Hankyu Hanshin Holdings Group
Results Briefing Materials for
Financial Results for the First Halfof Fiscal 2024 (Ended March 2024)
Reference Data

(1) Long-Term Vision,
Medium-Term Management Plan･･･

2

(Reproduced from Results Briefing Materials for
Financial Results for Fiscal 2023 (Ended March
2023) released in May 2023*)* With some information updated(2) Progress in Each Project･･･ 14(3) Sustainable Management･･･ 32(4) Other･･･ 38* See our integrated report for more on our sustainability initiatives:
https://www.hankyu-hanshin.co.jp/ir/library/integratedreports/*English version will be released around December.

1(1) Long-Term Vision,
Medium-Term Management Plan
(Reproduced from Results Briefing Materials for
Financial Results for Fiscal 2023 (Ended March
2023) released in May 2023*)* With some information updated(2) Progress in Each Project(3) Sustainable Management(4) Other2

Long-Term Vision : Toward 2040
Under our long-term vision, our group will work as one to transform
into the organization we aspire to be
Enhancing Line-side areas and expanding fields

The slogan for the Long-Term Vision:

among the Kansai networks

Strategy Make our content as
2compelling as possible

Expand thecoverage of
our line-sidebusiness modelInspiringexperiences

Strategy Increase market share by providing high4
value-added services

High-quality
business support

Hankyu Hanshin DX ProjectContribute to SDGs, 2050 carbon neutrality goal

Contribute to asustainable
society and to bea corporate groupthat grows
alongside thecommunity

We sustainably enhance
corporate value

Safe, comfortableurban life3

Better customer
satisfaction

Make our line-side communities Strategy

Strategy
the absolute best
１

Maintain financial health ／ Keep capital costs in mind

KPIs for FY2031
FinancialBusiness profit*
Interest-bearing
debt / EBITDA ratio
ROE¥130.0 billion (plus something
extra)
5 to 6
7% range over med-long term

Non-financial
Rate of CO2 emissions cuts
from FY2014 level:
Culpable incidents in ourrailway business:
Employee satisfaction:% of women in management
positions:% of women among newhires:-46%
Zero

Extra: Accumulated gains
from DX Project and otherinitiatives

2035–2040: Large project tostart driving further growthProfit mainly fromexisting businesses¥ 130.0 bn¥ 130.0 bn¥ 118.0 bn

Always better than in previous
survey（FY2026 goal)around 10%
Always more than 30%

FY2026

FY2031* Business profit = Operating profit + Equity-method gains/losses related to overseas business investments (in Real estate)

AROUNDAROUND

2035

2040

3

Growth Opportunity Coming to Kansai
Seeds of growth are being sown in Kansai, creating a huge growth opportunity
Redevelopment of Shin-Osaka Station vicinity

National Strategic Special Zone:
A zone for piloting super-city initiatives

Initiatives are underway to pilot innovative services in
Umekita Phase II and Yumeshima.

Designated a hub for emergency urban regeneration, the area is
set to be redeveloped as a node linking Japan’s main transport
artery with the north-south route to Kansai International Airport.

New rail links
Osaka as a global financial city

Plan is to make Osaka a global financial hub that
attracts funds from Asia and beyond.

Site for Expo
2025 andintegrated resort

When built, Naniwasuji Line,
Naniwasuji Connection Line, andShin-Osaka Connection Line will
dramatically improve air and land
access to Osaka, creating greater
potential for Osaka to
become a global hub.

Kobe Airport

Airport will start receiving international charter flights in 2025
(expo year) and scheduled international flights in around 2030.

Kansai International Airport

Airport to get annual traffic to 300 k in early 2030s.

Digitally powered MaaS in Kansai

In an effective digital reach strategy, high-quality
content (tourism, entertainment) in Kansai will be
communicated to inbound tourists, encouraging
them to stay longer in Kansai and thus attract
overseas economic power into the region.

4

Financial Policy for Long-Term Vision

We commit to financial stability in the knowledge that this is essential to ensuring the stable provision of products
and services that contribute to the sustainability agenda and to community building. To meet stakeholders’expectations, we will entrench a culture of cost consciousness with a concrete commitment to maintaining or
improving capital efficiency.

Achieve stable baseline profit

Maintainfinancialhealth• To achieve a stable baseline profit, we will maximize top- and bottomline growth in our businesses by tightly controlling expenditures and byintegrating digital tech in a way that expands revenue opportunities andincreases productivity.
• We will also tighten risk management in volatile businesses (e.g.
overseas real estate businesses)

Maintain financial health• While we continue to invest capital in large projects and activities togrow our businesses, we also want to maintain our credit rating.
Accordingly, we will tighten control over interest-bearing liabilities,
aiming for a D/E ratio of between 5 and 6.

FY2031 target
Business Profit¥130.0 billion
plus something
extra (from the cumulative
effect of the DX Project)Interest-bearing
debt/EBITDA
ratio
5–6

Maintain or improve capital efficiency

Keepcapitalcosts inmind

(create returns that exceed capital costs)• Our businesses will keep capital costs in mind, committing to maintain or
improve their returns with ROIC (= Business profit / Invested capital) as
one of the benchmarks.
• To avoid bloated balance sheets, we will be more circumspect about
increasing our stocks (carefully vetting prospective investments with aneye on return), overhaul business approaches, and offload
underperforming assets.
• We will provide stable and generous shareholder returns, maintaining areasonable D/E ratio.
• Through these measures, we aim for the ROE range shown on the right.

ROE
7％ rangeover medium tolong term

5Medium-Term Plan: Time Period Covered, Context
Time period covered• Four-year period from FY2023 to FY2026

Context• The four-year period will be a time for adapting to the drastic external changes and returning
to pre-Covid growth. During this period, we aim to raise our profit level to ¥100 billion as soon
as possible.
• We will also use the period to take concrete actions under our long-term vision that will build
sustainable profit growth. As part of this, we will increase investment in our overseas realestate business and condominium business to create a foothold for future growth.

Envisaged recovery from Covid impact
FY2021

FY2022

Emergency phase ends here

FY2023Phase 1
In Japan, short-distance travel
resumes. Travel distances gradually
increase, and the impact of physicaldistancing eases off.

FY2024FY2025 and beyond

Phase 2Phase 3

Travel gradually
resumes across theworld.

Covid impact abates. Economic
activity returns mostly tonormal in and outside Japan.
However, there is no full returnto pre-pandemic times.

6

Roadmap to FY2026: Profit Level
In FY2024, we will continue restoring profit growth in our existing businesses to achieve our profit goals for that year.
In this, we will draw upon the outcomes of the actions we took during the pandemic (e.g. actions to strengthen
revenue structure).
To gain the growth momentum necessary for achieving our FY2026 goal, we will deliver outcomes from our recent
business projects (Osaka Umeda Twin Towers South, video streaming in the entertainment segment, overseas realestate business, DX Project).
Meanwhile, in line with our medium-term plan, we will plant growth seeds that will sprout in FY2026 and beyond(including more investment in overseas real-estate business and condominium business, DX Project).
Profit (= Operating profit in FY2023 and earlier years, and Business profit thereafter)(¥ billion)

FY2026¥118.0 bn

120.0
100.0

FY2031¥130.0 bn + extra

Baseline profit:¥100.0 bn

20.0

Higher
growthinvestment¥100.0 bn loss

Latest
系列2 targets
Results
系列3 or latest
forecasts

39.2

2019
Pre-Covid

2020

Discounting
bumper businessin Travel and Int
Transp segs

Emergency
phase

2.1

0.0
Envisaged phased
recovery from Covid

FY2024¥102.0 bn
Covid impact

60.0
40.0

89.4

95.2

80.0

2021

2022
Phase 1

2023

2024

Phase 2

Although profit will decrease relative to spike in
FY2024 (when the Travel and International
Transportation segments bumper demand), weare forecasting a baseline profit on the level of 100
billion yen following steady profit recovery andgrowth measures.

