Keio : FY2023 Financial Results Supplementary Materials

May 10, 2024 at 07:37 am

FY2023 Financial Results Supplementary Materials

－May 10, 2024－

Keio Corporation

Performance Summary

FY2023 Results

Revenues were up across all segments from the previous year, resulting in operating revenues of 4,086 hmy. The increases mainly came from a rebound in sales in Hotels due to a substantial increase in room rates, the continuing rebound in the number of passengers transported for railways and bus services, and revisions in railway passenger fares in October 2023.
Operating profit was 438 hmy and profit attributable to owners of parent was 292 hmy, reaching record highs for both.
We plan to increase the annual dividend to 52.5 yen per share for FY2023.

(+12.5 yen from the previous year)

FY2024 Full-Year Earnings Forecasts

Operating revenues are forecast at 4,540 hmy, owing to the full year contribution from revisions in railway passenger fares and making Sunwood a consolidated subsidiary in the second half of FY2023, and an increase in development for selling by lots.
We plan to achieve operating profit of 460 hmy and profit attributable to owners of parent of 342 hmy, exceeding the record high profit in FY2023, despite increases mainly in personnel expenses and depreciation and amortization.
We plan to increase the annual dividend for FY2024 again, as we did last year, to 70.0 yen per share.

I. FY2023 Results

Consolidated Statements of Income
Overview by Segment
Segment Information (Transportation)
Segment Information (Merchandise Sales)
Segment Information (Real Estate)
Segment Information (Leisure)
Segment Information (Other Businesses)
Non-OperatingIncome/Expenses and Extraordinary P/L
Consolidated Balance Sheets
Consolidated Statements of Cash Flows

I. FY2023 Results

1. Consolidated Statements of Income

(Units:￥hundred million)

			Full-Year FY2023 Earnings

		FY2022	FY2023	Change (%)
		Results	Results


	Operating Revenues	3,471	4,086	615	（	17.7	）

	Operating Profit	214	438	223	（	104.1	）

	Ordinary Profit	217	434	217	（	99.7	）

	Profit Attributable to	131	292	161	（	123.0	）
	Owners of Parent


	EBITDA	506	746	240	（	47.6	）

	Depreciation and Amortization	291	306	15	（	5.2	）

	Capital Expenditures	528	449	-79	（	-15.0	）

		* EBITDA is operating profit + depreciation and amortization + amortization of goodwill.
Copyright 2024 Keio Corporation All Rights Reserved						4

I. FY2023 Results

2. Overview by Segment

Operating revenues increased across all segments.
Operating profit improved in all segments except for the Real Estate business.

(Units:￥hundred million)

		Operating Revenues					Operating Profit

	FY2022	FY2023	Change (%)		FY2022	FY2023	Change (%)
	Results	Results		Results	Results


Transportation	1,111	1,241	129	（	11.6	）	39	131	92	（	235.9	）

Merchandise Sales	1,028	1,112	83	（	8.1	）	39	56	16	（	42.9	）

Real Estate	528	654	125	（	23.8	）	120	120	-0（	-0.6）

Leisure	527	727	199	（	37.9	）	-21	83	105	（	－）

Other Businesses	647	784	137	（	21.3	）	44	56	11	（	25.6	）

Elimination	-371	-432	-60（	－）	-7	-9	-1（	－）

Consolidated	3,471	4,086	615	（	17.7	）	214	438	223	（	104.1	）

I. FY2023 Results

2. Overview by Segment (Quarterly)

(Units:￥hundred million)

			FY2022			FY2023

		1Q Results	2Q Results	3Q Results	4Q Results	1Q Results	2Q Results	3Q Results	4Q Results
		(Apr-Jun)	(Jul-Sep)	(Oct-Dec)	(Jan-Mar)	(Apr-Jun)	(Jul-Sep)	(Oct-Dec)	(Jan-Mar)

Operating	Transportation	275	270	288	277	298	302	325	314

Merchandise Sales	239	241	275	272	268	260	294	289


	Real Estate	120	102	142	163	113	125	184	230

Revenues	Leisure	104	111	146	165	159	181	191	194

Other Businesses	120	133	159	234	113	154	189	326


	Elimination	-63	-67	-80	-160	-66	-71	-85	-208

	Consolidated	797	791	930	952	887	952	1,099	1,146

	Transportation	23	22	24	-31	46	42	56	-12
Operating
Merchandise Sales	7	2	18	9	17	11	21	6

Real Estate	30	27	33	29	31	34	37	17


	Leisure	-15	-15	4	5	20	24	29	8
Profit
Elimination	0	-0	-1	-6	0	-0	-0	-8
	Other Businesses	4	6	13	19	3	7	12	32

	Consolidated	51	42	94	26	119	119	155	43

I. FY2023 Results

3. Segment Information (Transportation)

■ In Railways, passenger revenues increased, mainly due to a rebound in number of passengers transported from the previous fiscal year and fare revisions in October 2023.

