July 29, 2019

Consolidated Financial Results Bulletin for the 1st Quarter Ended June 30, 2019
(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. Masami ADACHI, General Manager,
Location of head office: Tokyo
Consolidated Settlements Group
Scheduled date of the filing of quarterly report:
August 9, 2019
Scheduled date of the start of dividend payments:—Preparation of 1Q earnings presentation material (yes/no): Yes
Holding of 1Q earnings announcement (yes/no):Yes (for institutional investors)(Amounts are rounded down to the nearest million yen)

1. Consolidated Performance for 1st Quarter (from April 1, 2019 to June 30, 2019)(Unit: million yen)(% of change from the corresponding period of previous year)(1) Consolidated Business Performance
Net sales

Operating profit

Ordinary profit

Profit attributable toowners of parent

Three months ended
Jun. 30, 2019467,218

16.4%

44,021

89.1%

48,390101.4%

34,927-7.4%

Three months ended
Jun. 30, 2018

401,434-0.7%

23,274-32.9%

24,028-33.0%

37,71335.4%

Note: Total comprehensive income
Three months ended June 30, 2019: 33,809 million yen (55.9%)

Profit per share

Three months ended June 30, 2018: 21,682 million yen (3.1%)

Diluted profit
per share

Three months ended
Jun. 30, 201978.23 yen—Three months ended
Jun. 30, 201883.25 yen—

(2) Consolidated Financial Position(Unit: million yen)
Total assets
As of Jun. 30, 2019
As of Mar. 31, 2019

2,444,960
2,428,149

Reference: Shareholders’ equity
As of June 30, 2019: 1,159,357 million yen

Total net assets

Equity ratio

1,171,575
1,171,345

47.4%
47.7%

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

2. Dividend
Dividend per share (Unit: yen)
End of 1Q
FY2018 ended Mar. 31,
2019
FY2019 ending Mar. 31,
2020
FY2019 ending Mar. 31,2020 (Forecast)End of 2Q—

End of 3Q

End of 4Q

Annual

27.50

—

32.50

60.00

30.00

—

30.00

60.00

—

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

3. Consolidated Results Forecast for FY2019 ending March 31, 2020 (April 1, 2019 - March 31, 2020)(Unit: million yen)(% of change from the corresponding period of previous year)
Net sales
Full-year

2,043,000

Operating profit
4.1%

122,000

30.2%

Ordinary profit
120,000

34.2%

Net profit attributableto owners of parent
86,000

1.7%

Profitper share
194.40 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 ofconsolidation during the quarter) (yes/no): No(2) Application of accounting treatment peculiar to quarterly consolidated financial statement preparation (yes/no): Yes
Note: Please see page 8 of the Attachment, “2. Consolidated Financial Statements and Main Notes: (3) Notes on
consolidated financial statements (Application of accounting treatment peculiar to quarterly consolidated
financial statement preparation)” for details.
(3) Change in accounting policies or estimates and retrospective restatements
1) Change in accounting policies in accordance with revision of accounting standards: No
2) Change in accounting policies other than item 1) above: No
3) Change in accounting estimates: No4) Retrospective restatements: No(4) Number of issued shares (common stock)(Unit: share)
1) Number of issued shares at end of period(including treasury stock):Jun. 30, 2019451,355,759

Mar. 31, 2019451,355,759

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

Jun. 30, 2019

8,301,702

Mar. 31, 2019

1,410,673

3) Average number of shares during period:

Apr. – Jun. 2019

446,471,083

Apr. – Jun. 2018

453,020,638* 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 above forecasts are based on the information available at the time this report was prepared, and Tokyo Gas makes noguarantee that these figures will be achieved. Actual results may differ from these forecasts for a variety of reasons.
Please see page 3 of the Attachment “1. Overview of Business Performance, etc.: (2) Future outlook” for mattersconcerning the above forecasts.
2. The information related to this Financial Results will be posted on the Web site of the Company.

Non-Consolidated Results Forecast for FY2019 ending March 31, 2020 (April 1, 2019 - March 31, 2020)(Unit: million yen)(% of change from the corresponding period of previous year)
Net sales
Full-year

1,890,000

6.9%

Operating profit

Ordinary profit

82,00082,00067.6%

Note: Revision to the non-consolidated results forecast that has been disclosed lastly: No30.3%

Net income
60,000

11.7%

Profitper share
135.63 yen

Contents of Attachment
1.

