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.

Consolidated Financial Results for the Third Quarterof the Fiscal Year Ending December 31, 2022 [J-GAAP]

November 10, 2022

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 Division TEL: +81-44-435-3000
Scheduled date to file quarterly securities report:
November 11, 2022
Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing:
No(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending December 2022 (January 1,
2022 to September 30, 2022)(1) Consolidated Operating Results(% indicates the rate of increase/decrease year-on-year.)Net salesFirst nine months ended
September 30, 2022
September 30, 2021

Operating income

Millions of yen%

130,463
100,526(Note) Comprehensive income:

29.8
16.8

Millions of yen%

22,66515,08750.2
37.7

First nine months ended September 30, 2022
First nine months ended September 30, 2021

Basic earnings per shareFirst nine months ended
September 30, 2022
September 30, 2021

Profit attributable toowners of parent

Ordinary income
Millions of yen%

23,572
15,696¥20,930 million¥15,772 million

50.2
40.0

Millions of yen

15,215
10,352

%

47.0
40.6

[32.7%][86.4%]

Diluted earnings per share

Yen

Yen

378.37249.47377.77248.98(2) Consolidated Financial Position
Total assets
As of
September 30, 2022
December 31, 2021
(Reference)

Equity:Net assets

Millions of yen

Equity ratio

Millions of yen

234,519
217,264

177,722
165,190

As of September 30, 2022: ¥167,195 million

Net assets per share
%

Yen

71.3
71.7

4,153.15
3,880.18

As of December 31, 2021: ¥155,829 million

2. Cash Dividends
Annual dividends per shareFirst quarter-end

Second quarter-end Third quarter-end

Yen

Yen

Fiscal year-end

Yen

Fiscal year ended December 31, 2021

-

62.00

-

Fiscal year ending December 31, 2022
Fiscal year ending December 31, 2022
(Forecast)

-

78.00

-

Total

Yen

Yen

94.00

156.0080.00

158.00(Note) Revisions to the most recently disclosed dividend forecasts: None

3. Consolidated Financial Results Forecast for Fiscal Year Ending December 31, 2022 (January 1, 2022 to
December 31, 2022)(% indicates the rate of increase/decrease against the same period of the previous year)

Net sales
Millions of yen

Full year

171,800

Operating income% Millions of yen

22.7

30,000

Profit attributable toowners of parent

Ordinary income% Millions of yen

44.9(Note) Revisions to the most recently disclosed earnings forecasts: None

31,000%43.1

Millions ofyen

20,400

Basic earnings
per share

%

Yen

14.9

506.59

* 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: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(Note): Please refer to “2. Quarterly Consolidated Financial Statements and Major Notes, (3) Notes to Quarterly Consolidated Financial
Statements (Changes in Accounting Policies)” on page 8.

(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2022
As of December 31, 2021

(ii)

42,600,000 shares
42,600,000 shares

Number of treasury shares at the end of the period
As of September 30, 2022
As of December 31, 2021

2,342,615 shares
2,439,651 shares(iii) Average number of shares outstanding during the period
First nine months ended September 30, 2022
First nine months ended September 30, 2021

40,213,660 shares
41,496,402 shares* 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 earnings forecasts and other special notes
The earnings forecasts stated in this report are based on the information available as of the date of the release ofthis report, and actual results may differ from these forecasts due to a variety of factors.

○Table of contents of the attached document
1. Qualitative Information on Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending
December 2022 ··················································································································· 2(1) Explanation about Operating Results ···················································································· 2(2) Explanation about Financial Position···················································································· 3(3) Explanation about Future Forecast Information Including Consolidated Earnings Forecasts ·················· 3
2. Quarterly Consolidated Financial Statements and Major Notes ························································· 4(1) Quarterly Consolidated Balance Sheet ·················································································· 4(2) Quarterly Consolidated Statement of Income and Quarterly Consolidated Statement of Comprehensive Income ····· 6
Quarterly Consolidated Statements of Income
Quarterly Consolidated Statement of Income for the First Nine Months ········································ 6
Quarterly Consolidated Statement of Comprehensive Income
Quarterly Consolidated Statement of Comprehensive Income for the First Nine Months·················· 7(3) Notes to Quarterly Consolidated Financial Statements ······························································· 8(Notes Concerning Going Concern Assumption) ······································································ 8(Significant Changes in Shareholders’ Equity) ······································································· 8(Changes in Accounting Policies) ························································································ 8(Additional Information) ·································································································· 9(Segment Information) ··································································································· 10-1-1. Qualitative Information on Consolidated Financial Results for the First Nine Months of the Fiscal YearEnding December 2022
(1) Explanation about Operating Results

