FY2022(Fiscal year ended March 31, 2022)

Financial Results Presentation
May 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 andForecasts… 2

Progress of Measures Based on the Future BusinessDirection… 11

Progress of the Long-term Management Strategy… 18

Overview of FY2022 Financial Results… 22

FY2023 Forecasts… 36◆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 the decrease in revenue due to the impact of application of the Accounting Standard for Revenue Recognition,
both revenue and profits increased due to an increase in revenue from real estate sales and a rebound from the impactof the COVID-19 pandemic in the previous fiscal year in the transportation business, among other businesses.
FY2022
results

FY2021
results

ChangeChange (%)

Operating revenue

258.1 bn. yen

253.4 bn. yen

4.6 bn. yen

1.9%Operating income

13.4 bn. yen-1.2 bn. yen

14.6 bn. yen－

Ordinary income

16.4 bn. yen

0.2 bn. yen

16.2 bn. yen－

Profit attributable toowners of parent

9.5 bn. yen-4.5 bn. yen

14.1 bn. yen－

Remarks
Impact of application of
the Accounting Standard
for Revenue Recognition:-28.3 bn. yen

3

COVID-19 Pandemic: Impact and Response
Impact of the COVID-19 pandemic
Revenue status(full-year)

Hotel occupancy
rates (full-year)

FY2022 results

FY2021 results

Non-commuter passpassenger revenue
Commuter passpassenger revenue

Compared to theaverage year: -33%

Compared to theaverage year: -39%

6pt

-18%

-19%

1pt

Bus business

Fixed route bus revenue

Compared to theaverage year: -19%

Compared to theaverage year: -25%

6pt

Department store
business

Sales*

Compared to theaverage year: -21%

Compared to theaverage year: -18%

-3pt

41.6%
30.8%

24.6%
23.6%

17.0pt7.2pt

Keihan Electric
Railway

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

Impact eased but situation
remains difficult

Cost reduction
Main items

Cost
reduction

Personnel expenses, repair expenses,
advertising expenses

ChangeFY2022 results

21.3 bn. yen

FY2022 target

15 bn. yen

Change6.3 bn. yen
Target achieved

Capital expenditure
Details

Capitalexpenditure

Promote acquisition of buildings for lease anddevelopment projects along railway lines, etc.,
while reducing investment as a basic measure

FY2022 results

FY2022 forecasts

17.1 bn. yen

30 bn. yen

Change-12.8 bn. yen
Resulted well
below forecasts

4

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

State of
Emergency

State of
Emergency

-14.2
-17.1

-18.0
-19.8

-20.6

-20.0

-17.2

-18.4

-18.2 -18.7-16.3 -17.2-17.8

State of
Emergency

-14.9

-16.0

-29.4

-40.0
-37.2

-30.0

-18.7

-25.5

-22.8
-26.1

-29.2

-29.8
-29.5

-31.9

-35.7

-14.9

-21.8

-22.1

-30.4

-16.7

-18.4

-26.0
-29.4

-8.0

-38.1

-32.3
-38.0

-40.3
-45.0

-40.1

-33.4
-39.8

-39.8

-43.0

-52.9
-60.0

-66.4
-68.0
-80.0

CommuterNon-commuter5

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

0.0State of
Emergency

Suspensionof somestores-1.5

State of
Emergency

State of
Emergency

Suspensionof somestoresEntry
restrictions
to the foodfloor, etc.

-6.4
-11.1
-6.5

-6.8

-9.4

-7.4

-13.9
-17.3

-11.4
-14.8

-20.0

-15.7

-16.9

-19.7

-27.7

-22.8

-18.7

-21.8

-26.8

-29.3
-40.0

-36.2

-32.2

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

-47.9

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

-53.0
-60.0

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

6

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

State of
Emergency

State of
Emergency

State of
Emergency

80.0
Suspension andscaling back ofsome hotels

Suspension andscaling back ofsome hotels

62.6

69.8
65.8
58.6

Suspension of the“Go To Travel”
campaign

60.0
51.0

56.4

53.2
50.8

47.3

56.8
38.6

47.9

36.9

40.0

36.8 35.7
29.6

26.5
33.2

20.5

15.3

9.9

16.3

4.3
7.6

4.4

17.2

8.0

11.5

12.8

9.4

33.0 31.0
23.2

13.0
6.3

0.0

14.5

25.5

20.0

36.4
21.0

28.5

19.6

43.6
40.3

35.9
27.3

26.0

13.0

3.5

Hotel Keihan

Keihan Hotels & Resorts

7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.
 There will be a sign of recovery of inbound demand at the end of the fiscal year.

