Hankyu Hanshin Holdings Group
Supplementary Materials ofFinancial Results for the Third Quarterof Fiscal 2020(Ended December 31, 2019)
February 4th, 2020
Hankyu Hanshin Holdings, Inc.
9042 http://www.hankyu-hanshin.co.jp/en/

Consolidated Statements of Income(Summary)
3Q FY2020
Results

FY2019Results

ChangeConsolidated Subsidiaries
Equity-Method Affiliates
Total

93 companies
11 companies
104 companies

94 companies -1 (2 companies increase, 3 companies decrease)
11 companies
105 companies -1(¥ million)

3Q FY2020
Results

3Q FY2019
Results

583,678

576,457+7,220 (+1.3%)

91,015

92,206-1,191 (-1.3%)

Non-operating income

8,597

7,956

Non-operating expenses

9,577

9,415

90,03490,748Extraordinary income

1,153

3,774

Extraordinary loss

1,302

4,193

Revenue from operations
Operating income

Ordinary income（※）The impact of natural disasters

ChangeRemarks-2.9billion yen-2.4billion yen-2.4billion yen+640

58,9683Q FY2020
Results（Reference）

58,7823Q FY2019
Results

Equity in income of affiliates:+968+162-713(-0.8%)
Lossesassociatedwith naturaldisasters-1.1billion yen-2,621Gain on sale of noncurrent assets:-2,379-2,891

Loss on retirement of noncurrent
assets:-1,457-2.4billion yen

Net income attributable toowners of the parent

For details,
please see next page+186 (+0.3%)
ChangeDepreciation and amortisation

41,58039,902+1,678

Financial balance ① - ②-5,623-5,930+307

Interest and dividend income①

1,369

1,341+28

Interest expense②

6,992

7,272-279※Affected by the 2018 Osaka
earthquake, 2018 Japan floods,Typhoon Jebi, 2018 Hokkaido
Eastern Iburiearthquake (travelbusiness only), and Typhoon Trami.

1Consolidated Statements of Income (Breakdown for each business segment)[Key results in current period]
Revenue increased. The Real Estate Business posted significant YoY increase in condominium unit
sales, and the Information and Communication Technology Business grew orders for information
services. Income was down relative to the high level last year, when the Real Estate Business sold off
commercial-use land in the eastern area of Saito (Ibaraki, Osaka).
(¥ million)

Revenue from operations
3Q FY2020
Results

3Q FY2019
Results

Operating income
Change3Q FY2020
Results

3Q FY2019
Results

ChangeUrban Transportation

174,813

177,768-2,95536,19735,302+895

Real Estate

175,498

162,426+13,072

32,71336,189-3,476Entertainment

62,02859,524+2,504

15,171

13,765+1,405

Information andCommunication Technology

39,93533,721+6,213

3,292

2,416+876

Travel30,70027,441+3,2594,536

2,223+2,312

International
Transportation

57,426

68,278-10,851-255

2,146-2,402

Hotels

48,71149,281-569

417

1,362-945

Other

25,04627,477-2,431

1,125

1,424-298

Adjustment-30,482-29,462-1,020-2,183-2,624+441

Total

583,678

576,457+7,22091,015

92,206-1,191※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 Q3 FY2019 data used for year-on-year comparisons has been adjusted according to the new business segment structure.

2Urban Transportation results

Outsourcing impact(as of August 2019)
Revenues from operations -5.6billion yen

Revenue decreased after convenience store and station-based store operations wereoutsourced. However, income increased thanks to the strong performance of Hankyu andHanshin lines as well as a recovery from the impact of last year’s natural disasters.
These factors more than offset an increase in railway-related costs (e.g. depreciation andamortisation).
(¥ million)

3Q FY2020
Results

3Q FY2019
ResultsChange%Revenue from operations

174,813

177,768-2,955-1.7%Operating income

36,19735,302

+895

+2.5%

Real Estate results
Revenue rose thanks to significant YoY increase in condominium unit sales. However,income was down relative to the high level last year, when the Real Estate Business soldoff commercial-use land in the eastern area of Saito (Ibaraki, Osaka).
【Reference】 Condominium sales：+793（1,308 units; previous year 515 units）(¥ million)

3Q FY2020
Results

3Q FY2019
Results

Change%Revenue from operations

175,498

162,426+13,072+8.0%

Operating income32,713

36,189-3,476-9.6%
3

[Urban Transportation] Railway Performance results
Hankyu Corporation
Fare revenues (¥ million)*
3Q FY2020
Results

3Q FY2019
Results

Commuter pass

26,03725,327

Workers

22,355Students

Passenger volumes (Thousands)*
3Q FY2020
Results

3Q FY2019
Results+710(+2.8%)

