Hankyu Hanshin Holdings Group
Supplementary Materials of
Financial Results for the Third Quarterof Fiscal 2023 (Ending March 2023)(Results for the Third Quarter and Revised Full-Year Forecasts)

February 1, 2023
Hankyu Hanshin Holdings, Inc.
9042 https://www.hankyu-hanshin.co.jp/en/

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.

Ⅰ. Performance Highlights
for the Third Quarter of Fiscal 2023
(Ending March 2023)

1

Consolidated Statements of Income(Summary)
Q3 FY2023
Results

FY2022
Results

ChangeConsolidated Subsidiaries
Equity-Method Affiliates
Total

99 companies
10 companies
109 companies

98 companies +1 (2 companies increase, 1 company decrease)
11 companies - 1 (1 company decrease)109 companies －(¥ million)

Q3 FY2023
Results

Q3 FY2022
Results

Revenue from operations
Operating income

Change716,444

517,162 +199,282 （ ＋38.5% ） For details,

74,51027,278 +47,231 （ ＋173.1% ）Non-operating income

10,3798,712+1,666

Non-operating expenses

8,268

7,917

+351

Ordinary income

Remarks

76,621

please see next page
Equity in income of affiliates +1,210

28,074 +48,546 （ ＋172.9% ）Extraordinary income

4,937

40,866-35,929

Gain on contributions for construction-25,893
Employment adjustment subsidies -8,064
Gain on sale of investment securities -1,761

Extraordinary loss

3,184

36,533-33,348

Loss on reduction of property and equipment-26,021
COVID-19-related losses -7,501

Net income attributable toowners of the parent

51,051Q3 FY2023
Results（Reference）

18,827 +32,224 （ ＋171.2% ）Q3 FY2022
Results

ChangeDepreciation and amortization

46,03443,456+2,577

Financial balance ① - ②-5,241-5,459+217

Interest and dividend income①

1,082

976

+105

Interest expense②

6,324

6,435

-111

2

Consolidated Statements of Income (Breakdown for each business segment)[Key results in current period]
Revenue and income increased. Although the COVID impact persisted, Urban Transportation and mostother segments experienced recovery to some extent. Additionally, in the Travel segment, we saw alarge upturn in orders related to COVID patients (e.g. services to support patients recuperating athome).
(¥ million)

Revenue from operations
Q3 FY2023
Results

Q3 FY2022
Results

Urban Transportation

137,855

120,740

Real Estate

197,476

Entertainment
Information and Communication
Technology

Operating income
Q3 FY2023
Results

Q3 FY2022
Results+17,11418,453

4,949+13,504

162,238+35,238

19,49013,229+6,261

56,61849,883+6,735

13,27910,285+2,994

41,10941,202

-93

2,958

3,025

-67

Travel143,685

34,448+109,237

16,191-7,743+23,934

International
Transportation

129,41498,568+30,845

6,391

5,615

+776

Other

36,33534,024+2,310

1,270

1,097

+173

Adjustment-26,050-23,945-2,105-3,525-3,180

-345

Total

716,444

517,162+199,282

74,51027,278+47,231

ChangeChange（Note）In Q1 FY2023, we consolidated the Hotels segment into the Real Estate segment, making Hotel a sub-segment of Real Estate. This change brings thenumber of reportable segments down from seven to six: Urban Transportation, Real Estate, Entertainment, Information and Communication
Technology, Travel, and International Transportation. To enable year-on-year comparisons, we have applied this change retroactively to thecomparative period (Q3 FY2022).

3

Urban Transportation Results
Revenue and income increased. The segment continued feeling the pandemic impact, but therailway and automobile businesses experienced a recovery in ridership to some extent
compared to same period last year, when people avoided travel amid a state of emergency.

（\ million）

Q3 FY2023
Results

Q3 FY2022
Results

Change％Revenue from operations

137,855

120,740+17,114＋14.2%

Operating income

18,453

4,949+13,504＋272.8%[Breakdown by type of business]（\ billion）

Revenue from operations
Q3 FY2023 Q3 FY2022
Results
Results

Operating income

Y on YQ3 FY2023 Q3 FY2022
Results
Results

Y on Y

Railway

100.3

88.5

+11.8

21.9

12.0

+9.9

Automobile

29.5

25.3

+4.2

0.3

-3.2

+3.4

Retailing

8.9

8.2

+0.8

0.8

0.7

+0.2

Others

4.4

4.9

-0.4

0.1

0.1

-0.0

*Not including head office expenses /adjustments.

