Hankyu Hanshin Holdings Group
Results Briefing Materials for
Financial Results for the First Half of
Fiscal 2024 (Ended March 2024)
November 9, 2023
Hankyu Hanshin Holdings, Inc.
9042 https://www.hankyu-hanshin.co.jp/en/

Contents
Ⅰ. Executive Summary･･･

2

Ⅱ. Performance Highlights for the First Half of
Fiscal 2024 (Ended March 2024)･･･

8

Ⅲ. Forecasts for Fiscal 2024 (Ended March 2024)･･･ 30

Separate Document: Reference Data
(1) Long-Term Vision, Medium-Term Plan
(Reproduced from Results Briefing Materials for Financial Results for Fiscal 2023
(Ended March 2023) in May 2023*)* With some information updated(2) Progress in Each Project(3) Sustainable Management(4) Other
The information is also available on our corporate website:

https://www.hankyu-hanshin.co.jp/en/ir/library/presentations/

Business forecasts and other projections herein are based on information available at present and logical assessments and do not
represent any promise by the Company. The actual results may differ significantly from these projections due to various factors.

1

Ⅰ. Executive Summary
Ⅱ. Performance Highlights for the First Half of
Fiscal 2024 (Ended March 2024)
Ⅲ. Forecasts for Fiscal 2024 (Ended March 2024)2

Blank page3

Executive Summary ①■ Overview of H1 FY2024
Revenue and profit increased backed by an increase in demand for hotel accommodation in theReal Estate business, a recovery to a certain extent in the number of passengers in the Urban
Transportation business, in addition to robust performance in the Sports segment of theEntertainment business with the Hanshin Tigers winning the league championship for the first timein 18 years.

＜Operating revenue＞（￥ billion）+ 18.5500.0（￥ billion）

2022年度
2Q累計

+1.9

485.6

-37.2

-0.2

International
Transportation

Other/
Adjustment

TravelInformation andCommunication
Technology

H1
FY2023Entertainment

H1
FY2024

＋6.2

＋9.2

Real
EstateH1
FY2023

467.2

Urban
Transportation

450.0

＋13.5

485.6

467.2

＋25.0

H1
FY2024+ 18.5400.0＜Business profit＞（￥ billion）+ 16.3

70.0
60.0
50.0
40.0

（￥ billion）
＋11.6

＋2.8

+0.3
-2.2

48.8

65.1
-2.9

＋6.8

-0.0

48.8
Other/
Adjustment

International
Transportation

TravelInformation andCommunication
Technology

H1
FY2023Entertainment

H1
FY2024Real
EstateH1
FY2023

Urban
Transportation

30.0
20.0
10.0
0.0

65.1

H1
FY2024+ 16.3

4

Executive Summary ②■Overview of FY2024 full-year forecasts
While the International Transportation business is expected to continue to face a stern businessenvironment, revenue increased due to strong performance in the accommodation segment of theHotel business and the domestic travel segment.
（￥ billion）＜Operating revenue＞（￥ billion）

1,000.0

1,000.0

Key points considered inrevisions to performance
forecasts(Business profit)【Urban Transportation】

FY2024
Forecasts(As ofOct)

Reduction in power costs, etc.

【Real Estate】

Strong performance in theaccommodation segment of
the Hotel business【Entertainment】＜Business profit＞（￥ billion）

+12.0

89.4

2Q累計

102.0

International
Transportation

5月
5月
発表
発表
予想
予想

TravelFY2024
Forecasts(As of May)

+3.5
-1.5

Information andCommunication
Technology

FY2024
Forecasts(As ofOct)90.0 +2.2+4.7+1.0 +0.1

Entertainment

FY2023Results

FY2024
Forecasts(As of
May)

102.0
2022
年度

Real
Estate2021年度
2Q累計

90.0+ 12.0（￥ billion）

Urban
Transportation

100.0
90.0
80.0
70.0
60.0
50.0

5月
発表
予想

International
Transportation

900.0

1,000.0-7.8

Travel(As ofOct)

FY2024
Forecasts(As of May)

+5.0

-6.4
Information andCommunication
Technology

FY2024

Forecasts-1.9Entertainment

Forecasts(As of
May)

2022年度
2Q累計+4.8 +0.1

Real
EstateFY2023Results

1,000.0

Urban
Transportation

950.0

968.3 2021年度
2Q累計FY2024

1,000.0

10月
発表
予想
FY2024

Forecasts(As ofOct)

Strong performance in the
Sports business following theHanshin Tigers winning theleague championship【Travel】

Strong performance indomestic travel【International
Transportation】

Challenging businessenvironment expected topersist for the foreseeable
future■ Return of profits to shareholders (increased dividend)••

Based on recent business performance, the Company plans to raise the year-end dividend of
FY2024 by ¥5 per share to ¥30 per share (raising the per-share annual dividend from ¥50 to¥55).
With regard to the acquisition of treasury stock, the Company plans to buyback stock so that the
total payout ratio, when considered together with dividends, is 30%.
*For details, please see p.35.
5Acquisition of a Rental Property in Indonesia (Neo Soho Mall)• In September, Hankyu Hanshin Properties
acquired the Neo Soho Mall, a commercial
facility adjacent to the Central Park Mall, alarge-scale commercial facility located in West
Jakarta, Indonesia, which was acquired lastyear.
• This facility has had a large influx of purposeoriented tenants, and boasts the only
aquarium located in a commercial facility inJakarta. This development allows forcentralized operations and management withthe adjacent Central Park Mall, and is
expected to a broad customer base.

