F in a n cia l and Non- Fi nanci al Hi g hl i g ht s

Financial Analysis of FY2022
In FY2022, factors such as revised sales prices in chemicals,
cement, and semiconductor-related products led to anincrease in sales over the previous fiscal year. However, otherfactors, such as higher raw fuel costs and logistics expenses
as well as a slump in market conditions, caused a fall in
operating profits. Also, for the current net income attributed
to shareholders of the parent company, factors such as
weakening profitability have caused a decrease in profits aswell as lower ROE.
   In FY2023, despite the predicted effects of a slowing
market for semiconductors, sales and profits are expected

to increase over the previous fiscal year due to revised sales
prices for chemicals and cement as well a calming down of
raw fuel costs. Also, we anticipate a decrease in depreciation
and amortization due to a change (as of FY2023) to astraight-line method from the declining-balance method
used for the depreciation of tangible fixed assets.
   To achieve the targets of our Medium-Term Management
Plan 2025, we will continue investing in growth fields—intended
to transform our business portfolio—as well as investments
and initiatives to help mitigate global warming.

Financial Highlights
Net Sales / Operating Profit / Operating Margin

Net Sales / Operating Profit / Operating Margin(Billions of yen)

(%)
16

400

300

307.1

302.0

287.3

299.1

13.4

12.9

351.7

324.6

308.0

316.0
10.9

302.4

10.8

12

293.8
10.2
8.4

200
6.2

6.3

8

7.1

4.1

4

100
17.9

0

2013

18.7
2014

41.2

38.5

21.9
2015

2016

2017

35.2

34.2

2018

30.9

2019

2020

24.5
2021

14.3
2022

0
2023
(Forecast)

Net sales (left)
Operating profit (left)
Operating margin (right)* “Accounting Standard for Revenue Recognition” and other standards have been applied from FY2021(FY)

Profit Attributable to Owners of Parent / ROE

Profit Attributable to Owners of Parent / ROE(Billions of yen)

(%)
52.1

60

60

58.5

40
20

40

34.2
19.6

10.2

0

4.6

(65.3)

24.6

19.9

15.6

(100.5)

28.0

24.5
13.4

12.4

13.2

20

4.1

0

9.3

(20)

(20)
(33.3)

(40)

(40)
(60)

(60)
(80)

(80)
(94.0)

(100)
2013

2014

2015

Profit attributable to owners of parent (left)

(100)
2016

2017

2018

2019

2020

2021

2022

ROE (right)

2023(Forecast)

(FY)

2023
(Forecast)(FY)

Capital Expenditures / Depreciation and Amortization / R&D Expenses

Capital Expenditures / Depreciation and Amortization / R&D Expenses(Billions of yen)
61.0
60

40
35.6

33.3
25.3
20

16.7
8.7

20.0

18.8
10.1

13.9

26.4

23.7
17.3
14.2

8.5

7.5

15.9
13.9
7.9

18.5
15.0
8.0

16.1
9.1

17.0
10.8

19.7
12.6

20.7
13.6

0
2013
Capital expenditures

52

TOKUYAMA REPORT 2023

2014

2015

Depreciation and amortization

2016

2017
R&D expenses

2018

2019

2020

2021

2022

Tokuyama Value
Creation Strategy

Tokuyama Value Creation

Management for
Sustainable Growth

Progress of Strategy
by Business Segment

Corporate Data

Cash Flows

Cash Flows(Billions of yen)
80

61.8
40

45.9

34.1

40.5

30.7

52.3

38.5

30.0

43.3

13.4

30.1

25.9

20.0

5 .1

0
(10.0) (11.9)(40)(25.5)(80)(12.6)(16.1)(21.1)(20.5) (18.3)(11.8)(19.2) (22.5)(37.6)(33.7)(33.7)

2021

2022(64.4)(101.2)

(120)
2013

2014

2015

Cash flows from operating activities

2016

2017

2018

Cash flows from investing activities

2019

2020

Cash flows from financing activities

2023(Forecast)(FY)Interest-Bearing Debt and Debt/Equity Ratio

Interest-Bearing Debt and Debt/Equity Ratio(Billions of yen)(Times)

