Hankyu Hanshin Holdings
Results Briefing for Fiscal 2022
(Ended March 2022) and Briefingfor Long‐Term Vision
Reference Data

Contents(1) Supplementary Data on FY2022 Results and FY2023 ･･･
Forecasts

2(2) Earnings Forecasts for Each Segment･･･ 18(3) Progress in Each Project･･･ 25(4) Sustainable Management･･･ 38(5) Other･･･ 46Main briefing materials
Ⅰ. Performance Highlights for Fiscal 2022
(Ended March 2022)
Ⅱ. Long-Term Vision: Toward 2040
Ⅲ. Summary of the Medium-Term Management Plan
Ⅳ. Forecast for fiscal 2023 (Ending March 2023)
1

(1) Supplementary Data on FY2022 Resultsand FY2023 Forecasts

2

FY2022 results [Urban Transportation] Referential Information《Hankyu Corporation》
Transportation revenue (tier 1 + tier 2)《Hanshin Electric Railway》
Transportation revenue (tier 1 + tier 2)(¥ million)(¥ million)

Totals for commuter
passes and othertickets

Ｑ1

Ｑ2

Q3

Q4

Total

Totals for commuter
passes and othertickets

FY2022 Results

17,077

17,91920,643

18,436

74,077

FY2021 Results

13,885

18,126

19,42917,635

Change+3,192-206+1,214(%)＋23.0%

-1.1%

＋6.2%

Factors of YoY Change (estimated)
・COVID-19 impact (YoY change in impact)

Ｑ1

Ｑ2

Q3

Q4

Total

FY2022 Results

6,001

6,418

7,097

6,509

26,026

69,075

FY2021 Results

4,968

6,386

6,714

6,132

24,202+800+5,001

Change+1,033

+32

+382

+376

+1,823

＋4.5%

＋7.2%

(%)

＋20.8%

＋0.5%

＋5.7%

＋6.1%

＋7.5%

Factors of YoY Change (estimated)
・COVID-19 impact (YoY change in impact)+¥5,114 million
and others+¥1,746million
and others

Ridership (compared to same period of fiscal 2019 ）
（％）

（％）

《Hankyu Corporation》

0.0

-20.0

-20.0

-40.0

-40.0

-60.0

Other tickets《Hanshin Electric Railway》

0.0

-60.0

Commuter pass

Other tickets

Commuter pass

FY2021

FY2022

FY2020

FY2021

Mar.

Jan.

Feb.

Dec.

Oct.

Nov.

Sep.

Jul.

Aug.

May

Jun.

Apr.

Mar.

Jan.

Feb.

Dec.

Oct.

Nov.

Sep.

Jul.

Aug.

May

Jun.

Apr.

Mar.

Jan.

Mar.

Jan.

Feb.

Dec.

Oct.

Nov.

Sep.

Jul.

Aug.

May

Jun.

Apr.

Mar.

Jan.

Feb.

Dec.

Oct.

Nov.

Sep.

Jul.

Aug.

May

Jun.

Apr.

Mar.

Jan.

Feb.

FY2020

Feb.

-80.0

-80.0

FY2022

3

FY2022 results [Urban Transportation] Referential Information
Hankyu Line: Transportation revenue (tier 1 + tier 2)
Commuter passes
Other tickets
Total
120%
100%

(¥ million)

FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022
29,92230,391
31,29931,54932,272
32,62833,19833,456
34,119 28,093
28,65460,26860,74961,63060,91062,92062,72063,13763,05961,887 40,982
45,422
90,191
91,141
92,92992,45995,192
95,34896,33596,51696,007 69,075
74,077

101%

103%

103%

106%

107%

106%

107%

106%

100%
80%

77%

FY2012＝100%

82%

60%

(FY)

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Hanshin Line: Transportation revenue (tier 1 + tier 2)

Commuter passes
Other tickets
Total

FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

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

12,327
21,66533,993

10,476
13,72524,202

10,62815,39726,026

108%

109%

111%

120%
100%

101%

104%

104%

113%

113%

100%
80%

81%

FY2012＝100%

87%

60%

(FY) 2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

4

FY2022 results [Real Estate] Referential information
Leasable area（at the end of fiscal year ）［1,000㎡］

2,170

2,200

Leasable area（Left axis）
2,000［1,000㎡］

Umeda area only（Right axis） Acquired Lalaport Koshien (site)

1,000

940

Completion of
GRAND FRONT OSAKA
1,800

1,600

1,100

900

1,580
Start of work on PhaseⅠ
of Osaka Umeda Twin
Towers South

1,400

680
1,200

(FY) 2011

Completion of
Osaka Umeda Twin Towers North Phase Ⅱ
2012

2013

【Osaka Umeda Twin Towers North】(Former name: Umeda Hankyu Building)

2014

2015

Completion of Osaka Umeda
Twin Towers South PhaseⅡ

800

700

Completion of Osaka Umeda Twin Towers South PhaseⅠ,
start of work on PhaseⅡ,
Partial sale of stake of GRAND FRONT OSAKA

600
2016

2017

【GRAND FRONT OSAKA】

2018

2019

2020

2021

2022

【Osaka Umeda Twin Towers South】（Complete construction in February 2022）

5

FY2022 results [Entertainment] Referential information
・Number of regular season games：71 (＋11 from previous year)［Breakdown］
Hanshin Koshien Stadium : 3 games with no spectators,
25 games open to season ticket holders only,
34 games open to season ticket holders andpre-purchased ticket holders
Kyocera Dome : 9 games open to pre-purchased ticket holders

Hanshin Tigers Home Game :Admission numbers(Thousands of people) (CY) 2012

Admissions

2013

2014

2015

2016

2017

2018

2019

2020

2021

2,728

2,772

2,690

2,878

2,911

3,035

2,899

3,091

518

749

5

2

2

3

4

2

6

3

2

2

Ranking(Note) “Admissions” indicates the actual number of admissions for a given season (calendar year).

Takarazuka Revue : Audience numbers
・Number of shows : Takarazuka Grand Theater ：390（＋150 from previous year）
Tokyo Takarazuka Theater ：387（＋122 from previous year）
・Shows were suspended during the following periods:
Takarazuka Grand Theater：April 26 - May 10, February 5 – 27
Tokyo Takarazuka Theater：April 27 - May 10, January 8 - 29

(Thousands of people)

(FY)

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Total

2,502

2,672

2,668

2,825

2,844

2,996

3,128

2,991

1,565

2,727

Takarazuka Grand Theater

1,014

1,074

1,179

1,149

1,169

1,191

1,207

1,106

485

904

Tokyo Takarazuka Theater

965

977

969

1,000

967

992

990

917

460

785

Other theaters

523

621

520

623

586

619

598

572

200

428

53

122

195

333

396

133

151

287

459

Live screening*1

－

－

－

Live streaming*2

－

－

－

－

－

－

－

－

*1 Audiences who paid to see performance screened live in cinema*2 Audiences who paid to view livestream performance on home TV or device
6FY2022 results [Travel] Referential information
Billings
Domestic travel

Overseas travel(¥ billion)

450.0
400.0

132.4

350.0
300.0

111.9

146.3
136.8
132.5

250.0

129.0

136.1

136.7
128.6

200.0
150.0

270.9

290.1

261.6

100.0

234.7

201.1

186.9

206.6

229.8

203.3

50.0

43.4

55.9
2.5

5.9

0.0
FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022*Figures for fiscal 2011 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).

