Investors Guide 2009 STABILITY AND GROWTH INTEGRATION AND EXPANSION ALONG THE LNG VALUE CHAIN TOKYO GAS CO., LTD.

Transcription

1 Investors Guide 29 STABILITY AND GROWTHINTEGRATION AND EXPANSION ALONG THE LNG VALUE CHAIN TOKYO GAS CO., LTD.

2 APPENDIX Unit conversion bbl Barrel 1 bbl = 159 cf MJ Btu Cubic foot Megajoule British thermal unit 1 cf =.283 m 3 1 MJ = 1 6 J = kcal 1 Btu = 1.54 kj =.252 kcal MMBtu = 1 million Btu = 1Btu = 1,54 MJ = 252, kcal 25 m 3 of natural gas 25m 3 LNG (liquefied natural gas) Volume conversion 1 ton 1,22 m 3 of natural gas 11,22m 3 1 million ton 1.22 billion m 3 of natural gas 112.2m 3 Calorie conversion 1 ton 1.4 kl of crude oil = 8.8 bbl of crude oil 11.4k8.8bbl LNG tank with a capacity of 2, kl 92, tons of LNG 112 million m 3 of natural gas LNG LNG2kLNG9.2112m 3 LNG carrier with a capacity of 145, m 3 67, tons of LNG 81 million m 3 of natural gas LNG LNG147m 3 LNG6.781m 3 The raw data for graphs or tables that show this mark can be downloaded from the Tokyo Gas website. ( ( Note: Although unaudited, all financial information in this investors guide is based on certified financial statements.

3 CORPORATE PROFILE Tokyo Gas Co., Ltd. is based in metropolitan Tokyo and the Kanto region, where demand for energy is growing strongly. As Japan s largest gas company, Tokyo Gas serves over 1 million customers. To make the most of business opportunities such as progress in deregulation and more intense competition among energy suppliers, the Tokyo Gas Group works on the Medium-term management plan, FY from April 29. Under this plan, the Tokyo Gas Group, as the leader of total energy business, with natural gas as its cornerstone, aims to achieve sustainable growth and development and to meet the expectations of all the stakeholders, including its customers and shareholders. 1, Basic Data Sales Data CONTENTS Basic Data 2 Tokyo Gas City Gas Business 2 Production Data 4 Energy Statistics 6 Gas Resource Data 8 Gas Rate Data 9 R&D Data 9 Personnel Data Sales Data 1 Gas Sales Volume 14 Breakdown of Gas Sales Volume (Non-consolidated) 16 Gas Demand for Air Conditioning (Non-consolidated) 16 Gas Demand for Cogeneration (Non-consolidated) 17 Residential Fuel Cell Financial Data 18 Capital Expenditures and Depreciation 18 Bonds, Loans and Debts (Consolidated) 2 Financial DataSegment Information(Consolidated) 22 Financial DataProfitability and Growth 24 Financial DataEfficiency and Soundness 26 Financial DataPerformance Indicators 28 Balance Sheets (Ten-year Consolidated) 3 Statements of Income (Ten-year Consolidated) 3 Statements of Cash Flows (Three-year Consolidated) 32 Balance Sheets (Ten-year Non-consolidated) 34 Statements of Income (Ten-year Non-consolidated) 34 Accounting Cost Structure of Gas & By-products (Non-consolidated) 36 Comparison with Other Energy Utilities (Consolidated) 39 Main Consolidated Subsidiaries 4 Milestones 41 Investor Information Financial Data Main Consolidated Subsidiaries Milestones/Investor Information

4 TOKYO GAS CITY GAS BUSINESS Tokyo Gas Group Service Area Nagano Gunma Gunma Line 2 Saitama Tochigi Saito Line 7 8 Hitachi-Moka Line Hitachi LNG Terminal Ibaraki Shizuoka Yamanashi Minami Fuji Line 1 Yokohama Line 6 Kanagawa New Negishi Line 5 3 Central Line II II Tokyo Negishi LNG Terminali Ohgishima LNG Terminal Chiba Sodegaura LNG Terminal Chiba-Kashima Line 4 PRODUCTION DATA Japan s LNG Terminals LNG Tokyo Gas LNG Terminals LNG Negishi LNG Terminal Start of operation 1966 Import volume FY million ton/year 358. Ohgishima LNG Terminal million ton/year 26.7 Sodegaura LNG Terminal million ton/year Tokyo Gas LNG terminals handle approximately 16% of total import volume to Japan. LNG16% 2

5 Wholesale Customers by Pipelines (As of March 31, 29) (26 entities) Entity Start of supply 1 Chiba Gas 1968/9 2 Narashino City 1974/1 3 Atsugi Gas 1974/12 4 Daito Gas 1975/9 5 Keiyo Gas 1978/3 6 Tsukuba Gakuen Gas 1979/1 7 Bushu Gas 1985/8 8 Akishima Gas 1988/9 9 Tosai Gas 1988/12 1 Tobu Gas 1989/12 11 Otaki Gas 1991/9 12 Higashinihon Gas 1993/7 13 Washimiya Gas 1995/12 Entity Start of supply 14 Hatano Gas 1996/4 15 Odawara Gas 2/8 16 Ota City Gas 21/12 17 Buyo Gas 23/4 18 Tochigi Gas 24/9 19 Sano Gas 24/1 2 Kitanihon Gas 26/4 21 Nippon Gas 26/4 22 Kanto Natural Gas Development 26/12 23 Tojo Gas 27/1 24 Ina City Gas 27/1 25 Noda Gas 27/8 26 Tatebayashi Gas 27/11 Basic Data Tokyo Gas Group service area Service areas of wholesale customers Tokyo Gas high-pressure transmission pipelines Tokyo Gas high-pressure transmission pipelines under construction Tokyo Gas-invested high-pressure transmission pipelines High-pressure transmission pipelines of other companies Pipeline jointly owned with Shizuoka Gas Company and INPEX Co., Ltd. Scheduled to operate in March Scheduled to operate in October Scheduled to operate in March Scheduled to operate in October Scheduled to operate in October Scheduled to operate in October Scheduled to operate in 217 (under examination) 217 Wholesale Customers of LNG (11 entities) LNG11 Entity Start of supply Shoei Gas 1975/12 Miho Gas 1977/1 Joban City Gas 1987/1 Seibu Gas 1988/7 Sobu Gas 1991/11 Iwaki Gas 1992/5 Tobu Gas 1998/7 Chichibu Gas 24/4 Shibukawa Gas 24/5 Hokkaido Gas 25/11 Joban Kyodo Gas 26/3 Storage capacity 1,155,kl 115.5kl 6,kl 6kl Vaporization capability Berth 57 t/h 1 unit 1 1,12 t/h 1 unit 1 Other features Japan s first LNG terminal, jointly operated with Tokyo Electric Power Company (TEPCO), incorporating LNG truck loading facilities LNGLNG Most advanced LNG terminal LNG 1,61,kl 161kl 1,215 t/h 3 units 3 One of the world s largest LNG terminals, jointly operated with TEPCO, incorporating LNG truck and vessel loading facilities LNGLNG 3

