April 28, 2020

Consolidated Financial Results Bulletin for the Fiscal Year Ended March 31, 2020
(J-GAAP)Tokyo Gas Co., Ltd.
Securities code:9531
Stock listings:(URL https://www.tokyo-gas.co.jp/IR/english/index.html)
Tokyo Stock Exchange, Nagoya Stock Exchange
Representative:
Mr. Takashi UCHIDA, President
Contact:
Mr. Rikiya KOMORI, Chief Manager,
Location of head office: Tokyo
Consolidated Settlements Sect.
General shareholders’ meeting schedule:
June 26, 2020
Scheduled date of the filing of securities report:
June 26, 2020
Scheduled date of the start of dividend payments:
June 29, 2020
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 FY2019 ended March 31, 2020 (from April 1, 2019 to March 31, 2020)(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

FY2019 ended
Mar. 31, 2020

1,925,235-1.9%

101,508

8.3%

102,735

14.9%

43,382-48.7%FY2018 ended
Mar. 31, 2019

1,962,308

10.4%

93,704-19.4%

89,386-19.9%

84,555

12.8%

Note: Total comprehensive income
FY2019 ended March 31, 2020: 40,250 million yen (-40.9%)

Profit per share

Diluted profit
per share

FY2019 ended
Mar. 31, 2020

98.07 yen—

FY2018 ended
Mar. 31, 2019187.60 yen—

FY2018 ended March 31, 2019: 68,118 million yen (1.4%)
Ratio ofordinary profit tototal assets

Ratio ofoperating profit to
net sales

3.8%

4.1%

5.3%

7.4%

3.8%

4.8%

Ratio of profit toshareholders’ equity

Reference: Profit or loss on investment accounted for by equity method
FY2019 ended March 31, 2020: 5,211 million yen

FY2018 ended March 31, 2019: 2,794 million yen(2) Consolidated Financial Position(Unit: million yen)
Total assets
2,537,724
2,428,149

As of Mar. 31, 2020
As of Mar. 31, 2019

Reference: Shareholders’ equity
As of March 31, 2020: 1,147,836 million yen

Total net assets
1,159,228
1,171,345

Equity ratio
45.2%
47.7%

Net assets per share
2,602.74 yen
2,575.99 yen

As of March 31, 2019: 1,159,055 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

FY2019 ended
Mar. 31, 2020

306,296(270,798)

23,171

151,218

FY2018 ended
Mar. 31, 2019

141,306(203,462)

27,62893,032

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)

FY2018 ended
Mar. 31, 2019

—

27.50

—

32.50

60.00

26,996

32.0%

2.4%

FY2019 ended
Mar. 31, 2020

—

30.00

—

30.00

60.00

26,460

61.2%

2.3%

FY2020 ending
Mar. 31, 2021 (Forecast)

—

30.00

—

30.00

60.00

—

3. Consolidated Results Forecast for FY2020 ending March 31, 2021 (April 1, 2020 - March 31, 2021)
The consolidated results forecast for the FY2020 ending March 31, 2021 has not been determined as it is difficult toreasonably quantify the impact of the new coronavirus pandemic at this moment. We will disclose our forecast as soon
as it can be reasonably calculated.
*Notes(1) Significant changes in consolidated subsidiaries (changes in specified subsidiaries resulting in change of scope of
consolidation during the year) (yes/no): No
Reference: Scope of consolidation and application of equity method
Number of consolidated subsidiaries: 82 (Increased by 8 companies and decreased by 4 companies)
Number of subsidiaries and affiliates accounted for by equity method: 15 (Increased 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, 2020

442,436,059

Mar. 31, 2019451,355,759

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

Mar. 31, 2020

1,424,746

Mar. 31, 2019

1,410,673

3) Average number of shares during
period:Apr. 2019– Mar. 2020

442,379,702

Apr. 2018– Mar. 2019

450,718,735

(Reference)

Non-Consolidated Business Results for FY2019 ended March 31, 2020 (April 1, 2019 - March 31, 2020)(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

FY2019 ended
Mar. 31, 2020

1,787,975

1.1%

62,04426.8%

68,342

8.6%

56,703

5.6%

FY2018 ended
Mar. 31, 2019

1,768,567

10.6%

48,920-40.7%

62,910-34.4%

53,717-29.2%

Profit per share

Diluted profit
per share

FY2019 ended
Mar. 31, 2020

128.18 yen—

FY2018 ended
Mar. 31, 2019119.18 yen—(2) Non-Consolidated Financial Position(Unit: million yen)
Total assets

