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 Nine Months Ended December 31, 2022
(Under Japanese GAAP)
February 9, 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:
Tsuyoshi Kumai, Manager, Public Relations Department(TEL)+81-92-734-1217
Scheduled filing date of quarterly securities report: February 9, 2023
Scheduled commencement date of dividend payments: Preparation of supplementary materials for quarterly financial results : None
Scheduled quarterly financial results briefing: None(Amounts rounded down to the nearest million yen.)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2022 (from April 1, 2022 to
December 31, 2022)(1) Consolidated operating results (year to date)(Percentages represent year-on-year changes.)
attributable toOperating revenue Operating income
Ordinary income Profit
owners of parent
Millions of yen%

Millions of yen%

Millions of yen

Nine months ended
379,115
25.9
19,699 202.2
December 31, 2022
December 31, 2021
301,01324.1
6,519(Note(s)) Comprehensive income Nine months ended December 31, 2022
Nine months ended December 31, 2021
Net income pershare-basic
Nine months ended
December 31, 2022
December 31, 2021

20,962
7,132%

Millions of yen

193.9
13,885 172.6
5,092
24,650million yen ( 375.2 %)5,187million yen (- %)Net income pershare-diluted

Yen

Yen

176.2264.63

175.7564.41(2) Consolidated financial position
Total assets

Net assets

Millions of yen

Equity ratio

Millions of yen

As of679,253
200,348
December 31, 2022
March 31, 2022
734,500
179,084(Reference) Shareholders’ equity As of December 31, 2022
As of March 31, 2022

%

28.5
23.5
193,348Millions of yen
172,593Millions of yen

2. Dividends
Annual dividends
End of Q1
Yen

End of Q2
Yen

End of Q3
Yen%

Year-end
Yen

Fiscal year ended
12.50
17.50
March 31, 2022
Fiscal year ending
15.00
March 31, 2023
Fiscal year ending
March 31, 2023
15.00
(forecast)(Note)
Revision of the dividend forecast most recently announced:
None

Total
Yen

30.00

30.00

3. Consolidated Financial Forecast for the Fiscal Year Ending March 31, 2023
(from April 1, 2022 to March 31, 2023)(Percentages represent year-on-year changes.)
ProfitOperatingOperatingincome per
Ordinary income
attributable to Net
revenueincomeshare-basic
owners of parent
Millions of yen% Millions of yen% Millions of yen

497,500 16.5
24,000 129.6
24,400
Full year(Note)
Revision of the consolidated financial forecast most recently released:% Millions of yen%
74.9
15,500 57.0

Yen
196.72Yes* Notes(1) Changes in important subsidiaries during the period under review: None(Changes in specified subsidiaries resulting in changes in scope of consolidation):(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
2) Change in accounting policies other than item 1) above
3) Change in accounting estimates
4) Restatements: None: None: None: None(4) Number of shares issued (common stock)1) Number of shares issued at the end of theperiod (including treasury stock)2) Number of treasury stocks at the end of theperiod3) Average number of shares outstanding
during the period (year to date)(Note)

As of December
31, 2022
As of December
31, 2022

79,360,186 shares
550,025 shares

Nine months
ended December
31, 2022

As of March 31,2022
As of March 31,
2022

79,360,186 shares
588,852 shares

Nine months
78,792,708 shares

ended December

78,805,773 shares

31, 2021

The number of treasury stocks includes shares of the Company remaining in the board benefit trust (as ofDecember 31, 2022: 243,225 shares; as of March 31, 2022: 244,266 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 not guarantee they
will be achieved. In addition, actual financial results may differ significantly due to various factors. For assumptions
for financial forecasts and points to consider in utilizing them, please see “(3) Explanation of future forecast informationsuch as consolidated financial forecasts” in “1. Qualitative Information on Quarterly Financial Results under Review”
on page 7 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 .........................................................7

