Fact Sheets 2019 - JR西日本 West Japan Railway Company ... · Number of passenger cars : 6,551...

https://www.westjr.co.jp/global/en/irYear ended March 31, 2019

Fact Sheets 2019

CONTENTS

Corporate Overview

1

2

3

4

5

6

7

8

9

10

11

12

13

14

Businesses, Revenue Composition

Service Area

Major businesses in consolidated segment

JR-West Group Medium-Term Management Plan 2022

Operating Environment

Operating Area Population and Gross Production

Demand from Inbound Travel

Airport and Expressway Networks

Business

Sanyo Shinkansen Line / Shinkansen Versus Airlines

Development of New Shinkansen Lines (Hokuriku Shinkansen Line)

Kansai Urban Area (Kyoto-Osaka-Kobe Area)

Development in Kansai Urban Area

Non-Transportation Operations (Financial Overview)

Non-Transportation Operations (Retail Business)

Non-Transportation Operations (Real Estate Business)

15

16

17

18

19

20

21

Data

Uses of Cash Flows

Employees

Management Indicators

Consolidated Financial Data

Non-Consolidated Financial Data

Transportation Revenues

Transportation Data

22

Other

Outline of Government’s Regulations on Railway Fares and Charges

Making Our Vision into Reality

Continuity Progress

https://www.westjr.co.jp/global/en/ir

WEST JAPAN RAILWAY COMPANYCORPORATEOVERVIEW

OPERATINGENVIRONMENT

CONTENTS DATA OTHERBUSINESS 1Fact Sheets 2019

Note: Percentages of operating income and total assets calculated excluding consolidation adjustment amounts.

62.3%3.5%

20.1%

14.1%

52.3%35.3%

12.4%

68.3%

3.1%

17.9%

10.7%

62.4%

16.1%

9.7%

11.9%

Corporate Overview

Businesses, Revenue Composition

CORPORATE PROFILE As of March 31, 2019 As of March 31, 2019

TOTAL ASSETS (As of March 31, 2019)

REVENUE COMPOSITION FY ended March 31, 2019

Number of passengers : Total 1,911 million Shinkansen 87 million Conventional lines 1,845 million Kansai Urban Area 1,538 million Other 361 million

Passenger-kilometers : Total 59,379 million Shinkansen 21,338 million Conventional lines 38,040 million Kansai Urban Area 29,797 million Other 8,243 million

Train-kilometers per day : Total 512 thousand Shinkansen 124 thousand Conventional lines 388 thousand

Transportation• Railway ServicesTotal route length : 4,903.1 kilometers Shinkansen 812.6 kilometers Conventional lines 4,090.5 kilometers

Number of stations : 1,174

Number of passenger cars : 6,551

• Bus Services• Ferry Services

Retail :Sales of goods and food services, department store, wholesale of various goods

Real Estate :Shopping center operations, real estate lease and sale

Other Businesses :Hotel services, travel services, rental of goods,construction, etc.

BUSINESSES

OPERATING REVENUES(REVENUES FROM THIRD PARTIES)

Transportation ......... ¥953.9 billion

Retail ...................... ¥245.5 billion

Real Estate ............. ¥148.5 billion

Other Businesses..... ¥181.3 billion

Transportation ......... ¥136.2 billion

Retail .......................... ¥6.1 billion

Real Estate ................ ¥35.6 billion

Other Businesses....... ¥21.2 billion

Transportation ........ ¥2,095.0 billion

Retail ........................ ¥118.2 billion

Real Estate ................ ¥675.7 billion

Shinkansen ............... ¥457.0 billion

Kansai Urban Area (Kyoto-Osaka-Kobe Area) ................................. ¥308.1 billion

Other Conventional Lines ................................. ¥108.2 billion Other Businesses....... ¥474.5 billion

Total

¥1,529.3 billion

OPERATING INCOME

Total

¥196.9 billion

RAILWAY REVENUES

Total

¥873.4 billion

Total

¥3,237.5 billion

* The total route length is the sum of the Shinkansen and conventional lines.

Date of establishment : April 1, 1987

Common stock : ¥100 billion

Shares outstanding : 192,481,400

Employees at work : 24,866 (non-consolidated) 47,842 (consolidated)

Number of subsidiaries : 155 (incl. 64 consolidated subsidiaries)




KyushuShinkansen

Sanyo Shinkansen

(JR-West)

Tokaido Shinkansen

Tokyo

Takasaki

Joetsu Myoko

Toyama

Kanazawa

Osaka

Kyoto

Nagano

Mie

Toyama

Ishikawa

Fukui

Shiga

NaraWakayama

Kyoto Nagoya

Shin-Osaka

Shinagawa

Hiroshima

Tottori

HyogoShimane

Okayama

Fukuoka

Shin-KobeOkayama

Hiroshima

Kokura

Hakata

Kumamoto

Kagoshima-Chuo

YamaguchiYamaguchiYamaguchi

100km100mile

Conventional Lines

Kansai Urban Area

Area of Other Conventional Lines

Sanyo Shinkansen

Hokuriku Shinkansen

HokurikuShinkansen

(JR-East)

HokurikuShinkansen

KansaiUrban Area

Kyobashi

Osaka

Tennoji

Wakayama

Kansai-airport

Kobe

Amagasaki

Shin-Kobe

Nishi-Akashi

Kakogawa

Tanikawa

HimejiAioi

Kyoto

Omi-Shiotsu

KusatsuYamashina

NaraOji

Takada

Tsuge

Shin-Osaka

Maibara

Boundary Stations between JR-West and Other JR Companies

Shinkansen Line (Bullet Train)

Intercity Lines

Regional Lines

Kameyama

225 series commuter trainOperating section : Kansai Urban AreaTypical train configuration : 8 carsMaximum speed : 130km/h

CONVENTIONAL LINES

Thunderbird limited expressOperating section : Osaka – Kanazawa,

Wakura-onsenTypical train configuration : 9 carsMaximum speed : 130km/h

Tokaido and Sanyo Shinkansen N700AOperating section : Tokyo – HakataTrain configuration : 16 carsMaximum speed : 300km/h

SHINKANSEN

Sanyo and Kyushu Shinkansen N700Operating section : Shin-Osaka – Kagoshima-ChuoTrain configuration : 8 carsMaximum speed : 300km/h

Hokuriku Shinkansen W7Operating section : Tokyo – KanazawaTrain configuration : 12 carsMaximum speed : 260km/h

• Western part of Honshu, the main island of Japan, and northern part of Kyushu• Approx. 1/3 of Japan’s population and GDP

Corporate Overview

Service Area




As of March 31, 2019

Transportation

Retail

Real Estate

Other Businesses

Railway Services

Sales of Goods and Food Services

Shopping Centers

Hotels

• Shinkansen, Conventional lines

Consolidated subsidiary: 1 companySubsidiary: Sagano Scenic Railway

Ferry ServicesConsolidated subsidiary: 1 companySubsidiary: JR West Miyajima Ferry Co., Ltd.

Consolidated subsidiaries: 2 companiesSubsidiaries: Japan Railway West Trading Company, West Japan Railway Sanin Development Company

Bus Services• Express buses, conventional buses

Consolidated subsidiaries: 2 companiesSubsidiaries: West Japan JR Bus Company Chugoku JR Bus Company

• Operation of stores within railway stations (convenience stores, gift shops, restaurants, etc.) • Operation of VIA INN accommodation-oriented budget hotels

Consolidated subsidiaries: 7 companiesMain subsidiaries: West Japan Railway Daily Service Net Company West Japan Railway Food Service Net Company West Japan Railway Fashion Goods Co., Ltd.

Department Store

Wholesale and others

• Operation of JR Kyoto Isetan and isetan shops in LUCUA osaka

Consolidated subsidiary: 1 companySubsidiary: West Japan Railway Isetan Limited

• Operation of shopping centers in station buildings and surrounding areas of stations

Consolidated subsidiaries: 12 companiesMain subsidiaries: JR West Japan Shopping Center Development Company Tennoji Shopping Center Development Co., Ltd. July 2019 Merger with JR West Japan Shopping Center Development Company as the surviving company KOBE SC DEVELOPMENT COMPANY

Real Estate Lease and Sale• Operation of station buildings and development of commercial facilities surrounding areas of stations and underneath elevated tracks• Development of condominiums and community along railway belts

Consolidated subsidiaries: 4 companiesSubsidiaries: Kyoto Station Building Development Co., Ltd. Osaka Terminal Building Company JR WEST REAL ESTATE & DEVELOPMENT COMPANY JR West Properties Co., Ltd.

• Operation of hotels directly connected to main stations

Consolidated subsidiaries: 6 companiesMain subsidiaries: West Japan Railway Hotel Development Limited Hotel Granvia Osaka Co., Ltd.

Travel ServicesConsolidated subsidiary: 1 companySubsidiary: Nippon Travel Agency Co., Ltd.

Construction• Construction, Maintenance Works, Electric Works, etc.

Consolidated subsidiaries: 9 companiesMain subsidiaries: DAITETSU KOGYO Co., LTD. WEST JAPAN RAILWAY TECHNOS CORPORATION Nishinihon Electric System Co., Ltd.Others• Advertising Services, Cleaning and Maintenance Works, etc.

Consolidated subsidiaries: 18 companiesMain subsidiaries: West Japan Marketing Communications, Inc. JR West MAINTEC Co., LTD.

Corporate Overview

Major businesses in consolidated segment




• With capital expenditures expanding, we will enhance returns to shareholders. We will bolster both profit growth and shareholder return.• We will focus on sustained profit growth and utilize return ratios.

(1) Highest priority on safety/growth investment • Investing in safety, which is the foundation of management • Implementing growth investment to increase corporate value over the long term • Investing to increase business sustainability

We will implement stable dividends, aiming for a dividend payout ratio of approximately 35% in fiscal 2023.

Over the period of this plan, our yardstick will be a total return ratio of approximately 40%, and we will make flexible acquisitions of treasury stock.