4

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

Passenger volumes (Thousands)*

Q3 FY2023
Results

Q3 FY2022
Results

Commuter pass

22,705

21,741+964(＋4.4%)

230,351

216,572 +13,779(＋6.4%)

Workers

19,47518,980+494(＋2.6%)

158,240

154,242+3,998(＋2.6%)

Students

3,230

2,760

+469 (＋17.0%)

72,11062,330+9,780 (＋15.7%)

Other tickets

40,64933,899+6,749 (＋19.9%)

201,683

170,476 +31,207 (＋18.3%)

Total

63,35555,640+7,714 (＋13.9%)

432,035

387,048 +44,986 (＋11.6%)

ChangeQ3 FY2023
Results

Q3 FY2022
Results

ChangeHanshin Electric Railway
Fare revenues (¥ million)*
Q3 FY2023
Results

Q3 FY2022
Results

Commuter pass

8,384

8,037

+347

Workers

7,496

7,273

+223

Students

887

Other tickets
Total

Passenger volumes (Thousands)*
Q3 FY2023
Results

Q3 FY2022
Results(＋4.3%)

87,542

83,846+3,695(＋4.4%)(＋3.1%)

69,02867,350+1,678(＋2.5%)

763+123 (＋16.2%)

18,513

16,495+2,017 (＋12.2%)

14,373

11,480+2,893 (＋25.2%)

76,84062,632 +14,207 (＋22.7%)

22,757

19,517+3,240 (＋16.6%)

164,382

146,478 +17,903 (＋12.2%)

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

5

[Urban Transportation] Fare Revenues (compared to same period of FY2019 ）《Hankyu Corporation》

The state of emergency

Commuter pass

Other tickets

（％）
0.0

△ 20.0△ 40.0△ 60.0△ 80.0《Hanshin Electric Railway》（％）
0.0△ 20.0△ 40.0△ 60.0△ 80.06

Real Estate Results
Revenue and income increased. The hotel business continued feeling the effects of the pandemic,
but its accommodation and food/beverage businesses experienced a recovery, to some extent, inuser numbers. Additionally, the leasing business saw a year-on-year increase in rental revenue
from commercial facilities in line-side areas. These results mark an upturn relative to the same
period last year, when some hotels and commercial facilities had to temporarily close due to a stateof emergency and other circumstances.

（\ million）

Q3 FY2023
Results

Q3 FY2022
Results

Change％Revenue from operations

197,476

162,238+35,238＋21.7%

Operating income

19,49013,229+6,261＋47.3%[Breakdown by type of business]（\ billion）

Revenue from operations
Q3 FY2023 Q3 FY2022
Results
Results

Y on Y

Operating income
Q3 FY2023 Q3 FY2022
Results
Results

Y on Y

Real estate leasing

95.3

84.3

+11.0

25.7

24.2

+1.5

Real estate sales
and others

91.7

79.2

+12.5

4.9

4.9

+0.0

Hotel

31.1

18.6

+12.5

-3.7

-9.3

+5.6

*Not including head office expenses /adjustments.

7

Entertainment Results
Revenue and income increased. The stage business continued feeling the pandemic impact(with Takarazuka Revue having to cancel some productions), but the sports business saw anupturn in Hanshin Tigers’ regular season games compared to the same period last year, when
the business was affected by event restrictions.

（\ million）

Q3 FY2023
Results

Q3 FY2022
Results

Change％Revenue from operations

56,61849,883+6,735＋13.5%

Operating income

13,27910,285+2,994＋29.1%[Breakdown by type of business]（\ billion）

Revenue from operations
Q3 FY2023 Q3 FY2022
Results
Results

Operating income

Y on YQ3 FY2023 Q3 FY2022
Results
Results

Y on YSports

32.4

23.8

+8.6

9.5

5.4

+4.1

Stage

24.2

26.1

-1.8

5.0

5.9

-0.9

*Not including head office expenses /adjustments.

8

Information and Communication Technology results
Despite efforts to grow orders, revenue and income remained largely unchanged from the same
period last year, when the broadcasting and communications businesses won large orders.

（\ million）

Q3 FY2023
Results

Q3 FY2022
Results

Change％Revenue from operations

41,10941,202-93-0.2%

Operating income

2,958

3,025

-67

-2.2%

Travel results
Revenue and income increased. The segment continued feeling the pandemic impact in international
travel and other businesses. However, orders surged in non-travel businesses such as orders related
to COVID patients (e.g. services to support patients recuperating at home). The main drivers ofdomestic travel sales were subsidized discounts for local residents and subsidized discounts for travel
across Japan.

