October 26, 2023

Consolidated Financial Results Bulletin for the 2nd Quarter Ended September 30, 2023
(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.
Scheduled date of the filing of quarterly report:
November 10, 2023
Scheduled date of the start of dividend payments:
November 29, 2023
Preparation of 2Q earnings presentation material (yes/no): Yes
Holding of 2Q earnings announcement (yes/no):Yes (for institutional investors)(Amounts are rounded down to the nearest million yen)

1. Consolidated Performance for 2nd Quarter (from April 1, 2023 to September 30, 2023)(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

Six months ended
Sep. 30, 2023

1,272,731-6.5%

129,740

43.4%

147,64535.9%

103,983

45.1%

Six months ended
Sep. 30, 2022

1,361,277

57.1%

90,498129.0%

108,652

168.2%

71,640161.6%

Note: Total comprehensive income
Six months ended September 30, 2023: 208,103 million yen (53.1%) Six months ended September 30, 2022: 135,924 million yen (251.8%)

Profit per share

Diluted profit
per share

Six months ended
Sep. 30, 2023

245.77 yen—

Six months ended
Sep. 30, 2022

164.71 yen—(2) Consolidated Financial Position(Unit: million yen)
Total assets
As of Sep. 30, 2023
As of Mar. 31, 2023

3,571,631
3,581,425

Reference: Shareholders’ equity
As of September 30, 2023: 1,682,118 million yen

Total net assets

Equity ratio

1,717,855
1,589,301

47.1%
43.5%

As of March 31, 2023: 1,558,404 million yen

2. Dividend
Dividend per share (Unit: yen)
End of 1Q
FY2022 ended Mar. 31,2023
FY2023 ending Mar. 31,2024
FY2023 ending Mar. 31,
2024 (Forecast)End of 2Q

—

32.50

—

32.50

Note: Revision to the dividend forecast that has been disclosed lastly: No

End of 3Q

End of 4Q

Annual

—

32.50

65.00

—

32.50

65.00

3. Consolidated Results Forecast for FY2023 ending March 31, 2024 (April 1, 2023 - March 31, 2024)(Unit: million yen)(% of change from the corresponding period of previous year)
Net sales
Full-year

2,761,000-16.1%

Operating profit
154,000-63.5%

Ordinary profit
158,000-61.4%Net profit attributableto owners of parent
116,000-58.7%

Profitper share
281.11 yen

Note: Revision to the consolidated results forecast that has been disclosed lastly: Yes*Notes(1) Significant changes in consolidated subsidiaries (changes in specified subsidiaries resulting in change of scope of
consolidation during the quarter) (yes/no): No
Reference: Scope of consolidation and application of equity method
Number of consolidated subsidiaries: 102 (Increased by 2 companies and decreased by 2 companies)
Number of subsidiaries and affiliates accounted for by equity method: 17 (Increased by 2 companies)(2) Application of accounting treatment peculiar to quarterly consolidated financial statement preparation (yes/no): Yes
Note: Please see page 9 of the Attachment, “2. Consolidated Financial Statements and Main Notes: (3) Notes on
consolidated financial statements (Application of accounting treatment peculiar to quarterly consolidated
financial statement preparation)” for details.
(3) Change in accounting policies or estimates and retrospective restatements
1) Change in accounting policies in accordance with revision of accounting standards: No
2) Change in accounting policies other than item 1) above: No
3) Change in accounting estimates: No4) Retrospective restatements: No(4) Number of issued shares (common stock)(Unit: share)
1) Number of issued shares at end of period(including treasury stock):

Sep. 30, 2023

434,875,059

Mar. 31, 2023

434,875,059

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

Sep. 30, 2023

21,595,887

Mar. 31, 2023

1,455,205

3) Average number of shares during period:

Apr. – Sep. 2023

423,096,957

Apr. – Sep. 2022

434,954,007* 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 and non-consolidated earnings forecasts include elements of great uncertainty, including the impact of
the state of affairs between Russia and Ukraine. The forecasts may change 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 3 of the Attachment and “1. Overview of Business Performance, etc. (3) Revisions to FY2023 results
forecasts” on page 4 of the Attachment.
2. The information related to this Financial Results will be posted on the Web site of the Company.

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

2,421,600-19.3%

Operating profit
69,600-76.9%

Ordinary profit
102,600

Note: Revision to the non-consolidated results forecast that has been disclosed lastly: Yes-66.2%Net income
87,200-57.5%

Profitper share
211.31 yen

Contents of Attachment
1.

