Hankyu Hanshin Holdings Group
Results Briefing Materials for

Financial Results for the First Half of
Fiscal 2022 (Ending March 2022)
November 5 th, 2021
Hankyu Hanshin Holdings, Inc.
9042 https://www.hankyu-hanshin.co.jp/en/

Contents
Ⅰ. Performance Highlights for the First Half of
Fiscal 2022 (fiscal year ending 31st March 2022)･･･

Ⅱ. Forecasts for Fiscal 2022
(fiscal year ending 31st March 2022)･･･ 27

Ⅲ. Sustainable Management･･･ 39

Ⅳ. Referential Materials(1) Future Strategy(Reproduced from the results briefing materials released in May 2021※)(2) Progress in Each Project(3) Other2･･･ 51･･･ 66･･･ 73※ With some information updated

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. Performance Highlights for

the First Half of Fiscal 2022

(fiscal year ending 31st March 2022)2

Blank page3

Consolidated Statements of Income(Summary)
H1 FY2022
Results

Consolidated Subsidiaries
Equity‐Method Affiliates
Total(¥ million)

Impact of applying ASBJ 29+¥3.8 billion

FY2021Results

Change98 companies 95 companies +3 (3 companies increase)
11 companies 11 companies
109 companies 106 companies +3
H1 FY2022
Results

H1 FY2021
Results

ChangeRemarks

Revenue from operations

310,835

241,018+69,816(―)

Operating income

10,104‐14,723+24,827(―)

Non‐operating income

4,910

1,537

+3,373

Non‐operating expenses

5,308

6,209

‐901

Ordinary income

9,707‐19,394+29,102(―)

Extraordinary income

38,0855,031+33,053

Gain on contributions for construction +26,852
Gain on sale of investment securities +3,535
Employment adjustment subsidies +2,129

Extraordinary loss

35,20114,802+20,399

Loss on reduction of noncurrent assets +26,842
COVID‐19‐related losses ‐6,237

Net income attributable toowners of the parent

5,857‐23,007+28,864(―)

Applying ASBJ 29 (Accounting Standard for Revenue
Recognition) impacts revenue from operations in two
main ways (the impact on operating income isnegligible in each case) :1) We will now recognize revenue at the grossamount (rather than the net amount as before)
for transactions in the travel business related toorganized tours.
2) We will now recognize revenue at the net
amount (rather than the gross amount as
before) for transactions in the retailingbusiness related to sales and purchasing,and for transactions in the information andcommunication technology segment related
to agency retail sales of electricity.

H1 FY2022
Results（Reference）

H1 FY2021
Results

ChangeDepreciation and amortization

28,44726,509+1,938Financial balance ① ‐ ②‐3,689‐3,877+188

Interest and dividend income①

600

606

‐5

Interest expense②

4,289

4,484

‐194

Note: The percentage changes are not shown because the figures for FY2022 H1 comply with the
Accounting Standard for Revenue Recognition (ASBJ No. 29), applied from the start of FY2022.

For details,
please see next page
Equity in income of affiliates +3,451
Equity in losses of affiliates ‐6664Consolidated Statements of Income (Breakdown for each business segment)[Key results in current period]
Revenues and income increased overall. While most business segments continued feeling
pandemic impact, the impact had lessened compared to the same period last year.
Revenue from operations(¥ million)

H1 FY2022
Results

H1 FY2021
Results

Urban Transportation

76,48072,278

Real Estate

93,306Entertainment
Information andCommunication Technology

Operating income
H1 FY2022
Results

H1 FY2021
Results+4,202‐328‐7,046+6,71780,548+12,758

14,286

13,198+1,08834,407

14,768+19,638

8,084‐2,615+10,700

27,291

26,269+1,022

2,009

2,218

‐208

8,215

887

+7,327‐8,362‐9,350+987

International
Transportation

60,35737,305+23,052

3,320

463

+2,857

Hotels

9,188

6,953

+2,234‐6,945‐10,005+3,060Other

21,63820,182+1,455

542

214

+328

Adjustment‐20,050‐18,175‐1,875‐2,503‐1,798

‐704

Total

310,835

241,018+69,816

10,104‐14,723+24,827

TravelImpact of applying ASBJ 29+￥7.4 billion

ChangeChange5

Consolidated Statements of Income by Segment (Four‐Year YoY Comparisons)From left to right: FY2019 Q2, FY2020 Q2, FY2021 Q2, FY2022 Q2(¥ billion)

Revenue from operations

410.7

131.1

374.8

118.4

118.8

310.8

99.6

241.0

72.3

93.3
80.5

76.5

60.4

Impact of applying ASBJ 29
43.6+￥7.4 billion

47.7
34.4
21.8

14.8

26.2 26.3 27.3
18.1

Urban

Real EstateEntertainment

Transportation

Information and38.1 37.3

31.4 31.3

21.7
0.9

【Total】

44.2

7.0 9.2

8.2

TravelCommunication

International

HotelsTransportation

Technology

71.5

Operating income

56.6

23.7

26.3

25.0
17.9

13.2

14.3

12.9

15.4
8.1

10.1

2.2 2.0
1.2 2.1‐0.3‐14.7【Total】

Transportation

Real EstateEntertainment

3.3

0.8

0.5
‐0.4

‐2.6

‐7.0

Urban

4.0
1.1

Information andCommunication‐9.4 ‐8.4
TravelInternational‐0.0 ‐0.0‐10.0
Hotels‐6.9

Transportation

Technology

6Outlook for Operating Income（FY2021 H1→FY2022 H1）••In FY2022 H1, operating income was up ¥24.8 billion YoY because, while businesssegments continued feeling pandemic impact, the impact had lessened compared tothe same period last year.
The actual increase was ¥31.1 billion when taking into account the Covid‐related
extraordinary losses (including fixed expenses during suspensions of operations andcosts associated with cancelling events) in both periods. In FY2021 H1, theextraordinary losses totaled ¥13.7 billion. In FY2022 H1, they totaled ¥7.4 billion.

FY2021 H1

FY2022 H1
10.1
2.7

COVID‐19‐
related losses‐7.4+¥24.8 billion+¥31.1 billion-14.7

COVID‐19‐
related losses

‐13.7

-28.4

Urban Transportation +¥7.2 billion,
Entertainment +¥13.9 billion,
Travel +¥2.4 billion,
International Transportation +¥2.9 billion,
Hotels +¥3.0 billion

7

Urban Transportation Results
Increase in revenue and income. The segment continued feeling pandemic impact (withfewer traveling amid a state of emergency), but the railway and automobile businesses
experienced a recovery in ridership compared to the slump of the same period last year.
(¥ million)

H1 FY2022
Results

Revenue from operations

H1 FY2021
Results

Change%76,48072,278+4,202

+5.8%

‐328

‐7,046+6,717―

Operating income[Breakdown by type of business](¥ billion)

Revenue from operations

Operating income

H1
FY2022
Results

H1
FY2021Results

ChangeH1
FY2022
Results

H1
FY2021Results

ChangeRailway

56.1

52.3

+3.8

5.2

1.5

+3.6

Automobile

16.0

15.1

+0.9

‐2.8

‐4.8

+2.0

Retailing

5.2

6.4

‐1.2

0.3

0.3

‐0.0

Others

3.5

1.9

+1.6

0.1

‐0.0

+0.1

Impact of applying ASBJ 29-¥1.9 billion*Not including head office expenses /adjustments.

8

[Urban Transportation] Railway Performance results
Hankyu Corporation
Fare revenues (¥ million)*
H1 FY2022
Results

H1 FY2021
Results

Commuter pass

14,47414,004

Workers

12,701Students

Passenger volumes (Thousands)*
H1 FY2022
Results

H1 FY2021
Results+470 (+3.4%)

143,524

137,773+5,751(+4.2%)

12,983‐281(‐2.2%)

103,228

110,520‐7,291(‐6.6%)

1,772

1,020

+752(+73.7%)

40,29527,252 +13,043(+47.9%)

Other tickets

20,52218,007 +2,515(+14.0%)

103,904

92,016 +11,887(+12.9%)

Total

34,99732,011

247,428

229,789

Change+2,986(+9.3%)

Change+17,638(+7.7%)

Hanshin Electric Railway
Fare revenues (¥ million)*
H1 FY2022
Results

H1 FY2021
Results

Commuter pass

5,348

5,223

Workers

4,864

Students

Passenger volumes (Thousands)*
H1 FY2022
Results

H1 FY2021
Results+125(2.4%)

55,73153,406+2,324(+4.4%)4,928‐63(‐1.3%)

45,09946,193‐1,093 (‐2.4%)

484

295

+189(+64.1%)

10,631

7,213+3,418(+47.4%)

Other tickets

7,071

6,132

+939(+15.3%)

38,87034,277+4,593(+13.4%)

Total

12,42011,355+1,064(+9.4%)

94,602

87,684+6,917(+7.9%)

ChangeChange＊ 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) For commuter passes, revenue and ridership were previously counted from the date of sale. As of fiscal 2022, they arecounted from the commencement date (the date from which the ticket is valid).

9

[Urban Transportation] Transportation Revenue (Factors of YoY Change)《Hankyu Corporation》
Transportation revenue (tier 1 + tier 2)《Hanshin Electric Railway》
Transportation revenue (tier 1 + tier 2)(¥ million)(¥ million)
Totals for commuter passes
and other tickets

Q1

Q2

34,997

FY2022 Results

6,001

6,418

12,42018,12632,011

FY2021 Results

4,968

6,386

11,355+3,192‐206+2,986

Change+1,033+32+1,065+23.0%

‐1.1%

+9.3%

(%)

+20.8% +0.5%+9.4%

Totals for commuter passes
and other tickets

Q1

Q2

FY2022 Results

17,077

17,919FY2021 Results

13,885

Change(%)

Factors of YoY Change (estimated)
・COVID‐19 impact (YoY change in impact)First half
total

Factors of YoY Change (estimated)
・COVID‐19 impact (YoY change in impact)+¥2,974 million
and others

First half
total+¥1,021million
and others

Ridership (compared to same period of fiscal 2019 ）《Hankyu Corporation》（％）

《Hanshin Electric Railway》

（％）

0.0

0.0

‐20.0

‐20.0

‐40.0

‐40.0

‐60.0

‐60.0

Commuter pass

Commuter pass

Other tickets

Other tickets

FY2020

FY2021

FY2022

FY2020

FY2021

FY2022

Sep

Aug

Jul

Jun

May

Apr

Mar

Jan

Feb

Dec

Nov

Oct

Sep

Aug

Jul

Jun

May

Apr

Mar

Feb

Jan

Sep

Jul

Aug

Jun

Apr

May

Feb

Mar

Jan

Dec

Nov

Oct

Sep

Jul

Aug

Jun

May

Apr

Feb

Mar

‐80.0

Jan

‐80.0

10

[Urban Transportation] Referential Information
Hankyu Line: Transportation revenue (tier 1 + tier 2)
Commuter passes
Other tickets
Total
120%
100%
100%
80%

(¥ million)

FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY202029,92260,26890,19130,39160,74991,141

31,29961,63092,92931,54960,91092,45932,272
62,92095,192

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

34,11961,88796,007

101%

103%

103%

106%

107%

107%

106%

H1
FY202228,093
14,47440,982
20,522
69,07534,997

FY2021

106%

77%

FY2012＝100%

60%

(FY)

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

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

FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

H1
FY2022

10,623
19,42230,045

10,74019,66930,41011,00820,26031,269

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

5,348
7,071
12,420

104%

104%

120%
100%

101%

108%

109%

111%

113%

113%

100%
80%

81%

FY2012＝100%60%(FY) 2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

11

Real Estate Results
Increase in revenue and income. The real‐estate leasing business continued feeling
pandemic impact (temporary closures in shopping facilities under the state of
emergency), but rent revenue recovered relative to the Covid‐related slump of the same
period last year. Additionally, the condominium business saw a year‐on‐year increase incondominium sales.