2025

2026

…

2031

（FY）

Phase 3

*Business profit = Operating profit + Equity-method gains/losses related to overseas business investments (in Real estate)
In FY2023 and earlier years, we had no equity-method affiliates in our overseas businesses. Thus, for those years, Operating profit = Business profit.

7

Higher Growth Investment
We will further increase growth investment with an eye on FY2026
and beyond upon the following assumptions:•With Covid abating, the external environment has become more conducive to aggressive growth investment.

•This creates an opportunity to get closer to our FY2031 profit goal (¥130.0 bn + extra). We will increase
investment in our condominium business. To expand the coverage of our line-side business model (strategy 3of the long-term vision), we will also increase investment in overseas real estate, which offers bright growthprospects and in which we are already building a track record.

•

However, the increased investment will only start producing returns after FY2027. Until then, our indicators offinancial health will deteriorate. However, we remain confident that EBITDA growth will return after FY2027, so
our FY2031 target for interest-bearing debt/EBITDA ratio (5 to 6) remains unchanged.
Higher investment in overseas businesses（¥ billion）

 With effective risk controls, we will do thefollowing in promising markets
・ Expand in ASEAN markets and other regions
・ Focus on small-scale projects producing onetime revenue (e.g. residential projects) andgradually increase the scale
・ Collaborate with trustworthy local partners(those who endorse our strategy/values)
 Envisaged scale:・ Initially, we’ll get profit level to ¥10 billion assoon as possible.

140.0

Get closer to FY2031 profit
goal (¥130.0 bn + extra)

135.0
130.0
125.0
120.0
115.0

FY2026110.0

FY2031

8

Operating/Business Profit* Trends Toward FY2026
FY2026 profit targets compared with pre-Covid (FY2019) profit level

114.9
Entmt &
others20.9
Specialfactor

102.0

118.0

Entertainment, Info and Com Tech, Travel, Intl Transportation

Entmt &
others▸Entertainment: Use digital tech to grow customer base and drive growth innew profit sources (e.g. video streaming)▸Information and Communication Technology: Capitalize on DX demand▸Travel: Steadily capitalize on recovery in travel demand▸International Transportation: Expand scale in ocean freight and logistics andglobal networks

Includes adjustment

We aim to exceed pre-Covid levels in all core segments.

Entmt &
others21.6

Real Estate (RE)RE
50.5
(special factor
included)

RE
46.9

RE

We aim for the segment to vastly exceed the pre-Covid level(discounting the special factor*) in FY2026. By then, the Osaka Umeda
Twin Towers South project (including the Phase II component), which
was completed in FY2022, will have started delivering returns, and wewill have significantly grown the overseas real-estate business and thecondominium business in Japan.
*Special factor: Gain from sale of land in eastern section of ‘Saito’ (Ibaraki City,
Osaka)

Urban Transportation(UT)
UT
43.5

FY2019OperatingprofitResults

UT
33.5

UT

FY2024
Business
profitForecasts

FY2026
Business
profitTargets

We will maximize profit scale by adding an barrier-free charge andintroducing premium seating while cutting costs (however,segment profit is unlikely to return to the pre-Covid profit level)*Business profit = Operating profit + Equity-method gains/losses related to overseas business investments(in Real estate)9

Actions to Maintain or Improve Capital Efficiency
We use ROIC as an indicator of internal control and try to keep a healthy balance
between profit and invested capital
General approach
Control the level of invested capital with a view to keeping returns above capital costs
Take new approach to businesses/assets
Be discerning• Choose new investments
discerningly to maintain yieldas measured by ROIC

How we use ROIC

• Overhaul businesses that have slim prospects of delivering profits above capital costs• Consolidate or offload low-yield investments and underperforming assets• Actively focus on short-term-returns opportunities• Replace assets when necessary by using REITs•

Our long-term vision commits us to achieving, in FY2031, a medium-term ROE of 7%. To that end, we will use
ROIC as an indicator of internal control and try to keep a healthy balance between profit and invested capital.

•

Specifically, ROIC will aid us in our medium- to long-term business analyses and business policies and in ourbusiness management cycle and investment decisions.

•

It is vital to control our invested capital in real estate, as this accounts for most of the investments made by
our corporate group. ROIC will serve as an important indicator for this.

•For invested capital in smaller businesses, our basic policy is to grow the scale of the business so that it
improves the group’s overall ROIC (although new investments still require due diligence).

Examples of initiatives Main properties sold in FY2023 (short-term-returns)*Sold to Hankyu Hanshin REIT Asset Management

H-CUBE Minamiaoyama II*(commercial facility)

H-CUBE Kitaaoyama*(commercial facility)10Cash Flows■Cash Allocation Strategy‧ In line with the strategy described on p. 8, we have added ¥70.0 billion to the growth investment budget
for FY2023–FY2026, bringing the total cash outflow for the period to ¥790.0 billion.
‧ Since our EBITDA for the same period, at 670.0 billion yen, falls short of this outflow by ¥120.0 billion,
we will cover the shortfall with further borrowing (i.e. by increasing interest-bearing debt) while keeping
an eye on the interest-bearing debt to EBITDA ratio.
Projected cash flows for FY2023–FY2026 period
Inflows

Outflows
Strategic investment
framework

EBITDA
670.0 bn

-30.0 bn

Growth investment -360.0 bn(includes investment in for-sale property andnet increases in equity)¥70.0 bnmore

Additionalborrowing etc.
120.0 bn
Plus 20.0 bn in interest-bearing debt fromnew consolidations

Total CapEx(and lending)-630.0 bn

Maintenance CapEx(investment inmaintenance and renewalof existing infrastructure)

Return to Shareholders,Interest expense, tax
payment etc.

-240.0 bn-160.0 bn

Total outflow-790.0 bn

11Capital Expenditure (and Lending)
CapEx budget for FY2023–FY2026 period

Total CapEx (and lending)

630.0 bn

Strategic
investment
framework

Growthinvestment

30.0 bn

Main growth investments
Urban
Transportation‧ Installation of platform doors and better accessibility‧ Kita-Osaka Kyuko Railway Line Extension Project‧ Naniwasuji Connection Line/Shin-Osaka Connection Line
Project

Real Estate‧ Umekita Phase II Development Project‧ Shibata 1 Project‧ Senri-Chuo Redevelopment‧ Projects in Tokyo Metropolitan Area (Yaesu 2 Naka
Redevelopment, Development of site of the Hotel Grand
Palace)‧ Real Estate segment’s overseas expansion‧ Expansion of domestic condominium business‧ Expansion of short-term-returns businessEntertainment‧ Relocation of Hanshin Tigers’ farm facility

Other‧ IT strategy, digital transformation

360.0 bn(includes investment in for-sale property andnet increases in equity)

MaintenanceCapEx(investment inmaintenance andrenewal of existing
infrastructure)240.0 bn

12

Performance Indicators (–FY2026)

Business profit (1 + 2)
Operating profit (1)Equity-method gains related tooverseas business investments (2)EBITDA*

1

Interest-bearing debt
Interest-bearing debt/EBITDA ratio
D/E ratio*

2

Profit attributable to owners ofparentROE

FY2023Results

FY2024
Forecasts(As of Oct.)