2. Quarterly Consolidated Financial Statements and Key Notes .........................................................................................................8(1)

Quarterly consolidated balance sheet ..................................................................................................................................8(2)

Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income ...............10(3)

Notes to quarterly consolidated financial statements ........................................................................................................ 12(Notes to assumptions of going concern) ................................................................................................................................ 12(Notes if there is a significant change in the amount of shareholders’ equity) ....................................................................... 12(Segment information) ............................................................................................................................................................ 121

1. Qualitative Information on Quarterly Financial Results under Review(1) Explanation of operating results(Millions of yen)
Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Operating revenue

301,013379,115

78,101

25.9%

Operating income

6,519

19,69913,179202.2%

Ordinary income

7,132

20,962

13,830193.9%

Profit attributable toowners of parent

5,092

13,885

8,792

172.6%

ChangePercentage change

Operating revenue for the nine-month period under review was 379,115 million yen, up 25.9% year-on-year. The reasons for theincrease include: maintaining the high level of sales prices compared with the same period of the previous year, despite a decrease in air
export transaction volume due to lower transportation demand in the Logistics business; and the easing of restrictions on activities in theTransportation business and Leisure and Services business caused by COVID-19.
Operating income was 19,699 million yen (202.2% increase year-on-year), ordinary income was 20,962 million yen (up 193.9% yearon-year), and profit attributable to owners of parent was 13,885 million yen (up 172.6% year-on-year).
The Company’s business performance by segment is as follows.
(Millions of yen)
Operating income (loss)

Operating revenue

Nine months Nine months
ended
ended
December 31, December 31,
2021
2022

Nine months Nine months
Percentage
ended
ended
change December 31, December 31,
2021
2022

ChangeChangePercentagechangeTransportation

47,94353,329

5,385

11.2%

(3,318)

254

3,572

-

Real Estate

50,06947,138(2,930)(5.9%)

5,410

4,165

(1,244)(23.0%)

Retail

52,46152,491

30

0.1%

625

22

(602)

(96.4%)

Logistics

125,954

194,746

68,791

54.6%

7,737

15,445

7,707

99.6%

Leisure and Services

15,54822,825

7,276

46.8%

(4,861)

(495)

4,365

-

Subtotal

291,977

370,53178,554

26.9%

5,593

19,392

13,798246.7%

Others21,27622,032

755

3.6%

1,073

649

(423)

(39.5%)

Adjustments(12,240)(13,448)(1,208)

-

(147)

(342)

(195)