Total net assets

Equity ratio

Net assets per share

As of Mar. 31, 2020

2,094,493

818,43339.1%

1,855.81 yen

As of Mar. 31, 2019

2,078,862

891,21242.9%

1,980.71 yen

Reference: Shareholders’ equity
As of March 31, 2020: 818,433 million yen

As of March 31, 2019: 891,212 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. The consolidated results forecast for the FY2020 ending March 31, 2021 has not been determined as it is difficult toreasonably quantify the impact of the new coronavirus pandemic at this moment. We will disclose our forecast as soon as it
can be reasonably calculated.
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 FY2019 .................................................................... 2(2)
Future outlook ............................................................................................................................................................. 6
II. Group Companies ....................................................................................................................................................... 7
III. Basic Concept Regarding Selection of Accounting Standards ................................................................................ 8
IV. Consolidated Financial Statements and Main Notes ............................................................................................... 9(1)
Consolidated balance sheets ....................................................................................................................................... 9(2)
Consolidated statements of income and comprehensive income ........................................................................... 11(Consolidated statement of income) ......................................................................................................................... 11(Consolidated statement of comprehensive income) .............................................................................................. 12(3)
Consolidated statements of changes in net assets ................................................................................................... 13(4)
Consolidated statements of cash flows ................................................................................................................... 15(5)
Notes on consolidated financial statements ............................................................................................................. 171) (Note on going concerns’ premise) ........................................................................................................................... 172) (Additional information) ........................................................................................................................................... 173) (Segment information, etc.) ...................................................................................................................................... 174) (Per share information) ............................................................................................................................................. 205) (Material subsequent events) .................................................................................................................................... 20
V. Non-Consolidated Financial Statements ................................................................................................................. 21(1)
Balance sheets ............................................................................................................................................................ 21(2)Statements of income................................................................................................................................................. 23

1

I.

Overview of Business Performance, etc.

(1) Overview of business performance and financial position of FY2019(Business performance of FY2019)
In the fiscal year under review, the economy in Japan lacked strength in consumer spending due to a series of natural
disasters and the consumption tax hike, despite being on a mild recovery trend on the back of improvement in theemployment and income environments although exports and production remained slightly weak. The addition of the spreadof new coronavirus infections has made the economic situation extremely uncertain, with the development of the Japaneseand global economies impossible to foresee.
Amid this economic climate, the competition between energy business operators in the energy industry and competition
beyond industry borders have intensified due to the full deregulation of retail electric power sales in April 2016 and thefull deregulation of gas sales that followed in April 2017. In addition, decarbonization has become a global trend, which
has dramatically changed the environment surrounding the energy business. Against this backdrop, we actively undertook
various measures to enhance the added value we deliver to customers in Japan and abroad through the development of acomprehensive energy business and globalization.
In light of these economic conditions and changes in the business climate, electric power sales increased due to a rise in
the number of retail customers, but city gas sales declined owing to a drop in the number of customers. Reflecting this andother factors, consolidated sales in the year under review totaled ¥1,925.2 billion, a decline of 1.9% year on year.
Meanwhile, operating expenses came to ¥1,823.7 billion, a drop of 2.4%. This reflected a drop in city gas raw material
prices due to the decline of crude oil prices and the Company’s utmost efforts to curb costs by further improving
management efficiency, despite an increase in sales costs in electric power sales.
Extrapolating from this performance, operating profit was ¥101.5 billion, an increase of 8.3% year on year, and ordinary
profit totaled ¥102.7 billion, a rise of 14.9%. Profit attributable to owners of the parent came to ¥43.3 billion, a drop of
48.7%, after posting a ¥11.6 billion contract settlement gain on raw materials as an extraordinary profit, a ¥28.1 billion
impairment loss and a ¥18.6 billion loss on valuation of investment securities for overseas upstream projects, etc. as
extraordinary losses, and income taxes.
<Segment summary>1) Gas
The sales volume of the city gas business, which is the main business of the gas segment was 13,855 million m3 in the
period under review, a decrease of 8.8% year on year. Breaking this down, residential demand was 3,124 million m 3, adrop of 3.6%, despite low weather temperatures in comparison with a year earlier.
Commercial demand was 2,497 million m3, a decline of 4.3% year on year, owing in part to a decrease in the number ofcustomers.
Industrial demand was 6,397 million m3, a drop of 13.7%, due in part to a decrease in sales volume to users dedicated to
power generation.
Supply to other utilities was 1,837 million m3, a fall of 5.1%, owing in part to a drop in customer demand.
In addition, gas sales came to ¥1,355.4 billion, a decrease of ¥58.3 billion or -4.1% year on year, owing mainly to a yearon-year decrease in city gas sales volume as well as a drop in gas unit price reflecting gas rate adjustments.
As a result of a drop in gas sales volume and a decrease in city gas raw material prices due to a declining trend in crude
oil prices compared to the previous fiscal year, the overall operating expenses decreased ¥68.5 billion or -5.2%.
Consequently, segment profit totaled ¥102.4 billion, an increase of ¥10.2 billion or 11.1% year on year.

2

<Consolidated City Gas Sales Volume for FY2019 Ended March 31, 2020>

City gas sales volume

FY2019FY2018Change% change
No. of customers for cityThousands
9,129
9,821
-691
-7.0
gas retail sales
Thousands
No. of customers (meters)
11,954
11,818136
1.1
Residential
3,124
3,240
-116
-3.6
Mil. m3
Commercial
2,497
2,609
-112
-4.3
Mil. m3
Industrial
6,397
7,413
-1,016-13.7
Mil. m3
Subtotal
8,894
10,022-1,128-11.3
Mil. m3
Supplies to other utilities
1,837
1,936
-99
-5.1
Mil. m3
3
Total
13,855
15,198-1,343-8.8
Mil. mAverage temperature
°C
16.7
17.0
-0.3
—
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 fromother 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 initial month’s
meter reading to final month’s meter reading).
The aforementioned notes also apply to the relevant tables.
<Foreign Exchange Rate and Crude Oil Price>¥/$ rate

FY2019108.71FY2018110.92

Change-2.21

Crude oilprice($/bbl)

