April 25, 2024

Consolidated Financial Results Bulletin for the Fiscal Year Ended March 31, 2024
(J-GAAP)Tokyo Gas Co., Ltd.
Securities code:9531
Stock listings:(URL https://www.tokyo-gas.co.jp/en/IR/index.html)
Tokyo Stock Exchange, Nagoya Stock Exchange
Representative:
Mr. SASAYAMA Shinichi, Representative
Corporate Executive Officer, President and CEO
Contact:
Mr. KOMORI Rikiya, Chief Manager,
Location of head office: Tokyo
Consolidated Settlements Sect.
General shareholders’ meeting schedule:
June 27, 2024
Scheduled date of the filing of securities report:
June 27, 2024
Scheduled date of the start of dividend payments:
June 6, 2024
Preparation of earnings presentation material (yes/no):Yes
Holding of earnings announcement (yes/no):Yes (for institutional investors)(Amounts are rounded down to the nearest million yen)

1. Consolidated Performance for FY2023 ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Unit: million yen)(% of change from the corresponding period of previous year)(1) Consolidated Business Performance
Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

FY2023 ended
Mar. 31, 2024

2,664,518-19.0%

220,308-47.7%

228,179-44.2%

169,936-39.5%FY2022 ended
Mar. 31, 2023

3,289,634

52.7%

421,477230.5%

408,846199.6%

280,916193.5%

Note: Total comprehensive income
FY2023 ended March 31, 2024: 281,162 million yen (-21.5%)

Profit per share

Diluted profit
per share

FY2023 ended
Mar. 31, 2024

411.88 yen—

FY2022 ended
Mar. 31, 2023

646.99 yen—

Reference: Profit or loss on investment accounted for by equity method
FY2023 ended March 31, 2024: 3,061 million yen

FY2022 ended March 31, 2023: 358,130 million yen (238.4%)
Ratio ofordinary profit tototal assets

Ratio ofoperating profit to
net sales

10.4%

6.1%

8.3%

20.0%

12.1%

12.8%

Ratio of profit toshareholders’ equity

FY2022 ended March 31, 2023: -4,450 million yen(2) Consolidated Financial Position(Unit: million yen)
Total assets
3,888,855
3,581,425

As of Mar. 31, 2024

As of Mar. 31, 2023
Reference: Shareholders’ equity
As of March 31, 2024: 1,695,747 million yen

Total net assets
1,733,218
1,589,301

Equity ratio
43.6%
43.5%

Net assets per share
4,249.83 yen
3,595.60 yen

As of March 31, 2023: 1,558,404 million yen(3) Consolidated Cash Flows(Unit: million yen)
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

FY2023 ended
Mar. 31, 2024

331,210-362,014-73,214363,890

FY2022 ended
Mar. 31, 2023

487,030-203,522-22,403

453,432

2. Dividend
Dividend per share (Unit: yen)
End of
1Q

End of2Q

End of3Q

End of4Q

Full-year

Total dividend
payments(Full-year)(Unit: million yen)

Payout ratio(Consolidated)

Dividend
on equity(Consolidated)

FY2022 ended
Mar. 31, 2023

—

32.50

—

32.50

65.00

28,186

10.0%

2.0%

FY2023 ended
Mar. 31, 2024

—

32.50

—

37.50

70.00

28,407

17.0%

1.8%

FY2024 ending
Mar. 31, 2025 (Forecast)

—

35.00

—

35.00

70.00

—

3. Consolidated Results Forecast for FY2024 ending March 31, 2025 (April 1, 2024 - March 31, 2025)(Unit: million yen)(% of change from the corresponding period of previous year)
Net sales
Full-year

2,642,000-0.8%Operating profit

Ordinary profit

113,000

111,000-48.7%

Profit attributable toowners of parent-51.4%

80,000

Profit per
share-52.9%

205.40*Notes(1) Significant changes in consolidated subsidiaries (changes in specified subsidiaries resulting in change of scope of
consolidation during the year) (yes/no): Yes
Newly included: 4 (names) Rockcliff Energy II LLC (note 1), Rockcliff Energy Operating LLC (note 2), TGAM Trading,
LLC, TGARM Investment, LLC
Excluded: 2 (names) TGBI 1. LLC, TG Barnett Resources LP
Notes: 1. Rockcliff Energy II LLC has been renamed TGNR Intermediate Holdings LLC, effective April 1, 2024.
2. Rockcliff Energy Operating LLC has been renamed TGNR East Texas II LLC, effective April 1, 2024.
Reference: Scope of consolidation and application of equity method
Number of consolidated subsidiaries: 104 (Increased by 14 companies and decreased by 12 companies)
Number of subsidiaries and affiliates accounted for by equity method: 23 (Increased by 9 companies and decreased by 1
company)(2) 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(3) Number of issued shares (common stock)(Unit: share)
1) Number of issued shares at end of
period (including treasury stock):

Mar. 31, 2024

400,452,159 Mar. 31, 2023

434,875,059

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

Mar. 31, 2024

1,436,376 Mar. 31, 2023

1,455,205

3) Average number of shares during
period:Apr. 2023– Mar.2024

412,584,717 Apr. 2022– Mar.2023

434,188,168

(Reference)

1. Non-Consolidated Business Results for FY2023 ended March 31, 2024 (April 1, 2023 - March 31, 2024)(1) Non-Consolidated Business Performance(Unit: million yen)(% of change from the corresponding period of previous year)
Net sales

Operating profit

Ordinary profit

Net income

FY2023 ended
Mar. 31, 2024

2,376,447-20.8%

126,258-58.1%

155,575-48.8%

124,300-39.4%FY2022 ended
Mar. 31, 2023

2,999,878

55.3%

301,426480.6%

303,621532.8%

205,171442.9%

Profit per share

Diluted profit
per share

FY2023 ended
Mar. 31, 2024

301.27 yen—

FY2022 ended
Mar. 31, 2023

472.54 yen—(2) Non-Consolidated Financial Position(Unit: million yen)
Total assets

Total net assets

Equity ratio

Net assets per share

As of Mar. 31, 2024

2,698,141

980,08136.3%

2,456.25 yen

As of Mar. 31, 2023

2,696,080

991,76436.8%

2,288.23 yen

Reference: Shareholders’ equity
As of March 31, 2024: 980,081 million yen

As of March 31, 2023: 991,764 million yen* 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. Earnings forecasts involve significant uncertainties, including the impact of the situation between Russia and Ukraine.
Forecasts may vary significantly depending on future developments.
For details of the above forecasts, please refer to “1. Overview of Business Performance, etc. (2) Future outlook” on page 6of the Attachment.
2. The information related to this Financial Results will be posted on the Web site of the Company.

Contents of Attachment
I.