300

5.0

283.1

4.74
244.1

240.7

4.0
213.9

200

3.0
139.9

100

1.74

142.4

128.9

116.3

1.11

1.05

2.0

109.2

98.4

1.68

1.0

0.84

0.69

0.49

0.50

0.62

0

0
2013

2014

Interest-bearing debt (left)

2015

2016

2017

2018

2019

2020

2021

(FY)

2022

Debt/equity ratio (right)

Total Assets / Shareholders’ Equity Ratio

Total Assets / Shareholders’ Equity Ratio(Billions of yen)
600

(%)
576.3

400

60

554.5

51.3
424.4

401.3

39.9

40.2
34.7

29.3

478.3

433.2

48.0
40

386.7

383.4

361.9

51.8

44.0

379.6

29.9

200

20
12.8

0

0
2013

Total assets (left)

2014

2015

2016

2017

2018

2019

2020

2021

Shareholders’ equity ratio (right)

Cash Dividends
per Share/ Payout
Ratio
Cash Dividends
Per Share/ Payout
Ratio

Total
Shareholder
ReturnTotal
Shareholder
Return(TSR)
(TSR)

(Yen)

(%)

80

60

70.0

70.0

70.0

70.0

53.8 70.0

(%)
150

30
122.1

60

24.4
19.9

100

18.0

95.0
85.9

10.1

88.1

78.6

10

71.9

65.3

0

0
2019

Cash dividends per share (left)

131.8

20

40

2018

124.6

22.9

50.0

20

(FY)

2022

2020

2021

Payout ratio (right)

2022

2023
(Forecast)

(FY)

58.4

50
2019

2020

Total Shareholder Return (TSR)

2018

TOPIX

2021

2022

(FY)

TOKUYAMA REPORT 2023

53

Non-Financial Highlights
GHG Emissions(thousand tonnes-CO 2e)(thousand tonnes/billion yen)

8,000

4
180
280

6,000

70
250

30

100

2,030
2.3

2.1

4,000

110

80
270

90

100
320

1,860

1,890

1,800

130

2

1.9

4,450

4,910

6,760
4,640

3

1,800

2.4

2,3
7,170

6,680

2,000

70
270

6,810

6,520

1

4,430

4,690

0

0

2018
GHG emissions (left)

2019
Emissions from fuels
Emissions from waste

2020
2021
Emissions from raw materials
Group Companies
Scope 1
Scope 2

(FY)
2022
Sales primary unit (right)* The values for FY2018 were calculated based on the SHK System, while the values for FY2019 to FY2022 were calculated
based on the GHG Protocol.

We recognize that the mitigation of global
warming is one of the most critical issues
today and are working hard to reducegreenhouse gas (GHG) emissions. GHG
emissions are the total emissions of gases
such as CO2, CH4 and N2O; of these, CO2
emissions account for approximately 99.8%of the volume of emissions. GHGs are
generated mainly by the combustion of fossil
fuels in captive power plants, as well as by
the decarboxylation of limestone (raw material)in the cement manufacturing process.
GHG emissions in FY2022 were 6,650
thousand tonnes.

Supply Chain Emissions* (Scope 3, non-consolidated)2%

Upstream

Category 1
Category 2
Category 3
Category 4
Other

29%

Category 1 

Scope 3Purchased goods and services
Category 2

26%
2%

6.51 million tonnes  Scope 1

Category 4 
Scope 3
Upstream transportation anddistribution

Fuel use at Tokuyama
Direct emissions from manufacturing
processes

Activities related to fuel and energy
not included in Scopes 1 and 2
Category 4

40 thousand tonnes Scope 2

Upstream transportation anddistribution
Category 5

Indirect emissions from use ofpurchased electricity and heat

Energy-related indirect emissions

Category 6 

Waste generated in operations
Category 8

Scope 3Business travel
Category 7

Upstream leased assets:
Not calculated (negligible level)* Due to rounding, sum of figures in breakdown does notequal total amount

Downstreamof direct emissions

Capital goods
Category 3

GHG emissions 40%
1.76 million tonnes

In-house

Employee commuting

Category 9
Downstream transportation anddistribution
Category 10-12
Processing of sold products:
Not calculated
Use of sold products: Not calculated
End-of-life treatment of soldproducts: Not calculated
Category 13-15
Downstream leased assets:
Not applicableFranchises: Not applicable
Investiments: Not applicable* GHG Protocol: organization co-sponsored by World Resources Institute (WRI) and World Business Council for Sustainable
Development (WBCSD); Scope 3 standard: standard issued by said protocol in November 2011 for calculating CO2 emissions
across an entire supply chain.

