Note: This document has been translated from the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

Consolidated Financial Results for the Six Months Ended September 30, 2023
(Under Japanese GAAP)
November 10, 2023
Company Name: Nishi-Nippon Railroad Co., Ltd.
Stock exchange listings: Tokyo and Fukuoka
Securities Code:9031
URL https://www.nishitetsu.co.jp/en/
Representative:
Koichi Hayashida, President and CEO
Contact:
Takahide Kurata, Manager, Public Relations Department(TEL) +81-92-734-1217
Scheduled filing date of quarterly securities report:
November 10, 2023
Scheduled commencement date of dividend payments:
December 1, 2023
Preparation of supplementary materials for quarterly financial results : Yes
Holding of quarterly financial results meeting: Yes (For institutional investors and analysts)(Amounts rounded down to the nearest million yen.)
1. Consolidated Financial Results for the Six Months Ended September 30, 2023
(from April 1, 2023, to September 30, 2023)(1) Consolidated operating results (year to date)(Percentages represent year-on-year changes.)
Operating revenue

Operating income

Profit attributable toowners of parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

197,156(22.2)

10,777(6.5)

10,564(19.8)

10,96824.9

253,51535.0

11,527-

13,169

-

8,782

-

Six months ended
September 30, 2023
Six months ended
September 30, 2022

(Notes) Comprehensive income

Six months ended September 30, 2023
Six months ended September 30, 2022

Net income pershare-basic

Six months ended
September 30, 2023
Six months ended
September 30, 2022

21,148 million yen (32.2%)
15,998 million yen (- %)Net income pershare-diluted
Yen

Yen

139.19138.86111.47111.17(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

696,753685,795

220,289
201,881

30.6
28.4

As of September 30, 2023
As of March 31, 2023

(Reference) Shareholders’ equity As of September 30, 2023
As of March 31, 2023
2. Dividends

213,143 million yen
194,793 million yen

Annual dividends
End of Q1

Fiscal year ended March 31,
2023
Fiscal year ending March
31, 2024
Fiscal year ending March
31, 2024 (forecast)End of Q2

End of Q3

Year-end

Total

Yen

Yen

Yen

Yen

Yen

-

15.00

-

20.00

35.00

-

17.50
-

17.50

35.00

(Notes) Revision of the dividend forecast most recently announced: None

3. Consolidated Financial Forecast for the Fiscal Year Ending March 31, 2024 (from April 1, 2023, to March 31, 2024)
Operating revenue
Millions of yen

Full year

Operating income% Millions of yen

425,300 (14.0)%

20,400 (22.0)(Percentages represent year-on-year changes.)
Profit attributable to Net income per
Ordinary income
owners of parent
share-basic
Millions of yen% Millions of yen

16,900 (39.4)(Notes) Revision of the consolidated financial forecast most recently released: Yes%

Yen

13,800 (24.9)

175.11

* Notes(1) Changes in important subsidiaries during the period under review (Changes in specified subsidiaries
resulting in changes in scope of consolidation): None(2) Adoption of special accounting treatment used in preparation of the quarterly consolidated financial
statements: None(3) Change in accounting policies or estimates and restatements
1) Change in accounting policies due to revisions of accounting standards and other regulations : None
2) Change in accounting policies other than item 1) above: None3) Change in accounting estimates: None4) Restatements: None(4) Number of shares issued (common stock)1) Number of shares issued at the end of the
As of September
As of March 31,
79,360,186 shares
79,360,186 shares30, 2023
2023
period (including treasury stock)2) Number of treasury stocks at the end of the
As of September
As of March 31,
694,341 shares
530,573 shares30, 2023
2023
periodSix months ended
Six months ended
3) Average number of shares outstanding during September 30,
78,805,621 shares September 30,
78,784,863 sharesthe period (year to date)
2023
2022
(Note) The number of treasury stocks includes shares of the Company remaining in the board benefit trust (asof September 30, 2023: 410,569 shares; as of March 31, 2023: 243,225 shares).
* Quarterly financial results are not subject to quarterly reviews by a certified public accountant or an audit firm.
* Explanation of appropriate use of financial forecasts and other special notes
Any statements on the future such as financial outlooks included in this material are based on information the
Company presently has and certain assumptions the Company considers reasonable, and the Company does notintend to be committed to their realization. In addition, actual financial results may differ significantly due tovarious factors. For assumptions for financial forecasts and points to consider in utilizing them, please see “(3)Explanation of future forecast information such as consolidated financial forecasts” in “1. Qualitative Information
on Quarterly Financial Results under Review” on page 6 of the attachments.

