Securities Code: 9009

Keisei Electric Railway Co., Ltd.
June 4, 2015
NOTICE OF THE 172nd ORDINARY GENERAL MEETING OF SHAREHOLDERS
Dear Shareholder:
You are cordially invited to attend the 172nd Ordinary General Meeting of Shareholders of Keisei
Electric Railway Co., Ltd. (the “Company”), which will be held on Friday, June 26, 2015, at 10:00 a.m. in
the Rose Room on the sixth floor of KEISEI HOTEL MIRAMARE, 15-1 Honchiba-cho, Chuo-ku,
Chiba-city, Chiba. The agenda is as shown below.
If you are unable to attend the meeting in person, you may exercise your voting rights in writing or by theInternet. Please review the attached Reference Materials for General Meeting of Shareholders, then refer
to Instructions on the Exercise of Your Voting Rights on pages 3 to 4, and exercise your voting rights by
6:00 p.m. on the day before the meeting (June 25, 2015).

Faithfully yours,
Norio Saigusa, President and Representative Director
Keisei Electric Railway Co., Ltd.
3-3-1 Yawata, Ichikawa-city,
Chiba, JapanMEETING AGENDA
Items to be Reported:
1:

2:
Items to be Resolved:
Item 1:
Item 2:Item 3:Item 4:The Business Report, Consolidated Financial Statements for the 172nd term,
extending from April 1, 2014 to March 31, 2015, the Report of Accounting
Auditors, and the Report of the Audit & Supervisory Board concerning theresults of the audit of the Consolidated Financial Statements will be reported at
the meeting.
The Non-consolidated Financial Statements for the 172nd term, extending from
April 1, 2014 to March 31, 2015, will be reported at the meeting.
Approval of the appropriation of surplus for the 172nd term (from April 1, 2014
to March 31, 2015)
Partial amendments to the Articles of Incorporation
Election of sixteen (16) Directors
Election of one (1) Audit & Supervisory Board Member

1Decisions, etc. for the Convocation:
1:
Treatment of voting rights which are exercised more than once
Please be informed that if voting rights are exercised both in writing and by theInternet, the contents of the votes exercised by the Internet shall be deemedvalid.
If voting rights are exercised more than once by the Internet, the contents of thelast vote shall be deemed valid.
2:
Exercise of your voting rights by proxyIf you are unable to attend the meeting, you can still exercise your voting rights
by a proxy who is also a shareholder of the Company having voting rights;
provided, however, that the proxy submit a document proof of proxy authority.
3:
Disclosure via the Internet
Consolidated Statements of Changes in Net Assets and notes to Consolidated
Financial Statements as well as Non-consolidated Statements of Changes in Net
Assets and notes to Non-consolidated Financial Statements are posted on the
Company web site (http://www.keisei.co.jp/) in accordance with the provisionsof laws, ordinances and Article 15 of the Articles of Incorporation of theCompany, and thus, they are not described in the Attached Materials of thisconvocation notice for the 172nd Ordinary General Meeting of Shareholders.
The Business Report, Consolidated Financial Statements and Non-consolidated
Financial Statements, which have been audited by Audit & Supervisory Board
Members and Accounting Auditors, are described in the Attached Materials of
this convocation notice for the 172nd Ordinary General Meeting of
Shareholders, and also presented on the above Company web site.
4:
Method of notice in case any reference materials for general meeting ofshareholders or item included in attached materials is amended
Please be informed that in the event any reference materials for general meetingof shareholders or item included in attached materials is amended, the Company
web site (http://www.keisei.co.jp/) furnishes such information.

*

If attending the meeting in person, please present the enclosed Voting Rights Exercise Form to thereceptionist at the meeting. Please bring this “Notice” to conserve resources.

Note: This Document has been translated from the Japanese original for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original, theoriginal shall prevail.