Overview of Business Performance, etc............................................................................................................................. 2(1)Overview of business performance of the 1st quarter.............................................................................................. 2(2)Future outlook ............................................................................................................................................................. 3
2. Consolidated Financial Statements and Main Notes ........................................................................................................ 4(1)Consolidated balance sheets ....................................................................................................................................... 4(2)Consolidated statements of income and comprehensive income ............................................................................. 6
Consolidated statement of income ............................................................................................................................. 6(Three months ended June 30, 2019)
Consolidated statement of comprehensive income ................................................................................................... 7(Three months ended June 30, 2019)(3)
Notes on consolidated financial statements ............................................................................................................... 8(Note on going concerns’ premise) ............................................................................................................................. 8(Additional information) ............................................................................................................................................. 8(Significant changes in shareholders’ equity)............................................................................................................ 8(Application of accounting treatment peculiar to quarterly consolidated financial statement preparation)...... 8(Material subsequent events) ...................................................................................................................................... 81

1. Overview of Business Performance, etc.
(1) Overview of business performance of the 1st quarter<Summary by segment>(Unit: million yen)
ElectricEnergyGas
Overseas
Real estate
Otherspower
relatedFY2019343,015
72,156
10,91270,586
11,153
26,237(% of total)(64.3%)(13.5%)(2.0%)(13.2%)(2.1%)(4.9%)FY2018
290,738
53,167
12,16974,38811,023
20,342
Sales(% of total)(63.0%)(11.5%)(2.6%)(16.1%)(2.4%)(4.4%)
Amount of change
52,277
18,989-1,257-3,802130
5,895(Rate of change)
18.0%
35.7%
-10.3%
-5.1%
1.2%
29.0%
FY2019296,740
70,176
8,835
69,798
8,191
25,025(% of total)(62.0%)(14.7%)(1.8%)(14.6%)(1.7%)(5.2%)
266,70750,8107,742
71,738
8,734
20,228Operating FY2018
expenses (% of total)(62.7%)(11.9%)(1.8%)(16.8%)(2.1%)(4.7%)
Amount of change
30,03319,366
1,093-1,940-543
4,797(Rate of change)
11.3%
38.1%
14.1%
-2.7%
-6.2%
23.7%
FY201946,275
1,980
3,645
787
3,124
1,203
(% of total)(81.1%)(3.5%)(6.4%)(1.4%)(5.5%)(2.1%)
24,030
2,356
4,749
2,649
2,435
100
Segment FY2018
profit(% of total)(66.1%)(6.5%)(13.1%)(7.3%)(6.7%)(0.3%)
Amount of change
22,245-376-1,104-1,862
689
1,103
(Rate of change)
92.6%-16.0%-23.2%-70.3%
28.3%
1,103.2%
Note: Figures for sales include internal transactions. Figures for operating expenses do not include expenses that cannot
be allocated to specific segments. Figures for segment profit are adjusted against the amount based on operating
profit of consolidated financial statements plus or minus investment income or loss on equity method.

City gas sales volume< Consolidated City Gas Sales Volume, etc.>
Apr. – Jun. 2019
Apr. – Jun. 2018
Change% change
No. of customers for cityThousands
9,607
10,189-582-5.7
gas retail sales
Thousands
No. of customers (meters)
11,838
11,702136
1.2
3
Residential
808
778
30
3.8
Mil. mCommercial
555
549
6
1.1
Mil. m3
3
Industrial
1,587
1,335
252
18.9
Mil. mSubtotal
2,142
1,884
258
13.7
Mil. m3
3
Supplies to other utilities
422483-61-12.6
Mil. m
3
Total
3,372
3,145
227
7.2
Mil. mAverage temperature°C
16.7
17.9
-1.2
—Notes:1. No. of customers for city gas retail sales indicates the number of billed customers for city gas retail sales.
2. No. of customers (meters) indicates the number of meters that includes inactive meters and meters for gas supply
from other retail companies.
3. “Commercial” indicates sales to commercial, public and medical institutions.
4. City gas sales volumes are on the basis of 45MJ/m3.
5. Average temperature is the average temperature during the period of use by each customer (from date of initialmonth’s meter reading to final month’s meter reading).
The aforementioned notes also apply to the relevant tables.

2

< Consolidated Electric Power Sales Volume, etc.>
Apr. – Jun. 2019
Apr. – Jun. 2018
Change% change
No. of customers forThousands
1,951
1,273
678
53.3
electric power retail sales
Electric Retailmillion kWh
1,644
1,136
508
44.7
power
Wholesale etc. million kWh
2,221
2,120
101
4.8
sales
million kWh
3,865
3,257
608
18.7
volume Total
Note: No. of customers indicates the number of customers to whom Tokyo Gas supplies electric power as an electricpower retailer.
<Foreign Exchange Rate and Crude Oil Price>
Apr. – Jun. Apr. – Jun.
Change¥/$ rate20192018
109.90109.100.80

Crude oilprice($/bbl)

Apr. – Jun.
2019
71.48

Apr. – Jun.
2018
70.65

Change0.83(2) Future outlook
There are no changes to the previous forecast that was announced on April 26, 2019. The following information is of theprevious forecast.
a. Consolidated city gas sales volume forecast for FY2019
FY2019FY2018Change% change(Forecast)(Results)
Mil. m3
3,284
3,240
44
1.3
City gas ResidentialsalesOthers
Mil. m3
11,258
11,958-700-5.9volume Total
Mil. m3
14,541
15,198-657-4.3
Average temperature°C
15.9
17.0-1.1—
b. Consolidated electric power sales volume forecast for FY2019
FY2019(Forecast)
Total electric power sales
million kWh
19,941volumeFY2018(Results)

Change15,482% change

4,459

c. Consolidated earnings forecast for FY2019

28.8(Unit: hundred million yen)
Operating profit

Ordinary profit

Profit attributableto owners ofparent

20,43014,6225,808
1,220
FY2018 (results)
19,623
14,137
5,486
937
Change
807
485
322
283
% change
4.1%
3.4%
5.9%
30.2%Note: Internal sales between segments are adjusted in the “Other sales” column.

