July 31, 2024

Consolidated Financial Results Bulletin for the 1st Quarter Ended June 30, 2024
(J-GAAP)Tokyo Gas Co., Ltd.
Securities code:9531
Stock listings:(URL https://www.tokyo-gas.co.jp/en/IR/index.html)
Tokyo Stock Exchange, Nagoya Stock Exchange
Representative:
Mr. SASAYAMA Shinichi, Representative
Corporate Executive Officer, President and CEO
Contact:
Mr. KOMORI Rikiya, Chief Manager,
Location of head office: Tokyo
Consolidated Settlements Sect.
Scheduled date of the start of dividend payments:—
Supplementary documents to the financial results:
Available
Earnings announcement presentation:
Scheduled (for institutional investors)(Amounts are rounded down to the nearest million yen)

1. Consolidated Performance for 1st Quarter (from April 1, 2024 to June 30, 2024)(Unit: million yen)(% of change from the corresponding period of previous year)(1) Consolidated Business Performance
Net sales

Operating profit

Ordinary profit

Profit attributable toowners of parent

Three months ended
Jun. 30, 2024

586,932-9.7%

24,913-73.2%

27,062-74.8%

19,900-74.4%

Three months ended
Jun. 30, 2023

649,696

6.5%

92,977

81.6%

107,24585.9%

77,669102.1%

Note: Total comprehensive income
Three months ended June 30, 2024: 98,451 million yen (-7.5%)

Profit per share

Three months ended June 30, 2023: 106,431 million yen (81.2%)

Diluted profit
per share

Three months ended
Jun. 30, 2024

50.17 yen—Three months ended
Jun. 30, 2023

180.91 yen—(2) Consolidated Financial Position(Unit: million yen)
Total assets
As of Jun. 30, 2024
As of Mar. 31, 2024

3,819,320
3,888,855

Reference: Shareholders’ equity
As of June 30, 2024: 1,761,342 million yen

Total net assets

Equity ratio

1,800,569
1,733,218

46.1%
43.6%

As of March 31, 2024: 1,695,747 million yen

2. Dividend
Dividend per share (Unit: yen)
End of 1Q
FY2023 ended Mar. 31,2024
FY2024 ending Mar. 31,
2025
FY2024 ending Mar. 31,
2025 (Forecast)End of 2Q—

End of 3Q

End of 4Q

Annual

32.50

—

37.50

70.00

35.00

—

35.00

70.00

—

Note: Revision to the dividend forecast that has been disclosed lastly: No

3. Consolidated Results Forecast for FY2024 ending March 31, 2025 (April 1, 2024 - March 31, 2025)(Unit: million yen)(% of change from the corresponding period of previous year)
Net sales
Full-year

2,638,000-1.0%Operating profit

Ordinary profit

113,000

111,000-48.7%-51.4%Net profit attributableto owners of parent
81,000-52.3%

Profitper share
207.53 yen

Note: Revision to the consolidated results forecast that has been disclosed lastly: Yes*Notes(1) Significant changes in the scope of consolidation during the period: None
Reference: Scope of consolidation and application of equity method
Number of consolidated subsidiaries: 100 (Decreased by 4 companies)
Number of subsidiaries and affiliates accounted for by equity method: 22 (Increased by 1 company)(2) Application of accounting treatment peculiar to quarterly consolidated financial statement preparation (yes/no): Yes
Note: Please see page 9 of the Attachment, “2. Consolidated Financial Statements and Main Notes: (3) Notes on
consolidated financial statements (Application of accounting treatment peculiar to quarterly consolidated
financial statement preparation)” for details.
(3) Change in accounting policies or estimates and retrospective restatements
1) Change in accounting policies in accordance with revision of accounting standards: Yes
2) Change in accounting policies other than item 1) above: No
3) Change in accounting estimates: No4) Retrospective restatements: No(4) Number of issued shares (common stock)(Unit: share)
1) Number of issued shares at end of period(including treasury stock):Jun. 30, 2024