【Neo Soho Mall on the map】
Neo Soho Mall
Central Park Mall

Soekarno-Hatta
International
West Jakarta
AirportNeo Soho Mall ●Motorway exit

Central JakartaⒸGoogle【Overview】
Floor space
Size
Use

63,479㎡＊
7 floors above ground,
2 underground floors, etc.
Commercial（c.70 tenants）【Location map (detailed)】*This represents the total floor space, including shared sections.

【Exterior View of complex】

Soho
Central Park
Residence
APL
Tower

Pullman Hotel

High-rise residential

Soho Capital

Central Park Mall

Central Park Complex

Bridge/Underpass

Neo Soho Mall
Neo Soho Mall
Podomoro City

6

Restructuring of Hankyu Hanshin Hotels (Scheduled for April 2024)
While the company’s business competitivenessand performance exhibit steady signs ofimprovement, the following restructuring isdesigned to further improve the profitability
and operational strength of the Hotel business,in addition to enhancing its competitive edge.

Background・ While the company faced a challenging businessenvironment pre-COVID, it was particularly susceptible tothe effects of the COVID-19 pandemic.
・ With the challenging business environment expected topersist for the foreseeable future, drastic structuralreforms were introduced in FY2022, which resulted in adecision to phase out Hotel new Hankyu Osaka and Senri
Hankyu Hotel, facilities which had undergone noticeable
deterioration.

【Overview of the Hankyu Hanshin Hotels
restructuring】
Separate the asset holding, and management
and operation arms of the business.
Specifically, transfer land and buildings ownedby the company to Hankyu Corporation andHankyu Hanshin Properties to establish a newcompany that specializes in hotel management
and operation.

・ Further, the Hotel business was brought under the Real
Estate segment in FY2023, providing the framework toactively promote future urban development and mixed
use development projects under the same umbrella.

State of Initiatives Promoting Sustainable Management
Disclosure of GHG emissions “Scope 3 (supply chain emissions)”•

In response to requests to reduce greenhousegas (GHG) emissions, including supply chain
emissions, we estimated Scope 3 emissions(emissions outside the Company) in addition to
our estimates of Scope 1 and 2 emissions for
FY2022, and published these results in the 2023
Integrated Report.

[GHG emissions (FY2022 results)]

Breakdown of Scope 3

OthersRatio by Scope
Scope1
2.8%

12.4%

Scope2Category4

7.6%

10.1%

https://www.hankyu-hanshin.co.jp/ir/library/integratedreports/*English version will be released around December.

Category1

Category2

89.6%

57.3%

20.2%

Scope3▶Integrated report

Scope 3 emissions
3,404,000t-CO2

Category

１
２
４

Applicable activities
Emissions from products or services purchased or
acquired by the Company
Emissions from the manufacturing of purchased or
acquired capital goods
Emissions from the transportation of products, etc.
by other parties(excluding items included in Category 1.)

7

Ⅰ. Executive Summary
Ⅱ. Performance Highlights for the First Half of
Fiscal 2024 (Ended March 2024)
Ⅲ. Forecasts for Fiscal 2024 (Ended March 2024)

8

Blank pageConsolidated Statements of Income(Summary)
H1 FY2024
Results

Consolidated Subsidiaries
Equity-Method Affiliates
Total(¥ million)

FY2023Results

104 companies
13 companies
117 companies

H1 FY2024
Results

Change99 companies +5 (6 companies increase, 1 company decrease)
10 companies +3 (3 companies increase)109 companies +8 companies

H1 FY2023
Results

Operating revenue

485,644467,160

Operating profit

64,32048,754[Business profit][65,069][48,754]

ChangeRemarks+18,484 （ ＋4.0% ）+15,565 （ ＋31.9% ） For details, please see page 12.
[+16,315] [ ＋33.5% ]Non-operating income

9,133

5,877 +3,255

Equity in income of affiliates ＋2,981

Non-operating expenses

6,523

5,137 +1,385

Interest expense ＋990

66,93049,494Extraordinary income

1,165

1,134

+31

Extraordinary losses

1,459

1,976

-517

44,87331,050Ordinary profit

Profit attributable to ownersof parent（Reference）

H1 FY2024
Results

H1 FY2023
Results+17,435 （ ＋35.2% ）+13,823 （ ＋44.5% ）ChangeDepreciation and amortization

30,40330,462Financial balance ① - ②-4,219-3,544

-674

963

648

+315

5,183

4,192

+990

Interest and dividend income①
Interest expense②-59

Note: Business profit = Operating profit + Equity-method gains/losses related to overseas business investments【For details, please see next page】（With regard to H1 FY2023, we had no equity-method affiliates in our overseas businesses. Thus, for thisyear, “Business profit = Operating profit”.）

10Business Profit
 “Business profit” was introduced from the fiscal year ending in March 2024 as a new management
metric for the Group to reflect equity-method gains/losses accompanying overseas business
investments alongside operating profit.
 This is intended to more accurately track progress in overseas business growth initiatives (in Real
Estate business).

Business profit＝ Operating profit ＋ Non-operating profit/loss : Equity-method gains/losses related
to overseas business investments (in Real Estate business)

 Company-wide business profit
H1 FY2024
Results

H1 FY2023
Results

485,644

Change%467,160＋18,484＋4.0%

64,32048,754＋15,565＋31.9%

Equity-method
gains/losses related tooverseas business
investments ②

749

－

＋749

Business profit ①+②

65,06948,754＋16,315

Operating revenue
Operating profit ①＋33.5%

Note: With regard to H1 FY2023 results, we had no equity-method affiliates in our overseas businesses.
Thus, for this year, “Business profit = Operating profit”.