【Reference】 Condominium sales (condominiums held by the group)︓+73（351 units; previous year
279 units）(¥ million)

H1 FY2022
Results

H1 FY2021
Results

Change%Revenue from operations

93,30680,548+12,758+15.8%

Operating income

14,286

13,198+1,088+8.2%[Breakdown by type of business](¥ billion)

Revenue from operations

Operating income

H1
FY2022
Results

H1
FY2021Results

ChangeH1
FY2022
Results

H1
FY2021Results

ChangeReal estate leasing

49.7

46.6

+3.2

15.1

14.4

+0.7

Real estate sales and others

51.8

42.1

+9.8

3.4

2.9

+0.4

*Not including head office expenses/adjustments.

12[Real Estate] Referential information
Leasable area（at the end of fiscal year ）［1,000㎡］［1,000㎡］

Leasable area （Left axis）

Umeda area only（Right axis）

2,000

1,000

2,000
Completion of
GRAND FRONT OSAKA

1,800

900
Acquired Lalaport Koshien (site)

1,600

1,580

1,400

1,200

(FY)

680

Completion of
Umeda Hankyu Building Phase Ⅱ

Completion of Umeda 1‐1 Project PhaseⅠ,
start of work on PhaseⅡ,
Partial sale of stake of GRAND FRONT OSAKA

Completion of
Umeda Hankyu Building Office Tower
2011

2012

2013

2014

810

Start of work on PhaseⅠof the Umeda 1‐1 Project

800

700

600
2015

2016

2017

【Hankyu Nishinomiya Gardens】 【Umeda Hankyu Building】

2018

2019

2020

2021

【GRAND FRONT OSAKA】

13

Entertainment Results
Increase in revenue and income. The segment continued feeling pandemic impact(restrictions on events amid a state of emergency), but in contrast to the same period
last year, when many of the events were postponed or cancelled, the sports businessbenefitted from an upturn in Hanshin Tigers’ regular season games, and the stage
business benefitted from an upturn in Takarazuka Revue shows.
(¥ million)

H1 FY2022
Results

H1 FY2021
Results

Change%Revenue from operations

34,407

14,768+19,638 +133.0%

Operating income

8,084‐2,615+10,700―[Breakdown by type of business](¥ billion)

Revenue from operations
H1
FY2022
Results

H1
FY2021Results

Sports

16.9

Stage

17.5

Operating income

ChangeH1
FY2022
Results

H1
FY2021Results

Change

9.2

+7.7

4.9

‐1.4

+6.3

5.5

+12.0

3.8

‐0.7

+4.5

*Not including head office expenses /adjustments.

14

[Entertainment] Referential information
・Number of regular season games︓62 (＋23 from previous year)［Breakdown］
Hanshin Koshien Stadium : 3 games with no spectators,
25 games open to season ticket holders only,
25 games open to season ticket holders andpre‐purchased ticket holders
Kyocera Dome : 9 games open to pre‐purchased ticket holders

Hanshin Tigers Home Game :Admission numbers ※1(Thousands of people) (CY) 2013

Admissions

2014

2015

2016

2017

2018

H1
2020

2019

2,772

2,690

2,878

2,911

3,035

2,899

3,091

216

2

2

3

4

2

6

3

2

Ranking

H1
2021

2020
518

609

2

※2

2※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 ︓208（＋181 from previous year）
Tokyo Takarazuka Theater ︓206（＋155 from previous year）
・Shows were suspended during the following periods:
Takarazuka Grand Theater︓April 26 ‐ May 10
Tokyo Takarazuka Theater︓April 27 ‐ May 10

(FY)

2021

H1
2022

298

1,565

1,480

1,106

41

485

474

990

917

53

460

417

619

598

572

63

200

226

195

333

396

45

133

91

97

287

271

2014

2015

2016

2017

2018

2019

2020

Total

2,672

2,668

2,825

2,844

2,996

3,128

2,991

Takarazuka Grand Theater

1,074

1,179

1,149

1,169

1,191

1,207

Tokyo Takarazuka Theater

977

969

1,000

967

992

Other theaters

621

520

623

586

53

122

(Thousands of people)

Live screening※1－－

Live streaming※2

－

－

－

－

－

－

－

H1
2021

※1 Audiences who paid to see performance screened live in cinema※2 Audiences who paid to view livestream performance on home TV or device
15

Information and Communication Technology Results
Revenue increased due partly to an increased number of subsidiaries in the broadcasting
and communications business. However, income decreased from the high level of thesame period last year, when there was a large order in the information services business.

(¥ million)

H1 FY2022
Results

H1 FY2021
Results

Change%Revenue from operations

27,291

26,269+1,022+3.9%

Operating income

2,009

2,218

‐208

‐9.4%

16

Blank page17

Travel Results
Increase in revenue and income. The segment continued feeling pandemic impact(cancellations of international tours), but revenue increased with the application of the
Accounting Standard for Revenue Recognition. Income increased thanks to lower costs.

(¥ million)

H1 FY2022
Impact of applying ASBJ 29
Results+￥7.4 billion

H1 FY2021
Results

Change%Revenue from operations

8,215

887

+7,327+825.7%

Operating income‐8,362‐9,350

+987

ー

18

International Transportation Results
Increase in revenue and income. Handling volume recovered from the Covid‐related
slump, and demand outstripped supply for air and ocean transport.

(¥ million)

H1 FY2022
Results

H1 FY2021
Results

Change%Revenue from operations

60,35737,305+23,052+61.8%

Operating income

3,320

463

+2,857+616.9％Air export consolidated freight weight (from Japan)
80,00070,000（unit︓ton）

72,21762,47860,00061,09349,74755,01557,16576,80262,22543,96446,48450,00040,00030,84230,00015,34920,00010,0000FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020H1 FY2021

FY2021H1 FY2022

19

Hotels Results
Increase in revenue and income. The segment continued feeling pandemic impact (withsome hotels temporarily closing amid a state of emergency), but the accommodationand food/beverage businesses experienced a recovery, to some extent, in user numbers
compared to the slump of the same period last year.
(¥ million)

H1 FY2022
Results

H1 FY2021
Results

Change%Revenue from operations

9,188

6,953

+2,234+32.1%

Operating income‐6,945‐10,005+3,060ー[Performance Highlights for the first half of Fiscal 2022※1]《Hankyu Hanshin Hotels》
Occupancy rates（since January 2020）

Occupancy rates of Hankyu Hanshin Hotels※2

Total 34.3％ (+18.1 points from previous year)• Kansai area 35.3% (+15.9 points from previous year)• Tokyo metropolitan area 31.2% (+20.4 points fromprevious year)
Average daily rates (ADR) of Hankyu Hanshin Hotels※2

Total ¥9,004(-¥1,309 from previous year)• Kansai area ¥8,268 (-¥1,875 from previous year)• Tokyo metropolitan area ¥11,252 (-¥373 fromprevious year)

（％）

100.0

Tokyo metropolitan area
Kansai area

80.0

60.0

40.0

20.0

FY2020

FY2021

Sep

Aug

Jul

Jun

Apr

May

Mar

Feb

Jan

Dec

Nov

Oct

Sep

Aug

Jul

Jun

May

Apr

Mar

Jan

※1 The data omits the COVID‐related temporary closures of some
hotels.
※2 Including remm Kagoshima

Feb

0.0

FY202220

[Hotels] Referential information
Average daily rates (ADR) and occupancy rates of Hankyu Hanshin Hotels ※1

21,00018,00079.7%

15,210

90.5%

88.6%

86.6%

83.3%

15,00012,000Kansai area ADR ※3
Kansai area occupancy rate(right axis)※3

Tokyo metropolitan area ADR ※2
Tokyo metropolitan area occupancy rate(right axis)※2
92.6% 92.2%
93.9% 94.3% 95.4%
89.9% 92.2%

15,853

88.7%

11,616

9,407

80.6%

80.0%

79.7%

16,665
16,167
15,449 16,654
14,619※4
14,14013,54913,748※4

10,210

9,000

90.9%

17,221

14,28813,52090.8%

100.0%

90.9%

60.0%

12,550

9,521

6,000
（¥） FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020

38.6%

40.0%

31.4%

30.0%
20.0%

13.1%

14.9%

25.0%
17.3%

10.0%

12.3%

37.0%

H1

Tokyo metropolitan area※2
45.6%
44.8%
42.3%
40.6%

36.9%

22.7%

10.0%
0.0%

38.1%

10,287 8,268
10.8% 16.8%
FY2021

FY2021

Non‐Japanese guests as a percentage of overnight‐stay guests ※1
50.0%

11,625 11,830 11,252
40.0%
28.9%
35.3%
10,143
31.2%
20.0%
19.4%
0.0%

H1
FY2022

Kansai area※3

39.9% 37.6%

The total figures for H1 FY2022 is 4.5％※5(+3.6 points from previous year)

2.0% 1.9%
0.6%

FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020

H1

0.4%
FY2021
H1

14.9%
0.5%

※1 The data omits the COVID‐related temporary closures of some hotels.
FY2021
FY2022※2 Directly managed by Hankyu Hanshin Hotels in the Tokyo metropolitan area
※3 Directly managed by Hankyu Hanshin Hotels in the Kansai area
※4 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.
※5 Including remm Kagoshima21Consolidated Statements of Income(Non‐operating profit and loss)(¥ million)

H1 FY2022
Results

H1 FY2021
Results

Operating income

10,104‐14,723+24,827

Non‐operating income

4,910

1,537

+3,3733,451

ー+3,451

5,308

6,209

‐901

Interest expenses

4,289

4,484

‐194

Equity in loss of affiliates

－

666

‐666

9,707

‐19,394+29,102

Equity in income of affiliates

Non‐operating expenses

Ordinary income

Change22

Consolidated Statements of Income(Extraordinary profit and loss)(¥ million)

H1 FY2022
Results

H1 FY2021
Results

Extraordinary profit and loss

2,883

‐9,770+12,653

Extraordinary income

38,0855,031+33,053

Gain on contributions for construction

27,100248+26,852

Gain on sale of investment securities

3,699

163

+3,535

Employment adjustment subsidies

6,574

4,445

+2,129

Other

710

173

+536

35,20114,802+20,399

Loss on reduction of noncurrent assets

27,122279+26,842

COVID‐19‐related losses

7,448

13,685‐6,237

Other

630

836

‐205

Extraordinary loss

Change23

Consolidated Statements of Income(Net income attributable to owners of the parent)(¥ million)

H1 FY2022
Results

H1 FY2021
Results

Income before income taxes

12,590‐29,165+41,755

Total income taxes

4,897‐7,088+11,985

Income taxes—current

3,844

1,693

+2,150

Income taxes—deferred

1,052‐8,782+9,835

Net income

7,693‐22,076+29,770

Net income attributable to non‐controlling interests

1,835

930

+905

Net income attributable to ownersof the parent

5,857‐23,007+28,864

Change24

Consolidated Balance Sheets
H1 FY2022
Results

Net assets

Liabilities

Assets(¥ million)

FY2021Results

Current assets

320,460

325,307

Noncurrent assets

2,310,907

2,295,721

Total assets
Current liabilities
Long‐term liabilities

Total liabilities

ChangeRemarks‐4,846
Property and equipment and intangible assets+15,186 ＋25,139

Investment securities ‐11,511
H1
FY2022
Results

FY2021Results

Debt

812,722824,622‐11,900

Bonds

237,000

197,000+40,000

Commercial papers

30,00030,000－2,631,368 2,621,028 +10,339
354,011
1,365,082

380,618‐26,607

1,330,424+34,658

1,719,093 1,711,042+8,050

Lease obligations
Interest‐bearing debt

11,425+1,1691,063,048+29,269

Net income attributable to owners of the parent

833,781

833,640+141 +5,857

Accumulated othercomprehensive income

32,48033,511‐1,030Non‐controlling interests

46,012

42,834+3,178912,274

909,985+2,288

32.9%

33.1%

‐0.2p

Equity ratio

12,595
1,092,318

Long‐term deferred contribution for
construction ＋13,474
Accounts payable ‐31,891

Shareholders’ equity

Total net assets

ChangePayment dividend ‐6,063

25

Consolidated Statements of Cash Flows(¥ million)

H1 FY2022
Results

H1 FY2021
Results

21,317‐45,768

12,59029,136‐14,027
9,834‐29,165
28,015‐20,726‐21,922

Cash flows from investing activities‐41,170‐36,717

Purchases of noncurrent assets‐71,187
362
9,179
22,234‐79,095
19,841
1,552
23,64020,73983,325‐6,06329,269‐6,094
91,986

761
1,647

‐416
423

25,222
2,215
29,08623,526
2,072
26,021

Cash flows from operating activities
Income before income taxes
Depreciation and amortization (※)
Decrease (increase) in inventories
Income taxes (paid) refunded

Proceeds from sales of noncurrent assets
Purchases of investment securities
Receipt of contributions for construction

Cash flows from financing activities
Dividends paid
[Reference] Decrease (increase) in interest‐bearing debt

Effect of exchange rate changes on cash and cash equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Increase in cash and cash equivalents from newly consolidated subsidiary
Cash and cash equivalents at end of year（※）The figure includes depreciation and amortization that was recognized as extraordinary (COVID‐related) loss.

