Securities Code: 9009

Keisei Electric Railway Co., Ltd.
June 4, 2020
NOTICE OF THE 177th ORDINARY GENERAL MEETING OF SHAREHOLDERS
Dear Shareholder:
You are cordially notified of the 177th Ordinary General Meeting of Shareholders of Keisei Electric
Railway Co., Ltd. (the “Company”), which will be held on Friday, June 26, 2020, at 10:00 a.m. (reception
will open at 9:00 a.m.) in the Rose Room on the sixth floor of KEISEI HOTEL MIRAMARE, 15-1
Honchiba-cho, Chuo-ku, Chiba-city, Chiba. The agenda is as shown below.
If you do not attend the meeting in person, you may exercise your voting rights in writing or by theInternet. Please review the attached Reference Materials for General Meeting of Shareholders, then refer
to Instructions on the Exercise of Your Voting Rights on pages 3 to 4, and exercise your voting rights by
6:00 p.m. on the day before the meeting (June 25, 2020).
Faithfully yours,
Toshiya Kobayashi, President and Representative Director
Keisei Electric Railway Co., Ltd.
3-3-1 Yawata, Ichikawa-city,
Chiba, JapanMEETING AGENDA
Items to be Reported:
1:

2:
Items to be Resolved:
Item 1:
Item 2:Item 3:

The Business Report, Consolidated Financial Statements for the 177th term,
extending from April 1, 2019 to March 31, 2020, the Report of Accounting
Auditors, and the Report of the Audit & Supervisory Board concerning theresults of the audit of the Consolidated Financial Statements will be reported at
the meeting.
The Non-consolidated Financial Statements for the 177th term, extending from
April 1, 2019 to March 31, 2020, will be reported at the meeting.
Approval of the appropriation of surplus for the 177th term (from April 1, 2019
to March 31, 2020)
Election of twelve (12) Directors
Election of two (2) Audit & Supervisory Board Members

1

Decisions for the Convocation:
1:
Treatment of voting rights which are exercised more than once
Please be informed that if voting rights are exercised both in writing and by theInternet, the contents of the votes exercised by the Internet shall be deemedvalid.
If voting rights are exercised more than once by the Internet, the contents of thelast vote shall be deemed valid.
2:
Exercise of your voting rights by proxyIf you do not attend the meeting, you can still exercise your voting rights by aproxy who is also a shareholder of the Company having voting rights; provided,
however, that the proxy submits a document proof of proxy authority.


Among the documents which should be provided with this convocation notice for the 177th
Ordinary General Meeting of Shareholders, the items listed below are posted on the Company website in accordance with the provisions of laws and regulations and Article 15 of the Articles ofIncorporation of the Company, and thus, they are not described in the attached materials of thisconvocation notice for the 177th Ordinary General Meeting of Shareholders.
(1) “System to Ensure Appropriateness of Operations and Operational Status of the System” and“Basic Policy on Control of the Company” in the Business Report(2) “Consolidated Statements of Changes in Net Assets” and “Notes to Consolidated Financial
Statements”(3) “Non-consolidated Statements of Changes in Net Assets” and “Notes to Non-consolidated
Financial Statements”
The Business Report, Consolidated Financial Statements and Non-consolidated Financial
Statements, which have been audited by Audit & Supervisory Board Members and Accounting
Auditors, are described in the attached materials of this convocation notice for the 177th Ordinary
General Meeting of Shareholders, and also presented on the Company web site.
Please be informed that in the event any reference materials for general meeting of shareholders oritem included in attached materials is amended, the Company web site furnishes such information.
Company web site: https://www.keisei.co.jp/*

If attending the meeting in person, please present the enclosed Voting Rights Exercise Form to thereceptionist at the meeting. Please bring this “Notice” to conserve resources.

