Hankyu Hanshin Holdings Group
Results Briefing Materials for Fiscal 2020
(fiscal year ended 31st March 2020)

May 19, 2020
Hankyu Hanshin Holdings, Inc.
9042 http://www.hankyu-hanshin.co.jp/en/

Contents
Ⅰ. Performance Highlights for Fiscal 2020
(fiscal year ended 31st March 2020) ･･･

2

Ⅱ. Forecast for fiscal 2021
(fiscal year ending 31st March 2021) ･･･ 31

Ⅲ. Sustainable Business Practices･･･ 34

Ⅳ. Referential Materials(1) Summary of the Medium-Term Management Plan･･･ 43(Reproduced from the results briefing materials released in May 2019)(2) Progress in Each Project(3) Other･･･ 51･･･ 60Business 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 Fiscal 2020
(fiscal year ended 31st March 2020)2

Blank page3

Consolidated Statements of Income(Summary)
FY2020 Results

Consolidated Subsidiaries
Equity-Method Affiliates
Total

Change93 companies 94 companies -1 (2 companies increase, 3 company decrease)
11 companies 11 companies ±0
104 companies 105 companies -1(¥ million)
COVID-19 impact-22.0billion yen

Revenue from operations

Operating income

FY2019 Results-15.4billion yen

FY2020Results

FY2019Results

762,650

791,427 -28,776 (-3.6%)

95,170114,937 -19,767 (-17.2%)

ChangeRemarks
For details,
please see next page
Equity in income of affiliates-1,573Non-operating income

7,331

9,377 -2,046

Non-operating expenses

13,706

13,771 -65

Ordinary income

88,795110,543 -21,748 (-19.7%)

Relative to last year’s “loss on
impairment of fixed assets”
and “deferred tax assets” (inrelation to transfer of
Hokushin Kyuko Railway)

Extraordinary income

6,038

7,221 -1,183

Extraordinary loss

8,086

29,202 -21,115

Impairment loss -18,901

54,85965,476 -10,616(-16.2%)

Tax expense +9,309

Net income attributable toowners of the parent（Reference）

FY2020 Results

FY2019 Results

ChangeDepreciation and amortisation

56,542

54,172+2,370Financial balance ① - ②-7,718-8,118+400Interest and dividend income①

1,548

1,496

+52

Interest expense②

9,267

9,615

-347

4

Consolidated Statements of Income (Breakdown for each business segment)[Key results in current period]
Revenue and income declined. The Real Estate Business experienced a downturn relative to the highlevel last year, when the segment sold off commercial-use land in the east area of Saito (Ibaraki,
Osaka). Additionally, COVID-19 impacted many businesses in Q4(※).
※COVID-19 impact : Revenue from Operations -22.0billion yen, Operating income -15.4billion yen(¥ million)

Revenue from operations
COVID-19 impact-5.2billion yen

FY2020Results

FY2019Results

Operating income
ChangeUrban Transportation

227,176

238,562-11,385

Real Estate

236,046

237,276-1,22974,02074,518-498

58,57653,533+5,042

33,76635,528-1,762

76,18689,990-13,804

60,28064,923-4,643

42,48643,417-930-45,887-46,322+434

762,650

791,427-28,776

Entertainment-4.4billion yen

Information andCommunication Technology
Travel-4.9billion yen

International
Transportation
Hotels-5.2billion yen

Other
Adjustment
Total※-22.0billion yen-4.7
billion yen-3.0
billion yen-3.1
billion yen-3.3
billion yen-15.4
billion yen

FY2020Results

FY2019Results

Change40,05643,455-3,39941,51049,250-7,74011,695

13,439-1,744

5,598

5,279

+318

232

1,764

-1,531

170

2,392-2,221-3,142

1,214-4,356

2,381

2,333

+47

-3,332-4,191+859

95,170114,937-19,767

The “Information and Communication Technology” was newly created in the quarter under review (Q1 FY2020). Previously, thebusiness was called ‘Communication, Media and Others’ and existed within the “Entertainment and Communications”, which itself has
been renamed to the “Entertainment”. The purpose of the change was to boost competitiveness.
Following this change, there are now seven reportable core businesses: Urban Transportation, Real Estate, Entertainment (formerly
named Entertainment and Communications), Information and Communication Technology, Travel, International Transportation, andHotels. The FY2019 data used for year-on-year comparisons has been adjusted according to the new business segment structure.

5

How COVID-19 Impacted Each Business（FY2020 Results）
Upper table : Revenue from operations
Lower table : Operating income

Total

FY2020Results

Description of impact-22.0 billion yen-15.4 billion yen[Breakdown for each business segment]

Urban Transportation

Entertainment-5.2 billion yen [Railway, Automobile]
Fewer people outside (stay-at-home requests); inbound-4.7 billion yen demand curtailed-4.4 billion yen-3.0 billion yen

TravelHotels-4.9 billion yen-3.1 billion yen[Sports] Pro baseball season postponed(-3 games)[Stage] Takarazuka Revue performances cancelled
Domestic and international tours suspended; surge incancellations-5.2 billion yen Inbound demand curtailed by international travel
restrictions; domestic tourist demand hit by travel/outing-3.3 billion yen cancellations

6

Blank page

7

COVID-19 impact
Revenue from operations：-5.2billion yen
Operating income：-4.7billion yen

Urban Transportation Results[Railway]・Revenue and income declined. Hankyu and Hanshin lines performed well, but this wasoffset by COVID-19 impact in Q4 and by higher costs (especially from retirement of
noncurrent assets).
[Automobile]
・Revenue and income declined due to COVID-19 impact in Q4.
Outsourcing of convenience store /station-based store operations (Aug 2019)-8.8 billion yen(¥ million)

FY2020Results

FY2019Results

Change%Revenue from operations

227,176

238,562-11,385-4.8%

Operating income

40,05643,455-3,399-7.8%[Breakdown by type of business](¥ billion)
Revenue from operations
Railway

FY2020Results
COVID-19 impact-3.3billion yen

Y on Y

152.4

-0.5

Automobile-1.4billion yen

47.9

-1.5

Retailing-0.5billion yen

21.4

-8.9

Advertising

9.4

+0.4

Others9.4-0.0

Outsourcing of convenience store /station-based store operations (Aug 2019)-8.8 billion yen*Not including head office expenses /adjustments.
8

[Urban Transportation] Railway Performance Results
Hankyu Corporation
Fare revenues (¥ million)*
FY2020Results

FY2019Results

ChangePassenger volumes (Thousands)*
FY2020Results

FY2019Results

ChangeCommuter pass34,11933,456 +662 (+2.0%)

344,604

337,778 +6,825(+2.0%)

Workers

29,62328,962+660(+2.3%)

243,854

237,542 +6,311(+2.7%)

Students

4,496

4,494

+1(0.0%)100,750

100,235

Other tickets

61,88763,059 -1,171(-1.9%)

310,525

318,158 -7,632 (-2.4%)

Total

96,00796,516655,129

655,936

COVID-19 impact -2.2billion yen-508(-0.5%)+514(+0.5%)-806(-0.1%)

The impact of natural disasters -0.6billion yen

Hanshin Electric Railway
Fare revenues (¥ million)*
FY2020Results

FY2019Results

ChangePassenger volumes (Thousands)*
FY2020Results

FY2019Results

ChangeCommuter pass12,327

12,024 +303 (+2.5%)

127,652

124,353 +3,298(+2.7%)

Workers

11,08010,790+290(+2.7%)

101,243

98,310 +2,932(+3.0%)

Students

1,246

1,233

+12(+1.0%)

26,40926,043

Other tickets

21,66522,030-364(-1.7%)

118,559

121,012 -2,452 (-2.0%)

Total

33,99334,054-61(-0.2%)

246,212245,366

COVID-19 impact -0.9billion yen+366(+1.4%)+845(+0.3%)

The impact of natural disasters -0.1billion yen＊ Revenue amounts less than one million yen, and numbers of passengers less than one thousand, are omitted.
For Hankyu Corporation, “other ticket revenue/ridership” includes revenue/ridership associated with the PiTaPa usage sections.
Sum of tier 1 and tier 2 railway operators for both Hankyu Corporation and Hanshin Electric Railway

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

Transportation revenue (tier 1 + tier 2)

