April 25, 2024
Consolidated Financial Results Bulletin for the Fiscal Year Ended March 31, 2024 (J-GAAP)
Tokyo Gas Co., Ltd.
Securities code: | 9531 | Stock listings: |
(URL https://www.tokyo-gas.co.jp/en/IR/index.html) | Tokyo Stock Exchange, Nagoya Stock Exchange | |
Representative: | Mr. SASAYAMA Shinichi, Representative | |
Corporate Executive Officer, President and CEO | ||
Contact: | Mr. KOMORI Rikiya, Chief Manager, | Location of head office: Tokyo |
Consolidated Settlements Sect. | ||
General shareholders' meeting schedule: | June 27, 2024 | |
Scheduled date of the filing of securities report: | June 27, 2024 | |
Scheduled date of the start of dividend payments: | June 6, 2024 | |
Preparation of earnings presentation material (yes/no): | Yes | |
Holding of earnings announcement (yes/no): | Yes (for institutional investors) |
(Amounts are rounded down to the nearest million yen)
1. Consolidated Performance for FY2023 ended March 31, 2024 (from April 1, 2023 to March 31, 2024)
(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 | |||||||||
FY2023 ended | 2,664,518 | -19.0% | 220,308 | -47.7% | 228,179 | -44.2% | 169,936 | -39.5% | |
Mar. 31, 2024 | |||||||||
FY2022 ended | 3,289,634 | 52.7% | 421,477 | 230.5% | 408,846 | 199.6% | 280,916 | 193.5% | |
Mar. 31, 2023 | |||||||||
Note: Total comprehensive income
FY2023 ended March 31, 2024: 281,162 million yen (-21.5%)
FY2022 ended March 31, 2023: 358,130 million yen (238.4%)
Diluted profit | Ratio of profit to | Ratio of | Ratio of | |||
Profit per share | ordinary profit to | operating profit to | ||||
per share | shareholders' equity | |||||
total assets | net sales | |||||
FY2023 ended | 411.88 yen | - | 10.4% | 6.1% | 8.3% | |
Mar. 31, 2024 | ||||||
FY2022 ended | 646.99 yen | - | 20.0% | 12.1% | 12.8% | |
Mar. 31, 2023 | ||||||
Reference: Profit or loss on investment accounted for by equity method | ||||||
FY2023 ended March 31, 2024: 3,061 million yen | FY2022 ended March 31, 2023: -4,450 million yen |
(2) Consolidated Financial Position
(Unit: million yen)
Total assets | Total net assets | Equity ratio | Net assets per share | ||||||
As of Mar. 31, 2024 | 3,888,855 | 1,733,218 | 43.6% | 4,249.83 | yen | ||||
As of Mar. 31, 2023 | 3,581,425 | 1,589,301 | 43.5% | 3,595.60 | yen | ||||
Reference: Shareholders' equity | |||||||||
As of March 31, 2024: 1,695,747 million yen | As of March 31, 2023: 1,558,404 million yen |
(3) Consolidated Cash Flows
(Unit: million yen) | ||||
Cash flows from | Cash flows from | Cash flows from | Cash and cash equivalents | |
operating activities | investing activities | financing activities | at end of period | |
FY2023 ended | 331,210 | -362,014 | -73,214 | 363,890 |
Mar. 31, 2024 | ||||
FY2022 ended | 487,030 | -203,522 | -22,403 | 453,432 |
Mar. 31, 2023 | ||||
2. Dividend
Dividend per share (Unit: yen) | Total dividend | Dividend | |||||||||
payments | Payout ratio | ||||||||||
End of | End of | End of | End of | on equity | |||||||
Full-year | (Full-year) | (Consolidated) | |||||||||
(Consolidated) | |||||||||||
1Q | 2Q | 3Q | 4Q | ||||||||
(Unit: million yen) | |||||||||||
FY2022 ended | - | 32.50 | - | 32.50 | 65.00 | 28,186 | 10.0% | 2.0% | |||
Mar. 31, 2023 | |||||||||||
FY2023 ended | - | 32.50 | - | 37.50 | 70.00 | 28,407 | 17.0% | 1.8% | |||
Mar. 31, 2024 | |||||||||||
FY2024 ending | - | 35.00 | - | 35.00 | 70.00 | - | |||||
Mar. 31, 2025 (Forecast) | |||||||||||
3. Consolidated Results Forecast for FY2024 ending March 31, 2025 (April 1, 2024 - March 31, 2025)
(Unit: million yen) | ||||||||||
(% of change from the corresponding | period of previous year) | |||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | Profit per | ||||||
owners of parent | share | |||||||||
Full-year | 2,642,000 | -0.8% | 113,000 | -48.7% | 111,000 | -51.4% | 80,000 | -52.9% | 205.40 | |
*Notes
-
Significant changes in consolidated subsidiaries (changes in specified subsidiaries resulting in change of scope of consolidation during the year) (yes/no): Yes
Newly included: 4 (names) Rockcliff Energy II LLC (note 1), Rockcliff Energy Operating LLC (note 2), TGAM Trading, LLC, TGARM Investment, LLC
Excluded: 2 (names) TGBI 1. LLC, TG Barnett Resources LP
Notes: 1. Rockcliff Energy II LLC has been renamed TGNR Intermediate Holdings LLC, effective April 1, 2024. 2. Rockcliff Energy Operating LLC has been renamed TGNR East Texas II LLC, effective April 1, 2024.
