Hankyu Hanshin Holdings Group
Results Briefing Materials for
the First Half of Fiscal 2021
(Ended September 30, 2020)
November 12th, 2020
Hankyu Hanshin Holdings, Inc.
9042 https://www.hankyu-hanshin.co.jp/en/

Contents
Ⅰ. Performance Highlights for the First Half of
Fiscal 2021 (fiscal year ending 31st March 2021)･･･

Ⅱ. Forecasts for Fiscal 2021
(fiscal year ending 31st March 2021)･･･ 25

Ⅲ. Referential Materials(1) Sustainable Business Practices(2) Summary of the Long-Term Vision(Reproduced from the results briefing materials released in May 2019)(3) Progress in Each Project(4) Other2･･･ 34･･･ 43･･･ 46･･･ 54This document contains forward-looking statements such as business performance forecasts. These statements are based on currently
available information and what we believe to be reasonable assumptions; they do not, however, represent guarantees of future performance.
Actual results or developments may differ materially from those in the forward-looking statements as a result of various factors.

1

Ⅰ. Performance Highlights for

the First Half of Fiscal 2021
(fiscal year ending 31st March 2021)

2

Blank page3

Consolidated Statements of Income(Summary)
1H FY2021
Results

FY2020Results

ChangeConsolidated Subsidiaries
Equity-Method Affiliates
Total

97 companies
11 companies
108 companies

93 companies +4 (4 companies increase)
11 companies ±0
104 companies +4(¥ million)

1H FY2021
Results

1H FY2020
Results

Revenue from operations

241,018

410,733-169,714 (-41.3%)

Operating income-14,723

71,547-86,270 (-)

Non-operating income

1,537

6,344

-4,807

Non-operating expenses

6,209

5,990

+218

-19,394

71,901-91,296(-)

5,031

873

+4,158

Employment adjustment subsidies+4,445Extraordinary loss

14,802824+13,978

COVID-19-related losses +13,685

Net income attributable toowners of the parent-23,00747,630-70,637 (-)

Tax expense -30,457
We have applied the note “Audit
Consideration related to COVID-19
Part 4” (JICPA, April 22, 2020) to
operations and events that wesuspended/cancelled at the requestof authorities. Specifically, we haverecognized as extraordinary loss all
fixed costs incurred during thesuspension of said operations andall costs directly associated with the
preparation and cancellation of said
events.

COVID-19 impact-142.6billion yen-73.9billion yen

Ordinary income
Extraordinary income

1H FY2021
Results（Reference）

1H FY2020
Results

ChangeRemarks

ChangeDepreciation and amortization

26,50927,210-701

Financial balance ① - ②-3,877-3,817-59

Interest and dividend income①

606

878

-272

Interest expense②

4,484

4,696

-212

For details,
please see next page
Equity in income of affiliates -4,532
Equity in loss of affiliates +666

4

Consolidated Statements of Income (Breakdown for each business segment)[Key results in current period]
Revenues and income fell significantly with most business segments hit hard by COVID19 (details shown on next slide).
(¥ million)

Revenue from operations
1H FY2021
Results
COVID-19 impact

1H FY2020
Results

Operating income
Change1H FY2021
Results

1H FY2020
Results

Change-38.8billion yen

Urban Transportation

72,278118,818-46,539-30.8billion yen-7,046

24,961-32,007

Real Estate-16.0billion yen

80,548131,090-50,541-5.7billion yen

13,19826,330-13,132

Entertainment-32.8billion yen

14,76847,690-32,921-16.1billion yen-2,615

15,391-18,00726,26926,179

+90

2,218

2,144

+73

887

21,673-20,786-9,350

4,032-13,383

37,305

38,127

-822

463

-391

+854

6,953

31,287-24,333-10,005-40-9,964Other

20,182

15,773+4,409

214

726

-512

Adjustment-18,175-19,906+1,731-1,798-1,608-189

241,018

410,733-169,714-14,723

71,547-86,270

Information andCommunication Technology
Travel-20.2billion yen

International
Transportation
HotelsTotal-27.3billion yen-142.6billion yen-11.5billion yen-9.9billion yen-73.9billion yen

5How COVID-19 Impacted Each Businesses■COVID-19 impact in each business<Breakdown for each business segment>（¥ billion)
Total

Urban
Transportation

Real EstateEntertainment

TravelHotels

Revenue from operations-142.6

-38.8

-16.0

-32.8

-20.2

-27.3

Operating income

-73.9

-30.8

-5.7

-16.1

-11.5

-9.9

Ordinary income

-73.9

-30.8

-5.6

-16.1

-11.4

-10.1

Extraordinary income ※1

4.5

0.4

0.3

0.5

2.2

1.1

Extraordinary loss ※2

13.8

0.9

2.5

4.3

3.3

2.8

Income before income
taxes

-83.2

-31.3

-7.8

-19.9

-12.6

-11.7

※1 Employment adjustment subsidies※2 COVID-19-related losses■ How COVID-19 impacted each business
Urban
Transportation

・Less revenue with fewer people going out during SOE and drop in inbound tourism

Real Estate・Shopping facilities closed temporarily or operated with reduced hours; domestic condominium
business suspended sales/marketing activities

Entertainment

・Pro baseball season postponed, resulting in fewer regular season games; Takarazuka Revue
performances cancelled; restrictions on events

Travel・Domestic and international tours suspended; surge in cancellations

Hotels・Drop in inbound and domestic demand hit by travel/outing and banquet cancellations

6

Blank page

7

Urban Transportation Results

COVID-19 impact
Revenue from operations：-38.8billion yen
Operating income：-30.8billion yen[Railway]
Big decrease in revenue and income: COVID-19 caused huge decline in ridership in bothHankyu and Hanshin lines.
[Automobile]
Big decrease in revenue and income: COVID-19 caused huge decline in transportation
revenue.
(¥ million)

