トクヤマ（4043） – Presentation for FY2021

– Apr 1, 2021 to Mar 31, 2022- Fiscal 2021 Presentation for IR Meeting April 28, 2022 Key points of fiscal 2021 • In fiscal 2021, despite a year-on-year increase in sales of semiconductor- and healthcare-related products as well as such factors as an increase in the price of petroleum products, earnings decreased as a result of upswings in fuel and raw material prices as well as costs including logistics expenses • In fiscal 2022, operating profit is expected to be in line with fiscal 2021, mainly due to higher raw material and fuel costs, despite increase of sales. We will continue to revise selling prices and reduce costs while striving to secure revenue • Steadily implemented growth strategies to achieve targets of Medium-Term Management Plan 2025 © 2022 Tokuyama Corporation. All rights reserved. 2 CONTENTS 1 Financial Results for FY2021 Performance Forecasts for FY2022 2 3 Progress under the Medium-Term Management Plan 2025 4 Supplementary Material © 2022 Tokuyama Corporation. All rights reserved. 3 1 Financial Results for FY2021 1. Financial Highlights 2. Net Sales / Operating Profit by Business Segment 3. Changes in Operating Profit © 2022 Tokuyama Corporation. All rights reserved. © 2022 Tokuyama Corporation. All rights reserved. 4 1 Financial Results for FY2021 1. Financial Highlights FY2020 FY2021 Difference Accounting Standard for _____Revenue Recognition： Not applied Amount % Top :Applied Bottom:Not applied 293.8 340.3 Net sales 302.4 (8.5) +37.9 (3) Upturn in price of petroleum products Solid sales of semiconductor-related products +13 Operating profit 30.9 24.5 (6.3) (21) Increase in fuel and raw material prices (Billions of yen) Main changing factors Ordinary profit 30.7 25.8 (4.9) (16) Decrease in operating profit Profit attributable to owners of parent 24.5 28.0 +3.4 +14 Decrease in income taxes Basic earnings per share (yen) 351.11 389.09 Exchange rate (yen/USD) 106 112 Domestic naphtha price (yen/kl) 31,200 56,800 – – – – – – – – – © 2022 Tokuyama Corporation. All rights reserved. 5 1 Financial Results for FY2021 1. Financial Highlights As of Mar 31,2021 As of Mar 31,2022 Difference Main changing factors Total assets 386.7 433.2 +46.4 Increase in inventories owing to unit price increase and fixed assets due to capital investment Shareholders’ equity 198.5 224.5 +25.9 Posting profit attributable to owners of parent (Billions of yen) Interest-bearing debt 109.2 +10.7 Issuance of bonds Shareholders’ equity ratio D/E ratio Net D/E ratio* Net assets per share (yen) 51.3% 51.8% +0.5pts 98.4 0.50 0.07 0.49 0.12 (0.01) +0.04 – – – – – 2,758.37 3,120.25 *Net D/E ratio: (Interest-bearing debt – Cash and deposits, Cash equivalents, Money in trust)/Shareholders’ equity © 2022 Tokuyama Corporation. All rights reserved. 6 1 Financial Results for FY2021 2. Net Sales/Operating Profit by Business Segment (Year-on-year change) (Billions of yen) (Note) Sales and operating profit in each segment shown above include inter-segment transactions © 2022 Tokuyama Corporation. All rights reserved. 7 1 Financial Results for FY2021 3. Changes in Operating Profit (Year-on-year change) By Factor • Raw material and fuel price (-) • Upturn in price of petroleum products (+) • Revision of sales prices (+) +3.0 (9.4) (Billions of yen) 24.5 30.9 (33.5) • Increase in depreciation (-) • Increase in R&D (-) +24.2 • Increase in sales of semiconductor-related products (+) • Recovery from the impact of COVID-19 (+) +9.2 FY2020Raw material andfuel priceSales volumeSelling priceOthersFY 2021Improvement ofoperation© 2022 Tokuyama Corporation. All rights reserved. 