Financial Highlights
Tokyo Gas Co., Ltd. and consolidated subsidiaries
Years ended March 31

Thousands of
U.S. dollars*1(except otherwise stated)

Millions of yen(except otherwise stated)

FOR THE YEARSNet sales
Operating income

2010

2009

2008

2007

2006

2010

¥1,415,718¥1,660,162¥1,487,496¥1,376,958¥1,266,501$15,222,774

85,22965,20470,048

162,315

112,345916,440

Net income

53,781

41,70842,487

100,699

62,114578,290

Depreciation

146,117

141,083

142,421

133,142

136,376

1,571,150

Capital expenditures

148,186

145,929

138,006

124,556

119,435

1,593,397

19.86

15.63

15.94

37.50

23.48

0.21

—

15.37

15.50

35.69

21.70

—

301.58284.72289.49293.11

270.46

3.24

9.00

8.00

8.00

8.00

7.00

0.09

Total payout ratio*3 (%)

60.11

63.35

73.56

60.14

84.29

—

Payout ratio (%)

45.32

51.18

50.19

21.33

29.81

—

Amounts per share ofcommon stock (¥ / $)Net income
Diluted net income*2
Net assets
Cash dividends applicableto the year

AT YEAR-END¥1,840,972¥1,764,185¥1,703,651¥1,692,635¥1,693,898$19,795,397

Interest-bearing debt

555,919593,230

558,716

525,467

559,911

5,977,623

Total net assets

826,291

784,616

780,455

806,045

738,486

8,884,849¥ 199,898¥ 182,791¥ 184,908¥ 233,841¥ 198,490$ 2,149,440

Operating income
to net sales (%)

6.0

3.9

4.7

11.8

8.9

—

Net income to net sales (%)

3.8

2.5

2.9

7.3

4.9

—

TEP* (Billions of yen / Millions ofU.S. dollars)

18.6

–4.8

1.7

53.8

22.9

200

ROE*6 (%)

6.8

5.4

5.4

13.2

9.0

—

ROA*7 (%)

3.0

2.4

2.5

5.93.7—

Equity ratio (%)

44.2

43.8

45.1

47.0

43.0

—

D/E ratio* (times)

0.68

0.77

0.73

0.66

0.77

—

Gas sales volume (million m3)

13,666

13,942

14,215

13,315

13,098—

Number of customers (thousands)

10,637

10,513

10,380

10,207

10,016—

LNG imports (thousand tons)(non-consolidated)

10,052

11,162

10,874

10,191

9,745—

Total assets

RATIOS
Operating cash flow*458

Operational Data

*1 U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥93 = U.S.$1, the prevailing exchange rate on March 31, 2010.
*2	From the fiscal year ended March 31, 2010, diluted net income per share is not presented in the above table because there are no residual securities from thebeginning of the fiscal year.
*3	Total payout ratio for fiscal year n = ((income distributed as dividends funded by net income in FY n) + (share repurchasing in FY n+1)) / (net income in FY n).
*4 Operating cash flow = net income + depreciation (including amortization of long-term prepayments)*5	T EP (Tokyo Gas Economic Profit) = net operating profit after tax prior to interest payments – cost of capital (invested capital x WACC)
WACC: Fiscal 2008 results: 3.4% / Fiscal 2009 results: 3.2% / Fiscal 2013 outlook: 3.8%
*6 ROE = net income / total equity (average of positions at start and end of fiscal year)*7 ROA = net income / total assets (average of positions at start and end of fiscal year)*8 D/E ratio = interest-bearing debt (year-end) / total shareholders’ equity (year-end)

FINANCIAL HIGHLIGHTSNet Sales

Operating Income /Operating Income to Net Sales

Net Income /Net Income to Net Sales

ROE / ROA

¥ billion¥ billion¥ billion

%%%

1,800

2004012020

1,350

15030901515109001002060

10450501030

500500060708091006

Total Equity /Equity Ratio¥ billion%

1,00080

240

750

60

18050040120250

2060

00006070809

1007080901006

0708

09

01006

070809Operating Cash Flow

Cash Dividends Per Share /Payout Ratio

Total Payout Ratio¥ billion¥%%

9909066060

33030000060708091006070809

1006

0708

09

1010

FINANCIAL STRATEGY AND KEY INDICATORS IN THE MEDIUM-TERM MANAGEMENT PLAN (FY 2009 to FY 2013)• Through the steady implementation of the key policies inthe medium-term management plan, over the five-year
period of the plan we will aim to generate cash flow*1 ofabout ¥1,070 billion. We intend to use this cash flow for
aggressive investment in such areas as upstream/overseas projects, infrastructural improvement, and demanddevelopment.
• In making investment decisions, we will give due consideration for capital costs and will work to maintain andimprove investment efficiency, aiming for ROA of 3.7% in
the final year of the plan.

Major Management Indicators
Consolidated
Fiscal 2008
(Result)

Fiscal 2009
(Result)

Fiscal 2013
(Plan)

182.7

199.8

1,060.0
Over 5 years

ROA %

2.4

3.0

3.7

ROE %

5.4

6.8

7.7

TEP ¥ billion

–4.8

18.6

18.0

Operating cash flow ¥ billion• We will strive to increase dividends over the long term
and will maintain the target of 60% for the total payout
ratio*2. We will work to make effective use of shareholder capital and will target ROE of 7.7% in the final
year of the plan.
*1	C ash flow = operating cash flow + other cash flow*2	Total payout ratio = ratio of shareholder return (income
distributed as dividends funded by net income) + (sharerepurchases) to net income

TOKYO GAS ANNUAL REPORT 2010