February 2, 2024

Consolidated Financial Results Bulletin for the 3rd Quarter Ended December 31, 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:
February 14, 2024
Scheduled date of the start of dividend payments:—
Preparation of 3Q earnings presentation material (yes/no): Yes
Holding of 3Q earnings announcement (yes/no):Yes (for institutional investors)(Amounts are rounded down to the nearest million yen)

1. Consolidated Performance for 3rd Quarter (from April 1, 2023 to December 31, 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

Nine months ended
Dec. 31, 2023

1,902,621-17.3%

162,868-30.9%

170,545-28.4%

115,555-31.3%

Nine months ended
Dec. 31, 2022

2,300,194

63.9%

235,692

341.5%

238,298283.6%

168,097264.7%

Note: Total comprehensive income
Nine months ended December 31, 2023: 243,633 million yen (-3.6%)
Nine months ended December 31, 2022: 252,736 million yen (666.8%)

Profit per share

Diluted profit
per share

Nine months ended
Dec. 31, 2023

277.04 yen—

Nine months ended
Dec. 31, 2022

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

3,901,004
3,581,425

Reference: Shareholders’ equity
As of December 31, 2023: 1,666,285 million yen

Total net assets

Equity ratio

1,699,958
1,589,301

42.7%
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

End of 3Q

—

32.50

—

—

32.50

—

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

End of 4Q

Annual

32.50

65.00

37.50

70.00

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

2,720,000-17.3%

Operating profit
182,000-56.8%

Ordinary profit
190,000-53.5%Net profit attributableto owners of parent
141,000-49.8%

Profitper share
341.75 yen

Note: Revision to the consolidated results forecast that has been disclosed lastly: No*Notes(1) Significant changes in consolidated subsidiaries (changes in specified subsidiaries resulting in change of scope of
consolidation during the quarter) (yes/no): Yes
Newly included: 2 (names) Rockcliff Energy II LLC, Rockcliff Energy Operating LLC
Excluded:
2 (names) TGBI 1.LLC, TG Barnett Resources LP
Reference: Scope of consolidation and application of equity method
Number of consolidated subsidiaries: 107 (Increased by 10 companies and decreased by 5 companies)
Number of subsidiaries and affiliates accounted for by equity method: 23 (Increased by 8 companies)(2) Application of accounting treatment peculiar to quarterly consolidated financial statement preparation (yes/no): Yes
Note: Please see page 10 of the Attachment, “2. Consolidated Financial Statements and Main Notes: (3) Notes on
consolidated financial statements (Application of accounting treatment peculiar to quarterly consolidated
financial statement preparation)” for details.
(3) Change in accounting policies or estimates and retrospective restatements
1) Change in accounting policies in accordance with revision of accounting standards: No
2) Change in accounting policies other than item 1) above: No
3) Change in accounting estimates: No4) Retrospective restatements: No(4) Number of issued shares (common stock)(Unit: share)
1) Number of issued shares at end of period(including treasury stock):

Dec. 31, 2023

434,875,059

Mar. 31, 2023

434,875,059

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

Dec. 31, 2023

33,304,032

Mar. 31, 2023

1,455,205

3) Average number of shares during period:

Apr. – Dec. 2023

417,107,224

Apr. – Dec. 2022

434,443,941* 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

2,408,200-19.7%

Operating profit
102,000-66.2%

Ordinary profit
140,000

Note: Revision to the non-consolidated results forecast that has been disclosed lastly: No-53.9%Net income
113,300-44.8%

Profitper share
274.61 yen

Contents of Attachment
1.

Overview of Business Performance, etc............................................................................................................................. 2(1)
Overview of business performance of the 3rd quarter............................................................................................. 2(2)
Future outlook ............................................................................................................................................................. 3(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(Nine months ended December 31, 2023)
Consolidated statement of comprehensive income ................................................................................................... 8(Nine months ended December 31, 2023)(3)
Notes on consolidated financial statements ............................................................................................................... 9(Note on going concerns’ premise) ............................................................................................................................. 9(Additional information) ............................................................................................................................................. 9(Significant changes in shareholders’ equity).......................................................................................................... 10(Application of accounting treatment peculiar to quarterly consolidated financial statement preparation).... 10(Changes in presentation) ......................................................................................................................................... 10

1

1. Overview of Business Performance, etc.
(1) Overview of business performance of the 3rd quarter<Summary by segment>

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

1,735,319(82.6%)
2,131,107(84.3%)-395,788-18.6%
1,577,690(82.2%)
1,928,011(85.0%)-350,321-18.2%
158,904(85.3%)
203,126(76.2%)-44,222-21.8%

