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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Tokyo Gas Co.,Ltd.    9531   JP3573000001

TOKYO GAS CO.,LTD.

(9531)
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Tokyo Gas : Financial Results for FY2020 1Q ended June 2020

07/29/2020 | 01:05am EST

July 29, 2020

Consolidated Financial Results Bulletin for the 1st Quarter Ended June 30, 2020 (J-GAAP)

Tokyo Gas Co., Ltd.

Securities code: 9531

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

Representative:

Mr. Takashi UCHIDA, President

Contact:

Mr. Rikiya KOMORI, Chief Manager,

Consolidated Settlements Sect.

Scheduled date of the filing of quarterly report: Scheduled date of the start of dividend payments: Preparation of 1Q earnings presentation material (yes/no): Holding of 1Q earnings announcement (yes/no):

Stock listings:

Tokyo Stock Exchange, Nagoya Stock Exchange

Location of head office: Tokyo

August 14, 2020

-

Yes

Yes (for institutional investors)

(Amounts are rounded down to the nearest million yen)

1. Consolidated Performance for 1st Quarter (from April 1, 2020 to June 30, 2020)

(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

Three months ended

415,654

-11.0%

27,447

-37.7%

28,040

-42.1%

16,354

-53.2%

Jun. 30, 2020

Three months ended

467,218

16.4%

44,021

89.1%

48,390

101.4%

34,927

-7.4%

Jun. 30, 2019

Note: Total comprehensive income

Three months ended June 30, 2020: 15,813 million yen (-53.2%) Three months ended June 30, 2019: 33,809 million yen (55.9%)

Profit per share

Diluted profit

per share

Three months ended

37.08 yen

-

Jun. 30, 2020

Three months ended

78.23 yen

-

Jun. 30, 2019

(2) Consolidated Financial Position

(Unit: million yen)

Total assets

Total net assets

Equity ratio

As of Jun. 30, 2020

2,530,625

1,161,544

45.4%

As of Mar. 31, 2020

2,537,724

1,159,228

45.2%

Reference: Shareholders' equity

As of June 30, 2020: 1,150,133 million yen

As of March 31, 2020: 1,147,836 million yen

2. Dividend

Dividend per share (Unit: yen)

End of 1Q

End of 2Q

End of 3Q

End of 4Q

Annual

FY2019 ended Mar. 31,

-

30.00

-

30.00

60.00

2020

FY2020 ending Mar. 31,

-

2021

FY2020 ending Mar. 31,

30.00

-

30.00

60.00

2021 (Forecast)

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

3. Consolidated Results Forecast for FY2020 ending March 31, 2021 (April 1, 2020 - March 31, 2021)

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

Operating profit

Full-year

73,000

-28.1%

Note: Revision to the consolidated results forecast that has been disclosed lastly: Yes

Notes on the Consolidated Results Forecast

Since it is difficult to reasonably quantify the impact of the global outbreak of the new coronavirus (COVID-19) on the Company's business, we are refraining from publishing our consolidated results forecasts for net sales, ordinary profit and profit attributable to owners of parent for the fiscal year ending March 2021 at this moment. We will disclose them as soon as reasonable estimations have become possible.

*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: 83 (increased: 1, decreased: 1)
    Number of equity method affiliates: 15
  2. Application of accounting treatment peculiar to quarterly consolidated financial statement preparation (yes/no): Yes
    Note: Please see page 8 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: No
  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

Jun. 30, 2020

442,436,059

Mar. 31, 2020

442,436,059

(including treasury stock):

2)

Number of shares of treasury stock

Jun. 30, 2020

1,426,191

Mar. 31, 2020

1,424,746

at end of period:

3)

Average number of shares during period:

Apr. - Jun. 2020

441,010,385

Apr. - Jun. 2019

446,471,083

  • 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. Although it is difficult to reasonably quantify the impact of the global outbreak of the new coronavirus (COVID-19) on the Company's business, we have decided to publish our forecast for operating profit, in which the different impacts of
      COVID-19 on each segment can be appropriately reflected to a certain degree, by estimating the segment impact amounts and adding or subtracting the performance trends from April to June and the elements of change from the previous year. We are refraining from publishing consolidated results forecasts for net sales, ordinary profit and profit attributable to owners of parent as well as non-consolidated results forecasts at this moment. We will disclose them as soon as reasonable estimations have become possible.
    2. The forecast stated above includes numerous elements of significant uncertainty, such as the duration of the impact on near-term operating results, the possibility of a second wave of infections and the government's reissuance of a state of emergency declaration. Therefore, the forecast is subject to drastic changes depending on future developments, which we will reflect on the forecast as needed. For details of the above forecast, please refer to "1. Overview of Business Performance, etc. (2) Future outlook" on page 3 of the Attachment.
    3. The information related to this Financial Results will be posted on the Web site of the Company.

