July 28, 2021

Consolidated Financial Results Bulletin for the 1st Quarter Ended June 30, 2021
(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 16, 2021
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, 2021 to June 30, 2021)(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, 2021

408,211-1.8%

25,192-8.3%

23,100-17.7%

15,808-3.5%

Three months ended
Jun. 30, 2020

415,654-11.0%

27,469-37.6%

28,063-42.0%

16,377-53.1%

Note: Total comprehensive income
Three months ended June 30, 2021: 37,332 million yen (135.7%)

Profit per share

Three months ended June 30, 2020: 15,835 million yen (-53.2%)

Diluted profit
per share

Three months ended
Jun. 30, 2021

35.93 yen—Three months ended
Jun. 30, 2020

37.14 yen—

Note: As provisional accounting treatments on business combinations were confirmed in the FY2020 ended March 31, 2021, the figures for thethree months ended June 30, 2020 reflect the confirmed details of the provisional accounting treatments.

(2) Consolidated Financial Position(Unit: million yen)
Total assets
As of Jun. 30, 2021
As of Mar. 31, 2021

2,837,924
2,738,348

Reference: Shareholders’ equity
As of June 30, 2021: 1,179,722 million yen

Total net assets

Equity ratio

1,204,072
1,178,271

41.6%
42.1%

As of March 31, 2021: 1,153,813 million yen

2. Dividend
Dividend per share (Unit: yen)
End of 1Q
FY2020 ended Mar. 31,
2021
FY2021 ending Mar. 31,
2022
FY2021 ending Mar. 31,
2022 (Forecast)End of 2Q—

End of 3Q

End of 4Q

Annual

30.00

—

30.00

60.00

30.00

—

30.00

60.00

—

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

3. Consolidated Results Forecast for FY2021 ending March 31, 2022 (April 1, 2021 - March 31, 2022)(Unit: million yen)(% of change from the corresponding period of previous year)
Net sales
Full-year

1,952,000

10.6%

Operating profit

Ordinary profit

92,00083,000

18.4%

17.7%

Net profit attributableto owners of parent
60,00021.2%

Profitper share
136.46 yen

Note: Revision to the consolidated results forecast that has been disclosed lastly: Yes*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: 108 (Increased by 1 company)
Number of subsidiaries and affiliates accounted for by equity method: 15(2) Application of accounting treatment peculiar to quarterly consolidated financial statement preparation (yes/no): Yes
Note: Please see page 8 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, 2021

442,436,059

Mar. 31, 2021

442,436,059

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

Jun. 30, 2021

2,879,781

Mar. 31, 2021

1,437,924

3) Average number of shares during period:

Apr. – Jun. 2021

440,036,974

Apr. – Jun. 2020

441,010,385* 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. Therefore, the forecasts are subject to drastic changes depending on future developments.
For details of the above forecasts, please refer to “1. Overview of Business Performance, etc. (2) Future outlook” on page
3 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 FY2021 ending March 31, 2022 (April 1, 2021 - March 31, 2022)(Unit: million yen)(% of change from the corresponding period of previous year)
Net sales
Full-year

1,757,000

8.9%

Operating profit

Ordinary profit

43,00039,000-8.6%

Note: Revision to the non-consolidated results forecast that has been disclosed lastly: Yes-16.6%Net income
29,000-31.8%

Profitper share
65.96 yenContents of Attachment
1.

2.

Overview of Business Performance, etc............................................................................................................................. 2(1) Overview of business performance of the 1st quarter ............................................................................................. 2(2) Future outlook ......................................................................................................................................................... 3
Consolidated Financial Statements and Main Notes ........................................................................................................ 4(1) Consolidated balance sheets .................................................................................................................................... 4(2) Consolidated statements of income and comprehensive income............................................................................. 6
Consolidated statement of income............................................................................................................................. 6(Three months ended June 30, 2021)
Consolidated statement of comprehensive income ................................................................................................... 7(Three months ended June 30, 2021)(3) Notes on consolidated financial statements ............................................................................................................. 8(Note on going concerns’ premise) ............................................................................................................................ 8(Additional information) ........................................................................................................................................... 8(Significant changes in shareholders’ equity) ............................................................................................................ 8(Application of accounting treatment peculiar to quarterly consolidated financial statement preparation) .............. 8(Change in accounting policies) ................................................................................................................................ 9