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

1Ｑ

2Ｑ

3Q

4Q

Total

Totals forcommuter passes
and other tickets

1Ｑ

2Ｑ

3Q

4Q

Total

FY2020 Results

24,988 24,862 24,359 21,796 96,007

FY2020 Results

8,895

9,195

8,354

7,547 33,993

FY2019 Results

24,389 23,814 24,349 23,963 96,516

FY2019 Results

8,640

8,764

8,336

8,314 34,054

Change

+255

+431

+18

Change(%)+599 +1,048+10 -2,167-508+2.5% +4.4％ +0.0% -9.0% -0.5%

Factors of YoY Change (estimated)
・COVID-19 impact-¥2,220million
・Recovery from impact of last year’s natural disasters※+¥560million
・Leap year-related surge+¥152million
・Other factors (e.g. increase in line-side areas populations andothers)+¥1,000million

(%)

-766

-61

+3.0％ +4.9％ +0.2% -9.2% -0.2%

Factors of YoY Change (estimated)
・COVID-19 impact-¥863million
・Recovery from impact of last year’s natural disasters※+¥84million
・ Leap year-related surge+¥55million
・Other factors (e.g. larger crowds for pro baseball, increase inline-side areas populations, and the strong performance of the
Hanshin Namba Line and others)＋¥663million※Includes natural disasters other than the 2018 Osaka earthquake, 2018 Japan floods, Typhoon Jebi, and Typhoon Trami

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

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
31,12629,48429,92230,391
31,29931,54932,272
32,62833,19833,456 34,119
58,58260,00060,26860,74961,63060,91062,92062,72063,13763,059 61,887
89,70889,48590,191
91,141
92,92992,45995,192
95,34896,33596,516 96,007

FY2010＝100%

107%（+3.8% compared to fiscal 2015）(FY) 2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

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

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
9,642
10,126
10,623
10,74011,008
11,107
11,372
11,563
11,797
12,024
12,327
18,396
18,89919,422
19,66920,26020,286
21,035
21,136
21,63822,03021,66528,03829,02530,04530,41031,26931,39432,40732,69933,436
34,05433,993

FY2010＝100%

121%（+8.3% compared to fiscal 2015）★ Opening of Hanshin Namba Line(March, 2009）

(FY)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

11

Real Estate Results[Real estate leasing]・Revenue and income declined. Newly opened properties contributed positively torevenue, but this was offset by higher costs (e.g. higher tax burden anddepreciation/amortisation) and lower revenue relative to last year, when we received
construction fees from tenants following completion of phaseⅠof Umeda 1-1 Project.

[Real estate sales and Others]
Revenue and income declined. Although condominium sales increased, this was offset bya reactionary decline from the high level last year, when the Real Estate Business sold off
commercial-use land in the east area of Saito (Ibaraki, Osaka).
【Reference】 Condominium sales：+402（1,516 units; previous year 1,114 units）(¥ million)

FY2020Results

FY2019Results

Change%Revenue from operations

236,046

237,276-1,229-0.5%

Operating income

41,51049,250-7,740-15.7%[Breakdown by type of business](¥ billion)
Revenue from operations

FY2020Results

Y on Y

Real estate leasing

111.0

-0.1

Real estate sales and Others

143.2

-1.2

*Not including head office expenses/adjustments.

12Entertainment Results

COVID-19 impact
Revenue from operations：-4.4billion yen
Operating income：-3.0billion yen[Sports]
Revenue was largely unchanged and income declined. The segment reported strong
earnings from sporting events and from food/drink and merchandise sales, but
performance in Q4 was undercut by the COVID-19 impact.

[Stage]Revenue and income declined. The shows proved popular and merchandise sold well, but
performance in Q4 was undercut by the COVID-19 impact.
(¥ million)

FY2020Results

FY2019Results

Change%Revenue from operations

74,02074,518

-498

-0.7%

Operating income

11,695

13,439-1,744-13.0%[Breakdown by type of business](¥ billion)
Revenue from operations
SportsStage

FY2020Results
COVID-19 impact-2.1billion yen-2.3billion yen

Y on Y

39.5

-0.0

34.4

-0.5

*Not including head office expenses /adjustments.

13

Information and Communication Technology Results
Revenue and income increased after the information services business won largetransport system orders.

(¥ million)

FY2020Results

FY2019Results

Change%Revenue from operations

58,57653,533+5,042+9.4%

Operating income

5,598

5,279

+318

+6.0%

14

Blank page15

Travel Results

COVID-19 impact
Revenue from operations：-4.9billion yen
Operating income：-3.1billion yen

Revenue and income declined. The travel segment benefitted from a longer-than-usualGolden Week holiday period, with strong numbers to European and domestic
destinations. However, this was offset by the COVID-19 impact in 4Q.
(¥ million)

FY2020Results

Revenue from operations
Operating income

FY2019Results

Change%33,76635,528-1,762

-5.0%

232

1,764

-1,531-86.8%[Performance Highlights for Fiscal 2020]◆Overseas travel billings : Ranking 3(※)
Billings： ¥203.3billion（Y on Y -11.5%)◆Domestic travel billings : Ranking 6(※)
Billings： ￥128.6billion（Y on Y -5.9%)◆Total travel billings : Ranking 5(※)
Billings： ￥335.6billion（Y on Y -9.3%)
Notes: The above figures indicate the aggregated results for Hankyu Travel International, Hankyu Hanshin Business Travel, and Hanshin
Travel International (intercompany transactions offset)
Notes: ※・Sales volume indicates the aggregated volume for April to March. The values for industry ranking are based on aggregated results from
April to February.
・The figures are based on 1) the data released in JTA’s Report on Sales Volume Among Major Travel Agents and 2) the figures releasedby major travel agents16

[Travel] Referential information
Billings
Domestic travel

Overseas travel(¥ billion)

450.0
400.0

132.4

350.0
300.0

135.5

128.5

111.9

146.3
136.8
132.5

250.0

129.0

136.1

136.7
128.6

200.0
150.0
100.0

245.3

255.3

270.9

290.1

261.6

234.7

201.1

186.9

FY2016FY2017

206.6

229.8

203.3

50.0

0.0
FY2010FY2011FY2012FY2013

FY2014FY2015FY2018FY2019FY2020※Figures for fiscal 2010 to fiscal 2015 represent the simple aggregate amounts from Hankyu Travel
International and Hankyu Hanshin Business Travel.
The figures from fiscal 2016 and onwards represent the aggregate amounts from the two companies
as well as from Hanshin Travel International (offsetting intercompany transactions).

17

International Transportation Results
Revenue and income declined. Factors included US-China trade war and decline in airtransport volume, especially in Japan and East Asia.

(¥ million)
Revenue from operations
Operating income

FY2020Results

FY2019Results

Change%76,18689,990-13,804-15.3%

170

2,392-2,221-92.9%

18

[International Transportation] Referential information【Total handling volume for Japanese and non-Japanese companies in the International Transportation Business segment】

160
140

Air Export Freight Weight
141

121

120

（unit：thousand ton）

117

115

FY2013

FY2014

128

115

121

FY2015FY2016FY2017

148
107

100
80
60
40

20
0
FY2012
140

TEU※-measured overseas export volume

120
100

80

FY2018

76

92

79

98

95

FY2015FY2016FY2019FY2020（unit：thousand TEU）

103

111

113

121

FY2019FY2020604020
0FY2012FY2013

FY2014FY2017FY2018※TEU：‘Twenty-foot equivalent unit’—a unit of cargo capacity based on the volume of
a 20-foot-long container

19Hotels Results

remm Tokyo Kyobashi : Opened on April 3, 2019
Hotel Hanshin Annex Osaka : May 15, 2019
Hotel Hankyu RESPIRE OSAKA : November 27, 2019
remm plus Ginza : December 24, 2019

COVID-19 impact
Revenue from operations：-5.2billion yen
Operating income：-3.3billion yen

Revenue and income declined. New openings contributed positively to earnings, but thiswas offset by the COVID-19 impact in Q4. Other negative factors included risingcompetition in the Kansai area’s hotel market and a lull in demand for accommodation.
(¥ million)

FY2020Results

FY2019Results

Change%Revenue from operations

60,28064,923-4,643-7.2%

Operating income-3,142

1,214-4,356-[Performance Highlights for Fiscal 2020]
Occupancy rates of Hankyu Hanshin Hotels
Total 80.1％ ※1,※2 (-10.6 points from previous year)※2

Kansai area 80.6% (-10.3 points from previous year)※2
Tokyo metropolitan area 79.7% (-11.2 points from previous year)

Average daily rates (ADR) of Hankyu Hanshin Hotels
Total ¥13,578 ※1,※2 (-¥837 from previous year※3)※2※3

Kansai area ¥12,550 (-¥1,198 from previous year )※3※2
Tokyo metropolitan area ¥16,167 (-¥487 from previous year )※1：Includes remm Kagoshima※2：Includes new openings (remm Tokyo Kyobashi, remm plus Ginza, Hotel Hankyu RESPIRE OSAKA, Hotel Hanshin Annex Osaka)※3：In the year under review, 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.