FY201967.79

FY2018

72.15

Change-4.362) Electric power
Sales totaled ¥358.6 billion, an increase of ¥78.3 billion or 27.9% year on year. Operating expenses rose ¥78.3 billion or
29.0%.
In light of this, segment profit totaled ¥10.1 billion, roughly the same as the previous fiscal year.
<Consolidated Electric Power Sales Volume for FY2019 Ended March 31, 2020>
FY2019FY2018Change% change
No. of customers for cityThousands
2,350
1,742
608
34.9
gas retail sales
Electric Retailmillion kWh
8,522
6,555
1,967
30.0
power
Wholesale etc. million kWh
12,082
8,926
3,156
35.4
sales
million kWh
20,604
15,482
5,122
33.1
volume Total
Note: No. of customers for electric power retail sales indicates the number of billed customers for electric power retail
sales

3

3) Overseas
Sales came to ¥43.9 billion, a decline of ¥7.0 billion or 13.6% year on year. Operating expenses fell ¥2.4 billion or 6.4%.
Accordingly, segment profit totaled ¥13.2 billion, a drop of ¥2.1 billion or 13.4% year on year, owing to an increase inequity-method investment gains.
In addition, a ¥22.4 billion impairment loss and a ¥15.9 billion loss on valuation of investment securities have beenrecorded as extraordinary losses on overseas upstream projects.
4) Energy-related
Sales amounted to ¥351.9 billion, a drop of ¥11.6 billion or 3.2% year on year. Operating expenses shrunk ¥17.5 billion
or 5.0%.
Reflecting this, segment profit was ¥16.9 billion, an increase of ¥5.8 billion or 51.9% year on year.
5) Real estate
Sales reached ¥44.5 billion, a decrease of ¥0.1 billion or 0.2% year on year. Operating expenses fell ¥0.7 billion or 1.9%.
Reflecting this, segment profit was ¥9.6 billion, a growth of ¥0.5 billion or 6.2% year on year.
6) Others
Sales totaled ¥123.2 billion, an increase of ¥15.4 billion or 14.2% year on year. Operating expenses rose ¥15.9 billion or
15.6%.
Reflecting this, segment profit was ¥5.7 billion, a drop of ¥0.5 billion or 8.4% year on year, owing to a drop in equitymethod investment gains.
<Summary by segment>(Unit: hundred million yen )
Gas

Sales

Operatingexpenses

Segment
profit

FY2019(% of total)
FY2018(% of total)
Amount of change(Rate of change)
FY2019(% of total)
FY2018(% of total)
Amount of change(Rate of change)
FY2019(% of total)
FY2018(% of total)
Amount of change(Rate of change)

13,554(59.5%)
14,137(62.4%)-583-4.1%
12,529(58.9%)
13,214(62.4%)
-685
-5.2%
1,024
(64.8%)
922(63.9%)
102
11.1%

Electric
power
3,586
(15.7%)
2,803(12.4%)
783
27.9%
3,484
(16.4%)
2,701(12.7%)
783
29.0%
101
(6.4%)
101(7.0%)-0-0.2%

Overseas439(1.9%)
509(2.3%)-70-13.6%
353(1.7%)
377(1.8%)
-24
-6.4%
132
(8.4%)
153(10.6%)-21-13.4%

Energyrelated
3,519(15.5%)
3,635(16.1%)
-116
-3.2%
3,349
(15.8%)
3,524(16.6%)
-175
-5.0%
169
(10.7%)
111(7.8%)
58
51.9%

Real estate445(2.0%)
446(2.0%)-1-0.2%
353(1.7%)
360(1.7%)-7-1.9%
96(6.1%)
91(6.3%)
5
6.2%

Others
1,232(5.4%)
1,078(4.8%)
154
14.2%
1,174
(5.5%)
1,015(4.8%)
159
15.6%
57(3.6%)
62(4.4%)-5-8.4%

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 adjust against the amount based on operating profit
in the consolidated financial statements plus or minus equity-method investment gains or losses.

4

(Financial position in FY2019)1) Situation of assets, debt and net assets
Assets as of March 31, 2020 totaled ¥2,537.7 billion, an increase of ¥109.6 billion versus March 31, 2019, primarily
attributable to an increase in the outstanding balances for other facilities (¥27.4 billion) and other intangible non-current
assets (¥18.8 billion).
Liabilities stood at ¥1,378.4 billion, an increase of ¥121.6 billion. This was primarily attributable to an increase in theoutstanding balance for interest-bearing debt (¥101.8 billion) due to an increase in corporate bonds.
Net assets totaled ¥1,159.2 billion, a drop of ¥12.1 billion. Although net assets were positively impacted by factors
including the posting of profit attributable to the owners of the parent (¥43.3 billion), there was an overall decrease
attributable to distribution of capital surplus (-¥27.8 billion) and the purchase of treasury stock in the open market (-¥23.9
billion).
In contrast with the growth of total assets, equity (total shareholders’ equity + accumulated other comprehensive income)was smaller. As a result, the equity ratio was 45.2% on March 31, 2020, down 2.5 points from March 31, 2019.
<Capital expenditure>
FY2019
101
1,057
482
1,642
677
-48
2,270

FY2018
186
966
634
1,787
491
-41
2,237

(Unit: hundred million yen)
Change% change-85-45.3%
91
9.4%-152-24.0%
-145
-8.2%
186
37.8%
-7
—
33
1.5%

