29
CONTENTS 1 6 8 9 16 18 22 24 29 34 37 41 44 47 47 5 51 52 52 54 55 at a Glance CSR 84 85 2522238485 6711161756 1317 111216171821 28333644346 615 KPMG AZSA & Co.
Who We Are? at a Glance Hankyu Hanshin Holdings 1
Who We Are? at a Glance 261 2 1 4 6 58 28 6,837 778 28 Annual Report 29
2 Major772898 1 2 3 4 5 6 7 8 8 1 11 12 13 14 15 16 16 3 293 at a Glance Hankyu Hanshin Holdings 3
Who We Are? at a Glance 32.3km 9.3 3.1 2.2 46.9 24.5 4. 28.5 47.7 13.6 4.1 65.4 14.8 5.7 146.5 1.8km 8.1 54.7 32.8 32.1km 1.1 1.7 43.9 5. 48.9 6 5 2 16 1 14.8km 85 61,24428 161 3 293 43.9km 45 165,65528 4 Annual Report 29
1 P19 at a Glance 2 P31 3 OSAKA / 4 ENT ENT 1997OSAKA 24 ENT OSAKAENT P32 3 24ha C B 7ha 4 A 1 * HEP * 299 * NU chayamachi 293 5 1924 85 293 38,5m13,m 2 2 47,88 6 1924 8 1993 2 252 1 232,55 1, Hankyu Hanshin Holdings 5
26 2 27 28 1 28 EBITDA 3 743,377 87,3 146,5 36,619 752,31 9,725 145,2 628 683,715 77,824 135,3 2,551 $ 6,976,686 794,122 1,38,612 29,74 656,374 43,889 661,576 51,578 65,891 54,799 $ 6,182,564 559,169 53,795 134,37 19,688 $ 1,119,265 78,982 (199,579) 132,29 74,92 (1,58) 36,718 18,598 (115,48) 7,15 $ 1,18,142 (1,173,956) 71,577 2,366,694 522,286 1,29,382 2,348,476 476,639 1,271,1 2,37,332 473,879 1,275,621 $ 23,544,25 4,835,498 13,16,54 1 31.84 45.35 5..5.41 369.25 5. 16.28 16.18 366.96 5. $.17.17 3.74.5 /EBITDA ROE 4 D/E 5 8.3 21.7 8.4 2.4 8.8 19.9.1 2.7 9.4 2.1 4.4 2.8 1. 29331198 2. 262 813,61394,84,57 3. EBITDA EBITDA 4. ROE/ 5. D/E/ 6 Annual Report 29
1, 8, 6, 4, 2, 15, 12, 9, 6, 3, /EBITDA /EBITDA 11 1 9 8 7 at a Glance 26 27 28 26 27 28 6 2, EBITDA EBITDA 2, 6, (%) 25 1,5 1, 5 26 27 28 1,5 1, 5 5, 4, 3, 2, 1, 26 27 28 2 15 4 3 D/E 3. 2 2.5 1 26 27 28 26 27 28 2. Hankyu Hanshin Holdings 7
8 Annual Report 29
Q. A. 11 at a Glance 1,5 1, 5 28 5 1 15 28 28 * 11.4 27 292 28 7% P55 * 4 Hankyu Hanshin Holdings 9
29 Q. A. 28 29 8, 6,837 6,84 8 778 7 6, 6 4, 4 2, 2 28 29 28 29 1 Annual Report 29
3 12829 4 EBITDA 2EBITDA 29212 3 SPC 229 212 212 P16 212 Q. A. at a Glance Hankyu Hanshin Holdings 11
214 213 P18 28 212 2 4 6 8 6 1,2 1,8 2,4 489 337 1,71 2,14 569 379 Q. A. 12 Annual Report 29
6 P16 27 28 29 212 2 4 6 8 1 22 46 71 93 Q. A. at a Glance Hankyu Hanshin Holdings 13
Q. A. CO2 1 1 CO2 1/91/13/1 13 2812 P52 CSR 14 Annual Report 29
33 3 15 281 5291 5 321 212 2 4 6 8 1 26 28 27 5. 37.6 84.3 75.3 5. 5. 2 4 6 8 1 1 15 212 Q. A. at a Glance Hankyu Hanshin Holdings 15
212 27 17, EBITDA 1.2 EBITDA 1,7 16, 15, 14, 1,465* 1 1,415* 2 1,452 1,432 8.8 9.4 1,353 EBITDA 13,6 EBITDA 3 2 1,54 1,6 1,5 1,4 13, 12, 11, 8.3 12,94 12,711 12,756 1,33 EBITDA 7.7 11,8 1,3 1,2 1,1 1, 26 27 28 * 1 26 * 2 27 29 21 211 212 1, 1, 1, 1,6 8, 8 1,2 6, 6 8 4, 4 2, 2 4 27 28 29 212 27 27 28 29 212 27 28 29 212 16 Annual Report 29
at a Glance EBITDA 27 28 29 212 1 1 4 4 7 5 22 9 1 23 6 6 4 7 46 29 71 36 93 51 14 17 35 42 2 11 6 2 5 1 25 21 6 18 7 16 PMBM 212P11 212 1, EBITDA 1,6 EBITDA 529 /EBITDA 7 TOB 11,3 D/E 2 ROE 6.% Hankyu Hanshin Holdings 17