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

2Instructions on the Exercise of Your Voting Rights
Please review the attached Reference Materials for General Meeting of Shareholders and exercise yourvoting rights.
The following are three methods of exercising your voting rights.
Exercising your voting rights by attending the Ordinary General Meeting of Shareholders
Please present the enclosed Voting Rights Exercise Form to the receptionist at the meeting.
Scheduled date of the General Meeting of Shareholders:
10:00 a.m., Friday, June 26, 2020 (Reception will open at 9:00 a.m.)
Exercising your voting rights in writing
Please indicate “for” or “against” for each agenda item listed on the enclosed Voting Rights Exercise
Form, and post it back.
Deadline for exercising your voting rights:
Must be received by 6:00 p.m., Thursday, June 25, 2020
Exercising your voting rights by the Internet
Please follow the “Guide for exercising your voting rights by the Internet” on the next page, and enter“for” or “against” for each agenda item.
Deadline for exercising your voting rights:
6:00 p.m., Thursday, June 25, 20203

Guide for exercising your voting rights by the Internet
Site for exercising your voting rights:

https://evote.tr.mufg.jp/
Items to be noted Please note that the site is not in service from 2:00 a.m. to 5:00 a.m. every day.
 You are responsible for paying the expenses incurred for accessing the site to exercise your voting
rights (Internet access fees, communication fees, etc.).
 Using the site for exercising your voting rights may not be possible depending on your Internet usage
environment. For details, please contact the help desk below.

(Help Desk) Contact for inquiries about exercising your voting rights by the Internet
Stock Transfer Agency Division, Mitsubishi UFJ Trust and Banking Corporation
Tel: 0120-173-027(Service: from 9:00 a.m. to 9:00 p.m.; toll free)
Institutional investors can utilize the “Electronic voting platform” operated by ICJ, Inc.

4

REFERENCE MATERIALS FOR GENERAL MEETING OF SHAREHOLDERS
Agenda items and reference materials
Item 1: Approval of the appropriation of surplus for the 177th term (from April 1, 2019 to March 31,
2020)
The Company’s basic policy is to give its shareholders a stable, consistent return of profits, while
ensuring the internal reserves to develop its operations as well as continuing to reinforce and stabilize theCompany’s fundamentals, while taking into account the Company’s business performance.
Based on the above policy, we hereby propose the year-end dividend for the term as follows:
1.

Type of dividend property
Cash

2.

Items on allocation of dividend property to shareholders and its total amount8.50 yen per share, with total amount of 1,454,610,576 yen
As we paid 8.50 yen as the interim dividend, the total annual dividend for the term will be 17
yen per share.

3.

Effective dateJune 29, 2020

5

Item 2: Election of twelve (12) Directors
The terms of office of all the current twelve (12) Directors expire at the conclusion of this year’s
Ordinary General Meeting of Shareholders. Accordingly, we hereby propose the election of twelve (12)Directors.
Details of the candidates are as follows:

No. ofCandidateCurrent positions and responsibilities
in the Company

Name

Attendanceat theBoard ofDirectors
meetings

1

Reappointment

Norio Saigusa

Male

Chairman of the Board of Directors

10/10

2

Reappointment

Toshiya Kobayashi

Male

President

10/10

3

Reappointment

Masahiro Muroya

MaleManaging Director, General Manager, Railway
Headquarters

10/10

4

Reappointment

Takao Amano

Male

Managing Director, in charge of generalaffairs/personnel

10/10

5

Reappointment

Makoto Kawasumi

MaleManaging Director, in charge of accounting

10/10

6

Reappointment

Susumu Toshima

Male

Managing Director, in charge of real estatedevelopment

10/10

7

Reappointment

Tsuguo Tanaka

Male

Director, Deputy General Manager, Railway
Headquarters, and General Manager, Safety
Promotion Dept., Railway Headquarters

10/10

8

Reappointment

Shokichi Kaneko

MaleDirector, in charge of internal audit,
management supervision and group strategy

10/10

Director

9/10

Director

10/10

Director

8/8

–

–

Male

9

Reappointment

Yasunobu Furukawa

External
Independent
OfficerMale

10

Reappointment

Shotaro Tochigi

External
Independent
OfficerMale

11

Reappointment

Yukihiro ItoExternal
Independent
Officer
Female12

New
Appointment

Misao Kikuchi

External
Independent
Officer

Note: Attendance at the Board of Directors meetings by Yukihiro Ito, who is a candidate for Director, counts only
the Board of Directors meetings held after his assuming the office of Director on June 27, 2019.

6No. ofcandidate

Name(Date of birth)

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)
Apr.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.