Cash flow from operating activities
Cash flow from investing activities
Cash flow from 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 year
Cash and cash equivalents at end of year

FY20193,062-2,707
231
-4
581
930
1,512

(Unit: hundred million yen)
FY2018Change1,413
1,649-2,034
-673
276
-45
-7
3
-352
933
1,282
-352
930
582

Tokyo Gas

Production facilities
Supply facilities
Operational facilities, etc.
Total
Consolidated subsidiaries
Adjustments
Total2) Situation of cash flowa) Cash flow from operating activities
Cash and cash equivalents obtained as a result of operating activities totaled ¥306.2 billion, an increase versus a year
earlier. This was primarily attributable to the posting of income before income taxes (¥67.5 billion) and depreciation andamortization (¥165.4 billion), despite income taxes paid (-¥31.6 billion) and interest paid (-¥11.0 billion).
b) Cash flow from investing activities
Cash and cash equivalents used in investing activities totaled ¥270.7 billion, a decrease versus a year earlier. Although
there was a collection of long-term loans receivable (¥4.8 billion), there was a cash outflow due to the purchase of property,
plant and equipment (-¥177.6 billion) associated with capital expenditures, and for the purchase of intangible assets (¥41.9 billion).
c) Cash flow from financing activities
Cash and cash equivalents obtained in financing activities totaled ¥23.1 billion, an increase versus a year earlier. Although
there were expenditures due to repayment of long-term loans payable (-¥43.3 billion), bond redemption (-¥30.0 billion),and dividends payable (-¥27.8 billion), cash and cash equivalents rose owing to proceeds from the issuance of bonds(¥90.0 billion) and long-term loans payable (¥71.5 billion).

5(2) Future outlook
The consolidated results forecast for the FY2020 ending March 31, 2021 has not been determined as it is difficult toreasonably quantify the impact of the new coronavirus pandemic at this moment. We will disclose our forecast as soon as
it can be reasonably calculated.

6

II. Group Companies<Scope of Consolidated Subsidiaries and Affiliates and Application of Equity Method>
1) The scope of consolidation- Newly included subsidiaries in scope of consolidation: 8 companies
Kyoto Ayabe Solar Power LLC, TG Renewables 1 LLC, Tokyo Gas Liv Solutions Co., Ltd., Sumilena Co., Ltd., Hinatao
Energy Co., Gunma Annaka Solar LLC, Annaka Solar Godo Kaisha, Ishikawa Hakui Solar Power GK (all have been
newly added to the scope of consolidation)- Excluded: 4 companies
Tokyo Gas Site Development Co., Ltd. (absorption-type merger), Tokyo Gas Real Estate Holdings Co., Ltd. (absorptiontype merger), Tokyo Gas Lifeval Nishiota Co., Ltd. (absorption-type merger), TG Europower B.V. (liquidation)2) Application of equity method- Included in the equity method: 1 company
Heolios EnTG S.A.P.I. de C.V. (new application)
Information about other consolidated subsidiaries and affiliates are not disclosed because there are no significant changes
from articles of “business diagram” and “situation of subsidiaries and affiliates” in the latest securities report. [filed onJune 27, 2019]7

III. Basic Concept Regarding Selection of Accounting Standards
The Tokyo Gas Group is considering application of IFRS in the future, taking into account the business circumstance andinfluence by the application of IFRS.

8

IV. Consolidated Financial Statements(1) Consolidated balance sheets(Million yen)
As of March 31,2019
AssetsNon-current assets
Property, plant and equipment
Production facilities
Distribution facilities
Service and maintenance facilities
Other facilities
Inactive facilities
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other intangible assets
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other investments and other assets
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Current assets
Cash and deposits
Notes and accounts receivable - trade
Lease receivables and investments inleasesMerchandise and finished goods
Work in process
Raw materials and supplies
Other current assets
Allowance for doubtful accounts
Total current assets
Total assets

9

As of March 31,2020

234,433
548,529
49,586447,608316
145,160
1,425,634

224,515
548,095
48,492
475,093316
162,862
1,459,377

1,306
119,052
120,359

16,269137,814
154,084

225,212
40,15824
42,42547,950-362
355,409
1,901,403

216,052
50,61529
49,132
46,407-405
361,831
1,975,292

93,092
265,225

151,288
221,123

19,647

20,363

2,194
12,73063,73571,306-1,186
526,7452,428,149

1,905
11,86864,70391,748-570
562,4312,537,724

(Million yen)
As of March 31,2019Liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Retirement benefit liability
Provision for gas holder repairs
Provision for safety measures
Provision for appliance warranties
Provision for point card certificates
Asset retirement obligations
Other noncurrent liabilities
Total non-current liabilities
Current liabilities
Current portion of non-current liabilities
Notes and accounts payable - trade
Short-term borrowings
Income taxes payable
Other current liabilities
Total current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

10

As of March 31,2020

334,998
394,542
17,51775,262
2,990
1,776
14,0571,450
11,94064,640919,176

404,998
429,541
18,531
71,976
3,122593
12,9851,000
14,42451,555
1,008,730

51,566
69,605
5,133
31,283
180,037
337,626
1,256,803

54,42878,593
6,507
29,708200,527
369,765
1,378,495

141,844
1,634
976,550-4,111
1,115,918

141,8442,067
967,808-3,875
1,107,844

22,756

15,843

1,604
24,770-5,994

1,444
22,412292

43,13739,992

12,2891,171,345
2,428,149

11,391
1,159,228
2,537,724

(2)Consolidated statements of income and comprehensive income(Consolidated statement of income)(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Supply and sales expenses
General and administrative expenses
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodMiscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Balance on commissioned construction
Miscellaneous expenses
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Gain on settlement of contract
Total extraordinary income
Extraordinary losses
Impairment loss
Loss on valuation of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

