First Half of FY2012 ended September 30, 2011
Financial Results Presentation

November 16, 2011
Keihan Electric Railway Co., Ltd.
(Tokyo Stock Exchange 1st / Osaka Securities Exchange 1st
Securities Code: 9045

http://www.keihan.co.jp/)[Notes on forecasts]
Descriptions of business forecasts and future prospects are based on current information and certain
assumptions about factors that may affect future business. The actual results of operating
performance may differ from these forecasts.

Overview of the First Half of FY2012
Financial Results

Consolidated Statements of Income(Millions of yen)

Change2010/092011/09

Operating revenue

121,087

122,878

1,790

Operating income

9,218

8,654

(564)

Ordinary income

Net income

7,094

6,353

4,093

3,936

EBITDA

17,841

17,509Depreciation

8,622

8,855

(1.5%)(-6.1%)(741)(-10.4%)(156)

Main factors of changes
Transportation -2,371, Real estate +1,651, Retail +1,704,
Leisure and service +501, Others -10

120,000

Transportation -796, Real estate +368, Retail -102,
Leisure and service -151, Others +69

7,000

Non-operating income -128
(Dividends income -20, Miscellaneous income -82)
Non-operating expenses +48(Interest expenses -89, Miscellaneous expenses +111)

4,300

Extraordinary income +484 (Contribution for construction +396,

Gain on sales of investment securities +251)(-3.8%)

Extraordinary loss +286 (Loss on reduction of fixed assets +353)(331)

EBITDA ：Operating income + depreciation(-1.9%)

2011/05
Estimate

232

Eliminated: 2 companies
Equity method affiliates:−−(2.7%)[Changes in scope of consolidation and application of the equity method (from the previous year end)]
Consolidated subsidiaries: 36 companies (No changes)
New: 2 companies

2,500

KB Enterprise Co., Ltd. (The company merged Keihan Bus Service Co., Ltd.)
Kyoto Century Hotel Co., Ltd. (Acquisition of shares)
Keihan Bus Service Co., Ltd. (The company was merged with KB Enterprise Co., Ltd.)
Keihan Financial Management Co., Ltd. (The company was merged with Keihan Electric Railway Co., Ltd.)

2 companies (No changes)2

Consolidated Balance Sheets(Millions of yen)

2011/03

Current assets

Fixed assets

132,791

Change2011/09

122,444(10,347)

473,437

493,516

20,079606,229615,961

9,731

Current liabilities

176,890

161,959(14,931)

Long-term liabilities

292,985

316,706

23,720469,876

478,665

8,789

Total assets

Total liabilities
Net assets

136,352

137,295

942

Total liabilities and net assets

606,229615,961

9,731

Interest-bearing debt at endof interim period

310,269

324,680

14,411Main factors of changes
Cash and deposit
Notes and accounts receivable
Land and buildings for sale

-12,365-4,444+3,819Property, plant and equipment(Newly-purchased buildings, etc.)
Intangible fixed assets
Investments and other assets+15,760

Current portion of bonds
Short-term loans-9,922+1,611

Bonds
Long-term loans+20,339+3,654+2,362+1,955Retained earnings+2,656
Valuation difference on available-for-sale securities -1,833*Equity capital ratio
21.9% (-0.2pt)

Bonds
Loans payable
Long-term accounts payable+10,417+5,266-1,272*Interest-bearing debt: Loans payable + bonds +short-term bonds + accounts payable for Japan Railway Construction, Transport and Technology Agency (JRTT)

3

Consolidated Statements of Cash Flows(Millions of yen)

2010/09

Change2011/09

Main factors of changes

Operating cash flows

10,6527,680(2,972)

Income before income taxes
Income taxes paid
Changes in inventories-542-2,556+1,063

Investing cash flows(18,551)(29,104)(10,552)

Purchase of fixed assets
Purchase of investment securities-6,728-4,036

Proceeds from issuance of bonds
Changes in short-term loans
Redemption of bonds
Repayment of long-term loans+20,022+7,477-9,604-8,449Financing cash flows

1,719

9,045

7,325

Net increase (decrease) in cash
and cash equivalents(6,179)(12,379)(6,199)

Increase in cash and cash
equivalents resulting frommerger with non-consolidated
subsidiaries

12

13

1

22,82914,381(8,448)Cash and cash equivalents
at end of interim period4Segment Information(Millions of yen)