2Instructions on the Exercise of Your Voting Rights
Exercising your voting rights by attending the Ordinary General Meeting of Shareholders
Please present the enclosed Voting Rights Exercise Form to the receptionist at the meeting. If attending
the meeting in person, it will not be necessary to vote in writing or by the Internet.
Exercising your voting rights in writing
Please indicate “for” or “against” for each agenda item listed on the enclosed Voting Rights Exercise
Form, and post it back. To be valid, your proxy must be received by 6:00 p.m. on the day before themeeting (June 25, 2015).
Exercising your voting rights by the Internet
Please check the following items, and enter “for” or “against” for each agenda item. To be valid, yourproxy must be entered by 6:00 p.m. on the day before the meeting (June 25, 2015). Early exercise ofyour voting rights would be highly appreciated; if you have any questions, please contact the Help Desk.
[Site for exercising your voting rights]

http://www.evote.jp/

1. Method of exercise(1) On the site for exercising your voting rights, please use the log-in ID and temporary password
written on the Voting Rights Exercise Form to enter “for” or “against” for each agenda item,
following the instructions on the screen.
(2) Please be advised that in order to prevent third parties other than shareholders from making
unauthorized access (“identity fraud”) and falsifying the exercised voting rights, shareholders will
be asked to change the temporary password on the site.
(3) You will be notified of a new log-in ID and temporary password every time an Ordinary General
Meeting of Shareholders is convened.
2. Other matters(1) Exercising your voting rights by the Internet can only be done by accessing the site for exercising
your voting rights (http://www.evote.jp/) designated by the Company on PCs, smartphones, ormobile phones (i-mode, EZweb, or Yahoo! Mobile)*. (Please note that the site is not in service
from 2:00 a.m. to 5:00 a.m. every day.)(2) Exercising your voting rights on PCs or smartphones may not be possible depending on yourInternet usage environment. For example, it may depend on whether a firewall etc. is set up forInternet access; anti-virus software is in use; or proxy servers are used.
(3) To exercise your voting rights on mobile phones, please use either i-mode, EZweb, or Yahoo!
Mobile service. Moreover, to ensure security, the site is not compatible with models which are notcapable of sending encrypted communication (SSL communication) and terminal ID information.
(4) You are responsible for paying the expenses incurred for accessing the site to exercise your voting
rights (Internet access fees, etc.). Moreover, when using mobile phones etc., the necessary fees,
such as packet communication fees and other fees for using mobile phones etc., will also be borneby you.
*i-mode, EZweb, and Yahoo! are trademarks or registered trademarks of NTT DOCOMO, INC.,
KDDI CORPORATION, and Yahoo! Inc. in the U.S., respectively.
Inquiries related to Systems etc.
(Help Desk) Stock Transfer Agency Division, Mitsubishi UFJ Trust and Banking Corporation
Tel: 0120-173-027 (Service 9:00～21:00, toll free）

3

[Electronic voting platforms]
If nominee shareholders (including standing proxies) such as administrator trust banks apply in advancefor the use of electronic voting platforms, operated by ICJ Inc. and established by the Tokyo Stock
Exchange Inc. and others, the said platforms may be used in addition to exercising voting rights over theInternet as described above, as the method of voting by electromagnetic means at the Ordinary General
Meeting of Shareholders of the Company.

4

REFERENCE MATERIALS FOR GENERAL MEETING OF SHAREHOLDERS

Agenda items and reference materials
Item 1: Approval of the appropriation of surplus for the 172nd term (from April 1, 2014 to March 31,
2015)
The Company’s basic policy is to give its shareholders a stable, consistent return of profits, while
ensuring the internal reserves to develop its operations as well as continuing to reinforce and stabilize theCompany’s fundamentals, while taking into account the Company’s business performance.
Items on year-end dividend
1.
Type of dividend property
Cash2.
Items on allocation of dividend property to shareholders and its total amount3 yen per share, with total amount of 1,030,800,888 yen
As we paid 3 yen per share as the interim dividend, the total annual dividend for the term
will be 6 yen per share.
3.
Effective dateJune 29, 2015