1

1. Overview of Business Performance, etc.
(1) Overview of business performance of the 1st quarter<Summary by segment>(Unit: million yen)
Electric
EnergyGas
Overseas
Real estate
Otherspower
relatedFY2021
273,278
81,231
20,573
69,247
14,01324,009(% of total)(56.6%)(16.8%)(4.3%)(14.4%)(2.9%)(5.0%)FY2020284,980
89,121
11,99072,68011,114
26,682
Sales(% of total)(57.5%)(17.9%)(2.4%)(14.6%)(2.2%)(5.4%)
Amount of change-11,702-7,8908,583-3,433
2,899-2,673(Rate of change)
-4.1%
-8.9%
71.6%
-4.7%
26.1%
-10.0%FY2021
251,999
77,67615,31867,064
9,941
24,904(% of total)(56.4%)(17.4%)(3.4%)(15.0%)(2.2%)(5.6%)
257,209
86,137
9,323
71,264
8,089
25,337
Operating FY2020
expenses (% of total)(56.3%)(18.8%)(2.0%)(15.6%)(1.8%)(5.5%)
Amount of change-5,210-8,461
5,995-4,2001,852-433(Rate of change)
-2.0%
-9.8%
64.3%
-5.9%
22.9%
-1.7%
FY2021
21,279
3,554
5,772
2,182
4,296
-886
(% of total)(58.8%)(9.8%)(15.9%)(6.0%)(11.9%)(-2.4%)
27,770
2,983
2,794
1,416
3,270
1,333
Segment FY2020
profit(% of total)(70.1%)(7.5%)(7.1%)(3.6%)(8.3%)(3.4%)
Amount of change-6,491
571
2,978
766
1,026
-2,219(Rate of change)-23.4%
19.1%
106.5%
54.1%
31.4%
—%
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. As provisional accounting treatments on business combinations were confirmed in the FY2020 ended March 31,
2021, the figures for the three months ended June 30, 2020 reflect the confirmed details of the provisional
accounting treatments.

City gas sales volume< Consolidated City Gas Sales Volume, etc.>
Apr. – Jun. 2021
Apr. – Jun. 2020
Change% change
No. of customers for cityThousands
8,818
9,044
-226
-2.5
gas retail sales
Thousands
No. of customers (meters)
12,103
11,975128
1.1
Residential
722
819
-97
-11.9
Mil. m3
Commercial
440
425
15
3.5
Mil. m3
3
Industrial
1,324
1,031
293
28.4
Mil. mSubtotal
1,764
1,456
308
21.1
Mil. m3
3
Supplies to other utilities
359
380
-21
-5.6
Mil. m
Total
2,845
2,656
189
7.1
Mil. m3
Average temperature
°C
17.8
16.6
1.2
—
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 that includes inactive meters and meters for gas supply
from other retail companies.
3. “Commercial” indicates sales to commercial, public and medical institutions.
4. City gas sales volumes are on the basis of 45MJ/m3.
5. Average temperature is the average temperature during the period of use by each customer (from date of initialmonth’s meter reading to final month’s meter reading).
The aforementioned notes also apply to the relevant tables.

2

< Consolidated Electric Power Sales Volume, etc.>
Apr. – Jun. 2021
Apr. – Jun. 2020
Change% change
No. of customers for
Thousands
2,788
2,457
331
13.5
electric power retail sales
Electric Retailmillion kWh
2,091
2,148
-57
-2.6
power
Wholesale etc. million kWh
3,766
3,083
683
22.2
sales
million kWh
5,858
5,231
627
12.0
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¥/$ rate
2021
2020
109.52
107.64
1.88

Crude oilprice($/bbl)(2) Future outlook
a. Consolidated city gas sales volume forecast for FY2021
FY2021(Forecast)Mil. m3
3,082
City gas Residential
sales
OthersMil. m3
9,194
volume Total
Mil. m3
12,276
Average temperature°C
16.4

Apr. – Jun.
2021
66.91

FY2020(Results)
3,207
9,783
12,99016.5

b. Consolidated electric power sales volume forecast for FY2021
FY2021(Forecast)
Total electric power sales
million kWh
27,579volumeFY2020(Results)

Apr. – Jun.
2020
32.26

Change

-3.9%
-6.0%
-5.5%
—

Change% change

2,818

c. Consolidated earnings forecast for FY2021

34.65% change

-125
-589
-714
-0.1

24,761

Change11.4(Unit: hundred million yen)
Operating profit

Ordinary profit

Profit attributableto owners ofparent19,52012,615
6,905
920
17,651
11,467
6,183
776
Change
1,869
1,148
722
144
% change
10.6%
10.0%
11.7%
18.4%
Note: Internal sales between segments are adjusted in the “Other sales” column.

