FY2013(Fiscal year ended March 31, 2013)

Financial Results Presentation

May 15, 2013
Keihan Electric Railway Co., Ltd.
(Tokyo Stock Exchange 1st/Osaka Securities Exchange 1st
Securities Code: 9045 http://www.keihan.co.jp/)[Notes on forecasts]
Descriptions of business forecasts and future prospects are based on current information and certain
assumptions about factors that may affect future business. The actual results of operating
performance may differ from these forecasts.

Overview of FY2013
Financial Results

Consolidated Statements of Income(Millions of yen)
FY2012
Results

FY2013Results

Operating revenue

265,629

279,156

Operating income

18,160Ordinary income

13,580Main factors of changes
Transportation +561, Real estate +13,095, Retail -1,412,
Leisure and service +1,150, Others +160

273,600

23,28913,526(5.1%)
5,128(28.2%)

Transportation +853, Real estate +3,561, Retail +132,
Leisure and service +477, Others +176

20,70018,933

5,352(39.4%)

Non-operating income -434
(Dividends income -25, Miscellaneous income -401)
Non-operating expenses -658
(Interest expenses -263, Miscellaneous expenses -371)

15,500Extraordinary income -324
(Contribution for construction -638, Gain on sales ofinvestment securities -351, gain on sales of fixed assets+590)
Extraordinary loss -1,351 (Impairment loss -1,108)

9,400

Net income

7,005

11,077

4,072(58.1%)

ROA

2.9%
5.1%

3.6%
7.4%

EBITDA

36,26940,361

Depreciation

18,10917,071

Capitalexpenditures

32,487

19,977

0.7pt
2.3pt
4,091
(11.3%)-1,037(-5.7%)-12,509(-38.5%)ROE

Oct 2012
Estimate

Change

ROA: Operating income to total assets
ROE: Net income to shareholders’ equity
EBITDA: Operating income + Depreciation－－
37,80017,10029,190[Changes in scope of consolidation and application of the equity method (from the previous fiscal year end)]
Consolidated subsidiaries: 37 companies (1 company): New: 1 company Keihan Kind Co., Ltd.
Equity method affiliates: 2 companies (No changes)2

Consolidated Balance Sheets(Millions of yen)
FY2012
Results

FY2013Results

ChangeCurrent assets

137,064

134,596-2,468Land and buildings for saleNotes and accounts receivable
Cash and deposit-5,290-3,490+4,225

Fixed assets

505,438

518,866

13,428Investments in capital
Investments in securities+8,387+5,511

642,502653,462

10,959Current liabilities

184,947

176,940-8,007

Short-term loans
Current portion of bonds
Income taxes payable-26,453+9,955+2,287Long-term liabilities

311,767

318,400

6,633

Long-term loans
Bonds
Long-term accounts payable+20,492-10,376-3,372

Total liabilities

496,714495,340-1,373

Net assets

145,788

158,121

12,333

Total liabilities and net assets

642,502653,462

10,959Total assets

Interest-bearing debt at endof fiscal period

335,864

327,880-7,983

Interest-bearing debt /EBITDA multiple (Times)

9.3

8.1

-1.2

Main factors of changes

Retained earnings+8,505
Valuation difference on available-for-sale securities +3,799* Equity capital ratio 23.8% (+1.5pt)

Loans payable
Long-term accounts payable
Bonds
Short-term bonds payable*Interest-bearing debt: Loans payable + bonds + short-term bonds payable + accounts payable for Japan Railway Construction,
Transport and Technology Agency (JRTT)

3-5,961-2,601-420+1,000Consolidated Statements of Cash Flows(Millions of yen)
FY2012
Results

FY2013Results

ChangeMain factors of changes

Operating cash flows

14,81843,901

29,082

Income before income taxes+6,380Changes in notes and accounts receivable +8,818
Changes in inventories+14,007