1H FY2021
Results

Revenue from operations
Operating income[Breakdown by type of business](¥ billion)
Revenue from operations
Railway

1H FY2020
Results%

72,278118,818-46,539-39.2%-7,046※ (-7,524)

24,961-32,007※ (-32,486)

ー(ー)

1H FY2021
Results

Y on YCOVID-19 impact -26.7billion yen

52.3

-30.8

Automobile-9.6billion yen

15.1

-9.6

Retailing-2.6billion yen

6.4

-6.8

1.9

-1.2

OthersChangeOutsourcing of convenience store / station-based store
operations (Aug 2019) -4.5 billion yen*Not including head office expenses /adjustments.
※ Parenthesized figures indicate reversals of COVID-19-related losses and subsidies recorded as extraordinary income.
(Notes) In the period under review, the advertising agency business was transferred to the Other segment (as part of a restructuringof the advertising business). Revenue and income from the Urban Transportation segment’s advertising operations are now
included in the data for the segment’s railway business (the first of the four businesses shown in the table above).

8

[Urban Transportation] Railway Performance results
Hankyu Corporation
Fare revenues (¥ million)*
1H FY2021
Results

1H FY2020
Results

Commuter pass

14,004

17,570Workers

12,983Students

Passenger volumes (Thousands)*
1H FY2021
Results

1H FY2020
Results

Change-3,566(-20.3%)

137,773

179,640-41,867(-23.3%)

15,071-2,087(-13.9%)

110,520

123,859-13,338(-10.8%)

1,020

2,498

-1,478(-59.2%)

27,25255,781-28,528(-51.1%)

Other tickets

18,00732,281 -14,274(-44.2%)

92,016

162,232-70,216(-43.3%)

Total

32,01149,851 -17,840(-35.8%)

229,789

341,873 -112,083(-32.8%)

ChangeCOVID-19 impact -17.6billion yen

Hanshin Electric Railway
Fare revenues (¥ million)*
1H FY2021
Results

1H FY2020
Results

ChangePassenger volumes (Thousands)*
1H FY2021
Results

1H FY2020
Results

ChangeCommuter pass

5,223

6,285 -1,061(-16.9%)

53,40665,223 -11,816(-18.1%)

Workers

4,928

5,618

-690(-12.3%)

46,19351,189-4,996(-9.8%)

Students

295

666-371(-55.7%)

7,213

14,033-6,819(-48.6%)

Other tickets

6,132

11,805 -5,673(-48.1%)

34,27764,162 -29,885(-46.6%)

Total

11,35518,091 -6,735(-37.2%)

87,684

129,385 -41,701(-32.2%)

COVID-19 impact -6.6billion 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.

9

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

1Q

First half
total

2Q

(¥ million)
Totals for commuter
passes and other tickets

1Q

2Q

First half
total

FY2021 Results

13,885 18,126

32,011

FY2021 Results

4,968

6,386

11,355

FY2020 Results

24,988 24,862

49,851

FY2020 Results

8,895

9,195

18,091-11,103-6,737-17,840

Change-3,927 -2,808-6,735-44.4％ -27.1％-35.8%(%)-44.1% -30.5％-37.2％

Change(%)

Factors of YoY Change (estimated)
・COVID-19 impact-¥17,600million
・Downturn relative to last year’s rush demand ahead of
consumption tax hike-¥483million
・Bounce-back from effects of last year’s typhoon (Krosa, Tapah)+¥100million
and others

Year-on-year change in ridership(Notes) The September ridership figures reflect the downturn relative to last year’s rush
demand ahead of consumption tax hike.

《Hankyu Corporation》（％）

Factors of YoY Change (estimated)
・COVID-19 impact-¥6,550million
・Downturn relative to last year’s rush demand ahead of
consumption tax hike-¥138million
and others

0.0

0.0

△ 20.0△ 20.0△ 40.0△ 40.0△ 60.0△ 60.0△ 80.0△ 80.0Jan

Feb MarApr May Jun

Commuter pass《Hanshin Elecric Railway》

（％）

Jul

Other tickets

Aug SepJan

Feb Mar Apr May Jun
Commuter pass

Jul

Aug Sep

Other tickets

10[Urban Transportation] Referential Information
Hankyu Line: Transportation revenue (tier 1 + tier 2)(¥ million)

FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
Commuter passes
Other tickets
Total

29,48460,00089,48529,92260,26890,19130,39160,74991,141

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

32,62862,72095,34833,19863,137
96,33533,456
63,05996,5161H
FY2021
34,119 18,007
61,887 14,004
96,007 32,011

FY2020FY2011＝100%
107%（+3.8% compared to FY2015）

(FY)
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Hanshin Line: Transportation revenue (tier 1 + tier 2)
FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
Commuter passes
Other tickets
Total

10,126
18,89929,025

10,623
19,42230,045

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

11,107
20,286
31,394

11,372
21,03532,407

11,563
21,13632,699

11,797
21,63833,436

12,02422,03034,054

1H
FY2021
12,327
5,223
21,665
6,132
33,993 11,355

FY2020117%

FY2011＝100%（+8.3% compared to FY2015）

(FY)

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

11

Real Estate Results

COVID-19 impact
Revenue from operations：-16.0billion yen
Operating income：-5.7billion yen[Real estate leasing]
Revenue and income decreased: COVID-19 caused shopping facilities in Umeda andelsewhere to close temporarily or operate with reduced hours.
[Real estate sales and others]
Big decrease in revenue and income compared to the same period last year, when thecondominium business benefitted from the completion and handover of large properties.
【Reference】 Condominium sales：-919 units（279 units; previous year 1,198 units）(¥ million)

1H FY2021
Results

Revenue from operations
Operating income

1H FY2020
Results

Change%80,548131,090-50,541-38.6%

13,198※ (10,990)

26,330-13,132※ (-15,339)-49.9%(-58.3%)[Breakdown by type of business](¥ billion)
Revenue from operations
Real estate leasing
Real estate sales and others

1H FY2021
Results
COVID-19 impact-8.9billion yen-7.9billion yen

Y on Y

46.6

-8.5

42.1

-42.8

*Not including head office expenses /adjustments.
※ Parenthesized figures indicate reversals of COVID-19-related losses and subsidies recorded as extraordinary income.