[Priority ranking for uses of cash]

Continuation of current trends

Business Performance Targets Financial Strategy

Capital Expenditure Plan

Billions of yen

(Billions of yen)

2,000.0

1,500.0

1,000.0

Medium-TermManagement Plan 2022

Medium-TermManagement Plan 2017

FY2014.3 FY2015.3 FY2018.3FY2016.3 FY2017.3 FY2019.3 FY2020.3 FY2023.3FY2021.3 FY2022.3

¥940 billion(+¥150 billion)



¥20 billion(–¥5 billion)

JR-West Group Medium-TermManagement Plan 2017

JR-West Group Medium-TermManagement Plan 2022

Other

Real EstateBusiness

RetailBusiness

TransportationOperations

Capex forgrowth

Capex formaintenanceand upgrades

¥710 billion

Capex formaintenanceand upgrades

¥280 billion

Capex for growth

¥130 billionEquity investment

¥490 billion

Safetycapex

Around2030:

¥2 trillion

Our Vision—The Ideal Forms

Enhancing safety

Shareholder return policy

* EBITDA = Operating Income + Depreciation Expense + Amortization of goodwill Figures in [ ] exclude expenses in preparation for Hokuriku Shinkansen opening

* Balance of cash and deposits: Generally maintaining current level

Operating Revenues

Transportation

Retail

Real estate

Other businesses

Operating Income

Transportation

Retail

Real estate

Other businesses

Recurring Profit

Profit attributable to owners of parent

EBITDA*

ROA

ROE

Transportation Revenues

Results forFY2018.3

a

1,500.4

950.8

239.8

139.6

170.0

191.3

130.3

7.2

35.7

19.9

177.7

110.4

356.1

6.3%

11.3%

867.8

Objectives forFY2023.3

b

1,630.0

977.5

281.0

168.5

203.0

[218.0] 210.0

139.5

10.0

41.5

23.0

[205.0] 197.0

[134.0] 128.0

[408.0] 400.0

Mid-6% range

Approx. 10%

890.0

¥1,120 billion

¥1,270 billion(+¥150 billion)

(Breakdown by segment)* Change excludes equity investment

Increase/Decrease

c=b-a

+129.5

+26.6

+41.1

+28.8

+32.9

[+26.6] +18.6

+9.1

+2.7

+5.7

+3.0

[+27.2] +19.2

[+23.5] +17.5

[+51.8] +43.8

–

–

+22.1

Results forFY2019.3

1,529.3

953.9

245.5

148.5

181.3

196.9

136.2

6.1

35.6

21.2

183.3

102.7

361.3

6.2%

9.8%

873.4


Safetycapex

¥810 billion

¥460 billion

(2) Shareholder return • Balancing uses of cash • Allocating free cash flow to shareholder return

(3) Basically, we will not implement debt reduction. • Considering the procurement of new debt for additional investment, while maintaining corporate credit ratings

Capitalexpenditure

Increasing cashgenerating

abilityOperatingcash flow

(CF)

Returns toshareholders

Debt reduction

Dividends

Acquisition of treasury stock

[Securing business sustainability]• Increasing productivity by utilizing new technologies, etc.

• Using opportunities presented by updates of large-scale facilities in order strengthen functionality

Corporate Overview

JR-West Group Medium-Term Management Plan 2022

• Strengthening Shinkansen competitiveness

• Increasing the value of railway belts in the Kansai Urban Area

• Increasing asset efficiency and expanding operational scale in non-railway businesses

• Introduction of N700A• Opening of

Joetsumyoko-Kanazawa segment of the Hokuriku Shinkansen

• Opening of LUCUA Osaka

• Opening of northern section of Osaka Higashi Line

• Standardizing of rolling stock for trains used in direct operation between the Tokaido Shinkansen and the Sanyo Shinkansen

• Opening of Kanazawa-Tsuruga segment of Hokuriku Shinkansen• Opening of Umekita (Osaka) underground station• Opening of Naniwasuji Line• Consideration of access to Yumeshima• Development of large-scale, strategic stations (Osaka, Sannomiya, Hiroshima)

• Setting objectives from long-term viewpoint

• Maximizing effectiveness of large-scale projects

Steadfastly maintaining the direction taken to date. At the same time, adding a backcasting perspective to target sustained growth over the long term.

Positioning of Medium-Term Management Plan




POPULATION AND GROSS PRODUCTION

(Thousands of people; Billions of yen)

MAP OF WEST JAPAN AND POPULATION GROWTH IN KANSAI AREA

Population

(As of January 1, 2018)

Gross Production(FY ended March 31, 2016)

Kansai Area Shiga

Kyoto

Osaka

Hyogo

Nara

Wakayama

Kansai Area Total

Other Service Areas

Niigata

Toyama

Ishikawa

Fukui

Nagano

Mie

Tottori

Shimane

Okayama

Hiroshima

Yamaguchi

Fukuoka

Service Areas Total

Reference Tokyo Area

Nagoya Area

Kyushu Area

Japan

Note: Kansai Area: Shiga, Kyoto, Osaka, Hyogo, Nara, Wakayama

Tokyo Area: Tokyo, Kanagawa, Saitama, Chiba

Nagoya Area: Aichi, Gifu, Mie

Kyushu Area: Fukuoka, Saga, Nagasaki, Kumamoto, Oita, Miyazaki, Kagoshima

Source: Ministry of Internal Affairs and Communications, Cabinet Office

Note: For “Change,” 2017 is the base year (100) for the index

FY2001, etc., refer to the fiscal years ending March 2001, etc.

Source: Actual: Directory of population, Ministry of Internal

Affairs and Communications

Projection: Population Projections by Prefecture

(March 2018), National Institute of Population

and Social Security Research

1,420

2,563

8,856

5,590

1,372

975

20,776

2,281

1,070

1,150

791

2,114

1,834

571

691

1,921

2,849

1,396

5,131

42,575

36,471

11,440

13,069

127,707

6,163.6

10,345.5

39,106.9

20,495.0

3,577.4

3,526.7

83,215.1

8,845.6

4,646.5

4,573.7

3,233.3

8,558.0

8,286.5

1,755.1

2,565.7

7,787.9

11,941.1

5,870.2

18,861.1

170,139.9

180,808.8

55,397.4

44,964.1

546,550.5

(16%)

(33%)

(15%)

(31%)

JR-Central

JR-West

JR-ShikokuJR-Kyushu

Fukuoka

Shimane

Tottori

HiroshimaYamaguchiHyogo

Okayama

Osaka

Kyoto

Nara

Wakayama

Mie

Shiga

Fukui

ToyamaIshikawa

Nagano


Operating Area Population and Gross Production

* Figures in parentheses show percentages of Japan totals.

Hyogo

Shiga

Kyoto

5,5375,5375,537

2000

5,5775,5775,577

2005

5,5805,5805,580

2010

5,6215,6215,621

2015

5,5905,5905,590

2017

5,4335,4335,433

2020

5,3065,3065,306

2025

5,1395,1395,139

2030

4,9494,9494,949

2035

4,7434,7434,743

2040

4,5324,5324,532

2045

818181858585898989929292959595979797100100100

2,5632,5632,563

2,5662,5662,566

2,5472,5472,547

2,5752,5752,575

2,5632,5632,563

2,5742,5742,574

2,5102,5102,510

2,4312,4312,431

2,3392,3392,339

2,2382,2382,238

2,1372,1372,137

838383878787919191959595989898100100100100100100

1,3351,3351,335

1,3651,3651,3651,3911,3911,391

1,4201,4201,4201,4201,4201,420

1,4091,4091,4091,3951,3951,395

1,3721,3721,372

1,3411,3411,341

1,3041,3041,304

1,2631,2631,263

898989929292949494979797989898999999100100100

Osaka Wakayama Nara

8,6298,6298,629

8,6648,6648,664

8,6828,6828,682

8,8668,8668,8668,8568,8568,856

8,7328,7328,732

8,5268,5268,526

8,2628,2628,262

7,9637,9637,963

7,6497,6497,649

7,3357,3357,335

838383868686909090939393969696999999100100100

1,4491,4491,4491,4301,4301,430

1,4071,4071,4071,3881,3881,388

1,3721,3721,372

1,320

1,265

1,202

1,136

1,066

998

737373787878838383888888929292

969696100100100

2000 2005 2010 2015 2017 2020 2025 2030 2035 2040 2045

2000 2005 2010 2015 2017 2020 2025 2030 2035 2040 2045

2000 2005 2010 2015 2017 2020 2025 2030 2035 2040 20452000 2005 2010 2015 2017 2020 2025 2030 2035 2040 2045

Actual Projection Change

Japan Total Kansai Area TotalService Area Total

126,285126,285126,285

127,055127,055127,055

126,231126,231126,231

128,066128,066128,066

127,707127,707127,707

125,325

122,544

119,125

115,216

110,919

106,421

20,60020,60020,600

20,66420,66420,664

20,63220,63220,632

20,86320,86320,863

20,77620,77620,776

20,400

19,877

19,235

18,509

17,735

16,954

42,98642,98642,986

42,96642,96642,966

42,66542,66542,665

42,82742,82742,827

42,57542,57542,575

41,736

40,634

39,328

37,868

36,296

34,694

838383878787909090939393969696989898100100100

828282858585898989939393969696989898

100100100

818181858585898989929292959595989898

100100100

2000 2005 2010 2015 2017 2020 2025 2030 2035 2040 2045 2000 2005 2010 2015 2017 2020 2025 2030 2035 2040 20452000 2005 2010 2015 2017 2020 2025 2030 2035 2040 2045

1,0881,0881,0881,0621,0621,062

1,0261,0261,026

994994994

975975975

921

876

829

782

734

688

717171757575808080858585

909090949494100100100

2000 2005 2010 2015 2017 2020 2025 2030 2035 2040 2045




28.4

45.6

Exclusiveproducts

Exclusiveproducts

Individualtickets

31.1

Exclusiveproducts

Individualtickets

Individualtickets

FY2018.3 FY2023.3(Target)

External Environment

Demand from Inbound Travel

Composition of Inbound Visitors to Japan (CY2018 result)

Source: Japan National Tourism Organization (JNTO)

* Number of visitors using JR-West: Number of visitors using products for inbound visitors(sales and exchanges in JR-West’s operating area)

VISITING RATE BY PREFECTURE (CY2018 result)

Ranking Prefecture Visiting rate %

1

2

3

4

5

6

7

8

9

10

11

15

Tokyo

Osaka

Chiba

Kyoto

Fukuoka

Nara

Hokkaido

Aichi

Kanagawa

Okinawa

Hyogo

Hiroshima

45.6

36.6

35.6

25.8

10.4

8.9

7.9

7.8

7.5

6.8

6.0

2.9

Number of users of exclusive products Transportation Revenues Consolidated operating revenues

Changes in Inbound Visitors to Japan (Results for each year and targets)

