Securities Code: 9009

Keisei Electric Railway Co., Ltd.
June 5, 2019NOTICE OF THE 176th ORDINARY GENERAL MEETING OF SHAREHOLDERS
Dear Shareholder:
You are cordially invited to attend the 176th Ordinary General Meeting of Shareholders of Keisei Electric
Railway Co., Ltd. (the “Company”), which will be held on Thursday, June 27, 2019, 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 are unable to 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 26, 2019).
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 176th term,
extending from April 1, 2018 to March 31, 2019, 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 176th term, extending from
April 1, 2018 to March 31, 2019, will be reported at the meeting.
Approval of the appropriation of surplus for the 176th term (from April 1, 2018
to March 31, 2019)
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 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 submits a document proof of proxy authority.


Among the documents which should be provided with this convocation notice for the 176th
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 176th 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 176th 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: http://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., Thursday, June 27, 2019 (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., Wednesday, June 26, 2019
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., Wednesday, June 26, 20193

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 176th term (from April 1, 2018 to March 31,
2019)
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 amount9.50 yen per share, with total amount of 1,631,604,993 yen
As we paid 7.50 yen as the interim dividend, the total annual dividend for the term will be 17
yen per share.

3.

Effective dateJune 28, 20195

Item 2: Election of twelve (12) Directors
The terms of office of all the current sixteen (16) 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

Chairman of the Board of Directors

11/11

2

Reappointment

Toshiya Kobayashi

President

11/11

3

Reappointment

Masaya KatoManaging Director, in charge of internal audit,
management supervision and group strategy

11/11

4

Reappointment

Masahiro Muroya

Managing Director, General Manager, Railway
Headquarters

11/11

5

Reappointment

Takao Amano

Managing Director, in charge of general affairs
and personnel

11/11

6

Reappointment

Makoto Kawasumi

Director, General Manager, Accounting Dept.

11/11

7

Reappointment

Susumu Toshima

Director, in charge of real estate development
and others

11/11

8

Reappointment

Tsuguo Tanaka

Director, Deputy General Manager, Railway
Headquarters, and General Manager, Railway
Vehicle Dept., Railway Headquarters

9/9

9

Reappointment

Shokichi Kaneko

Director, General Manager, Internal Audit
Dept. and Management Supervision Dept.

9/9

10

Reappointment

Yasunobu Furukawa

Director

11/11

11

Reappointment

Shotaro Tochigi

Director

9/9

12

New
Appointment––

External
Independent
Officer
External
Independent
Officer
External

Yukihiro Ito

Independent
Officer

Note: Attendance at the Board of Directors meetings by Tsuguo Tanaka, Shokichi Kaneko and Shotaro Tochigi,
who are candidates for Director, counts only the Board of Directors meetings held after their assuming theoffice of Director on June 28, 2018.

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

Numbers of sharesof the Company
owned by thecandidate

1971
2004
2006
2008
2010
2011
2017

Joined the Company
Director
Managing Director
Norio Saigusa
SeniorManaging Director(Feb. 11, 1949)
Director and Vice President
77,600
Reappointment
President
Chairman 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
38,600Jun. 2015 Senior Managing Director
Reappointment
Jun. 2017 President (to the present)
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)Aug. 2008

3

4

5

Numbers of sharesof the Company
owned by thecandidate

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.
Masaya Kato
Jun.
2014
Directorof the Company(Aug. 6, 1960)
11,300Jun.
2015
Managing
Director in charge of internal
Reappointment
audit, management supervision and group
strategy (to the present)
Significant concurrent positions
Audit & Supervisory Board Member of Shin-Keisei
Electric Railway Co., Ltd.
President of K&R Hotel Development, Co., Ltd.
Reason for selecting him as a candidate for Director
He has many years of experience in working for financial institutions, and is currently in charge ofinternal audit, management supervision, and group strategy as Managing Director. Since we think that hewill contribute to development 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 selecthim as a candidate for Director.
Aug. 2013 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,
5,100
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, in charge of general(Sep. 21, 1965)
affairs and personnel (to the present)
Reappointment
11,500Significant concurrent positions
Chairman of the Board of Directors of Keisei
Construction, Inc.
President of Keisei Driving School, 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 general affairs and personnel 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.