12Entertainment Results

COVID-19 impact
Revenue from operations：-32.8billion yen
Operating income：-16.1billion yen[Sports]
Big decrease in revenue and income: Due to COVID-19, there were fewer Hanshin
Tigers’ regular season games, and the games that did go ahead provided less ticket
revenue due to event restrictions.
[Stage]Big decrease in revenue and income: Due to COVID-19, many Takarazuka Revue shows
were cancelled, and the shows that did go ahead provided less ticket revenue due toevent restrictions.
1H FY2021
Results(¥ million)
Revenue from operations
Operating income

1H FY2020
Results

Change%14,76847,690-32,921-69.0%-2,615※ (-6,311)

15,391-18,007※ (-21,703)

ー(ー)[Breakdown by type of business](¥ billion)
Revenue from operations

1H FY2021
Results

Y on YSportsCOVID-19 impact -19.0billion yen

9.2

-20.5

Stage

-13.8billion yen

5.5

-12.4

*Not including head office expenses /adjustments.
※ Parenthesized figures indicate reversals of COVID-19-related losses and subsidies recorded as extraordinary income.

13

Information and Communication Technology Results
Revenue and income increased: The broadcast and communications business saw anincrease in number of subscribers to internet services.

(¥ million)

1H FY2021
Results

1H FY2020
Results

Change%Revenue from operations

26,26926,179+90+0.3%

Operating income

2,218

2,144

+73

+3.4%

14

Blank page15

Travel Results

COVID-19 impact
Revenue from operations：-20.2billion yen
Operating income：-11.5billion yen

Big decrease in revenue and income: Due to COVID-19, international tours werecancelled throughout the period, while domestic tours (on sale since July) attracted
fewer customers year on year.

(¥ million)
Revenue from operations
Operating income

1H FY2021
Results

1H FY2020
Results

Change%887

21,673-20,786-95.9%-9,350※ (-10,438)

4,032-13,383※ (-14,471)

ー(ー)※ Parenthesized figures indicate reversals of COVID-19-related losses and subsidies recorded as extraordinary income.

16

International Transportation Results
Revenue fell with COVID-19 undercutting air transport volume. However, income
increased thanks to rise in emergency transportation in East Asia and more logistics
operations in Japan.

(¥ million)

1H FY2021
Results

Revenue from operations

1H FY2020
Results

Change37,305

38,127

-822

-2.2%

463

-391

+854

ー

Operating income

Air export consolidated freight weight (from Japan)（unit：ton）

80,00070,00072,21766,64962,47860,00061,09349,74750,000%57,16576,80262,22555,01546,48440,00023,73330,00015,34920,00010,0000FY2011FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY20191H FY2020

FY20201H FY2021

17

Hotels Results

COVID-19 impact
Revenue from operations：-27.3billion yen
Operating income：-9.9billion yen

Big decrease in revenue and income: Due to COVID-19, some hotels closed temporarily,
and demand slumped in the accommodation and food/beverage businesses.
(¥ million)
Revenue from operations
Operating income

1H FY2021
Results

1H FY2020
Results

Change%6,953

31,287-24,333-77.8%-10,005※ (-11,669)-40-9,964※ (-11,628)

ー(ー)※ Parenthesized figures indicate reversals of COVID-19-related losses and subsidies recorded as extraordinary income.

[Performance Highlights for the first half of Fiscal 2021※1]
Occupancy rates of Hankyu Hanshin Hotels
Total 16.2％ ※2 (-74.1 points from previous year)
Kansai area 19.4% (-73.7 points from previous year)
Tokyo metropolitan area 10.8% (-76.5 points from previous year)

Average daily rates (ADR) of Hankyu Hanshin Hotels
Total ¥10,313 ※2 (-¥3,616 from previous year)
Kansai area ¥10,143 (-¥2,854 from previous year)
Tokyo metropolitan area ¥11,625 (-¥4,667 from previous year)《Hankyu Hanshin Hotels》
Occupancy rates（since January 2020）

（％）
100.0

Tokyo metropolian area

80.0

Kansai area

60.0
40.0
20.0

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

0.0

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

18

[Hotels] Referential information
Average daily rates (ADR) and occupancy rates of Hankyu Hanshin Hotels ※1
Tokyo metropolitan area ADR ※2
Tokyo metropolitan area occupancy rate(right axis) ※2

21,00018,000

89.7%
83.7%

89.9%

79.7%

92.2%

92.6%

92.2%

83.3%

86.6%

88.6%

15,00015,21014,28812,00014,046

13,520

9,000

9,489
6,000
（¥）

FY2011

15,853Kansai area ADR ※3
Kansai area occupancy rate（right axis）※3

93.9%

94.3%

95.4%

90.5%

90.8%

88.7%

17,221

16,665

14,619

9,521

90.9%

※4

13,54910,21060%

12,997※4

11,625 40%
10,143
19.4%
20%
10.8%

9,407
FY20120%
FY2013

FY2014FY2015FY2016

Tokyo metropolitan area ※2

50.0%

FY2017FY2018FY20191H

FY2020

FY2020Kansai area ※3
42.3%

45.6%

1H
FY2021

46.0%

44.8%

41.7%

37.6%

（％）

36.9% 38.1%

40.0%

31.4%

30.0%

10.0%

80%

79.7%

12,55013,748Non-Japanese guests as a percentage of overnight-stay guests ※1

20.0%

80.6%

87.3%

16,654 16,292 16,167

15,44914,14011,616

100%

93.1%

90.9%

16.4%

12.7%

0.0%
FY2011

38.6%

22.7%
13.1%

10.0%
FY2012FY2013

40.6%

39.9%

25.0%

14.9%
12.3%

37.0%

17.3%

FY2014

The total figures for 1H FY2021 is 0.9％※5(-41.6 points from previous year)