27 26 27 28 29 21 211 212 2993 214 212 29 212 251 NU chayamachi) 2812 211 JR 124 6 22 17, 2 18 16 14 12 1 8 6 4 2 24 12 25 12 26 12 27 12 28 12 29 6 16, 15, 14, 13, 12, 11, 1, 24 12 25 12 26 12 27 12 28 12 29 6 18 Annual Report 29
1929 2 299 214 212 575 212 297 at a Glance 1. 8 81,8 2 SRC SRC 212 2411 45 187 17,6m 2 14,m 2 5,m 2 1,m 2 12,m 2 112,6m 2 252,m 2 * 1,%174,6m 2 1,8%314,m 2 * 2. 2122131584,m2 37 Hankyu Hanshin Holdings 19
39,5m 2 28225 3. 4. 115 17413A1725B2633C3441 25 12,m 2 2,8m 2 JR24ha 7ha AB C3 212 A B C A B C 37 3 37 3 33 3 5 1 1,57m 2 22,679m 2 4,665m 2 1,6% 1,15% 1,15% 169,1m 2 26,8m 2 53,7m 2 228,8m 2 8,7m 2 82,3m 2 52,3m 2 2 Annual Report 29
at a Glance 茶屋町開発プロジェクト 東地区 211年春竣工予定 阪急梅田駅東隣に新たな複合施設を建設 阪急梅田駅に隣接する茶屋町地区は 大阪都市部の核である 梅田 の一角 を占め 当グループが運営管理する商業施設 NU 25年 chayamachi 財務ハイライト 1月オープン をはじめとする多くの商業施設やホテル 文化施設等が集積 しており ポテンシャルの高い地域です この東地区においては 28年 12月より商業 住宅棟 学校棟 業務棟からなる複合開発プロジェクトの工 事が進められており 当グループは本開発において 商業施設の開発 運営 並びにマンション分譲を担当しています メッセージ 茶屋町地区に新たな集客核施設を開発することで 同地区に更なる賑わい を創出していくとともに 梅田エリア全体の回遊性を高めることにより ま ち全体の一層の活性化を目指していきます 完成予想図 茶屋町開発プロジェクト 東地区 計画概要 約5,13m2 約35,87m2 地下1階 地上31階 商業 住宅棟 学校棟 業務棟等の複合開発 特集 敷地面積 延床面積 建物規模 建物概要 事業概況 梅田エリア周辺の開発動向 28年11月現在 経営管理体制 大阪駅北地区先行開発区域 プロジェクト 財務セクション JR 大阪駅 阪急梅田駅 茶屋町開発プロジェクト 東地区 梅田阪急ビル建替 プロジェクト Hankyu Hanshin Holdings 21
1,952 325 1,717 328 1,6 84 27.9 21.9 13.2 42.3 42.8 1.9 29 3 OSAKAENT 146.5km 48.9km 2 P24 >>> P29 >>> P34 >>> 22 Annual Report 29
at a Glance 658 15 665 3 676 7 9.6 9.7 9.7 1.9.4.9 19 4 2645 8,5 29 4 * 214 291 2 P37 >>> P41 >>> P44 >>> 28 8..7 Hankyu Hanshin Holdings 23
61,244 165,655 28 1996 24 4* 1 * 2 * 1 * 2 2 18 15, 15 12 1, 9 6 5, 3 1991-3 11-5, -6 24-1, -9 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 9 11 3 24 Annual Report 29
26* 25 28 *JR ICSTACIA PiTaPa 21 CO2 CO2 CO21/9 at a Glance Hankyu Hanshin Holdings 25
*..1.194 25* 293P27 TOPICS 1.51.6 1.523688 293 341.21,95244 6652.3249 * 26 Annual Report 29
2932 2315 2932 3 3 at a Glance 8467 383 298 5 Hankyu Hanshin Holdings 27
27 29EBITDA 28 183.617 212EBITDA 212 21 29 2.3619 EBITDA 8 6 4 2 1,97 1,91 1,959 1,96 583 599 617 619 27 319 318 31 28 29 343 212 2, 1,8 1,6 1,4 1,2 21 2932 28 Annual Report 29
P32 at a Glance OSAKA 27 28 289 12 1 8 6 4 2 24 25 26 27 28 29 6 1 8 6 4 2 24 25 26 27 28 5-5 -1 25 26 27 28 29 273% 2966.4 9.19 Hankyu Hanshin Holdings 29
2811 284AKIBA TOLIM 7.25 28 7,475 24.7 78.5.8* * P18 844.51,71686 382 2283 672 17.32816 3 Annual Report 29
at a Glance 2811 2811 2,6297 1,26547 7, 17, 268 69 3, TOHO 122,2 268 Hankyu Hanshin Holdings 31
17 12 C B A 13 1 18 5 NU chayamachi 14 3 2 1 2 4 22 21 19 23 6 8 9 15 16 25 11 7 24 m 2 * 1 1 192 77,98 2 1972 26,44 3 1969 4,18 4 * 2 1962 3,613 5 1971 12,343 6 28 18,186 7 27 2,965 8 1998 1,9 - AKIBA TOLIM 28 1,294 9 1992 12,522 1 1936 7,91-1997 2,21 11 1993 2,793 12 1 OSAKA 1997 78,78 13 2 ENT 24 54,62 14 1963 98,578 15 1992 41,86 16 1987 21,764 17 1987 7,865 18 1933 13,672 19 23 1,359 m 2 * 1 2 () 1992 51,865 21 HEP 198 15,499 22 HEP 1998 11,466 23 1987 9,893 24 197 38,237 25 198 12,53 * 1 * 2 3 14 22 HEP 32 Annual Report 29