1

2

1971
2004
2006
2008
2010
2011
2017

Numbers of sharesof the Company
owned by thecandidate

Joined the Company
Director
Managing Director
Norio Saigusa
SeniorManaging Director(Feb. 11, 1949)
Director and Vice President
79,300
Reappointment
President
MaleChairman of the Board of Directors (to thepresent)
Significant concurrent positions
Director of Shin-Keisei Electric Railway Co., Ltd.
Reason for selecting him as a candidate for Director
He has been engaged in various business departments of the Company. As President of the Company, he
led the Group, and as Chairman of the Company, is currently supervising the overall management of theGroup. Since we think that he will contribute to development of business and enhancement of mediumto long-term corporate value of the Group going forward, based on his abundant experience and trackrecords, we continue to select him as a candidate for Director.
Apr. 1982 Joined the Company
Jun. 2010 Director
Toshiya Kobayashi(Jul. 30, 1959)
Jun. 2013 Managing Director
Jun. 2015 Senior Managing Director
41,300
Reappointment
Jun. 2017 President (to the present)
Male
Significant concurrent positions
Director of Shin-Keisei Electric Railway Co., Ltd.
Reason for selecting him as a candidate for Director
He has been engaged in various business departments of the Company, and as President of the Company,
is currently showing strong leadership to supervise the overall management of the Group. Since we thinkthat he will contribute to development of business and enhancement of medium- to long-term corporate
value of the Group going forward, based on his abundant experience and track records, we continue toselect him as a candidate for Director.

7

No. ofcandidate

Name(Date of birth)

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)

Numbers of sharesof the Company
owned by thecandidateAug. 2013

3

4

5

Director General, Japan Transport Security
Board, Ministry of Land, Infrastructure,
Masahiro Muroya
Transport and Tourism(Mar. 15, 1956)
Oct. 2014 Managing Director, Association of Japanese
Reappointment
Private Railways
Jun.
2017
Managing
Director and General Manager,
7,700
Male
Railway Headquarters of the Company (tothe present)
Significant concurrent positions
President of Hokuso-Railway Co., Ltd.
President of Chiba Newtown Railway Co., Ltd.
Reason for selecting him as a candidate for Director
He has many years of experience in working for government ministries/agencies and industry group, andis currently in charge of railway as Managing Director. Since we think that he will contribute todevelopment of business and enhancement of medium- to long-term corporate value of the Company
going forward, based on his abundant experience and track records, we continue to select him as a
candidate for Director.
Apr. 1988 Joined the Company
Jun. 2015 Director
Takao Amano
Jun. 2018 Managing Director(Sep. 21, 1965)
Jun. 2019 Managing Director, in charge of general
Reappointment
affairs/personnel (to the present)
12,900Male
Significant concurrent positions
Audit & Supervisory Board Member of Shin-Keisei
Electric Railway Co., Ltd.
Chairman of the Board of Directors of Keisei
Construction, Inc.
Reason for selecting him as a candidate for Director
He has been engaged in railway for many years since he joined the Company, and is currently in chargeof general affairs/personnel as Managing Director. Since we think that he will contribute to developmentof business and enhancement of medium- to long-term corporate value of the Company going forward,
based on his abundant experience and track records, we continue to select him as a candidate for
Director.
Apr. 1989 Joined the Company
Makoto Kawasumi
Jun. 2016 Director(Mar. 8, 1967)
Jun. 2019 Managing Director, in charge of accounting
11,700(to the present)
Reappointment
Male

Reason for selecting him as a candidate for Director
He has been engaged in accounting for many years since he joined the Company, and is currently incharge of accounting as Managing Director. Since we think that he will contribute to development ofbusiness and enhancement of medium- to long-term corporate value of the Company going forward,
based on his abundant experience and track records, we continue to select him as a candidate for
Director.

8

No. ofcandidate

Name(Date of birth)
Susumu Toshima(Jul. 13, 1967)
Reappointment

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)Apr. 1990
Jun. 2016
Jun. 2019

Joined the Company
Director
Managing Director in charge of real estatedevelopment (to the present)