During the nine months ended September 30, 2022, the global economy continued to show signs of gradual
recovery overall despite the impact of COVID-19. On the other hand, the economic environment remained
uncertain due to fluctuations in the financial capital market, inflation, and supply constraints amid global
monetary tightening.
Against such a backdrop, the Group launched “tok Medium-Term Plan 2024,” a three-year medium-term plan
ending in FY2024, under the management vision to become “The e-Material Global Company®” contributing to asustainable future through chemistry. With the slogan of “Boost up TOK!!,” the Plan aims to attain the long-term
vision TOK Vision 2030 by developing and promoting the following five company-wide strategies: (1) Increase
global market share of cutting-edge photoresists, (2) Acquire and create core technologies in electronic materials
and new fields, (3) Secure stable supply of high-quality products and establish an optimal production system for
the Group, (4) Improve employee engagement and promote people-oriented management, and (5) Build sound andefficient management foundation.
With regard to the Equipment Business, the Board of Directors meeting held on September 26, 2022 resolved totransfer the Equipment Business (excluding certain parts) to a succession preparatory company to be establishedas the Company’s wholly-owned subsidiary through an absorption-type company split and then transfer all of theshares of the new company to AIMECHATEC, Ltd. (hereinafter “AIMECHATEC”), and we entered into the“Share Transfer Agreement” and the “Master Collaboration Agreement” concerning the collaboration withAIMECHATEC. We have also acquired some shares of AIMECHATEC so that we establish a solid partnershipwith the company to further develop our Materials & Equipment (M&E) strategy.
In the Material Business, net sales increased year on year due to a continued growth in the semiconductor
market driven by the spread of 5G and IoT and the growing data server market, etc. as well as the effect of theweakening yen despite the weak smartphone market.
In the Equipment Business, net sales increased year on year due to the progress in acceptance inspections of
the ordered equipment.
As a result, for the nine months ended September 30, 2022, the Group recorded net sales of ¥130,463 million(up 29.8% year-on-year), operating income of ¥22,665 million (up 50.2% year-on-year), ordinary income of¥23,572 million (up 50.2% year-on-year), and profit attributable to owners of parent of ¥15,215 million (up 47.0%
year-on-year).
Effective January 1, 2022, the Group applied the “Accounting Standard for Revenue Recognition”(Accounting Standards Board of Japan (“ASBJ”) Statement No. 29, March 31, 2020), etc., and its impact was
insignificant. Please see “2. Quarterly Consolidated Financial Statements and Major Notes (3) Notes to Quarterly
Consolidated Financial Statements (Changes in Accounting Policies)” for details.
Operating results by segment are as follows:
1) Material BusinessNet sales in the Material Business segment, excluding internal transactions were ¥127,080 million (up 28.4%
year-on-year), and operating income was ¥26,245 million (up 38.1% year-on-year), mainly due to strong sales ofelectronic functional materials and high-purity chemicals.
(Millions of yen)

Nine months ended
September 30, 2021

Nine months ended
September 30, 2022

Net sales

98,997127,080

28,083

28.4%

Operating income

19,00526,245

7,239

38.1%

Change%Overview by division is as follows.
In the Electronic Functional Materials Division, net sales significantly increased to ¥68,853 million (up 20.0%
year-on-year). This was mainly due to continued strong sales of semiconductor photoresists, etc., supportedby spread of 5G and IoT, etc. and strong semiconductor demand for data servers in addition to the effect of
the weakening yen although sales of photoresists for display decreased as a result of changes in demand forsmall- and medium-sized LCDs.
Net sales in the High-Purity Chemicals Division significantly increased to ¥57,628 million (up 39.4%
year-on-year) mainly due to sales price adjustments for chemicals attached to semiconductor photoresists
used in the semiconductor production process and the weakening yen.

-2-2) Equipment BusinessNet sales in the Equipment Business segment, excluding internal transactions increased to ¥3,383 million (up121.2% year-on-year), and operating income increased by ¥582 million from a year earlier to ¥339 million. Thiswas mainly due to the progress in acceptance inspections of ordered products, such as a wafer handling system
Zero Newton® used for the through-silicon-via (TSV) process for realizing high function, high-performancesemiconductors.

Net sales
Operating income(loss)(Millions of yen)

Nine months ended
September 30, 2021

Nine months ended
September 30, 2022

1,529

3,383

1,853

121.2%

(243)

339

582

－

Change%(2) Explanation about Financial Position(Assets)
Total assets as of September 30, 2022 increased by ¥17,255 million from December 31, 2021 to ¥234,519
million.
Total current assets increased by ¥9,844 million mainly due to increases in inventories of ¥6,263 million, notes
and accounts receivable - trade of ¥3,067 million.

