TOKYO ELECTRON

Summary of Consolidated Financial Results for the Year Ended
March 31, 2024 (Japanese GAAP)May 10, 2024

Name of Listed Company:
Security Code:
URL:
Representative:
Contact:

Tokyo Electron Limited
8035
https://www.tel.com
Toshiki Kawai, Representative Director, President & CEO
Akifumi Matsumura, Vice President of Accounting Dept.
Telephone: +81-3-5561-7000
Scheduled start date of dividends payment: May 29, 2024
Preparation of supplementary materials for the financial results: Yes
Earnings release conference: Yes (for investors and analysts)

Stock Exchange Listing: Tokyo

Note: Amounts are rounded down to the nearest million yen.
1. Consolidated Financial Results for the Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Operating Results
Note: Percentages indicate changes from the same period of the previous fiscal year.
Year ended
March 31, 2023

March 31, 2024%

Net sales (Millions of yen)%

2,209,025

10.2

1,830,527(17.1)

Operating income (Millions of yen)

617,7233.1

456,263(26.1)

Ordinary income (Millions of yen)

625,185

3.9

463,185(25.9)Net income attributable to owners of parent (Millions of yen)

471,5847.9

363,963(22.8)Net income per share of common stock (Yen):
Basic

1,007.82

783.75

Diluted

1,003.86

781.20Return on equity (%)

32.3

21.8

Ordinary income to total assets (%)

29.7

19.4

28.0

24.9

Operating income to net sales (%)
Comprehensive income:Year ended March 31, 2024:

478,281 million yen, (4.6)%

Year ended March 31, 2023:

501,421 million yen, 3.1%

Profit (loss) on equity method: Year ended March 31, 2024:

3,388 million yen

Year ended March 31, 2023:

2,968 million yen

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

March 31, 2024

Total assets (Millions of yen)

2,311,594

2,456,462

Total net assets (Millions of yen)

1,599,524

1,760,180

68.7

71.1

3,389.68

3,773.11

Equity ratio (%)
Net assets per share (Yen)
Equity:1,746,835 million yen (as of March 31, 2024)
1,587,595 million yen (as of March 31, 2023)

Note: The Company implemented a 3-for-1 common stock split on April 1, 2023. "Net assets per share" is calculated on the assumption
Note: that stock split was implemented at the beginning of the previous fiscal year.
(3) Consolidated Cash Flows
Year ended
March 31, 2023

March 31, 2024

Cash flows from operating activities

426,270

434,720

Cash flows from investing activities(41,756)(125,148)

Cash flows from financing activities(256,534)(325,012)

Cash and cash equivalents at end of period

472,471

461,608

1

TOKYO ELECTRON

2. Dividends
Year ended
March 31, 2023

Year ending
March 31, 2025

March 31, 2024

(Forecast)

1Q-end dividends per share (Yen)

-

-

-

2Q-end dividends per share (Yen)857.00148.00200.00---Year-end dividends per share (Yen)854.00245.00281.00

Annual dividends per share (Yen)

1,711.00

393.00481.00Total dividends (Millions of yen)

267,909

182,470

3Q-end dividends per share (Yen)

Payout ratio (%)

56.6

50.1

Dividend on equity (%)

18.3

11.0

50.0

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 ended March 31, 2024 and the fiscal

Notes:

year ending March 31, 2025 (forecast), the numbers after the stock split are presented. For reference, annual dividends

Notes:

for the fiscal year ended March 31, 2024 and the fiscal year ending March 31, 2025 (forecast) without considering theNotes:

stock split are 1,179 yen and 1,443㻌yen.

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

200 yen.