1,200893
307
34.2%

860
845
15
1.7%

Net sales

Gas sales

Other sales

FY2019 (forecast)< Foreign exchange rate and crude oil price forecast for FY2019>
FY2019FY2018Crude oil
Change(Forecast)(Results)¥/$ rate
price($/bbl)110.00110.92-0.92

3FY2019(Forecast)
70.00

FY2018(Results)
72.12

Change-2.12

2. Consolidated Financial Statements and Main Notes(1)

Consolidated balance sheets(Millions of 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 - tradeLease receivables and investments in leases
Merchandise and finished goods
Work in process
Raw materials and supplies
Other current assets
Allowance for doubtful accounts
Total current assets
Total assets

4

As of June 30, 2019234,433
548,529
49,586447,608316
145,160
1,425,634

232,207541,465
47,334
462,669316
136,698
1,420,692

1,306
119,052
120,359

1,202
124,038
125,240

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

225,642
42,21728
43,77747,945-393
359,216
1,905,150

93,092
265,225
19,647
2,194
12,73063,73571,306-1,186
526,7452,428,149

137,563
210,693
19,164
2,584
19,58558,097
93,230-1,109539,8102,444,960

(Millions of yen)
As of March 31, 2019
Liabilities
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 comprehensiveincome
Non-controlling interests
Total net assets
Total liabilities and net assets

5

As of June 30, 2019334,998
394,542
17,51775,262
2,990
1,776
14,0571,450
11,94064,640919,176

384,998
393,131
17,54473,832
2,973
1,485
13,898
1,609
11,966
66,374
967,81351,566
69,605
5,133
31,283
180,037
337,626
1,256,803

51,36848,491
5,229
17,403
183,077
305,570
1,273,384

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

141,8441,599
996,810-22,718
1,117,535

22,756

19,723

1,604
24,770-5,994621
26,104-4,627

43,137

41,822

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

12,2181,171,575
2,444,960

(2) Consolidated statements of income and comprehensive income(Consolidated statement of income : Three months ended June 30, 2019)(Millions of yen)Three months ended
June 30, 2018
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
Miscellaneous expenses
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Total extraordinary income
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

6

Three months ended
June 30, 2019

401,434
268,640
132,794467,218
308,046
159,171

94,093
15,426
109,520
23,274

98,115
17,034
115,15044,021

333
1,719

553
4,551

455

1,723

2,900
5,4081,763
8,591

2,690
1,963
4,654
24,028

2,808
1,414
4,222
48,39029,172
29,17253,201
15,27337,927
214
37,713－－
48,39013,25935,131
203
34,927

(Consolidated statement of comprehensive income : Three months ended June 30, 2019)(Millions of yen)Three months ended
June 30, 2018
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
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
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

7

Three months ended
June 30, 201937,92735,131

660
493-15,202824-3,045
-438
1,124
1,369

-3,022-330-16,245
21,682-1,32133,80921,58433,612

98

197

(3) Notes on consolidated financial statements(Note on going concerns’ premise)
Not applicable(Additional information)
The Company acquired intangible assets of ¥35,401 million, including the newly constructed large-scale coresystem, in three months ended June 30, 2019. The durable years of the new system is set 10 years based on theestimated available period.
(Significant changes in shareholders’ equity)
Purchase of treasury stock
The Company purchases treasury stock from the market as per the provisions of Article 156 of the Companies
Act that is applied in an alternative interpretation of Article 165, Section 3 of the Companies Act.
• Purchase period
May 10 – June 30, 2019 (contract basis)• Number of shares purchased
6,887,900 shares• Total amount of purchase¥18,599 million• Purchase method
Market purchase on the Tokyo Stock Exchange
The purchase of treasury stock that was decided at the Board of Directors meeting held on April 26, 2019 has
ended with the purchases of up to July 12, 2019, including the purchase mentioned above.
• Purchase period
May 10 – July 12, 2019 (contract basis)• Number of shares purchased
8,919,700 shares• Total amount of purchase¥23,999 million• 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 first-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, 2020 including the first quarter
under review.
(Material subsequent events)
The Company passed a resolution at its Board of Directors meeting held on July 29, 2019 to cancel treasury
stock, as per Article 178 of the Companies Act.
The details of the cancellation of treasury stock are as follows.
(1) Type of shares cancelled
Tokyo Gas Common Stock(2) Number of shares cancelled 8,919,700 shares(3) Effective date of cancellation August 16, 20198