8 2 Performance Forecasts for FY2022 1. Key points of Performance Forecasts 2. Performance Forecasts 3. Performance Forecasts by Business Segment 4. Changes in Operating Profit 5.Investment Plan © 2022 Tokuyama Corporation. All rights reserved. © 2022 Tokuyama Corporation. All rights reserved. 9 2 Performance Forecasts for FY2022 1. Key points of Performance Forecasts • Assumptions of performance forecasts for fiscal 2022 are as follows; Exchange rate 125 yen/USD Domestic naphtha price First half : Second half : 88,000yen／kℓ 68,000yen／kℓ • Sales are forecast to increase due to price revisions for products in Chemicals and Cement, as well as robust sales for semiconductor-related products. Operating profit is expected to be about the same as the fiscal year ending March 2022 due to an increase in raw material and fuel costs. We will continue to revise selling prices and reduce costs while striving to secure revenue. © 2022 Tokuyama Corporation. All rights reserved. 10 2 Performance Forecasts for FY2022 2. Performance Forecasts (Year-on-year change) Accounting Standard for Revenue Recognition： FY2021 Results FY2022 Forecasts Difference Applied Applied Amount % Net sales 293.8 360.0 +66.1 +23 Operating profit 24.5 (0.0) (0) (Billions of yen) Main changing factors Revision of sales prices of products such as Chemicals and Cement Increased sales volume in semiconductor-related products Increase investment for future growth Increase in fuel and raw material prices 24.5 25.8 28.0 25.0 (0.8) (3) Deteriorations in non-operating income/expenses 17.5 (10.5) (38) Increase in income taxes 389.09 243.22 112 56,800 125 First half : 88,000 Second half : 68,000 – – – – – – – – – © 2022 Tokuyama Corporation. All rights reserved. 11 Ordinary profit Profit attributable to owners of parent Basic earnings per share (yen) Exchange rate (yen/USD) Domestic naphtha price (yen/kl) 2 Performance Forecasts for FY2022 3. Performance Forecasts by Business Segment (Year-on-year change) Accounting Standard for Revenue Recognition： FY2021 Results Applied FY2022 Forecasts Applied Difference Net sales Operating profit Net sales Operating profit Net sales % Operating Profit 101.4 50.3 74.9 33.5 10.3 36.3 307.0 14.2 (1.9) 7.2 6.0 (0.4) 3.8 28.9 125.5 63.0 93.5 35.0 15.0 41.5 373.5 Chemicals Cement Electronic Materials Life Science Eco Business Others Total Inter-segment eliminations and corporate-wide expenses Consolidated Results +24.0 +12.6 +18.5 +1.4 +4.6 +5.1 +66.4 +24 +25 +24 +4 +46 +14 +22 16.0 (1.5) 7.0 6.0 0.0 2.5 30.0 (5.5) 24.5 (13.1) (4.4) (13.5) (0.3) – 293.8 24.5 360.0 +66.1 +22 (0.0) (0.0) (Note) Sales and operating profit in each segment shown above include inter-segment transactions (Billions of yen) % +12 – (3) (1) – (35) +4 – +1.7 +0.4 (0.2) (0.0) +0.4 (1.3) +1.0 (1.0) © 2022 Tokuyama Corporation. All rights reserved. 12 2 Performance Forecasts for FY2022 4. Changes in Operating Profit Revision of sales prices of major products (+) (Electronic Materials, Chemicals and Cement) • Increase in R&D (-) • Increase in depreciation (-) (Billions of yen) (Year-on-year change) By Factor • Raw material and fuel price (-) 24.5 (42.9) (12.1) +46.6 24.5 +8.3 FY2021Raw material and fuelpriceSales volumeSelling priceImprovement ofoperationOthers© 2022 Tokuyama Corporation. All rights reserved. 