7

FY2022 results [International Transportation] Referential information【Total handling volume for Japanese and non-Japanese companies in the International Transportation Business segment】

160
140
120
100
80
60
40
20
0

Air Export Freight Weight141
117

FY2013115

FY2014128

FY2015

134

121

115

FY2016（unit：thousand ton）

148
107

FY2017FY2018FY201993

FY2020TEU*-measured overseas export volume

100
80

76

79

FY2012FY201392

98

95

FY2014FY2015FY2016FY2022（unit：thousand TEU）

140
120

FY2021

103

111

113

FY2017FY2018FY2019

136

121

119

FY2020

FY202160
40
20
0*TEU：‘Twenty-foot equivalent unit’—a unit of cargo capacity based on the volume of
a 20-foot-long container

FY20228

FY2022 results [Hotels] Referential information【Performance Highlights of Hankyu Hanshin Hotels for Fiscal 2022*1】◆Occupancy rates（YoY）
Total◆Average daily rates (ADR) （YoY）

45.1％*2（+20.3P）

Kansai area

46.8％（+17.9P）

Tokyo
Metropolitan area

40.9％（+24.1P）

Total¥8,422*2（-¥2,033）

Kansai area

¥8,358（-¥1,929）

Tokyo
Metropolitan area

¥8,968（-¥2,862）*1 The data omits the COVID-related temporary closures of some hotels.
*2 Including remm Kagoshima《Hankyu Hanshin Hotels》 Occupancy rates（from January 2020）
100

Tokyo Metropolitan area
Kansai area

80
60
40
20
0
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.
FY2020

FY2021

FY20229

FY2022 results [Hotels] Referential information
Average daily rates (ADR) and occupancy rates *1
21,000Tokyo metropolitan area ADR
Tokyo metropolitan area occupancy rate(right axis)
92.2%

18,000
83.3%

92.6%

92.2%

93.9%

94.3%

95.4%

86.6%

88.6%

90.5%

90.8%

88.7%

17,221
15,85315,00014,61915,21012,000Kansai area ADR
Kansai area occupancy rate(right axis)

14,288

16,665100.0%

90.9%
80.6%

90.9%

16,654

16,167

15,44914,14013,549

*2

9,521
6,000
（¥）

FY201328.9%

12,550

40.9%
8,968

FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

60.0%
40.0%
20.0%

10,287
16.8%

10,210FY2014

46.8%

11,83013,748

11,616
9,000

80.0%

79.7%

*2

8,358
0.0%
（％）

FY2022

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

50.0%
40.0%

31.4%

30.0%
20.0%
10.0%

22.7%
14.9%
12.3%

38.6%

38.1%

36.9%

37.0%

Kansai area
45.6% 44.8%
42.3%
40.6%

39.9%

37.6%

The total figures for FY2022 is 1.7％*3(+1.0P from previous year)

25.0%
17.3%

1.9%

0.3%

0.4%

0.0%
FY20135.7%

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022*1 The data omits the COVID-related temporary closures of some hotels.
*2 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.
*3 Including remm Kagoshima

10

FY2022 results《Reference》 Consolidated Statements of Capital Expenditure(\ billion)

Total

①

FY2022
Forecasts(As of Jan.)
②

120.3

139.7

FY2022
Results

Change=①-②-19.4

FY2022
Forecasts(As of Oct.)③

Change
=①-③

139.7

-19.4

FY2022
Forecasts(As of Jul.)
④

137.5

Change=①-④

FY2022
Forecasts(As of May)
⑤

-17.2

ChangeFY2021Results

Change

=①-⑤

⑥

=①-⑥

137.5

-17.2

108.5

+11.8

[Breakdown for each business segment]

Urban Transportation

30.3

39.4

-9.1

44.8

-14.5

29.5

+0.8

Real Estate

76.8

81.6

-4.8

73.2

+3.6

68.8

+8.1

Entertainment

5.1

6.7

-1.6

6.6

-1.5

1.7

+3.4

Information andCommunication
Technology

5.1

6.8

-1.7

6.9

-1.8

4.5

+0.6

Travel

0.7

1.4

-0.7

1.5

-0.8

1.4

-0.6

International
Transportation

2.5

2.9

-0.4

2.9

-0.4

0.7

+1.8

Hotels

0.7

0.9

-0.2

1.2

-0.5

1.9

-1.2

Note : The figures announced in July 2021 and January 2022 did not include a segment breakdown.

11

FY2022 results《Reference》 Consolidated Statements of Depreciation and amortization(\ billion)

Total

FY2022
Results

FY2022
Forecasts Change(As of Jan.)

①

②

59.1

60.7

=①-②

-1.6

FY2022
Forecasts(As of Oct.)

ChangeFY2022
Forecasts(As of Jul.)

③

=①-③

④

60.7

-1.6

60.7

FY2022
Change Forecasts(As of May)

ChangeFY2021Results

Change

=①-④

=①-⑤

⑥

=①-⑥

60.7

-1.6

55.7

+3.4

-1.6

⑤

[Breakdown for each business segment]

Urban Transportation

27.2

27.7

-0.5

27.8

-0.6

27.1

+0.1

Real Estate

19.6

20.4

-0.8

20.8

-1.2

17.3

+2.3

Entertainment

3.5

3.8

-0.3

3.6

-0.1

2.9

+0.6

Information andCommunication
Technology

4.8

4.9

-0.1

5.1

-0.3

4.2

+0.6

Travel

0.9

0.9

+0.0

1.0

-0.1

0.9

+0.0

International
Transportation

1.6

1.6

-0.0

1.2

+0.4

1.3

+0.3

Hotels

2.2

2.2

+0.0

2.3

-0.1

2.4

-0.2

Note : The figures announced in July 2021 and January 2022 did not include a segment breakdown.

12

FY2022 results 《Reference》 Consolidated Statements of EBITDA※(\ billion)

Total

FY2022
Results

FY2022
Forecasts(As of Jan.)

①

②

100.7

99.0

ChangeFY2022
Forecasts(As of Oct.)

=①-②

③

+1.7

ChangeFY2022
Forecasts(As of Jul.)

=①-③

④

93.0

+7.7

93.0

ChangeFY2022
Forecasts(As of May)

ChangeFY2021Results

Change

=①-④

⑤

=①-⑤

⑥

=①-⑥

+7.7

86.0

+14.7

60.3

+40.4

[Breakdown for each business segment]

Urban Transportation

32.9

36.4

-3.5

40.5

-7.6

21.9

+11.0

Real Estate

52.6

50.9

+1.7

51.7

+0.9

46.4

+6.2

Entertainment

12.8

11.1

+1.7

5.8

+7.0

0.7

+12.1

Information andCommunication
Technology

10.7

11.0

-0.3

10.8

-0.1

9.9

+0.8

Travel

-4.8

-10.1

+5.3

-7.0

+2.2

-6.5

+1.7

International
Transportation

9.6

6.6

+3.0

2.8

+6.8

3.6

+6.0

-11.0

-11.6

+0.6

-16.4

+5.4

-15.6

+4.6

Hotels(※) EBITDA=operating income + depreciation expenses + amortization of goodwill
Note : The figures announced in July 2021 and January 2022 did not include a segment breakdown.

13

FY2022 results[Reference] Applying the Accounting Standard for Revenue Recognition (ASBJ 29)
 What is the new revenue standard?


ASBJ 29 specifies (1) when and (2) how a reporter will recognize revenue.
Based on International Financial Reporting Standards, ASBJ was enforced for all companies in Japan in April 2021 (thestart of fiscal 2022).

 Summary of standard① The reporter must recognize revenue when the underlying sales or usage occurs (when thecustomer buys the good or uses the service).
② If the reporter provides the good or service to the customer directly(Note 1), then it must recognize the revenue atthe gross amount(Note 2). If the good or service is provided by an agent, then the reporter must recognize therevenue at the net amount(Note 2).
(Note 1)
Examples of criteria: The reporter is primarily responsible for fulfilling the promise to provide the specified good orservice; the reporter has discretion in establishing the price for the good or service; the reporter has inventory risk
before the specified good or service has been delivered.
(Note 2)Gross amount : All gross revenue from the sale is recorded as revenue from operations, without deducting sales costs.
Net amount : Sales costs are deducted from gross revenue and the difference is recorded as revenue from operations.