Total non-current assets increased by ¥7,411 million mainly because property, plant and equipment
increased by ¥8,322 million due to capital investments although investments and other assets decreased by¥1,174 million due to mark-to-market valuation of investment securities.
(Liabilities)

Total liabilities as of September 30, 2022 increased by ¥4,723 million from December 31, 2021 to ¥56,797
million mainly because notes and accounts payable - trade increased by ¥3,137 million and provision for bonuses
increased by ¥1,539 million.

(Net assets)

Total net assets as of September 30, 2022 increased by ¥12,531 million from December 31, 2021 to 177,722
million mainly because retained earnings increased by ¥8,267 million due to recording of profit and foreign

currency translation adjustment increased by ¥4,844 million due to the weakening yen despite a decrease invaluation difference on available-for-sale securities of ¥2,159 million due to mark-to-market valuation.
As a result, the equity ratio as of September 30, 2022 stood at 71.3%.

(3) Explanation about Future Forecast Information Including Consolidated Earnings Forecasts

There has been no change in the earnings forecasts announced in “Announcement of Revision to Earnings
Forecasts” (in Japanese) dated July 29, 2022.
The foreign exchange rate is assumed to be $1=¥125.
In the event that we need to revise them due to impact of COVID-19, etc., we will disclose promptly.

-3-

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

FY12/21(As of December 31, 2021)

Third quarter of FY12/22(As of September 30, 2022)

56,83533,895
3,999
9,451
4,606
7,292
2,921
(120)
118,883

56,25236,963
3,999
11,137
6,986
9,490
3,981
(83)
128,727

31,251
25,68056,932837

36,691
28,56365,255
1,100

4,658
18,00017,957(6)
40,61098,380217,264

4,786
18,00016,656(6)
39,436
105,791
234,519

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-4-

(Millions of yen)

FY12/21(As of December 31, 2021)

Third quarter of FY12/22(As of September 30, 2022)

19,250
3,900
4,278
2,488
9,739
39,65622,387
－
2,476
4,027
12,02440,916

6,711
609
5,095
12,41652,073

10,417664
4,798
15,88056,797

14,64015,207
124,806(11,818)
142,836

14,64015,303133,073(11,365)
151,652

6,851

4,692

5,618
522

10,463387

12,993

15,542

215
9,146
165,190
217,264

174
10,352
177,722234,519

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-5-(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 Nine Months)(Millions of yen)First nine months of
FY 12/21

First nine months of
FY 12/22(January 1, 2021 – September 30, 2021) (January 1, 2022 – September 30, 2022)

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
Loss on valuation of derivatives
Other
Total non-operating expenses
Ordinary income
Extraordinary income
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
Environmental expenses
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit attributable toProfit attributable to non-controlling interests
Profit attributable to owners of parent-6-

100,526
64,75135,775
20,68715,087130,463
83,46846,99524,33022,665

86
237
321
132
778

92
316
782
196
1,388

53
52
63
169
15,696

55
323
102
481
23,572

－
－
0
0

14
243
－
258

80
83
1
165
15,531
3,931
(18)
3,913
11,618
1,266
10,352205－－
205
23,626
5,872
189
6,061
17,564
2,348
15,215

(Quarterly Consolidated Statement of Comprehensive Income)(Quarterly Consolidated Statement of Comprehensive Income for the First Nine Months)(Millions of yen)First nine months of
FY 12/21

First nine months of
FY 12/22(January 1, 2021 – September 30, 2021) (January 1, 2022 – September 30, 2022)

Profit attributable to owners of parent
Other 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 toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests-7-

11,61817,564

1,755(2,159)

