October 29, 2020

Consolidated Financial Results Bulletin for the 2nd Quarter Ended September 30, 2020
(J-GAAP)Tokyo Gas Co., Ltd.
Securities code:
9531(URL https://www.tokyo-gas.co.jp/IR/english/)Representative:
Mr. UCHIDA Takashi, President
Contact:
Mr. KOMORI Rikiya, Chief Manager,
Consolidated Settlements Sect.
Scheduled date of the filing of quarterly report:
Scheduled date of the start of dividend payments:
Preparation of 2Q earnings presentation material (yes/no):
Holding of 2Q earnings announcement (yes/no):

Stock listings:
Tokyo Stock Exchange, Nagoya Stock Exchange
Location of head office: Tokyo
November 13, 2020
November 27, 2020
Yes
Yes (for institutional investors)(Amounts are rounded down to the nearest million yen)

1. Consolidated Performance for 2nd Quarter (from April 1, 2020 to September 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

Six months ended
Sep. 30, 2020

828,071-9.1%

51,644

11.9%

49,7602.9%

29,3503.5%

Six months ended
Sep. 30, 2019

910,4819.4%

46,169124.4%

48,347145.4%

28,3495.3%

Note: Total comprehensive income
Six months ended September 30, 2020: 22,952 million yen (4.8%)

Profit per share

Six months ended September 30, 2019: 21,894 million yen (-9.6%)

Diluted profit
per share

Six months ended
Sep. 30, 2020

66.55 yen—Six months ended
Sep. 30, 201963.89 yen—(2) Consolidated Financial Position(Unit: million yen)
Total assets
As of Sep. 30, 2020
As of Mar. 31, 2020

2,746,284
2,537,724

Reference: Shareholders’ equity
As of September 30, 2020: 1,157,038 million yen

Total net assets

Equity ratio

1,183,973
1,159,228

42.1%
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

—

30.00

—

30.00

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

End of 3Q

End of 4Q

Annual

—

30.00

60.00

—

30.00

60.00

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)
Net sales
Full-year

1,774,000-7.9%

Operating profit

Ordinary profit

87,00080,000-14.3%-22.1%Net profit attributableto owners of parent
56,00029.1%

Profitper share
126.98 yen

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

In the first-quarter Financial Results Bulletin released on July 29, 2020, we only disclosed operating profit forecasts, as it wasdifficult to reasonably quantify the impact of the global outbreak of the new coronavirus (COVID-19) on the Group’sbusiness.
In view of trends based on the accumulated performance data for the 2nd quarter consolidated cumulative period, we forecaststhat the business performance will gradually recover toward the end of fiscal 2020, and as it has become possible toreasonably calculate all items including sales volume, net sales, operating expenses, and non-operating income or loss, we aredisclosing them as described above.
*Notes(1) Significant changes in consolidated subsidiaries (changes in specified subsidiaries resulting in change of scope ofconsolidation during the quarter) (yes/no): Yes
Newly included: 5 (Names) Castleton Resources LLC, CCI Oil and Gas II LLC,
Castleton Commodities Upstream II LLC, CCI East Texas Upstream LLC,
Castleton TVL LLC
Reference: Scope of consolidation and application of equity method
Number of consolidated subsidiaries: 105 (Increased: 24, decreased: 1)
Number of equity method affiliates: 15 (Increased: 1, decreased: 1)(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):

Sep. 30, 2020

442,436,059

Mar. 31, 2020

442,436,059

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

Sep. 30, 2020

1,429,243

Mar. 31, 2020

1,424,746

3) Average number of shares during period:

Apr. – Sep. 2020

441,009,114

Apr. – Sep. 2019443,745,348* 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. As the COVID-19 pandemic has not yet abated, consolidated and non-consolidated results forecasts include numerous
elements of uncertainty. Therefore, the forecasts are subject to drastic changes depending on future developments, which
we will reflect on the forecasts as needed. 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 FY2020 ending March 31, 2021 (April 1, 2020 - March 31, 2021)(Unit: million yen)(% of change from the corresponding period of previous year)
Net sales
Full-year

1,584,700-11.4%

Operating profit

Ordinary profit

66,00065,000

6.4%

-4.9%

Net income
52,000-8.3%

Profitper share
117.91 yen

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

In the first-quarter Financial Results Bulletin released on July 29, 2020, we had not determined non-consolidated results
forecasts as it was difficult to reasonably quantify the impact of the global outbreak of COVID-19 on the Group’s business.
In view of trends based on the accumulated performance data for the 2nd quarter consolidated cumulative period, we forecaststhat the business performance will gradually recover toward the end of fiscal 2020, and as it has become possible toreasonably calculate all items including sales volume, net sales, operating expenses, and non-operating income or loss, we aredisclosing them as described above.

Contents of Attachment
1.