5

Item 2: Partial amendments to the Articles of Incorporation
1.
Reasons for the proposal
With the implementation of the Act for Partial Revision of the Companies Act (Act No. 90 of
2014) on May 1, 2015, it is permitted to conclude limited liability agreements with Directors otherthan Executive Directors, etc. and Audit & Supervisory Board Members other than external Audit& Supervisory Board Members. Accordingly, to enable said Directors and Audit & Supervisory
Board Members to fully perform the role they are expected to play, we will make a necessary
amendment.
The amendment to Article 33, paragraph 2 of the Articles of Incorporation was approved by each
Audit & Supervisory Board Member.
2.
Details of the amendment
The details of the amendment are as follows:(Underlines indicate amended or additional text.)
Current provisions
Proposed amended provisions
Chapter 4. Directors and Board of Directors
Chapter 4. Directors and Board of Directors(Exemption from Liability of Directors)(Exemption from Liability of Directors)
Article 33.
Article 33.
1. (Omitted)
1. (Unchanged)
2. The Company may enter into an agreement
2. The Company may enter into an agreementwith external Directors to the effect that if anwith Directors (excluding those who areexternal Director acts in good faith andExecutive Directors, etc.) to the effect that if
commits no gross negligence, his/her liability
a Director (excluding those who areunder Article 423, paragraph 1 of the
Executive Directors, etc.) acts in good faithCompanies Act shall be limited up to theand commits no gross negligence, his/heramount stipulated by laws and ordinances.
liability under Article 423, paragraph 1 of theCompanies Act shall be limited up to theamount stipulated by laws and ordinances.
Chapter 5. Audit & Supervisory Board Members and Chapter 5. Audit & Supervisory Board Members andAudit & Supervisory Board
Audit & Supervisory Board(Exemption from Liability of Audit & Supervisory(Exemption from Liability of Audit & Supervisory
Board Members)
Board Members)
Article 44.
Article 44.
1. (Omitted)
1. (Unchanged)
2. The Company may enter into an agreement
2. The Company may enter into an agreementwith external Audit & Supervisory Board
with Audit & Supervisory Board Members toMembers to the effect that if an external Audit
the effect that if an Audit & Supervisory& Supervisory Board Member acts in good
Board Member acts in good faith andfaith and commits no gross negligence,commits no gross negligence, his/her liability
his/her liability under Article 423, paragraphunder Article 423, paragraph 1 of the
1 of the Companies Act shall be limited up to
Companies Act shall be limited up to thethe amount stipulated by laws and ordinances.
amount stipulated by laws and ordinances.

6

Item 3: Election of sixteen (16) Directors
The terms of office of all the current sixteen (16) directors expire at the conclusion of this year’s
Ordinary General Meeting of Shareholders. Accordingly, we hereby propose the election of sixteen (16)directors.
Details of the candidates are as follows:

No. ofcandidate

1

Name(Date of birth)

Norio Saigusa(Feb. 11, 1949)

2

Kenichiro Hirata(Nov. 7, 1950)

3

Toshiya Kobayashi(Jul. 30, 1959)

4

Yukihito Mashimo(Feb. 1, 1962)

5

Eiichiro Matsukami(Feb. 23, 1962)

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)Apr. 1971
Joined the Company
Jun. 2004
Director
Jun. 2006
Managing Director
Jun. 2008
Senior Managing Director
Jun. 2010
Director and Vice President
Jun. 2011
President (to the present)
Significant concurrent positions
Director of Shin-Keisei Electric Railway Co., Ltd.
Jul. 2006
Director-General, Railway Bureau,
Ministry of Land, Infrastructure, Transport
and Tourism
Oct. 2007
Director of Development Bank of Japan
Oct. 2008
Managing Executive Officer ofDevelopment Bank of Japan Inc.
Jun. 2012Managing Director of the Company
Jun. 2014
Senior Managing Director and General
Manager, Railway Headquarters (to thepresent)
Significant concurrent positions
President of Chiba Newtown Railway Co., Ltd.
President of Hokuso-Railway Co., Ltd. (Note 1)
Apr. 1982
Joined the Company
Jun. 2010
Director
Jun. 2013
Managing Director in charge of real estatedevelopment and others (to the present)
Significant concurrent positions
President of Keisei Insurance Consulting Co., Ltd.
Apr. 1984
Joined the Company
Jun. 2011
Director
Jun. 2013
Managing Director in charge of generalaffairs, personnel, and accounting (to thepresent)
Apr. 1984
Joined the Company
Jun. 2011
Director
Jun. 2013
Managing Director and Deputy General
Manager, Railway Headquarters (to thepresent)
Significant concurrent positions
Senior Managing Director of Nippori Station
Reorganization Co., Ltd.