 Examples of group transactions affected by the new standard
Segment

Transaction

Current practice

New practice

Impact on revenue, income forfiscal 2022

Report revenue
prorated by month,
starting from themonth ofcommencement

No impact on revenue or income(only the timing of recognitionchanges)①

Urban
Transportation

Commuterpass

Report revenue
prorated bymonth, startingfrom month ofsale②

TravelOrganized
tours*

Report revenue on
net basis

Report revenue ongross basis

Revenue approx.+¥45.9 billion
No impact on income

②

Urban
Transportation

Sales andpurchase inretailingbusiness

Report revenue ongross basis

Report revenue on
net basis

Revenue approx.-¥3.8 billion
No impact on income*The transactions most affected are those in the travel business related to organized tours.

14

FY2023 Forecasts《Reference》 Consolidated Statements of Capital Expenditure(¥ billion)

FY2023
Forecasts

Main investments①

Total capital expenditure

FY2022
Results

Main investments

②

89.0

Change
①－②

120.3

-31.3

(Breakdown for each business segment)

38.2

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

Real Estate

34.0

・Umekita Phase Ⅱ Development
Project
・Development on west side ofHankyu Nishinomiya Gardens

Entertainment

4.3

5.1

-0.8

Information andCommunication Technology

6.1

5.1

+1.0

Travel

1.1

0.7

+0.4

International Transportation

3.3

2.5

+0.8

Urban Transportation

30.3

・New rolling stock, remodelingof existing rolling stock・Investment in station apparatus

+7.9

77.5

・Umeda 1-1 Project(Osaka Umeda
Twin Towers South)
・Yaesu 2 Naka Redevelopment
・LOGiSTA, Logicross Ibaraki Saito
・Umekita Phase Ⅱ Development
Project-43.5

Note: The FY2022 results for the Real Estate segment have been aggregated in way that enables
comparison with FY2023; they may be aggregated differently in the future.

15

FY2023 Forecasts《Reference》 Consolidated Statements of Depreciation and Amortization, EBITDA(¥ billion)

FY2023
Forecasts

FY2022
Results

Change

①

②

①-②

62.7

59.1

+3.6

Urban Transportation

27.0

27.2

-0.2

Real Estate

24.9

21.8

+3.1

Entertainment

3.9

3.5

+0.4

Information and Communication Technology

5.6

4.8

+0.8

Travel

1.0

0.9

+0.1

International Transportation

1.8

1.6

+0.2

128.0

100.7

+27.3

Urban Transportation

48.3

32.9

+15.4

Real Estate

50.0

41.3

+8.7

Entertainment

15.1

12.8

+2.3

Information and Communication Technology

11.6

10.7

+0.9

Travel

-0.9

-4.8

+3.9

International Transportation

6.3

9.6

-3.3

Total Depreciation and amortization(Breakdown for each business segment)

Total EBITDA(Breakdown for each business segment)

EBITDA = Operating income + Depreciation expenses + Amortization of goodwill
Note: The FY2022 results for the Real Estate segment have been aggregated in way that enables comparison with FY2023; they may be
aggregated differently in the future.

16

FY2023 Forecasts[Reference] Consolidated Statements of Income (Breakdown by type of business)(¥ billion)

Revenue from operations
FY2023
Forecasts

Operating income

FY2022
Results

ChangeFY2023
Forecasts

①

②

=①-②

①

188.4

161.6

+26.8

21.3

5.6

+15.7

135.4

118.5

+16.9

26.3

14.7

+11.6

Automobile

40.7

34.1

+6.6

0.0

-4.2

+4.2

Retailing

13.2

10.9

+2.3

1.0

0.8

+0.2

Others

8.9

8.7

+0.2

0.6

0.7

-0.1

296.0

246.6

+49.4

25.1

19.4

+5.7

Real estate leasing

123.2

112.5

+10.7

30.7

30.1

+0.6

Real estate sales and others

159.9

135.5

+24.4

11.2

11.4

-0.2

40.7

25.6

+15.1

-7.8

-13.2

+5.4

72.1

62.9

+9.2

11.2

9.3

+1.9

Sports

37.3

29.4

+7.9

5.5

3.7

+1.8

Stage

34.8

33.4

+1.4

7.4

6.9

+0.5

Urban Transportation

FY2022
Results

Change②=①-②[Breakdown]

Railway

Real Estate[Breakdown]

HotelEntertainment[Breakdown]

Note: (1) Segment totals may not match the aggregate of the amounts for each type of business due to separate head office
expenses / adjustments.
(2) The FY2022 results for the Real Estate segment have been aggregated in way that enables comparison with FY2023;
they may be aggregated differently in the future.

17

(2) Earnings Forecasts for Each Segment18

① Outlook for Urban Transportation
Urban Transportation
Factors of change in operating income
FY2022→FY2023• Income growth expected with reasonable
recovery from COVID impact (higher
revenue from railway operations andautomobile business).
• Railway operations: Although this recovery will
create growth in ridership revenue over the
next three years, operating income won’t returnto pre- COVID levels until FY2026.

(¥billion)

Operating income

238.6

Revenue from operations

227.2
188.4

43.5

40.1

156.9

161.6
21.3
5.6

-5.1
FY2019FY2020

FY2021

FY2022

FY2023
Est.

Operating income by type of business(excluding head office expenses/adjustments)

Projections for ridership revenue (relative toFY2019), excluding effects of key actions
FY2023
Commuterpass

Around -10％

Other
tickets

Around -10％

FY2026
Around -10％
Similar toFY2019 level

0.8
2.8
1.4
2.8

43.7

0.9
2.7
1.3
1.9

Others

40.7

7.9
-6.8

0.7
0.8 14.7

0.7
0.8

0.6 Advertising
1.0 Retailing
0

26.3

-4.2

Automobile
Railway

FY2019 FY2020 FY2021 FY2022 FY2023
Est.

Note: In FY2021, the advertising business was consolidated
into the railway operations.

19② Outlook for Real Estate
Real Estate
Factors of change in operating income
FY2022→FY2023• Income growth expected with reasonable
recovery from COVID impact (higher
revenue from hotels).

(¥billion)

Operating income

237.3

236.0

49.3

41.5

Revenue from operation

188.4
28.9

246.6

19.4

296.0

25.1

• Leasing: Between FY2023 and FY2026, leasing
FY2019FY2020
FY2021
FY2022
FY2023revenue will increasingly drive income growth
Est.
(Excluding hotel business)(exceeding pre-COVID levels) with the openingof Osaka Umeda Twin Towers South, among
Operating income by type of business(excluding head office expenses/adjustments)
other things.
Real estate• Sales: Similarly, sales revenue will increasingly
leasing
drive income growth over the same period as
38.2
35.2
Real estate
30.7
30.1
the overseas real estate businesses expands
29.2
sales andand as domestic condominium sales increase.
others
19.6
15.1
11.4
11.2
8.3
Hotel
• Hotels: Hotels income should turn positive in
-13.2
-7.8
FY2025 with the business recovering from the
FY2019 FY2020 FY2021 FY2022 FY2023
COVID impact (with a recovery in inbound
Est.
（Excluding hotel business)tourism) and with the business being
Note: Hotels is included from FY2022 onward, as the business was consolidated
reorganized.
into the Real Estate segment in FY2023. The FY2022 results for the Real
Estate segment have been aggregated in way that enables comparison withFY2023; they may be aggregated differently in the future.