Energy Usage
We encourage energy conservation as away to mitigate global warming.
Through energy conservation, we arepromoting using less electric power andsteam in production, and we areencouraging more adoption of renewableenergy. In FY2022, the percentage of
renewable energy use throughout theentire Group was approximately 5%.

(TJ)
80,00060,000

4,000

6,400

3,800

7,100

3,900

6,500

3,200

7,000

6,800

4,000

53,50050,50050,60040,00055,60055,10055,20054,80020,000

0

2,100

2018
Non-consolidated
Renewable energy

52,70052,70052,5002,900

2019Group Companies
Nonrenewable energy

2,400

2020

2,700

2021

2,700

2022

(FY)

Energy from waste

Effective Utilization Rate for Waste / Zero Waste Emission Rate (Non-consolidated)
The effective utilization rate for waste andthe zero emission rate remained high in
FY2022 due to efforts to reduce the volume
of waste and comprehensive recycling
efforts. As a result of actively promoting therecycling of waste generated both internallyand externally, with a focus on the reuse ofwaste as feedstock and fuel for cement at
the Tokuyama Factory, the effective
utilization rate for waste was 94.7% andthe zero waste emission rate was 99.9%.

(%)
100
99.9

99.8

99.7

99.9

99.9

94.7

94.3

94.7

2020

2021

2022

95

93.1

93.9

90

85
2018
Effective utilization rate for waste

54

TOKUYAMA REPORT 2023

2019

Zero waste emission rate

(FY)Tokuyama Value
Creation Strategy

Tokuyama Value Creation

Management for
Sustainable Growth

Progress of Strategy
by Business Segment

Environmental Accounting (Percentage of Net Sales)
(%)
4.0
3.4

3.6

3.4

3.4

3.4

0.3

0.3

2021

2022

3.0

2.0

1.0
0.6

0.4

0.5

0
2018
Investments

2019

2020

(FY)

Expenses

Corporate Data

Environmental accounting has been
conducted since FY2000 for the purpose ofascertaining and analyzing the investments
and expenses required for conserving theenvironment, and for the purpose of
facilitating effective investment. The amountof investment for conserving the environment
was 0.3% of net sales and the total expenses
incurred for this purpose were 3.7%. The
amount of investment as a percentage of net
sales has ranged from 0.3 and 0.8% over the
past several years, while the total amount ofexpenses has been between 3.2 and 3.8%.
In FY2022, the Company updated electricprecipitators to tackle soot, smoke, anddust, and we modified and upgraded
equipment for reducing CO2 emissions.

Number of Employees / Percentage of Women among All Employees / Percentage of Women among All Managers(%)(People)
6,000

5,679

5,471

5,476

13.0

12.6

12.1

16

5,909

5,665

12

10.4

4,000
9.0

8
2,000

2,063

1,924

2,459

2,315

2,256

4.7
2.0

1.8

1.5

2.0

4

2.7

0

0

2018
2019
2020
2021
Number of employees (consolidated) (left)
Number of employees (non-consolidated) (left)
Percentage of women among all employees (non-consolidated) (right)
Percentage of women among all managers (non-consolidated) (right)
Percentage of women among all managers (Consolidated) (right)

(FY)

2022

Tokuyama is committed to the idea of diversity
in knowledge, and for this reason promotes
diversity by utilizing the varied values andperspectives of every employee in corporate
activities. The small number of female staff isthe cause for the low percentage of females ineach indicator. However, we are experiencing
a steady increase in the number of female
employees working actively at worksites.
For example, there is a gradual increase in
the percentage of female staff working inmanagement. We appointed our first female
outside director in June 2021 and our firstfemale executive officer in April 2023.

Accident Frequency Rates*
One of our safety management goals is toachieve zero accidents and lost time
injuries, and we are working to identify andeliminate risk factors, as well as tounderstand and recognize the behavioral
characteristics of each individual toeliminate unsafe behavior. There were no
lost time injuries to employees in FY2022.
We will continue our efforts to maintain
zero lost time injuries.