Overview of Business Performance, etc............................................................................................................................. 2(1)Overview of business performance of the 2nd 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(Six months ended September 30, 2020)
Consolidated statement of comprehensive income ................................................................................................... 7(Six months ended September 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)...... 8-1-

1. Overview of Business Performance, etc.
(1) Overview of business performance of the 2nd quarter<Summary by segment>(Unit: million yen)
ElectricEnergyGas
Overseas
Real estate
Otherspower
relatedFY2020544,060
195,558
19,164
154,163
22,93052,428(% of total)(55.1%)(19.8%)(1.9%)(15.6%)(2.3%)(5.3%)FY2019639,610
164,647
20,701
162,378
22,10356,452
Sales(% of total)(60.1%)(15.4%)(1.9%)(15.2%)(2.1%)(5.3%)
Amount of change-95,550
30,911-1,537-8,215827-4,024(Rate of change)-14.9%
18.8%
-7.4%
-5.1%
3.7%
-7.1%
FY2020496,184
182,405
16,695
148,454
19,14950,881(% of total)(54.3%)(20.0%)(1.8%)(16.2%)(2.1%)(5.6%)
592,504
159,700
16,598156,100
16,89253,933Operating FY2019
expenses (% of total)(59.5%)(16.0%)(1.7%)(15.7%)(1.7%)(5.4%)
Amount of change-96,320
22,70597-7,646
2,257-3,052(Rate of change)-16.3%
14.2%
0.6%
-4.9%
13.4%
-5.7%
FY202047,876
13,152
1,723
5,708
4,262
1,537
(% of total)(64.5%)(17.7%)(2.3%)(7.7%)(5.7%)(2.1%)
47,105
4,947
7,024
6,277
5,545
2,525
Segment FY2019
profit(% of total)(64.2%)(6.7%)(9.6%)(8.5%)(7.6%)(3.4%)
Amount of change
771
8,205
-5,301-569-1,283-988(Rate of change)
1.6%
165.9%-75.5%-9.1%-23.1%-39.1%
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. – Sep. 2020 Apr. – Sep. 2019
Change% change
No. of customers for cityThousands
8,975
9,405-430-4.6
gas retail sales
Thousands
No. of customers (meters)
12,005
11,868137
1.2
3
Residential
1,242
1,238
4
0.3
Mil. mCommercial
1,059
1,241-182-14.7
Mil. m3
Industrial
2,469
3,346-877-26.2
Mil. m3
Subtotal
3,527
4,587-1,060-23.1
Mil. m3
3
Supplies to other utilities
800
882-82-9.3
Mil. m3
Total
5,569
6,707
-1,138-17.0Mil. m
Average temperature°C
21.3
21.1
0.2
—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. – Sep. 2020 Apr. – Sep. 2019
Change% change
No. of customers for
Thousands
2,522
2,052
470
22.9
electric power retail sales
Electric Retailmillion kWh
4,885
3,806
1,079
28.4
power
Wholesale etc. million kWh
6,917
5,303
1,614
30.4
sales
million kWh
11,801
9,109
2,692
29.6
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. – Sep. Apr. – Sep.
Change¥/$ rate
2020
2019
106.93108.60-1.67

Crude oilprice($/bbl)(2) Future outlook
a. Consolidated city gas sales volume forecast for FY2020
FY2020(Forecast)Mil. m3
3,156
City gas Residentialsales
OthersMil. m3
9,415
volume Total
Mil. m3
12,570
Average temperature°C
16.1

Apr. – Sep.
2020
36.45

FY2019(Results)
3,124
10,731
13,855
16.7

b. Consolidated electric power sales volume forecast for FY2020
FY2020(Forecast)
Total electric power sales
million kWh
24,146
volumeFY2019(Results)

Apr. – Sep.
2019
68.87

Change1.0-12.3-9.3—

Change% change

3,542

c. Consolidated earnings forecast for FY2020-32.42% change32-1,316-1,285-0.6

20,604

Change17.2(Unit: hundred million yen)
Operating profit

Ordinary profit

Profit attributableto owners ofparent

17,74011,3216,419
870
19,252
13,554
5,698
1,015
Change-1,512-2,233721-145% change-7.9%-16.5%
12.7%-14.3%
Note: Internal sales between segments are adjusted in the “Other sales” column.

