Consolidated Financial Results for the Second Quarter (Interim)of the Fiscal Year Ending December 31, 2024 [J-GAAP]
August 6, 2024
Company name:Tokyo Ohka Kogyo Co., Ltd.
Listing:
Tokyo Stock Exchange (Prime Market)
Securities Code:4186
URL: https://www.tok.co.jp/eng
Representative: Noriaki Taneichi, President and Chief Executive Officer
Inquiries: Daisuke Matsuyama, General Manager, Accounting Department TEL: +81-44-435-3000
Scheduled date to file semi-annual securities report:
August 7, 2024
Scheduled date to commence dividend payments:
September 6, 2024
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing:
Yes (For institutional investors and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated Financial Results for the Second Quarter (Interim) of the Fiscal Year Ending December 31,
2024 (January 1, 2024 to June 30, 2024)(1) Consolidated Operating Results(% indicates the rate of increase/decrease year-on-year.)Net salesFirst six months ended
June 30, 2024
June 30, 2023

Operating income

Millions of yen% Millions of yen

94,736
77,674(Note) Comprehensive income:

22.0
(8.3)

Profit attributable toowners of parent

Ordinary income% Millions of yen

13,443
10,904First six months ended June 30, 2024
First six months ended June 30, 2023

% Millions of yen

23.3(26.4)

14,11011,806

19.5(23.1)¥14,360 million¥14,033 million[23.8%][- 9.7%]

%

9,143
5,355

70.7
(44.9)

Basic earnings per share Diluted earnings per shareFirst six months ended
June 30, 2024
June 30, 2023

Yen

Yen

75.50
44.29

75.41
44.23

(Note) The Company conducted a 3-for-1 stock split for common shares on January 1, 2024. “Basic earnings per share” and “Diluted earnings per
share” are calculated assuming the stock split had been conducted on January 1, 2023.

(2) Consolidated Financial Position
Total assets
As ofJune 30, 2024
December 31, 2023
(Reference)

Equity:Net assets

Equity ratio

Millions of yen

Millions of yen%

273,088
251,864

205,457
195,480

71.3
72.9

As of June 30, 2024: ¥194,798 million

As of December 31, 2023: ¥183,654 million

2. Cash Dividends
1st quarter2nd quarter
Yen

Fiscal year ended December 31, 2023
Fiscal year ending December 31, 2024
Fiscal year ending December 31, 2024
(Forecast)

Annual dividends per share
3rd quarter
Year-end
Yen

82.00
29.00

－
－

Yen

Total
Yen

Yen

－

86.00

168.00

－

29.00

58.00

(Note) Revisions to the most recently disclosed dividend forecasts: None
(Note) In light of the above stock split, the amounts for the fiscal year ended December 31, 2023 are on a pre-split basis and for the fiscal year ending
December 31, 2024 (forecast) reflect the effect of the stock split.

3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2024 (January 1, 2024 to
December 31, 2024)(% indicates the rate of increase/decrease year-on-year)
Net sales
Full year

Operating income

Profit attributable toowners of parent

Ordinary income

Basic earnings
per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

193,400

19.2

29,30029.030,40025.3

19,80055.8

163.24(Note) Revisions to the most recently disclosed financial results forecast: None
There has been no change in the financial results forecast announced on July 26, 2024.

* Notes(1) Significant changes in the scope of consolidation during the interim period: None
(2) Application of special accounting treatment in preparing the interim consolidated financial statements: None
(3) 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
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024
As of December 31, 2023

(ii)

127,800,000 shares
127,800,000 shares

Number of treasury shares at the end of the period
As of June 30, 2024
As of December 31, 2023

6,620,507 shares
6,735,402 shares(iii) Average number of shares outstanding during the interim period
First six months ended June 30, 2024
First six months ended June 30, 2023

121,104,937 shares
120,894,698 shares(Note): In light of the above stock split, “Total number of issued shares at the end of the period (including treasury shares),” “Number of treasury
shares at the end of the period,” and “Average number of shares outstanding during the interim period” are calculated assuming the stock split
had been conducted on January 1, 2023.

