[Summary]Consolidated Financial Results for the Six-month Period Ended 30 September 2021(Japanese GAAP) (Unaudited)

Consolidated Financial Results for the Six-month Period Ended 30 September 2021

(Japanese GAAP) (Unaudited)

Nagoya Railroad Co., Ltd.	8 November 2021
Stock exchange Listing:	Tokyo Nagoya
Securities code:	9048
URL:	https://top.meitetsu.co.jp/
Representative:	Hiroki Takasaki, President, Director
For further information contact:	Yukinaga Furuhashi, Executive Officer and General Manager, Finance and Accounting Dept.
	Tel: [phone]

Scheduled date of filing of quarterly report:	9 November 2021
Scheduled date of dividend payment commencement:	-
Supplementary explanations of quarterly financial results:	Yes
Quarterly financial results presentation meeting:	Yes (for institutional investors and analysts)

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

1. Consolidated results for the six-month period ended 30 September 2021

(1 April 2021 - 30 September 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		%
Six-month period	224,284	(1.2)	(2,644)		-	2,525		-	1,016		-
ended 30 September 2021
Six-month period	226,942	(28.2)	(14,987)		-	(10,838)		-	(12,404)		-
ended 30 September 2020
Note: Comprehensive income - for the six-month period ended 30 September 2021	¥2,247 million [－%]
	for the six-month period ended 30 September 2020	¥(13,415) million [－%]
	Net income per	Net income per
	share-basic	share-diluted
	Yen		Yen
Six-month period	5.17		4.83
ended 30 September 2021
Six-month period	(63.08)		-
ended 30 September 2020
Note: Net income per share-diluted for the six-month period ended 30 September 2020 is not shown in the above table, because

net income per share was loss although there are potential common shares with dilution effects.

Note: The Company has adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29, March 31, 2020. Accounting Standards Board of Japan),etc. from the beginning of the first quarter accounting period for the fiscal year ending 31 March 2022. Figures for the six-month period ended 30 September 2021 are based on the

figures after application of said accounting standards.

(2) Consolidated financial position

		Total assets	Net assets		Equity ratio
As of	Millions of yen	Millions of yen		%
30	September 2021	1,179,476	410,112		31.7
31	March 2021	1,191,131	407,512		31.2
Reference: Shareholders'	equity- as of 30	September 2021	¥374,200	million

as of 31 March 2021 ¥372,014 million

Note: The Company has adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29, March 31, 2020. Accounting Standards Board of Japan),etc. from the beginning of the first quarter accounting period for the fiscal year ending 31 March 2022. Figures for the six-month period ended 30 September 2021 are based on the figures after application of said accounting standards.

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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	―		0.00	0.00
March 2021
Fiscal year ending 31	―	0.00
March 2022
Fiscal year ending 31			―		12.50	12.50
March 2022 (forecast)
Note: Revisions to the most recently disclosed dividend forecasts: None

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		%
Fiscal year ending	500,000	3.8	3,000		-	10,000		-
31 March 2022
	Profit attributable to	Net income
	owners of the parent	per share-basic
	Millions of yen	%	yen
Fiscal year ending	5,000	-	25.43
31 March 2022

Note: Revisions to the most recently disclosed results forecasts: Yes

Note: The Company has adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29, March 31, 2020. Accounting Standards Board of Japan),etc. from the beginning of the first quarter accounting period for the fiscal ending 31 March 2022. The above forecasts are based on the figures after application of said accounting standards.

Notes

1. Changes in significant consolidated subsidiaries during the period (changes in specific consolidated subsidiaries resulting in changes in the scope of consolidation): None
2. Application of accounting methods which are exceptional for quarterly consolidated financial statements: None
3. Changes in accounting policies, changes in accounting estimates, and restatement of revisions
4. 1. Changes in accounting policies resulting from the revision of the accounting standards: Yes
   2. Changes in accounting policies other than the above: None
   3. Changes in accounting estimates: None
   4. Restatement of revisions: None

(4) Number of issued shares (Common stock)	(Shares)
	Number of issued shares	Number of treasury stock
	(including treasury stock)
As of
30 September 2021	196,700,692	53,772
31 March 2021	196,700,692	50,559
	(Shares)
	Average number of shares
	outstanding during the periods
Six-month period	196,648,641
ended 30 September 2021
Six-month period	196,660,784
ended 30 September 2020