FY2019＜Reference＞Hotel business
Revenue fromoperations
OperatingincomeFY2020

FY2021

64.9

60.3

19.1

1.2

-3.1

-17.9
20

《Reference》 Structural Reforms in the Hotels Business■Description of Structural Reforms in the Hotels Business① Operational
・ In the hotels business, we decided some time ago that any new hotels we open should be no-frills hotels,
and we put the existing full-service hotels under review in terms of the business model and use of assets,with a view to ensuring the profitability of the real estate.
・We will focus resources on no-frills hotels (which have good profit potential) and a selected number of fullservice hotels. Conversely, we will close hotels that are unprofitable, underperforming, or dilapidated.
Seven hotels will be closed, as shown below.
End of FY2022

Dai-ichi Hotel Annex*1, Kichijoji Dai-ichi Hotel, remm Kagoshima*2, Umeda OS hotel*3*1 Closed on February 12, 2022
*2 At the end of FY2022, remm Kagoshima has ceased to be a directly managed hotel andbecome a chain hotel managed by the property’s owner.
*3 Umeda OS hotel is managed under contract by Hankyu Hanshin Hotels(Closed at the end of
December 2021)

End of FY2023

Daiichi Hotel Tokyo Seafort

Around the end of
FY2025

Hotel new Hankyu Osaka

Around the end of
FY2026

Senri Hankyu Hotel② Personnel
・As well as downsizing the workforce as part of the restructuring program (reallocating resources), we will
run a business process inventory to see where we could improve productivity. In this way, we hope toachieve enable leaner operation. By hiring fewer people, we will allow the workforce to shrink naturally.

③ Financial
・We have recorded impairment loss to reflect the diminished profitability of assets amid the pandemic.
* As a results of ① and ③, the structural reform-related loss of 18.6 billion yen (impairment and costs ofreallocating resources) was recorded as the extraordinary loss in FY2021.
21

③ Outlook for Entertainment
Entertainment
Factors of change in operating income
FY2022→FY2023• Income growth expected with reasonable
recovery from COVID impact (higher
admissions in sports business, moreshows in stage business)• Sports: Admissions for Hanshin Tigers’ regularseason games should recover to pre-COVID
levels after FY2025.
• Stage: Shows will continue to be staged
frequently, and we should also see growth inshow-related content like livestreaming andonline shopping.
• Consequently, the segment should see arecovery in operating income (exceeding preCOVID levels) between now and FY2026.

(¥billion)

Operating income

74.5
13.4

Revenue from operations

74.0
11.7

72.1

62.9
42.2

11.2

9.3

-2.3
FY2019FY2020

FY2021

FY2022

FY2023
Est.

Operating income by type of business(excluding head office expenses/adjustments)

8.3

Stage

7.2
6.9

7.3

6.5
1.7
-2.5

FY2019FY2020

3.7

7.4
5.5

Sports

FY2021 FY2022 FY2023
Est.
22

④ Outlook for Information and Communications Technology / Travel
Information and Communication
Technology
Factors of change in operating income
FY2022→FY2023• Higher orders for information services• Rise in sales costs (associated with revenue
growth) and rise in personnel expenses(associated with business expansion)• Operating income will increase over the next
three years with growth (including M&A-based
growth) in the information services businessand expansion in the broadcast andcommunications business.
TravelFactors of change in operating income
FY2022→FY2023• Income growth expected with reasonable
recovery from COVID impact (recovery indemand for domestic travel).
• Over the next three years, operating income
should improve (recover to pre-COVID levels)with a recovery in demand for international
travel.

(¥billion)

Operating income

Revenue from operations

53.5

58.6

58.1

59.2

63.9

5.3

5.6

5.6

5.9

5.9

FY2019FY2020

FY2021

FY2022

FY2023
Est.

Operating income

Revenue from operations

160.0

35.5

33.8

1.8

0.2

FY2019FY2020

60.4
12.0

-7.4
FY2021-5.7
FY2022-1.9
FY2023
Est.

Note: In FY2022, we started applying the Accounting Standard for
Revenue Recognition (ASBJ No. 29). Under this standard,
operating revenue from planned tours is now presented on agross basis rather than on a net basis as it was before.

23

⑤ Outlook for International Transportation
International Transportation
Factors of change in operating income
FY2022→FY2023• The supply crunch for air and oceantransportation should gradually ease.
• Although operating income will temporarily dip
with the easing of the supply crunch, by
FY2026 it will have returned to growth amid
higher handling volume (exceeding levels
before the U.S.-China trade friction).

(¥billion)
Operating income

Revenue from operations

143.3
90.0

76.2

85.6
8.0

2.4
FY20190.2
FY2020120.0

2.3
FY2021

FY20224.5

FY2023Est.

24

(3) Progress in Each Project25

List of Key Projects
（FY）

Umeda

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

2022

2023

2024

2025

●Close Hotel new Hankyu Osaka（Around the end of FY2025）●Completion of construction(Apr 2021)

LOGiSTA, Logicross Ibaraki Saito●Completion of construction(May 2021)●Completion of construction(Feb 2022)

Line-side Area

Development on west side ofHankyu Nishinomiya Gardens●Completion of construction(Aug 2023)

Kita-Osaka Kyuko Railway Line
Extension Project●Intended start of service(FY2024)●Completion of construction of northern wing(FY2025)

Project to Redevelop Site of Takarazuka Hotel●Completion of construction of southern wing(FY2026)

Project to Redevelop Site of Yodogawa Ward Office
Schedule tobe determined
Schedule tobe determined●Completion of construction(FY2027)●Close Senri Hankyu Hotel（Around the end of FY2026）

Senri-Chuo Redevelopment

Naniwasuji Connection Line/
Shin-Osaka Connection Line

Tokyo Metropolitan Area

H-CUBE MINAMIAOYAMA (Completed in FY2021）●Sell-offHankyu Hanshin Ueno Okachimachi Buidling●Completion of construction(Jan 2022)

Yaesu 2 Naka Redevelopment
Schedule tobe determined

・・・●Full openings (FY2028)

Kobe Sannomiya Hankyu Building

KOSHIEN PLUS

2031

●Advance openings (Around summer 2024)

Shibata 1 Project

be determined

・・・●Completion of construction(Feb 2022)

Umekita Phase Ⅱ Development Project
Schedule to2026●Completion of construction(FY2029)

Project to Redevelop Site ofHotel Grand Palace

26

Umeda 1-1 Project (Osaka Umeda Twin Towers South)• Begun in October 2014, this large project symbolizes the merger between Hankyu and Hanshin
in 2006. The construction was completed in February 2022. The office area entered service inMarch. The Hanshin Umeda Main Store fully opened in April.
• With Umeda Hankyu Building being renamed Osaka Umeda Twin Towers North on April 1, thetwo buildings were reborn as Osaka Umeda Twin Towers. The buildings will serve as a symbol of
Umeda.
【Project summary】【Building exterior】 Osaka Umeda Twin Towers South
Location
1-1 Umeda, Kita-ku, Osaka
Site area

Approx. 12,200 ㎡*1

Total floor space

Approx. 260,000 ㎡

Scale

38 floors above ground and 3 below groundPurpose

Department store, offices, halls, etc.

*1 Including the road between Dai Hanshin Building and Shin Hankyu Building【Schedule】
October 2014

Phase I start demolition work

July 2015

Phase I construction begins

April 2018

Completion of 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

Phase Ⅱ construction begins

September 2021

Completion of phase Ⅱ construction, the department store part

October 2021

Opening of the new department store in the phase Ⅱ
department store part*2

February 2022

Completion of all construction

March 2022

Opening of office Floors

April 2022

Full opening of the department store*2 Some construction work continued ahead of the full opening

27

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.

【Schedule】【Outline of plan】<Private-sector zone specifications*1>
North zone

South zone

Dec. 2020

Construction in private-sector
zones

Site area Approx. 15,720㎡

Approx. 30,430㎡

Around summer
2024

Advance openings*3

Total floor
Approx. 136,800㎡
space

Approx. 407,250㎡

FY2028Full openings

Facilities

Innovation facilities, hotel
Offices, MICE facilities, hotel(operator:Hilton), residence, (operator:Hankyu Hanshin
commercial facilities, others Hotels), residence, others*3 For some private-sector zone facilities and part of the urban
open space
How the area as a whole will look once completed*1 See the November 24 press release titled “Operator chosen for three hotels
in Umekita Phase Ⅱ Development Project”
Target<Urban open space
specifications*2>
Site area

Approx. 45,000㎡

Total
facility
Approx. 12,500㎡
floor area
Facilities

Museum, experiential learningfacilities, roofed open spaces,
restaurants, shops, others*2 This is the competitive tender
submitted in May 2018.

area for
Phase Ⅱapprox.9.
1ha
Green
space
Approx.
4.5ha

North
zone

Park

Park

GRAND
FRONT
OSAKA
（approx.7ha）

West Gate
Plaza.

