FINANCIAL HIGHLIGHTSTokyo Gas Co., Ltd. and Consolidated Subsidiaries
For the years ended March 31

Thousands ofU.S. dollars1(exceptotherwise stated)

Millions of yen(except otherwise stated)

2009

2008

2007

2006

2005

2009

¥1,660,162¥1,487,496¥1,376,958¥1,266,501¥1,190,783$16,940,428

Operating income

65,20470,048

162,315

112,345

145,349

665,346

Net income

41,70842,487

100,699

62,114

84,047425,591

Net income

15.63

15.94

37.50

23.48

31.47

0.15

Net income (Diluted)

15.37

15.50

35.69

21.70

28.24

0.15

Net assets

284.72289.49

293.11

270.46244.73

2.90

8.00

8.00

8.00

7.00

7.00

0.08

For the Years
Net sales

Amounts per share ofcommon stock (¥ / $)Cash dividends applicableto the year
At Year-end
Total assets¥1,764,185¥1,703,651¥1,692,635¥1,693,898¥1,668,734$18,001,887

Interest-bearing debt

593,230

558,716

525,467

559,911624,105

6,053,367

Total net assets

784,616

780,455

806,045

738,486

657,396

8,006,285¥ 182,791¥ 184,908¥ 233,841¥ 198,490¥ 224,318$ 1,865,214—

RatiosOperating cash flow 2
Operating income to net sales (%)

3.9

4.7

11.8

8.9

12.2

Net income to net sales (%)

2.5

2.9

7.3

4.9

7.1

—

ROE3 (%)

5.4

5.4

13.2

9.0

13.5

—

ROA4 (%)

2.4

2.5

5.9

3.7

5.0

—

Equity ratio (%)

43.8

45.1

47.0

43.0

38.9

—

D/E ratio5 (times)

0.77

0.73

0.66

0.77

0.96

̶

12
3
4
5

U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥98=U.S.$1, the prevailing exchange rate as of March 31, 2009.
Operating cash flow = net income + depreciation (including amortization of long-term prepayments)
ROE = net income / total equity (average of positions at start and end of fiscal year)
ROA = net income / total assets (average of positions at start and end of fiscal year)
D/E ratio = interest-bearing debt (year-end) / total shareholders’ equity (year-end)

Net Sales

Operating Income /Operating Income toNet Sales(¥ billion)(¥ billion)(%)(¥ billion)

(%)

(%)

1,800

200401502020150

30

1515101055

1,660.1

Net Income /Net Income to Net Sales

1,200

ROE / ROA

100

1002065.2

600
5050

41.7

10

3.900005

06

07

08

0905

06

07

08

09

Operating income (left)
Operating income to net sales (right)

5.4

2.5
2.4
0005

06

07

08

09

Net income (left)
Net income to net sales (right)

005
ROE

06

07

08

09

ROA

All graph data for years ended March 31

06

OVERVIEW BY SEGMENT

Segment

Sales Ratio / Operating Income Ratio

Sales / Operating Income(%) Year ended March 31, 2009(¥ billion) Years ended March 31

Sales Ratio
Operating Income Ratio

Gas Sales
Tokyo Gas uses its three LNG terminals along the shores of Tokyo Bay toSales (left)
Operating Income (right)
300

1,500

gasify LNG, its main gas resource. It sells city gas to more than 10 million

1,257.5

customers, primarily in the Kanto region, through a pipeline network of
1,000

about 57,000 km. (External sales ratio: 97.0%)

200

The gas sales volume declined by 1.9% year on year, to 13,942 million m3.

110.8

Due to higher unit prices under the gas rate adjustment system, sales increased
by 15.7% year on year, to ¥1,257.5 billion.

83.5

Operating income declined by 0.7% year on year, to ¥110.8 billion, due toan increase in gas resource costs resulting from higher LNG prices.

68.8

500

1000007

See Page 20Gas Appliance Sales

0809
16200

We sell gas cooktops, water heaters, gas air conditioning systems using hotwater, residential cogeneration systems, gas heat pump air conditioning

12150

122.3systems, and other products. The sales are mainly handled by the service
100network of Tokyo Gas, LIFEVAL, Enesta, and Enefit. (External sales ratio: 95.8%)
As a result of economic conditions, the number of new projects declined and existingcustomers were reluctant to purchase gas appliances. Sales were down by 7.5%, to¥122.3 billion, and operating income decreased by 28.3%, to ¥2.0 billion.

1.685042.0

6.7

0007

08

09

See Page 27

Installation Work

120

1280

8This segment carries out construction, such as the installation of gas pipesand valves on the sites of customers in our service area.
(External sales ratio: 93.4%)
Due to sluggish conditions in construction and to a decrease in starts and building
permits, sales fell by 14.4% year on year, to ¥49.0 billion, and operating income
declined by ¥1.8 billion, to –¥1.0 billion.

49.0404—
2.7–1.00007See Page 27

Real Estate Rental

08

09
1240

35.6

This segment is mainly involved in leasing, management, and relatedactivities for the Shinjuku Park Tower and other office buildings. These930

7.4

activities are principally conducted by our consolidated subsidiary, Tokyo
Gas Urban Development Co., Ltd. In addition, this subsidiary leases land in206103Toyosu, Ginza, and Gofukubashi, etc. (External sales ratio: 36.8%)
Sales increased by 1.3% year on year, to ¥35.6 billion, as a result of increased lease
income due to the GINZA gCUBE building, a commercial facility that was opened
in September.

5.6
1.9

0007

Operating expenses increased due to higher removal expenses accompanying
renovation work at the Hamamatsucho head office building and other factors,
and operating income declined by 6.5%, to ¥7.4 billion.

0809

See Page 27

Other Business

400363.7

This segment includes energy services, facility construction and engineering,industry gas sales, LPG sales, system integration services, electric power,

30300
20credit and leases, and shipping. (External sales ratio: 72.5%)

13.4200

New customers were acquired in the energy service business. In electric power
operations, Kawasaki Natural Gas Power Generation Co., Ltd. began operations inApril 2008. In shipping operations, a new ship was placed into service and shipping
revenue from the Company’s own fleet increased. Sales in this segment increased by
13.6% year on year, to ¥363.7 billion.
The worsening economic conditions resulted in declines in profits in such areas
as industry gas sales. However, operating income rose 5.6% year on year, to ¥13.4
billion, due to higher gross profit in shipping, etc.

1010.219.9

1000007

08

09

See Page 28
Segment sales include intra-group transactions.

07