Securities Code: 9009

Keisei Electric Railway Co., Ltd.
June 5, 2014
NOTICE OF THE 171st ORDINARY GENERAL MEETING OF SHAREHOLDERS
Dear Shareholder:
You are cordially invited to attend the 171st Ordinary General Meeting of Shareholders of Keisei Electric
Railway Co., Ltd. (the “Company”), which will be held on Friday, June 27, 2014, at 10:00 a.m. in theRose 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 are unable to attend the meeting in person, you may exercise your voting rights in writing. Please
review the attached Reference Materials for General Meeting of Shareholders, then indicate “for” or“against” for each agenda item listed on the enclosed Voting Rights Exercise Form, and post it back to the
Head Office of the Company. To be valid, your proxy must be received by 6:00 p.m. on the day before themeeting (June 26, 2014).

Faithfully yours,
Norio Saigusa, 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:Item 4:The Business Report, Consolidated Financial Statements for the 171st term,
extending from April 1, 2013 to March 31, 2014, 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 171st term, extending from
April 1, 2013 to March 31, 2014, will be reported at the meeting.
Approval of the appropriation of surplus for the 171st term (from April 1, 2013
to March 31, 2014)
Partial Amendments to the Articles of Incorporation
Election of sixteen (16) Directors
Election of one (1) Audit & Supervisory Board Member

1Instructions on the exercise of your voting rights:
1:
Exercise of your voting rights by proxyIf you are unable to attend the meeting, you can still exercise your voting rights
by a proxy who is also a shareholder of the Company having voting rights;
provided, however, that the proxy submit a document proof of proxy authority.
2:
Disclosure via the Internet
Notes to Consolidated Financial Statements and notes to Non-consolidated
Financial Statements are posted on the Company web site(http://www.keisei.co.jp/) in accordance with the provisions of laws, ordinancesand Article 15 of the Articles of Incorporation of the Company, and thus, thesenotes are not described in the Attached Materials of this convocation notice forthe 171st Ordinary General Meeting of Shareholders. The Business Report,
Consolidated Financial Statements and Non-consolidated Financial Statements,
which have been audited by Audit & Supervisory Board Members andAccounting Auditors, are described in the Attached Materials of thisconvocation notice for the 171st Ordinary General Meeting of Shareholders,and also presented on the above Company web site.
3:
Method of notice in case any reference materials for general meeting ofshareholders or item included in attached materials is amended
Please be informed that in the event any reference materials for general meetingof shareholders or item included in attached materials is amended, the Company
web site (http://www.keisei.co.jp/) furnishes such information.

*

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

REFERENCE MATERIALS FOR GENERAL MEETING OF SHAREHOLDERS

Agenda items and reference materials
Item 1: Approval of the appropriation of surplus for the 171st term (from April 1, 2013 to March 31,
2014)
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.
Items on year-end dividend
1.
Type of dividend property
Cash2.
Items on allocation of dividend property to shareholders and its total amount3 yen per share, with total amount of 1,030,805,310 yen
As we paid 3 yen per share as the interim dividend, the total annual dividend for the term
will be 6 yen per share.
3.
Effective dateJune 30, 2014

3

Item 2: Partial Amendments to the Articles of Incorporation
1.
Reasons for the proposal
a. To enable Directors to fully perform the role they are expected to play and make it easy toinvite talented personnel as external Directors, we will add new provisions to our Articles
of Incorporation so that the Company can, by resolution of the Board of Directors,
exempt Directors from their liabilities within the limits stipulated by laws and ordinances,and conclude limited liability agreements between the Company and external Directors.
The addition of Article 33 was approved by each Audit & Supervisory Board Member.
b. Due to the above amendment, article numbers of the Articles of Incorporation will bechanged.
2.
Details of the amendment
The details of the amendment are as follows:(Underlines indicate amended or additional text.)
Current provisions
Proposed amended provisions
Chapter 4. Directors and Board of Directors
Chapter 4. Directors and Board of Directors(Exemption from Liability of Directors)(New provisions)
Article 33.
1. The Company may exempt a Director
including those who were Directors from
his/her liability under Article 423, paragraph
1 of the Companies Act up to the amountstipulated by laws and ordinances upon
resolution by the Board of Directors if he/she
acts in good faith and commits no grossnegligence.
2. The Company may enter into an agreementwith external Directors to the effect that if a
Director acts in good faith and commits nogross negligence his/her liability under
Article 423, paragraph 1 of the Companies
Act shall be limited up to the amountstipulated by laws and ordinances.
Article 33. to Article 50.
(Omitted)

