First Half of FY2023(Ended September 30, 2022)

Financial Results Presentation
November 17, 2022
Keihan Holdings Co., Ltd.
(Tokyo Stock Exchange Prime Market / Securities Code: 9045

https://www.keihan-holdings.co.jp/)

Table of Contents

Summary of Consolidated Financial Results and Forecasts… 2

Progress of Measures Based on the Future Business Direction… 9

Progress of the Long-term Management Strategy… 15

Overview of the First Half of FY2023 Financial Results… 19

FY2023 Forecasts… 31◆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.
Actual results may differ due to various factors that may arise in the future.

1

Summary of Consolidated Financial Resultsand Forecasts

2

Summary of Consolidated Financial Results• Despite a decline in the real estate business in reaction to the sales of newly developed properties in the same term of theprevious year, revenue as well as operating income and ordinary income increased compared to the same term of theprevious year, when a State of Emergency was declared, due to factors such as a certain level of recovery in thetransportation business and the leisure and service business. Moreover, mainly due to an increase in the gain on sales of noncurrent assets, profit attributable to owners of parent largely exceeded the results of the same term of the previous year.

1H FY2023
results

1H FY2022
results

ChangeOperating revenue

123.1 bn. yen

118.5 bn. yen

4.5 bn. yen

3.9％Operating income

10.1 bn. yen

2.7 bn. yen

7.3 bn. yen

264.2％

Ordinary income

10.5 bn. yen

3.7 bn. yen

6.8 bn. yen

182.7％

Profit attributable toowners of parent

10.5 bn. yen

1.9 bn. yen

8.5 bn. yen

Change (%)

438.6％

Remarks

Gain on sales of noncurrent assets: +4.5 bn.
yen year on year3

Situation of Main Segments (1)Railway (Keihan Electric Railway): Passenger figures compared to 2019(%)
0.0

State of
Emergency

State of
Emergency

-8.0
-12.4

-14.2

-16.3
-17.1

-18.0

-17.2

-19.8

-20.6

State of
Emergency

State of
Emergency-18.4-18.2 -18.7-14.9-17.2 -17.8

-14.9

-16.0

-10.4
-13.9

-15.3

-16.7

-18.4

-11.6

-18.7

-21.8

-20.0

-25.7

-26.0
-29.4

-22.1

-29.4

-22.8

-30.0
-25.5

-27.7

-37.2

-29.8
-32.3

-31.9

-35.7

-40.0

-29.5

-29.2

-38.1

-38.0

-40.3

-40.1

-17.9

-22.7

-26.1
-30.4

-15.1

-29.9

-26.3

-28.2
-30.3

-33.4
-39.8

-39.8

-43.0
-45.0

-52.9
-60.0

-66.4
-68.0

-80.0
2021
2020
2022
Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct.

CommuterNon-commuter4

Situation of Main Segments (2)Department Store (Keihan Department Stores): Operating revenue compared to 2019
(%)
20.0

State of
Emergency

State of
Emergency

Suspension ofsome stores

-1.5

0.0

State of
Emergency

State of
Emergency

Suspension ofsome stores

Entry restrictions
to the food floor, etc.

-5.1

-6.8

-6.4

-9.4
-11.1
-6.5 -7.4

-13.5

-13.9
-17.3

-11.4
-14.8
-16.9

-20.0

-40.0

-17.0
-19.7

-27.7

-22.8
Decrease in reaction to lastminute demand before
consumption tax hike in 2019

-15.7

-26.8
-29.3
-32.2

-36.2

Decrease in reaction to lastminute demand before
consumption tax hike in 2019

-18.7
-21.8

-15.1
-17.9

-21.0
-27.2
Decrease in reaction to lastminute demand before
consumption tax hike in 2019

-47.9
-53.0
-60.0
2021
2020
2022
Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct.

* Comparison by the operating revenue before applying
the Accounting Standard for Revenue Recognition

5

Situation of Main Segments (3)Hotel: Occupancy rates
(%)
100.0

State of
Emergency

State of
Emergency

State of
Emergency

State of
Emergency

80.0
72.3
69.8
Suspension and scaling
back of some hotels 65.8

Suspension and scaling
back of some hotels

66.4

62.6
58.6

Suspension of the“Go To Travel”
campaign

60.0
51.0

56.4

57.7

50.8

57.4

47.3

54.6

50.1 48.8

47.9

29.6

26.5
33.2
14.5

25.5

20.0

20.5
15.3

46.8

43.6
36.4

21.0

28.5

19.6

46.0

36.8 35.7

36.9

40.0

69.3

53.2

56.8
38.6

60.2

63.5 63.4 63.5

40.3
35.9

33.0
31.0
23.2

27.3 26.0

13.0
9.9
6.3

4.4

16.3

4.3
7.6

0.0

17.2
8.0

11.5

12.8
9.4

13.0

3.5

2021
2020
2022
Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct.

Hotel Keihan

Keihan Hotels & Resorts

6Preconditions for FY2023 Forecasts
Revenue forecasts (for all segments)
 Although the impact of the COVID-19 pandemic will remain to a certain extent, economic activity in Japan will recovermoderately due to improved consumer confidence and a social trend of resumption of outings in accordance with theinfection status.
 Declaration of a State of Emergency, request for business suspension, or large-scale outing restrictions in response to
an infection surge will not be in place.
 Inbound demand will recover moderately from the second half of the fiscal year, but it will not achieve a full-fledged
recovery.
Revenue forecasts (for each segment)

Revenue forecasts(full-year)

Keihan Electric
Railway

Bus business

FY2023 forecasts(latest)FY2023 forecasts(released in May)

Non-commuter passpassenger revenue
Commuter passpassenger revenue

Compared to the average year:

Compared to the average year:

