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

Tokyu Corporation

Consolidated Financial Statements

First Three Quarters of the Fiscal Year

Ending March 31, 2022

(April 1, 2021 - December 31, 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 Three Quarters of the Fiscal Year Ending March 31, 2022
Tokyu Corporation		February 10, 2022
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:	February 10, 2022	Telephone: [phone]
Scheduled date of commencement of dividend payment:	－
Supplementary documents for quarterly results:		YES
Quarterly results briefing (for institutional investors and analysts):	NO

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

1. Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2022 (April 1, 2021 to December 31, 2021)

			(Figures in percentages denote the year-on-year change)
1) Consolidated Operating Results					Million yen
	Nine months ended December 31,	Nine months ended December 31,
		2021	2020
			Change (%)		Change (%)
Operating revenue................................................	654,491		-4.6	685,855	-21.0
Operating profit.....................................................	34,884		-	-15,945	-
Recurring profit .....................................................	39,058		-	-12,594	-
Profit attributable to owners of parent ..................	30,177		-	-26,523	-
Net income per share (¥)......................................	50.11			-43.91
Net income per share (diluted) (¥)........................	-			-

Notes: (1) Comprehensive Income: Nine months ended December 31, 2021: ¥34,920 million [-%]

Nine months ended December 31, 2020: ¥-23,852 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 three quarters 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 December 31, 2021	As of March 31, 2021
Total assets ..........................................................	2,503,327	2,476,061
Net assets ............................................................	771,502	752,538
Equity ratio (%) .....................................................	28.7	28.4

Reference: Shareholders' equity: First three quarters ended December 31, 2021: ¥719,158 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 three quarters 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 ...................................................	860,800	-8.0
Operating profit ........................................................	28,000	-
Recurring profit ........................................................	30,800	-
Profit attributable to owners of parent......................	10,000	-
Net income per share (¥) .........................................	16.61

Notes: (1) Revision to consolidated business performance forecasts published most recently: Yes

• 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 December 31, 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 December 31, 2021:	22,739,210	As of March 31, 2021:	20,776,928

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

Nine months ended December 31, 2021:	602,234,689
Nine months ended December 31, 2020:	604,085,321

(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 December 31, 2021: 2,736,700 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 Three Quarters 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 Three Quarters of FY2021" will be disclosed on the Timely Disclosure network (TDnet) and our IR website today (February 10, 2022).

Tokyu Corporation (9005) Financial Statements

• Accompanying Materials - Contents

1. Qualitative Information on Consolidated Financial Results, etc. for the First Three Quarters
	Ended December 31, 2021 .................................................................................................................	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 Three Quarters Ended December 31, 2021

(1) Explanation about Consolidated Financial Results

During the first nine months of the first three quarters under review, the situation surrounding the Japanese economy remained uncertain due to the persistent impact of the COVID-19 pandemic, although there were signs of recovery with respect to some economic activities following the cancellation of the declaration of a state of emergency on October 1.

Operating revenue for the first three quarters under review decreased 4.6% year on year, to ¥654,491 million, due mainly to the negative impact of the application of the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020, hereinafter the "Revenue Recognition Accounting Standard"). Operating profit came to ¥34,884 million (compared to an operating loss of ¥15,945 million in the same period of the previous fiscal year), partly reflecting the sale of a large-scale property in the Real Estate Business, coupled with a recovery in the number of customers, particularly in the Transportation Business and the Hotel and Resort Business, from the levels affected by restraints on outings and temporary sales floor closures due to the state of emergency declared in April, 2020. Recurring profit stood at ¥39,058 million (compared to a recurring loss of ¥12,594 million in the same period of the previous fiscal year). Profit attributable to owners of parent was ¥30,177 million (compared to a loss attributable to owners of parent of ¥26,523 million in the same period of the previous fiscal year), reflecting 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 Revenue Recognition Accounting Standard and related measures have been applied from the beginning of the first quarter. 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 12.6% year on year, reflecting a 6.6% increase in the number of commuters carried and a 21.6% rise in the number of non-commuters carried thanks to a recovery from a decline in the number of users of both services attributable to the state of emergency declared last fiscal year, among other factors.

As a result, operating revenue for the segment increased 12.0% year on year, to ¥124,973 million, with an operating profit of ¥2,856 million for the segment (compared with operating loss of ¥12,320 million in the same period of the previous fiscal year).

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