* The Financial Results report for the second quarter (interim) is outside the scope of a review by certified public
accountants or an audit firm.
* Explanation of the proper use of financial results forecast and other special notes
The financial results forecast stated in this report is based on the information available as of the date of the release ofthis report, and actual results may differ from the forecast due to a variety of factors.
Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

○Table of contents of the attached document
1. Qualitative Information on Consolidated Financial Results for the First Six Months of the Fiscal Year Ending
December 31, 2024 ·············································································································· 2(1) Explanation about Operating Results··················································································· 2(2) Explanation about Financial Position ·················································································· 2(3) Explanation about Future Forecast Information Including Consolidated Financial Results Forecast ······ 2
2. Interim Consolidated Financial Statements and Major Notes ························································· 3(1) Interim Consolidated Balance Sheet···················································································· 3(2) Interim Consolidated Statement of Income and Interim Consolidated Statement of Comprehensive Income ······· 5Interim Consolidated Statement of Income
First Six Months Ended June 30, 2023 and 2024·································································· 5Interim Consolidated Statement of Comprehensive Income
First Six Months Ended June 30, 2023 and 2024·································································· 6(3) Interim Consolidated Statement of Cash Flows ······································································ 7(4) Notes to the Interim Consolidated Financial Statements ···························································· 9(Notes Concerning Going Concern Assumption) ···································································· 9(Significant Changes in Shareholders’ Equity) ······································································ 9(Additional Information) ································································································· 9(Revenue Recognition) ··································································································10(Segment Information, etc.) ······························································································ 10-1-1. Qualitative Information on Consolidated Financial Results for the First Six Months of the Fiscal YearEnding December 31, 2024
(1) Explanation about Operating Results
During the six months ended June 30, 2024, the electronics market, which is the main customers for the Group’s
products, saw a year-on-year increase in demand for semiconductors due to a recovery in the PC and smartphonemarkets and an expansion of the generative AI market.
Under these circumstances, the Group has made an all-out effort to promote the company-wide strategies set out
in the “tok Medium-Term Plan 2024,” a three-year medium-term plan with FY2024 as the final year.
As a result, for the six months ended June 30, 2024, the Group recorded net sales of ¥94,736 million (up 22.0%
year-on-year), operating income of ¥13,443 million (up 23.3% year-on-year), ordinary income of ¥14,110 million(up 19.5% year-on-year), and profit attributable to owners of parent of ¥9,143 million (up 70.7% year-on-year).
Operating results by business segment is not disclosed, but net sales by division are as follows.
Net sales in the Electronic Functional Materials Division amounted to ¥51,360 million (up 22.7% year-on-year),in the High-Purity Chemicals Division amounted to ¥42,475 million (up 21.8% year-on-year) and in other divisions
amounted to ¥900 million (down 6.1% year-on-year).

(2) Explanation about Financial Position(Assets)
Total assets as of June 30, 2024 increased by ¥21,223 million from December 31, 2023 to ¥273,088 million.
Total current assets increased by ¥14,092 million mainly due to increases in cash and deposits of ¥5,276 million
and in notes and accounts receivable - trade of ¥7,486 million.
Total non-current assets increased by ¥7,131 million mainly due to an increase in property, plant and equipmentof ¥8,928 million associated with capital investments.
(Liabilities)
Total liabilities as of June 30, 2024 increased by ¥11,245 million from December 31, 2023 to ¥67,630 million
mainly due to increases in notes and accounts payable - trade of ¥5,567 million and in income taxes payable of ¥2,219
million.
(Net assets)
Total net assets as of June 30, 2024 increased by ¥9,977 million from December 31, 2023 to ¥205,457 million
mainly due to securing of profit attributable to owners of parent of ¥9,143 million and an increase in foreign currencytranslation adjustment of ¥4,035 million associated with the weakening yen despite payments of year-end dividendsof ¥3,315 million.
As a result, the equity ratio as of June 30, 2024 stood at 71.3%.
(3) Explanation about Future Forecast Information Including Consolidated Financial Results Forecast
There has been no change in the financial results forecast announced in “Notice on Revisions of Forecasts” dated
July 26, 2024. The foreign exchange rate is assumed to be $1=¥145.
In the event that we need to revise, we will disclose promptly.