Reference: Scope of consolidation and application of equity method
Number of consolidated subsidiaries: 104 (Increased by 14 companies and decreased by 12 companies)
Number of subsidiaries and affiliates accounted for by equity method: 23 (Increased by 9 companies and decreased by 1 company)
- Change in accounting policies or estimates and retrospective restatements
- Change in accounting policies in accordance with revision of accounting standards: No
- Change in accounting policies other than item 1) above: No
- Change in accounting estimates: No
- Retrospective restatements: No
- Number of issued shares (common stock)
(Unit: share) | |||||
1) | Number of issued shares at end of | Mar. 31, 2024 | 400,452,159 | Mar. 31, 2023 | 434,875,059 |
period (including treasury stock): | |||||
2) | Number of shares of treasury stock | Mar. 31, 2024 | 1,436,376 | Mar. 31, 2023 | 1,455,205 |
at end of period: | |||||
3) | Average number of shares during | Apr. 2023- Mar.2024 | 412,584,717 | Apr. 2022- Mar.2023 | 434,188,168 |
period: | |||||
(Reference)
1. Non-Consolidated Business Results for FY2023 ended March 31, 2024 (April 1, 2023 - March 31, 2024)
(1) Non-Consolidated Business Performance
(Unit: million yen) (% of change from the corresponding period of previous year)
Net sales | Operating profit | Ordinary profit | Net income | ||||||
FY2023 ended | 2,376,447 | -20.8% | 126,258 | -58.1% | 155,575 | -48.8% | 124,300 | -39.4% | |
Mar. 31, 2024 | |||||||||
FY2022 ended | 2,999,878 | 55.3% | 301,426 | 480.6% | 303,621 | 532.8% | 205,171 | 442.9% | |
Mar. 31, 2023 | |||||||||
Profit per share | Diluted profit | ||||||||
per share | |||||||||
FY2023 ended | 301.27 yen | - | |||||||
Mar. 31, 2024 | |||||||||
FY2022 ended | 472.54 yen | - | |||||||
Mar. 31, 2023 | |||||||||
(2) Non-Consolidated Financial Position | |||||||||
(Unit: million yen) | |||||||||
Total assets | Total net assets | Equity ratio | Net assets per share | ||||||
As of Mar. 31, 2024 | 2,698,141 | 980,081 | 36.3% | 2,456.25 yen |
As of Mar. 31, 2023
2,696,080
991,764
36.8%
2,288.23 yen
Reference: Shareholders' equity | |
As of March 31, 2024: 980,081 million yen | As of March 31, 2023: 991,764 million yen |
- 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
-
Earnings forecasts involve significant uncertainties, including the impact of the situation between Russia and Ukraine. Forecasts may vary significantly depending on future developments.
For details of the above forecasts, please refer to "1. Overview of Business Performance, etc. (2) Future outlook" on page 6 of the Attachment. - The information related to this Financial Results will be posted on the Web site of the Company.