29EBITDA 2811 28357.2454 214 212 212EBITDA29115 25.3569 27 ENT5 7 1,9 1,7 1,5 1,3 1,1 9 2,1 2,3 29 28 212 27 EBITDA 551 489 454 569 415 337 286 379 1,797 1,71 1,716 2,14 2 5 4 3 6 7 8 9 at a Glance Hankyu Hanshin Holdings 33
28 1.7 1.2 2 7 5 3 1-1 -3-5 24 25 26 27 28 4, 3,5 3, 3,132 3,155 3,144 2,977* 2,5 2, 1,5 1, 5 25 26 27 28 *28 274 34 Annual Report 29
ME AND MY GIRL My dear New Orleans 5233 5.5%1,561 1 641.9%8384 at a Glance Hankyu Hanshin Holdings 35
1, 29 28 212 27 EBITDA 157 166 175 197 17 17 11 124 994 1,58 1,46 1,172 5 1 15 2 25 3 4 6 8 1,2 29EBITDA 28 95.4175 212EBITDA IP 29 2212.6197 27 2,55 2,69 45 4 ()5 1 25 1 21 CS 1923 8 271 293 36 Annual Report 29
2,4633 1,3745 3,854 28 83 28 at a Glance 事 業 の 基 礎 情 報 と 事 業 環 境 28 3 5 284293 SARS 27 28 CRM 1 JTB* 1 442,512 1 JTB* 1 79,679 2 35,79 2 * 3 385,716 3 * 2 246,254 3 284,8 4 * 3 198,257 4 ANA 198,147 5 131,235 5 * 2 137,445 * 1 JTB14 * 2 * 3 KNT 5, 4, 3, 2, 1, 3,722 4,95 4,112 4,257 3,85 24 25 26 27 28 Hankyu Hanshin Holdings 37
28 1, 8 6 4 2 777 877 87 797 83 24 25 26 27 28 2841 15 15 28631 3.36586 175554.71452 38 Annual Report 29
at a Glance * * 291 214 No.1 214 Hankyu Hanshin Holdings 39
27 29EBITDA 28 518.532 29 29 29 EBITDA 1 8 6 4 2 795 43 31 658 664 27 15 32 19 67 75 52 8 6 4 2 21 29 27 28 29 212 212EBITDA 27 67 423 4 Annual Report 29
168316 9221,34 277554 *292584 * at a Glance 192615 458,548 29331 28 % 1 1.4.6 2 4.6 1. 3 4.2.3 4 3.2 5 3.1.1 2986 4 * 1 * 2 1996 1 1 remm * 1 19 27 * 2 28 Hankyu Hanshin Holdings 41
% 27 28 92.7 89.3 87.2 81.4 82.9 79.5 89.2 86.4 87.2 87.4 85.8 84.8 72.7 8.3 75.5 284 281/ 2781 4.6645818 74.7342 remm / 42 Annual Report 29
27 at a Glance 29EBITDA 28615.832 212EBITDA 29212 291959.451 EBITDA 8 6 4 2 692 48 16 27 664 663 38 5 28 32 29 695 51 25 212 75 7 65 6 55 5 45 remm()2711284 2remm 294 2841 3 Customer Delight Hankyu Hanshin Holdings 43
Book 1st.Sound 1st. asnaslagare shopfreds COLOR FiELDCOLOR FiELD ReLaX * DOUBLEDAY * 29331 * * 271 21.75 19954 44 Annual Report 29
3 4 531744.67581 22174.4697 IT IT at a Glance Hankyu Hanshin Holdings 45
27 29EBITDA 2814.26 212EBITDA EBITDA 6 4 2 663 675 67 23 25 26 13 14 13 78 33 2 8 6 4 2 29726.933 2845629478212 27 28 29 212 515 27 281 46 Annual Report 29
4 6 6 8 2 2 3 at a Glance Hankyu Hanshin Holdings 47
1 14 2 266 1 CEO7.5 1 1.6 1 22 2 2885 2 28 1 939 3 16 4 3 5 48 Annual Report 29
288387 5 53 1 at a Glance 6 15 2 Hankyu Hanshin Holdings 49
3 * Annual Report 29 5
29617 at a Glance CEO CEO Hankyu Hanshin Holdings 51
CSR 1 1 29 3 29866 OB 3 52 Annual Report 29
2812297 NPO at a Glance 11 11 http://www.hankyu-hanshin.co.jp/yume-machi Hankyu Hanshin Holdings 53
CSR 261 ISO141 6 CO2 21CO2 CO254% CO2 CO2 2932 CO2 1% CO2 SOx 9,m 2 54 Annual Report 29
at a Glance 56 6 57 61 62 64 65 66 67 83 Hankyu Hanshin Holdings 55