○ Table of Contents of Attachments
1.

Qualitative Information on Quarterly Financial Results under Review ............................................................................................. 2(1) Explanation of operating results ....................................................................................................................................................... 2(2) Explanation of financial position ....................................................................................................................................................... 6(3) Explanation of future forecast information such as consolidated financial forecasts ........................................................................ 6
2. Quarterly Consolidated Financial Statements and Key Notes..................................................................................................................7(1) Quarterly consolidated balance sheet ................................................................................................................................................. 7(2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income.................................9(3) Notes to quarterly consolidated financial statements ........................................................................................................................11(Notes to assumptions on going concern) ...........................................................................................................................................11(Notes if there is a significant change in the amount of shareholders’ equity) ...................................................................................11(Segment information) ........................................................................................................................................................................12(Material subsequent events) ..............................................................................................................................................................121

1. Qualitative Information on Quarterly Financial Results under Review(1) Explanation of operating results(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

Operating revenue

253,515

197,156(56,359)(22.2%)

Operating income

11,527

10,777(750)(6.5%)

Ordinary income

13,16910,564(2,605)(19.8%)

Profit attributable toowners of parent

8,782

10,968

2,186

24.9%

ChangePercentage change

Operating revenue for the six-month period under review was 197,156 million yen, down 22.2% year-on-year. The reasons include a
decrease in the import and export transaction volume owing to sluggish transportation demand in the Global Logistics business under
the Logistics business. However, there was an increase in revenues due to a recovery in demand in the Transportation business andLeisure and Service business as social and economic activities have normalized mainly due to the reclassification of COVID-19 as aClass 5 disease. Accordingly, operating income was 10,777 million yen, down 6.5% year-on-year.
Ordinary income was 10,564 million yen (down 19.8% year-on-year) due partly to a decrease in gross profit in foreign exchange
gains.
Profit attributable to owners of parent was 10,968 million yen, up 24.9% year-on-year, mainly due to the recording of gain on sale of
fixed assets from the sale of Nishijin Palace, etc.

The Company’s business performance by segment is as follows.
At the beginning of the first quarter of the fiscal year, the reorganization of consolidated subsidiaries accompanying an absorptiontype merger took place; accordingly, changes were made to the segmentation of the relevant consolidated subsidiaries.
The segment information for the six-month period in the previous fiscal year was prepared in accordance with the segments after thechange.
(Millions of yen)
Operating income or loss

Operating revenue

Six months
Six months
ended
ended
ChangeSeptember 30, September 30,
2022
2023

Six months Six months
Percentage
ended
ended
Changechange September 30, September 30,
2022
2023

PercentagechangeTransportation

34,62538,029

3,404

9.8%

(782)

1,400

2,182

-

Real Estate

29,86031,338

1,478

4.9%

2,471

3,624

1,152

46.7%

Retail34,11035,121

1,010

3.0%

(304)

378

683

-

Logistics

135,990

70,560(65,430)(48.1%)

11,1993,238(7,960)(71.1%)

Leisure and Services

13,89020,885

6,994

50.4%

(1,185)

2,239

3,425

-

Subtotal

248,477

195,935(52,541)(21.1%)

11,397

10,881(515)(4.5%)

Others13,934

13,488(446)(3.2%)