Overview of Business Performance, etc. ................................................................................................................... 2(1)
Overview of business performance and financial position of FY2023 .................................................................... 2(2)
Future outlook ............................................................................................................................................................. 6(3)
Basic policy on profit sharing and dividends for FY2023 and FY2024 .................................................................. 7
II. Basic Concept Regarding Selection of Accounting Standards ................................................................................ 7
III. Consolidated Financial Statements and Main Notes ............................................................................................... 8(1)
Consolidated balance sheets ....................................................................................................................................... 8(2)
Consolidated statements of income and comprehensive income ........................................................................... 10(Consolidated statement of income) ......................................................................................................................... 10(Consolidated statement of comprehensive income) .............................................................................................. 11(3)
Consolidated statements of changes in equity ..................................................................................................... 12(4)
Consolidated statements of cash flows ................................................................................................................... 16(5)
Notes on consolidated financial statements ............................................................................................................. 181) (Note on going concerns’ premise) ........................................................................................................................... 182) (Additional information) ........................................................................................................................................... 183) (Changes in presentation) ......................................................................................................................................... 194) (Segment information, etc.) ...................................................................................................................................... 215) (Per share information) ............................................................................................................................................. 246) (Material subsequent events) .................................................................................................................................... 25
IV. Non-Consolidated Financial Statements ................................................................................................................. 26(1)
Balance sheets ............................................................................................................................................................ 26(2)Statements of income................................................................................................................................................. 28

1

I.

Overview of Business Performance, etc.

(1) Overview of business performance and financial position of FY2023(Business performance of FY2023)
During the fiscal year under review, Japan’s economy recovered moderately on the back of a recovery trend in capital
expenditures, although weakness remained in some areas of consumer spending and exports. The economy is expected tocontinue to recover moderately as a result of various policy measures and as the employment and income environment
improves. Nevertheless, the economic outlook requires close attention due to recent price increases, the situation in the
Middle East, and fluctuations in financial and capital markets.
In addition, the environment surrounding the Group has undergone significant changes, such as the emergence of a global
trend toward decarbonization and digitalization. Regarding decarbonization, the development of an environment for green
transformation investment by the public and private sectors is progressing, and related innovations are entering the social
implementation phase. In terms of digitalization, the use of generative AI and other technologies for business is advancing
rapidly. Customer values are diversifying along with these social changes, ushering in an era in which we can no longer
meet customer needs by providing products and services in the same way as before.
The year 2023 marked the first year of the Group’s current Medium-term Management Plan, Compass Transformation
23-25.
In light of such changes of business environment, we have implemented diverse actions under our three core
strategies, focusing on green transformation (GX), digital transformation (DX), and customer experience (CX). The core
strategies are "Achieving both stable energy supply and decarbonization", "Fully rolling out Solutions business" and"Realize a flexible corporate culture resilient to change".
In the fiscal year under review, the Energy Solution segment saw a decrease in city gas sales volume to industrial customers
mainly as a result of lower demand from customers that use gas for power generation. In electric power sales, while theretail sales volume increased due to a higher number of contracts, the sales volume of wholesale, etc. dropped due to a
decline in demand from wholesale customers.
In the Network segment, third-party access revenue was affected by high temperatures. In the Overseas segment, thebalance of income and expenses deteriorated, primarily reflecting a drop in selling prices in the LNG business in Australia
and North America owing to a global decline in market prices. In the Urban Development Segment, Profit from real estate
sales increased.
Reflecting these economic conditions and changes in the business climate, consolidated net sales totaled ¥2,664.5 billion,
down 19.0% year on year, and operating expenses were ¥2,444.2 billion, down 14.8% year on year.
Consequently, operating profit was ¥220.3 billion, down 47.7% year on year, and ordinary profit totaled ¥228.1 billion,
down 44.2% year on year. Meanwhile, profit attributable to owners of the parent came to ¥169.9 billion, down 39.5% year
on year after recording the following: extraordinary income of ¥25.1 billion in gain on sales of investment securities and¥2.2 billion in gain on the valuation of long-term loans as extraordinary income; extraordinary losses of ¥3.4 billion in
impairment loss; and income taxes.
<Segment summary>1) Energy solution
Segment sales decreased by ¥639.7 billion to ¥2,422.8 billion, mainly due to a decrease in unit sales price owing toresource cost adjustments and a drop in electric power sales.
Operating expenses stood at ¥2,223.2 billion, owing in part to a downward trend in crude oil prices from the previous
fiscal year.
Accordingly, operating profit of the segment decreased by ¥161.6 billion to ¥200.8 billion.
(Gas)
The sales volume of city gas was 11,303 million m3, down 10.1% year on year. This includes residential demand of 2,724
million m3, which decreased 2.8% year on year due to lower demand for hot water supply caused by high temperatures.
Commercial demand increased 2.3% year on year to 2,275 million m3 due to an increase in demand for air conditioning
owing to high temperatures.
Industrial demand fell 20.1% year on year to 4,741 million m3 due to a slowdown in user operations.
Supply to other utilities decreased 3.2% year on year to 1,563 million m3 due to a decline in operations of other utilities.

2

<Consolidated City Gas Sales Volume for FY2023 Ended March 31, 2024>

City gas sales volume

FY2023
FY2022
Change% change
No. of customers for cityThousands
8,789
8,701
88
1.0
gas retail sales
Thousands
No. of customers (meters)
12,451
12,331120
1.0
Residential
2,724
2,802
-78
-2.8
Mil. m3
Commercial
2,275
2,224
51
2.3
Mil. m3
Industrial
4,741
5,932
-1,191-20.1
Mil. m3
Subtotal
7,016
8,156
-1,140-14.0
Mil. m3
Supplies to other utilities
1,563
1,616
-53
-3.2
Mil. m3
3
Total
11,303
12,574-1,271-10.1
Mil. mAverage temperature
°C
17.5
16.8
0.7
—
Notes:
1. No. of customers for city gas retail sales indicates the number of billed customers for city gas retail sales.
2. The number of installed meters is the number of meters installed as a gas pipeline operator.
3. “Commercial” indicates sales to commercial, public and medical institutions.
4. City gas sales volumes are on the basis of 45MJ/m3.
<Foreign Exchange Rate and Crude Oil Price>¥/$ rate

FY2023144.58FY2022135.50Change9.08

Crude oilprice($/bbl)FY202385.97

FY2022102.73

Change-16.76(Electric power)<Consolidated Electric Power Sales Volume for FY2023 Ended March 31, 2024>
FY2023
FY2022
Change% change
No. of customers for
Thousands
3,871
3,475
396
11.4
electric power retail sales
Electric Retailmillion kWh
13,43912,019
1,420
11.8
power
Wholesale etc. million kWh
12,04022,426-10,386-46.3
sales
million kWh
25,47934,445-8,966-26.0
volume Total
Note: No. of customers for electric power retail sales indicates the number of billed customers for electric power retailsales.
2) Network
Sales decreased by ¥10.4 billion year on year to ¥326.4 billion. Operating expenses were ¥330.4 billion. Segment
profit/loss was a loss of ¥3.9 billion, down ¥9.8 billion from the previous fiscal year.

