Nankai Electric Railway : Supplementary Materials for Financial Results for FY2023

Supplementary Materials for Financial Results for the Fiscal Year Ended March 31, 2024 (FY2023)

April 30, 2024

Nankai Electric Railway Co., Ltd.

(Tokyo Stock Exchange, Prime Market, Securities Code: 9044 https://www.nankai.co.jp/en/company.html)

Contents	1

I. Summary of Financial Results for FY2023	-------------------------------------	P.	2
1.	Performance highlights	---------------------------------------------------------------------------------------------------	P.	3
2.	Results by Segment	---------------------------------------------------------------------------------------------------------	P.	5
3.	Non-operating income and expenses and extraordinary income and losses	-----	P. 18
4.	Status of assets, liabilities and net assets	---------------------------------------------------------------	P. 19
5.	Status of cash flows	---------------------------------------------------------------------------------------------------------	P. 20
6.	Investment and EBITDA by segment	------------------------------------------------------------------------	P. 21
II. Business Forecasts for FY2024	--------------------------------------------------------	P. 22
1.	Performance highlights	---------------------------------------------------------------------------------------------------	P. 23
2.	Forecasts by Segment	----------------------------------------------------------------------------------------------------	P. 24

2

I. Summary of Financial Results for FY2023

1. Performance highlights (i)	3

Operating revenue

Operating income

Non-operating income

Non-operating expenses

Ordinary income

Extraordinary income

Extraordinary losses

Profit attributable to owners of parent

(Millions of yen)

FY2023	FY2022	Compared to	FY2023	Compared to
FY2022 results	forecasts	FY2023 forecasts
results	results
Change	Percentage	(Announced	Change	Percentage
(A)	(B)	October 2023)
(A-B)	change	(A-C)	change
(C)
241,594	221,280	20,314	9.2%	248,000	−6,405	−2.6%
30,820	21,023	9,797	46.6%	27,200	3,620	13.3%
2,461	2,264	197	8.7%
3,970	4,322	−352	−8.2%
29,312	18,965	10,347	54.6%	25,400	3,912	15.4%
8,236	3,009	5,226	173.7%
3,755	2,600	1,154	44.4%
23,926	14,623	9,303	63.6%	21,800	2,126	9.8%

Both revenue and income grew due to factors such as an increase in the number of passengers transported in the transportation business and an increase in revenue from property sales in the real estate business.

Despite a decline in revenue due to a decrease in the volume of cargo transportation handled in the cargo transportation business and other factors, income grew mainly as a result of an increase in the number of passengers transported in the railway and bus businesses and a reduction in expenses.

1. Performance highlights (ii)		4
	(Millions of yen)

Investment

Depreciation and amortization

EBITDA*

Interest-bearing debt

Net interest-bearing debt

Ratio of interest-bearing debt to EBITDA*

Ratio of net interest-bearing debt to EBITDA*

FY2023 results

(A)

25,787

27,477

59,490

430,979

387,693

1. times

1. times

FY2022	Compared to	FY2023	Compared to
FY2022 results	forecasts	FY2023 forecasts
results	Change	Percentage	Change	Percentage
(Announced
(B)
(A-B)	change	October 2023)	(A-C)	change
	(C)
27,872	−2,085	−7.5%	48,100	−22,312	−46.4%
27,619	−141	−0.5%	27,600	−122	−0.4%
49,645	9,845	19.8%	56,000	3,490	6.2%
474,514	−43,535	−9.2%	438,600	−7,620	−1.7%
436,105	−48,412	−11.1%	416,100	−28,406	−6.8%
9.6 times	−2.4 pt	－	7.8 times	−0.6 pt	－
8.8 times	−2.3 pt	－	7.4 times	−0.9 pt	－

Investment	Decrease due to the completion of Building E at the Osaka Prefectural Food Products Distribution Center
	in the previous fiscal year, etc.
Net interest-bearing debt	Decrease due to improved cash flows resulting from increased income and property sales.
Investment	Decreased due to rescheduled investments, etc.
Net interest-bearing debt	Decreased due to rescheduled investments, increased income, etc.

* Operating income + Dividend income + Depreciation and amortization

2. Status of segment composition (as of March 31, 2024)	5

[Consolidated subsidiaries: 52, non-consolidated subsidiaries: 17, non-equity method affiliates: 6]

Change (from March 31, 2023)

Decrease in consolidated subsidiaries, 2 companies :	(intra-group merger) Osaka Prefectural Food Products Distribution Center Co., Ltd.
	Tokushima Bus Anan Co., Ltd.

Transportation	Real Estate	Distribution	Leisure and Services	Construction	Other
（34 companies）	（5 companies）	（9 companies）	（20 companies）	（4 companies）	（8 companies）

• Nankai Electric Railway Co., Ltd. (the Company) is included in duplicate in the Transportation, Real Estate, Distribution, and Leisure and Services segments. SEMBOKU RAPID RAILWAY CO., LTD. is included in duplicate in the Transportation and Real Estate segments.

[ Operating revenue ]	[ Operating income ]
(Billions of yen)	(Billions of yen)

* Percentage share: Ratio to operating revenue, including that from intersegment transactions

2. Segment operating revenue and operating income

6

(compared to FY2022)

(Millions of yen)

(i) Change of operating revenue (compared to FY2022)

(ii) Change of operating income (compared to FY2022)

2. Segment operating revenue and operating income

7

(compared to FY2022)

(Millions of yen)

		Operating revenue			Operating income
	FY2023	FY2022	Change	Percentage	FY2023	FY2022	Change	Percentage
	results	results	change	results	results	change
Transportation	101,817	95,532	6,284	6.6%	8,126	1,152	6,974	605.3%
Real Estate	53,140	44,627	8,513	19.1%	14,720	12,570	2,149	17.1%
Distribution	26,760	23,607	3,152	13.4%	2,661	1,710	950	55.6%
Leisure and	43,104	39,851	3,253	8.2%	3,402	3,550	−148	−4.2%
Services
Construction	44,792	43,662	1,130	2.6%	1,794	1,889	−95	−5.0%
Other	4,089	2,963	1,125	38.0%	179	175	3	2.0%
Adjustment	−32,109	−28,964	－	－	−62	−25	－	－
Total	241,594	221,280	20,314	9.2%	30,820	21,023	9,797	46.6%

2. Segment operating revenue and operating income

8

(compared to forecasts announced in October 2023)

(Millions of yen)

1. Change of operating revenue (compared to forecasts announced in October 2023)

(ii) Change of operating income (compared to forecasts announced in October 2023)

2. Segment operating revenue and operating income

9

(compared to forecasts announced in October 2023)

(Millions of yen)

		Operating revenue			Operating income
	FY2023	FY2023		Percentage	FY2023	FY2023		Percentage
	forecasts	Change	forecasts	Change
	results	change	results	change
	(Announced		(Announced
		October 2023)				October 2023)
Transportation	101,817	105,400	−3,582	−3.4%	8,126	7,100	1,026	14.5%
Real Estate	53,140	53,600	−459	−0.9%	14,720	13,700	1,020	7.4%
Distribution	26,760	25,900	860	3.3%	2,661	1,900	761	40.1%
Leisure and	43,104	43,100	4	0.0%	3,402	2,600	802	30.8%
Services
Construction	44,792	45,800	−1,007	−2.2%	1,794	1,800	−5	−0.3%
Other	4,089	3,700	389	10.5%	179	100	79	79.3%
Adjustment	−32,109	−29,500	－	－	−62	−0	－	－
Total	241,594	248,000	−6,405	−2.6%	30,820	27,200	3,620	13.3%