800
1,027-227-22.1%

560433127
29.1%

Net sales

Gas sales

Other sales

FY2020 (forecast)
FY2019 (results)< Foreign exchange rate and crude oil price forecast for FY2020>
FY2020FY2019Crude oilChange(Forecast)(Results)¥/$ rateprice($/bbl)
108.46108.71-0.25-3-FY2020(Forecast)
40.34

FY2019(Results)
67.79

Change-27.45

2. Consolidated Financial Statements and Main Notes(1)

Consolidated balance sheets(Million yen)
As of March 31,2020As of September 30,2020

AssetsNon-current assets
Property, plant and equipment
Production facilities

224,515

218,109

Distribution facilities
Service and maintenance facilities

548,095
48,492532,889
17,356

Other facilities
Inactive facilities

475,093316

575,005
316

Construction in progress

162,862

138,693

1,459,377

1,482,370

Total property, plant and equipment
Intangible assets
Goodwill

16,26924,867

Other intangible assets

137,814265,945

Total intangible assets

154,084

290,812Investment securities
Long-term loans receivable

216,052
50,615

203,645
55,795Retirement benefit asset
Deferred tax assets

2949,132

2949,829

Other investments and other assets
Allowance for doubtful accounts

46,407-405

63,395-401

Investments and other assets

Total investments and other assets

361,831372,295

1,975,292

2,145,478

Cash and deposits
Notes and accounts receivable - trade151,288
221,123

193,536
202,635

Lease receivables and investments in leases
Merchandise and finished goods

20,363
1,905

19,4152,420Work in process
Raw materials and supplies

11,86864,703

19,62949,058Other current assets
Allowance for doubtful accounts

91,748-570

114,669-558

Total current assets

562,431

600,805

2,537,724

2,746,284

Total non-current assets
Current assets

Total assets-4-(Million yen)
As of March 31,2020

As of September 30,2020

Liabilities
Non-current liabilities
Bonds payable
Long-term borrowings

404,998
429,541464,998
523,575

Deferred tax liabilities
Retirement benefit liability

18,531
71,97624,11971,459Provision for gas holder repairs
Provision for safety measures

3,122
593

3,173
449

Provision for appliance warranties
Provision for point card certificates

12,9851,000

12,1581,365

Asset retirement obligations
Other noncurrent liabilities

14,42451,555

19,40675,746

Total non-current liabilities

1,008,730

1,196,451

Current portion of non-current liabilities
Notes and accounts payable - trade54,42878,59361,496
61,843

Short-term borrowings
Income taxes payable

6,507
29,708

8,048
20,927

Other current liabilities

200,527

213,543

Total current liabilities

369,765

365,858

1,378,495

1,562,310

Share capital
Capital surplus

141,8442,067

141,8442,067

Retained earnings
Treasury shares

967,808-3,875983,927-3,886

1,107,844

1,123,952

15,843

19,340

Deferred gains or losses on hedges
Foreign currency translation adjustment

1,444
22,412-4,98018,841Remeasurements of defined benefit plans

292

-115

39,992

33,085

11,391

26,935

1,159,228

1,183,973

2,537,724

2,746,284

Current liabilities

Total liabilities
Net assets
Shareholders' equity

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

Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-5-(2) Consolidated statements of income and comprehensive income(Consolidated Statements of Income :For the six months ended September 30, 2020)(Million yen)
For the six months
ended September 30,2019

For the six months
ended September 30,2020

Net sales

910,481828,071

Cost of sales

634,380

553,927

Gross profit

276,101

274,143

Supply and sales expenses
General and administrative expenses

195,710
34,221

191,236
31,263

Total selling, general and administrative expenses

229,932

222,499

46,16951,644

Interest income
Dividend income

1,133
4,764

1,003
1,451

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

3,264
3,009

4,804

Total non-operating income

12,172

7,259

Interest expenses
Share of loss of entities accounted for using equity method

5,660-5,451
273

Miscellaneous expenses

4,333

3,418

Selling, general and administrative expenses

Operating profit
Non-operating income

Non-operating expenses

Total non-operating expenses

9,993

9,143

48,34749,760Extraordinary income
Gain on bargain purchase

-

2,966

Total extraordinary income

-

2,966

7,668

6,464

Ordinary profit

Extraordinary losses
Impairment loss
Loss on valuation of investment securities-4,067

7,668

10,531

Profit before income taxes

40,67842,195

Income taxes

11,953

12,488

Profit

28,72529,706376

356

28,34929,350Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent-6-

(Consolidated Statements of Comprehensive Income :For the six months ended September 30, 2020)(Million yen)
For the six months
ended September 30,2019ProfitOther comprehensive income

For the six months
ended September 30,2020

28,72529,706

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges-1,944-776

3,522-5,197

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income-5,6082,738-2,386-429-1,239-2,262-6,830-6,754Comprehensive income

21,894

22,952Comprehensive income attributable toComprehensive income attributable to owners of parent

21,51622,443378

509

Comprehensive income attributable to non-controlling interests-7-(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 six months ended September 30, 2020, the outbreak of COVID-19 affected the Group’s
performance in the form of reduced commercial demand for city gas, among others. Since it is impossible toforesee when the disease 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 with reference to forecast information by external research organizations available at thetime of preparation of consolidated financial statements. It has done so under the hypothesis that net businessperformance will gradually recover by the end of FY2020, taking into consideration the impact of each businesson the business performance up to the six months ended September 30, 2020.
(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 second-quarter period under review by
the reasonably 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 second quarter
under review.

-8-