Article 34. to Article 51.
(Unchanged)

4Item 3: Election of sixteen (16) Directors
The terms of office of all the current fifteen (15) directors expire at the conclusion of this year’s
Ordinary General Meeting of Shareholders. Accordingly, we hereby propose the election of sixteen (16)directors.
Details of the candidates are as follows:

No. ofcandidate

1

2

Name
(Date of birth)

Tsutomu Hanada(Jan. 15, 1944)

Norio Saigusa(Feb. 11, 1949)

3

Takehiro Mikoda(Jan. 16, 1953)

4

Kenichiro Hirata(Nov. 7, 1950)

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

1966
1998
2000
2002
2004
2011

Joined the Company
Director
Managing Director
Senior Managing Director
President
Chairman of the Board of Directors (to thepresent)
Significant concurrent positions
Director of Shin-Keisei Electric Railway Co., Ltd.
Executive Director of Oriental Land Co., Ltd.
Chairman of Chiba Pref. Economic Council
Chairman of Chiba Pref. Employers Association
Apr. 1971 Joined the Company
Jun. 2004 Director
Jun. 2006 Managing Director
Jun. 2008 Senior Managing Director
Jun. 2010 Director and Vice President
Jun. 2011 President (to the present)
Significant concurrent positions
Director of Shin-Keisei Electric Railway Co., Ltd.
Apr. 2004 Executive Officer and General Manager of
Fukuoka Branch of Mizuho Corporate Bank,
Ltd.
Jun. 2006 Director of the Company
Jun. 2009 Managing Director
Jun. 2012 Senior Managing Director in charge ofinternal audit, management supervision andgroup strategy (to the present)
Significant concurrent positions
Audit & Supervisory Board Member of Shin-Keisei
Electric Railway Co., Ltd.
Chairman of the Board of Directors of
Funabashi-Kotsu Co., Ltd
Jul. 2006 Director-General, Railway Bureau, Ministryof Land, Infrastructure, Transport andTourism
Oct. 2007 Director of Development Bank of Japan
Oct. 2008 Managing Executive Officer ofDevelopment Bank of Japan Inc.
Jun. 2012 Managing Director and General Manager,
Railway Headquarters of the Company (tothe present)
Significant concurrent positions
President of Chiba Newtown Railway Co., Ltd.

5

Numbers of sharesof the Company
owned by thecandidate

201,000

121,000

75,00016,000No. ofcandidate

Name(Date of birth)

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)Apr. 1982
Jun. 20105

Toshiya Kobayashi(Jul. 30, 1959)

6

Yukihito Mashimo(Feb. 1, 1962)

7

Eiichiro Matsukami(Feb. 23, 1962)8

Ken Omuro(Jan. 13, 1949)

9

Hiroyuki Miyata(Oct. 28, 1951)

10

Hiroshi Sakayori(Jan. 13, 1952)

Joined the Company
Director and General Manager, Real Estate
Development Dept.
Jun. 2013 Managing Director in charge of real estatedevelopment and others (to the present)
Significant concurrent positions
President of Keisei Insurance Consulting Co., Ltd.
Apr. 1984 Joined the Company
Jun. 2011 Director and General Manager, Accounting
Dept.
Jun. 2013 Managing Director in charge of generalaffairs, personnel, and accounting (to thepresent)
Apr. 1984 Joined the Company
Jun. 2011 Director and General Manager, General
Affairs and Personnel Dept.
Jun. 2013 Managing Director and Deputy General
Manager, Railway Headquarters (to thepresent)
Significant concurrent positions
Senior Managing Director of Nippori Station
Reorganization Co., Ltd.
Apr. 1971 Joined the Company
Jun. 2006 Director
Jun. 2010 President of Keisei Bus Co., Ltd. (to thepresent)
Jun. 2010 Managing Director of the Company
Jun. 2012 Senior Managing Director in charge ofmanagement supervisionJun. 2013 Director (to the present)
Significant concurrent positions
President of Keisei Bus Co., Ltd.
Chairman of Chiba Pref. Bus Association
Apr. 1974 Joined the Company
Jun. 2006 Director
Jun. 2010 Managing Director in charge of accounting
Jun. 2013 President of Yourelm Keisei Co., Ltd. (to thepresent)
Jun. 2013 President of Chiba Keisei Hotel Co., Ltd. (tothe present)
Jun. 2013 Director of the Company (to the present)
Significant concurrent positions
President of Yourelm Keisei Co., Ltd.
President of Chiba Keisei Hotel Co., Ltd.
Apr. 1974 Joined the Company
Jun. 2008 Director
Jun. 2011 Managing Director and Deputy General
Manager, Railway Headquarters
Jun. 2013 Director and Vice President of
Hokuso-Railway Co., Ltd. (to the present)
Jun. 2013 Director of the Company (to the present)
Significant concurrent positions
Director and Vice President of Hokuso-Railway Co.,
Ltd. (Note 1)

