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    9532   JP3180400008

OSAKA GAS CO., LTD.

(9532)
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Osaka Gas : INTEGRATED REPORT 2021(1/3)

10/22/2021 | 11:34am EST

About the "Daigas Group" brand

Concept of the "Daigas Group"

The concept is "Dynamic and Innovative, Genuine and Studious." This is a paraphrase of the three guiding principles; "Enterprising spirit," "Customer-oriented approach" and "Wholeheartedness and a sense of mission," which have been highly valued to realize the Daigas Group's Corporate Principles.

Dynamic Triangle

The tricolored triangle within the logo has been named the "Dynamic Triangle." Each triangle represents the three guiding principles and the Group's three business pillars evolving towards the future.

INTEGRATED 2021

REPORT

Better servicing customers in closer communication for a brighter tomorrow

Guiding principle: "Customer-oriented approach"

Business area: Life & business solutions

Guiding principle:

Guiding principle:

"Wholeheartedness

"Enterprising spirit"

and a sense of mission"

Business area:

Business area:

International energy

Domestic energy

Osaka Gas Co., Ltd.

4-1-2, Hiranomachi, Chuo-ku, Osaka 541-0046, Japan

https://www.osakagas.co.jp/en/

Inclusion in SRI Indices

Osaka Gas was included in the following socially responsible investment (SRI) indices and an investment universe (candidates for inclusion in indices) as of June 30, 2021.

*

*

*

  • The inclusion of Osaka Gas Co., Ltd. in any MSCI Index, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement or promotion of Osaka Gas Co., Ltd. by MSCI or any of its afliates. The MSCI Indexes are the exclusive property of MSCI. MSCI and the MSCI Indexes names and logos are trademarks or service marks of MSCI or its afliates.

Published in 2021

1 Getting to Know the Daigas Group

Creating Value for a

Sustainable Future

We aim to solve various issues in building a sustainable society by taking on new challenges as well as existing ones while thereby achieving further growth of the Daigas Group.

We focus our efforts on creating "value for a sustainable future" with our stakeholders by utilizing

our strengths in developing solutions and innovations, and share the achievements with our stakeholders. We aim to be an "innovative energy and service company that continues to be the first choice of customers" while striving to make contributions to achieving a sustainable society.

Outline of the Daigas Group

Getting to Know

Daigas Group's

Business Report

ESG Highlights

Corporate Governance

Financial Section

2

the DaigasGroup

Co-creation of Value

Corporate Prole of Osaka Gas Co., Ltd. (As of March 31, 2021)

Head Ofce

4-1-2, Hiranomachi, Chuo-ku, Osaka 541-0046,

Date of Establishment

Japan

April 10, 1897

Date of Founding

October 19, 1905

Net Sales *1

[Non-consolidated] ¥1,053.5 billion

Ordinary Prot *1

[Consolidated] ¥1,364.1 billion

[Non-consolidated] ¥73.0 billion

Prot *1

[Consolidated] ¥127.7 billion

[Non-consolidated] ¥54.6 billion

Share Capital

[Consolidated] ¥80.8 billion *2

¥132,166 million

Number of Employees

[Non-consolidated] 3,203

(including executive ofcers, directors and temporary employees, and

excluding employees temporarily transferred to afliated companies)

[Consolidated] 20,941

*1 Fiscal year ended March 31, 2021

*2 Prot attributable to owners of parent

Main Business Lines of the Daigas Group (As of March 31, 2021)

Business segments

Main business lines

Domestic Energy / Gas

Production, supply and sale of city gas, sale of

gas appliances, gas pipe installation, sale of

LNG and LPG, sale of industrial gas

Domestic Energy / Electricity

Power generation, sale of electricity

International Energy

Development of and investment regarding oil

and natural gas, energy supply, LNG transport

Development and leasing of real estate properties,

Life & Business Solutions

information-processing services, sale of ne

materials and carbon material products

Daigas Group Organization (As of April 1, 2021)

Board of Directors

Audit & Supervisory Board Members

Chairman / President

Ofce of Audit & Supervisory Board

Executive Board

Osaka Gas Co., Ltd. organizations

Core energy business companies, core afliates, business process service company

Corporate

Innovation

Planning HQ

Headquarters

Int'l& BusinessUnit

USACorporation

EngineeringBusinessUnit

PowerSolution Co.,Ltd.