11

Fiscal year
ended March 31,2019

Fiscal year
ended March 31,2020

1,962,308
1,407,345
554,963

1,925,235
1,343,965
581,269

392,466
68,791
461,258
93,704

408,857
70,903479,761
101,508

1,612
2,812

2,330
5,433

2,794

5,211

6,551
13,771

7,453
20,429

11,091
1,750
5,247
18,08989,386

11,412
2,151
5,637
19,202
102,735

29,3066,420
35,727

11,627
11,627

7,865
7,865
117,248
26,113
6,823
32,93684,311-244
84,55528,152
18,643
46,796
67,566
31,196-7,19723,99943,567
184
43,382

(Consolidated statement of comprehensive income)(Millions of yen)
Fiscal year ended
March 31, 2018
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans,
net of tax
Share of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of parent
Comprehensive income attributable to noncontrolling interests

12

Fiscal year ended
March 31, 201984,311

43,567-7,528-6,878221-6,735-850-1,916-2,073

6,150

-78

178

-16,193
68,118-3,31640,25068,401

40,238-283

12

(3) Consolidated statements of changes in net assets
Fiscal year ended March 31, 2019 (from Apr. 1, 2018 - Mar. 31, 2019)(Million yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

Retained earnings

Treasury shares

Total shareholders'equity1,898

936,635-3,642

1,076,736

141,844

Cumulative effects of changes inaccounting policies
Restated balance

141,844

1,898

936,635-3,642

1,076,736

Changes during period
Dividends of surplus-24,932-24,932

Profit attributable to owners ofparent84,55584,555Purchase of treasury shares-20,051-20,051

Disposal of treasury shares2

2-19,580

Cancellation of treasury shares
Increase in the number ofconsolidated subsidiaries
Decrease in the number ofconsolidated subsidiaries
Change in ownership interestof parent due to transactions
with non-controlling interests
Net changes in items otherthan shareholders' equity

-

-128

-128

-263

-263

-

-263

39,914-469

39,182

141,844

1,634

976,550-4,111

1,115,918

Total changes during period
Balance at end of period

19,580

Accumulated other comprehensive income
Total
Valuation
Foreign
DeferredRemeasureme accumulateddifference on
currency
gains or losses
nts of defined
otheravailable-fortranslation
on hedges
benefit plans comprehensive
sale securities
adjustment
incomeBalance at beginning of period

30,282-251

33,206-3,94559,291

Noncontrollinginterests

12,405

Cumulative effects of changes inaccounting policies
Restated balance

Total net
assets1,148,433-

30,282-251

33,206-3,94559,291

12,405

1,148,433

Changes during period
Dividends of surplus-24,932

Profit attributable to owners of parent

84,555Purchase of treasury shares-20,051

Disposal of treasury shares

2

Cancellation of treasury shares-

Increase in the number of consolidated
subsidiaries
Decrease in the number of consolidated
subsidiaries
Change in ownership interest of parent
due to transactions with non-controllinginterests
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

-

-128
-263
-7,525

1,856-8,435-2,049-16,154-115-16,269-7,525

1,856-8,435-16,154-115

22,91222,756

1,604

24,770-2,049-5,994

43,137

12,2891,171,345

13

Fiscal year ended March 31, 2020 (from Apr. 1, 2019 - Mar. 31, 2020)(Million yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

Retained earnings

1,634

976,550

141,844

Cumulative effects of changes inaccounting policies
Restated balance

Total shareholders'equityTreasury shares-4,111

1,115,918

6
141,8441,634

6-4,111

976,556

1,115,925

Changes during period
Dividends of surplus-27,853-27,853

Profit attributable to owners ofparent43,38243,382

Purchase of treasury shares-24,038-24,038

Disposal of treasury shares1

1-24,272

Cancellation of treasury shares
Increase in the number ofconsolidated subsidiaries
Decrease in the number ofconsolidated subsidiaries
Change in ownership interestof parent due to transactions
with non-controlling interests
Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

24,272

-5

-5
-

432

432

-

432

-8,748235-8,080141,8442,067

967,808-3,875

1,107,844

Accumulated other comprehensive income
Total
Valuation
Foreign
DeferredRemeasureme accumulateddifference on
currency
gains or losses
nts of defined
otheravailable-fortranslation
on hedges
benefit plans comprehensiv
sale securities
adjustmente income
Balance at beginning of period

22,756

1,604

24,770-5,994

43,137

Noncontrollinginterests

12,289Cumulative effects of changes inaccounting policies
Restated balance

Total net
assets

1,171,345
6

22,756

1,604

24,770-5,994

43,137

12,2891,171,352

Changes during period
Dividends of surplus-27,853

Profit attributable to owners of parent

43,382

Purchase of treasury shares-24,038

Disposal of treasury shares

1

Cancellation of treasury shares-

Increase in the number of consolidated
subsidiaries
Decrease in the number of consolidated
subsidiaries
Change in ownership interest of parent
due to transactions with non-controllinginterests
Net changes in items other thanshareholders' equity-5