6 ENERGY STATISTICS Japan s Primary Energy Consumption Volume (%) % Global Primary Energy Consumption Volume (%) % JAPAN WORLD 16.6% Natural Gas 43.7% Petroleum 25.4% Coal 11.2% Nuclear 3.1% Hydro 24.1% Natural Gas 34.8% Petroleum 29.2% Coal 5.5% Nuclear 6.4% Hydro Source: BP Statistical Review of World Energy, June 29 BP Statistical Review of World Energy, June 29 Source: BP Statistical Review of World Energy, June 29 BP Statistical Review of World Energy, June 29 Japan s Primary Energy Demand Outlook (%) % Global Primary Energy Demand Outlook (%) % Coal Petroleum Gas Nuclear Hydro Biomass Other renewables Coal Petroleum Gas Nuclear Hydro Biomass Other renewables Source: IEA World Energy Outlook 28 IEAWorld Energy Outlook 28 Source: IEA World Energy Outlook 28 IEAWorld Energy Outlook 28 4

7 Breakdown of GDP of Japan by Major Areas (%) GDP% Year ended March 31, Gas Sales Volume of Tokyo Gas by Sector (%) (Consolidated) and in Japan (million m 3, 45 MJ/m 3 )% m 3 45MJ/m 3 % Year ended March 31, Basic Data Total trillion 518 8, Japan 32,97 (1%) Tokyo Gas 13,942 (43.4%) 39.% 15.8% 1.% Tokyo Area Osaka Area Nagoya Area 3,468 3,11 5,623 1,84 Residential Commercial and Others Industrial Wholesale Source: Cabinet Office, Government of Japan The Tokyo area: Tokyo, Kanagawa, Saitama, Chiba, Ibaraki, Tochigi, Gunma, Yamanashi and Nagano prefectures. The Osaka area: Osaka, Hyogo, Kyoto, Shiga, Nara and Wakayama prefectures. The Nagoya area: Aichi, Gifu and Mie prefectures. Source: The Japan Gas Association HP (Gas Sales Volume JGA Newsletter) HP Deregulation Schedule Utilization Ratio of Deregulation Target: Gas and Electricity Before City Gas Industry Annual volume 1 million m 3 or more 53% 1m 3 56% 5, m 3 or more 5m 3 1, m 3 or more 63% 1m 3 Major users Large-scale factories (Manufacturing) and commercial complexes Medium-sized factories (Chemicals and Metal)/hotels/ large-sized hospitals Small-scale factories (Textiles and Machinery)/hospitals/ business hotels Electricity Industry Contract maximum demand 26% 2, kw or more 2,kW 5 kw or more 4% 5kW 63% 5 kw or more 5kW In the gas industry, deregulation extended to customers using more than 2 million m 3 in 1995, and in 1999, 1 million m 3. Figures for share of total volume are based on fiscal 27 data. Source: The Japan Gas Association In 2, deregulation extended to customers using more than 2, kw. Source: Agency for Natural Resources and Energy, the Market Monitoring Subcommittee 1st Report (April 25) 19952m m ,kW 254 5

8 GAS RESOURCE DATA Tokyo Gas LNG Imports (1, tons) LNG For the years ended March Malaysia 3,43 3,415 3,784 3,998 3,816 3,39 3,767 4,482 (4.2%) Australia 952 1,339 1,647 2,197 3,58 3,395 3,289 2,847 (25.5%) Brunei 1,2 1,237 1,33 1,269 1,252 1,514 1,45 1,257 (11.3%) Indonesia (6.6%) Qatar (5.7%) Alaska (1.6%) Other ,27 (9.2%) Total 6,983 7,51 8,513 8,968 9,745 1,191 1,874 11,162 (1.%) Tokyo Gas Long-term LNG Project LNG Project name Brunei 1, Malaysia 2, NWS (North West Shelf) Annual contracted quantity (1, tons) Inception of contract Duration 2 years + 2 years ( 213) years +15 years ( 218) years +8 years ( 216) Contract type Ex-Ship 4,4 Ex-Ship, FOB 4,6 Ex-Ship 6,8 Haul Project distance participation km % Indonesia years ( 213) FOB 4,6 Malaysia years ( 215) Ex-Ship 4,6 Qatar years ( 221) Ex-Ship 12, Malaysia years ( 224) Ex-Ship, FOB 4,4 NWS Expansion 1, years ( 229) FOB 6,8 Darwin 1, years ( 222) FOB 5,7 3. Sakhalin 1, years ( 231) FOB 1,8 Pluto 1,5 1, years ( 225) Ex-Ship, FOB 6,9 5. Gorgon 1, years ( 235) FOB 6,9 LNG Carriers Owned and Managed by Tokyo Gas Name Project-dedicated Vessels Capacity & type Built Operator Shipbuilder Ownership share LNG project LNG The first ship 1 The second ship 2 LNG Flora LNG Vesta 127, m 3 MOSS 1993/3 1994/6 NYK Line Mitsui O.S.K. Line Kawasaki Shipbuilding Corporation Mitsubishi Heavy Industries 1% 35% Indonesia Fleet of Own Vessels The third ship 3 Energy Frontier 23/9 1% The fourth ship 4 The fifth ship 5 The sixth ship 6 The seventh ship 7 The eighth ship 8 Energy Advance Energy Progress Energy Navigator 147, m 3 MOSS Energy Confidence 155, m 3 MOSS Undecided 177, m 3 MOSS 25/3 26/12 28/6 Mitsui O.S.K. Line Kawasaki Shipbuilding Corporation 9% % 7% 29/5 7% NYK Line 211 1% NWS Expansion Malaysia, Darwin Sakhalin Others 127, m 3 of LNG nearly equals 58, tons of LNG or 7 million m 3 of natural gas 147, m 3 of LNG nearly equals 67, tons of LNG or 81 million m 3 of natural gas 155, m 3 of LNG nearly equals 71, tons of LNG or 87 million m 3 of natural gas LNG 127,m 3 LNG 5.8 t 7, m 3 LNG 147,m 3 LNG 6.7 t 8,1 m 3 LNG 155,m 3 LNG 7.1 t 8,7 m 3 LNG.985 6