357

342

(15)

(4.2%)

Adjustments(8,896)(12,267)(3,371)

-

(226)

(446)

(219)

-

Consolidated

253,515

197,156(56,359)(22.2%)

11,527

10,777(750)(6.5%)2

1) Transportation
In the Railway and Bus businesses, revenue grew mainly due to an increase in the number of passengers along with a recovery
in demand, and the adoption of the railway station barrier-free fare system in the Railway business. As a result, operating revenue
for the Transportation business was 38,029 million yen (9.8% increase year-on-year), and operating income came to 1,400 million
yen (operating loss of 782 million yen for the same period of the previous fiscal year).
The number of passengers in the Railway and Bus (public buses) businesses increased 8.0% and 6.7% year-on-year, respectively.
2) Real Estate
In the Housing business, revenue fell mainly due to a decrease in the number of condominium units sold. However, in the Leasing
business, revenue grew mainly due to an increase in inter-group lease revenue (intersegment transactions) due to changes in the
management structure of the Hotel business and a recovery in lease revenue from commercial facilities. As a result, operating
revenue for the Real Estate business was 31,338 million yen (4.9% increase year-on-year), and operating income posted 3,624
million yen (46.7% increase year-on-year).
The number of units sold was 189 (down 55 units year-on-year).
3) RetailIn the Supermarkets/Liquor Stores business, sales increased mainly due to the contribution of new stores opened in the previous
fiscal year and a reflection of an increase in wholesale prices in sales prices. As a result, operating revenue for the Retail business
was 35,121 million yen (3.0% increase year-on-year), and operating income came to 378 million yen (operating loss of 304 million
yen for the same period of the previous fiscal year).
4) Logistics
In the Global Logistics business, the import and export transaction volume decreased due to weak transportation demand,
resulting in a decrease in revenues. As a result, operating revenue for the Logistics business was 70,560 million yen (48.1% decreaseyear-on-year), and operating income came to 3,238 million yen (71.1% decrease year-on-year).
International cargo volume decreased 31.2% year-on-year in Air exports, 17.4% year-on-year in Air imports, 8.5% year-on-yearin Ocean exports, and 8.2% year-on-year in Ocean imports.
5) Leisure and Services
In the Hotel business, revenue grew due to an increase in the occupancy rate and average daily rate, reflecting a recovery indemand, as well as the opening of Nishitetsu Hotel Croom Hakata Gion Kushida Jinja-mae in April 2023. As a result, operating
revenue for the Leisure and Services business was 20,885 million yen (50.4% increase year-on-year), and operating income
amounted to 2,239 million yen (operating loss of 1,185 million yen for the same period of the previous fiscal year).
6) Others
Other operating revenue was 13,488 million yen (3.2% decrease year-on-year) mainly due to a drop in net sales of completed
construction contracts in the Construction related business while there was an increase in orders received in the Vehicle
Maintenance related business. Operating income was 342 million yen (4.2% decrease year-on-year).

3

(Statement of Income by Segment)(Millions of yen)
Operating income or loss

Operating revenue
Six months ended
September 30,
2022

Six months ended
September 30,
2023

Transportation

34,62538,029

Railway

9,341

Percentagechange (%)

Six months ended
September 30,
2022

3,404

9.8

(782)

1,400

2,182

10,669

1,327

14.2

248

1,178

929

23,68725,9172,230

9.4(1,083)

316

1,400

[21,952][24,243][2,291][10.4]

-

Other

5,649

5,711

61

1.1

Adjustments(4,053)(4,268)(214)Real Estate

29,86031,338

1,478

Leasing

12,323

15,373

Housing

13,423

Other
Adjustments

Bus*1

ChangeSix months ended
September 30,
2023

Percentagechange (%)

Change

373.8
-

-

-

-

14

(52)

(67)

-

37

(41)

(79)