3) Overseas
Sales decreased by ¥39.9 billion year on year to ¥120.0 billion. Operating expenses were ¥90.2 billion.
Segment profit was ¥30.8 billion, down ¥37.1 billion year on year, as a result of posting the share of profit of entities
accounted for using the equity method.
4) Urban development business
Sales increased by ¥28.5 billion year on year to ¥91.1 billion. Operating expenses were ¥68.8 billion.
Segment profit was ¥22.9 billion, up ¥7.8 billion year on year, as a result of posting the share of profit of entities accounted
for using the equity method.

3

<Summary by segment>(Unit: million yen )Energy solution

Sales

Operation
expenses

Segment
profit/loss

FY2023(% of total)
FY2022(% of total)
Amount of change(Rate of change)
FY2023(% of total)
FY2022(% of total)
Amount of change(Rate of change)
FY2023(% of total)
FY2022(% of total)
Amount of change(Rate of change)

Network

2,422,873(81.8％)
3,062,554(84.6％)-639,681(-20.9％)2,223,299(82.0％)
2,699,963(85.4％)-476,664(-17.7％)200,812(80.1％)
362,491(80.3％)-161,679(-44.6％)

326,459(11.0％)
336,812(9.3％)-10,353(-3.1％)
330,418(12.2％)
330,818(10.4％)-400(-0.1％)-3,959(-1.6％)
5,993(1.3％)-9,952—

Overseas120,021(4.1％)
159,912(4.4％)-39,891(-24.9％)90,265(3.3％)
86,866(2.7％)
3,399(3.9％)
30,846(12.3％)
67,911(15.0％)-37,065(-54.6％)

Urban development
91,113
(3.1％)
62,676(1.7％)
28,437(45.4％)
68,897(2.5％)
48,283(1.5％)
20,614(42.7％)
22,946(9.2％)
15,177(3.4％)
7,769(51.2％)

Notes: 1. Figures for sales include internal transactions. Figures for operating expenses do not include expenses thatcannot be allocated to specific segments.
2. Figures for segment profit/loss are operating profit plus or minus the share of profit/loss of entities accounted
for using the equity method.
3. Due to a review of our system for providing services to regional administrations and local governments, wehave transferred some of the businesses previously included in the Network segment to the Energy Solutions
segment or to the corporate business, effective from the consolidated fiscal year under review. Note that thesegment information for the previous consolidated fiscal year is presented based on the reporting segmentclassification after the above segment changes.

4

(Financial position in FY2023)
1) Situation of assets, debt and net assets
Assets increased by ¥307.4 billion from the end of the previous consolidated fiscal year to ¥3,888.8 billion due mainly to
an increase in mining rights as a result of the acquisition of Rockcliff Energy II LLC.
Liabilities increased by ¥163.5 billion to ¥2,155.6 billion due in part to an increase in interest-bearing debt mainly due tocorporate bonds and long-term borrowings.
Net assets increased by ¥143.9 billion to ¥1,733.2 billion due to an increase in shareholders’ equity, partly as a result of
the posting of profit attributable to owners of the parent, and an increase in accumulated other comprehensive income,
offsetting the distribution of capital surplus, the acquisition of treasury shares, and other factors.
Since the growth rate of equity capital (the sum of shareholders’ equity and accumulated other comprehensive income)
was higher than the growth rate of total assets, the equity ratio increased by 0.1 percentage points to 43.6% compared tothe end of the previous consolidated fiscal year.
<Capital expenditure>
Energy solution
Network
Overseas
Urban development
Adjustments
Total

FY2023
688
807
403
158
-5
2,052

FY2022
778
816
304
245
-12
2,132

(Unit: hundred million yen)
Change% change
-90
-11.6
-9
-1.1
99
32.6
-87
-35.6
7
—
-80
-3.8

FY2023
3,312-3,620-732
3,638(Unit: hundred million yen)
FY2022
Change4,870-1,558-2,035-1,585
-224
-508
4,534
-896

2) Situation of cash flow

Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Cash and cash equivalents at end of yeara) Cash flow from operating activities
Cash and cash equivalents obtained as a result of operating activities totaled ¥331.2 billion. Cash and cash equivalents
increased mainly due to the posting of income before income taxes (¥252.0 billion) and depreciation and amortization(¥208.2 billion), despite payments for corporate income taxes (-¥172.0 billion), etc.
b) Cash flow from investing activities
Cash and cash equivalents used in investing activities totaled ¥362.0 billion. Cash and cash equivalents decreased mainly
due to the purchase of subsidiary shares resulting in a change in the scope of consolidation (-¥219.9 billion), the purchaseof property, plant and equipment associated with capital expenditure (-¥180.7 billion), despite proceeds from sale ofsubsidiary shares resulting in a change in the scope of consolidation (¥89.3 billion) , etc.
c) Cash flow from financing activities
Cash and cash equivalents used in financing activities totaled ¥73.2 billion. Cash and cash equivalents decreased mainly
due to repayments of long-term borrowings (-¥154.9 billion), the purchase of treasury shares (-¥113.0 billion), anddividends paid (-¥27.5 billion), despite proceeds from long-term borrowings (¥148.5 billion), decrease in net increase incommercial papers (¥77.0 billion).

5(2) Future outlook
In FY2024, which ends March 31, 2025, we forecast city gas sales volume to total 11,422 million m3, an increase of 1.1%
versus FY2023, due to an expected increase in residential demand and an expected growth in industrial demand frompower generation customers, although we expect demand for air conditioning from commercial customers to decline, as
we set our temperature forecast to be in line with an average year. We forecast electric power sales volume to decrease
5.6% year on year to 24,060 million kWh, mainly due to a drop in sales volume to wholesalers. Net sales are expected todecrease by 0.8% year on year, reflecting a decline in the unit sales price in conjunction with resource cost adjustments
and a drop in electric power sales volume. Meanwhile, operating expenses are expected to increase primarily due to anincrease in depreciation in the overseas business.
Taking these factors into account, we forecast consolidated net sales of ¥2,642.0 billion, a decrease of ¥22.5 billion or
0.8% year on year, operating profit of ¥113.0 billion, a fall of ¥107.3 billion or 48.7% year on year, ordinary profit of¥111.0 billion, a drop of ¥117.1 billion or 51.4% year on year, and profit attributable to owners of the parent of ¥80.0
billion, a decline of ¥89.9 billion or 52.9% year on year.
The economic frame assumed for FY2024 is ¥145/$ for foreign exchange rate for the full-year, and $80/bbl for the fullyear for crude oil price.
a. Consolidated city gas sales volume forecast for FY2024
FY2024(Forecast)Mil. m3
2,816City gas Residential
3
sales
OthersMil. m8,606
volume Total
Mil. m3
11,422Average temperature°C
16.4
b. Consolidated electric power sales volume forecast for FY2024
FY2024(Forecast)
Total electric power
million kWh
24,060sales volume

