Hankyu Hanshin Holdings Group
Results Briefing Materials for
Financial Results for Fiscal 2023
(Ended March 2023)
Reference Data

(1) Progress in Each Project･･･(2) Sustainable Management･･･ 19(3) Other･･･ 28Main briefing materials（１）Executive Summary（２）Performance Highlights for Fiscal 2023
(Ending March 2023)（３）Summary of the Medium-Term
Management Plan
（４）Forecasts for Fiscal 2024
(Ending March 2024)2

See our integrated reportfor more on oursustainability initiatives:
https://www.hankyuhanshin.co.jp/en/ir/librar
y/integratedreports/1(1) Progress in Each Project(2) Sustainable Management(3) Other2

List of Key Projects in Japan
（FY）
Umeda

p.4

Osaka Umeda Twin Towers South

p.5

Umekita Phase Ⅱ Development Project（Grand Green Osaka）

p.7
p.8

p.9

Schedule tobe determined

2022

2023

2024

●Completion of construction(Aug 2023)

Line-side Area

●Completion of construction(Jan 2024)●Completion of construction(Feb 2024)●Completion of construction of northern wing(FY2025)●Completion of construction of southern wing(FY2026)●Completion of construction(FY2027)●Building to open (2029)

Project to Redevelop Building 2 of Kobe City Hall

Schedule tobe determined●Close Senri Hankyu Hotel（Around the end of FY2026）

Senri-Chuo Redevelopment
Naniwasuji Connection Line/
Shin-Osaka Connection Line

Tokyo metropolitan area

H-CUBE MINAMIAOYAMA Ⅱ (Completed in FY2022）●Completionof construction

H-CUBE KITAAOYAMA(Completed in FY2021）

Hankyu Hanshin Ueno Okachimachi
p.14
Building(Completed in FY2022）
Yaesu 2 Naka Redevelopment
Schedule tobe determined

・・・●Intended start of service(The end of FY2024)

Project to Redevelop Site of Yodogawa
p.11 Ward Office

p.13

2031

●Close Hotel new Hankyu Osaka（Around the end of FY2025）

Shibata 1 Project

Logista Toyonaka
p.10 Project to Redevelop Site of
Takarazuka Hotelbe determined

・・・●Advance openings (Around summer 2024)●Full openings (FY2028)

Logista Osaka Matsubara

Schedule to2026●Completion of construction(Feb 2022)

Kita-Osaka Kyuko Railway Line
Extension Project
Development on west side of Hankyu
Nishinomiya Gardens

p.12

2025

Project to Redevelop Site ofHotel Grand Palace●Sell-off●Sell-off●Completionof construction●Sell-off●Completion of construction(FY2029)3

Osaka Umeda Twin Towers South (Umeda 1-1 Project)

Strategy1• Begun in October 2014, this large project symbolizes the merger between Hankyu and Hanshin in 2006.
• The construction was completed in February 2022. The office area entered service in March. The
Hanshin Umeda Main Store fully opened in April.
• With Umeda Hankyu Building being renamed Osaka Umeda Twin Towers North on April 1, the twobuildings were reborn as Osaka Umeda Twin Towers. The buildings will serve as a symbol of Umeda.

【Project summary】
Location

1-1 Umeda, Kita-ku, Osaka

Site area

Approx. 12,200 ㎡*1

Total floor space

Approx. 260,000 ㎡

Scale

38 floors above ground and 3 below groundPurpose

Department store, offices, halls, etc.

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

October 2014
July 2015

Phase I start demolition work
Phase I construction begins
Completion of phase I construction (Shin Hankyu Building
April 2018and Dai Hanshin Building East Wing)
Partial opening of new department store
June 2018
Phase Ⅱ (west wing of Dai Hanshin Building):
Start demolition work
June 2019
Phase Ⅱ construction begins
Completion of phase Ⅱ construction, the department store
September 2021
part
Opening of the new department store in the phase Ⅱ
October 2021
department store part*2
February 2022
Completion of all construction
March 2022
Opening of office Floors
April 2022
Full opening of the department store*2 Some construction work continued ahead of the full opening

4

Umekita Phase II Development Project（Grand Green Osaka）

Strategy1• Extending from Grand Front Osaka (Umekita Phase I),
Umekita Phase II is an urban development project that
embodies the idea of integrating greenery with innovation
and will lead the way in community development for Kansaiand Asia.
• The project has been named Grand
Green Osaka.