Contents of Attachment

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

2

(1)

Overview of business performance of the 1st quarter..............................................................................................

2

(2)

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

3

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

4

(1)

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

4

(2)

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

6

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

6

(Three months ended June 30, 2020)

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

7

(Three months ended June 30, 2020)

(3)

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

8

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

8

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

8

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

8

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

8

1

1. Overview of Business Performance, etc.

  1. Overview of business performance of the 1st quarter

(Unit: million yen)

Gas

Electric

Overseas

Energy-

Real estate

Others

power

related

FY2020

284,980

89,121

11,990

72,680

11,114

26,682

(% of total)

(57.5%)

(17.9%)

(2.4%)

(14.6%)

(2.2%)

(5.4%)

Sales

FY2019

343,015

72,156

10,912

70,586

11,153

26,237

(% of total)

(64.3%)

(13.5%)

(2.0%)

(13.2%)

(2.1%)

(4.9%)

Amount of change

-58,035

16,965

1,078

2,094

-39

445

(Rate of change)

-16.9%

23.5%

9.9%

3.0%

-0.4%

1.7%

FY2020

257,209

86,160

9,323

71,264

8,089

25,337

(% of total)

(56.3%)

(18.8%)

(2.0%)

(15.6%)

(1.8%)

(5.5%)

Operating

FY2019

296,740

70,176

8,835

69,798

8,191

25,025

expenses

(% of total)

(62.0%)

(14.7%)

(1.8%)

(14.6%)

(1.7%)

(5.2%)

Amount of change

-39,531

15,984

488

1,466

-102

312

(Rate of change)

-13.3%

22.8%

5.5%

2.1%

-1.2%

1.2%

FY2020

27,770

2,961

2,794

1,416

3,270

1,333

(% of total)

(70.1%)

(7.5%)

(7.1%)

(3.6%)

(8.3%)

(3.4%)

Segment

FY2019

46,275

1,980

3,645

787

3,124

1,203

profit

(% of total)

(81.1%)

(3.5%)

(6.4%)

(1.4%)

(5.5%)

(2.1%)

Amount of change

-18,505

981

-851

629

146

130

(Rate of change)

-40.0%

49.6%

-23.3%

79.8%

4.7%

10.8%

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 of consolidated financial statements plus or minus investment income or loss on equity method.

< Consolidated City Gas Sales Volume, etc.>

Apr. - Jun. 2020

Apr. - Jun. 2019

Change

% change

No. of customers for city

Thousands

9,044

9,607

-563

-5.9

gas retail sales

No. of customers (meters)

Thousands

11,975

11,838

137

1.2

volume

Residential

Mil. m3

819

808

11

1.4

Commercial

Mil. m3

425

555

-130

-23.4

sales

Industrial

Mil. m3

1,031

1,587

-556

-35.0

Subtotal

Mil. m3

1,456

2,142

-686

-32.0

gas

Supplies to other utilities

Mil. m3

380

422

-42

-9.9

City

Total

3

2,656

3,372

-716

-21.2

Mil. m

Average temperature

°C

16.6

16.7

-0.1

-

Notes:

  1. No. of customers for city gas retail sales indicates the number of billed customers for city gas retail sales.
  2. No. of customers (meters) indicates the number of meters that includes inactive meters and meters for gas supply from other retail companies.
  3. "Commercial" indicates sales to commercial, public and medical institutions.
  4. City gas sales volumes are on the basis of 45MJ/m3.
  5. Average temperature is the average temperature during the period of use by each customer (from date of initial month's meter reading to final month's meter reading).

The aforementioned notes also apply to the relevant tables.