Fixed route bus revenue

Department store Sales*business
Hotel occupancy
rates (full-year)

Hotel Keihan
Keihan Hotels & Resorts* Sales before applying the Accounting Standard for Revenue Recognition

Around -22%

Around -20%

Around -15%

Around -17%

Compared to the average year:

Compared to the average year:

Around -12%

Around -13%

Compared to the average year:

Compared to the average year:

Around -15%

Around -15%

Around 75%
Around 55%

Around 75%
Around 55%

7

Summary of Performance andDividend Forecasts• Revenue is forecast to decrease due to the impact of COVID-19 resurgence on the retail distribution business, among
other businesses. However, profits in each stage are expected to exceed the previous forecasts due to the strong
performance of the real estate business, anticipated cost review in the transportation and other businesses, and anincrease in profits resulting from subsidies, including those for employment adjustment, and the sales of non-current
assets.
FY2023 forecasts FY2023 forecasts(latest)(released in May)

ChangeChange (%)

Operating revenue

254.6 bn. yen

255.0 bn. yen-0.4 bn. yen-0.2％

Operating income

17.2 bn. yen

16.5 bn. yen

0.7 bn. yen

4.2%

Ordinary income

17.0 bn. yen

15.5 bn. yen

1.5 bn yen

9.7%

Profit attributable toowners of parent

16.0 bn. yen

12.0 bn. yen

4.0 bn. yen

33.3%

Annual dividend

30 yen pershare

25 yen per
share

The dividend forecast increased by 5 yen
from the previous forecast of 25 yen per
share after comprehensively reviewing thecurrent performance, financial position, andother factors.

8

Progress of Measures Based on
the Future Business Direction

9

Future Business Direction• Given drastically changing lifestyles, the Keihan Group will steer its businesstoward Safety & Security, Structural Reform, and BIOSTYLE in the future.
• Along with the main strategies advocated in the long-term management strategy,
the Keihan Group will implement measures based on this business direction to
restore its management foundation.
Medium- to Long-term Changes in Lifestyle
Establishing healthand preventionconscious behavior

Spreading new ways
of work and life
(remote work, etc.)

Raising awareness ofenvironmental andsocial issues

Future Business Direction

Safety &Security

Structural
Reform

BIOSTYLE* BIOSTYLE: Initiative proposed by the Keihan Group as the Keihan version of the SDGs, which “can be
introduced to daily life with pleasure and without burden, leading to the realization of a recycling-oriented
society.”10

Measures by Segment (Safety & Security)
Safety &Security

Providing products and services that can reassure customers even under a pandemic,
natural disaster, or other insecure conditions

Introducing the “barrier-free fare system”• The “barrier-free fare system” has been adopted to accelerate the installation of accessible facilities.
Collection plan

Installation plan

Scheduled start date

Apr. 1, 2023

Collection period

3 years*

Annual collections (estimate)1,500 million yen

Total collections (estimate)

4,500 million yen• Screen doors (8 platforms at 4 stations)• Intercom with videophone (all KeihanLine stations)• Updating station broadcasting system

Major facilities installed
Total expenses (estimate)

5,995 million yen* Whether to continue after three years is to be reviewed.

Starting construction work for the consecutive grade separation project on the
Keihan Line (Neyagawa City and Hirakata City)• The groundbreaking ceremony was held in
September 2022 to mark the start of therailroad construction.
Project area
• By removing railroad crossings, the project
aims to eliminate traffic congestion andrailroad crossing accidents, help resolve theregional divide, and integrate urban areas,thus contributing to regional development.
Total length

Approx. 5.5 km

No. of railroad crossings
removed21

No. of stations elevated3* Rendering image

Kozenji Sta.

* Rendering image* Rendering image

11

Measures by Segment (Structural Reform)
Structural Establishing a system that can cover changes in demand in existing segments andpromoting products and services that can flexibly respond to new lifestyles
ReformEfforts for structural reform at Keihan
Efforts for structural reform at Keihan The Store
Department Stores• Conversion of the in-station convenience store “Anthree” to• In May 2022, the e-commerce mall “Yorozu wo Tsugumono”
opened under the concept of “the fun of knowing things that are
known only to those in the know,” offering a succession of
products carefully selected by department store buyers.

•

StoresShima no Sachisachi
A food specialty store
offering a selection ofdelicacies from remoteislands handpicked bybuyersKasa-moyo
An umbrella specialty
store where you canchoose your favorite one
from a wide variety of
items• In September 2022, the food and lifestyle select store “5.0F”(go-ef) opened under the theme of “Food and lifestyle changing
with the evolution of refrigeration technology” at the Keihan
Department Store’s Moriguchi Store to improve self-managed
sales floors.
Stores5.0F• Sells original frozen foods, fresh frozen
ingredients, cooking utensils, storage
containers, etc.
• Live cooking by professional chefs and otherevents are held at the kitchen counter on thesales floor.

Also has a store in the ecommerce mall “Yorozu wo
Tsugumono”“Moyori-ichi,” a new-style food market that offers unique andquality food, is under way to fulfill the changing roles of in-station
areas.
• In 2022, Moyori-ichi stores were opened at Korien Station in
August and at Neyagawashi Station in October, and anotherwill be opened at Kuzuha Station in December.