8No. ofcandidate

Name(Date of birth)
Makoto Kawasumi(Mar. 8, 1967)
Reappointment

6

7

8

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

1989
2016

Joined the Company
Director and General Manager, Accounting
Dept. (to the present)

Numbers of sharesof the Company
owned by thecandidate
10,500Reason 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 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
Susumu ToshimaJun. 2016 Director(Jul. 13, 1967)
Jun. 2017 Director in charge of real estate
Reappointment
8,000
development and others (to the present)
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 and personnel since he joined the Company, and iscurrently in charge of real estate development and others 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.
Apr. 1989 Joined the Company
Jun. 2018 Director, Deputy General Manager,
Tsuguo Tanaka
Railway Headquarters, and General(Aug. 29, 1965)
Manager, Railway Vehicle Dept., Railway
Reappointment
7,800
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, General Manager, Internal Audit
Shokichi Kaneko
Dept. and Management Supervision Dept.
(Feb. 17, 1967)
6,600(to the present)
Reappointment

9

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 and management supervision as 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.

9No. ofcandidate

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

10

11

12

Independent
Officer

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

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)

Numbers of sharesof the Company
owned by thecandidate0

Reason for selecting him as a candidate for external Director
He has experience and discerning judgment as a certified public accountant, is involved 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 of external Director
appropriately going forward, and therefore continue to propose him as a candidate for external 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)
Jun. 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,
New Appointment0
NIPPON STEEL NISSHIN Co., Ltd.
External
Oct. 2012
Audit & Supervisory Board Member,
NIPPON STEEL NISSHIN Holdings Co.,
Independent
OfficerLtd. (currently, NIPPON STEEL NISSHIN
CO., LTD.) (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, and has been engaged incorporate management from many standpoints. We think that he will be capable of fulfilling the duties ofexternal Director appropriately going forward based on his abundant experience and track records, andtherefore propose him as a candidate for external Director.

Notes:
1. The Company is engaged in transactions with K&R Hotel Development, Co., Ltd. such as leasing of buildings.
2. The Company is engaged in transactions with Hokuso-Railway Co., Ltd. such as the use of railway tracks. In
addition, the former is engaged in transactions of the same business category as the latter (general railway
transport).

10

3. The Company is engaged in transactions with Keisei Construction, Inc. such as making orders of construction
work. In addition, the former is engaged in transactions of the same business category as the latter(selling/buying and leasing of land and buildings).
4. Yasunobu Furukawa, Shotaro Tochigi and Yukihiro Ito are candidates for external Directors.
5. The term of office of Yasunobu Furukawa as an external Director of the Company will be five (5) years at theconclusion of this Ordinary General Meeting of Shareholders.
6. The term of office of Shotaro Tochigi as an external Director of the Company will be one (1) year at theconclusion of this Ordinary General Meeting of Shareholders.
7. The Company has, pursuant to the provisions in Article 427, paragraph 1 of the Companies Act, entered into anagreement with Yasunobu Furukawa and Shotaro Tochigi 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 1of the Companies Act. If the election of Yukihiro Ito is approved, the Company will also enter into anagreement of the same contents with him.
8. The Company has appointed Yasunobu Furukawa and Shotaro Tochigi as independent officers in accordancewith the rules of the Tokyo Stock Exchange and reported the appointment to the Tokyo Stock Exchange. Also,
if the election of Yukihiro Ito is approved, the Company intends to appoint him as an independent officer inaccordance with the 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 term of office of Audit & Supervisory Board Member Hiroyuki Hoshi expires at theconclusion of this year’s Ordinary General Meeting of Shareholders, and Audit & Supervisory Board
Member Takashi Muraoka resigns 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)