400,452,159

Mar. 31, 2024

400,452,159

2) Number of shares of treasury stockat end of period:

Jun. 30, 2024

6,019,355

Mar. 31, 2024

1,436,376

3) Average number of shares during period:

Apr. – Jun. 2024

396,662,891

Apr. – Jun. 2023

429,336,886* Review of the attached quarterly consolidated financial statements by a certified public accountant or an audit firm: None
* Explanation related to appropriate use of results forecasts and other items warranting special mention
1. Earnings forecasts are based on information available as of the date of publication of this document and are not intended
as a promise by the Company to achieve them. Actual results may differ from the forecasts due to various factors. For
details on earnings forecasts, please see “1. Overview of Business Performance, etc. (2) Future outlook” on page 4 of the
Attachment.
2. The supplementary documents to the financial results will be posted on the Web site of the Company.

Contents of Attachment
1.

Overview of Business Performance, etc............................................................................................................................. 2(1)
Overview of business performance for the quarter .................................................................................................. 2(2)
Future outlook ............................................................................................................................................................. 4
2. Consolidated Financial Statements and Main Notes ........................................................................................................ 5(1)
Consolidated balance sheets ....................................................................................................................................... 5(2)
Consolidated statements of income and comprehensive income ............................................................................. 7
Consolidated statement of income ............................................................................................................................. 7
Consolidated statement of comprehensive income ................................................................................................... 8(3)
Notes on consolidated financial statements ............................................................................................................... 9(Note on going concerns’ premise) ............................................................................................................................. 9(Significant changes in shareholders’ equity)............................................................................................................ 9(Application of accounting treatment peculiar to quarterly consolidated financial statement preparation)...... 9(Changes in accounting policies) ................................................................................................................................ 9(Notes to segment information, etc.) ........................................................................................................................ 10(Notes to statements of cash flows)........................................................................................................................... 111

1. Overview of Business Performance, etc.
(1) Overview of business performance for the quarter(1) Business performance
The Group’s net sales for the three months ended June 30, 2024, decreased by ¥62,764 million (9.7%) year on year to¥586,932 million due to the impact of the fall in unit price resulting from resource cost adjustments.
Operating expenses increased by ¥5,300 million (1.0%) year on year to ¥562,018 million due to a year-on-yearincrease in raw material costs owing to a rise in crude oil prices.
As a result, operating profit decreased by ¥68,064 million (73.2%) year on year to ¥24,913 million, and ordinary
profit fell by ¥80,183 million (74.8%) to ¥27,062 million. After recording ¥2,000 million in compensation for damages
received as extraordinary gains and posting income taxes, profit attributable to owners of parent decreased by ¥57,769
million (74.4%) to ¥19,900 million.
Segment earnings were as follows.
1) Energy solution
City gas sales volume to residential customers decreased by 6.7% year on year to 571 million m3, mainly due to adecrease caused by high temperatures. Sales volume to commercial and industrial customers decreased by 2.1% to 1,477
million m3, mainly due to lower demand, while supply to other utilities increased by 9.7% to 380 million m3. Total sales
volumes decreased by 1.5% to 2,428 million m3.
Electric power sales volumes to retail customers increased by 5.6% year on year to 2,600 million kWh, mainly as aresult of an increase in the number of contracts, while sales volumes to wholesale and other customers decreased by
14.2% to 2,402 million kWh, primarily due to lower demand from wholesale customers. Total sales volume decreased
by 5.0% to 5,002 million kWh.
Sales fell by ¥71,646 million (12.1%) year on year to ¥520,341 million. The share of profit of entities accounted forusing the equity method was ¥455 million, down ¥261 million (36.4%) year on year. As a result, segment profit came to¥25,374 million, a decrease of ¥56,716 million (69.1%) year on year.