9 Tokyo Gas LNG Imports (Long-term Contract)LNG Sakhalin Basic Data Tokyo Qatar Brunei Malaysia Indonesia Darwin Pluto Gorgon NWS New LNG Project LNG Existing LNG Project LNG Prices of Crude Oil and LNG (US$/MMBtu) LNG MMBtu All Japan LNG Prices (Trade statistics) (US$/MMBtu) LNG MMBtu JCC Prices (Trade statistics) (US$/barrel) Dubai (US$/barrel) WTI (US$/barrel)WTI (US$/barrel) Money Exchange Data (TTS Rate) (Yen/US$) TTS /3 2/3 3/3 4/3 5/3 6/3 7/3 8/3 9/3 9 4/3 5/3 6/3 7/3 8/3 9/3 Source: Bloomberg World LNG Import Volume (billion m 3 ) LNG1m Japan Korea Taiwan Other Asia U.S.A. Other North and South America Europe LNG Imports by Utility Companies (1, tons) LNG Year ended March 31, Tokyo Electric Power 2,64 Tokyo Gas 11,162 Chubu Electric Power 1,2 Osaka Gas 8,13 Kansai Electric Power 4,924 Toho Gas 2,818 Others 11,36 Japan 68,135 Source: Data are calculated from trade statistics, The Federation of Electric Power Companies of Japan Source: Data are calculated from Cedigaz report Cedigaz 7

10 GAS RATE DATA Average Gas Rates (Approximation) ( /m 3 ) m 3 Gas Rate Adjustment System m 3 /year m 3 Residential 1 1, 1, 1, 1,, 1,, Regulated area Commercial and Others Industrial Power Generation Liberalized area 1, m 3 or more 1m 3 ( /t) Upper limit 16% 86,1 3 month moving average 35 8 Standard average 24 7 gas resource cost ,81 5, Gas tariff for average household consuming 34m 3 /month(45mj/m 3 ) (right ) 134m 3 (45MJ/m 3 ) The portion of the fluctuation in gas resource costs that exceeds 16% of the standard average gas resource cost is not subject to gas rate adjustment. 16% ( /month) Upper limit 16% 6,318 month 1, 9, Monthly Gas Rates for Home Use at Three Major Gas Companies ( ) 13 Gas Rate Revision Tokyo Gas Execution date 1988/1/ Average rate of change 23.34% TEPCO Execution date 1988/1/ Average rate of change 19.16% Osaka Gas Execution date 1988/1/ Average rate of change 22.25% 1989/4/ % 1989/4/ % 1989/4/ % 8, 1996/1/ % 1996/1/ % 1996/1/ % 7, 1999/12/ /2/ % 3.2% 1998/2/ /1/ % 5.32% 1999/2/ /3/ % 5.4% 6/ 7~9 6/ 1~12 1~3 7/ 7/ 4~6 7/ 7~9 7/ 1~12 1~2 8/ 8/ 3 Calculations are based on the use of 5 m 3 /month 5m 3 8/ 4~6 8/ 7~9 8/ 1~12 9/ 1~3 9/ 4 9/ 9/ 5 6 Tokyo Gas Osaka Gas Toho Gas Rates for Tokyo Gas and Osaka Gas are calculated on the basis of 45 MJ per cubic meter, and for Toho Gas, 46.5 MJ per cubic meter 45MJ/m MJ/m 3 25/1/ /2/ /4/ %.28% 1.51% 22/4/ /1/ /4/ /9/ % 5.21% 4.1%.% Average rate of change means total average of regulated area Rate of change of Tokyo Gas means rate of change in Tokyo area 23/2/ /11/ /11/ % 2.33% 1.13% 8

11 R&D DATA R&D Expenses ( million) 12, Number of Researchers (Non-consolidated) (persons) 5 Basic Data 9, 4 6, 3 2 3, Consolidated Non-consolidated Researchers Assistant Researchers For the years ended March 31 R&D Expenses (Consolidated) ( million) R&D Expenses (Non-consolidated) ( million) As Percentage of Net Sales (Non-consolidated) (%) Number of Researchers (Non-consolidated) (persons) Number of Assistant Researchers (Non-consolidated) (persons) ,68 13,517 12,225 11,671 11,146 9,78 9,399 1,276 9,95 9,164 13,41 12,721 11,44 1,972 1,357 8,335 8,327 9,9 9,79 8, PERSONNEL DATA Number of Employees (persons) 2, Composition by Age and Sex (Non-consolidated) As of March 31, , Age Male Female Total (8.2%) 91 (8.4%) 627 (8.3%) ,253 (19.3%) 463 (42.9%) 1,716 (22.6%) 1, 5, Consolidated Non-consolidated ,636 (25.2%) 32 (29.6%) 1,956 (25.8%) ,62 (4.%) 191 (17.7%) 2,793 (36.9%) (7.3%) 15 (1.4%) 487 (6.4%) Total 6,499 (1.%) 1,8 (1.%) 7,579 (1.%) 85.8% 14.2% 1.% As of March Consolidated Number of Employees 16,685 16,37 15,973 15,673 15,578 16,67 16,675 16,451 15,9 15,51 Non-consolidated Number of Employees 12,661 12,339 11,967 11,338 8,753 8,447 8,2 7,968 7,714 7,579 Employees refers to full-time staff and does not include part-time workers. The decrease of 2,585 employees from 23 to 24 on a non-consolidated basis is due to the increase of dispatched personnel, on the consignment of customer service operation to Tokyo Gas Customer Service Co., Ltd. 242,585 9

12 GAS SALES VOLUME Gas Sales Volume (Results and Forecasts) (Consolidated) (million m 3 15, 12, 9, 6, 3, Residential Commercial and Others Industrial Wholesale Estimated Gas Sales Volume (Results and Forecasts) (Non-consolidated) (million m 3 )m 3 15, 1, 5, Estimated Residential Commercial and Others Industrial Wholesale For the years ended March Consolidated Gas Sales Volume (million m 3 ) m 3 Residential 3,11 3,241 3,192 Commercial and Others 2,24 2,48 2,418 Industrial 2,517 2,63 3,11 Wholesale Total 8,621 9,85 9,442 Non-consolidated Gas Sales Volume (million m 3 ) m 3 Residential 3,63 3,193 3,144 Commercial and Others 2,195 2,333 2,337 Public and Medical Industrial 2,487 2,597 2,979 Wholesale Total 8,613 9,78 9,433 Megajoules (MJ) are used as the caloric unit, calculated on the basis of 45 MJ per cubic meter. As Tokyo Gas changed the standard caloric value in February 26 from MJ/m 3 to 45 MJ/m 3, the previous year s sales volumes were adjusted retroactively to reflect the new figure. MJ 1m 3 =45MJ MJ/m 3 45MJ/m 3 1