2010/092011/09

ChangeChange (%)

Operating revenue

121,087

122,878

1,790

1.5

Transportation

48,551

46,179(2,371)(4.9)

Real estate

20,23821,890

1,651

8.2

Retail

45,60447,308

1,704

3.7

Leisure and service

12,011

12,513

501

4.2

661

650

(10)

(1.6)

Elimination(5,979)(5,663)315−

Operating income

9,218

8,654

(564)

(6.1)

Transportation

4,287

3,490

(796)

(18.6)

Real estate

3,679

4,047

368

10.0

Retail

813

710

(102)

(12.6)

Leisure and service

583

432

(151)

(25.9)

Others

(150)

(80)

69

−

6

53

47

−

OthersElimination

5

Results of Transportation(Millions of yen)

2010/09

Operating revenue

Operating income

48,551

2011/09

Change46,1794,287(2,371)

3,490

Remarks

Change (%)

(796)

(4.9)

Railway operation
Bus
Taxi

39,224(-393)
12,662 (+372)− (-2,071)(18.6)

Railway operation
Bus
Taxi

3,200
146
−

(-801)(-210)(+64)

・Sales of taxi business as of October 1, 2010
・Bus business: Effect of revenue increase resulting from merger with non-consolidated subsidiary 443 million yen<< Operating results for transportation (Keihan Electric Railway) >>Number of passengers(Thousands of people)

Passenger transportation revenue(Millions of yen)

2010/092011/09

ChangeChange(%)

2010/092011/09

ChangeChange(%)

Commuter passes

70,43969,417(1,022)

(1.5)

8,195

8,062

(133)

(1.6)

Non-commuter passes

72,144

71,846

(297)

(0.4)

16,928

16,770

(157)

(0.9)

Total

142,583

141,264(1,319)(0.9)

25,12324,832

(291)

(1.2)

6

Results of Real Estate(Millions of yen)

2010/092011/09

ChangeRemarks

Change (%)

Operating revenue

20,23821,8901,651

8.2Real estate
Construction

16,691(+913)
5,577 (+1,045)

Operating income

3,679

4,047

368

10.0

Real estate
Construction

4,268
-23

(+497)(+82)<<Results by business>>
Operating revenue

Operating income

2010/092011/09

ChangeChange(%)

2010/092011/09

ChangeChange(%)

Real estate sales

9,103

9,449

345

3.8

308

589

280

90.9

Real estate leasing service

6,674

7,241

567

8.5

3,461

3,679

217

6.3

Total

15,778

16,691

913

5.8

3,770

4,268

497

13.2

<<Main condominium buildings for sale>>Name

Bijours Biwako
The Kourien Tower

Salesamount<<New leasing properties>>

Number ofunits sold

Location

2,754

95

Otsu city, Shiga

715

35

Neyagawa city, Osaka

Fine Garden Square

607

41

Yawata city, Kyoto
Kyotanabe city, Kyoto

Fine Residence Nishiarai

557

16

Adachi ward, Tokyo

Grand First Senri Momoyamadai

522

24

Suita city, Osaka

7

Name

Acquired date

Location

Keihan Midosuji Building

September 2010

Chuo ward, Osaka city

Eishin Building

April 2011

Chiyoda ward, Tokyo

Mikami Building

June 2011

Setagaya ward, Tokyo

Toranomon 5 Mori Building

August 2011

Minato ward, Tokyo* Keihan Electric Railway acquired trust beneficiary rights of Keihan
Midosuji Building and Mikami Building.

Results of Retail(Millions of yen)

2010/09

Operating revenue

Operating income

2011/0945,604

Change47,308

813

1,704

710

Remarks

Change (%)

3.7

(102)

(12.6)

Department store
25,653 (+2,044)
Store
13,998(-586)
Shopping mall management 5,705(+375)
Restaurant
3,437(-163)
Department store
Store
Shopping mall management
Restaurant

-46
265
390
91

(-226)
(+79)
(+25)
(+19)

・Shopping mall management: October 2010 Attraction of FOREVER21 (Commercial building in Shibuya ward, Tokyo / Previous HMV Shibuya)<< New properties >><< Sales of department store >><< Sales of store >>(Millions of yen)

(Millions of yen)
Name

Keihan Department Suminodo Store

Opening date

Location

Store

Sales
amountMoriguchiStore11,486(301)