11Consolidated Statements of Income (Breakdown for each business segment)[Key results in current period]
Revenue and profit increased backed by an increase in demand for hotel accommodation in theReal Estate business, a recovery to a certain extent in the number of passengers in the Urban
Transportation business, in addition to robust performance in the Sports segment of theEntertainment business with the Hanshin Tigers winning the league championship for the first timein 18 years.
(¥ million)

Operating profit

Operating revenue
H1 FY2024
Results

H1 FY2023
Results[Business profit]
ChangeH1 FY2024
Results

H1 FY2023
Results

11,859Change99,81990,591+9,227

18,651

142,381

128,902+13,478

22,436[23,186]

Entertainment

49,44043,211+6,228

16,642

13,871+2,771

Information and Communication
Technology

28,373

26,475+1,897

1,922

1,606

+316

111,038

86,007+25,031

5,956

8,153

-2,196

International
Transportation

50,05087,204-37,153

708

3,626

-2,917

Other

22,483

21,903

+579

534

420

+113

Adjustment-17,941-17,136-805-2,532-2,377

-155

Total

485,644467,160+18,484

64,320[65,069]

Urban Transportation
Real Estate

Travel+6,791

11,595 +10,841[11,595] [+11,590]

48,754 +15,565[48,754] [+16,315]

Note: Business profit = Operating profit + Equity-method gains/losses related to overseas business investments 【For details, please see p.11.】（H1 FY2024 results for all segments besides the Real Estate business were calculated as “Business profit = Operating profit”.）

12Urban Transportation Results
Revenue and profit increased due to a recovery to a certain extent in the number of passengers in the
Railway and Automobile businesses, and the start of collection of barrier-free charges* at railway
stations.

*All barrier-free charges will be used in the development of further barrier-free facilities in the future.

（\ million）

H1 FY2024
Results

H1 FY2023
Results

Change％Operating revenue

99,81990,591+9,227＋10.2%

Operating profit

18,651

11,859+6,791＋57.3%[Breakdown by type of business]（\ billion）

Operating revenue
H1 FY2024 H1 FY2023
Results
Results

Operating profit

Y on YH1 FY2024 H1 FY2023
Results
Results

Y on Y

Railway

73.1

66.1

+7.0

20.1

14.6

+5.5

Automobile

21.3

19.3

+2.0

1.0

-0.2

+1.1

Retailing

6.4

5.9

+0.6

0.8

0.5

+0.3

Others

2.9

2.9

+0.0

0.2

0.1

+0.2

Note: Not including head office expenses / adjustments.
13

[Urban Transportation] Railway Performance Results
Hankyu Corporation
Fare revenues (¥ million)*
H1 FY2024
Results

H1 FY2023
Results

Commuter pass

16,29815,191+1,107

Workers

14,07913,050Students

2,219

2,140

Other tickets

29,665

Total

45,964

Hanshin Electric Railway

Passenger volumes (Thousands)*
H1 FY2024
Results

H1 FY2023
Results(＋7.3%)

161,028

153,818+7,209(＋4.7%)+1,028(＋7.9%)

111,304

106,001+5,302(＋5.0%)+78(＋3.7%)

49,72347,816+1,907(＋4.0%)

26,300+3,365 (＋12.8%)

139,652

130,832+8,820(＋6.7%)

41,491+4,472 (＋10.8%)

300,680

284,651 +16,029(＋5.6%)

ChangeBarrier-free charge: 1.6 billion yen

Fare revenues (¥ million)*
H1 FY2024
Results

H1 FY2023
Results

Commuter pass

6,044

5,590

+453

Workers

5,442

5,008

Students

601

581

Other tickets

11,286

Total

17,330ChangePassenger volumes (Thousands)*
H1 FY2024
Results

H1 FY2023
Results(＋8.1%)

61,44858,256+3,191(＋5.5%)+433(＋8.7%)

48,882

46,139+2,743(＋5.9%)+20(＋3.5%)

12,565

12,117+447(＋3.7%)

9,605+1,680 (＋17.5%)

57,73351,367+6,365 (＋12.4%)

15,196+2,134 (＋14.0%)

119,181

109,624+9,556

ChangeChange(＋8.7%)

Barrier-free charge: 0.5 billion yen
Note:1) Revenue amounts less than one million yen, and numbers of passengers less than one thousand, are omitted.
2) For Hankyu Railway, “other ticket revenue/ridership” includes revenue/ridership associated with the PiTaPa usage sections.
3) Sum of tier 1 and tier 2 railway operators for both Hankyu Corporation and Hanshin Electric Railway
4) In FY2024, Hankyu Corporation and Hanshin Electric Railway introduced a barrier-free charge. This charge is added to regular rail fares
and included in the fare revenues from “other tickets” and “commuter pass: workers.”

14

[Urban Transportation] Transportation Revenue (Factors of YoY Change)《Hankyu Corporation》《Hanshin Electric Railway》

Transportation revenue (tier 1 + tier 2)

Transportation revenue (tier 1 + tier 2)(¥ million)(¥ million)
Totals for commuter passes
and other tickets

Ｑ1

Ｑ2

Total

FY2024 Results

23,08422,88045,964FY2023 Results

21,22020,271

Change+1,863(%)+8.8

Totals for commuter passes
and other tickets

Ｑ1

Ｑ2

Total

FY2024 Results

8,604

8,725

17,33041,491

FY2023 Results

7,597

7,598

15,196+2,609+4,472

Change+1,007+1,127+2,134

+12.9

+10.8

(%)

+13.3

+14.8

+14.0

Factors of YoY Change (estimated)
・ COVID-19 impact (YoY change in impact) +¥3,029 million
・ Impact of collecting barrier-free charges
for railway stations＋¥1,563 million
and others

Factors of YoY Change (estimated)
・ COVID-19 impact (YoY change in impact)
・ Impact of collecting barrier-free charges
for railway stations+¥1,536 million＋¥531 million
and others