Male

6

7

8

Numbers of sharesof the Company
owned by thecandidate

9,200

Significant concurrent positions
President of Keisei Real Estate Co., Ltd.
Reason for selecting him as a candidate for Director
He has been engaged in railway and general affairs/personnel since he joined the Company, and iscurrently in charge of real estate development as Managing Director. Since we think that he willcontribute to development of business and enhancement of medium- to long-term corporate value of theCompany going forward, based on his abundant experience and track records, we continue to select him
as a candidate for Director.
Apr. 1989 Joined the Company
Jun.
2018 Director
Tsuguo Tanaka
Jun.
2019
Director, Deputy General Manager,(Aug. 29, 1965)
Railway Headquarters, and General
Reappointment
8,800
Manager, Safety Promotion Dept., Railway
Male
Headquarters (to the present)
Significant concurrent positions
Senior Managing Director of Nippori Station
Reorganization Co., Ltd.
Reason for selecting him as a candidate for Director
He has been engaged in railway for many years since he joined the Company, and is currently in chargeof railway as Director. Since we think that he will contribute to development of business andenhancement of medium- to long-term corporate value of the Company going forward, based on his
abundant experience and track records, we continue to select him as a candidate for Director.
Apr. 1990 Joined the Company
Jun.
2018 Director
Shokichi Kaneko
Jun.
2019
Director, in charge of internal audit,(Feb. 17, 1967)
management supervision and group strategy
Reappointment
7,600(to the present)
Male
Significant concurrent positions
Audit & Supervisory Board Member of Shin-Keisei
Electric Railway Co., Ltd.
Reason for selecting him as a candidate for Director
He has been engaged in accounting and railway since he joined the Company, and is currently in chargeof internal audit, management supervision, and group strategy as Director. Since we think that he willcontribute to development of business and enhancement of medium- to long-term corporate value of theCompany going forward, based on his abundant experience and track records, we continue to select him
as a candidate for Director.

9No. ofcandidate

Name(Date of birth)
Yasunobu Furukawa(Oct. 11, 1953)
Reappointment
External

9

10

11

Independent
Officer

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)Sep. 1980
Aug. 2010
Aug. 2012
Jun. 2014
Jun. 2015

Registered as a certified public accountant
Senior Managing Director of Ernst & Young
ShinNihon LLC
Senior Advisor of Ernst & Young
ShinNihon LLC
Director of the Company (to the present)
Director of NSK Ltd.

Numbers of sharesof the Company
owned by thecandidate0

Male

Reason for selecting him as a candidate for external Director
He has experience and discerning judgment as a certified public accountant as his career record shows, isinvolved in corporate management in various capacities, and currently provides us with useful advice for
the Board of Directors as external Director. We think that he will also be capable of fulfilling the duties ofexternal Director appropriately going forward, and therefore continue to propose him as a candidate forexternal Director.
Apr. 1973
Appointed as a public prosecutor
Jul. 2007
Superintending Prosecutor of the Fukuoka
High Public Prosecutors Office
Shotaro Tochigi(Nov. 11, 1946)
Apr. 2009
President of the Japan International Training
Cooperation Organization (JITCO)
Reappointment
Apr. 2009
Registered as an attorney-at-law (member ofExternal
the Daiichi Tokyo Bar Association)
0
Established Tochigi Law Office
Independent
Officer
Attorney-at-law at Tochigi Law Office (tothe present)
MaleJun. 2018
Director of the Company (to the present)
Significant concurrent positions
Attorney-at-law
Reason for selecting him as a candidate for external Director
While he has not been directly involved in corporate management, he currently provides us with usefuladvice for the Board of Directors as external Director, based on his abundant experience in and extensive
insights into the legal profession. We think that he will also be capable of fulfilling the duties of external
Director appropriately going forward, and therefore continue to propose him as a candidate for external
Director.
Jan. 2006
Executive Officer of The Bank ofTokyo-Mitsubishi UFJ, Ltd.
Jun. 2006
Managing Director of MU Frontier Servicer
Yukihiro ItoCo., Ltd(Feb. 3, 1954)
Jun. 2009
Audit & Supervisory Board Member ofReappointment0
NIPPON STEEL NISSHIN Co., Ltd.
External
Oct. 2012
Audit & Supervisory Board Member of
NIPPON STEEL NISSHIN Holdings Co.,
Independent
OfficerLtd.
MaleJun. 2019
Director of the Company (to the present)
Reason for selecting him as a candidate for external Director
He has experience in working for financial institutions as his career record shows, has been engaged incorporate management from many standpoints, and currently provides us with useful advice for the Boardof Directors as external Director. We think that he will also be capable of fulfilling the duties of external
Director appropriately going forward, and therefore continue to propose him as a candidate for external
Director.

