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

Tokyu Corporation

Consolidated Financial Statements

First Half of the Fiscal Year

Ending March 31, 2022

(April 1, 2021 - September 30, 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 Half of Fiscal Year Ending March 31, 2022

Tokyu Corporation			November 9, 2021
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:	November 9, 2021	Telephone: [phone]
Scheduled date of commencement of dividend payment:	December 2, 2021
Supplementary documents for quarterly results:		YES
Quarterly results briefing (for institutional investor and analysts):	YES

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

1. Consolidated Financial Results for the First Half of the Fiscal Year Ending March 31, 2022 (April 1, 2021 to September 30, 2021)

			(Figures in percentages denote the year-on-year change)
1) Consolidated Operating Results					Million yen
	Six months ended September 30,	Six months ended September 30,
		2021	2020
			Change (%)		Change (%)
Operating revenue................................................	443,052		2.1	434,019	-25.2
Operating profit.....................................................	24,941		-	-20,398	-
Recurring profit .....................................................	26,611		-	-19,353	-
Profit attributable to owners of parent ..................	24,185		-	-27,162	-
Net income per share (¥)......................................	40.15			-44.96
Net income per share (diluted) (¥)........................	-			-

Notes: (1) Comprehensive Income: Six months ended September 30, 2021: ¥31,138 million [-%]

Six months ended September 30, 2020: ¥-25,427 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 half 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 September 30, 2021	As of March 31, 2021
Total assets ..........................................................	2,478,295	2,476,061
Net assets ............................................................	772,004	752,538
Equity ratio (%) .....................................................	29.1	28.4

Reference: Shareholders' equity: First Half ended September 30, 2021: ¥719,963 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 half 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 ..................................................	868,400	-7.2
Operating profit .......................................................	25,000	-
Recurring profit .......................................................	25,200	-
Profit attributable to owners of parent.....................	10,000	-
Net income per share (¥) ........................................	16.55

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 September 30, 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 September 30, 2021:	23,004,391	As of March 31, 2021:	20,776,928

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

Six months ended September 30, 2021:	602,330,380
Six months ended September 30, 2020:	604,081,304

(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 September 30, 2021: 3,002,800 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 Half 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 Half of FY2021" will be disclosed on the Timely Disclosure network (TDnet) and the Company's own IR website today (November 9, 2021).

(Method of acquiring closing of accounts briefing material)

Tokyu Corporation will hold a results briefing for institutional investors and analysts on November 10. 2021.

The material used in that briefing will be promptly published on the Timely Disclosure network (TDnet) and the Company's own IR website on the same day.

Tokyu Corporation (9005) Financial Statements

• Accompanying Materials - Contents

1.	Qualitative Information on Consolidated Financial Results, etc. for the First Half of FY2021............	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 Half of FY2021

(1) Explanation about Consolidated Financial Results

During the first half under review, the Japanese economy continued to face uncertain situations due to the COVID-19 pandemic. Businesses operated by the Company and its consolidated subsidiaries were affected mainly by the reduction of business hours and the temporary closure of some sales floors due to the redeclaration and subsequent extension of a state of emergency.

Operating revenue for the first half under review increased 2.1% year on year, to ¥443,052 million, partly reflecting the sale of a large-scale property in the Real Estate Business, coupled by 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 following the state of emergency declared in April 2020, offsetting 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"), etc. Operating profit came to ¥24,941 million (compared to the operating loss of ¥20,398 million in the same period of the previous fiscal year). Recurring profit stood at ¥26,611 million (compared to the recurring loss of ¥19,353 million in the same period of the previous fiscal year). Profit attributable to owners of parent was ¥24,185 million (compared to the loss attributable to owners of parent of ¥27,162 million in the same period of the previous fiscal year) due to 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 15.4% year on year, reflecting a 6.8% increase in the number of commuters carried and a 30.1% 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 year, among other factors.

As a result, operating revenue for the segment increased 14.5% year on year, to ¥79,595 million. However, the segment posted an operating loss of ¥360 million (as opposed to an operating loss of ¥12,187 million in the same period of the previous fiscal year) chiefly because it continued to face challenging business conditions such as the spread of COVID-19 during the summer season.

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