2

< Consolidated Electric Power Sales Volume, etc.>

Apr. - Jun. 2020

Apr. - Jun. 2019

Change

% change

No. of customers for

Thousands

2,457

1,924

533

27.7

electric power retail sales

Electric

Retail

million kWh

2,148

1,644

504

30.6

power

Wholesale etc.

million kWh

3,083

2,221

862

38.8

sales

Total

million kWh

5,231

3,865

1,366

35.3

volume

Note: No. of customers for electric power retail sales indicates the number of billed customers for electric power retail sales.

Apr. - Jun.

Apr. - Jun.

Change

Crude oil

Apr. - Jun.

Apr. - Jun.

Change

¥/$ rate

2020

2019

price

2020

2019

107.64

109.90

-2.26

($/bbl)

32.22

71.47

-39.25

(2) Future outlook

(Unit: hundred million yen)

Gas

Electric

Overseas

Energy-

Real

Others

Adjustments

Consolidated

power

related

estate

amount

FY2020

885

136

24

132

56

13

-496

750

(forecast)

Segment

FY2019

1,024

101

132

169

96

57

-515

1,067

profit

(results)

Change

-139

35

-108

-37

-40

-44

19

-317

% change

-13.6

34.1

-81.9

-22.3

-42.3

-77.5

-

-29.7

Note: Figures for segment profit are adjusted against the amount based on operating profit of consolidated financial statements plus or minus investment income or loss on equity method.

< Foreign exchange rate and crude oil price forecast for FY2020>

FY2020

FY2019

Change

Crude oil

FY2020

FY2019

Change

¥/$ rate

(Forecast)

(Results)

price

(Forecast)

(Results)

109.41

108.71

0.70

($/bbl)

41.38

67.79

-26.41

3

2. Consolidated Financial Statements and Main Notes

  1. Consolidated balance sheets

(Million yen)

As of March 31,2020

As of June 30,2020

Assets

Non-current assets

Property, plant and equipment

Production facilities

224,515

221,287

Distribution facilities

548,095

537,985

Service and maintenance facilities

48,492

17,879

Other facilities

475,093

500,160

Inactive facilities

316

316

Construction in progress

162,862

164,972

Total property, plant and equipment

1,459,377

1,442,601

Intangible assets

Goodwill

16,269

20,761

Other intangible assets

137,814

141,685

Total intangible assets

154,084

162,447

Investments and other assets

Investment securities

216,052

223,383

Long-term loans receivable

50,615

55,922

Retirement benefit asset

29

29

Deferred tax assets

49,132

49,695

Other investments and other assets

46,407

45,554

Allowance for doubtful accounts

-405

-402

Total investments and other assets

361,831

374,182

Total non-current assets

1,975,292

1,979,231

Current assets

Cash and deposits

151,288

142,864

Notes and accounts receivable - trade

221,123

174,193

Lease receivables and investments in leases

20,363

19,955

Merchandise and finished goods

1,905

2,034

Work in process

11,868

15,555

Raw materials and supplies

64,703

68,135

Other current assets

91,748

129,144

Allowance for doubtful accounts

-570

-490

Total current assets

562,431

551,393

Total assets

2,537,724

2,530,625

4

(Million yen)

As of March 31,2020

As of June 30,2020

Liabilities

Non-current liabilities

Bonds payable

404,998

444,998

Long-term borrowings

429,541

456,889

Deferred tax liabilities

18,531

18,450

Retirement benefit liability

71,976

71,024

Provision for gas holder repairs

3,122

3,107

Provision for safety measures

593

561

Provision for appliance warranties

12,985

12,556

Provision for point card certificates

1,000

1,195

Asset retirement obligations

14,424

15,563

Other noncurrent liabilities

51,555

52,937

Total non-current liabilities

1,008,730

1,077,283

Current liabilities

Current portion of non-current liabilities

54,428

54,434

Notes and accounts payable - trade

78,593

58,367

Short-term borrowings

6,507

7,043

Income taxes payable

29,708

10,850

Provision for contract loss

-

1,627

Other current liabilities

200,527

159,472

Total current liabilities

369,765

291,797

Total liabilities

1,378,495

1,369,080

Net assets

Shareholders' equity

Share capital

141,844

141,844

Capital surplus

2,067

2,067

Retained earnings

967,808

970,932

Treasury shares

-3,875

-3,879

Total shareholders' equity

1,107,844

1,110,964

Accumulated other comprehensive income

Valuation difference on available-for-sale

15,843

18,284

securities

Deferred gains or losses on hedges

1,444

565

Foreign currency translation adjustment

22,412

20,257

Remeasurements of defined benefit plans

292

60

Total accumulated other comprehensive income

39,992

39,169

Non-controlling interests

11,391

11,410

Total net assets

1,159,228

1,161,544

Total liabilities and net assets

2,537,724

2,530,625

5

  1. Consolidated statements of income and comprehensive income
    (Consolidated statement of income : Three months ended June 30, 2020)