FY2026
Targets¥89.4billion¥102.0billion¥118.0billion¥89.4billion¥99.7billion¥115.0billion－¥2.3billion¥3.0billion¥153.7billion¥167.0billion¥193.0billion¥1,106.4billion¥1,190.0billion¥1,230.0billion

7.2

7.1

6.4

1.2

1.2

1.2

¥47.0billion¥60.0billion¥75.0billion

5.3%

6.4%

7％ range¥1,063.5billion¥1,165.0billion¥1,205.0billion

6.9

7.0

6.2

(Reference)
Net interest-bearing debt*

3

Net interest-bearing debt/EBITDA
ratio*1 EBITDA = Business profit (Operating profit + Equity-method gains/losses related to overseas business investments)+ Depreciation expenses + Amortization of goodwill*2 D/E ratio = Interest-bearing debt / Equity*3 Net interest-bearing debt = Interest-bearing debt – Cash and Deposits

13(1) Long-Term Vision,
Medium-Term Management Plan
(Reproduced from Results Briefing Materials for
Financial Results for Fiscal 2023 (Ended March
2023) released in May 2023*)* With some information updated(2) Progress in Each Project(3) Sustainable Management(4) Other14

List of Key Projects in Japan
（FY）
Umeda

p.16 Osaka Umeda Twin Towers South
p.17
p.19

2022

2023

2024

be determined●Opened (Sep 2023)

Line-side Area

●Completion of construction (Jan 2024)

Logista Toyonaka●Completion of construction (Feb 2024)

p.22 Project to Redevelop Site of Takarazuka
Hotel(Geo Tower Takarazuka Grand Regis)●Completion of construction of northern wing (FY2025)●Completion of construction of southern wing (FY2026)

Project to Redevelop Site of Yodogawa
p.23 Ward Office (Geo Tower Osaka Juso)●Completion of construction (FY2027)●Building to open (2029)

Project to Redevelop Building 2 of Kobe City Hall
Schedule top.25

Schedule tobe determined

be determined

Naniwasuji Connection Line/
Shin-Osaka Connection Line

Tokyo metropolitan area

p.26 H-CUBE KITAAOYAMA(Completed in FY2021）
Hankyu Hanshin Ueno Okachimachi
Building(Completed in FY2022）
SUITE Shin-Okachimachi
SUITE Shin-Yokohama
Yaesu 2 Naka Redevelopment
be determined●Close Senri Hankyu Hotel (Around the end of FY2026)

Senri-Chuo Redevelopment

H-CUBE MINAMIAOYAMA Ⅱ (Completed in FY2022）

Schedule to・・・●Intended start of service(Mar 2024)

Logista Osaka Matsubara

p.24

2031

●Close Hotel new Hankyu Osaka (Jan 2025)

Shibata 1 Project

Kita-Osaka Kyuko Railway Line
Extension Project
Development on west side of
HANKYU NISHINOMIYA GARDENS
p.21(HANKYU NISHINOMIYA GARDENS PLUS)

p.26

・・・

●Advance openings (Sep 2024)●Full openings (Around spring 2027)

p.20

p.27

2026

●Completion of construction (Feb 2022)

Umekita Phase Ⅱ Development Project（GRAND GREEN OSAKA）
Schedule to2025

Project to Redevelop Site ofHotel Grand Palace●Completionof construction●Sell-off●Sell-off●Completionof construction●Sell-off●Completion of construction (Spring 2025)●Completion of construction (Autumun 2025)●Completion of construction(FY2029)15

Osaka Umeda Twin Towers South (Umeda 1-1 Project)• Begun in October 2014, this large project symbolizes the merger between Hankyu and Hanshin in 2006.
• The construction was completed in February 2022. The office area entered service in March. The
Hanshin Umeda Main Store fully opened in April.
• With Umeda Hankyu Building being renamed Osaka Umeda Twin Towers North on April 1, the twobuildings were reborn as Osaka Umeda Twin Towers. The buildings will serve as a symbol of Umeda.

【Project summary】
Location

1-1 Umeda, Kita-ku, Osaka

Site area

Approx. 12,200 ㎡*

Total floor space

Approx. 260,000 ㎡

Scale

38 floors above ground, 3 undergroundfloorsPurpose

Department store, offices, halls, etc.

* Including the road between Dai Hanshin Building and Shin
Hankyu Building【Building exterior】 Osaka Umeda Twin Towers SouthDBJ Green Building
Certification 5 stars(highest rating)【Schedule】
October 2014
July 2015

Phase I start demolition work
Phase I construction begins
Completion of phase I construction (Shin Hankyu Building
April 2018and Dai Hanshin Building East Wing)
Partial opening of new department store
June 2018
Phase Ⅱ (west wing of Dai Hanshin Building):
Start demolition work
June 2019
Phase Ⅱ construction begins
Completion of phase Ⅱ construction, the department store
September 2021
part
Opening of the new department store in the phase Ⅱ
October 2021
department store part
February 2022
Completion of all construction
March 2022
Opening of office Floors
April 2022
Full opening of the department store

16

Umekita Phase II Development Project（GRAND GREEN OSAKA）• Extending from GRAND FRONT OSAKA (Umekita Phase I),
Umekita Phase II is an urban development project that
embodies the idea of integrating greenery with innovation
and will lead the way in community development for Kansaiand Asia.
• The project has been named GRAND GREEN OSAKA.
• Advance opening scheduled for September 2024

【Schedule】
March 2023

Opening of Umekita area in JR Osaka Station

September
2024

UMEKITA PARK (all of the Southern Park and part of theNorth Park) and rental section in the Northern section

Spring 2025
Spring 2027

Southern section

UMEKITA PARK

Northern section

Partial opening

North Park

Full opening of rental section

Southern section

South Park

Full opening

Remaining part of the UMEKITA PARK construction area
(part of the North Park)

Offices【Details】

Shopping
facility

Housing

GRAND FRONT
OSAKA

Hotel

Core
amenities

Southern section

UMEKITA PARK

Northern section

Site area

Approx. 30,430 ㎡

Approx. 45,000 ㎡

Approx. 15,720 ㎡

Total floor area

Approx. 407,250 ㎡

Approx. 11,000 ㎡

Approx. 136,800 ㎡

Key amenities

Offices, hotels, shopping facility,
MICE facilities, housing, etc.

Museum, experiential learning
center, covered plaza, eateries,
stalls, etc.

Innovation center, hotel, shopping
facility, housing, etc.

17Plan for New Hotel in Umekita Phase II (Hotel Hankyu GRAN RESPIRE OSAKA)• We will open Hotel Hankyu GRAN RESPIRE OSAKA, an upscale hotel (superior to a
standard business hotel), in floors 5 to 28 of the eastern tower block in the rental
section (southern section) of GRAND GREEN OSAKA.
• A stone’s throw away from the JR Osaka’s new underground station, which will offer
direct access to KIX Airport, the hotel will primarily target adult inbound tourists who
are used to recreational travel.
• The hotels top floors (floors 26 and 27) will be club
floors with relatively spacious guestrooms. Floor 27 willhouse a club lounge exclusive to club guests.

【Details】
Total floor area
Guestrooms

Approx. 21,740 m2
482

Main amenities

Restaurant, bar, lounge, fitness facility, etc.

Opening date

H2 FY2025 (Scheduled)

Entrance

Exclusive lounge (floor 6)

Club lounge (floor 27)

Guestroom18

Shibata 1 Project• Forming part of Umeda Vision, Shibata 1 Project is the third major project for the Osaka Umeda
area (following Umeda 1-1 Project and Umekita Phase II Development Project). It involves
replacing Hotel new Hankyu Osaka and Hankyu Terminal Building and redeveloping thewhole of Hankyu Sanbangai. The project will raise the value of the area.
Osaka Umeda Twin Towers
North, GRAND FRONT OSAKA(-2021)

Osaka Umeda Twin Towers（2022–）

Umekita Phase II openings（FY2028）

Shibata 1 Project• The project looks ahead to the next generation and will leverage the distinctive characteristicsof the terminal station to create a multifunctional hub befitting its role as the entrance to
Umeda.
We have decided to close the Hotel new Hankyu Osaka in January 2025 because it is seriously dilapidated and because
Hotel Hankyu RESPIRE OSAKA, which is of a similar scale, opened in an adjacent zone.

Targeted area for Shibata 1 Project

JR Osaka Sta.

Hankyu Terminal Bldg.

Hankyu Sanban Gai

Hotel new Hankyu
Osaka

Hankyu Osaka-Umeda Sta.

19

Kita-Osaka Kyuko Railway Line Extension Project【Development plan summary】
MinohKayano Sta.

Approx.
1.3km

Act on Rail Tracks

National Route171

MinohSemba
Handaimae
Sta.

