Our Business

Operating wide-ranging businesses
centred in the Kansai area

Fiscal 2013
Core Business
Operating Results

Urban
Transportation

Real Estate

In the Urban Transportation Business, railways account for most revenues and earnings, and the same is true of leasing
operations in the Real Estate Business. This ensures the generation of stable cash flow in both businesses. The Group’s
railway operations connect the central cities of the Kansai economic zone—Osaka, Kobe, and Kyoto—and they display
high transportation efficiency. The most distinctive feature of our real estate leasing operations is the large number ofproperties we own in prime locations near our railway terminuses, principally in Umeda (Osaka) area.

Forming a mega network in the Kansai area

Develop and manage high-quality housing,that provides various urban transportationcommercial facilities and offices in the areas

services linking Group railways, buses and taxis

served by our lines

Business
Summary

The Urban Transportation and Real EstateBusinesses are generating stable cash flows

Revenues from Operations

Operating Income
Approx.
Approx.

Above Above

80%80%

50%50%

Entertainment andCommunications
Expand businesses of high brand value suchas Hanshin Tigers professional baseball team,Hanshin Koshien Stadium and Takarazuka Revue

682.4

¥

Travelbillionthrough our mainstay Trapics brandInternational
Transportation
mainly through Hankyu Hanshin Express■ Urban Transportation■ Real Estate■ Entertainment and Communications■ Travel and

26.8%
27.2%
15.0%

Hotels

38.2%
40.7%
13.8%

9.8%

4.9%

■ Hotels■ Retailing■ Other

8.9%
7.4%
5.0%

0.6%
1.5%
0.3%

*Figures for % of revenues from operations are calculated based on the simple aggregate amount (including intersegment transactions) of each segment.

Operate Japan’s major hotel groups under

Operating Income by Core Businessthe Hankyu-Hanshin-Daiichi Hotel Group, andmanage The Ritz-Carlton, Osaka(¥ billion)
100

80

3.4
10.7

11.1

60

< Revising Core Business Structure >Certain core businesses have changed from fiscal 2014 onward. The business segments listed above are the
new classifications.

billionOffer a wide range of travel agency services

International Transportation

Offer high-quality global logistics services

87.9

¥

33.7

30.9

32.3

31.0

40

■ Urban Transportation■ Real Estate■ Entertainment andCommunications■ Other

20

0
2009

2010

-1.0

4.2
10.1

3.0
10.0

37.0

29.1

24.0

32.3

29.4
2011

6.4
12.6

2012

34.7
2013

(FY)

Arashiyama

Kyoto Pref.

Our Strength
The Potentialof the Kansai
KansaiArea

Kawaramachi
Katsura

The Group’s railway network, which begins in Umeda (Osaka), links Kobe, Kyoto and othercommunities constituting the economic hubs of the Kansai area and their suburbs. Areas
served by our stations have relatively high population density in the Kansai area.

Our Railway
Network

Kyoto

Hankyu Arashiyama Line

N

Hyogo

Tokyo

Kyoto

“Nishiyama-tennozan Station”

Shiga

Myokenguchi

Kyoto City

(Scheduled to open on 21st December 2013)

Nissei-chuo

Kobe City Osaka

Hankyu Kyoto Line

Osaka City

Nosé Electric
Railway Line

Nara

Kansai

Hyogo
Wakayama

Tokyo

Kyoto

Osaka Pref.

Hyogo Pref.

Shiga

Hankyu Mino-o Line

Kyoto City

Kobe City Osaka
Osaka City

Kita-senri

About

Hankyu Koyo
Line

ShukugawaImazu

Mukogawa

Kobe Rapid Transit Railway Line

Shinkaichi
NishidaiMotomachi

Improvement works at
Hanshin Sannomiya Statione*Sannomiya Station changed its name to
Kobe Sannomiya Station in December 2013.

n
se
an

Nara Pref.

