Kyushu Railway : Consolidated Financial Results for the Year Ended March 31, 2021 (Japanese GAAP)

	(Translation)
	Consolidated Financial Results
	for the Year Ended March 31, 2021
	(Japanese GAAP)
	May 12, 2021
Company name:	Kyushu Railway Company
Stock exchange listings:	Tokyo and Fukuoka
Securities code:	9142
URL:	https://www.jrkyushu.co.jp/
Representative:	Toshihiko Aoyagi, President and CEO
Contact:	Keiichi Takano, General Manager, Public Relations Department
	Tel.: [phone]

Scheduled date of Ordinary General Meeting of Shareholders	June 23, 2021
Scheduled date of dividend payment commencement:	June 24, 2021
Scheduled date of release of annual securities report	June 23, 2021
Preparation of supplementary explanations for financial results:	Yes
Holding of a briefing on financial results:	Yes

(Amounts less than one million yen, except for per share amounts, are omitted.)

1. Consolidated Financial Results for the Year Ended March 31, 2021 (From April 1, 2020 to March 31, 2021)

(1) Consolidated operating results											(Percentages show year-on-year changes.)
		Operating revenues	Operating income		Ordinary income			Net income attributable to
					owners of the parent
		Millions of yen			%	Millions of yen		%		Millions of yen	%			Millions of yen	%
Year ended March 31,	293,914		(32.1)	(22,873)		－	(19,323)	－				(18,984)	－
2021
Year ended March 31,	432,644			(1.8)	49,406		(22.7)			50,613	(23.9)				31,495	(36.0)
2020
(Note) Comprehensive income:								As of March 31, 2021: ¥ (15,423) million [(－%)]
										As of March 31, 2020: ¥25,200 million [(51.6 %)]
		Net income per		Net income per		Return on equity		Ordinary income	Operating income to
		share - basic		share - diluted			to total assets	operating revenues
		Yen			Yen				%				%		%
Year ended March 31,		(120.83)			－				(4.7)				(2.3)		(7.8)
2021
Year ended March 31,		198.16			－				7.6				6.2		11.4
2020
(Reference) Equity in net income (losses) of affiliated companies:		As of March 31, 2021: ¥ (83) million
										As of March 31, 2020: ¥29 million
(2) Consolidated financial position
		Total assets			Net assets		Equity ratio			Net assets per share
		Millions of yen	Millions of yen					%					Yen
As of March 31, 2021			891,379			395,408					43.8				2,483.43
As of March 31, 2020			828,590			418,298					49.9				2,630.51
(Reference) Shareholders' equity:								As of March 31, 2021: ¥390,189 million
										As of March 31, 2020: ¥413,293 million

(3) Consolidated cash flows

Net cash provided by

Net cash provided by

Net cash used in

Cash and cash

(used in) investing

operating activities

financing activities

equivalents, end of year

activities

Year ended March 31,

Millions of yen

Millions of yen

Millions of yen

Millions of yen

(10,361)

(53,912)

105,870

65,019

2021

Year ended March 31,

60,468

(76,943)

3,369

23,817

2020

2. Dividends

Annual dividends

Total dividends

Payout ratio

Dividends to net

assets ratio

(Fiscal)

(Consolidated)

(Consolidated)

First

Second

Third

Fiscal

quarter-

quarter-

quarter-

Total

year-end

end

end

end

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

Year ended March 31,

－

46.50

－

46.50

93.00

14,754

46.9

3.6

2020

Year ended March 31,

－

0.00

－

93.00

93.00

14,629

－

3.6

2021

Year ended March 31,

－

0.00

－

93.00

93.00

113.3

2022 (Forecast)

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

(Percentages show year-on-year changes.)

	Operating revenues	Operating income	Ordinary income	Net income		Net income per
	attributable to owners
	share - basic
							of the parent
	Millions of	%	Millions of	%	Millions of	%	Millions of		%	Yen
	yen	yen	yen	yen
Full year
344,200	17.1	10,600	－	10,600	－	12,900		－	82.10

(Percentages show year-on-yearchanges.)