Kenji Sato
(Jun. 8, 1959)
New Appointment

12

Career summary(positions in the Company and significant concurrent
positions)Apr. 1982
Jun. 2011
May 2014

Joined the Company
Director
President of Keisei Store Co., Ltd. (to thepresent)

Numbers ofshares of theCompany ownedby the candidate

14,500Reason for selecting him as a candidate for Audit & Supervisory Board Member
He has served important positions including Director of the Company for many years, and is currently incharge of management of a group company. We believe that he can provide us with useful advice for the
Board of Directors from an objective and neutral standpoint and audit the legality of our businessexecution based on his abundant experience in and extensive insights into the overall matters of theCompany, accounting and internal audit, and therefore propose him as a candidate for Audit &Supervisory Board Member.
Jun. 2010
Managing Executive Officer ofDevelopment Bank of Japan Inc.
Jun. 2011
Audit & Supervisory Board Member ofTakeshi Kobayashi
Development Bank of Japan Inc.
(Apr. 11, 1955)
Jun.
2014
Managing
Executive Officer, Director of
New Appointment
JAPAN NUCLEAR FUEL LIMITED
External
Jun. 2016
Managing Executive Officer of JAPANNUCLEAR FUEL LIMITED
Independent0
OfficerJun. 2018
Advisor of Research Institute of Capital
Formation, Development Bank of Japan (tothe present)
Significant concurrent positions
Audit & Supervisory Board Member of Mitsubishi
Paper Mills Limited
Audit & Supervisory Board Member of Takagi Seiko
Corporation
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. Kenji Sato will retire his position as President of Keisei Store Co., Ltd. as of May 23, 2019.
2. Audit & Supervisory Board Member candidate Kenji Sato is to be elected as a substitute for Audit &Supervisory Board Member Takashi Muraoka, and the term of office of Kenji Sato is to expire, as prescribed in
the Articles of Incorporation of the Company, upon expiry of the term of office of said retiring Audit &Supervisory Board Member.
3. Takeshi Kobayashi is a candidate for external Audit & Supervisory Board Member.
4. Takeshi Kobayashi retired from his position as Audit & Supervisory Board Member of Development Bank ofJapan Inc., a specified associated service provider (major lender) of the Company, as of June 24, 2014.

12

5. If the election of Takeshi Kobayashi is approved, the Company will, pursuant to the provisions in Article 427,
paragraph 1 of the Companies Act, enter into an agreement with him to limit his liability for damages set forthin Article 423, paragraph 1 of the Companies Act to the minimum liability amount stipulated in Article 425,
paragraph 1 of the Companies Act.
6. The Company intends to appoint Takeshi Kobayashi as an independent officer in accordance with the rules of
the Tokyo Stock Exchange and report the appointment to the Tokyo Stock Exchange.

13

English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2019
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

25,214
22,325
7,564
2,135
647
2,751
11,822(33)
72,428Fixed 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:

279,404
21,786
164,018
33,072
31,1452,657
532,084
1,368
9,434
10,802
219,354579
13,7633,871(131)
237,437
780,324
272

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

14853,025

English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2019
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

20,86463,47410,0005,043
5,548
20,7273,038
37
35,157
163,891

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
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.

15

60,000108,289
49,47021,956
1,538
318
33,218
11,440286,233
450,124
386,144
36,80328,548322,842(2,050)3,319
4,730(1,410)13,436
402,901
853,025

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, 2019
Million yen
Operating revenues
Operating costs and expenses:
Transport operating expenses and cost of sales
Selling, general and administrative expenses
Operating income

261,553
193,314
36,630Non-operating revenues:
Interests and dividend income
Investment income of affiliates
Other non-operating revenues
Non-operating expenses:
Interests expenses
Other non-operating expenses

229,944
31,608428
20,211
1,556

22,196

2,492
592

3,084

Recurring income

50,720Non-recurring income:Construction costs allotted to and received from others
Gain on sale of investment securities
Other non-recurring income
Non-recurring losses:
Advanced depreciation loss on fixed assets
Loss on disposal of fixed assets
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.