Tenjimbashisujirokuchome

Umeda

Rebuilding of Umeda Hankyu Building(Grand opening held in November 2012)

GRAND FRONT OSAKA (Opened in April 2013)
Umeda 1-1 Project

Hanshin Namba Line

Osaka-Namba

Kintetsu Nara LineTop ranked area in survey ofpreferred residential areas

To Kintetsu-Nara

Osaka Bay

(16th in the world)($ billion)

Sources: IMF/World Economic and Financial
Surveys 2010
Cabinet Office, Government of Japan,“Prefectural Accounts FY2010”

16,00014,499

6,000

Juso

Hanshin Mukogawa Line

in
ay L
Railw

* Gross Regional
Product

Shin-Osaka Hankyu Building

Mukogawadanchi-mae

Minatogawa% of Japan

Daimotsu

Amagasaki

Hanshin Main Line

Sannomiya*

Overall, Kansaiparji is ontric
To Hime
Elec
o
y
n
Sa
with the Netherlands

Awaji
Shin-Osaka(Construction completed in July 2012)(Completed in March 2013)

GRP*:

Esaka

Subway Sakaisuji Line

16

About

Hankyu Takarazuka Line

Imazu

Shin-Kobe

Population:

Itami

Tsukaguchi
Nishinomiya-kitaguchi

Hankyu Kobe Line% of Japan

Kita-Osaka Kyuko
Railway Line

Hankyu Itami Line

KoyoenHokushin Kyuko
Railway Line

Ishibashi Senrichuo

nkHankyu Imazu Line

Hanshin Electric Railway Network 48.9km
Hanshin Line 43.9km (Hanshin Main Line, Hanshin Namba Line, Mukogawa Line)
Kobe Rapid Transit Railway Line 5.0km

7

Osaka
International
AirportTakarazuka

Tanigami

Area:

Hankyu Senri LineShi

The Kansai area, the main baseof our operations, accounts forapproximately 16% of Japan’sGDP, making it the second-largest
economic area in Japan.

Mino-oKawanishi-noseguchi

Hankyu Railway Network
143.6km
Nara
Kobe Line 46.9km (Kobe Line, Imazu Line, Itami Line, Koyo Line)
Takarazuka
Line 28.5km (Takarazuka Line, Mino-o Line)
Wakayama
Kyoto Line 65.4km (Kyoto Line, Senri Line, Arashiyama Line)
Kobe Rapid Transit Railway Line 2.8km

5,930

5,495

4,000

3,312

2,000
1,034 1,015 877 781
731 710

0

Tenga
chaya
Source: Survey by Sumitomo Realty& Development
and six other major real estate firms (27th September 2012)

Strength

Ability to create value

1 in areas served by our stations

Indonesia (18th)

Turkey (17th)

Netherlands (16th)

Kansai Area

Korea (15th)

Mexico (14th)

Germany (4th)Japan (3rd)

China (2nd)

United States (1st )The Group creates new demand in the areas served by our lines by focusing on developing high-classhousing and commercial facilities right from the start. In addition, we establish and develop local
cultural institutions by building amusement facilities as well as attracting schools and colleges tothese areas. Through these activities, we are working with local people to develop local communities.
The Group has earned an excellent reputation thanks to our long-term efforts to enhance the valueof the communities served by our lines, and the areas along the Group’s railway lines now enjoy
higher popularity levels than other parts of the Kansai area. As seen from the above activities, creating
value in areas served by Group stations is one of the Group’s strengths.

Survey of Preferred Residential Areas (Kansai Area)
Rank

Place

AshiyaAreas along
Hankyu andHanshin lines
topped the rankings overall(exception:16thranked Tennoji)

Location

Ashiya, Hyogo

Rank

Place

Location

MikageKobe, Hyogo (Higashi-nada-ku)

Nishinomiya Nishinomiya, Hyogo

Downtown Osaka Osaka

Shukugawa Nishinomiya, Hyogo

Downtown Kobe Kobe

Kobe

Kobe, Hyogo (Chuo-ku)

Takatsuki

Takatsuki, OsakaOkamoto

Kobe, Hyogo (Higashi-nada-ku)

Namba

Osaka (Chuo-ku)

Umeda

Osaka (Kita-ku)

Tennoji

Osaka (Tennoji-ku)

Kyoto

Kyoto

Ibaraki

Ibaraki, Osaka

Senri-chuo Toyonaka, Osaka

Takarazuka Takarazuka, Hyogo

Sannomiya Kobe, Hyogo (Chuo-ku)

Toyonaka

Toyonaka, Osaka

Minoh

Minoh, Osaka

Osaka

Osaka (Kita-ku)

Strength

Strength

Leveraging our strong presence

Ownership of original content

2 in Umeda, Kansai’s economic centre

3 with strong brand value

The Umeda area of Osaka, the Group’s most important base, is one of the most famous shopping and entertainment districtsof Japan, served by the Umeda stations of the Hankyu and Hanshin lines and the Osaka Municipal Subway as well as JR Osaka
Station. It is Kansai’s economic centre. In the Umeda area, the Group operates railway terminuses serving both the Hankyu andHanshin networks, and also runs key commercial facility, office building, hotel, theatre and other businesses.