■ Revenues for bus services also increased for fixed-route buses and highway buses.		(Units:￥hundred million)


			Full-Year FY2023 Earnings
		FY2022	FY2023	Change (%)
		Results	Results

	Operating Revenues	1,111	1,241	129	（	11.6	）
	(Railways)	710	796	85	（	12.0	）
	(Bus Services)	317	361	43	（	13.6	）
	(Taxi Services)	106	104	-1	（	-1.5	）
	(Other)	24	25	1	（	6.0	）
	(Elimination)	-47	-46	1	（	－	）

	Operating Profit	39	131	92	（	235.9	）
	(Railways)	29	96	67	（	233.4	）
	(Bus Services)	6	32	26	（	409.2	）

	EBITDA	203	305	101	（	49.8	）

	Depreciation and Amortization	164	173	8	（	5.4	）

	Capital Expenditures	246	270	23	（	9.7	）

I. FY2023 Results

3. Segment Information (Transportation)

Railway Transportation Results

(Units: Thousands of People, ￥million)

	Full-Year FY2023 Earnings

FY2022	FY2023	Change (%)
Results	Results

Passengers Transported	Commuter-Pass	308,409	322,689	14,280	（	4.6	）
	245,480	260,996	15,516	（	6.3	）
	(Business)	228,617	239,615	10,998	（	4.8	）
	(Student)	79,792	83,074	3,282	（	4.1	）
	Non-Commuter-
	Pass
	Total	553,889	583,685	29,796	（	5.4	）

	Commuter-Pass	26,311	28,546	2,235	（	8.5	）
Passenger Revenues	(Business)	23,352	25,492	2,140	（	9.2	）
(Student)	2,958	3,053	95	（	3.2	）


	Non-Commuter-	40,819	46,570	5,750	（	14.1	）
	Pass

	Total	67,130	75,116	7,986	（	11.9	）

I. FY2023 Results

3. Segment Information (Transportation)

Transportation (Railways): Percentage change in number of passengers transported vs. FY2018

(%)																					-8.2

											FY2022	FY2023
									-12.0							-11.4

														-13.4-14.1		-14.0		-13.1	-14.0
																			-14.6
							-15.9						-15.8					-16.7				-15.1
-15.0																					-16.3
			-17.1			-17.7
			-17.5					-18.1
		-18.2									-18.6
											-19.5
	-21.5				-21.6
				-22.0

								FY2022 full-year comparison								Full-year comparison (results)
												-18.3												-13.9
-25.0	2022									2023												2024

	Apr.	May	Jun.	Jul.	Aug.	Sep.	Oct.	Nov.	Dec.	Jan.	Feb.	Mar.	Apr.	May	Jun.	Jul.	Aug.	Sep.	Oct.	Nov.	Dec.	Jan.	Feb.	Mar.

FY2023: Percentage change in number of passengers carried vs. FY2018						(Units: %)

	Apr.	May	Jun.	1Q	Jul.	Aug.	Sep.	2Q	Oct.	Nov.	Dec.	3Q	Jan.	Feb.	Mar.	4Q
	cumulative		cumulative	cumulative


Commuter	-23.1	-19.3	-19.7	-20.7	-17.2	-20.3	-24.1	-20.6	-18.0	-19.0	-10.7	-19.1	-21.2	-22.5	-23.1	-19.9
Pass total

Business	-23.1	-23.5	-23.4	-23.4	-21.4	-22.4	-22.7	-22.8	-21.3	-22.5	-16.0	-21.9	-23.3	-25.0	-24.9	-22.5

Student	-22.9	-7.2	-9.2	-13.1	-3.7	-11.7	-27.9	-14.0	-8.0	-8.6	7.2	-10.7	-14.2	-11.5	-13.9	-11.2

Non-Commuter	-5.2	-4.5	-5.2	-4.9	-2.6	-5.3	-5.4	-4.7	-5.8	-6.7	-5.0	-5.1	-5.6	-2.9	-7.5	-5.2
Pass


Total	-15.8	-13.4	-14.1	-14.4	-11.4	-14.0	-16.7	-14.2	-13.1	-14.0	-8.2	-13.5	-15.1	-14.6	-16.3	-13.9

(Ref.)

