,053 million

6,809
6,229

5,756

900

946

855
715

4,000

500

+71%
+¥355 million

2,000

600

300

0

0
1H

2H
FY2022

1H

2H

Net sales: ¥12,565 million(YoY down 6%)

12,565• Sales of high-purity solvents decreased in the first half.
Recovery will continue from the second half.
• Sales of flavor and fragrance materials increased from theprevious year thanks to the continued recovery trend from thefirst half of the year.
• In logistics business, tank contract rates remained high despitesluggish cargo movement.
• In the second half of the year, sales increased by 18%
compared to the first half.

Operating profit: ¥1,355 million(YoY down 18%)

• Profit decreased in the first half due to lower sales of electronicmaterials.
• In the second half of the year, profit increased by 71%
compared to the first half due to the recovery in demand.

FY2023Copyright © Toyo Gosei Co., Ltd. All rights reserved.

10

FY2023 Income Statement••

Net sales were 31.95 billion yen (YoY down 6%).
Gross profit declined 1.43 billion yen to 7.60 billion yen due to lower sales in the first half and higher costs fromlower operations.
(Million yen)

FY2022
Results

FY2023Results

Change%34,156

31,956(2,200)△6%

25,12324,355

(767)

△3%

9,033

7,600

(1,433)△16%

SG&A expenses

4,065

4,088

+23

+1%

Operating profit

4,968

3,512

(1,456)△29%

Non-operating income

305

207

(97)

△32%

Non-operating expenses

151

325

+174

+115%

5,122

3,393

(1,728)

△34%

(66)

(123)

(57)

+87%

Profit before income taxes

5,056

3,270

(1,785)△35%

Income taxes

1,228

873

(355)

△29%

Profit

3,827

2,396

(1,430)△37%

Net sales
Cost of sales
Gross profit

Ordinary profit
Extraordinary income & losses

Gross profit margin
26.4%→23.8％
Down 2.6pt
Transient disposal, etc.

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FY2023 Statement of Cash flows•••

Operating CF: ¥4,572 million Despite the decrease in profit, working capital improvement of 1.43 billion yen led to an increaseof 910 million yen from the previous year.
Investment CF: ¥7,593 million Continued investment in production capacity expansion.
Financial CF: ¥3,596 million
Secured funds for capital investment.
(Million yen)
Cash flows from operating activities
Profit before income taxes
Depreciation
Decrease (increase) in trade receivables（+: decrease）
Decrease (increase) in inventories（+: decrease）
Increase (decrease) in trade payables（+: increase）
Other
Cash flows from investing activities
FCF
Cash flows from financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents

FY2022
3,659
5,056
2,797

FY2023
4,572
3,270
2,898

Change+913(1,785)
+100

1,489

(1,310)(2,799)(3,678)1,420+5,098(62)(1,942)(3,274)
385
(406)
4
(16)
3,252

(934
(771)
(7,593)(3,020)
3,596
(182)
393
3,645

(871)
+1,171(4,319)(3,405)+4,002
(186)
+410
+393

working capital
improvement of 1.43
billion yen

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12

FY2023 Balance sheet
•
•
•
•
•

Trade receivables increased by 1.31 billion yen due to a sharp increase in sales in Q4.
Inventories were decreased by 1.42 billion yen due to purchase restraint and demand recovery.
Tangible fixed assets increased 6.22 billion yen due to continued capital investment to increase production capacity.
Borrowings: +4.11 billion yen due to increased capital investment.
Shareholders' equity increased 2.07 billion yen due to the increase in net income.
Mar. 2023
ended

Mar. 2024
ended

Change21,68522,682+997

Cash and deposits

3,252

3,645

+393

Notes and accounts
receivable – trade

5,912

7,222

+1,310Inventories

11,758

10,338△ 1,420

761

1,475

+714

29,42036,834+7,414

27,63933,862+6,223

607

1,579

+971

1,172

1,393

+220

51,10559,517+8,412(Million yen)

Current assets

Other

Fixed assets
Property, plant andequipment
Intangible assets
Investments and otherassetsTotal assets

Mar. 2023
ended

Mar. 2024
ended

Change31,46337,691+6,228Notes and accounts
payable – trade

4,943

4,009

△ 934

Borrowings

17,89322,008+4,114

Other

8,625

11,673+3,04700+019,641

21,825+2,183

19,556

21,635+2,078

85

190

+105

0

0

+0

51,10559,517+8,412(Million yen)

Liabilities

Net assets
Shareholders’ equity
Valuation and translation
adjustments

Liabilities and net assets

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13
13

Status of Inventories••

Reduce inventory in line with declining demand.
Inventories decreased by 1.4 billion yen from the end of the previous year, down 1.9 billion yen from the peak in
the Q1 FY2023.