The Group delivers inspiration and dreams through the Hanshin Tigers professional baseball team/Hanshin Koshien Stadium
and the Takarazuka Revue, both of which are unique assets that are popular and enthusiastically supported not only in
Kansai but throughout Japan. These two powerful attractions are assets that none of our rivals have. They help increase
passenger numbers in the areas served by our stations when there is a show or a game on. They also contribute greatly toincreased brand recognition for the Group.

Aerial Photo of the Umeda Area

Hanshin Tigers/
Hanshin Koshien Stadium

The Group owns and manages commercial facilities, multipurpose buildings and numerous other properties concentrated in the Group’s terminal (consisting of Hankyu Umeda and Hanshin Umeda stations) located in the Umeda area,
western Japan’s largest shopping and entertainment area.

20
14
15
1
18

2

17

5

19 Hankyu Umeda Sta.
6

JR OSAKA Sta.
Hanshin Umeda Sta.

©Hanshin Tigers

16
12

13

7
8

9

3

11
10

4

Takarazuka Revue

Umeda 1-1 Project

1 HERBIS OSAKA

8 HEP NAVIO

15 Hankyu Corporation Head Office

2 HERBIS ENT

9 HEP FIVE

16 Kitano Hankyu Bldg.

3 Dai Hanshin Bldg./Hanshin Umeda Sta.

10 Higashi Hankyu Bldg.

17 Kita Hankyu Bldg.

4 Shin Hankyu Bldg.

11 Umeda Centre Bldg.

18 Nishi Hankyu Bldg.

5 Umeda Hankyu Bldg.

12 NU chayamachi

19 Hotel new Hankyu

6 Hankyu Grand Bldg.

13 NU chayamachi Plus

20 GRAND FRONT OSAKA

7 Hankyu Umeda Sta./Hankyu Sanban Gai Shopping Centre/Hankyu Terminal Bldg.

14 Applause Tower©Takarazuka Revue Company■ Owned solely by the Group ■ Joint ownership ■ Owned by Hankyu REIT Inc.

*HEP FIVE is jointly owned with Hankyu REIT Inc.

Business Portfolio

Focusing on its Railway Business, the Group is working to enhance the value of the areas
served by its stations by expanding organic links primarily between the Real Estate Businessand the Entertainment and Communications Business. In addition, we will realise a stableand balanced business portfolio by building on the unique strengths of each business.
Looking ahead, the comprehensive strength of the entire Group will be redoubled

Developing a Balanced Business Portfolio
Capable of Sustainable Growthin such areas as bolstering competitiveness in each core business, aiming to be a No.1 andonly one company, and generating Groupwide synergies that transcend barriers between
businesses.

Urban Transportation

Real EstateCore Companies:
Hankyu Corporation, Hanshin Electric Railway

Core Companies:
Hankyu Corporation, Hanshin Electric Railway

Total length oflines operated

Hankyu Railway
Hanshin Electric Railway

Annual numberof passengers
carried(FY2013)143.6 km48.9 km

615 million
Hanshin Electric Railway 221 million
Hankyu Railway

Leasablearea*1

Approx.

1.7 million m

2(Of this total, approximately 800,000m areconcentrated in the Umeda area)2

Number of
condominiums
sold *2
for FY2013

1,548*1 As of the end of March 2013
*2 Number of deliveries

Entertainment andCommunications

TravelCore Company: Hankyu Travel InternationalCore Companies: Hankyu Corporation, Hanshin Electric Railway

Total
attendances(FY2013*)

Total travel
billings(FY2013)

Approx.

Hanshin Tigers(Home games)

2.7 million

Takarazuka Revue(Including nationwide
stage productions)

Approx.