【Schedule】

Southern section

March 2023

Opening of Umekita area in JR Osaka Station

Around Summer
2024

Partial opening*1

Spring 2025

Full opening of rental section*2

FY2028Full opening【Details】*1. Northern rental section and part of the urban park
*2. Southern section

Offices

Shopping
facility

Urban park

Housing

Northern section

HotelSouthern section

Urban park

Northern section

Approx. Site area

30,430 ㎡

45,000 ㎡

15,720 ㎡

Approx. total
floor area

407,250 ㎡

11,000 ㎡

136,800 ㎡

Key amenities

Offices, hotels, shopping facility,
MICE facilities, housing

Museum, experiential learning
center, covered plaza, eateries,
stallsCoreamenities

Innovation center, hotel, shopping
facility, housing

5Plan for New Hotel in Umekita Phase II (Hotel Hankyu Gran Respire Osaka)

Strategy1• We will open Hotel Hankyu Gran Respire Osaka, an upscale hotel (superior to a
standard business hotel), in floors 5 to 28 of the eastern tower block in the rental
section (southern section) of Grand Green Osaka.
• A stone’s throw away from the JR Osaka’s new underground station, which will offer
direct access to KIX Airport, the hotel will primarily target adult inbound tourists who
are used to recreational travel.
• The hotels top floors (floors 26 and 27) will be club
floors with relatively spacious guestrooms. Floor 27 willhouse a club lounge exclusive to club guests.

Details
Approx. total floor
area
Guestrooms

21,740 m2
482

Main amenities

Restaurant, bar, lounge, fitness facility

Opening date

H2 FY2025

Entrance

Club lounge (floor 27)

Exclusive lounge (floor 6)

Guestroom6

Shibata 1 Project

Strategy1• Forming part of Umeda Vision, Shibata 1 Project is the third major project for the Osaka Umeda
area (following Umeda 1-1 Project and Umekita Phase II Development Project). It involves
replacing Osaka New Hankyu Hotel and Hankyu Terminal Building and redeveloping thewhole of Hankyu Sanbangai. The project will raise the value of the area.
Osaka Umeda Twin Towers
North, Grand Front Osaka(-2021)

Osaka Umeda Twin Towers（2022–）

Umekita Phase II openings（FY2028）

Shibata 1 Project• The project looks ahead to the next generation and will leverage the distinctive characteristicsof the terminal station to create a multifunctional hub befitting its role as the entrance to
Umeda.
We have decided to close the Hotel New Hankyu Osaka at the end of FY2025 because it is seriously dilapidated and because
Hotel Hankyu Respire Osaka, which is of a similar scale, opened in an adjacent zone.

Targeted area for Shibata 1 Project

JR Osaka Sta.

Hankyu Terminal Bldg.

Hankyu Sanban Gai

Hotel new Hankyu
Osaka

Hankyu Osaka-Umeda Sta.

7

Kita-Osaka Kyuko Railway Line Extension Project

Strategy
1【Development plan summary】
MinohKayano Sta.

Approx.
1.3km

Act on Rail Tracks

National Route171

MinohSemba
Handaimae
Sta.

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

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

National Route 423（Shin-midosuji）

December, 2016
The end of
FY2024
SenriChuo
Sta.

Railway
Business Act

SenriChuo
Sta.

Railway Business Act

Approx.
1.2km

December, 2015

Progress so far (Minoh-Kayano Station)

Obtained a license for railway
business and a charter for
railway track operations
Commencement ofconstruction
Intended start of service

Approx. 1.2km

Underground section

MinohSemba
Handaiｍae
Sta.

Approx. 1.3km

MinohKayano Sta.

National Route 423
Elevated section(Shin-midosuji）

National
Route 1718

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

Development on west side ofHankyu Nishinomiya Gardens

Logista Osaka Matsubara

Location

544 Takamatsu-cho, Nishinomiya, Hyogo

1 Oka, Matsubara, Osaka

Site area

Approx. 3,000 m2

Approx. 10,800 m2

Total floor
space

Approx. 18,300 m2

Approx. 14,000 m2

Number offloors

14 floors above ground

3 floors above groundPurposeCommercial facilities, offices, rental housing

Multi-tenant logistics center

Scheduled
opening

September 2023

Completion of construction: January 2024

（Direct access to Hankyu Nishinomiya-kitaguchi Station）

9

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

Logista Toyonaka

Redevelopment of Site of
Takarazuka Hotel

65-1 Umenocho, Takarazuka, Hyogo

Location

3 Katsube, Toyonaka, Osaka(south bldg is 1 min walk, and north bldg 2 min walk, from
Hankyu Takarazuka Minamiguchi)

Site area

Approx. 5,000 m2

Approx. 9,800 m2

Total floor
space

Approx. 8,300 m2

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

Number offloors3 floors above ground

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

PurposeMulti-tenant logistics center

Residences, grocery supermarket, clinic, childcare facility

Scheduled
opening

Completion of construction: February 2024

North building: Sales to begin in FY2025
South building: Sales to begin in FY2026