Moyori-ichi Korien Station

Moyori-ichi Neyagawashi Station

Products“Rail Gourmet: Local Products along the Keihan Railway Lines”
are offered at the station, featuring a collection of attractive items
from both popular and hidden stores along the railway lines, as wellas quality food, such as deli products and bread cooked in-houseand sushi from Daiki Suisan.
• Sells lunchboxes cooked in-house on
the same day in the kitchen of the directly
managed supermarket Frest• Features many selections of “Rail Gourmet”
foods, such as cream bread from Tsukumodo
Honpo, a famous store in Hirakata

12

Measures by Segment (BIOSTYLE)
BIOSTYLE

Promoting products and services that can increase people’s life value and solve social
issues at the same time

Efforts at THE THOUSAND KYOTO

Efforts at GOOD NATURE STATION• In the hotel business, we aim to enhance our brand andcompetitiveness by offering valuable experiences that pursue
not only individual comfort but also sustainability that is good fornature, culture, and society.
• THE THOUSAND KYOTO is undertaking 100 SDG actions ayear as an initiative to think about the next millennium together
with guests visiting the millennial capital, Kyoto.

• The GOOD NATURE MARKET, a new brand of foodproducts that are good for one’s health, minds, locals,
society, and the earth, was launched in May 2022.
• We aim to increase awareness and sales through thedevelopment of new products using normally discarded
materials (cacao shells, etc.), expansion of sales channels,
brand promotion, etc.
Products•Sells CACAO CURRY, cacao cola,
various seasonings, etc.
•“Arabian Nuts & Spice,” a new productdeveloped jointly with Ryukoku
University, was launched in October 2022.

Action 1: Selling honey collected throughurban beekeeping on the hotel rooftop

Action 2: Developing “food loss reduction
menus” using imperfect onions• The “SDGs Tour,” which allows participants to experienceand feel sustainable initiatives at the facility, used to accept
only group reservations from travel agencies. From
September 2022, general reservations have been also
accepted.
SDGs Tour

Action 3: Serving as a collection point forused stainless steel bottles

THE THOUSAND KYOTO•The tour provides a behind-the-scenes story of
how original cosmetics “NEMOHAMO” andother company-brand products are produced,
as well as a visit to private areas that are notusually open to the public, utilizing its uniqueperspectives and content.

13

Initiatives toward Increase in Profits
Main condominiums to be sold in
FY2023 and thereafter

Expanding asset types in real estate sales

No. ofhousing units

Name of property, location
Scheduled delivery in FY2023
Fine Residence Kobe Shin-Nagata

Kobe City

80*

Fine Residence Hirakata Korien-cho

Hirakata City

130*

The FINE Tower WEST COAST

Osaka City

199*

Fine Residence Fukushima Noda

Osaka City

112*

Branz Tower Sapporo Odori Koen

Sapporo City

179*

The FINE Tower OSAKA HIGOBASHI

Osaka City

197

The FINE Tower HISAYA ODORI

Nagoya City

163*

The FINE Tower URASOE GUSUKUMA Urasoe City

90*

Hotel Condo VIVOVIVA Ishigakijima

98*

Hotel Condo VIVOVIVA Ishigakijima• The first newly built hotel condominium for sale on Ishigaki
Island• Scheduled delivery: Late Feb. 2024

Scheduled delivery in FY2024

Ishigaki City

* Rendering image

Increasing investment in real estate leasing
Kumamoto Techno Plaza

Scheduled delivery in FY2025
Saitama Kita-ku Bonsai-cho Project

Saitama City

158*

Takasaki Saya-cho Project

Takasaki City

70*

Naha Chatan Project

Naha City

221** This is a joint project. The number of housing units is the total number of housing units.
The number of housing units and when the sales are recorded are subject to change.

• Acquired
Sep. 30, 2022
• Location
Kumamoto City, Kumamoto• Size7 floors above ground,
1 floor below ground14

Progress of the Long-termManagement Strategy

15

Progress of the Main Strategies
Redevelop
Keihan areas
Yodoyabashi

Increasing the value of the areas along the Keihan Railway lines is the basis for the Keihan Group’s business.
So, we will continue developing the Hirakatashi, Nakanoshima and Yodoyabashi Station areas in line withchanging lifestyles.
– Joint reconstruction of Keihan Midosuji Building and Nittochi Yodoyabashi Building:Construction of new building started in July 2022

Features
1. Urban development that contributes toimproving Osaka’s international
competitiveness and attractiveness at the
gateway to Midosuji

Project outline• Creating a sophisticated, lively district
through the formation of a unified
landscape, impressive illumination
at night, etc.
©Takenaka Corporation

2. High-standard office building with both
functionality and comfort, adopted as asustainable building leading project (CO2
saving type)©Takenaka Corporation• Saving energy through dimming
control, use of exhaust heat, etc.
Also featuring natural ventilation
through the use of atrium space, etc.

Site area

Approx. 3,940 m2

Size

31 floors above ground,
3 floors below ground

HeightApprox. 150 m

Total floor area

Approx. 72,850 m2

Scheduled
opening

Summer 2025

Property use©Takenaka Corporation

3. Three spaces contributing to the city, designed • Featuring a multi-story, multi-purpose plaza, a business lounge withto support the sophisticated, lively district and co-working spaces, and an observation terrace open to the generalbusiness activities
public
4. Improvement of the pedestrian space and• Renovating the underground passageway at Yodoyabashi Station,
disaster resilience in the surrounding area
which connects at the B1 level. Also developing a temporary evacuationsite and an emergency stockpile warehouse in the building.

30F

Commercial area,
observation terrace

12F–29F

Offices

10F–11F

Business lounge

4F–8F

Offices

B2F–2F

Commercial area

4-chome International
urban redevelopment project in Hirakatashi
Nakanoshima – Nakanoshima
Hirakatashi – Type-1
Hub for Medical Innovation Project –Station area –FY2025

Nov. 2021 Construction of newbuilding started.
FY2024 Project to be completed.
Total floor area

Approx. 57,000 m2

Size

17 floors above ground

Section 3

Rendering image

Construction on land partially owned by
the Keihan Group (Section 3) to becompleted.
Total floor area

Approx. 94,000 m2

Size

26 floors above ground (high-rise building)
10 floors above ground (low-rise building)
29 floors above ground (residential building)Rendering image
Copyright © 2022 Hirakatashi Station Area Urban
Redevelopment Association. All Rights Reserved.