-

Consolidated

301,013379,115

78,101

25.9%

6,519

19,69913,179202.2%2

1) Transportation
In the Railway and Bus businesses, revenue increased due to a recovery in demand from the same period of the previous fiscal year
mainly due to the easing of restrictions on activities caused by COVID-19. As a result, operating revenue for the Transportation business
was 53,329 million yen (11.2% increase year-on-year), and operating income was 254 million yen (operating loss of 3,318 million yen
for the same period of the previous fiscal year).
The number of passengers in the Railway and Bus (public buses) businesses increased 8.5% and 4.1% year-on-year, respectively.
2) Real Estate
In the Leasing business, revenue increased mainly due to a recovery in lease revenue from commercial facilities, while in the Housingbusiness, revenue decreased mainly due to a drop in the number of condominiums sold. As a result, operating revenue for the Real Estatebusiness was 47,138 million yen (5.9% decrease year-on-year). Operating income was 4,165 million yen (down 23.0% year-on-year)
due partly to increased expenses for repairs and taxes in the Leasing business.
The number of lots sold was 451 (down 89 lots year-on-year).
3) RetailIn the Supermarkets/liquor stores business, sales at the existing stores fell due to consumers’ intensified focus on saving caused byhigher inflation. On the other hand, in the Sales of miscellaneous everyday items business, sales increased mainly due to the contributionof new stores. As a result, operating revenue of the Retail business was 52,491 million yen (0.1% increase year-on-year). Operating
income amounted to 22 million yen (96.4% decrease year-on-year) due to a decline in gross profit margins caused by soaring purchaseprices in the Supermarkets/liquor stores business, an increase in utility costs caused by higher energy prices, and other factors.
4) Logistics
In the Global Logistics business, although air export volume declined due to a decrease in transportation demand, sales prices remained
high compared with the same period of the previous year, resulting in an increase in revenues. As a result, operating revenue for the
Logistics business was 194,746 million yen (54.6% increase year-on-year), and operating income was 15,445 million yen (up 99.6%
year-on-year).
International cargo volume was down 9.8% year-on-year in Air exports, down 3.8% year-on-year in Air imports, up 12.0% year-onyear in Ocean exports, and up 9.2% year-on-year in Ocean imports.
5) Leisure and Services
In the Hotel business, revenue increased due to higher occupancy from the same period of the previous fiscal year mainly due to theeasing of restrictions on activities caused by COVID-19. As a result, operating revenue for the Leisure and Services business was 22,825
million yen (46.8% increase year-on-year), and operating loss was 495 million yen (operating loss of 4,861 million yen for the same
period of the previous fiscal year).
6) Others
Other operating revenue was 22,032 million yen (3.6% increase year-on-year) mainly due to an increase in revenue from large
construction orders in the Construction related business. Operating income amounted to 649 million yen (down 39.5% year-on-year) due
partly to a decrease in sales volume in the Metal recycling business.

3

(Statement of Income by Segment)(Millions of yen)
Operating revenue
Nine months ended Nine months ended
December 31,
December 31,
2021
2022

Operating income (loss)
Percentagechange (%)

ChangeNine months ended Nine months ended
December 31,
December 31,
2021
2022

Percentagechange (%)

ChangeTransportation

47,94353,329

5,385

11.2

(3,318)

254

3,572

Railway

12,884

14,428

1,543

12.0

156

950

794

Bus

33,03236,477

3,445

10.4

(3,135)

(719)

2,415

(Bus, net) *1[30,328][33,856][3,527][11.6]

-

-

Other

8,093

8,419

325

4.0

(356)

(29)

327

-

Adjustments(6,067)(5,996)

70

-

17

53

35

-

Real Estate

50,06947,138(2,930)

(5.9)

5,410

4,165

(1,244)(23.0)

Leasing

18,254

18,520

266

1.5

4,045

3,579

(465)

(11.5)

Housing

25,99823,018(2,980)(11.5)

788

343

(444)

(56.4)

Other

8,844

8,702

(142)

(1.6)

576

309

(267)

(46.4)

Adjustments(3,028)(3,102)

(74)

-

(0)

(67)

(66)

-

52,46152,491

30

0.1

625

22

(602)

(96.4)

Supermarkets/liquor stores

48,884

48,687

(196)

(0.4)

567

122

(444)

(78.4)

Sales of miscellaneous everyday
items

3,587

3,805

218

6.1

120

64

(56)

(46.6)

(10)

(1)

9

(62)

(164)

(101)

-

125,954

194,746

68,791

54.6

7,737

15,445

7,707

99.6

Global logistics

131,851

208,21276,360

57.9

7,566

15,494

7,927

104.8

Domestic logistics

8,001

7,813

(188)

(2.4)

286

91

(195)

(68.2)(13,898)(21,279)(7,380)

-

(116)

(140)

(24)

-

15,54822,825

7,276

46.8

(4,861)

(495)

4,365

-

Hotel

12,04919,057

7,008

58.2

(4,763)(1,627)

3,135-(Hotel, net) *2[6,096][11,258][5,161][84.7]

-

-

999

1,839

839

84.0

(563)

140

704

Facility outline

3,248

3,188

(59)

(1.8)

684

727

42

Other

5,877

7,380

1,503

25.6

(245)