10

Project Progress Along Other Line-side Areas ③
In order of
openingdate

Location

Development of Site of
Yodogawa-ku Ward Office

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

Project to Redevelop Building 2of Kobe City Hall

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

Site area

Approx. 7,300 m2

Approx. 4,900 m2*

Total floor
space

Approx. 84,400 m2

Approx. 7,300 m2*

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

24 floors above ground, 2 underground floors

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

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

Scheduled
opening

Sales to begin in FY2027

2029* Gross floor space (includes shared sections)11Plan for Senri-Chuo Redevelopment
・Since Senri-Chuo is a key strategic area for us, wehave been monitoring a local redevelopment plan
being advanced by a council formed of Toyonaka
City, local landowners, and other stakeholders.
・ In 2019, the council unveiled an official plan torevitalize the area. In 2022, Toyonaka City
announced its intention to partition and redevelop
the vicinity of Senri-Chuo Station (outlined in red in
the figure).

Strategy
1Overview of the Senri-Chuo area
Map based on GSI geospatial data

（https://maps.gsi.go.jp/#17/34.809594/135.495665/&base=pale&base_grayscale=1&ls=pale&disp=
1&vs=c0j0h0k0l0u0t0z0r0s0m0f1&d=m ）・The council will now confer with H2O Retailing andother local landowners over how to redevelop the
Senri-Chuo area.

※

・Having decided to close Senri Hankyu Hotel by theend of FY2026 (as the building was dilapidated),
we are now exploring ideas for how to use the siteof the hotel. We will keep an eye on the plans toredevelop the area and decide about the land use
accordingly.

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

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

To Umeda【Legend】
Sole-owned or co-owned properties
H2O Retailing assets
Area flagged for redevelopment(Commercial facilities etc.)※Kita-Osaka Kyuko Railway is extending its line 2.5 km northward from its current
northern terminus, Senri-Chuo Station. The extension will begin service at theend of FY2024.

12

Aiming for a Robust Transport Network

Strategy1• We are participating in discussions to the following new rail lines and stations with a view tomaking the transportation network even stronger.

①Extension to Kita-Osaka
Kyuko line

Osaka International Airport(Itami Airport)⑤ New Mukogawa
StationShin-Osaka④Osaka Airport
line

Juso

Kobe-Sannomiya② NaniwasujiConnection
Line
Kobe Airport

Hankyu Kobe Line
Hankyu Takarazuka Line
Hankyu Kyoto Line
Hanshin Lines
KansaiInternational
AirportDesignated
a
hub
for
emergency
urban
regeneration, Shin-Osaka has growing potential toserve as a major intercity transport hub. We will workwith the public sector to advance plans forredeveloping the vicinity, including the adjacentstations Juso and Awaji.

③Shin-Osaka
Connection Line
Osaka Umeda
Naniwasuji Line
Osaka Namba

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

13

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

Projects in Tokyo

Hankyu Hanshin Ueno
Okachimachi Building(Dec 2022: Sold)

H-CUBE MINAMIAOYAMA(Dec 2021: Sold)

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

H-CUBE KITAAOYAMA(Dec 2022: Sold)
H-CUBE JINGUMAE(July 2016: Construction
completed)Yaesu 2 Naka
redevelopment(FY2029: Construction to be completed)

PILOT
Hankyu Hanshin
Green Building

Rebuilding of 3
Shirokanedai Minato-ku
apartment block(Sep 2025 :Construction to be completed)

Hankyu Hanshin
Ginza Building(Mar 2020: Construction
completed)*H-CUBE: A series of low-rise, street-facing commercial facilities being developed in the Greater Tokyo
Area(Feb 2019: Construction
completed)[Legend]*Includes both properties that are sold orscheduled for sale

●Rental properties (office,commercial facilities, logistics facilities)●Condominiums for sale
●Condominiums for rent,
student accommodation
14

Real Estate Sales Business in Japan (Residential)
Condominiums sales in Japan (for general public)

Geo is our brand of
condominiums for sales

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

2022 & 2023

1st place

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

Properties to be sold in future
・Geo Saito Irodori-no-Oka (Minoh, Osaka):

372 units, on sale from FY2024

・Geo Tower Shiｍmachi (Nishi-ku, Osaka):

190 units, on sale from FY2025

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

135 units, on sale from FY2025

・Vacated site of Takarazuka Hotel (Takarazuka, Hyogo): 638 units, on sale from FY2025
・Vacated site of Yodogawa Ward Office (Yodogawa-ku, Osaka): 712 units, on sale from FY2027［Geo Tower Shimmachi］(Reference) Condominium sales in Japan (units held by Group)
（FY）