15

[Urban Transportation] Referential Information
Hankyu Line: Transportation revenue (tier 1 + tier 2)
Commuter passes
Other tickets
Total

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY202331,29961,63092,92931,54960,91092,45932,272
62,92095,192

32,62862,72095,34833,19863,137
96,33533,456
63,05996,516

34,11961,88796,00728,09340,982
69,07528,65445,422
74,077

29,90054,90884,809

100%

99%

102%

103%

104%

104%

103%

120%
110%

(¥ million)
FY2024H1
16,29829,66545,964

91%

100%

80%

90% FY2014＝100%

74%

80%
70%

(FY)

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Hanshin Line: Transportation revenue (tier 1 + tier 2)
Commuter passes
Other tickets
Total

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

11,00820,26031,269

11,107
20,286
31,394

11,372
21,03532,407

11,563
21,13632,699

11,797
21,63833,436

12,02422,03034,054

12,327
21,66533,993

10,476
13,72524,202

10,62815,39726,026

11,096
19,36530,462

100%

104%

105%

107%

109%

100%

109%

120%
110%

97%

100%
90%

FY2024H1
6,044
11,286
17,330FY2014＝100%

77%

80%

83%

70%

(FY) 2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

16

Real Estate Results
Revenue and profit increased, driven by a recovery in demand for accommodations in the Hotel business,
primarily from inbound visitors, and robust growth in leasing activity in Osaka Umeda Twin Towers South andother properties making up the Real estate leasing business portfolio, in addition to growth in the Overseas
real estate business.

（\ million）

H1 FY2024
Results

H1 FY2023
Results

Change％Operating revenue

142,381

128,902+13,478＋10.5%

Operating profit

22,436

11,595+10,841＋93.5%[Business profit][23,186][11,595][+11,590] [＋100.0%][Breakdown by type of business]（\ billion）

Operating profit[Business profit]

Operating revenue
H1 FY2024 H1 FY2023
Results
Results

Y on YH1 FY2024 H1 FY2023
Results
Results

Y on Y

Real estate leasing

62.1

57.0

+5.1

19.7

15.8

+3.9

Real estate sales
and others

63.0

66.9

-4.0

4.4

5.1

-0.7

Overseas
real estate

3.8

0.6

+3.1

1.7
[2.5]

-0.2
[-0.2]+2.0[+2.7]

Hotel

29.7

17.7

+12.1

1.9

-4.3

+6.2

Note:1) Not including head office expenses /adjustments.
2) “Overseas real estate” is shown as an independent subsegment in the FY2024 results, and the results for H1 FY2023 have also been changed
as a point of comparison.
3) Business profit = Operating profit + Equity-method gains/losses related to overseas business investments（H1 FY2024 results for all segments besides the Overseas real estate business were calculated as “Business profit = Operating profit”. ）17

[Real Estate] Referential Information
Leasable area（at the end of fiscal year ）［1,000㎡］［1,000㎡］
2,400

1,800

2,230

Umeda area only (right axis)

2,200
2,000

1,200

Leasable area (left axis)

1,100

Acquired Lalaport Koshien(site)

1,000

Completion of
GRAND FRONT OSAKA

940

1,700

1,600

760

Start of work on PhaseⅠ
of Osaka Umeda Twin
Towers South

1,400
1,200

Completion of
Osaka Umeda Twin Towers North Phase Ⅱ
2013

2014

2015

【Osaka Umeda Twin Towers North】(Former name: Umeda Hankyu Building)

2016

2017

Completion of Osaka Umeda
Twin Towers South PhaseⅡ
Completion of Osaka Umeda Twin Towers South PhaseⅠ,
start of work on PhaseⅡ,
Partial sale of stake of GRAND FRONT OSAKA
2018

2019

【GRAND FRONT OSAKA】

2020

2021

2022

900
800
700
600

2023

【Osaka Umeda Twin Towers South】（Complete construction in February 2022）

18

[Real Estate] Referential Information
Average daily rate (ADR) and occupancy rate ＊1

21,000Tokyo metropolitan area ADR(left axis)

Kansai area ADR(left axis)

Tokyo metropolitan area occupancy rate (right axis)

Kansai area occupancy rate (right axis)

92.6%

92.2%

93.9%

94.3%

90.5%

90.8%

95.4%

Total figures for H1 FY2024
Occupancy rate
89.3％（+26.7P from previous year）
Average daily rate (ADR) ¥16,763（+¥6,982 from previous year ）
90.9%
80.6%

18,00015,000

88.6%

86.6%

17,221
15,853

15,21014,61912,00088.7%

16,66514,14013,549＊2

16,167

15,715

62.1%

28.9%
40.9%

9,923
11,830
8,968
9,461
8,358
10,287

12,782
11,912FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

60.0%

20.0%

16.8%

6,000

80.0%

40.0%

12,55010,210ADR (¥） FY2014

19,411
73.1%

46.8%

13,748
＊2

88.3%

63.6%

79.7%

11,616
9,000

73.9%

90.9%

16,654
15,449100.0%

89.7%

0.0%

FY2022 H1 FY2023 FY2023 H1 FY2024

Non-Japanese guests as a percentage of overnight-stay guests
Tokyo metropolitan area

70.0%
60.0%
50.0%
31.4%

40.0%
30.0%

22.7%

20.0%
10.0%
0.0%

38.6%
36.9%

38.1%
37.0%

42.3%

45.6%

40.6%

39.9%

FY2014

33.2%

37.6%

0.4%

FY2015FY2016FY2017FY2018FY201968.4%

The total figures for H1 FY2024 is 49.9％(+47.2P from previous year)

44.8%

25.0%
17.3%

Kansai area

FY20201.9%

FY2021

5.7%

43.4%

7.0%
11.4%

0.3%

1.1%

FY2022 H1 FY2023 FY2023 H1 FY2024*1 The data omits the COVID-related temporary closures of some hotels.
*2 Since FY2020, we started reporting the earnings of overseas online travel agents on a gross basis, rather than on a net basis as before.
The new method (gross basis) has been applied retroactively to the previous fiscal year.