(%)
2.4
2.0

1.83

1.80

0.90

0.94

2.09

1.95

2.06

1.6
1.2
0.8

1.16

1.07
0.93

0.85

0.4

0.28

0.49

0
2018

2019

All industries in Japan

Tokuyama

2020

0.00

0.00

2021

2022

(FY)

Chemical industry in Japan*Accident frequency rates indicate frequency of occupational
injuries, and are expressed as number of employees absent
from work due to occupational injuries per 1 million total
working hours

Number of Patents Held
(Patents)
2,500

Overseas
53%

2,000

In Japan
47%

1,500

FY2022

1,000
500
0
2018

2019

2020

2021

2022

(FY)

Electronic & Advanced Materials,* Life Science, and Eco BusinessWe aim to be a value-creative company
that places first priority on R&D andmarketing, and we recognize thatinvestment in intellectual property isessential to achieve this. As we promote
global business expansion initiatives in
the fields of electronics, healthcare, andthe environment to refresh our businessportfolio, our patent rights include manytechnologies in these three areas, and weare focusing on acquiring patent rights
both domestically and overseas.

Chemicals, Cement and all companies*On April 1, 2023, the name was changed to Electronic & Advanced Materials

TOKUYAMA REPORT 2023

55

Ma n ag em ent Team (as of June 23, 2023)*From left to right: Fumiaki Iwasaki, Yuzo Kawamori, Tomohiro Inoue, Hiroshi Yokota, Nobuko Mizumoto, Hiraku Ishizuka, Naoki Kondo, Hideo Sugimura, Youji Miyamoto

Hiroshi Yokota

Representative Director, President and Executive Officer
In charge of Chemicals, Cement, Electronic & Advanced Materials, Center for Commercialization of Advanced
Technology, Auditing Office• Date of birth: October 12, 1961
• Number of Company shares owned: 32,600• Tenure as director: 8 years• Attendance at meetings of the Board of Directors during
the fiscal year ended March 31, 2023: 17/17 (100%)

Hideo Sugimura

Representative Director, Senior Managing Executive Officer, General Manager of Corporate Planning Division
In charge of Corporate Planning, Corporate Social Responsibility, General Affairs and Human Resources,
Procurement and Logistics, Secretarial Department, Digital Administration, Carbon Neutral Strategy• Date of birth: October, 22, 1959
• Number of Company shares owned: 6,903• Tenure as director: 6 years• Attendance at meetings of the Board of Directors during
the fiscal year ended March 31, 2023: 17/17 (100%)

Fumiaki Iwasaki

TOKUYAMA REPORT 2023

With extensive operational experience including the introduction of an information system,
management of an overseas subsidiary, and restructuring a domestic subsidiary, he is engaged inpromoting growth by developing plans and strategies as a general manager of corporate
departments.

Director, Managing Executive Officer, General Manager of Research and Development Division, and General
Manager of New Business Division
In charge of Life Science, New Business, Research and Development, Environment & Safety of Kashima Factory• Date of birth: June 21, 1960
• Number of Company shares owned: 2,642• Tenure as director: 3 years• Attendance at meetings of the Board of Directors during
the fiscal year ended March 31, 2023: 17/17 (100%)

56

Utilizing extensive experience in personnel and labor issues, traditional businesses, and advanced
materials businesses, he is actively working on the promotion of the priorities of Medium-Term
Management Plan 2025, such as transforming the business portfolio, carbon neutrality,
implementing CSR management, etc.

Making use of the extensive experience gained through the fields of R&D and manufacturing
technology, he is pursuing new research and development.

Tokuyama Value Creation

New election

Tomohiro Inoue

Tokuyama Value
Creation Strategy

He is proactively working on the promotion of a broad range of businesses based on richknowledge accumulated through his experience in overseas operations, planning, businesspromotion projects, and experience as General Manager of the Manufacturing Dept.
Principal Concurrent Positions: Director, ASTOM Corporation

With a high degree of expertise in finance and accounting gained through his years of accounting
operations, he has been supervising management as an Audit & Supervisory Board member since2013, and as a director who is an Audit & Supervisory Committee member since 2017.
Significant concurrent positions: Auditor, ASTOM Corporation; Auditor, Tokuyama Dental Corporation;
Audit & Supervisory Board Member, A&T Corporation