Kuzuha Store

4,863

128

ChangeDivision

October 8, 2010

Daito city,Osaka

SWEETS BOX Tambabashi Store

September 24, 2010

Fushimi ward,
Kyoto city

Hakodateichiba AEON Mall Kyoto
Hana Store

April 21, 2010

Ukyo ward, Kyoto
city

Kyobashi
Store

3,602

(113)

SWEETS BOX, LUCUA Osaka StoreMay 1, 2011

Kita ward, Osakacity

Hirakata Store

3,171

99

Suminodo
Store

2,226

2,226

302

4

25,653

2,044

Miscellaneous
revenue
Total

8

Sales
amountChange

Store

6,087

(393)

Convenience
store

3,007

(7)

447

(58)

Station business

3,938

(164)

Miscellaneous
revenue517

38

13,998

(586)

Kiosk

Total

Results of Leisure and Service(Millions of yen)

2010/092011/09

ChangeRemarks

Change (%)

Operating revenue

12,011

12,513

501

4.2

Hotel
LeisureOperating income

583

432

(151)

(25.9)

Hotel
Leisure<< Hotel occupancy rates >>2010/092011/09

ChangeKyobashi

88.7%

93.3%

4.6pt

Temmabashi

73.9%

81.4%

7.5pt

Kyoto

91.8%

91.4%

(0.4pt)

Universal City

76.8%

76.7%

(0.1pt)

Universal Tower

70.4%

75.6%

5.2pt

Asakusa

85.8%

84.9%

(0.9pt)Sapporo

84.6%

88.5%

3.9pt

Biwako Hotel

73.2%

79.1%

5.9pt

Kyoto Tower

94.6%

90.4%

(4.2pt)−88.8%

88.8ptHotel
KeihanKyoto Century Hotel

Remarks

July 25, 20119

Acquisition of shares

9,945 (+514)
2,639
(-73)

259
271

(-53)
(+5)

Non-consolidated Statements of Income(Millions of yen)

2010/092011/09

ChangeChange(%)

2011/05
Estimate

Remarks

38,37037,481

(889)

(2.3)

Railway operation

26,727

26,414(313)(1.2) Passenger transportation revenue

Subsidiary business

11,643

11,066

(576)

(5.0)

10,700Real estate sales

3,394

2,376

(1,018)(30.0)

2,300

Real estate leasing service

6,674

7,241

567

8.5

6,900

Leisure

1,573

1,448

(125)

(8.0) Number of visitors in Hirakata Park

Operating income

7,442

6,809

(633)

(8.5)

5,820

Railway operation

3,582

3,073

(508)

(14.2)

2,620

Subsidiary business

3,860

3,735

(125)

(3.2)

3,200

Real estate sales

205

37

(168)

(82.0)

(300)

3,461

3,679

217

6.3

3,400

193

19

(173)

(90.0)

100

Operating revenue

Real estate leasing service
LeisureOrdinary income

Net income

5,924

3,578

5,385

3,605

(539)

27

10

36,900
Number of passengers

-0.9%
-1.2%

-11.0%

26,200

1,500

(9.1)

Non-operating income+369(Reversal of provision for loss on guarantees +153, Dividends
received +119)
Non-operating expenses +275 (Bond issuance cost +117)

4,160

0.8

Extraordinary income+666(Contribution for construction +397, Gain on sales of investment
securities +250)
Extraordinary loss
+298
(Reduction entry of land contribution for construction +373)

2,680

Business Results Forecast of FY2012

Forecast of Consolidated Business Results (1)(Millions of yen)

2011/03
Results

2012/03
Forecast

ChangeChange(%)

2011/05
Estimate

Main factors of changes
Transportation
Real estate
RetailLeisure and service-3,705+2,698+839+1,858256,300

Operating revenue

259,511

260,600

1,088

0.4

Operating income

16,26915,400

(869)

(5.3)

Transportation
Retail-866-204

15,000Ordinary income

11,846

10,500(1,346)(11.4)

Non-operating income
Non-operating expenses

-365
+177

9,500

Net income

6,478

6,500

21

0.3

Extraordinary income
Extraordinary loss

-761
-2,0805,700

Capital expenditures

29,78133,800

4,018

13.5

Depreciation

17,715

18,200484

2.7

EBITDA33,98533,600

(385)

(1.1)

Interest-bearing debt

310,269

335,300

25,0308.1

Interest-bearing debt /EBITDA multiple(Times)

