Tamron : FY 2022

		FY2022 Consolidated Financial Results
							February 8, 2023
					(Amounts are rounded down to the nearest million yen)
1. Consolidated Results for FY2022 (January 1, 2022 through December 31, 2022)
(1) Consolidated financial results					(% of change from previous year)
	Net sales		Operating income	Ordinary income	Profit attributable to
		owners of parent
	Million yen	%	Million yen	%	Million yen	%	Million yen	%
FY2022	63.445	-	11,038	-	11,496	-	8,350	-
FY2021	57,539	18.9	7,408	107.2	7,531	100.8	5,173	164.2

(Note) Comprehensive income:	FY2022: 9,869 million yen [-%]	/	FY2021: 7,810 million yen [351.5%]
	Net income per share	Net income per share	Ratio of net income to	Ratio of income	Ratio of operating
	-Basic		-Diluted	shareholders' equity	before taxes to total	income to net sales
							assets
		Yen	Yen		%		%	%
FY2022		400.03	-		14.8		16.1	17.4
FY2021		248.14	-		10.5		12.0	12.9
(Reference) Share of profit of entities accounted for using equity method:	FY2022: -million yen /	FY2021: -million yen

(Note) Since the Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc., from the beginning of the 1st quarter of the current consolidated fiscal year, the amounts of FY2022 is based on the foregoing accounting standard. Therefore, the rate of change compared to the actual value for FY2021 before the application of the standard are not stated.

(2) Consolidated financial position

	Total assets	Total net assets	Ratio of net assets	Net assets per share
		Million yen	Million yen	%	Yen
FY2022		75,556	60,574	80.2	2,899.24
FY2021		67,065	52,536	78.3	2,519.93
(Reference) Shareholders' equity:	FY2022: 60,574 million yen / FY2021: 52,536 million yen

(Note) Since the Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc., from the beginning of the 1st quarter of the current consolidated fiscal year, the amounts of FY2022 is based on the foregoing accounting standard.

(3) Consolidated cash flows

	From operating activities	From investing activities	From financing activities	Cash and cash equivalents
	at end of year
	Million yen	Million yen	%	Yen
FY2022	9,232	(3,865)	(2,044)	29,948
FY2021	8,660	(3,780)	(1,250)	25,832

2. Cash dividends

		Cash dividends per share			Total amount of	Dividends		Ratio of total amount
	End of	End of	End of					of dividends to
				cash dividends	Payout ratio
	1st	2nd	3rd	Year-end	Annual			shareholders' equity
		(annual)	(consolidated)
	quarter	quarter	quarter					(consolidated)
	Yen	Yen	Yen	Yen	Yen		Million Yen	%	%
FY2021	-	25.00	-	57.00	82.00	1,730	33.0	3.5
FY2022	-	30.00	-	*90.00	120.00	2,536	30.0	4.4
FY2023	-	30.00	-	90.00	120.00			30.0
(forecast)

• Year-enddividends for 2022 include commemorative dividends of 5 yen.
• • 1 -

3. Forecast of consolidated results for FY2023 (January 1, 2023 through December 31, 2023)

(% of change from FY2022 or 1st Half FY2022)

								Profit attributable	Net income
	Net sales		Operating income	Ordinary income	to owners of
			per share
								parent
	Million yen		%	Million yen	%	Million yen	%	Million yen		%	Yen
FY2023 1st Half	32,200		1.6	4,800	(15.4)	4,800	(19.4)	3,490		(23.6)	167.04
FY2023	70,000		10.3	11,500	4.2	11,500	0.0	8,370		0.2	400.61