7

Numbers of sharesof the Company
owned by thecandidate

131,000

22,00053,00032,00038,000No. ofcandidate

Name(Date of birth)

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)Apr. 1982
Jun. 2013

6

Takashi Saito(Dec. 11, 1958)

7

Masaya Kato
(Aug. 6, 1960)8

Toshiaki Koyama(Jun. 18, 1963)

9

Fumiya Akai
(Nov. 8, 1938)

10

Yasunobu Furukawa(Oct. 11, 1953)

11

Takehiro Mikoda(Jan. 16, 1953)

Joined the Company
Director and Vice President of Keisei Bus
Co., Ltd. (to the present)
Jun. 2013
Director and General Manager,
Management Supervision Dept. of theCompany (to the present)
Significant concurrent positions
Director and Vice President of Keisei Bus Co., Ltd.
Aug. 2008
General Manager, Credit Risk Management
Division of Mizuho Bank, Ltd.
Apr. 2010
General Manager, Group Human Resources
Division of Mizuho Financial Group, Inc.
Apr. 2013
Executive Officer of Mizuho Securities
Co., Ltd.
Jun. 2014
Director in charge of internal audit,
management supervision and group
strategy of the Company (to the present)
Apr. 1986
Joined the Company
Jun. 2014
Director and General Manager, Accounting
Dept. (to the present)
Apr. 1966
Registered as an attorney-at-law (memberof the Daiichi Tokyo Bar Association)
Aug. 1971
Established Takusyou Law Office (current
Takusyou Sogo Law Office)Attorney-at-law at Takusyou Sogo Law
Office (to the present)
Jun. 2014
Director of the Company (to the present)
Significant concurrent positions
Attorney-at-law
Auditor of Japan Airport Terminal Co., Ltd.
Audit & Supervisory Board Member of Japan Oil
Transportation Co., Ltd.
Sep. 1980
Registered as a certified public accountant
Aug. 2010
Senior Managing Director of Ernst &Young ShinNihon LLC
Aug. 2012
Senior Advisor of Ernst & Young
ShinNihon LLC
Jun. 2014
Director of the Company (to the present)
Apr. 2004
Executive Officer and General Manager of
Fukuoka Branch of Mizuho Corporate
Bank, Ltd.
Jun. 2006
Director of the Company
Jun. 2009Managing Director
Jun. 2012
Senior Managing Director
Apr. 2014
Chairman of the Board of Directors of
Funabashi-Kotsu Co., Ltd (to the present)
May 2014
President of Teito Motor Transportation
Co., Ltd. (to the present)
Jun. 2014
Director of the Company (to the present)
Significant concurrent positions
Audit & Supervisory Board Member of Shin-Keisei
Electric Railway Co., Ltd.
Chairman of the Board of Directors of
Funabashi-Kotsu Co., Ltd
President of Teito Motor Transportation Co., Ltd.

Numbers of sharesof the Company
owned by thecandidate8

23,0004,000

17,0000

078,000No. ofcandidate

Name(Date of birth)

Career summary(positions and responsibilities in the Company, andsignificant concurrent positions)Apr. 1986
Apr. 201212

Atsushi Shinozaki(Aug. 13, 1961)

13*Masato Kato
(Feb. 26, 1961)

14*Takao Amano(Sep. 21, 1965)

15*Hiroyuki Miyajima(Feb. 25, 1966)

16*Hiroyuki Serizawa(May 6, 1965)