3.00

2.50

2.00

1.50

1.00

0.500.20

0.36

0.60

1.00

1.25

1.60

2.60

Millions of people

FY2013.3 FY2014.3 FY2015.3 FY2018.3 FY2023.3(Target)

FY2016.3 FY2017.30

60.0

40.0

20.0

0

Billions of yen

FY2019.3

42.9

65.0

80.0

60.0

40.0

20.0

0

Billions of yen

FY2018.3 FY2023.3(Target)

FY2019.3

1.76

FY2019.3

46.5

Quantity of responses: 108,202Unit: Millions of people

Asia26.75

86%

… … …

Note: Blue shaded areas are JR-West’s operating area.Source: Japan Tourism Agency

Results and Targets for Visitors Using JR-West

Other 0.772%Europe

1.726%

NorthAmerica

1.936%

AsiaOther0.54

2%HongKong2.207%

ASEAN3.3211%

Taiwan4.7515%

South Korea7.5324%

China8.3827%

Total31.19

Millions of people

Source: Japan National Tourism Organization (JNTO), Ministry of Justice

Note: Figures in parentheses show index, with 2012 = 100

1812 13 14 17 30(Target)

20(Target)

15 16

31.19

7.65

70.00

60.00

50.00

40.00

30.00

20.00

10.008.36

10.3613.41

19.7424.04

1.79 2.32 3.175.01 6.09

28.69

7.16

60.00

40.00

0

Inbound visitors to Japan

Foreigners entering Japan at Kansai International Airport

(373)

(427)(100)

(100)





Airport and Expressway Networks As of March 31, 2019

Haneda Airport

Narita Airport

Chubu International Airport

Kansai

Kobe Airport

Okayama AirportHiroshima

Airport

Yamaguchi Ube Airport

Kitakyushu AirportFukuoka Airport

Hakata

Kumamoto Airport

Tokyo

Miyazaki Airport

Nagasaki Airport

Saga Airport

Oita Airport

Iwakuni KintaikyoAirport

Kochi Airport

Matsuyama Airport

Tokushima Airport

Takamatsu Airport

Hagi Iwami AirportTottori Airport

Tajima Airport

Nanki-Shirahama Airport

KomatsuAirport

Noto Airport

Niigata Airport

Yonago AirportIzumo Airport

Ibaraki Airport

Toyama Airport

Kagoshima AirportKagoshima Airport

Onomichi

Gotsu

Izumo Yonago

Sakaide

Naruto

Hamada

Imabari

Kagoshima

Okayama

Nanki Tanabe

Ise

YamaguchiKitakyushu

Nagasaki

Tosu

Yatsushiro

Miyazaki

Saiki

Sasebo

Tsuruga

Maibara

Kanazawa

Airport [Expressway]Shinkansen Already constructed Under construction or at planning stage

Notes

1. Travel time for the Shinkansen is the shortest on Nozomi, Mizuho, and Kagayaki trains. Travel time for the airlines is an estimate. For airlines, in addition to the travel time

required from the airport to the city center, the calculation includes 10 minutes of travel time between the Airport Limousine Bus or station nearest the airport to the

boarding gate, 20 minutes of waiting time at the boarding gate, and 10 minutes from the gate to the Airport Limousine Bus or station nearest the airport.

2.

Tokyo — Fukuoka

Travel Time Fare (¥) Frequency

Shinkansen 4h 46m 22,950 31

Airlines 3h 00m 41,390 54 (19)

Travel Time and Fare: JAL or ANAFrequency: All airlines. Numbers in parentheses are frequency excluding those of JAL or ANA.

Tokyo — Hiroshima



Airlines 3h 30m 34,890 18

Tokyo — Kanazawa




Tokyo — Okayama




Tokyo — Toyama




Kyoto-Osaka-Kobe Metropolitan Area — Kagoshima



Airlines 3h 10m 30,260 17 (4)


Kyoto-Osaka-Kobe Metropolitan Area — Fukuoka



Airlines (Itami Airport) 2h 20m 24,860 10

Airlines (Kansai Intl. Airport) 3h 00m 25,030 5 (4)


Aichi — Fukuoka



Airlines (Chubu Intl. Airport) 2h 30m 28,810 14 (6)

Airlines (Komaki Airport) 2h 20m 28,500 5


Kyoto-Osaka-Kobe Metropolitan Area — Kumamoto



Airlines 3h 00m 26,560 11 (2)


Komaki AirportKomaki AirportKomaki Airport

ShizuokaShizuokaAirportAirport

ShizuokaAirport

NagoyaNagoyaNagoya

Itami AirportItami AirportItami AirportKobeKobeKobeSuitaSuitaSuita

Shin-OsakaShin-OsakaShin-Osaka

Kansai AirportKansai AirportKansai Airport

KurashikiKurashikiKurashiki

HiroshimaHiroshimaHiroshima

International Airport

Kagoshima Airport

Fare for the Shinkansen is the regular Nozomi, Mizuho, and Kagayaki fare, and for airlines is the regular fare. The cost includes the passenger facilities usage fee for airports

(¥290 for Haneda Airport, ¥260 for Osaka International Airport (Itami), ¥430 for Kansai International Airport, and ¥310 for Chubu Intl. Airport).




141

126

Business

Sanyo Shinkansen Line / Shinkansen Versus Airlines Years ended March 31

SHARE OF PASSENGER MARKET—SHINKANSEN VERSUS AIRLINES

Tokyo – Okayama

Tokyo – Hiroshima

Tokyo – Yamaguchi

Tokyo – Fukuoka

Aichi – Fukuoka

Kyoto-Osaka-Kobe Area– Kagoshima

Kyoto-Osaka-Kobe Area– Kumamoto

Note: Each vertical graph bar represents the number of passengers using JR and the number of passengers using airlines; the bars indicate the total number of passengers using JR or using airlines compared to the base year index of 100 (the fiscal year ended March 1997). For the Kyoto-Osaka-Kobe area to Kumamoto and Kagoshima, the base year index of 100 (the fiscal year ended March 2008).

Source: Ministry of Land, Infrastructure, Transport and Tourism

(93.3)Debut of 300-Series

Nozomi

(95.1)The Hanshin-Awaji

Earthquake

(97.3)Debut of 500-Series

Nozomi

(00.3)Debut of Hikari Rail Star

(03.10)Timetable Revision:

more Nozomi departures

(06.7)“Express

Reservation”Service Started

(07.7)Debut of

N700-SeriesNozomi

(11.3)Direct service operations between the

Sanyo and Kyushu Shinkansen services (17.9)

Smart EX

JR (Number of passengers)

Airlines (Number of passengers)

JR’s Market Share (right)

Kyoto-Osaka-Kobe Area – Fukuoka

%

Kyoto-Osaka-Kobe Area: Kyoto, Osaka, and Hyogo Prefecture* Figures for the fiscal year ended March 2019 are preliminary.

%

%

%

%

%

%

(89.3)Debut of Grand Hikari

87.4

143

0

100

200

150

100

50

78

83.888.085.382.481.380.978.576.475.774.371.466.063.862.466.7

70.672.371.365.877.977.576.874.872.972.271.4

83.5 85.281.7

15 16141312111009080706050403020100999897969594939291908988 0

100

75

50

25

85.6 86.8

1817 19*

0

100

200

150

100

50

0

100

75

50

25

14 151312111009080706050403020100999897

62.7 62.361.962.561.860.659.157.652.852.150.648.351.4

66.070.2

74.476.977.377.6

1413121110090807060504030201009998970

100

200

150

100

5029.8

36.541.340.639.638.336.434.032.632.029.129.3

37.640.842.5

43.744.046.3

0

100

75

50

25

0

100

34.6

200

150

100

50

141312111009080706050403020100999897

49.0

55.756.856.653.3

47.242.1

35.931.529.029.727.527.125.825.4

30.832.9

0

100

75

50

25

15

28.1

15

50.5

1716

62.3 62.8

18

169

62.9

17 1816

51.5 48.7 51.0

17 18

28.9 26.326.0

159

16

100

53.3

200

150

100

50

141312111009080706050403020100999897

59.658.156.553.851.650.148.845.845.142.438.738.141.242.0

44.648.651.3

0 0

100

75

50

25

15

59.2

0

100

200

150

100

50

141312111009080706050403020100999897

7.37.68.08.16.96.96.55.86.76.36.05.76.66.87.08.610.311.9

0

100

75

50

25

15

6.9

0

100 100

29.9

200

150

100

50

1413121110090814131211100908

27.5

15

28.1

27.9

35.3

13.4

10.39.39.2

61.6

15

59.8

59.2

56.3

36.931.730.4

0

100

75

50

25

17 1816

62.7

122

17 18

58.3

122

17 1816 16

28.4 23.5 25.1

17 1816

7.5 7.3 7.4

61.9 61.760.8 60.3

134




Business

Development of New Shinkansen Lines (Hokuriku Shinkansen Line)

FIVE NEW SHINKANSEN LINES PROPOSED IN 1973 UNDER THE NATIONWIDE SHINKANSEN RAILWAY DEVELOPMENT LAW

Note: Hakusan Car Maintenance Center is located from Kanazawa station to the west about 12 kilometers.

In Operation Planned New Shinkansen Line (Under construction) Planned New Shinkansen Line (To be determined)

PLANNING OF NEW SHINKANSEN LINES As of March 31, 2019

TRAVEL TIME AND MARKET SHARE

JRAirlines*3Before opening*1 After opening*2

JR market share*4 Before opening

(FY2014)After opening

(FY2017)

Tokyo — Ishikawa About 3h 50m 2h 28m About 2h 50m 31.2%

Tokyo — Toyama About 3h 10m 2h 08m About 2h 30m 55.2%

69.7%

85.9%

*1. Using the Joetsu Shinkansen and Hakutaka limited express train

*2. Time required for fastest “Kagayaki”

*3. Includes airport access and egress time

*4. Source: Statistical survey of Ministry of Land, Infrastructure, Transport and Tourism

Hokuriku Shinkansen

Nagano–Hakusan Car Maintenance Center

Opened on March 14, 2015.

Hakusan Car Maintenance Center–Tsuruga

Scheduled to be completed by end of FY2023.3.