City gas sales volume<Consolidated City Gas Sales Volume, etc.>
Apr. – Jun. 2024
Apr. – Jun. 2023
Change% change
No. of customers for cityThousands
8,843
8,749
94
1.1
gas retail sales
Thousands
No. of customers (meters)
12,47012,350120
1.0
3Residential
571
612
-41
-6.7
Mil. m3
Commercial
460
476
-16
-3.4
Mil. m3
Industrial
1,017
1,031
-14
-1.4
Mil. m3
Subtotal
1,477
1,508
-31
-2.1
Mil. mSupplies to other utilities Mil. m3
380
346
34
9.7
Total
Mil. m3
2,428
2,466
-38
-1.5
Average temperature
°C
20.0
19.5
0.5
—
Notes:
1. No. of customers for city gas retail sales indicates the number of billed customers for city gas retail sales.
2. No. of customers (meters) indicates the number of meters as a gas pipeline service provider.
3. “Commercial” indicates sales to commercial, public and medical institutions.
4. City gas sales volumes are on the basis of 45MJ/m3.
< Consolidated Electric Power Sales Volume, etc.>
Apr. – Jun. 2024
Apr. – Jun. 2023
Change% change
No. of customers for
Thousands
3,975
3,612
363
10.0
electric power retail sales
Electric Retailmillion kWh
2,600
2,462
138
5.6
power
Wholesale etc. million kWh
2,402
2,800
-398
-14.2
sales
million kWh
5,002
5,262
-260
-5.0
volume Total
Note: No. of customers for electric power retail sales indicates the number of billed customers for electric power retailsales.

2

<Foreign Exchange Rate and Crude Oil Price>
Apr. – Jun. Apr. – Jun.
Change¥/$ rate2024
2023
155.86137.4918.37

Crude oilprice($/bbl)Apr. – Jun.
2024
87.43

Apr. – Jun.
2023
84.12

Change3.31

2) Network
Sales increased by ¥2,868 million (3.8%) year on year to ¥79,139 million. As a result, segment profit increased by¥1,981 million to ¥1,168 million.
3) Overseas
Sales increased by ¥10,229 million (32.4%) year on year to ¥41,752 million. The share of profit of entities accounted
for using the equity method was ¥1,517 million, an increase of ¥790 million (108.6%) year on year. As a result, segment
profit came to ¥3,109 million, down ¥9,128 million (74.6%) year on year.
4) Urban development business
Sales decreased by ¥3,445 million (18.3%) year on year to ¥15,371 million. The share of profit of entities accounted
for using the equity method was ¥166 million, a decrease of ¥31 million (16.0%) year on year. As a result, segment
profit decreased by ¥3,049 million (44.1%) year on year to ¥3,857 million.
(2) Financial position
Total assets as of the end of the first quarter decreased by ¥69,535 million from the end of the previous fiscal year to¥3,819,320 million. This was mainly due to a decrease in notes and accounts receivable – trade and contract assets
caused by seasonal factors and a decrease in cash and deposits primarily due to the payment of income taxes.
Liabilities decreased by ¥136,886 million from the end of the previous fiscal year to ¥2,018,750 million. This was
mainly attributable to a decrease in interest-bearing debt, including commercial papers and corporate bonds, and adecrease in other current liabilities owing to the payment of accounts payable - other and accrued expenses.
Net assets increased by ¥67,351 million from the end of the previous fiscal year to ¥1,800,569 million. This was
mainly due to the recording of profit attributable to owners of parent (¥19,900 million) and an increase in foreign
currency translation adjustment (¥63,667 million), despite dividends of surplus (¥14,970 million) and the market
purchase of treasury stock (¥15,992 million).
As a result of an increase in equity capital (the sum of shareholders’ equity and accumulated other comprehensive
income), while total assets decreased, the equity ratio increased by 2.5 percentage points to 46.1%.

