January 28, 2021

Consolidated Financial Results Bulletin for the 3rd Quarter Ended December 31, 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 3Q earnings presentation material (yes/no):
Holding of 3Q earnings announcement (yes/no):

Stock listings:
Tokyo Stock Exchange, Nagoya Stock Exchange
Location of head office: TokyoFebruary 15, 2021
—Yes
Yes (for institutional investors)(Amounts are rounded down to the nearest million yen)

1. Consolidated Performance for 3rd Quarter (from April 1, 2020 to December 31, 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

Nine months ended
Dec. 31, 2020

1,233,505-9.4%

65,71720.0%

62,392

9.6%

45,39934.9%

Nine months ended
Dec. 31, 2019

1,362,084

2.7%

54,77997.4%

56,914117.1%

33,657-2.9%

Note: Total comprehensive income
Nine months ended December 31, 2020: 27,545 million yen (-12.3%)

Profit per share

Nine months ended December 31, 2019: 31,409 million yen (12.8%)

Diluted profit
per share

Nine months ended
Dec. 31, 2020

102.95 yen—

Nine months ended
Dec. 31, 201976.00 yen—

(2) Consolidated Financial Position(Unit: million yen)
Total assets
As of Dec. 31, 2020
As of Mar. 31, 2020

2,732,658
2,539,919

Total net assets

Equity ratio

1,173,128
1,159,138

42.0%
45.2%

Reference: Shareholders’ equity
As of December 31, 2020: 1,147,489 million yen
As of March 31, 2020: 1,147,747 million yen
Note: As provisional accounting treatments on business combinations were confirmed in 3Q of FY2020 ending March 31, 2021, the figures for
FY2019 ended March 31, 2020 reflect the confirmed details of the provisional accounting treatments.

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

—

30.00

——

30.00

—

Note: Revision to the dividend forecast that has been disclosed lastly: NoEnd 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

1,801,000-6.5%

Operating profit

Ordinary profit

79,00068,000-22.1%-33.8%Net profit attributableto owners of parent
49,00013.2%

Profitper share
111.11 yenNote: 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 ofconsolidation during the quarter) (yes/no): Yes
Newly included: 5 (Names) TG Natural Resources LLC, TGNR HoldCo LLC, TGNR RBLCo LLC,TGNR East Texas LLC, TGNR TVL LLC
Note: Castleton Resources LLC was renamed TG Natural Resources LLC, CCI Oil and Gas II LLC was renamed
TGNR HoldCo LLC, Castleton Commodities Upstream II LLC was renamed TGNR RBLCo LLC, CCI EastTexas Upstream LLC was renamed TGNR East Texas LLC, and Castleton TVL LLC was renamed TGNR TVL
LLC on November 10, 2020.
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: 2, decreased: 2)(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):

Dec. 31, 2020

442,436,059

Mar. 31, 2020

442,436,059

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

Dec. 31, 2020

1,433,224

Mar. 31, 2020

1,424,746

3) Average number of shares during period:

Apr. – Dec. 2020

441,007,553

Apr. – Dec. 2019442,835,529* 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. For
details of the above forecasts, please refer to “1. Overview of Business Performance, etc. (2) Future outlook” on page 3 ofthe 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

1,611,000-9.9%Operating profit

Ordinary profit

53,00053,000-14.6%

Note: Revision to the non-consolidated results forecast that has been disclosed lastly: Yes-22.4%Net income
47,000-17.1%

Profitper share
106.57 yen

Contents of Attachment
1.

