July 29, 2020

Consolidated Financial Results Bulletin for the 1st Quarter Ended June 30, 2020
(J-GAAP)Tokyo Gas Co., Ltd.
Securities code:
9531(URL https://www.tokyo-gas.co.jp/IR/english/index.html)
Representative:
Mr. Takashi UCHIDA, President
Contact:
Mr. Rikiya KOMORI, Chief Manager,
Consolidated Settlements Sect.
Scheduled date of the filing of quarterly report:
Scheduled date of the start of dividend payments:
Preparation of 1Q earnings presentation material (yes/no):
Holding of 1Q earnings announcement (yes/no):

Stock listings:
Tokyo Stock Exchange, Nagoya Stock Exchange
Location of head office: Tokyo
August 14, 2020
—Yes
Yes (for institutional investors)(Amounts are rounded down to the nearest million yen)

1. Consolidated Performance for 1st Quarter (from April 1, 2020 to June 30, 2020)(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, 2020

415,654-11.0%

27,447-37.7%

28,040-42.1%

16,354-53.2%

Three months ended
Jun. 30, 2019467,218

16.4%

44,021

89.1%

48,390101.4%

34,927-7.4%

Note: Total comprehensive income
Three months ended June 30, 2020: 15,813 million yen (-53.2%) Three months ended June 30, 2019: 33,809 million yen (55.9%)

Profit per share

Diluted profit
per share

Three months ended
Jun. 30, 2020

37.08 yen—Three months ended
Jun. 30, 201978.23 yen—(2) Consolidated Financial Position(Unit: million yen)
Total assets
As of Jun. 30, 2020
As of Mar. 31, 2020

2,530,625
2,537,724

Reference: Shareholders’ equityAs of June 30, 2020: 1,150,133 million yen

Total net assets

Equity ratio

1,161,544
1,159,228

45.4%
45.2%

As of March 31, 2020: 1,147,836 million yen

2. Dividend
Dividend per share (Unit: yen)
End of 1Q
FY2019 ended Mar. 31,
2020
FY2020 ending Mar. 31,
2021
FY2020 ending Mar. 31,2021 (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 FY2020 ending March 31, 2021 (April 1, 2020 - March 31, 2021)(Unit: million yen)(% of change from the corresponding period of previous year)
Operating profit
Full-year

73,000-28.1%

Note: Revision to the consolidated results forecast that has been disclosed lastly: Yes

Notes on the Consolidated Results Forecast
Since it is difficult to reasonably quantify the impact of the global outbreak of the new coronavirus (COVID-19) on theCompany’s business, we are refraining from publishing our consolidated results forecasts for net sales, ordinary profit andprofit attributable to owners of parent for the fiscal year ending March 2021 at this moment. We will disclose them as soon asreasonable estimations have become possible.
*Notes(1) Significant changes in consolidated subsidiaries (changes in specified subsidiaries resulting in change of scope ofconsolidation during the quarter) (yes/no): No(Reference) Scope of consolidation and application of equity method
Number of consolidated subsidiaries: 83 (increased: 1, decreased: 1)
Number of equity method affiliates: 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: No
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, 2020

442,436,059

Mar. 31, 2020

442,436,059

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

Jun. 30, 2020

1,426,191

Mar. 31, 2020

1,424,746

3) Average number of shares during period:

Apr. – Jun. 2020

441,010,385

Apr. – Jun. 2019

446,471,083* 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. Although it is difficult to reasonably quantify the impact of the global outbreak of the new coronavirus (COVID-19) on
the Company’s business, we have decided to publish our forecast for operating profit, in which the different impacts of
COVID-19 on each segment can be appropriately reflected to a certain degree, by estimating the segment impact amountsand adding or subtracting the performance trends from April to June and the elements of change from the previous year.
We are refraining from publishing consolidated results forecasts for net sales, ordinary profit and profit attributable toowners of parent as well as non-consolidated results forecasts at this moment. We will disclose them as soon asreasonable estimations have become possible.
2. The forecast stated above includes numerous elements of significant uncertainty, such as the duration of the impact onnear-term operating results, the possibility of a second wave of infections and the government’s reissuance of a state ofemergency declaration. Therefore, the forecast is subject to drastic changes depending on future developments, which wewill reflect on the forecast as needed. For details of the above forecast, please refer to “1. Overview of Business
Performance, etc. (2) Future outlook” on page 3 of the Attachment.
3. The information related to this 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 of the 1st quarter.............................................................................................. 2(2)Future outlook ............................................................................................................................................................. 3
2. 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, 2020)
Consolidated statement of comprehensive income ................................................................................................... 7(Three months ended June 30, 2020)(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)...... 81