Extension distanceNew stations
Estimated project cost
Demandfrom Senri-Chuo Sta. to Minoh-Kayano Sta. 2.5km
Minoh-Semba Handaimae Sta., Minoh-Kayano Sta.
¥87.4 billion yen
45,000 people per day【Business scheme】
Developer
Operator
Funding program
Portion to be borne by
Kita-Osaka Kyuko
Railway Co., Ltd

Kita-Osaka Kyuko Railway Co., Ltd. and Minoh City
(development of infrastructural components between
Minoh-Semba Handaimae Sta. and Minoh-Kayano
Sta.)
Kita-Osaka Kyuko Railway Co., Ltd.
Social capital development grant¥11.0 billion yen; Amount commensurate with profits【Schedule】

National Route 423（Shin-midosuji）

December, 2016
March 23, 2024

SenriChuo
Sta.

Railway
Business Act

SenriChuo
Sta.

Railway Business Act

Approx.
1.2km

December, 2015

Progress so far (Minoh-Kayano Station)

Obtained a license for railway
business and a charter for
railway track operations
Commencement ofconstruction
Scheduled to open

Approx. 1.2km

Underground section

MinohSemba
Handaiｍae
Sta.

Approx. 1.3km

MinohKayano Sta.

National Route 423
Elevated section(Shin-midosuji）

National
Route 17120

Project Progress Along Other Line-side Areas ①
In order of
openingdate

Development on west side of
HANKYU NISHINOMIYA GARDENS(HANKYU NISHINOMIYA GARDENS PLUS)

Logista Osaka Matsubara

Location

544 Takamatsu-cho, Nishinomiya, Hyogo

1 Oka, Matsubara, Osaka

Site area

Approx. 3,000 m2

Approx. 11,000 m2

Total floor
space

Approx. 18,300 m2

Approx. 14,000 m2

Number offloors

14 floors above ground

3 floors above groundPurposeCommercial facilities, offices, rental housing

Multi-tenant logistics center

Scheduled
opening

September 21, 2023

Completion of construction: January 2024

（Direct access to Hankyu Nishinomiya-kitaguchi Station）

21

Project Progress Along Other Line-side Areas ②
In order of
opening
date

Logista Toyonaka

Redevelopment of Site of
Takarazuka Hotel(Geo Tower Takarazuka Grand Regis)65-1 Umenocho, Takarazuka, Hyogo

Location

3 Katsube, Toyonaka, Osaka

Site area

Approx. 5,000 m2

Approx. 9,800 m2

Total floor
space

Approx. 8,300 m2

North building: Approx. 41,000 m2
South building: Approx. 37,800 m2

Number offloors3 floors above ground

North building: 32 floors above ground (316 units)South building: 32 floors above ground (322 units)

PurposeMulti-tenant logistics center

Residences, grocery supermarket, clinic, childcare
facility, etc.

Scheduled
opening

Completion of construction: February 2024

North building: Sales to begin in FY2025
South building: Sales to begin in FY2026(South bldg is 1 min walk, and North bldg is 2 min walk, from
Hankyu Takarazuka Minamiguchi Station)

22

Project Progress Along Other Line-side Areas ③
In orderof opening
date

Location

Development of Site of
Yodogawa-ku Ward Office（Geo Tower Osaka Juso)

1-21-3, Juso-higashi, Yodogawa-ku, Osaka(3 min walk from Hankyu Juso Station)

Project to Redevelop Building 2of Kobe City Hall

6-5-1 Kanocho, Chuo-ku, Kobe

Site area

Approx. 7,300 m2

Approx. 4,900 m2*

Total floor
space

Approx. 84,400 m2

Approx. 73,000 m2*

Number offloors39 floors above ground(Total condominium units: 712 units)

24 floors above ground, 2 underground floors

PurposeResidences, supermarket, preschool facility,
public library, etc.

Public-sector amenities: Municipal office, public space
Private-sector amenities: Hotel, office space, shopping
facility

Scheduled
opening

Sales to begin in FY2027

2029* Gross floor space (includes shared sections)23Plan for Senri-Chuo Redevelopment
・Since Senri-Chuo is a key strategic area for us, wehave been monitoring a local redevelopment plan
being advanced by a council formed of Toyonaka
City, local landowners, and other stakeholders.

Overview of the Senri-Chuo area
Map based on GSI geospatial data

（https://maps.gsi.go.jp/#17/34.809594/135.495665/&base=pale&base_grayscale=1&ls=pale&disp=
1&vs=c0j0h0k0l0u0t0z0r0s0m0f1&d=m ）・ In 2019, the council unveiled an official plan torevitalize the area. In 2022, Toyonaka City
announced its intention to partition and redevelop
the vicinity of Senri-Chuo Station (outlined in red in
the figure).
・The council will now confer with H2O Retailing andother local landowners over how to redevelop the
Senri-Chuo area.
・Having decided to close Senri Hankyu Hotel by theend of FY2026 (as the building was dilapidated),
we are now exploring ideas for how to use the siteof the hotel. We will keep an eye on the plans toredevelop the area and decide about the land use
accordingly.

Area around
Senri-Chuo Station■Time from Senri-Chuo Station to Osaka’s
main terminals（The train runs direct to below stations as theKita-Osaka Kyuko Line is connected with theMidosuji Line of the Osaka Metro)

・To Shin-Osaka station approx. 14 minutes
・To Umeda station
approx. 20 minutes

Ex-Senri Selcy(Commercial facilities)

To Umeda【Legend】
Sole-owned or co-owned properties
H2O Retailing assets
Area flagged for redevelopment(Commercial facilities etc.)* Kita-Osaka Kyuko Railway is extending its line 2.5 km northward from its current
northern terminus, Senri-Chuo Station. Scheduled to open on March 23, 2024.

24

Aiming for a Robust Transport Network• We are participating in discussions to the following new rail lines and stations with a view tomaking the transportation network even stronger.
① Extension to Kita-Osaka Kyuko Line

Osaka International Airport(Itami Airport)⑤ New Mukogawa
StationShin-Osaka④ Osaka
Airport Line
Juso

Designated a hub for emergency urban regeneration,
Shin-Osaka has growing potential to serve as a majorintercity transport hub. We will work with the public
sector to advance plans for redeveloping the vicinity,
including the adjacent stations Juso and Awaji.

③ Shin-Osaka Connection Line
② NaniwasujiConnection Line

KobeSannomiya

Kobe Airport

Hankyu Kobe Line
Hankyu Takarazuka Line
Hankyu Kyoto Line
Hanshin Lines
KansaiInternational
AirportOsaka Umeda
Naniwasuji Line
Osaka Namba

Underway:① Extension to Kita-Osaka Kyuko Line
(Senri Chuo to Minoh Kayano)
Under planning:② Naniwasuji Connection Line
(JR Osaka’s new underground station to Juso)③ Shin-Osaka Connection Line (Juso to Shin-Osaka)④ Osaka Airport Line (branch of Takarazuka Line)⑤ New Mukogawa Station (between Mukonoso
Station and Nishinomiya-Kitaguchi Station)

25

Real Estate Development in Tokyo Metropolitan Area
H-CUBE MINAMIAOYAMA Ⅱ(Dec 2022: Sold)

Projects in Tokyo
H-CUBE MINAMIAOYAMA(Dec 2021: Sold)

Project to Effectively Use Site of HotelGrand Palace(Sep 2021: Concluded basic agreement with
relevant parties over effective use of site)

SUITE ShinOkachimachi

H-CUBE KITAAOYAMA(Spring 2025: Construction
to be completed)(Dec 2022: Sold)

Yaesu 2 Naka
redevelopment(FY2029: Construction to
be completed)

Geo Grande
Shirokanedai(September 2025:
Construction to becompleted)

SUITE Shin-Yokohama(Autumn 2025:
Construction to becompleted)

Hankyu Hanshin
Ginza Building(Mar 2020: Construction
completed)*H-CUBE: A series of low-rise, street-facing commercial facilities being developed in the Greater
Tokyo Area
*SUITE: A mid-size office series under development in the Tokyo Metropolitan Area