Revenue forecasts (for each segment)
FY2023 forecasts
Revenue forecasts(full-year)

Hotel occupancy rates(full-year)

Keihan Electric
Railway

FY2022 results

Non-commuter passpassenger revenue
Commuter passpassenger revenue

Compared to the average year:
Around -20%

Compared to the average year:-33%

Around -17%

-18%

Bus business

Fixed route bus revenue

Compared to the average year:
Around -13%

Compared to the average year:-19%

Department
store business

Sales*

Compared to the average year:
Around -15%

Compared to the average year:-21%

Real estatebusiness

Operating revenue

Reactionary decrease after theprevious fiscal year

Strong real estate sales

Around 75%
Around 55%

41.6%
30.8%

Hotel Keihan
Keihan Hotels & Resorts* Sales before applying the Accounting Standard for Revenue Recognition8

Summary of Forecasts• Overall revenue is forecast to decrease due to a large reactionary decrease in real estate sales after the previous fiscal
year. However, recovery from the impact of the COVID-19 pandemic is expected for the transportation business and theleisure and service business, among other businesses.

FY2023 full-year
forecasts

FY2022
results

ChangeChange (%)

Operating revenue

255 bn. yen

258.1 bn. yen-3.1 bn. yen-1.2%

Operating income

16.5 bn. yen

13.4 bn. yen

3 bn. yen

23.1%

Ordinary income

15.5 bn. yen

16.4 bn. yen-0.9 bn. yen-6.0%

Profit attributable to owners ofparent

12 bn. yen

9.5 bn. yen

2.4 bn. yen

25.1%

9

Shareholder Return
Basic policy on profit
distribution••

While maintaining a stable management foundation, we will make aggressive
investments and strengthen our financial structure toward growth, and continuously
provide shareholder returns based on results.

In FY2022, we plan to maintain a stable dividend and pay a year-end dividend of 25 yen per share.
In FY2023, we plan to pay the same amount as in FY2022 (0 yen for the interim dividend and 25 yen for the
year-end dividend).
Transition of annual dividend and equity capital ratio

Dividend (yen)Equity capital ratio (%)

40.0

40.0

30.0

30.0

20.0

20.0

10.0

10.0

0.0

0.0
2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022
(forecast)* Converted factoring in the share consolidation

Annual dividend

Equity capital ratio

10

Progress of Measures Basedon the Future Business Direction

11

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

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

Raising awareness ofenvironmental and social
issuesFuture 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.”

12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

Enhancing measures against disasters

Improving accessibility• Jan. to Feb. 2022: Screen doors were installed at
Kyobashi Station (platforms 1 and 2) to prevent
falls from the platform.

Training for safe operation• Jun. 2022: With the completion of the accessibility improvement
work at Tobakaido Station, the introduction of elevators andslopes to eliminate steps has basically been completed instations with a daily average ridership of over 3,000.

Tobakaido Sta. (slope)

Tobakaido Sta.
(accessible restroom)• Utilization of the “barrier-free fare system” is now
being considered in order to maintain, renew, andaccelerate the introduction of accessible facilities.

• Keihan Electric Railway is conducting seismic reinforcement ofelevated bridge columns. (Almost completed at the end of FY2022.)• Disaster relief work for Eizan Railway Kurama Line was completed,ensuring a more effective response to natural disasters.

Slope collapse restoration
completed

Rockfall protective fences

Efforts for safety and security at hotels• THE THOUSAND KYOTO and Biwako Hotel obtained“Sakura Quality” certification for service quality fortourists and “A Clean Practice” certification foradequate infection prevention measures.

13

Measures by Segment (Structural Reform)
Structural
ReformEstablishing a system that can cover changes in demand in existing segments andpromoting products and services that can flexibly respond to new lifestyles

Efforts for structural reform at Keihan Electric Railway• Fundamental review of business management systems, products, and services is under way to secure stable profits
in the post-pandemic era, based on the assumption that demand for railway services will not return to pre-pandemic levels.
Implementation
periodMeasureUpdating train schedules

Sep. 2021

Developing management systems to
respond to changing demand
Termination of sales of coupon tickets
and magnetic commuter passes
Others

FY2021 onwards

Mar. 2021
FY2021 onwards

Details
Adjusting the number of services and moving forward the last train times according to theservice utilization situation
 Keihan Line: No. of services reduced by approx.15% on weekdays and by approx.
20% on holidays
Automating operations at 21 stations out of 60 stations on the Keihan Line all day to
reduce the station staff by approx. 25%
Terminating the coupon ticket service (Keihan Line and Cable Line) and sales ofmagnetic commuter passes
Improving operational efficiency by optimizing the number of train vehicles andequipment at stations and utilizing digital technology, etc.

Efforts for structural reform in the bus business• Discount systems for commuter passes and PiTaPa (a transportation IC card) have been revised in orderto develop an environment that reassures passengers and to maintain the bus routes.
Company
Keihan Bus
Keihan bus and threeothersMeasureRevising the commuter passdiscount rate
Revising the discount service
for PiTaPa

Implementation
periodDetailsJun. 2022

Revising the discount rate from 30% to 25%

Jun. 2022

Eliminating usage-based discounts and revising caps onregistration-based discounts

14Measures by Segment (Structural Reform)
Efforts for structural reform in the retail
distribution business• Conversion of the in-station convenience store “Anthree” to“Moyori-ichi,” a new-style food market that offers unique andquality food, is under way to fulfill the changing roles of instation areas.
• Conversion of the 19 Anthree stores out of 32 stores will becompleted by FY2024.
• Supermarket stores are used as food processing centers tooffer deli products, bread, and sweets.