External Director, Audit & Supervisory Committee Member• Date of birth: July 25, 1947
• Number of Company shares owned: 1,700• Tenure as director: 4 years• Attendance at meetings of the Board of Directors during
the fiscal year ended March 31, 2023: 17/17 (100%)• Attendance at meetings of the Audit & Supervisory
Committee during the fiscal year ended March 31,
2023: 24/24 (100%)

Nobuko Mizumoto

Corporate Data

Director, Audit & Supervisory Committee Chairperson• Date of birth: January 22, 1958
• Number of Company shares owned: 2,200• Tenure as director: 6 years• Attendance at meetings of the Board of Directors during
the fiscal year ended March 31, 2023: 17/17 (100%)• Attendance at meetings of the Audit & Supervisory
Committee during the fiscal year ended March 31,
2023: 24/24 (100%)

Yuzo Kawamori

Management for
Sustainable Growth

Director, Managing Executive Officer, General Manager of Eco Business Division, and Deputy General Manager
of Cement Business Division
In charge of Eco Business, Tokuyama Factory• Date of birth: December 8, 1964
• Number of Company shares owned: 1,700• Tenure as director: • Attendance at meetings of the Board of Directors during
the fiscal year ended March 31, 2023: -Youji Miyamoto

Progress of Strategy
by Business Segment

Possessing extensive experience and broad insight into the manufacturing industry as a corporate
manager, he has been supervising management of the Company as an external director who has
been an Audit & Supervisory Committee member since 2019, and provides useful advice on the
promotion of overseas business among other items.

External Director, Audit & Supervisory Committee Member• Date of birth: March 31, 1957
• Number of Company shares owned: 500• Tenure as director: 2 years• Attendance at meetings of the Board of Directors during
the fiscal year ended March 31, 2023: 17/17 (100%)• Attendance at meetings of the Audit & Supervisory
Committee during the fiscal year ended March 31,
2023: 24/24 (100%)

Possessing extensive experience and broad insight in the manufacturing industry as a corporate
manager, she has been supervising management of the Company as an external director who has
been an Audit & Supervisory Committee member since 2021, and provides useful advice on
carbon neutrality, digital transformation, CSR management, and other items.
Principal Concurrent Positions:
Outside Director, Okamura Corporation (Scheduled to assume office in June 2023)

New election

Hiraku Ishizuka

External Director, Audit & Supervisory Committee Member• Date of birth: December 29, 1960
• Number of Company shares owned: 0• Tenure as director: • Attendance at meetings of the Board of Directors during
the fiscal year ended March 31, 2023: • Attendance at meetings of the Audit & Supervisory
Committee during the fiscal year ended March 31, 2023: -He possesses an abundance of experience and broad insight as a corporate manager in financial
institutions, therefore based on his knowledge on finance and accounting and insights into financeand the overall economy, he is expected to effectively supervise the management of the Company
and to give useful opinions and advice.
Principal Concurrent Positions: Representative Director & Chairman, Mitsubishi UFJ NICOS Co., Ltd.

New election

Naoki Kondo

External Director, Audit & Supervisory Committee Member• Date of birth: December 4, 1973
• Number of Company shares owned: 0• Tenure as director: • Attendance at meetings of the Board of Directors during
the fiscal year ended March 31, 2023: • Attendance at meetings of the Audit & Supervisory
Committee during the fiscal year ended March 31, 2023: -Based on his specialist perspective and rich experience as a lawyer, he is expected to expertly
supervise the management of the Company and to actively give useful opinions and advice.
Principal Concurrent Positions: Partner, Oh-Ebashi LPC & Partners
Outside Director (Audit & Supervisory Committee Member), ibis inc.

TOKUYAMA REPORT 2023

57

C o r p o r at e Data (as of March 31, 2023)

Company Overview

Tokuyama Corporation Business Sites
in JapanCorporate name

Tokuyama Corporation

EstablishedFebruary 16, 1918

Industry

Chemical manufacturing

Location

Tokyo Head Office
Front Place Akihabara
7-5 Sotokanda 1-chome, Chiyoda-ku,
Tokyo 101-8618, Japan
TEL. +81-3-5207-2500 FAX. +81-3-5207-2580

Tokuyama
Factory

Tokuyama Factory (Registered Address)
1-1 Mikage-cho, Shunan-shi, Yamaguchi
745-8648 Japan
TEL. +81-834-34-2000 FAX. +81-834-33-3790
Capital¥10,000 million