Unit

2015
1,374

2016
1,302

2017
1,087

2018
1,159

2019
1,114

2020
1,516

2021
867

2022
1,137

2023

2024

1,107 1,300units

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

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

Our Geo Ent is our brand of
condominiums for rent

15

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

Thailand: Condominiums, houses,

Actions in ASEAN

townhouses*

Cumulative units Approx. 51,120(as of Apr 30, 2023,
includes units held by partners)

Projects

Thailand
VietnamPhilippines
Indonesia
Malaysia

34
6
5
4
1

Total units
Approx.28,040
Approx.13,990
Approx.4,220
Approx.4,020
Approx.850

Philippines: Houses, townhouses*
Vietnam: Condominiums, houses,
townhouses*, logistics facilities

Malaysia: Condominiums
Singapore: Logistics facilities
Indonesia:

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

・Plaza Indonesia Complex

Actions in USA
Seattle, WA: Rental housing

Phoenix, AZ: Rental housing

Among others*Terraced housing

16

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

Overview
Floor space
Size
Use

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

Exterior view of complex

APL TowerCentral Park Mall on the map

Soekarno-Hatta
International
AirportCentral Park Mall

Plaza Indonesia shopping complex

Jakarta CBD*FX Sudirman*CBD: Central business district (the administrative,
business, and commercial center of a city)ⒸGoogleCross-section
Central Park ResidenceCentral Park
Residence

Pullman Hotel

Central Park Mall
Mall’s courtyard

APL Tower(office building)

PullmanHotelCentral Park Mall(the acquired property)17Acquisition of a Rental Property in Indonesia: Office Tower Blocks• Hankyu Hanshin Properties founded an investment vehicle with the Japan
Overseas Infrastructure Investment Corporation for Transport & Urban
Development (JOIN) to invest in DCP (a subsidiary of major Indonesian realestate developer Sinar Mas Land), which owns three office tower blocks (oneof which is under construction) located in the Jakarta’s CBD, in full or in part.
• By engaging in property management too, we will lay build our leasing
business in ASEAN.

【Locations】
Soekarno-Hatta
International Airport

Jakarta CBD
Sinarmas
MSIG Tower*CBD: Central business district (the administrative, business, and commercial centerof a city)【Exteriors of the tower blocks】

Luminary
TOWER

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

Setiabudi Station【Details】

Sinarmas MSIG Tower

Sinarmas
MSIG Tower

Bakrie Tower

2016

2008

47 above-ground,
1 underground47 above-ground,
4 underground2023(under construction)
66 above-ground,
6 undergroundTotal floor
space

82,610 m2

76,202 m2

132,467 m2

Other(ownership)

Full ownershipPart ownership(13 floors)

Part ownership(23 floors)

Name
Completion
date
Size

Luminary Tower
Bakrie Tower
Rasna Said Station(tentative name)ⒸGoogle18

(1) Progress in Each Project(2) Sustainable Management(3) OtherSee our integrated reportfor more on oursustainability initiatives:
https://www.hankyuhanshin.co.jp/en/ir/librar
y/integratedreports/

19

[Reference] Sustainability Declaration
General principles (sustainability vision)

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

IssuesSafe, reliable infrastructure
Thriving communities

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

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

Life designs for tomorrow

Promote refined and inspired lifestyle solutions for abetter tomorrow.

Empowering individuals

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

Environmental protection

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

Robust governance

Act honestly and in good faith, as stakeholders expect us
to do.
20

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

Priority issues

Non-financial KPIs

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

Zero culpable incidents in our railway business

Employee satisfaction

Always better than inprevious survey

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

Percentage of women in
management positions

Percentage of womenamong new hires

Percentage of specific healthguidance provision

Around 10％（FY2031）

Always more than 30%

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

Smoking prevalence

Paternity leave uptake

Hiring rate for people withdisability

Human rights training
attendance rate

Less than 15％（FY2026）

100％（FY2026）

Keep exceedingmandatory rate

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

Rate of CO2 emissions cuts

Environmental
protection

Keep 100％ rate

* 19 special subsidiaries*Applies to: HHHD and subsidiaries’ Japanese worksites-46％ compared to FY2014 （FY2031）, CO2 emissions: Net zero (FY2051)

Note: six major companies: Hankyu Corporation, Hanshin Electric Railway, Hankyu Hanshin Properties, Hankyu Travel International,

Results Hankyu Hanshin Express, and Hankyu Hanshin Hotels
（％）

10.0
8.0

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

44.0

45.3

47.8

4.0
2.0
0.0

4.0

（FY） 2018

4.5

4.5

4.7

2020

2021

50.0

800,000

36.8

30.0

5.1

20.0

Percentage of women in management positions
Percentage of women among new hires (right axis)