Southzone
JR Osaka station(Undergroundstation)(based on the image released in December 2020; subject to change) 28

Umekita Phase Ⅱ Development Project■ Hankyu Hanshin Hotels plans to open a new upscale hotel.*• Hankyu Hanshin Hotels will open an upscale hotel in the east leasing block (floors 5–28) in the
Umekita Phase Ⅱ South District Zone.
*An upscale hotel means a hotel that is a grade above that of a normal business hotel.

• The hotel will offer excellent convenience by being situated very close to JR’s new underground
Osaka Station, which offers direct access to Kansai International Airport.

Location of hotel
Source: Webpage for Umekita Phase
Ⅱ Development Project

South
District
Zone

New hotel(upscale hotel)
West leasing block

Urban open
space

North
District
Zone

Block
for sale

Blockfor rent
OfficeShin Umeda City

Commercial

Blockfor sale

Residential
HotelGrand Front Osaka

Core[Plan]
Total floor space Approx. 21,740㎡

Umekita
Plaza

East leasing
block

JR
Osaka
stationJR
OsakastationNumber ofrooms

482 rooms

Facilities

Restaurants, bars, Lounge,
fitness center etc.

Scheduled
opening

Second half of FY2025
29

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

Approx.
1.3km

Act on Rail Tracks

National Route171

National Route 423（Shin-midosuji）

Railway Business Act

Approx.
1.2km

from Senri-Chuo Sta. to Minoh-Kayano Sta. 2.5km
Minoh-Semba Handaimae Sta., Minoh-Kayano Sta.

¥87.4 billion yen
45,000 people per day【Business scheme】
Developer

Operator
Funding program
Portion to beborne by KitaOsaka Kyuko
Railway Co., Ltd

MinohSemba
Handaimae
Sta.

Railway
Business Act

SenriChuo
Sta.

Extension
distance
New stations
Estimated projectcost
DemandKita-Osaka Kyuko Railway Co., Ltd. and Minoh City
(development of infrastructural components between
Minoh-Semba Handaimae Sta. and Minoh-Kayano Sta.)
Kita-Osaka Kyuko Railway Co., Ltd.
Social capital development grant¥11.0 billion yen; Amount commensurate with profits【Schedule】
December, 2016

Obtained a license for railway business and acharter for railway track operations
Commencement of construction

FY2024

Intended start of service

December, 2015

SenriChuo
Sta.

Approx. 1.2km

Underground section

MinohSemba
Handaiｍae
Sta.

Approx. 1.3km

MinohKayano Sta.

National Route 423 Elevated section(Shin-midosuji）

National
Route 17130

Project Progress Along Other Line-side Areas①
In order of
opening date

Kobe Sannomiya Hankyu
Building

LOGiSTA, Logicross Ibaraki Saito

A zoneLocation

B zone2-1, 4-chome Kanocho, Chuo-ku, Kobe 1-chome, Saito Moegi, Ibaraki（Direct access to Hankyu Kobe-sannomiya
Station）(In the Sanroku Line area of the eastern section of Ibaraki City’s
International Culture Park ‘Saito’)

Site area

Approx. 7,100㎡

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

Total floor space

Approx. 34,300㎡

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

Number of floors

PurposeBuilding’s main section：29 floors
above ground and 3 below ground
Section under elevated railway：2
floors above ground and 1 floor
below ground
Hotel “remm plus Kobe Sannomiya”,
offices, commercial facilities ”EKIZOKobe Sannomiya”, railway station

Scheduled opening April 26, 2021

A zone：5 floors above groundB zone：4 floors above ground

Logistics facilities
May 31, 2021(completion date)* Includes the portion belonging to our partner

31

Project Progress Along Other Line-side Areas②
KOSHIEN PLUS

In order of opening
date

KOSHIEN PLUS

Location

Development on west side of Hankyu
Nishinomiya Gardens

HanshinKoshien Stadium

8-15 Koshien-cho, Nishinomiya, Hyogo(South side of Hanshin Koshien Stadium)

544 Takamatsu-cho, Nishinomiya, Hyogo（Direct access to Hankyu Nishinomiya-kitaguchi
Station）

Site area

Approx. 3,200㎡

Approx. 3,000㎡

Total floor space

Approx. 5,000㎡

Approx. 18,300㎡

Number of floors

3 floors above ground

14 floors above groundPurposeThe Museum Of Hanshin Koshien Stadium,commercial facilities

Commercial facilities, offices,
rental housing

Scheduled opening March 3, 2022

September 2023 (scheduled)32

Project Progress Along Other Line-side Areas③
In order of
opening date

Redevelopment of Site of
Takarazuka Hotel

Development of Site of
Yodogawa-ku Ward Office65-1, Umenocho, Takarazuka, Hyogo

1-21-3, Juso-higashi, Yodogawa-ku, Osaka(near Hankyu Takarazuka-minamiguchi Station)(near Hankyu Juso Station)

Site area

Approx. 9,800㎡

Approx. 7,300㎡

Total floor
space

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

Approx. 84,300㎡

Number offloorsNorth wing: 32 floors above ground（Total condominium units: 316 units）
South wing：32 floors above ground(Total condominium units: 322 units)

39 floors above ground(Total condominium units: 712 units)

PurposeResidences, supermarket, clinic, preschool facility,etc.

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

Scheduled
opening

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

Sales to begin in FY2027

Location

33

Real Estate Development in Tokyo Metropolitan area
H-CUBE MINAMIAOYAMA

Hankyu Hanshin Ueno
Okachimachi Building

Projects in Tokyo(Jan 2022: Construction
completed)(Dec 2021: Sold)

Project to Effectively Use Site ofHotel Grand Palace(Sep 2021: Concluded basic agreementwith relevant parties over effective use ofsite)

Yaesu 2 Naka
Redevelopment(FY2029: Construction to
be completed)

PILOT
Hankyu Hanshin
Green Building(Feb 2019:
Construction
completed)[Legend]*Includes both properties that are sold orscheduled for sale

●Rental properties (office,commercial facilities, logistics facilities)

Hankyu Hanshin
Ginza
Building(Mar 2020: Construction
completed)●Condominiums for sale
●Condominiums for rent,
student accommodation
34

Project Progress in Tokyo Metropolitan Areas
Hankyu Hanshin
Ueno Okachimachi Building

Yaesu 2 Naka Redevelopment

4-9-2, Taito, Taito-ku, Tokyo

2-(from 4 to7), Yaesu, Chuo-ku, Tokyo

Location(near Tokyo Metro Naka-okachimachi Station and JR
Okachimachi Station）(near JR Tokyo Station and Tokyo Metro Kyobashi Station)

Site area

Approx. 240㎡

Approx. 19,600㎡*

Total floor space

Approx. 2,200㎡

Approx. 388,300㎡*

Number of floors

12 floors above ground

43 floors above ground and 3 floors below groundPurpose

Offices

Offices, shops, theater, serviced apartment,international school, bus terminal, car park etc.

Scheduled opening

January 31, 2022（Completion date）

FY2029（Scheduled）*Includes the portion belonging to our partner

35Real Estate Sales Business in Japan
Geo was awarded the
top spot in Kinki in the2022 Oricon Customer
Satisfaction SurveyⓇ in
the new condominiums
category.