Total changes during period
Balance at end of period

432-6,913-160-2,3586,287-3,144-898-4,042-6,913-160-2,3586,287-3,144-898-12,123

15,843

1,444

22,412292

39,992

11,391

1,159,22814

(4) Consolidated statements of cash flows(Million yen)
Fiscal year
ended March 31,2019
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment loss
Gain on settlement of contract
Amortization of long-term prepaid expenses
Loss on retirement of property, plant andequipment
Loss (gain) on valuation of investment securities
Increase (decrease) in retirement benefit
liability
Increase (decrease) in provision for safetymeasures
Increase (decrease) in provision for appliancewarranties
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted forusing equity method
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption
taxes
Decrease (increase) in accounts receivable other
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating
activities
Cash flows from investing activities
Purchase of investment securities
Proceeds from sales and redemption of
investment securities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of long-term prepaid expenses
Long-term loan advances
Collection of long-term loans receivable
Payments of guarantee deposits
Proceeds from refund of guarantee deposits
Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Other, net
Net cash provided by (used in) investing
activities

15

Fiscal year
ended March 31,2020

117,248
157,574
888
4,306

67,566
165,410
28,152-11,627
4,263

2,248

2,164

7,865

18,643

1,039

5,206

-1,338-1,182

4,073-1,072-4,425
11,091-7,763
11,412-2,794-5,211-46,191-18,336-5,32152,646172
8,952-3,002

7,979-2,541-1,619-53,083
169,300
9,387-10,809-26,571-9,541
334,549
14,510-11,087-31,676

141,306

306,296-17,603-23,989

12,082

1,916-168,144-39,491-8,561-12,238
4,074
-788
88

-177,664-41,908-2,183-16,989
4,853-2,7091,855-1,054-15,134

28,174

1,156-203,462-270,798

(Million yen)
Fiscal year
ended March 31,2019
Cash flows from financing activities
Net increase (decrease) in commercial papers
Repayments of lease obligations
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury shares
Dividends paid
Other, net
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

16

Fiscal year
ended March 31,2020

10,000-1,61359,354-23,726
70,000-40,000-20,051-24,936-1,397-10,000-2,646
71,542-43,390
90,000-30,000-24,038-27,839-454

27,62823,171-710-489-35,238

58,179128,271

93,032-

6

93,032

151,218

(5)Notes on consolidated financial statements1) (Note on going concerns’ premise)
Not applicable2)(Additional information)
The Company purchased a large-scale mission critical system that was newly established during the fiscal year
under review for ¥30,767 million as an intangible fixed asset. As a result of estimating the usable period, theCompany has determined the useful life to be ten years.

3) (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.
The Tokyo Gas Group is deploying business activities in the following areas—in addition to the core of the Group’s
operating structure, which consists of city gas, liquid gas, and gas (including LNG sales), which are all energy
produced using natural gas as a resource, the Group also delves in the electric power business, which is a new pillarof the Group’s revenues, the overseas business to remake ourselves as a global company group, and the engineeringsolutions business, which utilizes energy.
Furthermore, businesses involving the efficient utilization of the Group’s real estate holdings represent anotherearnings base, and the Group therefore employs the five reporting segments of “gas,” “electric power,” “overseas,”“energy related,” including the engineering solutions, which utilize energy and “real estate.”
The main products and services of each reporting segment are as follows:
Gas:
City gas, liquid gas business (LNG, industrial gas), LNG sales, etc.
Electric power: Electric power
Overseas:
Overseas resource development and investment, energy supply, etc.
Energy related: Engineering solutions business (engineering, energy service, etc.), gas appliances, gas
installation work, construction, etc.
Real estate:
Leasing, management, etc. of land and buildings
2. Calculation of net sales, profit and loss, and assets, etc.
The accounting method of reported business segments has not been changed from what is described in the importantmatters that form the basis of preparation of consolidated financial statements in the latest securities report(submitted June 27, 2019).
Income of reporting segment is based on operating profit plus or minus investment gain or loss on equity method.
Intersegment sales and transfers are attributable to transactions within group companies, and calculated based onmarket value.

17

3. Information related to net sales, profit and loss, and assets, etc. by reporting segment
Fiscal year ended March 31, 2019 (from Apr. 1, 2018 to Mar. 31, 2019)(Unit: million yen)
Reporting segment
Electric
power

Gas

Net sales
External sales
Intersegment sales& transfers
Total
Segment profit
Operating profit(loss)
Investment gain on
equity method
Total
Segment Assets
OthersDepreciation
expenses
Increase inproperty, plant,
equipment, andintangible assets

Overseas

EnergyrelatedRealestate

Total

Others(Note 1)

Total

Amountrecorded on
Adjustments consolidated(Note 2) statement ofincome(Note 3)

1,302,131

280,178

38,845

308,679

21,880 1,951,716

10,591 1,962,308

111,578130

12,06854,91822,72097,2701,413,709

280,308

50,913

363,598

44,601 2,153,131

92,227

10,164

13,135

11,188

8,535

135,251

6,272

141,524(47,819)

93,704

—

—

2,174

—

599

2,774

19

2,794

—

2,794

9,135

138,026

6,292

144,318(47,819)