FY2023(Results)
2,724
8,579
11,30317.5

FY2023(Results)

Change% change

92
27
119
-1.1

Change25,479

3.4
0.3
1.1
—

% change-1,419-5.6

c. Consolidated earnings forecast for FY2024(Unit: hundred million yen)
Net sales
FY2024 (forecast)
FY2023 (results)
Change% change

26,42026,645-225-0.8%Operating profit

Ordinary profit

Profit attributable toowners of parent

1,130
2,203
-1,073-48.7%

1,110
2,281-1,171-51.4%

800
1,699
-899
-52.9%< Foreign exchange rate and crude oil price forecast for FY2024>
FY2024FY2023
Crude oil
Change(Forecast)(Results)¥/$ rate
price($/bbl)145.00144.580.42

6FY2024(Forecast)
80.00

FY2023(Results)
85.97

Change-5.97

(3) Basic policy on profit sharing and dividends for FY2023 and FY2024
The Company allocates its management results to the improvement of customer service and realization of a sustainable
society, as well as sharing them with shareholders in an appropriate and timely manner. Our basic dividend policy is tomaintain stable dividends while at the same time offering gradual dividend increases in accordance with profit growth bycomprehensively taking into consideration medium- to long-term profit levels.
The Company revised its Articles of Incorporation on June 29, 2021. Owing to a resolution approved by the Board of
Directors, it is now possible for the Company to set a dividend. As of the Board of Directors held of April 25, 2024, theBoard has set the per-share dividend at ¥37.50. Reflecting this, the annual dividend per share will be ¥70 for FY2023,
including an interim dividend of ¥32.50.
The dividend forecast for FY2024 is an annual dividend of ¥70 per share (including interim dividend of ¥35).

II. Basic Concept Regarding Selection of Accounting Standards
The Tokyo Gas Group prepares consolidated financial statements based on Japanese standards in consideration ofcomparability of consolidated financial statements between companies. It intends to respond appropriately regarding theapplication of IFRS, taking into account the situations in both Japan and abroad.

7

Ⅲ. Consolidated Financial Statements and Main Notes(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsLease receivables and investments in leases

453,502363,945

460,111454,276

17,125

18,33410
6,030

34,476Work in process
Raw materials and supplies

15,653
135,769

13,24989,810

Other current assets
Allowance for doubtful accounts

131,832-2,122

331,570-1,7181,217,914

1,303,945

Buildings and structures, net

346,262

318,445

Machinery, equipment and vehicles, net

921,572

828,076

Securities
Merchandise and finished goods

Total current assets
Non-current assets
Property, plant and equipment

Tools, furniture and fixtures, net

10,714

9,883

Land

197,245

180,647

Leased assets, net

8,231

7,553

Construction in progress

98,878100,979

1,582,904

1,445,585

Goodwill
Mining rights

6,410
145,567

5,524
526,319

Other intangible assets

162,554

149,793

Total intangible assets

314,533

681,637

Investment securities
Long-term loans receivable278,497
56,550293,923
16,767Retirement benefit asset
Deferred tax assets

8,809
32,84919,457
19,841Other investments
Allowance for doubtful accounts

93,649-4,283110,053-2,355

Total investments and other assets

466,073457,687

2,363,511

2,584,910

3,581,425

3,888,855

Total property, plant and equipment
Intangible assets

Investments and other assets

Total non-current assets
Total assets

8

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings

79,041
6,674

96,013
9,421

Current portion of bonds payable
Current portion of long-term borrowings

20,00059,97320,00044,577

Income taxes payable
Other current liabilities

118,636
321,832

38,695461,289

Total current liabilities

606,158

669,997

Bonds payable
Long-term borrowings

548,976
607,262

638,660
631,683

Deferred tax liabilities
Retirement benefit liability
Provision for share awards for directors (and otherofficers)
Provision for gas holder repairs
Provision for safety measures
Provision for contract loss in regards to appliancewarranties
Provision for point card certificates

33,90164,57046,51262,908

183

254

3,444
527

3,247
422

5,176

4,327

654

503

Asset retirement obligations
Other noncurrent liabilities

27,55993,70919,95977,158

Total non-current liabilities

1,385,965

1,485,639

1,992,124

2,155,636

Shareholders' equity
Share capital

141,844

141,844

Capital surplus
Retained earnings

1,310,908

4,109
1,340,347-3,658-4,459Non-current liabilities

Total liabilities
Net assets

Treasury shares

1,449,094

1,481,841

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

Total shareholders' equity

30,95459,727-9,62631,322Foreign currency translation adjustment
Remeasurements of defined benefit plans

86,226
1,754

115,170
7,685

Total accumulated other comprehensive income

109,309

213,906

30,89637,471

1,589,301

1,733,218

3,581,425

3,888,855

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

9(2) Consolidated statements of income and comprehensive income(Consolidated statement of income)(Millions of yen)
For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

Net sales

3,289,634

2,664,518

Cost of sales

2,596,462

2,189,255

Gross profit

693,172

475,262

Selling, general and administrative expenses

271,695

254,954

Operating profit

421,477

220,308

2,463

8,228

2,797

1,518

Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Miscellaneous income

-

3,061

5,089
18,15013,341
16,982

Total non-operating income

28,50043,131

15,13819,0084,450-Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodLoss on derivatives
Miscellaneous expenses
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities

10,3084,165

11,23312,086

41,13035,260408,846

228,179

3,795

25,131Gain on sale of businesses
Gain on valuation of long-term loans receivable

3,506
-

2,258

Total extraordinary income

7,301

27,389

4,093

3,478

Loss on valuation of investment securities
Loss on valuation of long-term loans receivable

2,420
2,154

-

Total extraordinary losses

8,669

3,478

Profit before income taxes

407,479

252,089

Income taxes - current

122,208

78,475Extraordinary losses
Impairment losses

Income taxes - deferred

3,748

3,470

Total income taxes

125,956

81,945

Profit281,522

170,144605

207

280,916

169,936

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

10

(Consolidated statement of comprehensive income)(Millions of yen)
For the fiscal year
ended March 31, 2023
ProfitOther comprehensive income

For the fiscal year
ended March 31, 2024

281,522

170,144

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

12,063
3,113

28,79044,555

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

51,756
4,795

30,900
5,933

4,879

837

76,608111,018

Comprehensive income

358,130

281,162

Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

353,795

274,533

4,334

6,628

11

(3) Consolidated statements of changes in equity
For the fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginningof period
Changes during
periodDividends ofsurplusTransfer fromretained earnings tocapital surplus
Profit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesCancellation oftreasury shares
Change inownership interestof parent due totransactions with
non-controllinginterests
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period141,844