Condominiums sales in Japan (for general public)
 We will maintain or increase our market share in both Kinki andTokyo. In Kinki, we will focus on flagship properties. In Tokyo, wewill focus on redevelopment/remodelling projects with a medium- Geo is our brandof condominiums
to long-term timespan.
for sales We will also enhance the Geo brand, making it the absolute best in
Kinki.

Geo was awarded
the top prize forcustomer satisfaction
in condominium
developer / sales
company category.

[Properties to be sold in future]・Geo Saito Irodori-no-oka（Minoh, Osaka) 372 units (handover from FY2024)
・Geo Tower Shimmachi（Nishi-ku, Osaka）190 units (handover from FY2025)
・Type 1 redevelopment project for vicinity of Hirai-5-chome Station（Edogawaku, Tokyo）379 units* (handover from FY2025)
・Project to Redevelop Site of Takarazuka Hotel（Takarazuka, Hyogo）
638 units (handover from FY2025)
・Project to Redevelop Site of Yodogawa Ward Office (Yodogawa-ku, Osaka）
712 units (handover from FY2027)*Includes the units belonging to our partner［Geo Tower Shimmachi］[(Reference) Condominium sales in Japan]
（FY）

Units

2014
1,356

2015
1,374

2016
1,302

2017
1,087

2018
1,159

2019
1,114

2020
1,516

2021
867

2022

2023

Approx.
1,137 1,200 units

Short-term-revenue (fix-and-flip) properties business (selling to investors)
 We will develop condominiums for real estate investing and develop
properties for use as student accommodation with a view to sellingaround 10 blocks a year in Tokyo.

Our Geo Ent is our brand of
condominiums for rent

36

Expanding the Real Estate Business Overseas· In ASEAN countries, we have focused on residential real estate sales business. We will now
additionally focus on real estate leasing and short-term-revenue (fix-and-flip) development in order
to increase the segment’s top-line growth opportunities in overseas real estate markets.
[Actions in ASEAN]

ThailandPhilippines [House, townhouse*][Condominium,
townhouse*]

Vietnam・Niche Mono Ramkhamhaeng(Approx. 1,700 units)[House, Comdominium]
・MIZUKI PARK
(Approx. 4,200 units)

Other*Multi-tenant building

Malaysia [Condominium]

Other

Comulative total of overseas
Approx. 44,200 units

Indonesia[Real estate leasing, house,condominium,logistics facilities](Includes the portion belonging to our partner)（As of March 31, 2022）

ThailandNumber of
Projects
27

Approx. 22,010 units

Singapore

Vietnam6

Approx. 13,990 units[Logistics facilities]

Philippines

5

Approx. 4,340 units

Indonesia

3

Approx. 3,010 units

Malaysia

1

Approx. 850 units

・Plaza Indonesia Complex

Number of Units

Other
37

(4) Sustainable Management

38

[Reference] Sustainability Declaration①General 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)

IssuesSafe, reliable infrastructure
Thriving communities

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

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

Life designs for tomorrow

Promote refined and inspired lifestyle solutions for abetter tomorrow.

Empowering individuals

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

Environmental protection

Contribute toward a low-carbon, circular economy.

Robust governance

Act honestly and in good faith, as stakeholders expect us
to do.
39

Current ESG Efforts

E: Environmental

Our actions to contribute to the carbon neutrality goal•

To contribute to the 2050 carbon neutrality goal, we have updated as follows
our strategy for our fifth priority issue: environmental protection.
Sustainability Declaration

Priority issue 5: Environmental protection

Contribute toward a low-carbon, circular economy.
Strategy

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

Strategies to help achieve carbon neutrality① Use energy efficiently

Roadmap to carbon neutrality
CO2 emissions volumes

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

① Use energy
efficiently② Explore ideas to generate energy
Keeping an eye on technological advances, we will introduce
systems for generating and storing renewable energy if they
are financially viable.

② Generateenergy③ Purchase renewable energy (carbon credits)③ PurchaserenewableenergyIf the first two strategies prove insufficient to achieve the goal,
we will cover the shortfall with purchasing renewable energy(carbon credits).

2022

2030

2050

40

Current ESG Efforts
Kobe-Sannomiya Hankyu Building
certified as DBJ Green Building
In August 2021, Kobe-Sannomiya Hankyu
Building earned three stars (indicating
excellence in ecological and social
sustainability) in the Development Bank ofJapan’s Green Building program. The building
earned this accolade for achieving energy
and resource efficiency, offering comfort andconvenience to users, and for its highstandard of disaster preparedness.

E: Environmental

Hanshin Koshien Stadium issues
KOSHIEN “eco” Challenge
In December 2021, Hanshin Koshien
Stadium issued the KOSHIEN “eco” Challenge,
which commits the stadium to achieving
environmental sustainability in three ways:<Three eco-sustainability measures>① Produce less waste and recycle more
Go further in recycling plastic drinks
containers
Use biomass packaging for food items(e.g. Koshien curry)
Use recycled materials in staff uniforms② Cut CO2 emissions

Switch lighting to LED
Organize carbon-offset games③ Use more renewable energy
Install solar panels on
Ginsan roof of Hanshin Koshien Stadium
Use wellwater and rainwater

41

Current ESG Efforts

S: Social

Actions to increase rail safety[Universal design][Platform screen doors]

The rail companies are improving accessibility in the
train and on the platform to ensure safe andcomfortable rail travel for all.
Kasuga-nomichi and Nakatsu Stations of Hankyu line
had posed an ongoing challenge for incorporating
universal design. For Kasuga-nomichi Station, we
will finish remodeling by the end of FY2023. For
Nakatsu Station, discussions remain ongoing.

・Platform screen doors (for preventing passengers
falling onto the track) are being rolled out at Hankyu
and Hanshin stations.

As of March 31, 2022

Percentage ofstations with
universal design(stairway-free)

HankyuCorporation

Hanshin Electric
Railway

98％

100％

Stairway-free: Percentage of stations (those that serve atleast 3,000 passengers a day on average) withelevators or ramps as alternatives to stairways.

[Natural disasters of extreme severity]
The rail companies are taking hard (physical)
measures to control risks of flooding andearthquakes.
They are also taking soft (non-physical) safetymeasures such as suspending services strategicallyand communicating risk information to passengers.

Stations with platform screen doors(platform doors)
Hankyu Corporation●Juso station
FY2019 end: Installed on Takarazuka Line 3,
Kyoto Lines 4 and 5●Kobe-sannomiya Station
FY2022 end: Installed on all platforms●Kasuga-nomichi Station
FY2023 end: To be installed
Hanshin Electric Railway●Kobe-Sannomiya Station
FY2022 end: Installed on all platforms●Osaka-Umeda Station
Oct 2021: Entered service new platform 1
FY2024: To be installed on all platforms

42Current ESG Efforts

S: Social

Employee wellbeing

Community engagement

Twenty of our Group companies were listed in the“Health and Productivity Management” Organizationsof 2022, Hankyu Corporation, Hanshin Electric
Railway, and Itec Hankyu Hanshin were included
among the 500 best (“white”) companies.
Recognizing that the wellbeing of employees andtheir families is a paramount social concern, we havecommitted to two non-financial KPIs related to
employee wellbeing management: percentage of
employees receiving guidance for specific medical
conditions, and percentage of employees who smoke.

In 2009, we launched the Hankyu
Hanshin Dreams and Communities of
the Future Project. As part of thisproject, we work on communityengagement projects with the public
sector (the national government andlocal governments in line-side areas)
and with companies and NGOs that areleading the way in SDG efforts. One
project involves running Dreams andCommunities trains, which are trains
with SDG-themed livery.

Listings in Health and Productivity Management Organization
Indicates expanding scope of employee wellbeing in the Group

Category

2020

2021

2022

Large enterprise
category

5810

SME category

6

7

10

11

15

20

Total

SDG-themed rail livery: The Dreams and Communities trains

43Current ESG Efforts

G:
Governance

Robust governanceNotes: Regarding Corporate Governance Report, please visit our website.