26

Ⅱ. Forecasts for Fiscal 2022
(fiscal year ending 31st March 2022)27

Consolidated Statements of Income (Summary)(¥ billion)

FY2022
Forecasts①

Impact of applying ASBJ 29+¥39.0 billion

FY2022
Forecasts(As of Jul.)②

Change=①‐②

Revenue from operations

740.0

770.0

‐30.0
(‐3.9%)

Operating income

30.0

30.0

－
(ー)

Remarks
Revenue decrease: The Travel,
Real Estate, and Urban
Transportation segments will fallshort of initial forecasts.
No change in income: Revenue
and income in the International
Transportation andEntertainment segments higher
than initially forecasted, better
earnings in the Hotels segment.
We forecast an increase fromgain on equity in income ofaffiliates and lower interest
expenses.

FY2021Results

Change568.9+171.1

2.1

+27.9

‐7.6

+32.6

‐36.7

+48.7

③

=①‐③

Ordinary income

25.0

23.0

+2.0
(+8.7%)Net income attributable toowners of the parent

12.0

12.0

－
(ー)

Capital Expenditures

139.7

137.5

＋2.2

108.5

+31.2

Depreciation and amortization

60.7

60.7

―

55.7

+5.0

Financial balance (1) – (2)

‐7.5

‐8.3

＋0.8

‐7.8

＋0.3

Interest and dividend income (1)

1.0

1.1

‐0.1

1.1

‐0.1

Interest expense (2)

8.5

9.4

‐0.9

8.9

‐0.4

The effect of higher ordinary
income is offset by larger Covid‐
19‐related losses.

(Reference)28

Consolidated Statements of Income (Breakdown for each business segment)(¥ billion)[Upper table]
Revenue fromoperations[Lower table]
Operating income

FY2022
Forecasts

Impact of applying ASBJ 29+¥39.0 billion①

FY2022
Forecasts(As of Jul.)②

Change=①‐②Remarks

FY2021Results

Change

③

₌①-③

740.0

770.0

‐30.0

568.9

+171.1

30.0

30.0

－

2.1

+27.9

166.2

173.7

‐7.5

156.9

+9.3

8.7

11.3

‐2.6

The railway and automobile businesses have seen lessridership than previously expected as a result of the Aug–Sep state of emergency.

‐5.1

+13.8

2,363

244.1

‐7.8

188.4

+47.9

30.5

31.8

‐1.3

Because of the Aug–Sep state of emergency, we expect
less rent revenue in the real estate leasing business.
Additionally, in the real estate sales business, the sales ofsome properties were rescheduled.

28.9

+1.6

62.4

59.2

+3.2

42.2

+20.2

7.3

5.6

+1.7

Audiences for Hanshin Tigers’ regular season games andTakarazuka Revue shows have exceeded previous
expectations.

‐2.3

+9.6

-¥3.0 billion yen 62.6
Information andCommunication
6.0
Technology

61.6

+1.0

58.1

+4.5

6.0

－

5.6

+0.4

60.0

108.7

‐48.7

12.0

+48.0

‐11.0

‐8.7

‐2.3

‐7.4

‐3.6

120.0

87.0

+33.0

85.6

+34.4

5.0

2.8

+2.2

2.3

+2.7

26.3

28.5

‐2.2

19.1

+7.2

‐13.8

‐15.7

+1.9

‐17.9

+4.1

Total

(Breakdown for each business segment)-¥4.0 billion

Urban
Transportation
Real EstateEntertainment

Travel+¥50.0 billion

International
Transportation

Hotels

Revenue increase: Orders increased in the information
services business. However, income to remain as initiallyforecasted.
Outlook for recovery in domestic tour sales has been
downgraded.
Handling volume has surpassed expectations anddemand should continue to outstrip supply for the time
being.
Revenue decrease: The Aug–Sep state of emergency has
resulted in a greater‐than‐expected Covid impact (closureof some hotels).
Income increase: Less expenses, losses classified as
extraordinary losses.

29

COVID‐19 Impact in Each Segment (assumptions for Fiscal 2022 forecasts)
Stated below are the assumptions underlying the full‐year forecasts. These assumptions take into account H1
performance.

Urban
Transportation

Real Estate【Railway】
The decline in revenue from other (non‐season) tickets will gradually ease from the current level. By March
2022, the revenue will be just 10–20% lower than result for the same period in fiscal 2019.
The impact on worker commuter pass revenue will persist throughout the period (the revenue will be around
10% lower than the fiscal 2019 level).
The period-average for student commuter pass revenue will be just 10–20% lower than the fiscal 2019 level.
【Automobile】
For transit buses, the impact will be similar to that for railway.
For airport shuttle buses, the impact will depend on outlook for air travel (demand for international flights at
Kansai International Airport will not recover within the fiscal year).
【Real estate leasing】
Performance will recover significantly from the level of H1, when the state of emergency (store closures,
reduced hours) impacted the segment.

Entertainment【Sports】
Pro baseball: For Q3 onward, baseball revenue will recover provided that there will be around 20,000
sellable seats for each Hanshin Tigers’ regular season game.
【Stage】
Takarazuka Revue: For Q3 onward, theater production revenue will recover provided that theaters will returnto full capacity (excluding frontmost seats).

TravelIn view of recent performance, from Q3 onward, domestic tours will recover (full‐year performance will bearound 50% down from the fiscal 2019 level).
Demand for international tours will not recover within the fiscal year.

HotelsAccommodation: Given recent demand trends in Japan, we expect performance to steadily recover from Q3.
Inbound demand is unlikely to recover in the period (for hotels managed directly by Hankyu Hanshin
Hotels※, domestic demand as of March 2022 will be around 40% less than it was in the same period in fiscal
2019).
Food/beverage: Performance will gradually recover from Q3.
※ Excludes hotel locations opened in fiscal 2020 or later.

30

Outlook for Operating Income（FY2021→FY2022）••

For fiscal 2022, on the assumption that many businesses will see a reasonable
recovery from the effects of the pandemic, we expect to achieve ¥30.0 billion in
operating income, ¥27.9 billion higher than in fiscal 2021.
However, the actual year-on-year increase will be ¥38.5 billion when taking into
account the Covid‐related extraordinary losses (including fixed expenses duringsuspensions of operations and costs associated with cancelling events). In FY2021,
the extraordinary losses totaled ¥19.4 billion. For fiscal 2022, we are expecting suchlosses to amount to ¥8.8 billion.
30.0
COVID‐19‐
related losses

‐8.8
21.2

+¥27.9 billion+¥38.5 billion

2.1

COVID‐19‐
related losses-17.3

FY2021‐19.4

FY2022
Urban Transportation +¥14.5 billion,
Real Estate +¥2.7 billion,
Entertainment +¥13.2 billion,
International Transportation +¥2.7 billion,
Hotels +6.0 billion

31

[Urban Transportation] Railway Performance Forecasts
Hankyu Corporation
Fare revenues (¥ million)*
FY2022
Forecasts
Commuter pass

FY2021Results

ChangePassenger volumes (Thousands)*
FY2022
Forecasts

FY2021Results

Change29,16228,093+1,069(+3.8%)

290,781

277,068+13,712(+4.9%)

Workers

25,442

25,625‐182(‐0.7%)

206,635

216,044‐9,408(‐4.4%)Students

3,720

2,468 +1,252(+50.7%)

84,14561,024 +23,121 (+37.9%)

Other tickets

47,18440,982 +6,202(+15.1%)

239,101

208,035 +31,065 (+14.9%)

Total

76,347

69,075 +7,271 (+10.5%)

529,883

485,104+44,778 (+9.2%)

Hanshin Electric Railway
Fare revenues (¥ million)*
FY2022
Forecasts
Commuter pass

FY2021Results

ChangePassenger volumes (Thousands)*
FY2022
Forecasts

FY2021Results

Change10,766

10,476+289 (+2.8%)

111,704

107,336+4,367 (+4.1%)

Workers

9,726

9,750

‐24 (‐0.3%)

89,34090,809

‐1,469(‐1.6%)

Students

1,040

726

+313 (+43.2%)

22,363

16,526+5,837(+35.3%)

Other tickets

15,883

13,725 +2,157 (+15.7%)

87,17976,214 +10,965 (+14.4%)

Total

26,64924,202 +2,446 (+10.1%)

198,884

183,550+15,333 (+8.4%)＊ 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) For commuter passes, revenue and ridership were previously counted from the date of sale. As of fiscal 2022, they arecounted from the commencement date (the date from which the ticket is valid).

32

Management Indicators / Returns to Shareholders■Management Indicators
FY2021Results

FY2022 Forecasts（As of Jul. ）FY2022 Forecasts（As of Oct.）

Operating income¥2.1 billion¥30.0 billion¥30.0 billion

EBITDA※1¥60.3 billion¥93.0 billion¥93.0 billion¥1,063.0 billion¥1,150.0 billion¥1,150.0 billion

Interest‐bearing debt /EBITDA ratio

17.6 times

12.4 times

12.4 times

D/E ratio※2

1.2 times

1.3 times

1.3 times-¥36.7 billion¥12.0 billion¥12.0 billion

‐4.1%

1.4%

1.4%

¥1,035.5 billion¥1,125.0 billion¥1,125.0 billion

17.2 times

12.1 times

12.1 times

Interest‐bearing debt

Net income attributable toowners of the parent
ROE(Reference)
Net interest‐bearing debt※3
Net interest‐bearing
debt/EBITDA ratio※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 2022•

For fiscal 2022, as announced in May 14, 2021, we expect to deliver a dividend at the samelevel as fiscal 2021: ¥50 per share※.
※ ¥25 interim (Dividend payment date : December 1,2021), ¥25 year-end（forecast）

33

[Reference] Consolidated Statements of Income (Breakdown by type of business)
Revenue from operations(¥ billion)

FY2022
FY2022
Forecasts Forecasts①(As of Jul.)②

Change=①‐②

FY2021Results③

Operating income
Change=①‐③

FY2022
FY2022
Forecasts Forecasts(As of Jul.)①②

Change=①‐②

FY2021Results

Change③=①‐③

Urban Transportation

166.2

173.7

‐7.5

156.9

+9.3

8.7

11.3

‐2.6

‐5.1

+13.8

[Breakdown]
Railway
Automobile
Retailing
Others

121.5
35.2
11.5
8.3

125.0
36.9
12.2
10.1

‐3.5
‐1.7
‐0.7
‐1.8

112.3
32.7
14.0
8.8

+9.2
+2.5
‐2.5
‐0.5

17.3
‐3.8
0.8
0.6

19.5
‐3.6
0.9
0.6

‐2.2
‐0.2
‐0.1
－

7.9
‐6.8
0.8
0.7

+9.4
+3.0
+0.0
‐0.1

Real Estate

236.3

244.1

‐7.8

188.4

+47.9

30.5

31.8

‐1.3

28.9

+1.6

[Breakdown]
Real estate leasing
Real estate sales
and others

112.8
140.9

114.7
146.9

‐1.9
‐6.0

99.7
105.7

+13.1
+35.2

28.3
10.5

28.9
10.7

‐0.6
‐0.2

29.2
8.3

‐0.9
+2.2

Entertainment

62.4

59.2

+3.2

42.2

+20.2

7.3

5.6

+1.7

‐2.3

+9.6

[Breakdown]Sports
Stage

28.7
33.7

27.2
31.9

+1.5
+1.8

21.1
21.0

+7.6
+12.7

2.1
6.5

1.3
5.7

+0.8
+0.8

‐2.5
1.7

+4.6
+4.8

Note: Segment totals may not match the aggregate of the amounts for each type of business due to separate
head office expenses / adjustments.

