Summary of Consolidated Financial Report for the Three Months Ended June 30, 2021〔under Japanese GAAP〕（Unaudited）
English translation from the original Japanese-language document
July 30, 2021
Company Name
Stock Exchange Listings
Code Number
URL
Representative
Contact Person

Central Japan Railway Company
Tokyo and Nagoya
9022
https://jr-central.co.jp

Expected Date of Presentation of Quarterly Securities Reports
Expected Date of Dividend Payment Commencement
Supplementary Information
Briefing of Financial Results of 1st Quarter

Shin Kaneko, President and Representative Director
Kentaro Takeda, Corporate Executive Officer, General Manager of the PublicRelations Department (Tel +81-52-564-2549)
August 5, 2021―
Attached
To be held (for institutional investors and analysts)(Figures less than one million yen, except for per share information, have been rounded down.)

1. Results for the three months ended June 30, 2021
(1) Consolidated financial results
Operating revenues

Fiscal 2022 1st Quarter

Operating income

Millions of yen%

Millions of yen

180,628

40.3(25,306)

Net income attributable toowners of the parent

Ordinary income%Millions of yen―%(40,188)

Millions of yen―%(28,442)―

128,734(101,459)―(72,651)―(72.7)(83,613)
Fiscal 2021 1st Quarter―
Note 1. Comprehensive income :Fiscal 2022 1st Quarter (33,185) million yen, ― %. Fiscal 2021 1st Quarter (68,892) 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 same period of the previous year.
Net income per share- basic

Net income per share- dilutedYenYen

Fiscal 2022 1st Quarter(144.53)―

Fiscal 2021 1st Quarter(369.96)―(2) Consolidated financial position
Total assets

Fiscal 2022 1st Quarter
Fiscal 2021
Note
Net worth :EquityEquity per share

Net worth ratio

Millions of yen

Millions of yen%

Yen

9,447,915

3,640,939

38.1

18,510.87

37.9

18,510.87

3,686,609
9,600,370
Fiscal 2022 1st Quarter 3,596,999 million yen. Fiscal 2021 3,642,515 million yen.

2. Cash dividends
Cash dividends per share
1st Quarter

2nd Quarter

3rd Quarter

Yen
Fiscal 2021

―Fiscal 2022―

Yen
65.00

65.00
Fiscal 2022 (Forecast)
NoteRevisions to the previous forecast of cash dividends for Fiscal 2022 :Year-endYen

Total
Yen

Yen

―

65.00

130.00―65.00

130.00Net income attributableto owners of the parent

Net income per share basicnone

3. Consolidated forecast for Fiscal 2022 (Year ending March 31, 2022)
Operating revenues
Fiscal 2022 2nd Quarter(six months)
Fiscal 2022
NoteNote

Ordinary income

Operating income

Millions of yen%

Millions of yen

413,000

22.2(30,000)―(66,000)―(49,000)―(248.99)

1,115,000

35.4

106,000―

33,000―15,000―76.22%

Millions of yen%

Millions of yen%Yen

1. Percentages for operating revenues, operating income, ordinary income and net income attributable to owners of the parent represent the changes
from the same period of the previous year.
2. Revisions to the previous consolidated forecast for Fiscal 2022 : revised

Notes to Consolidated Financial Information(1) Changes in scope of significant consolidated subsidiaries ：none(2) Adoption of simplified accounting methods or accounting methods used specifically for quarterly consolidated financial statements :adopted(3) Changes in accounting policies, changes in accounting estimates and error corrections① Changes in accounting policies due to revision of accounting standard :② Other changes in accounting policies : none
③ Changes in accounting estimates : none
④ Error corrections : nonechanged(4) Number of common shares issued and outstanding at the end of each period① Number of shares outstanding at the end of the period(Including treasury stocks)

Fiscal 2022 1st Quarter

206,000,000 Fiscal 2021

② Number of treasury stocks at the end of the period

Fiscal 2022 1st Quarter

9,200,819 Fiscal 2021

③ Average number of shares outstanding for the period

Fiscal 2022 1st Quarter

sharesshares206,000,000

sharesshares9,222,869
sharessharesNote

196,792,880 Fiscal 2021 1st Quarter

196,376,285

The number of treasury stocks at the end of the period and treasury stocks that are deducted from calculation of the average number ofshares outstanding for the period 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 period : Fiscal 2022 1st Quarter ― shares. Fiscal 2021 22,000 shares.
Average number of shares outstanding for the period : Fiscal 2022 1st Quarter 6,286 shares. Fiscal 2021 1st Quarter 422,846 shares.

