Tokyu : ［Delayed] Consolidated Financial Statements First Quarter of the Fiscal Year Ending March 31, 2022

Tokyu Corporation

Consolidated Financial Statements

First Quarter of the Fiscal Year

Ending March 31, 2022

(April 1, 2021 - June 30, 2021)

This document has been translated from the original Japanese as a guide for non-Japanese investors. It contains forward-looking statements based on a number of assumptions and beliefs made by management in light of information currently available. Actual financial results may differ materially depending on a number of factors, including changing economic conditions, legislative and regulatory developments, delay in new product and service launches, and pricing and product initiatives of competitors.

SUMMARY OF FINANCIAL STATEMENTS [Japanese Accounting Standards] (Consolidated)

	For the First Quarter of the Fiscal Year Ending March 31, 2022
Tokyu Corporation		August 11, 2021
Stock Code:	9005	Listed exchanges:	Tokyo Stock Exchange First Section
URL:	https://www.tokyu.co.jp/	Inquiries:	Hiroaki Nishimura, General Manager and
President	Kazuo Takahashi		Senior Manager, Accounting and IR Group
Planned date for submission of quarterly financial reports:	August 11, 2021	Telephone: [phone]
Scheduled date of commencement of dividend payment:	－
Supplementary documents for quarterly results:	YES

Quarterly results briefing (for institutional investor and analysts): NO

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

1. Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2022 (April 1, 2021 to June 30, 2021)

		(Figures in percentages denote the year-on-year change)
1) Consolidated Operating Results				Million yen
	Three months ended June 30, 2021	Three months ended June 30, 2020
		Change (%)		Change (%)
Operating revenue................................................	199,175	-5.0	209,755	-25.1
Operating profit.....................................................	1,129	-	-15,716	-
Recurring profit .....................................................	1,714	-	-18,161	-
Profit attributable to owners of parent ..................	9,309	-	-20,141	-
Net income per share (¥)......................................	15.45		-33.34
Net income per share (diluted) (¥)........................	-		-

Notes: (1) Comprehensive Income: Three months ended June 30, 2021: ¥14,253 million [-%]

Three months ended June 30, 2020: ¥-21,757 million [-%]

1. As the Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. from the beginning of the first quarter of the fiscal year ending March 31, 2022, the figures for the first quarter of the fiscal year ending March 2022 are the figures after the relevant accounting standards have been adopted.

2) Consolidated Financial Position		Million yen
	As of June 30, 2021	As of March 31, 2021
Total assets ..........................................................	2,479,855	2,476,061
Net assets ............................................................	754,094	752,538
Equity ratio (%) .....................................................	28.4	28.4

Reference: Shareholders' equity: First quarter ended June 30, 2021: ¥703,701 million FY ended March 31, 2021: ¥702,355 million

Note: As the Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. from the beginning of the first quarter of the fiscal year ending March 31, 2022, the figures for the first quarter of the fiscal year ending March 2022 are the figures after the relevant accounting standards have been adopted.

2. Dividends

	FY ending March 31, 2022	FY ending March 31,	FY ended March 31,
	(forecast)	2022	2021
Dividend per share - end of first quarter (¥)		-	-
Dividend per share - end of first half (¥)	7.50		10.00
Dividend per share - end of third quarter (¥)	-		-
Dividend per share - end of term (¥)	7.50		5.00
Dividend per share - annual (¥)	15.00		15.00

Note: Revisions to dividend forecasts published most recently: No

3. Consolidated Forecast for the Fiscal Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022)

(Figures in percentages denote the year-on-year change) Million yen

	Full year
		Change (%)
Operating revenue ...................................................	898,200	-4.0
Operating profit ........................................................	20,000	-
Recurring profit ........................................................	15,600	-
Profit attributable to owners of parent......................	10,000	-
Net income per share (¥) .........................................	16.55

Notes: (1) Revision to consolidated business performance forecasts published most recently: No

• 1. As the Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. from the beginning of the first quarter of the fiscal year ending March 31, 2022, the above consolidated earnings forecasts are figures after adopting the relevant accounting standards.
• Notes

1. Changes in important subsidiaries during the consolidated quarter (cumulative) under review (changes in specified subsidiaries resulting in changes in the scope of consolidation): No
2. Application of specific accounting treatment to the preparation of quarterly consolidated financial statements: No
3. Changes in accounting policies, changes in accounting estimates, and restatement of revisions
4. 1. Changes in accounting policies with revision of accounting standards, etc.: Yes
   2. Changes in accounting policies other than 1): No
   3. Changes in accounting estimates: No
   4. Restatement of revisions: No

(Note) For details, please see the statement under the heading of "2. Matters Relating to Summary Information (Notes), (1) Changes in accounting policies, Changes in accounting estimates, and restatement of revisions" on page 3 of the accompanying materials.