2.5 million

387.5 billion¥

Total travel billings: No.2 in the industry
Overseas travel billings: No.3 in the industry©Hanshin Tigers*Total attendance at Hanshin Tigers home games during the 2012 season

International
Transportation

HotelsCore Company: Hankyu Hanshin Hotels

Core Company: Hankyu Hanshin Express

Sales*(FY2013)74.2 billion¥

Japan outbound export handling volume:
4th in the industry
Japan inbound import handling volume:
4th in the industry*Includes the equivalent amount of initial export freight charges

Group hotels*

Number ofrooms*

50
10,445* As of 1st April 2013

Core Business Highlights
Revenues from Operations 

Urban Transportation% of Revenues from Operations

Revenues fromOperations¥193.6 billion(¥ billion)

191.5 191.9 192.9 192.7 193.6(YoY +0.5%)

26.8%
Real Estate% of Revenues from Operations

Operating
Income Margin

17.9%

Segment
Assets¥741.2 billion

Revenues fromOperations(YoY +0.3%)

2009¥196.7 billion

170.2 168.5(YoY +11.7%)

27.2%
Entertainment and Communications% of Revenues from Operations

Operating
Income Margin

18.8%

Segment
Assets¥1,016.2 billion

Revenues fromOperations

Travel and International Transportation

15.0%% of Revenues from Operations

Hotels% of Revenues from Operations

Segment
Assets¥143.9 billion

Retailing% of Revenues from Operations

2010¥70.8 billion

65.8

62.9

6.3%

Segment
Assets¥112.1 billion¥64.7 billion

66.4

Segment
Assets¥87.2 billion¥53.3 billion

67.5

7.4%

2.6%

Segment
Assets¥17.5 billion(YoY -2.2%)

2011

2012

2013 (FY)

2011

2012

2013 (FY)

67.7

67.6

70.8

2010

10.7

11.1

2009

2010

2013 (FY)

37.0

30.9

2009

2012

2011

29.1

2012

10.0

10.1

2011

2012

12.6

3.2

2010

61.0

2011

2012

2013 (FY)

65.2

64.1

64.7

2009

2010

2011

2012

2010

62.9

2011

2012

2013 (FY)

2009

2010

2011

-0.3

1.4
54.0

53.9

2012

1.3

1.4

53.3
0.4

2010

2011

2012

Notes: 1. Figures for % of revenues from operations are calculated based on the simple aggregate amount (including intersegment transactions) of each segment (fiscal 2013 results).
2. Revenues from operations in other businesses accounted for 5.0%.

2013 (FY)

2009

2010

2011

2012

The Real Estate segment derives its core revenue from leasing and management of commercial facilities and office buildings and its condominium business. Its attractive business portfolio includes rental
properties located mainly in the Umeda area and along the Group’s rail lines, such as Umeda Hankyu
Building, Hankyu Sanban Gai shopping centre, HERBIS OSAKA, HERBIS ENT, GRAND FRONT OSAKA,
Hankyu Nishinomiya Gardens and the highly regarded Geo condominium brand in the Kyoto-OsakaKobe area and Tokyo metropolitan area.

This segment offers a wide variety of live entertainment, centred on the sports business — thenationally popular and famous Hanshin Tigers professional baseball team and their home ground andhigh-school baseball mecca, Hanshin Koshien Stadium — and the stage revue business, based on thehugely popular Takarazuka Revue, which will celebrate its 100th anniversary in 2014. In addition, thissegment runs wide range business such as cable television business and the information technology
services.

Our Travel and International Transportation Business originally started as an International Air Transport
Association (IATA) agency business in 1948, when we signed Japan’s first agency contract. In the travelbusiness, centred on Hankyu Travel International, we offer an original product range featuring thecomprehensive and varied Trapics core brand of travel packages as well as business travel services.
In the international transportation business, Hankyu Hanshin Express International uses a range ofadvanced information and communication technologies and global networks to provide high-quality
logistics services efficiently combining a wide variety of transportation modes.

The Hankyu-Hanshin-Daiichi Hotel Group operates 50 hotels, consisting of 17 that are directly managed and 33 belonging to chains operated by franchises. It is one of Japan’s leading hotel chains with
10,445 guest rooms (as of 1st April 2013). As a hotel operator with many directly managed hotels in
the Tokyo and Kansai areas, Japan’s two largest markets, it offers a wide range of hotel formats, fromgeneral-purpose “city hotels” to new style hotels (with very limited function facilities). In addition to
chain operations, it also manages The Ritz-Carlton, Osaka, a venerable international luxury brand withwhich it has formed an alliance.

2013 (FY)

0.7

2009

Total length of lines operated:
Hankyu Corporation: 143.6km Hanshin Electric Railway: 48.9km(Including tier 2 railway operator)

2013 (FY)

0.5

0.5

This segment comprises railway operations (with Hankyu Corporation operating the Kobe, Takarazuka
and Kyoto lines out of Umeda (Osaka) and Hanshin Electric Railway lines directly linking Kobe with
Osaka’s major northern and southern terminals, Umeda and Namba). Together, the Hankyu andHanshin network, combined with other lines, and bus, taxi and other urban transportation services,form a single large-scale network in the Kansai area, centred on the cities of Kyoto, Osaka and Kobe.