Joined the Company
President of Funabashi-Kotsu Co., Ltd (tothe present)
Jun. 2013
Director of the Company (to the present)
Apr. 2014
President of Maihama Resort Cab Co., Ltd.
(to the present)
Significant concurrent positions
President of Funabashi-Kotsu Co., Ltd
President of Maihama Resort Cab Co., Ltd. (Note 2)
President of Chiba Association of Taxi
Apr. 1984
Joined the Company
Jul. 2008
General Manager attached to General
Affairs and Personnel Dept.
Jun. 2010
General Manager, Administration Dept.,
Railway Headquarters
Jul. 2013
General Manager, Group Strategy Dept. (tothe present)
Apr. 1988
Joined the Company
Jul. 2011
General Manager, Transportation Dept.,
Railway Headquarters (to the present)
Apr. 1988
Joined the Company
Jul. 2011
General Manager, Construction Dept.,
Railway Headquarters (to the present)
Apr. 1989
Joined the Company
Jul. 2012
General Manager attached to General
Affairs and Personnel Dept.
Jul. 2013
General Manager, Internal Audit Dept. andManagement Supervision Dept. (to thepresent)

Numbers of sharesof the Company
owned by thecandidate

20,000

5,000

5,000

5,000

5,000

Notes:
1. The Company is engaged in transactions with Hokuso-Railway Co., Ltd. such as with regard to the use of railway
tracks, etc. In addition, the former is engaged in transactions of the same business category as the latter (generalrailway transport).
2. The Company is engaged in transactions with Maihama Resort Cab Co., Ltd. including the leasing of buildings.
3. Fumiya Akai and Yasunobu Furukawa are candidates for external Directors.
4. The reason for selecting Fumiya Akai as a candidate for external Director is that as his career record shows, he not
only has experience as a lawyer and extensive insight, but also has been involved in corporate management in a
number of different capacities, and as a result we expect that he can provide us with useful advice for the Board of
Directors. We believe that he can perform the duties of external Director adequately due to the above reason.
5. Although Takusyou Sogo Law Office, to which Fumiya Akai belongs, has signed an advisory contract with theCompany, the amount of such transaction is less than 1% of the consolidated net sales.
6. The reason for selecting Yasunobu Furukawa as a candidate for external Director is that as his career record shows,
he not only has experience as a certified public accountant and extensive insight, but also has been involved in the
management of Ernst & Young ShinNihon LLC, and as a result we expect that he can provide us with useful advice
for the Board of Directors. We believe that he can perform the duties of external Director adequately due to theabove reason.
7. While Yasunobu Furukawa was serving as Senior Managing Director of Ernst & Young ShinNihon LLC, the audit
company received a business improvement order from the Financial Services Agency in July 2012 in connection
with an audit certificate for Olympus Corporation.
8. The terms of office of Fumiya Akai and Yasunobu Furukawa as external Directors of the Company will be one (1)year at the conclusion of this Ordinary General Meeting of Shareholders.

99. The Company, pursuant to the provisions in Article 427, paragraph 1 of the Companies Act, entered into anagreement with Fumiya Akai and Yasunobu Furukawa to limit their liabilities for damages set forth in Article 423,
paragraph 1 of the Companies Act to the minimum liability amount stipulated in Articles 425, paragraph 1 of theCompanies Act.
10. The Company appointed Fumiya Akai and Yasunobu Furukawa as independent officers in accordance with the rulesof the Tokyo Stock Exchange and reported the appointments to the Tokyo Stock Exchange.
11. Persons marked with * are new candidates for Directors.

10

Item 4: Election of one (1) Audit & Supervisory Board Member
The term of office of Audit & Supervisory Board Member Shinya Matsuno expires at theconclusion of this year’s Ordinary General Meeting of Shareholders. Accordingly, we hereby propose theelection of one (1) Audit & Supervisory Board Member.
With the agreement of the Audit & Supervisory Board, the following candidate is proposed.
Details of the candidate are as follows:
Name(Date of birth)*Hiroyuki Hoshi(Jun. 20, 1951)

Career summary(positions in the Company and significant concurrent
positions)Jun. 2006
Director of Development Bank of Japan
Jun. 2008
Statutory Auditor of Airport Facilities Co.,
Ltd.
Jun. 2011
Senior Managing Director of Airport
Facilities Co., Ltd. (to the present)
Significant concurrent positions
Senior Managing Director of Airport Facilities Co.,
Ltd.