16

Progress of the Main Strategies
Co-create tourism
opportunity

While assessing the tourism situation during and after the COVID-19 pandemic, we will surely capture thelocal demand and start preparations toward the recovery period.

Efforts in anticipation of a full-fledged recovery of tourism demand• In the Kyoto Station/Higashiyama area, Fushimi area, Mt. Hiei/Lake Biwa area, etc., efforts are under way tostrengthen cooperation with local communities, attract more visitors to each area, and add value to tourism services.
To Kurama

Kyoto Station/Higashiyama area

Sakamoto
Cable Railway
Otsu Line

Demachiyanagi Sta.

Sakamotohieizanguchi
Sta.

Biwakohamaotsu Sta.

Sanjo Sta.
Gion-shijo Sta.

Fushimi-inari Sta.
Keihan Line

Holding events and sightseeing
tours

Ishiyamadera
Sta.
Tambabashi Sta.

To UjiTo Osaka

Chushojima
Sta.

Facility renovation, equipment
repair, etc.
[Concept]• Promoting excursions utilizing great views,
scenery, and experiences of nature[Facilities]*• Biwako Hotel• Railway and cable car stations, etc.

Establishing Hieizan-Biwako DMO

Kyoto Sta. Shichijo Sta.

Fushimi area

• Co-organizing “Sake Lees Gourmet Walk” from
Oct. 15 with Fushimi Sake Brewers Association• Commercializing tours for luxury class people→ Promoting branding as a sake brewery town
and inspiring visits and excursions to the area

Eizan Ropeway

Eizan
Railway[Concept]• Promoting excursions themed on art andtraditional crafts in line with the relocation of
Kyoto City University of Arts to the southeast of
Kyoto Station• Developing accommodation facilities and spaces
to stay that contribute to the SDGs
[Facilities/projects]*• Hotels around Kyoto Station• Promoting excursions through the use of apps

Eizan Cable Car

Facility renovation, equipment repair,etc.

Mt. Hiei/Lake Biwa area

Mt. Hiei• Hieizan-Biwako DMO was established in May
2022 (now in the registration application
process) to attract more visitors and improve theenvironment for receiving visitors to the Mt. Hiei/
Lake Biwa area, which extends from Mt. Hiei toits foothills.

* Partially funded by subsidies

17Initiatives in ESG
Fully launching the sustainability
promotion system• The Sustainability Committee, which promotes andmanages the progress of ESG initiatives by the KeihanGroup, was established under the Board of Directors inJuly 2022.
• Under the Sustainability Committee were establishedthe “Technical committee on environmental
management” to address environmental issues andthe “Human Resources Strategy Committee” topromote value creation through diverse human capital.

Reducing food waste• The food drive (food donation) project has been under way at Frest
Matsui-yamate Shop and Frest Nagao Shop.
• Biwako Kisen Steamship started to re-deliver surplus food from its
onboard restaurant to a children's support group in Otsu City in
September 2022.

Sustainability promotion system
Board of Directors
14 Directors (including 6 Outside Directors)

ReportSustainability Committee

Human Resources Strategy
Committee

Technical committee on
information security

Technical committee on
environmental management

Technical committee oncompliance and crisis/riskmanagement

Internal Control Committee

Establishment of internal
control systems

Business segments(Transportation, real estate, retail distribution, leisure & service, other businesses)

Enhancing communication with local communities• On October 16, the Keihan Group’s customer appreciation event“Family Rail Fair” was held at the Neyagawa train depot of Keihan
Electric Railway for the first time in three years.
Scenes from the day

18Overview of the First Half of FY2023
Financial Results

19Consolidated Statements of Income• Despite a decline in the real estate business in reaction to the sales of newly developed properties in the same term of the previous year, revenue as well as
operating income and ordinary income increased compared to the same term of the previous year, when a State of Emergency was declared, due to factors
such as a certain level of recovery in the transportation business and the leisure and service business. Moreover, mainly due to an increase in the gain on
sales of non-current assets, profit attributable to owners of parent largely exceeded the results of the same term of the previous year.
（単位：百万円）(Millions of yen)2023/3
1H
FY2023
results2Q実績

2022/3
1H FY2022
2Q実績
results

Main factors of
増減要因
change増減
Change4,579（3.9%）
7,381（264.2%）

Operating営
業 revenue
収益123,143

118,564

営
業 income
利益Operating
Non-operating
営 業 外 収 益
incomeNon-operating
営 業 外 費 用
expenses

10,174

2,793

1,553

2,426

Subsidies for employment
雇用調整助成金△723△873
adjustment: -723

1,188

1,492

△303

Ordinary
経常income利益

10,539

3,727

6,811
（182.7%）

益

5,137

1,748

失

728

466

261

親 会attributable社 株 主 に to
帰属 するProfit
四 半of parent
期 純 利 益owners

10,506

1,950

8,555
（438.6%）

減 価 償 却 費
Depreciation

9,966

10,297△330

Ｅ Ｂ Ｉ Ｔ Ｄ Ａ
EBITDA

20,141

13,090EBITDA: Operating income + Depreciation
7,050 *※EBITDA：営業利益＋減価償却費

Interest and dividend
受取利 息及 び配 当金
income

295

241

53

Interest
expenses
支
払
利

息

961

1,030

△69
-

Net
金 interest
融 expenses
収
支

△666

△789

123

Extraordinary
特 別 利
incomeExtraordinary
特 別 損
losses2023/3
1H FY2023
forecasts
8月発表2Q予想(releasedin August)