Investing cash flows-40,872-28,489

12,383Purchase of fixed assets+11,377

Financing cash flows

18,420-11,941-30,361

Changes in loans payable
Changes in bonds-22,010-7,733

Net increase (decrease) incash and cash equivalents-7,633

3,470

11,103

Increase in cash and cash
equivalents from newly
consolidated subsidiary

－

204

204

Increase in cash and cash
equivalents resulting frommerger with non-consolidated
subsidiaries

13

－

-13

19,12722,802

3,675

Cash and cash equivalents
at end of fiscal period4Segment Information(Millions of yen)
FY2012
Results

FY2013Results

Change (%)

ChangeOct 2012
Estimate

Operating revenue

265,629

279,156

13,526

5.1%

273,600

Transportation

91,85892,419561

0.6%

91,500Real estate

61,442

74,53813,09521.3%

72,300Retail

97,63796,224-1,412-1.4%

94,600

Leisure and service

24,931

26,081

1,150

4.6%

25,800

Others

1,327

1,487

160

12.1%

1,500

Elimination-11,566-11,595-28－-12,100

Operating income

18,16023,289

5,128

28.2%

20,700Transportation

5,740

6,594

853

14.9%

5,400

Real estate

10,186

13,747

3,561

35.0%

13,000Retail

1,919

2,052

132

6.9%

1,600

Leisure and service

413

890

477

115.6%

700

Others

-207

-31

176

－

0

Elimination

109

36

-72

－

0

5

Segment Information (Breakdown)[Consolidated subsidiaries] 38 companies(Keihan Electric Railway covers both the transportation business and the real estate business)
Transportation
Real estate
RetailLeisure and service
Others[Equity method affiliates] 2 companies

Keihan Electric Railway Co., Ltd., Keifuku Electric Railroad Co., Ltd., Eizan Electric Railway Co., Ltd., Keihan Bus Co., Ltd., and 12
other companies
Keihan Electric Railway Co., Ltd., Keihan Dentetsu Real Estate Co., Ltd., Eastern Kogyo Co., Ltd., *Keihan Kind Co., Ltd., and 3other companies
Keihan Department Stores Co., Ltd., Keihan The Store Co., Ltd., Keihan Ryutsu Systems Co., Ltd., and 2 other companies
Hotel Keihan Co., Ltd., Kyoto Tower Co., Ltd., Kyoto Century Hotel Co., Ltd., Biwako Kisen Steamship Co., Ltd., and 6 othercompanies
Keihan Card Co., Ltd.

*Consolidated subsidiaries: increase of 1 YoY<Operating revenue by segment><Operating income by segment>

Others¥1.4 billion(0.5%)

Others¥ -0 billion(-0.1%)

Leisure andservice¥26.0 billion(9.0%)

Retail¥96.2 billion(33.1%)

Leisure andservice¥0.8 billion(3.8%)

Transportation¥92.4 billion(31.8%)

Retail¥2.0 billion (8.8%)

Real estate¥74.5 billion(25.6%)

Real estate¥13.7 billion(59.1%)

Note: Breakdown of operating revenue and operating income by segment, including intersegment transactions.

6

Transportation¥6.5 billion(28.4%)

Results of Transportation(Millions of yen)
FY2012
Results

FY2013Results

ChangeChange(%)

Oct 2012
Estimate

Main factors of changes

0.6%

RailwayBus
Elimination

79,550 (+656)
26,193 (+814)-13,324 (-909)

91,500853

14.9%

RailwayBus

6,293 (+831)
239 (+148)

5,400

11,034

-984

-8.2%

－

12,630

3,308

35.5%

－

Operatingrevenue

91,85892,419561

Operatingincome

5,740

6,594

Depreciation

12,019

Capitalexpenditures

9,321<< Operating results for transportation (Keihan Electric Railway) >>Number of passengers

Passenger transportation revenue(Thousands of people)(Millions of yen)