Line Lines in Operation Approved Zone for Construction Implementation Plan

Expense Burden

Tohoku (Morioka–Aomori) Morioka — Shin-Aomori (opened in December 2010, 178km)

• Central government (existing Shinkansen transfer revenues, public utilities expenses)

• Local governments (one-half of the central government)

• JR (usage fees with the upper limit to be determined by the range of expected benefits)

Hokuriku (Tokyo–Osaka)

Takasaki — Nagano (opened in October 1997, 117km) Nagano — Kanazawa (opened in March 2015, 228km)

Kanazawa — Tsuruga (125km)

Hokkaido (Aomori–Sapporo) Shin-Aomori — Shin-Hakodate-Hokuto(opened in March 2016, 149km)

Shin-Hakodate-Hokuto — Sapporo (211km)

Kyushu (Fukuoka–Kagoshima) Hakata — Kagoshima-Chuo (opened in March 2011, 289km)

Kyushu (Fukuoka–Nagasaki) Takeo-Onsen — Nagasaki (66km)

Oshamanbe

Shin-Hakodate-Hokuto

Shin-Aomori

Hachinohe

Morioka

Akita

SendaiYamagata

Shinjo

Fukushima

Niigata

Takasaki

JoetsuMyoko

Nagano

OmiyaTokyo

ToyamaKanazawa

JR-WestJR-West

Hakusan CarMaintenance Center

Fukui

Nagoya

Tsuruga

Shin-Osaka Kyoto

Okayama

HiroshimaShin-Shimonoseki

Hakata

Shin-Tosu

Takeo-Onsen

Nagasaki

KumamotoShin-Yatsushiro

Kagoshima-Chuo

Isahaya

Sapporo

Shin-Otaru

451km

169km125km




Business

Kansai Urban Area (Kyoto-Osaka-Kobe Area)

TRAFFIC VOLUME (Years ended March 31)

Ten million passenger-kilometers

5 Private Railways in Kyoto-Osaka-Kobe AreaJR-West

Note: Figures in parentheses are indexed at the fiscal year ended March 1988 = 100.

MAJOR LINES IN KYOTO-OSAKA-KOBE AREA

COMPARISON WITH 5 PRIVATE RAILWAYS IN KYOTO-OSAKA-KOBE AREA MARKET SHARE Traffic Volume Base (Years ended March 31)

%

Other Railways5 Private Railways in Kyoto-Osaka-Kobe AreaJR-West

Note: 5 private railways in Kyoto-Osaka-Kobe area: Hankyu, Hanshin, Keihan, Kintetsu, and Nankai

Hankyu

JR-West

Hanshin

OsakaOsakaOsaka

Kyoto

JR-NambaJR-NambaJR-Namba

Sannomiya

Takarazuka

Tennoji

Kansai-airport

Wakayama

Umeda

YodoyabashiYodoyabashi

NambaNamba

Osaka NambaOsaka Namba

Kobe-Sannomiya

Kobe-Sannomiya

Takarazuka

Wakayamashi

Umeda

Kyoto

Kawaramachi

Nara

Kintetsu-Nara

Sanjo

Yodoyabashi

Namba

Osaka Namba

Keihan

Kintetsu

Nankai

Route Railway Company Distance

(km)

Normal Fare

(¥)

Train Pass Charges (Business Commuters) Travel Time

(min.)Monthly Pass (¥) Six-month Pass (¥)

Osaka–Kyoto JR-West 42.8 560 16,530 79,310 28

Hankyu (Umeda–Kawaramachi) 47.7 400 15,510 83,760 42

Keihan (Yodoyabashi–Sanjo) 49.3 410 15,370 83,000 47

Osaka–Sannomiya JR-West 30.6 410 12,300 59,090 20

Hankyu (Umeda–Kobe-Sannomiya) 32.3 320 12,840 69,340 27

Hanshin (Umeda–Kobe-Sannomiya) 31.2 320 12,840 69,340 31

Osaka–Takarazuka JR-West 25.5 330 10,040 48,210 24

Hankyu (Umeda–Takarazuka) 23.3 280 11,140 60,160 30

Tennoji–Nara JR-West 37.5 470 14,260 68,420 33

Kintetsu (Osaka Namba–Kintetsu-Nara) 32.8 560 19,600 105,840 36[35]*1

Tennoji–Wakayama JR-West 61.3 860 25,460 124,420 60[40]*2

Nankai (Namba–Wakayamashi) 64.2 920 25,770 139,160 58

Tennoji

–Kansai-airportJR-West 46.0 1,060 29,090 152,550 47[30]*3

Nankai (Namba–Kansai-airport) 42.8 920 31,920 172,370 43[36]*1

Note: Travel time assumes the fastest possible method in the daytime on a weekday.

*1 [ ] denotes the travel time by Limited Express. Express charge (¥510) is required.

*2 [ ] denotes the travel time by Limited Express. Express charge (reserved seats in normal cars: ¥1,490) is required.

*3 [ ] denotes the travel time by Limited Express. Express charge (reserved seats in normal cars: ¥1,170) is required.

Source: Annual Railway Statistical Bulletin

1,500

2,5742,934

3,369 3,3693,435 3,481 3,439

3,317

(100)3,377

(102)3,416

(103)

(96)

2,819

(85)2,893

(87)2,946

(89)3,010

(91)3,314

(100)

3,081

(93)3,170

2,893

(142)

2,880

(142)

2,827

(139)

2,844

(140)2,834

(139)2,896

(142)

2,811

(138)

2,805

(138)

2,822

(139)2,849

(140)2,901

(143)

2,604

1,9872,130

2,033

(100)

2,184

2,356

2,4742,808

(138)

2,846

(140)

2,833

(139)

2,831

(139)

2,855

(140)

2,650

(130)

2,854

(140)

2,844

(140)

2,844

(140) 2,668

(81)2,622

(79)2,610

(79)2,592

(78)

2,608

(79)

2,657

(80)

2,883

(142)2,952

(145)

2,634

(80)

2,704

(82)2,684

(81)

2,712

(82)

2,718

(82)

2,784

(84)2,682

(81)

4,000

3,500

3,000

2,500

2,000

13 14 16 17151211100908070605040302010099989796959493929190898876

(100)

3,311

0

14.314.414.7

10.3

14.5 14.6 14.7 14.6 14.7 14.5 14.914.5

43.143.644.046.148.0

48.4

53.5 52.4 51.8 50.6 49.9 48.845.9

44.344.9 42.9

53.0

42.742.441.941.339.6

37.636.936.2

32.5 33.1 33.634.7 35.5

36.5

39.6 40.840.2

14.8

41.341.941.942.5 41.1 41.0 41.1 41.1 40.8 40.8 40.8 40.8

14.514.514.714.9 14.5 14.414.414.314.3 14.6 14.6 14.8 14.7 14.6 14.6 14.6

44.343.743.843.2 44.3 44.4 44.1 44.1 44.544.6 44.6 44.6

60

45

30

15

13 14 16 17151211100908070605040302010099989796959493929190898876

40.7

14.8

44.5

2,959(146)

2,715(82)

40.8

14.7

44.5

WEST JAPAN RAILWAY COMPANY

Fact Sheets 2019CORPORATEOVERVIEW


CONTENTS DATA OTHERBUSINESS 11

Hankyu Umeda Station

Hankyu Sanbangai SC

Hankyu

Departm

ent Stor

e

Daimaru

Departm

ent

Store

Hotel G

ranvia

Osaka

Hanshin

Umeda

Station

Hanshin

Depart

ment St

ore

(Recons

truction

plan)

LUCUA

LUCUA 1

100

Umesan

Koji

ALBi

Eki Mar

ché Osa

ka

Yodoba

shi Cam

era

(Develop

ment pla

n)

Yodoba

shi Cam

era

Umekita Phase II plan

Plann

ed si

te for

new

statio

n

Umekita Phase I (Grand Front Osaka)

Osaka S

tation

: JR-West related facilities

HOTEL VISCHIO OSAKA by GRANVIA

Tennoji

Yamatoji Line

JR-Namba

Nishikujo

Yumeshima(Candidate site for

World Expo 2025 andan integrated resort)

KyobashiHanaten

Shin-Osaka

OsakaHigashi Line

(southern part)

JR Tozai Line

JR Kobe Line

JR Kyoto Line

Osaka

Kyuhoji

Gakkentoshi Line

Osaka Higashi Line(northern part)Hanaten – Shin-OsakaOpened in March 2019Relocate a portion of a

branch line of the Tokaido Line underground and open a new stationSpring 2023

Naniwasuji LineUmekita (Osaka) underground station – JR NambaSpring 2031

KizurikamikitaNew stationOpened in March 2018

Business

Development in Kansai Urban Area

DEVELOPMENT in KANSAI URBAN AREA (As of March 2019)

Kobe

SannomiyaAmagasaki

Shin-Kobe

Nishi-Akashi

Kakogawa

Tanikawa

Himeji

Kyoto

Yamashina Kusatsu

Nara

Oji

Takada

Shin-Osaka

Osaka

Kansai-airport

Tennoji

Umekoji-KyotonishiNew stationOpened in March 2019

KyotoRailway MuseumOpened in April 2016

JR SoujijiNew stationOpened in March 2018

Ibaraki Station

improvement and development inside Opened in April 2018

Higashi-HimejiNew stationOpened in March 2016

Maya New stationOpened in March 2016

MAJOR PROJECTS

DEVELOPMENT in OSAKA LOOP LINE AREA

• Naniwasuji Line

Project overview · Total cost: Approx. 330.0 billion yen · length: Approx. 7.4 km

Project leaders · Construction: Kansai Rapid Railway Co., Ltd. · Operations: Umekita (Osaka) underground station Nishi-Hommachi Station (provisional name) – JR Namba Station : West Japan Railway Company Umekita (Osaka) underground station – Nishi-Hommachi Station (provisional name) – Shin-Imamiya Station : Nankai Electric Railway Co., Ltd.