CapitalsurplusRetainedearnings

846

821

Treasuryshares

1,076,184-3,524

Total
shareholders'equity1,215,350-29,485-29,485-821-

280,916

280,916-15,885-16,031-16,031121215,885--1,668-1,668--846

234,724-134

233,743

141,844-

1,310,908-3,6581,449,094

Accumulated other comprehensive income
Valuation
Foreign
Deferred gains
difference on
currency
or losses onavailable-fortranslation
hedgessale securities
adjustment
Balance at beginningof period
Changes during
periodDividends ofsurplusTransfer fromretained earnings tocapital surplus
Profit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesCancellation oftreasury shares
Change inownership interestof parent due totransactions with
non-controllinginterests
Net changes in
items other than

18,866-11,904

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
income32,545-3,07636,430Noncontrollinginterests

29,368

Total net
assets1,281,150-29,485
280,916-16,03112--1,66812,0882,278

53,6814,830

1272,8791,528

74,407

Accumulated other comprehensive income
Valuation
Foreign
Deferred gains
difference on
currency
or losses onavailable-fortranslation
hedgessale securities
adjustment

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
incomeNoncontrollinginterests

Total net
assetsshareholders' equity
Total changes
during period
Balance at end of
period12,0882,278

53,681

4,830

72,8791,528

308,151

30,954-9,62686,226

1,754

109,309

30,896

1,589,301

13

For the fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesCancellation oftreasury shares
Increase in thenumber of
consolidated
subsidiaries
Change inownership interestof parent due totransactions with
non-controllinginterests
Net changes in
items other thanshareholders' equity
Total changes
during period
Balance at end of
period141,844

CapitalsurplusRetainedearnings-

Treasuryshares

1,310,908-3,658

Total
shareholders'equity1,449,094-27,530-27,530

169,936

169,936-113,049-113,049

0

70

70

-112,178

112,178

-

-789

-789

4,109

4,109

-

4,109

29,438-800

32,746

141,844

4,109

1,340,347-4,4591,481,841

Accumulated other comprehensive income
Valuation
Foreign
Deferred gains
difference on
currency
or losses onavailable-fortranslation
hedgessale securities
adjustment
Balance at beginningof period
Changes during
periodDividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal of treasury
sharesCancellation oftreasury shares
Increase in thenumber of
consolidated
subsidiaries
Change inownership interestof parent due totransactions with
non-controllinginterests
Net changes in
items other than30,954-9,626

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
income86,226

1,754

109,309

Noncontrollinginterests

30,896

Total net
assets1,589,301-27,530
169,936-113,049
70
-789

4,109

28,77340,94828,9445,931

14104,596

6,574

111,171

Accumulated other comprehensive income
Valuation
Foreign
Deferred gains
difference on
currency
or losses onavailable-fortranslation
hedgessale securities
adjustment

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
incomeNoncontrollinginterests

Total net
assetsshareholders' equity
Total changes
during period
Balance at end of
period28,77340,94828,944

5,931

104,596

6,574

143,91759,72731,322

115,170

7,685

213,906

37,471

1,733,218

15

(4) Consolidated statements of cash flows(Millions of yen)
For the fiscal year
ended March 31, 2023
Cash flows from operating activities
Profit before income taxes

For the fiscal year
ended March 31, 2024

407,479

252,089

Depreciation
Impairment losses

205,076
4,093

208,235
3,478

Amortization of long-term prepaid expenses
Loss (gain) on sale of investment securities

4,224-3,347

4,124-25,110

Loss (gain) on valuation of long-term loans receivable
Interest and dividend income

2,154-5,260-2,258-9,746

Interest expenses
Share of loss (profit) of entities accounted for using
equity method
Decrease (increase) in accounts receivable - trade, andcontract assets
Decrease (increase) in inventories
Increase (decrease) in trade payables

15,13819,0084,450-3,061-125,403

23,178-78,491
7,107

51,74052,547

Other, net

89,402-71,636

Subtotal

526,622502,591

Interest and dividends received

14,91518,280Interest paid
Income taxes paid

-14,069-40,437-17,634-172,026

Net cash provided by (used in) operating activities

487,030

331,210-28,011-30,045

Cash flows from investing activities
Purchase of investment securities
Proceeds from sale and redemption of investment
securities
Purchase of property, plant and equipment

13,574

15,639-150,647-180,715

Purchase of intangible assets
Purchase of long-term prepaid expenses-34,294-5,237-33,429-6,098Long-term loan advances
Proceeds from collection of long-term loans
receivable
Purchase of shares of subsidiaries resulting in change
in scope of consolidation
Proceeds from sale of shares of subsidiaries resulting
in change in scope of consolidation
Payment for settlement of contingent consideration-10,922-3,994

6,642

10,554-1,303-219,947

2,718

89,381-3,914-3,474

Other, net
Net cash provided by (used in) investing activities

16

7,873

115

-203,522-362,014

(Millions of yen)
For the fiscal year
ended March 31, 2023
Cash flows from financing activities
Net increase (decrease) in commercial papers

For the fiscal year
ended March 31, 2024

-30,000

77,000

Repayments of lease liabilities
Proceeds from long-term borrowings-2,92897,366-3,198148,524

Repayments of long-term borrowings
Proceeds from issuance of bonds-72,241
19,791-154,962
19,988

Redemption of bonds
Purchase of treasury shares-16,031-20,000-113,049

Dividends paid
Other, net-29,474
11,113-27,515-1-22,403-73,214

12,62812,483

273,733-91,535

179,699

453,432-

1,992

453,432

363,890

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting
from change in scope of consolidation
Cash and cash equivalents at end of period

17

(5)

Notes on consolidated financial statements1) (Note on going concerns’ premise)
Not applicable2) (Additional information)[Share-based compensation plan for directors, corporate executive officers and executive officers]
At its Compensation Committee held on June 29, 2021, the Company resolved to introduce a trust-type share-based
Compensation Plan for its directors and corporate executive officers with the aim of providing incentives toimprove the Company’s corporate value over the medium to long term. The Company has also decided to introduce
a similar share-based compensation plan for its executive officers (the two share-based compensation plans are
hereinafter collectively referred to as the “Plan”; the directors, corporate executive officers and executive officers
are hereinafter collectively referred to as the “Executives”).
Accounting for the Plan is based on the Practical Solution on Transactions of Delivering the Company’s Own
Stock to Employees etc. through Trusts (PITF No. 30, March 26, 2015).
(1) Overview of transaction
The Plan is a trust-type share-based compensation plan under which a trust established by the Company bycontributing cash (hereinafter, the “Trust”) acquires Company shares equivalent to the number of points
granted by the Company to each Executive, who then receives delivery of the shares.
As a general rule, Executives shall receive the Company shares when they resign/retire.
(2) Company shares remaining in trust
The treasure stock remaining in trust are recorded as treasury stock under net assets based on book value intrust (excluding ancillary expenses). The book value and number of said treasury stock remaining, as of theend of the previous fiscal year, was valued at ¥449 million and totaled 218,500 shares and as of the end of the
fiscal year under review were valued at ¥380 million and totaled 184,800 shares.
[Accounting estimate taking into account the state of affairs concerning Russia and the Ukraine]
The Company procures resources from Russia. However, given the current state of affairs surrounding Russia
and the Ukraine, it is difficult to accurately forecast the impact this will have on the procurement of resources.
The Tokyo Gas Group is conducting various accounting estimates based on the assumption it continues to carryout procurement transactions with the two countries.