Contents of Attachment | ||
I. Overview of Business Performance, etc | 2 | |
(1) | Overview of business performance and financial position of FY2023 | 2 |
(2) | Future outlook | 6 |
(3) | Basic policy on profit sharing and dividends for FY2023 and FY2024 | 7 |
II. Basic Concept Regarding Selection of Accounting Standards | 7 | |
III. Consolidated Financial Statements and Main Notes | 8 | |
(1) | Consolidated balance sheets | 8 |
(2) | Consolidated statements of income and comprehensive income | 10 |
(Consolidated statement of income) | 10 | |
(Consolidated statement of comprehensive income) | 11 | |
(3) | Consolidated statements of changes in equity | 12 |
(4) | Consolidated statements of cash flows | 16 |
(5) | Notes on consolidated financial statements | 18 |
1) | (Note on going concerns' premise) | 18 |
2) | (Additional information) | 18 |
3) | (Changes in presentation) | 19 |
4) | (Segment information, etc.) | 21 |
5) | (Per share information) | 24 |
6) | (Material subsequent events) | 25 |
IV. Non-Consolidated Financial Statements | 26 | |
(1) | Balance sheets | 26 |
(2) | Statements of income | 28 |
1
- Overview of Business Performance, etc.
-
Overview of business performance and financial position of FY2023 (Business performance of FY2023)
During the fiscal year under review, Japan's economy recovered moderately on the back of a recovery trend in capital expenditures, although weakness remained in some areas of consumer spending and exports. The economy is expected to continue to recover moderately as a result of various policy measures and as the employment and income environment improves. Nevertheless, the economic outlook requires close attention due to recent price increases, the situation in the Middle East, and fluctuations in financial and capital markets.
In addition, the environment surrounding the Group has undergone significant changes, such as the emergence of a global trend toward decarbonization and digitalization. Regarding decarbonization, the development of an environment for green transformation investment by the public and private sectors is progressing, and related innovations are entering the social implementation phase. In terms of digitalization, the use of generative AI and other technologies for business is advancing rapidly. Customer values are diversifying along with these social changes, ushering in an era in which we can no longer meet customer needs by providing products and services in the same way as before.
The year 2023 marked the first year of the Group's current Medium-term Management Plan, Compass Transformation 23-25.
In light of such changes of business environment, we have implemented diverse actions under our three core
strategies, focusing on green transformation (GX), digital transformation (DX), and customer experience (CX). The core strategies are "Achieving both stable energy supply and decarbonization", "Fully rolling out Solutions business" and "Realize a flexible corporate culture resilient to change".
In the fiscal year under review, the Energy Solution segment saw a decrease in city gas sales volume to industrial customers mainly as a result of lower demand from customers that use gas for power generation. In electric power sales, while the retail sales volume increased due to a higher number of contracts, the sales volume of wholesale, etc. dropped due to a decline in demand from wholesale customers.
In the Network segment, third-party access revenue was affected by high temperatures. In the Overseas segment, the balance of income and expenses deteriorated, primarily reflecting a drop in selling prices in the LNG business in Australia and North America owing to a global decline in market prices. In the Urban Development Segment, Profit from real estate sales increased.
Reflecting these economic conditions and changes in the business climate, consolidated net sales totaled ¥2,664.5 billion, down 19.0% year on year, and operating expenses were ¥2,444.2 billion, down 14.8% year on year.
Consequently, operating profit was ¥220.3 billion, down 47.7% year on year, and ordinary profit totaled ¥228.1 billion, down 44.2% year on year. Meanwhile, profit attributable to owners of the parent came to ¥169.9 billion, down 39.5% year on year after recording the following: extraordinary income of ¥25.1 billion in gain on sales of investment securities and ¥2.2 billion in gain on the valuation of long-term loans as extraordinary income; extraordinary losses of ¥3.4 billion in impairment loss; and income taxes.
Segment sales decreased by ¥639.7 billion to ¥2,422.8 billion, mainly due to a decrease in unit sales price owing to resource cost adjustments and a drop in electric power sales.
Operating expenses stood at ¥2,223.2 billion, owing in part to a downward trend in crude oil prices from the previous fiscal year.
Accordingly, operating profit of the segment decreased by ¥161.6 billion to ¥200.8 billion. (Gas)
The sales volume of city gas was 11,303 million m3, down 10.1% year on year. This includes residential demand of 2,724 million m3, which decreased 2.8% year on year due to lower demand for hot water supply caused by high temperatures. Commercial demand increased 2.3% year on year to 2,275 million m3 due to an increase in demand for air conditioning owing to high temperatures.
Industrial demand fell 20.1% year on year to 4,741 million m3 due to a slowdown in user operations.