830
705
125
17.7%

600
495
105
21.2%

Net sales

Gas sales

Other sales

FY2021 (forecast)
FY2020 (results)< Foreign exchange rate and crude oil price forecast for FY2021>
FY2021
FY2020
Crude oil
Change(Forecast)(Results)¥/$ rate
price($/bbl)109.88106.103.78

3FY2021(Forecast)
65.48

FY2020(Results)
43.35

Change22.13

2.Quarterly Consolidated Financial Statements(１)Quarterly Consolidated Balance Sheets(Million yen)
As of March 31,2021

As of June 30,2021

AssetsNon-current assets
Property, plant and equipment
Production facilities

231,177

228,481Distribution facilities
Service and maintenance facilities

594,662
15,992

589,003
15,396

Other facilities
Inactive facilities

564,495
316

567,386316

Construction in progress

89,283

106,513

1,495,927

1,507,097

Total property, plant and equipment
Intangible assets
Goodwill

5,320

5,176

Other intangible assets

290,316

294,591

Total intangible assets

295,637

299,768

Investment securities
Long-term loans receivable

230,782
57,279241,775
62,198Retirement benefit asset
Deferred tax assets

114
47,3689,394
45,681Other investments
Allowance for doubtful accounts

60,814

63,046-289

Investments and other assets-301

Total investments and other assets

396,057

421,8072,187,623

2,228,673

Cash and deposits
Notes and accounts receivable - trade157,881
218,985

170,839-

Notes and accounts receivable - trade, and contract assets
Lease receivables and investments in leases

19,618

197,892
18,781

Securities
Merchandise and finished goods

1,210
1,980

10
2,094

Work in process
Raw materials and supplies

11,59546,464

15,20773,870

Other current assets
Allowance for doubtful accounts

93,848-857

131,487-932

Total current assets

550,725

609,250

2,738,348

2,837,924

Total non-current assets
Current assets

Total assets

4

(Million yen)
As of March 31,2021

As of June 30,2021

Liabilities
Non-current liabilities
Bonds payable
Long-term borrowings

474,998
458,881474,998
453,123

Deferred tax liabilities
Retirement benefit liability

24,26958,41625,254
66,122

Provision for gas holder repairs
Provision for safety measures

3,172
349

3,114
311

Provision for appliance warranties
Provision for point card certificates

10,843
1,635

377

Asset retirement obligations
Other noncurrent liabilities

23,31389,18824,96987,358

Total non-current liabilities

1,145,067

1,135,631

Current liabilities
Current portion of non-current liabilities

108,704

111,520

Notes and accounts payable - trade
Short-term borrowings

84,265
5,706

80,145
6,243

Income taxes payable
Provision for contract loss

11,710
-

9,889
252

Other current liabilities

204,623

290,169

Total current liabilities

415,010498,220

1,560,077

1,633,851

Share capital
Capital surplus

141,844
1,145

141,844
1,145

Retained earnings
Treasury shares

990,762-3,907998,578-7,212

1,129,845

1,134,355

22,99021,832

Deferred gains or losses on hedges
Foreign currency translation adjustment-11,240
4,322-9,741
27,321Remeasurements of defined benefit plans

7,895

5,952

Total accumulated other comprehensive income

23,96845,36624,457

24,3491,178,271

1,204,072

2,738,348

2,837,924

Total liabilities
Net assets
Shareholders' equity

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities

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

5(２)Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Million yen)
For the three months
ended June 30,2020

For the three months
ended June 30,2021

Net sales
Cost of sales

415,654
277,684

408,211
270,366

Gross profit

137,969

137,845

Selling, general and administrative expenses
Supply and sales expenses

94,784

98,634General and administrative expenses

15,71514,017

Total selling, general and administrative expenses

110,499

112,652

27,46925,192

Operating profit
Non-operating income
Interest income

600

261

Dividend income
Share of profit of entities accounted for using equity method

1,331
360

721
752

Miscellaneous income

2,450

3,015

Total non-operating income

4,743

4,750

2,753
1,397

3,626
3,215

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

4,150

6,842

28,063

23,1004,788-

Extraordinary losses
Impairment losses
Total extraordinary losses
Profit before income taxes

4,788

-

23,274

23,100

Income taxes

6,583

6,623

Profit16,69016,477

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

6

313

668

16,37715,808

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Million yen)
For the three months
ended June 30,2020
ProfitOther comprehensive income

For the three months
ended June 30,2021

16,69016,477

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

2,446-1,624-1,176-772

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted for using equity
methodTotal other comprehensive income-1,392-260

21,198-1,952

-22

3,559

-854

20,855Comprehensive income

15,83537,332Comprehensive income attributable toComprehensive income attributable to owners of parent

