Summary of Consolidated Financial Report for the Year Ended March 31, 2022〔under Japanese GAAP〕（Unaudited）
English translation from the original Japanese-language document
April 26, 2022
Central Japan Railway Company
Tokyo and Nagoya
9022
https://jr-central.co.jp
Shin Kaneko, President and Representative Director
Kentaro Takeda, Corporate Executive Officer, General Manager of the Public
Relations Department (Tel +81-52-564-2549)
June 23, 2022
June 23, 2022
June 24, 2022
Attached
To be held (for institutional investors and analysts)

Company Name
Stock Exchange Listings
Code Number
URL
Representative
Contact Person
Expected Date of the Annual Shareholders' Meeting
Expected Date of Presentation of Annual Securities Reports
Expected Date of Dividend Payment Commencement
Supplementary Information
Briefing of Financial Results of Fiscal 2022

(Figures less than one million yen, except for per share information, have been rounded down.)
1. Results for Fiscal 2022 (Year ended March 31, 2022)(1) Consolidated financial results
Operating revenues

Operating income

Millions of yen%

Millions of yen

935,139

13.6

1,708

Fiscal 2022

Net income attributable toowners of the parent

Ordinary income%

Millions of yen―%

Millions of yen―(67,299)%―(51,928)

Fiscal 2021
823,517(55.4)(184,751)―(262,064)―(201,554)―
Note 1. Comprehensive income :Fiscal 2022 (52,144) million yen, ― %. Fiscal 2021 (165,901) million yen, ―%.
2. Percentages for operating revenues, operating income, ordinary income, net income attributable to owners of the parent and comprehensive
income represent the changes from the previous year.
Net income per share- basic
Yen
Fiscal 2022

Net income per share- diluted
Yen

Fiscal 2021
(1,025.46)―
NoteEquity in earnings of affiliates : Fiscal 2022 182 million yen.

Operating income
to operating revenues
%

%

%

(1.4)

(0.7)

0.2

(5.4)
Fiscal 2021 386 million yen.

(2.7)

(22.4)―(263.87)

Ordinary income
to total assets

Return on net worth(2) Consolidated financial position
Total assets

Fiscal 2022
Fiscal 2021
Note
Net worth :EquityNet worth ratio

Equity per share

Millions of yen

Millions of yen%

Yen

9,450,519

3,609,252

37.7

18,110.23

37.9

18,510.87

9,600,370
3,686,609
Fiscal 2022 3,564,078 million yen. Fiscal 2021 3,642,515 million yen.

(3) Consolidated cash flows
Net cash provided by (used in)operating activities

Net cash used in investing
activities

Net cash (used in) provided byfinancing activities

Cash and cash equivalents,
end of the fiscal year

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Fiscal 2022

71,746(153,049)(19,178)

619,460

Fiscal 2021

(169,354)(134,718)

262,638

719,941

2. Cash dividends
Cash dividends per share
1st Quarter 2nd Quarter 3rd Quarter
Yen

Yen

Year-end

Yen

Total dividends(Fiscal)

Total

Yen

Yen

Millions of yen

Payout ratio(Consolidated)%

Fiscal 2021

―

65.00

―

65.00

130.0025,610―Fiscal 2022

―

65.00

―

65.00

130.0025,610―Fiscal 2023 (Forecast)

―

65.00

―

65.00

130.00

Dividends onequity ratio(Consolidated)
%
0.7
0.7

17.5

3. Consolidated forecast for Fiscal 2023 (Year ending March 31, 2023)
Operating revenues
Millions of yen

Operating income%

Millions of yen

Net income attributableto owners of the parent

Ordinary income%

Millions of yen%

Millions of yen%

Net income per share basic
Yen

Fiscal 2023
1,332,000 42.4
290,000―
217,000―
146,000―
741.87
Note
Percentages for operating revenues, operating income, ordinary income, and net income attributable to owners of the parent represent the changes
from the previous year.

Notes to Consolidated Financial Information(1) Changes in scope of significant consolidated subsidiaries ：none(2) Changes in accounting policies, changes in accounting estimates and error correctionsⅰ) Changes in accounting policies due to revision of accounting standard :ⅱ) Other changes in accounting policies : noneⅲ) Changes in accounting estimates : noneⅳ) Error corrections : nonechanged(3) Number of common shares issued and outstanding at the end of each yearⅰ) Number of shares outstanding at the end of the year
(Including treasury stocks)

Fiscal 2022

206,000,000 Fiscal 2021

ⅱ) Number of treasury stocks at the end of the year

Fiscal 2022

9,200,851 Fiscal 2021

ⅲ) Average number of shares outstanding for the year

Fiscal 2022

196,797,600 Fiscal 2021

sharesshares206,000,000

sharesshares9,222,869

sharesNoteshares196,551,674

The number of treasury stocks at the end of the year and treasury stocks that are deducted from calculation of the average number ofshares outstanding for the year include the Company’s shares held by the employee stock ownership plan trust account, as follows.
Number of treasury stocks at the end of the year : Fiscal 2022 ― shares. Fiscal 2021 22,000 shares.
Average number of shares outstanding for the year : Fiscal 2022 1,567 shares. Fiscal 2021 247,457 shares.