118,500
7,900

増減
Change4,643（3.9%）
2,274（28.8%）

8,000

2,539
（31.7%）

8,600

1,906
（22.2%）

固定資産売却益+4,571
Gain
on sales of non-current assets: +4,571

3,388 Gain
投資有価証券売却益△1,000
on sales of investment securities: -1,000

20Segment Information（単位：百万円）(Millions of yen)2023/3
1H
FY2023
results
2Q実績
運
輸
Transportation

不 estate
動
Real

業

産

Retaildistribution
流
通

業

業

Leisureﾚ ｼ ﾞ ｬ andｰ ･ ｻservice
ｰﾋﾞｽ業

Others
そ の 他 の 事 業

Adjustments
全 社 ・

消

去

1H2022/3
FY2022
2Q実績
results

増減額
Change

増減率(%)
ChangeOperating営 業 revenue
収 益

39,44833,157

6,290

19.0%

営
業 income
利 益
Operating

3,452△1,991

5,444－

Operating営 業 revenue
収 益

56,95162,652△5,700
-

△9.1%
-

営
業 income
利 益
Operating

9,641

10,400

△759
-

△7.3%
-

Operating営 業 revenue
収 益

24,44625,893△1,446-△5.6%-

Operating営
業 income
利 益

647

414

232

56.1%

営 業 revenue
収 益Operating

9,509

4,194

5,315

126.7%

営
業 income
利 益
Operating△2,734-△5,4372,703－

営 業 revenue
収 益Operating

1,660

1,416

243

17.2%

営
業 income
利 益
Operating

△638
-

△757
-

118

－

Operating営 業 revenue
収 益△8,872-△8,750
-

△122
-

－

Operating営
業 income
利 益

△193

164

△358

－

21

Segment Information (Breakdown)[Consolidated subsidiaries] 39 companies (2 companies reduced year on year) [Equity-method affiliates] 2 companies (No change year on year)
Transportation

Keihan Electric Railway Co., Ltd., Keifuku Electric Railroad Co., Ltd., Keihan Bus Co., Ltd., and 12 other companies

Real estate

Keihan Holdings Co., Ltd., Keihan Real Estate Co., Ltd., Zero Corporation Co., Ltd., Keihan Tatemono Co., Ltd., and 6other companies

Retail distribution

Keihan Department Stores Co., Ltd., Keihan The Store Co., Ltd., Keihan Ryutsu Systems Co., Ltd., Biomarket Co., Ltd.

Leisure and service

Hotel Keihan Co., Ltd., Keihan Hotels & Resorts Co., Ltd., Biwako Kisen Steamship Co., Ltd., and 5 other companies

Others

BIOSTYLE Co., Ltd., Keihan Card Co., Ltd.

<Operating revenue by segment><Operating income by segment>

43.1 ％
29.9 ％

39.4
394
億円
bn. yen

56.9
569
億円

9.696bn.億円
yen

bn. yen18.5 ％

7.2 ％
24.4
244
億円 9.595bn.
億円
yen
bn. yen

Leisure andRealRetailTransportation
運輸業
不動産業
流通業
レジャー・
serviceestatedistribution
サービス業

1.3 ％
16
億円
1.6 bn.
yen
その他のOthers事業

3.434bn.億円
yen億円yen -2.7
△27
0.66bn.
bn.億円
yen -0.6
yen
△6bn.
億円

Real
Retail
運輸業
不動産業
流通業
レジャー・
Transportation
Leisureand その他のOthersestate distribution
service
サービス業
事業

Note: The breakdown of operating revenue and operating income by segment includes intersegment transactions. The percentages represent the composition ratios in each segment.

22

Segment Information (Quarterly Changes)
Transition ofセグメント別営業収益推移
operating revenue by segment(Millions of yen)
40,00030,60630,00026,345
20,10720,00019,34012,43912,007

10,000

0

1Q

2Q

運輸業
Transportation

1Q

2Q

不動産業
Real
estate

1Q

流通業

2Q

Retail distribution

4,455

5,053

1Q

2Q

レジャー・サービス業

Leisure and service

Transition ofセグメント別営業利益推移
operating income by segment(Millions of yen)

5,570

6,000

4,070

4,000
2,190
2,000

1,262
464

182

0

△1,489-△2,000

1Q

2Q

運輸業
Transportation

1Q

2Q
不動産業
Real
estate1Q

2Q

Retail 流通業
distribution

1Q△1,244-2Q

レジャー・サービス業
Leisureand service

23

Segment Information (Transportation)(Millions of yen)
（単位：百万円）

2023/3
1H
FY2023
results
2Q実績
Operatingrevenue
営
業

収2022/3
1H
FY2022
2Q実績
results

増減額
Change

増減率
Change(%)

益

39,44833,157

6,290

19.0%

Railway
鉄

道事

業

32,02427,319

4,705

17.2%

バ
Bus

ス

事

業

11,111

9,429

1,681

17.8%

去

△3,687△3,591

△96

－

益

3,452

△1,9915,444－

消Elimination
営
業
Operatingincome利Railway
鉄

道

事

業

2,805

△1,358
-

4,164

－

Bus
バ

ス

事

業

643

△634
-

1,277

－

去

3

1

2

－

消
Elimination(Major factors affecting performance)• The railway business saw increases in both revenue and profits mainly due to an increase in the number of passengers
transported compared to the same term of the previous year, when a State of Emergency was declared.
• The bus business saw increases in both revenue and profits mainly due to an increase in revenue from bus passengers
compared to the same term of the previous year, when a State of Emergency was declared.