Project timeline Spring 2031 Targeted start of operations

• Relocate a portion of a branch line of the Tokaido Line underground and open a new station

• Osaka Higashi Line construction project

Project overview · Total cost: approx. 69.0 billion yen · Length: Approx. 2.4 km · New station plan: underground station with two unattached platforms and four train lines

Project leaders · Construction: City of Osaka, West Japan Railway Company · Operations: West Japan Railway Company

Project timeline Nov. 2015 Construction started Spring 2023 Scheduled switchover to underground operations and opening of a new station

Project overview · Total cost: Approx. 120.0 billion yen (excl. opening of new stations) · length: Approx. 20.3 km · No. of stations: 14 (incl. existing stations)

Project leaders · Construction: Osaka Soto-Kanjo Railway Co., Ltd. · Operations: West Japan Railway Company

Project timeline Jun. 1999 Construction started on southern part (Hanaten-Kyuhoji) Nov. 2007 Construction started on northern part (Shin Osaka-Hanaten) Mar. 2008 Opening of southern part (Hanaten-Kyuhoji) (9.2 km) Mar. 2019 Opening of northern part (Shin Osaka-Hanaten) (11.1 km)

Nara LineDouble trackII stageSpring 2023

Kyobashi





Business

Non-Transportation Operations (Financial Overview) Years ended March 31

OPERATING INCOME OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES OF NON-TRANSPORTATION OPERATIONSOPERATING REVENUES BY SEGMENTYear ended March 31, 2019 (Billions of yen)

Other businesses

Real estate

Ratio of non-transportationoperations(Right axis)

Retail

SALES OF GOODS AND FOOD SERVICES

Retail

Operating income(Right axis)

Operating revenues(Left axis)









Figures in brackets< > are the sales ofcondominiums(Revenues from thirdparties) (Included inReal estate leaseand sale)(Left axis)



SHOPPING CENTER OPERATIONS

Real estate

HOTELS

Other businesses

DEPARTMENT STORE REAL ESTATE LEASE AND SALE TRAVEL AGENCY

Notes: 1. Operating revenues are the revenues from third parties ( = customers). The breakdown of operating revenues by each segment is the sum of revenues of major subsidiaries.

2. The breakdown of operating income by each segment is the sum of incomes of major subsidiaries before eliminating internal transactions.

Transportation953.962.4%

245.516.1%

148.59.7%

181.311.9%

Other businesses

Real estate

Retail

Other businesses

Real estate

Ratio of non-transportationoperations(Right axis)

Retail

Total1,529.3 billion

215.3

71.1

132.6132.6132.6

201.9

70.9

119.6119.6119.6

201.3

75.7

121.4121.4121.4

233.5 234.6

128.4128.4128.4

240.1

137.1137.1137.1

93.5 90.9 102.2

220.1

87.2

174.4174.4174.4

151413121110090

100.0

200.0

300.0

400.0

500.0

600.0

Billions of yen

129.9129.9129.9

33.033.033.0 33.533.533.5 34.834.834.8 35.035.035.036.036.036.0 35.735.735.7

232.0

108.8

181.5181.5181.5

16

36.036.032.932.932.9

0

10

20

30

40

50

60

%

36.0

233.9

109.5

168.8168.8168.8

17

35.535.535.5

239.8

139.6

170.0170.0170.0

18

36.636.636.6

19 −15

0

15

30

45

60

36.741.8

27.727.727.730.330.330.3 30.730.730.7 32.632.632.6 29.629.629.6

4.7

22.6

6.76.76.7

3.1

22.5

6.76.76.7

3.5

22.2

10.310.310.3

–2.9 –0.4

12.312.312.3

4.4

11.811.811.8

25.9 28.027.7

1.5

25.1

15.615.615.6

15

5.3

32.7

22.422.422.4

16141312111009

9.69.69.6

–15.0

0

15.0

30.0

45.0

60.0

Billions of yen

32.632.632.6

5.2

32.2

20.420.420.4

17

32.232.232.2

7.2

35.7

19.919.919.9

18

32.632.632.6

19

%

Billions of yen Billions of yen

0

30.0

60.0

90.0

120.0

180.0

150.0

0

1.0

2.0

3.0

4.0

6.0

5.0

3.0

2.0

3.1 3.3

3.9 3.9

15141312111009

2.8

141.8

131.7

132.2 133.4 134.4 135.1 133.6

4.6

16

144.95.1

17

152,5

6.0

18

161.7

19


0

3.0

6.0

9.0

15.0

12.0

0

15.0

30.0

45.0

75.0

60.0

6.8 6.98.2 8.7 7.9

7.3

15141312111009

7.1

46.9 46.7 47.754.3 55.0 53.5 50.6

9.3

16

57.8

9.6

17

60.5

8.7

18

59.6

19

1.8

1.5 1.6

2.3

2.02.02.0 2.12.12.1

15141312111009

1.5

34.4 33.0 32.4 32.1 33.434.8

2.72.72.7

16 0

0.5

1.0

1.5

2.0

2.5

0

10.0

20.0

30.0

40.0

3.050.0

36.536.536.5

2.4

17

36.236.236.2

1.91.91.9

18

35.635.635.6


19

33.033.033.0

–6.0

–4.0

–2.0

0

2.0

4.0

–150.0

–100.0

–50.0

0

50.0

100.0 68.6 63.9

63.4

94.9 93.5

1.60.8

–6.3

–4.0

0.2 0.3

–2.2

15141312111009

0.4

94.578.2

16

79.1

–0.1

17

73.4

0.9

18

70.1

19


4.43.6

6.3 8.1

10.3

8.1

15141312111009

2.4

22.2 22.726.4

37.6

0

20.0

15.0

10.0

5.0

0

80.0

60.0

40.0

20.0

34.2

47.1

34.7 12.5

16

49.249.249.2

11.6

17

47.247.247.2

17.3

18

781781781

19

Billions of yenBillions of yen

–4.0

–3.0

–2.0

–1.0

0

1.0

2.046.1

39.4 37.2

38.8

38.2

–1.3–1.6

0.30.7 0.8

42.5

15141312111009

0.3

41.5

0.6

41.6

16

0.4

42.0

17

0.6

41.3

18

0.2

19–100.0

–75.0

–50.0

–25.0

0

25.0

50.0


245.5

148.5

181.3181.3181.3

37.637.637.6

6.1

35.6

21.221.221.2

31.731.731.7

4.9170.0

9.6

61.5

1.01.01.0

35.635.635.6

1.067.1 18.2

84.984.984.9

40.5

0.2





Eki Marché details

Sales of Goods and Food ServicesBusiness Names of major stores No. of stores

Sales of Goods Seven-Eleven

Eki Marché

episode

Garland of Dew

DELI CAFE

ESTACIÓN CAFÉ

KARAFUNEYA COFFEE

Menya

Tabi Bento

Drip-X-Café

VIA INN

391

3

16

13

15

9

12

20

10

3

22

Seven-Eleven franchised stores

Commercial facilities inside stations

Variety and general goods stores inside stations

Selected accessory shops

Self-service cafés

Full-service cafés inside stations

Urban full-service cafés

Fast food noodle shops

Shops specializing in train station boxed lunches

New type café located outside stations

Accommodation-oriented budget hotels

Food Services

Other

Overview

Department StoreLocation of VIA INN

Major Store Opened Commercial floor space

JR Kyoto Isetan Sept. 1997 Approx. 44,000 m2

Name Opened Floor space

Eki Marché Takarazuka

Eki Marché Osaka

Eki Marché Shin-Osaka

Mar. 2010

Oct. 2012

Mar. 2015

Approx. 840 m2

Approx. 4,700 m2

Approx. 2,300 m2

Name Opened

12

13

14

15

16

17

18

19

20

21

22

Rooms

VIA INN Higashi Ginza

VIA INN Okayama

VIA INN Nagoya Shinkansen Gate

VIA INN Shinsaibashi Nagahoridori

VIA INN Asakusa*2

VIA INN Hiroshima Kanayamacho*2

VIA INN Abeno Tennoji

VIA INN Umeda

VIA INN SHIN-OSAKA SHOMENGUCHI

VIA INN NAGOYA EKIMAETSUBAKI-CHO

VIA INN Iidabashi Korakuen

Mar. 2012

Oct. 2012

July 2013

June 2014

June 2014

June 2014

Apr. 2017

Aug. 2017

Jul. 2018

Aug. 2018

Sep. 2018

297

251

238

150

190

156

172

217

88

249

295

Name Opened

1

2

3

4

5

6

7

8

9

10

11

Rooms

VIA INN Shimonoseki *1

VIA INN Shin Osaka

VIA INN Shin Osaka West

VIA INN Himeji

VIA INN Hiroshima

VIA INN Kyoto Shijo Muromachi

VIA INN Kanazawa

VIA INN Tokyo Oimachi

VIA INN Akihabara

VIA INN Shinsaibashi

VIA INN Shinjuku

Mar. 1996

July 1998

Mar. 2001

Oct. 2002

Apr. 2004

Apr. 2007

June 2007

July 2009

Mar. 2011

Apr. 2011

Feb. 2012

195

226

433

211

256

239

206

509

283

205

226

*1 Unconsolidated business*2 Other Business segment

Business

Non-Transportation Operations (Retail Business) As of March 31, 2019

Number of Seven-Eleven franchised stores

VIA INN details

117

5 13 4

3 220

10

614

21

18

7

8 12

1116

91519

22

0

200

400

600

70

193

335391365

FY2017.3 FY2019.3FY2018.3FY2016.3FY2015.3

Target500





Shopping Center Operations

Business

Non-Transportation Operations (Real Estate Business) As of March 31, 2019

List of major SC

EST

Tennoji MIO

Wakayama MIO

MONTetMER

Liv

PLiCO ROKKOMICHI

piole AKASHI

piole HIMEJI

Shopping Centers (No. of facilities: 43)

SC tenant revenues

Real Estate Lease and Sale

List of major facilities

Commercial facilities Office buildings

Facility name Date opened

Floor space

VIERRA Otsu

VIERRA Nara

VIERRA Tsugaguchi

VIERRA Morinomiya

VIERRA Momodani

VIERRA Kobe

VIERRA Himeji

Oct. 2016

Mar. 2012

Apr. 2016

Sept. 2013

Aug. 2016

Dec. 2003

Dec. 2011

2,200 m2

5,300 m2

5,400 m2

4,000 m2

1,000 m2

6,600 m2

2,100 m2

Facility name Date opened

Floor space

Shin-Osaka Station Front Chuo Building

North Gate Building (Office)

JR Kobe Station NK Building

Hiroshima Inarimachi NK Building

June 2014

Feb. 1975

May 2011

Jan. 2001

July 2009

Apr. 1968

May 1970

9,600 m2

31,000 m2

21,000 m2

8,400 m2

13,600 m2

14,300 m2

17,300 m2

Condominiums and detached houses

Major recent condominium properties

Property name Date of delivery

Total units

J.GRAN L IBARAKI

Maya City COMFORT

Diasta Waseda Suwadori

Diasta Musashino Midorinotei

Mar. 2016-

Mar. 2016-

June 2016-

Sept. 2016-

Sept. 2016-

283

105

558

23

19

Property name Date of delivery

Total units

Diasta Kajigaya Hills

Diaesta Mio Fukumachi Urban

Diaesta Mio Tarumi Kaigan-dori

Feb. 2017-

Mar. 2017-

June 2017-

Sept. 2017-

Sept. 2017-

56

587

99

96

28

Development of station buildings and surrounding areas of stations

Leasing space

Number of condominiums completed (cumulative)

Note: Does not take into account business shares in joint ventures.