3. Financial Forecasts for the Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)
Note: Percentages indicate changes from the same period of the previous fiscal year.
Year ending
September 30, 2024

March 31, 2025%%

1,000,000

22.0

2,200,000

20.2

Operating income (Millions of yen)

243,000

36.1

582,000

27.6

Ordinary income (Millions of yen)

244,000

34.6

584,000

26.1

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

185,000

34.6

445,000

22.3

Net income per share (Yen)399.59Net sales (Millions of yen)961.19Notes(1)䚷Changes in significant subsidiaries during the period(Changes in specified subsidiaries associated with changes in scope of consolidation): None
(2)䚷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
(3) Number of shares issued and outstanding (common stock)
1. Number of shares issued and outstanding (including treasury stock)
As of March 31, 2024:

471,632,733 shares

As of March 31, 2023:

471,632,733 shares

2. Number of shares of treasury stock
As of March 31, 2024:

8,663,247 shares

As of March 31, 2023:

3,272,016 shares

3. Average number of shares outstanding
Year ended March 31, 2024:

464,389,368 sharesYear ended March 31, 2023:

467,926,805 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". (1,386,407 shares as of March 31, 2024, 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.

2

TOKYO ELECTRON(Reference) Non-consolidated Financial Results for the Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Operating Results
Note: Percentages indicate changes from the same period of the previous fiscal year.
Year ended
March 31, 2023
Net sales (Millions of yen)March 31, 2024%%
1,625,256 (19.6)

2,020,513

9.7

Operating income (Millions of yen)

379,94223.9

401,733

Ordinary income (Millions of yen)

585,74529.5

441,386 (24.6)

Net income (Millions of yen)

484,557

35.3

340,187 (29.8)

5.7

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

1,035.54

732.55

Diluted

1,031.48

730.16

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

March 31, 2024

Total assets (Millions of yen)

1,728,050

1,860,849

Total net assets (Millions of yen)

1,099,987

1,199,380

Equity ratio (%)
Net assets per share (Yen)
Equity:

63.0

63.7

2,323.12

2,561.80

1,186,035 million yen (as of March 31, 2024)
1,088,057 million yen (as of March 31, 2023)

Note: The Company implemented a 3-for-1 common stock split on April 1, 2023. "Net assets per share" is calculated on the
Note: assumption that stock split was implemented at the beginning of the previous fiscal year.
* Status of implementation of audit proceduresThis Summary of Consolidated Financial Results is outside the scope of external auditor's audit 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. Overview of Operating Results and Consolidated Financial
Conditions (4) "Future Forecast" on page 6. The Company plans to hold an online conference for investors and analysts on
May 10, 2024. Supplementary materials to be used at the conference will be posted on the Company's website.

3)LOH1DPH
TOKYO ELECTRON

1. Overview of Operating Results and Consolidated Financial Conditions(1) Overview of Operating Results(i) Business Environment during the Fiscal Year Ended March 31, 2024
With respect to the global economy in the current consolidated fiscal year, raw material and energy prices that hadsoared since the advent of the COVID-19 pandemic began to fall during the previous fiscal year. As a result, the inflation
rate had fallen to around 2% by the end of the current fiscal year, which is the medium- to long-term target of central
banks in major countries. Furthermore, although the increase in policy interest rates, mainly in Europe and the UnitedStates, has eased slightly, the yen’s depreciation continues.
In the electronics industry, where the Tokyo Electron (TEL) Group operates, semiconductor manufacturers began toreduce production from the second half of the previous consolidated fiscal year as demand for end products such as
PCs and smartphones had peaked. As a result, inventory adjustments have progressed, and the supply-demandbalance for semiconductors has gradually improved during the current fiscal year.
Under these circumstances, capital investment in semiconductor production equipment, which was entering an
adjustment phase, showed signs of bottoming out. Although capital investment for memory and cutting-edge
logic/foundrysemiconductors was still generally restrained, there was an increase in inquiries about advanced package
equipment for generative AI applications. Additionally, capital investment in China, which aims to improve theirsemiconductor self-sufficiency rate, for the mature generations of semiconductors used for IoT, automotive, andindustrial applications, continued their strong growth trend from the previous fiscal year. Considering the transition to adata society, stemming from the expansion of information and communication technology, and efforts toward realizing
a decarbonized society, the role of semiconductors in supporting electronic devices and the importance of theirtechnological innovation is increasing. Therefore, further growth is expected in the semiconductor production equipment
market in the medium- to long-term.