24

Operating Results for Transportation:
Keihan Electric Railway
2023/3
1H
FY2023
2Q実績
results

2022/3
1H
FY2022
2Q実績
results

増減
Change

増減率(%)
Change百万円
millionsof yen

百万円
millionsof yen

百万円
millionsof yen％Passenger
transportation
revenue
旅客収

入20,96017,903

3,057

17.1

Non-commuter
passes定期

外13,561

10,805

2,756

25.5

Commuterpasses
定

期

7,398

7,097

301

4.2

千人
thousands of people

千人
thousands of people

千人
thousands of people％

数120,297

106,689

13,607

12.8

Non-commuter
passes定期

外55,10844,788

10,31923.0

定Commuterpasses期

65,18861,9003,288

5.3

Numberof passengers
旅客Transition of passenger transportation revenue (millions of yen)
12,00010,000
8,000

6,000

5,728

6,454

3,600
2020.2Q

6,965

5,496

5,154

5,651

3,559

3,411

3,581

3,516

3,589

2020.3Q

2020.4Q

2021.1Q

2021.2Q

2021.3Q

CommuterNon-commuter

7,000

6,561

3,401

3,720

3,678

2021.4Q

2022.1Q

2022.2Q

5,968

4,000
2,000
0

25

Segment Information (Real Estate)(Millions of yen)
（単位：百万円）

2023/3
1H
FY2023
results2Q実績

2022/3
1H
FY2022
results
2Q実績

増減額
Change増減率 (%)
Change益56,95162,652△5,700△9.1%-

業

48,08755,391△7,303△13.2%-

Realsales販 売 業
不 estate
動 産32,11440,704△8,589△21.1%

Real
leasing
不 estate
動 産
賃 service
貸 業

13,773

12,817

955

7.5%

Other
そ businesses
の

他

2,199

1,869

330

17.7%

業

12,275

10,978

1,296

11.8%

去

△3,412△3,717

305

－

益

9,641

10,400

△759

△7.3%
-

業

9,739

11,344△1,605-△14.1%

Realsales販 売 業
不 estate
動 産

2,979

5,263

△2,284△43.4%

Real
leasing
不 estate
動 産
賃 service
貸 業

6,508

5,873

634

10.8%

他

252

207

44

21.6%

業

△3

△52

49

－

去

△95

△891

796

－

Operatingrevenue営
業Real
不 estate
動収産Construction
建
設

事

事

Elimination
消Operatingincome営
業Real
不 estate
動

利
産

事

Other
そ businessesのConstruction
建設
Elimination
消事(Major factors affecting performance)• The real estate sales business saw decreases in both revenue and profits due to a reaction to the sales of newly developed
properties in the same term of the previous year, although the sales of condominiums, such as Fine Residence ShinYurigaoka and The Fine Tower Otemae, increased.
• The real estate leasing business saw increases in both revenue and profits due to factors such as an increase in real estate
fund income.

26

Segment Information (Retail Distribution)（単位：百万円）(Millions of yen)2023/3
1H
FY2023
results
2Q実績
Operatingrevenue
営
業

収2022/3
1H
FY2022
results
2Q実績

増減額
Change

増減率
Change (%)

益

24,44625,893△1,446
-

△5.6%
-

百
貨
Department
store

店

業

9,300

9,200

99

1.1%

Store
ス

ア

業

7,388

8,724

△1,335-△15.3%-

Shopping
ｼ ｮ ｯ ﾋ ﾟmall
ﾝ ｸmanagementﾞ ﾓｰ ﾙの経営

6,281

5,820

460

7.9%

そ businessesの
Other

他

2,139

2,849

△709

△24.9%

消Elimination

去

△663
-

△702
-

39

－

益

647

414

232

56.1%

ト

Operatingincome営業

利Department
store
百
貨

店

業

△296
-

△363

66

－

ス
Store

ア

業

219

339

△119
-

△35.3%-ｼ ｮ ｯ ﾋ ﾟmall
ﾝ ｸmanagementﾞ ﾓｰ ﾙの経営
Shopping

637

436

200

46.0%

そ businessesの
Other

他

79

△19
-

99

－

消
Elimination

去

7

21

△13

－

ト

(Major factors affecting performance)• The department store business and the shopping mall management business saw increases in both revenue and profits due to arebound from the business suspension and shorter operation hours in the same term of the previous year, when a State ofEmergency was declared.
• The store business saw decreases in both revenue and profits due to factors such as the closure of the Frest Korien Shop in
December 2021 associated with the consecutive grade separation project on the Keihan Main Line (Neyagawa City and Hirakata
City), despite a rebound from the impact of COVID-19 pandemic in the same term of the previous year.

27

Segment Information (Leisure and Service)（単位：百万円）(Millions of yen)2023/3
1H
FY2023
results
2Q実績
Operatingrevenue
営
業

ホ
Hotel

収

テ

Leisure
レ ジ

ル
ャ

4,194

5,315

126.7%

事

業

8,068

3,254

4,814

147.9%

事

業

1,454

951

503

52.9%

去

△13

△11
-

△2
-

－

益

△2,734△5,437

2,703

－

事

業

△2,747△5,173

2,425

－

事

業

4

△273

277

－

去

9

9

0

－

利

テ

Leisureレ ジルャ

増減率 (%)
Change9,509

Elimination
消

ホ
Hotel

増減額
Change益ーOperatingincome営
業

2022/3
1H
FY2022
results
2Q実績

ーElimination消Hoteloccupancy rates
ホテル稼働率
2023/3
1H
FY2023
2Q実績
resultsHotel
ホ Keihanテル

京2022/3
1H
FY2022
2Q実績
results

増減
Change

阪

63.3%

27.9%

35.4ptKeihanResorts
京 阪 Hotels
ホ テ& ルズ ＆ リ ゾ ー ツ

50.6%

20.5%

30.1pt(Major factors affecting performance)• The hotel business saw increases in both revenue and profits due to factors such as a rebound from the businesssuspension and scaling back in the same term of the previous year, when a State of Emergency was declared.
• The leisure business saw increases in both revenue and profits due to factors such as a rebound from the scaling
back in the same term of the previous year, when a State of Emergency was declared.