Numbers of sharesof the Company
owned by thecandidate6

47,00027,00033,00070,00068,00055,000No. ofcandidate

Name(Date of birth)

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)Apr. 1982
Jun. 201311

Takashi Saito(Dec. 11, 1958)

12

Atsushi Shinozaki(Aug. 13, 1961)

13*Masaya Kato
(Aug. 6, 1960)

14*Toshiaki Koyama(Jun. 18, 1963)

15*Fumiya Akai
(Nov. 8, 1938)

16*Yasunobu Furukawa(Oct. 11, 1953)

Joined the Company
Director and Vice President of Keisei Bus
Co., Ltd. (to the present)
Jun. 2013 Director and General Manager, Management
Supervision Dept. of the Company (to thepresent)
Significant concurrent positions
Director and Vice President of Keisei Bus Co., Ltd.
Apr. 1986 Joined the Company
Apr. 2012 President of Funabashi-Kotsu Co., Ltd (tothe present)
Jun. 2013 Director of the Company (to the present)
Apr. 2014 President of Maihama Resort Cab Co., Ltd.
(to the present)
Significant concurrent positions
President of Funabashi-Kotsu Co., Ltd
President of Maihama Resort Cab Co., Ltd. (Note 2)Aug. 2008 General Manager, Credit Risk Management
Division of Mizuho Bank, Ltd.
Apr. 2010 General Manager, Group Human Resources
Division of Mizuho Financial Group, Inc.
Apr. 2013 Executive Officer of Mizuho Securities Co.,Ltd.
May 2014 Advisor of the Company (to the present)
Apr. 1986 Joined the Company
Jul. 2010 General Manager attached to General Affairs
and Personnel Dept.
Jul. 2013 General Manager, Accounting Dept. (to thepresent)
Apr. 1966 Registered as an attorney-at-law (member ofthe Daiichi Tokyo Bar Association)
Aug. 1971 Established Takusyou Law Office (current
Takusyou Sogo Law Office)Attorney-at-law at Takusyou Sogo Law
Office (to the present)
Significant concurrent positions
Attorney-at-law
Auditor of Japan Airport Terminal Co., Ltd.
Audit & Supervisory Board Member of Marusei Co.,Ltd.
Audit & Supervisory Board Member of Japan Oil
Transportation Co., Ltd.
Sep. 1980 Registered as a certified public accountant
Aug. 2010 Senior Managing Director of Ernst & Young
ShinNihon LLC
Aug. 2012 Senior Advisor of Ernst & Young ShinNihon
LLC (to the present)