Hankyu Hanshin Ueno
Okachimachi Building(Dec 2022: Sold)[Legend]*Includes both properties that are sold orscheduled for sale

●Rental properties (office,commercial facilities, logistics facilities)●Condominiums for sale
●Condominiums for rent,
student accommodation
26

Progress on Major Projects in the Tokyo Metropolitan Area
In orderof opening
date

SUITE Shin-Okachimachi

SUITE Shin-Yokohama

Location

4-3-4 Taito, Taito-ku, Tokyo (Lot number)

3-7-8, 3-7-9 Shinyokohama, Kohoku-ku, Yokohama,
Kanagawa (Lot number)

Site area

Approx. 600㎡

Approx. 1,400㎡

Total floor
space

Approx. 4,000㎡

Approx. 13,200㎡

Number offloors

8 floors above ground

14 floors above ground, 1 underground floor

Purpose

Office space, shops

Office space, shops

Scheduled
opening

Completion of construction: spring 2025

Completion of construction: autumn 202527

Real Estate Sales Business in Japan (Residential)
Geo is our brand of
condominiums for sales

Condominiums sales in Japan (for general public)
 We will increase our market share in both Kinki and Tokyo. In
Kinki, we will focus on flagship properties. In Tokyo, we will
focus on redevelopment/remodelling projects.
 We will also enhance the Geo brand, making it the absolute
best in Kinki.

2022 & 2023

1st place

Geo was awarded the top spot in
Kinki in the 2022 and 2023
Oricon Customer Satisfaction
SurveyⓇ in the newcondominiums category.

【Properties to be sold in future】
・Geo Tower Shiｍmachi (Nishi-ku, Osaka):

190 units, on sale from FY2025

・Geo Shimamoto (Shimamoto-cho, Mishima-gun, Osaka):

362 units, on sale from FY2025

・Geo Shinagawa Tennozu (Shinagawa-ku, Tokyo):

135 units, on sale from FY2025

・Geo Tower Takarazuka Grand Regis (Takarazuka, Hyogo): 638 units, on sale from FY2025
・Geo Tower Osaka Juso (Yodogawa-ku, Osaka):

712 units, on sale from FY2027【(Reference) Condominium sales in Japan (units held by Group)】
（FY）

Unit

2015
1,374

2016
1,302

2017
1,087

2018
1,159

2019
1,114

2020
1,516

2021
867

［Geo Tower Osaka Juso］
2022

2023

1,137

1,107

2024
Approx.1300

Short-term-revenue properties business (selling to investors)•

Primarily in the Greater Tokyo Area, we will develop
condominiums for real-estate investing and develop properties
for use as student accommodation with a view to selling around10 blocks a year in Tokyo.

Geo Ent is our brand of
condominiums for rent28

Expanding the Real Estate Business Overseas· In ASEAN countries, we have focused on condominium sales. We will now additionally focus on real-estateleasing and fix-and-flip development in order to increase the segment’s revenue opportunities and profit
growth in overseas real-estate markets.

Thailand: Condominiums, houses,【Actions in ASEAN】

townhouses*

Cumulative units Approx. 52,910(as of Sep. 30, 2023,
includes units held by partners)

Projects

Thailand
VietnamPhilippines
Indonesia
Malaysia

36
6
5
4
1

Total units
Approx. 29,870

Vietnam: Condominiums, houses,

townhouses*, logistics facilities

Approx. 13,990

Malaysia: Condominiums

Approx. 4,220

Singapore: Logistics facilities

Approx. 3,980
Approx. 850

Indonesia:

Condominiums, houses, townhouses*,
shopping facilities, office space, logistics
facilities

・Plaza Indonesia Complex【Actions in USA】
Seattle, WA: Rental
housing

Philippines: Houses, townhouses*

Phoenix, AZ: Rental
housing

Renton, WA: Rental
housingAmong others*Terraced housing

29

Acquisition of a Rental Property in Indonesia: Central Park Mall
• In September 2022, Hankyu Hanshin Properties
acquired Central Park Mall, a leading megamall in West
Jakarta, Indonesia.
• The complex targets middle and upper-class earners,
and it is likely to receive increasing numbers of
shoppers given that this demographic is expected toswell rapidly over the medium and long term as
Indonesia’s economy grows.

【Overview】
Floor space
Size
Use

【Central Park Mall on the map】

Soekarno-Hatta
International
AirportCentral Park Mall
Plaza Indonesia shopping complex

Approx. 188,000 m2*
10 floors above ground, 2 underground floors,etc.
Commercial (approx. 300 tenants)*This represents the total floor space, including shared sections.

Jakarta CBD*FX Sudirman*CBD: Central business district (the administrative,
business, and commercial center of a city)ⒸGoogle【Location map (detailed)】【Exterior view of complex】

APL TowerCentral Park Residence

Pullman Hotel

High-rise residential

Central Park Complex
Bridge/Underpass

Central Park Mall

Neo Soho Mall

Mall’s courtyard

Podomoro City

* As described on page 6 of the Results Briefing Materials
for Financial Results, the Neo Soho Mall next to theCentral Park Mall was acquired in September of this year.

30

Acquisition of a Rental Property in Indonesia: Office Tower Blocks• Hankyu Hanshin Properties founded an investment vehicle with the Japan
Overseas Infrastructure Investment Corporation for Transport & Urban
Development (JOIN) to invest in DCP (a subsidiary of major Indonesian realestate developer Sinar Mas Land), which owns three office tower blocks (oneof which is under construction) located in the Jakarta’s CBD, in full or in part.
• By engaging in property management too, we will lay build our leasing
business in ASEAN.
*CBD: Central business district (the administrative, business, and commercial centerof a city)【Exteriors of the tower blocks】【Locations】
Soekarno-Hatta
International Airport

Jakarta CBD
Sinarmas
MSIG Tower

Luminary
Tower

Bakrie TowerⒸGoogle【Jakarta CBD】
Luminary Tower
Dukuh Atas
BNI MRT Station

Setiabudi Station【Details】

Sinarmas MSIG Tower

Sinarmas
MSIG Tower

Bakrie Tower

Luminary Tower

2016

2008

December 2023
(under construction)

47 floors above ground,

47 floors above ground,

66 floors above ground,

1 underground floor

4 underground floors

6 underground floors

Total floor
space

Approx. 82,600 m2

Approx. 76,200 m2

Approx. 132,500 m2

Other(ownership)

Full ownershipPart ownership(13 floors)

Part ownership(23 floors)

Name
Completion
date
Size

Bakrie Tower
Rasna Said Station(tentative name)ⒸGoogle31

(1) Long-Term Vision,
Medium-Term Management Plan
(Reproduced from Results Briefing Materials for
Financial Results for Fiscal 2023 (Ended March
2023) released in May 2023*)* With some information updated(2) Progress in Each Project(3) Sustainable Management(4) OtherSee our integrated reportfor more on oursustainability initiatives:
https://www.hankyuhanshin.co.jp/en/ir/librar
y/integratedreports/*English version will be releasedaround December.

32

[Reference] Sustainability Declaration
General principles (sustainability vision)

A future vision that we hope to achieve through our sustainablebusiness practices～ Create a future grounded in "Safety and Comfort",
and a future colored by "Dreams and Excitement". ～For over a hundred years, we have sought to cultivate communities and enrich lives.
Leveraging this experience, we commit ourselves to addressing social and environmental
challenges and working toward a sustainable future, one that offers a fulfilling, joyful life to all
and inspires the next generation to dream with hope.
Priority issues (materiality matrix)

IssuesSafe, reliable infrastructure
Thriving communities

Six priority issues to address as part of our sustainable business practices

Policies
Provide railways and other infrastructure that are safeand disaster-resilient. Ensure that anyone can safely
access our facilities and services.
Help build sustainable communities with rich natural andcultural heritage, making great places to live in, work in,and visit.

Life designs for tomorrow

Promote refined and inspired lifestyle solutions for abetter tomorrow.

Empowering individuals

Provide an inclusive workplace that values diversity andtaps into individual talent. Cultivate tomorrow’s leaders
for society.