16

1,147
418
48
1,078
392
299

1,614

1,770
50,563

10,180(65)
10,11540,448
1,805
38,642

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, 2019
(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
Purchase of treasury stock
Change in ownership interest of parent
due to transactions with non-controllinginterests
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

Capitalsurplus36,80328,538286,704

Treasurystock(2,049)349,997(0)(2,662)
38,642157(0)(2,662)
38,642157

936,803928,548

Total owners’
equity936,137
322,842(0)(2,050)36,147386,144

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities

Total
Deferred gains Remeasurements
accumulated Non-controllingor losses onof defined benefit
otherinterests
hedgesplans
comprehensive
incomeBalance at the beginning of
the current period
4,488
(69)
138
Changes of items during
the period
Dividends from surplus
Profit attributable toowners of parent
Change of scope of
consolidation
Purchase of treasury stock
Change in ownershipinterest of parent due totransactions with
non-controlling interests
Net changes of items otherthan owners’ equity
242
69(1,549)Total changes of items
during the period
242
69(1,549)Balance at the end of thecurrent period
4,730(1,410)Note: The figures presented are rounded down to the nearest million yen.

17

4,556

11,869Total net
assets366,423(2,662)
38,642157(0)

9(1,236)

1,567

331

(1,236)

1,567

36,4783,319

13,436

402,901

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2019
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
Total current assets

4,504
4,962
3,443
2,104
1,110
7,559
2,069
1,114
2,354
29,223Fixed 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

237,559
130,930
4,022
30,510106,724
64,793
12,14820,246
8,280
1,255
509,747
272
272

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

18539,244

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2019
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
Income taxes payable
Connecting fares received
Deposits received
Prepaid fares received
Advance received
Allowance for employees’ bonuses
Other current liabilities
Total current liabilities

53,68810,0003,312
21,909
960
3,129
749
38,266
2,449
19,412998
32
154,909

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

60,00096,892
16,38019,141
1,403
6,654
200,472
355,381NET 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.

19

182,11436,80327,904
27,845
58
118,201
3,038
115,163
8,095
107,067
(794)
1,747
1,747
183,862539,244

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, 2019
Million yen
Railway:
Operating revenues
Operating expenses
Operating income
Real Estate Development and Others:
Operating revenues
Operating expenses
Operating income

69,41955,983
13,436
15,954
9,706
6,248

Operating income from all operations

19,685Non-operating revenues:
Interests and dividend income
Other revenues
Non-operating expenses:
Interests expenses
Other expenses

5,809
1,181

6,991

1,967
588

2,556

Recurring income

24,120Non-recurring income:Construction costs allotted to and received from others
Gain on sale of investment securities
Other non-recurring income
Non-recurring losses:
Advanced depreciation loss on fixed assets
Loss on disposal of 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.

20

814
417
6
805
252
111

1,238

1,170
24,188

6,195
62
6,258
17,929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, 2019
Capital surplus

Balance at the beginningof the current period
Cumulative effects ofchanges in accounting
policies
Restated balance at the
beginning of the current
periodChanges 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

27,90436,803

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

3,038

8,095

8,095

-

-

-

-

-

-

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
1,469
1,469
161,787
Cumulative effects ofchanges in accounting
6,529
policies
Restated balance at the
beginning of the current
1,469
1,469
168,316
periodChanges of items during
the period
Dividends from surplus(2,662)
Profit17,929Purchase of treasury
stock
(0)
Net changes of items
other than owners’
equity278
278
278
Total changes of items
during the period
278
278
15,545
Balance at the end of thecurrent period
1,747
1,747
183,862
Note: The figures presented are rounded down to the nearest million yen.

21

85,27096,403(794) 160,317

6,529

6,529

6,529

91,799102,933(794) 166,847(2,662)
17,929(2,662)
17,929(2,662)
17,92915,267

15,267

107,067 118,201

(0)

(0)

(0)

15,267(794) 182,114