Overview of Business Performance, etc............................................................................................................................. 2(1)Overview of business performance of the 3rd 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(Nine months ended December 31, 2020)
Consolidated statement of comprehensive income ................................................................................................... 7(Nine months ended December 31, 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 3rd quarter<Summary by segment>(Unit: million yen)
Electric
EnergyGas
Overseas
Real estate
Otherspower
relatedFY2020795,847
282,337
31,121
236,149
35,57378,999(% of total)(54.6%)(19.3%)(2.1%)(16.2%)(2.4%)(5.4%)FY2019955,321249,768
33,951
244,91233,74785,299
Sales(% of total)(59.6%)(15.6%)(2.1%)(15.3%)(2.1%)(5.3%)
Amount of change-159,474
32,569-2,8301,826-8,763-6,300(Rate of change)
13.0%
5.4%
-16.7%
-8.3%
-3.6%
-7.4%
FY2020731,410
267,484
28,932
224,361
29,64576,552(% of total)(53.9%)(19.7%)(2.1%)(16.5%)(2.2%)(5.6%)FY2019899,170
244,569
26,863
233,153
25,827
81,688Operating(59.5%)(16.2%)(1.8%)(15.4%)(1.7%)(5.4%)
expenses (% of total)
Amount of change
22,915
2,069
3,818-167,760-8,792-5,136(Rate of change)
9.4%
7.7%
14.8%
-18.7%-3.8%-6.3%
FY202064,436
14,853
1,736
11,787
6,674
2,439(% of total)(63.2%)(14.6%)(1.7%)(11.6%)(6.5%)(2.4%)
56,151
5,199
11,135
11,7598,468
3,617
Segment FY2019(%oftotal)(58.2%)(5.4%)(11.6%)(12.2%)(8.8%)(3.8%)
profitAmount of change
8,285
9,654
28-9,399-1,794-1,178(Rate of change)
14.8%
185.7%
0.2%-84.4%-21.2%-32.6%
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. – Dec. 2020 Apr. – Dec. 2019
Change% change
No. of customers for cityThousands
8,935
9,259
-324
-3.5
gas retail sales
Thousands
No. of customers (meters)
12,041
11,905
136
1.1
1,962
1,936
26
Residential
1.3
Mil. m3
3
1,572
1,793
Commercial-221-12.3
Mil. m4,105
4,831
Industrial
-726
-15.0
Mil. m3
3
5,677
6,624
Subtotal-947-14.3
Mil. m3
1,273
1,362-89
Supplies to other utilities-6.5
Mil. m
3
8,912
9,923
-1,011
Total-10.2
Mil. mAverage temperature°C
19.4
19.5
-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.

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< Consolidated Electric Power Sales Volume, etc.>
Apr. – Dec. 2020 Apr. – Dec. 2019
Change% change
No. of customers for
Thousands
2,629
2,225
404
18.2
electric power retail sales
Electric Retailmillion kWh
7,152
5,766
1,386
24.0
power
Wholesale etc. million kWh
10,533
8,392
2,141
25.5
sales
million kWh
17,685
14,1583,527
24.9
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. – Dec. Apr. – Dec.
Change¥/$ rate2020
2019
106.10108.65-2.55

Crude oilprice($/bbl)(2) Future outlook
a. Consolidated city gas sales volume forecast for FY2020
FY2020(Forecast)Mil. m3
3,298
City gas Residentialsales
OthersMil. m3
9,642
volume Total
Mil. m3
12,940
Average temperature°C
16.2

Apr. – Dec.
2020
39.04

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
24,615volumeFY2019(Results)

Apr. – Dec.
2019
67.84

Change5.6-10.2-6.6—Change% change

4,011

c. Consolidated earnings forecast for FY2020-28.80% change

174-1,089-915-0.5

20,604

Change19.5(Unit: hundred million yen)
Operating profit

Ordinary profit

Profit attributableto owners ofparent

18,01011,5286,482
790
19,252
13,554
5,698
1,014
Change-1,242-2,026784-224% change-6.5%-14.9%
13.8%-22.1%
Note: Internal sales between segments are adjusted in the “Other sales” column.

680
1,026
-346
-33.8%

490
432
58
13.2%

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)105.84108.71-2.87-3-FY2020(Forecast)
41.29

FY2019(Results)
67.79

Change-26.50

2. Consolidated Financial Statements and Main Notes
Consolidated balance sheets(1)(Million yen)
As of March 31,2020

As of December 31,2020

AssetsNon-current assets
Property, plant and equipment
Production facilities
Distribution facilities

224,515
548,095

213,912528,393

Service and maintenance facilities
Other facilities

48,492475,249

15,967562,982

Inactive facilities
Construction in progress

316
162,862316
150,651

1,459,532

1,472,223

Goodwill
Other intangible assets

2,056
154,0668,668
282,478

Total intangible assets

156,123

291,146

Investments and other assets
Investment securities

Total property, plant and equipment
Intangible assets

216,052

207,600

Long-term loans receivable
Retirement benefit asset

50,61529

58,32529

Deferred tax assets
Other investments and other assets

49,132
46,40753,70461,025

Allowance for doubtful accounts-405-335

Total investments and other assets

361,831

380,350

1,977,487

2,143,720

Total non-current assets
Current assets
Cash and deposits

151,288

204,186

Notes and accounts receivable - trade
Lease receivables and investments in leases

