Keihan : FY2024 Financial Results Presentation(2.2MB)

FY2024 (Fiscal year ended March 31, 2024)

Financial Results Presentation

May 17, 2024

Keihan Holdings Co., Ltd.

Tokyo Stock Exchange Prime Market Securities Code: 9045 https://www.keihan-holdings.co.jp/

Table of Contents

 Overview of FY2024 Financial Results

… 2

 FY2025 Forecasts

… 15

 Progress of the Medium-term Management Plan	… 20
"BIOSTYLE: Deepening and Challenge"

 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.

Actual results may differ due to various factors that may arise in the future.

1

Overview

of FY2024 Financial Results

2

Consolidated Statements of Income

• Both revenue and profits increased due to a recovery in domestic and inbound tourism demand, especially in the transportation business and the leisure and service business.

							(Millions of yen)
		FY2024	FY2023	Change	Main factors of change	FY2024	Change
		results	results	forecasts
Operating revenue	302,147	260,070	42,077		299,000	3,147
(-16.2%)		(-1.1%)
Operating income	33,904	20,491	13,412		31,500	2,404
(-65.5%)		(-7.6%)
	Non-operating	1,820	2,467	-646	Subsidies for employment adjustment: -513
	income
	Non-operating	2,613	2,500	112
	expenses
Ordinary income	33,111	20,458	12,653		30,500	2,611
(-61.8%)		(-8.6%)
	Extraordinary	7,731	9,806	-2,075	Compensation income: -2,013
	income
	Extraordinary	5,807	3,779	2,028	Loss on reduction of non-current assets: +1,751
	losses
Profit attributable to	24,890	17,621	7,268		24,500	390
owners of parent	(-41.2%)		(-1.6%)
(Reference)
Depreciation	20,002	20,028	-25		20,200	-197
EBITDA	53,906	40,520	13,386	*EBITDA: Operating income + Depreciation	51,700	2,206
Net interest expenses	-1,276	-1,341	65		-1,300	23
	Interest and dividend	514	535	-21		500	14
	income
	Interest expenses	1,790	1,877	-86		1,800	-9

3

Segment Information

								(Millions of yen)
		FY2024	FY2023	Change	Change (%)	FY2024	Change	Change (%)
		results	results	forecasts
	Operating	89,046	80,927	8,119	10.0%	87,300	1,746	2.0%
	revenue
Transportation
Operating	9,208	6,885	2,323	33.7%	8,700	508	5.8%
	income
	Operating	138,860	120,103	18,756	15.6%	138,400	460	0.3%
	revenue
Real estate
Operating	20,171	17,555	2,615	14.9%	19,400	771	4.0%
	income
	Operating	53,439	50,676	2,762	5.5%	52,900	539	1.0%
	revenue
Retail distribution
Operating	2,771	1,878	893	47.5%	2,500	271	10.9%
	income
	Operating	34,976	22,869	12,106	52.9%	34,200	776	2.3%
Leisure and	revenue
service	Operating	3,265	-3,836	7,101	－	2,500	765	30.6%
	income
	Operating	4,578	3,660	917	25.1%	4,700	-121	-2.6%
	revenue
Others
Operating	-837	-1,230	393	－	-900	62	－
	income
	Operating	-18,752	-18,167	-584	－	-18,500	-252	－
	revenue
Adjustments
Operating	-675	-761	85	－	-700	24	－
	income

4

Segment Information (Breakdown)

[Consolidated subsidiaries] 39 companies (No change year on year) [Equity-method affiliates] 2 companies (No change year on year)

Transportation	Keihan Electric Railway Co., Ltd., Keifuku Electric Railroad Co., Ltd., Keihan Bus Co., Ltd., and 12 other
companies
Real estate	Keihan Holdings Co., Ltd., Keihan Real Estate Co., Ltd., Zero Corporation Co., Ltd., Keihan Tatemono Co.,
Ltd., and 6 other companies
Retail distribution	Keihan Department Stores Co., Ltd., Keihan The Store Co., Ltd., Keihan Ryutsu Systems Co., Ltd.,
Biomarket Co., Ltd.
Leisure and service	Hotel Keihan Co., Ltd., Keihan Hotels & Resorts Co., Ltd., Biwako Kisen Steamship Co., Ltd., and 5 other
companies
Others	BIOSTYLE Co., Ltd., Keihan Card Co., Ltd.

