TOKYO ELECTRON

Summary of Consolidated Financial Results for the First Quarter Ended June 30, 2023
August 10, 2023
(Japanese GAAP)
Name of Listed Company: Tokyo Electron Limited

Stock Exchange Listing: Tokyo

Security Code:

8035

URL:

https://www.tel.com

Representative:

Toshiki Kawai, Representative Director, President & CEO

Contact:

Akifumi Matsumura, Vice President of Accounting Dept.
Telephone: +81-3-5561-7000

Scheduled start date of dividends payment: Preparation of supplementary materials for the quarterly financial results: Yes
Quarterly earnings release conference: Yes (for investors and analysts)
Note: Amounts are rounded down to the nearest million yen.
1. Consolidated Financial Results for the Three Months Ended June 30, 2023 (April 1, 2023 to June 30, 2023)(1) Consolidated Operating Results (Cumulative)
Note: Percentages indicate changes from the same period of the previous fiscal year.
Three months ended
June 30, 2022

June 30, 2023
%

%

4.8

391,746 (17.3)

Operating income (Millions of yen)

117,519 (17.1)

82,433 (29.9)

Ordinary income (Millions of yen)

117,692 (17.5)

83,046 (29.4)

Net income attributable to owners of parent (Millions of yen)

88,095 (12.2)

64,312 (27.0)

Net sales (Millions of yen)473,654

Net income per share of common stock (Yen):
Basic

188.53137.46

Diluted187.66136.99Comprehensive income:Three months ended June 30, 2023:

99,364 million yen, 18.9%

Three months ended June 30, 2022:

83,582 million yen, (24.5)%

Note: The Company implemented a 3-for-1 common stock split on April 1, 2023. “Net income per share of common stock - Basic” andNote: “Net income per share of common stock - Diluted” are calculated on the assumption that stock split was implemented at theNote: beginning of the previous fiscal year.
(2) Consolidated Financial Position
As ofMarch 31, 2023

June 30, 2023

Total assets (Millions of yen)

2,311,594

2,179,057

Total net assets (Millions of yen)

1,599,524

1,539,057

68.7

69.9

Equity ratio (%)
Equity:1,523,569 million yen (as of June 30, 2023)
1,587,595 million yen (as of March 31, 2023)

2. Dividends
Year ended

Year ending

March 31, 2023

March 31, 2024
(Forecast)

1Q-end dividends per share (Yen)--

2Q-end dividends per share (Yen)857.00128.00--Year-end dividends per share (Yen)854.00

192.00

Annual dividends per share (Yen)

1,711.00

320.003Q-end dividends per share (Yen)

Notes: Revision to the dividends forecast most recently announced: None
Notes: 1. The Company implemented a 3-for-1 common stock split on April 1, 2023. For the fiscal year ended March 31, 2023, theNotes:

actual amount of dividends prior to the stock split are presented. For the fiscal year ending March 31, 2024 (forecast),

Notes:

the numbers after the stock split are presented. For reference, annual dividends for the fiscal year ending March 31,

Notes:

2024 (forecast) without considering the stock split are 960 yen.

Notes: 2. Year-end dividends of 854 yen for the year ended March 31, 2023 include 60th anniversary commemorative dividends ofNotes:

200 yen.

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TOKYO ELECTRON

3. Financial Forecasts for the Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)
Note: Percentages for year ending March 31, 2024 indicate changes from the previous fiscal year, and those for six months ending
September 30, 2023 indicate changes from the same period of the previous fiscal year.
Six months ending

Year ending

September 30, 2023

March 31, 2024

(Cumulative)%%

1,700,000 (23.0)

790,000 (33.2)

Operating income (Millions of yen)

393,000 (36.4)

161,000 (54.0)

Ordinary income (Millions of yen)

395,000 (36.8)

162,000 (54.1)

Net income attributable to owners of parent (Millions of yen)

300,000 (36.4)

120,000 (55.1)

Net income per share (Yen)642.23256.75Net sales (Millions of yen)

Note: Revision to the financial forecasts most recently announced: None
Notes
(1) Changes in significant subsidiaries during the period(Changes in specified subsidiaries associated with changes in scope of consolidation): None
(2) Adoption of special accounting methods for preparation of quarterly financial statements: Yes
Please refer to "Notes" on page 10 for further information.
(3) Changes in accounting policies, changes in accounting estimates and restatements
1. Changes in accounting policies along with changes in accounting standards: None
2. Other changes of accounting policies besides the number 1 above: None
3. Changes in accounting estimates: None
4. Restatements: None
(4) Number of shares issued and outstanding (common stock)
1. Number of shares issued and outstanding (including treasury stock)
As of June 30, 2023:

471,632,733 shares

As of March 31, 2023:

471,632,733 shares

2. Number of shares of treasury stock
As of June 30, 2023:

4,757,262 shares

As of March 31, 2023:

3,272,016 shares

3. Average number of shares outstanding (Cumulative quarterly period)
Three months ended June 30, 2023:

467,872,195 shares

Three months ended June 30, 2022:

467,269,861 shares

Notes: 1. The Company implemented a 3-for-1 common stock split on April 1, 2023. “Number of shares issued and outstanding”, “Number of shares
Notes:of treasury stock” and “Average number of shares outstanding” are calculated on the assumption that stock split was implemented at theNotes:

beginning of the previous fiscal year.