20[Hotels] Referential information
Average daily rates (ADR) and occupancy rates of Hankyu Hanshin Hotels in the Tokyo metropolitan area and Kansai area
21,000Tokyo metropolitan area ADR ※1
Tokyo metropolitan area occupancy rate(right axis) ※1
89.7%

89.9%

18,000
83.7%

79.7%

92.2%

83.3%

15,000

92.6%

92.2%

86.6%

88.6%

15,21015,853

14,0466,000（¥）

FY2011

94.3%

95.4%

90.5%

90.8%

88.7%

17,221

80.6%

90.9%

79.7%

16,665

16,654
15,44913,54911,616
9,521

100.0%

90.9%※3

16,167

13,74812,550※3

10,210

80.0%
60.0%

14,14013,520

9,000
9,489

93.9%

14,61914,28812,000Kansai area ADR ※2
Kansai area occupancy rate（right axis） ※2

40.0%
20.0%

9,407
FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY20200.0%（％）

Non-Japanese guests as a percentage of overnight-stay guests
Tokyo metropolitan area ※1

50.0%

42.3%

40.0%

31.4%

30.0%
20.0%
10.0%

Kansai area ※2

16.4%
12.7%

0.0%
FY2011

36.9%

38.1%

38.6%

37.0%

40.6%

45.6%
44.8%
39.9%

37.6%

22.7%
13.1%
10.0%

FY2012

25.0%

14.9%
12.3%

FY2013

The total figures for FY2020 is 39.5％※4(-1.7 points from previous year)

17.3%

FY2014FY2015FY2016FY2017FY2018FY2019FY2020※1 Directly managed Hanshin Hankyu hotels, hotels in the Tokyo area ※2 Directly managed Hanshin Hankyu hotels, hotels in the Kansai area
※3 In the year under review, 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.
※4 Including remm Kagoshima21Consolidated Statements of Income(Non-operating profit and loss)(¥ million)

FY2020Results

FY2019Results

ChangeOperating income

95,170114,937-19,767

Non-operating income

7,331

9,377

-2,046

3,389

4,962

-1,573

13,706

13,771

-65

9,267

9,615

-347

88,795110,543-21,748

Equity in income of affiliates

Non-operating expenses
Interest expenses

Ordinary income

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

FY2020Results

FY2019Results

ChangeExtraordinary profit and loss

-2,048-21,981+19,932

Extraordinary income

6,038

7,221

-1,183Gain on contributions for construction

4,643

3,657

+986

Gain on sales of noncurrent assets

304

2,758

-2,453

Other

1,090

806

+283

8,086

29,202-21,115

Loss on reduction of noncurrent assets

4,636

4,042

+593

Loss on impairment of fixed assets

361

19,262-18,901

Loss on revaluation of investment securities

1,356

399

+957

Other

1,732

5,497

-3,765Extraordinary loss

23

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

FY2020Results

Income before income taxes

FY2019Results

86,746

88,562

Change-1,816

Reactionary change to last year’s “deferred tax assets”
in relation to transfer of Hokushin Kyuko Railway

Total income taxes

29,834

20,525+9,309

Income taxes—current

28,235

19,104+9,130

Income taxes—deferred

1,599

1,420

+178

Net income

56,911

68,036-11,125

Net income attributable to noncontrolling interests

2,051

2,560

-509

Net income attributable to owners of
the parent

54,85965,476-10,61624

Consolidated Balance Sheets
FY2020Results(¥ million)

AssetsCurrent assets
Noncurrent assets

Net assets

Liabilities

Total assets

262,984
2,226,097

FY2019Results
302,963
2,163,259

Change-39,978 Trade receivables：-24,787

2,489,081 2,466,223 +22,858
394,634

404,286-9,651Long-term liabilities

1,156,774

1,146,555+10,218

1,551,409 1,550,842+567

FY2020Results

FY2019Results

ChangeDebt

773,465

758,411+15,053

Bonds

122,000

112,000+10.000

8,014

6,644

+1,370903,480877,055+26.424

Lease obligations
Interest-bearing debt

Accounts payable : +12,457
Advance payments for long-term
construction projects : ＋11,281
Advance payments : -32,308
Trade payables : -18,546

886,935

853,397

Accumulated othercomprehensive income

18,711

31,465-12,754 securities : -10,351

Non-controlling interests

32,02530,517+1,507

Equity ratio

937,672
36.4%

Less
advancepayments
and tradepayables inthe travelbusiness

Net income attributable to owners of theparent : +54,859+33,538 Payment dividend :-11,020
Less treasury stock, at cost : -9,824

Shareholders’ equity

Total net assets

Less tradereceivables in thetravel business

Property and equipment andintangible assets : +28,786+62,837 Long-term loans receivable : +21,413
Investment securities : +11,179

Current liabilities

Total liabilities

Remarks

Valuation difference on available-for-sale915,381 +22,291
35.9%

+0.5p
25

Consolidated Statements of Cash Flows(¥ million)

FY2020Results

FY2019Results

Cash flows from operating activities

123,086

126,035

86,74656,542361-15,295

88,562
54,172
19,262-30,542-128,498-116,160-96,028884-27,660
19,631-137,809
16,310-11,744
18,252964-11,171-9,960-11,020
26,424-10,199-9,896
10,297-7-4,454-551-1,84827,589391
23,52627,501
1,935
27,589

Income before income taxes
Depreciation and amortisation

Loss on impairment of fixed assets
Income taxes (paid) refunded

Cash flows from investing activities
Purchases of noncurrent assets
Proceeds from sales of noncurrent assets
Purchases of investment securities
Receipt of contributions for construction

Cash flows from financing activities
Purchase of treasury stock
Dividends paid
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 year26

Management indicators
FY2019Results

FY2020Results

Operating income¥114.9billion¥95.2billion

EBITDA※1¥171.4billion¥154.1billion

Interest-bearing debt

¥877.1billion¥903.5billion

Interest-bearing debt
/EBITDA ratio

5.1times

5.9times

D/E ratio※2

1.0times

1.0times¥65.5billion¥54.9billion

7.6%

6.1%

Net interest-bearing
debt※3¥848.2billion¥878.5billion

Net interest-bearing
debt/EBITDA ratio

5.0times

5.7times

Net income attributableto owners of the parent

ROE(Reference)※1 EBITDA=operating income + depreciation expenses + amortisation of goodwill※2 D/E ratio＝interest-bearing debt / equity※3 Net interest-bearing debt=interest-bearing debt - cash and deposits

27

《Reference》 Consolidated Statements of Income(¥ billion)[Upper table] Revenues fromoperations[Lower table] Operating income

Total

FY2020Results①

FY2020
Forecasts(As of Nov.)②

Change①-②

FY2020
Forecasts(As of May.)③

Change①-③

FY2019Results④

Change①-④

COVID-19 impact -22.0billion yen

762.7

795.0

-32.3

810.0 -47.3 791.4-28.8-15.4billion yen

95.2

107.0

-11.8

107.0 -11.8 114.9-19.8-5.2billion yen

227.2

234.3

-7.1

242.8

-15.6

238.6

-11.4

-4.7billion yen

40.1

43.8

-3.7

43.8

-3.7

43.5

-3.4

236.0

246.2

-10.2

2,462

-10.2

237.3

-1.2

41.5

41.6

-0.1

41.6

-0.1

49.3

-7.7

-4.4billion yen

74.0

75.1

-1.1

73.1

+0.9

74.5

-0.5

-3.0billion yen

11.7

13.5

-1.8

13.2

-1.5

13.4

-1.7

58.6

59.2

-0.6

58.7

-0.1

53.5

+5.0

5.6

5.5

+0.1

5.3

+0.3

5.3

+0.3

-4.9billion yen

33.8

38.9

-5.1

36.9

-3.1

35.5

-1.8

-3.1billion yen

0.2

3.3

-3.1

1.9

-1.7

1.8

-1.5

76.2

77.8

-1.6

88.7

-12.5

90.0

-13.8

0.2

0.2

-0.0

1.8

-1.6

2.4

-2.2

-5.2billion yen

60.3

66.7

-6.4

68.5

-8.2

64.9

-4.6

-3.3billion yen

-3.1

0.2

-3.3

1.7

-4.8

1.2

-4.4

(Breakdown for each business segment)

Urban Transportation

Real EstateEntertainment

Information andCommunication Technology

TravelInternational
Transportation
Hotels28

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

FY2020Results①

FY2020forecasts(As of Nov.)