Number of
employees

5,909 (consolidated basis; 738 working overseas)
2,459 (non-consolidated)

Number of groupcompanies

56

Tokuyama
Research
Laboratory
ShunanSales Branch

NagoyaSales Branch

Tsukuba
Research
Laboratory

Hiroshima
BranchFukuoka
BranchKashima
Factory
Osaka
OfficeTokyo
Head OfficeTakamatsu
BranchStock Information
Total number of sharesauthorized to be issued

Common shares: 200,000,000 shares

Number of shares issued

72,072,056 common shares(excluding 16,271 treasury shares)

Common Stock Listings

Tokyo Stock Exchange Prime Market

Securities Code4043

Number of shareholders

Common shares:
25,667 shareholders

Fiscal year

From April 1 to March 31

Center forCommercialization ofAdvanced Technology

Consolidated Subsidiaries Overseas
Tokuyama Europe GmbH
Tokuyama Dental Deutschland GmbH

Tokuyama America Inc.
Tokuyama Dental America Inc.

Germany

United States

Tokuyama Dental Italy S.r.l.

Italy
Tokuyama Korea Co., Ltd.
STAC Co., Ltd

Dividend Policy

South Korea

Dividends will be paid to the shareholders stated in the final version of theregister of shareholders on March 31 and September 30. As far as the
distribution of profits is concerned, Tokuyama’s basic policy is to ensure thecontinuous and stable payment of dividends to shareholders. In carryingout this policy, the Company takes into consideration performance trends,
the dividend payout ratio, and the roadmap established under the
medium- to long-term business plan.

Shareholders by Type
3.7%
11.6%

China
Tokuyama (Shanghai) Co., Ltd.
Tokuyama Trading (Shanghai) Co., Ltd.
Tokuyama Chemicals (Zhejiang) Co., Ltd.
Shanghai Tokuyama Plastics Co., Ltd.
A&T Shanghai Co., Ltd.

36.1%

26.2%

Shareholders
by Type

New Caledonia

22.4%
Securities companies (26,044 thousand shares)
Individuals/Others (16,146 thousand shares)
Non-Japanese Corporations/Overseas residents (18,911 thousand shares)
Other domestic corporations (8,334 thousand shares)
Financial institutions (2,651 thousand shares)

58

TOKUYAMA REPORT 2023

TaiwanTokuyama Nouvelle Calédonie S.A.

Taiwan Tokuyama Corporation
Formosa Tokuyama Advanced Chemicals Co., Ltd.
Tokuyama Taiwan Corporation

Singapore

Tokuyama Singapore Pte. Ltd.

Tokuyama Value
Creation Strategy

Tokuyama Value Creation

Management for
Sustainable Growth

Progress of Strategy
by Business Segment

Corporate Data

Consolidated Subsidiaries
Electronic & Advanced Materials 1

Chemicals

Other

Tokuyama Chemicals (Zhejiang) Co., Ltd.2

Shin Dai-ichi Vinyl Corporation2

Tokuyama (Shanghai) Co., Ltd.

Production and sale of fumed silica, high-purity
chlorosilane, high-purity chemicals for electronics
manufacturing

Production and sale of PVC resin

Management company to provide services for othergroup companies in China

Formosa Tokuyama Advanced Chemicals
Co., Ltd.2
Production and sale of high-purity chemicals forelectronics manufacturing

Tokuyama Soda Trading Co., Ltd.
Stocking and sale of soda ash and calcium chloride

Tokuyama Trading (Shanghai) Co., Ltd.
Sale of Tokuyama Group products

Sun Arrow Kasei Co., Ltd.
Production and sale of PVC resin compounds

Tokuyama Taiwan Corporation
Marketing and R&D of growth businesses

Taiwan Tokuyama Corporation

Tokuyama Korea Co., Ltd.

CementProduction and sale of high-purity chemicals forelectronics manufacturing

Sale of Tokuyama Group products

Tokuyama Nouvelle Calédonie S.A.

Tokuyama Singapore Pte. Ltd.

Production and sale of cement

Tokuyama MTech Corporation

Production and sale of high purity chemicals forelectronics manufacturing
Sale of Tokuyama Group products

Production and sale of aluminum nitride substrates

Processing and sale of building materials andchemical products

Tokuyama America Inc.