(4) Consolidated Balance Sheet
Money held in trust for the Chuo Shinkansen construction and Long-term debt for the Chuo Shinkansen construction
The Company has received loans from the Japan Railway Construction, Transport and Technology Agency for promoting the constructionof the Chuo Shinkansen, and the money is placed in the trust fund to segregate it from other money.
(5) Changes in accounting policies
Application of Accounting Standard for Revenue Recognition
The Company has applied ASBJ Statement No. 29, March 31, 2020, "Accounting Standard for Revenue Recognition" ; hereinafter, "Revenue
Recognition Accounting Standard" from the beginning of fiscal 2022. In accordance with the aforementioned accounting standard,
the Company recognizes revenue in an amount expected to be entitled in exchange for promised goods or services at the time when control of
those goods or services is transferred to customers. The primary impact of the application of the aforementioned accounting standard is thechanges in the methods of recognizing revenue at certain transactions from on a gross basis as principal transactions to on a net basis as
agent transactions.
In accordance with the transitional treatment as provided in the proviso of Paragragh 84 of Revenue Recognition Accounting Standard, thecumulative effect of the retrospective application of the new accounting policies prior to the beginning of fiscal 2022 was added to or
deducted from the beginning balance of retained earnings in fiscal 2022, and the balance was adjusted to apply the new policies from the
beginning of fiscal 2022.
As a result, operating revenues for fiscal 2022 decreased by 98,840 million yen, and operating expenses decreased by 98,826 million yen.
However, there are immaterial effects on loss before income taxes of the consolidated financial statements and information per share. There arealso immaterial effects on the beginning balance of retained earnings in fiscal 2022 in the consolidated statement of changes in equity due tothe reflection of the cumulative effect on the beginning balance of equity in fiscal 2022.
Because of the application of the aforementioned accounting standard, "Notes and accounts receivable-trade" that was disclosed in Current
assets in the consolidated balance sheet in fiscal 2021 is included in "Notes, accounts receivable-trade, and contract assets" fromfiscal 2022. In accordance with the transitional treatment as provided in Paragragh 89-2 of Revenue Recognition Accounting Standard, figures
for fiscal 2021 are not reclassified by the new methods of presentation.
Application of Accounting Standard for Fair Value Measurement
The Company has applied ASBJ Statement No. 30, July 4, 2019, "Accounting Standard for Fair Value Measurement" ; hereinafter, "Fair
Value Accounting Standard" from the beginning of fiscal 2022. In accordance with the transitional treatment as provided in the Paragragh
19 of Fair Value Accounting Standard and the Paragragh 44-2 of ASBJ Statement No. 10, July 4, 2019, "Accounting Standard for Financial
Instruments", the Company has applied the new accounting policies prospectively as provided in Fair Value Accounting Standard. There areno effects on the consolidated financial statements due to the application of the aforementioned accounting standard.
(6) Additional information
Effects of the COVID-19 pandemic
The use of trains and other services is declining as an effect of people refraining from going outside and moving in response to the COVID-19
pandemic. While it is difficult to predict the various outcomes of the pandemic, the accounting estimate for fiscal 2023 is made based on theassumption that transportation revenues will recover to an average of 80% in the 3rd Quarter relative to fiscal 2019 level, considering therevitalization of socio-economic activity that would occur as responses to the pandemic progress.

(Reference) Summary of Nonconsolidated Financial Report
1. Results for Fiscal 2022 (Year ended March 31, 2022)(1) Nonconsolidated financial results
Operating revenues

Fiscal 2022

Operating income

Millions of yen%

Millions of yen

726,074

34.0(1,261)

Ordinary income%

Net income

Millions of yen―%

Millions of yen―(74,048)%―(68,176)

Fiscal 2021
541,798(62.3)(175,904)―(256,691)―(202,313)―
Note 1. Percentages for operating revenues, operating income, ordinary income, and net income represent the changes from the previous year.

Net income per share - basic

Net income per share - diluted

Yen

Yen

Fiscal 2022

(346.08)―

Fiscal 2021

(1,028.26)―(2) Nonconsolidated financial position
Total assets

Fiscal 2022
Fiscal 2021
Note
Net worth :EquityNet worth ratio

Equity per share

Millions of yen

Millions of yen%

Yen

9,246,656

3,369,875

36.4

17,105.90

36.8

17,571.62

Net income

Net income per share basic

9,406,227
Fiscal 2022 3,369,875 million yen.