19Entertainment Results
Revenue and profit increased due to the increase in the attendance figures at games played by the Hanshin Tigers,
who won the league championship for the first time in 18 years, in the Sports business, and an increase in the numberof performances by the Takarazuka Revue in the Stage business, despite the cancellation of certain stage shows.

（\ million）

H1 FY2024
Results

H1 FY2023
Results

Change％Operating revenue

49,44043,211+6,228＋14.4%

Operating profit

16,642

13,871+2,771＋20.0%[Breakdown by type of business]（\ billion）

Operating revenue
H1 FY2024 H1 FY2023
Results
Results

Operating profit

Y on YH1 FY2024 H1 FY2023
Results
Results

Y on YSports

31.7

26.7

+4.9

13.4

11.0

+2.4

Stage

17.8

16.5

+1.3

4.2

3.7

0.5

Note: Not including head office expenses /adjustments.
20[Entertainment] Referential Information
Hanshin Tigers Home Game :Admission numbers＊1(Thousands of people)(CY) 2015

Admissions
Ranking

2016

・Number of regular season games:71 (±0 from previous year)

2017

2018

2019

2020

2021

H1 2022

2,878

2,911

3,035

2,899

3,091

518

749

3

4

2

6

3

2

2

2022

2,576

H1 2023

2,619

2,916

3

1

3 *2

*1 “Admissions” indicates the actual number of admissions for a given season (calendar year).
*2 Rankings are as of September 30.

Takarazuka Revue : Audience numbers
・Number of shows : Takarazuka Grand Theater :211（+46 from previous year）
Tokyo Takarazuka Theater :228（+47 from previous year）
・Shows were suspended during the following periods:
Takarazuka Grand Theater: Jun 3 - 18 (shows recommenced from Jun 18 second show),Jun 22 Performances by new performers (number of shows cancelled: 25)
Tokyo Takarazuka Theater:Aug 15 – 18 (number of shows cancelled: 6)(Thousands of people) (FY) 2016

2017

2018

2019

2020

2021

2022

H1 2023 2023 H1 2024

Total

2,825

2,844

2,996

3,128

2,991

1,565

2,716

1,295

2,781

1,634

Takarazuka Grand Theather

1,149

1,169

1,191

1,207

1,106

485

904

409

925

551

Tokyo Takarazuka Theater

1,000

967

992

990

917

460

785

370

801

481

623

586

619

598

572

200

418

229

474

272

53

122

195

333

396

420

610

287

581

330

Other Theathers
Live screening*3

Live streaming*4*3 Audiences who paid to see performance screened live in cinema*4 Audiences who paid to view livestream performance on home TV or device

21

Information and Communication Technology Results
Revenue and profit increased due to an increase in orders received in the Information Services business.

（\ million）

H1 FY2024
Results

H1 FY2023
Results

Change％Operating revenue

28,373

26,475+1,897＋7.2%

Operating profit

1,922

1,606

+316

＋19.7%

22

Travel Results
Although revenue increased due to robust demand for domestic travel and a year-on-year increase in international
travel, which is still in the middle of a recovery, profit declined due to a drop in orders for non-travel services, such assupport services for local authorities.

（\ million）

H1 FY2024
Results

H1 FY2023
Results

Change％Operating revenue

111,038

86,007+25,031＋29.1%

Operating profit

5,956

8,153

-2,196- 26.9%Billings(¥ billion)

500.0

Domestic travel

Overseas travel

400.0
300.0

146.3

136.8

200.0
100.0
0.0

132.5 129.0 136.1

136.7

128.6
119.7

261.6 234.7 201.1
FY2014FY2015FY2016186.9 206.6 229.8

FY2017FY2018FY2019203.3

FY2020

58.0
43.4
5.9
12.3
2.5

80.3

55.9

FY2021

FY2022

H1
FY202334.1 52.7

FY2023

H1
FY2024* Figures for FY2014 to FY2015 represent the simple aggregate amounts from Hankyu Travel International and Hankyu Hanshin Business Travel.
The figures from FY2016 to FY2023 represent the aggregate amounts from the two companies as well as from Hanshin Travel International(offsetting intercompany transactions).
The figures from FY2024 represent the aggregate amounts from Hankyu Travel International and Hankyu Hanshin Business Travel (offsettingintercompany transactions).

23

International Transportation Results
Revenue and profit declined in both air and ocean transportation due to stagnant logistics demand caused by sweeping
inventory adjustments made by customers, among other factors, and a relaxing of the tight supply and demandconditions that persisted.