BusinessUnit

MarketingCo., Ltd.

EnergyCo., Ltd.

DevelopmentCo.,Ltd.

ChemicalsCo., Ltd.

Create Co.,Ltd.

DevelopmentDept.

Company

Co.,Ltd.

Dept.

Dept. Technology

Dept.

Dept.

.Dept

Dept.

Evaluation

Committee

Ofce

Dept.

Ofce

Dept.

Ofce

Ofce

Branch

Dept.

Risk

Urban

Net sales

Segment profit

-6.2%

15.3%

15.9%

Net sales

17.5%

5.1%

67.2%

Segment prot

¥1,364.1

¥126.1

billion

11.9%

billion

18.1%

Segment assets

3.5%

1.3%

Domestic Energy / Gas

18.1%

Domestic Energy / Electricity

International Energy

Segment assets

51.8%

Life & Business Solutions

¥2,313.3

41.3%

Elimination, etc.

billion

27.4%

11.9%

Energy Resources

Osaka Gas

LNG, Power &

Daigas Gas and

Network

Energy Solution

Osaka Gas

Daigas

Osaka Gas Urban

OGIS-RI

Osaka Gas

Osaka Gas Business

CorporateStrategy

ESG Ofce

DX Promotion

New Business

Finance

Investment

Innovation

Laboratories

Systems

Secretariat

CorporateCommunication

Human Resources

AffairsGeneral

&Property

Purchasing

Tokyo

Auditing

ESGCommittee

Committee

Cyber Security

DXCommittee

Management

Energy

Information/Communication

Development Compliance

Investment

Business Units /

Core

Business

Corporate Headquarter Divisions

Corporate

Core Energy Business Companies /

Afliates

Process

Committees

Overseas Regional Headquarters

Service

Company

3 Getting to Know the Daigas Group

Daigas Group's Values

The "Daigas Group Corporate Principles" consists of "What We Aim To Be," "Our Commitment"

Getting to Know

Daigas Group's

Business Report

ESG Highlights

Corporate Governance

Financial Section

4

the Daigas Group

Co-creation of Value

Table of Contents

Getting to Know the Daigas Group

Business Report

and "Our Corporate Motto." The Daigas Group carries out its business activities based on the "Daigas Group Corporate Principles."

Daigas Group Corporate Principles

What We Aim To Be

A corporate group that powers continuous advancement in customers' lives and businesses.

Outline of the Daigas Group

1

Daigas Group's Values

3

Table of Contents, Editorial Policy

4

Our Commitment

5

History of Co-creation of Value

7

Financial Data / Non-Financial Data

9

Daigas Group's Co-creation of

Value

Message from the President

11

Explanation of Finance Strategy

15

Value Creation Process

17

Domestic Energy Business

51

International Energy Business

53

Life & Business Solutions (LBS)

55

Business

Technological Development

57

ESG Highlights

Environment

61

Social

63

Governance

67

Corporate Governance

Our Commitment

We create four types of value.

We create value primarily for customers, as well as for society, shareholders, and employees.

Our Corporate Motto

Service First

Daigas Group Charter of Business Conduct

. Creating value for customers

. Contributing to the sustainability of the environment and society

. Engaging with and contributing to society . Respecting human rights

. Complying with laws and regulations

. Providing work environment that supports employees' personal growth

Daigas

Group

Corporate Principles

Daigas Group

Charter of Business Conduct

[Corporate attitude]

Daigas Group Code of Business Conduct [Code of conduct for officers and employees]

Daigas Group's Values

We have set the Daigas Group Corporate Principles, Charter of Business Conduct, and Code of Business Conduct as guidelines for realizing the Daigas Group's Values including what the Group aims to be, its commitment, corporate motto, attitude, and standards of conduct that executives and employees must follow.