215,538(10.2%)
222,976(8.8%)-7,438-3.3%
237,033(12.3%)
236,455(10.4%)
578
0.2%-21,495(-11.5%)-13,479(-5.1%)-8,016—

Overseas
99,187(4.7%)
128,191(5.1%)-29,004-22.6%
68,244(3.6%)
69,777(3.1%)-1,533-2.2%
32,599(17.5%)
63,994(24.0%)-31,395-49.1%(Unit: million yen)Urban
development
53,089
(2.5%)
46,264(1.8%)
6,825
14.8%
37,436(1.9%)
33,862(1.5%)
3,574
10.6%
16,214(8.7%)
12,996(4.9%)
3,218
24.8%

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.
3. From the third quarter of the consolidated fiscal year ending March 31, 2024, in tandem with a review of our systemfor providing services to regional administrations and local governments, we revised a portion of the revenues andexpenses related to businesses previously included in the Network business segment, and are now including theminto the Energy Solutions business segment and/or corporate expenses that are not allocated to any reporting
segment in particular. Note that the segment information for performance in the first nine months of the fiscal year
ended March 31, 2023 and for the first nine months of the fiscal year ending March 31, 2024 are presented based on
segment classifications that has been revised.

City gas sales volume<Consolidated City Gas Sales Volume, etc.>
Apr. – Dec. 2023 Apr. – Dec. 2022
Change% change
No. of customers for cityThousands
8,779
8,688
91
1.0
gas retail sales
Thousands
No. of customers (meters)
12,411
12,289122
1.0
3Residential
1,679
1,834
-155
-8.5
Mil. mCommercial
1,609
1,579
30
1.9
Mil. m3
3
Industrial
3,542
4,509
-967
-21.4
Mil. mSubtotal
5,150
6,088
-938
-15.4
Mil. m3
3
Supplies to other utilities
1,127
1,162
-35
-3.0
Mil. m
Total
7,956
9,084
-1,128-12.4
Mil. m3
Average temperature
°C
20.6
19.5
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. – Dec. 2023 Apr. – Dec. 2022
Change% change
No. of customers for
Thousands
3,766
3,314
452
13.7
electric power retail sales
Electric Retailmillion kWh
9,446
8,202
1,244
15.2
power
Wholesale etc. million kWh
8,951
17,202-8,251-48.0
sales
million kWh
18,39725,404-7,007-27.6
volume Total
Note: No. of customers for electric power retail sales indicates the number of billed customers for electric power retailsales.
<Foreign Exchange Rate and Crude Oil Price>
Apr. – Dec. Apr. – Dec.
Change¥/$ rate2023
2022
143.33136.50
6.83(2) Future outlook
a. Consolidated city gas sales volume forecast for FY2023
FY2023(Forecast)Mil. m3
2,749
City gas Residential
sales
OthersMil. m3
8,745
volume Total
Mil. m3
11,494
Average temperature°C
17.4
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
26,132volumec. Consolidated earnings forecast for FY2023
Net sales
FY2023 (forecast)
FY2022 (results)
Change% change

27,20032,896-5,696-17.3

Apr. – Dec.
2023
86.57

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

FY2022(Results)

Apr. – Dec.
2022
107.87

Change-53-1,027-1,0800.6

Change34,445-8,313

Change-21.30% change
-1.9
-10.5
-8.6
—

% change-24.1(Unit: hundred million yen)

Operating profit

Ordinary profit

Profit attributableto owners of parent

1,820
4,214
-2,394
-56.8

1,900
4,088
-2,188
-53.5

1,410
2,809
-1,399-49.8< Foreign exchange rate and crude oil price forecast for FY2023>
FY2023
FY2022
Crude oil
Change(Forecast)(Results)¥/$ rate
price($/bbl)143.74135.508.24

3FY2023(Forecast)
84.93

FY2022(Results)
102.67

Change-17.74

(3) Revisions to FY2023 results forecasts
In line with the notification in our timely disclosure on January 31, 2024, we made the following revisions to theconsolidated and non-consolidated results forecasts for FY2023, which we disclosed on October 26, 2023.
<FY2023 consolidated results forecasts>
Profit attributable
Net sales
Operating profit
Ordinary profit
to owners ofProfit per share(hundred million (hundred million (hundred million
parent(yen per share)
yen)
yen)
yen)
(hundred million
yen)
Forecast
announced on
27,610
1,540
1,580
1,160
281.11
October 26, 2023
(A)
Revised forecast
27,200
1,820
1,900
1,410
341.75(B)
Difference (B-A)
-410
280
320
250
—
Percentage
-1.5
18.2
20.3
21.6
—
difference (%)(Reference)
32,896
4,214
4,088
2,809
646.99FY2022 results<FY2023 non-consolidated results forecasts>
Net sales
Operating profit(hundred million (hundred million
yen)
yen)
Forecast
announced on
24,216696
October 26, 2023
(A)
Revised forecast
24,082
1,020(B)
Difference (B-A)-134
324
Percentage
-0.6
46.6
difference (%)(Reference)
29,9983,014
FY2022 results