222

467

-

Adjustments(6,626)(8,641)(2,015)

25

41

16

-

291,977

370,53178,554

26.9

5,593

19,392

13,798

246.7

Others21,27622,032

755

3.6

1,073

649

(423)

(39.5)

Adjustments(12,240)(13,448)(1,208)

(147)

(342)

(195)

-

Consolidated

301,013379,115

78,101

6,519

19,69913,179RetailAdjustments
Logistics

Adjustments
Leisure and Services

TravelSubtotal

-

-

25.9

*1 Operating revenues for the Bus business, excluding intercompany transactions, increased 11.6%.
*2 Operating revenues for the Hotel business, excluding intercompany transactions, increased 84.7%.

4

508.9
-

-

-

6.1

202.2

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

Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Percentage change(%)

ChangeNumber of passengers

Thousandpassengers

66,933

72,6365,703

8.5

Non-commuter

Thousandpassengers

25,73429,582

3,848

15.0

CommuterThousandpassengers

41,19943,0541,855

4.5

Passenger revenue

Millions ofyen

12,266

13,732

1,466

12.0

Non-commuter

Millions of
yen

6,729

8,011

1,281

19.0

CommuterMillions of
yen

5,536

5,721

184

3.3

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

Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Percentage change(%)

Number of passengers

Thousandpassengers

152,395

158,685

6,290

4.1

Non-commuter

Thousandpassengers

82,03889,8087,770

9.5

CommuterThousandpassengers

70,357

68,877(1,480)(2.1)

Passenger revenue

Millions ofyen

26,59929,829

3,230

12.1

Non-commuter

Millions ofyen

18,754

21,725

2,970

15.8

CommuterMillions of
yen

7,844

8,104

259

3.3

Change3) Number of units sold (Real Estate)
Unit

Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Percentage change(%)

ChangeNumber of units sold

Unit

540

451

(89)

(16.5)

Condominium

Dwelling unit

411

343

(68)

(16.5)

Detached house

Unit

125

97

(28)

(22.4)

4

11

7

175.0

Renovation

Dwelling unit

4) Transaction volume of international cargo (Logistics)
Unit

Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Percentage change(%)

ChangeAir Export

Thousand tons

110

99

(10)

(9.8)

Air ImportThousand
cases

295

284

(11)

(3.8)

Ocean Export

Thousand
TEU

70

79

8

12.0

Ocean ImportThousand
TEU

97

106

8

9.2

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

Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Percentage change(%)

Change

ADR

Yen

6,702

[6,865]8,333[8,333]

1,631[1,468]

OCC

%

38.9

[39.0]

69.0[69.0]

30.1P[30.0P]

Rev PAR

Yen

2,604

[2,676]

5,753[5,753]

3,149[3,077]24.3[21.4]-

120.9[115.0]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, 2022

As of December 31, 2022

ChangeTotal Assets

734,500

679,253(55,246)

Total Liabilities

555,416

478,905(76,510)

Total Net Assets

179,084

200,348

21,263

Interest-bearing debt

347,793

331,749(16,044)(Note) Interest-bearing debt is the sum of borrowings and bonds payable.
Assets fell 55,246 million yen from the end of the previous fiscal year to 679,253 million yen, mainly due to the direct reduction ofcontribution for construction, which had been recorded as advances received, from the acquisition cost of the fixed assets acquired, in
conjunction with the partial completion of the Tenjin-Omuta Line continuous grade separation project in the Railway business.
Liabilities dropped 76,510 million yen from the end of the previous fiscal year to 478,905 million yen, mainly due to a decrease ininterest-bearing debt and a decrease in advances received following the partial completion of the Tenjin-Omuta Line continuous grade
separation project in the Railway business.
Net assets rose 21,263 million yen from the end of the previous fiscal year to 200,348 million yen mainly due to an increase in retained
earnings mainly owing to the posting of profit attributable to owners of parent and an increase in foreign currency translation adjustment.