We aim to be a corporate group that powers continuous advancement in customers' lives and businesses. And we are committed to creating four types of value to fulfill our social responsibility: we create value primarily for customers, as well as for society, shareholders, and employees. In order to achieve these, we promote efforts that are in line with

Daigas Group's Businesses and Capitals

19

with Strengths

Materiality Identification Process

21

Materiality and Daigas Group Charter of

23

Business Conduct

Long-Term Management Vision 2030 and

25

Medium-Term Management Plan 2023

Medium-Term Management Plan 2023

27

. Co-create Value for a Sustainable

Future

Achieving a Low Carbon / Carbon Neutral

29

Society

Climate Change Initiatives

33

Establishing Lifestyles and Businesses

37

Adjusted to the New Normal

Enhancing Resilience of Customers and

41

Society

. Evolve Our Corporate Group

Enhancing Business Portfolio Management

45

Promoting Business Transformation with DX

47

Maximizing Value for Each Employee

49

Corporate Governance

69

Messages from Outside Directors

77

Financial Section

Summary of Consolidated Operating

79

Results

[Consolidated Financial Statements

and Notes]

Consolidated Balance Sheet

81

Consolidated Statement of Income

83

Consolidated Statement of

Comprehensive Income / Consolidated 84

Statement of Changes in Equity

Consolidated Statement of Cash Flows 85

Notes

86

Annexed Consolidated Detailed

108

Schedules

Internal Control Report

110

Independent Auditor's Report on the

112

Financial Statements and Internal Control

Over Financial Reporting

Corporate Data

Group Companies / Company Data 115

the Daigas Group's Values.

Tool Map

Forward-Looking Statements

Daigas Group Code of Business Conduct

The Daigas Group disseminates diverse information with a variety of tools in order to promote communication with stakeholders. The Daigas Group works on proactive information disclosure for better understanding of the Group.

These materials include forecasts on future performance, plans, and strategies, which are based on the judgment of the Group upon currently available information.

Please note that actual financial results may differ from forecasts due to various factors.

  1. Respecting human rights
  2. Providing safe and secure workplace
  3. Complying with laws and regulations
  4. Avoiding use of professional positions and company property for personal reasons
  5. Complying with laws in each country and region, and respecting international standards including those on human rights
  6. Contributing to the environmental conservation
  7. Complying with anti-monopoly laws and regulations, and conducting fair transactions
  8. Providing products and services
  9. Ensuring safety of products and services
  10. Interacting with customers appropriately
  1. Engaging with and contributing to society
  2. Building and maintaining sound relationships with business partners
  3. Engaging business partners in following Daigas Group Code of Business Conduct
  4. Managing proper use of information and systems
  5. Disclosing information and engaging with stakeholders
  6. Properly handling intellectual property
  7. Avoiding association with anti-social groups and individuals
  8. Making tax payment and performing accounting practices properly

Leaets

WEB

(downloadable from the web)

Corporate Governance Report

Investor Relations

Financial

Business Report

Securities Report

https://www.osakagas.co.jp/

information

Fact Book

en/ir/

● Integrated Report

Non-

Sustainability

nancial

https://www.daigasgroup.com/

information

en/sustainability/

Editorial Policy

In Integrated Report 2021, we pay particular attention to non-financial information in order to present how assets accumulated to date will lead to future value creation and realize sustainable growth to our stakeholders, which include shareholders and investors. We will continue to pursue further improvement of its content.

Factors that can affect actual financial results include economic trends in Japan, sharp fluctuations in exchange rates and crude oil prices, and extraordinary weather conditions.

Scope of This Report

Osaka Gas Co., Ltd. and its group companies

Period Covered

April 1, 2020, to March 31, 2021

*Matters on other periods are partially included.

Guidelines Referred to

  • International Integrated Reporting Framework of the International Integrated Reporting Council (IIRC)
  • Guidance for Collaborative Value Creation of the Ministry of Economy, Trade and Industry
  • Environmental Reporting Guidelines 2018 of the Ministry of the Environment
  • Final Report of the Task Force on Climate-related Financial Disclosures (TCFD)
  • ISO26000 (guidance on social responsibility) of the International Organization for Standardization
  • Sustainability reporting standards of the Global Reporting Initiative (GRI Standards)
  • The United Nations Global Compact COP Policy

5 Getting to Know the Daigas Group

Our Commitment

Commitment

To be an innovative energy and service company that continues to be the first choice of customers and achieve sustainable growth

To maximize value for all

stakeholders

Getting to Know

Daigas Group's

Business Report

ESG Highlights

Corporate Governance

Financial Section

6

the Daigas Group

Co-creation of Value

We would like to extend our warmest greetings to all stakeholders as we issue this Integrated

Report.