3,461,234
Fiscal 2021 3,461,234 million yen.

2. Nonconsolidated forecast for Fiscal 2023 (Year ending March 31, 2023)
Operating revenues
Millions of yen

Operating income%

Millions of yen

Ordinary income%

Millions of yen%

Millions of yen%

Yen

Fiscal 2023
1,084,000 49.3
277,000―
204,000―
139,000―
705.58Note
Percentages for operating revenues, operating income, ordinary income, and net income represent the changes from the previous year.

Note
Note
Note

1. Financial information is not subject to audit procedures.
2. The forward-looking statements in this report are based on estimates and assumptions that reflect information available as of the day of release ofthis report. The accuracy of forecasts above, therefore, is inherently uncertain because it is affected by future economic trends and environment.
3. English supplementary information will be announced on our website later.

CONSOLIDATED BALANCE SHEET (Unaudited)
Millions of yen

ASSETS
Current assets:
Cash and deposits
Money held in trust for the Chuo Shinkansen construction
Notes and accounts receivable-trade
Notes, accounts receivable-trade, and contract assets
Railway fares receivables
Marketable securities
Inventories
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets:
Property, plant and equipment
Buildings and structures, net
Machinery, rolling stock and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Asset for retirement benefits
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

Fiscal 2021

Fiscal 2022

(As of March 31, 2021)(As of March 31, 2022)

340,5092,076,158
54,157－48,005
389,600
41,93873,480(16)
3,023,832

331,651
1,813,068－
54,56944,193
328,500
34,36976,518(106)2,682,764

1,391,371
240,140
2,356,270
1,143,306
45,6695,176,757
110,456

1,354,261
272,900
2,356,728
1,382,891
40,8795,407,662
142,072

867,567
4,977
238,939
179,419(1,579)1,289,324
6,576,538
9,600,370

772,089
5,257
260,389
180,830(545)
1,218,020
6,767,755
9,450,519

CONSOLIDATED BALANCE SHEET (Unaudited)
Millions of yen

LIABILITIESCurrent liabilities:
Notes and accounts payable-trade
Short-term loans payable
Current portion of bonds payable
Current portion of long-term loans payable
Current portion of long-term debt of the employee stock ownership plan trust
Current portion of long-term accounts payable-railway facilities
Accounts payable-other
Income taxes payable
Advances received
Deposits received
Provision for bonuses
Other
Total current liabilities
Noncurrent liabilities:
Bonds payable
Long-term loans payable
Long-term debt for the Chuo Shinkansen construction
Long-term accounts payable-railway facilities
Provision for large-scale renovation of the Shinkansen infrastructure
Liability for retirement benefits
Other
Total noncurrent liabilities
Total liabilities
EQUITY
Shareholders' equity:
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income:Unrealized gain on available-for-sale securities
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Noncontrolling interests
Total equity
Total liabilities and equity

Fiscal 2021

Fiscal 2022

(As of March 31, 2021)(As of March 31, 2022)

70,08429,993
68,14862,1994,300
6,145
188,01383,73340,986
18,51522,871
229,098
824,087

75,97030,738－87,777－
6,529
210,644
6,409
40,36831,82922,493
224,552
737,314850,703418,920
3,000,000
526,51870,000178,925
44,604
5,089,672
5,913,760

890,754436,6423,000,000
519,988
35,000180,830
40,736
5,103,953
5,841,267

112,000
53,475
3,526,766(103,578)
3,588,662

112,000
53,474
3,449,334(103,159)
3,511,649

46,157
7,695
53,85344,094
3,686,609
9,600,370

46,912
5,516
52,42845,1733,609,252
9,450,519

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
Millions of yen

Operating revenues
Operating expenses:
Transportation, other services and cost of sales
Selling, general and administrative expenses
Total operating expenses
Operating income (loss)
Non-operating income:Interest income
Dividend income
Equity in earnings of affiliates
Insurance income
Subsidies for employment adjustment
Other
Total non-operating income
Non-operating expenses:
Interest expense
Interest on long-term accounts payable-railway facilities
Other
Total non-operating expenses
Ordinary loss
Extraordinary gain:Contribution for construction
Gain on sales of noncurrent assets
Other
Total extraordinary gain
Extraordinary loss:
Loss on reduction of noncurrent assets
Loss on retirement of noncurrent assets
Loss on sales of noncurrent assets
Impairment loss
Other
Total extraordinary loss
Loss before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Net loss
Net income attributable to noncontrolling interests
Net loss attributable to owners of the parent

Fiscal 2021

Fiscal 2022

(For the year ended
March 31, 2021)(For the year ended
March 31, 2022)

823,517935,139

843,758
164,511
1,008,269(184,751)

773,583
159,847
933,431
1,708

2,482
3,163
386
2,022
2,152
4,548
14,755

2,421
3,807
182
2,976
2,861
4,950
17,19944,34834,877
12,842
92,068(262,064)