63311 1 24 25 26 27 28 29 29... 471,483 476,623 486,155 743,377 752,31 683,715 $ 6,976,686... 47,999 58,768 64,842 87,3 9,725 77,824 794,122... 855 36,42 43,217 65,36 26,98 34,64 347,593... 3,12 26,79 25,326 36,619 628 2,551 29,74... 24,363 27,489 52,91 53,795 134,37 19,688 1,119,265... 3,16 29,974 29,612 43,889 51,578 54,799 559,169... 1,715,86 1,67,911 1,69,117 2,366,694 2,348,476 2,37,332 $23,544,25... 247,84 277,393 36,222 522,286 476,639 473,879 4,835,498... 14.44% 16.6% 22.39% 21.7% 19.87% 2.7% 1... 3.32 28.11 25.36 31.84.5 16.28 $.17... 3.28 27.7 25.22.41 16.18.17... 27.72 299.48 343.45 45.35 369.25 366.96 3.74... 386 46 886 817 719 539 $5.5... 296 362 365 52 4 46 4.14 1. 198 2. 273 25129 5 25129 8 273 56 Annual Report 29
293271 4 9.1%6,83715 PiTaPa IC 1day 32 3 PR.2%1,95244 11 4AKIBA TOLIM 4.5%1,716 86 3 ME AND MY GIRL My dear New Orleans 5.5%1,561 284 1 at a Glance Hankyu Hanshin Holdings 57
1 3.3%6586 4 1 4.%66458 2833 4 44.% 67581 2841 1 35.1%6535 8, 7, 6, 7,434 7,523 6,837 8, 7, 6, 6,564 6,616 6,59 1,5 1,2 12.3 13.3 11.7 12.1 15 11.4 12 5, 4, 3, 4,766 4,862 5, 4, 3, 4,179 4,213 9 6 588 648 87 97 778 9 6 2, 1, 2, 1, 3 3 5/3 6/3 7/3 8/3 9/3 5/3 6/3 7/3 8/3 9/3 5/3 6/3 7/3 8/3 9/3 58 Annual Report 29
14.2%77824 2.%3249 17.% 32816 1.9%8384 54.7%14 52 74.7%342 2833 4 74.4% 697 36.9%568 227 4376 3464 2551 at a Glance 8 7 6 5 4 3 2 1 36 432 653 261 341 1ROE 35 3 25 2 15 1 28.11 9.93 25.36 7.94 31.84 8.38 16.28 6 4.44 3 5, 5.5.13 5,135 2,774 3,62 4,666 4,63 5/3 6/3 7/3 8/3 9/3 5/3 6/3 7/3 8/3 9/3 5/3 6/3 7/3 8/3 9/3 1 ROE 15 12 9 25, 2, 16,79 16,91 15, 18,53218,81918,443 1, 13,93512,489 23,66723,485 23,73 Hankyu Hanshin Holdings 59
4,62972 3597 ROE212 6.% ROE4.4% 12,75621 4521 EBITDA 2127 9.4 477 369 1,8598 1,1548 715 25 2 15 16.6 22.4 21.7 19.9 2.1 1,5 1,2 9 1,343 1,97 EBITDA 15, 12, 9, 9,881 8,896 25 12,711 12,756 12,94 2 15 1 6 521 538 6, 1.64 8.99 8.26 8.75 9.43 1 5 3 275 3, 5 5/3 6/3 7/3 8/3 9/3 5/3 6/3 7/3 8/3 9/3 5/3 6/3 7/3 8/3 9/3 EBITDA 6 Annual Report 29 EBITDA
3 16 UR 12,75621 273 213 2 22 279 2 Hankyu Hanshin Holdings 61 at a Glance
2829331 1 28 29 29 5 18... 33,73 31,974 $ 326,263... 12,651 95,73 976,566... 46,929... (7,666) (2,765) (28,218) 4... 146,89 152,523 1,556,355 16... 16,182 16,64 163,916... 4,28 43,816 447,111... 377,538 337,315 3,441,993 5... 158,141 155,24 1,584,77... 18,622 84,328 86,489... 25,336 24,867 253,741 16... 5,27 5,293 54,14... 6,152 59,285 64,946... (6,153) (7,314) (74,63)... 351,35 321,699 3,282,637 5 2 j... 812,87 819,898 8,366,311... 1,11,483 1,149,225 11,726,786... 212,46 219,878 2,243,651... 126,862 133,3 1,357,452... 132,915 131,667 1,343,535 2,395,59 2,453,698 25,37,735... (842,11) (87,319) (8,88,82)... 1,553,579 1,583,379 16,156,933 5... 66,54 64,939 662,642 2,348,476 2,37,332 $23,544,25 62 Annual Report 29
1 28 29 29 5... 22,241 21,73 $ 2,143,64 15... 139,12 76,833 784,13... 126,137 111,22 1,134,895... 22,956 22,739 232,3... 6,891 3,489 35,66... 56,56 51,21 522,46... 12,595 12,826 13,877 2g... 21 16... 29,887 25,275 257,99... 596,516 513,656 5,241,394 15... 929,757 986,718 1,68,55... 7,7 6,862 7,18 6... 59,153 57,67 582,319... 75 71 7,15... 17,935 6,499 66,313... 681 7... 13,487 17,12 1,93,57 816... 156,596 154,83 1,579,96... 1,275,321 1,319,797 13,467,313 at a Glance 9 1 3,2, 1,271,47... 99,475 99,475 1,15,5... 15,134 15,134 1,531,983... 211,758 227,338 2,319,776 2837,857,8842939,761,51... (3,267) (4,143) (42,281)... 458,1 472,84 4,824,528... 6,621 (9,253) (94,419)... (557) (682) (6,958) 2 j... 2,193 1,979 2,187... 212 (1,875) (19,13)... 8,469 (9,831) (1,32)... 1,7 1,96 111,29... 476,639 473,879 4,835,498 2,348,476 2,37,332 $23,544,25 Hankyu Hanshin Holdings 63