Change①-②②

FY2020FY2019 Change
Forecasts Change
Results①-③①-④(As of May)
④

③

81.1

113.1

-32.0

126.2

-45.1

114.4

-33.3

Urban Transportation

32.9

39.4

-6.5

41.4

-8.5

33.8

-0.9

Real Estate

32.2

52.0

-19.8

61.8

-29.6

62.4

-30.2

Entertainment

4.2

5.3

-1.1

4.6

-0.4

2.6

+1.5

Information andCommunication Technology

4.9

6.1

-1.2

5.3

-0.4

5.3

-0.4

Travel

1.2

1.7

-0.5

1.8

-0.6

0.8

+0.4

International Transportation

1.1

2.0

-0.9

4.3

-3.2

0.7

+0.4

Hotels

4.8

7.0

-2.2

7.0

-2.2

2.0

+2.9

Total capital expenditure(Breakdown for each business segment)29

《Reference》 Consolidated Statements of Depreciation and amortisation, EBITDA(¥ billion)

FY2020Results①

Total Depreciation andamortisation

FY2020forecasts(As of Nov.)②

Change①-②

FY2020
Forecasts(As of May)③

Change①-③

FY2019Results④

Change
①-④

56.5

57.0

-0.5

58.1

-1.6

54.2

+2.4

Urban Transportation

27.6

28.1

-0.5

28.6

-1.0

27.4

+0.3

Real Estate

17.2

17.4

-0.2

17.5

-0.3

16.6

+0.5

Entertainment

3.8

3.7

+0.1

3.8

-0.0

3.7

+0.1

Information and Communication
Technology

3.8

3.9

-0.1

4.0

-0.2

3.4

+0.4

Travel

0.8

0.8

-0.0

0.8

-0.0

0.7

+0.1

International Transportation

1.3

1.0

+0.3

1.3

+0.0

0.6

+0.7

Hotels

2.5

2.5

+0.0

2.5

+0.0

2.1

+0.4

154.1

166.0

-11.9

167.0

-12.9

171.4

-17.2

Urban Transportation

67.7

71.9

-4.2

72.4

-4.7

70.8

-3.1

Real Estate

58.8

59.2

-0.4

59.3

-0.5

65.9

-7.0

Entertainment

15.4

17.2

-1.8

17.0

-1.6

17.1

-1.7

Information and Communication
Technology

9.4

9.4

-0.0

9.3

+0.1

8.7

+0.7

Travel

1.0

4.1

-3.1

2.7

-1.7

2.4

-1.4

International Transportation

1.5

1.2

+0.3

3.1

-1.6

3.0

-1.5

Hotels

-0.6

2.7

-3.3

4.2

-4.8

3.4

-4.0

(Breakdown for each business segment)

Total EBITDA (※)(Breakdown for each business segment)(※) EBITDA=operating income + depreciation expenses + amortisation of goodwill

30

Ⅱ. Forecast for fiscal 2021
(fiscal year ending 31st March 2021)31Forecast for fiscal 2021 (fiscal year ending 31st March 2021)■Forecast for fiscal 2021 (fiscal year ending 31st March 2021)•

COVID-19 has impacted many of our businesses. Results for fiscal 2021 will
depend to a great extent on the duration and scale of the impacts.

•

As the duration and scale remain unclear, we cannot give reasonable full-year
forecasts at this time. Once we have a clearer picture, we will announce theforecasts without delay.

■ How COVID-19 will impact each business :Urban
Transportation

・Fewer people outside (stay-at-home requests); inbound demand curtailed

Real Estate・Leased facilities closed or operating with reduced hours; domestic condominium
business seeing less leasing/sales revenue after suspending sales activities

Entertainment

・Pro baseball season postponed, Takarazuka Revue performances cancelled

Travel・Domestic and international tours suspended; surge in cancellations

Hotels・Inbound demand curtailed by international travel restrictions; domestic tourist
demand hit by travel/outing cancellations

32

Returns to Shareholders■Shareholder Return Policy•

We aim to deliver steady dividends to shareholders, as measured by a total payout
ratio of 30%, and steadily acquire treasury stock, while working to enhance ouroperating foundation.

•

We will cap our treasury holdings at 5% of total outstanding shares and dispose of
any holdings that exceed this cap.

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

For fiscal 2020, the annual dividend per share will be 50 yen※ (10 yen
higher than in previous years), as initially planned. Based on the 5% cap
mentioned above, we will acquire up to 4.3 billion yen in treasury stock.
※ Subject to shareholder approval at the General Meeting of Shareholders on June 17, 2020•

The dividend of surplus for FY2021 is yet to be determined. We will determine thedividend in accordance with our Shareholder Return Policy and in consideration of
future performance trends. Once decided, the dividend will be announced without
delay.

33

Ⅲ. Sustainable Business Practices

34

Sustainable Business Practices• We have always taken sustainability seriously and have developed a range of measures based on ESG
criteria.
• Recently, we released the Sustainability Declaration, which outlines the group’s commitment toaddressing global sustainability challenges as part of the SDG agenda. Guided by this Declaration, we【サステナビリティ宣言の位置づけ】
will
work to become an even more sustainable business.
【The role of the Sustainability Declaration】
Employees

Customers

Communities

Contributing toa sustainable society

Shareholders

Partners

Sustainably enhance corporate value
Long-Term Vision for 2025
Medium-Term Management Plan
Sustainability Declaration

Three core elements underlie our
pursuit of sustainable growth:① General principles (sustainability vision)② Priority issues (materiality matrix) andthe policies for each one③ Project themes, non-financial KPIs

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

Group Management Philosophy〔Our sustainability strategy〕

The Sustainability Declaration embodies our contribution.

‧ We have established the following organizations to spearhead sustainability practices:- Corporate Sustainability Department – an internal department of Hankyu Hanshin Holdings- Corporate Sustainability Committee - a committee chaired by the CEO of Hankyu Hanshin Holdings
These organizations will monitor progress in the projects for each priority issue and ensure that sustainability is acentral focus in each medium-term management plan.
・ From FY2022 onward, medium-term management plans will outline the sustainability measures in each corebusiness.
35

Sustainability Declaration①①General 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 coloured 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)

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

Issues

Policies①Safe, reliable infrastructure

Provide railways and other infrastructure that are safe anddisaster-resilient. Ensure that anyone can safely access ourfacilities and services.

②Thriving communities

Help build sustainable communities with rich natural and cultural
heritage, making great places to live in, work in, and visit.

③Life designs for tomorrow

Promote refined and inspired lifestyle solutions for a better
tomorrow.

④Empowering
individuals

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

⑤Environmental protection

Contribute toward a low-carbon, circular economy.

⑥Robust governance

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

36

Sustainability Declaration②③ Non-financial KPIs

KPIs for the sustainable business practices

Priority issues(materiality
matrix)Policies（abridged）①Safe, reliableinfrastructure

Provide railways and otherinfrastructure that are safe anddisaster-resilient

Non-financial KPIs

Zero culpable incidents in our railway business1. Employee satisfaction always better than in previous
survey※ (Applies to: Hankyu Hanshin Holdings,④Empowering
individuals

Provide an inclusive workplacethat values diversity and taps
into individual talent

Inc.(HHHD), Hankyu Corporation, Hanshin Electric
Railway Co., Ltd., Hankyu Hanshin Properties Corp.)
2. Women occupy 10% of management positions (FY2031)(Applies to: HHHD and six core companies)
3. Women always account for more than 30% of new hires(Applies to: HHHD and six core companies)
Rate of CO2 emissions cuts：
1. Compared to FY2014 -26％(FY2031) (Applies to: HHHD

⑤Environmental
protection

Contribute toward a low-carbon
economyand subsidiaries’ Japanese worksites）
2. Compared to FY2014 -40％(FY2031) (Applies to:Railway energy consumption of Hankyu and Hanshin’s
railways ）※ The survey is conducted biennially.

