Summary of Consolidated Financial Report for the Nine Months Ended December 31, 2021〔under Japanese GAAP〕（Unaudited）
English translation from the original Japanese-language document
January 31, 2022
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 3rd Quarter

Shin Kaneko, President and Representative Director
Kentaro Takeda, Corporate Executive Officer, General Manager of the Public
Relations Department (Tel +81-52-564-2549)
February 4, 2022―
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 nine months ended December 31, 2021
(1) Consolidated financial results
Operating revenues

Fiscal 2022 3rd Quarter

Operating income

Millions of yen%

Millions of yen

686,38913.8

37,173

Net income attributable toowners of the parent

Ordinary income%Millions of yen―%(14,710)

Millions of yen―%(12,326)―

Fiscal 2021 3rd Quarter
603,083(58.4)(93,592)―(147,761)―(111,492)―
Note 1. Comprehensive income :Fiscal 2022 3rd Quarter (20,794) million yen, ― %. Fiscal 2021 3rd Quarter (95,575) 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- dilutedYen

Yen

Fiscal 2022 3rd Quarter(62.63)―Fiscal 2021 3rd Quarter(567.42)―(2) Consolidated financial position
Total assets

Fiscal 2022 3rd Quarter
Fiscal 2021
NoteNet worth :Equity

Net worth ratio

Equity per share

Millions of yen

Millions of yen%Yen

9,386,467

3,640,596

38.3

18,510.87

37.9

18,510.87

9,600,370
3,686,609
Fiscal 2022 3rd Quarter 3,596,317 million yen. Fiscal 2021 3,642,515 million yen.

2. Cash dividends
Cash dividends per share
1st Quarter

2nd Quarter
Yen

3rd Quarter
Yen

Fiscal 2021

―

65.00

―

Fiscal 2022

―

65.00

―

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

TotalYen

Yen

65.00

130.0065.00

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
Millions of yen

Operating income%

Millions of yen

Ordinary income%Millions of yen%

Millions of yen%

Yen

1,008,000 22.4
37,000(33,000) ―(30,000) ―(152.44)
Fiscal 2022―
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 :none

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 3rd Quarter

shares206,000,000 Fiscal 2021
sharesⅱ) Number of treasury stocks at the end of the period

Fiscal 2022 3rd Quarterⅲ) Average number of shares outstanding for the period

Fiscal 2022 3rd Quarter

9,200,851 Fiscal 2021
sharesNote

196,797,093 Fiscal 2021 3rd Quarter

shares206,000,000
shares9,222,869
shares196,491,350

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 3rd Quarter ― shares. Fiscal 2021 22,000 shares.
Average number of shares outstanding for the period : Fiscal 2022 3rd Quarter 2,080 shares. Fiscal 2021 3rd Quarter 307,781 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 3rd Quarter decreased by 70,930 million yen, and operating expenses decreased by 70,603
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 Revenue Recognition
Accounting Standard, 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 Standard 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 transportation revenues will recover to 80% compared to the fiscal 2019 in the fiscal 2022 4th Quarter.

Note
Note
Note

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 assetsTotal noncurrent assets
Total assets

Fiscal 2021

Fiscal 2022 3rd Quarter(As of March 31, 2021)(As of December 31, 2021)

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

536,856
1,879,313－
54,45172,01976,10039,78868,498(76)
2,726,951

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

1,348,479
261,025
2,357,070
1,293,535
36,5755,296,686
121,676

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

813,537
246,611
181,564(561)
1,241,152
6,659,515
9,386,467

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 3rd Quarter(As of March 31, 2021)(As of December 31, 2021)