Numbers of shares of
the Company ownedby the candidate0

Notes:
1. Hiroyuki Hoshi is a candidate for external Audit & Supervisory Board Member.
2. The reason for selecting Hiroyuki Hoshi as a candidate for external Audit & Supervisory Board Member is thatas his career record shows, we expect that he can provide us with useful advice for the Board of Directors withhis executive experience and his discerning judgement, and audit the legality of our business administration
objectively and neutrally.
3. If the election of Hiroyuki Hoshi is approved, the Company will, pursuant to the provisions in Article 427,
paragraph 1 of the Companies Act, enter into an agreement with him to limit his liabilities for damages set
forth in Article 423, paragraph 1 of the Companies Act to the minimum liability amount stipulated in Article
425, paragraph 1 of the Companies Act.
4. The Company intends to appoint Hiroyuki Hoshi as an independent officer in accordance with the rules of theTokyo Stock Exchange and report the appointment to the Tokyo Stock Exchange.
5. Persons marked with * are new candidates for Audit & Supervisory Board Members.

11

English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2015
Million yen
ASSETS
Current assets:
Cash and deposits
Notes receivable and accounts receivable
Land and structures for subdivision
MerchandiseWork in process
Raw materials and supplies
Deferred tax assets
Other current assets
Allowance for doubtful accounts
Total current assets

25,221
19,001
7,487
2,251
801
2,052
1,812
33,188(55)
91,761

Fixed assets:
Tangible fixed assets:
Buildings and structures
Machinery and equipment
Land
Lease assets
Construction in progress
Other tangible fixed assets
Total tangible fixed assets
Intangible fixed assets:
Lease assets
OthersTotal intangible fixed assets
Investments and long-term receivables:
Investment securities
Long-term loans receivable
Deferred tax assets
Other investments
Allowance for doubtful accounts
Total investments and long-term receivables
Total fixed assets
Deferred assets:

261,731
18,236
143,194
32,07151,8091,765
508,808
1,524
8,388
9,912
155,196596
11,661
5,124(906)
171,671
690,393
102

Total assets
Note: The figures presented are rounded down to the nearest million yen.

12782,257

English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2015
Million yen
LIABILITIES AND NET ASSETSLIABILITIES:Current liabilities:
Notes payable and trade accounts payable
Short-term borrowings
Bonds and debentures due within one year
Lease obligations
Income taxes payable
Advance received
Allowance for employees’ bonuses
Reserve for directors’ bonuses
Other current liabilities
Total current liabilities

18,651
83,10615,0003,638
5,406
53,7852,721
55
37,187
219,553

Fixed liabilities:
Bonds and debentures
Long-term borrowings
Long-term accounts payable of Japan Railway Construction,
Transport and Technology Agency
Lease obligations
Deferred tax liabilities
Allowance for retirement benefits for directors
Net defined benefit liability
Other fixed liabilities
Total fixed liabilities
Total liabilities
NET ASSETS:
Owners’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Remeasurements of defined benefit plans
Minority interests
Total net assets
Total liabilities and net assets
Note: The figures presented are rounded down to the nearest million yen.

13

40,000129,018
60,911
20,5192,111
480
31,64010,400295,081514,635

255,234
36,80328,527
191,924(2,020)
5,683
5,113
0
568
6,704
267,622782,257

English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED STATEMENT OF INCOME
Keisei Electric Railway Co., Ltd.
For the fiscal year ended March 31, 2015
Million yen
Operating revenues
Operating costs and expenses:
Transport operating expenses and cost of sales
Selling, general and administrative expenses
Operating income

249,016
189,671
35,031Non-operating revenues:
Interests and dividend income
Investment income of affiliates
Other non-operating revenues
Non-operating expenses:
Interests expenses
Other non-operating expenses