3

(2) Future outlook
The current outlook of the business environment and earnings are as follows.
a. Consolidated city gas sales volume forecast for FY2024
FY2024(Forecast)Mil. m3
2,816City gas Residential
3
sales
OthersMil. m8,606
volume Total
Mil. m3
11,422Average temperature°C
16.4
Note: City gas sales volumes are on the basis of 45MJ/m3.
b. Consolidated electric power sales volume forecast for FY2024
FY2024(Forecast)
Total electric power sales
million kWh
24,060volumec. Consolidated earnings forecast for FY2024
Net sales
FY2024 (forecast)
FY2023 (results)
Change% change

26,38026,645-265-1.0

FY2023(Results)
2,724
8,579
11,30317.5

FY2023(Results)

Change% change
92
27
119
-1.1

Change25,479-1,419

3.4
0.3
1.1
—

% change-5.6(Unit: hundred million yen)

Operating profit

Ordinary profit

Profit attributableto owners of parent

1,130
2,203
-1,073
-48.7

1,110
2,281
-1,171
-51.4

810
1,699
-889
-52.3

< Foreign exchange rate and crude oil price forecast for FY2024>
FY2024FY2023
Crude oil
Change(Forecast)(Results)¥/$ rate
price($/bbl)145.00144.580.42

4FY2024(Forecast)
80.00

FY2023(Results)
85.97

Change-5.97

2. Consolidated Financial Statements and Main Notes(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract assets

363,945454,276

274,807348,458

Lease receivables and investments in leases
Securities

18,334-18,0639

Merchandise and finished goods
Work in process

34,476
13,24935,026
18,312

Raw materials and supplies
Other current assets

89,810331,570

102,188324,620

Allowance for doubtful accounts-1,718-1,374

1,303,945

1,120,113

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net

318,445

316,180

Machinery, equipment and vehicles, net
Tools, furniture and fixtures, net

828,076
9,883

823,037
9,621

Land
Leased assets, net

180,647
7,553

180,633
7,761

Construction in progress

100,979

109,182

1,445,585

1,446,415

5,524

5,337

Mining rights
Other intangible assets

526,319
149,793570,980
146,046

Total intangible assets

681,637

722,364

Investments and other assets
Investment securities

293,923

343,480

Long-term loans receivable
Retirement benefit asset

16,767
19,457

17,004
19,906

Deferred tax assets
Other investments

19,841110,053

25,554
126,735

Allowance for doubtful accounts-2,355-2,255

Total property, plant and equipment
Intangible assets
Goodwill

Total investments and other assets
Total non-current assets
Total assets

5457,687

530,426

2,584,910

2,699,206

3,888,855

3,819,320

(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings

96,0139,421

87,705
7,822

Current portion of bonds payable
Current portion of long-term borrowings

20,00044,577

10,00036,857

Income taxes payable
Other current liabilities

38,695461,289

28,266
343,987

Total current liabilities

669,997

514,639

Non-current liabilities
Bonds payable

638,660

645,202

Long-term borrowings
Deferred tax liabilities

631,683
46,512638,790
53,358Retirement benefit liability
Provision for share awards for directors (and otherofficers)
Provision for gas holder repairs
Provision for safety measures
Provision for contract loss in regards to appliancewarranties
Provision for point card certificates
Asset retirement obligations

62,90861,648

254

280

3,247
422

3,174
395

4,327

4,063

503
19,959346
20,995

Other noncurrent liabilities

77,15875,854

Total non-current liabilities

1,485,639

1,504,111

2,155,636

2,018,750

Share capital
Capital surplus

141,844
4,109

141,8444,109Retained earnings
Treasury shares

1,340,347-4,4591,345,277-20,451

Total shareholders' equity

1,481,841

1,470,780

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

59,72731,32257,32648,543Foreign currency translation adjustment
Remeasurements of defined benefit plans

115,170
7,685

178,837
5,854

Total accumulated other comprehensive income

213,906

290,562

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets

6

37,471

39,227

1,733,218

1,800,569

3,888,855

3,819,320

(2) Consolidated statements of income and comprehensive income
Consolidated statement of income(Millions of yen)
For the three months
ended June 30, 2023