FY2012
Results

FY2013Results

FY2012
Results

FY2013Results

Non-commuter
passes144,826

144,753

-72

-0.1%

33,757

33,637

-119

-0.4%

Commuter passes
Total

134,568

133,805

-763

-0.6%

15,79815,654

-143

-0.9%

279,394

278,558

-835

-0.3%

49,55549,292

-262

-0.5%

ChangeChange (%)

7

ChangeChange (%)

Results of Real Estate
FY2012
Results

FY2013Results

ChangeChange(%)

Operating revenue

61,442

74,53813,095

21.3%

Operating income

10,186

13,747

3,561

35.0%

Depreciation
Capital expenditures

3,844
21,382

3,822
4,766

-21
-16,616-0.6%-77.7%(Millions of yen)Oct 2012
Main factors of changes
Estimate
Real estate
64,583 (+16,050)
72,300Construction
13,233(-145)
Elimination-3,278(-2,809)
Real estate
Construction

13,146
232(+3,057)(-30)(Millions of yen)

Operating revenue
FY2012
Results

FY2013Results

Change33,404
15,127－48,532

46,107
16,263
2,211
64,583

12,702
1,136
2,211
16,050<<Main condominium buildings for sale>>
Name
Fine City osaka-jo koen
Fine Residence Todakoen
Grand First Senri Momoyamadai
Fine Flats Kuzuha the Residence
Fine Residence Seiseki
Sakuragaoka－－

FY2012：New leasing properties, etc<<Results by business>>

Real estate sales
Real estate leasing service
Real estate management
Total

13,000

Sales Number ofamount units sold*Operating income
Change (%)

FY2012
Results

FY2013Results

38.0%
7.5%
－
33.1%

2,910
7,178
－
10,089

5,298
8,028
-180
13,146(Millions of yen)
Location

10,439
3,139
2,746
2,552

302
109
82
72

Chuo ward, Osaka city
Toda city, Saitama
Suita city, Osaka
Hirakata city, Osaka

1,665

41 Tama city, Tokyo* After adjusting for share in project

8

ChangeChange (%)

2,388
849
-180
3,057

82.0%
11.8%
－
30.3%

<<New leasing properties>>
Name

Acquired date

Location

Eastern Building*
Toranomon 5 Mori
Building

January 2012

Minato ward, Tokyo

August 2011

Minato ward, Tokyo

Mikami Building

June 2011

Setagaya ward, Tokyo

Eishin Building

April 2011

Chiyoda ward, Tokyo* Eastern Building became part of the portfolio following the acquisitionof shares in the building’s owner, Eastern Kogyo Co., Ltd.

Results of Retail
FY2012
Results

Operating revenue

FY2013Results

97,63796,224

Change-1,412(Millions of yen)Oct 2012
Estimate

Change(%)

Main factors of changes-1.4%

Department store
55,000 (+679)
Store
26,600 (-1,578)
Shopping mall management 11,013 (-449)
Restaurant
6,406 (-154)

94,600Department store
Store
Shopping mall management
Restaurant

1,600

Operating income

1,919

2,052

132

6.9%

Depreciation
Capital expenditures

1,219
922

1,250
1,015

30
93

2.5%
10.1%

589
432
1,014
-1

(+224)(-196)(+160)(-55)－－<< Sales of Department Store >> << Sales of Store >><< Major New Properties >>Name(Millions of yen)
Opening date