Efforts for structural reform at hotels• Operation of restaurants by tenants is promoted to ensurestable profits.
Hotel Keihan

Carried out in 4 restaurants(planned for 4 more restaurants)

Keihan Hotels & Resorts Carried out in 1 restaurant(planned for 1 more restaurant)• Banquet rooms and office spaces at Kyoto Tower Hotel areleased as part of efforts to promote the use of hotels by
utilizing their geographical advantages.

Banquet room leased to TKPCorporation“Moyori-ichi inside Kyobashi Station” opened on Apr. 18• An e-commerce mall opened in late May 2022.
As a new service to meet the segmented needs coming fromdiversifying lifestyles, we have developed an e-commerce mallthat allows multiple stores to open on a single platform, offering
highly distinctive products introduced by department store
buyers.

Kyoto Tower

Leased as a vaccination site

15

Measures by Segment (BIOSTYLE)
Promoting products and services that can increase people’s life value and solve social
issues at the same time
Cooperating with local governments along
Developing ZEH condominiums
railway lines

BIOSTYLE• Keihan Real Estate develops and supplies ZEH condominiums • Keihan Holdings entered into a“Comprehensive partnership(with “ZEH-M Oriented” certification)* in Sapporo City as anagreement toward a sustainable
effort toward a decarbonized society.
* Condominiums that aim to reduce primary energy consumption by 20% or more, etc.
community” with Hirakata City.
• We are stepping up our efforts to• Obtained a five-star rating, the highest rank in the BELS*
achieve decarbonization and thecertification criteria, by reducing primary energy consumption
SDGs in cooperation with local
by 27% in a residential building.
governments along railway lines.
* BELS is an energy efficiency
performance indication system forbuildings, under which a third-party
organization evaluates andindicates energy efficiency
performance, etc.
Illustrative image

Hirakata Park offered as avenue for environmental
education• Keihan The Store cooperates
with Kadoma City to offer amobile supermarket service inhousing complexes with a large
proportion of aged residents.

De-plasticizing efforts• The entire Keihan Group ismaking further deplasticizing efforts in linewith the Ministry of theEnvironment’s Plastic
Resource Circulation Act,
which came into effect inApril 2022.

Promoting the use ofelectric buses

Hotel Keihan changed the in-room
amenities to be provided at theamenity bar• This contributes to supporting
people who have difficulty going
shopping and revitalizing local
communities.

16

Initiatives toward Increase in Profits
Main condominiums to be sold in FY2023
and thereafter
No. ofhousingunits

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 Kyoto Nishikyogoku

Kyoto City

35

Branz Tower Sapporo Odori Koen

Sapporo City

179*

Expanding the detached housing business area
• Keihan Real Estate started its detached housing businessin Sapporo City, in addition to the sales of condominiums
and the development of hotels and office buildings.

Illustrative image

Increasing investment in real estate leasing

Scheduled delivery in FY2024
The FINE Tower OSAKA HIGOBASHI

Osaka City

197

The FINE Tower HISAYA ODORI

Nagoya City

163*

Urasoe Gusukuma Project

Urasoe City

100*

Sapporo Toyohira-ku I/II Project

Sapporo City

104

Yokohama Excellent III

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.

Lexington Plaza
Sakae-minami• Acquired
Dec. 24, 2021
• Location
Yokohama City, Kanagawa• Size10 floors above ground,
1 floor below ground• Acquired
Apr. 1, 2022
• Location
Nagoya City, Aichi• Size8 floors above ground,
1 floor below ground17

Progress of the Long-termManagement Strategy

18

Progress of the Main Strategies
Redevelop
Keihan areas

Increasing the value of the areas along the Keihan Railway lines is the basis for the KeihanGroup’s business. So, we will continue developing the Hirakatashi, Nakanoshima andYodoyabashi Station areas in line with changing lifestyles.

Hirakatashi
Type-1 urban redevelopment project in Hirakatashi
Station area
Mar. 2020Feb. 2021
Jan. 2022

FY2025
FY2026

Establishment of the redevelopment association
was approved.
The right conversion plan was approved.
Construction on land partially owned by KeihanGroup (Section 3) started.
Construction in Section 3 to be completed.
Project to be completed.

Participation in the Nakanoshima 4-chome
International Hub for Medical Innovation Project
Construction of new building started.
Project to be completed.

Approx. 15,000 m2

Total floor area

Approx. 94,000 m2
26 floors above ground(high-rise building)
10 floors above ground(low-rise building)
29 floors above ground(residential building)Size

Illustrative image
Property use

Commercial facilities, office,hotel, residence

Joint reconstruction of Keihan Midosuji Building andNittochi Yodoyabashi Building
Jun. 2022
FY2026

Construction of new building to start.
Project to be completed.