Numbers of sharesof the Company
owned by thecandidate7

20,00017,000

0

7,000

0

0

Notes:1. The Company is engaged in transactions of the same business category as Hokuso-Railway Co., Ltd. (generalrailway transport).
2. The Company is engaged in transactions with Maihama Resort Cab Co., Ltd. including the leasing of buildings.
3. Fumiya Akai and Yasunobu Furukawa are candidates for external Directors.
4. The reason for selecting Fumiya Akai as a candidate for external Director is that as his career record shows, he not
only has experience as a lawyer and extensive insight, but also has been involved in corporate management in a
number of different capacities, and as a result we expect that he can provide us with useful advice for the Board of
Directors. We believe that he can perform the duties of external Director adequately due to the above reason.
5. Although Takusyou Sogo Law Office, which Fumiya Akai belongs to, has signed an advisory contract with theCompany, the amount of such transaction is insignificant.
6. The reason for selecting Yasunobu Furukawa as a candidate for external Director is that as his career record shows,
he not only has experience as a certified public accountant and extensive insight, but also has been involved in the
management of Ernst & Young ShinNihon LLC, and as a result we expect that he can provide us with useful advice
for the Board of Directors. We believe that he can perform the duties of external Director adequately due to theabove reason.
7. While Yasunobu Furukawa was serving as Senior Managing Director of Ernst & Young ShinNihon LLC, the audit
company received a business improvement order from the Financial Services Agency in July 2012 in connection
with an audit certificate for Olympus Corporation.
8. If the elections of Fumiya Akai and Yasunobu Furukawa are approved, on the condition that Item 2 “Partial
Amendments to the Articles of Incorporation” is approved as proposed, the Company will, pursuant to theprovisions in Article 427, paragraph 1 of the Companies Act, enter into an agreement with them to limit their
liabilities for damages set forth in Article 423, paragraph 1 of the Companies Act to the minimum liability amountstipulated in Article 425, paragraph 1 of the Companies Act.
9. The Company intends to appoint Fumiya Akai and Yasunobu Furukawa as independent officers in accordance withthe rules of the Tokyo Stock Exchange and report the appointments to the Tokyo Stock Exchange.
10. Persons marked with * are new candidates for Directors.

8

Item 4: Election of one (1) Audit & Supervisory Board Member
The term of office of Audit & Supervisory Board Member Kyoichiro Uenishi expires at theconclusion of this year’s Ordinary General Meeting of Shareholders. Accordingly, we hereby propose theelection of one (1) Audit & Supervisory Board Member.
With the agreement of the Audit & Supervisory Board, the following candidate is proposed.
Details of the candidate are as follows:
Name(Date of birth)

Kyoichiro Uenishi(Jan. 15, 1958)

Career summary(positions in the Company and significant concurrent
positions)Apr. 2009 President and COO, President Officer ofOriental Land Co., Ltd. (to the present)
Jun. 2009
Audit & Supervisory Board Member of theCompany (to the present)
Significant concurrent positions
President and COO, President Officer of Oriental
Land Co., Ltd.

Numbers of shares of
the Company ownedby the candidate0Note: The Company has a business partner relationship with Oriental Land Co., Ltd. The Company is also engaged
in transactions of the same business category as Oriental Land Co., Ltd. (selling/buying and leasing of landand buildings).

9

English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2014
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
Deferred tax assets
Other current assets
Allowance for doubtful accounts
Total current assets

26,904
18,137
10,647
2,209
985
1,926
1,779
26,829(56)
89,361

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:

260,760
18,281
142,639
31,82847,204
1,886
502,600
1,717
9,044
10,761
138,818750
12,6395,220(908)
156,521669,883
143

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

10759,388

English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2014
Million yen
LIABILITIES AND NET ASSETSLIABILITIES:Current liabilities:
Notes payable and trade accounts payable
Short-term borrowings
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

18,25262,15820,0003,475
2,667
47,5362,815
58
35,003
191,969

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
Negative goodwill
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
Remeasurements of defined benefit plans
Minority interests
Total net assets
Total liabilities and net assets
Note: The figures presented are rounded down to the nearest million yen.

11

55,000143,740
63,577
20,0702,023
479
30,873
127
10,047
325,939
517,908

233,057
36,80328,527
169,745(2,019)
3,105
3,221
(115)
5,317
241,480
759,388

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, 2014
Million yen
Operating revenues
Operating costs and expenses:
Transport operating expenses and cost of sales
Selling, general and administrative expenses
Operating income

244,995
185,466
35,284Non-operating revenues:
Interests and dividend income
Investment income of affiliates
Other non-operating revenues
Non-operating expenses:
Interests expenses
Other non-operating expenses

220,750
24,244502
16,051
1,886

18,439

5,151
552

5,704

Recurring income

36,980Non-recurring income:Construction costs allotted to and received from others
Gain on sales of fixed assets
Other non-recurring income
Non-recurring losses:
Advanced depreciation loss on fixed assets
Loss on closing of stores
Loss on disposal of fixed assets
Loss on disaster
Loss on asset impairment
Other non-recurring losses
Income before income taxes and minority interests
Income taxes:
Current
Deferred
Corporate and other taxes
Income before minority interests in net income of consolidated
subsidiaries
Minority interests in net income of consolidated subsidiaries
Net income
Note: The figures presented are rounded down to the nearest million yen.