Overview of Business Performance, etc............................................................................................................................. 2(1)
Overview of business performance of the 2nd quarter ............................................................................................ 2(2)
Future outlook ............................................................................................................................................................. 3(3)
Revisions to FY2023 results forecasts ........................................................................................................................ 4
2. Consolidated Financial Statements and Main Notes ........................................................................................................ 5(1)
Consolidated balance sheets ....................................................................................................................................... 5(2)
Consolidated statements of income and comprehensive income ............................................................................. 7
Consolidated statement of income ............................................................................................................................. 7(Six months ended September 30, 2023)
Consolidated statement of comprehensive income ................................................................................................... 8(Six months ended September 30, 2023)(3)
Notes on consolidated financial statements ............................................................................................................... 9(Note on going concerns’ premise) ............................................................................................................................. 9(Additional information) ............................................................................................................................................. 9(Significant changes in shareholders’ equity)............................................................................................................ 9(Application of accounting treatment peculiar to quarterly consolidated financial statement preparation)...... 9

1

1. Overview of Business Performance, etc.
(1) Overview of business performance of the 2nd quarter<Summary by segment>
Six months ended September 30, 2023
Energy solution

Sales

Operatingexpenses

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

1,153,073(82.0%)
1,254,795(82.6%)-101,722-8.1%
1,023,900(80.9%)
1,174,351(83.1%)-150,451-12.8%
130,192(90.7%)
80,463(73.8%)
49,72961.8%

153,433(10.9%)
157,421(10.4%)-3,988-2.5%
173,443(13.7%)
173,570(12.3%)-127-0.1%-20,010(-13.9%)-16,149(-14.8%)-3,861—

Overseas
64,677(4.6%)
75,853
(5.0%)-11,176-14.7%
43,953
(3.5%)
42,389
(3.0%)
1,564
3.7%
21,700(15.1%)
36,472(33.5%)-14,772-40.5%(Unit: million yen)Urban
development
35,489
(2.5%)
30,190(2.0%)
5,299
17.6%
24,306(1.9%)
22,404(1.6%)
1,902
8.5%
11,566(8.1%)
8,183(7.5%)
3,383
41.3%

Notes:
1. Figures for sales include internal transactions. Figures for operating expenses do not include expenses that cannot beallocated to specific segments.
2. Figures for segment profit/loss are adjusted against the amount based on operating profit/loss of consolidated
financial statements plus or minus investment income or loss on equity method.

City gas sales volume<Consolidated City Gas Sales Volume, etc.>
Apr. – Sep. 2023 Apr. – Sep. 2022
Change% change
No. of customers for cityThousands
8,754
8,672
82
0.9
gas retail sales
Thousands
No. of customers (meters)
12,376
12,252124
1.0
Residential
974
1,040
-66
-6.3
Mil. m3
Commercial
1,104
1,073
31
2.9
Mil. m3
3
Industrial
2,336
3,028
-692
-22.9
Mil. mSubtotal
3,440
4,101
-661
-16.1
Mil. m3
3
Supplies to other utilities
714
744
-30
-3.9
Mil. m
Total
5,128
5,884
-756
-12.9
Mil. m3
Average temperature
°C
23.8
22.7
1.1
—
Notes:
1. No. of customers for city gas retail sales indicates the number of billed customers for city gas retail sales.
2. No. of customers (meters) indicates the number of meters as a gas pipeline service provider.
3. “Commercial” indicates sales to commercial, public and medical institutions.
4. City gas sales volumes are on the basis of 45MJ/m3.

2

< Consolidated Electric Power Sales Volume, etc.>
Apr. – Sep. 2023 Apr. – Sep. 2022
Change% change
No. of customers for
Thousands
3,697
3,190
507
15.9
electric power retail sales
Electric Retailmillion kWh
6,460
5,412
1,048
19.4
power
Wholesale etc. million kWh
6,110
11,606-5,496-47.4
sales
million kWh
12,57017,018-4,448-26.1
volume Total
Note: No. of customers for electric power retail sales indicates the number of billed customers for electric power retailsales.
<Foreign Exchange Rate and Crude Oil Price>
Apr. – Sep. Apr. – Sep.
Change¥/$ rate2023
2022
141.06134.03
7.03(2) Future outlook
a. Consolidated city gas sales volume forecast for FY2023
FY2023(Forecast)Mil. m3
2,905
City gas Residential
sales
OthersMil. m3
8,939
volume Total
Mil. m3
11,844
Average temperature°C
17.1
Note: City gas sales volumes are on the basis of 45MJ/m3.
b. Consolidated electric power sales volume forecast for FY2023
FY2023(Forecast)
Total electric power sales
million kWh
26,220volumec. Consolidated earnings forecast for FY2023
Net sales
FY2023 (forecast)
FY2022 (results)
Change% change

