Nagoya Railroad : Consolidated Financial Results for the Fiscal Year Ended 31 March 2021(Japanese GAAP)(Unaudited)

Consolidated Financial Results for the Fiscal Year Ended 31 March 2021

(Japanese GAAP) (Unaudited)

Nagoya Railroad Co., Ltd.	11 May 2021
Stock exchange Listing:	Tokyo Nagoya
Securities code:	9048
URL:	https://top.meitetsu.co.jp/
Representative:	Takashi Ando, President, Director
For further information contact:	Yukinaga Furuhashi, Executive Officer and General Manager, Finance and Accounting Dept.
	Tel: [phone]

Scheduled date of ordinary shareholders meeting:	25 June 2021
Scheduled date of filing of annual securities report:	28 June 2021
Scheduled date of dividend payment commencement:	-
Supplementary explanations of financial results:	Yes
Financial results presentation meeting:	Yes

• Amounts of less than ¥1 million have been rounded down.

1. Consolidated results for the fiscal year ended 31 March 2021

(1 April 2020 - 31 March 2021)

(1) Consolidated operating results												(%: year-on-year)
	Operating revenues		Operating income		Ordinary income		Profit attributable to
				owners of the parent
	Millions of yen	%	Millions of yen	%	Millions of yen		%	Millions of yen	%
Fiscal year	481,645	(22.7)		(16,354)	-		(8,146)		-		(28,769)	-
ended 31 March 2021
Fiscal year	622,916	0.1			47,363	(4.2)		49,288		(4.5)		28,879	(5.2)
ended 31 March 2020
Note: Comprehensive income - for the fiscal year ended 31 March 2021	¥(24,232) million [(―%)]
	for the fiscal year ended 31 March 2020	¥18,380 million [(34,4%)]
	Net income per	Net income per	Return on equity		Return on assets		Operating income
	share-basic	share-diluted				ratio
	Yen			Yen		%		%		%
Fiscal year	(146.29)		-		(7.4)		(0.7)		(3.4)
ended 31 March 2021
Fiscal year	146.89		137.21		7.2		4.3			7.6
ended 31 March 2020
Reference: Equity in earnings of affiliates-	for the fiscal year ended 31 March 2021	¥1,253 million
		for the fiscal year ended 31 March 2020	¥2,562 million

Note: Net income per share-diluted is not indicated because net loss per share is indicated for the fiscal year ended 31 March

2021, although there are potential common shares with dilutive effects.
(2) Consolidated financial position
	Total assets		Net assets		Equity ratio	Net assets per
			share-basic
As of	Millions of yen	Millions of yen		%	yen
31 March 2021	1,191,131			407,512			31.2	1,891.76
31 March 2020	1,164,979			438,401			34.7	2,053.10
Reference: Shareholders'	equity- as of 31	March 2021		¥372,014 million
	as of 31 March 2020		¥403,771 million
(3) Consolidated cash flows
	Net cash provided		Net cash provided	Net cash provided by		Cash and cash
	by (used in)		by (used in)	(used in) financing		equivalents at end of
	operating activities	investing activities		activities		year
	Millions of yen	Millions of yen		Millions of yen		Millions of yen
Fiscal year	19,685			(44,235)		49,413	53,459
ended 31 March 2021
Fiscal year	70,247			(62,527)		(898)	32,011
ended 31 March 2020

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2. Cash dividends

			Annual dividends
	1st quarter end	2nd quarter end	3rd quarter end	Fiscal year end	Total
	Yen	Yen	Yen		Yen	Yen
Fiscal year ended 31	-	0.00	-		25.00	25.00
March 2020
Fiscal year ended 31	-	0.00	-		0.00	0.00
March 2021
Fiscal year ending 31	-	0.00	-		12.50	12.50
March 2022 (forecast)
	Total cash	Payout ratio	Dividend on
	dividends	net assets
	(Consolidated)
	(Annual)	(Consolidated)
	Millions of yen	%	%
Fiscal year ended 31	4,917	17.0	1.2
March 2020
Fiscal year ended 31	-	-	-
March 2021
Fiscal year ending 31		22.3
March 2022 (forecast)

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3. Consolidated operating results forecast for the fiscal year ending 31 March 2022

(%: year-on-year)

		Operating revenues	Operating income		Ordinary income
		Millions of yen	%	Millions of yen		%	Millions of yen		%
Six-month period ending	245,000	8.0	1,500		-	3,000		-
30	September 2021
Fiscal year ending	530,000	10.0	13,000		-	16,000		-
31	March 2022
		Profit attributable to	Net income
		owners of the parent	per share-basic
		Millions of yen	%	yen
Six-month period ending	500	-	2.54
30	September 2021
Fiscal year ending	11,000	-	55.94
31	March 2022

Note: The company will begin to adopt of "Accounting Standard for Revenue Recognition" (Accounting Standards Board of Japan Statement No. 29) from the fiscal year ended March 31 2022,and the effect of the adoption is reflected in the consolidated earnings forecasts listed above.