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

1,026

872

211.31

1,400

1,133

274.61

374

261

—

36.5

29.9

—

3,036

2,051

472.54

We have revised our earnings results forecast for FY2023 mainly to reflect the financial results of the third quarter
ended December 2023 and recent energy price trends. Accordingly, we estimate that our non-consolidated forecasts fornet sales, operating profit, ordinary profit and profit will differ from the forecasts we announced on October 26, 2023.
We have also revised our consolidated forecasts disclosed on October 26, 2023, to reflect the same factors.
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 and Main Notes(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of December 31, 2023

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

453,502

237,802460,111397,473

17,125
10

17,701-

Merchandise and finished goods
Work in process

6,030
15,65351,377
20,978Raw materials and supplies
Other current assets

135,769
131,832

111,766
226,297

Allowance for doubtful accounts
Total current assets-2,122-2,5601,217,914

1,060,836

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

346,262

318,986

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

921,572
10,714

900,347
9,738

Land
Leased assets, net

197,245
8,231

181,098
9,773

Construction in progress

98,878152,407

1,582,904

1,572,351

Goodwill
Mining rights

6,410
145,5675,824
556,573

Other intangible assets

162,554

151,269

Total intangible assets

314,533

713,667

Investments and other assets
Investment securities

Total property, plant and equipment
Intangible assets

278,497354,432

Long-term loans receivable
Retirement benefit asset

56,5508,809

56,40910,101

Deferred tax assets
Other investments

32,84993,64931,457
105,673

Allowance for doubtful accounts-4,283-3,925

Total investments and other assets

466,073554,149

2,363,511

2,840,168

3,581,425

3,901,004

Total non-current assets
Total assets

5

(Millions of yen)
As of March 31, 2023

As of December 31, 2023

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

79,041
6,674

103,775
7,120

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

20,00059,973

10,00049,729

Income taxes payable
Other current liabilities

118,636
321,832

19,564
518,073

Total current liabilities

606,158

708,263

Non-current liabilities
Bonds payable

548,976

639,588

Long-term borrowings
Deferred tax liabilities

607,262
33,901

619,300
48,043Retirement 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

64,57063,871

183

214

3,444
527

3,331
444

5,176

4,753

654
27,559634
32,812Other noncurrent liabilities

93,70979,788

Total non-current liabilities

1,385,965

1,492,783

1,992,124

2,201,046

Share capital
Capital surplus

141,844-

141,8444,285

Retained earnings
Treasury shares

1,310,908-3,658

1,398,144-107,904

Total shareholders' equity

1,449,094

1,436,370

30,95457,050-9,62686,226

15,796
156,581

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

486

109,309229,91530,89633,672

1,589,301

1,699,958

3,581,425

3,901,004

(2) Consolidated statements of income and comprehensive income
Consolidated statement of income(Nine months ended December 31, 2023)(Millions of yen)
For the nine months
ended December 31, 2022

For the nine months
ended December 31, 2023

Net sales
Cost of sales

2,300,194
1,869,341

1,902,621
1,559,721

Gross profit

430,853

342,900

Selling, general and administrative expenses

195,161

180,032

Operating profit

235,692

162,868

1,460

6,289

2,547

1,310

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

6,206

3,494

7,771
13,7398,039
12,743

Total non-operating income

31,72431,876

11,037

13,93818,07910,261Non-operating expenses
Interest expenses
Miscellaneous expenses
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities

29,117

24,199238,298

170,545

3,785

2,499

Gain on sale of businesses
Gain on valuation of long-term loans receivable

3,506
-

2,573

Total extraordinary income

7,292

5,073

2,595

-

Extraordinary losses
Loss on valuation of investment securities
Total extraordinary losses
Profit before income taxes

2,595

-

242,996

175,618

Income taxes

74,18559,486

Profit168,810116,131

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

7

713

576

168,097

115,555

Consolidated statement of comprehensive income(Nine months ended December 31, 2023)(Millions of yen)
For the nine months
ended December 31, 2022
ProfitOther comprehensive income

