October 27, 2022

Consolidated Financial Results Bulletin for the 2nd Quarter Ended September 30, 2022 (J-GAAP)

Tokyo Gas Co., Ltd.

Securities code:

9531

Stock listings:

(URL https://www.tokyo-gas.co.jp/IR/english/index.html)

Tokyo Stock Exchange, Nagoya Stock Exchange

Representative:

Mr. UCHIDA Takashi, Representative Corporate

Executive Officer, President and CEO

Contact:

Mr. KOMORI Rikiya, Chief Manager,

Location of head office: Tokyo

Consolidated Settlements Sect.

Scheduled date of the filing of quarterly report:

November 14, 2022

Scheduled date of the start of dividend payments:

November 29, 2022

Preparation of 2Q earnings presentation material (yes/no): Yes

Holding of 2Q earnings announcement (yes/no):

Yes (for institutional investors)

(Amounts are rounded down to the nearest million yen)

1. Consolidated Performance for 2nd Quarter (from April 1, 2022 to September 30, 2022)

(Unit: million yen)

(1) Consolidated Business Performance

(% of change from the corresponding period of previous year)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Six months ended

1,361,277

57.1%

90,498

129.0%

108,652

168.2%

71,640

161.6%

Sep. 30, 2022

Six months ended

866,756

4.7%

39,525

-23.5%

40,513

-18.6%

27,388

-1.6%

Sep. 30, 2021

Note: Total comprehensive income

Six months ended September 30, 2022: 135,924 million yen (251.8%)

Six months ended September 30, 2021: 38,632 million yen (93.1%)

Profit per share

Diluted profit

per share

Six months ended

164.71

yen

-

Sep. 30, 2022

Six months ended

62.28 yen

-

Sep. 30, 2021

Note: Figures for the six months ended September 30, 2021, represent figures after retroactive application following a change in accounting policies.

(2) Consolidated Financial Position

(Unit: million yen)

Total assets

Total net assets

Equity ratio

As of Sep. 30, 2022

3,655,276

1,383,154

37.1%

As of Mar. 31, 2022

3,187,627

1,281,150

39.3%

Reference: Shareholders' equity

As of September 30, 2022: 1,357,873 million yen As of March 31, 2022: 1,251,781 million yen

Note: Figures for the fiscal year ended March 31, 2022, represent figures after retroactive application and restatement following a change in accounting policies and changes in presentation, respectively.

2. Dividend

Dividend per share (Unit: yen)

End of 1Q

End of 2Q

End of 3Q

End of 4Q

Annual

FY2021 ended Mar. 31,

-

30.00

-

35.00

65.00

2022

FY2022 ending Mar. 31,

-

32.50

2023

FY2022 ending Mar. 31,

-

32.50

65.00

2023 (Forecast)

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

3. Consolidated Results Forecast for FY2022 ending March 31, 2023 (April 1, 2022 - March 31, 2023)

(Unit: million yen) (% of change from the corresponding period of previous year)

Net profit

Profit

Net sales

Operating profit

Ordinary profit

attributable to

per share

owners of parent

Full-year

3,273,000

51.9%

150,000

17.6%

160,000

17.2%

118,000

23.3%

271.77 yen

Notes: 1. Revision to the consolidated results forecast that has been disclosed lastly: Yes

2. The year-on-year percentage changes represent the percentage changes calculated by retroactively applying the change in accounting policies to the figures for the fiscal year ended March 31, 2022.

*Notes

  1. Significant changes in consolidated subsidiaries (changes in specified subsidiaries resulting in change of scope of consolidation during the quarter) (yes/no): No
    Reference: Scope of consolidation and application of equity method
    Number of consolidated subsidiaries: 102 (Decreased by 11 companies)
    Number of subsidiaries and affiliates accounted for by equity method: 16
  2. Application of accounting treatment peculiar to quarterly consolidated financial statement preparation (yes/no): Yes
    Note: Please see page 9 of the Attachment, "2. Consolidated Financial Statements and Main Notes: (3) Notes on consolidated financial statements (Application of accounting treatment peculiar to quarterly consolidated financial statement preparation)" for details.
  3. Change in accounting policies or estimates and retrospective restatements
  1. Change in accounting policies in accordance with revision of accounting standards: No
  2. Change in accounting policies other than item 1) above: Yes
  3. Change in accounting estimates: No
  4. Retrospective restatements: No
  1. Number of issued shares (common stock)

(Unit: share)

1)

Number of issued shares at end of period

Sep. 30, 2022

434,875,059

Mar. 31, 2022

440,996,559

(including treasury stock):

2)

Number of shares of treasury stock

Sep. 30, 2022

1,449,235

Mar. 31, 2022

1,448,431

at end of period:

3)

Average number of shares during period:

Apr. - Sep. 2022

434,954,007

Apr. - Sep. 2021

439,795,455

  • Quarterly review procedures by a certified public accountant or an audit firm do not apply to quarterly consolidated financial results bulletins.
  • Explanation related to appropriate use of results forecasts and other items warranting special mention
    1. The consolidated and non-consolidated results forecasts include numerous elements of uncertainty, including the impact of the COVID-19 pandemic and the Russia-Ukraine situation. Therefore, the forecasts are subject to drastic changes depending on future development. For details of the above forecasts, please refer to "1. Overview of Business Performance, etc. (2) Future outlook" on page 4 of the Attachment.
    2. The information related to this Financial Results will be posted on the Web site of the Company.