2,424
(26)
4,153
15,772

5,660
(135)
3,365
20,93013,93917,765

1,832

3,165

(3) Notes to Quarterly Consolidated Financial Statements(Notes Concerning Going Concern Assumption)
Not applicable.
(Significant Changes in Shareholders’ Equity)
Not applicable.
(Changes in Accounting Policies)(Application of the accounting standard for revenue recognition)
The Company applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No.29, March
31, 2020, “Accounting Standard for Revenue Recognition”), etc. from January 1, 2022, and recognizes revenue at
an amount that it expects to receive in exchange for the promised goods or services when the control of the goods
or services is transferred to a customer.
The Group’s performance obligation is sales of goods, and we recognize revenue from domestic sales ofmerchandise and finished goods when the shipment is completed if control of the merchandise or finished goods istransferred to customers within a normal period after the shipment in accordance with the alternative treatment
provided for in Paragraph 98 of the “Implementation Guidance on Accounting Standard for Revenue Recognition”(ASBJ Implementation Guidance No.30, March 26, 2021)
We applied the Accounting Standard for Revenue Recognition, etc. from January 1, 2022 pursuant to thetransitional treatment provided for in the proviso of Paragraph 84 of the Accounting Standard for Revenue
Recognition, with the cumulative effect of the retrospective application, assuming the new accounting policy had
been applied to periods prior to January 1, 2022, adjusted to the beginning balance of retained earnings as ofJanuary 1, 2022, but there was no impact on the beginning balance. The impact on the quarterly consolidated
financial statements is insignificant.
Pursuant to the transitional treatment provided for in Paragraph 28-15 of the “Accounting Standard for
Quarterly Financial Reporting” (ASBJ Statement No. 12, March 31, 2020), information on the breakdown ofrevenue arising from contracts with customers for the nine months ended September 30, 2021 is not presented.
(Application of the accounting standard for fair value measurement)
The Company applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No.30, July 4,
2019, “Accounting Standard for Fair Value Measurement”), etc. from January 1, 2022, and the new accounting
policies stipulated in the Accounting Standard for Fair Value Measurement, etc. are applied prospectively pursuant
to the transitional treatment stipulated by Paragraph 19 of the Accounting Standard for Fair Value Measurement
and Paragraph 44-2 of the “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4,2019). The application has no impact on the quarterly consolidated financial statements.

-8-(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 fromthe 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 theoutstanding 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 with incentives 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, 2021 and September 30, 2022 were ¥862 million and 206 thousand shares and ¥732 million and 175
thousand shares, respectively.
(3) The carrying amount of the loans payable recorded under the gross method
FY12/21¥611 million
First nine months of FY12/22¥417 million-9-

(Segment Information)
Ⅰ First nine months of the fiscal year ended December 2021 (January 1, 2021 – September 30, 2021)
1. Information about net sales, income/loss for each reportable segment(Millions of yen)

Reportable segment
Material
Business

Equipment
Business

Total

Reconciliations(Note) 1

Consolidated(Note) 2

Net sales
Net sales to customers

98,997

1,529

100,526－

100,526

Inter-segment sales ortransfers

2

56

58

(58)

－

Total

98,9991,585

100,584(58)

100,526

Segment income (loss)

19,005(243)

18,762(3,674)15,087(Note) 1. Reconciliation of segment income (loss) amounting to ¥(3,674) million includes general and administrative expenses of¥(3,674) million, which are not allocated to reportable segments.
2. Segment income (loss) has been adjusted for the operating income appearing in the quarterly consolidated statements ofincome.

2. Information on impairment losses on non-current assets or goodwill by reportable segment
Not applicable.

- 10 -ⅡFirst nine months of the fiscal year ending December 2022 (January 1, 2022 – September 30, 2022)
1. Information about net sales, income/loss and breakdown of revenue by reportable segment(Millions of yen)

Reportable segment
Material
Business

Equipment
Business

Total

Reconciliations(Note) 1

Consolidated(Note) 2

Net sales
Electronic functional
materials

68,853－

68,853－

68,853High-purity chemicals

57,628－57,628－57,628Process equipment

－

3,383

3,383

－

3,383

Other

599

－

599

－

599

127,080

3,383

130,463－

130,463

－

－

－

－

－

Net sales to customers

127,080

3,383

130,463－

130,463Inter-segment sales
or transfers

0

126

126

(126)

－

127,080

3,510

130,590(126)

130,463

26,245339

26,584(3,919)22,665

Revenue from contracts
with customers
Other revenue

Total
Segment income(Note) 1. Reconciliation of segment income amounting to ¥(3,919) million includes general and administrative expenses of ¥(3,919)
million, which are not allocated to reportable segments.
2. Segment income has been adjusted for the operating income appearing in the quarterly consolidated statements of income.

2. Information on impairment losses on non-current assets or goodwill by reportable segment
Not applicable.
3. Changes, etc. in reportable segments
As described in Changes in Accounting policies, the Company applied the Accounting Standard for
Revenue Recognition from January 1, 2022 and changed the accounting treatment of revenue recognition, andaccordingly, the method to calculate profit or loss of business segment was also changed.
The impact of this change on net sales and segment income for the nine months ended September 30,
2022 was insignificant.

- 11 -