For the nine months
ended December 31, 2023

168,810116,131

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

12,008-24,627

26,10528,487

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

85,2052,344

70,444-1,267

8,995

3,731

83,925

127,502

Comprehensive income

252,736

243,633

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

252,272

236,161

464

7,472

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>
Plans, announced in our timely disclosure on October 7, 2022, to transfer (this “initial transfer”) fivesubsidiaries (four projects) at our Australian subsidiary, Tokyo Gas Australia Pty Ltd, to MidOcean Energy
Holdings Pty Ltd (this “MidOcean”), a subsidiary of the US-based EIG Global Energy Partners, LLC, were
published as additional information in our securities report for the previous fiscal year. As we announced in ourtimely disclosure on January 11, 2024, we signed a memorandum regarding the transfer of assets to whereby the
upstream interests and shares in the liquefaction business interests held by the two companies involved in the
Ichthys Project, which are to be initially transferred to MidOcean, are to be transferred to INPEX Ichthys Pty Ltd,INPEX Browse E&P Pty Ltd, and INPEX Holdings Australia Pty Ltd (this “transfer”). The execution of thisshare transfer is scheduled to take place at the end of February 2024. The impact of this transfer and the initialtransfer to consolidated earnings in the fiscal year ending March 31, 2024 is currently being calculated.
The contract amount for initial transfer remains unchanged from the US$2.15 billion. There is a possibility thatthe initial transfer and this transfer may not be executed depending on the status of future approvals by theAustralian government and related parties, and due to other contractual conditions. Moreover, the actual amountof the transfer may differ from the contract amount. We note that the net income attributable to Tokyo Gas that is
generated from the four Australian projects by the time the transfer is completed, including earnings inconsolidated FY2023, will be deducted from the gain or loss on sale (the cumulative amount of net income
attributable to Tokyo Gas from the four Australian projects as of the end of the third quarter of the current fiscal
year is approximately US$500 million).
That being said, the impact from this transfer and the initial transfer has not been factored into consolidated
performance and forecasts for the current consolidated fiscal year.

9(Significant changes in shareholders’ equity)<Purchase of treasury stock>
The acquisition of treasury shares is being carried out as follows in the open market in accordance with Article
156 of the Companies Act as applied mutatis mutandis to Article 165, Paragraph 3 of the Act.
The following purchase was made during the third-quarter period under review:(1) Purchase period
May 8 – December 31, 2023 (contract basis)(2) Number of shares purchased
31,871,700 shares(3) Total amount of purchase¥104,279,828,300(4) Purchase method
Market purchase on the Tokyo Stock Exchange
We note that share buybacks as of January 23, 2024, including the shares stipulated above, has completed theacquisition of treasury stock pursuant to a resolution passed by the Board of Directors at a meeting held on April
26, 2023.
(1) Purchase period
May 8, 2023 – January 23, 2024 (contract basis)(2) Number of shares purchased
34,422,900 shares(3) Total amount of purchase¥112,999,799,700(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 third-quarter period under review by thereasonably 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 third quarter
under review.
(Changes in presentation)<Quarterly consolidated balance sheets>
In the previous consolidated fiscal year (FY2022), “mining rights,” which was previously presented as a partof “other intangible assets” under “intangible asset,” has increased in monetary importance, therefore it is now
being presented as an independent accounting item from the third quarter of the current consolidated fiscal year.
To reflect this change in presentation method, the accounting items in the consolidated financial statements forthe previous consolidated fiscal year have been rearranged.
Consequently, the 145,567 million yen disclosed as “other intangible assets” under “intangible asset” in the
consolidated balance sheets for the previous consolidated fiscal year have been rearranged into “mining rights.”
In the previous consolidated fiscal year, a portion of receivables related to overseas businesses was presented
and included in “other current assets” under “current assets.” Starting from the third-quarter period under review,
this portion is now included and presented as “notes and accounts receivable - trade, and contract assets” under“current assets.” This change was brought about by the acquisition of Rockcliff Energy. This has led to aredefinition of accounting items. Accounting items with similar characteristics have been rearranged to give amore appropriate presentation of conditions of the group.
Accordingly, the 14,049 million yen in receivables related to sales transactions incurred by overseas businesses
and presented as “other current assets” under “current assets” in the consolidated balance sheets for the previous
consolidated fiscal year have been rearranged into “notes and accounts receivable - trade, and contract assets.”
In the previous consolidated fiscal year, a portion of liabilities related to overseas businesses was presented
and included in “other current liabilities” under “current liabilities.” Starting from the third-quarter period underreview, this portion is now included and presented as “notes and accounts payable - trade” under “current
liabilities.” This change was brought about by the acquisition of Rockcliff Energy. This has led to a redefinitionof accounting items. Accounting items with similar characteristics have been rearranged to give a more
appropriate presentation of conditions of the group.
Extrapolating from this, the 15,196 million yen in liabilities related to purchase transactions that were incurredby overseas businesses and presented as “other current liabilities” under “current liabilities” in the consolidatedbalance sheets for the previous consolidated fiscal year have been rearranged into “notes and accounts payable trade.”10