37

Actions for priority issues (materiality matrix)①
Environment
Priority issue⑤:Environmental protection【Examples of actions to contribute toward a low-carbon, circular economy】
Project themes
Cut greenhouse gas
emissions,Improve energy
efficiency/conservation

Key actions in each business【Urban Transportation】
Introducing energy-saving rolling stock
Converting station and train lighting to LED【Real Estate】
Introducing energy-saving technology in rental buildings【Entertainment】
Takarazuka Grand Theatre is converting lighting to LED

Takarazuka Grand Theater

Installed solar energy systems in/at:

Use more renewableenergy (e.g. solar)

Aim for more
eco-friendly buildings

Produce less waste
and recycle more

【Urban Transportation】
Settsu-shi station(Hankyu) 、Oishi station(Hanshin) etc.
【Real Estate】
HEP FIVE (Commercial facilities), some Geo condominiums etc.
【Entertainment】
Hanshin Koshien Stadium (solar panels on Ginsan roof)

Hanshin Koshien Stadium【Real Estate】
Obtained DBJ Green Building certifications
・Two of our buildings certified as five-star DBJ Green Buildings,
the best level in the country :Osaka Umeda Twin Towers South、Hankyu Nishinomiya Gardens
・One of our buildings certified as a four-star DBJ Green Building,an outstanding accolade : HEP FIVE

Osaka Umeda
Twin Towers South【Entertainment】
Recycling more of the drink containers sold at Hanshin Koshien
Stadium【Hotels】
Switching to biodegradable drinking straws to reduce plastic
waste

Biodegradable
drinking straws

38

Actions for priority issues (materiality matrix)②
Priority issue④: Empowering individuals【Examples of actions for improving employee satisfaction,
creating a more positive workplace, and promoting diversity 】

Social■Improving employee satisfaction, creating a more positive workplace
・We measure employee satisfaction regularly, and from results, we identify areas to improve.
■Empowering women at the workplace
・We provide shorter working hours and other measures to help employees balance their careerswith family care commitments.
・We are hiring more women and training them for leadership positions.
■Special subsidiary, Assist Hankyu Hanshin Co., Ltd., is creating employment opportunities
for people with disabilities.
・The subsidiary is increasing the employment rate of people with disabilities
by hiring them for the services it provides (office work, workplace massages and cleaning).
・In September 2019, the company was awarded the Heartful Corporate Challenge Highly Commended Prize.
(Organized by Osaka Pref.).

【Examples of actions to promote a healthy workplace】■Formulate and announce the Hankyu Hanshin Holdings Group’s Declaration on Employee HealthManagement (April, 2018)■11 group companies have been listed among the “Health and Productivity Management” Organizations of2020.
Large enterprise category(White 500)

Hanshin Electric Railway Co., Ltd.

Large enterprise category

Hankyu Corporation, Hankyu Hanshin Properties Corp, Hankyu Travel International Co., Ltd.,
Itec Hankyu Hanshin Co., Ltd.

SME category

Hankyu Hanshin REIT Asset Management, Inc., Hankyu Hanshin Real Estate Investment
Advisors, Inc., Chuo Densetsu Co., Ltd., Hankyu Hanshin Insuarance Services Co., Ltd., Hankyu
Mediax Co., Ltd., Hankyu Construction Management, Inc.

■Future actions
・Group companies will continue to actively promote a healthy workplace as part of a PDCA cycle.

39

Actions for priority issues (materiality matrix)③
Priority issue④: Empowering individuals【Examples of actions to cultivate tomorrow’s leaders】

SocialWe are taking the following actions as part of the Hankyu Hanshin Dreams and Communities for
the Future Project※ (a group-wide CSR project).

■Hankyu Hanshin Dreams and Communities for the Future Challenge Troop
・Our group companies provide some of their facilities and employees for summer campsthat feature authentic hands-on learning activities for elementary students.
・As of FY2020, a total of 389 programs have been held, with a total of 17,000 children
invited.
・In FY2019, we were awarded the Kids’ Design Award.
（Organized by Kids Design Association）■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 the community-building vision of thecorporation’s founder, Ichizo Kobayashi, and about the jobs that support communities.
・As of FY2020, Hankyu Corporation staff have visited a total of 197 schools and talked toa total of 17,000 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, Trade and Industry）※Hankyu Hanshin Dreams and Communities for the Future Project
Since FY2010, 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.

40

《Reference》

SDG-themed rail livery

Social・Environment

How we commemorated the 10th anniversary of the Hankyu Hanshin Dreams andCommunities for the Future Project (a group-wide CSR 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 100 kinds of posters that communicate the SDG message.

The posters were contributed by our group companies, the UN, government ministries (MOFA & MOE),
communities along our railway lines, companies actively engaging in the SDG agenda, and citizen groups.
(2) To add momentum to the SDG agenda, the trains will remain in service until FY2026, when Osaka will host Expo
2025.
・In FY2020, this initiative was awarded the Signpost to the Future Award at the 17th Corporate Philanthropy Awards.
（Organized by Japan Philanthropic Association）

Note:For more information about our social contribution activities, please visit our website.

41

Actions for priority issues (materiality matrix)④

Governance

Priority issue⑥: Robust governanceNotes: Regarding Corporate Governance Report, please visit our website.
【Actions to promote effective and transparent corporate governance】■Established the Corporate Governance President Committee (fiscal 2016 ～)・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 membership comprises
representative directors, standing Audit & Supervisory Board members and outside directors)■Started evaluating the effectiveness of the Board of Directors (fiscal 2017～)

・Regarding the management of the Board of Directors, directors are interviewed about whether there
is sufficient board accountability, whether board proceedings are appropriate, etc. (to make the evaluation process
more effective, interviews are now preceded by preliminary questionnaires)■Scrapped the corporate adviser system （fiscal 2018）■Resolved to discontinue anti-takeover measures（fiscal 2019）■Established remuneration committee (fiscal 2019～)

・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 andoutside directors)■Revised remuneration structure (fiscal 2020～)

・We decided to introduce a performance-linked stock compensation plan for the chairman and president to further
motivate them to work toward our corporate value, performance, and share price. The stock compensation will bedelivered through a trust.

■Changed corporate structure to that of a “company with an audit & supervisory board”(fiscal 2021～）※・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).
＜Independent officer ratio＞ fiscal 2017

※Subject to shareholder approvalat the General Meeting of
Shareholders on June 17, 2020

5members/
19members
26.3％

fiscal 2018

fiscal 2020

fiscal 2021

5members/
14members
35.7％

6members/
14members
42.9％

5members/
11members
45.5％

42

Ⅳ. Referential Materials①Summery of the Medium-Term
Management Plan
(Reproduced from the results briefing materials
released in May 2019)43

Long-Term Vision（Overall vision）
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.

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

Enhance economicvalue
We will strive to maintain andimprove our profitability andfinancial soundness as a topclass private railways
operator.

Umeda and line-side areas
x stock businesses

Tokyo metropolitan area and overseas
markets x stock businesses

Make our railway theabsolute best among the
Kansai networks.
Strategy①

concentrated in Umeda and line-side areas).

flow businesses

Strengthen competitiveness by
Construct a stable revenue base in thoroughly pursuing brandthe Tokyo metropolitan area andoptimisation and differentiation.
overseas markets.
(diversify the portfolio, which is currently
Strategy③
Strategy②Groupwide initiatives,
new business fields, etc.

Make greater use of the Group’s collective strength and develop new
business fields.
Strategy④
The coming age of fullscale population decline

Further technologicaladvances (AI, IoT, etc.)

Economic growthin Asia

Declining birth rate
and aging population

Crumbling infrastructure

Improvements to public transport
Growing numbers of infrastructure (airports, rail andmotorway networks)
overseas visitors

Tightening oflabour market
Concentration of
population into
urban areas

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

44

Long-Term Vision（Four strategies）
Umeda Line-side
areas
・

Tokyo
metropolitan
area overseas

・

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 lineside 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
optimisation anddifferentiation.

