Tobu Railway : FY2023 Financial Results Briefing

FY2023

Financial Results Briefing

May 15, 2024

TOBU RAILWAY CO., LTD.

Table of Contents

Ⅰ . FY2023 Business Results	Ｐ０２
Ⅱ. FY2024 Plan	Ｐ１２
Ⅲ. Reflecting on the Medium-Term	Ｐ２０
Business Plan
Ⅳ. Analysis of Business Environment	Ｐ２１
Ⅴ. Long-Term Management Vision	Ｐ２２
Ⅵ. Medium-Term Business Plan	Ｐ２５
All rights reserved. Copyright © TOBU RAILWAY CO.,LTD.	1

Ⅰ．FY2023 Business Results ― Subsidiaries・Affiliates

Subsidiaries	March	Increase	Decrease	March	Notes
2023	2024

Transportation	27	-	-
Leisure	16	-	1
Real Estate	3	-	-
Retail Distribution	8	-	-
Other	15	-	-

27

15	July,2023.
	Decrease in liquidation conclusion Tiramisu Holdings Co.,Ltd.

3

8

15

Total	69	-	1	68
Affiliates	March	Increase	Decrease	March	Notes
2023	2024
Transportation	1	-	-	1
Leisure	2	-	-	2
Real Estate	-	-	-	-
Retail Distribution	-	-	-	-
Other	-	-	-	-
Total	3	-	-	3

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2

Ⅰ．FY2023 Business Results ― Consolidated statement of income

		FY2022
Unit: Millions of yen	FY2023	Change	Notes
Results	Results
				Transportation	＋19,145
Operating revenues	635,964	614,751	21,213	Leisure	-3,592
Real Estate	＋2,060
				Retail Distribution ＋2,191
				Other	＋9,971
				Transportation	＋10,489
				Leisure	-29
Operating profit	73,883	56,688	17,195	Real Estate	＋2,551
				Retail Distribution ＋1,831
				Other	＋3,305
Ordinary profit	72,033	54,815	17,217
Extraordinary income	52,010	8,735	43,275
Extraordinary losses	56,195	18,391	37,803
Profit attributable to owners of	48,164	29,179	18,984
parent
Ratio of operating profit to net	11.6%	9.2%	2.4P
sales
Operating profit ROA*	4.3%	3.3%	1.0P
ROE*	9.5%	6.3%	3.2P
Depreciation	52,916	53,354	-438
EBITDA	126,799	110,043	16,756

FY2023	Change
Plan
632,000	3,964
70,000	3,883
67,500	4,533
-	-
-	-
45,000	3,164
11.1%	0.5P
-	-
-	-
53,300	-383
123,300	3,499

*Operating income ROA = Consolidated operating income/{(Beginning total assets + Ending total assets)/2} *ROE = Profit attributable to owners of parent/{(Beginning equity + Ending equity)/2}

*Plan figures are those from announcement on February 7, 2024.（P3～P11）

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Ⅰ．FY2023 Business Results	― Segment Profit
Unit: Millions of yen	FY2023	FY2022	Change	FY2023	Change
Results	Results	Plan

Operating revenues	208,335	189,189	19,145
Transportation
Operating profit	29,870	19,381	10,489
Operating revenues	184,761	188,354	-3,592
Leisure
Operating profit	19,440	19,470	-29
Operating revenues	62,975	60,915	2,060
Real Estate
Operating profit	16,232	13,681	2,551
Operating revenues	165,629	163,438	2,191
Retail Distribution
Operating profit	4,434	2,602	1,831
Operating revenues	91,873	81,902	9,971
Other
Operating profit	5,951	2,646	3,305

207,600 735

30,100 -230

183,500 1,261

18,100 1,340

61,300 1,675

14,900 1,332

165,400 229

4,000 434

86,300 5,573

4,300 1,651

Operating revenues	-77,610	-69,048	-8,562
Adjustment
Operating profit	-2,047	-1,093	-954

-72,100-5,510

-1,400-647

Operating revenues	635,964	614,751	21,213	632,000	3,964
Consolidated
Operating profit	73,883	56,688	17,195	70,000	3,883

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Ⅰ．FY2023 Business Results ― Consolidated balance sheet

Unit: Millions of yen	FY2023	FY2022	Change	Notes
Results	Results

Current assets

Non-current assets

168,953	206,090	-37,137	Cash and deposits-37,807
1,535,110	1,532,105	3,005

Total assets	1,704,063	1,738,195	-34,132
Current liabilities	386,322	459,439	-73,116	Advances received-27,725
Non-current liabilities	776,027	798,181	-22,153
Total liabilities	1,162,350	1,257,620	-95,270
Total net assets	541,713	480,575	61,138	Retained earnings＋40,010
Total liabilities and net	1,704,063	1,738,195	-34,132
assets

Equity ratio

Interest-bearing debt balance

Interest-bearing debt/EBITDA multiple

Capital expenditures

31.4%	27.3%	4.1P
749,777	795,502	-45,724
5.9	7.2	-1.3P
63,353	55,018	8,335

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Ⅰ．FY2023 Business Results ―	Consolidated statement of cash flows
Unit: Millions of yen	FY2023	FY2022	Change	Notes
Results	Results
Cash flows from operating activities	91,690	101,115	-9,425	Decrease in trade payables-12,422
				Increase in Purchase of property, plant and
Cash flows from investing activities	-61,625	-52,711	-8,913
				equipment and intangible assets-25,671
				Increase in repayments of long-term borrowings
Cash flows from financing activities	-67,918	-25,285	-42,633
				-28,827
Net increase in cash and	-37,816	23,188	-61,004
cash equivalents
Cash and cash equivalents
31,258	69,074	-37,816
at end of period