6

(3) Explanation of future forecast information such as consolidated financial forecasts
The consolidated financial forecasts for the fiscal year ending March 31, 2023 have been changed from those announced on November
10, 2022, based on the business results of the nine-month period under review and the future outlook for each business segment.
Operating revenue is expected to exceed the previous forecast. The reasons for this include: an increase in selling prices comparedwith the previous forecast, despite the current downward trend in freight costs due to a decrease in transportation demand in the Global
Logistics business; and a recovery in demand from the Bus and Hotel businesses.
Each income is expected to exceed the previous forecast due to an increase in sales of high-gross profit margin properties and adecrease in selling expenses in the Housing business.
(Millions of yen)

Fiscal year ending
March 31, 2023
Fiscal year ending(forecast)March 31, 2023
(Previously published(forecast)value)

ChangePercentage change

Operating revenue

495,800

497,500

1,700

0.3%

Operating income

20,00024,000

4,000

20.0%

Ordinary income

20,50024,400

3,900

19.0%

Profit attributable toowners of parent

12,80015,500

2,700

21.1%

(Millions of yen)
Operating revenue
Fiscal year ending
March 31, 2023 Fiscal year ending(forecast)March 31, 2023
(Previously(forecast)published value)
Transportation

69,90070,700Real Estate

78,400RetailOperating income (loss)
Fiscal year ending
March 31, 2023
Fiscal year
Percentage(forecast)ending March 31,
Changechange(Previously
2023 (forecast)published value)

800

ChangePercentagechange

1.1%

(800)

0

800

-

77,100(1,300) (1.7%)

5,900

7,300

1,400

23.7%

69,50069,500

-

-

0

0

-

-

Logistics

233,200

234,700

1,500

0.6%

16,10016,700600

3.7%

Leisure and Services

31,00031,900900

2.9%(1,500)

(500)

1,000

-

Subtotal

482,000

483,900

1,900

0.4%

19,70023,500

3,800

19.3%

Others31,80031,800

-

-

1,000

1,100

100

10.0%

Adjustments(18,000)(18,200)

(200)

-

(700)

(600)

100

-

Consolidated

495,800

497,500

1,700

0.3%

20,00024,000

4,000

20.0%

7

2. Quarterly Consolidated Financial Statements and Key Notes(1) Quarterly consolidated balance sheet(Millions of yen)
As of March 31, 2022

As of December 31, 2022

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

70,82861,27459,07757,45458,980
3,839
258
2,019
16,634(215)

71,040
4,490
738
2,160
19,415(264)

211,422

216,308

187,495

191,424

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

14,602
129,278
99,130
7,383

12,829131,600
24,124
7,683

Total property, plant and equipment

437,890367,661

429
3,597

394
3,519

4,026

3,914

Investments and other assets
Investment securities
Retirement benefit assets
Deferred tax assets
OthersAllowance for doubtful accounts

47,523
4,040
11,706
18,232(342)

56,6984,130
9,201
21,668(330)

Total investments and other assets

81,16091,369523,077

462,944734,500

679,253

Intangible assets
Goodwill
OthersTotal intangible assets

Total fixed assets
Total Assets

8

(Millions of yen)
As of March 31, 2022

As of December 31, 2022

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

39,11948,89848,03250,143Current portion of bonds payable
Accrued consumption taxes
Income taxes payable
Advances received
Provision for bonuses
Other provisions
Others

1,496
1,478
76,423
4,583
169
26,226

7,000
1,204
2,039
4,727
2,382
110
29,255

Total current liabilities

198,394

144,895

Bonds payable
Long-term borrowings
Deferred tax liabilities
Other provisions

152,000
146,895
1,572
454

145,000
129,605
1,097
540

Retirement benefit liability
Long-term guarantee deposits
Others

22,91327,7405,445

22,90529,538
5,323

Total long-term liabilities

357,021334,009

Total Liabilities

555,416

478,905

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

26,157
12,608
127,430(1,278)26,157
12,608
138,722(1,204)