3311 1 27 28 29 29... 743,377 752,31 683,715 $6,976,686... 656,374 661,576 65,891 6,182,564... 87,3 9,725 77,824 794,122... 2,733 2,278 2,56 2,977... (19,726) (23,498) (23,73) (241,868)... 1,517 1,48 739 7,546... 78 1,975 785 8,14... 3,675 3,748 887 9,46 2i... 7,275 6,381 (1,781) (11,5)... (763) (1,12) (458) (4,669)... (2,766) (1,644) (16,778)... (3,93) 2i... 2,68 1,463 7,44 71,874... (3,399) (717)... (2,321) (69,133)... (1,) (1,27) 2g... (18,431) (188,74) 11... (869) (8,796) (3,448) (35,182)... (4,346)... 3,91... (1,992)... 16,98 8,531 87,52... 9,956 11... (3,336) (5,228) (4,337) (44,255) (21,697) (64,627) (43,76) (446,529)... 65,36 26,98 34,64 347,593 16... 9,314 9,631 6,814 69,535... 17,874 15,196 6,71 61,944... 38,118 1,271 21,179 216,114... (1,499) (643) (628) (6,41)... 36,619 628 2,551 $ 29,74 1 12t... 31.84.5 16.28 $.17 12t....41 16.18.17 12u... 5. 5. 5..5 64 Annual Report 29
3311 1 27 28 29 29... 97,545 99,475 99,475 $1,15,5 1... 1,93... 99,475 99,475 99,475 $1,15,5... 24,985 15,62 15,134 $1,531,983 1... 125,97... (2) 72... 15,62 15,134 15,134 $1,531,983... 196,412 228,57 211,758 $2,16,797... 36,619 628 2,551 29,74... 788 (11,63) 1,156 11,794... (1) (24) 213 2,171... (5,248) (6,353) (6,34) (64,69)... 228,57 211,758 227,338 $2,319,776... 331 2,31 3,267 $ 33,337... 1,97 966 876 8,944... 2,31 3,267 4,143 $ 42,281... 38,817 34,583 6,621 $ 67,561... (4,234) (27,962) (15,874) (161,98)... 34,583 6,621 (9,253) $ (94,419)... 24 (557) $ (5,687)... 24 (761) (125) (1,271)... 24 (557) (682) $ (6,958) :... 2,64 2,64 2,193 $ 22,375... (411) (214) (2,188)... 2,64 2,193 1,979 $ 2,187... 19 333 212 $ 2,167... 143 (121) (2,87) (21,297)... 333 212 (1,875) $ (19,13)... 2,328 8,756 1,7 $ 12,754... 6,428 1,314 836 8,536... 8,756 1,7 1,96 $ 111,29 at a Glance 27 28 29... 1,49,538,126 1,271,46,928 1,271,46,928... 214,29,324... 7,659,478... 1,271,46,928 1,271,46,928 1,271,46,928 Hankyu Hanshin Holdings 65
3311 1 27 28 29 29... 65,36 26,98 34,64 $ 347,593... 43,889 51,578 54,799 559,169... 869 8,797 3,448 35,182... 719 1,849 1,938 19,772... (3,675) (3,748) (887) (9,47)... (2,21) (1,817) (1,185) (12,9)... (3,992) 729 75 7,648... 4,228 (1,116) 2g... 18,431 188,74... (2,733) (2,278) (2,56) (2,977)... 19,726 23,498 23,73 241,868... (12,592) (1,489)... 866 391... (12) (1,221)... 2,189 1,72 3,973 4,539... 2,262 1,997 6,927 7,687... (2,948) (1,975)... 1,882... (773) (7,885) 12... (9,956)... (2,312) (86) (7,44) (71,874)... (16,98) (8,531) (87,52)... (25,612) (1,731) 22,27 226,61... 85 (15,13) 644 6,57... 2,321 69,133... 17,566 (4,612) (7,423) (75,748)... (11,376) (116,84)... (3,831) (5,392) 2,528 25,793... 12,777 19,949 134,17 1,367,518... 3,698 3,141 3,8 3,696... (2,161) (23,135) (23,328) (238,42)... (7,332) (15,53) (4,98) (5,8)... (191) (1,95)... 78,982 74,92 18,598 1,18,142... (53,356) (133,994) (12,346) (1,228,23)... 