Location

Store

Sales
amountChange(Millions of yen)SalesamountChangeStore

11,784

-468

5,656

-217

Division

Juicer Bar Keisei Tsudanuma StoreMarch 7, 2013

Narashino city, Chiba

Juicer Bar Meieki Termina Store, Meieki
Taiko Street North Exit Store

February 20, 2013

Nakamura ward, Nagoya city

MoriguchiStore24,5110

SWEETS BOX Shin Akitsu Store

November 1, 2012

Higashimurayama city, Tokyo

Kuzuha Store

10,339144

Convenience
store

Juicer Bar SWEETS BOX Shapo Ichikawa Store

October 23, 2012

Ichikawa city, Chiba

Kyobashi Store

7,332

-154

Kiosk

715

-161

Juicer Bar AUGA Aomori Store

September 8, 2012

Aomori city, Aomori

Hirakata Store

7,002

365

Juicer Bar Shinkansen Shin-Osaka Station Store

August 8, 2012

Yodogawa ward, Osaka city

Stationbusiness

7,395

-750

Suminodo
Store

5,205

331

Miscellaneous
revenue

1,048

18

608

-7

Total

26,600-1,57855,000679<< Main Stores Closed>>
Closing date

Location

Keihan The Store Makino Store

January 31, 2013

Hirakata city, Osaka

Ashikari Hilton Plaza East Store

July 21, 2012

Kita ward, Osaka city

Juicer Bar Kyoto Subway Station StoreMarch 31, 2012

Shimogyo ward, Kyoto city

13 kiosks

March 7, 2012, etc.

UNIQLO Tennouji Subway Station Store

December 31, 2011

Name

Miscellaneous
revenue
Total－
Abeno ward, Osaka city9Results of Leisure and Service(Millions of yen)
FY2012
Results

FY2013Results

ChangeChange (%)

Oct 2012
Estimate

Main factors of changes

Operating revenue

24,931

26,081

1,150

4.6%

Hotel
LeisureOperating income

413

890

477

115.6%

Hotel
Leisure

1,023

963

-60

-5.9%

－

835

1,639

804

96.3%

－

Depreciation
Capital expenditures

21,520 (+1,207)
4,719
(-51)
878
232

(+489)(+42)

25,800700<< Hotel occupancy rates >>FY2012
Results

KyobashiTemmabashi
Kyoto
Hotel
Universal City
KeihanUniversal Tower
Asakusa
SapporoBiwako Hotel
Kyoto Tower Hotel
Kyoto
Kyoto Dai-ni Tower Hotel
Tower
Kyoto Tower Hotel Annex
Kyoto Century Hotel
Total

93.1%
82.0%
92.5%
78.0%
78.3%
87.8%
90.8%
79.1%
90.0%
80.7%
94.5%
89.0%
－

FY2013Results
89.3%
82.5%
97.2%
82.9%
83.9%
95.6%
94.5%
83.4%
91.7%
83.2%
95.8%
90.5%
－

10

Change-3.8pt
0.5pt
4.7pt
4.9pt
5.6pt
7.8pt
3.7pt
4.3pt
1.7pt
2.5pt
1.3pt
1.5pt
－

Number of
rooms
214
317
286
330
641
178
200
171
158
303
122
220
3,140

Remarks

July 25, 2011

Acquisition of sharesNon-consolidated Statements of Income(Millions of yen)
FY2012
Results

FY2013Results

ChangeChange(%)

Operating revenue

78,80986,254

7,445

9.4%

Railway

52,821

52,558

-262

-0.5%

Subsidiary business

25,987

33,696

7,708

29.7%

Real estate sales

8,974

16,437

7,462

83.2%

Real estate leasing service
LeisureOperating income
Railway
Subsidiary business
Real estate sales
Real estate leasing service
Leisure14,7852,228
12,847
5,773
7,073
456
7,019
-402

14,896
2,362
15,544
6,326
9,218
2,343
7,202
-327

111
134
2,697
552
2,144
1,887
182
74

0.8%
6.0%
21.0%
9.6%
30.3%
413.7%
2.6%－

Ordinary income

9,237

12,609

3,372

36.5%

Net income

4,469

7,687

3,217

72.0%

11

Main factors of changes

Number of passengers
Passenger transportation revenue

-0.3%
-0.5%

Condominium buildings for sale
+6,468(Fine City osaka-jo koen +9,252, Grand First Senri
Momoyamadai -2,379)
Number of visitors in Hirakata Park