-

4.9

2,471

3,624

1,152

46.7

3,049

24.7

2,367

3,419

1,052

44.4

11,610(1,813)(13.5)

(87)

133

221

-

6,256

6,405

148

2.4

202

180

(21)

(10.8)(2,143)(2,051)

92

(10)

(109)

(98)

-

34,11035,121

1,010

3.0

(304)

378

683

-

Supermarkets/liquor stores

31,69932,486

787

2.5

(257)

330

588

-

Sales of miscellaneous everyday items

2,411

2,634

222

9.2

14

91

77

(0)

(0)

0

-

(61)

(43)

17

-

135,990

70,560(65,430)(48.1)

11,1993,238(7,960)(71.1)

Global logistics

144,71073,984(70,725)(48.9)

11,225

3,333(7,891)(70.3)

Domestic logistics

5,206

5,212

5

0.1

62

69

6

10.9

(13,926)(8,636)

5,290

(88)

(164)

(75)

-

13,89020,885

6,994

50.4

(1,185)

2,239

3,425

-

11,555

11,830274

2.4(1,773)

908

2,682

-

[6,557][11,823][5,265][80.3]-

Travel

1,103

1,369

265

24.0

(21)

223

244

Facility outline

2,207

2,629

422

19.1

552

791

239

Other

4,595

5,639

1,044

22.7

32

359

326

-

Adjustments(5,571)

(583)

4,988

-

24

(42)

(67)

-

Subtotal

248,477

195,935(52,541)(21.1)

11,397

10,881

(515)

(4.5)

Others13,934

13,488

(446)

(3.2)

357

342

(15)

(4.2)

Adjustments(8,896)(12,267)(3,371)

-

(226)

(446)

(219)

-

Consolidated

253,515

197,156(56,359)(22.2)

11,527

10,777

(750)

(6.5)

(Bus, net)

RetailAdjustments
Logistics

Adjustments
Leisure and Services
Hotel(Hotel, net)

*2

-

-

-

*1 Operating revenues for the Bus business, excluding intercompany transactions, increased 10.4%.
*2 Operating revenues for the Hotel business, excluding intercompany transactions, increased 80.3%.

4

-

532.2

-

43.4

(Transaction volume)1) Number of railway passengers / passenger revenue (Transportation)
Unit

Six months ended
September 30, 2022

Six months ended
September 30, 2023

Percentage change(%)

ChangeNumber of passengers

Thousandpassengers

47,45851,2603,8028.0

Non-commuter

Thousandpassengers

19,02321,519

2,496

13.1

CommuterThousandpassengers

28,43529,741

1,306

4.6

Passenger revenue

Millions of
yen

8,896

10,179

1,283

14.4

Non-commuter

Millions of
yen

5,109

6,130

1,020

20.0

CommuterMillions of
yen

3,786

4,049

263

7.0

2) Number of public bus passengers / passenger revenue (Transportation)
Unit

Six months ended
September 30, 2022

Six months ended
September 30, 2023

Percentage change(%)

ChangeNumber of passengers

Thousandpassengers

105,023

112,046

7,023

6.7

Non-commuter

Thousandpassengers

59,004

66,781

7,777

13.2

CommuterThousandpassengers

46,01945,265

(754)

(1.6)

Passenger revenue

Millions ofyen

19,557

21,4381,881

9.6

Non-commuter

Millions ofyen

14,147

16,070

1,923

13.6

CommuterMillions of
yen

5,410

5,368

(42)

(0.8)

3) Number of units sold (Real Estate)
Unit

Six months ended
September 30, 2022

Six months ended
September 30, 2023

Percentage change(%)

ChangeNumber of units sold

Unit

244

189

(55)

(22.8)

Condominium

Dwelling unit

166

131

(35)

(21.5)

Detached house

Unit

74

56

(18)

(24.3)

Dwelling unit

4

2

(2)

(50.0)

Renovation

4) Transaction volume of international cargo (Logistics)
Unit

Six months ended
September 30, 2022

Six months ended
September 30, 2023

Percentage change(%)