Note: Includes other segments and unconsolidated SC.

MARIER Toyama

Kanazawa Hyakubangai

Prism Fukui

Shopping Mall Kyoto Porta

SUITA GREEN PLACE

arde! SHIN-OSAKA

LUCUA osaka

Kyoto Station Building Shop Street The CUBE

Okayama Ichi Ban Gai

SUN STATION TERRACE OKAYAMA

SUN STATION TERRACE FUKUYAMA

SHAMINE MATSUE*

SHAMINE TOTTORI*

ekie

ripie SHIMONOSEKI

Hiroshima station buildingASSE

JR Kanazawa Station West Gate No.1 NK Building

Port Side Dia Building

JR Amagasaki Station North Gate NK Building

SC name Date opened

Floor space

Sept. 1987

Mar. 1991

Apr. 2005

Oct. 1952

Nov. 1980

June 2016

Feb. 1965

May 2011

8,700 m2

18,100 m2

2,800 m2

5,100 m2

10,200 m2

9,000 m2

5,300 m2

53,000 m2

SC name Date opened

Floor space

Nov. 1981

Sept. 1995

Mar. 1968

Oct. 1980

Mar. 1989

Nov. 1996

Dec. 1964

Dec. 2008

6,800 m2

39,000 m2

7,200 m2

9,600 m2

15,100 m2

5,000 m2

9,200 m2

25,000 m2

SC name Date opened

Floor space

Aug. 1974

Oct. 2006

Nov. 2007

Oct. 1978

Oct. 1979

Mar. 1965

Oct. 2017

Mar. 2014

8,100 m2

8,200 m2

10,100 m2

4,500 m2

2,600 m2

10,900 m2

7,300 m2

2,500 m2

* Retail Business Segment

10,000 sq. m.

350

300

250

200

150

100

50

0

GRACIA CITY KAWASAKI DAISHIGAWARA

PROUD CITY TSUKAGUCHI MARK FORESTJ.GRAN THE HONOR SHIMOGAMO TADASU NO MORI

0

70.0

140.0

210.0

Billions of yen

350.0

280.0

FY2014.3FY2013.3FY2012.3FY2011.3FY2010.3FY2009.3FY2008.3 FY2015.3 FY2016.3 FY2018.3FY2017.3

228.7 228.5 218.0 217.6244.2 246.9 246.2 245.9

301.7 314.6

FY2019.3

335.8310.0

FY2014.3FY2013.3FY2012.3FY2011.3FY2010.3FY2009.3FY2008.3 FY2015.3 FY2016.3 FY2018.3FY2017.3

83 86

130154

177 184218 221 225 230

295

FY2019.3

309

domiciles

0

2,000

4,000

10,000

12,000

8,000

6,000

FY2014.3FY2013.3FY2012.3FY2011.3FY2010.3FY2009.3FY2008.3

2,302 2,783 2,8733,092 3,442

3,7744,812

FY2015.3

4,979

FY2016.3

6,399

FY2019.3FY2017.3

8,390

11,253

FY2018.3

9,570




Data

Uses of Cash Flows

CAPITAL EXPENDITURES (Consolidated, Own Funds) Years ended March 31 CAPITAL EXPENDITURES (Non-Consolidated, Own Funds) Years ended March 31

Dividends Years ended March 31Capital Expenditures (Consolidated, Non-Consolidated)

Note: One common share is divided into 100 shares from July 1, 2011. Dividends per share have been recalculated based on the number of shares after division.

Note: One common share is divided into 100 shares from July 1, 2011. Shares bought is stated as the number of shares after division.

Safety-related Other Depreciation and Amortization Dividend per Share (¥) Payout Ratio (%) (Right axis)

Long-Term Debt and Payables (Consolidated)

LONG-TERM DEBT AND PAYABLES (Consolidated) As of March 31 LONG-TERM DEBT AND PAYABLES (Non-Consolidated) As of March 31

Bonds Other Average Interest Rate* (Right axis)

Long-Term Debt and Payables (Consolidated, Non-Consolidated)BREAKDOWN OF SHINKANSEN PURCHASE LIABILITY(Fiscal year ended March 2019)

LiabilityBalance

Billions of yen

Interest Rate

Term Payment Recipient

%

No. 1 — — 25.5until Mar. 2017

Japan Railway Construction, Transport and Technology Agency

No. 2 — — 25.5until Mar. 2017

No. 3 102.9 Fixed 6.55 60until Sept. 2051

Average Interest Rate (Consolidated)* (Right axis)

* Average interest rate before FY ended March 1999 was calculated as follows:Average Interest Rate = [Interest Expenses + Interest on Bonds] / [(Long-term Debt and Payables at the end of the previous fiscal year + Long-term Debt and Payables at the end of the fiscal year under review) / 2]

Shinkansen Purchase Liability

Years

Capital Expenditures (Consolidated, Own Funds) Depreciation and Amortization (Consolidated)

Billions of yen %

2,000

1,500

1,000

500

0

873.0

108.3

445.5

842.4

158.3

422.0

810.5

214.9

396.6

775.7

214.9

388.1

742.6

200.0

325.2

634.2

215.0

316.2

600.1

215.0

301.0

565.3

210.0

288.6

528.4

220.0

265.7

490.5

220.0

250.5

455.0

249.9

246.0

419.2

279.9

236.5

385.2

289.9

259.1

352.3

384.9

284.7

5.04 4.82 4.63 4.47 4.364.10 4.02 3.86 3.81 3.74 3.65 3.57 3.50

3.19

322.9

444.9

319.9

2.971,426.81,422.7

1,422.1

1,378.8

1,267.91,165.4

1,116.11,064.0

1,014.2961.1

951.0935.7 934.3

1,022.0

1,087.9

284.5

454.9

316.8

2.85

1,056.3

244.2

449.9

278.3

2.84

972.5

205.1

459.9

307.1

2.62

972.2

15141312111009080706050403020100999897

167.6

479.9

350.0

2.40

997.7

16

2.25

1817

1,046

534.9524.9

391.8398.2

1.97 1.87

1,031.51,027.0

19

6

3

0

134.6

494.9

366.0

995.6

Results for acquisition of own shares

Oct-Nov 2007

Aug-Sep 2008

Dec 2008-Jan 2009

Nov 2012 Nov 2013 Jun-Jul 2018

Aug 2018Time period

Purchase amount

Shares bought

Shares retired

¥9.9bn

1,743,400

—

¥9.9bn

1,991,300

—

¥9.9bn

2,530,600

—

—

—

1,743,400

—

—

4,521,600

¥9.9bn

1,253,600

—

—

—

1,253,600

Billions of yen

1514131211100908070605040302010099989796

149.5

153.9

160.8

169.3150.8

141.9137.0

128.0112.8111.9

113.6

115.3

113.0

115.1

120.0

122.6

125.0

126.1

124.1

121.9

225.6

16

156.6

233.1

1817

162.7163.5

192.4

169.4

19

166.7

152.9

195.4

260.0

210.1

163.9

187.9

144.9

125.3

113.1

120.8

105.4

88.386.3100.696.8

155.0

203.1

171.5

0

50.0

100.0

150.0

200.0

250.0

300.0

Billions of yen

1413121110090807060504030201009998979695949392

33.935.4

59.1

44.3

54.5

25.220.7

21.1

25.8

20.4

27.8

24.122.032.3

39.9

50.2

33.736.5

121.9

32.130.4

26.4

16

30.4

135

1817

29.7

28.0

140

160

19

115110

90

80

7070

6060606065

5050505050

50

60

5050505050

0

20

40

60

80

100

120

160

140

180

160

140

120

100

80

60

40

20

0

Yen %

15

36.3

125

0

6

3

0

15141312111009080706050403020100999897

1,539.1

5.044.74 4.62 4.36 4.24 4.02 3.96 3.82 3.78 3.71 3.62 3.56 3.49

2.973.19

1,562.91,554.4

1,498.9

1,385.6

1,257.91,200.7

1,138.51,081.6

1,024.9986.7957.2953.2

1,102.6

1,038.9

2,000

1,500

1,000

500

1,004.2980.7983.0

1,068.8

2.40

1817

1,037.9

1.97 1.86

19

2.632.842.86

Billions of yen %

16

1,001.8

2.25

1,032.2

163.1

245.3

250.0

200.0

150.0

100.0

50.0

0

17.0

85.1

48.4

111.2

137.1

71.8

110.0

119.0

54.7

114.4

137.8

59.6

121.5

99.2

67.6

133.3

97.0

51.5

109.9

92.2

44.5

79.8

77.4

30.1

88.0

54.4

28.2

112.7

46.838.2

57.0

110.2

94.0

38.8

107.0

84.4

59.5

104.4

100.0

41.9

101.8

71.8

50.0

97.189.2

55.9

96.4

85.7

60.9

95.7

102.3

46.7

94.5

92.8

56.8

92.5

106.3

81.4

93.5

117.2

99.8

107.5

159.6

77.2

115.9

128.4

125.1

129.1

208.5

97.7

72.7

134.7

124.8

89.3 83.2

129.3

144.5

140.7

150.8

95.6

119.9

165.5

105.0

137.6

159.8

18

125.2

134.3

190.9

1917141312111009080706050403020100999897969594939291908988

90.2

126.0

186.4

15

126.0

132.3

198.7

16

127.8

136.8

175(Plan)

32.8

1,064.0

1.81

102.9

569.9

388.7

1.81

1,061.6

103.8

P.15

Uses of Cash Flows

Capital Expenditures (Own Funds)Years ended March 31

ConsolidatedBillions of yen

969798990001020304050607080910111213141516171819

Capital Expenditures171.5203.1155.096.8100.686.388.3105.4120.8113.1125.3144.9187.9163.9210.1260.0195.4152.9166.7225.6233.1192.4169.4245.3

Depreciation and Amortization121.9124.1126.1125.0122.6120.0115.1113.0115.3113.6111.9112.8128.0137.0141.9150.8169.3160.8153.9149.5156.6162.7163.5163.1

Non-ConsolidatedBillions of yen

8889909192939495969798990001020304050607080910111213141516171819

Capital Expenditures38.246.854.477.492.297.099.2137.8119.0137.194.084.4100.071.889.285.7102.392.8106.3117.2159.6128.4165.5208.5150.8124.8144.5186.4198.7159.8127.8190.9

Safety-related17.028.230.144.551.567.659.654.771.848.457.038.859.541.950.055.960.946.756.881.499.877.295.6125.197.772.789.390.2126.0105.083.2125.2

Depreciation and Amortization85.1112.788.079.8109.9133.3121.5114.4110.0111.2110.2107.0104.4101.897.196.495.794.592.593.5107.5115.9119.9129.1140.7134.7129.3126.0132.3137.6136.8134.3

DividendsYears ended March 31yen, %

92939495969798990001020304050607080910111213141516171819

Dividend per Share505050505060505050505050656060606070708090110115125135140160175

Payout Ratio26.430.432.1121.936.533.750.2—39.932.322.024.127.820.425.821.120.725.254.544.359.135.433.936.330.429.728.032.8

Note: One common share is divided into 100 hsares on July 1, 2011. Divided per share have been recaluculatd based on the number of shares after division.