-2-2. Interim Consolidated Financial Statements and Major Notes(1) Interim Consolidated Balance Sheet(Millions of yen)

FY12/23(As of December 31, 2023)

First six months of FY12/24(As of June 30, 2024)

56,81633,898
3,999
11,0607,397
14,624
6,604(74)
134,328

62,09341,385
3,999
12,444
8,671
13,8006,109(85)
148,420

40,66532,56973,235
1,389

41,09941,064
82,163
1,668

4,267
12,00026,652(7)42,912
117,536
251,864

4,333
6,000
30,509(6)
40,836124,667
273,088

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Retirement benefit asset
Long-term time deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-3-

(Millions of yen)

FY12/23(As of December 31, 2023)

First six months of FY12/24(As of June 30, 2024)

20,331
486
1,391
2,537
13,881
38,62725,898
4,452
3,610
2,857
16,64353,462

10,000809
6,947
17,75656,384

6,100
862
7,205
14,167
67,63014,64015,315
143,630(10,940)
162,646

14,64015,410149,294(10,771)
168,573

9,759

10,886

11,603(354)

15,638(300)

21,007

26,224140
11,684
195,480
251,864

121
10,537
205,457
273,088

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeShare acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets-4-(2) Interim Consolidated Statement of Income and Interim Consolidated Statement of Comprehensive Income(Interim Consolidated Statement of Income)(First Six Months Ended June 30, 2023 and 2024)(Millions of yen)First six months of
FY 12/23(January 1, 2023 – June 30, 2023)

First six months of
FY 12/24(January 1, 2024 – June 30, 2024)

77,67449,431
28,242
17,338
10,904

94,736
61,30333,432
19,98913,443

151
282

170
303

－

44

370
236
1,040

73
232
824

38
67
32
138
11,806

42
50
64
157
14,110

－
219
－
44
264

185
12
508
－
707

47
1,720
1
1,768
10,302
2,733
492
3,225
7,076
1,721
5,355

23
－
0
24
14,793
4,464
(619)
3,844
10,9481,804
9,143

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Share of profit of investments accounted for using
equity method
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on valuation of derivatives
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on change in equity
Gain on sale of non-current assets
Gain on sale of investment securities
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of businesses
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-5-

(Interim Consolidated Statement of Comprehensive Income)(First Six Months Ended June 30, 2023 and 2024)(Millions of yen)First six months of
FY 12/23(January 1, 2023 – June 30, 2023)

First six months of
FY 12/24(January 1, 2024 – June 30, 2024)

7,076

10,948

3,249

1,127

3,743
(35)
6,957
14,033

4,768
54
5,950
16,89911,6022,431

14,3602,538

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of parent
Non-controlling interests-6-(3) Interim Consolidated Statement of Cash Flows(Millions of yen)First six months of
FY 12/23(January 1, 2023 – June 30, 2023)

First six months of
FY 12/24(January 1, 2024 – June 30, 2024)

10,302
3,786(520)

14,793
4,127
307

(81)

114

(58)
(48)
(433)
38
761
67

(25)
73
(474)
42
(1,222)
50

－

(44)

(218)
－
－
1,720
4,127
(5,608)(2,329)1,034
156
12,695432(38)(4,102)
8,987

(12)
(508)
(185)
－
(5,848)
(275)
4,579
(7)
(273)
15,211473(42)(2,099)13,543(6,000)6,000(7,452)(6,000)6,000(8,578)

237

31

(153)
－
(274)
(214)
(6,000)

－
921
(492)
1,522
－

7,000

6,000

682
693
(5,481)－(1,484)(2,080)Cash flows from operating activities
Profit before income taxes
Depreciation(Decrease) increase in provision for bonuses(Decrease) increase in provision for bonuses for
directors (and other officers)
Increase in retirement benefit asset(Decrease) increase in retirement benefit liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss on valuation of derivatives
Share of profit of investments accounted forusing equity method
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on change of equity
Loss on sale of businesses
Decrease (increase) in trade receivables
Increase in inventories(Decrease) increase in trade payables
Increase (decrease) in advances received
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of securities
Proceeds from redemption of securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant andequipment
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of intangible assets
Net (increase) decrease in time deposits
Payments into long-term time deposits
Proceeds from withdrawal of long-term time
deposits
Proceeds from sale of businesses
Other
Net cash used in investing activities-7-