FY2015FY2016FY2017FY2018FY20191H

FY2020

2.0%
0.6%
1H

※1 The data omits the COVID-related temporary closures of some hotels.
FY2020
FY2021※2 Directly managed by Hankyu Hanshin Hotels in the Tokyo metropolitan area
※3 Directly managed by Hankyu Hanshin Hotels in the Kansai area
※4 Since FY2020, we started reporting the earnings of overseas online travel agents on a gross basis, rather than on a net basis as before.
The new method (gross basis) has been applied retroactively to the previous fiscal year.
※5 Including remm Kagoshima

19Consolidated Statements of Income(Non-operating profit and loss)(¥ million)

1H FY2021
Results

1H FY2020
Results-14,723

71,547-86,270

1,537

6,344

-4,807

ー

4,532-4,532

6,209

5,990

+218

Interest expenses

4,484

4,696

-212

Equity in loss of affiliates

666

ー

+666

-19,394

71,901-91,296

Operating income
Non-operating income
Equity in income of affiliates

Non-operating expenses

Ordinary income

Change20

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

1H FY2021
Results

1H FY2020
Results

Extraordinary profit and loss

-9,77049-9,819Extraordinary income

5,031

873

+4,158Gain on contributions for construction

248

208

+39

Employment adjustment subsidies

4,445

ー

+4,445

Other

337

664

-326

14,802824+13,978

Loss on reduction of noncurrent assets

279

204

+75

COVID-19-related losses

13,685ー+13,685

Other

836

619

+216

Extraordinary loss

Change21

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

1H FY2021
Results

1H FY2020
Results

Income before income taxes-29,165

71,950-101,115

Total income taxes-7,08823,368-30,457

Income taxes—current

1,693

22,640-20,946

Income taxes—deferred-8,782727-9,510-22,076

48,581-70,658

930

951

-20

-23,00747,630-70,637

Net income
Net income attributable to noncontrolling interests

Net income attributable to ownersof the parent

Change22

Consolidated Balance Sheets
1H FY2021
Results

Net assets

Liabilities

Assets(¥ million)

FY2020Results

Current assets

279,268

262,984

Noncurrent assets

2,241,297

2,226,097

Total assets
Current liabilities
Long-term liabilities

ChangeRemarks+16,283 Land and buildings for sale:+17,539+15,200 Investment securities:+14,443

2,520,566 2,489,081 +31,484
355,485
1,240,868

394,634
1,156,774-39,149+84,0941H
FY2021Results

FY2020Results

Debt

779,664

773,465+6,199Bonds

157,000

122,000+35,000

Commercial papers

50,000ー+50,000

Lease obligations
Interest-bearing debt

Total liabilities

1,596,353 1,551,409 +44,944

8,014

+786

903,480+91,986

Net income attributable to owners of the857,879

886,935-29,056 parent:-23,007

Accumulated othercomprehensive income

23,56518,711+4,854Non-controlling interests

42,76732,025+10,741924,212

937,672-13,460

35.0%

36.4%

-1.4p

Equity ratio

8,801
995,466

Accounts payable : -42,452

Shareholders’ equity

Total net assets

ChangePayment dividend:-6,094

23

Consolidated Statements of Cash Flows(¥ million)

1H FY2021
Results

1H FY2020
Results-45,768

108,120-29,165
28,015-20,726-21,922

71,95027,21010,051-10,675

Cash flows from investing activities-36,717-44,298

Purchases of noncurrent assets-79,095
19,841-2,53823,640-45,65088-15,121
15,77083,325-50,099-17-6,094
91,986-9,921-4,925-31,921

-416
423

-222
13,50023,526
2,072
26,021

27,589391
41,481

Cash flows from operating activities
Income before income taxes
Depreciation and amortization (※)

Decrease (increase) in inventories
Income taxes (paid) refunded

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

Cash flows from financing activities
Purchase of treasury stock
Dividends paid

[Reference] Decrease (increase) in interest-bearing debt

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

24

Ⅱ. Forecasts for Fiscal 2021
(fiscal year ending 31st March 2021)

25

Consolidated Statements of Income (Summary)(¥ billion)

FY2021
Forecasts

FY2020Results①②

COVID-19 impact-218.7billion yen

Revenue fromoperations

Change①-②Remarks-22.0billion yen

762.7-187.7(-24.6％)

-12.0

95.2

-107.2(ー)Ordinary income

-23.0

88.8

-111.8(ー)

Associated with the forecasted operating loss
above

Net income attributable toowners of the parent

-36.0

54.9

-90.9
(ー)

Associated with the forecasted ordinary loss;
also reflects COVID-related losses

Depreciation andamortization

56.2

56.5

-0.3

Financial balance ①-②

-8.0

-7.7

-0.3

Interest and dividend income①

1.1

1.5

-0.4

Interest expense②

9.1

9.3

-0.2

118.7

81.1

+37.6

575.0
-15.4billion yen

Operating income-116.4billion yen

Big decrease in revenue and income expected
given the severe impact of COVID-19 on
performance in most businesses(Reference)

Capital expenditure26

Consolidated Statements of Income (Breakdown for each business segment)※ Parenthesized figures indicate reversals of COVID-19-related losses and subsidies recorded as extraordinary income.