Strategy③
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-side
areas. 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 assetes）
Group-wide initiatives, new business fields, etc.

Thoroughly optimise 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.
45

Long-Term Vision（Management Indicators）
We will pursue the four strategies with a view to achieving the following targets as of2025 (fiscal 2026). Achieving these targets will keep us on course for maintaining atleast the current levels of operating income in the 2040s, when demographic changes
will have had a major impact on business.

Profitability

Financial soundness

Management Indicators

Targeted figure for 2025
(FY2026)

operating income¥120 billion

EBITDA¥200 billion

Interest-bearing debt
/EBITDA ratio

Between5 and 6 times

・Ensure that we will be one of the most profitable private railway operators
in 2025 (fiscal 2026).
・While accelerating growth investment, ensure that we remain one of themost financially sound private railways operators.
46

Placement of Medium-Term Management Plan
Mission : What we try to achieve
By delivering “Safety and Comfort” and “Dreams and Excitement” ,we create satisfaction among our customers and contribute to society.

Values : What is important to us
Everything we do is for the customer. That’s where it all
starts.
Sincerity
Gain customers’ confidence by always being sincere.
Foresight &With our pioneer spirit and flexible thinking, we create a new
Creativity
value.
Respect for People Everyone is absolutely invaluable to the Group.
Customers FirstGroupManagement
Philosophy

Long-Term
VisionThe kind of company we hope to be as well as the basic approachand strategies for achieving this vision.

Four-year plans and action plans that contribute to theLong-Term Vision
Medium-Term
Management
Plan

The current plan (fiscal 2019–2022) represents the first half of the LongTerm Vision, in which fiscal 2022 is the interim target year. During theterm of this plan, we focus on establishing strategic direction.

As part of an annual rolling plan, we set out action plans with a view to achieving our LongTerm Vision. In the run-up to fiscal 2026, the cumulative impacts of these actions will bring us
closer to our vision of the company we hope to be in the long-term.
47

Framework of the Medium-Term Management Plan
・Our long-term target for operating income is ¥120 billion by fiscal 2026. We will focus
on raising the current income level from ¥100 billion so that we can soundly achieve theinterim target (the target for fiscal 2022) of ¥110 billion.
・We will allocate resources to achieve these goals, focusing on growth investments
linked to the following four strategies.

Four strategies～Business strategies related to the Long-Term Vision～①Further strengthen the stock businesses in the Umeda and line-side areas (e.g. railways, realestate leasing, media and communications, hotels)②Accumulate stock in the Tokyo metropolitan area and overseas markets③Increase competitiveness of flow businesses (real estate sales, sports, stage, information services,travel, and international transportation)④Make greater use of the Group’s collective energies and venture into new business fields

Financial policy• As part of our efforts to achieve our Long-Term
Vision, we will focus on growth investments
under strategies ① to ④ while aiming to further
increase operating income and EBITDA.
• We will continue to maintain our financial
soundness. (Interest-bearing debt/EBITDA ratio
will be prioritised over interest-bearing debt as abenchmark for financial soundness.)• As for returns to shareholders, we will deliver
steady dividends while aiming for a targeted total
payout ratio.

Forward-looking investment
While striking a balance with financial soundness, we willprioritise growth investment under strategies ① to ④.

Maintaining
financialsoundness
Prioritise interest-bearing
debt/EBITDA ratio as a benchmark
for financial soundness.

Returns toshareholders
Steady dividends

48

Key actions under the four strategies
Strategy① Further strengthen the stock business in the Umeda and line-side aeras
Increase the value of ourassets in the Umeda area

‧ Strategically rebuild held assets to enhance long-term value of the holdings‧ Help enhance the area as a whole through area management, urban
promotion, and by developing and managing sites for generating new businessand industry

Invigorate key line-side bases‧ Drive forward development projects in key line-side areas‧ Invigorate communities through station-centred community development

Construct new rail links to
improve the transport network‧ Link our lines with Shin-Osaka Station, Kansai International Airport, and Osaka
International Airport to increase convenience and accessibility

Capture inbound demand

・Attract more tourists to Umeda and line-side areas and encourage them to use
Group facilities/services to maximize Group earnings

Strategy② Accumulate stock in the Tokyo
metropolitan area and overseas markets
Acquire more stock in the Tokyo metropolitan area
・Drive forward new development projects and acquire
functioning properties in central Tokyo’s five wards while
monitoring market trends

Open more hotels in the Tokyo metropolitan area
Develop plans for acquiring stock (real-estate)overseas

Strategy③ Increase competitiveness of flowbusiness (real estate sales, sports, travel, andinternational transportation)
Condominium business in Japan and overseas
Develop the information services business

Raise the profitability of the Travel Business segment
Increase handling volume in the International
Transportation Business segment

Strategy④ Make greater use of Group's collective energies and venture
Expand S-POINT(a common point service for the Kansai area)

Venture into new business fields

49

《Reference》 Trends in operating revenues and operating income
Revenue fromoperations

Operating income

Ordinary income

owners of the parent

752.3
683.7

653.3 638.8 649.7

90.7

682.4 679.2 685.9

87.9
77.8
70.1

74.9

73.8
64.7

74.9

81.2

94.0

20.6
0.6

10.8

54.2

46.5

39.3

39.7

791.4

762.7

104.1 105.2
100.6

103.8

110.5 95.2

88.8

85.6

65.4
50.4

760.3

114.9

104.5

70.0

57.4

736.8

707.4
110.3

91.8

(¥ billion)

Net income attributable to

71.3

66.4

65.5
54.9

46.4

18.1

※

FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020※ Includes Department Store Business (consolidated up to the first half of fiscal 2008)(Note) As of fiscal 2017, the presentation of revenue from operations of the International Transportation Business has changed from net togross amounts.

50

Ⅳ. Referential Materials②Progress in Each Project51

Schedule for Each Project
（FY）

2019

2020

2021

2022

2023

Fukushima 5-Chome and 7-Chome joint
development project

2025

2026

●

Kita-Osaka Kyuko Railway Line
Extension Project
Umeda 1-1 Project

2024

Intended start of service●●

Complete phase I construction
Commencement of phase Ⅱ● Complete all contruction

Complete phase Ⅱ construction●Start of service

Complete condominium construction

Strategy①

Ebie 1-chome development plan

Project to relocate Takarazuka Hotel●● Opening of commercial facilities●Scheduled start of service

Project to construct
Saito Moegi Distribution Centre●Scheduled time of construction completion

Project to rebuild Kobe Hankyu Building’s
east wing and renew its west wing

●Scheduled time of construction completion
Scheduled full openings in FY2028●

Umekita Phase Ⅱ Development Project

Scheduled time of advance openings

Strategy②

PILOT Hankyu Hanshin Green Building(Kyobashi 2-6 Redevelopment Plan)
CO・MO・RE YOTSUYA(Redevelopment Project for Area in Front
of JR Yotsuya Sta.)

Hankyu Hanshin Ginza Building(Ginza 3-chome project)●Start of service●Phased opening●Phased opening

52

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

MinohKayano Sta.

・Extension distance:
2.5 km, from Senri-Chuo Sta. to Minoh-Kayano Sta.

Approx.
1.1km

Act on Rail Tracks

National Route
171

・New stations:

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

・Estimated project cost: ¥65.0 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 programme: 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.
1.4km

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. 1.4km

Underground section

MinohSemba
Handaiｍae
Sta.

Approx. 1.1km

MinohKayano Sta.

National Route 423 Elevated section(Shin-midosuji）

National
Route 17153

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 ㎡*

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

* 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

Autumn 2021

Complete phase Ⅱ construction (new department storepart) and fully open new department store

Spring 2022

Complete all construction and open office floors* 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

The rentable area is smaller than that planned during phase I.

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)54

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>
Zone

North zone

South zone

Site area

30,430㎡

Total floor
154,200㎡
space

413,000㎡

Innovation facilities, hotel, MICE facilities, offices,
hotels, commercial
residence, others
facilities, residence, others<Schedule>
Second half of Construction in privateFY2021
sector zones
AroundAdvance openings※
summer 2024
FY2028Full openings※For some private-sector zone facilities andpart of the urban open space

45,000㎡

Total facility
12,500㎡
floor area

Site area 15,720㎡

Facilities<Urban open space specifications>Target areafor Phase Ⅱ
approx.9.1ha

North
zone

Green
space
Approx.
4.5ha

Facilities

Museum, experiential learning facilities, roofed open
spaces, restaurants, shops, others

GRAND
FRONT
OSAKA

Park

（approx.7ha）

ParkWest Gate
Square.