The COVID-19 pandemic has been significantly impacting daily life and economic activity since the previous year. At the Daigas Group, we have been working hard to provide the stable supply of energy and maintain safety, as a corporate group responsible for social infrastructure. And we are rediscovering the weight of this responsibility on a daily basis.

Over the past 115 years since beginning to provide gas for lighting gas lamps in 1905, our gas business has expanded its application to heat source for residential, commercial, and industrial purposes to electric power generation, in response to social and environmental changes. The Daigas Group has worked to evolve as a corporate group that can meet the needs of customers and society through providing gas and electricity, as well as various related products, services, and solutions to support lifestyles and businesses.

The Daigas Group's principles and spirit are reflected in Our Corporate Motto "Service First" and in What We Aim to Be, "a corporate group that powers continuous advancement in customers' lives and businesses," which each employee takes to heart. We believe that it is the management's mission to apply these unwavering corporate principles and values to the greatest extent possible to the Daigas Group's corporate activities, regardless of changes in the times or the environment.

In the age of COVID-19 and even afterward, there will never be a change in the Daigas Group's original intention to genuinely engage with and serve customers and society. We are committed to maximizing value for all stakeholders, including customers and shareholders, and working toward realizing sustainable growth. As we work to meet the commitment, we aim to evolve into "an innovative energy and services company that continues to be the first choice of customers," which is our goal set in the Long-Term Management Vision 2030.

In March 2021, we announced the Daigas Group Medium-Term Management Plan 2023: Creating Value for a Sustainable Future, following the Daigas Group Carbon Neutral Vision released in January. Under the Plan, we will strive to create value for a sustainable future, which consists of achieving a low carbon / carbon neutral society, establishing lifestyles and businesses adjusted to the new normal, and enhancing resilience of customers and society. Creating this value will fulfill our corporate purpose of contributing to society by solving social issues.

As we pursue the goals set in the current Medium-Term Management Plan, we deeply appreciate the continued support and encouragement of our stakeholders.

September 2021

Takehiro Honjo

Masataka Fujiwara

Chairman of the Board

Representative Director and President

7

Getting to Know the Daigas Group

Getting to Know

Daigas Group's

Business Report

ESG Highlights

Corporate Governance

Financial Section

8

the Daigas Group

Co-creation of Value

History of Co-creation of Value

The Daigas Group's gas business began with gas supply in 1905. In over 110 years since, the gas business that started with lighting gas lamps has expanded the application of gas to cooking, heating, hot water, and power generation, overcoming many obstacles as society evolved and lifestyles changed. Additionally, founded on the relationships with customers and regions that

have been fostered through the energy business, the Daigas Group has expanded its business domains and developed into a corporate group that provides various products, services, and solutions.

History of

Growth in the

Daigas Group's

Businesses

Osaka Gas Co.,

1905

1924

1945

1947

1960

1971

1977

1984

2016

Ltd. established

Gas supply

Cooking classes

Performs rst and

Central Research

Operations begin at

Operations begin

Operations begin

Operations begin at Himeji LNG Terminal

Enters low-voltage

with capital of

begins

at the head ofce

second merger

Institute established

Hokko Plant

at Senboku Plant

at Senboku

electricity supply

¥350,000

begin

(shut down in 1989)

LNG Terminal II

business

Established

in 1897

1950

1975

1979

2009

Natural gas

Operations begin at the

Gas Appliances Laboratory

1990

Operations begin at Senboku

conversion

world's rst cryogenic

established

Natural gas conversion completed

Natural Gas Power Plant

begins

power plant

* Independent Power Producer

1972

2004

2013

2019

Participates in IPP*

Commercial operation

Importing of LNG from Brunei begins

Gas sales in

of Freeport LNG

business in the

Singapore begins

Project in the United

United States

States begins

2019

2009

2014

Natural gas supply

Acquires interests of Gorgon LNG

Energy services in

company established

Project in Australia

Thailand begins

in Vietnam

Domestic

Energy

Business

Value

International Creation

Energy Process

Business

P.17

1949

Kinki Coke Distribution Co., Ltd. established (currently Osaka Gas Chemicals Co., Ltd.)