44,50734,516
7,183
86,207(67,299)

4,944
857
740
6,541

4,730
2,464
787
7,982

5,501
1,500
1,109
4,930
11
13,053(268,576)
4,892(74,355)(69,463)(199,113)
2,441(201,554)

4,679
1,340
94
1,312
1
7,429
(66,745)
4,980(22,098)(17,117)(49,627)2,300(51,928)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
Millions of yen

Net loss

Fiscal 2021

Fiscal 2022

(For the year ended
March 31, 2021)(For the year ended
March 31, 2022)(199,113)(49,627)

Unrealized (loss) gain on available-for-sale securities

26,305(328)

Remeasurements of defined benefit plans

6,901(2,168)4(19)

33,212(2,517)(165,901)(52,144)

Owners of the parent(169,762)(53,352)

Noncontrolling interests

3,861

1,207

Other comprehensive (loss) income:

Share of other comprehensive (loss) income inaffiliates
Total other comprehensive (loss) income
Comprehensive loss
(breakdown)
Total comprehensive loss attributable toCONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited)
Fiscal 2021 (For the year ended March 31, 2021)(Millions of yen）

Shareholders' equity

Common stock

Balance at the beginning of the fiscal year

Capital surplus

Retained earnings

Treasury stock

Total shareholders' equity

112,000

53,486

3,755,901(111,615)

3,809,772

112,000

53,486

3,755,901(111,615)

3,809,772

Cumulative effects of changes inaccounting policies
Restated balance
Changes of items during the fiscal year
Dividends from surplus(27,580)(27,580)

Net loss attributable to ownersof the parent(201,554)(201,554)

Purchases of treasury stock
8,036

Disposal of treasury stock
Changes in the ownership interest bypurchases of shares of consolidated
subsidiaries

8,036

(10)

(10)

Net changes of items otherthan shareholders' equity
Total changes of items during the fiscal
year
Balance at the end of the fiscal year

－

(10)

(229,135)

8,036(221,109)

112,000

53,475

3,526,766(103,578)

3,588,662

Accumulated other comprehensive income

Balance at the beginning of the fiscal year

Noncontrollinginterests

Total equity

Unrealized gain on
available-for-salesecurities

Remeasurementsof defined benefit
plans

Total accumulated
other comprehensive
income20,7291,331

22,061

40,2693,872,103

20,7291,331

22,061

40,2693,872,103

Cumulative effects of changes inaccounting policies
Restated balance
Changes of items during the fiscal year
Dividends from surplus(27,580)

Net loss attributable to ownersof the parent(201,554)

Purchases of treasury stock
8,036

Disposal of treasury stock
Changes in the ownership interest bypurchases of shares of consolidated
subsidiaries
Net changes of items otherthan shareholders' equity(10)

25,4286,363

31,791

3,824

35,616

Total changes of items during the fiscal
year

25,4286,363

31,791

3,824(185,493)

Balance at the end of the fiscal year

46,157

7,695

53,85344,094

3,686,609

Fiscal 2022 (For the year ended March 31, 2022)(Millions of yen）

Shareholders' equity

Common stock

Balance at the beginning of the fiscal year

Capital surplus

112,000

Retained earnings

53,475

3,526,766

Cumulative effects of changes inaccounting policies
Restated balance

Treasury stock

Total shareholders' equity(103,578)

3,588,662

106
112,000

53,475

3,526,873

106(103,578)

3,588,769

Changes of items during the fiscal year
Dividends from surplus(25,610)(25,610)

Net loss attributable to ownersof the parent(51,928)(51,928)

Purchases of treasury stock
Disposal of treasury stock0

Changes in the ownership interest bypurchases of shares of consolidated
subsidiaries

(0)

(0)

(0)

419

419

(0)

Net changes of items otherthan shareholders' equity
Total changes of items during the fiscal
year
Balance at the end of the fiscal year－

(0)(77,538)

419(77,119)

112,000

53,474

3,449,334(103,159)

3,511,649

Accumulated other comprehensive income

Balance at the beginning of the fiscal year

Unrealized gain on
available-for-salesecurities

Remeasurementsof defined benefit
plans

Total accumulated
other comprehensive
income46,157

7,695

53,853Cumulative effects of changes inaccounting policies
Restated balance

46,157

7,695

53,853

Noncontrollinginterests

Total equity

44,094

3,686,609

14

121

44,1083,686,731

Changes of items during the fiscal year
Dividends from surplus(25,610)

Net loss attributable to ownersof the parent(51,928)

Purchases of treasury stock(0)

Disposal of treasury stock

419

Changes in the ownership interest bypurchases of shares of consolidated
subsidiaries
Net changes of items otherthan shareholders' equity
Total changes of items during the fiscal
year
Balance at the end of the fiscal year

(0)

754

(2,179)(1,424)