13 Monthly Gas Sales (million m 3 )m 3 Year ended March 31, ,4 1,38 1,2 1, 1,218 1,117 1,45 1,16 1,4 1,41 1,19 1,49 1,169 1,191 1, /4 8/5 8/6 8/7 8/8 8/9 8/1 8/11 8/12 9/1 9/2 9/3 Residential Commercial and Others Industrial Wholesale Sales Data Estimated ,379 3,369 3,317 3,547 3,452 3,529 3,468 3,522 3,542 3,564 3,587 3,612 2,652 2,758 2,969 3,85 2,972 3,126 3,11 3,25 3,8 3,36 3,59 3,83 3,716 4,299 4,745 5,43 5,336 5,732 5,623 5,35 6,229 6,665 7,31 7, ,54 1,199 1,422 1,554 1,828 1,84 1,957 2,1 2,9 2,16 2,31 1,715 11,479 12,23 13,98 13,315 14,215 13,942 13,853 14,788 15,274 15,694 16,416 3,33 3,319 3,26 3,468 3,356 3,427 3,368 3,388 3,425 3,447 3,469 3,493 2,562 2,665 2,866 2,963 2,83 2,975 2,868 2,818 2,874 2,894 2,912 2, ,682 4,263 4,696 4,965 5,232 5,593 5,28 4,727 4,927 5,328 5,659 6,364 1,133 1,224 1,39 1,628 1,77 2,58 2,73 2,8 2,14 2,233 2,242 2,26 1,77 11,471 12,212 13,24 13,188 14,53 13,589 12,941 13,365 13,92 14,283 15,48 Large-volume supply (annual consumption of 2 million m 3 or more) was deregulated in March In November 1999, this was expanded to include consumption of 1 million m 3 or more per year, and in April 24, to include consumption of 5, m 3 or more. In April 27, it was expanded again to include consumption of 1, m 3 or more. Estimates for the years ending March 31, 29 and after are based on the current standard (consumption of 1, m 3 or more per year) m m m m m 3 11

14 GAS SALES VOLUME Number of Customers (thousands) 11, 1, 9, 8, 7, 6, Estimated For the years ended March Non-consolidated Number of Customers (thousands) Residential 8,112 8,273 8,445 Commercial and Others Public and Medical Industrial Total 8,715 8,872 9,44 Large-volume Gas Demand Gas Sales Volume for Large-volume Customers (million m 3 ) m 3 2,372 2,75 3,222 Percentage of Total Gas Sales Volume 27.5% 3.3% 34.2% Number of Customers

15 Gas Sales Volume for Large-volume Customers (million m 3 ) Number of Large-volume Customers m 3 8, 4, 7, 6, 3, 4, 5, 2, 3, 2, 1, 1, Gas Sales Volume for Large-volume Customers (left scale) (million m 3 )m 3 Number of Large-volume Customers (right scale) Estimated Sales Data Estimated ,637 8,826 9,6 9,178 9,314 9,481 9, ,244 9,445 9,639 9,818 9,955 1,124 1,256 1,36 1,59 1,657 1,85 1,953 4,56 4,784 5,436 5,875 6,19 6,713 6,516 5,988 6,171 6,586 6,927 7, % 41.7% 44.5% 45.1% 46.3% 47.8% 48.% 46.3% 46.2% 47.4% 48.5% 5.8% ,77 2,237 2,453 13

16 BREAKDOWN OF GAS SALES VOLUME (NON-CONSOLIDATED) Commercial Use (million m 3 Public and Medical Use (million m 3 2,5 1, 2, 8 1,5 6 1, Industrial Use (million m 3 6, 5, 4, 3, 2, 1, For the years ended March Commercial Use (million m 3 ) m 3 Company/Office Wholesale/Retail Sales Restaurant Lodge/Hotel Beauty Salon Amusement Place Laundry District Heating and Cooling Other Total 1,552 1,63 1,63 Public and Medical Use (million m 3 ) m 3 Public Medical Total Industrial Use (million m 3 ) m 3 Machinery/Metal Ceramics Chemicals Food Power Generation Other Total 2,487 2,597 2,979 14

17 Commercial, Public and Medical Use (%) % Year ended March 31, Industrial Use (%) % Year ended March 31, Company/Office Wholesale/Retail Sales Restaurant Lodge/Hotel Beauty Salon Amusement Place Laundry District Heating and Cooling Other Public Medical Machinery/Metal Ceramics Chemicals Food Power Generation Other Sales Data Composition (%) ,777 1,846 1,969 2,36 1,963 2,47 1, ,194 1,324 1, ,269 1,697 1,912 1,985 2,3 2,76 2, ,682 4,263 4,696 4,965 5,232 5,593 5,

18 GAS DEMAND FOR AIR CONDITIONING (NON-CONSOLIDATED) Gas Air-conditioning System Capacity (thousands of kw) kw Gas Air-conditioning System Customers (number of customers) 12, 5, 1, 4, 8, 3, 6, 2, 4, 2, 1, Absorption Type Gas-engine Heat PumpGHP Estimated Absorption Type Gas-engine Heat PumpGHP As of March Gas Air-conditioning System Capacity (thousands of kw) kw Absorption type 8,42 8,77 8,994 Gas-engine heat pump GHP 1,748 2,16 2,224 Gas Air-conditioning System Customers (number of customers) Absorption type 8,762 8,945 9,52 Gas-engine heat pump GHP 36,988 38,923 4,434 Capacity is based on cooling installation capacity (equipment capacity) monitored by Tokyo Gas. GAS DEMAND FOR COGENERATION (NON-CONSOLIDATED) Cogeneration Equipment Capacity (thousands of kw) kw Number of Cogeneration System Customers (number of customers) 1,5 1,2 1,2 1, Estimated Industrial Use Commercial Use Industrial Use Commercial Use As of March Cogeneration System Capacity (thousands of kw) kw Industrial Use Commercial Use Number of Cogeneration System Customers (number of customers) Industrial Use Commercial Use A part of cogeneration system capacity is changed from industrial use to commercial use since March 31,