- 2 -

Consolidated financial statements

(1) Consolidated balance sheets

			(Amount: Million yen)
		FY2021	FY2022
		(As of December 31, 2021)	(As of December 31, 2022)
Assets
Current assets
Cash and deposits	25,797	29,948
Notes and accounts receivable - trade	10,505	11,128
Finished goods	5,610	7,531
Work in process	3,757	4,023
Raw materials and supplies	1,865	1,443
Other	1,094	1,360
Allowance for doubtful accounts	(33)	(129)
Total current assets
48,597	55,305
Non-current assets
Property, plant and equipment
Buildings and structures	13,847	14,638
Accumulated depreciation	(9,362)	(10,026)
Buildings and structures, net
4,484	4,611
Machinery, equipment and vehicles
21,128	22,174
Accumulated depreciation	(16,973)	(17,998)
Machinery, equipment and vehicles, net	4,155	4,176
Tools, furniture and fixtures	22,229	20,796
Accumulated depreciation	(20,055)	(18,504)
Tools, furniture and fixtures, net
2,174	2,291
Land
1,170	1,186
Construction in progress	737	1,216
Total property, plant and equipment
12,721	13,482
Intangible assets
494	542
Investments and other assets
Investment securities	4,848	5,533
Deferred tax assets	270	426
Other	159	291
Allowance for doubtful accounts	(26)	(26)
Total investments and other assets
5,252	6,225
Total non-current assets
18,467	20,250
Total assets		67,065	75,556

- 3 -

			(Amount: Million yen)
		FY2021	FY2022
		(As of December 31, 2021)	(As of December 31, 2022)
Liabilities
Current liabilities
Accounts payable - trade	3,439	2,233
Short-term borrowings	1,933	1,908
Accrued expenses	2,812	2,825
Income taxes payable	1,805	2,343
Other	2,459	3,376
Total current liabilities
12,450	12,685
Non-current liabilities
Long-term borrowings	94	-
Deferred tax liabilities	540	567
Provision for share awards	372	368
Retirement benefit liability	821	1,033
Other	249	325
Total non-current liabilities
2,078	2,295
Total liabilities
14,528	14,981
Net assets
Shareholders' equity
Share capital	6,923	6,923
Capital surplus	7,537	7,537
Retained earnings	41,055	47,466
Treasury shares	(7,718)	(7,611)
Total shareholders' equity
47,797	54,316
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	1,124	1,154
Foreign currency translation adjustment	3,342	5,043
Remeasurements of defined benefit plans	272	59
Total accumulated other comprehensive income
4,739	6,258
Total net assets	52,536	60,574
Total liabilities and net assets
67,065	75,556

- 4 -

1. Consolidated statements of income and Consolidated statements of comprehensive income (Consolidated statements of income)

			(Amount: Million yen)
		FY2021	FY2022
		(January 1, 2021 through December 31, 2021)	(January 1, 2022 through December 31, 2022)
Net sales	57,539	63,445
Cost of sales	34,332	35,822
Gross profit
23,207	27,623
Selling, general and administrative expenses
Advertising expenses	538	474
Promotion expenses	492	195
Provision of allowance for doubtful accounts	8	0
Salaries and bonuses	4,277	4,464
Retirement benefit expenses	121	107
Share-based payment expenses	113	103
Technical research expenses	5,028	5,398
Other	5,217	5,841
Total selling, general and administrative expenses
15,798	16,584
Operating profit
7,408	11,038
Non-operating income
Interest income	26	41
Dividend income	48	86
Rental income	14	-
Foreign exchange gains	-	215
Subsidy income	110	121
Other	201	327
Total non-operating income
401	793
Non-operating expenses
Interest expenses	18	38
Foreign exchange losses	92	-
Loss on retirement of non-current assets	67	130
Other	100	165
Total non-operating expenses
278	334
Ordinary profit
7,531	11,496
Extraordinary losses
Impairment losses	112	-
Total extraordinary losses
112	-
Profit before income taxes
7,418	11,496
Income taxes - current
2,196	3,122
Income taxes - deferred	49	23
Total income taxes
2,245	3,146
Profit
5,173	8,350
Profit attributable to owners of parent
5,173	8,350

- 5 -