Environmental protection

Conduct eco activities that contribute to a carbon-neutral
world and a circular economy.

Robust governance

Act honestly and in good faith, as stakeholders expect us
to do.
33

Non-Financial KPIs (Targets and Results)
below are our non-financial KPIs. The KPIs in the red outline had their applicable range expanded in FY2024. Core
【Targets】 Outlined
segments also have other KPIs (additional to the ones shown here).
Priority issues

Non-financial KPIs

Safe, reliableinfrastructure*Applies to Hankyu Corporation/Hanshin Electric Railway/Kita-Osaka Kyuko Railway/Nose Electric Railway

Zero culpable incidents in our railway business

Employee satisfaction

Always better than inprevious survey

Empowering
individuals*A survey is conducted every two
years among the HHHD and thesix major companies

Percentage of women in
management positions

Percentage of womenamong new hires

Percentage of specifichealthguidance provision

Around 10％（FY2031）

Always more than 30%

More than 60％（FY2026）*HHHD and six major companies*HHHD and six major companies*HHHD and six major companies

Smoking prevalence

Paternity leave uptake

Hiring rate for people withdisability

Human rights training
attendance rate

Less than 15％（FY2026）

100％（FY2026）

Keep exceedingmandatory rate

*HHHD and six major companies*HHHD and six major companies*HHHD and six major companies

Rate of CO2 emissions cuts

Environmental
protection

Keep 100％ rate

* 19 special subsidiaries*Applies to: HHHD and subsidiaries’ Japanese worksites*Equivalent to scope 1, 2

-46％ compared to FY2014 （FY2031）, CO2 emissions: Net zero (FY2051)

Note: six major companies: Hankyu Corporation, Hanshin Electric Railway, Hankyu Hanshin Properties, Hankyu Travel International, Hankyu Hanshin Express,【Results】 and Hankyu Hanshin Hotels
（％）

10.0
8.0

45.3

47.8

44.5

36.8

34.6

6.0
4.0
2.0

（％）

50.0
40.0
30.0

4.5

4.5

4.7

5.1

5.6

Percentage of women in management positions(left axis)

Percentage of women among new hires(right axis)
2020
2021
2022
2023
（FY） 20190.0

CO2 emissions volumes（t-CO2）

Percentage of women in management positions／Percentage of women among new hires

20.0

800,000
600,000

CO2 emissions volumes
Energy consumption on crude oil-conversion basis616,365

600,000
434,932

393,821370,131361,832 400,000

400,000
200,000

10.0
0.0

（kl）

800,000

0

283,045

316,491（FY） 2014

252,495
253,116
257,257

…

2020

2021

2022

2023

200,000
034

SDGs 2050

Contributing to SDGs and the 2050 Carbon Neutrality Goal Carbon Neutral
Promote sustainability across group, following PDCA cycle【Items of business during Corporate Sustainability
Committee meetings】· Hearing reports on actions for key sustainability themes· Assessing, analyzing ESG disclosures· Analyzing broad sustainability trends

Recognition for our ESG efforts
Best rating (AAA) on MSCI ESG Ratings*1 for third year running

Listed on MSCI Japan ESG Select Leaders Index*2 for seventh year running

Listed for first time on FTSE Blossom Japan*3（June 2023）



Listed on FTSE Blossom Japan Sector Relative Index *4
for second year running

In addition to the above, the Company is included in all six ESG indexesof domestic equities adopted by the GPIF, including the MSCI Japan
Empowering Women (WIN) Select Index and the S&P/JPX Carbon EfficientIndex (As of July 2023, the Company is the only inclusion for a Japanese
railway company, or a company holding a railway subsidiary)*1 Companies evaluated over a 7-point scale by the leading U.S. financial services firm, MSCI
*2 Index comprised of select companies with relatively high ESG ratings within their industry*3 Index comprised of Japanese companies with particularly high ESG ratings by FTSE Russell*4 Index comprised of Japanese companies with comparatively high ESG ratings within their industry by FTSE Russell
FTSE Blossom Japan Index Series https://www.ftserussell.com/products/indices/ftse4good
MSCI https://www.msci.com/our-solutions/esg-investing35

Corporate Sustainability Initiatives

E:

Environmental

Basic policy for achieving carbon neutrality
Use energy more efficiently and examine potential of energy generation and renewableenergy in light of technological advances• Invest further in emissions reduction and identify financial risks associated with the carbon transition (including
possibility of future carbon taxes)⇒ Internal carbon pricing (ICP)*1 introduced in FY2024 (5,000 yen/t-CO2)• Fulfill duty to make effort in renewable energy transition⇒ Examine areas where we can go further in renewable transition• Respond to demand for cutting emissions, including supply-chain emissions⇒ Disclosed Scope 3*2 emissions in the Integrated Report 2023
*１:ICP involves a company setting its own carbon price in order to determine the financial/economic implications of future emissions reduction
efforts and a future carbon tax, guide investment decisions, and incentivize energy saving.
*２:Scope 3 covers emissions from supply-chain assets that are not controlled by the reporting company but are related to the company’s businessactivities.

【Basic policy for achieving carbon neutrality】

Roadmap to carbon neutrality（Our Group’s CO₂ Emissions Reduction Target*1）*2①Use energy efficiently
To reduce the base level of energy we consume, we will invest inenergy-efficient technology while keeping an eye on financial soundness
and investment efficiency.

-46%
Compared
to FY2024②Examine options for energy generation
We will explore options for energy generation (implementation ofrenewable energy generation facilities, etc.) considering trends intechnological innovation and business viability.

46%③Use of renewable energy (environmental value)
If the first two strategies prove insufficient to achieve the goal, we will
cover the shortfall with purchasing renewable energy (carbon credits).

Net
zero

reduction
FY2014FY2023

FY2031FY2051Results
Results
Targets
Targets*1 Equivalent to Scope 1, 2
*2 Following the integration of the Hotel business into the Real
Estate business in FY2023, figures for the Hotel business areincluded in the Real Estate business, including for previous
years.

36

Corporate Sustainability Initiatives

S: Social

Efforts to deliver safe and trustworthy rail services【Rolling out accessibility improvements and platform doors】• Our rail companies are rolling out accessibility improvements and platform doors to ensure that passengers
feel safe, secure, and comfortable when using the stations and trains.
• Hankyu Corporation had excluded Kasuganomichi Station and Nakatsu Station from accessibility improvements
because of feasibility issues. However, of the two stations, accessibility improvements were completed in
Kasuganomichi Station by the end of FY2023. Hankyu Corporation now plans to install elevators at Nakatsu
too so that all its stations will have improved accessibility.
Stations with mobile platform doors• Hankyu Corporation and Hanshin Electric Railway will
use proceeds from the barrier-free charge to install
Hankyu Corporation
platform doors (mobile or fixed) on all stations to●Jusoenhance platform safety.
FY2019 end: Installed on Takarazuka Lines 3 and 4,
The end of March, 2023

% of stations that havereceived accessibility
improvements (stepfree access rate)*

HankyuCorporation

Hanshin Electric
Railway

99％

100％*Step-free access rate: Percentage of major stations (those serving atleast 3,000 passengers a day on average) with step-free access(elevators or ramps)【Adapting to increasingly severe natural threats】• Hankyu Corporation and Hanshin Electric Railway aretaking hard (physical) measures to prevent or
mitigate risks of flooding and earthquakes. They arealso taking soft (non-physical) safety measures suchas suspending services strategically andcommunicating risk information to passengers.