1,064

(359)

754

(2,179)(1,424)

1,064(77,479)

46,912

5,516

52,42845,1733,609,252

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
Millions of yen

Operating activities:
Loss before income taxes
Depreciation and amortization
Decrease in provision for large-scale renovation of the
Shinkansen infrastructure
Decrease in liability for retirement benefits
Interest and dividend income
Interest expense
Equity in earnings of affiliates
Proceeds from contribution for construction
Loss on reduction of noncurrent assets
Loss on retirement of noncurrent assets(Gain) loss on sales of noncurrent assets
Decrease (increase) in trade receivables
Decrease in inventories
Increase (decrease) in trade payables
Increase in accounts payable-other
Increase in advances received
Other
SubtotalInterest and dividend income received
Interest expense paid
Income taxes paid
Net cash provided by (used in) operating activities

Fiscal 2021

Fiscal 2022

(For the year ended
March 31, 2021)(For the year ended
March 31, 2022)(268,576)
199,362(66,745)
207,039(35,000)(35,000)(3,409)(5,645)79,225(386)(4,944)
5,501
6,684
252
(14,229)
2,982(8,740)10,712384(54,564)(90,391)
5,377(78,793)(5,547)(169,354)(1,240)(6,229)79,023(182)(4,730)4,679
5,578(2,370)11,123
8,090
5,885
5,697
3,618
9,330
223,570
6,052(78,816)(79,060)
71,746(15,000)
15,000(31,000)
31,000Investing activities:
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from cancellation of money held in trust
for the Chuo Shinkansen construction
Purchases of marketable securities
Proceeds from redemption of marketable securities
Purchases of property, plant and equipment
Proceeds from contribution received for construction
Purchases of intangible assets
Purchases of investment securities
Proceeds from sales and redemption of investment securities
Other
Net cash used in investing activities
投資活動によるキャッシュ・フロー

358,857

263,090(31,500)
31,500(470,185)
3,693(30,537)(4,954)981
7,426(134,718)(71,100)
71,100(450,554)
2,864(34,079)(2)
62,164
3,467(153,049)

Financing activities:
Net increase in short-term loans payable
Proceeds from issuance of short-term bonds
Redemption of short-term bonds
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Payments for long-term accounts payable-railway facilities
Purchases of treasury stock
Proceeds from sales of treasury stock
Cash dividends paid
Cash dividends paid to noncontrolling interests
Other
Net cash (used in) provided by financing activities
財務活動によるキャッシュ・フロー
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of the fiscal year
Cash and cash equivalents, end of the fiscal year495
300,000(100,000)
77,300(54,969)
100,002(30,000)(5,785)－
6,542(27,580)－(3,367)
262,638(41,434)
761,376
719,941745
200,000(200,000)
105,500(62,199)
40,000(68,160)(6,146)(0)336(25,610)(141)(3,502)(19,178)(100,481)
719,941
619,460※

SEGMENT INFORMATION (Unaudited)
1. Description of reportable segments
The reportable segment of the JR Central Group is comprised of units in which separate financial information is obtainable and is reported regularly
to the JR Central’s board of directors to determine the allocation of management resources and to evaluate business performance.
The Group is composed of five reportable segments by nature of products and services: Transportation, Merchandise and Other, Real Estate, Hotel and Services, and Rolling Stock Production.
The Transportation segment includes railway operations of the Tokaido Shinkansen and the conventional railway in the Tokai area, and bus operations.
The Merchandise and Other segment includes department store operations at the JR Central Towers, and retail sales on trains and at stations.
The Real Estate segment includes real estate leasing business such as station building leasing, and real estate sales.
The Hotel and Services segment includes hotel operations at the Company's main stations, travel operations, and advertising operations.
The Rolling Stock Production segment includes rolling stock production operations.
From fiscal 2022, business of "Hotel and Services" and "Rolling Stock Production," which were previously included in "Other," are reclassified as reportable segments after fulfilling thequantitative criteria.
Segment information for fiscal 2021 is disclosed on the basis of reportable segment classifications for fiscal 2022.
2. Methods of measurement for the amounts of Operating Revenues, Profit (Loss), Assets, Liabilities and Other items for each reportable segment
Reportable segment profit represents operating income. Intersegment transactions or transfers prices are based upon the arm's length transactions.
Application of Accounting Standard for Revenue Recognition
As described above in (5) Changes in accounting policies, the Company has applied Revenue Recognition Accounting Standard from the beginning of fiscal 2022.
Due to the changes in the methods of accounting treatment for revenue recognition, similar changes have been made to the methods of measuring profit and loss
in each reportable segment.
There are immaterial effects on profit in each reportable segment due to these changes. The primary impact of the application of the aforementioned accounting standard
is the changes in the methods of recognizing revenue at certain transactions from on a gross basis as principal transactions to on a net basis as agent transactions.
As a result, mainly in business of "Merchandise and Other," operating revenues of this reportable segment in fiscal 2022 decreased by 103,381 million yen comparedwith the amount when they were recognized by the previous methods.