From the current consolidated fiscal year, information by segment has been omitted, due to the change of the reportablesegments to a single segment of "Semiconductor Production Equipment". For details, please refer to “Notes” on page
15 for further information.

(ii) Overview of Profit and Loss during the Fiscal Year Ended March 31, 2024
In this environment, the consolidated business results for the fiscal year under review are as follows.
Net sales for the fiscal year decreased 17.1% from the previous fiscal year to 1,830,527 million yen. Domestic net sales
decreased 22.9% from the previous year to 184,982 million yen, while overseas net sales decreased 16.4% to
1,645,544 million yen to account for 89.9% of net sales.
Cost of sales decreased 18.3% to 1,000,257 million yen and gross profit decreased 15.7% to 830,269 million yen. As
a result, the gross profit margin increased 0.8 points to 45.4%.
Selling, general and administrative (SG&A) expenses increased 2.0% to 374,006 million yen, while the ratio toconsolidated net sales increased 3.9 points to 20.5%.
As a result, operating income decreased 26.1% to 456,263 million yen and operating profit ratio decreased 3.1 points
to 24.9%. After netting of non-operating income of 12,164 million yen and non-operating expenses of 5,242 million yen,

4)LOH1DPH
TOKYO ELECTRON

ordinary income decreased 25.9% to 463,185 million yen.
Income before income taxes was 473,439 million (year-on-year decrease of 24.2%) and net income attributable toowners of parent was 363,963 million yen (year-on-year decrease of 22.8%).
As a result, net income per share was 783.75 yen compared to net income per share of 1,007.82 yen in the previous
fiscal year.

(2) Overview of Consolidated Financial Conditions
Current assets at the end of the current fiscal year were 1,700,451 million yen, a decrease of 40,507 million yen
compared to the end of the previous fiscal year. This was mainly due to a decrease of 87,883 million yen in prepaid
consumption tax, a decrease of 73,466 million yen in notes and accounts receivable - trade, and contract assets, andan increase of 110,749 million yen in inventories.
Property, plant and equipment increased by 78,278 million yen from the end of the previous fiscal year, to 337,366
million yen.
Intangible assets increased by 3,824 million yen from the end of the previous fiscal year, to 32,383 million yen.
Investments and other assets increased by 103,274 million yen from the end of the previous fiscal year, to 386,260
million yen.
As a result, total assets increased by 144,868 million yen from the end of the previous fiscal year, to 2,456,462 million
yen.
Current liabilities decreased by 17,994 million yen from the end of the previous fiscal year, to 611,899 million yen. This
was largely due to a decrease of 23,957 million yen in trade notes and accounts payable, and an increase of 8,832
million yen in income taxes payable.
Long-term liabilities increased by 2,207 million yen from the end of the previous fiscal year, to 84,383 million yen.
Net assets increased by 160,655 million yen from the end of the previous fiscal year, to 1,760,180 million yen. This waslargely due to an increase of 363,963 million yen resulting from recording net income attributable to owners of parent
and a decrease resulting from the payment of 202,457 million yen in year-end dividends for the previous fiscal year
and interim dividends for the current fiscal year. As a result, the equity ratio was 71.1%.

(3) Overview of Consolidated Cash Flows
Cash and cash equivalents at the end of the current fiscal year decreased by 10,862 million yen compared to the endof the previous fiscal year, to 461,608 million yen. The combined balance including 10,939 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 472,548 million yen, a decrease of 552 million yen from the end of the previous fiscal year. The overallsituation regarding cash flows for the fiscal year was as described below.
Cash flows from operating activities were positive 434,720 million yen, an increase of 8,450 million yen compared tothe end of the previous fiscal year. The major positive factors were 473,439 million yen in income before income taxes,
a 88,092 million yen decrease in prepaid consumption tax, and a 84,848 million yen decrease in notes and accounts
receivable - trade, and contract assets. The major negative factors were 118,935 million yen in payment of income
taxes, and a 97,712 million yen increase in inventories.