(5) Quarterly 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.
(6) Adoption of simplified accounting methods or accounting methods used specifically for quarterly consolidated financial statements
Computation of income taxes
The Company computes income taxes by multiplying quarterly income before income taxes by the effective tax rate that is reasonably estimatedby applying tax effect accounting to the projected annual income before income taxes of the fiscal year.
In case where the method of computation is remarkably unreasonable, the statutory effective tax rate is used.
(7) 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" from the beginning of thefiscal 2022 1st Quarter. 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 the changes in the methods of recognizing revenue atcertain 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 Accounting Standard for Revenue Recognition,
the cumulative effect was added to or deducted from the beginning balance of retained earnings in the fiscal 2022 1st Quarter, and the balance
was adjusted to apply the new policies from the beginning of the fiscal 2022 1st Quarter.
As a result, operating revenues for the fiscal 2022 1st Quarter decreased by 19,497 million yen, and operating expenses decreased by 19,539
million yen. However, there are immaterial effects on loss before income taxes of the quarterly consolidated financial statements.
Because of the application of the aforementioned accounting standard, "Notes and accounts receivable-trade" that was disclosed in Current
assets in the quarterly consolidated balance sheet in the fiscal 2021 is included in "Notes and accounts receivable-trade, and contract assets"from the fiscal 2022 1st Quarter. In accordance with the transitional treatment as provided in Paragragh 89-2 of Accounting Standard for
Revenue Recognition, figures for the 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" from the beginning of
the fiscal 2022 1st Quarter. In accordance with the transitional treatment as provided in the Paragragh 19 of Accounting Standard for Fair
Value Measurement and the Paragragh 44-2 of "Accounting Standard for Financial Instruments" (ASBJ Statement No. 10, July 4, 2019),
the Company has applied the new accounting policies as provided in the aforementioned accounting standards in the future. There are no effects
on the quarterly consolidated financial statements due to the application of these accounting standards.
(8) 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 related to the pandemic such as the end of the spread, an accounting estimate
is made based on the assumption that the decrease in infection rate - due to the progress of vaccination - will result in the recovery ofpassenger volume to 80% compared to the fiscal 2019 towards the fiscal 2022 3rd Quarter.

(Reference) Nonconsolidated forecast for Fiscal 2022 (Year ending March 31, 2022)
Operating revenues
Fiscal 2022 2nd Quarter(six months)

Operating income

Millions of yen%

Millions of yen

316,000

42.5(20,000)

Ordinary income%―

Millions of yen(56,000)

Net income per share basic

Net income%―

Millions of yen(38,000)%―

Fiscal 2022
890,000 64.3
107,000―
34,000―12,000―Note 1. Percentages for operating revenues, operating income, ordinary income and net income represent the change from the same period of
the previous year.
Note 2. Revisions to the previous nonconsolidated forecast for Fiscal 2022 : revised
Note
Note
NoteYen(192.90)
60.91

1. Quarterly consolidated 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.

QUARTERLY 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 and 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
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

Fiscal 2021

Fiscal 2022 1st Quarter(As of March 31, 2021)(As of June 30, 2021)

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

263,493
1,982,216－
43,491
27,191
404,900
41,613
71,955(93)
2,834,768

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

1,373,362
249,2442,356,152
1,189,834
42,687
5,211,280
116,719

867,567
238,939
184,396(1,579)
1,289,324
6,576,538
9,600,370

853,257
251,269
182,190(1,570)1,285,146
6,613,146
9,447,915

QUARTERLY 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
Income taxes payable
Provision for bonuses
OtherTotal 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 1st Quarter(As of March 31, 2021)(As of June 30, 2021)

70,08429,993
68,14862,1994,300
6,145
83,73322,871
476,612824,087

58,03530,227
68,151
62,196
－
6,145
2,227
16,521
484,241
727,747

850,703418,920
3,000,000
526,51870,000178,925
44,604
5,089,672
5,913,760

850,716
418,920
3,000,000
526,518
61,250178,960
42,863
5,079,229
5,806,976

112,000
53,4753,526,766(103,578)
3,588,662

112,000
53,475
3,485,481(103,159)
3,547,798

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

41,978
7,222
49,201
43,9393,640,939
9,447,915

QUARTERLY 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 loss
Non-operating income:Interest income
Dividend income
Insurance income
OtherTotal 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:
Note Contribution for construction
Gain on sales of noncurrent assets
Reversal of provision for doubtful accounts of an
unconsolidated subsidiary
Other
Total extraordinary gain
Extraordinary loss:
Loss on reduction of noncurrent assets
Loss on retirement of noncurrent assets
Loss on sales of noncurrent assets
Other
Total extraordinary loss
Loss before income taxes
Income taxes
Net loss
Net income (loss) attributable to noncontrolling interestsNet loss attributable to owners of the parent