ChangeAir Export

Thousand tons

68

47

(21)

(31.2)Air ImportThousand
cases

192

159

(33)

(17.4)

Ocean Export

Thousand
TEU

52

47

(4)

(8.5)

Ocean importThousand
TEU

71

66

(5)

(8.2)

5) Average daily rate (ADR) of hotels targeting mainly domestic customers, occupancy rate (OCC) and revenue per available
room (Rev PAR) (Leisure and Services)
Unit

Six months ended
September 30, 2022

Six months ended
September 30, 2023

11,131 [11,142]

ADR

Yen

7,807

[7,807]

OCC

%

64.8

[64.8]

76.3

Rev PAR

Yen

5,058

[5,058]

8,497

Percentage change(%)

Change3,324[3,335]42.6[75.5]

11.5P[10.7P]-[8,415]3,439[3,357]68.0[42.7][66.4]

Note: Figures in brackets are for existing hotels. Hotels operating in both previous and current fiscal years are in the scope.

5(2) Explanation of financial position(Millions of yen)
As of March 31, 2023

ChangeAs of September 30, 2023

Total Assets

685,795

696,753

10,958

Total Liabilities

483,913476,463(7,450)Total Net Assets

201,881220,289

18,408Interest-bearing debt

334,875

318,684(16,191)(Notes) Interest-bearing debt is the sum of borrowings and bonds payable.
Assets rose 10,958 million yen from the end of the previous fiscal year to 696,753 million yen mainly due to an increase inproperty, plant and equipment while notes and accounts receivable - trade, and contract assets, and cash and deposits decreased.
Liabilities dropped 7,450 million yen from the end of the previous fiscal year to 476,463 million yen mainly due to a decrease
in interest-bearing debt.
Net assets rose 18,408 million yen from the end of the previous fiscal year to 220,289 million yen mainly due to an increase inretained earnings chiefly owing to the posting of profit attributable to owners of parent and an increase in foreign currencytranslation adjustment.

(3) Explanation of future forecast information such as consolidated financial forecasts
The consolidated financial forecasts for the full fiscal year ending March 31, 2024, have been changed from those announced on
August 10, 2023, based on the business results of the six-month period under review and the future outlook for each business segment.
Operating revenue is expected to be lower than previously forecast due to a decrease in the import and export transaction volume
in the Global Logistics business.
Earnings are expected to be higher than previously forecast due to an increase in demand in the Leisure and Services businessand lower costs in the Transportation and Real Estate businesses than were originally forecast in the first half of the year.
(Millions of yen)
Forecast for fiscal
year ending March
31, 2024(Previous forecast)

Forecast for fiscal
year ending March
31, 2024

Operating revenue

436,000

425,300(10,700)(2.5%)

Operating income

17,30020,400

3,100

17.9%

Ordinary income

13,30016,900

3,600

27.1%

Profit attributable toowners of parent

10,80013,800

3,000

27.8%

ChangePercentage change(Millions of yen)
Operating revenue

Operating income

Forecast for fiscal
year ending March
31, 2024(Previous forecast)

Forecast for
fiscal year
ending March
31, 2024

ChangePercentagechangeForecast for
Forecast for fiscal
fiscal year
year ending March
Percentage
Changeending March
31, 2024
change(Previous forecast)31, 2024

Transportation

76,50076,900

400

0.5%

1,700

2,600

900

Real Estate

88,10085,800(2,300)(2.6%)

8,300

9,000

700

8.4%

Retail

70,00070,900

900

1.3%

500

600

100

20.0%

Logistics

154,500

142,500 (12,000)(7.8%)

5,300

5,300

-

-

52.9%

Leisure and Services

40,40042,600

2,200

5.4%

1,500

2,900

1,400

93.3%

Subtotal

429,500

418,700 (10,800)(2.5%)