Kyoto Line 5●Kobe-Sannomiya

FY2022 end: Installed on all platforms●Kasuganomichi

FY2023 end: Installedon all platforms●Nishinomiya-Kitaguchi,
Katsura, Hotarugaike
Due to be installed byspring 2025

Hanshin Electric Railway●Kobe-Sannomiya
FY2022 end: Installedon all platforms●Osaka-Umeda

Oct 2021: Installed on
new platform 1
Jan 2023: Installed on new platform 2
May 2023: Installed on new platform 3
FY2024 end: To be installed on new platform 4●Amagasaki

FY2024 end: To be installed on platforms 1 and 237

(1) Long-Term Vision,
Medium-Term Management Plan
(Reproduced from Results Briefing Materials for
Financial Results for Fiscal 2023 (Ended March
2023) released in May 2023*)* With some information updated(2) Progress in Each Project(3) Sustainable Management(4) Other38

Consolidated Subsidiaries(As of September 30, 2023)
Urban Transportation
Railway
Hankyu Corporation
operations
Hanshin Electric Railway
Nose Electric Railway
Kita-Osaka Kyuko Railway
Kobe Rapid Transit Railway
Hankyu Hanshin Electric System
Railway Operation Hankyu
Hankyu Railway Service
Automobile
Hankyu Bus
Hanshin Bus
Hankyu Kanko Bus
Hankyu Taxi
Hanshin Taxi
Osaka Hanshin Taxi
Hankyu Hanshin Motor Technology

Real Estate
Real estateleasing, Sales
and others,
Overseas realestateHankyu Driving School Hattori Ryokuchi

Retailing
Other

Haks Hanshin
Hankyu Commuterbus Management
Osaka Motor Technology (OMTEC)
Eki Retail Service Hankyu Hanshin
Hankyu Style Labels
Alna Sharyo
Hankyu Sekkei Consultant
Hanshin Station Net
Hanshin Sharyo MaintenanceHankyu Hanshin Properties Join ID-DCP

Hotel【Legend】
Name of segment
Name of
Name of consolidated subsidiarysub-segment (Only listed companies that aremanaged as segment)

Hankyu Hanshin Properties
Hankyu Corporation
Hanshin Electric Railway
Hankyu Hanshin Estate Service
Osaka Diamond Chikagai
KyokutoAdvanced Development
Hankyu Hanshin Building Management
Hankyu Hanshin High Security Service
Hankyu Hanshin Clean Service
Hankyu Hanshin REIT AssetManagement
Hankyu Hanshin Real Estate
Investment Advisors
Hankyu Hanshin Housing Support
Hankyu Hanshin Properties Join
HANKYU HANSHIN LOGISTICS
INDONESIA
Hankyu Hanshin Properties Singapore
CPM Assets JapanPT CPM ASSETS INDONESIA
Hankyu Hanshin Properties USA LLC
SAM Park33 JV LLC
SAM Park Owner LLC
Hankyu Hanshin Hotels
Hanshin Hotel Systems
Arima View Hotel
Amanohashidate Hotel
Kure Hankyu HotelEntertainment
SportsHanshin Electric Railway
Hanshin Tigers Baseball Club
Hanshin Contents Link Corporation
P & P Hamamatsu
Wellness Hanshin
Mt.Rokko Cable Car & Tourism
Stage
Hankyu Corporation
Takarazuka Creative Arts
Takarazuka Stage
Umeda Arts Theater

Information and Communication Technology
Information and Hanshin Electric Railway
Communication Itec Hankyu Hanshin
Technology
System Giken
YMIRLINK
RworksNihon Protec
Mimamorume
Himeji Cable Television
Bay Communications
BAN-BAN Networks
Hanshin Cable Engineering
TravelTravelHankyu Travel International
Hankyu Hanshin Business Travel
Hankyu Travel Support
International Transportation
International
Hankyu Hanshin Express
transportation Hankyu Hanshin Logipartners
HANKYU HANSHIN EXPRESS(USA, DEUTSCHLAND, UK,
NETHERLANDS, BEIJING, SHANGHAI,
GUANGZHOU, HK, TAIWAN, KOREA,Southeast Asia, SINGAPORE,
THAILAND, MALAYSIA, PHILIPPINES,
INDONESIA,VIETNAM, INDIA :18 companies)
HANKYU HANSHIN INTERNATIONALLOGISTICS SHANGHAIHANKYU HANSHIN LOGISTICS
INDONESIA
Intraspeed South Africa(Proprietary) Limited
Intraspeed Arcpro Kenya Limited

39

Operating Revenue and Operating Profit as a FY2023
Management composition

Earnings structure(As of September 30, 2023)

Urban
Transportation

Hankyu Hanshin Holdings*

Real Estate

HankyuCorporation*

HanshinElectric
Railway*

Hankyu Hanshin
Properties■ The Urban Transportation and Real Estate businesses
generate stable cash flows and account for approximately
50% of operating revenue. （ In FY2019 results,
approximately 60% of operating revenue and 80% of
operating profit)

Operating revenue breakdown(FY2023)
Consolidated Total

Entertainment

HankyuCorporation

HanshinElectric
Railway¥968.3billion

Operating profit¥89.4billion

Hankyu Travel
International

9.2%

Operating profit margin

International
Transportation

Information andCommunication
Technology

TravelOperating revenue

Urban Transportation

Operatingrevenue¥163.3billion

Operatingrevenue¥185.6billion

Operatingprofit¥8.4billion

Operatingprofit¥22.4billion

Operatingprofitmargin5.1%

Operatingprofitmargin12.1％

Real Estate

TravelInternational
Transportation

Hankyu Hanshin
Express

In the Umeda and line-side areas, Hankyu
Corporation and Hanshin Electric Railway will retain
their real estate for leasing and developing andwork with Hankyu Hanshin Properties to promote
community building efforts in connection withpublic transport networks and local governments.

Operatingrevenue¥191.4billion

Operatingrevenue¥282.0billion

Operatingprofit¥15.3billion

Operatingprofit¥27.9billion

Operatingprofitmargin8.0%

Operatingprofitmargin9.9%

Information andCommunication Technology

Entertainment

Operating revenue¥60.4billion

Operating revenue¥72.3billion

Operating profit¥5.9billion

Operating profit¥12.6billion

Operating profit
margin9.8%

Operating profit
margin17.4％

40

Areas served by the Hankyu and Hanshin lines①
Definition of the areas served by the Hankyu and Hanshin lines
Osaka Prefecture:

Osaka City (Fukushima, Konohana, Nishi, Naniwa, Nishi-Yodogawa, Higashi-Yodogawa,
Yodogawa, Kita and Chuo, out of a total of 24 wards); and Toyonaka, Ikeda, Suita, Takatsuki,
Ibaraki, Minoh, Settsu cities and Shimamoto town

Hyogo Prefecture:

Kobe City (Higashi-Nada, Nada, Hyogo, Nagata and Chuo, out of a total of 9 wards); andAmagasaki, Nishinomiya, Ashiya, Itami, Takarazuka and Kawanishi cities

Kyoto Prefecture:

Kyoto City (Nakagyo, Shimogyo, Ukyo, Nishikyo, out of a total of 11 wards); and Muko andNagaokakyo cities and Oyamazaki town

41

Areas served by the Hankyu and Hanshin lines②
Population Trends
108
106
104
102

Sources: Prepared by the Company based on data from “Local Economy Directory,” published by Toyo Keizai, Inc.,and “Basic Resident Register,” published by the Ministry of Internal Affairs and Communications. （as of January 1,2023）

Areas served by the Hankyu and Hanshin lines
Kansai
Osaka Pref.
Hyogo Pref.
Kyoto Pref.

Areas served by the Hankyu/Hanshin line

100
98
96
94

(thousand)

Area

Population

1,318

5,625

Osaka Pref. (service areas)

449

2,722

Hyogo Pref. (service areas)

471

2,246

Kyoto Pref. (service areas)（1991=100）

（k㎡）

2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991

398

658

Non-Hankyu/Hanshin Service Areas

26,033

14,269Osaka Pref. (non-service areas)

1,456

5,795

Hyogo Pref. (non-service areas)

7,930

3,093

Kyoto Pref. (non-service areas)

4,214

1,776

Shiga Pref.

4,017

1,378

Nara Pref.

3,691

1,310

Wakayama Pref.