19 RESIDENTIAL FUEL CELL Number of Installed ENE FARM (units) As of March , 4, 42, 3, 22, 2, 12, 1, 4, 2, Estimated Estimated Sales Data 9,514 9,792 1,52 1,26 1,55 1,588 1,626 1,733 1,797 1,854 1,858 1,885 2,588 2,826 3,9 3,32 3,533 3,582 3,793 3,843 3,964 4,89 4,21 4,332 9,22 9,427 9,623 9,719 9,846 9,944 9,753 42,158 43,163 43,9 44,441 45,26 45,78 45,171 Data of Power Plants in Group s Power Generation Business Name Tokyo Gas Baypower Capacity 1 MW 1 kw Start of operation Composition of shareholding 23/1 Tokyo Gas 1% 1% Location Tokyo Gas Sodegaura LNG Terminal Tokyo Gas Yokosuka Power 24 MW 24 kw 26/6 Tokyo Gas 75%, Shimizu Corporation 2%, Tokyo Hatsuden 5% 75% 2% 5% Yokosuka, Kanagawa Kawasaki Natural Gas Power Generation 84 MW (42 MW x 2 stations) 84 kw42 kw 2 28/4 Tokyo Gas 49%, Nippon Oil 51% 49% 51% Kawasaki, Nippon Oil Ohgishima Power 1,22 MW (47 MW x 3 stations) 122 kw4.7 kw 3 21/3 Tokyo Gas 75%, Showa Shell Sekiyu 25% 75% 25% Showa Shell Sekiyu, Tokyo Gas Ohgishima LNG Terminal Total 2,4 MW 24 kw Estimated ,26 1,27 1, , 1,58 1, ,74 17

20 CAPITAL EXPENDITURES AND DEPRECIATION Capital Expenditures ( billion) Depreciation ( billion) Estimated Consolidated Non-consolidated Consolidated Non-consolidated For the years ended March Consolidated Capital Expenditures ( million) 124, ,397 15,296 Depreciation ( million) 14,36 15, ,564 Non-consolidated Capital Expenditures ( million) 113,91 1,685 92,555 Production Facilities 15,699 1,175 8,37 Distribution Facilities 8,914 77,428 7,644 Service and Maintenance Facilities 1,387 1,553 11,669 Incidental Facilities 6,91 2,529 2,23 Depreciation ( million) 116, , ,56 Depreciation includes long-term prepaid expenses. Gas Sales Volume per Pipeline Length (Consolidated) As of March Pipeline Length (km) km 47,269 47,98 48,646 Gas Sales Volume per Kilometer (1, m 3 /km) m 3 km BONDS, LOANS AND DEBTS (CONSOLIDATED) Bonds (As of March 31, 29)29331 Company Straight bonds Interest rate (%) % Amount ( million) Tokyo Gas The 14th Domestic unsecured notes due Tokyo Gas The 15th Domestic unsecured notes due Tokyo Gas The 16th Domestic unsecured notes due ,7 Tokyo Gas The 17th Domestic unsecured notes due , Tokyo Gas The 18th Domestic unsecured notes due , Tokyo Gas The 19th Domestic unsecured notes due , Tokyo Gas The 2th Domestic unsecured notes due , Tokyo Gas The 21st Domestic unsecured notes due , Tokyo Gas The 22nd Domestic unsecured notes due , Tokyo Gas The 23rd Domestic unsecured notes due , Tokyo Gas The 24th Domestic unsecured notes due , Tokyo Gas The 25th Domestic unsecured notes due , Tokyo Gas The 26th Domestic unsecured notes due , Tokyo Gas The 27th Domestic unsecured notes due , Tokyo Gas The 28th Domestic unsecured notes due ,996 Tokyo Gas The 29th Domestic unsecured notes due ,994 Tokyo Gas The 3th Domestic unsecured notes due , ENERGY ADVANCE Co., Ltd. The 15th Domestic unsecured notes due ,8 Total 351,49 18

21 Breakdown of Capital Expenditures (Non-consolidated) ( million) 15, 1, 5, Estimated Production Facilities Distribution Facilities Service and Maintenance Facilities Incidental Facilities ,988 17,441 17, , , ,6 145, ,27 146,895 14, , , , ,83 93,77 86,743 75,236 85,853 88,776 92,386 16,57 121,2 112,13 13, ,22 119,323 7,64 4,531 1,966 5,482 5,93 6,994 8,879 17,2 17,515 14,391 21,989 23,742 71,659 65,911 54,341 56,138 65,356 73,264 83,199 81,3 74,65 69,58 72,2 73,368 13,561 15,437 18,485 22,286 17,541 11,648 13,948 21,9 19,439 19,65 29,624 21, , , ,775 19,327 11,59 98,4 17,24 19, ,431 5,176 5,88 51,53 51,629 52,31 53, Durable Years Durable Years Type of Facilities (Cast iron) 22 Years 22 Gas Pipeline (Steel/Polyethylene) 13 Years 13 Gas Holder 2 Years 2 LNG LPG Tank LNGLPG 1 Years 1 LNG Vaporizer LNG 1 Years 1 LNG Carrier LNG 13 Years 13 Financial Data Loans As of March 31, Average interest rate Amount ( million) Long-term loans due after one year 1 1.9% 27,741 Long-term loans due within one year 1 2.3% 28,87 Short-term bank loans.7% 5,91 Total 241,739 Annual Maturities of Long-term Debt As of March 31, Amount ( million) As of March 31, ,87 As of March 31, ,767 As of March 31, ,353 As of March 31, ,569 As of March 31, ,681 As of March 31, 215 and thereafter ,86 Total 587,32 19

22 FINANCIAL DATA SEGMENT INFORMATIONCONSOLIDATED Gas Sales ( billion) Gas Appliance Sales ( billion) 1, , Sales (left scale) Operating Income (right scale) For the years ended March Gas Sales ( million) Sales 831, ,658 91,32 Operating Income 189, ,684 16,2 Operating Income Margin Gas Appliances Sales ( million) Sales 133, ,18 13,825 Operating Income 7,94 7,53 4,617 Operating Income Margin Installation Work ( million) Sales 68,33 64,794 59,746 Operating Income 4,455 3,574 2,975 Operating Income Margin Real Estate Rental ( million) Sales 35,443 34,71 34,187 Operating Income 7,882 6,53 5,459 Operating Income Margin Other Business ( million) Sales 172,16 234,72 252,595 Operating Income 11,27 13,415 9,647 Operating Income Margin Total ( million) Sales 1,24,625 1,33,983 1,387,676 Operating Income 22, , ,719 Operating Income Margin Elimination or Corporate ( million) Sales 88,8 113,2 121,175 Operating Income 68,591 67,882 7,373 Consolidated ( million) Sales 1,151,824 1,19,783 1,266,51 Operating Income 152, , ,345 Operating Income Margin The scope of consolidation was 57 companies as of March 31,