5)LOH1DPH
TOKYO ELECTRON

Cash flows from investing activities were negative 125,148 million yen compared to negative 41,756 million yen in thesame period of the previous fiscal year. This was largely due to the payment of 116,993 million yen for the purchase ofproperty, plant and equipment.
Cash flows from financing activities were negative 325,012 million yen compared to negative 256,534 million yen in thesame period of the previous fiscal year. This was largely due to the payment of 202,457 million yen in dividends, andthe payment of 120,028 million yen for the purchase of treasury stock.

(4) Future forecast
Due to the importance of innovating semiconductor technologies (including the aspects of high capacity, high speed,high reliability, and low power consumption) stemming from the transition to a data society accompanying the expansionof information and communication technology and efforts toward realizing a decarbonized society, the semiconductor
production equipment market is expected to further grow in the future. Therefore, the consolidated financial forecasts
for the fiscal year ending March 31, 2025 are as follows.

Consolidated Financial Forecast(Billions of yen, Y/Y change)
InterimFull Year
1,000.0
22.0% 2,200.0
20.2%
243.0
36.1%
582.0
27.6%
244.0
34.6%
584.0
26.1%
185.0
34.6%
445.0
22.3%

Year ending March 31, 2025
Net Sales
Operating Income
Ordinary Income
Net Income Attributable to Owners of Parent

Note: The financial forecasts and estimates stated in this announcement are based on certain assumptions judged to be reasonable by theCompany 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 the forecasts 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 stated in this announcement.

(5) Basic Policy on Profit Allocation and Payment of Dividends for the Current and Next Fiscal YearsTEL utilizes capital reserves to raise corporate value through earnings growth and provide returns directly toshareholders by concentrating investment in high-growth areas and linking dividend payments to business performance.
Basic policy concerning shareholder return is as follows.

Shareholder Return Policy• Our dividend policy is to link dividend payments to business performance on an ongoing basis and a payout ratio
is around 50% based on net income attributable to owners of parent, with the conditions that an annual dividend pershare is not less than 50 yen. Besides, TEL will review our dividend policy if TEL does not generate net income fortwo consecutive fiscal years.
• TEL will flexibly consider share buybacks.

6)LOH1DPH
TOKYO ELECTRON

The year-end dividends for the current fiscal year (the year ended March 31, 2024) are 245 yen per share. The
dividends for the full year are 393 yen per share, which includes the interim dividends of 148 yen per share.

Current fiscal year
(ended March 31, 2024)

2Q-endDividends per share
Year-end

Total

148 yen

245 yen

393 yen

The dividends are forecasted for the next fiscal year (the year ending March 31, 2025) to be 481 yen per share forthe entire year (interim dividends : 200 yen, year-end dividends : 281 yen), in accordance with the above
consolidated financial forecast for net income attributable to owners of parent for the next fiscal year.

Next fiscal year
(ending March 31, 2025)

2Q-endDividends per share
Year-end

Total

200 yen281 yen481 yen

2. Basic philosophy on the selection of accounting standards
The consolidated financial statements of TEL group have been prepared in conformity with accounting principles
generally accepted in Japan. In regard to the application of IFRS, we will pay close attention to domestic andinternational implementation adoption trends and respond accordingly.

7

TOKYO ELECTRON

Consolidated Balance Sheets(Millions of yen)
As of

As of

March 31, 2023

March 31, 2024

ASSETS
Current assets
Cash and deposits

473,099462,383

Notes and accounts receivable - trade, and contract assets

464,889

391,423

0

10,165

236,795

284,451

Securities
Merchandise and finished goods
Work in process

161,938

173,929

Raw materials and supplies

253,474

304,576

Others150,946

73,876

Allowance for doubtful accounts
Total current assets

(184)

(353)

1,740,959

1,700,451

248,421271,442(130,524)(137,472)

Long-term assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures , net

117,896

133,970

204,841

239,161

Accumulated depreciation(153,330)(178,899)

Machinery and carriers , net

51,51060,261Land

31,28333,804

Construction in progress

39,60587,399Others61,68071,548

Accumulated depreciation(42,887)(49,617)