4,725

917

27,351

19,894

Total

Survey of prospective condominium purchasers regarding their preferred Kansai residential area
Ranking Station
1

Nishinomiya-Kitaguchi

2
3（Area）

Ranking Station（Area）（Nishinomiya, Hyogo Pref.）11

Fukushima（Osaka, Osaka Pref.）Osaka-Umeda, Osaka(Osaka, Osaka Pref.）11

Minamimorimachi （Osaka, Osaka Pref.）Shukugawa（Nishinomiya, Hyogo Pref.)

13

Esaka

（Suita, Osaka Pref.）4

Senri-Chuo（Toyonaka, Osaka Pref.）5

Ashiyagawa（Ashiya, Hyogo Pref.）14

Tanimachi 6chome（Osaka, Osaka Pref.）6

Takatsuki, Takatsuki-shi（Takatsuki, Osaka Pref.）

15

Kyoto

（Kyoto, Kyoto Pref.）7

Ashiya（Ashiya, Hyogo Pref.）8

Tennoji91016

Mikage（Kobe, Hyogo Pref. ）（Osaka, Osaka Pref.）17

Momoyamadai（Suita, Osaka Pref.）Okamoto（Kobe, Hyogo Pref.）18（Osaka, Osaka Pref.）Hommachi（Osaka, Osaka Pref.）Tanimachi 4chome

19

Takarazuka（Takarazuka, Hyogo Pref.）20

Kita-Senri（Suita, Osaka Pref.）14 of the top20 spots are
areas served
by our lines

Source: A survey of prospective condominium purchasers regarding their preferred residential area, conducted by seven major real estate developers (Sumitomo Realty& Development Co., Ltd., Daikyo Incorporated, Tokyu Land Corporation, Tokyo Tatemono Co., Ltd., Nomura Real Estate Development Co., Ltd., Mitsui Fudosan
Residential Co., Ltd., and Mitsubishi Jisho Residence Co., Ltd.) and included in a press release dated October 31, 2023.

42

Overview of Osaka-Umeda area ①
Major rental properties
Property nameLeasable（As of September 30, 2023)
Number of floors

Completed213

41 floors above ground,
2 underground floors

Nov 2012

193

38 floors above ground,
3 underground floors

Feb 2022

Umeda Hanshin Daiichi
Bldg. (HERBIS OSAKA)

82

40 floors above ground,
5 underground floors

Mar 1997

Umeda Hanshin Daini
Bldg.
(HERBIS ENT)

54

28 floors above ground,
4 underground floors

Nov 2004

Hankyu Chayamachi Bldg.
(Applause Tower)

52

34 floors above ground,
3 underground floors

Nov 1992

Osaka Umeda Twin
Towers North (Hankyu
Department Store, office)Osaka Umeda Twin
Towers South (Hanshin
Department Store, office）

Hankyu Sanban Gai
Shopping Center
Hankyu Grand Bldg.
Hankyu Terminal Bldg.
Hankyu Five Bldg.*2(HEP FIVE)
NAVIO Hankyu(HEP NAVIO)GRAND FRONT OSAKA*3
NU chayamachi

area(1,000㎡) *1

5 floors above ground,
2 underground floors
38(partially 4
underground floors)
32 floors above ground,36
3 underground floors
18 floors above ground,27
4 underground floors
10 floors above ground,19
3 underground floors
10 floors above ground,16
2 underground floors
38 floors above ground,14
3 underground floors
9 floors above ground,12
2 underground floors（As of September 30, 2023)

Nov 1969
Aug 1977
Mar 1972
Nov 1998
Oct 1980
Mar 2013
Oct 2005*1:Leasable area is the portion owned by our group.
*2:Jointly owned property with Hankyu Hanshin REIT Asset Management*3:Jointly owned property with others (including Hankyu Hanshin
REIT Asset Management)

Developments in Umeda district(red = Hankyu Hanshin Holdings group related Projects)① Umekita Phase II Development Project (GRAND GREEN OSAKA)② Sonezaki 2-chome Project③ JP Tower Osaka: Japan Post Holdings, Osaka Terminal Building Co., Ltd., among others④ INOGATE OSAKA: West Japan Railway among others⑤ Chayamachi B-2 and B-3 District Redevelopment Project: Tokyu Fudosan Holdings

43Overview of Osaka-Umeda area ②
Trends in rent amongsix main business districts in Osaka

Trends in average vacancy rates amongsix main business districts in Osaka
12.00

（％）

（¥/3.3㎡）

18,00010.00

16,0008.00

14,0006.00
12,0004.00

10,000

2.00
0.00

Sep.

Sep.

Sep.

Sep.

Sep.

Sep.

2018

2019

2020

2021

2022

2023

2.93

2.00

2.96

4.33

5.08

4.47

Umeda area

1.63

1.37

2.16

3.49

5.17

4.47

Minamimorimachi area

5.17

3.86

3.49

3.77

4.46

4.33

Osaka business areas(all)

Yodoyabashi-Honmachi
area
Semba area
Shinsaibashi-Namba
area
Shinosaka area

2.73

1.57

2.37

4.62

4.09

3.69

4.52

3.04

4.69

5.12

4.74

4.47

4.75

2.78

3.70

4.17

2.73

3.91

3.59

2.60

4.30

5.51

9.68

7.21

Sep.

Sep.

Sep.

Sep.

Sep.

Sep.

2018

2019

2020

2021

2022

2023

11,398

11,67011,944

11,818

11,874

11,944

Umeda area

14,863

15,297

15,90015,80815,80915,818

Minamimorimachi area

9,357

9,396

9,362

9,314

9,443

9,700

11,14911,356

11,595

11,348

11,407

11,487

9,932

10,271

10,383

10,164

10,250

10,238

11,865

11,962

12,584

12,046

12,125

12,268

10,273

10,594

11,014

11,40911,375

11,522

Osaka business areas(all)

Yodoyabashi-Honmachi
area
Semba area
Shinsaibashi-Namba
area
Shinosaka area

(Reference)(Reference)
Tokyo business areas (all)

8,000

2.33

1.64

3.43

6.43

6.49

6.15

Tokyo business areas (all)20,438 21,855 22,733 20,858 20,156 19,750
Source: Miki Shoji, “Office Data.”

44

Hotel network of the Hankyu-Hanshin-Daiichi Hotel Group（As of Sep 30, 2023)

Directly managed hotels (Hankyu Hanshin Hotels) 17 Hotels 5,941 rooms
Other (franchises, etc.)

23 Hotels 5,138 rooms

40 Hotels
11,079 rooms*The number of hotels and guest rooms above does not include The Ritz-Carlton Osaka (291 rooms, Kita-ku, Osaka)

Directly managed hotels
Dai-ichi Hotel Tokyo
remm plus Ginza
remm Tokyo Kyobashi
remm Hibiya
remm Akihabara
remm Roppongi
Hotel new Hankyu Kyoto
remm Shin-Osaka
Hotel Hankyu International
Hotel new Hankyu Osaka
Hotel new Hankyu Annex
Hotel Hankyu RESPIRE OSAKA
Hotel Hanshin Osaka
Hotel Hanshin Annex Osaka
Senri Hankyu Hotel
Takarazuka Hotelremm plus Kobe Sannomiya

Other(franchises, etc.)
Tokyo Dai-ichi Hotel Tsuruoka
Tokyo Dai-ichi Hotel Shin-Shirakawa

Ginza Creston
Hotel Yaenomidori Tokyo
Ours Inn Hankyu
Dai-ichi Hotel Ryogoku
Dai-ichi Inn Ikebukuro
Dai-ichi Inn Shonan

Kyoto,
Osaka, Kobe

Dai-ichi Inn Shinminato
Tokyo Dai-ichi Hotel Nishiki
Hotel Boston Plaza Kusatsu
Hotel Royal Hill Fukuchiyama& Spa

Amano Hashidate Hotel
Arima Kirari HotelRoyal Park Hotel Kurashiki
Hotel Ichibata
Kure Hankyu Hotel
Takamatsu Kokusai Hotel
JR Hotel Clement Takamatsu
JR Hotel Clement TokushimaTokyo

The Crown Palais New Hankyu Kochi

Imabari Kokusai Hotel
Remm Kagoshima45