（\ million）

Q3 FY2023
Results

Q3 FY2022
Results

Change％Revenue from operations

143,685

34,448+109,237＋317.1%

Operating income

16,191-7,743+23,934―9

International Transportation results
Revenue and income increased compared to same period last year even though the
supply crunch, already easing in Japan, started easing overseas too.

（\ million）
Revenue from operations
Operating income

Q3 FY2023
Results

Q3 FY2022
Results

Change％129,41498,568+30,845＋31.3%

6,391

5,615

+776

＋13.8%

10

Consolidated Balance Sheets

Assets（\ million）

Q3 FY2023
Results

Liabilities

Change+39,118 Land and buildings for sale +17,511

Current assets

404,929

365,811

Noncurrent assets

2,425,483

2,357,030+68,453

2,830,413

2,722,841+107,571

419,138

426,659-7,520Total assets

Net assets

FY2022
Results

Current liabilities

Remarks

Property and equipment and intangible assets＋45,686

Q3 FY2023
Results
DeptLong-term liabilities

1,419,927

1,380,818+39,109

Bonds
Commercial paper
Lease obligations

Total liabilities

1,839,066

1,807,477+31,588

Shareholders' equity

882,215

843,332+38,883

Accumulated othercomprehensive income

31,95227,016+4,936

Non-controlling interests

77,17845,014+32,163

Total net assets

991,346915,363+75,982

32.3%

32.0%

+0.3P

Equity ratio

Interest-bearing debt

FY2022
Results

857,868 795,213
260,000 237,000－
50,00013,43013,7501,131,299 1,095,965

Change＋62,654+22,999-50,000-319＋35,334

Net income attributable to owners of the parent＋51,051
Payment dividend -12,125

11

Ⅱ. Forecasts for Fiscal 2023
(Ending March 2023)

12

Consolidated Statements of Income (Summary)（￥ billion）

FY2023
Forecasts(As of Oct.)①

Revenue from operations

FY2023
Forecasts
②

975.0

925.0

Operating income

85.0

70.0

Ordinary income

84.0

68.0

Net income attributable toowners of the parent

ChangeRemarks＝①－②
Revenue and income increases: Most

+50.0 (＋5.4%) segments performed better in the first
three quarters than the October forecasts
suggested. The Travel segment, forexample, saw a surge in orders related to+15.0 (＋21.4%) COVID patients (e.g. services to support
patients recuperating at home).

This increase takes into account the+16.0 (＋23.5%) increase in operating income.

This increase takes into account theincrease in ordinary income, which will+5.0 (＋12.5%) more than offset impairment loss in someassets.

FY2022
Results

Change

③

=①－③

746.2

+228.8

39.2

+45.8

38.5

+45.5

21.4

+23.6

45.0

40.0

Capital Expenditures

81.6

81.6

－

120.3

-38.7

Depreciation and amortization

62.7

62.7

－

59.1

+3.6

Financial balance (1) - (2)

-7.4

-7.4

－

-7.4

+0.0

Interest and dividend income(1)

1.2

1.2

－

1.1

+0.1

Interest expense(2)

8.6

8.6

－

8.5

+0.1

（Reference）

13

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

Total

FY2023
FY2023
Forecasts
Forecasts

ChangeRemarks(As of Oct.)

FY2022
Results

Change

=①-③

①

②

=①-②

③

975.0

925.0

+50.0

746.2 +228.8

85.0

70.0

+15.0

39.2

+45.8

185.6

185.0

+0.6 Revenue and income increase: In the first three quarters,

161.6

+24.0

22.0

20.6

+1.4

5.6

+16.4

288.9

291.9

-3.0 rescheduled the sale of some properties. Income increase:

246.6

+42.3

27.8

25.5

+2.3 forecasted in October.

19.4

+8.4

70.5

70.7

-0.2 Takarazuka Revue shows scheduled for January. Income

62.9

+7.6

11.4

11.0

+0.4 in expenses.

9.3

+2.1

63.9

63.9

－

59.2

+4.7

5.9

5.9

－

5.9

+0.0

190.0

138.0

14.0

4.5

168.9

166.0

7.5

6.0

(Breakdown for each business segment)
Urban Transportation

Real EstateEntertainment
Information andCommunication
Technology
TravelInternational
Transportationridership on Hankyu and Hanshin railways exceeded thelevels forecasted in October.
Revenue decrease: The real estate sales businessIn the hotel business, user numbers have exceeded the level
Revenue decrease: The stage business had to cancel someincrease: The sports business is expected to post a decrease+52.0 Revenue and incomes increase: Orders surged in non-travel

60.4 +129.6

+9.5

-5.7

+19.7

143.3

+25.6

8.0

-0.5

businesses such as orders related to COVID patients (e.g.
services to support patients recuperating at home).