96,49892,227

10,16415,30911,1881,301,618

110,967

285,749

251,591

123,138

7,844

9,594

10,174

7,272

154,313

7,326

6,483

22,06926,518201,415

229,642 2,179,569

298,685

107,862 2,260,994— 1,962,308(298,685)—(298,685) 1,962,308

47,043 2,226,613

201,535 2,428,149

158,024

3,259

161,283(3,708)

157,574

216,710

2,903

219,613(4,394)215,219

Notes:
1. The “Others” segment indicates businesses not included in the reporting segments, including information
processing service, shipping business, etc.
2. The “Adjustments” indicates as follows;(1) The ¥(47,819) million segment profit adjustment includes ¥(547) million in eliminations for intersegment
transactions and ¥(47,272) million of companywide expenses not allocated to the respective reporting
segments. Companywide expenses are primarily, general and administrative expenses that are not assignable
to a reporting segment.
(2) The ¥201,535 million segment assets adjustment includes ¥266,977 million of companywide assets notallocated to the respective reporting segments, and ¥(65,442) million of net eliminations for intersegment
obligations. Companywide assets are primarily, financial assets that are not assignable to a reporting segment.
3. Segment profit is adjusted to reflect operating profit recorded in the consolidated statement of income which isadjusted by investment gain or loss on equity method.

18

Fiscal year ended March 31, 2020 (from Apr. 1, 2019 to Mar. 31, 2020)(Unit: million yen)
Reporting segment
Electric
power

Gas

Net sales
External sales
Intersegment sales& transfers
Total
Segment profit
Operating profit(loss)
Investment gain on
equity method
Total
Segment Assets
OthersDepreciation
expenses
Increase inproperty, plant,
equipment, andintangible assets

Overseas

EnergyrelatedRealestate

Total

Others(Note 1)

Total

Amountrecorded on
Adjustments consolidated(Note 2) statement ofincome(Note 3)

1,195,898

358,005

36,838

302,761

21,575 1,915,079

10,156 1,925,235

159,526

625

7,144

49,14822,954

113,050

1,355,425

358,630

43,983351,91044,529 2,154,479

102,433

10,141

8,606

16,995

9,151

147,3285,750

153,079(51,571)

101,508

—

—

4,649

—

547

5,196

15

5,211

—

5,211

9,698

152,525

5,766

158,291(51,571)

106,720

102,433

10,141

13,255

16,995

1,309,752

167,301

258,780

254,294

126,383

8,743

11,128

11,103

7,132

162,385

6,185

9,032

18,017

31,464

239,399

258,050 2,248,178

352,450

123,207 2,277,686— 1,925,235(352,450)—(352,450) 1,925,235

46,163 2,294,342

243,381 2,537,724

164,491

4,924

169,415(4,005)

165,410227,085

2,747

229,833(4,958)224,874

Notes:
1. The “Others” segment indicates businesses not included in the reporting segments, including information
processing service, shipping business, etc.
2. The “Adjustments” indicates as follows;(1) The ¥(51,571) million segment profit adjustment includes ¥(237) million in eliminations for intersegment
transactions and ¥(51,333) million of companywide expenses not allocated to the respective reporting
segments. Companywide expenses are primarily, general and administrative expenses that are not assignable
to a reporting segment.
(2) The ¥243,381 million segment assets adjustment includes ¥327,645 million of companywide assets notallocated to the respective reporting segments, and ¥(84,263) million of net eliminations for intersegment
obligations. Companywide assets are primarily, financial assets that are not assignable to a reporting segment.
3. Segment profit is adjusted to reflect operating profit recorded in the consolidated statement of income which isadjusted by investment gain or loss on equity method.

19

4)

(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.
Shareholders’ equity (million yen)
Deduction from shareholders’ equity (million yen)
-Shares of minority shareholders (million yen)
Net shareholders’ equity attributable to common shares (million yen)
Number of shares to calculate BPS (thousand shares)

FY2018(Apr. 2018–
Mar. 2019)
2,575.99
187.60FY2019(Apr. 2019 –Mar. 2020)
2,602.74
98.07

FY2018(Apr. 2018 –Mar. 2019)84,555—FY2019(Apr. 2019 –Mar. 2020)
43,382—

84,55543,382450,719442,380

FY2018FY2019(as of Mar. 31, 2019) (as of Mar. 31, 2020)
1,171,345
1,159,228
12,28911,391
12,28911,391
1,159,055
1,147,836
449,945441,0115) (Significant subsequent events)
Although the decline in crude oil and natural gas prices on the back of a drop in demand for crude oil after the
consolidated closing date may have an impact on the Group’s business performance and financial position, it is difficult
to reasonably quantify the impact at this moment.

20

V. Non-Consolidated Financial Statements(1) Non-Consolidated Balance sheets(Million yen)
As of March 31,2019

As of March 31,2020

AssetsNon-current assets
Property, plant and equipment
Production facilities

238,636

228,801

Distribution facilities

541,740

541,353

Service and maintenance facilities

64,72945,482

Facilities for incidental businesses

5,587

5,461

316

316

Inactive facilities
Construction in progress

109,756

82,475

Total property, plant and equipment

960,766

903,890

10

10

1,763

1,805

Intangible assets
Patent rightLeasehold interests in land
Goodwill

100

86

Other intangible assets

95,815

121,706

Total intangible assets

97,690123,608

Investments and other assets
Investment securities

65,711

54,421

Investments in subsidiaries and associates

364,614375,889

Long-term loans receivable
Long-term loans receivable from subsidiaries andassociates
Investments in capital