164,918

176,284

6,544

8,118

(591)
1,227
492

191
8,316
437

7,674

17,063405

352

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

9

6,085

6,646

179,084

200,348734,500

679,253

(2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income
Quarterly consolidated statement of income(Nine-month period)(Millions of yen)
Nine months ended
December 31, 2021
Operating revenue
Operating expenses
Operating expenses and cost of sales of transportation
Selling, general and administrative expenses
Total operating expenses
Operating income

Nine months ended
December 31, 2022

301,013379,115

273,069
21,424

337,150
22,266294,493359,416

6,519

19,699Non-operating income
Interest income
Dividend income
Foreign exchange gains

21
979
331

167
1,093
1,070

Miscellaneous income

2,729

1,333

Total non-operating income

4,062

3,663

1,639

1,654

1,380

551

429

194

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

3,449

2,400

Ordinary income

Total non-operating expenses

7,132

20,962Extraordinary gains
Gain on sales of fixed assets
Advances received on construction contracts
Contribution for construction
Others

2,583
37
46

114
74,926
472
1,411

2,667

76,925Extraordinary losses
Loss on reduction of non-current assets for tax
purposes
Loss on retirement of non-current assets

Total extraordinary income

35

73,648-2,959

Impairment losses
Loss on valuation of investment securities
Others

147
391
63

5
-

Total extraordinary losses

637

76,613

Income before income taxes

9,162

21,274

Income taxes - current
Income taxes - deferred

1,820
1,604

4,951
1,286

Total income taxes

3,425

6,238

Profit5,737

15,035

644

1,150

5,092

13,885

Profit attributable to non-controlling interests
Profit attributable to owners of parent

10

Quarterly consolidated statement of comprehensive income(Nine-month period)(Millions of yen)
Nine months ended
December 31, 2021
ProfitOther 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 income
Comprehensive income

Nine months ended
December 31, 2022
5,737

15,035(2,483)
(1)
896
(25)

1,572
(14)
4,580
(55)

1,065

3,532

(549)

9,614

5,187

24,6504,526

23,274661

1,376(Components)
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests11

(3) Notes to quarterly consolidated financial statements(Notes to assumptions of going concern)
Not applicable.
(Notes if there is a significant change in the amount of shareholders’ equity)
Not applicable.
(Segment information)
Nine-month period in the previous fiscal year (from April 1, 2021 to December 31, 2021)
1. Information on operating revenue, income or loss by reporting segment(Millions of yen)
Reporting segment
TransporReal EstatetationRetailLogistics

Leisure andServices

Total

Others Adjustments(Note) 1(Note) 2

Amount posted
to the quarterly
consolidated
statement ofincomeOperating
47,94350,06952,461
125,954
15,548291,977
21,276(12,240)
301,013revenue
Segment income(3,318)
5,410
625
7,737
(4,861)
5,593
1,073
(147)
6,519
(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 (147) million yen in segment income (loss) is the net of (587) million yen administrative expenses ofparent company that are not attributable to the reporting segments and 440 million yen of intersegment eliminations.
Nine-month period under review (from April 1, 2022 to December 31, 2022)
1. Information on operating revenue, income or loss by reporting segment(Millions of yen)
Reporting segment
TransporReal EstatetationRetailLogistics

Leisure andServices

Total

Others Adjustments(Note) 1(Note) 2

Amount posted
to the quarterly
consolidated
statement ofincomeOperating
53,32947,13852,491
194,746
22,825
370,531
22,032(13,448)
379,115revenue
Segment income
254
4,165
22
15,445(495)
19,392649(342)
19,699(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 (342) million yen in segment income (loss) is the net of (597) million yen administrative expenses ofparent company that are not attributable to the reporting segments and 254 million yen of intersegment eliminations.

12