3. Information about Operating Revenues, Profit (Loss), Assets, Liabilities and Other items is as follows.
Fiscal 2021 (For the year ended March 31, 2021)(Millions of yen)Transportation

Merchandise
and Other

Real Estate

Hoteland Services

Rolling Stock
Production

Other（Note 1）

523,346

161,692

38,86522,33065,66911,613

9,659

13,03530,2908,733

32,264112,492

533,006

174,727

69,156

31,06397,934

124,105

Reconciliations（Note 2）

Consolidated（Note 3）

823,517－823,517

206,475(206,475)－

1,029,993(206,475)

823,517

Total

Operating revenues:
External customers
Intersegment transactions or transfers
Total
Segment profit (loss)(183,328)(12,221)

13,031(12,046)

8,722

4,612

(181,229)(3,522)(184,751)

Segment assets

8,777,514

116,233

351,860

33,342

129,516

260,800

9,669,267(68,897)9,600,370

Depreciation and amortization

173,546

3,965

16,892

1,740

2,283

933

199,362－

199,362

Amounts of investments in equity in affiliates

10,589

－

－

－

－

－

10,589－10,589

Increase in property, plant and equipment
and intangible assets

481,028

4,047

7,388

1,080

2,802

1,098

497,446－

497,446

Reconciliations（Note 2）

Consolidated（Note 3）935,139

Other

Note

1. "Other" includes business of construction, etc., which are not included in any reportable segment.

Note

2. Reconciliations are as follows：(1) The reconciliations amount of (3,522) million yen for segment profit (loss) is the elimination of intersegment transactions.
(2) The reconciliations amount of (68,897) million yen for segment assets includes corporate assets of 539,091 million yen and elimination ofintersegment balances of (607,989) million yen. Corporate assets, which are not allocated to reportable segments, principally consist ofinvestment securities and marketable securities. The elimination of intersegment transactions is related to intersegment receivables.
3. Segment profit (loss) is reconciled to operating loss in the consolidated statement of operations.

Fiscal 2022 (For the year ended March 31, 2022)(Millions of yen)Transportation

Merchandise
and Other

Real Estate

Hoteland Services

Rolling Stock
Production

Other（Note 1）

708,083

94,78240,992

27,53149,866

13,884935,139

－

9,534

7,947

31,231

6,278

42,437

95,911

193,341(193,341)－

717,618

102,729

72,22333,80992,303

109,796

1,128,481(193,341)

935,139

Total

Operating revenues:
External customers
Intersegment transactions or transfers
Total
Segment profit (loss)(8,327)(3,790)14,925(7,583)

5,890

2,821

3,936

(2,228)1,708

8,713,798

117,679

351,348

29,040125,451

272,465

9,609,784(159,264)

9,450,519

Depreciation and amortization

182,415

3,951

16,317

1,004

2,333

1,017

207,039－

207,039

Amounts of investments in equity in affiliates

10,752

－

－

－

－

－

10,752－

10,752

Increase in property, plant and equipment
and intangible assets

485,006

4,701

6,183

1,165

2,418

1,441

500,917－500,917

Segment assets
Other:

Note
Note

ote

1. "Other" includes business of construction, etc., which are not included in any reportable segment.
2. Reconciliations are as follows：(1) The reconciliations amount of (2,228) million yen for segment profit (loss) is the elimination of intersegment transactions.
(2) The reconciliations amount of (159,264) million yen for segment assets includes corporate assets of 448,551 million yen and elimination ofintersegment balances of (607,816) million yen. Corporate assets, which are not allocated to reportable segments,principally consist of
2. (2) investment securities and marketable securities. The elimination of intersegment transactions is related to intersegment receivables.
3. Segment profit (loss) is reconciled to operating income in the consolidated statement of operations.

Information about impairment loss on noncurrent assets by reportable segments (Unaudited)
Fiscal 2021 (For the year ended March 31, 2021)(Millions of yen)

Impairment loss

Transportation

Merchandise
and Other

Real Estate

Hoteland Services

Rolling Stock
Production

377

153

－

4,370

29

Fiscal 2022 (For the year ended March 31, 2022)
Information about impairment loss on noncurrent assets by reportable segments is omitted because the amount is not material.