[Actions to promote effective and transparent corporate governance]
FY2016FY2017FY2018FY2019FY2020

FY2021

●

●

●

●

●

●

Established
the Corporate
GovernanceCommittee

Startedevaluating theeffectiveness of
the Board of
Directors

Scrapped thecorporateadviser system

Resolved to
discontinue antitakeovermeasuresEstablishedcompensationcommittee

Revisedcompensation
structure

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

FY2023●
Corporate
GovernanceCommittee
・Compensationcommittee
chaired byoutside director[Participating in the UN Global Compact][Anti-Corruption Policy]

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

We have declared our commitment to combat
corruption (including bribery, unfair trade practices,
and insider trading) and have published a basic policy(in March 2022) on how we work against corruption
and how we respond if an incident arises.

44Current ESG Efforts
Complying with the Task Force on Climate-Related Financial Disclosures (TCFD)[Our compliance status]
May 2021

We endorsed the TCFD recommendations.

October 2021

In Integrated Report 2021, we followed the TCFD’s recommended disclosure
framework as follows. For the strategy category, we specified risks and opportunities
in our railway operations and Real Estate businesses, as they are significantly exposed
to climate-change impacts.

[Disclosure categories and what we disclosed]
Governance
Strategy
RiskManagement
Metrics andTargetWe disclosed that the Corporate Sustainability
Committee is chaired by the CEO, that it meets
twice a year, and that important matters arereported to the Board of Directors.
We specified risks and opportunities related torailway operations and Real Estate businesses.
We disclosed that we have a dedicated risk
management office and that every year ourbusinesses conduct an annual risk survey to identify
risks and determine appropriate responses, which
are then reported to the Board of Directors.
We disclosed CO2 reduction targets and nonfinancial KPIs for the railway operations and Real
Estate businesses.

[Examples of identified risks and opportunities]

Risks

Opportunities

Railway operations: Energy costs willrise if a carbon tax is levied
Real Estate: Regulatory tightening on
ZEBs and ZEHs* would lead toheavier costs associated withrebuilding or renovating.
Railway operations: Because railways
are relatively energy-efficient, we
can command competitive prices,
encouraging a switch to rail.
Real Estate: There is growing demand
for green buildings and disasterresilient housing.
*ZEB: Net-Zero-Energy Building
ZEH: Net-Zero-Energy HouseWe are calculating the financial impacts of these risks and opportunities.
Based on the results, we will explore strategies for addressing them.
45

(5) Other46

Consolidated Subsidiaries(As of April 1, 2022)
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

Real Estate
Real estateleasing, sales
and others

Hankyu Driving School Hattori Ryokuchi

Retailing
Other

Haks Hanshin
Hankyu Commuterbus Management
Osaka Motor Technology (OMTEC)
Eki Retail Service Hankyu Hanshin
Hankyu Style Labels
Alna Sharyo
Hankyu Sekkei Consultant
Hanshin Station Net
Hanshin Sharyo Maintenance【Legend】
Name of segment
Name of
Name of consolidated subsidiarysub-segment (Only listed companies that aremanaged as segment)

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

Information and Communication Technology
Information and Hanshin Electric Railway
Communication Itec Hankyu Hanshin
Technology
System Giken
YMIRLINK
RworksNihon Protec
Mimamorume
Himeji Cable Television
Bay Communications
BAN-BAN Networks
Hanshin Cable Engineering
TravelTravel agency Hankyu Travel International
Hankyu Hanshin Business Travel
Hankyu Travel Support
Hanshin Travel International
International Transportation
International
Hankyu Hanshin Express
transportation Hankyu Hanshin Logipartners
HANKYU HANSHIN EXPRESS(USA,DEUTSCHLAND,UK,NETHERLANDS,

BEIJING,SHANGHAI,GUANGZHOU,HK,TAIWAN,KOREA,Southeast Asia,
SINGAPORE,THAILAND,MALAYSIA,PHILIPPINES,INDONESIA,VIETNAM,
INDIA : 18 companies)
HANKYU HANSHIN INTERNATIONALLOGISTICS SHANGHAIHANKYU HANSHIN LOGISTICS
INDONESIA

47

Revenue from Operations and operating income as a FY2022
Management composition

Earnings structure(As of April 1, 2022)*1

Urban
Transportation

Hankyu Hanshin Holdings

Real Estate

HankyuCorporation*2

HanshinElectric
Railway*2

Hankyu Hanshin
Properties■The Urban Transportation and Real Estate businesses
generate stable cash flows and account for approximately
50% of revenue from operations.（In FY2019 results,
approximately 60% of revenue from operations and 80%
of operating income)Revenue from operations breakdown(FY2022)
Consolidated Total

HotelsEntertainment

HankyuCorporation

HanshinElectric
Railway

25.6billion

Operating
Income-13.2billion

Operating
Income Margin

Information andCommunication
Technology

TravelRevenue fromOperations¥746.2billion

Operating Income¥39.2billion

Operating Income Marginー

Hankyu Travel
International

Hankyu Hanshin
Express*1 On April 1, 2022, we consolidated the Hotels segment into theReal Estate segment. Accordingly, we now have five corecompanies and six core business segments.
*2 In the Umeda and line-side areas, Hankyu Corporation andHanshin Electric Railway will retain their real estate for leasing
and developing and work with Hankyu Hanshin Properties topromote community building efforts in connection with public
transport networks and local governments.

Revenue fromOperations
Operating
Income143.3billion

Revenue fromOperations
Operating
IncomeOperating
Income Margin

8.0billion

TravelRevenue fromOperations

60.4billion

Operating
Income-5.7billion

5.6billion
3.5%

Revenue fromOperations

230.5billion

Operating
Income33.0billion

Operating
Income Margin

ー

14.3%

Entertainment

Information andCommunication Technology

Revenue fromOperations

62.9billion
9.3billion

Revenue fromOperations

59.2billion

Operating
IncomeOperating
Income5.9billion

Operating
Income Margin

Operating
Income Margin

161.6billion

Real Estate

5.6%

Operating
Income Margin

5.3%

Urban Transportation

International
Transportation

Operating
Income Margin

International
Transportation

Revenue from Operations

14.8%

10.0%

48

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

49

Areas served by the Hankyu and Hanshin lines②
Population Trends
108

Sources: Prepared by the Company based on data from “Local Economy Directory,” published by Toyo Keizai, Inc.,and “Basic Resident Register,” published by the Ministry of Internal Affairs and Communications. （as of January 1,2021）

Areas served by the Hankyu and Hanshin lines
Kansai
Osaka Pref.
Hyogo Pref.
Kyoto Pref.

106

（k㎡）

(thousand)

Area

Population

1,318

5.638

Osaka Pref. (service areas)

449

2,711

Hyogo Pref. (service areas)

471

2,262

Kyoto Pref. (service areas)

398

665

Non-Hankyu/Hanshin Service Areas

26,033

14,485

Osaka Pref. (non-service areas)

1,456

5,878

Hyogo Pref. (non-service areas)

7,930

3,148

Kyoto Pref. (non-service areas)

4,214

1,805

Shiga Pref.

4,017

1,386

Nara Pref.