46,248 27,848 1,66 1,882... (7,595) (5,674) (8,34) (85,16)... 22,554 4,232 1,94 19,797... (21,38) (528)... 563 (1,778) (18,14)... (5,351) (7,22) (2,464) (25,14)... (874) (1,948) (11,9) (121,433)... 6,322 1,8 5,615 57,292... 5,542 3,11 12,9 131,632... 19,562 9,181 93,685... (3,252) 2,537 (922) (9,42)... (199,579) (1,58) (115,48) (1,173,956)... 35,362 45,76 12,982 132,471... 241,463 14,92 118,524 1,29,427... (82,991) (117,43) (111,979) (1,142,648)... 39,794 19,91 23,158... (49,9) (66,) (25,2) (257,143)... (7,)... (5,248) (6,353) (6,34) (64,69)... (74) (235) (267) (2,725)... 678 (71) (615) (6,273)... 132,29 36,718 7,15 71,577... 99 (159) (2,74) (27,956)... 11,792 11,43 (2,175) (22,193)... 28,375 4,167 31,167 318,29... 842 1,693 17,273... (21,245)... 5 58 18... 4,167 31,167 3,69 $ 313,167 66 Annual Report 29
1. 283 293 6 198293 2. a 27 396283 9429398 2%5% 273 112837293 8 5 2 b 3 1 2 33 Hankyu Hanshin Holdings 67 at a Glance
c d 293 2675 9 293 3,85739,354 4,85749,561 e 1. a b 2. f g 283 293 5385,487 17,893182,587 h 199841 283 68 Annual Report 29
1. 2741 283 573 2. 27331 5 283 2,397 i 273 273323,546283 324,2629333,683 3,374,317 j 2 122331 23 22331 2835,892293 5,4351,454 k 2289 23 131 6 l 251227 6 251227 9 m 16 n 315 415 at a Glance Hankyu Hanshin Holdings 69
o p 283 293 2733 13 2733 16 2841 28331 q r s 3 t1 1 1 273 1 u1 1 v 273 23131 251227 7 251227 1 w 293 26117 11 26117 13 7 Annual Report 29
3. 28293 at a Glance 28293 28 29 29... 12,639 36,398 23,759 11,486 24,25 12,764 $117,23 $247,445 $13,242... 45 46 1 64 65 1 649 664 15... 47 49 2 47 47 482 485 3... 12,731 36,493 23,762 11,597 24,362 12,765 $118,334 $248,594 $13,26 28 29 29... 48,844 35,178 (13,666) 48,371 25,748 (22,623) $493,581 $262,731 $(23,85)... 28 28 () 2 2 () 2 2 ()... 2 2 () 2 2 () 21 21 ()... 48,874 35,28 (13,666) 48,375 25,752 (22,623) $493,622 $262,772 $(23,85) 28293 28 29 29... 5 5 $ 51... 4,118 4,827 $ 49,256... 13,928 11,149 $113,764... 18,885 18,248 $186,25 27321,112831,9882931,266 12,9232,6591,2377387,527 273841 2831293394 Hankyu Hanshin Holdings 71
28293 1 1 5 28 29 5 1 1 1 1 5 5 1...... 1 38 26 1 12 45... 5 5... 15 38 26 15 12 45 1 1 1 5 29 5 1 1...... $12 $123 $46 $... 51... $153 $123 $46 $ 4. 28293 28 29 29... 127,618 134,831 $1,375,826... 7,314 7,15 72,5... 11,157 1,587 18,29... 146,89 152,523 $1,556,355 72 Annual Report 29
5. 1293 1.18% 28293 28 29 29 %8.5%229... 116,642 15,716 $ 1,78,738 %6.8%222... 87,17 817,835 8,345,253 2.23% 287... 2, 2.23% 298... 2, 2, 24,82 2.46% 219... 1, 1, 12,41 1.85% 2127... 2, 2, 24,82 1.39% 21111... 1, 1, 12,41 1.66% 21311... 1, 1, 12,41 219* 1... 15, 15, 153,61 2116* 2... 1, 1, 12,41 1.46% 2117... 2, 24,82 3.525% 2126... 15, 15, 153,61 2.22% 2146... 1, 1, 12,41 3% 2852811... 5,2... 1,997 2,372 1,68,859 1,65,548 1,872,936 1... 139,12 77,283 788,598 929,757 988,265 $1,84,338 * 1 211122.95% % * 2 2462922.15% % at a Glance 128293116,642 15,7161,78,738 28 29 29... 29 5 $ 53... 2,257 18,33 186,767... 555,665 551,57 5,628,267... 1,433 1,433 14,618 577,384 571,311 $5,829,75 Hankyu Hanshin Holdings 73