10No. ofcandidate

Name(Date of birth)

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)

Numbers of sharesof the Company
owned by thecandidateJun. 201612

Chairman of the Board of Directors of
Powdertech Co., Ltd. (to the present)
Sep. 2016
President of Nanyu Corporation (to the
Misao Kikuchipresent)(Apr. 9, 1950)
Oct.
2016
Chairpersonof Keiyo Gas Co., Ltd (to the
New Appointment
present)
External
Mar. 2020
Director of K&O Energy Group Inc. (to the0present)
Independent
Officer
Significant concurrent positions
FemaleChairman of the Board of Directors of Powdertech Co.,Ltd.
President of Nanyu Corporation
Chairperson of Keiyo Gas Co., Ltd.
Director of K&O Energy Group Inc.
Reason for selecting her as a candidate for external Director
She has abundant experience and extensive insights as corporate manager as her career record shows, andhas been engaged in corporate management from many standpoints. We think that she will be capable offulfilling the duties of external Director appropriately going forward based on her abundant experience andtrack records, and therefore propose her as a candidate for external Director.

Notes:
1. Masahiro Muroya is President of Hokuso-Railway Co., Ltd., and the Company is engaged in transactions with
Hokuso-Railway Co., Ltd. such as the use of railway tracks. In addition, the Company is engaged intransactions of the same business category as Hokuso-Railway Co., Ltd. (general railway transport).
2. Takao Amano is Chairman of the Board of Directors of Keisei Construction, Inc., and the Company is engaged
in transactions of the same business category as Keisei Construction, Inc. (selling/buying and leasing of landand buildings).
3. Misao Kikuchi is President of Nanyu Corporation and Chairperson of Keiyo Gas Co., Ltd., and the Company isengaged in transactions of the same business category as each of the companies (selling/buying and leasing ofland and buildings).
4. Misao Kikuchi is Chairperson of Keiyo Gas Co., Ltd., which is a trade partner of the Company. However, theamount of such transactions during the fiscal year ended March 31, 2020 is minimal at less than one (1) % ofoperating revenue for both the Company and the said company.
5. Yasunobu Furukawa, Shotaro Tochigi, Yukihiro Ito and Misao Kikuchi are candidates for external Directors.
6. The term of office of Yasunobu Furukawa as an external Director of the Company will be six (6) years at theconclusion of this Ordinary General Meeting of Shareholders.
7. The term of office of Shotaro Tochigi as an external Director of the Company will be two (2) years at theconclusion of this Ordinary General Meeting of Shareholders.
8. The term of office of Yukihiro Ito as an external Director of the Company will be one (1) year at the conclusionof this Ordinary General Meeting of Shareholders.
9. The Company has, pursuant to the provisions in Article 427, paragraph 1 of the Companies Act, entered into anagreement with Yasunobu Furukawa, Shotaro Tochigi and Yukihiro Ito to limit their liability for damages set
forth in Article 423, paragraph 1 of the Companies Act to the minimum liability amount stipulated in Article
425, paragraph 1 of the Companies Act. If the election of Misao Kikuchi is approved, the Company will also
enter into an agreement of the same contents with her.
10. The Company has appointed Yasunobu Furukawa, Shotaro Tochigi and Yukihiro Ito as independent officers inaccordance with the rules of the Tokyo Stock Exchange and reported the appointment to the Tokyo Stock
Exchange. Also, the Company intends to appoint Misao Kikuchi as an independent officer in accordance withthe rules of the Tokyo Stock Exchange and report the appointment to the Tokyo Stock Exchange.

11

Item 3: Election of two (2) Audit & Supervisory Board Members
The terms of office of Audit & Supervisory Board Member Mamoru Kawakami and Yasuomi
Matsuyama expire at the conclusion of this year’s Ordinary General Meeting of Shareholders.
Accordingly, we hereby propose the election of two (2) Audit & Supervisory Board Members.
With the agreement of the Audit & Supervisory Board, the following candidates are proposed.
Details of the candidates are as follows:
No. ofcandidate

Name(Date of birth)

Career summary(positions in the Company and significant concurrent
positions)