13 2 Performance Forecasts for FY2022 5. Investment Plan Consolidated (Billions of yen) FY2021 Results FY2022 Forecast Changes Capital expenditures Depreciation and amortization R&D expenses 33.3 19.7 12.6 46.2 22.7 14.3 +12.9 +3.0 +1.7 © 2022 Tokuyama Corporation. All rights reserved. 14 2 Performance Forecasts for FY2022 5. Investment Plan Major Growth Investments Investment (Billions of yen) 2022FY 2021 年3月Results 期… 2023FY 2022 年3月Forecast 期… FY 2021 Results FY 2022 Forecast Construct the factory of joint venture company in Taiwan for high-purity IPA Construct the factory of joint venture company in Korea for high-purity IPA Introduce the production facilities for new thermal management material Investments aimed at increasing the quality of polycrystalline silicon Building supply base for IC chemicals in China Expansion of research base Silicon, silica, and silane-related investment Electrolysis technology related investment 33.3 Growth Business Rationalization/energy saving/ CO2 reduction Infra-structure for growth R&D Traditional Business Others 46.2 01020304050© 2022 Tokuyama Corporation. All rights reserved. 15 Progress under the 3 Medium-Term Management Plan 2025 1.Progress under the Medium-Term Management Plan 2025 2.Transform business portfolio 3. Contribute to mitigation of global warming Practice socially responsible management Shareholder Returns 4.5. © 2022 Tokuyama Corporation. All rights reserved. © 2022 Tokuyama Corporation. All rights reserved. 16 3 Progress under the Medium-Term Management Plan 2025 1. Progress under the Medium-Term Management Plan 2025 Transform business portfolio 1 Increase growth businesses’ share of consolidated net sales to over 50% 2 3 Contribute to mitigation of global warming Expedite development/commercialization of next-gen energy technologies; reduce total CO2 emissions 30％* by FY30 Practice socially responsible management Step up high-priority CSR initiatives to lay groundwork for further growth and realize our vision Progress ･ Investing resources in growth businesses ･ Accelerate international expansion ･ Study of fossil fuel alternative energy scenarios ･ Strengthening of CSR systems *Relative to FY19 © 2022 Tokuyama Corporation. All rights reserved. 17 3 Progress under the Medium-Term Management Plan 2025 2. Transform business portfolio Focus on Electronics, Healthcare and Environment business Growth Field Summary of Progress IC chemicals Electronics Silicon Silica ・FTAC* in Taiwan planning shipments in Q1 of fiscal 2022 ・Concluded JV agreement with Korean company (scheduled to start operations in fiscal 2024) ・Investment for improvements in quality ・Silica / Silane Augmentation Investment Thermal management materials ・To start shipments of silicon nitride (powder/plate) in fiscal 2022 ・Started full-scale shipments of heat dissipation filler *Formosa Tokuyama Advanced Chemicals Co., Ltd. © 2022 Tokuyama Corporation. All rights reserved. 18 3 Progress under the Medium-Term Management Plan 2025 2. Transform business portfolio Focus on Electronics, Healthcare and Environment business Growth Field Summary of Progress Dental materials Healthcare Pharmaceutical ingredients/ intermediates Medical diagnosis systems Plastic lens-related materials Waste gypsum board recycling ・Global expansion of composite resin (Achieved U.S. market share of 5%, accounts for 70% of overseas sales, 120% growth in FY 2025 relative to fiscal 2020) ・Completion of Kashima Factory expansion, plans for further