9.13

9.98

0.85

−

12

[Breakdown of capital expenditures]Transportation
11,300(-2,408)
Real estate
19,900(+8,591)
Retail2,000(-1,721)
Leisure and service
300(-732)
Corporate, etc.
300(+289)<<Main capital expenditures for FY2012>>(Transportation)
Investment on our railway
6,550(Real estate)
Investment on our real estate
19,81845,10018,40033,400340,000
10.18

Forecast of Consolidated Business Results (2)<<By segment>>(Millions of yen)

Change(%)

2011/03
Results

2012/03
Forecast

Operating revenue

259,511

260,600

1,088

0.4

Transportation

94,60590,900(3,705)(3.9)

Real estate

56,80159,5002,698

Retail

96,06096,900

Leisure and service

22,641OthersChange2011/05
Estimate

Main factors of changes

256,300
Railway operation -1,133

90,100

4.7

Real estate sales-380
Real estate leasing service +1,121 Construction+2,45857,200839

0.9Department store+1,59996,80024,500

1,858

8.2

Hotel

+2,051

1,339

1,300

(39)

(2.9)

1,400

Elimination(11,937)(12,500)(562)−(12,400)

Operating income

16,26915,400

(869)

(5.3)

15,000Transportation

5,766

4,900

(866)

(15.0)

Railway operation -1,145

Taxi -2,071

Store-1,257

23,200

Taxi

+64

5,050

+192
-55
+65

8,050

+6

1,300

Real estate

8,820

8,800

(20)

(0.2)

Real estate sales
Real estate leasing service
Construction

Retail

1,604

1,400

(204)

(12.7)

Department store-179

Leisure and service

368

400

31

8.4

Hotel

+318

Others

(279)

(100)

179

−

(200)

Elimination

(11)

0

11

−

0

13

Store

800

Forecast of Non-Consolidated Business Results(Millions of yen)

2011/03
Results

Operating revenue

2012/03
Forecast

ChangeChange(%)

74,93678,5003,563

4.8

Railway operation

53,18852,670

(518)

(1.0)

Subsidiary business

21,74825,830

4,081

18.8

12,537

11,720

(817)

(6.5)

Railway operation

5,807

4,850

(957)

(16.5)

Subsidiary business

6,729

6,870

140

2.1

Ordinary income

8,897

8,220

(677)

Net income

4,107

5,300

1,192

Operating income

Main factors of changes

Number of passengers
Passenger transportation revenue

-0.8%
-0.8%

(7.6)

Non-operating income
Non-operating expenses

+317
+177

29.0

Extraordinary income
Extraordinary loss

+47
-2,666<< Forecast of operating results for transportation (Keihan Electric Railway) >>Number of passengers(Thousands of people)

Passenger transportation revenue(Millions of yen)

2011/03
Results

2012/03
Forecast

ChangeChange(%)

Commuter passes

136,204

133,792(2,412)(1.8)

Non-commuter
passes144,395

144,542146

280,599

278,334(2,265)Total

2012/03
Forecast

ChangeChange(%)

16,015

15,742

(273)

(1.7)

0.1

33,86633,740

(126)

(0.4)

(0.8)

49,88149,482

(399)

(0.8)

2011/03
Results

14

TOPICS

Progress of FY2012 Initiatives

Business Strategy (Transportation)
We continue to develop the business based on safety, improvement of service, and increase ofprofitability and efficiency.

Safety Measures◆ Establish the overhead crossing near Yodo Station
Elevated the railway for Kyoto completed and use of the platform started (May 28)(Use of the platform for Osaka was started in September 2009.)

Improved safe operation by removing three railway crossings
Improved access to the Kyoto Race Course
Continued with station building work ahead of the scheduled completion of station square in 2013

◆ Finished installation of equipment that records train operating conditions
All compatible trains on Keihan lines had been fitted with the equipment by end-June

Improvement of Profitability and Efficiency◆ Demand-creating and revenue-increasing measures
Operated trains with wrap advertisingThomas and Friends (Katano Line, Otsu Line)
K-ON! (Otsu Line, Eizan Electric Railway)
Issued special tickets in accordance with rail network operating conditions◆ Mid- and long-term operational improvement measures
Reduced train costs and operating expenses by adjusting timetables to create a more efficient rail network
operating system