Inventories Trend(Million yen)

14,000

Raw Materials
Products
11,75812,00012,262
11,27011,048
10,337

10,109(¥1,924) million

10,000
8,079
8,000

8,351

8,957

7,281

6,000

8,230

8,305

7,662

5,747
4,000
2,000
2,332

2,828

3,407

3,305

3,040

2,743

2,675

4Q

2Q

4Q

1Q

2Q

3Q

4Q

0
FY2021

FY2022

FY2023Copyright © Toyo Gosei Co., Ltd. All rights reserved.

14

Contents

1. Business Results for FY 2023
2. Forecasts for FY2024
3. Future Outlook

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15

Forecasts for FY2024•••

Assuming a medium-term continuation of the trend of increasing demand for electronic materials.
Demand is expected to recover in the electronic materials market in the FY2024.
Sales are projected to reach a record high of 37.5 billion yen, with sales growth of +5.5 billion yen (+17%).
Fixed costs are expected to rise with the start of operation of large facilities to increase production capacity.

(Million yen)

FY2023Results

FY2024
Forecasts

Change%Net sales

31,95637,500+5,543+17

Operating profit

3,512

3,100

(412)

(12)

Ordinary profit

3,393

3,000

(393)

(12)

Profit

2,396

2,150

(246)

(10)

FX Rate¥144/$¥148/$

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16

Semiannual Sales and Operating Profit Forecasts••

Sales growth is expected to continue as demand for semiconductors recovery.
In 1H, we expect the start of operation of the Photosensitive Materials R&D / QC Center and an increase inpersonnel; in 2H, we expect an increase in expenses for the operation of the fourth photosensitive materials plant.
(Million yen)

20,000

Semiannual Sales and Operating Profit Trends
Net sales+1,500+1,09918,00016,901+1,846

Operating profit(Million yen)

19,500 5,000

15,05516,0004,000

12,000

3,000

8,000

1,550

1,550

4,000

2,000

1,000

0

0
1H

2H
FY2021

1H

2H
FY2022

1H

2H
FY2023

1H

2H
FY2024

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17

Progress and Plans for Capital Investment•

In FY2024, the Awaji Plant’s No.2 Indoor Filling Station, the Photosensitive Materials R&D / QC Centerand the No.4 Photosensitive Materials plant's production line for advanced products are scheduled to
begin operation.
FY2023※Advanced Products:
ArF, EUV Materials

Photosensitive
Materials
Segment

FY2025

FY2024
Expanded production capacity of advanced products by 1.8 times

Capacity expansion of No.4 Photosensitive
Materials Plant’s

Qualification

Operation Start

Scheduled for completion in August 2024.

Construction of
Photosensitive
Materials R&D / QC
CenterOperation Start

Strengthening
Development Capabilities

Completed in May 2024

Solvents for semiconductors, shipment capacity tripled from previous level
Chemicals
Segment

Qualification
Awaji Plant’s No.2
Indoor Filling Station

Operation Start

Completed in March 2024

Capacity expansion of existing facilities
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18

CAPEX, Depreciation & R&D Plans•

In FY2023, the company invested 10.1 billion yen in facilities, including construction to increase the capacity of the No.4 photosensitive materials
plant for advanced products and the No.2 indoor filling station at the Awaji Plant (already completed).

•

For FY2024, the company plans to invest 9.2 billion yen in facilities (calculated as acceptance inspection base), including a Photosensitive Materials
R&D / QC Center (completed in May) and capacity expansion at its No. 4 photosensitive materials plant (to be completed in August).
Depreciation is expected to increase due to the completion of large facilities.

•

In R&D, in addition to product development, strengthen manufacturing technology capabilities (analysis/analysis, process development) to improve
productivity and quality.

•

Fiscal discipline is also maintained, including risk management.

CAPEX, Depreciation & R&D Plans(Million yen)

12,000

CAPEX

10,16010,000

9,241

8,000
6,000

5,258

4,027

4,000

3,053
2,311

2,000

Depreciation

5,200

2,579

2,797

1,267

1,078

1,029

876

2,898

R&D

1,632

0
FY2020

FY2021

FY2022

FY2023

FY2024
Forecasts

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19

Forecast of Variance Analysis Operating profit•

Operating profit is expected to be 3.1 billion yen, due to an increase in expenses of 2.9 billion yen for production capacity
expansion and technology development (photosensitive materials R&D / QC Center, No.4 photosensitive materials plant), while
profit is expected to increase by 2.5 billion yen due to sales increase and productivity improvement.