1. Number of shares issued (common stock)

1. Number of shares issued at the end of the term (including treasury stock) (shares)

As of June 30, 2021:	624,869,876	As of March 31, 2021:	624,869,876
2) Number of treasury stock at the end of the term (shares)
As of June 30, 2021:	23,296,615	As of March 31, 2021:	20,776,928

3) Average numbers of shares issued during the terms (quarterly consolidated accumulation periods)

Three months ended June 30, 2021:	602,724,744
Three months ended June 30, 2020:	604,070,477

(Note) The number of treasury stock includes shares of the Company held by a group of shareholding employees in trust and

compensation for Directors in trust, as follows:
As of June 30, 2021: 3,296,000 shares	As of March 31, 2021: 310,500 shares

• The summary of financial statements is not subject to audit.
• Explanations about the proper use of financial forecasts and other important notes (Notes on forecast results)
  The forecast results presented above are based on information available on the date of this announcement and assumptions considered reasonable.
  Actual results may differ materially from the forecasts depending on a number of factors.
  For details on the forecast results, please see the statement under the heading of "1. Qualitative Information on Consolidated Financial Results, etc. for the First Quarter of FY2021, (3) Explanation about the future outlook, including forecast for consolidated earnings" in the accompanying materials.

(Method of acquiring supplementary documents for quarterly results)

The "Summary of Results for the First Quarter of FY2021" will be disclosed on Timely Disclosure network (TDnet) and our IR website today (August 11, 2021).

Tokyu Corporation (9005) Financial Statements

• Accompanying Materials - Contents

1. Qualitative Information on Consolidated Financial Results, etc. for the First Quarter
	of FY2021 ...........................................................................................................................................	Page 2
	(1)	Explanation about Consolidated Financial Results .......................................................................	Page 2
	(2)	Explanation about Consolidated Financial Position ......................................................................	Page 4
	(3)	Explanation about the future outlook, including forecast for consolidated earnings .....................	Page 4
2.	Matters Relating to Summary Information (Notes) .............................................................................	Page 5
	(1)	Changes in accounting policies, Changes in accounting estimates,
		and restatement of revisions .........................................................................................................	Page 5
3.	Quarterly Consolidated Financial Statements and Primary Notes .....................................................	Page 7
	(1)	Quarterly Consolidated Balance Sheets .......................................................................................	Page 7
	(2)	Quarterly Consolidated Statement of Income and Quarterly Consolidated Statements of
		Comprehensive Income ................................................................................................................	Page 9
		Quarterly Consolidated Statements of Income .............................................................................	Page 9
		Quarterly Consolidated Statements of Comprehensive Income .................................................	Page 10
	(3)	Notes to Quarterly Consolidated Financial Statements ..............................................................	Page 11
		(Notes Regarding the Premise of a Going Concern) ..................................................................	Page 11
		(Notes If There Is a Considerable Change to Shareholders' Equity) ..........................................	Page 11
		(Matters Related to Consolidated Quarterly Statements of Income) ..........................................	Page 11
		(Additional Information) ...............................................................................................................	Page 11
		(Segment Information).................................................................................................................	Page 12

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Tokyu Corporation (9005) Financial Statements

1. Qualitative Information on Consolidated Financial Results, etc. for the First Quarter of FY2021

(1) Explanation about Consolidated Financial Results

During the first quarter of the consolidated fiscal year under review, the situation surrounding the Japanese economy continued to be uncertain due to the COVID-19 pandemic. Businesses operated by the Company and its consolidated subsidiaries were affected by the reduced business hours and the temporary closure of some sales floors due to the third state of emergency that was declared in April this year.

Operating revenue for the first quarter under review decreased 5.0% year on year, to ¥199,175 million, due to the application of the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020, hereinafter the "Revenue Recognition Accounting Standard"), etc. Operating profit came to ¥1,129 million (compared to the operating loss of ¥15,716 million in the same period of the previous fiscal year) because the number of customers began to recover mainly in the Transportation Business and the Hotel and Resort Business following the people refraining from leaving home and the temporary closure of sales floors which impacted the Company's businesses during the state of emergency declared in April last year. Recurring profit stood at ¥1,714 million (compared to the recurring loss of ¥18,161 million in the same period of the previous fiscal year). Profit attributable to owners of parent was ¥9,309 million (compared to loss attributable to owners of parent of ¥20,141 million in the same period of the previous fiscal year) due to the posting of gain on sale of fixed assets.

Operating results on a segmental basis are as follows. The results for individual segments include inter-segment internal revenues or transfers where applicable. The Company presents operating profit for each reported segment as segment profit in this document.

The Group began applying the Revenue Recognition Accounting Standard and related measures at the beginning of the first quarter of the consolidated fiscal year under review. For details, please see "2. Matters Relating to Summary Information (Notes), (1) Changes in accounting policies, Changes in accounting estimates, and restatement of revisions".

(i) Transportation

In the Transportation Business segment, the number of passengers carried in the railway operations business of Tokyu Railways climbed 33.1% year on year, reflecting a 14.3% increase in the number of commuters carried and a 73.5% rise in the number of non-commuters carried.

As a result, operating revenue for the segment increased 31.6% year on year, to ¥39,530 million, resulting in an operating profit of ¥271 million for the segment (as opposed to operating loss of ¥9,826 million in the same period of the previous fiscal year).

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