224,70224,313505
16,197
1,716

18,418

4,370
1,192

5,562

Recurring income

37,169Non-recurring income:Construction costs allotted to and received from others
Insurance income
Other non-recurring income
Non-recurring losses:
Advanced depreciation loss on fixed assets
Loss on asset impairment
Loss on disposal of fixed assets
Other non-recurring losses
Income before income taxes and minority interests
Income taxes:
Current
Deferred
Corporate and other taxes
Income before minority interests in net income of consolidated
subsidiaries
Minority interests in net income of consolidated subsidiaries
Net income
Note: The figures presented are rounded down to the nearest million yen.

14

1,332
668
147
1,502
955
266
116

2,148

2,841
36,477

8,166
1,156
9,323
27,154
1,471
25,683English Translation of Financial Statements Originally Issued in the Japanese Language
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Keisei Electric Railway Co., Ltd.
For the fiscal year ended March 31, 2015
(Million yen)
Capitalstock
Balance at the beginning of the current
periodCumulative effects of changes inaccounting policies
Restated balance at the beginning of thecurrent period
Changes of items during the period
Dividends from surplus
Net income
Purchase of treasury stock
Changes resulting from changes inshareholding ratio of affiliates
Net changes of items other thanowners’ equity
Total changes of items during the period
Balance at the end of the current period

Capitalsurplus36,80328,527

Owners’ equity
Retainedearnings
169,745

Treasurystock

Total owners’
equity(2,019)(1,443)36,80328,527

168,302(1,443)(2,019)231,613(1)(2,061)
25,683
(1)

0

0

(1)
(2,020)23,620255,234

Minority
interests

Total net
assets(2,061)
25,68336,80328,527

23,622
191,924

Accumulated other comprehensive income
Total
Valuationdifference on Deferred gains Remeasurements accumulated
or losses onof defined benefit
otheravailable-forhedges
planscomprehensive
sale securities
incomeBalance at the beginning of
the current period
3,221
(115)
Cumulative effects ofchanges in accounting
policies
Restated balance at the
beginning of the current
period3,221(115)
Changes of items during
the period
Dividends from surplus
Net income
Purchase of treasury stock
Changes resulting fromchanges in shareholding
ratio of affiliates
Net changes of items
other than owners’ equity
1,892
0
684
Total changes of items
during the period
1,892
0
684
Balance at the end of thecurrent period
5,113
0
568
Note: The figures presented are rounded down to the nearest million yen.

15

3,105

233,057

5,317

241,480(1,443)

3,105

5,317

240,036(2,061)
25,683
(1)

0
2,577

1,386

3,964

2,577

1,386

27,585

5,683

6,704

267,622

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2015
Million yen
ASSETS
Current assets:
Cash and deposits
Fares receivable
Accounts receivable
Lease investment assets
Short-term loans receivable
Land and structures for subdivision
Supplies
Prepaid expenses
Deferred tax assets
Other current assets
Allowance for doubtful accounts
Total current assets

6,909
4,077
2,096
2,101
1,913
7,445
1,564
1,241
721
25,486(9)53,550

Fixed assets:
Tangible fixed assets:
Fixed assets, railway operations
Fixed assets, real estate development operations
Fixed assets related to each operation
Construction in progress
Investment and other assets
Stocks of associated companies
Investment securities
Long-term loans receivable
Deferred tax assets
Other investments
Total fixed assets

229,425
95,806
4,745
51,43996,461
63,478
10,185
20,235
1,131
1,431
477,879
102
102

Deferred assets:
Corporate debenture issue cost
Total assets
Note: The figures presented are rounded down to the nearest million yen.