Others, net

18,792

21,931

259,088

337,366

Others28,55932,383

Total intangible assets

28,55932,383

Investment securities

165,507277,706

Deferred tax assets

58,59942,096

Net defined benefit assets

19,37429,426

Others40,84438,441

Allowance for doubtful accounts(1,340)(1,409)282,986

386,260

Machinery and carriers

Total property, plant and equipment
Intangible assets

Investments and other assets

Total investments and other assets
Total long-term assets
Total assets

8570,634

756,0112,311,594

2,456,462

TOKYO ELECTRON

Consolidated Balance Sheets(Millions of yen)
As of

As of

March 31, 2023

March 31, 2024

LIABILITIESCurrent liabilities
Trade notes and accounts payable

116,317

92,359

Income taxes payable

71,17780,009Customer advances

289,169

289,905

Accrued employees’ bonuses

43,33743,727

Accrued warranty expenses

34,382

33,524

Others75,50972,372

Total current liabilities

629,893

611,899

Net defined benefit liabilities

60,36656,139Others21,80828,243Long-term liabilities

Total long-term liabilities

82,17584,383712,069

696,282

Common stock

54,961

54,961

Capital surplus

78,01178,011

1,322,203

1,480,306

Total liabilities
NET ASSETS
Shareholders' equity

Retained earnings
Treasury stock, at cost

(22,033)(135,215)

Total shareholders' equity

1,433,141

1,478,063

107,452

184,934(46)

42

43,091

72,275

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

11,519Total accumulated other comprehensive income (loss)

154,453

268,771

11,92913,345

1,599,524

1,760,180

2,311,594

2,456,462

Share subscription rights
Total net assets
Total liabilities and net assets

9

TOKYO ELECTRON

Consolidated Statements of Income(Millions of yen)
Year ended

Year ended

March 31, 2023

March 31, 2024

Net sales

2,209,025

1,830,527

Cost of sales

1,224,617

1,000,257

Gross profit

984,408

830,269

Salaries and allowances

36,07943,385

Research and development expenses

191,196

202,873

Selling, general & administrative expenses

Others

139,407

127,747

Total selling, general and administrative expenses

366,684

374,006

617,723456,263Interest income

1,235

2,567

Share of profit of associates accounted for using the equity method

2,968

3,388

Revenue from grants

2,559

2,430

Others

3,303

3,778

Total non-operating income

10,066

12,164Foreign exchange loss

1,401

4,148

Others

1,202

1,094

Total non-operating expenses

2,604

5,242

625,185

463,185890

10,617

Operating income
Non-operating income

Non-operating expenses

Ordinary income
Unusual or infrequent profit
Gain on sales of long-term assets
Others

-

220

890

10,838Loss on disposal and sales of long-term assets

781

584

Loss on impairment of property, plant and equipment, goodwill
and other assets

438

-

1,219

584

Income before income taxes

624,856

473,439

Provision for income taxes and enterprise taxes

173,704

124,001

Total unusual or infrequent profit
Unusual or infrequent loss

Total unusual or infrequent loss

Deferred income taxes(20,431)(14,525)

Total income taxes

153,272

109,475

Net income

471,584

363,963

Net income attributable to owners of parent

471,584

363,963

10

TOKYO ELECTRON

Consolidated Statements of Comprehensive Income(Millions of yen)

Net income

Year ended

Year ended

March 31, 2023

March 31, 2024

471,584

363,963

Net unrealized gains (losses) on investment securities

13,951

77,465

Foreign currency translation adjustments

12,32028,923Remeasurements of defined benefit plans

3,382

7,543

183

385

29,837

114,318

501,421478,281

501,421478,281

Other comprehensive income (loss)

Share of other comprehensive income of associates
accounted for using the equity method
Total other comprehensive income (loss)
Comprehensive income(Breakdown)Comprehensive income attributable to owners of parent

11

TOKYO ELECTRON

Consolidated Statements of Changes in Net Assets
Year ended March 31, 2023

(Millions of yen)
Shareholders' equity

Common stock

Balance at beginningof period

Capital surplus

54,961Retained earnings

78,011

Treasury stock

1,104,983(27,418)