221,123
20,363

210,737
19,902Merchandise and finished goods
Work in process

1,905
11,8682,423
23,185

Raw materials and supplies
Other current assets

64,70391,74833,895
95,227-570-621

Allowance for doubtful accounts
Total current assets
Total assets-4-562,431

588,9382,539,919

2,732,658

(Million yen)
As of March 31,2020As of December 31,2020

Liabilities
Non-current liabilities
Bonds payable
Long-term borrowings

404,998
429,541474,998
516,334

Deferred tax liabilities
Retirement benefit liability

18,531
71,976

23,60670,013

Provision for gas holder repairs
Provision for safety measures

3,122
593

3,145
392

Provision for appliance warranties
Provision for point card certificates

12,9851,000

11,676
1,464

Asset retirement obligations
Other noncurrent liabilities

14,42453,501

18,71582,587

Total non-current liabilities

1,010,676

1,202,934

Current liabilities
Current portion of non-current liabilities

54,42861,757

Notes and accounts payable - trade
Short-term borrowings

78,593
6,507

77,042
8,732

Income taxes payable
Other current liabilities

29,708200,865

5,738
203,323

Total current liabilities

370,104

356,595

1,380,780

1,559,529

Shareholders' equity
Share capital

141,844

141,844

Capital surplus
Retained earnings

2,067
967,718

1,137
986,656

Treasury shares-3,875-3,896

1,107,754

1,125,742

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

15,843
1,444

20,717-12,753

Foreign currency translation adjustment
Remeasurements of defined benefit plans

22,412292

14,074-291

Total accumulated other comprehensive income

39,992

21,746

Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income

Non-controlling interests
Total net assets
Total liabilities and net assets-5-

11,391

25,638

1,159,138

1,173,128

2,539,919

2,732,658

(2) Consolidated statements of income and comprehensive income(Consolidated Statements of Income :For the nine months ended December 31, 2020)(Million yen)
For the nine months
ended December 31,2019

For the nine months
ended December 31,2020

Net sales
Cost of sales

1,362,084
959,433

1,233,505
831,169

Gross profit

402,651

402,335

Supply and sales expenses
General and administrative expenses

296,283
51,588290,31146,306

Total selling, general and administrative expenses

347,871336,61754,77965,717

Interest income
Dividend income

1,669
5,241

1,226
1,822

Share of profit of entities accounted for using equity method
Gain on derivatives

4,603
61286
5,535

Selling, general and administrative expenses

Operating profit
Non-operating income

Miscellaneous income

5,007

7,400

Total non-operating income

16,583

16,270

8,446
1

8,925
6,715

Non-operating expenses
Interest expenses
Loss on derivatives
Miscellaneous expenses

5,999

3,954

Total non-operating expenses

14,44819,59556,91462,392

Ordinary profit
Extraordinary income
Gain on sales of investment securities

-

4,728

Gain on bargain purchase

-

2,966

Total extraordinary income

-

7,694

Impairment loss
Loss on valuation of investment securities

8,086
-

7,538
4,010

Total extraordinary losses

8,086

11,549Profit before income taxes

48,82858,538

Income taxes

14,397

12,470

Profit34,43046,068773

668

33,65745,399Extraordinary losses

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

(Consolidated Statements of Comprehensive Income :For the nine months ended December 31, 2020)(Million yen)
For the nine months
ended December 31,2019Profit (loss)
Other comprehensive income

For the nine months
ended December 31,2020

34,43046,068Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

1,459-1,006

4,898-11,016

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing equity method
Other comprehensive income-6,611
4,138-5,668-598-999-6,136-3,020-18,522

31,40927,54530,596813

27,153392

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
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 nine months ended December 31, 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 nine months ended December 31, 2020.
(Significant changes in shareholders’ equity)
Not applicable(Application of accounting treatment peculiar to quarterly consolidated financial statement preparation)
Calculation of taxesTaxes are calculated by multiplying profit before income taxes for the third-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 third quarter underreview.

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