(Million yen)

For the three months

For the three months

ended June 30,2019

ended June 30,2020

Net sales

467,218

415,654

Cost of sales

308,046

277,479

Gross profit

159,171

138,175

Selling, general and administrative expenses

Supply and sales expenses

98,115

94,784

General and administrative expenses

17,034

15,943

Total selling, general and administrative expenses

115,150

110,728

Operating profit

44,021

27,447

Non-operating income

Interest income

553

600

Dividend income

4,551

1,331

Share of profit of entities accounted for using equity

1,723

360

method

Miscellaneous income

1,763

2,450

Total non-operating income

8,591

4,743

Non-operating expenses

Interest expenses

2,808

2,753

Miscellaneous expenses

1,414

1,397

Total non-operating expenses

4,222

4,150

Ordinary profit

48,390

28,040

Extraordinary losses

Impairment loss

-

4,788

Total extraordinary losses

-

4,788

Profit before income taxes

48,390

23,252

Income taxes

13,259

6,583

Profit

35,131

16,668

Profit attributable to non-controlling interests

203

313

Profit attributable to owners of parent

34,927

16,354

6

(Consolidated statement of comprehensive income : Three months ended June 30, 2020)

(Million yen)

For the three months

For the three months

ended June 30,2019

ended June 30,2020

Profit

35,131

16,668

Other comprehensive income

Valuation difference on available-for-sale securities

-3,045

2,446

Deferred gains or losses on hedges

-438

-1,624

Foreign currency translation adjustment

1,124

-1,392

Remeasurements of defined benefit plans, net of tax

1,369

-260

Share of other comprehensive income of entities

-330

-22

accounted for using equity method

Total other comprehensive income

-1,321

-854

Comprehensive income

33,809

15,813

Comprehensive income attributable to

Comprehensive income attributable to owners of parent

33,612

15,531

Comprehensive income attributable to non-controlling

197

282

interests

7

  1. Notes on consolidated financial statements
    (Note on going concerns' premise)
    Not applicable

(Additional information)

Accounting estimates of the impact of COVID-19

During the three months ended June 30, 2020, the outbreak of COVID-19 affected the Group's performance in the form of reduced commercial demand for city gas, among others. Since it is impossible to foresee when the disease will abate at this moment, it is difficult to determine its impact on the Group.

In accounting, estimations are required to be based on certain hypotheses. The Group has made various accounting estimates based on external information available at the time of preparation of consolidated financial statements and under the hypothesis that net business performance will gradually recover by the end of FY2020.

(Significant changes in shareholders' equity) Not applicable

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

Taxes are calculated by multiplying profit before income taxes for the first-quarter period under review by the reasonably estimated effective tax rate subsequent to the application of tax effect accounting to the profit before income taxes for the current consolidated fiscal year ending March 31, 2021 including the first quarter under review.

8

Disclaimer

Tokyo Gas Co. Ltd. published this content on 29 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2020 05:05:19 UTC


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Net income 2021 58 316 M 561 M 561 M
Net Debt 2021 805 B 7 748 M 7 748 M
P/E ratio 2021 17,0x
Yield 2021 2,67%
Capitalization 993 B 9 561 M 9 555 M
EV / Sales 2021 1,02x
EV / Sales 2022 1,00x
Nbr of Employees 16 591
Free-Float 94,5%
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 2 610,00 JPY
Last Close Price 2 251,00 JPY
Spread / Highest target 33,3%
Spread / Average Target 15,9%
Spread / Lowest Target 0,84%
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Managers
NameTitle
Takashi Uchida President & Representative Director
Michiaki Hirose Chairman
Isao Nakajima Chief Financial Officer, Head-Finance & Personnel
Shin Yamagami Managing Executive Officer & GM-Technology
Fumio Murazeki Director & Managing Executive Officer
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