34

《Reference》 Consolidated Statements of Capital Expenditure(¥ billion)

FY2022
Forecasts①

Total capital expenditure

139.7

FY2022
Forecasts(As of Jul.)
②

137.5

Change①‐②+2.2

FY2022
Forecasts(As of May)③

Change①‐③

FY2021Results

Change

④

①‐④

137.5

+2.2

108.5

+31.2

Urban Transportation

39.4

44.8

‐5.4

29.5

+9.9

Real Estate

81.6

73.2

+8.4

68.8

+12.8

Entertainment

6.7

6.6

+0.1

1.7

+5.0

Information and Communication
Technology

6.8

6.9

‐0.1

4.5

+2.3

Travel

1.4

1.5

‐0.1

1.4

－

International Transportation

2.9

2.9

－

0.7

+2.2

Hotels

0.9

1.2

‐0.3

1.9

‐1.0

Note : The figures announced on July 2021 did not include a segment breakdown.

35

《Reference》 Consolidated Statements of Depreciation and Amortization(¥ billion)

FY2022
Forecasts①

Total Depreciation andamortization

60.7

FY2022
Forecasts(As of Jul.)②

60.7

Change①‐②－

FY2022
Forecasts(As of May)③

Change①‐③

FY2021Results④

Change
①‐④

60.7

－

55.7

+5.0

(Breakdown for each business segment)
Urban Transportation

27.7

27.8

‐0.1

27.1

+0.6

Real Estate

20.4

20.8

‐0.4

17.3

+3.1

Entertainment

3.8

3.6

+0.2

2.9

+0.9

Information and Communication
Technology

4.9

5.1

‐0.2

4.2

+0.7

Travel

0.9

1.0

‐0.1

0.9

－

International Transportation

1.6

1.2

+0.4

1.3

+0.3

Hotels

2.2

2.3

‐0.1

2.4

‐0.2

Note : The figures announced on July 2021 did not include a segment breakdown.

36

《Reference》 Consolidated Statements of EBITDA(¥ billion)

FY2022
Forecasts①

Total EBITDA※

93.0

FY2022
Forecasts(As of Jul.)②

93.0

Change①‐②

FY2022
Forecasts(As of May)③－

Change①‐③

FY2021Results④

Change
①‐④

86.0

+7.0

60.3

+32.7

(Breakdown for each business segment)
Urban Transportation

36.4

40.5

‐4.1

21.9

+14.5

Real Estate

50.9

51.7

‐0.8

46.4

+4.5

Entertainment

11.1

5.8

+5.3

0.7

+10.4

Information and Communication
Technology

11.0

10.8

+0.2

9.9

+1.1

Travel

‐10.1

‐7.0

‐3.1

‐6.5

‐3.6

6.6

2.8

+3.8

3.6

+3.0

‐11.6

‐16.4

+4.8

‐15.6

+4.0

International Transportation
Hotels※ EBITDA=operating income + depreciation expenses + amortization of goodwill
Note : The figures announced on July 2021 did not include a segment breakdown.

37

[Reference] Applying the Accounting Standard for Revenue Recognition (ASBJ 29)
 What is the new revenue standard?
 ASBJ 29 specifies (1) when and (2) how a reporter will recognize revenue.
 Based on International Financial Reporting Standards, ASBJ was enforced for all companies in Japan in April
2021 (the start of fiscal 2022).
 Summary of standard① The reporter must recognize revenue when the underlying sales or usage occurs (when thecustomer buys the good or uses the service).
② If the reporter provides the good or service to the customer directly(Note 1), then it must recognize the revenue atthe gross amount(Note 2). If the good or service is provided by an agent, then the reporter must recognize therevenue at the net amount(Note 2).
(Note 1)
Examples of criteria: The reporter is primarily responsible for fulfilling the promise to provide the specified good orservice; the reporter has discretion in establishing the price for the good or service; the reporter has inventory risk
before the specified good or service has been delivered.
(Note 2)Gross amount : All gross revenue from the sale is recorded as revenue from operations, without deducting sales costs.
Net amount
Sales costs
are deducted
frombygross
and the difference is recorded as revenue from operations.
 Examples
of :grouptransactions
affected
the revenue
new standard
Segment

Transaction

Current practice

New practice

Impact on revenue, income forfiscal 2022

①

Urban
Transportation

Commuterpass

Report revenue
Report revenue
prorated by month,prorated by month,
starting from thestarting frommonth ofmonth of salecommencement②

TravelOrganized
tours※

Report revenue on
net basis

Report revenue ongross basis

Revenue approx.+¥50.0 billion
No impact on income

②

Urban
Transportation

Sales andpurchase inretailingbusiness

Report revenue ongross basis

Report revenue on
net basis

Revenue approx.-¥4.0 billion
No impact on income

No impact on revenue or income(only the timing of recognitionchanges)※The transactions most affected are those in the travel business related to organized tours.

38

Ⅲ. Sustainable Management

39

Sustainable Management• We have always taken sustainability seriously and have developed a range ofmeasures based on ESG criteria.
• As part of these efforts, we released the Sustainability Declaration in May, 2020, which
outlines the group’s commitment to addressing global sustainability challenges as partof the SDG agenda. Guided by this Declaration, we will work to become an even moresustainable business.
Employees

Customers

Communities

Contributing toa sustainable society

Shareholders

Partners

Sustainably enhance corporate value

Long‐Term Vision for 2025
Medium‐Term Management Plan

The vision and strategy for the Group’s
sustainable growth, and the specific plansfor implementation thereof
Three core elements underlie our
pursuit of sustainable growth:① General principles (sustainability vision)② Priority issues (materiality matrix) and thepolicies for each one③ Project themes, non‐financial KPIs

Our value to society

Sustainability Declaration
Group Management Philosophy

MissionBy delivering “Safety and Comfort” and“Dreams and Excitement” ,we create satisfaction among ourcustomers and contribute to society.

The Sustainability Declaration embodies
our contribution.
40

Sustainability Declaration①General 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.
②Priority 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

Contribute toward a low‐carbon, circular economy.

Robust governance

Act honestly and in good faith, as stakeholders expect us
to do.
41

Non‐financial KPIs Based on Sustainability Declaration, Curent ESG Efforts■Non-financial KPIs（Red box indicates new non‐financial KPIs newly set for FY2022）
Priority issues

Non-financial KPIs

Safe, reliableinfrastructure

Zero culpable incidents in our railway business

Empowering
individuals※Applies to Hankyu Corporation/Hanshin Electric Railway/Kita‐Osaka Kyuko Railway/Nose Electric Railway

Employee satisfaction

Percentage of women in
management positions

Percentage of women among
new hires

Always better than inprevious survey

Around 10％（FY2031）

Always more than 30%※Applies to HHHD and six corecompanies※Applies to HHHD and six corecompanies

Percentage of specific healthguidance provision

Smoking prevalence

Paternity leave uptake

More than 60％（FY2026）

Less than 15％（FY2026）※The survey is conducted biennially in
HHHD and six core companies※Applies to HHHD and six corecompanies

Environmental
protection※Applies to HHHD/Hankyu
Corporation/Hanshin Electric
Railway/Hankyu Hanshin Properties

Rate of CO2 emissions cuts①-26％ compared to FY2014 （FY2031）※Applies to: HHHD and subsidiariesʼ Japanese worksites

100％（FY2026）※Applies to HHHD and Hankyu
Hanshin Properties

Rate of CO2 emissions cuts②-40％ compared to FY2014（FY2031）※Applies to Railway energy consumption of Hankyu andHanshin’s railway operations

・We are preparing to adjust our rate of CO2 emissions cuts targets in line with Japan’s goal to go
carbon neutral by 2050.

■Current ESG Efforts
・As part of our commitment to sustainable business practices, we endorsed the Task Force on
Climate-related Financial Disclosures and the United Nations Global Compact in May 2021.
・We now follow the TCFD disclosure framework (see next page for details).
42

Current ESG Efforts（For more details, see the Integrated Report 2021 (see pages 33–34)
https://www.hankyu-hanshin.co.jp/ir/library/integratedreports/）
・In compiling Integrated Report 2021, we followed the TCFD recommendations for the core elements (governance, risk
management, metrics and targets, and strategy). For strategy, we have identified the climate‐related risks and opportunities in
two segments with a relatively high exposure to climate change: the Urban Transportation segment (railway operations) and
the Real Estate segment. We will further analyze these risks and opportunities, including their financial impacts, and incorporate
them into our strategy.

■TCFD compliance

Strategy

Governance・We have identified the climate‐related risks and opportunities in・Our Corporate Sustainability Committee, chaired by the CEO,the above businesses.
meets biannually to discuss social and environmental●Examples of identified risks and opportunities
sustainability issues, action on climate change, and how to
Railway operations
integrate sustainability into the management plan.
・Energy costs will rise if a carbon tax is levied.
・The committee reports important matters to the Board of
・Ultra‐large‐scale typhoons and increasingly heavy rainfall will
Directors

・We have created a dedicated position for managing risk
across the group.
・Every year, we conduct a risk management survey toidentify risks (including climate risks) and mitigation
measures. The results are reported to the Board of Directors.

＜Reference＞Our first sustainability bonds
・In December, we will issue our firstsustainability bonds. The bonds will fund ourefforts to address environmental and social
challenges to sustainability.

lead to a greater chance of damage due to flooding (ofmarshaling yards, subway stations, electrical equipment, etc.)
or destruction of embankments.

Real estate・Building and refurbishing costs will rise if the levying of a carbon
tax increases the costs of building materials, or if regulation(such as on ZEB) is tightened.

Opportunities

Metrics and Targets

・One groupwide non‐financial KPI is a CO2 emissions cuts
target.(see pp.42)
・For climate‐related risks and opportunities in the Urban
Transportation segment’s railway operations and in theReal Estate segment, we set dedicated non‐financial KPIs
to evaluate and manage the risks and opportunities.

Risks

Risk Management

Railway operations
・Because railways are relatively energy‐efficient, we cancommand competitive prices, encouraging a switch to rail.

Real estate

・We could gain a competitive advantage if we can supply theneed for buildings that are eco‐friendly and disaster‐resilient.

Total value of
issued bonds¥10.0 billion yen

Period issued

5 years

Issuance date

December, 2021

How the funds
will be used

Umeda 1-1 Project・Fund construction of Osaka Umeda Twin Tours South・Fund construction of public facilities in the vicinity

43

Actions for priority issues (materiality matrix)① Environmental
Priority issues : Environmental protection【Examples of actions to contribute toward a low-carbon, circular economy】
Cut greenhouse gas emissions,Improve energy efficiency/conservation

Aim for more eco‐friendly buildings

・Introduce energy‐saving rolling stock in railway
operation business・Introduce energy‐saving technology in rental buildings
・Convert station, train and theaters lighting to LED・Obtain DBJ’s Green Building Certification※ for new
office buildings and large commercial buildings
・August 2021: Kobe‐Sannomiya Hankyu Building
earns three stars

Use more renewable energy (e.g. solar)・Installed solar energy systems【Installed facilities】
Hanshin Koshien Stadium,（Hankyu）Settsu‐shi station,（Hanshin）Oishi station,
HEP FIVE etc.
Hanshin Koshien Stadium

Produce less waste and recycle more
・Recycle more of the drink containers sold at Hanshin
Koshien Stadium・Phase out one‐use plastic items in hotels business(Replacing plastic straws with ecofriendly alternatives
etc.)