2019（t-CO2）

40.0

44.5

6.0

（％）

2022

10.0
0.0

600,000

800,000

CO2 emissions volumes

Energy consumption on crude oil-conversion basis(right axis)
600,000
542,707616,365434,932

400,000

200,000

0
（FY）

（kl）

CO2 emissions volumes

316,4912014

298,536 283,045

…

2019

2020

370,131 393,821

253,116 252,495

2021

2022

400,000

200,000

0

21

Corporate Sustainability Initiatives

E:
Environmental

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

Basic policy for achieving carbon neutrality①Use energy efficiently

Roadmap to carbon neutrality

To reduce the base level of energy we consume, we will invest inenergy-efficient technology while keeping an eye on financial soundness
and investment efficiency.

②Examine options for energy generation
Keeping an eye on technological advances, we will introduce systems
for generating and storing renewable energy if they are financially
viable.

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

22

Corporate Sustainability Initiatives

E:
Environmental

Following TCFD recommendations• In accordance with TCFD recommendations, we identified climate-related risks and opportunities in our businesses
that will be most affected by climate change: our railway business and Real Estate segment. We then ran ascenario analysis to estimate the financial impacts and disclosed our findings in Integrated Report 2022.

Impact on operating profit from railway and Real Estate segment
Climate-related risks/opportunities
Introduction of carbon tax

Impact on operating profit *1
4°C

2°C – 1.5°C

Railway
Real Estate--¥2,400 mn *2

Change in cost burden following change in energy
prices+¥100 mn-¥400 mn

Rolling stock not evacuatedDecreased ridership
Saving from evacuation ofrevenue following
damage to rail assets in rolling stock
Muko River flooding
Rolling stock evacuated-¥3,800 mn-¥1,000 mn（+3,400 mn）（+¥900 mn）-¥400 mn-¥100 mn

Increased closed-days because of torrential rain (*3)-¥400 mn-¥200 mn

Increased prices for construction materials following
introduction of carbon tax--¥1,900 mn *2

Introduction of carbon tax--¥1,000 mn *2

Increased cost (equivalent to depreciation andamortization) from transition to ZEB compliance--¥800 mn+¥100 mn-¥500 mn

Change in cost burden following change in energy prices*4*1 The amounts of cost increase do not factor in the possibility of transferring some of the increase to the customer in price hikes.
*2 This scenario is based on the IEA’s 1.5°C scenario ($130 / t-CO2), with 122 yen to the dollar (the exchange rate as end of March 2022).
*3 Based on average torrential rain rate for 2076–2095*4 Energy cost burden for entirety of each building, including areas used by tenants

23

Corporate Sustainability Initiatives
ZEH*1 & ZEB*2 rollout• Condominiums*3⇒ Condominiums sold or rented from FY2025 onward

to get designation of ZEH-M Oriented or better• Detached homes⇒ >50% of the homes to be ZEH by FY2026.

Aim for 100% by FY2031.

• Logistics centers⇒ Aim to certify future logistics centers as ZEB Readyor better.

E:
Environmental

Eco-stadium
・We are making Hanshin Koshien Stadium greener through a
project called the Koshien Eco Challenge.
・ We plan to install a solar power system in Hanshin Tigers’
farm facility, which will be relocated under a plan to create azero-carbon baseball park, as well as in the adjacent park andneighboring station on the Hanshin line.
⇒ Plan was selected by the Ministry of the Environment forinclusion on its list of Decarbonization Leading Areas (First
Round).*⁴*4 The Ministry of the Environment selects for inclusion in this list localities that
demonstrate pioneering efforts to contribute to the 2050 carbon neutrality
goal. Such efforts include net zero emissions from energy consumption in local
homes and in private-sector shops and buildings.

*1: Net-zero energy home
*2: Net-zero energy building*3: With some exceptions(such as properties held jointly with peer)

Accelerate renewable energy transition
・ We are rolling out net renewable energy across mostrental properties (offices, shopping facilities) in
Umeda and line-side areas (and we plan to do so insome hotels) by FY2026.

EV buses・

Hankyu Bus invested in EV Motors Japan tostrengthen efforts to ensure steady procurement ofdomestic EV buses.
・
Hankyu Bus and Hanshin Bus will continue
introducing EV buses into their fleets.

Solar panels on station roof
FY2023: Hankyu Nishinoymiya-Kitaguchi Station
FY2024: Hanshin Daimotsu Station,
Hanshin Kuise Station, Hankyu Shojaku Plant
24

Corporate Sustainability Initiatives
Efforts to enhance human capital

S: Social

Employee wellbeing

・To achieve our long-term vision, we need to further
enhance our human capital. To that end, wedeveloped a talent strategy aligned with the visionand disclosed it in Integrated Report 2022.
・ We will make a more engaging and employeefriendly workplace, where diverse employees canbe themselves, fulfill their potential and feelvalued, to create a workforce that brims with
passion and where diverse values resonate.