1965 Osaka Gas Real Estate Co., Ltd. established (currently Osaka Gas Urban Development Co., Ltd.)

1981

1989

2013

OG Sports Co., Ltd.

Urbanex Co., Ltd. established

Acquires shares of

established

(currently Osaka Gas Urban Development Co., Ltd.)

Jacobi Carbons AB

2015

1983

1991

OG Information System

Osaka Gas

1992

Acquires shares of

Co., Ltd. established

Chemicals Co., Ltd.

Mizusawa Industrial

(currently OGIS-RI Co., Ltd.)

established

OGIS-RI Co., Ltd. established

Chemicals, Ltd.

LBS Business

1900 1910 1920 1930 1940 1950 1960 197019801990 2000 20102020 2021

History of Innovation in Energy Business

Gas cogeneration / fuel cells

Industrial use (gas burner)

Industrial use (boilers / industrial furnaces)

Hot-water supply (water/space heating) /

oor heating / bathroom dryer

Heating (gas stove, fan heater)

Residential/commercial use

(kitchen stoves / heating / hot-water supply)

City gas application development Gas lamp

Cooking (gas furnace)

Cooking (gas range)

Cooking (rice cooker, grilling stove)

Low carbonization of feedstock of city gas

Coal

Oil

Natural gas

Electricity Business / International Energy Business

Power source development

Striving to become carbon neutral

Social Background and Daigas Group's Strategy

  • Social Issues and Needs

Improving

From oil lamp to gas lamp

At the time, oil lamps which occasionally

regional safety

caused res, and expensive electrical

lighting, were commonplace, becoming a

social issue in urban areas.

Changes in

lifestyle

Life changed by gas

Various lifestyles and people's customs were undergoing changes, and women's participation in society also began.

Gas furnace

Increase in population/

Increase in postwar recovery

energy demand It became necessary to address increased energy demand and rapid urbanization.

Realization of

sustainable

society

Growing concern for environment

SDGs, Paris Agreement, and TCFD recommendations, etc., have been presented as pressing issues that must be tackled on a global scale.

  • Daigas Group's Co-creation of Value

Gas supply

Working to popularize gas lamps

Proposals of

With the provision of safe and affordable gas

begins

to citizens being set forth as the purpose of

new lifestyles

the incorporation of the Company, efforts

were made to popularize gas lamps.

Dissemination of gas to residential kitchens signicantly reduced the burdens of household duties associated with traditional cooking stoves.

Transitioning to natural gas was a

Introduction

long-term project that required

huge up-front investment, but it

of LNG

resulted in improving the stability

of gas provision and reducing

environmental burdens, etc.

Development of advanced products

By developing advanced devices

and systems that can contribute

to energy conservation and

reducing CO2 emissions, we will

work to reduce and eliminate

Residential fuel cell "ENE-FARM"

carbon emissions alongside

(IoT-compatible function)

customers.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Osaka Gas Co. Ltd. published this content on 23 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2021 15:33:06 UTC.


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Sales 2022 1 417 B 12 457 M 12 457 M
Net income 2022 68 529 M 602 M 602 M
Net Debt 2022 624 B 5 485 M 5 485 M
P/E ratio 2022 11,4x
Yield 2022 2,93%
Capitalization 780 B 6 881 M 6 856 M
EV / Sales 2022 0,99x
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Nbr of Employees 20 941
Free-Float 96,5%
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Technical analysis trends OSAKA GAS CO., LTD.
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 1 876,00 JPY
Average target price 2 311,43 JPY
Spread / Average Target 23,2%
EPS Revisions
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Masataka Fujiwara President & Representative Director
Takehiro Honjo Chairman
Issei Nomura Team Manager-Consolidated Administration
Hideo Miyahara Independent Outside Director
Kazutoshi Murao Independent Outside Director
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