Kobe Sannomiya Hankyu Building【Other awarded buildings】
Hankyu Nishinomiya Gardens (five stars), HEP FIVE
(four stars), Umeda 1‐1 project (five stars: Awarded
to design/planning of Osaka Umeda Twin Tours
South, which will be completed in spring 2022)※ The DBJ’s Green Building Certification recognizes buildingsthat exemplify best practices in ecological and social
sustainability. There are five certification ranks (stars).

44

Actions for priority issues (materiality matrix)②

SocialPriority issues : Safe, reliable infrastructure【Examples of actions to improve safety on
the railway】

Preventing platform falls
・Platform screen doors (for preventing passengers
falling onto the track) are being rolled out at
Hankyu and Hanshin stations.

Kobe‐sannomiya station（Hankyu）

Kobe‐Sannomiya station（Hanshin）【 Examples of actions for disaster
preparedness and disaster mitigation】

Natural Disasters of extreme severity
・The rail companies are taking hard (physical)
measures to control risks of flooding and earthquakes.
They are also taking soft (non‐physical) safetymeasures such as suspending services strategicallyand communicating risk information to passengers.

【Examples of actions to provide safe andcomfortable facilities and services】

Improving accessibility
・The rail companies are improving accessibility in the
train and on the platform to ensure safe andcomfortable rail travel for all.
・Hankyu Corporation is yet to make the accessibility
improvements at two stations: Kasuganomichi and
Nakatsu. Of these, there is now a schedule in placefor Kasuganomichi Station. The work should becompleted by the end of fiscal 2023.

Staff and crew qualify as service
care‐fitters
・Alongside hard (physical) improvements, staff arebeing encouraged to train as Service Care‐Fitters.
・Hanshin Electric Railway has encouraged such training
since 2013. At the end of fiscal 2021, all its station
staff and in‐train staff have a Service Care‐Fitter
license.

45

Actions for priority issues (materiality matrix)③

SocialPriority issues : Thriving communities【Examples of actions to develop a good living environment】
Hankyu Corporation
Developing the vicinity of Nishinomiya‐Kitaguchi Station
・Hankyu Corporation has contributed to development of the vicinity of Nishinomiya‐
Kitaguchi Station. In 2008, it opened a large shopping facility, Hankyu Nishinomiya
Gardens, by Nishinomiya‐Kitaguchi Station, followed by an annex to the center andanother new section named Hankyu Nishinomiya Gardens Gate. The corporation
also attracted cultural and educational facilities. In this way, we have made thearea more attractive and convenient, with plenty of high‐quality housing, and wecontinue improving the area’s value.
・This community‐building effort has won affection: Nishinomiya‐Kitaguchi has
ranked top in the Most Desirable Neighborhood※ in Kansai survey for six years in arow.
※See page 77 for details about the Most Desirable Neighborhood survey.

Hankyu Nishinomiya Gardens

Priority issues : Life designs for tomorrow【Examples of actions to improve existing services and create new
business by utilizing ICT innovation】
Mimamorume : Hankyu Hanshin’s safety tracking service
・Mimamorume harness the strengths of ICT for better protection. Applications include

a school safety tracking system, where IC chips are inserted into pupils‘ schoolbags
and sensors mounted on school gates enable tracking of their comings and goings via
a phone app. (As of September 2021, some 1,600 schools and pre‐schools haveadopted Mimamorume.)
・ Building on Mimamorume, we developed Machinaka Mimamorume, an app thatconnects with local authorities to watch over elderly and vulnerable residents.

A Mimamorume IC chip inserted
into a schoolbag

46

Actions for priority issues (materiality matrix)④

SocialPriority issues : Empowering individuals【Examples of actions to improve employee satisfaction,【Examples of actions for promoting diversity 】
creating a more positive workplace】
・We conduct a periodic employee questionnaire and■Empowering Women in the Workplace
use the results to identify ways to improve job
satisfaction.

【Examples of actions topromote a healthy workplace】

・Formulate and announce the Hankyu Hanshin HoldingsGroup’s Declaration on Employee HealthManagement (April 2018)
・15 group companies have been listed among the “Healthand Productivity Management” Organizations of 2021.
Large
enterprise
category(White 500)

Hankyu Corporation, Hanshin Electric
Railway, Itec Hankyu Hanshin

Largeenterprise
category

Hankyu Hanshin Properties, Hankyu Travel
International, Hankyu Hanshin Express,
Hankyu Hanshin Hotels,
Bay Communications

SME category(Bright 500)

Hankyu Hanshin REIT Asset Management

SME category

Kita‐Osaka Kyuko Raikway, Chuo Densetsu,
Hankyu Taxi, Hankyu Hanshin Insurance
Services, Hankyu Mediax, Hanshin Cable
Engineering

・MSCI Japan Empowering Women Index (WIN) chosen
as constituent for second consecutive year. (July 2021)

MSCI https://www.msci.com/our-solutions/esg-investing・We are hiring more women and training them forleadership positions.

■Encouraging uptake of paternity leave
・Paternity leave has been improved.（January 2021︓
HHHD and Hankyu Hanshin Properties)■Special subsidiary, Assist Hankyu HanshinCo., Ltd., is creating employment
opportunities for people with disabilities.
・The subsidiary is increasing the employment rate ofpeople with disabilities by hiring them for the services it
provides (office work, workplace massages andcleaning).
・Assist Hankyu Hanshin was certified as a Monisu
Employer—an SME recognized as an employer of people
with disabilities (December 2020).

【Examples of actions to respect human rights
and prevent harassment】
・We run training courses for preventing workplacebullying and harassment.

47

Actions for priority issues (materiality matrix⑤)

SocialPriority issues : Empowering individuals【Examples of actions to cultivate tomorrow’s leaders】
・We are taking the following two actions as part of the Hankyu Hanshin Dreams and Communities of the Future
Project※.

Hankyu Hanshin Dreams and Communities
Challenge Troop
・Our group companies(railway, theaters, stadium,
hotels etc.) provide some of their facilities andemployees for summer camps that featureauthentic hands‐on learning activities forelementary students.
・By the end of September 2021,
more than 18,000 elementary
school students were invited toa total of 415 programs. (The
program was suspended in
FY2021 because of COVID‐19)

Hankyu Dreams and Communities Exciting
Work Program・To inspire children to think about their future
career, senior staff at Hankyu Corporation visit
elementary schools and tell the students about thecommunity‐building vision of thecorporation’s founder, Ichizo
Kobayashi, and about the jobs
that support communities.
・By the end of September 2021,
Hankyu Corporation staff havevisited a total of 257 schools andtalked to more than 21,000 students.

・In recognition of these two projects, we were awarded the METI Minister’s Award (GrandPrix) in the 8th Career Education Award in FY2018 (Organized by Ministry of Economy, Tradeand Industry), and the top prize in the FY2021 MEXT awards for recognizing companies thatoffer activities for young people (Organized by Ministry of Education, Culture, Sports, Scienceand Technology)※Hankyu Hanshin Dreams and Communities of the Future Project
Since 2009, we have sought to promote the creation of towns and cities along our railway
lines that people will truly want to live in. To this end, we work with our stakeholders (groupcompanies, communities, employees) on two priority areas to create tomorrow’s communities:
environment‐friendly development and human capital development.

48

《Reference》 SDGs Train 2020

SocialEnvironmental

This is how we commemorated the 10th anniversary of Hankyu Hanshin
Dreams and Communities of the Future Project:■SDG-themed rail livery: The Dreams and Communities trains(started operations in FY2020)・Three Hankyu trains and one Hanshin train wear a wrap advertising the SDG agenda.
（1）The advertising space inside the trains features over 200 kinds of posters that
communicate the SDG message. The posters were contributed by our groupcompanies, the UN, government ministries (MOFA & MOE), communities along
our railway lines, companies actively engaging in the SDG agenda, and citizen
groups.
（2）The SDG‐themed trains ran on 100% renewable (in real terms) energy.
（3）To add momentum to the SDG agenda, the trains will remain in service until FY2026, when Osaka will hostExpo 2025.
・In September 2020, Tokyu Group started running their own SDG‐themed trains. Together, we promote the SDGs
agenda in East and West Japan.

SDG‐themed rail livery: The Dreams and Communities trains

Japan SDGs Awards ceremony held at thePrime Minister's Office in December 2020

・In FY2020, this initiative was awarded the Signpost to the FutureAward at the 17 th Corporate Philanthropy Awards.（Organized by
Japan Philanthropic Association）
・In FY2021, we received the Special Award “SDGs Partnership Award”
at the 4 th Japan SDGs Awards. (Organized by the SDGs Promotion Headquarters at the Prime Minister’s Office)49

Actions for priority issues (materiality matrix)⑥

Governance

Priority issue : Robust governanceNotes: Regarding Corporate Governance Report, please visit our website.

Actions to promote effective and transparent corporate governance
Established the Corporate Governance President Committee

FY2016

・Meets twice a year to discuss matters such as ensuring transparency of election and dismissal of
officers, communicating with outside directors, etc. (the committee meets biannually, and its membershipcomprises representative directors, standing auditors (standing Audit and Supervisory Committee
members since Jun 2020) and outside directors)

Started evaluating the effectiveness of the Board of Directors

FY2017FY2018・Regarding the management of the Board of Directors, directors are interviewed about whether
there is sufficient board accountability, whether board proceedings are appropriate, etc. (tomake the evaluation process more effective, interviews are preceded by preliminary
questionnaires since fiscal 2021)

Scrapped the corporate adviser system
Resolved to discontinue anti-takeover measures Established compensation committee

FY2019FY2020

FY2021

・The committee ensures impartiality and transparency in the process of determining director compensation(including the specific amounts). (the committee meets annually, and its membership comprises the※chairman and outside directors)<Independent
officer ratio>
FY2017

5members/
19members
26.3％

FY20185members/
14members
35.7％

FY2020

Revised compensation structure

6members/
14members
42.9％

Changed corporate structure to that of a “company with an audit & supervisory board”

FY2021

・We decided to introduce a performance‐linked stock compensation plan for the chairman and president tofurther motivate them to work toward our corporate value, performance, and share price. The stockcompensation will be delivered through a trust.

・We shifted to this structure to strengthen the oversight function of the Board of Directors and further
tighten corporate governance.
・As part of this shift, we increased the ratio of independent officers. Specifically, we have reduced the total
number of officers to 11, of whom 5 are independent outside directors (2 of them are female).

5members/
11members
45.5％

50

Ⅳ. Referential Materials(1) Future Strategy(Reproduced from the results briefing materials released in May 2021※)※ With some information updated

51

Reviewing Progress on Medium‐Term Management Plan
■Reviewing Progress on Medium-Term Management Plan(FY2019~FY2022)‧ In May 2017, we unveiled the Long-Term Vision for 2025, a vision for sustained growth in achanging landscape.
‧ Our first task was to devise an action plan for the first four-year phase (fiscal 2019–2022) of thislong-term strategy—the result was the current Medium-Term Management Plan. Since then, we
have pressed ahead with strategies based on the Long‐Term Vision with the aim of raising
operating income level to the ¥110.0 billion level by the end of the current medium term, fiscal
2022. (see pages 64‐65 for a description of Long‐Term Vision for 2025).
‧ Until the pandemic struck, we were on course to meeting our targets for fiscal 2022. Growth
was proceeding as planned, and we were confident that we could maintain financial soundness
while investing toward higher future growth.
‧ However, the pandemic rocked many of our businesses, with devastating consequences for ourgroup’s overall performance.
‧ Another problem is that the business landscape has changed markedly from what we assumed
when drawing up the Medium‐Term Management Plan. For these reasons, it is now impossible toachieve the above medium-term target (¥110.0 billion operating income by fiscal 2022).

Accordingly, we have withdrawn this target, meaning that there is currently no interim
target for the Long‐Term Vision.

52

Projections for recovery from effects of pandemic■Projections for recovery from effects of pandemic
・We have projected that economic activities will recover in a three broad
phases.
・Based on current trends, phase 2 will probably begin in fiscal 2023 andphase 3 in fiscal 2024. That said, the opaque outlook makes it impossible tostate a precise timespan.
FY2021

FY2022

FY2023After FY2024

Phase 1

Phase 2Phase 3

In Japan, short‐distance travel
resumes. Travel distances
gradually increase, and theimpact of physical distancing
eases off.

