Odakyu Electric Railway : Summary of Consolidated Financial Results for the Three Months Ended June 30,2022(Based on Japanese GAAP)

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Three Months Ended June 30, 2022 (Based on Japanese GAAP)

				July 29, 2022
Company name:	Odakyu Electric Railway Co.,Ltd.
Stock exchange listing:	Tokyo
Stock code:	9007	URL https://www.odakyu.jp/
Representative:	President & CEO	Koji Hoshino
Inquiries:	Office Manager, IR Office	Satoru Suzuki	TEL [phone]
Scheduled date to file Quarterly Securities Report:	August 12, 2022
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	No

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022)

(1) Consolidated operating results (cumulative)								Percentages indicate year-on-year changes
	Operating revenue		Operating profit	Ordinary profit		Profit attributable to
				owners of parent
	Millions of yen		%	Millions of yen		%	Millions of yen			%	Millions of yen		%
Three months ended June 30, 2022	91,469		3.5		7,252		132.4		8,665		138.4		5,593		(23.8)
Three months ended June 30, 2021	88,355		-		3,120		-		3,634			-		7,341		-
	Earnings per share		Diluted earnings per share
			Yen						Yen
Three months ended June 30, 2022			15.39						-
Three months ended June 30, 2021			20.22						-
(2) Consolidated financial position
	Total assets				Net assets		Equity ratio
	Millions of yen			Millions of yen					%
As of June 30, 2022	1,298,933		351,285				26.9
As of March 31, 2022	1,285,230		349,257				27.0
2. Cash dividends
						Annual dividends per share
	1st quarter-end	2nd quarter-end		3rd quarter-end	Fiscal year-end	Total
	Yen				Yen			Yen				Yen			Yen
Year ended March 31, 2022		-			0.00				-				10.00			10.00
Year ending March 31, 2023		-
Year ending March 31, 2023 (Forecast)					0.00				-				10.00			10.00

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

Percentages indicate year-on-year changes

	Operating revenue	Operating profit	Ordinary profit	Profit attributable to	Earnings per share
	owners of parent
Six months ending	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Yen
195,500	11.9	14,800	426.9	14,000	449.6	7,600	(4.8)	20.92
September 30, 2022
Full year	401,100	11.8	24,600	299.8	22,300	374.5	10,000	(17.5)	27.52

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4. Notes

1. Changes in significant subsidiaries during the three months ended June 30, 2022 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

No

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:	Yes
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of June 30, 2022	368,497,717	shares	As of March 31, 2022	368,497,717	shares
Number of treasury shares at the end of the period
	As of June 30, 2022	5,133,336	shares	As of March 31, 2022	5,132,551	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Three months ended June 30, 2022	363,364,930	shares	Three months ended June 30, 2021	363,169,726	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2022	As of June 30, 2022
Assets
Current assets
Cash and deposits	21,982	42,060
Notes and accounts receivable - trade, and contract assets	24,435	21,916
Merchandise and finished goods	4,593	4,630
Land and buildings for sale in lots	36,831	39,123
Work in process	860	1,057
Raw materials and supplies	2,255	2,533
Other	35,191	34,728
Allowance for doubtful accounts	(607)	(609)
Total current assets	125,542	145,440
Non-current assets
Property, plant and equipment
Buildings and structures, net	495,404	489,236
Machinery, equipment and vehicles, net	57,656	56,794
Land	474,668	474,575
Construction in progress	24,899	27,740
Other, net	9,501	8,847
Total property, plant and equipment	1,062,130	1,057,193
Intangible assets
Goodwill	1,375	1,306
Other	20,574	19,588
Total intangible assets	21,949	20,895
Investments and other assets
Investment securities	53,675	53,600
Other	23,204	23,074
Allowance for doubtful accounts	(1,272)	(1,272)
Total investments and other assets	75,607	75,403
Total non-current assets	1,159,687	1,153,492
Total assets		1,285,230	1,298,933

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			(Millions of yen)
		As of March 31, 2022	As of June 30, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade	21,239	18,726
Short-term borrowings	183,116	185,996
Current portion of bonds payable	30,010	30,010
Income taxes payable	9,440	2,455
Provision for bonuses	6,440	7,665
Provision for redemption of gift certificates	1,724	1,741
Other provisions	105	72
Other	88,106	106,603
Total current liabilities	340,182	353,271
Non-current liabilities
Bonds payable	217,005	217,005
Long-term borrowings	259,891	257,814
Long-term accounts payable to Japan railway	59,005	59,005
construction, transport and technology agency
Retirement benefit liability	13,841	14,248
Asset retirement obligations	1,672	1,657
Other	44,373	44,644
Total non-current liabilities	595,789	594,376
Total liabilities	935,972	947,647
Net assets
Shareholders' equity
Share capital	60,359	60,359
Capital surplus	58,089	58,089
Retained earnings	215,575	217,513
Treasury shares	(6,297)	(6,299)
Total shareholders' equity	327,726	329,662
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	16,097	16,518
Revaluation reserve for land	537	537
Remeasurements of defined benefit plans	2,501	2,149
Total accumulated other comprehensive income	19,136	19,206
Non-controlling interests	2,394	2,416
Total net assets	349,257	351,285
Total liabilities and net assets		1,285,230	1,298,933

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Millions of yen)
		Three months ended	Three months ended
		June 30, 2021	June 30, 2022
Operating revenue	88,355	91,469
Operating expenses
Operating expenses and cost of sales of transportation	66,134	64,687
Selling, general and administrative expenses	19,100	19,529
Total operating expenses	85,234	84,216
Operating profit	3,120	7,252
Non-operating income
Interest income	5	4
Dividend income	849	835
Share of profit of entities accounted for using equity method	164	595
Subsidy income	-	549
Miscellaneous income	1,004	896
Total non-operating income	2,024	2,880
Non-operating expenses
Interest expenses	1,244	1,122
Miscellaneous expenses	266	345
Total non-operating expenses	1,511	1,468
Ordinary profit	3,634	8,665
Extraordinary income
Gain on sale of non-current assets	2,958	204
Contribution for construction	432	483
Gain on sale of investment securities	4,267	32
Subsidy income	1,400	-
Other	454	49
Total extraordinary income	9,513	770
Extraordinary losses
Loss on sale of non-current assets	5	26
Loss on tax purpose reduction entry of non-current assets	382	449
Loss on retirement of non-current assets	36	248
Other	8	287
Total extraordinary losses	432	1,012
Profit before income taxes	12,715	8,423
Income taxes - current	2,746	2,477
Income taxes - deferred	2,600	321
Total income taxes	5,347	2,799
Profit	7,367	5,624
Profit attributable to non-controlling interests	26	30
Profit attributable to owners of parent		7,341	5,593

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