（\ million）

H1 FY2024
Results

Operating revenue

H1 FY2023
Results

Change50,05087,204-37,153-42.6%

708

3,626-2,917-80.5%

Operating profit

Air export consolidated freight weight (from Japan)
80,00072,21770,00060,00055,01561,09357,165％（unit:ton）

76,802
66,30262,22555,43446,48450,00043,96440,00030,48930,00017,441

20,00010,0000FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

H1
FY2023

FY2023

H1
FY202424

Consolidated Statements of Income(Non-operating Profit and Loss)(¥ million)

H1 FY2024
Results

H1 FY2023
Results

ChangeOperating profit

64,32048,754+15,565

Non-operating income

9,133

5,877

+3,255

6,791

3,809

+2,981

6,523

5,137

+1,385

5,183

4,192

+990

66,93049,494+17,435

Equity in income of affiliates

Non-operating expenses
Interest expense

Ordinary profit

25Consolidated Statements of Income(Extraordinary Income and Losses)
H1 FY2024
Results

H1 FY2023
Results

Extraordinary income and losses

-293

-842

+548

Extraordinary income

1,165

1,134

+31

1,063

318

+744

102

815

-713

1,459

1,976

-517

1,043

320

+723

415

1,656

-1,240(¥ million)

Gain on contributions for construction
Other

Extraordinary losses
Loss on reduction of property and equipment
Other

Change26

Consolidated Statements of Income(Profit attributable to owners of parent)(¥ million)

H1 FY2024
Results

H1 FY2023
Results

ChangeProfit before income taxes

66,636

48,651+17,984

Total income taxes

19,877

15,597+4,279

Income taxes—current

12,34010,018+2,322

Income taxes—deferred

7,537

5,579

+1,95746,75933,054+13,704

1,885

2,004

-118

44,87331,050+13,823

ProfitProfit attributable to non-controllinginterests
Profit attributable to owners ofparent27

Consolidated Balance Sheets（\ million）

Net assets

Liabilities

AssetsCurrent assets

H1 FY2024
Results

FY2023Results

ChangeRemarks

431,868

428,082

Noncurrent assets

2,504,677

2,437,328+67,349 Property and equipment and intangible assets

Total assets

2,936,545

2,865,410+71,135

482,530

499,684-17,154

Current liabilities+3,785Investment securities +48,151+17,234

H1 FY2024
Results
Dept
Bonds

Long-term liabilities

1,409,017

1,384,785+24,232

Commercial paper
Lease obligations
Interest-bearing debt

Total liabilities

Change842,402822,595 ＋19,807
260,000
260,000-0
10,00010,000－13,57913,755-175
1,125,982 1,106,351 +19,631

1,891,548

1,884,470

Shareholders' equity

914,307878,110+36,197 Payment dividend

Accumulated othercomprehensive income

42,954

28,692+14,261 Valuation difference on avairable-for-sale securities

Non-controlling interests

87,736

74,137+13,598

1,044,997

980,940+64,057

32.6%

31.6%

＋1.0ｐ

Total net assets
Equity ratio+7,078FY2023Results

Profit attributable to owners of parent ＋44,873-6,062Foreign currency translation adjustment ＋7,883+5,98928

Consolidated Statements of Cash Flows(¥ million)

H1 FY2024

H1 FY2023

Results

Results

Cash flows from operating activities

71,36964,330

Income before income taxes

66,636

48,651

Depreciation and amortization＊1

30,40330,618Decrease (increase) in inventories-25,135-13,209

Income taxes (paid) refunded-11,919-9,586

Cash flows from investing activities-71,886-79,643

Purchases of noncurrent assets-58,399-57,232

Purchases of investment securities-32,359-41,274

Receipt of contributions for construction

22,627

17,670

1,022

15,995

Income (expenditure) from borrowings, corporate bonds, or similar items [net] ＊2

11,95524,928Dividends paid

-6,062-6,062

Purchase of treasury stock-2,040-25

Effect of exchange rate changes on cash and cash equivalents

1,874

3,081

Increase (decrease) in cash and cash equivalents

2,380

3,764

Cash and cash equivalents at beginning of year

41,37529,422536－

44,292

33,186

Cash flows from financing activities

Increase in cash and cash equivalents from new consolidations of subsidiaries
or similar events

Cash and cash equivalents at end of year

*1 “Depreciation and amortization” in H1 FY2023 includes amortization recognized as extraordinary losses related to the COVID-19.
*2 “Similar items” includes commercial papers.

29

Ⅰ. Executive Summary
Ⅱ. Performance Highlights for the First Half of
Fiscal 2024 (Ended March 2024)
Ⅲ. Forecasts for Fiscal 2024 (Ended March 2024)30

Consolidated Statements of Income (Summary)（￥ billion）

Operating revenue

FY2024
Forecasts

FY2024
Forecasts(As of May)

Change①②＝①－②

1,000.0

Remarks

While the International Transportation
business is expected to continue to face astern business environment, revenue
87.7 +12.0 ＋13.7% increased due to strong performance inthe accommodation segment of the Hotel[＋13.3%][+12.0][90.0]
business and the domestic travel segment.

1,000.0－－

FY2023Results

Change

③

=①－③

968.3

+31.7

89.4

+10.3

[89.4][+12.6]

Operating profit

99.7[Business profit][102.0]Ordinary profit

1,000.0

87.0+13.0 ＋14.9%

88.4

+11.6

60.0

52.0

+8.0 ＋15.4%

47.0

+13.0

129.7

120.4

+9.3

63.0

+66.7

Depreciation and amortization

62.7

63.7

-1.0

62.0

+0.7

Financial balance (1) - (2)

-9.3

-10.2

+0.9

-7.5

-1.8

1.4

0.9

+0.5

1.3

+0.1

10.7

11.1

-0.4

8.8

+1.9

Profit attributable toowners of parent（Reference）
Capital Expenditures

Interest and dividend income(1)Interest expense(2)Note: Business profit = Operating profit + Equity-method gains/losses related to overseas business investments（With regard to FY2023, we had no equity-method affiliates in our overseas businesses. Thus, for this year, “Business profit = Operating profit”.）

31Consolidated Statements of Income (Breakdown for each business segment)(¥ billion)
Upper row:
Operating revenue
Lower row:
Operating profit[Business profit]

Total

FY2024
Forecasts

FY2024
Forecasts(As of May)

1,000.0

1,000.0

99.7[102.0]

FY2022
Results

Change

－

968.3

+31.7

87.7

+12.0

89.4

+10.3

[90.0][+12.0][+89.4]+12.6

Despite an expected decline in revenue due to a lower than expected
recovery in Hankyu Line ridership numbers, profit growth isforecasted on the basis of the reduction in power costs and other+2.2 expenses.