Numbers ofshares of theCompany ownedby the candidate

Apr. 2011

1

2

Director and Senior Managing Executive
Officer of Nippon Life Insurance Company
YasuomiJun.
2013
Presidentof SEIWA BUSINESS LINK CO.,MatsuyamaLTD.
(Nov. 14, 1956)
Jun. 2013
Corporate Auditor of MITSUBISHI GASReappointment
CHEMICAL COMPANY, INC.
External(to the present)
300
Jun.
2016
Audit
& Supervisory Board Member of the
Independent
Company (to the present)
OfficerJun.
2017
Chairmanof the Board of Directors ofMale
Nissay Information Technology Co., Ltd
Significant concurrent positions
Corporate Auditor of MITSUBISHI GASCHEMICAL COMPANY, INC.
Reason for selecting him as a candidate for external Audit & Supervisory Board Member
We believe that he can provide us with useful advice for the Board of Directors from an objective andneutral standpoint and audit the legality of our business execution based on his abundant experience andextensive insights as corporate manager as his career record shows, and therefore continue to propose
him as a candidate for external Audit & Supervisory Board Member.
Apr. 2012Managing Executive Officer of Sumitomo
Masashi Hirose
Mitsui Trust Bank, Limited(Feb. 19, 1959)
Apr. 2013
Audit & Supervisory Board Member of
New Appointment
Sumitomo Mitsui Trust Bank, Limited
Jun. 2016
President of Japan Stockholders Data0
External
Service Company, Limited (to the present)
Independent
Officer
Male

Reason for selecting him as a candidate for external Audit & Supervisory Board Member
We believe that he can provide us with useful advice for the Board of Directors from an objective andneutral standpoint and audit the legality of our business execution based on his abundant experience andextensive insights as corporate manager as his career record shows, and therefore propose him as a
candidate for external Audit & Supervisory Board Member.
Notes:
1. Yasuomi Matsuyama and Masashi Hirose are candidates for external Audit & Supervisory Board Members.
2. The term of office of Yasuomi Matsuyama as an external Audit & Supervisory Board Member of the Company
will be four (4) years at the conclusion of this Ordinary General Meeting of Shareholders.
3. The Company has, pursuant to the provisions in Article 427, paragraph 1 of the Companies Act, entered into anagreement with Yasuomi Matsuyama to limit his liability for damages set forth in Article 423, paragraph 1 of
the Companies Act to the minimum liability amount stipulated in Article 425, paragraph 1 of the Companies
Act. If the election of Masashi Hirose is approved, the Company will also enter into an agreement of the samecontents with him.
4. The Company has appointed Yasuomi Matsuyama as an independent officer in accordance with the rules of theTokyo Stock Exchange and reported the appointment to the Tokyo Stock Exchange. Also, the Company intends
to appoint Masashi Hirose as an independent officer in accordance with the rules of the Tokyo Stock Exchange
and report the appointment to the Tokyo Stock Exchange.

12English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2020
Million yen
ASSETS
Current assets:
Cash and deposits
Notes receivable and accounts receivable
Land and structures for subdivision
MerchandiseWork in process
Raw materials and supplies
Other current assets
Allowance for doubtful accounts
Total current assets

27,084
22,129
6,861
2,187
799
3,053
11,940(27)
74,027

Fixed assets:
Tangible fixed assets:
Buildings and structures
Machinery and equipment
Land
Lease assets
Construction in progress
Other tangible fixed assets
Total tangible fixed assets
Intangible fixed assets:
Lease assets
OthersTotal intangible fixed assets
Investments and long-term receivables:
Investment securities
Long-term loans receivable
Deferred tax assets
Other investments
Allowance for doubtful accounts
Total investments and long-term receivables
Total fixed assets
Deferred assets:

290,454
24,978
180,720
38,63537,272
3,284
575,345
1,214
10,683
11,898226,131371
13,5344,313(145)
244,204
831,448
239

Total assets
Note: The figures presented are rounded down to the nearest million yen.

13

905,716

English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2020
Million yen
LIABILITIES AND NET ASSETSLIABILITIES:Current liabilities:
Notes payable and trade accounts payable
Short-term borrowings
Commercial paper
Bonds and debentures due within one year
Lease obligations
Income taxes payable
Advance received
Allowance for employees’ bonuses
Reserve for directors’ bonuses
Other current liabilities
Total current liabilities

22,147
55,832
16,00010,0006,442
4,500
24,406
3,409
53
33,273
176,065

Fixed liabilities:
Bonds and debentures
Long-term borrowings
Long-term accounts payable of Japan Railway Construction,
Transport and Technology Agency
Lease obligations
Deferred tax liabilities
Allowance for retirement benefits for directors
Net defined benefit liability
Other fixed liabilities
Total fixed liabilities
Total liabilities
NET ASSETS:
Owners’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Remeasurements of defined benefit plans
Non-controlling interests
Total net assets
Total liabilities and net assets
Note: The figures presented are rounded down to the nearest million yen.