41

35

133,053

156,738

13

13

Long-term prepaid expenses

23,848

14,956

Deferred tax assets

26,91429,943

Other investments and other assets

8,534

7,789

-336

-442

Allowance for doubtful accounts
Total investments and other assets
Total non-current assets

622,395

639,344

1,680,852

1,666,843

37,22584,563Current assets
Cash and deposits
Notes receivable - trade

1,139

1,785

Accounts receivable - trade187,677

148,758

Accounts receivable from subsidiaries and associates - trade39,15244,284

Accounts receivable - other

7,848

7,077

Finished goods

113

94

Raw materials

44,35036,937

Supplies

10,33911,456

Advance payments

1,156

1,162

Prepaid expenses

1,126

1,606

Short-term receivables from subsidiaries and associates

25,91934,327

Other current assets

43,18356,234

Allowance for doubtful accounts
Total current assets
Total assets

21-1,223-638

398,009427,650

2,078,862

2,094,493

(Million yen)
As of March 31,2019

As of March 31,2020

Liabilities
Non-current liabilities
Bonds payable

334,998

404,998

Long-term borrowings

331,762

341,932361

0Provision for retirement benefits

59,07864,656

Provision for gas holder repairs

2,631

2,695

Long-term debt to subsidiaries and associates

Provision for safety measures

1,776

593

Provision for appliance warranties

14,057

12,985

Allowance for points redemption

1,450

1,000

Asset retirement obligations

316

318

Other noncurrent liabilities

36,484

17,933

Total non-current liabilities

782,917

847,114

Current portion of non-current liabilities

40,53645,968

Accounts payable - trade39,92345,492

Accounts payable - other

43,23955,912

Accrued expenses

50,517

49,115

Income taxes payable

22,552

22,574

Advances received

7,912

7,743

Current liabilities

Deposits received

1,534

1,482

Short-term borrowings from subsidiaries and associates

135,962

119,501

Short-term debt to subsidiaries and associates

48,23363,082

Asset retirement obligations
Other current liabilities
Total current liabilities-

411

14,31917,662404,732

428,946

1,187,649

1,276,060

141,844

141,844

Legal capital surplus

2,065

2,065

Total capital surpluses

2,065

2,065

Legal retained earnings

35,45435,454

Other retained earnings
Reserve for tax purpose reduction entry of noncurrent assets
Reserve for overseas investment loss

6,161

6,013

6,766

4,393

Reserve for adjustment of cost fluctuations

141,000

141,000

General reserve

339,000

339,000

Retained earnings brought forward

210,782

146,578

739,165

672,439-4,111-3,875878,964

812,473

Valuation difference on available-for-sale securities

22,271

15,287

Deferred gains or losses on hedges-10,023-9,327

Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus

Retained earnings

Total retained earnings
Treasury shares
Total shareholders' equity
Valuation and translation adjustments

Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

22

12,2485,959

891,212

818,433

2,078,862

2,094,493

(2) Non-Consolidated Statements of income(Million yen)
Fiscal year
ended March 31,2019

Fiscal year
ended March 31,2020

Sales from gas business
Gas sales

1,193,670

1,071,736

Gas transportation service revenue

10,37427,567

Revenue from interoperator settlement

7,212

7,202

1,211,256

1,106,506

Total sales from gas business
Cost of sales
Beginning inventories

110

113

763,479

643,530

Purchase of finished goods

9,432

10,385

Costs of gas for own use

1,928

1,786

113

94

Cost of products manufactured

Ending inventories

770,980

652,148

Gross profit

Total cost of sales

440,276454,357

Supply and sales expenses

343,410355,373

General and administrative expenses

70,09072,965

Total selling, general and administrative expenses

413,500

428,339

Profit on core business

26,77626,018

Miscellaneous operating revenue
Revenue from installation work

41,80542,437

Other miscellaneous operating revenue

117,709

118,923

Total miscellaneous operating revenue

159,515

161,361

Installation work expenses

40,25941,565

Other miscellaneous operating expenses

104,058

94,355

Total miscellaneous operating expenses

Miscellaneous operating expenses

144,318

135,921

Revenue from incidental businesses

397,794

520,107

Expenses for incidental businesses

390,847

509,521

Operating profit

48,92062,04423

(Million yen)
Fiscal year
ended March 31,2019

Fiscal year
ended March 31,2020

Non-operating income
Interest income

417

418

Dividend income

1,885

1,730

Dividends from subsidiaries and affiliates

14,201

12,181

Rental income

5,703

3,553

Miscellaneous income

7,536

6,399

Total non-operating income

29,74524,283

Interest expenses

4,111

4,065

Interest on bonds

5,033

5,286

Non-operating expenses

Amortization of bond issuance costs

384

472

Balance on commissioned construction

1,791

2,181

Miscellaneous expenses

4,435

5,980

Total non-operating expenses

15,755

17,986

62,91068,342

Ordinary profit
Extraordinary income
Gain on sales of investment securities
Gain on settlement of contract
Total extraordinary income

4,419

-

-

9,689

4,419

9,689

-

2,040

Extraordinary losses
Loss on valuation of investment securities

-

2,040

Profit before income taxes

Total extraordinary losses

67,32975,991

Income taxes - current

13,85020,488

Income taxes - deferred-237-1,200Total income taxes

13,612

19,287

Profit

53,71756,70324