We will promote employee wellbeing in a group-wide effort,
believing that the wellbeing of employees and their families
is key to future prosperity for society.

Human resources strategies linked to the Long-Term
Vision (management strategy)⇒ Employee wellbeing awareness is spreading throughout
the Group.
Listings in Health and Productivity Management
Organization

・HHHD established the Employee Wellbeing Committee.
・25 group companies were listed in the “Health andProductivity Management” Organizations of 2023. Of these,
Hankyu Corporation and Itec Hankyu Hanshin were included
among the 500 “white” companies, while Hankyu Hanshin
REIT Asset Management among the 500 “bright”
companies.*

Indicating that employee wellbeing awareness is spreading
throughout the Group

Category

2020

2021

2022

2023

Large
enterprises

5

8

10

11

SMEs

6

7

9

14

11

15

19

25

Total

Strategy1 Develop Highly Engaged Personnel
Strategy2 Assemble Diverse Talent to Help Create New Value
Strategy3 Secure Personnel to Promote and Implement DX in the Group* In the large enterprise category, the top 500 companies are dubbed the “white” 500.
In the SME category, the top 500 companies are dubbed the “bright” 500.

25

Corporate Sustainability Initiatives

S: Social

Efforts to deliver safe and trustworthy rail services
Rolling out accessibility improvements and platform doors
・ Our rail companies are rolling out accessibility improvements and platform doors to ensure that passengers feelsafe, secure, and comfortable when using the stations and trains.

・ Hankyu Corporation had excluded Kasuganomichi Station and Nakatsu Station from accessibility improvements
because of feasibility issues. However, of the two stations, accessibility improvements were completed in
Kasuganomichi Station by the end of FY2023. Hankyu Corporation now plans to install elevators at Nakatsu too
so that all its stations will have improved accessibility.
・ Hankyu Corporation and Hanshin Electric Railway will use
proceeds from the barrier-free charge to install platform
Stations with mobile platform doors
doors (mobile or fixed) on all stations to enhance
platform safety.
March 31, 2023

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

HankyuCorporation

Hanshin Electric
Railway

99％

100％*Step-free access rate: Percentage of major stations (those serving atleast 3,000 passengers a day on average) with step-free access(elevators or ramps)

Adapting to increasingly severe natural threats・ Hankyu Corporation and Hanshin Electric Railway aretaking hard (physical) measures to prevent or mitigate
risks of flooding and earthquakes. They are also taking
soft(non-physical)
safetymeasuressuchassuspending services strategically and communicatingrisk information to passengers.

Hankyu Corporation●Juso
FY2019 end: Installed on Takarazuka Lines 3 and 4,
Kyoto Line 5●Kobe-Sannomiya
FY2022 end: Installedon all platforms●Kasuganomichi
FY2023 end: Installedon all platforms
Hanshin Electric Railway●Kobe-Sannomiya
FY2022 end: Installedon all platforms●Osaka-Umeda
Oct 2021: Installed on new platform 1
Jan 2023: Installed on new platform 2
FY2024: To be installed on all platforms●Amagasaki
Spring 2024: To be installed on platforms 1 and 2

26

Corporate Sustainability Initiatives

G:
Governance

Robust governanceNote: You can access the Corporate Governance Report on our website.

Actions to promote effective and transparent corporate governance
FY2016●

Established
the Corporate
GovernanceCommittee
Percentage ofmembers ofBoard ofDirectors whoare independent
outsiders*

FY2017●

Startedevaluating theeffectiveness of
the Board of
Directors

5/11
45.5％

FY2019●FY2018●

Scrapped thecorporateadviser system

Resolved to
discontinue
antitakeovermeasures,establishedcompensationcommittee

Percentage ofmembers ofBoard ofDirectors
who are women*

Participating in the UN Global Compact• The UN Global Compact calls on companies tocommit to ten principles related to human rights(protection of human rights), labor (e.g.
elimination of forced and compulsory labor),
environment, and anti-corruption.
• We signed the compact in
May 2021, and commit to
upholding the ten principles.

FY2020●

FY2021●

Revisedcompensation
structure

Changed corporate
structure to that ofa “company with
an audit &supervisorycommittee”

FY2023●

Outside director
appointed to chair ofCorporate
GovernanceCommittee andCompensation
Committee

3/11
27.3％
*Following the end of the AGM held in June 2023

Updating our basic principles and basic policy
on respecting human rights• In April 2023, we updated our basic principles and basic
policy on respecting human rights in line with the UN
Guiding Principles on Business and Human Rights.
• We are examining measures for human rights due
diligence.