185.6

+17.6

22.4

+11.1

-6.4 Despite an expected decline in revenue due to a revision in the

282.0

+41.0

27.9

+16.7

ChangeRemarks(Breakdown for each business segment)

203.2

205.1

33.5

31.3

323.0

329.4

44.6

39.9

[46.9][42.2]

Urban Transportation

Real Estate

TravelInternational
Transportation

timing of certain property sales in the condominium business, profit+4.7 growth is forecasted due to an expected recovery in accommodation
demand in the Hotel business, and reduced utility costs in the[+4.7] property Real estate leasing.
Revenue and profit growth is forecasted despite the cancellation of+4.8 some stage shows by the Takarazuka Revue in the stage businesswith strong performance in the sports business following the Hanshin+1.0 Tigers winning the league championship for the first time in 18
years.

79.8

75.0

12.7

11.7

65.9

65.8

+0.1

6.2

6.1

+0.1

210.0

205.0

3.9

0.4

100.0

107.8

1.0

2.5

Entertainment

Information and Communication
Technology-1.9

Revenue and profit growth is forecasted on the basis of an increasein orders in the Information services business.

+5.0 Revenue and profit growth is forecasted on the basis of strong

performance in domestic travel, and the higher than expected orders+3.5 for support services from local governments in the first half.
Lower revenue and profit is forecasted on the basis of the sector-7.8 being faced with a stern business environment for the foreseeable
future, with a stagnation in logistics demand for both air and ocean-1.5 transportation.

[+27.9] [+19.0]
72.3

+7.5

12.6

+0.1

60.4

+5.5

5.9

+0.3

191.4

+18.6

15.3

-11.4

163.3

-63.3

8.4

-7.4

Note: Business profit = Operating profit + Equity-method gains/losses related to overseas business investments（FY2024 results for all segments besides the Real Estate business were calculated as “Business profit = Operating profit”.）

32

[Urban Transportation] Railway Performance Forecasts
Hankyu Corporation
Fare revenues (¥ million)*
FY2024
Forecasts

FY2023Results

Passenger volumes (Thousands)*

ChangeFY2024
Forecasts

FY2023Results

ChangeCommuter pass

32,15629,900+2,256(＋7.5%)

312,095

299,570 +12,524(＋4.2%)

Workers

28,03525,935+2,099(＋8.1%)

220,074

210,671+9,402(＋4.5%)

Students

4,121

3,965

+156

(＋3.9%)

92,021

88,898+3,122(＋3.5%)

Other tickets

61,01854,908+6,109(＋11.1%)

287,631

272,065 +15,565(＋5.7%)

Total

93,17584,809+8,365(＋9.9%)

599,726

571,636 +28,090(＋4.9%)

Barrier-free charge: 3.4 billion yen

Hanshin Electric Railway
Fare revenues (¥ million)*
FY2024
Forecasts

FY2023Results

Passenger volumes (Thousands)*

ChangeFY2024
Forecasts

FY2023Results

ChangeCommuter pass

12,032

11,096+935(＋8.4%)

121,133

114,974+6,158(＋5.4%)

Workers

10,889

9,996

+892

(＋8.9%)

97,146

91,956+5,189(＋5.6%)

Students

1,142

1,099

+42

(＋3.9%)

23,98623,017+968(＋4.2%)

Other tickets

22,047

19,365+2,681 (＋13.8%)

114,414103,696 +10,717 (＋10.3%)

Total

34,07930,462+3,617 (＋11.9%)

235,547

218,671 +16,875

Barrier-free charge: 1.1 billion yen(＋7.7%)＊ 1) Revenue amounts less than one million yen, and numbers of passengers less than one thousand, are omitted.
2) For Hankyu Railway, “other ticket revenue/ridership” includes revenue/ridership associated with the PiTaPa usage sections.
3) Sum of tier 1 and tier 2 railway operators for both Hankyu Corporation and Hanshin Electric Railway.
4) In FY2024, Hankyu Corporation and Hanshin Electric Railway introduced a barrier-free charge. This charge is added to regular rail fares
and included in the fare revenues from “other tickets” and “commuter pass: workers.”

33Performance Indicators
FY2024
Forecasts(As of May)FY2023Results

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

1

Interest-bearing debt
Interest-bearing debt/EBITDA ratio
2

D/E ratio*

Profit attributable to owners of parent
ROE

FY2024
Forecasts(As of Oct.)¥89.4billion¥90.0billion¥102.0billion¥89.4billion¥87.7billion¥99.7billion－¥2.3billion¥2.3billion¥153.7billion¥156.0billion¥167.0billion¥1,106.4billion¥1,190.0billion¥1,190.0billion

7.2

7.6

7.1

1.2

1.3

1.2

¥47.0billion¥52.0billion¥60.0billion

5.3%

5.6%

6.4%

¥1,063.5billion¥1,165.0billion¥1,165.0billion

6.9

7.5

7.0

(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

34

Returns to Shareholders■ Shareholder Return Policy••

We believe in stable dividends and share buybacks. Using total payout ratio as
our yardstick for shareholder returns, we aim for a ratio of 30% while also
reinvesting profits to improve our financial and operating health.
We cap our treasury holdings at 5% of total issued shares and dispose of any
holdings that exceed this cap.

