Summary of Consolidated Financial Report for the Six Months Ended September 30, 2021〔under Japanese GAAP〕（Unaudited）
English translation from the original Japanese-language document
October 27, 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 2nd Quarter

Shin Kaneko, President and Representative Director
Kentaro Takeda, Corporate Executive Officer, General Manager of the Public
Relations Department (Tel +81-52-564-2549)
November 10, 2021
December 1, 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 six months ended September 30, 2021
(1) Consolidated financial results
Operating revenues

Fiscal 2022 2nd Quarter

Millions of yen%

Millions of yen

386,949

14.5(34,103)

Net income attributable toowners of the parent

Ordinary income

Operating income%

Millions of yen―%(67,090)

Millions of yen―%(44,455)―

337,888(150,706)―(113,566)――
Fiscal 2021 2nd Quarter(64.6)(113,573)
Note 1. Comprehensive income :Fiscal 2022 2nd Quarter (45,572) million yen, ― %. Fiscal 2021 2nd Quarter (109,981) 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- diluted
Yen

Yen

Fiscal 2022 2nd Quarter(225.89)―

Fiscal 2021 2nd Quarter(578.13)―(2) Consolidated financial position
EquityTotal assets

Fiscal 2022 2nd Quarter
Fiscal 2021
Note
Net worth :Equity per share

Net worth ratio

Millions of yen

Millions of yen%

Yen

9,528,889

3,628,731

37.6

18,510.87

37.9

18,510.87

3,686,609
9,600,370
Fiscal 2022 2nd Quarter 3,584,637 million yen. Fiscal 2021 3,642,515 million yen.

2. Cash dividends
Cash dividends per share
1st Quarter

2nd Quarter

3rd Quarter

Yen

Yen

Fiscal 2021

―

65.00

Fiscal 2022

―

65.00

Fiscal 2022 (Forecast)
Note
Revisions to the previous forecast of cash dividends for Fiscal 2022 :Year-end
Yen

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 income

Operating revenues
Millions of yen%

Millions of yen

Ordinary income%

Millions of yen%

Millions of yen%

Yen(33,000) ―(30,000) ―1,008,000 22.4
(152.44)
Fiscal 2022
37,000―Note 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 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(4) Number of common shares issued and outstanding at the end of each periodⅰ) Number of shares outstanding at the end of the period(Including treasury stocks)

Fiscal 2022 2nd Quarter

206,000,000 Fiscal 2021

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

Fiscal 2022 2nd Quarter

9,200,819 Fiscal 2021

ⅲ) Average number of shares outstanding for the period

Fiscal 2022 2nd Quarter

sharesshares206,000,000

sharesshares9,222,869
sharessharesNote

196,796,048 Fiscal 2021 2nd Quarter

196,439,844

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 2nd Quarter ― shares. Fiscal 2021 22,000 shares.
Average number of shares outstanding for the period : Fiscal 2022 2nd Quarter 3,126 shares. Fiscal 2021 2nd Quarter 359,287 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" ; hereinafter, "Revenue
Recognition Accounting Standard" from the beginning of the fiscal 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 whencontrol 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 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,
the cumulative effect of the retrospective application of the new accounting policies prior to the beginning of the fiscal 2022 1st Quarter wasadded 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 2nd Quarter decreased by 43,737 million yen, and operating expenses decreased by 43,830
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" ; hereinafter, "Fair
Value Accounting Standard" from the beginning of the fiscal 2022 1st Quarter. In accordance with the transitional treatment as provided
in the Paragragh 19 of Fair Value Accounting Standards and the Paragragh 44-2 of ASBJ Statement No. 10, July 4, 2019, "AccountingStandard for Financial Instruments", the Company has applied the new accounting policies prospectively as provided in Fair Value
Accounting Standard. There are no effects on the quarterly consolidated financial statements due to the application of the aforementioned
accounting standard.
(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 use of trains will recover from around November and it will result in the recovery of transportation
revenues to 80% compared to the fiscal 2019 towards the fiscal 2022 4th Quarter, considering the current status.

(Reference) Nonconsolidated forecast for Fiscal 2022 (Year ending March 31, 2022)
Operating revenues
Millions of yen

Operating income%

Millions of yen

Ordinary income%

Millions of yen

Net income per share basic

Net income%

Millions of yen%

795,000 46.7
38,000(35,000)(42,000)
Fiscal 2022―――
Note 1. Percentages for operating revenues, operating income, ordinary income and net income represent the changes from the same period of
the previous year.
Note 2. Revisions to the previous nonconsolidated forecast for Fiscal 2022 : revised
Note
Note
Note

Yen
(213.20)

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 2nd Quarter(As of March 31, 2021)(As of September 30, 2021)

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

679,688
1,948,113－
45,011
28,72967,80038,87860,285(96)
2,868,410

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

1,359,110
250,034
2,356,088
1,254,451
39,364
5,259,050
117,781867,567
238,939
184,396(1,579)1,289,324
6,576,538
9,600,370

840,160
262,691
182,371(1,576)
1,283,647
6,660,479
9,528,889

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
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 2nd Quarter(As of March 31, 2021)(As of September 30, 2021)

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

56,91530,161
68,15454,001
－
6,334
4,222
22,878592,569
835,238

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

870,729396,220
3,000,000
523,30252,500179,651
42,514
5,064,919
5,900,158

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

112,000
53,4753,469,649(103,159)
3,531,965

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

45,9186,754
52,67244,0933,628,731
9,528,889

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
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
Other
Total extraordinary loss
Loss before income taxes
Income taxes
Net loss
Net income (loss) attributable to noncontrolling interests
Net loss attributable to owners of the parent