Anti-Corruption Policy• We have declared our commitment to combat
corruption (including bribery, unfair trade practices, andinsider trading) and have published a basic policy on
how we work against corruption and how we respond if
an incident arises.
27

(1) Progress in Each Project(2) Sustainable Management(3) Other28

Consolidated Subsidiaries(As of March 31, 2023)
Urban Transportation
Railway
Hankyu Corporation
operations
Hanshin Electric Railway
Nose Electric Railway
Kita-Osaka Kyuko Railway
Kobe Rapid Transit Railway
Hankyu Hanshin Electric System
Railway Operation Hankyu
Hankyu Railway Service
Automobile
Hankyu Bus
Hanshin Bus
Hankyu Kanko Bus
Hankyu Taxi
Hanshin Taxi
Osaka Hanshin Taxi
Hankyu Hanshin Motor Technology

Real Estate
Real estateleasing, sales
and others

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

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

Information and Communication Technology
Information and Hanshin Electric Railway
Communication Itec Hankyu Hanshin
Technology
System Giken
YMIRLINK
RworksNihon Protec
Mimamorume
Himeji Cable Television
Bay Communications
BAN-BAN Networks
Hanshin Cable Engineering
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

29

Revenue from Operations and operating income as a FY2023
Management composition

Earnings structure(As of March 31, 2023)

Urban
Transportation

Hankyu Hanshin Holdings*

Real Estate

HankyuCorporation*

HanshinElectric
Railway*

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

Operating revenue breakdown(FY2023)
Consolidated Total

Entertainment

HankyuCorporation

HanshinElectric
Railway¥968.3billion

Operating profit¥89.4billion

Hankyu Travel
International

9.2%

Operating profit margin

International
Transportation

Information andCommunication
Technology

TravelOperating revenue

Urban Transportation

Operatingrevenue¥163.3billion

Operatingrevenue¥185.6billion

Operatingprofit¥8.4billion

Operatingprofit¥22.4billion

Operatingprofitmargin5.1%

Operatingprofitmargin12.1％

Real Estate

TravelInternational
Transportation

Hankyu Hanshin
Express

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

Operatingrevenue¥191.4billion

Operatingrevenue¥282.0billion

Operatingprofit¥15.3billion

Operatingprofit¥27.9billion

Operatingprofitmargin8.0%

Operatingprofitmargin9.9%

Information andCommunication Technology

Entertainment

Operating revenue¥60.4billion

Operating revenue¥72.3billion

Operating profit¥5.9billion

Operating profit¥12.6billion

Operating profit
margin9.8%

Operating profit
margin17.4％

30

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

31Areas served by the Hankyu and Hanshin lines②
Population Trends
108106

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.

(thousand)

Area

Population

1,318

5,635

Osaka Pref. (service areas)

449

2,718

Hyogo Pref. (service areas)

471

2,255

Kyoto Pref. (service areas)

398

661

Non-Hankyu/Hanshin Service Areas

26,033

14,387

Osaka Pref. (non-service areas)

1,456

5,839

Hyogo Pref. (non-service areas)

7,930

3,123

Kyoto Pref. (non-service areas)

4,214

1,793

Shiga Pref.

4,017

1,383

Nara Pref.

3,691

1,322

Wakayama Pref.