For the three months
ended June 30, 2024

Net sales

649,696586,932

Cost of sales

497,863495,489

Gross profit

151,832

91,442

Selling, general and administrative expenses

58,854

66,528Operating profit

92,977

24,913

Interest income
Dividend income

1,261
827

1,588
728

Share of profit of entities accounted for using equity method
Gain on derivatives

1,641
3,207

2,139
2,965

Miscellaneous income

13,3994,438

Total non-operating income

20,337

11,860

4,197
1,871

7,697
2,013

Non-operating income

Non-operating expenses
Interest expenses
Miscellaneous expenses
Total non-operating expenses
Ordinary profit

6,069

9,711

107,245

27,062

2,499
-

2,000

Extraordinary income
Gain on sale of investment securities
Compensation income for damage

2,499

2,000

Profit before income taxes

Total extraordinary income

109,745

29,063

Income taxes

31,384

9,111

Profit

78,361

19,952

Profit attributable to non-controlling interests
Profit attributable to owners of parent

7

691

51

77,66919,900Consolidated statement of comprehensive income(Millions of yen)
For the three months
ended June 30, 2023
ProfitOther comprehensive income

For the three months
ended June 30, 2024
78,361

19,952

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

778
21,743-2,40017,770Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income

5,510
-422

59,917-1,831

460

5,043

28,06978,499Comprehensive income

106,43198,451

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

103,01296,556

3,418

1,895

8

(3) Notes on consolidated financial statements(Note on going concerns’ premise)
Not applicable(Significant changes in shareholders’ equity)
I Three months ended June 30, 2023
Purchase of treasury stock
At its Board of Directors meeting held on April 26, 2023, the Company resolved to acquire treasury sharespursuant to Article 156 of the Companies Law as applied mutatis mutandis to Article 165, paragraph (3) of thelaw. The treasury shares are being purchased between May 8, 2023, and March 31, 2024, with a maximum of 53
million shares to be purchased and a maximum total amount of ¥113 billion.
Treasury stock was purchased as follows during the three months ended June 30, 2023:(1) Purchase period
May 8 – June 30, 2023 (execution basis)(2) Number of shares purchased
8,025,900 shares(3) Total value of purchase¥24,493,760,400(4) Purchase method
Market purchase on the Tokyo Stock Exchange
II Three months ended June 30, 2024
Purchase of treasury stock
At its Board of Directors meeting held on April 25, 2024, the Company resolved to acquire treasury sharespursuant to Article 156 of the Companies Law as applied mutatis mutandis to Article 165, paragraph (3) of thelaw. The treasury shares are being purchased between May 7, 2024, and March 31, 2025, with a maximum of 17
million shares to be purchased and a maximum total amount of ¥40 billion.
The following purchase was made during the three months ended June 30, 2024:(1) Purchase period
May 7 – June 30, 2024 (execution basis)(2) Number of shares purchased
4,585,600 shares(3) Total value of purchase¥15,992,598,800(4) Purchase method
Market purchase on the Tokyo Stock Exchange(Application of accounting treatment peculiar to quarterly consolidated financial statement preparation)
Calculation of tax expenses
Tax expenses are calculated by making a reasonable estimate of the effective tax rate after applying tax effectaccounting to profit before income taxes for the consolidated fiscal year that includes the first-quarter period andmultiplying the quarterly profit before income taxes by the estimated effective tax rate. However, in cases where
the calculation of tax expenses using the estimated effective tax rate results in a significant lack of rationality, tax
expenses are calculated using the statutory effective tax rate.
(Changes in accounting policies)
Application of Accounting Standard for Current Income Taxes
The Accounting Standard for Current Income Taxes (ASBJ Statement No. 27; October 28, 2022; hereinafter,“2022 Revised Accounting Standard”) has been applied since the beginning of the first-quarter period.
Revisions concerning the recognition classification of income taxes follow the transitional treatment set forthin the proviso of paragraph 20-3 of the 2022 Revised Accounting Standard and in the proviso of paragraph 65-2
(2) of the Guidance on Accounting Standard for Tax Effect Accounting (ASBJ Guidance No. 28; October 28,
2022; hereinafter, “2022 Revised Guidance”). This change in accounting policy has no impact on the quarterly
consolidated financial statements.
Regarding the revisions related to the review of treatment in consolidated financial statements when
conducting a tax deferral of gains or losses on sale arising from the sale of subsidiary shares, etc. between
consolidated companies, the 2022 Revised Guidance has been applied since the beginning of the first-quarter
period. This change in accounting policy is applied retrospectively, and the consolidated financial statements forthe previous year’s quarters and the previous consolidated fiscal year are after retrospective application. Thischange in accounting policy has no impact on the consolidated financial statements for the previous year’squarters and the previous consolidated fiscal year.