Notes: 2. The number of shares of treasury stock includes the Company’s shares held by "Executive compensation Board Incentive Plan (BIP) trust"
Notes:and "share-delivering Employee Stock Ownership Plan (ESOP) trust". (1,502,406 shares as of June 30, 2023, 1,502,637 shares as ofNotes:March 31, 2023)

Notes:In addition, these Company’s shares are included in the treasury stock which is deducted in calculating the average number of shares.

* Status of implementation of quarterly review proceduresThis Summary of Consolidated Financial Results is outside the scope of external auditor's quarterly review procedures under
the Financial Instruments and Exchange Act.
* Explanation of the appropriate use of financial forecast:
The financial forecasts and estimates in this Summary of Consolidated Financial Results are based on information available to
the Company at the time of report issuance and certain assumptions judged to be reasonable by the Company, and therefore
are not guarantees of future performance. Consequently, actual results may differ substantially from those described in thisSummary of Consolidated Financial Results. Please refer to "1. Qualitative Information on Financial Results for the Current
Quarter (4) Description of Financial Estimates Information such as Consolidated Financial Forecasts" on page 5.
The Company plans to hold an online conference for investors and analysts on August 10, 2023.
Supplementary materials to be used at the conference will be posted on the Company's website.

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TOKYO ELECTRON

1. Qualitative Information on Financial Results for the Current Quarter(1) Description of Operating Results
With respect to the global economy in the first quarter of the current fiscal year, surges in raw material and energy
prices are beginning to ease, while various goods prices have continued to rise when compared to the previous fiscal
year. The yen in response to policy interest rate hikes implemented in Europe and the United States continued to
decline in value.
In the electronics industry, where the Tokyo Electron (TEL) Group operates, capital investment in semiconductor
production equipment entered a temporary adjustment phase following consecutive years of growth. However, in lightof the transition to a data society and efforts toward realizing a decarbonized society stemming from the expansion of
information and communication technology, the role of semiconductors in supporting electronic devices and theimportance of technological innovations in semiconductors is increasing. Therefore, further growth is expected in thesemiconductor production equipment market in the medium- to long-term.
Consequently, throughout the first quarter of the current fiscal year, as demand for final products such as PCs andsmartphones slowed down, and inventories of semiconductor memory adjusted, semiconductor memory
manufacturers curtailed production and capital investments. Furthermore, although capital investment insemiconductors meant for cutting-edge logic/foundry faced similar adjustments to those faced by memory, in light ofthe digitalization of society, capital investments for automotive and industrial applications continued their strong trends
from the previous fiscal year.
As a result, the consolidated financial results (cumulative) for the first quarter of the current fiscal year were net salesof 391,746 million yen (year-on-year decrease of 17.3%), operating income of 82,433 million yen (year-on-year
decrease of 29.9%), ordinary income of 83,046 million yen (year-on-year decrease of 29.4%), and net income
attributable to owners of parent of 64,312 million yen (year-on-year decrease of 27.0%).
From the first quarter of the current fiscal year, information by segment has been omitted, due to the change of thereportable segments to a single segment of "Semiconductor Production Equipment". For details, please refer to “Notes”
on page 10 for further information.

(2) Description of Financial Conditions
Current assets at the end of the first quarter of the current fiscal year were 1,551,454 million yen, a decrease of
189,505 million yen compared to the end of the previous fiscal year. This was mainly due to a decrease of 97,642
million yen in prepaid consumption tax, and a decrease of 96,062 million yen in notes and accounts receivable - trade,and contract assets.
Property, plant and equipment increased by 34,583 million yen from the end of the previous fiscal year, to 293,671
million yen.
Intangible assets increased by 603 million yen from the end of the previous fiscal year, to 29,163 million yen.
Investments and other assets increased by 21,781 million yen from the end of the previous fiscal year, to 304,767
million yen.
As a result, total assets decreased by 132,537 million yen from the end of the previous fiscal year, to 2,179,057 million
yen.
Current liabilities decreased by 73,319 million yen from the end of the previous fiscal year, to 556,574 million yen. This
was largely due to a decrease of 42,250 million yen in income taxes payable, and a decrease of 29,972 million yen in
accrued employees' bonuses.
Long-term liabilities increased by 1,250 million yen from the end of the previous fiscal year, to 83,425 million yen.
Net assets decreased by 60,467 million yen from the end of the previous fiscal year, to 1,539,057 million yen. This
was largely due to a decrease resulting from the payment of 133,754 million yen in year-end dividends for the previous
fiscal year, and an increase of 64,312 million yen resulting from recording net income attributable to owners of parent.
As a result, the equity ratio was 69.9%.