(¥ billion)[Upper table]
Revenue from operations[Lower table]
Operating income

Total

COVID-19 impact-218.7billion yen-116.4billion yen

FY2021
Forecasts

FY2020Results①②

Change①-②Remarks-22.0billion yen

575.0

-12.0
(-19.0)762.7-187.795.2-107.2(-114.2)

227.2

-65.3

40.1

-42.7
(-42.8)-15.4billion
yen(Breakdown for each business segment)
Urban
Transportation

Real EstateEntertainment

161.9-46.8billion yen-2.6(-2.7)-28.2billion yen

197.1

236.0

-38.9

-11.8billion yen

27.6(25.7)

41.5-13.9(-15.8)-39.7billion yen

39.5-4.4billion
yen

74.0

-34.5

-19.5billion yen-6.4(-9.9)-3.0billion
yen

11.7

-18.1
(-21.6)

58.6

+1.2

Information andCommunication Technology

Travel-4.7billion
yen

59.8
5.5

-28.7billion yen

11.4-15.1billion yen-12.6(-12.8)5.6-0.1-4.9billion
yen

33.8

-22.4

-3.1billion
yen

0.2

-12.8
(-13.0)

76.2

+0.0

0.2

-0.1

60.3

-38.7

-3.1

-18.0
(-19.1)

76.2

International
Transportation
Hotels-5.2billionyen-61.3billion yen

0.1-48.6billion yen

21.6-21.7billion yen-21.1(-22.2)-5.2billionyen-3.3billion
yen

COVID-19 will continue hurting ridership revenue in Hankyu andHanshin lines and transportation revenue in the automobile business.

The condominium business will see a downturn relative to the same
period last year, when the condominium business benefitted from thecompletion and handover of large properties. Additionally, COVID-19 has
caused shopping facilities in Umeda and elsewhere to close temporarily
or operate with reduced hours.
The losses are due to COVID-19. In the sports business, there werefewer Hanshin Tigers’ regular season games. In the stage business,many Takarazuka Revue shows were cancelled. Both businesses wereadditionally harmed by the event restrictions following resumption ofgames and shows.

The information services will see a downturn relative to last year, when
it received large orders for transport systems. Hence, segment income
will likely remain at last year’s level despite higher revenue in the
broadcast and communications business.
Due to COVID-19, there is little prospect of international tours
contributing to full-year results. Additionally, although domestic tours(on sale since July) should see a year-on-year increase in customers in
2H, revenue will still be lower than last year on a full-year basis.

Although airfreight handling volume is expected to decrease due to
COIVD-19, this will be offset by higher fees.

Due to COVID-19, some hotels closed temporarily, and demand willcontinue to slump in the accommodation and food/beverage businesses.

27

COVID-19 Impact in Each Segment (assumptions for Fiscal 2021 forecasts)【Railway】

Urban
Transportation

The revenue drop in non-commuter ticket will gradually bottom out. By March 2021, it will haverecovered around 75% of the March 2019 level.
COVID-19 will continue to hurt revenue from worker commuter passes (down 10% from fiscal 2019
level)
COVID-19 will continue to hurt revenue from student commuter passes (down around 25% fromfiscal 2019 level)【Automobile】

For transit buses, the impact will be similar to that for railway.
For airport shuttle buses, the impact will depend on outlook for air travel (demand for international
flights at Kansai International Airport will not recover within the fiscal year).

【Real estate leasing】
Real Estate

Current trends suggest a decline in rent income from shopping center tenants.

【Real estate sales and others】
Domestic condominium performance will be affected by suspension of sales during April and May.

【Sports】
Entertainment

TravelHotelsPro baseball games will deliver revenue in view of current sales trends and on the premise that,
under the event restrictions, approximately 20,000 seats can be sold for the 21 major games in 2H.

【Stage】

Takarazuka Revue performances will deliver revenue in view of current sales trends and on thepremise that the event restrictions will be lifted by the end of the fiscal year, allowing all seats to be
sold (except for front-row seats).
Demand for domestic tours will recover thanks to the “Go To Travel” subsidy.
Demand for international tours will not recover within the fiscal year.
Domestic demand for hotels will gradually recover, but conditions will remain tough. Inbounddemand will not recover within the fiscal year.
(In March 2021, occupancy rate in hotels directly managed by Hankyu Hanshin Hotels will be 70%
down from the March 2019 level.)
Demand for food/beverage will gradually recover, but conditions will remain tough.
28

COVID-19 Measures■Efforts to recover from negative income and cash flow•

Income: In businesses that saw a sharp drop in revenue, we will slim down expenses by scaling
back products and services※ to reflect the smaller demand. In all businesses, we will work to
reduce or defer non-fixed expenses (particularly repair and advertising expenses) and tackle fixed
expenses as well. We will also make use of subsidies such as the employment adjustment
subsidies.
※This includes reducing bus services and closing some hotels.

•

Cash flow: We will reduce capital expenditure (especially that for maintenance and renewal) andput investments on hold.※ We will also rein in investment in for-sale property and equity.
※Investment has been scaled back by ¥40 billion compared to the initial (pre-COVID) budget.
However, the period under review will nonetheless see a full-year expenditure of ¥118.7 billion(up ¥37.6 billion YoY) due to ongoing major investments, including the Umeda 1-1 Project andthe project to rebuild Kobe Hankyu Building.

■Financial position•

We have secured ample liquidity by taking out long-term finance (1H: straight bonds worth ¥50
billion and syndicate loans) and flexibly using short-term finance.