293 3 211... 128,624 $ 1,312,495 212... 163,172 1,665,21 213... 167,272 1,76,859 214... 192,865 1,968,5 215... 336,332 3,431,958 988,265 $1,84,338 6. 28293 28 29 29... 136,967 13,786 $1,334,556... 1,967 1,965 2,56... 417 (168) (1,716)... (75,395) (61,581) (628,382)... (4,83) (13,935) (142,195)... 59,153 57,67 $ 582,319 2728293 27 28 29 29... 6,25 6,912 6,9 $7,41... 2,988 3,33 2,89 28,662... (1,622) (1,685) (1,445) (14,742)... (663) (628) (599) (6,113)... 53 463 1,269 12,949... 7,438 8,95 8,934 $91,166 2.5% 7. 111 8. 28293 28 29 29... 7,733 8,513 $ 86,873... 14,556 138,765 1,415,967... 8,37 7,552 77,66 156,596 154,83 $1,579,96 74 Annual Report 29
9. 2829313,71122,788232,536 at a Glance 1. 2651 2643 1% 25% 296176,335 64,648 29331 11. 2845 28 2 8,395 4 81 3 41 29 3 2,91 $21,335 1 1,2 12,245 6 157 1,62 28 29 8,254 141 45 172 188 36 3 2 15 $ 146 2,75 21,176 1 13 645 6,582 555 5,663 69 76 68 697 2 2 18 178 1 Hankyu Hanshin Holdings 75
12. 28 2711 a 28331 9,388 8,254 8,796 b28331 56,8431,184 13. 28293 28 29 29 1... 146 461 $4,71... 135 369 3,769... (11) (92) $ (941) 76 Annual Report 29
14. 2728293 27 28 29 29... 2,79 17,889 11,195 $114,231 1... 3,186 2,496 1,432 $ 14,612 1... 5,594 4,69 3,23 32,687... 8,78 7,186 4,635 $ 47,299 27282933,8483,2792,38624,352 at a Glance 2728293 27328293 2728293 27 28 29 29 1... 11,42 8,599 7,629 $ 77,844 1... 42,284 28,679 19,565 199,641... 53,686 37,278 27,194 $277,485 27 28 29 29 1... 82 82 82 $ 833 1... 1,224 1,142 1,6 1,824... 1,36 1,224 1,142 $11,657 Hankyu Hanshin Holdings 77
15. 7 29337 279 284 27... 179,429 151,839 69,873 88,16 65,336 153,55 35,379 743,377... 2,426 24,498 5,86 241 94 2,397 8,7 (44,216) 181,855 176,337 75,733 88,257 65,43 155,92 44,79 (44,216) 743,377... 148,661 14,61 7,495 84,8 64,93 151,237 44,96 (46,277) 656,374... 33,194 36,276 5,238 4,249 1,337 4,665 (17) 2,61 87,3 28... 192,462 153,332 86,96 94,136 68,943 118,79 37,732 752,31... 2,441 26,358 8,422 31 296 1,962 7,87 (46,867) 194,93 179,69 95,328 94,437 69,239 12,752 44,819 (46,867) 752,31... 161,748 14,173 86,78 91,23 67,889 118,34 43,919 (48,197) 661,576... 33,155 39,517 8,548 3,27 1,35 2,718 9 1,33 9,725 29... 19,775 149,756 9,334 65,596 66,42 66,291 54,921 683,715... 4,469 21,93 1,227 21 416 1,29 5,614 (44,156) 195,244 171,686 1,561 65,86 66,458 67,581 6,535 (44,156) 683,715... 162,754 138,87 92,177 64,354 66,116 66,884 59,967 (45,231) 65,891... 32,49 32,816 8,384 1,452 342 697 568 1,75 77,824 78 Annual Report 29
29... $1,946,679 $1,528,126 $ 921,778 $669,346 $673,897 $676,439 $56,421 $ $6,976,686... 45,69 223,769 14,357 2,143 4,245 13,167 57,277 (45,567) 1,992,288 1,751,895 1,26,135 671,489 678,142 689,66 617,698 (45,567) 6,976,686... 1,66,755 1,417,42 94,579 656,676 674,657 682,495 611,899 (461,539) 6,182,564... $ 331,533 $ 334,853 $ 85,556 $ 14,813 $ 3,485 $ 7,111 $ 5,799 $ 1,972 $ 794,122 at a Glance 27... 738,84 1,8,765 13,111 116,942 81,355 91,613 18,38 18,796 2,366,694... 22,7 11,876 3,83 1,568 2,362 1,941 646 (377) 43,889... 1 456 25 92 94 192 869... 28,539 9,9 5, 1,779 5,381 2,41 37 (1,454) 51,853 28... 