Hankyu Hanshin Holdings Group
Supplementary Materials ofFinancial Results for the Third Quarterof Fiscal 2021
(Ended December 31, 2020)
February 5 th, 2021
Hankyu Hanshin Holdings, Inc.
9042 https://www.hankyu-hanshin.co.jp/en/

Ⅰ. Performance Highlights for

the Third Quarter of Fiscal 2021
(fiscal year ending 31st March 2021)

1

Consolidated Statements of Income(Summary)
3Q FY2021
Results

FY2020Results

ChangeConsolidated Subsidiaries
Equity-Method Affiliates
Total

96 companies
11 companies
107 companies

93 companies +3 (4 companies increase, 1 company decrease)
11 companies104 companies +3(¥ million)

3Q FY2021
Results

3Q FY2020
Results

394,037

583,678-189,641 (-32.5%)-4,84191,015-95,856 (－)

Non-operating income

3,374

8,597-5,222

Non-operating expenses

8,354

9,577

-1,223

Ordinary income-9,82190,034-99,855(－)

Extraordinary income

7,726

1,153+6,572

Employment adjustment subsidies+7,098Extraordinary loss

16,846

1,302+15,543

COVID-19-related losses +15,357

Net income attributable toowners of the parent-16,858

58,968-75,827(－)

COVID-19 impact-176.8billion yen

Revenue from operations
Operating income-87.2billion yen

3Q FY2021
Results（Reference）

3Q FY2020
Results

ChangeRemarks

ChangeDepreciation and amortization

41,00041,580-580

Financial balance ① - ②-5,728-5,623-105

Interest and dividend income①

975

1,369-394

Interest expense②

6,703

6,992

-288

For details,
please see next page

Equity in income of affiliates -4,750

Tax expense -32,913
We have applied the note “Audit
Consideration related to COVID-19
Part 4” (JICPA, April 22, 2020) tooperations and events that wesuspended/cancelled at the requestof authorities. Specifically, we haverecognized as extraordinary loss all
fixed costs incurred during thesuspension of said operations andall costs directly associated with thepreparation and cancellation of said
events.

2

Consolidated Statements of Income (Breakdown for each business segment)[Key results in current period]
Revenue and income fell significantly with most business segments hit hard by COVID19 (details shown on next slide).

(¥ million)

Revenue from operations
COVID-19 impact-50.6billion yen

3Q FY2021
Results

Urban Transportation

3Q FY2020
Results

Operating income
Change3Q FY2021
Results

3Q FY2020
Results

Change116,097

174,813-58,715-39.3billion yen-3,73536,197-39,932

Real Estate-21.2billion yen

125,907

175,498-49,591-7.9billion yen

19,10632,713-13,606

Entertainment-34.7billion yen

28,78262,028-33,246-15.3billion yen-1,575

15,171-16,746

Information andCommunication Technology

39,40739,935

-527

3,267

3,292

-25

Travel8,118

30,700-22,582-7,448

4,536-11,984

58,47857,426+1,052

1,029

-255

+1,284

14,762

48,711-33,949-13,580

417-13,998

Other

32,22425,046+7,178908

1,125-217

Adjustment-29,741-30,482+741-2,813-2,183-630

394,037

583,678-189,641-4,84191,015-95,856-23.3billion yen

International
Transportation
HotelsTotal-38.3billion yen-176.8billion yen-10.6billion yen-14.4billion yen-87.2billion yen

3How COVID-19 Impacted Each Businesses■COVID-19 impact in each business<Breakdown for each business segment>
Total（¥ billion)

Urban
Transportation

Real EstateEntertainment

TravelHotels

Revenue from operations-176.8

-50.6

-21.2

-34.7-23.3-38.3

Operating income

-87.2

-39.3

-7.9

-15.3

-10.6

-14.4

Ordinary income

-87.1

-39.4

-7.7

-15.3

-10.5

-14.6

Extraordinary income

7.2

0.5

0.4

0.7

3.6

1.9

Extraordinary loss ※

15.5

1.0

2.5

4.4

4.0

3.5

Income before income
taxes

-95.4

-39.9

-9.8

-19.0

-11.0

-16.1

※ We have applied the note “Audit Consideration related to COVID-19 Part 4” (JICPA, April 22, 2020) to operations and events that we suspended/cancelled
at the request of authorities. Specifically, we have recognized as extraordinary loss all fixed costs incurred during the suspension of said operations and all
costs directly associated with the preparation and cancellation of said events.