Travel gradually
resumes across theworld.

The pandemic is brought
under control. Economic
activities in Japan andabroad recover significantly.

Even by phase 3, the businesslandscape will not have fully
recovered to pre‐pandemic
levels.
53

Overhauling the Medium‐Term Management Plan: Assumptions• In pre‐pandemic times, many of our businesses (the urban transportation, realestate, sports and stage, travel, and hotels businesses) maintained their competitiveedge in the B2C sector by delivering products and services in offline, in‐person
settings. Their business model was predicated on people traveling.
• However, the pandemic has undermined this business model, and even if we reachphase 3, there can be no full return to the pre‐pandemic landscape. The pandemic
has created a new normal in which people travel less and spend more time online.
This new normal has far‐reaching strategic implications for our organization.
• Since the business landscape has diverged significantly from our strategic
assumptions, we need to radically overhaul the medium‐term plan.
• That said, the exact timing of the phases remains unclear, and we do not yet knowwhat the new normal (from phase 3) will look like.
• Another source of uncertainty is our new projects (including projects to make more
effective use of hotel land in Umeda and Senri‐Chuo, shown on page 57 and 58) andparticipation in a plan for the construction of new railway lines in Osaka. It will taketime until we get a clear picture of how these plans will proceed.
• Thus, for fiscal 2022, we want to turn around performance as soon as possible andaccelerate efforts to prepare for the new normal. Our action plan is shown on thenext page.
• See page 63 for the assumptions underlying the medium‐ to long‐term plan.
54

Current strategy(FY2022)■Current strategy(FY2022)<Task 1> Establish crisis recovery phase‧ We will establish a crisis recovery phase, during which we focus all efforts onachieving a swift recovery from the effects of the pandemic.
‧ During this phase, we will undertake the following actions to turn aroundperformance as soon as possible and contain the impact on financial soundness.
【Actions during crisis recovery phase】

Profitability••

While working to recover earnings, we will devise and implement, as swiftly as
possible, strategies to reduce fixed expenses or to convert them to variable
costs.
We will also radically restructure the hotels business, which faced harsh
circumstances in pre‐pandemic times and got hit hard by the pandemic.

Investment inmaintenance and renewal

Growth investment••

・ Streamline workflows, save labor
・ Increase productivity to control costs
・ Reallocate resourcesetc.

We will continue to control the budget forsuch investment.

•

We will maintain our growth investment inongoing large projects.
However, for prospective projects, we will be
all the more circumspect in weighing up the
potential returns, business case, and risks.

<Task 2> Adapt to the new normal‧ Recognizing that the pandemic hastened a shift to a new normal, we will adapt
accordingly (see pages 59‐62).
55

Structural Reforms in the Hotels Business②■Description of Structural Reforms in the Hotels Business① Operational

・ In the hotels business, we decided some time ago that any new hotels we open should be no‐frills hotels,
and we put the existing full‐service hotels under review in terms of the business model and use of assets,with a view to ensuring the profitability of the real estate.
・We will focus resources on no‐frills hotels (which have good profit potential) and a selected number of full‐service hotels. Conversely, we will close hotels that are unprofitable, underperforming, or dilapidated.
Seven hotels will be closed, as shown below.
End of FY2022

Dai‐ichi Hotel Annex, Kichijoji Dai‐ichi Hotel, remm Kagoshima※1, Umeda OS hotel※2※1 By the end of FY2022, remm Kagoshima will cease to be a directly managed hotel andbecome a chain hotel managed by the property’s owner.
※2 Umeda OS hotel is managed under contract by Hankyu Hanshin Hotels（to be closed at the end of
December 2021）

End of FY2023

Daiichi Hotel Tokyo Seafort

Around the end of
FY2025

Hotel new Hankyu Osaka ⇒ see page 57

Around the end of
FY2026

Senri Hankyu Hotel ⇒ see page 58② Personnel
・As well as downsizing the workforce as part of the restructuring program (reallocating resources), we will
run a business process inventory to see where we could improve productivity. In this way, we hope toachieve enable leaner operation. By hiring fewer people, we will allow the workforce to shrink naturally.

③ Financial
・We are prepared to record impairment loss to reflect the diminished profitability of assets amid the
pandemic.
56

Strategy for Developing the Osaka‐Umeda Area•

As mentioned on previous page, Hotel new Hankyu Osaka and Senri Hankyu Hotel will close.
The locations of the hotels, Umeda and Senri‐Chuo, are key strategic areas for us, so once thehotels close we will find ways to increase the usage of the real estate in order to raise its value
and contribute to the development of both areas.

■Strategy for the Osaka-Umeda area
・We had been mulling the closure of
Hotel new Hankyu Osaka for sometime. The building was decaying
significantly and, despite its prime
location, the hotel was not
generating the revenue one would
expect from such a location.
・We finally decided to close the hotel
by around the end of fiscal 2025.
This decision was precipitated by
two factors: the opening, nearby
the hotel, of Hotel Hankyu RESPIRE
Osaka (which is of a similar scale),and progress on a plan to relocate
facilities attached to Hotel new
Hankyu Osaka.
・Umeda 1‐1 Project is scheduled tobe completed next spring, so once
Hotel new Hankyu Osaka closes, wewill set aside the site for anotherlarge project, through which we will
increase the site’s usage.

【Legend】
Sole‐owned or co‐owned
properties（see page.78）
Umekita Phase Ⅱ
Development Project

Hotel new Hankyu Osaka

Umeda 1-1 Project(Dai Hanshin Building andShin Hankyu Building
Rebuilding Project)

The Osaka‐Umeda area

57

Strategy for Developing the Senri‐Chuo Area in Osaka
Overview of the Senri‐Chuo area

■Strategy for Senri-Chuo Area

Map based on GSI geospatial data

・Senri Hankyu Hotel is dilapidated and will
be closed by around the end of FY2026.

（https://maps.gsi.go.jp/#17/34.809594/135.495665/&base=pale&base_grayscale=1&ls=pale&disp=
1&vs=c0j0h0k0l0u0t0z0r0s0m0f1&d=m ）・Accordingly, once the hotel is closed, we
will explore ways to make effective use of
the land to improve the quality of theSenri‐Chuo area. Mindful of the need tomaintain the vibrancy and convenience of
the area around the station, we will keep
an eye on the plans to redevelop the areaand decide about the land use accordingly.

Senri‐Chuo multi‐story
car park 2
Senri‐Chuo multi‐story※

Senri‐Chuo multi‐story
car park 1

Senri Asahi Hankyu Bldg.

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

car park 3
Hankyu Senri‐Chuo Bldg.
（Office buidling）

Senri Hankyu
Department Store
Senri Selcy（Commercial facilities）（Office building）■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)

Kita‐Osaka Kyuko Line Senri‐Chuo station

・Meanwhile, the Senri‐Chuo area, a key
strategic area for us, will be affected by aplan to redevelop the vicinity around Senri‐
Chuo Station (Senri Hankyu Department
Store, Senri Selcy etc.), adjacent to Senri
Hankyu Hotel.

Osaka Monorail
Senri‐chuo station

To Umeda

Senri Hankyu Hotel【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. The extension will begin
service in FY2024.（see page 68）
58

Adapting to the New Normal①■The pandemic has transformed lifestyles
COVID‐19 induced
trends・Consumers want contactless commerce and they want to avoid
crowded spaces
・Increasingly, businesses are digitizing, supporting workplace
flexibility, and engaging in SDGs (e.g. supporting efforts to go
carbon neutral)※ Working from home,
digital nomadism, working
at a satellite office,workation, etc.

Lifestyle changes
Changes in population behavior
Fewer unnecessary outings
More even and diverse travel
demandMore dispersed workforce,dispersed learning
More options for where to live

Changes in corporate sector
More workplace flexibility

More BCP

Emphasis on quality of life

New lifestyle needs
Remote work※
Accelerated digitalization
More online consumptionMore emphasis on SDGs

More emphasis on health and safety, more health consciousness
Rising desire for self‐expression and active role in society
Rising desire for communication in reaction to the shift to virtual

Better private spaces
Growing demand for real‐life(but safe) experiences
59Adapting to the New Normal②■Direction of Adapting to the New Normal
・ The new normal threatens to undermine the earnings capacity of our existing
businesses. Accordingly, to help ensure sustained growth in the new normal, we will
undertake a two‐pronged digital transformation that will enable our businesses tomaintain or improve their competitive edge.

Two‐pronged digital transformation
Use digital technology to① improve existing businesses• Offline‐based existing businesses will use digital technology to
streamline and enhance the profitability of their offline products
and services.

Use digital marketing (digitally aggregate and analyze customer data)• Using groupwide ID, the businesses willpool their customer data and use big data
analytics to understand customer behavior.

②

Create digitalrevenue streams

In April 2021, we opened theData Analytics Lab in a joint
project with the University of Tokyo.

• To create digital revenue streams, we will build a digital twin citythat reproduces real‐world environments in a digital space.

Naming this two-pronged strategy the Hankyu Hanshin DX Project, we will
accelerate plans to integrate it into our medium- to long-term strategy.
60

Adapting to the New Normal③（Examples of actions in individual businesses）
Urban Transportation
・ Our railway business will monitor rail travel demand and adjust timetables asnecessary. We will also use robotics and IoT‐driven technology to streamline station
operations and maintenance work.
・They will also capture new revenue opportunities in the new normal. For example,
they will consider providing premium seating (seats reserved for a surcharge) tocapture the rising demand for more space and privacy in rail travel.
Real Estate・The real‐estate leasing business has added satellite offices to
its office rentals lineup. The first satellite office (Hankyu
Hanshin ONS Senri‐Chuo) opened in April 2021. This office ismanaged by Point0 Inc. Point0 (pronounced “point zero”) is asatellite workspace project in which numerous companies are
participating. It has pooled the technology and knowhow of
the companies to help ensure that this office space has safe,
comfortable ventilation, high‐level security, and a pleasantinterior. The second satellite office opened in Kobe‐ The second satellite office: Hankyu
Sannomiya Hankyu Building(see page 71) in October 2021. A Hanshin ONS Kobe‐Sannomiya
third will open in the Kyoto Kawaramachi area this winter.
・For shopping facilities, we will focus on providing the kind ofoffline shopping experiences that cannot be replicated online.
For housing, we will focus on product ideas that cater to newlifestyles like working from home.
61

Adapting to the New Normal④（Examples of actions in individual businesses）
Entertainment
・In July 2020, Takarazuka Revue started streaming its shows, allowing fans to watch the shows athome on their TV or smartphone. The streamed shows had many views.
・In July 2021, we teamed up with NTT Docomo to pilot a
streaming service that uses an 8K ultra‐zoom feature andsuperimposing.
※1 This feature allows the viewer to zoom in to any part of the footage
without sacrificing the resolution. Our pilot stream marked the world
debut of this feature.
※2 This feature allows the viewer to select from multiple layers of live
footage (which might include VR images or different camera angles).

・We will keep trialing digitized forms of theatrical entertainment
with a view to expanding revenue.
8K ultrazoom: The viewer canTravelzoom in on the action, keeping
the 8K resolution

・Hankyu Travel International provided online tours on Zoom.
・Our travel business starts doing even more online including increasing
digital advertising as a share of total ad spending and enhancing online
booking services.

Other
・Working across the group, we created a 3D digital model ofKoshien Stadium. In March 2021, we used this virtual space to hostour first online exhibition.
・At a second event held in September 2021, we hired a celebrity todeliver an online seminar to attract more people.