Southzone
JR Umekita（Osaka） Chika
stationHow the area as a whole will look once completed(based on the bid made in May 2018; subject to change)

55

Project progress along other line-side areas①
In order of
opening date

Fukushima 5-Chomeand 7-Chome joint
development project

Ebie 1-Chome
Development Plan

Project to relocate
Takarazuka Hotel

Location

5-chome Fukushima, Fukushima- 1-chome Ebie, Fukushima-ku,
ku, Osaka
Osaka

1-chome Sakaemachi, Takarazuka,
Hyogo

Site area

Approx. 2,600㎡(※)

Approx. 12,300㎡

Total floor
space

Approx. 11,000㎡(※)

Number offloors

12 floors above ground and 1
below groundPurposehotel(expected to be Hotel
Hanshin Annex Osaka),
supermarket(expected to be
Hankyu Oasis)condominium(Geo Fukushima
Noda The Marks),
commercial facilities（land tolet）

May 15, 2019

September 2019
Condominium on sale
June 21, 2020
March ~ April 2020
Opening of commercial facilities

Scheduled
opening

Approx. 27,900㎡(※)
Approx. 52,200㎡(※)（condominium）
20 floors above ground（condominium）
Number of units:566units(※)

Approx. 23,000㎡
5 floors above ground and 1 below
groundrooms (200rooms)
party hall (4 halls)
restaurant (4 facilities)※：Includes the portion belonging to our partner

56

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

Project to construct Saito Moegi
Distribution Centre
A zoneProject to rebuild Kobe
Hankyu Building’s east wing
and renew its west wing

B zoneLocationIn the Sanroku Line area of the eastern section of Ibaraki
City’s International Culture Park ‘Saito’

4-chome Kanocho, Chuo-ku, Kobe

Site area

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

Approx. 7,100㎡

Total floor
space

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

Approx. 33,300㎡

Number offloorsEast wing：29 floors above ground and3 below groundWest wing：1 floor under railway station

A zone：5 floors above groundB zone：4 floors above ground(some sections with 2 floors above ground /basement level)

logistics facilities

PurposeScheduled
opening（A zone：large multitenant logistics facility［High-tech facilities designed to be used by multiple tenants］、
B zone： multitenant logistics facility［Box-type facilities that can be leased in one building or split into
2 to 4 tenants］）

hotel(scheduled to open the second “remmplus” brand hotel), offices, commercial
facilities, railway station

A zone：Around spring 2021(scheduled completion)
B zone：Around spring 2021(scheduled completion)

Around spring 2021
(scheduled completion)※：Includes the portion belonging to our partner.

57

Project progress in the Tokyo metropolitan areas
In order of
opening date

PILOT Hankyu Hanshin
Green Building (Kyobashi 2-6

CO・MO・RE YOTSUYA

Revelopment Plan)

Redevelopment Project)

Hankyu Hanshin Ginza
Building(Yotsuya Station District(Ginza 3-chome project)※1

Location
Site area
Total floor
space

2-chome Kyobashi, Chuo-ku, 1-chome Yotsuya, ShinjukuTokyoku, Tokyo
Approx. 1,450㎡※
Approx. 17,900㎡※

3-chome Ginza, Chuo-ku,
TokyoApprox. 310㎡

Approx. 17,000㎡※

Approx. 139,600㎡※

Approx. 2,900㎡

31 floors above ground and3 below ground

11 floors above ground and1 below groundNumber of 14 floors above ground andfloors1 below groundPurposeoffice, commercial facilities,
hotel(remm Tokyo Kyobashi),residence, educationalcommercial facilities
office, commercial facilities
services, public good, parking

Scheduled
opening

April 3, 2019 (Full opening)

February 2020 ~April 2020 ~Phased occupancy/opening

Phased occupancy/opening※ Includes the portion belonging to our partner.

58

Acquisition of rental properties in Jakarta, Indonesia【Outline】· To penetrate an overseas real-estate leasing business, Hankyu Hanshin Properties has invested in an Indonesian entitythat owns, operates, and manages two Jakartan commercial properties. The first is Plaza Indonesia Complex, a mixed
development consisting of the country’s leading shopping, office, and hotel facilities. The second is fX Sudirman, a
shopping mall that houses a theater (JKT 48 Theater), a cinema, and other facilities.
· Both properties boast an excellent location. They face a main thoroughfare in Jakarta’s Central Business District※1 andare situated in front of a station on the Jakarta MRT (Indonesia’s first underground railway, opened in April 2019).
Plaza Indonesia Complex in particular is well-known and popular among locals.
※1 Central Business District = The administrative, business, and commercial centre of a city.

【Properties】〈Plaza Indonesia Complex〉〈fX Sudirman〉【Locations】〈Jakarta suburbs〉〈Jakarta’s Central Business District (CBD)〉

Total floor
Approx. 243,000㎡※2
space
Purposecommercial facilities(around 400
tenants with many luxury brands),
offices(49-storey premium grade
office building), hotel(5-star hotelwith 427 guestrooms)

Total floor
Approx. 41,000㎡※2
space
PurposeNorth-SouthMRT Line

commercial facilities(around
140 tenants), university,
theater, cinema※2 Includes the portion belonging to our partner.

59

Ⅳ. Referential Materials③Other60

Consolidated Subsidiaries(As of March 31, 2020)
Urban Transportation
Railway
Hankyu Corporation
operations
Hanshin Electric Railway
Nose Electric Railway
Kita-Osaka Kyuko Railway
Hokushin Kyuko Railway
Kobe Rapid Transit Railway
Hankyu Hanshin Electric System
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

Haks Hanshin
Hankyu Commuterbus Management

Retailing
Advertising
Other

Osaka Motor Technology (OMTEC)
Eki Retail Service Hankyu Hanshin
Hankyu Style Labels
Hankyu Advertising Agency
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 Asset Management
Hankyu Hanshin Real Estate Investment Advisors

Hankyu Hanshin Housing Support
HANKYU HANSHIN LOGISTICS INDONESIAEntertainment
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
RworksMimamorume
Himeji Cable Television
Bay Communications
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 subsidiary(Only listed companies that are
sub-segment
managed as segment)61

Revenue from Operations and operating income as a FY2019
Management composition(As of March 31, 2020)

Hankyu Hanshin Holdings
HotelsInternational Transportation

TravelInformation andCommunication Technology

Entertainment

Real Estate

Urban Transportation

Hankyu Corporation※
HankyuHankyuHankyu Hankyu
TravelHanshinHanshin Hanshin
InterProperties
Express
HotelsHanshinElectric Railway※ national※ In the Umeda and line-side areas, Hankyu
Corporation and Hanshin Electric Railway will retain
their real estate for leasing and developing and workwith Hankyu Hanshin Properties to promote community
building efforts in connection with public transport
networks and local governments.

Earnings structure The Urban Transportation and Real Estate businesses
generate stable cash flows and account for
approximately 60% of revenue from operations and
80% of operating income.
Revenue from operations breakdown(FY2020)
Consolidated Total
Hotels
Revenue fromOperations
Operating
IncomeOperating Income
Margin

Revenue from Operations¥762.7billion

Operating Income¥95.2billion

Operating Income Margin¥60.3billion

Urban Transportation-¥3.1billion

Revenue from
¥227.2billion
Operations
Operating¥40.1billion
IncomeOperating Income
17.6 %
Margin－International
Transportation
Revenue fromOperations
Operating
IncomeOperating Income
Margin12.5 %¥76.2billion¥0.2billion

Real Estate

0.3 %Revenue fromOperations
Operating
IncomeOperating Income
MarginTravelRevenue fromOperations
Operating
IncomeOperating Income
Margin¥33.8billion¥0.2billion
0.6 %¥41.5billion
17.6 %

Entertainment

Information andCommunication Technology
Revenue fromOperations
Operating
IncomeOperating Income
Margin¥236.0billion¥58.6billion¥5.6billion

Revenue fromOperations
Operating
IncomeOperating Income
Margin¥74.0billion¥11.7billion
15.8 %

9.6 %62

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

Areas served by the Hankyu and Hanshin lines②
Population Trends

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 1,2019）（k㎡）(thousand)

Area

Population

Areas served by the Hankyu/Hanshin
line

1,318

5,618

Osaka Pref. (service areas)

449

2,682

Hyogo Pref. (service areas)

471

2,268

Kyoto Pref. (service areas)

398

668

103.0

Non-Hankyu/Hanshin Service Areas

26,033

14,652102.0

Osaka Pref. (non-service areas)

1,456

5,931

101.0

Hyogo Pref. (non-service areas)

7,930

3,194

100.0

Kyoto Pref. (non-service areas)

4,214

1,827

Shiga Pref.