28

Consolidated Balance Sheets（単位：百万円）(Millions of yen)2023/3
1H
FY2023
2Q実績
results
流
動Current
assets 資

Non-current
固
定 assets
資産

193,8112022/3
FY2022
実績
results
186,794

増減額
Change

増減要因
Main factorsof change
販売土地及び建物+15,478、Land
and buildings for sale: +15,478

7,016 Cashand deposits: -6,479
現金及び預金△6,479

建物及び構築物△3,227、
Buildings
and structures: -3,227
Machinery,equipment and vehicles: -1,393
機械装置及び運搬具△1,393、Investment
securities: +3,573
投資有価証券+3,573

産

550,305

550,466△161-

計744,117

737,2616,855

流動
Current
liabilities負債

148,184

127,477固定 liabilities
負Long-term

債

330,232

353,907△23,674
Long-term loan payable: -3,471

計

478,416

481,384△2,968

産265,700

255,876

9,824 * Equity capital ratio: 35.0% (+0.9 pts)

Total
liabilities
負 債
純 and
資 net
産 assets
合 計744,117

737,2616,855Interest-bearing
有利子debt 負345,644345,311Total
資 assets
産

合

Total
負 liabilities
債
Net
純 assets

合資債

portion of bonds: +20,000
1年内償還予定の社債+20,000
20,706 Current

社債△20,000、Bonds:-20,000

長期借入金△3,471

利益剰余金+7,872
Retainedearnings: +7,872※自己資本比率35.0%（+0.9pt）

Short-term bonds payable: +3,000

短期社債+3,000、借入金△2,666
333 Loanspayable: -2,666

29

Consolidated Statements of Cash Flows(Millions of yen)
（単位：百万円）

2023/3
1H
FY2023
results
2Q実績
Cash
from
operating
営 業flows
活動による キ ャactivities
ッ シュ ･ フ ロー

903

Cash
from
investing
投 資flows
活動による キ ャactivities
ッ シュ ･ フ ロー

△4,792

Cashfromfinancing
財 務flows
活動による キ ャactivities
ッ シュ ･ フ ロー

△2,8862022/3
1H
FY2022
2Q実績
results
339△8,456

2,329

増減額
Change

564

3,664

増減要因
Main factorsof change
Increasein other current liabilities:
その他流動負債の増加+12,956、+12,956
税金等調整前四半期純利益+9,938、Profit before income taxes: +9,938
棚卸資産の増加△19,956
Increasein inventories: -19,956
Proceeds from sales of non-current assets:
固定資産の売却による収入+6,923、+6,923Purchaseof non-current assets: -1,674
固定資産の取得による支出△1,674、Proceeds from sales of investment
投資有価証券の売却による収入△1,235
securities: -1,235

Proceeds
from long-term loans
長期借入れによる収入△20,310、

payable: -20,310△5,215
短期借入金+11,046

Short-term loans payable: +11,046

Net increase (decrease) in cash and cash
現 金 及 び 現 金同 等物 の増 減額
equivalents△6,548△5,788△760

Cash and cash equivalents at beginning of
現金及び現金同等物の 期首 残高
period20,322

26,554△6,232Cashand cash equivalents at endof period
現金及び現金同等物の期末
残高

13,79020,766△6,97530

FY2023Forecasts

31

Consolidated Statement of Income(Performance Forecasts)• Revenue is forecast to decrease due to the impact of COVID-19 resurgence on the retail distribution business, among otherbusinesses. However, profits in each stage are expected to exceed the previous forecasts due to the strong performance of thereal estate business, anticipated cost review in the transportation and other businesses, and an increase in profits resulting fromsubsidies, including those for employment adjustment, and the sales of non-current assets.
（単位：百万円）(Millions of yen)
FY2022full-year
2023/32023/32022/3
FY2023
forecasts FY2023
forecasts
増減額
増減率
増減額
増減率
ChangeChange(%)
ChangeChange(%)
results(latest)(releasedin May)今回発表予想5月発表予想通期実績

Operating営 業 revenue
収 益

254,600

255,000

△400
-

△0.2%
-

258,118△3,518-△1.4%-

営 業 income
利Operating益

17,20016,500700

4.2%

13,408

3,791

28.3%

Ordinary
経 常income利益

17,00015,500

1,500

9.7%

16,485514

3.1%

親 会 attributable
社株 主に 帰属
Profitto する
当期
純
owners of parent 利 益

16,00012,000

4,000

33.3%

9,589

6,410

66.8%

Capital設 備expenditure
投 資 額

36,90038,800△1,900△4.9%-

17,193

19,706114.6%

Depreciation
減 価 償 却 費

20,20020,500

△300
-

△1.5%
-

20,922

△722

△3.5%

EBITDAＥ Ｂ Ｉ Ｔ Ｄ Ａ

37,40037,000400

1.1%

34,331

3,068

8.9%

有 利 子 負Interest-bearing
debt 債

355,000

367,000△12,000-△3.3%

345,311

9,688

2.8%

9.49

9.92

△0.43
-

－

10.06

△0.57

－

8.96

9.38

△0.42
-

－

9.47

△0.51

－

490

393

97

24.7%

464

26

5.7%

息

1,836

1,888

△51
-

△2.7%

2,007

△171
-

△8.5%
-

Net
金 interest
融 expenses
収 支△1,345-△1,494-149－△1,542-197－

有
利 子 debt/
負 債Interest-bearing
ＥＢＩＴＤＡ倍率(倍)EBITDA
multiple (times)
ネ ッ
ト 有 利 子debt/
負 債
Netinterest-bearing
ＥＢＩＴＤＡ倍率(倍)EBITDA
multiple (times)

Interest and dividend
受取利 息及 び配 当金
incomeInterest
expenses
支 払
利32

Segment Information (Performance Forecasts)(Major factors affecting performance: after the previous forecasts in May)
• Transportation: Decrease in revenue due to the impact of COVID-19 resurgence; increase in profits due to factors such as efforts forcost reduction• Real estate: Increases in both revenue and profits due to factors such as the strong performance in real estate sales• Retail distribution: Decrease in revenue due to factors such as a delay in recovery of facilities from the impact of COVID-19 resurgence;
profit forecasts remain unchanged due to factors such as efforts for cost reduction.

