Tobu Railway : 【Summary】Consolidated Financial Results for the Three Months Ended June 30, 2023

Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results

for the Three Months Ended June 30, 2023

[Japanese GAAP]

Company name: TOBU RAILWAY CO.,LTD.	August 2, 2023
Stock exchange listing: Tokyo
Code number: 9001
URL: https://www.tobu.co.jp/
Representative:	Yutaka Tsuzuki	President Director
Contact:	Kentaro Aida	Finance and Acocounting Department Manager
Phone: [phone]
Scheduled date of filing quarterly securities report:	August 14, 2023
Scheduled date of commencing dividend payments:	-
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session:	No
			(Amounts of less than one million yen are rounded down.)

1. Consolidated Financial Results for the Three Months Ended June 30, 2023 (April 1, 2023 to June 30, 2023)

(1) Consolidated Operating Results		(% indicates changes from the previous corresponding period.)
	Operating revenues	Operating profit	Ordinary profit	Profit attributable to
	owners of parent
Three months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
June 30, 2023	157,375	13.2	23,658	65.1	23,595	64.3	16,289	80.8
June 30, 2022	139,026	24.2	14,328	187.4	14,364	128.4	9,008	223.7

(Note) Comprehensive income:	Three months ended June 30, 2023:
	Three months ended June 30, 2022:

¥	23,722 million	[ 116.0%]
¥	10,985 million	[ 659.2%]

	Basic earnings			Diluted earnings
	per share				per share
Three months ended			Yen			Yen
June 30, 2023		78.80			-
June 30, 2022		43.18			-
(2) Consolidated Financial Position
	Total assets				Net assets		Equity ratio
As of	Millions of yen		Millions of yen		%
June 30, 2023	1,697,332			501,187		29.2
March 31, 2023	1,738,195			480,575		27.3
(Reference) Equity: As of	June 30, 2023:	¥	495,320 million
As of	March 31, 2023:	¥	474,754 million

2. Dividends

			Annual dividends
	1st	2nd		3rd		Year-end	Total
	quarter-end	quarter-end		quarter-end
	Yen	Yen		Yen		Yen	Yen
Fiscal year ended March 31, 2023	-	15.00		-		15.00	30.00
Fiscal year ending March 31, 2024	-
Fiscal year ending March 31, 2024		15.00		-		15.00	30.00
(Forecast)
(Note) Revision to the forecast for dividends	announced most	recently: No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024) (% indicates changes from the previous corresponding period.)

	Operating revenues	Operating profit	Ordinary profit	Profit attributable	Basic earnings
	to owners of parent	per share
	Millions of		Millions of		Millions of		Millions of
Six months ending	yen	%	yen	%	yen	%	yen	%	Yen
297,000	4.1	25,000	3.7	23,000	(0.7)	15,500	19.0	74.40
September 30, 2023
Full year	605,500	(1.5)	46,500	(18.0)	42,500	(22.5)	28,500	(2.3)	136.80
(Note) Revision to the financial results forecast announced most recently: No

* Notes:

1. Changes in significant subsidiaries during the three months ended June 30, 2023 (changes in specified subsidiaries resulting in changes in scope of consolidation): No
2. Accounting policies adopted specially for the preparation of quarterly consolidated financial statements: No
3. Changes in accounting policies, changes in accounting estimates and retrospective restatement
4. 1. Changes in accounting policies due to the revision of accounting standards: No

2)	Changes in accounting policies other than 1) above:	No
3)	Changes in accounting estimates:	No
4)	Retrospective restatement:	No

1. Total number of issued shares (common shares)
2. 1. Total number of issued shares at the end of the period (including treasury shares):

	June 30, 2023:	209,815,421	shares
	March 31, 2023:	209,815,421	shares
2)	Number of treasury shares at the end of the period:
	June 30, 2023:	3,100,096	shares
	March 31, 2023:	3,099,118	shares
3)	Average number of shares outstanding during the period:
	Three months ended June 30, 2023:	206,715,754	shares
	Three months ended June 30, 2022:	208,619,315	shares