Supply to other utilities decreased 3.2% year on year to 1,563 million m3 due to a decline in operations of other utilities.
2
FY2023 | FY2022 | Change | % change | ||||
No. of customers for city | Thousands | 8,789 | 8,701 | 88 | 1.0 | ||
gas retail sales | |||||||
No. of customers (meters) | Thousands | 12,451 | 12,331 | 120 | 1.0 | ||
volume | Residential | Mil. m3 | 2,724 | 2,802 | -78 | -2.8 | |
Commercial | Mil. m3 | 2,275 | 2,224 | 51 | 2.3 | ||
sales | Industrial | Mil. m3 | 4,741 | 5,932 | -1,191 | -20.1 | |
Subtotal | Mil. m3 | 7,016 | 8,156 | -1,140 | -14.0 | ||
gas | |||||||
Supplies to other utilities | Mil. m3 | 1,563 | 1,616 | -53 | -3.2 | ||
City | |||||||
Total | 3 | 11,303 | 12,574 | -1,271 | -10.1 | ||
Mil. m | |||||||
Average temperature | °C | 17.5 | 16.8 | 0.7 | - | ||
Notes: |
- No. of customers for city gas retail sales indicates the number of billed customers for city gas retail sales.
- The number of installed meters is the number of meters installed as a gas pipeline operator.
- "Commercial" indicates sales to commercial, public and medical institutions.
- City gas sales volumes are on the basis of 45MJ/m3.
¥/$ rate
FY2023 | FY2022 | Change |
144.58 | 135.50 | 9.08 |
Crude oil
price
($/bbl)
FY2023 | FY2022 | Change |
85.97 | 102.73 | -16.76 |
(Electric power)
FY2023 | FY2022 | Change | % change | |||
No. of customers for | Thousands | 3,871 | 3,475 | 396 | 11.4 | |
electric power retail sales | ||||||
Electric | Retail | million kWh | 13,439 | 12,019 | 1,420 | 11.8 |
power | ||||||
Wholesale etc. | million kWh | 12,040 | 22,426 | -10,386 | -46.3 | |
sales | ||||||
Total | million kWh | 25,479 | 34,445 | -8,966 | -26.0 | |
volume | ||||||
Note: No. of customers for electric power retail sales indicates the number of billed customers for electric power retail sales.
2) Network
Sales decreased by ¥10.4 billion year on year to ¥326.4 billion. Operating expenses were ¥330.4 billion. Segment profit/loss was a loss of ¥3.9 billion, down ¥9.8 billion from the previous fiscal year.
3) Overseas
Sales decreased by ¥39.9 billion year on year to ¥120.0 billion. Operating expenses were ¥90.2 billion.
Segment profit was ¥30.8 billion, down ¥37.1 billion year on year, as a result of posting the share of profit of entities accounted for using the equity method.
4) Urban development business
Sales increased by ¥28.5 billion year on year to ¥91.1 billion. Operating expenses were ¥68.8 billion.
Segment profit was ¥22.9 billion, up ¥7.8 billion year on year, as a result of posting the share of profit of entities accounted for using the equity method.
3
(Unit: million yen ) | |||||
Energy solution | Network | Overseas | Urban development | ||
FY2023 | 2,422,873 | 326,459 | 120,021 | 91,113 | |
(% of total) | (81.8%) | (11.0%) | (4.1%) | (3.1%) | |
Sales | FY2022 | 3,062,554 | 336,812 | 159,912 | 62,676 |
(% of total) | (84.6%) | (9.3%) | (4.4%) | (1.7%) | |
Amount of change | -639,681 | -10,353 | -39,891 | 28,437 | |
(Rate of change) | (-20.9%) | (-3.1%) | (-24.9%) | (45.4%) | |
FY2023 | 2,223,299 | 330,418 | 90,265 | 68,897 | |
(% of total) | (82.0%) | (12.2%) | (3.3%) | (2.5%) | |
Operation | FY2022 | 2,699,963 | 330,818 | 86,866 | 48,283 |
expenses | (% of total) | (85.4%) | (10.4%) | (2.7%) | (1.5%) |
Amount of change | -476,664 | -400 | 3,399 | 20,614 | |
(Rate of change) | (-17.7%) | (-0.1%) | (3.9%) | (42.7%) | |
FY2023 | 200,812 | -3,959 | 30,846 | 22,946 | |
(% of total) | (80.1%) | (-1.6%) | (12.3%) | (9.2%) | |
Segment | FY2022 | 362,491 | 5,993 | 67,911 | 15,177 |
profit/loss | (% of total) | (80.3%) | (1.3%) | (15.0%) | (3.4%) |
Amount of change | -161,679 | -9,952 | -37,065 | 7,769 | |
(Rate of change) | (-44.6%) | - | (-54.6%) | (51.2%) |
Notes: 1. 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/loss are operating profit plus or minus the share of profit/loss of entities accounted for using the equity method.