New building (image)

Total floor area Approx. 57,000 m2
17 floors aboveSizegroundSite area

Yodoyabashi

Nakanoshima
Nov. 2021
FY2025

Section 3

Demolition work (Apr. 2022)
Progress (Apr. 2022)

New building(image)Total floor area
Size

Approx. 73,000 m2
31 floors above ground,
3 floors below ground19

Progress of the Main Strategies
Co-create tourism While assessing the tourism situation during and after the COVID-19 pandemic, we will
surely capture the local demand and start preparations toward the recovery period.
opportunity
Launching new hotels in anticipation of
Promoting Tourism MaaS
the recovery period• In anticipation of creating new tourism demand by using MaaS,a “digital stamp rally” (stamp collection)
program was implemented in Kyoto City,
utilizing JR West’s MaaS app“WESTER.”

Hotel Keihan Tenmabashi Ekimae

Creating new tourism content throughregional cooperation• Creating and improving premium tours toexperience themorning, afternoon,and evening
attractions of Mt. Hiei.

Opening date

Apr. 3, 2022

No. of guest
rooms

304

Hotel Keihan Namba Grande

Illustrative image

Opening dateSpring 2023

No. of guestrooms

249 (TBD)

Create relatable The COVID-19 pandemic has brought BIOSTYLE to the attention of customers. Given that, theKeihan Group will promote and establish the BIOSTYLE PROJECT.
contents
In-house BIOSTYLE certification system reformed• The “BIOSTYLE PROJECT Certification” system was revamped to become
the “BIOSTYLE Business Certification” system with a view toincorporating the concept of BIOSTYLE into business and accelerating thecreation of added value and new business.
• The entire Group promotes the creation of the BIOSTYLE business byclarifying the qualitative and quantitative evaluation items andintroducing an in-house award system.

<Example of certified cases>

Completely naturalcosmetics

Providingorganic diets

Promoting ZEHs

20

Initiatives in ESG
Promoting information disclosure in
Formulating the “BIOSTYLE Environmental Action 2030”
support of the TCFD
• The climate change action plan with a target year of 2030 • We expressed support for the TCFD (Task Force on
was formulated to promote initiatives to address
Climate-Related Financial Disclosures)
recommendations.
environmental issues, including reducing greenhouse gases• We will disclose information properly inand waste and the efficient use of water resources.

BIOSTYLE Environmental Action 2030

accordance with the items recommended
Information disclosed
for disclosure by the TCFD.
by Keihan Holdings

 Target for reducing CO2 emissions
Targets a 46% reduction in emissions by 2030 compared to FY2014
with the aim of achieving virtually zero emissions by 2050.
(10,000
Image of Keihan Group’s CO2 emissions reduction*
tons)* The target for CO2 emissions
Aiming for a 46%
reduction by 2030 reduction is set for the Group’s ninecompared to FY2014 Specified Businesses designated under Main initiatives

the Energy Saving Act to submit
periodic reports. (Keihan Holdings,
Keihan Electric Railway, Keihan Bus,Keihan Tatemono, Keihan Ryutsu
Systems, Keihan Department Stores,
Keihan The Store, Hotel Keihan,
Keihan Hotels & Resorts)

 Reduced energy consumption
 Capital expenditure to contribute to CO2emissions reduction
 Use of clean energy Creation of decarbonized businesses; nextgeneration community building throughregional cooperation

Restructuring the organization to promote
environmental management• We promote measures to address environmental issues,
including the establishment of the Sustainability Committee,
which promotes and manages the progress of ESG initiatives
by the Keihan Group, under the Board of Directors.
[Environmental management promotion system after July 2022]
Board of Directors* The arrow indicates theflow of reports.

Sustainability Committee
Chair: Representative Director & President, COO
Members: Directors serving as General Managers of eachsegment, etc.
Technical committee on environmental management（Organizational change in July 2022）

Business segments(Transportation, real estate, retail distribution, leisure & service)21

Overview of
FY2022 Financial Results

22Consolidated Statements of Income• Despite the decrease in revenue due to the impact of application of the Accounting Standard for Revenue Recognition, both revenue andprofits increased due to an increase in revenue from real estate sales and a rebound from the impact of the COVID-19 pandemic in theprevious fiscal year in the transportation business, among other businesses.
（単位：百万円）(Millions of yen)2022/3
FY2022
results
実績

2021/3
FY2021
results
実績

増減
ChangeMain factors of
増減要因
change※収益認識会計基準適用による影響
4,698 Impact
of application of the Accounting
for Revenue Recognition: -28,356（1.9%） Standard△28,356
14,673（－）
Subsidies for COVID-19 countermeasures:
787 新型コロナウイルス感染症対策補助金+964+964Operating営
業revenue
収

益258,118

253,419

Operating営
業income利益

13,408△1,265-営 業 外 income
収 益
Non-operating

5,820

5,032

Non-operating
営 業 外 費 用
expenses

2,742

3,528

△786
-

益

16,485238

16,247（－）

Extraordinary
income
特 別 利
益

4,199

5,331

投資有価証券売却益△2,400、
Gain
on sales of investment securities: -2,400△1,131
受取補償金+429
Compensation
income: +429