Notes

1. Changes in significant consolidated subsidiaries during the year (changes in specific consolidated subsidiaries resulting in changes in the scope of consolidation): None
2. Changes in accounting policies, changes in accounting estimates, and restatement of revisions
3. 1. Changes in accounting policies resulting from the revision of the accounting standards: None
   2. Changes in accounting policies other than the above: None
   3. Changes in accounting estimates: None
   4. Restatement of revisions: None

(3) Number of issued shares (Common stock)		(Shares)
	Number of issued shares		Number of treasury stock
	(including treasury stock)
As of
31 March 2021	196,700,692	50,559
31 March 2020	196,700,692	36,349
	(Shares)
	Average number of shares
	outstanding during the periods
Fiscal year	196,656,567
ended 31 March 2021
Fiscal year	196,606,065
ended 31 March 2020

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(Reference) Overview of the non-consolidated financial results

1. Non-consolidated results for the fiscal year ended 31 March 2021 (1 April 2020 - 31 March 2021)

(1) Non-consolidated operating results							(%: year-on-year)
	Operating revenues	Operating income	Ordinary income	Profit
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
Fiscal year	78,316	(28.6)	(3,604)	-	(3)	-	(13,130)	-
ended 31 March 2021
Fiscal year	109,742	(0.1)	21,767	(5.2)	26,819	(3.6)	18,180	(15.6)
ended 31 March 2020
	Net income per	Net income per
	share-basic	share-diluted
	Yen		Yen
Fiscal year	(66.76)		-
ended 31 March 2021
Fiscal year	92.46		86.37
ended 31 March 2020

Note: Net income per share-diluted is not indicated because net loss per share is indicated for the fiscal year ended 31 March 2021, although there are potential common shares with dilutive effects.

(2) Non-consolidated financial position

	Total assets	Net assets	Equity ratio	Net assets per
		share-basic
As of	Millions of yen	Millions of yen	%		yen
31 March 2021	861,667	278,202	32.3		1,414.54
31 March 2020	810,084	294,500	36.4		1,497.30
Reference: Shareholders'	equity- as of 31	March 2021	¥278,202 million
	as of 31 March 2020	¥294,500 million

2. Non-consolidated operating results forecast for the fiscal year ending 31 March 2022

(%: year-on-year)

	Operating revenues	Operating income		Ordinary income
	Millions of yen	%	Millions of yen		%	Millions of yen		%
Fiscal year ending	92,400	18.0	6,500		-	5,400		-
31 March 2022
	Profit		Net income
		per share-basic
	Millions of yen	%	yen
Fiscal year ending	6,300	-	32.03
31 March 2022

• This report is not subject to audit procedures.
• Explanation for appropriate use of forecasts and other notes
  The forward-looking statements such as operational forecasts contained in this statements summary are based on currently available to the Company and certain assumptions which are regarded as legitimate.
  Actual results may differ from such forward-looking statements for a variety of reasons.

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4. Consolidated financial statements

1. Consolidated Balance Sheets (Unaudited)

	Millions of yen
	31 March 2020	31 March 2021
ASSETS
Current assets
Cash and deposits	27,702	54,019
Trade notes and accounts receivable	56,644	61,829
Short-term loans receivable	2,084	1,968
Land and buildings for sale	65,804	64,617
Merchandise and finished goods	9,019	6,154
Work in process	1,641	1,846
Raw materials and supplies	4,269	4,566
Others	22,184	20,282
Allowance for doubtful accounts	(208)	(187)
Total current assets	189,143	215,097
Non-current assets
Property and equipment
Buildings and structures, net	297,403	296,888
Machinery, equipment and vehicles, net	86,005	82,583
Land	367,748	359,179
Lease assets, net	9,679	11,625
Construction in progress	62,158	73,951
Other properties, net	8,776	7,199
Total property and equipment	831,771	831,429
Intangible assets
Right of using facilities	5,586	5,379
Goodwill	1,211	854
Lease assets	119	75
Other intangible assets	3,085	2,912
Total intangible assets	10,002	9,222
Investments and other assets
Investment securities	98,625	101,642
Long-term loans receivable	549	485
Deferred tax assets	18,665	16,772
Others	16,607	16,858
Allowance for doubtful accounts	(385)	(376)
Total investments and other assets	134,062	135,382
Total non-current assets	975,836	976,033
Total assets	1,164,979	1,191,131

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