- Due to a review of our system for providing services to regional administrations and local governments, we have transferred some of the businesses previously included in the Network segment to the Energy Solutions segment or to the corporate business, effective from the consolidated fiscal year under review. Note that the segment information for the previous consolidated fiscal year is presented based on the reporting segment classification after the above segment changes.
4
(Financial position in FY2023)
1) Situation of assets, debt and net assets
Assets increased by ¥307.4 billion from the end of the previous consolidated fiscal year to ¥3,888.8 billion due mainly to an increase in mining rights as a result of the acquisition of Rockcliff Energy II LLC.
Liabilities increased by ¥163.5 billion to ¥2,155.6 billion due in part to an increase in interest-bearing debt mainly due to corporate bonds and long-term borrowings.
Net assets increased by ¥143.9 billion to ¥1,733.2 billion due to an increase in shareholders' equity, partly as a result of the posting of profit attributable to owners of the parent, and an increase in accumulated other comprehensive income, offsetting the distribution of capital surplus, the acquisition of treasury shares, and other factors.
Since the growth rate of equity capital (the sum of shareholders' equity and accumulated other comprehensive income) was higher than the growth rate of total assets, the equity ratio increased by 0.1 percentage points to 43.6% compared to the end of the previous consolidated fiscal year.
(Unit: hundred million yen) | ||||||
FY2023 | FY2022 | Change | % change | |||
Energy solution | 688 | 778 | -90 | -11.6 | ||
Network | 807 | 816 | -9 | -1.1 | ||
Overseas | 403 | 304 | 99 | 32.6 | ||
Urban development | 158 | 245 | -87 | -35.6 | ||
Adjustments | -5 | -12 | 7 | - | ||
Total | 2,052 | 2,132 | -80 | -3.8 | ||
2) Situation of cash flow | ||||||
(Unit: hundred million yen) | ||||||
FY2023 | FY2022 | Change | ||||
Cash flow from operating activities | 3,312 | 4,870 | -1,558 | |||
Cash flow from investing activities | -3,620 | -2,035 | -1,585 | |||
Cash flow from financing activities | -732 | -224 | -508 | |||
Cash and cash equivalents at end of year | 3,638 | 4,534 | -896 | |||
a) Cash flow from operating activities
Cash and cash equivalents obtained as a result of operating activities totaled ¥331.2 billion. Cash and cash equivalents increased mainly due to the posting of income before income taxes (¥252.0 billion) and depreciation and amortization (¥208.2 billion), despite payments for corporate income taxes (-¥172.0 billion), etc.
b) Cash flow from investing activities
Cash and cash equivalents used in investing activities totaled ¥362.0 billion. Cash and cash equivalents decreased mainly due to the purchase of subsidiary shares resulting in a change in the scope of consolidation (-¥219.9 billion), the purchase of property, plant and equipment associated with capital expenditure (-¥180.7 billion), despite proceeds from sale of subsidiary shares resulting in a change in the scope of consolidation (¥89.3 billion) , etc.
c) Cash flow from financing activities
Cash and cash equivalents used in financing activities totaled ¥73.2 billion. Cash and cash equivalents decreased mainly due to repayments of long-term borrowings (-¥154.9 billion), the purchase of treasury shares (-¥113.0 billion), and dividends paid (-¥27.5 billion), despite proceeds from long-term borrowings (¥148.5 billion), decrease in net increase in commercial papers (¥77.0 billion).