27,61032,896-5,286-16.1

Apr. – Sep.
2023
83.51

Crude oilprice($/bbl)FY2022(Results)
2,802
9,772
12,57416.8

FY2022(Results)

Apr. – Sep.
2022
111.86

Change
103
-833
-730
0.3

Change34,445-8,225

Change-28.35% change
3.7
-8.5
-5.8
—

% change-23.9(Unit: hundred million yen)

Operating profit

Ordinary profit

Profit attributableto owners of parent

1,540
4,214
-2,674
-63.5

1,580
4,088
-2,508
-61.4

1,160
2,809
-1,649-58.7< Foreign exchange rate and crude oil price forecast for FY2023>
FY2023
FY2022
Crude oil
Change(Forecast)(Results)¥/$ rate
price($/bbl)143.03135.507.53

3FY2023(Forecast)
86.76

FY2022(Results)
102.67

Change-15.91

(3) Revisions to FY2023 results forecasts<FY2023 consolidated results forecasts>

Previous forecast(A)
Revised forecast(B)
Difference (B-A)
Percentage
difference (%)(Reference)
FY2022 results

Net sales(hundred million
yen)

Operating profit(hundred million
yen)

Ordinary profit(hundred million
yen)Profit attributableto owners ofparent(hundred million
yen)26,920

1,500

1,370

1,010

245.27

27,610

1,540

1,580

1,160

281.11

690

40

210

150

—

2.6

2.7

15.3

14.9

—

32,896

4,214

4,088

2,809

646.99Ordinary profit(hundred million
yen)Profit(hundred million
yen)Profit per share(yen per share)

1,119

939

228.03

1,026

872

211.31

-93

-67

—

-8.3

-7.1

—

3,036

2,051

472.54<FY2023 non-consolidated results forecasts>
Net sales
Operating profit(hundred million (hundred million
yen)
yen)
Previous forecast
23,774
813(A)
Revised forecast
24,216696(B)
Difference (B-A)
442-117
Percentage
1.9
-14.4
difference (%)(Reference)
29,9983,014
FY2022 results

Profit per share(yen per share)

As a result of reflecting the impact of recent energy price developments and the depreciation of the yen, the forecasts
for both consolidated and non-consolidated full-year results for FY2023 have changed from the previous forecasts
announced on July 27, 2023, as shown above.
Note: The above forecasts are based on information available at the time of the release of this document. Therefore, theactual results may differ from the stated forecast figures depending on various factors going forward.

42. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023

As of September 30, 2023

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

453,502438,898

446,061

369,986

17,125
10

16,887-

Merchandise and finished goods
Work in process

6,030
15,65349,33022,710Raw materials and supplies
Other current assets

135,769
145,882

111,451
156,161

Allowance for doubtful accounts(2,122)(1,839)1,217,914

1,163,586

346,262

321,081

Machinery, equipment and vehicles, net
Tools, furniture and fixtures, net

921,572
10,714904,261
10,276

Land
Leased assets, net

197,245
8,231

180,667
7,770

Construction in progress

98,878133,874

1,582,904

1,557,931

6,410

6,020

Other intangible assets

308,122

320,081

Total intangible assets

314,533

326,102

Investment securities
Long-term loans receivable278,497
56,550328,153
54,887Retirement benefit asset
Deferred tax assets

8,809
32,8499,656
30,972Other investments
Allowance for doubtful accounts

93,649(4,283)

104,228(3,887)

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net

Total property, plant and equipment
Intangible assets
Goodwill

Investments and other assets

Total investments and other assets
Total non-current assets
Total assets

5466,073524,0102,363,511

2,408,045

3,581,425

3,571,631

(Millions of yen)
As of March 31, 2023

As of September 30, 2023

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

63,845
6,674

80,623
6,748

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

20,00059,973

10,00067,315

Income taxes payable
Other current liabilities

118,636
337,028

43,193
269,447

Total current liabilities

606,158

477,327

Non-current liabilities
Bonds payable

548,976

539,363

Long-term borrowings
Deferred tax liabilities

607,262
33,901

603,746
51,905Retirement 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
Asset retirement obligations

64,57064,577

183

178

3,444
527

3,463
469

5,176

5,000

654
27,559615
29,658Other noncurrent liabilities

93,70977,469Total non-current liabilities

1,385,965

1,376,448

1,992,124

1,853,775

Share capital
Capital surplus

141,844-

141,8440Retained earnings
Treasury shares

1,310,908(3,658)1,400,009(67,999)