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
relatedFY2020284,980
89,121
11,99072,68011,114
26,682(% of total)(57.5%)(17.9%)(2.4%)(14.6%)(2.2%)(5.4%)FY2019343,015
72,156
10,91270,586
11,153
26,237
Sales(% of total)(64.3%)(13.5%)(2.0%)(13.2%)(2.1%)(4.9%)
Amount of change-58,035
16,965
1,078
2,094-39
445(Rate of change)-16.9%
23.5%
9.9%
3.0%
-0.4%
1.7%
FY2020257,209
86,1609,323
71,264
8,089
25,337(% of total)(56.3%)(18.8%)(2.0%)(15.6%)(1.8%)(5.5%)
296,740
70,176
8,835
69,798
8,191
25,025
Operating FY2019
expenses (% of total)(62.0%)(14.7%)(1.8%)(14.6%)(1.7%)(5.2%)
Amount of change-39,531
15,984488
1,466-102
312(Rate of change)-13.3%
22.8%
5.5%
2.1%
-1.2%
1.2%
FY202027,770
2,961
2,794
1,416
3,270
1,333
(% of total)(70.1%)(7.5%)(7.1%)(3.6%)(8.3%)(3.4%)
46,275
1,980
3,645
787
3,124
1,203
Segment FY2019
profit(% of total)(81.1%)(3.5%)(6.4%)(1.4%)(5.5%)(2.1%)
Amount of change-18,505
981
-851
629
146
130
(Rate of change)-40.0%
49.6%-23.3%
79.8%
4.7%
10.8%
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.

City gas sales volume< Consolidated City Gas Sales Volume, etc.>
Apr. – Jun. 2020
Apr. – Jun. 2019
Change% change
No. of customers for cityThousands
9,044
9,607-563-5.9
gas retail sales
Thousands
No. of customers (meters)
11,975
11,838137
1.2
3
Residential819808
11
1.4
Mil. m3
Commercial425555-130-23.4
Mil. m3
Industrial
1,031
1,587-556-35.0
Mil. mSubtotal
1,456
2,142-686-32.0
Mil. m3
3
Supplies to other utilities
380422-42-9.9
Mil. mTotal
2,656
3,372-716-21.2
Mil. m3
Average temperature°C
16.6
16.7
-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 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. 2020
Apr. – Jun. 2019
Change% change
No. of customers forThousands
2,457
1,924533
27.7
electric power retail salesElectric Retailmillion kWh
2,148
1,644
504
30.6
power
Wholesale etc. million kWh
3,083
2,221862
38.8
sales
million kWh
5,231
3,865
1,366
35.3
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¥/$ rate20202019
107.64109.90-2.26

Crude oilprice($/bbl)Apr. – Jun.
2020
32.22

Apr. – Jun.
2019
71.47

Change-39.25(2) Future outlook<Profit forecast by segment>(Unit: hundred million yen)
Electricpower

Overseas

Energyrelated

885

136

24

132

1,024

101

132

169

Gas

Segment
profitFY2020(forecast)
FY2019(results)
Change% change

Realestate

OthersAdjustments

Consolidated
amount56

13-496

750

96

57

-515

1,067

-139
35
-108
-37
-40
-44
19-317
-13.6
34.1
-81.9
-22.3
-42.3
-77.5
—-29.7
Note: 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.
< Foreign exchange rate and crude oil price forecast for FY2020>
FY2020FY2019Crude oil
Change(Forecast)(Results)¥/$ rateprice($/bbl)
109.41108.71
0.70