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

67,87130,184
68,15853,999
－
6,334
4,067
11,806427,686
670,109

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

870,741
416,220
3,000,000
523,30243,750180,348
41,396
5,075,761
5,745,870

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

112,000
53,4743,488,936(103,159)
3,551,251

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

38,766
6,299
45,06544,2783,640,596
9,386,467

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 income (loss)
Non-operating income:Interest income
Dividend income
Insurance income
Subsidies for employment adjustment
OtherTotal non-operating income
Non-operating expenses:
Interest expenseInterest 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
Other
Total extraordinary loss
Loss before income taxes
Income taxes
Net loss
Net income attributable to noncontrolling interests
Net loss attributable to owners of the parent

Fiscal 2021 3rd Quarter

Fiscal 2022 3rd Quarter(For the nine months ended
December 31, 2020)(For the nine months endedDecember 31, 2021)

603,083

686,389

577,825
118,850
696,676(93,592)

534,903
114,313649,216
37,173

1,873
2,903
243
1,970
3,810
10,802

1,851
3,516
1,332
2,435
3,603
12,73933,40826,1795,383
64,971(147,761)

33,51825,9105,194
64,623(14,710)

3,985
139
808
4,932

3,884
2,410
773
7,069

3,926
6,103
10,030(152,858)(41,651)(111,207)285(111,492)

3,848
872
4,720
(12,362)(1,487)(10,875)
1,450(12,326)

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

Fiscal 2021 3rd Quarter

Fiscal 2022 3rd Quarter(For the nine months ended
December 31, 2020)(For the nine months ended
December 31, 2021)(111,207)(10,875)

15,682(8,463)Remeasurements of defined benefit plans(26)(1,395)

Share of other comprehensive loss in affiliates

(24)

(60)

15,631(9,918)(95,575)(20,794)

Owners of the parent(96,650)(21,113)

Noncontrolling interests

1,074319

Net loss
Other comprehensive (loss) income:Unrealized (loss) gain on available-for-sale securities

Total other comprehensive (loss) income
Comprehensive loss
(breakdown)
Total comprehensive loss attributable toSEGMENT INFORMATION (Unaudited)
Fiscal 2021 3rd Quarter (For the nine months ended December 31, 2020)
1. Information about operating revenues and profit (loss)(Millions of yen)

Merchandise
Transportationand Other

Real Estate

Hoteland Services

Other（Note 1）

Total

Reconciliations（Note 2）

Consolidated（Note 3）603,083

Operating revenues:
External customers
Intersegment transactions or transfers
TotalSegment profit (loss)
Note394,483

111,768

29,372

16,63250,827603,083

－

7,254

9,345

22,3895,447

88,479132,916(132,916)－

401,737

121,11351,761

22,080139,306

736,000(132,916)

603,083(88,214)(10,325)

11,519(9,153)

4,856(91,317)(2,274)(93,592)

Reconciliations（Note 2）

Consolidated（Note 3）686,389

1. "Other" includes business in rolling stock production, construction, etc., which are not included in any reportable segment.
2. "Reconciliations" amount of (2,274) 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 3rd Quarter.

Fiscal 2022 3rd Quarter (For the nine months ended December 31, 2021)
1. Information about operating revenues and profit (loss)(Millions of yen)

Merchandise
Transportationand Other

Real Estate

Hoteland ServicesOther（Note 1）

Total

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

521,926

68,83631,032

19,922

44,671

686,389

－

7,116

5,986

23,0803,725

86,258126,167(126,167)－

529,043

74,822

54,112

23,648130,930

812,557(126,167)

686,389

32,273(3,907)

13,306(6,424)

3,478

38,727(1,553)37,173

1. "Other" includes business in rolling stock production, construction, etc., which are not included in any reportable segment.
2. "Reconciliations" amount of (1,553) million yen for segment profit (loss) is the elimination of intersegment transactions.
3. Segment profit (loss) is reconciled to operating income 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.
Segment information for the fiscal 2021 3rd Quarter is disclosed on the basis of reportable segment classifications for the fiscal 2022 3rd Quarter.
Application of Accounting Standard for Revenue Recognition
As described above in (7) Changes in accounting policies, the Company has applied Revenue Recognition Accounting Standard 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 3rd Quarter decreased by 72,086 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.