15,55337,207282

125

Comprehensive income attributable to non-controlling interests7(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 FY2021, referring to forecast data by outside research institutions available at the time of preparation of
consolidated financial statements and in view of the impact of each business on the operating results for the threemonths ended June 30, 2021.
(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 28, 2021, hasended with the purchases of up to May 18, 2021.
(1) Purchase period
May 10 – May 18, 2021 (contract basis)(2) Number of shares purchased
1,439,500 shares(3) Total amount of purchase¥3,299,881,550(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, 2022 including the first quarter
under review.
(Change in accounting policies)
Application of Accounting Standard for Revenue Recognition, etc.
The Company has applied the Accounting Standard for Revenue Recognition (ASBJ No. 29, March 31, 2020)and others effective the start of the three months ended June 30, 2021, and has decided to recognize the amount
expected to be received in exchange for goods or services as revenue when the control of the promised goods orservices has been transferred to the customer.
Therefore, revenues associated with the electric power business, which had been recognized on the basis of thedate of meter reading, are now recognized on the basis of delivery by reasonably estimating the performanceobligation that is fulfilled at the end of the term. For the provision of certain gas equipment maintenance services,
the maintenance cost expected to be incurred in the future had been booked as provision for appliance warranties,
and the amount provided had been booked as expenses. However, said services are now identified as aperformance obligation, and the amount expected as consideration for future provision of the services is now
treated as a contractual liability. The advanced billing use to promote renewable energy power generation is nolonger included in the transaction price upon revenue recognition as it is collected for a third party. It is now
accounted for as a liability item instead of the previous operating revenue item. The corresponding payments inaccordance with the Act on Special Measures concerning the Procurement of Renewable Electric Energy are now
also accounted for as said liability item instead of an operating expense. With regard to points that are granted
according to the purchase amount of gas and electricity, the amount expected to be used in the future had been
booked as provision for point card certificates and the amount provided had been booked as expenses. The points
granted are now identified as a performance obligation, and the amount expected to be received in exchange for
future services are now booked as a contractual liability.
The Accounting Standard for Revenue Recognition, etc. are applied in accordance with the transitional
procedures set forth in the proviso of paragraph 84 of the Accounting Standard for Revenue Recognition. Under
this application method, the cumulative effect of retroactively applying the new accounting policies to before thestart of the three months ended June 30, 2021, is added to or deducted from the retained earnings at the start of
the three months ended June 30, 2021, and the new accounting policies are applied from said starting balance.
However, by applying the method set forth in paragraph 86 of the Accounting Standard for Revenue
8

Recognition, the new accounting policies have not been applied retroactively to contracts for which almost all
revenues had been recognized in accordance with the previous treatment before the start of the three months
ended June 30, 2021. In addition, by applying the method set forth in proviso (1) of paragraph 86 of the
Accounting Standard for Revenue Recognition, changes to contracts carried out before the start of the threemonths ended June 30, 2021, have been accounted for based on the contract terms after all contract changes havebeen reflected, and their cumulative effects have been added to or deducted from retained earnings at the start of
the three months ended June 30, 2021.
As a result, retained earnings at the start of the three months ended June 30, 2021, increased by ¥5,255 million,
net sales for the three months ended June 30, 2021, decreased by ¥10,579 million, and operating profit, ordinary
profit, and profit before income taxes decreased by ¥574 million each.
Due to the application of the Accounting Standard for Revenue Recognition, etc., “notes and accounts
receivable - trade,” which were presented under “current assets” in the consolidated balance sheet for theprevious fiscal year, have been included in “notes and accounts receivable - trade, and contractual assets,”starting the three months ended June 30, 2021. The “provision for appliance warranties,” which was presented
under “non-current liabilities” in the consolidated balance sheet for the previous fiscal year, has been included as“contractual liabilities” under “other current liabilities,” starting the three months ended June 30, 2021. Of the“provision for point card certificates” that was presented under “non-current liabilities” in the consolidatedbalance sheet for the previous fiscal year, the amount corresponding to contractual liabilities under the
Accounting Standard for Revenue Recognition, etc. has been included as “contractual liabilities” under “othercurrent liabilities,” starting the three months ended June 30, 2021. In accordance with the transitional procedures
set forth in paragraph 89-2 of the Accounting Standard for Revenue Recognition, reclassification based on the
new presentation method has not been carried out for the previous fiscal year.
Application of Accounting Standard for Fair Value Measurement
The Company has applied the Accounting Standard for Fair Value Measurement (ASBJ Statement No. 30, July4, 2019) and others effective the start of the three months ended June 30, 2021, and has decided to apply the new
accounting policy set forth by the Accounting Standard for Fair Value Measurement, etc. into the future inaccordance with the transitional procedures stipulated in 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). This will have no impact on quarterly consolidated financial statements.

9