Consolidated Financial Results for the First Quarterof the Fiscal Year Ending December 31, 2024 [J-GAAP]May 13, 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 quarterly securities report:
May 14, 2024
Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results: YesHolding of financial results briefing:
No(Yen amounts are rounded down to millions, unless otherwise noted.)

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

Operating income

Millions of yen% Millions of yen

45,01738,463(Note) Comprehensive income:

17.0
(2.9)

% Millions of yen

5,793
5,392

7.4
(22.3)First three months ended March 31, 2024
First three months ended March 31, 2023

Profit attributable toowners of parent

Ordinary income% Millions of yen

6,039
5,762

4.8(20.3)

%

3,599
2,157

66.9(56.6)¥8,249 million [84.2%]¥4,479 million [- 40.0%]

Basic earnings per share Diluted earnings per shareFirst three months endedMarch 31, 2024
March 31, 2023

Yen

Yen

29.72
17.85

29.69
17.82(Note) The Company conducted a 3-for-1 stock split for common shares on January 1, 2024. “Basic earnings per share,” “Diluted earnings per share,”and “Net assets per share” in (2) Consolidated Financial Position below are calculated assuming the stock split had been conducted on January 1, 2023.

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

Equity:Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%Yen

261,044251,864

196,580
195,48071.8
72.9

1,547.53
1,516.99

As of March 31, 2024: ¥187,374 million

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

2. Cash Dividends
1st quarter2nd quarterYen

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－－

Yen

Total
Yen

Yen

82.00

－

86.00

168.00

29.00

－

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 toDecember 31, 2024)(% indicates the rate of increase/decrease against the same period of the previous year)
Net salesFirst half
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

83,100179,200

7.0
10.4

11,10026,8001.8
18.0

11,60027,700

(1.8)
14.2

6,800
17,600

27.0
38.4

56.11
145.19(Note) Revisions to the most recently disclosed financial results forecast: None
There has been no change in the financial results forecast announced on February 13, 2024.

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change inscope of consolidation): None
(2) Application of special accounting treatment in preparing the quarterly 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 March 31, 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 March 31, 2024
As of December 31, 2023

6,721,033 shares
6,735,402 shares(iii) Average number of shares outstanding during the period
First three months ended March 31, 2024
First three months ended March 31, 2023

121,070,694 shares
120,843,923 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 period” are calculated assuming the stock split had been
conducted on January 1, 2023.

* The Financial Results report is outside the scope of a quarterly 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 document1. Qualitative Information on Consolidated Financial Results for the First Three 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. Quarterly Consolidated Financial Statements and Major Notes ······················································· 3(1) Quarterly Consolidated Balance Sheet ················································································· 3(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive Income ···· 5
Quarterly Consolidated Statement of Income
Quarterly Consolidated Statement of Income for the First Three Months ····································· 5
Quarterly Consolidated Statement of Comprehensive Income
Quarterly Consolidated Statement of Comprehensive Income for the First Three Months ················· 6(3) Notes to the Quarterly Consolidated Financial Statements ························································· 7(Notes Concerning Going Concern Assumption) ···································································· 7(Significant Changes in Shareholders’ Equity) ······································································ 7(Additional Information) ································································································· 7(Revenue Recognition) ··································································································· 8(Segment Information) ······································································································ 8-1-1. Qualitative Information on Consolidated Financial Results for the First Three Months of the Fiscal
Year Ending December 31, 2024
(1) Explanation about Operating Results
During the three months ended March 31, 2024, the electronics market, which is the main customers for theGroup’s products, saw a gradual recovery in demand for PCs and smartphones, resulting in a year-on-year increasein demand for semiconductors.
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 three months ended March 31, 2024, the Group recorded net sales of ¥45,017 million (up17.0% year-on-year), operating income of ¥5,793 million (up 7.4% year-on-year), ordinary income of ¥6,039 million(up 4.8% year-on-year), and profit attributable to owners of parent of ¥3,599 million (up 66.9% 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 ¥24,460 million (up 19.7% year-on-year),in the High-Purity Chemicals Division amounted to ¥20,065 million (up 15.0% year-on-year) and in other divisions
amounted to ¥490 million (down 14.0% year-on-year).