Other

Reconciliations－－

Consolidated
4,930

NONCONSOLIDATED BALANCE SHEET (Unaudited)
Millions of yen

ASSETS
Current assets:
Cash and deposits
Money held in trust for the Chuo Shinkansen construction
Railway fares receivables
Trade receivables
Short-term loans receivable
Marketable securities
Supplies
Prepaid expenses
Other
Total current assets
Noncurrent assets:
Noncurrent assets - railway
Property, plant and equipment
Accumulated depreciation
Property, plant and equipment, net
Intangible assets
Total noncurrent assets - railway
Noncurrent assets - related businesses
Property, plant and equipment
Accumulated depreciation
Property, plant and equipment, net
Intangible assets
Total noncurrent assets - related businesses
Noncurrent assets - shared
Property, plant and equipment
Accumulated depreciation
Property, plant and equipment, net
Intangible assets
Total noncurrent assets - shared
Construction in progress
Construction in progress - railway
Construction in progress - related businesses
Other
Total construction in progress
Investments and other assets
Investment securities
Stock of subsidiaries and affiliates
Long-term loans receivable from subsidiaries and affiliates
Long-term prepaid expenses
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

Fiscal 2021

Fiscal 2022

(As of March 31, 2021)(As of March 31, 2022)

330,685
2,076,158
48,806
12,912
8,660
389,600
15,646
1,192
53,0792,936,741

324,933
1,813,068
45,30912,903
8,870
328,500
16,4201,750
53,261
2,605,018

8,234,582(4,565,931)
3,668,651
28,723
3,697,374

8,315,734(4,643,333)
3,672,401
22,2683,694,669

131,501(35,434)
96,067
21
96,089133,118(38,646)
94,472
66
94,53991,965(63,455)
28,510469
28,98093,971(64,768)
29,202310
29,513

1,202,453
746
2,483
1,205,683

1,471,195
37
672
1,471,905

834,456
136,519
70,64518,508230,047
153,980(2,800)1,441,358
6,469,485
9,406,227

742,256
121,004
65,362
24,401
250,729
152,456(5,200)1,351,010
6,641,638
9,246,656

NONCONSOLIDATED BALANCE SHEET (Unaudited)
Millions of yen

LIABILITIESCurrent liabilities:
Short-term loans payable
Current portion of bonds payable
Current portion of long-term loans payable
Current portion of long-term debt of the employee stock ownership plan trust
Current portion of long-term accounts payable-railway facilities
Trade payables
Accrued expenses
Income taxes payable
Inter-line fares received
Deposits received
Prepaid fares received
Deferred contribution for construction
Provision for bonuses
Other
Total current liabilities
Noncurrent liabilities:
Bonds payable
Long-term loans payable
Long-term debt for the Chuo Shinkansen construction
Long-term accounts payable-railway facilities
Provision for large-scale renovation of the Shinkansen infrastructure
Provision for retirement benefits
Other
Total noncurrent liabilities
Total liabilities
EQUITY
Shareholders' equity:
Common stock
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
Reserve for tax purpose reduction entry
General reserve
Retained earnings brought forward
Total retained earnings
Treasury stock
Total shareholders' equity
Valuation and translation adjustments
Unrealized gain on available-for-sale securities
Total valuation and translation adjustments
Total equity
Total liabilities and equity

Fiscal 2021

Fiscal 2022

(As of March 31, 2021)(As of March 31, 2022)

164,426
68,14862,1994,300
6,145
224,524
9,796
79,785135
6,421
13,80223,016
15,702
209,880
888,282

182,561－
87,777－
6,529
240,9219,814
2,594
13,843
7,184
20,06815,147
15,532
206,516
808,492

850,703418,920
3,000,000
526,51870,000170,136
20,431
5,056,710
5,944,992

890,754436,6423,000,000
519,988
35,000168,404
17,4995,068,289
5,876,781

112,000

112,000

53,500053,50053,500053,50012,504

12,5049,475
3,081,000
252,785
3,355,765(102,624)
3,418,641

9,475
3,081,000
158,999
3,261,978(102,205)
3,325,273

42,59342,593
3,461,234
9,406,227

44,60144,601
3,369,875
9,246,656

NONCONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
Millions of yen

Operating revenues - railway
Operating revenues:
Passenger transportation
Trackage revenue
Miscellaneous income of transportation
Total operating revenues
Operating expenses:
Transportation expenses
General and administrative expenses
Taxes
Depreciation and amortization
Total operating expenses
Operating loss - railway
Operating revenues - related businesses
Operating revenues:
Real estate lease revenue
Other
Total operating revenues
Operating expenses:
Cost of real estate lease revenue
Selling, general and administrative expenses
Taxes
Depreciation and amortization
Total operating expenses
Operating income - related businesses
Total Operating loss
Non-operating income:Interest income
Interest on securities
Dividend income
Insurance income
Other
Total non-operating income
Non-operating expenses:
Interest expense
Interest on bonds
Interest on long-term accounts payable-railway facilities
Other
Total non-operating expenses
Ordinary loss
Extraordinary gain:Contribution for construction
Gain on sales of noncurrent assets
Reversal of provision for loss on guarantees for subsidiaries
and affiliates
Other
Total extraordinary gain
Extraordinary loss:
Loss on reduction of noncurrent assets
Loss on sales of noncurrent assets
Loss on valuation of stocks of subsidiaries and affiliates
Provision of allowance for doubtful accounts for subsidiaries
and affiliates
Provision for loss on guarantees for subsidiaries and affiliates
Other
Total extraordinary loss
Loss before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Net loss