• Leisure and service: Forecasts remain unchanged due to the recent recovery trend, despite the impact of COVID-19 resurgence.
（単位：百万円）(Millions of yen)Transportation
運
輸

業

Real
不 estate
動 産業

Retail流 distribution
通業ﾚｼ ﾞｬ ｰ･ｻｰ
ﾋﾞｽ業
Leisureand service
Othersその他 の事 業
Adjustments
全 社 ・ 消 去

2023/3
FY2023
forecasts(latest)
今回発表予想2023/3
FY2023
forecasts(releasedin May)5月発表予想2022/3
FY2022full-year
results
通期実績

営 業 revenue
収 益Operating

79,30079,700△400

70,768

8,531

Operating営 業 income
利 益

4,800

4,600

200

173

4,626

Operating営 業 revenue
収 益

117,500

116,400

1,100

137,495△19,995-

Operating営 業 income
利 益

17,00015,8001,200

22,593△5,593-Operating営 業 revenue
収 益

51,30052,900△1,600-52,908△1,608-Operating営 業 income
利 益

2,400

2,400

－

1,776

623

Operating営 業 revenue
収 益

20,80020,800－11,5299,270

Operating営 業 income
利 益△4,600-△4,600-－△9,324-

4,724

Operating営 業 revenue
収 益

3,700

3,900

△200
-

3,169

530

Operating営 業 income
利 益△1,000
-

△900
-

△100
-

△1,393393

Operating営 業 revenue
収 益△18,000-△18,700-

700△17,752△247-

Operating営 業 income
利 益△1,400

△800

△600

△417
-

△982
-

増減額
Change

増減額
Change33

Operating Results for Transportation(Performance Forecasts): Keihan Electric Railway(Millions of yen)2023/3
FY2023
forecasts(latest)
今回発表予想2023/3
FY2023
forecasts(released in May)
5月発表予想Change
増減額

2022/3
FY2022full-year
results
通期実績

Change
増減額

百万円
millionsof yen

百万円
millionsof yen

百万円
millionsof yen％

百万円
millionsof yen

百万円
millionsof yen％42,69742,994△296△0.7

37,835

4,862

12.9

Non-commuter
定期 passes
外

28,08328,784△700△2.4

23,738

4,344

18.3

Commuterpasses 期
定14,614

14,210404

2.8

14,096

517

3.7

千人
thousands of people

千人
thousands of people

thousands of 千人
people％ thousands of people
千人

thousands of 千人
people％Numberof passengers
旅客
数242,800

242,956

△156
-

△0.1

219,235

23,56410.7

Non-commuter
定期 passes
外

115,135

119,692△4,557△3.8-

97,391

17,743

18.2

Commuterpasses 期
定127,665

123,264

4,401

3.6

121,843

5,821

4.8

Passenger transportation
旅客収
入revenue

Change(%)
増減率

Change
増減率(%)

Changes in passenger transportation revenue (millions of yen)
60,00040,00035,187

34,37920,00016,866

17,102

0

21,56623,73828,083

13,974

14,096

14,614FY2019 results FY2020 results FY2021 results FY2022 results

Commuter

FY2023
forecasts

Non-commuter

34

Capital Expenditure by Segment(Performance Forecasts)（単位：百万円）(Millions of yen)2023/32023/3
forecasts
FY2023
forecasts FY2023(releasedin May)(latest)
今回発表予想5月発表予想2022/3
FY2022
fullyearresults
通期実績

Change
増減額

Change増減額

設
備
投資
Capitalexpenditure

36,90038,800△1,90017,193

19,706

Transportation
運
輸業

11,50014,000△2,500

6,142

5,357

Real
不 estate
動 産業

12,100

9,500

2,600

9,473

2,626

Retail流 distribution
通
業

2,500

2,700

△200

826

1,673

Leisure andﾚｼﾞｬｰ･ｻｰﾋﾞ ｽ業
service

2,100

1,900

200

586

1,513

そ の 他 の 事 業
Others

100

100

－

46

53

Adjustments
全 社 ・ 消 去

8,600

10,600△2,000

118

8,481

35

EBITDA by Segment(Performance Forecasts)（単位：百万円）(Millions of yen)2023/32023/3
forecasts
FY2023
forecasts FY2023
今回発表予想5月発表予想(releasedin May)(latest)2022/3
FY2022
full通期実績
year
results

Change
増減額

増減額
ChangeＥ Ｂ Ｉ Ｔ Ｄ Ａ
EBITDA

37,40037,000400

34,331

3,068

運
輸
業
Transportation

15,70015,800△100

12,022

3,677

不 estate
動 産
Real

業

23,70022,4001,300

29,043△5,343-

流 distribution
通業
Retail

3,500

3,600

△100

2,837

662

Leisure andﾚｼﾞｬｰ･ｻｰﾋﾞ ｽ業
service△3,400△3,400－△8,181

4,781

Others
そ の 他 の 事 業

△800

△700

△100

△1,211411

全 社 ・ 消 去Adjustments△1,300
-

△700
-

△600

△179

△1,12036