76,392 1,15,78 133,716 128,75 82,81 22,51 232,469 (27,942) 2,348,476... 26,82 13,29 4,869 1,773 3,129 1,593 66 (538) 51,578... 2 141 359 8,294 8,796... 22,58 82,984 9,699 1,852 14,844 1,687 758 (91) 133,494 29... 787,774 1,41,786 149,247 93,622 79,479 24,278 185,456 (54,31) 2,37,332... 28,34 14,979 5,549 1,212 3,19 1,19 1,13 (539) 54,799... 5 2,87 57 1,2 99 3,448... 29,814 57,98 15,6 1,522 1,964 2,29 1,5 (763) 18,872 29... $8,38,56 $1,63,474 $1,522,929 $955,328 $811,7 $247,734 $1,892,45 $(554,178) $23,544,25... 289,186 152,843 56,624 12,37 31,727 1,395 11,532 (5,58) 559,169... 51 21,297 582 12,245 1,7 35,182... 34,223 591,629 153,675 15,53 2,41 23,365 1,258 (7,783) 1,11,938 Hankyu Hanshin Holdings 79
16. 2734.7%2834.6%2934.6% 28293 273 28 29... 4.6% 4.6%... 151.8 5.2... 27.8 17.8... 12.8... 8.1 2.8... 2.3... (74.)... 1.4... (52.2) (18.1)... (12.7)... (15.5)... (5.8) (1.1)... 1.5 (.4)... 95.1% 37.8% 28293 28 29 29... 5,24 5,197 $ 512,29... 47,973 49,191 51,947... 33,968 25,762 262,882... 22,872 22,397 228,539... 8,34 7,624 77,798... 7,548 7,699 78,566... 6,92 7,7 71,54... 5,13 5,35 51,375... 3,736 4,263 43,497... 3,6 3,153 32,174... 2,133 2,68 21,13... 1,594 62 6,33... 37 3,131... 29 289 2,952... 13,726 11,174 114,21... 27,17 196,786 2,8,28... (57,152) (53,269) (543,564)... (128,566) (122,16) (1,246,534)... 21,389 21,357 217,93... (131,956) (132,199) (1,348,968)... (14,648) (13,422) (1,55,325)... (26,672) (19,69) (194,58)... (3,156) (3,66) (31,289)... (2,695) (3,173) (32,379)... (269,127) (26,929) (2,662,541)... 128,566 122,16 1,246,534... (14,561) (138,769) (1,416,7)... (119,172) (117,412) $(1,198,77) 8 Annual Report 29
28293 28 29 29... 16,182 16,64 $ 163,916... (5) (4) (39)... 5,27 5,293 54,14... (14,556) (138,765) (1,415,968)... (119,172) (117,412) $(1,198,77) at a Glance 17. 282931 28 29 29... 76,67 $... 45,581... 3,486 $ 29227 18. 28293 28 29 29... 33,73 31,974 $326,263 3... (1,96) (1,284) (13,96)... 31,167 3,69 $313,167 19. 283293 29 1 17 $ 172 273 2,783 31 316 Hankyu Hanshin Holdings 81
2. 2 A 28 29 29 1... 4,42 3,392 $ 34,612... 89,315 72,645 741,279... 78,832 63,465 647,65... 39,5 11,3 115,36 2... 5,587 5,718 58,342 3... 2,923 11,275 115,52 3... 8,774 5,376 54,86 4... 283 255 2,599 1 22835,5262935,65657,717 328316,982938,53187,52 4 B 28 29 29 12... 9,18 7,741 $ 78,993... 82,565 81,316 829,758... 56,92 54,564 556,78 4... 528 534 5,446 3... 3,846 1,192 12,16 5... 1,16 18 179 6... 484 1,234 12,587 12,28323,292 2 3 4 5 6 21. 29617293 15... 6,335 $64,648 82 Annual Report 29
at a Glance KPMG AZSA & Co. Hankyu Hanshin Holdings 83
29331 84 Annual Report 29
29331 53-12 161 TEL6-6373-51IR FAX6-6373-542 1-6 52 TEL3-353-1568 FAX3-358-249 99,475 331 2,85 3,2,, 1,271,46,928 135,49 1, UFJ 4G 6,668 4.77 56,999 4.48 42,68 3.35 38,244 3. 3,947 2.43 2,418 1.6 13,665 1.7 UFJ 11,19.88 4 9,475.74 9,291.73 52.39%.% 27.97%.21% 1.31% 9.12% 9 6 21, 14, 3 7, 15, 1, 5, 4 5 6 7 8 9 1 11 12 1 2 3 4 5 6 7 8 9 1 11 12 1 2 3 4 5 6 7 8 9 1 11 12 1 2 3 26 27 28 817 719 539 52 4 46 713 431 447 Hankyu Hanshin Holdings