Tokuyama METEL Corporation

Tokuyama Tsusho Trading Co., Ltd.

Production and sale of industrial cleaners

Stocking and sale of cement and ready-mixed
concrete

STAC Co., Ltd.
Production and sale of high purity chemicals forelectronics manufacturing

Tokuyama-Dowa Power Materials Co., Ltd.

Life Science
Shanghai Tokuyama Plastics Co., Ltd.2
Production and sale of microporous film

Tokuyama Dental Corporation
Production and sale of dental materials andequipment

Tokuyama Dental America Inc.
Sale of dental materials and equipment

Tokuyama Dental Deutschland GmbH
Sale of dental materials and equipment

Tokuyama Dental Italy S.r.l.
Sale of dental materials and equipment

A&T Corporation
Production and sale of diagnostic reagents,
analyzers and systems

Sale of Tokuyama Group products

Kansai Tokuyama Trading Co., Ltd.

Shunan System Sangyo Co., Ltd.

Stocking and sale of cement and ready-mixed
concrete

Civil engineering, construction work andplanning; on-site contracted factory work;stocking and sale of construction materials

Tokushou Co., Ltd.5
Stocking and sale of cement and ready-mixed
concrete

Tokushin Co., Ltd.

5

Stocking and sale of cement and ready-mixed
concrete

Shunan Swimming Club Co., Ltd.
Operation of health promotion facilities including
swimming and fitness clubs

Tokuyama Kairiku Unso K.K.
Shipping, transportation and warehousing

Tokuyama Art Block LABO Co., Ltd

Kyoueisekiyu Corporation

Production and sale of interlocking block

Petroleum-related businessTokyo Tokuyama Concrete Co., Ltd.

Yamaguchi Kisen Corporation

Production and sale of ready-mixed concrete andconcrete products

Marine transportation

Kawasaki Tokuyama Ready Mixed
Concrete Co., Ltd.

Freight forwarding

Production and sale of ready-mixed concrete

Chugoku Ready Mixed Concrete Co., Ltd.

Sale of diagnostic reagents, analyzers and systems

Production and sale of ready-mixed concrete

ASM Inc.

Hiroshima Tokuyama Ready Mixed
Concrete Co., Ltd.

One other company

Tokuyama Europe GmbH

5

A&T Shanghai Co., Ltd.

Development, manufacture and sale of Polyrotaxanes
related products

Sale of Tokuyama Group products

Production and sale of ready-mixed concrete

Shunan Kairiku Unso Limited
Shunan Bulk Terminal Co., Ltd.
Warehouse operations for bulk cargoes of coal, etc.

Tomitec Co., Ltd.
Production and sale of plastic molded productsSuper Nano Design Co., Ltd.
Design, manufacture and sale of nanomaterials

Seibu Tokuyama Ready Mixed ConcreteCo., Ltd.
Production and sale of ready-mixed concrete

Eco BusinessShirokawa Co., Ltd.
Production and sale of ready-mixed concrete

ASTOM Corporation
Production, sale and maintenance of ion-exchange
membranes and related equipment

Tokuyama Chiyoda Gypsum Co., Ltd.
Collection of waste gypsum board, production andsale of gypsum dihydrate, operation of waste
gypsum board recycling business

Excel Shanon Corporation3
Production and sale of plastic window sashes

Tohoku Shanon Co., Ltd.4
Production and sale of plastic window sashes

FL Tokuyama Corporation
Sale of plaster sheets and items made from plastersheetsKagawa Tokuyama Co., Ltd.
Sale of cement and construction materials,
production and sale of ready-mixed concrete

Kyushu Tokuyama Ready Mixed
Concrete Co., Ltd.
Production and sale of ready-mixed concrete

Toyomi Co., Ltd.
Production and sale of ready-mixed concrete

Notsuharu Co., Ltd.
Production and sale of ready-mixed concrete1	On April 1, 2023, the name was changed to Electronic &Advanced Materials
2	Specified subsidiary3	On July 3, 2023, became affiliated company accounted
for by the equity method.
4	On April 1, 2023, merged with Excel Shanon
Corporation.
5	On April 1, 2023, merged with Tokuyama Tsusho Trading
Co., Ltd.
Note: On January 1, 2023, Tokuyama Information Services
Corporation was acquired by Tokuyama Corporation.

TOKUYAMA REPORT 2023

59