16

Business Strategy (Transportation)
Improvement of services◆ Revision of the timetable
・Significantly extended the period that direct express trains run at 10-minuteintervals between Yodoyabashi and Demachiyanagi
Improved passenger convenience and stimulate demand◆ Started a non-stop Keihan express service for the autumn tourist season
・Started a non-stop Keihan express (Yodoyabashi – Demachiyanagi) service between
Kyobashi and Shichijo to provide comfortable and convenient services to tourists
visiting Kyoto from Osaka・Schedule: Every Saturday, Sunday and public holiday until December 4 (Sunday)
Stepped up efforts to attract more visitors from Osaka during the tourist season◆ Installed a transfer gate at Tofukuji station (JR West and Keihan Railway)
・Installed a ticket gate on the Tofukuji station platform to allow passengers totransfer between Keihan Railway and JR West lines without using the stairs;
objective: encourage greater use of the public transport system in Kyoto
・To mark the opening of the transfer gate, launched a special combined Kyoto
Momiji Ticket that gives passengers unlimited travel on certain Keihan Railway
lines after transferring from the JR West network
Encouraged more people to visit the Higashiyama / Rakuhoku area from JR Kyoto station◆ IC card service with JR West・Started selling ICOCA and ICOCA commuter passes by the Keihan Railway, followed by the sales of ICOCA
commuter passes by JR West
IC-enabled rail passes now account for around 40% of the total due to growing use of PiTaPa cards and ICOCA
commuter passes (IC ratio = ratio of people with IC cards passing through ticket gates)

17

Business Strategy (Transportation)
Other initiatives in the railway operation◆ Leveraging expertise in rail network operations
Preliminary study into the Hanoi Urban Railway Line No. 5 (Vietnam)
Together with the Japan Railway Technical Service and Nomura Research Institute, participated in a preliminary
survey into the Hanoi Urban Railway Line No. 5 (Vietnam) in response to a request for proposals from JICA for
its Third Preparatory Survey for PPP Infrastructure
We plan to leverage our expertise in railway operation to contribute to the development of rail networks
overseas

Demand-creating and revenue-increasing measures for the bus business◆ Increased timetable for “Direct Express Choku Q Kyoto” line services
Increased the timetable for “Direct Express Choku Q Kyoto” line services (high-speed link between JR
Kyoto station and the Matsui-Yamate area) in response to strong demand from customers; also started lateevening “Direct Express Choku Q Kyoto” line services on weekdays◆ Reviewed fare structure
Created a more simple fare structure following the launch of IC cards:
reviewed fares for existing tickets and offered a wider choice of discounts
for passengers using PiTaPa cards

Kyoto Regular Tour Bus◆ Introduced a foreign language guide system on Kyoto Regular Tour Bus
The onboard system uses GPS and is aimed at overseas tourists who speak English, Chinese or Korea

18

Business Strategy (Real estate)
Realization of growth –Development of revenue base–Acquisition of new lease properties
Acquired trust beneficiary right of Mikami Building (Setagaya ward, Tokyo) (Acquired on June 20)[Property outline]
Location:
Total floor space:

1-18-10, Wakabayashi, Setagaya ward, Tokyo(10 min. on foot from Tokyu Den-en-toshi Line “Sangen-jaya Station”)
14,732.31m2

Building structure: Steel frame / steel-reinforced concrete structure with a flat roof and 2 underground, 12 aboveground floors
Completion:

March 1993

Toranomon 5 Mori Building (Minato ward, Tokyo) (Acquired on August 19)[Property outline]
Location:

1-17-1, Toranomon, Minato ward, Tokyo
(3 min. on foot from Tokyo Metro Ginza Line “Toranomon Station”)

Total floor space:

9,917.03m2

Building structure: Steel-reinforced concrete structure with a flat roof, 2 attics and
1 underground, 10 aboveground floors
Completion:

June 1961
Toranomon 5 Mori Building

We will continue to evaluate properties with a view to acquiring additional office buildings that
support future growth and a stable operating base, while always ensuring a balanced financial
position
19

Business Strategy (Real estate)
Realization of growth –Development of revenue base–Promotion of condominium sales
Grand First Senri Momoyamadai
Gaining expertise by participating in rebuilding projects
Transferring this expertise to redevelopment projects along our railway lines
Location:
1, Momoyamadai, Suita city, Osaka
Building structure: 15-stories high with a basement, 798 units
Move-in dates:(of which, units for sale: 544)
Tenants completed move-in September 2011
(1st and 2nd buildings)
January 2012 (3rd to 7th buildings),
April 2012 (8th and 9th buildings) (Planned)