4,017

1,391

Nara Pref.

3,691

1,350

98.0

Wakayama Pref.

4,725

958

97.0

27,351

20,269

Total

107.0
106.0
105.0
104.0
（1991=100）

99.0

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

1

Nishinomiya-Kitaguchi （Nishinomiya, Hyogo Pref.）2

Osaka-Umeda, Osaka(Osaka, Osaka Pref.）3

OkamotoRanking Station（Area）

11

Takatsuki,
Takatsuki-shi（Takatsuki, Osaka Pref.）（Kobe, Hyogo Pref.）12

Toyonaka（Toyonaka, Osaka Pref.）Tennoji（Osaka, Osaka Pref.）4

Shukugawa（Nishinomiya, Hyogo Pref.)13

5

Takarazuka（Takarazuka, Hyogo Pref.）

14

Esaka

（Suita, Osaka Pref.）Yodoyabashi（Osaka, Osaka Pref.）6

Senri-Chuo（Toyonaka, Osaka Pref.）15

7

Mikage（Kobe, Hyogo Pref. ）16

Karasuma Oike

（Kyoto, Kyoto Pref.）8

Ashiya（Ashiya, Hyogo Pref.）17

Tsukaguchi（Amagasaki, Hyogo Pref.）18

Kita-senri（Suita, Osaka Pref.）

19

Namba

（Osaka, Osaka Pref.）20

Sumiyoshi（Kobe, Hyogo Pref.）9

Kobe-Sannomiya,
Sannnomiya（Kobe, Hyogo Pref.）10

Ashiyagawa（Ashiya, Hyogo Pref.）Except for Tennoji (13),
Yodoyabashi (15), allof the top 20 stations
are on Hankyu Hanshin
Holdings group lines

Source: A survey of prospective condominium purchasers regarding their preferredresidential 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 26,2019.

64

Overview of Umeda area①
Major rental properties
Property nameLeasable area
(1,000㎡) ※1（as of the end of March, 2020)
Number of floors

Completed213

41 floors above ground and2 below ground2012

Umeda Hanshin Daiichi
Bldg. (HERBIS OSAKA)

82

40 floors above ground and5 below ground1997

Osaka Umeda Twin
Towers South (Umeda 1-1
project Phase I)

58

13 floors above the groundand 3 below ground2018

Umeda Hanshin Daini Bldg.
(HERBIS ENT)

54

28 floors above ground and4 below ground2004

Hankyu Chayamachi Bldg.
(Applause Tower)

52

34 floors above ground and3 below ground1992

Hankyu Sanban Gai
Shopping Centre

39

Umeda Hankyu Bldg.
(Hankyu Dept.Store・office
tower)

Hankyu Grand Bldg.
Hankyu Terminal Bldg.
Hankyu Five Bldg.※2(HEP FIVE)

5 floors above ground and2 below ground
32 floors above ground and36
3 below ground
18 floors above ground and27
4 below ground
10 floors above ground and20
3 below ground

1969
1977
1972
1998

10 floors above ground and1980
2 below ground
38 floors above ground andGRAND FRONT OSAKA※314
2013
3 below ground
9 floors above ground andNU chayamachi
122005
2 below ground※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)
NAVIO Hankyu(HEP NAVIO)

16

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 (Provisional Name) Umeda 3-chome Project- Japan Post Holdings Co. Ltd.,/Osaka Terminal Building Co., Ltd.

④ (Provisional Name) Umeda Sonezaki Project -Sumitomo Realty & development Co., Ltd.
⑤ Chayamachi B-2 District Redevelopment Project -TOKYU LAND CORPORATION Co., Ltd.

65

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

Trends in average vacancy rates amongsix main business districts in Osaka
（%）
16.00

（¥/3.3㎡）
24,00014.00

22,00012.00

20,00010.00

18,0008.00

16,0006.00

14,0004.00

12,0002.00

10,000

0.00

2015

2016

2017

2018

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

2019

2020

8,000

2015
2016
2017
Osaka business areas (all)Minamimorimachi area
Senba area
Shinosaka area

Umeda area
Yodoyabashi-Honmachi area
Shinsaibashi-Namba area
Tokyo business areas (all)

(%)

2015

2016

2017

2018

Osaka business areas (all)

8.71

6.80

4.68

Umeda area

7.84

5.54

Minamimorimachi area

6.08

Yodoyabashi-Honmachi area

2019

2020

2019
2020
Umeda area
Yodoyabashi-Honmachi area
Shinsaibashi-Namba area
Tokyo business areas (all)(¥/3.3㎡)

2015

3.38 2.45 2.00

Osaka business areas (all)11,132 11,101 11,107 11,302 11,510 11,957

3.20

2.02 1.59 0.93

Umeda area

14,118 14,207 14,366 14,684 15,056 15,780

5.40

6.01

5.06 4.58 3.68

Minamimorimachi area

9.94

7.51

4.58

3.60 2.22 1.70

Yodoyabashi-Honmachi area

9,414

2016

2018

9,408

2017

9,314

2018

9,249

2019

9,331

2020

9,508

10,993 10,898 10,861 11,105 11,200 11,485

11.02

8.81

7.46

5.00 3.47 3.54

Senba area

Shinsaibashi-Namba area

6.06

9.07

5.95

3.70 3.14 2.07

Shinsaibashi-Namba area

12,225 12,110 11,802 11,696 11,875 12,671

Shinosaka area

6.86

5.42

4.65

4.01 3.20 3.46

Shinosaka area

10,114 10,106 10,213 10,142 10,523 11,147

Tokyo business areas (all)

5.30

4.34

3.60

2.80 1.78 1.50

Tokyo business areas (all)17,195 17,973 18,730 19,699 21,134 22,594

Senba area

9,652

9,613

9,620

9,845 10,093 10,524(Comparison of average rents in March of respective years)
Source: Miki Shoji, “Office Data.”

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Hotel network of the Hankyu-Hanshin-Daiichi Hotel Group
Directly managed hotels (Hankyu Hanshin Hotels) 21Hotels 6,659 rooms
Other (franchises, etc.)
Directly managed hotels
Dai-ichi Hotel Tokyo
Dai-ichi Hotel Annex
Daiichi Hotel Tokyo Seafort
Kichijoji Dai-ichi Hotelremm Hibiya
remm Akihabara
remm Roppongi
remm Tokyo Kyobashi
remm plus Ginza
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
remm Shin-Osaka
Senri Hankyu Hotel
Takarazuka Hotel
Hotel new Hankyu Kyoto
remm Kagoshima
Other(franchises, etc.)

27Hotels 5,593 rooms
Ours Inn Hankyu
Ginza Creston
Dai-ichi Hotel Ryogoku
Dai-ichi Inn Ikebukuro
Dai-ichi Inn Shonan
Toyama Dai-ichi Hotel
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 Hotel
Kure Hankyu Hotel
Hotel Ichibata

ホテル所在地

直営（scheduled on 21 June, 2020)

チェーン

Kyoto,

Osaka,
京阪神
Kobe

11
2

Tokyo Dai-ichi Hotel Shimonoseki

Takamatsu Kokusai Hotel
JR Hotel Clemant Takamatsu
JR Hotel Clement Tokushima
The Crown Palais New Hankyu Kochi

Tokyo Dai-ichi Hotel Matsuyama

Imabari Kokusai HotelTokyo Dai-ichi Hotel Iwanuma Resort

Tokyo
東京地区

9
4

Tokyo Dai-ichi Hotel Tsuruoka
Tokyo Dai-ichi Hotel Yonezawa
Tokyo Dai-ichi Hotel Shin-Shirakawa

48Hotels
12,252 rooms※Hankyu-Hanshin Hotels are entrusted operation

67