July 27, 2022

Consolidated Financial Results Bulletin for the 1st Quarter Ended June 30, 2022
(J-GAAP)Tokyo Gas Co., Ltd.
Securities code:9531
Stock listings:(URL https://www.tokyo-gas.co.jp/IR/english/index.html)
Tokyo Stock Exchange, Nagoya Stock Exchange
Representative:
Mr. UCHIDA Takashi, 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 filing of quarterly report:
August 15, 2022
Scheduled date of the start of dividend payments:—
Preparation of 1Q earnings presentation material (yes/no): Yes
Holding of 1Q earnings announcement (yes/no):Yes (for institutional investors)(Amounts are rounded down to the nearest million yen)

1. Consolidated Performance for 1st Quarter (from April 1, 2022 to June 30, 2022)(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, 2022

609,93952.0%

51,207182.5%

57,700259.8%

38,438267.0%

Three months ended
Jun. 30, 2021

401,146-3.5%

18,127-34.0%

16,035-42.9%

10,473-36.0%

Note: Total comprehensive income
Three months ended June 30, 2022: 58,721 million yen (83.5%)

Profit per share

Three months ended June 30, 2021: 31,997 million yen (102.1%)

Diluted profit
per share

Three months ended
Jun. 30, 2022

88.06 yen—Three months ended
Jun. 30, 2021

23.80 yen—

Note: Figures for the three months ended June 30, 2021, represent figures after retroactive application following a change in accounting policies.

(2) Consolidated Financial Position(Unit: million yen)
Total assets
As of Jun. 30, 2022
As of Mar. 31, 2022

3,381,128
3,241,525

Total net assets

Equity ratio

1,306,160
1,281,150

38.0%
38.6%

Reference: Shareholders’ equity
As of June 30, 2022: 1,283,228 million yen
As of March 31, 2022: 1,251,781 million yen
Note: Figures as of March 31, 2022, represent figures after retroactive application following a change in accounting policies.

2. Dividend
Dividend per share (Unit: yen)
End of 1Q
FY2021 ended Mar. 31,
2022
FY2022 ending Mar. 31,2023
FY2022 ending Mar. 31,
2023 (Forecast)End of 2Q—

End of 3Q

End of 4Q

Annual

30.00

—

35.00

65.00

32.50

—

32.50

65.00

—

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

3. Consolidated Results Forecast for FY2022 ending March 31, 2023 (April 1, 2022 - March 31, 2023)(Unit: million yen)(% of change from the corresponding period of previous year)
Net sales
Full-year

2,948,000

Operating profit
36.8%

140,000

9.9%

Ordinary profit
127,000-6.9%

Net profit attributableto owners of parent
92,000-3.9%

Profitper share
211.89 yen

Notes: 1. Revision to the consolidated results forecast that has been disclosed lastly: Yes
2. The year-on-year percentage changes represent the percentage changes calculated by retroactively applying the change in accounting
policies to the figures for the fiscal year ended March 31, 2022.

*Notes(1) Significant changes in consolidated subsidiaries (changes in specified subsidiaries resulting in change of scope of
consolidation during the quarter) (yes/no): No
Reference: Scope of consolidation and application of equity method
Number of consolidated subsidiaries: 102 (Decreased by 11 companies)
Number of subsidiaries and affiliates accounted for by equity method: 16(2) Application of accounting treatment peculiar to quarterly consolidated financial statement preparation (yes/no): Yes
Note: Please see page 10 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: No
2) Change in accounting policies other than item 1) above: Yes
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, 2022

440,996,559

Mar. 31, 2022

440,996,559

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

Jun. 30, 2022

7,567,683

Mar. 31, 2022

1,448,431

3) Average number of shares during period:

Apr. – Jun. 2022

436,481,214

Apr. – Jun. 2021

440,036,974* Quarterly review procedures by a certified public accountant or an audit firm do not apply to quarterly consolidated
financial results bulletins.
* Explanation related to appropriate use of results forecasts and other items warranting special mention
1. The consolidated and non-consolidated results forecasts include numerous elements of uncertainty, including the impactof the COVID-19 pandemic and the Russia-Ukraine situation. Therefore, the forecasts are subject to drastic changes
depending on future development. For details of the above forecasts, please refer to “1. Overview of Business
Performance, etc. (2) Future outlook” on page 4 of the Attachment and “1. Overview of Business Performance, etc. (3)Revisions to FY2022 results forecasts” on page 5 of the Attachment.
2. The information related to this Financial Results will be posted on the Web site of the Company.