2013 (FY)

4.4
3.0

Nature of Business2013 (FY)

-1.7
2009

Operating
Income Margin

2011

-0.6

(YoY -1.0%)(YoY -1.1%)

33.7

2010

29.4

34.7

0.3
2009

0.8%

2009

31.0

32.3

1.5

(YoY +11.5%)

Operating
Income Margin

Revenues fromOperations

2010

2009

Operating
Income Margin

32.3(¥ billion)

24.0(YoY +2.3%)(YoY +0.9%)

8.9%

196.7

105.8 107.9 103.4 102.3 108.6

11.6%

Revenues fromOperations

176.1

2013 (FY)¥108.6 billion(YoY +4.8%)

9.8%

152.7

2012

2009

Operating
Income Margin

Revenues fromOperations

2011(YoY +0.7%)(YoY +6.2%)©Takarazuka Revue Company

2010

Operating Income2013 (FY)This segment group comprises “Ekinaka” retail outlets operated mainly within the premises of stations along
our lines, the Lagare shop station kiosk chain, the Book 1st. bookstore chain*, the asnas convenience store
chain, the COLOR FiELD cosmetics and accessories chain, the DOUBLEDAY furniture and daily accessories
chain and other sale-of-goods outlets. In addition to our retail outlets in areas served by the Hankyu andHanshin lines, we have also opened Book 1st. stores in the Tokyo area, and DOUBLEDAY outlets in the Tokyo
area and Fukuoka Prefecture. Drawing on our long experience in developing businesses in our home area,
we are building our competitive strength in markets beyond the Hankyu and Hanshin networks.
* Bookstore chain business was sold to an outside company on 1st April 2013.

Major Group Companies

Investor Information(As of 31st March 2013)

Hankyu Hanshin Holdings, Inc.

Consolidated Subsidiaries■ Urban Transportation■ Entertainment and Communications

Name of Company

Hankyu Corporation
Hanshin Electric Railway Co., Ltd.
Nosé Electric Railway Co., Ltd.
Kita-Osaka Kyuko Railway Co., Ltd.
Hokushin Kyuko Railway Co., Ltd.
Kobe Rapid Transit Railway Co., Ltd.
Hankyu Hanshin Railway Technology Co., Ltd.
Hankyu Hanshin Electric System
Hankyu Bus Co., Ltd.
Hanshin Bus Co., Ltd.
Hankyu Kanko Bus Co., Ltd.
Osaka Airport Transport Co., Ltd.
Hankyu Denen Bus Co., Ltd.
Hankyu Taxi Inc.
Hanshin Taxi Co., Ltd.
Hankyu Hanshin Motor Technology Co., Ltd.
Nippon Rent-A-Car Hankyu Inc.
Alna Sharyo Co., Ltd.

Railway Operations

Automobile

Other

Name of Company

SportsStage

Communication andMedia

Leisure, etc.

Name of Company

Real Estate Leasing

Real Estate Sales

Other

Hankyu Corporation
Hanshin Electric Railway Co., Ltd.
Hankyu Realty Co., Ltd.
Osaka Diamond Chikagai Co., Ltd.
Hanshin Real Estate Co., Ltd.
Hankyu Corporation
Hanshin Electric Railway Co., Ltd.
Hankyu Realty Co., Ltd.
Hankyu Hanshin Building Management Co., Ltd.
Hankyu Hanshin High Security Service Co., Ltd.
Hankyu Hanshin Techno Service Co., Ltd.
Hankyu Hanshin Clean Service Co., Ltd.
Hankyu REIT Asset Management, Inc.

Hanshin Electric Railway Co., Ltd.
Hanshin Tigers Baseball Club, Ltd.
Wellness Hanshin Inc.
Hankyu Corporation
Takarazuka Creative Arts Co., Ltd.
Takarazuka Stage Co., Ltd.
Umeda Arts Theater Co., Ltd.
Hankyu Advertising Agency Inc.
Hanshin Contents Link Corporation
Itec Hankyu Hanshin Co., Ltd.
Hankyu Communications Co., Ltd.
Bay Communications Inc.
Himeji Cable Television Co., Ltd.
Hanshin Electric Railway Co., Ltd.