17,30020,400

3,100

17.9%

Others30,40030,500

100

0.3%

1,000

1,000

-

-

Adjustments(23,900)(23,900)--(1,000)(1,000)--Consolidated

436,000

425,300 (10,700)(2.5%)

17,30020,400

3,100

17.9%

6

2. Quarterly Consolidated Financial Statements and Key Notes(1) Quarterly consolidated balance sheet(Millions of yen)
As of March 31, 2023

As of September 30, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsLand and buildings for sale
Merchandise and finished goods
Work in process
Raw materials and supplies
OthersAllowance for doubtful accounts

72,796

65,51859,54640,26063,898
3,971
237
2,176
17,383(268)

70,339
4,168
519
2,205
16,091(259)

Total current assets

219,742

198,844

190,327

190,557

Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net

12,616130,871
29,080
10,312

12,107
137,82145,09910,900Total property, plant and equipment

373,207396,485

321
3,523

331
3,513

3,844

3,845

56,163
3,787
8,159
21,207(317)

67,357
3,838
4,475
22,220(313)

Fixed assets
Property, plant and equipment
Buildings and structures, net

Intangible assets
Goodwill
OthersTotal intangible assets
Investments and other assets
Investment securities
Retirement benefit assets
Deferred tax assets
OthersAllowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total Assets

7

89,00097,577

466,053497,909685,795

696,753(Millions of yen)
As of March 31, 2023

As of September 30, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings

43,561
49,16344,74349,974Current portion of bonds payable
Consumption taxes payable
Income taxes payable
Advances received
Provision for bonuses
Other provisions
Others

7,000
1,132
2,850
5,739
6,355
340
28,282

10,000
3,433
2,658
8,969
6,518
269
28,769Total current liabilities

144,426

155,338

Bonds payable
Long-term borrowings
Deferred tax liabilities
Other provisions
Retirement benefit liability
Long-term guarantee deposits
Others145,000
133,711109
569
21,96730,2187,910

135,000
123,709879
585
21,87630,538
8,535

Total long-term liabilities

339,486

321,124

Total Liabilities

483,913476,463

Net assets
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock

26,157
12,608143,194(1,166)26,157
12,608
152,580(1,612)

180,794

189,733

8,182

12,188

(195)
5,293
718

328
10,158734

13,99923,409324

317

Long-term liabilities

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interests
Total Net Assets
Total liabilities and net assets

8

6,763

6,828

201,881220,289685,795

696,753

(2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income
Quarterly consolidated statement of income(Six-month period)(Millions of yen)Six months ended
September 30, 2023

Six months ended
September 30, 2022
Operating revenue
Operating expenses
Operating expenses and cost of sales of transportation
Selling, general and administrative expenses

253,515

197,156

227,362
14,626

171,931
14,447

241,988

186,379

Operating income

11,527

10,777

Non-operating income
Interest income
Dividend income
Miscellaneous income

66
685
2,351

208
668
757

3,103

1,634

1,106

1,123

292

639

63

84

Total operating expenses

Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodMiscellaneous expenses
Total non-operating expenses

1,461

1,847

13,16910,564Gain on sales of fixed assets
Advances received on construction contracts
Contribution for construction
Others68
74,926
472
1,411

6,627
3
92
5

Total extraordinary income

76,8796,729

73,648

96

2,887
5

-

-

2

Ordinary income
Extraordinary gains

Extraordinary losses
Loss on reduction of non-current assets for tax
purposes
Loss on retirement of non-current assets
Impairment losses
OthersTotal extraordinary losses

76,541

99

Income before income taxes

13,507

17,194

Income taxes - current
Income taxes - deferred

3,876
36

2,936
2,698

Total income taxes

3,913

5,634

Profit9,594

11,559Profit attributable to non-controlling interests
Profit attributable to owners of parent

9

812

590

8,782

10,968

Quarterly consolidated statement of comprehensive income(Six-month period)(Millions of yen)Six months ended
September 30, 2023

Six months ended
September 30, 2022
Profit9,594

11,559

117
(1)
3,813
(37)

3,999
10
2,852
15

2,511

2,711

6,404

9,588

Comprehensive income

15,99821,148(Components)
Comprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

14,95920,379

1,039

768

Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income10(3) Notes to quarterly consolidated financial statements(Notes to assumptions on going concern)
Not applicable.
(Notes if there is a significant change in the amount of shareholders’ equity)
Not applicable.