<Reference> Formula for calculating total payout ratio
Total payout ratio of FY[N](％)=(Total dividend of FY[N])+(Acquisition of treasury stock in FY[N+1])(Net income attributable to owners of parent in FY[N])× 100■Return of Profits to Shareholders in FY2024•

Based on recent business performance, the expected year-end dividend will beamended upwards by ¥5 per share to ¥30 per share. As a result, the annual
dividend will be ¥55 (¥25 interim + ¥30 year-end).

•

With regard to the acquisition of treasury stock, the Company plans to buyback stock
based on the formula described above.
Acquisition of treasury stock

9.1bn
¥35

Total dividend

Dividend per share

2.0bn

10.0bn

9.8bn

4.3bn

¥40

¥40

¥50

¥50

¥50

¥50

8.8bn

9.9bn

9.9bn

12.2bn12.2bn12.1bn12.1bn（FY） 2017

2018

2019

2020

2021

2022

2023

¥55

（Scheduled）
2024
35

[Reference] Consolidated Statements of Capital Expenditure(\ billion)

FY2024
Results①

Total capital expenditure

FY2024
Forecasts(As of May)②

ChangeFY2023Results

Change

=①-②

③

=①-③

129.7

120.4

+9.3

63.0

+66.7

Urban Transportation

44.9

46.3

-1.4

27.4

+17.5

Real Estate

59.7

49.7

+10.0

24.5

+35.2

Entertainment

10.3

10.6

-0.3

2.4

+7.9

Information and Communication
Technology

6.3

6.2

+0.1

5.6

+0.7

Travel

1.7

1.3

+0.4

0.7

+1.0

International Transportation

3.7

3.2

+0.5

2.4

+1.3

[Breakdown for each business segment]36

[Reference] Consolidated Statements of Depreciation and Amortization, EBITDA*(\ billion)

FY2024
Foreccasts

FY2024
Forecasts(As of May)

ChangeFY2023Results

Change

①

②

=①-②

③

=①-③

62.7

63.7

-1.0

62.0

+0.7

Urban Transportation

26.6

27.1

-0.5

26.2

+0.4

Real Estate

25.0

25.0

－

24.9

+0.1

Entertainment

3.8

3.9

-0.1

3.7

+0.1

Information and Communication Technology

5.5

5.7

-0.2

5.1

+0.4

Travel

1.0

1.0

－

0.9

+0.1

InternationalTransportation

1.9

1.9

－

1.8

+0.1

167.0

156.0

+11.0

153.7

+13.3

Urban Transportation

60.1

58.4

+1.7

48.7

+11.4

Real Estate

71.9

67.2

+4.7

52.7

+19.2

Entertainment

16.5

15.6

+0.9

16.3

+0.2

Information and Communication Technology

11.8

11.9

-0.1

11.1

+0.7

Travel

4.9

1.4

+3.5

16.2

-11.3

InternationalTransportation

2.9

4.4

-1.5

10.1

-7.2

Total Depreciation and amortization[Breakdown for each business segment]

Total EBITDA[Breakdown for each business segment]*EBITDA = Business profit (Operating profit + Equity-method gains/losses related to overseas business investments)+ Depreciation expenses + Amortization of goodwill

37

[Reference] Operating Revenue and Operating (Business) Profit in Main Segments
Operating profit[Business profit]

Operating revenue(¥ billion)
FY2024
Forecasts

FY2024
Forecasts(As of May)

ChangeFY2023Results

ChangeFY2024
Forecasts

FY2024
Forecasts(As of May)

ChangeFY2023Results

Change

①

②

=①-②

③

=①-③

①

②

=①-②

③

=①-③

203.2

205.1

-1.9

185.6

+17.6

33.5

31.3

+2.2

22.4

+11.1

147.4

147.8

-0.4

134.5

+12.9

36.5

35.7

+0.8

26.5

+10.0

Automobile

43.2

43.5

-0.3

40.2

+3.0

1.8

1.5

+0.3

0.7

+1.1

Retailing

13.0

14.0

-1.0

12.0

+1.0

1.2

1.0

+0.2

1.0

+0.2

Others

10.0

9.8

+0.2

8.9

+1.1

0.8

0.7

+0.1

0.6

+0.2

Real Estate

323.0

329.4

-6.4

282.0

+41.0

44.6

39.9

+4.7

27.9

+16.7

[46.9][42.2][+4.7][27.9][+19.0]Real estate leasing

125.5

123.5

+2.0

126.2

-0.7

34.6

31.9

+2.7

32.4

+2.2

Real estate sales and others

161.7

175.9

-14.2

137.4

+24.3

15.2

15.7

-0.5

9.1

+6.1

8.0

6.8

+1.2

3.2

+4.8

3.4
[5.7]

2.8
[5.1]

+0.6
[+0.6]

1.1
[1.1]

+2.3
[+4.6]

60.6

53.4

+7.2

44.2

+16.4

3.0

0.2

+2.8

-4.8

+7.8

79.8

75.0

+4.8

72.3

+7.5

12.7

11.7

+1.0

12.6

+0.1

Sports

46.0

39.4

+6.6

38.4

+7.6

9.2

6.4

+2.8

7.4

+1.8

Stage

33.7

35.5

-1.8

33.9

-0.2

5.2

7.0

-1.8

6.8

-1.6

Urban Transportation[Breakdown]

Railway[Breakdown]Overseas real estates
HotelEntertainment[Breakdown]

Note:（1）Segment totals may not match the aggregate of the amounts for each type of business due to separate head office expenses/adjustments.
（2）As of FY2024, Overseas real estate is presented as an independent sub-segment. The segment results for the comparative year, FY2023, have been retroactively
adjusted accordingly.
（3）Business profit = Operating profit + Equity-method gains/losses related to overseas business investments(FY2024 results for all segments besides the Overseas Real Estate business were calculated as “Business profit = Operating profit”.)

38