Total shareholders'equity1,210,537

Changes of items during
the period
Cash dividends(252,988)(252,988)

Net income attributableto owners of parent

471,584

471,584

Repurchase of treasurystock(1,728)(1,728)(1,375)

7,113

5,737

217,219

5,384

222,604

1,322,203(22,033)

1,433,141

Disposal of treasurystock
Net changes except forshareholders' equity
Total changes of items
during the period
Balance at end of period-

54,961-78,011

Accumulated other comprehensive income
Net unrealized gains Net deferred gains(losses) on(losses) on hedging
investment securities
instruments
Balance at beginningof period

93,492Foreign currencytranslation
adjustments(52)

30,640

Accumulated
Total accumulated
remeasurements of other comprehensive
defined benefit plansincome (loss)
535

124,615

Share subscription
rights11,895

Total net assets

1,347,048

Changes of items during
the period
Cash dividends(252,988)

Net income attributableto owners of parent

471,584

Repurchase of treasurystock(1,728)

Disposal of treasury
stock

5,737

Net changes except forshareholders' equity

13,9606

12,4503,419

29,83733

29,871

Total changes of items
during the period

13,9606

12,4503,419

29,837

33

252,476

Balance at end of period

107,452(46)

43,091

3,954

154,453

11,9291,599,524

12

TOKYO ELECTRON

Consolidated Statements of Changes in Net Assets
Year ended March 31, 2024

(Millions of yen)
Shareholders' equity

Common stock

Balance at beginningof period

Capital surplus

54,961Retained earnings

78,011

Treasury stock

1,322,203(22,033)

Total shareholders'equity1,433,141

Changes of items during
the period
Cash dividends(202,457)(202,457)

Net income attributableto owners of parent

363,963

363,963

Repurchase of treasury
stock(120,028)(120,028)(3,402)

6,846

3,444

158,103(113,181)

44,921

1,480,306(135,215)

1,478,063

Disposal of treasurystock
Net changes except forshareholders' equity
Total changes of items
during the period
Balance at end of period-

54,961-78,011

Accumulated other comprehensive income
Net unrealized gains Net deferred gains(losses) on(losses) on hedging
investment securities
instruments
Balance at beginningof period

107,452

Foreign currencytranslation
adjustments(46)

43,091

Accumulated
Total accumulated
remeasurements of other comprehensive
defined benefit plansincome (loss)
3,954

154,453

Share subscription
rights11,929Total net assets

1,599,524

Changes of items during
the period
Cash dividends(202,457)

Net income attributableto owners of parent

363,963

Repurchase of treasury
stock(120,028)

Disposal of treasury
stock

3,444

Net changes except forshareholders' equity

77,481

88

29,183

7,564

114,318

1,415

115,733

Total changes of items
during the period

77,481

88

29,183

7,564

114,318

1,415

160,655

Balance at end of period

184,934

42

72,275

11,519268,771

13,345

1,760,180

13

TOKYO ELECTRON

Consolidated Statements of Cash Flows(Millions of yen)
Year ended

Year ended

March 31, 2023

March 31, 2024

Cash flows from operating activities
Income before income taxes

624,856

473,439

Depreciation and amortization

42,92752,339168

73

Amortization of goodwill
Increase (decrease) in accrued employees' bonuses(2,301)(631)

Increase (decrease) in accrued warranty expenses

7,594(1,271)

Interest and dividend revenue(2,435)(3,737)

Loss (gain) on disposal and sales of long-term assets(109)(10,032)

Decrease (increase) in notes and accounts receivable - trade,and contract assets(24,750)

84,848Decrease (increase) in inventories(173,487)(97,712)

Increase (decrease) in trade notes and accounts payable(11,406)(29,629)

Decrease (increase) in prepaid consumption tax(13,390)

88,092

Increase (decrease) in customer advances

185,616(2,390)

Others(809)(4,278)Subtotal

632,473

549,109

Receipts from interest and dividends

2,907

4,546

Income taxes paid or refund (paid)(209,111)(118,935)