FY2022

Full Year

-23.4

-26.1

-14.7

-10.8

-18.3

I. FY2023 Results

3. Segment Information (Transportation)

Transportation (Railways): Percentage change in passenger revenues vs. FY2018

(%)											FY2022	FY2023
																0.6
																				-4.6		-4.7	-3.0
																			-5.1
																							-5.3
-5.0
														-13.5		-11.5	-14.6

									-13.9				-14.0	-14.1
														-14.1
-15.0							-15.8	-18.2		-17.4		-17.3
		-17.9						-17.5
			-18.6
		-19.2	-20.8
	-20.5


					-23.4			FY2022 full-year comparison								Full-year comparison (results)

												-18.4												-8.7
-25.0	2022									2023												2024

	Apr.	May	Jun.	Jul.	Aug.	Sep.	Oct.	Nov.	Dec.	Jan.	Feb.	Mar.	Apr.	May	Jun.	Jul.	Aug.	Sep.	Oct.	Nov.	Dec.	Jan.	Feb.	Mar.

FY2023: Percentage change in passenger revenues vs. FY2018							(Units: %)

	Apr.	May	Jun.	1Q	Jul.	Aug.	Sep.	2Q	Oct.	Nov.	Dec.	3Q	Jan.	Feb.	Mar.	4Q
	cumulative	cumulative	cumulative


Commuter	-24.5	-24.0	-23.8	-24.1	-21.7	-24.0	-25.2	-23.9	-19.5	-18.1	-9.2	-21.2	-18.1	-17.6	-17.5	-20.4
Pass total

Business	-24.5	-25.6	-25.2	-25.1	-23.3	-24.8	-24.4	-24.7	-20.5	-18.7	-10.5	-22.1	-18.0	-17.8	-17.5	-21.0

Student	-24.5	-11.0	-13.0	-16.1	-7.9	-15.3	-31.4	-17.4	-11.0	-12.7	3.0	-14.2	-19.1	-15.3	-18.5	-14.9

Non-Commuter	-6.1	-5.2	-6.1	-5.8	-3.3	-6.6	-6.0	-5.6	6.2	5.6	7.3	-1.5	6.3	8.8	3.5	0.4
Pass


Total	-14.0	-13.5	-14.1	-13.9	-11.5	-14.1	-14.6	-13.6	-5.1	-4.6	0.6	-10.1	-4.7	-3.0	-5.3	-8.7

(Ref.)

FY2022

Full Year

-26.6

-27.6

-17.5

-12.0

-18.4

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Keio Corporation published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 06:36:07 UTC.

	1st Jan change	Capi.
KEIO CORPORATION	-15.27%	2.95B
CENTRAL JAPAN RAILWAY COMPANY	-2.26%	21.92B
WEST JAPAN RAILWAY COMPANY	+8.28%	9.88B
TOKYU CORPORATION	+7.90%	7.18B
HANKYU HANSHIN HOLDINGS, INC.	-9.29%	6.26B
KEISEI ELECTRIC RAILWAY CO., LTD	-13.10%	6.02B
SEIBU HOLDINGS INC.	+19.42%	4.56B
KINTETSU GROUP HOLDINGS CO.,LTD.	-24.58%	4.13B
ODAKYU ELECTRIC RAILWAY CO., LTD.	-23.27%	3.83B
TOBU RAILWAY CO., LTD.	-26.89%	3.64B

1st Jan change

Capi.

KEIO CORPORATION

-15.27%

2.95B

CENTRAL JAPAN RAILWAY COMPANY

-2.26%

21.92B

WEST JAPAN RAILWAY COMPANY

+8.28%

9.88B

TOKYU CORPORATION

+7.90%

7.18B

HANKYU HANSHIN HOLDINGS, INC.

-9.29%

6.26B

KEISEI ELECTRIC RAILWAY CO., LTD

-13.10%

6.02B

SEIBU HOLDINGS INC.

+19.42%

4.56B

KINTETSU GROUP HOLDINGS CO.,LTD.

-24.58%

4.13B

ODAKYU ELECTRIC RAILWAY CO., LTD.

-23.27%

3.83B

TOBU RAILWAY CO., LTD.

-26.89%

3.64B

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