16

531,532

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED BALANCE SHEET
Keisei Electric Railway Co., Ltd.
As of March 31, 2015
Million yen
LIABILITIES AND NET ASSETSLIABILITIES:Current liabilities:
Short-term borrowings
Bonds and debentures due within one year
Lease obligations
Other accounts payable
Accrued expenses
Accrued consumption taxes
Income taxes payable
Connecting fares received
Deposits received
Prepaid fares received
Advance received
Allowance for employees’ bonuses
Other current liabilities
Total current liabilities

68,881
15,0002,338
23,437
1,244
1,048
3,122
769
32,9162,314
52,3201,007
85
204,487

Fixed liabilities:
Bonds and debentures
Long-term borrowings
Lease obligations
Allowance for employees’ severance and retirement benefits
Asset retirement obligations
Other fixed liabilities
Total fixed liabilities
Total liabilities

40,000116,183
16,32019,862
521
4,620
197,508
401,996

NET ASSETS:
Owners’ equity
Capital stock
Capital surplus
Capital reserve
Other capital surplus
Retained earnings
Legal reserve
Other retained earnings
General reserve
Unappropriated retained earnings at the end of the term
Treasury stock
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Total net assets
Total liabilities and net assets
Note: The figures presented are rounded down to the nearest million yen.

17

127,584
36,80327,904
27,84558
63,575
3,038
60,536
8,095
52,441
(698)
1,952
1,952
129,536
531,532

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED STATEMENT OF INCOME
Keisei Electric Railway Co., Ltd.
For the fiscal year ended March 31, 2015
Million yen
Railway:
Operating revenues
Operating expenses
Operating income
Real Estate Development and Others:
Operating revenues
Operating expenses
Operating income

59,49953,051
6,448
17,173
11,8195,353

Operating income from all operations

11,801Non-operating revenues:
Interests and dividend income
Other revenues
Non-operating expenses:
Interests expenses
Other expenses

4,065
1,219

5,284

3,369
721

4,090

Recurring income

12,995

Non-recurring income:Construction costs allotted to and received from others
Insurance income
Other non-recurring income
Non-recurring losses:
Advanced depreciation loss on fixed assets
Loss on asset impairment
Loss on disposal of fixed assets
Loss on valuation of stocks of affiliates
Net income before income taxes
Income taxes:
Current
Deferred
Corporate and other taxes
Net income
Note: The figures presented are rounded down to the nearest million yen.

18

1,002
656
15
1,171
684
190
62

1,674

2,109
12,560

4,006
75
4,082
8,478

English Translation of Financial Statements Originally Issued in the Japanese Language
NON-CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
Keisei Electric Railway Co., Ltd.
For the fiscal year ended March 31, 2015
Capital surplus

Balance at the beginningof the current period
Cumulative effects ofchanges in accounting
policies
Restated balance at the
beginning of the current
periodChanges of items during
the period
Dividends from surplus
Net income
Purchase of treasurystock
Net changes of items
other than owners’
equityTotal changes of items
during the period
Balance at the end of thecurrent period

Capitalstock

Capitalreserve

Other
capitalsurplusTotal
capitalsurplus36,803

27,84558

27,90436,803

27,84558

27,904(Million yen)
Owners’ equity
Retained earnings
Other retained
earnings
UnapproTotal-priated
Total Treasury
owners’Legalretainedstock
retained
Generalequityreserve
reserve earnings earnings
at theend ofthe term

3,038

3,038

8,095

8,095

46,86858,002(696) 122,013

(844)

(844)

(844)

46,024

57,158(696) 121,169(2,061)8,478(2,061)8,478(2,061)
8,478

-

-

-

-

-

-

6,416

6,416

36,803

27,84558

27,904

3,038

8,095

52,441

63,575

Valuation and translation
adjustments
Valuation
Total valuationdifference onand translation
available-foradjustments
sale securities

Total net
assetsBalance at the beginningof the current period
1,335
1,335
123,349
Cumulative effects ofchanges in accounting
policies(844)
Restated balance at the
beginning of the current
period1,335
1,335
122,504
Changes of items during
the period
Dividends from surplus(2,061)
Net income
8,478
Purchase of treasury
stock
(1)
Net changes of items
other than owners’
equity617
617
617
Total changes of items
during the period
617
617
7,032
Balance at the end of thecurrent period
1,952
1,952
129,536
Note: The figures presented are rounded down to the nearest million yen.

19

(1)

(1)

(1)

6,415

(698) 127,584