Net cash provided by operating activities

426,270

434,720

Payment into time deposits

(713)

(755)

Proceeds from time deposits

731

665

Cash flows from investing activities

Payment for purchase of short-term investments-(20,000)

Proceeds from redemption of short-term investments

35,00010,001

Payment for purchase of property, plant and equipment(66,897)(116,993)

Proceeds from sales of property, plant and equipment

1,428

12,967

Payment for acquisition of intangible assets(9,416)(7,987)

Others

(1,887)(3,046)

Net cash used in investing activities(41,756)(125,148)(1,728)(120,028)(252,988)(202,457)

Cash flows from financing activities
Payment for purchase of treasury stock
Dividends paid
OthersNet cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents(1,817)(2,525)(256,534)(325,012)

8,843

4,577

Net increase (decrease) in cash and cash equivalents

136,823(10,862)

Cash and cash equivalents at beginning of period

335,648

472,471

Cash and cash equivalents at end of period

472,471

461,608

14

TOKYO ELECTRON

Notes
Going concern: None
Changes in accounting policies, changes in accounting estimates and restatements: None
Segment information
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 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 current fiscal year has been omitted.

15

TOKYO ELECTRONPer share information
Year ended
March 31, 2024
Net assets per share (Yen)

3,773.11

Net income per share (Yen)783.75

Fully diluted net income per share (Yen)781.20Notes:
1. The Company implemented a 3-for-1 common stock split on April 1, 2023. "Net assets per share", "Net imcome per share" and"Fully diluted net income per share" are calculated on the assumption that stock split was implemented at the beginning of thecurrent fiscal year.
2. Net income per share and fully diluted net income per share are calculated based on the following elements.
Net income per share (Yen)
Net income attributable to owners of parent (Millions of yen)

363,963

Net income not pertaining to owners of common stock (Millions of yen)-

Net income attributable to owners of parent pertaining to common stock(Millions of yen)

363,963

The average number of common stock (Thousands of share)

464,389

Fully diluted net income per share (Yen)The adjustments to net income attributable to owners of parent (Millions of yen)-

Increase in common stock (Thousands of share)

1,515[Share subscription rights (Thousands of share)][1,515]

Details of dilutive shares, not included in the computation of fully diluted
net income per share as there is no dilution effect.

㻙

3. The shares of the Company held by "Executive compensation Board Incentive Plan (BIP) trust" and "share-delivering Employee
Stock Ownership Plan (ESOP) trust", which are recorded in “Treasury stock, at cost” under shareholders’ equity, are included in thetreasury stock which is deducted from the number of shares issued and outstanding as of the end of the period when calculating
net assets per share. The shares held by the trusts are also included in the treasury stock which is deducted from the number ofshares used to calculate the average number of shares outstanding in the period when calculating net income per share and fully
diluted net income per share.
The number of treasury shares deducted in the calculation of net assets per share was 1,386 thousand shares as of the end of thecurrent fiscal year, and the average number of treasury shares deducted in the calculation of net income per share and fully diluted
net income per share was 1,425 thousand shares in the current fiscal year.

16

TOKYO ELECTRON

Significant subsequent event
Share repurchase
At the Board of Directors meeting held on May 10, 2024, the Company resolved to acquire its own shares under the provisions of its
Articles of Incorporation pursuant to paragraph 1, Article 459 of the Companies Act, as follows.
1. Reason for acquisition of own shares
The Company intends to acquire its own shares in accordance with its capital policy while taking into account its current cash position andgrowth investment capital for medium- to long-term revenue growth.
2. Details of acquisition(1) Type of shares to be acquired:

Shares of common stock(2) Total number of shares to be acquired:

Up to 3.5 million shares(3) Total cost of acquisition:

Up to 80 billion yen(4) Period of acquisition:

From May 13, 2024 to July 31, 2024

(5) Method of acquisition:

Acquisition through market transactions on the Tokyo Stock Exchange(Equivalent to 0.8% of outstanding shares excluding treasury stock)17