Extraordinary
losses失
特 別 損

2,684

4,592

減損損失△2,245
Impairment
loss: -2,245△1,907-

親 会 attributable社 株 主に帰属 する
Profitto owners
当期
純利益of parent

9,589△4,574-

14,164（－）

費20,922

21,232△309-

EBITDAＥ Ｂ Ｉ Ｔ Ｄ Ａ

34,331

19,967

Operating income + Depreciation※EBITDA：営業利益＋減価償却費
14,363 *EBITDA:

Interest and dividend
受取利 息及 び配 当金
income

464

609

△144
-

Ordinary常income利経

Depreciation
減 価 償

却

Interest
expenses
支
払
利

息

2,007

2,086

△78
-

Net
金 interest
融 expenses
収支△1,542-△1,476-△65-2022/3
FY2022
forecasts
予想
255,400
12,400増減
Change2,718（1.1%）
1,008（8.1%）

14,7001,785（12.1%）

8,500

1,089
（12.8%）

23

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

2022/3
FY2022
results
実績
Operating営 業 revenue
収 益

運
輸TransportationReal不 estate
動2021/3
FY2021
results
実績

Change
増減額

Change
増減率(%)

2022/3
FY2022
forecasts
予想

Change
増減額

Change (%)
増減率70,76865,694

5,073

7.7%

70,000768

1.1%Operating営 業 income
利 益

173

△9,658
-

9,832

－

△400

573

－

Operating営 業 revenue
収 益

137,495

110,270

27,22424.7%

136,600895

0.7%Operating営 業 income
利 益

22,593

18,590

4,002

21.5%

22,50093

0.4%

営 業 revenue
収 益Operating

52,908

83,109△30,200-△36.3%

52,500408

0.8%

営 業 income
利 益Operating

1,776

1,192

584

49.0%

1,700

76

4.5%

Operating営 業 revenue
収 益

11,529

9,724

1,804

18.6%

11,300229

2.0%Operating営 業 income
利 益△9,324△10,823

1,498－△9,500-175－

営 業 revenue
収 益Operating

3,169

3,061

108

3.5%

3,200

△30
-

△0.9%
-

営 業 income
利 益Operating△1,393-△1,4017－△1,4006－

Operating営 業 revenue
収 益△17,752-△18,441-688－△18,200

447

－

△417

835

△1,252

－

△500
-

82

－

業

産

Retail流 distribution
通業

業

Leisureﾚｼ ﾞｬandｰ ･ service
ｻｰ ﾋﾞ ｽ 業

Others
そ の 他 の 事 業

Adjustments
全 社 ・

消 去
Operating営 業 income
利 益

24Segment Information (Breakdown)[Consolidated subsidiaries] 40 companies (2 companies reduced year on year) [Equity-method affiliates] 2 companies (No change year on year)
Keihan Electric Railway Co., Ltd., Keifuku Electric Railroad Co., Ltd., Keihan Bus Co., Ltd.,and 12 other companies
Keihan Holdings Co., Ltd., Keihan Real Estate Co., Ltd., Zero Corporation Co., Ltd., Keihan Tatemono
Co., Ltd., and 7 other companies
Keihan Department Stores Co., Ltd., Keihan The Store Co., Ltd., Keihan Ryutsu Systems Co., Ltd.,
Biomarket Co., Ltd.
Hotel Keihan Co., Ltd., Keihan Hotels & Resorts Co., Ltd., Biwako Kisen Steamship Co., Ltd.,and 5 other companies

Transportation
Real estate
Retail distribution
Leisure and service
Others

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

<Operating revenue by segment><Operating income by segment>
22.5 bn. yen

49.8％
137.4 bn. yen

1.7 bn. yen

25.7 ％

0.1 bn. yen

19.2％

70.7 bn. yen

52.9 bn. yen

4.2 ％11.5 bn. yen

Transportation

Real estate

Retaildistribution

Leisure andservice-1.3 bn. yen

1.1 ％-9.3 bn. yen

3.1 bn. yen
OthersTransportation Real estate

Retaildistribution

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

Leisure andservice

Others25

Segment Information (Quarterly Changes)
Changes
by segment
segment
Transitioninofoperating
operating revenue
revenue by(Millions of yen)

49,88250,00040,00032,00230,64930,00020,00024,96017,25019,91017,70015,907

13,173

14,865
12,14912,71910,0001,767 2,427

1Q

2Q

3Q

4Q

1Q

Transportation

2Q

3Q

4Q

1Q

Real estate

2Q

3Q

4Q

1Q

Retail distribution

4,300 3,034

2Q

3Q

4Q

Leisure and service

Transition
operatingincomesegment
Changesin ofoperatingincomebybysegment(Millions of yen)