Fine City Osakajokouen
Large condominium located near Osakajokouen
Location:
2, Morinomiya chuo, Chuo ward, Osaka city, Osaka
Building structure: 15-stories high, 493 units
Move-in dates:
End-March 2013 (Planned)

Fine City Osakajokouen

We plan to continue operating the business focused on short-term turnover projects,
while carefully monitoring real estate price trends
20Business Strategy (Real estate)
Realization of growth –Development of revenue base–Participation in overseas projects◆ Real estate business in Shenyang, China
We have teamed up with leading Chinese real estate developer Vanke
Group and Tokyo Tatemono to develop two joint projects in thenortheastern Chinese city of Shenyang
We plan to tap into business opportunities both in Japan andoverseas after careful assessment of business feasibility and risk
CG image of the completed Shenyang Tomorrow Square project

Improvement of the area along the Keihan Railway lines
Full-scale move into the home renovation business◆ Keihan First Reform Plaza opened
We made a concerted move into the home renovation businesswith the opening of a showroom in Keihan East Rose Town;
together with our businesses providing support for relocationand moving house, we now offer a stronger lineup of housingrelated consulting solutions
Keihan First Reform Plaza

21

Business Strategy (Retail)Improvement of profitability and efficiency of existing businesses
Expansion of the commercial property management business
Reinforcement of profitability of existing businesses◆ KUZUHA MALL
• Pushed ahead with Kuzuha Mall second-stage development plan
• Boosted the appeal and earnings power of the facility
After the end of fixed-term tenancy agreements, we replaced roughly 1/3 ofthe tenants on April 28 and renovated the retail facilities; specialty urban
retail brands have been attracted to the site
Specialty fashion stores in the main mall have seen sales rise morethan 10% year on year

KUZUHA MALL

The general quality of the facility has been improved by targeting
female shoppers in their 20s◆ Keihan Department Moriguchi Store• The department store has gained a more local feel after renovation of its
important food floor
Merchandising and product lineups have been strengthened byenhancing sales areas and introducing new brands
We aim to boost the frequency of customer visits by reviewing services
and the in-store environment

22

Keihan Department Moriguchi Store’s food floor

Business Strategy (Leisure and service)
Reinforcement of attracting tourists / Construction of the business base of the hotel business
Reinforcement of tourism◆ Making of the Kyoto Century Hotel a subsidiary
Under the Keihan Group management vision –Our Challenge to
Keihan as First Choice– we have positioned Kyoto as the key areain the leisure and service business; in line with this, we made the
Kyoto Century Hotel a subsidiary
Located in front of JR Kyoto station, the hub for tourists
visiting Kyoto, the full-service premium Kyoto Century Hoteljoins the four existing hotels in the Keihan Group, further
strengthening our tourist business
Kyoto Century Hotel

Construction of the business base of the hotel business◆ Initiatives to improve earnings•

Attract and retain customers using loyalty clubs and contracts for corporate clients•

Reinforce sales in the Tokyo metropolitan area by creating a joint sales promotion system•

Boost RevPAR by extending revenue management across the Group (RevPAR: revenue per available room)
Increase earnings by reinforcing product planning and sales capabilities

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Towards the Next Medium-term Management Plan
(FY2013 – 2015)◇ Under the next medium-term management plan, increase market share
FY2021along Keihan Railway lines and expand the business area, as the second
Management visionphase in realizing the management vision
Our Challenge to Keihan
as First Choice

Next Medium-termManagement Plan
Development of the area along
the Keihan Railway lines topursue sustainable prosperity

ATTACK 2011

Expansion of business areas○Further promote the enrichment of the area
along the Keihan Railway lines
・Improve the value of the area along the Keihan Railway lines

Reinforcement of business base・Deeply cultivate the area and create new profit-making pillars

Realization of growth・Attract tourists and improve the environment to receive them

“Aggressive” attitude
should be put forward

First phase

Important theme for FY2013 and later

・Aggressive and vigorous business tie-ups○Expand business areas for further development ofrevenue baseSecond phase・ Develop business outside the area along the Keihan
Railway lines by making the most of our know-how

The details of the next Mid-term Management Plan (Business portfolio, practical measures, numeric targets, etc.) are being formulated.
We plan to announce them around the end of this fiscal year.

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