23 Installation Work ( billion) Real Estate Rental ( billion) Other Business ( billion) 999,521 1,87,44 1,257,574 23, ,663 11, ,47 132, ,363 1,169 2,99 2, Financial Data 59,229 57,325 49,94 1, , ,34 35,169 35,637 6,731 7,963 7, ,47 32, ,783 13,847 12,768 13, ,513,599 1,632,228 1,828, ,65 136, , Other Business Energy services Facility construction and engineering Industrial gas LPG System integration Power generation Credit leases Carriers 136, , ,29 64,75 66,84 67,563 1,376,958 1,487,496 1,66, ,315 7,48 65,

24 FINANCIAL DATA PROFITABILITY AND GROWTH Net Sales ( billion) Operating Income ( billion) 2, 2 1,5 15 1, Consolidated Non-consolidated Operating Cash Flow ( billion) Operating Income Margin (%)% For the years ended March Consolidated Net Sales ( million) 992,255 1,86,77 Operating Income ( million) 69,233 13,659 Ordinary Income ( million) 43,72 66,875 Net Income ( million) 26,698 27,595 Operating Income Margin (%) % Ordinary Income Margin (%) % Return on Sales (%) % Operating Cash Flow ( million) 167,4 177,969 Free Cash Flow ( million) 42,29 66,572 Non-consolidated Net Sales ( million) 869, ,619 Operating Income ( million) 51,296 85,79 Ordinary Income ( million) 34,929 58,542 Net Income ( million) 22,395 27,4 Operating Income Margin (%) % Ordinary Income Margin (%) % Return on Sales (%) % Operating Cash Flow ( million) 139,15 154,524 Free Cash Flow ( million) 26,59 53,839 Operating Cash Flow = Net Income + Amortization of Long-term Prepaid Expenses + Depreciation Free Cash Flow = Net Income + Amortization of Long-term Prepaid Expenses + Depreciation Capital Expenditures 22

25 Ordinary Income ( billion) Net Income ( billion) Ordinary Income Margin (%)% Return on Sales (%)% Financial Data ,97,589 1,127,633 1,151,824 1,19,783 1,266,51 1,376,958 1,487,496 1,66,162 11,67 123, , , , ,315 7,48 65,24 8,626 91, ,93 132,856 98, ,39 66,832 58,337 51,911 59,21 44,787 84,47 62,114 1,699 42,487 41, ,475 2, , , ,49 233, ,98 182,791 92,178 88,24 84, ,789 79,57 19,285 46,92 36, , ,236 1,13,754 1,13,993 1,78,19 1,172,186 1,268,48 1,448,154 92,299 1,18 126,954 12,167 9,99 136,778 42,863 42,547 72,249 79,68 115, ,192 85,89 139,823 44,376 39,864 48,451 53,633 4,273 78,666 55,299 92,34 29,921 25, , ,27 16,48 187, ,889 19, , ,113 75,42 74,5 73,35 112,757 71,36 11,568 44,774 27,67 23

26 FINANCIAL DATA EFFICIENCY AND SOUNDNESS Total Assets ( billion) Equity ( billion) 2, 8 1,5 6 1, Consolidated Non-consolidated Total Assets Turnover (times) 1.2 Equity Ratio (%) % As of March Consolidated Total Assets ( million) 1,85,86 1,797,669 ROA (Return on Assets) (%) ROA% Equity ( million) 484, ,79 ROE (Return on Equity) (%) ROE% Interest-bearing Debt ( million) 957,85 87,347 Net Interest-bearing Debt ( million) 899, ,838 Fund-raising Expenses ( million) 23,366 22,866 Total Assets Turnover (times).56.6 Equity Ratio (%) % Current Ratio (%) % D/E (Debt-equity) Ratio (times) D/E Interest Coverage Ratio (times) Interest Payment Ratio (%) % Non-consolidated Total Assets ( million) 1,493,699 1,49,157 ROA (Return on Assets) (%) ROA% Equity ( million) 443,363 58,185 ROE (Return on Equity) (%) ROE% Interest-bearing Debt ( million) 761, ,525 Net Interest-bearing Debt ( million) 714, ,46 Fund-raising Expenses ( million) 18,552 17,813 Total Assets Turnover (times).6.65 Equity Ratio (%) % Current Ratio (%) % D/E (Debt-equity) Ratio (times) D/E Interest Payment Ratio (%) % Net Interest-bearing Debt = Interest-bearing Debt Cash and Deposits Fund-raising Expenses = Interest Expenses + Interest on Bonds + Amortization of bond issuance cost Total Assets Turnover = Net Sales / Total Assets (average) Equity Ratio = Equity (year-end) / Total Assets (year-end) x 1 1

27 ROE & ROA (%) 15 Interest-bearing Debt ( billion) 1,2 D/E (Debt-equity) Ratio (times) D/E ROE ROA Current Ratio (%) % 15 Interest Coverage Ratio (times) Financial Data ,72,712 1,676,64 1,666,828 1,668,734 1,693,898 1,692,635 1,73,651 1,764, ,77 579,76 598, , , ,11 769,72 772, , ,31 682, ,15 559, , , ,23 752, , ,139 57,859 51,89 482, , ,325 19,274 17,472 14,822 13,134 11,14 1,369 1,46 1, ,411,444 1,381,359 1,41,23 1,382,265 1,396,728 1,382,259 1,41,464 1,472, ,7 528,264 54, ,59 642,953 73,173 66, 662, ,616 56,47 553,238 51,47 444,28 414, ,276 56, , , , , ,49 391, , ,762 15,13 12,784 11,288 1,349 8,23 7,43 7,858 8, Current Ratio = Current Assets (year-end) / Current Liabilities (year-end) x 1 Debt-equity Ratio = Interest-bearing Debt (year-end) / Shareholders Equity (year-end) Interest Coverage Ratio = Operating Cash Flows / Interests Interest Payment Ratio = (Interest Expenses + Interest on Bonds) / Interest-bearing Debt (average) x