7,902

8,000
6,095
4,305 4,290
4,000
2,160
983
4

102

312

378

0
-569

-1,315-1,422-2,859-4,000

1Q

2Q
3Q
Transportation

4Q

1Q

2Q
3Q
Real estate

4Q

1Q

2Q
3Q
4Q
Retail distribution

1Q-2,578-2,571

2Q
3Q
4Q
Leisure and service

26

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

2022/3
FY2022
実績
results

Operatingrevenue
営
業

収2021/3
FY2021
実績
results

増減額
Change増減率 (%)
Change益70,76865,694

5,073

7.7%

鉄
道
Railway事

業58,27155,051

3,219

5.8%

Bus
バ

事

業

19,596

18,479

1,116

6.0%

去

△7,098△7,836

737

－

益

173

△9,658

9,832

－

ス

Elimination
消Operatingincome営
業

利Railway
鉄
道

事

業

1,104

△6,674

7,778

－

Bus
バ

事

業

△954
-

△3,006

2,052

－

去

23

23

0

－

ス

消
Elimination(Major factors affecting performance)• The railway business saw increases in both revenue and profits due to a rebound from the impact of the COVID-19 pandemic in the previous fiscal
year in terms of the number of passengers, as well as efforts for cost reduction.
• The bus business saw increases in both revenue and profits due to a rebound from the impact of the COVID-19 pandemic in the previous fiscal
year in terms of revenue from bus passengers, etc., as well as efforts for cost reduction.

27

Operating Results for Transportation
Keihan Electric Railway
FY2022
results

FY2021
results

ChangeChange (%)

millions of yen

millions of yen

millions of yen%

37,83535,541

2,294

6.5

Non-commuter passes

23,73821,566

2,172

10.1

Commuter-passes

14,096

13,974122

0.9

thousands of people

thousands of people

thousands of people％

219,235

208,198

11,036

5.3

Non-commuter passes

97,391

90,676

6,715

7.4

Commuter-passes

121,843

117,522

4,320

3.7

Passenger transportation
revenue

Number of passengers

Transition of passenger transportation revenue (millions of yen)
15,00010,000
7,531
3,888

5,000

5,728

6,454

5,496

5,154

5,651

6,965

5,968

4,046

3,404

3,600

3,559

3,411

3,581

3,516

3,598

3,401

2019.4Q

2020.1Q

2020.2Q

2020.3Q

2020.4Q

2021.1Q

2021.2Q

2021.3Q

2021.4Q

CommuterNon-commuter

028

Segment Information (Real Estate)(Millions of yen)

FY2022
results

FY2021
results

ChangeChange (%)

Operating revenue

137,495

110,270

27,224

24.7%

Real estate

117,583

90,802

26,781

29.5%

Real estate sales

87,214

61,96825,246

40.7%

Real estate leasing service

25,907

24,974932

3.7%

Other businesses

4,461

3,859

602

15.6%

Construction

26,76824,922

1,845

7.4%

Elimination-6,856-5,454-1,402－

Operating income

22,593

18,590

4,002

21.5%

Real estate

23,113

17,930

5,183

28.9%

Real estate sales

11,077

6,178

4,899

79.3%

Real estate leasing service

11,578

11,348

230

2.0%

457

403

53

13.2%

Construction

623

609

13

2.2%

Elimination-1,14350-1,193－

Other businesses(Major factors affecting performance)• The real estate sales business saw increases in both revenue and profits due to the sales of condominiums such as The Fine Tower Otemae
and newly developed properties such as hotels, despite a decrease in reaction to the sales of land and buildings in the previous fiscal year,
such as Minami-Kusatsu Primtown.
• The real estate leasing business saw increases in both revenue and profits due to factors such as the contribution of Toranomon Hills BusinessTower and Keihan Nishisanso Square.

29

Segment Information (Retail Distribution)(Millions of yen)

FY2022
results
Operating revenue

FY2021
results

ChangeChange (%)

52,908

83,109-30,200-36.3%

Department store

19,74242,444-22,701-53.5%

Store

16,941

25,525-8,583-33.6%

Shopping mall management

12,265

12,344-78-0.6%

Other businesses

5,405

6,569

-1,163-17.7%

Elimination-1,446-3,774

2,327－

Operating income

1,776

1,192

584

49.0%

Department store

-231

-60

-170

－

Store

622

545

76

14.0%

Shopping mall management

1,281

1,001

280

28.0%

Other businesses

74

-309

384

－

Elimination

29

15

13

－

(Major factors affecting performance)• The department store business saw decreases in both revenue and profits due to factors such as
the impact of application of the Accounting Standard for Revenue Recognition and scaling backamid the COVID-19 pandemic.
• The store business saw a decrease in revenue due to factors such as the impact of application of
the Accounting Standard for Revenue Recognition, but saw an increase in profits due to factors
such as a rebound from the impact of the COVID-19 pandemic in the previous fiscal year.
• The shopping mall management business saw a decrease in revenue due to factors such as theimpact of application of the Accounting Standard for Revenue Recognition, but saw an increase inprofits due to factors such as a rebound from the impact of the COVID-19 pandemic in theprevious fiscal year.