expansion ・Expanding from GE ⇒ drug discovery with unique technologies ・Expanding diagnostic items through development of diagnostic reagents ・Increased global market share to more than 25% by closer collaboration with lens manufacturers ・Established third base (Muroran, Hokkaido Prefecture : Scheduled to start operations spring 2023) Environment Ion exchange membranes ・Equipment expansion Solar panel Recycling ・Developing recycling technology ・Increased acceptance of waste plastic © 2022 Tokuyama Corporation. All rights reserved. 19 3 Progress under the Medium-Term Management Plan 2025 3. Contribute to mitigation of global warming Plan to reduce CO2 emissions from energy inputs ･ Emissions forecast for fiscal 2022 about the same as fiscal 2021 emissions (down 260,000 tons from fiscal 2019) ･ Full-scale reduction of CO2 emissions from fiscal 2023 onward by promoting investment related to biomass and ammonia and increasing use of non-fossil fuels ･ Flexible response using economic rationality of carbon pricing and CO2 reduction investment expected in future Base year: fiscal 2019 CO2 from energy: 3.60 mil. MT (Total emission: 6.76 mil MT) Approximately 30% Investment related to biomass : Estimated amount ¥ 1.1 bn Approximately 20% Investment related to ammonia : Estimated amount ¥ 1.5 bn 1.8 mil. ton/year（50%） （％） 100 75 50 25 t-CO2/FY 40035030025020015010050020152020202520302035204020452050© 2022 Tokuyama Corporation. All rights reserved. 20 3 Progress under the Medium-Term Management Plan 2025 3. Contribute to mitigation of global warming ■Reduction of CO2 emissions from energy / raw materials ■Technological development Cement factory: CO2 capture verification tests ・Participation in Shunan Industrial Zone Decarbonization Council ・Concluded cooperation agreement covering utilization of wood-derived biomass materials Power plant: Formulation of utilization plan for alternative energy sources to coal © 2022 Tokuyama Corporation. All rights reserved. 21 3 Progress under the Medium-Term Management Plan 2025 4. Practice socially responsible management Newly establishment of the Sustainability Committee Executive Committee Strategy Committee President Background: Responses to new risks → Risks from adapting to carbon-free society (contribution to mitigation of global warming) → Ethical risks from supply chain (promotion of socially responsible procurement) Board of Directors CSR Promotion Council Risk Management and Compliance Committee Committees Financial Reporting Committee Fair Trade and Competition Committee Security Trade Committee Information Security Committee Environment Committee Safety Committee Product Safety and Quality Assurance Committee Sustainability Committee 1) Risks from adapting to carbon-free society 2) Ethical risks from supply chain © 2022 Tokuyama Corporation. All rights reserved. 22 3 Progress under the Medium-Term Management Plan 2025 5. Shareholder Returns Fiscal 2021 The Company expects to pay out a year-end dividend of ¥35 per share Fiscal 2022 The Company plans to pay an interim and year-end dividend of ¥35 per as planned share each Fiscal Year 2017 2018 2019 2020 2021 Interim Dividend (Yen) Year-end Dividend (Yen) 10 20 25 25 35 35 35 35 35 35 Payout ratio（％） 11.5 10.1 24.4 19.9 18.0 28.8 2022 Forecast 35 35 *The year-end dividend of the fiscal year 2017 includes 10 yen of commemorative dividend for the Company’s centenary anniversary. © 2022 Tokuyama Corporation. All rights reserved. 