•

We have also extended our back-up line of credit and taken other measures to ensure smoothfinancing.
【Reference】 Credit rating in period under review
Rating agency

RatingRating and Investment Information, Inc. (R&I)

A+ [Stable]（No change）

Japan Credit Rating Agency, Ltd.(JCR)

AA- [Stable]（No change）
29

[Urban Transportation] Railway Performance Forecasts
Hankyu Corporation

Fare revenues (¥ million)*
FY2021
Forecasts
Commuter pass

FY2020Results

ChangePassenger volumes (Thousands)*
FY2021
Forecasts

FY2020Results

Change28,91934,119-5,199(-15.2%)

283,670

344,604-60,933(-17.7%)

Workers

26,322

29,623-3,300(-11.1%)

220,391

243,854-23,462(-9.6%)

Students

2,597

4,496

-1,898(-42.2%)

63,279100,750-37,471(-37.2%)

Other tickets

42,14561,887 -19,742(-31.9%)

215,799

310,525-94,725(-30.5%)

Total

71,06496,007 -24,942(-26.0%)

499.470

655,129 -155,659(-23.8%)

COVID-19 impact -27.5billion yen-2.2billion yen

Hanshin Electric Railway

Fare revenues (¥ million)*
FY2021
Forecasts
Commuter pass

FY2020Results

ChangePassenger volumes (Thousands)*
FY2021
Forecasts

FY2020Results

Change10,672

12,327-1,655(-13.4%)

107,394

127,652-20,258(-15.9%)

Workers

9,935

11,080-1,145(-10.3%)

91,253

101,243-9,990(-9.9%)Students

736

1,246

-509(-40.9%)

16,141

26,409-10,268(-38.9%)

Other tickets

13,923

21,665-7,742(-35.7%)

77,110118,559-41,449(-35.0%)

Total

24,59533,993-9,397(-27.6%)

184,504

246,212-61,708(-25.1%)

COVID-19 impact -10.6billion yen-0.9billion 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

30

Management Indicators / Returns to Shareholders■Management Indicators
FY2020Results

FY2021
Forecasts

Operating income¥95.2billion-¥12.0billion

EBITDA※1¥154.1billion¥47.0billion

Interest-bearing debt

¥903.5billion¥1,070.0billion

Interest-bearing debt /EBITDA ratio

5.9times

22.8times

D/E ratio※2

1.0times

1.2times¥54.9billion-¥36.0billion

6.1%

-4.1%

¥878.5billion¥1,045.0billion

5.7times

22.2times

Net income attributable to ownersof the parent
ROE(Reference)
Net interest-bearing debt※3
Net interest-bearing debt/EBITDA
ratio※1 EBITDA=operating income + depreciation expenses + amortization of goodwill※2 D/E ratio＝interest-bearing debt / equity※3 Net interest-bearing debt=interest-bearing debt - cash and deposits■Specific figures for dividend of surplus for fiscal 2021•

Since we have avoided the worst-case scenario (in which the state-of-emergency conditions ofApril and May would continue throughout the fiscal year), we will maintain our commitment tostable dividends in FY2021. Specifically, as announced on August 12, 2020, the annual
dividend per share will be the same as in FY2020: ¥50 (¥25 interim + ¥25 year-end).

31

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

Total capital expenditure

FY2021
Forecasts Main investments

FY2020Results

①

②

118.7

81.1

Main investments

Change①-②+37.6

Urban Transportation

・New rolling stock,
remodeling of existingrolling stock
34.4 ・Investment in station
apparatus
・Kita-Osaka Kyuko Railway
Line Extension Project

32.9

・New rolling stock, remodeling ofexisting rolling stock・Investment in station apparatus+1.5

Real Estate・Umeda 1-1 Project・Project to rebuild Kobe
Hankyu Building’s east wing
71.0 and renew its west wing・Umekita Phase Ⅱ
Development Project・Project to relocate Takarazuka
Hotel・Umeda 1-1 Project32.2 ・Project to rebuild Kobe Hankyu
Building’s east wing and renew
its west wing

+38.8

Entertainment

2.5

4.2

-1.7

Information andCommunication Technology

5.5

4.9

+0.6

Travel

1.8

1.2

+0.6

International Transportation

1.3

1.1

+0.2

Hotels2.1

4.8

・Interior design of Hotel Hankyu
RESPIRE OSAKA

-2.7
32

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

FY2021
Forecasts

FY2020Results①②

Change
①-②

56.2

56.5

-0.3

Urban Transportation

27.4

27.6

-0.2

Real Estate

17.4

17.2

+0.2

Entertainment

2.9

3.8

-0.9

Information and Communication Technology

4.4

3.8

+0.6

Travel

0.9

0.8

+0.1

International Transportation

1.3

1.3

-0.0

Hotels

2.4

2.5

-0.1

47.0

154.1

-107.1

Urban Transportation

24.8

67.7

-42.9

Real Estate

45.2

58.8

-13.6

Entertainment

-3.5

15.4

-18.9

Information and Communication Technology

10.0

9.4

+0.6

Travel

-11.7

1.0

-12.7

1.4

1.5

-0.1

-18.7

-0.6

-18.1

Total Depreciation and amortization(Breakdown for each business segment)

Total EBITDA(Breakdown for each business segment)International Transportation
Hotels※ EBITDA=operating income + depreciation expenses + amortization of goodwill

33

Ⅲ. Referential Materials(1) Sustainable Business Practices

34

Sustainable Business Practices• We have always taken sustainability seriously and have developed a range of measures based on ESG
criteria.
• As part of these efforts, we released the Sustainability Declaration on 19 May, 2020, which outlines
the group’s commitment to addressing global sustainability challenges as part of the SDG agenda.
【サステナビリティ宣言の位置づけ】
Guidedby this Declaration, we 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 colored by "Dreams and Excitement". ～For over a hundred years, we have sought to cultivate communities and enrich lives.
Leveraging this experience, we commit ourselves to addressing social and environmental
challenges and working toward a sustainable future, one that offers a fulfilling, joyful life to all
and inspires the next generation to dream with hope.
②Priority issues (materiality matrix)

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】
Replacing plastic straws with ecofriendly alternatives to reduce
plastic waste

Bioplastic 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 listed as a constituent on MSCI Japan Empowering Women Index (WIN) (July 2020)
・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.
・We were awarded the Judging Committee Special Award for “Award for Companies
Promoting Experience-based Learning Activities for Youth 2016”.
(Organized by Ministry of Education, Culture, Sports, Science and Technology
・By the end of FY2020, more than 17,000 elementary school students were invited to a
total of 389 programmes.