12

1,321
543
463
1,757
788
693
319
223
66

2,327

3,849
35,458

5,422
1,186
6,609
28,8481,800
27,048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, 2014
(Million yen)
Capitalstock
Balance at the beginning of the current
periodChanges of items during the period
Dividends from surplus
Net income
Purchase of treasury stock
Disposal of treasury stock
Allotment of treasury stock by shareexchanges
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

Capitalsurplus36,80328,485

144,758

Treasurystock

Total owners’
equity(2,028)208,0190(0)0(2,060)27,048
(0)
0

41

8

50

8
(2,019)25,038233,057

Minority
interests

Total net
assets

3,838

214,708(2,060)27,04836,80341
28,52724,987
169,745

Accumulated other comprehensive income
Total
Valuationdifference on Remeasurements accumulatedof defined
otheravailable-forbenefit planscomprehensive
sale securities
income2,850
2,850

Balance at the beginning of the current period
Changes of items during the period
Dividends from surplus
Net income
Purchase of treasury stock
Disposal of treasury stock
Allotment of treasury stock by shareexchanges
Net changes of items other than owners’
equity370(115)
Total changes of items during the period
370
(115)
Balance at the end of the current period
3,221
(115)
Note: The figures presented are rounded down to the nearest million yen.

13

(2,060)27,048
(0)
0
50
255
255
3,105

1,478
1,478
5,317

1,734
26,772
241,480

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2014
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
Deferred tax assets
Other current assets
Allowance for doubtful accounts
Total current assets

8,735
4,318
3,105
2,117
2,049
10,838
1,452
1,220
597
18,727(9)53,152

Fixed 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
Total fixed assets

230,104
94,1204,841
47,141
95,62563,534
8,842
20,6711,099
1,477
471,832
143
143

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

14525,128

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2014
Million yen
LIABILITIES AND NET ASSETSLIABILITIES:Current liabilities:
Short-term borrowings
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

50,41320,0002,242
21,103
1,314
0
120
1,107
30,327
3,115
46,543
1,011
192
177,494

Fixed liabilities:
Bonds and debentures
Long-term borrowings
Lease obligations
Allowance for employees’ severance and retirement benefits
Asset retirement obligations
Other fixed liabilities
Total fixed liabilities
Total liabilities

55,000129,419
16,617
18,723529
3,994
224,285
401,779

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.

15

122,01336,80327,904
27,84558
58,002
3,038
54,964
8,095
46,868
(696)
1,335
1,335
123,349
525,128

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, 2014
Million yen
Railway:
Operating revenues
Operating expenses
Operating income
Real Estate Development and Others:
Operating revenues
Operating expenses
Operating income

59,981
52,628
7,353
16,691
12,288
4,402

Operating income from all operations

11,755Non-operating revenues:
Interests and dividend income
Other revenues
Non-operating expenses:
Interests expenses
Other expenses

3,808
1,116

4,925

3,932
641

4,573

Recurring income

12,108

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

16

783
25
844
714
583
300
0

808

2,442
10,473

1,086
385
1,472
9,001

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, 2014
Capital surplus

Balance at the beginningof the current period
Changes of items during
the period
Dividends from surplus
Net income
Purchase of treasury
stock
Disposal of treasury
stock
Allotment of treasury
stock by shareexchanges
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

27,845

6

27,852(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

39,92851,062(786) 114,931(2,060)9,001(2,060)9,001(2,060)
9,001
(0)

(0)

0

0

0

0

51

51

89

140

89

7,081

-

-

51

51

-

-

6,940

6,940

36,803

27,84558

27,904

3,038

8,095

46,86858,002

Valuation and translation
adjustments
Valuation
Total
difference on valuation
available-forandsaletranslation
securities
adjustments

Total net
assetsBalance at the beginningof the current period
1,447
1,447
116,379
Changes of items during
the period
Dividends from surplus(2,060)Net income
9,001
Purchase of treasury
stock
(0)
Disposal of treasury
stock
0
Allotment of treasury
stock by share
140
exchanges
Net changes of items
other than owners'
equity
(112)
(112)
(112)
Total changes of items
during the period
(112)
(112)
6,969
Balance at the end of thecurrent period
1,335
1,335
123,349
Note: The figures presented are rounded down to the nearest million yen.

17(696) 122,013