23 4 Supplementary Material 1. Consolidated Financial Statements 2. Changes in Net Sales/Operating Profit by Business Segment 3. Non-Operating Income/Expenses, Extraordinary Gains/Losses and Financial Cost 4. Performance Trend 5. CAPEX and Depreciation Trend Interest-bearing Debts Trend 6.7. Cash Flow Plan © 2022 Tokuyama Corporation. All rights reserved. © 2022 Tokuyama Corporation. All rights reserved. 25 4 Supplementary Material 1. Consolidated Financial Statements Income Statements (Billions of yen) FY2020 FY2021 Difference Not applied Applied Amount % Accounting Standard for Revenue Recognition： Net sales Cost of sales Selling, general and administrative expenses Operating profit Non-operating income/expenses Ordinary profit Extraordinary income/expenses Profit/loss before income taxes Income taxes Non-controlling interests Profit attributable to owners of parent 302.4 207.2 64.2 30.9 (0.1) 30.7 0.1 30.9 5.6 0.7 24.5 293.8 198.4 70.8 24.5 1.3 25.8 1.7 27.6 (0.5) 0.1 28.0 (8.5) +8.8 (6.6) (6.3) +1.4 (4.9) +1.6 (3.3) +6.1 +0.6 +3.4 (3) +4 (10) (21) (16) (11) – – – +78 +14 *Regarding changes, income or profit is shown as positive and expenses or losses are shown as negative amount © 2022 Tokuyama Corporation. All rights reserved. 26 4 Supplementary Material 1. Consolidated Financial Statements Balance Sheets 3/31/2021 3/31/2022 Total assets Current assets Tangible fixed assets Intangible fixed assets Investments and other assets Total liabilities Current liabilities Long-term liabilities Total net assets 386.7 199.7 124.0 1.8 61.1 181.5 83.3 98.2 205.2 (Billions of yen) Changes Amount % +46.4 +12 +24.1 +15.5 +0.7 +5.8 +18.7 +19.0 (0.2) +27.6 +12 +13 +42 +10 +10 +23 (0) +13 © 2022 Tokuyama Corporation. All rights reserved. 27 433.2 223.9 139.6 2.6 66.9 200.2 102.3 97.9 232.9 3/31/2021 3/31/2022 Changes Amount % 4 Supplementary Material (Year-on-year change) 2. Changes in Net Sales / Operating Profit by Business Segment Chemicals Higher earnings on higher sales 125.5 (Billions of yen) Net Sales Operating Profit 101.4 14.2 16.0 Qualitative information • Due to rising market prices of crude oil, coal, etc., raw material and fuel costs are on the rise, especially for petrochemical products. In terms of earnings, we expect that the high fluctuation risk situation will continue. • We will strengthen cost competitiveness by adjusting selling prices and reducing basic unit and fixed costs while striving to secure revenue. FY2021 2021年3月期 Results 第3四半期 FY2022 2022年3月期 Forecast 第3四半期 28.5 28.9 23.3 4.6 24.0 4.0 19.8 4.3 4.3 1.5 Q4/ 20.4QFY20 Q1/ 21.1QFY21 Q2/ 21.2QFY21 Q3/ 21.3QFY21 Q4/ 21.4QFY21 © 2022 Tokuyama Corporation. All rights reserved. 28 2. Changes in Net Sales / Operating Profit by Business Segment Earnings improved on higher sales 4 Supplementary Material (Year-on-year change) Cement 50.3 63.0 (Billions of yen) Net Sales Operating Profit (1.9) (1.5) 2021年3月期 2022年3月期 第3四半期 FY2021 Results 第3四半期 FY2022 Forecast 22.2 0.6 12.2 0.5 12.7 13.2 12.1 (0.5) (1.0) (0.8) 20.4Q21.1Q21.2Q21.3Q21.4QQ4/ FY20 Q1/ FY21 Q2/ FY21 Q3/ FY21 Q4/ FY21 Qualitative information • Expected to recover moderately due to full-scale redevelopment work in urban areas, domestic demand for cement is expected to remain on par with fiscal 2021 due to a decrease in public investment and longer construction periods. • We anticipate that the environment surrounding the business, such as trends in raw material prices, will remain beset with uncertainty. • We will continue to revise sales prices and work to secure earnings by, for example, thoroughly reduce manufacturing costs and implementing measures at each sales base. © 2022 Tokuyama Corporation. All rights reserved. 