[Delayed]Summary of Consolidated Financial Results for the Six Months Ended September 30,2021(Based on Japanese GAAP)

Translation

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results for the Six Months Ended September 30, 2021 (Based on Japanese GAAP)

					October 29, 2021
Company name:	Odakyu Electric Railway Co.,Ltd.
Stock exchange listing:	Tokyo
Stock code:	9007	URL https://www.odakyu.jp/
Representative:	President & CEO	Koji Hoshino
Inquiries:	Office Manager, IR Office	Toru Ishiguro	TEL [phone]
Scheduled date to file Quarterly Securities Report:	November 12, 2021
Scheduled date to commence dividend payments:	-
Preparation of supplementary material on quarterly financial results:	Yes
Holding of quarterly financial results meeting:	Yes	(for institutional investors and analysts)

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021)

(1) Consolidated operating results (cumulative)							Percentages indicate year-on-year changes
	Operating revenue		Operating profit	Ordinary profit		Profit attributable to
				owners of parent
	Millions of yen			%	Millions of yen		%	Millions of yen			%	Millions of yen		%
Six months ended September 30, 2021	174,777			-		2,808		-		2,547			-		7,986		-
Six months ended September 30, 2020	167,645	(36.0)		(19,193)		-	(22,049)			-		(21,280)		-
	Earnings per share	Diluted earnings per share
				Yen					Yen
Six months ended September 30, 2021				21.99					-
Six months ended September 30, 2020				(58.60)					-
(2) Consolidated financial position
	Total assets			Net assets		Equity ratio
	Millions of yen		Millions of yen					%
As of September 30, 2021	1,277,621		350,480				27.2
As of March 31, 2021	1,326,996		352,456				26.4
2. Cash dividends
						Annual dividends per share
	1st quarter-end		2nd quarter-end		3rd quarter-end	Fiscal year-end	Total
	Yen				Yen			Yen				Yen			Yen
Year ended March 31, 2021		-				0.00				-				10.00			10.00
Year ending March 31, 2022		-				0.00
Year ending March 31, 2022 (Forecast)										-				10.00			10.00

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

Percentages indicate year-on-year changes

	Operating revenue	Operating profit		Ordinary profit		Profit attributable to	Earnings per share
			owners of parent
	Millions of yen	%	Millions of yen		%	Millions of yen		%	Millions of yen		%	Yen
Full year	364,400	-	3,500		-	2,000		-	10,000		-	27.53

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4. Notes

1. Changes in significant subsidiaries during the six months ended September 30, 2021 (changes in specified subsidiaries resulting in the change in scope of consolidation):
2. Application of special accounting methods for preparing quarterly consolidated financial statements:

No

No

(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:	Yes
Changes in accounting policies due to other reasons:	No
Changes in accounting estimates:	No
Restatement of prior period financial statements:	No

(4) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)

	As of September 30, 2021	368,497,717	shares	As of March 31, 2021	368,497,717	shares
Number of treasury shares at the end of the period
	As of September 30, 2021	5,312,738	shares	As of March 31, 2021	5,327,705	shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
	Six months ended September 30, 2021	363,173,012	shares	Six months ended September 30, 2020	363,164,233	shares

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Quarterly consolidated financial statements

Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2021	As of September 30, 2021
Assets
Current assets
Cash and deposits	49,397	30,923
Notes and accounts receivable - trade	20,134	-
Notes and accounts receivable - trade, and contract assets	-	18,425
Merchandise and finished goods	5,770	5,435
Land and buildings for sale in lots	29,817	23,201
Work in process	1,002	1,259
Raw materials and supplies	2,282	2,592
Other	38,647	32,514
Allowance for doubtful accounts	(358)	(356)
Total current assets	146,692	113,997
Non-current assets
Property, plant and equipment
Buildings and structures, net	484,778	481,218
Machinery, equipment and vehicles, net	57,323	58,316
Land	472,084	472,518
Construction in progress	33,167	31,144
Other, net	11,742	11,111
Total property, plant and equipment	1,059,096	1,054,310
Intangible assets
Goodwill	1,654	1,514
Other	21,890	20,626
Total intangible assets	23,544	22,141
Investments and other assets
Investment securities	74,325	64,387
Other	24,696	24,162
Allowance for doubtful accounts	(1,359)	(1,377)
Total investments and other assets	97,662	87,172
Total non-current assets	1,180,304	1,163,624
Total assets		1,326,996	1,277,621

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			(Millions of yen)
		As of March 31, 2021	As of September 30, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade	19,664	16,136
Short-term borrowings	182,428	181,716
Current portion of bonds payable	20,010	20,010
Income taxes payable	6,311	5,086
Provision for bonuses	6,868	6,908
Allowance for unredeemed gift certificates and others	1,582	1,673
Provision for loss on disaster	89	21
Other provisions	84	108
Other	102,666	82,175
Total current liabilities	339,704	313,836
Non-current liabilities
Bonds payable	247,015	237,010
Long-term borrowings	253,720	250,766
Long-term accounts payable to Japan railway	70,603	62,152
construction, transport and technology agency
Retirement benefit liability	13,600	13,758
Asset retirement obligations	1,688	1,659
Other	48,207	47,956
Total non-current liabilities	634,835	613,304
Total liabilities	974,539	927,141
Net assets
Shareholders' equity
Share capital	60,359	60,359
Capital surplus	57,900	57,900
Retained earnings	207,852	211,366
Treasury shares	(6,503)	(6,468)
Total shareholders' equity	319,609	323,158
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	26,479	21,240
Revaluation reserve for land	548	537
Remeasurements of defined benefit plans	3,241	2,948
Total accumulated other comprehensive income	30,269	24,726
Non-controlling interests	2,578	2,595
Total net assets	352,456	350,480
Total liabilities and net assets		1,326,996	1,277,621

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Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)

Consolidated statements of income (cumulative)

			(Millions of yen)
		Six months ended	Six months ended
		September 30, 2020	September 30, 2021
Operating revenue	167,645	174,777
Operating expenses
Operating expenses and cost of sales of transportation	148,611	133,972
Selling, general and administrative expenses	38,227	37,996
Total operating expenses	186,839	171,968
Operating profit (loss)	(19,193)	2,808
Non-operating income
Interest income	9	12
Dividend income	965	876
Share of profit of entities accounted for using equity method	-	177
Miscellaneous income	1,224	1,788
Total non-operating income	2,199	2,855
Non-operating expenses
Interest expenses	2,736	2,495
Share of loss of entities accounted for using equity method	1,321	-
Miscellaneous expenses	997	621
Total non-operating expenses	5,055	3,117
Ordinary profit (loss)	(22,049)	2,547
Extraordinary income
Gain on sale of non-current assets	321	3,163
Contribution for construction	362	731
Gain on sale of investment securities	11	7,543
Subsidy income	1,772	2,394
Other	149	495
Total extraordinary income	2,617	14,328
Extraordinary losses
Loss on sale of non-current assets	96	5
Loss on tax purpose reduction entry of non-current assets	331	679
Loss on retirement of non-current assets	323	173
Extra retirement payments	-	670
Non-recurring loss	2,587	-
Other	114	66
Total extraordinary losses	3,454	1,597
Profit (loss) before income taxes	(22,886)	15,278
Income taxes - current	156	4,470
Income taxes - deferred	(1,426)	2,795
Total income taxes	(1,269)	7,266
Profit (loss)	(21,617)	8,012
Profit (loss) attributable to non-controlling interests	(337)	26
Profit (loss) attributable to owners of parent		(21,280)	7,986

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