■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》

SDGs-themed rail livery

Social・Environment

How we commemorated the 10th anniversaryof the Hankyu Hanshin Dreams and Communities
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 165 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）
・In September 2020, our group and Tokyu Group started running trains that wear an SDGs-themed wrap (SDGs
Train 2020) to promote the SDGs agenda in East and West Japan.

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

41

Actions for priority issues (materiality matrix)④

GovernanceNotes: Regarding Corporate Governance Report, please visit our website.
Priority issue⑥: Robust governance【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 compensation 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 compensation 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

fiscal 2018

fiscal 2020

fiscal 2021

5members/
19members
26.3％

5members/
14members
35.7％

6members/
14members
42.9％

5members/
11members
45.5％

42

Ⅲ. Referential Materials(2) Summary of the Long-Term Vision(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

Ⅲ. Referential Materials(3) Progress in Each Project46

Schedule for Each Project
（FY）

2019

2020

2021

2022

2023

2024

2026

●

Kita-Osaka Kyuko Railway Line
Extension Project

Umeda 1-1 Project

2025

Intended start of service●● ●Complete all construction
Complete phase Ⅱ construction

Complete phase I construction
Commencement of phase Ⅱ

Strategy①

Ebie 1-chome development plan●
● Opening of commercial facilities
Complete condominium construction

Project to relocate Takarazuka Hotel●Start of service

LOGiSTA/Logicross Ibaraki Saito(Project to construct
Saito Moegi Distribution Center)●Scheduled time of construction completion

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

●Scheduled time of opening
Scheduled full openings in FY2028●

Umekita Phase Ⅱ Development Project

Strategy②

CO・MO・RE YOTSUYA(Yotsuya Station District Redevelopment
Project)

Hankyu Hanshin Ginza Building(Ginza 3-chome project)

Scheduled time of advance openings●● Opening

Phased opening●Opening

47

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 17148

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)49

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)

50Project progress along other line-side areas①
In order of
opening dateEbie 1-Chome Development
Plan

Project to relocate Takarazuka
Hotel

Location

1-chome Ebie, Fukushima-ku, Osaka

1-chome Sakaemachi, Takarazuka, Hyogo

Site area

Approx. 27,900㎡(※)

Approx. 12,300㎡

Total floor space
Number of floors

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

Approx. 23,000㎡
5 floors above ground and 1 below groundcondominium(Geo Fukushima Noda The
rooms (200rooms)
Marks),
party hall (4 halls)
commercial facilities（land to let）
restaurant (4 facilities)
July 2020 Condominium handover completed
Scheduled opening March ~ April 2020
June 21, 2020
Opening of commercial facilities
Purpose※：Includes the portion belonging to our partner51

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

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

A zoneLocation
Site area
Total floor
space
Number offloors

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

B zone1-chome Saito Moegi, Ibaraki, Osaka(In the Sanroku Line area of the eastern section of
Ibaraki City’s International Culture Park ‘Saito’)A zone：Approx. 51,000㎡※
B zone：Approx. 16,000㎡※

4-chome Kanocho, Chuo-ku, Kobe
Approx. 7,100㎡

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

Approx. 33,300㎡
East 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］）

A zone：End of May 2021(scheduled completion)
B zone：End of April 2021(scheduled completion)

hotel(scheduled to open the second “remmplus” brand hotel), offices, commercial
facilities, railway station
Spring 2021

※ Includes the portion belonging to our partner52

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

CO・MO・RE YOTSUYA

Hankyu Hanshin Ginza Building(Yotsuya Station District Redevelopment Project)(Ginza 3-chome project)

Location

1-chome Yotsuya, Shinjuku-ku, Tokyo

3-chome Ginza, Chuo-ku, Tokyo

Site area
Total floor
space

Approx. 17,900㎡※

Approx. 310㎡

Approx. 139,600㎡※

Approx. 2,900㎡

Number offloors31 floors above ground and3 below ground

11 floors above ground and1 below groundPurposeoffice, commercial facilities, residence,commercial facilities
educational services, public good, parking

Scheduled
opening

February 2020 ~ Phased occupancy/opening
May 2020
September 30, 2020 Opening※ Includes the portion belonging to our partner.

53

Ⅲ. Referential Materials(4) Other54

Consolidated Subsidiaries(As of September 30, 2020)
Urban Transportation
Railway
Hankyu Corporation
operations
Hanshin Electric Railway
Nose Electric Railway
Kita-Osaka Kyuko Railway
Kobe Rapid Transit Railway
Hankyu Hanshin Electric System
Railway Operation Hankyu
Hankyu Railway Service
Automobile
Hankyu Bus
Hanshin Bus
Hankyu Kanko Bus
Osaka Airport Transport
Hankyu Taxi
Hanshin Taxi
Osaka Hanshin Taxi
Hankyu Hanshin Motor Technology
Hankyu Driving School Hattori Ryokuchi

Haks Hanshin
Hankyu Commuterbus Management

Retailing
Other

Osaka Motor Technology (OMTEC)
Eki Retail Service Hankyu Hanshin
Hankyu Style Labels
Alna Sharyo
Hankyu Sekkei Consultant
Hanshin Station Net
Hanshin Sharyo MaintenanceReal Estate
Real estate