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6

Ⅰ．FY2023 Business Results ― Transportation

Unit: Millions of yen	FY2023	FY2022	Change	Notes		FY2023	Change
Results	Results		Plan

Operating revenues	208,335	189,189	19,145
Railways	156,602	141,477	15,125
				Bus and taxi	＋2,908
Other	51,733	47,712	4,020
Freight	＋1,102
Operating profit	29,870	19,381	10,489
Railways	26,398	17,432	8,966
				Bus and taxi	＋2,109
Other	3,471	1,948	1,522
Freight	-586

207,600 735

156,200 402

51,400 333

30,100 -230

27,000 -602

3,100 371

Operating profit ROA

Depreciation

EBITDA

Capital Expenditures

3.0%	2.0%	1.0P	-	-
31,546	31,286	260		31,700	-153
61,416	50,667	10,749		61,800	-383
38,803	33,891	4,912		42,300	-3,497

Tobu Railway Lines	FY2023	FY2022		FY2023
Number of Passengers
Results	Results		Plan
(Unit: 1 Million people)
Commuter	524	508	524
Passengers
Non-Commuter	313	291	313
Passengers
（Limited Express）	6	5	6
Total	837	798	837

Tobu Railway Lines	FY2023	FY2022		FY2023
Passenger Revenue
Results	Results		Plan
(Unit: Millions of yen)
Commuter	59,856	55,325	59,979
Passengers
Non-Commuter	81,042	70,765	80,683
Passengers
（Limited Express）	6,320	4,727	6,182
Total	140,898	126,090	140,662

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* Non-commuter passenger revenue includes limited express fee and seat reservation fees. 7

Ⅰ．FY2023 Business Results ― Leisure

Unit: Millions of yen	FY2023	FY2022	Change	Notes		FY2023	Change
Results	Results		Plan

Operating revenues	184,761	188,354	-3,592
Travel	131,247	147,219	-15,971
Hotel	27,701	20,086	7,615
SKYTREE	15,192	10,832	4,360
Other	10,618	10,215	402	Amusement parks and tourism＋328
				Sports	＋156
Operating profit	19,440	19,470	-29
Travel	8,974	16,581	-7,607
Hotel	3,159	-1,943	5,102
SKYTREE	6,109	3,748	2,360
Other	1,198	1,083	114	Amusement parks and tourism＋72
				Sports	＋42
Operating profit ROA	7.4%	7.6%	-0.2P
Depreciation	5,934	6,400	-465
EBITDA	25,375	25,870	-494
Capital Expenditures	10,033	2,727	7,306

183,500 1,261

130,700 547

27,400 301

14,800 392

10,600 18

18,100 1,340

8,500 474

2,800 359

5,600 509

1,200 -2

- -

5,900 34

24,000 1,375

10,400 -367

Number of visitors	FY2023	FY2022
（Unit: 1 Million	Results	Results
people）
SKYTREE	447	286

FY2023

Plan

443

Main Hotels FY2023 FY2022 Occupancy Results Results

Rate

CY Ginza 24.7% 60.0%

AC Ginza 84.0% 49.9%

Kinshicho 87.2% 69.4%

Narita 81.2% 93.8%

FY2023

Plan

25.4%

83.6%

86.3%

80.4%

Main Hotels
FY2023	FY2022
Percentage of
foreign	Results	Results
nationals
CY Ginza	77.3%	48.1%
AC Ginza	73.1%	50.8%
Kinshicho	73.9%	35.1%
Narita	66.2%	27.7%

	※CY Ginza Closed for renovation from May 2023 to November 2023.	8
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Ⅰ．FY2023 Business Results ―	Real Estate
Unit: Millions of yen	FY2023	FY2022	Change	Notes		FY2023	Change
Results	Results		Plan

Operating revenues	62,975	60,915	2,060
Leasing	35,875	36,044	-168
SKYTREE TOWN	12,611	11,025	1,585
Subdivision	14,488	13,845	643
Operating profit	16,232	13,681	2,551
Leasing	8,331	8,318	12
SKYTREE TOWN	3,636	2,258	1,378
Subdivision	4,264	3,104	1,160
Operating profit ROA	4.7%	4.0％	0.7P
Depreciation	10,298	10,251	46
EBITDA	26,531	23,933	2,598
Capital Expenditures	9,707	13,778	-4,071

61,300 1,675

34,800 1,075

12,300 311

14,200 288

14,900 1,332

7,600 731

3,300 336

4,000 264

- -

10,400 -101

25,300 1,231

9,800 -93

Number of visitors	FY2023	FY2022
（Unit: 1 Million people）	Results	Results

FY2023

Plan

Number of Units Sold	FY2023	FY2022		FY2023
Unit:1unit	Results	Results		Plan

SKYTREE TOWN	3,716	3,088	3,686		Detached houses		42	40	35
					Condominiums		410	552	409
					Number of Units Sold
					After Converting Share
					Detached houses		26	27	22
					Condominiums		313	297	313

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