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TOKYO ELECTRON(3) Description of Cash Flows
Cash and cash equivalents at the end of the first quarter of the current fiscal year decreased by 72,197 million yen
compared to the end of the previous fiscal year, to 400,274 million yen. The combined balance including 755 million
yen in time deposits and short-term investments with maturities of more than three months that are not included in
cash and cash equivalents was 401,029 million yen, a decrease of 72,070 million yen from the end of the previous
fiscal year. The overall situation regarding cash flows during the first quarter of the current fiscal year was as described
below.
Cash flows from operating activities were positive 125,731 million yen, an increase of 55,743 million yen compared tothe same period of the previous fiscal year. The major positive factors were 103,763 million yen decrease in notes
and accounts receivable - trade, and contract assets, a 97,794 million yen decrease in prepaid consumption tax, anda 83,014 million yen in income before income taxes. The major negative factors were 62,550 million yen in payment
of income taxes, a 55,411 million yen increase in inventories, and a 30,570 million yen decrease in accrued employees'
bonuses.
Cash flows from investing activities were negative 36,942 million yen compared to negative 16,667 million yen in thesame period of the previous fiscal year. This was largely due to the payment of 33,664 million yen for the purchase ofproperty, plant and equipment.
Cash flows from financing activities were negative 164,172 million yen compared to negative 119,150 million yen in
the same period of the previous fiscal year. This was largely due to the payment of 133,754 million yen in dividends,
and the payment of 29,796 million yen for the purchase of treasury stock.

Consolidated Statements of Cash Flows (Summary)

Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Net decrease (increase) in notes and accounts receivable - trade,and contract assets
Decrease (increase) in inventories
Increase (decrease) in trade notes and accounts payable
Other, net
Cash flows from investing activities
Decrease (increase) in time deposits and short-term investments
Other (Purchase of long-term assets, and others)
Cash flows from financing activities
Purchase of treasury stock
Other (Dividends paid, and others)
Effect of exchange rate changes 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 period
Cash and cash equivalents, time deposits and short-term investmentswith maturities of more than three months

4

Three months ended
June 30, 2022
69,987
117,642
9,724(Millions of yen)Three months ended
June 30, 2023
125,731
83,014
10,604

16,837103,763(75,364)(10,656)
11,804(16,667)(66)(16,601)(119,150)
䠉
(119,150)
9,042(56,788)335,648
278,859(55,411)(27,124)
10,886(36,942)(83)(36,859)(164,172)(29,796)(134,376)
3,186(72,197)472,471
400,274

314,601

401,029

TOKYO ELECTRON(4) Description of Financial Estimates Information such as Consolidated Financial Forecasts
There are no changes in the consolidated financial forecast for the fiscal year ending March 31, 2024 from theforecasts released at the time of the previous announcement on May 11, 2023.

Note: The financial forecasts and estimates stated in this Summary of Consolidated Financial Results are based on certain assumptions
judged to be reasonable by the Company in light of information currently available concerning economic conditions in Japan and overseas,fluctuations in foreign exchange rates, and other factors that may have an impact on performance. The Company does not promise that theforecasts or estimates will be accurate.
They are therefore susceptible to the impact of many uncertainties, including market conditions, competition, the launching of new products(and their success or failure), and global conditions in the semiconductor related industry. Consequently, actual sales and profits may differ
substantially from the projections described in this Summary of Consolidated Financial Results.

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TOKYO ELECTRON

Consolidated Balance Sheets(Millions of yen)
As of

As of

March 31, 2023

June 30, 2023

ASSETS
Current assets
Cash and deposits

473,099

391,028

Notes and accounts receivable - trade, and contract assets

464,889

368,8270

10,001

236,795

276,212Securities
Merchandise and finished goods
Work in process

161,938

158,539

Raw materials and supplies

253,474

281,819

Others150,946

65,218

(184)

(192)

1,740,959

1,551,454

259,088

293,671

Others28,55929,163

Total intangible assets

28,55929,163284,326

306,154

Allowance for doubtful accounts
Total current assets
Long-term assets
Property, plant and equipment
Intangible assets

Investments and other assets
OthersAllowance for doubtful accounts
Total investments and other assets
Total long-term assets
Total assets