(2) Explanation about Financial Position(Assets)
Total assets as of March 31, 2024 increased by ¥9,179 million from December 31, 2023 to ¥261,044 million.
Total current assets increased by ¥9,497 million mainly due to an increase in cash and deposits of ¥9,598 million.
Total non-current assets decreased by ¥317 million mainly because investments and other assets decreased by¥1,996 million mainly due to withdrawal of long-term time deposits despite an increase in property, plant andequipment of ¥1,478 million associated with capital investments.
(Liabilities)
Total liabilities as of March 31, 2024 increased by ¥8,079 million from December 31, 2023 to ¥64,464 million
mainly due to increases in notes and accounts payable - trade of ¥2,226 million and in income taxes payable of ¥1,522million.
(Net assets)
Total net assets as of March 31, 2024 increased by ¥1,100 million from December 31, 2023 to ¥196,580 million
mainly due to an increase in foreign currency translation adjustment of ¥1,823 million associated with the weakeningyen.
As a result, the equity ratio as of March 31, 2024 stood at 71.8%.
(3) Explanation about Future Forecast Information Including Consolidated Financial Results Forecast
There has been no change in the financial results forecast announced on February 13, 2024.
In the event that we need to revise, we will disclose promptly.

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

FY12/23(As of December 31, 2023)

First quarter of FY12/24(As of March 31, 2024)

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

66,41435,5793,999
12,0707,837
13,411
4,588(77)
143,825

40,66532,56973,235
1,389

40,61734,09574,713
1,589

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

4,297
6,000
30,624(6)
40,915
117,218
261,044

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 quarter of FY12/24(As of March 31, 2024)

20,331
486
1,391
2,537
13,881
38,62722,557
519
2,913
3,574
16,05045,615

10,000809
6,947
17,75656,38410,000836
8,012
18,84864,464

14,64015,315
143,630(10,940)
162,646

14,64015,315
143,750(10,925)
162,781

9,759

11,493

11,603(354)

13,426(327)21,007

24,592

140
11,684
195,480
251,864140
9,065
196,580
261,044

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 comprehensiveincome
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets-4-(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive Income(Quarterly Consolidated Statement of Income)(Quarterly Consolidated Statement of Income for the First Three Months)(Millions of yen)First three months ofFirst three months of
FY 12/23
FY 12/24(January 1, 2023 – March 31, 2023) (January 1, 2024 – March 31, 2024)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of investments accounted for using
equity method
Loss on investments in investment partnerships
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
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-5-38,463
24,403
14,0598,667
5,392

45,01729,276
15,741
9,947
5,793

63
57
261
89
472

83
76
103
79
344

17

21－

26

13
59
11
102
5,762

23
10
16
98
6,039

－
217
53
271

155
－
－
155

28
1,716
－
1,745
4,287
1,083
171
1,255
3,032
875
2,157

17－017
6,176
1,867
(50)
1,816
4,360
761
3,599

(Quarterly Consolidated Statement of Comprehensive Income)(Quarterly Consolidated Statement of Comprehensive Income for the First Three Months)(Millions of yen)First three months ofFirst three months of
FY 12/23
FY 12/24(January 1, 2023 – March 31, 2023) (January 1, 2024 – March 31, 2024)

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-

3,032

4,360

1,432

1,73433
(17)
1,447
4,479

2,128
27
3,889
8,249

3,518
961

7,183
1,065

(3) Notes to Quarterly 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 introduced“Trust-Type Employee Stock Ownership Plan” (“Plan”) with an aim to enhance the Company’s welfare program aswell as to improve its medium- to long-term corporate value by providing employees with incentives for an increasein 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 thedate 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 outstandingbalance of the loans payable, equivalent to loss on sale of shares accumulated in the Stockholding Trust due to adecline in stock prices, upon expiry of the Stockholding Trust.
The Plan aims to improve our medium- to long-term corporate value by providing employees with incentives for
an increase in stock prices and also to support employees’ asset building as a measure to enhance our welfare programby 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 amountat the Trust (excluding ancillary expenses). The carrying amount and number of treasury shares as of December 31,2023 and March 31, 2024 were ¥437 million and 315 thousand shares and ¥415 million and 298 thousand shares,respectively.
(Note) The Company conducted a 3-for-1 stock split for common shares on January 1, 2024. The number of shares
above reflects the effect of the stock split.
(3) The carrying amount of the loans payable recorded under the gross method
Not applicable.

-7-(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 arising fromcontracts 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 three months of
FY 12/23(January 1, 2023 – March 31, 2023)
20,437
17,454570
38,463－38,463First three months of
FY 12/24(January 1, 2024 – March 31, 2024)
24,46020,065490
45,017－45,017(Segment Information)
I First three months of the fiscal year ended December 31, 2023 (January 1, 2023 – March 31, 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 three months of the fiscal year ending December 31, 2024 (January 1, 2024 – March 31, 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.

-8-