Non-Consolidated Results Forecast for FY2022 ending March 31, 2023 (April 1, 2022 - March 31, 2023)(Unit: million yen)(% of change from the corresponding period of previous year)
Net sales
Full-year

2,651,300

37.3%

Operating profit

Ordinary profit

53,10060,800

2.4%

26.9%

Net income
41,800

10.6%

Profitper share
96.27 yen

Notes: 1. Revision to the non-consolidated results forecast that has been disclosed lastly: Yes
2. The year-on-year percentage changes represent the percentage changes calculated by retroactively applying the change in accounting
policies to the figures for the fiscal year ended March 31, 2022.

Contents of Attachment
1.

Overview of Business Performance, etc............................................................................................................................. 2(1)
Overview of business performance of the 1st quarter.............................................................................................. 2(2)
Future outlook ............................................................................................................................................................. 4(3)
Revisions to FY2022 results forecasts ........................................................................................................................ 5
2. Consolidated Financial Statements and Main Notes ........................................................................................................ 6(1)
Consolidated balance sheets ....................................................................................................................................... 6(2)
Consolidated statements of income and comprehensive income ............................................................................. 8
Consolidated statement of income ............................................................................................................................. 8(Three months ended June 30, 2022)
Consolidated statement of comprehensive income ................................................................................................... 9(Three months ended June 30, 2022)(3)
Notes on consolidated financial statements ............................................................................................................. 10(Note on going concerns’ premise) ........................................................................................................................... 10(Additional information) ........................................................................................................................................... 10(Significant changes in shareholders’ equity).......................................................................................................... 10(Application of accounting treatment peculiar to quarterly consolidated financial statement preparation).... 10(Change in accounting policies) ................................................................................................................................ 111

1. Overview of Business Performance, etc.
(1) Overview of business performance of the 1st quarter<Summary by segment>
In November 2021, the Company formulated the Compass Action, a detailed roadmap for achieving Compass 2030,
the Group’s management vision, and on April 1, 2022, transitioned to a holding company structure. Following thisdevelopment, the Company has decided to change its reporting segments from the five segments of “gas,” “electric
power,” “overseas,” “energy related,” and “real estate,” which it had used until FY2021, to four reporting segments of“energy solution,” “network,” “overseas,” and “urban business,” starting in FY2022.
The year-on-year comparison is based on the previous reporting segments since it is difficult to create data of net sales
and profits of the three months ended June 30, 2021, using the new reporting segments.
Three months ended June 30, 2022
Energy solution
Sales
Operatingexpenses
Segment
profitNetwork

Overseas(Unit: million yen)
Urban business

FY2022558,660

88,63535,041

14,997(% of total)(80.1%)(12.7%)(5.0%)(2.2%)FY2022519,776

86,307

20,16911,124(% of total)(81.6%)(13.5%)(3.2%)(1.7%)FY202238,891

2,328

16,022

4,080(% of total)(63.4%)(3.8%)(26.1%)(6.7%)
Note: Figures for sales include internal transactions. Figures for operating expenses do not include expenses that cannot
be allocated to specific segments. Figures for segment profit are adjusted against the amount based on operating
profit of consolidated financial statements plus or minus investment income or loss on equity method.
Comparison with the three months ended June 30, 2021
(Unit: million yen)
Electric
EnergyGas
Overseas
Real estate
Otherspower
relatedFY2022
403,160
153,341
35,04376,82914,99722,597(% of total)(57.1%)(21.7%)(5.0%)(10.9%)(2.1%)(3.2%)FY2021
266,213
81,231
20,573
69,247
14,01324,009Sales(% of total)(56.0%)(17.1%)(4.3%)(14.6%)(2.9%)(5.1%)
Amount of change
136,947
72,11014,4707,582
984-1,412(Rate of change)
51.4%
88.8%
70.3%
10.9%
7.0%
-5.9%
FY2022
371,419
149,241
19,67073,524
11,072
18,970(% of total)(57.7%)(23.2%)(3.1%)(11.4%)(1.7%)(2.9%)
251,999
77,67615,31867,064
9,941
24,904
Operating FY2021
expenses (% of total)(56.4%)(17.4%)(3.4%)(15.0%)(2.2%)(5.6%)
Amount of change
119,420
71,565
4,352
6,460
1,131
-5,934(Rate of change)
47.4%
92.1%
28.4%
9.6%
11.4%
-23.8%FY2022
31,7404,100
16,523
3,305
4,132
3,634
(% of total)(50.1%)(6.5%)(26.0%)(5.2%)(6.5%)(5.7%)
14,213
3,554
5,772
2,182
4,296
-886
Segment FY2021
profit(% of total)(48.8%)(12.2%)(19.8%)(7.5%)(14.7%)(-3.0%)
Amount of change
17,527546
10,751
1,123
-164
4,520
(Rate of change)
123.3%
15.4%
186.2%
51.4%
-3.8%
—
Notes:
1. Figures for sales include internal transactions. Figures for operating expenses do not include expenses that cannot beallocated to specific segments. Figures for segment profit are adjusted against the amount based on operating profit
of consolidated financial statements plus or minus investment income or loss on equity method.
2. Figures for the three months ended June 30, 2021, represent figures after retroactive application following a changein accounting policies.