62

Medium‐ to long‐term Strategy（Updating of Long‐Term Vision）■Updating of Long-Term Vision
・As we remain in the midst of the pandemic, it is hard to predict how the new normal will look.
However, we need to get clear grasp as soon as possible so that we can present a roadmap for
the future.
・Our Long‐Term Vision for 2025 (fiscal 2026) was formulated on the assumption that lifestyles
and business practices would inevitably change sooner or later. However, the pandemic has
hastened these changes and we must update the Long‐Term Vision accordingly※.
※In updating the vision, we are mindful of the need to do the following:
Adapt to changes in consumer behavior driven by the pandemic, embrace digital transformation, drive a workplace
revolution , and contribute to the SDG agenda (by going carbon neutral by 2050 for instance)

・Thus, we are updating the plan with an eye on the pace of recovery in demand and the transitionin business conditions. We hope to release the new vision in spring 2022 under the title Vision
for 2030.

FY2018…

FY2022

FY2023…

FY2026…

FY2031

Long‐Term Vision for 2025 (fiscal 2026)
Update ofLong‐Term Vision

Long-Term Vision
Release inspring 2022

63

《Reference》 Long‐Term Vision for 2025（Overall vision） inAnnounced
May 2017
The slogan for the Hankyu Hanshin Holdings Group’s Long‐Term Vision for 2025 (fiscal 2026) is:‘Enhancing line-side areas and expanding fields’
Sustainably enhance corporate value
Enhance daily life
(customer) value

Regarding these socioculturalchanges as business
opportunities, we will provide
innovative products and services
through our business operations.

Umeda and line‐side areas
x stock businesses

We will strive to maintain andimprove our profitability andfinancial soundness as a top‐class private railways operator.

flow businesses

Strengthen competitiveness by
Construct a stable revenue base in thoroughly pursuing brandthe Tokyo metropolitan area andoptimization and differentiation.
overseas markets.
Strategy③(diversify the portfolio, which is currently

Strategy①

Furthertechnologicaladvances (AI, IoT,
etc.)

Build relationships of trustwith various stakeholders,meet their expectations, andcontribute to society.

Enhance economic
valueTokyo metropolitan area and overseas
markets x stock businesses

Make our railway theabsolute best among the
Kansai networks.

Groupwide initiatives,
new business fields, etc.

Enhance social value

concentrated in Umeda and line‐side areas).

Strategy②
Make greater use of the Group’s collective strength and develop new
business fields.
Strategy④

The coming age of full‐scale population decline
Economic growthin Asia

Declining birth rate
and aging population
Growing numbers ofoverseas visitors

Crumbling infrastructure
Improvements to public
transport infrastructure (airports,
rail and motorway networks)

Tightening of labormarketConcentration of population
into urban areas

Opportunity for Kansai to develop its position as gateway for Asia and the wider world64

《Reference》 Long‐Term Vision for 2025（Four strategies）inAnnounced
May 2017
・
Umeda Line‐sideareas

Umeda and line-side areas x stock businesses
Make our railway the absolute best among the Kansai networks.
Strategy①
We aim to increase the resident and non‐resident population of line‐
side areas. To this end, we will channel into these areas the dynamismof the Tokyo‐Nagoya‐Osaka axis and the power of Asia and otherregions of the world, attract new industries and cutting‐edge
technologies ahead of other companies, and support efforts to develop
thriving local communities.

Flow business

Strengthen competitivenessby thoroughly pursuing brand
optimization anddifferentiation.

Strategy③

Tokyo
metropolitan
・area overseas

Tokyo metropolitan area and overseas markets x
stock businesses

Construct a stable revenue base in the Tokyo metropolitan area
and overseas markets(diversify the portfolio, which is currently concentrated in Umeda
and line-side areas).
Strategy②
Our property portfolio is currently concentrated in Umea and line‐sideareas. To compensate for downsizing in the Kansai area, we will
diversify our property profile by acquiring additional assets including
rental property in Tokyo’s large market and in overseas markets thatare set to grow.

Stock（Use assets）
Group-wide initiatives, new business fields, etc.

Thoroughly optimize the Hankyu
Hanshin brand value anddifferentiate the products andservices from the competition soas to strengthen competitiveedge and achieve further
business expansion.

Flow（non‐assets）

Make greater use of the Group’s collective strength and develop new business fields.
Strategy④
In addition to pursuing Group‐wide initiatives, we will introduce cutting‐edge technologies into existing businesses,
venture into new business fields, and thereby provide culturally enriched and innovative lifestyle options.
65

Ⅳ. Referential Materials(2) Progress in Each Project66

Schedule for Each Project
（FY）

2019

2020

2021

2022

2023

2024

Kita-Osaka Kyuko Railway
Line Extension Project
Umeda 1-1 Project
Umekita Phase Ⅱ
Development Project

Intended start of service●

Complete phase I construction
Commencement of phase Ⅱ●● ● Scheduled to complete all construction
Complete phase Ⅱconstruction (the department store part)
Scheduled full openings
in FY2028

Start construction●Opening

LOGiSTA, Logicross Ibaraki
Saito●Complete construction

Development on west side ofHankyu Nishinomiya Gardens

2026

●

Kobe Sannomiya Hankyu
Building

Development in public
housing sitein Koshien

2025

●

Scheduled time of advance openings●● Scheduled time of opening
Start construction
Scheduled start of construction ●●Scheduled time of construction completion and opening

67

Kita‐Osaka Kyuko Railway Line Extension Project【Development plan summary】

MinohKayano Sta.

・Extension distance:

Approx.
1.3km

2.5 km, from Senri-Chuo Sta. to Minoh-Kayano Sta.

Act on Rail Tracks

National Route
171

・New stations:

Minoh-Semba Handaimae Sta., Minoh-Kayano Sta.

・Estimated project cost: ¥87.4 billion yen
・Demand: 45,000 people per day【Business scheme】
・Developer:

Kita‐Osaka Kyuko Railway Co., Ltd. and Minoh City (development of infrastructuralcomponents between Minoh-Semba Handaimae Sta. and Minoh-Kayano Sta.)

MinohSemba
Handaimae
Sta.

・Operator: Kita‐Osaka Kyuko Railway Co., Ltd.
・Funding program: Social capital development grant・Portion to be borne by Kita‐Osaka Kyuko Railway Co., Ltd:
¥11.0 billion yen; Amount commensurate with profits【Schedule】
National Route 423（Shin‐midosuji）

SenriChuo
Sta.

Railway Business Act

Approx.
1.2km

December, 2015: Obtained a license for railway business and acharter for railway track operations
December, 2016: Commencement of construction
FY2024: Intended start of service
SenriChuo
Sta.

Approx. 1.2km

Underground section

MinohSemba
Handaiｍae
Sta.

Approx. 1.3km

MinohKayano Sta.

National Route 423 Elevated section(Shin‐midosuji）

National
Route 17168

Umeda 1‐1 Project (Name of the building︓Osaka Umeda Twin Towers South)【Project summary】【Conceptual illustration of the building exterior】

Location

1‐1 Umeda, Kita‐ku, Osaka

Site area

Approx. 12,200 ㎡※1

Total floor space

Approx. 260,000 ㎡

Number of floors

38 floors above ground and 3 below groundPurpose

Department store, offices, halls, etc.

Planned total investment¥89.7 billion

Construction completion

Spring 2022

※1 Including the road between Dai Hanshin Building and Shin Hankyu Building【Schedule】
July 2015

Begin phase I construction

April 2018

Complete phase I construction (Shin Hankyu Building and
Dai Hanshin Building East Wing)

June 2018

Partial opening of new department store
Phase Ⅱ (west wing of Dai Hanshin Building):
Start demolition work

June 2019

Begin phase Ⅱ construction

Completion of phase II construction, the department store
September 2021
part
October 2021

Opening of the new department store in the phase II
department store part

Spring 2022

Complete all construction※2 and open office floors andhalls※2 The project is scheduled to be completed in spring 2022. In that year, Umeda Hankyu
Building, which houses Hankyu Department Store (Hankyu Umeda Main Store), will berenamed ‘Osaka Umeda Twin Towers North’, and the two adjacent buildings will bechristened the ‘Osaka Umeda Twin Towers’.

【Phase I】【Phase Ⅱ】

4
2
1

3

5

6

①Dai Hanshin Building East Wing
②Shin Hankyu Building③Dai Hanshin Building West Wing(businesses operating)④Dai Hanshin Building West Wing(under construction)⑤Phase I (businesses operating)⑥The part completed in September 2021（Completionof the department store part）

69

Umekita Phase Ⅱ Development Project【Background】
・JV9, which includes Hankyu Corporation, and Hankyu Hanshin Properties Corporation entered a consortium with fourother firms. The consortium submitted a bid for the Umekita Phase Ⅱ Development Project in a public tendering
process organized by the Urban Renaissance Agency (a semipublic Independent Administrative Institution). The
consortium won the bidding.
・The core theme of the project is to integrate green space with innovation. Building on the first phase of the project(which culminated in the opening of Grand Front Osaka), the consortium is working to achieve this theme and set a
new standard in urban design for Kansai and even the whole of Asia.

【Outline of plan】<Private-sector zone specifications※1>
Zone

North zone

<Urban open space specifications※2>

South zone

Site area

Site area Approx. 15,720㎡

Approx. 30,430㎡

Total floor
Approx. 149,200㎡
space

Approx. 407,250㎡

Facilities

Total facility
12,500㎡
floor area
Facilities

Innovation facilities, hotel, MICE facilities, offices,
hotels, commercial
residence, others
facilities, residence, others
Target areafor Phase Ⅱ
approx.9.1ha

Dec 2020

Construction in private‐sector zones

AroundAdvance openings※3
summer 2024
FY2028Full openings※3 For some private‐sector zone facilities
and part of the urban open space

Museum, experiential learning facilities, roofed open
spaces, restaurants, shops, others※2 This is the competitive tender submitted in May 2018.

※1 As described in press release issued when work began (December 2020)<Schedule>

45,000㎡

How the area as a whole will look once completed

North
zone

Green
space
Approx.
4.5ha

Park

Park

GRAND
FRONT
OSAKA
（approx.7ha）

West Gate
Square.

Southzone
JR Osaka station(Undergroundstation)(based on the image released in December 2020;
subject to change)
70Project progress along other line‐side areas①
In order of
opening date

Kobe Sannomiya Hankyu
Building

LOGiSTA, Logicross Ibaraki Saito(Project to construct Saito Moegi Distribution Center)

A zoneLocation

B zone2‐1, 4‐chome Kanocho, Chuo‐ku, Kobe 1‐chome, Saito Moegi, Ibaraki（Direct access to Hankyu Kobe‐sannomiya
Station）(In the Sanroku Line area of the eastern section of Ibaraki City’s
International Culture Park ‘Saito’)

Site area

Approx. 7,100㎡

A zone︓Approx. 51,000㎡(※)
B zone︓Approx. 16,000㎡(※)

Total floor space

Approx. 34,300㎡

A zone︓Approx. 116,000㎡(※)
B zone︓Approx. 31,000㎡(※)

Number of floors

PurposeBuilding’s main section︓29 floors
above ground and 3 below ground
Section under elevated railway︓2
floors above ground and 1 floor
below groundhotel “remm plus Kobe Sannomiya”,
offices, commercial facilities ”EKIZOKobe Sannomiya, railway station

Scheduled opening April 26, 2021

A zone︓5 floors above groundB zone︓4 floors above groundlogistics facilities
May 31, 2021(completion date)※ Includes the portion belonging to our partner71

Project progress along other line‐side areas②
In order of opening
date

Development in public housing sitein Koshien
Structure to be built

Location

Development on west side of Hankyu
Nishinomiya Gardens

Koshien
Stadium

58 Koshien‐cho, Nishinomiya, Hyogo(South side of Hanshin Koshien Stadium)

544 Takamatsu‐cho, Nishinomiya, Hyogo（Direct access to Hankyu Nishinomiya‐kitaguchi
Station）

Site area

Approx. 3,200㎡

Approx. 3,000㎡※

Total floor space

Approx. 5,000㎡

Approx. 18,300㎡※

Number of floors

3 floors above ground

14 floors above groundPurposeThe Museum Of Hanshin Koshien Stadium,commercial facilities

commercial facilities, offices,
rental housing

Scheduled opening March 2022

September 2023
72

Ⅳ. Referential Materials(2) Other73

Consolidated Subsidiaries(As of September 30, 2021)
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
Osaka Airport Transport
Hankyu Taxi
Hanshin Taxi
Osaka Hanshin Taxi
Hankyu Hanshin Motor Technology
Hankyu 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 MaintenanceReal Estate
Real estate