Fiscal 2021

Fiscal 2022

(For the year ended
March 31, 2021)(For the year ended
March 31, 2022)

476,191
4,348
46,906
527,447

657,2443,564
50,587
711,396

426,418
74,41430,739177,871
709,444(181,996)

431,174
67,38833,149187,359
719,071(7,675)

13,789560
14,35014,122555
14,678

2,238
446
2,112
3,460
8,258
6,092
(175,904)

2,381
416
2,119
3,346
8,264
6,413
(1,261)

474
2,449
2,891
1,815
3,909
11,539

452
2,410
3,657
2,889
4,399
13,80931,36913,56934,877
12,51092,326(256,691)

31,571
13,62034,516
6,889
86,597(74,048)

4,835
867

4,658
1,809

－

1,013

－
5,702

2
7,483

5,446
1,107
13,2194,679
76
15,774

2,800

2,400

4,322
0
26,895(277,884)
195(75,766)(75,571)(202,313)－
1
22,932(89,497)
166(21,487)(21,321)(68,176)

NONCONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited)
Fiscal 2021 (For the year ended March 31, 2021)(Millions of yen）

Shareholders' equity

Capital surplus

Retained earnings

Commonstock

Other retained earnings
Legal capitalsurplus

Balance at the beginning of the fiscal year

112,000

53,500

Other capitalsurplus0

Total capital Legal retained
surplusearnings

53,500Reserve fortax purpose
reduction
entry

12,5049,475

Retainedearnings
brought
forwardGeneralreserve
3,081,000

Total retained
earnings

482,679

3,585,658

Dividends from surplus(27,580)(27,580)

Net loss(202,313)(202,313)

Changes of items during the fiscal year

Purchases of treasury stock
Disposal of treasury stock
Net changes of items otherthan shareholders' equity
Total changes of items during the fiscal
year
Balance at the end of the fiscal year

－

－

－

－

－

－

－

(229,893)(229,893)

112,000

53,500053,50012,5049,475

3,081,000

252,785

3,355,765

Shareholders' equity

Treasurystock

Balance at the beginning of the fiscal year

(110,661)

Valuation and translation
adjustments

Unrealized
Total
Total
gain onvaluation andshareholders'available-fortranslation
equitysale securities adjustments

3,640,498

18,12918,129Total equity

3,658,628

Changes of items during the fiscal year
Dividends from surplus(27,580)(27,580)

Net loss(202,313)(202,313)

8,036

8,036

Purchases of treasury stock
Disposal of treasury stock

8,036

Net changes of items otherthan shareholders' equity
Total changes of items during the fiscal
year
Balance at the end of the fiscal year

24,46324,46324,4638,036(221,856)

24,46324,463(197,393)(102,624)

3,418,641

42,59342,593

3,461,234

Fiscal 2022 (For the year ended March 31, 2022)(Millions of yen）

Shareholders' equity

Capital surplus

Retained earnings

Commonstock

Other retained earnings
Legal capitalsurplus

Balance at the beginning of the fiscal year

112,000

53,500

Other capitalsurplus0

Total capital Legal retained
surplusearnings

53,500Reserve fortax purpose
reduction
entry

12,5049,475

Retainedearnings
brought
forwardGeneralreserve
3,081,000

Total retained
earnings

252,785

3,355,765

Dividends from surplus(25,610)(25,610)

Net loss(68,176)(68,176)

Changes of items during the fiscal year

Purchases of treasury stock
Disposal of treasury stock00

Net changes of items otherthan shareholders' equity
Total changes of items during the fiscal
year
Balance at the end of the fiscal year

－

－

0

0

－

－

－

(93,786)(93,786)

112,000

53,500053,50012,5049,475

3,081,000

158,999

3,261,978

Valuation and translation
adjustments

Shareholders' equity

Treasurystock

Balance at the beginning of the fiscal year

(102,624)

Unrealized
Total
Total
gain onvaluation andshareholders'available-fortranslation
equitysale securities adjustments

3,418,641

42,59342,593

Total equity

3,461,234

Changes of items during the fiscal year
Dividends from surplus(25,610)(25,610)

Net loss(68,176)(68,176)

Purchases of treasury stock

(0)

(0)

(0)

Disposal of treasury stock

419

419

419

Net changes of items otherthan shareholders' equity
Total changes of items during the fiscal
year
Balance at the end of the fiscal year

2,007

2,007

2,007

419

(93,367)

2,007

2,007

(91,359)(102,205)

3,325,273

44,60144,601

3,369,875