	43.3 %
	138.8 bn.
27.7 %	yen
89.0 bn.		16.7 %
yen
		53.4 bn.	10.9 %	1.4 %
		yen	34.9 bn.
		4.5 bn. yen
			yen
Transportation	Real estate	Retail	Leisure and	Others
		distribution	service

	20.1 bn. yen
9.2 bn. yen		2.7 bn. yen	3.2 bn. yen
		-0.8 bn. yen
Transportation	Real estate	Retail	Leisure and	Others
		distribution	service

Note: The breakdown of operating revenue and operating income by segment includes intersegment transactions. The percentages represent the composition ratios in each segment.

5

Segment Information (Quarterly Changes)

Changes in operating revenue by segment

(Millions of yen)							56,811
60,000
50,000
40,000
30,000		23,589		26,276	28,578 27,913
21,662	21,925		21,869
									14,373
20,000								12,683		13,631
									12,750				9,895
												8,699
10,000												8,121	8,259
0
1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q
	Transportation			Real estate			Retail distribution	Leisure and service

(Millions of yen)

Changes in operating income by segment

8,000
								6,803
6,000
					4,432	4,592	4,343
4,000	3,635		4,080
		2,548
2,000															1,627
											1,108	584	740	808
									627	451			88
0
				-1,056
-2,000	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q
		Transportation			Real estate			Retail distribution			Leisure and service

6

Segment Information (Transportation)

					(Millions of yen)
		FY2024	FY2023	Change	Change (%)
		results	results
Operating revenue	89,046	80,927	8,119	10.0%
	Railway	73,467	65,962	7,505	11.4%
	Bus	23,385	22,507	878	3.9%
	Elimination	-7,806	-7,542	-264	－
Operating income	9,208	6,885	2,323	33.7%
	Railway	7,635	5,775	1,860	32.2%
	Bus	1,534	1,085	449	41.4%
	Elimination	37	24	13	－

(Major factors affecting performance)

• The railway business saw increases in both revenue and profits due to factors such as an increase in the number of passengers transported in line with a recovery in passenger demand and the introduction of the "railway station barrier-free fare system."
• The bus business saw increases in both revenue and profits due to factors such as an increase in revenue from bus passengers in line with a recovery in passenger demand.

7

Operating Results for Transportation: Keihan Electric Railway

		FY2024	FY2023	Change	Change (%)
		results	results
		(Millions of yen)	(Millions of yen)	(Millions of yen)	%
Passenger transportation revenue	47,916	43,085	4,831	11.2
	Non-commuter passes	32,304	28,421	3,882	13.7
	Commuter passes	15,612	14,663	949	6.5
		(Thousands of people)	(Thousands of people)	(Thousands of people)	%
Number of passengers	260,144	243,608	16,535	6.8
	Non-commuter passes	127,155	115,377	11,778	10.2
	Commuter passes	132,988	128,230	4,757	3.7

Changes in passenger transportation revenue (millions of yen)

14,000
				11,190			11,968	11,673	12,410	11,866
12,000		10,720			10,935
9,369	10,239
10,000
									8,420
8,000	5,968	7,000	6,561		7,448	7,412	8,031	7,759	8,094
6,000
4,000
2,000	3,401	3,720	3,678		3,742	3,523	3,936	3,914	3,990	3,772
0
2021.4Q	2022.1Q	2022.2Q	2022.3Q	2022.4Q	2023.1Q	2023.2Q	2023.3Q	2023.4Q
					Commuter passes		Non-commuter passes

8

Segment Information (Real Estate)

						(Millions of yen)
			FY2024	FY2023	Change	Change (%)
			results	results
Operating revenue	138,860	120,103	18,756	15.6%
	Real estate	123,222	102,968	20,253	19.7%
		Real estate sales	92,051	71,791	20,260	28.2%
		Real estate leasing	26,942	26,999	-56	-0.2%
		service
		Other businesses	4,228	4,177	50	1.2%
	Construction	23,833	24,525	-691	-2.8%
	Elimination	-8,195	-7,389	-805	－
Operating income	20,171	17,555	2,615	14.9%
	Real estate	19,238	16,757	2,481	14.8%
		Real estate sales	7,473	4,651	2,822	60.7%
		Real estate leasing	11,257	11,679	-422	-3.6%
		service
		Other businesses	507	426	81	19.1%
	Construction	1,056	977	78	8.1%
	Elimination	-123	-178	54	－

(Major factors affecting performance)

• The real estate sales business saw increases in both revenue and profits due to the sales of newly developed hotels and an increase in the sales of condominiums such as The Fine Tower Osaka Higobashi.
• The real estate leasing business saw decreases in both revenue and profits due to factors such as a decrease in real estate fund

income.	9