		TOBU RAILWAY CO.,LTD.(9001)
Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets
		(Millions of yen)
	As of March 31, 2023	As of June 30, 2023
Assets
Current assets
Cash and deposits	69,255	27,997
Notes and accounts receivable - trade, and	85,146	80,310
contract assets
Land and buildings for sale in lots	19,235	21,975
Other	32,912	31,533
Allowance for doubtful accounts	(459)	(199)
Total current assets	206,090	161,617
Non-current assets
Property, plant and equipment
Buildings and structures, net	530,107	528,157
Land	636,409	636,847
Other, net	227,331	223,014
Total property, plant and equipment	1,393,848	1,388,019
Intangible assets	19,455	18,627
Investments and other assets
Investment securities	73,614	83,998
Other	46,318	46,438
Allowance for doubtful accounts	(1,132)	(1,368)
Total investments and other assets	118,801	129,068
Total non-current assets	1,532,105	1,535,715
Total assets	1,738,195	1,697,332

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		TOBU RAILWAY CO.,LTD.(9001)
		(Millions of yen)
	As of March 31, 2023	As of June 30, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade	51,922	41,612
Short-term borrowings	36,362	23,692
Current portion of long-term borrowings	83,143	83,042
Current portion of bonds payable	19,920	30,120
Provisions	7,751	8,696
Other	260,339	217,476
Total current liabilities	459,439	404,640
Non-current liabilities
Bonds payable	158,160	138,160
Long-term borrowings	494,592	503,992
Provisions	994	966
Retirement benefit liability	43,997	44,354
Other	100,435	104,031
Total non-current liabilities	798,181	791,504
Total liabilities	1,257,620	1,196,144
Net assets
Shareholders' equity
Share capital	102,135	102,135
Capital surplus	51,958	51,958
Retained earnings	258,028	271,215
Treasury shares	(10,302)	(10,305)
Total shareholders' equity	401,820	415,004
Accumulated other comprehensive income
Valuation difference on available-for-sale	25,624	33,053
securities
Revaluation reserve for land	47,593	47,593
Foreign currency translation adjustment	144	149
Remeasurements of defined benefit plans	(428)	(479)
Total accumulated other comprehensive income	72,933	80,316
Non-controlling interests	5,820	5,866
Total net assets	480,575	501,187
Total liabilities and net assets	1,738,195	1,697,332

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TOBU RAILWAY CO.,LTD.(9001)

Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income (For the three months)

		(Millions of yen)
	For the three months	For the three months
	ended June 30, 2022	ended June 30, 2023
Operating revenue	139,026	157,375
Operating expenses
Operating expenses and cost of sales of transportation	95,472	103,595
Selling, general and administrative expenses	29,225	30,121
Total operating expenses	124,698	133,716
Operating profit	14,328	23,658
Non-operating income
Dividend income	774	898
Dividend income of insurance	436	407
Other	626	468
Total non-operating income	1,837	1,774
Non-operating expenses
Interest expenses	1,426	1,429
Other	375	407
Total non-operating expenses	1,801	1,837
Ordinary profit	14,364	23,595
Extraordinary income
Gain on sale of non-current assets	81	39
Contribution received for construction	182	21
Subsidy income	0	167
Other	30	35
Total extraordinary income	295	264
Extraordinary losses
Loss on retirement of non-current assets	48	46
Loss on tax purpose reduction entry of non-current	180	20
assets
Loss on valuation of investment securities	-	334
Loss on termination of retirement benefit plan	423	-
Extra retirement payments	409	-
Other	93	116
Total extraordinary losses	1,155	517
Profit before income taxes	13,504	23,342
Income taxes - current	4,526	6,565
Income taxes - deferred	6	441
Total income taxes	4,532	7,007
Profit	8,971	16,335
Profit (loss) attributable to non-controlling interests	(37)	45
Profit attributable to owners of parent	9,008	16,289

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