As of March 31, 2021

As of March 31, 2021

As of March 31, 2021

Notes

1. Changes in significant subsidiaries during the year ended March 31, 2021 (changes in specified subsidiaries affecting the scope of consolidation): No
2. Changes in accounting policies, changes in accounting estimates and restatement of revisions
3. 1. Changes in accounting policies with revision of accounting standards: No

ii	Changes in accounting policies other than the above:	No
iii	Changes in accounting estimates:	No
iv	Restatement of revisions:	No

1. Number of shares outstanding (common stock)
2. 1. Number of shares issued and outstanding at end of period (including treasury stock)
   2. Number of shares of treasury stock at end of period
   3. Average number of shares during the period

157,301,600	As of March	157,301,600
shares	31, 2020	shares
184,600	As of March	186,100
shares	31, 2020	shares
157,116,625	As of March	158,938,917
shares	31, 2020	shares

Note: The number of shares of treasury stock at the end of the period includes the number of shares of the Company's stock held by the Board Benefit Trust (BBT) (FY2021/3, 184,600 shares; FY2020/3, 186,100 shares). In addition, the number of shares of the Company's stock held by the Board Benefit Trust (BBT) is included in the treasury stock that is subtracted in the calculation of the average number of shares during the period (FY2021/3, 184,975 shares; FY2020/3, 124,067 shares).

(Reference)

1. Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 1, 2020-March 31, 2021)

(1) Non-consolidated operating results

	Operating revenues	Operating income	Ordinary income	Net income
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
Year ended March	144,727	(32.7)	(20,591)	－	(10,853)	－	(11,145)	－
31, 2021
Year ended March	214,892	(3.2)	34,398	(24.8)	40,584	(24.5)	28,698	(35.2)
31, 2020

	Net income per share	Net income per share
		- basic		- diluted
		Yen		Yen
Year ended March		(70.94)		－
31, 2021
Year ended March		180.56		－
31, 2020
(2) Non-consolidated financial position
		Total assets	Net assets	Equity ratio	Net assets per share
		Millions of yen	Millions of yen	%	Yen
As of March 31, 2021	752,051	338,040	44.9	2,151.52
As of March 31, 2020	665,419	354,291	53.2	2,254.97
(Reference) Shareholders' equity:			As of March 31, 2021: ¥338,040 million
						As of March 31, 2020: ¥354,291 million

2. Non-Consolidated Forecasts for the Fiscal Year Ending March 2022 (April 1, 2021-March 31, 2022)

(Percentages show year-on-year changes.)

	Operating revenues	Operating income	Ordinary income	Net income		Net income per
		share - basic
	Millions of	%	Millions of	%	Millions of	%	Millions of		%	Yen
	yen	yen	yen	yen
Full year	177,200	22.4	3,500	－	4,600	－	10,100		－	64.28

• This summary of financial results is not subject to audits by certified public accountants or accounting auditors.

Explanation of Appropriate Uses of Performance Forecasts and Other Important Items Performance forecasts and other forward-lookingstatements appearing in this document are based on currently available information and specific assumptions deemed rational, and are not assurances that the Company will achieve these forecasts. Actual performance can vary greatly depending on various factors such as fluctuations in interest rates, fluctuations in share prices, changes in exchange rates, fluctuations in the value of assets, changes in the economic and financial environment, changes in the conditions of competition, occurrences of large-scaleand other disasters, and changes in regulations.

Supplementary materials have been attached to this summary of financial results.

A financial results briefing for securities analysts is scheduled to be held on May 13, 2021 (Thursday). The presentation materials used for this briefing will be posted on the Company's website promptly after the conclusion of this briefing.

Contents of Accompanying Materials
1. Qualitative Information on Consolidated Financial Performance ...................................................	2
(1)	Qualitative Information on Consolidated Operating Results ....................................................	2
(2)	Qualitative Information on Consolidated Financial Position ....................................................	9
(3)	Dividend Policies, Dividends in the Fiscal Year Ended March 31, 2021, and Forecast for
	Dividends in the Fiscal Year Ending March 31, 2022...............................................................	9
2. Basic Policies Regarding the Selection of Accounting Standards.................................................	10
3. Consolidated Financial Statements and Major Notes .....................................................................	11
(1)	Consolidated Balance Sheets ...................................................................................................	11
(2)	Consolidated Statements of Income and Comprehensive Income ..........................................	13
	Consolidated Income Statements ............................................................................................	13
	Consolidated Comprehensive Income Statements ..................................................................	14
(3)	Consolidated Statements of Changes in Net Assets ................................................................	15
(4)	Consolidated Statements of Cash Flows .................................................................................	17
(5)	Notes to Consolidated Financial Statements ...........................................................................	19
	(Notes on Going Concern Assumption) ..................................................................................	19
	(Additional Information) .........................................................................................................	19
	(Segment Information, etc.) ....................................................................................................	19
	(Per Share Information)...........................................................................................................	23
	(Significant Subsequent Events) .............................................................................................	23
4. Non-Consolidated Financial Statements .......................................................................................	24
(1)	Non-Consolidated Balance Sheets ..........................................................................................	24
(2)	Non-Consolidated Statements of Income................................................................................	26
(3)	Non-Consolidated Statements of Changes in Net Assets ........................................................	28

(Explanatory Materials) Financial results for the fiscal year ended March 31, 2021

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