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(Segment information)
Six-month period in the previous fiscal year (from April 1, 2022, to September 30, 2022)
1. Information on operating revenue, income or loss by reporting segment(Millions of yen)Amount posted
to the quarterly

Reporting segment
Transportation Real Estate

Operating revenue

34,62529,860Retail34,110Logistics
135,990

LeisureandServices

Total

13,890248,477

Others Adjustments consolidated(Note) 1(Note) 2
statement ofincome13,934(8,896)

253,515

Segment income
2,471
(304)
11,199 (1,185)
11,397357(226)
11,527(782)(loss)(Notes) 1. “Other” consists of business segments that are not included in any of the reporting segments and includes the IC cardbusiness, the Vehicle Maintenance related business, the Construction related business, and the Metal Recycling business.
2. An adjustment of (226) million yen in segment income (loss) is the net of (393) million yen of administrative expensesof parent company that are not attributable to the reporting segments and 167 million yen of intersegment eliminations.
3. The segment information above was prepared and shown according to the changed classification of reporting segments
following the reorganization of consolidated subsidiaries.
Six-month period under review (from April 1, 2023, to September 30, 2023)
1. Information on operating revenue, income or loss by reporting segment(Millions of yen)
Reporting segment
Transportation Real Estate

RetailLogistics

LeisureandServices

Total

Others(Note) 1

Amount posted
to the quarterly
Adjustments consolidated
2(Note)
statement ofincomeOperating revenue

38,02931,33835,121

70,56020,885

195,935

13,488(12,267)

197,156

Segment income

1,400

3,624

378

3,238

2,239

10,881342(446)

10,777(Notes) 1. “Other” consists of business segments that are not included in any of the reporting segments and includes the IC cardbusiness, the Vehicle Maintenance related business, the Construction related business, and the Metal Recycling business.
2. An adjustment of (446) million yen in segment income is the net of (576) million yen of administrative expenses ofparent company that are not attributable to the reporting segments and 130 million yen of elimination of intersegment
transactions.
2. Matters related to changes to reporting segments, etc.
At the beginning of the first quarter of the fiscal year, Nishitetsu Building Management Co., Ltd. in “Real Estate” merged with
Nishitetsu Densetsu Kogyo Co., Ltd. in “Others” with the aim of further improving the efficiency of group management. As a resultof this reorganization, the business of Nishitetsu Densetsu Kogyo Co., Ltd. was changed from “Others” to “Real Estate.”
The segment information for the six-month period in the previous fiscal year was prepared in accordance with the segments after
the change.
(Material subsequent events)
The Company will issue the “54th unsecured corporate bonds (with inter-bond pari passu clause) (Green Bonds)” in November
2023, based on the decision of the President and CEO on October 19, 2023.
The summary is as follows.
Type of corporate bonds

The 54th Unsecured Corporate Bonds (with inter-bond pari passu clause) (Green Bonds)

Total amount of issuance 10 billion yen (planned)
Issuance period

10 yearsTime of issuance

November 2023 (planned)

Purpose of use of funds

The funds from the bonds are to be used for the “Fukuoka Building Block Development Project” scheduled
to open in spring 2025, which is an eligible Green Project under the Sustainability Finance Framework.

OthersSpecific values for the matters listed in the paragraphs of Article 676 of the Companies Act, such as thetotal amount of issuance, offering period, and interest rate, and all other matters necessary for theissuance of the corporate bonds shall be left to the President within the scope of this decision.

12