+7.8%

Non-operating income+3
Non-operating expenses- 671(Provision of allowance for doubtful accounts -355,
Bond issuance cost -116, Interest expenses -87)
Extraordinary income-1,073(Contribution for construction -633, Gain on salesof investment securities -277)
Extraordinary loss
-1,868(Reduction entry of land contribution for
construction -563, Impairment loss -771)

FY2014 Forecasts

Forecast of Consolidated Business Results (1)(Millions of yen)
FY2013Results

Operating revenue

279,156

FY2014
Forecast

274,400

Change-4,756

Change(%)

Main factors of changes-1.7%

Transportation
Real estate
RetailLeisure and service-1,119-2,838-1,324+118-794-2,447-252-90

Operating income

23,28919,700-3,589-15.4%

Transportation
Real estate
RetailLeisure and service

Ordinary income

18,93315,700-3,233-17.1%

Non-operating income
Non-operating expenses

+230
-126

Net income

11,0779,200-1,877-17.0%

Extraordinary income
Extraordinary loss

+17,481+17,533

Capital expenditure

19,97734,60014,622

73.2%

Depreciation

17,071

16,800

-271

-1.6%

EBITDA

40,36136,500-3,861-9.6%

Interest-bearing debt

327,880

341,000

13,119

4.0%

8.1

9.3

1.2

－

Interest-bearing debt /EBITDA multiple (Times)

13[Breakdown of capital expenditure]
Transportation
12,100Real estate
18,600Retail2,100
Leisure and service
1,400
Corporate, etc.
400

( -530)(+13,833)( +1,084)(-239)(+474)<<Main capital expenditure for FY2013>>(Transportation)
Investment on our railway
7,089(Real estate)
Investment on our real estate
18,442Forecast of Consolidated Business Results (2)<< By segment >>Operating revenue
Transportation(Millions of yen)
FY2013Results

FY2014
Forecast

Change279,156
92,419274,400
91,300-4,756-1,119Change(%)

Main factors of changes-1.7%-1.2% Railway -1,635, Bus -296, Elimination +812

Real estate

74,53871,700-2,838-3.8%Retail

96,224

94,900-1,324-1.4%

Leisure and service

26,081

26,200118

0.5%

OthersElimination

1,487-11,595

1,600-11,300

112
295

7.6%
－

Operating income

23,28919,700-3,589-15.4%

Transportation

6,594

5,800

-794

Real estate

13,747

11,300-2,447

Real estate sales
Real estate leasing service
Real estate management
Construction
Elimination
Store
Department store
Shopping mall management
Hotel
Leisure-12.0% Railway
Bus
Real estate sales

RetailLeisure and service
OthersElimination

estate leasing service-17.8% Real
Construction

2,052

1,800

-252

-12.3%

890
-31
36

800
0
0

-90
31
-36

-10.2%－－

14

Real estate management
Shopping mall management
Department store
Store
Hotel

-4,728
-632
-197
+602
+2,117
-526
-449
-193
+280
-112

-647
-120
-1,261
-943
-63
+211
-432
-271
+351
-81

Forecast of Non-Consolidated Business Results(Millions of yen)
FY2013Results

FY2014
Forecast

ChangeChange (%)

Main factors of changes

Operating revenue

86,254

83,300-2,954-3.4%

Railway

52,55851,980

-578

-1.1%

Number of passengers
Passenger transportation revenue

-0.7%
-0.9%

Subsidiary business

33,69631,320-2,376-7.1%

Condominium buildings for sale

-1,450Operating income

15,544

13,450-2,094-13.5%

Railway

6,326

5,670

-656

-10.4%

Subsidiary business

9,218

7,780

-1,438-15.6%

Ordinary income

12,60911,260-1,349-10.7%Net income

7,687

6,740

-947

-12.3%

Non-operating income
Non-operating expenses
Extraordinary income
Extraordinary loss