■ How COVID-19 impacted each business
UrbanTransportation

・Less revenue with fewer people going out during SOE and drop in inbound tourism

Real Estate・Shopping facilities closed temporarily or operated with reduced hours; domestic condominium
business suspended sales/marketing activities

Entertainment・Fewer pro baseball regular season games; Takarazuka Revue performances cancelled;
restrictions on eventsTravel

・Domestic and international tours suspended; surge in cancellations

Hotels・Drop in inbound and domestic demand hit by travel/outing and banquet cancellations
4Urban Transportation results

COVID-19 impact
Revenue from operations：-50.6billion yen
Operating income：-39.3billion yen

Big decrease in revenue and income: In railway and automobile businesses, COVID-19 caused hugedecline in ridership.

(¥ million)

3Q FY2021
Results

Revenue from operations
Operating income

3Q FY2020
Results

Change%116,097

174,813-58,715-33.6%-3,735※ (-4,259)

36,197-39,932※ (-40,456)

ー(ー)※ Parenthesized figures indicate reversals of COVID-19-related losses and subsidies recorded as extraordinary income.

Real Estate results

COVID-19 impact
Revenue from operations：-21.2billion yen
Operating income：-7.9billion yen

Big decrease in revenue and income. This was partly a reactionary dip from spike last year, when thecondominium business benefitted from the completion and handover of large properties. Anotherfactor was COVID-19, which caused shopping facilities in Umeda and elsewhere to close temporarily
or operate with reduced hours.
【Reference】 Condominium sales：-898 units（410 units; previous year 1,308 units）(¥ million)

3Q FY2021
Results

3Q FY2020
Results

Change%Revenue from operations

125,907

175,498-49,591-28.3%

Operating income

19,106(16,967)

32,713-13,606※ (-15,745)-41.6%(-48.1%)※※ Parenthesized figures indicate reversals of COVID-19-related losses and subsidies recorded as extraordinary income.

5

[Urban Transportation] Railway Performance results
Hankyu Corporation
Fare revenues (¥ million)*

Passenger volumes (Thousands)*

3Q FY2021
Results

3Q FY2020
Results

Commuter pass

21,20926,037-4,828(-18.5%)

210,931

266,420-55,488(-20.8%)

Workers

19,33022,355-3,024(-13.5%)

163,680

184,073-20,392(-11.1%)

Students

1,878

3,682-1,804(-49.0%)

47,25082,347-35,096(-42.6%)

Other tickets

30,231

48,173 -17,941(-37.2%)

153,670

241,722-88,052(-36.4%)

Total

51,44074,211 -22,770(-30.7%)

364,601

508,142 -143,541(-28.2%)

Change3Q FY2021 3Q FY2020
Results
Results

ChangeCOVID-19 impact -23.1billion yen

Hanshin Electric Railway
Fare revenues (¥ million)*

Passenger volumes (Thousands)*

3Q FY2021Results

3Q FY2020
Results

Commuter pass

7,902

9,372-1,469(-15.7%)

81,38197,736-16,354(-16.7%)

Workers

7,355

8,367-1,011(-12.1%)

68,731

76,491-7,759(-10.1%)

Students

546

1,004-458(-45.6%)

12,65021,245-8,594(-40.5%)

Other tickets

10,167

17,073-6,906(-40.4%)

56,493

92,971-36,478(-39.2%)

Total

18,06926,445-8,375(-31.7%)

137,874

190,707-52,832(-27.7%)

Change3Q FY2021 3Q FY2020
Results
Results

ChangeCOVID-19 impact -8.5billion yen＊ Revenue amounts less than one million yen, and numbers of passengers less than one thousand, are omitted.
For Hankyu Railway, “other ticket revenue/ridership” includes revenue/ridership associated with the PiTaPa usage sections.
Sum of tier 1 and tier 2 railway operators for both Hankyu Corporation and Hanshin Electric Railway.