14

50,450128,276
46,51826,913
1,572
358
35,60011,297300,987
477,052
410,192
36,80328,365350,556(5,532)
837
2,390
16
(1,570)17,634
428,664
905,716

English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED STATEMENT OF INCOME
Keisei Electric Railway Co., Ltd.
For the fiscal year ended March 31, 2020
Million yen
Operating revenues
Operating costs and expenses:
Transport operating expenses and cost of sales
Selling, general and administrative expenses
Operating income

274,796
207,148
39,328Non-operating revenues:
Interests and dividend income
Investment income of affiliates
Other non-operating revenues
Non-operating expenses:
Interests expenses
Other non-operating expenses

246,476
28,320676
13,950
1,932

16,558

2,426
746

3,173

Recurring income

41,705

Non-recurring income:Gain on bargain purchase
Construction costs allotted to and received from others
Other non-recurring income
Non-recurring losses:
Loss on disposal of fixed assets
Advanced depreciation loss on fixed assets
Loss on asset impairment
Loss on valuation of investment securities
Other non-recurring losses
Profit before income taxes
Income taxes:
Current
Deferred
Corporate and other taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent
Note: The figures presented are rounded down to the nearest million yen.

15

1,427
695
281
973
648
441
422
665

2,404

3,151
40,958

9,071
179
9,250
31,707
1,596
30,110English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Keisei Electric Railway Co., Ltd.
For the fiscal year ended March 31, 2020
(Million yen)
Capitalstock
Balance at the beginning of the current
periodChanges of items during the period
Dividends from surplus
Profit attributable to owners of parent
Change of scope of consolidation
Change due to purchase of shares of
consolidated subsidiaries
Change in ownership interest of parent
due to transactions with non-controllinginterests
Change resulting from merger between
consolidated subsidiaries andunconsolidated subsidiaries
Purchase of treasury stock
Change due to purchase of treasury
stock from consolidated subsidiaries
Change in treasury stock arising fromchange in equity in entities accounted
for using equity method
Net changes of items other than owners’
equityTotal changes of items during the period
Balance at the end of the current period

Owners’ equity
Retainedearnings

Capitalsurplus36,803

Treasurystock

28,548322,84244(3,083)30,110631

Total owners’
equity(2,050)386,144(2,244)(3,083)30,110(1,568)

30

30

56

56
54
(0)

54
(0)

(1,229)(1,545)(7)(7)(3,482)(5,532)

24,047410,192

Total accumulated
othercomprehensive
incomeNon-controllinginterests

Total net
assets3,319

13,436(315)

36,803(183)
28,36527,713
350,556

Accumulated other comprehensive income

Valuationdifference on
available-forsale securities

Deferredgains
or losses onhedgesRemeasurementsof defined benefit
plans

Balance at the beginning of thecurrent period
4,730
Changes of items during the period
Dividends from surplus
Profit attributable to owners of parent
Change of scope of consolidation
Change due to purchase of shares of
consolidated subsidiaries
Change in ownership interest ofparent due to transactions with
non-controlling interests
Change resulting from merger
between consolidated subsidiaries
and unconsolidated subsidiaries
Purchase of treasury stock
Change due to purchase of treasury
stock from consolidated subsidiaries
Change in treasury stock arisingfrom change in equity in entities
accounted for using equity method
Net changes of items other thanowners’ equity(2,339)16
Total changes of items during theperiod(2,339)16
Balance at the end of the current
period2,390
16Note: The figures presented are rounded down to the nearest million yen.

16

(1,410)402,901(3,083)30,110(1,568)
30
56
54
(0)
(1,545)(7)(159)(2,482)

4,197

1,714

(159)

(2,482)

4,197

25,762(1,570)837

17,634

428,664

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2020
Million yen
ASSETS
Current assets:
Cash and deposits
Fares receivable
Accounts receivable
Lease investment assets
Short-term loans receivable
Land and structures for subdivision
Supplies
Prepaid expenses
Other current assets
Allowance for doubtful accounts
Total current assets

5,293
3,457
1,148
2,079
1,762
6,836
2,182
1,094
3,118
(80)
26,893Fixed assets:
Tangible fixed assets:
Fixed assets, railway operations
Fixed assets, real estate development operations
Fixed assets related to each operation
Construction in progress
Investment and other assets
Stocks of associated companies
Investment securities
Long-term loans receivable
Deferred tax assets
Other investments
Allowance for doubtful accounts
Total fixed assets

238,400
145,890
3,891
36,137
107,482
67,295
11,30019,788
8,282
1,225
(410)
531,802
239
239

Deferred assets:
Corporate debenture issue cost
Total assets
Note: The figures presented are rounded down to the nearest million yen.