Long-Term Debt and PayablesAs of March 31

ConsolidatedBillions of yen, %

9798990001020304050607080910111213141516171819

Long-Term Debtand Payables1,539.11,562.91,554.41,498.91,385.61,257.91,200.71,138.51,081.61,024.9986.7957.2953.21,038.91,102.61,068.8983.0980.71,004.21,001.81,037.91,032.21,064.0

Average Interest Rate5.044.744.624.364.244.023.963.823.783.713.623.563.493.192.972.862.842.632.402.251.971.861.81

Non-ConsolidatedBillions of yen, %

9798990001020304050607080910111213141516171819

Long-Term Debtand Payables1,426.81,422.71,422.11,378.81,267.91,165.41,116.11,064.01,014.2961.1951.0935.7934.31,022.01,087.91,056.3972.5972.2997.7995.61,031.51,027.01,061.6

Shinkansen Purchase Liability873.0842.4810.5775.7742.6634.2600.1565.3528.4490.5455.0419.2385.2352.3322.9284.5244.2205.1167.6134.6104.6103.8102.9

Bonds108.3158.3214.9214.9200.0215.0215.0210.0220.0220.0249.9279.9289.9384.9444.9454.9449.9459.9479.9494.9534.9524.9569.9

Other445.5422396.6388.1325.2316.2301.0288.6265.7250.5246.0236.5259.1284.7319.9316.8278.3307.1350.0366.0391.8398.2388.7

Average Interest Rate5.044.824.634.474.364.104.023.863.813.743.653.573.503.192.972.852.842.622.402.251.971.871.81





2,710

26%7,190

Data

Employees (Consolidated, Non-Consolidated)

NUMBER OF EMPLOYEES (Non-Consolidated) As of April 1

NUMBER OF EMPLOYEES AT WORK (Consolidated) As of March 31

NEW EMPLOYEES (Non-Consolidated) FY ended March 31

AGE DISTRIBUTION (Non-Consolidated) As of April 1, 2019

Other BusinessesReal EstateRetailTransportation

Non-Consolidated

Note: Beginning the fiscal year ended March 2007, a new personnel system was adopted that promoted contract employees during the year to the status of full employees.

Note: The percentages are based on employee numbers excluding employees reemployed after retirement.

These employee figures have been included in the fiscal year ended March 2007 and for years thereafter.

(Please note, however, that in the fiscal year ending March 2020, this figure represents employees who joined the Company on April 1, 2019.)

The employee figures do not include medical-related employees (doctors, technicians, nurses, etc.) and specialist employees recruited mid-career.

50~5445~4940~4435~3920~240~19 25~29 30~34 55~

Number of people

800

17

820

1918

Number of people

12050

160

290 300

440 470490 480

700 710 680600 600

670760 770 760

1,1301,1601,220

1,310

1,140

0

1,400

1,200

1,000

800

600

400

200

151413121110090807060504030201009998979695949392919089

730

870

20

670

770

9509701,040

16

Number of people

0

50,000

40,000

30,000

20,000

10,000

33,506 32,11729,875

27,581 26,525 25,830 25,465 25,466 25,824 26,443 26,705

47,79445,995

43,39445,250 44,080 43,118 43,093 43,354 44,021

45,240 46,104 45,703

26,778

45,402

26,889

45,326

27,300 26,886

46,00647,565

15

26,555

47,456

16

25,821

47,382

18 1917141312111009080706050403020100

Number of people

0

10,000

8,000

6,000

4,000

2,000 2%450

7%2,010

13%3,600

22%6,150

17%4,630

8%2,310

3%840

2%650

1,4472,909

25,291

47,869

24,866

47,842

17,709

25,777

51,33051,540 50,900

48,630

48,410

48,190

48,000

47,980

47,800

47,260

46,390

45,01042,570

40,790

39,26036,490

34,560

32,850

31,210

30,350

29,620

29,610

29,870 29,900

29,950

29,850

29,590

30,230

30,170

15

29,150 27,830

18 191714

29,680 28,380

161312111009080706050403020100999897969594939291908988870

60,000

50,000

40,000

30,000

20,000

10,000

160 220 300 230150 330280 450370 1,320

2,710

7901,920

Full-time employees

Full-time employees

60~66

Senior employees / Senior leader employees (employees reemployed after retirement)

Senior employees / Senior leader employees (employees reemployed after retirement)





Data

Management Indicators Years ended March 31

Consolidated

Operating Income Ratio (%)

Recurring Profit Ratio (%)

Return on Operating Revenues (%)

Return on Total Assets (ROA) (%)*1

Return on Equity (ROE) (%)*2

Current Ratio (%)

Equity Ratio (%)

Debt-Equity Ratio (times)*3

Interest-coverage Ratio (times)

EBITDA (¥ billions)*4

Earnings (Net Income) per Share (EPS) (¥)

Book-value (Net Assets) per Share (BPS) (¥)*5

Dividend per Share (¥)*6

Payout Ratio (%)

Dividend on Equity (DOE) (%)*8

Rate of total distribution on net assets (%)*9

Consolidated/Non-Consolidated Ratio(Operating Revenues) (times)

Consolidated/Non-Consolidated Ratio(Net Income) (times)

Non-Consolidated

Operating Income Ratio (%)

Recurring Profit Ratio (%)

Return on Operating Revenues (%)

Note: Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment

*1 Return on Total Assets (ROA) = Operating Income / [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) / 2]

*2 Return on Equity (ROE) = Net Income / [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) / 2]

*3 Debt-Equity Ratio = Long-term Debt and Payables / Total Shareholders’ Equity

*4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill

*5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review / Number of Shares at the end of the fiscal year under review

*6 Estimate for the fiscal year ended March 2019, as are Payout Ratio, Total Return Ratio, Dividend on Equity (DOE), and Rate of total distribution on net assets.

*7 Total Return Ratio = (total dividends + acquisitions of treasury stock) / Net Income

*8 Dividend on Equity (DOE) = Dividend per Share / [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) / 2]

*9 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) / consolidated net assets

*10 The Company conducted a stock split on July 1, 2011, at a ratio of 100 ordinary shares for each ordinary share.

*11 From the fiscal year ended March 31 2018, accompanying partial amendments to “Accounting Standard for Tax Effect Accounting,” the method of offsetting deferred tax assets and deferred tax liabilities in the “Assets” and “Liabilities” sections has been changed.

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12*10 13 14 15

12.3

6.6

3.5

7.1

16.4

57.4

10.2

6.6

1.9

—

18,948

121,322

5,000

26.4

—

—

1.18

1.04

13.9

7.2

4.0

13.6

5.5

3.0

6.2

13.0

63.4

11.1

5.8

1.6

—

16,454

132,724

5,000

30.4

—

—

1.18

1.03

15.6

6.0

3.5

12.7

5.3

2.8

5.9

11.3

69.1

11.9

5.2

1.6

—

15,593

143,242

5,000

32.1

—

—

1.18

1.04

14.6

5.8

3.2

9.3

2.2

0.8

4.1

2.9

69.7

11.0

5.5

1.3

—

4,102

141,496

5,000

121.9

—

—

1.25

1.08

11.6

2.3

0.9

12.5

5.2

2.3

5.7

9.4

54.9

11.6

5.0

1.8

269.5

13,699

149,118

5,000

36.5

—

—

1.26

1.06

15.0

5.9

2.8

11.3

5.1

2.9

5.2

11.5

58.5

12.1

4.7

1.8

260.8

17,819

162,133

6,000

33.7

—

—

1.26

1.06

13.6

5.9

3.5

9.6

3.9

1.6

4.5

6.1

48.5

12.6

4.7

1.6

244.2

9,966

165,917

5,000

50.2

—

—

1.30

0.85

12.1

5.1

2.5

9.8

4.3

(0.7)

4.5

(2.8)

47.4

12.1

5.0

1.7

242.9

(4,507)

156,309

5,000

—

—

—

1.33

—

12.4

5.6

(0.6)