5
(2) Future outlook
In FY2024, which ends March 31, 2025, we forecast city gas sales volume to total 11,422 million m3, an increase of 1.1% versus FY2023, due to an expected increase in residential demand and an expected growth in industrial demand from power generation customers, although we expect demand for air conditioning from commercial customers to decline, as we set our temperature forecast to be in line with an average year. We forecast electric power sales volume to decrease 5.6% year on year to 24,060 million kWh, mainly due to a drop in sales volume to wholesalers. Net sales are expected to decrease by 0.8% year on year, reflecting a decline in the unit sales price in conjunction with resource cost adjustments and a drop in electric power sales volume. Meanwhile, operating expenses are expected to increase primarily due to an increase in depreciation in the overseas business.
Taking these factors into account, we forecast consolidated net sales of ¥2,642.0 billion, a decrease of ¥22.5 billion or 0.8% year on year, operating profit of ¥113.0 billion, a fall of ¥107.3 billion or 48.7% year on year, ordinary profit of ¥111.0 billion, a drop of ¥117.1 billion or 51.4% year on year, and profit attributable to owners of the parent of ¥80.0 billion, a decline of ¥89.9 billion or 52.9% year on year.
The economic frame assumed for FY2024 is ¥145/$ for foreign exchange rate for the full-year, and $80/bbl for the full- year for crude oil price.
a. Consolidated city gas sales volume forecast for FY2024
FY2024 | FY2023 | Change | % change | |||||||||||||||||||
(Forecast) | (Results) | |||||||||||||||||||||
City gas | Residential | Mil. m3 | 2,816 | 2,724 | 92 | 3.4 | ||||||||||||||||
sales | Others | Mil. m3 | 8,606 | 8,579 | 27 | 0.3 | ||||||||||||||||
volume | Total | Mil. m3 | 11,422 | 11,303 | 119 | 1.1 | ||||||||||||||||
Average temperature | °C | 16.4 | 17.5 | -1.1 | - | |||||||||||||||||
b. Consolidated electric power sales volume forecast for FY2024 | ||||||||||||||||||||||
FY2024 | FY2023 | Change | % change | |||||||||||||||||||
(Forecast) | (Results) | |||||||||||||||||||||
Total electric power | million kWh | 24,060 | 25,479 | -1,419 | -5.6 | |||||||||||||||||
sales volume | ||||||||||||||||||||||
c. Consolidated earnings forecast for FY2024 | ||||||||||||||||||||||
(Unit: hundred million yen) | ||||||||||||||||||||||
Net sales | Operating profit | Ordinary profit | Profit attributable to | |||||||||||||||||||
owners of parent | ||||||||||||||||||||||
FY2024 (forecast) | 26,420 | 1,130 | 1,110 | 800 | ||||||||||||||||||
FY2023 (results) | 26,645 | 2,203 | 2,281 | 1,699 | ||||||||||||||||||
Change | -225 | -1,073 | -1,171 | -899 | ||||||||||||||||||
% change | -0.8% | -48.7% | -51.4% | -52.9% | ||||||||||||||||||
< Foreign exchange rate and crude oil price forecast for FY2024> | ||||||||||||||||||||||
FY2024 | FY2023 | Change | Crude oil | FY2024 | FY2023 | Change | ||||||||||||||||
¥/$ rate | (Forecast) | (Results) | price | (Forecast) | (Results) | |||||||||||||||||
145.00 | 144.58 | 0.42 | ($/bbl) | 80.00 | 85.97 | -5.97 |
6
(3) Basic policy on profit sharing and dividends for FY2023 and FY2024
The Company allocates its management results to the improvement of customer service and realization of a sustainable society, as well as sharing them with shareholders in an appropriate and timely manner. Our basic dividend policy is to maintain stable dividends while at the same time offering gradual dividend increases in accordance with profit growth by comprehensively taking into consideration medium- to long-term profit levels.
The Company revised its Articles of Incorporation on June 29, 2021. Owing to a resolution approved by the Board of Directors, it is now possible for the Company to set a dividend. As of the Board of Directors held of April 25, 2024, the Board has set the per-share dividend at ¥37.50. Reflecting this, the annual dividend per share will be ¥70 for FY2023, including an interim dividend of ¥32.50.
The dividend forecast for FY2024 is an annual dividend of ¥70 per share (including interim dividend of ¥35).
II. Basic Concept Regarding Selection of Accounting Standards
The Tokyo Gas Group prepares consolidated financial statements based on Japanese standards in consideration of comparability of consolidated financial statements between companies. It intends to respond appropriately regarding the application of IFRS, taking into account the situations in both Japan and abroad.
7
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Tokyo Gas Co. Ltd. published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 06:52:03 UTC.