Hankyu Hanshin Properties
leasing and sales Hankyu Corporation
Hanshin Electric Railway
Hankyu Hanshin Estate Service
Osaka Diamond Chikagai
KyokutoAdvanced Development
Other
Hankyu Hanshin Building Management
Hankyu Hanshin High Security Service

Hankyu Hanshin Clean Service
Hankyu Hanshin REIT Asset Management
Hankyu Hanshin Real Estate Investment Advisors

Hankyu Hanshin Housing Support
Hankyu Hanshin Properties Join
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)

55

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 %56

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 1,2020）（k㎡）(thousand)

Area

Population

Areas served by the Hankyu/Hanshin
line

1,318

5,625

Osaka Pref. (service areas)

449

2,694

Hyogo Pref. (service areas)

471

2,265

Kyoto Pref. (service areas)

398

667

Non-Hankyu/Hanshin Service Areas

26,033

14,564

Osaka Pref. (non-service areas)

1,456

5,903

Hyogo Pref. (non-service areas)

7,930

3,170

Kyoto Pref. (non-service areas)

4,214

1,815

Shiga Pref.

4,017

1,388

Nara Pref.

3,691

1,340

Wakayama Pref.

4,725

947

27,351

20,189

Total

108.0
106.0
104.0
（1991=100）

102.0
100.0
98.0
96.0

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

1

Nishinomiya-Kitaguchi （Nishinomiya, Hyogo Pref.）2

Shukugawa（Nishinomiya, Hyogo Pref.)3

Osaka-Umeda, Osaka

4
5

Ranking Station（Area）

11

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

12

Esaka

（Suita, Osaka Pref.）Okamoto（Kobe, Hyogo Pref.）13

Yodoyabashi（Osaka, Osaka Pref.）Mikage（Kobe, Hyogo Pref. ）14

Takarazuka（Takarazuka, Hyogo Pref.）Tsukaguchi（Amagasaki, Hyogo Pref.）6

Ashiyagawa（Ashiya, Hyogo Pref.）15

7

Senri-Chuo（Toyonaka, Osaka Pref.）16

Sumiyoshi（Kobe, Hyogo Pref.）8

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

17

Kobe

（Kobe, Hyogo Pref.）18

Hommachi（Osaka, Osaka Pref.）9Tennoji（Osaka, Osaka Pref.）18

Fukushima（Osaka, Osaka Pref.）10

Ashiya（Ashiya, Hyogo Pref.）20

Nakatsu（Osaka, Osaka Pref.）Except for Tennoji (9),Yodoyabashi (13) andHommachi (18), all of
the top 20 stations areon 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 30, 2020.

58

Overview of Umeda area①
Major rental properties
Property nameLeasable area
(1,000㎡) ※1（as of the end of September, 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 Umeda 3-chome Project (Provisional Name)- 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.

59

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

Trends in average vacancy rates amongsix main business districts in Osaka
（%）
12.00

（¥/3.3㎡）

10.00

22,00024,00020,0008.00

18,0006.00

16,00014,0004.00

12,0002.00

10,000
0.00

2015

2016

2017

2018

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

2019

2020

8,000

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

Umeda area
Yodoyabashi-Honmachi area
Shinsaibashi-Namba area
Tokyo business areas (all)2018(¥/3.3㎡)

2015

2.93 2.00 2.96

Osaka business areas (all)11,135 11,061 11,187 11,398 11,670 11,944

2.38

1.63 1.37 2.16

Umeda area

14,189 14,210 14,487 14,863 15,297 15,900

6.33

5.77

5.17 3.86 3.49

Minamimorimachi area

9.37

6.02

3.91

2.73 1.57 2.37

Yodoyabashi-Honmachi area

10.22

7.79

6.11

4.52 3.04 4.69

Semba area

Shinsaibashi-Namba area

8.77

8.33

3.39

4.75 2.78 3.70

Shinsaibashi-Namba area

12,110 11,833 11,725 11,865 11,962 12,584

Shinosaka area

6.64

5.46

4.38

3.59 2.60 4.30

Shinosaka area

10,113 10,152 10,140 10,273 10,594 11,014

Tokyo business areas (all)

4.53

3.70

3.17

2.33 1.64 3.43

Tokyo business areas (all)17,594 18,336 18,995 20,438 21,855 22,733

(%)

2015

2016

2017

2018

Osaka business areas (all)

8.12

5.79

3.83

Umeda area

6.76

4.33

Minamimorimachi area

5.45

Yodoyabashi-Honmachi area
Semba area

2019

2020

9,376

2016

2019
2020
Umeda area
Yodoyabashi-Honmachi area
Shinsaibashi-Namba area
Tokyo business areas (all)

9,291

2017

9,249

2018

2019

2020

9,357 9,396 9,362

10,976 10,891 10,994 11,149 11,356 11,595
9,663

9,521

9,717

9,932 10,271 10,383(Comparison of average rents in September of respective years)
Source: Miki Shoji, “Office Data.”

60

Hotel network of the Hankyu-Hanshin-Daiichi Hotel Group
Directly managed hotels (Hankyu Hanshin Hotels) 21Hotels 6,659 rooms
Other (franchises, etc.)

28Hotels 5,811 rooms

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

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

Other(franchises, etc.)

Tokyo Dai-ichi Hotel Matsuyama

Tokyo Dai-ichi Hotel Iwanuma Resort

ホテル所在地

直営（scheduled on October 1, 2020)

チェーン

Kyoto,
Osaka,
京阪神
Kobe

11
2

Tokyo Dai-ichi Hotel Shimonoseki

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

Imabari Kokusai HotelTokyo Dai-ichi Hotel Tsuruoka
Tokyo Dai-ichi Hotel Yonezawa
Tokyo Dai-ichi Hotel Shin-Shirakawa

49Hotels
12,470 rooms

東京地区
Tokyo

9
5

※Hankyu-Hanshin Hotels are entrusted operation

61