Impact of application of the Accounting Standard
for Revenue Recognition (Net amount)(Millions of yen)

Impact(Operating revenue)

Department store-20,850

Store
Shopping mall management-7,394-1,05530

Segment Information (Leisure & Service)
FY2022
results

FY2021
results

ChangeChange (%)

Operating revenue

11,529

9,724

1,804

18.6%

Hotel

9,364

7,492

1,872

25.0%

Leisure

2,186

2,257

-70

-3.1%

Elimination

-22

-24

2

－

Operating income-9,324-10,823

1,498

－

Hotel

-8,814-10,203

1,388－

Leisure

-528

-637

108

－

Elimination

18

17

1

－

Hotel occupancy rates
FY2022
results

FY2021
results

ChangeHotel Keihan

41.6%

24.6%

17.0ptKeihan Hotels & Resorts

30.8%

23.6%

7.2pt

(Main factors affecting performance)• The hotel business saw increases in both revenue and profits due to factors such as a rebound from the impact of the COVID-19 pandemic in the previous
fiscal year in Hotel Keihan Universal Tower, etc., and the full-year contribution of Hotel Keihan Sendai and Hotel Keihan Kyoto Ekiminami, which opened
the previous fiscal year.
• The leisure business saw a decrease in revenue due to factors such as the impact of application of the Accounting Standard for Revenue Recognition, but
saw an increase in profits due to factors such as a rebound from the impact of the COVID-19 pandemic in the previous fiscal year.

31Consolidated Balance Sheets(Millions of yen)
（単位：百万円）

FY20222022/3
results
実績

2021/3
FY2021
実績
results

増減額
Change

増減要因
Main factorsof changes
販売土地及び建物△7,020、Land
and buildings for sale: -7,020
Cashand deposits: -6,234
現金及び預金△6,234

流動
資Current
assets産

186,794

197,185△10,390-固定 assets
資Non-current

産550,466

567,062

Buildings
and structures: -5,184
建物及び構築物△5,184△16,595

計

737,261

764,247△26,986-

流動
負Current
liabilities

債

127,477

165,893△38,416-固定 liabilities
負Long-term

債353,907349,758

計

481,384

515,652

産

255,876

248,595

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

737,261

764,247

資 assets
産
Total

合

負 liabilities
債
Total

Net
純 assets

合資

短期借入金△12,341、Short-termloans payable: -12,341
Accounts
payable: -10,863
未払金△10,863

loans payable: +11,053
長期借入金+11,053
4,149 Long-term△34,267
利益剰余金+6,347
Retainedearnings: +6,347

7,280 * Equity capital ratio: 34.1% (+2.1 pts)

※自己資本比率34.1%（+2.1pt）△26,986
-

ROA
Ｒ

Ｏ

Ａ

1.8%

△0.2%

ROA: Operating income to total assets
2.0pt *※ROA：総資産営業利益率

Ｒ
ROE

Ｏ

Ｅ

3.9%

△1.9%
-

ROE: Net income to shareholders’ equity
5.8pt *※ROE：自己資本当期純利益率

ＤＡ

34,331

19,967

EBITDA: Operating income + Depreciation
14,363 *※EBITDA：営業利益＋減価償却費

有利
子 debt負Interest-bearing

債345,311351,600

短期社債△5,000、借入金△1,288△6,289Loans payable: -1,288

10.06

17.61

△7.55
-

9.47

16.28

△6.81
-

Ｅ Ｂ
EBITDAＩ

Ｔ

Interest-bearing debt/
EBITDA multiple (times)
Net interest-bearing
ネッ ト 有 debt/
利 子 負 債
EBITDA
multiple(times)E B I T D A 倍 率 ( 倍 )有 利 子 負 債 EBITDA 倍 率 ( 倍 )Short-term bonds payable: -5,000

32Consolidated Statements of Cash Flows(Millions of yen)

FY2022
results

FY2021
results

ChangeMain factors of changes
Decrease in inventories: +18,198

Cash flows from operating activities

21,673

15,282

6,391 Profit before income taxes: +17,023
Decrease in other current liabilities: -24,205

Cash flows from investing activities-17,641-24,940

7,299

Decrease in payments for purchase of non-current assets:+7,073

Cash flows from financing activities-10,264

21,301-31,566

Decrease in proceeds from issuance of bonds: -19,904
Decrease in income due to long-term loans payable: -15,087

Net increase (decrease) in cash andcash equivalents-6,232

11,643-17,875

Cash and cash equivalents at beginningof period

26,554

14,911

11,643

Cash and cash equivalents at end of
period20,322

26,554-6,23233

Capital Expenditure by Segment

FY2022
results

FY2021
results

FY2022
forecasts

ChangeChangeCapital expenditure

17,19333,261-16,067

30,000-12,806

Transportation

6,142

14,641-8,49814,800-8,657

Real estate

9,473

16,521-7,048

6,500

2,973

Retail distribution

826

491

335

1,700

-873

Leisure and service

586

1,248

-661

1,000

-413

Others

46

108

-61

100

-53

Adjustments

118

249

-131

5,900

-5,781

34

EBITDA by Segment(Millions of yen)

FY2022
results
EBITDAFY2021
results

Change34,331

19,967

14,363

Transportation

12,022

2,059

9,963

Real estate

29,04324,761

4,282

Retail distribution

2,837

2,474

362

Leisure and service-8,181-9,2591,078

Others-1,211-1,164-47

Adjustments

-179

1,096

-1,27635

FY2023 Forecasts

36

Consolidated Statement of Income (Performance Forecasts)• Overall revenue is forecast to decrease due to a large reactionary decrease in real estate sales after the previous fiscal year. However,recovery from the impact of the COVID-19 pandemic is expected for the transportation business and the leisure and service business, among
other businesses.
(Millions of yen)
（単位：百万円）