4,725

928

27,351

20,022

Areas served by the Hankyu/Hanshin line

104
102

（k㎡）

（1991=100）

100
98
96
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991

Total

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

1

Osaka-Umeda, Osaka(Osaka, Osaka Pref.）2

Nishinomiya-Kitaguchi（Nishinomiya, Hyogo Pref.）3

Shukugawa（Nishinomiya, Hyogo Pref.)4

Okamoto（Kobe, Hyogo Pref.）Ranking Station（Area）

11

Hommachi（Osaka, Osaka Pref.）12

Kobe-Sannomiya, （Kobe, Hyogo Pref.）Sannomiya

13

Tennoji（Osaka, Osaka Pref.）（Ashiya, Hyogo Pref.）（Osaka, Osaka Pref.）5

Takarazuka（Takarazuka, Hyogo Pref.）14

Ashiyagawa

6

Senri-Chuo（Toyonaka, Osaka Pref.）15

Yodoyabashi

7

Mikage(Hankyu)（Kobe, Hyogo Pref. ）16

Kitahama（Osaka, Osaka Pref.）8

Takatsuki, Takatsuki-shi（Takatsuki, Osaka Pref.）9

Ashiya（Ashiya, Hyogo Pref.）17

Toyonaka（Toyonaka, Osaka Pref.）10

Karasuma Oike

（Kyoto, Kyoto Pref.）

18

Kyoto

（Kyoto, Kyoto Pref.）19

Tanimachi 6chome（Osaka, Osaka Pref.）20

Fukushima（Osaka, Osaka Pref.）13 of the top20 spots are
areas served
by our lines

Source: A survey of prospective condominium purchasers regarding their preferred residential area, conducted by seven major real estate developers (Sumitomo Realty& Development Co., Ltd., Daikyo Incorporated, Tokyu Land Corporation, Tokyo Tatemono Co., Ltd., Nomura Real Estate Development Co., Ltd., Mitsui Fudosan
Residential Co., Ltd., and Mitsubishi Jisho Residence Co., Ltd.) and included in a press release dated October 6, 2022.

32

Overview of Osaka-Umeda area ①
Major rental properties
Property nameLeasable area
(1,000㎡) *1（As of March 31, 2023)
Number of floors

Completed213

41 floors above ground and2 below groundNov 2012

193

38 floors above the groundand 3 below groundFeb 2022

Umeda Hanshin Daiichi
Bldg. (HERBIS OSAKA)

82

40 floors above ground and5 below groundMar 1997

Umeda Hanshin Daini Bldg.
(HERBIS ENT)

54

28 floors above ground and4 below groundNov 2004

Hankyu Chayamachi Bldg.
(Applause Tower)

52

34 floors above ground and3 below groundNov 1992

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

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

5 floors above ground and
38 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 and16
2 below ground
38 floors above ground and14
3 below ground
9 floors above ground and12
2 below ground（As of March 31, 2023)

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

Developments in Umeda district(red = Hankyu Hanshin Holdings group related Projects)①Umekita Phase II Development Project (Grand Green Osaka)②JP Tower Osaka: Japan Post Holdings, Osaka Terminal Building Co., Ltd., among others③Project to Develop Osaka Station Northwest Building (tentative name): West Japan Railway among others④Chayamachi B-2 and B-3 District Redevelopment Project: Tokyu Fudosan Holdings

33

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

Trends in average vacancy rates amongsix main business districts in Osaka
（％）

16.00

18,000（¥/3.3㎡）

14.00

16,00012.00

14,000

10.00
8.00

12,0006.00

10,000

4.00

8,000

Mar. 2018

2.00
0.00

Mar. 2018

Mar. 2019

Mar.

Mar.

2018

Mar. 2021

Mar. 2022

Mar.

Mar.

Mar.

Mar.

2019

2020

2021

2022

2023

3.38

2.45

2.00

3.91

5.22

5.11

Umeda area

2.02

1.59

0.93

3.36

5.14

5.32

Minamimorimachi area

5.06

4.58

3.68

3.88

3.84

4.81

3.60

2.22

1.70

3.30

4.16

4.28

5.00

3.47

3.54

4.96

4.93

4.64

3.70

3.14

2.07

4.83

4.33

3.71

4.01

3.20

3.46

5.74

10.18

8.41

Osaka business areas(all)

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

Mar. 2020

Mar. 2023(all)
Umeda area
Minamimorimachi
area
YodoyabashiHonmachi area
Semba area
Shinsaibashi-Namba
area
Shinosaka area

Mar. 2020

Mar. 2021

Mar. 2022

Mar. 2023

Mar.

Mar.

Mar.

Mar.

Mar.

Mar.

2018

2019

2020

2021

2022

2023

11,302 11,510 11,957 11,917 11,893 11,862
14,684 15,056 15,780 15,984 15,969 15,767
9,249

9,331

9,508

9,364

9,365

9,539

11,105 11,200 11,485 11,548 11,407 11,371
9,845

10,093 10,524 10,157 10,205 10,218

11,696 11,875 12,671 12,317 12,125 12,190
10,142 10,523 11,147 11,232 11,456 11,437(Reference)(Reference)
Tokyo business areas (all)Osaka business areas

Mar. 2019

2.80

1.78

1.50

5.42

6.37

6.41

Tokyo business areas (all)19,69921,134

22,594

21,541

20,36619,991

Source: Miki Shoji, “Office Data.”

34

Hotel network of the Hankyu-Hanshin-Daiichi Hotel Group
ホテル一覧（As of April 1, 2023)

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

24 Hotels 5,260 rooms

41 Hotels
11,201 rooms*The number of hotels and guest rooms above does not include The Ritz-Carlton Osaka (291 rooms, Kita-ku, Osaka)

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

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

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

Kyoto,
Osaka, Kobe

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

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

The Crown Palais New Hankyu Kochi

Tokyo Dai-ichi Hotel Matsuyama

Imabari Kokusai Hotel
Remm Kagoshima

35