East Japan Railway : Announcement Regarding Forecasts of Business Results and Dividend Payments

(Translation)
	September 16, 2020
To whom it may concern:
Company Name:	East Japan Railway Company
Representative:	Yuji Fukasawa
	President and CEO
Securities Code:	9020
	Tokyo Stock Exchange (First Section)
Contact Person:	Dan Tsuchizawa
	General Manager,
	Public Relations Department
Tel:	[phone]

Announcement Regarding Forecasts of Business Results and Dividend Payments

East Japan Railway Company (JR East) hereby announces the forecasts of business results and dividend payments for the year ending March 31, 2021 which had not been determined at the time of our announcement on July 30, 2020 of our financial results for the three-month period ended June 30, 2020.

DETAILS

1. Forecasts of Business Results

Forecasts of Consolidated Business Results for the Six-Month Period Ending September 30, 2020 (April 1, 2020－September 30, 2020)

	Operating revenues	Operating	Ordinary	Profit attributable to		Earnings per
	income	income	owners of parent		share－Basic
	Millions of yen	Millions of yen	Millions of yen	Millions of yen		Yen
Amount previously	－	－	－	－		－
forecasted (A)
Amount forecasted (B)	783,000	(326,000)	(353,000)	(282,000)	(747.53)
Increase/Decrease (B-A)	－	－	－	－
Increase/Decrease Ratio	－	－	－	－
(%)
(Reference)
Results for the first six-
month period of the	1,518,893	296,568	271,962	188,534	497.67
previous fiscal year (Six-
month period ended
September 30, 2019)

Forecasts of Consolidated Business Results for Fiscal 2021 (April 1, 2020－March 31, 2021)

	Operating revenues	Operating	Ordinary	Profit attributable to		Earnings per
	income	income	owners of parent		share－Basic
	Millions of yen	Millions of yen	Millions of yen	Millions of yen		Yen
Amount previously	－	－	－	－		－
forecasted (A)
Amount forecasted (B)	1,930,000	(500,000)	(549,000)	(418,000)	(1,108.04)
Increase/Decrease (B-A)	－	－	－	－
Increase/Decrease Ratio	－	－	－	－
(%)
(Reference)
Results for the previous	2,946,639	380,841	339,525	198,428	524.91
fiscal year (Year ended
March 31, 2020)

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(Reason for the announcement)

Forecasts of consolidated business results for the year ending March 31, 2021 had not been determined because the outlook for JR East's revenue trends and other factors had become extremely uncertain as a result of COVID-19. However, as it has become possible for us to estimate the future revenue trends to a certain degree based on the results of transportation services during the summer and other factors, we hereby announce the above forecasts.

2. Dividend Forecasts

		Dividends per share				Ratio of dividends
	1st	2nd	3rd			Total dividends	Dividend ratio	to shareholders'
	quarter	quarter	quarter	Year end	Total	(annual)	(consolidated)	equity
	end	end	end					(consolidated)
	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
Fiscal 2019	－	75.00	－	75.00	150.00	57,224	19.4	1.9
Fiscal 2020	－	82.50	－	82.50	165.00	62,304	31.4	2.0
(Forecast)	－	50.00	－	50.00	100.00		－
Fiscal 2021

(Reason for the announcement)

Dividend forecasts for the year ending March 31, 2021 had not been determined because the outlook for JR East's revenue trends and other factors had become extremely uncertain as a result of COVID-19. However, as we have made a determination of forecasts of consolidated business results for the year ending March 31, 2021, we hereby announce the above forecasts.

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(Reference) Forecasts of Non-consolidated Business Results

Forecasts of Non-consolidated Business Results for the Six-Month Period Ending September 30, 2020 (April 1, 2020－September 30, 2020)

	Operating revenues	Operating	Ordinary	Profit		Earnings per
	income	income		share－Basic
	Millions of yen	Millions of yen	Millions of yen	Millions of yen		Yen
Amount previously	－	－	－	－		－
forecasted (A)
Amount forecasted (B)	532,000	(270,000)	(286,000)	(210,000)	(556.14)
Increase/Decrease (B-A)	－	－	－	－
Increase/Decrease Ratio	－	－	－	－
(%)
(Reference)
Results for the first six-
month period of the	1,076,637	249,110	236,420	171,072	451.17
previous fiscal year (Six-
month period ended
September 30, 2019)

Forecasts of Non-consolidated Business Results for Fiscal 2021 (April 1, 2020－March 31, 2021)

	Operating revenues	Operating	Ordinary	Profit		Earnings per
	income	income		share－Basic
	Millions of yen	Millions of yen	Millions of yen	Millions of yen		Yen
Amount previously	－	－	－	－		－
forecasted (A)
Amount forecasted (B)	1,251,000	(463,000)	(501,000)	(364,000)	(963.98)
Increase/Decrease (B-A)	－	－	－	－
Increase/Decrease Ratio	－	－	－	－
(%)
(Reference)
Results for the previous	2,061,078	294,077	260,136	159,053	420.35
fiscal year (Year ended
March 31, 2020)

***************************************

The forecasts of business results and other forward-looking statements in this document are based on information available as of the date of this document and on certain assumptions that JR East viewed as reasonable as of the date of this document. Actual results may differ from such forward-looking statements for a variety of reasons.