2City gas sales volume<Consolidated City Gas Sales Volume, etc.>
Apr. – Jun. 2022
Apr. – Jun. 2021
Change% change
No. of customers for cityThousands
8,689
8,818
-129
-1.5
gas retail sales
Thousands
No. of customers (meters)
12,223
12,103120
1.0
3Residential
657
653
4
0.6
Mil. mCommercial
446
440
6
1.4
Mil. m3
3
Industrial
1,393
1,323
70
5.3
Mil. mSubtotal
1,839
1,763
76
4.3
Mil. m3
3
Supplies to other utilities
361
359
2
0.4
Mil. m
3
Total
2,857
2,775
82
2.9
Mil. mAverage temperature
°C
19.0
19.1
-0.1
—
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.
5. The figures for the three months ended June 30, 2021, represent figures after retroactive application following achange in accounting policies.
The aforementioned notes also apply to the relevant tables that follow.
< Consolidated Electric Power Sales Volume, etc.>
Apr. – Jun. 2022
Apr. – Jun. 2021
Change% change
No. of customers for
Thousands
3,090
2,788
302
10.8
electric power retail sales
Electric Retailmillion kWh
2,283
2,091
192
9.2
power
Wholesale etc. million kWh
5,145
3,766
1,379
36.6
sales
million kWh
7,429
5,858
1,571
26.8
volume Total
Note: No. of customers for electric power retail sales indicates the number of billed customers for electric power retailsales.
<Foreign Exchange Rate and Crude Oil Price>
Apr. – Jun. Apr. – Jun.
Change¥/$ rate2022
2021
129.73109.52
20.21

Crude oilprice($/bbl)3

Apr. – Jun.
2022
110.80

Apr. – Jun.
2021
66.95

Change43.85

(2) Future outlook
a. Consolidated city gas sales volume forecast for FY2022
FY2022
FY2021
Change% change(Forecast)(Results)
Mil. m3
3,042
3,083
-41
-1.3%
City gas Residential
sales
OthersMil. m3
9,600
10,063-463-4.6%
3volume Total
Mil. m12,642
13,146-504-3.8%
Average temperature
°C
16.3
16.2
0.1
—
Note: The results figures for FY2021 represent figures after retroactive application following a change in accounting
policies.
b. Consolidated electric power sales volume forecast for FY2022
FY2022(Forecast)
Total electric power sales
million kWh
34,358volumec. Consolidated earnings forecast for FY2022
Net sales

FY2021(Results)

Change28,2886,070% change
21.5(Unit: hundred million yen)

Operating profit

Ordinary profit

Profit attributableto owners of parent

29,480
1,400
1,270
920
21,548
1,274
1,363
957
Change
7,932
126
-93
-37
% change
36.8%
9.9%
-6.9%
-3.9%
Note: The results figures for FY2021 represent figures after retroactive application following a change in accounting
policies.
FY2022 (forecast)
FY2021 (results)< Foreign exchange rate and crude oil price forecast for FY2022>
FY2022
FY2021
Crude oil
Change(Forecast)(Results)¥/$ rate
price($/bbl)126.18112.3913.79