(Millions of yen)First six months of
FY 12/23(January 1, 2023 – June 30, 2023)

First six months of
FY 12/24(January 1, 2024 – June 30, 2024)

463
－
(203)
314
(3,323)(1,163)(86)(3,998)

522
(522)
－
251
(3,482)(3,685)(89)(7,006)

1,780

2,120

1,288
40,85642,145

6,577
42,78849,365

Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of long-term borrowings
Proceeds from sale of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other
Net cash used in financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period-8-(4) Notes to Interim Consolidated Financial Statements(Notes Concerning Going Concern Assumption)
Not applicable.
(Significant Changes in Shareholders’ Equity)
Not applicable.
(Additional Information)(Transaction to grant the Company’s shares to employees, etc. through a trust)Based on the resolution at the Board of Directors meeting held on August 7, 2019, the Company resolved
to introduce “Trust-Type Employee Stock Ownership Plan” (“Plan”) with an aim to enhance the Company’s
welfare program as well as to improve its medium- to long-term corporate value by providing employees withincentives for an increase in stock prices.
(1) Overview of the transaction
The Plan is an incentive plan for all employees in the “Tokyo Ohka Employees Stockholding Association”(“Stockholding Association”). Under the Plan, the Company sets up the “Tokyo Ohka Employee Stockholding
Association Trust” (“Stockholding Trust”) at a trust bank, and the Stockholding Trust purchases in advance thenumber of the Company’s shares expected to be purchased by the Stockholding Association over five years
from the date the trust is set up and sells the shares to the Stockholding Association every month on a certain
date. Any gains on sale of shares accumulated in the trust upon expiry of the Stockholding Trust will be
distributed as residual assets to those satisfying the beneficiary eligibility requirements. As the Company
provides guarantee for the loans payable made by the Stockholding Trust to purchase the Company’s shares,
the Company is liable to pay the outstanding balance of the loans payable, equivalent to loss on sale of shares
accumulated in the Stockholding Trust due to a decline in stock prices, upon expiry of the Stockholding Trust.
The Plan aims to improve our medium- to long-term corporate value by providing employees withincentives for an increase in stock prices and also to support employees’ asset building as a measure to enhance
our welfare program by promoting purchase and holding of shares through enhancement of the Stockholding
Association.
(2) The Company’s shares remaining in the Trust
The Company’s shares remaining in the Trust are recorded as Treasury shares in Net assets at the carrying
amount at the Trust (excluding ancillary expenses). The carrying amount and number of treasury shares as ofDecember 31, 2023 and June 30, 2024 were ¥437 million and 315 thousand shares and ¥354 million and 254
thousand shares, respectively.
(Note) The Company conducted a 3-for-1 stock split for common shares on January 1, 2024. The number ofshares above reflects the effect of the stock split.
(3) The carrying amount of the loans payable recorded under the gross method
Not applicable.

-9-(Revenue Recognition)
Information on the breakdown of revenue arising from contracts with customers
The Group operates a single business segment, and the information on the breakdown of revenue arisingfrom contracts with customers is as follows.
(Millions of yen)

Electronic functional materials
High-purity chemicals
Other
Revenue from contracts with customers
Other revenue
Net sales to customers

First six months of
FY 12/23(January 1, 2023 – June 30, 2023)
41,84834,865959
77,674－
77,674First six months of
FY 12/24(January 1, 2024 – June 30, 2024)
51,36042,475900
94,736－
94,736(Segment Information, etc.)[Segment information]
I First six months of the fiscal year ended December 31, 2023 (January 1, 2023 – June 30, 2023)
1. Information about net sales and income or loss by reportable segment
The disclosure is omitted as the Group operates a single business segment.
ⅡFirst six months of the fiscal year ending December 31, 2024 (January 1, 2024 – June 30, 2024)
1. Information about net sales and income or loss by reportable segment
The disclosure is omitted as the Group operates a single business segment.

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