Fiscal 2021 2nd Quarter

Fiscal 2022 2nd Quarter(For the six months ended
September 30, 2020)(For the six months ended
September 30, 2021)

337,888386,949

372,325
79,136451,461(113,573)

345,573
75,479421,053(34,103)

1,251
1,905
207
1,638
1,720
6,723

1,234
2,068
1,276
2,062
2,154
8,796

22,233
17,4824,140
43,856(150,706)

22,28817,304
2,190
41,783(67,090)

2,692
121
783
3,598

48
2,400
30
2,479

2,632
722
5,143
8,497
(155,606)(41,906)(113,700)(133)(113,566)

33
444
92
571
(65,182)(21,227)(43,955)499(44,455)

QUARTERLY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
Millions of yen

Net loss

Fiscal 2021 2nd Quarter

Fiscal 2022 2nd Quarter(For the six months ended
September 30, 2020)(For the six months ended
September 30, 2021)(113,700)(43,955)

Other comprehensive (loss) income:Unrealized (loss) gain on available-for-salesecurities
Deferred loss on hedges

3,759

(655)

(0)

－

Remeasurements of defined benefit plans

(17)

(948)

Share of other comprehensive loss in affiliates

(22)

(12)

3,718

(1,617)(109,981)(45,572)(109,866)(45,635)

(115)

62

Total other comprehensive (loss) income
Comprehensive loss
(breakdown)
Total comprehensive loss attributable to
Owners of the parent
Noncontrolling interests

QUARTERLY 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
Proceeds from contribution for construction
Loss on reduction of noncurrent assets
Loss on retirement of noncurrent assets
Decrease in trade receivables
Decrease (increase) in inventories
Decrease in trade payables
Other
SubtotalInterest and dividend income received
Interest expense paid
Income taxes paid
Net cash used in operating activities
Investing activities:
Placement of time deposits
Withdrawal of time deposits
Proceeds from cancellation of money held in trust
for the Chuo Shinkansen construction
Purchases of property, plant and equipment
Proceeds from contribution received for construction
Purchases of intangible assets
Purchases of investment securities
Other
Net cash used in investing activities
Financing activities:
Net increase in short-term loans payable
Proceeds from issuance 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
Proceeds from sales of treasury stock
Cash dividend paid
Cash dividend paid to noncontrolling interests
Other
Net cash provided by financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of period

Fiscal 2021 2nd Quarter

Fiscal 2022 2nd Quarter(For the six months ended
September 30, 2020)(For the six months ended
September 30, 2021)(155,606)
94,220(65,182)
99,304(17,500)(17,500)(983)(3,156)
39,716(2,692)
2,632
1,476
5,624
(3,906)(28,314)(74,983)(143,473)
2,992(39,482)(4,270)(184,235)(532)(3,303)39,593
(48)
33
1,503
35,4083,426(13,169)(50,579)
28,955
3,290(39,458)(77,475)(84,688)－－(15,000)
15,000180,769

128,045(253,188)
1,661(4,838)(4,952)
5,964(74,585)(227,699)
2,266(4,258)(1)
5,372(96,274)613
100,000
11,400(17,584)
100,002(10,000)(2,849)4,241(14,775)－
1,486
172,534(86,286)
761,376
675,089168
200,000
12,100(42,996)
20,000－(3,026)336(12,805)(70)(2,302)
171,403(9,559)719,941
710,381SEGMENT INFORMATION (Unaudited)
Fiscal 2021 2nd Quarter (For the six months ended September 30, 2020)
1. Information about operating revenues and profit (loss)(Millions of yen)

Merchandise
Transportation
and Other

Real Estate

Hoteland Services

Other（Note 1）

Total

Reconciliations（Note 2）

Consolidated（Note 3）337,888

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

212,575

64,391

18,876

8,021

34,023337,888

－

4,698

5,850

14,563

3,262

52,18180,557(80,557)－

217,274

70,24233,44011,28386,204418,445(80,557)

337,888(104,052)(9,730)6,727(8,353)

3,316(112,092)(1,480)(113,573)

Reconciliations（Note 2）

Consolidated（Note 3）386,949

1. "Other" includes business in rolling stock production, construction, etc., which are not included in any reportable segment.
2. "Reconciliations" amount of (1,480) 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. Information about impairment loss on noncurrent assets by reportable segments
Mainly, the book value of assets of business in "Hotel and Services" is reduced to its recoverable amount.
The recorded amount of the impairment loss is 3,197 million yen for the fiscal 2021 2nd Quarter.
Fiscal 2022 2nd Quarter (For the six months ended September 30, 2021)
1. Information about operating revenues and profit (loss)(Millions of yen)

Merchandise
Transportation
and Other

Real Estate

Hoteland Services

Other（Note 1）

Total

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

285,316

41,07520,328

10,81529,413386,949

－

4,720

3,917

15,272

2,062

52,38278,354(78,354)－

290,036

44,99235,60012,87881,796465,304(78,354)

386,949(32,555)(4,922)

8,356(5,960)1,776(33,305)(797)(34,103)

1. "Other" includes business in rolling stock production, construction, etc., which are not included in any reportable segment.
2. "Reconciliations" amount of (797) 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 thequantitative criteria.
Business in “Rolling Stock Production,” a business which was reclassified as a reportable segment for the fiscal 2021 2nd Quarter, is reclassified back to “Other” fromthe 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 2nd Quarter is disclosed on the basis of reportable segment classifications for the fiscal 2022 2nd 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 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 in "Merchandise and Other," operating revenues of this reportable segment in the fiscal 2022 2nd Quarter decreased by 46,197 million
yen compared with the amount when they were recognized by the previous methods.
3. Information about impairment loss on noncurrent assets by reportable segments
Information about impairment loss on noncurrent assets by reportable segments is omitted because the amount is not material.