29 4 Supplementary Material (Year-on-year change) 2. Changes in Net Sales / Operating Profit by Business Segment Electronic Materials Lower earnings on higher sales (Billions of yen) Net Sales Operating Profit 93.5 7.0 74.9 7.2 Qualitative information The semiconductor market is expected to remain firm against the backdrop of the spread of 5G and the increase in the number of data centers. In accordance with the progress being made in miniaturization, customer demands for higher quality and stable supply are increasing. (Semiconductor-grade Polycrystalline silicon) • We will pursue higher quality products and thereby set ourselves apart from other companies. (IC chemicals) • Establishing manufacturing and sales bases in Taiwan and South Korea, in IC chemicals we will focus on establishing a global supply system that responds to growing demand. (Thermal Management Material) • we will continue to expand sales of existing products while commercializing new products. © 2022 Tokuyama Corporation. All rights reserved. 30 FY2021 2021年3月期 Results 第3四半期 FY2022 2022年3月期 Forecast 第3四半期 17.7 2.1 16.5 2.1 17.2 1.9 19.6 21.4 2.2 0.8 Q4/ 20.4QFY20 Q1/ 21.1QFY21 Q2/ 21.2QFY21 Q3/ 21.3QFY21 Q4/ 21.4QFY21 4 Supplementary Material (Year-on-year change) 2. Changes in Net Sales / Operating Profit by Business Segment Life Science Lower earnings on higher sales (Billions of yen) 33.5 6.0 35.0 6.0 Net Sales Operating Profit Qualitative information (Dental materials / Plastic lens-related materials) • The overseas shipment volumes are on an increase trend. We will continue to focus on new product development and sales activities in response to changes in customer needs and the market, while aiming to increase profits. (Medical diagnosis systems) • We will promote the utilization and collaboration of resources throughout the Group, further strengthen the development of diagnostic reagents, and expand our business. FY2021 2021年3月期 Results 第3四半期 FY2022 2022年3月期 Forecast 第3四半期 9.0 7.4 1.5 1.1 7.8 1.4 8.0 1.4 10.1 1.9 20.4QQ4/ FY20 21.1QQ1/ FY21 21.2QQ2/ FY21 21.3QQ3/ FY21 21.4QQ4/ FY21 © 2022 Tokuyama Corporation. All rights reserved. 31 4 Supplementary Material (Year-on-year change) 2. Changes in Net Sales / Operating Profit by Business Segment Eco Business Earnings improved on higher sales 15.0 (Billions of yen) 10.3 Net Sales Operating Profit (0.4) 0.0 2021年3月期 … 2022年3月期 … FY2021 Results FY2022 Forecast 2.9 2.2 2.2 2.5 3.2 0.0 Q4/FY20Q4/ FY20 (0.1) (0.1) (0.1) Q1/FY21Q1/ FY21 Q2/FY21Q2/ FY21 Q3/FY21Q3/ FY21 0.0 Q4/FY21Q4/ FY21 Qualitative information • To make the environment segment one of our business pillars of the future, we will expand existing businesses, such as ion exchange membranes, plastic window sashes, and recycling of waste gypsum boards, while accelerating technological development and commercialization to reduce CO2 emissions. Serving as a symbol of our business portfolio transformation, the eco business will contribute to a sustainable society and realize business growth. © 2022 Tokuyama Corporation. All rights reserved. 