3FY2020(Forecast)
41.38

FY2019(Results)
67.79

Change-26.41

2. Consolidated Financial Statements and Main Notes(1)

Consolidated balance sheets(Million yen)
As of March 31,2020

AssetsNon-current assets
Property, plant and equipment
Production facilities
Distribution facilities
Service and maintenance facilities
Other facilities
Inactive facilities
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other intangible assets
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other investments and other assets
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Current assets
Cash and deposits
Notes and accounts receivable - trade
Lease receivables and investments in leases
Merchandise and finished goods
Work in process
Raw materials and supplies
Other current assets
Allowance for doubtful accounts
Total current assets
Total assets4

As of June 30,2020

224,515
548,095
48,492
475,093316
162,862
1,459,377

221,287
537,985
17,879500,160
316
164,972
1,442,601

16,269137,814
154,084

20,761
141,685
162,447

216,052
50,61529
49,132
46,407-405
361,831
1,975,292

223,383
55,922
29
49,69545,554-402
374,182
1,979,231

151,288
221,123
20,363
1,905
11,86864,70391,748-570
562,4312,537,724

142,864
174,193
19,9552,034
15,555
68,135
129,144-490
551,3932,530,625

(Million yen)
As of March 31,2020
LiabilitiesNon-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Retirement benefit liability
Provision for gas holder repairs
Provision for safety measures
Provision for appliance warranties
Provision for point card certificates
Asset retirement obligations
Other noncurrent liabilities
Total non-current liabilities
Current liabilities
Current portion of non-current liabilities
Notes and accounts payable - trade
Short-term borrowings
Income taxes payable
Provision for contract loss
Other current liabilities
Total current liabilities
Total liabilitiesNet assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

5

As of June 30,2020

404,998
429,541
18,531
71,976
3,122593
12,9851,000
14,42451,555
1,008,730

444,998
456,889
18,45071,024
3,107
561
12,556
1,195
15,56352,937
1,077,283

54,42878,593
6,507
29,708200,527
369,765
1,378,495

54,43458,367
7,043
10,850
1,627
159,472
291,797
1,369,080

141,8442,067
967,808-3,875
1,107,844

141,844
2,067
970,932-3,8791,110,964

15,843

18,284

1,444
22,412292
39,992
11,391
1,159,228
2,537,724

565
20,25760
39,16911,4101,161,544
2,530,625

(2) Consolidated statements of income and comprehensive income(Consolidated statement of income : Three months ended June 30, 2020)(Million yen)
For the three months
ended June 30,2019
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Supply and sales expenses
General and administrative expenses
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodMiscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Miscellaneous expenses
Total non-operating expenses
Ordinary profit
Extraordinary losses
Impairment loss
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

6

For the three months
ended June 30,2020

467,218
308,046
159,171415,654
277,479
138,175

98,115
17,034
115,15044,021

94,784
15,943
110,728
27,447

553
4,551

600
1,331

1,723

360

1,763
8,591

2,450
4,743

2,808
1,414
4,222
48,390

2,753
1,397
4,150
28,04048,39013,25935,131
203
34,927

4,788
4,788
23,252
6,583
16,668313
16,354

(Consolidated statement of comprehensive income : Three months ended June 30, 2020)(Million yen)
For the three months
ended June 30,2019ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign 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
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

7

For the three months
ended June 30,2020

35,131

16,668-3,045
-438
1,124
1,369

2,446
-1,624-1,392-260-330-22-1,321
33,809-854
15,81333,612

15,531

197

282

(3) Notes on consolidated financial statements(Note on going concerns’ premise)
Not applicable(Additional information)
Accounting estimates of the impact of COVID-19
During the three months ended June 30, 2020, the outbreak of COVID-19 affected the Group’s performance inthe form of reduced commercial demand for city gas, among others. Since it is impossible to foresee when thedisease will abate at this moment, it is difficult to determine its impact on the Group.
In accounting, estimations are required to be based on certain hypotheses. The Group has made various
accounting estimates based on external information available at the time of preparation of consolidated financial
statements and under the hypothesis that net business performance will gradually recover by the end of FY2020.
(Significant changes in shareholders’ equity)
Not applicable(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 before
income taxes for the current consolidated fiscal year ending March 31, 2021 including the first quarter underreview.

8