18

[Transfer of shares in our subsidiaries]
On March 28, 2024, Tokyo Gas Australia Pty Ltd (“TGAU”), a wholly owned subsidiary of the Company,
transferred its holding of shares of Tokyo Gas Pluto Pty Ltd, Tokyo Gas Gorgon Pty Ltd, Tokyo Gas QCLNG Pty
Ltd, Tokyo Gas Ichthys Pty Ltd (“TGI”), and Tokyo Gas Ichthys F&E Pty Ltd (“TGI F&E”) to Tokyo Gas Australia
1 Pty Ltd (“TGAU1”), a pure holding company and a wholly owned subsidiary of TGAU, as contribution in kind,and then transferred all shares of TGAU1 to MidOcean Energy Holdings Pty Ltd (“MidOcean”). The upstream
interests and shares in the liquification business held by TGI and TGI F&E, the two companies involved in the
Ichthys Project, were transferred by TGI and TGI F&E to INPEX Ichthys Pty Ltd, INPEX Browse E&P Pty Ltd,and INPEX Holdings Australia Pty Ltd, after all shares of TGAU1 were transferred to MidOcean.
(1) Reason for the share transfer
Since 2003, the Company has participated in five Australian LNG projects and has expanded its business ofholding upstream LNG interests. However, as a result of reviewing the asset portfolio to allocate resources togrowth areas, the Company has determined that it is appropriate to transfer all of the shares of its above
consolidated subsidiary to MidOcean.
(2) Name of counterparty of the share transfer
MidOcean Energy Holdings Pty Ltd(3) Name and business of the companies subject to the transfer
Name
Tokyo Gas Australia 1 Pty Ltd
Tokyo Gas Pluto Pty Ltd
Tokyo Gas Gorgon Pty Ltd
Tokyo Gas QCLNG Pty Ltd
Tokyo Gas Ichthys Pty Ltd
Tokyo Gas Ichthys F&E Pty Ltd

Business
Holding company of the five companies below
Development of gas fields, production and sale of LNG and condensate(4) Share transfer execution date
March 28, 2024
(5) Gain/loss on the transfer
A gain on sale of investment securities of ¥22,458 million has been posted as extraordinary income in
FY2023, which ended March 31, 2024. The gain/loss on the transfer may fluctuate due to the conditions of theagreement for this transfer and the agreements with other related parties.
3) (Changes in presentation)[Consolidated balance sheets]“Mining rights,” which were included in “Other intangible assets” under “Intangible assets” in the previous
consolidated fiscal year, are presented as an independent item in the consolidated fiscal year under review due totheir increased monetary significance. The consolidated financial statements for the previous fiscal year have been
reclassified to reflect this change.
Consequently, ¥145,567 million shown as “Other intangible assets” under “Intangible assets” in the consolidated
financial statements for the previous fiscal year has been reclassified to “Mining rights.”
A portion of receivables related to the overseas business that were included in “Other current assets” under “Current
assets” in the previous consolidated fiscal year are included in “Notes and accounts receivable – trade, and contract
assets” under “Current assets” in the consolidated fiscal year under review. This change was made as a result of
the acquisition of Rockcliff Energy II LLC to better present the Group’s position by redefining the accounting
items and reclassifying those with similar characteristics.
Consequently, ¥14,049 million of receivables related to sales transactions arising from the overseas business, whichwere included in “Other current assets” under “Current assets” in the consolidated financial statements for theprevious fiscal year, have been reclassified to “Notes and accounts receivable – trade, and contract assets.”
A portion of liabilities related to the overseas business that were included in “Other current liabilities” under“Current liabilities” in the previous consolidated fiscal year are included in “Notes and accounts payable – trade”
under “Current liabilities” in the consolidated fiscal year under review. This change was made as a result of theacquisition of Rockcliff Energy II LLC to better present the Group’s position by redefining the accounting items
and reclassifying those with similar characteristics.
Consequently, ¥15,196 million of liabilities related to purchase transactions arising from the overseas business,
19which were included in “Other current liabilities” under “Current liabilities” in the consolidated financial
statements for the previous fiscal year, have been reclassified to “Notes and accounts payable – trade.”[Consolidated statements of cash flows]
The “Decrease (increase) in trade receivables” and “Decrease (increase) in contract assets,” which were presented
as independent items under “Cash flows from operating activities” in the previous consolidated fiscal year, havebeen reviewed for a more appropriate presentation and have been combined as “Decrease (increase) in accounts
receivable - trade, and contract assets,” effective from the consolidated fiscal year under review.
Consequently, -¥114,253 million and -¥2,594 million shown independently as “Decrease (increase) in tradereceivables” and “Decrease (increase) in contract assets,” respectively, under “Cash flows from operating activities”
in the previous fiscal year’s consolidated statements of cash flows, have been reclassified to “Decrease (increase)in accounts receivable - trade, and contract assets.”
Due to changes in the presentation of consolidated balance sheets, a portion of receivables related to the overseas
business that were included in “Decrease (increase) in accounts receivable – other,” which was presented
independently under “Cash flows from operating activities” in the previous consolidated fiscal year, have been
included in “Decrease (increase) in accounts receivable - trade, and contract assets” under “Cash flows fromoperating activities,” effective from the consolidated fiscal year under review.
Consequently, the decrease/increase in receivables related to the overseas business of -¥8,555 million, which was
included in “Decrease (increase) in accounts receivable – other” under “Cash flows from operating activities” inthe previous fiscal year’s consolidated statements of cash flows, has been reclassified to “Decrease (increase) in
accounts receivable - trade, and contract assets.”
The items in the following table, which were presented as independent items in the previous consolidated fiscal
year, have been reviewed from the perspective of significance and have been included in “Other,” effective fromthe consolidated fiscal year under review.