32 4 Supplementary Data 3. Non-Operating Income/Expenses, Extraordinary Gains/Losses and Financial Cost Consolidated (year-on-year change) FY2020 FY2021 (Billions of yen) Changes Interest and dividend income Non-operating income Non-operating expenses Other income Total Interest expenses Other expenses Total Non-operating income/expenses Extraordinary gains Extraordinary losses Extraordinary gains/losses 0.4 4.6 5.1 1.5 3.7 5.2 (0.1) 3.1 3.0 0.1 0.6 6.2 6.8 1.3 4.1 5.5 1.3 3.1 1.3 1.7 +0.1 +1.5 +1.7 +0.1 (0.4) (0.2) +1.4 (0.0) +1.6 +1.6 +0.2 Financial income and expenses (1.0) (0.7) © 2022 Tokuyama Corporation. All rights reserved. 33 4 Supplementary Material 4. Performance Trend Net sales (Billions of yen) 400.0Annual 287.3 302.0 307.1 299.1 308.0 324.6 316.0 302.4 293.8 38.5 41.2 35.2 34.2 30.9 24.5 24.5 20.2 19.5 23.0 Profit (Billions of yen) 360.0 70.060.050.040.030.020.010.00.0(Billions of yen) FY131415161819202117Net sales52.1 19.6 Operating Profit34.2 24.5 28.0 19.9 10.2 (65.3) ■ Profit attributable to owners of parents (100.5) FY13141516171819202122Forecast17.5 22Forecast© 2022 Tokuyama Corporation. All rights reserved. 34 350.0300.0250.0200.0150.0100.050.00.060.030.00.0(30.0)(60.0)(90.0)(120.0)4 Supplementary Material 4. Performance Trend Consolidated Quarter (Billions of yen) 78.9 82.2 79.5 72.6 77.6 70.6 81.4 9.5 8.7 9.2 67.4 65.1 6.6 6.2 7.4 7.4 5.4 4.1 20.2QQ4/FY19 Q1/FY20 Q2/FY20 Q3/FY20 Q4/FY20 20.4Q20.3Q19.4Q20.1QQ1/FY21 Q2/FY21 21.2Q21.1QQ3/FY21 Q4/FY21 21.4Q21.3Q売上高 2■ Net Sales ■ Operating Profit © 2022 Tokuyama Corporation. All rights reserved. 35 4 Supplementary Material 5. CAPEX and Depreciation Trend Consolidated CAPEXDepreciation(Billions of yen) 100.061.0 90.080.070.060.050.040.030.020.010.00.025.3 16.7 18.8 20.0 13.9 17.3 14.2 15.9 13.9 18.5 15.0 23.7 26.4 16.1 17.0 FY13141516171819202146.2 33.3 19.7 22.7 22(Forecasts)© 2022 Tokuyama Corporation. All rights reserved. 36 4 Supplementary Material 6. Interest-Bearing Debts Trend Consolidated (Billions of yen) Short-term debt(Including Current portion of long-term loans payable) 4.7 Long-term debtUnsecured bondsD/E ratio283.1 1.7 50.0 240.7 1.1 50.0 250.00.9 200.0187.7 1.7 1.1 244.1 44.4 213.9 34.4 0.8 0.7 0.5 0.5 192.5 165.2 173.0 161.6 139.9 0.0 128.9 0.0 121.0 111.1 96.2 116.3 0.0 98.4 0.0 109.2 15.0 25.5 1340.6 1426.6 1517.8 1618.8 1717.7 1820.0 1986.4 11.9 2071.7 22.5 21© 2022 Tokuyama Corporation. All rights reserved. 37 400.0350.0300.0150.0100.050.00.050.0 102.3 35.3 FY124 Supplementary Material 7. Cash Flow Plan (Billions of yen) 80.060.040.020.00.0(40.0)(60.0)(80.0)34.1 43.4 30.0 20.0 13.4 30.7 5.2 9.9 (10.0) (20.0)(30.2) (25.5) (64.4) Consolidated 61.8 52.3 43.3 31.8 49.2 38.5 22.3 25.9 24.0 (12.6) (16.1) (20.5) (19.2) (7.8) (33.7) Operating CFInvesting CFFree CFFY13141516171819202122Plan© 2022 Tokuyama Corporation. All rights reserved. 38 Disclaimer This material is supplied to provide information of Tokuyama and its Group companies, and is not intended as a solicitation for investment or other actions. This material has been prepared based on the information currently available and involves uncertainties. Tokuyama and its Group companies accept no liability in relation to the accuracy and completeness of the information contained in this material. Tokuyama and its Group companies assume no responsibility whatever for any losses or deficits resulting from investment decisions based entirely on projections, numerical targets and other information contained in this material. Accordingly, the information on this material may not be used, reproduced, altered, distributed, sold, reprinted or published without the prior approval of the Company. 39