Fiscal 2021 1st Quarter

Fiscal 2022 1st Quarter(For the three months ended
June 30, 2020)(For the three months ended
June 30, 2021)

128,734

180,628

170,841
41,506
212,348(83,613)

166,071
39,862205,934(25,306)

624
1,560
59
1,034
3,278

613
1,727
1,242
2,257
5,841

11,0598,742
1,322
21,124(101,459)

11,077
8,652
992
20,722(40,188)

54
3

20
2,396

662

－

3723

5
2,421

72
295
1,069
19
1,457
(102,192)(29,048)(73,144)(492)(72,651)

14142
46
1205
(37,972)(9,787)(28,184)257(28,442)QUARTERLY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
Millions of yen

Fiscal 2021 1st Quarter

Fiscal 2022 1st Quarter(For the three months ended
June 30, 2020)(For the three months ended
June 30, 2021)(73,144)(28,184)

4,252(4,516)

(10)

(476)

10(7)

4,252

(5,000)(68,892)(33,185)

Owners of the parent(68,655)(33,093)

Noncontrolling interests

(236)

(91)

Net loss
Other comprehensive (loss) income:Unrealized (loss) gain on available-for-salesecurities
Remeasurements of defined benefit plans
Share of other comprehensive (loss) income inaffiliates
Total other comprehensive (loss) income
Comprehensive loss(breakdown)
Total comprehensive loss attributable toSEGMENT INFORMATION (Unaudited)
Fiscal 2021 1st Quarter (For the three months ended June 30, 2020)
1. Information about operating revenues and profit (loss)(Millions of yen)Transportation

Merchandise
and Other

Real Estate

Hoteland Services

Other（Note 1）

Reconciliations（Note 2）

Consolidated（Note 3）External customers

77,62922,275

8,909

3,129

16,791

Intersegment transactions or transfers

2,238

3,013

6,606

1,523

25,121

128,734－

128,734

38,504(38,504)

79,86725,28915,516

4,653－

41,912

167,238(38,504)

128,734(75,772)(6,411)

2,721(4,583)

1,182(82,864)(749)(83,613)

Reconciliations（Note 2）

Consolidated（Note 3）

180,628

Total

Operating revenues:

Total
Segment profit (loss)
Note

1. "Other" includes business in rolling stock production, construction, etc., which are not included in any reportable segment.
2. "Reconciliations" amount of (749) million yen for segment profit (loss) is the elimination of intersegment transactions.
3. Segment profit (loss) is reconciled to operating loss in the quarterly consolidated statement of operations.

Fiscal 2022 1st Quarter (For the three months ended June 30, 2021)
1. Information about operating revenues and profit (loss)(Millions of yen)Transportation

Merchandise
and Other

Real Estate

Hoteland Services

133,447
2,278

Other（Note 1）

19,996

9,247

5,037

12,899180,628

－

2,024

7,493

959

24,86437,620(37,620)－

135,725

22,021

16,7405,99637,764

218,248(37,620)

180,628(23,877)(2,371)

4,153(3,089)195(24,990)(316)(25,306)

Total

Operating revenues:
External customers
Intersegment transactions or transfers
Total
Segment profit (loss)
Note

1. "Other" includes business in rolling stock production, construction, etc., which are not included in any reportable segment.
2. "Reconciliations" amount of (316) million yen for segment profit (loss) is the elimination of intersegment transactions.
3. Segment profit (loss) is reconciled to operating loss in the quarterly consolidated statement of operations.

2. Matters related to changes in reportable segments
Changes in reportable segment classifications
From the fiscal 2022 1st Quarter, business in "Hotel and Services," a business previously included in "Other," is reclassified as a reportable segment after fulfilling the quantitative criteria.
Business in “Rolling Stock Production,” a business which was reclassified as a reportable segment for the fiscal 2021 1st Quarter, is reclassified back to “Other” from the fiscal 2021 3rd Quarter.
This is due to business in “Rolling Stock Production” falling short of the quantitative criteria. Segment information for the fiscal 2021 1st Quarter is disclosed on the basis of reportable segmentclassifications for the fiscal 2022 1st Quarter.
Application of Accounting Standard for Revenue Recognition
As described above in (7) Changes in accounting policies, the Company has applied Accounting Standard for Revenue Recognition from the beginning of the fiscal 2022 1st Quarter.
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 themethods 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 in"Merchandise and Other," operating revenues of this reportable segment in the fiscal 2022 1st Quarter decrease by 22,103 million yen compared with the amount when they were recognizedby the previous methods.