Items presented in the previous consolidated fiscal year
Cash flows from operating activities
Loss on retirement of property, plant and equipment
Loss (gain) of derivatives
Loss (gain) on valuation of investment securities
Loss (gain) on sale of businesses
Decrease (increase) in retirement benefit asset
Increase (decrease) in provision for contract loss in regards to appliancewarranties
Foreign exchange losses (gains)
Increase (decrease) in contract liabilities
Increase (decrease) in accrued consumption taxes
Decrease (increase) in accounts receivable – other
Decrease (increase) in prepaid expenses
Increase (decrease) in long-term advances received
Cash flows from investing activities
Proceeds from sale of non-current assets
Net decrease (increase) in short-term loans receivable
Payments of guarantee deposits
Proceeds from refund of guarantee deposits
Proceeds from sale of businesses
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Purchase of shares of subsidiaries not resulting in change in scope of
consolidation

20(Millions of yen)Amounts posted in the previous
consolidated fiscal year
1,658
10,9042,420-3,506
3,207
2,556-1,9106,541
12,761
4,967-1,789-2,223
5,769-1,520-8,12814,706
4,112
13,839-1,867

4) (Segment information, etc.)
1. Overview of reporting segments
The Group’s reporting segments are regularly reviewed by the Board of Directors using the segregated financial
information available within each segment to determine the allocation of management resources and evaluatebusiness results.
That being said, the main business operations of each reporting segment is as follows.
“Energy solution”: Production and sales of city gas, LNG sales, trading, electricity, engineering solutions(engineering, energy services, etc.), etc.
“Network”: Transmission service of city gas“Overseas”: Offshore resource development and investment, energy supply, etc.
“Urban development”: Real estate development and leasing, etc.
2. Calculation of net sales, profit and loss, and assets, etc.
There are no significant changes to the accounting method for the reported business segments from the descriptions
on the basis of presenting consolidated financial statements in the most recent Securities Report (filed June 29,2023).
Profit or loss of reporting segments is based on operating profit or loss plus or minus investment gain or loss onequity method.
Intersegment sales and transfers are attributable to transactions within group companies, and calculated based onmarket value.

21

3. Information related to net sales, profit and loss, and assets, etc. by reporting segment
Fiscal year ended March 31, 2023 (from Apr. 1, 2022 to Mar. 31, 2023)(Unit: million yen)
Reporting segment
Energy solution

Net sales
External sales
Intersegment sales& transfers
Total
Segment profit(loss)
Operating profit(loss)
Investment gain (loss)
on equity method

Total
Segment Assets
OthersDepreciation
expenses
Increase inproperty, plant,
equipment, andintangible assets

Network

Overseas

Urban
development

Total

Adjustments(Note 1)

Amountrecorded on
consolidated
statement ofincome(Note 2)

3,015,752

95,325

142,164

36,392

3,289,634—

3,289,634

46,802

241,487

17,74826,283332,322-332,322—

3,062,554

336,812

159,91262,676

3,621,956-332,322

3,289,634

362,591

5,993

73,046

14,392456,024-34,547

421,477-99—-5,135785-4,450—-4,450362,491

5,993

67,911

15,177

451,574-34,547

417,027

1,626,009

668,461

620,844304,635

3,219,952

361,473

3,581,425

70,10099,66324,504

12,441

206,709-1,633205,076

73,18881,15330,46824,467

209,278-1,282

207,996

Notes:
1. The “Adjustments” indicates as follows;(1) The -¥34,547 million segment profit or loss adjustment includes -¥4,013 million in eliminations forintersegment transactions and -¥30,533 million of companywide expenses not allocated to the respective
reporting segments. Companywide expenses are primarily, general and administrative expenses in parent
company that are not assignable to a reporting segment.
(2) The ¥361,473 million segment assets adjustment includes ¥411,141 million of companywide assets notallocated to the respective reporting segments, and -¥49,668 million of net eliminations for intersegment
obligations. Companywide assets are primarily, financial assets in parent company that are not assignable to areporting segment.
2. Segment profit or loss is adjusted to reflect operating profit recorded in the consolidated statement of income
which is adjusted by investment gain or loss on equity method.

22

Fiscal year ended March 31, 2024 (from Apr. 1, 2023 to Mar. 31, 2024)(Unit: million yen)
Reporting segment
Energy solution

Net sales
External sales
Intersegment sales& transfers
Total
Segment profit(loss)
Operating profit(loss)
Investment gain (loss)
on equity method

Total
Segment Assets
OthersDepreciation
expenses
Increase inproperty, plant,
equipment, andintangible assets

Network

Overseas

Urban
development

Total

Adjustments(Note 1)

Amountrecorded on
consolidated
statement ofincome(Note 2)

2,387,992

97,478114,256

64,7902,664,518－

2,664,518

34,880228,980

5,764

26,322295,949-295,949—

2,422,873

326,459

120,021

91,1132,960,467-295,949

2,664,518

199,573-3,95929,75522,215247,584-27,276

220,308

1,239

—

1,090

731

3,061

—

3,061

200,812-3,95930,846

22,946250,646-27,276

223,3701,708,358

648,859

1,104,118

303,646

3,764,982

123,873

3,888,855

69,95899,331

28,952

11,463

209,706-1,470208,235

63,13480,29040,38015,823

199,629-529

199,099

Notes:
1. The “Adjustments” indicates as follows;(1) The -¥27,276 million segment profit or loss adjustment includes -¥470 million in eliminations for intersegment
transactions and -¥26,806 million of companywide expenses not allocated to the respective reporting segments.
Companywide expenses are primarily, general and administrative expenses in parent company that are notassignable to a reporting segment.
(2) The ¥123,873 million segment assets adjustment includes ¥171,590 million of companywide assets notallocated to the respective reporting segments, and -¥47,717 million of net eliminations for intersegment
obligations. Companywide assets are primarily, financial assets in parent company that are not assignable to areporting segment.
2. Segment profit or loss is adjusted to reflect operating profit recorded in the consolidated statement of income
which is adjusted by investment gain or loss on equity method.

4. Matters related to changes to the reporting segments
Due to a review of our system for providing services to regional administrations and local governments, we havetransferred some of the businesses previously included in the Network segment to the Energy Solutions segment or
to the corporate business, effective from the consolidated fiscal year under review.
Note that the segment information for the previous consolidated fiscal year is presented based on the reporting
segment classification after the above segment changes.

235) (Per share information)(Unit: yen)

Shareholders’ equity per share
Profit per share
Notes:
1. Diluted profit per share is not disclosed as no latent shares exist.
2. Basis for calculation of profit per share is as follows.

Profit attributable to owners of parent (million yen)
Not attributable to common shareholders (million yen)
Profit attributable to owners of parent with regard to the commonshares (million yen)
Average number of common shares outstanding (thousand shares )3. Basis for calculation of BPS is as follows.