4FY2022(Forecast)110.20

FY2021(Results)
77.15

Change33.05

(3) Revisions to FY2022 results forecasts<FY2022 consolidated results forecasts>

Previous forecast(A)
Revised forecast(B)
Difference (B-A)
Percentage
difference (%)(Reference)
FY2021 results

Net sales(hundred million
yen)

Operating profit(hundred million
yen)

Ordinary profit(hundred million
yen)Profit attributableto owners ofparent(hundred million
yen)

25,300

1,400

1,270

920

211.6929,480

1,400

1,270

920

211.89

4,180

0

0

0

—

16.5

0

0

0

—

21,548

1,274

1,363

957

217.67

Ordinary profit(hundred million
yen)Profit(hundred million
yen)Profit per share(yen per share)

767

567

130.47

608

418

96.27

-159

-149

—

-20.7

-26.3

—

478

377

85.95

<FY2022 non-consolidated results forecasts>
Net sales
Operating profit(hundred million (hundred million
yen)
yen)
Previous forecast
22,083708(A)
Revised forecast
26,513531(B)
Difference (B-A)
4,430
-177
Percentage
20.1
-25.0
difference (%)(Reference)
19,310518
FY2021 results

Profit per share(yen per share)

As a result of revising the full-year FY2022 results forecasts based on factors such as the recent rise in oil prices andthe depreciation of the yen, the forecasts for consolidated net sales and non-consolidated net sales, operating profit,
ordinary profit and profit are likely to change from the previous forecasts that were announced on April 27, 2022.
Notes:
1. The above forecasts are based on information available at the time of the release of this document. Therefore, theactual results may differ from the stated forecast figures depending on various factors going forward.
2. The results figures for FY2021 represent figures after retroactive application following a change in accounting
policies.

52. Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheets
Quarterly Consolidated Balance Sheets(Million yen)
As of March 31,2022

As of June 30,2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsLease receivables and investments in leases

179,769

226,389364,683

325,497

17,824

17,582

Securities
Merchandise and finished goods

10
3,467

9
2,661

Work in process
Raw materials and supplies

12,083
67,135

14,688
108,719

Other current assets
Allowance for doubtful accounts

305,814(3,714)

336,377(3,570)Total current assets

947,074

1,028,354

338,517334,102

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

892,515
14,484

905,613
11,241

Land
Leased assets, net

192,455
5,899

190,288
9,041

Construction in progress

125,501

122,661

1,569,373

1,572,949

Goodwill
Other intangible assets

6,018
294,296

5,667
297,198

Total intangible assets

300,315

302,866

Investments and other assets
Investment securities

236,303

263,788

Long-term loans receivable
Retirement benefit asset

48,653
5,864

54,603
6,450

Deferred tax assets
Other investments

34,670100,916

34,422
119,338

Allowance for doubtful accounts(1,647)(1,645)

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

Total property, plant and equipment
Intangible assets

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

6424,762

476,957

2,294,450

2,352,773

3,241,525

3,381,128

(Million yen)
As of March 31,2022

As of June 30,2022

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

76,2296,385

73,941
7,072

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

48,97220,00031,807

Income taxes payable
Other current liabilities

33,830433,777

17,898545,167

Total current liabilities

599,195

695,888

Non-current liabilities
Bonds payable

548,619

528,852

Long-term borrowings
Deferred tax liabilities

568,725
29,641

579,064
38,926Retirement 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

66,19565,264

84

101

3,427
637

3,385
609

2,620

2,321

531

481

Asset retirement obligations
Other noncurrent liabilities

27,692
113,004

27,315
132,755

Total non-current liabilities

1,361,180

1,379,079

1,960,375

2,074,967

Shareholders' equity
Share capital

141,844

141,844

Capital surplus
Retained earnings

846
1,076,184

847
1,099,230(3,524)(19,520)

1,215,350

1,222,401

Total liabilities
Net assets

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

18,866

31,766(11,904)(25,022)

Foreign currency translation adjustment
Remeasurements of defined benefit plans

32,545(3,076)56,341(2,257)

Total accumulated other comprehensive income

36,43060,827

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

7

29,36822,932

1,281,150

1,306,160

3,241,525

3,381,128

(2) Consolidated statements of income and comprehensive income
Quarterly Consolidated Statements of Income (For the three months)(Million yen)
For the three months
ended June 30,2021