Total shareholders' equity

1,449,094

1,473,854

30,95458,926(9,626)86,226

14,536
133,891

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

6

1,754

909

109,309208,263

30,89635,737

1,589,301

1,717,855

3,581,425

3,571,631

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statement of Income (For the six months)(Millions of yen)
For the six months
ended September 30, 2022

For the six months
ended September 30, 2023

Net sales
Cost of sales

1,361,277
1,138,194

1,272,731
1,026,446

Gross profit

223,083

246,285

Selling, general and administrative expenses

132,584

116,544

Operating profit

90,498

129,740

648
2,163

3,671
1,079

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

3,426

2,379

15,92814,804

Miscellaneous income

11,8608,391

Total non-operating income

34,02830,327

7,075
8,798

9,092
3,330

Non-operating expenses
Interest expenses
Miscellaneous expenses
Total non-operating expenses
Ordinary profit

15,874

12,422

108,652

147,645

2,708
-

2,499
2,494

Extraordinary income
Gain on sale of investment securities
Gain on valuation of long-term loans receivable

2,708

4,994

Profit before income taxes

Total extraordinary income

111,360

152,639

Income taxes

39,394

48,124

Profit

71,966

104,514

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

7

325

531

71,640103,983

Consolidated Statements of Comprehensive Income (For the six months)(Millions of yen)
For the six months
ended September 30, 2022
ProfitOther comprehensive income

For the six months
ended September 30, 2023

71,966

104,514

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

12,137(23,677)

27,987
27,347

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

64,062
1,577

45,735
(845)

9,858

3,363

63,958103,589

Comprehensive income

135,924

208,103

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

137,487

202,937(1,562)

5,166

8

(3) Notes on consolidated financial statements(Note on going concerns’ premise)
Not applicable(Additional information)<Accounting estimates following the situation between Russia and Ukraine>
Although the Company procures raw materials from Russia, it is difficult to accurately forecast the impact of
the current international situation surrounding Russia and Ukraine on our procurement of raw materials.
The Group has made accounting estimates by assuming that the procurement transactions will continue.
<Transfer of shares in our subsidiaries>
The date of the transfer of shares in five subsidiaries (four projects) of Tokyo Gas Australia Pty Ltd, ourAustralian subsidiary, to MidOcean Energy Holdings Pty Ltd, a subsidiary of US-based EIG Global Energy
Partners, LLC (hereinafter, the “Transfer”), which we announced in our timely disclosure dated October 7, 2022,
and noted in the Securities Report for the previous fiscal year as additional information, was initially scheduled
for March 2023 but has been postponed to an undetermined date due to ongoing discussions with the parties
concerned.
The contract amount of the Transfer is US$ 2.15 billion, but the sale may not be executed for all or part of the
project depending on the future status of approval by the Australian government and parties concerned and othercontractual conditions. There may also be a difference between the amount of sale realized and the contract
amount. Please note that net income attributable to the Company generated from the subject of the Transfer by
the completion of the transfer, including the fiscal year under review, will be deducted from the gain or loss on
the sale. (Accumulated net income generated from the subject of the transfer as of the end of the second-quarter
period under review was approximately US$500 million.)
The impact of the Transfer is not included in the consolidated earnings for the fiscal year under review orforecasts.
(Significant changes in shareholders’ equity)<Purchase of treasury stock>
At its Board of Directors meeting held on April 26, 2023, the Company resolved to acquire treasury sharespursuant to Article 156 of the Companies Law as applied mutatis mutandis to Article 165, paragraph (3) of thelaw. The treasury shares are being purchased between May 8, 2023, and March 31, 2024, with a maximum of 53
million shares to be purchased and a maximum total amount of ¥113 billion.
The following purchase was made during the second-quarter period under review:(1) Purchase period
May 8 – September 30, 2023 (contract basis)(2) Number of shares purchased
20,167,300 shares(3) Total amount of purchase¥64,387,955,400(4) Purchase method
Market purchase on the Tokyo Stock Exchange(Application of accounting treatment peculiar to quarterly consolidated financial statement preparation)<Calculation of taxes>
Taxes are calculated by multiplying profit before income taxes for the second-quarter period under review by
the reasonably estimated effective tax rate subsequent to the application of tax effect accounting to the profit
income before income taxes for the current consolidated fiscal year ending March 31, 2024 including the second
quarter under review.

9