6

Entertainment results

COVID-19 impact
Revenue from operations：-34.7billion yen
Operating income：-15.3billion yen

Big decrease in revenue and income. The sports and stage businesses were both hit by COVID-19. In
the sports business, there were fewer Hanshin Tigers’ regular season games, and in the stagebusiness, many Takarazuka Revue shows were cancelled. Even after events resumed, the games andshows that did go ahead provided less ticket revenue due to event restrictions.

(¥ million)

Revenue from operations
Operating income

3Q FY2021
Results

3Q FY2020
Results

Change%28,78262,028-33,246-53.6%-1,575※ (-5,091)

15,171-16,746※ (-20,262)

ー(ー)※ Parenthesized figures indicate reversals of COVID-19-related losses and subsidies recorded as extraordinary income.

Information and Communication Technology results
Revenue declined, reflecting a dip from the high level in the same period last year, when theinformation services business received large orders for transportation systems. However, income
remained at last year’s level, as the broadcasting and communications business saw an increase in
number of subscribers to internet services.

(¥ million)

3Q FY2021
Results

3Q FY2020
Results

Change%Revenue from operations

39,40739,935-527-1.3%

Operating income

3,267

3,292-25-0.8%
7

Travel results

COVID-19 impact
Revenue from operations：-23.3billion yen
Operating income：-10.6billion yen

Although domestic tours made a healthy profit in 3Q itself, cumulatively (1Q–3Q), there was a big
decrease in revenue and income. Due to COVID-19, international tours were cancelled throughout theperiod, while domestic tours attracted fewer customers year on year.

(¥ million)
Revenue from operations
Operating income

3Q FY2021
Results

3Q FY2020
Results

Change8,118

30,700-7,448※ (-7,881)

4,536%-22,582-73.6%-11,984※ (-12,418)

ー(ー)※ Parenthesized figures indicate reversals of COVID-19-related losses and subsidies recorded as extraordinary income.

International Transportation results
Despite the effects of COVID-19, revenue and income increased thanks to rise in emergency
transportation in East Asia, more logistics operations in Japan, and higher sales prices.

(¥ million)

3Q FY2021
Results

3Q FY2020
Results

Change%Revenue from operations

58,47857,426+1,052+1.8%

Operating income

1,029

-255

+1,284―8Hotels results

COVID-19 impact
Revenue from operations：-38.3billion yen
Operating income：-14.4billion yen

Big decrease in revenue and income: Due to COVID-19, some hotels closed temporarily, and demand
slumped in the accommodation and food/beverage businesses.

(¥ million)
Revenue from operations
Operating income

3Q FY2021
Results

3Q FY2020
Results

Change%14,762

48,711-33,949-69.7%-13,580※ (-15,126)

417-13,998※ (-15,543)

ー(ー)※ Parenthesized figures indicate reversals of COVID-19-related losses and subsidies recorded as extraordinary income.

9Consolidated Balance Sheets
3Q FY2021
Results

Net assets

Liabilities

Assets(¥ million)

FY2020Results

Current assets

309,943

262,984

Noncurrent assets

2,259,382

2,226,097

Total assets
Current liabilities
Long-term liabilities

Total liabilities

ChangeRemarks+46,959 Land and buildings for sale : +26,043+33,285 Investment securities : +26,137

2,569,325 2,489,081 +80,244
410,394
1,236,749

394,634
1,156,774

3Q
FY2021Results

FY2020Results

ChangeDebt

801,994

773,465+28,528

Bonds

157,000

122,000+35,000

Commercial paper

75,000ー+75,000+15,760+79,974

Lease obligations

1,647,144 1,551,409 +95,734

Interest-bearing debt

+2,775+141,304

Net income attributable to owners of the855,597

886,935-31,338 parent:-16,858

Accumulated othercomprehensive income

24,81918,711+6,108Non-controlling interests

41,76532,025+9,739922,181

937,672-15,490

34.3%

36.4%

-2.1p

Equity ratio

8,014
903,480

Accounts payable:-37,496

Shareholders’ equity

Total net assets

10,7901,044,784

Payment dividend:-12,188

10

Ⅱ. Forecasts for Fiscal 2021
(fiscal year ending 31st March 2021)11

Consolidated Statements of Income (Summary)(¥ billion)