For the three months
ended June 30,2022

Net sales
Cost of sales

401,146
322,518

609,939
487,389

Gross profit

78,627

122,550

Selling, general and administrative expenses

60,50071,343Operating profit

18,127

51,207

Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Loss on derivatives
Miscellaneous expenses
Total non-operating expenses

261

261

721

1,721

752

1,365

843
2,171

8,885
3,801

4,750

16,036

3,626

3,344

932
2,283

3,270
2,929

6,842

9,544

Ordinary profit

16,03557,700

Profit before income taxes

16,03557,700

Income taxes

4,893

19,742

Profit11,141

37,957668(480)

10,47338,438

Profit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

8

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Million yen)
For the three months
ended June 30,2021

For the three months
ended June 30,2022

Profit11,141

37,957

Other comprehensive income
Valuation difference on available-for-sale securities(1,176)

12,876

Deferred gains or losses on hedges
Foreign currency translation adjustment(772)
21,198(18,083)
21,299Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income(1,952)

784

3,559

3,886

20,855

20,764Comprehensive income

31,99758,721

Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

31,871

62,834125(4,113)9

(3) Notes on consolidated financial statements(Note on going concerns’ premise)
Not applicable(Additional information)<Accounting estimates on the impact of COVID-19>
It is difficult to determine the impact of the COVID-19 pandemic on the Group since we cannot currently
foresee when the pandemic will abate.
Accounting treatments require estimations to be made based on certain assumptions. The Group has madeaccounting estimates by assuming that the impact of the COVID-19 pandemic will continue to a certain extent
during FY2022, in view of the impact of each business on the operating results for the three months ended June30, 2022.
<Accounting estimates following the situation between Russia and Ukraine>
Although the Company procures raw materials from Russia, it is difficult to accurately forecast the impact of
the current international situation surrounding Russia and Ukraine on our procurement of raw materials.
The Group has made accounting estimates by assuming that the procurement transactions will continue.
(Significant changes in shareholders’ equity)
Purchase of treasury stock
The Company purchases treasury stock from the market as per the provisions of Article 156 of the Companies
Act that is applied in an alternative interpretation of Article 165, Section 3 of the Companies Act.
The purchase of treasury stock that was decided at the Board of Directors meeting held on April 27, 2022, hasended with the purchases of up to June 23, 2022.
(1) Purchase period
May 9 – June 23, 2022 (contract basis)(2) Number of shares purchased
6,121,500 shares(3) Total amount of purchase¥15,999,816,800(4) Purchase method
Market purchase on the Tokyo Stock Exchange(Application of accounting treatment peculiar to quarterly consolidated financial statement preparation)
Calculation of taxes
Taxes are calculated by multiplying profit before income taxes for the first-quarter period under review by thereasonably estimated effective tax rate subsequent to the application of tax effect accounting to the profit income
before income taxes for the current consolidated fiscal year ending March 31, 2023 including the first quarter
under review.

10(Change in accounting policies)
Change to revenue recognition standards in the gas business
The sale of city gas involves contractual obligations to be delivered throughout the contract period. The
performance obligation is fulfilled whenever the delivery is made. The Company had recognized revenue on thebasis of the date of meter reading in accordance with the gas business accounting rules. The transitional measurerate regulations were lifted on October 1, 2021, at the Company, which carried out an absorption-type company
split to transfer its gas pipeline business to Tokyo Gas Network Co., Ltd., a wholly-owned subsidiary of theCompany, on April 1, 2022. The Company has ceased to be a general gas pipeline service provider as set forth in
the gas business accounting rules due to the spin-off. Therefore, revenues associated with the sale of city gas arerecognized on the basis of delivery, starting the three months ended June 30, 2022, by reasonably estimating theperformance obligation that is fulfilled at the end of the term.
This change in accounting policies is retroactively applied, with the consolidated financial statements for thequarters of the fiscal year ended March 31, 2022, and for the fiscal year ended March 31, 2022, being applied thechange retroactively.
As a result, net sales, gross profit, operating profit, ordinary profit and profit before income taxes for the threemonths ended June 30, 2021, decreased by ¥7,065 million each compared to before the retroactive application. In
addition, the beginning balance of retained earnings for the fiscal year ended March 31, 2022, has increased by¥17,626 million as the cumulative effects were reflected in the net assets at the beginning of the fiscal year ended
March 31, 2022.

11