2.49(Billion yen)

(2.9)

3.51
Sales growth

FY2023 Result
Operating profit

3.1
Increase in expenses
for technology
development,
production capacity
expansion, etc.

FY2024 Forecast
Operating profit

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20

FY2024 Dividend Forecast• Based on the stable dividend policy, we will continue to pay an annual dividend of
40 yen (interim dividend of 20 yen) in FY2024.
Dividend per Share

(Yen)
50

40

40

40

30

30
20

40

Year-end
20

20
Interim20

100
FY2020

FY2021

FY2022

FY2023

FY2024(Forecast)

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21

Contents

1. Business Results for FY 2023
2. Forecasts for FY2024
3. Future Outlook

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22

Progress toward the Medium-Term Management Plan “Beyond 500”
Performance Targets and Progress

Beyond500 (FY2026)
Net sales: ¥50,000 million
Operating profit: ¥800 million

OP Margin

15%

15%
11%

(OP Margin 16%)

8%
(Million yen)

60,00050,000(Million yen)

12,000Net sales

50,000Operating profit

40,00033,144

34,156+¥5,544 million

10,00037,500

8,000
8,000

31,95630,00020,00010,000

•

6,000
4,624

4,968

4,000
3,512

3,100

2,000

0

0
FY2021 FY2022 FY2023 FY2024•

FY2026•The market was sluggish in the FY2023, and theelectronic materials market is expected to grow overthe medium term.
Investments to increase production capacity toincrease demand will go into operation as planned
this fiscal year.
Human resource development and strengthening oftechnical strategies are also underway.

Beyond500
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23

Our Product Lineup for Electronic Materials••

Covers all generations of semiconductors application. As the miniaturization of semiconductors progresses, EUV becomes thecenter of technological development.
Continue to improve the quality of all generations of photosensitive materials and further expand the product lineup.
FPD

SemiconductorLightsourceI lineg＋ｈ＋ｉline（365nm）

g linei lineKrF

ArF(436nm)(365nm)(248nm)(193nm)Node～2,000nm ～1,000nm～700nm～200nm～110nm～65nm

Application

TV, PC

Small &Mid size
Panel,
Smartphone andetc.

MarketTightsupplydemand

Demandexpansion

Our
Products

Photo Active Compound (PAC)
High-purity solvents～45nm

Gradually
growthsteadyArF MP(193nm)～22nm

EUV (13.5nm)
～7nm

～5nm

～2nm

~1.4nm

New generation DRAM
Pilot production

Advanced logic LSI
Demand expansion

Back-end process materials andCMOS sensor
Gradually
growth(193nm)ArF DP

DRAM/NAND memory
Demand expansion

IGBT, LCD driver, LED

Gradually
growthArF
Immersion

expanding

New Generation Logic LSI
EUV Production expansion
CAPEX in progress

R&D

Photo acid generator（PAG）
Polymer
Ultra-high purity solvents
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24

Photoresists Market Outlook••••

The global semiconductor market is expected to grow 10-15% in 2024 and continue to grow 10% per year in
2025 and beyond.
Demand for EUV resists will double at CAGR 18% for 2023-2027.
Demand for advanced resist (EUV+ArF) is also expected to expand 1.4 times.
The completion of the fourth photosensitive materials plant capacity expansion at the Chiba Plant’s has increased
the Company's capacity by 1.8 times.

Photoresists Market Outlook(1,000 gal)
2,000

1.4 times growth（CAGR10%）

CAGR(23-27）
EUV Resists: 18%

1,500

ArF Resists: 9%
1,000

KrF Resists: 8%500

0

CY2022
Results

CY2023

CY2024

CY2025

CY2026

CY2027

Forecasts
Source: Fuji Chimera Research Institute, Inc
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25

Display Market Outlook•••

Moderate growth is expected to continue after 2024.
Expected to grow 1.2 times from 2023 to 2027.
Demand for photosensitive materials/high-purity solvents is on the rise as TVs become larger andhigh-definition products become more popular.
Display Market Outlook (Area)(M m2)

1.2 times growth (CAGR5%)

350
300
250
200
150
100
50
0
CY2022
ResultCY2023

CY2024

CY2025
Forecasts

CY2026

CY2027
Source: DSCC

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26

Strengthen Production Capacity, Product Development and Manufacturing Technology◼

August 2023
Administration and Analysis Building at the Aroma Chemical Plant’s
Amount of Investment: Approx. ¥0.3 billion

Improving productivity and creating a comfortable work
environment for employees.
◼

March 2024
No.2 indoor filling station at the Awaji Plant’s
Amount of Investment: Approx. ¥1 billion

Solvents for semiconductors, shipment capacity tripled from previous level.
Completed of the Administration and Analysis
Completed of the No.2 indoor filling station at
Building at the Aroma Chemical Plant’s (August 2023) the Awaji Plant’s (March 2024)◼