+2.9 Revenue and income increase: Although the supply crunch+1.5

is expected to ease further, on a full-year basis performance
will exceed the level forecasted in October.

Note: The current segment structure has been applied to the FY2022 results.

14

[Urban Transportation] Railway Performance Forecasts
Hankyu Corporation
Fare revenues (¥ million)*
FY2023
Forecasts

FY2022
Results

Passenger volumes (Thousands)*

ChangeFY2023
Forecasts

FY2022
Results

ChangeCommuter pass

29,92828,654+1,274(＋4.4%)

301,020282,633 +18,387(＋6.5%)

Workers

25,872

25,223+649(＋2.6%)

210,282

204,916(＋2.6%)

Students

4,056

3,431

+624 (＋18.2%)

90,73877,717 +13,021 (＋16.8%)

Other tickets

54,56645,422+9,144 (＋20.1%)

270,598

228,028 +42,570 (＋18.7%)

Total

84,49574,077 +10,418 (＋14.1%)

571,619

510,661 +60,957 (＋11.9%)+5,366

Hanshin Electric Railway
Fare revenues (¥ million)*
FY2023
Forecasts

FY2022
Results

Passenger volumes (Thousands)*

ChangeFY2023
Forecasts

FY2022
Results

ChangeCommuter pass

11,095

10,628+466(＋4.4%)

114,983

110,096+4,886(＋4.4%)

Workers

9,964

9,668

+296

(＋3.1%)

91,35889,400+1,958(＋2.2%)

Students

1,131

960

+170 (＋17.7%)

23,624

20,695+2,928 (＋14.2%)

Other tickets

19,216

15,397+3,819 (＋24.8%)

103,295

84,103 +19,192 (＋22.8%)

Total

30,312

26,026+4,285 (＋16.5%)

218,278

194,199 +24,079 (＋12.4%)＊ 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.

15

Performance Indicators
FY2022
Results

FY2023
Forecasts(As of Oct.)

FY2023
Forecasts(As of Feb.)

Operating income¥39.2billion¥70.0billion¥85.0billion

EBITDA※1¥100.7billion¥135.0billion¥150.0billion¥1,096.0billion¥1,170.0billion¥1,140.0billion

Interest-bearing debt /EBITDA ratio

10.9times

8.7times

7.6times

D/E ratio※2

1.3times

1.3times

1.3times¥21.4billion¥40.0billion¥45.0billion

2.5%

4.5%

5.1%

¥1,064.6billion¥1,145.0billion¥1,115.0billion

10.6times

8.5times

7.4times

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

16

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

Operating income

FY2023
Forecasts

FY2023
Forecasts(As of Oct.)

ChangeFY2022
Results

ChangeFY2023
Forecasts

FY2023
Forecasts(As of Oct.)

ChangeFY2022
Results

Change

①

②

=①-②

③

=①-③

①

②

=①-②

③

=①-③

185.6

185.0

+0.6

161.6

+24.0

22.0

20.6

+1.4

5.6

+16.4

134.1

133.4

+0.7

118.5

+15.6

26.0

24.8

+1.2

14.7

+11.3

Automobile

40.0

40.0

－

34.1

+5.9

0.4

0.0

+0.4

-4.2

+4.6

Retailing

12.5

12.5

－

10.9

+1.6

1.0

1.0

－

0.8

+0.2

Others

8.9

8.9

－

8.7

+0.2

0.7

0.7

－

0.7

+0.0

288.9

291.9

-3.0

246.6

+42.3

27.8

25.5

+2.3

19.4

+8.4

Real estate leasing

125.1

123.8

+1.3

112.5

+12.6

30.9

29.4

+1.5

30.1

+0.8

Real estate sales and others

150.0

155.5

-5.5

135.5

+14.5

12.0

12.7

-0.7

11.4

+0.6

42.0

40.1

+1.9

25.6

+16.4

-5.7

-7.0

+1.3

-13.2

+7.5

70.5

70.7

-0.2

62.9

+7.6

11.4

11.0

+0.4

9.3

+2.1

Sports

37.2

37.1

+0.1

29.4

+7.8

6.7

6.2

+0.5

3.7

+3.0

Stage

33.1

33.5

-0.4

33.4

-0.3

6.3

6.4

-0.1

6.9

-0.6

Urban Transportation[Breakdown]

Railway

Real Estate[Breakdown]

HotelEntertainment[Breakdown]

Note: (1) Segment totals may not match the aggregate of the amounts for each type of business due to separate head office expenses / adjustments.
(2) The current segment structure has been applied to the FY2022 results.

17