FY2021
Forecasts

FY2021
Forecasts(As of Feb.)①
COVID-19 impact(As of Nov.)②-218.7billion yen

Revenue fromoperations

Ordinaryincome

Net income
attributable toowners of theparent①-②575.0

575.0

ー-116.4billion yen

-9.0

-21.0

-36.0

-12.0

-23.0

-36.0

Remarks

FY2020Results

Change①-③③-218.7billion yen-113.4billion yen

OperatingincomeChange+3.0

＋2.0

ー

Although the impact of COVID-19
remains unclear since a state ofemergency was declared inJanuary this year, the forecast wasupgraded (from the figure
announced on Nov 2020) in viewof the Entertainment Business andsome other business segments’better-than-expected performancein cumulative 3Q.

762.7-187.795.2-104.2

This forecast was upgraded inconjunction with the upgrading of
the forecast for operating income.

88.8-109.8This forecast remains unchanged(from the figure announced on Nov2020), despite the upgraded
forecast for ordinary income, since
COVID-19-related losses are
expected to be higher in view ofthe state of emergency declared inJanuary this year.

54.9-90.9

12

Management Indicators / Returns to Shareholders■Management Indicators
FY2020Results

FY2021
Forecasts(As of Nov.)

FY2021
Forecasts(As of Feb.)

Operating income¥95.2billion-¥12.0billion-¥9.0billion

EBITDA※1¥154.1billion¥47.0billion¥50.0billion

Interest-bearing debt

¥903.5billion¥1,070.0billion ¥1,070.0billion

Interest-bearing debt /EBITDA ratio

5.9times

22.8times

21.4times

D/E ratio※2

1.0times

1.2times

1.2times¥54.9billion-¥36.0billion-¥36.0billion

6.1%

-4.1%

-4.1%

Net income attributable toowners of the parentROE(Reference)
Net interest-bearing debt※3

Net interest-bearing
debt/EBITDA ratio¥878.5billion

5.7times¥1,045.0billion ¥1,045.0billion

22.2times

20.9times※1 EBITDA=operating income + depreciation expenses + amortization of goodwill※2 D/E ratio＝interest-bearing debt / equity※3 Net interest-bearing debt=interest-bearing debt - cash and deposits■Specific figures for dividend of surplus for fiscal 2021•

As announced on August 12, 2020, we will maintain our commitment to stable dividends in
FY2021. Specifically, the annual dividend per share will be the same as in FY2020: ¥50 (¥25
interim + ¥25 year-end).

13

【Reference】 Recent performance in railways■Year-on-year change in ridership
Note: The September ridership figures reflect the downturn relative to last year’s rush demandahead of consumption tax hike.
（％）

2.2

《Hankyu Corporation》

3.3

Commuter pass

-10.0

0.0
0.5

-20.0

-30.3

-4.7

-20.9

-13.1

-18.3

-25.4

Other tickets
-14.5

-27.8

-30.9

The state ofemergency

-32.3

-15.2

-31.2
-16.9

-40.0

-14.9

-22.0

-29.9

-34.4

-34.2

-60.0
-64.1

-66.4

-80.0

JanFebMar

AprMayJunJul

Aug《Hanshin Electric Railway》（％）

SepOctCommuter pass

NovDecOther tickets

3.1

1.3

-4.9

0.0

-20.2

1.6

-18.0-11.3

-19.1

-14.0

-11.9

-12.7

-25.3

-3.5

-20.0

-14.5

-17.0
-40.0

The state ofemergency

-34.9

-32.8
-39.6

-36.0

-23.1

-30.6

-42.6

-60.0

-63.2

-80.0

JanFebMar

Apr

-64.6

MayJunJul

Aug

Sep

Oct

NovDec14