Hankyu Hanshin Properties
leasing and sales Hankyu Corporation
Hanshin Electric Railway
Hankyu Hanshin Estate Service
Osaka Diamond Chikagai
KyokutoAdvanced Development
Other
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
INDONESIAHANKYU HANSHIN PROPERTIESSINGAPORE
Entertainment
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

TravelTravel agency

Hankyu Travel International
Hankyu Hanshin Business Travel
Hankyu Travel Support
Hanshin Travel International
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

HotelsHotel
Hankyu Hanshin Hotels
management Hanshin Hotel Systems
Arima View Hotel
Amanohashidate Hotel
Kure Hankyu Hotel【Legend】
Name of segment
Name of
Name of consolidated subsidiarysub‐segment(Only listed companies that are managed
as segment)

74

Revenue from Operations and operating income as a FY2021
Management composition

Earnings structure(As of March 31, 2021)

Urban
Transportation

Hankyu Hanshin Holdings

Real EstateEntertainment

HankyuCorporation※

HanshinElectric
Railway※

Hankyu Hanshin
Properties
HankyuCorporation

HanshinElectric
Railway

Revenue from operations breakdown(FY2021)

Revenue fromOperations

19.1billion

Operating
Income‐17.9billion

Hotels

Revenue from Operations¥568.9billion

Operating Income¥2.1billion

Operating Income Marginー

Hankyu Travel
International

Revenue fromOperations

85.6billion

Operating
Income2.3billion

Hankyu Hanshin
Express

Hankyu Hanshin
Hotels※ In the Umeda and line‐side areas, Hankyu Corporation andHanshin Electric Railway will retain their real estate for leasing
and developing and work with Hankyu Hanshin Properties topromote community building efforts in connection with public
transport networks and local governments.

Revenue fromOperations

156.9billion

Operating
Income‐5.1billion

Operating
Income Margin

TravelRevenue fromOperations

12.0billion

Operating
Income‐7.4billion

Revenue fromOperations

188.4billion

Operating
Income28.9billion

Operating
Income Margin

ー

15.3%

Entertainment

Information andCommunication Technology

Revenue fromOperations

42.2billion‐2.3billion

Revenue fromOperations

58.1billion

Operating
IncomeOperating
Income5.6billion

Operating
Income Margin

Operating
Income MarginーReal Estate

2.7%

Operating
Income Margin

0.4%

Urban Transportation

International
Transportation

Operating
Income Margin

International
Transportation

Consolidated Total

HotelsOperating
Income Margin

Information andCommunication
Technology

Travel■The Urban Transportation and Real Estate businesses
generate stable cash flows and account for approximately
60% of revenue from operations.（In FY2019 results,
approximately 60% of revenue from operations and 80%
of operating income)

ー

9.6%

75

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

76

Areas served by the Hankyu and Hanshin lines②
Population Trends
108

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 1,2021）

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

106

（k㎡）

(thousand)

Area

Population

1,318

5.638

Osaka Pref. (service areas)

449

2,711

Hyogo Pref. (service areas)

471

2,262

Kyoto Pref. (service areas)

398

665

Non‐Hankyu/Hanshin Service Areas

26,033

14,485

Osaka Pref. (non‐service areas)

1,456

5,878

Hyogo Pref. (non‐service areas)

7,930

3,148

Kyoto Pref. (non‐service areas)

4,214

1,805

Shiga Pref.

4,017

1,386

Nara Pref.

3,691

1,331

Wakayama Pref.

4,725

938

27,351

20,123

Areas served by the Hankyu/Hanshin line

104
（1991=100）

102
100
98

Total

96
1991

1996

2001

2006

2011

2016

2021

Survey of prospective condominium purchasers regarding their preferred Kansai residential area
Ranking Station（Area）

Ranking Station（Area）

1

Nishinomiya‐Kitaguchi（Nishinomiya, Hyogo Pref.）11

Mikage(Hankyu)（Kobe, Hyogo Pref. ）2Osaka‐Umeda, Osaka(Osaka, Osaka Pref.）12

Hommachi（Osaka, Osaka Pref.）3

Shukugawa（Nishinomiya, Hyogo Pref.)13

Tennoji（Osaka, Osaka Pref.）4

Senri‐Chuo（Toyonaka, Osaka Pref.）14

Kita‐senri（Suita, Osaka Pref.）5Okamoto（Kobe, Hyogo Pref.）15

Karasuma Oike

（Kyoto, Kyoto Pref.）6

Ashiya（Ashiya, Hyogo Pref.）16

Toyonaka（Toyonaka, Osaka Pref.）7

Ashiyagawa（Ashiya, Hyogo Pref.）17

Ibaraki（Ibaraki, Osaka Pref.）8

Kobe‐Sannomiya,
Sannomiya（Kobe, Hyogo Pref.）18

Kuraku‐enguchi（Nishinomiya, Hyogo Pref.）9

Takarazuka（Takarazuka, Hyogo Pref.）19

Fukushima（Osaka, Osaka Pref.）10

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

20

Esaka

（Suita, Osaka Pref.）Except for
Hommachi (12),Tennoji (13),
Karasuma Oike
(15) and Ibaraki(17), all of the top
20 stations are on
Hankyu Hanshin
Holdings grouplines

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 September 30, 2021.

77

Overview of Osaka‐Umeda area①
Major rental properties
Property nameLeasable area
(1,000㎡) ※1（As of the end of September, 2021)
Number of floors

Completed213

41 floors above ground and2 below ground

2012

103

13 floors above the groundand 3 below ground2021

Umeda Hanshin Daiichi
Bldg. (HERBIS OSAKA)

82

40 floors above ground and5 below ground1997

Umeda Hanshin Daini Bldg.
(HERBIS ENT)

54

28 floors above ground and4 below ground2004

Hankyu Chayamachi Bldg.
(Applause Tower)

52

Umeda Hankyu Bldg.
(Hankyu Dept.Store・office
tower)
Osaka Umeda Twin
Towers South (Hanshin
Department Store area）

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

34 floors above ground and3 below ground
5 floors above ground and
39 2 below ground (partially 4
below ground)
32 floors above ground and36
3 below ground
18 floors above ground and27
4 below ground
10 floors above ground and19
3 below ground
10 floors above ground and2 below ground
38 floors above ground and14
3 below ground
9 floors above ground and12
2 below ground
16

1992
1969
1977
1972
1998
1980
2013
2005

※1︓Leasable area does not include areas for public use※2︓Jointly owned property with Hankyu Hanshin REIT Asset Management※3︓Jointly owned property with others (other than Hankyu Hanshin
REIT Asset Management)

Developments in Umeda district(red = Hankyu Hanshin Holdings group related Projects)① Umeda 1‐1 Project（Osaka Umeda Twin Towers South）② Umekita Phase Ⅱ Development Project③ Umeda 3‐chome Project (Provisional Name)‐ Japan Post Holdings Co. Ltd.,/Osaka Terminal Building Co., Ltd.
④ (Provisional Name) Commercial Development Northwest of Osaka Station ‐ West Japan Railway Company etc.
⑤ (Provisional Name) Umeda Sonezaki Project (UMEDA GARDEN) ‐Sumitomo Realty & development Co., Ltd.
⑥ Chayamachi B‐2 District Redevelopment Project ‐TOKYU LAND CORPORATION Co., Ltd.

78

Overview of Osaka‐Umeda area②
Trends in rent amongsix main business districts in Osaka

Trends in average vacancy rates amongsix main business districts in Osaka（¥/3.3㎡）
18,000

（%）
12.00
10.00

16,0008.00
14,0006.00
12,0004.00
10,000

2.00
0.00

8,000

Sep. 2016

Sep. 2017

Sep. 2018

Sep. 2019

Osaka business areas (all)Minamimorimachi area
Semba area
Shinosaka area

Sep. 2020

Sep. 2021

Sep. 2016 Sep. 2017 Sep. 2018
Osaka business areas (all)Minamimorimachi area
Semba area
Shinosaka area

Umeda area
Yodoyabashi‐Honmachi area
Shinsaibashi‐Namba area

(%)

Sep.
2016

Sep.
2017

Sep.
2018

Sep.
2019

Sep.
2020

Sep.
2021

(¥/3.3㎡)

Osaka business areas (all)

5.79

3.83

2.93

2.00

2.96

4.33

Osaka business areas (all)11,061 11,187 11,398 11,670 11,944 11,818

Umeda area

4.33

2.38

1.63

1.37

2.16

3.49

Umeda area

14,210 14,487 14,863 15,297 15,900 15,808

Minamimorimachi area

6.33

5.77

5.17

3.86

3.49

3.77

Minamimorimachi area

Yodoyabashi‐Honmachi area

6.02

3.91

2.73

1.57

2.37

4.62

Yodoyabashi‐Honmachi area

Semba area

7.79

6.11

4.52

3.04

4.69

5.12

Semba area

Shinsaibashi‐Namba area

8.33

3.39

4.75

2.78

3.70

4.17

Shinsaibashi‐Namba area

11,833 11,725 11,865 11,962 12,584 12,046

5.51

Shinosaka area

10,152 10,140 10,273 10,594 11,014 11,409

Shinosaka area

5.46

4.38

3.59

2.60

4.30

(Reference)
Tokyo business areas (all)

Sep.
2016

Sep. 2019 Sep. 2020 Sep. 2021
Umeda area
Yodoyabashi‐Honmachi area
Shinsaibashi‐Namba area

9,291

Sep.
2017

9,249

Sep.
2018

9,357

Sep.
2019

9,396

Sep.
2020

9,362

Sep.
2021

9,314

10,891 10,994 11,149 11,356 11,595 11,348
9,521

9,717

9,932 10,271 10,383 10,164(Reference)
3.70

3.17

2.33

1.64

3.43

6.43

Tokyo business areas (all)18,336 18,995 20,438 21,855 22,733 20,858

Source: Miki Shoji, “Office Data.”

79

Hotel network of the Hankyu‐Hanshin‐Daiichi Hotel Group
Directly managed hotels (Hankyu Hanshin Hotels) 22 Hotels 6,868 rooms
Other (franchises, etc.)
Directly managed hotels
Dai‐ichi Hotel Tokyo
Dai‐ichi Hotel Annexremm plus Ginza
remm Tokyo Kyobashi
remm Hibiya
remm Akihabara
remm Roppongi
Daiichi Hotel Tokyo Seafort
Kichijoji Dai‐ichi Hotel
Hotel new Hankyu Kyoto
remm Shin‐Osaka
Hotel Hankyu International
Hotel new Hankyu Osaka
Hotel new Hankyu Annex
Umeda OS hotel ※Hotel Hankyu RESPIRE OSAKA
Hotel Hanshin Osaka
Hotel Hanshin Annex Osaka
Senri Hankyu Hotel
Takarazuka Hotelremm plus Kobe Sannomiya
remm Kagoshima※Hankyu Hanshin Hotels are
entrusted operation

26 Hotels 5,714 rooms

48 Hotels
12,582 rooms（As of October 1, 2021)

Other(franchises, etc.)
Tokyo Dai‐ichi Hotel Iwanuma Resort

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
Dai‐ichi Inn Shinminato
Tokyo Dai‐ichi Hotel Nishiki
Hotel Boston Plaza Kusatsu
Hotel Royal Hill Fukuchiyama
Amano Hashidate Hotel
Osaka Dai‐ichi Hotel
Hotel Bay Gulls
Arima Kirari HotelRoyal Park Hotel Kurashiki
Hotel Ichibata
Kure Hankyu Hotel
Takamatsu Kokusai Hotel
JR Hotel Clement Takamatsu
JR Hotel Clement Tokushima

Kyoto,
Osaka,Kobe

Tokyo

The Crown Palais New Hankyu Kochi

Tokyo Dai‐ichi Hotel Matsuyama

Imabari Kokusai Hotel80