+500
-245
+17,715+18,049<< Forecast of operating results for transportation (Keihan Electric Railway) >>Number of passengers(Thousands of people)

Passenger transportation revenue(Millions of yen)

FY2013Results

FY2014
Forecast

ChangeChange(%)

FY2013Results

FY2014
Forecast

ChangeChange(%)

Non-commuter passes

144,753

143,382-1,371-0.9

33,63733,288-349-1.0Commuter passes

133,805

133,351

-454

-0.3

15,654

15,561-93-0.6

278,558

276,733-1,825-0.7

49,292

48,849

-443

-0.9

Total

15

TOPICS

Progress of FY2014 Initiatives

Keihan Group’s Medium-term Management Plan
(FY2013-2015)

Basic Policy

Building the foundations for a strong Keihan for the next 100 years
Corporate Strategy
Revitalize areas along the
Keihan Railway lines

Strengthen the operating structure throughextensive efficiency gains◆ Operating divisions◆ Push ahead with site development

Create an efficient operating system through a radical reviewof the business structure

・Push ahead with the creation of highly livable areas by developing
strategic sites such as the KUZUHA MALL second-stage
development plan in order to ensure areas along our lines
continue to be chosen by the public well into the future・Overhaul business approaches
・Restructure and integrate businesses in the Group・Exit unprofitable businesses or businesses with limited potential◆ Implement our Kyoto strategy◆ Administrative divisions

・Establish a position as the leading company in Kyoto
・Customers always associate Keihan with Kyoto◆ Promote new businesses to develop areas alongrail lines

Achieve extensive efficiency gains through cost control
・Create a lean head office at Keihan Electric Railway by
reducing the size of administrative divisions
・Reduce costs in administrative divisions at Group companies

・Promote lifecycle support businesses

17Comparison of Medium-term Management Plan with
FY2013 Results and FY2014 Forecast(Billions of yen)

12.0

11.0

10.0
8.0

9.2

7.0

7.4

Forecast

Medium-termManagement Plan

Results

Results

4.0

Medium-termManagement Plan

6.0

7.4

0
FY2012FY201318

FY2014

Revitalize areas along the Keihan Railway lines<Kyoto and Otsu area>[Implement our Kyoto strategy]
・ Develop the business to enhance the value of Keihan Groupfacilities near Kyoto station and at Arashiyama in order toestablish Keihan as a leading company in the Kyoto area

<Hirakata and Kuzuha area>[Push ahead with site development]
・ Redevelop Kuzuha Station and the surrounding area in
conjunction with the refurbishment of KUZUHA MALL

<Nakanoshima and Kyobashi area>[Revitalize areas along our lines ]・ Revitalize Osaka as an “Aqua Metropolis” by redeveloping thearea around Nakanoshima and holding events that tie in with the30th anniversary of Osaka Aqua-Bus
19

Business Strategy － Transportation－
Ensure safety and peace of mind
◆ Various drills and trainings
Upgrade our ability to respond to train accidents, natural disasters
and other emergencies (ensure customer safety, prevent secondary
disasters, relay accurate information, restore facilities, makearrangements until train services are restored etc.)◆ Roll out new ATS technology
Began operating the system on some sections of the Keihanlines from FY2015 in order to improve safety
Full installation on all Keihan lines scheduled for FY2017◆ Complete installation of platform warning devices
Installation completed in FY2013 at all stations required by theauthorities to have the device
Installation at all Keihan stations scheduled for completion in
FY2018

Improve the efficiency of the transport operating system◆ Wider use of driver-only trains
Driver-only train services scheduled to start on Keihan Uji linefrom June 1, 2013
Improving the efficiency of our transport operating system while
taking every step to ensure safety

20

Accident recovery drill

Speed V(km/h)

Stop speed pattern created by trains(trains are capable of halting before the stop signal
provided they are travelling within this speed)

Train speed

Distance to signal equipment 300m
Train speed
50km/hSpeed check OK!

