KEY MANAGEMENT INDICATORS

Related tables and are shown at the bottom of this page.

PROFITABILITY AND GROWTH

* As of October 1,2017, the company carried out a share consolidation at a ratio of 5 common shares to 1.

(Unit: billion yen)

For the years ended March 31	2015	2016	2017	2018	2019
Operating cash flow	237.6	257.1	217.4	240.3	246.4
TEP	43.4	67.6	-6.2	24.4	6.8
Capital expenditures	224.5	232.0	203.3	208.7	223.7
Depreciation *	141.8	145.1	164.3	165.3	161.8

	Operating cash flow = net Profit + amortization of long-term prepaid expenses + depreciation
	TEP (Tokyo Gas Economic Profit) = NOPAT - cost of capital (invested capital * WACC) NOPAT: Net ordinary Profit after tax prior to interest payments Our goal is to generate profit in excess of capital costs. This is reflected in our adoption of Tokyo Gas Economic Profit as our main management indicator.

* Depreciation includes amortization of long-term prepayments

(%)

For the years ended March 31	2015	2016	2017	2018	2019
Operating Profit Margin	7.5	10.2	3.7	6.5	4.8
Return on Sales	4.2	5.9	3.4	4.2	4.3

(%)

As of March 31	2015	2016	2017	2018	2019
ROE	9.2	10.3	4.8	6.7	7.4
ROA	4.3	5.0	2.4	3.3	3.6

	ROE = net profit / total equity (average of positions at start and end of fiscal year)
	ROA = net profit / total assets (average of positions at start and end of fiscal year)

As of March 31	2015	2016	2017	2018	2019
Interest-bearing debt (billion yen)	730.7	715.7	713.5	724.9	803.2
Equity ratio (%)	47.4	48.9	49.4	48.7	47.7
D/E ratio (times)	0.68	0.65	0.65	0.64	0.69

	Equity ratio = equity (year-end) / total assets (year-end) * 100
	Debt-equity ratio = interest-bearing debt (year-end) / total shareholders' equity (year-end)

(Unit: yen)

As of March 31	2015	2016	2017	2018	2019
EPS (Earnings per Share, fully diluted EPS)	39.2	46.7	23	164.1	187.6
BPS (Book Value per Share)	438.3	460.4	479.7	2,487.6	2,576.0
PER (Price Earnings Ratio) (times)	19.3	11.2	22	17.2	16.0
PBR (Price Book Value Ratio) (times)	1.7	1.1	1.1	1.1	1.2

* As of October 1,2017, the company carried out a share consolidation at a ratio of 5 common shares to 1.

	EPS = net profit/average number of issued shares
	BPS = equity/number of issued shares (year-end)

2020/07/29
Announcement of FY2020 1Q Financial Results
Financial Results

Investors' Guide

Data book includes various financial indicators and long-term historical data on the businesses of Tokyo Gas.