Head Office:1-16-1, Shibata, Kita-ku, Osaka 530-0012, Japan
Phone: +81-6-6373-5001(Group Planning Div., IR Office)Fax:+81-6-6373-5042

Name of Company

Hankyu Travel International Co., Ltd.
Hankyu Hanshin Business Travel Co., Ltd.
Hankyu Travel Support Co., Ltd.

International
Transportation

Hankyu Hanshin Express Co., Ltd.

Other

Hankyu Hanshin Express Holdings Corporation** Hankyu Hanshin Express Holdings Corporation was dissolved following a merger with
Hankyu Hanshin Express Co., Ltd. on 1st April 2013.

Principal Shareholders:Name of Company

Hankyu Hanshin Hotels Co., Ltd.
Hanshin Hotel Systems Co., Ltd.
Amanohashidate Hotel Co., Ltd.
Arima View Hotel Co., Ltd.
Hankyu Hanshin Restaurants Co., Ltd.

■ RetailingNumber of shares Percentage(thousands)
(%)

Name

H2O Retailing Corporation

55,40437,18334,144
26,91020,418

4.35
2.92
2.68
2.11
1.60

Japan Trustee Services Bank, Ltd.
(The Sumitomo Trust & Banking Co., Ltd. Retirement Benefit Trust Account)

13,665

1.07

The Chase Manhattan Bank, N.A. London S.L. Omnibus Account12,223
12,138
11,567
11,190

0.96
0.95
0.90
0.88

Japan Trustee Services Bank, Ltd. (Trust account)
The Master Trust Bank of Japan, Ltd. (Trust account)
Nippon Life Insurance Company
Sumitomo Mitsui Banking Corporation

Japan Trustee Services Bank, Ltd. (Trust account 1)
The Bank of Tokyo-Mitsubishi UFJ, Ltd.

National government andlocal public organisations

Individuals
and others

0.00%

50.33%

Financial
institutions

25.70%
Securities
companies

0.81%
Other
corporations

9.60%
Foreign corporations
and individuals

13.57%

Stock Price Range and Trading Volume (Tokyo Stock Exchange):
Stock Price (¥)

Name of Company

Retailing

Ownership Breakdown:

SSBT OD05 OMNIBUS ACCOUNT-TREATY CLIENTS■ Hotels

Hotel Management

Paid-in Capital:¥99,474 million
Fiscal Year-End:
31st March
Number of Employees: 20,751 (consolidated basis)
Authorised Shares:
3,200,000,000
Issued Shares:
1,271,406,928
Number of Shareholders: 92,791
Unit of Trading:
1,000 shares
Stock Exchange Listing: Tokyo, Osaka
Transfer Agent:	Mitsubishi UFJ Trust and Banking
Corporation

Tokyo Office (Personnel and General Affairs Div.):
Toho Twin Tower Bldg.,
1-5-2, Yurakucho, Chiyoda-ku, Tokyo 100-0006, Japan
Phone: +81-3-3503-1568
Fax:+81-3-3508-0249■ Travel and International Transportation
Travel Agency■ Real Estate(As of 31st March 2013)

Nikkei Average (¥)

650

Hankyu Corporation
Hankyu Retails Corporation
Iina Dining Co., Ltd.

Nikkei Average (right scale)500

15,00010,000■ OtherName of Company

Construction
Group FinanceOutsourcing Services
for Personnel andAccounting Services

Hanshin Construction Co., Ltd.
Chuo-Densetsu Co., Ltd.
Hankyu Hanshin Financial Support Co., Ltd.
Hankyu Hanshin Business Associate Co., Ltd.

350

5,000

Stock Price (left scale)200
200,0000

100,000
Equity-method Affiliates
Main Business

Department Store

Name of Company

H2O Retailing Corporation[Securities code: 8242]
Nishi-Osaka Railway Co., Ltd.

Railway Operations
Motion Picture Business
Commercial Broadcasting

Kobe Electric Railway Co., Ltd.
[Securities code: 9046]

Trading Volume 0(thousand shares)

4

5

6

7

8

9 10 11 12

1

2

3

4

5

6

7

8

9 10 11 12

1

2

3

4

5

6

7

8

9 10 11 12

FY2011FY2012FY2013

High

452

385

588

Low

316

290

349

At year-end

384

361

569

Tokyo Rakutenchi Co., Ltd. [Securities code: 8842]
Toho Co., Ltd. [Securities code: 9602]
Kansai Telecasting Corporation

39627

8828.26

443

28

449

1

12

2

3