Non-Consolidated Results Forecast for FY2022 ending March 31, 2023 (April 1, 2022 - March 31, 2023)

(Unit: million yen) (% of change from the corresponding period of previous year)

Net sales

Operating profit

Ordinary profit

Net income

Profit

per share

Full-year

2,907,300

50.6%

48,000

-7.5%

55,300

15.2%

40,100

6.1%

92.36 yen

Notes: 1. Revision to the non-consolidated results forecast that has been disclosed lastly: Yes

2. The year-on-year percentage changes represent the percentage changes calculated by retroactively applying the change in accounting policies to the figures for the fiscal year ended March 31, 2022.

Contents of Attachment

1. Overview of Business Performance, etc.............................................................................................................................

2

(1)

Overview of business performance of the 2nd quarter ............................................................................................

2

(2)

Future outlook .............................................................................................................................................................

4

2. Consolidated Financial Statements and Main Notes ........................................................................................................

5

(1)

Consolidated balance sheets .......................................................................................................................................

5

(2)

Consolidated statements of income and comprehensive income .............................................................................

7

Consolidated statement of income .............................................................................................................................

7

(Six months ended September 30, 2022)

Consolidated statement of comprehensive income ...................................................................................................

8

(Six months ended September 30, 2022)

(3)

Notes on consolidated financial statements ...............................................................................................................

9

(Note on going concerns' premise) .............................................................................................................................

9

(Additional information).............................................................................................................................................

9

(Significant changes in shareholders' equity)............................................................................................................

9

(Application of accounting treatment peculiar to quarterly consolidated financial statement preparation)......

9

(Change in accounting policies)................................................................................................................................

10

(Changes in presentation) .........................................................................................................................................

10

1

1. Overview of Business Performance, etc.

  1. Overview of business performance of the 2nd quarter
    In November 2021, the Company formulated the Compass Action, a detailed roadmap for achieving Compass 2030, the Group's management vision, and on April 1, 2022, transitioned to a holding company structure. Following this development, the Company has decided to change its reporting segments from the five segments of "gas," "electric power," "overseas," "energy related," and "real estate," which it had used until FY2021, to four reporting segments of "energy solution," "network," "overseas," and "urban development," starting in FY2022.
    The year-on-year comparison is based on the previous reporting segments since it is difficult to create data of net sales and profits of the six months ended September 30, 2021, using the new reporting segments.

Six months ended September 30, 2022

(Unit: million yen)

Energy solution

Network

Overseas

Urban

development

Sales

FY2022

1,254,795

157,421

75,853

30,190

(% of total)

(82.6%)

(10.4%)

(5.0%)

(2.0%)

Operating

FY2022

1,174,351

173,570

42,389

22,404

expenses

(% of total)

(83.1%)

(12.3%)

(3.0%)

(1.6%)

Segment

FY2022

80,463

-16,149

36,472

8,183

profit/loss

(% of total)

(73.8%)

(-14.8%)

(33.5%)

(7.5%)

Note: Figures for sales include internal transactions. Figures for operating expenses do not include expenses that cannot be allocated to specific segments. Figures for segment profit are adjusted against the amount based on operating profit/loss of consolidated financial statements plus or minus investment income or loss on equity method.

Comparison with the six months ended September 30, 2021

(Unit: million yen)

Gas

Electric

Overseas

Energy-

Real estate

Others

power

related

FY2022

898,740

373,893

75,878

165,569

30,190

56,869

(% of total)

(56.1%)

(23.4%)

(4.7%)

(10.3%)

(1.9%)

(3.6%)

Sales

FY2021

555,995

193,792

37,800

147,778

28,475

48,549

(% of total)

(55.0%)

(19.1%)

(3.7%)

(14.6%)

(2.8%)

(4.8%)

Amount of change

342,745

180,101

38,078

17,791

1,715

8,320

(Rate of change)

61.6%

92.9%

100.7%

12.0%

6.0%

17.1%

FY2022

845,512

378,045

41,329

155,771

22,260

48,689

(% of total)

(56.7%)

(25.3%)

(2.8%)

(10.4%)

(1.5%)

(3.3%)

Operating

FY2021

527,255

185,592

28,895

140,999

20,304

47,805

expenses

(% of total)

(55.6%)

(19.5%)

(3.0%)

(14.8%)

(2.1%)

(5.0%)

Amount of change

318,257

192,453

12,434

14,772

1,956

884

(Rate of change)

60.4%

103.7%

43.0%

10.5%

9.6%

1.8%

FY2022

53,228

-4,152

37,557

9,798

8,327

8,199

(% of total)

(47.1%)

(-3.7%)

(33.2%)

(8.7%)

(7.4%)

(7.3%)

Segment

FY2021

28,740

8,200

10,509

6,779

8,630

786

profit/loss

(% of total)

(45.1%)

(12.9%)

(16.5%)

(10.7%)

(13.6%)

(1.2%)

Amount of change

24,488

-12,352

27,048

3,019

-303

7,413

(Rate of change)

85.2%

-

257.4%

44.5%

-3.5%

942.6%

Notes:

  1. Figures for sales include internal transactions. Figures for operating expenses do not include expenses that cannot be allocated to specific segments. Figures for segment profit/loss are adjusted against the amount based on operating profit/loss of consolidated financial statements plus or minus investment income or loss on equity method.
  2. Figures for the six months ended September 30, 2021, represent figures after retroactive application following a change in accounting policies.

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Tokyo Gas Co. Ltd. published this content on 27 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2022 05:13:03 UTC.