266,420

258,505+7,914(+3.1%)

21,729+625(+2.9%)

184,073

178,416+5,657(+3.2%)

3,682

3,598

+84(+2.4%)

82,34780,089+2,257(+2.8%)

Other tickets

48,17347,225+947(+2.0%)

241,722

239,023+2,699(+1.1%)

Total

74,211

72,553 +1,658(+2.3%)

508,142

497,528 +10,614(+2.1%)

Boost ahead of tax hike +0.3 billion yen

ChangeChange

The impact of natural disasters -0.6 billion yen

Hanshin Electric Railway
Fare revenues (¥ million)*
3Q FY2020
Results

3Q FY2019
Results

Commuter pass

9,372

9,067

Workers

8,367

Students

Passenger volumes (Thousands)*
3Q FY2020
Results

3Q FY2019
Results+304(+3.4%)

97,736

94,399+3,336(+3.5%)

8,093+274(+3.4%)

76,49173,844+2,646(+3.6%)

1,004

974

+29(+3.1%)

21,24520,555+689(+3.4%)

Other tickets17,073

16,672+400(+2.4%)

92,971

91,490+1,480(+1.6%)

Total

26,44525,740+704(+2.7%)

190,707

185,890+4,817(+2.6%)

Boost ahead of tax hike +0.1 billion yen

ChangeChange

The impact of natural disasters -0.1 billion yen＊ Revenue amounts less than one million yen, and numbers of passengers less than one thousand, are omitted.
For Hankyu Railway, “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.

4

Entertainment results
Revenue and income increased. In the stage business, shows were well received andmerchandise sold well. The sports business performed well too.

(¥ million)

3Q FY2020
Results

3Q FY2019
Results

Change%Revenue from operations

62,02859,524+2,504+4.2%

Operating income

15,171

13,765+1,405 +10.2%

Information and Communication Technology results
Revenue and income increased. The information services business won large transportsystem orders, while the broadcast and communications business gained more
subscribers for internet services.
(¥ million)

3Q FY2020
Results

3Q FY2019
ResultsChange%

Revenue from operations

39,93533,721+6,213 +18.4%

Operating income

3,292

2,416+876 +36.3%
5

Travel results
Revenue and income increased. Factors included the extended Golden Week holiday, thepopularity of overseas destinations such as those in Europe, and higher numbers ofdomestic tourists.
(¥ million)

3Q FY2020
Results

3Q FY2019
Results

Change%Revenue from operations

30,70027,441+3,259+11.9%

Operating income

4,536

2,223+2,312+104.0%

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

3Q FY2020
Results

3Q FY2019
Results

Change%57,426

68,278-10,851-15.9%-255

2,146-2,402―6Hotels results

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

The impact of outsourcing the restaurant business
Revenues from operations : -2.7billion yen

Revenue and income declined. Factors behind the revenue decline included theoutsourcing of the restaurant business, which more than offset a revenue boost fromhotel openings and a recovery from the impact of last year’s disasters. Factors behind
the income decline included cost increases associated with hotel openings, risingcompetition in the Kansai area’s hotel market, and a lull in demand for accommodation.
(¥ million)
Revenue from operations

Operating income

3Q FY2020
Results

3Q FY2019
Results

Change%48,71149,281-569-1.2%

417

1,362-945-69.3%

7Consolidated Balance Sheets
3Q FY2020
ResultsNet assets

Liabilities

Assets(¥ million)

FY2019Results

ChangeRemarks

Current assets

277,064

302,963-25,899 Trade receivables:-24,786

Noncurrent assets

2,210,331

2,163,259+47,072 Investment securities:+20,839

Total assets
Current liabilities
Long-term liabilities

Long-term loan receivables:+22,526

2,487,396 2,466,223 +21,172
383,867
1,149,294

404,286
1,146,555-20,418+2,7383Q
FY2020Results

FY2019Results

Debt

740,268

758,411-18,143

Bonds

122,000

112,000+10,000

Commercial paper

15,000－+15,000

8,3066,644+1,662885,575

877,055+8,519Lease obligations

Total liabilities

1,533,162 1,550,842-17,680

891,063

853,397

Accumulated othercomprehensive income

31,771

31,465+305

Non-controlling interests

31,39830,517+881

Equity ratio

954,234
37.1%

Accounts payable:-24,592

Net income attributable to owners of theparent:+58,968+37,666 Payment dividend:-11,020
Less treasury stock, at cost:-9,810

Shareholders’ equity

Total net assets

Interest-bearing debt

Change915,381 +38,853
35.9%+1.2p8