17

558,935

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2020
Million yen
LIABILITIES AND NET ASSETSLIABILITIES:Current liabilities:
Short-term borrowings
Commercial paper
Bonds and debentures due within one year
Lease obligations
Other accounts payable
Accrued expenses
Accrued consumption taxes
Income taxes payable
Connecting fares received
Deposits received
Prepaid fares received
Advance received
Allowance for employees’ bonuses
Other current liabilities
Total current liabilities

43,26916,00010,0003,785
20,345
880
0
2,218
664
37,4082,551
22,7191,015
88160,948

Fixed liabilities:
Bonds and debentures
Long-term borrowings
Lease obligations
Allowance for employees’ severance and retirement benefits
Allowance for loss on business of associated companies
Asset retirement obligations
Other fixed liabilities
Total fixed liabilities
Total liabilities

50,000110,618
18,152
18,984
322
1,421
6,077
205,577
366,525

NET ASSETS:
Owners’ equity
Capital stock
Capital surplus
Capital reserve
Other capital surplus
Retained earnings
Legal reserve
Other retained earnings
General reserve
Unappropriated retained earnings at the end of the term
Treasury stock
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Total net assets
Total liabilities and net assets
Note: The figures presented are rounded down to the nearest million yen.

18

191,379
36,80327,904
27,84558
129,925
3,038
126,887
8,095
118,791(3,254)
1,030
1,030
192,410
558,935

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED STATEMENT OF INCOME
Keisei Electric Railway Co., Ltd.
For the fiscal year ended March 31, 2020
Million yen
Railway:
Operating revenues
Operating expenses
Operating income
Real Estate Development and Others:
Operating revenues
Operating expenses
Operating income

68,42957,931
10,497
17,551
9,816
7,734

Operating income from all operations

18,232Non-operating revenues:
Interests and dividend income
Other revenues
Non-operating expenses:
Interests expenses
Provision of allowance for doubtful accounts
Other expenses

5,560
1,058

6,619

1,771
490
1,025

3,286

Recurring income

21,565

Non-recurring income:Construction costs allotted to and received from others
Other non-recurring income
Non-recurring losses:
Loss on disposal of fixed assets
Loss on valuation of investment securities
Advanced depreciation loss on fixed assets
Other non-recurring losses
Profit before income taxes
Income taxes:
Current
Deferred
Corporate and other taxes
ProfitNote: The figures presented are rounded down to the nearest million yen.

19

334
209
594
422
322
307

544

1,647
20,462

5,438
207
5,646
14,815English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Keisei Electric Railway Co., Ltd.
For the fiscal year ended March 31, 2020
Capital surplus

Balance at the beginningof the current period
Changes of items during
the period
Dividends from surplus
ProfitPurchase of treasurystock
Net changes of items
other than owners’
equityTotal changes of items
during the period
Balance at the end of thecurrent period

Capitalstock

Capitalreserve

Other
capitalsurplusTotal
capitalsurplus36,803

27,84558

27,904(Million yen)
Owners’ equity
Retained earnings
Other retained
earnings
UnapproTotal-priated
Total Treasury
owners’Legalretainedstock
retained
Generalequityreserve
reserve earnings earnings
at theend ofthe term
3,038

8,095

107,067 118,201(3,091)
14,815

-

-

-

-

-

-

36,803

27,84558

27,904

3,038

8,095

Valuation and translation
adjustments
Valuation
Total valuationdifference onand translation
available-foradjustments
sale securities

Total net
assetsBalance at the beginningof the current period
1,747
1,747
183,862
Changes of items during
the period
Dividends from surplus(3,091)
Profit14,815Purchase of treasurystock(2,459)Net changes of items
other than owners’
equity
(716)
(716)
(716)
Total changes of items
during the period
(716)
(716)
8,547
Balance at the end of thecurrent period
1,030
1,030
192,410
Note: The figures presented are rounded down to the nearest million yen.

20

11,724(794) 182,114(3,091)
14,815

11,724

118,791 129,925(3,091)
14,815(2,459)(2,459)(2,459)9,264(3,254) 191,379