• 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 information 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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(Reference) 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	86,400	10.3	4,300	―	4,600		―
31 March 2022
	Profit		Net income
		per share-basic
	Millions of yen	%	yen
Fiscal year ending	2,500	―	12.71
31 March 2022

Note: Revisions to the most recently disclosed results forecasts: Yes

Note: The Company has adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29, March 31, 2020. Accounting Standards Board of Japan),etc. from the beginning of the first quarter accounting period for the fiscal ending 31 March 2022. The above forecasts are based on the figures after application of said accounting standards.

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4. Quarterly consolidated financial statement and Main Notes

1. Quarterly Consolidated Balance Sheets (Unaudited)

	Millions of yen
	31 March 2021	30 September 2021
ASSETS
Current assets
Cash and deposits	54,019	38,265
Trade notes and accounts receivable	61,829	-
Trade notes, accounts receivable and contract assets	-	51,810
Short-term loans receivable	1,968	1,895
Land and buildings for sale	64,617	75,183
Merchandise and finished goods	6,154	6,050
Work in process	1,846	1,230
Raw materials and supplies	4,566	4,657
Others	20,282	21,959
Allowance for doubtful accounts	(187)	(171)
Total current assets	215,097	200,880
Non-current assets
Property and equipment
Buildings and structures, net	296,888	300,430
Machinery, equipment and vehicles, net	82,583	82,174
Land	359,179	357,629
Lease assets, net	11,625	11,130
Construction in progress	73,951	73,006
Other properties, net	7,199	7,175
Total property and equipment	831,429	831,547
Intangible assets
Right-of-use facilities	5,379	5,212
Goodwill	854	857
Lease assets	75	45
Other intangible assets	2,912	2,895
Total intangible assets	9,222	9,010
Investments and other assets
Investment securities	101,642	103,590
Long-term loans receivable	485	453
Deferred tax assets	16,772	16,818
Others	16,858	17,522
Allowance for doubtful accounts	(376)	(347)
Total investments and other assets	135,382	138,037
Total non-current assets	976,033	978,595
Total assets	1,191,131	1,179,476

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(1) Quarterly Consolidated Balance Sheets (Unaudited)
	Millions of yen
	31 March 2021	30 September 2021
LIABILITIES AND NET ASSETS
Liabilities
Current liabilities
Trade notes and accounts payable	72,424	45,449
Short-term loans payable	53,920	51,206
Commercial papers	-	30,000
Current portion of bonds payable	25,000	-
Lease obligations	1,727	2,156
Income taxes payable	2,808	3,101
Deposits received from employees	20,680	20,572
Provision for bonuses	5,088	5,348
Provision for loss on liquidation	178	16
Allowance for loss on collection of gift certificates outstanding	1,739	344
Others	98,212	109,530
Total current liabilities	281,782	267,727
Non-current liabilities
Bonds payable	215,100	215,100
Long-term loans payable	156,355	157,797
Lease obligations	11,384	10,431
Deferred tax liabilities	3,770	3,683
Deferred tax liabilities for land revaluation	55,222	55,459
Accrued retirement benefits for directors	1,279	977
Provision for loss on liquidation	5,963	5,949
Allowance for loss on collection of gift certificates outstanding	405	-
Employee retirement benefit liability	32,893	33,311
Others	19,461	18,926
Total non-current liabilities	501,836	501,637
Total liabilities	783,619	769,364
Net assets
Shareholders' equity
Common stock	101,158	101,158
Capital surplus	35,289	35,276
Retained earnings	132,675	134,172
Treasury stock	(101)	(107)
Total shareholders' equity	269,022	270,499
Accumulated other comprehensive income
Net unrealised gains on available-for-sale securities	15,402	16,297
Deferred gains and losses on hedges	183	428
Land revaluation increment	86,853	86,547
Foreign currency translation adjustments	(35)	(23)
Retirement benefit adjustments	587	450
Total accumulated other comprehensive income	102,991	103,700
Non-controlling interests	35,497	35,911
Total net assets	407,512	410,112
Total liabilities and net assets	1,191,131	1,179,476

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