FY2022(Apr. 2022–
Mar. 2023)
3,595.60
646.99FY2023(Apr. 2023 –Mar. 2024)
4,249.83
411.88FY2022(Apr. 2022–
Mar. 2023)
280,916—

FY2023(Apr. 2023 –Mar. 2024)
169,936—

280,916

169,936

434,188412,585

FY2022
FY2023(as of Mar. 31, 2023) (as of Mar. 31, 2024)
Shareholders’ equity (million yen)
1,589,301
1,733,218
Deduction from shareholders’ equity (million yen)
30,89637,471-Shares of minority shareholders (million yen)
30,89637,471
Net shareholders’ equity attributable to common shares (million yen)
1,558,404
1,695,747
Number of shares to calculate BPS (thousand shares)
433,420
399,016
4. The Company has introduced a Director Stock Ownership Plan. Shares held in the Plan’s trust account areincluded in the treasury shares that are excluded from calculating the average number of shares during the fiscal
year for calculating net income per share, and are included in the treasury shareas that are excluded from the total
number of outstanding shares at the end of the fiscal year when calculating net assets per share.
The average number of shares during the fiscal year of the excluded treasury shares for calculating net income pershare was 219,467 shares in the previous consolidated fiscal year and 192,233 shares in the consolidated fiscal
year under review. The number of excluded treasury shares at the end of the fiscal year for calculating net assets
per share was 218,500 shares in the previous consolidated fiscal year and 184,800 shares in the consolidated fiscal
year under review.

246) (Material subsequent events)[Acquisition of treasury shares]
At its Board of Directors meeting held on April 25, 2024, the Company resolved to acquire treasury stock in accordancewith the provisions of Article 156 of the Companies Act applied with a replacement of the terms pursuant to theprovisions of Article 165, paragraph 3 of the same act.
The details of the purchase of treasury shares are as follows.
· Type of stock to be acquired: Tokyo Gas common stock· Total number of shares to be acquired: 17 million (upper limit)(Rate to number of shares outstanding 4.2%)· Total value of shares to be acquired: ¥40 billion (upper limit)
· Term of acquisition: May 7, 2024– March 31, 2025
· Method of acquisition: Market purchase on the Tokyo Stock Exchange[Conclusion of a capital and business alliance agreement and underwriting of third-party allotment of new shares]
On April 1, 2024, the Company entered into a capital and business alliance agreement with RENOVA, Inc. to expand
cooperation in the development of renewable energy power sources in Japan, the procurement and sale of electric
power, and the operation of the biomass business. On April 17, 2024, the Company underwrote the third-party
allotment of new shares conducted by RENOVA, Inc.
The outline is as follows.
(1) Outline of company from which shares were acquired· Name: RENOVA, Inc.
· Address: 2-2-1 Kyobashi, Chuo-ku, Tokyo· Representative: Yosuke Kiminami, Representative Director President & CEO· Business: New development and operation management of renewable energy power plants
· Capital: ¥2,387 million (As of December 31, 2023)(2) Details of the share acquisition
· Number of shares held prior to acquisition: Nil· Type of shares acquired: Common stock· Total number of shares acquired: 11,877,600 (percentage of voting rights held: 13.04%)
· Total acquisition price of shares: ¥17,816 million

25

Ⅳ. Non-Consolidated Financial Statements(1) Balance sheets(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits

308,643

42,840Notes receivable - trade
Accounts receivable - trade

1,147
391,305965
350,684

Work in process
Raw materials and supplies

10,799110,205

6,895
70,878Prepaid expenses
Other current assets

1,414
145,746

1,522
269,958-1,473-2,336

967,788741,408

Buildings
Structures

14,67743,403

14,65941,439Machinery and equipment
Tools, furniture and fixtures

65,576
5,626

55,4505,213

LandConstruction in progress

104,327
6,029

104,327
13,8202

43239,642

234,953

96,471887

86,198811

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Other fixed asset
Total property, plant and equipment
Intangible assets
Software
Goodwill
Other intangible assets

8,248

9,674

Total intangible assets

105,607

96,684

Investment securities
Shares of subsidiaries and associates

49,948647,50253,525929,203

Long-term loans receivable
Deferred tax assets

627,777
25,724596,352
21,201Other investments
Allowance for doubtful accounts

38,190-6,10133,903-9,093

Total investments and other assets

1,383,041

1,625,094

1,728,291

1,956,732

2,696,080

2,698,141

Investments and other assets

Total non-current assets
Total assets

26

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Accounts payable - trade
Short-term borrowings

42,051
208,059

60,717
222,713

Accounts payable - otherAccrued expenses

42,777138,223

46,646
144,029

Income taxes payable
Contract liabilities

97,904
8,744

2,317
5,925

Advances received
Deposits received

10,933
11,233

6,025
5,722

Unearned revenue
Other current liabilities

1,100
94,8701,221
200,288

Total current liabilities

655,898

695,607

Bonds payable
Long-term borrowings

544,799425,202544,799
412,860

Provision for retirement benefits
Provision for share awards for directors (and otherofficers)
Provision for contract loss in regards to appliancewarranties
Provision for point card certificates
Other noncurrent liabilities

58,63357,764

183

254

5,176

4,327

603
13,819480
1,966

1,048,417

1,022,452

1,704,315

1,718,059

Non-current liabilities

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital

141,844

141,844

Capital surplus
Legal capital surplus

2,065

2,065

Total capital surplus

2,065

2,065

Retained earnings
Legal retained earnings

35,45435,454

4,216

4,216

210
141,000

141,000

339,000
316,839

339,000
301,641

836,720

821,312-3,658-4,459976,972

960,762

18,072

23,029-3,279-3,710

Other retained earnings
Reserve for tax purpose reduction entry of
non-current assets
Reserve for overseas investment loss
Reserve for adjustment of cost fluctuations
General reserve
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

27

14,792

19,318

991,764

980,0812,696,080

2,698,141

(2) Statements of income(Millions of yen)
For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

Net sales

2,999,878

2,376,447

Cost of sales

2,508,130

2,061,584

Gross profit

491,747

314,863

Selling, general and administrative expenses

190,321

188,604

Operating profit

301,426

126,258

Interest and dividend income
Miscellaneous income

15,167
5,790

39,837
10,327

Total non-operating income

20,95850,164

3,295

4,143

5,563
1,690

5,557
7,661

Non-operating income

Non-operating expenses
Interest expenses
Interest expenses on bonds
Provision of allowance for doubtful accounts
Miscellaneous expenses

8,213

3,484

Total non-operating expenses

18,763

20,847

303,621

155,575

2,670

2,499

-

2,058

2,670

4,557

2,114

-

11,953-

Ordinary profit
Extraordinary income
Gain on sale of investment securities
Gain on extinguishment of tie-in shares
Total extraordinary income
Extraordinary losses
Impairment losses
Loss on valuation of shares of subsidiaries andassociates
Total extraordinary losses

14,068-

Profit before income taxes

292,222

160,133

Income taxes - current

98,57433,212

Income taxes - deferred-11,523

2,620

Total income taxes

87,05035,833

Profit205,171

124,300

28