9(Notes to segment information, etc.)[Segment Information]
I Three months ended June 30, 2023
1 Information related to net sales and profit or loss by reporting segment(Unit: million yen)
Reporting segment
Energy solution

NetworkUrban
development

Overseas

Adjustments(Note 1)

Total

Amount recordedon quarterly
consolidated
statement ofincome (Note 2)

Net sales
External sales

583,840

22,146

31,447

12,260649,696—649,696

Intersegment
sales & transfers

8,146

54,12475

6,555

68,902-68,902—

Total

591,987

76,271

31,523

18,816

718,598-68,902649,696

81,374-813

11,5106,708

98,779-5,801

92,977

716

—

727

197

1,641

—

1,641

82,090-813

12,237

6,906

100,420-5,801

94,619Segment profit(loss)
Operatingprofit (loss)
Investment
gain (loss) on
equity method
Total

Notes:
1. The -¥5,801 million adjustment to segment profit/loss includes -¥135 million for the elimination of intersegment
transactions and -¥5,937 million for companywide expenses not allocated to the respective reporting segments.
Companywide expenses consist primarily of general and administrative expenses not attributable to the reporting
segments.
2. Segment profit or loss is adjusted for investment gain or loss on the equity method, which is added to or deductedfrom operating profit or loss on the quarterly consolidated statement of income.
II Three months ended June 30, 2024
1 Information related to net sales and profit or loss by reporting segment(Unit: million yen)
Adjustments(Note 1)

Amount recordedon quarterly
consolidated
statement ofincome (Note 2)

Reporting segment
Energy solution

NetworkUrban
development

Overseas

Total

Net sales
External sales

513,606

23,03841,681

8,605

586,932—

586,932

Intersegment
sales & transfers

6,735

56,101

71

6,766

69,673-69,673—

Total

520,341

79,13941,752

15,371

656,605-69,673

586,932

24,919

1,168

1,591

3,691

31,370-6,457

24,913

455

—

1,517

166

2,139

—

2,139

25,374

1,168

3,109

3,857

33,509-6,457

27,052

Segment profit(loss)
Operatingprofit (loss)
Investment
gain (loss) on
equity method
Total

Notes:
1. The -¥6,457 million adjustment to segment profit/loss includes -¥175 million for the elimination of intersegment
transactions and -¥6,282 million for companywide expenses not allocated to the respective reporting segments.
Companywide expenses consist primarily of general and administrative expenses not attributable to the reporting
segments.
2. Segment profit or loss is adjusted for investment gain or loss on the equity method, which is added to or deductedfrom operating profit or loss on the quarterly consolidated statement of income.

10

2 Matters related to changes to the reporting segments
Due to organizational changes, TOKYO GAS UNITED KINGDOM LTD., a subsidiary of the Company,
was transferred from the Energy Solutions segment to the Overseas segment, effective the first-quarter
period.
Note that the segment information for the three months ended June 30, 2023, is presented based on thereporting segment classification after the change.
(Notes to statements of cash flows)
Quarterly consolidated statements of cash flows pertaining to the three months ended June 30, 2024, have notbeen prepared. Depreciation (including amortization related to intangible assets excluding goodwill) pertaining to
the first three months is as follows:

Depreciation

Three months ended June 30, 2023

Three months ended June 30, 2024

¥49,362 million¥61,529 million

11