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Reference Material

1. Forecasts of Non-consolidated Business Results for Fiscal Year ending March 31, 2021 (Fiscal 2021)

				(Billions of yen)
	Actual	Forecast	Increase/Decrease
	Fiscal 2020 (April 1,	Fiscal 2021 (April 1,
	2019－March 31,	2020－March 31,	Amount	%
	2020)	2021)	B-A	B/A × 100
	A	B
Operating revenues ··············	¥1,076.6	¥532.0
	¥2,061.0	¥1,251.0	¥ (810.0)	60.7
Passenger revenues ·············	1,792.8	1,020.0	(772.8)	56.9
Others·····························	268.2	231.0	(37.2)	86.1
Operating expenses ··············	1,767.0	1,714.0	(53.0)	97.0
Personnel expenses ·············	444.4	414.0	(30.4)	93.1
Non-personnel expenses ·······	831.1	801.0	(30.1)	96.4
Energy ··························	64.5	60.0	(4.5)	92.9
Maintenance····················	302.1	297.0	(5.1)	98.3
Other ···························	464.4	444.0	(20.4)	95.6
Usage fees to JRTT, etc. ·······	83.3	83.0	(0.3)	99.6
Taxes ·····························	100.6	100.0	(0.6)	99.4
Depreciation ·····················	307.4	316.0	8.5	102.8
Operating income (loss) ·········	249.1	(270.0)
	294.0	(463.0)	(757.0)	－
Non-operating income (loss) ···	(33.9)	(38.0)	(4.0)	112.0
Ordinary income (loss) ··········	236.4	(286.0)
	260.1	(501.0)	(761.1)	－
Extraordinary gains (losses) ···	(42.7)	(26.0)	16.7	60.9
Income (Loss) before income
taxes ·································	217.4	(527.0)	(744.4)	－
Income taxes·······················	58.3	(163.0)	(221.3)	－
Profit (Loss) ·······················	¥171.0	¥ (210.0)
	¥159.0	¥ (364.0)	¥ (523.0)	－

(Note) Italicized figures are the actual/forecast amounts for the first six-month period of the relevant fiscal year.

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2. Forecasts of Consolidated Business Results for Fiscal Year ending March 31, 2021 (Fiscal 2021)

				(Billions of yen)
	Actual	Forecast	Increase/Decrease
	Fiscal 2020 (April	Fiscal 2021 (April
	1, 2019－March 31,	1, 2020－March 31,	Amount	%
	2020)	2021)	B-A	B/A × 100
	A	B
Operating revenues ··············	¥1,518.8	¥783.0
	¥2,946.6	¥1,930.0	¥ (1,016.6)	65.5
Transportation ····················	1,994.5	1,170.0	(824.5)	58.7
Retail & Services ·················	502.0	375.0	(127.0)	74.7
Real Estate & Hotels·············	348.5	305.0	(43.5)	87.5
Others ·······························	101.5	80.0	(21.5)	78.8
Operating income (loss) ·········	296.5	(326.0)
	380.8	(500.0)	(880.8)	－
Transportation ····················	250.5	(529.0)	(779.5)	－
Retail & Services ·················	34.3	(4.0)	(38.3)	－
Real Estate & Hotels·············	74.6	24.0	(50.6)	32.2
Others ······························	23.8	11.0	(12.8)	46.1
Adjustment ························	(2.6)	(2.0)	0.6	76.9
Ordinary income (loss) ··········	271.9	(353.0)		－
	339.5	(549.0)	(888.5)
Profit (Loss) attributable to	¥188.5	¥ (282.0)		－
owners of parent ··················	¥198.4	¥ (418.0)	¥ (616.4)

(Note) Italicized figures are the actual/forecast amounts for the first six-month period of the relevant fiscal year.

3. Consolidated Capital Expenditures for Fiscal Year ending March 31, 2021 (Fiscal 2021)

				(Billions of yen)
	Actual	Plan	Increase/Decrease
	Fiscal 2020	Fiscal 2021	Amount	%
	A	B	B-A	B/A × 100
Capital expenditures
Transportation Services ·····················	¥470.7	¥453.0	¥ (17.7)	96.2
Life-style Services, IT & Suica Services··	269.8	258.0	(11.8)	95.6
Total············································	¥740.6	¥711.0	¥ (29.6)	96.0

Note: In this document, amounts less than one million yen are omitted.

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