6(1,340)(1,386)282,986

304,767

570,634

627,6022,311,594

2,179,057

TOKYO ELECTRON

Consolidated Balance Sheets(Millions of yen)
As of

As of

March 31, 2023

June 30, 2023

LIABILITIESCurrent liabilities
Trade notes and accounts payable

116,317

93,057

Income taxes payable

71,17728,927

Customer advances

289,169

299,180

Accrued warranty expenses

34,38233,868Other allowances

46,942

14,938Others71,90486,601

Total current liabilities

629,893556,574

Long-term liabilities
Other allowances

3,189

3,114

Net defined benefit liabilities

60,36659,781Others

18,61820,529Total long-term liabilities

82,17583,425712,069

639,999

54,961

54,961

Total liabilities
NET ASSETS
Shareholders' equity
Common stock
Capital surplus

78,01178,011

1,322,203

1,252,698

Treasury stock, at cost

(22,033)(51,606)

Total shareholders' equity

1,433,141

1,334,064

107,452

124,257

(46)

(17)

43,091

61,797Retained earnings

Accumulated other comprehensive income
Net unrealized gains (losses) on investment securities
Net deferred gains (losses) on hedging instruments
Foreign currency translation adjustments
Accumulated remeasurements of defined benefit plans

3,954

3,467

Total accumulated other comprehensive income (loss)

154,453

189,505

11,92915,487

1,599,524

1,539,057

2,311,594

2,179,057

Share subscription rights
Total net assets
Total liabilities and net assets

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TOKYO ELECTRON

Consolidated Statements of Income(Millions of yen)Three months ended

Three months ended

June 30, 2022

June 30, 2023

Net sales

473,654391,746

Cost of sales

273,126

229,432

Gross profit

200,528

162,313

Research and development expenses

42,122

43,639Others

40,88636,240

Selling, general & administrative expenses

Total selling, general and administrative expenses
Operating income

83,00979,880117,519

82,433

1,069

1,126

Non-operating income
Dividend income
Share of profit of associates accounted for using the equity method

500

739

Others

752

1,439

2,322

3,304

1,772

2,454

377

237

2,149

2,691

117,692

83,046

Gain on sales of long-term assets

01

Total unusual or infrequent profit

01

Loss on disposal and sales of long-term assets

49

33

Total unusual or infrequent loss

49

33

Income before income taxes

117,642

83,014

Income taxes

29,547

18,701

Net income

88,09564,312

Net income attributable to owners of parent

88,09564,312

Total non-operating income
Non-operating expenses
Foreign exchange loss
OthersTotal non-operating expenses
Ordinary income
Unusual or infrequent profit

Unusual or infrequent loss

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TOKYO ELECTRON

Consolidated Statements of Comprehensive Income(Millions of yen)

Net income

Three months ended

Three months ended

June 30, 2022

June 30, 2023

88,09564,312Other comprehensive income (loss)
Net unrealized gains (losses) on investment securities(22,639)

16,801

Foreign currency translation adjustments

18,145

18,557

Remeasurements of defined benefit plans

(167)

(485)

Share of other comprehensive income of associates
accounted for using the equity method

148

178

(4,513)35,051

83,58299,364

83,58299,364

Total other comprehensive income (loss)
Comprehensive income(Breakdown)Comprehensive income attributable to owners of parent

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TOKYO ELECTRON

Notes
Going concern: None
Significant changes in Shareholders' Equity: Yes
The Company executed the purchase of treasury stock based on the resolution of its Board of Directors dated May 11, 2023. Mainly due tothis purchase, the amount of treasury stock increased by 29,572 million yen for the three months ended June 30, 2023, and resulted in
51,606 million yen as of June 30, 2023.
Changes in significant subsidiaries during the period: None
Adoption of special accounting methods for preparation of quarterly financial statements: Yes
The Company and part of its consolidated subsidiaries calculate tax expenses by reasonably estimating the annual effective tax rate on
income before income taxes after the application of tax effect accounting for the fiscal year, and applying this rate to income before income
taxes for the current quarter under review.
Changes in accounting policies, changes in accounting estimates and restatements: None
Segment information
Three months ended June 30, 2023 (April 1, 2023 to June 30, 2023)
The description of this section has been omitted as TEL Group has a single segment of semiconductor production equipment (SPE).
Changes in reportable segments
While reportable segments of TEL Group were previously classified into SPE and flat panel display (FPD) production equipment, thosesegments have been changed into a single segment of SPE from the first quarter of the current fiscal year.
This change is due to the judgement that, based on facts that the impact from the FPD production equipment business has become
insignificant while SPE market has made steady growth and is expected to grow higher in future and TEL Group implemented a corporate
reorganization that combined the FPD production equipment business into the SPE business from April, 2023 for the purpose of efficient
resource utilization, disclosing them as a single segment of SPE will more appropriately reflect the management condition of TEL Group
from the viewpoint of the business development and the decision-making process for allocating management resources of TEL Group.
As a result of this change, the description of segment information for the three months ended June 30, 2023 has been omitted.

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