28 FINANCIAL DATA PERFORMANCE INDICATORS Earnings per Share, adjusted for latent shares ( ) EPS 1 4 Book Value per Share ( ) BPS Consolidated Non-consolidated Price Earnings Ratio (times) PER Price Book Value Ratio (times) PBR As of March Consolidated EPS (Earnings per Share, adjusted for latent shares) ( ) EPS BPS (Book Value per Share) ( ) BPS CFPS (Cash Flow per Share) ( ) CFPS DOE (Dividends on Equity) (%) DOE% Total Payout Ratio (%) % Payout Ratio (%) % PER (Price Earnings Ratio) (times) PER PBR (Price Book Value Ratio) (times) PBR Price Cash Flow Ratio (times) PCFR EBITDA ( million) EBITDA 29, ,33 EV/EBITDA (times) EBITDA Non-consolidated EPS (Earnings per Share, adjusted for latent shares) ( ) EPS BPS (Book Value per Share) ( ) BPS CFPS (Cash Flow per Share) ( ) CFPS Cash Dividends Paid ( million) 14,49 16,86 DOE (Dividends on Equity) (%) DOE% Payout Ratio (%) % PER (Price Earnings Ratio) (times) PER PBR (Price Book Value Ratio) (times) PBR Price Cash Flow Ratio (times) PCFR EBITDA ( million) EBITDA 168,51 212,914 EV/EBITDA (times) EBITDA Dividend per Share ( ) Stock Repurchase Cash Flow per Share = (Net Income + Depreciation + Amortization of Long-term Prepaid Expenses) / Numbers of Issued Shares (average) Dividends on Equity = Annual Cash Dividend / Equity (average)1 Total payout ratio of year n = [(Dividends from Unappropriated Profit in Year n) + (Amount of Treasury Stocks Acquired in Year n + 1)] / (Consolidated Net Income in Year n) Payout Ratio = Dividends Paid per Share / Net Income per Share x 1 1 DOE1 nnn1 n 111

29 Cash Flow per Share ( ) CFPS1 Payout Ratio (%) % Total Payout Ratio (%) % Price Cash Flow Ratio (times) PCFR EV/EBITDA (times) EBITDA Financial Data , , , , , , ,469 26, ,859 16,672 18,98 18,557 18,641 21,556 21,251 21, ,85 214, , , ,58 234,782 15,13 151, , 27,837 2, 2, 33,717 39, 1, PCFR = Share Price (year-end) / CFPS EV/EBITDA = (Market Capitalization + Interest-bearing Debt + Minority Interest Cash and Deposits Marketable Securities) / (Operating Income + Amortization of Long-term Prepaid Expenses + Depreciation) The amount shown for stock repurchase excludes requests for the purchase of odd-lot shares. PCFR CFPS EBITDA 27

30 BALANCE SHEETS (TEN-YEAR CONSOLIDATED) 1 As of March 31 Assets Noncurrent assets Property, plant and equipment Production facilities Distribution facilities Service and maintenance facilities Other facilities Construction in progress Intangible assets Investments and other assets Investment securities Long-term loans receivable Deferred tax assets Other Allowance for doubtful accounts Current assets Cash and deposits Notes and accounts receivable trade Lease receivables and lease investment assets Inventories Deferred tax assets Other Allowance for doubtful accounts Total assets 331 As of March 31 Liabilities Noncurrent liabilities Bonds payable Convertible bonds Long-term loans payable Reserve for employee retirement allowances Provision for retirement benefits Other Current liabilities Current portion of noncurrent liabilities Notes and accounts payable trade Short-term loans payable Income taxes payable Other Total liabilities Minority interests Shareholders Equity Capital stock Legal capital surplus Retained earnings Valuation and translation adjustments Treasury stock Total shareholders equity Total liabilities, minority interests and shareholders equity Net Assets Shareholders equity Capital stock Capital surplus Retained earnings Treasury stock Valuation and translation adjustments Valuation difference on available-for-sale securities Deferred gains or losses on hedges Minority interests Total net assets Total liabilities and net assets Some items in the accompanying financial statements have been summarized to preserve simplicity. Such changes are unaudited. Due to the revision of regulations for consolidated financial statements, Capital reserve is presented as Capital surplus and Consolidated retained earnings is presented as Retained earnings beginning in the year ended March 31,

31 ( million ) ,491,2 1,517,353 1,45,814 1,411,513 1,47,725 1,382,66 1,391,882 1,371,576 1,376,365 1,352,68 1,333,551 1,292,178 1,249,936 1,217,465 1,17,428 1,159,517 1,14,32 1,13,48 1,124,122 1,11, , , ,26 244,58 245, , ,123 27,751 2, , ,183 55, , , ,47 51, ,713 53, ,845 49,89 85,551 8,61 76,154 71,297 61,488 59,733 59,461 64,12 6,765 6,51 34, ,9 33, , , ,96 299,937 32,38 33,58 297, ,953 96,121 59,199 75,442 38,496 48,311 5,68 52,79 72,419 67,957 19,819 19,251 19,196 2,69 18,856 22,779 23,649 24,68 23,219 26,49 137,648 25, , , ,44 199, , ,27 229,22 215,166 32, ,641 92,712 71,544 18,485 1,61 145,47 144, ,443 19,173 5,366 4,945 6,338 1,238 13,23 4,47 3,553 3,778 18,485 24,839 41,559 19,359 3,83 44,36 51,251 51,329 36,385 28,43 31,635 46,212 59,923 57,122 54,28 49,593 47,132 45,53 43,67 41,29 48,73 35,847 1,381 1,144 1,66 2,243 1,658 1, ,65 28, , , ,12 286,667 32,16 321,58 327, ,117 57,926 21,59 23,4 35,672 48,65 53,246 49,116 42,616 46,92 66,95 125, ,36 128, , , , ,59 166, , ,542 25,594 27,59 27,419 28,758 21,125 22,826 25,436 34,597 36,132 38,526 6,758 7,559 8,26 1,49 11,48 11,587 12,75 12,765 11,989 13,74 13,461 97,513 97,189 62,434 65,487 52,55 57,15 59,327 64,868 56,591 79,431 1,54 1, ,448 1, ,85,86 1,797,669 1,72,712 1,676,64 1,666,828 1,668,734 1,693,898 1,692,635 1,73,651 1,764, ,2, , , , , , ,945 61, , , , , , , ,833 35,5 35,5 35,5 331, ,49 355, , , ,814 99,928 89,885 39,7 32, , ,4 191,96 157, ,83 151, , , ,648 27,741 16, , ,554 12, ,88 141,48 13,222 92,947 93,557 1,734 52,53 31,688 3,537 32,354 3,693 3,26 34,984 42,611 35,93 33, , ,99 297,861 34, ,77 292, , ,135 36,57 346,345 71, ,32 4,443 91,239 17,2 51,969 45,597 42,742 63,359 88,169 39,284 43,285 38,55 37,676 35,747 6,563 76,925 59,728 99,352 13,319 41,641 39,921 42,79 41,9 3,29 25,123 17,67 1,954 8,378 5,91 19,885 27,721 33,663 41,221 39, 41,69 33,527 43,854 25,15 34, , ,31 142, ,71 117, , , ,857 11, ,53 1,317,227 1,241,222 1,134,838 1,92,319 1,64,116 1,11, , , , ,568 3,619 3,656 3,796 4,39 4,258 8,63 1,255 Financial Data 141, , , , , , ,844 2,38 2,38 2,64 2,65 2,65 2,67 2,65 34, , ,43 429, , ,5 572,652 55,139 32,835 17,2 35,654 31,5 56, ,862 38,88 59,145 44,84 484, ,79 564,77 579,76 598, , ,231 1,85,86 1,797,669 1,72,712 1,676,64 1,666,828 1,668,734 1,693, , , , , , ,844 2,65 2,65 2,65 644, , ,45 44,564 42,774 2,361 51,13 33, ,76 31,917 11,466 1,397 1,93 11,694 1,944 11,382 12,25 86,45 78, ,616 1,692,635 1,73,651 1,764,185 The scope of consolidation was 57 companies as of March 31, 29. Following the enforcement of the new Company Law, the shareholders equity section has been removed and the net assets section introduced. These changes took effect from the year ended March 31,