Distance to signal equipment
121m
Train speed
50km/hATS activates based on train speed

ATS signal

ATS signal

New ATS system design

Business Strategy － Transportation－
Develop services tailored to the needs of customers◆ Revising timetables on Keihan lines
Timetables revised due to the full-scale start of shared use of
platform 1 at Yodo Station (Kyoto direction); aim is toimprove user convenience and create a more efficienttransport operating system◆ Operate trains with special designs and hold events
Hold events at Keihan Group sites, including decorations at
Kisaichi Station and other locations and special tickets tomark the start of Thomas and Friends 2013 services◆ Refurbish Arashiyama Station on the Arashiyama

Thomas and Friends 2013

line
Remove the station ticket gates and improve access inside thestationCreate a more lively station atmosphere and step up efforts to
attract passengers to enhance its position as a landmark in
Saga Arashiyama

Expand the bus location system
Expand the service area for the system, which allows
passengers to use smartphones or PCs to view bus
information such as estimated arrival time at bus stop,
estimated arrival time at destination, and current bus location

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Inside Arashiyama Station

Business Strategy － Real Estate－Continue to focus on short-term turnover business◆ Major property sales[Fine Quarter City]
Location: 1-9-6 Oyodo Kita, Kita ward, Osaka city, Osaka
Building scale : 20 aboveground floors, 377 units
Completion: Early March 2014 (planned)[The Kourien Residence]
Location: 8-1 Kouri Hondori-cho, Neyagawa city, Osaka
8-1 Kourien-cho, Hirakata city, Osaka
Building scale : 24 aboveground floors, 1 undergroundfloor, 151 units
Completion: Early February 2014 (planned)
Image of Fine Quarter City

Initiatives to enhance profitability◆ Strategically replace portfolio assets and invest in real estate funds
・ Keihan Marquis Umeda building sold (April 30)◆ Expand the condominium management and property management businesses
Breakdown of properties under management

Office buildings: 20
Leasing condominiums: 12
Owner-occupied condominiums : 131(318 units)(8,601 units)(As of May 15, 2013)22

Business Strategy － Retail－Initiatives to enhance profitability◆ New property management contracts
・ BIG HOP Garden Mall Inzai (February 1)
Location
Total floor space
Sales area
Tenants
Car parking
Store opened:1-2 Ichihara, Inzai city, Chiba:approx. 65,400m2:approx. 45,400m2:approx. 85 stores:2,800 cars
:September 28, 2007

◆ Newly opened stores
BIG HOP Garden Mall Inzai[Juicer Bar]・ Meieki Termina Store, Meieki Taiko Street
North Exit Store (February 20)
First store opened in Tokai area (Nagoya Station)
・ Keisei Tsudanuma Store (March 7)
・ Tokyu Nagatsuda Store,
Tokyu Minami-machida Store (April 10)◆ Store closures

Juicer Bar
Meieki Termina Store・ Keihan The Store Makino Store (January 31)
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Juicer Bar
Keisei Tsudanuma Store

Business Strategy － Leisure and Service －Initiatives to target tourism-related demand＜ Hotel business ＞◆ Use hotel refurbishments to attract morecustomers[ Kyoto Century Hotel]
Improved room comfort with facilities for three guests per room, newfurniture(28 rooms refurbished on March 3)[Hotel Keihan Kyobashi]

Kyoto Century Hotel
New floor “Komorebi” with improved comfort levels

Installed larger beds, upgraded bathrooms and air conditioning to makerooms more appealing(54 rooms on February 20)[Kyoto Tower Hotel]
・ Opened the new restaurant “Tower Terrace” (December 6)・ Refurbished observation elevators (April 1)＜ Leisure ＞[Osaka Aqua-Bus]・ Held events and sold special tickets to mark30th anniversary of services“Aqua-Liner”, Osaka Aqua-Bus

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