3,691

1,331

Areas served by the Hankyu/Hanshin line

104
（1991=100）

102

100
98

Wakayama Pref.
Total

96
1991

1996

2001

2006

2011

2016

4,725

938

27,351

20,1232021

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

Ranking Station（Area）

1

Nishinomiya-Kitaguchi（Nishinomiya, Hyogo Pref.）11

Mikage(Hankyu)（Kobe, Hyogo Pref. ）2Osaka-Umeda, Osaka(Osaka, Osaka Pref.）12

Hommachi（Osaka, Osaka Pref.）3

Shukugawa（Nishinomiya, Hyogo Pref.)13

Tennoji（Osaka, Osaka Pref.）4

Senri-Chuo（Toyonaka, Osaka Pref.）14

Kita-senri（Suita, Osaka Pref.）5Okamoto（Kobe, Hyogo Pref.）15

Karasuma Oike

（Kyoto, Kyoto Pref.）6

Ashiya（Ashiya, Hyogo Pref.）16

Toyonaka（Toyonaka, Osaka Pref.）7

Ashiyagawa（Ashiya, Hyogo Pref.）17

Ibaraki（Ibaraki, Osaka Pref.）8

Kobe-Sannomiya,
Sannomiya（Kobe, Hyogo Pref.）18

Kuraku-enguchi（Nishinomiya, Hyogo Pref.）19

Fukushima（Osaka, Osaka Pref.）9

Takarazuka（Takarazuka, Hyogo Pref.）

20

Esaka

（Suita, Osaka Pref.）10

Takatsuki, Takatsuki-shi（Takatsuki, Osaka Pref.）Except for
Hommachi (12),Tennoji (13),
Karasuma Oike
(15) and Ibaraki(17), all of the top
20 stations are on
Hankyu Hanshin
Holdings grouplines

Source: A survey of prospective condominium purchasers regarding their preferred residential area, conducted by seven major real estate developers (Sumitomo Realty& Development Co., Ltd., Daikyo Incorporated, Tokyu Land Corporation, Tokyo Tatemono Co., Ltd., Nomura Real Estate Development Co., Ltd., Mitsui Fudosan
Residential Co., Ltd., and Mitsubishi Jisho Residence Co., Ltd.) and included in a press release dated September 30, 2021.

50

Overview of Osaka-Umeda area①
Major rental properties
Property nameLeasable area
(1,000㎡) *1（As of April 1, 2022)
Number of floors

Completed213

41 floors above ground and2 below groundNov 2012

194

38 floors above the groundand 3 below groundFeb 2022

Umeda Hanshin Daiichi
Bldg. (HERBIS OSAKA)

82

40 floors above ground and5 below groundMar 1997

Umeda Hanshin Daini Bldg.
(HERBIS ENT)

54

28 floors above ground and4 below groundNov 2004

Hankyu Chayamachi Bldg.
(Applause Tower)

52

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

Hankyu Sanban Gai
Shopping Center
Hankyu Grand Bldg.
Hankyu Terminal Bldg.

Hankyu Five Bldg.*2(HEP FIVE)
NAVIO Hankyu(HEP NAVIO)GRAND FRONT OSAKA*3
NU chayamachi

34 floors above ground and3 below ground
5 floors above ground and
38 2 below ground (partially 4
below ground)
32 floors above ground and36
3 below ground
18 floors above ground and27
4 below ground
10 floors above ground and19
3 below ground
10 floors above ground and2 below ground
38 floors above ground and14
3 below ground
9 floors above ground and12
2 below ground16

Nov 1992
Nov 1969
Aug 1977
Mar 1972
Nov 1998
Oct 1980
Mar 2013
Oct 2005*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)

Developments in Umeda district(red = Hankyu Hanshin Holdings group related Projects)① Umekita Phase Ⅱ Development Project② Umeda 3-chome Project (Provisional Name)- Japan Post Holdings Co. Ltd.,/Osaka Terminal Building Co., Ltd.
③ (Provisional Name) Commercial Development Northwest of Osaka Station - West Japan Railway Company etc.
④ (Provisional Name) Umeda Sonezaki Project (UMEDA GARDEN) -Sumitomo Realty & development Co., Ltd.
⑤ Chayamachi B-2 District Redevelopment Project -TOKYU LAND CORPORATION Co., Ltd.

51

Overview of Osaka-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㎡）
18,00014.00
16,000

12.00
10.00

14,000
8.00
6.00

12,0004.00
10,000

2.00
0.00

2017

2018

2019

2020

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

2021

2022

2017
2018
2019
Osaka business areas (all)Minamimorimachi area
Senba area
Shinosaka area

Umeda area
Yodoyabashi-Honmachi area
Shinsaibashi-Namba area

(%)

2017

2018

2019

Osaka business areas (all)

4.68

3.38

Umeda area

3.20

Minamimorimachi area
Yodoyabashi-Honmachi area
Senba area
Shinsaibashi-Namba area
Shinosaka area

2020

2021

2022

2020

2017

2.45 2.00 3.91 5.22

Osaka business areas (all)11,107 11,302 11,510 11,957 11,917 11,893

2.02

1.59 0.93 3.36 5.14

Umeda area

14,366 14,684 15,056 15,780 15,984 15,969

6.01

5.06

4.58 3.68 3.88 3.84

Minamimorimachi area

4.58

3.60

2.22 1.70 3.30 4.16

Yodoyabashi-Honmachi area

7.46

5.00

3.47 3.54 4.96 4.93

Senba area

5.95

3.70

3.14 2.07 4.83 4.33

Shinsaibashi-Namba area

11,802 11,696 11,875 12,671 12,317 12,125

4.65

4.01

3.20 3.46 5.74 10.18

Shinosaka area

10,213 10,142 10,523 11,147 11,232 11,456

9,314

2018

2021
2022
Umeda area
Yodoyabashi-Honmachi area
Shinsaibashi-Namba area(¥/3.3㎡)(Reference)
Tokyo business areas (all)

8,000

9,249

2019

9,331

2020

9,508

2021

9,364

2022

9,365

10,861 11,105 11,200 11,485 11,548 11,407
9,620

9,845 10,093 10,524 10,157 10,205(Reference)
3.60

2.80

1.78

1.50 5.42 6.37

Tokyo business areas (all)18,730 19,699 21,134 22,594 21,541 20,366(Comparison of average rents in March of respective years)
Source: Miki Shoji, “Office Data.”

52

Hotel network of the Hankyu-Hanshin-Daiichi Hotel Group
Directly managed hotels (Hankyu Hanshin Hotels) 18 Hotels 6,073 rooms
Other (franchises, etc.)
Directly managed hotels
Dai-ichi Hotel Tokyo
remm plus Ginza
remm Tokyo Kyobashi
remm Hibiya
remm Akihabara
remm Roppongi
Daiichi Hotel Tokyo Seafort
Hotel new Hankyu Kyoto
remm Shin-Osaka
Hotel Hankyu International
Hotel new Hankyu Osaka
Hotel new Hankyu Annex
Hotel Hankyu RESPIRE OSAKA
Hotel Hanshin Osaka
Hotel Hanshin Annex Osaka
Senri Hankyu Hotel
Takarazuka Hotelremm plus Kobe Sannomiya

25 Hotels 5,673 rooms
Other(franchises, etc.)
Tokyo Dai-ichi Hotel Tsuruoka

43 Hotels
11,746 rooms（As of May 20, 2022)*The number of hotels and guest rooms above does notinclude The Ritz-Carlton Osaka (291 rooms, Kita-ku, Osaka)

Tokyo Dai-ichi Hotel Shin-Shirakawa

Ginza Creston
Hotel Yaenomidori Tokyo
Ours Inn Hankyu
Dai-ichi Hotel Ryogoku
Dai-ichi Inn Ikebukuro
Dai-ichi Inn Shonan
Dai-ichi Inn Shinminato
Tokyo Dai-ichi Hotel Nishiki
Hotel Boston Plaza Kusatsu

ホテル所在地直営

チェーン

Kyoto,

Osaka,
京阪神
Kobe

11
1

Hotel Royal Hill Fukuchiyama& Spa

Amano Hashidate Hotel
Osaka Dai-ichi Hotel
Arima Kirari HotelRoyal Park Hotel Kurashiki
Hotel Ichibata
Kure Hankyu Hotel
Takamatsu Kokusai Hotel
JR Hotel Clement Takamatsu
JR Hotel Clement Tokushima
The Crown Palais New Hankyu Kochi

Tokyo
東京地区

7
5

Tokyo Dai-ichi Hotel Matsuyama

Imabari Kokusai Hotel
Remm Kagoshima

53