32 STATEMENTS OF INCOME (TEN-YEAR CONSOLIDATED) 1 For the years ended March 31 Net sales Cost of sales Gross profit Selling, general and administrative expenses Supply and sales expenses General and administrative expenses Operating income Non-operating income Interest income Dividends income Equity in earnings of affiliates Foreign exchange gains Gains from weather derivative transactions Gains from commodity derivative transactions Miscellaneous income Non-operating expenses Interest expenses Adjustments of charges for construction of distribution facilities Environmental maintenance expenses Loss from weather derivative transactions Miscellaneous expenses Ordinary income Extraordinary income Extraordinary loss Income before income taxes Income taxes current Income taxes deferred Minority interests in income Net income Some items in the accompanying financial statements have been summarized to preserve simplicity. Such changes are unaudited STATEMENTS OF CASH FLOWS (THREE-YEAR CONSOLIDATED) 3 ( million ) For the years ended March Net cash provided by (used in) operating activities: Income before income taxes 162,533 69,681 68,37 Depreciation and amortization 128, , ,899 Amortization of long-term prepaid expenses 4,144 4,288 4,184 Loss on retirement of property, plant and equipment 3,156 1,568 3,561 Increase (decrease) in allowance for doubtful accounts 549 Increase (decrease) in provision for retirement benefits 37, ,177 Increase (decrease) in provision for safety measures 5,427 2,469 1,57 Interest and dividends income 2,5 1,959 2,764 Interest expenses 1,369 1,46 1,869 Decrease (increase) in notes and accounts receivable trade 17,369 3,4 2,585 Decrease (increase) in inventories 1,535 2,542 21,111 Increase (decrease) in notes and accounts payable trade 14,75 35,883 6,5 Increase (decrease) in accrued consumption taxes 4,45 4,573 Other, net 8,618 13,425 27,872 Subtotal 238, , ,63 Interest and dividends income received 2,1 2,784 3,421 Interest expenses paid 1,243 1,196 1,85 Income taxes paid 39,326 42,496 19,73 Net cash provided by (used in) operating activities 19, ,24 159,561 3

33 ( million ) ,255 1,86,77 1,97,589 1,127,633 1,151,824 1,19,783 1,266,51 1,376,958 1,487,496 1,66, , ,6 561, , , , ,53 799, ,11 1,139,791 58, , ,6 555,74 573, ,6 541, , ,386 52, ,28 422,15 424, ,49 421,7 42, , , , , , , , , , , , ,962 37, ,177 94,532 73,48 71,15 72,49 75,434 74,94 77,263 71,211 72,541 73,989 69,233 13,659 11,67 123, , , , ,315 7,48 65,24 1,22 8,372 7,65 7,441 9,131 12,114 1,863 13,1 18,898 15, ,89 1,72 1, , ,391 1,895 1,513 1, ,347 3,775 5,529 2,636 2,74 1,62 2,458 5,892 6,629 6,275 6,133 7,498 8,31 6,263 8,83 13,164 7,381 35,716 45,156 37,586 38,78 3,324 24,67 24,52 19,375 22,114 22,542 23,366 22,866 19,274 17,472 14,822 13,134 11,14 1,369 1,46 1,869 7,837 6,271 6,827 4,648 4,144 4,42 3,16 3,723 3,257 5,568 5,656 2,722 5,666 4,513 16,19 11,485 16,66 11,358 7,431 4,824 9,6 5,29 8,415 43,72 66,875 8,626 91, ,93 132,856 98, ,39 66,832 58, ,2 8,699 8,413 5,734 7,61 13,75 5,25 1, ,953 1,965 4,771 66,375 5,268 5,443 7,257 2,356 1,76 43,738 45,84 82,861 95,882 73, ,322 1, ,533 69,681 68,37 16,64 25,436 31,57 43,621 44,266 45,73 35,73 49,335 22,748 27, , ,244 16,366 3,534 2,497 11,711 3,238 2, ,27 1,64 26,698 27,595 51,911 59,21 44,787 84,47 62,114 1,699 42,487 41,78 Financial Data ( million ) For the years ended March Net cash provided by (used in) investment activities: Purchase of investment securities 12,625 19,111 15,91 Purchase of property, plant and equipment 124, , ,629 Purchase of intangible assets 8,611 6,786 7,12 Purchase of long-term prepaid expenses 2,471 3,23 1,479 Proceeds from sales of noncurrent assets 5,985 1, Other, net 1,973 1,31 7,84 Net cash provided by (used in) investment activities 13, , ,575 3 Net cash provided by (used in) financing activities: Net increase (decrease) in short-term loans payable 6,522 3,235 2,468 Increase (decrease) in commercial papers 6, 6, Proceeds from bonds and long-term loans payable 14,934 89,579 11,185 Repayments of bonds and long-term loans payable 26,986 43,162 36,137 Cash dividends paid 18,78 22,823 21,28 Cash dividends paid to minority shareholders Payments to minority shareholders on account of capital reduction 7 Proceeds from sales of treasury stock Purchase of treasury stock and other 34,65 39,572 1,47 Net cash provided by (used in) financing activities 65,843 25,189 3,932 4 Effect of exchange rate changes on cash and cash equivalents ,57 5 Net increase (decrease) in cash and cash equivalents 6,159 2,173 2,347 6 Cash and cash equivalents at beginning of year 45,633 4,231 43,76 7 Increase (decrease) in cash and cash equivalents from newly consolidated subsidiary 757 1, Cash and cash equivalents at end of year 4,231 43,76 64,9 Some items in the accompanying financial statements have been summarized to preserve simplicity. Such changes are unaudited. 31