Nagoya Railroad : Consolidated Financial Results for the Nine-month Period Ended 31 December 2021(Japanese GAAP) (Unaudited)

Consolidated Financial Results for the Nine-month Period Ended 31 December 2021

(Japanese GAAP) (Unaudited)

Nagoya Railroad Co., Ltd.	7 February 2022
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:	8 February 2022
Scheduled date of dividend payment commencement:	-
Supplementary explanations of quarterly financial results:	Yes
Quarterly financial results presentation meeting:	None

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

1. Consolidated results for the nine-month period ended 31 December 2021

(1 April 2021 - 31 December 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		%
Nine-month period	360,147	0.8	6,667		-	14,115			-	8,201		-
ended 31 December 2021
Nine-month period	357,116	(23.6)	(9,895)		-	(3,485)			-	(8,820)		-
ended 31 December 2020
Note: Comprehensive income - for the nine-month period ended 31 December 2021	¥6,254 million [－%]
	for the nine-month period ended 31 December 2020	¥(9,240) million [－%]
	Net income per	Net income per
	share-basic	share-diluted
	Yen		Yen
Nine-month period	41.71		38.97
ended 31 December 2021
Nine-month period	(44.85)		-
ended 31 December 2020
Note: Net income per share-diluted for the nine-month period ended 31 December 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 nine-month period ended 31 December 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		%
31	December 2021	1,199,516	412,987		31.5
31	March 2021	1,191,131	407,512		31.2
Reference: Shareholders'	equity- as of 31	December 2021	¥377,290	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 nine-month period ended 31 December 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: None

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
31 December 2021	196,700,692	55,049
31 March 2021	196,700,692	50,559
	(Shares)
	Average number of shares
	outstanding during the periods
Nine-month period	196,647,823
ended 31 December 2021
Nine-month period	196,658,331
ended 31 December 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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4. Quarterly consolidated financial statement and Main Notes

1. Quarterly Consolidated Balance Sheets (Unaudited)

	Millions of yen
	31 March 2021	31 December 2021
ASSETS
Current assets
Cash and deposits	54,019	40,579
Trade notes and accounts receivable	61,829	-
Trade notes, accounts receivable and contract assets	-	60,456
Short-term loans receivable	1,968	1,893
Land and buildings for sale	64,617	76,628
Merchandise and finished goods	6,154	6,008
Work in process	1,846	1,541
Raw materials and supplies	4,566	4,882
Others	20,282	28,104
Allowance for doubtful accounts	(187)	(175)
Total current assets	215,097	219,918
Non-current assets
Property and equipment
Buildings and structures, net	296,888	304,430
Machinery, equipment and vehicles, net	82,583	80,183
Land	359,179	357,515
Lease assets, net	11,625	12,466
Construction in progress	73,951	75,730
Other properties, net	7,199	6,895
Total property and equipment	831,429	837,221
Intangible assets
Right-of-use facilities	5,379	5,784
Goodwill	854	758
Lease assets	75	30
Other intangible assets	2,912	2,981
Total intangible assets	9,222	9,555
Investments and other assets
Investment securities	101,642	98,843
Long-term loans receivable	485	434
Deferred tax assets	16,772	16,313
Others	16,858	17,574
Allowance for doubtful accounts	(376)	(344)
Total investments and other assets	135,382	132,821
Total non-current assets	976,033	979,598
Total assets	1,191,131	1,199,516

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(1) Quarterly Consolidated Balance Sheets (Unaudited)
	Millions of yen
	31 March 2021	31 December 2021
LIABILITIES AND NET ASSETS
Liabilities
Current liabilities
Trade notes and accounts payable	72,424	54,394
Short-term loans payable	53,920	50,692
Commercial papers	-	29,000
Current portion of bonds payable	25,000	-
Lease obligations	1,727	2,285
Income taxes payable	2,808	2,469
Deposits received from employees	20,680	20,818
Provision for bonuses	5,088	1,108
Provision for loss on liquidation	178	33
Allowance for loss on collection of gift certificates outstanding	1,739	344
Others	98,212	113,149
Total current liabilities	281,782	274,297
Non-current liabilities
Bonds payable	215,100	225,100
Long-term loans payable	156,355	156,808
Lease obligations	11,384	11,763
Deferred tax liabilities	3,770	4,036
Deferred tax liabilities for land revaluation	55,222	55,456
Accrued retirement benefits for directors	1,279	1,057
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	33,529
Others	19,461	18,529
Total non-current liabilities	501,836	512,231
Total liabilities	783,619	786,529
Net assets
Shareholders' equity
Common stock	101,158	101,158
Capital surplus	35,289	35,140
Retained earnings	132,675	141,362
Treasury stock	(101)	(109)
Total shareholders' equity	269,022	277,551
Accumulated other comprehensive income
Net unrealized gains on available-for-sale securities	15,402	12,347
Deferred gains and losses on hedges	183	442
Land revaluation increment	86,853	86,542
Foreign currency translation adjustments	(35)	(21)
Retirement benefit adjustments	587	427
Total accumulated other comprehensive income	102,991	99,738
Non-controlling interests	35,497	35,697
Total net assets	407,512	412,987
Total liabilities and net assets	1,191,131	1,199,516

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1. Quarterly Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Unaudited) Quarterly Consolidated Statements of Operations (Unaudited)

	Millions of yen
	1 April 2020	1 April 2021
	-31 December 2020	-31 December 2021
Operating revenues	357,116	360,147
Operating expenses
Transportation, other services and cost of sales	332,249	319,802
Selling, general and administrative expenses	34,762	33,676
Total operating expenses	367,012	353,479
Operating income (loss)	(9,895)	6,667
Non-operating income
Interest income	14	15
Dividend income	1,240	1,164
Equity in net earnings of affiliates	1,053	2,469
Subsidies for employment adjustment	5,502	3,743
Miscellaneous income	1,554	2,407
Total non-operating income	9,364	9,801
Non-operating expenses
Interest expenses	2,427	2,209
Miscellaneous expenses	527	144
Total non-operating expenses	2,954	2,354
Ordinary income (loss)	(3,485)	14,115
Extraordinary income
Gain on sales of fixed assets	344	504
Gain on contributions for construction	720	278
Gain on sales of investment securities	2,520	1,817
Compensation for forced relocation	-	790
Others	244	317
Total extraordinary income	3,830	3,707
Extraordinary losses
Loss on sales of fixed assets	167	72
Impairment loss on fixed assets	1,350	454
Loss on disposition of fixed assets	289	802
Loss on valuation of investment securities	995	83
Provision for loss on liquidation	-	303
Loss on reduction of property and equipment	637	245
Others	1,432	264
Total extraordinary losses	4,872	2,227
Profit (loss) before income taxes	(4,527)	15,595
Income taxes - current	2,947	4,177
Income taxes - deferred	(203)	1,956
Total income taxes	2,743	6,134
Profit (Loss)	(7,271)	9,460
Profit (loss) attributable to:
Non-controlling interests	1,549	1,259
Owners of the parent	(8,820)	8,201

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