FY20232023/3
forecasts
予想

FY20222022/3
results
実績

増減額
Change増減率 (%)
Change営
業revenue収Operating益

255,000

258,118△3,118△1.2%

営業income 利Operating益

16,50013,408

3,091

23.1%

経
常
Ordinary
income 利益

15,500

16,485

△985
-

△6.0%

親 会 社 株 主 に 帰 属 す る
Profit attributable to owners of parent
当
期
純
利
益

12,000

9,589

2,410

25.1%

Capitalexpenditure
設
備
投
資

額

38,80017,193

21,606125.7%

減価
償Depreciation

却

費20,50020,922

△422

△2.0%

Ｄ

Ａ

37,00034,331

2,668

7.8%

有
利
子 debt負Interest-bearing

債

367,000

345,311

21,6886.3%

有利子
負multiple債
Interest-bearing
debt/EBITDAＥ
Ｂ Ｉ Ｔ Ｄ Ａ 倍 率 ( 倍 ）(times)ネッ ト 有 debt/EBITDA
利 子 負 債
Net interest-bearingＥ
Ｂ Ｉ
Ｔ Ｄ Ａ 倍 率 ( 倍 ）multiple(times)

9.92

10.06

△0.14
-

－

9.38

9.47

△0.09
-

－

受
取 利and息dividend
及 び 配
当 金Interest
income

393

464

△70

△15.2%Ｅ Ｂ
EBITDAＩ

Ｔ

Interest
expenses
支
払
利

息

1,888

2,007

△119

△5.9%
-

Net
金 interest
融 expenses
収支△1,494-△1,542
-

48

－

37

Segment Information (Performance Forecasts)(Major factors affecting performance)• Transportation: Increases in both revenue and profits due to factors such as recovery from the impact of the COVID-19 pandemic• Real estate: Decreases in both revenue and profits in reaction to the sales of newly developed properties, such as hotels and officebuildings, in the previous fiscal year
• Retail distribution: Decrease in revenue due to factors such as the closure of Frest Korien Shop; increase in profits due to factors such as
recovery from the impact of the COVID-19 pandemic• Leisure and service: Increases in both revenue and profits due to factors such as recovery from the impact of the COVID-19 pandemic(Millions of yen)
（単位：百万円）

2023/3
FY2023
forecasts
予想
Transportation
運
輸

Real
不 estate
動業
産Retail流 distribution
通業
業

Leisureﾚ ｼ ﾞ ｬandｰ ･service
ｻｰﾋﾞｽ業

Others
そ の 他 の 事 業

Adjustments
全 社 ・

消

去

2022/3
FY2022
results
実績

Change増減額

営
業revenue収Operating益

79,70070,7688,931

営
業income利Operating

益

4,600

173

4,426

Operating営
業revenue収益116,400

137,495△21,095-

Operating営
業income利益

15,80022,593△6,793-Operating営
業revenue収益52,90052,908△8-Operating営
業income利

益

2,400

1,776

623

Operating営
業revenue収益20,80011,5299,270

Operating営
業income利益△4,600-△9,324-

4,724

Operating営
業revenue収

益

3,900

3,169

730

Operating営
業income利益△900△1,393-493

Operating営
業revenue収益△18,700-△17,752-△947-

Operating営
業income利

益

△800
-

△417
-

△382
-

38

Operating Results for Transportation(Performance Forecasts) Keihan Electric Railway
FY2023
forecasts

FY2022
results

ChangeChange (%)

millions of yen

millions of yen

millions of yen％

Passenger transportation revenue

42,99437,835

5,159

13.6

Non-commuter passes

28,78423,738

5,045

21.3

Commuter passes

14,21014,096113

0.8

thousands of people

thousands of people

thousands of people％

242,956

219,235

23,72010.8

Non-commuter passes

119,692

97,391

22,30022.9

Commuter passes

123,264

121,843

1,420

1.2

Number of passengers

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

34,37920,00021,56623,73828,784

16,866

17,102

13,974

14,096

14,210FY2019 results

FY2020 results

FY2021 results

FY2022 results

FY2023 forecasts

0
CommuterNon-commuter

39Capital Expenditure by Segment (Performance Forecasts)(Millions of yen)

FY2023
forecasts
Capital expenditure

FY2022
results

Change38,80017,193

21,606

Transportation

14,000

6,142

7,857

Real estate

9,500

9,473

26

Retail distribution

2,700

826

1,873

Leisure and service

1,900

586

1,313

Others

100

46

53

10,600118

10,481

Adjustments

40

EBITDA by Segment (Performance Forecasts)(Millions of yen)

FY2023
forecasts
EBITDAFY2022
results

Change37,00034,331

2,668

Transportation

15,80012,022

3,777

Real estate

22,40029,043-6,643Retail distribution

3,600

2,837

762

Leisure and service-3,400-8,181

4,781

Others-700-1,211

511

Adjustments

-700

-179

-520

41