May 2024
Photosensitive Materials R&D / QC Center at the Chiba Plant’s
Amount of Investment: Approx. ¥3 billion

R&D and quality control are integrated, and manufacturing technology
and analysis capability are greatly strengthened.
◼

Scheduled for completion in August 2024.
No.4 Photosensitive Materials Plant Production line for Advanced Products at the
Chiba Plant’s
Amount of Investment: Approx. ¥12 billion

Expanding production capacity for materials for advanced products by 1.8
times*. ※Comparison with March 2022

Completed of the Photosensitive Materials R&D /QC Center at the Chiba Plant’s (May 2024)

No.4 Photosensitive Materials Plant Production line
for Advanced Products at the Chiba Plant’s(Scheduled for completion in August 2024)

The large-scale production capacity expansion
facility in Beyond 500 (current mid-term plan) is
scheduled to start operation this summer.
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27

May 15, 2024 Completed Photosensitive Materials R&D / QC Center•The previously decentralized R&D, process development, and quality control units have been consolidated into asingle location, significantly strengthening the analytical system. R&D and manufacturing capabilities forphotosensitive materials for advanced semiconductor photoresists strengthened.

~Exterior Concept~
Combining stone (earth), wood grain(nature), and shiny material (crystal), it
expresses the company's R&D efforts toadvance the technology and quality ofadvanced semiconductors and its efforts torealize a sustainable society in harmony withthe rich greenery and nature of the town of
Tohnosho.
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28

May 15, 2024 Completed Photosensitive Materials R&D / QC Center
The interior is equipped with state-of-the-art experimental and analytical facilities, and open communication areas
are set on all floors to promote communication across departmental boundaries and provide a place to generate
new discoveries and ideas.

Entrance

Lobby

Laboratory Area

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29

Office Area

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30

Open Communications Area

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31

Sustainability Activities◼ CO2 reduction targets
Scope1+2
Energy saving support
state of progress

FY2030: 32% reduction （Comparison with FY2013）
Reduce energy use by 1% per unit of production compared to theprevious year

Focusing on electricity (approx. 40% of CO2 emissions), a plan to convert to green electricity has been
set up.
In 2023, increase the ratio of green power use from 30% to 50% at the Awaji Plant.

◼ External Certification
EcoVadis (Worldwide)
Sustainability Surveys
silver medal

High marks for"Environment“, "Labor andHuman Rights“, "Ethics" and"Sustainable Raw Material
Procurement“.

DBJ BCM
RatingBusiness Continuity Planning
ISO22301
TGC is the second in Japan's chemicalindustry to acquire this certification.
TGC is recognized for its “particularly
outstanding business continuity initiatives”.
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32

Activities for a Fulfilling Work Environment and Human Resource Development
medium-term plan: Investment in a fulfilling work environment and human resource development
for long-term sustainable business expansion.

◼ February 2024: Established "Human Rights Policy◼ Safety culture workshops were held at all plants to realize “safety that can be felt by each and every one of us”.
◼ Effects on reduction of troubles. Continued activities to build a proactive system and realize a good work environment
True Feelings
Dialogue(Relationship
Building)

Visualization ofReal Issues(Strengthening
Organizational
Capacity)

Taking Action for
the Future(Human Resource
Development)◼ Completion of work environment facilities aimed
at centralization of development and quality control
departments as well as creation of knowledge.

Copyright © Toyo Gosei Co., Ltd. All rights reserved.

33

Activities for a Fulfilling Work Environment and Human Resource Development◼ Diversity & Inclusion
Targetsstate of progress✓ Number of female managers: 10 employees (FY2023)

FY2023: 10 employees achieved.

✓ Promotion of Women’s Activities (measures by FY2025)
・Conducted an internal survey of women to develop a workplaceenvironment in which women can work comfortably, andpromoted support for diverse careers and work styles.

New target set on April 1, 2024.

✓ Percentage of male employees taking childcare leave:
40% or more

FY2023: 57.7％ achieved.

✓ statutory employment rate of persons with disabilities:
Achievement of 2.5%

FY2023: 2.7％ achieved.

◼ Health & Safety
Designated 2023 as the “first year of health policy
implementation” to raise employee health awarenessand promote health.

Certified as 2024 KENKO Investment for Health
Outstanding Organizations

Copyright © Toyo Gosei Co., Ltd. All rights reserved.

34独創的な視点で世界へ
Individual Development, to the global Chemical

東洋合成工業株式会社(NB)
The forecasts made in this document contain a variety of uncertain factors since it has been prepared based on
judgments from information that is currently available.
Therefore, actual business results may differ from those projected, depending on factors and risk such as the economic
status of the market surrounding the company, and do not perform any strict promise and guarantees.