9.0

4.0

2.1

4.2

7.6

49.4

13.6

4.3

1.6

230.4

12,546

174,424

5,000

39.9

—

—

1.35

0.98

11.2

4.8

2.9

9.4

4.7

2.6

4.4

8.1

53.0

16.1

3.3

1.8

231.9

15,481

206,823

5,000

32.3

—

—

1.36

1.19

11.0

4.9

2.9

9.9

5.9

3.8

4.7

11.0

42.5

17.0

3.1

2.2

232.8

22,769

205,740

5,000

22.0

—

—

1.37

1.40

11.4

6.2

3.7

10.5

6.8

3.6

5.1

9.8

41.3

18.1

2.7

2.5

235.7

20,740

220,285

5,000

24.1

—

—

1.37

1.24

12.2

7.2

3.9

10.4

7.1

3.9

5.2

10.2

37.1

19.9

2.4

2.8

242.3

23,423

239,876

6,500

27.8

—

—

1.44

1.26

12.5

7.7

4.4

10.9

7.9

4.8

5.6

11.8

43.1

22.2

2.1

3.1

246.9

29,463

262,233

6,000

20.4

—

—

1.44

1.23

13.0

8.8

5.7

10.9

8.2

3.8

5.7

8.5

38.4

23.9

1.8

3.4

247.1

23,282

282,245

6,000

25.8

2.2

—

1.46

1.32

12.8

8.9

4.1

10.7

8.2

4.5

5.7

9.7

42.8

25.3

1.6

3.6

248.1

28,415

303,906

6,000

21.1

2.0

—

1.46

1.27

12.6

9.0

5.2

10.7

8.4

4.5

5.6

9.3

38.2

25.9

1.5

3.9

265.4

28,954

322,294

6,000

20.7

1.9

—

1.47

1.28

12.5

9.1

5.1

9.6

7.4

4.3

5.0

8.4

40.9

26.7

1.5

3.6

259.5

27,729

339,113

7,000

25.2

2.1

—

1.46

1.23

11.7

8.4

5.1

6.4

4.0

2.1

3.1

3.7

52.1

26.3

1.6

2.2

218.4

12,837

345,568

7,000

54.5

2.0

—

1.46

1.21

7.2

3.6

2.5

7.9

5.7

2.9

3.7

5.2

53.8

25.8

1.6

2.9

246.8

18,066

355,712

8,000

44.3

2.3

—

1.46

1.23

9.1

5.9

3.4

8.5

6.4

2.3

4.1

4.2

44.1

26.6

1.5

3.3

279.1

152.29

3,632.41

90

59.1

2.5

—

1.49

1.33

10.4

7.3

2.6

10.0

8.1

4.6

4.9

8.3

47.7

28.5

1.3

4.3

290.3

310.87

3,850.82

110

35.4

2.9

—

1.50

1.44

11.8

8.9

4.8

10.1

8.5

4.9

5.1

8.6

55.3

29.2

1.3

4.8

288.5

338.98

4,048.31

115

33.9

2.9

2.9

1.52

1.35

11.6

9.2

5.6

10.4

9.0

4.9

5.1

8.4

69.0

28.8

1.3

5.4

289.3

344.58

4,138.65

125

36.3

3.1

Total Return Ratio (%)*7 — — — — — — — — — — — — — — — — — — — — — — — —

3.1

1.52

1.41

12.6

10.3

5.3

1716 18*11

12.8

11.8

7.4

6.3

11.3

75.3

33.2

1.0

9.2

356.1

570.72

5,273.42

160

28.0

—

3.2

3.2

1.54

1.37

14.8

13.2

8.3

19

12.9

12.0

6.7

6.2

9.8

74.8

33.3

1.0

9.9

361.3

533.31

5,612.63

175

32.8

42.5

3.2

4.2

1.56

1.27

15.4

13.9

8.2

12.2

11.2

6.3

6.0

10.0

64.5

31.3

1.1

7.9

339.1

471.52

4,857.50

140

29.7

—

3.0

3.0

1.51

1.29

14.2

12.4

7.4

12.5

11.2

5.9

6.4

10.2

65.1

30.9

1.1

7.5

338.1

443.53

4,534.29

135

30.4

—

3.1

3.1

1.52

1.40

14.4

12.2

6.4

P.17

Management IndicatorsYears ended March 31

929394959697989900010203040506070809101112*10131415161718*1119

Consolidated

Operating Income Ratio (%)12.313.612.79.312.511.39.69.89.09.49.910.510.410.910.910.710.79.66.47.98.510.010.110.412.512.212.812.9

Recurring Profit Ratio (%)6.65.55.32.25.25.13.94.34.04.75.96.87.17.98.28.28.47.44.05.76.48.18.59.011.211.211.812.0

Return on Operating Revenues (%)3.53.02.80.82.32.91.6(0.7)2.12.63.83.63.94.83.84.54.54.32.12.92.34.64.94.95.96.37.46.7

Return on Total Assets (ROA) (%)*17.16.25.94.15.75.24.54.54.24.44.75.15.25.65.75.75.65.03.13.74.14.95.15.16.46.06.36.2

Return on Equity (ROE) (%)*216.413.011.32.99.411.56.1(2.8)7.68.111.09.810.211.88.59.79.38.43.75.24.28.38.68.410.210.011.39.8

Current Ratio (%)57.463.469.169.754.958.548.547.449.453.042.541.337.143.138.442.838.240.952.153.844.147.755.369.065.164.575.374.8

Equity Ratio (%)10.211.111.911.011.612.112.612.113.616.117.018.119.922.223.925.325.926.726.325.826.628.529.228.830.931.333.233.3

Debt-Equity Ratio (times)*36.65.85.25.55.04.74.75.04.33.33.12.72.42.11.81.61.51.51.61.61.51.31.31.31.11.11.01.0

Interest-coverage Ratio (times)1.91.61.61.31.81.81.61.71.61.82.22.52.83.13.43.63.93.62.22.93.34.34.85.47.57.99.29.9

EBITDA (\ billions)*4————269.5260.8244.2242.9230.4231.9232.8235.7242.3246.9247.1248.1265.4259.5218.4246.8279.1290.3288.5289.3338.1339.1356.1361.3

Earnings (Net Income) per Share (EPS) (\)18,94816,45415,5934,10213,69917,8199,966(4,507)12,54615,48122,76920,74023,42329,46323,28228,41528,95427,72912,83718,066152.29310.87338.98344.58443.53471.52570.72533.31

Book-value (Net Assets) per Share(BPS) (\)*5121,322132,724143,242141,496149,118162,133165,917156,309174,424206,823205,740220,285239,876262,233282,245303,906322,294339,113345,568355,7123,632.413,850.824,048.314,138.654,534.294,857.505,273.425,612.63

Dividend per Share (\)*65,0005,0005,0005,0005,0006,0005,0005,0005,0005,0005,0005,0006,5006,0006,0006,0006,0007,0007,0008,00090110115125135140160175

Payout Ratio (%)26.430.432.1121.936.533.750.2—39.932.322.024.127.820.425.821.120.725.254.544.359.135.433.936.330.429.728.032.8

Total Return Ratio（%）*7———————————————————————————42.5

Dividend on Equity (DOE) (%)*8——————————————2.22.01.92.12.02.32.52.92.93.13.13.03.23.2

Rate of total distribution on net assets (%)*9——————————————————————2.93.13.13.03.24.2

Consolidated/ Non-Consolidated Ratio(Operating Revenues) (times)1.181.181.181.25—1.261.301.331.351.361.371.371.441.441.461.461.471.461.461.461.491.501.521.521.521.511.541.56

Consolidated/Non-Consolidated Ratio(Net Income) (times)1.041.031.041.081.061.060.85—0.981.191.401.241.261.231.321.271.281.231.211.231.331.441.351.411.401.291.371.27

Non-Consolidated

Operating Income Ratio (%)13.915.614.611.615.013.612.112.411.211.011.412.212.513.012.812.612.511.77.29.110.411.811.612.614.414.214.815.4

Recurring Profit Ratio (%)7.26.05.82.35.95.95.15.64.84.96.27.27.78.88.99.09.18.43.65.97.38.99.210.312.212.413.213.9

Return on Operating Revenues (%)4.03.53.20.92.83.52.5(0.6)2.92.93.73.94.45.74.15.25.15.12.53.42.64.85.65.36.47.48.38.2

Note: Results before fiscal year ended March 1998 = Before Enterprise Tax Readjustment

*1 Return on Total Assets (ROA) = Operating Income / [(Total Assets at the end of the previous fiscal year + Total Assets at the end of the fiscal year under review) / 2]

*2 Return on Equity (ROE) = Net Income / [(Equity at the end of the previous fiscal year + Equity at the end of the fiscal year under review) / 2]

*3 Debt-Equity Ratio = Long-term Debt and Payables / Total Shareholders’ Equity

*4 EBITDA = Operating Income (After Enterprise Tax Readjustment) + Depreciation Expense + Amortization of goodwill

*5 Book-value (Net Assets) per Share (BPS) = Equity at the end of the fiscal year under review / Number of Shares at the end of the fiscal year under review

*6 Estimate for the fiscal year ended March 2019, as are Payout Ratio, Dividend on Equity (DOE), and Rate of total distribution on net assets.

*7 Total Return Ratio = (total dividends + acquisitions of treasury stock) / Net Income

*8 Dividend on Equity (DOE) = Dividend per Share / [(BPS at the end of the previous fiscal year + BPS at the end of the fiscal year under review) / 2]

*9 Rate of total distribution on net assets = (total dividends + acquisitions of treasury stock) / consolidated net assets

*10 The Company conducted a stock split on July 1, 2011, at a ratio of 100 ordinary shares for each ordinary share.

*11 From the fiscal year ended March 31 2018, accompanying partial amendments to "Accounting Standard for Tax Effect Accounting," the method of offsetting deferred tax assets and deferred tax liabilities in the "Assets" and "Liabilities" sections has been changed.





Data

Consolidated Financial Data Years ended March 31

Total Assets

Total Liabilities

Total Shareholders’ Equity

Non-Controlling Interests*5

Net Assets*6

Operating Revenues (Revenues from third parties)

Transportation

Retail

Sales of goods

Real estate

Other businesses

Operating Income

Transportation

Retail

Sales of goods

Real estate

Other businesses

Elimination and intergroup

Non-operating revenues

Non-operating expenses

Balance of financial expenses

Interest and dividend income

Interest expenses

Recurring Profit

Extraordinary profit (loss)

Extraordinary profit

Extraordinary loss

Profit attributable to owners of parent

Cash Flows From Operating Activities

Cash Flows From Investing Activities

Free Cash Flows

Cash Flows From Financing Activities

Net increase (decrease) in cash equivalents

(Billions of yen)

Note: Figures in parentheses are negative values; Record high figures.

*1 The Hanshin-Awaji Earthquake struck in January 1995.

*2 Kyoto Station Building opened in September 1997.

*3 In accordance with the Law on the Disposition of the Liability owed by the Japan National Railways Settlement Corporation (JNRSC), the Company paid ¥44.5 billion to the Japan Railways Group Mutual Aid Association in March 1999.

*4 Since the fiscal year ended March 2001, the food and beverages business, which had been previously included in the “Other businesses” segment, has been included in the “Sales of goods and food services” segment in accordance with the restructuring of related subsidiaries. To describe their businesses properly, the “Sales of goods”

segment has changed its name to the “Sales of goods and food services” segment. Also, two subsidiaries have been transferred to the “Real estate” segment from the “Sales of goods” segment.

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